Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
Full Citation
Permanent Link:
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: August 9, 2006
Copyright Date: 2006
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00497
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




Volume: 102 No.214

I Al
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Civic group president,

party leader speak out

Tribune Staff Reporter
THE president of a well-
known civic group and the
leader of a political party are
threatening to launch a major
protest against government for
what they say is an attempt to
gag the media.
The renewal of Tribune man-
aging editor John Marquis'
work permit has been deferred
by government pending an
investigation into the newspa-
per's training programme with
specific reference to the mea-
sures being taken to groom a
Bahamian managing editor to
replace him.
Many believe the move was a
response to Mr Marquis' criti-

cism of government and consti-
tutes an effort to silence the
media and take the country
"We are prepared to do
everything in our power to assist
Mr Marquis in his attempt to
continue on with the work that
he has been doing over the
years even if it means launch-
ing a public protest," said
Clever Duncombe, president of
Bahamian Fathers for Children
Mr Duncombe, who said he
would be willing to conduct
such a protest anywhere even
outside the home of Prime Min-
ister Perry Christie said The
Tribune is "the only paper in
the country that has been fair
SEE page 11

FNM shirt woman

awarded $56,000
A WOMAN who claimed she was unfairly dismissed by an Aba-
co ferry owner for wearing an FNM golf shirt on election day in
2002 has been awarded nearly $56,000 by the Industrial Tribunal.
Basic damages for unfair dismissal amounted to $20,520, but
the balance was made up of salary owed, vacation pay, overtime pay
and compensation. Overtime alone accounted for $24,933.
The Tribunal found in favour of Donna Burrows after she took
action against Albury's Ferry, owned by Mr:Ralph Albury.
Former prime minister Mr Hubert Ingraham appeared for Ms
Burrows with Mr Milton Evans representing Albury's Ferry, the
S The action centered on general election day, 2002, when Ms Bur-
rows was accused by Mr Albury of wearing a golf shirt bearing an
FNM logo in defiance of company policy. She said she was fired,
while Mr Albury argued that she had failed to return to work

SEE page 11

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Tribune Staff
HEAVY duty vehicles
are again being urged to
make their runs at night
after a trailer truck and a
car collided in front of
Government House yes-
In what Road Traffic
Controller Jack Thompson
described as a "not uncom-
mon situation," a large
trailer-truck crashed into a
dark, leftrhand drive Hon-
da Civic near Government
House on Baillou Hill
"These persons will have
to learn that the later they
drive these trucks the bet-
ter for them," Mr Thomp-
son said in response to the
While the police have
not yet determined blame
in the incident,'Mr Thomp-,
son said such incidents are
the consequence of large
delivery vehicles using the
roads during the same
hours as the majority of
The driver of the Hon-
da Civic, a woman, was not
hurt in the accident.
However, police officials
could not give The Tribune
any information about the
SEE page 11

Man, 29,

Tribune Staff Reporter
A 29-YEAR-OLD man be
Bahama's sixth murder victim foi
he was shot in an altercation with
Jermaine Roberto Toote of Ali
ni, was found dead near a private
Fiddlers Green Road area.
According to police reports,
Lucaya police station received a re
ing at 1pm yesterday. Respond
officers from the mobile patrol

Tribune Staff Reporter
MORE than seven months
after Corporal Dion Bowles was
killed during the escape of four
prison inmates, the officers at
Her Majesty's Prison still have
not received all the protective
gear promised them by govern-
ment officials.
This claim was made yester-
day by the Bahamas Prison
Officer's Association (BPOA),
who said that a culture of disre-
spect and stagnation permeates

dies after shooting
patched to Fiddlers Green Road, near Baloa
Upon their arrival they met a young man who
became Grand reported that he had just arrived home with a
r the year when male relative Mr Toote when they were
Stwo men. approached by two men, one armed with a hand-
ce Town, Bimi- gun.
residence in the Mr Toote's relative said that the armed man
suddenly opened fire on them before fleeing in
officers at the the opposite direction to the man with whom he
:port of a shoot-
ing to the call, SEE page 11
unit were dis-

the country's prison system.
In a letter to The Tribune's
editor, Corporal Clive Rolle,
president of the BPOA, said
that although Superintendent
of Prisons Dr Elliston Rahming
supplied the prison with some
vests, "they had to be shared
around, so this made them inef-
Corporal Rolle said that the
Association has asked Deputy
Prime Minister and Minister of
National Security Cynthia Pratt
to assist the prison in obtaining
more vests and equipment so

that officers can feel protected
as they risk their lives daily in
the name of duty.
"Her response was she would
take it to her colleagues. To this
day there was no answer, and
our officers' lives are still at
risk," he said.
Addressing further deficien-
cies in the prison system, Cor-
poral Rolle said that govern-
ment has failed to pay officers
back pay which has been due
SEE page 11

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Prison officers 'yet to receive

all of promised protective gear'

PRICEt 750:


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Bones of murder victim 'had In briec

been chewed by an animal'

A FORENSIC pathologist
who testified yesterday at the
Cordell Farrington murder tri-
al said that the victim, 22-year-
Sold Jamaal Robbins, died as a
result of severe blunt force
trauma to the head.
Dr Govinda Raju told the
court that he travelled to
Freeport on October 27, 2003
and that while at the Rand
Memorial Hospital on that day
and the next, he examined the
skeletal remains of Jamaal
He said among the remains
were three pieces of a skull,
and that the ends of all of the
bones appeared to have been
eaten by an animal.
While the doctor was holding
the skull of the deceased and
pointing out the various
depressed fractures, Christine
.Scott, the mother of Jamaal
- Robbins, began to weep and
left the court.
Dr Raju told the court that
based on his experience and
knowledge of human anatomy,
he initially determined that the
victim was a male between the
ages of 21 and 24.
He pointed out that that the
trauma to the head of the vic-
tim was caused by a blunt
object possibly an iron bar, a
heavy piece of wood or a ham-
Dr Raju said the victim
received three main blows to

the head.
Detective sergeant Michelet
Merinard, who was recalled to
the witness stand yesterday,
told the court that on Sunday
October 26, 2003 while at the
Central Detective Unit in
Freeport, he saw Patricia Scott
and Edward Robbins and
instructed them to go to the
Rand Memorial Hospital.
Sergeant Merinard noted
that he had been the lead inves-
tigator into the death of Jamaal
He told the court that on
Tuesday, October 28, as result
of an investigation, he along
with a number of officers left
CDU via bus shortly after 9am
along with the accused.
Sergeant Merinard told the
court that the accused direct-
ed them to an area off the
Grand Bahama Highway, hav-
ing told them that he would
direct them to where he dis-
posed of Jamaal Robbins'
He said police were directed
to an area where the accused
said that he had left a fallen
tree stump as a marker indicat-
ing where he an Oterrio Floyd
dumped the body.
The detective said that he
saw four pieces of bone and
articles of clothing which he
instructed other officers to
secure and photograph.
Sergeant Merinard testified
the accused later directed them
to Queens Cove, where he said

Mother leaves court in tears as

pathologist describes injuries

* CORDELL Farrington

that he had disposed of the
mattress that Jamaal had been
sleeping on.
The officer told the court
that sometime later, he went to
the morgue at the Rand Memo-
rial Hospital where he saw Dr
Raju and gave him a box con-
taining bones of Jamaal Rob-
bins which he found at 11 Poin-
ciana in Freeport.

The officer told the court
that he went to 64 Hudson
Street, Grand Bahama where
he saw a gray 1992 Hyundai
Scoot registered to Suzette Fer-
Sergeant Merinard said he
gave instructions to have the
vehicle towed to Police Head
Quarters in Freeport and that
he'later took the suspect to the
compound, where he showed
him the vehicle,
He said Farrington identified
it as the car he used to dispose
of Jamaal Robbins' body.
George Duncan, a supervi-
sor at the DNA unit of the
Broward County Sheriff's
office, told the court that on
March 22, 2004 he received a
box containing an item of evi-
He said that after making
sure that the package was
secure and having already con-
tacted the BODE technology
group concerning the package,
he shipped it via federal
Mr Duncan told the court
that he never opened the pack-
age and did not handle that
particular piece of evidence

because the lab where he
worked did not and still does
not do that type of analysis.
He explained that it was the
decision of Bahamian authori-
ties to send the package to
John Berkley, a forensic ana-
lyst at Fairfax Identity Labs in
Richmond Virginia, told the
court that he conducted a DNA
analysis of two third molars
which he had received.
He explained that the teeth
were firstly ground into a fine
dust and then put into a genet-
ic analyser.
Mr Berkley told the court
that he obtained a DNA profile
which he analysed before hand-
ing it to his colleague Shelly
He said a gender analysis
proved the individual to whom
the teeth belonged was a man.
Michelle Johnson, who also
gave evidence last Thursday,
told the court yesterday that
based on theDNA taken from
the teeth, she could not exclude
Christine Scott and Edward
Robbins as the biological par-
ents of the person they
belonged to.

Hasidic rabbis on mission in Nassau

Tribune Staff Reporter
AN unusual sight could greet
you on the streets of New Prov-
idence this week as two
Hasidic Rabbis sporting full
beards, black suits and hats iour
the Bahamian capital on a mis-
sion to spread the positive mes-
: sage of Judaism.
The two young New York-
ers, Yosef Zaklos, 25, and
Mendy Lasker, 24, are visiting
Nassau as "ambassadors" of
In an interview at'The Tri-
bune's offices, the student rab-
bis explained that they are part
of the Chabad Lubavitch organ-
isation, a Jewish order known
often referred to as the "Lubav-
itch Peace Corps."
The organisation, founded
in the 1940s by the late Rabbi
Menachen Schneerson, seeks
to reach out and bring
Judaism to all the far flung
Jewish communities around
the world.
"We have 4,000 Rabbis
worldwide, we work from Viet-
nam to Alaska and everywhere

in between. Some Jewish com-
munities don't even have a Rab-
bi, or they just have very small
contingencies," Rabbi Zaklos
Before arri ing in Nassau. the
tio stiideni Rabbis visited
Bermuda, the Turks and Caicos
and Freeport.
"- We found about 20 Je\ws in
Turks and Caicos, it was really
amazing. In Freeport we came
into contact with about 15 to 20
Jews," he said.


The two men explained that
they are. on vacation from their
studies and have volunteered
to travel to different countries
to offer the respective Jewish
communities spiritual support,
and guidance.
"Our main goal is to care for
all the Jewish people, but we
have no set plan. Whatever is
needed we will do. If people
want a Talmud reading, we'll
do that, if people want a kosher
meal, then we'll cook one.
Whatever it takes to enhance

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l MENDY Lasker and Yosef Zaklos

their religious experience. We
are also there for non-Jewish
people who simply want to ask
us questions, Rabbi Zaklos
Emphasising that they wish
to remain above political
issues, Rabbi Lasker said that
their mission is about "spread-
ing the warmth like Rabbi
Schneerson taught."
Rabbi Zaklos added that
their interest is "not only in
Jews, but in humanity at

"To do goodness and kind-
ness. The world is like a garden
and everyone should act like
they need to.
"Those who are Jewish
should act Jewish, those that
are of another religion should
act according to their religion.
We are not looking to convert
people," he said.
As opposed to the majority
of Hasidic Jews who tradition-
ally lead very isolated lives, the

two Rabbis said they have
enjoyed visiting countries
throughout the world, includ-
ing Indonesia, Africa, Eastern
Europe, South America and
many countries in the
Rabbi Zaklos and Rabbi
Lasker are encouraging all
Jews living in the Bahamas, or
those simply interested in
learning more about Judaism,
to e-mail them at chabadnas-

warning is

issued to


THE National Emergency
Management Agency has issued
a warning to fishermen and
farmers to be prepared as the
height of hurricane season
Lieutenant Commander Her-
bert Bain, logistics officer at
NEMA, told fishermen that in
the rush caused the opening of
the lucrative crawfish season on
August 1, they must not forget
take the necessary precautions
to secure themselves and their
vessels at all times.
He advised farmers to pro-
tect livestock and pets from
rains associated with tropical
storm systems.
NEMA interim director Carl
Smith said his officers have car-
ried out several initiatives
including a conference for Fam-
ily Island administrators and
other elected officials, during
which they were informed
about disaster preparedness and
response planning.
He said that community
emergency response team train-
ing was also carried out in New
Providence and Grand Bahama,
as were shelter management
courses, lessons in initial dam-
age assessment, damage and
needs assessment analysis and
in other related skills.

in Haiti

GUNMEN in Haiti have
killed an Italian businessman
and kidnapped his wife, the lat-
est victims of wave of violence
in the impoverished Caribbean
nation, according to Associated
A group of armed men
entered the couple's villa Mon-
day in the capital, Port-au-
Prince, shooting 67-year-old
Guido Vitiello and leaving him
tied to a chair before abduct-
ing his wife Gigliola Martino,
the Italian Foreign Ministry said
Tuesday. Vitiello later died of
his wounds in a hospital.
Investigators believe Marti-
no, 65, was kidnapped for ran-
som and the Italian ambassador
in the neighboring Dominican
Republic, Enrico Guicciardi,
has been dispatched to Port-au-
Prince to assist the family and
keep contacts with local author-
ities, the ministry said.
Martino was briefly kid-
napped last year and released
unharmed. She has been living
in Haiti for about 30 years with
her husband and two children.
"Our family is going through
a lot of agony and grief. This is
our country, we were born here
and we are not moving any-
where else once this situation
is resolved," added Capuccio,
who was gathered with other
relatives at the couple's villa.
Haiti experienced relative
calm after President Rene
Preval's February election.
Since May, however, dozens of
foreigners and Haitians have
been kidnapped and gang fight-
ing has forced hundreds to flee
their homes in the capital.

Local News................P1,2,3,5,1,7,8 9, 1
Editorial/Letters; ............... ..
Business .............. ........ ....... ...... ..P ,
Advt ............................. .......... ...l. ...P6 7,8
TV Guide.... "......... .,
TV G u ide ..........................;......... ,.. .....0 P9 .
Sports ............ ............................ :..P o10,! 1 2 ,
Arts ................... ............................P ,2 8
C om ics...................... ............... ............P4
Smiths Hill...................................................P5
Out There.......................... ......... .... P6
W eather................... ... ...........





femuoral Servicce will be held rur LitAu d Wolktr
ofI Soldlcr Road a( Churclh o(f CGud
,II' IPrfpL)hecL::
Thursday, A AuNI 10, 2006 it 3:&n) pm.

Otllffic finI Iser: Pastor Ellakim lr ergusiin
lie N Sur'nvd Rv Curllne Pr'qersa'n.
3 Children INaarsha. LasIole & Claudlute
5 Slepthlldrein I(Sephanrl, Clev. Margo'.
Andvinae & GartLh. 8 Grandchlldnrn
Orher Famlyh Inelude Francis, PrTIncei,
Lillian, Maryarnn md Sidney.


10:00 Caribbean Newsline
10:15 Good News Bahamas
10:30 News Night 13
11:00 The Bahamas Tonight
11:30 Immediate Response
1:30am Community Page 1540AM

** TV-1 ser*s- h

Shooting of police

officer 'could have

been prevented by



OIn brief
. ................... "*** *"** **** "*...."" "

NEMA 'is


for storm


THE National Emergency
Management Agency is pre-
pared for the 2006 Atlantic
hurricane season according
to NEMA interim director
Carl Smith.
Residents in the southeast
Bahamas were cautioned to
remain alert even though
Tropical Storm Chris, the
third named storm of the sea-
son, was downgraded to a
tropical depression charac-
terised by heavy rain.
"We at NEMA are satis-
fied that we've done our
work in terms of preparing
as an agency," said Mr Smith
at a briefing on Thursday.
He also urged the public
to be prepared.
"You have to continue to
take the necessary action in
terms of securing your build-
ing, emergency supplies of
water and food and the like.
You can expect as we are
approaching the height of the
very active portion of the Hur-
ricane Season (mid-August to
September) that the tropical
storms would occur rather fre-
.quent," he said.

UN to step

up security

in assault

on gangs

THE United Nations will
step up security in Haiti in
an effort to crack down on
gangs that are "kidnapping
and terrorizing ordinary peo-
ple," the UN chief in the
Caribbean nation said Mon-
day, according to Associated
UN Secretary-General
Kofi Ainari has called for
strengthening Haiti's nation-
al police force with better-
qualified personnel, expert
security advisers and equip-
ment to stem an upsurge in
abductions and lawlessness.
The Security Council
should review Annan's
request within a week. Once
approved, the UN will begin
securing the capital to help
the rfcvernment and human-
itar..n groups do their work,
sF ,d Larry Rossin, the UN's
acting leader in Haiti.
Haiti experienced relative
calm after President Rene
Preval's February election
victory. Since May, however,
.dozens of foreigners and
Haitians have been kid-
napped and gang fighting has
forced hundreds of people to
flee their homes in the capi-
tal, Port-au-Prince.
"We are looking forward
to getting this under control,"
Rossin said.
An 8,800-strong force of
UN troops and international
police provides the only real
security in a country plagued
with well-armed gangs.

6:30am Community Page 1540AM
8:00 Bahamas @ Sunrise
9:00 Underdog
9:30 Tennessee Tuxedo & his tale
10:00 Da' Down Home Show
11:00 Immediate Response
noon ZNS News Update
12:05 Immediate Response (cont'd)
1:00 Island Lifestyles
1:30 N-Contrast
2:00 Bullwinkle & and His Friends
2:30 The Fun Farm
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 The Envy Life
5:30 Andiamo
6:00 A Special Report
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Fight For Life: India
8:30 Caribbean Passport
9:00 BTC Connection
9:30 Behind The Headlines

drawn for a suspect and
opened fire on him.
Another Grand Bahama
CDU officer reportedly saw Far-
quharson, who was also in plain
clothes, firing on his partner. Not
recognizing him as a fellow offi-
cer, he began shooting, hitting
Farquharson in his side.
"The officers were simply
responding to the situation. They
are trained to operate in such a
way, and that is what happened.
"Other than the radioing or
communication of the incident,
I cannot say that other types of
communication was used oth-
er than shouting.
"The officers entered a situa-
tion that involved gunfire and
they responded to it, that's what
happened. In a situation such
as that, there really isn't much
time for formal communica-
tion," he said.
The injured officer was
rushed to the Rand Memorial
Hospital where he was listed in
stable condition.
The Grand Bahama CDU
officer was Aot injured during
the incident.

Wo'L]man hurtin collKe]isionI[.

Established in 1956 by an old Bahamian family
Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
* A FEMALE motorist was taken to the hospital after two cars collided on Baillou Hill Road Fax: 326-9953
yesterday afternoon Crystal Court at Atlantis, Paradise Island Tel: 3634161/2
(Photo: Onan Bridgewater/Tribune staff) C l l Para
Lyford Cay (next to Lyford Cay Real Estate in
.................................................................... ........................................................ .............................................. ...........................rbour G reen H house) Tel: 362-5235
Harbour Green House) Tel: 362-5235

Patients.forced to wait

for medication 'due to

hospital staff sick-out'

DOZENS of patients need-
ing medication were made to
wait for hours yesterday -
reportedly because a group of
Princess Margaret Hospital
workers called in sick.
A member of the hospital
staff, who wished to remain
anonymous, confirmed that the
hospital pharmacy had to
remain closed for two hours -
and afterwards could only serve
customers in small groups -
because the majority of staff
members in that section had
called in sick.
However, when customers
asked for an explanation, a Tri-
bune reporter overheard a staff
member say the delay was "no
concern of the public".
According to the sign outside
the pharmacy, staff should be
on hand from 8am every day to
attend to customers.
However at 9am yesterday,
an angry patient contracted The
Tribune to say that the facility
still was not open, and that a
large crowd of customers had
"Many of them are old peo-
ple, who really need their med-
itation," he said.

When The Tribune arrived
on the scene, at 9.30am, the line
of customers spilled out of the
Those who were not able to
find standing room sat wherev-
er they could and waited for the
pharmacy to open.
Frustrated customers began
to ask about the reason for the
delay, but were given no
An elderly woman came to
the window and asked if she
could please be served because
she has an appointment with a
The patient claimed she was
treated impolitely and told that
if she goes, she will lose her
place in line.
"Only because of my age I
walked away peacefully," she
Another customer said he
and the others were being
refused their rights as tax pay-
ers, as the hospital is a public
When after two hours, the
pharmacy did finally begin serve
customers, it was announced
that only 57 order tickets could
be given out at a time.

The Tribune was assured by
the pharmacy's staff that the
incident will not be repeated
today as they will be fully
A hospital administrator said
that management was not in a
position to discuss the matter
yesterday afternoon, but would
be happy to release relevant
information to the press some-
time today.



* ASSISTANT Commissioner Reginald Ferguson



Carpet, Upholstery, Stone and Marble Cleaning &
Restoration Specialist.
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Soil, Bacteria, Grease,Watermarks and Stains from
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Carpet, Sofa's, Loveseats, Chairs, Dining Chairs, Cars,
Boats, Grout, Tiles, Marble & Stone
Persian, Wool & Silk Carpet Cleaning Specialist
Marble Polishing, Restoration & Care -
Authorized StoneTech Professional Contractor
PHONE: 323-8083 or 323-1594

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If so, call us on 322-1986
and share your story.


Tribune Staff Reporter
A SENIOR police officer
admitted that better communi-
cation might have prevented the
shooting of one police officer
by another in Grand Bahama
over the weekend.
Admitting that no walkie-
talkies or other types of elec-
tronic communication were
used in the operation that led
to the shooting, Assistant
Commissioner Reginald Fer-
guson added that on the other
hand, such devices might have
made the situation even
"Better communication may
have helped, however in this
unique situation, walkie-talkies
may have caused more prob-
lems than helped," he said.
"I believe that walkie-talkies
could be of assistance in such
situations, however if you have
an appreciation for what was
going on, you would be able to
see that it could have also been
a problem.
On Monday an official inves-

tigation was launched into the
It was reported that around
5.10am. Grand Bahama police
responded to reports of a dis-
pute involving two women in
front of Club Amnesia on East
Mall Drive.
While dealing with the dis-
pute, the plain-clothes officers,
attached to the CDU in Grand
Bahama, heard gunshots being
fired in the parking lot where a
large crowd had assembled.


According to reports, the two
officers then observed a man
running towards the Royal
Islander Hotel with a gun in his
hand. One of the officers pursed
the suspect on foot.
Meanwhile Sherico Far-
quharson, an officer from the
New Providence district, who
was on the island assisting with
duties at the Junkanoo parade,
came onto the scene and mis-
took the CDU officer who was
running with his service weapon




ON A RECENT tour of Kerzner Interna-
tional's Phase III at Altantis, Paradise Island,
Opposition Leader Hubert Ingraham compli-
mented the Kerzners on the number of Bahami-
ans being trained on the job site.
He expressed confidence in the Kerzners'
ability to train Bahamians, thus reducing the
need of the expertise of foreign labour.
He pointed out that in addition to Kerzner
International offering its employees good
incomes, the company has also been successful
in training Bahamian workers to eventually
take over positions now held by foreigners.
Mr Ingraham pointed out that Kerzner Inter-
national has a 75 per cent Bahamian staff. He
recalled that when government built a hotel 20
years ago, Indian construction workers had to be
brought in, and when the new terminal at the
airport was built, Mexican labour was recruited.
Today Mr Ingraham was confident that the
Bahamas had sufficient skilled workers to con-
struct not only Atlantis' Phase III, but any oth-
er phases that might follow.
But as usual, despite this tremendous
progress, there is always someone who is not sat-
During the tour, one of the construction
Workers brought it to Mr Ingraham's attention
that on the Kerzner job site Bahamians earn far
less than foreigners with the same skills.
Although Mr Ingraham promised to look
into the complaint, he observed that the man
complaining seemed to be -doing ecry well"
for himself, having just purchased a condo-
minium on Sandford Drive, which is not too
far from Mr Ingraham's home. Sandford Drive
is also the residential address of the American
This exchange reminds us of a story often
told by American George Murphy, who owned
the now demolished Montagu Beach Hotel, on
the Montagu foreshore.
Mr Murphy, a man of broad girth, who after
becoming a British subject was elected to the
House of Assembly, had a special chair built to
accommodate his large frame. This chair was
inherited by the late Sir Stafford Sands, who
was also a large man. We believe it was then
used by the late Sir Milo Butler when he too was
a member of the House.
Anyway, Mr Murphy and Sir Etienne
Dupuch, the late editor of this newspaper, were
great friends and Bahamian labour was often
the subject of their conversation.
Mr Murphy told Sir Etienne that one day
when the Montagu hotel was being painted, a
Bahamian painter complained to him that his
American colleague was making twice as much
as he was. The Bahamian, who was earning
four shillings a day, maintained that he and the

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American had equal skills.
Mr Murphy promised to examine his com-
He told the Bahamian that he would divide
the hotel's wall that they were painting in half.
One half the American would work on, the oth-
er half would be for the Bahamian equal
work for equal skills. At the end of the day, if
their skills and production were equal, their
pay would also be equal.
And so they mounted the scaffolding. The
American effortlessly painting his side of the
wall; the Bahamian sweating on his side.
At the end of the day, bent with fatigue, the
Bahamian looked at the American's finished
work, and then back at his half completed
"Boss man," he told Mr Murphy, "I have to
admit I's only a 4/- a day man!"
We are not saying that this is the case with
the construction worker who complained to Mr
Ingraham, but in our own experience we find it
true of many person's opinion of their own
worth, regardless of their race or nationality.
We often hear of the people who have equal
skills to other people.
, In some cases they might be equal on paper,
but when it comes to attitude, work ethic, and
ability to work with others, they are so far apart
that there is no comparison.
We recall a gentleman who was employed by
government a civil servant. We believe he did
bookkeeping. One day he came to Sir Etienne's
office to complain about how unfairly he was
being treated by management in whatever
department he was in it was either BEC or
BaTelCo. He had quit.
Fed up with government, he now wanted a
job in the private sector. Sir Etienne got on the
phone to his friends trying to sell a respectable,
honest bookkeeper. Eventually Sir Etienne
found someone to take him on.
As the man walked from our office, we
turned to our father to chastise him for putting
his good name on the line for a man who we
were certain could not hold down a job no mat-
ter how many certificates he showed an employ-
His arrogant attitude with his pipe stuck jaun-
tily between his lips set him aside as a human
being who could neither work with, nor for any-
one. As far as jobs were concerned he was a
rolling stone, who eventually died with nothing
- not even a job.
So when someone is confident he is as good
as his colleague, you are smart if you say: Show
That is the only test. Therefore, it is only
the employer who can decide who and what is
best for his own organisation.

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

EDITOR, The Tribune
FREEDOM of speech in a
democracy is usually considered
a "right". But is it so in the
Bahamas? Or is it an illusion
maintained because we like the
idea and the alternative is
John Marquis is the latest
subject to test whether free
speech really exists in The
Bahamas. Renewal or non-
renewal of his work permit will
confirm it.
An editor of The Tribune,
Mr. Marquis has researched
major events of historic inter-
est, an example of which is the
drug running era during the
administration of Sir Lynden
Pindling. Is there a relationship
between his investigative tal-
ents on this and other issues
relating to the political elite and
the deferred work permit? Only
the naive would think other-
Victimization of non-Bahami-
ans for speaking out is nothing
new. D'Arcy Ryan may have
been the first case since Inde-
D'Arcy, had a Bahamian wife
and seven children. He had
"Belonger" status granted
under the Bahamas Nationality
Act of 1973 that provided for
him to be registered as a
Bahamian citizen. However, he
was denied his constitutional
right to citizenship because he
had campaigned for the oppo-
sition FNM in the 1972 election.
The case is noteworthy
because he persisted seeking
justice through the courts to
uphold his right to citizenship.
D'Arcy was one of many
"Belongers" whose citizenship
was denied -or deferred indefi-
nitely in the seventies.
His case eventually ended at
the Privy Council that ruled as
"On the facts disclosed to this
court, no reasonable minister
acting with due sense of his
responsibilities under the legis-
lation would, at the inception
of these proceedings, have been
justified in refusing the appel-
lant's application for registra-
tion as a citizen. In the facts as
disclosed to us registration
could be refused only by acting
In the end the Minister for
Immigration over-ruled the
court and "acting perversely"
he refused D'Arcy his citizen-
The D'Arcy Ryan case
showed the depths to which the
politically powerful will descend
to have their way, even ignoring

the Law and natural justice.
It appears that John Marquis
is another non-Bahamian exer-
cising "free speech" that has
offended some in the PLP gov-
ernment. They want him gone.
In the popular history of post
independence Bahamas the
names of individuals who were
.casualties of the power struc-
ture and the hero-making, self-
congratulatory agenda of the
PLP government have been
lost. But the memory lives on.
If silence is the response to
what appears to be a repeat of
the seventies then we are all
complicit in perpetuating injus-

tice. Fear of becoming a victim
explains the lack of public
protest over the long waits for
work permits and other gov-
ernment documents required to
continue or expand business.
Democracy and freedom of
speech are inseparable as they
create a marketplace for the
exchange of ideas. Dissent is a
healthy component of free
speech, and in democratic coun-
tries it is welcomed.
Is The Bahamas a democrat-
ically elected autocracy or a dic-
tatorship? It is certain that with-
out freedom of speech for
everyone, it cannot be described
as a free democratic country.

August 5 2006

Long past time to

bury the racial axe

EDITOR, The Tribune.
HAVING read Mr. Keod Smith's contribution to The National
Honours and National Heroes Act, I have to ask myself why, con-
cerning topics of this nature, and particularly where certain mem-
bers of the present government and some of their supporters are
concerned, these must always hold racial undertones. What other
possible motive could there be for wanting to remove two of our
most prominent historical landmarks, and I might add, two of the
few remaining, and replacing them with statues of politicians. Mr.
Smith and his ilk don't seem to understand that they cannot sani-
tize or eradicate periods of our history by simply replacing one stat-
ue with another.
I also took note that during the recent Indepeodefe c.l:ebSr,=
tions, there were banners displayed island-wide depicting aft ofthe
people considered to be builders of the nation Not a single white
person. The late Harry C. Moore, donor of fit ie n million dollars
for the establishment of the library at The College of The Bahamas,
must be turning in his grave. This too, is surely indicative of the
mindset of our "movers and shakers", yet they have the gall to ques-
tion why the white minority choose not to participate in national
events. Obviously, it were better, it would seem, that they remained
As I wrote in an earlier letter, "how shallow and culturally
bankrupt we must be as a people that we cannot accept and
embrace our history." Surely it is long past time to bury the racial
axe rather than sharpen it, and try and move forward as one peo-
ple rather than as a nation divided.
July 27, 2006.

Lack of consultation

EDITOR, The Tribune.

THE PLP Government was
issued into power on the
premise that they would be a
Government that consulted
with the people. To date, I
have yet to see one project
that was given consultation.
I am vehemently opposed
to the National Health Insur-
ance scheme, as I am sure,are
many other Bahamians. I have
seen no opportunity for con-
sultancy on this matter as yet.
So far all the Bahamian peo-

ple have got were updates and
I feel a referendum should
have been held on this mat-
ter as it affects every Bahami-
an's salary. This sentiment was
voiced before and the PLP
continue to ignore it. The PLP
accused the FNM of not being
a consultative Government
and have turned out to be far
worse than they were.
May, 2006.

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0 In brief


Arvos dies

at age of 79

VETERAN Cuban dissident
Gustavo Arcos Bergnes, a for-
mer Fidel Castro loyalist who
was wounded in the attack that
launched the revolution but was
later imprisoned for counter-
revolutionary activities, died
Tuesday, according to a neigh-
bor and the mortuary handling
arrangements, according to
Associated Press.
Clara Villar, a neighbor of
the Arcos family, and a woman
answering the phone at the
Calzada and K mortuary near-
by, said Arcos died at 11.40 a.m.
Tuesday. The cause of death
was not immediately known,
but Arcos, 79, had been hospi-
talized recently.
Born on Dec. 19, 1926, in the
small central Cuban town of
Caibarien, Arcos was studying
diplomatic law at the Universi-
ty of Havana when he first met
IDeeply opposed to the gov-
ernment of Fulgencio Batista,
Arcos joined Castro's ill-fated
1953 assault on a military bar-
racks that launched the Cuban
revolution. Arcos was shot in
the right hip and left partially
Arcos was named Cuba's
ambassador to Belgium after
the 1959 triumph of the Cuban
revolution, but soon became
disillusioned by the growing
authoritarianism of the Castro
He began expressing his dis-
content privately and was soon
accused of being a counterrev-
olutionary. When he was
released after three years in
prison, the government refused
his request to leave the coun-

Puerto Rico
activists in
talks about
San Juan
PUERTO Rican activists are
seeking input from nearly 60
political parties in Latin Amer-
ica on how to achieve indepen-
dence from the United States,
according to Associated Press.
-- The Puerto Rican Indepen-
dence Party will meet with for-
mer presidents, parliamentary
S leaders and international orga-
S nizations from Latin America
and the Caribbean on Nov. 18-
19 in Panama City, organizers
said Monday.
The talks should have a sig-
S nificant impact on determining
Puerto Rico's status and US
policy toward Latin America,
party leader Ruben Berrios
Martinez said.
"It is inconceivable for the
United States to have a coher-
ent policy toward Latin Ameri-
ca if it does not include the
decolonisation and indepen-
dence of Puerto Rico," Berrios
Puerto Rico has been a US
commonwealth since 1952.
Puerto Ricans voted to keep
that status and reject statehood
in non-binding referendums in
1967, 1993 and 1998.
In December, the adminis-
tration of President George W.
Bush asked Congress to set yet
another vote for the island's cit-
izens to voice their opinion.
Puerto Rico's nearly 4 mil-
lion people have been US citi-
zens since 1917. They are barred
from voting for president, have
no voting representation in
Congress and pay no federal
income taxes.

Shutdown of Alaska pipeline

prompts call to preserve gas

Tribune Staff Reporter
BAHAMIANS should be
set to take another hit at the
gas pump as global devel-
opments will once again have
a negative effect on the local
cost of energy.
After British Petroleum
announced that they will be
closing their oil field in Alaska
due to corroded pipelines,
analysts warn that oil could
reach prices of more than $80
a barrel before the end of the
With oil prices currently 20
per cent higher than those of
last year, analysts warn that
motorists could expect a fur-
ther pinch at the pumps and
more importantly see the cost
of living continue to rise.
British Petroleum (BP)
announced on Sunday that
they had to close their huge
oil field at Prudhoe Bay in
Alaska after discovering that
close to 16 miles of oil transit
pipeline was severely corrod-
Dr Marcus Bethel, Minister
of Energy and the Environ-
ment, said the announcement
would affect not only the US
market but also the Bahamas

He said: "Whenever you
see a jump in the world prices,
we would see the immediate
effect at the pumps but in the
long term you see the increas-
es in the cost of living. We
have to continue to push pub-
lic awareness and conserva-
tion reducing the demand
for fuel and using your knowl-
edge and resources to alter-
nate to alternate sources of
energy if you can do so.
"But people only pay atten-
tion to these clarion calls when
they feel it in their pocket
books. The message doesn't
change, it is the immediate
impact on petrol (gasoline)
and in the long term effects
on the cost of living that
changes," he said.
According to international
reports, this field was the US'
largest single source of domes-
tic crude, and shutting it down
will take days to complete.
Over time the Alaska North
Slope oil production is expect-
ed to be reduced by an esti-
mated 400,000 barrels per day.
BP owns 24 refineries world-
wide, with the five in the US
producing 1.5 million barrels
of oil a day.
Yesterday Bob Malone, the
chairman and president of BP

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America, issued a statement
apologising for the impact the
shutdown would have on the
nation, and the state of Alaska.
"We deeply regret that it has
been necessary to take this dras- -

tic action of an orderly and
planned shutdown of the Prud-
hoe Bay oil field. We will be
working with state and federal
regulators on plans for the
orderly and planned shutdown

of Prudhoe Bay. In addition, we
will be conducting a parallel
study with the agencies to deter-
mine if it is possible to safely
continue operating portions of
the field," he said.

Tribune Staff Reporter
In an effort to create an
accurate and substantial
database on economic,
touristic, and investment
material relative to the
Bahamas, two international
business consultants are in
New Providence to meet
with members of the gov-
ernment and business lead-
Taking a moment away
from their busy schedule, Sil-
via Camins, and Jantiene
Maat both from US Media
yesterday visited The Tri-
bune to speak a little about
the work they have done so
Stating that they were
here to interview a number
of ministers and industry
leaders for their New York
readers of The Daily News,
the pair highlighted that
their focus will be on
tourism, banking, utilities,
transport, trade and indus-
try, real estate, and luxury
They have already inter-
viewed the Minister of State

for Finance James Smith, and
the Speaker of the House
Oswald Ingraham.
"Currently, New Yorkers are
requesting more information
about the Caribbean and due
to Condolezza Rice visit to the
Prime Minister Perry Christie
earlier this year the attention
has been drawn to the Bahamas
Islands," said Ms Maat.
"We have been in the
Caribbean for a while, and like
Minister of State for Finance
James Smith pointed out in the
meeting, the competition is very
high for attracting US investors,
so it is very important that the
government and companies
work together in this to create a
unique statement for The
Bahamas Islands," Ms Camins
US Media is an international
news organisation specialising
in the production of promo-
tional country reports through-
out the world. According to the
agency's website, these reports
are used "to provide compre-
hensive business and financial
information on countries all
over the world, and effectively
bridge relations between global

Environmentalists plan

conference on LNG

ISTS opposing the approval
of a liquefied natural gas
pipeline between Florida
and the Bahamas plan to
inform the possible dangers
of the plan at a symposium
this Thursday.
Environmentalist and
ReEarth founder Sam Dun-
combe will make the key
presentation about the neg-
ative effects that LNG could
bring to the Bahamas.
The symposium is just one
aspect of the public educa-

tion programme that Mrs Dun-
combe would like to.see in the
Bahamas before the govern-
ment decides to approve any of
the proposed LNG projects.
"We're continuing to try and
inform as many people as we
can about the issues that con-
cern LNG," Mrs Duncombe
said. "This is not only about
ReEarth there are many peo-
ple who are concerned about it."
Environmentalists opposing
the LNG project were surprised
when the debate sparked up
again with a statement made by
Attorney General Allyson May-
nard-Gibson last month, who
said there is "every reason to
believe" that LNG will be
approved by the end of the gov-
ernment's present term.
In response, Mrs Duncombe
encouraged the government
and the opposition to take a
stronger stand on the issue
before elections in 2007.
"We want to give people who
would not necessarily have
access to the Internet a chance to
sign up if they're opposed to the
project," Mrs Duncombe said.
She invited the public to lis-
ten to the presentation, sign the
petition opposing the projects
and buy a T-shirt that expresses
their views
The symposium will begin at
6.30pm at the National Art
Gallery on West Hill Street on
Thursday, August 10.

* VISITING members of US
Media international business
consultant Silvia Camins (left)
and international business
analyst Jantiene Maat (right)

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Woman celebrates as

injunction granted

AFTER a week of waiting,
Mrs Debora Tomlinson final-
ly has an injunction to protect
30 acres of land belonging to
the estate of her mother-in-
During the weekend of July
29, a bulldozer tried to clear a
road through the property,
which lies off of Sanford Dri-
An argument broke out when
the driver of the bulldozer
refused to stop working saying

he was following instructions -
and the police had to be called
According to Mrs Tomlinson,
a man who would only identify
himself as "Mr Morris" claimed
that he had rights to the prop-
erty, which lies east of the US
Ambassador's official residence
on the south side of the main
Reportedly, Mr Morris had
contracted A and D construc-
tion to develop the property
into a sub-division.
Mrs Tomlinson said she had

to hire a security firm to make
sure no further development
took place while the injunction
was being processed.
The land was bought in the
1960s by her father-in-law and
this is the second time the own-
ership of the land has been chal-
Mrs Tomlinson said she
"feels good" now that the land
is protected by law.
She said that something had
to be done and she is happy
that it was done in the "right
way through the courts."

* A SECURITY officer standing by the piece of disputed land last week

Voter registration

below 2002 levels

and still slow

* OFFICIALS of the Parliamentary Registration Department register voters for the upcoming
general elections in the Mall at Marathon last year

Tribune Staff Reporter
VOTER registration is still
lower than it was in the lead-
up to the 2002 general election
- and is climbing at a slow pace.
As of yesterday morning,
71,628 persons had registered
to vote in New Providence.
Parliamentary commissioner
Errol Bethel told The Tribune
that many Bahamians fail to




No. 2006/PRO/npr/00402

BROWN of 1405 Guinep Tree
Street, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, has made
application to the Supreme Court
of The. Bahamas, for Letters of
Administration of the real and
personal estate of ROBERTHA
Pinewood Gardens, New
Providence, one of the Islands of
the Commonwealth of The
Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

RO. BOX N-167
AUGUST 10, 2006


In the Estate of ELLEN EUZABETH
Drumclog venue Milngaive,
Scotland, United Kingdom,


Notice is hereby given that after the
expiration of fourteen days from
the date hereof, application will be
made to the Supreme Court of The
Bahamas, on its Probate Side by
Bay Street, New Providence, The
Bahamas, Attorney-At-Law, the
Authorized Attorney in The
Bahamas, for obtaining the
Resealed Confirmation of Executors
in the above estate granted to
ROBINSON, the Executors, by the
Office of the Commissariot of North
Strathclyde, on the 6th day of
February, 1985.

K. Mackey
(for) Registrar

AUGUST 10, 2006

No. 2006/PRO/npr/00404

Whereas EARL A. CASH of Marlin
Drive, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, application to the
Supreme Court of The Bahamas,
for Letters of Administration with
the Will annexed of the real and
personal estate of SIDNEY
ROBBINS late of 1315 Torrey Pines
Road in the City of Lajolla in the

County of San Diego, in the State
of California, one of the States of
the United States of America,

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

AUGUST 10, 2006

No. 2006/PRO/npr/00410

Scott Street and Johnson Road,
New Providence, one of the Islands
of the Commonwealth of The
Bahamas, has made application to
the Supreme Court of The
Bahamas, for Letters of
Administration bf the real and
personal estate of ZELMA
ROBERTS late of Pinewood
Gardens, New Providence, one of
the Islands of the Commonwealth
of The Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(foi) Registrar

realise that an election must be
called within the next nine
"I think people believe that
this thing is far off. But elec-
tions are not far off at all," Mr
Bethel insisted. "So we need to
pick up the pace and we need to
start moving faster.
"The Boundaries Commis-
sion will meet soon and so we
need to get the numbers up,
because last election season we
were ahead of where we are
In August 2001, nine months
before the 2002 general elec-
tion, 86,000 persons had already
signed up 14,372 more per-
sons than at present.


Mr Bethel said that mIany
Bahamians tend to procrasinate
until the politicians begin active
"People tend to get excited
at a certain stage... that is when
they believe things are going to
happen and if that happens we
are going to have some serious-
ly long lines, and we are really
trying to avoid that from hap-
pening," Mr Bethel said.
"This year we started in a
good time so that people can
come out and get registered
without having to tout long
In New Providence the Ade-
laide constituency continues to



lead in the number of registered
persons, with 2,600 people. This
is followed by Blue Hills with
2,595, then Delaport with 2,400.
Mr Bethel said: "Some places
are doing okay but we still have
a long way to go."
Meanwhile only a third of the
Family Island population has
registered to vote, well below
the numbers officials expected.
On Grand Bahama, an esti-
mated 12,200 persons had reg-
istered as of yesterday.
In Eight Mile over 2,200 peo-
ple have registered; High Rock
over 2,000; Lucaya over 2,000;
Marco City over 2,000; Pine
Ridge under 2,000; West End
under 2,000; North Abaco over
1,300; South Abaco over 1,100;
North Andros over 1,000; South
Andros over 1,211f1: Car island
o\er 800; North Eleuthera over
1,300; South Eleuthera over
1,100; Exuma over 1,100; Long
Island over 900; and MICAL
constituency under 700."
Registration stations remain
open at the Headquarters, Far-
rington Road; the General Post
Office on East Hill Street; Town
Centre Mall and Mall at
Marathon; Commonwealth
Bank Star Plaza, Mackey Street;
Commonwealth Bank, Cable
Beach; Albury Sales Primary
School, Meeting Street; Flamin-
go Gardens Clinic, Carmichael
Road; Elizabeth Estates Clinic;
Uriah Mcphee Clinic, Kemp
Road; Lynden Pindling Airport,
domestic section in the evenings.




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a clean police record & a valid drivers license.

Please note that we are located in
the western district near the airport.

All interested persons are asked to call
377-0444 thru 0446 or sblmit resumes to prior to August 11, 2006.

Only successful applicants will be contacted.

I .
i.: . -7:; -:'
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.................. ; ............................................................................. I ................................................................................................................................................................................................................................................................................................................................





0 In brief




on senator

San Juan
PUERTO Rico's governor
welcomed the ethics complaint
lodged Monday in the Senate
against a lawmaker accused of
having ties to a drug dealer who
was killed last month, according
to Associated Press.
Senator Cirilo Tirado, a
member of the governor's party,
filed the complaint with the
Senate Ethics Commission
against Senator Hector Mar-
tinez, who has denied having
dealings with Jose "Coquito"
Lopez. Tirado said Martinez
violated Senate rules and ethics
by allowing Lopez to attend
three prison inspections with
him, and that he should be
expelled from the legislative
"Every citizen is assuming his
responsibility and those that
keep silent, the people will
judge them," Gov. Anibal
Acevedo Vila said.
The ethics commission can
expel Martinez, who told Chan-
nel 4 television news in Puerto
Rico that he was "a victim" and
should be given time to explain
Martinez is one of three law-
makers accused of having links
with Lopez in a quickly growing
political scandal in the U.S.
Caribbean territory.
U.S. agents are investigating
allegations that rogue police
officers acted as bodyguards
and informants for Lopez, who
allegedly controlled the drug
trade in northeastern Puerto


Forecasters slightly lower

predictions on hurricanes

THE 2006 Atlantic hurricane
season should be slightly less
active than originally predicted,
federal forecasters said Tues-
day, according to Associated
Forecasters now expect there
to be 12 to 15 named storms
and seven to nine hurricanes,
the National Hurricane Cen-
ter and other National Ocean-
ic and Atmospheric Adminis-
tration agencies said.
Three or four could be major
hurricanes with sustained winds
of at least 111 mph,. forecasters
Government scientists made
their first prediction in May,
saying the season could pro-

duce 13 to 16 named storms,
and eight to 10 hurricanes, four
to six of which could become
There have been only three
tropical storms and no hurri-
canes so far, but August
through October are typically
the most active months of the
Forecasters warned coastal
residents not to let their guard
"Preventing the loss of life
and minimising property dam-
age from hurricanes are respon-
sibilities shared by all," said Max
Mayfield, director of the Nation-
al Hurricane Center. "Remem-
ber, one hurricane hitting your
neighborhood is enough to
make it a bad season."

Federal Emergency Man-
agement Agency director
David Paulison, who joined
NOAA officials speaking from
Washington, DC, said his
agency is working closely with
state governments and would
not wait for a state's relief
efforts to fail before stepping in
with federal support after a
Officials revised their fore-
cast because of wetter than pre-
dicted conditions over the
Pacific Ocean, which forced
slightly stronger upper-level
winds over the Caribbean, hur-
ricane centre meteorologist
Christopher Landsea said.
Those winds can rip apart
storms and stop them from
becoming hurricanes.

Water temperatures in the
Atlantic also are not as high as
first expected, forecasters said.
The revision follows that of
forecasters at Colorado State
University, who updated their
forecast Thursday. They
reduced their storm estimate
from nine hurricanes to seven,
and said that three instead of
five of the storms could be
major. The forecasters initially
had called for 17 named storms
but now predict 15.
The two forecasts still would
make this season busier than
long-term averages, but in line
with an increase in the Atlantic
that started in 1995. Federal
forecasters say warmer waters,
more moisture and other con-
ditions have been responsible

for that increase, which could
last for another decade or
Between 1995 and 2005, the
Atlantic has averaged 15
named storms, just over eight
named hurricanes and four
major hurricanes, according to
the hurricane centre. Long-
term averages are 11 named
storms, six hurricanes and two
major ones.
The 2005 hurricane season
broke records with 28 named
storms, 15 hurricanes and sev-
en major ones. Hurricane Kat-
rina was the costliest natural
disaster in US history, killing
more than 1,500 and wiping out
parts of the Gulf Coast.
Hurricane season began
June 1 and ends November 30.

Meteorologists monitoring three systems

THE Bahamas Meteorologi-
cal Department is closely mon-
itoring three weather systems
that may affect the Bahamas,
The Tribune learned yesterday.
Currently, the they are mon-
itoring a tropical wave, an area
of low pressure and an upper
level low.
Yesterday afternoon, the
tropical wave was located
around 825 miles east of the
Windward Islands..
According to chief meteo-
rologist Basil Dean, this sys-
tem is showing signs indicating
that it will develop further
within the next 24 to 48 hours.
The system is being closely
monitored, as it has the poten-
tial to become a tropical
A tropical depression is an
area of low pressure, with
counter-clockwise rotation of
clouds and maximum winds of
38 miles per hour.
It is the second phase in the
development of a hurricane,


Copyright Material

Syndial NewsPren

fromComm racial News Provil

u Lll i

however a wave can dissipate of the Azores Islands, just off
before reaching tropical storm the coast of West Africa.
intensity. This system, he indicated, is
Mr Dean also revealed that showing no signs of develop-
there is an area of low pres- ment, but is also being closely
sure about 750 miles southwest monitored.

Mr Dean ex]
some islands a
experiencing the
upper level low t
through- the

S 4. While the system caused
S heavy showers and thunder
storms over most of the north-
t o* west area of New Providence
yesterday, Mr Deans indicat-
a ed that no significant develop-
ment is expected. The system is
- moving at 15 to 20 miles per
4 hour.
.- Last week Tuesday, the
. National Emergency Manage-
Sment Agency (NEMA) inten-
sified communication with the
S_ southern Bahamas, to ensure
all the islands were prepared
Sd s for tropical storm Chris.
iA hurricane watch was
| issued for Acklins, Inagua,
S Mayguana, Long Island,
6 Ragged Island and Crooked
* Island.
., d Chris was expected to turn
into a hurricane, however it
40 O weakened into a depression
while crossing the eastern
plained that Caribbean.
re currently As the hurricane season
Effects of an reasserts its presence, the mete-
that is moving orological services are advis-
northwest ing the public to make the nec-
essary preparations.

I^K' d

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What lies ahead for

Cuba and the


FLIPPING through the
channels one sleepless
night recently, we happened
upon a grainy black and white
interview of Fidel Castro by the
late Jack Paar, a former host of
NBC'S Tonight Show.
Turns out that Paar was
enthusiastically welcoming a
young Fidel in a Havana hotel
on the very night that he became
the pre-eminent political leader
of Cuba in February 1959 a
month or so after the revolution-
aries rode into Havana on tanks.
It is said to be Castro's only on-
camera interview with an Amer-
ican conducted in English.
Smiling, affable and smoking a
trademark cigar, Castro told Paar
(who was concerned that he
might be tired after the revolu-
tion) that he could "ask all that
you want for the public opinion
of the United States."
There was nothing particular-
ly insightful in that brief conver-
sation it was just a frozen
moment in time resonating across
half a century, from the point
when Castro first arrived on the
world scene to the point where
he is about to exit stage left.
In the late 1950s Cubans from
all walks of life united against
their despised president, Fulgen-
cia Batista. And Castro, a lawyer
and onetime election candidate,
became a charismatic revolu-
tionary figure who described his
political goals as "representative
democracy and social justice in
a well-planned economy."
After moderates broke with
the Revolution and were either
executed, imprisoned or exiled,
the US made a fatal mistake by
supporting Cuban exiles in the
failed 1961 Bay of Pigs invasion.
Ever since, Castro has main-
tained a special intransigence
towards America, which led to a
nuclear showdown at the height
of the Cold War.
But many believe that Cas-
tro's dislike for the United States
has deeper roots. His father (a
wealthy Spanish plantation ov n-
er) moved to Cuba after Spain's
ignominious defeat in the Span-

4, .,.* -

ish-American War, and Fidel was
well-known from a young age for
his passionately nationalistic
In fact, American sources
speaking on background have
told Tough Call that Castro's vis-
ceral hatred for the US would
prevent a political accommoda-
tion even if he were not a com-
munist and the embargo was
withdrawn tomorrow.
So what will happen when in
the very near future Fidel Cas-
tro is no longer the all-powerful
dictator of Cuba? It is the ques-
tion on everyone's lips these days
- and since the Bahamas is only
a few dozen miles from Cuba at
its closest point, it is. a particu-
larly pregnant question for us.

ome analysts say that Cas-
tro's cession of power to
his brother Raul in order to
undergo abdominal surgery a
week or so ago is merely protocol
required by the Cuban constitu-
tion. And even if he were to die
or to become incapacitated, there
is no sign that the Communist
Party will be overthrown.
According to Felix Masud-
Piloto, director of DePaul Uni-
vesity's Centre for Latino
Research: "When someone has
been in power for so long and
has played such a central role in
everything that has happened in
Cuba, as well as its relations with
the rest of the world, it's going to
leave a big hole. Whether you
love him or hate him, Fidel Cas-
tro is a giant in international pol-
itics a dominant political figure
of the 20th century."
A few weeks ago, a US presi-
dential commission called for an
$.8O million programme to bol-
"ster non-governmental groups in
Cuba and hasten an end to thie

country's communist system. A
"transition co-ordinator" has
been appointed in Washington,
tasked with accelerating the end
of the Stalinist regime that Castro
built over the past half-century.
Dr Brent Hardt of the US
Embassy in Nassau, told Tough
Call that America wanted a free
and democratic Cuba reintegrat-
ed into the inter-American sys-
tem: "The imposition of Raul
Castro denies the Cuban people
their right to freely elect their
government. We are ready to
help Cuba through a democratic
transition and are prepared to
rapidly provide substantial
humanitarian relief to support a
genuine transition."
And already there are credible
calls in the US for an end to the
embargo and normalization of
relations. Some lawmakers want
to repeal the 1996 Helms-Burton
Act, which prevents the United
States from lifting sanctions until
Cuba holds free elections and
releases political prisoners. The
law also prohibits recognizing a
transitional Cuban government
led by Castro's brother and des-
ignated successor, Raul.
Most analysts think little will
change in the immediate after-
math of Castro's death or inca-
pacitation. His hardline brother,
Raul, has a strong base in the
military, although he lacks Fidel's
charisma. So the most likely
short-term outcome, they say, is a
military-backed regime that will
seek to maintain the status quo.
But few doubt that the com-
munist system will eventually col-
lapse without Castro, despite the
support of Venezuelan President
Hugo Chavez for an ongoing
anti-American alliance. Analysts
say that cautious market reforms
following the dissolution of the
Soviet Union in 1991 "began to


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unravel the entire structure so
that the frightened government
quickly backtracked."
During the Cold War, the
Soviets subsidized Castro by sup-
plying cheap oil.and buying
Cuban sugar at a premium. And
the Cuban economy declined by
more than a third after 1989
when the Soviet bloc disintegrat-
ed. An important part of the
regime's response was to allow
foreign investment in the tourism
sector for the first time.
In 1989, there were only about
300,000 visitors generating $240
million for the Cuban economy,
but by 2005 more than 2.3 mil-
lion tourists visited the island,
choosing from more than 43,000
hotel rooms and spending $2.6
billion. Most of the travellers

were from Canada, Britain, Italy,
Spain and Mexico.
Although this is roughly half
of the Bahamas' total visitor
count of 5 million last year, it has
to be noted that Cuba is the
largest island in the Caribbean,
with mountain ranges, fertile
plains and valleys, and a 2,300-
mile coastline with deep har-
bours, coral islands and miles of
beaches. Cuba also offers a proud
history and culture blending
Spanish and African influences.
Cuba now has 10 internation-
al airports served by 100 airlines
connecting to 40 cities worldwide.
And there are 16 regions
throughout the island with possi-
bilities for another 164,000 hotel
rooms. If US travel restrictions
were lifted, Cuban officials pre-
dict total visitors in 2010 could
reach 12 million. So the compet-
itive threat that Cuba poses to
the rest of the region is enor-
mous. According to the Barba-
dos Free Press weblog, this threat
cannot be overstated:
"Thanks to the USA's embar-
go and travel ban, Barbados has
not had to vie with Cuba for
American tourism dollars. With a
dramatic resurgence in the
Cuban tourism industry, and an
increased number of Cuban

resorts catering to both the low
and high-end tourists from the
USA and Europe, can Barbados
still be competitive? We already
lose significant visitors to Cuba
from the Canadian and European
markets. Without the American-
legislated "head-start" how will
we fare?
And, the bloggers added for
good measure: "Think about the
potential impact of over 100,000
square kilometres of Cuban lands
being dumped onto the free mar-
ket at rock bottom prices in an
attempt to jump-start Free
Cuba's economy and foreign
Bahamian tourism officials
have been thinking about the
long-term impact of an opening
of Cuba on the US market,

although they do not see it as an
immediate threat: "We are an
English destination and they are
a Spanish destination," one offi-
cial source said, "so that is an
,advantage for North American
"Certainly we will have to
increase our marketing efforts to
differentiate our product, to
maintain and grow our US and
other country market share. But
Cuba and The Bahamas are two
different destinations that can
effectively compete. We will have
to continue our efforts to target
new markets like China, India,
and Brazil.
"The biggest pluses for our
tourism industry and foreign sec-
ond home owners are proximity
to the US, political stability and
the fact that most of the coastal
lands in southeast Florida are
developed. These will remain
advantages in the future (evident
by the recently approved Ginn,
Mayaguana and Baker's Bay
developments). Proximity to the
US will also be a plus for Cuba,
but I doubt that their promotion
of this will adversely impact us
in the short term.
"The curiosity factor for visit-
ing Cuba will be huge, but high-:
end travellers demand a greater

level of service than that cur-
rently offered by most Cuban
properties and businesses. There
will be a period of time for Cuba
to catch up."
And it is also likely that there
will be a power struggle in Cuba
that could go on for years. Since
the state owns all hotels, man-
agement chains can leave with
little loss in the event of unrest.
And even with an elected gov-
ernment, there will be many
problems related to Cuban-
Americans seeking to reclaim
properties confiscated by the
Castro regime.
Perhaps the most immediate
risk to the Bahamas from a post-
Castro transition is the same as
that faced by the United States
- the prospect of mass migra-

T he average Cuban lives
on about $8-$10 a
month, surviving on food rations
and free health and education
services. But Communist Party
members live much better than
ordinary people and have access
to luxury goods and better jobs.
Political discontent in 1980 led
to the exodus of more than
100,000 Cubans to Florida dur-
ing the so-called Mariel Boatlift,
overwhelming local authorities
and the US Coast Guard. Anoth-
er wave of emigration came after
the collapse of the Soviet bloc,
which threw Cuba into an eco-
nomic tailspin in the early 1990s.
Post-Castro instability in Cuba
can be expected to lead to more
mass migration, although there
is no sign of that yet. Newspaper
reports say that the Coast Guard,
which routinely patrols the water
between Cuba and Florida, has
been closely watching for any
increase of refugees following
Castro's health announcement.
Florida Governor Jeb Bush
said recently that the state was
reviewing an emergency mass
migration plan should instabili-
ty in Cuba grow. And the Bush
Administration says military
forces stand ready to avert any
mass immigration of Cubans in
the event of chaos on the island
another Cuban blockade.
In the worst-case scenario,
there could be a civil war, pro-
ducing 2 or 3 million refugees;
experts say.,If such an exodus
does occur, many Cubans will no
doubt end up on Bahamian
shores. And the pregnant ques-
tion is, what will we do about that
-;rely on the Americans?

What do you think?
Send comments to
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"Most analysts think little will
change in the immediate aftermath
of Castro's death or incapacitation.
His hardline brother, Raul, has a
strong base in the military,
although he lacks Fidel's charisma.
So the most likely short-term
outcome, they say, is a
military-backed regime that will
seek to maintain the status quo."




~irv irv~irra1

COB plan to improve

university experience

I through exchanges

* AN officer from Rhode Island demonstrates disarming
techniques on an officer from the prison during the Baton
Certification Course at HM Prison yesterday morning

Prison officers go

on security threat

training course

PRISON officers at Fox Hill
are undergoing a three-day
course on dealing with security
threats with the Rhode Island
Department of Corrections.
Sixty officers have been cho-
sen for the Baton Certification
Course as part of the State Part-
nership Programme, aimed at
giving them the technical know-
how to deal with a variety of
security threats that may arise.
The officers will also have
sessions in cell extraction, basic
and advanced riot/crowd con-
trol, pepper spray certification
and an inmate classification
Lieutenant Commander
Delong Bonner from the Naval
Liaison's Office at the Ameri-
can Embassy said the partner-
ship between Rhode Island and
The Bahamas is going strong.
"To date, Rhode Island has
successfully joined with The
Bahamas' National Emergency
Management Agency, The Roy-
al Bah~mas Defence and Police,
Ft're;.'.tic Port .A uth-rit. thle
c ll'eg o'f ~i~The Bahaiml al nd
the ii)ttice of Economic De\cl-

opment all of these exchanges
have been an overwhelming
success," he said
Lt Bonner told the officers at
the official opening ceremony
yesterday morning that "seven
of Rhode Island's best correc-
tions officers have travelled
here for an information
exchange; they are certified
instructors who have a wealth of
experience and information on
prison operations."
Prison Superintendent Dr
Elliston Rahming said that
unlike in the past, when offi-
cers were mandated to simply,
undergo recruit training, they
are now required to receive at
least 40 hours of training a year
in order to be in a constant
state of peak performance on
the job.
The course ends on Thurs-
day. Prison officials are already
making plans for a one-week
course in October on Leader-
ship in Corrections, to be con-
dueled for supervisory person-
nel h b nin C inaiLc ii n:l ci rIec-J
tion-conulhjnt f'r.lm the BrI(In '
H>nle (Alice in Lor1do.'n

COB's new president
Janyne Hodder is planning to
increase the level of interna-
tional exchanges in a bid to
improve the institution's vis-
ibility and the "university
Mrs Hodder, who has just
taken over the reigns of the
college after the resignation
of Rodney Smith last year,
said the college was "bubbling
over" with ideas for change
"This year we're expecting
1,500 new students; what's
going to be costly is the
process of offering more schol-
arships and international
exchanges, and that is going
to be very dependent on how
we can generate private giv-
ing," she said.
"International students are
important to us because they
bring a quality to the experi-
ence. I don't see them as rev-
enue," she said. "This
exchange programme will be a
good vehicle to build the col-
lege's visibility."
"A. majority of COB's stu-
dents have been Bahamian,
but we are discussing the pos-
sibility of creating interna-
tional exchange programs to
give our students the experi-
ence of a semester at another
university in another country
and for an international stu-
dent from that university to
spend a semester here at
Mrs Hodder added that she
was optimistic about the
changes going on at the col-
lege during this transition peri-
"As we now go through
another process of change, it's
bringing with it its own kind
of debate," she said. "Learning
ithl:ugh edhcatibn is a'riessy
buines; ybtu' have to. argue,
'think, and imrte b'eit'use

New president outlines

vision for institution

there's always someone with
a different point of view."
Mrs Hodder hopes to
engender this kind of interac-
tion to the college by attract-
ing a more diverse student and
professorial body which she
believes is the true "university
One thing will not be chang-
ing at the institution, however
- its need for continued and
increasing funding as it under-
goes the change from college
to university.
Mrs Hodder said that COB
relies more on student tuition
moneys, so in order to live up
to the public's expectations
philanthropic funding must
"With a larger influx of stu-
dents, we will need dorms to
build a residence life for stu-
dent exchange and athletic
programmes. So far we have
progressed in constructing a
centre for performing arts and
a library, and the only way to
fund these endeavours is
through donations."
She also expressed a desire
to introduce web registration
and expand the number of
courses available. "We have a
fair number of students that
attend the college part time
because we can't offer them
all the courses they want," she
said. "Our hope is that with
more classes we can cater to
more full-time students."
Finally, Mrs Hodder spoke
of COB's plans to increase the
number of middle-aged and
senior citizen students

through alternative interest-
focused academic programmes.
Increasing tuition is not the
solution, she said because
COB's student endowment
does not permit; and even so
she said, they would not want
any Bahamian student to be
refused an education because
they could not afford it.

COB president
Janyne Hodder








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Cuban allies urge US not to interfere with island


CUBA'S allies urged the
United States not to interfere
with the communist country dur-
ing Fidel Castro's absence from
power, while the U.S. increased
its television transmissions to
the island and encouraged anti-
Castro activists to push for
change, according to Associat-
ed Press.
Cuban Parliament Speaker
Ricardo Alarcon warned that
the United States would face
"hell" if it meddled with the
Caribbean island.
"We demand that the gov-
ernment of the United States
respect Cuba's sovereignty,"
read a letter from 400 leftist
intellectuals and human rights
activists published Tuesday in
Cuba's state-run newspapers.
"We must prevent a new aggres-
sion at all costs."
U.S. officials have repeatedly
said they will not invade Cuba,
and that they wish only to see
democracy on the island.
"Our desire is for the Cuban
S people to choose their own form
S' of government," U.S. President
George W. Bush said from his

Avilablef-rom Commercial News Prov

0 00*
I m~ I)C

ranch in Crawford, Texas.
Yet many of those fearing an
attack point to Iraq and
Afghanistan and the failed

U.S.-backed Bay of Pigs inva-
sion of Cuba in 1961.
Any invasion now would
"become a hell for them from

the first day," Al
"We willguarante
failure once again,'

an interview from Havana with
the Venezuela-based television
station Telesur, in an apparent
reference to the Bay of Pigs
Castro, who turns 80 on Sun-
day, is said to be recovering
from intestinal bleeding that
forced him to temporarily cede
power a week ago to his
younger brother, Defense Min-
ister Raul Castro.
Neither of the brothers have
made public appearances since.
The Communist Youth news-
paper on Tuesday published a
series of letters to Castro from
Sr children and teenagers across
the country.
iderI "We care about you so much,
Sand since the moment of this
sad news haven't stopped think-
ing about you," wrote Rina For-
ment, a 10-year-old in the east-
W ern city of Santiago.
S4 No details on Castro's specif-
- ic condition or what surgical pro-
cedure he underwent have been
Provided, with officials simply
saying the Cuban leader's
arcon said health is rapidly improving and
that he'll be back to work
ee them total soon.
"he said in Castro "continues to be com-


The following persons or their nearest relatives are kindly asked to visit the PENSIONS DEPARTENT of the National Insurance Board located in the

Board's Jumbey Village complex on Baillou Hill Road. For Further Information, you may contact the Department at telephone number 502-1500:


ADDERLEY Christopher
ABURY Eveland
ARANHA Germaine
BAIN Alfred
BAIN Gerald
BARR Christine
BELL Annishka
BROWN Prince Albert
BURROWS Nathania
BUTLER Lillian
CAREY Charoltte
COLEBY Charmane
DAIVS Lawrence
GREENE Sheila M.
HALL Dressiler
JOHNSON Pateicia
JOHNSON Valderine
JONES Luther
JOSEPH Octales

Kelly Elizabeth
Kelly Roland
King Michael
Knowles Sharon
Korti Rachel
LaFleur Joel
Laroda Joseph
Larrow Michael
Lazzaris Giancario
Louis Adnau
McIntosh Margaret
McKenzie Elijah
McKenzie Emperor
McKenzie Eula
Mckinney Joanna
McNeil John
McPhee Jestina
Miller Herby
Misri Autar
Mitchell Richard 0.
Narin Deveaux Paula
Neely Renee
Nixon Myncharhi
Omeler Gladys
Palukuri Sambasivarao
Pampanelli Armando
Pluck Desmond
Rodgers Prince
Rodrigo Thosina
Roldan Eloy
Rolle Gwendolyn
Rolle Louise
Rolle Nikita
Saunders Melva
Saunders Samuel
Saunders Shirley Lea
Singh Lgbal
Smith Caphy
Smith Cherrel
Smith David
Smith Eddie
Smith Ellen
Smith George
Smith Vema
Strachan Daisy
Strachan Delarise
Stubbs Ezekiel
Stubbs Gearlina
Stubbs Ruth
Sutherland Vemita
Swain Amette
Sweeting Donald
Taylor Viola
Thompson Pearl
Thompson Sandra
Todd Lily
Vernon Anthony
Watson Altheameze
Williams Albert
Williams Charmaine
Williams Dina
Williams Janet
Williams Martin
Williams Matred
Wilson Sylvia
Woodside Caroline
Young Lisa


14246694 '. '
14093693 .


Miami Street
Ferguson Steet
Atriana Drive
Address Unkqown
Syndey Street
Redland Acres
Airport Camp
Eastern Estate
Jubilee Gardens
Grand Bahama
Summer Haven Estates
Bernard Road
Golden Gates II
Lewis Street
Bird Court
Brougham Street
Carmichael Road
Sunderland Road
3rd Street .
Fire Trail Road
Church Hill Avenue
St. Lucia Cresent
Mckinney Avenue
Nassau Street
Pine Yard Road
High Vista Drive
Hudson Street
maderia Street
Yellow Elder gardens
Carmichael Road
Yellow Elder Gardens
Pinewood Gardens
Baillou hill road
Golden Gates
Belford Street
East Street
Mangrove Cay
Nansen Avenue
Kennedy Subdivision
Montell Heights
Pinewood gardens
Windsor lane
McQuay Street
Baillou Hill Road
Hibiscus Avenue
Joan's Height
Carmichael Road
Flemming Street
Georgia, USA
Lewis Steet
McKinney Drive
Retirement Road
Florida, USA
Golden Gates 1
Rupert Dean Lane
South Beach
Address Unknown
Barcardi Road
Soldier Road
Kennedy Subdivision
Golden Gates
Sunshine Park
Washington Street
Garden Hills Estate
Hawkins Hill
Address Unknown
Cable Beach Manor
Address Unknown
Leeward Isles
Fox Hill
Farrington Road
Cascarilla Street
Town Courts
Grand Bahama
West Bay Street
Address Unknown
Village Road
Winton Highway
Winton Estates
Golden Gates
Water Street
Golden Gates 1
East Street South
Sandy Port
Greenwood Road
Blue Hill Road
Wilson Track
Elizabeth Estate
6th Street The Grove
Moonsine Drive
Yellow Elder Gardens
Johnson Road
Garden Hills
Garden View
8th Street The Grove
Sugar Apple Street
Sugar Apple Street
Bamboo Boulevard
McCullough Comer
Millar's Heights
Maxwell Lane
Westwood Villas
Sunshine Park
Sunset Park
Ridgeland Park
Johnson Road
Woodland Way
Pinewood Gardens
Stapledon Gardens
Wilson Track
Pinewood Gardens
West Avenue
Elizabeth Estates
St Andrews Beach Est

r ~II nrrrr

ing along favourably and we are
sure that he will recover," said
Vice President Carlos Lage, who '
was in Bogota for the inaugu-
ration of Colombian President
Alvaro Uribe.
"He himself has said that in a
few weeks he will be back at
work again," said Lage, adding
that Cuba was operating nor-
mally in the leader's absence.
Bush said the United States
was in the dark about Castro's -
true health condition.
"The only thing I know is
what has been speculated, and
this is that, on the one hand, he
is very ill and, on the other hand,
he is going to be coming out of
hospital," Bush said.
The United States planned to
increase the television transmis-
sions of its Miami-based TV
Marti station to Cuba from one
afternoon a week to six.
Congress approved $10 mil-
lion in its 2006 budget to devel-
op airborne TV broadcasting to -
counter the Cuban governmen-
t's mostly successful efforts to
jam the transmission.
A new private plane to be
used for the transmissions was
unveiled on Saturday.





THE decision to defer the
work permit of Tribune man-
aging editor John Marquis is a
.reminder of the previous cul-
ture of victimisation that ,r
existed in the Bahamas,
according to a local economic
think tank.
In a letter issued over the -
weekend, the Nassau Institute
asserted that the matter is a -
test of whether free speech
really exists in the Bahamas -
as "renewal or non-renewal
of his work permit will con-
firm." -
"If silence is the response E TRIBUT
to what appears to be a repeat editor Jo]
of the 70s then we are all
complicit in perpetuating The letter
- injustice," the letter said. Mr Ran had
Adding that Mr Marquis is tu, ante
tus, granted
not the first foreigner to be Bahamas Nat
victimised for speaking out, 1973, which p
the letter noted the case of r registration
D'Arcy Ryan, a man who citizen.
campaigned for the opposi- "'He had a
tion FNM in the 1972 elec- and seven ch

FROM page one

and balanced over the years."
Leader of the Bahamas Democratic Move-
ment, Cassius Stuart is also threatening to protest.
He said too many Bahamians suffered and
were denied the opportunity to maximise their full
potential because of victimisation under the rule
of Sir Lynden Pindling.
He claimed the government is attempting to
have Mr Marquis "kicked out of the country"
and that this is a sign that the PLP has not
"For the Bahamas government to victimise
John Marquis for saying exactly what happened in
the past is totally ridiculous and portrays them in
a bad light internationally," Mr Stuart said. "What
Mr Marquis has done is simply regurgitated his-
Mr Stuart claimed that during the early 1980s
the PLP administration was tainted with corrup-
tion and drug trafficking flourished during that
"In the 1980s the PLP was steeped in corrup-
tion from the Hotel Corporation, to Bahama-
sair," Mr Stuart recalled. "We also had an infes-
tation of drugs." He said some members of par-
liament were condemned in the 1984 Commission
of Inquiry for questionable associations with drug
.Mr Stuart explained that after the Commis-
sion of Inquiry report, which highlighted the for-
mer PLP administration "no one has ever been
"These MPs were never punished for the
wrongs against our society," Mr Stuart said.
"However here it is a man is just saying this is
what the PLP has done in the past and now the
PLP wants to victimise him because he is a for-
eigner. That is totally absurd. The PLP govern-
ment should be ashamed of themselves and what
they should be doing is asking the nation for for-
giveness instead of trying to punish this man for
saying exactly what they did in the past."

NE managing
hn Marquis

explained that
"Belonger" sta-
d under the
ionality Act of
provided for his
as a Bahamian

Bahamian wife
ildren, but was

denied his constitutional right
to citizenship because he cam-
paigned for the opposition
FNM in the 1972 election,"
the letter said.
It continued: "Fear of
becoming a victim explains
the lack of public protest over
the long waits for work per-
mits and 'other government
documents required to con-
tinue or expand business."
The letter stated that the
cases of John Marquis and
D'Arcy Ryan show the
"depths in which !the politi-
cally powerful w ill descend to
have their way, even if they
must ignore the law and nat-
ural justice."
Adding that "dissent is a
healthy component of free
speech, and is welcomed in
democratic countries," the
statement questioned whether
the Bahamas is truly\ democ-
racy, rather than an autocracy
or dictatorship.

(For the full text of the
letter, see page 4).

Protest threat

Mr Earl Deveaux, who was the FNM minister
of labour and immigration when Mr Marquis was
granted a three year work permit, added his voice
to that of Mr Stuart and Mr Duncombe.
He said: "I find it totally objectionable and
frightening that something like this would happen
in our day and time and in this manner. I think
there is a great deal of fear in our land and many
people are afraid to speak theirminds because of
fear of victimisation and I think it is very sad.
"I am speaking as a citizen of the Bahamas
and that is how Earl Deveaux feels: I don't speak
for any party. I served as minister df immigration
and that is a well known fact and I can't contem-
plate having done something like this in any way."
According to Mr Duncombe, "The Tribune
has been the only fair media," in helping his
organisation push current children's issues to the
"Ihave had difficulty having the concerns of my
organisation, Bahamian Fathers For Children
Everywhere (BFFCE), heard in any other
media," Mr Duncombe said' "Whatever we must
do we intend to do to let our voices be heard
because this is a clear case of-victimisation in the
highest order."
Mr Duncombe continued: "What has Mr Mar-
quis done? It appears the PLP intends to carry on
with its archaic behaviour. Mr Marquis is a trea-
sure to the Bahamas and to have him removed for
doing what he hasbeen doing for 40 years would
be a grave injustice to our country."
Raynard Rigby, PLP chairman, and Fred
Mitchell, Foreign Affairs Minister, have criticised
the local media for what they consider "unfair"
However, during a recent renaming of Third
Terrace, East Centreville, to Harcourt "Rusty"
Bethel Drive, the minister responsible for broad-
casting, Obie Wilchcombe, defended the local
media, and freedom of the press.

FKUM page one

According to Mr Thomp-
son, "the hours in which
these vehicles are driven,
must be addressed:"
"We have always encour-
aged heavy duty trucks not
to drive in the peak hours of
the day," he said. "That is

FROM page one

to them since n201 and ha("
further fallen far behind in pro-
moting prison officers.
'The Association president
said this treatment bi go\ern-
ment seems to indicate that
prison officers are the least al-
ued members within the coun-
try's law enforcement and ludi-
cial system.
He said that if other employ-
ees within the system can be,
treated with respect, then the
same should be possible lor
prison officers.
"If they are handsome
paid, we should be handsome-:
ly paid. If they are recognized
for their sacrifices. \%c. should
be recognized for our sacntiices.
If they are promoted ina time-
ly fashion, then likewise the
prison. It is time that we are
treated fairly and treated i th

around one o'clock, or in the
early morning hours. These
persons are not to be on the
road around those times."'
Mr Thompson said there
is also an increasing need to
regulate the types of licences
given to drivers.

"Give us the recognition we
deserve b% meeting our
reqiests in a timely manner. If
other agencies can gelt hat
tlic\ need on time. then \h\
Is t'hce :il \a\s such a long
drat n out process \\hen it
comes to the pnson The prison
officers are tired of being atL
the bottom of the totem pole
arid it is time for us to begin
climbing up the ladder,". he
said. ,
Responding to reports of
-prison officers being on a go-
slow, Corporal. Rolle emphi-
sised that the officers
hate not instituted a .\ork-to-
He explaineJ that the prison
of ticers have nalv ays gone
beyondthe call of duti and are
now simply working "by rules
that govern us is dictated
by the Prison Act."
"We want to work and
remain loyal to our job, our
institution and our country, but

SI U| IULpaetia lJLJCIsIIoL ni -VI
sidering to introduce various
classes of licences for vehi-
cles. Based on your ability
to drive and the type of vehi-
cle being driven, you will be
'issued a licence of that
As of press time, no new
information had been
released about the accident.

Man, 29, dies after shooting

FROM page one

had arrived.
Following the incident, police searched the
house and the immediate area. Thev disco -
ered the body of MrToote. iith multiple gun-
shot wounds, lying face up a short distance from
the house.
Also in the direct \icinir' of the house police
discovered the chiclee \%luch had been drm\en by
the two suspects.
The bod\ \ as taken to Rand Memorial Hos-
pital where an autopsy \till be performed.
Anyone with information about this incident
is asked to contact the police department at
telephone number 350-3107.350-3013/16 or 911

to assist in the investigation.
Grand Bahama police are also urging people
to refrain from settling disputes among them-
selves with guns.
"We ae noting that this is the second shoot-
ing within a rw o-day period here on the island of
Grand Bahama," the police said.
* On Monday morning, a plainclothes police
ortfcer was mistakenly shot by a Grand Bahama
oticer % ho as investigating a dispute at Club
Amnesia on East Mall Drive.
A resident of Mayfield Park, 32-year-old
Glen-Roy.Rolle, was also shot during a shooting
incident, which sparked the police shooting.
The New Providence officer, Sherico Far-
quharson, and Mr Rolle are both recuperating
from their gunshot pounds.

it gets more difficult every day
we have to. wait on the tools
necessary for us to carry out
our duties in an effective man-
ner and in a clean and safe
en ironment.
-"We appreciate the efforts
of the superintendent, who has
inherited an institution that is
stagnated and by negativity
and lacks respect and we
applaud his efforts," the Asso-
ciation president said.
The Association, he said, is
also calling for placing the
responsibility\ of recruitment
back "ith the prison, "thus
eliminating the need for spo-
radic and mammoth recruit-
If the prison takes over this
task, Corporal Rolle said, there
will be "constant and consis-
tent recruitment," which will
further eliminate having to go
through Cabinet every time the
institution needs additional

FROM page one

after being sent home to change
the shirt, thus effectively quit-
ting her job.
The Tribunal had heard.that
other employees had been
allowed to wear PLP caps on
election day, a concession Mr
Albury later regretted.
In a letter to the Marsh Hiar-
bour newspaper, The Abacon-
ian, Mr Albury admitted seek-
ing Labour Department guid-
ance when ferry captains began
wearing political caps during
April, 2002, a few weeks before
the May 15 election.
"I was told there was no law
as to what captains could wear
on public transportation, but to
keep in mind that we serve cus-
tomers from both parties and
we should seek not to cause
hard feeling toward anyone.
"Based on my conversation
with the Labour Department,
the decision was made to allow
my employees to wear caps but
not political shirts. I notified my
employees of my decision and
on April 9 I was in the Marsh
Harbour office and Donna and
I discussed my talk with Labour
and my decision.
S"Political caps were allowed
but political shirts were not. She
said when she got her cap, she
was going to wear it. I said
Nothing more was said until
election day when Ms Burrows
called him to say one of the fer-
ry captains had put a political
flag on the Hope Town ferry.
"I immediately called the cap-
tain to tell him to remove it. He
said that he would, but that
Donna was wearing a political
shirt. If she could wear a shirt,
the captains wanted to wear
their shirts, too."
Mr Albury said he called Ms
Burrows and reminded her of
the rule they had discussed
some weeks before. He told her
she could wear a cap but should
change her shirt. "Donna said if
she had to go home to change
her shirt, she would not be com-
ing back. I said 'If you go home

FNM shirt
and do not come back, I will
assume you have left your job
and quit'."
Seeing this was turning into a
problem, Mr Albury said he
told all other employees to stop
wearing political caps, which
they did without complaint.
When he later called Ms Bur-
rows' home, her daughter said
she was not returning to work
that afternoon. He then sent
someone else to cover for her
*on the 130 ferry to Marsh Har-
In the letter, Mr Albury
added: "Looking back, I can see
that it would have been better
to have said they could not wear
anything political on the job. I
am sorry to have lost a good
employee over such a trivial
matter. However, she was not
fired, but left by her own choos-
At the tribunal hearing, Mr
Albury admitted being a sup-
porter of the PLP candidate,
Edison Key, and wanted him to
defeat the FNM candidate,
Robert Sweeting.
He testified that when he
made the rule allowing employ-
ees to wear caps only, he did
not know which candidates had
printed caps and which did not.
But he was aware that his
employees were wearing Edi-
son Key caps at the time he
made the rule.
Ms Burrows' daughter Jade
told the Tribunal that, when
asked by Mr Albury whether
her mother was returning to
work, she said: "No, I don't
think so. She said she was
fired." She said Mr Albury said
"Okay" and hung up.
The respondent called wit-
nesses to rebut allegations that
Ms Burrows was terminated,
but The Tribunal, in its ruling,
said it found "on balance of
probability that the applicant's
account of what transpired on
Election Day, 2002, should be
It added: "She was a very
credible witness and was never

found to be telling a lie or mak-
ing a misstatement. She said
that she was 'fired' and after lis-
tening to all of the witnesses the
Tribunal finds her and her
daughter much more credible
than the witnesses for the
The ruling said that, before
April, 2002, Albury's Ferry had
no policy in place regarding
election paraphernalia. But that
month Mr Albury sought to
introduce a policy that was "bla-
tantly unfair, as he himself
admitted with hindsight (it)
ought never to have been put
in place."
It said Mr Albury was in the
business of running a public fer-
ry and, under such circum-
stances, it was "highly inappro-
priate" to have any of its
employees wearing political
Yet several employees defied
company policy by displaying
PLP paraphernalia on its vehi-
cle and, when Ms Burrows drew
this to Mr Albury's attention,
he did nothing about it.
Following the firing of Ms
Burrows, Mr Albury immedi-
ately called other employees to
ask them to take off their polit-
ical caps, having earlier given
them permission to wear them.
"This was, in fact, an erratic and
arbitrary position to take," said
the ruling.
"The respondent's action
when he terminated the appli-
cant's employment amounted
to summary dismissal.
"The onus was on the appli-
cant to show that she was sum-
marily dismissed on a balance of
probability. She met that bur-
The ruling added: "The Tri-
bunal finds that the true reason
motivating the respondent at
the time of the dismissal was his
anger at the applicant for wear-
ing an 'FNM' shirt. The Tri-
bunal finds that the respondent
was not justified in terminating
the applicant's employment."
The award of $55,941.01
included a $7,410 compensatory
award and $1,140 payment in
lieu of notice.

Economic think tank speaks

out on work permit decision

Prison officers 'yet to receive

all of promised protective gear'

lmvlbd-%lL~r'' -- I a I I Cliir f-.nqr mf-ni enn




Judge orders

trial in slaying

of Canadian


Puerto Rico
A JUDGE ruled Tues-
day that a 23-year-old dish-
washer should stand trial in
the slaying of a Canadian
executive who was beaten
and stabbed to death in
front of witnesses in a
tourist district of the Puerto
Rican capital, according to
Associated Press.
After listening to the tes-
timony to a witness and an
investigator, the judge
ruled there was enough evi-
dence to try Jonathan
Roman Rivera on murder
and weapons charges in the
September 2005 death of
Adam Anhang.
Superior Court Judge
Elizabeth Linares sched-
uled the trial for Oct. 24.
Roman, who is free on bail,
worked as a dishwasher at
the Pink Skirt, a bar and
restaurant, that Anhang
had purchased for his wife
in historic Old San Juan.
The couple had just left
the establishment, after dis-
cussing the terms of their
pending divorce, and were
walking to their when they
were attacked by a man
with a knife.
A witness, Carlos Cotto
Cartagena, later identified
Roman in a photo lineup
and again in court.
Anhang, 32, was a real
estate investor developing
several hotel projects in
Puerto Rico and was chief
executive officer of CWC
Gaming, an Internet gam-
bling software company
based in Costa Rica.
His wife, Aurea Vazquez
Rijos, was treated for
undisclosed injuries sus-
tained in the attack but lat-
er declined to cooperate
with investigators, police

Fishing tournament

has families hooked

THE SeaVee Boats manu-
facturer and Bimini Bay
Resort held their 1st Annual
Fishing Tournament in Bimi-
ni, Thursday, July 27 to Sat-
urday, July 29.
The family-oriented tour-
nament sponsored by Bimini
Bay attracted scores of Span-
ish Floridian boaters and their
families to Bimini for an
exhilarating weekend of fun,
fishing and family activities.
Tournament Co-coordina-
tor, Tony Albelo said he is
excited about what the future
will bring for the SeaVee
Tournament in Bimini. For
the first event, he said that
they received an overwhelm-
ing number of family groups
and participants to the sports
fishing event.
"We are very happy about
this event, everything went
well. The place is gorgeous
and everyone was just enjoy-
ing themselves. The weather
was little hard on the fishing
this weekend other than that
it's been really fun," he said.

The SeaVee Boats Fishing
Tournament had criteria on
the types of fish to be caught
as a part of the competition.
According to Mr. Albelo the
different types of fish caught
were varied.
"Bimini has so many dif-
ferent types of fish available
so the tournament had a sim-
ilar format like other tourna-
ments. We had many fish that
qualified for the tournament.
We fished for dolphin, king
fish, tuna, Wahoo, snapper
and grouper. The biggest fish
in the tournament was a 25-
pound king fish that beat out
the second big fish by about a
.3 of a pound," he said.
The SeaVee Tournament
also included activities that
involved young participants.

Games Director, Ariel
Pared conducted all the chil-
dren's events for the tourna-
ment. The young anglers
learned how to use fishing
rods, the best baits.for differ-
ent fish and how to reel in
their big catch.

"For us it's importa t
because we want to prom 'e
the whole idea of family uni-
ty, not just have the adults
come down, but for the whole
family to come down here to
Bimini and that's the reason
we choose Bimini Bay
because they have the facili-
ties for everybody not just for
the men that want to go all
day fishing, but they have the
places for women to hang out
at the pool, the kids can enjoy
the playground, it's a beauti-
ful location and we wanted to
'make it a family event," he
Amelio Diaz's team, High
Gear came out on top win-
ning The SeaVee Fishing
Tournament with the catch of
his prized King Fish. The
Broward County resident who
frequents fishing tournaments
in the Caribbean has won sev-
eral other tournaments.
"It always feels good to
win. I will definitely come
back to The SeaVee Tourna-
ment next year, but we plan
to visit Bimini again before
that time. Bimini Bay and
The. SeaVee team really did
a good job of organizing
everything.", he said.

WINNER of the
children's fishing event was
Jacob Pared who holds up
his catch with father Ariel
Pared at the 1st Annual
SeaVee Fishing Tourna-


"The rumors of our death have
been greatly exaggerated."
-Mark Twain

Visit our


Bilney Lane!

(Next to Super Value, Top of the Hill.)

Top-of-the-Hill, Mackey St.* Nassau, Bahamas
393-6306 Office 394-1403 Cell 427-0701
Fax 393-4541.* e-mail







hank youfor your loyahy,

looking forward to serving you!

_I C_ _





SECTION Miami Herald Business, Stocks, Analysis, Wall Street


Tel: (242) 356-7764

Tel: (242) 351-3010

Association disputes
" ., ...




Tribune Business Editor
The Government
and San Fsrancisi.
co-based Discov-
ery Land Compa-
ny will today
attempt to overturn the Privy
Council injunction that
stopped work on the $175 mil-
lion Great Guana Cay devel-
opment, the developers alleg-
ing that it could cost them
$440,000 per week if it is
An affidavit sworn by
SJoseph Arenson, a Discovery
Land Company partner and
attorney, alleged that the firm
may lose $1.75 million a
month, resulting from fixed
costs related to operating
expenses, staff costs, equip-
ment and dredgers, if the

injunction was upheld.
Arguing that "the majority
of these costs would remain if
the injunction were not dis-
charged", Mr Arenson.said its
continuation would also result
in Discovery Land Company
losing potential real estate
sales and employees, and harm
the firm's reputation.
He added: "Every time the
development is interrupted, its
attractiveness as an investment
is materially prejudiced. These
losses are extremely difficult, if
not impossible, to quantify."
But in their submissions to
the Privy Council on behalf of
the Save Guana Cay Reef
Association (SGCRA), which
is opposing the Baker's Bay
Golf & Ocean Club project,
attorneys Frederick Smith and
UK counsel Jonathan'Adkin,
argued that the costs Discovery

Discovery Land Company alleges it could lose

$1.75m per month if Guana Cay injunction

remains; opponents say costs 'relatively modest'

Land Company would incur as
a result of the injunction's con-
tinuation were minor.
They alleged: "Even if the,
development were lawfully
permitted to proceed, it is sub-
mitted that in the context of a
planned $500 million, 10-year
development, the costs arising
from delay would be relatively
"Further, it is clear from the
(wholly unparticularised)
schedule of losses exhibited-
with Mr Arenson's first affi-

davit......... that at least some
of these costs would not in any
event be incurred were the
-injunction continued (for.
,example, the $65,000 sales
The duoalleged: "It is sub-
mitted that the public interest
factors in the present case all
point one way: the proposed
development is not an infra-
structure project of national
importance to the Bahamas;
the potential negative impact
on the public interest if the

development .is permitted to
continue is potentially highly
The Save Guana Cay Reef
Association will be represent-
ed at today's Privy Council
hearing by Mr Adkin and Ruth
. Discovery Land Company
will be represented by Michael
Beloff QC, David Pievsky and
Michael Barnett of Graham,
Thompson & Co.
The Government respon-
dents in the case Wendell

Major as Cabinet Secretary,
the Treasurer, and the Prime
Minister as the minister
responsible for crown lands -
are being represented by
James Dingmans QC and Leif
Farquharson from the Attor-
ney General's Office.
In his affidavit, Mr Arenson
said it was incorrect for the
Association to imply that the
Government was 'giving away'

SEE page 5B

Only three -new
Only three Colina Bahamas investor hits new milestone

conditions not met TIGER Woods, a major investor in Bahamian economy over its first 12 years
ht- 1- Abillin hin h nd l i dirv f iv-atcl-rr f rrntina a to tal nf 1100 inko

Tribune Business Editor
COLINA Holdings
(Bahamas), the BISX-listed
parent for Colinalmperial
Insurance Company, yesterday
said it was "substantially com-
pliant" with the 21 conditions
imposed on it by regulators,
although there were three that
had either not been met yet or
needed more clarification.
Monty Braithwaite, Coli-
nalmperial's president, said the
BISX-listed parent had yet to
reduce the stake held in it by
A.F. Holdings (formerly Coli-
na Financial Group), parent
firm for the Colina group of
companies, from its current 63
per cent to the 51 per cent stip-
ulated in the 21 conditions.
Those conditions were
imposed by the Government
and financial services regula-
tors in return for approving
the-then Colina Insurance
Company's acquisition of rival
Imperial Life Financial.
Mr Braithwaite said the
company had asked for more

But regulators have
'no significant issues'

time to complete the subse-
quent integration process
before seeking to divest 12 per
cent of the shares still held by
A.F. Holdings, the vehicle
owned by Colina principals
Emanuel Alexiou and Antho-
ny Ferguson.
Other areas where the regu-
lators had concerns was on the
stipulation that Colinalmperi-
al make no "wholesale" redun-
dancies or downsizing until
December 2006.
Mr Braithwaite said the
company was "currently com-
plying with that condition but
it requires constant monitor-
ing". It had initiated an
Option to Leave programme
in 2005, that cost it $708,000,
through which staff could vol-
untarily terminate their
employment with Colinalm-

SEE page 4B

* 4 -* ,-II~ aE
0 *.... .- S
Am a4

e L llV "pL. lllll llDloLng-enal, IAxury res iOen-
tial Albany project proposed for south-
I western New Providence on Sunday
became the youngest player to notch up
50 wins on the PGA tour ,.
Thiee weekss away from the 10-)ear
annjiersar\ of his pro debut, Woods
Became the scenith player and the
S ouPvingest i1 hree 'ears to hit the half-
Sv century mark in PGA Tour victories with
his success at the Buick Open.
.Woods is an investor in the Bahamas-
based Albany project alongside fellow
golf professional, Ernie Els, and the Tavi-
stock Group, the holding company for
a w* the worldwide investments made by
fM- mI.- Lvford-Cay resident and billionaire, Joe
0M. Lewis.
m* Albany has been projected to inject a
cumulative billionn in extra gross
.. 'domestic product (GDP) into the

or eAxOitnll, as LnLctl cl. IV jU/s
once it becomes fully operational.
The developers are currently negoti-
ating a Heads of Agreement with Prime
Minister Perry Christie's government,
and are hoping io successful conclude
talks soon so they can meet an autumn
timeframe to begin construction.
The economic impact assessment, con-
ducted in conjunction with the Govern-
ment, had shown that Albany would
generate 700 permanent, full-time jobs. A
further 400 "indirect and induced" jobs
would be generated from entrepreneur-
ial ventures and other spin-offs.
The economic study had also shown
that the Albany Project would generate
$400 million in property taxes for the

SEE page 3B

Insurers not unhappy

with NHI as health

lacks profits

Tribune Business Editor
A MAJOR Bahamian insur-
er yesterday said it was "a bit
early yet" to assess what impact
the Government's proposed
National Health Insurance
(NHI) plan would have on the
But Colinalmperial Insurance
indicated it would not be
unhappy if the NHI scheme
took some of the insurance bur-
den off it due to health insur-
ance's relative lack of prof-
itability compared to other lines
of business.
Monty Braithwaite, Colina
Holdings (Bahamas) president,
said that if the NHI scheme
took group and individual
health insurance business away
from the firm, he would rather
"have a profitable half loaf [of
bread] than a whole loaf that is
Snot profitable".
He added that private health
insurance in the Bahamas could
gain "half the business, but be
more lucrative" if NHI came

into being, as it was "not a prof-
itable service for most compa-
nies. You can lose your shirt
[on just one group health
Mr Braithwaite's comments
are likely to confirm the suspi-
cions of many observers, who
believe that many Bahamian
life and health insurance carri-
ers would not be upset to lose
health business to NHI, espe-
cially the higher risks.
. Life insurance is where these
companies earn the bulk of
their profits, and few make
money on their group health
insurance business.
Mr Braithwaite said he had
met with the minister of health
and national insurance, Dr
Bernard Nottage, who had been
"adamant" that NHI was com-
ing although he disclosed few
details. Mr Braithwaite said he
had been told consultants from
Health Canada had been
engaged to review and refine
the proposed NHI scheme. Of
its impact, he added: "It's still a
bit early [to tell] yet."




Secure information


'need to



THE term 'knowledge is
power' is very accurate in the
corporate world, as informa-
tion is key to keeping ahead
in the game. But two questions
stick out for me. First, "what is
there tc know", and then:
"who needs to know?".
The first question asks the
executive what type of infor-
mation exists in the market-
place about their company.
The latter asks who is looking
at the information, and what
are they looking at or looking
it up for. Well, let us investi-
gate the side effects of doing
business, which is exposure,
and what or who we are being
exposed to.
Doing business requires
putting oneself in the limelight,
the positive side of which is
called marketing or publicity.
Both are powerful tools when
Speaking of the company's
products and success stories.
We are bombarded everyday
by ads and news stories of how
this product or service is better
that the next, and how compa-
ny A has experienced a cer-
tain percentage of growth dur-
ing a particular quarter.
Not to mention the Internet,

especially search engines
which, in my opinion, should
be labelled: 'How to find any-
thing for Dummies'. By typing
in key words and phrases, you
can find out almost anything
on any company. Is this a prob-
lem? Isn't much of the infor-
mation a company has not
intended for public disclosure?

Some information must be
disclosed as a matter of law,
and is actually public record.
The issue, as many of you
would agree, is the second
question: "Who needs to
know?". Today, even in the
smallest business unit, it is
understood that not everyone -
even those holding higher posi-
tions in the company structure
- do not really "need to know"
all of the information that is
being protected. To better
appreciate this concept, we
have all since September 11,
200, been educated about ter-
rorist operations and have
heard the terms 'cell' being
used. In a terrorist cell (unit,
group, division), the members
of that cell are only provided

with a limited amount of
knowledge about the activities
of the overall terrorist organi-
sation of which that cell is a
small part. In the event of their
arrest or capture, even if the
individual wanted to cooper-
ate with authorities, that per-
son does not have knowledge
that would be particularly
damaging to the overall organ-
isation. This is 'the need to
know' principle, also known as
When we look at best prac-
tices and benchmarking, we
see that this type of organisa-
tional behaviour is critical to
'Keeping our secrets, secret'.
For example, the vice-presi-
dent for marketing may be
high up in the company hier-
archy, but does not 'need to
know' the details about an
employee's confidential health
records in order for them to
fulfill their duties. This sepa-
ration is important because it
makes it more difficult for
unauthorised persons to get a
clear picture of the company's
intentions and business plans.
Thus, we see the need for
well-established internal con-
trols. as it pertains to informa-

tion sharing, which cannot be
limited to the IT Department.
Really, IT or information
stored on a computer has its
origin as some idea or concept
that gets discussed in meetings
where hard copy notes are tak-
en. We must then realise that
security of information begins
long before you secure it on
you personal computer. So,
just how do we begin this
process, which obviously
becomes a task of educating
client personnel on how to
implement and maintain it,
rather than the consultant hav-
ing extensive access to the
information itself.
Michael Miner, a senior
associate in Kroll Schiff &
'Associates, suggests the fol-
lowing categorising of infor-

DENTIAL These are the
portions of employee records
that are to be protected against
general disclosure.

DENTIAL Generally, this
would be information that is
not subject to the Trade

Secrets Act but that does have
commercial value to competi-
A description for this class
might include that it is of sig-
nificant economic value to the
holder, and would include
ideas that may be at a stage of

- Information that could be
used to compromise or cir-
cumvent security measures of a
company needs particular care.

As with any security pro-
gramme, the parameters must
be tailored to that particular

company, and when dealing
with information the particular
culture of a firm must not be

NB: Gamal Newry is the
president of Preventative Mea-
sures, a loss prevention and
asset protection training and
consulting company, specialis-
ing in Policy and Procedure
Development, Business Secu-
rity Reviews and Audits, and
Emergency and Crisis Man-
agement. Comments can be
sent to PO Box N-3154 Nas-
sau, Bahamas, or e-mail:
t or visit us at www.preventa-

SFinancial Advisors Ltd.

Pricing Information As Of:
Friday. 4 August 200 6
-9H821-YTP .1
52wK-H. 52wk-Low Symbol Prelious Close Today's Close Cnange Daill Vol EPS $ Div PIE V'eld
1.85 0.59 Abaco Markets 1.74 1 74 000 0 109 0 000 N,I 0 00:
12.05 9.00 Bahamas Property Fund 12.04 12.04 0.00 1.612 0.380 7.5 3.16%
7.49 6.44 Bank of Bahamas 7.49 7.49 0.00 0.738 0.330 10.1 4.41%
0.85 0.70 Benchmark 0.80 0.80 0.00 0.292 0.020 2.7 2,50%
1.80 1.26 Bahamas Waste :1.48 1.48 0.00 0.143 0.000 10.3 0.00%
1.49 1.10 Fidelity Bank 1.48 1.48 0.00 0.188 0.050 7.9 3.68%
9.60 8.00 Cable Bahamas 9.10 9.10 0.00 2,025 0.618 0.240 14.7 2.64%
2.20 1.39 Colina Holdings 1.96 1.96 0.00 9,300 0.009 0.000 217.8 0.00%
11.00 8.50 Commonwealth Bank 11.00 11.00 0.00 0.943 0.600 11.7 5.66%
6.26 4.12 Consolidated Water BDRs 4.84 4.94 0.10 0.115 0.045 42.1 0.93%
2.88 2.10 Doctor's Hospital 2.70 2.70 0.00 0.283 0.000 9.5 0.00%
6.21 4.02 Famguard 6.21 6.21 0.00 0.539 0.240 ,11.5 3.86%
11.51 10.49 Flnco 11.51 11.51 0.00 0.745 0.540 15.1 4.78%
13.05 9.05 FirstCaribbean 13.01 13.05 0.04 5.000 0.885 0.550 14.7 4.21%
11.17 8.91 Focol 11.17 11.17 0.00 0.885 0.500 12.6 4.48%
1.15 1.00 Freeport Concrete 1.00 1.00 0.00 -0.170 0.000 N/M' 0.00%
10.20 8.65 ICD Utilities 8.65 8.65 0.00 0.532 0.270 16.3 3.12%
9.10 8.27 J. S. Johnson 9.10 9.10 0.00 50 0.527 0.560 17.3 6.15%
8.02 5.30 Kerzner International BDRs 8.02 8.00 -0.02 0.160 0.000 50.2 0.00%
1000 10 00 Premier Real Estate 1000 10.00 0.00 2.036 0.585 4.9 5.85%
Zv, k-HI 52wk-Low Symbol Bid $ Ask $ Last Pnca JVeekli Vol EPS I Dj $ PIE Y'ield
14.00 12.25 Bahamas Supermarkets 14 00 1500 11 00 1 923 0 960 7 8 6 40 .
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
054 0.20 RND Holdings 0.29 0.54 0.00 -0.084 0.000 NM 0.00%
43.00 28.00 ABDAB 41.00 4300 4100 2220 0000 19 4 00'
16.00 13.00 Bahamas Supermarkets 14.00 15.00 12.50 1.750 0.360 8.0 2.57%
0 .35 RND Holdins 0.29 0.54 0.35 -0.070 0.000 N/M 0.00%
52wk-Hi 52wk-Low Fund Name NA VYTD% Last 12 Months Div $ Yield %
1.2983 1.2414 Colina Money Market Fund 1.298262*
2.9038 2.4169 Fidelity Bahamas G & I Fund 2.9038-
2.3915 2.2487 Colina MSI Preferred Fund 2.391480*
1 1820 1.1246 Colina Bond Fund 1.182038""
a' LL SHIARE INDEX 19 Dec 02 = 1 00000 MARKET TERMS YIELD lasi 12 mor.ith ai-ands d...ded D, c-rsi.g rnc NA .
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Coline and fidelity 14 July 2006
Previous Close Previous day's weighted price for dally volume Lat 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 31 May 2006
Change Change in closing price from day to day 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 -30 June 2006
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningf
S:-, 3. e .3 byv the last 12 month earnings FINDEX -r.e FdeltE Banamas S.tock I.der Januar, 1949 = 100 0 .'une 201F
TO-, .. .


Safe &


*~y amlN w


UBS iBahamas) Ltd a leading global wealth manager, Is
seeking an experienced professional to join their team as

Portfolio Specialist

The main tasks of this position are
Monitor and implement global investment templates and
systems for wealth management clients,
Execure trades and control procedures for portfolio
managed client base across fixed-income, equity and FX
a Implement Portfolio Management policies, procedures
from head office,
Market portfolio management services to prospective and
current clients
In order to meet our requirements all applicants must
Several years experience in portfolio management or
product specialist function in a wealth management
Degree in finance or economics, further education is a
plus (e.g. Series 7 or CFAf
Foreign Language skills (Spanish and/or Portuguese)
Strong analytical skills.
Team player
Please send your written application before August 10 to'

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas


UBS (Bahamas) Ltd., a leading global wealth manager, is
seeking an experienced professional to join their team as

Reconciliation Manager

The main tasks of this position are-

i Manage a small team:
SReconcile cash positions on a daily basis,
SReconcile securities positions a daily basis,
a Follow up open reconciliation items;
SManage projects as it relates to reconciliations,
SEscalation of material open items,
Head Office reporting of open reconciliation items

in order to meet our requirements all applicants must
Strong communication skills,
i Knowledge of the Securities Industry.,
Knowledge of Treasury Industry;
Knowledge of SWIFT standards is a plus;
w Proficient in MS Office Applications:
BS in Finance, Accounting or the equivalent is a plus

Please send your written application before August 10 to.

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas


UBS (Bahamas Lid a leading gCli.oi vealdth manager, is
seeking an e: perenened protfesronal to join their team as

Reconciliation Specialist

-he mrin tasks of this ::;ti:r' are:

Pe'urnile ci-:h .o:it:i,, on a djil1, basis;
Feconcile seculritie position; on a daily basis,
Follow up open reconcililaton items,
Escalation of open items

In order to ireet our requirements all applicants must
SS3trong comin'r1nic ion skills
Knowledge of the Securities Industry;
Inolvledge of Treasury industry
SKlnowvledge of SWIFT stand.ajdss a plus,
Proficient in MS Office Ppplicatior:

Please send your written application before August 10 to

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas

r- % %.A L- A:.. V -L.0 'd I %a I -- -- -I -- I



I _





CDB: Management of public works

projects needs strengthening

Tribune Business Editor
MANAGEMENT of public sector cap-
ital works projects in the Bahamas needs
to be strengthened, the Caribbean Devel-
opment Bank (CDB) has warned, espe-
cially in the level of co-ordination between
the Ministry of Finance and other min-
In its review of the Bahamian econo-
my during 2005, the CDB said: "There is a
need to strengthen public sector invest-
ment programme management in the

Bahamas, particularly as it relates to
improving co-ordination between the Min-
istry of Finance and executing agencies,
and also in improving the institutional
capacity of key ministries.
"Specifically, assistance is required in
the areas of project planning, design, eval-
uation and oversight functions to boost
project execution and portfolio manage-
The CDB said the need to enhance

'One stop shop'

management of public sector infrastruc-
ture was crucial due to the Government's
"budgetary constraints" and fiscal objec-
tives, resulting from its intentions to
reduce the fiscal deficit and the ratio of
national debt to GDP.
In the review, the CDB added that
attempting to reduce the national debt
"to more sustainable levels" over the
medium term, and rising public sector
wages, made it "essential that implemen-
tation issues be addressed now to ensure
maximum efficiency and impact of pro-

call for

Bahamian entrepreneurs

Tribune Business
THE formation of a one
stop shop" for Bahamian
entrepreneurs would be a
strong asset for the country, a
report from the Caribbean
Development Bank (CDB)
According to the CDB,
. although the Bahamas has a
sophisticated private sector
there is scope for further devel-
It said one area in which
assistance may be needed is in
facilitating business establish-
ment and development.
Specifically, the CDB felt.
there needed to be a greater
awareness of the support ser-
vices provided by both the



hits new


FROM page 1B

Government during its first 12
years' in existence, with the $1
billion GDP impact over the
same timeline coming from
both the construction and
operational phases.
In 2017, the Albany Project
is expected to generate $67
million in annual GDP from
ongoing operations alone,
according to' the economic
impact assessment.
The Albany development
will include 300 single family
homes, a "cottage component"
and apartments located around
a marina.
The price range for the prop-
erties will lie between $2 mil-
lion and $20 million, with the
average around $3-$4 million.
The total value of the Albany
Project's "home products" will
lie between $1.2 billion and
$1.5 billion.


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

public and private sector, so
that businesses knew where to
access the required services.
"In this regard, the forma-
tion of a one-stop-shop pro-
viding a range of services to
address the needs of business-
es from start-up to further
business developments could
assist the private sector and,
in particular, small business-
es," the CDB said.
The availability of financing
for small and medium-sized
enterprises was also a concern.
The CDB said that to some
extent, difficulties in obtaining
financing may reflect the lim-
ited viability of the venture or
inadequate preparation of
business plans, and assistance
in business development ser-
vices could help.
The CDB said Bahamian

business persons did feel that
commercial banks were risk
averse to lending for small
business development, partic-
ularly in an environment char-
acterised by heightened mort-
gage construction activity .
The CDB acknowledged the
$2 million set aside by the
Government's venture capital
fund, which is designed to sup-
port business development, but
said financial constraints still
exist, particularly within tradi-
tional lending institutions.
The need for capital for
Bahamian entrepreneurs is of
critical importance to the Min-
istry of Financial Services and
Investments,' particularly- as
many feel the Bahamas Devel-
opment Bank created for just
that purpose has fallen down
on the job.


Rent includes the following:

* Electricity
* Water
* Generator
* Receptionist
* Kitchen and

* Cleaning
* Security
* Parking
* Use of two
conference rooms

Bathroom Supplies Use of Law Library

To arrange viewing please call: 394-5145

Last week, director of
investments, Basil Albury,
announced the appointment of
Paul Major to serve as an advi-
sor to the Domestic Invest-
ment Board. '
Part of his mandate will be
to ensure that Bahamians have
the same red carpet rolled out
to them as foreign investors,
and that they are given viable
avenues to secure capital.
Brian Nutt, the president of
the Bahamas Employers Con-
federation (BECon), pointed
to the need for a single body to
aid Bahamian investors.
Mr Nutt said that in his opin-
ion there was no need for two
separate Investments Boards
- a domestic board and a for-

SEE page 4B



Counsel and Attorneys-at-law
Notaries Public
Is seeking an ambitious
For its Nassau Office

Candidates with a minimum of five (5) years
experience must possess the skills and the
ability to work independently on various
commercial/corporate transactions.


For its Exuma Office

Candidates must have at least five (5) years
experience and must have the skills and the
ability to work independently on varied
commercial/litigation matters.

Attractive salary and benefits are available to
the applicants with the right aptitude and skills.

Applicants should send resumes to:

P. O. Box N-979, Nassau, Bahamas or
By facsimile (242) 393-4558 or

Small financial institution is looking for a Compliance and
Risk Management Officer io join its select team of professionals.
The appropriate candidate will have several years experience
within a compliance and/or risk management function, and
be conversant with local and international laws and regulations.

Responsibilities will include:

-Maintain a comprehensive understanding of local laws
and regulations regarding the financial services industry

Develop and maintain policies and procedures in
accordance with local laws and regulations

Establish effective monitoring and reporting programs
for policies and procedures

Ensure proper documentation is collected and accurately

Carry out regular and ad hoc reviews of activities

Develop, monitor and report on key risk indicators

Provide recommendations for improvements to risk
management process

Report to Executive Management and Board of Directors

Minimum qualification: LLB, ACIB, CPA, BACO or similar
designation is preferred.

Salary will be commensurate with experience. Bahamians or
persons with Bahamian residency status only need apply.
Interested candidates should forward a copy of their resume
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas

Only persons being interviewed for this position will be

The Embassy of the United States in Nassau. The Bahamas
has launched via the internet, a solicitation to require op-
eration and management of Local Guard Services for the
U.S. Embassy Nassau, and the Frederal Inspection Station
(FIS) Pre-Clearance Unit, Freeport, Grand Bahama, The
Bahamas. The contractor shall furnish mangerial, admin-
istrative and direct labor personal to accomplish all work
as required in this contact. The estimated number of hours
for guards is 153.83 1per year. Performance is for a one
(1) year base period and four (4) one-year periods. Major
duties and responsibilities are to perform access control
to limit entry only to authorized personnel or visitors, the
operation of walk-through metal detectors, hand-held de-
tectors and special monitoring devices.
All responsible sources may submit an offer, which shall
be considered. The government has issued the solicitation
on the FEDBIZOPPS site at This
requirement will be issued only via the internet. No hard
(paper) copies will be mailed. Once on the FEDBIZOPPS
website, Click on "Vendors" button under browse
agencies, choose "STATE", scroll down to "Western
Hemisphere Posts", double click on "locations". You
will locate all documents related to this solicitation under
American Embassy Nassau, The Bahamas. Questions can
be addressed to Karen Wiebelhaus, Contracting Officer by
phone: (242) 322-1181 ext. 4415, or by FAX (242)
328-7838 or at

'B Only three Colina


not met

FROM page 3B

eign board. He said that
what often happened to
Bahamians seeking
approvals from the Board
was that they were sent
from one government min-
istry or agency to another,
seeking different approvals.
Once they reached a
stumbling block at one min-
istry, it was difficult to get
approvals from the others.
Therefore, Mr Nutt said
he would like Bahamian
investors to have the same
ease as foreign investors by
being able to work with one
He added that if the
Boards were to remain sep-
arate, he would like the
Domestic Investment
Board to operate as a statu-
tory body, rather than an
advisory one, as in the latter
capacity it can only make
recommendations, not
effect change.

FROM page 1B

Regulators had also har-
boured some concerns over
director independence, Mr
Braithwaite said, as two Board
members had outstanding
loans from Imperial Life when
the firm was acquired.
Those directors had been
asked to make alternative
arrangements, and one had
already refinanced their loan,
while the other was working
towards that goal.
Terry Hilts, Colina Holdings
(Bahamas) chairman, said yes-
terday: "The regulators have
no significant issues as to
where we are with the 21 con-
ditions. We are substantially
in compliance in terms of sat-
isfying those conditions."
KMPG (Bahamas), acting
on behalf of the financial ser-
vices regulators, last year con-
ducted a review of Colina
Holdings (Bahamas) compli-
ance with the 21 conditions,
the way in which the Imperial


NOTICE is hereby given that WILLIAM DEJEAN, WINSOR
LANE, 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 9th
day of August, 2006 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


SOUND, ELEUTHERA, 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 9th
day of August, 2006 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Eleuthera, Bahamas.

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 2nd day of AUGUST, 2006 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.

NOTICE is hereby given that RICHARD GORDON, P.O.BOX
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 9th day of AUGUST, 2006 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.

NOTICE is hereby given that GAIL RENATTA BUDHU OF
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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that STEPHEN DALLAS BUDHU
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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Life deal was financed, the fir-
m's internal controls, and its
financial performance and inte-
The Tribune understands
that the final version of the
KPMG report is with the reg-
ulators, chiefly the Securities
Commission and Registrar of
Insurance, but Mr Braithwaite
yesterday said he did not know
if the company would see a
The KPMG review cost Col-
ina Holdings (Bahamas) and
its shareholders $642,000 in fis-
cal 2005, and if the review is
complete and no further costs
are incurred by the company,
that sum together with the
funds spent on the Option to
Leave programme could flow
to the bottom line, providing a
$1.3 million net income boost.
Mr Braithwaite said Coli-
nalmperial's main objective
now was to rationalise its prod-
uct portfolio, the company hav-
ing been formed through three

acquisitions over a four-year
While all Imperial Life poli-
cies had been converted on to
a new software platform, which
will be used for all new policies
sold going forward, Mr Braith-
waite explained that the com-
pany was still assessing the
potential costs if it wanted to
transfer former Canada Life
and Colina/Global policies
from their respective technol-
ogy platforms.
Colinalmperial was working
to train its staff to handle all
the different legacy policies
and technology platforms,
moving to standardise items
such as the deductibles charged
on all group health policies.
On group health, Mr Braith-
waite said Colinalmperial had
retained the services of a new
actuary to rationalise the num-
ber of different plans offered
from 13-14 to about three.
He added that the reduction
in group health plan variations


For the stories behind

the news, read Ins
on Monday


NOTICE is hereby given that CLAREL WILLIAM, WINSOR
LANE, 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 9th
day of August, 2006 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that CARLINE JOSEPH, PRINCE
CHARLES DR., NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 29th day of JULY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,


of Matthew Town, in the island of Inagua, one of
the islands in the Commonwealth of The
Bahamas, Deceased.

NOTICE is hereby given that all persons having
any claims or demands iagtinst the above-named
Estate are requested to send the same duly certi-
fied to the undersigned on or before Friday the
.18th day of August 2006 after which the Personal
Representative will proceed to distribute the as-
sets of the Deceased among the persons entitled
thereto having regard only to the claims of which
the Personal Representative shall then have had

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

P. O. Box N-476
Armstrong Street
Nassau, The Bahamas
Attorneys for the Personal Representative

was targeted for completion in
January 2007, and it would
take a further 12 months to
implement as group 'health
policies became renewable
through the next 12 months.
The Colinalmperial presi-
dent added that the company
should be finished "by the end
of the month" on its planned
call centre to deal with calls
relating to group health pre-
Staff in the call centre will
be able to receive calls from
doctors and pharmacies, and
use the Internet to assess what
policies and deductibles are
Mr Braithwaite said this was
likely to enhance customer ser-
vice and reduce complaints. He
added that Colinalmperial's
new conservation department
would "go a long way to avoid
people churning policies", the
Firm having increased the time
for when a policy could be re-
written from 13 months to 24
Colina Holdings (Bahamas)
net income for, the 2006 first
quarter had risen to $1.474 mil-
lion, compared to $1.338 mil-
lion in the 2005 comparative
period, with net settled premi-

ums currently up 50 per cent
over last year.
The company said its Board
of.Directors hoped to start
declaring dividends again this
year, with its second quarter
and half year results likely to
play a key role in any decision.
Another factor is likely to
be Colinalmperial's Minimum
Continuing Capital and Sur-
plus Requirement (MCCSR),
which stood at 161 per cent on
December 31, 2005, a rise of 8
per cent on the previous year
and above the minimum rec-
ommended 150 per cent.
Colinalmperial is still seek-
ing to sell its former Village
Road office and the old
Dominion property on Collins
Avenue. A potential sale of
Village Road to rival Family
Guardian Insurance Company
fell through earlier this year,
but the company has decided
to keep the former Canada,
Life head office on Rosetta
Mr Braithwaite said Coli-
nalmperial was seeking to
reduce its administration costs
per policy to about $30 from
$45, and was looking at setting
up satellite offices in Exuma
and the Turks & Caicos.

Securities Finance

Administration Manager GAT
(Global Arbitrage & Trading)

The successful candidate should possess the following
10 to 15 years Equity Finance Experience
Experience of working in Asian and European locations
Microsoft Office/Bloomberg Proficiency
Strong Organizational & Accuracy skills
Ability to follow up and promptly escalate issues
Ability to be extremely aware of time limits
Ability to work under pressure
Ability to work to tight deadlines in a high volume
Strong commitment to Quality and Excellence
Communication skills written and verbal
Meticulous attention to detail
Job Description
Global Arbitrage & lTading, the proprietary equity trading
desk within Royal Bank of Canada Capital Markets, is
currently looking to recruit a senior securities finance
trader responsible for the trading and borrowing of Securities
Finance positions and related collateral. The role requires
detailed understanding of Securities Lending and Equity
Swap business taking into consideration tax, legal and
credit issues and an acute awareness of the time critical
and complex nature of the Securities Lending environment.
An ability to work under pressure and to tight deadlines
in a high volume environment is essential. The role also
requires extensive liaison with Global trading desks and
Hedge funds and experience of working in Asian, European
Equity markets.
Tasks & Responsibilities
'Tading and Daily review of all stock lending/borrowing
and collateral exposure.
Ability to generate and implement innovative new trading
Profit & Loss reconciliation
Daily dialogue with extensive client base
A competitive compensation package (base salary & bonus)
will be commensurate with relevant experience and
Please apply before July 22, 2006 to:
Daniel Rosenbaum
Global Arbitrage & Trading
Royal Bank of Canada
Lyford Manor, Lyford Cay
P.O. Box N-7549, New Providence, The Bahamas
Via fax: (242)362-6441






$440k costs

FROM page 1B

Crown and Treasury Land to
the development, rather than
"that there will be a grant of
such leases on commercial
He alleged that although the
Heads of Agreement referred
to 105 acres of Crown Land
and 43 acres of Treasury land
being used in the development,
"the present negotiations with
the' Government involve
-acreage of a much smaller
amount of Treasury land".
'The works to date have
been substantially on the pri-
.-vate land," Mr Arenson
The issue of Crown and
Treasury land has been a sore
point for the Association. In
an affidavit responding to Mr
Arenson's, Troy Albury, its
president and director, alleged
that because no leases had
been executed, "I do not
understand on what legal basis
the developers can be under-
taking works on Crown and
Treasury lands".
He also hit out at Mr Aren-
son's allegation that on July
15, 2006, 80,Guana Ca\ resi-
dents %wrote to the Associlatoo
"asking it to stop misrepre-
senting the community" in the
battle against the de\ elopment.
Mr Albury responded by
denying it had received any
written or other requests of
that nature, pointing out that
the Association had delivered
a petition with 170 names
against the development to the

Government. development), will be on the
In his affidavit, Mr Arenson reef in a matter of hours.
disputed the Association's alle- "It appears that the devel-
gation that its rights and the opers have already removed
environment would suffer substantial areas of topsoil,
"substantial irreparable dam- which means that any sub-
age" if the project was allowed stance with an environmental
to continue, impact (oil, fertilizers, pesti-
But an affidavit filed in sup- cides, etc) will simply pass
port of the Association by Dr straight into the reef, destroy-
Michael Risk, a professor of ing it."
biology and geology with In their application to over-
McMaster University in Cana- turn the Privy Council injunc-
da, said there were "extremely tion on continuing work at
serious deficiencies" with the Great Guana Cay, Discovery
development's Environmental Land Company is arguing that
Impact Assessment (EIA). the issue raised no "far reach-
ing" question of law or matter
Review of major public importance
that would allow the Associa-
Asked to conduct a review tion to directly appeal to the
of the EIA by the Association Privy Council.
in 2004, he said: "At that time, The Association had sought
I outlined several extremely special leave to appeal to the
serious deficiencies in the EIA, Privy Council after this was
where aspects of the develop- refused by the Court of Appeal
ment that could develop into on June 28, 2006.
full-blown environmental cat- The Association had been
astrophes had been handled seeking to obtain an injunction
badly, or not at all. against the developers, after
"I underlined problems with the Court of Appeal relieved
the marina dredging, runoff of them of their November 22,
nutrients from the golf course 2005, undertaking not to con-
(I dove a lovely fringing reef duct any new work until the
no more than 20 yards from Supreme Court delivered its
one of the proposed holes), verdict on the merits of the
and emphasised that there case.
were grave problems with the Supreme Court Justice Nor-
m..r mLrne- jfplo r1i.Lorigr a-nr. -...ris Cjrroll heard the substan-
--arum ...... -...--, ..IJ issues-raised by the Asso-
.0 other. 'f:.m, t rs'' itlIon's case in February 2006,
been realise-d: the bedrock on but has yet to deliver his ver-
the I4land -s much closer to the dict.
. surface than previously esti- In his affidavit, Mr Arenson
mated. This means that any said: "I understand from our
wastewater discharge, and all Bahamian attorneys that infor-
the fertilizers, herbicides and mal intimations from the
pesticides used on the pro- Judge's chambers about its
posed golf course (or as part delivery have proved to be
of the preparations of the false dawns."


1. The Registry of the Supreme Court, Nassau, Bahamas;
2. The Chambers of Miriam J. Curling & Co., Attorneys for
the Petitioners;
3. The Office of the District Administrator, Long Island,
The Bahamas.

DATED the 20th day of July, A. D., 2006.
Norfolk House Annexe II.
Market Street.
Nassau. N. P., Bahamas.
Attorneys for the Petitioners
-*.*.-'.,.,." **--- 'e f?" *^ :


As a privately-owned, mid-sized Bahamian
Company and the authorized Caterpillar dealer
in the Bahamas, we are seeking candidates with
a newly acquired degree in Engineering. The
candidate should be a graduate with a Bachelors
Degree in Mechanical/Electrical Engineering
and should be a professional who thrives on
the challenge of developing outstanding
customer relations and service excellence.

Having both academic and practical background
in mechanical/electrical concepts is an asset
but not mandatory. The successful candidate
will be afforded the opportunity to be trained
by Certified Caterpillar Technicians/Engineers.

Send complete resume with education and work
experience to M&E Limited, P.O. Box N-3238,
Nassau Bahamas, Attention President & COO,
or email

Only persons being interviewed for this
positions will be contacted.

__ __ __

Common Law and Equity Division
IN THE MATTER OF All Those 4 pieces parcels or tracts of
land comprising 295.04-294.04 acres being part of 2 grants to
George Gray situate in the vicinity Northeast and Northwestwardly
of the All-age Public School in the Settlement of Gray's Long
Island, The Bahamas.

Gardens, New Providence, AND DERAL BURTON WELLS of
Gray's, Long Island, The Bahamas, Trustees, in respect of: (1)_ALL
THAT piece parcel or tract of land comprising 14.62 acres originally
part of 500 acres granted to George Gray, deceased, and situate
in the Settlement of Gray's on Long Island in the Commonwealth
of The Bahamas bounded NORTHEASTWARDLY by Gray's
Landing and running thereon 1.830.22 feet SOUTHEASTWARDLY
by other portion of the 500 acres of land originally granted to the
said George Gray and running thereon 1,911.60 feet and
NORTHWESTWARDLY by the Sea and running thereon 773.96
feet which said piece parcel or tract of land has such shapes
boundaries marks and dimensions as shown on Plan 242L1 on
record in the Department of Lands and Surveys in the City of
Nassau on the Island of New Providence in the Commonwealth of
The Bahamas being designated as Parcel "A" and thereon coloured
Pink; (2)_ALL THAT piece parcel or tract of land comprising 94.68
acres originally part of the said 500 acres granted to George Gray,
deceased, and situate in the Settlement of Gray's on Long Island
in the Commonwealth of The Bahamas bounded
NORTHEASTWARDLY by other portion of the 500 acres of land
originally granted to George Gray and running thereon 4,398.26
feet NORTHWESTWARDLY by other portion of the 500 acres of
land originally granted to George Gray and running thereon 513.68
feet EASTWARDLY by Queen's Highway and running thereon
965.10 feet SOUTHWESTWARDLY by other portion of the 500
acres of land originally granted to George Gray and running thereon
1,382.07 feet SOUTHWESTWARDLY by Gray's Landing Road
and running thereon 3,602.28 feet and NORTHWESTWARDLY by
the Sea and running thereon 1,152.64 feet which said piece parcel
or tract of land has such shapes boundaries marks and dimensions
as shown on Plan 242L1 on record in the said Department of Lands
and Surveys in the City of Nassau being designated as Parcel "B"
and thereon coloured Pink; (3)_ALL THAT piece parcel or treet-ef
land comprising 68.46 94.68 acres originally part of 500 acres
granted to George Gray. deceased. and situate in the Settlement
of Gray's on Long Island in the Commonwealth of The Bahamas
bounded NORTHEASTWARDLY by land originally granted to the
Church of England and running thereon 1,534.49 feet
SOUTHEASTWARDLY by Boat Harbour Drive and running thereon
2.668.77 feet SOUTHWESTWARDLY by other portion of the 500
acres of land originally granted to George Gray and running thereon
450.57 feet and WESTWARDLY by Queen's Highway and running
thereon 980.70 feet which said piece parcel or tract of land has
such shapes boundaries marks and dimensions as shown on Plan
242L1 on record in the aforesaid Department of Lands and Surveys
being designated as Parcel "C" and thereon coloured Pink; and
(4)_ALL THAT piece parcel or tract of land comprising 117.28
acres originally part of 314 acres granted to George Gray, deceased,
and situate in the aforesaid Settlement of Gray's on Long Island
and bounded NORTHEASTWARDLY by land originally granted to
the Church of England and running thereon 606.90 feet
NORTHWESTWARDLY partly by lands originally granted to the
Church of England and partly by Boat Harbour Drive and running
jointly thereon 1.235.98 feet EASTWARDLY by a Public Road and
Red Pond and running thereon 2.421.99 feet SOUTHEASTWARDLY
by the Sea and running thereon 942.42 feet SOUTHWESTWARDLY
by other portion of the 314 acres of land originally granted to George
Gray and running thereon 3.332.36 feet SOUTHWARDLY by other
portion of the 314 acres of land originally granted to George Gray
and running thereon 1.618.86 feet and NORTHWESTWARDLY by
Boat Harbour Drive and running thereon 2.612.65 feet which said
which said piece parcel or tract of land has such shapes boundaries
marks and dimensions as shown on the aforesaid Plan 242L1 on
record in the Department of Lands and Surveys of the
Commonwealth of The Bahamas being designated as Parcel "D"
and thereon coloured Pink. PAUL ANDREW WELLS and DERAL
BURTON WELLS, Trustees. claim to be owners of the
unencumbered fee simple estate in possession of the aforementioned
land. The Petitioners have applied to the Supreme Court of The
Bahamas under Section 3 of the Quieting Titles Act. 1959, to have
title to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted in
accordance with the said Act. NOTICE IS HEREBY GIVEN that
any person having Dower or right to Dower or an Adverse Claim
or a claim not recognized in the Petition shall on or before the 9th
day of September. A. D.. 2006. file in the Supreme Court and serve
on the Petitioners, or the undersigned, a Statement of their claim
in the prescribed form verified by an Affidavit to be filed therewith.
Failure of any such person to file and serve a Statement of Claim
on or before the said 9th day of September. A.D.. 2006. will operate
as a bar to such claim. Copies of the plan filed in the action by the
petitioners may be inspected at:


s .---~11=


(Incorporated under the laws of the Commonwealth of The Bahamas)

P.O.B .-3910

T,5a (242) 302-5300
Fmcink (242) 302-5350


To the Shareholder of Family Guardia lasuranee Company Limited

We have audited the accompanying balance sheet of Family Guardian Insurance Company
Limited (the Company) as of 31 December 2005, and the related statements of operations,
changes in equity and cash flows for the year then ended. These financial statements are the
responsibility of the Companys management Our responsibility is to express an opinion on
these financial statements based on our audit.

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

In our opinion, the financial statements present fairly, in all material respects, the financial
position of Family Guardian Insurance Company Limited as of 31 December 2005, and the
results of its operations and its cash flows for the year then ended in accordance with
International Financial Reporting Standards.

Chartered Accountants
30 March 2006


2005 2001
s $
(Note 25)

Premium revenue
Premium ceded to reinsurers (Note 14)

Net premium revenue
Annuity deposits

51;793,949 46,661,084
(3,236,822) (3,559,994)

48,557,127 43,101,090
6,592,793 4,091,091

Net premium revenue and deposits (Note 14) 55,149,920 47,192,181

Interest income
Dividend income
Change in unrealised appreciation on
investments in equities (Note 5)
Realised gain (loss) from investments
in equities (Note 5)
Other operating income
Decrease in provision for inherent risk
Total income

Policyholders' benefits (Note 15)
Reinsurance recoveries

7,070,156 6,838,427


$ $
(NotW 21)
Net income 5,238,698 3,531,820
Adjustments for:
Depreciation and amortisation (Note 9) 494,328 444,462
Change in appreciation on investments in equities (Note 5) (949,358 (748,161)
Realised (gain) loss from investments in equities (Note 5) (161,126 251,440
Recovery of investment provision (50,000
Loans written-off, net of recoveries (71,799) (25,000)
Change in mortgage/investment provision (248,528) 105,863
Reserve for policyholders' benefits 8,976,723 6,016,238
Interest income (7,070,156) (6,838,427)
Dividend income (359,746) (348,785)

359,746 348,785 Operating profit before working capital changes
(Increase) Decrease in operating assets
949,358 748,161 Receivables and other assets
Premiums in arrears

161,126 (251,440)
479,914 470,749
381,293 -
64,551,513 55,346,863

26,412,536 24,993,833
(2,182,872) (1,881,992)

Net policyholders' benefits 24,229,664 23,111,841
Increase in reeves for futurepolicyholders' benefits 9,133,864 6,441,124

33,363,528 29,552,965

Commissions .
Operating expenses
Depreciation and amortisation expense
Bad debt expense

Total benefits and expenses

Net income

11,249,498 8,763,209
14,072,047 12,867,837
494,328 444,462
133,414 186,570
25,949,287 22,262,078
59,312,815 51,815,043

5,238,698 3,531,820

* Eckler Partners Ltd.
C-um &nd AcMr

(Decrease) Increase in operating liabilities
Payables and accruals
Other policyholders' funds

Net cash provided by operating activities

Policy loans
Proceeds from redemption of preferred shares
Purchase of property, plant and equipment (Note 9)
Proceeds from maturity of bank term deposits
greater than three months
Placement of bank term deposits greater than three months
Net mortgage loans issued
Purchase of Government bonds
Purchase of equities (Note 5)
Proceeds from sale of equities (Note 5)
Interest received
Dividends received

Net cash (used in) provided by investing activities

Dividends paid

Net cash used in financing activities

Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

Comprised of:
Cash and bank balances
Short-term bank deposits

The accompanying notes are an integral part of these financial statements.



(1,884,573) 1,463,309
(324,306) (282,151)

2,458,716 (1,572,104)
(1,260,238) 50,463

4,788,635 2,048,967



(519,432) (1,019,631)
(6,178,936) (978,254)
(3,038,300) (1,084,100)
(329,114) (500,000)
879,630 44,220
7,127,349 6,763,949
359,746 348,785
--- --- -- T-~
(3,001,533) 2,946,520

(3,312,500) (2,216,250)

(3,312,500) (2,216,250)

(1,525,398) (2,779,237)
7,262,794 4,483,557

5,737,396 7,262,794

1,728,889 1,087,245
4,008,507 6,175,549

5,737,396 7,262,794



To the Board of Directors and Shareholders of Family Guardian Insurance
Company Limited

I have valued the actuarial liabilities and other policy liabilities of Family Guardian
Insurance Company Limited for its balance sheet at 31 December 2005 and the change in
me ;uire,'nl of qc.rpeson, ir the eJI endedd 31 DIvembLr. lIu in cotorJdnc uilh
Sner.allvy epted u acuahal practice in.duding aelcii'tn.ol ppn) .su numpio.., .nd

In my opinion..the amount of the actuarial and other policy liabilities makes appropriate
provision for all policyholder obligations and the financial statements of Family Guardian
Insurance Company Limited fairly represent the results of the valuation.

Richard F. Labelle
Fellow, Canadian Institute of Actuaries
Fellow, Society of Actuaries
30 March 2006




(Note 19

Balance as of 1 January 2004

. ., 1,707,462

Transfer from revaluationirsuplus!;:h w .,!?.
Net income for 2004
Dividends declared and paid ordinary shares
($1.30 per share)

Balance as of 31 December 2004

Balance as of 1 January 2005

Transfer from revaluation surplus
Net income for 2005
Dividends'declared and paid ordinary shares
($1.94 per share)

Balance as of 31 December 2005

S11,401,314 i....... 2,809s075


R-1l *







(2,216,250) (2,216,250)

1,707,462 11,401,314 2,768,855 14,831,881 30,709,512

1,707,462 11,401,314 2,768,855 14,831,881 30,709,512

(40,220) 40,220
5,238,698 5,238,698

S (3,312,500) (3,312,500)

1,707,462 11,401,314 2,728,635 16,798,299 32,635,710

The accompanying notes are an integral part of these financial statements.

31 DECEMBER 2005



Bank term deposits
Government bonds (Note 5)
Preferred shares (Note 5)
Investments in equities (Note 5)
Policy loans (Note 6)
Mortgage loans, net (Note 7)
Total investment assets

Cash and bank balances
Receivables and other assets (Note 8)
Premiums in arrears
Property, plant and equipment, net (Note 9)

5,527,939 8,605,180
21,593,317 18,547,721
1,150,252 1,643,079
6,336,293 5,776,325
9,307,321 8,767,495
57,241,228 50,778,037
101,156,350 94,117,837

1,728,889 1,087,245
3,599,263 1,746,047
1,695,178 1,370,872
12,373,130 10,129,410
120,552,810 108,451,411

Reserves for future policyholders' benefits (Note 10) 76,518,778 67,542,055
Other policyholders' funds (Note 11) 4,983,460 6,243,698
Policy liabilities 81,502,238 73,785,753

Payables and accruals
Total Uabilities
Share capital (Note 13)
Shares premium
Revaluation surplus
Retained earnings
Total Equity

6,414,862 3,956,146
87,917,100 77,741,899

1,707,462 1,707,462
11,401,314 11,401,314
2,728,635 2,768,855
16,798,299 14,831,881
32,635,710 30,709,512
120,552,810 108,451,411


Director Drector

30 March 2006

The accompanying notes are an integral part of these financial statement.

Family Guardian Insurance Company limited (the Company), is incorporated under the laws of the
Commonwealth of The Bahamas, sells life and health insurance and is a woy-owned subsidiary of FamGuard
Corporation limited (FamGuard), also incorporated in the Commonwealth ofThe Bahamas.
The registered office of the Company is situated at the ofices of E Dawson Roberts & Co., Parliament and Shidey
Stres,.Nassau, he Bahamas.

The significant accounting policiesapplied in preparation ofthese finandal statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements have been prepared in accordance with International Fmancial Reposing
Standards (IFRS). The Company has adopted accounting policies for the computation of resees for
future policyholder benefits on life insurance and annuity contracts which comply with the Canadian
Asset iabili Method (CALM). As no specific dance is provided by IFRS for computing resees for
future policolder benefits management has udged that CALM should continue to be applied. The
adoption oflRS 4- insurance contracts, permit the Company to continue with this acconunpolcy
The financial statements have been prepared under the historical cost convention, as modified the
revaluation of freehold land and buildings, and financial assets at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of ceain critical
accounngestimates It also requires management to exercise its judgement in the process of applyingthe
Company accounting policies The areas involving a higher degree of judgement or complexity or areas
where assumptions and estimates are sigicant to the finandal statements are diosed in Note 3.
A summary of the changes significantly affecting the Company is set out below.
(i) Introduaion of IFRS 4- InsuranceContracts
The changes introduced by IFRS 4 affected the Company's financial statements presentation, disclosure
and measurement in the following ways:
The effect of reinsurance on all insurance assets, insurance liabilities insurance revenue and insurance
benefits are either presented separatelyor disposed in the notes to the financial statements Up to 31
December 2004, the Company did not present separately or disose effects of reinsurance on reserves for
future policyholders' benefits, on the benefit for the increase in reserves for future policyholders' benefits,
and on the provision for unearned premiums This change affects the reported amounts for asses and
liabilities respectively.
The accounting polides for insurance contracts are more fully described in Note 2 (p). The Company has
made no significant change in the measurement o fis issued insurance policies
The insurance risks of the Company are more fully described in Note 4.
The techniques used to value reserves for future policyholders' benefits are more fully desibed in Note
10, the analysis of compoents in the reeves for future policyholders' benefits is provided in Note 10, and
sensitivity analysis on e reserves for future policyholder' benefits is provided in Note 10.
(ii) Changes to LAS 1 Presentation ofFinandal Statements
The revision to these standards affected the Company's financial statement presentation and disdosure by
creating a note entitled critical accounting estimates and judgements is included.
(iii) Changes to LAS 24- Related patydisclosures
The revision to this standard have affected the identification of related parties to include key management
personnel, and consequently the disclosures are made
In 2005, the Com ny adopted all new and revised IFRS Standards relevant to its operations, which is
effective for periods b inning on or after 1 lanuary 2005. The adoption of the new and revised IFRS
Standards had no material effect on the Company's accounting policies except as otherwise disclosed
The reserves for insurance contracts in force at the balancesheet date are calculated accordingto prindples
determined by the Companys appointed actuary.
The Company calculates its liabilities for individual life insurance policies using the Canadian Policy
Premium Method (PPM) with effect from I lanuary 2003.The calculation ofthese policy reserves is based
on assumptions as to future rates for morality and morbidity, investment yields, mortality policy lapse
and expenses which contain margins for advee deviations
liabilities for deferred annuity policies are computed as the value of accrued invested funds. Reserves for
immediate payment annuities are equal to the present value of future benefits
Claim reserves for group health policies are estimated from incurred claims and the history of
prior claim payments.
liabilities for other short-term health policies renewable at the option of the Company are recorded as
uneamed premiums plus a contingency reserve for claims

Freehold land and building are shown at fair value based on periodic but at least uienn valuaions
by extemal independent appraisers less accumulated deprecation for building. The lan ap)rsal of
freehold land and building was perfonnmed on 20 Oactober 2003. Any acamnulased depeciation athe
date of revaluation iselimmated againstthe gross canying amount of the asset, and he net amount is
adjusted to the revalued amount ofthe aset. All other prpety, plantandequipment saledat historical
cost les accumulated depreciation. Historical cos inudes expenditure that is directly auribulable to he
acquisition ofthe asets
Improvements, which tend the usefullivsor ineae he value of as are capalied
Subsequent costs are induded in the assets canying amount or resa ized as a separate asB, a
appropriate, only when it is probable that uture economic benefits associated with me tte will fowto
the Company and the cost of the item can be measured reliably. All other coss are chaigd to the
statement operations as epail and maintenance dringthe fmandal pod in which thy ate miaes -
Increases in the crying amount arising on revaluation of freehold land and biln ae edited to the
revaluation surplus account in equity Decreases that of fet ious inaes o th same a are
charged against the revaluation splus account directly in equity all other dearees are to the
statement ofoperations Each year the difference between deeati based on thed .ny
amount of the aset chaed tothe statementof operation and redio basedon the ass e g
cost is transferred from the revaluation surplus account to r ea min
The ass' residual values and usdul lieare rviwd, and adjusted ifappropria eatah balanesheetda
An asset's canyon amount is written down immediately its estimated recoerable amount if he ase's
canying amount s greater than its estimated recoverabl amount.
Freehold land is not depreciated. Depredation on otheraset isolated igthe staighi-linemethod
to allocate their cost or revalued amounts over their estimated useful live a o

Freehold buildings
Furniture and equipment
Motor vehicles
Computer software
and development costs
Leasehold improvements

2.5% per annum
10%-20% per annum
25% per annum

20%-33% per annum
over period of the leases

ains and losses on disposals are determined by comparing proceeds with the c ana ousnTh a
indudedin thestatementofoperlaio When revalued asslare sd, the m aouts inthe uaion
surplus are ansre~ n to raind eaming

The Compay dassifies its financial investment assets other than bank M po in the following
categories: at firvalue through profit or loss and loans and receivableshde d on t
purpose for which the investment assets were acquired. Management detemina thedawsiion of s
investment assets at initial recognition and re-evaluates this designation at evey repomg dale
(i) Financial investment assets at fairvalue through profit or loss
A financial investment asset is classified as finandal assets as fair value through proft or los if acquired
prinpally for the purpose of selling in the shown omn or if so designated by management
Inveaments in equities are classified asfiancial asses at fair value through pFfit or l
RePliar-way purchases and sales of equities are recognized on Bade dae which is the dae tha the
Company commits to purchase or sell the equity mninequities are initially recognized at cos
and subsequently remesured at air value
Fair value is determined by reference to quoted bid prices for adinar share In esmets a
derecognized when the rights lo receive cash flows from mthe ni ha epired or have bea
transferred and the Company has transfred substantially all risks and rewards ofownenhip. Caim and
losses arising fom changes in the fairvalue of the invetmentsin ties tcatepiy, induding imera and
dividend income, are presented in the statement of operation in the period in which they are.
(ii) Loans and receivables
A finandal invea ent asset in classified as loansand reteivables ifhey a ndesair m ndil amss
with fixed or deteminable payments that ae not qutod in an activ mlat, odetha d an dme do the
Company intends tosell in the shotterm.
Investment t ingvamentbonds and p p red sharesar daifed as loans and Rauibk Laiand
receivables are caied at amortied cost, using the effiaive inmtet method It a an po on for
impairment in value


~"F~ r III- --~- -- r- ---



(Incorporated under the laws of the Commonwealth of The Bahamas)


(B) Loans andreceivables (continued)
A loan or recivable is impaired if its canyin amount is greater than its estimated recoverable amount The amount of the
imnairment loss for loans and receivable canied at amortized cta is calculated as the difference between the canying amount
and thepresent value of expected future cash flows discounted at the financial instruments original effective interest rate
Policyloans aecaied at the balance outstanding plus acued interest Noprovision for loss on theseloans is deemed necessary
bymanagrent as these loans ae fully collateralized by the cash sunender value of the polices
Moage loans are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market
They ase when the Company provides money directly to a borrower with no intention of trading the receivable Mogge
loans are secured by first mortgages and provide for monthly repayments at variable interest rates over periods of up to twenty-
five years on residential loans and up to twenty years on commercial loans.
Mo loans are stated at the principal balance outstanding less an inherent provision for loan losses on current loans and
spec provisions certain noncurrent loans mortgage loans over three months in arears Specfic provisions are made on
non-curent mortgage loans, based on management's evaluation of the respective loans. A specific provision for non-current
mortgage loans is established if there is objective evidence that the Company will not be able to collect all amounts due
according to the original terms of the mortgage loan. Significant financial difficulties of the bonrrower, probability that the
borrower will enter financial reorganization, and default or delinquency in payments are considered indicators tha the mortga
loan is impaired. The amount of dhe specific provision for loan loss is thedlference between the loan's canying amount and the
recotreable amount, being the present value of estimated future cash flows, including recoveries from guarantees and collateral,
discounted at the effective interest rate at inception of the loan. The amount of the provision for loan loss is recognized in the
statement of operations If the amount of the provision subsequently decrases due toan event occurring after the write-down,
the release of the provision is recognized in the statement of operations
Accrued interest on non-current loans is excluded from interest income
(i) Fuomaln and poentiato cnency
Items inuded in the financial statements are measured using the currency ofthe primary economic environment in which the
Company operates (functional currency), the ahamian dollar. he financial statements are presented in Bahamian dollars
which is also the Company's presentation currency.
(II) Thuaaoninaandmblmce
Assets and liabilities denominated or accounted for in crrencies other than the Bahamian dollar have been translated to
Bahamian dollars using the rates of exchange prevailing at the balance sheet dae Foreign crreny transactions and income and
expense items have been translated a the exchange rates prevailing at the time of the transaction. Gains and losses on translation
ar elected in the statement of operations.
A Company assseses at each balance sheet date whether is obectve evidence thvi a financial asset or a group offinandcal
aets is impaired. A financial asse is impaired is crying amount is greater than its estimated recoverable amount, le
amount of the impairment loss for assets carried at amortized cost is calculated as the difference between the assets carrying
amount and the present value of expected future cash flo discounted at the fnancal insruments oginalefective interest rate
If in a subsequent period, the amount of the impainrment loss decreases and the decrease can be related objectively to an event
ocamning after the impairment was recognized, the previously recognized impairment loss is decreased and the decrease is
recognized in the statement of operations
Premiums are recognized as revenue evenly over the period covered by the term of the related policies. he portion of the
premiums not earned at the balance sheet date is recorded as unearned premiums Policy acquisition costs and expenses to
develop new products are expense as incurred.
In the normal course of business, the Company seeks to limit is exposre to lss on any sine insured and o recover benefits
paid, by ceding premiums to reinsurers under eess coverage contracts Contracts entered into that meet the classification
requirements for insurance contracts in Note 2() are casified as reinsurance contracts held. The Company retains a range of
$25,000 to $110,000 (2004: $25,000 to $100,000) coverage per individual life.
The benets to which the Company is entitled under its reinsurance contracts held are recognized as reisurance asset These
asses consist of short-te balances due from reinsurers and are assifled within loans and receivables Amounts recoverable
from or dueto reinsurersaremeasured consistentlywith theamountsassociated with the inrei d contracts and in accordance
with the terms of ea reinsurance contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and
are recognized as an expense when due
Ieenue and expenses are accounted for on the accrual basis. Interest income is recognized using the effective interest method.
Dividend income is recorded when the right to receive payment is established.
or purposes of the statement of cash flows, cash and cash equivalents consist of cash on hand, demand balances with banks
and bank term deposits with original contractual maturities of three months or les

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases Payments made under operating leases arrecognized in the statement of operations on a straight-line basis ov the
period of the lease
The Company has a defined contribution pension plan for eligible agents and employees whereby the Company pays
contributions to a pension plan separately administered by the Company. The Company has no further payment obliganuons
I*' <' 1e thecontributions have beeo paid;.The plan requires participants to contribute 5% oftheir gross eamings and commission
and the Company contributes 3.5% ofeligible earnings. he Company's contributions to the defined contribution pension plan
ae recognized in the statement operations in the year to which they relate.
Dividend distribution to the Company's shareholder is recognized in the Company's financial statements in the year in which
the dividends are declared bythe Board of Directors,
The Company issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contras that
transfer significant insurance risk Such contracts may also transfer financial risk As a general guideline, the Company defines as
significant insurance risk the possibilityof having to paybenefits on the occunence ofan insured event that are at least 10% more
han the benefits payable ifthe insured event did not occur.
A number of insurance contracts contain a Discretionary Participation Feature (DP). This feature entitles the holder to receive,
as a supplement to guaranteed benefits, additional benefits or bonuses:
that are likelyto be a significant poion of the total conractual benefits;
whoseamount ortiming is contactuallyat the discretion of the Company; and
(i) the performance ora spedfied pool of contract ora specified type ofcontract and
(ii) realized andor unrealied investment returns on a specified pool of assets held by the Company.
The amount and timing of'the distribution to individual contract holders is at the discretion of the Company, subje to the
advice of the appointed actuary
Insurance contracts including those with DPFare asified into four main categories, depending on the duration of risk and
whe ornther t the terms andconditions are fixed.
Shrt-rein insurance cnrimiO
These contracts are group and individual health and hospitalization contracts, and short-duration life insurance contracts These
contracts rtectlicyolders from the consequences of events (such as death, disability orsickness) that would affect the ability
of the policyholder or his/her dependents to maintain their current level of income Cuaranteed benefits paid on occurrence o
the spefied insurance event are either fixed or are linked to the extent of the economic loss suffered by the policyholder There
are no maturity or surrender benefits.
Premiums on these contracts are recognized as revenue (earned premiums) proporinally over the period of coverage The
portion of premium received on in-force contracts that relates to unexpire i at the balance sheet date is reported as the
uneamed premium liability. Premiums are shown before deduction of commission.
Claims and los adjustment expenses are recognized in the statement of operations as incurred based on the estimated liability
forompensationowedtopolicyholders hey nude direct and indirectaims segment costsand arise from events at have
occurred up to the balance sheet date even if they have no yet been reported to the Company. Liabilities for unpaid claims are
estimated using the input of assessments for individual cases reported to the Company andstatistical anyis for the aims
incurred but not reported.
Lang-tem inmeaurrac s nac uidthfrd andguaammeal remn s
These contracts insure events assoated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when thc 'i me payable by ihe policyholder. premiums are shown before deduction ofcommission.
Benefits payable to beneficiaries are recr: Jed as an expense when they are incurred.
A liability for coniracual benefits thai are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to mortal !risistency, maintenan,', expenses and investment income that are established at the
lime the contract is issui : moiar .: ,or adverse deviations is ins I.,d in the assumptions.
long-ennitisurnuceconi lswiltlioutferlmadgpamledrent
These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they become payable These liabilities however, are increased by ited interest (in the case of
universal life contracts) or change in the unit prices (in the case of unit-linked contracts) and are decreased by policy
administration fees, mortality and surrender charges and any withdrawals.
Liabilities for Universal life policies indludig unitlinked contracts, are based on amptions as to future morality persiecy
maintenance expss investment income, and editing interest rates A margin for adversedeviationis included in the assumptions
abilities for deferred annuities are set equal to the policyholder account values
Long-tenn inuramae monacts with fired andgunmranted tes amd wi DPF
These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they become payable by the policyholder. Premiums are shown before deduction of commission.
Benefits payable to beneficiaries are recorded as a expense when they are incurred.
A liability for contractual benefits that are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to mortality, persistent, maintenance expenses and investment income that are established at the
time the contract is issued. A margin for adverse deviations is included in the assumptions.
S In addition, these contracts also parcipate in the profits of the Company As the Company declares the bous to be paid, it is
credited to the individual policyholders

The Company makes estimates and asumptions that affect the reported amounts of asses and liabilities within the next financial year.
Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future
events that are believed to be reasonable under the circumstances.
Estimate of future payments and premiums arising from long-term insurance contracts.
The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the Company. Estimates are
made as to the epeted number of deaths for each ofthe ears in which the Company is exposed to risk lhe Company bases these
estimates on mortality tables that refleta recent historical morality experience, adjusted where appropriate to Rflect the Compans own
experience For contraasthatinsure therisk of longevity appropriatebut notexcessivelyprudentallowance is made forexpected mortality
improvement The estimated number of deaths detemines the value of the benefit payments and the value of the valuation preemums
The main source ofuncertainty is that epidemics such as AIDS, and wide-ranging lifesye changes, such as in eating smokingand exercise
habits, uld result in future mortality beingignificantly worse than in the past for the age group in which the Company has significant
epsreto mortality risk However, continuing improvements in medical care and social conditions could result in improvements in
lonvity in excess of those allowed for in the estimates used to determine the liability for contacs where the Company is exposed to

TheCompany issues contracts that transfer insurance riskorfinancidal riskor both. he Companys activitiesexpose it to avarietyoffinancial
ris, induding insurance risks, the effects of changes in equity market prices and interest rates The Companys overall risk management
approach focuses on the unpredictability of insured events and financial markets and seeks to minimize potential adverse effects on the
financial performance of the Company.
The risk under anyone insurance contract is the possibility that the insured event ocmuis and the uncertainty of the amount of
the resulting daim. By the very nature of an insurance contract this risk is random and therefore unpredisable,
For a portfolio of insurance contaas where the theory of probability is applied to pridng and provisioning the principal risk that
the Company faces under insurance contracts is that the actual claims and benefit payments exceed the carrying amount of the
insuranc liabilities This could occur because the frequency of or seerity of daims and benefits ae greater than expected.
Insurance events are random and the actual number and amounts of claims and benefits will vary from year to year from the
estimate established via statistical techniques

Experience shows that the larger the ponfolio of similar insurance anntraa the smaller the relati
variability about the expected outcome will be In addition moediversified ponfolui isless likely tobe
affaed armoshe board by a lcangein anysbseid ofltheponfolio.
(i) lfngenn innsunce m ma
Fmtrenymulrseerit;yofd aini
For contracts where death is the insured risk the most significant falcons that could inease the overall
frequency and severity of claims are epidemics (such as AIDS) and wide ranging lifestyle anges such as
in eating, smoking and exercise abitsresulting in ealieor more claims than exctd.
The Company manages these risks through its undenwriingstrategy and reinsurance rangemens Ilhe
underwiung strategy is intended to ensure that the risks und ritten are well diversifiedin temsof yp
and level of inrebenefts The Compa's under citing strategy includes medical selection wih
benefs limited to reflect health conditionof applkantsand retnti mits onlim onany sine life insured.
The table below indicates he contraction of insured benefits aro s four bandsofinsured berefts per
individual life insured rounded to the nearest thousand.

Bmeeits asred per Wf isured
at end of year

0 9,999
10,000 24,999
25,000- 49,999
50,000 and over

124,627,000 120,800
-295,841,000 256,194
105,125,000 96,472
704,100,000 497,590
1,229,693,000 971,056

Inmaun in equiciaomprieorinmayshaofBahami no~anisthaalimdon
The hange in unrealized appeidation n investments in equities isb rnied in thesrmm oopao


Policy loans
Automatic premium loans (APLs)

Add: Accrued interest receivable

s a

6,558,210 6,346,484
2,437,291 2,121,624
8,995,501 8,468,108
311,820 299,387
9,307,321 8,767,495

2o Ily loam and autoumak premium loaMm is) areallowedonOidinary k feolidka A inten lm
S to 111% (2004:10% to 11%) perannum bistad on polyloans and APLt


Cash flow risk is the risk that the future cash flows ofa financial instrument will luctuate because of
changes in market interest rates Fair value inleres rate risk is the risk that the value of a financial
instrument will fluctuate because of han in market interest raesl he Compny Iakesoneposure o
the effects of fluctuations in the prevailing levels of market es rates on ts inanelal psoand amI
lowsIneres margins resulmayy ie rsas ndue ori e umee i tse he event
tha unexpected movements arise The Board sets limits on thelevel ofmismatch of interest rate repricing
that may be undertaken, which is monitored daily.
Marketrisk istheriskthat the valueof the finaialinstumen will fuuate as a reasu ofd hangesin
market prices whether thosechanges arecaused by fao rspedfic to the individual security, isuer or
actos affecting all secriies traded in the mails ie Company manages its risk through the Invesme
Committee, which monitors the price movement of secunies on the Bahamas Intemational Securities
Ex Iange (BISX).
The Company has expos toreodit msk which is therisk that a counterparty will be unable to pay
amounts in full w hen due Key a rehe Company is exposed to credit risk are
tenr deposits placed with banks
mortgage loans and loans to poliyholdeas
reinsurers' share ofinsurance liabilities
amounts due from reinsurers in respect ofdaims already paid
amounts due from insurance policyholders
The Company's term deposits are mainly placed with welll-nwn high quality banks Mopage loam and
loans to policyholders are fully collateralized.

Reinsurance is used to manage insurance risl Th does n, however discharge the Company liability
aspimary inurer Ifa rensurerfailtopay adaimforany reason theComlpamy mainliable he
payment to the poliyholder The reditwohiness of resure is considered on an annual basis by
reviewing their publiy available financial information prior to finalization ofanyaonnaa
The Company has one main mnsur for its longaeim instance contras, a large multinational
corporationthat has a Standard & Pours (S&P) ratingofA+.
The Company is exposed to daily alls on its available cash resources mainly om claims arising from
shortn-erm conras. iquidity r isks the ris that cash may nci be available o pay obllations when due
at a reasonable cost. The Board sets limits on the minimum pimponn of maturing hnds available to
meet such calls and on the minimum level of borrowing faeflities that should be in place to cover
maturities, daims and surendes at unepeed levels ofdemand
The Company manages this riskbyattemptingto retain a level ofas to liabilities with similarprincipal
values, interest rates and maturity dates
The Company's exposureto the effects of flutations in the prevailing levels ofmarket intermres onits
financial position and cash flowsis reduced as heCompany retains the eight to hange interest rates on
mostof its interest eating loan ass


Bahamas Government bonds
Bridge Authority bonds
Education Loan Authority bonds
Clifton Heritage bonds
Government bonds, at cost
Add: Accrued interest receivable

Redeemable preferred shares, at cost
Less: Provision for impairment
Redeemable preferred shares, net
Add: Accrued interest receivable

sM aM
17,152,700 16,119,200
307,400 307,400
1,800,000 1,800,000
21,264,900 18,226,600
328,417 321,121
21,593,317 18,547,721

1,150,000 1,833,334
1,150,000 1,633,334
252 9,745
1,150,252 1,643,079

During the year the Company exesed a final redemption on one of its presence sharholdigs for $283,334 (2004:
$283,333) and received an additional $50,000 that was previously provided for and recorded as other iane in o he
statement of operations. The Company also redeemed another preen e shareholding for $250,00.

At beginning of year
Realised gain (loss) from sales of equities
Change in unrealised appreciation on equities
At end of year


As of 1 January 2004
Cost or revaluation
Accumulated depredation
Depreciation on the revalued portion
of freehold buildings

Net book amount

Year ended 31 December 2004
Opening net book amount
Depreciation charge
Depreciation on the revalued portion
of freehold buildings

Closing net book amount

As of 31 December 2004
Cost or revaluation
Accumulated depreciation
Depreciation on the revalued portion
of freehold buildings

Net book amount

Year ended 31 December 2005
Opening net book amount
Depreciation charge
Depredation on te revalued portion
of freehold buildings

Closing net book amount

As of 31 December 2005
Cost or revaluation
Accumulated depreciation
Depreciation on the revalued portion
of freehold buildings

Net book amount

Loan to parent company
Loans to Company officers and
their immediate families

Less: Provision for inherent risk
Specific provision for credit risk

Add: Accrued interest receivable


4,232,927 4,361,287

2,880,594 2,581,614
50,776,446 44,768,130
57,889,967 51,711,031
(791,947) (1,173,240)
(197,000) (136,034)

56,901,020 50,401,757
340,208 376,280
57,241,228 50,778,037

Total mortgage loans may be analyzed as follows:



Over 90 Days
Over 90 Days

13,115,782 12,094,358
1,726,840 1,145,475
42,223,303 37,589,922
824,042 881,276
57,889,967 51,711,031

flepeovijn forinhewesdawmbk b ahWontr mdmMlonam nedtofseloantodsepateoanqty, w~h isdmwn

Balance at 1 January 2004
Increase in the provision
Loans written-off
Balance as of 31 December 2004
(Decrease) Increase in the provision
Loans written-off

Balance as of 31 December 2005

S $
1,128,411 100,000
44,829 61,034
1,173,240 136,034
(381,293) 132,765

791,947 197,000

T'heloantoiheparentitompanyeamsrrinemata raieof85%perannum(2004:9%).An intererareof6.5%peran
S(2004!7%ischadon identiamontloansdiM .of a with tmoteyeaofeE ed
partyinterest income smm n onesforheyearended 31aDe er201 is$599,796 (04: 580,340)and rated paty
nteres receivable on morsgges as of31 Deiember 2005 s $14,097 (2004: $20,860).
As of 31 December 2005, the Company had nonfaforming mot loans $2,550882 (2004: $2026,751) on whih
invest of $434,903 (2004: $331,462) had not been recogied on the statement ofopeaion.


Accused interest receivable bank term deposits
Accrued interest receivable staff loans
Reinsurance recoveries
Utility deposits
Due from parent company
Other receivables and other assets

2005 I2M

45,812 76,877
468 760
2,525,887 1,140,498
40,896 41,496
740,175 486,416
3,599,263 1,746,047

Reisuan a o ie ar in esetofdaims alred paid bythe Company. All rea nd abow re due within
twdvwmondm Hc, the am due from parenm company and redatd parties aFe infts-b t nmnsaid lh

5,776,325 4,823,824
329,114 500,000
(879,630) (44,220)
161,126 (251,440)
949,358 748,161
6,336,293 5,776,325

frehM o hd rM ni merw .tr W.m dhM.
LaInd IuMnh I& ESluVWdddm & I"nh w rwovoml
s 5 s s 5 $

3,029,840 6,250,160 1,585,813 30,095 758,559 184,777 11,839,244
(18,346) (1,055,617) (20,215) (432,391) (120,323) (1,646,892)
(18,779) (18,779)

3,029,840 6,213,035 530,196 9,880 326,168 64,454 10,173,573

3,029,840 6,213,035 530,196 9,880 326,168 64,454 10,173,573
7,229 118,268 198,483 76,319 400,299
(116,215) (110,368) (7,524) (118,996) (51,139) (404,242)
(40,220) (40,220)

3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410

3,029,840 6,257,389 845,947 30,095 777,863 232,313 11,173,447
(153,340) (307,851) (27,739) (372,208) (142,679) (1,003,817)
(40,220) (40,220)

3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410

3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
264,876 1,282,231 553,641 484,300 153,000 2,738,048
(118,886) (129,219) (2,356) (141,935) (61,712) (454,108)
(40,220) (40,220)

3,294,716 7,186,954 962,518 748,020 180,922 12373,130

3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
(312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)

(40,220) (40,220)

3,294,716 7,186,954 962,518 748,020 180,922 12,373,130

Freehold land and building each indude revaluation urplof $1,422,044 (2004: $1.422044) and $1,346811 (2004: $1344811), m inptlA Duwilee K eCa mMonadry oumna depedaon daoo y dEPed
computer equipment, fumrnre and equipment andl od improvinm a of $77,465 (2004:$179,179) $86,062 (2004: $858,134) and $N (20(M: $2,783), m peOiy
Asof31 Deember 2005, the Company hsa ented into an apreeent to sdl one of it tbuildinp for a prie of $4l,5o 00M The en is eaproe d to be oanql Aill 200







(Incorporated under the laws of the Commonwealth of The Bahamas)

I I)[ ( ] M 1 '1;1 O (1q :(>O N I NINIID1))

a. '.!ii-sse liability Methlod (CALM) is used for the dterminaiion of reserves for future policlolder benefits of long-term
. ur aIct
.. .. ,, ,, ,- ,. .1 .- I In n t l.. I n. . jl . .d. I,,, 1, 1 n.

Oltdinary life
I lomir ,crvice life
Accident and llealth

Reserves In force
2005 2004 2005 2004
S S S $
21,284,841 20,546,880 1,305,545,275 983,290,223
26,962,849 21,394,020
23,563,536 22,322,296 492,820,742 438,205,910
4,707,552 3,278,859 106,207,996 100,061,282
76,518,778 67,542,055 1,904,574,013 1,521,557,415

'he reserves for future policyholders benefits are determined annually by actuarial valuation and represent an estimate of the amount
'1 ' I ll l' II., '1,1" 11,, 1' ,', ., n ... u 1 .,, ... I' 1... 1h h 11 . .l 1 I 1" p ... I.. , I u. . .1 i
, i.. 1 , u, ,. ,...,, ,, ,,, ,h ,- ,1, . I ,, I '
'Ite assumptions also include provisions for adverse deviatin to recognize uncertainty in establishing the assumptions and to allow for
1osihle deterioration n ineperience. 'he process of determining the provision necessarily involves risks itat the actual results will deviate
iroa'n the assumptions made
1'ol'yt iabilities are calculated using best estimate assumptions with margins for adverse deviation.
[i) Mortality and Morbidity
Assumptions for I Home service life business are based on Company experience. Assumptions for other business lines are based
on industry experience, as the Company does not have sufficient of its own experience A margin is added for adverse deviation
equal to 15 per 1,000 divided by the expectation of life for mortality and 8% to 10%o for morbidity If future mortality and
morbidity were to differ by 10% from that assumed, the liability would increase by $2,933,000 or decrease by $2,902,000.
(ii) Investment Yields
Assets are notionally allocated to life and annuity business lines. Expected investment yields are based on new money rates and
:. ,,, I .... ,, H..... r I ., .. I ,,.. 1 I 1. 1 1. i lllll I 11. .11 I.. ii 1111h.h.. ..
fii h I I' i iJ ll I l l .. i i 1- Ii.. lh U,1 1II-h l,.I I.lh ,I t. ...llll, l I h , .h lI J i,,,,, I .h l.i. l l h
polictolder dividend scale, the liability would increy ,000 ase by $10,507,00 ordecreaseby$7,076,07800.
( e) Persistency
Lapse rates are based on Company's experience wherecredible experience is available. Industryexperience is used where credible
Company experience is not available A margin for adverse deviation is added by increasingor decreasinglapse rates; whichever
is adverse, by 20%/. If future lapse rates were to differ by 10% from that assumed, the liability would increase by $1,300,000 or
decrease by $1,229,000.
(iv) Expenses
Expenses are based on best estimates of Company experience Expenses are increased 10% as a margin for adverse deviation.
expenses are assumed to increase with inflation of 3% in 2006 decreasing to 2% in 2026 and later. If future expenses were to
difer by t10a from that assumed, the liability would increase by $2,655,000 or decrease by $2,613,000.
(v) Ongoing Review
Actuarial assumptions are continuously reviewed based on emerging Conmpny and industry experience and revised if
appropriate anid material.
(vi) Margins for Adverse Deviation Assumptions
'1}, .. . n. ,,,, ..... ... 1. h ,,,,,I ,h h,,. ,. h h a h, ,'h.1 h. 1 .1 .. I.... ....,, m ...i i .0 1, 1 . 0.,, 0 ,,,i 11_ .

"The impact of these margins is to increase reserves and so decrease the income that would be recognized on inception of the
policy. The Canadian Instuitue of Actuaries prescribes a range of allowable margins. 'he Company uses assumptions at the
conservative end of the range, taking into account the risk profiles of the business.
The movements in reserves for future policyholders' benefits and other policyholder benefits, (i.e. insurance liabilities) by line of
business are summarized below

Other policyholders' funds relate to unpaid benefits, premiums received in advance, uneamed premiums and
accumulated dividends.

the Company has bank overdraft facilities of $750,000 (2004: $750,000). Amounts utilized under the facilities
attract interest at Nassau prime plus 1.5%.


Redeemable Cumulative
Non-voting Non-
participating Preferred
Shares at S1 each

Issued and fully paid

Shares outstanding at
beginning and end ofyear

'2005 2004
Ordinary Shares Ordinary Shares
at $1 each at $1 each

500,000 2,000,000 2,000,000
$1,707,462 $1,707,462




Short-term insurance contracts 30,618,184 26,976,697
Long-term insurance contracts with fixed
and guaranteed terms 14,244,114 13,492,011
Long-term insurance contracts without
fixed and guaranteed terms 9,763,141 6,751,890
Long-term insurance contracts with fixed
and guaranteed terms and with discretionary
participation feature (DPF) 3,517,969 3,286,113
Premium receivables 279,349 248,221
Change in unearned premium provisions (36,015) (2,757)

Premium revenue arising from insurance
contracts issued 58,386,742 50,752,175
Premium ceded for short-term and long-
term insurance contracts to reinsurers (3,236,822) (3,559,994)
55,149,920 47,192,181

The following are related party transactions not disclosed elsewhere in the financial statements:

2005 2004

Salaries and other short-term employee benefits
Post-employment benefits
Share-based payments

1,558,071 1,531,759
62,036 70,692
1,620,107 1,752,451

The Company sponsors a plan as an on-going incentive system for its key employees. The plan holds shares of the parent
company and these shares are awarded to the plan partipants on an annual basis for services rendered in the previous year
or as special awards for a promotion or upon hiring at the executive level. The Company makes cash awards as the need
arises to the plan and the plan purchases the shares as needed on the open market at market value The shares vest over a
period of years dependingon te type of award granted.
In 2005, the total remunereation of the directors was $167,236 (2004: $174,500).

The Company initiated a post-retirement medical plan on 1 January 1999 for employees who retire after that date.
Cost sharing with participants varies with year of retirement and years of company service. The Company's
contributions will be provided, as premium payments are due, for retired participants.
2005 2004
s $

Amount recognized in the balance sheet
Present value of unfunded obligations
Unrecognized past service cost

Net liability in balance sheet

164,463 139,114
(2,592) (4,927)

161,871 134,187

Amount recognized in the statement of operations
Current service cost 18,600 17,000
Interest on obligation 11,648 9,846
Amortisation of prior service costs for non-vested benefits 2,335 2,335

Total expense recognized

Change in amount recognized in the balance sheet
Net balance sheet liability at beginning of year
Net expense recognized
Company contributions

Net balance sheet liability at end of year

32,583 29,181

134,187 108,971
32,583 29,181
(4,899) (3,965)

161,871 134,187

A discount rate of 7.5% for 2005 and 2004 is assumed

(ai) Shoi- tenminsurranicecontracts

Liabilities at beginning of year
Usual change in Inforce Business
and New Business

Liabilities at end of year

(b) Long-ten iiturance comircis itilt frl and uaraMnteed teams:





1,426,016 (368,756)

4,132,552 2,706,536

Liabilities at beginning of year 32,093,154
Changes in Data, Methods and Assumptions 972,000
New Business (1,979,000)
Usual change in Inforce Business 2,837,693

Liabilities at end of year 33,923,847

() Lfong-lemr irturace coniaG cs o irthoa t fi\diir i and g ranltrl telnlt wirel : r t ..
Liabilities at beginning of year 21,035,369
Changes in Data, Methods and Assumptions 913,000
lNetw Business (334,000)
Usual change in Inforce Business 4,752,214

Liabilities at end of year





26,366,583 21,035,369

(.ii) I .' "g ni ilrance cronratn s tf armed andl giuiuleed tenu i and i iill Dnii cretional 'PRia icipation Fietures (DPF):
2005 2004
S $
Liabilities at beginning of year 11,706,996 10,721,624
Changes in Data, Methods and Assumptions (305,000)
New Business (935,000) 14,000
lsual change in Inforce Business 1,628,800 971,372

Liabilities at end of year


12,095,796 11,706,996

Liabilities at beginning of year 67,542,055
Changes in Data, Methods and Assumptions 1,580,000
New Business (3,248,000)
Usual change in Inforce Business 10,644,723

Liabilities at end of year



Policyholders' benefits for the year ended 31 December 2005 by insurance contracts were as follows:

Gross Reinsurance
$ $S

Short-term insurance contracts 15,625,559 (1,595,315)
Long-term insurance contracts with fixed
and guaranteed terms 5,584,596 (239,346)
Long-term insurance contracts without fixed
and guaranteed terms 3,011,261 (204,998)
Long-term insurance contracts with fixed
and guaranteed terms and with discretionary
participation feature (DPF) 2,191,121 (143,214)

Net Gross Reinsurance
S $ $

14,030,244 14,375,003 (1,564,275) 12,810,728

5,345,250 6,004,109 (252,971) 5,751,138

2,806,263 2,971,347


2,047,907 1,643,374 (64,746) 1,578,628

26,412,537 (2,182,873) 24,229,664 24,993,833 (1,881,992) 23,111,841

The Company leases certain office premises under non-cancellable operating leases. Future minimum rental
commitments as of 31 Decemeber 2005 are as follows:

Up to 1 year
1 year to 5 years

900,360 734,960
1,803,095 2,158,080
2,703,455 2,893,040

Ihe Company leases its corporate office building from its parent company and provided the financing to tie parent
company for construction of the building by way ofa commercial mortgage loan. The annual rental expenses under the
lease of $716,560 is equal to the annual mortgage payments received from te parent company.

Them are no corporate, income or capital gains axes levied in The Bahamas and the Company, therefore pays no
taxes on its net income. lowevet taxes based on premium income, levied at 3%, for the year ended 31 December
2005 amounted to $1,556,087 (2004: $1,390,469).

The Company has a defined contribution plan (the "Plan") for eligible agents and employees The employees
contibute5% ofgross salary and commissions, and the Company contributes 315% of eligible earning
The Company's pension costs net offorfeituresinrespect to thePlan for the year ended 31 December 2005 amounted
to $450,582 (2004: $274,075) and is included in operating expenses in the statement of operations

Outstanding commitments to extend credit under mortgage loan agreements amounted to approximately
$2,150,056 as of 31 December 2005 (2004: $2,720,508).
The Company has entered into a contract topurchase a building for $3,000,000 and has paid a deposit of$300,000
prior to the balance sheet date Purchase of the building has not yet been finalized and the deposit paid of $300,000
is included in receivables and other assets in the balance sheet.

11,h. ...n. II n l. .r."h ch -,, I I", ," ,1[, ,, ,1[,i ,, ',, ,h l'l ,I -, -,1 I l .i', , h ,',u ,-l.<.... W l ...... .

Mortgages, policy loans, preferred shares and Bahamas Govemmentbonds are classified as loans and receivables and
are carried at cost, less any necessary provision for impairment in value. The canyingvalues of these assets represent
their fair value as the majority of these assets bear interest at variable rates.
Financial assets at fair value through profit or loss are carried at fair value

Pursuant to a ruling by the Court of Appeal on 23 February 2006, the Company is now required to establish policy
reserves of $1,794,000 in respect of certain lapsed policies that were included with the purchase of Star Insurance
Company Limited. he Company is also seeing return of $1,794,000 that was paid during theyearin esrow for
the account of the former principals of Star Insurance Company Limited. The result of this ruling does not have a
material effect on the Company's financial position and results of operations as of and for the year ended 31

The corresponding figures for accrued interstreceivable on mongaes, policy loans preferred shares and
Government bonds, realized loss on investments in equities have ben redassed to conform with the presenation
adopted for the current year.

. .
'0 -


76,518,778 67,542,055




bl rLglNtcsan aac hesi h

'C l 5-=25


.. -1

. I -

AUGUST 9, 2006

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

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Challenge for

U-17 Boys

soccer team

Junior Sports Reporter
THE Bahamas U-17 Boys
national soccer team are about
to face their biggest challenge
ever having to finish in the
top spots at the Caribbean
Youth Cup.
The Caribbean Youth Cup
serves as the regional qualifying
tournament for the Confedera-
tion of North, Central Ameri-
can and Caribbean Association
Football (CONCACAF) and
the only means of advancing to
the finals for the FIFA U-17
boys world qualification tour-
The event is being played in
Trinidad and Tobago and will
kick-off on August 15th-19th.
Although the Bahamas team
has been training for some
months now, they will need to
lace-up their boots because
only the top two teams will
move onto the second round of
qualification tournament.
The tournament will play
host to all the teams from
around the Caribbean. Only the
top teams from the Caribbean
will advance to the CONCA-
CAF finals, which will host
eight teams from around North
and Central America.
This is known as the final
phase of qualification for coun-
tries in this zone.
The Bahamas has three
games on schedule, their first
against Dominica at 11.00am
on Tuesday morning. The top
ranked teams are Jamaica and
Cuba both teams the
Bahamas will have to play on
their final days of competition.
Having played a series of
matches prior to their depar-
ture, which allowed the coach-
ing staff to evaluate the
st rengths and weaknesses of the
team, it was concluded that the
team is ready and that their
final practice gave them an
opportunity to work out their
The CONCACAF tourna-
ment is held every two years.
Bahamas' schedule
Tuesday, August 15
Dominica at 11:00 am
Thursday, August 17
Jamaica at 4:00 pm
Saturday, August 19
Cuba at 2:00 pm


team aims for

top three finish

Junior Sports Reporter
THE 12-members that
survived the final cut by the
Bahamas Basketball Federa-
tion (BBF) will have their
hands full at the FIBA
Americas U20 Champi-
onships for Women.
Although the team is
ranked in the top six in the
FIBA Americas region, they
will still have to battle teams
that have high world ranking
The FIBA Americas U20
Championships underway
yesterday in Mexico City,
Mexico. The championship
games are scheduled for
Team Bahamas will face-
off with Brazil, Canada,
Mexico, Puerto Rico and
USA, hoping to finish the
qualifying tournament in at
least third place.
Only the top three teams
from the U20 championships
will advance onto the Under
21 FIBA World Champi-
onships for Women. These
championships are expected
to be played in 2007.
Jamaica and Costa Rica
were supposed to partici-
pate, but, due to financial
restraints, they will not be
taking part and the Bahamas
is now the only country to
represent the Caribbean.
Due to absentees, the
tournament format of play
has changed to a round
robin instead of pool play.
After arriving in Mexico
City on Sunday morning,
team Bahamas got in a
scheduled practice on Mon-

day in preparation for their
tournament opener.
The team tipped things off
against the host country,
Mexico, at 7pm yesterday
evening. Their second game
will be played against Brazil
at 5pm today.
The team, which is being
coached by Felix 'Fly' Mus-
grove, has been working
out for more than four
Final results from yester-
day's match were not avail-
; ie up until press time and
will be posted in Thursday's

Available'from commercial News providers

4m-. s m .

O .
"lw tmmm-S -a-

New York softball tournament

offers 'excellent opportunity'

Sports Reporter

SOFTBALL authorities
in the Bahamas are
increasing their activity in
youth development in an
effort to sharpen skills and
give players possible schol-
arship .opportunities.
The New Providence
Softball Association will be
fielding a ladies' under 19
team in the 5 Boroughs
Invitational Tournament in
Staten Island, New York.
The tournament, which
will be contested August
10th-14th, will feature
some of the best teams
amongst New York's five
boroughs and the sur-
rounding states.
The tournament is being
co-ordinated in part by K
Ro Sports Inc, in conjunc-
tion with the Sports
Department of the New
York City Boroughs.


NPSA President Stephen
Coakley said the tourna-
ment provides an excellent
opportunity for players to
hone their skills against
new competition, which
will ultimately aid the
country's softball develop-
"We have seen fit to give
them further exposure to
international competition
and we hope that playing
against a higher level of
competition can improve
their development and
make them better overall
softball players," he said,
"It helps the progress of
our youth development
programs, particularly with
our ladies."
Coakley said the primary
focus of the tournament is
to expose the players to
other coaches and players
in an effort to receive
scholarship opportunities
and use softball as a
vehicle for further educa-
"In addition to the assis-
tance with their skill level,
this exposure gives the
players and coaches an
opportunity to interact
with and experience the
game with a variety of oth-
er players and can help
towards the main goal,
which is to gain some
scholarships for some of

N FROM LEFT: Ketra Flowers, Krystal Delancy and Shervette Taylor

the team members," he
said, "We're taking steps
towards our goal and doing
what has to be done. It is
the first time in a long time
that the association has
taken on the task to get
more serious about youth
He said the association
has high hopes for this par-
ticular team of young
"They're young, time is
on their side and they have
a lot of room for develop-
ment," he said, "So I think
this group has the poten-

tial to become the real
future of ladies national
softball teams in the coun-
Coakley said the associa-
tion seeks to combine
sports and education
through this tournament
and similar ventures as a
part of the youth develop-
ment program.
"The NPSA's aim is to
further the education of
our young players and our
goal, through the sport of
softball, to obtain scholar-
ships for as many young
players as possible," he

Shaundra Curtis
Divonya Robinson
Antonia Simmons
Ruthann Simms
Ebony Delancy
Krystal Delancy
Michclle Thompson
Shervette Taylor
Kethra Flowers
Krishanda Lewis
Jamie Cleare
Thela Johnson

said, "To achieve that we
wish to expose them to
international competition

Kenise Symonette
Randell Cooper
Giovana Peterson
Stephen Beneby
COACHES: Anthony
Bullard, Vernie Curry
ney Fernander
Bobby "Baylor" Fernander

to assist in sharpening their
knowledge of the game of

Ir -





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Ho8es are high op evOllie 1al

1eams ahead Of C am ionlSlhis

BBRENB STUBBS Bahamas' sides to be officially announced today
Senior Sports
WITH just 11 days left putting the final touches to In preparation for the Jamaica not expected. to tion has not been disclosed. final 12 players will make
before the Caribbean Vol- the men and women's tournament, the two teams come here for the tourna- But Raymond 'Grimes' the Bahamas very proud
leyball Championships are national teams. are scheduled to travel this ment, the Wilson, who serves as the when the tournament is
hosted at the Kendal Isaacs Today at 6.30pm, the weekend to play in a series planning on traveling theie trainer for the women's played from August 20-26
Gymnasium, the Bahamas teams will officially be pre- of exhibition games. With for the exhibition games. team, said he's confident at the KIG.
Volleyball Federation is sented to the public. last year's runners-up However, the exact loca- that the selection of the "The team looks solid,"
said Wilson, who will work
with women's head coach
Joseph 'Joe Mo' Smith and
Jason Saunders. "This is
probably one of the best
teams that I've had the
privilege of training."
Wilson, who has put the
women through a.vigorous
training programme for the
past few months, said he's
even predicting gold,
.... .although Barbados is
expected tobe here at full
strength to defend their
"I'm looking for the
gold," he charged., "Even
though I only worked with
.men's team is also pretty
good, so they should do
"Right now you have all
the elements coming
together with regards to
the men. So we are look-
.......: .-.. ing at both of our teams
representing us very Well."
Joey Demeritte, the head
coach of the men's team,
was not available for com-
But here's a look at the
players who survived the
final cut and will represent
the Bahamas during the
Women's team Kelsie -
Johnson, Krystel Rolle,
'Cheryse Rolle, Jackie
Conyers, Anastacia Moul-
trie, Tamasina Poitier,
Laval Sands, Davia Moss,
Katrina Johnson, Tia Wil-
son, Keva Lightbourne and
Kissie Gray.
Men's team Renaldo
Knowles, Audril Farquhar-
son, Prince Wilson, Rom-
0 NEW national record holder Derrick Atkins (middle) between former mes Lig h tbourne, Joh n
co-national record holders Rudy Levarity (left) and Rendward Wells Rolle, Byr on Fer g us on,
(right). Atkins broke their national record of 10.18 seconds by running Muller Petit, Tony Simon,
10.14 in July. He came back at the XX Central American and Caribbean Hector Rolle, Eric John-
Games and lowered the markto 10.08. son, Arison Wilson and
Glen Rolle.
U RIGHT: Minister of Youth, Sports Countries confirmed so
and Housing Neville Wisdom (left) congratulates new far to compete are:
national 100 metre record holder Derrick Atkins Men Guadeloupe, US
Virgini Islands, Barbados,
(Photos: Stanley Mitchell) Trinidad & Tobago, Haiti,
Netherlands Antilles and
the Bahamas.
1OOm record holder Women-US Virgin
Islands, Barbados, Trinidad
derrick is hono red & Tobago, Haiti, Domini-

IT WAS a night to remember for national 100 metre record holder Derrick
Atkins. England celebrates
On Friday at the Colony Club, he was saluted for his silver medal performance tst seriesCtO
in the 100m at the XX Central American and Caribbean Games in Cartagena, te siS VIC
Colombia where he lowered the national record for the second time this year. SEE INSIDE
In July, Atkins broke the 25-year-old mark of 10.18 seconds, that was first
established by Rudy Levarity and then tied by Rendward Wells, before he
clocked 10.14 at the North American, Central American and Caribbean Under-
23 Championships in Santo Domingo, the DominicanRepublic.
At the CAC Games, Atkins ran 10.08 to lower the mark for the second
time during the semifinal of the 100. He came back in the final and ran 10.13 for f

the silver.
Harrison Petty, the proprietor of the Colony Club, hosted the reception in
honour of Atkins. Among those in attendance was Minister of Youth, Sports and
Housing Neville Wisdom.
Also present were Levarity and Wells, who all congratulated Atkins on his
Other persons present were former IAAF Council Member Alpheus 'Hawk'
Finlayson, Dr. Larry Davis, secretary of the Bahamas Olympic Association;
Andrae Williams, former national 400 champion; Dr. Jon Bartlett, physical train-
er and coaches Keith Parker and Rupert Gardiner.
Bahamas Association of Athletic Association president Mike Sands served
as the Master of Ceremonies.
Atkins is a former NAIA indoor and outdoor 100/200 champion at Dickin-
son State. He's now preparing to launch his full-time athletic professional

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