The Tribune
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/01010
 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: April 25, 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: UF00084249:01010

Full Text



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Volume: 104 No.129 FRIDAY, APRIL 25, 2008 PRICE 750

- STREET - .

Proof Iem growingr'bedcause parents,

raid on fundraiser
Tribune Staff Reporter
AN ENVIRONMENTAL group is threatening
to sue authorities over what they claim was a wrong-
ful raid on a fund-raising event in which hundreds of
Bahamians were allegedly terrorised and made to
fear for their lives.
Members of the Millar's Creek Preservation
Group are claiming that during a raid on their wel-
come centre, the Banana Tree Caf6, located off
Bacardi Road, last Saturday, dozens of law enforce-
ment, Defence Force and Immigration officers
threatened and brutalised them.
Following the raid, members of the group met
with Acting Commissioner of Police Reginald Fer-
guson to discuss the matter.
Mr Ferguson told The Tribune yesterday that he
SEE page 10

Village Road Nrear Shirley Street Tel: 3941-0323, 5 OR 394-13 '
We need YOU lo come in and lee wrhat's happeniing! '
The M~ost Trusted L ed f adr imlporrk-r inl Thle; Bhalrn.s


SEXUAL -activity on Bahamian campuses extends even into
primary school classrooms, one teacher claimed yesterday.
I The teacher, who wished to remain anonymous, spoke out about
sex in schools following The Tribune's report on a police investi-
E~B~f~gi` a~8~1 gation into pornographic videos made by schoolchildren ~in uniform.
She said the problem is growing because parents and officials
have turned a blind eye.
"This-generation is wiser than before so I am not at all shocked
to hear about their cyber scandals," said the teacher. "I have per-
sonally walked in on students experimenting mn locked classrooms
and these kids are in grade four.
"Yet, when we approached the parents, only one parent then and
there slapped her daughter. One of the male parents actually
smiled to hear that his eight-year-old son was getting fresh," she
The teacher said she recalled another Tribune expose on the issue
a few years ago, which led to the discovery of sex rings and pimps
in schools as well as student-teacher affairs and rating systems for
the teens' sexual performances.
SEE page 10


Court case

may go on
~-16 mtno June
Tribune Staff Reporter
ZHIVARGO Laing has some
70 witnesses left to bring before the
Election Court, indicating that the
case may go on mnto June.
Fred Smith, lead attorney for Mr
Lamng, gave the court an update on
SEE page 10

GrOup threatens to sue Pharmaceutical business
OVer alleged wrongful in the Bahama~s is 'wide

Tribune Freeport
Reporter *
A DAYLIGHT drive-by
shooting has led to the death
of one man and the critical
wounding of another.
The attack follows several
similar incidents in Nassau,
where the increasing boldness
of criminals is causing public
Asst Supt Loretta Mackey
reported that the shooting
occurred around 7pm at
Adventurer's Way, near
Watlins Road, Freeport.
She said officers at.the
police control room received a
call around 7pm of gunshots
being heard in the area.

Initial reports said a vehicle
with about four men inside
was in the area and occupants
shot the two men and then
fled the scene.
When officers arrived to
investigate, they saw EMS
personnel attending to two
black males lying ~on the
ground with gunshot wounds
to the head.
Ms Mackey said the victims
were taken by ambulance to
Rand Memorial Hospital,
where one man, identified as
Andy Wilfred Weekes of
Adventurer s Way, died short-
ly afterwards.
The victims' identities have
not yet been released.
Police are appealing for wit-
nesses. to call 350-3107/8 or
352-9774 or 911.

Tribune Staff Reporter
hi yFs dEaRSb tr o
hge baze wh ch is duro ns
near Adelaide and could
threaten the homes of hun-
dreds'of Bahamians in that
Just as the "last pocket" of
the long-burning fire at the
City Dump was extinguished
yesterday morning, reports
came mn that a bush fire mn the
area between Coral Harbour
Road and Adelaide Road had
significantly intensified.
All throughout yesterday
high flames burned in' the
bush area, threatening elec-
tricity poles and resulting m
heavy smoke development..
As drivers turned on their
bright lights to navigate
through the blanket of smoke
SEE page 10

open to abuse' claim
Tribune Staff Reporter
A PRESCRIPTION drug industry insider has
revealed that the pharmaceutical business in the
Bahamas is "wide open" to abuse because of a lack
of laws holding suppliers accountable for the drugs
they sell or requiring them to reveal their source.
The government is reviewing draft legislation
intended to fill a void in the largely unregulated
pharm~aceuticals industry, The Tribune has learned.
The concerned source, who wished to remain
anonymous, told The Tribune that it is time for
there to be more oversight of Bahamian medical
drug wholesalers and pharmacies to ensure the pub-
lic is not exposed to sub-standard drugs and other
associated risks.
Meanwhile, with other countries in the region
such as Barbados and Jamaica clamping down in
SEE page 10

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S- by Sh 0 0till

IR bo dy

'No indications' that rice cuts

will unpact the Bahamas soon
Tribune Staff Reporter
THERE are no indications that global cuts in rice exports will
impact the Bahamian supply anytime soon, government and suiper-
markets said yesterday.
However, the price of rice will continue to rise in line with food
cost hikes across the board, it has been suggested.
According to international~reports published yesterday, some: US
stores, including Walmart, are rationing purchases of certain types
of rice in the face of diminishing supplies.
The warehouse division of the retailing giant, Sayn's Club, was
limiting sales of bulk bags (9kg) of jasmie, basmati and long grain
white rice to four per customer per visit, said The Associated Press.
On the same day, Brazil also added its name to the list of rice-
exporting countries such as China, India and Vietnam which are
SEE page eight

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virf~ ase-oral iofiar
Chapel, Ramsey, Exuma Tel: 345-7020* Robinson Rd & 5th Street
Tel: 325-6621/322-4969* 24 Hour Paging Service 323-9761

Rowena Pinder Sweeting, 84

of Adderley Street, Fox sI.
Hill and formerly of 1
K~emp Road will be held
on Tuesday April 29,
2008 at 11:00 A.M. at St.
Anselm 's Roman
Catholic Church, Bernard
Roa d, Fox H il1.
Officiating will be Msgr.
Preston A. Moss. I
Interment in St. Anselm's ..
Cemetery, Bernard Road
Fox. Hill.

She is survived by 2 Adopted Sisters: Sylvia Bethel .
and Beryl Taylor; Adopted Daughter: Yvonne Gardiner;
Nieces: Thelma Paige of Delray Beach Fla., Lilian
Spencer of Pompano Beach Fla., Lois Givens of ]Ft.
Lauderdale, Irene Fletcher of Ft. Lauderdale,
and Joanne Paul; Nephews: David Rolle of Pompano
Beach,.Whitney, Norman, Stephen, and Bnian Bastian,
Glenville Roberts, Joseph Knowles and Robert Pinder;
Host of other relatives and friends including. The
Crawley Family of Lyon Road, Felix and Neil Bowe
and Families, Alicia White and Family of St. JameS
Road, Granville Sweeting and Family of SandilandS
Village Phyllis Bastian and Family, Clarence Kniowles
and Fanuily, Yvonne Lewis and Fanuly, Theresa BniggS
and Family, Judith Bonaby and Family, Barbara Clarke
and Family, Sandra Pnice and Family, Leshie Davis and ~
Family, Haywood Duncombe and Family, Dawn Wilson
and Family, RudolfMosely and Family, Dwayne White
and Family, James Curry and ]Family, The Kemp and
Lyon Roads Community, The Fox Hill Community,
The St. Anslem Church Family, Marcian Edgecombe,
Inez Curry, Beatrice Collie-Strachan, Theresa and Betty
White, Randy Curtis, Fred Bowleg of Fresh Creek
Andros, Fox Hill Commumity Nursing, Mitchell
Thurston and Family and Rowena Ferguson and Family.

The body will repose at Kurtiss Memorial Mortuary,
Robinson Road and Fifth Street on Monday April 28,
2008 at 12:00 A.M. until 6:00 P.M. and at the church
on Tuesday from 10:00. A.M.. untiL.service time.

US vets sterilise
RnimalS in West
Grand Bahama
Tribune Freeport Reporter
FREEPORT Ateam ofveteri-
nteiie emar yel00m anml inWs
Grand Bahama as part of a spay
and neuter clinic that is being held
atFi e vtrinarians and seven
technicians and assistants are vol-
utei their time and expertise t
unee lnc ahch began on April14o
Old Bahama Bay is providing
accommodations for the group
while they are on the island.

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Expect more from your broker.

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PAGE 2, FRIDAY, APRIL 25, 2008

tion Eouth Srts and C
ture has announced the
launch of the "SelfStarters"
programme, aimed at sup-
porting the entrepreneurial
ventures of young Ba ann-
The programme is intend-
ed to empower young per-
sons seeking to establish or
expand small businesses.
SelfStarters will provide
aspiring entrepreneurs with
grants from $1,000 to $5,000
to acquire tools and supplies
for their business.
The rgam soe
to Ba mamman itzn
between 18 and 30 years old.
A SelfStarters application
fair will be held at the
redlG nL Is~a~aas Gmn
on April 29 and 30, the min-
istry said.
Further information on
the SelfStarters Programme
can be, obtained from the
Department of Youth and
Sports,.at the Ministry of
Education, Youth, Sports
and' Cltufire.

were gunned down during a drive-by
shooting in the Adventurer's Way area.
According to reports, four men in a
car opened fire on the two men. The
victims were taken to the Rand Memor-
ial Hospital, where one died of his
Police have not yet released the iden-
tity of the victims.
It is not known whether the two shoot-
ing incidents are related.
Ms Mackey said Central Detective
Unit officers are continuing investiga-
tions into both incidents.

Tribune Freeport Reporter
FREEPORT Just 12 hours following
a fatal shooting in Freeport, Grand
Bahama Police were called to the scene
in Coral Gardens where a man had been
shot at again in broad daylight.
The intended victim was able to elude
the masked gunmen who attacked him
without injury. Hle escaped to the safety
of a nearby apartment building.
Assistant Superintendent of Police

Loretta Mackey said police got reports at
around 8.20amn of shots being fired on
Coral Road south.
At the scene, uniformed and plain
clothes officers interviewed a 36-year-
old Freeport man who said he was in
the area picking up relatives when a car
pulled up a short distance away.
He said two masked gunmen got out
of the car and opened fire on him.
The man said he ran and that no one
was hurt, but that his car was riddled
with bullets.
On Wednesday evening, two men

During the first two days, the
team was able to spay and neuter 87
dogs and cats. The clinic is funded
by the West End Foundation, which
is fully supported by Ginn sur Mer.
Tip Burrows, president of the
Humane Society of Grand Bahama,
said she is very grateful to the team
of volunteers for their assistance.
"Several HSGB staff and board
members are working long liours
to support this climec and we are
especially grateful to our Freeport
volunteers who have come through
on e again with flying colours," she
In addition to spaying and neu-
teieng, sh 5da te H t oSoci ty
worming, nail trimming, ear clean-
ing, and minor wound treatment for
animals which would otherwise ney-
er see a vet.
"We are handing out literature
and literally going door to door to
reach as many animals as we can,
she said.
The stray animal population has
been an ongoing problem on Grand
Bahama for many years. Cruelty to

animals is also a growing concern.
During visits to the West End
community, Mrs Burrows reported
that 28 unwanted puppies and dogs
were surrendered to the Humane
-"We've seen our share of sad-
ness and suffering, but we hope our
message will be received well and
.that residents of West End, and
indeed all of Grand Bahama, wil
become more caing and concerned
pet owners in the future.
"We're seeing a large number of
chainedhanvd etthe mdosebaute te
certed effort to provide shade arid
Mshelter, issaid chained ani-
mals suffer from loneliness, as well
as chafing wounds to the neck when
owners use chamns instead of soft
neck collars.
"The education portion of our
mission is going to take far longer to
accompliSh. In a perfect.world, no
dog or cat should be left outside to
fend for themselves or pine away
in a cage or at the end of a champ; "
she said.


Grand Bahamna man is

shot in broad dayhight


S~rI Al 0 DI

A SWARM of police officers descended on a
Harrold Road address yesterday to oversee the
eviction of a family from a home they occupied
for more than 50 years.
Armed with a Supreme Court order, head
bailiff and deputy provost marshall Jack Davis
served a' writ of possession on behalf of' the Har-
rold Development Project.
The property, about six to eight acres, has
reportedly been the centre of much legal wran-
gling reportedly dating back to 1962.
There was some tension at the scene yesterday,
as some members of the family did not want to
leave the property.

HBy PAUL TURNGUEST and February.
Tribune Staff Reporter Yesterday, the PHA
pturnquest~tribunemedia.net reported that their inventory
records indicate that "no such
THE Public Hospitals brands"' were purchased for
Authority confirmed yester- use within PHA facilities for
day that the versions of the last year, and that a check
heparin sodium that have of their inventories also
been recalled by Baxter, shows that the medication is
Braun and Covidien are not not being stocked at any of
currently in use at any of its their facilities.
facilities throughout the coun- "The current heparin prod-
try. ucts that are supplied for use
On Wednesday, The Tri- in PHA facilities are all
bune revealed that the popu- approved products from com-
lar kidney drug used by panies that have no pending
Bahamians to prevent-blood investigations or recalls in this
clots has been banned in sev- matter. It is important to note
eral countries, including that the issues affecting this
Canada, after it was deemed recall are related to contami-
"biologically contam- nation issues, and are thus
inated". very specific to the brand
This medication, it was companies involved, and the
claimed, resulted in the source~of their bulk active
deaths of 81 people, and pharmaceutical ingredient of
injured hundreds in the Unit- heparin sodium," a release
ed States between November from the PHA read.

POlice arrive at address to

Ovre CSCCV1C to l11Off far1111y

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;~1L~ YLIIII KCr~L~;)rKICII~C~ :~f n~T~ :(i ~ f~L'~ K~e~f)~;fl

o I brief

Two-day trainig

MORE than 25 Bahamian
government and law enforce-
mnend datme s psa ti iae
in a two-day training pro-
gmramm on human smugghng
and~ ~ ~ tafcig
The seminar, held this week :
at the Police Conference Cen- I
tre, aimed to improve the
Bahamas' ability to recognize
and fightshuma trda hmb S g
It w sof Hor b telan Se
Department ofHmen Scu- .
rity / Immigration and Customs
Enforcement (DHS/ICE)
Attach for the Caribbean,
based in Miami, and the Human
Smuggling and Trafficking Cen-
tre (HSTC), based in Washing-
ton, DC.
Said the police in a statement:
"The Bahamian and U S offi-
cials engaged in spirited discus-
sions: of crucial aspects of the
struggle against 'modern-day
slavery' encompassing the
development of legislation, how
to assist victims, and the prose-
cution of traffickers.

First ever dive

THE Bahamas Diving Asso-
ciation and Bahamas Ministry
of Tourism have announced the
firsetdelver dive sym osium
The two day event, to be
h ld on Gr MBianh n, wH l
Bahamas has to offer, organis-
ers say.
Neal Watson, president of
the Bahamas Diving Associa-
tion said the symposium is "a
great way for dive travel sell-
ers, dive retailers, or dive media
to learn more about the
Bahimas dive product.
"Part of our strength as a des-
tmnation is that we encompass
700 islands, making the desti-
nation very diverse mn terms of
types of divmng available. The
two-day symposium is a hands-
aout un ex inicetea em
product within the Islands of
the Bahamas."
Attendees can register on the
:ahas sD vng Ass= aio'
Vice-President of the associ-
is ad o ut eBaaas d
famous for big animals, sharks,
dieprhin sand an ied 3b e
our challenge is to show, that
diversity, and this symposium
is an effort to showcase our
The two-day event takes
place at the Our Lucaya Resort
and P'elican Bay Resort.

Judge sentences
Islrpes to three
y08P8 10P t8H

ACTION star Wesley
Snipes was sentenced by a
federal judge Thursday to the
maximum three-year sen-
tence on tax charges, accord-
ing to Associated Press.
Prosecutors had requested
the three year sentence, one
cerfrec wI uSlmpas'con-
file a tax return.
Snipes' lawyers offered
three dozen letters from fam-
ily members, friends and even
fellow actors Woody Harrel-
son and Denzel Washington
attesting to his good charac-
ter. They argued he should
get only probation, because
all three convictions were
misdemeanors and the actor
had no previous criminal
But U.S. District Judge
William Terrell Hodges said
Snipes exhibited a "history of
co temptl1ve aa lp sod of
"In my mind these are seri-
ous crimes, albeit misde-
meanors," Hodges said.
Snipes apologized while
reading from a written state-
ment for his "costly mis-
t kes," but never mentioned
"I am an idealistic, naive,

passionate, truth-seeking,
spiritually motivated artist,
unschooled in the science of
law andl finance," Snipes f
Snipes said his wealth and
celebrity attracted "wolves
and jackals like flies are
attracted to meat." He called
himself "well-intentioned, but

FRIDAY, APRIL 25, 2008, PAGE 3


Ac"osans thoeduamas the food
and beverages index revealed
increases that impacted this major
group tremendously. The price for
items such as limes and lemons,
apples, butter, sweet peppers,
plantains and cucumbers are on
the rise.
Other food items that advanced
on the index included frozen fruits
and juices, dried vegetables, roast
beef, tangerines, tomato paste,
lamb, fresh whole chickens and
In New Providence, the rate of
electricity (including the sur-
charge) increased by 2.4 per cent,
moving the housing index up as
Increases were also noted in the
furniture and household and trans-
portation and communications cat-
egories. The only recorded
decrease was in the cost of educa-
As in New Providence, Grand
Bahama's medical care and health
category led the major groups in

inrasts nhi d nst a mo d bt
food and beverages, education and
There were decreases in the cost
of transportation and communi-
cations, furniture and household
The only major items influenc-
ing the increase recorded in the
recreation and entertainment
group in Grand Bahama were
higher costs for admission fees and
packaged tours, photographic sup-
plies and equipment.
The Grand Bahama food and
beverages index rose, as high costs
for items such as limes\lemons,
apples, butter, sweet peppers,
plantains and cucumbers were
Increases were also seen for oth-
er food items such as: frozen fruits
and juices, dried vegetables, roast
beef, tomato paste, lamb, fresh
whole chicken, ribs, hot dogs, ham,
crabs, flour and prepared flour
mixes, confectioneries, stewed
beef, bacoil, turkey and snacks.

ProsPT a snstsh cBachaom::
ranging from medical care and
health to food, the most recent
numbers from the Department of
Statistics reveal.
Transportation, communica-
tions and education recorded
decreases of 0.1 and 0.03 per cent,
In the medical care and health

care and pharmaceutical products.
In the recreation and entertain-
ment category, higher costs were
recorded for admission fees, pack-
aged tours and photographic sup-

category, both New Providence
and Grand Bahama recorded
increases in the cost of hospital,
laboratory, dental, eye and physi-
cian services along with medical

"They come this morning and say we gotta go.
And I say 'go where?' They change the locks and
everything and say we gotta take our stuff out the
house. All I know is we amn't going nowhere,"
one said.
She explained that her father left his children a
deed to the land several years ago. Their case
has been defeated in court.
A number of Haitians live in a structure on
the property about 300 yards away from the
house. According to members of the family, the
Haitians have been there since their father
worked the land, around 30 years ago.
Eventually, the Harrold Road Development
Project representative on the scene agreed to
allow the family to stay until today.

O )



In addition, the PHA stated
that the Bahamas National
Drug Agency ~(BNDA) has
been monitoring the situation
since February, when inter-
national information of an
abrupt increase in deaths of
patients taking heparin
were first reported by the
"After the initial assess-
ment, it was determined that
the deaths appeared to be
connected to patients that
were treated with the Baxter
brand of heparin. At this
pomnt, thp: current stock was
investigated to ensure that
this brand was not being pur-
chased for PHA facilities, and
this has been confirmed.
"At no time were patients
at any PHA facilities at any
risk of being exposed to the
recalled Baxter, Braun, or
Covidien brand of heparin
sodium," it said.

COSt of medical care and

health rises in the Bahamas

Recent numbers from

Department of Statistics

6000 BTU

7000 BTU

12000 BTU.,
s399.00 .

PHA facilities 'nqt usng

recalled version of drug

Each week from Monday to Saturday
H000 F0brics will feature a
l00ding deSignef in
. The B080m05 With On
in-510re display of their rreations.

Saturday 12pm-3pm of
.10me F0brics

"Meet the Designers"

fOShilon Advice, Help
and Inspiration

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

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

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

Cnrsbltn Editlo 1 197212991

Pubtisher/Editor 1972-

Published Daily Monday to Saturday

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

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

COllSClence must take its cour se

InLoving Memory of The Late

'nts v,. Ior a n nn
I, I,,

it is in our her whr sh lveo

On her sky riding J esus wae contne tod call
Asd we roerri m embe totrst inhi
so one hay w will sever her feaga in
That today frema ins ou grea test ble ssiongs-
o know ithat in our seavors ahrms she lis retng
Precoious memoressn hed yher chuhilrn Lewis
Henr Outerkidn, Masud Henr Dapntne Seecharre
of~ Flrda0 grn dch e ildren; 35 gratgraindh

'( b lrd 2 rncidren; 55 getgreat-grandchildre an oto
\ ~other relatives and friends fl; /

289 Market St. South P.O. Box N-7984 Nassau, Bahamas .

"Everyone wants to do something
to helpl, but nobody wants to be first."
7:00am, 9:00am, 11:15am
Marriage offi er, C sellr rdt~e essor
Fax: 326-4488/394-4819

Restaurant Manager Needed

Minimum 5 years Food &Beverage .Experience
at Supervisory or IManagement Level
Computer Literate Word, Excel
and POS Systems.

Able to work rights and weekends

Interested Parties:
Please send Resume,
2 References, Pblhee Certificate,
Valid Health Certificate .
and Driver's License

Immediate Start

We Provide a Competitive Salary for the
Right Work Ethic

Phone 327- 0965 Monday Saturday 9pnt- 1~pm
Fax :327- 0966


PAGE 4, FRIDAY, APRIL 25, 2008

parents far younger than 17 or
18, at ages when they are pal-
pably not prepared for the com-
mitment, dedication, selfless-
ness or emotional obligation
parenting demands.
And yet we do little about it.
Young girls are left to being up
tl ei bmbes often with the help
The fathers can sometimes be
seen awkwardly carrying the lit-
te yiebut ral offer mu h in
"baby mother".
And never is there any pun-
ishment or sanction for their
irresponsible behaviour.
Clearly, 13, 14, 15, 16 year
olds have broken the law when
they produce children; however,
they are left unpunished~and
uncounselled to bring up the
often unwanted child.
Perhaps the years of provid-

EDITOR, The Tribune.
YOUNG people in this coun-
try are not considered mature
enough to vote in general elec-
tionls until they are 18.
In fact, a lot of people over 18
who reside in this country have
had their right to vote in the
last election challenged and
those challenges have occupied
our leading judges for almost a
ye rung people are not per-
mitted to marry until they are
18 and are not supposed to dri-
veo aoad u lhlZ of these is in
contravention of the laws and
can result in prosecution.
Unfortunately, there does not
appear to be a law concerning
the legal age at which young
peopee ca eoe plar nts
majority of people waited until
they were married before they
had children.
That, of course, has not been
the case for a long time.
mFo wa dhwmre so s, y un

ing.for the child are seen as pun-
ishment enough. As the country
lurches ever closer to a 100 per
cent illegitimate birth rate, it is
surely time to bring in measures
to prevent young people from
producing children.
If young men will not use
condoms and young women will
not use a contraceptive device,
then the country should intro-
duce compulsory abortions for
aleunna lied mothers under
We must forget the worn out
argument that calls abortion
mWe must face up to.the fact
that too many immature young
people are becoming parents
and too many unwanted chil-
dren are growing up without
having been parented.
hoodl ma whd oar gnvs n
other weapons to school and
create an environment that is
not conducive to learning, edu-
cation or contented having.
A rila 2, 2008

THE suggestion that three, or maybe
even four, pastors were at that all-impor-
tant birthday party on the eve of the Harl
Taylor-Thaddeus McDonald murders gives
rise to concern for all people of faith.
Chuirchmen of every denomination, even
more than their lay brethren, have a moral
duty to help justice take its course.
In this case, it is evident that police inves-
ti hoes aae bfi thwre b vns lo puh
That churchmen could be complicit in
suchemanoeuvres is 1ptaiel fensi o
steeped in religion.
Police are sure that the killer of both Mr
Taylor and D conal was known to
They also believe that the same person
was responsible for their deaths.
What they have encountered so far,
though, is a marked lack of co-operation,
especially from men whose gay activities
are covert, and who may ultimately face
exposure in the courts.
Homosexual society being what it is '
there can be little doubt among insiders
who committed these crimes, especially as
both Taylor and McDonald were known to
mix in might be termed "influential" circles,
which by their nature are limited in size.
If pastors were, indeed, among the par-
tygoers, and if indeed they have informa-
tion which could bring this inquiry to a
close, then they need to heed Bishop Sime-
o~n Hall's call and go to the police immedi-
Whatever feelings they have about their
ow~n possible exposure, whatever their
doubts about exposing others, they should
follow their consciences and break cover,
Until they do so, a vicious killer: will be
stalking our streets who will feel embold-
ened by the protection he is receiving from
people who ought to know better.

EDITOR, The Tribane.
PLEASE allow me space to
respond to Hugh Buckner's let-
ter dated April 8, 2008.
I think that Mr Buckner's let-
ter is misleading.
I am not a resident of Dela-
porte, nor do I have anything
personal against Mr Buckner or
the Sandyport Development. I
am merely a beach lover stitig
the facts as I see them.
I have frequented the Sandy-
port beach each weekend for
the past seven years and I have
witnessed substantial erosion
during this "short" period alone,
and there is clear evidence to
prove it. If Mr Buckner would
actually walk the beach, he
would see four items~ to indicate
the level of erosion.
About half way down, there
are four "markers" at the top
of the beach which I have been
using to gauge t~h erosion.
There are two cocs'nut trees
whose roots are now three and
a half feet above the sand level
(coconut trees do not grow
roots above ground level).
There is a wooden pole and a
ronerete clumn wih ae
sand level, and I know for a fact
that they were both completely
covered with sand seven years

ago. On many weekends it is
impossible to enter the water
anywhere on that stretch of
beach without having to walk
over rocks. This never used to
be this way.
Regarding Mr Buckner's
remark "....that the whole area,
including the old West Bay
Street road. is covered with
masses of sand," I agree with
this whole heartedly, but the
reason is not due to the abun-
dance of sand, but rather the
complete opposite.
The sand level has dropped
so low that the least bad weath-
er we have, the water washes
straight over and into the road,
carrying masses of sand with it
(which I may add is not placed
back onto the beach, but
trucked- away by government
Mr Buckner is quick to men-
tion that Delaporte has an
agreement with government to
carry away sand dredged from
the canal, but omits to tell us
of Sandyport's arrangement.
I understand that the man-
made beach within Sandyport
was made from the sand
dred edh fm te canaT w i
Mr Buckner can correct me
'` if niiy iilformiatiori is incorrect.

I am no expert in beach
mechanics, but common sense
would dictate that if the sand
from the beach is washed into
the canal, and the canal is
dredged and the sand is not
returned to the beach, then over
a period of time the sand level
will drop!
Isn't this why it is illegal to
take sand from the beach in the
first place?
There is no sand machine out
in the ocean that will replace
sand as and when we remove

Finally, Mr Buckner appears
to be patting himself on the
back regarding public access to
his beach.
As he admits, public access
was granted due to an agree-
ment with government back in
I understand that this agree-
ment was not one that was vol-
unteered by Sandyport, but
pressured by the government,
as the original mntent was to
indeed restrict public access.
Again, Mr Buckner can correct
me if my. information is incor-
Beach Lover
April, 2008.

w;ist Ladles
SOutiique! '
a~l I cr .



\r r/


Time to stop

having children

JUStice denied
for the Gallaghers

ONLY a few days after we had cause to
praise our court system a relatively rare
event in itself it gives us no pleasure to
record grave dissatisfaction with the out-
come of the Paradise Island toddler

The acquittal of three defendants on the
direction of a judge may well be legally
wte ncihe, btni eve Bah or:: o
of the international community.
Mr and Mrs Paul Gallagher from Britain
have fought hard for six years to get this
matter before the courts because they felt
justice was being denied them.
Their two-year-old son, Paul Jnr, died
from horrific injuries suffered when an out-
of-control speedboat charged up Cabbage
Beach while pulling a banana float*
What began as a happy family holiday
turned within seconds into a nightmare.
While we are in no position to appor-
tion blame, and would not seek to doso, we
are of the firm opinion that someone ought
to have faced severe punishment for what
happened on that dreadful day.
Whatever legal deliberations took place
behind the jury's back, whatever drove the
judge to take the action he did, there is no
doubt that laymen everywhere will see this
as another example of justice denied mna
country which is becoming known for it,
The Gallaghers have our deepest sym-
pathy and, we suspect, the shared dismay of
the Bahamian pe le as a whole
The seasoned justice crusader Greg Cash
called The Tribune yesterday to ask: What
is happening to our country?
He may well ask. All we hope is that the
outside world does not judge Bahamnians by
the standards of our legal system.
That would be most unfortunate.

I have witnessed. substantial

Sandyport beach erosion

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FRIDAY, APRIL 25, 2008, PAGE 5


O I brief

Three in custody
aflor the RBDF
searches vessel
DURING a joint operation
between the Royal Bahamas
Defence Force and the Fishenies
boearde adT ,ae ced of harbo
Cay in the Berry Islands.
The vessel was found to be fish
ing commercially without a per-
mit and was also allegedly in posi-
tion of undersized grouper and
prohibited apparatus.
Three Bahamian men were tak-
en into custody in connection with

The weight of the marine pro-
duce found on the vessel was esti-
mated at 1,000 pounds.
Caribbean 'needs
10 produce more
than it consumes
tant secretary-general for trade
and economic integration at the
CARICOM Secretariat, told the
first formal meeting of plant
health officials from across the
Caribbean, that the region needs
to produce more than it con-
sumes, in order to tackle the issue
of gi ades to inthe open-
ing session of a three day meeting
at the CARICOM Secretariat in
Guyana, Ambassador Larocque
said: "The solutions to resolving
this challenge to our food secu-
rity are not totally within our
control, but we can say with cer-
tainty that it must include with
expanded food production in
each of our countries. We must
produce an increasing share of
the food we consume and we
must ensure that our people have
access to the food we produce."
He noted that the region is
faced with the growing challenge
of rising food prices which is
nearing crisis proportions. He
assured that the rising cost of liv-
ing and, more so, food security is
occupying the attention of
CObeanlhea te days, the
Caribbean plant health officials
will be addressing policy and
technical issues related to plant
health with a view to charting a
road map foS.action, giyg~n the
current and emerging situations
at the international, regional and
national levels.

Grill in Clarence Town was
doing brisk business with all of
its eight phase-one rooms occu-
pied for the weekend.
The resort opened its first
phase in May, 2007 and its oper-
ators anticipate a formal opening
sometime after completing their
10-room phase two project.
"I thought if I could build a
place like this, I could bring out-
side money (to the Bahamas),"
said Winter Haven's owner, Bur-
tis Knowles. "Most of our people
compete against each other, but
if we could bring outside money
in the country, it would be better
than if we just send everything
out. That's the problem with the
Bahamas now. We just send
everything out."

yet another accident were injured
in the mishap.
The incident occurred around .
7.05am yesterday on the Queens
Highway near Keate Street.
The ambulance driver and the
attendant had to be transported to
the Rand Memorial Hospital for
ASP Mackey said police investi-
gations revealed that both vehicles

were travelling west along Queens
Highway. The truck was in front of
the ambulance.
The ambulance was responding
to an emergency call with sirens and
emergency lights on. As it
approached the Atlantic Meat store,
the ambulance attempted to over-
take the truck but the truck driver
was making a right turn north on
Keate Street.

cross the street when he was struck.
She said Rolle sustained multiple
severe injuries and died almost
instantly. The vehicle was extensively
ASP Mackey said preliminary
investigations revealed that the vehi-
cle was travelling east along Queens
Highway when the accident
occurred. She said the matter is
under active investigation.
Traflic police are also investigating
another accident, which took place
when an ambulance responding to
an emergency call collided with
T'he ambulance driver and an
attendant who were responding to

Tribune Freeport Reporter
d maycock~tri b unemed ia.net
FREEPORT Grand Bahama
recorded its fourth traffic fatality
early Thursday morning when a 25-
year-old male pedestrian was killed
instantly after being struck by a car at
Holmes Rock
The traffic accident occurred
around 6.40am on the Queens High-
way near the Mount Olivet Baptist
Assistant Superintendent of Police
Loretta Mackey reported that Rod-
ney Rolle of Walter. Park Dnive,
Holmes Rock, was attempting to

. e. "We have a tendency to lump all of
x the islands outside of New Providence
.or outside of Grand Bahama as 'the
Family Islands' or the 'Out Islands,' "
Ms Walkine said. "Well nobody vaca-
tions in the Family Islands or the Out
"They vacation in Long Island or
.in Abaco or in Andros and so on. So
-my job is to find a way, with your help,
to determine what is the personality
for Long Island so we can promote it
that way."
.Ms Walkine said she believes Long
Islanders have already created a rep-
utation as industrious people and excellent stew-
ards of the environment.

LONG Island is set to undergo an s~
important branding exercise, it was
announced yesterday.
Tourism Director General Vernice
Walkine said it will identify its most
special tourism characteristics and ulti-
mately lead to far better marketing of the island to visitors.
SDuring opening ceremonies for the e.. 9-
Ministry of Tourism and Aviation's IC '
Long Island office, Ms Walkine
revealed that she will schedule a series .
of meetings with Long Islanders to .
have the island properly branded. .
She said the exercise fits the min-
istry's pattern of promoting each island as a distinct
destination with its own personality.

A HOST of tourism and gov-
ernment officials witnessed the
addition of another boutique
resort to Long Island's hospital-
ity inventory yesterday.
Long Island Breeze, a four-
room resort, is the vision of part-
ners Jackie Higgins, John Lovern
and Michael McKnought-Smith
of Florida.
Through the new resort, Min-
ister of Tourism and Aviation
Neko Grant said, there are abun-
dant possibilities for improving
the Long Island economy.
He noted the effect it will have
on the Salt Pond area the loca-
tioni of the Long Island Regat-
1 r Grant said he is confident
tatl Log island reidns land
Breeze will see substantial eco
nomic benefits from the resort,
which employed 20 local car
.penters for the "all-Bahamian"
constructionlof phase one, 1
"You will get! returns on your
investment;," Mr Grailt told tie

principals. "We thank you for
the confidence that you dis-
. played in the government and
indeed the people of Long
.Island. This boutique resort is
something that we in the Min-
istry of Tourism want to encour-
age. It blends in naturally with
the environment or the commu-
nity in which it was built. These
are the things that we will con-
Itinue to promote and encourage.
You are to be commended for
leading the way."

Mr Mcknought-Smith thanked
the government and Long Island
residents for their suppottof the
He said he and his partners
will make every effort to encour-
age visitors to contribute to oth-
er local businesses, including
Aqca! ar,44ngn4g~ rest~ampty,
latmylogyskil fhe.)VietWLBavep
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ay to dr ve, a y o ad

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Man killed after being struck by car

Long Island to get special tourism brand

NOW POSOrt Will bring 'substantial economic benefits'



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DOWN~'~t Y(~i 1-*"

'We're bound by friendship'

PEACEFUL Jehovah's Witnesses speaks to Jonique Godfrey,
.1asmln and baby Tamnar yesterday as they walk through there
nlelghbourhood In Centreville.

RlhIE in NaSSau doe`S not Lrouble the Centrel ille
C commnmun llw herE' friendShip and family ties hate
bound peopFle~ fo~r g~nerations
Drugr dearlllig and gun crime in the streets Is kept out of
this part of' The Vallel~ where et~ergone: knowsj everyone,
..nd the\ Iookrl out for each other.
"it like .I Ilfrtrss." jaid 19-year-ol1d Jonique Godfrey,
whoI~ tglc up in the M~ount Rolal1 Alenuet and is surrounded
h Ii uili ,Ind triends there
'Tlls Is ;I blLg loSedI mn community.w~ithout the need for
C IIew weC re bou)Lnd by~ friendship." she said.
SI woculdn'~ want to IIle anywnhere else."

REPORTS~x andh :
Tiribunae Staff Reporter

"Tribune Staff Photoc<

) ~I I


'We feel safe to go out'

LONG-STANDING Babaa ole ach hewrd obyfo
outside/E he oueinDrhmStetCnteile
IN LEmohe-o-ix BrbraRol.5. asfieda
the= imaule woden hos Dra tre e

LOGSh ad ThereNG was a timle wnthen thee wered dgs andro

guns and stuit I~den Ithto aroulnd hter buher prorle cleaned
all thatup a fouew ea~rs g at tandis wednr aie that kined of
t-er feel so age 1 to ?1o ouind or chilrent are notha scaed t
gro~es out.d otrug h dcd
plae to aie. bTeaue etrybod Iok outn fore ehothere \rr rg and
tries an to f ke lep a oo-t or ound ee ano ther. lceceae
Als Rollu a~e h ta i al ays~ e noed c\ ook-ots on tht corner of
Montroelsae 1enue onTut. al and Fr c idr arentscand d h olias
whn eihbus al tm to Ispend a ooithtfo one another.

Sanpin Motors Ltd.


The Tribune wants to
hear from people who are
making news mn their
neighborhoods. Please
call us on 322-1986 and
share your story.

ON A MISSION: Jehovas Witness James Timothy spreads the
word of the Lord with his sisters in Durham Street, Centreville.

SPREADIN\G the good word through Centreville yes-
terday was life-long Jehovas Witness James Timno-
thy and his team.
"I find joy in doing this, and in talking to other people," the
38-year-old plumber said, as he walked through Durham
Street handing out copies of 'The Watchtower'.
"And it is important because of what Jesus said, that the
good news of the kingdom must be preached to all the peo-
ple of the world before the end of time, so we are trying to do
our bit."

0~~ '
.. .


PAGE 6, FRIDAY, APRIL 25, 2008


THE TRIBUNE is spotlighting the inner city neighborhoods of
Nassau to uncover the untold stories of the characters and personalities
who give them their unique flavoucr. This is the first in a special series...

0 Dr Hk ST I

(EN R EVILLE:welcom

'I find joy in talking to people'

Come check out our HUGE
inventarllis Pre-owed SUI's,
SO88HS, UGH, buses etc.

Thomi~psn Blvd.
Fax: 325-0883



'I came back from the dead'

Sm11Ith utheruns 9-
Chalz \\ Ildn g in
Halmptonn treet -

n hole poinm an

Ilree JLuldlcJ 110 lull
and the otr
b~ranhchs hit mi
jjuL'hler~ sl ;I, nd
smaslhed1 it right
dow~n Ithe front.
aInd hc~ri~ ~ hronehe< -
hit me to- the pat e- .
me-nt :Ind got: m'. 9
30: Islmec surches In
mi head. "
Mls Smiith wecnt
mnto cardllia areSt
Junng treatment~j ~at s i~3 .
Prlzincs Ma~rgaret
Ho~spital. and loit
ullsen o hi, al\PERCEPTIVE: Barhara Smith rulns a smooth
to7 be reCuedI bsilneSS wvith the bliessing of the Lord in
mo~me-ns latel r \ Hamptfon Street.

"I camec bsck Iromi the dead. Dude. I'm a ghost'" she

"A~n exper~ninc Ukeii that makes lou look at Iile through a
d~iffrent wilndow~.lt mlake~ met appreciate: Ille andl make mi
to~ngue talk faster'
Ms~ Smith set up the weclding~ business with he~r brother
Philliie ten !ears ago. jnd soson atter It wraS eStabliShe the
Chaz werlderj suliferedJ tw crlpphlng burgla-nes.

going strlong, as their reputation~ ipread b \ word of mouth.
Ms~ Smiith solid. Now~ the Lord has put a hedg~e around us
to c'\ r us Iromn the jdangers. I inow~ I am ble~Ssd."

She sai-lj PilPoor peopl--' lookl our fo-r each or her. And the
Hairtln pe-ople are part of the- community ss well.
11isome~ne In their co~mmunill Isr hungr! or haS no pla3cet
He c sa~\~c we ar ChriStlan nation and rhe\ are \ oodoo
people,. but In rome was~. the\! represent Chljlstiniti niore
than we do f,..

~~~;~S~S~i~3~*~*s7~X57 ;: . .

I I - -





:r:~ rs
.I r


: :::

MUSICIAN Lancelot Hudson, known as
S'Spider, is working on a tune for The Pigs
to play in this year's junkaneo parades.
The 52-year-old lead guitarist who plays calypso,
soul, reggae and jazz, grew up in The Valley and
writes junkanoo music every year.
He said: "We're all Valley Boys, and we stick
together, but The Pigs is a little group riglit around
here and I like working with them too."
After singing his latest composition to Tribune
reporters, Spider, went round to Cleso's place in
Mount Royal Avenue where he goes for regular
3am sessions-

PEANUTS: Construlct on worker Edwvard Moultrle sells peanuts to
.makte ends meet.

;"'~' -~-I ",
i .
;; 2"


Tate lMinistry of Estancation, Youtl, Sports &r Cultuee
Depeatmrent of Yoast & Sports


~ I




'~' '



For Young Bahamians 18 30 years of age

Application, ]Ehir
29th &e 30th Aprlil, 2008
9:30a.m.* 3:00p.m.
If~endal G.L. Isaacs Gymnsashm

-~ 1

. ..q

. 1

Application forms may be obtained from the following locations:
New Provfdence:
*Department of Youth & Sports, Ministry of Education,
Youth, Sports & Culture
School of Business, The College of The Bahamas
Office of the Academic Dean, Bahamas Technical
& Vocational Institute (BTVI)
Bahamas Development Bank
*Bahamas Agricultural & Industrial Corporation (BAIC)
*Bahamas Chamber of Commerce

Grand 1Bahasna:
Department of Youth & Sports Office, International Building,
*Bahamas Chamber of Commerce

EFasntly Isllands:
*Administrators' Offices


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1 I' .s al


omN E SPor Fwmal'lnatG iv~luh~isuwanT
C 'l:~(rr VJDWi A TH RANKi


t e



Working with The Pigs


Music runs deep in the family


hate been going to Cle--
so Alunnings' place In
Mount Royal Ale~nue .
to make music. pla
pool and talk relIgion
and politics for more
than 60: )ears.
Mlusice runs deep in
his family, with his first
cousins Tyrone and
Raphael M~unnings
making hlstori b\ wrilt-
ing. .Funkyv Nassau', he *
--11e: been here all my life."' he said. "I w~as rushing in the 6sls and
then I got into track and field so sports w~as my thing.
--But still I'm Intolled In the musti andl in the run-up to Christmas
The Pigs will be building their costumes andl writing music up here."
Cleso has seen the nei-ghbourhood change through the generations,
as estabbrshed famihes moved~i out and tenants, brorh Baharman and Hair-
lan mo\ ed In.
He said: --It used to be that absolutely elerynone was related. and now~
we~ hale a lot of illegal immigrants.
"'It is problematic because we don't chck together as a neighbourhood
as much the\ form a communal u thnm the commlunity, wirb thelTOr on
traditions from back home."


Driven out of construction

SpEANLIm~mn" \ e e\a ji~ u fteCnENT seller Edw~ard Mlouline wras pushed mnto "ihe
struction industry.
'The 36-yea-r-oild jlilledl labourer said wrork in the construe-
(ion industry has been dying out for Bahamians in '00r8 as
e~mplovers opt for cheap labour.
He said: "I feel hkez the constructors just wrant it all for the-m-
sel\es andl the\ hire who they want to hire. so they hire the
Hantians because the\ Mlr Mloulrne also ~ehieves Bahanuans ha~te made 11 harder on
themselles bi demandingg a salar\ without putting the w~orki m.
But the man from Culmers We;ll Is making ends meet and
enjoving~ the social interaction of hi; current trade.
He Said- "I doi eznjoy It because it keeps me related andl out ofI
trouble. And I get to meet a lot of people."


;in mr;nson iBlvl.Ok wdc Ti!d
i:. I I NE1 26-6Ui
inl ;: 326 6315


SBalance at end of year 84,983 84,983

Common shares (Note 14)
Balance at beginning of year 1,964 1,915
Issued 4 49
Balance at end of year 1,968 1,964

Total share capital 86,951 86,947

Balance at beginning of year 26,429 .21,725
Issuance of common shares 956 4,996
Stamp tax on share capital increase -(300)
Share based payments (Note 16) 258 8
Balance at end of year 27,643 26,429

Balance at beginning of year (Note 15) 10,000 10,000
Transfer from retained earnings (Note 15) 500
Balance at end of year .10,500 10,000

Balance at beginning~of year, as previously ptated ~~:~ 68,085 54,948
Adjustmentfor~deferred fee income (Note 2) -? e (8,795) (7,809)
As restated :59,290 47,13Q
Net income 48,5341 39,447
Transfer to general reserve (Note 15) (500)
Common share dividends: 26.0 cents per share
(2006: 22.7 cents) (25,573) (22,19.7)
Preference share dividends (5,949) (5,099)
Balance at end of year 75,802 59,290

TOTAL 5 1,179,17-1 $ 1,018,6413


Deposits (Notes 12, 19 and 22) $ 935,730 $ 798,394
Life assurance fund (Note 13) 16,184 13,353
Other liabilities 26,364 24,230
Total liabilities 978,278 835,977

Share capital (Note 14) 86,951 86,947
Share premium 27,643 26,429
General reserve (Note 15) .10,500 10,000
Retained earnings 75,802 59,290
Total shareholders' equity 200,896 182,666

TOTAL $ 1,179,174 $1,018,643

Ch~~ rman PrsintE


Net interest income 89,874 79,802
Loan loss provision (Note 10) (10,390) (11,758)
79,484 ~68,044
Life assurance, net (Note 13) 3,726 3,534
Fees and other income (Note 17) 10,067 8,356
Total income 93,277 79,934

General and administrative (Notes 18 and 19) 42,142 37,941
Depreciation and amortization (Note 11) 2,440 2,372
Directors' fees 161 174
Total non-interest expense 44,743 40,487

NET INCOME 48,534 39,447




PAGE 8, FRIDAY, APRIL 25, 2008

those savings on to the cus-
Earlier this week, president
of Venezuela, Hugo Chavez,
along with three other leftist
Latin American leaders
announced a $100 million
"food security fund" to miti-
gate against sharp rises in
food staples such as rice and
corn in their countries,
They blamed the price hikes
and shortages on the United
States' biofuel policy, which
sees fields being turned over
for the production of corn to
make ethanol, a gasoline sub-
stitute proposed to cut down
carbon emissions in the face
of global warming.

"This issue is really crucial
for the future of our people,
most of all to the people of
the poorest countries," said
Nicaraguan President Daniel
Ortega, according to the BBC.
Frustration over rising food
costs came to a head close to
home in early April, when
thousands of people took to
the streets in Haiti in riots
said to be a protest against the
soaring price of food staples.
At least four people were
killed and 20 wounded,
according to the BBC, and the
crisis eventually resulted in
the prime minister, Jacques
Alexis, being forced to step

Meanwhile, Mrs Swann
said: "Nothing has reached my
desk...yet. We have received
no information on a short-
Mr Burrows said the prite
of rice at City Market has
risen in line with other prod-
ucts due to factors external to
the Bahamas, including oil
costs. However, he could not
say by how much.
Mrs Swann said that Super
Value will also be raising its
prices on many products in
May but she, too, was unable
to say by what percentage.
"Prices have been rising
steadily for the past few
months because of the world

crisis," noted Mr Burrows.
However. he added that
increases at City Market have
not been "exorbitant" and the
chain is doing its bit to try to
keep costs passed on to the
consumer to a minimum, by
using a variety of Bahamian
and US-based suppliers.
"Somietimes one wholesaler
may have a special going on,
we take advantage of that,"
said Mr Burrows.
"Today we have rice on sale
- two for $5 on a five-pound
bag which is a great deal, so in
spite of what's going on we're
trying to use aggressive tac-
tics to procure better, to buy
better and be able to pass

(Expressed in Bahamian $'000s)

(Expressed in Bahamian $'000s) .

Cash and deposits with banks (Note 8)
Balances with The Central.Bank of The Bahamas (Note 8)
Investments (Note 9)
Loans receivable (Notes 10, 19, 22 and 24)
Premises and equipment (Note 11)
Other assets


$ 60,858


$ 31,380


Preference shares (Note 14)
Balance at beginning of year
issuance of Class "C", "H", "I" shares

$ 20,934

$ 84,983

$ 200.896

$ 182,666


(Expressed in Bahamian $'000s)

(Expressed in Bahamian $'000s)


$ 94,497
(2(8 032)


$ 111,996


Interest income (Notes 9 and 19)
Interest expense (Note 19)

.Interest receipts
Interest payments
Life assurance premiums received, net
Life assurance claims and expenses paid
Fees and other income received
Cash payments to employees and suppliers

$ 119,683

$ 130,391


(1 29,202)

Increase in loans receivable
Increase in deposits
Net cash from operating activities

Purchase of investments
Interest receipts and redemption of investments
Purchase of premises and equipment (Note 11)
Net cash used in investing activities

Dividends paid
Proceeds from common shares issued
Issuance of preference shares
Stamp tax paid on share capital increase
Share based payments (Note 16)
Net cash (used in) froith financing activities









.$ 93,543






$ 92,295


SHARES (thousands)

$ 42,585

$ 34,348


$ 0.35


$ 0.43

The Bank's Consolidated Financial Statements were approved by the Board of Directors on February 7, 2008. The full audited Consolidated Financial Statements including the notes which form an integral part of the Contolidated

Financial Statements are available at www.combankitd.com, from any Commonwealth Bank branch or on request from The~ Corporate Secretary, Head Office, Commonwealth Bank, PO Box SS 5541 Nassau Bahamas.

@W2008 CreaiveRelaatins.net


ported by Owen Burrows and
Debra Swann, purchasing
managers at City Market and
Super Value foodstores.
Mr Burrows said: "Business
is usual for us, we have
received no formal word from
our suppliers indicating that
there's a shortage of rice or
they can't deliver rice.
"As a matter of fact, we just
received two containers of rice
yesterday. We have another
two on the water. There's not
an issue so far as a warning
or anything sent from our sup-
pliers," he said.

FROM page one

cutting down on how much they
send abroad in order to deal
with domestic supply issues.
Alphaeus Forbes, deputy
permanent secretary in the
Ministry of Lands and Local
Government with responsibil-
ity for consumer affairs, said
that despite this, there is "no
shortage" of rice coming into
the Bahamas and the govern-
ment does not anticipate one.
"We've confirmed with one
or two wholesalers and they
haven't reported any short-
ages," said Mr Forbes.
His comments were sup-


"Fabulous at Any Age" The! Tribune & Zlohnl f~ull

~- -~ -- I




1., Tell us what makes you an Ageless Beauty (100 words or less):

2. Beauty secrets: Tell us about your defining feature and how you maintain it (100 words or less):

A. Body Beautiful:

B. Silver Fox:

C. The Athlete:

3. Life Lessons: What important life lessons have you learned that you can share with others who
want to follow your example for a healthy, active, beautiful, "ageless" life (100 words or less):


FRIDAY, APRIL 25, 2008, PAGE 9


IF yu'de ot ayouthf sirt ith the looks tomatch THE TRIBUNE ants
u!Aeyou! or your Mother, (or someone you know) always celebrated as
loodking at least ten years younger than you actually are? If so, THE TRIBUNE
wants to hear from; you. We're looking for timeless beauties 50 and over for the
launch Fabulous at A9ny Age promotion starting this Mother's Day.
There are three categories to enter:

* Body Beautiful: We're looking for women who are in top physical fr looking
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*Silver Foxes: When you walk down the street does every third person stip you
and tell yoti howb~fabulous your silver tresses look? Do your friends constantlyflask for
the secret to yotir fabulous hair? Then we're looking for you. ~
* The Athlete: %till playing on the softball team? Never miss a w~alk/lrun-a-thon or
marathon? Love to get your heart pumping with an early morning swirr?Stillhitng'
the tennis courts with your college-bound grand kids? We want to hear from you. Cut
out the official Fabulous at Any Age application form. Mail or hand deliver your \,
completed application along~ with two recent colour photos, four by six or five by
seven inches, one close-up and the other a full-length shot. You may also scall and
-e-mail application forms and images to features~tribunemedia.net. Include the
following information in the e-mail or on the back of each photo: age, birth! date,
address and phone numbers.
Photos will not b~e returned.
All. entries must be received by Mtay 2nd, 2008. Good luck.



rP ~

Age: Date of Ibirth:
Phone number Day/Evening and Cell:


Trib un e

T he


2John ~ul

~li~r~i~ I




"Ideas For Effective Solutions in My Baha ma land"

#1 800 words (fo r ages 13-5 y; ears)
"Describe what you think are the major social
problems facing The Bahamas today (for example:
the family, education and religion), and give your
suggestions for addressing them."
1': Prize $500.00
nd Priz 12 300.00
3r Prize $150,00

#2 io00 words (_for ages 16-19 yea rs)
"Briefly describe the major social issues facing
you ng Ba ha mia n ad ults today a nd give attai na ble
solutions to address them."

1st Prizg $8oo.oo or Laptop
d Pri e $ 0.00
3Rdl FfRie Gil/DllNFS

1. Typed work preferred.
2. Size12.font and double spaced.
3. Ensure pages are numbered and each page has your name,
telephone number & email address if possible.
4. Participants are requested to keep a copy of their entry in their
5. No pornography or obscenity will be judged.
6. Individuals must have knowledge of subject matter as an
Interview with the judges will be .part of the process for the
two best essays in each category.
7. Research is encouraged but your work should be in your own
words as much as possible.
8. There will be a small entry fee of :15.oo per applicationjentry.
You are encouraged to submit only one essay.

FXTFNDFD TO MA Y ~15'" 2008
ei: (242) 324-955
Email: fnmyamacraw~,gmail.com

Is seeking candidates for the position of


Responrsibilities of the job funzctiont include but are not limited to:

* Development of an annual marketing plan in conjunction with the sales
department, detailing activities to follow during the fiscal year. ..
* Manage the Marketing budget and delivery of all market related activity
within the agreed budget.
* Analyzing potential partner relationships for the company's product kines.
* Conduct market research supported by on-going visits to customers and non
* Driving solutions between department teams (Engineering, Marketing and
* Build trust, value others, drive execution, foster innovation and demonstrate
high integrity and loyalty to the brand.

Job Reauirements:

* Minimum 5 years of sales experience in the marketing industry
* Proficient in Microsoft excel, word, PowerPoint and other software systems
* Extensive experience in all aspects of developing and maintaining marketing
strategies to meet organizational obj ectives
SBachelors De ree in Business or related field

Apply in writing by hand delivery or mail to:

Human Resource Manager

Caribbean Bottling Co. (Bah.) Ltd

P.O.Boxr N-1123

Nassau, Bahamas

Or by email to.

Jfountamn-moss @cbcbahamas.com
on or before Tuesday, April 29th, 2008


PAGE 10, FRIDAY, APRIL 25, 2008

ment in this country, as there that this can im
.exists in many others, that sup- of drugs to a si
pliers have liability insurance A national d
which would enable them to pay not exist at pre
out if a consumer suffers in some be an "absolute
way from taking a product they day and age", s;
supplied. ticularly in light
"If you bear no responsibili- sophistication o
ty, then who cares (about the operations.
quality of what you sell)?" said "Anyone wh
the anonymous source. drug into the
There is also no oversight of have to show
the conditions in which suppli- came from. It
ers store drugs despite the fact have a proper

FROM page one
covering parts of Coral Harbour Road, concern was
also raised that visibility for aircraft landing and
taking off at the Lynden Pindling International Air-
port could be drastjeally reduced.
Inspector Bradley Knowles, administrator of Fire
Services, told The Tribune yesterday that firefight-
ers are working diligently to prevent the flames
from spreading to the area near Adelaide Road and
to Adelaide Village.
Mr Knowles emphasised, however, that there is no
need to evacuate people from their homes at this
"We are trying to cut it (the fire) off before it
gets there," he said.
Inspector Knowles explained that the fire started
on Tuesday and had almost died down completely by
Wednesday night when the wind suddenly picked up.
The strong winds, he said, caused are large area of
pinewood forest near the Water and Sewerage Cor-

Impact the efficacy
gnificant extent.
irug registry does
sent, but should
e necessity in this
aid Mr Lowe, par-
t of the increasing
,f counterfeit drug

to was bringing a
Bahamas would
where this drug
Should have to
drug pedigree,

he said.
Copycat medicines often have
only some or none of the "active
ingredients" that makes the real
product work in the manner in
which it is intended.
The absence of legislation
itself has a multiplier effect on
all of these concerns by attracting
more illicit traders to try to deal
with Bahamian suppliers,
claimed the anonymous insider.
One industry informer claimed
that the Bahamas is becoming a

"hotbed of diverted prescription
drugs" because of the legislative
Diverted drugs are products
which were originally intended
for use in one market but, usual-
ly by illicit means, end up being
sold in another country.

FROM page One

As a result of the articles,
several Bahamian websites
were revamped or shut
"when The Tribune did
the story about sex in
schools the nation turned
a blind eye," said the
"The government made
promises to control it and
we see how well those
promises were kept now that
we have a porn star calling
St Andrew's her alma mater
and these other kids are all
over the internet acting out."

had a watuand or a nunor ttaf

"He continued that I must be
placed under arrest and that only a
judge could 'free me'," he said.
The raid came to an end at
around 3.30am, Mr McKenzie said,
with Bahamians being ordered to
leave the property first, "followed
by other individuals."
After the raid, Mr McKenzie
claimed, he discovered that sever-
al of the fund-raiser's patrons had
been gun-butted and "walked on",
and had their cellular phones
thrown into the creek.
"The most amazing thing I
found out was that some of the
office; had consumed most of the
food and drinks that were on sale
at this event," he said.

Election Court

FROM page one
the status of his client's case at the

eBthy Siro J stic Ata Allen
and Justice Jon Isaacs seemed
amazed when he revealed this num-
Several weeks ago, both Mr
Smith and Philip Davis, Pleasant
Bridgewater's lead attorney, told
thecconucrtutdhat the cse was likl
The trial has been slowed on
numerous occasions because wit-
nesses were unable to travel from
Grand Bahama to Nassau to testify
due to bad weather.
Mr Davis was also delayed while
leading his client's case because for-
mal witnesses, such as utility com-
panies and government agencies,
did not provide all information he
requested in a timely fashion.
Since Mr Laing began his case,
the court has heard between two
and five witnesses per day.
When challenged voters come
before the court, their testimony is
usually short, as they only talk
about where they lived during the

s 3 onh periocdain tahe runu oaker

and supporters testify about the
residential status of several voters at
a time, their testimony is longer
based on the number of people they
refer to.

lenged b M Brd ew tr, ws
ofthre wit sse to testify ydes er-

Adventurer's Way which is in
Marco City -all his life.
He also fold the court that he
realized that he lost his passport in
February, 2007.
Mr Pierre reported the incident
to police and he retrieved a report
from them a day or two after the
February 23 date the report was
When Mr Pierre registered to
vote in March, 2007, he told the
court that he used a "copy" of his
passport to register to vote.
This admission, that unofficial
documentation is accepted to allow
people to register, again brings into
question practices at the Parlia-
me tary Regi traitsin department,

Court justices in the Pinewood case.
'In that matter, it was revealed
that a Jamaican, Manani Taylor,
was discovered with two Bahamian
voter's cards. He registered with
documents that did not contain
photo identification.
Taylor was deported by the
Immigration Department back to

Mr Pierre received a new pass-
port in late March or early April,
2007, but found his old passport
two weeks after he received the
new one.
Mr Pierre's sister, Sheryl Pierre,
is also being challenged by Ms
Bridgewater. He disagreed with the
suggestion that Sheryl lived in Nas-
sau from October, 2006. He said
she did not come to Nassau -where
she now lives and works -until late
January or early February. If this is
correct, Ms Pierre was resident in
Marco City for some of the six-
month period in the run-up to the
election, and she would have been
elig bleeto vote taher .nMeid
Adderley-Davis also testified yes-

a g"n ths ishd vdual and threat-
'papers' he was gonna 'muori',
which means 'die' in Creole," he
After more bullying and threats,
Mr McKenzie said he was taken
to Bacardi Road, where he was
told that his property was going to
be searched,
He said he was then told to fol-
low two unidentified officers into
the Millar's Creek office and cot-
"After both establishments had
been! thoroughly searched, the offi-
cer who carried out the search said
that he was satisfied that there was
~nothing illegal found," he said.
Mr McKenzie said it was only
after the search was concluded that
enaer hnhe offeers showed him a

dOne of the officenst hhe sad pr:
was "dropped by someone who
had paid for drugs on the proper-
ty"I found it ludicrous that some
on oul ic na e hisl/er-

name on it for selling drugs. I did
not relay my thoughts to the
'"At this point I believed all the
high-ranking officers knew that
they had made a grave mistake.
The kdidmsevealo bad h un
a clean record and an impeccable
pas'en minutes later one of the
inspectors came to me and said I



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maceutical Association's legisla-
tive committee, claimed that the
govekrnmsentei fndthe "intah
th laali which he has pers nally
beenepushing foe sinlcee 1 ion
would provide for a Pharmacy
Council which would oversee the
practice and regulation of phar-
macy and pharmaceuticals in the
Bah ms "
lnatabsence ofareluvant legis-
cern for the industry and the
public for several reasons, com-
mtpeent r s re is no require-

FROM page one

this area, the Bahamas has in
turn suffered even more greatly
from an inflow of diverted, coun-
terfeit or otherwise sub-standard
drugs, the source suggested.
Asked to respond to these
statements yesterday, Health
Minister Dr Hubert Minnis said
the government is aware of these
worries, and is at present "goin
through a Pharmaceutical Act
proposed by the industry.
was u erleto saM shn teda t
might come before parliament.
Bruce Lowe, senior pharma-
cist at Lowe's Pharmacy and
member of the Bahamas Phar-

Huge blaze

portion's wells to catch fire.
However, at press time last night, Asst Supt Wal-
ter Evans said he did not believe that the wells were
in any danger from the fire.
Mr Knowles said that fire services are now facing
the challenge of finding an access point from which
to fight the blaze.
The uninhabited bush and swamp area between
the Coral Harbour and Adelaide Roads has only
limited accessibility, and is especially hard to get to
by large fire trucks.
Mr Evans said that two fire engines are currently
stationed in the area, with headquarters keeping a
close eye on situation so that reinforcements can
be sent immediately if it becomes necessary,
He said that fire services will today attempt to get
closer` to the blaze to put it out.

ThP08tesS 10 SHO

in masks who pointed guns at us
and told us to get down. At this
stage I was petrified and feared
for my life. When one of the
masked men proceeded to place
hand-cuffs on me, I realized that
these individuals might be law
enforcement officers.
andthernen startedeto dragome
dowards te drt radon the ot

sa N. d he rpatedly asked the
men for identification, but was told '
to "shut up" or be shot as a conse-
in nM uKe smesaid ht was tdak n

clothing, some masked, were wait-
A Amiddle-aged Haitian nation-
al was also taken to this area at
the same time. We were both ter-

asked our names and nationali-

ty"The officer seemed fixed on
pressing me to see if I was Haitian
or Bahamian. The other gentle-
man was also bemng questioned
tfsoc nsah onie .tlos sp nd t
questions fired at him from sever-
al of the uniformed men.
"After finding out the individual
was a Haitian national, one of the
masked men proceeded to point

FROM page one

will to look into the incident to
determine the veracity of claims
made by the group.
"I will see what is right and
wrong and will act accordingly,"
he said.
He explained that all raids are
carried out based on intelligence
received by various departments
and that he has no reason to
believe that the information which
led to the raid on the Banana Tree
Caf6 was false.
Chairman of the Millar's Creek
Preservation Group, E Emmanuel
McKenzie, in his report on the inci-
dent, claimed one of, the officers
participating in the raid informed
.i th"nlud waas suspected that ile

sordint Mru M enz ,the
raid occurred just before midnight
on Saturday, April 19, as the
pres raton gmoupr wasost n30a
peole attended tdr ee ent.30m
and proceeded without incident
until shortly before midnight when
our function was disrupted by gun-
shots coming from the gate area.
"Thinking a robbery was taking
place I, along with everyone else,
datdfor cover cSome people
WeTO COnfrOnted by several men

Caribbean Bottling Co. (Bah.) Ltd

Bulla Reg and Tidal

Wave take early lead

Senior Sports Reporter


.. --
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car :? " :-

THE Bulla Reg and the
Tida Wave emerged as the
early leaders intheir
respective divisions of the
55th annual National
Family Island Regartt.
Sailing in the first of the
thre~e-day series races yes-
terday in Elizabeth Hir-
bour, Georgetow~n, Ex-u-
ma. the Bulia Reg, skip-
pered by hometown boy
Buzzy Riolle crossed the
finish line first ahead of
the field to the C Class.
The Sacrifice, skippered
by~ Colin Cartwright, w~s
second. followed by the
Lady; Diane. skippered by
Dawn Knowles. The Ter-
mite, skippered by Noesha
Role. was fourth and the
Golden Girl, skippered by
Mlc~tnzie. wvas fifth.
In the A Class, the Tida
Wave. skippered by
B~r~ooks Miller, won the
first race. Coming in se:-
and was the Running
Tide. skippered by' Roger
Fox with the New Coura-
geour. iklppered by
Ernmit Mlunroe, third. In
fourth wraj the Red Stnpe.
skippered by Lundy
Robinson witb the Abaco
Rage. skippered by Jeff
Gayle, rounding our the
top live.
Llp to presstime, tbe B
Clalss race was3 Still being
sailedJ The Susan Chase
had taken the mnital lead
in the race.
The race got off to a
late start as organisers had
wa3ited for Queen Brigetta
to, get a new mast. Appar-
enth~ as the boat was tak-
en oifl the barge on M~on-
da\. rhe mast broke.
Owner King Enc Gib-
rcon had to hale anorber
must brought in from New
Despite that minor set-

back. Commodore Danny
Strachan said the regatta,
which was officially
opened on Wednesday
night, is now in full swing
and everything is going
according to plan.
""We have a lot of boats
here and we have a lot of
people and we're on
schedule with our races.
Everybody is in bigh spir-
its and having a good time
down here." Strachan stat-
"The races are vers.
competitive and we: expect
to have a great series in aH
of the leases. It's the kind
of competition that we
,expected because we: have
16 boars in the B Class, 11
A Class and 32 mn the C
and D Classes."
Strachan said they had
anticipated accommodat-
ing around 60 boats and
they are right on target
whith those numbers and
because of that, he noted
that all of the boats must
have everything clicking
for them in order to win a
On Wednesday, the var-
ious Cup races were held
with the Tida Wave taking
the Prime Minister's Cup.
Bulla Reg carted off the
governor General's Cup
and the Lonesome Dove
claimed the Commodore's
Emeritus Cup.
Today, the second races
in all of the classes will be
staged. The regatta will
wrap up on Saturday
w'hen the final race in all
of the series whill take
Immediately followmg
the final race, rbe awards
ceremony and the closing
ceremony will take place
in Regatta Park in

-t *
a 1

..4ppea '~



~-c~' Lz. ~

CLASS B boats in the Governor General Cup Race Wednesday April 23rd during the 55th National
Family Island Regatta.


Three teams

off to compete

for Olympic

berth at

Penn Relays

Senior Sports Reporter

WHILE individual ath-
letes are qualifying for the
2008 Olympic Games, the
Bahamas Association of
Athletic Associations is hop-
ing that the relay teams will
also earn their berth in Bei-
jing, China in August.
This weekend, the BAAA
have sent off three teams to
compete in the Penn Relays
in Philadelphia. While the
teams don't have any specif-
ic time to achieve, they must
run one of the 16 fastest in
the world before the
BAAA's president Mike
Sands said he's confident
that as the season progresses
and more athletes start to
compete in their individual
events, he anticipates that
the relay teams will take up
their rightful spots in Bei-
"The whole idea is to try
to run as many different per-
sons as possible, but more
importantly to maintain a
cohesiveness so that they will
be ready to compete," Sands
"Our whole idea is for
them to maintain their level
of competitiveness and we
get into the top 16 in the
world. Once we can do that,
I feel that we will be as com-
petitive as we can in Bei-
Headed by coaches
Rupert Gardiner and Fritz
Grant, the teams left town
yesterday morning with the
athletes based in town or

in h mp w he ower o
joined by some of the ath-
lss:: based in the United
Sands said the coaches will
have to jiggle the line-ups
because some of the athletes
they were hoping to have
available, are not. But he
said the coaches are confi-
dent with the athletes whpm
they have to work with.
For instance, the men's
team will be without D'errick
Atkins, the world champi-
onship silver medalist, who
ran on the first men's 4 x 100(
relay team that ran the sixth
fastest time of 39.77 seconds
in Gainesville, Florida on
April 5.
However, athletes like
Adrian Griffith, Jamal
Forbes and Ravanno Fergu-
son, who ran in the Silver
Lightning Track and Field
Classic over the weekend at
the Thoms A. Robinson
Track and Field Stadium,
along with Jamial Rolle are
scheduled to compete on the
4 x team.
Among the men entered
for the 4 x 4 are Michael
Mathieu, Aaron Cleare.
Chris'Bay' Brown and Dou-
glas Lynes.
And the women's 4 xl
should comprise of Timickir
Clarke, Chandra Sturrup.
Debbie Ferguson-McKenzie
and long jumper Jackie
"We're not expecting mir--
acles," Sands pointed out
about the make-up of the
teams. "We're just trying to
make sure that the teams go,
out there and run a goo~d
time and be in a position to
be one of the top 16 terms inl
the world."
Sands, however, said the
BAAA will have a challenge
over the deadline for the top
16 teams to secure their sports
because there could be a Ilast
chance meet in Europe and
if there are teams that are
holding onto a slim chance.
they could advance.
"So we're just hoping that
our teams go out there anid
runeas fast ais the can so tslun

erer, 'e wnt Wae ro,
be one of the top 16 qualified
for the games."


rpan .



dQ~llrr*rg;; ~r-~5~
I ...,.
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.,:i k

~T~m I I

"The rebuilding
process is
arduous and.
painful Ffo fanS
t0 watch, but the
OffenSiVC li~ne is
RS gOOd a place as
RRnf Start."

The Dolphins have Ronnie
Brown. That's it, that's the list
of above average skill position
players on the depth chart, Ron-
nie Brown.
Throw in the possible ascen-
sion of Tedd Ginn Jr. and that's
one and a half.
Long will have to adequately
run block for Brown but one of
the most glaring issues on the
team remains...who will he be
pass blocking for?
Who'll be pass rushing for the
'Fins on the opposite side of the
ball, who's catching the
ball...(You get the idea, when
you go 1-16 there's a myriad of
holes to fill).
The silver lining, Pace was
there before Warner, Falillk and
TI e rebuilding process is
arduous and painful for fans to
watch, but the offensive line is
as good a place as any to start.
If the Patriots' offensive line
had not been dominated all
game maybe the Giants would-
n't have been able to pull off
.one of the greatest upsets in
Superbowl history.
Adrian Peterson's amazing
rookie season last year was
powered by one of the highest
paid and high profile offensive
lines in the game, give Ronnie
Brown the same protection and
who knows how close he comes
to a 2,000 yard season.
With Bill Parcells' track
record of building successful
team's with his "Parcell's
Guys," I guess we should be a
little comforted in his first selec-
tio nin the Dolphins' front
It's just a' bitter pill to swal-
lowing realizing that the
rebuilding effort starts at the
very bottom, at the foundation
of any franchise that no one will
give a second glance as it rises
to the top.
As a Dolphin fan I have to
believe Jake Long's shoulders
will be strong enough for the
foundation for the franchise to
stand on and build upon.
8-8, we see you, and we're on
our way.

TAKING THE- OFFENSIVE: In this October 13, 2007 file photo, Michigan offensive tackle Jake Lont] (77) and
guard Adam Kraus (57) block against Purdue during the second quarter of a college football game in Ann
Arbor, Michigan,

is c




OAKLAND, California
Associated Press

THE BIG HURT is back
in the Bay Area and it's
as if he never left.
The Oakland Athletics
agreed to terms Thursday
with designated hitter Frank
Thomas, who was released
Sunday by the Toronto Blue
Jays to become a free agent
after getting frustrated with
his lack of playing time.
Thomas was in the lineup
for the A's in their series
finale against the Minnesota
Twins, batting cleanup as the
DH. He will be the team's
new regular designated hit-
ter just as he was while a cat-
alyst in Oakland's 2006 play-
off run and AL West cham-
pionship that year.
Thomas, with his larger-
than-life personality and 6-
foot-5, 257-pound frame,
was back in the green and
gold and wearing No. 35 as
he began his second stint in
Oakland sporting that big
grin that's such a part of
hun. I
"It feels nice to be in the
batter's box," Thomas said-
"It's great to be back. It's
been crazy with the travel
and five hours' sleep. I'm
ready to' go. This is where I
want to be."
The deal came together in
a matter of hours Wednes-
day after Thomas cleared
waivers. Thmngs were final-
ized in the early evening,
and Thomas had about an
hour to get to the airport
and fly to Oakland from
Oakland will be on the
hook only for about
$337,000 a prorated share
of the $390,000 league mini-
mum -- so this move was a
bargain for general manager
Billy Beane and a club look-
ing to boost its power num-
The A's started Thurs-
day's game with nine home
runottom line, this was a
risk worth taking," Beane
said. "He looks in fantastic
shape. Obviously we had a
great year from him and he
was a great influence on the
-club. It would be foolish on
our part not to consider it."
To clear roster room, the
A's placed outfielder Travis
Buck on the 15-day disabled
list retroactive to April 19
with shin splints and trans-
ferred six-time Gold Glove
third baseman Eric Chavez
to the 60-day disabled list.


PAGE 12, FRIDAY, APRIL 25, 2008

Sports Reporter

1-16, It's done, rebuild.
How do you rebuild from a
season of virtual irrelevance
where Murphy's law became
the doctrine of the entire fran-
chise. You sit, you wait and tel
everyone 'wait 'till next year."
Well next year is here. Enter
Bill Parcells, the supposed cat-
alyst of change, a new coach, a
makeover of the entire coaching
staff, a few minor free agent
pickups and we sit and wait for
the biggest move of the off sea-
son, the Draft.
With the number one pick
you grasp the superstar, the
future face of the franchise, the
one player that is going to come
in and begin the turnaround, an
instant game changer, a la
Hillary Clinton, someone who is
ready from day one.
So who is appointed the her-
aided saviour of South Florida,
charged with creating a spark
on the squad and infusing the
city with his presence and play
on the field...an offensive line-
Someone who will never get
any yards, receptions, sacks,
tackles, interceptions or score
a touchdown will be placed into
the most pressure packed situa-
tion in all of professional sports.
It's not Jake Long's fault he's
placed in this situation.
By being the top overall
selection, Long's five-year $30
million (total package of $57.5
million) makes him the highest
paid offensive lineman in the
NFL and assured he will be
scrutinized to no end over the
next few years, especially if the
Dolphins fail to make any
movement up the ladder in the
AFC East.
The best thing about Long's
situation: The average fan will
be limited in their scrutiny and
won't be able to tell how big of
an impact he's having on the
field (unless he's really bad),
because he's an offensive line-

sitati or: The ovrg fa n w1s
be limited in their sc utiny and
won't be able to tell how big of
an impact he's having on the
field (even if he's really good),
because he's an offensive line-
Long is just the fifth lineman
in league history to be chosen
number one overall, and the
first since the Rams took Orlan-
do Pace with the top pick in
When the Rams won the
Superbowl thi-ee year's later
they were known as "the great

PRIESS-ING CONCERNS: Michigan tackle Jake Long answers ques-
tions during a media availability session before the NFL Draft luncheon,
Thursday, April 24, 2008 in New York.

Dolphins made the right pick, it
was a situation where you take
the safe pick (Long) or the pick
with the higher ceihing (Vernon
Gholston, Chris Long).
For instance, Pace was heads
and shoulders above the other
members of his draft class.
In 1997 the debate was
between he and two pass rush-
ers, another defensive kineman
(Darrell Russell), linebacker-

est show on turf."
Kurt Warner was the MVP
media darling, Marshall Faulk
was the do-it-all team leader,
Torry Holt, Issac Bruce, Az-
Hakim were the speedsters on
the outside that got most of the
credit, while Pace was a foot-
By no means am I tinder-
scoring the importance of offen-
sive hineman, I think the


The Long way back

o0 rthe Dolphins

CATALYST: Bill Parcells, the Miami
Dolphins new executive vice pres-
ident of football operations.

defensive end hybrid (Peter
Pace turned out to be select-
ed to seven consecutive Pro-
Bowls and was a six-time All-
Pro, it just so happened that the
pieces surrounding him were
some of the best at their respec-
tive positions.
Offensive lineman have
always proven to be viable play-
ers worthy of top selections


-IPI1 :- T
MUNICH player Luca Toni, right, and Dortmund player Christian Woerns, left, challenge for the ball before
Toni shoots the third goal for Munich during the German first division Bundesliga soccer match between
FC Bayern Munich and Borussia Dortmund in Munich, southern Germany, on Sunday, April 13, 2008.

"I didn't realize it, I didn't
even know it," Bryant said
when told about his scoring
spree. "We were just getting
into a rhythm, getting into a
groove. It feels like when you
get hot, the ball just finds you."
In other NBA playoff action
Wednesday night, the Boston
Celtics beat the Atlanta Hawks
96-77 to take a 2-0 lead in their
series, and the Detroit Pistons
topped Philadelphia 105-88 to
even that series 1-1.
The Lakers led 89-79 entering
the fourth quarter. The Nuggets
drew within five points three
times before a three-point play
by Bryant with 6:41 remaining
made it 101-93.
That was only the beginning.
Two free throws by Bryant
in a span of two seconds after
-technical fouls against J.R.
Smith and Iverson made it 105-
94 with 5:37 left, and Bryant
added a 3-pointer 18 seconds
later to extend the Los Angeles
lead to 14

"Thme o Irllhe made was the
big play," Nuggets coach

The Official Sanctioning of the
B 'tis hC Ioneth

.t~j; __~Ptci~


FRIDAY, APRIL 25, 2008, PAGE 13


Associated Press

one more stop on his
nomadic coaching career.
Brown resigned as
Philadelphia's executive vice
president Thursday with the
intent to pursue a coaching
job at the NBA or college
Brown has been a winner
at almost every team from
the ABA to the NBA to the
college ranks, yet hasn't

"He has the taste of coach-
ing back in his mouth," said
Brown's agent, Joe Glass. "It
would be refreshing to have
a situation going that he
could enjoy, rather than the
last one, to say the least."
Glass said Brown, who
won an NBA title with
Detroit and a college title
with Kansas, would not rule
out returning to either ley-
Brown rejoined the Sixers
last season as consultant and
was hired in January 2007 as
a VP more than three years
after he quit his coaching job
toettarkoeitthe shame Imsition mn
Brown resigned as coach of
the 76ers in 2003 after six
often-turbulent seasons in
which he helped rebuild a
struggling franchise.
The Hall of Fame coach
had a contentious relation-
ship with Allen Iverson, but
the two worked together
despite several disputes, and
reached the NBA finals in
2001. They lost in five games
to the Lakers.
"Larry was born to coach
and this is something he and
I talked about when I took
the job here back in Decem-
ber, spo.il comes as no sur-
p~riet m~t' na~ president

Gazprom, knocked out Bay-
ern's Bundesliga nival, Bayer
Leverkusen, in the quarterfi-
"We will get our chances in
the second leg because Zeit
likes to attack," Bayern coach
Ottmar Hitzfeld said. "Then
we have to convert them."
Bayern has already won the
German Cup and is on target
to win the Bundesliga.
Having lost eight players to

title, the club has already
clinched the Scottish League
Cup and reached the Scottish
Cup final.
"We go away from home
with confidence,.knowing we
can get goals away froni.
home," Rangers coach Wal-
ter Smith said.
"We were up against a brick
wall," Fiorentina coach Cesare
Prandelli added. "The match
is still open, but it could end
up going to penalties. Rangers
may have won their games
away from home this season,
but there's always a first time
fo evrth g"
oh F or a tna game was a-
rematch of the first European
Cup Winners' Cup. Fiorentmna
won it 4-1 on aggregate after a
two-legged final in 1961.
Rangers won the same com-
petition mn 1972 for their only
European title.
Fiorentina reached the 1990
UEFA Cup final', losing to
Rangers, who played their
17th European game on
Thursday, have not conceded
a ~goal in U'EFA Cup play this
season. The club dropped
down from the Champions
League after the group stage.
The UEFA Cup final is on
May 14 at the City of Man-
chester Stadium in northern

LONDON, England
Associated Press

BAYERN Munich was held
to a 1-1 tie at home by Zenit
St. Petersburg, and Rangers
drew 0-0 with Fiorentina in
the opening legs of the UEFA
Cup on Thursday.
~"Bayern, the four-time Euro-
pean champion playing in the
UEFA Cup for the first time

Bayern defender Lucio
headed the ball into the net
while trying to clear a shot
from Victor Fayzulin in the
60th minute.
"Making up a goal is diffi-
cult but possible," Bayern for-
'ward Lukas Podolski said. "If
.not for that ~stupid goal we
allowed, we might have scored
.a second "
Franel Ribery had given
Bayern the lead in the 18th
minute, scoring on a rebound
after his initial penalty kick
was blocked by goalkeeper
V acheslay Malafeev. The

d teder Fe ndo ck e
fouled Ze Roberto with a
raised leg.
Zenit nearly scored in the
83rd when Fayzulin's shot
bounced off substitute goal-
keeper Michael Rensing and
then off Lucio. The ball was
going into the net until Ze
~Roberto dived to clear on the
For Bayern, Lucio's power-
.ful 79th-minute shot was
,tipped over the crossbar by
Malafeev, while striker Podol-
ski had an injury-time shot
that just missedithe post.
Ricksen's yellow card from
'the penalty will suspended
him for next week's second
leg in St. Petersburg. Zenat,
which is owned by gas giant

r.. i


RANGERS' Jean-Claude Darcheville reacts after being fouled during their UJEFA Cup semi final first leg '
soccer match at lbrox Stadium, Glasgow, Scotland, Thursday April 24, 2008.

Mo AglsL California

IT doesn't pay to make Kobe
13ryant angry.
Kenyon Martin and the Den-
ver Nuggets learned that lesson
in Game 2 of their first-round
playoff series against the Los
Angeles Lakers.
Bryant scored 19 points in a -
span of 4:19 of the fourth quar-
ter Wednesday night, and the
L~akers beat the Nuggets 122-
107 to take a 2-0 lead in their
birst-round playoff series.
SGames 3and will be inDen-
ver 6n Saturday and Monday
Bryant finished with 49 points
alnd 10 assists one shy of his
.career playoff high in both cat-
There was some trash talking
between Bryant and Martin,
Denver's 6-foot-9 forward who
had the assignment of guarding
the Lakers' star in the first two
"He's one of those players
that you don't really want to
make mad," teammate Lamar
Odom said. "He can make shots
from anywhere with people on
him. I was surprised (Martin was
talking at him). You never want
to wake a sleeping giant. He can
hit shots on anybody, on a num-
ber of defenders anywhere on
the floor.
"Talking to him is a surprise
to me, but guys are competitors
too, so sometimes you get
caught up in it. Kobe was defi-
mitely coming out to prove a
Bryant shot just 9-for-26 in
scoring 32 points mn Game 1. He
went 18-for-27 mn Game 2.
"Tonight, the way he was
going, we probably could have
put 10 people on the court and
probably wouldn't have been
able to stop him," said Nuggets
star Allen Iverson, who wasn't
bad himself, getting 31 points
and six assists.

tht kid ao enddteg

er ran us out of gas. The major-
ity of his jump shots that he
made tonight are somewhat
Bryant kept it going before
his hot spell ended with 2:22 left
when he made a three-point
play, giving the Lakers a 120-
101 lead. He came out for good
20 seconds later to a loud ova-
tion and chants of "MVP,
MVP" from the capacity crowd
of 18,997 at Staples Center.
Bryant was replaced by Coby
Karl, the son of the Denver
coach. It was the first time in
NBA playoff history that a
father has coached against his
Regarding the trash talk,
Bryant said: "I say it is an added
challenge where there is a lot of
talking going on. It's fun and I
sure enjoyed it, and I think my
teammates enjoy it. It's some-
thing that we all feed off of."
Martin said he was glad the
Nuggets are headed home.
"We played well at home all
season, so it's comfortable for
us," he said. "We need to win."
As far as Bryant is concerned,
Martmn said: "You just make it as
tough as possible and contest his
shot. If he makes it, he makes
it, and if he misses, he misses,
They went in tonight for him."
Pau Gasol added 18 points
and 10 rebounds and Luke Wal-
ton scored 18 points for the
Lakers. Odom, hampered by
foul trouble throughout the sec-
ond half, was held to four
points, four rebounds and six
assists, but in the end it didn't
Carmelo Anthonyi added 23
points, J.R. Smith had a career
playoff high with 21 and Marcus
Camby had 17 rebounds and
four blocked shots for Denver.
Martin, who fouled out with
5:47 remaining, scored 10



i .


~siIrrs dl'il i .


~ r


B,-x;,k:~dir.. 5

Double draws at UEFA Cup i"'[' LaryBOwrSWHn a

h d 1ti I rr .. I 78ors VP

Bayern. e to

Rangers go scoreless

Trash-talking sparks

Bryant to 49-point

game as Lakers win






Astres to 5-3

WIR OVer Rolls

Associated Press

his 18th homer at Great
American Ball Park the
most by any visiting player
- and drove in three runs
Thursday, leading the Hous-
ton Astros to their fifth.
straight win, 5-3 over the
Cincinnati Reds.
Berkman had a two-run
homer and a run-scoring
double off rookie Johnny
Cueto (1-2), whose 96 mph
fastball wasn't enough to
slow the Astros' surging
offense or get the Reds out
of their slump.
The Astros haven't done
this well in a whole year.
Houston's last five-game
winning streak was April 16-
20 last season. Its offense
has led the way, scoring 41
runs during the streak. Even
right-hander Jack Cassel (1-
0) got involved, adding a
run-scoring single for his
first career RBI.
Cueto, a 22-year-old right-
hander facing the Astros for
the first time, learned what
every other Cincinnati pitch-
er already knew: No one
causes the Reds as much
heartache as Berkman.

Reds than any other team.
Hardly a series against
Cincinnati goes by when he
dos' deciea : gm ih a
Berkman hit a two-run
homer in the first inning, his
sixth of the season. Berk-
man's two-out, run-scoring
double in the fifth made it 5-
3. He later singled for his
third hit of the game, raising
his career batting average at
Great American to .360.
Cueto gave up eight hits
- the most in any of his five
starts and five runs in sev-

ense 1%alled up from
Triple-A to make his first
start of the season, gave up
three runs and seven hits
over five-plus innings
against a lineup struggling to
find its stride. Jose Valverde
pitched a perfect ninth for
his third save in six chances.
The loss completed a jolt-
ing 2-5 home stand for the
Reds, who at 9-14 are off to
their worst start in five
years. They fired general
manager Wayne Krivsky on
Wednesday, then lost their
next two under replacement
Walt Jocketty.
Cincinnati has dropped 10
of its last 13 overall, falling
into last place in the NL
Houston has been particu-
larly tough on Cincinnati,
winning its last six games
against the Reds from the
end of last season. The
Astros have gone 10-1 at
Great American over the
last two seasons.
Ken Griffey Jr. had a run-
scoring single off Cassel, but
remained at 597 career
homne sn The Re s pSIy their
Francisco, St. Louis and
At anta. Griffed's5 20h,

homers came in road games.

*Houston's Hunter Pence
extended his hitting streak to
seven games (13-for-26).

*Pittsburgh's Jason Bay
has the second-most homers
by a visitor at Great American
- 13. The ballpark opened in

*Berkman's homer was his
1,300th career hit. He's the
seven player in Astros history
to reach the mark.

*Cassel's RBI was the first
by an Astros pitcher this sea-


Ci0 Xdn 3 d hin ncarna-
streak to a career-high 14

-p' On-the-spot financing
Price includes rustproofing, licensing and inspection to birthday, full tank of fuel,
24,000 miles/24 months warranty and emergency roadside assistance


PAGE 14, FRIDAY, APRIL 25, 2008

J11' .

S~: ''- '~



i-- ~"


a '





n B

subject of trade rumors all off-
season, even though Parcells last
month said Taylor would not be
Sparano, clearly an optimist,
sees a silver living mn the thin
roster he inherited. Draff dect-
sions are simpler because so
many positions need an upgrade,
he slmakes it a little bit easier
for us,") Sparano says. "We have
so many needs right now,
depending on which way the
wind blows in the draft and
where we feel like we should go,
we're not landlocked into one
thing. We don't have to have
one player particularly."
For the second year in a row,
Miami nught use a first-day pick
on a quarterback. In 2007 the
Dolphmns selected John Beck in
the second round the highest
they had taken a QB since Dan
Marino in 1983. .
Beck and recently acquired
veteran Josh McCown are the
top quarterbacks on the roster.
"We haven't played any
games since I got here, so I
haven't really seen these guys,"
Ireland says. "The bullets
haven't been flying. We brought
in a good veteran to compete
for the job. They drafted a kid
last year, Beck, who I've seen
"There is a comfort level
there, but anything can happen
mn the draft.
One possible choice is Long's
college teammate, Chad Henne,
ro ected as a second-round
"He's a great quarterback, a
gr t la sr,aand heda lo of

sa eland estimates that nearly
a dozen rookie quarterbacks
will make NFL rosters this sea-
Doson.a schoul snocdeealn
second-day pick who threw for
43 touchdowns with only one
interception last season.
The Dolphins can focus on
such lesser prospects now that
their No. 1 pick has been select-
ed and signed.
"It is absolutely an advantage,
because now we can work on
what we are doing at No. 32 and
what we are doing mn regard to
any trades," Ireland says. "We
don't have to worry about any-
thing else other than what we
are doing from the second pick
Long will watch it unfold
fromdNew Yok w erof he
uncertainty the other top
prospects face.


' |


i9"ii a~7~


d *I$.:


I `

MICHIGAN tackle Jake Long, left, looks ort as Miami Dolphins general manager Jeff Ireland speaks to the media Tuesday, April 22, 2008 during a news conference an
Long as the No. 1 overall pick in the NFL football draft by the Dolphins at the team's training facility in Davie, Fla.

Plenty of ho es remain

on Dolp ins roster

Associated Press

DESPITE being the top pick
in the NFL draft, Jake Long has
He's n" "uhio gan tackler,
he's too big for cornerback and
"stich '"so rM he Ma Dl
phins still need a lot of help in
the draft.
Long, a 315-pound tackle
from Michigan, signed a five_
year contract with $30 million
guaranteed and worth up to
$57.75 million Tuesday with
Miami and will be the first pick.
That takes the national spotlight
off the Dolphins on Saturday,
but they still face plenty of deci-
sions that will help determine
how quickly the new regime led
by Bill Parcells can rebuild after
last year's 1-15 fiasco.
"When you are 1-15, you have
a bunch of needs," coach Tony
Sparano says. "We're going to
try to fill as many holes as we
possibly can. We need lineback_
ers, we need secondary players,
we need receivers, we need line-
men. We need a bunch of things
right now "
General manager Jeff Ireland
lists the core positions in the
NFL as quarterback, left tack-
le, pressure defender, nose tack-
le, cornerback and No. 1 receive
er"We don't have a whole lot
of those core positions right now,
to be honest with you," Ireland

Ireland and Parcells say they
w& tt to Irel through hthe
Long, they have nine picks and
four of the first 64.
The Dolphins' No. 2 selection
starts the second round and is
No. 32 overall the pick usual-
ly taken by the Super Bowl
champions. Miami moved up
one spot when New England
was stripped of its first-round
choice because of the Spygate

scTnhdeDolphins signed Long
after unsuccessfully shopping
their No. 1 pick for multiple low-
er picks. But while they wanted
to trade down in the first round,
Ireland says trading up with the
second pick is a possibility.
"It is something that will be
explored," he says. "It will
depend if the right player is
there, whether we move back
up in there and go after the play-
erSuch deal might include the
Dolphins' dancing defensive end,
Jason Taylor. He has been the

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FRIDAY, APRIL 25, 2008, PAGE 15


i~MANDARA Spa at Atlantis
iS joining its Steiner Leisure affil-
iates around the world to cele-
brate Earth Day by donating
f~nds to plant trees,
'"This is the year of the green
movement and we are pleased to
do our part by supporting the
Arbor Day Foundation, con-
tributing to the goal of planting
10,000 trees," said Youlanda
Deveaux, regional vice' president
for the Bahamas and Caribbean
for Mandara Spa (Bahamas) Ltd.
"Arbor Day coincides with
International Earth Day, April
22, but because we want to
encourage everyone in the
Bahamas to support this impor-
tant campaign, we are extending
the invitation to book a massage
and help plant a tree through Sat-
urday, April 26."
She said the four-day boost for
the environment organised under
the banner Steiner Evergreen
Earth Drive (SEED) isan exten-
sion of the spa industry's support
of environmental measures.
"A healthy body resonates with
vitality just as a healthy
environment does," said Ms
"The fewer the pollutants, the
better our health, our ability to
function, think, perform arid heal.
That's why we are so careful with
what we use in our treatments,

prelude to
'Taking of
the Waters'
offers warm
and cold
plunge pools
as well as
steam and
sauna rooms
in both the
women and
vate lounge

is very important for us to main-
tain a healthy environment from
which we can draw those prod-
ucts that help us nurture our
As part of Steiner Leisure,
which recently opened its newest
Elemis Spa at Loew's Miami
Beach Hotel, award-winning
Mandara Spa was credited with
joining the green campaign.
"Steiner Leisure Limited's
commtment to planting trees will
benefit this and future genera-
tions. Their pledge to environ-
mental stewardship is admirable
and should be emulated by other
businesses," said Kevin Sander,
director of corporate partnerships
for the Arbor Day Foundation.

taking advantage of indigenous
"In our Elemis exotic frangi-
pani body nourish wrap, for
instance, we use coconut and
frangipani flowers, soaked togeth-
er to produce a Monoi poured
over the body before the guest is
wrapped, cocooned in either a
nourishing foil wrap or a unique
dry float. In other treatments, we
use lime or ginger scrub or
derivates of what we find in
nature. Treatments are Euro-
pean-developed and the setting
is Balinese-inspired, but many of
the products we use are natural to
the Bahamas or other tropical
islands and so while it sounds
exotic, the practical side is that it



On your achievement as student of
the year 2008 at Nassau Christian

.Aactaeda athde 3rth AnurrantBah as
IOutstanding Students Foundation
(under the Distinguished Patronage ,
Of His Excellency, The Hon. Authur
..D. Hanna, Governor General of The
.I Bahamas.) Also for being a nominee
; in The Bahamas 2008 Primary School `
~IAwards Program. r

I ;~~~~John we are truly proud of your out-
standing achievements over the years,
:~:::both in academics and sports. Please
continue to do your endeavours.
In everything you do, put God first.

Y Karen .Gates, grarndmothser, apts, :
~ iB uncles, cousins,,godpaiisnld
your teachers. .' .

1Mandara Spa donates funds

to plant trees for Earth Day

April 26th, 2008

Poop Deck Sandyport



50 0

U 0

sB~t L


_I _'



I~me~ ~~c~r;nxYcrl,~l


PAGE 16, FRIDAY, APRIL 25, 2008

Employees of Bimini Bay Resort took the
streets yesterday for a clean-up effort to cele-
brate Earth Day.
Earth Day is an annual global initiative
designed to inspire awareness and apprecia-
tion of the Earth's environment.
Bimini Bay staff members collected road-
side litter along King's Highway. By the end of
their clean-up effort, the crew filled an entire
flatbed truck with bags of garbage including
discarded tires, vehicle batteries, empty and
rusted propane tanks, shoes and other waste.
"Our employees, many of whom are life-
long residents of Bimini, take great pride in the
beauty of the local landscape," said Genevieve
Bullard, director of human resources. "This
clean-up effort was a chance for them to show
their pride out in their community. They are to
be commended for their commitment, and we
hope to continue these types of efforts well
beyond Earth Day."
Previous clean-up efforts by the~ resort staff
have led to the removal of an abandoned barge
and more than 50 junked cars.

STUDENTS from the Greenmount Primary Schoo look at dolls
representing the various stages of the history of the jurnkanoo

Woodside of
Barabbas and
the Tribe (left)
and Frank
"Laing" Wal-
lace of the
Saxons Super-
stars give a
short demon-

2007 FORD
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Special additional
factory rebate $1,500
Whlile isupplies last

offer valid until March 31, 2008
Limited Supplies Available


the best tirne to get
new Ford vehicle.

Fal~algarl Fluenclal Senrices Subsidiaries
Sign up for a Brokerage Account, invest in Mutual
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Bimini Bay Resort

celebrates Earth Day

for a better life

2008 F0W --D
sur)RT ma~c s41,500"0
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for a better. life


Tribune Business Editor
THE Bahamas National
Trust (BNT) has joined Aba-
conians in expressing concern
about, the potential environ-
mental impact a proposed $1.7
billion resort project will have
on the Abaco National Park,
noting that the developers had
already carried out road clear-
ing without permission.
The South Abaco Land
Development project, the brain-
child of Atlanta-based 'Valen-
cia Capital Group, received
approval from the National
Economic Council (NEC) -
really the Cabinet on July 26,
2007, according to documents
tabled in the Hlouse of Assem-
bly on Wednesday by. Carl
Bethel, minister of education,
youth and Sports.
SThe Tribune revealed the
project's existence earlier this
year, but it is difficult to deter-
mine from the documents
tabled by Mr Bethel the nature
of the approvals and permits
received by Valencia Capital
Group, the stage the project has
reached, and whether the NEC
inay just have given 'an
approval in principle'.
The project is looking at three
separate resort developments.
The first, located on 330 acres at
Conch Sound Point, is eyeing
construction of a 250-room
hotel, 645 estate home, villa and
condo units on 130 acres, and
nature trails, an equestrian cen-
tre and sports centre. Some 147
acres will be left as open space*
The~ High Bank property, sit-
uated on 400 acres, aims to
develop 144 of those into 354

coaRoun~'oN unrrro~ll



FRIDA Y, APRIL 2 5, 2 00 8

~iLY It



IDB says urban planning driven by major
investment projects, their incentives and
iSSues, rather than. needs of wider Bahamian
Expresses concern about BEST's lack of
'technical capacity' to review and monitor
major developmentS
'Strategic.master plan' for urban planning
'CTUCial for the Bahamas future'

interests of the wider Bahamian
"Large scale development
remains driven by concessions,
as planning is done along the
lines of development projects,
concessions and policies, rather
than based on a comprehensive,
community-based national
development plan focused on
sustainable growth and urban
development," the IDB warned.
"In this regard, the develop-
ment of a strategic master plan
that takes into account all future
urban developments in terms
of timelines, levels and rates of
development, public sector
reforms, human and technical
support and training, and pri-
vate sector partnerships, is cru-
cial for the future of the
Acknowledging that the
Bahamas' island nature and dis-
persed population meant that
it was difficult for this nation to
"benefit from economies of
scale in terms of infrastructure

capacity" in the Family Islands.
the IDB nevertheless said sig-
nificant investment in this areal
was required to support resort
development in these areas.
On the road improvement
project itself, the IDB said that
public transport on New Provi-
dence was "underused", with
85 per cent of the population
commuting to work by car.
Congestion on the island's roads
was further swelled by the daily
arrival of four to six cruise ships
in downtown Nassau.
Examining eastern New
Providence, the report added:
"High traffic volumes produce
severe congestion that causes
high costs to road users and the
environment. During the
7.30am to 9.30am peak, traffic
moves at average speeds esti-
mated at less than one ~quarter
of normal speed......
"The capacity of the [road]

SEE page 9B

Tribune Business Editor

URBAN planning in the
Bahamas is too dominated by
major investment project con-
siderations, and undermined by
"limited political will", the
Inter-American Development
Bank (IDB) charged yesterday,
warning that a strategic master
plan to cover all development in
urban areas was "crucial for the
future of the Bahamas".
In a report on the environ-
mental and social impact of the
proposed New Providence
Road Improvement Project, the
IDB said Bahamnas Env~iron-
ment, Science and Technology
best.) Commission personnel
lacked the technical expertise
to assess, approve and monitor
major investment projects and
their Environmental Manage-
ment Plans (EMPs).
And, to further alarm etivi-
ronmentalists and Bahamians
already concerned about the

impact large-scale development
is having on this nation's envi-
ronment and society, and the
'Government's ability to moni-
tor and enforce regulations, the
IDB said it was "critical" for
BEST and this nation that a
slew of environmental laws and
regulations some of which.
have been on the drafting books
since the early part of this
decade were passed into
In an implicit criticism of thie

urban planning approach adopt-
ed by successive 'administra-
tions, the IDB said: "Lack of
planning, restricted human and
technical resources, and a limi-
itedd political will are all con
tributory factors to the ad-hoc
state or urban development that
exists in the Bahamas."
It added that planning con-
siderationss appeared to be dom-
inated by the interests and con-
cerns of major resort and invest-
ment projects, rather than the

Tribune Business Editor

THE Goevernment has been urged to
extend tenow-expired First Schedule
in the Employment Act, which permits
the use of child workers in certain job
categories, until December 2009, The Tri-
bune was told yesterday.
Brian Nutt, the Bahamas Employers
Confederation's (BECon) president, said
the TRIFOR committee comprising
employer and trade union representa-
tives had recommended to the Govern-
ment, through the minister of labour and
maritime affairs, that it extend the First
Schedule to that date to give them time to
consult with the wider Bahamian public.
The committee had discussed the rec-
ommendation at a meeting yesterday
morning, and Mr Nutt said: "The recom-
mendation has been made by the TRI-
nO tCromfie randdsulnni ted to th

[Dion Foulkes].
"As far as the First Schedule of the
Employment Act goes, the TRIFOR
Committee has recommended that the
Government extend it to December
The main concern over the First Sched-
ule in the Employment Act is that it
expired on January 1, 2007, and has not
been renewed, meaning all businesses
currently employing child workers are in
effect doing so illegally.
The Employment Act, to which the
First Schedule is attached, came inito
effect on January 1, 2002, with the provi-
so that the latter would only last for five
It sets out the job categories child
workers can be employed in, namely
hired by food stores as packing boys and
girls, and work as gift wrappers, peanut

SEE page 4B

Business -Editor
Bahamnas permanent res-
ident yesterday told The
Tribune he felt "vindicat-
ed" after a 13-year legal
battle ended when a
Texcas judge acquitted
him of allegations he had
attempted to bribe a
senior ~Texas prison offi-
cial to secure a contract
for his company.
Speaking just two days
after D~istrict Court judge Lynn Hughes
found him not guilty after a trial lasting
around two hours, Canadian business-
ani haenk Baf esrai hishlega tbsattaes

exacted "a hell of a toll
physically and financial"
ly", costing himself and his
""Tblisiness interests aboutot
a quarter of a billion dol-
Mr Barry, an Old Fort
Bay resident who is a per-
sonal friend of Muham-
mad Ali, the legendary
heavyweight boxer, and
major donor to the
Bahamas Red Cross, told
The Tribune that he had
hired several leading
investigative agencies to
dig into the background
of the allegations made
against him and events that happened
during the trial.
Indicating that he and his company,
SIEE: page 4B

beachfront villas, 153 resort
town homes, a 130-room bou-
tique hotel and 208 condo units.
SThen, the 600-acre Lantern
.Head property will develop 277
acres irito 50 villas and 25 resi-
dential units, with the remaining
land preserved in its natural
In a statement released by the
B'ahamas National Trust, it said
it was "aware that there is a
great deal of concern within the
Abaco community regarding
the proposed development for
SEE page 9B

0- expert investments advice
O multiple fund prptions
C0 Potentially flighiretr ftTS
II3al Of the above


.MOody's also
notes three

years of tourist
arrival declines

Tribune Business .
A MAJOR Wall Street
credit rating agency has
expressed concerns abou}
"slippage" mn the Baharitas
fiscal position, with the 907-
2008 first half fiscal dfct of
$98 million close to the full-
year $125 million pro section.
In its latest credit bpimon
on the Bahamas' sovereign
rating, Moody's also
expressed concern about 2007
being the third successive
year in which tourist arrival
numbers fell, although this
was counter-balanced by
increases in per capital spend-
gThe Wall Street credit rat-
ing abgencyssaid: "sh fs al
mainly due to lower revenues.
The central government
deficit in the first half of the
2007-2008 fiscal year was $98
million, compared to a bud-
geted deficit of $125 million
for the full year.
"Last year marked the
third ~consecutive year of
falling. numbers of tourists,
year-on-year, but that was
partially compensated by
higher tourist spending."
SWhile Moody's gave no
Indication that it was looking
at revising its outlook' for the
Bahamnas and its economy, or
to downgrade its sovereign
credit rating, the rating
agency certainly appears to
be concerned at the fiscal sit-
uation a key factor in its cal-
SIEE page 9B

'Limited. political wiHl'

undermines planning

Extend child labour clause to

end-2009, Gover~nment is urged


$1.7bn project



Deau's Shippmg Company has an umed~-
al cchamg for an expeneced Mamtecnance
mhe mmrda'ef rbod have clleasth* year
experience. Successdu candadale must be self
moravated, possess a strong work etinc. expen-
car with icssel engines. Mtraco bead, and trailer

Dian S~t~ I ompany
P.O. BoEE-17318
lUs.,s...3ss66w2, ass-ma

Established Bahaeia e Raentain construction,

Is looking to hire an energetic and ambitious Bahamian person as


Salary plus incentive scheme. Also possible share
purchase option. Reply in writing with resume
"LMANAGER"~, P.O. Ieox CBr11541

is Offering 8 4 year Tilition scholarship for a student to
attend The College Of file Ballamas

Applicants must:-

Be graduating from High School in June 2008

Write an essay of maximum 350 words describing the positive effects of the
Banking industry on the Bahamian economy
Have a minimum cumulative 3.0 GPA
Be involved in academic, campus and community activities.
Be willing to work part-time and during the summer at The Private Trust
Corporation Limited
Demonstrate leadership and interpersonal skills
Obtain recommendation by a Principal or a member of the school's
Business Faculty

8 Please request an application package from infoiitprivatetrustco.com
8 Deadline for receipt of applications is l6'b May 2008.

lame not lat ive P~ware nw Corperatn Limied emrksen~srriih o rejccltanyo1ronappication. necisions

Extensive knowledge and experience in sugar and
chocolate work, pastillage showpieces and must
be capable of preparing dessert, plated and buffet
presentations. Culinary degree from an accredited
Institution preferred.

We offer exceptional pay and benefits.
Qualified applicants should submit their resumes in writing no later than May 15, 2008 to:
The Westin and Sheraton Grand Bahama Island Our Lucaya Resort
Attn: Human Resources
P.O. Box F-42500
Freeport, Grand Bahama


greater shopper satisfaction
because of the improved store
shelf replenishing efficiencies.
It is our hope that this
improvement will translate
mnto a cost savings for the com-
pany that will be passed on to
the consumer."
Bahamas Supermarkets
added that as a result of its
investment mn inventory con-
trol and scanning hardware
and software, it had been able
to identify financial irregular-
ities at some store locations.
Over the past several days,
several arrests have been
made by the police and inves-
tigations are continuing.

"We recognize that the vast
majority of our employees are
hardworking and honest.
Many of them have been with
the company for decades and
we appreciate their loyalty, so
we do not want these rare
instances to reflect on our
staff as a whole," said Mr
"We are extremely appre-
ciative, too, of the coopera-
tion of law enforcement in this
investigation. The discovery
of these irregularities would
Shave been extremely difficult
to trace prior to the installa-
tion of this new sophisticated

BAHAMAS Supermarkets,
Owner of the 12 City Markets
STOreS On NeW PTOvidence,
said its $4 million investment
in retail information technol-
Ogy (IT) systems was already
paying dividends in combat-
Ing internal theft and shrink-
age with several employees
aTTOSted and brought before
the courts this week.
The two-year investment

programme was completed
less than one month ago, and
the supermarket chain
believes it is already playing
its part in curbing food price
increases caused by internal
and employee theft.
"All our stores in New Prov-
idence and Grand Bahama
have been upgraded to the lat-
est retail scanning devices, and
the company is experiencing
a scanning success rate of 98
per cent of items on the shelf,"
said Stephen Boyle, chief
operations officer.
"These sophisticated new
systems, now directly linked
to sales information, also bring

)I~ )c~~llZII'HICc~l~l~~)~) I1I11III:

I NEW YORK, New York
Wall Street rallied Thursday
after the government's jobless
claims data and Ford Motor

Co.'s first-quarter results helped
reinject some optimism about
the economy into the market,
according to the Associated
The Dow Jones industrial
rose more than 80 points as
investors focused on the Labor
Department data showing
weekly unemployment claims
dropped and on Ford's
stronger-than-expected earn-
ings. The news allowed
investors to look past the Com-
merce Department's report that

new home sales fell in March
to the lowest level in more than
16 years, a sign that the housing
slump isn't close to an end.
Investors were also able to
set aside any concerns about
another drop in factory oi'rders
for big-ticket manufactured
goods and weak forecasts from
Amazon.com Inc. and Star-
bucks Corp. And oil and other
commodities prices fell as the
dollar rose, also helping to
.boost stocks.
Sellers held sway early in, the

session, sending the Dow down
nearly 57 points, after the home
sales report. The data appeared
to stir concerns that the hang-
over from the housing bubble
would remain an intractable
obstacle for the economy.
But as the session wore on,
the market righted itself, per-
haps because there were no real
surprises in the day's negative
John Merrill, chief investment
officer at Tanglewood Capital
Management in Houston, said
investors are seeing confirma-
tion of many of the economic
themes that ,Tte paye eu
in the financial, homebuilding
and automotive sectors and rel-
ative strength elsewhere.

going to be," he said. here'ss
been so much talk of the
spillover from the credit crunch
and homebuilding into the real
economy and that just doesn't
seem to have happened."

on raoVA
G~radBaamou ]tln

A minimum of ten years golf experience in a managerial
capacity, exemplary customer and human resources skills,
proven experience in cost and revenue management,
forecasting and training.

A minimum of seven to ten years management experience
in a major hotel facility within the engineering field. A
Bachelors degree in Engineering. Technological proficiency
in computer programs, Excel and Microsoft word.

Position requires creativity in culinary, budgetary
analysis capabilities. Knowledge in writing menus, sanitation
standards and applicable health codes. Minimum of
3 years experience as an executive sous chef in similar
size operation with multiple food outlets in excess of
75,000 square ft. Culinary or apprenticeship program

A minimum of two years experience as an Asian
Chef de cuisine in a resort or hotel with multiple food
outlets and 500+ rooms. Thorough knowledge in Thai,
Chinese, Japanese and Korean cuisines. Bachelors
or culinary degree from an accredited institution

Assistant Controllef Sales Manager
Will lead, direct and manage the accounting This aggressive, result oriented candidate will be responsible
Department and produce accurate, efficient and for the soliciting of group business that will enable the hotel
relevant operational information for the Resort. to meet and/or exceed revenue goals in room and food and
perform regulatory audits, formulation, compilation beverage and will be required to conduct property site
and presentation of forecasts, budgets, financial inspections.
statements and reports.

Basic computational and budgetary analysis capabilities
required. Thorough working knowledge in Excel, Delphi
and Microsoft word. Extensive knowledge of sales and hotel
and competitive market. Bachelor's degree preferred. At
least 3 years experience in hotel sales preferred.

A minimum of 5 years experience in accounting, .
finance or related field with at least 3 years
experience in the management and administration of
an operational or accounting department. Proficient in
Excel, Word and Delphi. Bachelor's Degree preferred.

Pastry Chef
Candidate will manage and coordinate pastry
production of a volume food operation with a minimum
of 8 restaurant outlets and banquet operation in excess
of 90,000 square feet indoorloutdoor with emphasis on
plated and modern buffet set up techniques.


$4m technology investment

combats City Markets losses

Wall Street rises after drop in

jobless claims, Ford results



Directorofhngineerig Director of olf
Candidate will be responsible for leading a 70-member The qualified applicant should be certified from a recognized
team and the overall management of and maintenance of PGA program and must be able to demonstrate a high level of
the entire hotel. Should be highly skilled in all aspects of competence in playing the game. The position involves working
engineering, inclusive of mechanical, electrical, IIVAC with a team of dedicated teaching professionals within a golf
systems and related equipment in accordance wI~th energy school and the daily management of two 18-holes golf courses.
conservation and preventative programs.

~sSa3- 204p



The PriVate Tfust Cofpofati l00m.11ted

Asian Sous Chef Executive Sous Chef
This successful candidate will assist the executive Successful candidate will support and assist the executive
chef and oversee the day-to-day culinary chef by overseeing the day-to-day culinary and banquet
operations of the hotel's "fine dining" room, train operations and will train and supervise staff and monitor
and supervise staff and monitor food quality. food quality.

*~ii I 8 8~' L


Wishes to inform the pubhe cthat on
Fridy2h Aprl20

All requests for marriage ehcences, birth and
death registrations wilf be carried out from
the office located on the

4th floor of the BISX Suite,
Hilton Hotel

Requests for certified copies ONLY, of
birth, marriage, and death
certificates, will be carried out from our
Office which is located at

#50 Shirley Street.

We apologize for any inconvenience this
ITOVe 7711 CallSC.



Core responsibilities:

Acts as Relationship Manager to high risk clientele by
liaising with clients to determine needs and resolve
issues, providing answers and communication wherever
Performs maintenance and records management on
existing portfolios and advise Credit Risk Consultant
of any issues.
.Performs constant follow up on high risk/impaired
accounts and institutes proper procedures regarding the
collection of same.
Assess financial position of high risk/impaired loans.
*Prepares credit proposals by conducting comprehensive
financial and non-financial analysis.
Provides coaching, guidance, and direction to line
lenders in the assessment and structuring of credit

Knowledge, Skills and Abilities:

Bachelor's Degree and five or more years of credit
Strong accounting and financial analysis skills.
*Strong negotiation skills.
Detailed knowledge of credit and collections.*
*Core knowledge of legal practices and documentation.

Benefits include: Competitive salary commensurate with
experience and qualifications; Group Medical (includes dental
and vision) and life insurance; pension scheme.

Interested persons should apply no later than May 9, 2008 to:

The Tribune
P.O. Box N-3207
DA #62096
Nassau, Bahamas

FRIDAY, APRIL 25, 2008, PAGE 3B3


flour, which Mr Robertson said
had also soared in price,
although it was now levelling
As a result, wheat-based
products such as pastas and
bread were also costmng more.
Mr Robertson explained that
the problem was that both items
are "bread basket" items, which
means that before their price
can be increased, it must be
approved by government.
He said that is a lengthy
process, which he wishes could
be done more quickly.
I do not think that there is a
shortage that would require peo.-
ple to run to the store and buy
rice, unless they are doing it to
escape the next price increase,"
Mr Robertson said.
Don Carnine, general manag-
er of Bahamas Food Services,
added that food prices across
the board had increased due to
feed and fuel costs continuing
to escalate.
"Right now, there is the
tremendous mayhem that the
rice situation is creating, and
what it is doing is causing per-
sons to be more protective of
their consumption. Right now, it
is unsettling the market, partic-
ularly smece the announcement

by stores such as Costco and
Sam's Club," Mr Carnine said.
But he added that Bahamians
should not panic yet.
The head of the United
Nations World Food Pro-
gramme, Josette Sheeran, has
described the soaring food

prices as a silent tsunami. She
said that hundreds of millions
of people are facing famine.
The average price of rice has
risen by 68 per cent since early
this year. .
The causes include increasing
demand in rapidly growing

economies such as China, the
increasing use of food for bio
fuels and recent meagre har-
There have already been food
riots in a nuinber of African
countries, but also in Indonesia,
and closer to home in Haiti.

plots in their yards.
He added, however, that giv-
en that rising food prices was a
worldwide problem, there was
very little Bahamians could do
except ride out the storm.
"There is very little that you
can do given the scarcity of corn
and the cost of oil. I believe that
Bahamians need to restock and
readjust their eating habits to
accommodate food prices," Mr
Stubbs said,
According to world reports,
the average price of rice has
risen by 68 per cent since early
this year, causing many US sup-
pliers such as Costco and Sam's
Club to limit the amount of rice
that their customers can pur-
However, according to two
wholesalers here, there was no
reason for Bahamians to pame
and stockpile rice.
John Robertson, vice-presi-
dent and chief financial officer
for Bahamas Wholesale Agen-
cies (BWEA), said that while
their current rice supply was
pretty low, it was only because
their most recent shipment had
not cleared the Customs dock.
He warned, though, that it will
be sold at a higher. price. The
situation was the same with

Tribune Business
WITH the entire world fac-
ing spiralling food costs and the
threat of a possible rice short-
age, the Bahamas Agricultural
Producers Association's
(BAPA) president yesterday
stressed the need for the
Bahamas to develop a National
Agriculture Development Plan
to ensure Bahamian food sus-
tainabilty and security.
IG Stubbs said it was critical
that Bahamians become more
self-sufficient on food produc-
tion, particularly given rising
corn and oil prices.,
"It is critical for Bahamians
because we are so dependent on
imports, and we are not growing
things fast enough to counter
the negative impact of escalating
prices," Mr Stubbs said.
"Also, the economy is not as
active to ensure that persons
are making enough money, par-
ticularly those on a lower
income, so that they can afford
these increases."
Mr Stubbs said it was virtual-
ly impossible for the Bahamas to
become fully self-sufficient,
because by necessity it had to
rely on imports, but it was
important that this nation think
more about food security.
He said this was why BAPA
was pushing for a discussion on
a National Agriculture Devel-
opment Plan.
"I think that all the stake-
holders in the process, the farm-
ers and producers, the hotels,
food stores and wholesale
providers, and the Government
need to sit down in a cluster and
discuss where to go from here.
There should be a national mni-
tiative to establish the country's
position on food security," Mr
Stubbs added.
He said the Government can
i-do more to assist Bahamian
farmers, andi encouraged fami-
lies to return to having garden

- Z j


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3' ~~ g ~I
e )~ r- .r ~ 4; r ?, ~,

St. Augustine's College Field

Starting at 12:00 noon




5:00 pm &t 730 pm

VitaPro, were "caught in the
crossfire of Texas politics", Mr
Barry hinted that he was con-
templating legal action against
several high-rankmng legal offi-
cials and politically-connected
individuals in Texas.
Adding that the Bahamas
would remain the main home
for himself and his wife, Yvette,
and that they planned to con-
tinue with charitable work for
the Bahamas Red Cross, Mr
ca ytttold ?' e Tribtme of his
in. It's almost like I'm numb.
"When I was acquitted in
2005, they [the US District
Attorney's Office] did not even
give me 24 hours to celebrate,
as they filed an appeal the next
day. .
"It'll probably sink mn over
the next few days. I'm still in
shock and have 400 e-mails to
respond to. I really feel good. It
finally feels like vindication.
They didn't know how much


Fully fornishedll0SAATET,

pr ~un

Contact~ts. Allen@St8op-N-Shop Online
394-4949 or e-mail:

NOTICE is hereby given that GARRY R. MARKHAM
7805, 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 25th day of April 2008 to the Minister
responsible for Nationality and Citizenship, P.O.Box N-
7147, Nassau, Bahamas.


UBS (Bahamas) Ltd., is one of the world's leading financial
institutions in the Caribbean, Through our Business Area
Wealth Management International we look after wealthy
private clients by providing them with comprehensive, value
enhancing services.

In order to strengthen out team in Nassau, we are looking to
fill the following position:

Head Operations Securities

In order to meet our requirements all applicants must

Experience in leading a team of securities specialists;
Completion of the Series 6 or Series 7 course'
Minimum of BA in Accounting, Banking or Finance or
min. five (5) years work experience in the securities
Strong emphasis in trade processing, settlements,
corporate actions;
Highly skilled in all aspects of Mutual funds subscription
and Redemption;
Keen knowledge of complex financial instruments i.e
structured products, hedge funds and derivatives;
Strong problem resolution skills;
Excellent oral and written communication skills-
Portuguese is mandatory;
-01~1:4 1 1:i1u Microsoft Excel, Bloomberg, Telekurs

NOTICE is hereby given that MERCILIA THOMAS,
of NASSAU, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted,
should send a written and signed statement of the
facts within twenty-eight days from the 17th day of
April 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that PETER MARTIN
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 25th day of
April 2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Extend child labour clause to

end-2009, Government is urged
FROM page one
vendors and newspaper vendors.
The First Schedule was amended in 2003 to allow for children to
be employed in any film approved by the minister responsible, an
accommodation that was made to facilitate filmmng of Into thie
Mr Nutt said "the only reason why" the three-year extension to
December 2009 had been recommended was so that the business
community, trade unions and the Government would have time to
consult with the wider community on what should happen to the
First Schedule and the issue of child labour long-term.
"What we're looking at is to try and get an extension in order to
allow us, through Town Meetmngs and brmngmg in stakeholders
such as teachers, parents and the children, to examine the issue, and
whether children should be employed, mn what categories, and
what regulations should govern that," Mr Nutt said.
The BECon president said such a consultation exercise could not
be hlduns hhe eirs Sh du wasetne d d allod ao h

employment of children is illegal.
"Haymng discussions, when employment is going on, and that
employment is illegal, is really~ a slap in the face of the rule of
Little progress, though, has been made on the other major~issue
the TRIFOR 'Committee is dealing wit~h, riamely the use of bio-
metric fingerprints as a means of recognizing Bahamian employees
when their 'clock in' and 'clock out' of work.
"They're looking at having someone from the police depart-
ment come in and talk to us about biometrics, and explain to us
whether there is a security issue with fingerprints,"' Mr Nutt told The
The key issue was "whether or not that information can be used
to incriminate Someone. That's one of the unions' main concerns.
They want to ensure there's no chance of that being used to incrim-
inate someone".
Meanwhile, Mr Nutt said "that at some point we will be looking
at the labour legislation again as part of the International Labour
Organisation's Decent Work Country Programme".
Describing that initiative as "oire of the biggest things happening
in the world of work in the Bahamas", Mr Nutt said the ILO was
also looking at the harmonisationn of labour laws throughout the
Apart frogn reviewing the Employment Act, Minimum Wage Act
and Health and Safety at Work Act, plus the Industrial Relations
Act, Mr Nutt said the ILO initiative was divided into three com-
These were institutional strengthening, bolstering the Department
of Labour and TRIFOR committee; social dialogue; and legislation.

NOTICE is hereby given that TELSEY KERVEN
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 18th day of
APRIL, 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


Vacancy for a
Sales and M~arketing Project Director
Overall Responsibilities

Onsite coordination of sales, sales administration and marketing
Achievement of targeted sales volume and maintaining inventory
Develop future (MVCI) managers and implement self development programs
implementation of tour efficiency and building of strong team values
Forecasting and budgeting of annual sales targets
*Ensuring communication between personnel and others
Providing weekly report and updates to Ritz-Cariton/MfCVI Corporate offices

Essential Job Functions

Monitor and evaluate sales and marketing processes
Monitor and evaluate specific sales and marketing field operations best practices, policies and
Monitor and evaluate structured sales and marketing presentation training
Review all sales and marketing assumptions in the feasibility process, ensuring strategic and
operational reasonableness, comparability among PEPS, budgets, forecasts and LRP


College degree
*Minimum of ten years in marketing vacation ownership
Minimum of five years in management of sales, marketing andlor administration
Excellent communication, listening and organizational skills
Ability to communicate effectively at senior management level
Strong leadership skills
*Ritz Carlton Club experience preferred

Please send resume to the attention of: Director of Human Resources
The Abaco Club on Winding Bay
P.O. Box AB-20571
Marsh Harbour, Abaco
Email: humancesources~~theabacoclub. com


involved with. We definitely
plan on staying here. We have
several other homes, but this is
our main residence. I'd love to
be involved with helping how-
ever we can here. The Bahamas
is a wonderful country."
Through Global Village
Champions, a self-sponsored
project, Mr Barry plans to car-
ry on his philanthropic work to
combat world hunger.

us government's testimony
was contradictory and unfound-
ed; and that "extraneous and
irrelevant testimony" confused
the jury.
The US government was suc-
cessful in appealing that ver-
dict to the US Court of Appeals
for the fifth circuit, which last
year ordered a re-trial for
Messrs Collins and Barry.
On Tuesday this week, Judge
Hughes found them not guilty
in a trial that was before him
only, not a jury, ruling that the
US government had produced
nqooe id nceat proe riors ca e
Air Barry yesterday told The
Tribune that he had been
unable to travel to the US for
four years while the case
remained outstanding, the legal
ordeal imposing a strain on his
marriage at a time when his
da ghter passed away
"ug's amazing what happens
to your life. You become a total
pariah," Mr Barry said of how
he felt during the case. "Thank
God we have some really good
friends here. They got us
through. We'd never have
made it otherwise. It's been
really, really tough."
He said that among these

national chairman Sol Kerzn-
Mr Barry said- that when
knowledge of his travails
became known in the Bahamas
he lost his home, life and health'
insuanc coerae; while his
Ibnas aaeontse were c osed by
FirstkCar bean International

He added that the bank
rfu ed to eoe the fol-
lwise hiso2r0e acn ittamas it

said the appeal was still pend-
Mr Barry said he had
received two offers to write a
book on his experiences, and
was also looking at an appear-
ance on Oprah Winfrey's tele-
vision show.
On his future in the
Bahamas, he added: "We plan
to continue to support the Red
Cross and other charities we're

lobbied the new state adminis-
tration to end his agreement,
fearing the competition VitaPro
would provide to their estab-
lished business, not just with
the prison contract, but also in
relation to potential agreements
to supply food to hospitals and
After he filed the civil law-

dely hit wth hde allwgastd-
that he paid James A. Collins,
executive director of the Texas
Department of Criminal Jus-
tice, "at least" $20,000 in bribes
to ensure VitaPro won the
"five-year, multi-million dollar
contract" with the criminal jus-
tice department just before
Collins retired from his post.
Mr Barry yesterday
described the allegations as
"shocking" and totally without
foundation, questioning why
the US authorities would think
someone such as Mr Collins
would be seeking a $20,000
'bribe' when he was earning
$170,000-$180,000 a year.
"He never asked us for any

found eimM Bult uon Ags
2001, on charges of money
laundering, bribery and con-
After filing a motion for a
judgment of acquittal, Mr Bar-
ry and Mr Collins were acquit-
ted in 2005. by Judge Hughes,
who in the alternative granted
the a trial
Jun qeHughes said his deci-
sion was based on the fact that
no substantial court transcript
of the original trial exists; the

staying power I had."
Mr Barry recalled how his
legal problems began in the
mid-1990s, after VitaPro, which
supplies soy food products to
be used as meat substitutes,
won a five-year, $33.7 million
contract to supply the Texas
prison system with soy food
products to be used as meat
suW hutinmates in the Texas
prison system then consuming
500,000 meals per day, Mr Bar-
ry said VitaPro's product pro-
vided both healthcare benefits
and savings for Texan taxpay-
"We were saving them a lot
of money," he said yesterday,
estimating that VitaPro's con-
tract resulted in $1.7 million in
savings during the first year
However, following a change
in governor to current US pres-
ident George W. Bush, the
state of Texas abruptly termi-
nated VitaPro's contract, lead-
ing Mr Barry and his company
to initiate a civil action against
'it rb ea ch o f c htra n

Richards, a Democrat, was gov-
ernor of Texas, but it was with-
drawn after Mr Bush, defeat-
ed her in the state elections.
Mr Barry alleged that pow-
erful cattle-producing interests



FROM page one

hO2( (L IlmlnV~L

Written applications should be addressed to:

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

i .1 ;- - n- or


Bahamas resident 'vmdicated '

.by 15-year legal jght acquitta


_ I I ~

;-- I
--- -

Silverton aft cabin 40
(Launched 1990)
FOR SALE $65 000.00 0.N.0

Comfortable Yacht for living aboard or
extended cruising
Powered by Twin Perkins Diesels 2-240's
(950 hrs on each engine)
Generator Westerbeke 8.0 K.W.

Air Conditioned throughout
large aft master stateroom, forward cabin
both with own private :shower and head.


IndiGO Networks is a growing telecommunications comparty based in Nassau,
Bahamas. The company has a 17-year history in offering innovative technology
and telecommunications solutions to consumers in The Bahamas and ha~s an exciting
opportunity for an experienced Systems Administrator.

Applications are invited from motivated individuals who possess a MCSE and have
a minimum of 5 years in a technical support role with experience in the following:

In depth knowledge of Windows2000/2003 server and active directory.
Group policies and administration, user administration, and general security
practices related to windows
Working knowledge of Exchange, DNS, IIS, SNMP, and NTP
Working knowledge of backup software, centralized storage and antivirus
Cisco Routers, switches (LAN), TCP/IP routing, addressing and troubleshooting
Experience with VMWare and server virtualization desired
Experience with systems monitoring/reporting desired
Good oral and written skills

'Salary is commensurate: with qualifications.

Only residents with the right to work in The Bahamas
will be considered.

Interested candidates should submit their resumes in writing to:

Attn.: Human Resources Manager
P.O. Box N-3920, Nassau, Bahamas
~-Fax: 242-677-1050
E-mail: hr @indigonetwaryiks69com

ITI~L~ I I 'r~l



~~I~:Y.1)(~~(1IIIII (~1IMIII: I I~'lrlllll~:(cll


Employees of The d'Albenas Agency. Media Enterprises, Master "a .r~~~... .- I'~~ le,, ,1: .,,;,1 ~ ? n T,1,al i.T.. a m.. l~bl it jo 1D leqJulredTo1 rollect prim

Thle BESBT Popcorn.



er committed to the organisa-
fion's success, at great sacri-
fice, Byron provides much
needed assistance to other
divisions of the bank, particu-
lar the retail group."
Ms Brown added: "Byron is
one of those individuals who
celebrates the successes of his
team and has won their
respect, trust and loyalty. He
willingly goes the extra mile
and shares resources that help
his team build on their per-
sonal and professional devel-
Among the complimentary
remarks used to describe Mr
Mie tweres pHeomakes an
'Don't wish for the task to be
easier, but wish for yourself
to be better'."

DURING A recent visit to the
Bahamas, FirstCaribbean Inter-
national Bank's chairman,
Michael Mansoor, joined the
celebrations in honour of the
bank's Shirley Street branch
manager, Byron Miller. Pictured
L to R during the celebrations
are retail director, Annamaria
DeGregory; Byron Miller, Player
of the Series 2007; human
resources manager, northern
Caribbean, Siobhan Lloyd; and
Mr NMansoor.

And: "His commitment to
people development and cus-
tomer satisfacstiaonninsdixni

who works assiduously at
innovation to yield strong

national Bank (Bahamas)
Shirley Street branch manager
has won the regional bank's
top employee award, the Play-
er of the Series honour,- for
his performance during the
bank's 2007 financial year.
Byron Miller was invited to
a celebratory weekend in Bar-
bados, which included an
executive reception and for-
mal awards ceremony, where
he received his honour.
He was nominated for the
award by FirstCaribbean's
Bahamas team. In conjunction
with managing director
S art BAow aai DetG 1
gory, they wrote: "Byron is a
motivator, trainer and sup-
porter of people. A team play-

Salon over 100 sq. ft.
Swallows condimimium sized galley
with electric stove and freezer
Full sized dinette

(Four additional people can be
accomodated by convertible sofa
and dinette)

Price includes all standard equipment
and many extra's. Spare propellars
and shafts, four comfortable cush-
ioned lounge chairs for expansive aft
sundeck, G;PS on fl~y bridge, depth
finder, sony stereo system throughout
interior and on deck, electric wind~
lass operated from fly bridge


PHONE 322-2226 OR 324-1072

Tbhe BE T

Pops up Highter &i flufiierj
thnan otherf brlands.

Enter to Wina 1 of E
Ha~msung 32" LED
Flat Panel HD TV's

To play, attach 3 boxes of: any
Orville Redenbacher Microwave
Popcorn to an entry form, complete
the skill question and drop into
boxes at participating stores or The .
d'Albenas Agengy Ltd. in Palmdale.
G~et a free Orville Reclenbacher popcorn bowI whnen
yout bring your entrJ ;o The (I AClbena Agencri Ltd.





Contest ends ~May 30, 2008

Disrirbuted b) &5F The~ d lbenaus .Aency~ Lul

Orylle Redenbachr's" Is a Registered brand of ConAgra Foods



Orville Redenbacher uses a special corn to make the
kernals pop Big _ r.

Play erof the

Ser ie s honour


PICTURED FROM LEFT: Richard Voswinckel, chief executive UBS
(Bahamas); the Prime Minister, John Cusack, acting chairman,
Board of Directors, UBS (Bahamas); Andreas Rentschler, chief
executive, UBS Trustees (Bahamas)

PM plcages support

Ffo financial SerVICeS

cafe L

Please leave resumes at Indigo on Cable Beach

#1 Skyhine Drive

.Nassau, The Bahamlas ..

Tel: (242) 327-2524

Fax:(242) 327-2535

(No. 45 of 2000)


Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act, No. 45 of
2000, the Dissolution of INTRASEAS LIMITED has been
completed, a Certficate of Dissolution has been issued and the
Company has therefore been struck off the Register. The date
of completion of the dissolution was th~e 10th day of April,

2Y a rwlin, tc



Bahamas First Holdings Limited hereby notifies all its
shareholders that based on unaudited financial results

of the Company for the year ended 31" December 2007,

the Board of Directors has declared an extraordinary

dividend of two cents (24) per common share to be paid

on 15* May 2008 ~to all sh;arehoblders of record as of 1"

May 2008.

Legal Notice

(No.45 of 2000)


Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
No. (45 of 2000), BTS LATIN AMERICA INC. has
been dissolved and struck off the Register according
to the Certificate of Dissolution issued by the Registrar
General on the 4th day of April, 2008.

Hans Douglas Ardon Camacho
Clayton Tower
Apartment 202
Clayton, Panama



Notice is hereby given that in accordance with Section 138 (8)
of the Intemnational Business Companies Act, No. 45 of 2000,
._ts:.ismo!ti ana esouTII.MUNTIC VIETALS INC, has
been completed, a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.
The date of completion of the dissolution was the 10th day of
April, 2008.



L~ot #14721 comprising 10,000 sq.ft. in area with
83 frontage on Zinnia Road and 120 feet on
Eastward Drive in Baharila Sound of Exuma Ocean
Addition West, Exuma Bahamas

The property is undeveloped and is
located 1 male south of Emerald Bay
and The Four Seasons Resort.

For conditions of the sale- and any other
information, please contact:
Credit Risk Management Collection Unit at:
Phone: 356-1685 or 356-1608,
Nassau, Bahamas

Interested persons should submit
offers in writing addressed to:

The Manager, Credit Risk Management Collection
Unit, P.O. Box N-7518, Nassau, Bahamas

Serious enquires only

Legal Notice

In Voluntary Li uidation

1 00CC iS l1cr-chy given that in accordance with Section
138 (4) of' the International Business Companies A~ct,
dissolution as of A\pril 24, 2008.

International Liquidator Services Inc. situated at 35A
Regent Street, F .0 Box 1777, Belize City, Belize is the
Liu ao.

T [TI 1 7 }n' O


c 5= A L
..~~%C~JBP""larrr~ea~sla~a~aDEO~ SECURITIES AS OF:
i ~y, 2 APRIL 2008
TI. CMG -4-84 I O~CHo -0.24 1 YTD -'137.48 | YTD%~ -6.65
~i ~l~b~,~i~.sa v-row.,-s.20sa i2007 a8.290
5*.--I 52?wk-LowY Becuritv Previous Close Todav's Close Cr.anrg D~all* L'ol EFS5 DI E V10'.3
-110 Abc Mark~eU 1 95 1 95 O OO 0~ 13 1: II.0.: 1 I
11.80 11.50 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39
9.68 9.OO Bank ofBaharnas 9.61 9.61 0.00 0.643 0.160 14.9 271
0.99 0.85 Bnchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03
3.74 2.50 Bahamas Waste 3.50 3.50 0.00 0.289 0.090 12.1 2.57%
2.70 1.30 Fide~lty Bank 2.39 2.39 0.00 0.058 0.040 41.2 1.67
13.70 10.41 Cabe~e hamas 13.70 13.70 0.00 5200 1.093 0.240 12.5 1.75
3.15 2.10 COina Hodldngs 2.87 2.87 0.00 2.265 0.091 0.040 31.5 1.39
8.50 4.75 Commonwealth Bank (51) 7.22 7.13 -0.09 4.500 0.428 0.290 16.7 4.07
7.22 3.60 Consolidated Water BDRts 4.84 4.76 -0.08 0.157 0.052 30.8 1.7%
3.00 2.20 Dct~ o~r'Hosial 3.00 3.00 0.00 0.316 0.040 9.5 1.%
8.OO 5.94 Famguard 8.00 8.00 0.00 0.713 0.280 11.2 3.5%
13.01 12.49 Finan 12.50 12.50 0.00 0.810 0.570 15.4 456
14.75 13.24 FirstCaribbean 13.24 13.24 0.00 0.651 0.470 20.3 3.55%
6.10 5.05 Focol (S) 5.05 5.05 0.00 0.386 0.140 13.1 2.77%
'1.00 0.54 Freekport Conorate 0.55 0.55 0.00 0.035 0.000 15.7 o.co%
8.oo 6.ae ICD~ tUUiliie 6.86 8.86 0.00 0.411 0.300 le.7 4.37%
12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0.620 116 5.04%
10~ oi 10 OO Prmier Real Estate 10 00 10 0D II Goi 1 to- r0 C000l i-
.:r252'PgBiqBB~WI em ummheCountr securlea.
5n- 52wn-Low* Syrmbol Bid 8 Ars* Lat rrise 1Neenl* .ie EPj. DI. I F-E ,...,
1-s d0 14 25 Bahamas Supermarkets 14 BO 15 60I1 in so 1 li.20 1 ;.:C 1 .I I.:
8.00 6.00 Caribbean Crossings (Pref 6 00 6.25 6.00 0.000 0.480 NM 7.80
0.54 0.20 ftND Moldinas 0.35 0.40 0.35 -0.023 0.000 NIM 0.00
11 rl0 41 OO ABDAB 41 00 41300 as r)1l .:;02750 9.0 6.70% /
14.60 14.00 Bahamas Supermaretse 14.60 15.60 '14.00 1.160 0.900 13.4 G.16%~
O.SS O.4i**lji:0iP~~ 58%s Unid Fn 0.45 -0.023 0.000 N/M 0.00%
ilrr*-*-= 52Hk-Low* Fund Name NAV YTD Last 12 rAC.nins Div5 Yield%
1.3081 1.2443 Colina Bond Fund 1.308126*** 1.25% 5.61%
3.0008 2.6629 ColinaMSI Prefend Fund 2.996573*** -0.14% '13.11%
1.3875 1.2647 Co~lna Money Makrke Fund 1.387505*** 0.90% 3.87%
3.7969 3.1827 Fidelity Bahamas G & Fund 3.7011*** -2.52% 17.78%
12.1010 11.4992 Fldelity Prime income Fund 12.1010** 1.40% 5.72%
100.0000 '100.0000 CFAL Global Bond Fund '100.OO**
"; 000 1.0o0a CFL~~ Omdn n F nund 1"&00-
'10.5000 9.634 Fdtynetoe lv lmenl~n .38 -8.24% -8.24% N .Ky
E.9 irL. ?~.-<. IhDi i 19 e0 2 1,000 v. i Ievia '- : ?. P .a t :.* -29 February 2Z008
52wk-HI Highest closing PII In init 52 wh Bid 5 Buying price of Colina and Fidellly " 31 December 2007
52wk-Low Lowest closing pric in last 82 wreeks Ak S Selling pdmr of Colina and fldelity *** 11 April 2008
Previous Close Previous days mlhu tMls f dely voum Last Price Last taded over-themounter price -"' 31 March 2008
Today a Close Current day'a weighted pric for daily volume Wseely Vol. Trading volume of the prior week
Change Change in dosing fad m day to day EPS 5 A company's reported earnings per share for the last 12 mths
Daily Vol. Nurnber of tolel shams trae toay NAV Net Asset Value
DIV S Dividends per shaem paid i the last 12 months N/M Not Meanlngful
P/E Closing price divided by the last 2 r~mmonh ernn FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
(S) -4-for-1 Stck Spril- EIIffeciv Date 8/8/007
i : I-...cr, ... Elneculse~ lale I 70sOF
r TOTRDE CAL.L. GRAL 4,2-5870l10 FlDEL.TV 242-358-77 i FO CAiPITAL r.rri Ei~CT L e ~ -223o>-:*) I pCr^ rso FE*T Ci .rIrrl-Cins-.-.1 alIC-~II




THE Bahamas Financial Services
Board (BFSB) will be participating in
the Alternative Investment Summit (AIS)
in Sao Paulo on April 28-30, seeking to
exploit the business opportunity created
by Brazilian-based investment funds now
being able invest more than the previous
20 per cent limit in non-Brazilian assets.
BFSB chief executive Wendy Warren
said in a statement yesterday that it was
important that the Bahamas remains
fo""'eed on buHiingeonotvhe aos tv
years, particularly the "fruitful relation-
ships" with the Brazilian market.
During the course of Brazil Briefing
visits, Bahamas Briefings (in Nassau) and
conference participation, BFSB had met
with a range of industry participants,
including banks, asset managers, lawyers
and accountants.
While at the conference, the BFSB
team will be exhibiting at the Alterna-
tive Investment Summit, and on the first
morning of the event will also deliver a
presentation on Responding to the Needs
of the Wealth Management Industry.
Included in the delegation are Wendy
C. Warren, BFSB chief executive and
executive director; Alan Davidson and
Brian Jones, Winterbotham Fund Ser-
vices; Antoine Bastian, Genesis Fund
Services; Bertha Cooper-Rousseau,

Rousseau & Cooper; and Michael Paton,
Lennox Paton. Hillary Deveaux, the
Securities Commission's executive direc-
tor, will be at AIS as well.
BFSB will meet with a range of inter-
mediaries while in Brazil. The one-on-
one meetings scheduled will serve to
familiarise BFSB will the trends and
opportunities in the Brazilian market.
This is the third international confer-
ence that the BFSB has participated in for
tyar. I~n Jan ary arStB e 0 bied al
hedge funds and their investors in the
Also participating at GAIM were Bri-
an Jones and Ivan Hooper of Winter-
botham Fund Services, and Antoine Bas-
tian of Genesis Fund Services. In March,
Ms Warren was joined at CICA Interna-
tional 2008 by Craig Tony Gomez and
Anthony Ferguson, BFSB's chairman and
deputy chairman,
The annual Conference of the Captive
Insurance Companies Association (the
only Domicile-neutral captive insurance
association) was held in Scottsdale, Ari-
zona, attracting over 300 captive owners
and managers, potential captive owners,
risk managers, domicile regulators and
officials and service providers. BFSB's
participation at CICA included an exhib-
it and one-on-one meetings.

Tribune Business

to place emphasis on training.
It is our expectation that
such training, together with the
experience and skills learned
on the job, will stand Bahami-
ans in good stead," he added.
Additionally, Mr Ingraham
said the Government was devel-
oping polices thatallow inter-
national persons to work in the
B ahamas.
Mr Ingraham said: "We are
especially conscious that the
world has shrunk. If we are to
keep pace, compete and suc-
ceed in today's globalised econ-
omy, we must ensure that effi-
cient information and commu-
nications technology ( ICTS)
are readily available at com-
petitive prices."
The architect for UBS's
25,000 square foot expansion is
Alexiou and Associates, and the
contractor, Mosko United Con-

PRIME Minister Hubert
Ingraham has promised the
financial services industry that
the Government will improve
its service to the sector by
ensuring there are sufficient
personnel and technology in
Speaking at the recent
groundbreaking ceremony for
UBS (Bahamas) office expan-
sion, the Prime Minister said
the Government will seek to
ensure the availability of ade-
quate numbers of professionals
within the regulatory agencies,
be they the Securities Commis-
sion, the Office of the Registrar
General or elsewhere.
Mr Ingraham also vowed that
the government will continue

pga~iPP~ GBB~d ~,
--. rPea~

BF SB aims to exploit

Brazil Amnds opening

I I _
I I '- ~ I




: 2,9()6,669
7 06

_..._ Note 2007 ,


Liabilities and Shareholder's Equity

Forward foreign exchange contracts ?
Due to customers demand deposits 7, 9
Due to banks At sight 7, 9
Accounts payable and accrued liabilities 7

Total shareholder's equity

7 ,

Commitments and contingencies 7, 8

...CHIF .39,170,786 .

Notes to Non-con~solidated Balance Sheet

December 31, 2007
(Expressed in Swiss Francs)

1. General information

Banque SCS Alliance (Nuassaul Ltd. r~the Bank;") was incorporated under the lawrs of the
Commonwealth of The Bahan~i on December19,).1994. The bank is licensed under ?he Bahamas
Banks and Trus~t Companles Re~gulations Act and holds a public banlking license to provide a lull
range of bad ~ing~. ust andi corporate management services. Thle Bank is a whholiv-ow~ned
subsidiary of i.1.inqu.* SCSl A\lbance S.A.. Geneva, Switzerland (the, Parent,. T'he Bank hla.s four
wholly-ow\ned sLoosidiaries: IRemlu~ Invecstments Ltd. and Romulus Inv~estments L~td., both of wnllc~h
were inosporalted :inder Ihe law of the Commlonwecalth of The Bahama~s. and Canstor M~anagement i
Ltd and. Polluc Co paratL.. Bermsc~ i..J!. hothl of which .rere incol-nr3ixwat in the Br~itash V'irgin
Island .

The~ regrstered oJffice :; k~r~aled -It liitanciie HI~:.*.-. :.~Las B:1sy Clet, P.O. B~ox N-1724. Nlassau.

__ _1_1_ __I___

2. Basis of preparation
(in Slalterntn o' compliance
TIhe Bank's non-consolidated balance sheet has been prepared in accordance withl
::laterationlal Financial Reportinlg Standards ("IFRSs").

In preparing the non-consolidated balance sheet, the Bank has adopted IFRS 7 Finanlcial
Instrume~nts: Disclosures and IAS 1 Presentation of Financial Statements: Capital
Diinurs he adoption of IFRS 7 and the amendment to IAS 1 impacted the type and
amount of disclosures made~ in the non-consohldated balance sheet, S'ul had no irstpact on
the reported profits or financial position of the Bank. .In accordance with Tjhe trarisitional
requirements of the Standlards. the Barik has provided full comparative information.
(b) Basis of measurements
I he non-consolidated balance sheet it plreparled on the historical cost b~isisi tadorif for
derivative financial matrumemin ts, which arr- melasuredl at fallr value.

(c) F~unctiontal and presentatim,: rurrency

KPMG Telephone 242 393 2007
PO Box N 1231 Fax 242 393 1772
Montaguo.Sterh~a Certlre Internet www.kprng soribs
Eat tov Src

Independent Auditors' Report

To the Shareholder of
Banquet SCS Alliance (Nassau> Ltd.

We have audited the accompanying non-consolidated balance sheer of Banque SCS Alliance (Nassiu)
Ltd. ("the Bank") as at December 31i, 2007, and a summary of significant accounting policies and other
explanatory notes (together "the non-consolidated financial statement").

Mcanagment s Responsibility foi the Non-conrsolidatedJ Fmiancial Statemnent

Management is responsible for the preparation and fair presentation of this non-consolidated financial
statement in accordance with International Financial Reporting Standards ("IFRS"). This responsibility
includes: designing, implementing and maintaining internal control.relevant to the preparation and fair
presentation of the non-consolidated financial statement that is flree from material rilisstatement-
whether due to fraud or error; selecting anld applying appropriate accounting policies: and making
accounting estimates that are: reasonable in the cirCuitisthnces.~ '` ~~' -- -

Auditors' Responsibility

Our responsibility is to express an opinion on this non-consolidated financial statement based on our
audit. .We conducted our audit in .accordance with International Standards on Auditinlg. Those
Standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the non-consolidated financial statement is free from rlaterial

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

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

Opirrion .

In our opinion, the non-consolidated financial statement presents fairly, in all material respects, the
financial position of the Banque' SCS Alliance (Nassau) Ltd. as at December 31. 2007 in accordance
with IFRS.

Emphalsis of Matter

Without qualifying our opinion we emphasize that the non-consolidated balance shLeet dos not
comprise a complete set of nonsconsolidated financial statemlents prepared in accordtance with- IFRS.
Information on results of operations, cash flows and changes in shareholder's equity is nese~sary t'o
obtain a complete understanding of the financial position, performance and cash flows of the Bank. .

IP$; :
Nassau, Bh
April 9, 2008

Non-consolidated Balance Sheet

December 31, 2007, with corresponding figures for 2006
(Expressed in Swiss Francs)

The non-consollidated ba~lance sliv.ct is presented in Swiss Francs ( .CHF"), which is the
currency in which the Bankl trades and the reporting currency of the Parent. Except as
indicated, financial information pres;ented has been rounded to the nearreSt CHIF.

Ulse of estimates and judgemnents

The preparation of the non-consolid~ated balance sheet requires management to make
judgements, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities and disclosure of contingent assets and:
Iliabilitie~s at the date~ of the financial statements. The estimates and associated assumptions
are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, and the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not readily apparent from
ot her sources. Actual results could differ from those estimates.


The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
aIccounting estimates are recognized in the period in which thk. estin~iate is revised if the
revision affects only that period, or in the period ~of the revision and ,fvlure pleriods if the
revision affects both curre2nt and future periods. :

In particular, information about significant areas of estimation u~ncerlanity and critical
judgements in applying accounting policies that have the most,jigpificka'in effct on the'
amount recognized in the non-consolidated balance sheet is described in notes 3(b), 3(c),
3(h) and .5.
3. Significant accounting policies
The following accounting policies have been applied consistently by the Bank; and are consistent.
With those in the previous year.

(a) Foreign currrency translatron
Transactions in foreign currencies are translated at the foreign currency exchange rates
ruling at the dates of the transactions. Monetary assets and liabilities denominated in
foreign cutTencies at the date of the balance sheet are translated to Swiss Francs at the
foreign currency exchange rates ruling at that date.
SNon-monetary assets and liabilities denominated inl foreign currencies that are stated at fair
value are translated to the reporting currency at the foreign currency exchange rates in
effect at the dates that the values were determined.

(b) Financial instruments
(i) Non-derivative financial instruments
Non-derivative financial instruments comprise cash arid:cash equisiale~nts, due fr om;4tid to
customers. prepaid expenses and other assets and accounts: payable and accrued liabiities:
Non-derivative financial instruments are: measured initially: at fair vslue Iplus, rfor
instruments not at fair, value through profit or loss, any directly attributable costs.
Transaction costs on financial instruments at fair value through' profit or loss are expenses
immediately. Subsequent to initial recognition non-derivative financial, instruments are
measiired ag described below.

A financial instrument is recognized if the Banke becomes a party to the contractual
provisions of the instrument.' Financial assets are derecognized if the Ba~nk's contractual
rights to cash flows fromt the' financial assets expire or if the Bank transfers the financial
assetto another party- without remaini~i~ng~iest, o artwingsdatiabiyra khrisiks-tadso BctirpP95 kb%>! h, t
asset.. Regullar w\ay purchases and sales of financial assets are accounted for at trade date.
that is, tlhe date that the Bank cimn-iits itself to' liuihth i~e6i s~'l libeaiseR(' Fi sa~icidf:
liabilities are derecognized if' the Bank's obligations specified in the contract expire or are:
discharged or cancelled.

Loanls anld receivables

Loans and receivables include amounts due from customers, comprised of secured loans on
Scurrent acecunth and secured fixed terml loans and advapces. ,

Due from banks:
At sight
At time
'Forward foreign exchange contracts
Due from customers:
Secured loans on current accounts
Secured fixed term loalis and advances
Prepaid expenses and other assets
Investment in su s~idiaries


4, 7, 9

5, 7, 9
5, 7, 9

CHF 117,914



Loans anid recenab;llles are. measulllred at amortised cost using the effective interest method,
less any p~rovisions for imlpallrment losses. The Bank establishes an allowance for
provisions thal Irepresents its estimate of losses in its loan portfolio. 1Managentent's
periodic devaluation of the adequlacy of' the provision is' based on the Banlk'S past credit loss
experience, known and inherent r~isks in the portfolio, adverse situations that may affect the
borrower 5r ability to repay. the -stimated value of any underlying collateral and current
economic conditions.

`Othe~r non-de~rivative financial instruments are measured at amortised cost using the
effect~ile interest method.
tii, Derivative financial instruments~

I'Ihe Bank uses Jeriv\ative financial Instrumeznts such as foreign exchange contracts to hedge
the risks associated w\ith foreign currency fuctuations as a c~ounterparty performed on
behalf of its clients. it is the Banlk's policy not to trade in derivative financial instruments
Sfo' Its own1 ~ccOulnt.

Forwardl foreign exchange contracts are recognized initially at fair value, attributable
transactions costs are recognised in profit or loss when incurred. Subsequent to initial
recognition. forward foreignl exschlum contracts are measured at fair value. and changes
the~rein are reccgniied.
-------- -- --- iii O ffsetine,

Financial assets nd liabilities are offsetl andl thei net amount reported in the non-
consolldated baalance sheet when,. and only w~hen, the Banlk has a legally enforceable right
to set of f the nrecgnised amounts andl there: is an intention to settle on a net basis or to
r;3ive' the~ aSSel andi settlle the liability simultaneously\ .

(11) imnpailrment
A\ financial asset is co~nside~red to be imnpairedl if ch?;iecive evidence indicates that one or
molre events have had a; negative effect on the estimalte~d future cash flows of that asset.
An imnpalrment loss in respect of a financial asset meaasured at amonise~d cost is calculated
as the differences bzueteen its calrrying amount, and the prc~sent value of the estimated future
cash flows discounted at the original effective inlterest rate.

Individually significant financial assets are tested for impairment on an individual basis.
T~he remaining aIssets are assesse~d collectively in groups that share similar credit risk
11 inl a subsequent periodl the amount of an imnpairment loss recopnized on a financial asset
decreases and the deCrease can be blnked objectively to an ceznt occurring after Ihe w ite-
Jownl. the w\ rite-dowvn Is reversed.
(c) P'repaid ex-penlses and other assets

PreLpaid expenses anld mother assets included brlanlces receivable from employees. interest
rece~ivable. comm~lissioln recci\lable.. Icp~reid e\pense~s an~d depo~sits. ~The Compant~!' a poliy
is not, to make~L a ge~neral pr,\lionr fol bad deb~ts. H-owever, ; lll unco~ll~ctedJ amlounlts

ihc Bank~' I miC:.ItmentI In Its subw\lliary. comlpaniess is accounted for In UI. non-
conw~I~lidted fmIIIIncial StatementsI I on1 the~ cost basis The Paretnt of the Bank. thech,I is
k~.a;l;ci.l' Route: Je Chancy~ 6L: Case~ Postale~. _l-i-1211 Ge~ne\a S. SwirzellandJ I. produce:
coSol\lidateu alnancial slatemelnts.

(e> IPrope'N rts d equripmlent

Prp. n eupetorsae tcothsaenuae ereito ndpru0


CHF 39,170.786

HF 632,779 106,385
-25,202,171 26.476.295
836,755 1,014,284
26,750,206 27.596.964

Total liabilities

Shareholder's Equity
Share capital.
Authorized, issued and fully paid -
80,000 shares of CHF100 each
Retained earnings

8.410,000, $~.000,0Q0 .
4.420.580 3.141.,890
12,42(i).~o 11,141,890

38.738.84 ....--

Total Liabilities and Shareholder'_s e~q~uit

See accompanying notes to non-consolidated balance sheet.

The non-consolidated balance sheet was approved on -behalf of the Board of Directors on April 3, `'<08
by the following: ---- -


Director __..


FRIDAY, APRIL 25, 2008 PAGE 78


,Y ,I I-


'Th.~ Rank's sensitivity to the fluctuations in foreign exchange rates is not considered to be
signlficant as a result of the near matched book positions of its lssels and liabilit~es.
Intrest~r rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the
value of' the financial instrument will fluctuate because of changes in market interest rates. The
Interest-bearing financial instruments mature in the short-term, generally no longer than ninety day~s
from the balance sheet date. As a result. the Bank is subject to limited exposure to fair value
intrestr rate risk due to fluctuations in the prevailing levels of market interest rates and the Bank's
senlsusv;ity to the increase or decrease in market interest rates is not considered to be significant.

The Board of' Directors has delegated responsibilitL for the management of interest rate risk to the
Bank's Finance Committee whlich is supported by the Bank's Finance & Administration
Department. The Finanlce: & Admlinistration Department monitors this risk onl an ongoing basis.

The table below summarises trie Bank's exposure to interest rate risk. It includes the Bank's
financial instruments at carrying amounts. categorise~d by the earlier of contractual repricing or
maturity dates (expressed in thousands of (.H~F,:

Ujp to I I -3 3 12 1 -5 Non-
Inonth months months yearse interest
bearing Total


Totallinancial assets 31.786 4,775 720 -1.241 38,522

Forward foreign
exchange contractP 633 633
Duel to customers
Demand depostls 25,202 25,202
on~ to bank,
AtI alghl 78 -- 78
A ccoums payabk anld accrued
;:biins --- 837 837
Tutall financial iabilities 2$..80- - 1,470 26,750

fToldl Interest
repncang gap 606 4.775 720 (229) I1.772

As atDernbcmby- 31, 20

T'otaf financial assets 30.222 6.505 370 348 560 38,005

Total financial liabilitii-s 26.476 1.120 27,596

Total interest repricing gap 3,74)6 6.505 370 3428 (560) 10,409

interest rates eam~ed/paid on interest-bearing financial instruments at the balance sheet date was as


Due from banks at sight 5.11?7 4.70% 2.54%e 4.88%6 6.84%b
Due from banks at time 4.95% 2.6% -
Secured loans on current accounts 8.04% 7.62% 5.46% 5.89%~ 8.89%b
Secured fixed term loans and
advances 5.15 7.60C 6.05%:

Due to banks at sighl 1.12%/ 3.83%b
Customcrs` deposits demand -1.24% 3.82%s 1.66% 4.00% 5.96%

I:SD EUR CHF :. Other

Due from banks at sight 5.20%/ 3.51% 0. 125% 4.14%e 6 .15%
Due from banks at time --1.95%/
Se~cured loans on current accounts 3.129 6.43% 4.85%/ 7.07%e .06%6
Secured fixed term loans and
advances 5.90% .5 .5

Customers` deposits dmand .2 2.63fr 1.05% 3.27% 5.27%e

Credit risk

Credit risk is the risk thlat aI couriterparty to a fttinncial instrument will fail to discharge an
obligation or commitment that it has entered into witl\ the Bank. and arises principally from the
Bankh's loans and advances to customers and other banks.

The carrying amnounts of financial assets best represent the maximum credit risk exposure at the
balanced shzeetdate. This relates also to the financial assets carried at amortised cost, as they have
shott-term maturities.

The Bank holds full collateral against all loans and advances to customers in the form of cash
deposits and marketable securities, and rarely grants blank credits. There were no impaired or past
due balances owed from customers at December 31. 2007 and 2006.

Collateral generally- Is not held against loans and advances to banks.

There: wrer no imnpairecd or past due balanrcs oweCd from banks at December 31, 2-007 and 2006.
T'he Bank has deposit placement guidelines in place which sets limits on placements with Banks
located inl 'Zone A\' countries.

The Bank has a credit policy inl place, and the Board of Directors has delegated responsibility. for
the mansagement of credit risk anld placements to the Bank's Credit Committee and Finance
Committee, who is supported by the Pare~nt's Advisory' Credit Committee. The 13ank's Credit
Committee monitors this risk on an ongoing basis.

The fo~lloirng table provides anl anallysi of the credit risk; exposures anid an estimate of the fair
\.a)lue of the total colllateral held where the Bank has a Icea~l r~ight of set off (expressed in thousands
of CHL~,

7007 2006
Carryin~g Carrying
Amount Collateral Amount Collateral

D~ue from ban~ks at sighti CHF: 19.2415 18,814
Due from: banks at time 8.642 8,500
Forward foreign currency contracts 6-17 106
Due: from customers
SSecuIred lans in~ current accounts 3.8553 135.324 2.907 100.633
Seciured fixed Irerm loans and IdvaJnce-, 5.561 21227.223 23.335
Prepaid expenses an other assets 403 352
CHF 38.3311 156.536 37.90? 123?,963

The Bank holds full collateral argainst all loans and advances to customers in the form of cash
deLposits anld marketable securities, and rarely grants blank credits. There were no impaired orr past
due balance~s owed from customers at Decemnber 31. 2007 and 2006.

Collateral genlerall! is not held against loans andJ advances to bar.ks.

Tlhe~re were no uIInpared: or plast due balanlceS owred from1 banks at December 31. 2007 and 2006.
~The Bankl has deposit placement1 guideines inl place: which sesl limits on placemernts ?\ i Banks
lo~~ca'W in 'Zonle A' counltries.

T~he Bank has a credit policy inl place. anld the Board of Directors has delegated respons.lh.'l!i for
the managementI1 of credit risk anld placemelnta to the Bank's Credit Committee andi Fina~nce
Coln llrmute.. who, I uppored by the Parent~'s Advisor) Credit Commnitte~e. T~he B.losk's Creitc!

TheI~ follo\ilve table prov'ides an analysis of the credit~ risk exposure~s and an estimated of the fair
\.alue of thec lltotl collate~ral he~lld where the Bankh has; a legal right of set off (expre~ssed 11n llhouulnds~
o~f CHI:,.

(f) Due to customers
Amounts due to customers are stated at cost, being the amount of the consideration

(~)} Taratior
Under the laws of The Commonwealth of The Bahamas, there are presently no income.
withholding or capital gains taxes payable by the Bank.

(h) Impairment of non-financial assets
The carrying amounts of the Bank's non-financial assets are reviewed at ealch balance- sheet
date to determine whether there is any indication of impairment. If any such indication
exists then the asset's recoverable amount is estimated. An impairment loss is recognized
if the carrying amount of an asset exceeds its reco~verable amount.

The recoverable amount of an asset is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are dliscounted to
their present value using a discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset.

Impairment losses recognized in prior periods are assessed at each balance sheet date for
any indication that the loss has decreased or no longer exists. An impairment loss i'
reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset's carrying amount
does not exceed the carrying amount that would have been determined, net of depreciation
or amortization, if no impairment loss had been recognized.

(i) Related parties
Related parties include the shareholder, related companies, directors and key management ~
prsonnel who have the authority and responsibility for planning, directing and controlling
the activities of the Bank.

(j) Assets under management
The Bank provides custody, trustee, investment management and advisory services to third
parties. Property held by the Bank in a fiduciary or agency capacity for its customers has
not been included in this non-consolidated balance sheet since such items are not aIssets ofI
the Bank.

e 4. Due from banks

At December 31, 2007 due from banks ai sight included CHF 4.60 million (2006 CHFJ.97
million) held with the Parent, which has been restricted from use in the Bank's daily operations.

5. Due from customers

Due from customers includes secured loans and advances granted to customers and are repayable in
less than a year. Secured loans and advances are collateralized primarily by cash deposits and
marketable securities,

At December 31, 2007 there -are no loans and advances on which interest is not being accrued, or
where interest is suspended (2006 nil). Furthermore, there are no provisions against loa7ns anc
advances as at December 31, 2007 (2-006 nil).

6. Property and equipment

Property and equipment is comprised of (expressed in thousands of CHt):
Data P ocessing
Building & F-urniture & Systems &:
Land Improvements Equipment Equipme~nt Total

At January 1, 2007 346 1,413 615 456i 2.830
Additions l ., 17
December 31, 2007 346_:~ 1.413 6048 287

Accumulated depreciation:
Al January 1, 2007 1.105 584 429 2,118
Depreciation for the year -70 9 413
December 31, 2007 c. 1,175 593 453 2,221

Net Book Value:
December 31 2007 346 2-38 37 5 626

December 31. 2006 346 308 31 27 712

7. Financial risk management
The Bank's financial instruments comprise cash and liquid resources, deposits. monkey niarket
assets and liabilities and other various items that arise drrectly from its operations.

Risk management framework

The Board of Directors has overall responsibility for the stablishment and oversight of the Ban~k's
risk management framework. The Board has established the I ina~nce. Legal, Credit and Operational
and Development Committees, which are responsible foi1 delIo\~:ping and monitoring the Bank's
risk management policies in their specified areas. All commi~t.-es have both executive and non-
executive members and report regularly to the Board of Dir~ctors o~n their activities,

The Bank's risk management policies are established to ide~ntify and analyse. the risks faced by the
Bank, to set appropriate risk limits and controls, and to ns:, : *- risks and adherence to limits. Risk
management policies and systems are reviewed regularly to! :. to:t changes in market conditions,
products and services offered. The Bank, through its trial: Iag anld management standards and
procedures, aims to develop a disciplined and constructive controll environment. in which all
employees understand their roles and obligations.
The Board of Directors are responsible for monitoring compriaseet with the Bank's management
policies and procedures and for reviewing the adequacy of the risk management nlamework in
relation to the risks faced by the Bank.

The Bank is exposed to the following risks from its use of financial instruments:

Credit risk

Liquidity risk
Market risk

Market risk is the risk that the fair value of future: cash flows of a finanlclal instrument will fluctuate
because of changes in market prices, such as interest rates and foreign exchange rates which will
affect the Bank's income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return. Overall authority for market risk is vested in the Board of
Directors. The Finance Committee is responsible for the development of detailed risk management
policies and for the day-to-day review of their implementation.
Foreign exchange risk

The Bank may invest in financial instruments and enter into transactions denominated in currencies
other than its functional currency. Consequently, the Bank is exposed to risks that the exchange
rate of its reporting currency relative to other foreign currencies mnay change in a manner that has an
adverse affect on the value of that portion of the Bank's assets or liabilities denominated in
currencies: other than Swiss Francs.

It is the policy of the Bank to minimize exposure in any foreign currency positions. The Board of
Directors has delegated responsibility for the management of foreign exchange risk to the Finance
Committee wilich is supported by the Finance & Administration Department. The Finance &
Administration Department monitors this risk on a daily basis.

The Bank's total net exposure: to fluctuations in foreign currency exchange rates at the balance
sheet date was as follows (expresses in thousands of CHF:

USD/BSD EUR CI-F Other Total

Total a~ssts
Total liabilities & equity

USDIB.sD ELit CHF Other Iof ~it



U _- dr

Expenditure incurred to replace property and equipment is capitalizedj Other subseqluen
expenditure is capitalized only when it increases the future economic benefits embodiedi i
the property and equipment. All other expenditure is recognized as an expense as incunerd
The costs of the day to day servicing of propeny? and equipment are recognized as incurrecd

Depreciation is computed on a straight-!ine basis over the estimated useful lives of the
assets as follows:

Building andi imlprove~ments

Furniture and equipmnt l

Data processing systems and equipment

5 15 years

5 years

3 years

_~~~CM _

.As at December 31,2(HY7
Due from hanks
At sight;
Al lime
Forward forceign exchange contlracts
Due from customers
Secured loans on current accrounts
Secured fixed term loanb andi
Prepaid expenses annd other assess

Its I18
- 1.245
-- - .622
- 67 647

- -3,853

?0 5.561
- 476 476


1010 4,791


2.105 16,290
(2.085) ('16,310)

5.2641 39. 17 I
(5.5,58) (91 )





,na., lll
Secured ~ ~ ~ ~ ~ ~ ~ ~ ~ C.I loni csetacons3.5 3,34 297 0,3
Secusc file~trmla\111,adatance 5.5tel 21.2l 7,22 231.31~.0

ThSe foioligtbeso stecs lo spybeb1(eBn o isfnnillaiiis
Luiremn laingh sonunctu l mIuiesa s blne he at ilesdi tosma fCI F)
asss Il~u iabl to~1 mee all of11 th ibltisicue ah u fo ak addefun c) oes


On1 demandII UpI to I Yejllr Total;
For\ma1. lorelbgn eXChange~ CIII;c'uacS CIF -- c033 clJ3
D~ue to banks at sightl 78 78
Due to c~ustomerr denuInd;I deposits 25205.202
Accounts pa;yable anld ;ILCIrued liaba)lijiC? 837 837


Ful~~~w~~lrdo demandb~ uphll L CtorL' 5 CI IO ler inal

Due to customerLS demanLld deposits 26,4170 640
Accounts payalble anJ accrued lialbilities 1,014 ,04
CHF 27.j490 106 1,16

managed by the Balnk's FIlnance & .Adminihtratiion De)CPaulLnnin on1;an Ongo(ing~ baiSi. As~ prescribed L
by .The Ce~ntral Bankl of The~ Bhamalsll the Bank is required to mal:inlaini ai mlinimlumI liquidity ratia
of not lesa thanl 0.20:1. Thelc liquidity ratlio is the raltio of' thle sumn of thle Balnk's lignlid alssels in all
C~ulrrenciess xp~ressd as5 a raltio of' the .sum of' its totalI depobils in a;llc~urrcnies. .Liqu~id alssets
includes cash, precious metnis, ma~rkct loans (aldvances to banks loCaIted inl Zone1 A countrllies wills
residual maturity up to 90 days) and money at call antIl demand balanlces aIt banlks located inl Zone .1
countries held in Bahlamialn dollars and/or freecl) convertible fo~reigin curlrnc~y.
As prescribed by thle Centra;l Balnk of The Balhamas,. the Bank1 is epctedLII to useiL sicenario) ITesingS in
its measurement techniques of' liquidiity. Thel Banlk's F~inanLce & Administ';iraion DeCparunent `I
conducts a test ol; the Banlk's going conce~nl condition on an ongoing bas~is. Thelc goling~- concern .I
scenario establishes a benchmalnrk for thle "worst clas" scenairioln andc the rnorml behav~iour of1 Ialanlc
sheet related cash1 flows inl thle or~dinary course of' busineCSh. A rulll of) liqu~id aIssls to depoItsll of
1:1 is the bnchmarllilk eStablishedl by the Bank1 forT tetingY tile ".woT~ ~rl caSe" scenario and the plug l
concern condition,
Details of the liquidity ratio at the reporting3 Jate were as f'ollow s:

lqiLuidity rat o

As pre ibda mThe Bahamas Banlks and Trust Conipanie~s Reg~ulat~ions Act the Banlk is req~uireLd
to maintain a minimum capital almount of BS5,000,000.
As prescribed by The Central Bank of The Bahamal~s, thle Bankl m~ust mninltain aI capitall aeql~ua~y
ratio of at least 8%/ at all times. The capital ade~quacy~ raltio is c~alculatedJ by dividing the Bank i'
eligible. capital base by its lotal lisk-weighted exposures.
The Bank's capital is only malde up of' Tier I capital, with no0 adjulStmentsl w)inch~I inc~ludes ordInary LT
share capital and retained earnings.
The risk-weighted amount of anl on-balance shleet iteml is deterl~nllmed by m~uhltip l lyin the book value by the relevant risk weight prescribed by Thell Centrl jlalh Bind of he Bahama' 1;
The risk weighted amount of an off-balance sheet tranlsachlun is Calulated1L` a:she prZ inciplb.unount ;lOU
of the2 tranlsalction converted into an on-balance sheet eqlu;~Ivalen by m~ultipli in~ ,i \\nhI. a pcified C
credit conversion factor as prescribed by the The Ce~ntral Bank~ ofl'lc The Bahamasl~.IIn mullltl'l ying? tle
resultant credit equivalent amount by the risk weight applicable to the c,unlserparty1) o1;rz type o swis
or where relevant, the eligible guaralntor or collateral security aIs appropriate.
The Bank's policy is to malintainl a .\tronlg calpitall base souls to ma~inltain invcslme, icreditor and J
market confidence and to sustain future developmentn of the business. T'he impar~CI of1 thle level 01
capital on shareholder's return is also recognized andJ thle Banlk reLCognli7e the~ needC to) maintain a ~
badilnce betwyen thesh~fightogelygnITslih)dBN.Wblds'AJW~,ILCr~gearag1.;1lidwa sibligags
and security afforded a sound carpitll tposition,
Thle Bank has comlplied with all externally imp~oscr capitall req.~Uiremenb111 I(hrougl~ houtI tIChe perid.
There has beenl no mlatrial changes inl the Banlk's management1~ll of equa)lil Jurlingl thei Iperiod
The Banlk's regulatory capitall position at DcemllberI j 31;L wasi (V lUlo:
2007 ,oos

TIier I capital
,jinr sare capital onI1 ot)0 S.x42

Trotarl < 1.4.I I, '

Risy-weightedl expousures
cash (0%>
Claims on banks incorporated in Zonez A countries (2092;
Claims on the' private sector net of calsh deposits (100o)
.Claims on the' private SecLto (securCd by fiddicirie~i S> (20%i;i
Guarltc :< 0U~ )noel4J)

Caphalerx ecssedi as~ a perce~ntage of r~isk-weighedJ asses

8. Comnmitments andl contingencies
The Balnk is a party to certainly finanlrcial instrument s w-ith off'-alanl~lce sis..e! r!c; 1ho n1~Iormal~l coum- ~i
of' busiine~Ss to meet~ the finanI1cing~ needs of`11 lls customers. TIhe-w finl~mena~l nastrumenb1 1 inllu* d
aLcceptances anld gualralntess ~onunilmentlseto extend~ Clcrdit unlder hals :i1 clreuit .II..I iconunlinlus 111
to originatle loans anld advalnces. Exposurec to loss is replllcresne I,) ;Ihe cnra~lclltu.J!;Inount11 of~ those
instrumntns. However, the Banlk USedi the SamelL cred1it hypotheat~ioni l Cr~iteria whenSI entermgII into
these comnmitmntcls anld conditional obligatiolns as it doers f'or loanls and a;dvrnges.
contijnge~nt lialbilities under acceptanlces and gunsantee~cs entecl~red ilate on~ twhalf1 of' customers~l. in
~respctl of which there aIre correspondinlg obligt;ionls 01) ~cusomrc~s, amoul~nted to, CHEM3t7.736 clln)
ct i:9J2,416) andl are nlol included in l~u lOlel~l non-cons ltan ()ialanc bJIC. namcI SuaraT;III I ., Il
either partiallly or fully counte~r-guarantlee or secu~red by the Parent1 or;~~L u ISJSc plde y customess. IS
9. Reinted party ba~lac"
The Baink entred~r intlo varioutl trallnactions w\ithl the ag I'i ndII otlher~(( partl~iesI sel.llled by 'islin of
common conlrol.
The non~-consolldal cJ hala~nce sheet includes sIll I\llowingulate partI~ (;l~y IalanclS~ not ;:.CI); rases,
classifica~ls su~h oul lhe nonI-Consllbil idate hbalance suICCIns waI)C2C I IlhousandsIJ ar1 t i n.I:

.*000 1

__ I I

issue any permissions, and were
awaiting further contact by the
developers before proceeding.
'On May 2, 2007, the BNT
received a report from Friends
of the Environment in Abaco
that there was illegal road clear-
ing in the Abaco National Park.
The report was confirmed and
the Marsh Harbour Police were
contacted for assistance. Once
contacted by BNT the proposed
developers agreed to immedi-
ately cease all tractor activity,
both on the old logging road
and on their private lands."
The Trust added: "They were
advised that failing to comply
would result in legal action
being advanced by the BNT.
BNT staff subsequently met
with the developers on the site
to discuss the unauthorised trac-
tor activity on the old logging
"BNT officials, accompanied
by members of Friends of The
Environment, expressed to the
developers that the act of the
illegal clearing was in and of
itself worrisome and utterly
condemned. We stressed to
them, however, that we were

even more concerned the activ-
ity had taken place in the active
parrot nesting season, and with-
in an area that has seen active
nesting activity in recent past.
"The developer was made to
fund the cost of an ecological
assessment to determine the
overall impact on the habitat,
and of any impact on the nest-
ing activity of the Bahama Par-
rot. Further, the developer
agreed to support and fiimd an
educational campaign for heavy
equipment owners and opera-
tors to sensitise them about the
Abaco National Park and other
environmental legislation of
which they need to be aware."
The Bahamas National Trust
added: "BNT will be watching
this proposed development very
carefully. We are in touch with
the relevant government agen-
cies, including the Office of the
Prime Minister, the BEST
Commission and the Antiqui-
ties, Museums and Monuments
Corporation (AMMC), and
have advised these government
agencies of our concerns
about this proposed develop-

Wall Street

FROM page one

Zhivargo Laing, minister of
state for finance, has previous-
ly told The Tribune that while
revenues are behind Budget
projections, they are running
ahead of 2006-2007 fiscal year
comparatives for the year-to-
da e, with spending~under con-

Yet in its credit opinion,
Moody's said one of the factors
that could alter the Bahamas
'A3' foreign currency and 'Al'
domestic currency sovereign
rating was a "fiscal shippage or
a build-up in government debt
that could not be sustained by
the narrow; revenue base .
iAnother concern would be
any loss of tourism industry
competitive sd:."Ato

government debt as a percent-
age of revenues is trending

dsownate 1s50 pret for 200
it is one of the highest in its rat-
Ing i gopexacerbates fiscal
spending rigidities and is poten-
tially troublesome, given the
island nation's exposure to nat-
ural disasters and external
shocks "

I (J

1. I:



I 1.56?770!7,

Stores Inc.'s Sam's Club and
Costco Wholesale Corp.,
imposed himits on rice pur-
Rice for July delivery fell 5
cents to settle at $24.32 per
100 pounds on the Chicago
Board of Trade, down from
Wednesday's record of $24.85.
Meanwhile, wheat prices
slumped to a six-month low
as rainfall in the U.S. plains
states boosted expectations of
a good crop.
Wheat for May delivery fell
8,5 cents to settle at $8.0925 a
bushel on the Chicago Board
of Trade, after earlier falling
as low as $8.05, its lowest lev-
el since November.
Other agriculture futures
also traded lower. May corn
futures fell 11.5 cents to settle
at $5.7625 a bushel on the
CBOT, while May soybeans
dropped 23.25 cents to settle
at $13.4875 a bushel.
In energy futures, oil futures
dropped more than $2 on the
rebounding dollar, allowing
investors to cash in profits
from crude's recent run-up to
near $120. Light, sweet crude
for June delivery fell $32.24
to settle at $116.06 a barrel on
the Nymex. Analysts said the
dollar's rise against the euro
gave investors a chance to lock
in prof ts from oil's recent
record run.
Other energy futures also
fell. May gasoline futures lost
3.21 cents to settle at $3.0186 a
gallon, while May heating oil
futures fell 6.67 cents to settle
at $3.2583 a gallon.

Gold investors "have decid-
ed that there are changes in
the atmosphere, with the No.
1 being the improvement in
the dollar," said George Gero,
vice president at RBC Capital
Markets Global Futures in
New York. "I don't think it's
the beginning of the end (for
gold) but it's certainly mak-
ing people think twice about
holding long positions."
A rising dollar generally
encourages investors to shift
funds out of safe-haven assets
like gold, and a stronger
greenback makes dollar-
denominated commodities
more expensive to overseas

A neal

Also boosting the dollar -
and pressuring gold is the
belief among analysts that the
Federal Reserve may soon
t ng awmp itsg inet rate
attention to fighting inflation.
That would diminish te
appeal of gold and other hard
assets as inflation hedges.
Other precious metals also
fell sharply Thursday. Silver
forMay sdeeltver san 5.
ounce on the Nymex, while
May copper lost 2.9 cents to
settle at $3.875 a pound.
In agriculture markets, rice
futures pulled back from an
all-time high but remained
near record territory a day
after two major U.S. ware-
house retail chains, Wal Mart


D~ue~ froml ba;nks- At bight
one from CUstomerZS
-- s~curea ~loans onI CII ent ;ICenants I
- secured ruecd termn loalnr and aldvances ~
Investmentn in su;bsiiarans

ouL Iro iUb(omess~-- JLmandII eepIosil

Cl IS/Ji(,

Io. Assela under mlanagrllemem

CorTpOT;I nons,~i 1II1I and otherCI n ';lllel.l \whe.lill it JhI1J:. ;1ndl mamagesI;L~ assessl or investsh rand I1
receivedl inl war.i.l. rn:I.1me 1 11 m"!.n 1 nu1 1I so, sCCionl orus usnns II CI..ukICI .ecenes [101 I~I l~ ;L

mangeen .mu. m .< n 1 : 1...4900 . alr.~ 30 . 004.23>.. 111 1.11. cts cla 2 W.12v,30s

)l.i1a:. o .l .0 .!. I.i I... i~
on... I. :

in ... .0..0 :c ... ... m n.,.. :.
1 1 .. s . :I1 .. !1111.1: 1(:1 n... 1.

. I e...s.I n on. 0...,,..



FROM page one

the southern end of Abaco by
the Valencia Capital Grou 9
The South Abaco area is an
important area for Bahama Par-
rots, especially the coppice or
'Green Land Scientific
research confirms that while the
Pine Forest is important during
the breeding season for the
Bahama Parrot, the surround-
ing coppice is perhaps even
more important for foraging
andh rasiytoung dp rthd ot

tnte ed noloane sagreedmensn
the project, and had contacted
the Prime Minister's Office to
determine what permits had
been granted to the $1.7 billion

T BNT added that it first
mt Valeni Ca ital G ou
lat year,e andsaid: 'i Folloroiup
an initial informal meeting, the
developer requested permission
to use a road in the Abaco
National Park to access their
property in order to clear their
boundary lines. BNT did not

'Limited political

Will' undermines


.FROM page one -

network is far from adequate for existing traffic, let alone for the
additional traffic volumes that can be expected in the next few
years. '
SHighlighting the weaknesses in the jitney system, the IDB
report noted that there were some 400 buses in service on 23
"Ineffective regulation results in excessive competition on
popular routes and much of the rest of the island, with poor
u and infrequent service," the IDB said.
SWhen it came to preparations for the project, the IDB said that
'while the Government had completed the compulsory acquisi-
tions of all 446 privately-owned parcels of land needed, progress
with valuing these properties, establishing their legal bound
aries and paying compensation to their former owners had "not
yet been satisfactorily achieved. Substantial land compensations
are still outstanding".
Some five occupied and three empty houses had also been
removed from the project's designated routes, with all families
impacted transferred to new homes. As at March 20, 2008, some
200 overhead poles still had to be removed by the Bahamas
SElectricity Corporation (BEC).
BEST's capacity to review EMPs for the first version of the
project was "very restricted", the IDB said, and although the
agency had hired several people mn 2007 to bring its techmicians
up to 15, compared to three in 2000, "these people still lack
technical capacity to review and approve studies, follow-up on
projects and EMPs, monitor and audit".

Gola fails to rour-montn

o0 WOn Str on ger dollar


GOLD prices plunged-to a
four-month low Thursday,
extending their losses as a
stronger dollar gave investors
reasons to sell the metal tra-
ditionally viewed as a hedge
against inflation, according to
Associated Press.
Other commodities traded
broadly lower for a second
straight session, with rice
futures retreating from a
record and crude oil, copper
and silver also falling.
The dollar gained against
the euro for a second day after
a TepOrt showed a surprise
drop in the number of Amer-
icans seeking jobless claims.
Claims for unemployment
benefits fell by 33 000 last
week to 342,000, the Labor
Department said. That con-
trasted with expectations from
economists, who had predict-
ed claims would rise by 3,000.
The euro bought $1.5684
Thursday, down from the
$1.5896 it bought late
Wednesday. On Tuesday, the
dollar fell to a record low
$1.6018 against the 15-nation
Gold futures reacted
sharply, with the June contract
dropping $19.60 to settle at
$889.40 an ounce on the New
York Mercantile Exchange'
after earlier falling as low as
$884.50, its lowest level since
Jan. 10. Gold has fallen 8 per-
cent since March and is near-
ly $150 off its all-time high of


cc) Cushr Eqcuiva;lentl s

IFor purposes" of' the conlsolidatedJ statement of' cush f'lows, the GrIoupl COnISiderI S

Imonths orI less fnrom thec Jule of alcquisition to be calsh equivale~nts.

.I) D~ividenlds

I)iv.idends11 are. reLcognliSed il equI~ity inl thle peliod inl whiCh1 theCy are dclae bIC;I.~Jy the
Company'"'S's Ihard.C of` D~irectIS. D~ividend1S for1 the~year. lhat ar~e declared afterl tle
balance shdc~ dalte arle dea;lt w\ithl inl the subseqluent ev'ents nlote.

3. Sha~rle Cap~ital and Additionlal Pa;id-inl Cupitll

ThelL authlorized, issued and1 fully pa;id Share~c cap)ital( of1 thel Compnll;ly ordItnar~y shares of' $1 purl value ealch.

inl Mar~ch 20)07. thei ('.....I i.l.a a us1 'II; lsuitaina appro'Ivedi Lhe Compan~y's 'eque~st to,
recducc its Shareholder's IHyuity lo :s'!! million, settled by ian interim dividend ($b357.5
million), from add~itiona;l pa;id-inl c~apital anld reta~inedl ea!ninlgs, to the beneficial owners of'
records in the Co~mpany. Payment to, the benef'iciall owners wa~s executed in May 2007.

4. CptlMngmn

TIhe Company's' objectives \vhen man~aging~ capital, which is a broadcer concept than thc
'`Cqu~ity" on1 theL fa:ce Of the bal~llncC Ie s t, are:

TIo c~omplly willh the Caplital req(uirementII S set by the~ Centr~al Bank of Tlhe Bubumuls,
the Clomnl'"y's I~~lreg lua;
' To safecguardt the Complany'' s ability' to continued us al going~ concern so that it can
continue to provide returns 11< its shareholo lde and benef'its 'o r other stakieholder~s;

'I'o mal~inta~in aI Str.ong calital( baISe to Supp)Iort theC de6velopmentCI Of its busine6SS.

C.ap~ital adequallcy andc thle use ol' regulatory c~apitll aure monitored Juil.y by the Company's
manarlementcll emp~loying: techniques .bulsed onl the guidelines developed by the Basel
('onuniltte, as Imnpic nlcnted by TIhe Ccntr~al Ba~nk of Tlhe Balhamus (the Author~ity) f'or
super'1vi~soly purpoI)(Ses?. TIhe requlired inlikmnat;ionl is f'iled with the Authority on a quarter-ly

i~lle Central 13aunk requires each entity with a public bank alnd tr'ust licence to maintain a
ratio of totld regulat~or~y capitall to risk-weightedl assets at or ;ihove a minimum of 8'% (the
"BaselSZ rulio"). At 31l~)cemberJ 1 li,00 me; jCompan:Ly's (totaCl caital was $31.6) million and
its Basel ratio was 2069f.. TIherethrel~, the C:omnpany wals well above the minimum
recgulatoryy capital requiremecnt.ll

'Ihec Compnll;Iy'S regulatoryy capital comprises of' Ticr I c'apituIl only. This includes share
capital, addlcitiona~l paid-inl capital undlc.retained yearnings.

'fhe r~isk-weighcted assets arle measur-ed by means of' a hierar'chy of' four- risk weightls
classified cc ordL`CingII to the naurule of' -- and ref~llecting an estimatce of' cred~it, market and
othe~r risks a~ssociatedc with ealch asset and counlterparty.

'T'he table below summarizecs the composition of' regulatory capital and the ratios of~ the
Company f'or the years ended 31 Dcember.. During those two years, the individual
entities within thle Compan:IIy anld the Compan)IIy complied with all of' the exter-nally
impo~csed ceupitarl reqcuiccremeni to, which they ure sulijcel.

(For~merly BankBoston Trust Company Limited)
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet
Ais of 31 D~ecember 2007
(Expressed in United States dollars)




, Cs~h anSl demand deposits w~ith banks (Note 7)
~Time deposits with banks (N'ote 7)
Advances to customers
Fees receivable
Other assets


Total Assets

Customers' deposits demand and call
Other liabilities

Total Liabilities

Share capital (Notes 3 & 4)
Additional paid-in capital (Notes 3 & 4)
Retained earnings*(Notes 3 & 4)

Total Equity
Total Liabilities and Equity








31 632 1150

Signed as approved on behalf of the Board on 20 March 2008:


Director .

Notes to the Consolidated Balance Sheet
31 December 2007

1. General Information

BIE Bank & Trust Bahamas Ltd. ("the Company") formerly BankBoston Trust Company
Limited, is incorporated under the laws of the Commonwealth of The Bahamas and is
licensed to carry on banking and trust business under the Banks and Trust Companies
Regulation Act, 2000. The Company is a wholly-owned subsidiary of Banco Itau Europa
Luxembourg .S.A. (BIEL), a company organized and existing under the laws of
Luxembourg. Its ultimate parent company is ITAUjSA Investimentos Itail S. A. (Brazl)

(ITmpU A)s q ioplanyborgBnised and existi200 uderte lAmseo aB razl Pir Aote
was its ultimate parent company. ITAUjSA and companies in which ITAOjSA owns
directly or indirectly 20% or more of the issued voting shares are referred to as affiliates.
With respect to balances as of 31 December 2006, affiliates refer to BAC and companies
in which BAC owns directly or indirectly 20% or more of the issued voting shares.
Amounts arising from transactions with affiliates are disclosed in the balurce sheet and
the accompanying notes.

On 6 November 2006, BAC entered into a share pur~chase agr~eement w~ith BIE~L forI the
sale of all outstanding shares of capital stock< of Ba~nkBoston~ Trust Com~pany Limited.
'The closing of this transaction was eff`ective 31 May 2007.

The pr-incipal activitics of the Com~parny and its wholly-owned sulbsidiar~ies (together,. the
Gr-oup) ar~e pr-oviding trulstee, corporate, investment management anld bankh~ing srvl\ices
from within The Bahamus. The Comnpany's regiseredluffice is located on the Grouund
Floor, Char~lotte House, Charllotic Srelet, Nassau, T'he Bahumas.

2. Summalry of Significant Accounlting P'olicies

TIhe principal accounting policies applied inl the preplar~atio n of th~e consolidatel d balanced
sheet arIe set out below. ~These policies have beenl consistent~l y applied to all the yourls
presented, ulnless other-wise stated.

(a) Busis of preparation

'The Group's consolidated bnalance sheet ha:: been~ prppclarecd inl ac~cor~dance with
Inter~national F~ina~ncial Rep~orting Standaluds l'RSI. TIhe consoldalted halalnce
sheet is prcparedl under the~ historical cost I.(ml~illnuan, as mod)Cif`ied by the
r~evaluation of` finauncial alssets annd fina~ncial liarblihne,

The precparation of` balance sheet in acc.,rdanceu withl PRS12 requires manlagement r
to exercises judgement in thle: process of appiva;ll: the Comlpanry's accountling
policies. It also requires management to niahe e:l0mutes and assumptions Unit
afflect the almounts repor-ted in the consolidated brui I; . sheet( andl accomnpanying
notes. Actual amounts could differ firom those estiin...les.

In the curre~nt ycar, the. Group has: adopted 1HH1 7 F~inanciall InstrumentI:IS:
Disclosulrs and the amnendmentsi to IAS 1: Presents.:: on! of F-iinancial StatemeLnts,
wMhich becam-te effective f'or- fiscal per-iods beginning on or alterl 1 J 20)07.
The impact of` the adoption of` IFRS 7 anld the changes to L.AS 1 has beenl to
expand the disclosurles pr-ovidedl inl the co~nsolid;alte I alance sheet regardtin~g the
Group's financial instruments and maunagement of` cap~itl.ll

T~he remaining standards and amendmentss and intecrpretationl~s' to, publlis;hed
standards that became effecctive f~or fiscarl perliods beginning~ on or afterl I January .)
2007 wereL not reclevant to the GroupI1's operI;II~ISon anld ac~cordingly did not limpact
the: GrlouIP'S aIccouLnting~ plicieS o. conISOlidu;ledC halanII~ SIc se.

Tfhe appllicationl of` new stundlards andt amenm e~nts~~~i l and interpretat;IIionsl to) ceililing
stanldards that ha~ve: ben pul)lIished but ar~e norl yet~ feCtIve~L are. not) xpCted'~L( 1o
have a material impact on the Group's accouniing p~olicies or co~nsoliduled l
balance sheet inl the period of initiial app~lication.

(b,) Consolidation

Subsidiariei s ar.;1e ll eintles over. which~ thec Companl;ly has the power, to governl- the

than~ one half` of( the voting~ rIgjhts. Tlhe exiStence an1d fct`'C of` POtentlial volin ~
rights that ar-e currel~ntly excrcuisable orI converrlibl e ar~e considered when assessin
wvhetherl the Complany controls alnother entity. Subsidliar-ies ar~e fullly conlsolidated
fr-om the dule onl which control is tr-ansferredcc to the Company. TIhey ur~e de
consolidated f'-rom tle dlate thait control ceases.

A~c~countng policies ofC t1 IL ~he uid~liariS are~ Con)Isistent withl thle p)olicie`s adoLCJ~I hy
the Comnpany. Tlhe consolidlatedl balance shleet Includes the acCcountl S of1 the
companyy and~ its subsidliar~ies, afterl- the e~limiiationi of' all significant~ intsr-

(c) A~ssets heldl ars Trlustee, Custodlianl or Numinlee

theholingandplcin ofassls n ehaf o clent. he assetls and~ income lC
;rIsIng1 thereunI .I;.c excluded~~ 110~.I the bal~llace~ Sheet~, as thev;l~c 11re notc~l asset of t

(d) FrinCrec reain

Items inlu~ldedC in the consoll~idated halanlc ,heet arc meLasuredl u1Sing; ther CurIe.ncy

of1~ he~IIIC primarylll~l ecno Ic environment: (11n which1 theL GroupC' operates ('"the; ;I
Stu i Jul: llC ;I I;: bich CC!~. 1 ioup:, nuceonl and pre enttio cureev Assels .IC



I'ier I capinal:

Share capital
Additional paid-in capital
Retained curninlgs
l'otarl qlualifyingf TIier 1 capital



206% ;

I 13,385,362



Itisk-weightedl Assets

Blasel Ratio

I'he: deccrase of Tlie~r I equ~ial inl the ye~ar 00)7 is p~lrimarily due' to theZ paLymentII ofan
interim dlivideond, to the bencicia~l owner of records inl the Compa;ny at 31 May 2007 (Note
3), pursulant to the~ share purII 1LChas ag~lreementl thalt prov)ide'd lIrI theC sale by BAC to BIEL
of' all of' the C'omplany' s outstanding shareLs ofI caplitall stock~ (Not(e 1).

5'. G;eograph~lical Analyllsis of' Assets anld ~iiubilities

'lheL Girou'~,ls assets and~ liabhilities ma~y bec unullyzedl by geog~raphical
domnicile: of` the collclpunterarty as follows:

area, based on the




Ilain Ameriic~a
Nort~h Amer~lica




ILatin Amer-ica
North America c~
'Ihec B3ahamas &: C'aribbun

6.. aluturities of' Assets andlc Liublilities

TheI1 Grloup's assets andl' liab~iiliCiS maI;y be anlyzed~~C into~1\;11 relevat matuity' grui.)lj:.'S.

Inaturity dule, as follow\\s:

2007 2006


mI~on Ihree: to [\Live tourl~S
O)verI fivC` YourIS






7, 01228


7. Other Halanrces with Affiliates

1)r~c l~cing 2007 a~s a resub1 ofic theil ycha e ;i n I wnershi toI; II~' \\ ll ., the otherwILIIIilSe reinto pay.

tran ucu ns xis ly n t e p ioryea ar no baanc s w th nde end nt nso una ,.(r

19 LU

IBralancec Shed:l

-1.gaug I

I ~~~1 ~ --


8. Lecase Conmmitmlent

T'he Company ha~s a c~ommitmentll under a; nn-unLalcellable operIating Ilease unreementL~II
relating to its offijces that1 expires oni 31 Jaruar~y 10)10. The1 futurel~ :Iggr.E;Ite mlinlinoun
lease payments under the non-cunrlclllhuble operatin~ Ilease arec as f~ollowY:

I'lowac e lllllnu* C IIe )LT
I'll Ihcluc N-19a U

Teleplan 1 12421 32 530



Not Inter- thaun 1 year II
LLatrl than 1 year1 and not lalcer than 5 yea~s



'Ifo thle Shareholderl of' HlrIE Hnki & TrIust H~ahlamas Ltd.

We have au~dited[ the: acZcompanyingl con1SOlidat~ed bala;nce sheet of BIE Ba;nk &L TruILst Bahamnas
Llul. as of. 31 Decemiiber. 2008 anld a surinniary of significant~ accountingg policies a~nd other
exPkInatlory notes.

Managt~c,,einet 's Iesv!pa inibi,~lity /orctheimacl:i..' ::atrrmentr~ s

Mana ement~ is reSpoSIIISh~L: for. the1 p~lilparation1 and1 faLir. pre.sentatlionl o` thiS Consolidat~ed balanllce
sheel in accordance with international Financial Recportingg Standaurds. This responsibility
includes: designing, implemernthlig anid maintaining internal control relevant to the pr-eparation
-ind f~air presentatlionl of1 financiall statements that are frlee frlomn materlial misstatement, whetherl
cdue to fr~audc or. crrlor.; selecting aInd appllying appr~opriate accounting poliicis; and making
accounting estimateLs tha~t ar~c rea;sonabl C inl the cir'cumstnSlncs.

Audtitors' Resp.vlonsibilil?

Our responsibility is to express an opi nionl on thlis consolidated bu~lance sheet based on ourI aud~it.
We conducted ourI aucit inl accor~dance wPith Inter-nationlal Standar~ds on Auditing. Those siandar-ds
requ~ireC that we Com~ll~y w\ith ethical recquirelments and plan and performn the audit to obtain
rea;sona;bic aLssuranIIce whethrc~l th~e balanllce sheet is freeC frlom muter~ial mnisstatement.

An a~udit involves perforlming pr~ocedures to obtain audit eviidence about the amounts anld
disc~losur~es in the financial sta~tements. The procedur-es selected depend on the auditors
.juludrcnt, in~lcluinlg the assessment of. the risks of' mater~ial m1isstate'ment of the financial
state~mentls, whetherCI dune to fraudIIC or error.. In mnakinlg those r~isk assessments, the auditors consider
intrnl cntol elvat t the entity's pr-epar-ation and fa;ir. presentation ofl the financial
statement s in ordercl to dcs~ign auditl prlocedurecs that ar~e approupnate in the circumstances, but not
for theL purp.IoseI I of ePreSSing~ an lop)inion on the fct~'civeness of' the entity's inter-nal control. An
audl~i also includeCI S evaI~luaing thle appropnateness ofLIJ a1 CCoulnting: policies used and the
Ieasonable~ness of. accounting estimates made by m-anageme~ntas well as evaluating the overall
precsentation of the hn~ancial statements.

We' believe that the:Ilii Cudilt~l C evde cw have obtalinedl is sufflicient and appr-opriate to provide a
basis for our audit opinion.

In our1 o~pinlion, the acco~mpanyin g c~onsolidated balan-ce: sheet presents fairly, in all mater-ial
r~espectS, the fi~nanciall position of. BIE Bank & TruLst Bahamas Ltd. as of' 31 December 200)8, in
a~cocrdanec with Internlational Financ~ial Reporting Standarlds.

WVithout qu~itlifying otar opinion,.v we emphasise that the accompa~nyingX consolidated balance sheet
does not comprise a completed set of. financial statements in accordance with Inter~national
Finaunciall Report~ing Standaruds. Inf'ormatuio n onI ~e~sults of' oper~ations, cash f~lows and changes in
equity is necessury to obtain a complete underlstanding of the financial position, performance and
changes in finauncial position of BIE Bank &~ Tr~ust Bahamu~s Ltd.

Chartcrcd Aiccountantls
Nassau, Blahamas
20 March 2008

9. Pensionl Plan

The Company has an independently administered def'ine~d contribution plaln covering all
full-time employiees. A defined contl~~lribio n plaln isl a pension p~lanl under which the
Company pays fixed contributions in a separ-ate entity. T~he Compalny ha~s no legall or
constructive obligation to pay further contributions I the fulnd does not hold sufflic~ient
assets to pay all employees the benefits relating to employee ser-vioc in the c~ulrrelt and
pnior periods. All full-timne emlployees who have ~omnpletedl a pr~obatiolnary pen~od of
employment are eligible and required to become members, of' the plan. Members a~e
required to contribute, by way of' monthly payroll de~ductio~n, from oner pece~cnt up to a
maximum of six percent of their eligible caminilgs to the planl. The Comp~any in tu~n
contributes an amount equal to six per-cent of the member's eligible ear-ningys to the p~lan.
Member-s have a fully vested interest in the Company's contributions aftrLl f~ive ye~r~s of
continuous service.

10. Income Taxes

The G.ouLp is not subject to income or capital gains taxes underl the currently laws of` the
Commonwealth of The Bahamus.

11. Financial Risk Management

The Group's activities expose it to a variety of financial risks and those acluvitics involved
the analysis, evaluation, acceptance and management oI some degree of` risk or
combination of r~isks. Taking risk is core to the financial business, and the operational
risks are an inevitable consequence of being in business. TIhe l;Coupl's alim is therefore to
achieve an appropriate balance between n-sk und returnfI andl minlimise potential adlverse
effects on the Gr.oup's financial performance.

The Group's risk management policies aire: designed to identify' and unalyse these risks, to
set appropriate risk limits and controls, and to monitor the aisks and adherecnce: to limits
by means of reliable and up-to-date information systems. The Group r~egularuly reviews
its risk management policies and systems to reflect changes in marukets, pr~oducts and
emerging best practice.
Fiduciary Risk

The Group is susceptible to f'iduc~iary risk, which is the risk that the Gro~up ma~y faLil in
carrying out cer-tain manndates in 'Llecordance with the wishes of its clients. T'o manager:
this risk, the Group takes a very conservative approach in its f'iduciary ulndert~akings.

Credit Risk ;

Credit risk ar-ises fr~om the failure of a counterpart~y to per~for- m according to the tenl~ns of
the contract. From this perspective, the Group's exposure to cred~it risk is primarily
concentrated in demand and term deposits. The deposits are mainly inl Uniited Statz s
dollalrs~r and lprlce with Ire~ognized inter-national banks.

Interest rate risk

Interest rate risk is the risk that the fair value or cash flows of a financial inst-rument miay
fluctuate significantly as a result of changes in mar-ket interest r~ates. Tlhe Gloulp's
exposure to fair value interest rate risk is minimal us the rI.CvyptII ).IIas.;.LIl ins!~.mIIuens
:''r-'rs:'iCaluall at inte~cF's-i 1 s which fr-equently recset to na~l c Ikt ates, andt it zconlsullrs' the
~,! afts~low interest. r'at Fi;k lo haLve a minlima7l impa;ct on its profllitab~i( yr.:f .:. - *
Liqluidity risk

Liquidity risk is the r-isk that the Group might not have the ~neCessary liqu~id~ity to meet its
contr~actual obligations. The Group's policy is to maintain a favl\ourlable ratlioJ of liquid
assets to financial liabilities as indicated in Note 6.

12. Fair Values of Financial Instruments

Fair value estimates are gener-ally subjective inl nauare1 and ar-e decpendent upjonl a llnumber
of significant assumptions associated with cilch instrument or group of` similar
instruments, including estimates of discount I.rats, risks associated with specific f~inancial
instruments, estimates of f~luture cash f'lows anld reclevant available marketr information.ll
Fair value inf~ormation is intended to represents ;n estimai e of` an umrountl ati whichl a
financial instrument could be exchanged in a current; l tr~ansaction between a willing buyer
and seller engaging in an exchange transaction..

The methods and assumptions used to estimate 1!. Ilair- values of' the Group's f'inanc~ial
instruments are as follows:

Due from banks. The fair value of cash at banlk andL ;illec depoaits placedl on reclatively
sliort terms is their carrying value.

Other Finanrcial lInstruments. Other. financial Ialstr:me~nts utilized by the Gr-oup arle
generally limited to those types of' financial assets al:; !;:anciatl liatbilities sh~ownl in the
balance shect. The carrying amounts of these other f'inancia~l instruments ar~e considered
to approximate their falir value, given that they lare etlerlcl short~-lerm inl nature or have
rates that automatically r~eprice to market on a periodlic hasIs;.

FRIDAY, APRIL 25, 2008, PAGE 11B



, ,



i- Dennis

Calvin & Hobbes







APR 25

AQ1UARIUS Jan 21/Feb 18
It's time to pitch in moreI., Aquarlius,
although youI alrcadly do so mnuch~. A
reclatlive needl s your help, desp~er~ately
so hlop to it, andl fast. YoI'll enIjoy
the Irewardling f'eeling afteirwar-d.
P'ISCESS F'eb 19/Mar 20
If' you're feecling like a failure, it's
pro"bably all in your heat)!. Pisces.
Those aroundl you know how
Scapable you are. Cheer up.
ARIES M/ar- 21/Apr 20
Youl may wantll to putI pleasurIe befolre
business this week,. Arse~s, but that is not,
a1 wise decision. H-igher'-upIS are~ keepilrg
their eyes on you, and it s imperative
youl make a1 good impression.
TIAURUS Apr' 21/May 21
.A newL\ relatlionlShip) has1 taken 1 doweb-
warl turn. Re~st assuredl t~at it's nbt
your faultI, TaurIus, but rather a. i mIuilui
acceptance that it won't work outl.

GEMINI May 22/Jun 21

hloldl yourl langule if' you have noth~i g

Ci CERK J un 322/Jul '2
You'iec bLeen Spendl~ing; a Lo 01 time'h

chance to get[ backl outI and enjoy~
what civ'ilizai~on has to offelr. It will1
b~oost y'ou. spir~its tlremendously.
I EO0 Jul 23/Aug 23
11 is timc to, givc up onl a pr~olqct
you've been tackhling. Accept~ thatl it
isi beyo~ndl your1 grasp and tha ll~lit
should be Ileft to a prlofes~sioni.
Swallowing~yo ur' pr'ide is dlifflicult.i
VIRGO Aug 24/Sept 22

you to1 I'evalIuateL yourI OWn1 lil ,
Vir.Co. It is time' to takec a hard lotk
at the traits (1131~ bother. yo~u. Donft
wolmy, you IIl have supp~lorI.
LIBRA Sept 23/()ct 23
Y'ou lime finally found~ y'ourl care r

br~ings in~1II the weks to comenl. Frliedns
andc fumlily ar~e ~jealouls of1 yourl happ~li-
ne~ss, but it dloesnl I fate youl.
SCORHPIO O)ct 24I/Nov 22
11 \\ill he a~ roll~r const~r of' entatiorl h

irrat;ionlal felinglils you have~.
SAG;''ITIRIUS Nov 23/Dec 21

limlc on1 youlr hands11.
CAPRKICORI N D~ec ,2/Jun 20)
Need~ somlc rullc awa:y fr~om it a1ll
Now\\ is nlot theI timelC forl Envl~OouiS
ill''lllvenure, Capr~lic~Ornl. Pcopllc areL

o~vo~id thec issue's.

Contract Bridge

By Steve Becker


~P [



Irl I ~ ~1 ~~rl 1R I LI ~B I LI Lal



out. Since East still had the K-10-9,
South had to lose two tnamp tricks
and go down one.
The hand demonstrates an
important principle of play. South's
view from the start should have been
one of confidence tempered with
caution. He should realize that mak-
ing the slam is a virtual certainty if
the trumps are divided 2-2 or 3-1.
His only real concern should be a 4-
0 tnamp division.
South should conclude that the
slam is unlikely to be made if West
has till four trumps, but that it can be
rnade if East has them. Accordingly,
South should lead a low trump
toward dummy at trick two! After
West shows n bduumyc qeren

has no trouble finessing East out of
his 10-9-4.
The principle that applies here is
a fundamental one. Declarer shapes
his play to cater to the normal 2-2 or
3-1 division, and at the same time
makes allowance for the abnormal 4-
SO division- '
It is true that declarer will some-
timnes cost himself a trick by guard-
ing against a bad break, but he will
ru by nk nmo wate stps hel ca
to improve the likelihood of making
, Jiis contract ...I

North dealer.
Both sides vulnerable.
I AKJ 8 2

+Q 75 3
4 10 6 53 4 9 4
VJ 10 9 6 2 V Q7 5
SJ 9 74 + 108 5 2
+ +K 10 9 4

*AK 4

The bidding:
North Easst South Wesst

4 4 Pass 4 9 Pass
5 + Pass 6 4
Opening lead jack of hearts.
There is no time clock that com-
pels declarer to rush headlong into
the play. Speed has its reward in
some games, but bridge is not one of
South went down quickly on this
deal, where he lost a slam he could
have made by playing more slowly.
He wlonothehheart lead, playda diaaw
trump and finessed the jack. The
,finesse succeeded, in~~'stesghqwY,ed




words in
the main
ADbody of

M II O century1 9
HOW many words of four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be
at least one nine-letter word.
No plurals.
GOODo 14 ,r good 21; excellent
27 (or more). Solution tomorrow.

'- 8

9 Understanding from the
10 Policemangiving markstomlotorists
at road junctions? (9)
12 Gracious, work and stop talking! (4)
13 Relax -he likes to kid people (2,4)
14 Box file for "Bird (7
15 Will put through its paces: meant to
do stunts with (9)
17 Ofer to compose tune for th? over
to play outside (9)
18 Heart broken, uncle has gone to
AmericZ: (7)
19 Claim a quarter after the lejal
separation (6)
20 Stick into, making a crack (4)
23 Being recorded as tiecoming sick
with; (5,4)
25 Condescend to shop at 9)
26 Once abroad, changethe name (4)
27 When the feh~ow incarcerated ;in is ret
out. suppress 11(j6)
29 Mad, took aswipe at 17)
32 On baalane, it's er, i'-formativ~e (9
34 Dash! The diue is w~rong for
"little" (9)

1 Became hooked by -itwas very
poptilar (6,2)
2 Random sample of those dissatisfied
with? (5,7)
3 Having a feeling of uneasiness with
nothing to baseit on (8)
4 It's narrow: for a start; m~anoeuvring I
get jammed in (6)
5 Disruption the winching creates? (8)
6 Sticks rubbed tonethler at dawn?' (5.5
7 Twists to music ()
8 Acctountable to (that's one you can
iUno the solution to!) (10)
11 Having gone into the business world,
become absorbed by (5)
16 Get even een for beheading -in
time (6)
19 Hair growing in the ear (3)
21 ; Speak. your mmnd? (5,3,4)
22 Swamp with awhole lot of;
overwhelming, in either words (6)
23 Where thle any make it hot for
evrongdoers? (10)
24 Havine no inclination to be honest
25 Goo/Etn;!ish ood (3)
26 Wel! and completely so- off and
on (8)
29 0085 Ktind Of g0 into, with the
pariners (E)
30! Chea: eve' so ter'joly when one

31 Traniferi to,il na ke shet time (7)
33 HE'!6 peri i::l 10 overi; up(5)
3r Sv.::r ; ?' a:Mo:al the boof:(6)

Ngac Nguyen v Loek Van Wely,
World Cup, Russia 2007. It was
nearly the shock of the first round.
The little-known Vietnamese
stormed to the attack against the
Dutch number one's Sicilian
Defense, and reached this position
where Black still seems safe due to
his central e5 knight. But White's
next two turns, the first obvious,
the second a stunner, crashed
tr ugh theadefrences for a

grandmasters are resilient
characters. Van Wely won the
return game, then eliminated hris
tiring opponent in the speed chess
tie-breakis. What was Witite's
winning tactic?



SACRO orin

10 Small
sausage (9)
12 win
13 Dsirabe t-3j
14 F ideoeic (,
15 be ear (
17 Ar~it ac

20 DN
23 Cooking,
cleaning, etc.
25 Opposite of

27 Grief or d o'p

32 imposes

3G If mous (c
39 Amerl~;.

DO .ardons (8)
2 Whirli ia

4 :l~in}

6 One vi~
though s
ne iiEEl

19Pen j (i
22 iiannr.. (6

25 Dog fol
21 Fidgety (8)
29 Larce
plane (Ei
ce j :.i I

3 r~n to
_i Gileo C

35 The consequence of makinG One 5
debut? (7)
36 Result of firinc into the air? (5
37 Name the c-cal (';
3e Rln water fo- rne p ant (9
3" A property yo; ,ie to 9) ?

I C=I;I wnsoLmodi .

LC9C55:L(i ..,:i~r; i ir.(.:i 0..;- 1:

CC.'.~ 1 ai'--~ .i :~ ~e. ~ L-:; i '-- f


-I :CX. I: II..
: .' :il - .; 'lil II El( ;
i 6-1 -Ir..r

Chers 85991 1 Bxe5~ dxr5 2 Be6J! fxe6, 3 Qxg6~ Kh8
4 Rfr e xc/ 5 oxq2z (5 Ky?! abro vIn() andl Black
resig~nedj 11 thep face Of Qg! m~::49 oi Ch34


Tribune Comics


Preparing for fthe Uh~expected



oK, 4ANE T\-E ,
1-~- YOU-60'&.
(EIUR NE -""' G~r
\ ~hET





FRIDAY, APRIL 25, 2008, PAGE 138

T --


(C) Loalns, Advances and Provision for Impairment

1.oanls and advances are carried at the principal amount outstanding plus accrued interest
less any provision for impairment anld uncollectibility. All outstanding loans and advances
.Ile originally~ granted by the Bank ~and are recognized when cash is advanced to the
borrowers. All loans and advances to customers are adequately collateralized by investment,
se~curities and deposits held by the Bank on behalf of the borrowers. Accordingly, the Bank
has not established a provision for impainncnt or uncollectibility with respect to loans and

(f) Property and Equipment

Property and equipment are stated at historical cost less accumulated depreciation.
Historical cost includes expenditure that is directly attributable to the acquisition of the

Subsequent costs are Included in the asset's car trying amount or are recognized as a separate
asset, as appropriate, only whenI it is probable that future ecamomic benefits associated with
the item will flow to the Gjroup andb the cost of the item can be measured reliably.

Land is not depreciatedt. Deprec;;ation onl other property and equipment is calculated using
the straight-line method to allocate th~eir. costs over their estimated useful lives, as follows:

31 March 2008

- L ''



Notes to Consolidated Balance Sheet
For the Year Ended 31 December 2007

1. Incorporation and Principal Activities

Private Investment Bank Limited (the Bank) is incorporated under the Companies Act, 1992 of
the Commonwealth of The Bahamas (The Bahamas) and is licensed under the Banks and Trust
Companies Regulation Act 2000 to conduct banking and tmust business, including the provision
of portfolio management services, from within The Bahamas. Th~e Bank however, limits its
activities to the provision of private banking services, whilst the trust business is perfonnedi by its
wholly owned subsidiary PIB Trust Company Limited (the Trust). The Bank is a wholly owned
subsidiary of Banque de Patrimoines Prives Geneve BPG SA (the Parent Company), a SwisS
bank. All balances with the Parent Company, the shareholders and directors of the Parent
Company, the directors and officers of the Bank, and the Bank's subsidlarcs are disclosed aS
being with related parties,

The registered office of the Bank is located at Devonshire House, Queen Street, Nassaiu, The

The Bank's other wholly owned subsidiaries, Miremont Investment Management Ltd.
(Miremont), an International Business Company incorporated under the laws of the
Commonwealth of.Tlhe Bahamas, serves as the investment manager of Mirement Alternative *
Strategies Ltd., an investment timd incorporated in the Cayman Islands, that invests in hedge
funds and NEC Investment Management Ltd. (NEC). an Intemnational Business Company
incorporated under the laws of the Commonwealth of The Bahamas. serves as the investment
manager of New Era Communications Fund Ltd., an investment fund incorporated in 'The

The Bank and its subsidiaries are referred to as the Group.

2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparations of' this consolida~ted balance sheed are
set out below. These policies have been consistently apphedx to all the years presented, unless
otherwise stated.

(a) Basis of preparation

The Group's consolidated balance sheet has been. prepared' in accordance with
International Financial Reporting. Standards (:FRS; and under the historical cost
convention as modified by the revaluation of all dierittie contracts. The preparation of
the consolidated balance sheet in accordance with IF:*: --:iunres the use of certain critical
accounting estimates. It also requires management to t: .; -cse its judgement in the process
of applying the Group's accounting policies. Actue.. resultss could differ froim those. ~

In the curi'ent year, the Group has adopted IFRS 7 Finanualr Instruments: nicolosures and
the amendments to IAS 1 Presentation of Financial Statements. which became eftictive
for fiscal periods beginning on or after 1 January 2007. T'he impact of the adoption of
IFRS 7 and the changes to IAS .1 has been to explind the disclosures provided in these
financial statements regarding the Group's financial instruments and management of

The remaining standards and amendments and interpretalibms to ~pubished standards that
became effective for fiscal periods beginning on or after 1 January 2007 were not relevant
to the Group's operations and accordingly did not impact the Grocup's accounting policies
or balance sheet.

The application of new standards and amendments and interpretations to existing
standards that have been published but are not yet effective are not expected to have a
material impact on the Group's accounting policies or balance sheet in the period of
initial application.

(b) Principles of Consolid~ation

Subsidiaries are all entities (including special purpose entities) over which the Group has
the power to govern the financial and operating policies, generally accompanying a
shareholding of more than one half of the voting rights. The existence and effect of
potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Group controls another entity. Subsidiaries are fuliv consolidated
from the date on which control is transferred to the Group. They are de-consolidated fiom
the date on which control ceases. Inter-company balances are eliminated on consolidation.
The accompanying consolidated balance sheet includes the accounts of the Bank, the Trust;
Miremont and NEC. .

(c) Translation of Foreign Currencies

(i) Functional and presentation currency

items included mn the consoildated balance sheet are measured using the currency of
the primary econlomic environment in which the Group operates ('the functional
currency '). The consolidated balance sheet is presented in United States dollars.
which is the Grou~n's functional and presentation currency.

Monetary assets and ;ra'oibules in currencies other than the Ulnited States dollar a~e
translated at rates of exch~nge prevailing at .he year and

(d) C~ash anq Cash Equivalents

Calsh anTd cash equi\lear. can1 dem ic.u;ld deposits due firom banks less demand deposits

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

Consolidated Balance~Sheet
As of 31 D~ecember 2007
(Expressed in United States dollars)






3 7
7 &10
3, 7 & 8
7 &10
5 &10

D~ue from bank
1-Time adncs
' sio ve financial instruments
Accrued income & prepaid expenses
property and equipment
Other assets and receivables

29S~r11,5? _247,019,687


Liabilities -
Due to banks
Due to customers
Derivative financial instrument
Accrued expenses and other liabilities

3 7

3, 7 & 8




733 1

2-5 years
5 years
5 years

* Building
* Computer Hiardware and Software -
* Fumiture & Equipment .
* Vehicles

276,466,626 228,038.j596

Total Liabilities

(gi) Valuation of Derivatives

Derivatives comprise forward currency contracts that are carried at estimated fair value
based on the forward rate for the remaining period to maturity at the balance sheet date.

(h) Fiduciary Accounts and Assets under Administration

No account is taken in this consolidated balance sheet of fiduciary accounts or assets and
liabilities of clients administered by the Bank o~r the Trust, other than thodie assets and
liabilities which related to the banking services provided by the Bank for their clients.

3. Parent Company Balances

Balances at 31 December 2007 with the Parent Company are as follows:

Shareholders' Equity
Share capital .d itl
A dtional pai -in cap ta
Retained eanngs

Total Shareholders' Equity


6 I .0.0

19,044 63 1


,295,511,257 247,019,687



7,677,422 11,901,411

410,057 558,548

8,635,473 157,206

535,780 2,623,348

Due from anks demand

R~ce'iv.able froml derivatives financial instruments

Due to, banks demand

Pay~able on derivative financial instrtu~nents

IAs of. 31 December 2007, the Bank has accrued 525,200 (2006: $ 68,770) for commission to be
paid to a director for introducing newv clients to the Group.

4. Property and Eqluipment

Land Building &: Equipment
s s s







I January 2oos

3 member 2006

Accumulated Depreciation:
H anuary zoos
Depreciation expense
31 December 2006



35,'.9)15 1.coo0ass

399.915 1.090.163


16739 52.502 ,8j2

1 C'losing NEt Book; \aluer 200(* L'.'15 86j.5 it

' January 2007
31 December 200,

.Accumlulatedl Depreiation:
I Jalnuary 100 :
CaDrechano~dlln repense-
1I D~cember 2007



;99.915 1.090.168

399.915 io0is






C'losring~ Nt Book \'alue 2007 ;U99.415 7;4.918 199.807 64.902 1.419,542

5. Other Assets and Receivables

included in other assets anld receiv;ables is S1.620.577 (2006: $1,488,055) of costs that the Bank
is seeking to re-cover-from certain customers' accounts. The Bank is awaiting the conclusion of
legal proce~edings in the Banki's favour to recovecr these costs from the customers' accounts. At
31 December 2007, no provision for loss has been made for these recoverable costs.

6. Share Capital and Additional Paid-in Capital



Share capital:
Authorized, issued an~d fully paid-up
3.000,000H' ordinary shalrs ofS 51 ach

3.000.000 3.000.000

Addlinolcnal paid-inl cap~ital re~presents the excess of the issue price for the Bank's shares over their
par value and any! contributions recelled~ from the Parent Company for which no shlares have
licen issued.
7. Finanlcial Risk Mlana~gement

By its nature the Bank's activities ar~e principally related to the use of financial instruments,
including derivatives. TIhe Bank accepts deposits fiom customers at fixed rates and for various
periods and seeks to cyan a 3 I asll il::mr Ir consolidating short-term funds and investing for
longer periods in making collater~alized loans to customers and placing bank deposits, whilst
maintaining sufficient liquidity to meet all claims that might fall due.

The Bank also enters into forward currency contracts as part of its client related activities and
manages the risks of these positions by taing offsetting positions with the Parent Company.

Ihe Bank's activities expiose It to a variety' of financial risks in the normal course of business.
.Thlese risks include fiduciary, interest rate. credit. currency and liquidity risks. The Bank's
financial performance is depecndent on its ability to understand and effectively manage these

(a) Fiduciary

'fhe Giroup prov\ides significant asset management. custody and trustee services to third
pamtes. T`he's activities gi\e rise to an operational risk. which is the risk that the Group
Inay fail in carrying out certain mandjates in accordance with the wishes of its customers.
fo manager this exposure. the Bank generally takes a conservative approach in its fiduciary
un~dertakiings for- customers.

(h) Interest rate risk

Thejl Bank Itakes onl exp's~ure~ due Ito thc effects of~ fluctuations in prevariling levels of market
interettT rates on its tinanuc~ial positionl and cash flows. The deard of D~irector s sets limits on
The level ofIIS3I I mism tcho interests rate re-pricing that mlay be ~undertakeLn which is mnonitoredi
daily. T[he tabic below summlarises thle Banlk's exposure ito Intere~st rate risks. Inlc~l -ded in
the table are thre bankiing as~sets and hlabilities at carrying amounts categorizedl to malrity
dates.~ as all contracts re~-Pn1Ce upon matuntV.

Hithenb ~ ~O ne rr
One Month Montlhs
s s

Within Sis
Months to
One Year


Three to
Sie MIonths

As ul 31 IN~cembehr ?(197
Ih71a Im ul:


10. Contingent Liability

During 2001, the Bank loaned a customer $12.5 million to purchase certain short-term debt
instruments that went into default in 2002. The customer claimed that neither the loan nor the
debt instruments purchased with the loan proceeds was authorized and commenceddlegal
proceedings against the Bank alleging breach of contract or alternatively negligence and/or
breach of statutory duty under the Securities Industry Act and Regulation 1999. During the
year, the Bank and the customer entered into an extrajudicial settlement agreement with no cost
;o the bank and the legal proceedings were termninated. The Bank also recovered legal fees in
the amount of $668,653, incurred mn respect of the legal proceedings for the years 2002 to 2006
that had been previously expensed.

pvc~t~iER~u(DPERSE~ eB

Provsdcnec Lln*se
11ast 10!
PO Bor\ '.3
Now~au. Ba~... r
Webatec uwwww o
I mail pwrcbst/ >s.pvac.com
Telephon~e (242) ;02-5300)
Facalnnue s.42ljO-130250

_ _YI ___I ~PYU~ e 1-1 -- --a1-- I ~---~Pli- ~----~ ~ -- ~-P~ ~N __

Due to hanks
- Demand
one to customers
- ilme



46,511.071 027 .684 539 13,7038,168 260I2 9
191.756.341 12:'I.12 11S4 53Y zcn sl

246.902.9ss8 :2.710,117 1,168,49) 593,960 13,708,16h8 275 03704

Interest rate sensitivity gap 25,172l,666 2,58,596 (169.027) (lZ20 ) 16,070,035

Lecss than One to Thrbee

5 $

Three noSixs
M ts

Six Mnh o
$n Yl


Within Six
Months to
One Year

Within One
Less than To Three
One Month Months
5 S

'Thre to
Six Months









As of31 December 2007

Due frmm banks
- Demand
- Time
lansnmd advances


Du ctobmm

- Time

I.iquidity g

As of 3 December 2006

Due from banks
- Demand .
Loans and advances

Due to banks
- Ocmand
Due to customer
- D7mand
- Time

As of 31 Deember2006

Due fromdbanks

Loans and advances

Due to customers

- Time


12,969,021 999,464 59)3,960
2,100,8Y72 --

'2,364,449 78,659,239
12,274,616 1,037,68L8 300,000 130.589.890
7,253,913 M 144


274,490,422 15.069,.893 ^ 9.464 593,960

3;.635,54( -

217,229.910 1,2,2 ,308 0,000 2,364,449 240,460,576



191,706,774 12,759,694

1,168,491 593,960

53,946,908 14080 65,3817.774
144,423,482 12,658,703 _1 183 469 300).000 158,565,654

260.561,559 12,759.694 1,168.491 593.960

13,928,863 2,310,199 (169,027) -

198,535,389 126873 11349 300,000 11,440,866 224I118;427

Interest rate sensitivity gap 1 8,694,521 6,869,826 (4.8) (9),076,417) 1,4,4

The table below summarises
banking assets and liabilities.

the effective average interest rate by major currencies for






1 16,977,586

12,274,616 1.037,688 300,000 O




S219,594,359 19,528,529 1,037,688 300,000


1144,423,482 12,658,703 ),183,469 300,000 O

.209,976.255 12,658(.703 1,183,469 300,000

9,6185,104 6,8693,826 (145,781) _

As of 31 December 2007

Due from banks time

Loans and advances

Due to customers time

As of 31 December 2006

Due from banks time

Loans and advances

Due to customers time



Liquidkry gap




(c) Credit risk

Credit risk arises from the potential for failure of a counterparts to perform according to
the terms of the contract. The Bank's exposure to credit risk is primarily in the form of
demand balances with banks, time deposits with banks and, loans and advances to
customers. The Bank only places demand and time deposits with high quality international
financial institutions including the Parent Company. The loans and advances are short-
term and are collaterized by assets managed by the Bank.on behalf of its customers. The
Bank also uses other methods, such as credit monitoring techniques, including collateral
and credit exposure himit policies.

Th alebbelowa sets out the total credit risk tn significant concentrations of assets and

Central and
North ad the
Europe America Carihbbea



Commitments to purchase forward currency contracts

Conunitments to sell forward currency contracts


170,805,508 421,372,542

170,774,684 421,308,646

As of 31 December 2007

Due from banks
Loans and advances




The contract amounts of these instruments reflect the extent of the Bank's involvement in forward
currency contracts and do not represent the Bank's risk of loss due to counterpart non-
.performance. The credit risk is limited to those contracts with a positive fair value of $965,019
(2006: $3,249,883).

9. Capital Management

The Bank's objectives when managing capital, which is a broader concept than 'equity' on the
face of the balance sheet, are:

To comply with the capital requirements set by the Central Bank of T~he Bahamas (the
Central Bank);
To safeguard the Bank's ability to continue as a going concern so that it~can continue to
.provide returns for its shareholders and benefits for other stakeholders; and
To maintain a strong capital base to support the development of itS business.

Capital adequacy and the use of regulatory capital are monitored by the Bank's management,
employing techniques designed to ensure compliance with guidelines established by the Central
Bank. The required information is filed with the Central Bank on a quarterly basis.

The Central Bank requires the Bank to: (a) have regulatory capital of at least $5,000,000 and
(b) maintain a ratio of total regulatory capital to risk-weighted assets at or above a minimum of
15% (2006: 8%/).

The table below summarises the composition of regulatory capital and shows the capital
adequacy ratio of the Bank as of the balance sheet date. During 2007 and 2006, the Bank has
complied with all of the externally imposed capital requirements to which it was subject.

-14, 149,228

281,718,829 4.816,149 _4,618,761 -

,1,389,086 882 437


Credit commnitments

As of 31December 2006

Du ro banks
Loans and advances

Credit commitments

Central nd
and the

4. I 1.774

4.ci9 .202

Europe America
$ $








031 529 890


17,273,751 -

176,634,219 49,509,233

5.733,412 -!~ 15b 86 10000

Credit risk .

Also, eighty-seven percent (2006: ninety-two percent ) :h,9e total loans and ~advances are.due
from four customers (2006: five eqstomers) and the indi'vidual balances due fmom one of these
customers (2006: two customers) exceed 25% of the Ban;,'s capital.

(d) Currency risk

The Bank takes on exposure due to the effect's of fluctuations in the prevailing foreign
currency exchange rates on its financial position andecash flows. The Board of Directors sets
limits on the level of exposure by currency and in total for overnight positions, which are
monitored daily. The table below summarises the Bank's exposure to foreign currency
exchange rate rilik. Included in the table: are the Bank's consolidated assets and liabilities at
carrying amounts, categorized by currency.



TZier 1 capital
Share capital
General reservec
..., ,: .Other resprves ,~:
'" : 'Rei~tified chIrniingis





5 S S S




Due from banks
lanms and advances
Derivative financial instruments
Accrued income and prepaid expenses
Property andecquipment
Other assets and receivables

Total Awsses

Due to banks
Dueto customers
Denvative tinanclal instrument
Accrued expenses and father habilities
Total ~iabilities

Net on balance sheet posmln

OITbalance sheet net notional position

Credit comrntments

As of 31 December 2006

Due frombhanks
Loans and advances
Derivative financial ~nstunments
Accrued mcome and prepaid expense,
Property and egrzpment
Other a~sses and recelvables

fotall rseLa

Drue to banks
Due to customers
msat~iver fiancial Instrume-is
~cay*Jexrpense and other t.abthues

:e ar. b-lanc. sheet pjsltten

ance Wal~ce-e: net cou~onal I s!tson


19,044,631 18,981,091

S73,893.262 79,299,647


140.303,977 608.459
2,667,796 :'.352.742
661,30)3 272.028

6,353,868 5769,466 270451
tl08,772 I1.04L 228

6,353.868 6,878.233 295.511,257

26 %

24 %

132.412.346 143,633,076 6. 33,229 .






934,1 4





__ _1.700,633



114.611.617 142.964.033 5.831,503

17.801,229 6690403 4101.726 4.333 163,,295

(29.5j05) 54,632 5.756
















102630.686 126,819,755 7,%l,.038 6006,953

3.601,255 247.019.637

nT2327 7
? '0 61
73 .18 Z

126o.039 732






'To the Shareholders of Private investment Bank Limited

7 21 126,0)46.505 C.413.72 7

)5.50 S.809 2.542311

i~.. Ix-~ 10.373

5.931.624 ).569.863 228.034.596

25,329 31392 Ix,981.091

"40) 63.896 We have audited the accom:panv~ing consolidated balance shet1 of' Private Investment Bank Limi:odc
.essjsa (the Banks and its sign'iticant accounting poi'-iies and other explanatory notes.




PAGE 148, FRIDAY, APRIL 25, 2008

(e) Liquidity risk

This is the risk that the Bank does not have the necessary liquidity to meet its contractual
obligations. The Bank manages its liquidity by matching liabilities with assets of similar
maturity periods. The table below analyses assets and liabilities of the Bank into relevant
Inaturity groupings based on the remaining period at the balance sheet date to the contractual
maturity date.

(f) Fair Value of FiB8RCial Instrtuments

The non-derivative financial instruments utilized by the Bank are either short-term in nature
or have interest rates that automatically reset to market on a periodic basis. Accordingly,
their estimated fair values are not significantly different from their carrying values.

8. erivative Financial Instruments

The Bank enters into for ward currency contracts solely as part of its client-related trading
activities.' Forward currency contacts are contracts to purchase and sell foreign currencies at
specific rates of exchange on specific dates in the future. Risk arises from the potential inability
of counterparties to perfoun under the terms of the contracts (credit risk) and from fluctuations in
the foreignl exchange rates (market risk). The Banki manages the market risks of client-related
positions by taking offsetting positions with the Parent Company, resulting in minimal market
exposure. The credit risk of the client-related positions is managed by applying uniform credit
standards maintained for all activities with credit risk. Collateral held generally includes cash:
cash equivalents and marketable securities.

.As of the reporting date, the Bank had contractual commitments under open forward currency
contracts as follows:

Risk-weighted assets

CaPpital adequacy ratio


31 March 2008

Notes to the Balance Sheet
For the YEar Ended 31 Decembher 2007 .

1. Incorporation and Principal Activitief .

PlB Trust Comapany Limitedl (theo Company) is incolrporated unt1 :r- th C~ompanlsi~c ct, 1992 ?
of the Commonwoulth of` The Bahaamus andc is -licensedl ul ler the Banks and1~ Tr'Iust
Companies Regulation Act, ~2000 to conduct trust business frocm vithinl Thle Unhalmus. The r
Company also provides fund administration services and opera :s undler an unrestlirictd
Investment Fund Administrator L'icense issued by the Securliti s omm~issioln of Th~le
Bahamas. It is a wholly-owned subsidiary of P'iivate inlve~stmnt B, Ik'Limited (thle Purecnt
Bank), a company also incorporated under the laws of th The Company's ultimate parent company is Bannue de Patr~Iimoir es.P I' s Gecneve 13P( SA.
a Swiss bank. .*

The registered office of the Company is located at Devonshir~e Ho~use, QL~ :n Street. Nalssau,
The Bahamal .

2. Summary of Signiticn~t Accounrtin~ Poljicis

The principal accounting policies applied in the preparation oIf this balance sheet are set out l
below. These policies have been consistently applied to all thle years prese~nted, unlless
otherwise stated.
(a) Basis of preparation

This balance sheet h~as been p~repar~ed inl acc;ordalnce with Internationa~ll I inanial l~i
Reporting Standards (IFRS) and under the historical cost convention. TIhe preparation
of a balance sheet in accordance with IFRS requires management tor exercise judgment
in the process of applying the C'ompany's accountingy policies. It also, requires
management to make estimates and assumptions that affectl the r-eported amrlounlts of
assets and liabilities and disclosure of contingent assets and liabilities aIs ofl the dlate of
the balance sheet. Actual results ~could dilfer fromn those e~stimlates.

in the current year, the C'ompany~ has adopted IFR1S 7 F~inanciall instruments:
Disclosures and the amcndlme~nts to, IAS I P'resentation of Finaneial Statementls. which
became effective folr fiscal Perio(; s beginning on or alier I January 200)7. TheII impal~Ct
of' the adoption of'1 If S: 7 and the Change~CS to1 IAS I Ii hasI bee to expand 11he dibClOSuresC
provided in these Iinanlcial statemcnts regunlrling thle C'ompany's financial inlstrumntsnl
and management of capitall

The remaining standards and amedl esu ;IICIIICI aL::J interpreta~lition.-,~ to publliShedC~ SLandar~ds
that became effecctite tllr liscal pened,~s begiinnll~(In out on alk. I Januar;Iy 21)J7 wereL nu(I
relevant to the Comnpalny's o~peratlions ;,nd accord~ingi dlid notl unpac;it thle C'Ompanily's
county g~ policies or biialance sheet~

r -- -

ohe baidlancedbrui c sheet s( pres td in Unte Stutes oll arl~nJ s, wiluchy~l its the~ll Iom any s
li"nCt''SC)1~ioni and prsnaion lCurrncy

I I~~llls<1 ulated dc~l relation Historicalmos

(d Iurnliture nd equipmentares el ot eac usto ft eie s

Subseqluent cotrs arel~ inclu ac'l< tit ivle assb' ounyilu a oul rlllll a1 3T rCOliS en its
separatelSC.I asset, as appropn. c,lll YII ti I~l(hlJ bI;1IIIL C~llnChnlt

mouisuredl reliablS.

Depr~ciatioln is; ca;Ilculated on1 ai Straightl-lineC baiSi to) write~-off' theC aISSeIs oIVer theirT
estimated und~idi liveCS which range~ fi.0m1 threeC to fiv' yourIS.

(1) ssets unlder admlinistratlion

No a~ccountl is takenl inl this barllnce sheetl of alssets held or liabilnlics incurred by the
Company;1~; 1 CLS eustuian.l IIruStee (I~Ior naieLC.

37. Fe Receivubhles andlt Prepaid ExIPense1 S

Oluracleti responsibility to ll exp es a ponon aon andhiil b lssnance l shed 11? based II~ C onCC our aui. ecndCted ouf ~C
udtn crdnewith Int erlaloul F niil carsonll S tand dardsonAuitn. 'hose Icstandardhlli is ruiretha lcompti~r
with ethc~nialrqurme and Inililn ~ tcilan a~nd pefor the1\;11 auit 1lo obta)3.3in l reasonale assr alccnlce~~l whthr
bain~ucea shaemet s free from mat'ena~llll~lll misstatem ~entII. \\III'. deI)f~ll ~ C.I. ~u~i
And audlit g intlvspeorngproir coceu ren ~lcis : ltoobalin au it evidnc about thec~ amoun and disclosurels inl
the finacialstatcemns. Tepoeue eetddpn nteadtr'jdmnicuigt

ass esosmen lty fterisk of, material mss tatemeplll nt o th. ;luc he e fiacalstaeen ilots wheith de to fraucd or
crror. In makirdnghoe risk assessmel~nts, Stheauditors consAuiderint.~~loernl cntlrol relevant to th wentity's
eparth ionl and firent p resentlatin of the financiall sttiemnsiorr oein audit proedre tIil ICjlih CBSL.II C\IU1l'.u are
proprate se in the ircumsIntnc;il lis, butnot fortheproeo xrsiga pno ntee.eiee

ofthe enntitysitral coaemntro. Ane arceudi loiues slce pevluaing the apptopriatenesscnt of ncouni~ting

proliie use maknd thoe reskasonblnssmca of accunitir cng estim tes made bylo maaemevnt t, ase wellys

evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient mid alpl~propiae to prlovide a b.!sis for l
our audit opinion.

Basirsfor Qullified Opinion ,

As disclosed. in Note 5 of the conlsolidated balance sheet, the: BUnk has recorded a receiv'able: of
$1,620,577 (2006: $1,488,055) which includes accr~ued interest of $ 132,522 (200(: $Nil), resulting
from costs it incurred and is seeking to rcoclver 110om certain customers. Hlowevesr the acLcounlts of' these
customers are subject to a Restralint anld Production Or~der gr~anted by thle SuPreme C~( ourt. of The I
Bahamas a't the behest of judicial authorities in another jurisdiction. TherelbreI'I. the BUnlk'S abhility to,
recover these costs is contingentr upon thle Restraint and Production Ordler be'inS VaieiLd or1 v.acatedl. In1
our opinion, in these circumstances the receivable for the costs and the related neerued' interests shoukid
not be recorded in the consolidated balance sheet until the Restraint alid Product~ion Orderc hals beenl
varied or vacated. Consequently shareholders' equity as of 31 Decemlber 2007 andl 2(006 were
overstated by $1,620,577 and $ 1,488,0355 respectively.


In our opinion, except for the effect on the consolidated bilalance sheet of the: matter reLferre~d to inl the
preceding para~gaph, the accompanying consolidated bhalalnce sheet presents lItirly. in all maiterial '
respects, the tinancal position of~the .Group as of'31 Decemlber 2007, in accordance with Internaltional
Financial Reporting Standards.

Emphasis ofMatter *

Without further qualifying our opinion, we emphasise that the alccomnpanying co~nsolidated balance
sheet does not comprise a complete set of financial statements inl necordance with Intenlational
Financial Reporting Standards. Information on results of operations. cash flow\s and changes inl eqruity
is necessary to obtain' a complete understanding of the~consolidated financial position prfomllance
and changes in financial position of the Group. .

Chartered Accountants

Nassau, Bahamas a
31 March 2008

PIB Trust Company Limited a
(Incorporated under the laws of the Commnonwealth of Thle Balhamas)

Balance Sheet
As of 31 December 2007
(Expressed in United States dollars)

~,53s 9,125

F:ees receivable
P'repaid e~xpenses

69,597 1,061

4. Invecstments inl S~ubsidiaries

Th~le Company owns 100%~ of' the issued andi oul~tsltrndin shares of' Pane L~imneid and~ Teaklh
Limited, which ulre incorporated in T~he Bahamlas. Th~le inlvestmntc~s mn sub~sidiaries are stated
at cost. Thelise companies arc usedl primarily for nominee plrposes and aire otherwise

5. Accrued Expenses and ~Other L~iabil/itis

2007 2(1o6
$ 5
1 0.200 21,200)
3.70)2 4.2(00

A~LCTCr d exenISe~S
Other liabilities
Defe(irred registered allice fe~s

13.962 38.050

6. CapitaL 11nnagementl

Tlhe Company's ob~jectives whecn managing capital aire:
To0 comply with the capital req~uireLme~nts set by th: (Centr~al Banki of Tlhe Bahaina~s (the
Centrll. Bank);
Toa safeguard the Company's abhility to, continue as a going .conlcern so thlat it caln
continue to prot\ ide re~turnls for its sharehold erls arid benef its forl other. stake~holders:: nd
T~o maintalin a strong cap~ital base to support the deveclopmecnt of its business.

Capital adecquacy~ and the ulse of' regulltor~y capital are motnitored by the company'ss
mmage~ment, emp'loying technllique'S deSigned~ to ensureI. coml~llianceSL w\ith gulidelineCS
e~stablished by the centrall Bank. TIhe requI~ired infomaionllll( iS filed~ w\ithl ther (Centra Ijlli Bank
a quarterlly ba;SiS.

The Centrall Bank requires e~ach entity with a public trust license to maintain a regullatory

d capital of' alt lest $1.U000,000. 'Thc B~ank has1 cormpliedl w\ith all ofl the externall y imposed ,

~7. F~air \.alue of ~ilnancial Inlstr~ument s

Fina~ncial instr~ument~s usedl by the C'ompany inc~lude recorded~ assets anld liabilities. T~he
Company's finanCial instrument s alre short-term~n iln nture.L. Accor~ding~ly, thle' estimated d fair.
vaolue is not significantly dliff~rent:110mn thle c~arrying: \;llue fol eachl major c~atgory of the
Company' s rcor~ded assets andl lialbilities.


Note L 207


.: : n10~ anna. ~:

3, 212

ASSETS "'I'' `
r Cash at bank-Parent Bank
Fees receivableiand prepaid expenses:' rni
Furniture and equipment, net
Investment in subsidiaries

Accrued expenses and other liabilit~ies

n~ :.: s:;8': 3 69,507
4 2,412

1,136,5503 1,092,108

5 13,6i2


Ehar capital
Authorized, issued and fully paid:
1,000,000 ordinary shares of par value $1 each
Retained earnings

1,000,000 1,!)00,000
122,588 541,053

1,122,588 1,054,058

I 136,5 0 YZ1

PaI irr ~cnsuarr h uusehope
I'lntllr I~hee~L-
VUI~ ilim N-tllorl

S nni -11 w1 11 1 b elysi ilant



Tou the Sha~rchldeclrs of PlB Tlrust Comnpanyl~ Limitedl

We hiave audlited thec ac~Compuanyll ing balace~ Sheet~ of1 PII ruI oma I.imned~l (theC
(` Companyy)., as` of 3)1 December' 2007.;1r and 111;1. a sumary F qilicantl accoratnII publlJil. n other(IICI
explalnatlory notess.

pre.csesitation of' finlancial statemelcnt s that~ ares thee liamln malenall misstatemelnt, whelthe~r due to

estimaltes that arIe rea;sonable~ inl the c~ir~cumll~;cstcs.

condtuctedl our. auIdit inl ac~colrdancLe w\ithl Internat~ional Standards.LI onI Aul~hting". I~lose~ standards.~1

reasonable uIssurancIIe whether~cl the balance shetc~ is ficIree ll: Inutena!.I lmi9\talCulent.II

lisc~losurecs in ther linlalc~ial statementslll. TheII p'~C~~la ICedr selcclectd dependll~ on1 the muchtmsl~,l

statement~lls inl onlel Ir to designl auItII prIoced~~ures~ thIII ;IreC ;Ilpropriatell ini thc acumstanll~lII ces. but not(1
lir thle purpocsce ofl exprycssllng ;In oplinion~ onl the effe~~i\ ctilenss ,1' 1Ihe eul~l a` Illuteenal Conrolll(l..\i
audlit also inlC1IC' \;ludesevluaing theL approprll~iatene1LSs of1 accounung111~ poIIClrcie usl~; I~ and th
realsonuleneLl~ss of1 accountincg emanateslc~ nIlelle: by! managementIII ~.. weI I C\;llll illuain theC metalll
I"'e'entationl of the flinancial statemntclls.

We believe thlat theL aunit ev.idnceCL weC hu;\c obtalipedis ISufii and(CC~I 11I 1)).)111 1prori 1 to () poide~ .
basis forl our audlit Llpinionl.

Ionis our Copmillcn. the accompanyII~ing ba ~lacll~ll she rsns il.ll matenallll~ l sesec 1(1JMIIheIII .lI i
IChlinacil~ pStl~~ion of th Companyl:llll asI of8ll 31I Delcmber 2007~. ~.Iin(~'\ accodanc withli~\ CIntenaioni\I
Financssyial Reporting; )ll~~c Standards.~l(lll~~Illl~llilCII 1,1III ,. ~lllll~~.1~ ~l!jl.
Emphas~l~.isl of1/awr~l~l'' I~~IIL~(`II)II IIIICI

Wihutqalfin uroinin eepaieta h .ene n.bs oI

Nalssau. IHallunnas,


~, ra~



To: The Shareholders
BAC Bahamas Bank, Limited ,

We have audited the accompanying consolidated balance sheet of BAC Bahamas Bank, Limited ("the
Bank") as at December 31, 2007, and a summary of significant accounting policies and other
explanatory notes togetherr "financial statement').

Management's Responsibiily for the Financial Statement

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

Auditors' Responsib~ility

Our responsibility is to express an opinion on this financial statement based on our audit. We
conducted our arjdit in accordance with Intemnational Standards on Auditingl. 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 intemal control relevant to the Bank'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 Bank's
intemal 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
Bank as at December 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that this financial statement does 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 to obtain a ~complete understanding of the financial
position, performance and cash flows of the Bank.

Nassau, Bahamas
February 14, 2008

Consiolidated Salance Sheet
December31, 2007,with corespondingfieureafor2006 ...
(Expressed in United States dollars)
S2007 2006


Cash and cash equivalents (notes 5 and 7) S 28,622,516 23,384,560
Invstens noetd ea 5,d 6 and 8) 8 2 0,6 499
Accrued Interest receivable (note 5) 1,582,893 '1,507.857
Fumiture and equipment 89,270 79,563
Asset held for sale, net 161,721 128.356
Other receivables and assets (note 16) 495.061 77,932
$ 457 97451 382168


Demand deposits from customers (notes 5 and 10) $ 62,334,272 60,219,836
Time deposits from customers (notes 5, 6 and 11) 271.978,144 223,291,262
Loans payable (notes 5, 6 and 12) 69,251,471 18,698,561

412.202,645 309,731,900

Shareholder' equity:
Share capital (note 13) 24,000,000 24,000,000
Contributed surplus 6,000,000 6,000,000
Unrealized gain on available-for-sale investments 263,472 220,519
Retained earnings 15,501,334 8,249,229
45,764,806 38,469,748

Commitments and contingencies (note 14)

Total liabilities and shareholders' equity $ 45797.451 48,21,64
See accompanying notes to co ~olidated balance sheet.

The consolida glance shae wls approved on be ilf of the Board of Directors on February 14, 2008 by
thefo n:

Notes to Consolidated Balance Sheet

December 31, 2007
(Expressed in United States dollars)

1.Reporting entity

BAC Bahamas Bank, Limited ("the Bank") was incorporated under the laws of the
Commonwealth of The Bahamas on August 13, 1992 and was granted a banking license
on March 16, 1992 by The Central Bank of the Bahamas. The Bank's registered office is
located at Nokfolk House, Frederick Streets, Nassau, Bahamas.

Credomatic Intemnational, S.A. owns 75% of the shard capital of the Bank, while
Corporacibn Tenedora BAC San Jos6, *S.A owns the remaining 25%. Credomatic
International, S.A. is incorporated in Panama and Corporaci6n Tenedora BAC San JosB,
S.A. is incorporated in Costa Rica.

The Bank is primarily involved in investment, corporate and retail banking. The Bank is the
owner of all of the issued and outstanding shares of Emerald Associates Limited ("EAL"),
'Diamond Bank Limited ("DCL") and Granite Bank Limited ("GCL"). These wholly owned
subsidiaries are all incorporated under the laws of The Commonwealth of The Bahamas.
EAL and DCL have Financial and Corporate Service Providers' licenses issued under the

Financial and Corporate Service Providers Act 2000. GCL was formed to act as nominee
shareholder for Certain of the Bank 3 clients.

2. 'Basis of preparation

(a) "Statement of compliance

I 1. ,

The consolidated balance sheet has been prepared in accordance with
Intemational Financial Reporting Standards (lFRSs).

(b) Basis of measurement

The consolidated balance sheet has been prepared on the historical cost basis
except for derivative financial instruments and available-for-sale investments
which measured at fair value

(c) Functional and presentation currency

This consolidated balance sheet is presented in United States dollarS, which is the
Bank's functional currency.

(d) Use of estimates and judgements

The preparation of the consolidated balance sheet requires management to make
.judgments, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities. Actual results may
differ from these estimates.

R imts tanac snen assumptin ar r grvieedt on pn ongin baic
estimate is revised and in any future periods affected.

in particular, information about significant areas of estimation uncertainty and
critical judgments in applying accounting policies that have the most significant
effect on the amounts recognized in the consolidated balance sheet are disclosed
in the following notes:

Fgir value measurement (note 3(e) (iv) and 17)
Derivate financial instruments (note 3(f))
Impairment (note 3(e) (vii) and 3(j))
Allowance for loan losses (note 3(g))
Significant accounting policies

eese cconigpoorie s t da t Iabce shehave been applied consistently to all periods

(a) Basis of consolidation

SSubsidiaries are all entities over which the Bank has the power to govern the
financial and operating policies generally acBanking a shareholder of more than
one half of the voting rights. Subsidiaries are fully consolidated from the date on
which control is transferred to the Bank. They are de-consolidated from the date
that control ceases. Inter-Bank balances and transactions unrealized are
eliminated on consolidation.

(b) Foreign currency

The Bank's functional currency is the United States dollar. Assets and liabilities in
foreign currencies are translated at prevailing exchange rates at the balance sheet
date. Transactions in foreign currencies during the year are translated at
exchange rates in effect on the date of the transaction.

(c) Financial instruments

(i) Classification

Financial instruments include financial assets and financial liabilities.

In classifying financial assets in each of the categories described below,
the Bank has determined that it meets the description or criteria set out in

The Bank has not designated any financial instruments as "fair value
through profit or loss". These are investment securities at fair value, with
fair value changes recognized immediately in profit or loss.

Loans and receivables are non-derivative financial assets withsfixed,.or
determinable payments that are not quoted in an active market. The
:. I~ IBank has classified loans to customers..accrued> interest receivables ard
other receivables as loans and receivables.

Held-to-maturity investments are non-derivative financial assets with fixed
or determinable payments and fixed maturity that the Bank has the
positive intention and ability to hold to maturity.

Available-for-sale investments are those non-derivative financial assets
that have not been classified as loadis and receivables, held-to-maturity
assets or financial assets at fair value through profit or loss.

The Bank considers due from banks with original maturities of three
months or less that are subject to insignificant risks of changes in their fair
value .and are used by the Bank in the' management of its short-term
commitments, to be cash and cash equivalents.

Financial liabilities include demand deposits, time deposits, loans
payable, accrued interest payable, accounts payable and other liabilities.

(ii) Recognition

The Bank initially recognizes loans to customers and demand and time
deposits from customers, on the date that they are originated. AII other
financial assets and liabilities are initially recognized on the trade date
which is when the Bank becomes a party to the contractual provisions of
the instrument.

PO Box N 123
Montague Sterling Cenre
East Bay Street
Nassau, Bahamas

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


Financial instruments are measured initially at fair value plus, in the case
Of financial assets or financial liabilities not at fair value through profit or
loss or available-for-sale investments, transaction: costs that are directly,
attributable to the acquisition or issue of the financial asset or financial
liability. Transaction costs on financial assets and financial liabilities at fair
value through profit or loss and available-for-sale investments are
expensed immediately, while on other financial instruments they are

Subsequent to the initial recognition, financial assets classified as loans
and receivables and held-to-maturity investments are carried at amortized
cost using the effective interest rate method, less impairment losses, if
any. Financial liabilities are carried at amortized cost.

subsequent to initial recognition, available-for-sale investments are
carried at fair value and the change in the fair value is recognized directly
in equity until an asset is considered to be impaired, at which time the loss
is recognized in profit or loss. When the asset is sold, collected, or
otherwise disposed of, the cumulative gain or loss recognized in equity is
transferred to profit or loss.

(iv) Fair value measurement

The determination of fair values of investments is based on quoted market
prices for similar assets traded in actiVe markets. Unquoted equity
securities whose fair value cannot be reliably measured are carried at
cost less impairment. For all other financial instruments, fair values are
determined by using valuation techniques, such as net present value and
discounted cash flow methods. Some or all of the inputs into these
models may not be market observable, and are derived from market
prices or rates or are estimated based on assumptions. When entering
into a transaction, the financial instrument is recognized initially at the
transaction price, which is the best indicator of fair value, although the
value obtained from the valuation model may differ from the transaction

(v) Derecognitlion

The Dank derecognizes a financial asset when the contractual nghts to
the cash flows from the asset expire, or it transfers the rights to receive
the contractual cash flows from the financial asset in a transaction in
which substantially 7ll the risks and rewards of ownership of the financial
asset are transferred. Any interest in transferred financial assets that is
created or retained by the Bank is recognized as a separate asset or

PAGE 16B, FRIDAY, APRIL 25, 2008



sp I I

This note presents information about the Bank's exposure to each of the above
risks, the Bank's objectives, policies and processes for measuring and managing
risk, and the Bank's management of capital.

Risk management framework

The Board of Directors has overall responsibility for the establishment and-
.oversight of the Bank's risk management framework. The Board has established
'he Asset and Liability (ALCO), Credit and Operational Risk committees, which
are responsible for developing and monitoring risk management policies in their
specified areas. AII committees have both executive and non-executive members
and report regularly to the. Board of Directors on their activities.

The Bank's risk management policies are established to identify and analyze the
risks faced by the Bank, to set appropriate risk limits and controls, and to monitor
risks and adherence to regulatory and internal limits. Risk management policies
and systems are reviewed regularly to reflect changes in market conditions,
products and services offered. The Bank, through its training and management
standards and procedures, aims to develop a disciplined and constructive control
Environment, in which all employees understand their roles and obligations.

The Audit Committee is responsible for monitoring compliance with the Bank's risk
management policies and procedures, and for reviewing the adequacy of the risk
management framework in relation to the risks faced by the Bank. The Audit
Committee is assisted in these functions by the Internal Audit department, which
undertakes both regular and ad-hoc reviews of risk management controls and
procedures, the results of which are reported to the Audit Committee. This section
provides information of the Bank's exposure to risk and describes the methods
*used by management to control risks. The most significant types of financial risk
to which the Bank is exposed are credit, liquidity, and price risk. Market risk
includes currency risk, interest rate risk and price risk.

(b) Creditrisk

Management of credit risk

Credit risk is the risk of financial loss to the Bank if a customer or counterparty to a
financial instrument fails to meet its contractual obligations, and arises principally
from the Bank's loans and advances to customers and other banks and
investments. ~For risk management reporting purposes, the Bank considers and
consolidates all elements of credit rikk exposure (such as individual obligor default
risk, country and sector risk). For risk management purposes, credit risk arising
on investments is managed independently, but reported as a component of
market risk exposure.

The Bank's maximum credit risk exposure is show below:.
2007 .2006

Cash and cash equivalents $ 28,622,516 23,384,560
Loans to customers, net 381,691,962 282,338,389
Investments 45,324,028 40,684,991.
Accrued interest receivable 1,582,893 1,507,857
Other receivables and assets 495,061 77 932
$ 457,716,460 347 993 729

The Board of Directors has delegated responsibility for the management of credit
risk to its Group Credit Committee. A separate Credit department, reporting to the
Credit Committee, is responsible for oversight of the Bank's credit risk, including:
*Formulating credit policies in consultation with business units, covering
collateral requirements, credit assessment, risk grading and reporting,
documentary and legal procedures, and compliance with regulatory and
statutory requirements.
*Establishing the authorization structure for the approval and renewal of
credit facilities. Authorization limits are allocated to business unit Credit
Officers. Larger facilities require approval by the Head of the Credit
Committee or the Board of Directors as appropriate.
*Reviewing and assessing credit risk. The Credit Committee assesses all
credit exposures in excess of designated limits, prior to facilities being
committed to customers by the business unit concerned. Renewals and
reviews of facilities are subject to the same review process.
*Limiting concentrations of exposure to counterparties, geographic areas;
and industries (for loans to customers), and by issuer, credit rating band
market liquidity and country (for investments).

*Developing and maintaining the Bank's risk grading system in order to
categorize exposures according to the degree of risk of financial loss
Jaced-and to focus management on the attendant risks. The risk grading
system is used in determining where impairment provisions may be
required against specific credit exposures. The current risk grading
framework consists of nine grades reflecting varying degrees of risk of
default and the availability of collateral or other credit risk mitigation. The
responsibility for setting risk grades lies with the final approving
executive/committee as appropriate. Risk grades are subject to regular

- __ h
CI 4 ~- -

(s) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not
yet effective for the year ended December 31, 2007, and have not been applied in
preparing this consolidated balance sheet.

IFRS 8 Operating Segments introduces the "management approach" to
segment reporting. IFRS 8, which becomes mandatory for the Bank's 2009
balance sheet, will require the disclosure of segment information based on the
internal reports regularly reviewed by the Bank's Chief Operating Decision
Maker in order to assess each segment's performance and to allocate
resources to them.

Revised IAS 23 Borrowing Costs removes the option to expense borrowing
costs and requires that an entity capitalize borrowing costs directly attributable
to the acquisition, construction or production of a qualifying asset as part of the
cost of that asset. The revised IAS 23 will become mandatory for the Bank's
2009 balance sheet and is not expected to have any impact on the consolidated
balance sheet

IFRIC 11 Bank and Treasury Share Transactions requires a share-based
payment arrangement in which an entity receives goods or sentices as
consideration for its own equity instruments to be accounted for as an equity-
settled share-based payment transaction, regardless of how the. equity
instruments are obtained. IFRIC 11 will become mandatory for the Bank's 2008
balance sheet, with retrospective application required. It is not expected to have
any impact on the consolidated balance sheet.

IFRIC 12 Service Concession Arrangements provides guidance on certain
recognition and measurement issues that arise in accounting for public-to-
private service concession arrangements. IFRIC 12, which becomes mandatory
for the Bank's 2008 balance sheet, is not expected to have any impact on the
consolidated balance sheet.

IFRIC 13 Customer Loyalty Programmes addresses the accounting by entities
that operate, or otherwise participate in, customer loyalty progranimes for their
customers. It relates to customer loyalty programmes under which the customer
can redeem credits for awards such as free or discounted goods or services.'
IFRIC 13, which becomes mandatory for the Bank's 2009 balance sheet, is not
expected to have any impact on the consolidated balance sheet.

IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements
and their Interaction clarifies when refunds or reductions in future contributions
in relation to defined benefit assets should be regarded as available, and
provides guidance on the impact of minimum funding requirements (MFR) on
such assets. It also addresses when a MFR might give rise to a liability. IFRIC
14 will become mandatory for the Bank's 2008 balance sheet, with retrospective
application required. However, it is not expected to have any impact on the
consolidated balance sheet.

4. Financial risk management

(a) Introduction and overview

The Bank has exposure to the following risks from its use of financial instruments:

The Bank derecognizes a financial liability when its contractual obligations
are discharged or cancelled or expire.

Transactions whereby the Bank transfers assets recognized on its
balance sheet, but retains either significantly all risks and rewards of the
transferred assets or a portion of them are not derecognized from the
balance sheet.

The Bank also dereognizes certain assets when it charges off balances
pertaining to the assets deemed to be uncollectible.
(vi) Offsetting

Financial assets and liabilities are set off and the net amount presented in
the balance sheet when, and only when, the Bank has a legal right to set
loff the amounts and intends either to settle on a net basis or to realize the
asset and settle the liability simultaneously.

(vii) Identification and measurement of impairment

At each balance sheet date, the Bank assesses whether there is objective
evidence that financial assets are impaired. Financial assets are impaired
when objective evidence demonstrates that a loss event has occurred
after the initial recognition of the asset, and that the loss event' has an
impact on the future cash flows on .the asset that can be estimated

The Bank considers evidence of impairment at both a specific asset and
collective level. AII individually significant financial assets are assessed for
specific impairment AII significant assets found not to be specifically
impaired are then collectively assessed for any impairment that has been
incurred but not yet identified. Assets that are not individually significant
are then collectively assessed for impairment by grouping together
financial assets (carried at amortized cost) with similar riskc characteristics.

Objective evidence that financial assets (including equity securities) are
impaired can include default or delinquency by a borrower, restructuring
of a loan or advance by the Bank on terms that the Bank would not
Otherwise consider, indications that a borrower or issuer will enter
bankruptcy, the absence of an active market for a security, or other
observable data relating to a group of assets such as adverse changes in
the payment status of borrowers or issuers in the Bank, or economic
conditions that correlate with defaults in the Bank.

Impairment losses on assets carried at amortized cost are measured as
the difference between the carrying amount of the financial assets and the
present value of estimated cash flows discounted at the assets' original
effective interest rate. Losses are reflected in an allowance account
against loans and advances. Interest on the impaired asset continues to
be recognized through the unwinding of the discount.

When a subsequent event'causes the amount on an impairment loss to
decrease, the impairment loss is reversed through profit or loss.

Impairment losses on available-for-sale investment securities are
recognized by: transferring the difference between the cqirrying amount
and current fair value out of equity to profit or loss.

(d) Derivative financial instruments

The Bank uses derivates financial instruments to hedge its exposure to interest
rate risks arising from financing and investment activities. The Bank does not use
hedge accounting.

Derivate financial instruments are recognized initially at cost. Subsequent to initial
recognition, derivate financial instruments are measured at fair value.

(e) tLoans receivable ;

L~oanswteceivable are: non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and that the Bank does not
intend to sell immediately or in the near term.

Loans receivable are stated at the amount of outstanding principal, and are
presented net of specific and general allowances for collectibility.

Specific allowances are made against the carrying amount, of loans that are
identified as being impaired based on regular reviews of outstanding balances to
reduce these loans to their recoverable amounts. General allowances are
maintained to reduce the carrying amount of portfolios of similar loans to their
estimated recoverable amounts at the balance sheet date. The expected cash
flows for portfolios of similar assets are estimated based on previous experience
and considering the credit rating of the underlying customers and late payments of
interest or penalties. Once a loan is determined to be uncollectible, all necessary
legal procedures have been completed, and the final loss has been quantified, the
loan is written off. -

credit risk
liquidity risk
market risk
operational risk

(f) Assets held for sale

Assets held for sale represent assets assigned to the Bank in payment of loans.
SThe Bank has legal title to these assets, which primarily comprise property. These
assets are recorded adt the lower of cost and net realizable value. Cost is
determined as the carrying amount of the loan and decrued interest on the date
prior to foreclosure. Net realizable value is determined based on the selling price
of the asset, net of direct selling costs.

Furniture and equipment

Furniture and equipment are stated at cost less accumulated depreciation and
impairment losses, if any.

Depreciation is calculated on a straight-line basis over the estimated useful lives
of each part of an item of furniture and equipment.

The estimated useful lives for the current and corresponding periods are as

* Equipment
* Fixtures and fittings

3 years
5 10 years

Depreciation methods, useful lives and residual values are reassessed at the
reporting date.

Cost of renewals and improvements are added to furniture and equipment. At the
time of disposal or retirement of assets, the cost and related accumulated
depreciation are eliminated, and any resulting profit or loss is recognized.

(h) Impainnent ofnon-financial assets

The carrying amounts of the Bank's non-fnancial assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any
such indication exists then the asset's recoverable amount is estimated.

An impairment loss is recognized if the canrying amount of an asset or its cash-
generating unit exceeds its recoverable amount. A cash-generating unit is the
smallest identifiable asset group that generates cash flows that largely are
independent from other assets and groups.

The recoverable amount of an asset or cash-generating iit is the greater of its
value in use and its fair value less costs to sell. In asses -ing value in use, the
estimated future cash flows are discounted to their present talue using a pre-tax
discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset.

Impairment losses recognized in prior periods are assessed at each reporting date
for any indications that the loss has decreased or no longer exists. An impairment
loss is reversed if there has been a change in the estimates used: to determine the
recoverable amount. An impairment loss is reversed only to the extent that the
asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortization, If no impairment loss had
been recognized.

FRIDAY, APRIL 25, 2008, PAGE 17B



*Reviewing compliance of business units with agreed exposure limits,
including those for selected industries, country risk and product types,
Regular reports are provided to the Credit Committee on the credit quality
of local portfolios and appropriate corrective action is taken,
.Providing advice, guidance and specialist skills to business units to
promote best practice throughout the Bank in the management of credit

Each business unit is required to implement credit policies and procedures, with
credit approval authorities delegated from the Credit Committee. Each business
unit has a Chief Credit Risk officer who reports on all credit related matters to local
management and the Credit Committee. Each business unit is responsible for the
quality and performance of its credit portfolio and for monitoring and controlling all
credit risks in its portfolios, including those subject to central approval.

Regular audits of business units and Credit processes are undertaken by internal

Expsur tocreitrisk of loans to customers is shown below.
2007 2006

Individually impaired.
Grade 4Average Risk $ 40,347,521 18,311,005
Grade 5 Watch List 3,814,834 6,897,826
Grade 6 Marginal 197,292 1,237,884
Grade 7 Substandard 163,591 836,233
Grade 8 Doubtful 109,086 426,214
Grade 9 Impaired 64,280 47,727
Gross amount 44,696,604 27,756,889

Allowance for impairment (1,431,259) (1,470,906)
Carrying amount 43,265,345 26,285,983

Collectively impaired
Grade 1 Low Risk 136,941,077 111.635,572
Grade 2 Fair Risk 130,114,638 91,778,115 .
Grade 3 Fair Risk 73,495,998 54,394,129
Gross amount 340,551,713 257,807,816

Allow-- r--loance for impairment '. (2,125,096) (1,755,410)
Carrying amount 338,426,617 256,052,406

,___ln __I ___ , , ,

$ 60,219,836 60,219,836 60,219,836
223.291,262 227,391.762 22,809,890 43.252,162 145,175,722 16,154,188
18.698,661 18,445.318 3.022.951 5.182.173 10.24~0.194
2.608,103 2.608.103 2.608.103
_ _~4,914,138 4.914,138~ 4.914.138
$ 309,731.900 _313,579,157 93,574.718 48,434.335 155.415.916 16,154.188

37296511 54805,fi20

t l i ount

Toacarryng am ,

The.previous table shows the undiscounted cash flows on! the Bank's financial
liabilities and unrecognized loan commitments on the basis of their earliest
possible contractual maturity. The Bank's expected cash flows on these
instruments vary significantly from this analysis. For example, demand~ deposits
from customers are expected to maintain a stable or increasing balance; and
unrecognized loan commitments are not all expected to be drawn down

The Gross nominal inflowl~outflow) disclosed in the previous table is the
contractual, undiscounted cash flow on the financial liability or commitment.

(d) Market risk .

Market risk is the risk that changes in market prices, such as interest rates, equity
prices, foreign exchange rates.and credit spreads (not relating to changes in the
obligor's / issuer's credit standing) will affect the Bank's income or the value of its
holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while
optkimiing t heretms. Overall authority for market risk is vested in ALCO. Risk
Committees are responsible for the development of detailed risk management
policies subjectt to review and approval by ALCO) and for the day-to-day review
of their implementation,

Management of market risks

Exposure to currency risk:

The Bank conducts all of its transactions denominated in United States dollars
and is therefore not exposed to any currency risk.

Exposure to interest rate risk non-trading portfolios:

The Bank's operations are subject to the risk of interest rate fluctuations to the extent that interest earnings
assets and interest bearing abilities mature or re-price at different times or in differing amounts. In the
case of floating rate assets and liabilities, the Bank is also exposed to basis risk, which is the difference in
re-pricing characteristics of the various floating rate indices. Risk management activities are aimed at
optimizing net interest income, given market interest rate levels consistent with the Bank's business

The principal risk to which non-trading portfolios are exposed is the risk of loss from fluttuations in the
future cash flowsi or fair values of financial instruments because of a change in market interest rates.
Balance sheet interest rate risk is managed principally through monitoring interest rate gaps and by having
pre-approved limits for economic value of equity exposure, including on and off balance sheet positions.
Interest rate risk is managed principally through monitoring interest rate gaps a~nd by having pre-approved
limits for re-pricing bands. The ALCO is the monitoring body for compliance with these limits and is assisted
by Risk Management in its day-to-day monitoring activities. A summary of the Bank's interest rate gap
position on non-trading portfolios is shown below. The "Days" column is the period subsequent to the
balance sheet date when interest rates on variable rate instruments are scheduled to change.

Mlore than
(Expressed in 30000's) Total 0-30 31-90 91-180 181-360 361-720 _720


investments $ 45.324 16,896 14,960 13,468
Loans 385.705 Sq83 141,528 43,497 46,229 10.228 91,350
Total 431,029 69,769 156,488 56,965 46,229 10,228 91,350

Deposits 334,312 120,292 52,858 67,882 r 64,478 26,144 2.658
Loans payable 69,251 41,251 18,000 10,000
Total 403.563 161,543 70.858 77.882 64,478 26,144 2.658

s 27,466 (01,774) 85,630 (20,917) (18,249) (15.916) 88,692

Cash flow sensitivity analysis for variable rate instruments: I

The management of interest rate risk against interest rate gap limits is supplemented by monitoring the
sensitivity of the Bank's variable rate assets and liabilities. An increase of 100 basis points would have
increased equity and profit or loss by $1,985,503 (2006: 1,823,243). This analysis assumes that all other
variables remain constant. The analysis is performed on the same basis for 2006.

(e) Operational risks

Operational risk is the risk of direct or indirect loss or damage in any form arising
from a wide variety of causes associated with the Bank's processes, personnesl,
technology and infrastructure, and from extemal factors other than credit, market
,and liquidity risks such as those arising from legal and regulatory requirements
and generally accepted standards of corporate behaviour. Operational risks arise
from all of the Bank's operations and are faced by all business entities.

The Bank's objective is to manage operational risk so as to balance the avoidance
of financial losses and damage to the Bank's reputation with overall cost
effectiveness and to avoid control procedures that restrict initiative and creativity.

As per Basel 11, Operational risk management is performed as a continuous
process, with several distinct components:

Allowances for impairment

The Bank establishes an allowance for impairment losses that represents its
estimate of incurred losses in its loan portfolio. The main components of this
allowance are a specific loss component that relates to individually significant
exposures, and a collective loan loss allowance established. for groups of
homogeneous assets in respect of losses that halle been incurred but have not
been identified on loans subject to individual assessment for impairment

Impaired loans

impaired loans aie loans for which the Bank determines that it is probable that it
will be unable to collect all principal and interest due according to the contractual
terms of the loan agreements. These loans are graded 7 to 9 in the Bank's
internal credit risk grading system. *

Loans with renegotiated terms

Loans with renegotiated terms are loans that have been restructured due to
deterioration in the borrower's financial position and where the Bank has made
concessions that it would not otherwise consider. Once the loan is restructured it
remains in this category independent of satisfactory performance after
restructuring. At December 2007, grades 7 and 8 include loans with renegotiated
terms of $69,596 (2006: nil) and allowance for impairment on these loans of
$15,893 (2006: nil).

Write-off policY

The Bank writes off a loan/investment (and any related allowances for impairment
losses) when the Credit Committee determines that the carrying value of the
loanlinvestment is not recoverable. This determination is reached after
considering information such as the occurrence of significant changes in the
borrower/issuer's financial position such that the borrowerlissuer can no longer
pay the obligation, or that proceeds from soilateral will not be sufficient to pay
back the entire exposure. For Smaller balance standardized loans, charge off
decisions generally are based on a product specific past due status.


The Bank holds collateral in respect of loans and advances in the form of
mortgages over property,.chattel mortgages and other guarantees. Estimates of
fair value are based on the value of collateral assessed at the time of borrowing,
and generally are not updated except when a loan is individually assessed as
impaired. An estimate of the fair value of collateral held for mortgages and chattel
mortgages in respect of financial assets is $120,248,639 (2006: $92,094,693)-

At December 31, 2007, the loan portfolio is secured as follows: mortgages 25.14ole
(2006: 23.94%), chattel mortgages 12.64% (2006: 1.87%), securities 28.14%
(2006 30.50%), unsecured 18.39% (2006: 20.14%) and other 15.69% (2006:

Concentration of credit risk

The Bank monitors concentrations of credit risk by sector (see note 8) and by
geographic location. An analysis, of concentrations of credit risk~by geographic
Location at the reporting date for loans to customers is shown below:

2007 2008

Costa Rica $ 372,593,437 272,310,980
Central America 12,264,654 12.691.303
United States of America '142,699 -
Other countries 705,200 705,200
$ 385,705,990 285,707,483

Concentration by location of loans to customers is measured based on the
location of the Bank entity holding the asset, which has a high correlation with the
location of the borrower. Concentration by location of investments is measured
based on the location of the issuer of the security. Refer to note 9.

Settlement risk

The Bank's activities may give rise to risk at the time of settlement of transactions
and trades. Settlement risk is the risk of loss due to the failure of a borrower to
honour its obligations to deliver cash, securities or other assets as contractually

For certain types of transactions, the Bank mitigates this risk by conducting
settlements through a settlementiclearing agent to ensure that a trade is settled
only when both parties have fulfilled their contractual settlement obligations.
Settlement limits form part of the credit approval/Iimit monitoring process
described earlier. Acceptance of settlement risk on free settlement trades requires
transaction specific or counterpart specific approvals from Risk Committees.

(c) Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in meeting obligations
from its financial liabilities.

Management of liquidity risk

The Bank's approach to managing liquidity is to ensure, as far as possible, that i
will always have sufficient liquidity to meet its liabilities when due, under both
normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Bank's reputation. Liquidity risk exposures are measured by
liquidity ratio limits established by the ALCO.

The Central Treasury department receives information from other business units
regarding the liquidity profile of their financial assets and liatllities and details of
other projected cash flcws arising from projected future business. The Central
Treasury department then maintainls a portfolio of short-term liquid assets, largely
rilade up of sholl-term liquid investment securities, loans and advances to banks
and other inter-bank facilities, to ensure that sufficient liquidity is maintained within
the Bank as a whole. The liquidity requirements of business units and subsidiaries
are rriet through short-term loans from Central Treasury to cover any short-tern
fluctuations and longer term funding to address any structural liquidity

- L~ -- '1

crtivag, arrT., co, cOOD, rwas son

The liquidity position is monitored in a daily basis and regular liquidity stress
testing is conducted under scenarios covering both normal and more severe
market conditions. All liquidity policies and procedures are subject to review and
approval by ALCO. Weekly reporis cover the liquidity position of local and foreign
currency. A summary report, including any exceptions and remedial actions taken,
is submitted regularly to ALCO.

Exposure to liquidity risk

The key measure used by the Bank for managing liquidity risk is the maturity wise
analysis, .volatility measurements and stress testing. For this purpose, net liquid
assets are considered as including cash and cash equivalents and investment
grade debt securities for which there is an active and liquid market less any
deposits from banks,.debt securities issued, other borrowings and coinmitments
.maturing within the next month, including any statistical analysis of assets and
liabilities that may not have a defined maturity.

Reswuar conractud maturiUe of lania~l~l liabiltis are shown below:
Gross nominal
Carrying inflow I Less than 1
amount (outiow) month
oncemsar 31.,2007

3 months to 1
1-3 months year

More than 5
1-5 years years

Demand deposits fom .
Time deposils frm usomners
Loans payable

Dkmber 31, 2008
Demand deposas from
Time deposilstrom customers
Loans payable
'Accrud interest payable
other liabulites

$ 62,334.272 62,39,272 62.334,272
271.978,144 272.633.372 49,043,898 49.666,149 135,627,814
69,251,471 91,563.769 8,109,728 18.362,661 10,285.860
2,990,600 2,990,000 2,990.800
6,647.958 S,647,958 564 -
5 412202646 435170171 128126656 68027810 146913674

3,29, 11,


9 83,833,282

$ 381 691 962

risk identification & assessment,
risk mitigation (control development & implementation),
control self-assessment (control testing),
risk monitoring (key risk indicators follow up),
risk measurement (incident collection & capital calculation), and
control environment assessment & management (control culture
measurement & corrective action implementation).

The primary responsibility for operational risk management is assigned to senior
management within each business unit This responsibility is supported by the
development of overall policies and a central unit (Operational Risk Management
Deptartment) coordinates and follows up on the business unit's performance.
Status and developments are reported to a b.-monthly Operational Risk
Committee, that oversees the risk management cycle.

Additionally, compliance with the Bank's policies is supported by a programme o~f
periodic reviews undertaken by Internal Audit The results of Internal Audit revelh.
are discussed with the management of the business unit to which they relate, with
summaries submitted to the Audit Committee and senior management of the

(I) Capital management

The Central Bank of The Bahamas requires the Bank to maintain a minimum ratio
of total capital to risk-we~ghted assets of 8%6. The capital to risk-weighted assets
ratio at December 31, 2007 was 12.15%/ (2006: 15 1%0/).



12. Loans payable

Loans payable comprise the following.

2007 2006

Related party domiciled in PanamB: (6.5% $ 53,000,000
to 6.98%)
Banks (2007: 5.36% to 5.93%) (2006:
5.33% to 5.3%) 16,000,000 18,100,000

Due to banks -Letters of credit issued 251,471 598,561
$ 69,251,471 18,698,561

13. Share capital
At December 31, 2007 and 2006, share capital is represented by 24,000,000 ordinary
registered shares of $1.00 par value each, for a total of $24,000,000.

In 2006, the Bank agreed to increase its authorized and issued share capital by
$12,000,000 (12 million shares of $1.00 par value each) by capitalizing an equivalent
amount of retained earnings.

14. Commitments and contingencies

2007 2006

Commercial letters of credit $ 5,811,270' 3,612,296
Credit commitments 114,425 434,000
Other 181 788 259,046
$ 6 107 483 4,305,342

Commercial letters of credit include exposure to some credit loss in the event of non-
performance by the customer. The Bank's credit policies and procedures to approve
credit commitments and financial guarantees are the same as those for granting loans.
The Bank does not expect to incur losses as a result of these commitments.
15. Fair value disclosure of financial instruments

At December 31, 2007 and 2006, the following methods and assumptions were used by
management to estimate the fair value of each class of financial instrument.

(a) Cash and cash equivalents

Due from banks: the carrying amounts approximate, fair value because of the
short-term maturities of these instruments.

(b) Investments available-for-sale

Carrying amounts approximate fair value because these investments are carried
at market value.

(c) Loans to customers

The fair value of loans to customers is estimated by discounting future cash flows
Using the interest rates offered for loans with similar characteristics.

(d) Letters of credit

The fair value of letters of credit is based on fees currently charged for similar
agreements or on the estimated cost to terminate them or otherwise settle the
obligations with the counterparties at the reporting date.

(e) Interest receivable and interest payable

These instruments have substantially short-term maturities and bear no interest,
accordingly, carrying amounts approximate fair value.

if Demand and time deposits

The fair value of demand deposits is the amount payable on demand at the balance
sheet date. The fair value of time deposits is estimated by discounting future cash flows
using the rate offered for deposits with similar remaining maturities.

(g) Loans payable

The fair value of loans payable is estimated by discounting future cash flows using the
rates offered for similar loans.

Fair value estimates are made on a given date, based on relevant market information and
information about the financial instrument. These estimates are subjective in nature and involve
uncertainties and matters of significant judgment and, therefore, cannot be determined with
precision. Changes in assumptions could significantly affect the estimates.
2007 2006
.. Carrying Carrying
Fair value value Fair values value

Loans to customers $ 381,152,518 381,691,962 281,832,805 282,338,389
Investments 45,324,028 45,324,028 40,684,991 40,684,991
Other receivables and assets 495,061 495,061 77,932 77,932
Demand deposits from 62,334,272 62,334,272 60,219,836 60,219,836
Time deposits from customers 272,884,285 271,978,144 223,782,945 223,291,262
Loans payable .69,251,471 69,251,471 18,698,561 18,698,561
Accrued interest payable 2,990,800 2,990,800 2,608,103 2,608,103
Other liabilities 5,647 958 5,647 958 4 914 138 4 914 138

16. Derivatives

SIn the normal course of business, the Bank uses interest rate derivatives including interest rate
swaps and caps primarily for hedging purposes in its balance sheet management activities. The
Bank has designated these derivative instruments as freestanding derivatives.

As of December 31, 2007, the Bank had entered into six interest rate cap contracts (one in
2006). The notional amount of these contracts was $82,000,000 (2006: $7,000,000). At
December 31, 2007 the Bank had two open and outstanding interest rate swap contracts (four in
2006). The' notional amount of these contracts was $25,000,000 (2006: $35,000,000).

The net fair value of these contracts, based on quoted market prices at the balance sheet date,
was $577,609 (2006: $550,467). Of this amount, $244,882 is included in other receivables and
assets and $822,491 is included in other liabilities.

The Bank's policy is to maintain a strong capital base so as to maintain the
confidence of stakeholders and to sustain future development of the business.
The Bank has complied with all externally imposed capital requirements
throughout the year. There have been no material changes in the Bank's
management of capital during the current- year.

5. Related party balances

Related parties comprise entities under common ownership and control. Balances with
related parties are shown below:

2007 2006

Cash and cash equivalents $ 13,727,442 17,403,815
Loans to customers 1,483,339 712,358
Investments 4,316,082
Accrued Interest receivable $ 19 53 8 18 ,12

Demand deposits from customers $ 665,511 462,485
Time deposits from customers 7,782,428 6,722,475
Loans payable 53,000,000
Accrued interest payable 304,744 72,001
Other liabilities 3 764 729 -
$ 65 517 412 7,256 961

6. Maturities of significant assets and liabilities

At December 31, contractual maturities of significant assets and liabilities not disclosed
elsewhere in the consolidated balance sheet are summarized as follows:

Maturity 2007 2006
Loans to customers Within one
year $ 250,710,390 198,278,718
Thereafter 134,995,600 87,428,765
385,705,9910 285,707,483

Time deposits from Within one
customers year 236,274,756 208,303,516
Thereafter 35,703,388 14,987,746
271,978,144 223,291,262
Loans payable
Within one
year 36,251,471 .18,698,561
Thereafter 33,000 000
69,251,471 18,698,561

7. Cash and cash equivalents
The geographical distribution of cash and cash equivalents by country of the head offie is
as follows:

2007 .2006

Costa Rica $ 13,567,659 936,391
United States of America 14,830,106 22,428,332
Germany 219,957 19,837
The Bahamas 4,794
$ 28,622,516 23,384,560

Loans, net

At December 31, the loan portfolio is segmented by industry as follows:

2007 2006

PersPnal gqnsuLmption ..-.. 3 58,205,715 54,061,748
Services 90,726,796 .49,044,124
CommrrercekI~ 62,638,902 45 582,180
Industry 64,808,892 51,355,381
Housing 67,046,725 47,077,611
Agriculture 21,878,118 17,787,067
Tourism .5,957,484 8,448,436
Construction 14,414,101 12,202,716
Transportation 29,257 148,220
385,705,990 285,707,483
Less provision for loan losses (3,556,355) (3,226,316)
unearned commissions (457,673) (142,778)
$ 381 691 962 282,338,389

At December 31, 2007, the Bank had non-accrual loans amounting to $312,743 (2006:
$561,343). Accrued interest receivable on those loans amounted to $22,342 (2006:

At December 31, 2007, loans earn interest at rates ranging between 4% to 14.25% (2006:
4.33% to 14.75%) per annum. AII loans are due from entities and individuals domiciled in
Costa Rica-

The movement in the provision for loan losses is shown below.

2007 2006
Balances at beginning of year $ 3,226,316 2,510,244
Provision for loan losses 398,'80 716,072
Write-offs (68,341) .
S$ 3,558,355 3,226,316


At December 31 investments comprise securities available-for-sale. detailed as follows:

2007 2007
Region Interest Maturity Cost Fair value
United States of America -
Govemment Bond 5.63% May/2008 $ 11,937,003 11,946,048
Grand Cayman Elond 7.73% Apr/2017 5,845,319 6,098,885
United States of America Between
Commercial Paper Jan/2008 and
Mar/2008 23,254,375 23,254,376
United States of America Between
Bond 4.65% Jan/2008 and
Jun/2008 4,023,859 4,024,719
Total investment
available-for-sale ; 45 060 556 45 324,028

2006 2006
Region Interest Maturity Cost Fair value
United States of America -
Government Bond 2.63% Mar/2007 $ 31,434,662 31,437,159
Grand Cayman -Other 7.98% Apr/2007 5,798,988 6,015,513
Republic of Panama -
Government Bond 6.75% Mar/2007 2,619,268 2,619,268
Republic of Costa Rica
Govemment Bond 4 78% Mar/2007 611 554 613,051
Total investment available-
for-sale $ 40,464 472 40 684 991

Demand deposits

At December 31, 2007, demand deposits are from customers primarily domiciled in
Central America. Demand deposits bear interest at rates varying up to 3.05% (2006:
4.25%) per annum.

Time deposits

At December 31, 2007, the majority rf the time deposits were due within one year with
annual interest ranging between 1.12%0 to 10.90%/ (2006: 1.11% to 10.09%) and ace from
-customers primarily domiciled in Central America.

3r- --------

-L I



FRIDAY, APRIL 25, 2008, PAGE, 198



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FRIDAY, APRIL 25, 2008, PAGE 20B


00 Lou Dobbs ICNN Election Center

Larry King Live (CC)

Anderson Cooper 360 (CC)


Scrubs J.D.'s life
and death theory
is tested,

The Daily Show TeCletR-
With Jon Stew-at(C piolbrt R(CC)

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Liu humanoid.

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