Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
ALL ISSUES CITATION THUMBNAILS ZOOMABLE PAGE IMAGE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/00416
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: May 17, 2006
Copyright Date: 2006
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00416
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






"COOKIES f
FOR
CANCER" Pm iovin' t.
HIGH 82F
LOW 70F

SHOWERS,
A T-STORMS


The


Tribune


S"e FBiAMi D feratb
BAHAMAS EDITION


Volume: 102 No.146




1~, 7


WEDNESDAY, MAY 17, 2006 .


M l, 1 % -r7 '7


Officer accuHse


oer


Jury recommends

Sandy Mackey be charged

with death of inmate


* By MARK HUMES
A SEVEN-MEMBER jury
yesterday recommended that
prison officer Sandy Mackey be
charged with the murder of
escaped prison inmate Neil
Brown. I
After six weeks of often con-
flicting information, the jury of
four women and three men told
Coroner Linda Virgill that they
found Officer Mackey-respon-,
sible for causing the death of
Brown while he was in custody
on a prison transport bus in the
vicinity of Yamacraw Road on
the morning of January 17,
2006.
Additionally, the jury found
recaptured inmates Barry Par-
coi, Corey Brown, and For-
rester Bowe jointly and togeth-
er responsible for causing the
death of prison Corporal Dion
Bowles, shortly after 4 o'clock
on the same morning, while in
the performance of his duties
on the C block of the maximum
security facility.
After the verdict was read
and agreed, Coroner Virgill
thanked the jury for their ser-
vice. After excusing them, she
issued an arrest warrant against
officer Mackey, who was pre-
sent in the courtroom to hear
the charges against him.
Officer Mackey, who was not
represented by counsel at yes-
terday's proceedings, was sub-
sequently remanded to Her
Majesty's Prison by Coroner
Virgill. However, Marshall
Bernard Turner asked Coroner
Virgill to reconsider her rec-
ommendation owing to the
nature of officer Mackey's
employment as a prison officer.


He requested that officer Mack-
ey be sent to the Royal
Bahamas Police Force's quar-
ter guard instead.
The coroner, taking her cue
from the Coroner's Act, told
Mr Turner that his request was
not what the law stipulated, and
when she presided over similar
matters concerning other mem-
bers of the armed forces, excep-
tions were made for no one.
...Yet in this case, after consid-
ering the sensitive nature of the
matter and taking the nature of
Mackey's job into considera-
tion, she did agree to have him
remanded overnight at the Roy-
al Bahamas Police Force's quar-
ter guard on East Street.
Sometime after the ruling,
however, Mackey's legal team
of Wayne Munroe and Dion
Smith appeared before Justice
John Isaacs to have a stay exe-
cuted against the Coroner's rul-
ing, citing a breech of Mackey's
constitutional rights.
Because of the stay, which
has the consent of the Attor-
ney General's office, officer
Mackey is expected to be
released until May 26th, giving
his counsel time to have proper
arguments prepared for their
appearance before the Supreme
Court.
However, as it stands, the
jury's finding against Officer
Mackey came after several wit-
nesses testified to his firing a
gun at or in the vicinity of three
prisoners once they had been
recaptured and put on a prison
bus to await transport back to
the security facility.
In earlier testimony to the
SEE page nine


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* PRISON officer Sandy Mackey is shown leaving the Coroner's Court yesterday
(Photo: Felipe Major/Tribune stafJ)


Wedding claims

spark investigation
* By PAUL TURNQUEST
Tribune Staff Reporter
POLICE are investigating claims that a Long
Island wedding went ahead without going
through all legal procedures.
Locals are in an uproar after a father claimed
his son had been "taken advantage of" in what
islanders are calling a marriage of convenience.
The distressed father believes rumours now
circulating at Long Island that allege that his son
was given $1,500 to marry a foreign woman
who wants to stay in the Bahamas.
The island's MP Larry Cartwright has also
promised to investigate the matter if local offi-
cials fail to resolve it, claiming even the m'bst
basic procedures for a marriage were over-
SEE page nine


US Court of Appeals
reverses dismissal of lawsuit
against Bahamas resort
SBy RUPERT MISSICK Jr
Chief Reporter
AN IMPORTANT decision handed down in
the US Court of Appeals reversing the dismissal of
a lawsuit brought against the Wyndham Nassau
Resort and Crystal Palace Casino by a tourist
from Mississippi has important consequences for
businesses in the Bahamas that have ties to the US,
Robert Parks of the Miami law firm of Haggard
Parks Haggard & Lewis told The Tribune.
Mr Parks is the attorney for Howard Stubbs, a
resident of Mississippi, who while staying at the
resort was seriously injured after jumping into an
empty pool.
"Those businesses in the Bahamas, particularly
SEE page nine


Man 'very ill'

in hospital

after shooting

* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT A 29-year-old
man was shot multiple times in
the parking lot at the Cove
House Apartments on Monday
evening, according to police
reports.
Chief Superintendent of
Police Basil Rahming reported
that Schamal Gardiner, a resi-
dent of No 4 Bluefish Street,
Caravel Beach, is listed as "very
-ill" j th-- Rand Memorial Hos-
pital.
Mr Rahming said sometime
around 10.25pm residents
reported hearing gunfire erupt-
ing at the apartment complex
on Bahama Reef Boulevard,
where Gardiner was discovered
lying on the ground with gun-
shots wounds to the body.
According to eyewitness
reports, Gardiner had just
pulled into the parking lot and
got out of his vehicle when he
was ambushed by two masked
gunmen who opened fire on
him and then fled in a hatch-
back Nissan car.
SEE page nine

Search for
missing

cruise ship
passenger
N By KARIN HERIG
Tribune Staff Reporter .
SEARCH and rescue teams
from the US Coast Guard and
BASRA continue to comb the
waters around Grand Bahama
today for a cruise ship passenger
who disappeared in the early
hours of Monday.
A search has been launched
for Daniel DiPiero, 21, of
Augusta, Ohio, after he disap-
peared during a voyage of Roy-
al Caribbean's Mariner of the
Seas from Cape Canaveral to
Coco Cay in the Bahamas.
Speaking with The Tribune
yesterday, US Coast Guard
press liaison officer Lt Cdr Ter-
ry Johns said that a C-130 long-
range aircraft and the cutter
SEE page nine


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THE TRIBUNE


PAGE 2, WEDNESDAY, MAY 17, 2006


LOCALNW


Film board to




consider banning



The Da Vinci Code


A controversial film which
suggests that Jesus Christ
fathered a child through a love
affair with his disciple Mary
Magdalen may possibly show in


the Bahamas.
Pending approval by the
Bahamas Plays and Films Con-
trol Board (BPFCB), which is
scheduled to screen the movie


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on Friday, The Da Vinci Code
may be allowed to play on
screens across the country.
A spokesperson for the
BPFCB told The Tribune that
that they could not yet say if it
would consider banning the
film from being screened in
Bahamian cinemas, as mem-
bers had not yet had the
chance to view the movie.
"The movie is coming to us
late (from the distributors) so
we won't be able to review it
until early Friday morning,"
she said.
However the spokesperson
said she did not think that
there would be any reason for
the film not to be shown in the
Bahamas.
The book The Da Vinci
Code has sold more than 46
million copies, been translat-
ed into 44 languages and is
now a publishing phenome-
non.
The movie opens in Ameri-
can theaters on Friday, with
Tom Hanks headlining a star-
studded cast.
In 2005, Cardinal Tarcisio
Bertone, then a senior figure
within the Vatican's office of
doctrinal orthodoxy, attacked
Brown's novel for being rich
in "anti-Catholic" prejudice.
Many churches and denomi-
nations have urged Christians
to boycott the book on the
grounds that it is blasphemous
and insulting about the foun-
dations of the Chriptian faith.
Anger over The Da Vinci
Code, which is premiering


Indian Rotarians


visit The Tribune


A GROUP of Indian Study
Exchange Rotarians are
shown with Tribune manag-
ing director Roger Carron
during a visit to the newspaper
plant on Monday.
The two Indian Rotarians
are members of the Rotary
Group Study Exchange pro-
gramme, whose main purpose
is to promote world peace and
understanding.
They are on a visit with
three Indian women Rotari-
ans and leave for Jamaica next
week to continue their tour of
the Caribbean. They visited


the Turks and Caicos Islands
last week.
Pictured from left: Mr Car-
ron, team leader Atul Bhar-
gava, Bahamian Richard
Pyfrom, International service
chairman of the Rotary Club
of East Nassau which hosted
the visitors, and Sumit Agar-
wal.
Mr Bhargava, who runs a
printing and packaging plant
in Chandausi, northern India,
has been a Rotarian for the
past 18 years. Mr Agarwal is
the owner of a paper mill in
Najibabad.


.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..I .. .. .. .. .. .. .. .. .. .. .. .... .. ... .. ... .. ... .. ..


* BRITISH actor Paul Bettany looks towards the media prior
to the naming of a Eurostar train 'The Da Vinci Code' at
Waterloo Station in London on Tuesday. The train is named
after the book by author Dan Brown which has been made into
a film with Bettany, and was attempting a world record for the
longest international non-stop train journey from London to
Cannes.


today at the Cannes Film Fes-
tival, escalated on Tuesday as
Christian groups from South
Korea, Thailand, Greece and
India planned boycotts, a
hunger strike and attempts to
block or shorten screenings.
In India, the government put
a temporary hqld on the
movie's release because'of
complaints.
Cersors in Buddhist Thai-
land said Tuesday they wanted
to cut 10 minutes from the end
after Christian protesters per-
suaded them that the film con-
tained blasphemous scenes.
The censor board, run by
Thailand's national police, also
wants to run a disclaimer
before the movie to make clear
that the story is fiction.
The Indian government yes-
terday put a temporary hold
on the release of The Da Vin-


(Photo: AP/Alastair Grant)
ci Code in India although the
national censor board has
cleared the movie saying it
must address concerns raised
by some groups before the film
is screened at cinemas.
In the Philippines, a three-
member committee of the
Movie and Television Review
and Classification Board
(MTRCB) gave an R-18 rat-
ing to the controversial Holly-
wood film.
In South Korea, which has
13 million Protestants and 4.6
million Roman Catholics, a
court ruled on Tuesday that a
Christian group's request for
an injunction to block screen-
ings lacked merit.
The Philippines gave the
move an R rating, while in-the
US the film was given a PG
(Parental Guidance) -13 rat-
ing.


Distress call detected off Eleuthera


THE US Coast Guard is
investigating a possible distress
call which originated off the
coast of Eleuthera.
A helicopter was sent out yes-
terday afternoon to determine if
a vessel out to sea may be in


need of assistance.
The Coast Guard received a,
signal from a 406 Hz Emergency
Position Indicating Radio Bea-
con (EPIRB) emanating about
150 miles off of Eleuthera.
At press time last night, it was


'Under the distinguished patronage of
2lis ,race i(-rchbishop Drexel gomez and
4M4rs qomez

ST JOHN'S COLLEGE
SCHOOL BOARD

-losts Dts
1st Annual
Appreciation Banquet

Saturday, J May 27th, 2006

The Crystal CWyndham 2 assau r-esort &
Crystal Walace Casino
Cable CBeach, 2-assau, Biahamas


Cocktail: 7pm
-Dinner: 8pm


'-Donation 475.00
Dress: Counge Suit


still unclear what had trig-
gered the EPIRB.
EPIRBs, mostly used my
boaters, are designed to help
rescuers locate people in an
emergency situation.
US Coast Guard press liai-
son officer Lt Commander
Terry Johns told The Tri-
bune that normally, an
EPIRB would automatically
give the identification of the
vessel which transmitted the
signal, but that this was not
the case with alert call
received yesterday.


0 In brief::

Plans are
underway for ,
Independence
celebrations

ORGANISERS say they are;
planning a "first-class cultura- '
ma" for the 33rd annual inde-
pendence celebrations.
Chairman of the Indepen-,
dence Committee Winston
Saunders said that this year, the
celebrations will focus on hon-
ouring "hometown heroes".
He said that these will include
special Bahamian women of the,'
past and present who have
stood out and epitomsed suc-'
cess.
"Our committee has nomina-
tions from a huge spectrum,"
said Mr Saunders. "Those
names have been forwarded to
be further evaluated so we can
give the most deserving of
women their due honour."
The names of political pio-
neers, cultural icons, sports leg-
ends, ground-breakers in btusi-'.,
ness and dedicated educators,
will also be showcased on a wall
of fame.
"We decided to coalesce the,
walls' of fame with Indepen-,.
dence because we are paying;,,
respect to things Bahamian and
those Bahamians who give us;,
reason to celebrate. We want,
children on every island to walk ,
home from school and see the
accomplishments of their neigh-
bors of relatives from their own .
communities and have a reason'
to be proud."
Also featured as part of the
celebrations will be the produc-'
tion of two Bahamian theatrical
works.
Peter Deveaux Isaacs, co-
chair of the committee, said:
"Sammie Swain by E Clement;
Bethel and You Can Lead a
Horse to Water by Winston;'
Saunders are spectacular plays
by two legendary Bahamian',,,
writers."
He said the committee plans ,.
to showcase the plays at multi-
ple venues over several days,
including on National Pride
Day.
The 33rd independence cele-
brations are set to begin'on'
June 29 with the performance of
You Can Lead a Horse to''
Water at the Dundas Centre for
the performing arts.


E-Services

customer

centre to, .-

be opened

* ST LUCIA
Castries
JAMAICA-BASED E-Seer--
vices Group International will
open a customer service center,
in St. Lucia by the end ,-'t .M.i .!
aiming to employ up to -l p40 o-
pie in the Caribbean island, a
company official said Tuesday.
The telecommunication's''
company expected'to invest uip'
to US$3 million (euro'2.. iiil-"
lion) in the center, which;'was'i
slated to open May 29,'said'-,
Troy Cotton, director of opera'-
tions.
Workers will field calls-from
customers who'have questions,
such as billing; about a satellite:i
radio sold by one of E-Services'
clients.
St. Lucia, an island in the.
southeast Caribbean Sea, i's
home to 168,500 people. ;, .,,


MAIN SECTION


Local News.............P1,2,3,5,6.7,8.9.10,11,12
Editorial/Letters. .................................... P4
TV G uide..................... ......................... 10
BUSINESS/SPORTS SECTION
Business .............. ... .......................... 12,3,4
Advt ........ .... .,,.......... ............ P5
Sports........... .......................... P6,7,8
THE ARTS SECTION
The Arts .......................................... P1,2,3,8
O ut There.................................. .........P4
Com ics................................ ................ P5
Weather.........................P7

CLASSIFIED SECTION 16 PAGES

MIAMI HERALD SiSECTIONS
Main ....... ...............
Sp .rt .......
4 -.; ";.- ~


S11 S


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WEDNESDAY, MAY 17, 2006, PAGE 3


THE TRIBUNE


LOA NW


0 In brief


COB will

need cash

to become

university

THE College of the Bahamas
will need more cash donations if
it is to achieve university status
by 2007.
"In order to support the type
of work that a university is
expected to do which would
be essentially teaching, research
and service we need to have
the type of infrastructure that
one expects to see at a univer-
sity," said COB acting president
Dr Rhonda Chipman-Johnson.
The acting president was
speaking at a luncheon to initi-
ate collaboration between
healthcare professionals and
COB faculty and staff.
She told her audience that the
institution is seeking donations
from individuals and businesses.
Persons who donate substan-
tial amounts will get media
attention and/or have buildings,
classrooms and laboratories
named after them, she said.
According to the acting pres-
ident, despite the funding chal-
lenges, the college is'moving
ahead with its plans to become
a university.
Among its many projects is a
world-class, 80,000 square-foot
library which, according to the
college's vice-president of
finance and administration
Denton Brown, should be open
two years from now.


Motivational

expert

celebrates

anniversary


MOTIVATIONAL expert
Dr D Paul Reilly celebrates the
2,000th edition of his 'Time to
Think' radio and newspaper
feature this week.
It first ran between 1980 and
1986, and was then revived in
1998, running on several radio
stations and appearing in three
Bahamian newspapers. "I am
very excited to have reached
this historic milestone," he said.


Castro

denounces

report on

his wealth

CUBA
Havana
PRESIDENT Fidel Castro
denounced a Forbes magazine
report naming him one of the
world's wealthiest rulers, putting
in a special television appear-
ance on Monday to rebut the
story he called "rubbish",
according to Associated Press
In its May 5 article, "Fortunes
Of Kings, Queens And Dicta-
tors," Forbes put Castro in 7th
place in a group of 10 world
leaders with "lofty positions and
vast fortunes." The magazine
estimated Castro's personal
wealth to be $900 million -
nearly double that of the $500
million of Britain's Queen Eliz-
abeth II and just under Prince
Albert II of Monaco's estimated
$1 billion.
The article also referred to
rumors of Castro having "large
stashes in Swiss bank accounts."
"All this makes me sick,"
Castro responded Monday on
the communist government's
daily public affairs program
Mesa Redonda, or "Round
Table." "Why should I defend
myself against this rubbish?"
In explaining its calculations,
Forbes said it assumed Castro
has economic control over a
web of state-owned companies


including a convention center, a
retail conglomerate and an
enterprise that sells Cuban-pro-
duced pharmaceuticals. Forbes
acknowledged in its article that
the estimates for all the leaders
are "more art than science."

FO N AN.EVC

Friiz,eFunicide.


Environmental



Health destroys



60 shanty homes


THE Department of Envi- from the property. while, bulldozers continue to
ronmental Health Services has Within the two-acre village, clear the land around them.
lived up to its promise to evict there were as many as nine The government is assisting
around 300 persons and cesspits and over 14 outdoor the landowner in the costs of
destroy more than 60 shanty toilet facilities, removing the homes.
homes in a predominately Representatives from "We are moving ahead very
,Haitian community off Joe DEHS said they have been aggressively and very consis-
Farrington Road. interacting on a regular basis tently, but at the same time we
The eviction process has with the residents on the prop- are sensitive to the human con-
been ongoing since October of erty, encouraging them to edition and are giving people a
last year, in the crowded vil- ensure their conditions were period of time to relocate and
lage community- which exist- sanitary. find suitable living arrange-
ed on a plot of land only two "Over a period of time the ments," Said Mr Pinder.
acres in size. problem exacerbated and we According to Simon Bodie,
Parliamentary Secretary and were caused to demolish the vector control officer at
director of the Department of entire structure," said Mr Pin- DEHS, the number of this
Environmental Health Ser- der. "Outdoor bath houses and type of community in New
vices (DEHS) Ron Pinder said latrines were not up.to min- Providence has been reduced
that the garage-sized homes istry standards." from about 50 sites in 1997 to
on the property typically held Ministry of Health workers 26.
families of up to five individu- were also concerned about the In the long run, the break-
als. nature of the village's waste down of these shanty villages
According to Mr Pinder, disposal. may become a serious concern
Bahamians as well as legal and Reportedly, Bahamas Waste for the Ministry of Housing,
illegal Haitian nationals had Management included the area as many displaced persons will
occupied the village commu- in its weekly route, but resi- be forced to look for suitable
nity for 15 to 20 years, dents were producing so much homes.
"50 per cent of the persons, waste that they were com- "These situations can be
from our own investigation, pelled to burn some of it them- avoided if landowners do not
were Bahamian citizens or per- selves, engage in this practice of leas-
manent residents, 35 per cent It was also said that neigh- ing properties to persons like
were holding permits and 15 boring residents became con- this without the proper infra-
per cent were undocumented," cerned and irritated with the structure. Persons just contin-
Mr Pinder said. fallout from the burnt waste, ue to add on and the commu-
Less than sanitary conditions The landowner has given nities naturally expand," said
were the rationale for the two families until June 3 to Mr Pinder.
removal of these individuals find alternative housing; mean-

Port security improvements

BAHAMIAN government
officials met with officers of
the Rhode Island National
Guard to discuss improve-
ments in local port security
that have come about through
a partnership between the two.
National Security Permanent
Secretary Mark Wilson and
Commissioner of Police Paul
Farquharson met with the offi-
cers at the Port Department
office on Prince George Wharf
yesterday.
The programme known as
the State Partnership Pro-
gramme, was launched in late
2005 in an effort to create clos-
er ties between the Bahamas
and Rhode Island, and to pro-
mote the sharing of vital securi-
ty information and strategies in
dealing with natural disasters.
Deputy chief of Missions for
the United States Embassy in
Nassau Dr Brent Hardt said, for
example, that both Bahamian
security forces and the National
Guard In Rhode Island deal
with hurricanes, which can pre-
sent a security risk.


* POLICE chief Paul Farquharson with Dr Brent Hardt,
Deputy Chief of Mission for the United States Embassy


The Rhode Island National
Guard also sees the pro-
gramme as a chance to
exchange resources and benefit
from the sharing of knowledge.
Dr Hardt took a moment to
reflect on the various activities
Undertaken as part of the pro-
gramme.
"We are constantly looking


for ways in which we can not
only prepare the Bahamas and
the Defence Force but also
prepare civilian agencies," he
said.
There are a number of future
activities prepared for under
the co-operative programme,
including conferences on foren-
sics and fire prevention.


Government is accused of


'dictatorship' over vote


THE PLP government is. a
"paternalistic dictatorship"
that thinks it knows what's
best for the people, it was
claimed last night.
Attorney Fred Smith said
Bahamians had a right to
know whether the government
helped to vote Cuba on to the
UN Human Rights Council.
And he said its reluctance
to speak out was a perfect illus-
tration of why a freedom of
information act was desper-
ately needed in the Bahamas.
. Foreign Affairs Minister
Fred Mitchell's silence is being
interpreted by political
observers as an admission of a
pro-Cuba vote. There is even
speculation that the vote might
have been part of a trade-off
for sending the Cuban dentists
to the United States.
But Mr Smith, president of
the Grand Bahama Human
Rights Association, believes


that, whatever the reason,
Bahamians have a right to
know which way the govern-
ment voted.
In this day and age, govern-
ment behaviour should be a
matter of public record, he
said.
Despite pre-election assur-
ances of transparency and con-
sultation, the PLP government
had refused to consult the peo-
ple on anything, he added.
He cited the CSME contro-
versy as another example of
where Mr Mitchell had pro-
ceeded to make decisions,
seemingly without consulta-
tion.
"In the PLP there has
always been this sense of
paternalistic dictatorship. They
take the view that they know
what's best for the people.
"For 25 years they failed to
set up local government, and
since being in power they have


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Skills required include computer skills,
excellent communication skills and a passion
for customer service. Interested persons
should send resume and photo to:
Human Resources Manager,
P.O. Box SS6622, Nassau, Bahamas.


done everything to denude local
government. This government
is not in the business of empow-
ering the population."
Referring to the Cuban den-
tists scandal, Mr Smith said
Prime Minister Perry Christie,
Mr Mitchell and the PLP as a
whole should not have allowed
the Bahamas to be "caught in a
pincer grip" between Cuba and
the United States.


* A WOMAN is pictured in the doorway of her home off Joe
Farrington road as bulldozers continue to tear down the remain-
ing houses in the area.
Photo: (Mario Duncanson/Tribune staff)

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SFax: 326-9953
Crystal Court at Atlantis, Paradise Island Tel: 363-4161/2
Lyford Cay (next to Lyford Cay Real Estate in
Harbour Green House) Tel: 362-5235
H e-mail: www.colesofnassau.com P.O. Box N-121


/I







THE TRIBUNE,


PAUL 4, WEDNESDAY, MAY 17, 2006


EIOIAULTTES T-TH6EITOR


IN THIS column yesterday we told of Nor-
man Solomon's difficulties in the seventies to
get relevant documents to permit the Public
Accounts Committee, of which he was chair-
man, to make its annual report to parliament.
In an interim majority report on December
2, 1974 the committee recounted how it was
not permitted to enquire into the more than
$5.5 million borrowed in the name of the
Bahamian people between 1973 and 1975 to
keep Bahamasair flying.
Of that amount $2.6 million had been bor-
rowed in the first three months of 1975. A
ruling by then Attorney General Paul Adder-
ley stopped their enquiry.
However, although they succeeded in iden-
tifying the bank from which the money had
been borrowed, they could not find where the
legislature had given government permission
to either borrow or spend those sums.
They also discovered that the annual enter-
tainment allowances, which in those days were
not a part of a minister's salary, had been
drawn down by six ministers. These ministers
had not provided the Treasurer as was
required with any written confirmation that
the money had in fact been spent in "the
course of entertainment for the direct benefit
of the Bahamas Government." The question
does not arise today as the allowance is now a
part of a government minister's salary.
The PAC also asked to see the books of the
Hotel Corporation to investigate how thepub-
lic's money had been spent in the purchase
of three hotels on Cable Beach. After an
exchange of letters, the Financial Secretary
advised the auditor-general that he had no
authority to investigate the trading results of
the Cable Beach hotels, owned by govern-
ment in the name of the Bahamian people.
The auditor-general wrote to then Attorney
General Paul Adderley for a ruling, on the
Financial Secretary's opinion. Up to the time
of presenting its interim report to parliament,
the attorney general had not replied to the
auditor-general's request for guidance.
This was the contempt with which the com-
mittee, which Mr Adderley himself acknowl--
edged was parliament's "most important
standing committee", was treated. Obviously
Mr Solomon had become too much-of a bull
dog on the committee that Mr Adderley had
called parliament's "watchdog of public expen-
diture." The following year the Speaker
removed him from the committee. His replace-
ment was a PLP member of the House.
Uhis manoeuvre completely emasculated
the committee, which by tradition and Mr
Adderley's own admission is supposed to be
controlled by the Opposition. With Mr
Solomon being replaced by a PLP, govern-
ment now had a majority on the PAC.
The committee died a natural death, until
Mr Adderley made the mistake of shaming it
back to life.
Fulfilling its statutory requirement, the


PAC reported on December 20, 1989. Their
complaint was repeated almost annually dur-
ing the life of the Pindling government. It is
being echo again by Brent Symonette, the cur-
rent PAC chairman, under a government that
calls itself the "New" PLP. Nothing in this
document sounds new to us. We shall publish
it so that our readers will understand how the
philosophy of the "old" PLP is still holding the
"new" PLP hostage.
The committee appointed by the Speaker
on .September 2, 1987 made its first interim
report on December 20, 1989. And this is what
it had to say:
"Your committee wishes to report that its
authority has been challenged in the follow-
ing respects, namely: (1) that the jurisdiction of
your committee does not extend to demanding
the production of documents, and (2) that it
has no authority-to-send for persons and
papers.
"Your committee wishes to report further
that its work is also seriously hampered by
the failure of the Treasurer to produce, pas
mandated by law, the accounts of the gov-
ernment for the year ended 31st December,
1988. The 1988 accounts were required to be
completed not later than the 30th June, 1989 in
accordance with the provisions of Section 27 of
the Financial Administration and Audit Act.
"Your committee is obliged to complain
and to pray in aid assistance of Mr Speaker
and this Honourable House, to obtain access
to certain essential public documents and
records, and the testimony of certain relevant
witnesses in the public service of the Bahamas.
"For the removal of doubt and for clarity,
your committee requests that this Honourable
SHouse specifically confirm, bestow or grant
to. your committee power to send for persons
and papers with leave to sit from place to
place and with leave to sit during the recess.
"For the avoidance of doubt, it is the com-
mittee's desire that this Honourable House
specifically include in the committee's terms
of reference all public corporations and/or
any entities in which the government has a
financial or business interest.
"Your committee, in pursuance of its func-
tion and duty, wishes to continue its work in
the public interest and on behalf of the people
of the Commonwealth of the Bahamas 'to
check whether the taxpayer is receiving value
for money from the actions of government or
is losing out, whether through maladministra-
tion, fraud or corruption."'
This document was signed by Sir Cecil
Wallace-Whitfield, chairman, Hubert Ingra-
ham, Pierre Dupuch- all FNMs and Dr
Matthew Rose, a PLP. The fifth member of
the committee, Moses Hall, also a PLP, did not
sign.
The most interesting signature on that doc-
ument was that of the late Dr Rose.
(* We shall discuss his position tomorrow).


Further BE


'ine


iineptitude'


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352


History of Public Accounts fiasco


error on the part of BEC. In
fact I was thanked for bringing
the two bills in to their office,
because the official now had
an example to show the per-
sonnel in billing, that two iden-
tical bills had been printed up
instead of one. (I suspect they
had received telephone com-
plaints of these duplications
but nobody bothered to drop
into their office with both bills
as I had).
The proffered explanation
from the BEC official went
something like this: When the
bill printing run had been
done the previous month (ie,
when I had received duplicat-
ed bills the first time), the
printing machine had run out
of paper; paper was reloaded
and supposedly the print-run
resumed at the point where it
had stopped. Apparently not -
whatever had been printed in
the early part of the run was
printed all over again and then
the balance of the run was fin-
ished. Without any checking,
all bills were mailed to unsus-
-pecting-consumers-(li-ke-me)-
who were left with two
demands for payment of the
same sum. Well that was the
explanation for the previous
error. After conferring with
other officialss, the BEC per-
son returned with my bill; I


was issued an apology for the,
inconvenience caused, but nq
real explanation was given as
to how the same error that
occurred a month ago had
mysteriously recurred this
month. Well at least I hai'.
an acknowledgment that it wa
BEC's fault, and I even lhad
an apology. After joining the,
queue to the cashier, I was.
finally able to pay my bill
(once only) and went away,
with my receipt. The whole
visit to BEC was over and
done with in 20 25 minutes,
so I guess that wasn't too bad.
It does make you wonder
though, just .how.' mnuc4
wastage is going on at BEC.
Consumers of the -Bahamrag
already pay exorbitant eled=
tricity rates, primarily bc-cli_,i
diesel fuel for generators is
imported. But when you have
to factor in really dumb mi,-
takes like this one, that has
probably led to duplication of
thousands of bills, accompa-
nied by the attendant wastage
of computer time, personnel'
handling, stationery, postage;
etc, it makes you wonder just
how much electricity would
cost consumers if BEC wa$
run efficiently.
Anyway I'll be awaiting
-my- next- BEC bill in a
month's time, with just a lit-
tle interest.

CONCERNED
CONSUMER
Nassau,
May 8, 2006.


EDITOR, The Tribune.
WITH the usual run of
black-outs, brown-outs and the
like months before the peak
electricity load of the summer
months arrives I guess it just
looks like business as usual for
our supplier of electricity. But
even BEC has managed to
find a new way of showing
how bad service can get worse.
In April, instead of the usual
BEC bill coming to the post
office box, I received two.
Each bill was identical line
for line, down to the two sep-
arate envelopes in which the
bills arrived, each stamped
with the same date of process-
ing by the postal authorities. I
thought. oh well, this must just
be an aberration after all, I
hadn't received two identical
bills from BEC before, so I
gave them the benefit of the
doubt. I destroyed one bill,
then went along to the BEC
office and joined the long,
slow moving queue, with the
surly cashiers to pay the bill.
Mission accomplished, the bill
paid in full and the receipt
firmly attached to the bill (you
- know just in case of any
questions later), I then
filed the bill and receipt
away.- -- ---- ---.---
I thought nothing more of
it, until I checked my post
office box today early May.
Guess what I found among my
mail? Yep two BEC
envelopes, both with the same
postage mark, both with the
same amount of postage
(15c)... and you guessed it -
both envelopes contained an
identical BEC bill. One mis-
take is an aberration, two -
well that's just getting plain
careless, so I wondered off to
BEC to find out what they
were playing at. After seeing a
couple of different people,
with both copies of the newly
received bill in hand, I finally
had a chance to speak with
someone who seemed to have
some knowledge of the billing
process. Firstly, given that the
problem had arisen in the pre-
vious month (but I hadn't
raised it at that time), I was
chastised for not dropping
everything and racing into the
BEC office full of efficient and-
concerned employees, to show
them the two identical bills.
Classical public service tripe
- they had screwed up, and. I
was being treated like it was
my fault especially since I
had the audacity to take a
morith to bring it to BEC's
attention. Pressing ahead, I
produced both copies of the
newly arrived bill and laid
them out on the desk in front
of this official. After a little
bit of squirming on their part,
I had an acknowledgment that
yes, there did appear to be an


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Nassau,
May 8, 2006.


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'Business preachers',


think 'longer is better'

EDITOR, The Tribune.
IT WAS so positive that there was a high turn-out for what
ZNS News described as a "flood of youths" on our streets Sunday,
May 7th, but why did the leadership of The Church of God feel it
necessary to dress their participants in military fatigues camouflaged
uniforms and carry toy wooden rifles? -.J
It is bad enough when we switch to ZNS TV-13 or now more'so
than ever The Community Channel of Cable that we'havde'fo
endure the Word and Teachings of Christ being screamed over the
television. Further is there no one at ZNS TV/Radio and Cable who
-wlllstop faiin- out of tiiie choirs or soloists? Surely we s1 1i.ul iiave
a certain level of quality or does anything go?
It seems these "business-preachers" think that longer is t' rt; but
reality is after 15 minutes of listening to this screaming )'kl .-Le
switched Channels or have totally tuned yourself out. Wh .'1.j
Christ ever scream during his mission on earth? .:.,''
The recent election at The Bahamas Christian Council yet'again
must draw the comment that why do the Anglicans, Rofiiin
Catholics, Methodists, and Lutherans continue their membership
when the process to elect the leadership is totally void'ofihy
resemblance to democracy and fairness?
I continue to see our politicians far too often standing in th pill-
pits of God's house.


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WEDNESDAY, MAY 17, 2006, PAGE 5


THE TRIBUNE


0 In brief

Marijuana

field is

found in

Eleuthera

POLICE are continuing
investigations into the discov-
ery of another marijuana field -
this time in Eleuthera.
Police say that no one has
been arrested in connection to
the latest find, which follows
the discovery of several other
fields in Family Islands in recent
months.
According to police press liai-
son officer Inspector Walter
Evans, on Friday of last week,
while in the settlement of Rock
Sound, Eleuthera, officer dis-
covered a field containing 1,500
marijuana plants.


Friends of

Nazareth

holding

steak out

THE Friends of the Nazareth
Centre will be holding their
annual steak out on Saturday,
May 20.
The event will take place at
noon on the grounds of the
Nazareth children's centre in
Millennium Gardens.
Proceeds will go towards the
construction of a covered walk
that will enable the children
housed at the centre to move
from cottages to the study and
dinning areas without being
exposed to the elements.
Tickets may be purchase at
the Nazareth.Center, most
Catholic Church offices or from
members of the Friends.

Retail sales

plunge by
50% in
Puerto Rico

A PUERTO RICO
San Juan
SRETAIL sales plunged by 50
percent in Puerto Rico during
the two weeks of the partial
,government shutdown, an offi-
cial said Monday, according to
Associated Press.
Sales were down by US$325
million compared to the same
.period last year, said Ricardo
Rivera Cardona, executive direc-
tor of the government's Com-
merce and Export Company.
...The data was collected
.through a survey conducted on
,Friday of various businesses,
including construction and hard-
ware outlets, department stores,
,restaurants and jewelry stores.
The sharpest drops were in auto
and gas sales at 47 per cent, and
furniture stores, at 45 per cent,
according-to the survey.
"If the crisis had continued,
the impact would have even
been greater and had a multi-
.-plier effect," Rivera said in a
'statement. He did.not say how
*many businesses were surveyed.
Puerto Rico's governor
signed legislation on Saturday
to end the budget impasse that
led to the partial government
shutdown, which closed more
than 1,500 schools and 43 gov-
ernment agencies, furloughing
more than 100,000 government
workers and sending a half-mil-
lion students home



WED. MAY 17
2:00am Community Pg. 1540AM
8:00 Bahamas@Sunrise
9:00 CMJ Club Zone
9:30 Tennessee Tuxedo & His Tales
10:00 Da'Down Home Show
11:00 Immediate Response
12:00n ZNS News Update
12:05 Immediate Response Cont'd
1:00 Island Life Destinations
1:30 GumboTV
2:00 Carmen San Diego
2:30 Fun
3:00 Morning Joy
3:30 Ecclesia Gospel
4:00 Dennis The Menace
4:30 Carmen San Diego
4:58 ZNS News Update


5:00 Trasure Attic
5:30 Cybernet
6:00 A Special Report
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 Eye On Health
8:30 Caribbean Passport
9:00 BTC Connection
9:30 Labour Speaks: Hon. Shane
Gibson, Min. of Immigration &
Labour
10:00 Caribbean Newsline
10:30 News Night 13
11:00 The Bahamas Tonight
11:30 Immediate Response
1:30 Comm. Pg. 1540 AM
NOE6 NS-V1 rsre


Man is jailed for possessing




a $1.5m marijuana stash


A MAN was sentenced to two and a
half years in prison yesterday on charges
relating to the cultivation and possession
of $1.5 million worth of marijuana.
Court dockets alleged that on Friday,
November 18, 2005 Jamaican Alvin
Ramsey was found in Freeport, Grand
Bahama cultivating as well as being in
the possession of a quantity of marijua-


Ramsey was arrested in Grand
Bahama and brought to New Provi-
dence to be arraigned on the drug
charges.
He first appeared in Magistrate's
Court on November 21, 2005.
The prosecution alleged that police
officers found Ramsey watering a num-
ber of marijuana plants in different
plots.


They also say that in the area where
Ramsey was found, they discovered sev-
en 30 gallon garbage bins filled with
"loose marijuana", a bucket containing
marijuana seeds and 16 to 20 plots of
marijuana plants ranging from two to
eight feet in height.
Ramsey had been on remand at Her
Majesty's Prison ever since his initial
arraignment as he was denied bail'at


his earlier court appearances.
Ramsey had initially pleaded not
guilty to the charges against him, how-
ever earlier this month, he changed his
plea to guilty.
Magistrate Carolita Bethel said yes-
terday that she took into consideration
Ramsey's six months on remand before
sentencing him to 30 months in prison.


- --, --,- ,
IP4



;if
//


* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT The US
Ambassador to the Bahamas
John D Rood came through
on his promise donate more
than 100 reading books to the
Mary Star of the Sea School
on Tuesday.
Heather McLaughlin,% rep-
resentative for Ambassador
Rood, presented award-win-
ning children's books to school
librarian Renee Hall and vice-
principal Stevanie Hunt.
"Ambassador John Rood
was here a couple months ago
visiting the school and he made
a pledge to bring some books
back and I am pleased to make
this presentation to the school
on his behalf," said Ms
McLaughlin.
She said that she hopes the
children from Pre-K to grades
six will enjoy the 100 to 150
children's books that were


donated to the school.
Mrs Renee Hall said she is
very grateful to Mr Rood for
the donation.
"I am very pleased to
receive the books from the
ambassador which he
promised us some us sometime
back in February when he vis-
ited the school. And what
made it special was that 75 per
cent to 80 per cent of books
were hardbacks and not the
usual paperback that people
donate."
Mrs Hall said most of the
book were Caldecott and New-
bery Winners, which are top
awards given to children's lit-
erature.
The Caldecott Medal which
was named in honour of 19th-
century English illustrator
Randolph Caldecott; is award-
ed annually by the Association
for Library Service to Chil-
dren, a division of the Ameri-
can Library Association, to the
artist who creates the most dis-


tinguished American picture
book for children.
The Newbery Medal, which
was named for 18th-century
British bookseller John New-
bery, is awarded annually by
the Association for Library
Service to Children, to the
author of the most distin-
guished contribution to Amer-
ican literature for children.
Mrs Hall said the library
caters to 500 students at the
school. She said reading is the
fundamental component for
leading a successful life.
"Even if you cannot spell
and your grammar is bad, if
you cannot read you cannot
function in this world," she
said.
"The students will find it
challenging and they are going
to enjoy them and truly appre-
ciate the value of the literature
presented today and I hope
when they leave Mary Star
they are all life long readers,"
she added.


* HEATHER McLaughlin presenting Librarian Renee Hall
with one of the many award-winning children's books that were
donated on behalf of US Ambassador John Rood
(Photo: Denise Maycock)









TEACHERS & SALARIED WORKERS
CO-OPERATIVE CREDIT UNION LIMITED







There Will, Be No Second Call Notice As Per
The Co-operative Act 2005 Section 22

TO: All Members of Teachers and Salaried Workers
Co-operative Credit Union Limited East Street South
and Independence Drive


Notice is hereby given that the Twenty-Ninth (29th) Annual
Meeting of Teachers & Salaried Workers Co-operative Credit
Union Limited will be held at the British Colonial Hilton Hotel
located on Bay Street, on Saturday, May 20, 2006 commencing
at 8:00am for the following purposes:

To receive the Report of the Board of Directors for 2005.
To receive the Audited Accounts for 2005.
To elect members of the Board of Directors
To elect members of the Supervisory Committee.
To discuss and approve the Budget for 2006.
To take action on such matters as may come before the meeting.

Lenn King
Secretary










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retail
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CLOTHING ACCESSORIES









N I N WEST


MARATHON MALL TEL: 393-4155


Carnival shares tumble due to

fuel costs and weak bookings


* MIAMI
SHARES of Carnival Corp.
tumbled to a new 52-week low
Tuesday after the world's
largest cruise operator reduced
its earnings outlook because
bookings have been weak and
fuel costs have soared, among
other causes, according to
Associated Press.
The Miami-based company
said it expects 2006 earnings
per share to be between $2.65
and $2.75, down from a March
23 prediction of $2.90 to $3.
The company expects earnings
for the second quarter to be in
the range of 43 cents, to 45'
cents per share, down from the
earlier forecast of 48 cents to
50 cents.
The average estimate of ana-
lysts surveyed by Thomson
Financial was $2.93 per share
for the year and 46 cents for
the second quarter.
The company's stock plum-
meted to a$41.35 in morning
trading, below a previous low
of $45.78 from October. Later


in the session, shares fell $4.53,
or 9.7 per cent, to $42.01 on
the New York Stock Exchange.
"Although we are disap-
pointed having to lower our
guidance for the year, we
believe the fundamentals of
our business remain sound and
our long-term strategies posi-
tion us well to grow our busi-
ness in 2007 and beyond,"
Chairman and CEO Micky
Arison said in a statement.
Carnival said the weakness
in reservations was principally


seen for trips in the Caribbean
for the last six months of this
fiscal year. Lower revenue
yields should reduce full-year
earnings by about 10 cents a
share.
Fuel costs have increased
since March and are expected
to trim full-year earnings per
share by about 7 cents, the
company said.
Accounting changes on how
dry-dock costs are. expensed
will cut earnings per share for
the year by about 8 cents.


Commonwealth Bank is offering ten (10) Scholarship Awards to
Bahamian Students to attend The College of The Bahamas

Applications are available at any Commonwealth Bank branch or at
the Financial Aid & Housing Department, 2nd Floor, Portia Smith
Building, The College of The Bahamas

APPLICATIONS MUST BE SUBMITTEDTO:
OFFICE OF THE DIRECTOR
FINANCIAL AID & HOUSING
THE COLLEGE OF THE BAHAMAS
P. 0. BOX N-4912
NASSAU, BAHAMAS

(Students from the Family Islands are invited to apply)



CN H DEADLINE FOR APPLICATIONS IS JULY 14, 2006
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www.combankltd.com


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reading books to



school in Freeport


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and share your story.


I


I I I I la3 I















Rum Cay and development on,:





an island without basic utilities


PORT NELSON, Rum
Cay: Taking the breeze
on a verandah overlooking the
blue-green waters of Welling-
ton Bay recently, conversation
Slowly turned to the giant cable
ship anchored just beyond the
reef.
"Well, we don't have piped
water yet, but we are getting
Scell phones and high-speed
Internet," someone said.
The reference was to BTC's
$60 million submarine fibre-
optic network that will be com-
pleted this summer. The cable
ship lying offshore was "splic-
ing" Rum Cay into the loop, the
old heads said.
This dichotomy between the
lack of a basic utility and the
arrival of advanced telecoms, is
characteristic of Rum Cay a
30-square-mile outpost whose
few dozen bored citizens are
increasingly hemmed in by
upscale residential and resort
developments some spurious,
some real.
Interestingly, the biggest
pending development on the
island is led by a 61-year-old
British telecoms engineer
named John Mittens, who 10
years ago founded Europe's
largest fibre network Inter-
oute which links 61 cities in 19
countries, including historic cen-
tres like Rome and London.
So Mittens thinks he under-
stands Rum Cay up to a point:
"I know about civil works and
infrastructure, and I know how
to be sensitive with antiquities
and the environment," he told
Tough Call recently. "But it's
my first time working in the
Bahamas and I've never devel-
oped a resort before. And it can
certainly be challenging to get
things done here."
WORLD-CLASS RESORT

The Rum Cay Resort
Marina is a $90 million
development that has been pur-


sued for the past five years by
Mittens' Montana Holdings
investment company. And the
prime minister and other assort-
ed bigwigs flew to Rum Cay last
Friday for a groundbreaking
ceremony on the beach at Cot-
tonfield Point.
Montana now has a total of
890 acres on Rum Cay and is
looking to buy more. Mittens
says his project will cater to
those seeking: "An authentic
Bahamian out island experience
without sacrificing the luxury
of an exclusive resort."
It will feature an 80-slip mari-
na, yacht club, dive centre, con-
dos, shops, restaurants, a spa,
home sites, an equestrian cen-
tre, organic farm, charter air
service, fixed base operation
and eventually a low-rise luxury
hotel a $700 million invest-
ment at full build-out, creating
up to 400 permanent jobs, the
press releases say.
There is no doubt that the cit-
izens of Port Nelson are in
favour of the resort. The entire
township turned out for the
food, beer, wine and entertain-
ment at the recent ground-
breaking event, and most say it
is a "blessing" that will finally
bring "progress' to the island
and give the young folks "some-
thing to do".
"We have been hoping and
praying for this," said retired
chief councillor Sam Maycock.


"Things will be different, but
we will have to learn to cope."
Apart from three little cafes
(that serve food to order), a
general store, a builder who
counts his helpers on one hand,
and the small-scale Sumner


441


TOUGH CALL


.'ir


Point Marina, most regular jobs
here are provided by the gov-
ernment. Other than the district
council, they include a nurse,
postmistress, three teachers, two
constables and representatives
from BEC and BTC.
But David Knowles, the cur-
rent chief councillor, is not sure
how the island will cope with
the impending changes: "We
are soon gonna have hundreds
of workers here, but we don't
have fresh water and no Cus-
toms, Immigration or proper
school facilities. Most folks
don't realise what's coming. We
need to take this slowly ."
Well, the Montana project
has set no speed records so
far. After the land was
acquired in the late 90s, plan-
ning surveys and environmen-
tal assessments were done in
2003 and a heads of agreement
was signed in 2004. Construc-
tion of the marina and air
terminal is expected to start
this month.
But while Montana has taken
the time to do things properly,
other so-called developers on


LANDS AND LAWYERS

C chief among them is
Newport Harbour's
Billy Wayne Davis, a bankrupt
preacher/politician who has
been in financial trouble with


the island are under no such
obligation. At least three rival
groups are vying for the oppor-
tunity to carve up Rum Cay, in
a feeding frenzy that is slowly
ruffling the calm waters of
Wellington Bay.


the law in several US states. He
is busy bulldozing a patchwork
of roads and clearings west of
the Montana property, and also
claims ownership of 32 lots
within Port Nelson itself.
Island Aquisitions, headed by
Cuban-American lawyer
George Diaz-Cueto, claims
thousands of acres around the
ruined settlements of
Carmichael and Black Rock on
the western end of the island,
where Sir Milo Butler was born.
A third group is led by Mike
Fothergill, a convicted Ameri-
can felon whose Rum Cay Ven-
tures is also developing home
sites on disputed land. These
groups were feuding with each
other over title claims, but
Fothergill and Davis negotiated
a truce that traded off claims to
various parts of the island.
Carl Bethel, who acts for
Newport Harbour, takes a san-
guine view of such matters:
"Whenever development takes
place on'virgin land in the
Bahamas there is enormous lit-
igation. And as to the che-
quered past of some of the
Americans involved, let me
remind you that Wallace
Groves wasn't the first criminal
here selling Bahamian land and
he won't be the last."
The attitude of the locals to
these shenanigans ranges from
rank indifference to outright
hostility. According to 74-year-
old Delores Wilson, the island's
unofficial matriarch who runs
Kaye's Bar, "we were slaves
and when the masters left we
were given the land and we
worked it for all these years. So
we don't like what is happen-
ing today."
But Sam Maycock takes a
more philosophical approach:
"People here don't care about
the land. They don't use it, so it
don't bother them much." Or,
put another way in the words
of some of the expatriate resi-
dents, "the local people have
no concept of land ownership."


Some think the government
should step in and put a stop to
all the fussing and fighting and
settle who owns what. As one
retiree put it: "Some of that
land they selling is my grand-
daddy land."
And the best known grand-
father from Rum Cay was the
late Sir Milo Butler, whose fam-
ily property is claimed by the
Diaz group. Sir Milo's grand-
son, lawyer Craig Butler, has
already taken out an injunction
and vows to fight every step of
the way: "We are not going gen-
tly into that good night," he told


Tough Call.
He says the speculators are
engaged in a process called flip-
ging: "They are trying to claim
title by selling lots as rapidly as
possible, but the basis from
which they all start is simply
wrong."
That basis is the "estate" of
the late-Effie Knowles, a Flori-
da attorney of Bahamian
descent whose ancestors
received some of the earliest
land grants on Long Island and
Rum Cay. Her grandfather -
James Alexander Knowles -
was born on Long Island in
1839 and moved to Key West.
Her mother Julia Dorsett --
was born in Nassau and also
moved to Key West, but her
father was Joseph Lake Dorset
- a prominent landowner bil
Rum Cay.
Effie began tracing her :it.tte
in the early 1960s a project
that has contributed enormous-
ly to the pockets of many
lawyers and developers over the
years. She began the project
with the will of her uncle Per-
cival Dorsett-- who was the
last white Bahamian- on Rum
Cay when he died in 1940. The
lawyers who worked on Effie's
project in the early years includ-
ed Carey Leonard, William
McPherson Christie, Jerome
Pyfrom, William Holowesko,
Useph Baker and Dawson
Roberts.
In a 1962 letter to one of her
relatives Effie wrote about the
project: "I have made five trips
to Nassau...We are getting
ready to clear the title to 1400
acres of land inherited from the
Dorsetts on Rum Cay, also
lands inherited from my father's
family."
In another letter she dis-
cussed the value of Rum CayN
property: "The salt pans \iete
built at great cost and lined i tth
solid flint rock, and e\ en though
now in bad repair even a small
acreage is worth money. My
great grandfather built them at


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The last major land legislation
in the Bahamas was passed 47
years ago and although there j
has been talk of a new land law
to provide for absolute title,
nothing has been done to
achieve this by any government.


This dichotomy between the
lack of a basic utility and the
arrival of advanced telecoms, is
characteristic of Rum Cay


FIRSTCARI BBE
IN TER T .-I. T _I _r .'


CAREER OPPORTUNITY


for


HOME FINANCE SPECIALIST (FREEPORT)

Qualifications/Experience:

Bachelor's Degree in Banking or related field.
Experience in sales and lending
Proven negotiation, communication and interpersonal skills.
High level of quality management.
Demonstrated excellence in lending roles over a reasonable period of time

General Requirements/Responsibilities:

Manage a portfolio of 200-300 clients to achieve growth, retention,
profitability and other targets.
Maintain statistics on sales for feeding into country's sales return.
Report weekly on activities within the portfolio specifically volumes,
declines, approvals, actions taken and justifications.
Analyze activity and reports to determine trends in loan performance
Adjudicate credit within own discretion and consistent with the Bank's
risk management policies and adhere to the Credit Risk Management
Guidelines
Proactively contact potential and existing customers for new and cross
sell opportunities through regular visits, phone calls, direct mail contact
and maintain contact with real estate agents/land developers and large
corporate customers to solicit new business.
Prepare and conduct mortgage-financing presentations to individuals and
groups of realtors, purchasers and professionals.
Ensure compliance with Bank's policies and any regulatory bodies.
Complete required documentation in the given time limits and mitigate
risk to the Bank.

If you are interested:

Submit your resume private & confidential in WRITING ONLY before May 26,
2006 to:
Robert Cox
Manager, Home Finance
P.O. Box N-3221
Nassau, Bahamas
Or email: Robert.cox@firstcaribbeanbank.com

FirstCaribbean International Bank thanks all applicants for their interest,
however only those under consideration will be contacted.

Vacancies are open to Bahamian nationals only.


At


THE TRIBUNE


PAGE 6, WEDNESDAY, MAY 17, 2006


~h~li~*r~
x


... ...,


a cost of $1000 an acre apd
developed some 200 of the 900
acres...He also had a cattle
ranch on some 1400 acres. ,
Her letters recall an earlier
time: "My father's ancestor' -
the Knowles were great
'friends' of the Dorsefts. Bdth
families owned the best parts
of Nassau. Great,grandfather
Joseph Lake Dorsett lived'in
luxury a mansion on Rum
C .,% s,., -_. a pli ate .:Icht I
to\ house in N..is ;au. fl ends
on Rum Cay and Long Island,
all very rich The abolition of
slavery ruined them financial-
ly." .. : ;
But some cl.perts are scepti-
,cil. o_ EffiL,'s complex title
chain pointing out that the tvas
an American citizen and that
,lots of thin's could have hap-
pened oer: [le \e'.rs to affect
hcIcllaim such as non-pa'y-
micnrel ot .iMcs: It iS, ihsl uncer-
lail\ thal has fueled the con-
flicting caims of foreigners on
Rum Cay.
The last major land legisla-
tion in the Bahamas was passed
47 years ago and although thire
has been talk of a new land faw
to provide for absolute title,
nothing has been done to
achieve this by any government.
But former attorney-general
Carl Bethel, one of the principal
lawyers involved in the Rum
Cay conflicts, told Tough Call
that land reform would be an
urgent priority for me" if the
Free National Movement
should win the next election, an
undertaking that drew laughter
from some'residents of Port
Nelson.
"We need an impartial laind
commission to register title,
frame the terms of conflict and
make final judgments. The it-
uation we have now is anti-
quated and it is crippling ,ur
economy. Land is one off he
main factors of production ind
ic need to deal ~ th this prob-
leC once and tor all." he s.Cfl
U- Lt-gnlimae i in, estor< ),a'ec:
litt the activities of diisip-
utable developers c an only
damage Rum Cay: "A mqon-
scape is not what people cenme
here for," a Mdnthna
spokesman told Touch Call~U"I
we destroy the ethos t'lhe
place we've failed commnerciial-
ly.
"We've paid all our dues and
abided by the law, but people
lookinL inn ill lump us it'lilhe
others ~ ho ar bringing a'bad
name to Rum Cay and (he
entire Bahamas. That \~il h;ite
a negati\c impact on all of s."
Thi areumnent is breath'ak-
InglI simple. People \'an.r to
knl\ the\ ire in\estin in a
country\ tiat upholds the Iule
ot la\\. Looking the other aN
\ while the lanj:scape is destr6o ed
to make quick hucks tf1om
gullible bu cis i\ill cause
investors 0to change their nmnd
about Ruini C1 and tlhut ill
directly impact tle citizens of
Port Nelson. and the entire
Bah.ias.in
What do you think?
Send comments to larrv@lri-
bInemedia.nel
Or tisil n%\%%.bahamapun-
dil.com









: I


o In brief

Festivities
are to be
held for
youngsters

THE first of its kind in the
Bahamas, "Family Festivus:
Tiny Tots Day Out!" is being
held at the Botanical Gardens
this Sunday, May 21 between
1pm and 5pm.
All the activities are for
'babies and young children,
including: pony rides, "daddy
and me" Olympics, tiny tots
.gymnastics, bouncy castle, face
,painting, balloon animals and
more.
SSaid the organizers in a press
Release: "The event is being
Held by two mothers who strug-
:gle to find new and fun things to
'do with their babies.
"It is also being held to raise
money for Unicef and Doctors
Without Borders to assist chil-
,dren and families in war-torn
SAfrica.
Tickets are only being sold in
advance and are available at
'Logos Bookstore at Harbour
Bay, the GUL Store at Sandy-
port or by e-mailing familyfes-
t.ivus@yahoo.com


Further spread of bird flu is a



'maior concern' for Caribbean


THE impact of the Avian bird flu on
the Caribbean region "is of major con-
cern" according to Pan American
Health Organisation representative
Lynda Campbell.
She warned that the bird flu in con-
tinuing to spread across Asia, the Mid-
dle East, Europe and Africa "with
the reasonable prospect that the dis-
ease will continue to spread to the
Americas including the Caribbean."
"We are concerned about the disease
in birds because chicken is the key
source of protein for people in the
Caribbean region," added Ms Camp-
bell, who represents the Pan American
Health Organisation (PAHO) in the
Bahamas and Turks and Caicos.
"We are also faced with the possibil-
ity that the virus that causes bird flu
could mutate to a form that is easily
transmissible from human to human,"
she added. "This is a major concern."
Ms Campbell was speaking Monday
during a three-day seminar on risk com-
munication specific to Avian and pan-
demic influenza.
The seminar was organised by the
Ministry of Health and National Insur-
ance in collaboration with PAHO. The
World Health Organisation (WHO)
also took part.
Featured presenters included psychi-
atrist Dr Jody Lanard a risk commu-
nication consultant for PAHO and
WHO and disease prevention and
control adviser Dr Yitades Gebre.
In attendance were Cabinet minis-
ters Dr Bernard J Nottage (Health and


-

* FROM LEFT: Ministers Dr Bernard Nottage (Health and National Insur-
ance), Leslie Miller (Agriculture), and Obie Wilchcombe (Tourism) confer dur-
ing Monday's Avian flu seminar.
(BIS photo by Patrick Hanna)


National Insurance), Obie Wilchcombe
(Tourism), Alfred Gray (Consumer
Affairs and Local Government), and
Leslie Miller (Agriculture); represen-
tatives from the Turks and Caicos; gov-
ernment departments; private enter-
prise and the media.
Since 2003, Mr Campbell said, areas
affected by Bird Flu have seen over


4,000 separate outbreaks of the disease
in poultry and 208 human cases result-
ing in 115 deaths.
"The evidence shows that although it is
possible for humans to get bird flu from
birds," she said, "it is difficult and requires
very close contact with affected birds.
"Consequently the risk to humans is
greater in persons like poultry prodhc-


ers, farmers and lab personnel than it is
to the general public."
While it is quite difficult for humans
to get this disease, she said, poultry "is
very susceptible to the virus."
The result in the affected region has
been the loss of millions of birds which
has had a significant impact on the
economies of several countries and the
lives of many people, she said.
Moreover, there have been "dramat-
ic consumer responses", an increased
number of trade bans and sharp reduc-
tions in the price of chicken.
As the virus has not yet mutated to a
form easily transmissible between
humans, some hold the view that too
much emphasis on this possibility is
unwarranted, she noted.
"However, based on the evidence of
the progression of the H5N1 virus,
WHO has advised countries to prepare
for a possible pandemic in humans in
addition to preparing for a possible out-
break in birds.
"This is the earliest stage of the pan-
demic alert period and this is why WHO
has suggested that countries begin to
develop a national plan. This has trig-
gered the alert period globally.
"It is not known with certainty
whether or when we will move to the
next phase or whether the virus might
recede without further progression.
"However, WHO has advised that
this is the time to put plans in place
because if we wait until the next phase
is declared there might be insufficient
time," said Ms Campbell.


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IFL -:olljIki1-IjlJI-


WEDNESDAY, MAY 17, 2006, PAGE 7


..HE TRIBUNE


"..those who were forced to weave their education from the poorest of threads
seemed to have developed a far greater respect for education and a greater desire
to continue learning throughout life than marks the average scholar of this age."




The One-room Schoolhouse

By Patricia Glinton-Meicholas this Thursday in The Tribune

Read Chapter 17 of The Secret School, see Friday's Tribune


f:._ -_i
i
::P.: '-- -'~);~EWB~~!!













I'N envoy says fast aid for new




Iaitian government is essential


Copyrighted Material



Syndicated Content t



Available from CommerciallNews Providers

~f


S
- ---.~ .~-


t*4- am ___ Maw


Dominican election could give president's party control


W DOMINICAN REPUBLIC
Santo Domingo
PRESIDENT Leonel Fer-
nandez, who took power two
years ago amid financial and
political turmoil, is banking
on the Caribbean nation's
economic rebound to help his
i'arty gain more seats in leg-
i:lative elections on Tuesday,
according to Associated
Iress.
Healthy lines formed after
I rolling stations opened early
I tuesday. About half of the


nation's residents were regis-
tered to vote.
Twenty-two parties from
Across the political spectrum are
fielding candidates in the first
nationwide vote since Fernan-
dez replaced Hipolito Mejia,
whose administration was
dogged by corruption scandals,
skyrocketing inflation and the
devaluation of the Dominican
peso.
Fernandez's Dominican Lib-
eration Party holds just one
Senate seat and about a quarter
of those in the House of Rep-


Fernandez counts on Caribbean rebound


resentatives. But party leaders
predict the country's economic
recovery will persuade voters
to grant them more Clout in the
legislature.
"The great challenge will be
how to combine stability,
growth and job creation, and in
this we are (doing so)," Fer-


j FIRSTCARIBBEAN
INTERNATIONAL BANK

CAREER OPPORTUNITY

for

MANAGER, RETAIL CREDIT (NASSAU)'


Qualifications/Experience:

Bachelor's Degree in Banking or related field.
At least five years banking experience at senior supervisory
level
At least three years lending experience

General Requirements/Responsibilities:

o To provide assessment of retail credits submitted by 2
jurisdictions
Sanction/authorize retail credit loan applications including
International mortgages within delegated limits up to US$400
thousand secured and US$100 thousand unsecured
Prepare recommendations on retail loan applications outside
of delegated limits for the Senior Manager, Retail Credit /
Head of Retail Credit to sanction / authorize.

If you are interested:

Submit your resume private & confidential in WRITING ONLY before
miay 26, 2006 to:

Dawnika Rolle
HR Business Associate
Shirley Street, Financial Centre
P.O. Box N-3221
Nassau, Bahamas

Or e-mail: dawnika.rolle@firstcaribbeanbank.com

FirstCaribbean International Bank thanks all applicants for their
interest, however only those under consideration will be contacted.

Vacancies are open to Bahamian nationals only.


nandez told supporters recently.
He called the election "the start
of a new historic step for the
Dominican Republic of greater
progress and of greater wel-
fare."
Other parties, however, have
warned it would be dangerous
to put too much power in the
hands of a single political fac-
tion.
"The population wants and
needs a healthy democracy,
where powers are separated
between the government and
opposition," said Alfredo
Pacheco, a Santo Domingo
mayoral candidate from Meji-
a's Dominican Revolutionary
Party.
Mejia's centre-left party
holds 72 of the 150 seats in the
House and 29 of the 32 Sen-
ate seats, and has used that
majority toehold up Fernan-
dez-backed projects like the
construction of a Santo


Domingo metro system and
parts of his economic policy.
With 28 representatives
added this year, 210 legislative
seats and 151 mayoral spots are
up for grabs. Parties have
encouraged Dominican expa-
triates to return to vote in the
elections, held every four years.
Only three parties the
Social Christian Reformist Par-
ty, and those of the president
and Mejia have seats in the
legislature.
The economy was the key
issue in carnival-like campaign-
ing across the country of nearly
9 million, hit hard during Meji-
a's administration.
Electricity shortages were
rampant and inflation reached
42 per cent, and the 2003 ,col-
lapse of the country's second-
largest bank triggered a US$2.2
billion bail-out followed by a 65
per cent devaluation of the
Dominican peso.


IMPORTANT

NOTICE


The major parties differed :-
on how to respond to the cri-;.
sis: Mejia borrowed and re-
nationalised utilities, while:r.t
Fernandez aimed to stabilizepq
the peso, reduce inflation anda~
work with the International
Monetary Fund to rebuild the.i
economy. .,,
Inflation has since fallen andr
the country's gross domestic.ao
product grew 7 per cent in 2005,'
according to the Central Bank.;
Voter Janice Teburcio, 38,:-;
said Tuesday that he intended..
to vote for candidates with the
former president's party, say-
ing the troubles under the Mejia
administration were the "prob-:,
lems of one candidate and his
Cabinet." .
The parties of Fernandez.
and Mejia differ little in ideol-!
ogy. Both support liberalized
trade and the US-sponsored'
Central American Free Trade
Agreement, which the country
is expected to join within-
weeks.
Some election-related vio-E
lence was reported over the':
weekend, including the stabbing;
death of an organiser from Fer-'
nandez's party.


From 11 p.m. on Saturday 20th May
to 8 p.m. Sunday 21st May 2006.

Our Electronic Banking System will be temporarily unavailable
during the times listed above while we conduct routine
maintenance on our System Network.

During this period, the following services will be unavailable:
* Internet and Telephone Banking

Please plan your weekend finances to cater for this necessary
maintenance. We apologise for any inconvenience.



www.firstcaribbeanbank.com


(FIRSTCARIBBEAN
INTERNATIONAL BANK
GET THERE. TOGETHER.


THE TRIBUNE, ,


PP\GE 8, WEDNESDAY, MAY 17, 2006







MiviAY 1 /, 2006, PAGE 9


THE TRIBUNE


Cruise ship ROM page one


passenger

FIROM page one

D. .Ipli -'with assistance from the
Baharibas Air Sea Rescue Assoid a
tion (BASRA) Freeport office
had been deployed in the sear, h
for the missing man.
"NWe are primarily concentrating
theis-cdrch oni ihe aica about 0
nile2 southwest of the north-wet-
ern tip of Grand Bahama," he said
the information is that DiPiero,
whp was travelling with thiee
friends, was last seen on deck of
the; Mariner of the Seas.
Initially it was thought that he
disappeared sometime around mid-
night, however surveillance' cam-
era footage last showed DiPiero
,tahding onthe ship's front deck
at .30am on Monday.
iLt Cdr Johns said that the Coast
Guard is employing standard
search methods, including radar
and look-outs, in an attempt to find
DiPiero.
kI (hi, time, he said, it his not
Sct been determined how long the
JUSCoadt Guard will continue its
,.-irch
*'The ri is always hope, we have
i..uind people sometimes 24 hours
after they went overboard," he said.
1lowever. rough seas and strong
wiid. veste rda afternoon were
inaking the search increaiiingl dif-
ficult.
At press time last night the US
castt Guard was attempting to
launch an additional jet aircraft to
oi u in the search, but were expeii-
e'ncing problems due-to the
inclement weather.
"In addition to this, (DiPiero)
was also wearing a white shirt, so
that will just make it harder -o spot
him in the water-And withhinm not-
wearing a life jacket it makes it very
difficult," he said. -.-------
The Mariner of the Seas left port
in Cape Canaveral and was headed
to Stirrup Cay near Grand Bahama
when DiPiero was last seen.
The next morning, on Monday
around 11 am, DiPiero's friends
reported the man missing and the
cruise liner was searched.
According to reports, the Coast
Guard received the "man .iver-
board" report around 7pm oin Mon-
day from the cruise ship and
launched an aerial search with a C-
130 airplane along the liner's 120-
mile long track. Stormy weather,
lightning and waterspouts forced
th&.Coast Guard to curtail that
search:into Tuesday.
di; ,


those in the service trade who
have a pricsnce in the United
States, need to be aware that
-people who get hurt or injured.
particularly foreigners, at their
places of business, if they have a
presence here in Florida there
i .1 good chance that they will be
brought into court here," Mr
Parks said.
He said that the Bahamas has
had a history of hotels taking the
position that people who get
injured on their premises
through what may be their fault
can't sue them anywhere but in
the Bahamas.
"This is another example of
where that is certainly not the


FROM page one

court, Assistant Superintendent James Far-
rington said that, amidst the confusion on
Yamacraw Road following the recapture of
the three inmates, he attempted to keep
angry officers from gaining access to them
while they sat handcuffed on board the trans-
port vehicle.
ASP Farrington said that just before he
could get the last officer off the bus. he heard
what sounded like a gunshot behind him
Spinning around, he said that he saw Officer
Mackey pointing a gun in the direction of
escapee Forrester Bowe.
_ .. He said he took the gun away from; i li
cer Mackey and pushed him off i li bus-
before ordering the bus driver to leave the
scene.
Several days later, Barry Parcoi, one of
the recaptured prisoners, testified of his fear
when he saw Officer Mackey push his way
onto the bus with a gun in hand. When asked
by Coroner Virgill about his fear, Parcoi
replied that he was afraid because, through-
out the ordeal, he had never seen Officer
Mackey with a gun.
He went on to describe how Officer
Mackey came to the'back of the bus with
an angry look on his face, pointed the gun at
Bowe's head, then lifting it from Bowe's
direction, aimed and fired a shot into Neil
Brown's chest.
Officer Mackey, in previous testimony.
did not admit to being involved with the


Dismissal reversed


case. I have been involved in
these cases for the past 15 years
and we have bcuci able to wia
more than we ha\ e lost in tc i.s
ot making sure ihat these Jaw-
suits were here,' Mr Parks s,:id.
The original lawsuit, which
was filed in March 2004, wa? dis-
missed from the District ( court
on the grounds that the i.sort
and its paint company did not
have sufficient contacts with the
state of Florida to assert person-
al jurisdiction over them.
However, the appeal court
reversed the decision on the
basis that it found enough evi-
dence that the resort.and its
owner did indeed have substan-


tial activity and business trans-
actions within the state of Flori-
da.
Since the lawsuit was filed in
2004, however, the ownership of
the Wyndham has changed
hands from Phil Ruffin's Ruffin
Company to Ihe Baha Mar
Development Company.
While he admitted that this
change may make his litigation a
bit more cumbersome, Mr Parks
said that this will not hinder the
case.
"Whoever was responsible at
the time and who was insured at
the time will be the parties who
!re responsible. The people who
may have bought it since then


shooting death of inmate Brown, but he did
admit to firing shots at the inmates as they
ran through the bushes outside the prison
compound on Yamacraw Road.
Mackey said that he was not able to iden-
tify any of the persons who came and
kneeled in front of him, after he fired the
shots, because of the darkness, and he did
not find 'out who they were until later on
that morning. Almost a month later, when
recalled to the witness stand, Officer Mack-
ey declined to answer questions related to his
alleged involvement in the shooting death
of Neil Brown.
Once again appearing before the court
without counsel present, Officer Mackey
exercised his right not to respond to ques-
tioning, including what type of weapon he
received from officer Neko Sargent and how
many times-he fired the weapon...
The jury's finding against Officer Mack-
ey and the inmates came after they were
told by the Coroner that they were judges of
the "facts." She told them that, as they
walked through the evidence, they could
believe who said "what" and disbelieve who
said "what." Believability and what was
unbelievable, she continued, was for them to
decide.
In reading back some of the witnesses'
testimony, Coroner Virgill pointed out some
areas of discrepancy and inconsistency. She
also noted some of the corroborative evi-
dence and told jury members that they must
consider all of these as they work toward a
decision.


I


Wedding claims

FROM page one

looked.
"The Marriage Act explains the procedure," Mr Cartwright
said, "they are supposed to apply for a licence, then receive a cer-
tificate, and then a notice would be advertised for at least seven
days.
"After which time, if no-one objects to the union, then the mar-
riage can take place. But where a.foreign person is concerned,
the person must be a resident of that address for at least 15 days.
But, according to reports, she was only there for less than a week."
The father claims his newly-wed son does not even know the
woman.
"I didn't know what was going on until someone called me to con-
gratulate me. I didn't know nothing about it. I thought it was just
a joke, but it was true. When I found out, I went up to the com-
missioner-to find out if it was so," said the father.
"He said 'Yes'. I can't understand this. It's some wickedness
going on up here in Long Island. He don't know the woman.
"They took advantage of my boy because he don't know no
better. This is a set-up, man, and something has to be done about
this," he said.
Mr Cartwright said he will allow police to do their work at this
point, and will only get involved if he feels the matter is not being
handled properly.


FROM page one

One of the suspects is said to
between 20 and 25 years of age
and about 5/4" tall of slim build
and weighing 1501bs.
The gunman was wearing a
light coloured V-neck shirt.
The second suspect is
only described as being of slim
built.
Gardiner is presently out on
bail from the Supreme Court. He
is accused of the September 12
murder of Jermaine Adderley on
Wellington Drive on April 16.
Mr Rahming is urging anyone
who can assist the police with
information in connection with


Shooting
the shooting to call the crime hot-
line at 352-1919.

* MAN CHARGED
Garin Luckel Gibson, 28, of
Jones Town, pleaded not guilty in
Freeport Magistrate's Court
Tuesday to possession of an unli-
censed firearm.
Gibson, who appeared before
Magistrate Helen Jones, was
accused of being in possession of
a .9mm Smith and Wesson pistol
on May 14.
He was remanded in custody at
Fox Hill Prison until August 29.


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will have no involvement in it,"
Mr Parks said.
Vice President of Administra-
tion and External Affairs at
Baha Mar, Robert Sands, also
told The Tribune that the liabil-
ities that occurred prior to Baha
Mar's acquisition remain the lia-
bilities of the Ruffin Group.
"Legally the liabilities, which
have been disclosed. remain the
liability issues of the Ruffin
Group," he said.
On March 10, 2003 Mr Stubbs
was a guest at the Wyndham
when he dove into what his
attorney described as "an
improperly marked and improp-
erly lighted pool and as a result
of the negligence of the hotel
and its owners was seriously
injured."


The next day he was airlifted
from Princess Margaret Hospital
in Nassau to Jackson Memorial
Hospital in Miami, Florida
where he spent 25 days in treat-
ment for his injuries, including
time in the intensive care for a
collapsed lung and pneumonia
before returning to Mississippi
for further treatment.
Mr Parks said that as a result
of his injuries, Stubbs was paral-
ysed from the neck down.
"He will. never be back to nor-
mal. He is a quadriplegic and he
is working hard to get movement
back in some of his extremities.
He is a model patient from what
the doctors say in terms of the
effort of trying to make his
life meaningful," the attorney
said.


W\EDNuESDAY,








- I


MAY 17, 2006


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

_Great Romances Calne the Great Catherine the American Masters Nat King Cole's American Masters "Ray Charles:
* WPBTofthe 20thCen- Great establishes schools and hos- 30-year music and television career. The Genius of Soul" A portrait of
twuy pitals throughout Russia. (N) (N) (CC) Ray Charles. (CC)
The sider (N) The Amain Race 9 '5 Continents... 10 Countries... And More Than 59 CSI: NY "Charge of This Post" (Sea-
F WFOR (CC) Thousand Miles" (Season Finale) A team crosses the finish line and takes son Finale) A bomber threatens the
the $1 million grand-prize. (N) n (CC) city. (N) A (CC)
i Access Holly- Deal or No Deal (iTV) Contestants Dateline NBC To Catch a Predator" Law & Order "Invaders" McCoy
WTVJ wood (N) (CC) geta chance to win money. (N) f Men arrive at Dateline's undercover uses a corrupt DEA agent to lure
CC) houses to meet teens. psychopathic killers out of hiding.
Deco Drive Bones "The Woman in Limbo" American Idol One contestant is News (CC)
* WSVN Brennan makes a shocking discov- voted off. (Live) (CC)
ery.(N)(CC)
Jeopardy! "Tour- Alias "No Hard Feelings" Sydney Lost Michael convinces Jack and (:04) Invasion "The Last Wave
* WPLG nament of Cham- must work with Sark to track down several other castaways to help him Goodbye" (Season Finale) (N) )
pions" (N) Rambaldi's final clue. (N) rescue Walt. (N) n (CC) (CC)
:00) Biography Dog the Bounty Dog the BountyWalt Disney World (CC)
A&E Joel Rifkin (CC) Hunter (CC) Hunter (N) (CC)
Hardtalk BBC News World Business BBC News Fast Track BBC News Asia Today
BBCI (Latenight). Report (Ladirnigrhi (Latenight).
B T Music Special The Parkers n The Parkers ) Girlfriends n Girlfriends ) Comicview (CC)
BET (CC) (cc) (CC) (CC)
(:00) NHL Hockey Eastem Conference Semifinal Game 7 -- Buffalo Sabres at Ottawa Sena- CBC News: The National (CC)
CBC tors. If necessary. From Scotiabank Place in Kanata, Ont. (Live) (CC)
:CN C n00) On the Made in the USA (CC) Mad Money The Big Idea With Donny Deutsch
N (:00) The Situa- Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)
CNN tion Room
(:00) Jeff Fox- The Daily Show The Colbert Re- Mind of Mencia South Park The South Park "Die Mind of Mencia
COM worthy: Totally With Jon Stew- port (CC) "Outs the Bean- guys form their Hippie, Die" (CC) (CC)
Committed (CC) art (CC) er". (CC) own boy band.
RT Cops "Coast to Video Justice Video Justice Forensic Files Forensic Files Forensic Files Forensic Files
COURT Coas" f (CC) (N) "Pastoral Care"
That's So Raven THE OTHER ME (2000, Comedy) Andy Lawrence, Brenden Jefferson, Life With Derek Even Stevens
DISN A former jazz Lori Hallier. A boy accidentally creates a clone of himself. (CC) Living-room re- (CC)
singer. decorating.
IThis Old House DIY to the Res- DIY to the Res- Kitchen Renova- Kitchen Renova- Home Transfor- Assembly Re-
DY n (CC) cue cue tions tions nations (N) quired
DW Euromaxx Journal: In In Focus (Ger- Journal: Made in Ger- Journal: In Euromaxx
_DW Depth man). Tagestema many Depth
SThe Daily 10 (N) Simon Cowell: The El True Holly- Dr. 90210 Action!" The Simple Life The Simple Life
E wood Story Simon Cowell. (CC) 2: Road Trip n 2: Road Trip
ESPN (:00) MLB Baseball Teams to Be Announced. (Subject to Blackout) (Live) (CC) Baseball Tonight (Live)
PNI (6:30) UEFA Champions League Soccer Final Ar- Boxing Wednesday Night Fights. Jose Navarro vs. Vernie Torres. From
senal vs. Barcelona. From Pans. (CC) lJrn.jasvlle, Conn. (Live)
EWTN aily Mass: Our EWTN Live The Lamb's The Holy Rosary The Da Vinci Hoax (N)
EW N Lady oSupper I
Stretch Max: Ship Out, Shape Up Nine travelers The Gym Gym owners deal with FitTV's Housecalls "Michael A.;
FIT TV Cathe Friedrich try to trim their waistlines. their son's emergency surgery. Upper Body Strength" n (CC)
OX C Fox Report- The O'Reilly Factor (Live) (CC) Hannity & Colmes (Live) (CC) On the Record With Greta Van
OX-NC Shepard Smith I I Susteren (Live) (CC)
FS F MLB Baseball Florida Marlins at Atlanta Braves. From Turner Field in Atlanta. (Live) Best Damn
FSN FL Sports Show
F Inside the PGA PreGame (Live) How Low Can You Go? (N) 19th Hole (N) Spirit of Golf
GOLF Tour
GSN Lingo (CC) Who Wants to Be a Millionaire Dog Eat Dog (CC) Greed (CC)
GSN (CC)
(:00) Attack of Star Trek: The Next Generation Star Trek: The Next Generation The Man Show The Man Show
G4Tech the Show! (N) "Brothers'" (CC) "Famry n(CC) (CC) (CC)
(:00) Walker, Walker, Texas Ranger Walker and ** 0 PIONEERS! (1992, Drama) Jessica Lange, David Strathairn,
HALL Texas Ranger the Sons of Thunder take on a gang Heather Graham. An immigrant begins a new life on the American frontier.
"Ange" (CL) of white supremacists. ) (CC)
uy Me "Chris Designed to Sell Trading Up "Soli- lling Houses Hot Property House Hunters Buy Me "Chris
HGTV andSandi: Deja Scrambling to sell hull" f "Cinderford" n Fmi iy hrre l Fort Worth, and Sandi: Deja
Vu" n (CC) a house. (CC) Spain. n (CC) Texas. (CC) Vu" n (CC)
INSP Morris Cerullo Breakthrough Zola Levitt Pre- Inspiration To- Life Today (CC) This Is Your Day The Gospel
INSP (CC) sents (CC) day (CC) Truth
8 Simple Rules Sabrina, the My Wife and My Wife and Friends Monica Everybody Everybody
KTLA The girfi go on a Teenage Witch Kids Claire Kids "Calvin sings karaoke. Loves Raymond Loves Raymond
roadinp. (CC) interview. (CC) sneaks out. n Goes to Work" (CC) n (CC) Pat's secret. t
NIGHT OF TERROR (2005, Surperiel Mi:L Kzaplure, MIND GAMES 11998 Supiernsi'l.llyn iei BrooI Lirni 3y Fr,,.I yi .,ti .::r i
LIFE Nick Mancusi A crazed killer Iraclh a family during a PreTmiere A psycricrlherapil lriel. I deiiiro:y a Icubll'd ldmily ICCy
reenilless 4orm. (CC)
MSNBC :00)Hardball Countdown With Keith Olber- Scarborough Country Rita Cosby Lie & Direct
MSNBC o^,cl mann
Jimm Neutron: SpongeBob Just for Kicks "I Full House 'Eaj Fresh Prince of Roseanne C' Roseanne "Di-
NICKI Boy enius SquarePants ii Love Lucy Rier' Bel-Air Mi,:e aji'jd an r:li i Video"
NTV (I:00 24 (N) Deal or No Deal Contestants get a Bones Brennan makes a shocking News ft (CC) News
NCC chance to win money. (N) (CC) discovery. (N) (CC)
(N00) NHL Hockey Easlem Ccnference Seifinral Game 7 Buffii, NHL Postgame NHL Hockey: Western Conf. Semi-
OLN babrte at Onawa Sernalrs (Livel Show Liv'-l final-- Sharks at Oilers
SSpSrts Car Rev- Cars at Carlisle Pinks! PinKs! Unique Whips
SPEED olution
(:00) Billy Gra- Behind the Against All Great Souls Jack Van Impe Praise the Lord (CC)
TBN ham Classic Scenes ICC Odds Presents ICI
Crusades
Everybody Everybody Everybody Everybody Everybody Sex and the City Sex and the City
TBS Loves Raymond Loves Raymond Loves Raymond Loves Raymond Loves Raymond Samantha's sex- "Oh Come All Ye
(CC) "I (CC) (CC taly" (C "Wallpaper" "Meant to Be" ual cravings. Faithful"
:00) Wild Child: Mystery Diagnosis "Not a Normal Untold Stories of the E.R. "I Need Critical Hour "Adrenalin Junkies"
TLC The Story of Newborn" Stem cell transplant. Some Help Here" Preqnant acci- An unexpected twist creates trouble
Feral Children dent-victim; embeddedj a for a skydiver.
(:00) Law & Or- NBA Basketball Western Conference Semifinal Game 5 -- Dallas Mavericks at San Antonio INBA Basketball:
TNT der "Entrapment' Spurs. From the AT&T Center n San Antoniio [Live& (iCC) C.avaler', i a Pi:
f, tons
TOON GrimAdven- GrimAdven- Home for Imagi- Ed, Edd n Eddy Xiaolin Show- One Piece 'The Futurama A
TOON tures tures nary Friends down ) (CC) Ml,?rmn e 1:1 (CC)
TV5 Cannes dans tous sees stages Jacques Deray le cinema ma vie Avocats et associes TV5 Le Journal
6:00 Weather: Storm Stories Storm Stories Surviving the Elements: Hurri- Weather: Evening Edition (CC)
Slv PM Edition (CC) Tornadoes. (CC) Crane operator. canes (CC)
(:00) Peregrina La Fea Mds Bella (N) Barrera de Amor (N) Don Francisco Presenta Patricia
UNIV (N) Manterola; Alejandro Tommasi.
:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA der: Criminal In- "Tortured" Detectives look for a killer "Privilege" Detectives probe the ap- A young boy witnesses his mother's
tent f (CC) with a foot fetish. (CC) parent suicide of a woman, assault and murder. ft
The Surreal Life The Surreal Life The Surreal Life The Surreal Life The Surreal Life The Surreal Life "Check Out Is at
VH1 (cc) (cc) (CC) n (cc) (cc) Noon" ,n (CC)
S:00) America's Becker Becker Becker Becker Home Improve- Home Improve- WGN News at Nine n (CC)
WGN Funniest Home awaits fate after a must care for a ment Jill suffers ment The Kiss &
Videos (CC) run of luck. sick, stray cat. a tragedy. (CC) the r',-_Otf
Everybody *~ FINAL DESTINATION 2 (2003, Horror) Ali Larter, A.J. Cook, WB11 News at Ten With Kaity
WPIX Loves Raymond Michael Landes. Grisly fates await the survivors of a highway calamity. Tong, Jim Watkins, Sal Marchiano
Pats secret. n A (CC) &Mr. G (CC)
Jeopardy! Tour- America's Next Top Model A final Half & Half Mona Half & Half ,' Dr. Phil f (CC)
WSBK nament of Cham- runway challenge leads to the win- sees a therapist. (Part 2 of 2) (CC)
pions" (N) ner. (N)(CC) (CC)
(6:00) *AY Big Love The Baptism" Barb gets The Sopranos "Moe'n' Joe" Tony ** MONSTER-IN-LAW (2005, Ro-
HBO-E ONE FINE DAY an unwanted visit from her sister, leverages Johnny's misfortune into a mance-Comedy) Jennifer Lopez. f
(1996) 'PG' (CC) f (CC) domestic upgrade. A 'PG-13' (CC)
(6:15)** Six Feet Under "Grinding the Corn" ** THE JACKET (2005, Science Fiction) Adrien :45) **. RO-
H BO-P CROCODILE Ruth and Bettina take a trip to Mexi- Brody, Keira Knightley. An amnesiac has flashbacks BOTS (2005) n
DUNDEE (1986) co. f (CC) and visions of the future. f 'R' (CC) 'PG' (CC)


(6:45) ** SPANGLISH (2004, Comedy-Drama) **s ONE FINE DAY (1996, Romance-Comedy) Michelle Pfeiffer,
HBO-W Adam Sandier, Tea Leoni. A housekeeper works for a George Clooney, Mae Whitman. Two overstressed single parents tiptoe
chef and his neurotic wife. f 'PG-13' (CC) around romance. f 'PG' (CC)
: t * THE HAND THAT ROCKS THE CRADLE * TAKING LIVES (2004, Suspense) Angelina (:45) The Making
H BO-S 192) Annabella Sciorra. A woman vows to destroy a Jolie, Ethan Hawke, Kiefer Sutherland. An FBI profiler Of: The Ring
family she blames for her woes. 'R' helps detectives search for a killer, n 'R' (CC) Two (CC) "
(6:00)*** (:15) * DODGEBALL: A TRUE UNDERDOG STORY (2004, Come- * THE UPSIDE OF ANGER
MAX-E IDEWAYS dy) since Vaughn, Christine Taylor, Ben Stiller. Dodgeball teams compete (2005, Comedy-Drama) Joan Allen,
(2004) 'R' (CC) for$50,000 inlas Vegas. n 'PG-13'(CC) Kevin Costner n 'R' (CC)
(6:30) ** L.A. CONFIDENTIAL (1997, Crime *** SHAUN OF THE DEAD (2004, Comedy) Si- (:40) Best Sex
MOMAX rama Kevin Spacey. A young police officer searches mon Pegg, Kate Ashfield. An aimless TV salesman and ver "Seduction
for justice in 1950s L.A. ft 'R'(CC) his friend battle zombies. f 'R' (CC) Of Veronica" n
6:15) * * PLATOON (1986, War) Tom Berenger, Willem Dafoe, Charlie HUFF "A Cornfield Grows in L.A."
SHOW FOOLPROOF Sheen. TV. A soldier embarks on a yearlong tour of duty in Vietnam. 'R' iTV) Russell reunites a boy and his
(2003)'R'(CC) father. f (CC)
(:15) * AS GOOD AS IT GETS (1997, Comedy-Drama) Jack (:45) * MEAN GIRLS (2004, Comedy) Lindsay
TMC Nicholson, Helen Hunt, Greg Kinnear. A mean-spirited New York author Lohan, Rachel McAdams. A teen becomes friends with
finds love with a waitress. A 'PG-13' (CC) three cruel schoolmates. f 'PG-13' (CC)


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WEDNESDAY EVENING


THE TRIBUNE


PAGE 10, WEDNESDAY, MAY 17, 2006


s
r ,




)





WEDNESDAY, MAY 17, 2006, PAGE 11


TIHIF TRIRI INE


IRemembering Straw Market Ir

Remembering Straw Market f'tre


Scenes from the Track Road Theatre
production,'DA DA Market Fire', held
at the Performing Arts Centre on
Shirley Street on May 11-13 and 18-21


(Photo: Felipe Major/Tribune Staff)


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NOTICE
The Bridge Authority would like to serve
notice to the general public concerning
the area located west of the foot of the
western bridge Nassau side and east of
the old traffic police station.
Please be advised that all vehicles, trailers
and containers left in the clearing between
the foot of the western bridge and the
old road traffic police station should be
removed immediately. All unauthorized
vehicles, containers and trailers left after
the 31 st of May 2006 will be removed at
the owners expense.


ArAmw


- --- --





THE TRIBUNE


PAGE 12, WEDNESDAY, MAY 17, 2006


The National Arts


Festival visits


Long Cay


* LONG C Y. The Bahamas
- Adjudicator, and ltakeholders
for the E. Clement Bethel
National .Ars Festisal posing "ilih
persons who performed during
its adjudication in Long Cay. near
Crooked Iland. on Ma 11. 2(1006.


* LONG CAY, The Bahamas Dance Adjudicator, dancer and Dance Instructor at the Nation-
al Dance School Ms. Le Keisha Bostwick performing a dance demonstration at the Long Cay All Age
School, on May 11, 2006, at the E. Clement Bethel National Arts Festival adjudication in Long Cay,
near Crooked Island.
(BIS photo: Eric Rose)


-I, -


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S6pm 9pm

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* LONG CAY, The Bahamas Long Cay resident and musician Mr. Bruce Knowles, 71, performing
an original song, on May 11, 2006, at the E. Clement Bethel National Arts Festival adjudication in Long
Cay, near Crooked Island. Also pictured, listening to his demonstration, is Drama Adjudicator,
playwright, actor and Chairman of the National Commission on Cultural Development Mr. Winston
Saunders.
(BIS photo: Eric Rose)


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:WEDNESDAY, MAY 17, 2006


SECTION -


business@trihunemedia.net


Miami Herald Business, Stocks, Analysis, Wall Street


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010


Work permit concerns


s economy


M any businesses
and the wider
Grand Bahama
economy are
sinking into a
"quagmire" due to the Depart-
ment of Immigration's approach
to work permit applications and
renewals, businessmen told The
Tribune yesterday.
Among the sectors most affect-
ed by the Government's approach
are those that rely heavily on
Haitian labour, such as janitorial
and landscaping firms, the con-
struction industry, maids, gar-
deners, and the agricultural indus-
try.
Fred Smith, the outspoken
human rights campaigner who is
also a Grand Bahama Port
Authority licencee and business-
man in Freeport, told The Tri-
bune yesterday: "I have received
many complaints by other
licencees to the effect that the
new approach by the Govern-
ment in the considering, granti-
ng and renewal of work permits is
negatively impacting their busi-
nesses in a very dramatic way."
Other businessmen, who
requested anonymity, backed up
Mr Smith's comments. One said


that while the Immigration
Department appeared to be fol-
lowing and enforcing "new poli-
cies", these had not been comm-
municated to the business com-
munity.
Although no one blamed the
new minister of labour and immi-
gration, Shane Gibson, for the sit-
uation personally, several said the
failure to obtain work permit
renewals for important staff was
handicapping their business.
One source said it appeared
that any worker granted their first
work permit in 2004 or later was
not being granted a renewal.
In addition, work permit hold-
ers who had legally switched to
new jobs with other companies
in 2004 and after were being
"denied renewals" for no appar-
ent reason.
To obtain a work permit
renewal, such workers are hav-
ing to leave the Bahamas, go
home and wait while their
employer reapplies for a permit.
Companies are often picking up
the costs of flying employees back
home, then bringing them back.
One business person yesterday
pleaded of the Government:
"What are the new policies so we


can adhere to them?"
Describing the impact on their
business from the failure to obtain
work permit renewals as "tremen-
dous", the source said: "The r .ys
who are being refused are some
of my best workers. It's had a
huge impact on my bottom line.
It's totally ridiculous."
They added that this situation
was being played out "all over'
Grand Bahama. "It's going to
have a major impact on the work-
force here. Where are they going
to find Bahamians to dig holes
and plant trees?
"I do have Bahamians work-
ing for me. Don't get me wrong,
but the Bahamian workforce is
not out there to fulfil the demand
they have."
Mr Smith yesterday urged that
work permits be used as a tool of
national development. He
acknowledged that while there
was probably 10-15 per cent
unemployment among the
Bahamian workforce on Grand
Bahama, "despite their best
efforts", Port Authority licencees
were unable to find Bahamian
workers for jobs they considered
"menial, low paying and demean-
ing".


Mr Smith said Government's
immigration policy seemed to be
"generally throwing up road-
blocks to the ordinary conduct of
business" in Freeport and Grand
Bahama, further depressing an
economy still struggling to recov-
er from the 2004 hurricane sea-
son.
He added: "As a result of what
people have told me, I am aware
of hundreds of permit applica-
tions that h.',e been refused, hun-
dreds more that have been
deferred, and many more request-
ed to leave the country before
the application is processed.
"It's becoming a quagmire for
business in Freeport; It smacks of
economic irresponsibility for the
Government to be implementing
a policy that makes no sense in a
depressed economy."
Mr Smith said the Public Trea-
sury probably earned $10-$15 mil-
lion per annum from work permit
fees on Grand Bahama alone,
describing this as "no small sum".
He added that under the
Hawksbill Creek Agreement,
licencees did not require work

SEE page 4B


Private Trust Companies to be ready by autumn


B By CARA-BRENNEN .... Since private trust companies.cater to high
Tribune Staff Reporter net worth individuals and thiir families, he
Added that there should be an initial increase
LEGISLATION for Private Trust Compa- of quality business.
nies should be ready to go to Parliament lat- Mr Law was joined in the panel discussion
er thus year, and will attract a better quality of by Heather Thompson, partner at Higgs and
business to the Bahamas, bringing it into line Johnson, and Lucia Broughton, an associate at
with rival jurisdictions. Lennox Paton.
The final details of the legislation, which Speaking with The Tribune, Ms Thompson
will be incorporated as an amendment under said the Private Trust Company amendments
the Banks and Trust Companies Regulations were necessary to fill a gap in the industry.
Act 2000, should be completed and imple- "Many other jurisdictions are providing pri-
mented by this autumn, vate trust company services and making it
Yesterday, during a Bahamas Institute of much easier to set up a private trust company
Financial Services seminar, Andrew Law, for a high net worth individual," she said,
president and chief executive of the Interna- "and the industry felt that this was a gap that
tional Protector Group, said the legislation's needed to be filled since our concentration
impact will not be measured by quantity but of business is in private client work. This is the
by the quality of business which will come result of a collaboration between the Central
into the Bahamas. Bank and the industry."


Ms Thompson said that.once the final
changes are made, the legislation should be
ready later this year.
"There were some changes which were sug-
gested at the last minute, and it's being con-
sidered by the Central Bank and the Attorney
General's office, but we hope that at least by
autumn of this year we will have it," Ms
Thompson said.
She further explained that once the draft is
completed, the amendments should be passed
into law fairly quickly, because it should not be
a controversial Bill.
"The amendment to the Bank andTrust
Companies Regulations Act 2000 will have
to go to Parliament because it is an amend-
ment to a statute. The regulations will be pro-
mulgated by the governor of the Central
Bank, but it shouldn't be controversial," Ms
Thompson said.


'Properly capitalised'


national carrier can


work, says executive


* By NEIL HARTNELL find its way to a solution,
Tribune Business there's good potential for the
Editor airline to grow."
Bahamasair's fuel bill is
THE Bahamian tourism expected to top $21 million this
industry's airlift requirements year, compared to $7 million
mean that a national carrier in 2001, and cofeduction, ser-
that was "properly capitalised" vice improveFnits and com-
and assisted by the correct part- petition have n cited as its
ners could work for this nation, three main st ibling blocks.
a leading financial executive The Public "Teasury has: so
told The Tribune yesterday. far provided .5 million in
Simon Townend, a partner subsidies to I asair in fis-
with KPMG Corporate cal 2005-2006, ning that the
Finance (Bahamas), said airline continue to be a drain
Bahamasair had growth poten- on the taxpayer.
tial due to this airlift demand, While the Bahamas' prox-
provided it could find a "solu- imity to the US meant that
tion" that would transform it routes to this nation were
into a competitive low-cost car- among "the more se- ure"
rier. routes serviced by US-based
He added that it was always carriers, Mr Townend said it
beneficial for the Bahamas and was "always good to have some
other Caribbean island nations control over inbound airlift".
to have some control over air- He added: "When you've got
lift through national carriers, a tourism industry of the size
as this would reduce their expo- We've got in the Bahamas, and
sure to shocks in the global avi- the relationship of the economy
ation market. to that industry, there is no rea-
Prime Minister Perry son why a national airline prop-
Christie, who took over respon- erly capitalised and with the
sibility for Bahamasair after the right partners, couldn't work.
recent Cabinet reshuffle, said We have a significant airlift
last month that the global:air- requirement."
line industry was set to lose $6.4 The Government has been
billion this year. noticeably quiet on previous
And a number of US carriers plans to privatise Bahamasair
are still in Chapter 11 bank- since summer 2005, seemingly/
ruptcy protection, their finan- having concluded that a lack bf"
cial existence precarious. interest by potential bidders,
Mr Townend said yesterday: coupled with global airline mar-
"While the diversity of foreign ket conditions, means the time
carriers is critical to the tourism is not right.
Industry inthe Bahamas, pro- Little mention has been
viding lots of destinations from made of the report by manage-
which to source tourist travel, it ment consultants McKinsey &
would be nice to see Bahama- Co, which has been complet-
sair find a solution to becoming ed, and is supposed to provide
a competitive low-cost carrier a path for transforming
and emulate what happened Bahamasair into a competitive
with Hawaiian Airways." low-cosl c',rrie(.
Hawaiian Airways' restruc- Anothei pt nial obstacle
turning, which started in 2002, to pri% a sa ~ is' the trade
saw the carrier move from unionn suajnti,-'lth the Air-
record losses to profitability in port. Airline ni Allied Work-
2003 and 2004. The restructur- ers Union yet to secure an
ing was achieved without the industrial agreement for its
airline breaking its commit- Bahamasair members. They
ments to suppliers,. creditors, have been without one for
employees and pension funds.
Mr Townend added: "Ulti-
mately, if Bahamasair could SEE page 4B


Nottage: National


Health costs will


be relatively low

:- i* By CARA BRENNEN
.--- .. ...: Tribune Staff Reporter
THE administrative cost of
implementing the National
Health Insurance (NHI) plan will
be relatively low because it will
share many of the same personnel
and tools as the National.Insur-
ance Board (NIB), The Tribune
has been told.
Dr Bernard Nottage, the min-

BERNARD NOTTAGE SEE page 4B



Battle for City Markets

goes into the night


Performance Counts




Fidelity Bahamas Growth & Income Fund
Total Performance.through April 30, 2006*


22.44%
12 months to April 2006


54.54%
Cummulative Since Inception
(February 1999)


7.61%
Average Annual Return
Since Inception
(February 1999)


* By NEIL HARTNELL
Tribune Business Editor
THE two rival bidders for
Winn-Dixie's 78 per cent stake in
Bahamas Supermarkets were
locked in an intense battle for
success last night as The Tribune
went to press, with the outcome
still unclear.
One source familiar with devel-
opments in the auction of Winn-
'Dixie's stake said it was "too ear-
ly to tell" whether BK Foods or a
buyout group structured by
Fidelity Bank and Trust Interna-
tional had prevailed in the strug-
gle for majority ownership of the
12-store chain.
It had been speculated that as
many as four bids might have
been submitted for the Winn-Dix-
ie stake, although it is understood


that only the two rival groups are
participating in the New York
auction.
BK Foods, the Bahamian
investor group whose principals
are RND Holdings chairman
Jerome Fitzgerald, Mark Fin-
layson and ex-Burns House chief
financial officer Phillip Kemp,
had the ability to raise their initial
$50 million offer, which kick-
started interest in Bahamas
Supermarkets once Winn-Dixie
accepted its offer.
Any rival bid will have to
exceed their original offer by at
least $1.5 million, meaning that
the Fidelity group would have to
offer at least $51.5 million. This is
because BK Foods would receive

SEE page 4B


I








'4











' I


1 A.


--


_ I s


I I I I I I I-


I







1 c. I niDUIN L


Fr/-UL-i -U. VVI-IL-U-I'-L-LJ/'I, IVIM I I, c.-'u.


Prevention, not detection,






will safeguard companies


deep-rooted
fallacy among
business man-
agers is that
security or loss
prevention begins and ends
with the security officer at the
gate. These mangers feel that
security is the responsibility of
the uniformed security service,
and any losses can be attrib-
uted to performance failures
on their part rather than the
administrative or operating
departments.
This is far from the truth, as
the asset protection depart-
ment has no responsibility for
auditing internal control sys-
tems, and is usually only
brought into the picture after a
major loss event has occurred.
Theft investigation may be less
productive, as'various groups
unite to protect their own inter-
ests. Even though some
employees may face the cor-
porate equivalent of capital
punishment, which is termina-
tipn of their employment, the
underlying conditions that led
tod dishonest acts will remain.
: 'Perhaps theft will not occur
in exactly the same way next
time, but the losses and their
negative impact on employee
morale and profitability will
continue.

STHE CHANGING CON-
TEXT OF OPERATIONS
Today's modern business
enterprise has fundamentally
changed many traditional
checks and balances present in
the older system. For example,
the dependence on informa-
tion technology and database
systems has brought with it sig-
iificant changes in internal
controls and loss control tech-
niques.
-Essential business informa-
tion is concentrated in fewer
hands, and the potential risk


of major losses has been sig-
nificantly increased. Data
manipulators or 'hackers' have
a greater capability to steal
from a company on a grand
scale without ever carrying an
ounce of contraband past a
perimeter security control
point. The inability to deal with
such matters on a human scale
makes it imperative for the
security department to recog-
nise its dependence upon other
elements within the company,
and to adapt itself accordingly.
Exclusive reliance on elec-
tronic surveillance and control
systems may create more secu-
rity problems than it resolves.
Some employees may even
sabotage such electronic sys-
tems in protest. For example, a
few drops of epoxy on a stick
can disable most card access
control systems with insert or
aperture-type readers.
Quite often, these actions by
an employee are not motivated
by hostility to the company or
an attempt to steal. At one
time or another, we have all
witnessed (or perhaps engaged
in) an animated monologue by
an individual to a vending
machine that just swallowed
some coins without delivering a
product. Verbal abuse often
shifts to physical attack, and
there are numerous vending
machines that bear the marks
of angry blows delivered by dis-
satisfied customers.
A fundamental change is
needed in how the asset pro-
tection organisation is per-
ceived. A major obstacle to
overcome is the reluctance of
management to evaluate the
asset protection organisation
in other than statistical terms -
losses reported, cases solved,
etc. A year is considered good
when reported losses are lower
than the prior year, although
that may be the least impor-


tant yardstick in evaluating the
asset protection programme.
There may not be a mandat-
ed loss reporting system cov-
ering inventory shortages or
other forms of mysterious dis-
appearances. Most important,
the statistics collected may not
address a dishonest environ-
ment developing in the work-
place. Altering production
numbers to "make the boss
look good" is only a short step
away from altering other
records to cause valuable mate-
rials, first to disappear on
paper, and then to disappear
physically as well.

TRACING POTENTIAL
VULNERABILITIES
A recurring pattern in many
theft investigations is the
degree to which the established
control systems have been cir-
cumvented or ignored by line
and middle-management
supervisors. In many cases, it
can be convincingly argued that
employees have been so well
trained in how to "beat the sys-
tem" by their own supervisors
that it is just a modest step for
them to apply the same tech-
niques for their own personal
gain.
For example, in one case,
major losses from a locked
storeroom occurring over an
extended period of time were
traced back to a second-shift
supervisor who had devised a
tool to open the door to the
storeroom in order to fulfill
production needs. On a rou-
tine basis, he sent an employee
to the area to get stock items
necessary for the job.
In time, all the employees
learned how to enter the
locked storeroom, and some
began to remove other items
for their own personal use or
for sale if they had an outside
market value. The supervisor,


an individual with a high sense
of personal integrity, was
shocked to learn of the role he
had played in the theft when it
was finally uncovered.
Every department has
unscheduled emergencies at
one time or another, which
require some degree of "walk-
ing around the system". How-
ever, often these do-it-yourself
shortcuts are later used by
unscrupulous employees for
their own personal gain, to the
detriment of the employer.
There is a need for greater per-
sonal accountability by all
employees for material and
equipment that are furnished
to them. But minorlosses are
often not reported to security
in a timely manner, if at all.
The identification of compa-
ny property is a problem in
itself, and is usually honoured
more in the breach than in the
practice at the line supervisor's
level. This oversight leads to
unreported "borrowing"
between employees and
departments, the development
of the impression that the com-
pany does not know or care
how such matters are handled,
and an "every man for himself"
attitude. New materials and
equipment are ordered, and
that is the end of it in most cas-
es.

DEVELOPING A LOSS
PREVENTION ENVIRON-
MENT
It is in this area that the
unique skills of the profession-
al asset protection manager can
be effectively used. Rather
than wait for the losses to
occur, management should
actively work to create a cli-
mate in which every employee
accepts personal responsibili-
ty for the integrity of the work
Area.
Supervisors should be


Safe &


Secure






instructed to report every Again, prevention is the goal,
instance of a mysterious disap- not the detection and appre-
pearance to the asset protec- hension of the offender after
tion department, and higher the loss has occurred. The asset
levels of supervision should not protection manager will have
approve the purchase of the opportunity to make a
replacement equipment or favourable impact upon the
tools unless they have been internal control system in a
assured the supervisor has for- manner that could never be
mally reported the loss. achieved during the course of a
Security, like safety, should typical internal theft investiga-
become a performance mea- tion.
sure of the supervisor. Just as In every workforce there is a
the safety engineer provides group of employees who would
safety support, so should the not steal under any circum-
professional asset protection stances. At the other end of the
manager provide security sup- spectrum there is a group of
port. But the ultimate respon- employees who will attempt to
sibility for the internal security steal under any circumstances;
in a department must rest with Between these two groups
the line supervisor. Whenever there is a large group of basi-
such a direct line of account- cally honest employees who, if
ability exists, many of the so- sufficiently tempted, may cross
called "mysterious disappear- the line into dishonesty. An
ance" losses suddenly cease, effective asset protection pro-
gramme must have at least two
DOCUMENTING elements; the first to deter theft
LOSSES by educating the employees,
Effectively documenting and the second to implement
losses requires a degree of for- internal controls to stop theft.
mality, which is not usually The basically honest employ-
found in most security pro- ee will respond to the educa-
grammes. The supervisor is tional effort. The employee
required to do more than make who is determined to steal must
a brief verbal report, but must be dealt with through detec-
completely document the loss tion, investigation termination
and forward the report to the of employment and possibly
'asset protection department criminal prosecution.
through the next level of super-
vision.
A copy of the loss report NB: Gamal Newry is the
must accompany any purchase president of Preventative Mea-
request for replacement tools sures, a loss prevention and
or materials. As cumbersome asset protection training and
as this system may appear on consulting company, special-
the surface, it is designed to ising in Policy and Procedure
motivate supervisors to exer- Development, Business Secu-
cise the kind of tight controls rity Reviews and Audits, &
within their respective depart- Emergency and Crisis Man-
ments that will avoid filing agement. Comments can be
lengthy reports, which will go sent to PO. Box N-3154 Nas-
against their department per- sau, Bahamas or, e-mall
formance record. gnewry@coralwave.com




NOTICE



Professional Office has an immediate Opening for
Secretary/Typist. The ideal candidate must have
an minimum of Three (3) Years Office experience
with excellent communications and Computer
Skills. The applicant must possess exceptional
telephone etiquette, good attitude and be
capable of working independently and/or as a
team member; should have a minimum
typewriting skills of 50 wpm; and must be
proficent in the Windows XP or 2000
environment; particularly w/ software such as
Microsoft Word, Excel and Quickbooks.

Bahamians and/ or Bahamian Residents are invited to apply

Please Fax Resume to 394-4458
e-mail: wwb@coralwave.com


An established law firm requires thefollowing:


AN ATTORNEY
with a least five (5) years experience in litigation,
commercial and general law.
Must be willing to relocate to a Family Island.


A LEGAL SECRETARY
with at least three (3) years litigation experience.
Applicants must be able to work on their own initiative.

Please send resumes:
c/o The Tribune,
P.O. Box N-3207
DA 46420
Nassau, The Bahamas


LEGAL NOTICE

NOTICE


BLUEBELL VENTURES LTD.


Notice is hereby given that in accordance with Section
137(8) of the International Business Companies Act 2000,
the dissolution of BLUEBELL VENTURES LTD., has
been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register.





ARGOSA CORP. INC.
(Liquidator)


LEGAL NOTICE

NOTICE


ANTONIA INVESTMENTS
LIMITED


Notice is hereby given that in accordance 'with Section
137(8) of the International Business Companies Act 2000,
the dissolution of ANTONIA INVESTMENTS LIMITED
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register.



ARGOSA CORP. INC.
(Liquidator)


i iFinancial Advisors Ltd.
Pricing information As Of:
16 Ma 2006

521k-Hi 52wk-Low Symbol Previc, u Cloes Today's Close Change Daeli, ol EPS $ DI. $ PE Yield
0.95 0.59 Abaco Markets "7? O '7 0 00 -0019 ) 0000 NM 0 00.:
11.00 8.60 Bahamas Property Fund 11.00 11.00 0.00 1.668 0.360 7.0 3.27%
7.24 6.32 Bank of Bahamas 7.23 7.23 0.00 0.643 0,330 11.2 4.56%
0.85 0.70 Benchmark 0.71 0.71 0.00 0.183 0.020 3.9 2.82%
1.80 1.26 Bahamas Waste 1.29 1.29 0.00 0.110 0.060 11.7 4.66%
1,25 1.05 Fidelity Bank 1.26 1.25 0.00 0.175 0.050 7.1 4.00%
9'60 8.00 Cable Bahamas 9.16 9.30 0.15 7,870 0.618 0.240 15.0 2.68%
2120 1.39 Collna Holdings 1.67 1.67 0.00 -0.067 0.000 NM 0.00%
10.60 8.49 Commonwealth Bank 10.60 10.60 0.00 0.931 0.560 11.4 5.28%
6.21 4.12 Consolidated Water BDRs 5.686 6.79 0.13 0.116 0.046 49.2 0.80%
2.88 1.64 Doctor's Hospital 2.68 2.68 0.00 0.437 0.000 6.1 0.00%
6'21 4.02 Famguard 6.21 6.21 0.00 0.539 0.240 11.5 3.86%
11.25 10.46 Finco 11.25 11.26 0.00 0.738 0.540 15.2 4.80%
12.22 8.46 FirstCaribbean 12.00 12.22 0.22 1,000 0.874 0.500 14.0 4.09%
10.60 8.36 Focal 10.60 10,50 0.00 0.833 0.500 12.6 4.76%
1.27 1.04 Freeport Concrete 1.04 1.04 0.00 -0.162 0.000 N/M 0.00%
10.20 9.50 ICD Utilities' 9.50 9.50 0.00 0.526 0.405 18.1 4.26%
9110 8.22 J. Johnson 9.10 9.10 0.00 0.672 0.560 15.9 6.15%
7'.98 6.30 Kerzner International BDRs 7.96 7,95 0.00 0.160 0.000 49.7 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 2.036 0.585 4.9 5.85%
2wk-H 2wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol EPS $ Div $ P/E Yield
14.00 12.25 Bahamas Supermarkets 14.00 150.0 0 1.00 1.997 0.720 7.2 4.80%
10.14 10,00 Caribbean Crossings (Pref) 10.00 10.36 10.00 0.000 0.800 NM 7.80%
0.54 0.20 RND Holdings 0.29 0.54 0.00 -0.084 0,000 NM 0.00%
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
16.00 13.00 Bahamas Supermarkets 14.00' 16.00 12.50 1.750 0.360 8.0 2.57%
0.60 0.35 RND Holdings 0.29 0.54 0.35 -0.070 0.000 N/M 0.00%
52wk-HI 62wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.2867 1.2307 Collna Money Market Fund 1.286664*
2.7451 2.3329 Fidelity Bahamas G & I Fund 2.7461 ***
2.3560 2.2072 Collna MSI Preferred Fund 2.329423"
1 1643 1 1006 Collna Bond Fund 1.164331***
AI --1"- a .""-.
BISX ALL SHAREIE INDEX 19 Dec 02 = 1.00 00 YIELD last 1 munor.l CI a.ia-r.s a6 3ll0.ea cIlo r.ln iO".ri
62wk-HI Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelitm
52wk-Low Lowest closing price In last 62 weeks Ask $ Selling price of Colina and fldelitj
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week
Change Change In closing price from day to dae EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12'month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
" AS AT APR. 30, 200/ "" AS AT MAY. 01, 2006
- AS AT MAY. 06, 2006/**" AS AT APR. 30, 2006


--------- r


It


I


BUSINESS






VV KZUIJlf LIk I, lyn % I i ,


Not all


credit ratings alike


n the previous few
articles in this column,
we looked at the capi-
tal markets and its two
major components,
the equity markets and the
debt markets, plus the evolu-
tion of credit ratings. Today,
we will explore what the rating
symbols signify, what the rating
scales are for different rating
agencies, and what meaning
can be derived from the same.

Rating Scales
A credit rating is an
informed opinion on the rela-
tive likelihood of debt instru-
ments being serviced, meaning
interest and principal being
paid on time and in full. Either
the debt instrument or the
debt-issuing entity may be rat-
ed.
The purpose of ratings is to
provide investors with a simple
system of gradation by
whichthe relative creditwor-
thiness of securities may be
noted within the defined frame
of reference (such as a nation,
a region or the globe). Since
the ratings are 'current' opin-
ion of the rating agencies, rat-
ings can move up or down over
.the life of the rating.
A simple alphanumeric sym-
bol is normally used to convey
a credit rating. The rating sym-
bols of most rating agencies
are similar, except for minor
variations. The typical long-
term rating scales for three
global rating agencies and the
Caribbean region's only rating
services company CariCRIS,
are in the table below:

Standard & Poor's Rating
Services (S&P), Fitch Ratings
(Fitch) and CariCRIS may
assign '+' or '-' suffixes from
the AA category up to CCC
or C as may be applicable, to
denote relative creditworthi-
ness within the category.
Moody's Investor Services


S&P*

AAA
A A
A
BBB
BB
B
CCC
CC
C
D


Moodvys*

Aaa
A a
A
Baa
Ba
B
Caa
Ca
C


(Moody's) assigns '1', '2' or '3'
to denote the same from Aa
up to Caa.

Frame of reference
Rating symbols across rat-
ing agencies are not strictly
comparable, as they may be
defined under different frames
of reference.
A rating on the global scale
compares the rated debt instru-
ment with all debt instruments
across the world. The global
rating scale used by S&P and
Moody's are examples of this.
A rating on a regional scale
compares the rated debt instru-
ment with other debt instru-
ments in the defined region,
thereby providing finer dis-
tinction in credit quality among
securities/borrowers within this
region. CariCRIS' regional
scale ratings compare the rated
entity with other entities in a
selected Caribbean region.
CariCRIS is the first rating ser-
vices company in the world to
offer credit ratings on a region-
al scale.
A rating on a national scale
compares the rated debt instru-
ment with the instruments of
other entities that are active in
the financial markets of that
country. S&P national scales
for Canada, France, Mexico,
Taiwan, Brazil, Argentina and
Russia are examples of this.
CariCRIS currently offers
national scale ratings for three
countries Barbados, Jamaica
and Trinidad & Tobago.

Other nuances in ratings
While national scale ratings
typically denote repayment
ability in the local currency of
the nation, regional scale and
global scale ratings can denote
ability to meet debt repay-
ments either in local currency
or in foreign currency.
While local currency ratings
will be a reflection of the
underlying creditworthiness of
I


FitchW CariCRIS'I


A AA
.A
A
BBB
BB
B
CCC
CC
C
DDD
DD
D


Carl .A
Canr AAA
Can AA

Carln BBB
Cari BB
Carl B
Car C
Carl D


the borrower, foreign currency
ratings may additionally incor-
porate risks of foreign
exchange restrictions that may
be imposed by the sovereign,
in times of distress.
Rating agencies operating
in developed ratings markets,
such as Standard & Poor, also
use "outlooks" to indicate
which direction a change to a
credit rating will likely take.
The outlook can typically be
"positive", "stable" or "nega-
tive".
Outlook should not be con-
fused with "rating watch". A
rating is placed on a rating
watch with positive, negative
or developing implications -
when a significant unforesee-
able event occurs, the credit
impact of which could not yet
be ascertained by the credit
rating agency.

What do the ratings signify?
Relative creditworthiness, as
indicated by credit ratings, can
be measured in terms of either
probability of default (PD) or
expected losses (EL), or a
combination of the two. The
PD approach indicates the
probability of the instrument
not meeting its interest and/or
principal on time, as promised.
The EL approach, in addi-
tion to assessing factors that
may result in default, takes into
account possible recoveries
beyond default, throughthe
sale of the underlying security
in the form of assets (if any)
or recoveries from dissolution
of the rated entity.
Globally, Moody's states
explicitly that its ratings indi-
cate the 'expected losses' on
the rated instrument, while
other agencies such as S&P
and Fitch adopt a combination
of these two.

Can we compare ratings
assigned by different rating
agencies?
A few ground rules apply
when comparing any two rat-
ings:


No two rating agencies'
ratings are comparable,
because these are "opinions"
of the respective rating agen-
cies. For instance, studies indi-
cate that among common rated
issues between S&P and
Moody's, a number of ratings
differ at least by a notch.
All ratings assigned by'an
agency in the same scale are


comparable irrespective of the
sector, industry and geogra-
phy. Thus, a "Cari AAA" in
the energy sector in Trinidad is
comparable with a "Cari
AAA" in the banking sector
in Barbados.
Ratings assigned in two
different scales by the same
rating agency are not compa-
rable. For instance, "ttAAA"
by CariCRIS in Trinidad &
Tobago's national scale is not
comparable with a "Cari.
AAA" assigned in a regional
scale, or "bbAAA" assigned
in Barbados' national scale.

To conclude, rating symbols
indicate the relative credit-
worthiness of securities within
a defined frame of reference.
The rating scales of all rating
agencies are similar, though
the underlying meaning they
signify may differ and individ-
ual ratings are not strictly com-
parable across rating agencies.
In the next article, we will


explore how credit ratings con-
tribute to the development of
debt markets and, specifically.
the role of a regional credit rat-
ing services company in the
development of a vibrant
Caribbean capital market.

NB: Caribbean Information
& Credit Rating Services Ltd,
CariCRIS, is the Caribbean's
Regional Credit Rating
Agency. This article forms
part of a series on issues sur-
rounding capital markets and
credit ratings. E-mail:
info@caricris.com ,or call 868-
627-8879.
S.Venkat Raman is the chief
executive and chief rating offi-
cer of the Caribbean Informa-'
tion & Credit Rating Services,
CariCRIS, the Caribbean'
regional rating agency. PriorT
to this, Venkat Raman ewas-
director ratings at CRISIL
Ltd, the largest rating agency
in Asia and a subsidiary of
Standard & Poor's,"


SBAHAMAS DEVELOPMENT BANK
Cable Beach, West Bay Street, P.O. Box N-3034
S2 Nassau, Bahamas
Tel: (242) 327-5780/327-5793-6
Fax: (242) 327-5047, 327-1258
www.bahamasdevelomentbank.com

Jm .,1*6 A


New Providence

Lot#13 (5,000sq. ft) w/duplex
(1,344sq. ft) wh trim lime gr-
Bancroft Ln Bamboo Town
(Appraised Value $147,000.00)
Vacant lot #1038
(6,000sq .ft.) -
Garden Hills #3.
(Appraised Value $35,000.00)
Lot #109 w/hse
60x70' Craven
St Ridgeland Park
(Appraised Value $35,000.00)
Lot #52 (4,000sq. ft.) w/hse
(845sq. ft.) Water St Big Pond
(Appraised Value $65,000.00)
Lot #171 (171'x100') w/two
story building- East St opposite
Deveaux St.
Appraised Value $300,000.00)

Lot #27A (55' x 90')
w/ Incomplete split level hse-
Boatswain Hill or Bosun Hill
(Appraised Value $139,580.00)
Vacant Lot#144 (12,320sq. ft) -
Thompson Street Danottage Estates
Subdivision.
(Appraised Value $86,000.00)
Lot#39, BIk #35 (2,500sq .ft.)
w/wooden Hse #64 -
Lincoln Blvd, Englerstone Sub.
(Appraised Value $52,000.00)

Andros

Property (4,344 sq. ft.) with duplex
(1,174 sq. ft) in the settlement of
Fresh Creek, Central Andros.
(Appraised Value $73,258.00)
Lot #119 (22, 500sq. ft.) with a
single story complex (3,440 sq. ft.) Sir
Henry Morgan Dr Andros Beach Colony
Subdivision Nicholl's Town Andros
(Appraised Value $147,700.00)

Vacant Property
100' x 150' in the settlement of
Pinders, Mangrove Cay South Andros
(Appraised Value $22,500.00)


Grand Bahama

Lot #9 with house (3) Bedrooms,
(1) Bathroom and an Incomplete split level
extension west Pinedale Rd Pinedale,
EMR Freeport, Grand Bahama.
(Appraised Value $95,000.00)
Vacant Lot #8 BIk
#12 Unit #3
(11,250sq. ft.) -
Henry Ave Derby Subdivision
Freeport Grand Bahama

Abaco

Lot #54 (6,500 sq. ft.) with triplex foundation
in Murphy Town, Abaco.
(Appraised Value $29,916.00)

Eleuthera

15.Property 31'xl11'
with house Lord Street in the settlement of
Taprum Bay Eleuthera.
(Appraised Value $45,000.00)
Vacant lot 11,659 sq. ft.-
North Palmetto Point
(Appraised Value $9,000.00)

Cat Island

Property with twelve (12) room motel 1.39
acres- In the settlement of Arthur's Town,
Cat Island
(Appraised Value $1.3 Million Dollars)

Exuma

Lot #134 (4,350 sq. ft.) with two story
building 4,160 sq. ft, apartment upstairs
and shop downstairs, George Town Exuma.
(Appraised Value $468,000.00)

Vacant Lots
#7747R & 37747S
160'x125'-
Florence Dr., Bahama Sound
No.2 Exuma
S.--v_..A rfI..i_ AIrn / 00nnt" ti


tAppraiea value uv,vvv0.uvv

Inagua

Lot#43 (9,000 sq. ft.)
with house- Matthew Town
Inagua Russell Street.
(Appraised Value $120,000.00)


ASSETS


Electronic Equipment
(1) Compaq Presario Computer Monitor @ Tower
(1) Whirl Microwave
Tec Cash Register

Machinery
(1) Food Mixer
(1) Wall Tv Stand
(1) Chrome Juice Filler
(1) Multi Fruit Juicer
(1) Chrome Mixer
(1) Deli Showcase

Vessels
29' Pheonix w/engines (Jannette 2)
29' (1983) Vessel (Lady Rece)
28' Carver Vessel/ Hull Only
48' North Carolina Hull (1989)
52' Halteras Fibre Glass (1979) MV Buddy
122' Single Screw Steel Hull (1960) MV Lisa III


Tables
(1) Wood Table (Round)
(1) Marble Table (Rectangle)
Cooler/Freezers
(1) Two Door Chest Freezer
1) One Door Chest Freezer
1) Blue Coleman Cooler
(2) Double Door Coolers
1) Three Door Cooler
1) Three Door Steel Freezer
Vehicles
(1) 03 Yumbo 125cc Motorcycle
(1) 96 Ford Explorer
1) 97 Dodge Stratus
(1) 99 GMC Truck
(1) 2001 Hyundai H-100 Bus


COOKING UTENSILS POTS, PANS & PLATES DRY CLEANING EQUIPMENT

Serious Inquires only. Sealed bids marked "Tender" should be submitted to Bahamas Development
Bank, P.O. Box N-3034, Nassau, Bahamas or telephone 327-5780 for additional information.
Please note that all bids on the aforementioned properties and assets should be received by
May 26, 2006 the Bahamas Development Bank reserves the right to reject any or all offers. All
assets are sold as is.


by S Venkat

Raman


LI


IMPORTANT


NOTICE


From 11 p.m. on Saturday 20th May

to 8 p.m. Sunday 21st May 2006.

Our Electronic Banking System will be temporarily unavailable
during the times listed above while we conduct routine
maintenance on our System Network.

During this period, the following services will be unavailable:
* Internet and Telephore Banking

Please plan your weekend finances to cater for this necessary
maintenance. We apologise for any inconvenience.


wvw.firstcaribbeanbank.com


FIRSTCARIBBEAN
INTERNATIONAL BANK
GET THERE. TOGETHER.


BUSINESS


I Ht IIllbUiUt


SERVICE INTERRUPTION


'.





:
:






r




r
.r
r







THE TRIBUNE


PAGE 4B. WEDNESDAY. MAY 17, 2006


Battle for City Markets goes into the night


FROM page 1B

a $1 million break-up fee if Winn-
Dixie went with a rival offer, and
several sources suggested that
Fidelity's group was likely to offer
around $54-$55 million.
It is possible the final price for
Bahamas Supermarkets could
reach as much as $60 million.
The Tribune revealed previ-
ously that Neal & Massy Hold-
ings, the Trinidadian industrial
conglomerate.with investments
in sectors ranging from retail to
financial servicesand automotive
industries, was part of the Fideli-
ty group looking to structure an
offer for Bahamas Supermarkets,
which operates under the City
Markets and Winn-Dixie brands.
Fidelity international Bank &
Trust, and its subsidiaries, are
understood to be acting as cor-
porate advisers and structuring
the bid for the group which, apart
from Neal & Massy, is also under-
stood to have connections to
-Abaco Markets, the BISX-listed
,retail group.
It is still unclear whether Aba-
co Markets itself is involved in
the bidding group, or whether its
najor shareholders such as
'chairman and chief executive,
*Craig Symonette, and Frank
Crothers are through a private
-company that is separate from
'the BISX-listed entity.
SAnother company said to be
involved in the Fidelity bid group


is Barbados Shipping & Trading,
a publicly-quoted company in
Barbados that has a large retailing
and distribution division, which
includes food products.
Winn-Dixie is under Chapter
11 bankrupcty proceedings in the
US, so the likely winner of any
auction for the majority stake in
Bahamas Supermarkets will be
the highest bidder the one who
offers the most money.
Once the winner is decided,
Winn-Dixie will seek authorisa-
tion from the US Bankruptcy
Court in Jacksonville, Florida, on
May 18 for the sale of its 78 per
cent stake.
BK Foods' main advantage is
that it is an all-Bahamian offer,
meaning that their bid would not
require Cabinet or National Eco-
nomic Council (NEC) approval.
The only approval necessary
would be Exchange Control
approval to allow Winn-Dixie to
repatriate its profits on the sale.
Neal & Massy is a foreign-
owned conglomerate, and its
involvement would go against the
Government's National Invest-
ment Policy, which requires retail
to be 100 per cent Bahamian-
owned.
However, Bahamas Supermar-
kets is already foreign majority-
owned through Winn-Dixie, so
some have pointed out that allow-
ing in an ownership group with
some foreign involvement would
be no different from the situation
that exists today.


Yet with a general election less
than a year away, the Govern-
ment might find it politically dif-
ficult to approve a bid for
Bahamas Supermarkets that had
a foreign component, rather than
the all-Bahamian BK Foods offer.
Still, the scene could be set for
a conflict between the US Bank-
ruptcy Court, if it approves an
offer with some foreign owner-
ship, and the Bahamian govern-
ment and its investment policy.
The advantage of any group
involving Neal & Massy would
be the huge financial and logisti-
cal resources at the disposal, plus
the expertise in operating and
running supermarket chains, and
inventory and supply chain man-
agement.
Several sources have suggested
that both groups could be mas-
sively overpaying for Bahamas
Supermarkets, valuing it at
between $30-$35 million at most.
This is because the company
owns none of its 12 stores or
headquarters, leasing all the prop-
erties, which means that the buy-
er will gain an operating business,
fixtures and furnishings, only.
However, the value of Winn-
Dixie's stake is based on the price
gahamas Supermarkets shares
trade at on the over-the-counter
market.
Both bidders are likely to have
valued the company on a financial
basis, based on net income and
dividends. BK Foods' $50 million
price was about 8x net income.


properly capitaed nationalcaier can ork
i'Properly capitalised' national carrier can work


FROM page 1B
,almost two years.
Meanwhile, Mr Townend said
the Bahamas was among the lead-
Ing Caribbean "hot spots" for
4hotel-related investment, com-
peting with the likes of the Cay-
man Islands, St Lucia, Turks &

.----------


Caicos, Barbados and Jamaica.
This assessment was based on
feedback to a KPMG survey from
banks and other lenders to
Caribbean-based hospitality pro-
jects.
Mr Townend said: "The rea-
son it's a hot spot is the Bahamas

----


PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is advised that, TONY JOSEPH BAPTISTE AND
JULIE CAPRON nee MclNTOSH both of the City of Freeport,
Grand Bahama, The Bahamas intend to change the name
of our son ANTHONY SANCHEZ BAPTISTE to ANTHONY
SANCHEZ CAPRON. 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-3746, Nassau,
Bahamas, no later than thirty (30) days after the date of
publication of this notice.



NOTICE
NOTICE is hereby given that CLAUDETTE ALMONOR OF
P.O. BOX N-170, CARMICHAEL ROAD, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 17TH day of MAY,
2006 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that LOUINISE NACIUS OF
DORSETTE STREET, NASSAU, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 10TH day of MAY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.




NOTICE

IN THE ESTATE OF BASIL L. PYFROM Sr.' late of
Deadmans Cay, Long Island one of the Islands of the
Commonwealth of the Bahamas.
Deceased.

NOTICE is hereby given that all persons having any
claims against the above-named Estate are required, on
or before the 17th day of July 2006 to send their names
and addresses, and particulars of their debts or claims, to
the undersigned, and if so required by notice in writing
from the undersigned, to come in and prove such debts or
claims, or in default there of they will be
excluded from the benefit of any distribution AND all
persons indebted to the said Estate are asked to pay their
respective debts to the undersigned at once.

AND NOTICE is hereby also given that at the expiration
of the mentioned above, the assets of the late
BASIL L. PYFROM Sr. will be distributed among the
perons entitled thereto having regard only to the claims of
which the Executrix shall then have had notice.

Dated this 17th day of May, A.D., 2006.

c/o PYFROM & CO
Attorneys for the Executrix
No.58 Shirley Street,
P.O. Box N 8958,
Nassau, N.P., Bahamas.


continues to attract primarily
high-end development for all the
reasons the Bahamas attracts for-
eign investment and second home
owners its proximity to the US,
location and natural beauty."
While the indications from
lenders were that this year would
be "slightly down" compared to
last year in terms of hotel financ-
ing across the Caribbean, Mr
Townend said: "In the case of the
Bahamas, with all the investment
projects on the go and in the
pipeline, no short-term decline is
to be expected."


Nottage: National Health


costs will be relatively low


FROM page 1B

ister responsible for both schemes, told The Tri-
bune that while one of the major criticisms of
National Health Insurance is that it will be inef-
ficient, with a high initial start-up price, adminis-
tration costs will be relatively low.
"One of the criticisms of National Health Insur-
ance is that it will be inefficient, and the initial cost
is going to be very high and so forth," Dr Nottage
said.
"But it will share administrative costs with the
National Insurance Board because the identifi-
cation criteria will be done through NIB, so the
two will probably share the same identification
number."
Dr Nottage said all NHI contributions will be
collected at the same time IL the NIB, as it con-
tributions for national insurance.
"So we don't have to put in a v.hole ne-"
bureaucracy to do those kinds of ihing he
added.
Dr Nottage said the NHI contributions \ ill
only be used to provide rncdlicl healih c..re tor
those persons who are co,~l'ibuIt:'rb ajnd their
dependents.


"Most of the money will go towards providing
health care and, of course, doing the preventive
things that we need to keep people healthy," Dr
Nottage said.
"The more effective a primary care health sys-
tem you have, the less advanced diseases you
have and, hopefully, it will reduce hospital admis-
sions."
Dr Nottage added that the Social Security Com-
mission had reported to theGovernment on the
status of NIB.
"They have made certain recommendations
about the contribution rates and how to improve
them, and contribution levels and additional ben-
efits which might be realisied through the nation-
al insurance scheme," he said, noting-that the
report was now before Cabinet.
"At the end of the day, we are seeking to pro-
idea social safety net for our citizens so that
thli', can be relieved of some of the burdens of
pure hc.lith care unemployment and periods of
distri thi.:iL they can fall back on."
The GoiL- rnimen( will continue t:-, spend its
Budget allocation to the health care system to
make a substantial contribution to the fund, he
added.


FROM page 1B
permits tor foreign employees,
and even if they did it was not
clear if fees needed to be paid to
the Government.
Mr Smith said he had a per-
sonal and business interest in
Freeport, directly employing
more than 50 people, with his
company and related businesses
employing more than 150 people.
He suggested that once granted
their licence by the Port Author-
ity, unless there were "compelling
reasons" not to, all licencees
should be able to obtain work
permits, Exchange Control and
other approvals from the Gov-
ernment.
Shane Gibson, minister of
labour and immigration, has
adopted a no-nonsense stance to
combating illegal immigrants in
the Bahamas, his department hav-
ing conducted several raids on
New Providence and the Family
Islands.
In a visit to Grand Bahama


NOTICE
NOTICE is hereby given that JASON JOSEPH OF P.O. BOX
N-5589, 2ND STREET, THE GROVE, NASSAU, BAHAMAS,
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 17TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that RODRICK McDONALD OF BAYSHORE
ROAD, WEST END, 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 17H day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box F-41085,
Grand Bahama, Bahamas.




NOTICE
NOTICE is hereby given that MARCELLIN EDMOND OF P.O.
BOX SB-50847, #32 BALFOUR AVENUE, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 17TH day of MAY,
2006 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


I, S .



Leading Offshore Bank request applications for the
position of an experienced securities specialist.

The candidates must possess the following
qualifications and skills:

Two years related mutual fund experience,
including cash settlements

Strong emphasis in trade processing and
settlements

Strong PC, organization skills

Strong communication skills

Qualified applicants should fax or email resumes to:

Branch Manager Banking
P.O. Box N-4906
Nassau, Bahamas
Fax: 394-0701


earlier this month, Mr Gibson
said: "Our position is not that we
want to inconvenience anybody,
but at the same time the laws of
the Bahamas must be upheld, and
we will continue to be extremely
vigilant in what we have to do.
"I will not be distracted and I
will not lose focus on what it is we
have to do. We have a job to do.
We have a Bahamas to protect
for all Bahamians, and for every-
body who comes here legally. The
Bahamas is not only for Bahami-
ans; the Bahamas is for all
Bahamians and those who come
here under the right condition."
He denied that the Immigra-
tion Department had placed a
moratorium on new applicants
for work permits, instead not
accepting any applications where


the person is already in the
Bahamas.
"You have to be outside of the
Bahamas. So if you have some-
body that you want to hire who is
in the Bahamas, get them out
before we get to them. And if you
send them out and they go out
voluntarily, we will then enter-
tain the work permit application
and process it as quickly as possi-
ble," Mr Gibson said.
"If we get them through one
of our exercises, or if someone
calls us and tells us, and we pick
Them up, then we will not enter-
tain the application for a work
permit."
Mr Gibson said the Depart-
ment would also pursue employ-
ers who hired illegal immigrants
more vigorously.


NOTICE
NOTICE is hereby given that CARLTON DORELUS OF
ENEAS CORNER OFF EAST STREET, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 5TH day of MAY,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that JERRY PIERRE OF THIRD
STREET, THE GROVE, NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 10TH day of MAY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.










Temple Christian Elementary Sclioofinvites
applications from qualified teachers for the
2006-2007 school year for:

Spanish Teacher (Grades 1-6)
Art Teacher (Grades 1-6)

Applicant must:

A. Be a born-again practicing Christian
who is willing to subscribe to the
Statement of Faith Temple
Christian Schools.

B. Have an Associates and or Bachelor's
Degree in Education from a recognized
College or University in the area
of specialization.

C. Have a valid Teacher's Certificate
or Diploma.

D. Be willing to contribute to the school's extra
curricular program.

Application must be made in writing with a full
Curriculum Vitae, a recent coloured photograph
and three references should be sent to:
The Principal
Temple Christian Schools
Collins Avenue
P.O. Box N-1566
Nassau, Bahamas


Work permit concerns hit Freeport's economy


1


I


III BUSINESSES










WEDNESDAY, MAY 17, 2006, PAGE 5B


KPMG
FO Bex N 123
Moontaege 5t.lSng Centre
East sY Street
Nassu. Baam5


Telephone 242 393 2007
Fax 242 393 1772
Internet www.kpmg.com.bs


AUDITORS' REPORT TO THE SHAREHOLDER


We have audited the accompanying consolidated balance sheet of Credit Suisse Trust Limited at
December 31, 2005. This consolidated balance sheet is the responsibility of the Company's
management. Our responsibility is to express an opinion on this consolidated balance sheet based
on our audit.

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

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the
financial position of the Company as of December 31, 2005 in accordance with International
Financial Reporting Standards promulgated by the International Accounting Standards Board.





Chartered Accountants


Nassau, Bahamas
May 9, 2006




CREDIT SUISSE TRUST LIMITED
Consolidated Balance Sheet

December 31, 2005, with corresponding figures for 2004
(Expressed in United States dollars)

Note 2005 2004

Assets

Cash and due from banks:
Cash and demand deposits:
Affiliate $ 199,878 1,680,511
Other 93,849 128,067
293,727 1,808,578
Time deposits affiliate 3 3,410,308 2,000,000
Time deposit other 3 2,000,000 2,000,000
Accounts receivable, net 174,740 133,554
Due from affiliates 4 44,199 111i897
Prepaid expenses and other assets 948,965 1,245,759
Fixed assets, net 5 373,488 499,405
$ 7,245,427 7,799,193

Liabilities

Fees billed in advance 7 $ 2,171,962 2,887,077
Accounts payable and accrued liabilities 239,853 321,987
Due to affiliates 4 -778,312 473,405
Other liabilities 5,000 20,153
3.195,127 3,702,622

Shareholder's Equity

Share capital:
Authorized, issued and fully paid:
1,000,000 shares of $1.00 each 1,000,000 1,000,000
Additional paid-in capital 1,000,000 1,000,000
Retained earnings 2,050,300 2,096,571
4,050,300 4,096,571
Commitment 6

$ 7,245,427 7,799,193

See acconpnnying notes to consolidated balance sheet.

Tis consolidated balance sheet was approved on behalf of the Board of Directors on May 9,
2006 by the following: I /1


Director


Director


Notes to Consolidated Balance Sheet

December 31, 2005
(Expressed in United States dollars)



1. General information
Credit Suisse Trust Limited ("the Company") was incorporated on June 3, 1999 as a wholly
owned subsidiary of Credit Suisse Trust Holdings Limited (the "parent company"). The
ultimate parent company is the Credit Suisse Group whose headquarters are located in
Zurich, Switzerland. The Company is incorporated under the laws of The Commonwealth of
The Bahamas and is licensed by the Ministry of Finance to conduct the business of a trust
company.
Affiliates/related parties include the parent company, subsidiaries and associates of the parent
company and employees of the Company.
The registered office of the Company is located in the Bahamas Financial Centre, Shirley and
Charlotte Streets, Nassau, Bahamas.
2. Summary of significant accounting policies
(a) Accounting convention
This consolidated balance sheet have been prepared in accordance with International
Financial Reporting Standards ("IFRS") promulgated by the International Accounting
Standards Board.
(b) Financial instruments
Classification
Cash and cash equivalents are short term "highly liquid investments" which are readily
convertible into known amounts of cash without notice and which are within three (3)
months of maturity when acquired.
Financial assets that are balances due from affiliates and receivables are classified as
originated loans and receivables.
Financial liabilities that are riot held-for-trading are balances due to affiliates and
accounts payable.
Recognition
The Company recognizes financial assets and financial liabilities on the day the
Company becomes a party to the contractual provisions of the instruments.
Measurement
Financial instruments are measured initially at cost, including transaction costs.
Subsequent to initial recognition, originated loans and receivable are carried at cost less
provisions for impairment as appropriate. Financial liabilities that are not held-for-
trading are carried at cost.

Derecognition
A financial asset is derecognised when the Company loses control over the contractual
rights that comprise that asset. This occurs when the rights are realized, expire or are
surrendered. A financial liability is derecognised when it is extinguished.

(c) Impairment
Assets are reviewed at each balance sheet date to determine whether there is objective
evidence of impairment. If any such indication exists, the asset's recoverable amount
is estimated. Provisions are established and are maintained at a level considered by the
directors to be adequate to provide for potential losses.


(d) Use of estimates
The preparation of a balance sheet in accordance with IFRS requires management to
make estimates and assumptions that affect.the amounts reported in the balance sheet
and the accompanying notes. These estimates are based on relevant information
available at the balance sheet date and, as such, actual results could differ from thoe
estimates.
(e) Basis ofconsolidation
This consolidated balance sheet includes the accounts of the Company and the
following wholly-owned subsidiaries:


Triangle Administration Limited ("Triangle")
Circle Corporate Services Limited ("Circle")


Sfcra Limited ("Sfera")
Cerehio Limited ("Cerchio")


Triangle and Circle were incorporated under the laws of The British Virgin Islands on
December 6, 1999 to serve as directors and corporate officers of companies managed
by the Company and are otherwise inactive. Sfera and Cerchio were incorporated
under the laws of The Commonwealth of The Bahamas on September 19,2000 to serve
as nominee companies and are otherwise inactive.
All intercompany balances and transactions have been eliminated on consolidation.
(f) Fixed assets
Fixed assets are stated at cost, less accumulated depreciation and amortization.
Depreciation and amortization are calculated on a straight-line basis over the estimated
useful lives of the assets as follows:


Furniture, fixtures and equipment
Computer equipment
Leasehold improvements


5 years
3 years
5 years


(g) Foreign currency translation
Management considers the reporting currency of the Company to be United States
dollars, as this is the Company's primary operating currency. Assets and liabilities
maintained in foreign currencies are translated into United States dollars at the rates of
exchange prevailing at the date of the consolidated balance sheet.
(h) Assets under management
The Company is engaged in significant trust and company management activities. No
account is taken in this consolidated balance sheet of assets held or liabilities incurred
by the Company as trustee, nominee or in a fiduciary capacity. The value of assets held
in trust and managed by the Company at December 31, 2005 was $664,604,030 (2004 -
$652,489,922).
3. Time deposits
Time deposits affiliate earn interest at annual rates from 0.5% to 3.335% at December 31,
2005 (2004 0.25% to 1.5625%) and mature within three months of the balance sheet date.
Time deposit other earns interest at an annual rate of 3.25% at December 31, 2005 (2004-
4%) and matures on February 16, 2006 and April 27, 2006.
4. Due from/to affiliates
Due from/to affiliates are interest-free and have no fixed terms of repayment.
5. Fixed assets
Fixed assets are comprised as follows:

Furniture, fixtures Computer Leasehold
and equipment equipment improvements Total
Cost:
December 31, 2004 $ 303,391 103,564, 422,420 829,375
Additions 15,917 24,852 88,986 129,755
Disposals (117,799) (117,799:
December 31, 2005 $ 201,509 128,416 511,406 841,331

Accumulated depreciation and amortization:
December 31, 2004 $ 103,176 73,496 153,298 329,970
Charge for the year 51,106 30,068 92,039 173,213
Disposals (35,340) (35,340
December 31, 2005 $ 118,942 103,564 245,337 467,843

Net book value:
December 31, 2005 $ 82,567 24,852 266,069 373,488
December 31,2004 $ 200,215 30,068 269,122 499,405




6. Commitment
On March 13, 2003 the Company entered into a sub-lease ateement with an affiliate to rint
office space for the period from December 1, 2002 to December 31, 2008. This sub-lease,
which had an average annual sub-lease rental cost of $132,243, was cancelled effective
March 1, 2005.
On January 19, 2004, the Company entered into a second sub-lease agreement with the sam
affiliate for additional office space for the period from February 1, 2004 to December 31,
2008. This second sub-lease, which had an average annual sub-lease rental cost of $67,119,
was cancelled effective March 1, 2005.
On April 1, 2005, the Company entered into two lease agreements with FINCEN to rent
office space. The leases are effective April 1, 2005 to December 31, 2008.


7. Related party transactions
Fees billed in advance includes $2,168,052 (2004 $2,849,748) received from an affiliated
company.
Under its reorganization plan Leu Trust (Bahamas) Limited, an affiliated company,
commenced transferring its trust business to the Company, effective June 30, 2002. At
December 31, 2005 the value of assets held in trust transferred to the Company amounted to
$94,106,744 (2004- $137,457,043).
8. Pension
The Company participates in a non-contributory defined contribution group pension plan for
eligible employees. The Company's liability is restricted to the amount of the contribution.
9. Geographical analysis of assets and liabilities
At December 31, 2005 the Company's assets and liabilities were concentrated in the
following geographic locations:
Assets:
Bahamas $ 7,245,427



Liabilities:
Bahamas $ 3,177,110
Guernsey 18,017
$ 3,195,127


10. Maturity of financial assets and liabilities
The maturities of financial assets and liabilities at December 31, 2005 are summarized as
follows:

On demand Up to 1 Year Total

Assets:
Cash and demand deposits $ 293,727 293,727
Time deposit affiliate 3,410,308 3,410,308
Time deposit other 2,000,000 2,000,000
Accounts receivable, net 174,740 174,740
Due from affiliates 44,199 44,199

$ 293,727 5,629,247 5,922,974

Liabilities:
Fees billed in advance 2,171,962 2,171,962
Accounts payable and
accrued liabilities 239,853 239,853
Due to affiliates 13,017 765,295 778,312
Other liabilities 5,000 5,000
$ 13,017 3,182,110 3,195,127


11. Financial instruments
Fair value
The carrying values of financial instruments approximate their fair values due to their short-
term to maturity.
Currency risk
Substantially all of the Company's assets and liabilities are denominated in United States
dollars. Accordingly, there is minimal foreign currency exposure.
Credit risk
The majority of the Company's financial assets are either on deposit with or due from
affiliates. Accordingly, there is minimal credit risk.
12. Corresponding figures
Certain corresponding figures have been reclassified to conform to the balance sheet
presentation adopted for the current year.


I-


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PAGE 6B WEDNESDAY MAY 1


Tiavannia breaks record




for third time this year


M TRACK AND FIELD
By KELSIE JOHNSON
Junior Sports Reporter
TIAVANNIA Thompson
smashed the national record
in the 100 meters for the third
consecutive time this year at
the Southeastern Champions
(SEC).
Thompson erased her old
record of 13.78 seconds in the
preliminaries of the champi-
onships, clocking 13.60 sec-
onds. The final timing was
enough for a fourth place fin-
ishing in heat one and seventh
overall for the finals. The win-
ning time in this heat was
Recorded at 13.15 seconds.
In the finals of the event,
Thompson clocked 13.36 sec-
onds, lowering the record time
again. The 13.36 seconds
ratiked her sixth overall.
Her first record smashing
was performed at the Auburn
'Tiiers' meet.
According to her head coach
at the- University of Arkansas,
Otlahndo Green, his toughest


Thompson clocks

13.36 in 100m


task when Thompson joined
the Razorback team was build-
ing her confidence.
He said: "She is an excellent
runner who can go very far in
the sport. She is coachable and
that's one thing a coach will
always enjoy about her, her
only downfall when she came
to the school was her confi-
dence.

Trained
"When I first recruited her
from South Plains, a two year
school, I told her that as long
as she trained hard and fol-
lowed the programme by the
end of the year she could be
running in the 13 seconds con-
sistently. At first she didn't


believe me, she took my com-
ments as a gimmick.
"But I encouraged her to
work hard and once she start-
ed competing in the indoors
she noticed the difference in
her times. Part of my job was
done at this point, she had con-
fidence."
In the indoors, Thompson
posted the fastest times in the
55m hurdles and the 60m hur-
dles heading into the champi-
onships.
In the 55m hurdles, Thomp-
son's time was recorded at 7.93
seconds and 8.72 seconds in
the 60m hurdles.
However, Thompson didn't
take part in the finals at the
indoor champions, after suf-
fering from a seizure.


According to Green, the
unexpected illness, which came
on at an adjustment period of
her season, set Thompson
back about three weeks.
He said: "She was right on
track before she took sick. But
you can never put a time
frame on an illness like that, as
her coach I am just happy she
was able to get back on the
right track because she was
doing so well.

Impressive
"When she took to the track
again it was like she was brand
new person. This is when I
made a deal with her. I told
her if she opened up her first
meet in the outdoor season by
running an impressive 13 sec-
onds event I will cook her a
personal pot of peas soup, she
laughed and said you've got a
deal.
"When Tia lined-up at the
100m line, you could see the
high concentration on her face,


Towering

performance

from Cavaliers

IMT. CARMEL CAVALIERS sho" their balancing
act ,eslerday at the [Ministry of Youth. Sports and
Housing's Primary School Cheerleading and Banner
competition. The eent served as a prelude to Ihe 25th
Primar. Schools Track and Field Championships that
get Imdenia. loday at 10 am at the Thomas A Robinson
' r,:L. :: r:d Field Stadium.
(Photo: .llario Duncanson/Tribune if'i) Q6 f











,JM





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"


'-3. '-' r


she was really focused and that
was good. By the end of the
race she had erased her own
national record."
With the SEC Champions
behind her Thompson will
now turn her attention to the
Mid-East regional meet, hop-
ing to qualify for the NCAA
outdoor championships.
She will head into the Mid-
East regional meet ranked
fourth with her new national
record time of 13.36 seconds.
The qualifying time for the
regionals was set at 14.30 sec-
onds.
Thompson is scheduled to
compete on Friday at 5:25 pm
in the preliminaries and again
on Saturday at 5:40 pm in the
finals.
The Mid-East regional
championships are set for May
26th-27th in Knoxville, Ten-
nessee at the Tom Black
Track.
In the NCAA rankings
Thompson's performances
have placed her in the 15th
spot overall.


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PAGE 6B, WEDNESDAY, MAY 17, 2006


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Schools have all the right


moves at Karate Invitational
S KARATE
IT W\AS all about perfecting form ai
i, the 19th annual Karate Invitational, host-
-ed b\; the Bahamas Karate Federation
A ...' .: I(BKF) held this past weekend.
.More than eight schools participated in
the tournament: Bahamas Shotokan
Karate Training Centre. Bahamas Mar-
hlal Arts Academy, Bahamas Karate
Academy, Shotokan Karate Bahamas.
Bahamas Shotokan Dojo. Bahamas
Wado Kai, Grand Bahama Shotokan
Club and the All-Star Family Karate
Centre.
The invitational will be used a pre-
qualifying exent for the national tourna-
ment.
f .~ s; c : ..,.... ... . .


e envisions


a rarewuell, and a


World Cup trophy



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THURSDAY, MAY 17, 2006


SECTION





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


..~-.. .
* C- ,1- '- L~~ril.iSLW.~s ~9'~-l--1 L~~i a


MIAMI HERALD SPORTS


Late Bahamas arrival


0 BASKETBALL
By BRENT STUBBS
Senior Sports Reporter


fop


* BOXING
By BRENT STUBBS
Senior Sports Reporter
THE much anticipated arrival of
the two Mexican fighters yester-
day for Friday night's First Class.
Promotions professional boxing
card was delayed until today.
Promoter Michelle Minus con-
firmed. yesterday that the Mexi-
cans were scheduled to arrive from
Havana, Cuba, but because of the
inclement weather, they will come
to town today.
"I could wait. The fight isn't
until Friday," said Meacher 'Major
Pain' Major, who is set to take on
Mexican Luis 'Lichi' Couch for the
World Boxing Association's vacant
FedeCaribe lightweight title in the
12-round main event.
"I just hope they get here safe
and we are able to fight on Friday
night. I really don't want to dis-
appoint the fans."
Minus said everything is still in
order for the show, although the
fighters' journey here has been
delayed by a day. But she said it
will work out in their favour
because the Mexicans will come in
with Jamaican Ricardo 'Hard
Heel' Planter and executives of the
WBA just in time for tonight's
Cocktail Reception at Navanda
Beach, Love Beach.
"We would have liked for the
Mexicans to come in a little earli-
er so they could get in their final
workout and meet the press,"


e


ican fighters


,... 1. 1. I ..1 rl .-.- 'l..... a I
* BAHAMAS lightweight champion Meacher 'Major Pain' Major shares a joke with promoter Michelle Minus on
Wednesday as they await the arrival of the Mexican boxers.
(Photo: Brent Stubbs)


Minus stressed. "But I guess we
will just have to wait for them until
tomorrow (today)."


Major, the Bahamas' lightweight
champion, said he's done his nec-
essary preparatory work for the


fight and he's now just taking it
easy and waiting on fight night.
Meanwhile, some of the fighters
on the undercard are just as excit-
ed about being in the ring as
Major.
Fighting in the co-main event
against Jamaican Julio Gonzalez
from Mexico, Jermaine 'Chu-Chu'
Mackey said his aim is to push his
unblemished win-loss record to 10-
0 at the end of their scheduled
eight rounder.
"Whoever this fellow is, he bet-
ter be prepared to meet the
Bahamian Conchshell," Mackey
charged. "It's all about remaining
undefeated and going for the WBC
super middleweight title in July
and going after the world and
'British Commonwealth titles lat-
er this year."
Mackey, the Bahamian super
middleweight champion, said it's
good that he doesn't know any-
thing about Gonzalez because
none of them will have an 'advan-
tage over the other.
"It's all about me. I just came
off a great win in Florida a cou-
ple weeks ago and I'm looking for-
ward to pulling off another victory
at the end of the night," he insist-
ed.
Elkena 'Ali' Saunders will take
on Planter in a six-rounder. Hav-
ing had a chance to watch Planter
in action here at least twice, Saun-
ders said he's confident of a victo-
ry.
"I saw him fight Chu-Chu and I
saw him fight Ricardo," Saunders
reflected. "I noticed that Ricardo
almost beat him and I stopped
Ricardo before, so I shouldn't
have any problems with him. I just
have to go and do what I have to
do."
Anthony 'Syco' Woods will take
on Richard 'the Hammer' Pitt in
four rounds. Woods said he's
aware that Pitt is looking for an
early night, however he intends to
make it a long one.
"I'm still working on some basics
and sparring a little more because
Richard is saying that he's going to
try and knock me out in one round
because he doesn't want to go
more than two rounds," Woods
claimed.
"So I'm not backing down from
Richard. When I start, I don't want
to stop. I'm trying to work on a
little more speed so I can do a lot
of ducking and dodging to make
sure that I beat him. I want to be
ready."


AFTER being denied a trip to
the Commonwealth Games in
Melbourne, Australia in March,
the Bahamas Basketball Federa-
tion are trying to ensure that
they don't miss the Olympic
Games in 2008 in Beijing, China.
But federation's first vice pres-
ident Larry Wilson said they've
having difficulty getting the team
together to travel to the first leg
of the qualifying tournament in
Kingston, Jamaica, starting on
June 12.
The Bahamas men's team has
been placed in pool A in the
Caribbean Basketball Champi-
onships' Senior Championships
with Cuba, St. Vincent & the
Grenadines and Antigua & Bar-
buda.
The Bahamas women's team,
on the other hand, will place out
of one pool in a round robin
tournament against Antigua &
Barbuda, Barbados; the Virgin
Islands and Jamaica.
From the tournament, the
Bahamas will have the opportu-
nity to qualify for the Tourna-
ment of Americas.
"The women's team is looking
- good, I won't say great," Wilson
said about what he's seen in their
practice session so far. "But
they're looking okay.
"We've had about eight ladies
coming out consistently, but we *
were expecting more of the bet-
ter local players to come out and
more of the college players to
start coming in the next couple
of weeks. So the women are
looking fair."
The women's team will be
coached by Linda Davis.
The men's team, coached by
Charles 'Chuck' Mackey and
assisted by Norris Bain from
Grand Bahama, has been experi-
encing more problems than Wil-
son has anticipated.
"We've been having poor
turnout in practice," said Wilson.
"We spoke to almost all of the
top players here locally and they
gave us their word that they will
be coming out.
"But practice has been dis-
couraging on the men's side. We
hope it will pick up this week
with the visiting teams in town to
play a couple of exhibition
games."
While some of the New Provi-
dence Basketball Association
club teams played last night and
tonight, the senior men will have
four games back-to-back from
Friday to Monday to play the
visitors.
Last night, the junior boys'
under-19 team, preparing to
travel to San Antonio, Texas at
the end of June for the Tourna-
ment of Americas, played. They
are scheduled to be back in
action tonight.
"We hope that we can put
together a respectable men's
team to play against the visiting:
teams," Wilson added. "But I'm,
extremely pleased with what I've4
seen in the junior men's team. I
think this should be a good test
for them as they continue to pre-
pare for the'Tournament of
Americas."
Head coach Mario Bowleg,
assisted by Dexter Cambridge
and Ivan Butler from Grand
Bahama, has reduced the train-
ing squad to the final 25.
The list comprise of the fol-
lowing players:
David McPhee, Adrian
Wilkinson, Devaughn Jackson,
Scott Farrington, Kyle Grant,
Carlos Thompson, Garvin Hunt,
Rashad McKenzie, Jeffery
Adderley, Dario Pratt, Dashtyn
Baker, Robert Missick, Leon
Bain, Virley McKinney, Lavardo
Hepburn, Kyheil Roberts, Torri-
no Clarke, Mario Curry, Eugene
Bain, Kadeem Coleby, Rashad
Williams, Crishard Thompson,
Marco Rolle, Anton Bottle and
Dwight Miller.
Wilson said it would have
been good if the senior men and
women were in the same posi-
tion to identify a list of players
on their training squads.
But he noted that neither of
the teams have had a full compli-
ment of players coming out to
the practices in both New Provi-
dence and Grand Bahama.
"I don't know what we have to
do to break this idea of players
waiting for the last minute to
come out," Wilson charged.
"But we are trying to ensure
the local players, especially on
the men's team. that there is
room for them on the team. But
we need to see them out to prac-
tice."


~ I__ __I__




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