"START YOUR .
MORNINGS WITH J
T WIND AND
Volume: 101 No.163
FRIDAY, JUNE 10, 2005
A Mother's 3
* By KILAH ROLLE
Tribune Staff Reporter
A HEATED argument
broke out in the House of
Assembly yesterday when High
Rock MP Kenneth Russell
accused five cabinet ministers
of flying to Bimini on a plane
provided by Cuban-American
developer Gerardo Capo to
attend a town meeting organ-
ised to hear residents' com-
plaints about Capo's Bimini
The arguments and unpar-
liamentary language on both
sides of the floor grew so loud
that Foreign Affairs Minister
Fred Mitchell requested a 10-.
minute adjournment to clear
The argument started when
Mr Russell referred to a trip on
May 26 to Bimini, taken by a
delegation of government offi-
cials, including five cabinet min-
isters. Mr Russell claimed that
the cost of the flight on Mr
Capo's plane and all ground
transportation were paid for by
The group of officials had
been requested to attend a town
meeting in Bimini by Tourism
Minister Obie Wilchcombe, MP
for West End and Bimini. Mr
Wilchcombe had organised the
trip to address the mounting
protests by his constituents over
the development. Mr Wilch-
combe denied that Mr Capo
had paid for the trip.
"It is a shame that govern-
ment ministers go on a trip paid
for by Gerardo Capo in order to
deal with a problem that face
Bahamians," said Mr Russell,
"when it is those same minis-
ters who showed they hated Mr
Mr Russell told the House
that the Minister of Works and
Utilities, Bradley Roberts, had
been one of the officials who
had taken advantage of Mr
Capo's generosity. Mr Roberts
denied the allegation.
"I went to Bimini at the
request of the MP for West
End," Mr Roberts said, "and I
made no arrangements for the
flights myself." He did not know
what the flight arrangements
were, he said.
After insisting that Mr Rus-
sell withdraw his allegation
because Mr Wilchcombe was
not in the House to present the
facts, Mr Wilchcombe arrived
and immediately took part in
"This member never speaks
the truth," he said, pointing to
Mr Russell, "and any sugges-
tion that we used Mr Capo's
aircraft to travel was not done
by me nor any other minister.
Opposite members have the
tendency of abusing the cham-
ber, and misleading deliberate-
He told Mr Russell that if he
had double checked his infor-
mation it would have been clear
that the group had done "noth-
ing wrong." He added that even
if they had travelled on a flight
provided by Mr Capo, there
would "be nothing wrong with
Mr Wilchcombe told Mr Rus-
sell he was not an honourable
man, and criticised the High
Rock MP for attacking his char-
acter in the House of Assembly.
SEE page nine
* CYNTHIA Pratt rode the public bus to work yesterday and heard first hand how the
public felt about public transport. See page two for the story.
* By PAUL G TURNQUEST
Tribune Staff Reporter
FOR the second time in 50
years, the Bahamas Union of
Teachers has elected a woman
president to lead its more than
Unofficial results reaching
The Tribune from. yesterday's
election indicated that Ida Poiti-
er won the post of union presi-
dent with Terrance King of HO
Nash elected as vice president.
Gaining the treasurer's position
was Gina Sweeting-Moss, and
Belinda Wilson of Dr Doris
Johnson High school was elect-
Up to press time yesterday,
Mrs Poitier had no comment
because the outcome of the
election was not yet official and
the last polling division was not
yet in. However in spite of this
technicality, The Tribune has
learned that the margin of her
lead is too great to be beaten
even if all the registered teach-
ers at the last polling division
voted for her closest rival.
THE House of Assembly's
suspension was interrupted
on Wednesday night for the
announcement that just min-
utes before the Bahamas
rugby team had beaten
Bermuda to win the north-
ern division of the World
Cup 2007 qualifier in rugby.
"Just before we suspend,"
said Youth, Sports and Cul-
ture Minister Neville Wis-
dom, "I wish to beg your
indulgence- to give some
good news the Bahamas
has just done something that
is historical in this country.
The Bahamas has just won
the, northern division of the
World Cup qualifier in rugby
by defeating Bermuda by a
score of 24-15.
"The Bahamas, ranked
93rd in the world," said Mr
Wisdom, "first took on the
task of beating the Cayman
islands, which ranked 63rd in
the world on Saturday past
and then today, just a few
minutes ago, we won the
Northern Division champi-
onships that were held here
by beating the 55th ranked
team in the world, Bermuda.
"We will now compete
against the southern divi-
sion in Guyana in a few
weeks. Hopefully after that
we'll take on either Canada
or the United States."
Mr Wisdom said this was
good news for the Bahamas
and the "young men of the
Bahamas in rugby all
young men should be con-
The games were played
at the rugby grounds at
Two more games will be
played with the visiting
teams on Saturday.
At 3pm the Bahamas will
play Jamaica and at 5pm
the Caymans will play
SEE Sports page
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BAe iamASi EDITION
fails to stop
By PAUL G
Tribune Staff Reporter
HARBOUR ISLAND -
Disregarding a court order
to immediately stop all work
on the public bathroom facil-
ities near the Pink Sands
resort, building continued as
On Wednesday the local
district council, Joseph Oliv-
er, the contractor, the minis-
ter of local government, and
the attorney general were
issued with an injunction to
immediately cease all work
on the property until own-
ership could be legally veri-
However the council,
which had been disbanded
because all posts are up for.
election, will not accept the
injunction as members are
not individually named on it.
This was the same reason-
ing island administrator
Alexander Flowers said he
SEE page two
to deal with
* By KARIN HERIG
Tribune Staff Reporter
WITH reports suggesting
that citrus canker may have
spread from Abaco to Grand
Bahama and North
Eleuthera, the Ministry of
Agriculture is assuring the
public that it is taking all nec-
essary steps, including spe-
cial training programmes, to
prevent the highly conta-
gious bacterial plant disease
from eradicating the
Bahamas' citrus industry.
Following two outbreaks
of citrus canker in Abaco,
Tennyson Wells, indepen-
dent MP for Bamboo Town,
raised concerns in the House
of Assembly on Wednesday
that a spread of the disease
could put the country's
entire citrus industry in jeop-.
Speaking to The Tribune
yesterday, Mr Wells said
he had heard of cases of
SEE page nine
Concern for Harbour Island 'essence'
* By PAUL G TURNQUEST
Tribune Staff Reporter
HARBOUR ISLAND -
ONE of the country's most
tranquil and pristine retreats is
becoming increasingly unsettled
over the issue of tourism devel-
opment and how it affects local
Proposed changes at Romora
Bay and the expansion of
Valentine's Resort are signs
that development is beginning
to overwhelm Harbour Island,
according to a number of locals.
Interviewed by The Tribune,
residents said there is no need
for further development, and
that Harbour Island is losing its
"It seems like these people
come here to escape from Flori-
da, And just fall in love with the
place. But then they turn right
around and make the place into
a little Florida.
"Why do we need a huge
marina like the one that
Valentine's is building? We
already had three resorts -
two too many if you asked me -
so why do we need another
one?" asked one ferry opera-
Former local council mem-
ber Ricky Mackey said the
recent dispute between the
Pink Sands resort and the local
council is just a small example
of the growing animosity on the
"This bathroom, shower facil-
ity was an opportunity that we
felt we could put in for the pub-
'When we go to the beach
and our children need to use
the bathroom where do they
have to go? The bushes?
"This thing is bigger than just
a land dispute.
"This is the locals over here
feeling like they are being
denied access to our own nat-
"It is not our intent to be
lawless. We look to work ami-
cably with our winter residents,
but the olive branch must be
extended by both parties,"-he
On Wednesday, local resi-
dents could be encountered
throughout the streets of
Harbour Island and along the
harbour edge, discussing the
issue of further proposed devel-
The resorts were repeatedly
referred to as an overbearing
presence on the island.
Bathrooms still erected
FROM page one
used to explain to Graham
Thompson's lawyer Dwight
Glinton why he could not
accept the order. Mr Glinton
had made a special trip on
Tuesday to serve the order.
"When he came in here
with the order I told him I
was not a party listed on the
document so I will not accept
it. Nowhere does it say the
administrator. Right now
there is no district council
because we are in the elec-
tion period for the new term
so that is why some of the old
* Workers continue working on the bathroom facility near the Pink Sands Resort, despite an
injunction being served ordering them to stop all construction at the site
(Photo: Paul G Turnquest/ Tribune Staff)
council members are not
accepting it either," he said.
According to the old coun-
cil members, the crux of the
dispute is Pink Sands' prop-
erty boundary. They believe
the boundary was changed
when the property was resur-
veyed on May 25.
"They have a new bound-
ary marker down by the'
beach now. You could see
where the old one is, right
where their fence stops. Now
they have this new one that I
have never seen in my life;
and I have lived here all my
life; that is right down here
at the foot of the government
road that leads to the beach,"
said Vhaul Thompson, a for-
mer district councillor.
"Right now this is a mat-
ter for Lands and Surveys to
deal with, because Pink Sands
has' recently had a surveyor
up here to re-evaluate their
boundaries. They are claim-
ing all this property in here,"
explained Mr Flowers as he
pointed out the properties on
charts in his office in Har-
"There is supposed to be
92 feet of Crown Land
between Pink Sands property
and the shoreline. However
Pink Sands is saying that that
land has been eroded over the
years and that the land we are
building on is theirs. But in
fact Pink Sands is the one
who is trespassing as they
have roads and huts built
right down to the beach. They
don't own all of that property.
That is Crown Land as well
that they are on," he said.
Bahamas to enter talks for
disaster prevention loan
THE Bahamas is to begin
negotiations with the Inter-
American Development Bank
(IDB) for a "soft loan"which
ould give technical and finan-
cial assistance for hurricane pre-
paredness and relief.
The Disaster Prevention
Facility will also focus on pre-
ventative measures that can be
taken to reduce the impact of
natural or man-made disasters
on countries and communities,
while maintaining sustainable
A mission from the IDB is to
meet with Bahamian officials in
early June to iron out the final
details of the agreement.
Carl Smith, undersecretary in
the Cabinet Office and coordi-
nator of the National Emer-
gency Management Agency
(NEMA), said the discussions
will seek to address the viabili-
ty of constructing new multi-
purpose buildings that can be
used as permanent shelters, in
addition to addressing the pos-
sibility of retro-fitting existing
buildings for a similar purpose.
The facility would further
address upgrading the disaster
management agency's commu-
nications systems in New Prov-
idence and throughout the Fam-
ily Islands and how they can be
linked more effectively.
"The focus in the past has
been on response which is
rather costly and so the Bank
and the government of the
Bahamas, recognising this, want
to put this facility in place so as
to minimise the impact of nat-
ural disasters particularly hur-
ricanes on the country's econ-
omy," said Mr Smith.
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delighted to have Acting Prime
Minister Cynthia Pratt ride a 21
bus with them yesterday.
Mrs Pratt boarded a Bahamas
Jitney Service bus at 8.30am on
East Street near Christine and
Johnny's variety store.
She then headed north
towards Bay Street, where she
"The purpose of riding the
bus was to get a better under-
standing of the public's com-
plaints about the bus service,"
she said. "This isn't my first bus
ride, nor will it be my last."
"Through experience, the
government can better assist the
public," she added.
Mrs Pratt spoke to numerous
bus passengers, including sev-
eral students, about the prob-
lems they encounter when using
the bus system.
"Some students have to take
two buses to get to school and
they have to pay two buses
fees," said Mrs Pratt. "This con-
cerns me. I know how difficult it
must be for some parents to
find the money for bus fare,
school clothes and other
expenses. As the government,
we need to help them."
"The bus service is an impor-
tant aspect of our nation, and
therefore it is important to
make it more comfortable, and
reliable for public use," she said.
I I. . E "
PAGE 2, FRIDAY, JUNE 10, 2005
THE TIBUNEFRIDA JUN 10,C005,NAGES
Pet shop owner's anguish
at fire brigade's response
* By KRYSTEL ROLLE
THE owner of a pet shop that
caught on fire on Wednesday
night believes fire fighters
could have done more to pre-
vent the loss of animal life.
In all, 16 cats and two rabbits
perished in the fire, which con-
sumed parts of Pet Haven on
Two fire trucks attended the
scene, seven to nine minutes after
an emergency call was made.
But Sandra Cooke, owner of
the store, claims the Fire
Department "did not do all they
could to save her cats."
Mr Dillard, owner of the
Bread Shop next door to Pet
Haven says the fire trucks
responded "pretty quickly", but
did nothing to try and put out
the fire until much later.
"I was very disappointed in
the way they performed," he
said referring to the firemen.
"They stood around for about
15 to 20 minutes pulling on the
bars on the doors. This is the
21st century they should've
had the tools to open the doors
to get to the fire and deal with
When Ms Cooke arrived, she
was not admitted to unlock the
doors to let the pets out. She
said that firemen took her keys
from her without first finding
out which key was needed to
unlock the doors.
"They wouldn't let us open
the kennels...they prohibited us
from saving our animals. They
told me that I'm putting my life
in danger, but it's my life, all I
wanted to do was save the ani-
mals. I was the best one to do it,
I know the layout of the build-
ing," she said.
Ms. Cooke is particularly dis-
turbed because all 16 cats that
died belonged to her.
"To others they may just be
some animals," she said, "but
these were my children.
Inspector Walter Evans, of
the Fire Department, said that
the fire department is never
unprepared. He explained that
* THE devastation inside Pet Heaven
(Photo: Mario Duncanson/Tribune staff)
the fire department arrived to
the building in question within
eight minutes. He said that the
officers were "challenged from
entering the building due to
heavy bars that covered the
"The building was tightly
secured," he said. "The officers
called the proprietor who
arrived shortly after with the
key, providing the them access
into the building. As a result of
the incident, 16 cats perished,
and all other animals were
Arlene hits Cuba
* By KARIN HERIG
Tribune Staff Reporter
TROPICAL Storm Arlene,
which developed off western
Cuba yesterday, is the first
named storm for the 2005 hur-
With maximum sustained
winds of 40mph and travelling
at 8mph, the storm is project-
ed to reach the Gulf of Mexi-
co late today.
Arlene developed in the
north-west Caribbean Sea yes-
terday and led to Cuba issuing
a tropical storm warning for
their western provinces and
Forecasters said that there is
only a small chance that storm
would reach hurricane
strength of 75mph.
Chief Meteorology officer
Basil Dean told The Tribune
yesterday that although the
Bahamas will not feel the full
impact of this storm, the outer
bands of the system will bring
heavy rains and thunderstorms
during the weekend.
Tropical force winds extend
upward for 150 miles, mainly
to the north-east of the sys-
"Right now we are looking
at it moving towards the
Louisiana area, but we will still
be experiencing some fresh
winds; 20 to 30 knots," he
Local forecasters are also
looking at a second tropical
wave south of Jamaica, which
is expected to reach the south-
east Bahamas by Tuesday.
The development of the
year's first tropical storm with
a second low-pressure system
close behind may signal the
start of an early and very
active hurricane season.
In this year's Atlantic hur-
ricane season outlook, fore-
casters predicted that the
region will experience 12-15
tropical storms, with 7-9
becoming hurricanes, and 3-5
of these becoming major hur-
COB 'should still become university'
* By TIFFANY GRANT
Tribune Staff Reporter
A SENIOR education offi-
cial said that the plagiarism
admission by COB president Dr
Rodney Smith should not jeop-
ardise the college's bid to
become a university by 2007.
Director of higher education
Dr Leon Higgs told The Tri-
bune that the actions of one
individual should not prevent
an entire organisation from
"Leaders in organisations get
in trouble all of the time. How-
ever, because a leader gets in
trouble does not mean that your
organisation stops functioning.
For COB to become a uni-
versity, parliament would have
to amend the College of the
Bahamas Act and make it the
University of the Bahamas Act.
Education officials confirmed
earlier this week however that
COB would have to achieve
international standards to be
recognised as a university by
the wider academic community.
Dr Higgs, a former president
of the college, pointed out that
COB is affiliated with many
higher education institutions
around the world.
"Lecturers and professors
teach. They are the people that
responsible for delivering edu-
cation in the classroom. This act
did not affect what goes on in
those classrooms in terms of the
lecturers delivering," he said.
Last week Dr Smith admit-
ted to and apologised for com-
mitting plagiarism in a speech
he gave at the college's honours
He admitted to using a por-
tion of a speech sent to him in
2002 by his colleague John Sex-
ton, the president of the New
Dr Smith said that any behav-
iour suggestive of plagiarism
should never be tolerated.
Ex-minister calls for
Smith to step down
DR Rodney Smith tender his
resignation to maintain and
advance the good name of
COB, according to former min-
ister of education Dion Foulkes.
Mr Foulkes said the admis-
sion of plagiarism by Dr Smith
should lead to his being
The former minister claimed
that 30 per cent of Dr Smith's
convocation speech was taken
directly from the installation
address of John Sexton, presi-
dent of New York University.
H said Dr Smith admitted
committing a gross breach of
the rules governing the writing
of speeches and papers in edu-
"This is a very serious mat-
ter which if not dealt with expe-
ditiously and correctly will neg-
atively affect the excellent rep-
utation of COB.
"Dr Smith's action sets a bad
example for all young people,
particularly students," said Mr
Foulkes in a press release.
He added: "The exemplary
work done by former principals
Dr John Knowles, Dr Kazim
Bacchus, Dr Jacob Bynoe and
former presidents Dr Keva
Bethel and Dr Leon Higgs to
establish COB as the premier
institution of higher learning in
the Bahamas and the current ini-
tiative towards university status
could all be compromised by
actions of the current president.
"This incident is also likely
to negatively impact the
fundraising program at COB,"
Mr Foulkes said the college
has a great deal of potential and
plays a critical role in the devel-
opment of the Bahamas.
"I recommend that Dr Keva
Bethel, Dr Leon Higgs and a
senior official from the Ministry
of Education form a temporary
leadership team for COB until a
new president is identified,"
said Mr Foulkes.
for obtaining a 4.0 average,
for also making the honour
roll and for obtaining the
Principles' Award for the
third time at Charles W.
Saunders Baptist School.
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FRIDAY, JUNE 10, 2005, PAGE 3
(^ ^/ ^
PAGE 4, FRIDAYAJUNE10,R2005 THE TRIBUN
DR LEATENDORE Percentie, a frequent
contributor to this newspaper's Letters col-
umn, and Dr Keith Russell locked pens in
The Tribune's letters column this week over
the desirability of Montagu MP Brent Symon-
ette contesting the FNM leadership with the
possibility of becoming prime minister.
Dr Percentie, like former South African
prime minister Nelson Mandela, doesn't want
to "live in a country run by blacks or
whites". He wants to "live in a country that is
democratically elected". And to get the best of
all possible governments in the Bahamas, Dr
Percentie wants no Bahamian of ability to be
sidelined from public service because of his
race, religion or politics.
However, it's otherwise for Dr Russell.
Although he concedes that Mr Symonette
might "be the most qualified in his political
party", he and "many Bahamians consider
Mr Symonette's whiteness a problem, or at
least a matter for question, not because they
(the Bahamians) are racist, but because of
historical experiences past and present."
Dr Russell condemns Mr Symonette,
because he is white and because he was born
into a UBP family his father was the first
premier of the Bahamas. According to Dr
Russell, Mr Symonette benefited from the
"racist policies (of that era), which inflicted
unimaginable hardship on the majority of this
In other words, following Dr'Russell's,rea-
isoning every UBP must have been a racist
who'"inflicted uhiimaginible hardship on the
majority".In'the House'of Assembly this week
Bamboo Town Independent MP Tennyson
Wells traced his UBP roots from the days of
his parents to the day that the UBP and FNM
merged and he became an FNM. We don't
think Dr Russell would suggest that Mr Wells
was ever a racist. Mr Wells and his family
obviously espoused the UBP party as the best
As Mr Wells told the House on Wednesday
many of today's government members have
come from backgrounds similar to his. He
pointed out Bain and Grants Town MP
Bradley Roberts, in particular, as a prime
example of being at one time a good UBP.
And we do not think that Prime Minister
Christie would deny that his father was also a
staunch UBP. Mr Christie and his family,
therefore, must have benefited under the UBP
regime, yet we do not think that Dr Russell
would suggest that because of Mr Christie's
roots he was racist or should not be prime
minister. Mr Symonette, who was too young at
the time to be involved in party politics, is in
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the same position as Mr Christie the only
difference is that Mr Christie's father was a
taxi driver and Mr Symonette's father was
Dr Russell equates UBPism with racism.
Nothing could be further from the truth. And
it is because it is not the truth that the UBP no
longer exists. The younger members of that
party among them Sir Geoffrey Johnstone,
Peter Graham, the late Basil Kelly and many
others did not tolerate racism. They revolt-
ed against many things that some Bahamians
associate with UBPism. However, they recog-
nised that the party had done much good for
the country. But they also recognised that it
had outlived its usefulness; a new era had
come. It was they who laid the UBP to rest
and became a part of that new era.
In talking to several taxi drivers over the
past few days, Mr Lindsey Williamson of Pine
Field, Acklins, told us of his experience with
his former MP Basil Kelly a man that Dr
Russell would probably dismiss as a UBP
One day in 1993, Mr Williamson was sitting
in the Royal Bank of Canada, Prince Charles
branch. He was waiting to meet the manager
to negotiate a loan to purchase his taxi, for
which he had just been granted a licence plate.
He already had $6,000, but needed another
$40,000 to get the vehicle from Sanpin Motors.
Mr Kelly walked in, asked him what he was
there for, then went'ifi' ft see the "bihk mini
ager, while Mr Williamson waited. On leaving
Mr Kelly told Mr Williamson to call him that
night to let him know how he got on.
The bank manager refused to take Mr
Williamson's vehicle as collateral, but said if
Mr Kelly would back him, he would be grant-
ed the loan.
Mr Williamson told Mr Kelly what the
manager had said. Mr Kelly asked Mr
Williamson to come to his office at 10 o'clock
the next morning. "I am doing this for your
father (Rev Daniel Williamson)," Mr Kelly
told Mr Williamson as he signed a cheque for
Sanpin Motors for $40,000. "Pay me back
when you can."
Today Mr Williamson operates Kimeulin
Transit with four jitneys and two charter bus-
Basil Kelly, a white man, a former UBP, lat-
er FNM member of parliament, was loyal to
his Acklins, Crooked Island and Long Cay
constituents he never let them down.
Bahamians like Mr Williamson would be the
first to disagree with Dr Russell's dismissal
of all white people. Mr Williamson's "histor-
ical experience" was different.
The Tribune Limited
NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master
LEON E. H. DUPUCH, Publisher/Editor 1903-1914
SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.
Contributing Editor 1972-1991
EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.
Published Daily Monday to Saturday
Shirley Street, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
All white men are not racists
"When you're up to your neck in hot
water, be like a teapot and start to sing."
FOUR SUNDAY SERVICES
7:00 am, 9:00 a.m., 11:00 a.m. 7:00 p.m.
Babies Dedicated Every Sunday
PASTOR EARLE FRANCIS J.P., D.D.
Phone: 323-6452 393-5798 Fax: 326-4488/394-4819
18.2 Cube Feet
CANNOT .- 1
PRICES NOTA I E Y -
MtAoieAv o (ut othot o nBu ItckC.
funds, interference or mandated
changes to existing norms,
added risk of spurious and cost-
ly lawsuits, and more. The true
"costs" are almost impossible
to calculate when including the
unintended consequences in the
Governments do not have
money, only that which they
take from their citizens. The tax
dollars required to fund bureau-
cracies are effectively a "tax"
on private sector production
and growth and ultimately a tax
on the free enterprise system.
Henry Hazlitt describes the
Leviathan State: "Whatever the
outcome may be the future
seems ominous..By whatever
standard we measure it the
number of laws, the rate at
which new ones are enacted,
the multiplication of bureaus
and agencies, the number of
officeholders, pensioners, and
relief recipients the taxpayer is
forced to support, the total or
relative tax load, the total per
capita expenditures there has
been an accelerative growth in
the size, arbitrary power, and
incursion of government, and
in the new prohibitions, com-
pulsions, and costs it keeps
imposing on us all."
Such a trend is underway in
the Bahamas. It can be fore-
stalled by constraints on the
lawmakers, and strict limits in
the annual budgets for new,
THE NASSAU INSTITUTE.
May 23 2005
EDITOR, the Tribune
MOST of us assign the task
of defining and administering
justice to legislators and gov-
Some of us, perceiving justice
as the custodian and protector
of that which is due to every
individual, would limit the pow-
er of legislators to the protec-
tion of life, liberty and property.
However most expect gov-
ernment to not only perform a
minimal or "night-watchman"
function but to take on explicit
responsibility for the basic well
being of every individual. To
do this new laws are conceived
to satisfy the demand for new or
There are near enough to
800 acts of parliament (373 of
which are primary legislation)
intended to address both "night
watchman" and "well being"
'issues for the population. In
2003 and 2004 thirty-five new
laws were enacted, with more
in the pipeline for 2005.
In the past few years The
Bahamas Chamber of Com-
merce along with several other
business sector groups have
reviewed the following draft
Unfair Terms in Consumer
Weights and Measures,
.-* Environmental Planning and
Assessment Regulations, and
Pollution Control Regula-
Others being reviewed are:
The Licensing and registra-
tion of pharmacists add the reg-
ulation of the practice of phar-
The Disaster Preparedness
and Response Act.
All of the above legislative
bills regulate some activity.
They go well beyond simply
protecting life and property,
more accurately they constrain
the use of private property.
All acts of parliament have a
cost, yet draft bills are circulat-
ed to various groups for com-
ment without cost estimates for
implementation and oversight.
The implementation and
operating costs of the ten
bureaucracies required for the
above new acts amounts rough-
ly to between eight and ten mil-
lion dollars per annum. There
are also hidden costs associated
with bureaucratic structures
such as the misallocation of
EDITOR, The Tribune
WE who come rain or come
shine operate the Ardastra
Gardens 364 out of 365 days a
year value highly those who
appreciate what we do as well
as what we are trying to do.
Our objective is three-fold:
1) to provide an asset for
2) to mount educational,
programmes for Bahamian
school children; and
3) to captive breed our
Letters like the one
attached mean more to us
than all the dollars in the
world, and we wish to publicly
thank the Schiaffino family for
their kindness and encourage-
ment. They also sent $200
along with their letter.
We also take this opportu-
nity to thank our Bahamian
community for their perpetu-
NORMAN S SOLOMON
January 18 2005
Your facility has been an
enjoyable experience for my
family on several occasions.
My wife and I visited The
Ardastra Gardens during our
first trip to the Bahamas sev-
en years ago. The staff was
pleasant and helpful. The
exhibits were instructive and
entertaining, and of course
there were the animals. We
had such an enjoyable time
we decided to forgo our other
activities and spend the entire
day there. Visiting the gar-
dens has now become a per-
manent fixture in our itiner-
ary. In my geography class I
even devoted a lesson to
"finding your way around a
city (Nassau) using.a:.map",
;with he final destination
being the Ardastra Gardens
Our last visit was this sum-
mer between the hurricanes.
This time we were able to
introduce our son to your
delightful centre. We still had
a wonderful time, but the
storm damage was evident.
Upon our return home the
news of a second storm
dampened the spirit of our
homecoming. We can only
surmise what further damage
you have incurred.
Hence, the reason for this
letter. In the spirit of the sea-
son we would like to con-
tribute a small donation in
memory of my father, James
Edwin Schiaffino, Sr. He
would have loved your gar-
dens as much as his family.
We hope that the future will
bring you success and that
you can continue to provide a
much needed, and enjoyable
James E Schiaffino Jr
Bel Air, MD
praise is due
Royal Bahamian Resort & Spa
Invite applications for the positions of:
Director Of Food & Beverage
Applicants must be experienced in there
field, excellent communication skills, both
written and oral, should possess excellent
team building and management skills.
Positions offer attractive compensation
packages, comparative with relevant
Applications should be sent to:
Sandals Royal Bahamian
Email: c firstname.lastname@example.org
PAGE 4, FRIDAY, JUNE 10, 2005
: .^<::; .- ..;.:.-.: ...i.it aii ; .......
.. ...:,.a :ii .|:; : i |1
* " *"...... .' i
.: : : :':"^'? i $
a:* *^ rS^^ l:-;
THE TIBUNEFRIDA, JUN 10,C005,NAGES
Lament of mother unable
to bury her own child
* By RUPERT MISSICK Jr
A MOTHER who gave birth
to a premature baby was
shocked to learn that the law
prevents her from burying her
The mother, who was unable
to obtain the body of her first-
born child from the morgue of
the Princess Margaret Hospital
(PMH), yesterday, told The Tri-
bune that she had given up her
quest to bury her daughter.
PMH officials yesterday told
The Tribune that they are "very
sorry" for the mother's loss and
the distress the process may
have caused her, but legal
restrictions prevent the institu-
tion from handing the body of
the child over to the mother.
By law, if a child is born
younger than 24 weeks, it is not
considered a viable fetus and
no death certificate is released
for the child.
In this case, the child was 20
weeks old and was delivered
last Friday at 6.15am.
The following Monday, the
mother went to the morgue to
collect the body of her child,
but was told that she would not
be able to receive the body
without a mortician being pre-
"On Tuesday the mortician
went there and they told him
that I needed to be present,
so we went together on Thurs-
"They told me that they
would not turn her over to me
because she was now property
of the government," the moth-
What further distressed the
mother was the fact that she
was not even allowed to take a
picture of her daughter.
David Basden from Demerits
Funeral Home, who has been a
mortician for 10 years, con-
firmed the mother's version of
"It is really strange to me, but
that is the policy I guess. It is a
premature child under 24 weeks
or a miscarriage, so they don't
make up a death certificate to
release the body. When we
went there no doctor would
design a death certificate," he
As for taking pictures, only
police officers are allowed to
take photographs of bodies in
"In my experience it was the
first time this has happened but
in my opinion that's her child
and she should do whatever she
wants to do with it," said Mr
* LEONARD Liggio, Liberterian Professor of Law at George Mason University, addresses the West Nassau Rotary Club yesterday
(Photo: Mario Duncanson/Tribune staff)
A word to the wise for Nassau
Rotarians in economics talk
* By KRISTINA McNEIL
ROTARIANS were warned
to be suspicious of politicians
during an address on the histo-
ry of the free market yesterday.
Members of the Rotary Club
of East Nassau were treated to
a speech on the international
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
6:30 Community Page
9:00 Bahamas @ Sunrise
10:00 Treasure Attic
10:30 CMJ Club Zone
'11:00 Kids On The Move
12noon This Generation
NT:ZS T 13reeresth
rih tomkels mnt
program h- nes
free market movement since
1945 by Leonard Liggio, a Lib-
ertarian professor of law at
George Mason University in
Virginia and Executive vice
president of the Atlas Econom-
ic Research Foundation.
"To begin with, be very sus-
picious of politicians, no mat-
ter the flag. Be suspicious of
politicians under your own flag
before those under other flags,"
warned Mr Liggio in regard to
trade agreements negotiated by
He gave the example of the
General Agreement on Tariffs
and Trade (GATT), which was
set up in 1947 in Switzerland to
increase international trade and
reduce trade and tariff barriers.
According to Mr Liggio, the
agreement ended up only cre-
ating more jobs for politicians.
While the GATT created a
new hierarchy and a common
market, the politicians decided
"let's treat it as a vacation," he
Canadian textiles and lumber
were two examples of industries
for which the US government
promised to remove trade bar-
riers, but actually increased reg-
ulations, he said.
In the same vein, the FTAA
and other trade agreements are
being created to liberate the
consumer, but none so far have
been able to do it, Mr Liggio
He added that the European
Union (EU) constitution "is not
a constitution, but a body of
"We need to be suspicious of
very detailed proposals that
cover hidden agendas," he
into could still
ALTHOUGH the Swiss
government claims that it still
does not have the records it
needs from the Bahamas,
investigations into Bank Al
Taqwa could be revived if
new evidence arises, a CNN
report said yesterday.
The bank, according to
CNN, included among its
shareholders several Bin
Laden family members.
Al Taqwa went out of busi-
ness in 2000, but not before
charitable contributions from
some of its shareholders were
allegedly siphoned off to ter-
However, the bank's for-
mer owners have denied the
They claim that the Bin
Laden link is overblown, giv-
en that the'relatives involved
in the bank had cut off all
relations with the Al-Qaida
* BY NATARIO
TWO men from Andros
were arraigned in court on
drug charges yesterday.
43-year-old William John-
son and 24-year-old Bradley
Evans, both of Lowe Sound,
Andros, appeared before
Magistrate Carolita Bethel
to answer the charge of pos-
session of dangerous drugs
with the intent to supply.
Johnson pleaded guilty to
the charge of possession
while Evans pleaded not
According to court dock-
ets, the men being con-
cerned together were found
in possession of a quantity
of marijuana on June 7.
The drugs weighed two
pounds, and are estimated to
have a street value of $2,000.
The men were granted
bail at $10,000 with two
sureties. The matter was
leader in the early 1990s.
Last week BahamiaiT
authorities were said to be
partly responsible for "deal-
ing a blow to US efforts to
choke off terror financing."
Authorities in Switzerland
were forced to drop a three-
and-a-half-year case against
top officials of Al Taqwa
because authorities in the
Bahamas failed to provide
essential bank records by a
court deadline, Claude
Nicati, deputy Swiss federal
prosecutor told Associated
The Swiss authorities say
the Bahamas never gave "a
usable response" to their
requests for judicial assistance.
However, Attorney Gener-
al Alfred Sears has told The
Tribune that the Bahamas is
satisfied that it offered ade-
adjourned to November 23.
A 27-year-old man of
Allen Drive also appeared
before Magistrate Bethel
yesterday on the charge of
While in the area of Boyd
Road on Wednesday, police
say they found Keno John-
son in possession several
clear plastic bags containing
15 grams of marijuana.
Johnson, who pleaded
guilty to the charge, was con-
victed of the offence and
fined $750 or six months in
A 20-year-old female of
West Street along with a
male resident of Balfour
Avenue who are also facing
drug charges are expected
to, appear in court today
after their matter was stood
down on Wednesday. The
pair face the charge of pos-
session with the intent to
supply a quantity of mari-
juana and cocaine.
New head of Caribbean
Vanderpool-Wallace has been
selected as the new Secretary
General of the Caribbean
Tourism Organization (CTO).
"This is something that we
have been anticipating for
some tim," said Obie Wilch-
combe from the Ministry of
"It has been an open secret
that the Caribbean Tourism
Organization's search com-
mittee, had identified our
Director General of Tourism
as its first choice to replace
the former Secretary General,
Gene Holder, who retired at
the end of last year."
He added: "Our organiza-
tional capabilities have grown
considerably over the past two
years and those capabilities
will continue to grow
A young aggressive company with a solid track record
is expanding and requires an
In House Marketing Manager
If you are looking for position with:
2) Lots of supervision
3) A daily routine
Then this position is NOT for you.
Applicants must have a degree in marketing.
When applying remember that we are looking for that
applicant who stands out from the rest.
c/o The Tribune Limited
P.O. Box N-3207
The Bahamas Telecommunications Company Ltd.
P.O. Box N-3048, Nassau, Bahamas
Tel. (242) 302-7000
NEW BUSINESS HOURS FOR BTC
The Bahamas Telecommunications Company Ltd. (BTC) wishes to inform its valued
customers and the general public that with effect from Monday, June 13, 2005, the
new operating hours for its administrative and business offices will be 9:00 am to
5:00 pm daily. This change is the result of recent contract negotiations and effectively
brings the Company's operating hours in line with the terms of Employment Act
However, customers are further advised that they may continue to make payments
at any of the Company's CTO s during the usual hours of 9:00 am and 4:30 pm daily.
BTC sincerely apologizes for any inconvenience caused.
I I~ I
FRIDAY,.JUNE 10, 2005, PAGE 5
Two charged with
PAGE FRIAY, JNE 10 2005CHE TIBUN
Available from Commercial News Providers"
SECURITY personnel demonstrate use of the Hale pump
(Photo: Mario Duncanson/Tribune Staff)
* Safety equipment gets some pump action
LYFORD Cay residents who were
alarmed by recent brush fires that threat-
ened homes and lives are breathing easier
thanks to a new piece of fire-fighting equip-
The Lyford Cay Property Owners Asso-
ciation and the Lyford Cay Club jointly pur-
chased a heavy duty portable pump last week
for use by the security division that assists the
entire region when fire breaks out.
Known as a "Hale pump", the device is
capable of drawing water from nearby canals
and pumping up to 750 gallons a minute.
The pump serves as the action-ready
complement to the two heavy-duty Chevy
trucks which have been used in the Lyford
Cay fire service over the past decade.
While both trucks combined held only
800 gallons of water, the new Hale pump's
capacity minimises potential fire and smoke
damage posed by threats like the recent.
bush fires in the area.
"Our security personnel can now battle
blazes by pumping water to both trucks at
the same time, plus use another hose from
the pump," said security chief Commander
Vincent Charlton. "This saves precious
time. It's quicker than refilling the trucks
and the Hale pump can also go places.,:
where our trucks can't."
British Colonial Hilt6ff
4.-"*' .-' '? "
www.hiltoncaribbeah.com/nassau +1 242 322-3301
Thecion name aend logo .ar. .ademarks, owned by Hiho2. j2004 Hlion Ho.pital, Inc,.
New rules for health recruitment
* By KRYSTAL KNOWLES
:across the world are adopting
a code of practice for the inter-
national recruitment of health
Health Minister Marcus
Bethel announced on Tuesday
that Commonwealth Ministers
of Health'adopted the code dur-'
ing the World Health Assem-
bly in Geneva, Switzerland.
both developed and develop- doctors, pharmacies and other The assembly also focused
ing, experience shortages of health care workers from other attention on communicable dis-
skilled health workers," Dr countries, particularly develop- eases such as tuberculosis and
Bethel said at a press confer- ing ones," said Dr Bethel. poliomyelitis.
ence at the Ministry of Health Although this helps recipient "The assembly resolved to
on Meeting Street. countries to overcome their support sustainable financing
These shortages, which are staff and skills shortages, it for TB prevention and control,
especially severe in small island deprives source countries of toward achieving the global tar-
states, remote and rural areas, knowledge, skills and expertise get for 2005," Dr Bethel said.
and in some African countries, for which large amounts of "Immunisation coverage must
reduce a country's capacity to resources have been expended. be maintained because
provide good quality health .._.i ,'The code is sensitive to.the ...poliomyelitis has not been erad-
care, he said. ;.,.needs of recipient countries.'and icated globally ;andd one. case
, "Some countries seek to alley~ .., rthaemigratory rights of individ- threatens thewhole world., The.
viate the problem by systemati- '.ual health professionals," the' ,assembly resolves to maintain
cally recruiting nurses, midwives, minister said. coverage of at least 95 per cent."
The Baker's Bay Golf & Ocean Club is seeking suitably
qualified Bahamians to apply for the position of
The chosen individual will work in our
Marsh Harbour development office.
Responsibilities will include:
Setting up the accounts, including accounts payable and
Producing monthly reports in a timely manner.
Ability to work on one's own initiative is important. Experience with
Timberline would be an advantage.
Salary and benefits will be in line with experience and will include
Applications can be directed to
P.O. Box AB20766,
Marsh Harbour, Abaco
000S' a -co 0..e~SIl 0eO I [ riLl ds~ |~ L L'
REAL ESTATE DEVELOPMENT
THE PROJECT: We plan to develop a residential community
on New Providence targeted as the primary
residence for persons who enjoy the privacy
and security from being gated, the resort
lifestyle possible from being at or very close
to the seashore with amenities such as a
beach club and tennis court.
THE SCOPE: Approximately 90 acres. Subsequently, other
communities will be developed.
COMPANY: Associated with another company already
active in the house building business. This
new company-is tqoprovide similar products
but for a higher segment of the market.
THE OPPORTUNITY: To serve as the Operations Manager for the
Development Company with overall day to
day responsibility for viability of the Company,
inclusive of involvement with finalizing the
precise development plan, budgeting,
contracting for the phased installation of
infrastructure and amenities supervision or
of construction of the homes and the selling
REPORTING: To the Board of Directors
BACKGROUND: The successful candidate must have a
thorough background in the process of
development and also be familiar with the
financial management of a business.
COMPENSATION: Open to negotiations.
COMMENCEMENT: As soon as is mutually agreed.
NATIONALITY: Bahamians and Non-Bahamians are invited
CONFIDENTIALITY: Each application shall 'be treated in the
strictness of confidence.
THE PROCESS: Reply in writing to the Chairman, Luxury
Homes Bahamas Ltd. P.O. B)x N3739,
PAGE 6, FRIDAY, JUNE 10, 2005
- - -
Gray; agriculture industry should
be developed along with tourism
M By TIFFANY GRANT
Tribune Staff Reporter
THE Bahamas has to link its
farming industry to tourism
according to Minister of Agri-
culture, Fisheries and Local
Government Alfred Gray.
Mr Gray, in his communica-
tion to the House of Assembly
on Wednesday, said that the
current "explosion" of tourism
highlights the benefits agricul-
ture could enjoy if it were
linked to that industry.
"Can you imagine when a
tourist comes out of his hotel
room, he passes a lemon juice
factory right in the hotel. Would
it be wonderful if hotels can
offer :their guest a wide range
of herbal teas, grown in the
Bahamas," he said.
Mr (Gray: said if the popula-
tion of the Bahamas is added.
to the number of tourists visit-
ing the country every year,.
there is .a demographic group
of almost five and a hlbalf mil-
*MINISTER of Agriculture and Fisheries Alfred Gray lion people to whom local prod-
ucts.could be sold.
This is a ready market for
those who are willing to become
involved, he said.
However the condition of
the Bahamian agricultural sec-
tor remains a challenge and
the agriculture share of the
gross domestic product (GDP)
has remained static, Mr Gray
"Our food import bill is about
$400 million, and continues to
soar. Greater focus needs to be
put on combating this trend. My
ministry's goal is to achieve a
modest increase of at least 2.5
per cent of GDP from this sec-
tor during the next fiscal peri-
od," said Mr Gray.
Mr Gray also announced that
there has been increased moni-
toring of the sport fishing indus-
try, to provide for the manage-
ment of critical habitats,key-
sport fish species and to
increase the direct benefits of
the industry to Bahamians.
Mr Gray said that the gov-
ernment has decided to reserve
bonefish guiding exclusively for
"Legislation will soon be
enacted in order to give full
effect to this policy and to reg-
ulate other issues related to the
bonefishing industry," he said.
Mr Gray announced the fol-
lowing budget allocations for
the departments under his
$4,961,350 will be allocated
to the Department of Agricul-
$2,288,558 will be allocated
to the Department of Fisheries
$20,120,337 will be allocat-
ed to the Department of Local
$2,307,000 will be allocated
to the local government sector.
$2,629,750 will be allocated
for the rest of his ministry.
Bahamas footage is to be 'use
for financial sector promotion
* By KARAN MINNIS
AN award-winning media
provider is coming to the
Bahamas to create a television
production and media campaign
featuring New Providence.
Epic Newsgroup is planning
to gather footage and informa-
tion in the Bahamas in July,
which will then be published
and broadcast in leading Amer-
ican media outlets, such as tele-
vision, magasines, and newspa-
Epic, which is based in Los
Angeles, provides international
news content to organisations
such as CNN, TIME, and the
Wall Street Journal with a focus
on international business and
"As the competition among
travel destinations escalates to
new levels, this news produc-
tion represents an opportunity.
to showcase the Bahamas and
further develop its brand per-
ception, and emphasis what,
makes theisland better and dif-
ferent," said Amanda Dydyk,
Epic's manager of external rela-
According to Ms Dydyk, this
opportunity will allow the
Bahamas to solidify its image
in the tourism sector, and to
educate Americans about the:
regulations of the financial sec-
tor and clarify confusion sur-
roundiig IBCs (international
Included in the footage will
bea profile on the level ofinfra-
structure in the Bahamas,
including ports, utilities and
Also, opportunities for in-
vestment will be researched
and analysed, and successful
foreign partnerships will be
Executive producer Sabrina
Heinekey and producer and
director Tiffany Steeves will be
arriving in early July to meet
with key leaders from a cross-
section of industries and gov-
^ |-i r Depot, Pr.inceChfar/les Drive
Flagship Store, Bay Street (242) 356-6920
M*ll At Marathon (242) 394-7771/4
required by a leading General Insurance Company.
This is an excellent opportunity for a young
insurance professional to join an expanding
Applicants should have some insurance
experience and possess a good technical
knowledge of Insurance Claims.with a working
knowledge of computer systems' The position
requires a person with good communication and
organizational skills, together with the drive and
commitment to succeed in the competitive
environment in which we operate.
The successful applicant will be expected to
pursue Insurance-related qualifications through
the Chartered Insurance Institute.
A competitive salary will be offered together with
a generous package of benefits.
All applicants should apply in writing with a full
Curriculum Vitae to:
Human Resources Manager
RoyalStar Assurance Ltd.
P.O. Box N-4391
FRIDAY, JUNE 10, 2005, PAGE 7
Raising the profile of the Bahamas
THE Bahamas put on a spec- event included the Caribbean Fair
tacular show for the annual and Dolt Caribbean Wedding on
Caribbean Week in New York. Pier 16 of the South Street Seaport
Activities for the promotional in Manhattan, the Caribbean
A. .. . . .
Call Your account executive today on
^ Get 2 iNRSiONS For i INVESTMENT PRICE
PAGE 8, FRIDAY, JUNE 10, 2005
Obie Wilchcombe denies any
impropriety in Bimini visit
FROM page one
up "The fact is the former
administration approved a pro-
ject that was too large for Bimi-
ni and now we are trying to
.- . reduce the density to provide a
.. development that can be bene-
ficial to both the developers and
S - the people of Bimini, while still
protecting the island's heritage"
said Mr Wilchcombe.
He demanded that Mr Rus-
sell withdraw the allegation or
S, provide some proof that Mr
o Capo had paid for the group's
S* trip to Bimini.
"I am providing an eye wit-
- ness account," argued Mr Rus-
sell. "I am not withdrawing
because I saw with my own eyes
* and heard with my own ears
-. .. what Mr Capo's son-in-law said
V, -- and I have a right to state in
S .- parliament what I saw and what
was told to me."
House Speaker Oswald
Ingraham reminded the mem-
bers of parliament to keep the
debate on a "high level," but
tempers flared on both sides for
up to an hour, forcing members
to agree on the brief suspension
to let both sides calm down.
When the debate resumed
ten minutes later, Mr Russell
withdrew part of his statement.
"I believe as a member of
parliament," he said, "I have
the right to state in this parlia-
ment what I saw and what I was
told and maybe the conclusion
that was drawn from what I saw
and what I was told could be
"So, Mr Speaker, with your
indulgence, I will go over again
what I was told and what I saw
and I will leave out and with-
draw the parts where a conclu-
sion was drawn by me. I will,
therefore, state what I am with-
drawing. I am withdrawing the
part where I draw a conclusion
of what I saw and what I was
Mr Wilchcombe was not sat-
isfied with this withdrawal.
"This withdrawal is unac-
ceptable," he said, "and I
promise I will revisit the matter.
This is the second time I have
been assaulted by the MP for
High Rock. I made all the
arrangements and I have stood
up and said it did not happen.
He is going by what he heard,
and if we all talk about what we
hear we would be here all day.
To assault or insult any member
should not be allowed and mat-
ters like that should not be
allowed to rest."
The Speaker pointed out to
Mr Wilchcombe that he had
also uttered some insulting
remarks towards the opposition
and he was requested to with-
draw them as well, which he
did, ending the House's morn-
SMP voices canker fears
FROM page one
S. citrus canker in Grand Bahama
and North Eleuthera, however
he could not verify the truth of
these reports as he had no
Director of Agriculture Sime-
on Pinder said yesterday he had
not had any reports of out-
breaks in these two islands.
However, he added, if they
were true, he would welcome
any information so that the
Department could act to quick-
ly contain the disease.
I a "I have not heard about any
further outbreaks, but I cannot
precliude it, I would just hope
_that if anyone had any such
information they would come
forward," he said.
Mr Pinder said that in an
"Copyrighted Material effort to immediately stop any
Syndicated Content outbreak on other islands, agri-
Available from Commercial News Providers"
- - -.~. -
* -'- -
- -- -
l t -
~ ~ qmqmww
cultural officers from several of
the Family Islands, including
Grand Bahama, Eleuthera,
Andros and Long Island, have
gone to Abaco to take part in a
special training programme.
"The officers came to Abaco
to be see what a canker infected
plant looks like. They have been
trained to recognise the disease
and raise the alarm if a case is
detected," he said.
Meanwhile, clean-up efforts
continue in Abaco, where two
citrus farms have been infect-
ed with disease.
"We are almost finished with
the clean-up at the Bahama Star
Farm and will then immediate-
ly move on to the BG Harmon
Farms," said Mr Pinder.
The agriculture director also
said that security at both loca-
tions "is very tight," and the
department is doing all in its
power to contain the disease.
In January the detection of
the highly contagious disease
led to the closure of the 3,700-
acre Bahama Star Farm at
As a consequence all ship-
ments of citrus to the US from
Abaco were suspended, and an
emergency order was issued by
the Ministry of Agriculture
declaring that no citrus plants
or parts of the plants were to
be removed from Abaco.
A second outbreak was dis-
covered last month at the
organic BG Harmon Farms,
located 10 miles outside Marsh
Because the disease spreads
rapidly by vectors such as wind,
rain, humans and animals, the
farms and all its trees were put
under 24-hour quarantine, until
they can be destroyed.
A resident of
Johnson Road, Fox
Hill, wil be held on
Saturday June 11th
2005, at 11:00 am
at Arrow of
Church, Coxw a y
off East Street South. Interment will follow in
the Woodlawn Gardens Cemetery, Soldier
Road. Officaiting will be Rev John Innis, assisted
by other ministers. Services have been
entrusted to Gateway Memorial Funeral Chapel,
Wulff Road and Primrose Street.
Left with cherished memory are, her loving and
devoted mother, Cholta Duncombe Cooper;
her father and stepmother, Sidney and
Rosemary Kerr; her children, Shantell, Neko,
Shannell and Naaman Jr; grandmother,
Rayshanno, Ryan Jr and Trevon; six (6) brother,
Kenwood, Marvin, Glenwood, Justin, Shervin
and Devon; five (5) sisters Nakia, Suzanne,
Kim, Jen and Denise; adopted children, Alex,
Cecelia, Dion, Kimmie, Soma, Jermaine,
Dereck, Marvin and Roland; adopted
grandchildren, Kaylesha, Kavon and Kiarra;
special friends Altamese, Ivy, Sandra and
Clarise; four (4) grandaunts Miriam, Minerva,
Anita and Dolly; three (3)aunts Evangelist
Mother Justina, Ethlyn and Delphine Dencombe;
one (i) uncle Apostle W H Duncombe; nieces
Taj, Marvia, Sydnee, Devontae, Gavon, Najah
and ashantae; nephews Kamron, Kohen, lan,
Kito, Ryan, Arishad; sisters-in-law, Ingrid, Sophie
and Emmagene; brother-in-law, Daniel Ross;
cousins Patrice, M P Agatha Marcell, Pat,
one, Ashley, Melanie, Miriam, Evangaline,
bert, Seaton, Franky, Thomas, Pastor
rlene, Coreym Eric, Neil, Mario, Brendon,
erine, Debbie, Othneil, Calvin, Marvin,
is, Delmaro, Thechela and Rosemary. Other
ily and friends including Antonette
Fernander, Maria Thomas, Tera Butler,
Charmaine Winters, Henry Rolle, Paul Lewis,
Abdul Johnson, Teca Moss, Moreen
NewChurch, Steven Logan, Alfreda Moss,
Richard Rahming,Ryan Deveaux Sr.,the Butler
Family, Trevor Smith and the members of the
Beneby and Brennen Families, Ms Nez, Ms
Harriet, Helen and Renay Butler, Magnolia and
Davis Knowles and family, Jafari, Cindy and
Ronald Key, Tyrone and Deidre Morris, Freda
Moss, Shantique and Locksley Ricketts,
Christian Love Church, Liberty Baptist Church,
Sfaff of Sandyport Beaches Resort, Staff of
Widtown Sporting Grill, the Farrington family,
Fawkes family and the entire Johnson Road
family, the Walkes family and Ryan Deveaux
Public viewing will take place on Friday from
10:00 am to 6:00 pm and on Saturday from
10:00 am to service time at the church.
FRIDAY, JUNE 10, 2005, PAGE 9
PAGE 10, FRIDAY, JUNE 10, 2005
O N IN
AND A R O U ND
EMAI L: OUTTH ERE@ TR I BUNEMEDIA. NET
Parties, Nightclubs .fj
- i & Restaurants \
Junkanoo in June, opens officially on Saturday, June
11 @ Arawak Cay. Featuring: performances by the
Police Pop Band; the Calypso Trio; Xtra; Charles
Drake and Judah; Spice; Sparkles; and The Brilanders
, among others. There will also be food demonstrations
and a fashion show. Admission: free. The festival will
be held every Saturday until July 2.
Wild Jungle, each and every Wednesday night @ Club
Trappers, Nassau's "upscale" gentleman's club. Fea-
turing a female body painting extravaganza. Free
body painting @ 8 pm. Ladies always welcome. Admis-
sion: Men free before 10 pm. Females free. There
will be free food and hors d'oeuvres between 9 and 10
pm. Open until 4 am.
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 spinning
the best in Old Skool. Admission $35, all inclusive
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 reser-
vations 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-until.
Karaoke Nights @ Fluid Lounge and Nightclub. Begins
10pm every Tuesday. Weekly winners selected as
Vocalist of the Week $250 cash prize. Winner select-
ed 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 night.
Dicky Mo's @ Cable Beach. Happy Hour every Friday
- 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
4pm-until, playing deep, funky chill moods with world
Sweet Sunday Chill Out Soiree Lounge, every Sunday,
4pm-midnight @ Patio Grille, British Colonial Hotel.
Wet Sundays, every Sunday, noon-midnight @ Crystal
Cay Beach. Admission $10, ladies free.
Junkanoo in June festival
t's not Boxing Day or New Year's, but
Junkanoo lovers can enjoy a bit of the season
during the Junkanoo in June festival, which
officially opens this Saturday at Arawak Cay.
The festival, hosted by the Ministry of Tourism,
began last weekend and will continue every Saturday
until July 2. This is the sixth Junkanoo in June festival.
Though. the festival was established to attract
tourists to the Bahamas during the traditionally slow
month of June, it is also a means for Bahamians to cel-
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 11pm. 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
The Graham Holden Deal @ The Green
Parrot....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
Paul Hanna, Tabatha and Gernie, and the Caribbean
Express perform at Traveller's Rest, West Bay St,
every Sunday, 6.30pm-9.30pm.
l BP. .The Arts
Self Expressions, an exhibition of mixed media
works by artist Desmond Darville opens on Friday,
June 10, 6pm-9pm at Segafredo Cafe, Charlotte St
Bahamian artist and blacksmith Tyrone Ferguson
will conduct the second part of the basic principles of
welding and shaping metal during a National Art
Gallery of the Bahamas Youth Workshop on Satur-
day, June 11. Participants in the Metal Workshop will
assist in the construction of a metal door that will be-
installed at the gallery.
This workshop will be held at NAGB, West and
West Hill Sts and is for children between the ages of
10 and 18. It will run from 10am-lpm each Saturday.
Cost: $5 (members) and $8 (non-members).
Call 328-5800 to reserve a space for your child.
Christopher Cozier, an exhibition of drawings and a
series of prints runs until June 17 @ New Providence
Art & Antiques, Bank Lane, 11am 5pm. Christopher
ebrate a part of their own culture.
Come and enjoy concert performances by some of
Nassau's hottest acts, mini down-home plays and a
wide variety of Bahamian food.
The festivities this Saturday begin at noon with a DJ
playing Bahamian music. Throughout the day there
will be cooking demonstrations, a bush tea tasting, a
fashion show of Bahamian clothing, and performances
by soca groups, gospel groups, as well as traditional
rake .'n' scrapers. ...... .. .
The festival will be held at Arawak pay. Admission
Cozier is an artist and writer living and working in
Trinidad. His work, which explores the ambitions,
hopes and contradictions of Caribbean society in the
post-colonial era, has been exhibited in museums and
galleries worldwide. His work has over the years, con-
sisted of multimedia projects, involving sound, video,
live performances and installations, including drawings,
constructions and appropriated objects. For more
information call 328-7916 or log on to www.npartan-
n An Evening of Sacred Music will be held on
Thursday, June 16 at Christ Church Cathedral, begin-
nig at 8pm. Featured performers include Jamie Stur-
rup, Leon Wilson, Allyson Dean, Chorale Ensemble,
GHS Hand Bell Ensemble, Kendrick Coleby, Kristi
King, Donniecea Rahming, Geoffrey Sturrup, Dis-
hon Rolle and Strings n' T'ings.
Artists will be interperting works by Bach, Purcell,
Handel, Mozart, Andrew Lloyd Webber and others.
The concert is part of a series by the Artists Guild
International, which seeks to promoted young talent-
ed musicians. The event is free of charge, however an
offering will be collected to defray expenses.
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 collec-
tion, including recent acquisitions by Blue Curry,
Antonius Roberts and Dionne Benjamin-Smith. 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 exhibi-
tion is part of the NAGB's Collector's Series. Call
328-5800 to book tours.
The Awakening Landscape: The Nassau Watercolours
of Gaspard Le Marchand Tupper, from the collec-
tion of Orjan and Amanda Lindroth @ the National
Art Gallery of the Bahamas. The mid-nineteenth cen-
tury 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 sta-
tioned at Fort Charlotte in the 1850s. The works show
a pre-modern Bahamas through the decidely British
medium of watercolour. Call 328-5800 to book tours.
Doctors Hospital Distinguished Lectu
Robin Roberts will speak on the topic "Male
Menopause, Fact, Fiction or Reality" on Thursday,
June 16, 6pm in the hospital's conference room.
the month at COB's Tourism Training Centre at 7pm
li M in Room 144 during the academic year. The group pro-
motes the Spanish language and culture in the com-
ire Series: Dr munity.
Send all your civic and social events to The Tribune via
fax: 328-2398 or e-mail: email@example.com
1) RIty IN
Yoga: Stretch, Breathe, Relax, for Body...Mind...Spir-
it, yoga classes for all levels will be conducted by Mar-
garet Evans, registered yoga teacher.
* Tuesdays & Thursdays: May 24 through June 30
'(six weeks) from 6pm 7:30pm. Cost: $120.
* 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 infor-
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
MS (Multiple Sclerosis) Bahamas meets the third
Monday every month, 6pm @ Doctors Hospital con-
The Bahamas Diabetic Association meets every third
Saturday, 2.30pm (except August and December) @
the Nursing School, Grosvenor Close, Shirley Street.
Doctors Hospital, the official training centre of the
American Heart Association offers CPR 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 class-
es are offered every third Saturday of the month from
9am-lpm. Contact a Doctors Hospital Community
Training Representative, at 302-4732 for more infor-
mation 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.
"1 .Civic Clubs
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 Building, 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 welcome.
Alpha Kappa Alpha Sorority, Eta Psi Omega chapter
meets every second Tuesday, 6.30pm @ the Eleuthera
Room in the Wyndham Nassau Resort, Cable Beach.
Alpha Phi Alpha Fraternity meets every first Tuesday,
7pm @ Gaylord's Restaurant, Dowdeswell St. Please
call 502-4842/377-4589 for more info.
Kappa Alpha Psi Fraternity meets every second Tues-
day, 6.30pm @ Atlantic House, IBM Office, 4th floor
The Nassau, Bahamas Pan-Hellenic Council (NPHC)
meets every third Monday of the month in the Board
Room of the British Colonial Hilton Hotel, Bay St.
Nassau Council 10415 Knights of Columbus meets
the second and fourth Wednesday of the month, 8pm
@ St Augustine's Monestary.
Nassau Bahamas Koinonia meets every second Friday
of each month, 7.30pm at Emmaus Centre at St
Augustine's Monestary. For more info call 325-1947
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 T R|IBUNE FR|LOIDAYAJUNL10,N200,EPAGES1
Royal Society of St George
has a ball in the 'Breeze'
The Royal Society of St George
hosted its annual ball at Super-
Clubs Breezes on April 23 St
George's Day. The ball was well
attended and an evening of enjoyment was
had by all.
After a delicious meal, everyone showed
their dance floor prowess to the sound of
Modern Vintage and Johnnie Brown's
sounds of the 70s.
Mrs Judy Ansell-Grindrod, president of
the RSSG, announced, to the approval of
all present, that Mr Geoffrey Sadler, a
founder of the Bahamas branch of the
RSSG, had graciously agreed.to become
vice patron of the society, a post held in
former years by the current British High
The anxiously awaited highlight of the
hix~~- A**u n&
I t w t,%.h 6"* 1 i"
evening was the drawing of the door prize
and the raffle, both of which featured excit-
ing prizes, generously donated by several
The Nassau Branch of
the Society was formed
in 1989 and is known
for its generous gifts to
a number of charities.
The Society would like to take this
opportunity to thank John King, Virgin
Holidays, Bahamas Ferries, Coin of the
Realm, The Flying Cloud, Philip & Gerry
Hillier, Ernie and Judy Grindrod, Taylor
Industries, the Palmdale Veterinary Clin-
ic and Rocky Farms for their generous
donations to the raffle and door prizes.
Additionally, many thanks to those com-
panies which kindly purchased advertis-
ing in the ball programme.
The Nassau Branch of the Society was
formed in 1989 and is known for its gen-
erous gifts to a number of charities.
Profits made through various functions
in 2004 allowed for donations to be made
to ARK, the Bahamas National Trust, the
Bahamas Humane Society, the Good
Samaritan Home for the Elderly, Project
Read and the Salvation Army, in addition
to the donation of reading books to
Crooked Island and Christmas Hampers
for British Legion Members.'
Syndicated Content -
Available from Commercial News Providers"
Town Center Mall
Tel: 356 6206/356 5971
Fax: 356 6206
Mall at Marathon
Tel: 394 6254/394 6255
Fax: 394- 6211
FRIDAY, JUNE 10, 2005, PAGE 11
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FRIDAY, JUNE 10, 2005:.
Miami Herald Business, Stocks, Analysis, Wall Street
Insurance & Investments
to Build a Beter Life
buyer pulls out
* By YOLANDA DELEVEAUX
Senior Business Reporter
HARCOURT Developments, the
Irish land developer, has pulled out of.
negotiations with Lehman Brothers'
private equity arm to purchase the cri-
sis stricken Royal Oasis Crowne Plaza
& Golf Resort, The Tribune can
Although a blow, it is not fatal in
attempts to solve the Royal Oasis
issues, as this newspaper has learned
that the Government is expected to
meet with another investor interested
in purchasing the heavily indebted
resort next week.
Contacted by The Tribune, tourism
But government says other parti
Still keen to buy troubled proper
minister Obie Wilchcombe said he was
unaware of the end of negotiations
between Lehman Brothers and Har-
coutrt Holdings, but added that the
Irish company was not the only group
interested in purchasing the Royal
Oasis and there were several other
He indicated that a US-based group
had already come forward offering a
substantial purchase price, and was
willing to underwrite the significant
cost for renovations at the Royal Oasis.
If approved, the potential investor,
said to represent one of the'top hotel
brands in the world, had committed
to having the property up and running
by January 2006, the minister said.
Kirk Antoni, the ;egal representa-
tive for Harcourt and a partner in the
Grand Bahama-based firm, C
and Co, said his client pulle
negotiations when Lehman I
declined to extend the due d
Harcourt Developments had
a longer due diligence period
inspections of the Royal Oasis
mine the actual costs associa
upgrades and restorations.
"There's no deal. The Irish group
S have pulled out. They were in pre-
es contract negotiations for the sale but
no agreement could be reached with
Lehman Brothers," Mr Antoni said.
"Harcourt Developments is a major
.. investor in Bahamia and they are
involved in a sizable development in
afferata Suffolk Court, and will continue to
d out of invest in Grand Bahama. As of now,
Brothers they are not pursuing anything with
diligence the Royal Oasis."
Based on the age of the resort build-
d wanted ings, it is likely that Harcourt Devel-
d to do opments would have had to do major
ted with See OASIS, Page 4B
Bahamas to be
* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas Financial
Services Board (BFSB) is
planning to carry out a study
benchmarking this nation
against Singapore, which is
seen as the'in'jurisdiction for
financial services, as it priori-
tises growing the industry-
through focusing on newer
markets such as Brazil, east-.
ern Europe and Asia.
Wendy Warren, the BFSB's
chief executive and executive
director, yesterday said growth
"has to be a priority" for the
Bahamian financial services
industry if it was to compete-
with its rivals, for without this:
it was "implicitly eroding its
In an address to the
Bahamas' subsidiary of the
as financial industry
Targets Brazil, Asia
and eastern Europe
for new markets
Society of. Trust and Estate
Practitioners (STEP), Mls War-
ren said an IBM survey had
ranked the Bahamas seventh
among the world's financial
services centres, a place behind
the Cayman Islands, with
Switzerland at the top and Sin-
gapore currently just behind.:
But by 2007, although: the
See STUDY, Page 3B
* WENDY WARREN
Restaurant to take new
name after court rules
* By YOLANDA DELEVEAUX
Senior Business Reporter
THE owners of Friday's Soon
Come, DIMCAM Ltd, are set
to rename their East Bay Street
restaurant Calypso, after
Supreme Court Justice John
Lyons ordered them to cease
and desist in the use of the name
and likeness of TGI Friday's.
In March, DIMCAM became
involved in a lawsuit brought by
TGI Friday's Restaurants and
its parent, Carlson Restaurants
Worldwide, after Carlson
accused the East Bay Street
restaurant of breach of trade-
In an interview with The Tri-
bune, Dimitris Kosvogiannis, the
franchise and marketing devel-
oper for DIMCAM, said the
court ruling was expected.
While it dissolves any rela-
tionship with Carlson, he added
that the ruling clears the way for
DIMCAM to sue Prestige Hold-
ings, the Trinidadian-based hold-
er of the Caribbean franchise
rights for TGI Friday's.
DIMCAM is seeking liquidat-
ed damages and the placement
of an injunction against Prestige,
preventing them from granting a
TGI Friday's licence to any oth-
er party in the Bahamas until
they have satisfied their contract
with DIMCAM. Prestige was
not a party in the previous law-
Mr Kosvogiannis said he was
advised y a soiurceI'cl6se to Carl-
son that the US-based company
wanted to partner with an
unidentified Bahamian investor
to open a TGI Friday's restau-.
rant in Atlantis' Phase III devel-
"Carlson gets what they want,
the closure of the name, but
Prestige must know that they
cannot push us aside," he added.
Mr Kosvogiannis said follow-
ing the execution of a memo-
randum of understanding
between DIMCAM and Pres-
tige, it was discovered that a
franchise licence could only be
granted for one location and not
See COURT, Page 3B
Bahamas 80% hedge
fund growth dwarfed
by Bermuda's 137%
* By NEIL HARTNELL
Tribune Business Editor
ALTHOUGH Bahamas-domiciled hedge funds:have increased
their assets under management by 80 per cent over the last four
years, this growth rate has been dwarfed by Bermuda's 137 per cent,
with this nation also behind that island and market leader, the
Cayman Islands, on the number of registered funds.
Wendy Warren, the Bahamas Financial Services Board's chief
executive and executive director, quoted the statistics taken from
a survey to illustrate the challenges theBahaiiian financial services
industry faced in deciding how if should position itself for future
Over the last four years, she noted that while the number of
Bahamas-domiciled hedge funds had increased by 24 per cent, in
Bermuda the growth rate had been 26 per cent, and for the Cayman
Islands it had been 76 per cent.
Given the competitive nature of the hedge fund sector, Ms War-
ren said: "The industry must
work strenuously to ensure it See FUNDS, Page
Kerzner places $400k
order for Phase III pumps
* By NEIL HARTNELL
Tribune Business Editor
has given a firm indication that
it is moving ahead at full speed
on the main part of its $725 mil-
lion Phase III expansion by
placing a $400,000 order with
a US company for equipment
for its planned Dolphin
Raymond J. De Hont, chair-
man and chief executive of
announced yesterday that the
company's Fybroc Division had
received an order worth more
than $400,000 toqsupply 35 cor-
rosion resistant fibreglass cen-
trifugal pumps to Kerzner
The horizontal end suction
and vertical pumps will be used
for seawater circulation and fil-
tration at the Dolphin
Encounter, and are critical to
proper management of the
aquarium's life support system.
Fybroc was selected for the
project based on its extensive
experience in the field, as well
as the successful installation and
performance of pumps in
Atlantis' two previously con-
structed development projects.
The pumps are installed in
100 aquariums across the world.
you' re pretty sure
college is in his future
You never know what's in yours.
His future and yours can be protected
with the right life insurance or investment plan.
Call or log on to www.fartilyguardian.com
$^ ....U FAMILY4
S I NASSAU, FC, ABACO & ELEUTHERA R RAE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232
SALES OFFICES: NASSAU, FREEPORT, ABACO 1:& ELEUTHERA i)RPoRATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232
_ ----r~l~s i I -LI
PAGE 2B, FRIDAY, JUNE 10, 2005
Reasons why businesses fail
C .opyrig hted, Materoi
-- "- -- Syndicated Content -
- Available from Commercial News Providers"
- OM -
Invites qualified applicants for the position:
Responsibilities to include:
Financial management of company
Preparation of financial statements and other reports
Monitor and implement new control procedures
Annual budget preparation
Daily inventory control
Reconciliation of General Ledger Accounts
Focus on internal audit
Management of accounting team
Qualifications to include:
CPA or CA qualifications
Minimum of three years working experience in same
or similar position
To apply for this position please e-mail your
a. a a 8-- .- o
redIns4j tLR=ight on
a- - -
401.- atf 4 40
_g'I- _s id 00to.'Colina vra
Pricing Information As Of: Financial Advisors Ltd
9 June 2005
52wk-HI 52wk-Low Symbol Previous Close Today's Close Change Dally Vol. EPS $ D $ PIE Yield
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 1.445 0.320 5.9 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 0.77 Benchmark 0.77 0.77 0.00 0:187 0.000 4.1 0.00%
1.80 1.40 Bahamas Waste 1.50 1.50 0.00 0.122 0.000 12.3 0.00%
1.06 0.87 Fidelity Bank 1.06 1.06 0.00 0.007 0.040 14.3 3.77%
8.65 6.76 Cable Bahamas 8.55 8.55 0.00 0.589 0.240 14.5 2.81%
2.20 1.54 Colina Holdings 2.20 2.20 0.00 1,730 0.259 0.060 8.5 2.73%
9.00 6.75 Commonwealth Bank 9.00 9.00 0.00 0.673 0.410 13.4 4.56%
2.40 0.50 Doctor's Hospital 2.30 2.40 0.10 2.000 0.452 0.000 5.3 0.00%
4.02 3.40 Famguard 4.02 4.02 0.00 0.406 0.240 9.9 5.97%
10.46 8.55 Finco 10.46 10.46 0.00 0.662 0.500 15.8 4.78%
8.51 6.69 FirstCaribbean 8.51 8.51 0.00 0.591 0.330 14.4 3.88%
8.60 8.31 Focol 8.41 8.41 0.00 0.708 0.500 11.9 5.95%
1.99 1.27 Freeport Concrete 1.27 1.27 0.00 0.082 0.000 15.5 0.00%
10.16 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 8.30 8.30 0.00 0.561 0.550 14.8 6.75%
6.69 4.36 Kerzner International BDRs 5.79 5.87 0.08 2,973 0.184 0.000 31.5 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 2.010 0.565 5.0 5.65%
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 -0.066 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 %
1.2323 1.1703 Colina Money Market Fund 1.232656* "F
2.3329 1.9423 Fidelity Bahamas G & I Fund 2.3329***
10.3837 10.0000 Fidelity Prime Income Fund 10.3837"****
2.2072 2.0985 Colina MSI Preferred Fund 2.207174"
1.1080 1.0435 Colina Bond Fund 1.107989""
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 Fldelity
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 dally volume Weekly Vol. Trading volume of the prior week
Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Dally Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months NIM Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
" AS AT MAR. 31, 2005/ "" AS AT APR. 29, 2005
* AS AT MAY 20, 2005/ ** AS AT MAY. 31, 2005/ *** AS AT MAY. 31, 2005
- a -
4a 4omi- -
- - -e
S - a
* - a - -
NYMPH CO. LTD.
Pursuant to the provisions of Section 137 (8) of the International
Business Companies Act 2000 notice is hereby given that the
above-named Company has been dissolved and struck off the
Register pursuant to a Certificate of Dissolution issued by the
Registrar General on the 27th day of May, A.D., 2005..
Dated the 27th day of May A.D., 2005.
NYMPH CO. LTD.
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SOPHIA DELPHINE
FERGUSON, of the Carmicheal rd., Minnis Sub., Nassau,
Bahamas, intend to change my name to LETITIA SOPHIA
GIBSON. If there are any objections to this change of name
by Deed Poll, you may write such objections to the Chief
Passport Officer, PO.Box N-742, Nassau, Bahamas no later
than thirty (30) days after the date of publication of this
SENIOR SECURITY OFFICER
Ensure the protection of life, property, confidential documents and
other information and the safety and well-being of employees and
Perform supervisory duties and assist with administrative matters.
Education and Other requirements:
Three (3) BGCSE/GCE passes with 'C' grades or above or
equivalent/high school diploma plus six (6) years relevant experience.
Good communication skills
Sound human relations skills
Computer skills and knowledge of surveillance systems are assets
Knowledge of policing principles
SPunctual, reliable, alert and physically fit
Clean Police record
Interested persons should submit a resume, documentary proof of their
qualifications including copies of certificates and three character references
The Human Resources Manager
DA # 20562
c/o The Tribune
P.O. Box N-3207
by June 15, 2005
Camperdown Riding Club
Weekly camps running July and August.
9am 5pm, Mon Fri
Please contact Judy Finder at 324-2065 between
the hours of 8am 12pm & 2pm 6pm to reserve
your spot. The camp only has 20 spots per week
and it is on a first come, first serve basis. There
is a deposit of $50.00 non-refundable to reserve
Learn to ride English style.
Swim with the horses.
Grooming & tacking up.
Basic care of horses.
and lots more
ANNUAL GENERAL MEETING
Of the Shareholders and Agenda
Notice is hereby given that the Annual General Meeting of
Shareholders of Phoenix Four, Inc will be held. on Tuesday,
June 28, 2005 at the main auditorium of the Fortis Bank, lo-
cated 1 rue de la Chancellerie in Brussels.
Registration will commence at 9:00 a.m. in anticipation of a
10:00 a.m. start. The agenda for the meeting is as follows:
1. Management Opening Statement
2. Financial Position of the Fund
3. Valued Redeemer Restructuring Proposal
4. Management Incentive Compensation Plan
5. Corporate Organizational Issues
6. Litigation Status and Strategy
Dated the 27 day of May 2005.
By order of the Board.
I Caribbea Franc: iHldings Ltd.'I
FRIDAY, JUNE 10, 2005, '- ,o
* By NEIL HARTNELL
Tribune Business Editor
ment to don
"life vests", hitting out at its
campaign to join the Caribbean
Single Market & Economy
(CSME) as appearing to be "no
more than a charade that is
sinking fast" beneath a "rising
tide" of opposition.
In its latest missive opposing
any moves to join the CSME,
the Nassau Institute said the
Government had been "less
than transparent" about the
implications for the Bahamian
economy if this nation signed
on to revised Treaty of
It questioned what role
CSME committees such as the
Conference of Heads of Gov-
ernment, Legal Affairs Com-
mittee, Committe for Central
Bank Governors and Council
for Finance and Planning would
have, and queried "what wrig-
gle room, if any, the Bahamas
will have when negotiating at
The Nassau Institute said:
"The Minister of Foreign
Affairs denies that much will
change, but in response to the
Institute's '29 Questions' he
spends a lot of time noting that
the above CSME committees
will be making decisions on our
behalf, and that they do actual-
ly exist in the treaty. Not only
that, he denies we will be
required to change our laws in
one breath and goes on to state
that we will have to 'harmonise'
our laws with those of other
"For the record, the Oxford
dictionary says that to har-
monise is to 'make consistent'.
Presumably this means the
Bahamas will have to change
its laws to make them consis-
tent with what CSME directs?"
And the Nassau Institute
added: "In fact, the 'Right of
Establishment' concerns recent-
ly taken up by the minister were
only brought to the forefront
after the Government circulat-
ed a draft Bill from the CARI-
COM region regarding phar-
macists from that area being
allowed to open businesses
here, and suggesting that
Bahamian pharmacists would
have to return to college. Yet all
along, we have been told there
is nothing to worry about."
The economic think-tank also
said that while Mr Mitchell had
initially denied there was a
CSME flag, in his replies to its
questions he acknowledged that
a "symbolic" one existed.
The Nassau Institute said:
"So we have gone from there
is no flag, to the fact that there
is a flag. Therefore, who knows
what the Conference of the
Heads of Government, the
Council for Finance & Plan-
ning, the Communities Legal
Affairs Committee and the
Committee of Central Bank
Governors have in store for the
Bahamas. Particularly when
these groups meet in private
without being accountable to
"The opposition to the
Bahamas joining the CSME by
signing the Revised Treaty of
Chaguaramas (the treaty) is ris-
ing like the tide. The rising tide
of debate is confirming the
Government's boat is full of
holes and sinking fast. Their
comments appear to be no
more than a charade. We rec-
ommend life vests."
Study (From page 1B)
Bahamas and Cayman Islands
were forecast to maintain their
positions in the IBM rankings,
Singapore was to leapfrog
above Switzerland to become
the number one. This, Ms War-
ren explained, was why the
BFSB was interested in com-
paring the Bahamas to Singa-
She said: "The big challenge
for the Bahamas, both in its
positioning and communica-
tions, is to ensure we are sure of
our abilities and competitive
position vis-a-vis Singapore."
The jurisdiction needed its
financial services executives to
"speak emphatically" to poten-
tial clients and head offices
about where the Bahamas was
positioned and what differenti-
ated it from competitors, Ms
She said another survey of 10
financial centres, of which the
Bahamas was one,. found that
four of the remaining nine per-
ceived the Bahamas as a com-
petitor for trust and estate plan-
ning services, while eight out of
nine saw the Cayman Islands as
Indicating that questions
remained over the Bahamas'
market positioning and focus as
a financial services centre, Ms
Warren said that while private
wealth management remained
the platform for its future suc-
cess, it had to decide what nich-
es it would target "and how
To help develop the Bahamas
'brand' as a financial services
centre, Ms Warren said a
"branding process" would be
launched this month headed by
the Ministry of Financial Ser-
vices and Investments.
The initiative would involve
obtaining data from both
Bahamas-based institutions and
external sources, such as clients,
head offices and others, with
the aim of defining "the para-
meters" for this nation's success
and where people currently saw
this nation positioned.
Apart from growing the sec-
tor and attracting "substantial
blocks of business to locate in
the Bahamas", Ms Warren said
the industry also had to look
for international recognition of
both itself and its products.
Potential clients, she
explained, would not do busi-
ness with a jurisdiction that was
not perceived as a "global play-
er", and the Bahamas had to
ensure it was able to cut
through blacklists and regula-
tory red tape to provide mar-
ket access for all its products.
Ms Warren said the Bahamas
had an opportunity to position
its financial services sector with
foreign countries through the
Ministry of Foreign Affairs, and
the BFSB was "looking at
whether people in key centres
can provide a contact point and
media information" on the
The BFSB's marketing ener-
gies between 2001-2004 had
been focused on ensuring that
clients and head offices, partic-
pularly in Switzerland and the.
UK, understood what was hap-
pening in the Bahamas and
why, particularly with regard to
However, Ms Warren said it
had now begun to look at new
markets, having made a visit to
Brazil earlier this year with
another trip planned for later
this year. A fact-finding mission
to eastern Europe to obtain a
better understanding of the
market there was also planned,
particularly as the region was
soon predicted to become the
"prime source of private bank-
A visit to Asia was also
planned for early 2006, with Ms
Warren saying the Bahamas
faced a choice between staying
out of these markets or doing
the necessary due diligence and
background checks to break
NOTICE is hereby given that FELICITY MACKNESS,
DELAPORTE POINT, C.B-13016, 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 10TH day of JUNE, 2005 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.
NOTICE is hereby given that HARRY PETIT-HOMME, #39
WINDSLOR LANE, 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 10TH day of JUNE,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.
Financial Services Firm seeks applications for the
CLIENT SERVICE REPRESENTATIVE
> Background in accounting with an in-
depth knowledge of investments and
client portfolios (proficiency in
Quickbooks and Centerpiece preferred)
> General administrative skills
> Proficiency in Word and Excel
> General knowledge of corporate issues,
compliance and kyc regulations and
> Fluent in Spanish
The successful candidate must be highly motivated,
and able to work in an unsupervised environment
dealing with an international clientele.
Please send ~esdmes to: Fax No. 326-3839, or by
email to: firstname.lastname@example.org
COUNCIL OF LEGAL EDUCATION
EUGENE DUPUCH LAW SCHOOL
FORTY-HOUR MEDIATION CERTIFICATION PROGRAMME
JULY 25 30, 2005
A programme presented by the Eugene Dupuch Law School and the Dispute Resolution
Foundation (Jamaica) (DRF). The DRF will deliver the programme of training that was
designed by Capital University Law and Graduate Centre in Ohio. The DRF has trained
mediators for the Supreme Court of the Organisation of Eastern Caribbean States and the
Supreme Court of Jamaica. At the end of the programme, each participant will be presented
with a certificate.
This programme aims to sensitise and train participants in the techniques and skills of
Who should attend:
Lawyers, magistrates, judges, court officers, arbitrators, academics, police officers, social
service officers and anyone interested in becoming a certified mediator.
July 25 30, 2005
NUMBER OF PARTICIPANTS
HOW TO REGISTER
(first come first served basis)
Registration forms are
Eugene Dupuch Law School
Old National Insurance Building
Due to the limit on the number of
participants (25), applicants are
advised that completed registration
forms together with payment in full
must be submitted to Mrs. Persis
Hepburn at the Eugene Dupuch Law
School no later than Jane 24, 2005
Attendance at all working sessions:
workshop materials; tea and coffee breaks;
lunch on all days.
PAYMENTS OF REGISTRATION FEES
Cash or bank draft
CANCELLATION OF REGISTRATION
No refund of fees can be made for
cancellations after July 8, 2005
NOTE: that registration is not transferable
Eugene Dupuch Law School (EDLS)
Tel: (242) 326-8507/8508
Fax: (242) 326-8504
NOTICE is hereby given that SHENEIL SHARMANE MOSS,
SEAHORSE VILLAGE #2D FERRY HOUSE LANE, FREEPORT,
GRAND BAHAMA, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted, should send
a written and signed statement of the facts within twenty-eight days
from the 10TH day of JUNE, 2005 to the Minister responsible for
Nationality and Citizenship, P.O.Box F-41085, Grand Bahama,
Sbarro restaurants requires the expertise of a
Business Administrator to work with/under the company
GM in the capacity of administration, advertising
& marketing and training.
* minimum 5 yrs experience in office administration
* knowledge of sales & marketing, and training at a basic level
* good working knowledge of Microsoft Office suite
* well-organized person capable of working with minimal supervision
* able to complete all functions of an administrator and personal assistant
as well as move the company forward in a sales & marketing role
* a highly motivated individual
* an excellent communicator
* excellent presentation skills
* ability to work beyond the call of duty
Health coverage can be made available
Salary contingent upon experience and qualifications
Send resumes to:
The Managing Director:
Or fax to 327-3069........NO telephone interviews
PAG 4, RIAYBJUES0,200ETESRIUN
Oasis (From page 1B)
renovations to the internal infrastruc-
ture of the property.
But before determining what the
reconstruction costs would be, they
needed to do an in-depth investiga-
tion. Mr Antoni said Lehman Broth-
ers was not prepared to extend the
period unless Harcourt paid a sub-
stantial non-refundable deposit to
them to keep the property off the mar-
ket, something the Irish firm declined
Mr Antoni said the end of the nego-
tiations was unfortunate because Har-
court was a legitimate, long-term
investor in Freeport. He added that
Lehman Brothers wanted to openly
market the property to see who wants
to buy it.
In April, Bradley Roberts, minister
of public works and utilities, told The
Tribune that Lehman Brothers and
Harcourt Developments were close to
finalising a sale of the property, and
that Harcourt had signed an agree-
ment in principle with Lehman Broth-
ers' private equity arm, holders of the
mortgage and partners in Driftwood
Freeport, the holding company for the
Early reports were that the sales
process was advancing positively, with
a deal expected to be finalised shortly.
.The Royal Oasis has been closed
since Hurricane Frances badly dam-
aged it last September, causing signif-
icant damage to Grand Bahama's
economy due to the fact that its 1300
employees have been left without
work, and that its rooms represented
about one third of the inventory for
Lehman Brothers and Driftwood,
which operated the resort under a
management agreement, decided to
collect the insurance proceeds from
the hurricane claims and sell the Roy-
al Oasis for a sum not less than its mas-
sive liabilities, which then totalled
some $22 million.
This included $13 million in unpaid
casino taxes, $4.1 million in contribu-
tions to the hotel union pension fund,
$2.7 million owed to the Grand
Bahama Port Authority and its com-
panies and $2.5 million to the Nation-
al Insurance Board (NIB). A further
$55,000 was owed to Grand Bahama-
based suppliers of the hotel. ;
The owed NIB and union dues have
since been paid off.
Last month, former employees:'
the Royal Oasis received a $5 million
payout from the Government, as part
of its agreement to underwrite the $6.1
million redundancy payments owed by
the operators of the resort.
The remaining $1.1 million is subject
to parliamentary approval before it
can be disbursed.
a multi-national company resident in Nassau, Bahamas
is currently accepting applications for the position of
Tank Truck Driver.
High School Diploma
Minimum of 2 years driving tractor trailers
Previous experience driving tank trucks
(petroleum products) preferred
Ability to interact with others in a professional manner
Ability to learn new tasks quickly
Excellent work attitude, punctuality and attendance
Salary will be commensurate with experience and
qualifications. Excellent benefits offered.
Only Bahamian citizens need apply and interested persons
should submit applications to arrive no later than Friday,
June 17th, 2005. Only suitable applications will be
c/o The Tribune
P.O. Box N-3207
COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
IN THE MATTER OF ALL THAT piece parcel or lot
of land containing an area of 17,634 square feet situate
onthe Northern side of Dorsett Street, Fox Hill in the
Eastern District of the Island of New Providence in the
Commonwealth of the Bahamas being bounded
Northeastwardly by land the property of one Rolle and
running thereon One Hundred and Nine and five
Hundredths (109.05) feet Southeastwardly partly by
land reputed to be the property of Eric Davis and partly
by land reputed to be the property of Jasmine Pratt and
running thereon jointly One Hundred and Sixty-one
and Thirty-seven Hundredths (161.37) Feet.
Southwestwardly by Dorsett Street and running thereon
One Hundred and Twelve and Fifty-three Hundredths
(112.53) feet and Northwestwardly by land reputed to
be the property of Melissa Demeritte and running
thereon One Hundred and Fifty-seven and Thirty-four
Hundredths (157.34) Feet.
IN THE MATTER OF the Quieting Titles Act, 1959
IN THE MATTER OF the Petition of EUGENE
NOTICE OF PETITION
ALL THAT piece parcel or lot of land containing
17,634 Square Feet situate on the Northern Side of Dorsett
Street, Fox Hill in the Eastern Distrit of the Island of New
Providence one of the Islands in the Commonwealth of The
Bahamas as described on the Plan at Department of Lands and
Surveys. The Petitioner EUGENE NATHANIEL MORTIMER
claims to be the Owner of the fee simple estate in possession of
the said lot of land hereinbefore described and the Petitioner has
made application to the Supreme Court of 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.
Copies of the field plan may be inspected during normal
office hours at:
a. The Registry of the Supreme Court, Ansbacher Building,
Bank Lane, Nassau Bahamas;
b. The Chambers of E. Verona Douglas-Sands & Co.,
East Shirley Streets, P.O. Box N-8566, Nassau, Bahamas
c. The Attorney General's Office, East Hill Street, Nassau,
Notice is hereby given that any person having Dower
or right to dower or any adverse claim not recognized in the
Petition shall before the expiration of Twenty-one (21) days of
the receipt of this Notice file in the Registry of the Supreme
Court and serve on the Petitioner of the undersigned statement
of such claim. Failure of any such person to file and serve a
statement of such claim within Twenty-one (21) days of the
receipt of this Notice will operate as bar to such claim.
E.VERONA DOUGLAS-SANDS & CO.,
2nd Floor, Columbus House,
East and Shirley Streets,
Attorney for the Petitioner.
Funds (From page 1B)
has a position and business."
To succeed, Ms Warren said
the Bahamas had to be "nim-
ble and focused", and a review
of the financial sector's regula-
tory structure was "critical" if
this was to be achieved.
Adding that first impressions
were also crucial, Ms Warren
said improvements at the Reg-
istrar General's Department
and Nassau International Air-
port were also bound up with
the industry's success.
A Cap Gemini survey
showed that the $28.5 trillion
high net worth individual mar-
ket that existed in 2003 was
forecast to grow to $40 trillion
by 2008, and Ms Warren said
the Bahamas was ideally posi-
-.tioned to capture a great share
of this, given that North Amer-
ica was the largest and fastest
growing market for high net
worth and ultra high net worth
In addition, a Boston College
study had shown that $41-$136
trillion in wealth was set to
change hands over the next 50
years as a result of the 'Baby
Acknowledging that Bahami-
an institutions were "somewhat
shy" of dealing with US clients,
Ms Warren said potential
opportunities had been pre-
International Business Companies Act 2000
In Voluntary Liquidation
Notice is hereby given that in accordance with Section 137 of the
International Business Companies Act, 2000, KENRIDGE
INVESTMENTS INC., is in dissolution.
The date of commencement of the dissolution was June 8th, 2005.
CONTINENTAL LIQUIDATORS INC. of No.2 Commercial Centre
Square P.O.Box #71, Alofi, Niue-Islands is -the Liquidator of
KENRIDGE INVESTMENTS INC.
S B. Foster
1or: Coinhental Liquidators, Inc.
W6uld like to inform all customers that
Friday 10th June, 2005
will be observed as the Company's
ANNUAL FUN DAY
The Company will be CLOSED from
and will resume regular business hours
Monday 13th June, 2005
We apologize for any inconvenience caused.
Bahamas First Holdings
Limited hereby notifies all its
shareholders that based on
unaudited results for the quarter
ended 30th June, 2005 the
Board of Directors has declared
an interim dividend of two
cents (20) per common share
to be paid 30th June, 2005 to
all shareholders of record as of
Juye 15, 2005.
sented to the Bahamas through
the Tax Information Exchange
Agreement (TIEA) with Wash-
ington and the avenue this had
given the US authorities to pur-
sue tax matters.
'Will that allow institutions
to change the risk rating of US
clients to allow us to provide
financial services to US
clients?" Ms Warren asked.
The BFSB chief executive
said the Bahamas had to decide
which business avenues it want-
ed to pursue, citing captive
insurance as a potential exam-
ple, and adding that this sector
would need an "autonomous"
regulator if it chose to do so.
Although Bermuda and the
Cayman Islands dominated the
sector, the former hosting 1200
insurance companies that man-
aged $235 billion in assets in;
2003, and Cayman $19 billion
in 637 companies, Ms Warren
said the impact of new jurisdic-
tions entering the market
should not be underestimated.
South Carolina, for example,
had grown its captive compa-
nies from two in 2000 to 85 in
Ms Warren suggested that the
Bahamas could look at intro-
ducing charities legislation in
the future, but warned that
change management and client
management were critical, and
this nation had to avoid intro-
ducing change for change's
ALL ITEMS FROM CURIOUSITY.
Dry Goods, Clothing, Sewing Items,
Custom Jewellery, Stockings, Hats,
Underwear (men and women), Braids, Cologne
and lots more...
DOMINION ROSE LTD.
Notice is hereby given that in accordance with Section
137(8) of the International Business Companies Act, 2000,
the dissolution of DOMINION ROSE LTD., has been
completed; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.
ARGOSA CORP. INC.
PORTILLO INVESTMENTS, LTD.
Creditors having debt or claims against the above-named
Company are required to send particulars thereof to the
undersigned c/o P.O.Box N-7507, Nassau, Bahamas on or before
25th July A.D., 2005. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.
Dated the 8th day of June A.D., 2005.
Claudio Carvalho de Queiroz Mello
50 SHIRLEY STREET
PORTILLO INVESTMENTS, LTD.
NOTICE IS HEREBY GIVEN as follows:
(a) PORTILLO INVESTMENTS, LTD. is in dissolution under
the provisions of the International Business Companies Act
(b) The dissolution of the said Company commenced on the 2nd
day of June, 2005 when its Articles of Dissolution were
submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Claudio Carvalho de
Queiroz Mello, of Shirley House, 50 Shirley Street, Nassau,
Dated the 8th day of June, A.D. 2005.
PAGE 4B, FRIDAY, JUNE 10, 2005
THEL A E U TB E SEFD ,U 1 0P E
Lot #12 Block #3, a sixteen year old, single
story triplex with floor area of 2,378 sq.
W ft., each apartment consist of 2 bed, 1
bath, living, dining area and kitchen. Lot
size is 7,500 sq. ft. 75 x 100.
Heading west on Carmichael Road, enter
West Ave., on the southside immediately after Topps Laundermat. Take first right which is
Wimpole St, go around curve on left which is London Ave., travelsouth on London Ave., property
is 2nd to last building on the right before T, Junction (High street) L shape triplex, painted green,
No. 8 BELL SNOW CLOSE
BEL-AIR ESTATES SUB.
All that piece parcel or lot of land having
an area of 6,000 sq. ft. (60 x 100)
7714 designated as lot No. 348 of Bel-Air
Subdivision, situated on Turtle Driwe on
T Bel Snow Close, being the fourth lot east
of Turtle Drive, on the south side of the
road. The subject property is on flat terrain
with grass lawn and paved driveway in
front, the grounds are competley
enclosed and fairly maintained. This
S' property consist of a 6 year old single
story, 4 bedroom, 2 bathroom, livingroom,
diningroom, familyroom and kitchen single family residence with floor area of 1,711 sq. ft.
Driving west on Carmichael Road until you reach Turtle Drive, turn left onto Turtle Drive and Bel
Snow Close is the first corner on the left after the Fedder Road that runs parallel to Charmichael
Road. The house is the 4th on. the right painted white trimmed pink with wall in front.
Subject property TROPICAL GARDENS
Lot #3 a four year old single story house
with floor area of 1,340 sq. ft., and
consisting of 3 bedrooms, 2 bathrooms,
living room, dining room, tv room and
kitchen. Lot size is 7,200 sq. ft., wide
in front, and 98 ft wide at the back, 84
ft long at the north and 80 ft long at the
Traveling west on John F Kennedy drive,
pass the second entrance into the airport, the first right after Esso's Division Office which is
Tropical Gardens Road, then first right which is Kiskadee Drive, then first corner on the left,
property is third house through on the right.
All that lot of land having an area of 5,520
sq. ft., (60 x 92) situated on the corner of
Johnson Road and Step Streeet. This
property is rectangular and comprised of
a 12 year old single storey house that
consist of 3 bedrooms, 1 bathroom, living,
dining room and kitchen. Also an efficiency
*apartment attached. The subject property
is slightly above the level of the abutting
roadways with minimal landscaping. The
property is open with chain link fencing
along its western boundries.
Heading east along Bernard Road, turn
through Johnson Road opposite St Augustine's College Drive all the way to the curve heading
west the subject house is first house on the right all white trimmed yellow.
off Cowpen road make a right then first right again.T
tan trimmed brown.
All that lot of land numbering as "H" being
one of several lots in Cyclops Gardens
located off the northern side of Cowpen
Road one corner west of Faith Avenue
Junction. This property comprise of a two
and a half year old single storey duples
with a gross floor area of 1,512.42 sq. ft.,
each unit consisting of 2 bedrooms all wth
wall airconditioning units, 1 bathroom,
living, dining and kitchen building is
Heading south on Faith Avenue to junction
The subject property is the 4th on the right
Lot #7, Boiling Hole Subdivision,
Governor's Harbour, Eleuthera, contains
a single structure duplex, lot size
80x125, 10,000 sq. ft. building size 55
x 27 sq. ft., apartment building consists
of two units, two bedrooms, one bath,
kitchen, dinning and living room.
Lot #H2 a five-year old single storey house with
floor area of 1,751 sq. ft. and consisting of 4
bedrooms, 3 bathrooms, living room, dining
B room, laundry room, foyer, and kitchen. Lot size
11,816 sq. ft.
.... ...Appraisal: $183,750.00
Traveling west on Carmichael Road, after
passing the Community Clinic, turn north onto
McKinney Drive. Continuing north, the subject
property will be the house behind the second house on the right hand side of the road white
2 storey, 4 bed, 2 bath on 1/2 acre lot no. 25,
living room, dining room, family room, kitchen
downstairs, upstairs there are 4 bedrooms
and 2 bathrooms.Age is 16 years, color is
yellow trimmed with white, upperlevel 1,080
sq. ft., lower level, 1080 sq. ft., garage 420
sq. ft., covered verahandahs 390 sq. ft., the
land is portion W of one of the Dundas Town
Crown Allotment parcels situated near Forest
Drive being just under half acre in size.
Located on the southern side of a ridge being
12 feet plus above sea level with little likelihood
of flooding grounds well kept with above
average landscaping including grass cover
with palms and citrus trees. Enclosed on 3 sides with a 6 ft., metal fences and ficus trees at
the fron. 30 ft., by 36 ft., roof garage now used as a nursery school. At the upper level on the
eastern side is covered wooden verandah 6 ft., x 30 ft., interior walls concrete, ceiling of sheet
rock and floor of ceremic tiles.
WEST RIDGE ESTATES
Man H (Nassau)
All that piece parcel or lot of land having
an area of 34,089 sq. ft., being lot #152,
of West Ridge Estates Subdivision, zoining
is single family residential with all utilities
awailable. The subject property is on hilly
terrain at the top of a ridge that offers a
lovely view to the northeast. The grounds
are attractively landscaped with a grass
lawn, ornamental shrubs and flowering
plants. Other improvements include chain
link fencing along the sides and rear
boundaries, with a concrete block wall at
the front with asphalt paved driveway.
There are two buildings located on this property. The main 2 storey house is located at the
highest point of the poroperty. This house has, an approximate ,gross floor area of 4,8000 sq.
ft., upstairs consist of 3 full bedroom suites (each with a full bathroom), including a master
bedroom suite, an office with a bathroom (shower only) and sitting room. Downstairs consist
of living room, formal dining area, casual dining area, powder room and spacious kitchen (at
least 500 sq ft)
SIR LYNDEN PINDLING
-All that lot of land having an area of 5,000
sq. ft., being lot 2480 of the said
subdivision situate immediately eastward
of Pinewood Gardens. This property
consist of a 3 year old single storey house
with floor rea of 1,071 sq. ft. The house
is comprised of 3 bedrooms, 2 bathrooms,
living, dining area and kitchen. The property
is on elevated terrain and yard is open
with chain link fencing on the sides and
the back. Grounds are neatly maintained
with minimal landscaping in place.
Heading south along East Street, turn through Pinewood Gardens corner left. Drive all the way
to the round about, continue towards Charles Saunders Highway then take the first right after
round about then first left and first right again. The subject house is second on the right peach
Lot #78, crown allotment, single story concrete
building which serves as a duplex apartment
complex 2 unit, each with 2 bedrooms,
bathroom, living, dining room and kitchen areas.
The building has a total floor area of
approximately 1,800 sq. ft., land size 11,232
YAMACRAW BEACH ESTATES
Lot #63, house #19, Cat Island Avenue, a 6
year old single story house with three
bedrooms, one bathroom, living room, dining
room, kitchen and laundry room. Property is
70x100 single family residential. This property
is on flat terrain and fairly level with road way.
Living area 1,574 sq. ft.
Traveling south on Fox Hill Road, go pass the
Prison Compound, turn left onto Yamacraw
then 1st right, follow the road to 1st left, then first right. The road curves to your left, the house
is #19 Cat Island Avenue, painted white. The grounds are attractively landscape and well-kept
access into the subject property is provided by a concrete paved drive way along with the
walkways of concrete flagstones.
BAHAMA SOUND (EXUMA) Lots 12571 & 12572 Bahama Sound of Exuma No. 10 underveloped residenial lots located near the Forest and Mt Thompson on Utopia Drive. 80 feet frontage
and depth of 125 ft 10,000 sq. ft., in area each there is no service in the area. The road is gravel George Town 10 miles away. Appraisal: $26,250.00 EACH
BAHAMA SOUND NO. 18 (EXUMA) Lot No. 17861 Bahama Sound of Exuma No. 18 a subdivision situate approximately 2.5 miles north westwardly of George Town. The property is zoned
residential and is level. Electricity, paved roads, water, telephone lines and cable tv services are available along Queen's Highway. Water is also available from dug wells but city supply is available.
The propert is undeveloped. Land size 82.10 x 122.11 x 82.10 x 121.0 Estimated Value: $33,075.00
* 8 8 -* .e *
THE TRIBUNE BUSINESS
FRIDAY, JUNE 10, 2005, PAGE 5B
PAGE 6B, THURSDAY, JUNE 10, 2005
THE TRIBUNE BUSINESS
METROPOI.N'AN BANK (BAHAMAS) LIMITED
AS AT DECEMBER 31, 2004
(Expressed in United States dollars')
Loans and advances to customers
Investments in securities
Investments in associated companies
Interest receivable and other assets
Deposits from group companies
Deposits of customers
Other payables and accrued liabilities
Exchange translation reserve
12 2,048,021 2,67j,268
12 .31,.778 370
7 5,000,000 5,000,000
See notes to balance sheet.
The balance sheet was approved by the Board of Directors on April 15, 2005 and is signed on its behalf
Ange9to M9. 'ViOfanueva'
METROPOLITAN BANK (BAHAMAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS -
YEAR ENDED DECEMBER 31, 2004
(Expressed in United States dollars)
Metropolitan Bank (Bahamas) Limited (the "Bank") is a private limited company incorporated in
the Commonwealth of The Bahamas and is licensed under The Banks and Trust Companies
Regulation Act, 1965 (as amended) to carry on international banking business. The registered
office of the Bank is located in Keswaal House, 7 Mosely Lane, P.O. Box CR-56766, Suite 1000,
Nassau, Bahamas. Its ultimate holding company is Metropolitan Bank and Trust Company,
incorporated in the Republic of the Philippines.
The Bank's books of account are maintained in US dollars, the currency in which the majority of
transactions and balances are denominated.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation This balance sheet has been prepared in accordance with International ..
Financial Reporting Standards (IFRS). The preparation of the balance sheet 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 balance
sheet. Actual results could differ ffom those estimates.
: The significant accounts policies are as follows:
a. Advances to Customers
c ,r a
Advances to customers are stated in the balance sheet alter aeauctingprovisions tor oad and .
Provision for bad and doubtful debts is made, having regard to both specific and general risks.
The specific element of the prvision relates to those advances that have been individually
reviewed anid specifically idetified as bad or doubtful. Factors which are considered inc6de
eiXpected cash flows, financial :condition. ofthbrrower apd current onomicndition.
The general element of the provision relates to those losses that, although not yet specifically
identified, are known from experience to be present in the Bank's portfolio of loans and
advances. In determining the level of provision required, management considers numerous
factors including, but not limited to, domestic and international economic conditions, the
composition of the loan portfolio and prior loan loss experience.
Provisions are applied to write-off advances when all security has been realized and further
recoveries are considered unlikely.
b. Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a
straight-line basis using the following annual rates:
Furniture and fixtures 33%
Leasehold improvements 33%
c. Investments in Securities
Investments in securities are recognized on a trade-date basis and are initially measured at
At subsequent reporting dates; debt securities that the Bank has the expressed intention'and
ability to hold to maturity (held-to-maturity debt securities) are measured at amortized cost,
less any impairment loss recognized to reflect irrecoverable amounts. The annual amortization
of any discount or premium on the acquisition of a held-to-maturity security is aggregated with
other investment income receivable over the term of the instrument so that the revenue
recognized in each period represents a constant yield on the investment.
d. Investment in Associated Companies
An associated company is a company, other than a subsidiary, in which the Bank is in a .
position to exercise significant influence, through participation in the financial and operating
policy decisions of the investee.
The results and assets and liabilities of associates are incorporated in this balance sheet using
the equity method of accounting. The carrying amount of such investments is reduced to
recognize any impairment in the value of individual investments.
Where the Bank transacts with an associated company unrealized profits and losses are
eliminated to the extent of the Bank's interest in the relevant, associate, except where
unrealized losses provide evidence of an impairment of the asset transferred.
At each balance sheet date, the Bank reviews the carrying amounts of long-term investments.to
determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss (if any). ^
If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount. Impairment losses are
recognized as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased
to the revised estimate of its recoverable amount, but so .that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss
been recognized for the asset. A reversal of an impairment loss is recognized as income
'' ** ^ i; ./ ': '. '
f. Foreign Currency Translation
Transactions in currencies other than US dollars are initially recorded at the rates of exchange
prevailing on the dates of the transactions or at the contracted settlement rate. Monetary assets
and liabilities denominated in such currencies are re-translated at the rates prevailing on the
balance sheet date. The assets and liabilities of the Bank's overseas operations are translated:
at the exchange rates prevailing on the balance sheet date. Exchange differences arising are
classified as equity and transferred to the Bank's translation reserve. Such translation
differences are recogiized a .income or as expense in the period in which the operation is
disposed of. ..
g. Financial Derivative Instruments
Derivative financial instruments arintially recorded at cost and are measured at fair value t.
subsequent reporting dates with changes in fair value of derivative instruments recognized in
t. he icoi e statement as theyaris e. ....
h. Cash A.nd Cash E .uivaleits.. "i
Cash and cash equivalentscomprisecash, due from banks and highly liquid securities with a
mt. ity f3 months orless. .. ..
3. LOANS AND ADVANCES TO CUSO MERS
S ." 2004 2
Loans and advances to customers
Less: Allowances for probable loss
4. INVESTMENTS IN SECURITIES
Investments are comprised of:
Unlisted debt securities issued by Government
Unlisted debt securities issued by banks
and other financial institutions '. t'
Unlisted debt securities issued by non-financial institutions
-Share of net assets as of January 1,2004
Share of profit
Disposal of shares
Share of net assets as of December 31,,2004
Name of company
(16,149) 7, 48,
1,314,643 9 894,803
Place of Class of issued capital
incorporation shares held held by the company Principal activities
First Metro International Hong Kong Ordinary 28.86% Deposit taking
I. investmentt Co., Ltd.
Golly Investment, Ltd. Hong Kong Ordinary 28.86% Property investment
First Metro International Hong Kong Ordinary 28.86% Inactive
n ebrary2005, theBank disposed of 583% f the Bank'stst i associated companies
The disposal was made to a related party at book value. Accordingly,no gai or loss was made on
the disposal. After the disposal, the Bank'sginterest in associated companies was reduced from
28.86%to 26.74%. .. ..
-6' . .- "..lbASSETS .
'Baance' Additions Disposals Balance
.,. .. .35$ US$ .* -J .
Furniture and fixtures 3,583 3,583
Leasehold improvements 1,709 1,709
Beginning Depreciation Ending
Balance for the year Disposals Balance
USU$ us$ US$ US$
Furniture and fixtures
2004 Net movement
. 7." SHARE CAPITAL
dinaty share ofUS$i each
I;. INTEREST ME
issued and M
5 5.000.000 S.000,00
High Low High Low
% % % %
Investments in securities
Nominal interest rates on financial liabilities at year-end were as follows:
S 2.45. .
S... 2.25 .
Deposits from group companies
Deposits of ,cust6iMers.. :
0,00 1.90 0.00
2.00 3.00 :.88
I . I Y~ _ I .
THE TRIBUNE BUSINESS
FRIDAY, JUNE 10, 2005, PAGE 7B
10: MATURITY PROFILE
The maturity profile of the Bank's assets and liabilities as at December 31, 2004 based on the
remaining period to the repayment date is as follows:
Repayable after after
Ba nkb oalances
g oup companies,
hIvestments in securities
Deposits of customers
Other payables and
accrued charges 3_
Tota liabilities 3
NET EXPOSURE 411
10. MATURITY PROFILE
Advances to customers
Investments in securities
Interest receivable and
within 3 months
3 months but within
1 year but
5yeas Undaed Total
UsS US$ USS
457493 13478370 541125 12,493,263 29,970,251
9,095 10,394,420 10,433,515
8.398 3,083,950 3,541,125 12,493,263 19,536,736
Repayble 3 months
.o demand or less
1 year but
Yeeaar Y5 Undated Total
USs uss uss us$
-- 11,183,977 11,183,977
21,270 182,316 ______ 203,586
20,600 9,904,493 2,105,969 7,000,000 11,183,977 30,215,039
group companies 2,673,268 2,673,268
Deposits of customers 9,556,162 9,556,162
Interest payable 37,081 37,081
Other payables and .
accrued charges 17,214 17,214
STotal liabilities 12,283,725 12,283,725
'NET EXP SURE . 2660 7932) 2,105969 7.000,000 11,183,977 17,931,314
11. CURRENCY PROFILE
The currency profile (denominated in US dollars) of the Bank's assets and liabilities as at
ecember 31, 2004 isas follows:..
USS 4 US$ US$ US$
.up.ompnes ,. 435,791 435,791
-others 2,57 ,702 '2,571,702
Loans and advances to customers 1,280,183 1,280,183
Investments in securities 12,993,409 12,993,409
Investments in associated companies 12,482,471 12,482,471
Interest receivable and other assets 201,550 201,550
Fixed assets 5,145 5,145
Total 17487780 12,482,471 29,970,251
Deposits from group companies 2,048,021 2,048,021
Deposits of customers 8,314,621 8,314,621
In terestpayable 31,778 31,778
Other payables and accrued charges 39,095 39,095
Total 10433515 10,433,515
NET EXPOSURE 7,054,265 12,482,471 19,536,736
11. CURRENCY PROFILE
US$. PP HK$ Total
S ...... USS US$ US$ US$
.. -others :
.. Advances to customers
SInvestments in securities
S vetments in associated companies
'"tee' rci'''' -vab andiotherasset.. ....
Deposits from group companies
Deposits of customers
Other payables and accrued charges
12,266,511 17214 12283,72
12. RELATED PARTY BALANCES AND TRANSACTIONS
Balances and transactions with related parties are as follows at December 31, 2004:
.Ultijate holding company
: Transactions. s .
. Investments purchased during the year
Deposits grop compares
Accrued interest payable
Transactions with group companies are entered into on terms similar to those applicable to
.::transactions with unrelated parties.
13. RISK MANAGEMENT
In the normal course of business the Bank incurs different types of risks. These include credit risk
and price risk.
Credit Risk Credit risk arises from the failure of a counterparty to perform according to the terms
of the contract. From this perspective, the Bank's significant, exposure to credit risk is primarily
concentrated in placements with banks, loans to customers and investments. The placements,
loans to customers and investment transactions have been placed with high quality counterparties
and as such the Bank's exposure to credit risk is minimal.
Price Risk Price risk is comprised of currency risk, interest rate risk and market risk.' Currency
risk emanates from the possibility that the value of a financial instrument will fluctuate due to
changes in foreign exchange rates. The Bank minimizes its risk by monitoring levels of foreign
currencies particularly those susceptible to foreign exchange rates volatility. As of the balance
sheet date the Bank's assets and liabilities denominated in foreign currencies are disclosed under
Note 11. Interest rate risk is the risk that the value ofa financialinstrument may fluctuate
significantly as a result of changes in market interest rates. The Bank's exposure to this is
moderate as. the fixed rate financial instruments are usually short term and therefore repriced on
maturities, whereas the financial instruments which are medium term are at floating rates.
Market Risk Market risk is the risk that there will be a change in the value ofa financial
instrument due to changes in the market conditions.
The Bank's exposure to this risk is minimal as the investments represent debt securities which are
intended to be held to maturity.
14. GEOGRAPHICAL SEGMENT INFORMATION
The Bank's assets and liabilities are predominantly concentrated in the United States of America
and Hong Kong.
Deloitte & Touche
and Management Consultants
2nd Terrace, Centreville
Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
INDEPENDENT AUDITORS' REPORT
To the Members of
Metropolitan Bank (Bahamas) Limited:
We have audited the above balance sheet of Metropolitan Bank (Bahamas) Limited (the "Bank") as of
December 31, 2004. This balance sheet is the responsibility of the Bank's management. Our responsibility
is to express an opinion on this balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those Standards require
that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in. the balance sheet An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall balance sheet presentation. We
believe that our audit provides areasonable basis for our opinion.
In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the Bank as
of December 31, 2004 in accordance with International Financial Reporting Standards.
April 15, 2005
A member firm o
. loitteTouchde Thmattu
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THE TRIBUNE BUSINESS
PAGE 8B, FRIDAY, JUNE 10, 2005
FRIDAY EVENING JUNE 10, 2005
7:30 8:00 8:30 9:00 9:30 10:00 10:30
Issues Round- Washington NOW (N) n McLaughlin Journal Editorial My Music Number 104: The 60s
B WPBT table discussion. Week ( i (CC) Group N) Report (N) n Experience n (CC)
The Insider (N) Joan of Arcadia "Romancing the JAG "Retrial" Harm convinces the NUMB3RS "Pilot" An FBI agent re-
U WFOR l (CC) Joan" Joan is jealous of Adam's Naval authorities to reopen a 20- cruits a mathematical genius to help
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o .Access Holly- Dateline NBC A (CC) Law & Order: Trial by Jury "41
SWTVJ wood (N) (CC) Shots" A career criminal is tied in
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Deco Drive EXIT WOUNDS (2001, Action) (PA) Steven Seagal, DMX, Isaiah News (CC)
U WSVN Washington. Premiere. A cop encounters corruption in Detroits roughest
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S L Jeopardyl (N) 8 Simple Rules ROAD TO REDEMPTION (2001, Comedy-Drama) 20120 (CC)
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with Ed. woman takes her grandfather on a fishing trip.
American Jus- Biography "Fathers and Sons in Hollywood" Celebrity fathers and sons. Biography"Joel Rifkin" Serial killer
A&E ticeThe Pizza (N)(CC) JoeRifkin. (CC)
Hardtalk Extra BBC World World Business BBC World Earth Report BBC World Asia Today
BBCW News Report News News
BET College Hill * I'M GONNA GIT YOU SUCKA (1988, Comedy) Keenen Ivory Classic ComicView
B T Wayans. A freewheeling parody of the 70s black exploitation films.
C C Coronation **' NATIONAL LAMPOON'S VACATION (1983, Comedy) Chevy The National (CC)
CBC Street (CC) Chase. A vacationing family detours into screwball side trips. (CC)
CNB C Late Night With The Contender n (CC) Mad Money The Big Idea With Donny Deutsch
CnBC Conan O'BrienI
CNN ) Anderson Paula Zahn Now (CC) Larry King Live (CC)NewsNight With Aaron Brown
Reno 911! Clem- The Daily Show Comed Central Premium Blend Comedy Central Patton Oswalt: No Reason to
COM my's boyfriend With Jon Stew- Present Comic Danny Bevins. Presents (CC) Complain The comic shares his
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GOLF PGA Gof: Champions Tour --BayerGolf Central LPGA Golf McDonald's Championship -- Second Round. From Bulle
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MSNBC :00Hardball Countdown With Keith Olber- The Abrams Report Scarborough Country
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Tv *iek: Wild Card Starr. A woman gets a new identity after witnessing a murder.
O N Bill Dance Out- Ocean Hunter We Live Out- Best & Worst of Hunt for Big Portraits From Fly Fishing the
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--D t... (Live) Pocono 500 Final Practice. Motor Speedway in Fort Worth, Texas. (Live)
McGee and Me Behind the Great Souls JoelOsteen Dr. Frederick K. Praise the Lord (CC)
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MLB Baseball Oakland Athletics at Atlanta Braves. From Turner Field in Atlanta. (Live) (CC) Family Guy n
(:00) In a Fix "A Clean Sweep "Printing Press Mess" What Not to Wear "Raina" Raina What Not to Wear (CC)
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,(00) SECRET WINDOW (:45) Batman Be- Costas NOW PGA olfer Lee Six Feet Under "A Coat of White
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by a vengeful IRA terrorist. 'R' (CC) Bed. C (CC) ing. C (CC) niferAniston. n G-13'(CC)
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SOme ,SMileS OV YO I
Bng your children to the
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Palmdale e very Tkursday
fAom 3:30pm to 4:30pm dur ing the
month of Ju3ne.2005.
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Time: Second Floor of 1
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$7 w/ Movie Tickets
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4Q 4 .
FRIDAY, JUNE 10, 2005, PAGE 9B
THE TRIBUNE BUSINESS
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Bahamas compiles line-up as CAC
living times are announced
* by KELSIE JOHNSON
Junior sports reporter
QUALIFYING times for this
year's Central American and
Caribbean (CAC) games have
been posted, with the Bahamas
looking to field a team of 52
So far, seven athletes have
made the 'A' standards for the
game set by the Bahamas Asso-
ciation of Athletic Association
(BAAA) Tonique Williams-
Darling, Dominic Demeritte,
Leverne Eve, Chris Brown,
Andrae Williams, Chandra
Sturrup and Christine Amertil.
Demeritte, the first to qualify
for the games from last year's
timing, will compete in the
200m, an event in which he is
ranked 13th in the world. The
qualifying time for the 200m is
Williams-Darling, the world
leader in the women's 400m,
qualified with 49.55 seconds,
with Amertil posting a fast
time of 50.65 seconds.
Both Williams-Darling and
Amertil are ranked among the
top four in the world in the
event, with Williams-Darling
having captured the number
one spot and Amertil the num-
In the glamour events, the
100m, 200m and 400m, the
Bahamas will have a tough time
defending on their home soil,
with Jamaica's athletes slated
National record holder in the
100m, Sturrup is ranked ninth,
with 11.15 seconds; however,
Jamaica has four athletes
ranked in the top 12.
Olympic bronze medallist and
Jamaican native Veronica
Campbell leads the charge with
a time of 10.96 seconds; team-
mate Sherone Simpson is sec-
ond with 11.03 seconds; Aileen
Bailey, ninth in 11.15 seconds;
and Beverly McDonald, 11th in
The men's 400m is also
receiving plenty of publicity,
and the Bahamas has designed
trials to host at least 26 athletes.
At this point, Brown and
Williams have posted the fastest
times, and have the higher rank-
Both are currently ranked
20th and 21st in the world, with
times of 44.8 seconds and 44.92
Leading the Caribbean in this
event is Ricardo Chambers of
Jamaica, with 44.87 seconds. He
is ranked sixth.
The games, which are set for
the Independence weekend,
July 8-11, have more than 32
countries confirmed the
largest validation in years.
More than 520 athletes and
officials will be attending the
Cuba will have the largest
contingent, with 70 athletes con-
The championships are the
world's oldest regional games,
and are held ever two years.
I Scheduleof events
Friday, June 10
Noon Discus Final Women
1:30 Heptathlon Long Jump Women
2:00 Hammer Final Men
4:00 Heptathlon Shot Put Women
5:00 Javelin Final Men
5:00 Triple Jump Qualifying Men
6:30 Pole Vault Final Men
7:30 Triple Jump Qualifying Women
8:00 Javelin Final Women
8:15 Shot Put Final Men
12:15 Heptathlon 100m Hurdles -Women
5:30 Heptathlon 200m Women
6:30 4x100 Relay, Final Men
6:40 4x100 Relay, Final Women
6:50 3000m Steeplechase Final Men
3000m Steeplechase Final Women
400m, Semifinal Men
400m, Semifinal Women
110m Hurdles, Final Men
100m Hurdles, Final Women
100m, Final Men
100m, Final Women
400m Hurdles, Semifinals Men
400m Hurdles Semifinals Women
Young athletes go on
trial for team places
* By RENALDO DORSETT
Junior Sports Reporter
The most promising junior
athletes in the country will be
competing for national team
positions in Freeport, Grand
Bahama this weekend.,
The Junior National Trials
got underway today and will be
on until Saturday.
The trials will serve as a qual-
ifier and a selection process for
the Youth Central American
and Caribbean (CAC) Cham-
pionships for 10-13 year-olds
held in the Dominicah Republic
on July 8 and 9; the Pan-Amer-
ican Junior Championships for
athletes 20-years-old and under,
held in Windsor, Canada, from
July 29 to 31 and the World
Youth Championships for ath-
letes aged 18 and under, held
in Marrakech, Morocco from
July 13 to 17.
The Junior National Trials
were moved to the Grand
Bahama Sporting Complexidue
to repairs being made at' the
Thomas Robinson Stadiuma.
Some of the top juniors
expecting to make their mark
will include many of the top
younger athletes that compet-
ed in the BAYTAF classic over
the Memorial Day weekend
and some of the country's better
high school athletes.
Ralph McKinney, BAAA
Public Relations Officer, said:
"We expect a number of excel-
lent performances from our
younger athletes," he said. "We
are the defending champions of
the CAC Youth Championships
and we are looking forward to
producing a team capable of
defending the title."
Having conquered the Youth
CAC McKinney said the
Bahamas is anticipating good
showings at other meets. "We
are looking forward to the
World Youth Championships,
which is for athletes 18 years
old and under," he said.
Yesterday's events included
the 10-11 and 12-13 age groups
Atletes in the 20 and under
and 18 and under divisions will
begir? competition today.
:Call Topii Archer Phone: 302-9012
or see the Pro Shop at Cable Beach
PAGE 10B, FRIDAY, JUNE 10, 2005
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