The Tribune
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/00945
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Portion of title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: February 6, 2008
Copyright Date: 2008
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
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
System ID: UF00084249:00945

Full Text





._. I
;Y, FEBRUARY 6, 2008 PRICE --750


CZ~M~CITrrfiru~f~crQ? k~i ~KAlmn ~

COB 'takes seriously' the

safety of staff and students
THE College of the Bahamas said it "takes seriously"; the security
and safety of its students and employees and has employed innov-
ative strategies to provide a safe environment in which to learn
and work.
This follows complaints by students reported on the front page of
Saturday's Tribune. They said the Fall 2007 semester was "riddled
with violence" including incidents of rape and armed robbery.
"An openicampus situated in a bustling commercial centre: fre-
sents ongoing challenges," said COB in a statement. "Incidents
that threaten the well being and safety of college constituents are
dealt with in accordance with college policies and the law of the land,
as soon as they are reported."
It said that mn an effort to prevent stich incidents, security cameras
have been installed campus wide, additional officers have been
employed and additional security booths placed at strategic locations.
There is also a mobile unit patrolling the campus during all shift
SEE page 10 .

enln ]v ffe~ usJ II

When it comes to Auto Insurance,
remember the smart choice is
Insurance MIanagoement.
.Smart people you can trust.


00MIlNG sooNI

Tribune Staff Reporter
year-old student of St
Augustine's College, was
stabbed in the shoulder on the
school's campus yesterday
afternoon as he prepared for a
basketball game later in the
day at the Kendal Isaac's
Rolle was also robbed of a
cell phone and other personal
items during the incident,
polici bloenv d that persons
from outside of the school

were involved.
A source told The Tribune
that the young man is a 10th
grade student of SAC. He was
taken to the Princess Margaret
Hospital for treatment after
the stabbing.
The incident reportedly took
place near the school's basket-
ball court, and the extent of
the young man's injuries were
unclear up to press time.
The source said that an
altercation took place at the
campus last Friday~i, which may
be related to yesterday's stab-
bingSAC graduate, who did
SEE page 10

conn" ol"":witf
18 break-insl
A- 19-YEAR-OLD man
charged in connection with break-
ins at18 houses in the eastern area
of New Providence was ari-aigned
in Magistrate's Court yesterday.
Chivario Cuadero Rolle of
Pyfrom Road appeared before
Magistrate Susan Sylvester at
Court 11 in Nassau Street yester-
day on 18 counts of housebreak-
ing and 13 counts of stealing.
Rolle is accused of committing
the offences between Sunday,
September 13, 2007 and Sunday,
December 30, 2007.
SEE pae 10


againSt the

YET another allegation of

at the Ministry of Housing.
A homeowner, who wished
to remain anonymous, told
Thie Tribune that she had been
living ~in government built
apartments in Windsor Lane
for five years.
The government had been
taking a salary deduction in
place- of rent payments, she
explained. ~ :
The woman said that now,
:however,:the ministry claims
'that she owies government
~ Yesterday, a senior govern-
SEIE page 10

Body found
111 FOX 11111
dI'HE body of Cornelius
~Knowles of Fox Hill was found in
a car parked in a yard on Ferguson
Street, off Reeves Street in Fox
Hill, yesterday evening.
It was identified as that of Cor-
nelius Knowles of Fox Hill, who
lived in the car. It is believed he
had been dead for at least two
"It was the odour that caused
prson to lok i t car, said a
the71d ao tye sat Fome tat
The electricity went off around

A BTC TECHNICIAN works on telecommunications equipment that was sabotaged last month.
A $10,'000 award is being offered to anyone with information leading to the conviction of persons
involved in the sabotage. SEE PAGE THREE

Tribune Staff Reporter
DESPITE speculation to the
contrary, Keny~atta Gibson, the
newly-Independent Member of
Parliament for Kennedy .was
not coerced by money to leave
the PLP, a source close to the
MP said yesterday.
Yesterday, political sources
suggested that Mr Gibson was
enticed by the FNM last month

1:,::', Wle's m ay ive n th

This claim was denied by one
of the MP's close campaign
"hieutenants" who referred to
documents showing that Mr
Gibson had in f act been
retained by his client under the
PLP administration in March
Speaking with The Triburne
exclusively, this source, who
spoke on condition of anonymi-
ty, said that these allegations
against Mr Gibson once more
expose another ploy by the PLP
andr it "oHtircaltharlots" to
"I' wonder he didn't leave
S page 10


,i ~t~fi~





15-year-old attacked

while preparing for

b skebal tR 6


Coroner's Court

cases mounting

MATTERS before the Coroner's Court, which wvas abolished
under the former administration, are mounting as there contin-
ues to be no movement on these matters, Prime Minister HubertL
Ingraham said.
There are currently 15,7 matters before the Coroner's Court.
Mr Ingraham commented on the backlog during his meet the
press conference in the nation's capital.
"What I find distressing is the number of persons who have
matters before a Coroner's Court or [that] should be before a
Coroner's Court in the Bahamas and nothing is happening on
them," the prime minister said.
"We [the F"NM administration] had a Coroner's Court. We had
`appointed Mr Winston Saunders to be the coroner (now
"He did quite an effective job in disposing of matters that go
before the Coroner's Court. This would be persons who die in
police custody, or who die under suspicious circumstances, or who
go missing, et cetera.
"That court was abolished while we were in opposition and the:
numbers have piled up."
The matters before the court include 21 suspicious deaths, six
police shootings, 59 traffic fatalities, 21 drownings, 10 classified
as missing at sea and two missing person matters in Kemps Bay,
Andros and in South Andros.
Otner matters before the court are cases of murder, suicide and
suspected suicide, accidental death, shooting and stabbing, boat-
mng and jet ski accidents, electrocution, house fire, and one case
classified as "missing on plane."

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MINISTER OF STATE for Social Develoyjment Loretta Butler-Turner commissioned~a new wheelchair accessible bus at the Disability Affairs
Unit, Eight Terrace, Centreville.

State-of-the-art vehicle

for the disabled unveiled

important development, as a "Band-
Aid approach" was previously being
taken, using a vehicle which needed
constant repairs.
She said it is important that the gov-
ernment does all it can for the dis-
abled, as the country is a signatory to
the United Nations' Convention on the
Rights of Persons with Disabilities.
The minister pointed out that as the
Ministry of Finance waived import
duty, the total cost of the bus was just
over $70,000.
ABK Mobility, a sister, company of
ABK Fine Cars, partnered with the
government in purchasing the vehicle.
MKanaging director"Of AB ability
M~ar\ in Henfield-sa d the 2 L 007
Dodge Sprinter that c: ort
either four wheelchair t ns

or 10 other passengers.
Mr Henfield explained that the bus is
equipped with numerous safety mech-
anisms such as seatbelts and 16 tie-
down restraints.
It has a rear door that is suitable for
the roads in the Bahamas, where dri-
vers keep to the left.
The bus has also been outfitted with
a manual override system in case the
batteries die or power is otherwise lost.
Wendy Bonaby, who uses a wh~eel-
chair and is a client of the Disabilities
Affairs.Unit, demonstrated how wheel-
chair passengers are taken on and off
of the bus.
'-is Bonaby sa'id the: new vehiiltle is an
:Improvemerit becausee she 'fee'Is that
the tie-down restraints and seatbelts
make it safer than the old bus.


MINISTER of State for Social
Development Loretta Butler-Turner
yesterday unveiled a new state-of-the-
art vehicle designed especially for per-
sons with disabilities.
Speaking at a press conference at
the Disability Affairs Unit, Mrs Butler-
Turner said the bus will be used to
transport persons with disabilities to
important appointments such as doctor
She explained that individuals who
need the bus need only contact the
Disability Affairs Unit, which will
make the proper arrangements to
transport them to and from appoint-
Mrs Butler-Turner said this is an


Minor Crimes/Miscellaneous 2007 2006 %Change

Alarm Activation .... .............282 .........279 ...................1
Assistance Requested .................7006 .......5973 .................17
Bomb Threat....................................3...........21 .................57
Domestic Dispute........................1138 .......1361................-16
Loud Music ....................................157 .........148 ...................6,
Lost Passport ...............................1523 .......1527 ...................0)
Missing person ...............................425 .........337 .................26
Gunshots Report ...........................130 ...........93 .................40
Police Escort ..................................188 .........228................-21
Police Visit ...................................1338 .......2428................-45
Sudden Death (Natural Causes) ....486 .........526..................-8
Assault .........................................31 .......2981 ................... l
Assault Police Officer ...................149 .........122 ............:....18
Causing Harm ..............................2670 .......2567 ...................4
Child Abuse .....................................47 ...........46 ...................2
Child Neglect ...................................50 ...........59................-15
Disturbance ..................................1140 .......1186..................-4
Stealing (Minor) ..........................3310 .......3370..................-2
Attempted Stealing .........................92 ...........72 ...............,.283
Attempted Breaking .....................268 .........229 .................15
Threat of Harm ...........................1767 .......1710...................3
Wounding .......................................222.........177 .................25
Wilful Damage ............................2692 .......2635 ...................2

Total 28,126 28,075 0

from our

Fabulous Designer
Ev '"gea..

on Saturday
16th February, 2008
Crow Ballroo
Atlantis, Paradise Island

Established in 1956 by an old Bahamian family
Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
Fax: 326-9953
Crystal Court at Atlantis, Paradise Island Tel: 363-4161/2
Lyford Cay (next toHLyford Cy R6a 5 t~ate in

mi biologist has been
awarded a $150,000 Pew
Fellowship in Marine Con-
serv~ation for his efforts to
help coral reefs survive c11-
mate change, according to
Associated Press.
Andrew Baker aims to
protect heat-sensitive coral
against ocean temperatures
spiking because of global
He plans to pair coral
with algae that can with-
stand higher temperatures.
Corals need algae to
thrive, but shed the algae
when the water gets too

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 on322-1986
and share your story.


crNmASSArU's aljs alr i
year trend which could see the
annual murder rate rocket to
250 within a decade, it was
claimed yesterday.
If this happens, Bahamas
tourism will face a "major
threat", with every citizen sus-
ceptible to crime in all its
forms, said fathers' rights cam-
paigner Clever Duncombe.
Recorded crime statistics
between 1963 and 2005 show a
massive upsurge in all cate-
gories, with murder up from
only five mn 1963 to 52 mn 2005
and 60 in 2006. Last year, that
figure jumped to a record 79.
."The crime rate has explod-
ed out of all proportion to the
increase in population," said
Mr Duncombe. "Politicians
are trying to downplay the
severity of criminal activity in
our country. They are trying
to imply that only a smaQl per-
centage of men are commit-
ting these crimes,
"However, the statistics sulg-
gest something else. Crime has
become a part of our national
economy. People are relying
on it for a living, and that
includes many lawyers."
Mr Duncombe said the gov-
ernment first needed to
acknowledge the problem,
then identify who is responsi-
ble, and finally create policies

i hoe r saec haen itt woh
be the "lower orders" who
would take the brunt of crime,
he added.
"Resuming hanging is not
the answer," he said, "Hanging
is discriminatory against men.
The last time a woman was
hanged was in 1913. And the
last time a man was hanged -
mn the year 2000 the murder
rate hit a then record of 74."
Mr Duncombe produced
statistics showing total record-
ed crimes up from 2,996 in
1963 to 17,481 in 2003 and
16,810 in 2004.
Rape has rocketed from 11
mn 1963 to 134 last year, with
attempted rape up from just
two to 35 in the same period.
In 1963, there were only 471
housebreakings against the
2007 figure of 2,510.
Murder figures began rising
significantly from 19)79
onwards. Between 1977 and
1996 murders rose from 14 to
51, then two huge spikes were
hit in 2000 and 2007.
Mr Duncombe said: "Politi-
cians have been downplaymng
crime for years. But we need a
national socio-economic devel-
opment plan instead of the
present.ad hoc style of gover-
nance. If they continue to
downplay it, we will never get
a solution."

That can drain a reef of
its vibrant colors, and
bleached reefs are more
vulnerable to damage and
Baker says his research
shows some corals adapt to
warmer water if the algae
is heat-tolerant.
His theory will be tested
in the university's a~quari-
ums before it's introduced
to corals growing in nurs-
eries or the Florida K~eys.

and laws to address it.
He said lack of a social
development plan and the
growth in fatherless families -
was a factor.
"If this goes on, it means
that ten or 15 years down the
line, you will have 250 mur-
ders a year, with rape and oth-
er sexual offences doubling or
tripling, leading to a major
decline in our tourism figures.
"By then the powers-that-
be will be in their eighties or
nineties,-but many of us who
are now living will perhaps be
dead as a result of crime.
Because of increased polar-

( i

Police outline

In tiat lives to

address crime

HIGHLIGHTING, the increase in major International co-operation continuing to
crimes last year, police officials have outlined build upon existing relationships with interna-
several initiatives which the force will pursue tional law enforcement agencies and associa-
over the next 12 months to help address this and tions and seeking to develop new international
other problems. partners.
These initiatives include:
9) Information technology ensuring that the
*Neighborhood policing ensuring that polic- maximum use is made of existing technology
ing is practiced in a way that strengthens the
police/citizen bond.
The end of year police crime statistics
*Traffic management employing strategies revealed that last year, violent crime in general
that positively impact the traffic situation and increased by 38 per cent across the entire coun-
continuing to enforce laws and regulations to try.
reduce the number of traffic accidents. Rape increased by 86 per cent across the
3) Training and development -- continuing to The data reveals that nationally, unlawful sex-
tramn members of the police force in a wide array ual intercourse increased by 15 per cent; attempt-
of skills that will enhance their effectiveness in ed rape by 52 per cent; armed robbery by 49
carrying out their duties. per cent; and robbery by three per cent from
the totals in 2006.
4) Effective management ensuring that max- In 2006 there were no reported cases of
imum use is derived from all the force's resources attempted murder, however, last year there were
and that financial accountability is practiced. seven,
Four manslaughter cases were reported in
5) Intelligence led policing promoting a sus- 2007, as compared to one in 2006, and attempt-
tainable, proactive system for the investigation, ed robbery cases rose to 19 from 12.
prevention and reduction of criminal activity In the property crime category, burglary
through the use of intelligence led policing. recorded the most notable increase from 2006 -
43 per cent-
6) Discipline ensuring a higher level of dis- Vehicle theft also shot up 10 per cent last year,
cipline within the police force as did stealing from vehicles, which increased
by 28 per cent.
*Tackling corruption minimising corrup- Shop-breaking and stealing showed only single
tion so that public confidence in the force is digit increases of nine and two per cent respec-
heightened and its integrity is maintained. tively.

Miami biologist is $

fOr coral reef research

~e ~Sand au.


Claim that annual murder rate

could reach 250 mna decade



Esfakls death
THE Coroner's Inquest
into the death of Christo-
pher Esfakis will continue
today after an unsched-
uled adjournment yester-

Te inquest was11t
delayed after the court
heard that Dr James
Inerdentead-- wh wasman
witness during the pro-
ceedings could not
appear because he busy in
the emergency room.
Before Magistrate
William Campbell dis-
missed the seven member
jury, he said he would do
everything in his power to
have the inquest which
is expected to consist of
three more days of testi
mony completed this
wEsfakis, 42, died at Doc-
tor's Hospital on April 22,
2002 a few days after
being admitted to the hos
pital for burn treatment.
An autopsy performed
by a local pathologist on
April 25, 2002 listed car-
diac i-espiratory arrest,
acute pulmonary conges-
tion and oedema as pri-
mary causes of his death.

BTC offering

sabotage of


$1B,00CO cowa fraany-
one with information

leaa ag tooth cneeeton

munications equipment
last month.
The equipment that was
damaged includes aerial
cables on Gladstone Road
and Rocky Pine Road,
and wire cabinets on Mar-
shall Road, Sunshine
Park, Muttonfish Drive,
Flamingo Gardens and
Emerald Gardens.
The damage toBETC
equipment resulted in
hundreds of customers
being left without basic
telecommunications ser-
vices and the company
facing a bill of thousands
of dollars for repairs.
Techmelians could be
seen yesterday carrying
out repairs to some of
equipment that was
severely damaged by the
acts of the sabotage.
BTC's vice-president
for marketing, sales and
business development
Marlon Johnson said: "It
is unfortunate that the
company's loyal cus-
tomers have been subject-
ed to these vicious acts of
sabotage. By offering a
reward, we want to
demonstrate to the public
and would-be perpetra-
tors that we are serious

i tretosT fe ten cpany
and its customers."
Mr Johnson is encour-
aging persons with any
information about the
incidents to come for-

vadtinA rmto ois eed
to contact the Police
Crime Tipsters hotline at
328 8477 (TIPS). All calls
are confidential.

~ up

The Tribune Limited
BeingS Bournd to Swyear to The Dogmzas of No Master

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

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

Pulblishe~r/Edlitor 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 D apartment (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

St. Cecilia's Ch urch
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Saturday, February 2nd, 2008
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1.KIoset Willia~ms 32340 324-8144 Roundtriplot2toSan
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telephony equipment forced the
issue. I threatened to go pubhe
with my concerns, and was Imme-
diately rushed to an impromptu
meetmn with the colle e presi-
dent, w~o committed to ook into
the situation and respond in a few
week's time. She did not forbid
me embarking upon fulfilment of
my threat however, only request-
ing time to look into the matter,
Considering her kindness and sin-
cerity, I refrained myself. Subse-
quently, it was agreed and ver-
bally affirmed that the College
should do more to assist students
such as we and not just those
of us with hearing impairments.
In an effort to show its sincerity of
mnt nt01n,eg was tsked ttoh as
namely -
(a) locate capable persons to
act as sign language interpreters,
which I did late 2006; and
t(b) set upma town meeting with
aid the College in better utider-
standing the needs of the Deaf
Community. This I also did, early
2007 through- and with the sup-
port of my church.
A few short months later, it
was decided that someone should
be hired to set up an Office Of
Disability Support Services with-
in the aClaetge, bc use blusewt
fied immediately. Such an Office
has yet to materialise and, per-
haps even more telling, there Is no
mention ofhay of this n tthe Col-
Pl n for University Status. To ay
the deaf students continue to
struggle without much-needed
pronused support. The worst part,
powcvr enal fth n ic ea I
mean and spiteful treatment
received for daring to "rock the
At the aforementioned follow-
upm metn with renor Colle e
option of defaulting to a newly
established online programme "in
the meantime." Silly me, unwise
antnhe tuavtic gof in titf rh a
smokescreen hook, line, and
sinker! What a dunce! I accepted
this, believing that such a "pre-
mier' institution would make
good on its word concerning the
disadvantaged. Ah well, a lesson
learned is wisdom gained. But
anyway, it was outline that I
would take two on-line classes
per semester until my programme
was completed because of my
health issues, and seeing as I
would not miss as much lesson
content compared to being
unable to hear mna classroom con-
texoe is me! The trouble started
when I tried to register for those
classes. The programme adviser
flat out refused to sign the course
request forms! Goodness. After
many days of enquiries and with
the registration deadline fast
approaching, another individual
within the School of Education
graciously allowed me to proceed.
To this day I retain in my posses-
sion a copy of that form with the
very legible notation... "Need to
sign up for in-house/face-to-face
One of those courses, which
was supposed to be on-line, had a
"'classroom component" requir-
ing students to meet on campus
each week because the content
wyas "orally-based and that would-
n't work in the on-linle forum.
Huh?! The fun with that one was
onlythust beginning. About mid-
way trough the semester, a seri-
ous medical emergency occurred
in my family and, being the eldest
of my siblings, I sought release
to attend to the affairs of the fam-
ily. Fortunately and God be
praised, the situation was soon
rectified. Upon returning to my
c a sso hd ower ec lwisn dul
so much content I would have to
repeat the course the following
Norma~lly thisw\\ould have been
Ili bit pdeal, e cep frs th (11 r
In discussing this pre icament
with my fellow classmates, how-
ever, it was revealed that basical-
ly the whole class had also fallen
behind schedule for various rea-
sons therefore I had no reason to
be concerned as there wlas vet a
little hope for me as wecll. Thle sit-
nation was conf~irmed w~hen the



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EDITOR, The Tribune.
Kindly permit me a little space
- no, a lot of space! -mi your
esteemed publication to unbur-
den my heart of something that
has been weighing it down for
quite some time. I write with no
malice or spite designed to gain
something for myself in so sharin
what is about to follow. Instead,
write in hopes of raising the voice
of one crying in the wilderness of
oppression among many such
voices that have been either
silenced or ignored for too long in
this nation which calls itself
"Christian." I write in hopes that
appropriate and just action should
be tak~en. I consider it only fair
that the long awaited and much
debated Disability Rights Bill be
passed and made law without fur-
ther ado.
I am very much aware that
what is about to be shared here
may be considered nothing short
of incredu ous and udnberideva le.

suade anyone of the truth or real-
ity of the following, for those
involved therein and others
involved thereto can very easily
confihnreanything adj erything
I am disabled, and doubly so. I
am blessed with both deafness
and the chronic issue of Sickle
Cell Anemia. I am also an
employee of the Bahamas Gov-
ernment and of late, a former stu-
dent of The College of The
Bahamas. I say "former" because
it is onl after much contempla-
tlioni nd tpm yr that I have 14da
with an institution possessing the
dubious and questionable title of
"premier." This do I in order to
sntey hatt als so ley b srn
been sapped, challenged, ques.
toned, and undermined by so-
called "learned" people, and
those in positions of power and

infe years ao I was granted
an academic sc olarship by then
Minister of Education, the Hon
Alfred Sears. Not that I was lack-
ing mn opportunity to go abroad,
ad oyou, uty e cose to rem n
here atm ome, being a proud -
pr~haps even rmsguided, as some
hve said Son Of The Soil.
One cm dllif reao 1en te
made about the College's soon-
to-be-realised quest for universi-
ty status in an effort to compete
with the rest of the world and
offer a "quality education" to
Bahamians in our very own back-
Several other students with
varying degrees of hearing loss
also endeavoured to join me
there, but we found it tough going
as the College did not have any
measure and means of support m
place for our disability. Bemg the
more bold, vocal and conscien-
tius on sof the tuch I son la to
tion of College officials. After .
much empty dialogue and many,
many run-arotmd-like-a-headless-
chicken meeting s, a singular
(God-ordained.) incident of
being stranded in an elevator on
campus with missing emergency

lecturer agreed to give the class a
one-week extension. But lo and
behold! This grace period did not
apply to me, however, even
though I made two requests as
such m class with the other stu-
dents present and again privately.
Well muddo! And Boy!
Finally, this semester I had the
very good fortune of securing
campus-based courses with two
esteemed lecturers who were
"well acquainted with the ways
and means of education, and
preparing aspiring teachers for
the nation's classrooms." Hmm-
mm. Well, just this week one such
distinguished lecturer explained
to the class, "Handicaps are bar-
riers imposed on us by our envi-
ronment and others," and went
to great lengths to clarify by per-
sonal example an instance of
when she was compelled by her
superiors to read a document in
fine print even though she was
not in possession of her presen p-
tion glasses at t re tGme 'sn Btstse
Name could she then turn around
and require me to lip-read anoth-
er student I barely knew and did-
n't understand in order to obtain
thedfourrect delfinitionseof te~rmes
less to say, I embarrassed both
myself and the poor student in
front of the whole class by not
only misunderstanding what was
being said, but also getting the
terms mixed up, twice! Are we
missing something here?
I have tried hard to be forgiv-
ing, keesihg one eye closed in the
te laos strawhuo mane cam cldabut
I sat through two hours of non-
stop oral lecturing with the
instructor reading from notes she
hadn't both red to sim y pdho-
in her class. This was not the first
time it happened, and after
repeatedly requesting copies of
lecture notes to no avail, I had
bm innetd tboomhedis u et wo
out of the goodness oflier heart,
allowed me to copy a portion of
her notes. Well, maybe more than
just a little indebted, 'cuz she's
ratherdcute Bud, hey, I digr ss
session, I happened to glance up
and caught these words on the
lecturer's li s, "As teachers we
n.e "to mnde rneadi g/learning
seen what I thought l had seen,
passed a quick note to the afore-
mentioned student that said: "She
needs to practice what she
preaches!" God is good, would
you believe, the response came
back in the affirmative!
I have had enough. "Christian"
nation my foot! "Higher"' educa-
tion my you-know-what! Such
callous and blatant deception, dis-
crimination and disregard for the
welfare of others exists in all seg-
ments of Bahamian society... yes,
even within the Church I must
shn hat amt ou h utall ,h
Almighty is watchmg and taking
note.`For real, man! For too long
the disabled have begged and
wept for nothing more than to be
treated humanely and granted an
equal opportunity to succeed in
life and hving.
Again, I heave nothing to gain
bygigpublic with this per se. In
fcI stand to lose much because
my employment forbids "speak-
Ing out in such a public forum. In
fact this is but the second time I
have been compelled by con-
science to take such action in the
face of obvious institutional
hypocrisy. The first being the
Centre for the Deaf school build-
ing issue many years ago. As I
said to my suleriors then. I say
here again: I was a human being
before I became a worker. Ana
no job or reward on the planet is
worth clinging to if it means I can-
not speak up for those who so
desperately need to be spoken
for. The disabled were not then,
and are not now asking for any
"special treatment" as such. We
want the right to fight for a little
dignity for ourselves if need
he. iV n soml reckipnectsha
as human1 be~ings with needs and
feeclings just like your own. I sin-
cerely believe the Disability
Rights A~ct would enable that.
iakto tie n '' ( Id to (ak 1 u
hard to act!" That was all I need-
ed to "hear." so to speak. Thalnk
vou. Written in th\ spirit of love.
'Trusting in theL spirit Of ruth.
January,. 2008.

in the force. And if the public wants to
help him in that fight they can use the
Crime Stoppers hot line to inform on those
they believe are giving the force a bad
name. This would be far more helpful, and
they would be playing their part in making
their community safer, if they would pick
up the phone and give the information
rather than sitting at home with sealed lips.
They can be assured that by using the hot-
line no one will be able to identify them,
but at least their information can be inves-
However, although we have a few in
the force who are not worthy of their uni-
form, the Royal Bahamas Police Force is
exemplary when compared with similar
forces in other areas of the Caribbean,
especially Jamaica's force.
In 2005 it was stated that the most trou-
bling aspect of that island's crises was the
extent of the corruption in its police force.
Pohice Commissioner Lucius Thomas
rocked the nation with his frank statement
that "there are criminals among us...not
only corporals, sergeants, and inspectors, it
goes all the way up.
However, he insisted that only a few
members of the force were corrupt. He
said it was important to identify them and
start a process to bring them before the
courts. *.
Officers seeking promotion to the senior
ranks or to assignments in sensitive areas
had to take a lie detector test and other
integrity tests as part of Jamaica's pro-
gramme to root out corruption in its con-
But the force was too far gone. In the
end Jamaica had to request senior officers
from London's Metropolitan Police to help
in the local clean up.
The Royal Bahamas Police Force is not
too far gne.
It has many fine men and women in its
But they, like members of the public,
will have: to support their new commis-
sioner to deliver on his commitment that
"every officer, mecluding management, will
provide service with excellence, profes-
sionalism and in adherence with all laws
that govern the Royal Bahamas Police

SEVERAL CALLERS to a popular talk
show yesterday morning in discussing
crime, claimed the reason so many mem-
bers of the public do not cooperate with the
police is that they don't know who in the
force to trust. In other words they believe
that "shut mouth catch no flies" is a safer
policy than becoming police informants -
even if it means their own security.
In their small communities they see some
officers indulging in the numbers racket
and consorting with drug dealers. They
know of others who, for a price, will turn a
blind eye to a breach of the law. They hear
stories of "shake downs" by officers of the
law. The callers believe that until the police
force is cleaned up, crime will remain soci-
ety's number one problem.
One caller suggested that it was a mis-
take to send two of the country's best
police officers to Canada for training in
fighting crime, rather than bringing a Cana-
dian officer here to clean up the local force.
Both of our recent police commissioners
recognized that the police force like
every organisation composed of human
bemngs had officers who should not be
there. -
These commissioners did not pretend
that undesirables did not exist in their
ranks, but instead sent a clear public warn-
ing to them that if they were caught, like
everyone else, they wofild find themselves
before the courts.
As retired Commissioner Paul Far-
quharson often said, no nonsense would
be tolerated on his watch. He lived up to
his word, as officers who were accused of
breaking the law were led to court.
Pohice Commissioner Reginald Fergu-
.son, on succeeding Mr Farquharson, made
it clear that his administration was to be
one of "zero tolerance,"
"Corr option and good policing are not
compatible, and if unchecked, could render
us incapable of pohicmg our own country,"
he said at the January 18 handing over cer-
emony from one commissioner to the oth-
er. "Therefore, you can expect a vigorous
effort on the part of my office to detect,
investigate and eradicate this unacceptable
practice wherever possible."
He has said that his leadership is com-
mitted to fighting against corruption with-

.~lru Ily rn

4. Carl Ferguson



93 2-5016


nuo er orp~ to L
Hew York
Round trip for2 to
Newark, N.I.


So much

11li 111l dbP~ ttut POUS CCOUICS


i~t~BB~B~~ ~

:,;.~p IjijL

"JUSt to pass a law today will
nOt be effective in my view,
but we expect that during tlus
terB1 in Office that w~e will have

helped to create a cultural shift
and change in the mindset of

the public sector..."

San pin Motors Ltd.




o In brzef

DPM to lead


foreign .

ministers mn


DEPUTY Prime Minister
and Minister of Foreign Affairs
B RCSOM o ten mii trd
iin a one-day meeting in Barba-
aMreSdponette will Be acacom-
Anmbassador to Washington,
Joshua Sears, who now serves
as special advisor to the Minis-
ter of Foreign Affairs.
The purpose of the one day
session is to fmnahse plans for
the 19th Inter-Sessional Meet"
ing of the Conference of Heads
of Government of CARICOM
which will be held in the
Bahamas on March 7 and 8.
Prime Minister Hubert Ingra-
ham is chairman of CARI-
The March conclave has been
expanded to include the 12th
Meeting of the Council for
Finance `and Planning
(COFAP). to be held March 4

Kenya death

toll tops 1,000

a NAIROBI, Kenya The
death toll in Kenya surpassed
1,000 people on Tuesday as
negotiations to end the coun-
try's- violent political crisis
entered a critical stage, accord-
ing to the New York Timles New
According to the Red Cross,
most of the killings have been in
the turbulent Rift Valley, where
gangs from opposing ethnic
groups have fought fiercely in
the past few days.
"It's a very volatile situation
out there," said Anthony
Mwangi, a spokesman for the
Kenya Red Cross.
Mwangi said that more than
300,000 people had been driven
from their homes and the con-
tinuing insecurity, especially in
the countryside, was slowing
down the delivery of food,
water and tents.

tchi cou sdy bficul t o

address the political crisis. Both
sides have so far refused to
blud e, clai ig tey won the
Kofi Annan, the former U.N.
secretary general, is mediating
the talks. Solutions could
include a power-sharing
arrangement between the gov-
ernment and the opposition; a
transitional government to serve
until a new election is held; or
an audit of the election results.
Annan is also pushing for a
South Africa-style truth and
reconciliation commission to
mnvest gatehthe exlolsiodn of io-
which up until recently was
viewed as one of the most stable
and promising countries on the
African continent.
On Tuesday, Annan met with
Kenya's top business leaders
who pleaded with him to speed
up the negotiations because the
country's economy has been
devastated by the violence.
As the violence has intensi-
fied, roadblocks manned by
young men armed with
machetes and bows and arrows
have popped up across the
country. In many places, the
rowdy youth act like toll booths,
extracting payment before lift-
ing barriers to allow vehicles to
Kenya descended into tur-
moil after the deeply flawed
election in December. The
country's electoral commission
declared that the incumbent
president, Mwai Kibaki, had
nairowly beaten the top oppo-
sition leader, Raila Odinga, but
election observers have said

there was widespread evidence
of vote rigging.
The dispute uncorked
decades of frustration about
political, economic and land
issues, pitting opposition sup-
porters against members of the
president's ethnic groub and
against other groups perceived
to support the government.

public business. "But there is a
view that's held by us in the
Bahamas that these are secrets
that are to be kept and you got
to pry it out and sometimes end
up in the position where you
are given information that is not
ac rotee are not rushing the

Fedom of Information Actwa

drafted however it was nevern

The US' Freedom of Infor-
mation Act was signed into law
in 1966 and ensures public
access to US government
It carries a presumption of
disclosure; the burden is on the
government not the public -
to substantiate why information
may not be released, the
George Washington Universi-
ty website says.

. **e so .e. I

Tribune Staff Reporter
tthompson~tribunemedia.net .
A CULTURAL shift and
"mindset change" must take
place in the public sector allow-
ing tic se vanhspt bb moore
ratonna ctfra Fre dorn o
mnto law, Prim Minister Hubers
While saying that he plans to
create such a law during the
FNM's term in office, Mr
Ingraham explained that sim-
ply legislating a Freedom of
Information Act without first
changing deep-rooted cultural
norms would be fruitless.
"One of the reasons why I'm
implementing this quarterly
conversation (with the media) is
to help to encourage others in
the public sector to be more
open and forthcoming in deal-
ing with the press, so by the
time as we get a law in place

1 (



Etienne Dupuch Jr Publications
Tel: 323-5665

that requires them to do so,
they will become accustomed
to (doing) so," said Mr Ingra-
ham on Sunday during a media
forum at the Hilton hotel.
When asked about the status
of efforts to implement the
Freedom of Information Act,
which would allow the media
and general public to freely
access public documents and
information, the prime minis-

ter said: "Laws don't make peo-
ple do what there are not natu-
rally inclined to do".
"Just to pass a law today will
not be effective in my view, but
we expect that during this term
in office that we will have
helped to create a cultural shift
and change in the mindset of
the public sector in the
Bahamas to be more forthcom-
ing about what is essentially

Paul Morton, presiding bishop;
Mr Grant and Mr Nairn.

THE Annual Bishops Council
Winter Board breakfast meeting
was held in New Providence yes-
terday morning.

To ris Arhe Nad tnrr

Te ul G0 pel Btist Fellow-
uncipnternati nal's EUSs op
Ings In New Orleans.
Some 45 bishops from the
USA, Germany, England, Africa
and India are attending the event,
hosted by Bishop Neil Ellis,
Senior Pastor of Mount Tabour
Full Gospel Baptist Church. Pic-

tured, from left, at the Atlantis
Resort are Bishop Ellis, Bishop


s~sFinrancing /
&S Av~ail~able on
f he~ Sgpot -----------




'CultSTra Shift needed for civil servants

10 be more forthcoming with press'

BAIC's Grand

Bahama business

Seminar set for

February 26
A WELL qualified line-up of professionals is set to appear at the
Bahamas Agricultural and Industr~ial Corporation's Grand Bahama
business seminar.
The event is scheduled for February 26 at 6pm at the new Teach-
ers and Salaried Workers Union Building on West Atlantic Drive,
Held over three consecutive evenings, the seminar will include
lectures on the economy, law, and banking in relation to the pro-
motion of small and medium size businesses.
The Bahamas Agricultural and industrial Corporation (BATC)
is the government agency mandated to promote and encourage
entrepreneurship among Bah~amians.
"'Through this seminar we hope to provide participants with a
forum for attaining knowledge on starting, running and improving
a business," said BAIC's northern region assistant general manager
Rudy Sawyer.
"A goal of the seminar is that participants will successfully start
new, or improve existing businesses with the information attained.
"Through this course, BAIC is fulfilling its mandate to build
better business people and businesses in the Bahamian economy,
thus improving employment.

Ba em wasint ookieurnaote tha trentr Ireaneuria elspniirn tamosn

figures; its faltering economy; and a need to boost entrepreneurship
on the island, Mr Sawyer said.
Topc o be dsuse icu~d s
record ke pn
customer value
There will also be presentations from active businesspersons on
their real business experiences.
"A well qualified line-up of professionals in their fields has been
confirmed to present on the seminar topics each night," said Mr
s are cipants may register at BAIC's office in the National Insur-
ance Building in downtown Freeport.

N SSan Sunnys

,__ __ _


No. 2008/PRO/npr/00032
Whereas CLEVELAND LEROY HANNA of Peach Street
in the Island of 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 JAMES
Spring Point on the Island of Acklins, 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 21 days from the date
hereof.Nicoya Neilly

(for) Registrar


No. 2008/PRO/npr/00033

Whereas DEBORAH SANDS of Vesey Street in the Island
of New Providence,'one of the Islands of the Commonwealth :
of The Bahamas has made application to the Supreme Court 1
of The Bahamas, for letters of administration of the Real
and Personal Estate of ALLAN SANDS late of Vesey
Street in the Island of 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. -

Nicoya Nelly
(for) Registrar


No. 2008/PRO/npr/00034
Whereas EARLA ROSWEL RUSSELL of Arawak Avenue
in the Island of 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 GEORGE
HIGGS late of Eight Mile Rock in the Island of Grand
Bahama, one of the Islands of the Commonwqalth of The
Bahamas, deceased. m ,

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date

Nicoya Nellly
(for) Registrar


No. 2008/PRO/npr/00038

Whereas E. TERRY NORTH of Winton Highway in the
Island of New Providence, one of the Islands of the
Commonwealth of T~he Bahamas has made application to
the Supreme Court of The Bahamas, for letters of
administration of the Real and Personal Estate of EDWARD
of 9449 Abbott Avenue, Surfside, Dade County in the State
of Florida, 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

Nicoya Neilly
(for) Registrar


No. 2008/PRO/nipr/00039

Whereas JENNIFER STUBBS of the Western District of
the Island of 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 VERNAL
E RUTHERFORD late of Hawthorne Road in the Western
District of the Island of 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

Nicoya Neilly .
(for) Registrar


No. 2008/PRO/npr/00040

of 2005 Lawvrence Avenue West in the Town of Oakville
in the Regional Municipality of Halton in the Province of


No. 2008/PRO/npr/00043

Whereas LORI ELIZABETH LOWE, of the Eastern
District, New Providence one of the Islands of the
Commonwealth of The Bahamas Attorney by Deed of
Power of Attorney for Lazelle A. Grothe, The Personal
Representative, has made application to the Supreme Court
.of The Bahamas, for letters of administration with the will
annexed of the Real and Personal Estate of HOW~ARD L.
GROTHE, late of 4932 Silverthorne Court, Oldsmar,
Pinellas County in the state of Florida one of the States of
the United States of America, deceased.

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

Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00044

of 1017 Port of Call Villas in the City of Freeport in the
Island of Grand Bahama, one of the Islands of the
Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that after the expiration of fourteen
,daysgfrpath~e .date.here f, applica.tip pwil)le ma tg~ the .
Su~rp eM cut f The 40anams. i8e o batC 'I~sii: ty op,
the Islands of the Commonwealth of The Bahamas, Attomney-
At-Law, the Authiorized Attorney in The Bahamas for
obtaining the Resealed Grant of Probate in the above estate
granted to DAVID HENRY NEVILLE the Executor of
the Estate, by the District Probate Registry at Winchester,
Birmingham oh~ the 6th day of December 2004.
Desiree Robinson
(for) Registrar


SU W am a



No. 2007/PRO/npr/00678

In the Estate of ALLEN C. SHERMAN, JR. late of 730
N.E. 20th Lane in the City of Bo nton Beach in the County
of Palm Beach in the State of Florida one of States of the
United States of America, deceased.

NOTICEmishhemab eiven ta fera thexp nmado o futhen

Supreme Court of The Bahamas in the Probate Division
by EARL A. CASH, of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Successor Letter of Administration in the above estate
granted to BRIAN M. O'CONNELL the Personal
Representative of the Estate, by the Probate Division in the
Circuit Court for Palm Beach County Florida, on the 25th
day of January, 2007.
Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00027

Whereas PERRY ARBACES BINDER of Spanish Wells
on St. George's Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahamas has
made application to the Supreme Court of The Bahamas,
for letters of administration with the will annexed of the
Real and Personal Estate of ARBACES PINDER late of
Spanish Wells on St George's Cay, one of the Cays of the
Eleuthera Island range of Cays in the Commonwealth of
The Bahamas, deceased

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date

Nicoya Neilly
(for) Registrar


No. 2008/PRO/npr/00046

late the County of New York in the state of New York, one
of the states of the United States of America, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made tg the
Supreme Court of The Bahamas in the Probate Division
by DR. DEBRA ROSE MUNNINGS of the Eastern
District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the
Authorized Attorney mn The Bahamas for obtaining the
Resealed Certificate of Letters of Administration in the
above estate granted to WILLIAM A. SIMON the
Administrator of the Estate, by the Surrogate's Court of
the County of New York, on the 27th day of March, 2007
Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00028

Whereas PERRY ARBACES BINDER of Spanish Wells
on St George's Cay, one of the Cays of the Eleuthera Island
range of Cays in 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 LELAH GERALDINE BINDER late of Spanish Wells
on St George's Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahama,

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date

Nicoya Neilly
(for) Registrar


No. 2008/PRO/npr/00029

of 262 Wearimus Road,, Ho-Ho-Kus in the State of New
Jersey, one of the States of the United States of Americ9,

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 in the Probate Division
by MELISSA L. SELVER of Westemn District of the Island
of New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Letters
Testamentary in the above estate granted to MARY WAIT
and BARBARA WENDT, the Executrixes of the Estate,
by the State of New Jersey, Bergen County Surrogate's
Court, on the 27th day of September, 2004.

Nicoya Neilly
(for) Registrar



Ontario in the Dominion of Canada, deceased.

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 in the Probate Division
by EARL A. CASH of Marlin Drive, Western District,
New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Certificate of Appointing of Estate Trustee With a Will in
the above estate granted to THE CANADA TRUST
Executors and Trustees of the Estate, by the Superior Court
of Justice at 491 Steeles Avenue West, Milton in Ontario,
L9T lYZ on the 8th day of June, 2005.
Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00047

Indian Trail in the City of Destin in the County of Okaloosa
in the State of Florida one of the States of the United States
of America, deceased.

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 in the Probate Division
by STEPHEN J. MELVIN of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtammig the Resealed Grant of Letters
of Administration in the above estate granted to SHERRY
W. DORMINY the Personal Representative of the Estate,
by the Probate Division in the Circuit Court for Okaloosa
County, Florida of the 9th day of October, 20()6.
Desiree Robinson
(for) Registrar



Drive, Apartment Number 23 in the City of Singer Island in the County of Palm Beach
in the State of Florida, one of the States of the United States of America, deceased.

NOTICE is hereby given that the expiration of fourteen days from the date hereof,
application will be made to the Supreme Court of The Bahamas in the Probate Division
by EARL A. CASH of the Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealed of Letters of Administration in the above estate
granted to ANNE C. DOYLE the Personal Representative of the Estate, by the Probate
Division in the Circuit Court for Palm Beach County, Florida, on the 17th day of
December, 2006.
Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00050
of Millburn in the County of Essex in the State of New Jersey one of the United States
of America, deceased

NO TICE is hereby given that after the expiration of fourteen days from the date
hereof, application will be made to Supreme Court of The Bahamas in the Probate
Division by LORI E. LOWE of the Eastern District, New Providence, one of the Islands
of thle Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in
The Bahamas for obtaining the Resealing of Certified Letters Testamentary in the above
estate granted to MARGARET H. McDERMOTT the Executrix of the Estate, by the
Chancery Division in Probate Part, Surrogate's Court of Essex County, Newark, New
Jersey on the 4th day of December, 2006.
Desire Robinson
(for) Registrar


No. 2008/PRO/npr/00051
Whereas ALLAN DELENORE GIBSON of No. 14 Aloe Road, Winton Meadows,
Eastern District, New Providence, one of the Islands of the Commonwealth of The
Bahamas, the lawful widower has made application to the Supreme Court of the
Bahamas, for Letters of Administration of the Real and Personal Estate of LORRAINE
GIBSON late of No. 14 Aloe Road, Winton Meadows, Eastern District, 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.
Desiree Robinson
(for) Registrar


No. 2008/PRO/npr/00053

Whereas JUDY MAE RODGERS of No. 4, Robert Maynard Drive, Freeport, Grand
Bahama, one of the Islands of the Commonwealth of The Bahamas the Lawful Widow
has made application to the Supreme Court of The Bahamnas, for Letters of Administration
of the Real and Personal Estate of SAMUEL GREGORY RODGERS a.k.a.
GREGORY RODGERS late of No. 4, Robert Maynard Drive, Freeport, Grand Bahama,
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 21 days from the date hereof.
Desiree Robinson
(for) Registrar




i I



1- .
;q: -'.L4:

No. 2008/PRO/npr/00048


A NEW residential enclave
which celebrates the charm of
the past is taking shape on
historic Green Turtle Cay,
The developer, Douglas
Poland of Canada, has defied
the condo craze that's swept
the popular islands in favour
of a greener, more neigh-
bourhood friendly communi-
ty called Leeward Yacht
-This-unique real estate
offering in the Bahamas is
billed as an 'historic revival
vowjriituwity:41.'' ':...
It's modelled after the New
England-style homes found in
historic New Plymouth on
postcard pretty Green Turtle
"It's the perfect place for
Bahamians who want to enjoy
the serenity and beauty of the
islands. or non-Bahamians
who want to escape life on the
fast lane," said Joel Moxey of
Coldwell Banker Lightbourn
Realty, the list agent for the

Marketed under the motto, Loyalists fleeing the United
"Life on the Leeside," the States out of loyalty to the
community is designed to be British Crown.
attractive to people who crave It's a short ferry ride to
the simple laid-back lifestyle Treasure Cay, which has an
of a wealthy Cape Cod vil- international airport.
lage. Real estate in the historic
It's a short walk or golf cart se ttlemen~ts of Abaco is
ride to spectacular beaches, a among the most coveted in
nearby store or pub all in a the Bahamas.
safe and friendly environ- With homes starting at a
ment. The community will cool $1,050,000, Leeward
comprise 23 three-bedroom appeals to an upscale client
Coloni~~al-s.y~lebhomes.. ..,...;. ,base who will make a mean-.
Of.fhip three -bomes comt .ringful impact on the local
pleted* so 'far~;i two have economy.
already been~swid. The folitth( "''Leeward fuses our beau-
home is now under construc- tiful architecture of the past
tion with work on the fifth to with modern home conve-
start this month. niences. It celebrates our her-
Painted in beautiful pastels, itage and I'm sure it will have
the homes showcase large a positive impact on the com-
covered porches fronting mumity," said Chnis Farring-
scenic Black Sound, parks and ton, Coldwell Banker Light-
common areas. bourn Realty's sales associate
Dockage provides an added on Green Turtle Cay.
bonus. Farrington noted that the
Developer Poland modelled development is low impact
Leeward after Abaco's his- and eco friendly, and con-
toric New Plymouth, which forms to the style of the
was settled in the 1700s by island.

No. 2008/PRO/npr/00049
GAYLORD), late of 18218 Foxtrace Colirt, Lutz in the County of Hillsborough in the
State of Florida, one of the United States of America, deceased-

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 in the Probate Division
by MICHELLE Y. CAMPBELL of the Eastern District, New Providence, one of the
Islands of the Commonwealth of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the Resealed Order of Summary Administration
in the above estate granted to SHARON W. ROYAL the Administratrix of the Estate,
by the Probate Division in the Circuit Court- of the 13 Judiciall Circuit in- and for
Hillsporqu'gh County, i~the Flordri oq the 22'nd %1 y of March, 2007.

Desite~e Robinson '-
(for) Registrar





Leeward Yacht

Club captures the

chamn of the past


I "

The Ministry of Education's regional workshop on reducing
school violence begins in Nassau today. >di
The event is being sponsored by the ministry, in- collabora-, tion with the Organisation of American States (OAS) and the~rb
United Nations Educational, Scientific and Cultural Organi-:'-
sation (UNESCO). V
The workshop, which will welcome participants fromA
throughout the Caribbean, is scheduled to continue until Feb-m~
ruary 8 and will be held at Super Clubs Breezes on Cable
Beach. j
Education Permanent Secretary Elma Garraway said that'
the workshopln will be officially~ openedI by Minister of Edca-F~I
tion Carl Bethel, and the keynote address will be delivered byl
Professor Eric Debarbieux, director of the Internationalicl
Observatory on School Violence at the University of Bor-,g,
deaux II, France.
She explained that an OAS hemispheric project wasol
launched after a meeting of ministers of education of thegi
OAS held in Mexico in 2003, in which the ministers commit- tol
ted themselves to the implementation of several initiatives toddj
promote equity and quality in education. iih
Included among these was the four year project, "DesigningZe
policies and strategies for the prevention of school failure",D
currently in its third year. rd
Chairperson to the Bahamas National Commission ford
UNESCO Theresa Moxey-Ingraham, said she was pleased'
to participate in the effort, and that violence in the schools isrl
a problem worldwide.
She noted that positive learning cannot take place in a vio-"
lenrt atmosphere andl saidl that she wasn hopenful that the work- i
shop would produce excellent strategies for the way forward.,
OAS representative to the Bahamas Julliette Mallet-Phillips,
remarked that violence in all its forms is unacceptable and that',
the problem required a multi-faceted approach. .r
She said that the root causes of violence need to be exam-t,
ined, and alternatives to violent behaviour introduced. mj
Mrs Mallet-Phillips said that she looks forward to a pro-,7:
ductive session and to the contributions of all participants.
Acting director of education Lionel Sands said he wel-ort
comes the opportunity to exchange "best practices". rac
Mr Sands said that there will be a live broadcast of thesF
opening ceremony, and encouraged all parents, teachers and ofj
students to tune in to the remarks of the minister of education.;s

Share your news
The Tribune wants to hear
from people who are
making news in their
nei hbourhoods. Perha s
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
awar .
If so, call-us on 322-1986- -
and share your story.


* Ensuring that airport facilities meet
regulatory and code standards through full
documentation of maintenance activities and
a facility permit system.

* Optimizing capital solutions that provide
for appropriate levels of customer service,
airline efficiency, reliability/redundancy and
commercial revenue opportunities while
meeting safety, environmental and security

* Maintaining and developing a strong,
flexible and capable team of professionals.
Promoting employee training, cross training
and development opportunities to encourrage
job satisfaction, promote innovation and
improve job-related skills and knowledge.

Potential candidates will be fully accredited and
experienced senior engineers with 15 to 20
years of experience in a variety of management,
maintenance and construction roles'

A competitive salary and benefits package will be
offered to the successful candidate.

If you are qualified and Interested,
please send your resume by
a February 2oos to :

The President and CEO,
Nassau Airport Development Company,
Lynden Pindling International Airport,
P.O Box AP 59229,

or Fax 377-0294

~1_1_ _I_ _I __Y~_~



:ilrrr)nhYII~E~lrnl rinnnar

Secretary to Governor General

Jacqueline Mur ray dies at 6 2

State-recognised funeral service to be held on February 11

A state-recognised funeral I e~r\ 1ce w\il 9 I
be heldon February 11 for Mlrll Jacuc- rFj '" ;i~~
line Murray, wI~ho died Saturclyl at Dolc- ;
tors Hospital after a sho~rt battle wirh
She was 62. (. .
The funeral service will be held at 11am '.*'
at Christ Church Cathedral.
Mrs Murray, who had a long and dis- ,
tinguished career in the public7 ?en\ ice, y
was serving as secretary to the go\ er no~r.
general when she died.
A faithful member of St Agpnes~ Angh-
can Parish, she will be buriedl at the 51 alf 1 y, ,
Agnes Cemetery on Nassa u Strteet.
Hailed by col"
leagues as an "out-
standing performer"
and "an excellent
team player," Mrs
Murray entered the Y
public service as a ..
private secretary m .
the Ministry of .
Home Affairs on s *
January 16, 1967. ,
She was the oldest *' .-
child of Mares and
Joyce (nee Simms) a ;
of Nassau.
She attended the .ljii?=Fh
Western Junior and rl ( eS ,
Senior Schools and
St John's College, ,
Nassau and later
earned a master ,,a
degree in business $
administration from C s-l b
the .~University of 5L1 C .
Mrs Murray

including the min-
istries of Finance, ,... ..
Education and ,
steadlythr ouigh h and remained there until May young staff members to further their edu-
sanky trog h 2007. when she was posted to cation so they could move up the ranks.
r s. the Cabinet Office. "'In the home she was a home-maker
She ws prootedIn July 2007, Mrs Murray and a- family member who was always
permanent secretary was transferred as secretary to there to assist."
ainuary 10,02001mi wDeevspervng the the governor general. Mrs Murray's survivors include her hus-
She later moved to the Attorney Gen- Her sister. Judith Theophilus said, band. Fredenick: two daughters, LaVette
eral~s O~ffice as if's pairmailent secretary "'Jacqueline was a very particular person - Johnson-and -Yael Walcott; a son Krishna
but she played a key role mn encouraginge and three grandchildren.


L~m~s~ C~nd/

ci~; ~cri~J~ccc




I '
:n r


" i ,

S~BT~ ~~

sc, ~

The Nassau Airport Development Company (NAD)
is looking for a visionary executive to join our group
of aviation and customer service experts as we
embark on a $400 million redevelopment of the
Gateway to the Commonwealth of The Bahamas.

Reporting directly to the President and Chief
Executive Officer, the duties and responsibilities of
the successful candidate will include:

* Operating as an integral part of the Senior
Management Team.

* Supporting NAD's goal of transforming the
Lynden Pindling Ipternational Airport into a
world-class facility.

* Planning, procurement, engineering,
construction and commissioning of the
Phase Icapital plan.

* Managing capital expenditures to maximize
rate of return and ensuring all capital
projects meet approved Board and
government environmental, health and safety
and regulatory standards.

Em-erald Coast is New Providience's new-est, gatedi comml1unityr oF
single amt niy nd town fiomes designed around tratditional RriniSh
Cnorloial architecture. Nestled in1 the West, adiiacenttl to Sou1th
We~st Ridgec Emera~ld C~oast will Of~er~l andf preset\rve a lifest!le thalt
re~volve~s aloroud love o~f- tranquility and~c the nauturlal w'ondrsr andc
timelelssne~ss remniniscent of the old Bah-amlianl~ livin~ that embhrace s
the true1L values of a community..


H-orne <'k L.or 'ac~kages Starring at $335,000.00

*Supporting the Phase || terminal
redevelopment project.

* Ensuring a high level of environmental health
and safety for all Authority employees,
contractors, tenants, passengers and
the public, through a number of ongoing
initiatives, such as inspection and testing
programmes, risk assessment and facilities
upgrading programmes.
* Coordinating with partner agencies anld
government departments on their capital
and maintenance plans at the airport.

* Providing effective, efficient facility
maintenance with a focus on preventative
maintenance, multi-skilled trades people and
enhanced skill development.

~To~wnhouse Unit Srtarting at $250,000.00

Single .Famlily L.ots Strtring at $98,000.00




`IV 14~L)
Nassau Asrport
Development Company


Senior Director or Vice President

of Engineering & Maintenance.

_ _ ___ _~ ~_


ose a ful newspaper headlines
recharging grid using electricity found adrf in the Exuma Cays.
from renewable sources. And That kind of story doesn't make
mini-controv e~r- the Israeli government will pro- got od ad cpas erOr
sy erupted ., vide incentives to make the pro- .?Btfrt atya rs
recenty overject work. the Ministry of Tourism has
the prime minis- The cars will will be avail- :tried to interest small high-end
trs remarks about responsl- able in three years. They will cruise lines like Crystal Cruises
biit o tnrhem pr less. 'Tr- have a to pP speed of about 68 Oceanus, Sea Dream and Sea
Mr Igraam alle Th Tr- 1m h and a range of more than Borne in various out island
bune to task for its lurid crime at1 0 miles, enough to satisfy ports of call, operating from
!headlines. And that criticism most Israelis, who drive less a top speed of 70 mph, a range iMiami or Nassau. The big
Drew the ire of publisher Eileen than 45 miles a day. Green cars of up to 100 miles and could obstacle is size. Unlike the New
!Carron, news editor Paco r atclrl trciet recharge its batteries in just 90 Shoreham today's mini cruise
IAuhna aandafonsn (wh dor ".. the reality i that the mar- sa'e, w;i ihi hlhooues to swealen minutes.rt lie httecr s is canmhave a dra o 1' feeto
works for a realty firm). eeuswu elfr$500 bu cesprslk ereTw
They all1 said rou hly the ket rules. The press has noth- emisAccordingt Presiden 300l prootpswre to0 Abe uit withs out lk harourg dregmg
same t ing that the press eetepan would cut in Freeport for road-testing in Polling for Privatisation
only reflects what Bahamians in 0Sl u o tn ,a di salsoliprsb afwt-Florida. But unfortunately, the A reader responded to lasl
Jardte mostwa c oncrned aothm le d r tycla h tm c in a few years, and Israel could project never materialised- week's article on ZNS by calling~
Headlines is to fix the pro lem solar ener y generating plants: Tourism gauge Bahamian attitude!
lof our rapidly deteriorating soci- Of the content is not what "In one decadee, we will not towards reforming the state sec
lety. This is true as far as it goes. need oil t1 the National tor and to bolster the courage o
But one of Tough Call's cor- readers wTan t." The project's business model la T e DrourismC nferenc l~~~our poiios. w~~ f
respondents (who asked to will be similar to that of mobile lswekDrco-nra "Ibelieve n ol i
remain anonymous) said the poeorars-antrk Vernice Walkine said officials strong support for privatization
r!~es should not be ultra sensi- of charging spots and battery were seeking to get small cruise but the politicians aren't~uit~
tieto criticism from politicians, dcsoisbsdowhthe ftegvrmntadhe exchange stations will provide ines" to offer services to family so convinced," writes E.B
ine to riticizel doa pesno nrec- epcial inlterests might say or private sector do not collabo- convenient access to e ectrici- island destinations. This is a Christian. "We need to con
eo ssrl bimpl thratpessfee- sod rate on regulating vehicle ty. Consumers who subscribe to recycled initiative. vince them to have a referen
m debde tht .hl lotprss Dowdeswell Street parking nmpr nd buixdn pb king the n tworhk can gteslueb rdze for n Bah m l Ne s Bu Bumtam aielff tivelyncutl
~as a duty to hold up a nurror Another de facto disaster port, there will soon be little buy and operate than today's back in the day, the SS Sunward competition immediately on al
os osu ty ew ts and a l; d tlinasre is on t du f i uPre rPaehscl 11reao erate by CL)eeks aspects of telecow~rhuiNl:artions
The re hss norm s anl arap~de, one of Nassau's most we are throwing more and more culated that if Israel's fleet of cruises to the Berry Islands andl government-run crony institu
alwas d concs o f nht t" urg ted parking I o ri nu m j tm t el e i tly e a o a wa b Hr fereu ao
Fron ages decosignedto pattrac Street from Sco i bank east to When will this madness stop? year, which could be provided that sailed to out island desti- constitutional issues just before
readrs y cnstntl plymg St Matthew's Church and it y n-f neteto 5 ntos n n17 a h ateetobti h o
up crime and scandal will give istimr rwe yteell, for the first time billion in solar plants. press visitor on board the 80- ernment takes its time ant
he socety. ai fas e ipressnl weeek. school recently set up a developed country Replacing our 200,000 vehi- passenger, 130-foot M/V New supervises a relaxed bipartisan!
sprate; J eelosigc'oo- shrn eathesrctr aohngwi handecedtrpau annsdtod t k ce an setn uau iy- ehoreha ed hosoer0d~ad Sn- vt o binaIsues li nvat
Thi isth veeralearg- arking in the area is on public it, would cost substantially less, Eleuthera, the Exuma Cays, the creation of a national lot
Thi isthevenrabe agu- and. The State of Israel has part- and could be the catalyst for a Andros and the Berry Islands. tery, it could build support fo
blent about good news versus S pad.e An athosugh weiet migh the narrow street, and they are Pr lect Better Place (www. ro- advance. It would free us from operated out of Nassau in the required in our antiquated
th ynythhes mdiasae hamehn exptahneding onto tnhteu pr or nmx etetepacr)atso rrpc ti ttenadent oaind ro idleaa winter bymthe Rhode Isl d-ecnyedlssmeyf
fhac e mrealty Andes the prealt s graveyard, as well as onto the within a decade or so. The ini- all the advantages related to Line. The shallow-draft vessel government corporations likl
that nthen makt rulles bTh prness little park in front of St tiative is endorsed at the highest develop ing and supporting a featured a specially designed Bahamasair, but we need mor~
as~ iths gratdo prttcleoar th Ma te 'sp cmery hp tthi lvel ofth sr emioErmeut towefurl new business infra- sow Stoanstha allowedhi ta lodne for education, te scli
uch f ter conten sntwa months and is gradually getting Olmert and President Shimon The Silver Volt Just for the drop a gangway to disembark ian sa s. "The important thing i
eadrswant.fugveaa' worse. Peres and will include the Record passengers directly onshore. that the government stop fund
How manyoft usp give a ras Soon, a goodly portion of Palestinians too. Many might not recall that These cruises ran for at least igthsmoelsnoer
ailabou spellng bes or po this historic public space will be Renault-Nissan will mass almost 30 years ago there was a five years but were discontin- tions, so that they can begmn t
remcivng a ce.An 1Co- tuedn into a trking d stowl, produce mn electric calrethatt will shnilar atmphtea ahna electric tu d as drug smu glin Ithrob h reduce the levey of taxation or

r":"lal t fo pg E ia, on dob zei Acc to Bay n daale aas sne Png~ine u Mih n cmany called edtesl ando~ lhei eaaindra cl tooa nm
ato still strelsamjrt y ficult and eventually, we will Better Place (headed by Israeli produce the Silver Vo t on a incident, for example, two dia.net
apers onthe street inlitic have another chaotic and unre- entrepreneur Shai Agassi) will modified GM chassis. Like the Aimerican boaters were mur- Or visit www.bahamapun
h er mecs opnoor non- solvable mess like Montagu. invest $200 million to set up a Israeli car, the Volt was to have deed, their bloodstained sloop ditcom


www. nova. edu/sec/bahamnas

RSVP 364-6766

Bahamas Baptist Community College
at 8 Jean Street.



NoaSuhatmUbest dissuet fayrcclradntoaiyo tncoii.N ova Southease rnUiesiyi creie yth omsso nCllgso heSuhmAsoitono olge n coos(86Sote anDclrGoga303-01 eehn nme:0.694i1 t wn Ascae Bceos Mses duainl pcalt n otra ere
















Classes are offered on weekends and online. It's a briHiant way to start or
advance your career without interrupting your life. Attend our NSU Information
Session and receive' on the spot admissions and financial aid advice.










(Ed.D., B.S.)






PLP. He left the PLP for the very reason
that smears like this exemplify." In his opin-
ion "Mr Christie is a deluded egotist, seem-
Bahaa ald his partr aven loms the
After The Tribune published an article in
whih he rs nstteadl tlat r Gibsonbwas
retained previously by FNM leader Hubert
Ingraham, there has been speculation that
this was the reason for Mr Gibson's sudden
resignation from the PLP.
The $20 million deal to buy Walker s Cay
is now only awaiting the necessary permits
and approvals from government.
Wheiq ~ntacted by The Tribune last


Open Weekdays 10Oam-4pin

Satur days 10am-2pm
Located On Ernest St Behind

The Ouitback Steak house

TELE PHON E: 242-394-41 1 1

Please hlmll submissions to a mnaumum of 5 pages. Credenlials are to be
Submitted electronically to the followinng mall address:
stanisssmith\~Etantc~com no later than February 8,2008.

All costs involved with the preparation and submission of Information are to be
bome by firms submitting; their credentials, and any or all submissions may be
'ejected without providing reasons.

_ _


justice. They demand that the
ministry deal with their mat-
ters in a timely manner.
Yesterday, Housing Per-
manent Secretary Camille
Johnson: said she would per-
sonally launch a full inv~esti-
gation into the matter.
Ms Johnson did nol denyv
that foul play might ~e
involved, but pointed out thh
this case may beconteo
the allegations of corruptn
that are still being dealt w
Most of the allegation s
apply to incidents that to
place under the formerP
administration and Ms Jo
son admitted that someir
ularities in the system linr
from that time..
She said her administrate
will delve into the matter aild
find out where the moy
might have gone missing.


FROM page ont
The court dockets allege
that Rolle broke into homes
in areas such as Yamacraw
13each Estates, Colony Village,
Elizabeth Estates and San
It is alleged that Rolle stole
eeca niss aplacse clth
inRande jlea not guilty to
the cshpcge agis Neely
the prosecutor, objected to
Rolle being granted bail.
He was denied bail and was
remanded to Her Majesty's
The case was adjourned to
April 29.

some "shady business" going
The source said that min-
istry employees refuse to lis-
ten to her position and con-
tinue to insist that the com-
puter records are correct.
The woman's allegations
are only the latest in a loig
line of complaints made
against the Ministry of Hous-
There have been reports of
corruption within the ministry
on a number of occasions.
In May 2007, it was alleged
that a contractor hired by gov-
ernment was cutting costs on
the building of homes and
keeping the excess funds for
Then, after these allegations
had been made, it is claimed
that the former government
renewed his.contract includ-

ing in it a better financial
package. This is alleged to
have occurred in the run-up to
the general election.
In another report from May
of last year, a lawyer claimed
that the ministry repeatedly
ignored his housing com-
He said government
ignored the complaints that
were made in connection with
the construction of a building
that was in breach of local
A number of other com-
plaints were made over the
past few years. Many of them
were about shoddy work-
manship on the government
built homes and the govern-
ment's refusal to address the
problem in a timely fashion.
In a report from August of
last year, Housing Minister

Kenneth Russell said, "We
know that we have a serious
problem with these houses."
In one controversial issue,
homes were said to be sink-
These homes were built by
the government in an area
that was "considered unsuit-
able for construction."
Contractors were also
among the large number of
people making complaints
against the ministry. In Octo-
ber 2007, a contractor sued
government for its refusal to
pay him for his work. A
report from The Tribune stat-
ed, "Rodney Taylor built five
houses for the government
between November 2005 and
August 2006 but to date has
only been paid in full for
This woman is calling for

week, Mr Gibson confirmed that he was
acting for the potential purchaser of Walk-
er's Cay, but said he could not say any more
wi do rpr set thm b ts c e to get
the permission of my client to discuss that at
all, hdeot dr ent pry that intends to
purchase Walker's Cay.
The previous owners of the Cay, the
Abplanalp family from New York, who
invented the use of precision valves in
aerosol cans through their Precision Valve
Corporation, was formerly represented by
Prime Minister Hubert Ingraham and his
law firm, prior to him taking political office.

The Nassau Airport Development Company
(NAD) has the mandate to operate,
manage and develop the Lynden Pindling
International Airport. A project definition
report (PDR) defining the scope, schedule
and budget for the project was presented
to the Government, the NAD Board and the
media on September 17, 2007.

Stantec Consulting International Ltd. is
currently negotiating with the Nassau Airport
Development Company to act as the Prime
Consultant. If Stantec is successful, we will
need a professional team for the detailed
design of the Lynden Pindling International
Airport Expansion Project. Suitably qualified
Bahamian engineering consultants/firms
are invited to submit their expressions of
interest and credentials to Stantec, at the
e-mail address below, for the following
d isciplines:

* Structural Engineering
* Mechanical Engineering
* Electrical Engineering
* Civil Engineering

Credentials are to be submitted in the following

1. Ownership
* Firm name and list of Principals/
* Locations) of firm

2. Stability and size
* How long in Bahamas; Size changes over
the years
* Insurance limits

3. Current Staff
* Number of qualified engineers
* Number of technicians and support staff
* CAD capacity

4. Paovide the following information on 3
significant completed projects:
* Projectname and lype

* oepe vt medlnote ifprojectwasin
association with other engineers)
Project start and completion date
Provide at least one reference for each

5. List procedures for:
* Quality control; CAD coordinator
* Adherence to budget and Adherence to

Another alle ation against

the Ministry of Housing



in ongoing training at home
and abroad.
It said that none of the
incidents mnentioned in the
Tribunre article were report-
ed to College authorities.
"Since the beginning of
the academic year there have
been incidents of theft, but
only two of which involved
any weapons; one a cutlass
and one a pen knife. Both
matters are now with the
police," the college said.
It said that there have
been no reports of rape, or
any other "grave assault."
"Given the gravity of the
alleged crimes, the College
is asking anyone with mnfor-
mato on anteof the alleged
bule to call Mr Wellington
Francis, the director of secu-
rity at 427-2299 or 302-4566,"
the college statement

SAC student


not wish to be named, told
The Triburne last night that
the problem of outsiders
drifting on to the Bernard
Road camp s has been a
"It was a problem for a
while, before security was
increased she said. "I
remember that a lot of
public school students drift-
ed th ouh the shoo I
eo t hkil Ion che comp s
aThe former sutsdent said
cane fmoeuth t h ne Ir?
by public schools, or the
wider Fox Hill communi-
"'There was always the
possibility that they may
start a fight with us based
on some jealousy or rival-
Sry," she said.


FROM page one

ment official promised to
launch an investigation into
the allegations.
The source said that the
first time she was approached
by a ministry employee, she
was told she owed $5,000.
The second time, they said
records show that she owed
$4,050 and the third time, she
was told she owed $1,200.
The source called the way
the ministry is handling her
situation a "upoeso ay-
Camng dhat dl ofhrpy
thse a s te documents to
* rove it the woman sug-
gested that the "mix-up" with
her housing payment plan
may not be just a mistake.
She said she feels there is

Ken atta 'not coerce

by~~~~~/ moe olaeP

FROM page one

lie Per y Chte, ai th s urr e.l dnh
toa non Mw Chasti seems "betton asm
tB nsn be wn tte s LP and the rest of the
The source continued: "If certain cow-
ardly members of parliament aren't hiding
behind their websites, be they uncensored
or not, they have their agents planting sto-
ries on the street to mislead the Bahamian
pTeo ne. d not i~tin dark, clan-
d tid r aonn w yhlrGbson left the



9T H 2008 6"


Developmnt Cman



D'Andra Greenslade

awarded BICA's annual

book scholarship

COllege of the Bahamas
aCCOunting student receives

cheque at special ceremony


80NGRATULATIONS: Pictured (left to right) are: Yolanda Darville, development associate, COB; Kendrick
Ghristie, immediate past president of BICA/managing partner, Grant Thornton; Mary Russell, assistant director,
financial aid and housing, COB; D'Andra Greenslade, recipient, BICA book award and College of the Bahamas stu-
dent; Daniel Ferguson, president,BICA/managir i:;ner, Danny H Ferguson and Associates; Theofanis Cochi-
namogulos, student education chair, Bahamas Ilnstitute of Chartered Accountants/Managing Partner, Cochi-
namogulos & Co

'iTheeBahamas iniute of
Scheque presentation to award
their annual book scholarship
to College of the Bahamas
crcountit student D'Andra
President of the Bahamas
Institute of Chartered Accoun-
Sfants (BICA) Daniel Ferguson,
t 1as on hand to make the pre-
sentation to Ms Greenslade.
He was assisted by the imme-
Laiate past president Kendrick
.Chrisiie. and Theofanis Cochi-

namogulos, the institute's stu-
dent education chair.
A delighted Ms Greenslade
expressed her gratitude to
BICA for the scholarship. Her
sentiments were echoed by
Mary Russell, assistant director

of financial aid and housing for
the College of the Bahamas.
In addition to this $500 annu-
al book scholarship, BICA also
awards a $1,500 merit scholar-
ship each year to an account-
ing student at the: college. '`




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Tribune Business Editor

Ammajor Grand
Bahama busi-
ness yesterday
said it was

mal response" from the Gov-
ernment to extending its exist-
ing lease beyond the current
2020 expiry date, a move that
would allow it to construct at
least three extra oil tanks and
substantially increase the $7.3
million it pumps annually into
the island's economy.
Jaime Vargas, vice-president
of operations for the South Rid-
ing Point Holdings bulk oil stor-
age and distribution terminal,
told The Tribune that if the
Government extended the cur-
rent lease, it would "consider
other projects" that would meet
global market demand.
Mr Vargas said the lease cur-
rently sees South Riding Point
Holdings pay $1 million per
annum, to the Bahamas Agri-
cultural and Industrial Corpo-
ration (BAIC), and the compa-
ny had proposed increasing this
payment if it was' extended.


W E DN E SDAY, F EB R UTARIY 6 200)()8

FREEPORT Concrete saw
its 2008 first quarter net loss
more than halve to $74,000,
compared to $159,000 the pre-
vious year, despite suffering an
8.72 per cent decline in total
group sales.
In hiis message to sharehold-
czs for the three months to
November 30, 2007, Ray Simp-
son. Freeport Concrete's chief
executive, attributed the
reduced net loss to a 16 per cent
reduction in the company's
operating expenses, which fell
to $989,560 from $1.18 million.
Freeport Concrete's first
quarter performance was in line
with the minimalal` loss that Mr
Simpson had forecast in a
December 21, 2007, interview
with Tribune Business, in which
he also predicted it would not
be as great as the red ,ink
incurred in the fiscal 2007 first
Freeport Concrete's 2008 first
quarter sales fell by 8.72 per
cent, largely due to the fact that
sales by the company's concrete
plant declined by $291,000 com-
pared to the same period in
In his December interview,

"We have other projects we
will consider if we get an exten-
sion from the Government to
the lease," Mr Varpols said.
"We haive applied already,
a~nd it is under consideration by
the Government. We believe
it's going well, and are waiting
to hear back from them.
"It makes a lot of sense, and I
think they understand it. We
have received positive feedback
from the Government so far,
and are waiting to hear a formal
response. .
"From the start, we have pro-
posed increasing our lease pay-
ment to the Government. We
would pay more to the Gov-
ernment on the lease than what
we PaY now, increasing the fee."

If the lease was extended, Mr
Vargas said the projects South
Riding Point Hloldings would
undertake would depend on
current market conditions and
"We could look at diversify-
ing into fuel oils as well as crude
oil," Mr Vargas explained. "We
could also build more tanks for
crude oil.
"We think we could build as
much as three new tanks, all
with the same capacity as the
Ones we are building now.
"We could also build another
sea line out to the jetty to
increase our handling capacity.
We will be open to entertain-
ing any other project for which
there is a market. We will have

a much longer horizon for a
return on investment."
SMr Vargas told The Tribune
that South Riding Point Hlold-
ings currently made an annual
$7.3 million econoinic impact
on Grand Bahama, through the
-payment of rent, payroll,
National Inssurance Board
(NIB) contributions, and the
creation of direct and indirect
jobs and such like.
The company has already
invested some $18 million in the
construction of two new oil stor-
age tanks, which will add 1.5
million barrels of storage. capac-
ity when the project is complet-

SEE page 4B

Sir Jack's son says potential Port Authority buyers will do 'much better job' than current shareholders

STribune Freeport Reporter

Fleming Faimily & '
Partners will do a
much better job for 1 P
Freeport .than the
Grand Bahamna Port
Authority's (GBPA)
current principal
shareholders, Sir Jack
Hayward's son told
The Tribune, and is
prepared to invest
$500 million into the city.
Rick Hayward said Fleming plans to
invest ih excess of $1/2 billion in Freeport
if it is successful in purchasing 100 per
cent ownership in the GBPA and its Port

Group Ltd affiliate from his family and
the late Edward St George's estate.
Mr Ha-yward said it was timet for the
Haywards and St Georges to move on
and allow investors with "deeper pockets
and better connections" to give Freeport
what it really needs to move forward.
"'I thought they were the ideal people
to take over [the Grand Bahama Port
Authority]," said Mr Hayward, refer-
ring to the Fleming Group.
"I believe they will do a much better
job... and I believe that their investment
will really get this island going. That's
the whdle idea."
Mr Hlayward hosted an informal lun-
cheon on Sunday at his Spanish Main
Drive estate for Fleming principals Rod-

die Fleming and Geoffrey Richards.
Many GBPA licensee~s a~nd governments
officials a~lso aucended.
Mr Hayward said the Fletmings have
major worldwide connections in financial
services, and would icrate a batnking
centre for Freeport. Yet that was just
one small part of what they want to do
in Freeport.
"If they succeed in but ing the
(GBPA) shares they want to invest in
excess of half a1 billion dollars, and I
thought it was very important to haive
an informal lunch so people could meet
Roddie Fleming;Ic andII Geol icha~ds." he
Fleming has expressed a keen interest
in purchasing the GBPA, having a strong

international reputation in private wealth
management and an extensive back-
ground in financial services.
The Haywards and St Georges,
though, have been involved in an ongo-
ing: legal battle for over a year over the
GBPA's ownership.
Although Sir Jack and the Hayward
family have expressed an interest in sell-
ing the 50 per cent stake held by their
family trust to Fleming, the St George
estate has obtained a court injunction
preventing them from selling to a third
party shares. The St Georges are arguing
that they should have first option on

SEE page 6B

Tribune Business Editor

THERE are "no negotia-
tions" with Fleming Family &
Partners over the late Edward
St George estate's 50 per cent
Grand Bahama Port Authority
(GBPA) stake, its attorney said
yesterday, as the estate contin-
ues to hope the courts will order
the Hayward family to sell to

SEE page 4B

" 'NO 118gotiati011S'
taking place with
Fleming despite
UllSolicited purchase
OfferS, Smith says
SEstate pinning its
hopes on court forcing
Sir Jack to sell to
them for $100m

Tribune Business
THE Bahamas Telecommu;
nications Company (BTC) has
given its cellular customers a
total of $;1.3 million in free crel-
it as a goodwill gesture, after
last Wednesday's power qut-
gage crippled the GSM Cnd
'TDMA cellular networks.!
Each of BTC's 260,000 pre-
paid and post-paid cellular' cus-
tomers recieved a $5 credit
appiled to their phone, an act
that cost the state-ownedl com-
pany $1.3 million. Theqcredit
was posted yesterday.

For nearly eight hours last
Wednesday, customers of
BTC's prepaid cellular service
experienced difficulties in
dialling and receiving calls, and
sending and receiving text mes-
Marlon Johnson, BTC's vice-
president for marketing, sales
and business development, told
Tribune Business that the ini-
tative was in line with the com-
pany's mandate to be more cus-
He said BTC realized the
interruption was an inconve-
nience, and wanted to provide

SEE page 6B

Money at Work

(242) 351-3010

Freeport Concrete Lease extension to boost

By NtlEIL HARTNEL 1% ecin i c om ys $7. 3m im ac t

operating expenses
minimiSes impact
(frm 8.72o/ sales

drop, as Home
Centre SRIOS fall

2.93 per cent
SCapital raising still
On cards as Homne

Centre impacted by
lack of inventory

Mr Simpson had told Thae Tri-
bune that first quarter concrete
plant sales were expected to be
down because it did not have
any major projects, such as the
Associated Grocers warehouse,
which had boosted its 2007 per-
This was a point he again reit-
erated to shareholders in his lat.
est message, while pointing out
that the Home Centre's sales

S'EE, page 6B

* South Riding Point H-oldings $18m investment in two new

750,000 barrel tanks set to be completed by May/June 2008
" Company detects 'positive' signs, but awaiting formal government

feSponse to proposal on BAIC lease extension and increasing fees
* Extension would see firm build three more oil tanks and new

Sea line, plus other potential projects

Fleming ready to invest $1/2bn in Freeport economy

St George attorney:

Our 50% stake is

still 'not for sale'

BTC returns $1.3m

to cell customers

I -- --~1-~ 1~-~11. .--



Rearrlplento 80~00 Clrment T. Maynard
Lif~rime Ashlevemmnt Award


The Manragement, Staff ad member hotels of

.~ r!



: "'Fsl '.*r~t4i~



The Ba~hamas Hotel Employers Associartion
Ther Bahamas Hotel Association

The Nassau Paradleeb Isla~nd Promotionr Board

The Bahamas M 4ysistry Management Pension Fun
The Baham~ihas HeHiid pdndustries Pension Fund~lntd


Tribune Business Reporter
A LEADING global privatization
expert has implicitly criticised the Gov-
ernment's plan to sell a 49 per cent
stake in the Bahamas Telecommuni-
cations Company (BTC) to a strategic
partner, arguing that this could impede
the efficiency of the privatised entity's
Larry Reed, president of the Mack-
inac Centre for public policy in Michi-
gan, who addressed a Nassau Institute
dinner on The Promise of Privatisa-
tion, said partial privatization where
there is shared ownership between the
Government and a private buyer, as
is likely in the case of BTC can be a
disincentive to efficiency, particularly if
employees feel that ultimately they are

In the Estate o J CTQU L NE J.M. DAUCHY,
late of the County of New York in the State of New
York, U.S.A. deceased.

Notice is hereby given that all persons having
andy claim or demand against the above Estate
are required to send the same duly certified in
writing to the undersigned on or before the 14th
day of February 2008 after which date the Attorney
by Power of Attorney will proceed to distribute the
assets having regard only to the claims of which he
shall then have had notice.

And take notice that all persons indebted to the
said Estate are requested to make full Settlement
on or before the date hereinbefore mentioned.

Power of Attorney for the Administrator
But law House, East Bay Street
P.O. Box N-3545
Nassau, Bahamas


A locally based International Wea~lth Management
Technology Company is seeking candidates to fill

Candidates must have experience with:
Microsoft .Net Technologies
(VB.Net, XML, Web services, Asp.Net).
SQL' Server,
Visual Basic.

Position will require:
Very strong sense of responsibility.
Good written and oral communication skills.

An overall knowledge of the financial services /
wealth management business will have a distinct

Please send a current resume to the Human
Resources Manager at hr@ipbs.com.

Further to our notice of January 10, 2008, Bahamas Supermarkets wishes
to advise that the completion of the audit of its consolidated financial
statements for the year ended June 27, 2007 has been further delayed.
Management is making every effort to resolve issues causing the delays
and a notice of the expected date of completion of the audit will be advised
as soon as possible.

East-West Highway P. O. Box N 3738 Nassau, Bahamas (242) 393-2830


are savings, they can be squandered.
He said that in some cases govern-
ments have an insatiable appetite for
revenue, and even when they save
money there is an ingrown tendency to
waste it.

vatising a public entity often allows
the Government to do a full and frank
accounting of the operation, and get
a true assessment on what is being
"Sometimes I know there are claims
that government entities are cash cows,
but if you look at the real cost of oper-
ations, you may realise that that is not
the case. What the privatization does is
allow the Government to look at real
cost of operations for the first time,
and get a genuine, honest and full
accounting," Mr Reed said.
He added that if a government does
more in one area, where it does not
have expertise or is beyond its core
function, it almost always comes at thle
expense of other government priori-
While he noted that there are a lot of

objections to privatization processes,
such as believing they will result in the
loss of jobs, these arguments can in
almost all cases be countered.
Mr Reed said that ultimately, it is
not the Government's job to be an
employment agency, but to provide
core services.
Often in cases where privatization
did not work, Mr Reed said it was
directly because a government did not
do its homework. It entered into slop-
py contract writing, the government
gave the contract to political cronies, or
did not properly supervise and main-
tain the operations.
"It is sometimes better to not do it
then do it wrong," he said.
Mr Reed also pointed out that if a
government remains in charge of the
profits, it can lead to abuse or, if there

still answering to the Government.
He explained that if there was a gov-
ernment monopoly, the public knows
who to blame in the event that some-
thing goes wrong.
"If you privatise: only partially when
the government says: 'I will retain half
the stake, 51 per cent, and the private
entity will retain 49 per cent, there is
the incentive to mess things up instead
of being effective,"' Mr Reed said.
He said that a better approach would
be for governments to give up owner-
ship entirely.
Mr Reed pointed out that the public
always holds the private sector to a
higher level of accountability than the
public sector. A failure of government
tends to lend to more government, he
Mr Reed also pointed out that pri-

well if, in fact, they end up being
significant investors in the
Freeport area," Mr Laing said-
"'But I think there is still a
great deal left to be resolved mn
so far as the Freeport situation is
concerned, and so until that hap-
pens I think we are all in limbo
"I met briefly with some of
the principal and I know they
have significant interests mn the
financial services area through-
out the world, and so certainly
they are a substantive group."

Freeport Reporter
Family & Partners is "anxious"
to start serious negotiations with
the late Edward St George's
estate on pulrchasing its 50 per
cent Grand Bahama Port
Authority (GBPA) stake, having
already made "a full offer" to it.
.Fleming's Geoffrey Richards
said initial talks with the' St
Georges and their represengta-
tierSf~lrted several wee PgLl~~'
London-=- '' 1.
: "Nih/yelgen umely i n~r~~b~
in buying tiein out nii t y
know that. We are anxious to
complete this transaction, and
we are anxious to get on with
this and get the St Georges to
the table," Mr Richards said.
"We made a very full offer...
and we hope to sort of get them
to focus and get on with it. Dur-
sn wu initial talksallit ied n tg
saying is they are not interest ad
in se mig, bu fwe ma e an
offer they will look at it."
Mr Richards said Fleming was
very familiar with Hutchison
Whampoa, which is the partner
with the GBPA in Freeport's
Airport and Harbour Compa-
Hutchison Whampoa, which
also owns the Freeport Co0n-
tainer Port and Our Lucaya
resoi%' past asos er seed inter-
Bahama Port Authority. It had
previously tabled a $125 million
offer for the Hayward family's
"We hope to have a very good
relationship with the Hutchison
Group. We have known them
for many years throughout our
stint in Hong Kong, and they
nohwr very well," said Mr
He added that Fleining came

to Grand Bahama in 1993 to at
look at investing in Free~port
1993, but was unable to do so
various reasons.
"We are happy to be here and
we are committed utterly toa this.
We have been working with var-
ious people and investor groups
around the world, and working
here with Barry Malcolm's com-
pany, which has done a fantastic
job so far on the vision docu-
ment and looking at, really, the
shocking history of non-deliv-
ery," Mr Richards said.
"So we can understand very
well-why people are anxious to
see a great future, which they
deserve, and that's what we are
here to do," he said.
Mr Malcolm, of Global Ful-
fillment Services, said his com-
pany was engaged some six
months ago by the Fleming
Group to help them move for-

ward with their attempts to pur-
chase the Port Authority.
"Our work is very specific and
we are helping to develop for
them the master plan for the
development. operation and
management of Grand Bahama
going, forward. We have been
working closely to craft the kind
of plan for the economic devel-
opment, management and main-
tenance of Freeport," Mr Mal-
colm said.
Zhivargo Laing. minister of
state for finance, said Fleming's
visit to Grand Bahama will giver- -
GBPA bicensees the opportui-
ty to know who they are and`
what their interest is. ":`' .; a
".I think it is a useful thing for
persons who are interested in
investing in the country to meet
with the stake holders as such,
and so the extent to which they
are doing that...can only bode

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Privatisation ex per t critical

of 49% BTC stake disposal

F eie11g allXiOUS

10 ta oe OVf n

TOff fo GBAP


1v 9 -




We are an affiliate Of CIBC in the Caribbean, Bahamas and Belize. We are the

region's largest publicly traded bank, serving over 4 million people in ll
COUntries. We manage over 500,000 active accounts, with over 3,000 staff,
80 branches and centres.

St George attorney: Our 50% stake is still 'not for sale'

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 30TH day of January, 2008 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.

NOTICE is hereby given that KETY CHARLES of MALCOLM
ROAD, P.O. BOX-N 2021, NASSAU, BAHAMAS, is applying
to the Minister responsible for Nationality and Citizenship, for
registrationinaturalization 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 6TH day of FEBRUARY, 2008 to the Minister responsible
for Nationality and Citizenship, P O.Box N- 7147, Nassau,

NOTICE is hereby given that JIMMY ALTEUS of #7 SOLDIER
RD., P.O. BOX CB-12401, 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 30TH day of January, 2008 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

NOTICE. is hereby given that ARNOLD EMILE of BLUE

to th YM nlstr rs~po ible fo tona itA adM Ctiz nahipi ,yin
registrationinaturalization 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 30TH day of January, 2008 to the Minister responsible
for Nationality and Citizenship, P O.Box N- 7147, Nassau,


NOTICE is hereby given that CHEEKO JOSEPH of #7
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 30TH day of January, 2008 to the Minister
feSponsible for Nationality and Citizenship, P O.Box N- 7147,
NaSsau, Bahamas.

The Public is hereby advised that 1, MARIA
VERCINA of P.O. Box N-10647, Nassau, Bahamas,
intend to change my name to MARIA NORALUS. If
there are any objections to this change of name by
Deed Poll, you may write such objections to the
Chief Passport Officer, P.O.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date
Of publication of this notice.

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i nda une n As2 8f C FA L'
BISX ALL SHARE INDEX: CLOSE 2.048.69 / CHG -0 34 / %CHG -0.02 / YTD -18.16 / YTD-% -b-0.88
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E YIeld
1.71 0.75 Abaco Markets 1.71 1.71 0.00 0.157 0.000 10.8 00%
91 O8 11.00 Bahamas Property Fund 1 .80 118 0.0 1.0 40 7 9
0.85 0.80 Benchmark 0.85 0.85 0.00 0.188 0.030 4.5 3.5%.
3.74 1.85 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46
270 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 154
12.64 10.OO Cable Bahamas 12.64 12.64 0.00 1.030 0.240 12.3 1.0
315 2.00 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 1.2%
850 4.43 Commonwealth Bank (Sl) 7.82 7.82 0.00 0.428 0.260 18.3 332
7.22 4.70 Consolidated Water BDRs 4.97 4.65 -0.32 0.129 0.052 38.4 1.05
60 .20 Docto ar Hospital 2A45 2AS5 O OO 2,000 1.1 4.2 7 0
13.01 12.30 Finco 13.OO 13.00 0.00 0.829 0.570 15.7 4.3%
14.75 14.25 FirstCaribbean 14.60 14.60 0.00 600 0.914 0.470 16.0 32%
6.10 5.12 Focol (S) 5.12 5.12 0.00 5,600 0.363 0.140 14.1 2.7%
8.0 0 Ci iepor ncrete 0.7 oo70.00. 0.00 4. 0
12.50 8.60 J. S. Johnson 12.50 12.50 0.00 1.059 0.610 11.8 4.8%
10.00 10.00 Premier Real Estate Fiel0.0 Ve-heCl0/ Scuit 0.00 1.167 0.600 8.6 6.0%
5w-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ P/E Yield
8 OO0 140205 B i masnrosuna ref) t140600 156 60 166000 160 0.8 13M4 8.
O.54 0.20 RND Holdings 0.35 0 40 0.35 -0.023 0.000 N/M 0.0%
Collna Over-The-Counter Setcuritiers
41.00 41.00 ABDAB 41.OO 43.OO 41.00 4.450 2.750 9.0 6.7%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7.71%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.030 0.000 N/M 0.00
BISX Lsled Mutual Funds
E2.*.-1-. S52.:p*L.e.5 Furnd N3me NA '. vTO- La51 12 F.1,-,nih5 7ie 5 VielC' .
i Z =2l 1 203 '- Collr~a Bond Funa I29198' "
30008 2.4723 Colina MSI Preferred Fund 3.00076**
1.3773 1.2647 Colina Money Market Fund 1.376507*
3.7969 3.0569 Fidelity Bahamas G & Fund 3.7969** 27.72%' 27.72%
11.9333 11.3545 Fidelity Prime Income Fund 11.9333** 5.53%/ S.53%
FINDEX CLOSE 945 21 / YTD -0 72% / 2007 34.47%
Be. .. :.. -E ...: -. ... -. o.... o ,a ..0 .-. last 12 month dividends dilvided by closing prico gYIIE Y.
'""'Lo ""tcosn rc i ut5 wooks sdk $ uyoiing pdmc of Collno nind Fildol ty 18 January 2008
Previous Close Previous day a weighted price for daily volume Last Prlco Last troadd over-tho-countor prico 31 Docomrber 2007
Today s Close Current day's weighted prico for dully volume Wookly Vol. Traldnln volumeo of thle prior wook
Change Change in closing price from day to day EPS $ A comnpny'a reportod comllngs pot share for thlo last 12 mnthe
Dally Vol Numnber of total shares traded today NAV Not Asset Value
DIV $ Dividends per share paid in the Inst 12 months N/M Not Meanlngful
O/ lsng prlko d vided b he last 12 month earnings FINDEX The Fldelity Bahamas Stock Indox. January 1, 1994 1 100
(SO- 3-for-1 Stock Spilt Effective Date 7/11/2007
TO TRADE CALL. CFAL 242-502-7010 / FIDELITY 242-356-7764 / FOR MORE DATA &L INFORMATION CALL..(24231 )20

World Point Terminals, a Cana-
dian company that is listed on
the Toronto Stock Exchange.
For the first nine months of
2007, South Riding Point's rev-
enues increased by $4.845 mil-

. efiL Money. Balance both.


per cent ownership of the GBPA and
Port Group Ltd.
Outlining thie St George estate's tac-
tics going forward, Mr Smith said: "We
are involved in court proceedings in
which the estate is claiming it has been
oppressed by Sir Jack, and we are ask-
ing the court for an order that Sir Jack-
's shares be sold to the estate for $100
"It is Sir Jack who has agreed to sell
his shares to the Flemings for $100 mil-
lion, thereby pegging his price. In these
circumstances, we have asked the court
for an order to buy at $100 million
because that is the price he has set.
We have an injunction preventing Sir
Jack from selling his shares."
It is understood that Sir Jack and
his family trusts have sold control of
the GBPA and Port Group ownership
litigation, and a host of spin-off actions,
to Fleming.
As previously revealed by The Tri-
bune, Mr Smith was cajoled into
attending a meeting with Fleming rep-
resentatives in London by Prime Min-

ister Hubert Ingraham, who is anxious
for the GBPA dispute to be resolved
and has become keen on Fleming's
offer. He is understood to view them as
bringing something new to the table.
Yet rather than meet Fleming's prin-
cipals, Roddie Fleming and Geoffrey
Richards, Mr Smith is understood to
have met two London-based accoun-
tants from PricewaterhouseCoopers
(PwC), acting on Fleming's behalf.
With Mr Smith were Henry St George
and a London-based OC.
Versions of what happened at that
meeting differ, the St George estate
side telling acquaintances that Fleming
offered nothing new and only put for-
ward the $100 million price it had
offered Sir Jack as what it was also
prepared to pay for the estate's stake.
Yet Fleming's take is that the St
George estate side left with a Mlemo-
randum of Understanding (MoU) set-
ting out in detail what Fleming pro-
posed to offer, something understood
to have been requested by the Prime

would have been remiss of its three
executors Lady Henrietta St George,
her brother Lord Euston, and attor-
ney Chris Cafferata to reject outright
any approaches m1adle to acquire its
"As trustees of the estate, who are
answe ruble to be ne ficiaries, the
trustees mu7Lst obviously entertain any-
one who comes and makes an offer to
buy the estate's assets, as otherwise
they could be accused of negligent
management," Mr Smith said.
The Tribune was told that at a meet-
ing between representatives of both
Fleming and the St George estate in
London several weeks ago, which was
attended by Mr Smith, the estate was
presented with a Memorandum of
Understanding (MoU) outlining the
terms of Fleming's initial offer.
Yet Mr Smith yesterday said the
offer was effectively an exploratory
offer, and not a binding one, and was
not made on paper bearing Fleming's
"I invite them to produce any docu-

ment on their letterhead making a
binding offer to the St George estate,"
he added.
Instead, Mr Smith said: "The estate
is actively engaged in encouraging
investors such as Hutchison Wham-
poa, who are a legitimate, credible and
good faith investor in Freeport, to look
at partnering with the St Georges in
"Of course the St Georges want
growth and progress in Freeport, and
that is why we are speaking to investors
such as Hutchison and others who are
interested in coming in as partners."
Mr Smith said the way Fleming had
become involved in the GBPA owner-
ship dispute "does not encourage any ~
desire on the part of the estate to have
discussions with them, because they
have implanted themselves in the mid-
dle of this litigation".
He accused Fleming of "sneaking ~in
through the back door", and hiring the
same attorneys as those representing
Sir Jack and the Hayward family trusts
in the legal battle over his claim to 75

two 750,000 barrel tanks, with
the same capacity as the existing
tanks. It will increase our crude
oil capacity," Mr Vargas said.
"'I would say those two tanks
are about 50 per cent complete,

and they will be finished some
time in May/June 2008. It will
add a couple of jobs."
South Riding Point Holdings
currently employs 53 perma-
nent staff, plus temporary con-

tractors. Its facilities blend and
transship petroleum and other
liquid products as an integral
part of the wholesale distribu-
tion system.
The company is owned by

lion compared to 2006, reflect-
ing rate increases put in place
in the 2006 fourth quarter and
greater marine activity.
World Point Terminals also
has a 50 per cent interest in a
joint venture that operates a
fleet of tugboats around Grand
Bahama called Freepoint.
Freepoint's revenues
increased by $528,000 for the
first nine months compared to
2006. This increase reflected
an increase in ship movements
and rates at the Freeport Con-
tainer Port.

Visit your nearest Scotiabank branch today-

SSome conditions apply Rates subject to change.
Trademarks of The Bank: of Nova Scotia.
Trademarks used under license arid control of The Bank; of Nova Scotto


FROM page 1B

them for $100 million,
Fred Smith, a partner in Callnlder's
&i Co. responding to assertions from
the Fleming camnp that the St George
estate wans "showing signs" of a will-
ingness to sell its GBPA stake, reiter-
ated that its shareholding was "not for
"Let1 me make it very clear,"' Mr
Smith told The Tribune from Florida.
"The~re are no negotiations going on
between the estate of Mr St George
and the Flemings.
"The Flemings continue to make
unsolicited approaches to us to buy
our shares, and we continue to tell
them they are not for sale. There are
no negotiations going on with the
Responding to reports that the St
George estate had been in talks with
Fleming, Mr Smith pointed out that it

Lease extension to boost company's $7.3m impact

FROM page 1B

ed in the 2008 second quarter.
"Right now, we are building

Communities L 5III; IIIYI

mu sit orlic e

Dear Shareholders,

Most of you will have visited our website (www.fccbahamas.com) and seen our audited
financial statements for the fiscal year ended August 31, 2007. It was great to be able to
report a profit of $78k for the year, compared to a loss of $2 million for the previous year.
We have really worked hard to turn the company around.

In September 2006 we opened the Home Centre Superstore so we have now been oper-
ating out of this facility for over 16 months. I am very pleased with what we have accom-
plished at the Home Centre Superstore during these 16 months and I am looking forward
to an improvement in the economic conditions in Grand Bahama and a rebirth of this
island in 2008.

In the 1st quarter of this fiscal year our overall sales are down by 8.72%. This is attribut-
able to sales in the concrete division being down by over $291k for this 1st quarter com-
pared to last year's 1 st quarter. The drop in sales at the concrete plant is due mostly to the
fact that we did not have any major concrete pours in this quarter compared to last year.
The Home Centre's sales were down slightly by 2.3%.

Despite a reduction in sales of 8.72% we are only reporting a small loss in this 1st quar-
ter of $74k compared to last year's 1st quarter loss of $159k. We have managed to reduce
our operating expenses by 16% compared to the 1st quarter in the previous fiscal year
and this has helped in keeping our 1st quarter loss to a minimal. If our sales revenue had
been the same as in the 1st quarter last year then we would be reporting a profit this quar-

We continue to be challenged by the lack of additional financing to increase our invento-
ry at the Home Centre and because of this our monthly sales are not growing to the level
we need them to be at in order to report significant profitability. Our bankers are tolerating
us being outside their covenants because of the considerable amount of cash that we are
depositing with them on a daily basis. However we need additional working capital in order
to purchase more inventory in order to increase our sales at the Home Centre.
Unfortunately this is not going to come from the bank so we are looking at other ways to
raise capital, possibly through a private placement or a rights issue.

Despite these challenges we will continue to work hard to grow our business each and
every day. Hopefully as the various issues are resolved at the Grand Bahama Port
Authority we will see an improvement in the economy here in Grand Bahama and once
this happens we will see further improvements in our financial performance.


Ray Simpson
Chief Executive Officer
February 4, 2008

Fre pOft COncrete Com any Limited
Consolidated Statement of Operations
Three months ended November 30, 2007 with comparative information for 2006

Outstanding shares = 4,708,334
(Epessed in Bahamian dlas

.. 3 months ended 3 months ended
Nov 30,2007 Nov 30,2006

Sales 3,746,889 4,104,990
Cost of sales 2,722,181 2,956,079
Gross profit 1,024,708 1,148,911

Payroll costs 522,213 625,501
Other operating costs 211,934 287,988
Rent expense 138,951 142,138
Advertising expense 25,267 21,953
Utilities expense 91,195 107,115
Other income 0 (4,810)
989,560 1,179,885

Income/(loss) before interest, taxes
depreciation and amortisation 35, 148 (30,974)

Depn. and amort. expense (72,653) (84,696)

Net financing income/(expense) (36, 159) (43,242)

Net income/(loss) (73,664) (158,912)

Earnings per share
Basic and diluted earnings/ (loss) per share $ (0.016) (0.034)

Freeport Concrete Company Limited
Consolidated Balance Sheet
As at November 30, 2007

Nov 30,2007 August 31,2007
(Unaudited) (audited)

Current assets
Cash 289,391 230,726
Time deposits 58,123 57,837
Accounts receivable, net 597,827 912.128
Inventories 2,014,331 2,022,807
Inventories of spare parts and supplies 86, 340 72,251
Deposits and prepaid expenses 86, 489 118,461

Total current assets 3,132,501 3,414,210

Fixed assets 3,738,605 3,744,404
Total assets 6 871 106 7 158 614

Liabilities and Shareholders' Equity

Current liabilities
Bank overdraft 1,628.475 1,648,086
Acout payal nand accrued expenses 2,963,2 3,109,2

Current portion of long term debt 183,857 183,857

Total current liabilities 4,780,760 4,946,264

Long term debt 208,313 256, 653

Shareholders' equity:
Share Capital 47,083 47,083
Contributed surplus 5,774,868 5,774,868
Appraisal excess 1,433,867 1,433,867
Retained earnings (5 300,121) (5, 300,121)
Current earnings ) ---

Total equity 1,882,033 1,955,697

Total liabilities and shareholders' equity $ 6.871,106 7.158.614


~): III~~~1IY~1~

Government. It is amazing to
me that after all this time,
crime is seen as needing a
police-based solution. It is
extremely rare that we see the
police complaining oferimina~l
events being directed at them.
Yes, we did recently have
the killing of a police officer in
the line of duty, but there has
pieen no seto ateac etcheet
So, the police do a walka-
bout. WOW. Media blitz and
front page news. But wait a
minute. Shouldn't the police
always be walking about, and
not just in the day. I smile
when I see these stories, not-
ing the time of day and the
numerous khaki uniforms pre-
sent. Why are these events not
taking place during the night?
Why are these events
arranged for the convenience
of the media, not necessarily
the residents. The police are
to be patrollitig the streets, it
matters not if they are walking
or using cars or bicycles, they
are to be present all the time. I
am concerned, even though I
smile, that it is police
patrolling or visiting the resi-
dents in the neighbourhood
that is making front page
But this makes my point
even clearer. The police have
been trained to do policing or
law enforcement. The shift to
preventative strategies calls
for fundamental changes in
the entire police training
process. For example. A car is
seen at 2am on the East West
Highway, with two black male
occupants. No crime has been
reported, no suspicious activi-
ty demonstrated.
Should the police stop these
men? If the answer is 'yes', the
police will be stopping cars all
night long. Nevertheless, they
are black males driving at 2am
in the streets of Nassau. They
must be up to no good, surely?
So the vehicle is stopped. It
turns out that they are hotel
workers on their way home
from work; the driver is giving
his co-worker a ride home. Is
it OK, I ask, for the arbitrary
and random stopping of citi-
zens because of race, time of
day and location?
If you say 'yes', then I tell
you that this is security, not
policing. Policing is when
information is received on a
crime and action taken to dis-
cover and arrest the alleged

perpetrators. The police are
trained to do the latter,
If we are asking for random
checking, then I ask you to
picture yourself at an airport.
f you recall, everyone is
chlec! ed, and some of us are

dtio yea se e dfi tcmroin
For the police to be effec-
tive they need the help of the
community. Community Polic-
ing is not the police in the
community, but the commumi-
ty policing themselves. Are we
prepared to call

vt3 effc4 v, n aplaes o om-
munity Policing that does not
receive the ~attention and sup-
port necessary.
This is community policing,
where the community acquires
the knowledge of the law and
holds themselves and the
police accountable for enforc-
ing it. When we go to the doc-
tor or the mechamec, these pro-
fessionals first have to listen to
what is wrong before they are
able to prescribe and 'recom-
mend' corrective actions and
solutions. Remember, these
professionals are only sought
out after the fact, after a prob-
lem is identified or created.
Likewise, the police are only
sought after the fact, and even
then they can only proceed if
you request it. You do realise
all this power you have, yet
you say the police must solve
.he problems in your commu-
nity, on your street cornet and
in some instances, your house.
Let the police do policing.
This is what they are trained
to do. Community Policing,
even though it caries with the
word 'policing', is really a
task, in my opinion, best left
to the churches, schools and
civic groups. These organisa-
tions are more readily accept-
ed as a part of the masses.
These units must sell the need
for pohicmg. They must con-
vince the general population
that the police are their
friends and, more importantly'
that they the public have a
part to play in keeping their
streets and communities safe.

NB: Gamal Newry is the
president of Preventative
Vleasures, a loss prevention
anld L~iset protection training
and consulting company, spe-
cialising in policy and proce-
dare development, business
security reviews and audits,
and emergency and crisis man-
Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, or e-mail


I STATED in previous writ-
ings that our approach to com-
munity policing was a failure.
Now, based on the numbers
released yesterday, this fact
is 'painfully obvious'. The five
years of Urban Renewal have
demonstrated indnpr ven that

have chosen to implement it,
cannot and will not work.
So what if the initiative
received international
acclaim? It is not working. I
recall the pre-announced visit
of the health department
inspectors to a restaurant I
worked at. The entire day and
nih before kiashdeed enaded t-o
ing area. We passed the
In my opinion, we have tak-
en pieces and parts of a puzzle
and run off with them, without
fully understanding how they
work in the first instance and,
secondly, how they work in
our environment and culture.
The Community Pohicing con-
cept has its contemporary
roots with the New York City
Police Department in 1994,
and it is from this manage-
ment concept where many
policing strategies including
COMPSTAT, come from. We
did not consider the resources,
both human and financial,
required to make such an
undertaking successful.
We did not consider, in my
opinion, the social and eco-
nomic requirements to make
this work. The administration
of law and order, in some
instances, must also be sepa-
rated from the masses in an
attenripithldr eep its execution "
impartial and without preju-
dice. It i very difficult for the .
neighbourhood kid to come
into his/her community and
effectively exercise the powers
given to them by the state
without some challenge and
extreme criticism.
This is not for a moment
supporting the arrival of for-
eign police. But it is recognis-
ing the need for adequate
preparation and not ignoring
this challenge. Some have
argued that the police are a
part of the community. Should
they then be working the
streets? The police are the
part of the community that is
least understood, as in one
instance they are helping you,
and in another they are arrest-
ing you. A very difficult con-
cept to comprehend and
accept. Why are we prepared
to parade the police as our
friends today, and later
tonight the same police are
kicking down your door and
taking you in for questioning?
Again, I fully support this
approach, because in some
mnstatices it is necessary. The
police will have to use force
even to the point of taking
life. Th-is is their job and the
community yes, you and me -
have given them this authori-
ty. Yet when they do, regard-
less if the information is right
or wrong, there is an outcry in
the community that they can-
not do this. Because of this
dual role, their actions will
always be seen as untrustwor-
thy. That is why other civic
groups must step in to fill the
role of helper. Community
organizations need to step up
and assist not the police, but
the maintenance of law and
Crime is a global phenome-
non, and every culture and
community has its criminal
and deviant factors. Neverthe-
less, how each community
deals with and manages crime

do ntyE any sase lice
officer will tell you that on
New Providence crime fight-
ing differs from how crime is
dealt with in Bimini and
Inagua. Should this be?
Maybe not, but this is how it

ar e carmot for totpl t wheo
are unique, and having vary-
mngepelrtcpt uns and prsdpec-
'one-size fits all' solution, but
the solution cannot be left to
the police or some magic bul~
let called Urban Renewal,
Community Policing or the



Stem OvS

Safe &

I .

`11 t


. --

2006 Mercedex Beniz CLS 500
Limitedl Edition

Fully Loaded; only 7000 miles
driven in L~yford Cay
JustLiike New!

RSkin : C$110,000
great deal or an executive!!!!



Cred it Suisse, Nassau Branch
is presently considering applications for a


The position is open to candidates with the following minimum
requirements :

Minimum of 10 years well rounded property management experience in
an offshore banking environment
Strong management and leadership skills
Well versed in Bahamian building codeS
In-depth knowledge of contingency planning and project management
PC Literacy (MS Word, Access, Excel)
Proven track record

Duti s
The candidate will be expected to:
Manage on-site Engineering and Security FunctionS
Manage on-site Reception and Mailroom functions
Manage all maintenance contracts
Facilitate building maintenance
Facilities Management and services activitieS

PerSOnal Qualitiq$:
Excellent organizational and communication skills
A commitment to service excellence
Ability to work under pressure and with minimum supervision

Benefits provided include:
Competitive salary
Pension Plan
Health and Life Insurance


Persons not meeting the minimum requirements need not apply.

Applications should be submitted to:
Human Resources Department
P.O. Box N-4928
Nassau, BahamaS


Legal Notice


"" b~

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companics Act
2000, the dissolution of ELECTRA STARS INC. has
been completed; a Certificate of Dissolution has been
issued and the Clompany: has therefore been struck off the



Grand Ba ama Business Outlook

will have a num er of f rst s'

The 10th Annual Grand
Bahama Business Outlook con-
ference will address issues relat-
ing to whether the island's econ-
omy is poised for take-off, when
this is likely to happen and what
will be needed to achieve this,
when it is held on February 21,
2008, at Our Lucaya.
Organiser Joan Albury, pres-
ident of The Counsellors, said in
a statement that this year's
event, held under the theme
Investment and Innovation:
Strategies for Grand Bahama's
Turnaround, will be significant
for a number of reasons.
"Not only are we celebrating
our 10th anniversary in Grand
Bahama but we will have a
number of firsts this year," she
said. -
First-time speakers will
include Neko Grant, minister
of tourism and aviation; Mike
Murphy, founding director of
the Harcourt Group that
recently purchased the Royal
Oasis; Gregory Moss, president
of the Grand Bahama Cham-
ber of Commerce; Jaime Var-
gas, vice-president of opera-
tions, South Riding Point Hold-
Ings; and Jerry Butler,
Caribbean executive director
for the Inter-American Devel-
opment Bank (IADB).
Vincent Vanderpool-Wal-
lace, the Caribbean Tourism

Organisation's secretary-gener-
al, will address the Grand
Bahama Business Outlook for
the first time.
The conference will also hear
from Roscoe Dames, founder
and president of Ivory Global
Promotions, and renowned
Bahamian artist and sculptor,
Antonius Roberts,
Mrs Albury said Grand
Baha~ma's economy had
appeared to be on the verge of
a boom for many years, but for
some reason has not fulfilled its
Despite uncertainty over the
future direction of the Grand
Bahama Port Authority, she
added that new developments,
including the purchase of the
Royal Oasis by the Harcourt
Group, the proposed expansion
of the Freeport Container Port,
and the planned re-branding of
Grand Bahama's tourism prod-
uct are creating high expecta-
tions for economic growth in
Grand Bahama.
"This year's Outlook will pro-
vide some insight into the
opportunities that exist, and
some of the innovations and
changes that could help to shift
Grand Bahama into high gear,"
Mrs Albury said.
Also scheduled to speak at
the Grand Bahama Business
Outlook conference are Carey

Leonard, general counsel for
the Grand Bahama Port
Authority; Chris Gray, chief
executive at Freeport Contain-
er Port, Freeport Harbour
Company and Grand Bahama
Airport Company; Wendy
Craigg, Governor of the Cen-
tral Bank of The Bahamas; and
Barry Malcolm, managing
director, Scotiabank, and chair-
man of the Bahamas Maritime
The event is sponsored by
British American Financial,
FOCOL, the Grand Bahama
Port Authority and Bank of the
Bahamas International. For
registration and updates on
Grand Bahama Business Out-
look visit www.tcl.events.com.

nately, this is not gomng to come
from the bank, so we are look-
ing at other ways to raise capi-
tal, possibly through a private
placement or a rights issue."
A rights issue would involve
issuing additional shares to exist-
ing Freeport Concrete share-
holders to maintain the propor-
tion of shares they held in the
tonipany, but to ensure its suc-
cess it would probably have to be
-underwritten by the largest
shareholder, chairman Hannes
Babak, who holds 43 per cent of
the stock.
For the financial statements
for the year to August 31, 2007,
Freeport Concrete's auditors,
KPMG, while not qualifying
their opinion, noted that the
company's current liabilities
exceeded current assets by
$1.532 million.
The total amount of the bank
overdraft and loan, which is
owed to FirstCaribbean Inter-
nationalBank (Bahamas), stood
at $1.983 million.
As at November 30, 2007,
Freeport Concrete's current lia-
bilities exceeded current assets
by 1.648 million.

F ening

ready to

inVest$ 1/2bn

in Freeport


FROM page 1B

buying the Hayward shares.
There has also been specula-
tion that Fleming was fronting
the purchase for Mr Hayward
and ousted GBPA chairman
Hannes Babak.
However, Mr Fleming and
Mr Hayward, who have been
long-time friends for more than
35 years, vehemently denied
this allegation to The ~Tribune.
"Ceon nerl a oth erevis no
an agreement to buyi the Hay-
ward trust s shares." said Mr
"I think that was really upset-
tingafor thheeFlminr aand us
have to front for anyone.
"There is s time to move on
and they have deeper pockets
and better connections. When
you think about it, what can the
Haywards and St Georges do
in this day and age? We are big
fish in a small pond, and it is
much better to be small f~ish in a
big pond.
Fleming believes Grand
Bahama holds the greatest
untapped economic potential of
a~ny destination in the entire
Western He~misphere.

to $4.105 million in the 2007
comparative period.
The direct cost of sales,
though, dropped from $2.956
million to $2.722 million. Yet
the company's gross profit was
down 10.8 per cent at $11.025
million, compared to $1.149 mil-
lion the year before.

The main drivers behind the
16 per cent decline in operat-
ing expenses were a 16.5 per
cent fall in payroll costs to
$522,213, compared to $625.501
last year.
In addition, other operating
costs fell by 26.4 per cent to
$211,934, while there were more

modest declines in utilities costs
and rental expense.
However, Freeport Con-
crete's performance continues
to be hindered by a lack of cap-
ital/cash flow that would enable
it to purchase more inventory
for its Freeport-based Home
Centre store.
Additional bank/debt financ-
ing had beetr eit-off due to the
fact that Freeport Concrete is
-plose to its overdraft limit, mean-
ing the company is totally reliant
on cash flow from existing sales
to finance inventory purchases
for the Home Centre.
As a result, the retail outlet
has not been carrying enough
inventory to match the level of
,demand for building materials
on Grand Bahama, something
negatively impacting sales and
The Freeport Concrete chief
executive again indicated that

the company was mulling tap-
ping the Bahamian capital mar-
kets for some form of addition-
al capital/equity financing,
either through a rights issue or
private placement.
Mr Simpson said: "We con-
tinue to be challenged by the
lack of additional financing to
increase our inventory at the
Home Centre, and because of
this our monthly sales are not
growing to the level we need
them to be at in order to report
significant profitability.
"Our bankers are tolerating
us being outside their covenants
because of the considerable
amount of cash that we are
depositing with them on a daily
"However, we need addi-
tional working capital in order
to purchase more inventory in
order to increase our sales at
the Home Centre. Unfortu-

respond quic ly c isues 01at
Cellular and wireless services
account for more than two
thirds of BTC's profits, and rev-
enue generated from wireless
subscribers continues to grow.
Last year, BTC introduced
GSM cellular services in
Aildros, the Berry Islands,
Crooked Island, Eleuthera,
Exuma, Inagua, Long Island,
Ragged Island, Rum Cay and
San Salvador.
In the upcoming months.
BTC will introduce enhanced
features for its cellular cus-
tomers, including data and mul-
ti-media messa ing services.


Freeport Concrete 'halves' its net loss


were also off by 2.3 per cent
against 2007 comparatives,
Freeport Concrete's total
sales fell to $3.747 million for
the 2008 first quarter, compared

B'LC retur15 S1. 111


FROM page 1B

its customers with a small token
gesture that recognized this.
The incident was caused by
a power outage at a cellular sta-
tion that led to the eventual
shutdown of the entire GSM
system. Although the pre-paid
cellular platform had a back-up
power system, the power surge
disrupted the back-up system
as well.
Yesterday, Mr Johnson said
BTC has taken steps to ensure
the situation is addressed, so the
chance of a similar incident
reoccuring is significantly
reduced. While this could not
be guaranteed, BTC intends to




Financial assets at fairi valuc thr~ourgh profit or loss
This category has two sub-categories: financial assets held for trading and tlos:e
designated at fair value through profit or loss at inception. A financial asset is classifiedl in
this category if acquired principally for the purpose of selling inl the short len-n or if sor
Designated by management. a

.Loans receivable
Loans receivable are non derivative financial assets with fixed or deterrainable paymnents
that are not quoted in an active market. They arise when the Bank provides mnoney, goods
or services directly to a debtor with no intention of trading the receivable.

Held to maturity
Held to maturity investments are non-derivative financial assets with fixed or
determmnable payments and fixed maturities that the Bank's management has thle positive.
intention and ability to hold to maturity. If the Bank were to se~ll other thanl an
mnsigmificant amount of held to maturity assets, the entire category would be reclassifcie
as available for sale.

Available for sale
Available for sale investments are those intended to be held for an indefinite period of.
time, which mnay be sold in response to needs for liquidity or changes in interest rates,
exchange rates or equity prices.

Purchases and sales of financial assets at fair value through profit or loss, held to maturity
and available for sale are recognized at the trade date, which is the date the Bank commits
to purchase or sell the asset. Loans are recognized when cash is advanced to the

Financial assets are initially recognized at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognized
when the rights to receive cash flows from "Toe financial assets have expired or when the
Bank has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss and available for sale financial asse~tr
are subsequently carried at fair value. Loans receivable and held to maturity investments
are carried at amortized cost using the effective interest method. Gains and losses arising
from changes in the fair value of the financial assets at fair value through profit or loss
category are included in the inconie statement in the period in which they arise. Gains and!
losses arising from changes in the fair value of available for sale financial assets are
recognized directly in equity, until the financial asset is derecognized or impaired at:
which time the cumulative gain or loss previously recognized in equity should be
recognized in the results of the period. However, interest calculated using the effectit e
interest method is recognized in the income statement. .Dividends on available for sale
equity instruments are recognized in the income statement when the entity's right to
receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If
the market for a financial asset is not active (and for unlisted securities), it establishes fail
value by using valuation techniques, that include the use of recent arm's length-
transactions, discounted cash flow analysis and other valuation techniques commonly
used by market participants. Equity securities for which fair values cannot be meastred
reliably are recognized at cost less impairment.

(e) Impairment of Financial Assets
Assets carried at amortized cost
At each balance sheet date, the Bank assesses whether there is objective evidence tha; a
financial asset or group of financial assets carried at amortized cost is impaired. A
financial asset or a group of financial assets is impaired and impairment losses are
incurred if, and only if, there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset (a "loss event") and that
loss event (or events) has an impact on the estimated future cash flows of the financial;
asset or group of financial assets that can be reliably estimated. Objective evidence that a
financial asset or group of assets is impaired includes observable data that comes to the
attention of the Bank about the following loss events:

significant financial difficulty of the issuer or obligor;
at breach of contract, such as a default or delinquency in interest or principal
granting to the borrower, for economic or legal reasons relating to the borrowser's
financial difficulty, a concession that thfE~er would G,,~erw:ise coniiider
it becoming probable that the borrower wrill enter bankruptcy or other fiancial
a the disappearance of an active market for that financial asset because of financial
difficulties; or
observable data indicating that there is a measurable decrease in the estimated future
cash flows from a group of financial assets since the initial recognition of those
assets, although the decrease cannot yet be identified with the individual financii
assets in the Baink.

The Bank assesses whether objective evidence of impairment exists individually for
financial assets that are individually significant, and collectively for financial assets that
are not individually significant. If it determines that no objective evidence of impairmenlt
exists for an individually assessed financial asset, whether significant or not, it includes
the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for
impairment and for which an impairment loss is or continues to be recognized are not
included in a collective assessment of impairment.

When a loan is uncollectible, it is written off against the related provision for loan
impairment. Such loans are written-off when all the necessary procedures have been
completed and the amount of the loss has been determined.

If, in a subsequent period, the amount of the impairment loss decreases and the decrealse
can be related objectively to an event occurring after the impainuent loss is rev-ersedc by
adjusting the reserve account. The amount of the reversal is recognized u1 the in;come9

Assets carried at fair value
At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or a group of financial assets is impaired. In thle case of equity invecstmnents
classified as available for sale, a significant or prolonged decline inl the fair value of thle
security below its cost is considered in determining whether the assets are impaired. If any
such evidence exists for available for sale financal assets, the ctunulative loss me~asured
as the difference between the acquisition cost and the current fair value, less an:\
impairment loss on that financial asset previously recognized inl profit or loss is rem~io\- ed
~from equity and recognized in the income statement. 1mpainnenlt losses recogniized ini thei
income statement on equity instnunents are not reversed thr-ough the income statemem~r. F.
in a subsequent period, the fair value of a debt instrument classitled as available for ;:.!
increases and the increase can be objectively related to an event occurring arter the~
impairment loss was recognized in profit or loss, the imnpainulemi loss is relvel~rse through
the income statement.

(f) Furniture and Equipment
Furniture and equipment are: stated at cost less acctunulated depreciation. Ma;jor renel\\10s
are capitalized, while other miner replacementls and mnainltenance which do not inlcrearse
its useful life or improve the asset are charged to expenses as inlcurred.. Depreciatior n is~
calculated on the straight-line method over thle estimated usef~ul livecs of` ther reh~tted :issets:

MMG Bank & Trust Ltd.

Balance Sheet
As of September 30, 2007
(Expressed in Unittal States Dollars)


$ 15,114,915

307 728
$ 159,612,738

$ 33,858,822
1 12,054,434


$ 159,612 73

Due from banks (Notes 3 and 9)
Non-interest earning deposits
Interest earning deposits
Total due from banks

Trading securities (Note 4)
Securities available for sale (Nlote 5)
Securities held to maturity (Nlote 6)
Loans receivable (Notes 7 and 9)
Accrued interest receivable
Furniture and equipment (N~ote 8)
Other assets (Note 9)
Total assets

Liabilities and Equity
Customers' non- interest bearing deposits (Note 9)
Customers' interest bearing deposits (Note 9)
Other liabilities (Note 9)
Total liabilities

Common stock, with a par value $1 per share;
authorized, issued and outstanding: 5,000,000
Fair value reserve
Retained earnings
Total equity
Total liabilities and equity

$ 22,277,125

5 193
$ 144,839,422

$ 20,866,692
193 177


$ 144 839,422

Commitments (Notes 9 and 10)

on December 13, 2007:


1. Nature of Operations

MMG Bank & Trust Ltd. ("the Bank") is a limited liability company established under the
Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under The
Banks and Trust Companies Regulation Act, 2000 to carry on trust and banking services.
The Bank's objective is to promote and participate in all kinds of banking, financing and
investing activities from the Commonwealth of The Bahamas.

The Bank is a wholly owned subsidiary of MMG Bank Corporation (the parent company)
which is incorporated in the Republic of Panama and in turn is a wholly owned subsidiary of
MMG Capital Holdings Inc. (the ultimate parent company) which is incorporated in the
Commonwealth of The Bahamas.

The registered office of the Bank is located at First Floor, Shirley House, 50 Shirley Street,
Nassau, Bahamas.

2. Summary of Significant Accounting Policies

The significant accounting policies applied in the preparation of the balance sheet are set out
below, and have been consistently applied to all years presented, unless otherwise noted.

(a) Basis of Presentaition
The balance sheet is prepared in accordance with International Financial Reportng
Standards (IFRS). The balance sheet is prepared under the historical cost convention as
modified by the revaluation of financial assets at fair value through profit or loss and
securities available for sade.

Preparation of the, balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Bank's accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to
the financial statements are disclosed in Note l5.

Standard, amendments to published standards and interpretations elective January 1,

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment Actuarial Gains and Losses, Group Plans and Disclosures;
IAS 21 Amendment -Net Investment in aForeign Operatin
IAS 39 Amendment -The Fair Value Option;
IAS 39 and IFRS 4 Amendment Financial Guarantee Contracts;
IAS 39 Amendment Cash Flow Hedge Accounting of Forecast Intragroup
IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral 1
IFRS 6 Exploration for and Evaluation of Mineral Resources;
IFRIC 4 Determining whether~an Arrangement contains a Lease;
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and
IFRIC 6 Liabilities arising from Participating in a Specific Market Waste
Electrical and Electronic Equipment.

Standards and interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standard and interpretations that
were issued but not yet effective for accounting periods beginning on or after January 1,

JFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1,
Presentation of Financial Statements Capital Disclosures (effective from January 1,
2007). JFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces IAS
30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions,
and disclosure requirements in IAS 32, Financial Instruments: Disclosure and

(b) Interest Income and Expense
Interest income and expense are recognized in the income statement for all interest bearing
instruments under the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial liability. When calculating the effective interest rate, the Bank estimates cash
flows considering all contractual terms of the financial instrument but does not consider
future credit losses.

(c) Commission Income
Commissions are generally recognized mn the income statement on the accrual basis.
However, loan origination fees are deferred and recognized as an adjustment to the
effective yield on the loan.

(d) Financial Assets
The financial assets are classified in the following four categories: financial assets at fair
value through profit or loss; loans receivable; held to maturity investments and available
for sale financial assets. Management determines the classification of its investments at
their initial recognition.

SOffice equipment

10 years
5 yearlls

(g) Translation of Foreign Currencies
Items included in the balance sheet are: measured using the currency of' the pr~im 17~
economic environment in which the Bank operates ("the thnlctional currency)"). The1L
financial statements are presented in U!nited Sctates dollars, which~ is the Banlk's timetionall
and presentation currency. Monetary assets and liabilitie's inl currncie~s other thaln the
United States dollar are translatedl at rates of extchanlge prevailing at1 the yiear end~. Inll'lc'm
and expenses in currencies other tl~um the United States dollar ar e tra;nslatted;l a.;tc~ rats
exchange existing at the dates of the transactions. For-eign exchanglle ga~ins aind\ los e
resulting from the settlement of such transactions andJ fr~om the translation~ at icar.-cun
rates of monetary assets an~d lialbilities denomninated in forecignl currencies are recogn~ii. xd
in the income statement.

(h) Fiduciary Accounts and A ssets under A~dministratinti

No account is taken in the b~lalance sheet of` fiduciar~y account( s or alssets aInd liablilitie~s oft
clients administered by the: Bankl, other. thlul those assets anld liabilities whliChI reCIlat to the~
banking: services provided.



_ ) T 1 II I


8i. Furniture and Equipment

Furniture and equipment comprise:

3. Due from Banks

Due from banks are detailed as follows:

Non-interest earning deposits 4
Interest earning deposits, with original
contractual maturities of 3 months or less



Furniture &


$ 22,277,125 $ 15,114,915

26.920.444 23 25.


$ 284,853
(94 735)

S 1,546 $ 283,307
(625) '(94.110)

Due from banks may be categorized based on the Standard &t Poor's (S&P) credit rating
of the holders, as follows:

S_ 9

. $ 8,164

s _410.741 $_ All.i62

Yearr ended September 30, 2007

Opening net book value
Depreciation charge

Closing net book value

At September 30, 2007

Accumulated depreciation


$ 21,286,420


S 13,622,295

Nonl-interest earning deposits
Banks with S&P rating "A" or better
Banks with S&~P rating between "A-" and "BBB-"
Banks with S&P rating below "BBB-"

interest earning deposits, with original
contractual maturity of three months or less
Banks with S&LP rating "A" or better
Banks with S&rP rating between "A-" and "BBB-"
Banks S&P rating below "BBB-"

S 794,902

$ 803,066

Net book value

S 410.741 S 411.662

At September 30, 2006

Accumulated depreciation

Net book value

S2~27727712 $15,1,95

. S 8,164

$ 573,358

S 581,522

$ 21,893,069


S 12,148,101

S 1.546 S 283.307 S 284.853

9. Balances within Related Partles

Related parties comprise the ultimate parent company and its subsidiaries, the directors and
key management personnel of the Bank. As of September 30, 2007 and for the year then
ended the Bank had the following significant balances and transactions with related parties:

S 26,20,4 $ 23,285,66

$.A2.19.2.569 S 38.400.578

4. Trading Securities

Trading securities are described as follows:

At fair value (listed)
Debt securities with S&P rating "A" or better
Structured notes not rated



Due from banks

Loans receivable


S 220,000




5 680.637

Other assets


S 370.0001 $

The movement in trading securities is summarized as follows:

Customers' deposits

Other liabilities


s 77.692 S 6.



Balance beginning of year



S 494.894

Balance at end of year

5. Securities Available for Sale

Securities available for sale are described as follows:

At fair value (listed)
Institutional cash funds S&P rating AAA
Republic of Panama Treasury Notes
U.S.A. Treasury Notes
Debt securities with S&iP rating "A" or better
Debt securities withi S&~P rating between "A-" and
Debt securities with S&iP rating below "BBB-"
Equity securities no rating

Year ended September 30
2007 2006

10. Off-Balance Sheet Credit Risk Financial Instruments

The Bank maintains financial instruments with off-balance sheet risk, that arise in the normal
.course of business and which involve elements of credit and liquidity risks. Such financial
instruments include credit commitments for $2,143,825 (2006: $1,755,076).

Credit commitments are contracts where the Bank agrees to lend to a customer when certain
conditions are satisfied. These commitments are for an average maturity of twelve months
and are mainly used for disbursements of lines of credit.

The policies and procedures of the Bank for approving credit commitments are the same as
those used in granting loans receivable recorded in the balance sheet.

As of September 30, 2007 credit commitments were collateralized by the following:



$ 27,037,074 5 22,156,241
25,908,540 234249,148



S 5...1312125

The movement in securities availa e for sale i;! summarized as follows:






Customers' time deposits
Guarantee letter issued by banks with
S&~P rating "A" or better
Investment portfolio
Mortj~age and others


$ 6,064,491


Balance at beginning of yeal
Sales and redemptions
Net change in fair value

$ 52,977,713

S 55.317.125

The Bank does not anticipate any loss arising frm these transactions.

11. Income Taxes

The Bank is not subject to income tax in The Bahamas.

12. Financial Risk Management

(a) Strategy in Using Finandial Instruments
By its nature, the Bank's activities principally relate to the use of financial instruments,
through accepting deposits from customers with both fixed and floating rates. The Bank
seeks to earn above average interest margins by investing these funds in high quality
assets. In addition, the Bank seeks to increase these margins by consolidating short-term
liabilities and lending for longer periods at higher rates while maintaining sufficient
Eiquidity to meet all claims that might fall due.

(b) Fiduciary Risk
The Bank is susceptible to fiduciary risk, which is the risk that the Bank may fail in
carrying out mandates in accordance with the wishes of its clients. To mitigate this risk,
the Bank takes a very conservative approach in its undertakings. High risk instruments
are not considered attractive vehicles and are not invested mn unless the Bank is
specifically advised to do so by its clients and covered by an indemnity agreement.

(c) Credit Risk
The Bank has exposure to credit risk, which is the risk that a counterpart will be unable
to pay amounts in full when due. The Bank structures the levels of credit risk it
undertakes by placing limits on the amount of risk accepted in relation to one borrower
or group of borrowers and to geographical segments. Such risks are monitored on a
revolving basis and subject to frequent reviews. The financial assets that iu expsed tb
credit risk are interest cammig deposits, loans receivable and investment activities that
bring debt securities and other bills into the Bank's asset portfolio. The interest earning
deposits are mainly placed with financial institutions with an S&tP rating of "A" or

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

Set out below is the Bank's maximum exposure to credit risk as of September 30, 2007
before collateral held or other credit enhancements.

Balance at end of year

6. Securities Held to Maturity

Securities held to maturity are summarized as follows:

Debt securities- with S&iP rating "A" or better
Debt securities- with S&iP rating between
"A-" and "BBB-"
Debt securities with S&P rating below "BBB-"



S 2,421,503




S 3,641,447
(1 739 694')

S 1,150,000


S 1.283.709

The movement in securities held to maturity is summarized as follows:


$ 2,856,805


Balance at beginning of year
Purchase '
Red mtions

Balance at end of year

7. Loans Raeceivable '

%' .L283.202 t .85....Si.Q

Loans receivable are summarized as follows:



S 27,757,577


S 19,299,619


As of September 30, 2007, 92% (2006: 80%) of the l
customers' deposits placed with the Bank-

The movement in the provision for loan loss is as follows:

Balance at beginning of year
Release of provision

.oans were fully collateralized by

Isaimum exposure
2007 2006



Credit risk exposures relating to on-balance sheet assets are as follows:
Due from Banks
- With S&P rating of "A" or better
- With S&P rating between "tA-" and "BBB-"
- With S&tP rating below "BBB-"
- Debt securities with S&P rating of "A"' or better
eb ecriis wihSt rtng btweep "A- and "BBB-".
Loans Receivable
- Loans receivable collateralized by customers' deposits
- Other loans receivable

$ 24,335



1,8 204



Balance at end of year S )

During the year, a commercial loan portfolio amounting to $19,761,700 was sold without
recourse to a related party at book value (principal plus interest). As part of the agreement,
the Bank will earn commissions for continuing to service the loans on behalf of the buyer.
The loans are fully collateralized by deposits placed with the Bank.

17,933,564 22,986,130
1,559,441 5,746,533

Accrued Interest



Credit risk exposures relating to off balance sheet assets are as follows:
* Conlunitments
September 30

2.143.825 1.755.076
11d6.566.392 SlM.7~



17. Financial Riskt Management continuedd)
The table below summarizes the geographical distribution of the Bank's maximum
expos~ue to credit risk as of September 30, 2007.

Sentember 30. 2007
Assets Commitments Total

$ 20,554,664 $ 2,143,825 $ 22,698,489
72,971,352 -72,971,352
373,036 373,036

45.761.762 -45.761.762
S 144.422.567 S M S112 %146.566.392

Septea br 29 5


$ 1,755,076 $ 44,162,713
S 53, 1,6


0*S 3-6 (*IS Overt lamwet

S 49.261,113 5 14,000,190 I 4,467.031 5 I 123,598S 67.94,1,9
37,543433 7,151,019 3,947,161 6.772,939 I146,192 56,970,834
6,891,617 3,038;773 2,577 517,7 28060 19,493,005

S923,710,192 3 10551,60 L 8,849,971 5 ll1,5307 5 17,843,184 131,495,594
** 19917 14, 17
$.$3.20.192 IIP.,1.1848 A ..8.a9.L7 r I MI.M.MS 11.MS.CL Ild17

~santamber 30.I 206

15. Critleal Accounting Estimates and Judgments

The Bank makes estimates and assumptions that affect the reported amounts of assote and
liabilities within the next financial year. Betimates and judgments are continually evaluated
and ar'e based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances,

(a) Impairment Loss on Loans Receivable
The Bank reviews its 10an portfolio to assess impairment at least on a quarterly blisis. In
determining whether an impairment loss should be recorded in the income statement, the
Bank makes judgments as to whether there is any observable data indicating that there is a
measurable decrease in the estimated thture cash flows fiom a portfolio of loans before
the decrease can be identified with an individual loan in that portfolio. This evidence may
include observable data indicating that there has been an adverse change in the payment
status of borrowers mna group, or national or local economic conditions that correlate with
Defaults on assets in the Bank. Management uses estimates based on historical loss
experience for assets with credit risk characteristics and objective evidence of impairment
similar to those in the portfolio when scheduling its th~turet cash aows. The methodology
and assumptions used for catimating both~the amount and timing of thture cash flows are
reviewed regularly. to reduce any differences between loss estimates and actual loss

b) Impairment of Available for Sale Investments
The Bank determines that available for sale investments are impaired when there has been
a significant and prolonged decline in the fair value below its cost. This determination of
what is significant and prolonged requires judgment. In making this judgment, the Bank
evaluates among other factors, thb normal volatility in share price. In addition,
impairment may be appropriate when there is evidence of deterioration in the fiancial
health of the investoo, industry and sector performance, changes in technology and
operating and financing cash flows.

(c) Held to Maturity Investments
The Bank follows the guidance of IAS 39 on declassifying non-derivative Anancial assets
with determinable payments and fixed maturities as hold to maturity. 'This classification
requires significant judgment. In making this judgment, the Bank ovaluates its intention
and ability to hold such investments to maturity. If the Bank fails to Icop ~thoee
investments to maturity other than for the specifao circumstances for example, selling an
insignificant amount close to maturity it will be required to reclassrify the entire class as
available for sale. The investments would thorofore be measured at fair value not
amortized cost.

pucAa~srousrbpI i

(e) Liquidity Risk
Liquidity risk is the risk that the Bank will be unable to thflfll all of Its inancial
obligations when they fall due and to replace thods when they are withdrawn. The Bank
mitigates this risk by setting limits on the minimum proportion of Amnds available in
highly liquid instruments and establishing inter-bank and other borrowing facilities.

The matching and controlled mismatching of the maturities and interest rates of assets
and liabilities is Amadamenltal to thed administration of the Bank. It is unusual for the Bank
to~gj completely matched since business transacted Is often for uncertain terms, An
unmatched position potentially enhances 'profitability, but also increases liquidity risk.

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

The maturity of assets and liabilities, based on the remaining patiojd at the balance sheet
date to the contractual maturity date, is as follows:
Sentembr 30. 2007

Chartered Accountants
December 13, 2007

LI5.402.647 Il.25.310.1@ 9]015.1.dP 11 .10.32 SW1.BS.423

5 21.169,884 5 89,382,4 SIJII 105160S8,849,971 S 1,541,30 $31495,84 9
19 .......s.. ......:... .......:.. * 9...- 4242
S2-6.6 118129 81.6.4 *-'" 8JU.97 """ I.LPI S3d
SI..J.Q 1 3..........s 4 .J.~120.G L...... 8..J.La~la
u s.04.486 stanza1.30 d s..91au S--u J1.671 *-==> 1.997 1W12

nBne..ner sotsons

s 74,426,373

' ;I -- -I I

_ _I __I

S central Amrica and Caribbean
Nour3.America c


BEtr pe
Central America and Caribbean
South America
Nogth America

$ 42,407,637
53, 1,6


s 159.020.15 s #1 s~74 76s 160.775.233
(d) Interest Rate Risk
The Bank is exposed to risks associated with the effoots of market fluctuations on
interest rates. Cash flow interest rate risk is the risk that the thture cash flows of a
financial instrument will fluctuate because of changes in market interest rates. Fair value
int aret rate risk is the risk that the value of a financial instrument will fluctuate because
of ranges in market interest rates. The Board of Directors sets limits on the level of
mi nth of interest rate re-pricing that may be undertaken which is monitored bi,
monthly by the Asset Liability Committoo. The table below summarizes the Bank's
exposure to the interest rate risks. It includes assets and liabilities classified by the earlier
of contractual re-pricing or maturity dates. -

Duo bam banks
bLons recevable

Custmers' deposits
Total liabilid@ r

ecuride r


* Custma( deposts
To a I sii o

aoldns ti Hseu
PO. Box N-3910
Nagu, lishanm s
Websito: wany.pwe.com
-mail: pwcbsbs.pwsca co
Telephoe~r (242) 302-5300
Facrimus*(242) 32-saso


To the Shareholders of MMG Bank & Trust Ltd.

We have audited the accompanying balance shoot of MMO Banks & Tirust Ltd. as of 31
September 2007 and a summary of significant accounting policies and other explanatory notes.

Management's Responsibltlyfor ItheFinancirl Statements

Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of Ainancial statements that are fdos kom material misstatement, whether due to
fraud or arror; selecting and ap~plying appropriate accounting policies; and making accounting
estimates that are reasonable an the circumstances.


Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with Intomnational Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the balance sh~i~tT eo fkom Md~al misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the inancial statements. The procedures selected depend on the auditors'
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk astsssments, the auditors consider
internall control relevant to the entity's preparation and fair presentation of the ~financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.


In our opinion, the accompanying balance sheet presents thirly, in all material respects, the
financial position of MMG Bank &e Tnrst Ltd. as of 30 September 2007. in accordance with
International Financial Reporting Standards,


Q, )( (II Ovwi
M~atL~ Mtbr M~L~ Yrr



3 J.032,640

5 727044


5 34,16tJS2



5 38,005,98 5 46,10,543 (l 21.2145 $ 6.513.99

The fdillowinS are the offective rates collected and paid by the Bank as of Septemnber 30,





Assets '
Disedrom bank.
Isodits receivable'

Customers'tfbm~ d ldto y



Lana rrcccvable

Total asset

Crutomem' deposit
Other liabilides
Toal liabilitic

Net iquidity sp

Dus t~om banks
Lans receivable


Total th~ildes
Co d m
Nt liquidity gp

I 14,090,190





S 27,107,56 ~

Witheat --0.3 3. $IS Overt
.hiandr... Aoclanh.. ..MaaAhl. .Aanths.. .Yar.. '

s 5a,$32640

S 15,197t90

5 23,203.288

5 30.264,111

a 797,044

13S~.]]],$ Adg$.82339 -4.6.2 -1.7.3 -I.I.I P61.3

5 34,161,352 $38,005,598 S46,010,843 5 21,22,6 5 5 6,513,998 5145,913,256
4..J.1.427 * *
S38.g2.2,g S3.d0Jhf@ 66,40.10.843 S,11.3$14.16 6$1...421 SE 10.10sltai
S .... 23.....n ean...- -= 1.us88 S S 1.5 0
S'3....2.903 3,...796.799 P ..04.1.089 5..1.2M.633 3..2.282.0 P &27

13. Fair Value of Financial Instruments

Financial instruments utilized by the Bank include recorded assets and liabilities shown in the
balance shoot, as well as items disolosed in those financial statements that involve off-balance
sheet risk. The majority of the Bank s financial instruments are either short-term in nature or
have interest rate that automatically rest to market on a periodic basis. Accordingly, their
estimated filir values are not signifIcantly different from their carrying values for each malor
category of the Bank's recorded assets and liabilities.
14. Fiduciary Activities

The Bank provides asset management and custodial service for customers. As of September
30, 2007, the value of assets under administration amounted to $127,308,053
(2006: $96,566,467). The Bank does not anticipate any lose as a result of the services

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