Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
Full Citation
Permanent Link:
 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: May 27, 2005
Copyright Date: 2005
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00120
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




Muh a

Volume: 101 No.153


FRIDAY, MAY 27, 2005

. ..... ...... ........ .. ..

Owners suspect

arson' after

Club Insomnia blaze

Tribune Staff Reporter
TWO firefighters narrowly
escaped death as they fought a
"disastrous" blaze at Club
Insomnia, which owners suspect
is the work of a "skilled arson-
The:Zoo Night Club on West

Man in court

over wife's

Tribune Staff Reporter
A MAN accused of stab-
bing his wife to death
appeared in Freeport's Mag-
istrate's Court yesterday.
Labion LaRoda, 37, of 237
Flyingfish Street, was not
required to plead. He was
remanded to Her Majesty's
-Prison, Fox Hill, until August
22 when a preliminary inquiry
will open.
The prosecution informed
the court that it will seek a
voluntary bill of indictment
at that time to send the case
directly to the Supreme
LaRoda is represented by
lawyer K Brian Hanna.
LaRoda was charged with
the death of his wife, Tiffany

Bay Street was taken over by
new owners about two months
ago. It was renovated and a
large addition added. It
reopened under the name, Club
Insomnia. The fire destroyed
both buildings.
The blaze, according to assis-
tant superintendent and director
of fire services Jeffrey Dele-
veaux, was "the largest the fire
branch has responded to this
The two firefighters sustained
severe burns from fallen tar
while attempting to extinguish
the blaze. One of the officers
suffered back burns and was
taken to hospital, while the oth-
er, who was burned on one of
his arms, was treated at the
Mr Deleveaux added that two
other firemen were almost
injured when they were over-
come by smoke inhalation and
were about to fall through a
weak portion of the tin roof.
Both firefighters made it to
safety and recovered from the
smoke shortly after.
The nearby Shell service sta-
tion was ordered closed until
the fire was reasonably extin-
guished to avoid a possible
Mrs Beverly Lewis, manager
of Club Insomnia, told The Tri-
bune that she "highly suspects
arson," and is disheartened
because the club did not have
insurance. Damage to the prop-
erty is estimated at almost $1
SEE page seven

S nigh

ACCORDING to assistant superintendent and director of fire services
Jeffrey Deleveaux, the blaze was 'the largest the fire branch has responded to this year.'
(Photo: Felipg Major/Tribune staff)

Alvin Smith: Opposition ivefncutody

will expose'hidden afe ae".

taxes and fees' in budget 'sahof h .
Chief Reporter
A LOW-FLYING US Coast Guard heli
A NUMBER of hidden taxes and fees included copter and Bahamas Drug Enforcement Uni
in the 2005/2006 budget will be exposed when the officers were involved in a drug trafficking
opposition contributes to the budget debate next investigation late Wednesday night.
week, Alvin Smith, opposition leader told The Tri- Two women and three men are now in cus
bune yesterday. tody following a late-night search along tht
Government expects to make approximately eastern shores of Nassau, Reginald Fergu
$55.8 million more in recurrent revenue this new son, Assistant Commissioner in charge o
fiscal year over last year, bringing in more than a crime, told The Tribune yesterday.
billion dollars in revenue from import duties, prop- A passerby on Eastern Road around mid
SEE page 14 SEE page 14


.a h CV QaI''AL. HIMRS RAN sFl RM .l' iFoK O F N Mw STl WIN DOWS

I I Nassau and B BaB 6aa6slnd s"LeadinfgNesjplaper




Betsy Rodriquez Tel: (242) 393-2628
St. Johns Shipping Fax: (242) 394-0847
Ware House #4 -
1800 S.E. 19th Ave. FREEPORT
Ft. Lauderdale, FL 33316 Tel: (242) 351-1501
Phone: 1 (954) 527-0034
Fax: 1 (954) 522-4828 MIAMI ADDiiRESS






ULOA steps up

dispute with

Atlantis and BELT
Tribune Staff Reporter
THE United Limousines
Operators Association yes-
terday took a bold step to
focus attention on their dis-
pute with Atlantis and
Bahamas Experience Lim-
ousine and Tours (BELT)
by blocking BELT's park-
ing lot at Nassau Interna-
tional Airport.
For more than two hours,
Kendal Culmer and Charles
Brooks, president and vice
president of the ULOA,
blocked the BELT airport
parking lot with their lim-
ousines, preventing a num-
ber of vehicles from picking
up their guests at the arrival
Mr Culmer said the lim-
ousine operators consider
their demonstration a victo-
ry in terms of drawing atten-
tion to their cause. Hope-
fully, he said, the Minister
of Transport and Aviation
and Kerzner International
"will have the good sense to
SEE page 14

Supreme Court

rules in favour

of government in

Guana Cay Case
Tribune Staff Reporter
THE Supreme Court yester-
day ruled in favour of the gov-
ernment in the case of the con-
troversial Guana Cay develop-
Justice Stephen Isaacs dis-
missed the injunction filed by
the Save Guana Cay Reef Asso-
ciation (SGCRA) to restrain
action under the Heads of
Agreement with the Bakers
Bay developers.
He further revoked the order
for an judicial review of gov-
ernment's authority to enter
into the heads of agreement
with the developers.
SEE page 14


Limousine drivers form

a blockade at airport

Kerzner refutes

allegations of

limo partnership

PHONE: 322-2157


Tribune Staff Reporter
YESTERDAY's obstruction
of traffic to Nassau Interna-
tional Airport by limousine
operators was "unacceptable",
according to Transport Minis-
ter Glenys Hanna Martin.
She said the action threat-
ened the livelihood of all
Mrs Hanna-Martin said that
her ministry had received a
report early yesterday that two
vehicles were blocking the
entrance to NIA.
Police intervened and two
wreckers were dispatched to the
airport to remove the vehicles.
The owners, however, opted
to voluntarily move the limou-
sines before they were towed,
Mrs Hanna-Martin said.
The minister said she
was advised that persons
involved in the protest were
members of the United Limou-
sine Operators Association

owned limousines
were parked across
the exit of the airport
parking lot where
Bahamas Experience
drivers park their
vehicles, stopping
them from servicing
their schedule
(Photo: Mario
Tribune staff)

Protest was 'unacceptable',

says Ministry of Transport

ULOA president Kendal
Culmer and another member
were reportedly involved in the
incident, Mrs Hanna-Martin


The minister said she meet
with the association and its
attorney, Dion Foulkes two
weeks ago.
In the meeting, the associa-
tion outlined its concerns in
relation to limousine operations
to and from Kerzner Interna-
tional's Atlantis resort.
She said that yesterday morn-
ing the minister, with other
ministry officials, met with
Mrs Hanna-Martin said that

she was very "puzzled" and
"disturbed" about yesterday's
"Nassau International Air-
port is the premier gateway into
this country. An obstruction of
traffic is an offence under the
"Certainly, my ministry will
not contemplate unlawful
behaviour in the advance of any
"Particularly when the posi-
tion, that was advanced, is.
under active consideration by
my ministry."
She added: "I was very dis-
turbed that the vested interest
of an entity, that is being dis-
cussed by a ministry, would be
'used in such a way that it would
seek to damage or threaten the
livelihood of all of us."

KERZNER International has
refuted allegations that it owns
or is a partner in Bahamas
Experience Travel limousine
Ed Fields, public affairs vice-
president at Kerzner, said that
company executives met yester-
day with Transport Minister
Glenys Hanna-Martin to discuss
the allegations, which were made
by the United Limousine Oper-
ators Association (ULOA).
The association has alleged
that, in return for an exclusive
deal, Kerzner receives a 20 per
cent cut of profits.
"The company categorically
refutes this claim, as it has con-
sistently done in the past," he
It explained that ULOA
seeks to base its allegation on
the fee structure in the contract
between Kerzner International
and BET, under which Kerzner
engages BET for the provision
of limousine services to execu-
tives and guests of its resort
operations on.Paradise.Island.
Kerzner says that the contract
sets out a negotiated schedule
for rates for limousine services,
procedures for billing, and stan-
dards of service, "much like any
contract for services".
"Other than the concession-
ary rates available to Kerzner
under the contract essentially
negotiated bulk rates the only
other financial consideration
that Kerzner receives is an
administrative fee in return for
services rendered by Kerzner
to BET," he said.
Mr Fields said that in the
small number of cases where
the guest, rather than Kerzner,
pays for limousine services,
Kerzner charges the services to
the guest's room, and collects
payment for BET on check-out.
He said that Kerzner
then processes the payment
and passes the funds to BET,
retaining, a 20 per cent adminis-
trative fee, to cover or con-
tribute towards the actual
administrative costs incurred by

Kerzner in the process.
"These transactions represent
a very small fraction of the total
transactions covered by the con-
tract, less than five per cent,
which is very far cry from the
assertion by ULOA that Kerzn-
er receives 20 per cent of BET's
gross revenues," the release


Another ULOA allegations1
is that whenever guests without,
a limo reservations approach
the Kerzner courtesy desk at
the airport, those guest are,
referred directly to BET.
Kerzner denied this, stating
that according to its written pol-
icy, any person enquiring at the,
Atlantis desk for transportation
services, who are not on a|
reserved list, shall be referred to
the road traffic stationed out-
side of the building, who may
then call a taxi or limousine,i
according to the customer's
"Documents evidencing this
policy have been provided dat,
ing back to 2003, and that pol-
icy is actively enforced by,
Kerzner," the release said.
It said that long before the,
allegations were made, in an
effort to provide further com-;
mercial opportunities for oper-,
ators of limousines, Kerzner:
supported a limo call-up system'
at its properties, similar to that
now available at the airport.
Kerzner supplied The Tri-
bune with documents indicat-,
ing that the company consented
to such a system in March 2004.,,
The release said that imple-
mentation of the limo call-up,
system would also require min-m
isterial approval, as such sys-)
tems are not currently permit-)
ted at resorts. .
The release described thqe
meeting with the minister
as "productive" and stated.
Kerzner's support to finding a

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no membership required


PAGE 2, FRIDAY, MAY 27, 2005

Man jailed after $30,000 of

cocaine found in back yard .


DRUGS worth more than
$30,000 were found buried in
the back yard of a man who was
sentenced to jail in Magistrate's
Court yesterday afternoon.
On Wednesday, police offi-
cers acting on information
searched James Williams' home
on Canaan Lane off Shirley
This led to the discovery of
nine clear plastic bags contain-
ing three pounds of cocaine and
three pounds of marijuana.
They were buried in his back-
The cocaine has a street value
of $30,000 and the marijuana

Williams, who was convicted
of a similar offence in 1998 for
which he served eight months
in prison, pleaded guilty before
Magistrate Carolita Bethel to
possession of cocaine and mar-
ijuana with intent to supply.
He was sentenced to two and
a half years at Fox Hill Prison
for each of the two counts and
was fined $5,000.
The sentences are to run con-
Three of the four juveniles
accused of setting fire to the
administrative complex at CC
Sweeting Senior High School
earlier this month returned to
court yesterday for a bail hear-
On Wednesday a 13 year old

also accused of being involved
in the incident was granted
$4.000 bail with one surety.
All of the young men had
pleaded not guilty to the
charges of breaking and enter-
ing and arson at their initial
court appearance.
Yesterday Magistrate Roger
Gomez ruled that bail for the
16 and 17-year-old be granted in
the amount of $3,000 with one
The other juvenile, a 16-year-
old Haitian boy, was the only
one of the accused who was not
granted bail and was remand-
A preliminary inquiry is set
for September 14.
0 A 21-year-old man plead-

ed guilty to filing a false insur-
ance claim and giving false
information to police.


Marcus Gordon, of Hamster
Road, admitted to lying to
police when he stated that his
2004 Toyota Corolla had been
He also admitted to filing a
false insurance claim for the car.
Gordon committed the
offences on Sunday, May 15.
.According to court docu-
ments, on May 17 Gordon
obtained $22,995 from the
First General Insurance Com-
pany on Collins Avenue by

means of false pretences.
Gordon told Magistrate Mar-
ilyn Meers that he did not want
to waste the court's time and
admitted that he had acted fool-
He asked the court to be
lenient, pointing out that he had
never been charged with an
offence before. He said that he
had learned his lesson.
Magistrate Meers told Gor-
don he should improve his
image and make the necessary
She ruled tl)at he pay a fine of
$1,250 or spend three months
in prison.
She warned him that if he
ever appeared before her again
she would not be as lenient.

mf- -We

"Copyrighted Material
Syndicated Content
Available from Commercial News Providers"

- -~

Communications strategy to be set up

Tribune Staff Reporter

THE government is set to
develop a National Information
and Communications (NIC)
framework to maximise the ben-
efits of the upsurge in the econ-
:During Wednesday's historic
2005/2006 budget communica-
tion, Acting Prime Minister Cyn-
thia Pratt said that in order for
Bahamians to benefit most from
the growth of the economy, the
country's human and physical
capital structure must be in
"As regards human capital, by
which we mean people who are
educated well enough to hold
good jobs, the Ministry of
Finance is commissioning the
Consulting and Audit Canada
(CAC) agency for. technical
assistance to develop a NIC
framework," she said.
Mrs Pratt explained that the
fam tew'ork is intended to
dnable the Bahamas "to devPel-
op as a nation that maximises
the power, reach, versatility

and innovation of information
and communication technolo-
"The framework will provide
online access to healthcare, edu-
cation and government services
such as land registration and
land use policy, and will be a dri-
ving force in developing e-com-
mence in the Bahamas," she


The land use and administra-
tion programme is assisted by
the Inter-American Develop-
ment Bank (IDB).
"Increased levels of e-com-
merce will enable Bahamian
companies to compete in the
global marketplace, and the
development of a vibrant and
entrepreneurial information
technology sector will create
employment, encourage diver-
sification, and boost investor
confidence," she said.
The NIC framework, she said,
also "envisages the transforma-
tion of the Bahamas Telecom-

munications Company (BTC)
into a state-of-art communica-
tions leader."
Mrs Pratt said this transfor-
mation process was already
underway with the assistance of
international consultants.
"The transformation will
enhance the current operations
of BTC, as well as preparing
BTC for graduation into a pri-
vatised entity at the cutting edge
of technological development in
communications," she said.
BTC is proceeding with a pro-
ject to develop a fibre optic cable
linkage to provide all of the
inhabited islands of the Bahamas
with reliable and efficient con-
"This project is of paramount
importance to enable hotels and
other facilities to develop in the
inhabited Family Islands and to
provide each island with diversi-
fied economic opportunities.
"As necessary, the highest pri-
ority is being given to developing
' other necessary infrastructure in
the Family Islands such as air-
ports, road and utilities," she

* ACTING Prime Minister Cynthia Pratt


NEARLY 581bs of mari-
juana wias seized at Nassau
International Airport yes-
terday afternoon but police
say they have no suspects.
A suspicious item of lug-
gage arrived at the airport
on an Air Jamaica flight
around 3.15pm, Raymond
Gibson, head of the Drug
Enforcement Unit (DEU)
told The Tribune yesterday.
The bag had reportedly
been left unattended in the
customs hall of the airport,
leading DEU officers to
investigate its contents.
Almost 581b of marijuana
were found in the bag, but
the owner of the bag has not
been identified by officials.
Police investigations are

Virgin announces special

fare for inaugural flight

foreign ministers will meet in
the Bahamas next week for
.talks on Haiti and the U.N.
Security Council, an official
|said Wednesday, according to
Associated Press.
The three-day meeting
begins on Tuesday in
Freeport, said Caribbean
Community assistant secre-
tary-general Colin Grander-
The 15-member Caribbean
Community suspended its
newest member, Haiti, after
an uprising led by demobilized
soldiers ousted former Presi-

dent Jean-Bertrand Aristide
in February 2004. The region-
al bloc has refused to recog-
nize Haiti's interim govern-
ment, which it says was
installed unconstitutionally by
the United States.
Haiti has scheduled general
elections for October and
November, and the Caribbean
Community has tied reinte-
gration of its largest and poor-
est member to a free and fair,
democratic vote.
The Caribbean foreign min-
isters will also discuss propos-
als to widen the UN Security

Virgin Atlantic Airways is
inviting Bahamians to join the
inuagural transatlantic crossing
of their new service from Nas-
sau to London.
Virgin is offering a special
limited-time fare of $388 for a
round trip on Flight 062 The
Islander, available only for trav-
el starting with the inaugural
The inaugural flight is sched-
uled to depart Nassau on June
In addition to the inaugural

fare of $388, Virgin Atlantic is
offering customers special intro-
ductory fares of $599 for round-
trip economy and $999 for
round-trip premium economy
for travel, beginning with the
maiden flight on July 4 through
to November 28.
These limited special offers
are valid for purchase through
June 3,2005.
The new Nassau to London
route will be operated by a Boe-
* ing 747-400, which has a capac-
ity of 451 passengers.

The Dundas Centre for the Performing Arts
MACKEY STREET P.O. BOX N-8808 NASSAU, BAHAMAS TEL: (242) 393-3728 FAX: (242) 394-7179
And Momentum Dance Co

Mark Twain's Jumping Frog of Calaveras Country
8pm Friday, May 27 & 28, 2005

SATURDAY, May 28th 2005

#21 BUEN RETIRO RD./ Off Shirley Street
Turn left at Designing Divas

9am 2pm

Books, filing cabinets, doors, sinks, housewares,
clothes, childrens games, bath tubs, cabinets,
antiques, golf clubs, carpets, furniture, and
much more.

Don't miss it! It all has to go!


I -s I, Im/ I .nn I o I .4 1in

MADAGASCARl NEW 1:00 2:50 4:40 6:30 8:30 10:40
MADAGASCAR NEW 2:00 3:50 N/A 5:45 7:45 10:15
STARWARS: EPISODE III B 1:00 N/A 4:00 7:00 N/A 10:10
STARWARS: EPISODE III B 1:30 N/A 4:30 7:30 N/A 10:20
KICKING & SCREAMING A 1:10 3:50 N/A 6:15 8:20 10:35
MONSTER-IN-LAW T 1:15 3:45 N/A 6:10 8:25 10:50
UNLEASHED C 1:00 3:20 N/A 6:00 8:30 10:45
SAHARA C 1:45 N/A 4:45 7:45 N/A 10:30
MINDHUNTERS C 1:05 3:25 N/A 6:05 8:15 10:40
HOUSE OF WAX C 1:05 3:45 N/A :15b 5:20 10

THE LONGEST YARD NEW 1:00 3:25 8:20 8:25 10:35
MADAGASCAR NEW 1:30 3:45 6:25 8:20 1i:2
MONSTER-IN-LAW T 1:30 3:45 6:15 8:20 10:30
STARWARS: EPISODE III B 1:00 4:00 7:00 N/A 10:00
KICKING & SCREAMING A 1:25 3:40 6:00 8:30 10:30
UNLEASHED C 1:20 3:30 6:10 8:35 10:40
MONSTER-IN-LAW T 1:30 3:45 6:15 8:20 10:30
U Yloe Vull CAIan Y T Onceg D IlvTim ATr O3AnnAEa OR UfA I eNVEaaIIAKIE T uL 1


Foreign minister o hol


FHRIUAY, MAY 2/, 2005, PAGE 3


I nrlluif' T VAon


The Tribune Limited
Being Bound to Swear to The Dogmas of No Master

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

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

A good day for Acting Prime Minister

IN THIS column yesterday we suggested that
our readers not miss a letter by The Nassau Insti-
tute on the CSME, which was to have been pub-
lished on this page today.
We must apologise for getting our wires
crossed. This letter was published on this page in
yesterday's edition of The Tribune. We hope
you have read it.

Hopefully parliamentarians got the message
when the public gallery broke into applause dur-
ing the acting Prime Minister's reading of the
Budget communication on Wednesday. Speaker
Oswald Ingraham warned those sitting in the
gallery that no matter what their feelings they
could in no way express them, even by applause.
"I believe," said acting Prime Minister Cynthia
Pratt as she read the Budget Communication in
her position as acting Finance Minister, "that I
am speaking for the Rt Hon Prime Minister and
my colleagues in government when I say that in
our capacity as ministers, we endeavour to meet
the criterion of good governance which the 17th
century poet John Milton stated as follows:
"... when complaints are freely heard, deeply
considered, and speedily reformed, then is the
utmost of civil liberty attained."
We hope parliamentarians noted the applause,
which expressed a people's frustration at much
foot-dragging in legislative business since May
Wednesday was an historic day of firsts.
It was the first time that a woman had acted as
Finance Minister and in that capacity had pre-
sented the Budget.
Debate on the Budget will open next
There was also another first when Mrs Pratt
announced that Mrs Wendy Craigg, who has
had a record of distinguished service at the Cen-
tral Bank, would head that institution. She will be
the first woman to do so. She replaces bank Gov-
ernor Julian Francis who has resigned his post to
take on the chairmanship of the Grand Bahama
Port Authority.
A business-like atmosphere was injected into
Wednesday's proceedings as the acting Prime
Minister walked her colleagues from the Cabinet
building to parliament, and proceedings started
on the stroke of 10.30am with every parliamen-
tarian in place and ready to do the people's busi-
ness. This could be considered another first from
the usual lounging, slouching and drifting in at
any hour as if time was of no concern. Nhrs Pratt
is a disciplinarian, who seems to have already
set the tone. We hope this is the beginning of a
new attitude byparliamentarians to their public
After his usual welcome to members, Speaker
Ingraham announced that he was laying on the
table of the House the Auditor General's report
for the year 2001. He wanted to make certain that
at least the Public Accounts members each
received a copy and assured other members that
the remaining copies for that year were being
printed, so that they too would have a copy.
Brent Symonette, chairman of the Public
Accounts committee, thanked the Speaker but
hoped he would succeed in getting the reports for
the "succeeding years in short order."
This should be a priority. No one can operate

a business without up-to-date accounts and gov-
ernment is big business which has been limping
along without this vital information. So far there
have been no accounts for the Christie years -
from May, 2002.
It is hoped the statement in the Budget Com-
munication that government intends the updat-
ing of the national accounts data to be an annu-
al process "so that the Bahamas will have avail-
able, as in 2005, up-to-date national accounts at
all times," means that there is the intention to
supply the Auditor General with his informa-
tion on time so that he too can produce up-to-
date accounts for the House.
It was said that to assist in getting the nation-
al accounts current the "Ministry of Finance will
ensure that the Department of Statistics receives
whatever technical assistance is required." It is
hoped that the same assistance will be given the
Auditor General.
Much emphasis was put on public sector
reform in the 2005/06 Communication.
It was pointed out that there must be a link
between "public sector pay and productivity and
to the enhancement of the competitiveness of
the economy."
However, said Mrs Pratt, in "view of what
has been said about the fiscal situation, it is cru-
cial that any pay increases have regard to the
capacity of the Consolidated Fund to meet the
increases without additional taxation."
We hope members of government will set
the example in this. Cutbacks have to be made if
government is to contain the ratio of govern-
ment debt to GDP. She told the House that the
ratio of revenue to GDP of 20 per cent was
becoming increasingly hard to achieve "because
of the narrowness of our revenue system, heav-
ily dependent as it is on Customs revenues and
the non-taxation of services." She said that the
"expansion of essential public services has result-
ed,in fiscal deficits emerging which have been met
by borrowing. As a result, the level of govern-
ment debt to GDP has risen inexorably since
the year 2000."
As a result in the "2005/2006 budget govern-
ment is aiming to continue the ratio of govern-
ment debt to GDP to under 38 per cent.
"By this step," she said, "the government is
continuing the process commenced in 2002/03
of controlling the fiscal deficit so as to bring the
ratio of government debt to GDP down to about
30 per cent within a five-year period."
The object was not to fire public servants,
but to demand improved productivity and an
understanding that salary demands cannot exceed
what government can afford to pay.
Although the budget has provided some fund-
ing in anticipation of pay increases for public
servants and related groups, there will be no pay
increases and benefits for Ministers, Ministers of
State, Parliamentary Secretaries and Members of
Parliament and the. Senate. Bahamians
would have been alarmed if this had been oth-
To meet the goal of controlling expenditure
there have to be cutbacks .all round. Ministers
should set the example by re-examining not only
their travel expenses, but also the unnecessary
trips they make abroad as well as the other
perks that they seem to expect as a matter of




EDITOR, The Tribune

The following is correspon-
dence between Sir Ronald
Sanders, a former Caribbean
diplomat who writes a column in
The Tribune every Monday, and
Ashton Ferguson, a College of
the Bahamas student.

Dear Mr Ferguson.
Thank you very much for
your e-mail below which I
intend to reply to in full. Suf-
fice to say now that I am
delighted to have received your
message. You have renewed my
confidence in the thinking abil-
ity of the youth of our one
Caribbean. I was most im-
pressed with the thought you
have given this matter.
I will reply at length.
Sir Ronald Sanders

Following is Mr Ferguson's
letter to Sir Ronald.

Good day Mr. Sanders, my
name is Ashton Roscoe Fergu-
son. I am a 19-year-old student
of the College of the Bahamas.
I am an ardent reader of your
editorial World View in The
I must commend your com-
mand of Caribbean political
issues and I have developed a
significant level of respect for
you as an academic. I find your
column to be very interesting
and informative.
I think the staunch opposi-
tion to the CSME among the
public is fed by the fact that the
masses are misinformed about
the CSME.
However, I also find some
issues pertaining to the CSME
to be unclear.
There are several very criti-
cal arguments that continue to
go unanswered or are answered
unsatisfactorily and there are
apparent illogical motives
behind the issue of joining the
First and foremost, one must
note that economic activity
between the Caribbean nations
and the Bahamas is almost so
minute that it could be consid-
ered negligible. CSME is a
regional economic integrative
bloc. It seems illogical for the
government of the Bahamas to
join in an economic bloc with a
region in which it has almost no
economic activity.
Our participation within the
.Caribbean is principally cultur-
al and political. Any coalition
between the Bahamas and the

Caribbean should be geared
chiefly at these two principal
areas of concern as opposed to
an economic integration.
Additionally, it is widely
accepted that the Bahamas
would be exempt from the free
movement of labour, the mon-
etary union and the Caribbean
court of Justice.
If the Bahamas would be
exempt from these three prin-
cipal conventions of the CSME
arrangement, what sense does it
make joining in the very first
These are three of the most
crucial components of an eco-
nomic union. To be exempt
from these three conventions
amounts to practically non-exis-
tence or non-particpation in the
Another area of concern was
highlighted by Dr Gilbert
Dr Morris proposed that the
exemptions granted to the
Bahamas are only temporary,
and eventually an end can be
expected to the preferences
granted to the Bahamas.
If this is the case, the CSME
can indeed be a dangerous ven-
ture for the Bahamas. The frag-
ile mak-up of our society and
economy can at no point in time
accommodate the free move-
ment of labour into the country,
and therefore the CSME can in
fact turn out to be very detri-
mental to the Bahamas in the
long run.
(Before I venture any fur-
ther I request of you to have
open an atlas comprising the
Caribbean region in front of
you as I proceed).
None of the islands of The
Bahamas lie on or face the'
Caribbean Sea. It is my belief
that it is the similar historical
background and present way of
life that serves as the unifying
factor of the islands of what are
presently known as the
The Bahamas and the
Caribbean share a similar his-
tory and culture.
Therefore I am a proponent
of the Bahamas joining the
Caribbean Court of Justice.
The English are apparently
trying to wipe their hands clean
of burdensome nations. The
Privy Council has already pro-
posed a scale down in the mag-
nitude of its operations in the

near future due to financial con-
The British closed down their
embassy in the Bahamas in the
early part of the year. It is time
a message be sent that the
Bahamas could stand indepen-
dent of Britain in every sense
of the word.
Through solidarity and co-
operation throughout the
Caribbean community, the
Caribbean Court of Justice can
prove to be a very beneficial
venture for the Caribbean.
Nonetheless, economic integra-
tion can prove very dangerous.
Recall the West Indies Fed-
eration in 1961 and 1962.
Jamaica and Trinidad were the
most populous and progressive
nations in the organization and
withdrew from the organization
because of their perception that
they would be shouldering the
burden of the other economi-
cally underdeveloped Carib-
bean nations.
Now the tables have turned.
The Bahamas is now THE most
progressive nation, economi-
cally, in the Caribbean and now
the pressure is on the Bahamas
to join.
Why should the Bahamas
now join to shoulder the bur-
den of the same nations that
once turned their backs on the
other Caribbean nations for the
same reason?
Presently, the position of the
Bahamas is regarded as bor-
derline as regards the
We sustain ties to the CSME
but we are not fully engaged as
a member in every regard.
Nonetheless, even as a border-
line member, we are still the
backbone of the CSME.
The Bahamas is the largest
financial contributor of
the member nations to the
CSME, not to mention the fact
that only The Bahamas,
Trinidad and Jamaica are cur-
rent on their annual member-
ship dues. Mr.
Sanders, with all due respect,
don't you think the Bahamas
should take its time to consider
the effects of joining this CSME
instead of rushing into it?
Or better yet, why can't we
continue on our present trend?
We are doing quite well inde-
pendently and still retain our
ties to the Caribbean region, so
why attempt to fix what is not

May 2005

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PAGE 4, FRIDAY, MAY 27, 2005



Plans proposed to reduce

waste by up to 15 per cent

THE Ministry of Health has
received two new contact pro-
posals for the overall manage-
ment and treatment of waste.
Both companies are offering
proposals that will reduce the
flow of waste to the Harrold
Road dump by 10 to 15 per cent
through recycling.
Health parliamentary secre-
tary Ron Pinder added that one
company is offering a long-term
plan to implement a waste ener-
gy facility, which will break
down waste into a reusable
energy source capable of gen-
erating electricity.
In order to reduce the fre-
quency of spontaneous com-
bustion and industrial fires at
the dump, the ministry has
implemented several new mea-
sures, including the construc-
tion of eight to 12 water wells
surrounding the compound.
"This will ensure easy access
to water in the case a fire
occurs," explained Mr Pinder.
The fire department has sup-
plied the Harold Road facility
with a portable pump to ensure
that the well water can be easi-
ly retrieved.
"We have also began to sort
the bulk of waste currently at
the dump into sections such as

green waste, dry wood, and
scrape metal," said Mr Pinder.
"This will also reduce the occur-
rence of spontaneous combus-
tion and industrial fires."
In March, the Ministry of
Health said it would build a
road around the site and com-
plete fencing of the facility and
additional lighting.
So far, a portion of the facili-
ty has been fenced in.
Mr Pinder said that the rest of
the work will be completed as
soon as the relevant contracts
are signed.
"We have also, heightened
security at the dump site to
reduce the amount of scav-
engers, and to ensure that per-
sons are disposing of their
garbage correctly," said Mr Pin-
der. "Once the garbage is dis-
posed of at the site it is covered
almost immediately. This is
done as a preventive measure
against scavengers."
"Our plans are not fool-
proof," said Mr Pinder. "But
fire prevention and waste man-
agement is an on-going process.
However, we have indeed
improved the over-all manage-
ment of the facility."
The last fire to occur at the
dump was on March 14, and
was said" to have been caused
by scavengers.

* THE Harrold Road dump, where industrial fires frequently start

Disney clear-up underway at Guana Cay

EFFORTS are underway to
clean up hazardous waste, aban-
doned equipment and derelict
buildings at the former cruise
ship facility at Baker's Bay.
The remediation programme
on the northern tip of Great
Guana Cay in the Abacos is
expected to cost more than $1
million and take several months
to complete, according to Doug
Shipman, project manager for
the environmentally sensitive
residential resort that is planned
for the Baker's Bay property.
Mr Shipman said Discovery
Land Company the develop-
ers had awarded the clean-up
contract to American Bridge,
the company which recently
completed construction of the
Marsh harbour container ter-
minal. American Bridge is
working with numerous
Bahamian sub-contractors.
The shore facility had been
leased from the previous owner
of Baker's Bay Ludwig Meis-

MAY 27

6:30 Bahamas @ Sunrise live
7:30 Community Page
11:00 Immediate Response
Noon ZNS News Update live
12:05 Immediate Response
1:00 Health For The Nation
1:30 Gimmie A Beat II
2:00 Mr. Ballooney B.
2:30 Treasure Attic
3:00 Kenneth Samuel
3:30 Lobias Murray
4:00 Video Gospel
4:30 Gospel Grooves
4:58 ZNS News Update live
5:00 Inside Hollywood
5:30 Cinema, Cinema, Cinema
6:00 One Cubed
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Da' Down Home Show
9:00 3'D's Funk Studio
9:30 The Lounge
10:30 News Night 13
11:00 Bahamas Tonight
11:30 Immediate Response
1:30 Community Page

MAY 28
6:30 Community Page
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
9:3 Th oug
103 Nw igt1
1100Baams Toigh

ter by Premier Cruise Lines,
and developed under contract
with Disney. It catered to thou-
sands of passengers a week
between 1989 and 1993, after
which it was simply abandoned.
"To give cruise ships access
to what Disney liked to call
'Treasure 'Island', massive
dredging was undertaken to cre-
ate a 45-foot deep, three-mile
channel into the bay with a
3000-foot turning basin," Mr
Shipman said.
"The dock that was built for
water taxis will be used tem-
porarily by the Baker's Bay
development to bring in sup-
plies, and then will be removed.
The natural beach dunes will
be restored and native vegeta-
tion will replace the invasive
casuarinas, which contribute to
coastal erosion."
In addition to removing trash
and debris from inshore waters,
the developers are also trans-
planting corals to artificial patch

HAITIAN authorities took
a former prime minister
before a judge Wednesday to
hear charges of orchestrating
political killings, more than a
month after he started a
hunger strike to protest his
nearly year-long incarceration
without charge, according to
Associated Press.
Yvon Neptune went before
a judge in a close-door session
in the western town of St
Marc, where he is accused of





reefs to replace those smoth-
ered by the cruise ship dredging.
The artificial reefs will eventu-
ally be used as an environmen-
tal education snorkelling trail.
The abandoned facility
included dolphin pens, a 500-
seat ampitheatre, canteens,
walkways, restrooms, shops, jet-
tys and other infrastructure.


"Spread over 90 acres, the
Treasure Island complex in-
cludes buried dumpsites, aban-
doned fuel tanks, rusting 55-gal-
lon drums, electrical transform-
ers and other hazardous mate-
rials that require removal and
mitigation," according to the
Baker's Bay environmental
impact assessment.
The EIA's mitigation plan for
the complex calls for clean-up
of contaminants, dune restora-
tion, reinstatement of native

masterminding the killings of
at least 25 political opponents
during the February 2004
rebellion which ousted Presi-
dent Jean-Bertrand Aristide,
said Pierre Esperance, whose
National Network for the
Defense of Human Rights has
been monitoring the case.
International pressure had
been mounting on the inter-
im government to either
charge or free Neptune, who
denies wrongdoing and started
a hunger strike on April 17 to
demand his unconditional



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Double Sheers $120.00
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Triple Cotton Drapes (Off Rack) $210.00 \
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Upholstery Fabric from $5.00 per yd.
Commercial Carpet $10 per sq. yd.

OPE Mo.-Fi :0am- :1pme at 8.0am-

vegetation, wetland restora-
tion, and proper management
of wildlife habitats.
Australian pine and Hawai-
ian beach cabbage (Scaevola
sericea) are prevalent in the
altered areas. Both of these
species are on the BEST
Commission's list of invasive
alien plants to remove from
coastal landscaping.
The native plant pro-

gramme is being supervised
by Keith Bradley of the Insti-
tute for Regional Conserva-
tion in Miami. He has been
contracted to work with the
University of Miami Envi-
ronmental Management
Team overseeing the Baker's
Bay development.
Mr Bradley has spent sev-
eral weeks identifying a num-
ber of rare plants.

Phone: 328-0264, 328-0257 Fax: 325-6878
57 Collins Avenue, P.O. Box N-9670



are 'still not


Tribune Staff Reporter
NEARLY 100 Bahamasair
managers are still waiting to be
fully represented by the Public
Managers Union.
The managers claim that
their employer, which is legally
obliged to commit to the union,
has yet to officially recognise
the PMU as a bargaining agent.
The PMU was recognised by
Minister of Labour and Immi-
gration Vincent Peet as a bar-
gaining agent for mid-manage-
ment staff on October 15 last
PMU president Elton Gib-
son said he presented Bahama-
sair management with a recog-
nition agreement three months
ago but to date, "management
has refused to discuss any
attempt to execute such a doc-
He said: "The union has
demonstrated that it is willing to
work in harmony with the
national flag carrier, however,
the union will not sit idle and
not be respected."
The PMU represents 96
Bahamasair employees, or 90
per cent of the managers.
Phyllis Johnson, speaking on
behalf of Bahamasair middle-
management, said that the
company is poised for privati-
sation, yet has failed to put an
agreement in place that will
contribute to positive working
She said: "We are a group of
qualified aviation professionals
who contribute to the success
of our company. We need
something in place to protect
us and to make sure that are
efforts do not go unnoticed."
Ms Johnson added all
employees in middle manage-
ment have been appraised and
evaluated, but they have yet to
see any results of that evalua-
tion, such as salary increases.
Gregory Collie, secretary of
PMU, said; 4katthe .union is
already concerned about sev-
Seral issdtes, including salaries,
terms and'conditions ofvwdrkers
and many other "anomalies."

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I y t nt' ur

c~ I ~ B ~L

FRIDAY, MAY 27, 2005, PA 5



`%w-dw- dmftmll 7- deft--W- ---z


Firefighters narrowly escape

* THE aftermath (below) of yesterday's fire at
Club Insomnia after firemen had tackled the blaze
(bottom and right).
(All photo: Felipi Major/Tribune staff)


' u _
' ^




, I













PAGE 6, FRIDAY, MAY 27, 2005


death in Club Insomnia blaze

FROM page one

The nightclub manager said
the club was not- insured
because they were in the
process of facilitating a punch
list given by Star Insurance.
Mrs Lewis said that to her
knowledge the last visitors to
the property were guests attend-
ing a private party that ended
shortly after 3am on Thursday,
just three hours before the fire
is reported to have started. The
club did not have a watchman
on duty.
Mrs Lewis said that no can-
dles or torches were used at the
private party, and the club does
I- not have a restaurant, which
leaves her only to conclude that
the blaze was "a vicious
attempt" to stifle the'success of
the popular new club.
Responding to why someone
would want to burn the club
down, Mrs Lewis said, "It's just
human nature I suppose. People
out there are afraid to face the
competition fairly, and so they
find it easier to attack in this
sort of way. It's sad, but it hap-
pens," she said.
Mrs Lewis said the fire comes
on the heels of a series of sus-
picious events.
Last Thursday during the
usual Lady's Night event at the
club, Mrs Lewis said the power
to the building was cut for
almost half an hour. She said it
was later discovered that some-
one had tampered with the
meter room that supplies power
to the building.
On the following day, she
said, the club's staff realized
that the phone lines had been
disconnected. Bahamas
Telecommunications Company
(BTC) was contacted to rectify
the problem. It was then that a
BTC workman informed the
staff that the telephone lines
had been cut.
"Now, just seven days after
all these things happened the
place has been burned down,
we don't have insurance, it is
all very suspicious," said Mrs

According to officer Dele-
veaux, the fire branch respond-
ed to the fire immediately after
receiving a call from an off duty
police officer, who, passing the
Saunder's Beach area, saw the
local night spot engulfed in
He said seven engines and 26
firemen were dispatched to the
scene around 6.30am, and
worked to extinguish the flames
with water from a pond at the
eastern end of the building.
However, firefighters had to
revert to sea water from nearby
Saunders Beach when the pond
water started clogging the fire
Mr Deleveaux said the fire
was more difficult to extinguish
"because the roof was made of
tin which conducts heat rapidly,
and there were also substances,
possibly used during the refur-
bishment of the building, that
were highly flammable."
Firefighters also confirmed
that portions of the roof
showed signs of deterioration.
As for the future of Club
Insomnia, Mrs Lewis said they
intend to reconstruct the
premises, "because no lives
were lost, only material things
that can be replaced."
The club employed between
40 to 50 full time and part time
workers and usually grossed an
estimated $18 to $20,000 on the
door and bar each night.
Mrs Lewis thanked the public
for patronizing the club since it
opened for business in March.
Investigations into the fire are

THE US Embassy will
be closed on Monday May
30 in observance of the
Memorial Day holiday.
All embassy sections will
be closed.
Normal operations,
including the processing of
visa applications, will
resume on Tuesday May

FRIDAY, MAY 27, 2005, PAGE 7


PAGE 8, FRIDAY, MAY 27, 2005



(Expressed in thousands of United States dollars)

2004 2003

Cash and due from banks
Demand Group

Time Group (Note 13)
Total cash and due from banks
Accrued interest receivable and other assets

Loans, net (Note 3)
Securities (Note 4).
Investment in subsidiaries (Note 5)

Due to banks
Time Group
Accrued interest payable and other liabilities (Note 7)

Total liabilities

Share capital (Note 8)
Contributed capital
Accumulated deficit
Total shareholders' equity

$ 1,151 $ 1,268
721 342
1,872 .1,610
1,872 39,199


S .5,131


239,089 404,784
76,566 61,063
48,271 59,196
$ 370,929 $ 568,567

$ 299452 $ 486,804

1,367 2,540
1,347 1,375
2,714 ; 3,915
302,166 490,719



$ 370.929 $ 568,567

See notes to balance sheet.

The balance sheet was approved on behalf of the Board of Directors on March 28, 2005, and is
signed i Ifby:

Director /


DECEMBER 31,2004
(Expressed in thousands of United States dollars)


Santander Investment Bank Limited (the "Bank") was incorporated on November 1, 1989
under the laws of the Commonwealth of The Bahamas ("The Bahamas") and is licensed to
carry on banking business from within The Bahamas. The Bank's ultimate parent is Banco
Santander Central Hispano, S.A. (the "Parent"), incorporated in Spain and with registered
office at Paseo de Pereda, 9-12, Santander (Spain).

The Bank's investment strategy is focused on emerging markets primarily in Latin American
countries. The Bank's registered office is at Comer Shirley and Charlotte Streets, Bahamas
Financial Center, 3rd, Floor, Nassau (The Bahamas)

The average number of staff employed by the Bank during the year 2004 was 3 (4 during


The following is a summary of the significant accounting policies followed by the Bank

a. asis ofaccon presentation The balance sheet has been prepared in accordance
with International Financial Reporting Standards, as published by the International
Accounting Standards Board, effective as of December 31, 2004. All balances
described in the balance sheet as "Group" relate to Banco Santander Central Hispano,
S.A. and its subsidiaries.

Based on the economic substance of the underlying events and circumstances, the
measurement and reporting currency of the Bank has been determined to be the US

b. Loans, net Loans are stated at amortised cost, which generally comprises the principal
amount outstanding, less unearned income and an allowance for loan losses as described
in paragraph (e).

c. Securities Securities on the Bank's balance sheet are classified in one of the following
categories at the time of their acquisition: trading, held-to-maturity and available-for-
sale. Realized and unrealized gains and losses on securities are determined using the
specific identification method.

Trading securities include those securities which are held with the intention of profiting
from short-term price movements and are carried at the fair value, as adjusted for gains
and losses on committed sales and purchases. Fair value is determined as the market
value of the securities. As of December 31, 2004 and 2003, there were no outstanding
balances of trading securities.

Securities that the Bank has a positive intent and ability to hold to maturity ar classified
as held-to-maturity. Such securities are carried at amortised cost (cost adjusted for
amortisation of premiums and accretion of discounts). Held to-maturity securities are
written down to fair value with a charge to the statement of income, if the fair value
indicates an impairment in the value of the investment. As of December 31, 2004 and
2003, there were no outstanding balances of held-to-maturity securities.

Securities that are not considered trading securities or held-to-maturity securities are
classified as available-for-sale. Such securities are carried at fair value. For fixed
income securities, fair value of listed securities in this portfolio is deemed to be the
market price on the last day of trading of each year and that of unlisted securities to be
the current value at the interest rate prevailing on that date. For equity securities, fair
value of listed securities is determined as the market price on the last day of trading in
the year. Unlisted securities are carried at cost; fair value is determined, only for
impairment purposes, as the underlying book value of the holding per the latest available
financial statements of the investees adjusted for impairment. Securities are reviewed at
each balance sheet date for impairment. The recoverable amount of the debt
instruments is the present value of future cash flows discounted at the current interest
rate for a similar financial asset.

d. Investment in' subsidiaries Investment in subsidiaries is carried at cost. All
subsidiaries are unlisted. If the carrying amount in the Bank's books is higher than the
underlying book value of the subsidiaries per the latest available financial statements,
adjusted by unrealized gains, this situation is deemed. as an impairment loss.i In
accordance with International Accouiting Standard; 27 "Consolidated Financial .
Statements and Accounting for Investments in Subsidiaries", the Bank does not present
a consolidated balance sheet because the Bank is ultimately a wholly owned subsidiary
ofthe Parent (see Notel).

e. Credit lost allowance For fiancial. assets carried atamortised cost, whenever it is
probable that the Bank will not collect all :amounts due. to the contractual terms of the .
operations the financial assets are stated net of an impairmnnent or bad debt loss on the
balance sheet. Thecarrying amount of the assets included in the captions "Due from
banks" and "Loans" in the accompanying balance sheet are reduced to their recoverable
amount through the use of a credit loss allowance.

The credit loss allowance is estimated based on the Bank's credit loss experience and
management's evaluation of the collectibility of the risk transactions under current
economic conditions.

These estimates are reviewed periodically and as adjustments become necessary they are
reported in operations in the periods in which they become known. Debts are set off
against the allowance when management believes the uncollectability of the principal is
certain. Accrual of interest on debts is discontinued when, in the opinion of
management, the collectibility of such interest is no longer probable. As of December
31, 2004 and 2003 the amount of accrued interest on non-performing loans is .not
significant. .

The Bank maintains anallowance for possible losses that mayarise in the realization of
S. loans,credits and depbsits placed withfinance entities, relating to public and private
sector entities in problem debtor countries experiencing differing degrees of debt-
servicing difficulty and/or liquidity problems. The allowance is calculated on the basis
of the macroeconomic condition being experienced by each country (factors considered
by management forthis calculation include significant current account deficits, drastic
S. currency devaluation and sharp falls in stock exchange prices in countries where the.
Bank has asset exposures).

f. Foreign currency translation Assets and liabilities maintained in currencies other
than U.S. dollars are translated at rates of exchange prevailing at the balance sheet date.

g. Derivative financial instruments Derivative financial instruments that are not
designated as hedging instruments are classified as held-for-trading and carried at fair

On inception, the Bank identifies certain derivatives as either a) a hedge of the fair value
of an asset or liability (fair value hedge) or b) a hedge of the exposure to variability in :-;,
cash flows attributable to an asset or liability or a forecasted transaction.

The Bank's criteria for classifying a derivative instrument as a hedge include: (1) the
hedge transaction is expected to be highly effective in achieving offsetting changes in
fair value or cash flow attributable to the hedged risk, (2) the effectiveness of the hedge
can be reliably measured, (3) there is adequate documentation of .the hedging
relationship at the inception of the hedge, (4) for cash flow hedges, the forecated
transaction that is subject of the hedges must be highly probable and must present an
.exposure to variation in cash flows that could ultimately affect profit or loss, (5) the
hedge is assessed on an ongoing basis and determined actually to have been highly
effective throughout the financial reporting periods for which the hedge was designated.

Derivatives classified as fair value hedges are carried at fair value. The carrying amount
of the hedged asset or liability is also adjusted for changes in fair value attributable to
Shedged risk. ':- -

Changes in the fair value of a hedging derivative which qualifies as a highly effective
*cash-flow hedge are recognised directly in equity.

When the hedge no longer meets the criteria for qualification for hedge accounting,
hedge accounting is discontinued prospectively. In this case the cumulative gain or loss
on the hedging instrument that has been reported directly in equity is retained in equity
until the committed or forecasted transactions occurs.

h. transactions with related parties In the normal course of business, the Bank enters
into transactions with related entities. These transactions include inter alia, the funding
of loans and investments and transfers of assets and liabilities (see Note 13).

i. Taxation Under the regulations of the Commonwealth of The Bahamas, the. Bank is
not subject to income tax. Therefore, no liability for income taxes has been included in
the above balance sheet.

j. Provisions for guarantees provided A provision for guarantees provided is recognised
when the Bank has a present obligation as a result of a past event and it is probable that
an outflow of embodying economic benefits will be required to settle the obligation, and
a reliable estimate can be made of the amount of the obligation. These provisions are
reviewed at eaqh balance sheet date and adjusted to reflect the current; bet estimate (see .-
Note 7).

k. Use of estimates In the preparation of balance sheet
sheet in conformity 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
balance sheet. Actual results.could differ f those estimates Material estimates that
are particularly susceptible to change in the near and medium term relate to the
Sdetermination of the allowance for .lo n losses aid realisability of in' ent in Group
Setities and unquoted investment securities. .

S. Going concern On June 23, 2004 theBoard of Directors issued a resolution, in which
the Bank agreed to, maintaining its.corporate personality and banking license in the
i Commonwealth of The Bahamas, proceed to the progressive transfer of its assets to
Santander Central Hispano Group (the "Group") companies. The mentioned transfer of
assets to Group companies is not deemed to give rise to any liability or provision that
would need to be registered in the balance sheet referred to above.


Loans are comprised as follows:

2004 2003
Group loans $ 97,000 S 215,500
Other loans 164,235 204,154
261,235 419,654
Less: Credit loss allowance (22,146) (14,870)
S" .... ... $. 239,089 $ 404784.

: As of December 31, 2003, the caption "Group loans" included a loan guaranteed by a Group
company amounting to $118,500. In March 2004, the Bank transferred the loan to a Group
company at net amortised cost.

The activity in the credit loss allowance was as follows:

Balance, end of year 2002
Add: impairment losses on loans, net
Amounts used in loan forgiveness
Transfer (to) other allowances Due from banks
Balance, end of year 2003
Add: impairment losses on loans, net
Amounts used in loans devaluation
Transfer (to) other allowances Cash and Due from banks
Balance, end of year 2004

$ 16,263
67,672 -
$ 22,146

The Bank has recorded during 2004 a credit loss allowance of $37,599 related to a deposit
granted to a group company (see notes 6 and 13), which is included in the caption "Transfer
(to) other allowances Cash and Due from banks", in the activity in the credit loss allowance
during 2004.


Securities comprise available-for-sale, fixed income and equity securities issued by private
sector entities in emerging countries.


Investment in subsidiaries is comprised as follows:

Group companies:
SBook value

2004 2003

$ 258,706 $ 270,.076'
$ 48,271 $ 59,196


=1 1-9 fz

-L-'-- I



FRIDAY, MAY 27, 2005, PAGE 9

As of December 31, 2004 and 2003, the Bank has investments in five and six Group
companies, respectively, which are involved in non-banking commercial activities either
directly or through related companies.

During 2004, one of the Bank's subsidiaries ended its operations and was put into liquidation.
Difference between the cost of the investment and the cash obtained by the Bank resulted in a
net loss of $10,312.

As of December 31, 2004 and 2003, the allowance recorded for impairment amounted to
$210,435 and $210,880, respectively.

The Bank's share of aggregate net assets of these companies (as of the underlying book value
from the latest available balance sheet) amounts to approximately $140,658 and $95,418 as of
December 31, 2004 and 2003, respectively.

Total assets of subsidiaries amounted to approximately $1,083,589 and $1,037,531 as of
December 31, 2004 and 2003, respectively. These companies have registered a net income of
approximately $377 as of December 31, 2004 (net income of approximately $13,452 as of
December 31, 2003). Subsidiaries' total assets and net loss do not include consolidation
adjustments that would result if the Bank presented consolidated balance sheet (see Note 2d).

The activity in the allowance for impairment was as follows:

Balance, end of year 2002
Impairment loss
Reversal of impairment
Balance, end of year 2003
Impairment loss
Reyersal of impairment
Balance, end of year 2004

$ 186,469
$ 210,435


The Bank provides investment, financing and related services to Group companies and other
customers including corporations and institutional and individual investors. The Bank's
exposure to credit risk associated with these transactions is measured on an individual
Customer basis. To reduce the potential for risk concentration, credit limits are established and
monitored in light of changing market conditions and customers.

In the normal course of providing such services, the Bank requires collateral on a basis
consistent with industry practice. The type and amount of collateral is monitored and
counterparties are required to provide additional collateral as necessary.

As of December 31,,2003, included in the caption "Cash and due from banks Time -Group",
the Bank had,registered a deposit given to another Group company (see Note 13) located in
Argentina in the amount of $206,395. As of December 31, 2003, the allowance recorded for
impairment of this deposit (included in the caption "Cash and due from banks time-Group") to
cover the current uncertainty and possible future events-in Argentina amounted to $168,797
(see Note 13). During 2004, the Bank recorded a credit loss allowance of $37,599 in order to
cover 100% of the amount of the deposit. Subsequently, during 2004, the deposit and the
credit loss allowance were held off-balance sheet because of the lack of payments of principal
by the borrower in the past years.


Accrued interest payable and other liabilities are comprised as follows:

2004 2003

Provision for guarantees provided (Note 11)
Accrued interest payable

$ 1,034 $ 1,034
333 1,506
$ 367 $ 2,540

S. Oth er i:ccou ii'1'' i '" ... ; $ t:''1;329 1,361
| Accrued interest payable 18 14
$ 1,347 $' 1,375


As of December 31, 2004 and 2003, the share capital of Santander Investment Bank, Ltd.
consisted of 10,000 authorised, issued and fully paid registered ordinary shares of $1,000 each.


The scheduled maturities of the Bank's net assets, liabilities and equity from December 31,
2004, to the contractual maturity date are as follows (assets and liabilities without fixed
maturity are recorded in the caption "Over twelve months"):

2004 2003
Assets Liabilities Assets Liabilities

Due within one month
One to three months
Three to six months
Six to twelve months
Over.twelve months

$ 4,433 $ 251,589 $ 2,558 $ 221,507
3,011 35,736 990 75,683
245 12,690 6,957 187,403
2,747 45 4,534
360,493 2,151 558,017 1,592

$370929 $ 302,166 $568567 $ 490,719

S The Bank has a negative impact in balances maturing in less than twelve months. However
management believes that there is no risk as the Bank has access to lines of credit with the
Parent, which could cover any exposure in the maturity of those liabilities maturing in less
than twelve months, of which $299,785 (out of a total amount of $300,015) relate to liabilities
with Group companies.

As of December 31, 2004, assets with a maturity over twelve months include floating rate
loans (see Note 13). According to the policy of the Bank regarding the reduction of the
potential for interest rate risk, the interest rate periods of such loans are matched with those of
their.funding positions.


The primary concentration of the Bank's assets at December 31, 2004 is in Mexico and South
a America, where approximately 73.3% (82.3% at December 31, 2003) of assets are invested.
As of December 31, 2004 and 2003, more than 99% of the Bank's liabilities are with the


In the normal course of business, the Bank issues, guarantees and enters into underwriting
commitments. Settlement of those transactions as of December 31, 2004 would not have a
material effect on the financial condition of the Bank.


The Bank's outstanding derivative financial instruments (notional amounts), primarily with
financial intermediaries, were as follows:

2004 2003

Fair value hedges:
Swaps (Note 13)
Unmatured foreign currency purchase and sale
transactions (Note 13) .

$ 9970 $ 18,646

$ 97,000 $ 97,000

According to the accounting policies followed by the Bank (see Note 2g), as of December 31,
2004, all derivatives are carried at fair value:

SAs of December 3 1,2004.and.2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption "Securities" in the
balance sheet as of December 31, 2004 and 2003. During 2004, the Bank has reduced its
participation in this equity investment, adjusting subsequently the derivative coyerance.


As of December 31, 2003, included in the caption "Cash and due from banks Time -Group" in
the balance sheet, there was a deposit placed with a Group company located in Argentina
amounting to $206,395. In July 2002 and June 2003, it was agreed by the parties to extend the
maturity date, from June 2003 to June 2007, and from June 2007 to January 2010 (final
maturity date), respectively. As of December 31, 2001, in connection with this operation, the
Multilateral Investment Guarantee Agency (MIGA), a member of World Bank Group,
provided political risk insurance coverage for 90% of the principal amount for the risk of
transfer restriction and expropriation of funds in Argentina, covenant which did not apply as of
December 31, 2002. As a result, the Bank recorded during 2004 a credit loss allowance of
$37,599 ($68,797 in 2003) to cover the current uncertainty and possible future events in
Argentina as of December 31, 2004 (see Note 3), amounting the credit loss allowance to
$206,395 (100% of the deposit). Subsequently, during 2004, the deposit and the credit loss
allowance were held off-balance sheet because of the lack of payments of principal by the
borrower in the past years.

As of December 31, 2003, included in the caption "Cash and due from banks Time -Group" in
the balance sheet, there was a deposit placed with another Group company located in
Argentina amounting to $1,092, covered by a 100% credit loss allowance. During 2004, the
deposit and the credit loss allowance were held off-balance sheet because of the lack of
payments of principal by the borrower in the past years.

As of December 31, 2004 and 2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption "Securities" in the
balance sheet as of December 31, 2004.

As of December 31, 2004 and 2003, the Bank had entered into an unmatured foreign currency
purchase and sale transaction with a Group company with a notional amount of $97,000. This
currency swap covers the foreign exchange risk of a loan granted to another Group company
with a maturity date of January, 2006, included in the caption "Loans, net" in the balance sheet
as of December 31, 2004.


Following June 23, 2004 Board of Directors resolution, the Bank agreed to proceed to the
progressive transfer of its assets to Group companies. The main transactions occurred
between December 31, 2004 and February 28, 2005 (last available balance sheet) is detailed.

In January 2005, the Bank sold its share in an equity security issued by a private sector entity
which resulted in a gain of $26,878.

In February 2005, one of the Bank's subsidiaries ended its operations and was put into
liquidation. Difference between the cost of the investment and the cash obtained by the Bank
resulted in a gain of $344.'

Deloitte & Touche
Chartered Accountants
and Management Consultants
2nd Terrace, Centreville,
P.O. Box N-7120

To the Board of Directors of
Santander Investment Bank Limited:

'Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101

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

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatements. 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 bef'ieve that our audit provides a reasonable basis for ourt

In our opinion, the balance sheet referred to above present fairly, in all materials respects, the
financial position of the Bank at December 31, 2004 in accordance with International Financial
Reporting Standards.

Without qualifying our opinion, we draw attention to Note 2 1. in the balance sheet that refers to the
June 23, 2004 Board of Directors' resolution, in which the Banrk agreed to, maintaining its corporate
personality and banking license in the Commonwealth of The Bahamas, proceed to the progressive
transfer of its assets to Santander Central Hispano Group (the "Group") companies. The referred
circumstances may indicate that future operations of the company may differ significantly from past

The Bank performs part of its activity with other entities of the Santander Central Hispano Group.
The outstanding balances at December 31, 2004, of the main transactions with the Group and the
results of these transactions for the year then ended are described in the accompanying balance sheet.

March 29, 2005









Nathan Stone's Album Launch: On Friday, May 27
@ Hard Rock Cafe, Charlotte Street. Stone will
release his long-awaited album, The Perfect Gen-
tleman. Doors open at 8 pm. The show starts @ 9 pm.
Admission: $35 (regular); $65 (VIP, includes a copy
of the CD, hors d'oeuvres and a goody bag) See
Main Event for ticket locations.

Bounty Killer, the Warlord will be in concert on Fri-
day, May 27 @ Club Nsomnia. Admission: $30 before

Up All Night @ Club Nsomnia:
* M.A.D. Thursdays. Hosted by Jamaican artist,
Beenie Man. Special performance by Club Nsomni-
a's International Coyote Girls. Late night happy
hour from 9pm-llpm: $1 drink specials. Music by
Barry da Pusha, DJ Fines and Mr Excitement. Doors
open at 9pm. Ladies free before 11pm Guys $15
before 11pm
* Latin Fridays. Featuring all your favourite salsa,
merengue and latin music, the world famous Coyote
Bar, and karaoke. Come party on the streets of Cruz
Lane. Admission: Everybody $5 before 9pm. Music
by DJ Flava.
* Nsomniac Saturdays, a party for the grown and
sexy. Experience the flavour of South Beach in the
Bahamas. Music by DJ Fynes and DJ Flava. Ladies
$10 before 11pm. Guys $15 before 11pm.
* Caribbean Sundays, featuring soca, calypso, dance-
hall, and 'reggaeton' music (a fusion of latin, reggae
and hip-hop music). Live performances and guest
DJ's. Music by Xcitement and DJ Fatal. Drink spe-
cials all night. Ladies: $5 before 11pm. Guys $15
before 11pm.

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

Rave Saturdays @ Club Eclipse. DJ Scoobz spin-
ning the best in Old Skool. Admission $35, all inclu-
sive food and drink.

Fever @ Bahama Boom, Elizabeth St, downtown,
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 yesterday 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-

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

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

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

Flash Nights @ Club Fluid every Thursday. The ulti-
mate 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

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 11pm, $15 after; Guys $20 all

Dicky Mo's @ Cable Beach. Happy Hour every Fri-
day 3 for $10 mixed drinks and $1 shots. Bahamian
Night (Free admission) every Saturday with live
music from 8 pm to midnight. Karaoke Sundays from

8 pm to midnight, $1 shots and dinner specials all
night long.

Twisted Boodah Lounge @ Cafe Segafredo, Char-
lotte St kicks off Fridays 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
A4pm-until, playing deep, funky chill moods with
world beats.

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

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

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

TooLooSe @ Indigo Restaurant on West Bay St and
Skyline Drive. Singer/songwriter Steven Holden per-
forms 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 @ Hurricane
Hole on Paradise Island.

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

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

Paul Hanna, Tabatha and Gemie, and the Caribbean
Express perform at Traveller's Rest, West Bay St,
every Sunday, 6.30pm-9.30pm.

The ArtS

The Definitive Diaries, an exhibition of recent works
by oil painter, Nicole Angelica, will be held on Sat-
urday, May 28 @ Prince of Wales Room, Atlantis,
Paradise Island. Nicole is an accomplished artist,
recently taking the Best in Show award at the Muse-
um of Americas' (MoA) Women of the Arts 2005
exhibition. There were 2,835 initial submissions. The
artist reception runs from 6pm till 10pm (one night

Split Personality, a joint art show by Nicole Collie
and Lemero Wright hones to challenge the eves and

with smouldering looks and proud stances. In some
of Collie's pieces, she uses brighter tones to highlight
just the body (minus the head). The exciting show,
sponsored by the Credit Suisse Supports Bahamian
artists Programme, runs until May 27 at the Central
Bank of the Bahamas.

National Art Gallery of the Bahamas (NAGB)
events for May 2005:
* Thursday, May 26: Life and Debt (2001), a docu-
mentary by director and producer Stephanie Black.
Rated: PG-13. Time: 7:45pm. Length: (86 minutes)
Rather than the traditional Issues forum, NAGB in
collaboration with the College of the Bahamas'
School of English Studies experiments with a short
program of issue-oriented cinema. Discussants for the
Life and Debt viewing are Tamico Gilbert of
Amnesty International, and Bernadette Butler,
lawyer for the Bahamas, CSME.
(All events to take place at NAGB, West & West Hill
Streets. Call 328- 5800, or logon to
for more information)

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 Ben-
jamin-Smith. Gallery hours, Tuesday-Saturday, 11am-
4pm. Call 328-5800 to book tours.

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

The Awakening Landscape: The Nassau Water-
colours of Gaspard Le Marchand Tupper, from the
collection of Orjan and Amanda Lindroth @ the
National Art Gallery of the Bahamas. The mid-nine-
teenth century paintings that make up the exhibition
are part of one of the earliest suites of paintings of
Nassau and its environs.
Tupper was a British military officer stationed at
Fort Charlotte in the 1850s. The works show a pre-
modem Bahamas through the decidely British medi-
um of watercolour. Gallery hours, Tuesday-Saturday,
llam-4pm. Call 328-5800 to book tours.


Doctors Hospital Distinguished Lecture Series: Dis-
tinguished Physician, Dr Agreta Eneas Carey will dis-
cuss "Senior Health" on Thursday, May 26 at 6pm in
the Doctors Hospital conference room. This lecture
will increase awareness and educate persons about
how to stay healthy in their senior years. The lecture
is free to the general public. Free blood pressure,
cholesterol and glucose screenings will be performed
between 5pm and 6pm. To ensure available seating
RSVP 302-4603.

the mind of artlovers. Collie's more exotic, feminine
iea .lhte twoman- her curvceu shn ln- Yg:Srth rah.Rlx o ov.Mn..or-

The Perfect Gentleman

n Friday night at the Hard
Rock Cafe, the Bahamian pop
sensation, Nathan Stone, will
officially launch The Perfect
Gentleman his much antici-
pated album.
The artist, who co-wrote most of the tracks,
has a knack for writing songs that attract a broad
audience. Songs like the first single Shake It
Mama boasts a sizzling reggae remix featuring
Baha Men singer Rick Carey. Just One Kiss,
Hit Me Up and The P'erfect Gentleman are
dance tracks that get the toes tapping.
The album's ballads, among them Fly and
Chance, can be described as the most deeply
personal expressions of the artist at his most
vulnerable. In his album, Stone brilliantly covers
The Bee Gees' How Deep Is Your Love, which
is the only cover on this release.
The doors of the Hard Rock Cafe, Charlotte
Street, will open at 8pm, and the show starts at .

ed in pastel shades. By contrast, Wright's work uses it, yoga classes for all levels will be conducted by
bright almost glaring primary colours. Though Margaret Evans, registered yoga teacher.
Wright's paintings suggest a more masculine energy, Tuesdays & Thursdays: May 24 through June 30 Send all your civic and social events to The Tribune
he has used the female form in black and hot tones (six weeks) from 6pm 7:30pm. Cost: $120. via fax: 328-2398 or e-mail: outthere@tribuneme-
Saturdays: May 28 through July 2 (five weeks)
from 10am- 11:30 am. Cost: $50. There will be no



class June 4. Sessions will be held at the Trinity
Methodist Church Parking Lot (air-conditioned).
Wear loose comfortable clothing, bring a yoga or
exercise mat, and a towel. Call 394-2121 or 477-3903,
for more information.

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

MS (Multiple Sclerosis) Bahamas meets the third
Monday every month, 6pm @ Doctors Hospital con-
ference room.

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

Doctors Hospital, the official training centre of the
American Heart Association offers CPR classes cer-
tified by the AHA. The course defines the warning
signs of respiratory arrest and gives prevention strate-
gies 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 Saturday of the month
from 9am-lpm. Contact a Doctors Hospital Com-
munity Training Representative 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.

ON =Civic Clubs

A Bahamas Historical Society meeting is scheduled
for May 26 @ 6pm. Dr Gail Saunders will speak on
the topic: "The Wylly Affair and the Slave Regis-
tration Controversy 1816-1821". Venue: the Soci-
ety's museum on Shirley Street and Elizabeth
Avenue. For more information log on to

Toastmasters Club 1095 meets Tuesday, 7:30pm @ C
C Sweeting Senior School's Dining Room, college
Avenue off Moss Road. Club 9477 meets Friday,
7pm @ Bahamas Baptist Community College Rm
A19, Jean St. Club 3956 meets Thursday, 7.30pm @
British Colonial Hilton. Club 1600 meets Thursday,
8.30pm @ SuperClubs Breezes. Club 7178 meets
Tuesday, 6pm @ The J Whitney Pinder Building,
Collins Ave. Club 2437 meets every second, fourth
and fifth Wednesday at the J Whitney Pinder Build-
ing, Collins Ave at 6pm. Club 612315 meets Monday
6pm @ Wyndham Nassau Resort, Cable Beach. Club
753494 meets every Wednesday, 6pm-8pm in the
Solomon's Building, East-West Highway. All are

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

Alpha Phi Alpha Fraternity meets every first Tues-
day, 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 Fri-
day 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 Profes-
sionals, Bahamas Chapter meets the third Thursday
of every month @ Superclubs Breezes, Cable Beach,

AMISTAD, a Spanish club meets the third Friday of
the month at COB's Tourism Training Centre at
7pm in Room 144 during the academic year. The
group promotes the Spanish language and culture in
the community.

^ ~~ ---i --qq%-^ ^ ^ ^ ^ ^- -

......................................... I ........................................................................... ----------------




Corpus Christi holiday

celebration in Port-au-Prince

9 dw. *w -4 4mm mo
*mob asowo
-0 m& dlmb doom


over Florida

offshore drilling
10GI EO m - -

* a

Phone: 323-3460
Montrose Avenue & Oxford Street 2 Doors North Of Multi' Discount Furniture
Children's Clothi, hoes, Socks, 2air cessotis, nkrgarments, os, aec




PricewaterhouseCooper, Freeport Office is offering positions for staff accountants to pursue a programme
of training culminating in a professional accountancy qualification. Prospective candidates should have a
graduate or undergraduate degree in accounting or related subject, and a track record of outstanding academic
results and social activity that exemplifies success as an achiever and leader. Applications are being accepted
for the 2005 programme.
Successful candidates will undergo a period of rigorous training, both academically and on-the-job, with the
objective of developing professional skills. The positions offer excellent salaries and promotional opportunities,
and benefits include medical insurance and provident fund. Also, as a team member of PricewaterhouseCoopers
there are opportunities to participate in the PricewaterhouseCoopers organization's International Exchange
Eligible candidates should submit their application by hand or mail along with a current curriculum vitae
no later than Friday, June 10, 2005 to:
Office Administrator
Regent Centre East Suite A
P.O. Box F-42682
Freeport, Grand Bahama, The Bahamas


FRIDAY, MAY 27, 2005, PAGE 11

- *


PAGE 12, FRIDAY, MAY 27, 2005


7:30 8:0:3 0 30 9:00 9:30 10:00 10:30
McLaughlin Washington Wall Street Week America in the '40s Charles Duming hosts a review of the accomplish-
B WPBT Group N) Week (N) r With Fortune (N) ments of America during the 1940s, as the country moved from the Great
(CC) (CC) Depression to the center of world political power. (CC)
The Insider (N) Joan of Arcadia Flashbacks illus- JAG Mac and Harm investigate a NUMB3RS Vector Charlie tracks a
0 WFOR n (CC) trate the family's differing recollec- friendly fire incident involving deadly virus that may have resulted
tions of the car accident. (CC) Marines in Iraq. t (CC) (DVS) from bio-terronsm.
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LIFE MOVIE (1995, Drama Stepfanie Kramer, Michael Cindy Pickett. A serial arsonist terrorizes Seattle for six months. (CC)
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MSNB 00Hardball Countdown With Keith Olber- MSNBC Investigates: Lockup: Scarborough Country
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NTV tender (N) (CC) a seven-round fight at Caesars Palace. (CC)
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t... (Live) From Lowe's Motor Speedway in Concord, N.C. Europe Practice.
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York, Catherine Oxenberg.
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TBS Loves Raymond finds himself finds Marcel on a Roberts, Ralph Bellamy. An executive plays Pygmalion to a young street-
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HBO-E ING LIB- Michelle Trachtenberg, Jacob Pitts. A teen and his HBO First Look George Hearst arrives in camp; ten-
ERTY (2004) 0 friends have misadventures in Europe. 0 'R' (CC) 0 (CC) sions boil over. n (CC)
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love and a stable life in New Jersey. 0 (CC) travel Europe. 0 'PG-i3' (CC)
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MAX-E An attomey goes to work at a law firm run by Satan. 0 'R' (CC) Jason Biggs. Jim and Michelle pre-
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psychopath in a fisherman's coat. 0 'R' tim through a forest. 0 'R' (CC) Juliet Cariaga.
(:40) SHO Me ** LARA CROFT TOMB RAIDER: THE CRADLE OF LIFE (2003, Ac- Penn & Teller: Penn & Teller:
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The Board of Directors of Finance Corporation of
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dividend of twelve cents (12 cents) per Ordinary Share will be
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quarter ended 30th April 2005.

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Corporate Secretary
Dated this 27th May, 2005





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'Stay indoors'

begs police


intendent of Police has begged
members of the public to
remain indoors during any hur-
ricane this summer.
Addressing the Hurricane
Preparedness Committee on
Tuesday, Clarence Russell
thanked essential services such
as the Defence Force, Customs,
Immigration and emergency ser-
vices who helped as much as
they could in the event and after-
math of the hurricanes last year.
But he said: "There were,
however, some unruly persons
who during the eye of the
storm, in particular, who chose
to remove themselves from
their safe havens and come to
the streets."
He warned: "During the eye
of a storm you should remain
indoors. You should remain
there until such time as the Gov-
ernment Administrator's Office,
or the Prime Minister's Office,
gives an official mandate that
you (can) come to the streets.
"Your safety and security are
of paramount importance to us&
We ask you, we urge you, we
beg you, to remain indoors until
such time as you get official noti-
fication to return to the streets."

Mr Russell said that the man-
date of the Royal Bahamas
Police Force during a hurricane
or similar natural calamity is the
protection of life and property
"Whenever we are faced with
a crisis, one of the magnitude
of Jeanne and Frances, we
always see the small chinks in
our armour," he said.
"Very fortunately, as a result
of both hurricanes, which was
rather unusual for our coun-
try, we get an opportunity to
prepare ourselves a little bet-
ter. I like the clich6 that one
can never be too prepared for
an event such as this.
"We have learnt quite a great
deal as a result of the chal-
lenges with which we were
faced through both hurricanes
throughout the entire Com-
monwealth and I am certain
that we are that much better
prepared this time than we per-
haps were in the past."
He added: "All assistance
that can come from the com-
munity, we urge you to do so
through the emergency services
and the NEMA (National
Emergency Management
Agency) and/or national ser-
vices offices."

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FRIDAY, MAY 27, 2005, PAGE 13


-Aw.. Aw

CAN NOT MotoeAeu Js otfBhmsBs&TukC.
1 w32-53 35-00 o23778- 2-79

Supreme Court rules in favour of

government in Guana Cay Case

FROM page one
In a 14-page ruling, Justice
Isaacs said that the Association
had no standing before the
court, as SGCRA is neither a
landowner nor a resident with
any interest directly affected by
the development.
He also ruled that the Asso-
ciation, represented by lawyers
Fred Smith and George Mis-
sick, had not been capitalised
and had no discernible assets.
Justice Isaacs added that
none of the landowners at Gua-
na Cay, Abaco, the core sup-
porters of the applicant, have
exposed themselves to costs or
have taken any shares in the
The Court ruled that the
threshold test of whether to
grant an injunction or to grant
leave to issue judicial review
was that the Applicant should
have a "sufficient interest."

FROM page one

sit down and talk with them."
"What 1 am ashamed of is how my
government, which is supposed to be
working in the interest of all of the
Bahamian people has taken almost two
years to not to do anything. That is
what I'm ashamed of," he said.
Yesterday Transport and Aviation
Minister Glenys Hanna-Martin said
that she was very "puzzled and dis-
turbed" by yesterday's demonstration.
"Nassau International Airport is the
premier gateway into this country. An
obstictirin of traffic is an offence
uinderthe law. Certainly, my ministry
will not contemplte unlawful behav-
iour in the advance of any position.

As a consequence, the judge
found that SGCRA had no
interest in the proceedings and
therefore the injunction should
not be granted and further, that
it would be pointless to contin-
ue the action.
In his considerations whether
there was a serious issue to be
tried, the judge found that there
did not seem to be "invasion,
actual or threatened by the
developers of a legal or equi-
table right" of the Association.
"Even had the property own-
ers of Guana Cay been proper-
ly before the court, it would be
impossible, based on the mate-
rial before the court to show
that their property was going to
be directly affected by the
development," Justice Isaacs
He added that although
"much weight was attached to
the Environmental Impact
Assessment by applicants, it is

not a document," on which the
court can judge.
To the question of public
consultation being needed
before a development can pro-
ceed, Justice Isaacs stated that
there is no statuary requirement
for such consultation.
However, in his considera-
tions whether the Supreme
Court would have had jurisdic-
tion to grant an injunction, Jus-
tice Isaacs concluded that it
The Judge concluded that
although the Association and
its supporters "may feel pas-
sionately that their pristine and
idyllic island paradise ought not
to have on it such a large devel-
opment as proposed, the cur-
rent application has no more
effect than the demonstration
staged by them earlier."
Lastly, Justice Isaacs made
no order as to costs.
Commenting on the ruling

Particularly when the position, that was
advanced, is under active considera-
tion by my ministry."
At the scene of the demonstration,
a female worker at BELT explained
that the next time such a obstruction
was done that prohibited the workers in
any way, it would not go by so amica-
"Tourism being our major industry
in this country, that should not have
happened. Two cars blocked this park-
ing lot and there were people at the
doors very irate. The bottom line is
that those cars should have been towed,
and their licences taken,
"As far as I am concerned, as a single
mother, that should never have hap-
pened. I am very upset and it may not
go that easy next time," she warned.


A resident of Cargillville, off
.. Faith Avenue will be held on
I1Saturday May 28th 2005 at
2:00p.m. at New Covenant
Baptist Church, Independence
_____________ Dnve, Interment will follow in
the Old Trail Cemetery, Soldier
Road. Officiating will be Rev.
Dr. Lewis Cash, Assisted by minister Alvin Tucker, Pastor
Eltamese Smith and other Ministers. Service has been
Entrusted to Gateway Memorial Funeral Chapel, Wulff
Road and Primrose street.
Left with cherished memories are: her mother, Myrtis
Hanna; two (2) sons Ricardo Whylly and Jeffrey King;
three (3) daughters, Caroline Deveaux, Erolene and Shantell
King; three (3) brothers, George Hanna, Ernest and Ashley
Meadows; three (3) sisters, Daisy Hanna, Maria Lolla If
Indianna and Tanya Pierre; four (4) aunts. Mrs. Mary Cox,
Mrs. Corine Meadows of Delray Beach, FLA., Mrs. Mer1ene
Mott and Mrs. Jestina Rolle of Exuma; two (2) broth's-
in-law, Roland Lolla of Indianna and Farilien Pierre; two
(2) sisters-in-law Rose Hanna and Donna Meadows; three
(3) nephews, Tessio Hanna, Mckale Pierre and Tyler Lolla;
eight (8) nieces, Lashan, Antonique and Latonya Thompson
of Indianna, Anishka Hinsey, Cheryl Hanna, Pharrah Pierre,
Rolanda Lolla and Tecora Butterfield.
Other relatives and friends including, a devoted and loving
cousin, Lluma Rolle, Mr. & Mrs. Johnson Hanna and Family,
Mr. & Mrs. Sullvan Hanna and family of Delray Beach,
Fla. Bishop Elrett Josie and family of West Palm Beach
Fla. Mrs. Mary Belle and Family of Riviera Beach Fl.,
Eltamese Smith and family, Mrs. Iris Tynes and Family,
Mrs. Lydia Lightbourne and Family, Mrs. Andrea Smith
and family, Lisa Adderley and family, Veronica Rolle and
family, Patrick Gray and family,. PastorDamuel McIntosh
and family, Constance Rolle and fmily, Mrs. Mary Lolla
and Family, Ricardo Whylly Sr. and family, Jeffrey King
Sr. and family, Eric King and family, Geneva Smith and
family, Jere Cumberbatch and family, Andrea Hepburn and
Family, Wilfred, IVA Ferguon and family Iola Lynes and
family, the Hair Braiders Family of Cable Beach and Shiloh
Temple Baptist Church Family and the Sanctuary of the
Redeemed church family
Public viewing will take place on Friday from 10:00a.m.
to 6:00p.m. and on Saturday from 10:00a.m. to 12:00p.m.
!nd from 1:00p.m. to service time at the church

yesterday, Mr Smith said the
people of Guana Cay are very
disappointed, "however, this is
just a battle in a long war, this is
only round one, we are still in
the fight."
"This decision will not
deflect or weaken the passion-
ate resolve of the people of
Guana Cay to stand up for their
"This judicial review action
is but a small part of their polit-
ical, legal, public relations, local,
national and international cam-
paign to preserve their Crown
land, their way of life, their
access to beaches and their envi-
ronment," he said.
Mr Smith said that the Asso-
ciation must now deliberate
whether to appeal the ruling or
to make a new application to
the courts in the name of the
residents and landowners,
rather than in the name of

Mr Culmer however stated that his
group will not stop at mere demon-
"Whatever hour, whatever date
Atlantis will call for us to sit down and
discuss this, we will do that. However
failure to do that will result in us pro-
ceeding as planned. We will canvas the
international media, we will go to the
New York Stock Exchange, where
Kerzner International is traded, and
we will go to the International Labour
Organization. Of course the Supreme
Court is an option.
"What we want is the jobs they have
given to BELT for all of the limo dri-
vers in New Providence. We also want
compensation for the past two years
that should have come to us; and we
are not looking for pennies," he said.

and w~maiawm iid

Robinson and Sokier Roads
RO. Box CB.12072, Nassau, Bahamas

of McKinney Drive, Stapleton
Gardens, will be held on
SaturdayMay28th, 2005 at
10:00 a. m. at the Parish Church
of the Most Holy Trinity, Trinity
Way, Stapleton Gardens.
Officiating will be The
Venerable Archdeacon Dr.
Etienne Bowleg. His final
resting place will be made in
Woodlawn Gardens, Soldier
Left to mourn his passing, but will always celebrate his life and
the many fond memories is his loving, caring and devoted
Mother: Danita Bullard-Cartwright, Father: Kelsey Cartwright
of Grand Bahama, Adopted Father: Bredell Rolle, Sisters:
Danika and Danishka Cartwright, Grand Parents: Retired Supt.
Of Police, Alfred and Evangelist Daisy Bullard, Great Grand
Mother: Ms. Estell McDonald, Uncles: Glen, Arnold, Terry
and Devito Bullard, Aunt: Wanda Bullard, Adopted Aunts:
Tasha Moss, Sophia, Tanya, and Laverne Rolle, Diania and
Agatha Cooper, Arnette Turnquest, and Michelle Clarke, Cousins:
P. C. Rico and W. P. C. Shekera Sweeting, P. C. Janeiro, Glen,
Rodger, Asia, and Terria Bullard of Andros, and Yanka Humes,
Grand Uncles and Aunts: Wellington and Lydia Bullard,
Charles and Paula Bullard, Horace and Jen Bullard, Margaret
and Gabriel Styles of Exuma, Virginia and Philip English, Becky
and Berkly Smith, Josephine and James Bastian of Grand Bahama,
Leanna and Jim Henderson of Maryland, Wilfred Bullard of
Exuma, Gloria Bullard and Sarah Forbes of Grand Bahama, Faye
Bullard, Agnes Thompson, Maria Ferguson and Hariette Jones
of Florida, Other Relatives and Friends include: E. J. Bowe,
Edward Fritzgerald, Carolyn Hanna, Ola Fowler, Paulette Taylor,
Marsha Missick, Arlene and Sadia Newbold, Ada and Michael
Wisseh, Rev. and Evangelist Walter Henchell, Rev. Dr. Wesley
and Marsha Thompson, Anthony and Dale Woodside, Dr. Kenneth
Newbold, Ellison and Ethel Jackson of Miami, Florida, Dr.
Winston Forbes of Grand Bahama, Patrick Adderley, Best Friend:
Jason Clarke, Mr. and Mrs. Tynes, Faculty and Students of C.
C. Sweeting Jr. High School, and a host of other relatives and
Special thanks to: the Venerable Etienne and Cheryl Bowleg,
Holy Trinity Church Family, Bishop and First Lady Patrice Ellis
and the Mt. Tabor Church Family, The Staff of the Intensive
Care Unit of The Princess Margaret Hospital, and the Residents
of Stapleton Gardens.
Viewing will be held in the "Celestial" ,uite at Restview
Memorial Mortuary & Crematorium Ltd. Ro nson and Soldier
Road on Friday from 10:00 a. m. until 6:00 p. m. and then
again at the church on Saturday from 8:45 a. m. until service

Alvin Smith: Opposition will

expose 'hidden taxes and fees'

FROM page one

erty, gaming, tourism and stamp tax among other things.
Last year government collected $1.323 billion in revenue.
Of the government departments and ministries receiving
increases in the next fiscal year are the prison department
which will get an increase of $1.8 million, the police force which.
will have an increase of $744,586, the Royal Bahamas Defence
Force with $1.1 billion, the Ministry of Education receives an
increase of $3.6 million and the Public Hospitals Authority
has an increase of $8.9 million.
In the 2005/2006 fiscal year government will spend an esti-
mated $1.3 billion, which is $55.8 million more than last year.
Mr Smith said that there are many new fees to be imple-
mented this year when it comes to civil aviation, like parking
fees for airplanes and passenger fees.
"It is a growing trend that government hides these extra fees
and taxes in the hopes that no one finds them, but when we start
our debate on the budget we plan to bring them to light," said
Mr Smith.
Another aspect where government is being "opaque" is in
how it is dealing with the payment of salary increases to the pub-
lic service, said Mr Smith.
"In having money set aside for increases while they conduct
a study is a delay tactic and they want to wait until next year to
implement an increase and that is unfortunate," said the oppo-
sition leader.
He said that it is increasingly difficult to say how the country's
economy is being managed because of the restrictions placed on
the public accounts committee.
The public accounts committee can only look at audited
accounts which are tabled in the House of Assembly.
"This is indicative of a government that is not transparent,"
said Mr Smith.

Five are in custody

FROM page one onboard. The speedboat, which
was red and white, was plas-
night on Wednesday saw DEU tered with several Osama bin
officers surrounding at least Laden stickers, one eyewitness
four people who had been tak- reported.
en into custody and were Terry Johns, the U.S. Coast
ordered to lie face down on the Guard liaison officer, could not
ground. release any information about
DEU officers could also be the operation because it was an
seen lined along the Montagu "ongoing.investigation," but he
Beach area as the helicopter did confirm. that a U.S.
searched the shores. Coast Guard helicopter was
Officers were searching for involved in the search of the
individuals operating a speed- Harbour.
boat that was being followed by Eyewitness reports confirmed
a Coast Guard helicopter in that although the helicopter,
Nassau Harbour. The individ- started scouring the eastern
uals were suspected of drug traf- area around 11 o'clock Wednes-
ficking, but when the boat was day night, it could still be-seen
seized and docked near Brown's searching the area around 8
Boat Basin, there were no drugs o'clock yesterday morning.

Pinder's FuneralHome
"Senice Beyond Measure'
PHONE: 322-4570 PAGER: 380-5012, 393-9132

formerly of Pinedale, Eight Mile Rock, Grand Bahama, will be
held on Saturday, May 28, 2005 at 11:00 am at Church of God
of Prophecy, Pinedale. Interment will follow in the Harbour West
Cemetery. Officiating will be Pastor Jonathan Carey, assisted by
Bishop Rudolph Arthur and Bishop Cleophas Caproh.
He is survived by his parents, Lewis Sinclare and Jennie Orie
Forbes; brothers, Eric Sr and Walton Forbes of Freeport, Wellington
and Stanford Forbes of Miami, Florida; sisters, Rosemary Braynen
of Miami, Florida and Pandora Jones of Nassau, Bahamas;
adopted sisters, Alice Pinder and Patrice Hall; nephews, Leamado,
Eric Jr, Erenico, Darreayl, Dre'Vaughn, De'Vonte Forbes of Freeport,
Rashon, Stanford Jr and Jernorie and Je'Vonte Braynen of Miami,
Florida, Maxwell "Kino" and MacKale Jones of Nassau, Bahamas,
Damian and Almeric Pinder, Ken of Freeport; nieces La'Quesha
Braynen, Kanishka, Shawnie, Brayana and Wakeisha Forbes1 of
Miami, Florida, Madison and Moniece Jones, Claire Pinder of
Nassau, Bahamas and Antonique Hall of Turks and Caicos;
brothers-in-law, Edmond Howard Braynen of Miami, Florida and
Maxwell Ricky Jones of Nassau, Bahamas; sisters-in-law, Elsie
Forbes of Freeport, Sandra and Maggie Forbes of Miami, Florida;
aunts, Roselyn Mackey and Claritta Forbes of Nassau, Bahamas,
Onella Basden, Cherribelle Frith and Lila Rigby (godmother) of
Freeport, Bahamas and Yvette Forbes of Miami, Florida, Maglin
Hamilton, Constance Hall and Elizabeth Forbes of Turks and
Caicos and Thelma Forbes of Rochester, New York; uncles,
Theophilus Basden, Benjamin Frith and Eric Jolly of Freeport,
Ernest Forbes and Donald Hamilton of Turks and Caicos, Albert
Forbes of Rochester, New York; grand aunts, Clemintina Hall and
Jane Taylor of Turks and Caicos and Joesphine Forbes of Miami,
Florida; other relatives and friends including,'Franklyn and Coletta
Forbes and family, the family of the late Dennis Forbes, Bishop
Rudolph Arthur, Ozzie Simmons, Paul Forbes, Rev Jonathan
Carey and Abundant Life family, Cadron Delancy, Bertram
Campbell, Hon Lindy Russell, MP, Eight Mile Rock, Coach
Gladstone "Moon" McPhee, Jessie Rigby and family, students
and faculty of Bartlett Hill Primary School, Stephen Plakaris,
Deputy Director of Security, Security Department, Ministry of
Education, Grand Bahama, Church of God of Prophecy, Feeport,
Bahamas, Church of God of Prophecy, Baillou Hill Road, Nassau,
Bahamas, Church of God of Prophecy, Miami #1 and the entire
community of Eight Mile Rock, especially Pinedale, Grand Bahama.

Family will receive friends at Russell's and Pidner's Funeral Home,
Eight Mile Rock on Friday, May 27, 2005 from 1:00 pm to 7:00
pm and on Saturday from 10:00 am until service time at the

ULOA blocks BELT

airport parking lot



PAGE 14, FRIDAY, MAY 27, 2005

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A A _


Western Grand Bahama still reeling

from the effects of two hurricanes


The past year has been one of challenges for FirstCaribbean
International Bank, the greatest being the integration of its
^M heritage banks' systems'into a single electronic platform. Yet it
has also been a year of rewards, with the Bank earning its first
pair of industry accolades from two respected financial journals.


CARIBBEAN 'GIo Financemagazine

For the past 11 years, 'Global the title of 'Best Emerging Bank'
Finance' magazine has evaluated for 2004 and 2005.
the performance of banks in
emerging markets and awarded The criteria for judging included
the most successful performers, growth in assets, profitability,

This year FirstCaribbean was
singled out from banks operating
in the Caribbean and awarded

strategic relationships, customer
service, competitive pricing, and
innovative products.


FirstCaribbean earned this award amidst what was
described as a staggering increase in entries for
this year. The award was presented at a ceremony
held in London, England, recently by Stephen
Timewell, Editor-in-Chief at The Banker' magazine..
Mr. Timewell commented, "'The Banker' has
recognised the Bank's strong performance and the
efforts made by the institution in 2004 and 2005.
Considering the high quality and number of entries,
as well as the highly competitive nature of the
current banking environment, this achievement is
made all the more rewarding."
The award is given to banks operating in Barbados
and the OECS region which best demonstrate how
technology is helping them advance their market
position and best show how their banking structure
and strategy will equip them for future developments
in their market.
Speaking on the significance of these awards, Charles
Pink, the Bank's Chief Executive Officer, said:

The Bank's' achievement is
especially rewarding as the
magazine selected banks from
only two other territories within
the region Puerto Rico and
Trinidad & Tobago for
consideration in this year's

Francis Lewis, Executive Director,
Marketing and Product Development (left),
receives the Best Banker Awards from a
representative of 'The Banker' magazine.

"To be recognised by external industry observers is
very satisfying to us, particularly at a time when so
much is happening so rapidly in our relatively young
Bank. We are both honoured and humbled by these
awards, which reward the efforts and excellence of
our over 3,000 staff."

vw JW..if irrsstt arr i b b e am b ami iik .o: o'mr



Cao bbean Pride.aIternatonal St ength1. Your Financial Partner

FirifCcaribbeanilr ite datioadl. Bank is cm A c iattedCocmpany df Bafodlays BalkPMLC acsdOlBCL.

* -

"Copyrighted Material
Syndicated Content
Available from Commercial News Providers"

WEST Grand Bahama is still
recovering from .the effects of
Hurricanes Frances and Jeanne
last year, according to the gov-
ernment administrator for the
Charles King told members
of the Grand Bahama Hurri-
cane Preparedness Committee
on Tuesday that the District is
still in a recovery mode.
"The West Grand Bahama
District, as you know, was
adversely affected by both hur-
ricanes perhaps in the most
major way in the Common-
wealth of The Bahamas; and we
are still reeling from the
effects," he stated.
"The government is still
attempting to bring about some
form of restoration to those per-
sons who were affected with the
loss of their homes, etc.
"The shelters in West Grand
Bahama have been decreased
because some of the shelters
that we had last year were
affected by the storm and they
have not been fully repaired
However, Mr King said that
the Eight Mile Rock Gym is
presently available and has been
listed as a shelter. In fact, he
recalled the facility being used
during Hurricane Jeanne and
that it proved to be very, very
valuable to the community.
The shelters currently listed
for the West Grand Bahama
District are all in Eight Mile
Rock: Bethel Baptist Church,
Eight Mile Rock High School
Gym, Martin Town Communi-
ty Church; Church of God, Sea
Grape; and the Central Baptist
Church Hall.
.Authorities have had to pur-
chase a number of supplies that
were found to be so handy after
the storm. Mr. King informed
that after the storms they, along
with the Department of Social
Services, immediately began to
distribute supplies to the affect-
ed persons.
"That was very good. How-
ever we have to replenish those
supplies and we are in the
process of doing that right
now," he said
He stressed that in times of
crisis leaders need to be able to
come forward and decisions
have to be made in the interest
of the communities.
He said: "And we had our
local government officials from
West Grand Bahama who, even
after the,storm, put the busi-
ness of their townships on hold
just to deal with the overall
after-effects of the hurricanes.
"Local government had to
just take on the reins and they
had to do what was necessary in
order to assist the central gov-
ernment in bringing about some
sort of restoration, peace and
harmony in order to cause our
people to be more at ease".
Mr King added, I want to
really thank the volunteers from
West Grand Bahama. We had
in excess of 100 of them. I must
say that people responded to
the call and, because of the
response that we received, it
assisted in saving lives."

PAGE 16, FRIDAY, MAY 27, 2005



FRIDAY, MAY 27, 2005


Miami Herald Business, Stocks, Analysis, Wall Street

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

Concerns on

public's CSME


Senior Business Reporter
THE Bahamas Trade Com-
mission yesterday expressed
concern that the Bahamian pub-
lic lacked sufficient information
to understand the ramifications
of joining the Caribbean Single
Market & Economy (CSME).
Commission members used a
meeting with Fred Mitchell,
minister of foreign affairs, to
address a perceived lack of sup-
port from the Government for
its work, believing that the
Commission was hampered in
its duties because of the failure
to provide the necessary
resources and technical support
for matters to be researched
Also at issue was the Cabi-
net's failure to publicly respond
to the Commission's June 2003
report that recommended that
the Bahamas defer a decision

Tribune Business
THE Government will
have to borrow $232.245
million to balance the 2005-
2006 Budget, which one
observer yesterday likened
to "the same old wine in a
brand new bottle".
Implying that the Budget
formula had not changed
since the present govern-
'ment took office in May
2002, the source, who
declined to be identified,
said the administration
seemed, unable to rein in
recurrent expenditure,
which pays for the public
sector's fixed costs wages,
salaries and rents, plus debt
.servicing with the focus
entirely on raising extra
funds to pay for burgeoning
Expressing concern that
the size of government con-
tinued to increase, the
source said: "They keep on
spending money like it's
going out of fashion tomor-
row, and sooner or later the
Bahamian taxpayer is going
to have to pay for it."

The 2005-2006 Budget fig-
ures revealed that while bor-
rowing to cover the fiscal
deficit would fall by 10.8 per
cent or $28 million com-
pared to last year's estimat-
ed $260 million, the Gov-
ernment would need to bor-
row over $232.245 million
to balance its books.
Of the anticipated $93
million increase in recurrent
revenues to $1.145 million,
the Government believes
the lion's share will come
from rises in import duties
and stamp tax.
The latter is forecast to
increase by $28.378 million
or 5.9 per cent to $507.5 mil-
lion, with stamp tax collec-
tions due to grow by $35.34
million or 19.2 per cent to
$219 million. Tourism taxes
are also projected to rise by
$19.652 million to $108 mil-
The Government's Bud-
get data also gives two dif-
ferent forecasts for the 2004-
;,:2005 projected outturn, with
Sone predicting that the fiscal
deficit will remain at $163
Million or 2.8 per cent of
SEE page two

on whether to join the CSME.
Mr Mitchell, though, said the
document was used to inform
the Government's position dur-
ing a Heads of Government
meeting the same year.
He responded to the concerns
by promising greater resources
and technical support for the
Commission, and said both the
Ministriesy of Education and
Foreign Affairs would be more
involved is assisting the Com-
mission complete its work.

Hillary Deveaux, acting exec-
utive director of the Securities
Commission and a member of
the Trade Commission, said
considerable challenges were
ahead for the Bahamas, partic-
ularly in regard to the area of
Mr Deveaux, who is also a
member of the services negoti-
ating group for the Free Trade
Area of the Americas (FTAA),
said that upon signing the
revised CSME treaty, in regard
to services, significant changes
were to be expected and that it
was likely the Bahamas' status
quo would not be maintained.
He felt confident, though, that
the Bahamas' industries would
be able to compete With region-
al companies.
Using the example of banks
and insurance companies from
Trinidad and other countries
selling their services in the
Bahamas, whether as an entity
physically based in the Bahamas
or not, Mr Deveaux said he
could see such a scenario occur-
ring. While he believed the

Cable Beach takes

external reserves

to almost $800m
Tribune Business
THE Bahamas' foreign
exchange reserves almost
reached $800 million by
mid-May, the Ministry of
Finance has reported,
fuelled by the net proceeds
to the Government and
Hotel Corporation from the
$45 million sale of the
Radisson hotel and other
Cable Beach assets to Baha
Mar Development Corpo-
In its summation of the
Bahamian economy's con-
dition for the 2005-2006
Budget, the Ministry of
Finance said "the record
accumulation in external
reserves continues during
2005 but at a slower pace
than in 2004".
Foreign exchange reserves
increased by 37.9 per cent
during 2004 to reach $667.8
million by year-end, and fur-
ther increased during the
2005 first quarter to reach
$718.6 million at the end of
At December 31, 2004,
the Ministry of Finance said
the Bahamas' foreign cur-
rency reserves would be able
to purchase 21.7 weeks' of
"non-oil import cover",
compared to 16.6 weeks at
the end of 2003.
Although the lending
restrictions imposed by the
Central Bank of the
Bahamas were lifted in
August 2004, the Ministry
of Finance said much of the
credit expansion that took
place last year occurred pri-
or to this date, as the Sep-
tember 2004 hurricanes
dampened borrowing enthu-
siasm for the remainder of
the year.
SEE page two

financial services sector was
adequately equipped to handle
the competition,, he feels that
the Bahamian public did not
understand that such a scenario
could take place should the
Bahamas sign on to the CSME,
and that potentially huge
changes might take place in the

Mr Mitchel said that in regard
to the Right of Establishment,
the Government's position was
that it did not have any impli-
cations for the Bahamas' whole-
sale and retail operations, inclu-
sive of banks and insurance
He added further that as per-
sonal opinions and speculation
from public sector officials enter
the discussions, the Govern-
ment's position becomes lost.
When speaking with The Tri-
bune, Mr Mitchell said that
while the exchange between
himself and Mr Deveaux might
look like a clash between a min-
SEE page three

THE Registrar General's
Department is expected to
generate more than $30 mil-
lion in revenue for the Gov-
ernment, it was disclosed yes-
terday, with all its services now
available for Internet usage by
January 2006.
Allyson Maynard-Gibson,
minister of financial services
and investments, said yester-
day that the Registrar-Gener-
al's Department had now com-
puterised and made available
on line its Deeds and Docu-
ments section, effective June
1, as part of the Government's
e-commerce and e-govern-
ment strategy. A systematic
roll-out of services is expected
over the year, ending with full
automation in 2006.
In an address to the CEO
Network Conference, Mrs
Maynard-Gibson said of
developments at the Registrar
General's Department: "It will
positively impact non-Bahami-
ans doing business with the
Bahamas and, equally as
important, in this island nation,

minister of financial services and investments.

it means that persons on other
islands wishing to do business
with the Registrar General's
Department may do so from
their home islands rather than
travelling to the
Bahamas....more global net-
working strategies."

The Ministry of Financial
Services and Investments was
currently processing $4 billion
in proposed investments, a
sum the minister said did not
include the recently-
SEE page two

Trade Conummission urged to

reviewposition on CSME

Senior Business Reporter
FRED MITCHELL, minister of foreign
affairs, yesterday called on the Bahamas
Trade Commission to review the Govern-
ment's position on membership in the
Caribbean Single Market & Economy
(CSME), and determine whether the four
reservations will maintain this nation's
economic status quo'while providing it
with a greater competitive edge.
He told Commission members that the
Government's only motivation at this time

Body's 2003 report says Treaty

requires states to be 'all in or all out'

was that under the provisions of the
revised Treaty of Chagauramas, the single
market is to come into effect on January 1,
2006, and the legal position of the
*Bahamas needs to be made clear.
Towards that end, Mr Mitchell said he
wanted the Commission, after review of
the issues, to endorse 'the Government's

position to join the CSME with the four
reservations in place, given that it is in the
national interest to continue to be in
According to the Foreign Affairs min-
ister, the specific language of in reserva-
SEE page five

on course.S

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Should New Providence really

be subsidising the Out Islands?

IN times past, life on Nassau
was considered to be of a high-
er quality than life on the Out
Islands. An extremely large por-
tion of our people live on New
Providence, and this portion
was much larger before the

establishment, then develop-
ment, of Freeport on Grand
As a consequence there has
been a generally accepted belief
that the charge for air travel,
provided by the ggovernment-

owned airline between the
islands of the Commonwealth,
must be maintained at a level
below the actual cost of provid-
ing this service. In addition the
cost of electricity, also provided
by a government-owned com-
pany, must be the same in the
out islands as on New Provi-
dence. This is so even though
it costs more to produce the
electricity on the Out Islands.
It is.also probably true that the
cost of inter-island calls is sub-
sidised by the charges made for
overseas calls.
I ask the question: "Is this
scenario justified today?"
The reason why this question
demands debate today is

because the quality of life on
the Out Islands is now gener-
ally superior to that on New
The fact that there is less
crime and thus more security
and peace, the fact that there is
less congestion, the fact that
there is more of a sense of com-
munity, the fact that there is
less stress, the fact that many
Bahamians resident in Nassau
rush back to the pristine Out
Islands on long holiday week-
ends, proves the new reality.
The new reality now having
been established, why should
the people of New Providence
continue to subsidise those
Bahamians who are lucky

enough to live better on those
wonderful Out Islands?
I am aware that this is an

emotionally charged issue, but I
respectfully suggest that issue
be debated.

Registrar General to generate

$30 million in public revenue

Leading fitness centre
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The ideal applicant must have:
Bachelor's degree from an accredited university
in Phys. Ed. or Exercise Science.
Certification in Aerobic & Personal Training
Certification in CPR & First Aid.
Minimum 2 years' experience as a personal trainer
& step aerobic instructor.
Knowledge of cardiovascular machines,
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Experience with fitness testing, nutrition
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Applicants must also be
Highly energetic with a passion for fitness
Able to interact with high-end clientele
Willing to maintain strict grooming standards
Excellent conditions & benefits
Interested persons may apply at

industries in the face of outside
competition. The amended
Business Licence Act now for-
tifies the status of Bahamian
contractors. The Act calls for
offering priority to Bahamians
whether as individuals, private
companies, cooperatives or
trade unions, in all circum-
stances and opportunities for
Mrs Maynard-Gibson said an
Internet search inquiring into
Bahamian real estate opportu-
nities turned up about four mil-
lion hits, and she added that the
Government would work with
the Bahamas Real Estate Asso-
ciation to amend the Real
Estate Act and ensure every
Bahamian real estate transac-
tion had to go through a
Bahamian realtor.


eslar feate .ualit Tida Caraa Pica and e 300
Dbllar featun es qwflity products of Deifa ~hryler -Muitws such as ftheDodge Caravan, Chrysler Pacifica and the 300

View from Afar




FROM page one
announced $1.2 billion Cable
Beach deal.
Out of more than $2 billion in
investment projects that had
recently been approved, more
than $600 million had been
invested and the value of con-
tracts awarded exceeded
$280 million, creating 3,000
Mrs Maynard-Gibson said
some $15 million worth of con-
tracts relating to Paradise
Island's Phase III expansion had
been awarded to Bahamian
She added: "The Ministry of
Financial Services and Invest-
ments is committed to safe-
guarding certain vulnerable


FROM page-one
gross domestic product
(GDP) as forecast last May,
and another stating that the
year will end with only a
$142 million deficit or 2.4
per cent of GDP.
The latter estimate was
the one referred to on
Wednesday by James Smith,
minister of state for finance,
who said the Bahamas
"ought to be out of the
woods" on the public
finances provided it avoids a
major hit from a hurricane
this year.


FROM page one
The Ministry of Finance
said the growth in public
sector debt "slowed" during
20004, with the Govern-
ment's direct debt rising by
$161.3 million or 8.3 per cent
to $2.1 billion. The overall
national debt, which incor-
porates borrowings by pub-
lic corporations that are
guaranteed by the Govern-
ment, grew by $130.7 mil-
lion or 5.1 per cent to $2.533
billion, compared to an 8.8
per cent increase in 2003.

PAGE 2B, FRIDAY, MAY 27, 2005



Financial sector jobs

grow despite ongoing

decline in licencees

Tribune Business Editor
ALTHOUGH the Bahamas
lost a further four bank and
trust company licencees
between year-end 2004 and
March 2005, the requirement

for all institutions to transition
to a physical presence saw total
financial sector employment
increase to more than 4,300 in
This data was revealed in the
Ministry of Finance's econom-
ic analysis for the 2005-2006

Budget, which found that
employment and structural
trends in the sector "were stable
to moderately improved" in
2005, despite the number of
bank and trust company
licencees falling from 266 to 262
by the end of March.

Concerns on public's

CSME readiness

FROM page one
ister and govermnent official, Mr Deveaux was
simply venturing an opinion that the Govern-
ment had other options and issues to consider
and was not putting forward policy.
He suggested that prudence would sug-
gest that to avoid misunderstandings, pub-
lic sector officials should speak with one
Meanwhile, Mr Mitchell told Commis-
sion members that the Government was
looking to the Trade Commission to review
its position on joining the CSME, look at
the reservations being considered and
determine whether the Government's
application and its conclusions in regard
to the reservations were correct.
He said: "Are we correct in saying the
reservations will preserve the status quo?
Will they mean what we say they will
mean? How do we best ensure'that the
reservations reflect the country's position
and preserve the status quo?"
He said further that a decision was not
needed for the July Heads of Government
meeting in Freeport, although CARICOM
has outlined a January 2006 deadline for
signing on to the revised CSME Treaty.
Mr Mitchell added that there would be
legal consequences for the Bahamas if it
did not sign on to the CSME by the Janu-
ary 2006 deadline, but said that not signing
will not delay the implementation of the
Treaty for those countries that were sig-,,
He added that there has been a discon-
nectat the political level, between the pub-

lic and the issues surrounding CSME, and
that, to date, public education has not been
as concise or in-depth as was necessary to
encourage a full understanding of the
Bahamas' place in the CSME.
Mr Mitchell reiterated the Government's
position that the four reservations will
remain as long as the Bahamas wants them
to remain, despite the expression of dif-
fering opinions from the private sector.
The question of Freeport and its status as
a free trade zone was also addressed, with
Mr Mitchell telling Commission members
that based on the government's review of
the CSME Treaty, there were no implica-
tions for Freeport.
John Rolle, comptroller of customs,
explained that Freeport was actually not a
free trade zone, but based on the Hawks-
bill Creek Agreement with the Govern-
ment, some aspects of its operations were
allowed to function as a free trade zone.
Trade and Industry minister Leslie Miller
was also on hand, and used the luncheon
meeting to apologise for the fact the trade
commission did not meet on a regular
He added that it was important accurate
information be given out in regard to the
CSME and that the Trade Commission
look to allay the public's fears and address
any misconceptions that are in the public
He joked also that CSME had become
to Mr Mitchell what LNG was to him, and
That he wvs glad'that a fellow minister was
experiencing a similar level of public


Caves Point Management Limited (hereafter "the
Company") invites offers for the purchase of ALL
THAT Unit Number 7F of "Caves Point Phase IV"
Condominium situate on West Bay Street in the Western
District of the Island of New Providence being a three
(3) bedroom/three (3) bath apartment unit together
with ALL THAT 3.125% share in the common property
of the Condominiums.

The Company makes no representations or warranties
with respect to the state of repair of the building situate

The Company will sell under Power of Sale contained
in a Declaration of Condominium dated the 3rd day
of November, A.D., 1999 which is recorded in Volume
77 at pages 299 to 428.

TERMS: Ten percent (10%) of the purchase price at
the time of contract and the balance upon completion
whithin Thirty (30) days of contract.

The sale is subject to a reserve price. The Company
reserves the right to reject any and all offers.

Interested persons may submit written offers addressed
to the Attorney c/o da 4019 P.O.Box N-3207, Nassau
Bahamas to be received no later than the close of
business on the 13th day of June A.D. 2005.

The Ministry of Finance data
said banks' total expenditures
in the economy rose above $400
million during 2004.
Developments in the funds
industry were less promising,
though, for while total assets
under management in
Bahamas-domiciled funds
remained above $100 billion,
employment decreased while
salary packages "softened
owing to a reduction in the
share of non-Bahamians in the
Elsewhere, Hurricanes
Frances and Jeanne inflicted a
negative impact on the
Bahamas' fisheries' industry
during 2004, Export earnings
from fisheries fell by 16.9 per
cent to $90.4 million, with craw-
fish shipments accounting for
97.5 per cent of total receipts -
dropping 17 per cent to $88.2
For the 2004 firstihalf, the
total domestic fisheries
catch fell in volume by 5.5 per
cent and in value by 10.2 per
In construction, total mort-
gage commitments for new con-
struction and repairs increased
by 27.9 per cent to 1,175 in 2004,
the value growing by 43.2 per
cent to $130.9 million compared
to 2003.
The Ministry, of Finance
report said: "On the residential
side mortgage disbursement,
which also included financing
of non-construction activities,
increased by 4.3 per cent to
$299.3 million and commercial
loan disbursements nearly dou-
bled to $25.4 million.
"In line with disbursements,
growth in total outstanding
mortgages strengthened by 11.2
per cent to $1.863 billion, with
residential claims accounting for
91.3 per cent of the total.
"The average interest rate on
local residential mortgages
decreased during the year to 8.8
per cent from 9 per cent in 2003,
and was stable for commercial
loans at 9.6 per cent."

k ..................................
c r7T oar valued patrons..~

....................... ........... .. ................ .......I..... .. .... .... ...._.. ,

Patio Sale

Vifiage Road

c Saturday

8 am to 12 noon
Entrance Fee: S2

Individuals or organizations can participate.
A great opportityto clean
out your house and turn those unwanted

items into cash in a safe environment.

30 spaces are available on a
S first-come first-served basis.

Tables: $50

Table rental must be paid in advance.
Call 393-1317 or email to reserve a space.

The Retreat, Village Road
across from Queen's College


Counsel and Attorneys-at-Law, Notaries Public )

The Partners of


are pleased to announce that


has become a Partner

of the Firm.

)FIDEll ri I

iFinancial Advisors Ltd.

Pricing Information As Of:

52wk-HI 52wk-L nw

1.10 0.95 Abaco Markets 0.95 0.95 0.00 -0.208 0,000 N/M 0.00%
8.50 8.00 Bahamas Property Fund 8.50 8.50 0.00 1.328 0.320 6.4 3.76%
6.35 5.55 Bank of Bahamas 6.35 6.35 0.00 0.561 0.330 11.3 5.20%
0.85 0.82 Benchmark 0.85 0.85 0.00 0.187 0.000 4.5 0.00%
1.80 1.40 Bahamas Waste 1'0. .. 1.50 0.00 0.122 0.000 12.3 0.00%
1.06 0.87 Fidelity Bank I.6' ',' 1.06 0.00 0.007 0.040 14.3 3.77%
8.50 6.76 Cable Bahamas 80,i 8.50 0.00 1,500 0.589 0.240 14.4 2.82%
2.20 1.54 Collna Holdings 2:20" 2.20 0.00 0.259 0.060 8.5 2.73%
8.60 6.75 Commonwealth Bank 8.60 8.60 0.00 0.673 0.410 12.8 4.77%
1.79 0.39 Doctor's Hospital ;;1.'79, 1.79 -0.00 0.452 0.000 4.0 0.00%
4:02 3.40 Famguard 4'.02 4.02 0.00 0.406 0.240 9.9 5.97%
10.46 8.70 Finco 10.46, 10.46 0.00 0.662 0.490 15.8 4.68%
8,46 6.65 FirstCaribbean 8.46 8.46 0.00 0.591 0.330 14.3 3.90%
8.60 8.31 Focol 8.35 8.35 0.00 0.710 0.500 11.7 5.99%
1.99 1.27 Freeport Concrete 1.27 1.27 0.00 0.082 0.000 15.5 0.00%
10.38 9.50 ICD Utilities 9.60 9.60 0.00 0.818 0.405 11.7 .4.20%
8.25 8.10 J.,S. Johnson 8.22 8.22 0.00 0.561 0.550 14.7 6.81%
6.69 4.36 Kerzner International BDRs 6.09 6.10 0.01 0.184 0.000 33.1 0.00%
10.00 10.00 Premier Real Estate .' 10.00 10.00 0.00 1.979 0.350 5.1 3.50%
52wk-HI 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ DIv $ PIE Yield
13.00 12.50 Bahamas Supermarkets. 12.25 13.25 11.00 1.488 0.960 9.1 7.25%
10.14 10.00 Caribbean Crossings (Pref). 10.00 10.35 10.00 0.000 0.800 NM 7.80%
0.60 0.40 RND Holdings 0.29 0.54 0.00 -0.103 0.000 NM 0.00%
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
16.00 13.00 Bahamas Supermarkets 13.00 14.00 13.00 1.105 0.810 14.6 6.93%
0.60 0.35 RND Holdings 0.29. 0.54 0.35 -0.103 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NAV .YTD% Last 12 Months DIv $ Yield %
1.2164 1.1609 Colina Money Market Fund 1.216402*
2.2420 1.9423 Fidelity Bahamas G & I Fund 2.2420 ***
10.3539 10.0000 Fidelity Prime Income Fund 10.3539...**
2.2214 2.0941 Colina MSI Preferred Fund 2.221401**
1.0931 1 0320 Colina Bond Fund 1.093141****

BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price
52wk-HI Highest closing price in last 52 weeks Bid $ Buying price of Collina and Fidelitl
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week
Change Change In closing price from day to day EPS $ A company's reported eamings per share for the last 12 mths
Dally Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock index. January 1, 1994 = 100
S- AS AT MAR. 31, 20051/**. AS AT FEB. 28, 2005
* AS AT MAR. 242005 *** AS AT APR. 30, 2005/ --* ASAT APR. 30. 2005
N ,: ,. : 2 ,i~ ".N'. : "" .. : ......: > 7.. ... ..... NA' ..........g:':ft......... .. 0 " .. ..

FRIDAY, MAY 27, 2u,, PA 3B




i Aut 4 -rlUAY, MAY 27, 2005


Av. Francisco Malarazzo, 1400
Tone lTodho
Caixa Postal 61005
05001-903 Sso Paulo. SP Brasil
Telefone (11)3674-2000

Report of Independent Auditors

To the Board of Directors and Stockholders
Banco Itat BBA S.A.
(formerly Banco Bemge S.A.)

We have audited the accompanying balance sheet of Banco Itad BBA S.A. as of
December 31, 2004 and the related statements of income, of changes in stockholders'
equity and of changes in financial position for the year then ended and for the second six-
month period of 2004. These financial statements are the responsibility of the Bank's
management. Our responsibility is to express an opinion on these financial statements.

'2 We conducted our audit in accordance with approved Brazilian auditing standards, which
require that we perform the audit to obtain reasonable assurance about whether the
financial statements are fairly presented in all material respects. Accordingly, our work
included, among other procedures: (a) planning our audit taking into consideration the
significance of balances, the volume of transactions and the accounting and internal
control systems of the Bank, (b) examining, on a test basis, evidence and records
supporting the amounts and disclosures in the financial statements, and (c) assessing the
accounting practices used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.

3 In our opinion, the financial statements audited by us present fairly, in all material
respects, the financial position of Banco Itad BBA S.A. at December 31, 2004 and the
results of its operations, the changes in stockholders' equity and the changes in its
financial position for the year then ended and for the six-month period ended December
31, 2004, in accordance with accounting practices adopted in Brazil.


Banco ItaO BBA S.A.
(formerly Banco Bemge S.A.)

': 4 As mentioned in Notes 1 and 2, the financial statements are not being compared with the
financial statements at December 31,2003 due to the corporate reorganization, as
prescribed by item I of article 9 of the Central Bank of Brazil (BACEN) Circular 3017/00.
The mentioned corporate reorganization is under analysis and must be approved by

S Sao Paulo, February 22, 2005

PricewaterhouseCoopers 0
Auditores Independentes
6 CRC 2SP000160/0-5

Ricar idin 1
C ador RC 1 SP110374/0-0

(A free translation of the original in Portuguese)

In thousands of reais



Cash and banks ......... ..... ...... ..................... .......

Interbank investments
Short-term investments .......................... ................ ........
Interbank deposits ................. ..... .................

Securities and derivative financial instruments
O w n portfolio ..... ................ ............................. .............
Subject to repurchase agreements .................. ..................
Restricted to BACEN .......... ......... ... ......... ..........
Trading securities given in guarantee .. ..............
Derivative financial instruments .................. ....




InIqrbank accounts
Depositswith BACEN ..... .. ......................... 116.913
Correspondents ............ ....................... .. .............. .............12.243

Loan and other credit operations
Operations with credit assignment characteristics ...... ....
Allowance for loan losses ........ ..........................

Other receivables
Foreign exchange portfolio .......... .........................
Incom e receivable ................ .:............ .............. ..........
Negotiation and intermediation of securities ...............
Sundry receivables:....... .................................. .. ...... ........

Other assets
Other assets ................................. ....................... .. ...
Prepaid expenses ............. .......................... .......

: (210.039)


S 3,921

TOTAL CURRENT ASSETS ............................... ... 19800.788



Demand deposds .............................. ..................... ............................... ......... .................... ....
Interbank deposits ...................... ...................................... ............. ........................ .......................... ........ .... ..
T im e de po sits ........... ..... ......... .................. .............. ....... ......... ................. ..... ...... .... ............. ... ....... .............................

Securities sold under agreements to repurchase
Own portfolio ............................ ..... .................. .. .............................................. .... .........................
T hird-party portfolio ........................................................................... ........................... ..... .. ..... ...

Funds from acceptances and issue of securities
Issue of securities abroad ............................................................................. ........... ...........................

Interdepartmental accounts
Funds in transit third parties ....................... .................................. ......................................................................

Borrowings and onlendings
Local borrowings other institutions ............................................ ...................................................................
Foreign borrow ings .............................................. ...................................... ............... ... ... ......... ........................
Interbank onlendings .......................................................... .. ............... ....................... .....................
Local onlendings official institutions. National Bank for Economic and Social Development (BNDES) ...................
Local onlendings official institutions Government Agency for Machinery and Equipment Financing (FINAME) ............
Local onlendings official institutions OTHERS .................................................................................

Derivative financial instruments ...................................................................................................................................................

Other liabilities
Collection and payment of taxes ................................................................... ............................................................
Foreign exchange portfolio ....... ............ .............................. ...................... ......................
Social and statutory ...................................................................................... ..................................................
Taxes and social security contributions ............................................................... ...............................................
Negotialion and intermediation of securities ...................... .......................................................... ......................
S ubordinated debt .......... ............................................................ ..........................................................................
S undry liab lilies . . ............................................................................................................................................................

TOTAL CURRENT LIABILITIES ...............................................................................................................................









(A free translation o the original in Portuguese)

In thousands of reams



Interbank investments
Short-leam investments............
Shorl-lerr Inva sm ents .... ............................ .............................
Interbank deposits ... ............. ........................ ..........

Securities and denvative financial instruments
O wn portfolio ................ ...... .......... ......................................
Subject to repurchase agreements ....................................
Restricted to BACEN ......................................................
Trading securities given in guarantee.............................. .........
Denvalive finan eal instruments..................................................

Loan and other credit operations
Operartons with credit assignment characteristics.............

Other receivables
Foreign exchange portfolio ............................... .... ...................
Income receivable ............. .........................
Sunry.rceivaes... ........ ...... ..............
Sundry receivables ..... ........................................................ .........

Other assets
Prepaid expenses ............. ... ......... .... ..................





----- 837

TOTAL LONG-TERM RECEIVABLES ................................ 12.23.09




Interbank deposits ................................... .. ..... ............................................. ............ 2.017,868
Tim e deposits ............... ......... ............ .... ........................................ ........................... ........ 1.605.348

Securities sold under agreements to repurchase
Ownpor folio ........................................ .......... ................................................................................ 5 3.034
Third-pa rty portfolio ........,.............................. ......................................................................... .... ......................................59 1,019,304
r y pori .. ............... 1.019.309

Funds from acceptance and issue of securities
Issue of securities abroad ........................................
ISUe o eec diw s abroad ..................................................... :....... ................................. ..............................................

Borrowings and onfendings
Foreign borrowings .......... ................................................................................................... ..... ................ ... ...
Local onlendings official Institutions BNDES ........................................................................................................
Local onlandings-official institutions FINAME ............................... .................... ..... ............................
Local onlendings official inslltutlons OTHERS ...................................... ... .. .. .......................

Derivative finandaflinslrum cents ......................................................................... ............................ ... ... .. .............

Other l idbBes
Subordina eddebt ................................ ...................... ............................
FSulgn exchange po foli..... ............................. ........................................... ...................
S bt ...................................................................... .............. .. ...........................................................
S un dry la blrd es ............................ ................................................................. ......................................................

TOTAL LONG-TERM LIABIUTIES........................................ ... .......... ........

(A free translation of Ihe originalM Portuguese)

In thousands of reals







Investments in subsidiaries................... ..................................
Other investments ..............;......:......... .................... .................
Allowance for losses ....................................................................

Property and equipment
Buildings ............ ........... .....................
Property and equipment ....... ............... ................
Accumulated depreciation .. ...... .................................

-Deferred charges
Organization and expansion expenses ............... ..... .............
Accumulated amortization ....... ............ ........ .......




TOTAL PERMANENT ASSETS ............. .................... 9664

The accompanying notes are an integral part o these financial satemen





Local ..... ........ ... ............................. . ................... ......... 2755.795
Capital reserve ........... .............. ..... ............. ........... ........ ...................................................... ... ... . 93.277
Revenue reserves ............................. .....-.....597.151
Adjustments on available-for-sale
estai ented and de va f l ..........v c l I................................................... .................................. .40.772
'" Retained earning s ....................................................... ............. ....... .... 245 79

TOTAL STOCKHOLDERS' EQUITY........... ........ ........ ..... ... 732274

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ......., .....------..... .22.2..


At December 31, 2004
All amounts in thousands of reals, unless otherwise Indicated


a) Operations

Banco ItaW BBA S.A. (formerly Banco Bemge S.A.) develops its business within a wholesale bank structure, with the prime purpose
of rendering quality client service.

b) Corporate reorganization

The corporate reorganizations had as purpose the optimization of operations and systemic resources, streamlining of administrative
processes, held on September 29 and October 31, 2004 and reduction of the companies of the conglomerate.

i In accordance with EGMs held on September 29, and October 31, 2004, it was approved the:

i a) change of the company name from Banco Bemge S.A. to Banco Itai BBA S.A.;
ilb) transfer of the headquarters of Banco Bemge S.A. from the city of Belo Horizonte, State of Minas. Gerais. to the city of SAo
Paulo, State of SAo Paulo; and
i.c) -. merger of Banco ItaO BBA S.A. into Banco Bemge S.A. on October 31. 2004. The. net assets of Banco Itas BBA S.A.,
amounting to R$3,033,291 as of September 30, 2004. was merged on October 31, 2004, by Banco Bemge S.A. (the current
company name of "Banco Itat BBA S.A."), as follows: (still under approval by BACEN).


C ash and banks ...................... ........................... ............. ................. o ........... .......
Interbarik investments...................................... .......... .. .................. ......... ...
Securities and derivative financial instruments .......................................................
Interbank accounts .....................................................................................................:.....

Other receivables ......................................... ........................................ ....... ........ ...
O th e r a s se ts .............................................................................................. ....... ..................
Permanent assets ................................................. ....... ..........


D eposits ........ ........ ................ ....... ................ ......... ...........
Securities sold under agreements to repurchase ........ ..... .............................
Funds from acceptance and issue of securities ...................................................................
Interbank accounts............................ .......... .............................
Interdepartmental accounts....... ........... ...................................
Borrow ings and onlendings .................. ...... .....................................................................
Derivative financial instruments ....................................................... ..............
Other liabilities.... ...... ........ ..... ... .... ........ ......
D eferred inco m e ................. ................. ...... ........................................................ .....

C a p ita l loc a l ...... ............... ...... ................................................ ....... ... ... ........... ..
C a p ita l re se rv e s ..................... .. .................... .............. ................................................
R evenue reserv es ..................... ...................................................................... . ........
Adjustments on available-for-sele investments and derivative financial instruments ..............
R etained e arnings ... .......... .......... ......... ............. .. ............................................

Net assets/stockholders' equity ......................................... ......................................





li The EGMs, held on January 30. 2004 and May 31, 2004, approved the partial split-offs of the stockholders' equity of Banco
Bemge S A, in the amount of R$390,409 and R$29,883, to Itascard Financeira S.A. Cr6dito, Financiamento e Investimento and to
Banco ltai S.A., respectively, as follows:


(A free translation of the original in Portuguese)

- Is

............... .. ............. .................... .... ....... . .. .........


61r .

: +'i +: L ,: "'+ i ) L ,! ;


FRIDAY, MAY 27, 2005, PAUL- bbt

At December 31, 2004
All amounts in thousands of reals, unless otherwise indicated

C ash and banks ...... ..........................................................................
Interbank investments ........................................................................
Securities and derivative financial instruments ................................
Interbank accounts ...........................................................................
Loan and other credit operations ......................................................
Other receivables and assets ...........................................................
PERMANENT ASSETS ................................................... ................
Investments ............................................................................ ....
Banco Banestado S.A. ...................................................................
O ther investm ents ...................................................1.......................
Property and equipment .............................................................
TOTAL ...............................................................................................
CURRENT AND LONG-TERM LIABILITIES .....................................
Deposits ............................. ................. ................ ...............
Securities sold under agreements to repurchase own portfolio....
Interbank and interdepartmental accounts ............. .....................
Other liabilities ...... ........................................................................
Social and statutory .. ........................................................
Sundry liabilities ............ .......... ..... ... .............
TOTAL ...... .....................................................................................

Net assets

01/3012004 05131/2004



6,578,302 2,273,091.


6,187,893 2,243,208 8,431,101



6,187,893 2,243,208




( Still under approval by BACEN.

The financial statements of Banco Itad BBA S.A. were prepared in conformity with Brazilian Corporation Law together with the rules
and instructions of BACEN. As determined by BACEN Circular 2804/98, the financial information of the foreign branches is included
in the consolidated financial statements of Banco Itau BBA S.A., translated into Brazilian reais at the exchange rates prevailing on
the balance sheet dates.
As result of the corporate reorganization (see note 1.b), and in accordance with BACEN Circular 3017/00, article 9. item 1 th
financial statements of Banco Ita' BBA S.A. are not being compared with the balances of December 31, 2003.



Core Functions:
Planning, directing and coordinating the human, financial and physical resources of the Information
Technology Department, to ensure the quality of services provided.
Overseeing and developing all technology related systems, to include but not limited to
telecommunications and security systems.
Determining, planning and controlling the use of current and emerging technologies to improve
existing business practices, institutional effectiveness, and internal/external customer satisfaction.

Education and Knowledge Requirements:
Master's degree in Computer Science, Information Technology or related discipline.
IT industry related certifications desirable.
Expert knowledge and understanding of systems analysis, development and planning methods.
Demonstrated experience in managing a network environment that'includes Windows Server 2003
services, Microsoft Exchange 2003, Lotus Notes/Domino, Windows XP, hardware firewalls, and
VPN appliances.
Proficiency in the use of programming languages (e.g. Visual Basic, C++, Java)
Proficiency in developing, implementing, integrating and managing expert systems.
Experience in iSeries/AS400 platform desirable.
Comprehensive knowledge of database management preferred.
Knowledge of the application of Web based technologies desirable.
Excellent and demonstrated team building and project management skills.
Excellent communication skills, both written and oral.
Seven (7) years of progressive experience in managing the delivery of modem enterprise technology
Interested persons should submit a rdsum6 and a copy of degree(s) and transcript(s) to:

The Human Resources Manager
P.O.Box N 3207
DA 4993
c/o The Tribune
Deadline: Tuesday, May 31, 2005

Yor aaneShes eglNoiesi

Trade Commission

urged to review

on on CSME

FROM page one

tions and the explanation to the
public are to be reviewed and, if
it agrees, approved by the Com-
mission in light of the policy
that has been outlined by the
While he did not set a dead-
line for the Trade Commission
to issue its findings, Mr Mitchell
urged them to work quickly,
saying that the CARICOM sec-
retary-general, Edwin Carring-
ton, had agreed to meet with
civil society in Freeport next
month. Members of the Com-
mission may have the opportu-
nity to meet and discuss a vari-
ety of issues with him.
Mr Mitchell, who was joined
by trade and industry minister
Leslie Miller and Ambassador
to CARICOM, Leonard
Archer, told Commission mem-
bers that under the terms of the
Treaty, the clarity of the
Bahamas' legal position is such
that when the four reservations
are entered, the Bahamas is
totally part of the Treaty
arrangements but its positions
are reserved on those aspects
which are not in its best interest.
He said this point had largely
been lost in a debate that has
aroused passionate interest in
the public and seemingly
engaged a wide cross-section of
the community.

"This has been lost in the
debate, and the prejudices
regarding nationals of the
,Caribbean have emerged in this
.debate, which are clouding the
public policy op the issue," Mr
Mitchell said.
"It is clear from [the Trade
Commission's 2003 report] that
the Bahamas has to examine its
position on trade policies and
tax policies. It is clear that trade
liberalisation is pressing upon
the Bahamas and change is
being forced upon us, not in a
rules based way but simply by
"It is better for the country to
plan and position itself than be
forced to make changes with-
out due considerations for our
long-term interests. All of this
has been lost in the debate
largely about a matter that will
not arise, the question of the
free movement of people."
Mr Mitchell also charged that
opponents of the Bahamas'
membership in the CSME, were
either deliberately or unwit-
tingly failing to make the dis-
tinction between the goals of a
single market and economy and
the desirability or wish of a par-
ticular country to get there.
Addressing the Trade Com-
mission during a luncheon

meeting held at Chez Willie, Mr
Mitchell referred to the Trade
Commission's report of June
That report said: "The
framers of the revised Treaty
of Chaguaramas have made it
clear that a state can no longer
be a member merely of a part
of CARICOM, but it must be
all in or all out.
"That is, the present status
of the Bahamas by virtue of
which it takes part in Commu-
nity affairs but not in the Com-
mon Market can no longer be
maintained under the revised
Treaty, which is now a single
undertaking involving full com-

pliance will all aspects of the
This seems to imply that the'
Bahamas, if it signes on to thel
CSME, will eventually have to'
adopt all aspects of the Treaty:
despite its reservations
on the Caribbean Court of Jus-\
tice's appellate, Common'
External Tariff, free movement*
of people and common curren,
The initial reservations
according to the revised Treaty
will only last for five years, aftei
which the Bahamas will neec
the agreement of all othef
CSME members for them to b&
renewed, something manA
observers believe is unlikely a,
other states will be craving
unfettered access to the
Bahamian market.

Mr Mitchell yesterday said
since that report, which h,
described as "a valuable review
of the history of the matter o
our community involvemen]
and the public responses to it"
there had been little apparen
effort to engage the public o0
the CSME until the most recent
decision of the Governmentr
taken in December 2004, t"
sign the revised Treaty of Chat
gauramas, subject to th*
Bahamas obtaining the fourl
"The beauty of this is that wt
have the agreement of oup
CARICOM partners in these
matters. In other words, the sta
tus quo is not to be disturbed
In essence, this preserves tho
Bahamas' position or the sta
tus quo until such time the eco4
nomic issues can be reviewed,?
he added.
Mr Mitchell said the public
was now heavily engaged on th.
CSME issue, adding that thl
situation created an opportune
ty for further public education
and the dissemination of accti
rate information. %
He also promised Tradie
Commission members that the4
would receive the necessary
assistance, technical and other
wise, to conclude their revieNV,
going forward. .

* MINISTER of Foreign Affairs Fred Mitchell

............................... .............


PAGE 6B, FRIDAY, MAY 27, 2005


.... ....... .. . ..-----------. .. ...... ... .............................. ........ .. ............. .......................................... ............ ....
P.O. Box N-3910
Providence House
East Hill Street
Nassau,The Bahamas
Telephone (242) 302-5300
Facsimile (242) 302-5350


To the Shareholders of
RoyalStar Assurance Ltd.

We have audited the accompanying balance sheet of RoyalStar Assurance Ltd. (formerly Royal & Sun
Alliance Insurance (Bahamas) Limited) (the Company) as of 31 December 2004, and the related
statements of operations, changes in shareholders' equity and cash flows for the year then ended.
These financial statements are the responsibility of the Company'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. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about 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 RoyalStar Assurance Ltd. as of 31 December 2004, and the results of its operations and its cash
flows for the year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
7 April 2005

RoyalStar Assurance Ltd. (Incorporated under the laws of the Commonwealth of The Bahamas)

Amounts expressed in Bahamian dollars

Cash in hand and at bank (Note 3) $. 22,710,853 8,225,326
Term deposits (Note 3) 19,813,310 15,880,547
Due from agents, net (Note 4) 13,458,851 14,971,264
Due from reinsurers 2,931,057 1,449,812
Sundry receivables, prepayments and other assets 246,951 375,216
Investments in securities available-for-sale (Note 5) 707,633 515,086
originated loans and
receivables (Note 5) 1,389,300 789,300
Property, plant and equipment, net (Note 6) 1,588,234 879,871

General insurance funds:
Unearned premiums reserve 9,457,482 12,845,475
Outstanding claims reserve.(Note 7) 5,213,748 5,835,861
Deferred commission reserve 1,682,915 1,203,860
16,354,145 19,885,196
Other liabilities: i! S ii . .
Due to reinsurers 2,238,926 2,312,678
Sundry payables and accruals (Note 8) 344,025 807,993
Cash advance from reinsurers (Note 7) 31,073, 52. -

Share capital 3,000,000 3,000 000
Authorized, issue and fully paid:- 10,000,000 7,000,000 7,000,000
ordinary shares of $0.30 each .2,835,603 10,080,555
Contributed surplus (Note 9)
Retained earnings .83 .0 4



Amounts expressed in Bahamian dollars

The accompanying r!notes ar ata integral part of these financial statements


Net (loss) income
Adjustments for:
Loss on disposal of property, plant and equipment
Interest income
Bad debt expense
Unrealised gain on investments in securities

(Increase) decrease in current assets:
Term deposits
Due from agents, net
Due from reinsurers
Sundry receivables, prepayments and other assets.

Increase (decrease) in current liabilities:
Unearned premiums reserve
Outstanding claims
Deferred commission
Due to reinsurers
Sundry payables and accruals
Due to former parent
Cash advance from reinsurers
Net cash from operating activities

Interest received
Purchase of property, plant and equipment
Proceeds from sale of investments in securities
Purchases of investment securities

Net cash (used in)/from investing activities

Proceeds from issuance of share capital
Dividend Payment

Net cash (used in) /from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year (Note 3)

The accompanying notes are an integral part of these finaciai statements


Director: "


Director: : i

The accompanying notes are asr integral part of these financial statements


Premiums written (Note 10)
Less: Premiums ceded to reinsurers

Net premiums written

Change in unearned premiums reserve (Note 11)

Net premiums earned

Claims incurred, net of recoveries from reinsurers (Note 7)
Net commissions incurred (Note 12)
Catastrophe and excess of loss reinsurance

Date: 7 April 2005

Amounts expressed in Bahamian dollars

$ 48,709,891 54,492,961
(23,044,488) (22,303,047)

25,665,403 32,189,914

3,172,140 7,321,430

iiiijtA~ MIAug al
(14,418,797) (5,388,548)
(2,484,998) (4,895,296)
(14,056,004) (16,095,449)

(30.,959,799) (26,379,293)

Underwriting (loss) gain

Interest and other income
Net unrealized gain on investment in securities (Note 5)

Personnel expenses
General and administration expenses
Depreciation (Note 6)
Directors' fees





Net (loss) income

The accompanying notes are an integral part of these financial statemermts

1. Incorporation and Principal Activity

RoyalStar Assurance Ltd. (the Company) is incorporated under the Companies Act, 1992 of the Commonwealth
of The Bahamas and is licensed to operate as a property and casualty insurance company under the Insurarr"i?5(
Act, 1969. The Company is also licensed to operate in the same capacity in the Cayman Islands, the Turksarnd'
Caicos Islands and the British Virgin Islands under the Insurance (Amendments) Law, 2003, the Insurance.
Regulations, 1990, and the Insurance Act, 1994 and Insurance Regulations, 1995 respectively.

The Company's registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes, Mareva JHouse;,
4 George Street, Nassau, The Bahamas.

Prior to 31 October 2002, the Company was a wholly-owned subsidiary of SunAlliance Insurance Overseas
Limited, which is a subsidiary of Royal & SunAlliance Insurance Group Pic. Both companies are incorporated in .
the United Kingdom.

During 2002, pursuant to an agreement dated 17 October 2002 between SunAlliance Insurance Overseas Limited
(the Seller) and Sunshine Insurance (Agents and Brokers) Limited and Star General Insurance (Agents and .
Brokers) Limited (collectively the Purchasers), ownership of the Company was transferred to the Purchasers and
other investors as of 1 November 2002. The Purchasers and other investors paid the Seller an amount equal to
the Net Assets Value (NAV) of the Company as of 31 October 2002, plus a premium of 5% of NAV.

On 22 August 2003, the Board of Directors approved the change to the Company's registered name from
Royal & SunAlliance Insurance (Bahamas) Limited to RoyalStar Assurance Ltd. together with the respective
modification of its Memorandum and Articles of Association.

2. Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below:

(a) Basis of preparation

The Company's financial statements have been prepared under the historical cost convention, except as
disclosed in the accounting policies below, and in accordance with International Financial Reporting
Standards (IFRS). The preparation of financial statements in conformity with IFRS 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 financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those

(b) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation provided on a straight-
line basis over the assets' estimated useful lives which range from three to ten years.

Improvements to assets which extend the useful life or increases the value of the assets are capitalized
when incurred and are depreciated over the remaining useful life of the asset. Expenditures for
maintenance and repairs are expensed as incurred. When assets are retired, sold or no longer used in
operations, the cost and related accumulated depreciation are removed from the accounts with any
resultant gain or loss reflected in the statement of operations.

Amounts expressed in Bahamian dollars

------i I~y


FRIDAY, MAY 27, 2005, PAGE 7B

:) Investments in securities

As of 1 January 2001, the Company adopted Internrational Accounting Standard (IAS) 39 and classified its
inve cents into the following categories: originated loans and receivables (government bonds, corporate
bon nd preference shares) and available-for-sale (ordinary shares). Financial assets created by the
Company by providing funds directly to a debtor, with no intention of liquidation in the short-term, are
classified as originated loans and receivables. Investments intended to be held for an indefinite period of
time, which may be sold in response to the needs for liquidity or changes in interest rates, exchange rates
or equity prices are classified as available-for-sale. Management determines the appropriate classification
of its investments at the time of purchase.

All purchases and sales of investments are recognized on the trade date, which is the date that the
Company commits to purchase or sell the asset. Available-for-sale securities are initially recognized at
cost,.which includes transaction costs, and are subsequently carried at fair value based on quoted bid
price'.1Realized and unrealized gains and losses arising from changes in the fair value of available-for-sale
securities are recognized in the statement of operations in the period in which they arise. Originated
loan and receivables are measured at amortized cost.

(d) Genrl Insurance funds

General insurance funds comprise unearned premiums, deferred corimission reserve, outstanding claims
and provision for claims incurred but not reported. Unearned premiums represent the proportion of the
net written premiums, which relate to periods of insurance coverage subsequent to the balance sheet
date. This amount is adjusted by 20% representing an estimate for commission expenses.

Outstanding claims comprise the Company's net share of the estimated cost of all claims incurred and
reported but not settled as of the balance sheet date and a minimum provision of 1% of gross premiums
written for claims incurred but not reported.

Outstanding claims are based on estimates and while management believes that the amounts are
adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods
for making such estimates and for establishing the resulting liability are continually reviewed, and any
adjustments are reflected in the current year's statement of operations.

The Company is a defendant in several legal actions involving claims. Management believes that the
resolution of these matters will not have a material impact on the Company's financial statements.

(e) Reinsurance

In the normal course of business, the Company seeks to limit its exposure to losses that may arise from any
single occurrence. Reinsurance is primarily placed, using a combination of proportional, facultative and
excess of loss treaties. Obtaining.reinsurance does not, however, relieve the Company of its primary
obligations to the policyholders, therefore the Company is exposed to the risk that the reinsurers may be.
unable to fulfill their obligations under the contracts. The Company seeks to mitigate this risk by placing
its reinsurance coverage with large multi-national companies and syndicates.

(f) Due from agents

Due from agents are stated net of any provision which management considers to be necessary. Bad debts
are written-off when identified.

(g) Leases

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are charged to the statement of
operations on a straight-line basis over the period of the lease.

(h) Foreign currency translation

Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have
been translated into Bahamian dollars using the rates of exchange prevailing at the balance sheet date.
Foreign currency transactions and income and expense items have been translated at the exchange rates
prevailing at the time of the transaction. Gains and losses on translation are reflected in the statement
of operations.

(I) Revenue recognition

Premiums are recognized as revenue over the periods covered by the related policies after allowing for
premiums ceded.: Other revenues and expenses are recognised on the accrual basis over the related
periods except for commission income from facultative reinsurance contracts, which are recognized when
the Company's right to receive payment has been established.

(j) Premium tax

From 1 January 2003 to 30 September 2003, premium tax was incurred at a rate of 2% of gross premiums
written in the Commonwealth of The Bahamas. Effective 1 October 2003, premium tax was incurred at
a rate of 3% of gross premiums written. During the year, premium tax has been charged separately to

(k) Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents are comprised of cash in
hand and at bank and term deposits with original contractual maturities of 90 days or less.

(1) Employee benefits pension obligations

The Company has a defined contribution pension plan for its Bahamian employees whereby the Company
pays contributions to a privately administered pension plan. The Company has no further payment
obligations once the contributions have been paid. The plan requires participants to contribute 5% of
their basic salary and the Company contributes 10% of basic salary.

The Company's contributions to the defined contribution pension plan are charged to the statement of
operations in the year to which they relate.

Cash and Cash Equivalents

Cash in hand and at bank
Term deposits
Less: term deposits with original contractual
maturities of more than 90 days



Interest rates onr term deposits range from 0.10% to 5.25% (2003: 0.568% to 5.25%).

Due from Agents, Net .

Receivable from agents .- $ 14,l08851B 1 ii:l
Less: Provisions for doubtful debts. (650,000) (65

6. Property, Plant and Equipment

As of 1 January 2004 2,278,804 279,365 463,4
Additions 964,413 100,036 -

As of 31 December 2004 $79S a .

Accumulated depreciation:
As of 1 January 2004 1,651,251 246,228 244,2
Depreciation 183,837 17,532 154,;

As of 31 December 2004 $ 3 ,76 39

Net book value as of
31 December 2004 S

Net book value as of
31 December 2003 $ 1

7. Outstanding Claims Reserve and Net Claims Incured

Outstanding claims reserve comprise:

Gross provision of claims
Less: Reinsurance claims outstanding
Net provision for reported claims
Provision for incurred but not reported claims

$ 97,406,370 13,778,730
(92,743,622) (8,493,869)
4,662,748 5,284,861
551,000 551,000
$ q4 8985

During the year, the Company received $31,073,520 (2003: Nil) from its reinsurers
as advances.

Net claims incurred comprise:
Gross claims incurred
Less: Recoverable from reinsurers

8. Sundry Payables and Accruals

Premium tax
Other creditors and accruals

$ 227,815,614: 10,427,88
(213,396,817) (5,039,340)
s 149

$ 251,529

$i 405

9. Contributed Surplus

In 2002, the Purchasers and other investors contributed cash of $2,421,451 which was classified as contributed
surplus on the transfer of ownership of the Company on 1 November 2002. During 2003, the directors approved
the reclassification of the retained earnings balance of $4,203,550 at 31 October 2002 to contributed surplus. The
remaining contributed surplus balance represents amounts in excess of the par value of shares, received from the
new investors during 2002.

10. Premiums Written S

Gross premiums written
Less: Premium tax collected on behalf
of the Government

$ 49,823,772


11. Movement in Unearned Reserve

The amounts reported on the statement of operations, are shown net of amounts earned from portfolio
transfers, as a results of changes in the reinsurance programme of the Company. The table below discloses
the respective amounts..

Balance at beginning of year
Less: Balance at the end of year

Movement for the year
Portfolio transfer

Change for the year

12. Net Commission Incurred

Amounts paid to agents
Less: Amounts recovered from reinsurers

Movement of Deferred Commission

$ 12,845,475 20,166,905
(9,457,482) (12,845,475)
3,387,993 7,321, 430
(215,853) -


$ 7,184,637

13. Related Parties

Related parties comprise current shareholders and directors. The Company's primary shareholder is SunStar
Ensure Limited, which owns 52% of the Company's outstanding shares and is owned equally by Sunshine
Holdings Limited and Star General Holdings Limited. The financial statements include the following balance
and transactions with related parties:


Due from agents, net

$ 9,212,465 9,911,533


Premiums written
Commissions expense
Corporate bonds
Ordinary shares



Movement In the provision for doubtful debts:

Balance at beginning of year
Bad debts expense during the year
Provision for doubtful debts at end of year


$ 650,000 500,00

s Now

Investment in Securities

Available-for-sale Investments
Available-for-sale investments principally comprise marketable equity securities and are stated at fair value.
Movements during the year were as follows:

14. Retirement Benefits

The Company operates a defined contribution pension plan for the benefit of its Bahamian employees. The plan
is administered by Colina Insurance Company Limited. The amount recognized in the statement of operations in
personnel expenses in the current year was $105,913 (2003: $90,921).

The total number of staff employed by the Company as of 31.December 2004 was 29 (2003: 31).

15. Commitments

The future minimum rental payments required under operating leases as of 31 December 2004 are as follows:

As of beginning of year
Unrealised gain during the year

As of end of year

Not later than 1 year
509,026 Later than 1 year and not later than 5 years

$ 65,691 197,073

S ~ ,\ j \\ mm j

Available-for-sale investments comprise ordinary shares held by the Company that consist of local stocks, the
majority of which are listed on The Bahamas International Securities Exchange (BISX).

Originated loans and receivables

Originated loans and receivables are carried at amortised cost and comprise:


Fidelity Bank & Trust International Limited '
Preference shares

The Central Bank of The Bahama
Bridge Authority bonds

Sunshine Holdings Limited
corporate bonds

Eleuthera Properties Limited
Ordinary Shares

Prime + 075%

Prime + 1.00%
Prime+ 1,625%:
Prime + 1.25%
Prime + 1.50%

Prime + 0.50%:
Prime + 0,50%

04/1112005 $ 100,000 $ 200,000

24/03/2014 1,200 1,200
24103/2029 23,300 23,300
24/03/2019 13,600 13,600
24/03/2024 51,200 51,200

01/07/2006 250,000 250,000
29/07/2006 250,000 250,000

700,000 -

16. Financial Instruments

Credit risk

Credit risk arises from the failure of a counterparty to perform according to the terms of the contract. From this
perspective, the Company's credit risk exposure is primarily concentrated in its reinsurance, term deposits and
receivables from agents. The Company seeks to mitigate the risk that the reinsurers may be unable to fulfil their
obligations by placing its reinsurance coverage with large multi-national companies and syndicates. The
Company's term deposits have been placed with high quality financial institutions.

Liquidity risk

The risk that the Comnpany might not have the necessary liquidity to meet its contractual obligations. The
Company manages its liquidity by attempting to match liabilities with assets of similar maturity periods.

Fair values

Financial instruments utilized by the Company are limited to the recorded assets and liabilities included in the
balance sheet. Carrying amounts of all financial instruments are considered to approximate fair value given
their short-term nature, except those disclosed in Note 5.

17. Corresponding Figures

The corresponding figures for premiums written and premium tax in the statement of operations have been
reclassified to conform with the current year's presentation.

Total investments

Communonwealth Bank 'indebted' to

executive for 34 years of service

Mr Thompson, who held his
previous two posts until he
retired from them in July 2003,
remained on the Board for a
further two years until his step-
ping down was announced at

Common Law and Equity Division

IN THE MATTER OF The Quieting Titles Act, 1959


IN THE MATTER OF Mortgage Holdings Limited


ALL THAT piece parcel or lot of land containing 3,355 sq. ft.,
situate in the Subdivision known as Westward Villas in the Western
District of the Island of New Providence one of the Islands in
the Commonwealth of The Bahamas comprising Lot number
Three (3) in Block Number (4) of the said Subdivision which
said piece parcel or lot of land is bounded NORTHWARDLY by
Lot Number Four (4) and running thereon One hundred and Five
feet (105.00) WESTWARDLY by an arch of land and running
thereon Ten and Thirty-one hundredths feet (10.31) in an arch
SOUTHWARDLY by land belonging to the Petitioner and running
thereon One Hundred and Five feet (105.00) and WESTWARDLY
by a roundabout and running thereon is an arch Fifty-three and
sixty hundredths feet (53.60) as the same are delineated with the
position shape marks boundaries dimensions and abuttals thereof
on the Plan hereunto annexed and thereon coloured Pink.

Mortgage Holdings Limited claims to be the owner in fee simple
of the said land free from encumbrances and has made application
to the Supreme Court in the Commonwealth of The Bahamas
under section 3 of the Quieting Titles Act 1959 to have its title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted by
the Court in accordance with the provisions of the said Act.

A plan of the said land may be inspected during normal office
hours in the following places:

a) The Registry of the Supreme Court in the City of Nassau;

b) The Chambers of Callenders & Co., One Millars Court, Nassau,
Bahamas, Attorneys for the Petitioners.

NOTICE, is hereby given that any person having dower or right
of dower or an Adverse Claim or a claim not recognized in the
Petition shall on or before the 27th day of June A.D., 2005 file
in the Supreme Court and serve on the Petitioner or the undersigned
a statement of his claim in the prescribed form, verified by an
Affidavit to be filed therewith. Failure of any such person to file
and serve a statement of his claim on or before the said 27th day
of June A.D., 2005 will operate as a bar to such claim.

One Millars Court
Nassau, Bahamas

Attorneys for the Petitioner


IN THE MATTER OF The Quieting Titles Act, 1959

IN THE MATTER OF all that piece parcel or lot of land
containing 3,355 sq. ft., situate in the Subdivision known as
Westward Villas in the Western District of the Island of New
Providence one of the Islands in the Commonwealth of The
Bahamas comprising Lot number Three (3) in Block Number (4)
of the said Subdivision which said piece parcel or lot of land is
bounded NORTHWARDLY by Lot Number Four (4) and running
thereon One hundred and Five feet (105.00) WESTWARDLY by
an arch of land and running thereon Ten and Thirty-one hundredths
feet (10.31) in an arch SOUTHWARDLY by land belonging to
the Petitioner and running thereon One Hundred and Five feet
(105.00) and WESTWARDLY by a roundabout and running
thereon is an arch Fifty-three and sixty hundredths feet (53.60)
as the same are delineated with the position shape marks boundaries
dimensions and abuttals there thereof on the Plan hereunto annexed
and thereon coloured Pink.


IN THE MATTER of Mortgage Holdings Limited



One Millars Court
Nassau, Bahamas

Attorneys for the Petitioner

Commonwealth Bank's annual
general meeting (AGM) earlier
this month.
In announcing the move to
shareholders, Commonwealth
Bank's chairman, T. B. Don-
aldson, said the institution
would always be "indebted" to
Mr Thompson.
He added: "Since Mr Thomp-
son's retirement from the bank
in 2003, he has continued to
serve on the board and to give
wise counsel as a director. His
wisdom shall be sorely missed
but we wish you well, Trevor, in
the next phase of your life and
hope you enjoy your full and
well-deserved retirement at long
"There may be no single
executive who has helped shape
this bank more than Trevor
Thompson," Commonwealth
Bank's president and chief exec-
utive, William B Sands Jr said.
Mr Thompson joined the
bank in 1965 and helped trans-
form a small finance company
into the country's largest pub-
licly-held institution, as well as
the biggest Bahamian bank with
assets nearly reaching the $700
million mark.
In his 38-year career, he held
numerous senior management
and administrative positions. He
was appointed vice-president of
finance in 1974. Four years lat-
er; he was named vice-president
and district manager with
responsibility for all branches.
In 1992, he assumed the
post of vice-president, admin-
istration, and from 1992 to his
retirement a decade later, he
served as the highest-ranking

* WILLIAM Sands (left), president and chief executive, and TB Donaldson (right), chairman of
the board, present retiring senior vice-president and corporate secretary Trevor Thompson with a
gift to commemorate more than 34 years of service

senior vice-president.
Mr Thompson is also a past
president of the Bankers Asso-
ciation, a founding member of
the board of directors of the

Nassau Tourism & Develop-
ment Board, a member of the
Rotary Club of East Nassau,
past commodore of BASRA, a
former director of the Bahamas

Chamber of Commerce and hag
been, since its inception, hon',
orary consultant to the Unicorn,,
a magazine for the handi7;

Bahamian realtor gains top global designation

A BAHAMIAN realtor has
been awarded the Certified
Residential Specialist (CRS)
designation by the Council of
Residential Specialists (CRS),
the largest non-profit affiliate

of the US-based National Asso-
ciation of Realtors (NAR).
Shawn Thomas, director of
Nocturne Realty, had to com-
plete advanced courses and
demonstrate expertise in the

The Public is hereby advised that I, WYSLAINE LOMOND,
of Nassau, Bahamas, intend to change my name to
WYSLAINE MEMENON. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, P.O.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date of
publication of this notice.

NOTICE is hereby given that DEMATEE MOHAN OF P.O. BOX
N-9841, VILLAGE 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 20TH day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

The Public is hereby advised that I, EUREKA CYNTHIA
AMBRISTER, Nassau, Bahamas, intend to change my
there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

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 27TH day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box F-41085, Grand Bahama, Bahamas.

BANKS, P.O.BOX CB-11073, 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 27TH day of MAY, 2005 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

field of residential real estate.
Only 35,000 realtors have
achieved the CRS designation.
Ms Thomas is a member of
the local board of the Bahamas
Real Estate Association

(BREA). She is an internation-
al member of the National
Association of Realtors, and is'
also a director of the Southern
Ladies Golf Division of the
Bahamas Golf Federation. "*

Small family restaurant in Western District is
seeking to employ:

(1) Cook (must be experienced in Bahamian Dishes)
(1) Bartender
(1) Waitress (for evenings only).

Applicants please telephone 362-0681 for interview.

MILE ROCK, GRAND BAHAMA, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization,
should not be granted, should send a written and signed,
statement of the facts within twenty-eight days from the 20TH(
day of MAY, 2005 to the Minister responsible for Nationality and
Citizenship, P.O.Box F-41085, Grand Bahama, Bahamas.v

The Public is hereby advised that I, JELINA PIERRE, ofl
Baillou Hill Road, P.O.Box N-7101, Nassau, Bahamas,;
intend to change my name to GELINA PIERRE. If there
are any objections to this change of name by Deed Poll, '
you may write such objections to the Chief Passport
Officer, RO.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

NOTICE is hereby given that LOUIS MARC BIENAIME OF
APPLE STREET, 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 froni
the 20TH day of MAY, 2005 to the Minister responsible for
Nationality and Citizenship, RO.Box N- 7147, Nassau, Bahamas-.

The Public is hereby advised that I, CLARENCE MARCO :
DUMERVIL, of Farmers Hill, Exuma, Bahamas, intend to ,
change my name to CLARENCE MARCO STUBBS. If-
there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport ;:
Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

Bank's former senior vice-pres-
ident and corporate secretary,
Trevor Thompson, has now
retired from the bank's board
of directors after 34 years.


PAGE 8B, FRIDAY, MAY 27, 2005



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FRIDAY, MAY 27, 2005, PAGE 9B


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* THE design for the new
track and field stadium.

Work on new $30m stadium has

two organisations on the move

Junior Sports Reporter
THE construction of the $30
million track and field stadium will
force two sporting organisations
to relocate in order to complete
their seasons.
The Bahamas Baseball Feder-
ation (BBF) and Bahamas Soft-.
ball Federation (BSF) will have to
utilise the Balliou Hills Sporting
Complex during the construction
of the state-of-the-art facility.
The two organisations are the
only ones directly affected by the
government's phase one plans.
Phase one of the government
three course plan will include new
facilities for the organisations,
which will be built after the com-
pletion of the stadium.

The stadium, a gift from The
People's Republic of China, is
expected to be completed within 2-
3 years.
The 15,000 seat facility will begin
next year February, with the com-
pletion date set for early June 2007,
but no later than January 2008.
Minister of Youth, Sports and
Culture Neville Wisdom reassured
the public that the construction of
the stadium will not affect the oth-
er sports in the country and the
organisations, which had to be
relocated, had agreed upon the
Wisdom stated that the con-
struction of the stadium is designed
to improve all sports in the coun-
try. He said: "The government and
the presidents of the sporting
organisations met before anything

"These persons in charge of the
two federations agreed upon the
changes and the relocation. The
government is not aware of any
complaints. We have made the
necessary arrangements to host
the two federations."

Minister of Youth, Sports and Culture Neville Wisdom

was revealed to the public, changes and the relocation. The
"These persons in charge of the government is not aware of any
two federations agreed upon the complaints. We have made the

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necessary arrangements to host the
two federations.
"The relocation will only be a
temporary thing, phase one of the
construction plans includes all
sports, giving all permanent homes.
"We have five sporting facilities
that can host the two federations,
so the idea is not to dislocate, but
to ensure that the all parties affect-
ed will have comfort."
The construction will wipe-out
the three existing facilities and
stretch as far as the Betty Kelly
Kenning Aquatics stadium.
It will replace the Andre
Rodgers baseball stadium, the
Churchill Tener Knowles stadium
and the newly constructed Tony
Curry and Anthony McKenzie
baseball parks.
The Tony Curry and Anthony
McKenzie parks were construct-
ed late 2004.
The four baseball fields will be
relocated to the western end of the
Thomas A Robinson track, direct-
ly in the back of the Shell Service

The Churchill Tener Knowles
softball stadium is set to be con-
structed on the southern end of
the Betty Kelly Kenning Aquatic
Centre, opposite the Sir Kendal
Isaacs gymnasium.
Wisdom added: "We realise that
improvements will be needed to
ensure the two federations are
comfortable and that the parks will
meet the rules and regulation stan-
"The fields at the Balliou Hill
Sporting Complex are well kept.
We have a continuous team that
makes sure that all fields are well
kept. This is being led by Andy
Ford, who has a group of employ-
ees who's main goal is to up keep
and maintain all facilities."
The government has planned a
.phase two project that will involve
the Sir Kendal Isaacs gym and the
construction of a new gymnasium.

The Sir Kendal Isaacs gym will
be used only for basketball, all oth-
er indoor sports will be played in
the new facility that will be con-
structed immediately after phase
one is completed.
The new multi-purpose 10,000
seat indoor gym is expected to be
constructed next to the existing
national gym, on the land that is
considered the Carnival site.
The building of the new gym
will not affect the Bahamas Lawn
arid Tennis Association (BLTA).
However, the government has
planned to expand the facility,
adding more courts.
The minister added: "I will be
the first to say the Sir Kendal
Isaacs gym was not built correctly.
The gymnasium is too small and it
creates a problem for many of the
"Several of the federations made
requests to host international tour-
naments, but the gym does not
meet the requirements of the inter-
national governing bodies.
"The seating capacity is small,
this creates a problem, even during
the hosting of local tournaments."
Sir Kendal Isaacs gym will not
be relocated, but instead, it will be
used for all local tournaments and
national teams practice sessions.
The Balliou Hills complex will
be used for recreational sports. The

government has confirmed that the
complex will be developed to
ensure that all sports have outdoor
So far, the Balliou Hills sporting
complex is the home to the soccer
field, five softball diamonds, two
tennis courts and an outdoor bas-
ketball court. The cycling track is
located on the far end of the com-
plex, while the boxing facilities are
positioned at the complexes
The construction of a cycling
track and soccer field will be in the
government's phase three'section.
Although the soccer association
will still have access to the field
located in the Balliou Hill Sporting
complex the government has
agreed to build a second field.
International games will also be
played inside the $30 million dollar
track and field stadium.

Wisdom said: "The teorganisa-
tion of the Queen Elizabeth Sports
Centre is designed to turn all sports
in the Bahamas into world class
sports, providing them all with
world class facilities.
"We will need the cooperation
of all sporting organisations to
ensure that the improvements take
place. The wonderful'news is that
all the organisations realise the
government's position, they are all
willing to work with the 'govern-
ment, taking note that the
improvements will be dohe in
"No sport will be left out, that is
the government's plan. Our best
interest is the development of
sports in the country. Nothing hap-
pens overnight, we have several
things planned which all the asso-
ciations are aware off."
The master plan of the tedevel-
opment of the Queen Elizabeth
Sports Centre does not"~ ekde the
Bahamas Hot Rod Ass" ation
(BHRA) and the Bahamas oxing
Federation (BBF). '
Wisdom, who clarified the situ-
ation with the BHRA, stated that
the association is experiencing
some problems that need to be
cleared within.
"Unfortunately the plans don't
include the Bahamas Hot, Rod
Association. The association has
asked all it's members to secure
insurance plans before they start
again," said Wisdom.
"The association is challenged
at this point, the government trying
as best they can to assist. The speed
the drivers and the vehicles hit
requires the association to get
"We are trying to relocate them
to another site and, hopefully, the
restructure of the programme
might make the access to the insur-
ance easier.
"But at this point the associa-
tion has indicated that they are
experiencing some problems."
The BHRA will not be located
within the complex.
Wisdom added: "The boxing
programme is expanding, they
have secured several gymnasiums
in the southern part of the
"We've recently hired Quincey
Pratt to assist us. He has a very
good programme going on at the
Nassau Stadium. They will have
access to the national gymnasium,
and other facilities, but, as of now,
no plans are set for them in the


PAGE 10B, FRIDAY, MAY 27, 2005


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Senior Sports Reporter

TOP seeds Mark Knowles
and Daniel Nestor will play
their second round match in
the men's doubles competi-
tion at the French Open in
Roland Garros today.
However Mark Merklein
may have to sit out the rest
of the action in Paris,
France, even though he and
his partner, American Vince
Spadea, have reached the
second round.
Spadea was forced to
retire when he pulled an
oblique muscle in his second
round singles match against
Tommy Haas. Spadea had
lost the first two sets, 6-4, 6-
3, to Haas when he threw in
the towel.
Spadea said he first experi-
enced the pain when he
played his first round singles
match. But it got worse when
heplayed doubles with
"I couldn't serve in the
doubles," said Spadea, who
credited Merklein for pulling
off their 6-3, 6-4 win over the
team of American Ashley
Fisher and South African
Chris Haggard.

Spadea and Merklein are
scheduled to play the No.8
seeded team Australian
team of Wayne Arthur and
Paul Hanley.
But there's no certainty if
that match will be played.
Doctors have advised
Spadea that it will take at
least four-to-six weeks for
him to fully recover.
"Nothing's looking good
right now," Spadea admit-
ted. "But, who knows? It
could take two weeks."
While the remainder of the
trip to Paris is in jeopardy
for Merklein and Spadea,
Knowles and Nestor are
hoping to cruise along.
After winning their first
round match, 6-2, 7-6 (5)
over Robert Lindstedt of
Sweden and Tom Vanhoudt
of Belgium, Knowles and
Nestor are set to return to
action today against the
team of Tomas Cibulec of
the Czech Republic and
Marius Fyrstenberg of
Knowles and Nestor are
also entered in the mixed
doubles competition that
starts today.
Knowles is paired up with
Nicole Valdisova of the
Czech Republic, while
Nestor will play with Rennae
Stubbs of Australia. Knowles
and Valdisova are unseeded,
but Nestor and Stubbs are
the top seeds.

Mark Merklein Vince Spadea

Senior Sports Reporter
EVERY summer for the
past 17 years, Jeff Rodgers
has given Bahamian young-
sters an avenue to develop
their basketball skills and
meet some of the top NBA
players at the same time.
From June 27-July 22, the
18th annual Jeff Rodgers
Basketball Camp will be
staged at the Bahamas Acad-
emy Gymnatorium with a
host of NBA players return-
ing to lend their assistance.
"We want to thank God
again for giving us the oppor-
tunity to host the camp for

the 18th year," said Rodgers,
the camp director.
"We once again anticipate
some of the same things we
have been able to accomplish
over the years like building
character, discipline and
teaching the youngsters the
basic fundamentals of the
game on the court as well as
off the court."

While the camp will con-
tinue to run from 8am to
1pm, after the lunch break,
Rodgers said for the first time
this year, they will be insti-
tuting a special camp between

Mark Knowles and Daniel Nestor

the hours of 2.30-4.30pm.
"This camp will put a lot of
focus on working with them
one on one," Rodgers
declared. "These are the ones
who have finished high school
and are trying to go to col-
"There is still a lot of room
to teach our kids the chal-
lenges that they are. faced
with before they go off to col-
lege. So we feel we can do it
with the amount of campers
that we expect to accommo-
The first 50 senior campers
to sign up will be invited to
participate in that segment of
the camp, which will be

iSJeffRdgs B^aB am

assisted by the visiting NBA
players during the final week.

Among the list of NBA
players expected in town this
year are Brendan Hayward
and Jarius Jefferies of the
Washington Wizards, Greg
Anthony, now a commenta-
tor with ESPN; coach Byron
Scott of the New Orleans
Hornets and former players
Tyrone 'Muggsy' Bouges,
Travis Knight and Scott Bur-
When the camp got start-
ed, Spud Webb and Dominic
Wilkins of the Atlanta Hawks

were the first guests of
Since then, Avery Johnsoni,
now the coach of the Dallas
Mavericks; Kenny 'Doc'
Smith, now a commentator
on TNT; Mark Jackson;
Bahamian Mychal 'Sweet
Bells' Thompson and Ervin
'Magic' Johnson have all par-
ticipated in the camp.
The camp will close out as
usual with its annual "Fun
Night" on July 20 at
the Kendal Isaacs Gymnasi-
At that time, the NBA
players will display their skills
in a celebrity basketball


. . . . . .

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