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/UF00084249/00097
 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 29, 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: VID00097
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 -
AWESOME IJ
TWOSOME" rmLin
HIGH 82F
LOW 70F

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OF SUN


Volume: 101 No.129


The


Tribune


FRIDAY, APRIL 29, 2005


3 A A
.I~ IL TM


Prosecution threat for


'overweight' vehicles


hide


CONTRACTORS have been
warned to stop driving "over-
weight" vehicles across the old
Paradise Island bridge, which
was the subject of an intense
structural survey 11 years ago.
The Bridge Authority has
threatened to prosecute anyone
who violates bridge weight
restrictions, claiming that heavy
vehicles are being driven across
after hours without consent.
The authority has reminded
contiaeters thaatnyone ,iot
adhering to the weight and size
regulations are breaking the
law.
"It has come to the attention
of the Bridge Authority that
overweight and oversized vehi-
cles are utilising the Old Bridge
after hours, without the consent
of said authority," the official
warning reads.
Works and Utilities Minister
Bradley Roberts told The Tri-
bune yesterday that there was


concern that the weight of some
equipment used on Paradise
Island would damage the old
bridge.
He said that from now on
those machines would have to
be barged between New Provi-
dence and Paradise Island.
In June, 1994, the old Par-
adise Island Bridge underwent
extensive structural examina-
tion to determine its stability.
It was the second time in two
years that an engineering study,
was carried out'on the bridge,
which was built during the
1960s.
In an effort to halt continued
illegal use of the eastern bridge
by large vehicles, the Bridge
Authority will be carrying out
routine checks.
The authority said the lawful
capacity of the eastern bridge
is 15 tons, whereas the capacity
of the western bridge is 25
tons.


A DEPUTY Prime Minister Cynthia Pratt inspects the drum major of the Royal Bahamas Police Force Band
yesterday during the passing out parade of 2004's B and C squads at the Police Training College.
(Photo: Mario Duncanson/Tribune staff)


* By PAUL G TURNQUEST
Tribune Staff Reporter
DESPITE reports to the contrary, several Cat Cay residents
are fully endorsing the installation of an LNG facility on Ocean
Cay, it was exclusively revealed to The Tribune yesterday.
These residents have also said that Manuel Diaz, president of
the Cat Cay Yacht Club, does not speak on behalf of the entire
island community.
In a letter obtained by The Tribune, Harriet and Norman
Wymbs, of Delray Beach, Florida, said they wholeheartedly
SEE page nine


Union officials 'demand

resignation' of senior

administrator at COB


ANOTHER major row has
rocked the College of the
Bahamas, with union officials
reportedly calling for the resig-
nation of a senior administra-
tor.
The demand followed what a
student last night described as
"shocking" scenes during a
meeting to sort out problems
between two members of the
nursing school.
Last night, college president
Dr Rodney Smith, public rela-
tions officials and other senior
college personnel were said to
be locked in discussions over
the latest crisis.
And college council chairman
Mr Franklyn Wilson was said
to be on his way to the meeting.
Yesterday, a copy of a letter


was passed to The Tribune pur-
porting to be from the faculty
union to Dr Smith.
It demands the resignation of
Dr Linda Davis, vice-president
of academic affairs, who is said
to have been presiding over the
explosive meeting in question.
The letter, bearing the col-
lege's seal, was apparently from
the Union of Tertiary Educa-
tors of the Bahamas (UTEB). It
says heated verbal exchanges
took place at the meeting.
However, although the letter
bears the name of UTEB pres-
ident Dr Earle Johnson, he
would not verify that he had
written it and said he 'did not
wish to comment about the
SEE page 10


* By RUPERT MISSICK Jr
Chief Reporter
THE Bahamas ambassador
to Haiti has not yet returned
to Port-au-Prince because of
the unstable situation there,
it was revealed yesterday.
Foreign Affairs Minister
Fred Mitchell told Rotarians
thaf while the ambassador
would continue to visit on an
interim basis for the time
being, the Bahamas was con-
cerned that it remained
engaged with the Haitian sit-
uation.
Former President Jean-
Bertrand Aristide was driven
out in February, 2004, after a
revolt. Up to that time,
CARICOM countries were
engaged in a dialogue with
Haiti with a view to settling
issues between Aristide and
his opposition.


Mr Mitchell said there was
very little support in the
developed world for sustain-
ing the rule of law and sup-
porting the elected president
of Haiti.
"Within hours of the last
conversation the Jamaic,-i
Foreign Minister had with
Aristide, he was forced froA
office and into exile," said Mr
Mitchell.
"First he was taken to the
Central African Republic,
then to Jamaica and then to
South Africa, where he and
his wife now work in a uni-
versity," said the minister.
West Africa, he added,
seemed very rattled by Mr
Aristide's continued presence
on the political scene. South
Africa, however, still believes
that he is president of Haiti
SEE page 10


was


Nassau ^and oBBahamaIslandsLeaingNews


#1 PAPER IN CIRCULATION


SBAHAMAS EDrTION
BAHAMAS EDITION


aPing


Instabiliy in Hai i ep'








PAGE 2, FRIDAY, APRIL 29, 2005 THE TRIBUNE


~1 ~ I B]


Crooked Island faces prospect



of a development explosion


CROOKED ISLAND, once a half-
forgotten outpost of the Bahamas,
could be on the verge of a develop-
ment boom.
A $35 million resort development
announced this week at Pittstown is
the first major project anyone can
ever remember on the distant isle.
Long-time Canadian resident Mr
Donald McMillan known to locals
as Brother Mac told The Tribune:
"It's wonderful news for an island
which is the best-kept secret in the
Bahamas.
"The people need something to
keep the young folk here. Now there
will be a real chance of work, and the
teens won't have to go off to Nassau
anymore."
Crooked Island, 247 miles from
Nassau but only 90 miles from the
Cuban coast, has only 400 residents,


even though it is slightly bigger than
New Providence.
Traditionally, islanders have fished
and farmed for a meagre living, with
a few doing government jobs.

Prospects

Now, with DK Ulrich's proposed
expansion of an existing 13-room
hotel, there is a real prospect of solid,
long-term employment for young
Crooked Islanders.
The project, which will include ele-
gant new homes and a 40-slip marina,
will make Crooked Island a natural
target for wealthy investors from
America and Canada.
Mr Ulrich is doubling the length
of his private 2,000-foot airstrip
in the hope of attracting more


guests by air to his new resort.
Mr McMillan, 74, a former movie
producer who settled on the island
with his wife June in 1969, said:
"There has been a feeling in the past
that Crooked Island was always over-
looked.
"But this plan could be the start of
something big. The island has such
beautiful beaches and magnificent sea
water that is a natural getaway for
people who want to relax in the sun."
He said while some foreign home-
owners might fear their tranquillity
will be threatened, Bahamians were
likely to be solidly behind the scheme.
"When I first came here in the
1960s, people were using kerosene
lamps and the roads were so rocky I
considered myself lucky if I could get
to the airport without having a flat,"
said Mr McMillan.


"Now the island has probably 100
vehicles and ioads are better. There is
power on the island and the infra-
structure is in place for development."
Land prices on Crooked Island
have rocketed. When Mr McMillan
bought his eight-acre plot in the late
1960s, he paid $4,000.
Now property is being snapped up,
with lots fetching $150,000 or more.
"If something comes up for sale, it is
gone within a couple of days," he said.
At the moment, only two Bahama-
sair flights a week on Wednesdays
and Saturdays service the island.
But, 10 years down the road, Mr
McMillan believes Crooked Island
will be in demand one of the newly
discovered gems of the archipelago.
"Already, retired Bahamians are
coming here to live to get away from
life in Nassau. It's just beautiful."


Leading fitness centre
is in search of a

Fitness/Aerobic

Instructor

The ideal applicant must

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as a personal trainer, yoga trainer and step aerobic
instructor & broad experience with fitness testing,
nutrition assessments & dietary guidelines
Be knowledgeable in cardiovascular machines,
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Applicants must also be
highly energetic with passion for fitness,
able to effectively & pleasantly communicate
with high-end clientele & staff
& willing to maintain strict grooming
standards set by centre

Please e-mail resume to
dpaoffice@coralwave.com


Hurricane loan


is approved


I~l













It

IN


* By NATARIO McKENZIE
THE $17 million loan from
the Inter-American Develop-
ment Bank for hurricane relief
was made official yesterday with
the signing of a contract
between the Bahamas govern-
ment and the bank.
Minister of State for Finance
James Smith met with repre-
sentatives of the IDB at the
prime minister's office on Cable
Beach to sign a contract granti-
ng the loan.
The $16.7 million will fund a
facility to manage damage
assessment and restoration in
the wake of hurricanes Frances
and Jeanne.
"The purpose of this facility
that we are signing is to address
the needs of temporary recon-
struction and stabilisation across
the islands which were severely
impacted by last year's hurri-
canes," said the deputy manag-
er of regional operations at the


TROICA

EX ER IAIR


IDB, Camille E Gaskin-Reyes
Mrs Reyes explained that
after the Bahamas was impact-
ed by the storms, the IDB
granted the government
$200,000 in emergency assis-
tance and recommended the
loan programme.
"This is a fast dispersing pro-
gramme and can only be used
to finance eligible expenses
incurred within nine months of
the hurricanes, which in this
case is taken to be June 25
2005," said Mrs Reyes.
"Once this deadline expires
any uncommitted funds would
then be cancelled; disbursement
however can continue for works
committed for up to one year
after today," she added.
.Reyes said the auditing firm
Deloitte and Touche has been
hired to identify the expenses
already incurred by the govern-
ment through hurricane relief,
which will be retroactively
financed under the loan.


Take an additional 15.% off our already regularly
discounted Prices
That's Right everything in ourStudio is now


15% off


SALE BEGINS TODAY AT


MULTI DISCOUNT FURNITURE &


~2~J~i~c~


cl se
for ivetowry


THE TRIBUNE


PAGE 2, FRIDAY, APRIL 29, 2005


1 ROOMS
T-O---P-C-*,.O I


ROM








THE TIBUNEFRIDA, APRL 29,2005,PAGES


Port tests safety
measures

FREEPORT A mock haz-
ardous explosion and spill took
place yesterday at the Freeport
Container Port as part of a disaster
preparedness drill to test the emer-
gency response system in place at
the port.
The drill, which is in compliance
with the International Ships Port
Facility Security Code (ISPS),
involves the port's onsite emergency
team in collaboration with the vari-
ous local emergency responders on
the island.
The transshipment port is ISPS
certified and is required to hold an
annual drill to respond to any pos-
Ssible crisis that might occur unex-
pectedly at the terminal to test its
compliance on security and safety
measures.
(Photo: Denise Maycock/
Tribune staff)




Call for human rights law


* By KARIN HERIG
Tribune Staff Reporter
THE Grand Bahama Human
Rights Association has called
upon the government to pass a
human rights act to protect per-
sons who might be victimised
by discrimination. I i
The association said the act


Act badly needed to put an end to

discrimination, claims association


should guarantee easy access to
a tribunal invested with powers


10-1 5o OFE
Spring Storewide Paint Sale!


TE


of redress with regard to any
violation of human rights.
The GBHRA claims the leg-
islation is needed urgently to
"arrest racism and anti-foreign
discriminatory attitudes devel-
oping in certain parts of the
public service".
"Several reports have recent-
ly been made to the GBHRA
which portend a sinister culture
of discrimination, racism and
anti-foreign attitude which has
coloured the treatment of both
white Bahamians and foreigners
in the Bahamas," said a spokes-
man for the organisation.

Overdue

'There are many examples
of human rights acts which
have been passed throughout
the Commonwealth and the
time for this protective shield to
be enacted has long passed in
the Bahamas," the spokesman
said.
The FNM promised to
appoint a human rights
ombudsman, but did not do so
during their 10-year term.
The GBHRA is calling upon
the current government to pass
a human rights act to help stop
discrimination against white
Bahamians and foreigners and
all forms of discrimination in
the Bahamas.
A woman, who asked to
remain nameless, made an alle-
gation of discrimination to the
GBHRA
"The white, foreign wife of a


SALE


Bahamian recently reported the
inhuman, despicable and
demeaning treatment which she
was subjected to by an immi-
gration officer," said the
spokesman.
"The victim went to the
Immigration Department to ask
for an application form for per-
manent residency.
"Her husband was not
permitted to come into the
office with her and a male immi-
gration officer forced her to stand
in front of him and insisted that
she sing the national anthem
before he would give her the
form."
Discrimination, said the
organisation, is one of the most
insidious human rights abuses
because it is so difficult to
prove.


XXX: STATE OF THE UNION


XXX: STATE OF THE UNION NEW 2:10 N/A 4:40 N/A 8:10 10:30
THE HITCHHICKERS NEW 1:05 3:40 N/A 6:10 8:20 10:45
KING'S RANSOM T 1:15 3:20 N/A 6:10 8:15 10:45
A LOT LIKE LOVE T 1:30 N/A 4:50 7:20 N/A 10:40
THE INTERPERTER C 1:00 3:30 N/A 6:00 8:25 10:45
KUNG FU HUSTLE C 1:10 13:50 N/A 6:15 RJ:15 10.50
AMITYVILLE HORROR T 1:35 3:35 N/A 6:20 8:25 10:50
BEAUTY SHOP T 1:05 3:35 N/A 6:05 8:20 10:55
GUESS WHO? T 1:15 3:20 N/A 6:05 8:30 10:55
SIN CITY C N/A N/A N/A 7:30 N/A 10:25
ROBOTS B 1:15 3:45 N/A N/A N/A N/A

XXX: STATE OF THE UNION NEW 1:15 3:50 6:30 8:30 10:30
KING'S RANSOM T 1:20 3:40 6:20 8:25 10:25
KUNG FU HUSTLE C 1:00 3:30 6:00 8:10 10:15
AMITYVILLE HUSTLE C 1:25 3:25 6:30 8:30 10:35
BEAUTY SHOP T 1:10 3:35 6:15 8:20 10:25
~_F' 'r '


OBOTS i


1:20 3:30 6:20 N/A N/A


SOOGEYMAN C N/A N/A L /A 8:40 10:40
USE YOUR E.CARD TO RESERVE TICKETS AT 380-3549 OR WWW.GALLERIACINIMAS.COM


-i


FIDELITY BANK (BAHAMAS) LIMITED
has a vacancy for the position of

FINANCIAL RECOVERY OFFICER

PROFILE:

* Nastac Series 7 or the Canadian Securities Course and must
be familiar with investment products
* Four years commercial banking experience, two of which must
have been in collections
* Excellent communication skills, including written and oral and
human relations
* Excellent attitude, punctuality and attendance records
* Associate degree in Business Administration or a related field


RESPONSIBILITIES
INCLUDE:

* Performing administrative functions to assist with the recovery
process in accordance with the Bank's policies and
procedures
* Making field calls and contacting delinquent customers for the
recovery of funds
* Providing financial guidance to delinquent customers
* Preparing reports and court documents to assist with
the recovery process
* Attending court on behalf of the bank

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 13th May 2005 to:


Human Resources Department
Re: Financial Recovery Officer
Head Office, Cable Beach
P.O. Box N-7502
Nassau
Fax 327.5175
e-mail: info@fidelitybahamas.com


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THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 3


NEW 1:10


N/A 6:00


8:25 10:50







PAGE 4, FRIDAY, APRIL 29, 2005


THE TRIBUNE


JiI


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

LEONE. 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


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Guana Cay




debate needs




co-operation


EDITOR, The Tribune
THE proposed development
at Bakers Bay, Guana Cay, has
provoked a lot of reaction, and
some action. Please allow me
to comment briefly.
Any development proposed
for any place in this country,
should be of concern to the res-
idents of that place, be they
native or expatriate, as long as
they are legal expats.
These residents should have a
voice in said development, and
when there is such an uproar as
in the Guana Cay project, then
the government of the day must
ensure that all parties are satis-
fied, residents and developers,
before forging ahead.
This is the basic precept of
local government after all that
local residents would have more
say in the goings on in their con-
stituencies.
Now, is the proposed devel-
opment for Bakers Bay a good
thing? Probably so, in some
form, in my humble opinion,
but I don't live in Guana Cay.
So, it is not for me to say really.
One thing I will say is that I
am very proud of the people of
Guana Cay in that they banded
together to protest something
they did not agree with. Good
for them. This kind of civil
action is what I have been trying
to tell. Bahamians for years, is
the item of power that we have
as "the people". Essentially, our
government works for us. Or at
least they are supposed to.
Finally, there is one thing that
I take issue with in this whole
sordid affair. As I understand
it, the Member of Parliament
for South Abaco, Robert
Sweeting, is reported to have
been "invited" by an expatriate
to leave the island (Guana Cay)
on one of his visits to that island
in an attempt to "calm the
waters" as a result of the fall-out
from this proposed project. I
haven't spoken to Mr Sweeting
since that episode, and I don't
know how he feels, but I can
tell you that this person was way
out of line.
I realise that tempers have
been flaring throughout this
tempestuous time, and they will
likely continue to do so for a
time yet. However, Mr Sweet-
ing, or whoever it might be in
this same circumstance, is a duly
elected Bahamian government
official. And regardless as to
how one might feel about him
or this situation, his office must
be respected.
For anybody, especially an
expatriate, to ask me to leave
a public place in this country


would be for them to tread on
dangerous ground.
Here's to hoping for a mutu-
ally beneficial resolution to the
proposed development at Bak-


ers Bay. It is truly a beautiful
location, and any development
must be carried out with the
utmost respect for history and
the environment. Nuff said, I
tink.
WILLIAM ROBERTS
Bahama Palm Shores,
Abaco
April 9 2005


EDITOR, The Tribune
MY family has been going
to Harbour Island since 1956.
We stayed at Pink Sands until
after Andrew destroyed it in
1992 and since then we have
been renting an assortment
of houses. I wanted to express
our concern about three of
the latest building/develop-
ment projects.
In my opinion the struc-
ture built at the south end of
the harbour is a disgrace.
Having to look at that huge
boat is bad enough, but the
warehouse-type building that
was allowed to be built on the
shore is an eyesore, particu-
larly in the middle of a resi-
dential area. Shame on local
government for letting this
happen!
Valentine's Resort and
Marina: I understand that the
docks needed to be rebuilt,
after- the last hurricane sea-,
son arid I think having a new
restaurant, bar and dive shop
facility is a fine idea. All this
work is basically an upgrade
of the facilities that used to
be there.
The massive set of condo-
miniums that are being built
across the road are totally out
of control and totally not in
keeping with the feeling of
Harbour Island.
There is already so much
traffic on the streets that you
can't get by and adding the
residents and their vehicles
from all those condos isn't
going to help.
Nor will it help the island's
already overtaxed water and
electrical supplies.
I am an avid fisherman and


I have watched the catch
decline dramatically over the
years. More fishermen on
their yachts are not going to
help this either. The water
quality in,the harbour is also
bound to be affected. The
police can't seem to get a grip
on the robberies that are
already taking place, so how
are they going to handle the
increased population that the
condos will bring?
Shortly after we returned
home earlier this month, I..:
started hearing ab.Qut the.:n
plans for the redevelopment
of the Romora Bay property,..
and I was horrified. ;
The building has to stop.
In the long term it won't help
the people of the island.
There aren't enough people
on the island to service the
resorts, homes, restaurants
and shops that we have now,
so how-long do these devel-
opers think it will take for the,
people who buy their fancy
condos- to become disgrun-
tled and sell out?
Encourage development
on North Eleuthera, where
there is plenty of land and
plenty of people needing jobs.
What has attracted all
these people to Harbour
Island is the charm of the
place, and this will all be lost
if it gets over \developed.
Then the people won't come.
down and the island will be
the big loser in the long run.
Don't be short-sighted and
greedy, look to the future!
MADDIE DUGAN
W Edgecote Lane
Lake Forest, Illinois
April 25 2005


"Praise is the song of a soul set free."
FOUR SUNDAY SERVICES
7:00 am, 9:00 a.m., 11:00 a.m. 7:00 p.m.
Babies Dedicated Every Sunday
PASTOR EARLE FRANCIS J.P.. D.D.
Marriage Officer
Phone: 323-6452 393-5798 Fax: 326-4488/394-4819


NOTICE

NOTICE is hereby given that COLIN MICHAEL EVANS, #69 FORTUNE
BAY POINT, FREEPORT, GRAND BAHAMA, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement of the
facts within twenty-eight days from the 29TH day of APRIL, 2005 to
the Minister responsible for Nationality and Citizenship, P.O.Box F-
41085, Grand Bahama, Bahamas.


oers Cooperative Credit Union Trade
'on rcc .


Participants includes: Retailes (Food Products, Furniture, Appliances)

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* By CARA BRENNEN
Tribune Staff Reporter
THE Foreign Affairs Minis-
ter has admitted that the coun-
try does not have the manpow-
er to sustain an assault on illegal
immigration.
Fred Mitchell acknowledged
public outrage against illegal
immigration is very intense.
But he said: "The country
simply does not have the
resources, that is the manpower
to sustain such an assault. There
are only so many women and
men in the Immigration, Police
and Defence Forces.
"There are only so many 12-
hour shifts that you can man-
date before people simply begin
to tire."
Mr Mitchell said that since at
least the 1950s it has been the
policy of successive Bahamian
governments to engage in what
he calls the policy of round-ups
and repatriations.


"Typically, these round-ups
and repatriations come when
there is pressure from the elec-
torate to act against illegal
immigrants," he said.
Mr Mitchell said that the
build-up of pressure for the
removal of Haitian immigrants
is 'usually tied to short term
cycles of unemployment at the
working and labouring class lev-
el in Bahamian class level.

Pressure

"The political pressure is
intense and the government
must be seen to be doing some-
thing," he said.
While there are illegal
Jamaican immigrants and to a
smaller extent Cubans, the full
wrath of public ire is reserved
for the Haitians so much so that
the words "illegal immigrant"
have come to be used inter-
changeably for "Haitian".


However, Mr Mitchell said
that while the government is
pressured by society, it is also
pressured by the Church and
the international community
to recognize the rights of
migrants.
"We are further challenged
by the inability of successive
governments to process expe-
ditiously the laws of the country
with regard to citizenship," he
added.
Laws regarding citizenship
were changed in 1973 so that
persons born in the country after
that did not hive an automatic
right to Bahamian citizenship.
Speaking to the congregation
at the New Life Christian Cen-
tre on Wednesday evening, Mr
Mitchell said it was important
for the government to have
accurate information regarding
the amount of immigrants in the
country and for civil society to
present a stronger voice on the
issue.


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Month of activities to focus

on achievements of youth


* By A FELICITY INGRAHAM
Tribune Staff Reporter
SCHOOL violence, teenage
pregnancy and criminal activity
are increasingly coming to char-
acterise how Bahamians view
the younger generation.'
But Director of Youth
Autherine Turnquest hopes
National Youth Month can
emphasise the contributions that
young persons make to society.
"We have had negative
aspects of youth activity being
reported in the media, but there
are also more positive things
going on with our young peo-
ple," she told The Tribune.:
Young peopledwill take to -the
streets for the National Youth
Rally and March, and throuigh-
out the month they will be pro-
moting positive activity and dis-
playing their achievements.
This Sunday at 3pm, the Min-
istry of Youth march will end




FRI. APRIL 29
6:30 Bahamas @ Sunrise live
7:30 Exuma: First Light 52nd
Annual National Family
Island Regatta
9:00 Exuma Energized 2004
10:00 Legends From Whence We
Came: Capt. H. Moxey
11:00 Immediate Response
Noon ZNS News Update live
12:03 Caribbean Today News
12:05 Immediate Response
12:58 Caribbean Today News
1:00 Health For The Nation
1:30 Racing Stripes.
2:00 Mr. Ballooney B.
2:30 Treasure Attic
3:00 Gospel Video Countdown
4:00 Lisa Knight & The Round
table
4:30 Cybernet
4:58 ZNS News Update live
5:00 Caribbean Newsline
5:30 Cinema, Cinema, Cinema
6:0Q Regatta Time
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Da' Down Home Show
9:00 3D's Funk Studio
9:30 Souled Out
10:00 Regatta Time
10:30 News Night 13
11:00 Bahamas Tonight
11:30 Exuma First Light 52nd
Regatta
11:45 Immediate Response
SAT. APRIL 30
7:30 Exuma: First Light 52nd
Annual National Family
Island Regatta
9:00 Bahamas @ Sunrise
10:00 Treasure Attic
10:30 CMJ Club Zone
11:00 Kids On The Move
11:30 Cybernet
12noon This Generation
NOE N-V13rsre h
rih*o aelstmnt
progamm* chages


with a rally at Clifford Park.
On May 12, a youth recogni-
tion ceremony will be held at
the Wyndham Nassau Resort
and Crystal Palace Casino, hon-
ouring young people for
achievements in sports, acade-
mics, and other disciplines.
Other events include speech
contests, rap sessions, and a par-
liamentary session where young
people get the opportunity to
debate on topical issues in the
House of Assembly.
Activities are also planned for
the Family Islands.
"My ministry looks forward
to seeing all Bahamians young
and old being a part of this great
, month,-of activities, where we
will be, encouraging and honor-
ing "young people of the
Bahamas," said Youth Minister
Neville Wisdom.
National Youth Month will
on Saturdaywith a trade show
at Rawson Square.




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THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 5,


I








PAGE 6, FRIDAY, APRIL 29, 2005 THE TRIBUNE


WATER AND SEWERAGE CORPORATION


CAREER OPPORTUNITY




The Water and Sewerage Corporation is interested in securing the services of
a qualified experienced individual to fill the post of Senior Technician in the
Geographics Information System Technology Department of the Special
Projects Division.

Responsibilities include, but are not limited to the following:

Editing and maintenance of the Corporation's G I S layers
Field collection of data for the G I S system.
Design and output of maps as it relates to G I S.
Provide technical support for G I S procedures.

Required qualifications:

The successful candidate should possess a minimum of the following
qualifications and experience.

An Associate Degree in Geography, Pre-Engineering or Computer
Science from an accredited College or University.
Plus three (3) years post graduate experience in Geographics
Information System (GIS).
Must demonstrate prior experience in Environmental Systems Research
Institute (ESRI) software. prefer additional experience in Global
Positioning System (GPS).

Required skills:

Ability to work under pressure.
P C literacy including familiarity with Microsoft Word and Excel
software packages.
Must have excellent organizational, communication (both oral and
written) and research skills.
Must be detail oriented, prepared to work long hours when necessary,
enthusiastic and prepared to use initiative.
Must believe in and promote the fact of customer care and service
as first priority.

Starting salary will be commensurate with qualification and experience.
Intersted person may obtain applications forms the Personnel Department, at
#87 Thompson Boulevard, P.O. Box N-3905, Nassau, Bahamas, and should
be returned together with a detailed resume, not later than May 6th, 2005.






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RBC Royal Bank of Canada made a contribution to Bahamas
Academy School to assist the institution's primary division track
and field team. The donation will support the athletes in their
first participation in the Primary School Association's Track and
Field Meet. Rory Major, the team's coach stated that the students
are ecstatic and proud to represent their school at the national
level.

Pictured at the presentation are from left are: Rory Major, coach,
Bahamas Academy Elementary School; Winston Symonette, senior
master and head of the Physical Education Department, Bahamas
Academy School and David Barr, manager, Personal Financial
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I


Attorney claims 'Baby Doc'



could return to nower in Haiti


CRISIS-TORN Haiti could
end up with former playboy Jean-'
Claude "Baby Doc" Duvalier
back in power, a Nassau attorney
has claimed.
The son of the infamous Dr
Francois "Papa Doc" Duvalier
might stand a chance of victory if
he stands in the next presidential
election, claimed Mr Eliezer Reg-
nier.
Mr Regnier, who is of Haitian
descent and visits Haiti regularly
on legal business, said the country
needed a "maximum leader" with
a firm grip on power to lift it out
of its present predicament.
Haiti, whose first democrati-
cally-elected president, Jean-
Bertrand Aristide, was ousted last
year, would benefit from a benev-
olent dictator, he said.
Mr Regnier told The Tribune:
"Duvalier has been living in
France for nearly 20 years and is
probably a more mature politi-
cian now than he used to be.


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M *** e



"He has expressed a desire to
return to politics and the talk in
Haitian society is that he could
make a comeback."


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Baby Doc fled Haiti under
pressure L 1986 to end the Duva-
lier family's nearly three decades
in power. He had become presi-
dent on the death of his father in
1971.
Although he was suspected of
looting the treasury before his
departure, and blamed for con-
tinuing his father's reign of terror,
he is now seen as a comparative-
ly benign figure.
With Haiti sinking into a state
of lawlessness, and the interim
government regarded as a fail-
ure, the possible return of the
Duvaliers is not seen as the dis-
aster it might once have been.
UN peacekeepers are trying
desperately to prevent rival gangs
from taking over the streets of
Port-au-Prince. Already, some
city slums are no-go areas for
police and troops.
' Mr Regnier said random gun-
fire is now commonplace on the
city's streets with the UN seem-
ingly unable to control what he
called young brigands.
He said if an election is held
later this year and observers
doubt they will be if current con-
ditions continue Duvalier could
be among up to 50 candidates for
the presidency.
Mr Regnier said Duvalier era
banknotes were considered valu-
able in Haiti because of their
imagined mystical power.
When Baby Doc's father
gained office in the 1950s, he
declared himself president-for-
life, a status passed on to his son
for the final 14 years of the Duva-
lier era.
However, the Haitian consti-
tution now limits presidents to
two terms. Aristide was in his sec-
ond term when a rebellion forced
his departure in 2004, the 200th
year of Haiti's nationhood.
Since then, Aristide has
claimed he was forced out by the:
United States, while his support-
ers have been clamouring for his
return.
Police, meanwhile, have been
blamed for random killings of
peaceful demonstrators.
SEE Monday's INSIGHT
'Haiti: Hell on Earth', which
includes an Australian lawyer's
call to Bahamians .for a proper
understanding of the Haitians'
plight.


raniumrnmlHm

FIDELITY BANK (BAHAMAS) LIMITED
has a vacancy for the position of
BRANCH MANAGER

PROFILE:
Bachelors.degree in Business Administration, Finance or a
related field
Series 7 or the Canadian Securities and must be familiar
with investment products
10 years commercial banking experience with a minimum of
3 years managerial experience
Experience managing diverse loan portfolios and
assessing loan quality
Detailed knowledge of retail/commercial lending practices
and credit analysis to ensure the integrity of the portfolio
Excellent communication, analytical and reasoning skills
S * Excellent leadership and coaching skills
Strong interpersonal skills to work effectively with staff and
customers
Strong PC skills

RESPONSIBILITIES
INCLUDE:
Promoting excellent service quality
Solicitation of new customers and managing sales
activities to enhance the profitability of the unit
Effectively leading, supporting and coaching personnel
to achieve corporate objectives
Reviewing and implementing new customer, mortgage
and commercial lending activities and organizational
strategies
Managing loan portfolios and assessing loan quality
Managing credit lines within the delegated authority

Fidelity Bank (Bahamas) Limited offers an excellent remuneration
and benefits package including performance-based incentives,
4 *medical insurance, life and long tern disability insurances and
pension plan.
Send resume no later than Monday 9th May 2005 to:
Human Resources Department
Re: Branch Manager
Head Office, Cable Beach
P.O. Box N-7502
II Nassau
Fax 327.5175

e-mail: info@fidelitybahamas.com


~"~"~'~""'~"U"""~"~U"x"x~^l"^"~"""l~


PAGE 6, FRIDAY, APRIL 29, 2005


THE TRIBUNE








THE TRIBUNE FRIDAY, APRIL 29, 2005, PAGE 7


Concern for health of




inmate on special diet


* By TIFFANY GRANT
Tribune Staff Reporter
A NEW policy at Fox Hill
prison may be adversely affect-
ing inmates with special dietary
needs, the wife of a prisoner
claimed.
The woman said she fears for
the health of her husband, since
she is no longer allowed to pro-
vide him with the foods
required by his special circum-
stances.
The distraught wife explained
that she has been banned from
supplying her husband with the
diet of soy milk and vegetables
prescribed to him by the prison
doctor.
"Prison officers were taking
them (soy milk and vegetables),
even though they were giving
us a hassle throughout the
month. Now come last week,
they stopped taking the pre-
scription goods, period," she
said.
The woman explained that
when she went to the prison last
Saturday, the guards said they
were no longer authorised to


Fears after crackdown on contraband


accept items at the gate.
The officers, she said, told her
that inmates would in future
have to buy all their goods from
the commissary but the
woman says that the prison does
not stock the goods her hus-
band needs.
However, Prison Superinten-
dent Dr Elliston Rahming told
The Tribune that special atten-
tion is paid to prisoners under
prescription.
"If the medical department
at the prison informs the admin-
istration or the commissary that
a given inmate requires pre-
scribed provisions, then every
effort would be made to accom-
modate that in the commissary's
inventory," he said.
"If you have 15,000 inmates,
it is virtually impossible to
determine beforehand each per-
son's peculiar circumstance.
You can only deal with
individual circumstances as


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CALL ILR/ GROSVENOR ACADEMY....323-2078


* DR Elliston Rahming
they arise," said Dr Rahming.
The inmate's wife said her
husband can request goods such
as vegetables from the commis-
sary, but said she is troubled by
the time it takes for him to
receive them.
"How is he supposed to
eat?" she asked.
The woman said she is not
the only relative of an inmate
who is concerned by the delay.
However, Dr Rahming said


that vegetables are served with
every meal at the prison and an
inmate who has been prescribed
vegetables can request them as
his meal.
Earlier this month at a prison
forum, Dr Rahming said that a
number of steps have been tak-
en to minimize the flow of con-
traband into the prison.
These include, he said, a ban
on the importation of food and
personal items for sentenced
inmates.
According to Dr Rahming,
crack cocaine has entered the
prison in toothpaste tubes and
marijuana has been cooked in
soup.
The prison boss admitted that
in the process of making the
commissary responsive to the
needs of inmates, there have
been a few "bumps and bruises"
and delays from time to time.
He said that in order to
change this, "additional man-
power has been added and a
more systematic ordering sys-
tem has been put in place.


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FRIDAY, APRIL 29, 2005, PAGE 7


THE TRIBUNE


- I









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* By KARIN HERIG
Tribune Staff Reporter
TOMMY Turnquest "is no
leader" according to PLP chair-
man Raynard Rigby, after the
FNM leader made remarks
regarding the government's per-
formance.
Mr Rigby criticised Mr Turn-
quest for comments made at
press conference on Wednes-
day, in which the FNM leader
had called the PLP administra-
tion "rudderless, incompetent
and unfocused."
"We take this opportunity to
gently remind Mr Turnquest
that it would seem prudent to
deal with the apparent disarray
within the FNM before attempt-
ing to wrongly characterise
the stellar performance of a
PLP government which has
already eclipsed in so many
ways the former government
which he served," the PLP
chairman said.
Mr Rigby further said that
watching the "bumbling cha-
rade of insincerity and insecuri-


* FNM's Tommy Turnquest
ty unfold within the FNM," PLP
members are confident that
prime minister Perry Christie is
the right for the job of leader of
the country.

Committee

Earlier this week, Mr Turn-
quest responded to reports
claiming that an FNM advisory
committee had and found that
he, as party leader, did not have
the support base necessary to
win back the government.


Mr Turnquest claimed that
the committee had actually
been appointed to determine
the "most urgent needs, con-
cerns and wishes" of Bahami-
ans and that the findings would
be used to prepare the FNM for
the 2007 general election. i
Mr Turnquest further said
that he is confident that he wilt
return as leader after the party
convention in November, aifd
said that the FNM is now onl'
focused on ridding the country
of the PLP government.
"We in the FNM will n6't
allow our political opponents
to capitalise on make-believe
issues in our party," he said. 4
The FNM leader added that
the Bahamas is in the hands of
"incompetent drifters." 0
Mr Rigby, however, said thit
if Mr Turnquest would tend tb
his own affairs, "without resort-
ing to wanton attacks against
the government", people will
be able to conclude "something
other than the presentIl
inescapable fact that Tomnk
Turnquest is no leader". -
_____,______


N
N
ji,~
*1'


FIDELITY BANK (BAHAMAS) LIMITED
has a vacancy for the position of

PERSONAL BANKING OFFICER (CREDIT)

PROFILE:
Associate degree in Business Administration, Finance or
a related field
Nastac Series 7 Course or the Canadian Securities Course
O (preferred, but not essential, as training will be available as
required)
Four years commercial banking experience with a minimum of 2
years credit experience
Experience managing diverse loan portfolios and assessing
loan quality
Detailed knowledge of retail/commercial lending practices and
credit analysis (to ensure the integrity of the portfolio)
Excellent communication, analytical and reasoning skills
Excellent leadership skills
Strong interpersonal skills (to work effectively with staff
and customers)
Strong PC skills

RESPONSIBILITIES
INCLUDE:
Solicitation of new customers and managing sales activities
(to. enhance the profitability of the unit)
Effectively leadership and support to achieve corporate objectives
Reviewing and implementing new customer, mortgage and
commercial lending activities and organizational strategies
Managing loan portfolios and assessing loan quality
Promoting excellent Service Quality
Adjudicating credit lines within the delegated authority
Fidelity Bank (Bahamas) Limited offers an excellent remuneration
and benefits package including performance-based incentives,
a medical insurance, life and long tern disability insurances and
pension plan.
Send resume no later than Friday 13th May 2005 to:

Human Resources Department
Re: Personal Banking Officer (Credit)
Head Office, Cable Beach
P.O. Box N-7502
Nassau
Fax 327.5175
e-mail: info@fidelitybahamas.com


FNM leader under



fire from Rigby


i. _~ : L ; L..,~:


PAGE 8, FRIDAY, APRIL 29, 2005


THE TRIBUNE






THE TRIBUNE
LOAN.


Cat Cay residents 'are


endorsing LNG facility'


FROM page one
gpdorse plans for the facility
Rnd resulting benefits for both
the Bahamas and Florida.
L, The letter also says how
pnobarrassed residents were by
lhe "disgraceful reception" Min-
ster of Trade and Industry
J.eslie Miller received from
..some" property owners of Cat
Cay, and apologised for what
transpired.
-, Last month, Mr Miller and
Mr Diaz clashed over the LNG
proposal for Ocean Cay with
M ,lr Diaz yelling at Mr Miller,
calling him an idiot and telling
him to "shut up". Mr Diaz has
Aince apologised for the
(emarks.
-j The Wymbs letter read: "At
tno time were we consulted or
notified that your meeting


would take place with Manuel
Diaz or that Mr Diaz would
indicate we all opposed the gas
transfer plans.
"On the contrary, we whole-
heartedly endorse what the ben-
efits of your plan will mean,
both for the Bahamas and our
homeland in Florida.
"I want to assure you and
your progressive associates that
Mr Diaz in no. way represents
our views. If it is of any help, I
would like to offer our apolo-
gies for the actions of some of
our ugly American visitors."
Mr Miller said he had
received a phone call yesterday
from Obie Wilchcombe, Minis-
ter of Tourism, saying that the
Rev Clyde Flowers (a close
friend of the Wymbs) wanted
to see him and personally deliv-
er the letter.
"The reverend wanted to


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reaffirm that Biminites are anx-
iously awaiting this LNG ter-
minal to get well-paying jobs
and to get the monetary contri-
butions promised them by the
AES company. ,
"The good reverend said that
he had worked for Cat Cay for
35 years and that he was very
proud of the fact that I stood
up to Mr Diaz and put him in
his place.
"This letter clearly indicated
that Mr Diaz did not speak for
the majority of the residents
that live on Cat Cay and that, in


If


fact, they were not informed of
the meeting that was planned
for Cat Cay.
"That was why there were
only four members that Diaz
hand-picked along with his 'side
kicks' (Tim and Hayden Riley)
from California in that meet-
ing," he said.
Mr Miller said this letter jus-
tified what he had always
thought, that Mr Diaz did not
speak on behalf of the other
residents of the cay.
Mr Diaz was unavailable for
comment.


* Sales Executive/Business
Development Manager


Please Fax Your Resume To 393-4570
Or Drop Off At Global United's
Claridge Road Office


Share your news


The Tribune wants to hear -
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us on 322-1986
and share your story.


FRIDAY, APRIL 29, 2005, PAGE 9





THE NOMINATIONS COMMIITE

Wishes to announce that applications are
now being invited from all qualified members
who wish to be considered for
recommendation as candidates for the seats
to become available on either the Board of
Directors or The Supervisory Committee at
the 28th Annual General Meeting to be held
on Saturday May 21, 2005.

All members interested in serving in either
capacity should collect an application form
from any office of the Teachers and Salaried
Workers Co-operative Credit Union Limited
offices in Nassau, Freeport or Abaco.

Completed applications, along with other
information requested should be returned to
any of the offices on or before the close of
business on Friday April 29, 2005.

Any application, not fully completed or without
the requested supporting information, or
received after the aforementioned date will
not be eligible for consideration.

"BI ENOUG TERVE,
SMALLENOUGHTCARE


~ia~








PAGE 10, FRIDAY, APRI 29, 2005 THE TRIBUNE


eteritte SJunerl m

BAHAMAS' OLDEST MORTUARY
MARKET STREET P.O. BOX GT-2097 TEL: 323-5782
FUVEA SRVCS IO


HAROLD
BURNLEY
"BROGGS"
COOPER, 72


4i Thom son.a resident of Hutchinson
Street and formerly of
Orange Creek, Cat
tIsland, will be held at
Transfiguration Baptist
Church, Market and
Vesey Streets, on
Saturday at 11:00 a.m.
Officiating will be Rev'd.
Dr. Stephen E.
Thompson, assisted by Rev'd. Basil Johnson and Deacon
Colin Thompson. Interment follows in Woodlawn Gardens,
Soldier Road.
Left to cherish his memory are his five daughters, Beverley
Cooper, Andrea Bain, Berthamae Woodside, Erica Stubbs
and Slone Benson; three sons, Ellwood Benson, Joseph
and Antonio Cox; one brother, David Cooper; two sisters,
Francina Forbes and Joycelyn Saunders; 24 grand children,
Laquana, Felicia, Shawn and Ken Cooper; Jackie and
Demerco Smith, Camille Curtis; Amber and Levonya Martin,
Zenobia and Renado Benson, Deandra, Dwayne and
Demars Woodside, Zhivargo Bostwick, Stephen McPhee,
Manesha Barton, Nathaniel Cox, Obrinique Rolle, Kenrick
Williams, Alexavier Stubbs, Calvin Spence, Antonya Fowler
and Tamara Curtis; 14 great grand children, Barnard Morris,
Lashona Cooper, Ronald McKenzie, Chavargo Brown,
Shaquille Smith, Carlin Smith, Dererco Smith Jr., Ranisha
Farrington, Kenique Cooper, Breon McPhee, Javon and
Janae Edgecombe and Shavonya Bostwick; brother-in-
law, Rev. Joseph Saunders; son-in-law, Dwayne Woodside;
one uncle, Clifford Stubbs; four aunts, Carnetta Newbold,
Elvina O'Brien, Eljetha and Mable Stubbs; seven nephews,
Stephen, Stanley and Leon Forbes; Charles Colebrooke,
Brian, Cedric and Anthony Saunders; 10 nieces, Cheryl
Forbes, Debbie Forbes-Wright, Deborah Coleby, Ednamae
Mitchell, Winnifred Saunders, Monia Saunders, Karen
King, Cynthia Johnson, Barbara Forbes and Joycelyn
Cooper; grand nephews, Leon Jr., Jaden and Livingston
Forbes; grand nieces, Stanell and Lenique Forbes, D'Andre
and Atara Wright; other relatives and friends including,
James and Ruby Cambridge and family, Sam and
Rosemary Cambridge and family, Lavinya Campbell and
family,.Ilena Hepburn and family, Netalie Burrows and
family, Joshua and Irene Rolle and family, Ehderlyn
McKenzie and family, Clayton and Selma Stuart and family,
Revis and Sherla Rolle and family, Glen and Shirlene Rolle
and family, Izetta Stubbs and family, Janetta Strachan and
family, Sanford and Melanie Knowles and family, Christiana
Davis and family, (Joseph and Rosemary Williams and
family), Sean Wright, Olive Mackey-Forbes, Carla Marshall-
Fores, Florence Coakley and family, George, Diana and
Leona Paul and family, George Huyler and family, Fanny
Outten and family, Reuben Stuart and family, Alan Stuart
and family, Kalista Johnson and family, Ivan Marshall Sr.
and family, Rowena Johnson and family, Obadiah Rolle,
Hutchinson Street and Black Village family and Chris
Colebrooke and family.

Friends may pay their last respects at Demeritte's Funeral
Home, Market Street, from 10:00 a.m.-6:00 p.m. on Friday
April 29th, 2005 and on Saturday April 30th, 2005 at the
church from 10:00 a.m. until service time.

CLEVELAND
ALLEN, 85

a resident of
McQueens, Cat Island
and formerly of Bain
Town, Cat Island, will,
be held at Zion Baptist
Church, East and
Shirley Streets on
Saturday at 1:30 p.m.
Officiating will be
Pastor T.G. Morrison,
assisted by Rev.
Christopher King and
Rev. Ulric Smith 11.
Interment follows in
Woodlawn Gardens, Soldier Road.
Left to cherish his memory are his wife, Jestina Burrows
Allen; daughters, Loretta Allen, Leola Rolle and Inez Smith;
sons, Wilfred and Steven Allen; grandsons, Mark and
Jamael Wilkinson, Kelsey and Radon Allen of Fort Wrath,
Texas, Rand Allen, Steven Allen Jr., Wilfred Allen, Jr. Pastor
Shelton Williams of Winter Haven, Fla., Cyril and Theodore
Williams, Dennis, Basil, Calvin, Anthony, Ricardo, Stanley,
Hartman, Able Seaman Lloyd Smith, Detective Constable
#2269 Shawn Bowe, Herkell Harvey, Leen and Coporal



Nora Pratt, Maydell Woodside, Staff Nurse Deborah
Johnson, Dorothea Stubbs, Addie-Mae Rolle, Monique
Williams, Shanique and Krystal Rolle; two sons-in-law,
Marcus Wilkinson and Rev. Henry P. Pratt; one daughter-
in-law, Jacqueline Allen; 64 great grand children, 15 nieces,
15 nephews, 46 grand nieces, 24 grand nephews and a
host of other relatives and friends including, Joseph
Armbrister and family, Rev. Henry P. Pratt and family,,
Livingston Musgrove and family, Rev. Dr. William Rahming
and family, Thaddeus Wright and family, Rev. Meread
Burrows and family, Hercules Rolle Jr. and family, Rev.
Charles Rolle and family, Sylvia Strachan and family of
Conch Sound, Andros, Rev. Benjamin Gibson and family,
Carol Edwards and family, Rev Christopher King and family,
Palace Robinson and family, Rev. Ishmel Smith and family,
Margret Allen Goodman and family, Carter Butler and
family, Arthur Bain and family, Prince Hunter and family,
Mr. Phillip Brave Davis Sr. and family, Inez Rolle and family,


Keisha Newton and family, Ijida Smith and family, Henry
Rolle and family, Lyda Green and family, Arthur Dorsett
and family, Roberto Pena Hernandez and family, Billy Allen
and family, the entire Bain Town Community, Point family,
the Burial Society of Cat Island, the Zion Baptist Church
of McQueen's, Cat Island and the entire Cat Island family,
the Department of Fisheries and the Englerston Urban
Renewal Project of the Royal Bahamas Police Force.
Friends may pay their last respects at Demeritte's
Funeral Home,Market Street, from 10:00 a.m. -6:00 p.m.
on Friday April 29th, 2005 and on Saturday April 30th,
2005 from 9:00 a.m.-11:30 a.m. and at the church from
12:30 p.m. until service time.

RICHARD
ALEXANDER
SANDS SR., 72

a resident of Ruby
Avenue, Cable Beach
and formerly of
Savannah Sound,
Eleuthera, will be held
at Robinson Morris
AME Chapel,
Ridgeland Park, on
Saturday April 30th,
2005 at 11:00 a.m.
Officiating will be Rev.
Berkley Williamson,
assisted by Pastor Stanley Ferguson. Interment follows in
Lakeview Memorial Gardens, John F. Kennedy Drive.
Left to cherish his memory are his wife, Ola Mae; two
daughters, Patricia Rolle and Debbie Hanna; four sons,
Richard Alexander, Barry, Terry and Kirk; one son-in-law,
Brad Hanna; two daughters-in-law, Lorna and Joy; 18
grandchildren, Kayrene, Ricky, Alex, Rayann, Nadia, Justin,
Jada, Robyn, Ryan, Courtney, Kristen, Matthew, Katlyn,
Branique, Cameron, Aaron, Brea and Bailey; four great
grand children; two brothers, Bursel Gibson and George
Windsor Sands; two sisters, Lily-Olga Robertson and
Matilda Capron; one aunt, Angela Simmons; three sisters-
in-law, Patricia Gibson, Pealine Ferguson and Mildred
Lynes; brothers-in-law, Charles Capron, Cleveland Lynes
and Hilbert Ferguson; numerous other relatives and friends
especially, Judy Hinsey, Delores Sands and the New Free
Community Holiness Church family.
Friends, may J pay heir ast respects at Demeritte's
Funeral Home, Market Street, from 10:00 a.m. -6:00 p4.m.
on Friday April 29th, 2005 and on Saturday April 30th,
2005 at the church from 10:00 a.m. until service time.

JOSHUA
HERBERT
JOSEPH, 85

a resident of Iguana
Way, Elizabeth Estates
and formerly of
Carriacou, the
Grenadines, will be
held at Good News
Seventh Day Adventist
Church, Flamingo
Gardens,on Sunday at
10:00 a.m. Officiating
will be Pastor H.A.
Roach, assisted by
Pastor Rolle and Pastor Adderley. Intennent follows in
Southern Cemetery, Cowpen and Spikenard Roads.
Left to cherish his memory are his wife, Lorraine Joseph;
son, Herbert Joseph; daughters, Joy Braithwaite and
Kathyan Joseph; grand children, Nichole Joseph, Gareth
Joseph, Chenniqua Joseph, Orlando Braithwaite, Leon
Braithwaite, Ewan Braithwaite, Yolande Braithwaite and
Dyon-Elise Braitwaite; mother-in-law, Elma Thompson;
son-in-law, Orville Braithwaite; daughter-in-law, Patricia
Joseph; bothers and sisters-in-law and family, Edwin
Thompson and family, Kenneth Thompson, Edwin
Thompson, Howard Thompson, John Thompson, Ricardo,
Eldride Thompson, Myrtle Thompson, Christine McD6nald,
Ruth Lightbourne, Katherine MacKey, Avis Thompon and
Sharon Thompson, Janette Thompson, Nellie Thompson,
Ricardo Thompson, Sharon Thompson, numerous nieces
and nephews and a host of other relatives and friends
including, Mr and Mrs Randolph Bowlin and family, Mr and
Mrs Athema Bowe, Mr and Mrs Vernal Butler, Mrs Rachael
Edwards and family, Mrs Ingrid Moore and Family, Mr and
family, The Wilson family, Mrand Mrs Rudolph Rahming
and family, Mrs Marion Dottin and family, Mrs Nadene
Saunders and family, Mr and Mrs Sydney Sylvester and
family, Mr and Mrs Alfred Brown and family, Mr and Mrs
Norman Culmer and family, Mr and Mrs Percy Miller and
family, Eunice Butler and family, Mr Cyril Joseph, Mrs
Thelma Pyfrom, Mr and Mrs Trower, Mrs Elaine Pinder,
Mary Knowles and family, Mr and Mrs Earl Thompson, Mr
and Mrs Clement Simmons, Mr and Mrs Davis and family,
Mrand Mrs Beneby and family, Mr and Mrs Tyrone
Ferguson and family, Mr Clunis Deveny, Olga Cargill and
family, Bishop Ros Davis, Mr. John Carey M.P. and family,
Pastor L.H. Johnson President of the Bahamas
Conference of Seventh Day Adventists, Pastor H.A. and
Sister Roach, Elders and officers and church family
members of the Good News SDA Church, along with all
the other Pastors and church family members within the
Bahamas Conference. The many music students across
the length and breadth of the Bahamas.

Friends may pay their last respects at Demeritte's Funeral
Home, Market Street, from 10:00 a.m.- 6:00 p.m. on
Saturday April 30th, 2005 and on Sunday May 1st, 2005
at the church from 9:00 a.m. until service time.


FROM page one
and treats him accordingly.
Mr Aristide had said he wishes
for peace in his society and is inter-
ested in dialogue with the opposi-
tion. However, Mr Mitchell said
it would not be appropriate for
him to speculate on whether Aris-
tide would return to Haiti.
"Indeed, as I have said in anoth-
er forum, the business of who is
the president of Haiti is not one for
me or for the Bahamas govern-
ment.
"The business of who is the
president of Haiti is for the Haitian
people. The Bahamas has always
taken the position that President
Aristide is a Haitian citizen and
so on the face of it would be enti-
tled to return to his country at any
time if he wishes," he added.
What the Bahamas is more con-
cerned about, he said, is the
process toward democracy and
free and fair elections in Haiti.
"We want to be sure that the
processes that are in time for elec-
tions to be held in November will
lead to free and fair elections and
truly representative government.
"Elections are scheduled for
November of this year and the pri-
mary aim of the international com-
munity at the moment is the ques-


Ambassador
tion of security so that those'elec-
tions can take place and bring
about a result that is accepted by
the Haitian people and
international community," he
said.
Currently, the foreign minister
of the interim Haitian administra-
tion is maKing the rounds of
Caribbean capitals to try and break
through the logjam between
CARICOM and the present Hait-
ian administration.
"The Bahamas supports this.
We think that it is essential for
CARICOM to become engaged
in the process of bringing democ-
racy to Haiti.
"It is important that the elec-
tions are planned and that CARI-
COM is involved in supplying
technical assistance in such areas as
voter registration, printing of bal-
lots, election security and proce-
dures at ballot places.
"We think the Bahamas, with
a cadre of Creole speakers, should
be able to lend a hand in this area
as well," said Mr Mitchell.
The minister said the Haitian
situation is very difficult and has
been over the two centuries of the
nation's existence.


Union officials
FROM page one
matter at this time. But he said he was disappointed that informa-
tion on an internal matter had been leaked to the press.
The letter says a meeting between union and School of Nursing
representatives to find a solution to mounting problems between
two staff ended in uproar.
Dr Davis was alleged to have ordered union executives from her
office in an exchange witnessed by students gathered in the college
foyer.
The letter says the incident occurred during a meeting held to
mediate between School of Nursing (SNHP) chair Dr Shane Nee-
ley-Smith and SNHP member Esther Sherman-Jolly.
"The mood of the meeting was hostile from the moment UTEB
executives walked in. The executives from the college were all
seated and the atmosphere in the room appeared to be tense and
volatile," says the letter.
It also alleges that the incident had created "institutional embar-
rassment".
A college source told The Tribune that it was assumed the letter
had been forwarded with other documents to Dr Smith's office, but
this could not be confirmed.
However, another source said: "A big row definitely took place
and the union has called for Dr Davis' resignation. That is fact."
Dr Davis is also involved in a matter before the courts. She is
alleging that senior COB lecturer Felix Bethel threatened her dur-
ing an argument.
As a result of the complaint, Mr Bethel has been suspended on
half-pay.








Sommoneital} Jun ral ^Imw
SIndependence Drive Phone: 341-4055








"Pop", of Pine Barren
Close, will be held on
Sunday May 1st, 2005
11:00 a.m. at Philadelphia
I Seventh Day Adventist
fChurch Elizabeth Estates
Pastor Dr. Michael D.
Toote assisted by Pastor Dr. John Carey will
officiate and interment will follow in the Southern
Cemetery Cow Pen and Spikenard Roads.

Precious memory are held by his loving and
dedicated wife, Patricia McQuay; two sons,
Thomas Johnson and Clayon McQuay; four
adopted sons, Frederick and Ian Nicholas, Wayne
and Raymond Brown; two adopted daughters,
Michelle and Tanya Brown; numerous grand-
children including, Andre, Venica, Talcia and
Romaine; one brother, Bill Bain; eight nephews,
Jermain and Jonathan McQuay, Robert and
Michael Thurston, Godfrey and Reginald
Bridgewater and Shawn Thompson -Palmer;
seven nieces, Dorothy Dames, Beatrice Seymour,
Lillian McQuay, Janet Thurston, Sandra Huyler,
Marilyn Hepburn and Heather Thompson-Palmer;
66 grand-nieces and nephews; two sisters-in-law,
Sonia Thompson and Isadora McQuay, other
relatives and friends include, Ms. King, Nelson
Rolle, Mr. Tinker, Matthew Sweeting Tisha Pinder
and staff of Commonwealth Funeral Home, Kelly
and Eric Utile, Yanke Grant, Staff of Male Medical
1 Princess Margaret Hospital, Staff of Elizabeth
Estates Clinic, the entire communities of Pine
Barren Close and Pine Barren Road.

Relatives and friends may view the remains at
THE CHAPEL -OF MEMORIES
INDEPENDENCE DRIVE on Saturday April
30th, 2005 from 11:00 a.m.-5:00 p.m. and on
Sunday May 1st, 2005 at the church from 10:00
a.m. to service time.


_ __ I


PAGE 10, FRIDAY, APRIL 29, 2005


THE TRIBUNE








THE TRIBA2G


6,000 visitors


view Bahamas


exhibit in London


AN exhibition on the Bahamas 18,990 f
and its natural heritage at the S l e
Royal Commonwealth Society
in central London attracted LIMITED 2005 AUTOMATIC $20,995
more than 6,000 visitors during SUPPLIES (2 year warranty on all 2005 models)
a six-week run.
In an interview with The
Tribune, former British High..
Commissioner Peter Young,
who initiated the project, said
that figures provided by the M
society showed that between
February 14 and the end of
March, more than 6,000 peopleA
came into its club premises
in Northumberland Avenue
(just off Trafalgar Square) and
used the exhibition venue,
which also serves as a meeting N CHRISTOPHER Hamilton, executive director of the
area. Bahamas National Trust, Bahamas High Commissioner Basil
The society reported that O'Brien and former British High Commissioner Peter Young
many visitors admired the art :H Y .
work on display at Aspects of .A
The Bahamas: Sustaining
Nature's Treasures and com-Prc
mented favourably on the beau- Prices
ty of the Bahamas depicted in Starting
many of .the 50 exhibits. $15,000
Designed to showcase the
Bahamas as a desirable tourist NISSAN B13 SENTRA
destination and with particular
emphasis on the environment,
the exhibition was a mix of local
art, promotional material pro-
vided by the Bahamas Tourist NISS AN
Office in London and panels
from the Bahamas National
Trust.
These panels, which made up ON THE SPOT INSURANCE AVAILABLE WITH
about a third of the exhibits, SANPIN MOTORS LTD. FINANCING WITH
illustrated with pictures and text Thompson Boulevard, Oakes Field, Nassau, Bahamas, P.O. Box GT-2947 gRBC
Te: S326-perine-64645, 326-0013/4, 326-6382,* Fax: 326-63i5 PU-! e ank
the pressing need to safeguard STUART Mole, director general of the Royal Te mail: sanpn.ehcles@coralwave.o x:326-alan
the environment. Local artists Commonwealth Society, and Bahamian artist Lynn Parotti ofCanad
whose work was displayed
included Lynn and Holly Parot-
ti, Malcolm Rae, Heino Schmid,
Livingston Pratt, Ricardo
Knowles, Blue Curry andBa-
hamas-based Thierry Lamare.
The exhibition was a. joint
venture between the Ministry ,
National Trust, the Friends of Foreign i investors ant
the Bahamas in London and the
Royal Commonwealth Society

The formal opening was well
attended with a cross section of
O'Brien, the Bahamas' High
enjoying a "portrait "of the LiedN G a
Bahamas and a lively reception
and buffet.
Mr, Young said that it was (NG) facilities&ipelines
unrealistic to expect or even(.ipn
to be able to identify immedi-
But, judging from the large in e Bahaas to
number of visitors, the exhibi-"n- ...
tion had clearly achieved "won-
derful exposure for the
Bahamas inthe midst of a grey
winter in London"; and it was supply gas for Florida.
good that the BFSB had been
able to utilize the exhibition for
its own separate promotional
event. F

Fox Hill
Fofficerstake AJ A JUST ASK YOURSELF
officers take
s r I. Why doesn't Florida want Liquefied
security
**Natural Gas facilities built on its
training .own coast?
NINE prison officers have
completed a special training 2. Should foreign investors make
course with the Royal Bahamas profits,
Defence Force in a bid to boost '" billions of dollars in LNG profits
security at from Her Majesty's g tca
FoxHill Prison. while we get loose change
Marines attached to the
Defence Force's elite Com- and take all the risks?
mando Squadron trained the
officers in counter-terrorism
measures, riot and crowd con-
trol, weapons handling, inter- 3. Should our government gamble
nal security, first aid, close-quar-
ter battle and hand-to-hand with our environment, our fishing
combat.F
Prison Superintendent Dr industry, our tourist economy,
Elliston Rahming commended
the Defence Force for its assis- OUrSafety and our children's lives -
tance in providing the spe- for the benefit of wealthy foreign
ing the training at Coral Har- LNG investors who can never
bour Base will go a long way in
improving the overall security guarantee our safety?
at the penal institution.
"We will be relying on you SIGN THE NATIONAL PETITION
to increase our level of security
so that inmates will know that it AGA INST LNG 4. Do you want our peaceful Bahamas
would be foolish, very foolish,
to attempt to engage in any tO become a major LNG terrorist
kind of activity that does not NAME ................................................0.. P. BOX .............
comport with the security mea- target?
sures at Her Majesty's Prison, SIGNATURE..
and so that m em bers of the ................................................
public would know that anyone
who attempts to penetrate those Fax to 242-393-7604 mail to: N 302, Nassau, The Bahamas
walls without authorisation or send email to: info@reearth.org
would be in some measure of
problems as well," Dr Rahming
said.


_I ==NMI


THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 11






THE TRIBUNE


Fri










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great prcwducts~
'NEW HyTop products
*NEW Specialty foods
'Certified Angus Beef
'Sterling dell meats,
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BIG savings throughout
the store

Friday 4-6 pm
FREE recipe cards of
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Old Trail Road
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neighborhood Brand:


PAGE 12, FRIDAY, APRIL 29, 2005







a g a


FRIDAY, APRIL 29, 2005


SECTION


business@100jamz.com


Miami Herald Business, Stocks, Analysis, Wall Street


FAMII -
GUARDIAN
Insurance & Investments
to Build a Better Life
Telephone 242-393-1023


Cable Bahamas




to launch digital




cable TV package


* By NEIL HARTNELL
Tribune Business Editor
CABLE BAHAMAS is plan-
ning to launch a digital cable
television platform to 95 per
pent of its existing subscriber
base in the 2005 third quarter,
increasing its offering to 180
video and 40 digital music chan-
nels, as it mulls how to halt the
erosion of cable television mar-
gins in the absence of a rate
increase.
Writing in the company's
2004 annual report, Brendan
Paddick, Cable Bahamas chair-
man and chief executive, said
the move was part of plans to
"deliver the next generation of
video products and services".
The digital cable television plat-
form will be rolled out to 95 per
cent of Cable Bahamas' existing
subscribers in New Providence,
Grand Bahama, Abaco and
Eleuthera.
Mr Paddick also revealed that
Cable Bahamas had set itself
the goal of increasing its cable
television household penetra-
tion to 75 per cent of the
Bahamas' 90,000 homes over
the next 36 months, compared
to the current 70 per cent.
In the same timeframe, Cable
Bahamas is also aiming to
increase household penetration
for its Coralwave Internet ser-
vice to 40 per cent from the cur-
rent 24 per cent.
However, Mr Paddick said
Cable Bahamas faced "tough
choices" over its core cable tele-
vision business due to the fact
its operating margins were
"constantly eroding", decreas-
ing by more than 6 per cent
when compared to 2003.
This was because Cable

$76 million

film studio to

provide locals

with fresh water
* By YOLANDA
DELEVEAUX
Senior Business
Reporter
DEVELOPERS of
Grand Bahama's $76 mil-
lion film and television pro-
duction studio plan to sup-
ply residents of the sur-
rounding area with potable
treated water, with much of
the cost expected to be
absorbed by the develop-
ment.
Paul Quigley, president
and managing director of
the Bahamas Film Studios
at Gold Rock Creek, said in
a letter that the company
had agreed almost a year
ago to supply residents "in
the immediate area" with
treated and tested water
once it was piped down
from the former US Missile
Base "to the staging area of
the filming enclosure".
While most of the costs
will be carried by the stu-
dio, residents would contin-
ue to pay the "going rate"
as paid in Freeport for a
monthly supply of water.
Mr Quigley acknowl-
edged that the issue of qual-
ity water was a long-time
problem for residents, with
many complaining that their
well water had been too
poor for human consump-
tion since Hurricane Floyd
in 1999.
"We first became aware
of the poor water quality
approximately two years
ago, when we were
approached by a resident on
the beach who asked us if
we could provide proper
drinking water to the beach
SEE page three


Company faces 'unprecedented'


situation through absence of


basic cable rate increase


Bahamas had not been permit-
ted a single increase in the basic
cable rate since it began oper-
ating in 1995, despite several
applications to the Television
Regulatory Authority Board,
the last one having been sub-
mitted in summer 2004.

Expanded
Mr Paddick said: "Over those
10 years, your company has
expanded its channel line-up,
extended its network, upgraded
its networks and systems as new
technologies became main-
stream, increased its staff com-
plement, invested heavily in
training and customer support,
and managed its business to
maintain its margins in the face
of ever-increasing operating
costs.
"Managing this challenging
process without a price increase
fot lo straight years is simply
unprecedented in the cable tele-
vision industry."
The Cable Bahamas chair-
man added that the "current
status quo" with regard to the
basic cable television rate made
the extension of services to the
5 per cent of households, locat-
ed on the remoter southern


Bahamas is

'pretty well

the best' on

protectors
By NEIL HARTNELL
Tribune Business
Editor
THE Bahamas "is pretty
well the best" when it comes
to legislation defining and
setting out the role protec-
tors have in relation to
trusts, the former head of
the Association of Interna-
tional Banks and Trusts
(AIBT) said yesterday.
Andrew Law, who has
established his Bahamas-
based firm, the Internation-
al Protector Group, told a
Society of Trust and Estate
Practitioners (STEP) lun-
cheon that the concept of
including protectors in the
trust deed or instrument had
"gained a lot of momentum"
in recent years.

Attractive
Protectors, he explained,
were become increasingly
attractive to settlors, espe-
cially as the latter did not
live in the jurisdiction whose
law governed the trust or
where the trust assets were
held.
The "remoteness and
unfamiliarity" of such juris-
dictions, Mr Law said,
meant that settlors saw the
appointment of protectors
in the trust instrument as a
means of providing extra
security and safety for their
trust assets.
Bahamian trust legislation
contained "both the defini-
tion and detailed clause"
relating to the role of pro-
tectors, unlike competitor
SEE page five


islands, who were not connect-
ed to the company's network
"prohibitive".
Cable Bahamas' management
team, though, had plans to
"reverse the trend of eroding
margins".
Mr Paddick, though, had bet-
ter news for shareholders on the
company's 2004 performance
and outlook for this year, as
Cable Bahamas was "well along
the aggressive path to achiev-
ing its target of diversification
by growing non-cable television
revenue to 40 per cent of total
revenue by end of 2005".
The company's seven metro
fibre telecommunications hubs
on New Providence are expect-
ed to all be fully operational by
this quarter, with a further hub
deployed in Freeport later this
year.
"These strategic hubs are the
key to providing further net-
work enhancements that
strengthen reliability for the
25,000 customers who depend
on Cable Bahamas for their
broadband connection," Mr
Paddick said. He added that the
16.3 per cent in 2004 revenues
over the previous year, and the
more than 14 per cent growth in
operating income, was driven
by subscriber growth across
Cable Bahamas' business.
Basic cable television sub-
scribers increased by 12.3 per
SEE page five


SEE page two E DR MARCUS BETHEL




Increased airlift puts


pressure on resorts


* By YOLANDA DELE-
VEAUX
Senior Business
Reporter
INCREASED airlift and a
return to 2000 visitor levels,
coupled with a short-term
decline in New Providence's
hotel room inventory, has
boosted resort occupancy fig-
ures but could also result in
last-minute bookings having to
stay at a different property.
Executive vice-president of
the Bahamas Hotel Associa-


tion (BHA),.Frank Comito,
said Nassau/Paradise Island
experienced a tough period in
March and early April, one of
the strongest tourism periods
for the Bahamas, with the drop
in available rooms compound-
ed by the addition of new
flights.
Hotels were showing occu-
pancy levels of 90 plus during
the period, leaving little room
for yield managers to over-
book facilities, a common
industry practice to combat the
problem of last minute cancel-


lations and no-shows.
With the end of the Spring
Break and Easter, Mr Comito
said the destination's hotels
should be able to handle the
load heading into summer.
"This does indicate the need
to expand our room capacity,"
Mr Comito added. "We are
down in room capacity as com-
pared to last year we lost
South Ocean, Club Med and
Compass Point. They are out
of the picture, and while they
SEE page five







THE TRIBUNE


PAGF 9R FRIDAY. APRIL 29. 2005


Brewery chief nominated for Doctors board


* By NEIL HARTNELL
Tribune Business Editor
SHAREHOLDERS in
Doctors Hospital Health Sys-
tems (DHHS) will be asked
to approve the nomination of
Commonwealth Brewery's
managing director to the com-
pany's Board of Directors at
its May 19 annual general
meeting (AGM).


Publicly quoted company completes

$1.2m payment on owed taxes and fees


DHHS said LeRoy Archer
would prove to "be an invalu-
able addition" given his back-
ground as a former senior
auditor at KPMG's office in


the Bahamas and Boston, and
previous posting to St Lucia
as managing director of that
country's Heineken Brewery.
Meanwhile, DHHS said in


its annual report for the fiscal
year ending on January 31,
2005, that it made "full and
final payments" on outstand-
ing real property taxes and


business licence fees totalling
$1.2 million.
Joseph Krukowski, DHHS'
chairman, attributed the com-
pany's record net income of
$2.6 million to a combination
of "revenue enhancement,
increased productivity and
expense management".
He added that the company
serves over 3,900 inpatients in
fiscal 2005, with adult patient
days increasing by 9.3 per cent
over the previous year. Inten-
sive Care Unit patient days
increased by 30 per cent, while
surgical procedures rose by
20.6 per cent.
Forty per cent of DHHS'
patients were admitted
through the Emergency
Department, Mr Krukowski
said, with emergency services
"significantly" increasing rev-


enues and profitability by pro-
viding care to more than
12,500 patients.
Mr Krukowski added that
DHHS' Imaging Department
also increased revenues by 50
per cent.
DHHS said operating
expenses fell from 76.2 per
cent of revenues in 2004 to 75
per cent in 2005, with salaries
and benefits as a percentage of
revenues remaining relative-
ly flat at 41.6 per cent.
Due to investments in its
human resources and physi-
cal facilities, DHHS said total
operating expenses grew by
8.8 per cent to $21.8 million.
It added that planned capi-
tal expenditure for fiscal 2006
and fiscal 2007 was set to
range between $3 million and
$4.5 million.


Private sector fears



EIA draft could



damage investments

FROM page one

"One example;,in this regard, is the many timelines that
seem to add weeks and months to the process. We highly rec-
ommend a chart to detail these timelines. We believe it might
surprise even the drafters of these regulations."
The private sector bodies who reviewed the draft EIA regu-
lations, which are part of the Government's wider package of
legislation to create a Department of Environmental Planning
and Protection, also urged that EIAs for investment projects be
made "permanently available" on the Internet or local libraries.
They also called for independent EIA reviews of all gov-
ernment projects, a better definition of what constituted public
consultation, and for consideration to be given to "how to
include suitably qualified Bahamians in the process" with work
permits shown in the EIA.
The private sector review of the EIA regulations criticised the
draft for containing "many areas...... that are inconsistent, not
transparent, where there are no detailed procedures other than
the decision of the Ministry/Director [of environmental planning
and protection] or the opinion of the Ministry/Director".
It added: "There is a dangerous trend with all legislation
being proffered in recent years, and that is the discretionary
power of'the Minister or Director. Far too many clauses suggest
that a person can make decisions based on their opinion."

Recommended
The Bahamas Chamber of Commerce and its fellow organi-
sations also recommended that the EIA regulations be amend-
ed to include guidelines on when environmental management .
plans (EMP) were required, as not every project needed one. It
also called for all permits and approvals required by investors,
along with the accompanying fees, to be listed in the regulations.
And the private sector also urged that the EIA regulations set
out a timeline for the approvals process, saying: "A lot is
required in this process. A timeline should be included to
ensure all the necessary agencies co-ordinate their activities.
Consideration should be given as to how delays might impact the
developer.
"A timeline chart is necessary as the times presented through-
out these regulations seem to plot out to months rather than
days or weeks to get a project approved."
The EIA regulations are accompanied by a draft Bill to cre-
ate the Department of Environmental Planning and Protection
by merging BEST and the Department of Environmental
Health Services, plus draft Pollution Control and Waste Man-
agement regulations.
In their separate review of the draft Bill, the Bahamas Cham-
ber of Commerce and other private sector bodies urged that "a
cost benefit analysis" be done to ensure the Government "is not
creating another bureaucracy unnecessarily" through the
Department's creation.
The private sector said it seemed as if it could be incorporated
into an existing one.
On the he Department of Environmental Planning and Pro-
tection, the private sector wrote: "The topics covered in this
[Bill] and the regulations are highly specialised fields, and we are
given to wonder if there are trained lab technicians well versed
in these analyses?"
It also queried whether the Government would be respon-
sible if things went wrong once an investment project started,
and said the administration would have to "follow-up to ensure
these Acts are being enforced".
On the draft-Pollution Control and Waste Management reg-
ulations, the private sector said no clean-up standards or penal-
ties were outlined, and questioned whether compliance incen-
tives such as carbon credits were also under consideration.




NOTICE
NOTICE is hereby given that THERESE O'NEIL, OF SUNRISE
ROAD, NASSAU, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 22ND day of APRIL, 2005 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.


NOTICE
. NOTICE is hereby given that EMMELIENNE DUMERVILLE
OF NICHOLS TOWN, ANDROS, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 29TH
day of APRIL, 2005 to the Minister responsible for Nationality
and Citizenship; P.O.Box N- 7147, Nassau, Bahamas.


I


BUSINESS












Landfill charges increase Bahamas Waste receivables


* By NEIL HARTNELL
Tribune Business Editor
BAHAMAS Waste said its
accounts receivables have
increased by about $50,000 per
month as a result of charges
implemented last year at the
Harrold Road landfill site,
"compounding" the existing
challenge it faced in controlling
monies owed.
Writing in the company's
2004 annual report, Francisco
de Cardenas, Bahamas Waste's
managing director, said: "As
with all service-oriented busi-
nesses, we continue to be chal-
lenged with maintaining our
accounts receivables at an
acceptable level.


$50,000 per month increase since April

2004 'compounds' existing challenge


"The implementation of the
Government Landfill charges
compounded the issue by
increasing our total receivables
balance by approximately
$50,000 per month since April
[2004].
"These new fees, and imple-
menting the administrative
issues associated with all aspects
of this process invoicing, addi-
tional personnel and cash
flow have been very


FROM page one

community. We agreed that we would provide water at such
time when we reached that issue in our schedule," Mr Quigley
said.
"Long before the Bahamas Film Studios began construction
of the open-water filming enclosure, executives from the studio
requested a town-hall meeting with the residents of the area to
share the details of the studio's plans. In this meeting, the res-
idents shared their concerns over the long-time problem with
water quality in the area."
Mr Quigley added that the Bahamas Film Studios had
removed and cleaned an area known as "the tank farm", which
was abandoned by the US military. The "tank farm" has been
leaching oil and gasoline into the ground for nearly three
decades.
Meanwhile, Mr Quigley denied claims that construction of the
development's open-water filming enclosure had disrupted or
impacted the supply of water to area residents. This position has
been backed by Health Minister Dr Marcus Bethel, who said the
project should proceed.
"We are not in a position at this time to say that the ongoing
construction is the source of the three-day alteration in water
pressure. We also feel that the project ought to continue as it is
proceeding with the necessary permits, as we see nothing that
should cause us to interfere with progress at this time," said Dr
Bethel.
It was previously reported that after speaking with area res-
idents, Dr Bethel said that except for one individual, all report-
ed no change in water availability, pressure or quality.
Mr Quigley, meanwhile, said the Bahamas Film Studios had
offered expert assistance to the Freetown resident who had
complained about the quantity of water coming from his well,
but this was turned down.
He wrote: "This individual's well is only 8-feet deep. Well
experts have told us that a lack of steady rain would easily
affect the level of such a shallow well. In fact, this individual had
already begun the construction of a new well prior to any work
at the studio site.
"Even though there is no evidence to suggest that the studio
is responsible in any way, the studio offered expert assistance to
the resident with the, well problem but he refused any assistance.
"None of the other residents, including those with property
much closer to the studio's project, have reported any changes
in the quality or quantity of their well water."
The Ministry of Health is expected to closely monitor the
water situation, and a representative of the Ministry of Works
will be on hand to evaluate the actual construction process at the
site.
Mr Quigley stressed that the Bahamas Film Studios continued
to work closely with the Bahamas Environmental, Science and
Technology (BEST) Commission and all other appropriate
government ministries and departments.
He said that based on the recommendations of environmen-
tal experts, the studio had invested a great deal in protective bar-
riers between the fresh water table and the construction area.
He said the water being pumped from the construction area
was salt water. As it washed in from the ocean, it was pumped
back to the ocean. Regular laboratory tests are conducted on
the water to ensure that no amount of fresh water is pumped into
the ocean.
Mr Quigley said: "The Bahamas Film Studio at Gold Rock
Creek takes seriously its impact on the surrounding communi-
ty. It is our mission to be a good corporate citizen. In meeting
this goal, we have invested heavily in protecting the environment
and the individuals in the community. Our project has a low
impact on the environment and has actually improved the con-
dition of the area a great deal."
The Gold Rock Creek project is expected to be divided into
a three-phase development, with plans for the initial phase to be
completed in time for filming of the $400 million Pirates of the
Caribbean II and III movies.





ERECT A HIGH WALL AROUND YOUR HOME
To keep intruders out.
Also roofing and painting.
Call:
HOME
MAINTENANCE
--A _TEL: 325-8841 TODAY

LEGAL NOTICE


NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

MAGPIE PROPERTY LIMITED
In Voluntary Liquidation

Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
(No. 45 of 2000). MAGPIE PROPERTY, is in
Dissolution.

The date of commencement of dissolution is 18th day
of April, 2005.
Hamilton Management Services Limited
Fiman House, La Houque du Valle,
Vale, Guernsey, GY3 5TE,
Channel Islands
Liquidator


demanding."
As at December 31, 2004,
Bahamas Waste's net accounts
receivables stood at $1.328 mil-
lion, an increase of 64.3 per cent
upon the previous year's
$808,549.
Gross accounts receivables
stood at $1.427 million, and a
$98,420 provision had been


made for doubtful accounts.
The latter figure had increased
from $61,662 the year before.
The service charges at the
New Providence landfill facility
on Harrold Road were imple-
mented in April 2004.
Vehicles carrying less than
299 pounds of debris are not
charged; those carrying between


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Vehicles carrying loads larger
than 2,000 pounds or one ton
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ton.

Division
Meanwhile, Mr de Cardenas
said that Bahamas Waste's
Abaco division was "holding its
own" despite failing to secure
the inter-island hauling contract
from Elbow Cay.
The Bahamas Waste chief


executive added that he was
"exited" about this nation's
potential for economic growth,
with the company's Medical
Waste treatment facility now
"fully operational".
Mr de Cardenas said the
launch date for the Medical
Waste facility had been pushed
back due to "a number of chal-
lenges" during 2004.
But he added: "Notwith-
standing delays caused by an
extremely active hurricane sea-
son, shipping delays and third
party damages, we are finally
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FirstCaribbean

Career Opportunity


Exectiv' D A ^udit ^
(based in Barbados)^^^^^^^^^^^


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 Audit coverage meets the needs of the Board, the Audit & Governance Committee, shareholders
and regulators
* Provide assurance to the Board on the quality of controls across all businesses and countries in which the
Bank operates, and recommend improvements in controls
* Establish an aligned Audit Strategy and the infrastructure to deliver the Audit program, including Risk
Assessment instruments, Work Plan, Working Methods, and Support Systems
* Build, develop and lead the team of Auditors, ensuring high professional skills, appropriate recruitment
and appropriate onward career planning for staff
* Manage the Bank's relationship with External Auditors, ensuring timely communication and
engagement of line management


PREREQUISITES
* Expert knowledge of best-practice professional auditing and international standards for the Commercial,
Legal and Business environments of FirstCaribbean
* Comprehensive understanding of Regulatory and Governance Policies in financial institutions and the
industry
* Comprehensive understanding of Operational, Market and Credit Risk Management practices, and
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* Executive-level leadership of an Audit function in major international financial institutions operating
across several sovereign states
* Highest-level professional skills in accounting and financial management

We offer an attractively structured compensation and reward package, as well as performance bonuses.

Applications with detailed resum6s should be submitted no later than 6th May 2005 to:

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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.


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


i


THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 3B








PAGE 4B, FRIDAY, APRIL 29, 2005 THE TRIBUNE


Economist: No gains from CSME


* By YOLANDA
DELEVEAUX
Senior Business Reporter
A referendum to
decide whether
the Bahamas
should sign on to


the Caribbean Single Market
& Economy (CSME) may not
be necessary, an economist told
The Tribune yesterday, because
the Government would likely
say 'No' if it evaluated the mer-
its and disadvantages of join-
ing.


NOTICE


IN THE ESTATE OF WALTER
REYNOLD BETHEL late of the
Settlement of Palmetto Point on the
Island of Eleuthera one of the Islands
of the Commonwealth of The
Bahamas, deceased.


NOTICE is hereby given that all persons
having any claim or demand against the
above Estate are required to send the same
duly certified in writing to the Undersigned
on or before the 8th day of May, 2005,
after which date the Executrix will proceed
to distribute the assets having regard only
to the claims of which he shall then have
had notice.

AND NOTICE is hereby also given that
all persons indebted to the said Estate are
requested to make full settlement on or
before the date hereinbefore mentioned.


HIGGS & JOHNSON
P.O. Box N-3247


Sandringham House,
No. 83 Shirley Street
Nassau, Bahamas.
Attorneys for the


Executor


"If they were to look at the
pros and cons they would say
no. They would not even have
to put it to a referendum,"
Ralph Massey, a director of the
Nassau Institute, said.
"It's a simple matter; what
does the country gain from it?
We don't trade with the region.
We're a small country with a
relatively high standard of liv-
ing. If the Government would
look at the facts they would say
no."
Mr Massey said that in dis-
cussing a single market and
economy, what must be con-
sidered are the potential pluses
for the Bahamas economy.
He added that the only plus
the Bahamas stands to gain
from membership in the CSME
is the comfort a small country
feels when working in collabo-
ration with other small coun-
tries.
Mr Massey pointed out that
the economic benefits of the
Bahamas' future do not come
with being in the same market
with the likes of Barbados or
the Dominican Republic.
"You're talking about a
small country like the
Bahamas, which is dependent,
for 80 per cent of its markets,
on North America. Its future
is tied to the quality and abili-
ties of its own people to con-
tinue to be a small, well-run
country," he explained.
An argument that has been
echoed in a number of sectors
is that the Bahamas' principle
industries are already in the
global market. Mr Massey said
the country's prosperity is
already tied to the global mar-
ket, and that it does not need
membership in a trading bloc
to get there.
The Bahamas has a strategic
location and has rich resources
when it comes to international.
tourism, which means there is
little to gain from being in the
CSME.
Mr Massey agreed with the
position put forward by Dr
Gilbert Morris, who outlined
the benefits of going it alone, as
he pointed to the history of
countries that were small,
remained independent, and


were able to provide high value
services in the international
arena. Mr Massey said: "That's
where the Bahamas' future
lies."
Also agreeing with Dr Mor-
ris, a financial services analyst
told The Tribune that he was
not sure whether a referendum
was needed because it was


"If they we
at the pros
they would s
would not e,
put it to are


clear from various forums that
Bahamians in general still did
not fully understand what
membership in the CSME
would mean, and as a result
were likely to vote no.
He said that while the CSME
is not something to be afraid
of, the Government should out-
line a clear objective for joining
instead of confusing what mea-


sures the Bahamas can take on
its own to improve its econo-
my, and what measures will
have to be implemented as a
direct result of membership.
The analyst said: "The
CSME is being used as the cure
all, as if it is the only way we
can get these benefits."
In terms of trade with the


-re to look
and cons
ay no. They
ven have to
ferendum."
Ralph Massey

southern Caribbean, the
Bahamas does not have trade
relationships with the rest of
the Caribbean, and it is highly
unlikely in the foreseeable
short-term. The Bahamas had
laws that prevented, or at least
severely curtailed, such trade,
and it was argued that if the
Government wanted to
increase' trade with its neigh-


bours to the south, all that
would be required is a change
to the country's laws. The
CSME is not needed to drive
trade, the analyst said.
He a&d:Xd that if it was com-
petitive to bring goods from
the south, it was likely that such
moves would already be hap-
pening.
Looking at the major trad-
ing products the Bahamas
engages in, tourism and finan-
cial services, it was said that
business for both comes from
outside the CSME.
One negative is that the gov-
ernment's commitment to
exempt the free movement of
people is not likely to last long.
The financial analyst said that if
the movement of people was
largely accepted by other mem-
bers, it will not be long before
the Bahamas is forced to follow
suit.
Also, the impact of member-
ship in the trade arrangement
on the Bahamas' relationship
should also be considered.
"While the CSME has some
initial stages and issues to go
through, it is supposed to be a
long term project. You don't
know to what extent the impact
is likely to have on the
Bahamas relationship with
US," the analyst said.
Franklyn Wilson, president
of Arawak Homes, said he did
not see the Bahamas' mem-
bership in the CSME as being a
critical matter.
He added that once he was
assured that the free movement
of people was not an issue and
that the Bahamas would main-
tain an independent national
currency, he "stopped thinking
about it".
Mr Wilson said: "Once those
questions are not an issue, the
free movement of people and
an independent monetary pol-
icy, I don't see it as a cause for
great alarm. Having said that,
if the value of a referendum is
that it can be explained to peo-
ple and everyone can express
their views, then it would be
good, but beyond giving people
an opportunity to express their
views I don't see it as being
fundamental."


* FRANKLYN WILSON


GRAND BAHAMA POWER COMPANY



VACANCY NOTICE

The Grand Bahama Power Company, Limited invites qualified
electrical engineers to apply for a position as Project Engineer.

This position is that of a support staff who manages and
participates in the planning of special projects when required
and provides technical assistance and engineering support for
the plant and other GBPC departments.

The duties of this position include, but are not limited to
establishing actions plan and-budget for projects; planning
and coordinating project execution, directing skilled crews,
specifying and purchasing equipment and preparing engineering
and cost reports.

Applicants must have a Bachelor or Science Degree in
Electrical Engineering, a minimum of ten (10) years experience
with at least five (5) years as a Senior Engineer or Project
Manager, skilled in Electrical Engineering, with experience
in maintenance of generators of at least 10MVA size, switch
gear of up to 13.8 kilo-volts, excitation systems and large
motors. The individual must have a good understanding of
electrical systems and must possess good leadership skills
and a reputation as an honest and ethical employee.

The applicant must also have good organizational skills, a
sound understanding of computers and their application and
good verbal and writing skills.

Applications with supporting documentation including a clean
Police certificate and proof of Bahamian citizenship should
be sent to:

THE DIRECTOR OF HUMAN RESOURCES
GRAND BAHAMA POWER COMPANY
P.O. BOX F-40888
FREEPORT, GRAND BAHAMA
Email: brdept@gb-power.com

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 20, 2005.


THE BAHAMAS AGRICULTURAL

& INDUSTRIAL CORPORATION

(BAIC) Presents

CROP & LIVESTOCK FARMER'S MARKET

Bacardi Park, Bacardi & Carmichael Road

April 30, 2005, 8:00am 5:00pm


Come One Come All... don't miss BAIC's

2nd Farmer's Market


Come and get your fresh produce and meat

from the Bahamian Farmers.


You can't beat the prices with a stick..

Come and Support Our Own Bahamian Things.


Live Coverage provided by

Radio Bahamas ZNS 1540


Straight from the Farm to You...

Food Booths with Bahamian Delicacies as well!


IVhepuli s nvte t ttnd1..


THE TRIBUNE


PAGE 4B, FRIDAY, APRIL 29, 2005


I I I~rrirl~l~i


1







THE TIBUN FRIDY, ARIL 9, 205,IPGES5


Increased airlift puts




pressure on resorts


FROM page one
were not a huge number of
rooms, it means that we are
down on available rooms."
Combined with the drop in
available rooms, Mr Comito
said, airlift to the Bahama is up,
which does present the resort
industry with some challenges.
As a result, the industry was
working more closely than ever
on accommodating each other's
overflow, a trend Mr Comito
expects to continue until the
industry is over the "hump".


In terms of relief for the situ-
ation, Mr Comito said the con-
struction of Kerzner Interna-
tional's 600-room luxury all-
suite hotel and its 400-room
condominium hotel, expected
to be completed by December
2006 and 2007 respectively,
should bring considerable
expansion to the destination's
room capacity.
Several other developments,
including Compass Point and a
number of smaller properties,
are also expected to assist in
meeting the demands of the sec-


tor.
Jacob Asher, director of
operations at the British Colo-
nial Hilton Nassau, said the
property had posted a 90 per
cent occupancy level for the first
three months of the year, with
the trend expected to continue
for April and into May.
With such a strong showing,
the Hilton has been careful not
to overbook, he said, adding
that it did have arrangements
with different properties in case
they find themselves in that
position.


Mr Asher said: "When we
forecast that we will be full, we
usually make arrangements with
other hotels and they make the
same arrangements with us, but
that hasn't been the case. Most
of the time we need rooms from
other hotels."
The week of Christmas and
New Year's Day, Spring Break
and the period from the end of
January to the end of April
were usually the periods where
the destination has the highest
demand, Mr Asher said, adding
that during this period reserva-
tion officials at the Hilton will
not take big chances because
they know they may not be able
to transfer guests to another
facility.
He added that yield manage-
ment, or the study of reserva-
tion trends to determine avail-
able room inventory, was very
important during these periods,
with reservation managers
reviewing bookings daily and
even hourly.
Mr Asher said: "If you man-
age it right it doesn't happen.
Maybe two or three times we've
had to transfer people. That's
why a good reservations yield
manager is very important, to
weigh reservation trends against
the no show factor to determine
the percentage that you are
overbooked."
Mr Asher said that with sum-
mer approaching, concerns over
overbooking will diminish.
Also, future developments,
including the Cable Beach
development and Kerzner
International's Phase III pro-
ject, are expected to help alle-
viate the situation.
He added that, particularly
in the case of Kerzner Interna-
tional, even though the resort
will add 1,000 rooms to the des-
tination, not every traveller will
be able to pay the rates offered
by the Paradise Island property,
leaving room for the develop-
ment of more moderately
priced properties.


FROM page one


cent to 65,722, while the subscriber base for
the residential Internet and commercial data
operations grew by 22 per cent and 26 per cent
respectively.
Operating cash flow rose by 14.2 per cent,
with operating margins ending fiscal 2004 at
45 per cent, slightly down on 2003's 46 per
cent. The Coralwave Internet and com-
mercial data operations contributed 37 per
cent of Cable Bahamas' revenues in the 12
months to December 31, 2004.
Monthly recurring revenue, as at that
date, had increased by 16.6 per cent or
$635,000 to hit $4.4 million, compared to
the previous year, generating an extra $7.6
million in revenue on an annualised basis.
Revenue generating units grew from
127,160 in 2003 to 148,328 at the end of
2004.
Revenues from Cable Bahamas' cable
television business increased by 11 per cent
in 2004 to $31.3 million, while total Internet
revenues jumped by 26 per cent to $12.8
million from $10.2 million in 2003. Internet
revenue now accounts for 24 per cent of
Cable Bahamas' total consolidated revenue.
Cable Bahamas said it received no nega-
tive customer feedback to monthly rate


increases to two residential Internet offer-
ings, while in-house software development
efforts enabled the company to offer two
applications, Cable Pay and Online File
Storage, to its subscribers in January 2005.
Caribbean Crossings, the commercial
data operation, saw its 2004 revenues
increase to $8.8 million from $6.7 million
the previous year, accounting for 11.7 per
cent of Cable Bahamas' consolidated rev-
enues.
The unit's operating margins were in
excess of 60 per cent, and Caribbean Cross-
ings contributed $5.6 million or 25 per cent
of Cable Bahamas' operating income in fis-
cal 2004. The Internet business contributed
$3.8 million or 17 per cent of total operat-
ing income.
Cable Bahamas attributed a 36 per cent
increase in administrative expenses during
2004 to legal and regulatory costs incurred
in successfully resolving disputes over the
terms of its licences, plus applications to
the Public Utilities Commission (PUC).
Technical services expenses increased by
21 per cent, and network services expenses
grew by 20 per cent. Some $1.1 million of
the $1.4 million in technical expenses
increases was related to hurricane r
epairs.


The Bahamas is

pretty well the best'
FROM page one
jurisdictions, which generally did not define a 'protector' in
their laws.
"The Bahamas is pretty well the best," Mr Law said. "The
terms and role of the protector is an invention of the offshore
industry. I think we can conclude they are here to stay."




NOTICE

IN THE ESTATE OF
CHRISTOPHER S. G.
SYMMONETT late of No. 19
Christie Avenue, Stapledon Gardens
in the Western District of the Island
of New Providence one of the Islands
of the Commonwealth of the
Bahamas, deceased.


NOTICE is hereby given that all persons
having any claim or demand against the
above Estate are required to send the same
duly certified in writing to the Undersigned
on or before the 8th day of May, 2005, after
which date the Administrator will proceed
to distribute the assets having regard only
to the claims of which she shall then have
had notice.

AND NOTICE is hereby also given that all
persons indebted to the said Estate are
requested to make full settlement on or
before the date hereinbefore mentioned.


HIGGS & JOHNSON
P.O. Box N-3247
Sandringham House,
No. 83 Shirley Street
Nassau, Bahamas.
Attorneys for the Executor


Bridge Authority


NOTICE TO ALL CONTRACTORS
PARADISE ISLAND, BAHAMAS


It has some to the attention of the Bridge

Authority that over weight and over sized

vehicles are utilizing the Old Bridge (Eastern

Side) after hours, without the consent of said

Authority. The lawful capacity of the Eastern

Bridge is (15) fifteen tons and the capacity

of the New Western Bridge is (25) twenty

five tons. Use of these bridges exceeding

the lawful capacity without the consent of

said Authority will be considered a breach

of the Law and violators will be prosecuted

forthwith. Checks will be made of all vehicles

utilizing both bridges for compliance.



Edward P. Fitzgerald
Chariman
The Bridge Authority


Cable Bahamas




to launch digital




cable TV package


PRICEWATERHOUSECOPERS U


SECURITIES SUPERVISOR
One of our Trust clients is seeking to employ a Securities Supervisor.
The successful applicant is expected to supervise the day-to-day activities of the
Unit, which include purchases and sales of all securities as well as the corporate
,actions related to these securities.

Duties include but may not be limited to:

* Maintain policies and procedures
* Review and authorize the work performed within the department
* Mentor, advise and develop the team
* Prepare monthly reports for management
* Verify and authorize wire transfers
* Assist with processing trades, tranfers and corporate actions as necessary

Skills

Supervisory skills
Good knowledge of Securities and corporate actions
Organizational and planning skills
Thorough knowledge of Money Laundering Legislation and regulatory provisions
Working knowledge of Bahamian legislation and regulations
Excellent oral and written communication skills
Strong problem solving abilities

Qualification and Experience

Minimum of 4 6 years experience in an offshore banking environment.
Bachelors degree in Accounting/Finance/Economics from an accredited institution.
Computer Literate.
Salary will be commensurate with qualifications and experience.
Interested applicants meeting the above qualifications should submit copies of
relevant degree and certification as well as a recent Police Record and resume
including the name, address and telephone contact of three references to:
PricewaterhouseCoopers
Providence House
East Hill Street
P.O. Box N-3910
Nassau, Bahamas
The closing date for receipt of all applications is May 6th, 2005.


THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 5B








PAGE B, FIDAYAPRI 29,2005UHEITIBUN


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NOTICE

NOTICE is hereby given that FELIX MELIER OF JOE
FARRINGTON ROAD, P.O. BOX N-8622, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 22ND day of APRIL,
2005 to the Minister responsible for Nationality and Citizenship,
RO.Box N- 7147, Nassau, Bahamas.





NOTICE


IN THE ESTATE OF
ALBERTHA LOUISE LOGAN
late of Bias Street, Baillou Hill Road
in the Southern District of the Island
of New Providence one of the Islands
of the Commonwealth of The
Bahamas, deceased.


NOTICE is hereby given that all persons
having any claim or demand against the
above Estate are required to send the same
duly certified in writing to the Undersigned
on or before the 8th day of May, 2005,
after which date the Administrator will
proceed, to distribute the assets having
regard only to the claims of which he shall
then have had notice.

AND NOTICE is hereby also;given thiatf
.all persons indebted to the said&Estate4 at
requested to make full settlement on or
before the date hereinbefore mentioned.


HIGGS & JOHNSON
P.O. Box N-3247
Sandringham House,
No. 83 Shirley Street
Nassau, Bahamas.
Attorneys for the


Executor


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NOTICE
NOTICE is hereby given that FRANCIS DANY OF FOURTH
STREET THE GROVE, P.O. BOX N-7060, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 29TH day of APRIL,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that FRANCIS DPANY OF FOUTH
STREET THE GROVE, P.O. BOX N-7060, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 29TH day of APRIL,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that FRANCIS DANY OF FOURTH
STREET THE GROVE, P.O. BOX N-7060, 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 hnot be#
granted, should send a written and signed statement of the
facts within twenty-eight days from the 29TH day of APRIL,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


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,"Copyrighted Material
-Syndicated Content
-ma Sy nd icated Con tent


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.


SCHOLARSHIP FOR MARITIME STUDIES

The Bahamas Maritime Authority and the Bahamas Shipowners
Association are both offering attractive scholarships to young
academically sound Bahamians who are keen to train for an exciting
and challenging career in the Shipping Industry which is gaining
increasing national importance.

The scholarship is inclusive of tuition, fees, course material,
accommodation and transportation cost. Commencing in September
2005, successful candidates will follow a four (4) year degree
programme at the California Maritime Academy in the United States.
Upon completion of the degree, the qualified officers will be expected
to serve on board a Bahamian flagged vessel for at least 2 years.

Applicants should possess or expect to attain a minimum of five (5)
BGCSE passes, including Maths, Physics/ Combined Science and
English Language, at grade 'C' or above and a minimum combined
SAT score of 1000. All applicants must be physically fit and possess
good vision.

Further information and application forms can be obtained from Mrs.
Erma Rahming Mackey, Assistant Director, Bahamas Maritime
Authority, P.O.Box N-4679, Nassau, Bahamas, email:
emackey@bahamasmaritime.com, tel: 394-3024, fax: 394-3014.
Completed applications must be submitted in person or by post, with
copies of academic certificates and proof of Bahamian citizenship,
no later than Monday, 2 May 2005. Interviews will take place in
Nassau in June.


PAGE 6B, FRIDAY, APRIL 29, 2005


THE TRIBUNE


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FRIDAY, APRIL 29, 2005, PAGE 7B


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PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CECIFI MILLIAN DORMES,
of #48 Gladstone Terrace, Grand Bahama, intend to change
my name to DORSILIN DORMES. 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 F-43536,
Grand Bahama, no later than thirty (30) days after the date
of publication of this notice.






SBaaas Supermarkets Limited, operators of City Markets, Nassau has
o6etiigsftr the po ihn of M rdda g mnt Talnee . '
The successful applicant will have at least 2 years experience in retail
management and 2 years experience in merchandising, buying or marketing.
* The applicant will have strong inter-personal skills, is a self-motivator and
has, effective supervisory skills. The completion of secondary school with
a minimum of 3 BGCSE and some computer literacy is required. The position
requires the ability to work a flexible schedule including weekends and
holidays.
Salary and benefits will be commensurate with experience and qualifications.
Please send a covering letter and resume together with references from past
employers, a picture and police background check to the Human Resources
Manager, P.O. Box N-3738, Nassau, Bahamas.
NO PHONE CALLS PLEASE
Only qualified applicants will be contacted.






IndiGO
N E T W O R K S




Senior LAN/Windows

Technician.
Indigo Networks has an exciting opportunity for an
experienced LAN/Windows technician in its Technical
Services 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; CCNA would be an
advantage
VolP
Good oral and written skills
A competitive salary commensurate with
experience is offered along with product training,
medical, pension and car allowance after a
qualifying period.
Interested candidates should submit their
resumes in writing to Indigo Networks P.O
.BOX N-3920 for the attention of the Technical
Services Manager by May 13th 2005.


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PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, MELIQUE KRISHAE
SYLVONIA FERGUSON of Hepburn P.O. Box SB-50435,
Nassau, Bahamas, intend to change my name to
MELIQUE KRISHAE SYLVONIA HEPBURN. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742 u,Nassau, Bahamas no later than thirty









REAL ESTATE SALES REPRESENTTI E

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.


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A 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 maid
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 letter to:
UBS .Bhamias) ltd
Human Resources;
00.6 i147757
Nassau, Bahamas



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.
Assist in the monitoring of large exposures, interest
rate, foreign exchange rate and various credit risk limits.
Assist in the Asset and Liability management process.
Assist in the documentation and testing on controls
surrounding the financial reporting of certain accounts
in accordance with the Sarbanes-Oxley requirements.
Assist in the external, internal and Central Bank audit
processes by ensuring that financial records and financial
statements are provided during the exercise.
Complete regulatory and Group financial returns in
accordance with regulatory guidelines and Group
policies and standards.
Assist in the preparation of annual financial plans and
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


W


* 0.


-Available from Commercial News Providers"


We welcome our new
FULL-TIME registered EEG
Technician, Helen Geromette,
REEGT/CNIM

Now offering the following services:

* Adult and pediatric Neurology consultation
Specializing in Epilepsy, ADHD,
Development Delay andAlzheimer's
Disease

Adult and Pediatric Physiotherapy

Neurodiagnostics (EEG,EMG/NCS, Evoked
Potentials)

Sleep Studies

Scientific Data Analysis/Data Management

For more information or to schedule
an appointment please call:

Tel: (242) 322-8763
Fax: (242) 322-8764
Medical Arts Building,
Dean's Lane, Fort Charlotte


THE TRIBUNE








THE TRIBUNE


PAGE 8B, FRIDAY, APRIL 29, 2005


*


WHAT'S


0 N


I N AND A R O U N D NA S S AU


E M AI L : O U T T H E R E @ TRIBUNEMEDIA.NET
-------.-................................................................................................. .... ................................................................... ......... ................... ...............................


NN M :Parties, Nightclubs I*
EUK & Restaurants i;

Exotic Saturdays @ Fridays Soon Come starts
with 3 for $10 drink specials. Admission: $10
before midnight and $15 after. Ladies free before
11pm.

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 Taesdays 'Bahama Boofin.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
'80s 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 llpm, $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.


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 a 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 Marlon 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, 1 lam-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, ll1am-
4pm. Call 328-5800 to book tours.


West Bay St, every Sunday, 6.30pm-9.30pm. The Awakening Landscape: The Nassau
Watercolours of Gaspard Le Marchand Tuppner.


The Arts from the collection of Orjan and Amanda Lin-
Carib Scene @.Club Fluid every Sunday. A droth @ the National Art Gallery of the
night of Caribbean, Latin and Reggae flavours Bond, an exhibition of recent works by Bahamas. The mid-nineteenth century paint-
for all audiences. Latin Flair in the VIP Lounge; mother and son artists Sue Bennett- ings that make up the exhibition are part of
Old School Reggae and Soca i:n the Main Lounge. Williams and Jason Bennett will run this one of the earliest suites of paintings of Nassau
Ladies in free before 11pm. $10 after llpm. Men, month at Popostudios Gallery in Chipping- and its environs.
$15 cover charge. ham. The exhibition features paintings, Tupper was a British military officer stationed
mixed media and ceramics. at Fort Charlotte in the 1850s. The works show
.. a pre-modern Bahamas through the decidely
British medium of watercolour. Gallery hours,


Tuesday-Saturday, llam-4pm. Call 328-5800 to
book tours.

Health .

The Cancer Society of the Bahamas meets at
5.30pm on the second Tuesday of each month at
their Headquarters at East Terrace, Centreville.
Call 323-4482 for more info.

MS (Multiple Sclerosis) Bahamas meets the
third Monday every month, 6pm @ Doctors Hos-
pital conference room.

The Bahamas Diabetic Association meets every
third Saturday, 2.30pm (except August and
December) @ the Nursing School, Grosvenor
Close, Shirley Street.

Doctors Hospital, the official training centre of
the American Heart Association offers CPR class-
es certified by the AHA. The course defines the
warning signs of respiratory arrest and gives pre-
vention strategies to avoid sudden death syndrome
and the most common serious injuries and choking
that can occur in adults, infants and children. CPR
and First Aid classes are offered every third Sat-
urday of the month from 9am-lpm. Contact a
Doctors Hospital Community Training Repre-
sentative at 302-4732 for more information and
learn to save a life today.

REACH Resources & Education for
Autism and related Challenges meets from 7pm
9pm the second Thursday of each month in the
cafeteria of the BEC building, Blue Hill Road.

EN WIR Civic Clubs !g'

Toastmasters Club 1905.meets Tuesday, 7.30pmii
@ BEC ,iafe TTucke]^.Clu l9477 mets Friday;
7pm @ Bahamas Baptist Community College Rm
A19, Jean St. Club 3956 meets Thursday, 7.30pm
@ British Colonial Hilton. Club 1600 meets Thurs-
day, 8.30pm @ SuperClubs Breezes. Club 7178
meets Tuesday, 6pm @ The J Whitney Pinder
Building, Collins Ave. Club 2437 meets every sec-
ond, fourth and fifth Wednesday at the J Whitney
Pinder Building, Collins Ave at 6pm. Club 612315
meets Monday 6pm @ Wyndham Nassau Resort,
Cable Beach. Club 753494 meets every Wednes-
day, 6pm-8pm in the Solomon's Building, East-
West Highway. All are welcome.

Alpha Kappa Alpha Sorority, Eta Psi Omega
chapter meets every second Tuesday, 6.30pm @ the
Eleuthera Room in the Wyndham Nassau Resort,
Cable Beach.

Alpha Phi Alpha Fraternity meets every first.,
Tuesday, 7pm @ Gaylord's Restaurant,'
Dowdeswell St. Please call 502-4842/377-4589 for
more info.

Kappa Alpha Psi Fraternity meets every second
Tuesday, 6.30pm @ Atlantic House, IBM Office,.
4th floor meeting room.

The Nassau, Bahamas Pan-Hellenic Council
(NPHC) meets every third Monday of the month
in the Board Room of the British Colonial Hilton,
Hotel, Bay St:

Nassau Council 10415 Knights of Columbus
meets the second and fourth Wednesday of the
month, 8pm @ St Augustine's Monestary.

Nassau Bahamas Koinonia meets every second
Friday of each month, 7.30pm at Emmaus Centre
at St Augustine's Monestary. For more info call
325-1947 after 4pm.

International Association of Administrative
Professionals, Bahamas Chapter meets the third
Thursday of every month @ Superclubs Breezes,
Cable Beach, 6pm.

AMISTAD, a Spanish club meets the third Fri-
day of the month at COB's Tourism Training Cen-
tre at 7pm in Room 144 during the academic year.
The group promotes the Spanish language and
culture in the community.
Send all your civic and social events to The
Tribune via fax: 328-2398 or e-mail:
outthere@tribunemedia.net








FRIDAY EVENING APRIL 29, 2005
7:30 8:00 8:30 9:00 9:30 10:00 10:30
Issues Round- Washin n al streett Week lin Journal Editorial NOW (N) A Tucker Carlson:
B WPBTtable discussion. Week ( ) With Fortune (N) Group N) Report(N) A (CC) Unfltered (N)
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on a private jet A CC) (DVS) computer researcher. (N) (CC)
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Hardtalk Extra BBC World World Business BBC World Earth Report BBC World Asia Today
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CB Coronation * PARENTHOOD (1989) Steve Martin, Mary Steenburgen. A family The National (CC)
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L Philadelphia. (Subject to Blackout) (Live) (Live) (CC)
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of2) (CC) The Big Head" A(CC) (C) Satin" n (CC) "Ray's Ring" (CC)
SSWEET TEMPTATION (199, Drama) eve INFIDELITY (2004, Drama) im Delaney, Kyle Secor, Christian de la
LIFE D'Angelo, Rob Estes. A mother and her daughter sare Fuente. A family therapist cheats on herhusband. (CC)
feelings for the same man. (CC)
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FRIDAY, APRIL 29, 2005, PAGE 9B


THE TRIBUNE BUSINESS







PAGE OB, RIDA, APIL 29 200 TRIUNEOPORT


Points loss f




Taureano in C


* By KELSIE JOHNSON
Junior Sports Reporter
BAHAMIAN boxer Taure-
ano Johnson fell to Yuddel
Johnson this week at the
Giraldo Cordova Cardin
Boxing Tournament in
Havana, Cuba.
The loss, a judges' deci-
sion, forced Johnson to sit-
out the remainder of the
tournament.
Johnson feels as though
the tournament has pro-
pelled him to a higher level
and that he is ready to move
onto his next fight.
Johnson explained:


"When you go up against
top rated boxer like Yuddel
and lose on a judges' deci-
sion it makes the boxer feel
great.
"I am disappointed, don't
get me wrong, but I stepped
into the ring giving it
my all and that really
counts."
Revealed
Johnson revealed that he
was not feeling too well
heading into the fight, hav-
ing picked up a virus.
"I was able to suck all
everything up and step into


the ring f
pion.
"But th
you can
who've f
stage an
tournament
Yuddel
ranked b
his appeal
es through
games w
"conque
the Cuba
He is C
the 2004 i
Johnson
four rout
was an ac


or




uba

eeling like a cham-
here's not to much
do with a boxer
fought on the big
d in at least two
cents every week."
is one of the top
)oxers from Cuba,
arance and match-
ghout the Olympic
'ere described as
ring" by many of
n boxers.
'uba's runner-up at
Olympic games and
believes losing the
nd bout on points
achievement.


4- -* --em
4* o* t 4

-M

*
hI"Copyrighted Material

i* Syndicated Content
Available from Commercial News Providers"




South Africa's




Pollock recovers




to step in for Ne4

Igo W d


* By KELSIE JOHNSON
Junior Sports Reporter
BAHAMIAN Christopher Eldon was named male
tennis athlete of the week by the Missouri Valley Con-
ference (MVC).
The honour was bestowed upon the freshman after
a splendid performance at a conference championships.
Eldon, who attends Indiana University (Sycamore)
also went undefeated last weekend in all of matches -
singles and doubles.
Doubles
He defeated Yohann Nograbat 6-1,5-7 and 6-0 before
teaming with Anton Tsymbalov for a doubles win, 8-2.
At the beginning of the week Eldon defeated Ivor
Miskulin in singles and won doubles competition, 8-6.
Eldon is ranked 186 in the International Tennis Fed-
eration (ITF) listing and is among the top men's tennis
players in the Bahamas' junior programme.
Eldon became the fourth Sycamore to be named
athlete of the week. His victory moves the Sycamores
to the MVC regular-season championship with a 7-0
record.
Eldon will compete against Creighton in the MVC
Tournament at 10 a.m. Friday in Omaha, Nebraska.


Outlook is fine

for Skye Blue
* By KELSIE JOHNSON
Junior Sports Reporter
ANOTHER boxing promotion
club has stepped to the forefront,
daring to improve the state of pro-
fessional boxing in the Bahamas.
Skye Blue Promotions joins First
Class Promotions in lining up
fights for local boxers who
recently joined the professional
ranks.
The first major fight on Skye
Blue's agenda is 'Fight for your
life', a tournament which will fea-
ture Duran 'Hands of Stone'
Miller and John 'The Beast' Wes-
ley as the main event set for
eight rounds.
The fight underSkye Blue is set
for tonight, at the Nassau Stadi-
um.
The co-main event will feature
Dencil 'Death' Miller going up
against Ernst 'The Eliminator'
Ellis, in a six round bout. Fight-
ing in the four round matches are
David 'Pace Setter' Wallace taking
on Richard 'Hammer' Pitt; and
Andrew 'Kid Freeport' Tynes
against Woodystar.
Show-time will start at 8.30pm.


- -.~. -


S
- -


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04010 -- 0-4bom040


* -


TRIBUNE SPORTS


PAGE 10B, FRIDAY, APRIL 29, 2005


. vp


*
* **


0


_ *


o D





I -,. ,, 4 ,. !y, ,t . .



Overview Of Ocean Cay, Bahamas (Arthistic Rendering)
View From 30 Feet M.S.O., North Of Island


* Electricity production at combined cycle gas-fired power plants
* Cooking and home heating
* As an alternative fuel source for motor vehicles.


LNG is simply natural gas. In this regard all of the safety aspects of
LNG are very well understood. As a gas it is the same fuel that is
transported by pipeline across the continent, stored in numerous
storage facilities, and used daily by individual throughout Europe,
North America, Japan, Puerto Rico, Domician Republic, etc. All of this
activity is done under well established safety precautions and protocols
that have made natural gas one of Europe and North America preferred
energy sources. There has been no loss of lif6 at an LNG regasification
facility during the past forty years.


FERC


FERC ,.
and
l U i -L .- -.-&i
ILG ii


Overviw Of Ocean Cay, Bahamas (Arthistic Rendering) Plan View


LNG is shipped in double-hulled tankers built using technology that
has been proven for over forty years. They are insulated to keep the
gas at -1600 Celsius so that it remains a liquid. This allows LNG to
be transported at very- close to atmospheric pressure.


It is a deep water port used to berth and unload LNG tankers. A
terminal has holding tanks specially designed to keep the LNG at
-160 Celsius. LNG terminals also have equipment to return the LNG
to its gaseous state prior to it being distributed through the existing
natural gas pipeline transportation and distribution network.
alare. Me Req.IJ uIIJJ.i Jirements ofJ..II.IIa f
* Deep Water Port
* Thermal Exclusion Zone of 1-3/4 miles
* Land Availability (-100 acres...plus)


North America
* Boston, Massachusetts Operational
* Cove Point, Maryland Operational & Expanding
* Elba Island, Georgia Operational & Expanding
* Lake Charles, Louisiana Operational & Expanding
The Caribbean
* Guayanilla, Puerto Rico Operational
* Andres, Dominican Republic Operational
* Trinidad and Tobago


North America
* Freeport, Texas Under Construction
* Sabine, Louisiana Under Construction
* Hackberry, Louisiana Under Construction
* Corpus Christi, Texas Approved
Mexico
* Altimira, Mexico Under Construction
* Baha, Mexico Under Construction


SJapan 1'5 operating terminals

* Spain 4 operating terminals
* South Korea-3 operating terminals
* France 2 operating Terminals
* Italy 1 operating terminal
* Portugal 1 operating terminal
* Greece 1 operating terminal
* Belgium -1 operating terminal
* Turkey -1 operating terminal
* Taiwan -1 operating terminal
* Trinidad and Tobago
* China
* India
* Australia


Projejcted Revenue To The Public Treasury Is Estimated
At $1.2 Billion to $1.5 Billion Over A Twenty-Five Wear Period


Office of Energy Projects


FRIDAY, APRIL 29, 2005, PAGE 11B


fHE TRIBUNE BUSINESS


<. 'MINISTRY OF TRADE & INDUSTRY

In Conjunction With The Ministry Of Health And The

Best Comission Will Be Holding A Town Meeting On LNG


Featuring LNG Consultants:

Mr. Andrew Byers, Black and Beatch Co., Tractebel, Mr Fred Bernard,

Senes, El Paso And Mr Paul Schutt, ICF, Consulting AES Coporation

TUESDAY, 3rd MAY, 2005 AT BRITISH COLONIAL HILTON,
TIME 8:00PM HOST: DARROLD MILLER "COME AND HEAR ALL THE FACTS"


l What is Liquefied Natural Gas? (LNG)

LNGis natural gas that has been cooled enough (-160C) for it to condense back into a liquid state. LNGis not compressed.
LNGhas been used in North America for nearly 40 years with 113 of the worlds 200 LNGfacilities already in the US and 3 more
located in Canada.North america's first LNGplant was built in 1912.
Global annual LNGsupply reached 6600 bcf in 2003, 57% of which can be competitively delivered to the east coast of North America
at current natural gas prices.
Twelve countries imported LNGfor domestic use, and fourteen exported LNG.
There are 17 LNG export (liquefaction) facilities worldwide and 40 LNG import (regasification) facilities
There are 151 LNG tanker ships operating worldwide.... These ships pass through Bahamian waters on a daily basis.
The safety aspects of LNGare very well understood.... In some respects LNG is a safer form of natural gas since LNG is not a
compresssed gas, just a super cooled liquid.
LNG will not ignite when exposed to fire.... To burn, LNG must first return to a gaseous state.
The few accidents that have involved LNG over its 40 year history in North America have occured when LNGwas allowed to revert
to a gas form without proper controls.


I


usw a
-!T'S
- -,Q
llrStjbdi torn









FRIDAY, APRIL 29, 2005


SECTION 4



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
























lBy KELSIE JOHNSON
Junior Sports Reporter
'REASSURANCE has been given that the
Thomas A Robinson Stadium refurbishment will
be:finished in time for the hosting of the Central
American and Caribbean (CAC) games.
On Wednesday evening the Bahamas government
made available funds for the refurbishment of the
stadium.
A total of $79,6207.30 has been allocated with a
contract being signed between the government and
Benyon Company.
The company, from Hunt Valley, Maryland, is
IAAF certified and is responsible for the repairs
of the track's surface.
The government has agreed to pay Benyon
$369,000 for their labour, however the Ministry of
Works and Utilities will be assisting with the
improvements.
The work being done by the ministry's employees
is to the exterior and interior of the track. Ministry
workmen's main concern will be with the mechani-
cal and engineering aspects of the project costing
an estimated a figure of $182,161.91 to complete.

Prestigious
Minister of Youth, Sports and Culture Neville
Wisdom said: "We are delighted to join forces with
the Bahamas 2005 committee under the chairperson
of Dr Bernard Nottage in bringing to the country
such a prestigious event.
"The government of the Bahamas has agreed to
award $369,000 to Benyon Company of Hunt valley,
Maryland for repairs of the running surface of the
Thomas A Robinson Stadium to ensure it meets
requirements established by the IAAF.
"We are thankful to all of the contributors
towards the staging of the championships, we are
particularly appreciative to the Ministry of Works'
mechanical and engineering sections, which are
preparing and executing a scope of works in regards
to mechanical, plumbing, electrical and bleachers
infrastructure.
-,'This will be done at a cost of
$182,161.91."
In order to host the meet, massive repairs have to
be done to the track's surface. Representatives from
IAAF visited the Bahamas in February and warned
the government that the track must meet the asso-
ciation's requirements.
The track had to be closed to the public as a result
of this, with meets scheduled after the Bahamas
Association of Athletic Associations (BAAA) last
meet taking place in Freeport, Grand Bahama.
The meet itself (CAC) had to be pushed back to
Jtfly 7th.
The IAAF also disclosed that the throwing circles
were not in the appropriate places and needed to be
moved.

Repaired
The track's surface is not the only area to be
repaired the walls, bathrooms, official and press
booths and bleachers will also have work done.The
ministry has agreed to carry out the complete paint-
ing of the stadium, with the labour and materials
costing $50,000.
The government has promised to award all con-
tracted work to Bahamians.
The ministry has also agreed to provide the
BAAA with a grant of $100,000 to assist the
Bahamas 2005 Committee with the administration
and the execution of the champions.
Wisdom added: "In addition, the government
recognises the championships as an important part
of the Independence 2005 celebrations. We will con-
tinue to co-operate with Bahamas 2005 committee to
provide all that is necessary to enable our visitors to
feel comfortable and for the championships to be
successful."
The region's best are expected to attend the track
and field championships. For the first time Ana
Guevara, Felix Sanchez and Veronica Campbell
will compete in the Bahamas.
They will join the ranks of Bahamians Tonique
Williams-Darling, Chandra Sturrup and Dominic
Demeritte.


MIAMI HERALD SPORTS


The Trbun


------------------------ ----------- -----------~-------------------~-----









THE TRIBUNE tRIDAY, APRIL 29,2005, PAGE 10


INTSERNTINAEWS


Bronze sculpture



of Haitian hero



to be unveiled



in Miami


A HEROIC bronze full length
sculpture of Toussaint L'Ouverture,
the father of the Haitian indepen-
dence movement, has been created
by James Mastin for the City of Mia-
mi, Florida. Toussaint died in cap-
tivity during the Haitian revolution
.and never lived to see a free Haiti.
As he faced his death he stated:
"In overthrowing me, they have only
felled the tree of Negro liberty... It
will shoot up again, for it is deeply
rooted and its roots are many."
The sculpture will be unveiled on
May 21, 2005 in the city's Freedom
Garden near downtown Miami at
Northeast 62 Street and Miami
Avenue.
James Mastin has devoted his
career to energising the historical
legacy of the Caribbean basin.
He creates eerily lifelike bronze
sculptures of the men and
women who worked to develop this
region.

Lives
His major work, "the Landing"
depicts two women who arrived
homeless from the British colonies in
America at the start of the American
revolutionary war to start their lives
in the Bahamas.
His piece, "the Wreckers" pays
-homage to the seafaring men from
Key West who risked their own lives
to save the lives and property of
strangers foundering in the Florida
straights.
His current work, "Battle of
Savannah" re-enacts the efforts of
free black Haitian soldiers who
came, under the flag of France, to
the support of the American colo-
nialists in Savannah, Georgia, in their
fight for freedom.
Each of his works is the result of
painstaking and meticulous historical
research into the customs and fash-
ions of his subjects.
They are filled with an emotional
strength that comes from personal
conviction.
James Mastin is no stranger to the
Bahamas. From his sculpture studio


in Miami, he is but a short flight
away from Nassau and the Abacos.
Since 1975, when he first met
Bahamas artist Alton Lowe, he has
committed himself to the visual
and the performing arts in the
Bahamas.
Starting in 1976, he has actively
researched and helped to collect arti-
facts for the Albert Lowe Museum in
New Plymouth, Green Turtle Cay.
In 1977 he sang the national
anthem along with Kayla Lockhart
Edwards and the Royal Bahamas
Police Band in the first Island Roots
Festival in Key West, Florida, which
celebrated the Bahamian historic
and family connections between
Florida and the Bahamas.
In 1987, the Loyalist Memorial
Sculpture Garden he created in
Green Turtle Cay for the Abaco His-
torical Society was opened and was
declared a national monument by
government.
The garden pays tribute to the
American colonists who remained
loyal to the British Crown and fled to
the Bahamas in the eighteenth cen-
tury.
Tn 1997 Key West, sister city to
New Plymouth, Green Turtle Cay,
unveiled its own public sculpture
park created by James Mastin.
In the 19th Century, many of Key
West's most prominent and success-
ful residents were Bahamian. Lowe,
Saunders, and Curry were common
family names in the Keys.
The garden in Green Turtle Cay
contains a central monument that
shows two wreckers rescuing a child
and salvaging cargo from a founder-
ing ship, and is surrounded by
bronze portrait busts of Key West
residents including President Harry
Truman, Ernest Hemingway and
William Curry, a Bahamian who Was
Florida's first millionaire.
Bahamians are invited to join in
the unveiling of the sculpture on
May 21, 2005 at 3pm in Little Haiti
Freedom Garden, Miami. If you can-
not make it to the event, take a vir-
tual tour of Mastin's works at:
www.jamesmastinart.com.


HSBC 4

HSBC Private Bank (Suisse) S.A.
. Balance sheet
at 31 December 2004
2004 2003
CHFOOO CHF000
Assets
Liquid assets 54,013 40,940
Receivables arising from money-market papers 2,967,758 1,762,005
Amounts due from banks 7,574,759 6,875,416
Amounts due from customers. 8,800,110 7,767,271
Loans secured by mortgages 1,000,051 .578,372
Securities and precious metals held for trading purposes, 791 609
Financial fixed assets 15,040,369 14,838,428
Participations 15,138 15,512
Fixed assets 156,821 150,397
Goodwill 47,156 50,998
Accrued income and prepaid expenses 222,170 246,642
Other assets 841,850 1,446,357
Total assets 36,720,986 33,772,947
Total amounts due from Group companies and qualified participants 3,923,706 5,368,515
Of which subordinated loans 131,457 78,880
Liabilities
Amounts due arising from money-market papers 33,406 107,794
Amounts due to banks 4,832,408 2,800,913
Other amounts due to customers 27,643,247 26,102,674
Subordinated debts 545,010 154,063
Accrued expenses and deferred income 277,336 278,888
Other liabilities 1,101,990 2,190,763
Value adjustments and provisions 69,475 87,463
Reserves for general banking risks 113,440 108,383
Total amounts due 34,616,312. 31,830,941
Share capital 682,780 682,780
General legal reserve 1,000,733 992,533
Profit brought forward 142,420 15,413
Net income for the year 278,741 251,280
Total shareholders' equity 2,104,674 1,942,006
Total liabilities 36,720,986 33,772,947
Total amounts due to Group companies and qualified participants 611,543 1,540,311
Of which subordinated debt 545,010 154,063
Off-balance sheet transactions
Contingent liabilities 1,642,859 1,508,952
Irrevocable facilities granted 216,755 114,206
Off-balance sheet financial instruments
Underlying amounts 44,583,603 50,107,781
Positive replacement values 500,394 568,286
Negative replacement values 1,023,046 2,119,881
Fiduciary transactions 19,945,312 20,315,279



Statement of income
for the year ended 31 December 2004





2004 2003
CHFOOO CHFOOO
Interest income
interest and dividend income 517,789 424,307
Interest and dividend income from investment portfolio 336,387 337,686
Intereste.nses .... ... (540,491) (473,956)
Net interest income 313,685 288,037
Income from commissions, products and services
Commission income from credit-granting business 10,865 .6,270
Commission income from securities and investment activities 424,389 380,868
Commission income from other services rendered 7,072 6,038
Commission expenses (42,301). (29,360)
Net income from commissions,.products and services 400,025 363,816
Trading income 128,393 103,226
Other ordinary results
Income/!(loss) from sale of financial fixed assets 691 (38)
Income from participations 1,091
Other ordinary income 4,152 2,805
Other ordinary expenses (759) -
Total other ordinary results 4,084 3,858
Operating expenses
Personnel expenses (326,367) (305,664)
Other operating expenses (158,926) (141,953)
Total operating expenses (485,293) (447,617)
Gross profit 360,894 311,320
Depreciation of fixed assets (18,039), (19,857)
Amortisation of goodwill (16,879) (16,879)
Value adjustments, provisions and losses (8,657) (10,122)
Income before extraordinary items and taxes 317,319 264,462
Extraordinary income 15,363 27,844
Extraordinary expenses (825) (2,298)
Taxes (53,116) (38,728)
Net income for the year 278,741 251,280



Report of the statutory auditors to the general meeting of shareholders






As statutory auditors, we have audited the accounting records and the financial statements (balance sheet, statement of income,
statement of cash flows and notes to the financial statements) of HSBC Private Bank (Suisse) SA.for the year ended
31 December 2004.
These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on
these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional
qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the profession in Switzerland. These
standards require that an audit be planned and performed to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We have examined on a test basis evidence supporting the amounts and
disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made
and the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion
In our opinion the accounting records, the financial statements and the proposed appropriation of available earnings comply
with Swiss law and the Bank's articles of incorporation.
We recommend that the financial statements submitted to you be approved.
KPMG Fides Peat


Philippe Cordonier
Swiss certified public accountant
Auditor in charge
Laurent Bellibres
Swiss certified public accountant
Geneva, 24 February 2005



The summarized financial information set out above is derived from the Annual Report of HSBC Private
Bank (Suisse) S.A. for the year ended 31 December 2004. The full Report can be obtained from: HSBC
Private Bank (Suisse) S.A., Suite 306, Centre of Conmmerce, One Bay Street, P.O. Box N-4917, Nassau,
Bahamas.


FRIDAY, APRIL 29, 2005, PAGE 1C


THE TRIBUNE








PMG3E 'C. FRIDAY, APRIL 29, 2005







PO BoN 123
Monuauu SBnhCam
EaM Bay Stb
Nassau, Bahamas


TIphemr 2423 32007
Fo 242393 1772
i r www.kpmg.com.bs


Land
Buildings
,Installations
Furniture and equipment
Automobiles
Computers


Nil
2 /2%
3-33%
10-50%
33%
20-50%


AUDITORS' REPORT TO THE SHAREHOLDER


We have audited the consolidated balance sheet of Cititrust (Bahamas) Limited as of December
31, 2004. This consolidated balance sheet is the responsibility of the Company's management.
Our responsibility is to express an opinion on the consolidated balance sheet based on our audit
We conducted our audit in accordance with International Standards on Auditing as promulgated
by the International Federation of Accountants. Those Standards require that we plan and
perform the audit to obtain reasonable assurance as to wheher the consolidated balance sheet is
free of material misstatement. An audit includes exaaiung, on atet basis, evidence support
the amounts and disclosures in the consolidated balance sheet. An audit also includes asssin
the accounting principles used and significant estimates made by management, as well as
evaluating the overall consolidated balance sheet presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the
financial position of the Company as of December 31, 2004 in accordance with International
Financial Reporting Standards as promulgated by the International Accounting Standards Board.






Chartered Accountants

Nassau, Bahamas
April 13,2005



CITITRUST (BAHAMAS) LIMITED
Consolidated Balance Sheet

December 31, 2004, with corresponding figures for 2003
(Expressed in United States dollars)

2004 2003

Assets

Cath and cash equivalents (note 3) $ 55,535,572 90,245,884
Accounts receivable and otherassets
group 183,395 134,342
other 19,790,284 19,295,568
19,973,679 19,429,910

Investments 30,222 30,222

Property and equipment (note 4) 4,322,368 4,623,149

$ 79,861,841 114,329,165

*Liabilities


Customer demand'deposits (note p)
Proposed dividend (note 8)
Accounts payable and accrued expenses
group
other


$ 10,787,356
30,000,000

833,581
1,428,263


14,915,584


810,315
1,312.069


2261,844 2,122,384
Shareholder's Equity

Share capital
Authorized, issued and fully paid: ..... "' ....
1,000,000 shares of B$1 (U.S.$1) each 1,0000,000 '. 1,000,000
Retained earnings : : 35;812,641 96,291,197
36,812,641 97,291,197

$ 79,861,841 114,329,165

See accompanying notes to consolidated balance sheet.

The consolidated balance sheet was approved on behalf of the Board on April 13, 2005 by:


M. Carmen Butler


Terry K. Marr


Director


Director


Notes to Consolidated Balance Sheet

December 31, 2004
(Expressed in United States dollars)


1. General information
The Company is incorporated under the laws of The Commonwealth of The Bahamas. The
Company's business activities consist of the provision of trust, corporate, administrative,
banking and financial services involving a large number of clients with substantial assets
under administration. The consolidated balance sheet is denominated in United States dollars
as this is effectively the operating currency of the Company.
The Company was previously a wholly owned subsidiary of Citibank Overseas Investment
Corporation, incorporated in Wilmington, Delaware. During 2003, following a group
restructuring, the Company became a wholly owned subsidiary of Citigroup Participation
Luxembourg Limited. The ultimate parent company is Citigroup Inc., incorporated in New
York, N.Y. All transactions and balances described as group relate to Citigroup Inc. and its
subsidiaries and affiliates. At December 31, 2004, the Company had 127 (2003 117)
employees.
2. Summary of significant accounting policies
(a) Statement of compliance
The consolidated balance sheet is prepared in accordance with International Financial
Reporting Standards as promulgated by the International Accounting Standards
Board.
(b) Basis of preparation
The consolidated balance sheet is prepared on a fair value basis for all financial
assets and liabilities except those for which a reliable measure of fair value is not
available.
(c) Basis of consolidation
The consolidated balance sheet includes the accounts of Cititrust (Bahamas) Limited
and its wholly owned subsidiaries. The subsidiaries are all incorporated in The
Commonwealth of The Bahamas except as noted below:
Albacore Investments Limited
Antares Associates Limited
Astaire Associates Limited
Cititrust Services Limited
Donat Investments S.A. (incorporated in the Republic of Panama)
First National Nominees Limited
Hitchcock Investments S.A. (incorporated in the Republic of Panama)
Madeleine Investments S.A. (incorporated in the Republic of Panama)
Providence Associates Limited
(d) Foreign currency translation
TheCompany maintains its accounts in United States dollars and follows the general
practice of translating its positions in other currencies monthly and recording the gain
or loss resulting from the translation.
(e) Fiduciary property
Property held by the Company in fiduciary or agency capacities for its customers has
not been included in the accompanying consolidated balance sheet since such items
are not assets of the Company.
(f) Property and equipment
Property and equipment are stated at cost less accumulated depreciation.
Depreciation is computed on the straight-line basis over the estimated useful life of
the asset at the annual rate of:


(g) Use of estimates
The preparation of the consolidated balance sheet in accordance with International
Financial Reporting Standards requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclo. -- of
contingent assets and liabilities at the date of the consolidated balance sheet. Actual
results could differ from these estimates.
(h) Cash and cash equivalents
Cash and cash equivalents eqnsist of. due from banks on demand and time deposits
with original maturities of three months or less.
(i) Accounts receivable and other assets
Accounts receivable primarily comprise amounts due from group entities and fees
billed to clients. The Company's policy is not to make a general provision for bad
debts, however all amounts receivable are written-off after a defined period of time
has elapsed.
S(j) Impairment losses
Financial assets are reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such indication exists, the assets
recoverable amount is estimated and the impairment loss is recognized.

3. Cash and cash equivalents
Cash and cash equivalents c6mprise:
2004 2003

Due from group banks on demand $ 15,063,098 20,572,130
time deposits (within 3 months) 40,197,824 69,514,874
Due from other banks on demand 274,650 158,880

$ 55,535,572 90,245,884


Balances due from banks on demand do not earn interest. Time deposits earn interest at
market rates.
4. Property and equipment
Furniture &
Land Buildings Installations equipment Automobiles Computers Total
Cost:
AtJanuary 1.2004 $ 859.933 2,170,862 5.795,151 53,248 47,500 2.898,291 11,824,985
Additions 513.968 23,827 36.341 509.152 1.083,288
Write-offs (8,965) (35,000) (43,965)
At'December31, 2004 859.933 2.161.897 6,274,119 77,075 83,841 3,407,443 12,864,308
Accumulated depreciation:
At January 1. 2004 $ 1,732,820 3,645.925 23,001 6,597 1,793.493 7,201,836
Charge for the year 63,109 556,165 15,775 22,608 726,412 1,384,069
Write-offs (8,965) (35,000) (43,965)
At December 31, 2004 $ 1.786,964 4,167,090 .38,776 29,205 2,519.905 8,541,940
Net Book Value:
At December 31, 2004 $ 859,933 374,933 2,107,029 38,299 54,636 887,538 4,322.368
At December 31,2003 $ 859.933 438,042 2,149,226 30.247 40,903 1,104,798 4,623.149

5. Customer demand deposits
Customer demand deposits do not bear interest.

6. Fensiontplan
With effect from anuary 1, 2003, the Company established a defined contribution pension
scheme for all eligible employees. The plan is administered by Atlantic Medical Insurance
Limited. Contributions and costs are determined at 5% of each employee's annual salary,
which is paid by the Company.
7. Concentration of assets and liabilities
The majority of assets and liabilities are located in North and Latin America. The Company
has a net open foreign currency asset position in Bahamian dollars of B$88,029 (2003 -
S:,B$2,095,523).
8. Proposed dividend
On December 6, 2004, the Directors of the Company declared a dividend of $30,000,000 to
be paid in February 2005.
9. Taxation
Under the laws of the Commonwealth of The Bahamas, there are presently no. income,
withholding, or capital gains taxes payable by the Company.
10. Financial assets and liabilities
In the ordinary course of business the Company may acquire financial assets and incur
financial liabilities, as well as enter into transactions with off-balance sheet risk. These
transactions may result in the Company being exposed to some or all of the following risks:

Price risk, which comprises currency risk, interest rate risk and market risk
Credit risk
Liquidity risk
Cash flow risk
Management does not consider the exposure to these risks to be significant for the following
reasons. The Company's financial assets, for the most part, are comprised of short-term
deposits with reputable financial institutions (primarily other group banks). Financial
liabilities are comprised primarily of non-interest bearing customer demand deposits, the sum
of which is less than the short-term deposits due from group banks.
Due to the short-term nature of the majority of the Company's financial assets and liabilities,
their fair values are estimated to approximate their carrying values at the'balance sheet date.


PUBLISH








Your Balance Sheets & Legal Notices in










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THE TRIBUNE FRIDAY, APRIL 29, 2005, PAGE 3C


SKPMG Telephone 242 393 2007
P0 Box N 123 Fax 242 393 1772
Momague Sterling Centre Internet w.kpmg.com.bs
East Bay Street
Nassau. Bahamas







AUDITORS' REPORT TO THE SHAREHOLDER



We have audited the accompanying balance sheet of Cuscatlan International Bank & Trust
Limited ('the Bank") at 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 promulgated by
the International Federation of Accountants. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the balance sheet is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the 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 referred to above presents fairly, in all material respects, the
financial position of the Bank as of December 31, 2004 in accordance with International Financial
Reporting Standards promulgated by the International Accounting Standards Board.




Chartered Accountants

Nassau, Bahamas
February 8, 2005
CUSCATLAN INTERNATIONAL BANK & TRUST LIMITED
Balance Sheet

December 31, 2004, with corresponding figures for 2003
(Expressed in United States dollars)

Notes 2004 2003

ASSETS

Cash and cash equivalents -Demand 6 $ 4,812,643 13,538,276
-Time 21,981,678
26,794,321 13,538,276

Loans 3 & 7 201,156,504 168,941,336
Investments 8 13,468.271 32,785,702
Accrued interest receivable 3, 7 & 8 1,370,285 1,705,681
Accounts receivable 3 & 9 993,609 132,541
Furniture and equipment, net 10 601,824 769,286
Foreclosed assets 11 '3,117,446 3,696,098
Intangible assets 12 210,855 302,190
Other assets 112,417 42,485
Total assets $ 247,825,532 221,913,595

LIABILITIES AND SHAREHOLDER'S EQUITY

Liabilities:
Demand deposits 3 & 13 32,273,288 30.722,493
Time deposits 3 & 13 169,441,263 153,861,590
Loans payable 14 19,561,596 15,901,761
Accrued interest payable 3 1,111,657 1,128,589
Accounts payable and other liabilities 3 824,465 682,463
Total liabilities 223,212,269 202,296,896
Shareholder's Equity:
Share capital: authorised, issued and fully paid
14,000 shares of $1,000 each 14,000,000 14,000,000
Contributed surplus 15 3,330,245 330,245
Unrealised gain on available for sale investments 74,148 11,616
Retained earnings 7,208.,870 5,274,838
24,613,263 19,616,699
Commitments 16

Total liabilities and shareholder's equity $ 247,825,532 221,913,595


See accompanying notes to balance sheet.


This balance sheet was approved on behalf of the Board of Directors on February 8, 2005 by the following:


lC di A Q i 6 L


Notes to Balance Sheet

December 31, 2004
(Expressed In United States dollars)

1. General Information
Cuscatlan International Bank & Trust Limited ("the Bank") was incorporated under the laws
of the Commonwealth of the Bahamas and is licensed by the Central Bank of the Bahamas
to engage in banking business. The Bank is a wholly owned subsidiary of Grupo
Financiero Cuscatlan de Costa Rica, S.A. ("Parent Company"), a Costa Rican company,
which, in turn, is wholly owned by Corporaci6n Accionaria UBC, S.A. ("Ultimate Parent
Company") incorporated in Costa Rica. The Bank's registered office is located at IBD
House, East Bay Street, Nassau, Bahamas. At December 31, 2004, the Bank had no direct
employees. A related party provides administrative services to the Bank.
2. Summary of significant accounting policies

(a) Statement of compliance
The Company's balance sheet has been prepared in accordance with International
Financial Reporting Standards ("IFRS") and its interpretations adopted by the
International Accounting Standards Board.
(b) Basis of preparation
The balance sheet is prepared on a fair value basis for available-for-sale investments.
Held-to-maturity investments are stated at amortised cost. Other financial assets and
liabilities and non-financial assets and liabilities are stated at amortised cost or
historical cost. The accounting policies have been consistently applied.

(c) Financial instruments

(i) Classification

Loans and receivables are classified as originated loans and receivables, as
these were created by the Bank providing money to a debtor and were not
established with the intent of short-term profit taking.

Held-to-maturity assets are financial assets with fixed or determinable
payments and a fixed maturity that the Bank has the intent and ability to hold to
maturity.
Available-for-sale assets are financial assets that are not held for trading
purposes, originated by the Bank, or held to maturity.

(ii) Recognition

The Bank recognises available-for-sale assets on the date it commits tc
purchase the assets. From that date, any gains and losses from changes in
fair value of the assets are recognised in equity.

Held-to-maturity assets and loans and receivables originated by the Bank are
recognized on the settlement date.

(iii) Measurement
Financial instruments are measured initially at cost, including transaction costs

Subsequent to initial recognition, all held-for-trading and available-for-sale
assets are measured at fair value, except that. any investment that does not
have a quoted market price in an active market and whose fair value cannot be
reliably measured is stated at cost, including transaction costs, less impairment
losses.
All non-trading financial assets and liabilities. originated loans and receivables.
and held-to-maturity. investments are measured at amortized cost. less
impairment losses. Premiums and discounts are included in the carrying
amount of the related instrument and amortized to interest income/expense.
(iv) Fair value measurement principles
The fair value of financial instruments is based on their qjotec me'ket once at
the balance sheet date without any deductions for transaction costs


(v) Gains and losses on subsequent measurement
Gains and losses from a change in the fair value of available-for-sale assets
are recognised directly in equity until an asset is considered to be impaired, at
which time the loss is recognized in the statement of income. When the asset
is sold, collected, or otherwise disposed of, the cumulative gain or loss
recognized in equity is transferred to the statement of income.
Gains and losses from a change in the fair value of held-for-trading assets are
recognized in the statement of income.
(vi) Derecognition
A financial asset is derecognised when the Bank loses control over the
contractual rights that comprise that asset. This occurs when the rights are
realized, expire, or are surrendered. A financial liability is derecognised when it
is extinguished.
(vii) Derivative financial instruments
The Bank uses derivative financial instruments to hedge its exposure to interest
rate risks arising from financing and investment activities.
Derivative financial instruments are recognized initially at cost. Subsequent to
initial recognition, derivative financial instruments are stated at fair value. The
Bank has no trading derivatives.
The Bank does not use hedge accounting for other financial instruments.
The Bank will exercise the option when the interest rate reaches the limit
agreed in the contract.


(viii) Specific instruments

Investments
Investments that the Bank holds for the purpose of short-term profit taking are
classified as trading instruments. Investments that the Bank has the intent to
hold to maturity are classified as held-to-maturity assets. Other investments
are classified as available-for-sale assets.


(viii) Specific instruments

Loans
Loans are stated at the amount of outstanding principal, and are presented net
of specific and general allowances for collectibility. Specific allowances are
made against the carrying amount of loans and advances that are identified as
being impaired based on regular reviews of outstanding balances to reduce
these loans and advances to their recoverable amounts. General allowances
are maintained to reduce the carrying amount of portfolios of similar loans and
advances to their estimated recoverable amounts at the balance sheet date.
The expected cash flows for portfolios of similar assets are estimated based on
previous experience and considering the credit rating of the underlying
customers and late payments of interest or penalties. Increases in the
allowance account are recognized in the statement of income. Once a loan is
determined to be uncollectible, all necessary legal procedures have been
completed, and the final loss has been quantified, the loan is written off.


(viii) Specific instruments

Liabilities

Liabilities evidenced by paper, including demand and time deposits, are
classified as non-trading liabilities.


(d) Foreclosed assets
Foreclosed assets represent assets assigned to the Bank in payment of loans. The
Bank has legal title to these assets, which primarily represent property and vehicles.
These assets are recorded at the lower of cost less impairment losses. Cost is
determined as the carry;ng amount of the loan and accrued interest on the date prior
to foreclosure.


(e) Impairment
The carrying Value of assets is reviewed at each balance sheet date to determine if
an injcfatipp, pf impairment exists. If, such indication is present, the asset's
recoverable. %ainount is determined, and if it is less than the carrying value,, an
impairment loss is recognized for'the difference.
If in a subsequent period the amount of an impairment loss decreases and the
decrease can be linked objectively to an event occurring after the write-down, the
write-down is reversed through the statement of income.


(f) Furniture and equipment
Furniture and equipment are stated at cost less accumulates depreciation.
Depreciation is calculated on the straight-line basis over the estimated useful lives as
follows:


Furniture and equipment
Computer hardware


10 years
5 years


Expenditure for maintenance and repairs are charged against income. Cost of
renewals and improvements are added to furniture and equipment. At the time of
disposal or retirement of assets, the cost and related accumulated depreciation are
eliminated, and any resulting profit or loss is reflected in the statement of income.

(g) Amortization
Amortization is charged to the statement of income on a straight-line basis over the
estimated useful lives of intangible assets. Software is amortized from the date it is
available for use. The estimated useful life of software is seven years.

(h) Use of estimates

Management of the Bank has made a number of estimates and assumptions relating
to the reporting of assets and liabilities, the disclosure of contingencies at the date of
the balance sheet, and the reported amounts of revenues and expenses during the
period to prepare these balance sheet in conformity with IFRS. Actual results could
differ from those estimates.

(i) Foreign currency

The Bank's measurement currency is the United States dollar. At December 31, 2004
and 2003, the Bank has no financial assets or liabilities denominated in currencies
other than the United'States dollar. All transactions during the year were denominated
in United States Dollars, and therefore no foreign exchange gains or losses arose.



3. Balances with related parties

Parties are considered to be related if one party has the ability to control the other party or
to exercise significant influence over the other party's financial and operating policies.
Directors of the Bank are considered to be related parties.

Related party balances comprise the following:

2004 2003
ASSETS
Loans (note 7)
Affiliates $ 31,844 81,911
Directors 643,529 517,817
Entities owned by directors 764,507 899,657
Accrued interest receivable 5,281 6,190
Investments 614
Accounts receivablejnote 9) 237 720 83,168
$ 1,682,881 1,589,357

LIABILITIES
Demand, deposits
Affiliates. 878,537 1,757,030
Directors 150.891 117,447
Time deposits
Affiliates 57,086 43,671
S Directors 1,912,648 1,276,201
Accrued interest payable ano other liabilities 34,565 34,258
.Etities owne. oy directors 151,043-
$ 3.184,770 3,228,607




7"gc :-,e c-en:. year the Bank purchased loans. at net book value, from a related party
f.- $ 6- c 8

-;:-'. :e c.--e-: yea -e:atec parties charged the Bank $315,269 (2003: $536.765) for
a3. .. s:'8a:ve services These costs were allocated to the Bank by the Parent Company
:ase: 3- :'e .vo!.e c' :ending and deposit taking activity.


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PAGE 4C, FRIDAY, APRIL 29, 2005


THE TRIBUNE


4. Assets and liabilities classified by geographical area

Significant assets and liabilities analysed by geographical area are detailed as follows:
2004
Central America United States
and Panama of America Other Total


ASSETS
Cash and cash
equivalents
Investments
Loans


LIABILITIES
Deposits
Loans payable


$ 3,450,321
3,468,271
203,954,016



200,496,486


19,534,776
10,000,000


3,809,224 26,794,321
13,468,271
1.779,998 205,734,014


519,118 698,947 201,714,551
13.454.750 6.1068.846 19 51.596


2003


Central America United States
and Panama of America


ASSETS
Cash and cash
equivalents
Investment
Loans


LIABILITIES
Deposits
Loans pavable


$ 655,889
20,684,632
168,570,767



183,771,978
695.599


12,880,344
5,500,000


Oth


2,043
6,601,070
4,280,447


er Total


13,538,276
32,785,702
172,851,214


530,224 281,881 184,584,083
11,960,912 3,245,250 15,901,761


6. Maturity of significant assets and liabilities

The contractual maturities of significant categories of assets and liabilities not disclosed
elsewhere in the balance sheet are summarized below:



Maturity (days) 2004 2003
Assets:
Cash and cash equivalents Demand $ 4,812,643 13,538,276
Cash and cash equivalents Time
Up to 1 month 21,981,678
26,794,321 13,538,276
Investments Up to 1 month 14,231,828
From 1 to 3 months 6,190
From 6 months to 1 year 4,000,000
Over 1 year 13,468,271 14,547,684
13,468,271 32,785,702
Loans Up to 1 month 37,757,077 16,764,146
From 1 to 3 months 19,173,904 21,515,352
From 3 to 6 months 19,568,694 22,618,447
From 6 months to 1 year 19,108,844 31,834,678
Over 1 year 110,125,495 80,118,591
205,734,014 172,851,214
Liabilities:
Demand and time deposits Up to 1 month 67,211,730 51,856,523
From 1 to 3 months 44,700,334 25,766,449
From 3 to 6 months 24,617,785 33,071,292
From 6 months to 1 year 37,943,851 44,234,372
Over 1 year 27,240,851 29,655,447
201,714,551 184,584,083
Loans payable Up to 1 month 5,800,776 7,920,091
From 1 to 3 months 791,425 4,357,516
From 3 to 6 months 10,962,355 3,624,154
From 6 months to 1 year 2,007,040
Over 1 year
$ 19,561,596 15,901,761


6. Cash and cash equivalents

Cash and cash equivalents are detailed as follows:

2004 2003

Latin America and the Caribbean $ 3,450,321 655,889
United States of America 19,534,776 12,880,344
Other 3,809,224 2,043
$ 26,794,321 13.538,276
As of December 31, 2004, cash balances earn interest at a rate between 0.4 % and 1.6 %
(2003: 0.4%) per annum.


7. Loans
Loans outstanding by country of the borrower are detailed as follows:

2004 2003
Percentage Percentage
Amount of total loans Amount of total loans

Costa Rica $ 192,523,321 94% 154,423,133 89%
El Salvador 7,990,354 4% 10,093,398 6%
Other 5,220,339 2% 8,334,683 5%
205,734,014 100% 172,851,214 100%
Less: Provision for possible
loan losses (4.142,806) (3,721,394)
Deferred loan fees (434.704) (188,484)
$ 201,156,504 168,941,336

At December 31, 2004, total non-accrual loans amount to $2,750,853 (2003: $4,105,208)
and total accrued interest on loans over 90 days past due included in memorandum
accounts was $434,805 (2003: $870,670).

At December 31, 2004, interest rates on loans range between 3.13% to 15.25% per annum
(2003: 3.20% to 14%). Accrued interest receivable amounted to $1,287,906 (2003:
$1,268,016).

In 2004, syndicated loans with a carrying value of $11,387,014 (2003: $8,250,615) are
secured by properties that were appraised at a value approximating the carrying amount of
the loans.

In 2004, a total of $46,316,131 (2003: $56,903,576) corresponds to loans extended to
economic interest groups, of which $1,439,880 (2003: $1,499,385) is for loans to related
parties, as disclosed in note 3.


The movement in the provision for loan losses is presented below:

2004 2003
Balance at beginning of year $ 3,721,394 3,345,568
Current year provision 450,000 444,000
Loans charged-off (28,588) (68,174)
Balance atendof year $ 4,142,806 3,721,394



Loans outstanding by type of industry are shown Delow:
2004 2003
Agriculture $ 32,615,896 20,285,613
Manufacturing and engineering 17,369,350 21,694,347
SWholesale & retail trade 26,379,127 32,281,748
Services 54,094,935 45,391,068
Tourism 10,965,093 13,639,931
Construction 31,368,683 22,449,113
Personal consumer loans 15,089,511 8,118,618
Leasing 8,086,700 5,208,275
Financial services 840,115 2,603,674
Notified and accepted letters of credit 8,735,685 883,180
Other 188,919 295,647
$ 205,734,014 172,851,214



Loans classified by type of guaranty are shown below:

2004 2003
Personal/corporate guarantee $ 31,443,864 33,544,014
Chattel mortgage 7,292,972 7,592,414
Mortgages 100,338,435 72,666,141
Securities 53,817,576 45,629,254
Comfort letter 3,251,074
Trust assets 12,841,167 10,168,317
$ 205.734,014 172,851,214

At December 31, 2004, the collection of loans in default amounting to $2,676,821 (2003:
$4,100,799) was being pursued by legal means.


8. Investments

Investments comprise the following:
2004 2003

Available-for-sale $ 365,747 32,785,702
Held-to-maturity 13,102,524 -
$ 13,468,271 32,785,702


Available-for-sale investments are shown below:


__I__~


2004 2003

Between 0.25% and Between 0.25% and 2.00%
Demand deposits and current accounts 5.50.% per annum per annum
Between 2.13% and Between 0.25% and 9% per
Time deposits 9% per annum annum


14. Loans payable

Loans payable are detailed as follows:
2004 2003

.Dresdner Bank Lateinamerika-Miami, bearing interest
between 1.97% and 2.01% per annum, maturing
between May 5 and June 14, 2004 $ 1,745,250
Bank of New York, bearing interest it 3.07% per annum
(2003: between 1.83% and 1.88%), maturing June 6,
2005 2,500,000 2,928,587
Banco AtlIntico, bearing interest at 2.18% per annum,
maturing on March 26, 2004 1,500,000
Wachovia Bank, N.A., bearing interest at 3.40% per
annum (2003: 1.98%), maturing on June 6, 2005 2,000,000 660,000
Union Planters Bank, bearing interest at 3.39% per annum
(2003: between 2.15% and 2.87%), maturing on June
6, 2005 2,400,000 3,899,472
Union Bank of California, bearing interest between 1.72%
and 2.53% per annum, maturing between February 3
and June 14, 2004 1,706,947
Dresdner Bank Lateinamerika-Hamburgo, bearing interest
at 3.375% per annum, maturing on June 17,2005 2,500,000 -
9,400,000 12,440,256

Due to banks Letters of credit issued 8,599,240 695,599
Overdrafts on checking accounts and other loans 1,562,356 2,765,906
Total $ 19,561,596 15,901,761


I Il _, Sil r ill ~-


2004 2003

Costa Rican foreign debt bonds, with interest between 8.11%
and 9.34% per annum, maturing between 2009 and 2012 $ 1,259,937
(Cost-$1,260.956 in 2003)
Investment certificates in foreign non-financial entities, with
interest at 7.10% per annum, (Cost-$2,018,157 in2003) 2,024,490
Investment certificates in foreign non-financial entities, with
interest at 8.05% per annum, maturing in 2013 (Cost-
$348,254) 365,747
Investments in foreign Central Governments, with interest
between 7.75% and 10.00% per annum, maturing
between 2011 and 2023 (Cost- $10,300,181 in 2003) 10,266,946
Investments in foreign financial entities, with interest
between 5.20% and 6.00% per annum, maturing between
2004 and 2013 (Cost-$5,922,590 in 2003) 5,892,500
Repurchase investments with interest between 2.18% and
4.41% per annum (Cost-$4,572,203 in 2003) 4,52,203
Investments in demand investment fund, with interest at
9.15% per annum (Cost-$3,199,999 in 2003) 3.269,626
Demand investment in Union Planters Bank, with interest at
0.70% per annum (Cost-$5,500,000 in 2003) 5,500,000
$ 365,747 32,785,702

Held-to-maturity investments are shown below:

2004 2003

Investments in foreign financial entities, with interest
between 9.05% and 9.40% per annum, maturing in 2009 10,000,000
Investments in foreign Central Governments, with interest at
6.55%, maturing in 2014 2,045,031
Investment certificates in foreign non-financial entities, with
interest at 7.10% per annum, maturing in 2013 1,057,493
$ 13,102,524


Accrued interest receivable on investments amounted to $82,379 (2003: $437,665).

At December 31, 2004, the fair value of held-to-maturity investments is $13,093,695.

Included in investments in foreign financial entities is a security with a carrying value of
$5,000,000 which has been pledged as security for certain loans payable as described in
note 14.

9. Accounts receivable

Accounts receivable comprise the following:

2004 2003

Due from related parties $ 237,720 83,168
Loan fees and commissions 20,899 25,420
Reimbursable insurance costs 4,450 54,049
Service fees 6,910 6,540
Fair value of derivative instrument 535,916
Clients 125,000
Other 88,582 18,578
1,019,477 187,755

Less: Provision for doubtful accounts (25,868) (55,214)
Accounts receivable, net $ 993,609 132,541

The derivative financial instrument referred to above represents an interest rate cap with a
notional amount of $10,000,000. The contractual maturity date is December 2009. The
Bank uses this instrument as a method of hedging its exposure to floating rate borrowings.

10. Furniture and equipment, net
Furniture and equipment is detailed as follows:

Furniture and Computer
equipment hardware Total
Cost:
At January 1,2004 $ 593,295 1,509,255 2,102,550
Additions 21,136 9,265 30,401
Disposals (5,216) (5,216)
At December 31, 2004 614,431 1,513,304 2,127,735
Depreciation:
At January 1,2004 (287,227) (1,046,037) (1,333,264)
Charges for the year (47,194) (145,453) (192,647)
At December 31, 2004 (334,421) (1,191,490) (1,525,911)

Net book value $ 280,010 321,814 601,824
11. Foreclosed assets .
Foreclosed assets comprise the following:

2004 2003

Land and Buildings $ 3,117,446. 3,696,098
Foreclosed assets $ 3,117,446 3,696,098

As of December 31, 2004, the Bank obtained independent real estate appraisals on the
land and buildings shown above which indicated a fair market value of $3,224,165 (2003:
$6,871,449). Costs incurred in connection with maintaining the foreclosed assets
amounted to $298,653 (2003: $29,659).

12. Intangible assets

Intangible assets represent software. The movement in this account is shown below:

2004
Cost:
SAt beginning of year $ 1,083,708
Other 11,862
Acquisitions 48,770
Disposals and retirements
At end of year 1,144,340

Accumulated amortisation:
At beginning of year (781,518)
Other (10,505)
Amortisation for the year (141,462)
At end of year (933,485)

Net balance, end of year $ 210,855

Net balance, beginning of year $ 302,190


13. Deposits
2004
Customers Banks Total

Demand deposits and current accounts $ 30,932,987 1,340,301 32,273,288
Time deposits 149,741,263 19,700,000 169,441,263
$ 180,674,250 21,040,301 201,714,551

2003
Customers Banks Total

Demand deposits and current accounts $ 28,760,164 1,962,329 30,722,493
Time deposits 142,816,402 11,045,188 153.861,590
$ 171,576,566 13,007,517 184,584,083

Interest rates paid on these deposits are detailed as follows:


II f


I L- - Y __ --- -- -I -







THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 5C


"Due to banK3 Letters of credit issued", represent amounts due to international banks as a
result of those banks advancing funds to suppliers of the Bank's customers in connection
with letters of credit.
The loans payable are unsecured, except the Dresdner Bank Lateinamerika Hamburgo
loan that is secured by an investment in a foreign financial entity with a carrying value of
$5,000,000 as of December 31, 2004 as described in note 8.
15. Contributed surplus
On October 13, 2004 the Parent Company made a contribution in cash of $3,000,000
(2003: $330,245).
16. Commitments and contingencies
Commitments and contingencies are detailed as follows:
2004 2003
Letters of credit $ 3,841,055 5,089,285


INTERNATIONANEWS


Commercial letters of credit include exposure to credit risk in the event of non performance
by the customer. The Bank's credit policies and procedures to approve credit commitments
and financial guarantees are the same as those for granting loans. The Bank does not
expect to incur losses as a result of these commitments.
17. Taxes
Pursuant to Bahamian legislation, the Bank is exempt from payment of income taxes.
Accordingly, the Bank's balance sheet do not reflect income tax expense or liabilities.
However, pursuant to the Costa Rican Tax Efficiency Law No. 8114, and given that the
Bank forms part of Grupo Financiero CuscatI n, S.A. (domiciled in Costa Rica), the Bank is
liable for taxes in Costa Rica in lieu of the foreign remittance tax of $125,000 (2003:
$300,000).
18. Dividends,
On February 4, 2004, the directors declared a dividend of $1,000,000.
19. Risk management
Derivative financial instruments
The Bank uses interest rate hedge contracts as tools to hedge interest rate risk, given the
asset and liability structure at a given point in time. The Bank reduces its credit risk with
respect to these contracts by using a solid financial institution with an international risk
qualification as its counterparty.
Principal risks are described below:
Credit risk
Credit risk is the risk that the debtor or issuer of a financial asset owned by the Bank
engaged in financial intermediary activities will fail to make payments due in a timely
manner, in conformity with the terms and conditions agreed when the respective financial
asset was acquired.
Exposure to credit risk is monitored by the Bank on an ongoing basis through portfolio
status reports, sector analyses, and classification of the portfolio. Credit evaluations include
periodic assessments of the customer's financial standing. The Bank's credit manual
establishes policies for extending financing. All credit operations are subject to the prior
authorisation of the Credit Committees.
Credit risk
The maximum exposure to credit risk is represented by the carrying amount of each
financial asset and the undrawn letters of credit.
Foreign currency risk
The Bank is exposed to this type of risk when the value of its assets and liabilities in foreign
currency is affected by exchange rate variations, and the corresponding amounts are
mismatched.
At December 31, 2004 and 2003, the Bank has no monetary assets or liabilities
denominated in currencies other than the Unites States dollar.
Interest rate risk
This is the risk of exposure to losses in the value of a financial asset or liability due to
fluctuations in interest rates when the terms of asset and liability portfolios are mismatched
and the Bank does not have the required flexibility to make timely adjustments.
The Bank's management controls interest rate risk through weekly gap reports, which are
analyzed by the Asset and Liability Committee.
The Bank also follows the policy of including a clause in all loan contracts to provide for
periodic interest rate adjustments. Decisions on terms, financing, and credit seek to
optimize those gaps, in order to control intereO rate risk. The Investment Committee
considers the risk of rate fluctuations when making decisions involving the purchase of
investment securities.


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Liquidity and financing risk
Liquidity and financing risk is the risk that the Bank will be unable to meet its obligations due
to the unexpected withdrawal of funds deposited by creditors or customers, impairment of
loan portfolio quality, write-down of investments, excessive concentration of liabilities in a
single source, mismatching of assets and liabilities, lack of liquidity of long-term assets
matched with short-term liabilities, etc.
The Bank monitors its liquidity position on a daily basis and maintains liquid assets in
excess of its liquid liabilities. Additionally, the Bank analyses the matching of terms on a
weekly basis and seeks to minimise any existing gaps when establishing deposit-taking,
financing, and investment strategies. Decisions that affect liquidity are made by the Asset
and Liability Committee. Accordingly, the Bank has a defined liquidity, investment, and
corporate risk policy.
Money laundering risk
This is the risk that the Bank's products and services could be used to cover up financial
assets in such a way that the illicit activity producing them cannot be detected. This
situation could lead to sanctions or warnings due to non-compliance with current anti-money
laundering legislation, as well as damage the Bank's reputation.
The Bank controls this risk by applying policies such as the "Capital Legitimisation
Prevention Policy", which involve all personnel. The Bank applies the "know your client"
policy, identifies the warning signs of suspicious activities, retains information, trains
personnel across the entity, reports to regulatory agencies, and cooperates with the local
authorities.
20. Fair value of financial Instruments
Fair value estimates are made on a given date, 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 Bank's significant financial instruments approximate fair values
because of one or more of the following reasons:
(i) Immediate or short-term maturity.
(ii) Carrying value approximates market value.
(iii) Interest rates approximate current market rates.



Publish your Legal Notices and

Balance Sheets in The Bahamas

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PAGE 6C, FRIDAY, APRIL 29, 2005


THE TRIBUNE


laphoe 242 393 2UU/
Pax 242-393 1772
Interim www.kpllMQOm.bs


AUDITORS' REPORT TO THE MANAGEMENT OF CITIBANK N.A., BAHAMAS
BRANCH, CORPORATE AND INVESTMENT BANK AND GLOBAL CONSUMER
GROUP DOMESTIC SEGMENTS


We have audited the balance sheet of Citibank N.A., Bahamas Branch, Corporate and Investment Bank
and Global Consumer Group Domestic Segments ("the Branch") as of December 31,2004 and the related
statements of operations, changes in retained earnings and cash flows for the year then ended. These
financial statements are the responsibility of the Branch's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing as promulgated by the
International Federation of Accountants. Those standards require that we plan and perform the audit to
obtain reasonable assurance as to whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Branch as of December 31, 2004 and the results of its operations and cash flows for the year then ended
in accordance with International Financial Reporting Standards promulgated by the International
Accounting Standards Board.





Chartered Accountants

Nassau, Bahamas
April 26, 2005

CITIBANK N.A.,
(BAHAMAS BRANCH),
CORPORATE AND INVESTMENT BANK AND
GLOBAL CONSUMER GROUP DOMESTIC SEGMENTS

Balance Sheet
As at December 31, 2004, with corresponding figures for 2003
(Expressed in Bahamian dollars)

Notes 2004 2003
$'000 S'000

Assets

Cash and balances with banks group 3 & 12 66,230 35,153
Cash and balances with banks others 3 & 12 24,772 38,459
Investments 4, 12 & 13(a) 10,533 11,650
Advances and other assets 5, 12 & 13(b) 72,911 109,845
Property, plant and equipment 6 & 9(d) 170 224

174.61 19.331
Liabilities and Reserves

Liabilities

Current, savings and deposit accounts group 7,12 & 13(c) 37,064 19,687
Current, savings and deposit accounts others 7, 12 & 13(c) 135,775 161,702
Amount due to group 8 & 12 1,974
Other liabilities 1.3 2.166

174.20 1.529
Reserves

Retained earnings due to Head Office 9.802




Commitments and contingencies 10
These financial statements were approved onhbehalf of Minagementon Ajri!26, 2005 by:


M. Carmen Butler Arvind Gulati
Vice President Vice President

Statement of Operations
For the year ended December 31, 2004, with corresponding figures for 2003
,(Expressed in Bahamian dollars)

2004 2003
Notes .$'o00 S'000

Interest income 9 (a) 5,617 8,567
Interest expense 9 (b) 2422 (3982

Net interest income 3,195 4,585
Other income 9(c) 1490 1.938

4,685 6,523
Operating expenses 9(d) (295) .(3055)

Net income for the year. 2 3.468
Statement of Changes in Retained Earnings
For the year ended December 31, 2004, with corresponding figures for 2003
(Expressed in Bahamian dollars)


2004 2003
$S'0 $'00

Balance at January 1 9,802 6,334

Net income for the year .172 3. 468

11,530 9,802
Remittance of profits to head office (L123)

Balance at December 31 407 9.S02

Statement of Cash Flows
For the year ended December 31, 2004, with corresponding figures for 2003
(Expressed in Bahamian dollars)

2004 2003
S'000 S'000O

Cash flows from operating activities

Net income for the year 1,728 3,468
Adjustments for:
Depreciation 74 96
1,802 3,564

Net decrease in advances 37,159 10,651
(Increase)/decrease in other assets (225) 553
Net (decrease)/increase in customers'
current savings and deposit accounts (8,550) (96,611)
(Decrease)/iperease in amount due to group (1,974) 1,404
Decrease in other liabilities .(76 (546)

Net cash provided by/(used in) operating activities 27,416 (80,985)

Cash flows from investing activities

Proceeds from disposal of available-for-sale investments 1,117 4,375
Additions to property, plant and equipment ___ (20) ,

Net cash provided by investing activities 1,097 4,353

Cash flows from financing activities

Remittances to head office (11.123 ___


Net cash used in financing activities (11,123)


Net increase/(decrease) in cash and cash equivalents 17,390 (76,632)

Cash and cash equivalents at beginning of year 73.612. 150.244

Cash and cash equivalents at end of year (Note 3) 2.0 73612
Notes to the Financial Statements, .." .
For the year ended December 31,2004, with corresponding figures fr 2003
(Expressed in Bahamian dollars)

I i i '* *.' i .


emonlokosobm1 conmn
En t OW s~m
POfttNiaW
tai Byi Swiani nu
Nun~yS -


Motor Vehicles
Computer Hardware/Soft'are
Equipment, furniture and fittings
Installations


20%
33 1/3%
- 33 1/3%
10%


i) Reserve requirements

The statutory cash reserve account with The Central Bank of Bahamas is non-interest
bearing and is based on 5% of the average Bahamian dollar denominated deposit
liabilities of the Branch.
j) Income and expenses

Income and expenses are recognised on the accrual basis. Originating fees on loans are
recognised at the date the loan is disbursed. Other fees on loans are recognised when
charged. Fees and commissions are taken into income on a trade date basis or completion
of a binding obligation. Where such obligations are continuing, income is recognised
over the tenor of the facility.

k) Cash and cash equivalents ...

Cash and cash equivalents are short term "highly liquid investments" which are readily
convertible into known amounts of cash without notice and which are within three (3)
months of maturity when acquired.

1) Related parties

A number of banking transactions are entered into with related parties in the normal
course of business. These transactions were carried out on commercial terms and
conditions at market rates. All such transactions and balances described as group relate to
Citigroup Inc. and its subsidiaries and affiliates. Transactions with Head Office and
between the CIB Domestic Segment and the GCG Domestic Segment are described as
group. ,n, n


3. Cash and balances with banks

Deposits with group companies
Bank balances held with group companies
Deposits with other financial institutions
Deposits with The Central Bank of The Bahamas
Cash on hand
Net.cash and cash equivalents


2UU4
$'000

52,440
13,790
17,519
7,253

9.002...


S'000

21,273
13,880
11,041
27,415
3


Interest rates earned on deposits placed with group ranged from 1% to 4% (2003 1% to 4%).
All other balances are non-interest bearing. Refer also to Note 12.
4. Investments


Available-for-sale investments:


Bahamas Govcrnment Registered Stock
Deposit Insurance Corporation


2004
$'000

10,533


2003
$'000

11,283
367


Interest rates applicable on these investments range from 6.00% to 6.88% (2003 6.22% to
7.50%). Refer also to Notes 12 & 13.,
5. Advances and other assets 2004 2003


Advances
Other assets


S'000


72,063
848


S'000


109,222
623


72911 109.
Interest rates applicable on performing advances range from 2.62% to 9.50% (2003 2.02% to
9.50%). There were no non-performing advances as at December 31, 2004 or 2003, consequently
there is no provision for credit losses as at the balance sheet dates. Refer also to Notes 12 & 13.


mmmm~A3


MOO


I3


1. Incorporation and principal activities

Citibank N.A., was incorporated in the state of Delaware, United States of America, in 1968.
Citibank N.A., Bahamas Branch ("the Branch") is an overseas branch of Citibank N.A., New
York ("Head Office") and is licenced under the Banks and Trust Companies Regulations Act of
2000 to conduct business from the Bahamas. The Branch commenced operations in 1987
providing consumer banking including the acceptance of deposits, granting of loans and the
provision of foreign exchange services. Closure of this domestic segment, the Global Consumer
Group (GCG) officially commenced as of August 1, 2001. As of that date, the bank ceased all
new sales of loans or deposit accounts and in October 2001 it was publicly communicated that
the one remaining branch located on Thompson Boulevard would be closed as of December 28,
2001. Consequently, all activities and balances related to the GCG Domes:. Segment are
reflected in Note 15 Discontinued Operations.

Concurrently with the closure of the GCG Domestic Segment, a decision was made to establish a
Corporate and Investment Business (CIB) Domestic Segment within the Branch, which became
operational effective January 1, 2001. This domestic segment offers corporations, government,
institutions and investors a range of financial products and services including the acceptance of
deposits, granting of loans and the provision of foreign exchange services.

The Branch is not a separate legal entity and these financial statements contain only the assets
and liabilities, operations and cash flows and related disclosures of the CIB Domestic Segment,
and the Bahamian dollar operations of the GCG Domestic Segment disclosed in Note 15. The
Branch is dependent upon its Head Office for information relating to transactions affecting it and
entered into by Head Office. The records of the Branch contain information of transactions
received from Head Office.

The Branch operates through one location on Thompson Boulevard.

The number of employees in the CIB Domestic Segment of the Branch as at December 31, 2004
was 15 (2003 15).

2. Significant accounting policies

The following is a summary of the significant accounting policies adopted by the Branch in
presenting the financial statements:
a) Statement of compliance

The financial statements are prepared in accordance with International Financial
Reporting Standards promulgated by the International Accounting Standards Board.
b) Basis of preparation

The financial statements are prepared in Bahaman dollars, the Branch's reporting
currency, as the Branch's operations are conducted in the Bahamas and a significant
portion of its transactions, assets and liabilities are denominated in Bahamian dollars.
They are prepared under the historical cost convention except as noted below.

The accounting policies have been consistently applied by the Branch and are consistent
with those used in the previous year.

c) Use of estimates

The preparation of financial statements requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. These estimates are
based on relevant information available at the balance sheet date and, as such, actual
results could differ from those estimates.

d) Foreign currency translation

Transactions in foreign currency are translated into Bahamian dollars at the exchange
rate prevailing at the date of the transaction. Assets and liabilities denominated in
foreign currencies are translated into Bahamian dollars at the exchange rate ruling at the
balance sheet date. Foreign exchange differences arising on translation are recognized in
the statement of operations.
e) Investments

Investments that are classified as available-for-sale are recognised on a trade date basis
and are carried at fair value. Fair value of an investment in Bahamas Government
registered stock is determined by reference to comparable bonds and debentures. In the
absence of a quantified market price, best estimate is used to determine the fair value at
which the investment can be sold and 'the carrying values reflect the estimated net
realisable value.

Realised gains and losses and the movement in unrealised gains and losses arising from
changes in the carrying value of investments are included in the statement of operations.

f) Taxation

No cdrPdration taxes are levied in The Comindinvealtfof the BHims.

g) Advances and other assets

Advances and other assets are stated at amortised cost. Specific allowances for credit
losses based on quarterly reviews are made against advances when, in the opinion of
Management, credit risks or economic factors make recovery doubtful. Mortgage loans of
the GCG Domestic Segment are placed on a non-accrual basis whenever payment of
principal and/or interest is 90 days past due and specific allowances for credit losses are
made based on specific review of each non-accrual loan. All other loans of the GCG
Domestic Segment are stated at principal and are written-off whenever payment of
principal and/or interest is 120 days past due. The aggregate allowances, which are made
during the year (less recoveries of bad debts previously written off), are charged against
operating profit.

Interest is recognised on the accrual basis except when principal or interest is 90 days past
due or when, in the opinion of management, full collection is doubtful.
h) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the
assets as follows:









THE TRIBUNE


FRIDAY, APRIL 29, 2005, PAGE 7C


96 146 411
6 20


Balance at Dec. 31. 2004 17 166 102 146 431

Accumulated depreciation

Balance at Jan. 31, 2004 8 112 35 32 187
Charge for year 4 36 13 21 74

End ofrear 12 148 48 53 261


Net book value
at Dee 31.2004 5 1 54 93 170

Net book value
at De31. 2003 4] 1 114 224


7. Customers' current, savings and deposit accounts

Customers' accounts consist of the following:
Term deposit accounts
Current accounts
Savings accounts
Group companies


2004
$'000

85,386
45,475
4,914
37.064
172.839


2003
S'000

133,673
22,167
5,862
181.389


Interest rates applicable on customer accounts range from 0.5% to 4.0% (2003 0.5% to 4.0%).
Refer also to Notes 12 & 13.


8. Amount due to group


2004
S'000


Management fee payable to group company
Bank accounts held with group companies


2003
$S'000

500
1.474


At December 31, 2003 interest rates applicable on bank accounts with group companies ranged
from 1% to 4%. The management fee payable to group company was non-interest bearing and had
no set terms of repayment. Refer also to Note 12.


9. Operating profit

a) Interest income

Loans and advances
Investments
Other balances with banks


2004
S'000


3,763
788
1.066


b) Interest expense


Customers' current, savings and deposit accounts
Other affiliates


c) Other income

Exchange earnings
Fees and commissions


2422


2003
S'000


4,901
840
2,826




3,827
155




898
1.040


1.490


d) Operating expenses

Staff 1,003
General administration,
Jncld j g,pr perty.r.eat,4 expensess ., ,..,..; I. .1 ... ,1,800, ;...
Depreciation 74

2.957

Related party transactions included above:


Interest income
Interest expense
General administration, including property related expenses


700
(545)
(1,099)


883

2,076
96





2,675
(155)
(1,302)


10. Commitments and contingencies

The Branch is a party to certain financial instruments with off-balance sheet risk in the normal
course of business to meet the financing needs of its customers. These financial instruments
include acceptances and guarantees, commitments to extend credit under lines of credit and
commitments to originate loans and mortgages. Exposure to loss is represented by the contractual
amount of those instruments, however the Branch uses the same credit and hypothecation criteria
when entering into these commitments and conditional obligations as it does for loans and
mortgages.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers in
respect of which there are corresponding obligations by customers, amounted to $1,948,000 (2003
$1,948,000) and are not included in the balance sheet. Commitments to extend credit under lines
of credit previously arranged amounted to $10,000,000 at December 31, 2004 (2003 -
$10,000,000).


11. Foreign currency exposure


The Branch takes on exposure to the effects of fluctuations in the foreign currency exchange rates
on its financial position and cash flows. Limits are set on the level of exposure by currency and in
aggregate for both overnight and intra-day positions, which are monitored daily. The table below
summarises the exposure to foreign currency exchange rate risk as at December 31, 2004 and
2003 in Bahamian dollar equivalents:


USD
2004 S'000
Assets 106,670
Liabilities (106.540)


2003
Assets 77,957
Liabilities (83.222)
J5.265)


EUR
$S'000
15,287
(15.419)



21,226.
(21.220)


CAD
$S'000
581
(581)


GBP
$S'000
102
(102)


297 620
(297) (617)


Total
$'000
122,640
(122.642)



100,100
(105.356)


The Bahamian dollar asset and liability mismatch position of the Branch was in excess of the
Bahamian dollar $500,000 statutory limit as a result of its foreign currency exposure as at
December 31, 2003. Specific approval from The Central Bank of The Bahamas ("The Central
Bank") was obtained for the excess prior to the execution of the related transactions. The Branch
was committed to reduce the excess position based on specific terms and time schedule agreed
with The Central Bank.

12. Maturity profile of assets and liabilities


2004

Assets
Cash and balances with banks
Investments
Advances


Liabilities
Current, savings and deposit accounts

2003

Assets
Cash and balances with banks
Investments
Advances




Liabilities
Current, savings and deposit accounts
Amount due to group


Within
1 yr
$S'000


91,002
5,250
22.070








73,612
1,117
25 378





181,323
1.974
Alm2


Maturing
Over 1 yr
to 5 yrs
$S'000


Over
5 yrs
$'000


total
S'000


91,002
808 4,475 10,533
49,597 396 72 063

50.405 A 4.1 173.5921
2 172.839


6,058
73.913


73,612
4,475 11,650
2,211 .109,222


29.971 14.46 J9AA


181,389
- 1974
-a ,


13. Concentration of assets and liabilities

a) Investments

State sector

b) Advances


Corporate and commercial sector
tate sector
Other financial institutions


2004
S'000


40,652
31,172
239


2003
$S'000


46,069
62,748
405


S109.222
At December 31, 2004 included in corporate and commercial sector advances are secured loan
facilities to a single borrower of $28,500,000 (2003 -$28,500,000). A total of $15,895,752 (2003 -
$19,797,000) had been drawn down and remained outstanding under these facilities at the balance
sheet date.


c) Current, savings and deposit accounts


Group
Corporate and commercial sector
State sector
Other financial institutions


37,064
33,677
116
101.982


19,687
27,323
94
134,285


172.832J2 18L82
All investments and advances are with parties situated in The Commonwealth of The Bahamas.
The majority of current, savings and deposit accounts, are from parties located in The
Commonwealth of The Bahamas and the Caribbean.
14. Financial instruments

Fair values

Cash, statutory reserve account, accrued interest, other assets and accrued interest and
other liabilities
Due to their short-term maturity, the carrying values of these financial instruments are considered
to approximate their fair values.

Investments
Investments available-for-sale are carried at fair value in accordance with the policy described in
note 2(e).

Loans
For floating rate loans that are subject to repricing, fair values are considered to approximate the
carrying values since the interest rates on the loans are linked to market rates.

Deposit accounts
The estimatedfair values of non-interest bearing deposit accounts are considered to approximate
their carrying values as they are all at demand. The estimated fair values of interest bearing
deposits are ,also considered to approximate their carrying values as the interest rates paid are
equivalent to market rates for the respective maturity dates.
Credit risk

Line management conducts the day-to-day credit process in accordance with core policies
established by the Credit Policy Committee, which are guided by the overall risk appetite and
portfolio targets set by senior management. Credit policies are organised around two approaches -
Credit Programs and Credit Transactions.

The Credit Program Approach focuses on the decision to extend credit to sets of customers with
similar characteristics and/or product needs. Approvals under this approach cover the expected
level of aggregate exposure, the terms, risk acceptance criteria, operating systems and reporting
mechanisms. These Programs are reviewed annually.


The Credit Transaction Approach focuses on the decision to extend credit to an individual
customer or customer relationship. It starts with target market definition and risk acceptance
criteria, and requires detailed customised financial analysis.

The Branch's loan portfolio is adequately secured and where necessary, provisions are established
for potential credit losses on delinquent accounts. At December 31, 2004 no credit loss provision
was considered necessary.
Market risk

Market risk encompasses liquidity risk and price risk, both of which arise in the normal course of
business. Liquidity risk is the risk that the Branch may be unable to meet a financial commitment
to a customer, creditor, or investor when due. Price risk is the risk to earnings that arises from
changes in interest rates, foreign exchange rates, equity and commodity prices, and their implied
volatilities.

The..risk manaageientzp oanesofitlhe Braiidir&tcludesi'the:establishment of appropriate market
controls, policies and procedures, appropriate senior management risk oversight with thorough
risk analysis and reporting, and independent risk management with capabilities to evaluate and
monitor risk limits. Market risk management is an evolutionary process that integrates changes in
the markets, products, and technologies into policies and practices.

Price risk is measured using various tools, including Earnings-at-Risk (EAR) and sensitivity
analysis, which are applied to interest rate risk in the non-trading portfolios and Value-at-Risk
(VAR), stress and scenario analysis, which are applied to trading portfolios.

Liquidity risk is monitored using the Market Access Report (MAR), a gap analysis tool, for both
business as usual and stress scenarios.

The management of liquidity is the responsibility of the Asset/Liability Management Committee
(ALCO), which includes senior executives. All Business Heads are represented on the committee
with the focal point being the Treasurer. The ALCO reviews the current and prospective funding
requirements for all Business Areas, as well as, the capital position and balance sheet. Limits are
established based on the depth of the market, the stability of the liabilities, and the liquidity of the
assets.
15. Discontinued operations

Closure of the GCG Domestic Segment officially commenced as of August 1, 2001. As of that
date, the Branch ceased all new sales of loans or deposit accounts. The one remaining branch
located on Thompson Boulevard was closed as of December 28, 2001. In 2002, the Credit Card
Portfolio was sold at a premium and in 2003 the Mortgage Loan as well as the Business and
Professional Loan portfolios were sold at par. During the year the remaining Personal Loan
portfolio, with the exception of the non-accrual loans, was sold at a discount. Consistent with
previous years, these figures incorporate only the B$ assets/liabilities and transactions of the GCG
Domestic Segment.


The financial position of the remaining assets and liabilities
attributable to the discontinued operations were as follows:

Balance Sheet
Assets
Cash and placements
Loans
Other assets

Liabilities

Deposit accounts group
other
Accrued interest & other liabilities other
Provision for business restructuring
Head Office Account


Statement of Operations


Interest income
Interest expense
Net interest income

Non-interest income


Non-interest expenses
Net credit losses


Net loss for the year


Cash flows attributable to the GCG Domestic Segment are as follows:


Operating activities
Investing activities
Financing activities

The loan portfolio consists of the following:


Interest Maturity
Rates in Years


Consumer loans
Commercial loans
Non-accrual loans
Total


5- 16%
7 9%


and revenues and expenses


2004
$'000
3,210
536
2



3,203
308
80
186
(29)
3.748

2004
$S'000

446
(224)
222


2003
$'000
at
11,754
252



13,022
317
75
578
(1.905)


2003
$S'000

3,545
(2,004
1,541


65 343
287 1,884


807
852
1,659


2,301
1.349
3,650


(LL72~) ~L6)Z


2004
$'000

(119)

3,248



2004
S'000


7 -
- 536
536


2003
S'000

(44)
86
(33)



2003
S'000

10,771
79
904
11.754


The loans are stated at principal net of amounts written off in accordance with the policy
described in Note 2(g). Net credit losses in the statement of operations are net of recoveries of
bad debts previously written off.

16. Corresponding Figures

Certain corresponding figures have been reclassified to conform with the current year
presentation.


6. Property, plant
and equipment


Balance at Jan. 1, 2004
Additionn


Computer
Hardware/
Software
S'000


Motor
Vehicle
$S'000


16
1


Equipment
furniture
& fittings
S'000


Instal-
lations
$S'000


Total
S'000


I


,nUUILIUlb I li


I .. ,


)II


F,,, 7 --


j I









PAGE 8C, FRIDAY, APRIL 29, 2005


THE TRIBUNE


Telephone 242 393 2007
Fax 242 393 1772
Internet www.kpmg combs


AUDITORS' REPORT TO THE SHAREHOLDERS



We have audited the accompanying balance sheet of BAC BAHAMAS BANK 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 as promulgated by
the International Federation of Accountants. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the balance sheet is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the balance sheet. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet referred to above presents fairly, in all material respects, the
financial position of the Bank at December 31, 2004, in accordance with International Financial
Reporting Standards adopted by the International Accounting Standards Board.




Chartered Accountants

Nassau, Bahamas
February 4, 2005

BAC BAHAMAS BANK LIMITED
Balance Sheet

December 31, 2004, with corresponding figures for 2003
(Expressed in United States dollars)

2004 2003

ASSETS

Cash and cash equivalents (notes 3 and 11) $ 47,343,096 17,770,717
Loans, net (notes 4 and 11) 190,994,188 167,690,827
Investments (note 5) 8,929,389 9,509,886
Accrued interest receivable (note 11) 981,546 793,634
Premises and equipment, net 83,805
Foreclosed assets, net 94,742
Other assets 63,670 6,181
Goodwill (note 6) 345,126 525,192
$ 248,835,562 196,296,437

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:

Demand deposits (notes 7 and 11) $ 35,768,073 32,643,057
Time deposits (notes 8 and 11) 141,067,089 93,730,629
Loans payable (notes 9 and 11) 42,252,367 49,928,135
Accrued interest payable (note 11) 1,313,727 1,114,387
Other liabilities 941,704 913,859
221,342,960 178,330,067

Shareholders' equity

Share capital (note 10) 12,000,000 12,000,000
Contributed surplus (note 10) 6,000,000
Unrealised (loss)/gain on available-for-sale investments (38,425) 77,597
Retained earnings 9,531,027 5,888,773
27,492,602 17,966,370

Commitments and contingencies (note 11)

Total liabilities and shareholders' equity $ 248,835,562 196,296,437
-See accompanying notes to balance sheet. ,


This balance sheet was approved by the Board of Directors on February 4, 2005.




Ernesto Castegnaro Odio, Director
Notes to Balance Sheet

December 31, 2004
(Expressed in United States dollars)


General information

BAC BAHAMAS BANK LIMITED ("the Bank") was incorporated under the laws of the
Commonwealth of The Bahamas on August 13, 1992 and was granted a banking license
on September 16, 1992 by The Central Bank of the Bahamas. The Bank changed its
name to BAC BAHAMAS BANK LIMITED on December 19, 200s. The Bank's registered
office is located at Norfolk House, Frederick Street, Nassau, Bahamas. At December 31,
2004, the Bank had two employees (2003: 4).

Credomatic International, S.A. owns 75% of the share capital of the Bank, while
Corporaci6n Tenedora BAC San Jos6, S.A. owns the remaining 25%. Credomatic
International, S.A. is incorporated in Panama and Corporaci6n Tenedora BAC San Jose,
S.A. is incorporated in Costa Rica.

At a Board of Directors meeting of U.P. Bank and Trust Limited ("UPBT") held on
November 15, 2002, an agreement was reached to merge the Bank and UPBT, a related
party, which at the date of the merger was owned by the same shareholders of the Bank
in the same proportion, the Bank being the surviving entity. Accordingly, as described in
note 6, effective November 27, 2002, the Bank absorbed all the assets, liabilities, rights,
and obligations of UPBT.

2. Summary of significant accounting policies

(a) Statement of compliance

This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and its.interpretations adopted by the International
Accounting Standards Board.

(b) Basis of preparation

The balance sheet is prepared on a fair value basis for available-for-sale ("AFS")
assets. Other financial assets and liabilities and non-financial assets and
liabilities are stated at amortized cost or historical cost. The accounting policies
have been consistently applied.

(c) Financial instruments

(i) Classification

Loans and receivables are classified as originated loans and receivables,
as these were created by the Bank providing money to a debtor and
were not established with the intent of short-term profit taking.

Held-to-maturity assets are financial assets with fixed or determinable
payments and fixed maturity that the Bank has the intent and ability to
hold to maturity.

AFS assets are financial assets that are not held for trading purposes,
originated by the Bank, or held to maturity. AFS instruments include
certain debt and equity securities.

(ii) Recognition

The Bank recognizes AFS assets on the date it commits to purchase the
assets.

Loans and receivables originated by the Bank are recognized on the
settlement date.
(iii) Measurement

Financial instruments are measured initially at cost, including transaction
costs.

Subsequent to initial recognition, all AFS assets are measured at fair
value, except that any investment that does not have a quoted market
price in an active market and whose fair value cannot be reliably
measured is stated at cost, including transaction costs, less impairment
losses. Any gains and losses from changes in fair value of AFS assets
are recognized in equity.

All non-trading financial assets including originated loans and
receivables and accrued interest receivable are measured at amortized
cost less impairment losses. Non-trading liabilities including demand
deposits, time deposits, loans payable, accrued interest payable and
other liabilities are measured at amortised cost. Premiums and
discounts are included in the carrying amount of the related instrument
and amortized to interest income/expense.


KPMG
PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau, Saharpas


$1,402,619). Accrued interest receivable on those loans amounts to $160,064 (2003:
$128,343).

At December 31, 2004, loans earn interest at rates ranging between 2.33% to 13.00%
(2003: 2.33% to 13%) per annum. All loans are due from entities and individuals
domiciled in Costa Rica.

At December 31, 2004, the loan portfolio is secured as follows: mortgages 27.15% (2003:
23.53%), chattel mortgages 4.46% (2003: 5.42%), securities 28% (2003: 27.70%),
unsecured 21.46% (2003: 23.43%) and other 18.93% (2003: 19.92%).

The movement in the provision for loan losses is detailed below:

2004 2003
Balances at beginning of year $ 2,200,194 2,577,507
Provision for loan losses 5,240
Write-offs (416.698) (377,313)
$ 1,788,736 2,200,194


mommQ


I I


I : . ; : --: r -. i` Ill I i I


(iv) Fair value measurement principles

The fair value of financial instruments is based on their quoted market
price at the balance sheet date without any deductions for transaction
costs.
(v) Gains and losses on subsequent measurement

Gains and losses from a change in the fair value of AFS assets are
recognized directly in equity until an investment is considered to be
impaired, at which time the loss is recognized in the statement of
income. When the AFS assets are sold, collected or otherwL.; Jisposed
of, the cumulative gain or loss recognized in equity is transferred to the
statement of income.

(vi) Derecognition

A financial asset is derecognized when the Bank loses control over the
contractual rights that comprise that asset. This occurs when the rights
are realised, expire, or are surrendered. A financial liability is
derecognized when it is extinguished.

(vii) Impairment

Assets are reviewed at each balance sheet date to determine whether
there is any indication of impairment. If any such indication exists, the
asset's recoverable amount is estimated, and if such amount is lower
than the carrying value, an impairment loss is recognized for the
difference.

The recoverable amount of originated loans and advances is calculated
as the present value of the expected future cash flows, discounted at the
original effective interest rate. Short-term balances are not discounted.

The recoverable amount of investments is calculated as fair market
value. The recoverable amount of goodwill is calculated as the present
value of expected future cash flows generated from the customer base
acquired from UPBT.

(viii) Specific instruments

Investments

Investments classified as AFS are reported in the balance sheet at fair
value. Any unrealized gain or loss is recorded in equity.

Loans, net

Loans receivable are stated at the amount of outstanding principal, net of
the provision for loan losses. Interest is credited to income each month
based on the outstanding principal and applicable interest rates, except
loans for which recovery is doubtful, in which case interest is only
recognized when collected. Loans are considered doubtful when unpaid
for more than 90 days.

Provision for loan losses

A provision for loan losses is established based on periodic evaluations
of the recoverability of the loan portfolio and represents the amount that
management believes will be sufficient to absorb possible losses on
existing loans that could become uncollectible. Evaluations take into
account factors such as current economic conditions that could affect the
financial standing of borrowers, the nature and volume of the loan
portfolio, credit history, net realisable value of loan collateral, and
regulations issued by Regulators of the Bank.
Specific allowances are made against the carrying amount of loan
balances to reduce these loans to their recoverable amounts. General
allowances are maintained to reduce the carrying amount of portfolios of
similar loans to their estimated recoverable amounts at the balance
sheet date. The expected cash flows for portfolios of similar loans are
estimated based on previous experience and considering the credit
rating of the underlying customers and late payments of interest or
penalties. Increases in the allowance account are recognized in the
statement of income. When a loan is determined to be uncollectible, all
necessary legal procedures have been completed, and the final loss has
been quantified, the loan is written off directly.

If in a subsequent period the amount of an impairment loss decreases
and the decrease can be linked objectively to an event occurring after
the write-down, the write-down or allowance is reversed through the
statement of income.

(e) Foreign currency translation.

The Bank's measurement and reporting currency is the United States dollar.
Assets and liabilities in foreign currencies are translated at prevailing exchange
rates at the balance sheet date.

(f) ..Business combinations .....

A business combination in which the Bank obtains control over the net assets
and operations of another enterprise, is accounted for as an acquisition using the
purchase method of accounting, whereby the purchase price is allocated to the
fair value of the assets acquired.

(g) Goodwill

Goodwill arising on an acquisition represents the excess of the cost of the
acquisition over the fair value of the net identifiable assets acquired. Goodwill is
stated at cost less accumulated amortization and impairment losses, if
applicable. Goodwill is amortized on a straight-line basis over a period of 5 years.

(h) Use of estimates

Management of the Bank has made a number of estimates and assumptions
relating to the reporting of assets and liabilities, the disclosure of contingencies at
the date of the balance sheet, and the reported amounts of revenues and
expenses during the period to prepare these balance sheet in conformity with
IFRS. Actual results could differ from those estimates.

3. Cash and cash equivalents

Cash and cash equivalents are detailed as follows:

2004 2003
Due from banks $ 38,993,135 14,586,143
Cash equivalents 8,349,961 3,184,574
$ 47,343,096 17,770,717

The geographical distribution of cash and cash equivalents by country of the institution's
head office is detailed as follows:

2004 2003
Costa Rica $ 21,181,206 9,222,112
Panama 641,507 413,226
El Salvador 388,439
United States of America 25,355,583 7,742,219
Germany 164,800 4,721
$ 47,343,096 17,770,717

At December 31, 2004, cash equivalents in the amount of $5,360,697 (2003: 1,434,465)
correspond to investments in repurchase operations, backed by securities issued by the
governments of Costa Rica and Panama, maturing in January 2005 and bearing interest
at rates ranging between 1.67% and 3.25% (2003: 2.84% and 5.32%) per annum.

4. Loans, net

At December 31, 2004, the loan portfolio is segmented by industry as follows:

2004 2003
Personal consumption $ 39,883,199 38,669,147
Services 36,188,042 32,254,176
Commerce 34,147,246 27,003,289
Industry 32,212,754 24,419,097
Housing 23,780,385 18,263,184
Agriculture 9,207,920 9,851,518
Tourism 4,989,850 7,666,556
Construction 7,588,766 6,601,303
Transportation 4,998,294 5,175,928
Other 75,000 187,691 _
193,071,456 170,091,889

Less provision for loan losses (1,788,736) (2,200,194)
Less unearned commissions (288,532) (200,868)
$ 190,994,188 167,690,827


At December 31, 2004, mortgage loans in the amount of $2,140,137 (2003: $3,021,811)
are securing a loan granted to the Bank for $1,000,000 (2003: $2,000,000). The loan is
recorded in loans payable, as disclosed in note 9.


At December 31, 2004, the Bank has non-accrual loans amounting to $1,065,750 (2003:







THE TRIBUNE FRIDAY, APRIL 29, 2005, PAGE 9C
I U


5. Investments
At December 31, 2004, investments comprising securities available-for-sale are detailed
as follows:

Description Cost Interest Maturity Fair Value
Republic of Guatemala
Government Bond $ 1,005,412 6.25% Jul/2005 $ 1,008,015
United States of America
Government Bond 2,976,245 0% Mar/2005 2,976,245
Republic of Costa Rica
Government Bond 897,828 6.41% Apr/2005 910,729
Republic of Panama
Government Bond 4,088,329 7.25% Mar/2005 4,034,400
Total investments available-
for-sale $ 8,967,814 $ 8,929-389


At December 31, 2003, investments comprising securities available-for-sale are detailed
as follows:

Description Cost Interest Maturity Fair Value
United States of America
Treasury Bills $ 4,009,922 2.62% Nov/2005 $ 4,017,867
Republic of Costa Rica
Government Bond 2,122,687 7.19% JarJ2008 2,154,923
Republic of Panama
Government Bond 2,194,993 7.05% Dec/2007 2,216,923
Tel6fonos de Mexico
-Note 1,104,687 8.25% Jan/2008 1,120,173
Total investments available-
for-sale $ 9,432,289 $ 9,509,886

At December 31., 2003, securities totaling $4,017,867 are securing a loan granted to the
Bank for $3,800,000, as disclosed in note 9.
An analysis of investments by region is detailed as follows:

2004 2003
Guatemala $ 1,008,015
United States of America 2,976,245 4,017,867
Costa Rica 910,729 2,154,923
Panama 4,034,400 2,216,023
Mexico 1,120.173
$ 8,929,389 9,509.886
6. Business acquisition and goodwill
The movement in goodwill is shown below:

2004 2003
Balance at beginning or year $ 900,329 900,329
Accumulated amortization .555,203 __ (375,137)_
$ 345,126 525.192
The goodwill relates to the acquisition of UPBT which was completed in 2002.


7. Demand deposits

At December 31, 2004, demand deposits pertain to customers primarily domiciled in
Central America. Demand deposits bear interest at rates varying up to 1.25% (2003:
0.75%). Until September 30,, 2004, demand deposit accounts weresubject to the laws of
the State of Florida USA, under a "payable thru" agreement with BAC Florida Bank
(paying bank). Since October 1, 2004, demand deposits customers cannot draw
cheques against these accounts.
8. Time deposits
At December 31, 2004, the majority of the deposits were due within one year with annual
interest ranging between 1.00% and 12.75% (2003: 1.00% and 12.75) and pertain to
customers primarily domiciled in Central America.
9. Loans payable

2004 2003
Related party domiciled in British Virgin
Islands (2004: 4.51%), (2003: 3.66% to
3.92%) $ 22,700,000 16,900,000
Related party domiciled in Panama (2004:
5.25%), (2003: 3.75%) 7,100,000 7,100,000
Banks (2004: 2.68% to 5.50%), (2003: 1.90%
to 4.14%) 11,508,849 25,872,462
Due to banks -Letters of credit issued 943,518 55,673
$ 42,252,367 49,928,135
At December 31, 2004 a bank loan in the amount of $1,000,000 (2003: $2,000,000) is
secured by mortgage loans totaling $2,140,137 (2003: $3,021,811), as disclosed in
note4.
At December 31, 2003 a bank loan in the amount of $3,800,000 is secured by securities
totaling $4,017,867, as disclosed.in note 5.

"Due to banks Letters of credit issued", represent amounts due to international banks as
a result of those banks advancing funds to suppliers of the Bank's customers in
connection with letters of credit.


10. Share capital and contributed surplus

At December 31, 2004 and 2003, share capital comprised 12,000,000 ordinary registered
shares of $1.00 par value each, for a total of $12,000,000.
During the current year, the shareholders made a contribution in cash totaling
$6,000,000.


11. Related party balances

Related parties comprise entities under common ownership and control. Balances with
related parties are shown below:

2004 2003
Assets
Cash and cash equivalents $ 20,340,545 14,381,422
Loans, net 1,750,000
Accrued interest receivable and other assets 4,259 2,807
20,344,804 16,134,229
Liabilities
Demand deposits 490,262 74,520
Time deposits 3,500,000 500,202
Loans payable 29,800,000 24,000,000
Accrued interest payable 81,886 106,988
$ 33,872,148 24,681,710

During the current year, related parties charged the Bank $154,811 (2003: $ 109,630) for
administrative services. These costs were allocated to the Bank based on the volume of
accounting and teller services.


12. Maturities of significant assets and liabilities
At December 31, 2004, contractual maturities of significant assets and liabilities not
disclosed elsewhere in the balance sheet are summarised as follows:

Maturity 2004 2003
Cash and cash equivalents Within one year $ __ 47343,096 17,770,717
$ 47,343,096 17,770,717
Loans Within one year $ 123,145,697 116,689,865
Thereafter 69,925,759 53,402,024
$ 193,071,456 170,091,889
Time deposits (payable) Within one year $ 139,844,300 91,032,893
Thereafter 1,222.789 2,697,736
$ 141,067,089 93,730,629

Loans (payable) Within one year $ 42,252,367 47,928,135
Thereafter 2,000,000
$ 42,252.367 49,928,135


13. Commitments


2004 2003
Commercial letters of credit $ 3,344,666 1,053,173
Credit commitments 522,026 1,224,752
Other 2,076,308 3,841,309
$ 5,943,000 6,119,234
Commercial letters of credit include exposure to some credit loss in the event of non-
performance by the customer. The Bank's credit policies and procedures to approve
credit commitments and financial guarantees are the same as those for granting loans
The Bank does not expect to incur losses as a result of these commitments.


14. Taxes

Pursuant to Bahamian legislation, the Bank is exempt from payment of income taxes on
its net income. The Bank however, is owned by Costa Rican companies and liable for
Costa Rica tax of $125,000 (2003: $300,000) in lieu of the foreign remittance tax.


Publish your Legal



Notices and



Balance Sheets in



The Bahamas



leading newspaper









The Tribune






Call 502-2352 thru 7 or


502-2376



1> 4
t-


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15. Fair value disclosure of financial instruments
At December 31, 2004 and 2003, the following methods and assumptions were used by
management to estimate the fair value of each class of financial instruments.

(a) Cash and cash equivalents
The carrying amounts approximate fair value because of the short maturities of
these instruments.

(b) Investments available-for-sale
The carrying amounts approximate fair value because these investments are
carried at market value.

(c) Loans, net
Carrying amounts approximate lair value because interest rates on all loans are
adjusted either monthly or quarterly to market rates, and provisions are made to
reduce loan balances to estimated recoverable amounts.

(d) Accrued interest received and payable
These instruments have substantially short maturities and accordingly the
carrying amounts approximate fair value.

(e) Letters of credit
The fair value of letters of credit is based on fees currently charged for similar
agreements or on the estimated cost to terminate them or otherwise settle the
obligations with the counterparts at the reporting date.

(I) Demand and time deposits
The fair value of demand and time deposits is the amount payable on demand at
the balance sheet date. The fair value of time deposits is estimated by
discounting future cash flows using the rate offered for deposits with similar
remaining maturities.

(g) Loans payable
The carrying value of loans payable is equivalent to their fair values at the
balance sheet date because interest rates on all loans are adjusted either
monthly or quarterly to market rates.
Fair value estimates are made on a given date, based on relevant market information and
information about the 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.
16. Risk management disclosures

This section provides details of the Bank's exposure to risk and describes the methods
used by management to control risk. The most significant types of financial risk to which
the Bank is exposed are credit, liquidity, and price risk. Price risk includes currency risk,
interest rate risk and market risk.
Credit risk
The Bank is subject to credit risk through its trading, lending and investing activities, and
in transactions where it'acts as an intermediary on behalf of customers or other third
parties or issues guarantees. The Bank's primary exposure to credit risk arises through
the granting of loans. The amount of credit exposure is represented by the carrying
amounts of the assets in the balance sheet and commitments disclosed in note 13.
Concentrations of credit risk arise from financial instruments relating to groups of
counterparties when they have similar economic characteristics that would cause their
ability to meet contractual obligations to be'similarly affected by changes in economic or
other conditions. The primary concentrations of credit risk arise by location and type of
customer in relation to the Bank's investments, loans, and guarantees issued. The Bank
has no significant exposure to any single customer or counterparty.
The Bank's policy is to require suitable collateral to be provided by customers prior to the
disbursement of approved loans. On average, 60 percent of the balance of outstanding
loans is collateralised. Guarantees and letters of credit are also subject to strict credit
assessments before being provided. The Bank issues credit cards, and periodic reviews
of credit cardholder creditworthiness are made and credit card limits are adjusted where
necessary. Collateral for loans, guarantees, and letters of credit is. usually in the form of
cash, inventory, securities, or other property.

The risk that counterparties might default on their obligations is monitored continually. In
monitoring credit risk exposi:-e, consideration is given to trading instruments with a
positive fair value and to volatility of the fair value of trading instruments. To manage the
level of credit risk, the Bank deals with counterparties in good financial standing.
Liquidity risk
Liquidity risk arises in the general funding of the Bank's activities and in the management
of positions. It includes both the risk of being unable to fund assets at appropriate
maturities and rates and the risk of being unable to liquidate an asset at a reasonable
price and within an appropriate timeframe. The Bank has access to a diverse funding
base. Funds are raised using a broad range of instruments including deposits, other
liabilities evidenced by paper, subordinated liabilities, and share capital. This enhances
funding flexibility, limits dependence on any one source of funds, and generally lowers
the cost of funds. The Bank strives to maintain a balance between continuity of funding
and flexibility through the use of liabilities with a range of maturities. The Bank
continually assesses liquidity risk by identifying and monitoring changes in funding
required to meet business goals and targets set in terms of the overall Bank strategy. In
addition the Bank holds a portfolio of liquid assets as part of its liquidity risk management
strategy.
Interest rate risk
The Bank's operations are subject to the risk of interest rate fluctuations to the extent that
interest assets (including investments) and interest liabilities mature or reprice at different
times or in differing amounts. In the case of floating rate assets and liabilities the Bank is
also exposed to basis risk, which is the difference in repricing characteristics of the
various floating rate indices. Risk management activities are aimed at optimising net
interest income, given market interest rate levels consistent with the Bank's business
strategies.
Currency risk
The Bank is not exposed to currency risk, as all transactions are in United States dollars.
Market risk

The Bank's financial assets are exposed to market risk, the risk that future changes in
market conditions may make an instrument less valuable or more onerous. Exposure to
market risk is formally managed in accordance with risk limits by buying and selling
financial instruments.







PAGE 10C, FRIDAY, APRIL 29, 2005


THE TRIBUNE


DARTLEY BANK AND TRUST LIMITED

CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31,2004
(Expressed In United States dollars)


2004


ASSETS

Cash and due from banks (Note 3)
Due from brokers (Note 4)
Investments (Note 5)
Loans and overdrafts (Notes 6 and 10)
Derivative related amounts (Note 15)
Accounts receivable and other assets
TOTAL


$ 22,538,598
40,506,120
51,341,957
5,947,210

35,480
$120,369,365


LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Deposits (Notes 7 and 10)
Obligations related to repurchase agreements (Note 8)
Obligations related to securities sold short (Note 9)
Dividends payable (Note 13)
Accounts payable and accrued liabilities
Total liabilities

SHAREHOLDERS' EQUITY:
Share capital: Authorized, issued and
fully paid, 4,000 shares of $1,000 each
Contributed capital
Retained earnings
Total shareholders' equity

TOTAL


$ 18,400,636
40,225,140
39,903,148
5,600,000
40,857
104,169,781



4,000,000
10,000,000
2,199,584
16,199,584


2003


S 18,543,978
37,337,934
104,867,572
4,354,419
101,983
44,582
$165,250,468


$ 36,184,477
54,340,705
43,059,787
12,000,000
52,950
145,637,919



4,000,000
10,000,000
5,612,549
19,612,549


$120,369,365 $165,250,468


See notes to consolidated balance sheet.

The consolidated balance sheet was approved by the Board of Directors on March 11, 2005 and is
signed on its behalf by:


Directo


Director


NOTES TO CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31,2004
(Expressed in United States dollars)


1. GENERAL

Dartley Bank and Trust Limited (the "Bank") was incorporated in the Commonwealth of The
Bahamas on October 27, 1992 to engage in banking activities. In March 1994 the Bank's
licence was upgraded from a restricted to an unrestricted licence. In February 1996 the Bank
was granted a trust licence and accordingly adopted the name Dartley Bank and Trust Limited.
The Bank's current line of business involves accepting and placing deposits, loans and trading
in marketable securities with members of the international community. The Bank is owned
74% by Ourinvest Holdings Ltd., 25% by Ourinvest Participations (Bahamas) Ltd., both
incorporated in The Bahamas, and 1% by a Director.

In 2002, the Bank established a wholly-owned subsidiary in Uruguay. The Company is
incorporated as a "SAFI" under the Uruguayan legislation and its principal activity is the
facilitation of fiduciary loans. In 2004, the Board of Directors agreed to acquire a leasing
company "Dartley Leasing Company, Inc." as a wholly-owned subsidiary and received Central
Bank's approval for the acquisition. The Bank registered the leasing company in The Bahamas
on January 26, 2005.

The registered office of the Bank is located at the SG Hlambros Bank & Trust Building, Suite
A, First Floor, West Bay Street, Nassau, Bahamas.

The number of persons employed by the Bank as of December 31, 2004 was 7 (2003: 8).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards. The preparation. of the consolidated balance sheet in accordance with
International Financial Reporting Standards requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date. of the consolidated balance sheet. Actual results
could differ from those estimates.

The following is a summary of the significant accounting policies:

a. Principles of consolidatton The consolidated balance sheet includes the balance sheet
of the Bank and its subsidiaries. Intercompany balances and transactions have been
eliminated on consolidation.

b. Investments Investments are recognized on a settlement date basis and are initially
measured at cost.

Investments are classified as either held for trading or available for sale and are
measured at fair value at subsequent reporting dates. Fair values for quoted securities
are based on quoted market prices. Where securities are unquoted, fair value is
determined using pricing models that incorporate current market and contractual prices
of the underlying instrument.

c. Loans and overdrafts Loans and overdrafts are stated net of allowance for credit
losses. The allowance for credit losses is based on the Bank's past loan loss experience
and factors which in management's judgement, deserve current recognition in estimating
loan losses.

d. Assets purchased under reverse repurchase agreement and sold under repurchase
agreements The Bank purchases securities under agreements to resell (reverse
repurchase agreements) and sell securities under agreements to repurchase (repurchase
agreements). Reverse repurchase agreements and repurchase agreements are treated as
short-term collateralized lending and borrowing transactions respectively. Reverse
repurchase agreements are recorded on the balance sheet as "assets purchased under
reverse repurchase agreements" and repurchase agreements are recorded as "obligations
related to repurchase agreements".

Assets pledged as collateral for repurchase agreements are included in investments.

e. Obligations related to securities sold short These amounts represent, the Bank's
obligation to deliver securities it sold but did not own at the time of sale.

f. Derivative Instruments g Derivative instruments are used primarily for trading purposes.
The derivative products used include foreign exchange forwards, options and futures
contracts. The fair value of the derivative instruments are reported on a net basis in
assets or liabilities as derivative related amounts where there is both the legal right and
intent to settle these amounts simultaneously.

g. Related parties Related parties include stockholders and directors of the Bank along
with other companies and funds under common control.

h. Assets under administration No account is taken in these consolidated balance sheet of
assets held or liabilities incurred by the Bank as Custodian, Trustee or Nominee, other
than those assets and liabilities which relate to the banking services provided by the
Bank for their clients.




i. Financial instruments Financial assets and liabilities are recognized in the
consolidated balance sheet when the bank has become a party to the contractual
provisions of the instruments.


3. CASH AND DUE FROM BANKS

Cash and due from banks include margin deposits of $2,806,117 (2003: $698,069) in relation
to obligations related to securities sold short.


4. DUE FROM BROKERS

Amounts due from brokers include margin deposits of $3,488,003 (2003: $4,244,488) related
to obligations under repurchase agreements.


5. INVESTMENTS

Investments consist of the following:



Mutual funds
Banco Bradesco Bonds
Equities
Fed. Rep. of Brazil C-Bonds
Fed. Rep. of Brazil Global Bonds (2027)
Fed. Rep. of Brazil Global Bonds (2040)
United States Treasury Notes
Interest receivable on notes and bonds
Total investments


2004


2003


S S$ 5,965,208
1,210,000
76,744 38,263
43,628,006 74,442,976
686,295 632,690
108,950
4,953,906 22,389,145
787,006 1,290,340
$ 51,341,957 $104,867,572


Investments with market value of $42,553,918 (2003: $65,477,420) are pledged as collateral
for obligations related to repurchase agreements (Note 8).

All investments except for mutual funds are classified as held for trading. Mutual funds are
classified as available-for-sale investments.

Equities consist of holdings in two wholly-owned subsidiaries namely, Inversiones Fillicox
SA. and Dartley Leasing Company, Inc. which was acquired in 2004.
6. LOANS AND OVERDRAFTS

Loans and overdrafts consist of the following:


2004


Loans
Overdrafts

Accrued interest

Allowance for credit losses


2003


$ 6,346,534 $ 4,513,750
1,800 208,398
6,348,334 4,722,148
113,876 147,271
6,462,210 4,869,419
(515,000) (515,000)
S 5,947,210 $ 4,354,419


2004


Unsecured loans and overdrafts
Secured loans and overdrafts


2003


$ 793,956 $ 1,167,148
5,554,378 3,555,000


$ 6,348,334 $ 4,722,148

The concentration of loans and overdrafts is as follows:

Number of loans Number of overdrafts


2004 2003 2004


Under $100,000
$100,000 to $500,000
Over $500,000


2003


5 2 1 8
7 4 1


2 1
14 7


1 9


The maturity of loans and overdrafts is as follows:


2004


0 to 30 days
31 to 90 days
Over 180 days

Accrued interest


$ 1,712,816
3,522,876
1,112,642
6,348,334
113,876


2003

$ 299,398

4,422,750
4,722,148
147,271


$ 6,462,210 $ 4,869,419


7. DEPOSITS

The concentration and maturity of deposits are as follows:


Number of deposits

2004 2003

55 45
15 13
8 10


Under $100,000
$100,000 to $500,000
Over $500,000


2004


Demand deposits
Money market
0 to 30 days
31 to 60 days
61 to 90 days
Over 90 days


Accrued interest


2003


$ 6,832,416 $ 5,148,351
6,121,194 7,029,626
2,043,930
426,353
20,530,510
5,401,721 856,857
18,355,331 36,035,627
45,305 148,850


$ 18,400,636 $ 36,184,477
*

8. OBLIGATIONS RELATED TO REPURCHASE AGREEMENTS

Obligations related to repurchase agreements consist of the following:


2004


Loans
Accrued interest


200'


$ 40,131,019 $ 54,312,056
94,121 28,649


$ 40,225,140 $ 54,340,705

Maturities of obligations related to repurchase agreements are as follows:


2004


0 to 30 days
31 to 90 days
91 to 180 days
Over 180 days

Accrued interest


10,484,752
21,091,141
8,555,126
40,131,019
94,121


2003
$ 17,322,758
19,514,975
17,474,323


54,312,056
28,649


$ 40,225,140 $ 54,340,705

The loans bear interest at rates between 1.10% to 2.10% (2003: 0.45% to 0.95%) per annum
and are secured by margin deposits at brokers, and investments with a market value of
$42,553,918 (2003: $65,477,420) (Notes 4 and 5).


9. OBLIGATIONS RELATED TO SECURITIES SOLD SHORT

Obligations related to securities sold short is comprised of the following:


2004


Federative Republic of Brazil C-Bonds
Federative Republic of Brazil Global Bonds (2040)
United States Treasury Notes
Interest payable on bonds and notes


2003


$ 2,787,6'3 $ 1,212,545
30,732,000 40,311,500
5,010,156
1,373,369 1,535,742
$ 39,903,148 $ 43,059,787


10. RELATED PARTY BALANCES AND TRANSACTIONS

Related party balances consist of the following:


2004


Loans and overdrafts


Deposits


2003


$ 335,279 $ 210,486

$ 6,626,830 $ 4,015,060


5-


C
a-
a:
a:
a:
4
4
4
4
4
'4
'4
4
'4
'4
4
4
'4
'4

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THE TRIBUNE


-ri-UAY, AIHIL 29, 2005, I'AULE 11C


11. DIVIDENDS


Dividends for the year is comprised of the following:


2004


2003


Dividends paid during the year $ $ 5,000,000
Dividends declared during the year 5,600,000 12,000,000
$ 5,600,000 $ 17,000,000

On December 31, 2004, a resolution was passed to pay dividends in the amount of $5,600,000
in respect of shares in issue at December 31, 2004. The amount was approved for
disbursement by The Central Bank of The Bahamas on March 21, 2005, and remained unpaid
as at December 31, 2004.


12. GEOGRAPHICAL ANALYSIS OF ASSETS AND LIABILITIES

North


South America
America & Caribbean


Assets
Cash and due from banks
Due from brokers
Investments
Loans and overdrafts
Accounts receivable and
other assets
Total 2004

Total 2003


$

46,354,16
5,596,22


- $ 22,305,264 $
40,506,120
52 4,987,795
28 350,982


Europe

233,334


35,480__
$ 51,950,390 $ 68,185,641 $ 233,334

$ 80,613,339 $ 73,370,629 $ 11,266,500


North
South America
America & Caribbean


Liabilities
Deposits
Obligations related to
repurchase agreements
Obligations related to
securities sold short
Dividends payable
Accounts payable and
accrued expenses
Total 2004

Total 2003


$ 18,387,820 $


12,816 $


Europe


Total

$ 22,538,598
40,506,120
51,341,957
5,947,210

35,480
$ 120,369,365

$ 165,250,468


Total


$ 18,400,636


37,477,930 2,747,210 40,225,140


39,903,148
5,600,000


39,903,148
5,600,000


- 40,857 40,857


$ 18,387,820 $ 83,034,751 $ 2,747,210

$34,706,318 $110,931,601 $ -


$104,169,781

$145,637,919


13. DERIVATIVE RELATED AMOUNTS

The following is an analysis of open derivative instruments as of December 31, 2004:

(Notional
Amount)
Total T
2004 2


Forward contracts
Interest rate swap


S 30,000,000


$ $ 30,000,000

The interest rate swap for $30 million matures on April 15, 2014 and was transferred to a
related party on January 8, 2004. As of December 31, 2003, the market value of this swap was
$101,983.


14. ASSETS IN CUSTODY

In the normal course of business the Bank holds in custody assets and/or investments. The
value of assets held by the Bank on behalf of clients is as follows:


2004


Securities
Loans
Annex 4 Investment


$ 54,982,524
35,289,575
233,730


2003

$ 76,222,167
54,018,786
130,857


$ 90,505,829 $130,371,810

Of these, $34,186,268 (2003: $28,745,436) are held on behalf of related parties.



15. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The Directors are of the opinion that the fair value of the financial assets and liabilities of the
Bank approximate their carrying value as reported in the consolidated balance sheet.


I .~


4


1. .1


The Planning
Committee of
the Lyford Cay
Scholars' Revel in the Arts
F undraiser would like to thank
our patron, Mrs. Monique 1
Moore, our generous Sponsors,
the talented Artists, participating The White Door's pot of paella one of the Guests enjoy the gourmet cuisine arn display.
Restaurants, Caterers and Chets hits of the evening
and all the merry Revellers who made
dEe event such a great success, Hundreds
of supporters enjoyed delicious gourmet
cuisine and fine wines, listened to the
sounds of the live jazz band, and placed
winning bids in the Silent Art Auction.
The Harry Moore Memorial Scholarship
in the Arts was increased by well over
$30,000. Thank you one and all! Revel in tiheArts futndraiser was in honor of Nancy Kelly makes a bid on the fantastic A group of merry Revellers,
our mentor Mr. Harry C Moore artwork tip for Auction









The dedicated and hardwirking Planning Committee Bristol Cellars serves up an array of fine wines. Scholars Gisell ndd Genorgia pose prettily for Revellers enjoy the fantastic array of seafood at
of The Lyford Cay Scholars'Association. the camera Paiadise Fisheries' display.











Delectable dessert spread from Cafe Matisse Lylord Cay Club Chef cooks up fabulous Asian Revellers line up to sample the cuisine at A group of friends revelliun in tihe Arts.
and Chef Ellie's Duff. cuisine Goodfellow Farms and Alexandra Catering.


16. RISK MANAGEMENT

Interest rate risk management
Interest rate risk is the risk of economic loss arising from the reinvestment or disinvestment of
cash flows. The Bank is exposed to economic losses from changing interest rates only to the
extent that cash flows from assets and liabilities do not match. To manage this risk, the Bank's
principal strategy is to maintain loan assets and deposits liability maturities within a maximum
maturity for one year on a fixed rate basis. Where maturities exceed one year, interest rate risk
is clearly evaluated before undertaking the asset or liability and the risk is reviewed constantly.
The approach for managing interest rate risk takes into account all key risk factors, including
maturity, duration, cash flow matching and sensitivity to interest rate movements.

Credit risk management
Credit risk is the risk of economic loss resulting from the failure of an obligor of the Bank to
make any payment of interest or principal when due. The Bank manages credit risk through
credit and aggregate counterparty exposure limits. Provisions for losses on assets that are
currently impaired are made through a reduction in the carrying value of the asset. In addition,
provisions for possible future defaults on assets currently owned by the Bank are made through
a general allowance for losses. As of December 31, 2004, the Bank had a $515,000 (2003:
$515,000) allowance for credit losses.

Liquidity risk management
Liquidity risk refers to the ability of the Bank to meet its obligations to depositors and other
creditors as they arise. Liquidity management is an important element of the Bank's overall
financial management and recognizes that clients must have confidence in the ability'of the
Bank to meet all payment obligations on a timely basis. The Bank maintains as a matter of
policy bank deposits or marketable securities equal to at least 20% of deposits maturing within
90 days.

Investment risk
The Bank manages its investment securities in accordance with management policy directed by
the Board of Directors that establishes aggregate limits and constraints for interest rate, credit
liquidity, and derivative risks. The Bank focuses on credit liquidity of marketable securities
and constantly reviews price variations to ensure that economic gains or losses-are managed
within parameters established by its management policy from the Board of Directors.

Operational risk
Operational risk is the risk that a loss will be incurred as a result of incorrect processing of
transactions and information due to fraud, error, system failure or adverse changes in cost or
volumes. The Bank manages operational risk by a system of internal controls that require
segregation of duties, such as the recording of transaction details and notification, when
appropriate, of parties to transactions for verification purposes.

The financial measure of operational risk is the actual losses incurred. No material losses have
occurred in 2004 and 2003.






Deloitte
Deloiltte & Touche
Chartered Accountants
and Management Consultants
2nd Terrace, Centreville
P.O. Box N-7120
Nassau, Bahamas
Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
http://www.deloitte.com.bs



INDEPENDENT AUDITORS' REPORT


To the Shareholders of
Dartley Bank and Trust Limited:

We have audited the above consolidated balance sheet of Dartley Bank and Trust Limited (the
"Bank") as of December 31, 2004. The consolidated balance sheet is the responsibility of the Bank's
management. Our responsibility is to express an opinion on the consolidated balance sheet based on
our audit.

Except as discussed in the following paragraph, 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 consolidated balance sheet is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated balance sheet. An audit also includes assessing the accounting
principles used and significante i map .de.by maTaime, w eJlvas .valu.tingh veral
consolidated balance sheet presentation. We believe that our audit provides a reasonable basis for
ou ,opim on,, .,,..i. do; w '. u ou/ nIs i ,., t .; ; ^,: a ..... ,, .;" .

The Bank's policy does not permit us to verify customers' balances and transactions by direct
confirmation.

In our opinion, except for any adjustments that might have been necessary had we been able to obtain
direct confirmation of customers' deposits balances, the consolidated balance sheet presents fairly, in
all material respects, the financial position of the Bank as of December 31, 2004, in accordance with
International Financial Reporting Standards.





March 11, 2005






PAGE 12C, FRIDAY, APRIL 29, 2005


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