The Tribune
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/00968
 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: March 4, 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: UF00084249:00968

Full Text

FOR LENT h ~ t






Senator testifies in

election court case
THE Marco City election court case continued yesterday with PLP
Senator Pleasant Bridgewater testifying against several voters who
FM.MPt Zhvro "'beH d clin wrn tnoum frinril ridt h n th
Before Ms Bridgewater took the witness stand yesterday, Fred
Smith, attorney for Mr Laing, reminded the court that there were a
nm er ofproswho Mr maig -Mth~e frt resp dent would not
were 48 persons on that list.
When Ms Bridgewater took the witness stand, she testified against
seven persons who she claims were not ordinarily resident in the Mar-

SEE page ~11

More than a Ban~k
t 356.7764i



PRICE 750~

'Volume: 104 No.87

SENATOR Pleasant Bridge-
water is bemng sued by two com-
panies for $650,000 USD plus
interest, for funds entrusted to
her care, which the plaintiffs claim
she has not yet returned after
numerous requests.
The writ was filed in the
Spemn Ooeu ionR Fr ayh
Tchnolool EHoldigso L~tdL and
which trades as Deep 6 Expedi-
tion. Br ge wda r &d Co is a me
Bridgewater personally is named
as the second defendant in the
action. The plaintiffs are repre-
sented by Bostwick and Bostwick.
The action claims that on
March 14, 2007, Blue Hole Expe-
dition, LLC wired $2 million
USD to an escrow account estab-
li ebde fith h dw te ff oT e

firm was said to have acknowl-
edged receipt of the funds on or
about March 26th last year.
SEE page 11

Tribune Staff Reporter
pturn quest~trib uemed ia. net

dark male a dis s vued de id
a wall on Shirley Street yester-
day, just opposite the corner to
Buen Retiro Road.
Officers at the scene suspect
that the male, who was barefoot
but dressed in a white T-shirt,
and grey trousers, was picking
sapodillas high in the tree when a
branch broke and he plummeted
nearly 40 feet to the ground. It is
unknown if his death was mnstan-
Chief Inspector Rodney
Smith, who is in charge of the
Central Division Detective Unit,
said it is too soon to put a possi-
ble time of death at this time as
r~igor' ortnis has already set in.
Mr Smith described the man as
being about five feet, ten inches
tall, and of slim build.
A search of the man's pockets
revealed twVo lighters, and a list of
small items. No wallet or identi-
fication was found.
Blocking off Shirley Street at
SEE page 11

BUtler-Tumer re CCTS Claim gOVt is
nOt spending money on the poor
Tribune Staff Reporter
bdean~tribunemedia.net ( I )

SER has rejected the suggestion she
attributed to some in the opposi-
tion, that the government was not
spending money on the poor in
order to show a budget surplus.
"I am aware of comments that
were made mn this place implying
that funds earmarked to assist the
poor and needy might have been
withheld for the purpose of having a
surplus at the end of the first six
moths of the fiscal year," she said
yesterday in the House of Assembly.
"First of all, let me tell you, Mr
Speaker. if I may, let me assure the
other side, they're talking absolute
The minister said that she comes
from a family who has dedicated
much to public service and she
would not withhold funds to the

needy at a time when she is in polit-
ical office and is charged with assist-
ing these people.
Mrs Butler-Turner and former
Minister of Social Services Melanie


'~ j LI _Y 513 .j LJ -L.L.-.,_~_
T~~c~ II.
i I




Writ filed by two

companies agaamst

Pleasant Bridgewater


period' for

recovery of

o~l tanker
Tribune Staff Reporter
THE recovery of the Ficus
tanker entered a "critical period"
yesterday, according to a Shell
representative, as salvagers began
offloadmng oil products to lighten
the vessel so that by high tide on _
Wenesda m'orninig ith can be
L aT ur caonm Maitnim rfa ir
Dion Foulkes told the media yes-
terday that the government will
wait for the recommendlationls of
the Bahamas Environment Sci-
ence and Technology Commis-
sion (BEST) before determining
what compensation may; be in
order on Shell's part for dl age
Cay, off Lyford Cay, where the
tanker has remained since last
SEE page 11

Crime, cost

of living on

agenda at


By K Tribune Staff Reporter
CRIME issues, the rising cost
of living and the controversial new
Economic Partnership Agreement
with the European U~nion are
among the topics on the agenlda
as the Bahamnas this week hlosts
three CARICOM meetings.
Foreign officials and dignitaries
began arriving in Nassau yester-
day to attend two CARICOM
ministerial meetings an~d one
Heads of Government conference.
The Council for Trade and Eco-
nomic Development (COTED)
and the Council for Finance and
Planning (COFAP) will be held
on Wednesday and Thursday
respectively. The 19th inter-ses-
sional meeting of the CARPIC I 41
Heads of Government, chairecd by
Prime Minister Hubert Ingraham.
will be held on Friday and Satur-

SEE page 11



-I a

Of 00|y

SEE: page 11


* 88 8" "Ambitious economic census

:;~~: "lto focus on The Bahamas

"PeTSORnS want to knowT what's

happening mna particular
SectOr. They want to kntow
what type of businesses we
have, the average number of
01RplOyetS, they would like to
know what is th~e average

expense in a particular field."

Kijana Rolle

Local News.............. ....P1 ,2,3,5,6,7,8,9,11,1 2
Ed ito rial/Lette rs. .................................:......P
Advt ............................................ ....P 0
Business ........................................ P,2,3,4,7
Advts...............................:..............P ,
Woman........................1.......... .P,2,3,4,5,7,8
Com ic s................................... .. ... .....P



Local Sports .......................................P1,2,15
USA Today Sports ...............................P3 14
Weather. ......,. ......., .......P16

II~ ~P~C. ILlYC'

I I I _C1IC_- ~C -L ---LFI -~C3_1 e~L~C3 L~ L ~

THE Cabinet Office has announced the appointment of
Christopher Blackman as a resident Justice of the Court of
Appeal of the Bahamas with effect from March 1.
Justice Blackman's appointment was made under Article 99
of the Bahamas Independence Order (Constitution).
He joins justices Dame Joan Sawyer (president), M G Gan-
patsingh, Emmanuel ]E Osadebay and Hartman Longley on
the Court of Appeal bench. ..
Mr Justice Blackman was born mn 1944 and is a citizen of
He was admitted as a solicitor of the Supreme Court of Bar-
bados mn 1970. He became a partner in the law firm of Car-
rington and Sealy mn 1971 and in 1987 was appointed Queen's
Justice Blackman acted as a judge of the High Court of Bar-
bados on a number of occasions between Nbvember 1996 and
November 2000.
From April 2001 to May 2003, he was a judge of the Supreme
Court of Belize. In June 2003, he was appointed a judge of the
High Court of Barbados.
Prior to assuming judicial office, Justice Blackman was active
in the corporate community life of Barbados.
He served as an independent member of the Senate of Bar-
bados from 1986 to 1990 and as president of the Barbados Bar
Association from 1983 to 1986.
Justice Blackman also served as chairman of the Caribbean
Council of Legal Education from 1985 to 1992 and chairman of
the Police Service Commission from December 1996 to April




While the department car-
ries out a yearly survey,
involving a representative

sampe Bhaxinunbeu

ing data from all businesses.
"This year we're trying to
get everybody the 'mom n'
pop' shops as well as the big-
ger entities," she said.
Businesses across the entire
Bahamas will be asked how
many people they employ,
their revenue, expenses, acqui-


Tribune Staff Reporter
THE Bahamas is set to be the
subject of a landmark eco-
nomic census of such propor-
tions that it will be the most
ambitious ever to be under-
taktehnein tehe region, aocc ah s>
After two to three years of
planning, the department is
set to embark on the exercise
which will seek to obtain
information never before
known about all formal busi-
nesses in the Bahamas.
"We want to know how
healthy our economy really
is," said department employee
K~ijana Rolle. "That's one
thing that our population cen-
sus tells us it gives govern-
ment and other persons the
ability to plan. We want to do
that same thing from the busi-
ness aspect."
The department is currently
seeking and training close to
100 additional employees to
beef up manpower for the
massive undertaking, which is
set to begin April 7, and con-
tinue until September.
According to Ms Rolle, an
assistant supervisor in the
business establishment sec-
tion, the department is "the
first in the (Caribbean)
region" to attempt to gather
data about all sectors in 'one
shot' over only a few

sition of capital goods and
commodities, and other per-
tinent questions in order that
the department can "fill in the
gaps" in their statistical data.
"We're the collecting
agency for the government as
far as statistical information
is con eer edto go to interna-
tional conferences (and)
there's information that they
ask us for which we do not
have, because as a society we
do not like to give out infor-
mation we like to get infor-
mation, but we do not like to
give information," said Ms
Rolle, adding that the depart-
* ment hopes for a positive
response from the business
"It's going to be a very pow-
erful tool both for the investor
and persons already in busi-
ness to see how other busi-
nesses are doing in their sec-
The census will be based
around the International Stan-
dard for Industrial Classifica-
tion of all economic activities
(ISIC) to ensure that collated
data is relevant abroad.
The new information which
the department hopes to gath-
er will also help the country
"stay on target" in relation to
other nations in terms of eco-
nomic indicators.
"There are so many other
terms as opposed to just doing
the GDP (gross domestic
product) or the GNP (gross

closed in his contribution to
the. Budget debate that the
Department of Statistics had
been allocated an additional
$2',198,748 a 56.5 per cent
increase in the 2007/2008
budget, with $1.5 million
specifically to be directed to
funding the.census.

She said the decision to car-
ry out the exercise came as a
result of "a combination of
public requests", the depart-
ment's need to meet interna-
tional standards and the desire
to "move the country forward
economically. "
Potential foreign investors
as well as Bahamians put in
requests t'o the department for
information about the state of
certain sectors of the economy
"all the time," she said.
"Persons want to know
what's happening in a partic-
ular sector,
"They want to know what
type of businesses we have,
the average number of
employees, they would like to
know what is the average
expense in a particular field,"
said Ms Rolle.


O'2lest Prices Ont The Island" '


Monday Saturday
8:30am 5:30pm


And Appliance Centr~e

CFAL's comprehensive pension consulting services can help
you design and manage a group retirement plan that's exactly
right for you and the individual needs of your employees.

And with our secure online pension management system,
sponsors and employees have account access at any time.

iCalll us today. We'll tailor a plan that's right for you and
your employees.

Nassau T: 242-502-7010 F: 242-356-3677
Freeport T: 242-351-8928 F: 242-351-4050
CFitA L'" info@ctal.com I www.cfta.com


O I brzef



The Medical Association of
the Bahamas opens its 36t~h.
annual conference tomorrow
under the theme, "Better health
care: to manage it .. is to mea-
sure it .
The event, to be held at the
British Colonial Hilton, has a
dual focus: to provide ongoing
training for medical personnel
and to keep the general public ~
informed about medical
"It is important now in the
practice of medicine to talk -
about quality care. How well
are we performing as physi-
cians? How well is the health-
care system performing? Are
we getting the outcome that we
desire to have? So unless you
measure what you are doing
and what your outcome is, then
you can't say how well you're
doing," said Dr Robin Roberts,
co-chairperson of the confer-
ence committee-
At 7pm, Dr Jacques Carter,
assistant professor of medicine
at Harvard Medical School will
present the first public lecture:
"the health report card: let's
grade the doctor."
The conference continues on
Thursday from 8.30am to
4.30pm as physicians give lec-
tures on chronic disease, back
pain, pediatrics, osteoporosis
and malaria.
Friday, the final day of the
conference, has been dedicat-
ed to discussions about social
issues including crime, rehabil-
itation for boys, and teenage
All sessions on Friday will be
held at the Royal B'ahamas
Police Force Headquarters on
East Street.
At 7pm, the general public is
invited to' attend a lecture by
Dr David Allen on, "Violent
crime: a public health issue".
At 8pm, the Royal Bahamas
Police Force will present a lec-
ture, "Murders in the Bahamas:
one more for the records".
found 2diremtor mfthe aa=
for Change Foundation in the
United States, and Diane
WooCA, member ofthecCaliforl
Health, will present lecturers
on crime reduction and making
community programmes work.
Dr Roberts said that his asso-
ciation views crime and violence
as a major public health issue
that affects citizens socially,
physically, mentally and social-
He believes that it is impor-
tant for the medical community
to take notice of the recent
surge mn violent crimes, and then
determine what is causing this
"In medicine we look at
things from a scientific point of
view. It's not a matter of just
saying, okay this thing is hap-
pening. We have to look at why
it is happening, all of the causes,
and the best ways for interven-
tion," said Dr Roberts.
Dr Roberts and Dr Corrine
Sin Quee serve as co-chairper
sons for the conference. Other
members of the MAB confer-
ence committee are Professor

Howar Spe He na D Crsinn

Dr J a mues Cr stth H xt n
Hotel, and Friday's public
forum at the RBPF Headquar-
ters is free to the general public.
Registration is required for all
sessions on Thursday. For more
information, cal/328.1857

"I CAR Only
reiterate (what

the minister
Said). There will
be a fuHl investi-
gatiOn by ~the
Bahamian flag
State, ISlC Of
1%&8 flag State
and of course

Capt. Jeremy Hudson



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
Harbour Green Shops at Lyford Cay
(next to Lyford Cay Real Estate) Tel: 362-5235
e-mail: info@colesofnassau.om*P.O. Box N-121

;Se QA cu

The Tribune wants to
hear from people who are
making news in their
neighborhoods. Perhaps
you are raising funds for
a good cause,

imprpov t orn the area
or have won an award.
If so, call us on 322-1986
and share your story.

TUESDAe, MARCH 4, 2008, PAGE 3


Tribune Staff Reporter

A HIGH level representative
from the Shell International
Trading and Shippmng Company
Limited yesterday dodged a
question put to him about the
cause of the grounding of the
tanker "Ficus" owned and
operated by his company -
which has been stuck on an
underwater peninsula off New
Providence since last Wednes-
aCaptain Jeremy Hudson, oil
fleet manager at the company,
was asked whether, as sources
have suggested, the tanker's
grounding may have occurred
because there was no local
"pilot" a person who would
know the waters in the area and
could advise the captain on how
to safely approach the pier -
However, Captain Hudson
said nothing, deferring to Min-
ister of Labour and Maritime
Affairs Dion Foulkes.
Mr Foulkes then stated: "We
are conducting a full investiga-
tion as to the cause or causes
of this accident. We have some
preliminary information. We
would like to interview all con-
cerned. We are also contacting
the flag state for this vessel, the
Isle of Man, who will be repre-
senting the flag state before we
.make a full.... there are a lot of
repercussions that can flow
from any determination. We
would like -to be as thorough
and as responsible as possible.
Pressed as to whether he
would respond to the allegation,
Capt Hudson said: "I can only
reiterate (what the minister
said). There will be a full inves-
tigation by the Bahamian flag
state, Isle of Man flag state and
of course ourselves."
Mr Foulkes said that the
report on the findings of this
investigation would be made
Cutting off the opportunity
to ask further questions, Shell
representatives of whom there

OIL FLEET manager for Shell International Trading and Shipping Company Capt. Jeremy Hudson (right) is pictured next to Labour and Maritime Affairs
Minister Dion Foulkes at yesterday's press conference. Inset: The grounded tanker "Ficus".

were two in addition to Capt
Hudson then hurriedly left the
press conference.
Capt Hudson cited the fact, as
had been mentioned in the
company's statement, that they
were in a "critical period" of
the salvage operation and were
required to oversee the process.
He said this was the reason for
their swift exit.
Mr Foulkes said yesterday
that all costs related to the
recovery of the grounded 44,788
ton tanker, the Ficus, are to be
covered by Shell.
He expects that after a "full
investigation into the cause of
this incident" the national Oil
and Chemical Spill Contingency
Advisory Committee will
"make recommendations to
decrease the chances of re-


FRShions &


r .

r ,u

THE former PLP govern-
ment did not build low cost
housing on government land
without permission, Golden
Gates MP Shane Gibson said
yesterday in the House of
Assembly during his contribu-
tion to the mid-year budget
Mr Gibson, who was minis-
Ster of housing under the
Christle administration, said
that in all cases the necessary
approvals were obtained from
the minister responsible for land
or from Cabinet in writing.
"To have built more than
1,300 houses in just under four
years is no small feat and every
employee of the department
and Ministry of Housing should
rightfully be proud of this
accomplishment," the MP said.
Mr Gibson said if he had it
to do again, once he knew the
land is owned by the govern-
ment and permission had been
reevd inwiig o dbeve6 t

hewol "uldad b i n

relief to as many of them as pos-
sible he said.
Current Housing Minister
Kenneth Russell h~as promised
to make larid available to
Bahamians at concessionary
rates, reduce the cost o~f utility
connection for first time home-
owners, and design a plan and
create a programme for indi-
viduals who are below the
requ red inc me thesrh dm t
However, Mr Gibson said if
this is true, the government has
not given any indication as to
when they plan to "stop talk-
ingN ad dosmethh ng.benpt
forviard, nor have the been
implemented to date. This is
cause for concern. When will
this government housing pro-
gramme get started? There are
thousands of Bahamians waiting
to become home ~owners," he
He said that the former gov-
ernment realized the dreams of
more than 1,300 Bahamian fam-
ilies and more than 6,000 indi-


Easter Baskets~3

SBunnies from $2.99
> COlOurful Baskets from $0.99

> Basket Bags 10 for 7.50

> P|8Stic Eggs & Lots of Grass
> Easter Lillies and Callalillies
Lovely Potted Orchids

THE Cabinet Office has
announced that Daylight
Saving Time will begin at
2am on Sunday, March 9
and will continue until 2am
on Sunday, November 2.
"This is in keeping with
the policy adopted in
October, 2006, to extend
Daylight Saving Time,"
said the Cabinet Office in
a statement.


Shell representative dodges question

08 cRuse of 'Ficus' tanker grounding




PLP did not build low cost housing on

govt land without permission

- Gibson

. ;

I ae

(a~- r;f



(I |

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

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

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

Cn ribn Ed itlo 1797212991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Rules are not made to be br oken







Fo th bes dea In ton

preorowneedecsars, wih twar anty


Very low mileage, very clean
'06j HYUNDAI ELANTRA ver clean


EAST SHIRLEY STREET 322-37175 325-3079

Serving The Bahamian Community Since 1978




EDITOR, The Tribune.
THE rainfall measurements
monthly in Central Large Blair,
where I live for the year ended
December 31, 2007 and compa-
rable measurements for 2006
were as follows:

that year 19.81 inches fell).
Much has been said about
global warming and certainly
there have been changes in our
weather pattern compared to a
few decades or more ago and
now and the past several years.
With regard to the former, we
had much cooler weather from
October to March, but with;
regard to the latter for the same
period warmer.
Last year in November and
December it was much warmer
than usual.
These changes have had
effects on the planting and blos-
soming of fruit reaching fruition
later than in years gone by,
especially with tomatoes.
With these changes occurring
it is possible in the future that
we may see some of our Islands
affected by rising ocean waters.
February 14, 2008.

6.07 11.94
N vember50
December '
2.21 .76





72.81 was a very good raih-
fall for 2007 as the average year-
ly for New Providence is about
48.00 inches, an excess of over
24.00 inches.
In the keeping of rainfall
records since 1962, the only
years which exceeded 2007
1988 78.52 inches (June of
that year 28.75 inches fell).
1997- 74.49 inches (June of

FORMER Health Minister Dr Bernard
Nottage told his party that they only had
themselves to blame for ZNS shutting down
the first night of their convention before it
had ended.
Having been man enough to make that
admission, he then made excuses as to why
the rules should have been broken for that
special occasion. What our leaders must
understand is that if we are to introduce "zero
tolerance" to enforce society's laws, rules
and conventions, there can be no special
Our greatest battle is going to be with our
leaders those who seem to think that
because of who they are they should get spe-
cial consideration. Some of them, knowing
that official functions cannot start without
their presence, seem to have no problem in
keeping an audience waiting. The list of little
transgressions goes on and on, until, over
time, like the little acorn, they grow mnto a
mighty oak.
As we said mn this column yesterday, the
Broadcasting Corporation of the Bahamas
- ZNS-- agreed to give the PLP three free
hours of broadcast time 8pm to 11pm -
on each of the three-mights of its 50th con-
vention. The station even suggested that if
convention organizers felt they might need
more the lb tause speadkees mi tthru late,
tion. If this deposit were not needed f@ the
convention, then the station would credit it to
the PLP's outstanding debt with the corpo-
According to a PLP website, the deposit
required was $6,000. The PLP's debt to ZNS
- the people's radio station is in the
region of $237,000.
In view of the large debt, it seemed a rea-
sonable offer. The PLP did not accept it,
And so on the first might of the convention
--in true PLP style everything ran late. No
one was watching the clock. They obviously
believed that ZNS was not serious about its
contractual agreement. That is how the PLP
government was managed, with each minister
seemingly his own mini-government, and, so,
obviously they felt the same old laissez-faire
rules still applied. They got the shock of their
hives when they discovered that ZNS was
now operating from a new rule book. On the
stroke of 11pm the station pulled the plug.
"We have only ourselves to blame," said
Dr Nrottage while his party members chas-

tised the station~for its wrongdoing. But, he
added in a seeming attempt to straddle both
fences: "That was a mean, petty thing for a
national broadcast network to do!"
He forgets that international broadcast
media will cut an interview mid-sentence
rather than run a minute over the clock. But,
you see, we are the Bahamas, and that's the
way it'g done in the Bahamas "our way."
The PLP were particularly shocked because
they said the plug was pulled on their keynote
speaker deputy leader Cynthia "Mother"
Said Dr Nottage: "ZNS TV unceremoni-
ously, and without explanation, ended its
broadcast as the deputy leader of the party
began her address, albeit late, last evening."
The PLP are giving the impression that
Mrs Pratt was cut offnuid-sentence. Not true,
said broadcast chairman, Michael Moss, she
had not even made it to the podium to start
her speech that's how far behind schedule
the convention was running.
There was every reason for Mr Moss to
bend the rules for Mrs Pratt their friend-
ship goes way back. But, Mr Moss, recog-
mised what the former Christie government is
yet to learn. When an official is in a position
of authority everyone coming before him
receives the same consideration. The law is
-applied equally -there is no room for friend-
~1Mr Moss replied to the station's critics
through the press on February 24 because, he
sadaalt ag t~haedPLPthaad fi iin itstyre s
protest to the station on February 21, up until
the close of business on Friday, February 22,
no such letter had been delivered. "Having
received no letter to which to reply," said
Mr Moss, "I replied to their statement
through the same medium they used -the
In a letter to be published on this page
tomorrow, Mr Moss replies to accusations
made against him by Mr Elcott Coleby.
In that letter he reveals that the letter of
protest that the PLP told the public had been
delivered to the station on February 21 was in-
fact delivered a whole week later February
?8. The protest letter was personally handed
in by Ms Paulette Zonicle-
The day that out citizens understand that
no one including our leaders is above
the law, is the day we shall start to experience
a civil society.

gaming taxes not paid?*
page 62, 'High Stakes', and con- es, that is still outstanding.
tinued on page 64is this: "When I can assure you that what-
he arrived, Ruffin boasted ever taxes were due on the sale
about the $1 billion profit he of the Las Vegas property, to
raked in a few months back by the City of Vegas and State of
selling the New Frontier to a Nevada was paid in full.
New York real estate compa- Why then was the gaming
ny." taxes owed here in the Bahamas
billi nais wa'rsh i t ae nont pea ?ve away millions in
The pomnt is this: When Mr Ruf- incentives to encourage invest-
fitbloughtthe New Frontier mentor musn we also give away
owned and operated the Hotel indricement for thdmn to leave!:
aned Casino on Ca~bl Beacht o has tdh Bahamas profited
the time. These kinds of decisions

byT MrsRpi rto th sBa mdadksenno Islaersa lotepblic
Group. However, whether he purse. We the people are get-
.raked in the profit mn this sale as ting tired of these types of fool-
the other, is of little concern to ish decisions. Those responsi-
me. ble for this decision needs to
What is of great concern and tell the people why, Now!
oulh1 thi ilo e ry hsaolda2 DENNIS W MARTIN
property and walked away with- West Ender
out paying the $12 plus million Freeport,
owed in legitimate gaming tax- February, 2008.

W~Chere will the COB

CaSt its shadow next?
EDITOR, The Tribune.
I REALISE the College of The Bahamas needs funding however
as a quasi-agency of Government should it be allowed to enter into
direct competition with the private sector?
They opened a book store, office equipment service area, etc, and
now a Physical Fitness Gym.
The Prime Minister foreshadowed the use, seemingly without the
required tender process for services to be purchased by Govern-
ment, that he intended to call on COB to act as consultants.
I believe that it is a tenant of the Finance Act requires a minimum
:'::::,b bi ad/o 1ui tnded for these services, everything
Where next will COB cast Its shadow?
February 18, 2008.


1; ?t--p--

Rising ocean

affect Bahamas

in the fxuhre

Why *e e
EDITOR, The Tribune.
IN the 25th anniversary issue
of Forbes Magazine's 400 rich-
est people in America, on page
224 is this bio listing:
Philip Ruffin $2.1 billion
casino. Wichita, Kans. He is 72
hears old.hHeeisc 11 rcd and
dropped out of college to flip
un il, re es atem Boeyd t a e
Frontier Hotel and uCasino, 41
acres of land on Las Vegas strip
for $165 million in 1998 (my
input: At the time he also
C Ind B eh HoeI Csin conon
sold 34 acres for $1.2 billion to
Elad Group (owners of Man-
hattan's Plaza Hotel) in June;
deal most expensive land sold in
Sin City's history. He kept sev-
en acres for Condos. He part-
ne red with Donald Trump
(SEO) to build 64 storey Trump
International Hotel & Tower;
the duo split $500 million cost.
And plans to build a second
tower. In August voters reject-
ed a Kanas Bill that would have
allowed him (Ruffin) to install
slot machines at his Wichita
Greyhound Park. Winner of the
Forbes 400 Poker game (see
story p 62), donated $125,000
pot to the American Diabetes
In the story referred to on


18 Cube


21 Cube


. '



Bahamas Bus & Truck Co., Ltd.
Montrose Avenue

Phone:322-1722 Fax: 326-7452


New Shipments Arrived

Hurry, Hurry, Hurry and
G et You r F first Ch o ice

For Easy Financing

Bank And Innurance

On Premises
Check Our Prices
Before buying

O In brief

National Modern

Languages Week
StaPtS March 3rd
THE modern languages
unit of the Ministry of Edu-
Ca ion, Youlth Sp~ot sa~nad
Modern Languages Associ_
ation will celebrate Nation
al Modern Languages
Awareness Week, 3 to 7
Events are being held
under the theme "Bridging
cultures through Lan-
uTh ou hout the week,
emphasis will be placed on
the Spamish and French lan-
guage and culture in the
Among the activities
planned for this week is a
Spanish spelling bee com-
petition at C W Sawyer Pri-
mary School on Tuesday,
March 4, which begins at
9Tmlere will also be special
modern language assemblies
onRWededay I rhS 5; a
Primary School on Thurs-
day, March 6.
Another highlight of the
week will be a Spanish and
French food tasting fair at
S C McPherson High School
at 1pm on Thursday March
The week will climax with
"CULTURAMA 2008" on
March 7 at 11am at St
John's College Auditorium.
Primary and high school
students will perform Span-
ish and French dramas,
songs and dances.
Minister of Education,
Youth, Sports and Culture
Carl Bethel will open the


Road to. City Dump after Premix
Email :ggongora@coralwave.com




CARICOM Single Economy, the
framework of which is to be in
place this year, will be examined
at the Council for Finance and
Planning which convenes in the
Bahamas on March 6.
Also under discussion at the
COFAP will be the status of the
proposed Regional Development
Agency (RDA) and the CARI-
CCODM Development ~Fund
( D)-
The 12th meeting of the COFAP
is the penultimate in a series of
Caribbean Community meetings
being held in Nassau this week.
The 24th Special Meeting of the
Council for Trade and Economic

Development (COTED) on pre-
cedes the COFAP and will be held
on March 5.
The 19 Inter-Sessional Heads of
Government Meeting on March 7
and 8 will cap the Nassau meetings.
With re ard to the CSE, issues to
be considered by COFAP include
the peRformancecand c nvergen e
as the status of inter-connectivity
of the stock exchanges in the
The establishment of the RDA
and the launch of the CDF will be
deliberated on under the broad

heading of "Reducing disparities in
the Single Economic space."
According to CARICOM, the
RDA is required to attract invest-
ment, assist industries in becoming
efficient and competitive, promote
structural diversification and infra-
structure development.
The CDF will aim to .provide
financial and technical assistance to
disadvantaged countries, regions
anI atri n, the Caribbean Hotel
Association will brief the COFAP
meeting on the establishment of a
Tourism Investment Fund, while the
Caribbean Catastrophe Risk Insur-
ance Facility will report to the
forum on its operations.

PRIME MINISTER Hub rt Ingraham has
recently taken over as CARICOM chairman

heads of government," said the
forum mna statement.
In addition to poverty and
the rising cost of having, the
special COTED meeting will
also consider the report of the
meeting of the Reflections
Group which was held in
Jamaica on February 28 and
29 this year.
The Reflections Group
reviewed CARICOM's expe-
rience and approach to exter-
nal trade negotiations usmng
nomic Partnership Agreement
(EPA) case.
The meeting will be pre-
sented with the agreement fol-
lowing the completion of a
review by legal minds.
An update on, and outlook
for multilateral trade negoti-
ations under the World Trade
Organisation (WTO) will be
another key agenda item of
the one-day meeting.

THE 24th Special Meeting
of the Council for Trade and
Economic Development is
expected to continue its quest
to stem the rising cost of living
in the region.
Organisers say the COTED
meeting will make a determi-
nation regarding the removal
or reduction of the common
external tariff on certain com-
The COTED meeting is
being held in Nassau on March
"Poverty and the rising cost
of living" was one of the agen-
da items at the 12th Special
Meeting of CARICOM Heads
of State and Government in
December 2007. It will also be
an item on the agenda of the
19th Inter-sessional Meeting
of the Heads of State and
Government taking place in
Nassau on March 7 and 8.
At the meeting in George-
town in December of last year,

CARICOM leaders agreed
that the Common External
Tariff (CET) is the most
appropriate instrument for an
intervention at the community
level to address the issue of
the rising cost of living.
A technical team was sub-
sequently established to review
a set of commodities which
have a significant weight in the
Consumer Price Index, are not
significantly produced or have
a close substitute in the region,
and which attract a CET.
At the end of its 25th meet-
ing in Georgetown in January
2008, COTED requested
member states of CARICOM
to submit national lists of items
on which they would be pre-
pared to reduce or remove the
"'The COTED took this
decision after lengthy, intense
but incomplete discussions in
search of a single common list
to fulfill the mandate of the

', !r i

;---*~j~6~a~. .~I

Meeting 10 consider CARICOM

Single economy preparations

-s ;-~

POVerty and rising cost of having

high on agenda of COTED forum


~2~ EITR A,

Large Shipment

Used Cars




I _


FOR SALE -1986sHatteras Sport Fisherman 45.8' Convertible

This 45.8' Hatteras convertible is in excellent condition and
has a V-berth forward in the guest stateroom with head.
Moving aft, the master stateroom is on the starboard
fbeaturienn taedoul red gTehse second head is orwar

ant etanmen aete fraoarsd, L rhpe dsnod otmrbo r
and a bar in the port aft corner; her cockpit has a custom
tackle center, a large fish box, chairs and a round table,
The cockpit also features 12V electrical outlets, a bait prep
station, freezer, and cockpit controls. Her bridge has two
helm seats and lots of seating area.

- 2x Detroit Diesel V6 92
- Horsepower = 540 Each
- Fuel Capacity = 590 gal ons

"I am flabbergasted
that on this most
CriticRI issue
Parliament has been

Subjected to a
1)OlitiCRI Song and
d ne"

Kenyatta Gibson

For More Information Contact Captain Bowe
@ 393-1524 or.357-9827 i,



Bring the family and b blessed!



said in accents loud and clear
that they wished, that they
desired, that they demanded a
new government," he said.
"The people were obviously
dissatisfied with the state of
affairs and how their business
was being conducted on their
behalf and thereby were man-
dating a new government to
conduct the necessary scruti''
ny, enquiries, negotiations and
reviews as put before them by
the official opposition."
It is the epitome of disre-
spect and ignorance of the
Westminster system, contin-
ued Mr Gibson, for a group
to insult the electorate with
the insinuation that they were
righttmn 2002 when they v ted

are "dummies" or "fools" in
2007 for removing the PLP
from office.
"This kind of provocative
equivocation on the right of
the people to determine their
national direction, while not
only absurd, threatens and
insults our democracy. Just
because one man could not
make good his frequent boasts
and taunts and jeers that he
would sit for another term in
the Sir Cecil Wallace Whit-
fied Centre. The Bahamas
must be bigger than a politi-
cian's ego and ambition and
anyone who disrespects the
will of the people in this fash-
ion will not be treated very
kindly by history," he said.

Tribune Staff Reporter

MP Kenyatta Gibson has crit-
icised the o position for
objecting to the mid-year bud-
get review. He suggested that
some parliamentarians appear
to wish for economic calamity
in the country in order to
jump start their political
"Parliamentarians the world
over welcome any opportuni-
ty to analyse and debate the
budgetary, fiscal and econom-
ic efforts of governments," Mr
Gibson said yesterday in the
Houseeo Asdembl dern gt

decline such an opportunity is
nonsensical at the least and
absurd at its height."
Mr Gibson told the House
that he is "pleased" with this
new budgetary exercise. This
is a process the prime minister
has described as representing
a level of transparency and
accountability, ultimately
enhancing the process of gov-
Concurring with these sen-
timents made by Mr Ingraham
last week when this debate
began, Mr Gibson said yes-
terday that the mid-year
report is a significant step
towards "deepening of our
democracy. "
During his comments on the

-All Upgrades Done in 2007
- Satellite Weather Station
-Large Stainless Steel .
- Electronics Updates
- Flat Panel Satellite TV with
- Bose Sound System
-New 12KW Generator
- 11' Boston Whaler w/1 5

- Stern Underwater Lights
- New Ice Maker
- Live Bait Well
- Interior Recently Upgraded
-New Fly Bridge Enclosures
- 165 Gallon Capacity Water
- Davit on Deck
- Anchor Windlass
- 12 and 24V Cockpit

oco emy, Mr Gibdson refl ct
the US as a result of the sub-
prime mortgage crisis. In the
context of this event, without
mentioning them by name, Mr
Gibson also criticised his for-
mer party and its leader Perry
Christie, for using this issue
for political gain. *
"I am flabbergasted that on
this most critical issue Parlia-
ment has been subjected to a
political song and dance. And
I speak Mr Speaker, as the
only Independent member of
this House," he said.
"Legislators entrusted with
the business of the people con-
tinue their convention chorus
of sour grapes when the very
economic lifeline of this nation
calls for urgent nonpartisan ,
attention. It would appear that

mo ic 1 nl~ytywt ufo' ec -
their derailed and scarred
political psyches and would
put their personal political
ambition over that of the well
being and healthy perfor-
mance of this economy." con-
tinued Mr Gibson,
In critique of the practices
of the former PLP govern
ment Mr Gibson said that the
record of the PLP, based on
secretive heads of agreements,
its anchor project policy and
its management of the econo-
my was put before the
Bahamian people, and the
electorate made the decision
to place government in the
hands of the FNM.
"The Bahamian people,
who are the true adjudicators
in our Westminster system,

Many More Features and Upgrades!

Tribune Freeport Reporter
dmaycock~tri bunemedia.net

conn ct oP w th a shootn nm Stha nedr s
was arrested by police at a Reggae concert
in Freeport over the weekend.
Central Detective Unit officers spotted
36-year-old Eugene Symonette, of Taylor

Drive, Bamboo Town, at the Jah Cure con-
cert held on the grounds of Worker's House
on Saturday evening.
Chief Supt Basil Rahming said that an
offce, ssrtng wihte opmoa ions a h
half an hour after midnight.
The officer arrested him and took him
into custody, Mr Rahming said.
He said Symonette is wanted for ques-

tioning in connection with a shooting inci-
dent at Andros, in which a gunman opened
fire on a house, seriously injuring a woman
The house was also damaged.
Symonette was flown to New Providence,
where he is assisting Central Detective Unit
officers with their investigation into that


r. i;

*. 1/11 iia;n7
... s~
I* a.


~21 1 AF.r r~~li ~i
;i P:6
ant .".. bd'
~i.jllE ~s -1~s 7. ~i~~~t~F, r~11F 7g

aF~i; Frp
.~4~ "~tt~

March 9-16, 2008 East Street Tabernacle


Micah 6:8
Monday March 1t 2008

Sun~dayAviach 1.!6th, 2008
Alnnual Par..rlr ,:, .-:- a1Jr H .1I1, IJ ,,, as i. 1
the We~ster nl i;- i.l'.o.. I ...1.: .1 1 I.*. 5
Radio & T~.' .nn r.e..r-.r
Final Mnessage on Convention Theme*
"LWALK WITH GOD" -. .il 1,,- . It s .-r 1 I.
Naio alOu. .r ... .Et C


General Presby~t~e
USA Regional Overseer

USA Regional Over-seer





~ B

I "

Kenat Gibson criticises PLP for

mid-ear wde Aeie TA b 1 4/WA

Independent Kennedy M~P welcomes chance to debate

i d.
-?. ~II&.



in increased maintenance
costs for underground leak
detection systems, particular-
ly in the settlements.
Last week, Grand Bahamaa
residents were hit with a $5
monthly electricity base rate
increase, which will take
effect after April 1.
Power Company CEO)
Excell Ferrell said the com-
pany was granted approval in
March by the Grand Bahama
Port Authority to increase its
base rates by 4.8 per cent to
customers using 650kw/hours
per month.
He said the increase was
driven by two major factors -
a $30 million investment for
systems upgrades and the
inflationary rise in the cost of
operation from October 2005
to October 2007.
Mr Ferrell said the increase
in base rate is the first in
nearly two years.
He also stated that the cost
of electricity from the GB
Power Company remains the
lowest in the region, sven
with thle increase.

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

Medical Association of the Baharnas
36th Annual Conference 2008


~II~s~*~IP~~sssll "*xa ~

..........-- -

Public Forum
Royai Bahamats Police

East Street Hill

Session X


A Public Health Perspectivie

Friday, March 16th 2006
7:00pm -10:00pm

Wednesday, March, 58' 2008, 7:00 PNI
Session I

Public Lecture
British Colonial Hilton Hotel

The Health Report Card:
Lets Grade the Doctor!

Assistant Pro ess~or rMedicine
Harvard fMedical School

Thursday;.6' &r Friday 7'
8:30am to 5:00pm

Paid R gsi rnasto R wi red




-I 1 _ -

Departs Nassau 5:00 pm
Arrives At Port Everglades 9:00 am

Private Cabin Fine Dining Entertainment

*Spa & Childrens Programmes Casino

Cruise Back With 3 Pieces Of Luggage Free (551bs. Maximum Each)



#1 Sandy Port Plaza www.gulstore.com
Rates based on 4 persons traveling. Prices subject to change and availability. Hotel taxes, ticket and booking fees are extra.



Tribune Freeport
facing a struggling economy,
residents of Grand Bahama
have been told they will now
face an additional burden -
this time a spike in utility
The Grand Bahama Utility
Company yesterday y
announced a rate increase of
4.87 per cent,
This follows the announce-
ment last week of electricity
base rate increases by the
Grand Bahama Power Com-
In a press release issued to
The Tribune, the utility com-
pany explained that the rate
increase amounts "to a very
small increase of 95 cents per
month to average residential
The increase, which came
into effect as of March 1, will
be reflected on bills for April.
The utility company said it
takes its mission to provide a
continuous supply of potable
water to all customers on
Grand Bahama seriously. The
last rate increase was in
March 2006.
The company explained
that the increase has been
necessitated by the following:

pumEn rand cd sstr b tiro of
water have been dramatically
impacted by the cost of fuel,
which has risen to $100 a bar-
*Power/electricity and the
resulting fuel surcharge rep-
resents 31 per cent of the
total operating cost for pump~
ing a Id the distribution of
water a customers
*Over the past two years,
the cost of supplies required
to maintain the system has
increase between 10 per cent
and 15 per cent.
*Ever increasing costs and
the natural aging of the dis-
tribution pipes have resulted


~t ~Tir:liYilj IVp*`
r~c :~
p~. ICTi ''
1~1 ; ; ~ ~~ 111 111111 ilil!l 1I11I1 ii:;j~ll L ~l~ltdCI~ r
r *;. ., E ~. ~~DB$rBYII1~ ~h~L 161*IBO~b PPP'
r ~P~n~a~a~il~faP~~L~~.j'T -PI- L. I


Better HealthfCare.
To Ma-nrzage it ...is to M~easure? it

'"Violent Crime:uA Public Health

Dr. David Allan Psychiatry

Teenage Pregnancy:
The PACE Program
Mrs. Jackie Knowles Ministry of Education

The Y.E.A.S.T. Program: Bettering
Mtale Health
Deacon Jeffery Lloyd

M~durdlers in the Bahamas: One Mlore
for the Records
Mr. Hulin Hanna
Chief Superintendent

Crime Reduction: MakingkCommunity

Founder/Executiv Dir cto Time for Changre

DrDiane WoodsMSN,
RN University of California

Grand Bahama faces

a rise in utility rates



FranchIsing seminar

and expo is termed

a major success

Iv successfull,' is how execu- -a
tive director of the Bahamas r
Chamber of Commerce Philip ''Is~B L~i,~~
Simon described a two-day
f'ranchising seminar and expo.
The event was held mn con-
junction with the US Embassy
and the Bahamas Develop-
mecnt Bank on February 25 .F
anld 26 at the British Colonial
The event exposed nearly
100 persons attending to first
hand information on franchis-.
ing including ways in which r
they can finance their fran-
chise and local franchise laws.
It also allowed aspiring fran- DLP 7
chisees to have one-on-one .
interviews with renowned dLSOB.
international and local fran-
chise operators.
Present for the event were
the Minister of State for
Finance Zhivargo Laing; Dr
of Mission at the US Embassy; Bank Chairman, Darron Cash I -~BFr a? i
Senator Tanya Wright, Imme- addresses the recent Franchising
diate Past President of the Seminar and Expo, a joint initiative
Bahamas Chamber of Com- orgarnised by The Bahamas Cham-
merce; Darron Cash, chair- ber of Commerce, the US Embassy Er
man of the Bahamas Devel- and The Bahamas Development
opment Bank.Bak
Aspiring franchise opera- RIGHT: PICTURED FROM left to
tors heard from Adam Odgen, right at the recent Franchising
entrepreneur, founder and Seminar and Expo a joint initiative
CEO of JUICEBLENDZ, organised by The Bahamas Cham-
franchise adviser Dr John ber of Commerce, the US Embassy
Hayes, as well as local fran- and The Bahamas Development
chisers Scott Farrington of Bank is Senator Tanya Wright,
Sun Tee Embroidme, Ger- Immediate Past President of The
shan Major of Mail Boxes Etc, Bahamas Chamber of Commerce,
Chris Tsavoussis of Wendy's Ziv r ~a rFna
Resturans ad Keth Gin- Chairman of the Bahamas Develop-
ton of Esso On The Run. ment Bank, and Dr D Brent Hardt,
Mr Simon said that any Deputy Chief of Mission at the US
event, which encourages Embassy for The Bahamas.
entrepreneurship, particular-
ly franchising which has a
proven success rate, is good US Embassy and the
for the economic development Bahamas Development Bank
of The Bahamas. Mr Simon for their ongoing partnership
also praised the efforts of the and support of The Chamber.


An entrepreneurial spirit, original thinking, and a passion to succeed.
If you have it, we want you.

We are growing!
Fidelity invites application for the position of:

Senior Human Resources Administrator

Bachelor's Degree in related area and/or HR Certification
Proficiency in Advanced Excel, Word, PowerPoint, Access,
Outlook and Internet Explorer
Ability to work quickly and accurately and cope with
large volumes of work
Strong interpersonal skills and communication skills
Human Resources Facilitation and meeting skills
Re: Sr. HR Resources Administrator
51 Frederick Street Assists the HR Manager
P.O. Box N-4853 Assists with HR duties and research projects
Nassau Assists in the planning and execution of all social /
F. 32.1108employee events
*Disseminates internal information to personnel as required
carers~fdeliybahmas~om* Composes letters, memos and reports
[ABSOLUTELY NO PHONE CALLS] Tests, screens and interviews prospective employees
Handles payroll, benefits, pension and insurance matters
Provides monthly, quarterly and yearly HR statistics

An attractive compensation package, including a

comprehensive range of employee benefits, is
being offered.

Salary range subject to qualifications and

PHILIP SIMON, Executive Director of The Bahamas Chamber of Commerce, at right greets Dr D Brent
Hardt, Deputy Chief of Mission at the US Embassy for The Bahamas at the recent Franchising Seminar
and Expo, a joint initiative organised by The Bahamas Chamber of Commerce, the US Embassy and The
Bahamas Development Bank.

GOVERNOR GENERAL Arthur Hanna, centre, welcomed students of Moss Town Primary School, Exuma, at
Government House on Wednesday February 27. The students were accompanied by principal Virginia Clarke; fifth
grade teacher Eleanor Hield; janitress Virginia Deveaux-Clarke and parent, Corporal 2349 Rolle. Head Boy
Kevin Forbes of grade sixth, presented the governor with a gift made out of coconut bark, and thanked him for
welcoming the students, who were on a three-day social studies field trip. The students also visited the House
of Assembly and the Royal Bahamas Defence Force Base, Coral Harbour.

I r


(above and right)
performs with
pianist and com-
c.I .2 poser Raykhelson

~ Cars 1-RUSSIAN violinist Ekaterina
Astashova ends a performance
of pianist and composer Igor
.Raykhelson's "Sonata for Vio-
r .. lin and Piano in A-Minor" with
a flourish, during their perfor-
mance at the Dundas Centre
for the Performing Arts on
March 1. The Nassau Music
Society joined with sponsors S
G Hambros, Royal Fidelity Mer-
chant Bank and Trust, Pictet
Bank and Trust, Ltd and Royal
Star Assurance to bring inter-
national musical artists to the
Bahamas, in an effort to bene-
fit not only the general public,
but also the Society's schol-
arship programme. The funds Q
from these concerts will gen- (
erate one scholarship worth
$7,500 a year for a student
over a four-year period. Appli- c. 33~~;_
cations are available at the
Lyford Cay Foundation or on L lJ BsLI~ssllI;~r ~ -.-d~s~s
its website and the deadline is
March 31, 2008. L Cd lBsllsP akhr c

EKATERINA Astashova (left) and pianist and composer Igor Raykhelson (seat-
ed) pose with president of the Nassau Music Society Patrick H Thomson and
his wife Linda, during the duo's performance.

The Spectra5j/CERATO has a sporty attitude with its sport-
tuned suspension, strut tower bar, and fully independent
suspension. it can seat up to five occupants. It is powered by a
1.6-iter fou-r-cylinder that is mated to a standard four-speed
automatic transmission. Air Condition, PWR Windows, PWR
Door Locks, CD Radio, Two 4-Door Sedan Models including the
5-Door Model.



~1 7.
ASSOCIATE professor Peter Daniels speaks on leadership and supervision
in small businesses during BAIC's business lecture series at the College
of the Bahamas.

Serve~ & Parts Departments

Se NDOW,- wOpen .i'....c~

Lunch Ime Week. Days EOnlybi-
.c z

4 il\
:-t ~e~Ii: -

`jI i~ ---:

THE Bahamas Agricultural
and Industrial Corporation's
business empowerment lec-
ture series will continue on
Thursday at 7pm at the Col-
lege of the Bahamas' lecture
Certified public accountant
Jerome Gomez will speak on
venture capital and govern-
ment guaranteed loans.
The series, is being held in
conjunction with the College's
School of Business.
The lecture theatre is locat-
ed mn the college's Culinary
and Hospitality Management
Institute on Thompson Boule-

The free series has been
attracting a full house with
attendees including lawyers,
hoteliers, restaurateurs, wood-
carvr rnd Hoeg= : stdn
among those attending," said
BAIC's Business Services
Department assistant manag-
er Lester Stuart.
"There is a thirst for infor-
mation on business adminis-
tration among Bahamians.
"We want to sensitise
Bahamians to the many busi-
ness opportunities available
to them, and we want to
encourage them to exploit
these opportunities, and
empower themselves to
become self-employed."
Topics to be covered in the
lecture series include business
plan development, govern-
ment regulations, customer
serv ,e-commerce, account-
ing, curity, linking business
witl Ehe tourism sector, and
test monials from successful
BAIC is aware of the
important role small and
medium-sized businesses play
in the economy of the
Bahamas, especially as they
relate to job creation, noted
Mr Stuart.
"We therefore remain com-
mitted to assisting them in
their development,"' he said.

.i ..-cl...;.c- ~pl""~a~i~
2i c -ir
'*W ; :I- .;-
-crl--~.~-. , .-.



U.s. News Ran k

... ~..,

oa:;: ~a Gt

Thomrlpson Blvd. Oakr Fieldl
I -'"':. 2423266377
lix242 326 6315



BAIC's business empowerment

series continues on Thursday

~~ 2008 Spectra5/CERAT~O

The Porwer to Surprii


BAIC'S deputy general manager Don Major makes a point during BAIC's
business lecture series at the College of the Bahamas.

P 1-~"~JD~i
F i

)B a i

~; .i~'I .


, -

Address: Tel: Age:



,~ 00~liU~ 0cM~

[i~r~~Cr3F-;L1;~11~3~-i~ I




































1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not; eligible to enter.

2. Coloring may be done with crayon and other decorations. Adults or older child may aeolet the child in filling out the entry form, BUT NOT iN


B. Enter as much times as you wish. All entries ~iuat be in The Tribune by 4pm on Friday, March 14. Winners will be announced Thureday, March 20,

2008. Look for your names in The Tribune or listen to 100JAMZ / JOY FM or COOL FM to hear your name.

4. There will be one first'prize winner, one second-prize winner and one third-prize winner in each age group.

5. All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future leaue.

Parentionarus:an signature_

Child's Name:

Senator bemng suea

FROM page one a
Between March 14th and June 8th of 2007, based on the instructions
of the plaintiffs, the first andlor second defendants made several pay-
ments to vendors from the $2 million, according to the affidavit.
However, the action continues, on or about June 8th of the same year,
the plaintiffs requested that the balance of these funds be transferred
to its newly established bank account at the Rioyal Bank of Canada,
Freeport Branch.
On July 17, 2007 the action claims that Bridgewater & Co detailed the
receipt of the money and the disbursement made from it, revealing that
some $649,821.95 remained on its trust account to the credit of the plain-
Based on e-mails and letters sent in July, August and September 2007,
similar correspondence in January of this year, and the production of a
post-dated cheque drawn for the sum of $650,000 on the fist defendant's
account and payable to Bostwick and Bostwick, the action claims that
Ms Bridgewater informed the plaintiffs representatives that she would
attend to transferring the funds. Yet, the action claims that no funds
have been transferred as of the filing of this writ.
Ms Bridgewater is said to have reportedly made numerous pledges to
transfer the money to the desired account of the plaintiffs, but accord-
ing to the action, this has not yet occurred.
The interest payment of 6 per cent per annum desired by the ph~iiki
tiffs is requested from June 8, 2007, which is the date when the initial
request was reportedly made for the transfer.
In the particulars of the action it is also alleged that Ms Bridgewater
failed to cause the transfer of $414,666 USD due and payable to the
company Globe Trotter, to their~ designated agent Cob Line Interna-
tional A/S as per the instructions of the plaintiff.
"In the circumstances the plaintiffs were unable to make the $414,666
payment and were put into the position of defaulting under the agree-
ment," said the affidavit.
SBlue Hole Expedition LLC was forced to borrow $414,666 plus
$20,586 in penalty interest in order to make the payment owed Globe
Trotter, the affidavit further alleges.
The affidavit also claims that a cheque for the $650,000 was presented
to the plaintiffs, however, it could not be cashed.
"...the first defendant drew a cheque for US$650,000.00 dated Feb-
ruary 7, 2008 on the First Caribbe~an International Bank at its branch at
East Mall Drive in' the city of Freeport aforesaid, regarding 'Deep Six
Joint Venture' and payable to Bostwick and Bostwick, counsel and
attorneys for the Plaintiffs. Bostwick and Bostwick duly presented the
cheque for payment on February 7, 2008, and it was dishonoured and
returned to Bostwick and Bostwick marked 'Refer to Drawer'. The
cheque will be produced and relied upon at the trial of this matter," said
the affidavit.
Along with the $650,000, plus interest, the plaintiffs are asking for
damages, exemplary damages, costs and any other remedy which the
court deems just in all of the circumstances.



I -- I~ C- ~CII Cii~

_I_____ _ ~

: Ir ~ Ir hIl

I~_I~_~~~~~ _l~_rl i _I~_ _ _~~ ~~~_~_ _~___l~_~_r_ __~1___~__________1 ___1____~_1

Ll _~ _Y~~~I_____


FROM page one

co City constituency at least six
.months prior to the May 2, 2007
general election. Ms Bridgewa-
ter testified that she had been
informed that Latoya Pinder, one
of the voters in question, had
moved to the Turks and Caicos
Islands approximately a year
before the May 2 general elec-
tions and still resides there. Ms
Bridgewater also told the court
that Randy Nelson and his sister,
Tanya Nelson, voters she is chal-
lenging, had moved out of the
Marco City constituency nearly
a year before the general elec-
tions and that the address listed
on the counterfoil was where
their parents live.
Ms Bridgewater went on to
testify yesterday mn defense of a
number of voters who Free
National Movement MP Zhivar-
go Laing is claiming were not
ordinarily resident in the Marco
City constituency.
According to Ms Bridgewater,
Allison Bridgewater, one of the
voters Mr Laing is challenging, is
her nephew. She told the court
that her nephew and his mother,
Peggy, lived at the registered
address within the Marco City
constituency, however since the
May 2 election they have relocate
ed. She told the court that her sis
ter moved out in June or July
2007 and her nephew had moved

Deanna Forbes, whom Mr Laing
is challenging, had worked for Ms
Bridgewater. Ms Bridgewater
told the court that Forbes' regis-
tered address, which is in the

FROM page one
Griffin ai gt into an auent
yesterday over the portfolio Mrs
Griffin formerly held. In late Jan-
uary the two clashed over two
pieces of social legislation passed
in the last Parliament that have
yet to be made law by the gov-
Mrs Butler-Turner said yester-
day she credited Mrs Griffmn with
having "too much sense" over
comments in the opposition MP's
contribution to the same mid-year
budget debate, the minister said
demonstrated a lack of under-
standing of how money is paid out
by the ministry for certain items.
This led to a short period of
back and forth shouting between
the two, leading the Speaker to
intervene before the members
came to order,
During her contribution on
works completed within her port-
folio for the fiscal year thus far,
Mrs Butler Turner announced
that renovations were completed
at the Simpson Penn Centre for
Boys at the cost of $335,621. This
includes the replacement of a roof,
repairs to the laundry room, the
external walls, repairs to the
kitchen and new office accommo-
dation for staff.
New furniture was also pur-

Turner, who added that there was
no appropriate dining facilities
before she came to office.
She said that from the period
July to December 2007 both Cen-
tres received a combined 20
admissions, and of this number,
15 were new, and five were return
admissions. Additionally, 32 resi-
dents were discharged from the
facilities during this period.
The majority of the admissions
continue to be as a result of chil-
dren and young people being clas-
sified as uncontrollable, said the
The repairs to the old dormi-
tories, commonly known as the
quadrangle, at the Willie Mae
Pratt School for Girls, have also
been completed, noted the min-
ister, at a cost of $180,250.
The building was damaged by
fire several years ago in an inci-
dent that took the lives of two girls
and seriously injured another. The
husband of Mrs Butler-Turner,
Edward Turner, represented these
She said yesterday that the fam-
ilies have yet to receive "conclu-
sion" to the accident.

the necessary connections
being made to start the process.
The ship is laden with a car-
go of aviation kerosene, motor
gasoline and light automotive
"The appropriate environ-
mental measures are being put
in place towards ensuring that
the offloading operation and
subsequent removal of the ves-
sel would have minimal or no
effect on the delicate marine
ecology of the area," said Mr
Captain Hudson stated that
Shell "very much regrets that
this incident has occurred and
any impact it may have been
caused to the coral." A "num-
ber of world-class environmen-
tal experts, including coral and
marine life specialists" were
brought in by the company to
attend to the incident, he said.
The BEST commission are
expected to provide a report to
the ministry of maritime affairs
on the outcome of their inves-
tigation into the damage
caused, with this being for-
warded to the press, said Mr


________~~~~_~~~_ ____I__

___~ ~~_ ____I__ _I___~_ ___












Where can you get
COmpetitive Insurance rates?

At almost any
c.---- **InSUF80CO COmpany.

..But where can you get
competitive Insurance rates
with "top of the line" service?)~


We believe Customer Service is key, we have no '
automotive telephone systems and Customers
are known by their name and not a nuimberl

Come where you can receive Personal and Efficient'l
service, excellent rates and leave with a~ smile
on your face!



TEL:323-6920/t FAX:325-8486


tBu ler-TurneP Oil tanker recovery


FROM paoe

day this week. All conferences are
bein held at the Sheraton Cable
Bemch Resort
Speaking with the Bahamian
media from his temporary office
at the Sheraton yesterday after-
noon, Secretary-General of CARI-
COM Dr Edwin Carrington said
that the issue of functional coop.
eration between the member states
will also be a very important topic
which will be addressed at the
Heads of Government meeting this
"Functional cooperation is a
very important area, it encom-
passes participation of a number
of countries, including the
Bahamas, that may not necessari-
ly be part of the (Caribbean Single
Market Economy)," he said.
Dr Carrington added that a sub-
committee on functional cooper.
tion has already been established
and will be chaired by Prime Min.
ister Ingraham.
Other crucial matters to be dis-
cussed this week, he said, will
include the progress made within
CSME, the issue of regional secu-
rity, and the status of the Western
Hemisphere Travel Initiative,
which has greatly impacted the
Caribbean's tourism industry.
During the trade and economic
meeting (COTED) on Wednes-

take place, Assistant Secretary-
General of CARICOM Ambas-
sador Irwin LaRocque said yes-
terda .
W1 le not directly discussing the
new trade arrangements between
the Caribbean and the EU,
Ambassador LaRocque said that
the COTED meeting will help
determine what lessons were
learned from the negotiation
process with the European Com-
Following the trade and eco-
nomic council meeting on Wednes-
day, CARICOM ministers of the
finance and planning council will
on Thursday discuss the operation
and financing of the CSME, as well
as other strategic economic issues.
Dr Maurice Odle, the economic
adviser to the CARICOM secre-
Stary-general, told the Bahamian
media yesterday that matters of
discussion will include the propos-
al of a tourism investment fund
and the improvement of the
SCaribbean Catastrophe Risk Insur-
ance Facility (CCRIF).
Dr Odle said that the insurance
facility still has certain flaws, as it
Only considers the wind speeds of
hurricanes~ as a determining fac-
tor, but libt the level of flooding
caused by many storms.

FROM page one

St Matthew's Anglican Church to
the east and Sears Road to the west,
crime scene officers photographed
the entire area before moving the
Reportedly, it was the stench of
the body that first alerted workers
nearby that something was wrong.
An autopsy is planned to deter-
mine the cause of death, Chief
SInspector Smith said.
While construction workers near-
by told Tlhe Tribune that they had
last seen the deceased picking
sapodillas sometime on Friday
evening last week, the police said
that they expect to canvas the area
and speak to a number of persons as
they continue their investigation.


teS iiS
Marco City constituency, is where
she hives. Ms Bridgewater also
testified that she has visited the
address on numerous occasions
and that Forbes had worked for
her as an assistant. Ms Bridgewa-
ter also testified in defense of
Alice Miller, who she said,
worked for her on her campaign
leading up to the May 2 general
Attorney Fred Smith began his
cross-exammnation of Ms Bridge-
wate ye tedoyarftemw re~as

tl tht cor tat she vees w
her parents in Bevan's Town,
Grand Bahama,' which is in the
High Rock constituency. She also
testified that during the relevant
period -- October 2006 to May
2007 her sister, Natasha, also
lived there but was attending
school abroad. Ms Bridgewater
told the court that her sister had
completed her studies by the time
the general elections were held.
Mr Smith went on to question Ms
Bridgewater on whether her sister
had registered mn the High Rock
constituency. Ms Bridgewater
replied that she did not know as
sh had only been oni rncd wt

affidavit, pointing to what he
called inconsistencies in the doc-
ument and her previous testimo-
ny. The case resumes today at 10

FROM page one
"We will get advice from
BEST as to how we will pro-
ceed on that matter. It's diffi-
cult to recreate a reef but I'm
sure that BEST will have some
recommendations as for com-
pensation," he said.
Captain Jeremy Hudson, Oil
Fleet Manager for Shell Inter-
national Trading and Shipping
Company Ltd, who manages
and operates the vessel, and Mr
Foulkes provided some updat-
ed information on the opera-
tion at a press conference yes-
SMIT international,
described as an "experienced
salvage company", was noted
by the two men to be executing
the proposal to offload the
products onboard.
Captain Hudson said that
this option was "deemed to be
the most environmentally
sound and will ensure the
integrity of the vessel."
At around 2.30 that after-
noon, Mr Foulkes said a barge
was alongside the Ficus, with

Africa adoptions clouded by uncertainty, confusion

--se---- --- -"""

PAGE 12, TUESDAY, MARCH 4, 200r3

$1,600. "I started paying, but ran
out of money so I had to give up,"
she said.
In an e-mail to The Associated
Press, the Polish adoptive father
said he was in e-mail contact with
Rioba and her husband, and had
sometimes assisted them finan-
cially. But Rioba, who speaks
poor English and has no phone or
electricity, says she and her hus-
band quarreled over giving up the
child, separated, and she has not
been told of any contact with her
son. Repeated efforts to reach
her husband by phone for com-
ment were unsuccessful.

The Polish father, who declined
further interview requests,
requested anonymity to protect
the boy's privacy. He says he took
e-mails bearing Rioba's name at
face value, without checking to
se eoif th yd w reb srtenn 1y 1 r
toward the Polish couple, instead
blaming the relative who rnusled
her about the process and who
she suspects made money from

There's no word for adoption
in Rioba's Swahili language. It is
common for Africans to send
orphaned or impoverished chil-
dren to live with richer relatives,
says Nairobi-based UNICEF
expert Margie de Monchy, who
dasspent ecdt s swo nlneon
adoptions, the child remains in
regular contact with the parents.
Monchy says networks of traf-
fickers are ex loitin this confu-
sion between African custom and

anecdotal evidence suggests it's
increasing ... throughout the
region. It's getting worse and it's
organized crime," Monchy said.
Monchy says celebrities such
as Madonna may have unwitting-
ly contributed to the problem by
rai sTing ri es sn Arcn adod s


The offer of a foreign educa-
tion for her beloved youngest son
seemed like a dream come true
for Elizabeth Rioba. But the
Kenyan mother says a family
member tricked her into signing
adoption papers, and now it's
been five years since she's seen
her boy, according to the Associ-
ated Press.
The Polish couple that adopted
4-year-old Abednego and
renamed him Mikolaj says the
procedure was fully legal, took
six months and involved Polish
diplomats who spoke with the
birth parents. Rioba acknowl-
edges she signed papers, but says
she did not understand them.
Child protection experts say
such tragic misunderstandings are
common in a part of the world
where adoption is a foreign con-
cept. Criminals can exploit the
gap between wealthy Westerners
who genuinely want to help and
poor Africans who want to do the
bsthycan for their children.
Spes daking in her Kenyan coastal
village of mud huts, baby chickens
scuttling between her feet, Rioba
said she believed the couple was
taking her son to Poland for
schooling and would bring him
to her on holidays.
"Instead of bringing him back,
they said the child was theirs,"
she said, surrounded by relatives
and friends who nodded sympa-
thetically. She said lawyer after
laawdyer efusedwto adkedher casey

of adopting a Malawian boy
whose mother died but whose
father is living. "Why did Madon-
na have to go for a child with a
father? Why couldn't she support
the father to take care of the
son?" Monchy asked. "It shows
the misunderstanding and disre-
spect for families on the other
side of the world."
Madonna has said she sees the
adoption as "saving a life," and
that more African orphans "need
to be rescued" through adoption.
The father has said in interviews
that although he misses the boy,
he is happy with the adoption as
long as his son is well cared for.
There are no statistics on the
number of families affected by
the interest in African adoptions,
but Monchy says anecdotal evi-i
dence shows the problem of
would-be saviors separating fam-
ilies is growing.
In October, six French aid
workers were stopped in Chad
with 103 children they said were
Darfur orphans being taken to
foster families in France. Most of
the children were found to be
Chadians with living parents or
other adult careers, and Chadian
parents said they had been told
the children were going to be
enrolled in a new school in Chad,
not taken out of the country.
The aid workers, from a group
called Zoe's Ark, were convict-
ed of kidnapping and sentenced
to eight years ill jail with hard
labor by a Chadian court in
December, a sentence that was
hommutdt eeh yar a n r dql
when~~~ -h -eetaserdt
France under a judicial agree-
ment. Months later, the children
involved were being cared for in a

Zoe's Ark officials say local inter-
mediaries assured them the chil-
dren were orphans.
In Liberia, slowly rebuilding
itself after 15 years of civil war,
child protection experts tell of
families tricked into signing doc-
ume ts in a language they do not

ELIZABETH RIOBA, left, the mother of adopted five year old son Abednego, jointly with her neighbours, ponders
the next move during the interview at Elizabethis sister; home at Mazeras in Mombasa, Kenya, Thursday, Nov.
15, 2007, when she was reminded of her sonis ordeal.

manswee----- --ex.movesseem e us

i~rJ;: ---

:.R: ~0IRa"~~

~ I. :.r-
rri'li I6~~ I .:'5
~- ii .g
r- 1
. 1.
% \. ~
.1. ".

; r



"I" 'I'.T
For ;jjjjjjjjjjjjjjjjjjjjj-~tii



Police: Dead rebel's

laptop reveals

Venezuela support

for leftst guerrilas
SBOGOTA, Colombia

Colombia's police chief on
Monday said documents found
on a slain rebel's laptop comput-
er suggest Venezuela recently
paid $300 million to Colombia's
largest guerrilla group, perhaps
in exchange for the release of six
hostages, according to Associated
Press. Other documents show the
rebels had appeared interested in
buying uranium, Gen. Oscar
Naranjo said at an explosive news
conference where he lashed out at
Venezuela and Ecuador for the
financial and political support
they have provided to Colombia's
leftist rebels.
"When they mention negotia-
tions for 50 kilos of uranium this
means that the FARC are taking
big steps in the world of terrorism
to become a global aggressor.
We're not talking of domestic
guerrilla but transnational ter-
rorism," said Naranjo, without
giving more details. Naranjo said
the $300) million was mentioned in
a Feb. 14 message in the laptop of
Raul Reves, who was killed Sat-
urday in a Colombian military
attack just across the border at a
rebel camp in Ecuador. Colombia
was investigating to determine if
the money was intended as pay-
ment for Chavez brokering the
rebels' recent release of hostages,
he said.

Money at Work


Chamber chief: Review the

Wei hts and Measures Act



SIRbabamas.com t. 242.322.2305 f 242.322.2033


.rPFI~I I r~ ~ ~r ~71 pr77 ~fFF`I~ r~dT I ~T ~T~T;TTT 1~


TU E SDAY, MARCH 4, 2008

Tribune Business ,
SALES at the Pineapple
Point Resort in Treasure Cay,
Abaco, have picked up consid-
erably as the project nears com-
pletion within the next few
months, The Tribune was told
yesterday, with most of its 30
units forecast to be sold in the
pre-construction stage.
Speaking with Tribune Butsi-
ness, Bill Roe, president and
broker of Florida-based Ocean
Properties, explained that when
the project was completed the
majority of the 30 townhouse
units will have been sold.
"We may be short a couple,"
he said, explaining that the cred-
it/liquidity crunch in the global
financial system, sparked by the
US subprime mortgage medlt-
down, may have caused a slow-
down in pre-construction sales a
few months ago.
"Things are picking up," he
said. "In the past three to four
months, I thought my phone

was broken, but recently we
have been getting quite a few
inquires, particularly after the
open house that we had this
weekend," Mr Roe said.
He added that he had also
had an inquiry from a British
citizen, who wanted to leave his
50 foot yacht at the proposed
marina year-round, so that he
could use Abaco as a base to
travel in this part of the region.
Ocean Properties is the exclu-
sive representative for the
Pineapple Point Resort on
Treasure Cay, which Mr Roe
said meant that persons inter-
ested in purchasing from Flori-
da would first liaise with their
He said the Treasure Cay
area, where Ocean Properties,
also manaikes several other
rental properties, was particu-
larly popular among persons
in the Smyrna Beach and Day-
ton Beach area's. TThey took
advantage of scheduled daily,
direct one-hour flights to and

SEE page 2B

* MOSs urges upgrading of penalties, and

questions whether inspections being
carried out to protect consumers
* Grand Bahama Chamber's head says he
mar appOint committee to assess situation

Tribune Business Reporter
T e Grandhme o
Commerce's president
yesterday urged the
Government to revisit
and amend the
Weights and Measures
Act, adding that the
matter was of such
importance that he
was "'seriously consid-
ering" appointing a
Chamber committee to address this area.
"I would invite the Government to
revisit and upgrade the penalties under
the Weights and Measures Act, so as to
encourage compliance with the Act. The
present maximum penalty of $20 for a
breach under the Act is not a realistic
deterrent in this modern age," Gregory
Moss told Tribune Business.
Mr Moss said the issue of monitoring
companies that sell goods priced by a
measurable unit has been raised by many
of his members.

Police, and in the Out Islands, of the
respective commissioners, to cause some
officer, or other member of the police
force, to proceed, at least once in every
month, at uncertain times to all markets'
stores, shops or other places in which
articles are sold or exposed for sale by
weight or measurement, for the purpose
of examining and testing the accuracy of
all scales, weights and measures, there
used for weighing or measuring articles
for sale.
"Every such officer, or other member
of the police force, as the case may be'

SEE pae7B

"This matter is of significant concern to
me that I am seriously considering
appointing a standards committee to
review the matter," he said.
Mr Moss said he was particularly con-
cerned about whether the inspections, as
mandated by law, were being carried out,
and whether the Bahamian public was
being charged accurately the correct
price for the correct measurement.
For example, he said: "How do you
know, for sure, that when you buy a gal-
lon of gas you are actually paying for and
receiving a true gallon of gas?"
Section five of the Weights and Mea-
sures Act states: "In New Providence it
shall be the duty of the Commissioner of

A FORMER Sandals Royal
Bahamian purchasing manager
saw the Court of Appeal
reverse a $26,690 award made
against the hotel, finding that
she received four weeks' notice
pay in line with her contract
and could not, therefore, claim
common law damages for
wrongful dismissal or termina-
tion without notice.
The Court of Appeal said the
case brought by West Bay Man-
agement Ltd, Sandals Royal
Bahamian's holding company,
against the award to Pamela
Pierre raised the issue of
whether she, having lost her job
because her position was made
redundant and having received
compensation according to the
Employment Act's section 26
on redundancy could bring a
common law action for wrong-
ful dismissal for additional dam-
ages "on the ground that she

was not given a reasonable
Appeal Justices Milton Gan-
patsingh, Emanuel Osadebay
and Hartman Longley, in their
written judgment, said it was
"noteworthy" that Ms Pierre's
employment contract provided
that Sandals could terminate
her employment by giving four
weeks' notice, or alternatively
paying four weeks' wages in lieu
of notice.
Finding that the Employment
Act's section 26 on redundancy
included compensation, the
Court of Appeal said: "It fol-
lows therefore that one who has
been dismissed because of
redundancy, and who receives
redundancy pay pursuant to,
and in accordance with, section
26 of the Employment Act
2001, [with] pay including com-
pensation in lieu of notice, could
not thereafter successfully main-

tain an action at common law
for wrongful dismissal in respect
of notice.
Breaking down the $28,546
in net pay that Ms Pierre
received from Sandals wheR her
position was-made redundant,
the Court of Appeal found that
it included $3,140 as 'four
weeks' notice pay'.
"It follows that once the
respondent accepted the com-
pensation paid to her pursuant
to section 26 of the Employ-
ment Act, she was no longer
entitled to pursue a common
law claim for damages for
wrongful dismissal on the
ground that she was not given a
reasonable notice before her
contract of employment was
terminated," the Court of
Appeal found.

SEE page 4B

T ribun~e Business Editor
THE Nassau Tourism and
Development Board's (NTDB)
chairman yesterday told Th'e
Trribune that many involved
with efforts to revive downtown
Bay Street felt a south-west port
was "a superior location" to
Arawak Cay, but pledged to
support the Government
regardless of what site was cho-
Charles Klonaris said the
main thing was the removal of
the container shipping facilities
from downtown Bay Street and
the waterfront, along with the
associated heavy goods vehi-
cles, as this would be a key first
step in kicking-off downtown
Nassau's revival.
"What's encouraging is that
the Government is saying that
from the end of this year, none
of the containers will be moved
during the day," Mr Klonaris
said. "That's very positive, and
further to that, no containers
will be visible on their proper-
"We're encouraged that the
Government is moving forward
expeditiously, and feel that
they've really speeded up the
process of revitalising down-
toT ere is drive to move the
container out of Bay Street in as
short a time as possible. It is

w p1

Why Should hife end

When WOrk does?

open a Royal Fidelity individual
Retirement Account (IRA) and get:

* Superior investment returns

* Experienced retirement specialists

* Your own customized retirement plan



WINTON #4276
Nestled on a large 18,000 square foot lot with lush landscap-
ing and numerous fruit trees, this rare jewel features unique
architecture. 4 bedrooms, 3 baths, 3.300 square feet garage,
pool, generator and more. $640,000. NewJ Exclusive LISTINo.




Niche Abaco resort

sees sales pick-up

Ex-Sandals executive suffers appeal reverse

But NTDB chairman
SayS private sector will
WOrk with government
regardless of which
l0Cation iS chosen,
aS PM meets with
Shipping firms

practical, and the timefra'me for
moving these containers is right
Mr Klonaris's comments
came as other sources close to
plans for redeveloping the city
of Nassau told The Tribune that
Prime Minister HuIbert Ingra-
ham was yesterday meeting
with the Nassau-base-d shipping
companies, such as Tropical
Shipping, Betty K Agencies,
Pioneer Shipping and Seaboard
It was not known what the
agenda was, or what the meet-
ing's outcome was by press time
last night, but sources close to
the issue suggested to The Tri-
bune that the shipping compa-
nies felt it would be a final
chance for them to submit their
views and 'concerns on the relo~
cation of the downtown ship-

SIEE page 7B

f 4 4 \
| | 4

Wheat are

yOu domng .

after WNOrk? -





5 ,





Legal Notice

In Voluntary Liquidation

Notice is hereby given that in accordance with Section-
138 (4) of the International Business Companies Act,
2000, GMR (BAHAMAS) LTD. is in dissolution as
of February 22, 2008.

International Liquidator Services Inc. situated as 35A
Regent Street, P.O. Box 1777, Belize City, Belize is the


Legal Notice

In Voluntary Liquidation

Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
VICES LTD. is in dissolution as of February 14, 2008.

International Liquidator Services Inc. situated as 35A
Regent Street, P.O. Box 1777, Belize City, Belize is the


NOTICE is~hereby given the EUNISE ST. JEAN of MARKET
STREET, NASSAU, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of
the facts within twenty-eight days from the 4TH day of MARCH,
2008 to the Minister responsible for Nationality and Citizenship,
P.O.Box N 7147, Nassau, Bahamas.

NOTICE is hereby given the EVELINE EUGENE of OXFORD,
AVENUE, P.O. BOX N-7060, 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 4TH day of MARCH, 2008 to the Minister responsible
for Nationality and Citizenship, P.O.Box N 7147, Nassau,

Legal Notice


(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 29th day of

Fbr 775 2708 Nse L dtaosr is Argosa Corp. Inc., P.O.


Oualifications -
* FiVCe S;ears experience in Travel Agency

Experience organizing team work
* Analyt~ical skills for Dircetion.
* Fu11y trained in Tour Tek Computer System
* Strong Accounting knowledge.
*Fluent Spamish is an asset.
* Wide Knowlledge of Cuban Tourist Products
* Only serious applicant w~ill be considered.

Scnd the resume to R.O.Box: EE-16319 before
Marcht 15, 2008.
Only the successful applicants will be contacted.

Legal Notice



Notice is hereby given that in accordance with Section

138 (8) of the International Business Companies Act 2000,
the dissolution of EPALINGES LIMITED has been com-

pleted; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.


Pcin information As Of: F A L'"
Mna,3 March 2008
BISX ALL SHARE INDEX: CLOSE 1,970.23 / CHG -3.45 1 %CHG -0.17 / YTD -96 52 / YTD %y -4 67
a 0 '5 o.o ast 13 lgo O r0000i." 000 12 1
11.80 11.25 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39
9.68 8.50 Bank of Bahamas 9.61 9.61 0.00 0.643 0.160 14.9 2.71%
0.99 0.83 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03
3.4 1.95 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46
2.701.25 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
13.60 10.03 Cable Bahamas 13.60 13.60 0.00 1.030 0.240 13.2 1.76
315 2.10 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 127
8.50 4.62 Commonwealth Bank (S1) 6.96 6.90 -0.0.6 10,000 0.428 0.260 16.1 3.77
7.22 4.26 Consolidated Water BDRs 4.28 4.12 -0.16 0.129 0.052 33.0 12%
2.60 2.20 Doctor's Hospital 2.45 2.46 0.01 1.800 0.316 0.020 7.8 0.2
7.90 5.85 Famguard 7.85 7.90 0.05 3,0PO 0.713 0.280 11.1 3.7
13.01 12.30 Finco 12.96 12.92 -0.04 2.917 0.810 0.570 16.0 4.41%
14.75 13.90 FirstCaribbean 13.90 13.90 0.00 2,000 0.914 0.470 15.2 3.3%
610 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72
1.00 0.54 Freeport Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00
8.00 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14
12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0.610 11.6 49%
1~0. 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.0
Flaelsty Over-Tne-Counter Sec~ur~lles

8.00 6.00 Caribbean Grossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 780
0.54 0.20 RND Holdings O.35 0.40 0.35 -0.023 0.000 N/M 0.0%
Coi~na Over-The-Counter Securities
41.00 41.00 ABDAB 41.00 43.00 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 0.0%
BISX Litstd Mutual Funds
sure e...co F,,.o..Nama rr v-rD L511Me. I I. f VIel.
3.0008 2.4723 Colina MSI Preferred Fund 2.999402*** -0.04% 15.53%
1.3812 1.264) Colina Money Market Fund 1.381183**** 0.39% 3.85%
3.7969 3.1424 Fldelity Bahamas G & Fund 3.7442"' -1.40% 27.72%
11.9880 11.4467 Fidelity Prime Income Fund 11.9880"" 0.46% 5.53%
100.0000 100.0000 CFAL Global Bond Fund 100.00**
100.0000 100.0000 CFAL Global Equity Fund 100.00"~
1.0000 1.0000 CFAL High Grade Bond Fund 1.00*-
10.5000 9.6626 Fidelity International Investment Fund 9.6628"'
FINDER CLOSE 913.43 / YTD -4.05"1 / 2007 34 47% .
BISX ALL SHARE INDEX 19 Dec 02 = 1.000 OO MARKET TERMS YIELD Inst 12 month dividends divided by closing price NAV KEY
52wk-Hi Highest closing price In last 52 weeks Bid S Buying price of Colina and Fldelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selhang pdce of Colina and fidelity
Previous Close Previous day's weighted pnce for desty volume Last Price Last traded over-the-counter price 31 December 2007
Today's Close Current day's weighted price for daily volume Weekly Vol Trading volume of the prior week "" 31 January 2008
Change Change In closing price from day to day EPS S A company's reported earnings per share for the last 12 mths "" 2 Jalnuary 2008
Daily Vol. Number of total shares traded today NAV Net Asset Value """ 22 February 2008
DIV S Dividends per share paid in the inst 12 months NIM Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
<)-4-for-1 Stock Split Effective Date 8/8/2007
S) 3-for-1 Stock Split Effective Date 7/11/2007
TO TR*CDE CALL CFAL 242-502-7010 FIDELITY 242-356~-7764 I FOR MORE DATA & INFORMATION CALL (2J2) 394-250j3



Tribune Business Editor

THE Bahamas and Turks &
Caicos accounted for 39 per
cent of FirstCaribbean Inter-
national Bank's regional net
income during fiscal 2007, it
was revealed yesterday,
although the below-par per-
formance of this nation's retail
bank division was a major con-
tributor to the institution's
Caribbean-wide target-miss in
this area.
Charles Pink, First-
Caribbean's Barbados-based
chief executive, writing in the
bank's. 2007 group annual
report, said that "rising deposit
costs in Barbados and the
Bahamas, coupled with com-
petitive conditions restraining
loan pricing, led to a squeeze
on margins" in the year to
October 31, 2007.
Mr Pink, in the Bahamian
context, was referring to liq-
uidity levels in this nation's
banking system, which
throughout 2007 were still
recovering from the heavy
credit demand of the previous
two years.

As a result, surplus assets for
onward lending purposes -
which is what liquidity is were
at a premium throughout the
Bahamian commercial bank-
ing system. In turn, this placed
upward pressure on deposit
rates as banks competed for
scarce funds, which in turn
increased interest expense and
squeezed interest margins.
"Our Bahamas, Jamaica and
Trinidad businesses have all
suffered from tight liquidity in
local currency in 2007, and
wholesale funding was
launched successfully in all
three jurisdictions during the
year," Mr Pink said.
For the year to October 31,
2007, FirstCaribbean's return
on assets was 2.3 per cent,
while return on tangible equity
was some 17.4 per cent.
B. K. Phillips, First-
Caribbean's regional manag-
ing director for retail banking,
which deals with mortgages
and consumer loans, said the
bank's net income in this area
before taxt was $48 million,
compared to a $56 million tar-
get and year-before perfor-
mance of $60 million in profits.

"Performance against 2007
plan was primarily impacted
by significant under-plan per-
formance in our revenue in the
Bahamas and Jamaica and
Barbados business units, result-
ing from weak loan volume
growth and rising deposit
costs," Mr Phillips said.
For the 2007 financial year,
the Bahamas continued to be
the key main contributor to
FirstCaribbean's group-wide
results, generating $109.8 mil-
lion of its $261.341 million in
net earnings.
That represented a $9.1 mil-
lion or 9 per cent increase over
the previous year, despite what
FirstCaribbean described as an
"adverse performance suffered
on the outsourced investment
.FirstCaribbean Internation-
al Bank (Bahamas) saw its net
interest income drop by $6.9
million year-on-year, which it
blamed on an investment strat-
egy that moved away from
"interest-bearing investments
to mutual funds, with gains
being recorded in operating
income. Consequently, the
increase in interest income was
lower than the increase in
interest expenses".
The Bahamian operations
saw interest income grow by
$43.1 million or 18 per cent
over 2006, due to higher invest-
ment and loan volumes, plus
higher cash placement yields.
Yet. interest expense grewv by
$50 million or 55 per cent due
to higher deposit volumes and
Operating income at First-

Caribbean International Bank
(Bahamas), though, rose by 80
per cent or $14.3 million to
$32.143 million in 2007, which
the bank attributed to higher
credit card revenues and secu-
rities gains' on its outsourced
portfolio investments.
Operating expenses fell by
$8.7 million or 13 per cent due
to a curtailment gain from
altering health benefits, while
loan loss expenses exceeded
2006 levels by $7 million due to
specific provisions of $5 mil-
Non-performing loans as a
percentage of FirstCaribbean
International Bank (Bahamas)
total loan portfolio increased
by the narrowest margins in
2007, increasing from 4.8 per
cent to 4.9 per cent.
SAt year-end on October 31,
2007, FirstCaribbean Interna-
tional Bank (Bahamas) total
assets stood at $4.658 billion,
an increase of $234 million
over the 2006 year-end. Some
$2.428 billion of that sum were
loans and advances to cus-
The Bahamas accounted for
35 per cent of FirstCaribbean
International Bank's
Caribbean-wide customer loan
portfolio at 2007 year-ehd, and
36 per cent of its total assets.
Bahamian Teresa Butler
resigned as a FirstCaribbean
International Bank director to
return to the public service
after the 2007 general election.
She was replaced by G.
Diane Stewart, an attorney and
partner with McKinney, Ban-
croft & Hughes.

Every home will have a pri_
vate deep water dock to accom-
modate large yachts up to 65
feet in length. There will also
be two private swimming pools
for the exclusive use of Pine~ap-
ple Point owners and their
Pricing for the two-bedroom,
two-bathroom condominiums
is in the low $500,000 range, and
the three-bedroom, three-bath-
room models are priced in the
upper $500,000 range.
Construction began in Octo-
ber 2007.

Niche Abaco

resort sees

sales pick-up

Bahamas impacts

bank s retail earnings

FROM pae 1B

from Abaco. .
Mr Roe said Pineapple Point
was a small project, which might
explain why it had such an
The Pineapple Point Resort
will be made up of just 17 luxu-
ry two-bedroom /two-bath con-
dominiums, and 17 three-bed-
room/three-bath condomini-
ums, ranging in size from just
over 1,000 square feet to about
1,400 square feet


I~III~IBI~ r- .

Get Qualified and

Advance Your Career

FUl fange Of aSSociate, bachelor and professional career programs

Over 30 subject areas including Business, Accounting,
Computing, Hotel & Rest~aurant M/anage~ment, Retail and
Crime in al Jus ticer StuLdies

InternatiOnally accredited by the Distance Education and
Training Council (USA)

Very affordable tuition with low, i nterest-frtee
'.Inionthly payrnent plans

-- All Stuldy materials, textbooks and online
WEj~: ~~ SU POrt included in fees


Tribune Business
THE Grand Bahama Cham-
ber of Commerce's president
yesterday called for greater
transparency in the process for
approving price increases by
the island's utility companies.
Speaking in the wake of
price increases for Grand
Bahama Power Company and
Grand Bahama Utility Com-
pany, Gregory Moss told The
Tribune: "My concern would
be to ensure that there is a
transparent process by which
increases in electrical rates are
made in Grand Bahama.
"This concern arises from
the fact that the 'regulator'
which overseas electrical rate
increases in all of Grand
Bahama is not the Public Util-
ities Commission or the Gov-
erhment, as in the rest of the
Bahamas, but the Grand
Bahama Port Authority.
"That being so, there is con-
cern that there is no public
consultation process in Grand
Bahama on rate increases, sim-
ilar to that which prevails in
the rest of the Bahamas, with
the result that it is crucial that
there be transparency by the
Port Authority as to the basis
upon which the Port Authori-
ty arrives at its decisions to
approve rate increases."
Concerns have been
expressed by others, especially
in the business community,
about how utility rate increas-
es are applied for, decided
upon and approved in Grand
One issue, especially when
it comes to Grand Bahama
Power Company, is that the
company and the GBPA have

a common large, potentially
influential shareholder.
Lady Henrietta St George
owns 50 per cent of BISX-list-
ed ICD Utilities, which in turn
owns 50 per cent of Grand
Bahama Power Company. In
effect, this means that the reg-
ulator is part-owned by a
shareholder who also has a
substantial interest in the very
company it is seeking to regu-
late, and which acts as a sig-
nificant profit centre for its
Meanwhile, Mr Moss said he
was concerned by reports that
in Grand Bahama, the thresh-
old in oil prices after which a
surcharge is applied would
appear to still be artificially
fixed at around the $210 per
barrel level, which represented
the average oil price in the
This appeared not to have
risen with the average price of
oil on global markets, which
yesterday hit $104 per barrel.
The result was that today,
every electricity bill includes a
component for fuel surcharge.
"My understanding is that if
the threshold for fuel sur-
charges were to be revised to
reflect the true average oil
price over the last few years,
then fuel surcharges would
only apply above that price.
Accordingly, my concern is
that the business and other
consumers in Grand Bahama
are being made to absorb
today's high cost of oil togeth-
er with an additional surcharge
on that high cost, on the false
premise that the average oil
price is still what it was in the
1970s," the Chamber president
Mr Moss said that while this
might not be the case, he was
unable to come to a conclu-

sion on that without trans-
parency as to the basis upon
which the fuel surcharge is
being calculated.
"Meanwhile, I believe that
all would agree that it is in the
best interest of business and
other consumers in Grand
Bahama for the Port Authori-
ty and the Grand Bahama
Power Company to provide
full and frank disclosure of the
basis of the approved increase
in electrical rates in Grand
Bahama, in order for the pub-
lic to be satisfied that the
increase is justified, especially
in light of the profits which
have been reported by the
Grand Bahama Power Com-
pany even without such an
increase," Mr Moss said.
The electricity rate increase
will take effect from April 1,
For the average residential
customer, the 4.87 per cent
increase means an additional
$5 charge on their monthly bill.
Grand Bahama Power Com-
pany (GBPC) cited inflation,
increased costs for equipment
and investments for system
upgrades among the reasons
for the hike in rates.
SThe system upgrades cost
the company over $30 million,
and were funded by bank
financing as well as the sus-
pension of dividend payments
to shareholders in 2006.
Not to be outdone, Grand
Bahama Utility Company yes-
terday announced a rate
increase of 4.87 per cent, which
it said amounted "to a very
small increase of 95 cents per
month to average residential
The last rate increase was in
March 2006, and the new one
will take effect from April 1,

302-2734, 302-2636, 30i2-2629

'Greater transparency'

urged. over Freeport

rate increases


Conterfeit Banknote And Introduction

To Crisp Series Seminar

Place: The Central Bank Of The Bahamas Training Room,

Market Street And Trinity Place Entrance

When: Session

March 13, 2008

From 11:00 A.m. To 12:30 P.rm.

Apply By: March 10, 2008.

The seminar is open to banks and banking institutions, gov-

ernmnet agencies and corporations, private companies and the

general public. Applications will b 'taken on a first-come/first-

served basis, as space is limited.

Kindly indicate if you wish to attend.

Contact No.


IBDOMann Judd

800 Mann Judd a leading professional services firm with 601 BDO Member Firm
offices in 105 countries around the globe is now seeking applications for assurance
seniors/ senior accountants to work in the assurance department. The successful candidate
will have a bachelor's dege in accounting and a CPA, ACCA, CA or any other
qualification that is recognized by the Bahamas Itnstitute of Chartered AccountantS.

The successful candidates will have 3 years experience in auditing, and be able to work in
a challenging team driVell enVironment. Attention to detail is a must

Individuals with the above-mentioned qualifications should fax or email their r~sum6'S
0* t info@bdomannt~judd~com

Recruitment Manager
BDO Mlann Judd
Nassau BahamaS
Fax: 2~42-325-6592

Absolutely no phone calls pleasS.
Only the applicants with the above mentioned qualifiaon will be contacted.

Public Utilities Commission




The Bahamas' regulator of the telecommunications sector, the Public
Utilities Commission (PUC or the Commission), is pleased to mnvite
comments on its consultation document on the Proposed Individual
Licence For The Resale of Voice Telecommunications Service within,
into and from The Bahamas.

The consultation document discusses the proposed Licence, including
the nature and scope of the Licensed Services and the high-level obligations
that the Licensee will be required to comply with.

The objectives of this public consultation are to:

a) advise current licensees, prospective licensees, stakeholders and
the pubhec of the proposed Licence; and

b) invite comments from current licensees, prospective licensees,
stakeholders and the public.

Section 6(5) of the Telecommunications Act, 1999, requires the
Commission to publish the proposed Licence and allow a reasonable
period of consultation and take into account any objection or suggestion
made by persons affected by the proposed, Licence before adopting the
said Licence. At the conclusion of this public consultation the Commission
will issue a Statement on the Results of the Public Consultation.

The public consultation document can be obtained from the Commission's
office located at 4th Terrace East, Collins Avenue, Nassau or downloaded
from the Commission's web site at www.pucbaharnlas.gov.bs. Written
comments should be submitted by 7" April, 2008 via post, hand delivery,
facsimile or e-mail to:
Mr. Barrett Russell,
Executive Director
Public Utilities Commission
P.O. Box N 4860
Fourth Terrace East, Collins Avenue
Nassau, Bahamas

Telephone: 242 322-4~437
Fax: 242 323 7288
Email: PUC@pucbahamas.gov.bs.

The Tribune wants to hear
from people who are
making news mn their
neighborhoods. Perhaps
you are raising funds for a
ygooidncauose, camtpagnhng
area or have won an
If so, call us on 322-1986
and share your story.



an action for wrongful dismissal
at common law for additional
compensation, on the ground
that she had not received rea-
sonable notice before the ter-
mination of her employment
and the trial judge, having
found that the respondent was
not wrongfully dismissed, erred
in law in awarding her addi-
tional compensation......
"In this appeal, the respon-
dent was employed under a
contract of employment, which
expressly provided for termina-
tion with four weeks notice or
four weeks' pay in lieu of four
weeks' notice, as provided in
section 26 of the Employment
Act. The respondent was there-
fore not entitled to any addi-
tional compensation at common
law in respect of notice."
Ms Pierre's attorney, Trades
Union Congress (TUC) presi-
dent Obie Ferguson, had
argued that she was entitled to
purstle additional combron law
compensation under the
Employment Act's section four.
Mr Ferguson had also
:: against Bank of the Bahamas
International, something Jus-
tice Watkins had also relied on.
In particular, Mr Ferguson had
focused on part of the decision
in that case in which Justice
Ganpatsingh said it seemed that
iteenEdm by Prla tntw no c
ify employment relations.
establish minimum standards of
working hours, and to make
provisions relating to notice to
termmnate contracts of employ-
ment and to make provisions

relating to summary dismissal".
The Court of Appeal said
Justice Ganpatsingh at that
point was referring solely to the
Employment Act's "preamble".
In the case cited by Mr Fergu-
son, the employee had claimed
damages for wrongful dismissal
against the bank for termina-
tion without reasonable notice.
Her contract contained no
provision for notice before ter-
mination, and therefore could
be terminated at common law
by reasonable notice. The
employee, believing she was
entitled to better benefits under
common law, pursued a com-
mon law claim for damages
under section four of the
Employment Act.
That case was different from
Ms Pierre's, as she had a notice
prqvision in her contract. And
the doutif of Appe'al noted that
the Employment iAct's section
29, dealing with employer
notices to terminate contract
employment, referred to "the
minimum period of notice".
"It was clear that with regard
to ndotie re uid t enninat
Act was providing a minimum
period of notice,"' the Court of
Appeal ruled.
"It was in that context, and
in relation to notices required to
be given before the termination
of contracts of employment,
tha t oseustateme ts ere
The court in that case was not
dealing with redundsancy pay.
Justice Ganpatsingh were total-
ly misunderstood and taken out
of context, and the decision in
Paula Deveaux versus Bank of
the Bahamas misapplied."

Ex-Sandals executive

SUffer S ap peal reverse

FROM page 1B
The Appeal justices over-
turned the earlier Supreme
Court verdict by Justice Vera
Watkins, who had found that
while Ms Pierre was not wrong-
fully dismissed, but that she was
owed a further $26,690 on top
of what Sandals had already
paid for "terminating her ser-
vices without notice.
While agreeing that there was
no wrongful dismissal, the
Court of Appeal added that
having received compensation
in accordance with the Employ-
ment Act s provisions, "there
was therefore no basis on which
she could successfully maintain

Implications for Conservation

Lecturer Charles Knapp, Ph.D.
Center for Conservation and Research for Endangered Species
Zoological Society of San Diego
Escondido, California USA

- I


To the Shareholder of Scotiabank Caribbean Treasury Limited

We have audited the accompanying balance sheet of Scotiabank Caribbean Treasury Limited ("the
Company") as at October 31, 2007, and a summary of significant accounting policies and other
explanatory notes (together "the financial statement").

Management 's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with Intemnational Financial Reporting Standards ("IFRS"). This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statement that is free from material misstatement, whether due to fraud or
error; selecting and appl ing appropriate accounting policies; and making accounting estimates that
are reasonable in the circumstances.

Auditors' Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit. We
conducted our audit in accordance with Intemnational Standards on Auditing. Those standards require
that we' comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statement. The procedures selected depend on our judgment, including the assessment
of the risks of material misstatement of the financial statement, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to the Company's preparation and
fair presentation of the financial statement 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
Company's internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates, if any, made by management, as well as
evaluating the overall presentation of the financial statement.

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 financial statement presents fairly, in all material respects, the financial position of
the Company as at October 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance ihtem~. doe not comprise a complete set
of financial statements prepared in accordance with IFRS. Information on results of operations, cash
flows and changes in equity is necessary t?, aODran a comrplete understanding of Ilne financial pJuaition,
pelforma~nce and cash flows of the Comnprly.

Chartered Accountants
Nassau, Bahamas
February 29, 2008 i

Balance Sheet

October 31, 2007, with corresponding figures for 2006
(Expressed in United States dollars)

2007 2006
Note ($'000s) ($'000s)


-Loans and advances to banks 4, 12, 15 2,242,089 1,904,213
Derivative financial instruments 15, 16 1,076 311
Investments 5, 15 55,167
Investments pending settlement 32,000 -
Property and equipment 6, 15 313 47
Accrued interest receivable and other assets 7, 15 24,964 17,099

Total Assets 2,355,609 1,921,670

Liabilities and Equity

Derivative financial instruments 15, 16 4,476
Deposits 8, 12, 15 2,263,603 1,867,643
Accrued interest payable and other liabilities 9, 15 15,424 28,816
2,283,503 1,896,459


Share capital 10 10,000 10,000
Share premium Pl1 15,000 15,000
Retained earnings 47,106 211
72,106 25,211

Commitment 18

Total Liabilities and Equity 2,355,609 1,921,670

See accompanying notes to balance sheet.

The balance sheet was approved on behalf of the Board of Directors on February 29, 2008 by
the following: ~0\

S DirectorDietr

Notes to Balance Sheet

October 31, 2007
(Expressed in United States dollars)

1. Reporting entity
Scotiabank Caribbean Treasury Limited ("the Company") was incorporated on May 29, 2006
under the Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under The
Bank and Trust Companies Regulation Act, 2000. 'Ihe Company is wholly owned by The Bank of
Nova Scotia International Limited "the Parent", a company also incorporated in the
Coni~nonwealth of The Bahamas. The ultimate parent of the Company is the Bank of Nova Scotia
("BNS"), company incorporated in Canada.
The Company manages the US dollar treasury function for the Bank of Nova Scotia's subsidiaries
and branches within the Caribbean and Central American region. The Company's registered office
is located at 404 East Bay Street, Nassau, The Bahamas.
Pursuant to the terms of a purchase and sales agreement dated August 1, 2006, the Company
acquired the business of the Caribbean Treasury Unit ("CTU") from Scotiabank (Bahamas)
Limited ("the Bank"). The acquisition of CTU represented a transaction between entities under

common control as the Bank is also a subsidiary of the Parent. As such, this transaction was
outside the scope of International Financial Reporting Standard 3: Business Combinations. The
assets and liabilities of CTU were transferred to the Company at book value and the difference
between the purchase price and the net book value was accounted for as an adjustment to equity.

- I __~~~___~_

2. Basis of preparation and significant accounting policies
(a) Statement of compliance
The balance sheet has been prepared in accordance withl Inlternatior nal F~inanlcial Repo)!lirts
Standards ("IFRS"). The accounting policies set out below have beenl ap~pliedt conlsistenlly! ~
all periods presented in the balance sheet.
(b) Basis of measurement
The balance sheet has been prepared onl the historical cost basis exceptI wherec othesivrl~e notI i

(c) Functional and presentation currency
The balance sheet is presented in United States dollars ("US$"), whIIChI iS the~ CorupII:my\.
functional currency. Except as indicated, financial information pre~senteld inl ITSi; has1 he n
rounded to the nearest thousand.

(d) Use of estimates and judgemlents

The preparation of the balance sheet inl conformity with IF;RS requir-es manalr~ ge ntrr l Ito Imake
judgements, estimates and assumptions that affect the application of' acc~ountinlg polie-is :IId
the amounts reported in the balance sheet and the accompanying nlotes. Th'fese: eutintle;lcs am
Based on relevant information available at the balance shleet date andt, as :,uch, actuall wa.llsl:
may differ from these estimates.
Estimates and underlying assumptions are reviewed on anr ollgoinlg basis Revlsionls to
accounting estimates are recognized in the period in which the estimates aIre revisedt and1! 11 any!
future periods affected.

In particular, information about significant areas of estimlation unlcertainlry mIld CritiC.It
judgements in applying accounting policies that have the mlost signifricantl effect oni the amountII1
recognized in the balance sheet are described in notes 15 and 16.
(e) New standards and interpretations not yet adopted
A number of new standards, amendments to standards and intlerp~rretatons ar-e not yet: effemlile
for the year ended October 31, 2007, and have not been appliedl inl prep~arinlg this balulac!

IFRS 7 Financial Instrulments: Disclosures and the Amerrlndment to IAS I Presentatwnl~r of
Financial Statements: Capital Disclosures require extensive disclosures about thle :l.
of financial instruments for an entity's financial position and pelrformnanlc, and qulalitative and~
quantitative disclosures on the nature and extent of risks. IFRS 7 and amenlded 1AS i, whih
become mandatory for the Company's 2008 financial sta~temnents, wll recquire extensiive
additional disclosures with respect to the Company's financial inlstlllruent s andlc capital
(f) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing alt the daltes ofl
the transactions. Monetary assets and liabilities denominated inl foreign 'cu~rl~rnc~ies alt rlhe
reporting date are translated to the functional currency at the mid-mnarket exchange~ lacrates
that date.

(g) Property and equipment
Property and equipment are stated at cost less accumulated depreciationi and~ provisionsrr ro,
impairment losses.

Leaselv~d improvements Term of lease plus one renewal option period
Furniture and equipment 3 to 10 years

Property and equipment are periodically reviewed for impairment. Where the carrying valul
amount of an item of property and equipment is greater than its estimnateld recoverable amroruni,
it is written down immediately to its recoverable amount.
(h) Financial assets and liabilities
(i) Classification
Financial a etts that are loar and advances to banks and accruedi in lestc Ice
classified as loans and receivab's.
Financial assets and liabilities that are derivative financial instruments arIe considceted to
be financial instruments held-for-trading and are classified as at fair valuer thorughl pintit
and loss.

Financial assets that are investment securities have been designatled as at~ fai! vinl
through profit and loss.
Financial liabilities that are not held-for-trading include de~posits anld a:ccruedl intclemr
payable. .'.".
(ii) Recognition
The Company initially recognizres loans and advances and deposits on the date thatl thely
are originated or accepted, as applicable. All other financial assets anld lialbilitiers
(including assets and liabilities designated at fair value thr-ough profit or loss) are initial y
recognized on the date that the Company becomes a party to the contrlactuanl provisions~ of
the instrument.

(iii) Derecognition
The Company derecognizes a financial asset when the contractual rights to the cash flows:
from the asset expire, or it transfers the rights to receive the colln-unctul clshl flow.s onl the!
financial asset in a transalction 11n which substantially all theL risks andc rew-alc s ofI
ownership of the financial asset are transferred. Anly interest inl transferre-cd finalncia~l ;Ises
that is created or retained by the Company is recognized aIs a sepalratle a\sse or- livability.
The Company detecognizes a financial liability whenl its contra;ctua~l obligaltionls :0
discharged, cancelled or expire.

(iv) Measurement

~Financial instruments are measured initially at falir vailuel' plus, inl the cas~e of a; (lumnl(ill
asset or financial liability not at fair value thrloughl p~of~it or. lo~ss .Lansactionl costs 11hat :11
directly attributable to the acquisition or issue of thle financial asseLCt or. f.IncIaII:I1 liablilili
Transaction costs on financial instruments atr fair vanlle lhrolulhpoit lol~r low- I aw; ;Ilr '.'
Subsequent to initial recognition, loans and r-eceivables; andl f~inlanciall liablilities thatl amI~ r1~
held-for-trading are carried at amortized cost less jl)Impaumenlt losses~l \\hereS :Ippli I
using the effective interest rate mnethlod.
The amortised cost of a financial asset or liability is the :!lount~l:l at11.1 \\luc thel~ fina a
asset or liability is measured at initial recognition, mlinusl: rIncipa~l,;l repaymentsCIII, plusl. al
minus the cumulative amortization using the effective interest~ method1)~ of any lloww111(11
between the initial amount recognised and thle ma~turity amountlll, mlinulS anyl\ redner~innl ti

Subsequent to initial recognition, inveatmlent secur-ities and~. deilvatilve: Irini:. l
instruments are valued at their fair vallues.

Investments in hedge funds are vallued at thle not assel va;lue per' Iave ;I .un ~isedlI~ hi~
administrators of the funds.

The determination of fair values f~or der-ivativec finan~cial inst;runuous.! l is based~ >nl 'I:'.'
market prices or dealer price quotationls for fina;nciall I\ insTII umens C'! unde :In atl.C II;otII
For all other financial instruments fair- value is detern.III IUne h! usIngI! \ljl:nanonl technillr~l
Valuation techniques include net present value techniiques.~ 1Ihe dl~~ilscoute ash~I 11l<-
method, comparison to similar instrruments for- whichl ma~rlrke obsenabll e 1pres: ex11;i:t mI
valuation models. The Company uses widetly Iecogiized \;bru~innl Ill iJ/ jill
determining the fair value of comlon n andt more simpilel inuountens111 hke: imew.l. I Iru
swaps. For these financial instrumen~r t s, inpluts ilu nto modlS;I L are11~. nunket~ obvivabl
Derivative instrulmenlts designated as .'asset~/liability managementIII.II areI thee'\ our.
manage the Company's inerel-st rate and forelgnl curren-cyl) exposulies
(v) Identification and mneasulrement of impa);irment~I1
At each balance sheet date, the Comipanry assessed whethrlll there s objel~ictive c:i!ll: den I
financial assets not carried at fair. value through plrofllitl of,\ loss impam):li. 1 FInn1.
assets are impaired when objective evidence demonsII~ trates that1 ;i Il''.lla at:i~ ri usII
after the initial recognition of thec asset, anld that the losrs mentii hasi ;1 unpactlr~ il n1 le inn1
cash flows on the asset thalt canl be estunal;ted leliablty

The Company considers evidnceli of impa,;ilrmentl at: both aI special II t ::11ni Ile1~ 1
level. All individually significant financial a~ssets~ are amessed inl p1.1..ifirI ily
All significant assets found niot to be: sPeCifcllC;I y impal)iired ar 'lm~i il:Hi I.l-+,Ii
for any impairmlent thant has bLeen inlculrrd but nlot c yet cidetdw l ten
individually significant are then collectively ;essdc~ for impannua lI1I! 11\ noupingllll II! a
financial assets (carried1 at amortised cost) w\ilit simlilalr risk charm,~ to~I la

Objective evidence that financial assets are impi[airedc canll includi default as1 !:+nqu1.1 i
by a borrower, restructuring of a loanl or ardvanrc~e by theCnpll (.lln; l "1 unsII is III
Company would not otherwise consider. Or ohr~lrr observablll lrle data II: inin :t.'. )
assets such as adverse changes inl the payments statrus of1 honov~l u

Impairment losses on assets carried at amllortisedl cost areC nICl~licasu .1\ Iji ll.ll l lt
between the carrying amount of the financial assets and11 thle presentll m:IneT 1o estanual1~1
cash flows discounted at the assets' original effcctive Interest~ I-1~ .rate l, Lowes ar wavem
in the statement of income. Interest oni thle impalireld :l'',et I.ontlinuesi IIo be: liceoii i
through the unwinding of the discount..

PO Box N 123
Montague sterling centre
East Bay Street
Nassau, Bahamas

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





The North
Bahamas Europe America Other Total
($'000s) ($'000s) ($'000os) (S'000s) ($'000s)

October 31, 2007:

Loans and advances to banks 590,474 150,000 245,374 1,256,241 2,242,089

Deposits 719,390 125,492 1,418,721 2,263,603

October 31, 2006:

Loans and advances to banks 4 400,000 -1,504,209 1,904,213

Deposits 508,950 255,240 1,103,453 1,867,643

13. Pension plan
Substantially all of the Company's employees are members of BNS' defined benefit pension plan.
The plan provides pension benefits based on length of service and final earnings with
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All rights
and obligations of the defined benefit pension plan are borne by BNS. The last actuarial valuation
of the plan was as of November 1, 2006 and based on that independent valuation, the plan was
fully funded. An actuarial valuation is performed on the plan at least once every three years. All
actuarial information relating to this scheme can be found in the consolidated financial statements
of BNS.

The Company also participates in a contributory plan established by BNS covering some
employees. As of October 31, 2007, this plan is also fully funded.
14. Global Employee Share Ownership Plan
The Company participates in the Global Employee Share Ownership Plan ("GESOP") of BNS,
which allows employees of thle Company to contribute between 1% and 6% of their annual salary.
The contributions are used to purchase shares in BNS, on the Toronto Stock Exchange at the
prevailing market prices on a semi-monthly basis. The Company matches fifty percent (50%) of
the employees' contributions and this vests with the employees after two years of participation in

15. Financial risk management
Credlit risk

Credit risk is the risk of financial loss to the Company if a counterpart to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company's loans and
advances to banks. The Company structures the levels of credit risk it undertakes by placing limits
on the amount of risk accepted in relation to one borrower, or groups of borrowers, and to
geographical and industry segments. Credit disciplines are based on a division of authority, a
centralized credit review system, a committee system for dealing with all major exposures, and
periodic independent review by BNS.
Interest rate risk

Interest rate risk arises when there is a mismatch between positions that are subject to interest rate
adjustment within a specified period. Exposure is generally managed locally by currency and
regularly reviewed on a consolidated basis by executive management.
Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations from its
financial liabilities. The liquidity risk management process ensures that the Company is able to
honour all of its financial commitments as they fall due. The Company manages liquidity using
the following policies:
measuring and forecasting cash commitments;
ensuring immediate availability of large pools of liquid assets to meet unforeseen events;
maintaining a strong credit rating to ensure timely access to borrowing on favourable rates
and terms;

diversifying funding sources and
maintaining the ability to securitize the Company's assets.

.The following analysis of maturities of significant assets and liabilities illustrates the extent to
which the Company was exposed to liquidity risk:
1 -3 3 12 1 -5 5 Years
Months Months Years & Over Total
($'000s) ($'000s) (5'000s) ($'000s) ($'000s)

October 31, 2007:
Loans and advances to banks 1,558,527 413,669 213,909 55,984 2,242,089

Deposits 1,806,555 322,154 133,402 1,492 2,263,603

Net Liquidity gap (248,028) 91,515 80,507 54,492 (21,514)

October 31, 2006:

Lan and advances to banks 1,240,984 316,891 335,896 10,442 1,904,213

Deposits 1,497,592 370,051 1,867,643

Net Liqluidity gap (256,608) (53,160) 335,896 10,442 36,570

Currren~cy risk
The Company takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Company's board of directors sets
limits on the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored on a daily basis. The table below summarises the Company's exposure to
foreign currency exchange rate risk:

BSD USD Other Total
($'000s) (5'000s) ($'000s) ($'000e)

October 31, 2007:
Loans and advances to banks -- ,242,089 - 2,242,089
Investment securities 43,579 11,588 55,167
Investments pending settlement -32,000 32,000
Derivative financial instruments -1,076 -1,076
Property and equipment 313 --313
Accrued interest receivable and other assets 55 24,662 247 24,964
Total assets 368 2,343,406 11,835 2,355,609

Deposits -2,252,015 11,588 2,263,603
Derivative financial instruments 4,476 -4,476
Accrued interest receivable and other liabilities 13 15,300 Ill 15,424
Total liabilities 13 2,271,791 11,699 2,283,503

Net balance sheet position 355 71,615 136 72,106

October 31, 2006:
Loans and advances to banks 1,904,213 1,904,213
Derivative financial instruments -311 -311
Property and equipment 47 47
Accrued interest receivable and other assets 51 16 606 442 17,099
Total assets 98 1,921 130 442 1,92.1,670

Deposits 1,867,643 -1,867,643
Accrued interest receivable and
other liabilities 3,286 25,288 242 28,816
Total liabilities 3,286 1.892,93 1 242 1,896,459

Net balance sheet position (3,188) 28,199 200 25,211

16. Derivative financial instruments
Derivative instruments are financial contracts whose value is derived from interest rates, foreign
exchange rates or other financial or commodity inldices. Most derivative instruments can be
characterized as interest r Ite contracts, foreign exchange contracts or equity contracts. Derivative
instruments are negotiated over-the-counter contracts and include swaps and forwards. These
transactions are primarily facilitated through Scotia Capital Market (USA) Inc. ("SCM"). The
Derivative Products Group of SCM also provides internal hedges in the form of swaps or options
to minimize the Company's net market risk.

(i) Cash anld cash equivalents
Cash and cash etquivalents are financial assetsr w ilh originally maturlities of les~s than i tree
months, which are subject to insignificalnt risk of ch~angsc in their falir vau 11, and are used yi
the Company. in the management of its sh~ortl-erm~ comnmitmntcns.
Cash and cashl equivalents are carried at amourtised~ cost in the balance; sheeti.

Cj) Related parties
A number of transactions are entered~ into w\ith relatedc pulrues inl the normal course of business.
Barlances resultmng from such transactions ar~e dscrCibedj as balance~ w'ith afflihaltes.

3. Acquisition
As discussed in note 1, the Company acquired the businecss of the CTU from~n the Bank effective
August 1, 2-006, at a purchase price of USS2 million.
The book \ alue of the assets and liabilities acquired at thiat clate was as follow's:

2006 h

Loans and advances to banks 1,917,198
Equipment 2,5 6
Other assets

Total assets 1,919,794

Other liabilities --
Book value of net assets acquie

ille adj ustment to equity was as follows


Purchase consideration(20)
Booik value of net assets acquired (2,000)
Equity adjustment -

Net cash flow effect of the purchase was as fo lors:




4. Loans and advances to Banks

($'000s) ($'000s)

2,242,089 1,904,213

The effective interest rate earned on the loan portfolio for the current period was 4.39%.
5. Investment securities
Investment securities include investments iI> hedge funds that have been designated as investment
securities at fair value through profit or loss.
6. Property and equipment

Leasehlold Furniture and
Imnprovemntsir Equipmelnr Total
;S'000s) (6'000s) (S'000s)
October 31, 2006 15 35 50
Addinions 166 112 278

est be 31,2007 181 1 3 )

Accumulated depreciation
October 31, 006 7 3
Charge for the period 3 9 12
Disposals -_ (2) (2)
October 31, 2007 4 9 13

Net book value October 31, 2007 177 136 313

Net book value October 31, 2006 14 33 47

7. Accrued interest receivable and other assets

2007 2006
($'000s) (S'000Os)

Accrued interest receivable:
-Affiliates 18,325 z 14,769
Other 35 1,282
Other assets 60 148

8, Deposits

2007 2006
($'000s) if$'000s)

Deposits from affiliates 2,091,531 1,693,055
Deposits from other banks 172,072- 174,588

2.263,603 1,867,643

The effective interest rate paid on deposits for the currentr period was 4.39%. "
9. Accrued interest payable and other liabilities

200~7 2006
(S'000,s) ($'000s)

Accrued interest payable affiliate banks 12,596 11,314
Accrued interest other 2,083~ 2,932
Other liabilities 745 14,570
15,4241 28,816

2007 2006
(5'000s) (S'000s)

Authorized, issued aInd fully paid:
10,000,000 ordinary shares of par va1lue US$ 1.00 L'ach! 10,000i 10,000

20r07 2-006

10,000,000 shares issuedl at a premnium of U:SS i 50 iach 15,00 5000

12. Geographical Analysis of' Assets anld Lialbilities

Significant assets andi abilities at October 31 mayn be an~alyze~d by geogr~aphlcall area, based on the
residence of the counterparty, as fo~lows




Purchase price
Add: cash and cash equivalents acquired,
included in loans and advances to banks


Loans and advances to banks



10. Share capital

11. Share premium




'Sup enor lo cation'

The Company enters- Into these dell\;rivlic Instrumentlls to accommdleldac thec risk malnagementn needs
of us5 customers and for asset/llabiblyL manag1;1ement purposes.
Interest rate swapIs
Interest rate swraps: are commitmntsns to exchange one set of cash f~lows foi anothe1Lr. Swaps result
In an economic exchange of interests rate~s. No exchunger of principal takes~ p'alce. ~The Company's
credit risk represents the potenial111 cost to replace the swap contra;cts if count~erparties fail to
perform their obligation. TIhrs risk Is monuitored on an ongoing basis with preference to the current
fair value, a portion of the notrona~l ,I. Junt of. the contracts and thle liqulidity of~ the mar-ket. To

c n t ro eaas fr\r ot ` g : 1 t ie tl fah I l hL Co II~ l ll a 1 m snsesse o l Co u naIL Te rpaIL1 t uosm pin nh e sa m e

Instlrumntsll sucSognzenl7~ uw; tuli 1,1.11 sheetl but do not1 necessarily indicate thle amnounts of future
C*uh !10wrs Inlve r 3JVCL JL. e i.,rlC1 air value of the instruments and, therefores, do not indicate the
Company's exposure to credit or price risks. The derivative: instruments become favourable
(assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates or foreign
exchange rates relativer to their sterns.
Thle following table provides the aggregate notional and fair vallue amounts of derivative financial
instruments outstanding as of October 31, 2007:

Alunt Asset arVLu abilities
(5~ 2 Goos (5'00 (5'000)
October 31, 2007:

ITers 1 ar sws 81,034 -930
Toalrtu P w 176,022 1,076 3,5416
257,056 1,076 4,476

October 31, 2006:
Interest rate swaps 98,887 31

As of October 31, 2007, the interest rate swap contracts noted in the table above were matched
against fixed rate loans and advances to banks and deposits with a gross outstanding principal
amount of 581 million (2006 $99 millioni.
I'he: total return swaps were matched against the Company's investments in hedge funds and loans
on the books of an affiliate.
17. Fair value of financial instruments
Fair value amounts represent estimates of the consideration that. would be agreed upon between
knowledgeable willing parties who are under no compulsion to act and is best evidenced by a
quoted market price if one exists. The majiority of the Company's. financial instruments are carried
at historical cost and are not adjusted to reflect increases or decreases in fair value due to market
fluctuations, including those due to interest rate changes.

Deciv-adives and investment securities are carried at their market values, which are considered to .
equate to their fair values.
The fair values of loans and advances to banks and deposits approximate their carrying values'
which. are at amortised cost, due to their short term nature and interest rates earned or paid
approximate rates otherwise available to the Company for similar facilities.
All other financial assets and liabilities are short term in nature and their carrying values are
considered to equate to thenl fair values.
18. Lease commitments
The Company has obligations under a commercial lease for office space for a five year term
expiring February 28, 2012 with tw~o consecutive options to renew for a further 4 and 5 yealr term
respectively. The future minimum basic rent under this agreement is $138,276 per year for the
first three years of the lease.


1 year or less 491,648 6
over 1 year to 5 years 49.4
629,924 -

19. Capital Management
Regulatory Capital
The Company's lead regulator, the Central B~ank, sets capital requirements for the Company. In
implementing current capital requirements, the Central Bank requires the Company to maintain a
prescribed ratio of total capital (including contributed capital and retained earnings) to total risk
weighted assets or total assets.

cofienean t ssai fut:: ::::op.;:::: te b sie a he oa of aietr dm nit
compliance with the capital requirements on a quarterly basis.
Ihe Company has secured a letter of comfort from the Parent to bolster its capital if required.
The Company's capital base, together with the letter of comfDrt WaS Sufficient to satisfy all
externally imposed capital requirements throughout the period. There have been no material
changes in the Company's management of capital during the period.

II~~ i


between 4-5pm," Mr Klonarjs
"So I know the traffic impact
from the Container Port will
have to be addressed. I'm sure
the Ministry of Works will be
looking at that."
The Government appears to
be focusing on Arawak Cay as
its preferred site for the ship-
ping and container facilities that
will be relocated from down-
town Bay Street.
The Tribune revealed yester-
day how Hong Kong conglom-
erate, Hutchison Whampoa,
and majority owner of the
Freeport Container Port (FCP)
had become the third party to
express interest in financing
and constructing new com-
mercial shipping facilities or
Nassau at Arawak Cay, with
indications that such a port
would cost $175 million to con-
struct and be operational with-
in six months.
Dr Earl Deveaux, minister
of works and transport, con-
firmed to The Tribune: "We've
had expressions of interest
from three parties the
Hutchison Whampoa group,
Mediterranean Shipping Com-
pany, and we also got an
expression of interest from
Tropical Shipping, represent-
ing the Nassau-based shippers.
"The indications are that
either of these three partici-
pants are prepared to build
and manage a container port,
and provide an opportunity for
private sector participation."
Private sector participation,
Dr Deveaux explained, meant
that all three proposals would
"make available an opportu-
nity for shares to be bought by
the public in the company that
owns the [Arawak Cay] port".
While the Government has
received only a written pro-
posal from Tropical Shipplig

to date, Dr Deveaux saying
that Hutchison Whampoa and
MSC were not expected to
submit theirs "for a few weeks
yet", a major factor for the
Government in deciding upon
the port relocation will be that
it does not have to fund it with
any taxpayer dollars.
Dr Deveaux told The Tri-
bune: "The only decision we
have taken is that we would
like the shipping containers
removed from downtown by
the end of the year.
"We have seen Arawak Cay,
and had expressions of interest
from three parties that Arawak
Cay is a feasible alternative
over the next 10 years. They're
prepared to fund it. All they've
asked of government is for an
opportunity to review the stud-
ies and for us to provide 50
acres of land on Gladstone
Road to hold the containers."
While construction work on
an Arawak Cay port would
take an estimated 18 months
to complete from start to fin-
ish, Dr Deveaux said all three
parties had indicated the facil-
ity could be operational within
six months of building work
"They [the shipping compa-
nies] indicated they could be
open within six months, but
that total completion time
would be 18 months," Dr
Deveaux said of construction.
"They've all told us they'd
like to see something for a
minimum of 10 years. It would
give them ample time for a
return on investment and to
look at long-term options -
remaining there or going else-
where. This is the best possible
short-run solution for all con-
"They can have it done,
completed and operational mna
very short time."

found to be false, or not to correspond with the
standard scales, weights and measures established
under this Act, the same shall be forfeited, and
shall be taken possession of for the purpose of
condemnation under this Act."
However, Mr Moss said there were questions as
to whether these inspections were actually being
done, and if businesses selling and pricing prod-
ucts based on measureable units, were are in fact
being regulated to protect other Bahamian com-
panies and the wider public.


FROM page 1B

ping facilities, be that to
Arawak Cay or the south-west
port option proposed under the
former PLP administration.
Meanwhile, Mr Klonaris said
the removal of the shipping
facilities would force downtown
landlords and property owners,
especially those who had ship-
ping firm tenants, to think about
upgrading their properties and
putting them to different use.
Removal of the shipping facil-
ities would enable Bahamians
and all stakeholders to "'really
think about the expansion of
the city going east", in addition
to freeing up valuable water-
front real estate on Nassau har-
When it came to the pre-
ferred site for the port reloca-
tion, Mr Klonaris said: "I think
there's advantages to Arawak
Cay, as to how quickly the con-
tainers can be moved from Bay
Street, but in the long-term and
allowing for the 35-50-year
growth of the city, we feel the
south-west port is the Superior
location. Everything is out of
the way there."
The Tribune understands that
both Citibank and Fidelity have
submitted viable proposals on
how the south-west port could
be financed without requiring
any taxpayer dollars.
The NTDB chairman said he
was uncertain about the impact
the container traffic from an
Arawak Cay port would have
on traffic flows coming into
Nassau from the west, and
heading out towards Cable
"I don't know the impact
Baha Mar will have on traffic
moving in and out of the city.
Once you hit Fort Charlotte
now, traffic is at a standstill

and IMeasures Act

FROM page 1B

shall have, and is hereby invested with, full pow-
er and authority, t6 call for, try, examine and test
the accuracy of all such weights and measures,
made use of in any such market, store, shop or
other place, or intended to be made use of there-
in, in buying or selling any article whatsoever,
"If any such scales, weights or measures are



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

Our Treasured TeBrain Fitness Program Creators design a program to drive benefi- IMy Music: My Generation -- The
B WPBT Memories A ia chemical, physical and functional change in the brain. 60s Folk rock; rhythm and blues
(CC) and pop hits from 1965-1969. A
The Insider (N) NCIS "Corporal Punishment"The Big Brother: 'Til Death Do You Jericho 'Oversighf (N) A (CC)
1Q WFOR A r (CC) team believes a Marine is being lart The veto competition is held.
groomed to be a supersoldier. C (Nu) Ar (CC)
Access Holl -Th Biggest Loser: Couples The remaining contestants must zip-line Law & Order: Special Victims Unit
O WTVJ wod(N) (C ) over ravine. (N) A (CC) Detectives discover a kidnapped girl
in a car's trunk. (CC)
DiWVNOeoDrive American Idol Male angers per- NlewAmsterdam "Pialo (Series News (N) (CC)
8 WSVNform. (N) A (CC) P'remiere) John must face his past.
(I) A~ (CC)
;8~Je ardy! (N) Just for Laughs IJust for Laughs Bnilly Graham S;peclal Franklin Gra- IPrimetime: What Would You Do?
pensive art. nlusic videos. A (CC)
:00 CSl: Miaml h First 48 A woman is killed in a G~ene Simmons GeeSimmons GeeSimmons GeeSimmons
A& E io A CC) robbery atep;yugwoman and F'amily Jwl aiyJwl aiyJwl aiyJwl
her baby are murdered. (CC) Camping trip. Test shoot. (CC) Spe-aig otrsorders.
0)BBC World IBBC News WrdBusiness BtBC News Earth Report Nw
I BBC w America (Latenight). Report (Latenight). Teglaclers of
BET HelDate Spe- tit THE BEST MAN (1999, Comely-Drama) Taye Diggs, Nia Long. ARpthe Runway (N) (CC)
cll Part 2" (N) wrtrmeets an old flame at his friend's wedding. (CC)
Winpe oe-Rc Mercer Re- TisHour Has V: The Secret Lives of Hockey CCNews: The National (N) A~
dyFestival pot(CC) 22Mlnutes (CC) Wvs"Sudden Death" (C
:00) Kudlow & as Money Delor No Deal Contestants get a TeBig Idea With Donny Deutsch
omay(CC) chneto win money. A (CCr
ObN Lh D~obbs CNElection Center larry King Live (CC) Anderson Cooper 360 (CC)
Scrubs J.D.'s TeDaily Show IThe Colbert Re- IFuturama A~ South Park Kids IComedy Central IComedy Central
-CO M mistaken impres- WihJon Ste- Iport (CC) (CC) gocrazy for Presents "My Presents Jo Koy.
sion. (CC) at(CC) Jaaeetoys. First Time" (CC)
TeSuite Life of IMINUTEMEN (2008, Comedy) Jason Dolley, Luke (4)That's So (:05) That's So Life With Derek
DISN Zak Cody Benward, Nicholas Braun. High-school outcasts use a RaenA(CC) Rav'en "Ye Olde "Adios Derek"
Rainy day fun. time machine to change the past.'NR' Dating Game"
DIY Ti Old House Ti Old House ISweat Equity UnderCosuc UnderCosrc Desperate Land- Desperate Land-
A (CC) A (CC) totonscapes scapes
DWML Mona Lisa Jora:Tages- IPolitlk direkt Jora:In Euromaxx Journal: Tages- (Im Focus (In
DW themaDepth them German)
4 Th Daily 10 (N) 25Hottest Hollywood Cougar Tales Female celebrities sometimes seek The Girls Next TeGirls Next
E. outyounger men. Door c oor
ESPN College Basketball Purdue at Ohio State. (Live) C(ollege Basketball Arkansas at Mississippi. (Live) (CC)
ESPNI (:00) UEFMAahan ionsa Laumed Scerp und of 16, 5 tCenter --International Edi- UEFA Champions teague Soccer
EWTN Dally Mass:0Our IMother Angelica Live Classic Religious Cata- h Holy RoayT resodo Hope
Lady Episodes Ilogue
F T :00) Cardlo Shmy Shimmy Maya Namaste Yoga Naase oa National Body Challenge: Twins
FIT TV ast.CA(CC) Grapevine.(CC) ,hips.(CC) "Third Eye" Spine.(C Edition (Part of 4)
FOX-NC )(:00) America's Election HQ
FSN FL co NBA Basketball Toronto Raptors at Orlando (:1) agle Inside the Magic Mind, Body & TeFSN Final
,aic. From Amway Arena in Orlando, Fla. (Uive) Tngtxta Kickin' Moves Score (Live)
GOLF GofChannel TeApproach Golf Central Ei Break VIl:Reunion TmaesBig Break Vll: Reunlon A big twist
Academy (N) (Uive) felpressure to perform. changes the competition.
:00) Weakest WoWants to Be a Millionaire ~ IFamily Feud Family Feud How Much is Chain Reaction
GSN Ink (CC) (CC) (CC) (CC) Enough? (CC) (CC)
G4 eCh (0)Attack of X-Play (N) Ninja Warrior hinja Warrior Super Big Prod Attack of the Show! American Nin-
th how! (N) uc u hw ja Challenge.
(0)WleWalker, Texas Ranger The tale of UTOF THE WOODS (2005, Drama) Ed Asner, Jason London. A self-
H ALL TasRanger HesCooper, a Texas Ranger with abobdlawyer visits his eccentric grandfather. (CC)
A (CC) %no hrstmas spirit.
ByMe"Nadine DeigerGucys Deig Inc. Coi Justin's Home Heist Design Interns The teams must
HGTV adLawrence" MatinEle-Bhom.A PrdPink & Pitiful" (N) Ar (CC) tyea store concept for mega shoe
A (CC) ti"(N) (C) (C teir. (CC)
INSP Victory Joyce Meye:C hitn i nsialn To- ILife Today With Thi Is Your Day The GopCel
IEveryday Life Prpey dyJmsRobison(C)TthCC
Reba Van's par- MyWife and According to FaiyGuy Pe- FaiyGy Toand a Half Toand a Half
KTLA ents shower the KisThe Bowl- imDana falls frt goes back in Hoiia and Mn"Yes, Mon- MnBachelor's
baby with gifts. ing Show" a reverend. ine. A (CC) drnk (CC) sin r" (CC) lieis upended.
Still Standing Reba "Rn-- Reba "Ring-a- i As PROFOUNDLY NORMAL (2003, Docudrama) Kirstie Alley, Delroy
LIFE Bill meddles in Ding" A(at1Ding" A~ (Part 2 Ulndo, Rosemary Dunsmore. Premiere. A developmentally disabled cou-
Brian's life. (CC) of 2) (CC) of 2) (CC) pie wants to have a baby. (CC)
MSNBC 00Hardball Co~untdown With Keith 01ber- T>Be Announced ToBe Announced
CNI K Zoy101 A SpongeBob Drake & Josh Home Improve- IHome Improve- George Lopez IGeorge Lopez
(CC)SquarePants A She Thrills" ment C0 (CC) ment n (CC) A~ (CC) A C (CC)
NTV (:00 House A NCIS "Corporal Punishment" A Big Brother:'Til Death Do You News (N) A~ News
(CC) (CC) Part The veto competition is held. (CC)
SPEEDP Pass Time (N) American Thun- IAmerican Thun- tre Tuner Livin' the Low Super Bikes! (N) Super Bikes!
der (N) drROT Rally. Challenge Life
Extraordinary IBehind the Joc ee: Jhn H~agee To- IBill Gaither (CC) IPraise the Lord (Live) (CC)
TEN Health With Jor-Rbi Scenes (CC) Enoin vey day (CC)

Everybody Family Guy "Sib- Family Guy A\ FatmilyGuyP- Family Guy Pe- TeOffice The he Office "The
TBS Loves Raymond lig ivalry" A (CC) trbeats upa er's' real father is JoPart 1" Job JoPart 2" Job
A (CC) (~CC) bully. A CC in Ireland. A~ opening. oeig
(:00) The Secret FlpThat House IFlip That House ;ading Spaces "Mother-in-Law, My First Home My First Home
TLC Life of a Soccer "De"First-class "Ambef Budget IDaughtpr-in-Law" In-laws. City condo. (CC) INewlyweds in
Mom update, house. North Carolina.
(:00) Law & Or- ILaw & Order "Deadlock" A mass Bones A wall breaks open, reveal- ISaving Grace A reporter is found
TNT der "Age of Inno- murderer escapes from prison and ing a mummified corpse and a stash dead with a newspaper stuffed in
cence" A kills again. A\ (CC) (DVS) oi drugs. A (CC) her mouth. (CC)
TOOT N Camp Lazlo My Gym Part- Home for Imagi- ohn Test A ICourage the Grim Adven- Storm Hawks
Sleepover. ner's a Monkey nary Friends (C:C) Cowardly Dog tures "BakGorge"
TR U Cops A (CC) Cops A (CC) Cops A(CC) ordsWildest Under Fire' Under Fire
IT 5 (:00)' Toteun Le Vigneronmetie du pacifique Docu- L Afrique dans la peau Arribe-scene Urbania
CTW C (00) Abrams & When Weather Changed Histr"e t or Weatherh": Evening Edition (CC)
:0)Yo Amo a~ Al Diablo con Los Guapos Pasibn Una historic que toma lugar IAqul y Ahora El vuelo y la seguri-
UNIV JunQeednentre pirates y fortunes. dad.

(0)Law & Or- ILaw & Order: Special Victims UntLaw & Order; Special Victims Unit NCIS "Dead Man Talking" Gibbsan
USA de:Criminal In- Ateen brings molestation charges "C:are" The detectives investigate his team investigate the murder of a
tet"Con-Text" against her father. (CC) the murder of a 5-year-old. fellow NCIS agent. (CC)
iVH1 ** BE COOL (2005, Comedy) John Travolta, Uma Ti urman, Vince Vaughn. Chili Palmer Rock of Love With Bret Michaels
runs afoul of record-industry players. US0 show. A\
V (00 NHL Hockey Buffalo Sabres at Philadelphia FI ers. From the Wa- IHockey Central World Extreme Cagefighting
S. choia Center in Philadelphia. (Subject to Blackout) (Live) A I(Live)
:0)America's Funniest Pets & IFunniest Pets & IFunniest Pets & Funniest Pets & /WGN News at Nine (N) A (CC)
WGN FunetHome PepeFunny People Funny Plople Funny People Funny
Vieo (CC) boprvideos. boprvideos. blooper videos. blooper videos.
Faily Guy Pe- AecasNext Top Model "Ex- OeTree Hill "Running to Stand CW11 News at Ten With Kaity
W PIX trgoes back in poePart 11" Highlights from cy- S~ill" Brooke faces a ghost from her TgJim Watkins (N) (CC)
tie (CC) clsone through nine. (CC) ps.(N) A~ (CC)
Jord! (N) D.Phil A~ (CC) News (N) Jepry (CC) IFrasier "Frasier's IFrasier Martin's
WS B KCC Curse" A\ (CC) Imost cherished
object ruined.

(:00) is THE MARINE (2006) JhMangJohn Ir. Treatment In Treatment Ais DISTURBIA (2007, Sus-
H BO-E Cena. Thugs kidnap the wife of a Ams(N) A Paul is pushed to Paul deciphers pes)Shia LeBeouf, David Morse.
soldier. A 'PG-13' (CC) (C)lebrink. A le' dream. A P-13' (CC)

H BO-P THE HISTORY Peie.A housewife has an affair wit'l a stay-at-home dad. Ar 'R' (CC) mons' Def Com-
BOYS (2006) 'R'ed Jam
(6:30) THE AD- (:15) it ERAGON (2006, Fantasy) Ed Speleers, Jeremy Irons, Sienna Itx THE MARINE (2006, Action)
HBO-W VENTURES OF Guillory. Adragon's egg leads a farm boy to his destiny. A 'PG'(CC) JonCena. Thugs kidnap the wife
PLUTO NASH ofa soldier. A 'PG-13' (CC)
(6-SI:15) st THE In Treatment Un- In Treatment 4 i t ANALYZE THIS (1999, Comedy) Robert De (4)The Mkn
H BO-S REAK-UP expected revela- Paul makes a Nro, Billy Crystal, Lisa K~udrow. Anagtrde mb f h ood
(2006) 'PG-13' tin.(CC) point to Laura. str seeks a psychiatrist's help. A 'R' (CC) Sehr
(:45) +ts BATMAN RETURNS (1992, Action) Michael Y:eaton, Danny DeVito. Michelle + us SUPERMAN RETURNS
MAX-E Pf eiffer. The Catwoman and the Penguin join forces against Batm~an. A 'PG-13' (CC) 1(2006) Brandon Routh. The Man of|
Selfaces an old enemy. (CC)
(6:40) Ir tt THE NEW WORLD (2005, Historical 4 ++~ 300 (2007, Action) Gerard Butler, Lena Headey, David Wenham.
SMOMAX Drama) Colin Farrell. Explorer John Smith lands in P emiere. Badly outnumbered Spartan warriors battle the Persian army.
17th-century North Amenica. Ar 'PG-13' (CC) 0 'R' (CC)
JM(2006, Drama) Jeffrey Dean Morgan, Gina Tores Te L Word "Liquid Heaf (iTV) A I + DOUBLE IMPACT (1991, Ac-
SHOW iTV Premiere. Tensions nise among travelers during a I(CC) tion) Jean-Claude Van Damme, Ge-
traffic jam. A~ 'NR' (CC) offrey Lewis. iTV A 'R' (CC)

PAGE 88, TUESDAY, MARCH 4, 208 8


Lat C ap jie~ t e

I3 I W11a n Pu PPet aa~d
i Ss id ek ic k De rek u~t
SO Me smi es OM ~OM Y

kid s s oaces, i

L;'rJ I~ll ~fC..
r;;~"*e-l"" r

(6:30) THE SEAT rtlrii THE TRUMAN SHOW (1998, Comedy-Drama) Jim Carrey, Lau- A I: NOTTING HILL (1999, Ro-
FLLER (2004) ra Linney, Noah Emmerich. Cameras broadcast an unwitting man's life. mance-Comedy) Julia Rloberts,
'PG-13' A 'PG' (CC) Hugh Grant. A 'PG-13' (CC)



(ii~( 13
: rlrJ


auiH Z) Ou* c Wild ~ee to th~e
~VCtly tl0 Or Y OfC old's in

Palmdale every/ thurzsday

lOM? 3:30pm to 4:30pm during tle

MOhil Of Macrch\ 2008.

En joy Great Food, Pnzes and Lots of Fun.

,lm lovin' it