Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
Full Citation
Permanent Link:
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: April 19, 2006
Copyright Date: 2006
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00388
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850

Full Text

SPECIAL" rm io""' lt




Volume: 102 No.123 WEDNESDAY, APRIL 19, 2006


co Flm iclusfy gves ahams* .... ............ T6


'No medical evidence'

says the US Deputy

Chief of Mission

.US DEPUTY Chief of Mis-
sion, Dr Brent Hardt, said there
is no medical evidence to sup-
port claims that "rumours" of
a cancer scare at Andros are
linked to AUTEC.
Speaking about the activities
at the Navy's underwater testing
facility, Dr Hardt said that he
has spoken with a responsible
Bahamian government official
on this matter, and the official
himself has said that he has seen
no evidence of AUTEC's cul-
Not naming the official, Dr
Hardt did say that this individ-
ual's conclusion was based on
his own scientific and medical
knowledge, as well as informa-
tion thus far provided to rele-
vant Ministries about the cancer
S incident.
Dr Hardt said because there
is no serious study of these
claims, he would like to see.
what are the real medical facts.
"This rumour exists that there
is high incidents of cancer in
Andros, but what is the scien-
tific evidence to support a claim
that there is some sort of higher
incidents of cancer for people
who maybe live in some sort of
proximity to the base? Maybe
people are not drinking water
that is very good, or maybe
there is something else about
the lifestyle there that is giving
rise to cancer, or maybe it is just
a small sample of people," Dr
Hardt speculated.
In July 2005, Lt. William
Marks, a Pentagon Press Liai-
son Officer at the time, said

they had "looked everywhere
and used everything we had, but
couldn't find anything."
When questioned about the
vagueness of Lt. Mark's state-
ment, Dr Hardt said that they
looked into the matter in terms
of Americans who had served at
AUTEC, the people who theo-
retically, he said, would have
been at greatest risk. However,
AUTEC never conducted an
inquest among the Andros
natives in the base's area,
despite the claims.
He admits that there were
three cases of cancer among
American workers, but cau-
tioned that these were individ-
uals who were heavy smokers,
inferring that those cases were
most likely caused by the more
obvious factor.
Therefore to conclude that,
because it is the United States,
it is a base, and it is mysterious
therefore it must be the cause of
these anecdotal reports is
unmerited, said Dr Hardt.
As the base is in the middle
of nowhere and very little
human habitation is in any
proximity to the base, more
energies should be focused on
discovering what more obvious
causes could be attributed to
these purported cases, Dr Hardt
He does not deny that the
base could be part of that, but
he said: "I am pretty sceptical
about claims of cancer and so
Dr Hardt said that a trip to
the AUTEC facility has been
SEE page 10

A 2S-YEAR-OLD nan ol Nassau
Village \as charged m the magistrate's
court yesterday with the April 6 mur-
der of Adrian Roker.
According to initial police reports,
Roker formerly of Nassau Village,
who was 33 was stabbed to death. He
was reportedly found lying on his back'
in the area of Nassau Village where he,
The man accused of his murder,
Dorian Levar Russell, was arraigned
before Chief Magistrate Roger Gomez
Sr in Court 1, Bank Lane, yesterday-
afternoon. He was not represented by
counsel. Russell was informed by the
magistrate that he would not be
required to plead to the charge and
that the case would be tried before
Magistrate Marilyn Meers in Court 5
on Bank Lane.
The case was adjourned to April 25
for mention.

The Bahamas

urged to pursue.
PetroCaribe amid
rising oil pricesI
Tribune Staff Reporter
WITH international prices of
crude oil continuing to escalate,.
local and foreign experts in the',
petroleum industry advise that,
the Venezuelan PetroCaTibe:
Accord is an initiative that the
Bahamas should pursue.
The Fuel Usage Committee $:
final report on the accord is m'
its final stages of preparation
before it is presented to Ener-
gy Minister Dr Marcus Bethel
for his review.
Countries such. as Jamaica
which were among some of the
: initial signatories to the accord
are praising the deal and its host
of associated benefits that are
r -being seen throughout their
4.~ 4. Managing Director of the
Jamaican Petroleum Corpora-
tion Ruth Potopsingh said that
one of the beauties of the Petro-
Caribe Accord is having to only
pay initially 60 per cent of their
purchase price on shipments,
allowing them to retain 40 per
cent of the loan over a 25-year
period at one per cent interest.
'These monies, she said, are
used to benefit other social ben-
efit programmes in society.
Mrs Potopsingh said that
when the PetrdCaribe Accord is
viewed historically, it is mainly
a variation to previous Accords,
such as the San Jose Accord in
the 1970s and the Caracas
Accord of 2001. Both previous
accords provided assistance for
non-petroleum producing coun-
SEE page 10
..........................-, ......... ...................... .................................................... ...................................... ..

Political refugee warns against

Cuba gaining human rights seat
N By CARA BRENNEN were not for the great tragedy that the deci-
Tribune Staff Reporter sion would mean for his people.".

A CUBAN refugee .living in the
Bahamas warned that should Cuba be suc-
cessful in its bid to obtain a seat on the
United Nations Human Rights Commis-
.sion, it would be like putting "sheep's cloth-
ing on the wolf."
According to political refugee Dr Jose
Lopes, the recent pressure that Cuba is
exerting on its neighboring countries to
obtain votes for a seat on the UNHRC for
Latin America and the Caribbean would
be "worthy of laughter and mockery, if it

The government of Cuba has already
asked the Bahamas government to support
its bid when it offers itself for the post in the
May 9 elections when the UN general
assembly will vote on which member coun-
tries will constitute the council.
According to Cuba's leader Fidel Cas-
tro, if the country is chosen, "the C'ubbn
people can show to the world, its tremen-
dous achievements and share its experi-
ences in the human rights field.
SEE page 10

BANK FINANCING ARRANGED: Bring along your job

1 I INassau and Bahama Islands' Leading Newspaper


Ehe fBAiami AS IraTI

D what tastes right

to cancer

start your,
. ._ *: ? ^ -l .





Fire destroys roof, apartmentsUn tht
0 By DENISE MAYCOCKn tight- pped
uFRPORT AReporter b o IU brief
FREEPORT A blaze broke ................................................ ..... i p...

out at Sea Sun 'Manor North on
Monday, destroying the entire roof
and a number of apartment units at
the dilapidated three-storey apart-
ment complex on East Mall Drive.
Police said fire erupted inside aW
third-floor apartment around 8.15am
and ignited the roof and several adja-
cent units. There were billows of
smoke in the area.
Supt Basil Rahming said several
fire units were sent to the scene.
However, due to the raging flames,
additional units were called in to

With help from fire engines from
Grand Bahama Airport Crash and
Rescue, BORCO and the Freeport
Container Port, firemen were able to
bring the blaze under control around
Mr Rahming said the roof was
destroyed along with a number of
apartments on the third floor. No-
one was injured.
Police believe that no-one occu-
pied the building at the time as elec-
tricity and water supply had been
disconnected. It is suspected the fire
may have been started by vagrants.

TWO women are detained in hospital after receiving serious injuries in a
traffic accident on Sunday evening on East Sunrise Highway.
Around 8pm, Ms Kimberley Sears, 33, of Cabot Drive, was driving her
green 1998 Acura Integra licence 37191 east on East Sunrise Highway when
she lost control of the vehicle and ran off the road on to the median, where
she crashed into a tree.
Ms Sears and her passenger, 20-year-old Shandra Saunders, also
of Cabot Drive, were seriously injured.
According to eye-witnesses, the vehicle ricocheted off the tree, spun
around and crashed into another tree on the right westbound lane of the high-
The vehicle was extensively damaged. The women were removed from
the wreckage. They sustained serious injuries to the head and body and were
transported by ambulance to Rand Memorial Hospital, where they are
detained in stable condition.

cal News....................... 1,2,3,5,6,7,8,9,10
Ei torala/Letters ................................. P4
:Ats ............................ ........P 1,12
Business ....................................P1,3,4,5,13
'.ts, ............... .........P2,6,7,8,9,10,11,12
: rts',,..... ..................................P14,15,16
.:^ .................................... P1,2,3,6,7
;. C; ...................................P4
: ,.There ......................................... .........P5
her..................................................... P 8


i ...............................................12 Pages
Sports/Business ..........................12 Pages

after govt mee

BUT, negotiators

discuss agreement

Tribune Staff Reporter
THE Bahamas Union of
Teachers and government
negotiators met yesterday to
discuss the contentious indus-
trial agreement between the
two parties.
However, the union
remained tight-lipped.on the
outcome and did not com-
ment on a statement released
by the government on Mon-
In the statement, the gov-
ernment said that there were
five reasons the discussions
had not progressed:
the inclusion of manage-
ment personnel in the union's
bargaining unit
the lack of teachers in the
bargaining unit
the inclusion of persons
represented by other unions
in the bargaining unit
the inclusion of non-exis-
tent posts in the bargaining
unit questions regarding the
1965 recognition agreement
between the government and
the BUT
The government said it has
compromised on all the issues.
The release also claimed
that on Tuesday, April 4, the
parties arrived at an under-
standing that issues regarding
salaries and wages will not be
discussed if a new proposal
based on the government's
interpretation of the 1965
recognition agreement was
presented to the BUT on or
before April 11.
"The government's negoti-

ating team compiled with this
deadline yet the negotiating
team from BUT led by the
president has refused to dis-
cuss salaries," it said.
The government side
explained that resolving issues
regarding salary before the
end of the fiscal year is criti-
"The lack of movement on
the negotiating table has
made this critical because if
it is not resolved before the
end of the fiscal year, it would
certainly lead to an increase in
the deficit for the next fiscal
year as funds allocated in this
year's budget would have to
be approved in addition to the
payments for the next year.
"This is not just a budget
issue, this is an issue of pru-
dent fiscal management with
wide domestic and interna-
tional implications," it said.
The statement went on to
say that the BUT executive
received a confidential brief-
ing from the Ministry of
Finance and Central Bank on
the state of the Bahamian
economy and its prospects. It
claimed that the leadership of
the BUT has chosen to ignore
the facts.
"The BUT with a member-
ship, of 3,500 teachers has
presented the government a
proposal that would cost more
than $56 million. The remain-
ing 17,000 members of the
public service will receive a
minimum $42 million in
planned increases over five
)ears," it said. '';'":
:The government claiunms that
if it did grant the increase. t
would be forced to grant sim-

* IDA POITIER, president of
the Bahamas Union of Teachers

ilar increases to other public
"This would cost more than
$340 million over five years
or more than $68 million a
year an amount that is sim-
ply unaffordable given the
current revenue base of the
economy," it said.
The statement added that
the government's position is
that salary increases will _be
granted at levels that would
not destablise the economy.
It pointed out that success
only matters when you are
able to enjoy it and that every
Bahamian depends on a
healthy economy to enjoy
their successes.

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2006 Lecture Series FREE Monthly Health Lecture

Schedule Every 3rd Thursday of the Month

Speaker: Dr. Charles Osazuwa,
May 18 Internal Medicine Specialist

June 15
Men's Health
July 20
Children's Health
August 17

September 21
' !r ;i1i Awarentess

October 19
Mental Health
November 16
Alzheimer's Disease





Thursday, April 20, 2006

6:00pm 7:30pm, followed by Q & A

Venue: : Doctors Hospital Conference Room

RSVP: To ensure available seating.

Screenings:Free Cholesterol, Blood Pressure and
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Arthur Hanna is expected
to attend a variety show and
dinner organised by the.
Natioi6nai g Council i on Older
Persons at Workers House,
Tonique Williams-Darling
Highway; on Sunday, April
30 (2pm): Keynote speaker
will be Minister of Social
Services Melanie Griffin.







C,~ra --I




o In brief

Minister returns

from meeting in

Washington, DC

FOREIGN Minister Fred
Mitchell has returned from
Washington, DC, where he
attended the first meeting
between Caricom trade minis-
ters and US trade representa-
tive Rob Portman on April
The foreign trade compo-
nent was added to Mr
Mitchell's ministry in Febru-
ary of this year.
He will be working with the
other ministers to ensure that
the extension of the
Caribbean Basin Initiative
legislation in the United
States remains valid until at
least 2008.
A waiver is required for the
US to continue to give prefer-
ential treatment to produce
from the Bahamas and the
wider Caribbean under the
At the moment, the legisla-
tion is not in compliance with
World Trade Organisation
(WTO) rules.
In 2004, the last year for
which figures are available,
$92 million worth of goods
were exported to the US from
the Bahamas.
This was mainly crawfish,
and the fishing industry
employs about 20,000 people
in the Bahamas.
Mr Mitchell was accompa-
nied by A Leonard Archer,
Ambassador to Caricom.

Masked men

rob man at

his home

A 52-YEAR-OLD man was
robbed by two masked men
at his home during the early
morninghours on Tuesday.
According to police, some-
time after 4am, the Blue Hill
Road resident was wakened
by a knock on his door.
Two armed men, one with a
shotgun, reportedly kicked in
the froit door and robbed him
Of a small amount of cash.
One of the culprits was
described as slim and was
wearing a black trench coat.
The second man was
described as being short and
Both men reportedly
escaped the scene on foot.
'Police investigations con-

Woman, 64,

robbed of

her handbag

SPOLICE report that a 64-
year-old woman was robbed
of her handbag after her car
was rear-ended by another
vehicle on Eastern Road.
o According to press liaison
officer Walter Evans, the
Woman and her female
friend were travelling at
around lam, when they were
struck by the driver of a
black Nissan Sentra, registra-
tion number 101504.
"As he rear-ended the
vehicle the female driver got
out of her jeep to make some
checks, it was at this point
When the male approached
her vehicle and stole her
handbag after which he sped
off," said Mr Evans.
The handbag reportedly
contained cash and personal
: Police investigations con-
tinue. .

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



UTEB president hits out over recommendation:

THE fact that Janyne Hodder
has been recommended to the
Minister of Education for the
COB presidency without the
input of college professionals is a
"slap in the face" according to
the president of the Union of
Tertiary Educators of the
Addressing a small group of
reporters, Jennifer Isaacs-Dot-
son added that in any case, it was
incorrect for the recommenda-
tion to have been given before
the entire COB Council
had a chance to vote on the mat-
Mrs Isaacs-Dotson said she
recognizes the statutory right of
the College Council to appoint
a president, and that Ms Hodder
can be recommended if all coun-
cil members do not agree.
However, she said that what
she would like to have is "a fair
and transparent process" where
all members of the council have
an opportunity to vote in favour
of such a recommendation.
This, she said has not yet been
Mrs Isaacs-Dotson said she
does not want it to be miscon-
strued that the union's agenda
involves anything other than.
ensuring that the council follows
the prescribed process agreed to
after the retirement of Dr Keva

Mrs Isaacs-Dotson noted that
under the new procedures, when
a candidate's academic qualifi-
cations and administrative expe-
rience have met the criteria
advertised, a round of interviews
are to be conducted by council
members and stakeholders.
"UTEB's position," said
Isaacs-Dotson "has always been
that the right process should be
that Ms Hodder apply, whether
that be by submitting her CV or
by formally making an applica-
tion. Then the presidential search
committee of the council should
provide or set up interviews for
Ms Hodder with all of the major
stakeholders, as was done with
most of the past presidents, and
that she comes in and have an

JENNIFER ISAACS-DOTSON, (left) president of the Union of Tertiary Educators of the
Bahamas speaks to the press yesterday as Dr Gardiner-Farquharson looks on.
(Photo: Felipe Major/Tribune staff)

opportunity to be interviewed,"
she explained.
Another member of the union,
Dr Beulah Gardiner-Farquhar-
son, addressed the recommen-
dation of Ms Hodder to the min-
ister of Education by saying: "Ms
Hodder came here for an expo-
sure visit. For a post as impor-
tant as this, have we now
replaced interviews with expo-
sure visits?
"That is a downright insult to
the Bahamian people and to the
college faculty."
In a statement to the press,
Mrs Isaacs-Dotson noted that
with more than 40 PhD's, the 210
members of UTEB represent the
biggest reservoir of "the most
extensively trained Bahamian
professionals who are dedicated
to research and training."
Mrs Isaacs-Dotson said that in
light of this, the decision to rec-
ommend Ms Hodder without
consulting them "is a complete
disregard for our views and our
opinions as faculty and staff and
as some of the major stakehold-
ers of this institution."
"It is actually a slap in the face

is how I will mildly put it,"
she continued.
"Whatever information that
we may have gotten on Ms Hod-
der is information that we our-
selves have gone out there and
"Some of us have never even
been given a copy of Ms Hod-
der's CV. That is information
that should have been made
privy to every faculty and staff
member," she said.

Part of the information that
the UTEB members have col-
lected on Ms Hodder concerns
her tenure as principal of Bish-
op's University.
According to the website
maintained by the teacher's
union at Bishop, in 2004, profes-
sors held a strike over Ms Hod-
der's stance during contract
The striking professors were
supported in their efforts by fac-
ulty associations across Canada
and also by the American Asso-

ciation of University Professors.
In 1999 Ms Hodder was quot-
ed in an educational magazine
as saying that while "strategic
plans can be comforting because

they provide a sense of order and
security," they can also be "too
linear, too intelligent."
"I like to meander more, and
allow ebb and flow in the way I:
set my goals and try to get others
to support these," she was quot- i
ed as saying
Dr Gardiner-Farquharson!
expressed concern about Ms.
Hodder's comments. "Not a"
planner? We have spent the last
two years developing our strate-
gic plan waiting for a president to I
forward that. All of a sudden we I
are going to be given a mean-,
derer?" he asked.
Because of the lack of an inter-
view process, Dr Gardiner-Far-
quharson said these and many!
other concerns about Ms Hod-
der's record will go unanswered.
Another member of UTEB,
Felix Bethel, criticised College!
Council chairman Franklyn Wil-
son for the way the matter has
been handled.
"He is currently, with this mat-
ter of Ms Hodder, presiding over
what is clearly a disaster. If this
women comes in, as she is pur-
portedly coming in, she will come
into a nightmare because she will,
not get the support that she:
deserves and it is wrong for Mr'
Wilson and a faction of the coun-
cil to decide that they will ptit
that poor woman in that posi-
tion," he said.



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

LEONE. H. DUPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
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Freeportfax: (242) 352-9348

When newspapers print bad words

AS A LITTLE GUY, I remember watching
my big sister, age 13, getting her mouth
washed out with soap by our mother because
she had said a bad word.
I wondered what the fuss was about. About
the same time, a friend explained that ship was
a bad word, so for a couple of years I carefully
used boat instead, until a bigger kid explained
ship wasn't what upset people.
"What a retard!" he exclaimed.
I had been taught not to call anybody that.
Odd, isn't it, that we take offence at some
words and not others? Sometimes it happens
even when two words mean the same. I
remember a girlfriend who rather often called
me a "poophead." It was endearing, but a
harsher version of the word wouldn't have
sounded cute.
Newspapers are pretty careful to avoid
words that offend.
Journalism's widely accepted ethical stan-
dards require that we report the truth fully,
which might suggest that whatever somebody
says is what we should publish. But ethical
journalism also seeks to minimize the harm
that our work can cause, which includes using
good taste to avoid offending community
There are times, though, when a word you
wouldn't ordinarily read in the Times finds its
way into print. That happens only when a
senior editor has given it a green light.
That was the case last week after state Sen.
Ada Smith called reporters to her office to
deny that she had tossed steaming coffee in
the face of an aide and threatened to kill the
- well, the former aide. Smith, a Manhattan
Democrat, apparently took offence at some-
thing the aide had said about her weight and,
according to the aide, tossed the joe while
screaming, "You need to keep your (exple-
tive) mouth shut."
That word in parentheses is the way you'll
usually see "bad" words handled in our pages.
We haven't ever published that particular
Then a reporter asked Smith, who has a
history of verbal assaults, if she had a bad
temper. "No," she said. "I mean, I don't tol-
erate excuse my expression bullshit, but
I don't think I have a real anger management
Yes, we published that word (which Rex at
age 5 presumably would have rendered as
bullboat). And Gleason OK'd it on deadline
when the copy desk called her at home. Why

publish one, and not the other?
The general rule, according to the style-
books our editors consult, is that obscenities,
vulgarities and profanities get into print only
when they are in direct quotations, and then
only when there is a compelling reason to use
them. Smith's comment wouldn't have made
sense without the actual word.
Moreover, there are degrees of offensive-
ness in language, though standards are ever-
changing. The word damn was once so scan-
dalous that its use in "Gone With the Wind"
in 1939 prompted theatre boycotts. But it's so
widely used in public discourse now that it
has appeared in these pages about once a
week this year. For example: "I don't care
how many damn guys raise $3 million to take
our members out. We don't cater to threats,"
Senate Majority Leader Joe Bruno said
recently, referring to a group urging the defeat
of Republican senators if they don't allocate
more money for New York City schools.
Too, precise words on that borderline of
propriety are more likely to be published if
they are uttered by a public official than by a
private citizen. Not everyone is equally news-
worthy, nor are their words.
But even if a word is too offensive forprint,
you won't find us changing it: no cleanup
like, "1 don't care how many darn guys ..." for
Bruno. The Los Angeles Times drew criti-
cism this week after it altered a comment by
Tiger Woods, who complained about his
putting during the Masters tournament by
saying that "on the green I was a spaz." The
reference to people who have spastic move-
ments was insensitive, at best, but the Times
strayed from journalistic standards by chang-
ing the word to "wreck" in the quote.
The news outlets that ignored the comment
entirely also drew complaints: Were they pro-
tecting Tiger's image? Some would say, to
the contrary, that they were right to not pub-
lish language that could be hurtful spaz,
like retard, being language that doesn't
deserve repeating.
That shows why we tend to make judg-
ments about offensive language case-by-case.
Our standards of practice might seem to sug-
gest that we not publish anything that would
have got my mouth washed out with soap all
those years ago. But sometimes there's a good
reason to go ahead with something that would
have offended Mom.
(* This article is by Rex Smith, editor of the
Albany, N.Y., Times Union 2006)

We need external,

assistance for

education system ..

EDITOR, The Tribune.
OF ALL political issues
certainly Education must be
the most troublesome and
the most serious as unless
we correct the mess of our
National Education The
Bahamas' future is certainly
very cloudy.
I will not enter the
impasse between govern-
ment and the BUT except
to comment that I suggest
the BUT is totally irrational
as they seem to be self-cen-
tred in their positioning
realising that this is election-
time and certainly a most
advantageous time to push
for financial settlements.
The concepts that the BUT
propose have no relation-
ship to the capital cost and
the inevitable requirement
of further and additional
taxes which will nullify any
proposed salary increases
the BUT wishes without a
single consideration as to
connecting pay to results.

In the midst of this the
potential examination
results for a further year
have little or no chance of
improving, however some of
the talk from the Minister
of Education, Science and
Technology very clearly
indicates that as qualified as
the Minister might be he has
not a clue where is the
beginning and how to start
correcting the mess which
was inherited from previous
governments and continues
unabated with such serious
Surely it has to be ridicu-
lous that the Ministry of
Education really thinks they
can come up with a solution
- so far in 30 years they
haven't so why should a mir-
acle suddenly happen?
We need external assis-

tance as this problem is an
ICU case of National per-
spective and consequences
- government I suggest
needs to scour the English
speaking world and find an
education district where
there is similarity in the
social arena but where edu-
cation results are outstand-
ing. When you find this dis-
trict employ them to re-
engineer the Bahamas' Edu-
cation system.
Minister please stop this
double talk that you so like
to talk your speech at the,
Teacher of the Year has to,
be one of the worst state-.
ments of any Minister of
Education as this confirms i
my opinion, sir, that you
have not a clue of where the'
problem is and how to start ,
to cure it. In my opinion th6
total content of your speecld,,,
misses the reality.

April 10, 2006.

EDITOR, The Tribune.
THE Minister of Immigration and his senior
staff made a serious legal blunder in the past
week when almost 200 Haitian nationals were
arrested; detained and brought to New Provi-
dence from Eleuthera and Spanish Wells. This
blunder, unfortunately, will cost the Bahamian
people thousands, if not hundreds of dollars in
compensation for the wrongful arrest and the
illegal detention of persons.
I fully support the apprehension of all illegal
migrants in The Bahamas, make no mistake
about this. As a trained lawyer and a servant of
the Master, Jesus Christ, however, I am con-
cerned over the manner in which the "raid" was
There is absolutely no need, in this day and
age, to kick down the doors of people's homes
around the wee hours of the morning. In addi-
tion, children and young persons under 18
years of age should never have been taken into
custody as if they were common criminals. The
breach of immigration laws is a quasi-criminal
offence and not one for which a search warrant
is usually granted. Were these "warrants" read

to home occupiers, before the doors were..-
allegedly kicked in? ...
Bahamians like a spectacle, no matter at-
whose expense, so long as it is not theirs. Yes
we want to get rid of the illegal nationals in ourf'
country but there must be respect for human'
dignity and rights. Apply the relevant laws but?
do so in a professional and compassionate mai.,
ner. Are we still a nation which espouses 'Chris ~:
tian' values?
I cry shame on Minister Gibson and his cab-
inet colleagues, especially the Minister of.L,
National Security, for this cruel and inhudatrafie '
exercise just to make themselves look L'odc
and to give Bahamians the bogus impress :I'
that they have "a plan" for illegal migration ,
This is not a plan but a knee jerk reaction b'-',
Gibson et al.
The same God who made us, made the, sg .,.
called illegal Haitian. Some of us just "love", '
our Haitian but don't want anyone else to have;,,
one. To God then, in all things, be the glory...
April 12,2006.

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Concerned over manner

arrests were conducted:



TELEPHONE: 322-8219 322-8160


1 777

Serving The Bahamian C nmunity Since 1978




I' -"



0 In brief

Man in court on

drugs charge
A 51-YEAR-OLD man was
arraigned in court yesterday on
a drug charge relating to the dis-
covery of $10,000 worth of mari-
Tacius Juvinien, an Infant View
Road resident of Haitian decent,
appeared before Magistrate Car-
olita Bethel on the charge of pos-
session of dangerous drugs with
the intent to supply.
It is alleged that Juvinien was
found with thle drugs on Sunday,
April 16.
According to the prosecution,
Juvinien was in possession of nine
pounds of marijuana.
He pleaded not guilty and was
remanded until May 2, when a
bail hearing will take place.
N A BAHAMIAN man and
two American teenagers all
pleaded guilty to drug charges
It was alleged that on March
17 the three were found in pos-
session of a quantity of marijuana.
Mlkell Wells, who was
arraigned before Magistrate Car-
olita Bethel, was granted a con-
ditional discharge and was
ordered to attended a communi-
ty mental health facility for six
His case was adjourned to
October 16.
Twyo 17-year-old boys from
New York were arraigned on the
safe drug charge and appeared
before Chief Magistrate Roger
Gomez Sr.
They were fined $500 and
informed that failure to pay will
result in a one-month prison sen-
According to the prosecution,
the three were in possession of
some 21 grams of marijuana.

Pelican Point hosts

Coconut Classic
Tribune Freeport Reporter
FREEPORT Over the Easter
weekend all roads led to Pelican
Point, where the Ministry of
Tourism was sponsoring the first
Coconut Culinary Classic'as part
of the annual Coconut Festival in
east Grand Bahama.
Grand Bahama Tourism offi-
cialiRenamae Symonette said that
chefs had developed coconut
recipes for the occasion.
Competing chefs were from
leading hotel and restaurant prop-
erties in Grand Bahama as well as
New Providence.
"Our goal in the Ministry of
Totirism is to begin to type each
island for a signature dish that
willbecome known to the island,"
Ms Symonette said.
She said that chefs would pre-
pare their creations using a two-
burner stove in one hour. Dishes
were expected to be innovative
and easily translated on to tables
of restaurants and into household
Ms Symonette said they hoped
to create a bridge between the
agriculture and tourism indus-
tries, give tourists an opportunity
to experience more of the
Bahamas through its variety of
coconut cuisine, strengthen the
linkage between the hotel sector
and. the rest of the Bahamian
economy and raise the standard
of Bahamian foods to excellence
and professionalism.
/ I ,

2:00am Community Pg. 1540AM
8:00 Bahamas@Sunrise
9:00 ExumaOnThe Rise
10:00 Da' Down Home Shogr
11:00 Immediate Response
12:00n ZNS News Update
12:03 Caribbean Today News
12:05 Immediate Response Cont'd
1:00 Island Life Destinations
1 30 Exuma First Light: 52nd Family
," Island Regatta
2:30 Fun
3:j0 Morning Joy
3:30 Ecclesia Gospel

4.'0 Lisa Knight & The Roundtable
4630 Cybernet
4458 ZNS News Update
5t00 Carmen San Diego
5t30 Dennis The Menace
6:00 A Special Report
6;30 News Night 13
00 The Bahamas Tonight
00 Fishing the Flats of The
4 Bahamas
8130 Caribbean Passport
9'00 BTC Connection
930 Caribbean Passport
1):00 Caribbean Newsline
1,:30 News Night 13
'1 00 The Bahamas Tonight
"i0 Immediate Response
1430 Comm. Pg. 1540 AM
therihttomak lstmiut



A GROUP of residents from
Pinewood Gardens was due tc
meet detectives last night tc
hand over affidavits recording
eye-witness accounts of the
controversial killing of young
father-to-be Deron Bethel.
The papers were to be pre-
sented to Chief Supt Marvin
Dames of the CDU in a bid tc
force police to take court action
against Mr Bethel's killers.
: Pinevwood residents claim'nli
Bethel, 20, was shot by an off-
duty policeman who hac
arrived outside his home tc
investigate a domestic dispute
in a nearby house. They allege
that police shot a totally inno-
cent man thinking he was
someone else.





Tribune Staff Reporter
DESPITE its ban by the
control board and Bahamas
Christian Council for viewing
in local theatres, a gay forum is
pushing for copies of the
Brbkeback iMountain DVD to
be placed in as many libraries
around the world as possible -
including the Bahamas.
The group, the Ultimate
Brokeback Forum, is calling
this latest campaign "2,000
DVDs to Libraries", and since
its start has raised more than
$30,000 from 800-plus contrib-
utors around the world.
In the first few days of the
campaign, prior to the DVD
release, the group already com-
mitted to donating the DVD
to about 200 libraries in a
dozen states in the United
States and Canada.
As quoted on his website,,
Dave Cullen says they are tar-
geting rural or smaller libraries
which may not have the same
resources as larger ones to
receive the film.
"We are asking the libraries
to label our donations with
'Donated by Members of the
Ultimate Brokeback Forum at'
which, after viewing, will give
those who need it a place for
support. Our message, as
Sal"a \s, is a positive one of the,
Sbeauny of love between two
'people which cannot be
S Howe ier. eligiou: leaders
maintain thai the htilm hs j
clear agenda to promote homo-
.,,. i s.\uih[\ and is icceptanciE as
S. i "'lhenative Ilestirle" \eI-
'i usi an\ real entertainment lal-
i Senior pastor of Kingdom
j Life .Outreach, Cedric Moss;,
I wli has'bieen involved with thi
initial banning ot the mou ie ini
Nassau; said yesterday he is
Sery iniereited to ee how local
I, libraries would react to "gay.
lilmn donalmon
"In my view this film was not
produced for profit. It was pro-
duced for promotion promo-
tion of the homosexual lifestyle
and this effort is very consis-
tent with that. I think it will be
very interesting to see how the
libraries in our country would
respond to that particular offer.
"It seems to me that they

need to be consistent with what
another government agency
has already decided on the
matter. That would be very
schizophrenic if they would
embrace these movies in the
libraries," he said.
Pastor Moss said anyone can
get copies of the film for their
personal viewing at home, but
took offence that another pub-
lic forum was being used to
showcase the film.
"It's a clear agenda, and
that's the difference between
this movie and, for example, a

vood group expected to

handed over affidavits

Meeting was due

with detectives

Last night, a spokesman for
the group told The Tribune:
"The police need to know that
this one will not rest. These
affidavits record what people
saw on the night Deron Bethel
died. They want action against
the culprits."
Pinewood residents are eager
to stave off any attempt by
police to have the matter

referred to a coroner's hear-
ing. They feel this would mere-
ly "fudge" the issue and delay
what ought to be a straightfor-
ward criminal matter.
The group was also set to ask
police what action is being tak-
en against an officer who was
overheard at Central Police
Station to say he, too, wanted
to kill someone in Pinewood

sh to get


atain DVD


S -. f,

a- ..

THIS photo provided by Focus Features, shows actors
Heath Ledger, left, and Jake Gyllenhaal in a scene from 'Broke-
back Mountain.'
(AP FILE Photo/ Focus Features/ Kimberly French)

movie that might be promot-
ing violence and heterosexual
immorality. Those movies were
produced maybe aimlessly and
so forth.
S"But Brokeback Mountain
was really-produced with a
clear promotional strategy to

try to nprmalise and medicate
the general public towards
accepting open homosexuali-
And this, Pastor Moss said, is
something that the Bahamas
should "without question" be
strongly fighting against.

Gardens. The residents say
they have the officer's number
and are demanding action.
Meanwhile, a Pinewood wit-
ness of events surrounding Mr
Bethel's killing seems to have
vanished after his car was shot
Mr Jason Cooper told The
Tribune two weeks ago that
police officers in an unmarked
car fired at him, leaving a bul-
let-hole in the passenger door
of his Honda Accord.
SA friend said: "He seems to
have disappeared. He feared
for his life. He has gone."

Among the group meeting
Mr Dames last night were
Deron Bethel's mother, Diana,
who is alleging she was assault-
ed by officers involved in her
son's death.
Also, her arthritic mother,
Geneva Bain, is filing a com-
plaint that she, too, was man-
handled by police in the after-
math of the killing.
Mr Dames said last
night that Mr Bethel's
killing would "more than like-
ly" be referred to a coroner's
He did not elaborate.





O ffei

Ask S herwin-Willm oui

neigb orhoo pait U*i
call 32
% Price CarlesDriv
aint V.

Serving The Bahamian Community
Since 1978

'. ""; ;: *t p|





PHONE: 322-8160 OR 322-8219

Small plane carrying prisoners
crashes into sea near US territory
A SMALL plane carrying prisoners from the island of St.
Croix to St. Thomas made a crash landing into the sea Tuesday
morning, officials said, according to Associated Press.
All seven people aboard the twin-engine Piper Navajo plane
were rescued and no one was seriously injured, said Kathleen
Bergen, a spokeswoman for the U.S. Federal Aviation Admin-
istration in Atlanta.
The aircraft, owned by the U.S. Virgin Islands Justice Depart-
ment, crashed about eight kilometers (five miles) from St.
Thomas and passengers were brought to land by raft, Assistant
U.S. Attorney James Carroll said.
The cause of the crash was under investigation, officials said.

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*~ imti t: THE petroleum 1" tanker i s sti on th scene after it i ovrure latmnho F rie-teae a be odndof
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THE petroleum tanker is still on the scene after it overturned last month on JFK Drive the area has been cordoned off.
(Photo: Felipe Major/Tribune staff)

Contamination from fuel truck

has not affected water table

Tribune Staff Reporter
petroleum products, released
into the environment when a
fuel truck overturned in Nas-
sau last month, has not as yet
affected theater table.
Last month, a truck carrying
7,500 gallons of fuel overturned
after hitting a lamp pole. The
privately owned vehicle was
travelling east on JFK Drive
past Tropical Garden subdivi-
sion when it struck a utility pole,
titled to the side and spilled a
load of fuel.
In an interview with The Tri-
bune yesterday, Ron Pinder,

parliamentary secretary in the
Ministry of Energy and the
Environment, said that from the
excavation exercise, it was
found that the contamination
had not hit the water table as
yet, but it had reached the sub-
soil level which is about four
feet below surface.
According to Mr Pinder the
tanker is a private hauler for
Bay Oil.Company Ltd.

He said that approximately
some 2,000 gallons of petroleum
product was released into the
environment. Of the 2,000 gal-

lons, about 1,500 was diesel fuel
and 500 gallons was gasoline.
The Bay Oil Company Ltd
has hired Bay Chem Company
Ltd, a recovery company. He
said preparatory work would
have started on April 7th.
The preparatory work
entailed making an assessment
of the area to determine the
extent of the contamination
and then cordoning off the
The second phase entailed
the recovery operation, which
had two stages. The first stage
involved skimming the petrole-
um product off the surface
wherever it was found.
The second stage included
excavating the contaminated
site. He said that peat sod was
used to absorb the.gasoline to
kill the vapours. He added that

the contaminated soil and the
peat sod was then extracted and
removed from the site and
properly disposed of:
"To date we are satisfied that
the site has been stabilizedand,
work is :expected to continue.
for the next two to three
months," said Mr Pinder.
Mr Pinder said that the on
site tanker is being used in the
excavating and recovery exer-
He said there was no excess
petroleum products in the
The tanker had been
drained and the petroleum
"They need a container on
site to assist with the recovery
exercise. Let's say they skim
some of the petroleum product
they found on the surface off

the ground, they need a con-
tainer to put that in once they
skim it off. It's placed into the
tanker and then removed rou-
tinely, so it is not sitting there
for extended periods of time,?'
.hesaid: : -
Environmentalist Sam Dun-
combe said if they do not get
all of the contaminated soil up,
every time it rains it continu-
ously runs the risk of polluting
the water'table.
"We need to seriously inves-
tigate other sources of energy
for this country so that we are
riot constantly depending on
fossil fuels to power us."
Mr Pinder assured the pub-
lic that the site will continue to
be monitored over the course
of the next six months to ensure
there is no further contamina-

Third man: .

charged in


with break-ins I:

A THIRD man has been
charged in connection with V -
a string of:breik ns:in ,- ;ri
which several women were
forcibly detained, raped and.
Anton.Roxbury, a 25
year-old resident ol Flamm-'.
go Gardens, was arraigned
yesterday before Magistrate
Renee McKay at court six
on Parliament Street.
Th6e`cthtrgcs reljedt' o "'
several incidents that
reportedlytobpibck'iace -:; '
Decimbei'2005 anidaM'rch -'
of this yeair.-' -'-
Eatieir thitnibintfl,21- -
year-bld :Jlima l MIKS\ eenv y '
of West Street'and 22-year- ;..
old C) l\ W ilham [o : of .
Pinewood-,GardeBn wee .s ;
arraigned on charges relat- :.
ing to ihhe. jnie incidents. ::;;: .
Qne charge a ainst Rox- o0;
bur' d,ljeg d that on Fnday. ,
Mi rch 24-, N. raped a 49- ,
yer-cold \\ onman .
Hc \as also charged wiillth, t
breAjik nto tBe woman's
home and while being tl 0
armed with a handgun, '''
forcibly detaining and rob- l
bing her of numerous items,' -'
including a small amount of t 'a
cash and a car.
Roxbury was also charged
with the rape of a 36-year-
old woman, which allegedly
took place on the same day.' O
He was charged with rob- r"' w
bing the woman of a gold Tz''.
watch and Bahamian work [ I "
permit. Y
Magistrate McKay told ic')
Roxbury that he was not 3
required to enter a plea to .-not
:these charges. w gri
An additional charge i T
alleged that on Monday, .
March 20, Roxbury broke 2y
into a home on Bethel w
Avenue and stole more than\,
$1,000 worth of goods. ,
Roxbury was further i
charged with breaking into .
a home on Bethel and Turn-
quest Avenues u some time -
bc t et-, T"I ed'\ Deci'em- 41' i0
beI 13, a;Frildav. Decem- "
ber 16.:"' 0 ji
Roxbury shook his head
as the charges were read in
He then told the magis-
trate that he still did not
understand what was going
Magistrate McKay
informed him that she: was
merely pi rforming her-
duties and that at the 3ppro-
priate time, he would have a
chance to stlec his case.
The matters "ere
adiouurned to September 2-5
and 26.

Royal Bahamian

Invites applications for the position of:


/ An experienced Operation/Maintenance
of waste water treatment Plant Operator
/Reverse Osmosis water plant.
Maintenance of Pumps. Motors chillers
deep well pumps. Must have proof of

Please send'resume to:

Human Resources
Sandals Royal Bahamian
P.O. Box CB-13005
Email: cmaior(

E PICI LiRED (I-ri are prison inmales Charles Monestine and Jarrod Hall. NMP Ron Pinder.
and prison inmates% Millon Johnson and Miguel Major.

MP praises inmates on

work release scheme

PARLIAMENTARY Secretary in the
Ministry of Energy and Environment Ron
Pinder applauded the work of prison
inmates at the Solid Waste Division of the
Department of Environmental Health Ser-
The inmates assist mainly with auto repair
work to the fleet of heavy-duty garbage
packer trucks as well as wielding and repair-
ing roll-off garbage containers.
After visiting the men on the job, Mr

Pinder said: "These young men have not
only been a wonderful addition to the work-
force of DEHS, but also their contribution
is saving taxpayers good money."
Mr Pinder said the Prison Work Release
Scheme is a "wonderful tool" for reforming
inmates and integrating them back into
He added that the inmates at DEHS are
fine tuning existing skills as well as learning
new skills in the areas of welding and auto

"While these young men have made mis.
takes they are not only paying their debt tc
society but also they are being given th{
opportunity of a second chance as well as tt
redeem themselves by accessing skills ani
training for life and work after their.inca0
ceration." \
The young men are also afforded th
opportunity tp generate income, which i
kept for them until their release. ,

Two or three bedroom houses

Preferably with garage or carport.

Eastern district preferred.

Heather Peterson



*~~arr A-rr

Judge to decide sentence



Tito murder trial

Tribune Staff Reporter
JUSTICE Anita Allen is
expected to hand down a sen-
tence in the Maxo Tito
Supreme Court murder trial
tomorrow marking the first
time in the country's history
that a murder conviction did
not lead to an automatic death
In making their submissions
in the sentencing hearing, pros-
ecutor Bernard Turner and
defence attorney Wayne
Munroe, noted that they were
charting unfamiliar territory fol-
lowing the Privy Council's land-
mark decision that the manda-
tory death penalty is unconsti-
tutional in the Bahamas.
Mr Turner argued that
despite this ruling, a death sen-
tence was the most appropriate
sentence for Tito, given the
nature of this particular offence,
while Mr Munroe asked for a
more lenient sentence.
The case was last heard
before Justice Anita Allenon
Thursday of last week.

On March 20, a jury of 11
women and 1 man unanimously
found Tito, of Nassau Village,
guilty of the murder of LW
Young student Donnell
Citing the way other jurisdic-
tions have handled the sentenc-
ing phase of murder trials, Mr
Turner said in court that the
case was "a classic one that
ought to attract the maximum
Mr Turner argued that the
crime was particularly heinous,
and pointed out that the victim
was a 16-year-old girl.
He added that the evidence
of the pathologist suggested that
the Nictim's skull ,iad been
crushed, that there was evi-

(FILE Photo)

dence of recent sexual activity
and that post-mortem burns had
been found about her body,
which also had lacerations.
Mr Turner claimed that there
was not any element of provo-
cation or abuse which would
have served as an justification
for excessive force.
Rather, he said, the blunt
wound to the victim's head
showed that there was an intent
to kill.
He called the crime "the
sadistic murder of a young per-
son" and said that the particu-
lars of the case merited view-
ing it as a heinous crime as
defined by the Privy Council.
"This is the type of murder
which ought to be visited with
the most conclusive punishment
- and that punishment we sub-
mit, the convict ought to be sen-
tenced to death," Mr Turner
said. .
However, in his submission,
Wayne Munroe argued that in
imposing a death penalty, the
court had to look at the cir-
cumstances of the case and

decide whether it truly fit the
definition of a heinous crime,
which would merit a sentence
of death.
Referring to a scale of
heinous crimes, Mr Munroe
maintained that at the higher
end of the scale were matters
that involved murder for sexual
gratification, terrorist killings
or those murders carried out by
contract killers.
He-argued that the blow to
the victim's head did not, as the
prosecution claimed, suggest an
intent to kill.
Mr Munroe said he believed
that the victim died because a
vehicle was rolled over her head
- which was not as heinous an
act as hitting a person repeat-
edly with an object such as a
He also noted that at 16, the
victim was old enough to
engage in legal intercourse and
that there was no evidence to
suggest rape.
Mr Munroe claimed that all
the evidence suggested that the
victim left her home voluntarily.
There was nothing in the tri-
al, he said, which would suggest
that there was anything other
than an, amicable relationship
between her and whomever she
met that night.
"So what you have in effect is
a domestic relationship which
resulted in a death," Mr
Munroe said.
As to the post mortem burns,
Mr Munroe said they did not
necessarily represent "a further
insult to the victim's body" as
described by the prosecutor. He
said that they could have been a
clumsy attempt to cover up a
crime by someone in a panicked
"Any offence close to
manslaughter cannot be at the
high end of the scale," he said.
Mr Munroe also noted that
his client had been abandoned
by his parents, adding that this
may have some impact on his

Tito's admission that he had
committed petty crimes to sur-
vive as a child and his generally
peaceful demeanor indicated
that he was not beyond

redemption, Mr Munroe said.
He further argued that the
Supreme Court could impose
any sentence it wished and not-
ed that in the absence of the
death penalty, there is no set

IN ITS continuing effort to recognize out-
standing contributions in the field of educa-
tion, the law firm Higgs and Johnson marked
10 years as the sponsor of the national H and
J Excellence in Teaching Award by honouring
Tamika Cartwright of Claridge Primary
The award is a cash prize that is presented
to educators who exemplify and show excel- teaching and leadership develop-
"Higgs and Johnson understands that so
much of the course of one's life is dependent
on the quality of his or her education," said
Higgs and Johnson partner John Delahey:
"We are proud to support educators and

term of imprisonment for mur-
When asked by the judge if
he had anything to say,
Tito said: "I ain't kill no one

to by EyesOfLove Photography/Kenneth Love)
teachers who work consistently to provide a
sound instructional base for their students
and who dedicate themselves to fostering
the success of afl the young people in their
"This is truly nation-building and we hope
by this award that we are lending a hand to
that effort," he said.
Higgs and Johnson said in a press release
that it recognizes the National Teacher of the
Year programme and the H and J Excellence
in Teaching Award ''as components of a
national honours programme that focuses
attention on excellence in teaching, and
applauds Ms Cartwright for being selected
for this major honour.

Law firm honours 'Teacher of the Year'
=' : 22 ,''

C a

HIGGS and John-on continues its corporate support of the Teacher of the Year pro-
gramme with a cheque presentation to Ihis ear's awardee. Tamika Car\ right Icentre). Pic-
tured with Mrs Cartwright (l-r) are H and J Partners Vann Gaitor, Dr Earl Cashi, John
Delaney, and Stephen Melvin.

~a~, ~g~L3~S~r.i ~L~




The controversial subject of

Bethel (of Grace
Gospel Chapel) and others
recently drew our attention
to the "Homosexual Agen-
da" to take over the world.
After much research we
were able to confirm that
this master plan does exist.
Here's an excerpt from the
document that we were able
to pull down from a secret
web site:
6am Gym
8am Breakfast (oatmeal
and egg whites)
9am Hair appointment
10am Shopping
Noon Brunch
2pm Convert all straight
youngsters to homosexu-
ality, destroy all hetero-
sexual marriages, establish
a global chain of homo-
breeding prisons where
straight women are turned
into artificially impregnat-
ed baby factories to pro-
duce prepubescent love
slaves for the gay leader-
ship, and secure total con-
trol of the Internet for the
exclusive use of child
2:30pm 40 winks of beau-
ty rest to prevent facial
wrinkles from stress of
world conquest
4pm Cocktails
6pm Light dinner (soup,
salad, with Chardonnay)
8pm Theatre
11pm Bed (du jour)

Actually, Pastor Bethel's
remarks are not as silly as
the above parody makes out.
They are drawn from the
strong views of powerful
religious and social groups
in the United States, led by
conservative preachers like
Jerry Falwell (of Moral
Majority fame) and Pat
Robertson (of the Christian
Broadcasting Network).
These radical evangelists
warn of an outright homo-
sexual plan to change society
that must be resisted at all
costs. They believe homo-

sexuality is a matter of
choice and a symptom of,
moral decay that is strictly
outlawed by God.
Pastor Bethel says the gay
agenda was proclaimed at a
1993 Gay Pride March in
Washington one of the
largest civil rights demon-
strations in American histo-
ry, which attracted more
than a million participants.
He says the agenda
includes repealing sodomy
laws, legalising child sex and
same-sex marriage, letting
gays teach kids, restricting
religious freedom, banning
prayer in public schools and
allowing gays in the boy
scouts and military.
"The great majority of
these demands have been
met in the United States and
parts around the world,'
Pastor Bethel says. "The
Bahamas stands on the
threshold of the unfolding
of the homosexual agenda in
this country."
According to Craig Osten
of the right-wing Alliance
Defence Fund, the agenda
was set in 1988 during a
summit of gay leaders in Vir-
ginia. Its aim is to radically
change society by promot-
ing homosexual behaviour.
Opten says the meeting "pro-
posed using tactics that corn
bine the brainwashing meth-
od's of Mao Tse-Tung's
Communist Chinese with
Madison Avenue's most per-
suasive selling techniques."
Fundamentalists rely on
simplistic interpretations of
Biblical quotes to make their
case. For example, the Book
of Leviticus prescribes the
death penalty for same sex
couples just as it does-for-

children who curse their par-
ents (which would immedi-
ately solve our population
crisis if applied) and for
those who break the rules of
the Sabbath (something that
Jesus did). According to this
view, homosexuality is evil.
Even use of the term
"gay" by homosexuals upsets
these Bible thumpers, who
say it has corrupted a once
perfectly good word: "I nev-
er use the word 'gay' when
referring to homosexuals,"
according to one theologian
on,org. "There
are many bright, exuberant,
merry people in this world
who are not sexual per-
And that's the back story
to why the Bahamas Christ-
ian Council arranged for the
hugely successful, award-
winning film, Brokeback
Mountain, to be banned.
from public viewing here. In
their mind, the film is noth-
ing but filthy propaganda
aimed at making homosex-
uality seem good, and those
opposed to it seem bad.

Pastor Bethel (with-
out telling us
whether he possesses a
secret DVD copy of the
film) says Brokeback Moun-
tain is all about how "reck-
less men destroy their wives
and families. It is also inter-
esting to note how the spin-
doctors can take the banning
of a movie designed to
attack the moral sensibilities
of a people, and say that (it)
is an attack against homo-
But according to one
moviegoer we surveyed,

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"What it actually says is that
if you engage in homosexual
activity you can expect to be
mutilated and killed. If you
believe homosexuality is vol-
untary, then by your own
logic you should want this
movie shown to dissuade
youngsters from turning
We should also not over-
look the fact that gays were
one of the first groups to be
persecuted by Hitler's Ger-
many, along with epileptics,
schizophrenics and other
"degenerates".. During the
12 years of Nazi rule, nearly
50,000 were convicted of the
crime of homosexuality, and
many ended up in concen-
tration camps.
In his 1971 book, Neu-
roses in the Sun, Bahamian

ple, overprotective mother-
ing, distant fathering, hav-
ing gay parents, or child
abuse. Biological studies
have found structural brain
differences between those
belonging to different sexu-
al orientations. And there is
no credible evidence that
sexual orientation can be
successfully "treated".
Estimates of the number
of homosexuals in a given
population range from 1 to
10 per cent. But studies have
found that most human
beings have had homosexual
experiences or feelings at
some point during their lives
and that we are all essential-
ly bisexual. Experts say
there is "mounting evidence'
that homosexuality is caused
by genetic susceptibility trig-

"Today, most scientists agree
that sexual orientation is shaped
at an early age, and is not a
matter of choice. It does not
appear to be Influenced by.
social example, overprotective
mothering, distant fathering,
having gay parents, or child
abuse. Biological studies have
found structural brain
differences between those
belonging to different sexual

clinical psychologist Dr Tim
McCartney said he had
"first-hand knowledge...of
the undeniable increase of
overt homosexuality (and)
homosexual prostitution" in
the Bahamas. Predictably,
he attributed this to "the
absence of a father figure in
the lives of many young
Bahamians and the female
dominance under which they
grow up."
Before 1973, homosexu-
ality was listed by the Amer-
ican Psychiatric Association
as a mental illness, and Dr
McCartney claimed that "re-
educative psychotherapy"
could help gays confess their
sexual bias and re-adjust to
"relate to the opposite sex".
Today, most scientists
agree that sexual orientation
is shaped at an early age,
and is not a matter of choice.
It does not appear to be
influenced by social exam-

gered by the prenatal hor-
monal environment."
Human homosexuality
can be traced back thou-
sands of years. It was nearly
universal among males in
ancient Greece, pre-modern
Japan, and other cultures -
Alexander, the Great being
one famous example Aind it
is also true that animals
exhibit homosexuality from
sheep to apes and swans to
penguins although it does
not appear that they are
under any socio-cultural
influence to practice alter-
native lifestyles.
Most gays in the Bahamas
prefer to avoid this subject
and generally do not flaunt
their sexuality: "We don't
want to draw attention to
ourselves or create a fuss
about it," one man told
Tough Call. "There are sub-
tle forms of retribution in
this society, which is why so

many of us live a double life '
on the down low (in the clos-
"Although most Bahami-
an gays are not particularly..
agitated about victimisation,
there are some who think we
should speak out more.
That's because disenfran-
chised people tend to be
very vulnerable. And when
you shrug these things off,
disastrous things can happen
down the road.
"We see the prejudice as
irrational people using an
issue for their own ends.
Gays are often more respon-
sible than heteros, but
Bahamians don't want to be
shown up for what they real-
ly are. The most hateful,
i thing you can do is show
them up. Just look at the
straight preachers who have
recently been charged with
child mulcsLatlln

A according to an
American colum-
nist at, "For
some reason, (gays) believe
the utterly disgusting idea,
that they should be able to
live their lives in peace and
trust and health, with full '
support and assistance from .
their schools and hospitals
and government, just like ,
everyone else. It is, in fact, .
remarkably similar to what
heteros want. And women..
And black people. And
immigrants. And dwarves."
A more radical view ,::
points out that the straight
community "plays on homo-
phobic fears, claiming that
our 'agenda' includes their ,: '
fantasies of recruitment and ,
child molestation while con-
veniently ignoring the over-
whelming evidence that het- ,l
erosexual males pose the pri- i, ..
mary threat of sexual abuse ,,,
against minors."
Some Christian denomi-
nations are deeply divided, ,i
over thisissue. The Arch-
bishbp of Canterbury,
Rowan Williams, regards
faithful same-sex relation-
ships as moral, while most
Anglican churches disagree. .
Bahamian Archbishop Drex- '
el Gomez has vowed not toY .
tolerate homosexuality in
the church:
"Any evidence of that will,' ;
be dealt with very firmly and .
no person who is openly
practising a gay lifestyle will '
be considered for ordina-,
tion...we consider it illegiti-'
mate in terms of the teach-t -

SEE next page

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Butler & Sands
Member of The Burns House Group of Companies

2 pm 6pm
Saturday, April 22nd 2006
Poop Deck, Sandyport, West Bay Street

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homosexuality I

FROM previous page

ing of the Bible and the his-
toric teaching of the
The banning of Broke-
back Mountain by the
Bahamas Films and Plays
Control Board has produced
lots of negative publicity and
sparked countless arguments
on Internet discussion
boards. One post on
took issue with a recent arti-
cle by Sir Arthur Foulkes
urging tolerance for dissent-
ing views and lifestyles:
"The most important
point to be made is that it is
utterly wrong for any one
group majority or minority
- to use'the state to force
its views or beliefs on oth-
ers or in any way to penalize
or discriminate against dis-
senters," Sir Arthur wrote.
To which the commenta-
tor responded: "Bahamians
have never really 'hated'
homosexuals, they just do
not wish to see (homosexu-
ality) expressed openly,
without discretion. You have
a society that has, in this
case, an unwritten law that
doesn't inhibit the actions of
anyone per se, but is only a
request for respect of the
scruples of the people of the
Is that so much to ask? I
feel that in the same way
that homosexuals demand
respect for their way of life,;
the same should be given to
the society upon which they
are laying their way of life."
Another discussion on the
Yahoo News forum featured
praise and condemnation for
the film's banning: "How
sickening that a government
won't let their citizens
decide for themselves
whether they want to see the
movie. If you are scared of
your kids being sodomized
or raped, yowubest keep
them away from-heterdsexu-
als. They commit 98 per cent

of the crime."
"I have a theory on why
this movie caused such a
ruckus. How many really
macho men tend to take off
camping and hunting with
their buddies every year? I
wonder how many of them
are now wondering what
people are going to think if
they go this year?"
Homosexuality is not a
crime in the Bahamas, nor
in most countries of the
world today. The US
Supreme Court struck down
sodomy laws in the 13
remaining states that had
them more than two years
But homosexuality is still a
serious crime in many Islam-
ic and African nations. Israel
is the only country in the
Middle East where homo-
sexuals are protected under
anti-discrimination laws.

Legal analysts say the
American Supreme
Court ruling enshrines for
the first time a broad con-
stitutional right to sexual pri-
vacy: "The petitioners are
entitled to respect for their
private lives," Justice Antho-
ny Kennedy wrote for the
court's majority. "The state
cannot demean their exis-
tence or control their des-
tiny by making their private
sexual conduct a crime."
To which arch conserva-
tive Justice Antonin Scalia

Share your
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(who voted against the deci-
sion) responded: "I have
nothing against homosexu-
als, or any other group, pro-
moting their agenda through
normal democratic means.
Social perceptions of sexual
and other morality change
over time, and every group
has the right to persuade its
fellow citizens that its view
of such matters is the best.
But persuading one's fellow
citizens is one thing, and
imposing one's views in
absence of democratic
majority will is something
SPerhaps the real bottom
line to all this is (as one
Internet commentator put
it), "the more mainstream
gay people become, the less
reason people will have to'
be disgusted by us. For the
vast majority of gays, our
lives are NO different from
that of heterosexuals.
"I don't judge one straight
couple from another based
on what they may or may
not do in their bedroom. It
would be nice if .people
wouldn't judge gay pc ,plL
based on that, too."

What do you think?
Send comments to
Or visit


Bahamas Bus and Truck Compaiy Limited
Montrose Avenue
Phone: (242)322-1722
Fax: (242) 326-7452
44 Montrose Avenue

Faith Temple

Christian Academy

Faith Temple Christian Academy (FTCA), the educational arm
of Faith Temple Ministries International invites applications from
suitable, qualified individuals to fill the following teaching
positions for the upcoming academic year 2006/2007:

Nursery K5

Elementary Teachers
Grades 1- 6 ,
Computer Studies

High School Teachers
English Language
Religious Studies
Social Studies
Family Life
Home Economics
Technical Drawing
Physical Education
Computer Studies

All Applicants Must Have the following:

1. A valid teacher's certificate or diploma.
2. At least two years teaching experience as a trained
teacher in the relevant teaching subject area.
3. Be a practicing, committed born-again Christian.
4. Be willing to participate in extra curricular activities.

Applications must be made in writing together with curriculum
vitae, and names of at least three (3) references to:

Mr. Daniel O. Simmons
Faith Temple Christian Academy
PO. Box SS-5765
Nassau, Bahamas
.... Application Deadline: Monday. May 8, 2006









-- --




22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas


For The Late




2 W of Regency Park,
Nassau, The
Bahamas will be held
at Central Gospel Chapel, Dowdeswell
and Christie Streets, Nassau on Friday,
21st April, 2006'at 11:00 a.m.

Elder Elliot Neilly and Elder Brentford
Isaacs will officiate and interment will be
in Woodlawn Gardens Cemetery, Soldier
Road, Nassau.

She will be lovingly remembered by her
sons, Richard and Andrew Fountain;
grandsons, Allen, Avery, Andrew T. and
Donovan; grand daughters, Amy, Andrea,
Allison, Abigail and Anna Theres;
daughters-in-law, Ann and Evangelist
Denie Fountain; brother-in-law, DeWitt
Thompson; sisters-in-law, Marriette
Thompson, Lady Patricia Isaac, Marguerite
Martin, Corrine and Audrey Fountain and
many other relatives and friends.

Relatives and friends may pay their last
respects at Kemp's Funeral Home Limited,
Palmdale Avenue, Nassau on Thursday,
20th April, 2006 from 4:00 p.m. to 6:00

Arrangements by Kemp's Funeral Home

Bethel Brothers Morticians
Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026

S -of #54 St. James Road will be
held on Thursday at 10am at
'" Holy Cross Anglican Church,
-' Soldier Road. Fr. Laish Boyd,
Canon Neil Roach and Fr. Peter
"' Scott will officiate. Interment will
be made in Ebenezer Cemetery,
East Shirley Street.
SDennis' memories will forever
linger in the hearts of his wife,
Priscilla; six sons, Vincent
Alphonso, Dennis Jr., Omar, Jermaine, Marchello and Devon; nine
daughters, Denise Johnson, Patricia Johnson, Elsie Seymour, Wanda
Gomez, Yvette Cargill, Vesta Ferguson, Felicianna and Marsha
Williams, and Janelle Gallippi; seven sons-in-law, Ralph Johnson,
Perry Seymour Sr., Craig Tony Gomez, Ephraim Cargill, Anthony
Ferguson Sr., Roger Duvalier and Frank Gallippi; two daughters-in-
law, Terry and Marjorie Williams; thirty-eight grandchildren, Delvin,
Shenna and Aldasha Williams, Renaldo, Keri and Thea Johnson,
Candice Davis, Joshua and Paige Johnson, Peresse and Perry Jr.,
Seymour, Vaughan Miller, Anthony and Craig Gomez, Earlin, Evan
and Ynesse Cargill, Alexis, Wesmond and Faith Williams, Aisha,
Anthony, Antonique, Anves and Avesha Ferguson, Donovan
Lightbourne and Ricardo Stuart, Patrick Musgrove, Harris and Montel
Smith, Anastacia, Roger and Justin Duvalier, Jermaine Williams Jr.,
Monique Williams, and Kahlil Williams; three great grandchildren,
Destiny, Delvin Jr., and Brent Williams; six brothers, Richard, Tim,
Slane, Jeff, Frank and Dencil; five sister, Katrina Brown, Jennie
Basden, Janet Williams, Lorraine Clarke and Minerva Williams; three
brothers-in-law, Kenneth Clarke, Sidney McKenzie and Frederick
Armbrister; ten sisters-in-law, Eudora, Florence, Jennifer and Judy
Williams, Doris McKenzie, Lady Marguerite Pindling, Julie Armbrister,
Gwen, Alice and Albertha McKenzie; seventy six nephews including,
Michael Clarke, Larry and Gary Williams, Obafemi and Leslie Pindling,
Abdul Armbrister, Selwyn, Orthnel McKenzie and Roger Simmons
and Michael "Sarge" Hanna; ninety nieces including, Sharon, Yvonne
Cooper, Donnette Pinder-Clarke, Sharice Colebrooke, Dellaresse
Williams, Diane Pindling, Iva Simmons, Yvonne Thompson and
Pandora Butler; two aunts, Ulricka Bethel and Lady Patricia Isaacs;
numerous relatives and friends including, Melissa Williams, Karen
Thompson, Jackie Greene, Yvonne Darville, Vencha Butler, Hon.
Madame Justice Jeanne Thompson, Heather and Tommy Thompson,
Oswald and Yvonne Isaacs, Sherry Minnis, lan Bethel, Elizabeth
Albury, Althea Huyler, Joe and Jane Williams, Adrianna Gaitor, Victoria
Gibson, Jocelyn Albury, Sherry Newbold, Leonard Archer, Everette
Burrows, Julia Pierre, Jennie Dotson, His Excellency Arthur D. Hanna
and Mrs. Beryl Hanna, Kenneth Herious, Desmond Frazier, Rev.
William Miller, Charles Wallace,, Esau Roker, David Balfour, Roderick
McKenzie, Bernard Miller, Kenneth Moore, Kenhugh Rolle, David
Adderley, Ricardo Hanna, Michael Curtis, Calvin Pinder, Tom Basden,
Roscoe Glinton, Forrester Bowe, Kendal Munroe, George Capron,
David Capron, The Hon. Pierre Dupuch, Ervin Knowles, Clifford
Ramsey, Horace Lockhart, Kirk Knowles, Gurth Knowles, Mary Gay,
Cleomi McKinney, Antoinette Fernander, Leroy Storr, Clothilda Roberts,
Geneva Ferguson and family, Cosette Bethel and family, Edward
Pinder, Dr. Locksley Munroe and Team, Dr. Channa Jagadeesh, the
Hatchet Bay family, the Ragged Island family, Turks Island family, the
entire St. James Road family, the Kemp Road family, the entire Holy
Cross Church family, the entire staff of Male Surgical Ward II, Oralee
Adams and family, David Pratt and family, Octavia Johnson and
Hortense Harris-Smith.
Funeral arrangements are being handled by Bethel Brothers Morticians,
#44 Nassau Street.' In lieu of flowers donations may be sent to Holy
Cross Anglican Church Building Fund.

The Bahamas urged

to pursue PetroCaribe

FROM page one

tries that were hard hit by the
first oil crisis, offering financial
funding arrangements with the
PetroCaibe providing an even
"better arrangement", she said.
"We are using some of these
funds from the PetroCaribe
to look at renewable energy.
We are in an agreement that
suits us. We are getting a soft
loan that assists us in doing
our development," she said.
For those who question the
forthrightness of the Accord,
Mrs Potopsingh said they have
had no problems with their
supply of crude oil. The
Jamaican government, she
said, was in fact "quite
pleased" with the progress of
the PetroCaribe deal.
Echoing these sentiments
and the need for its imple-
mentation, chairman of the
Bahamas Fuel Usage Com-
mittee Vincent Coleby, said
that if Bahamians want to get
the "best deal" on crude oil

they should deal with the
"What is happening now is
that Iran and Nigeria has now
replaced Katrina so to speak
as the driving forces for mov-
ing the price of fuel up. And I
don't see that getting any bet-
ter, and like I said before high
prices are going to be with us
for a very long time and you
are not going to be able to ride
it out unless you are prepared
to pay," he said.
Mr Coleby said he was tak-
en aback by the comments he
heard on the radio from con-
sumers who said they had to
pay whatever price was listed
at the pumps, complaining
that there was no other option
open to them. The view, he
said, of having to pay $10 for a
gallon of gasoline because
there were no other options,
and to simply "ride oqt" the
price hikes is "stupid". :
"I still contend that the least
we should have done was to at
least review more fully the

concept of tapping into the
PetroCaribe accord. Now like
I said you just can't do it with
a stroke of a pen, it requires
negotiations. And we are in
the position in the Bahamas
where our best solution is to
negotiate a benchmark mark-
up for the Bahamas to be
somewhere below the world
market prices in terms of
refined products.
"And you'll have to find a
supplier who will be prepared
to negotiate that with you.
And that is the basis I think
that PetroCaribe would have
been quite useful to enable
us to negotiate a position that
even though the prices'would
rise, you would still be in a
position where your prices
would remain in relative terms
considerably lower than world
market demands," he said..;
Mr Coleb\ felt the fear
some persons have that there
could be a backlash on the
Bahamian economy from
doing business with leftist

Venezuelan President Hugo
Chavez, who has criticised
American President George
Bush, is unfounded.
"The fear of accommoda-,
tion of Chavez and Castro'
(Cuban president Fidel Cas-
tro) seems to get people's
mind absorbed that you can't
be seen doing business with
these people. Well what is
happening is that you are not
doing business openlyand
directly \\lth them, but peo-
ple don't understand that eal-
l v'ou are done busine,\ ith
them jna\..
-"Because the produce, that
you bu\ are sourced to the
Venezuclans. Even though the.
refinery is in Curacao it ik
owned by tlW Venezuelans'
So they are the on s hd..are
in the best position to Aar
with you. I believe thaO in
order to get the best relts
and the best decision you lave
to go to the source andthe
source in this case is-the
Venezuelans," he said.


that can
FROM page one pick up
there ar
arranged for next week, and at the time,. not.test.
he thinks that Minister Leslie Miller and "The
all concerned individuals travelling to the said, "so
base can ask for and expect to receive confided
whatever documentation that is not classi- the test
fled concerning hazardous material dispos- test."
al and other testing activities at the base. Howe
He said he wants AUTEC's activities to he conti
be very open. sion as t
Dr Hardt also addressed the recent any testi
whale beachings in the northern Bahamas. here in t
"You can speculate in many ways, but "Ther
the point is that whales beach all over being in
the world where they live, whether there "How
is sonar testing or not." our base
He pointed put that the AUTEC base try to
has implemented measures to prevent are don
damage to mammals. area.
"They have a room where they monitor "We 1
listening devices at the bottom of the sea out of th

1 pick up sounds and they also
the sounds of mammals. So when
e mammals in the area they do
equipment is very sensitive," he
They have a reasonable degree of
nce that there are no mammals in
ng range before they conduct the
ver, because testing is so active,
nues, you cannot draw a conclu-
o cause and effect, and pin-point
ing day or date to whalq beaching
:he Bahamas.
*e is a possibility, but it is still
vestigated scientifically.
ever, because of that possibility,
has taken extensive measures to
make sure that when tests
e, that no mammals are in the
have the ability to, run mammals
ie area by raising the sonar level

in such a way that it \would make Lt
uncomfortable for the mammals in 'the
area. .
"We raise the level bit by.bit so thai
the mammals will mme awa j-from'the
sound source," Dr H.rdi said
And though even the-.n measures a're'
questionable, Dr Hardt said that "in l
United States we ha c the highest; e. V
ronmental standards in the w world. and':,
apply those to our base and the worli
does here."
As far as AUTEC halting its testwig!
until it can be determined that it is noLt,.e
cause of the beaching. Dr Hardt addoit
"This is an ongoing scientific matter tlia
scientists the world oe r are stud I ng J'Bd
have been studying without an\ deft'ni'-
tive conclusion, so to halt testing became '
of a possibility that natural\ occurihng
whale beaching may be resulting from~
this ... when will start again? What proof
can you use to start again.", :.

I Political


FROM page one

However, Dr Lopes claimed
that the country has the greatest
dictatorship in this hhemisphhre
with the greatest numbet of
journalists imprisoned in the
world after China. i . -
"Cuba is a country wherelhe
most basic human rights are
repressed dail\ Thc'rightito
freeexpre...ion and thhduht. the
right to listen to-anN radio or
any TV programme, the right
to read any book. the right to
use the Internet. the rightiPd', to
agree and the right fo'tra'l],by
plane, if one so desires.",/ .':.
He added that the. ,OiT
government is responsib~:ef
the violent deaths of thousaAd_
of Cuban men, women and chb-
dren and tor the-tmpiisonmeot
of many otheti.
Dr Lopes said that it is t4i-
ic when there are millions (f
Cubans dispersed throughout:
the world.
"Many of them have died,
full of nostalgia without beihg.
able to return to see their'
beloved family members a Ni
their country because of dicta-
torship laws by that govere-.
ment. Every day Cubans arri!;:
to different countries, Ti
Bahamas is no exception. Each
month many Cubans arrive to
these islands, relating horrible
stories of their plight in crossing
the water to freedom. Many
never arrive."
Dr Lopes said that the big
question is why these people
want to escape Castro's par-
"Clearly the answer would
be a challenge to those who
dedicate themselves to promot-
ing and defending this infamous
dictatorship," he said.

AUTEC 'not

to cancer



l* c2.u ,,' ,,

'lP.-..r Jin us in Celebration the Life of Hlenry Ross,

Our Belovied, Father & Grand Father on April 22nd, 11:00 am at the Terraced Gardens,
One and Only, Ocean Club Hotel on Paradise Island, Bahamas

We request that you wear bright colors and a \ ,in m inlu'!

Please: Email if you are r1l,.n111i,: to attend:

In Lieu of Flowers a Scholarship Fund
in the name of Henry Ross
has been opened with The Royal Bank of Canada in the Bahamas






The Tribune

Coloring Co


trt IO

Sandiera __ Lakeira Wright
Victoria Ker p ST PLACE Pictured with Judith Adderly, Kelly's Human
Ml__ F- J Tt AC ~Resource Manager, andtfi-Perbna Addiery,
Pictured with Judith Adderly, Kelly's Human Anas s Kne Kelly's Head of Department
Resource Manager,, and Cherese Moxey, Aa taSla I ow les
Kelly's Promotions Department,
Pictured with Cherese Moxey, Kelly's Promotions Department,
and Petrona Adderly, Kelly's Head of Department

FIRST PLACE Destiny Lewis
Pictured with Bernadetter Armbrister,
ix rlt ol'A v r a h a as on Kelly's Buyer, and Debbie Johnson,
ith Charlene Storr, Kelly's Advertising Department, and Shantell Strachan, Kelly's romtions Department, Kelly's Promotions Department
Pictured with Charlene Storr, Kelly's Advertising Department, and Shantell Strachan? Kelly's Promotions Department,

Brittany E. Souder
Pictured with father Bruce Souder and
Judith Adderly, Kelly's Human Resource Manager

Jayde Copper
Pictured with Charlene Storr, Kelly's Advertising Department, and Shantell Strachan, Kelly's Promotions Department,

The Tribune

NO4t(- 4
/at4* /~g~/4$e4$2r


Peron Butler
(No picture available)

i I

VVLL-, -4r-.)LJA, AtJHIL 1 , 2006, PAUC '(


^^^1 ~ ~ ~ V rHj| '-'.^ ^K&'^ ^H

Litre Litre Litre 750 mi.


Shiraz I Australia

40 oz: Merlot Italy Champagne I France Sparklil

...-- '. -- --- '. Bi., j

Sauvignon Blanc / New Zealand Rose of Provence / France Merlot / France Chardonnay

Sale Date: April 12th-April 22nd, 2006

Best Choices, Best Deals!
Caves Village, Shirley Street, Independence Highway, JFK Drive, Cable Beach Roundabout, Harbour Bay, Lyford Cay
G R A N D A A.
RND Plaza, Queen's Highway, Seahorse Plaza
Queen Elizabeth Drive, Marsh Harbour
Butler & Sands Governor's Harbour, Bayside Liquor Store-Harbour Island, Jeans Bay-Harbour Island
E ,'JMA-John Marshall-George Town BIMIN -Butler & Sands-Alice Town

I A3

-Semllon / USA





Miami Herald Business, Stocks, Analysis, Wall Street

Film industry gives


Tribune Business Nation may receive twi

$40m boost

D extra films and television series before year's end

lion spent
in the
on two
major films, and possibly two
more big screen projects and
a television series to be filmed
in this nation, the Bahamas
Film Commission's head said
yesterday that the industry was
rapidly growing to the benefit
of the economy.
Speaking with Tribune Busi-
ness yesterday, Craig Woods
said that at least one, and pos-
sibly two, major film projects
planned by different Holly-
wood studios were expected to
start filming in the Bahamas
before year's end. In addition,
Warner Brothers Television,
better known as 'The WB', is
planning to film a television
series here this year also.
The announcement comes
shortly after the completion of
two major projects, Pirates of
the Caribbean II & III, and
James Bond: Casino Royale,
both of which were filmed on
location in.the Bahamas.
Mr Woods said the two pro-
jects direcity injected $40 mil-
lion into the Bahamian econo-
my, with even more economic
impact expected once the films
are finally released worldwide.
The Bahamas being dis-
played on the big screen, the
buzz created before the film's
debut, and the good comments
which came from the produc-
ers about the Bahamian atti-
tude, will translate into a
favourable economic impact
for the country, Mr Woods
The "great thing" about hav-

ing both the Pirates and James
Bond films completed, he said,
is that the projects were so
diverse that it gave Bahamians
a unique glimpse into very dif-
ferent styles bf filming.
For the Walt Disney Pro-
duction, Pirates of the
Caribbean II & III, Mr Woods
explained that this was fast-
paced; directors wanting to get
in and out. He said reports
reaching his desk were that
Bahamians were quick learn-
ers, friendly and cooperative.
Mr Woods said Bahamians
were involved in every facet of
production while the Pirates of
the Caribbean II & III crews
were here, including acting, set
production, the art depart-
ment, and marine and techni-
cal work.
Director Gore Verbinski,
along with actors Johnny
Depp, Keira Knightl, and Jef-
frey Rush, were "wonderful
people" who were "great to
work with", he said.
With Pirates of the
Caribbean, Mr Woods said it
took a lot of persistence on his
behalf, numerous phone calls,
and a little inspiration from
Los Angeles-based Bahamian
producer, Cedric Scott, to
grasp Disney's attention.
Eventually, he said Disney's
president personally flew to
the Bahamas before deciding
to have the film shot in both
Grand Bahama at the
Bahamas Film Studios and
Exuma. St Vincent and
Dominica were also used as
filming sites for the two movies
in the Pirates series.
In contrast, Mr Woods said

the Bond film was shot by an
English crew, giving Bahami-
ans the opportunity to work
with two different filming
Looking back at Into the
Blue, Mr Woods said that
while numbers were not read-
ily available, there had been
an increase in diving since the
film's debut.
Johnny Depp, he said,
bought Halls Pond Cay in the
Exumas last year, and it is pos-
sible the sale had a lot to do

with his experience during the
filming of Pirates of the
Noting that more than 85 per
cent of tourists come to the
Bahamas for the water, Mr
Woods said that seeing the
beautiful Bahamian ocean and
landscapes will ultimately lure
more visitors to this archipel-
In the case of Casino Royale,
Mr Woods said the producers
took advantage of the Victo-
rian architecture that Nassau
has to offer with 30 per cent
of the film shot in the capital.
Fresh from the Hong Kong

film festival, Mr Woods said
the Bahamas was promoted to
filmmakers there, some of
whom said they do not even
know where this country is.
He was successful in getting
a Hong Kong producer here
to shoot a Science-Fiction film.
The producer, Mr X oods said.
commented that this country
is one in only a few in the
world where you "can stand
up in the water and see your,
feet" an attribute that
Bahamians might take for
Meanwhile, Mr Woods said
the Commission and wider

government were still working
on developing a formal pack-
age of incentives for the film
industry, which is expected to
come into effect this year.
He declined to specify the;
incentives, but said they would
work to the benefit of film-
makers and Bahamians.
In addition to more than
100,000 square miles of ocean
front, sun and sea, Mr Woods
said "compelling customer ser-
vice" could tip the scale and
place the Bahamas even fur-
- their up the destination lists of
some of the world's leading

Investment's new owners soon to

be in 'full swing' on construction

Tribune 'Business Editor
THE new co-owners of a multi-mil-
lion dollar investment project already
approved for Crooked Island yesterday
told The Tribune that construction, work
on the development was expected to be
"in full swing" by early summer 2006,
after a pause to evaluate what they had
Carter Andrews, who with business
partner Cam MacRae, a North Carolina
investor, acquired the Pittstown Point
Landings Hotel and other parts of the
project from fellow Crooked Island res-
ident, DK Ulrich, said it was possible
that the investment could triple the num-

ber of workers employed at the proper-
ty over the next three to five years.
Mr Uliich had told The Tribune that
he had sold the hotel and Pittstown Point
Landings Ltd, the holding company for
his development, "six months ago".
The sale would have taken place less
than a year after Mr Ulrich signed a
Heads of Agreement for the project with
the Government.
The development, which had a head-
line figure of $35 million attached to it,
involved expanding the existing 12-room
Pittstown Point Landings Hotel during
the second phase of development.
The first phase, under Mr Ulrich's
ownership, was slated to involve the con-
struction of 18 town homes, 25 home

sites and a 40-slip marina.
Mr Andrews yesterday tpid The Tri-
bune that while he and his business part-
ner still planned to construct the same
number of town homes and lot sites, plus
the marina, they had taken time to eval-
uate the plans they inherited.
"We've spent tle past few months get-
ting our business back to where it was,
and we've just had an unbelievable
response," Mr Andrews said.
"We've been re-evaluating our pro-
ject, staying within the parameters of
the permits the Government issued.
Instead of taking the project exactly how

"SEE page 5B .

Blue Hills roadworks

damage business sales

Tribune Business
BUSINESSES close to the
Blue Hill Road roundabout
with Iqdependence Drive con-
tinue to be adversely affected
by ongoing roadworks, with
some losing up to 50 per cent
of their sales. The project,
halfway through its scheduled
six months, has already been
delayed by at least five weeks.
Companies in the Town
Centre Mall, as well as those
on the other side of the round-
about, told Tribune Business
yesterday they were all being

Road improvements
already five weeks
behind, and only
halfway through

"seriously impacted" by the
roadworks in their sales and
customer counts.
Up to 50 per cent losses in
sales have been reported and,
at best, sales growth has been
"blunted", they said.
Environmental concerns,

SEE page 4B

Sure your kid will get a scholarship!

Now what's Plan B?

AES hopes for 2006 LNG start

Tribune Business Editor
THE AES Corporation is
still hoping to begin construc-
tion of its $650 million Bahami-
an liquefied natural gas (LNG)
terminal and pipeline in 2006, a
development that will be part
of the company's $1 billion
investment in creating an alter-
native energy group.
In a release, AES said its
AES Ocean Express project,
which is proposed for Ocean
Cay, a man-made industrial
island located near Bimini, was
still only awaiting "final
approval" from the Bahamian
government before commenc-
Striking what some will

probably regard as an over-
optimistic tone, AES said:
"Construction of the project is
targeted to commence in
It added that it had secured
all the necessary approvals
from the Federal Energy Reg-
ulatory Commission (FERC),
state of Florida and Broward
County to pipe the LNG to
Florida, where it will fuel that
state's increasing demands for
new fuels to generate electrical
AES said: "AES has
received all US and Bahamian
environmental approvals relat-
ed to the construction of a

SEE page 13B

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Tel: (242) 356-7764

Tel:. (242) 351-3010



Scotiabank's 'Forgive & Forget' Mortgage Campaign

To celebrate our 50th year in The Bahamas, Scotiabank is giving'::
away $50,000 in prizes.

Down-payment as low as 5% (with Mortgage Indemnity Insurance)

Campaign runs until July 14 2006

Call or visit us today and let Scotiabank help you

to 'Forgive & Forget'

Li e., fiutiey- B ar s q V

*Tiadomarks of lhoe onk of Nava Sc cIa I ademalxs u'nd ujcne' au0ho f ,,dCnr 0IC,'1Ionir a' Bank of Nva Scolia.


i 4.^ , .

* )


Why equity and debt

holders have different


The pre ious two
articles in this
column looked at
the capital mar-
ket and its two
major components, the equity
market and the debt market.
These 'larger financial mar-
kets' have, over time, evolved
to be the backbone of many
economies and overshadow
the traditional banking mar-
kets in many developed coun-
tries. The number of invest-
ment choices presented to
investors by these markets, and
the various institutions that
work to intermediate and dis-
tribute the issues, have
spawned a whole genre of
research institutions in the
more efficient and well-func-
tioning markets. These
research bodies, who are inde-
pendent providers of informa-
tion, lubricate the functioning
of these markets.
However, the distinction
between equity research and
debt research is not something
that is widely understood. In
emerging capital markets, such
as in the Caribbean, there is
the popular misconception,
especially among retail
investors, that credit ratings
have to do with assessing the
performance of equities on the
stock market, a notion that is
quite distant from reality.
Therefore, in this article, as a
prelude to looking at credit rat-
ings, we will lookat the essen-
tial differences between equity
research and debt research
(such as credit ratings), as well
as the similarities.
Largeparts of the analysis
relatingto as0 e ssing the fun-
damenital.sttehgths or weak-
nes'es of a firm will be the
sa ,. n iequiy or debt
,..0 J n Oqvt

perspective. The key differ-
ence emerges in the risk analy-
sis and its varying impact on
the debt and equity holders.
Put simply, everything else
remaining the same, a higher
business or financial risk tends
to benefit equity holders, at
the cost of debt holders.
Let's explore this further.
Debt holders have a claim only
on their contracted interest and
principal payments from the
company, and do not have any
upside if the company does
better than anticipated, except
for the fact they get payment
priority over equity holders.
On the other hand, equity
holders bring in 'risk capital',
where the downside is limited
to the extent of their exposure
and the upside is entire. for
their beneht. Hence, a higher
risk appetite is natural and
more beneficial from an equitN
holder's perspective.
As a result of equity hold-
ers tending to take on more
risk, the analysis from a debt
holder's perspective. such as a
credit rating and the rating
rationale that accompanies it.
*specifically focuses on the 'risk

by S Venkat


appetite' of the management.
That is, a debt holder is very
interested in how the manage-
ment of a company efficiently
manages the expectations of
debt holders, who want to
keep the risks low, against the
expectations of equity holders
who may be willing to take on
greater risk in the expectation
of higher returns.
In analysing a company, the
interests of both debt and equi-
ty holders do actually converge
on most issues, such as growth
potential for the company's
business, brand equity, opera-
tional efficiencies, operational
profitability, financial flexibil-
ity and so forth.
These factors determine the
financial position and sustain-
ability of the company \which
equally impact both sets of
stakeholders. How\e\er, the
interests of debt and equity
holders differ when it comes
to assessing the business and
financial risks assumed by the
management. This can be
observed from the illustrations

SEE page 13B



The Water & Sewerage Corporation
invites proposal for the provision of
Custom Brokerage Services for three
years period commencing 1st June
2006. License Brokerage companies
interested in submitting a proposal
should collect a Customs Brokerage
package from the Purchasing Semtion
#87 Thompson Boulevard.

Proposal are to be submitted in seale -
envelope(s) marked conhdffl.idtai
addressed to THE ACTING.
delivered to the Purchasing Officer'
unopened no later then Thursday 20th
April, 2006.

The Water & Sewerage Corporation
reserves the right to reject any or all

S Bank of The Bahamas


"A growing and dynamic Bahamian institution"


Core responsibilities:

Analyze and investigate financial and non-financial information with
a view to assessing the viability of business proposals. Assess loan
applications and interview potential candidates.
Prepare credit proposals for existing and potential clients.
Manage effectively, a portfolio of corporate relationships and act as
'Relationship Manager' for assigned accounts.
Increase consistently, the value of accounts through personal marketing
Conduct consistent follow-up on delinquent accounts and institute
measures for the collection of bad accounts.
Conduct field inspections.
Assess theilocal industries and make recommendations for areas of
exploration by the Corporate Credit Division.
Recommend annual performance objectives and action plans that
will help to increase the Bank's profitability. (Ability to successfully
implement plans to completion is critical.)


Bachelors Degree in Economics/Finance/Business Administration
Three to five years lending experience in the Financial Services
Industry (Preferably in a commercial banking capacity)
Strong analytical and organizational skills
Being a team player is essential; must have excellent interpersonal
and communication skills.

Benefits include: Competitive compensation (commensurate with
qualifications); group medical, vision, and life insurance; attractive package
and a pension scheme.

Send resume to: The Manager, Human Resources and Training
Bank of The Bahamas International
P.O. Box N-7118
Shirley Street
Nassau, Bahamas


payment of Benefits and Assistances for the month of April 2006, will be made in the following
districts, at the following pay stations between the hours stated below:
Thursday, April 20, 2006: 12 noon 12:30p.m., at the Church Hall.
Thursday, April 202006: 9:30a.m. 11:45a.m., at Beacon Hill Church of Nazarene, Carmichael
Thursday, April 20, 2006: 12:45p.m. 1:30p.m., at St. Peter's Church Hall.
Thursday, April 20, 2006: 9:30a.m. 3:00p.m., at the National Insurance Board's Fox Hill Sub-
Office. Persons who cannot collect their cheques on the dates stated, may collect them throughout
the month of May 2006, from 9:30a.m. to 4:30p.m., Monday to Friday.
Thursday, April 20, 2006: 9:30a.m. 4:00p.m. at the National Insurance Board's Wulff Road
Local Office. Persons who cannot collect their cheques on the dates stated, may collect them
throughout the month of May 2006, from 9:30a.m. to 4:30p.m., Monday to Friday.
Thursday, April 20, Monday, April 24,2006: 9:30a.m.- 4:00p.m., at The Bahamas Public Service
Union Hall, East Street South.
1. Thursday, April 20 Wednesday, April 26,2006: 9:30a.m. ? 4:00p.m.
All persons with surnariensberiiriing W'ih the letters "A" "L, at the Cat Island United
Association Hall #1, Market and Vesey Streets.
2. Thursday, April 20 Monday, April 24,2006:9:30 a.m. 4:00 p.m.
All persons with surnames beginning with the letters "M" "Z", at the Salvation Army
Hall, Meadow Street.
3. Tuesday, April 25 Wednesday, April 26, 2006: 9:30a.m. 4:00p.m.
Persons who did not collect their cheques from the respective stations on the days
specified, may collect them at the Cat Island United Association Hall #1, Market and
Vesey Streets, on the above-mentioned dates.
Cheques must be collected from the listed pay stations on the dates and times given. In cases of
emergency, uncollected cheques may be collected from the Pensions Department, at the Jumbey
Village Complex throughout the month of May 2006 between the hours of 9:30a.m. and 4:00p.m.
Claimants and/or their representatives arereqreduceproper identification in order to
collect their cheques. Acceptable forms of identification for claimants collecfiigtheir-ownpayments
Their National Insurance Registration Card, together with any one of the following:
1. A Passport;
2. A Voter's Card; or
3. Any other document which establishes, conclusively, the identity of the claimant.
Where the claimant is sending a representative to collect his/ her cheque, the representative should
provide an Authorization Form completed by the claimant, or a letter authorizing the Board to pay
the representative, together with any of the above-listed items to identify the representative.
All claimants and/or their representatives are advised that should they fail to provide satisfactory
documents to identify themselves as requested above, there may be a delay or denial of payments.



Blue Hills roadworks damage business sales

FROM page 1B

;upply issues, and other prob-
lems have stumped plans to
have the Blue Hill Road area
that connects with the Inde-
pendence Highway completed
",y June.
The Tribune understands
,hat Bethel's Trucking and
Bahamas Hot Mix, the two
contractors on the project,
I ave informed the Ministry of
Public Works that unforeseen

problems have arisen.
During digging, for example,
the contractors found they
faced hurdles such as the high
water table, the surrounding
gas stations and their piping,
and government-laid cables.
One official working on the
project said contractors found
they had to move more slowly
than previously thought in
order to minimise the envi-
ronmental impact of the dig-
ging process.
The contractors are also

The Public is hereby advised that I, RENEE REINES
CASH, of Dove Street, PO. Box CB-11917, Nassau,
Bahamas, intend to change my name to RENEE REINES.
If there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, P.O.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, SUZETTE ANAIS, of
Blue Hill Road South, Nassau, Bahamas, intend to change
my name to SUZETTE CYRIL. 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 notice.

Asst. Financial


Eligible Candidate must posses:

Bachelors of Business
Administration Degree with
main concentration in

4 to 5 years experience in the
related field.

Excellent oral, written and
organizational skills.
Must be a team player.

Experience with supervising 10
or more people.

Excellent benefits and
remuneration package.

Interested persons should submit resume

The Financial Controller
P.O. Box CB 13049
Nassau, Bahamas

reportedly facing shipping and
supplies problems, and with-
out vital components, there is
little that can be done. Tri-
bune Business was told that
shipping problems have
occurred because much of the
needed construction supplies
have been used up by US
states affected by Hurricanes
Katrina and Wilma.
Meanwhile, business owners
are watching with keen interest
to see how long it will take for
the project, which is expected
to alleviate traffic congestion in
the area, to finally finish.
Jerry McGuire, Town Cen-
ter Mall vice-president and
general manager, said his ten-
ants have reported, at best,
that sales growth has been
"slightly blunted".
Whereas businesses were
projecting to see a 10 to 15 per
cent increase in sales, figures
have been closer to 6 per cent,
he said.
Mr McGuire said that during

a March 1 meeting with con-
tractors and the Ministry of
Public Works, he was told of
the five-week delay.
"It's like a growing pain,"
said Mr McGuire, "We knew it
was coming; it had been
planned for years. But it is
unpleasant while it is going on.
It's not business as normal, and
the faster they get it out of the
way the better."
Cost Rite, one of the major
businesses in the Town Cen-
tre Mall, has seen drops in cus-
tomer counts since the road-
works began in November.
Shervin Stuart, senior vice-
president at Abaco Markets,
said he could not disclose the
actual figures which show how
the business has been affect-
ed, but the primary concern
was the inconvenience it cre-
ated for Cost Rite customers.
"It is very difficult to access
the premises; it's a frustrating
experience trying to get in and
out of the Town Centre Mall

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 12TH day of APRIL, 2006 to the Minister responsible for
Nationality and Citizenship, P.O.Box F-41085, Grand Bahama,

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 12TH day of APRIL, 2006 to
the Minister responsible for Nationality and Citizenship, P.O.Box F-
41085, Grand Bahama, Bahamas.


.. ..--. .... -a

The "Majestad 1" has an open deck Defender Hull of fiberglass
construction with a 2nd deck affixed to accommodate passengers,
which also houses the pilot arrangements. Hull is in excellent
condition and all equipment onboard is in good working condition.
Principal Dimensions
Length Overall: 61.0 feet
Breadth: 18.0 feet
Engine: (2) Detroit Diesel 12V71 recently rebuilt
Vessel has five compartments w/ five bilge pumps equipped
with 1 inch discharge hoses and a capacity 2,000gph.

PHONE 363-7163


WB ISI -I Financial Advisors Ltd. ajj!QELITY
Pricing Information As Of:
18 April 200 6
BISX ALL SHARE I f .Cl,"it tiC4.38-CHGOO.0 ". 0.00/ %CHG 00.00 / YTD 69.67 YTD % 05.16
.-.r-H. f .'..,-Lr Symo, oi Pre.'ous, Close Toda' Colo -nar.g- DaI. .'.:1 EF i .. F E '.. 't
J. 0.59 A o o ets 0 S9 ri) -, "9 IIi ' *'' r i: '' N i' :i
,10.70 8.00 Bahamas Property Fund 10.70 10.70 0.00 1.568 0.360 6.8 3.36%
7.24 6.26 Bank of Bahamas 7.10 7.10 0.00 0.643 0.330 11.0 4.65%
0.85 0.70 Benchmark 0.70 0.70 0.00 0.175 0.020 4.0 2.86%
1.80 1.26 Bahamas Waste 1.26 1.26 0.00 0.105 0.060 12.0 4.76%
1.20 1.04 Fidelity Bank 1.15 1.12 -0.03 2,675 0.070 0.050 16.0 4.46%
9.60 8.00 Cable,Bahamas 9.20 9.20 0.00 0.565 0.240 16.3 2.61%
2.20 1.39 Colina Holdings 1.69 1.69 0.00 -0.067 0.000 NM 0.00%
10.00 8.33 Commonwealth Bank 10.00 10.00 0.00 846 0.861 0.560 11.6 5.60%
5.68 4.12 Consolidated Water BDRs 4.82 4.72 -0.10 0.091 0.045 52.9 0.94%
2.88 1.51 Doctor's Hospital 2.45 2.45 0.00 0.437 0.000 5.6 0.00%
6.21 4.02 Famguard 6.21 6.21 0.00 0.539 0.240 11.5 3.86%
10.99 10.40 Finco 10.99 10.99 0.00 0.738 0.540 14.9 4.91%
11.50 7.75 FirstCaribbean 11.50 11.50 0.00 0.874 0.500 13.2 4.35%
10.42 7.99 Focol 10.42 10.42 0.00 0.833 0.500 12.5 4.80%
1.27 1.15 Freeport Concrete 1.15 1.15 0.00 -0.162 0.000 N/M 0.00%
10.20 9.50 ICD Utilities 9.50 9.50 0.00 0.526 0.540 18.1 5.68%
9.10 8.22 J.S. Johnson 9.09 9.09 0.00 0.572 0.560 15.9 6.16%
795 5.30 Kerzner International BDRs 7.69 7.78 0.09 0.134 0.000 57.6 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 2.036 0.585 4.9 5.85%
-idelitv Over-Tne-Counler Securities . .
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S1 B r.nairr.a. Superm rn ei 141 0'' 15 i 1 1 1 1- -
10:14 10.00 Caribbean Crossings (Pref) 10.00 10.35 10.00 0.000 0.800 NM 7.80%
,-04 20 RND Hold.ngs 0 29 0 54 00 .0 081 0 000 Npfl 0 00'
.:lna Ovier-The-Counterl~eurltile ::.. '. . . ". .
iZ 80, 1: "i0 .BLDAB 41 00 42 00 1 : 2" '.' 1 4 ,-'
16:00 13.00 Bahamas Supermarkets 13.25 14.25 12.50 1.105 0.810 14.6 6.93%
n i) 0 35 RND Holdings 029 0 54 0 ?5 -0 103 O 000 N/M 000%
ISX Lisled Mutual FPundsd ,. ,:v,." *", ':' ',"'.*'.- .*'.-
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i c, 1 Z1 Ci C-j'.a r.ioney f.1arki Fur.a 1 281616"
2.6662 2.2420 Fidelity Bahamas G & I Fund 2.6570 **
2.3294 2.2214 Colina MSI Preferred Fund 2.329423*
1 1,643 1.1006 Colina Bond Fund 1.164331"*'*
III DEX CLOBE 614.11 I YTD 11.20%- [0t; i.(.b'. ,::. -'
1 -n LL H .i NOE 1 = i O Y L I rr.-, 1.,, :-., 1 .J ..i .. 0.
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelit
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity
Previous Close Previous day's weighted price for dally volume Last Price Last traded over-the-counter price
Foday's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week
"'sinae Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
imber of total shares traded today NAV Net Asset Value
nds per share paid in the last 12 months N/M Not Meaningful
price divided by the last 12 month eamlngs FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
AR. 31. 2006/ ". AS AT MAR. 31, 2006
kR 31 2006/ "* AS AT FEB. 28. 2006
CALL: COIJIW-A 42-ds-' I'fQ1i :;":- "'a "" "

for the customers and for our-
selves," Mr Stuart said.
The Texaco service station,
on the Independence Highway
is expected to experience the
most impact from the road-
works, not only because it sits
directly at the brunt of most
of the work, but because it has
to move its fuel pumps, accord-
ing to dealer Mr Moore.
He said the company must
find the necessary funds to
have its pumps removed and
placed in locations more feasi-
ble to the road layout, a project
which will be pricey.
Mr Moore said that to date,
he has received no response
from the Ministry as to
whether his business would
receive any government assis-
tance in order to remodel the
layout to complement the new
He said drivers have become
frustrated with the area, result-
ed in fewer customers. How-
ever, Mr Moore said that at
this time, there' is still a "rea-
sonable volume" of customers.
Texaco will have to close its,
operations at some stage dur-
ing the road construction, said
Mr Moore, but he still does not
know when he will be asked

to shut down his business.
"We simply have to wait and
play it by ear," he said.
On the other side of the
roundabout, John S George is
experiencing similar sales
slumps, according to chief
manager Mrs Black.
Mrs Black said she and her
four sales associates have not
been able to meet their targets
since the roadworks began,
and that sales have been affect-
ed by at least 40 per cent.
"We are being impacted
tremendously," she said. "We
have a lot of customers saying
that they can't seem to find
their way into the plaza, so
they end up having to go to
our other branch."
Pricebusters, also in the
Independence Plaza, reported
a loss of about 50 per cent of
business since the road works.
The manager there said
access to the highway has been
cut off, and persons on the
highway would have to go all
the way down to C W Sawyer
Primary School and turn
around if they miss the almost
inconspicuous entrance.
"It's terrible," she said. We
and all the customers are frus-
trated with the situation."

The Public is hereby advised that I, KAREN ARLINKA
THOMPSON, of #11 Misty Gardens, PO. Box CR-56052,
intend to change my son's name from KARRINGTON
If there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, P.O.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

NOTICE is hereby given that CADELL VICTOR OF P;O.
BOX GT-2557, 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-writtert
and signed statement of the facts within twenty-eight'days,
from the 12TH day of APRIL, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,


Poco Loco
35' Tiara 3500 Express. Year: 1995 LOA 38' 10" Beam: 13' 9"
Displacement: 22,0001bs, Draft: 3' 6"
Engines: Diesel Caterpillar 3208's 435hp
Hours: 620 Cruising Speed: 25 knots
Fuel: 354gals. Water: 124gals. Holding ank: 30gals.
6.5kW Phasor generator (new 2005)

Maintained to highest standards. Sleeps total of 6. Forward
enclosed stateroom with double bed, L-shap d leather lounge
sleeps 2, convertible dinette seats 5 and slees 2, enclosed
head/shower, full service galley with frig/fre&er, 2 burner elec.
stove and microwave oven, forward and aft I(C units (new 2005),
Stereo 6 CD changer. Extensive electronics.
(Bahamas duty paid)
For inspection call: Days: 393-2795 or 351-7909
Nights: 324-1462






Investment's new owners

soon to be in 'full swing'

on construction

FROM page 1B

they had it, we thought we'd
better re-evaluate it and see if
there was a better mouse-trap,
so to speak.
"Now we were involved with
it, we felt we owed it to our-
selves, rather than jumping in
with what's left over, to look at
how to utilise the land and
where to locate the marina."
Mr Andrews said the
Pittstown point project would
seek to capitalise on Crooked
Island's natural resources,
chiefly its bonefishing, scuba
diving and deep sea fishing
A "central part" of their
development will also feature
Crooked Island's history,
which Mr Andrews said
includes the first ever Post
Office in the Bahamas and the
Bird Rock Lighthouse.
The Pittstown project is
being kept to a relatively small
size to ensure it matches
Crooked Island's character and
infrastructure, and does not
alter the island's nature.
Mr Andrews said "too much
growth, too fast will be a prob-
lem" for Crooked Island, such
as a developer imposing a 200-
room hotel and similar num-
ber of town home and lot sites.
He added: "If that were to
happen, that would be a major
impact on the island and some-
thing the island's not ready for.
It's going to be small and man-
ageable, bringing more eco-
nomics to the island."
Mr Andrews said Pittstown
Point Landings Hotel was
"really selling the natural
resources" of Crooked Island,
meaning that any investment
project had to ensure sustain-
able tourism.
"That's what we have to
sell," he said. "Ninety per cent
of our guests are coming down
here now,looking for diving
and :fishing.; We get a quite a
few private, pilots because of
the runway.
"We have some of the most
skilled bonefishing guides in
the Bahamas. They are inde-
pendent contractors from the
hotel, own their own boats,
and really take a lot of pride in
their jobs and what they have
to offer."
A native of Jackson,
Wyoming, Mr Andrews said
he had taken several Crooked
Island guides to fishing events
in the US to show them where
the resort's guests were coming
from, helping to make them
"well-rounded guides".
He added that the Pittstown
Point Landings project was
seeking to.extend the existing
runway on Crooked Island by
a further 1500 feet, taking it
from 2,000 feet to 3,500 feet,
enabling it to handle all turbo
prop planes and small jets.
The marina, which will be
able to accommodate yachts
up to 80 feet in length and will
have a draught of eight-and-a-
half feet, will maintain the
same'square footage as the
original owners' plans.
Mr Andrews explained,
though, that it was likely to be
located in such a way as to pro-
vide it with more protection
from the elements.
"We're still doing the 18

town houses and the 25 home
sites," Mr Andrews said. "The
only thing different is where
the town houses will be."
Under Mr Ulrich, the devel-
opment had planned to con-
struct three buildings, each fea-
turing six town homes, in one
particular location.
However, Mr Andrews said
he and his partner were look-
ing at laying out the town
homes and home sites around
the marina, using this as a
framework to model the devel-
opment after "an authentic
Bahamian village".
"We're doing a bit more of a
village type atmosphere, and
maybe two town homes to
each building," he explained.
"We're definitely going to
be rebuilding and expanding
the hotel. That's an important
part of it."
Mr Andrews said the
Pittstown Point Landings
Hotel was first constructed in
1962, and needed to be rebuilt
"to meet the standards" of
their planned development.
"There's no construction
work going on at the moment,
but our plan is to be in full
swing by early summer," Mr
Andrews said, explaining that
this was typically the period
when they would attract fewer
bookings and guests.
InterCoastal Systems, a com-
pany that has worked on Roy-
al Caribbean's private Coco
Cay island in the Berry Islands,
and on the Crab Cay develop-
ment in Exuma, will be over-

seeing the project's construc-
Apart from bringing in their
own staff, Mr Andrews said
InterCoastal was also likely to
bring to Crooked Island a hard
core of about 16 Bahamians it
had already worked with, and
hire 12-15 qualified equipment
operators who lived on the
He added that the Pittstown
project would create jobs and
provide opportunities for
Crooked Islanders to come
home, both during the'con-
struction and operational
Currently, the hotel has 12
rooms and employs about 23-
25 staff, including dive mas-
ters, fishing guides, restaurant
and maintenance staff.
Mr Andrews said the pro-
ject was looking to "at least
double" that staff complement,
adding: "It may triple over the
next three to five years." This
would take it to about 60
Of the development's likely
impact, Mr Andrews said: "I
certainly think it's going to be
a boost to the economy here.
We are the second largest
employer on the island, gov-
ernment being the largest.
"The money we pay out
through payroll and how it fil-
ters through, directly or indi-
rectly, a lot of people benefit
from the operations of this
hotel. As it grows, people will
see more and more money fil-
ter through the economy."

Insurance Executive
US$80,000 to US$100,000
International boutique life insurance company catering to
the needs of high net worth individuals seeks senior level
insurance executive. Looking for all round experience at
the management level. Will oversee all aspects of the
application process, underwriting, issuing, and maintenance
of life and annuity policies. Offices in Freeport and Anguilla.,
This position-can be located in either location. Send resume

Cafeteria Supervisor

Core Functions:

Manage the day-to-day operations of the staff cafeteria.

Education and Experience:
Associate's degree in culinary arts from a recognized tertiary
institution, plus three (3) years supervisory experience in
a cooking facility.
Sound knowledge of health, nutrition and safety standards
Sound planning and organizational skills
Sound human relations skills.
The position is being offered on a contractual basis for a period
of three years, with standard benefits.
Interested persons should provide a copy of their degree and
academic transcript to:
The Human Resources Manager
DA #46060
c/o: The Tribune
P.O. Box N-3207
Deadline: Wednesday, April 26, 2006



ANDREWS, Julieann

BAIN, Odette

BARRY, Phillisa


BONIMY, Andrew

BOWLEG, Albertha

BROWN, Kenderia

BROWN, Roslyn

BURROWS, Patricia


BUTLER, Jacqueline

BUTLER, Sherry

BYNDE, Ismay




CLARKE, Franchesca

COLEBY, Leotha


COOPER, Patrick

DAMES, Garnell




DELEVEAUX, Jacqueline



EDWARDS, Jacqueline

EMMANUEL, Claramae































FERGUSON, Antoinette 14795655

FERGUSON, Rochelle 10927822

FORBES, Leroy 12892580

FORBES, Marie 11715669

FOUNTAIN, Anthony 10382658

FOUNTAIN, Cheryl 10756574

FOX, Benjamin 11333685

GREEN, Deron 19173628

GREENE, Ronald 12174637

HARRISON, Sharon 11795743

HEPBURN, Dornell 14707705

JEAN, Larisner 16761561

JEROME, Wilene 14246813

JOHNSON, Lydia 11198818

JOHNSON, Marilyn 11005440

JOHNSON, Renadell 12136557

JONES, Myrtle 10956441

KEMP, Delareese 62117734

KEMP, Sheena 31216684

LARRIMORE, Eula 11346493

LIGHTBOURNE, Kenneth 13084445

MAJOR, Anatole 11585684

MARSHALL, Stanley 13544519

MAYCOCK, Maud 12216518

McDONALD, Peaches 14345692

McDONALD, Rhonda 13338773

McINTOSH, Geneva 16108590

McKENZIE, James 14203634

McPHEE, Jarad 16794729

McPHEE, Samantha 13456776

McPHEE, Shakesha 11126833

McSWEENEY, Jacqueline 10858741

MILLER, Brian 10044698

MILLER, Chernve 15458830

MILLER, Vernay 30627508

MORRIS, Wendy 14807661

MUNROE, Luchea 14835851

MURRAY, Marcian- 12501808

NON-NORD, Brian 12822809

PALMER, Sean 11353716

PIERRE, Dieulitane 14558688

RAHMING, Renay 15968812

RAHMING, Sophia 10965742

RIGBY, Joseph 31191673

ROBERTS, Phillipa 11417730

ROLLE, Howard 15812596

ROLLE, Sheena 12426725

SANDS, Maria 1 646640

SANDS, Richard 12581496

SEYMOUR, Kenyada 12693790

SIMMONS, Allistine 13347799

SMITH, Glen 12701602

SMITH, Lauretta 10726705

SMITH, Sharon 10875557

SMITH, William 11151544

SPENCER, Caplice 11756640

STORR, Remone 12291706

THEOPHILE, Wilson 12371823

THOMPSON, Tyson 12783692

TODD, Ruth 17426618

TURNER, George 10474501

WALLACE, Linda 13028618

WATSON, Diane 11407611

WILLIAMS, Barbara 11975709

WILLIAMS, Carolyn 12897647

WILLIAMS, Hyacinth 16548590

WILLIAMS, Lachelle 12245771

WILLIAMS, Renaldo 12771856

YEE, Derrith 13016741



The National Insurance Board invites tenders for coverage of
its General Insurance portfolio (property, etc.) for the year commencing
June 1, 2006, and subject to renewal for a further two (2) years.
Suitably licensed insurance companies interested in submitting
a tender, with a detailed proposal, may collect an insurance bid
package commencing on March 31, 2006, from the Director's Office,
Baillou Hill Road, Nassau, Bahamas.
The deadline for submission of tenders is 4:00pm on Monday,
May 1,2006.
The Board reserves the right to reject any, or all tenders.
Persons collecting the bid package must present a letter of
authorization from the licensed insurance company before the
package can be released.



119 Short-Term Benefit Cheques await collection by eligible claimants. All Claims
were processed in New Providence.

The names of persons with outstanding cheques are listed below. These persons are requested
to collect their cheque(s) from the Cashier's Department, located on the Ground Floor of the
National Insurance Board's building in Jumbey Village, Baillou Hill Road, between 9:15
a.m. 4:45 p.m. on weekdays.

Claimants are asked to collect their cheque(s) in person and to produce photo identification.

Lennox McCartwey (Mr.)

N.I. N.I.




APRIL 19, 2006

7:30 8:00 8:30 9:00 9:30 10:00 10:30

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(:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA der: Criminal In- Benson and Stabler attempt to trap "Popular" Sex, drugs and booze A notorious judge's stepdaughter is
tent "Crazy" ft Intemet pedophiles. (CC) spawn teen networking. raped and murdered.
VH 1 SHOWGIRLS (1995) Elizabeth Berkley. An ambi- The 17th Annual GLAAD Media The Surreal Life Celebrity Eye
V*H1 tious dancer makes a bid for Las Vegas success. Awards ft (CC) Candy f
(:00) America's Becker Becker Becker Becker Home Improve- Home Improve- WGN News at Nine n (CC)
WGN Funniest Home uproots his regu- realizes he's hap- ment "Overactive ment "Arriveder-
Videos f (CC) lar routine. f py. n (CC) Glance" f ci, Binford"
Everybody One Tree Hill Nathan competes The Bedford Diaries Richard be- WB11 News at Ten With Kaity
WPIX Loves Raymond against an old rival who shows an gins a new relationship; Natalie Tong, Jim Watkins, Sal Marchiano
Early retirement. interest in Haley. (N) f (CC) sees Owen in a new light. (N) n & Mr. G (CC)
Jeopardy! (N) America's Next Top Model Contes- Veronica Mars Veronica tries to Dr. Phil n (CC)
WS B K (CC) tants get a lesson about the ugly help a senior find the person who
side of modeling. (N) (CC) ran over his dog. f (CC)

(:00) Real Sports Big Love "Roberta's Funeral" Bill The Sopranos "Live Free or Die" * CONSTANTINE (2005, Fan-
H BO-E (CC) makes Roman a settlement propos- Tony debates giving a top earner a tasy) Keanu Reeves, Rachel Weisz,
al. f (CC) second chance. f (CC) Shia LaBeouf. t 'R' (CC)
(6:00)* u MA- Six Feet Under "You Never Know" *'t SPANGLISH (2004, Comedy-Drama) Adam Sandier, Tea Leoni,
H BO-P JOR LEAGUE David and Rico clash over a client; Paz Vega. A housekeeper works for a chef and his neurotic wife. T 'PG-
(1989) Ruth meets a new friend. 13' (CC)
(5:30) *** WARM SPRINGS (2005, Docudrama) Kenneth Branagh, Cynthia Nixon, Real Sports f (CC)
HBO-W THE PHANTOM Jane Alexander. Franklin Delano Roosevelt struggles with polio. ft (CC)

(:15) WHITE NOISE (2005, Suspense) Michael ** S THE JACKET (2005, Science Fiction) Adrien (:45) The Making
H BO-S Keaton,Chandra West. A man believes his dead wife Brody, Keira Knightley. An amnesiac has flashbacks Of: The Inter-
is communicating with him. 'PG-13' (CC) and visions of the future. ft 'R' (CC) preter (CC)
(6:30)*** (:15) *** NAPOLEON DYNAMITE (2004, Comedy) Jon Heder, Jon **** MILLION DOLLAR BABY
MAX-E SHAUN OF THE Gries, Aaron Ruell. A gawky teen helps a friend run for class president. (2004, Drama) Clint Eastwood, Hi-
DEAD (2004) 'R 'PG' (CC) lary Swank. n 'PG-13'(CC)
(:15) *A SON OF THE MASK (2005, Comedy) Jamie *** THE TERMINAL (2004, Comedy-Drama) Tom Hanks, Catherine
MOMAX Kennedy, Alan Cumming. A cartoonist's infant son has Zeta-Jones, Stanley Tucci. A European living in an airport befriends a
extraordinary powers. n 'PG' (CC) stewardess. f 'PG-13' (CC)
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SHOW vision (iTV) Mira Sorvino. iTV. A man finds an unexpected connec- analyzes Dauri; Izzy meets a man.
tion to his own darkest secret. f 'PG-13' (CC) n (CC)
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TMC PARTY GIRL mance) Diego Luna. Love blossoms between a Cuban Keitel, Madonna. The filmmaking process affects a di-
(1995) n 'R' and an American teen. f 'PG-13' (CC) rector and his stars. f 'R' (CC)

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Fidelity Bank (Bahamas) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet as of 31 December 2005
(Amounts expressed in Bahamian dollars)

Cash and balances with central bank
Investment securities:
-goverment securities
-financial assets at fair value through profit or loss
Mortgages, consumer and other loans
Property, plant and equipment
Other assets



Customer deposits
Mortgage-backed bonds
Long-term loan
Other liabilities and accrued expenses


3 10,098,542












Capital and reserve attributable to the Bank's
equity holders
Share capital ordinary shares
Share capital preference shares
Revaluation surplus
Retained earnings

Minority interest

Approved on behalf of the Board of Directors:


12 5,000,001
13 10,000,000








AP\ LL' ,


27 March 2006

1. Incorporation and activity

Fidelity Bank (Bahamas) Limited, (the Bank), is incorporated under the laws of the Commonwealth of The
Bahamas. The Bank offers a full range of retail banking services, including internet and telephone banking,
the acceptance of deposits, granting of loans and the provision of foreign exchange services through each of
its four branches in Nassau, New Providence, its branch in Freeport, Grand Bahama and its branch on
Paradise Island.

Fidelity Bank & Trust International Limited, (the Parent Company), a Bahamian resident company, owns 68%
of the issued shares of the Bank, with the balance of 32% being held by the Bahamian public.

The registered office of the Bank is situated at #51 Frederick Street, Nassau, The Bahamas. As of 31
December 2005, 94 (2004: 94) persons were employed by the Bank.

The Bank is listed on The Bahamas International Stock Exchange (BISX).
2. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of this consolidated balance sheet is set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation

This consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS). The consolidated balance sheet has been prepared under the historical
cost convention, as modified by the revaluation of financial assets and financial liabilities held at
fair value through profit or lost.

The preparation of the consolidated balance sheet in conformity with IFRS requires the use of
certain critical accounting estimates. It also requires management to exercise its judgement in the
process of applying the Bank's accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated balance sheet, is disclosed in Note 15.

(b) Consolidation

Subsidiaries are all entities over which.the Bank has the power to govern the financial and
operating policies generally accompanying a shareholding of more than one half of the voting
rights. The existence and effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Bank controls another entity. Subsidiaries
are fully consolidated from the date'on which control is transferred to the Bank. They are de-
consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealized losses are also eliminated unless the transaction provides
evidence of impairment of the asset transferred. Accounting polices of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the Bank.

The consolidated balance sheet include the accounts of the Bank and its subsidiary, West-Bay
Development Company Limited, (West Bay), after elimination of all significant inter-company
transactions. West Bay is a Bahamian property holding company in which the Bank has a 66 2/3%
equity interest.

(c) Segment reporting

A business segment is a group of assets and operations engaged in providing products or services
that are subject to risks and returns that are different from those of other business segments. A
geographical segment is engaged in providing products or services within a particular economic
environment that are subject to risks and returns that are different from those of segments operating
in other economic environments.

(d) Foreign currency translation

i) Functional and presentation currency

Items included in the consolidated balance sheet of the Bank are measured using the currency of
the primary economic environment in which the entity operates ("the functional currency"). The
consolidated balance sheet is presented in Bahamian dollars, which is the Bank's functional and
presentation currency.

ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions'and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the consolidated statement of operations.
Translation differences on monetary financial assets measured at fair value are included in foreign
exchange gains and losses.

(e) Financial assets

The Bank classifies its financial assets in the following categories: financial assets at fair value
through profit or loss and loans and receivables. Management determines the classification of its
investment at initial recognition.

i) Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading, and those designated at fair
value through profit or loss at inception. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short term Or if so designated by management.
ii) Government Securities

Government securities have been designated as financial assets at fair value through profit and
loss. Government securities are carried at amortized cost which approximates fair value.

iii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Bank provides money, goods or services
directly to a debtor with no intention of trading the receivable.

Purchases and sales of financial assets at fair value through profit and loss are recognized on trade-
date- the date on which the Bank commits to purchase or sell the asset. Loans are recognized when
cash is advanced to the borrowers. Financial assets are derecognized when the rights to receive
cash flows from the financial assets have expired or where the Group has transferred substantially
all risks and rewards of ownership.

(f) Mortgages, consumer and other loans

Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Group provides money, goods or services
directly to a debtor with no intention of trading the receivable.

Loans are stated at outstanding principal plus accrued interest less provision for losses. The
mortgage loans are secured principally by first mortgages on single-family residences and provide
for repayments at variable interest rates over periods of up to twenty-five years. Other loans are
secured principally by chattel mortgages and provide for monthly repayments over periods of up to
ten years.

As soon as the recovery of a loan or advance is identified as doubtful, a provision for loan losses is
established to reduce the carrying value of the loan to its estimated realizable amount. The
provision for loan losses also covers losses where there is objective evidence that probable losses
are present in the lending portfolio at the consolidated balance sheet date, but which have not been
specifically identified as such.

(g) Non-performing assets

Non-performing assets include all loans on which the status of overdue payments of principal and
interest are such that management considers it prudent to classify them to non-performing status.
All mortgage loans and consumer loans on which principal and interest payments are overdue by in
excess of ninety days are considered by management to be non-performing.

When a loan is classified as non-performing, all interest previously accrued in the current year, but
not collected, is reversed against current year interest income and any interest accrued in prior
years is charged against the provision for loan losses. Notwithstanding these parameters, where a
customer has re-established a pattern of prompt payment, management may'agree to reschedule
arrears of loan interest and principal. Thereafter, interest income will be recognized on an accrual

(h) Interest income and expense recognition

Interest income and expense are recognized in the income statement for all instruments measured at
amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a
financial liability and of allocating the interest income or interest expense over the relevant period.

The effective interest rate is the rate that exactly discounts estimated future cash payments or
receipts through the expected life of the financial instrument or, when appropriate, a shorter period
to the net carrying amount of the financial asset or financial liability. When calculating the
effective interest rate, the Bank estimates cash flows considering all' contractual terms of the
financial instrument (for example, prepayments options) but does not consider future credit
losses. The calculation includes all fees and points paid or received between parties to the contract
that are an integral part of the effective interest rate, transaction costs and all other premiums or

Interest income and expense are recognized on an accrual basis. The recognition of interest
income on loans is suspended when loans are in non-accrual status. Such income is excluded from
interest income until received.

(i) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to
settle on a net basis, or realise the asset and settle the liability simultaneously.

(j) Impairment of financial assets

Assets carried at amortized cost

The Bank assesses at each balance sheet date whether there is objective evidence that a financial
asset or group of financial assets is impaired. A financial asset or a group of financial assets is
impaired and impairment losses are incurred if, and only if, there is objective evidence of
impairment as a result of one or more events that occurred after the initial recognition of the asset
(a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of
the financial asset or group of financial assets that can be reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables or held-to-maturity
investments carried at amortized cost has been incurred, the amount of the loss is measured as the
difference between the asset's carrying amount and the present value of estimated-future cash flows
(excluding future credit losses that have not been incurred) discounted at the financial asset's
original effective interest rate. The carrying amount of the asset is reduced through the use of an
allowance account and the amount of the loss is recognized in the income statement. If a loan or
held-to-maturity investment has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract. As a practical
expedient, the Bank may measure impairment on the basis of an instrument's fair value using an
observable market price.

(k) Property, plant and equipment

Property, plant and equipment, other than freehold premises, are carried at historical cost less
accumulated depreciation and amortization. Historical cost includes expenditure that is directly
attributable to the acquisition of the items. Freehold premises are carried at market value based
upon periodic independent appraisals, which are commissioned at intervals not exceeding three
years. Revaluation increments are shown as "Revaluation surplus" within equity.

Land and buildings comprise mainly of branches and offices.

Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset,
as appropriate, only when it is probable that future economic benefits associated with the item will
flow to the Bank and the cost of the item can be measured reliably. All other repairs and
maintenance costs are charged to the income statement during the financial period in which they
are incurred.

Depreciation is calculated using the straight-line method to allocate their cost to their residual
values over their estimated useful lives as, follows:

Freehold premises
Computer hardware & software
Leasehold improvements
Furniture and fixtures
Computer and office equipment
Motor vehicles

Estimated useful life
30-50 years
3-7 years
3-10 years
3-10 years
3-10 years
3-5 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
balance sheet date.

Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An asset's carrying
amount is written down immediately to its recoverable amount if the asset's carrying amount is
greater than its estimated recoverable amount. The recoverable amount is the higher of the asset's
fair value less costs to sell and value in use.

(1) Leases

i) The Bank is the lessee

The leases entered into by the Bank are primarily operating leases. The total payments made under
operating leases are charged to the income statement on a straight-line basis over the period of the

When an operating lease is terminated before the lease period has expired, any payment required to
be made to the lessor by way of penalty is recognized as an expense in the period in which
termination takes place.

ii) The Bank is the lessor

Lease income is recognized over the term of the lease using the net investment method (before
tax), which reflects a constant periodic rate of return.

(m) Mortgage-backed bonds

Costs related to the issue of mortgage-backed bonds are amortised on a straight-line basis over the
lives of the respective bond series. Assets pledged as collateral for these bonds are included in

(n) Fee and commission income

Fee and commission income is recognized at the time the customer's account is charged.

(o) Long-term loan

Long-term loans are recognized initially at fair value, being their issue proceeds (fair value of
consideration received) net of transaction costs incurred. Long-term loans are subsequently stated
at amortised cost; any difference between proceeds net of transaction costs and the redemption
value is recognized in the income statement over the period of the borrowings using the effective
interest method.

Preference shares, which carry a mandatory coupon, or are redeemable on a specific date or at the
option of the shareholder, are classified as financial liabilities and are presented in other borrowed
funds. The dividends on these preference shares are recognized in the income statement as interest
expense on an amortized cost basis using the effective interest method.

(p) Ordinary share capital

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of
'a business are shown in equity as a deduction, net of tax, from the proceeds.

i ,
' P

1~3^~ _ _~,~,aoonxl~larrriffitaiiF~F~F~LI~;~~:'r



iI) Dividends on ordinary shares

Dividends on ordinary shares arecognised in equity in the period in which they are approved by
the Bank's Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the
subsequent events note.

ill) Treasury shares

Where the Bank or other members of the consolidated Group purchases the Bank's equity share
capital, the consideration paid is deducted from total equity as treasury shares until they are
cancelled. Where such shares are subsequently sold or reissued, any consideration received is
included in equity.

(q) Preference share capital

Preference shares on which dividends are payable at the discretion of the Directors, have no
specific date for redemption and on which the shareholder has no option for redemption, are
classified as share capital and are presented in share capital.

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of
a business are shown in equity as a deduction, net of tax, from the proceeds.

11) Dividends on preference shares

Dividends on preference shares are recognized in equity in the period in which they are approved
by the Bank's Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the
subsequent events note.

(r) Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise
balances with less than three months' maturity from the date of acquisition, including cash and
non-restricted balances with The Central Bank, loans and advances to banks, amounts due from
other banks and short-term government securities.

(s) Provisions

Provisions for restructuring costs and legal claims are recognized when the Bank has a present
legal or constructive obligation as a result of past events, it is more likely than not that an outflow
of resources will be required to settle the obligation and the amount has been reliably estimated.

(t) Employee benefits

Pension obligations

Up to 15 October 2005, the Bank had a defined benefit plan which was funded through payments
to trustee administered funds determined by periodic actuarial calculations. A defined benefit plan
is a pension plan that defines an amount of pension benefit that an employee will receive on
retirement, usually dependent on one or more factors such as age, years of service and

Effective 15 October 2005, the Bank terminated the defined benefit plan and adopted a defined
contribution plan. A defined contribution plan is a pension plan under which the Bank pays fixed
contributions into a separate entity. The Bank has no legal or constructive obligations to pay
further contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the
present value of the defined benefit obligation at the balance sheet date less the fair value of plan
assets, together with adjustments'for unrecognised actuarial gains or losses and past service costs.
The defined benefit obligation is calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate bonds
thaf are denominated in the currency in which the benefits will be paid, and that have terms to
maturity approximating to the terms of the related pension liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to income over the employees' expected average remaining
working lives. Past-service costs are recognized immediately in income, unless the changes to the
pension plan are conditional on the employees remaining in service for a specified period of tine
(the vesting period). In this case, the past-service costs are amortised on a straight-line basis over
the vesnng period

For defined contribution plans, the Bank pays contributions to publicly or privately administered
pension plans on a mandatory, contractual or voluntary basis. The Bank has no further payment
obligations once the contributions have been paid. The contributions are recognized as employee
benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent
that a cash refund or a reduction in the future payments is available.

(u) Comparatives

Where necessary, comparative figures have been adjusted to conform with changes in presentation
in the current year. The principal'change relates to the preference shares issued in 2004 in the
amount of $10,000,000 which have been reclassified from liabilities to share capital in accordance
with the International Accounting Standard 32. Dividends relating to these shares have also been
reclassified from statement of operations to statement of changes in equity.

Cash and balances with central banks

Cash and balances with central banks comprise the following:

Cash on hand and at banks
Mandatory reserve deposits with The Central Bank

$ $
5,801,732 11,584,148
4,296,810 4,105,150

10,098,542 15,689,298

Mandatory reserve deposits are not available for use in the Bank's day to day operations. Cash on hand and
balances with central banks and mandatory reserve deposits are non-interest-bearing. Other money-market
placements are floating-rate assets.

4. Investment securities

Government securities


Prime+ .938%
Prime + 1.25%
Prime + .688%
Prime + .675%
Prime +.281%
Prime + .500%
Prime + .593%
Prime + .469%
Prime+ .500%
Prime+ .468%
Prime + .469%
Prime+ .500%
Prime+ .531%
Prime+ .531%
Prime+ .500%
Prime +.500%
Prime+ ,563%
Prime+ .344%
Prime+ .375%
Prime + .375%
Prime + .250%
Prime+ .313%
Prime+ .313%
Prime+ .281%

, Date

.11 May2005
II May2006
27 August 2006
25 April 2010
24 August 2011
24 August 2012
25 October 2013
8 April 2014
15 July2016
21 July 2019
30 July2019
25 October 2019
23 Novem!cr 20!9
12 December 2019
26 April 2020
30 July 2020
21 September 2020
25 October 2020
30 July 2021
9 February 2023
8 April 2023
21 July2023
9 February 2024
28 June 2024
29 July 2024
22 October 2024
28 June 2025
7 September 2025






As of 31 December 2005, prime was 5.50%.

Financial assets at fair value through profit or loss

Fixed income securities
Listed securities













5. Mortgages, consumer and other loans

The maturities of mortgages, consumer, and other loans are as follows:


Consumer &


Within 1

1 to5

5 to 10 Over 10

year years years years Total
$ S S S $
3,378,042 6,247,929 19,234,582 57,731,986 86,592,539

S4,568,243 8,211,654 3,054,438 1,008,311 16,842,646


14,459,583 22,289,020 58,740,297 103,435,185



Provision for
credit losses

Balance at end
of year



The movements in the provision for credit losses during the year are as follows:

Balance at beginning of year
Provided during the year.
Balance at end of year



5 $




(. (,778,412)-.



1,977,705 .

Included in provision for credit losses is a specific loan loss reserve of $925,547 (2004: $663,078). The
provision for credit losses represents 2.02% (2004: 1.89%) of the total loan portfolio and 56.77% (2004:
40.85%) of total non-accrual loans.

As of 31 December 2005, loans to customers with principal balances outstanding of $3,679,425 (2004:
$4,353,502) were in non-accrual status.

As of the consolidated balance sheet date, none (2004: $1,578,893) of the above mortgage loans to customers
were pledged as collateral in connection with the Bank's mortgage-backed bonds program (Note 9).

Average interest rates on mortgage loans range from 7.5% to 9% and on consumer loans range from 11% to
6. Property, plant and equipment

Land & Furniture Motor

Cost or valuation:

As of I January 2005

As of 31 December 2005

Accumulated depreciation &

As of I January 2005
Charge for the year

As of 31 December 2005

Net Book Value:

As of 31 December 2005

As of 31 December 2004



building & fixtures vehicles & software Imnrovements Total
s s s s s s
S S S S S $

6,420,480 1,437,515 41,645 4,192,251 2,359,222 14,451,113
173,035 17,000 202,097 69,097 461,229

.420.480 1.610.4 45.64 4.194148 2.472.19 14.912.342

227,173 1,206,084
192,862 191,281

29,283 3,898,921 2,010,275 7,371,736
6,199 38,826 60,101 489,269

420.035 1397.365 35.482 3.937.747 2.070,376 7.861.005

6 QQ0Q-44 211185 23,161 Aq6 601 nl7M943 7-015 7.

4311411 1,162, '449-0 94507 74007=

Land and buildings include revaluation increments totalling $2,468,522'(2004: $2,509
7. Other assets

SNote S2005

Accrued interest receivable on government
Pension plan asset
Prepayments & other receivables



8. Customer deposits

The maturities of customer deposits at 31 December 2005 are as follows:
Within 1 1 to 5
year Years 2005
$ $ $
Demand deposits 9,571,060 9,571,060
Savings deposits 28,102,506 28,102,506
Term deposits 30,534,500 40,704,610 71,239,110
Accrued interest 861,750 861,750

,127). : .

'g i -.20 tfr at
'* ,*: *' i fi f 4

372,519 "-.
313,388 ".
395,589, )



Total 69,069,816 40,704,610 109,774,426 105,041,180

All customer deposits carry fixed interest rates.

Average interest rates on customer deposits, savings accounts and fixed deposits range from 2.5% to 4.75%.
9. Mortgage-backed bonds

Mortgage-backed bonds are summarised as follows:

Maturity Date

Series G-3-A, Authorised
-$4,000,000 Prime .25%
Series G-3-C, Authorised
-$4,000,000 Prime

Accrued interest



Amount issued and outstanding
2005 2004
$ .".;f. S $





On 1 December 1998, the Bank transferred approximately 250 of its first legal mortgages having an aggregate
unpaid principal balance of approximately $20.8 million,to a trust in exchange for mortgage-backed bonds
representing an un-divided interest in the trust. These bonds, which were redeemable at the option- of the
Bank, were issued to the public at par and had maturity dates that extended to 1 December 2005' The Bank
was required to maintain the value of the trust at a value equal to or greater than the outstanding principal
amount of the bonds. The proceeds from the issuance of the bonds were used by the Bank to make new loans
to its customers and for liquidity purposes. The Series G bonds, the last series of these bonds, matured on 1
December 2005 and were paid off in full. These bonds were secured by certain mortgage loans which had an
aggregate unpaid principal amount of $1,578,893 in 2004. An independent trustee administered the mortgage-
backed bond portfolio.
10. Long-term loan

Current portion
Bank loan


2005 2004
$ $
200,000 200,000
300,000 500,000

500,000 700,000

A bank loan in the amount of US $2,000,000 was advanced to West Bay in April 1998 to facilitate the
purchase of a Nassau-based property. The loan is secured by a first mortgage over the property owned by
West Bay, bears interest at three month LIBOR + 1 '% and is repayable over a ten-year period in forty equal
quarterly payments of $50,000, plus any interest accrued at the date of each payment.

11. Other liabilities and accrued expenses

Accrued liabilities
Insurance premiums held in escrow
Accrued pension funds
Preference dividends payable

12. Share capital ordinary snai es

35,000,000 ordinary shares of $0.30 each
Issued and fully paid
16,666,670 ordinary shares of $0.30 each





S '

5.000.001 M 000.008

I ~







Share capital preference shares

Autori0000000 preference shares of.00 each
10,000,000 preference shares of $1.00 each


For Minority share of


As of 1 January 2004

Minority share of net income"

Revaluation surplus amortization

As of 31 December 2004

As of 1 January 2005

Minority share of net income ., :

,Revaluation surplus amortization

As of 31 December 2005


*' I : 1' 1 -. "-:' :' 772,602







- 1 (18,037) 18037 :

1 754,565

1 754,565




88,301 842,867


,;. .. 45,487' .,



13,535 -

147,323 888,354

15. Critical accounting estimates and judgements in applying accounting policies

The Bank makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgements are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the

Impairment losses on loans and advances

The Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether
an impairment loss should be recorded in the income statement, the Bank makes judgements as to whether
there is any observable data indicating that there is a measurable decrease in the estimated future cash flows
from a portfolio of loans before the decrease can-be identified with an individual loan in that portfolio. This
evidence may include observable data indicating that there has been an adverse change in the payment status
of borrowers in a group, or national or local economic conditions that correlate with defaults on assets in the
group. Management uses estimates based on historical loss experience for assets with credit risk
characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its
future cash flows. The methodology and assumptions used for estimating both the amount and timing of future
cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.
16. Business segments

The Bank has only one business segment being retail banking, incorporating private banking services private
S customer current accounts, savings deposits, investment savings products, custody, credit and ATM cards,
consumer loans and mortgages.
7. Pension plan

S Effective 15 October 2005, the Bank terminated the British American Bank Employees' Pension Plan ("BAB
Plan"), a defined benefit pension plan in which the Bank and it employees previously participated and adopted
I the Fidelity Merchant Bank & Trust Limited Employees Pension Plan, a defined contribution pension plan
S ("the Plan") on behalf of its employees. This change provides a common plan for all employees of the Parent
i Company's Bahamas based operations. Under the Plan, all employees contribute 5% of gross salary and the
Bank matches employee contributions up to 5% of the gross salary.

On termination of the BAB Plan, the amount payable to each participant in the BAB Plan as of 15 October 2005
was the greater of the actuarial equivalentof the participant's accrued benefit and the participant's contributions
accumulated with interest. All BAB Plan participants were given the option of receiving the full amount payable
S to cash or having such:amount transferred tp.the Plan. As at 15 October 2005, the Bank's actuary
deteftnined that the net BAB Plan assets, amounting to $2942,883 at 15 October 2005 exceeded the BAB Plan
liabilities of$1,619,759 by $1,323,124. This net amount of $1,323,124 has been credited to income and is
included in non interest income in the statement of operations. As at 31 December 2005, an amount of $495,816
remained.receivable from the BAB Plan.
18. Related party balances and transactions

S Related parties include those entities and directors which have the ability to control or exercise significant
*, influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly
controlled or significantly influenced by them. Related party transactions include those transactions and
balances not disclosed elsewhere in these financial statements.

Included in other assets are the following related party balances:

Other assets

Included in deposits are the following balances:


Due to other related parties:

Deposits 1

Included in income are interest and other amounts earned from the following:


Parent Company


Included in expenses are amounts incurred to the following:

- Other related parties



Loans and deposit accounts with directorsand officer amounted to $ 2?, 9
$26,578, (2004: $214,609), respectively.

S i

32. ar813

(C'l04: $51149188,` and

Key management compensation for the year was $320,000 (2004: $362,080).

Director's compensation for the year was $66,500 (2004: $10,000).

Contingent liabilities and commitments

1) Loan commitments: In the normal course of business various credit-related arrangements are entered into
to meet the needs of customers and earn income. These financial instruments are subject to the Bank's
standard credit policies and procedures.

As of the consolidated balance sheet date, these credit-related arrangements were as follows:

Loan commitments 44425

The Bank has pledged $3,000,000 (2004: $3,000,000) of Bahamas Government registered stock to secure the
overdraft facility with another Bahamian commercial bank. The facility bears interest at 0.5% above Prime up
to $1 million and 1.25% above Prime for amounts in excess of $1 million with a stand by fee of 0.25% on any
unused portion of the facility.

ii) Operating lease commitments: The future minimum rental payments required under operating leases that
have initial or remaining non-cancellable lease terms in excess of one year as of 31 December 2005 are as

2006 420,588
2007 271,379
2008 252,000
2009 252.000

Total minimum payments 1 956

iii) Contingent Liabilities:



Issued and fully paid
10,000,000 preference shares of $1.00 each 10.000.000 10.000000

On 12 October 2004, the Bank issued 10,000,000 cumulative redeemable non-voting preference shares with a
par value of $1.00 per share, which are redeemable at the option of the Bank subject to the approval of The
Central Bank of The Bahamas.

The preference, shares carry a dividend rate of Bahamian Prime + 0.75%, subject to a minimum rate of 7.50%,
payable quarterly in arrears. Dividends are declared by the Board of Directors in their sole discretion. The
preference shares rank ahead of the ordinary shares in the event of liquidation.
Minority Interest

The minority interest represents the Bank's Parent Company's 33 1/3% interest in West Bay and is calculated
as follows: 4

The Board df Directors declared quarterly dividends of'$0.1875 (7.5%) per share in respect of each quarter.
ended 31 March 2005, 30 June 2005, 30 September 2005 and 31 December 2005. These dividends were paid
Son 31 March 2005, 30 June 2005, 30 September 2005. The 31 December 2005 dividend was paid subsequent
to the year end. 2005 2004

Dividends payable at the beginning of year
Dividends declared during theyear .
Dividends paid during the year
Dividends payable at the end of the year
22. Financial risk management





Strategy in using financial instruments,
By their nature, the Bank's activities are principally related to the use of financial instruments. The Bank
accepts deposits from customers at both fixed and floating rates, and for various periods, and seeks to earn
above-average interest margins by investing these funds in high-quality assets. The Bank seeks to increase
these margins by consolidating short-term funds and lending for longer periods at higher rates, while
maintaining sufficient liquidity to meet all claims that might fall die.

The. Bank also seeks to.iaise its interest margins by obtaining above-average margins, net of allowances,
through lending to commercial and retail borrowers with a range of credit standing. Such exposures involve
not just on-balance sheet loans and advances; the Bank also enters into guarantees and other commitments
such as letters of credit and performance, and other bonds.
Credit risk
The. Bank takes on exposure to credit risk, which is the risk that a counterpart will be unable to pay amounts
in full when due. Impairment provisions are provided for losses that have been incurred at the balance shedt
date. Significant changes in the economy, or in the health of a particular indutry'segment that represents a
concentration in the Bank's portfolio, could result in losses that are different from those provided for at the
balance sheet date. Management therefore carefully manages its exposure to credit risk.

The Bank structures the levels of credit risk'it undertakes by placing limits on the amount of risk accepted in
relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are
monitored on a revolving basis and subject to an annual or more frequent review. Limits on the level of credit
risk by product, industry sector and by country are approved quarterly by the Board of Directors.

The exposure to any one borrower including banks and brokers is further restricted by sub-limits covering on-
and off-balance sheet exposures, and daily delivery risk limits in relation to trading items such as forward
foreign exchange contracts. Actual exposures against limits are monitored daily.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential
borrowers to meet interest and capital repayment obligations and by changing these lending limits where
appropriate. Exposure to credit risk is also managed in part by obtaining collateral and corporate and personal

The 'Bank's .deposit and :r. are placed with high credit, quiihr, frImranfcal iniurunoniu and
S corporation; i:,ganj,'-riur,. rr" andr .:-,eIr 'hoansare presented net of provionr tfor on losses. Whilst the
majority of loans are secured by first mortgages upon family residence or b) chanel mortgages, overdrafts
advanced in the normal course of business are generally unsecured.
Credit-related commitments

The primary purpose of these instruments is to ensure that funds are available to a customer as required.
Guarantees which represent irrevocable assurances that the Bank will make payments in the event that a
customer cannot meet its obligations to third parties carry the same credit risk as loans.

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of
loans, guarantees or letters of credit. With respect to creditrisk on commitments to extend credit, the Bank is'
potentially exposed to loss in an amount equal to the total unused commitments. However, the likely amount
of loss is less than the total unused commitments, as most commitments to extend credit are contingent upon
customers maintaining specific credit standards. The Bank monitors the term. to maturity of credit
commitments because longer-term conimitments generally have. a greater degree of credit risk than shorter-
term commitments.
Geographical concentrations of assets and liabilities

The Bank has a concentration of risk in respect of geographical area, as both customer and securitised assets
are primarily based in New Providence and Grand Bahama.
Cash flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. Fair. value interest rate risk is the risk that the -value of a financial
instrument will fluctuate because of changes in market interest rates. The Bank takes on exposure to the
effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow
risks. Interest margins may increase as a result of such changes but may reduce or create losses in the event
that unexpected movements arise. The Board sets limits on the level of mismatch of interest rate re-pricing
that may be undertaken, which is monitored daily.

The Bank employs effective techniques and procedures to monitor and control its exposure to interest rate
risk. Mortgage, consumer, and other loans have variable rates, linked to The Bahamian dollar prime rate
Exposure to interest rate risk, which is mainly due to fixed rates both.its term deposits with banks and savings
certificates sold to customers, is minimised by the short-term maturities of the majority of these deposits.

Liquidity risk
The Bank is exposed to daily calls on its available cash resources from overnight deposits, current accounts,
maturing deposits, loan draw-downs and guarantees, and from margin and other calls on cash-settled
derivatives. The Bank does not maintain cash resources to meet all of these needs, as experience shows that a
minimum level of reinvestment of maturing funds can be predicted with a high level of certainty. The Board
sets limits on the minimum proportion of maturing funds available to meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected *
levels of demand.

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is
fundamental to the management of the Bank. It is unusual for banks to be completely matched, as transacted
business is often of uncertain term and of different types. An unmatched position potentially enhances
profitability, but also increases 'the risk of losses.

The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing
liabilities as they mature are important factors in assessing the liquidity of the Bank and its exposure to
changes in interest rates and exchange rates.

Liquidity requirements to. support calls under guarantees and standby letters of credit are considerably less'
than the amount of the commitment because the Bank does not generally'expect the third party to draw funds
under the agreement. The total outstanding contractual amount of commitments to extend credit does not
necessarily represent future cash requirements, as many of these commitments will expire or terminate
without being funded.

The loan portfolio principally comprises long-term mortgage loans, whidh are financed by shQrter-term
customer deposits. As such, the Bank is exposed to liquidity risk, which is continuously monitored by
Fair values of financial instruments
Financial instruments utilised by the Bank include recorded assets and liabilities, as well as items that
principally involve off-balance sheet risk. These financial instruments are carried at fair value or are
relatively short term in nature and accordingly, the estimated fair values are not significantly different from
the carrying value as reported in the consolidated balance sheet.
23. Subsequent events
At a meeting of the Bank's Board,- held on March 27, 2006, the Board approved the following resolutions,
subject to the approval of the Central Bank of The Bahamas:

i) The purchase of the $10 million in preference shares from -the existing shareholders by the Parent
ii) A $15 million rights issue of the Bank to be held during the second quarter of 2006 under terms and
conditions to be agreed; and
iii) The redemption of the full $10 million in preference shares purchased by the Parent Company under (i)
above, to allow for the Parent Company to subscribe for its full allocation of rights under the above
noted rights issue.

Fhe Parent Company has confirmed that, subject .to approval of the Central Bank of 'le Bahamas, it would
use the full proceeds of the above noted preference share redemption to subscribe to its full allocation of
rights under the above noted rights issue.


Love Estates- In 1988, the Bank loaned the developer of Love Estates certain sums of money and also jpinea
in as surety for various performance bonds aggregating $3,328,043 in favor of the Ministry of Public Works.
The loans and the bonds were secured by a first legal mortgage over the unsold lots in the subdivision. The
works under the bonds were to have been completed within 36 months. The developer defaulted under the
mortgage with the Bank. Through the years, the Bank has been in discussion with the Ministry of Public
Works and various prospective purchasers. In 2001, the Ministry obtained a judgement against the developer
and the Bank for the amount of the bonds.

The Bank is being sued for specific performance and damages in connection with a sale agreement dated 24
September 1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not
been met, and in order to resolve this long outstanding matter, the.Bank entered into a Deed of Settlement
("Deed") with Rolling Hills DevelopmeIt Corporation Limited ("Rolling Hills") in April 2005. Under the
Deed, Rolling Hills will assume liability for the installation of the infrastructure in Phase One and Phase Two
of the Love Estates Subdivision and enter into performance bonds, in a form agreed by the Ministry of Works,
to guarantee Rolling Hills installation of the infrastructure and enable the Bank to have the performance bonds
entered into between the Bank and the Ministry of Works, dated 30 May 1988, cancelled.

In exchange for Rolling Hills entering into the above noted performance bonds, the Bank agreed to pay
settlement costs totaling $350,000 to Rolling-Hills which were expensed in 2004. Should Rolling Hills not
enter into the performance bonds, in a form agreed by the Ministry of Works, the Deed will become void as if
it never existed. The Bank and Rolling lills are still in the process of obtaining all documents required under
the Deed of Settlement. It is anticipated that all outstanding documentation issues will be resolved in 2006 and
that the associated sale of the Love Estates property will be completed without any further loss to the Bank.

iv) Other: The Bank is also involved in various other legal proceedings covering a range of matters that
arise in the ordinary course of its business activities. Management is of the view significant loss will
arise as a result of these proceeding.
20. Dividends per ordinary shares

The Board of Directors declared semi-annual dividends of $0.02 per share in respect of each six month period
ended 31 March 2005 and 30 September-2005. Such dividends were paid on 30 June 2005 and 15 November
2005, respectively.
21. Dividends per preference shares

F ,



_~ :



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Telepnone 242 393 D00,
Fax 242 3sa 1?72
Intemel Awe iKm m corrn DS

We have audited the accompnyihg balancesheet of POBT Bank and Trust Limited (the "Bank") as of
December 31, 2005. This balance ai. i'ihe responsibility of the Bank's management. Our
responsibility is to express an mdilnodin tli isB c06 sheet based on our audit

We conducted our audit in.acordanoh.wh1 Iintrnational Standards on Auditing as promulgated by the
International Federation of Accuiainltt. Thote standards require that we plan and perform the audit to
obtain reasonable assurance as to whether the balance sheet is free of material misstatement. An audit
includes examining, on a test basis; 6id"ite sapportitig the amounts and disclosures in the balance sheet.
An audit also includes assessing the..c0biiting principles used and significant estimates made by
management, as well as evatuating the ov*all balance sheet presentation. We believe that our audit
prov ides a reasonable basis for bur opidioi.

In our opinion, the balance shd t ptiePta fairly, in all material respects, the financial position of the Bank
as of December 31, 2005 in accordance it dilerntonal Financial Reporting Standards promulgated by
the International Accounting Standards 6ard

Chartered Accountants

Nassau, Bahamas
February 10, 2006

Balance Sheet

December 31, 2005 with corres~oiding figures ft 2004
(Expressed in thousands oTUnitei States dollars)

S otes- 2005 2004

Cash and cash equivalents S 158,058 205,777
Money market funds .: 3 52,695
Deposits with brokers Md clearing tiose 4 395,773 266,217
Receivable from customers, brokers atd dealers $ & 16 562,185 324,195
Investments 6& 16 1,446,132 1,015,235
Securities purchased under agedemntato ieiell 7 & 16 308,581 406,330
Loans 8 &16 67,311 92,204
Fixed assets -. :. -. 409 83
...S 2,938,449 2,362,736

Demand deposits 9& 16 S 672,570 504,523
Securties sold under agreem Etito reilirh 7 & 16 444,456 567,173
Securities borrowed,' otions written~ nd swais 10 803,246 361,513
Certificates of deposit, time deposits r-d "
promissory notes 11 & 16 78,025 186,882
Payable to customers, bibol 0 aidd s 12. 545,752 300,798
; 2,544,049 1,920,889
Shareholders' equity
Share capital .13 5,000 5,000
Contributed surplus 95,000 95,000
Retained earnings 4 17,009 464,456
Treasury shares *. 13 (122,609) (122,609)
394,400 441,847

Commitments .... 14 & 15s
t ... .-- _S' .. 1 $ 2,938,449 2,362,736
See accompanying notes to balaaideshii_

This balance sheet was approved .on bhl tho e Board of Directors on February 10, 2006 by the
following:, ,

andr Sa Dictor ,. e Sai od Sila Director

Notes to Balance Sheet

December 31, 2005
(Expressed in thousands of United Si ta & )lk)
[ "'I r~i i "tl i- i ' "Il i I I I II

1. Incorporation and backgrOiuld infortaotlsi
SPOBT Bank and Trust Limited (the "BaiHlwi incdrpdrated on October 13, 1992 under the laws
of The Commonwealth 6tthe Bahama. ("The Bahamas") and is licensed to carry out banking
and trust business from wyit.hin t.bBattias. the Bank is a wholly-owned subsidiary of POBT
Holdings Limited ("Parint Co 1pany'" which owns all of the ordinary shares of the Bank. The
preference shares Are owned byilP.. St ,ecurities Limited. Both of these companies are
incorporated tinder the.lawib of1'bil ahamas and are closely held Since its inception, the Bank
has been engaged priftipally in the trading and brokerage of securities and provision of
investment advisory services.

The registered office of the Bank is located at One Montague Place, East Bay St., 4"' Floor, P.O.
Box N-4838, Nassau, Bahamas. As of Dec&mber 31, 2005, the Bank had 13 employees (2004 8

1. Summary of sigBlficantraieomnntina pole
2.1 Basis of preparation
The balance sheet has he6s ~jbee ed- in accordance with International Financial Reporting
Standards ('IFRS") and .ilitrpretation doto ed by the International Accounting Standards Board.

The balance sheet is prepared.on 'air valui basis for derivative financial instruments, financial
assets and liabilities held for irhding.,ekept those for which a reliable measure of fair value is not
available. Other financial assets and liabilities and non-financial assets and liabilities are stated at
amortised cost or historical oast.

The accounting polities have befr consistently applied and consistent with those used in the
previous year.
2.2 Financial instruments
(i) Classifcation
Held for trading instfumets are those that the Bank principally holds for the purpose of short-
term profit taking. These include investipents, derivative contracts and liabilities from short
sales of financial instruments. All trading derivatives in a net receivable position (positive
fair value), as wel as options pitrhased, are reported as "investments". All trading
derivatives in netr payable posir6t (negative fair value), as well as options written, are
reported as "securitiesborrowed, options written and swaps".

Originated loans Ari'redeivablei wire created by the Bank by providing money to a debtor
other than those create wih thhe intention of short-term profit taking. Originated loans and
receivables comprise lois ald advances to banks and customers.

(u) Recognitnon
Financial instruments are ieasured initially at cost on the trade date, including transaction
costs, except for derivatives.*,hich arbmeasured initially at fair value.
(ai) Measurement -
Subsequent to initial recoghitili, all trading instruments are measured at fair value.

Non-trading financial instruments include deposits with brokers and clearing houses,
receivables from customers, brokeis and dealers, securities purchased under agreements to
resell, loans, demiiad et o'itr;..ituritiessold under agreements to repurchase. certificates of
deposit, time deposits, pronmifory notes, and payable to customers, brokers and dealers. They
are measured at amortized cost plhis. cftued interest as of the balance sheet date, where
r'i, Fair value meoisremenr princtplIt'

The fair value of financial instruments is based on their last closing execution prices and in
the event of no trades asOf the'baladci sheet date. then the quoted bid prace at the balance
sheet date without any deduction lfor transaction costs If a quoted market price is not
available, the fair value bfthe iA tramnit is estimated using pricing models or discounted cash
tlon leihniques.

(i) Specij;c mstrumenls '

Cash and cash equivalents
Cash and cash equivalents ihclRde dash, bank deposits and interest bearing deposits with
banks which have matrAitit orf rCthanftee days.

Peas ri inj
MonpirS OneCC
NanlrrM a

commitment to repurchase them on demand by buyer or seller These agreements bear interest at
rates varying from 1.5% to 4 75% (December 31, 2004 0.20% to 2.70%) per annum. The Bank
pledged securities with a fair value of $528,612 (December 31, 2004 $668,424) as collateral for
securities sold under agreements to repurchase. Of the amounts pledged as collateral, $207,503
(December 31, 2004 $145,217) was owned by the Bank as disclosed in note 6.
8. Loans
Loans represent short-term and long-term credits offered by the Bank to customers. Their
maturity periods range up to 60 months (December 31, 2004 up to 60 months) and they earn
interest up to 12 54%- per annum (December 31, 2004 up to 7.5% per annum) During 2005 and
2004 the Bank recorded no losses resulting from non-payment of interest'or principal.

9. Demand deposits
The balances under this caption represent money market deposits. The avage interest paid to the
Bank's depositors as of December 31,2005 was 4% (December 31, 2004 -2%') per annum



--~ `~~I~~- "~~ '~-~~~~-- -~-

_LI __ I ~ __ ~ _~ ~L ~



Loans are originated by the Bank and are not held for trading. They are carried at
disbursement amounts plus accrued interest as of the balance sheet date, net of provisions for
loan losses, if any. The provisions for loan losses are based on an analysis by management of
the outstanding loan portfolio, in order to determine the amount sufficient to cover estimated
losses. The Bank takes into account specific and general risks components of its loan
portfolio. Such approach considers the financial strength of each customer as well as the
political and economic environment and the specific and general portfolio risks of the
countries where customers are located.
Derivative financial instruments
Derivative financial instruments, including futures, forwards, swaps and options, are
measured in accordance with the accounting policy for trading instruments. The Bank's
positions in futures contracts are recorded in off-balance sheet accounts and the daily
adjustments are recorded in "deposits with brokers and clearing houses" in the balance sheet.
Securities purchased under agreements to resell and securities sold under agreements to
The Bank enters into purchases (sales) of investments under agreements to resell (repurchase).
These balances represent short-term collaleralised financing transactions The amounts paid
are recognized in "securities purchased under agreements to resell" and the underlying assets
are recorded in off-balance sheet accounts These amounts are collateralised by the
underlying securities. Investments sold under repurchase agreements continue to be
recognized in the balance sheet. The proceeds from the sale of the investments are reported as
liabilities under "securities sold under agreements to repurchase". Such transactions are
entered usually on an open basis and may be terminated by both parties upon demand.
Securities borrowed, options written and swaps
As a result of trading strategies, the Bank may sell securities for which it has no possession.
In order to execute such transactions the Bank may either borrow securities through broker-
dealers or use securities obtained as collateral in the transaction recorded as securities
purchased under agreements to resell. The obligation ofahe Bank to return securities is
adjusted on a daily basis to the fair value of such securities Options written are adjusted on a
daily basis to their fair value as reported by the applicable stock exchange. If a quoted market
price is not available, the fair value of the instrument is estimated using pricing models. Swap
agreements are adjusted to fair value in accordance with the valuation criteria of the
underlying assets, which is in accordance with note 2.2 (iv).
2.3 Foreign currency
The Bank conducts the majority of its operations in United States dollars, the functional and
presentation currency of the Bank. Transactions in foreign currencies are translated to United
Sates dollars at the closing foreign exchange rate at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance sheet date are translated to United
States dollars at the closing foreign exchange rate at that date.

2.4 Treasury shares

When share capital recognized as equity is repurchased, the amount of the consideration paid,
including directly attributable costs, is recognized as a change in equity. Repurchased shares are
classified as treasury shares and presented as a deduction from total equity.
2.5 Dividends

Dividends are recognized as a liability on the date in which they are declared. On the balance
sheet date there were no dividends pending payment.

2.6 Preference shares

Preference shares have priority in the repayment of capital and are redeemable at the option of the
Bank. Any dividends are discretionary at the option of the Board of Directors.

2.? Fixed assets

Fixed assets are stated at cost less accumulated depreciation Depreciation is calculated on a
straight-line basis over the useful lives'of the assets.

2.8 Use of estimates
The preparation of this balance sheet in accordance 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
from those estimates.

3. Money market funds
Money market funds represent shares in investment funds where investments are largely
concentrated in highly liquid money market instruments denominated in United States dollars.
4. Deposits with brokers and clearing houses
Deposits with brokers and clearing houses represent deposits with selected brokers -'dealers as a
result of settlement and margin requirements resulting from ordinary trading activity of the Bank.
Credit exposure to brokers and clearing houses is subject to daily review by the Bank.

5. Receivable from customers, brokers and dealers
Receivable from customers, brokers and dealers represent amounts or sale transactions wnach
were sealed at the beginning of January 2006 (December 31, 2004: beginning of January 2005).
Such transactions are sealed on a delivery/receipt versus payment basis in the main clearing
systems where the applicable securities are deposited.

6. Investments
The balances under this caption comprise:

2005 2004
Securities held for trading

Shares of investment funds:
Funds of investment funds (a) $ 18,021 35,624
Hedge funds (b) 240,342 192,488
Total shares of investment funds 258,363 228,112

Private sector investments:
Stocks 507,419 482,092
Options 3,654 2,122
Corporate bonds 248,356 186,260
Credit linked notes 10,049 13,154
Swaps and Non deliverable forwards NDF's 60,185 -

Public sector investments:
Government bonds-Brazil 54,317 38,927
Government bonds-United States 263,554 48,752
Government bonds-Other Countries 31,825 11,018
Options on bonds-Brazil 8,410 4,798
Total private and public sector investments 1,187,769 787,123

Total investments $ 1,446,132 1,015,235
(a) Represents investments in different funds that achieve diversification through acquisition of
several hedge funds or through acquisition of other investment funds with investments
concentrated in hedge funds. In both cases the hedge funds have the investment approach
described in item (b) below.

(b) Represents funds whose investment objective is to provide absolute returns with small or no
correlation to general equity and fixed income markets with high concentration in 0-7
securities and markets

Certain securines with a fair value of $207,503 (December 31, 2004 $145,217) serve as
collateral for securities sold under agreements to repurchase.
7. Securities purchased under agreements to resell and securities sold under agreements to

Securities purchased under agreements to resell represent securities acquired by the Bank subject
to obligations of the seller to repurchase and the Bank to resell the.securities on demand by buyer
or seller. The agreements eam interest at rates varying from 1% to 6.25% (December 31, 2004 -
0.07% to 5 25%) per annum Certain securities purchased under agreements to resell were sold by
the Bank and are included in securities borrowed as described in note 10. The Bank received
securities with a fair value of $478,339 (December 31, 2004 5647,132) as collateral for
securities purchased under agreements to resell.

Securities sold under agreements to repurchase represent securities sold by the Bank with a



.ItEyw., ': ''.' .'.4.: '"' *>::" '"
10. Securities borrowed, options written and swaps
2005 2004

-. Stocks $ 422,666 110,665
S'"Gyementbonds 37,924 52,711
S Corporate bonds 63,935 6,326
S Credit linked notes 56,643 49,286
'Options 6,474 6,235
SOptions on government bonds 8,401 4,868
Swap transactions and non deliverable forwards 207,203 131,422
S 803,246 361,513

T1. C ;Gertificates of deposit, time deposits and promissory notes

2005 2004

Cerificales of deposit $ 33,612 145,375
Time deposits 44,413 40,003
Promissory notes 1,504
S$ 78,025 186,882

Certificates of deposit issued by the Bank bear interest at rates ranging from 2.57% to 11%
S::: iDecember 31,'004'- 1.20% to 3.10%), per annum.

Time deposits issued by the Bank bear interest at 4.33% to 4.82% (December 31, 2004 2.5%),
: ,.: per annum and mature from one-month up to a year from the balance sheet date.

Pir i'issory notes comprise tailored notes substantially denominated in Brazilian reais and include
accrued interest.
12. Payable to customers, brokers and dealers

The amounts payable to customers, brokers and dealers pertain to the purchase of investments
whiciwere settled at the beginning of January 2006 (December 3.1, 2004 beginning of January
I'3. Share capital ..
S Share capital comprises 5,000,000 shares divided into 2,000,000 ordinary shares and 3,000,000
preference shares (1,350,720 preference shares in treasury) with a par value of US$1.00 (one
dollar) each, all of which are fully subscribed and paid.

SOrdinaiy 'hares rank papaa assu with each other and the holders thereof are entitled to dividends
when declared and to one vote per share at general meetings of the Bank. Preference shares rank
pari passu with each other and are preferred over the ordinary shares for return of, capital on
liquidation of the Bank and rank equally with the ordinary shares for payment of dividends. They
are not entitled to any voting rights. At any time the Bank may give notice to the holders of
preferred shares of its intention to redeem them at fair value. On December 28, 2005 the Bank
declared and paid dividends in the amount of $120,000 (June 30, 2004: $100,000 declared and
14. Commitments

As of December 31, 2005 the Bank had guarantees granted, primarily comprising letters of credit,
amounting to $3,924 (December 31, 2004 $5,014). As of the balance sheet date, there were no
amounts drawn in connection with such guarantees. The Bank's exposure under these
transactions is fully secured by liquid assets.
15. Derivative financial instruments

The Bank usually engages in a variety of transactions with derivative financial instruments in
connection with its management of market risk and proprietary trading activities. The notional
amount of derivative financial instruments is not recorded in the balance sheet and may indicate
only the Bank's degree of use of derivatives. Premiums paid and received are recorded in the
balance sheet in investments and options written respectively, and adjusted to fair value, in
accordance with note 2.2. The Bank's open positions are summarised as follows:
December 31,2005

Notional amount
Long position Short position

Equity contracts
Foreign exchange contracts
Interest rate contracts
Commodity contracts

Equity contracts
Government bond contracts
Foreign exchange contracts

S Foreign exchange contracts

Credit derivatives
Government bond contracts
S- i-,Corporate bond contracts

S* Awaps
Interest rate











:: Total return swaps
.;. .iGovyernment bond contracts 46,439
r'"The fair veilues of options, forwards, credit derivatives and swaps are included in' note 6 -
investments, and in note 10 securities borrowed, options written and swaps. The fair values of
futures and foreign exchange contracts are included in deposits with brokers and clearing houses
in the balance sheet.

The Bank has minimal exposure to the volatility of the prices of the bonds relating to its open
positions of government bond options as the long and short positions are substantially matched.
16. -Related party transactions

The Bank entered into various transactions with the Parent Company and related parties. The
financial statements include the following related party balances:
::: ': .. . 2005 2004
....As.ets.. .
Receivable from customers, brokers and dealers $ 22 51,152
Investments 18,021 35,624
;,, Securities purchased under agreements to resell 53,193 171,499
Loans 38,321 83,639

Liabilities ., .
'Demand deposits 211,600 204,602
Securities sold under agreements to repurchase 22,847 2,177
Certificates of deposit, time deposits and promissory notes .- .. 133,044

17. ,'Maturities ofassets and liabilities

T:he schedtiled maturities of the Bank's assets and liabilities as of December 31, 2005 and
December 31, 2004 based on the contractual maturity dates are as follows:

-' - --- ....... .--.- . 2005 . 2004 ..
S.' ' : Assets Liabilities Assets Liabilities

Less than one.month .. . 2,141,755' : 2,109,b01'8 I 7161,;53 1,559,304
One to three months 224,600 101,874 .168,025. 149,834
Three months to one year 391,912 76,009 282,073 19,286
One to five years 102,198 200,975 126,365 173,736
Over five years 77,984 56,173 24,750 18,729
S 2,938,449 2,544,049 2,362,736 1,920,889

Investments in stocks have been classified in the "less than one month" category because the Bank
can sell them at any time in active markets. The classification above, except for investments in
stocks and shares of investment funds, reflects the.contractual maturity dates of the Bank's assets
and liabilities and does not represent the liquidity level of the Bank because certain instruments
can be negotiated in the market before their maturity dates.

18. Exposure to interest risk

Cash and cash equivalents, money market funds, fixed income securities, loans, deposits,
certificates of deposit, promissory notes, securities borrowed and securities purchased/sold under
agreements to resell/repurchase have the following weighted average interest rates:
Up to I month,
including open From I month to 3 From 3 months to From year to 5
maturities months I y r years Over 5 years
Interest Inlerest Interes Inlerest Interest
$ rate rate $ rates rate S rate


Cash and cash equivalents (1)
Corporate bonds (2)
Government bonds (2)
Government bonds Other
countries (2)
Credit Linked Notes
Securities purchased under
agreements to resell
Loans receivable

Demand deposits
Securities borrowed (3)
Credit Linked Notes (5)
Time deposits
Securities sold under agreements
to repurchase

154.282 3.89%
9,453 3.88%
2,102 10.25%

1.818 4.75%

6.01% 18,117 6.23% 42,945 8.61%
S 470 1013% 131 9.08%

10,922 2.00%
10.049 5.65%

308,581 4.97%
2,203 6.25% 18,0!5 8.66% 26.772

672,570 4.00%
409 4.35% 33,203 424%
743 17.35% -
38.020 4.33% 6,393 4.82%

444.456 3.90%' -

7.49% 20.321 10.85%

6,686 13.16% 28.321


Up to I month.
including open From I month to 3 From 3 months to From I year o 5
maturiies months I yar years Over 5 y s
Interest lterat Interest Interest Intert
$ rate $ rte rate rate rat

Cash and cash equivalents (1)
Money markets funds (4)
Corporate bonds (2)
Government bonds (2)
Government bonds- Other
Credit Linked Notes
Securities purchased under
agreements to resell
Loans receivable
Demand deposits
Securities borrowed (3)
CD's & Promissory notes (5)
Credit Linked Notes (5)
Time deposits
Securities sold under agreements
to repurchase

131.236 2.23%
3.536 7.50%
620 14.00%

1,372 10.23% 32.148 7.22% 76,555 6.89% 7,504 9.07%
1,071 14.00% 29,621 14.13% 8.235 8.53%

S 2,091 8.07% 8,927 10.06%
13,154 5.30%
406,330 1.28% -
9,497 6.35% 2,707 4.48%

504,523 2.00%

133,154 2.39% 12,221
40.003 2.5%
567,173 1.13%

40,485 7.73% 18,552 8.57%

(1) Excludes non-interest bearing deposits
(2) Excludes zero coupon instruments.
(3) Excludes stocks, credit linked-notes, zero coupon instruments, options and swap transactions.
(4) Included in receivable from customers, brokers and dealers in the balance sheet.
(5) Excludes notes with variable interest rates.

19. Foreign currency exposure

As of the balance sheet date, the Bank's assets and liabilities were denominated in United States
dollars, except for the following, which were either denominated in or linked to other currencies
as follows:

2005 2004
Assets Liabilities Net exposure Assets Liabilities Net exposure

Brazilian real $ 532,034 255,007 277,027 445,784 43,975 401,809
Euro 32,473 33,908 (1,435) 23,701 49,924 (26,223)
Turkish lira 31,139 23 31,116 4,273 4,273
Mexican peso 14,356 14,356 2,899 1,078 1,821
Korean Won 8,676 8,676 181 181
British pound 7,239 31 7,208 1,036 1,036
Hong Kong
dollar 4,616 2 4,614 1,263 1,263
Indian rupee 1,556 1,556 -
Japanese yen 1,394 28,273 (26,879) 5,548 13,278 (7,730)
Thai baht 1,056 1,056 2,794 2,794
South African-
rand 1,048 521 527
Taiwan dollar 955 955 -
Chilean peso 936 1,866 (930) -
Canadian dollar 802 802 11,045' 11,045
Other 1,114 376 738 3,727 679 3,048
Total $ 639,394 320,007 319,387 502,251 108,934 393.317

The Bank uses derivative instruments to manage its foreign currency exposure.

20. Risk management

Market Risk

Market risk is related to possible losses arising from fluctuations in the prices and rates of assets.
The Bank uses value-at-risk and stress testing to measure its risk; the methodology used is based
on techniques of historical simulation and scenarios construction. The Bank's value-at-risk is
calculated on a daily basis, covering all of its assets. Risk is assessed at three levels: per asset, per
asset category and per portfolio. The historical scenarios used allow the correlation between
assets and asset classes to be preserved, which enables the structuring of hedging strategies. The
stress tests are calculated based on both historical and hypothetical scenarios.

Credit Risk

Credit/counterparty risk of any entity doing business with the Bank is systematically analysed.
Aspects of a qualitative nature, such as strategic orientation, management quality, business sector,
areas of specialisation, efficiency and market share, are added to comprehensive financial
analysis, focusing on cashilow, as~et quality, indebIedness, interes&icoverage and working capital.
Credit limits for each ofthe Bank's cotllterparties are established by the Directors, and reviewed
regularly. The measurement and assessment of the Bank's total exposure to credit risk covers all
financial instruments involving any counterpart risk, considering the total amount of guarantees
given and derivative operations. In order to monitor exposure to credit risk in derivatives, risk
factors are applied to the financial value of the contracts.

Liquidity Risk

The Bank manages liquidity risk by concentrating on high quality and very liquid assets, and
using funding obtained from first class sources at extremely competitive rates. The Bank
maintains a strong capital structure and a low degree of leverage. In addition, differences in tenor
between assets and liabilities are monitored considering the impact of extreme market conditions,
in order to assess its capacity to realize assets.

21. Concentration of assets and liabilities

As of December 31, 2005 and December 31, 2004, the assets and liabilities of the Bank listed
below were distributed in the following geographic areas:

Caribbean and North South Asia and
Central America Europe America America Africa Total

Cash and cash equivalents $ 5 6,815 151,238 158,058
Deposit with brokers
and clearing houses 50,649 187,126 157,998 395,773
Investments (1) 265,510 133,714 314,098 688,421 44,389 1,446,132
Securities purchased under
agreements to resell 204,616 34,353 42,101 27,511 308,581
Loans 38,322 28,989 67311
Total S 559,102 362,008 665,435 744,921 44,389 2,375,855

Demand deposits $ 577,674 6,746 18,537 69,004 609 672,570
Securities sold under
agreements to repurchase 59,172 165,343 219,941 444,456
Securities borrowed, options
written and swaps 210,103 19,138 144,547 429,074 384 803,246
Certificates of deposit, time
deposits and promissory notes 78,025 78,025
., Total : ,!$ 924,974, ,191t227, 383,025 498,078 993 1,998,297

Caribbean and North South Asia and
Central America Europe America America Africa Total

Cash and cash equivalents $ 51,006 32,085 122,686 205,777
Money market funds 78 9 52,608 -52,695
Deposit with brokers
and clearing houses 31,837 234,380 266,217
Investments (1) 230,408 28,867 106,985 637,485 11,490 1,015,235
Securities purchased under
agreements to resell 324,297 58,989 6,993 16,039 12 406,330
Loans 84,582 7,622 92,204
Total $ 690,371 151,787 523,652 661,146 11,502 2,038,458

Liabilities: ..,:; ,.
Demand deposits $ 456.913 5,196 2,084 40,220 110 504,523
Securities sold under
agreements to repurchase 27,498 238,090 301,585 567,173
Securities borrowed, options
wrinen and swaps 148,159 24,813 18,736 163,732 6,073 361,513
Certificates of deposit, time
deposits and promissory notes 142.,95 44,087 186,882
Total $ 775,365 268,099 322,405 248.039 6,183 1,620,091

(1) Includes investments in hedge funds, incorporated in The Caribbean, with a fair value of
$240,342 (2004 $189,767). These funds invest in assets issued by corporations and other issuers
incorporated in G-7 countries.

22. Fainr, value of financial instruments

Substantially all of the Bank's assets and liabilities are carried at fair value or amounts that
approximate fair value.

23. Corresponding figures

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

C I,

I I' I

--I IC I I --I

i I


I .
i .
I ,


J I i i



December 31
2005 2004

Cash and current accounts with banks S 15,18,723 $ 1,607,245
Deposits with banks 21,029,593 27,631,695
Loans and advances, net of provision (note 3) 4,385,565 7,676,760
Accrued income and other assets 246,120 178,847
Fixed assets, net (note 4) 813,345 1,223,991
Investments 20,000 20,000
Total assets S 41,813,346 $ 38,338,538

Due to banks, current and deposit accounts $ 3,718,659 $ 3,054,310
Customers' current and deposit accounts .24,042,494 23,882,615
Accrued expenses and other liabilities 624,987 227,054
Total liabilities 28,386,140 27,163,979

Shareholder's equity
Share capital
Authorized, issued and fully paid
5,000,000 shares ofU.S. $1.00 each 5,000,000 5,000,000
Retained earnings 8,427,206 6,174,559
Total shareholder's equity 13,427,206 11,174,559
Total liabilities and shareholder's equity $ 41,813346 $ 38,338,538


Approved by the Board:

Ugo Facca Director

Martin Murbach Director

December 31, 2005


Fintei Bank & Trust (Bahamas) Limited (the Bank) was incorporated under the laws of the
Commonwealth of The Bahamas on February 24, 1994. The Bank is licenced under the Bahamas
Banks and Trust Companies Regulations Act to provide a full range of banking, trust and corporate
management services. The Bank is a wholly-owned subsidiary of Finter Bank Zurich. The Bank
has two wholly-owned subsidiaries, Amazonas Investments Limited and Frederick Investments

The registered office of the Bank is located at Mareva House, George Street, P.O. Box N-3937,
Nassau, Bahamas.

This non-consolidated balance sheet was authorized for issue by the directors on March 22, 2006.


The significant accounting policies adopted in the preparation of this non-consolidated balance
sheet are set out below:

Statement of compliance

This non-consolidated balance sheet of the Bank and its wholly-owned subsidiaries have been
prepared in accordance with International Financial Reporting Standards (IFRSs).

'7 7. 1~ 4. 7 C1

SBasis of preparation

This non-consolidated balance sheet has been prepared under the historical cost convention, except
for the measurement at fair value of financial assets and liabilities. This non-consolidated balance
sheet is expressed in United States dollars. The preparation of this non-consolidated balance sheet
requires management to make estimates and assumptions that affect the reported amounts and
disclosures in the non-consolidated balance sheet. Actual results could differ from those estimates.

The Bank has elected to present this non-consolidated .balance sheet in accordance with the
provisions of IAS 27 as its ultimate parent, Finter Bank, Zurich Switzerland prepares consolidated
financial statements.
Cash and cash equivalents

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

Loans and advances

Loans and advances are stated at the principal amount outstanding, less provisions for credit losses
that are established by charges against income. Management's periodic evaluation of the adequacy
of the provision is based on the Bank's past credit loss experience, known and inherent risks'in the
portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of
any underlying collateral, and current economic conditions.


The Bank's wholly-owned subsidiaries are nominee non-trading companies and are incorporated
under the laws of the Commonwealth of The Bahamas. The statements of the subsidiary companies
are not consolidated in this balance sheet as the amounts involved are not material. The investments
in the subsidiaries.and other investments are included in this consolidated balance sheet at cost.

Fixed assets

Fixed assets are carried at cost less accumulated depreciation. Depreciation is provided on a
straight-line basis over the estimated useful lives of the assets as follows:

User software .
Office furniture and equipment
Leasehold improvements
EDP hard and system software

20 years
S5 years
5 years
5 years
2 years
2 years

Trade date accounting

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

An assessment is made at each balance sheet date to determine whether there is objective
evidence that a financial asset or group of financial assets may be impaired. If such evidence
exists, the estimated recoverable amount of that asset is determined and any impairment loss is
recognized for the difference between the recoverable amount and the carrying amount. The
Bank did not record any impairment adjustments at December 31, 2005 (2004 nil).

Amounts due to customers and due to banks

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

Foreign currency translation

Monetary assets and liabilities denominated in foreign cunencies are translated at year-end foreign
exchange rates.

Assets under management

Assets held or liabilities incurred by the Bank as custodian, trustee or nominee have not been
reflected in this non-consolidated balance sheet since such assets are not assets of the Bank. The
Bank has assets under management amounting to approximately $1,130 million at December 31,
2005 (2004 $629 million).

Related party balances

All balances with the parent company are shown in this non

Derivative financial instruments

The Bank uses derivative financial instruments such as for
risks associated with foreign currency fluctuations as a coi
clients. It is the Bank's policy not to trade in derivative final

Fair value of derivatives

The fair value of forward exchange contracts is calculated b
rates for contracts with similar maturity profiles.


--------- j;

;-u *:' U ,;i vdxi IA 4
consolidated balance heeeSteltaedrixoiqq N

reign exchange contracts to hedge tle
unterpartyperfoi'red fi fhWf8f '"a 3adl j
ncial instruments.. ,.iso ,3iifdsbi bnt
o. . .dii mal l ylfbyT2 sst.nii.
: :; ii. .'~~a i ,~tl ibiupil ,itTL

by reference to current forward exchange
Meni Jiibr3'

Taxation .. .. :.,, ;- ;,. ,.j mii'. d .Si' i 'h .;',tez

There are no income taxes-imposed on the Bank in the Commonwealth of The.BahlmakniT~ l oL vWirifc.i

j Adoption ,ofIFRISs.during tliHe'y ';< .E.iimii s-020"cxs
SThe Bank has adopted the following revised standards during the year and comparative figures
have been amended as required. Adoption of revised standards does not hae briny 'trffet oh '-'t -
Sequity as at January 1, 2004.

IAS 1 lP~ientalion ofTinancial Slatements (excluding amendments effective for period'
.ib~ei ifniing i drift'i'Jinuary 1, 2007); :
S IAS 8 Accounting Policies, Changes iin Accounting E'siin;emam's an errors;
IAS 10 Eveni. after the Balance Sheet Date; W
'A' SlPropertl Plam and Equipment i., i.'- t ., s, os m":ic
IAS24 Relaied Parn Disclosures,. ,: ",- j r :x
'* IAS 27 Consolidatedand, Separate Financjal Statements; .
IAS 32 Financial Instruments: Disclosure and Presentation; ;..:,
IAS 36 Impairment of Assets; and
IAS 39 Financial Instruments: Recognition and Measurement : :.,

Early adoption : : : .:.' .

The Bank did not early adopt any new standards during the year .

IFRSs and IFRIC Interpretations not yet effective :'

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued
but are hot yet effective:

The Bank has not applied IFRS 6 "Exploration for and Evaluation of Mineral Resources'",, ;,x3
"IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental on
Rehabilitation Funds", IFRIC 6 "Liabilities arising from Participating in a Specific Market-
Waste Electrical and Electronic Equipment" and IFRIC 8 Scope of IFRS 2 "Share-based
Payment" which have been issued but are not yet effective. These standards and interpretations, ;
are not expected to be relevant to the activities of the Bank and will have no impact on thei,'
Bank's financial statements.

The Bank has not applied IFRS 7 "Financial Instruments: Disclosures" that have been issued but
are not yet effective, which is required to be applied for annual periods beginning on or after 1
January 2007, and as a result, upon initial adoption certain amounts and disclosures.relatedtog .___
portion of the Bank's financial instruments may be changed.


2005 ,

Loans 'S 3,460,114". $ 3 719, M-o3
Advances 1,019,393 4,,i5if'

Provision for possiblbloan losspos

.i -4^

4,479,567 7,770,762 ;-I
(94,002) (94.00gqj1s5ev'il

S 4,385,565 $ 7,676,760

Loans and advances are stated net of total general provisions of $94,002 (2004 $94,002) and are
repayable in less than a year. There were no additional provisions made during the year on loans.
Loans are secured primarily by cash deposits and marketable securities. The totadlending value of
all collateral held against outstanding loans, at December 31, 2005 was, $'8 576,0'0(0 0 -2004__

At December 31, 2005, there are no loans and advances on which interest is not being accen jd
where interest is suspended (2004 nil). .: M.,_:ai .

4, ; sjamU:m) lizoapb Nws
bas raneqi burnaA
4. FIXED ASSETS ;iimidir l-wJ
_*.....~.....baa _rf____ i '?si
An analysis of activities in fixed assets was as follows: : .ni.rii ,tdoT

Beginning Fl jlini tgoT
Cost Balance .Additions.: ,::isposa~.l Balppivi"_n.

Building $ 582,864 $ $ S$ S58-4au'''3
EDP software & hardware 1,422,404 154,344 .-.-- --4_ -
Leasehold improvement 348,890 61,961 410,851
SOffice furniture & equipment 228,851 228,851
SMotor vehicle 83,220 35,118 (25,000)i gYgg ipo
STotal 2,666,229 251,423 (25,09), .2,892,652
;.' -- ;' .. .. -M '.-,. i''. '- ;. -*:...! -n i ': ^ *c i.'] bi. ;;;! l .' 'i~ \ iari33 ng gi '

Aecu~iua~tdderccatiii 777 .." 1 *( 77. I"J5 "~'"'4CO n"eiynoi fl ~rt

BuildiAg ": .. ,
EDP software and hardware
Leasehold improvement ..
Office fulnilur & equipment
Motor vehicle
Total ,, -


1;442,240 .

Net book'Vl I .a
Dcccnihr,3g1,,3Q0$ isn5$ I22,3,9$%. F $ ~1(4tr,4W~

Net bookvalue'..
December'31 .,2004

$ 1,212,892

. ;:, ..1 :"914' .1 t, ,
S 29,141""r" na d'i' w t1 id '.'m
85 215, 3 7
32,866 246,839
30,750 (25,000) 73,167
S..."f .S (25;000yT-. 079P 0T7-

S S $$ 813,345
b'!2 3, 1i

S $ $ 1,223,991 ~

7:$j 1l,099


The following is a summary of related party balances in the non-consolidated balance sheet at
December 31:

2005 2004

Current accounts with banks S 13,830,000 $ 1,082,000
Loans to customers 300,000 300,000
Total amount due from related party 5 14,130,000 $ 1,382,000

Due to banks, current and deposit accounts $ 3,718,000 $ 3,054,000
Accrued expenses and other liabilities 3,400
Total amount due to related party $ 3,718,000 $ 3,057,400


g .


Lease agreement ...

The Bank entered into a lease agreement dated April 20, 2004 to lease premises for a five-year
period commencing November 1, 2004. Future minimum rental commithients uhddr this le' c a.
as follows:

November 1, 2005 to October 31, 2006
November 1, 2006 to October 31, 2007
November 1, 2007 to October 31 ;2008
November 1, 2008 to October 31, 2009

- $148,327
$ 620,542

,7Ty': .i'McI

* '' ''


Lr II----- r -- I C1 ---L~L-I-- RC. I---- I --- -- -~---1111 r ~ ----- -L-r -I---ll-C- I__-~_1


. ,ill






At December 31, 2005 the Bank is contingently liable for guarantees to third parties totaling
approximately $180,168 (2004 $281,308). The guarantees are fully secured by the assets of the


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

Credit risk

Credit.risk is the risk that a customer or counterpart will be unable or unwilling to meet a
commitment that'it has entered into with the Bank. The Bank manages counter-party credit risk
centrally to optimize the use of credit availability 'and to avoid excessive risk concentration.
Customer credit risk is monitored on a daily basis by management. The Bank's Board of
Directors receives regular reports on credit exposures, levels of bad debt provisioning and bank
exposure limits.

Credit risk exposure

The Bank's maximum exposure to credit risk (not taking into account the value of any collateral or
other security held) in the event the counterparties fail to perform their obligations as of December
31, 2005 in relation to each class of recognized financial assets other than derivatives, is the catrying
amount of those assets as indicated in the non-consolidated balance sheet.

With respect to derivative financial instruments credit risk arises from the potential failure of
counterparties to meet their obligations under the contract. The Bank enters into forward
exchange contracts on behalf of its clients. The ultimate counterpart to all contracts is Finter
Bank Zurich, the Bank's parent. The Bank has not entered into any contracts for its own

SLiquidity risk

SLiquidity risk is-the'risk thatthe Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflow on a daily basis. Its
Policy throughout the year has been to ensure liquidity by maintaining at all times sufficient high
quality liquid assets to cover expected net cash outflow based on limits set at board level in Finter
SBank Zurich. The maturity analysis of the assets and liabilities are disclosed in conjunction with the
* interest rate risk in the respective note below.

Interest rate risk

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

The Bank's interest sensitivity position and its maturity profile of assets and liabilities at December
S31, 2005 were as follows:

Up to I 1 to3 3 months Maturity



Month months to 1 year Items Total Items Rate
S'000 $'000 $'000 S'000 S'000 S'000 %
Ch andcunent
Saccountswithbanks $15,319 S S 15,319 S 0-725
SDepositswithbanks. 5,972 15,058 21,030 0.75-425
Loans and advances
tocustomes 2,082 964 1,339 4385 1.50- 12.50
SAc-ued income and
otherassets 216 30 246 191
Fixed assets 813 813 813
IInvestments Q0. 20 20 20
Total sses $23,589 $16,022 $ 1,339 1 $863 $41,813 S 1,024

S Non- Interest Average
S Uptol I to3 3 months Maturity Bearing Interest
m'j month months to I year Items Total Items Rate
s '000 $'000 $'000 $'000 $'000 $'000 %
Due to baks, cunent
anddeposit accounts 3,719 $ S $3,719 0.50-4.00
Customer' cuent
and deposit accounts 24,042 24,042 0-4.50
SAccrued expenses and
other liabilities 625 625 625
SShareholder's equity 13,427 13,427 13,427
Total liabilliis and
Sshareholder'sequity S28,386 $ S $13,427 $41,813 S14,052
:Total interit rate
selnsiitvpp"ty p S(4,797) $16,022 1,339 S(12,564)
Cumulalive interest
rate snsitivlty pg S (4.797) 511,225 $.12,564

Foreign currency risk ,. ,:

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

The Bank had the following exposures denominated in foreign currencies as of December 31:

S United States

Liabilities and shareholder's

Euro Franc

$ 20,084,000 $ 12,578,000 $ 3,197,000,



$ S,954,000g

equity 20,144,000 12,562,000 3,190,000. 5,917,000-
; S (60,000) S 16,000 S 7,000 S 37,000
: United States Swiss
Dollars Euro Franc Others
SAssets $ 17,494,000 $ 8,649,000 $6,171,000 $ 6,025,000
Liabilities and shareholder's
Equity 17,618,000 8,590,000 6,134,000 5,997,000
$ (124,000) $ 59,000 $ 37,000 $ 28,000


SThe distribution of assets and liabilities by geographic region was as follows at December 31:

2005 2004
Assets Liabilities Assets Liabilities

Switzerland $ 14,631,120 S 4,960,544 $ 1,738,263 $ 4,271,296
SWestern Europe 22,569,917 4,637,939 27,873,533 9,253,126
SBahamas & aribbean 1,914,927 13,734,609 5,208,100 9,454,986
S Other 2,697,382 5,053,048 3,518,642 4,184,571
S 41,813,346 S 28,386,140 S 38,338,538 $ 27,163,979


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

Why equity and debt

holders have different


FROM page 1B ed interest rates, is to the
account of equity holders.
below. However, if the project
proves to be a failure for any
Illustration 1: Consider two reason whatsoever, the debt
companies, Company A and *holders may suffer losses, since
Company B, identical in all the cash flows may not be suf-
respects except their gearing ficient to service the debt
(or leverage, generally indi- repayment obligations. Hence,
cated by the debt to equity all other things being equal, a
ratio). I j, higher share of equity funding
The decision of CompanyA. ; for the project is better from a
to operate at a higher gearing debt holder's perspective and
(:ebt/equity) ratio will max- vice versa.
iise the return to its eqtity-
holders, since the cost of debt Illustration 3: Now take the
is usually lower than the cost of case of a company contem-
equity, while endangering plating entering into a high-
those of the debt holders. This risk/high-return business, such
is because a higher gearing as oil exploration.
would imply a higher cash out- While entering this business
flow on account of interest, with, say, an equal share of
.-whieh the company may not debt and equity funding, may
be able to service during, say, a make good economic sense
cyclical downturn. from an equity holder's per-
In contrast, Company B, spective, it may be harmful to a
operating at a lower gearing debt holder's interest. This is
ratio, has a higher probability because if the company strikes
of servicing its debt obligations oil, the benefits are fully
even during a cyclical down- reaped by the equity holders
turn, though the returns and the debt holders do not
enjoyed by its equity holders get anything more than their
may be lower, contracted interest and princi-

Illustration 2: Imagine a
company contemplating a pro-
ject that has two financing
options: entirely with debt or
entirely with equity.
The company's decision to
fund the project with.debt may
be beneficial to the interests
bf equity holders, but may also
be detrimental to the interests
of its debt holders. If the pro-
ject is successful, the entire
upside, after meeting contract-

pal payments.
However, if the company
fails to find oil, it may not be
able to service its debt, result-
ing in loss to the debt holders.
Thus, a higher business risk is
beneficial to equity holders'
interests to the detriment of
debt holders.

To conclude, an analysis
from a debt holder's perspec-
tive places greater emphasis
on the risks the company may

become involved in, since debt
holders are interested more
specifically in assessing the
impact of downside.
This is reflected in the ratios
that debt analysts use: Inter-
est Coverage, Debt Service
Coverage, Gearing
(Debt/Equity), Cash Accruals
to Debt, etc. On the other
hand, equity analysts focus on
ratios such as Earnings Per
Share, Price Earnings (P/E)
ratio, Return on Equity and
Cost of Equity.
In the next article, we will
discuss how debt research
translates into a 'credit rating',
a simple alphabetic or alphanu-
meric representation on the
relative probability of recov-.
ering interest and principal
obligations of debt instruments
in full and on time.
Next week's article will
examine the concept of credit
ratings what they are and
how they can be used in
greater detail.
NB: CariCRIS is the
Caribbean's Regional Credit
Rating Agency. This article
forms part of a series on issues
surrounding capital markets
and credit ratings. E-mail:
S.Venkat Raman is the chief
executive and chief rating offi-
cer of the Caribbean Informa-
tion and Credit Rating Services
Ltd, CariCRIS, the Caribbean
regional rating agency. Prior
to this, Venkat Raman was
director- tatings at CRISIL,
the largest rating agency in
Asia and a subsidiary of Stan-
dard & Poor's.

AES hopes for 2006 LNG start

FROM page 1B

900,000 MMbtu/day LNG import terminal that
will be located in the Bahamas.
"The company is waiting for the final approval
from the Bahamian government for construc-
tion. The terminal will vaporise and transport
natural gas via a 95-mile pipeline to the Florida
"Construction of the project is targeted to
commence in 2006. Though it is located in the
Bahamas, AES designed and permitted the
facility in accordance with US codes and stan-
Prime Minister Perry Christie and his gov-
ernment have been reluctant to take a decision

on LNG, even though they met the AES project
- which had been approved in principle by the
former administration when they took office in
2002, almost four years ago.
Many in the business community believe the
dithering in government circles over whether
to approve the AES LNG project could harm
the Bahamas' reputation in international invest-
ment circles.
However, the Prime Minister has been con-
cerned about whether the Bahamas' tourism
image could suffer from the country hosting an
LNG terminal, and whether this nation has the
resources and expertise to implement an envi-
ronmental management plan to ensure AES
complies with all appropriate regulations.

Vi: i ou ebu w1cbeus FUCmG6 A W11~



VOTE for the President of your Alumni Association this Thursday, 20th April, 2006 beginning at
5:30pm in the Portia Smith Student Services Building. Please bring some form of'lD.


* Current President of COB Alumni Association
* Associate at Halsbury LawiChambers
* Served as Vice Presiderit of The College of The Bahamas
Union of Students (COBUS)
* Graduated from COB in 1994 with an Associate-of Arts
degree in History
* Completed a Bachelor of Laws (Hons.) at the University of
Leeds, U.K. in 2000
* Member of the Honourable Society of Lincoln's Inn
* Called to the Bar of England, Wales and the Commonwealth of The Bahamas in 2001
* Member of St. Christopher's Anglican Church
* Married to Tiffany Saunders (nee Rigby) and has one daughter

* Partner, Cheryl E. Bazard Law Chambers
* Former Regional Director of Compliance for First Caribbean
International Bank
Former Counsel in The Office of Attorney General and Circuit
Magistrate in night traffic and civil courts
Graduated from COB in 1987 with an Associate of Arts degree
in History
Completed LLB (Hons.) at the University of Buckingham
Member of the Bahamas Association of Compliance Officers
Member of Salem Union Baptist Church
Married to Dr. Dante Bazard and they have three sons, Dante, Denzel and Diondre.

Other positions for which the alumni will vote are: Vice President, General Secretary,' Aatant
Secretary, Treasurer and Public Relations Officer.

For more information, please call the Office of Alumni Affairs at
302-4365/6 or 302-4356 or email




~zswcmoaJc~a; Ilrclr;lr;~is~~~Ela~;;rPd~a;e~rs

Vivitl our webske at %*

_ __ __ I 3-

Major eyes


Senior Sports
HAVING won the
Bahamas lightweight title
last year, Meacher 'Pain'
Major is grateful for the
opportunity to fight for his
first international title next
Major is back home after
spending the past three
months training in Holly-
wood, Florida at the World
Class Professional Manage-
ment Corporation under
the supervision of trainer
Anthony Wilson.
Major thanked God for
the opportunity presented
by First Class Promotions
and his sponsors, Quick
Welding, Pricket Patch and
Big 10 as he prepares for a
shot at the vacant Fede-
Caribe lightweight title.
"I've been training real-
ly hard and I'm in tip top
shape and ready for this
fight," Major stressed. "I'm
just trying to stay, focused
and be ready to fight when-
ever the fight comes along.
"I'm in tip top shape and
I'm more focused and
ready because with me
being over there with world
class fighters, some of
whom were already world
champions, that just made
me more hungry to be able
to go out there and accom-
plish my goals."


Promoter Michelle Minus
confirmed that there has
been a change in the oppo-
nent Major will fight. But
one thing is for certain, he
) will be Mexican.
Major knows that it won't
be a "cake walk" in the ring
because "the Mexicans are
always tough." But, he said,
"I'm just going to go out
there and do what I always
do. I just want to put God
first and represent."
As this is an international
championship fight against
a foreign opponent, Major
said he's not putting any
added pressure on himself.
"As long as I know you
can't take a shot, I will keep
the pressure on you. Even-
tually the fight will be
stopped or the fighter will

quit. I always stick to my
game plan. I don't go out
there predicting a knock-
out. I just do what I have
to do."
With that in mind, Major
is expected to continue his
gruelling three workouts
per day, doing kickboxing
in the mornings with Gre-
gory Storr, weight lifting at
the Henry Crawford fitness
Centre with Delwin 'Blue'
Scott and back at the
National Boxing Centre
with Ray Minus Jr in the
"I've been doing that at
least 3-4 times a week, so I
know I'm in tip top shape,"
Major stressed. "I have to
be disciplined because

nothing in life comes free.
In order to do it, I have to
stay focused."
A press conference with
the local boxers and the
Bahamas Boxing Commis-
sion is scheduled for today.
At that time, Minus said,
the World Boxing Associa-
tion's sanctioning will be
revealed to the press.

"It gives us four weeks
before the fight, so we will
be basically getting the
feedback from the general
public," Minus stated.
"There were a few things
said prior to now and every-


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April 29, 2006




body seems to be excited."
But she said once they
officially launch the show,
First Class Promotions
expects the intensity level
to soar as Major becomes
the second Bahamian to
fight for a FedeCaribe title.
Heavyweight Sherman
'the Tank' Williams was the
first Bahamian to hold a
FedeCaribe title, but he has
since been stripped after he
pursued another interna-
tional title..
Minus said this promises
to be a very active year for
First Class Promotions as
Bahamian super mid-
dleweight champion Jer-
maine 'Choo Choo' Mackey
will be fighting for another



international title in July
"We have two Bahamians
vying for those Caribbean
titles, so it will be interest-
ing," she pointed. "Of
course, later down in the
year, we have them getting
shots at the British Com-
monwealth title.
"And we might just have
a shot for Meacher Major
at the WBC's Continental
of Americas title. But that
will depend on what hap-
pens on May 9 when the
champion defends his title.
His handlers have assured
us that if he wins it, they
will give Meacher Major a
shot at the title in Octo-


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PAGE 1413, WEDNESDAY, APRIL 19, 2006

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Cl~y --------------- -- -------- I- ISPORTS-rr


ftvvammmup ft 4gh
-mas do- ft"al amom




Fax: (242) 328-2398

,f k


Club held its V-8 Splash
Weekly Boxing Show
over the weekend at the
First Class Boxing Square
on Wulff Road across
from Whims Auto.
In results posted,
Appricho Davis def.
Kevin Telarsor; McKen-
zie Telarsor def. Angelo
Cash; Rudolf Polo def.,
Bradely Harris; Jeremiah
Andrews def. Devon,
Cash; Cordero Wallace;
def. Kendal AndreWs and
Jarrett Dean def. Jhtnal
The best fight of:the
evening went to Cordero
Wallace; the most'
improved boxer was Jere-
miah Andrews and the i
most valuable boxer was
Rudolf Polo.

THE New Providence
Basketball Association:
will continue its best-of,
three playoff action at the
Kendal Isaacs Gymnasi-
um today.
In the men's division II
western opener at 7pn,
the Real Deal Shopkers
will play the Police
Crimestoppers and, at
8.15pm, the Real Deal
Shockers will play the
Cable Bahamas Enter
On Wednesday at 7pm,
the Wilmac Pharniacy :
Giants.will play tihe
Quick Kicks Rockets and
in the 8.15pm feature
contest, the Lil Nel Rock-
ets will face the Com-
monwealth Bank Giants.

After taking a break:
for the Easter holiday
weekend, the New Pr1ovi-
dence Amateur Baseball
League will be back in
action on Friday wi4h one
game played between the
Freedom Farm Rb6kies
and the John's Depart-
ment Store Pirates at
7.30pm. The league will
also play a game on Sun-
day at 3pm between the
Imperial 23/7 Stars and
the DelSol Sharks :

The Baptist Spors.
Council will hold a neet-
ing on Saturday at nood
during the basketball
playoffs at the Baiou
Hills Sporting COi|ple
for all Churches ititest-
ed in participating in bith
the volleyball competi-
tion and the trackan4 I
field classic. EachiChhrch
interested is urged to
have two repres ritatives
present. Both volleyball
and track and field will be
held in May.

oebbie Osets

on PackinK

S'TRACK AND FIELD Bahamian sprinters also partici- ran the second leg for Por
By BRENT STUBBS pated in the meet. While Fergu- State, who was seventh in
Senior Sports Reporter son ran in heat one, Utica Edge- one in 46.04 for eighth place
combe, competing for Portland all.
AFTER shutting down her State, was seventh in heat two in And Tamara and Tavara ra
door season early to get ready 12.02 for 16th overall, just ahead first two legs on their 4 :x 400
for the outdoor season, sprinter of Florida Memorial's Tamara Rig- team that came in secor
Debbie Ferguson made her return by, second in heat three in 3:48.13 in heat twc
to the track over the weekend at 12.11 for 127th spot. fifth overall.
the 2006 Miami Elite Invitational. Asked aboi
Competing at the University of Won performance
Miami where she's training with the you
Sevatheda Fynes under the guid- womenR
ance of Amy Beem, Ferguson Rigby's twin s peting
clocked 11.34 seconds for second ter Tavara. alsoeet.
overall behind W'vlleshe~a Nl.rick attending Flhri- euseon
from South Florida. an the
For Ferguson. who \3as forced oheait hi.all
to skip the recent CommonIealth t the omen tal
Games in NMelbourne. Austiiia. 4 1i5 or
the performance wasn't her best. 1ter pll t
but she was just happy to be be back Tema, also c)lo
in action. an[mahe ao en-\
"Considering what actually. hap- lan the open-" gooc
opened in the race, it wasn't bad. Florida" le of
said Ferguson, who didn't ha\L ha l' p
any acceleration until about 3 11 i al'\ 4 m h 1see
metres into the race. Ilont tin th the.\ a
won their heat i
"I know I have a lot more in me. n growrin
I'm just really excited to run again in th or and I t
I'm healthy and \ hat I'\t bI: e on .the\ \\%il
going in practice, i- coming along. c to t he
so I'm excited." di that wr
A couple of them to be
o h e r that they can
.. pete with us o



tland international scene."
heat Ferguson, 30, will be off this
over- weekend before she heads to the
Drake Relays in Des Moines,
in the Iowa, April 27-29, where she will
relay be inducted into the Hall of Fame.
id in The former University of Geor-
o for gia standout was to have been
inducted last year, but surgery to
ut the remove her appendix forced her
:es of to skip the trip.
.nger She will be returning to run in
com- the women's 100 metre against
at the America's 2005 Athlete of the
FL r- Year. Allyson Felix, at the relays
Said that she dominated as a member of
y are the UG Bulldogs between 1998-
very 1999.
noted :
n"d Travel
he y,-
er d From Des Moines, Iowa, Fergu-
Sd. son is scheduled to
Wah Kingston. Jamaica on May 6 for
t o the Jamaica International Invita-
that tional (NACAC Permit, IAAF
Sa World Athletics Tour Qualifier).
e a I'm just going to take it one
g hi meet at a time," said Ferguson,
I ", who wants to just concentrate on
lI ,e being healthy and not put any
need pressure on herself to run any fast
at e times right now.
cato "I just want to be consistent and
tmhe as long as I'm consistent, I think
whatever is supposed to happen
will happen. I just want to stay
After skipping the trip 'Down
Under.' Ferguson said she's anx-
ious to get back in Europe to
start competing against the
world's best from the end
of May before she pur-
W i sues a spot on the
IAAF World Cup in
Athletics from Sep-
tember 16-17 in
Athens, Greece.
"I don't know if I
will get in the quali-
fying range for the
World Cup. It will be
very hard consider-
ing that I didn't have
a season from last
year because they go
mainly on rankings
for the Americas
SCteam," she reflect-
"But I will go to
Europe and hope-
fully I will see
what happens
from there."

I again.
nd %shal

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