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The Tribune
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STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/01016
 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: May 2, 2008
Copyright Date: 2008
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
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: UF00084249:01016

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2FORYOU

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SUNNY AND
W BREEZY


The


Tribune


ANY TIME...ANY PLACE, WE'RE #1


BAHAMAS EDITION

BAHAMAS EDITION


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Volume: 104 No.135


FRIDAY, MAY 2, 2


____ ____ ___ ____ ____ ___ ____ I .


I


REET


Assault bribery charges





for immigration officer


50-year-old man

appears in court


* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT An immi-
gration officer in Freeport was
arraigned on bribery and
assault charges in Freeport
Magistrate's Court yesterday.
Mervin Dean, 50, of 14
Beachway Drive, Freeport,
appeared in Court One before
Magistrate Debbye Ferguson.
It is alleged that on April
24, at Freeport, officer Dean
accepted 'a bribe fr6m Hait-


ian nationals Bento Baptiste
and Lionel Charles.
It is also alleged that on the
same date Dean assaulted
police officer Robert Lloyd
with his black Chevy Envoyv
Dean was represented by
Carlson Shurland.
He pleaded not-guilty to.
both charges.
On the charge of bribery,,
he was granted $4,0,00 bail
with two sureties. And on the
assault charge, he was granted
$4,000 bail with three sureties.
The matter was adjourned
to October 30 for trial.


Claim that Haitian
visitors forced to bribe
for visa appointments

By MEGAN REYNOLDS
Tribune Staff Reporter '
HAITIAN visitors to The Bahamas are being forced to pay
bribes for appointments to obtain a legal visitor's visa,, a Bahami-
an woman claims.
Alice Jear, 22, of Sea Breeze, Nassau, a Bahamian born of Hait-
ian parents, has been trying to fix appointments at the consular divi-
sion in Frederick Street for her Haitian siblings to renew their
visitor's visas since January.
Her 34-year-old sister, a mother of six, has been waiting in Nas-
sau for five months trying to schedule an appointment.
Ms Jean said: "Every day we call, and they tell us to call back at
two o'clock, and then there are no appointments."
However, Miss Jean and her sister are unwilling to pay the $400
bribe offered by a Haitian man outside the consulate to secure an
SEE page 19


POLICE confirmed last
night that they are still
investigating the fatal
shooting over the weekend
at a local Subway eatery in
Palmdale.
Asst Supt Leon Bethel
confirmed that they do not
have anyone in custody for
the shooting death of 63-
year-old Hubert Winters.
"We are still investigat-
ing the matter and are fol-
lowing some leads," he
said.
Beyond this, ASP Bethel
would not. comment as he
did not wish to say any-
thing that would "jeopar-
dise" investigations.
Winters was gunned
down in Subway on Satur-
day afternoon when a
unknown man entered the
Madeira Street restaurant
wearing a baseball cap and
sunglasses.
According to police, the
assailant demanded cash
from the cashier before he
placed the barrel of his
SEE page 19


Imminent sale
of airport firm
raises fears
over operation,
in the Bahamas
By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
VANCOUVER Airport
Services, the Canadian com-
pany which operates and man-
ages Lynden Pindling Interna-
tional*Airport, is set to be sub-
stantially sold by its parent
company to an undisclosed
buyer, raising some fears of
how the change will impact its
operations in The Bahamas.
Yesterday, the company's
CEO and president in the
Bahamas, Craig Richmond,
described the impending sale -
which will see YVRAS' capital
"substantially changed" as
"exciting", but claimed that it
would nonetheless be "busi-
ness as usual" at the airport.
Vancouver Airport Services
(YVRAS) finalised a 10-year
contract under the former PLP
government to take over the
airport's management and
operations in March, 2007, and
while it has already done some
substantial renovations it is


SEE page 19


on I a


tI


WAYNE MUNROE and former CEO of BTC Leon Williams speak to the
media yesterday at a press conference held at BCPOU.


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
THERE will be lawsuit
against the government if
the board of BTC does not
yield from its stance to ter-
minate former president.
and CEO Leon Williams in
the manner it has.
"I can tell you it is unac-
ceptable because I would in
no way offer anybody what
was offered to Mr Williams
as reasonable compensation
for 40 years of service.
Whether or not the matter
is going to be able to be
resolved without the need
for litigation is a question
that will arise with regard
the position BTC takes,"
said Wayne Munore, attor-
ney for Mr Williams yester-
day at a news conference at
Bahamas Communications
and Public Officers Union
(BCPOU) headquarters at
Farrington Road.
"If their position is that
their offer is non-negotiable
then I can tell you today
that we will be in litiga-
tion," added Mr Munroe.
Mr Williams said he offi-
cially received a letter of
termination from Julian
Francis, executive chairman
at BTC, yesterday despite
his numerous accomplish-
ments as head of the com-
pany.
The ousted BTC chief
provided the media with a
list of company's accom-
plishments since he was


appointed its head in
December, 2005.
The figures from BTC Mr
Williams read to the media
reveal that under his lead-
ership the company's rev-
enue increased from $293.8
million in 2005 to $327.4
million in 2006.
And, according to the
unaudited figure from 2007,
the company's revenues fur-
ther increased to $360 mil-
li6n in 2007.
Profits, he noted,
increased from $34 million
in 2005 to $44 million, in
2006, and to $48.9 million
in 2007.
The company's cash in
the bank, Mr Williams
added, increased from $73
million in 2005 to $128 mil-
lion in 2006, with further
increases in the following
years. In 2007, the company
had $133 million in the
bank and just before his
departure, there was $170
million in the bank for the
company, said the former
BTC chief.
"Notwithstanding the
above accomplishments in
leadership and the recent
success of BTC, chairman
Julian Francis invited me to
his office on Thursday night
about 8.30pm after an all
day board meeting to say
that the board is changing
the direction of the compa-
ny and that they do not feel
that I have the capacity to
take it further," said Mr
SEE page 18


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Policemen accused of abusing restaurant staff


* Officers reportedly appeared

drunk, used racist language and

made theft accusations


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
A representative of a Nassau
restaurant has filed a complaint
With the commissioner of police
alleging that three plainclothes


officers verbally abused his staff
as they left work in the early
hours of the morning.
The officers reportedly
accused the staff of having
stolen hubcaps off a police vehi-
cle.
One of the waiters at the pop-
ular restaurant told The Tribune
that the policemen were waiting
for the staff outside the busi-
ness in an unmarked red vehicle
when they closed up for the
evening at around half past mid-
night last week.
Accusing the staff of stealing
the parts from a Jeep Expedi-
tion used by the police, the offi-
cers were alleged to have
appeared drunk, used racist lan-
guage, threatened to "burn the
place down" and even pulled a
gun at one point during the inci-
dent.
Another waiter said that an
officer told the group of five
staff members: "We feel like
***ing someone up". Several of
the staff members at the eatery
drive Jeep Expeditions, he
pointed out.
One of the employees who
was accosted expressed concern
that although a complaint was
soon filed with Commissioner
Reginald Ferguson, staff were
unsure whether any action was


being taken as up until Wednes-
day no police had yet been to
the restaurant to interview any
of those involved.
Mr Ferguson strongly defend-
ed the organisation on Wednes-
day, however, calling specula-
tion that the force may not be
following through on the com-
plaint "nonsense."
He told The Tribune that he
had spoken for up to half an
hdur with a representative of
the restaurant on Tuesday.
The commissioner said it
should also be kept in mind that
there is a "long running" dis-
pute between the police and the
restaurant's representatives
over other issues.
When asked whether this his-
tory would effect the investiga-
tion into the complaints about
last week's alleged early-morn-
ing altercation, Mr Ferguson
said: "Every complaint is treat-
ed according to its own merits."
The commissioner added
however that reports reaching
him about the alleged behav-
iour of the officers involved
were that it seemed "very unpo-
licemanly".
As a result, he said it would
have to be ascertained whether
the persons involved were "real-
ly police officers".


In an interview with The Tri-
bune, staff members said that
one among them had recog-
nised one of the officers
involved as a member of the
police force.
"The staff were very con-
cerned," said a senior employee
on Wednesday.
One was followed by one of
the officers in a police vehicle
which had its emergency lights
switched on when he left the
area, but nothing reportedly
came of the pursuit. Eventually
the officers let all of the other
staff members leave the area.


30th


anniversary




PICTET
1805



Cheque Presentation To

The College of The Bahamas


Cheque presentation of BSD 30,000 to the College
of The Bahamas Endowment Fund by Mr. Yves
Lourdin, President/Managing Director and the
Bank's Executive Committee.


THE Bahamas Technical and Vocational
Institute has officially launched a new website
at www.btvi.org.bs.
The new site features information about the
BTVI certificate and diploma programmes, in
addition to information related to tuition, the
registration process and industry training.
BTIV management said the website was
designed to. enhance the image of the institute
and promote awareness of the wide range of
.programmes available.
"The new site plans to feature audio and
videp clips of student life at work and play. In
time, it will also build an extensive library of
images relating to the many full-time and part-
time courses available at BTVI. This is in addi-
tion to the extensive course information already


available on the site," said the school in a state-
ment.
"BTVI's new site is an ideal tool for prospec-
tive students weighing their educational
options," said Sean Adderley, public relations
officer at BTVI. "It is a difficult process for stu-
dents to find the right direction when it comes
to furthering their education. With this new
site we try to take the guesswork out of that
process by supplying as much information
about our programmes as possible. Once
prospective students get the facts, they will see
the benefits of earning their Technical or Voca-
tional Education from BTVI."
BTVI added: "Getting the website up is an
ongoing process and we hope to make changes
as we continue to grow and gain popularity."


li ThreadsI


SU


~JLD


(while supplies last)


S3 a aW ^ ,, a, I


Photo: (left to right) Mark Richford, Larry Glinton, Pierre Colle, Shawn
Forbes, Jan Mezulanik, Yves Lourdin, Felicity Humblestone Dir. of
Development-C.O.B., Marilyn Cambridge and Eric Messmer.


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Brokerage & Custodial Services I investment & Corporate :'-. ..:.
Pensror, Amirrinistration I Shareholder Services
Nassau -T: 242-502-7010 I F: 242-356-4677
Freeport- T: 242-351-8928 I F: 242-351-4050
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111 1 --, I--~r p I IP1 C ,---LCLI~-C- -- I 1 -II 1 I I I I I` ----s~


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^ -AA,^II _ei 1 -, .;- ,


PAGE 2, FRIDAY, MAY 2, 2008


SAEU OU0 HSFIA


THE TRIBUNE


10D









THE TRIBUEFRDAYAY2i200i8, PAGNI


o In brief


Man jailed for

possessing

drugs and

ammunition
A 21-YEAR-OLD Augusta
Street man was sentenced to 24
months in prison yesterday after
pleading guilty to possession of
cocaine, marijuana and ammu-
nition.
According to court dockets, it
is alleged that on April 30,
Franklyn McMinns was found
in possession of a quantity of
marijuana as well as cocaine
which authorities believed he
intended to supply to another.
According to the prosecution,
McMinns was allegedly found
with three pounds of cocaine
and 65 grams of marijuana.
Court dockets also alleged
that McMinns'was found in pos-
session of 192 live rounds of .22
ammunition.
McMinns, who appeared
before Magistrate Carolita
Bethel at Court Eight in Bank
Lane, pleaded guilty to all
charges.
He was sentenced to 24
months in prison on the charges
of possession of cocaine with
the intent to supply and posses-
sion of ammunition. He was
also sentenced to six months in
prison on the marijuana pos-
session charge. The sentences
are to run concurrently which
means that McMinns will serve
a 24 month prison sentence.

Armed robbery
case adjourned

A MAN was arraigned in
Magistrate's Court yesterday on
two counts of armed robbery.
According to court dockets, it
is alleged that while armed with
a handgun on April 13, Edroy
Smith, 29, of Adelaide robbed
Dan Adderley of $120 cash, a
gold ring valued at $260, a $600
gold chain and a men's watch
valued at $70.
It is also alleged that on April
20 while armed with a handgun,
Smiih robbed Luther Mos 'W
$200 cash arida gold and silver'
steel Presidential Rolex waich `
valued at $4,000.
Smith, who was arraigned
before Magistrate Carolita
Bethel at Court Eight in Bank
Lane, was not required to plead
to the charges and was remand-
ed to Her Majesty's Prison.
The case was adjourned to
September 26.

Alleged rapist
granted bail
A 26-YEAR-OLD man
accused of the rape of a 16-year-
old girl was arraigned in Magis-
trate's Court yesterday.
According to court dockets, it
is alleged that Alvardo John-
son of Ridgeland Park commit-
ted the offence on Friday April
4 of this year.
Johnson, who appeared
before Chief Magistrate Roger
Gomez at Court One in Bank
Lane, was granted bail in the
sum of $10,000.
The case was adjourned to
May 21 and transferred to
Court 11 in Nassau Street.

Court hears of drug,
bribery offences
A MAN was sentenced to a
year in jail and fined $5,000 yes-
terday after being convicted on
drug and bribery charges.
Emmerson Bethel, 25, who
appeared before Magistrate
Carolita Bethel at Court Eight
in Bank Lane, was found guilty
and convicted of possession of
51 grams of cocaine and bribing
two police officers in October
2005.
Court dockets state alleged
that on October 18, 2005,
Bethel was found in possession
of a quantity of cocaine with
the intent to supply the drugs
to another.
Court dockets also alleged
that on the same day, Bethel
offered $3,960 cash to police
Sergeant 1218 Demeritte and
Detective Constable 558 Davis,


in an effort to convince them
to neglect their duty.
Bethel could spend an addi-
tional year in jail if he does not
pay the $5,000 fine.
A MAN was sentenced to,
five years in prison after plead;.
ing guilty in Magistrate's Court


Pest Cot romml


US newspaper managers





are robbed at gunpoint


TWO American newspaper
managers have been attacked
and robbed at gunpoint outside
The Tribune's office.
One was knocked out when a
villain gun-butted him in the face.
The other fled for his life as
the two robbers tried to run him
down in their car.
The robbery happened at
about 10.30pm on Wednesday as
the men, Terry Carlson, 55, and
Bert Davenport, 45, walked
across Dowdeswell Street into
Deveaux Street towards The Tri-
bune's office.
Two crooks, one armed with a
9mm handgun, the other with a
knife, approached demanding
money.
Mr Carlson was struck with a
pistol. Mr Davenport had to leap
to safety as they tried to run him
over.
The crooks escaped in a black
Nissan sedan with about $370 and
credit cards.
Both Americans are field man-
agers with USA Today and were
working on adjustments to The
Tribune's press.
"We had walked to the office
from our hotel on Paradise Island
several times," said Mr Carlson.
"With two of us, we didn't
think there would be a problem,
though we had been warned not
to walk the streets at night.
"The robbers made a few
threats with the gun, then one hit
me on the side of the face with a


problems. In fact, we were saying
how nice the people are here. We
just figured we were in the wrong
spot at the wrong time."
Police, who were summoned
by a Tribune security officer, are
Investigating.


The robbery was the second
crime committed outside The Tri-
bune's office in recent months.
A police constable was killed
in the office car park during
a shootout with a gang of rob-
bers.


U


gun butt. He knocked me out for
a few seconds. It made a sound
like a gunshot.
"Then they tried to run Bert
over in their car, but he managed
to outmanoeuvre them."
One robber, he said, wore a
black hood "so all I could see
were his eyes." The other was
tall and skinny, about 6ft lin,
armed with a semi-automatic
handgun.
Mr Carlson was robbed of
$267. Mr Davenport lost $104.
The.robbers then sped off down
Dowdeswell Street.
"I was unconscious for a few


seconds," said Mr Carlson, "but I
was more stunned trying to figure
out whether I was actually shot."
. He. said he and his colleague,
both from Washington DC, were
victims of "a bad circumstance".
"We have walked many times
from the hotel and never had any
issues," said Mr Carlson. "With
two of us, we thought we were
doubly safe but it did not work
out that way. I never thought of
The Bahamas having guns."
He said he had been warned
about walking out late. "Howev-
er, this is our fifth or sixth time
here and we have never had any


i Established in 1956 by an old Bahamian family

eBayParLBidg. i- iariennt St.
Telephone: 322-8398 r828-7157
t -miuai wwu nlaonfnacsso n u-.nm. o. A Rn f. No-11


* By TANEKA THOMPSON


Tribune Staff Reporter
tthompson@tribunemedia.net he Free
vey pro
reports and nu
A NEW.study on global for 195cotmtrie
press reedogn ranked the an its findings
sia s 32nd out of 196 by.govennment
SgMUnes and errintries and organaisatips,a
4 d hbied here as tile newis media
free". Couitries are
The 2008 report analysed (best) to 100 (
events between January, 2007 degree to whic
and December, 2007. Other permits he ft
and information
nations in the Caribbean like classification c
Jamaica, St Lucia and Barba- "free", "partly
dos ranked higher than the free".
Bahamas at 15th, 16th and A score of 0
19th respectively. country as havi
Although the Bahamian a score of 31 -f
media is "generally free" to while 61 -- 100 i!
criticise the government and The Bahama
its policies, The Tribune was place along wi
tries Malta and
denounced by the former Finland and II
prime minister for "serving the th highest ran]
interests" of the FNM after it one with a ratir
published photos of then Min-
ister of Immigration Shane Gib-
son embracing the late American model Anna
Nicole Smith on her bed, the Freedom House
study said:
The report said the Bahamian constitution
"provides for freedom of speech and of the'
press, and although there is no freedom of
information legislation, the government does
generally support the public's right to access to
information.
It said: "The media is generally free to criti-
cise the government and its policies, although in
the run-up to May's general election, the incum-
bent Progressive Liberal Party (PLP) repeated


di
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51
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at
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w
h
e
ad
of
y f
ng
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s
S
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N, earlier criticism of the newspa-
per coverage.
mi House a su- nA particular source of ten-
dl rags ion was The Tribune newspa-
and territories per's publication of photographs
re widely qsed showing the Immigration Minis-
international ter Shane Gibson, and the'lor-'
:ademics and mer model, Anna Nicole Smith,
embracing on a bed,"' said the
scored from 0 report, adding that Mr Gibson
orst) and the later resigned from this post.
each country "Prime Minister Perry Christie
Dow ot news denounced The Tribune, accus-
determines the
its media as ing it of serving the interests of
free" or "not the opposition. The scandal
probably contributed to the
30 classifies a PLP's defeat in the election.
Sa free media, "Meanwhile, state-owned
is partly free, media were accused of discrep-
not free. ancies in campaign coverage that
tied for 32nd favoured the government, while
i Asian coun- partisanship increased through-
?aiwan.
ian ed w out the media as the election
ng at number approached," the report said.
nof nine. The survey mentioned that
the July, 2007 announcement of
a joint operating agreement
between The Tribune, The Nassau Guardian
and The Freeport News prompted concern over
a possible media monopoly.
"Although the merger partners assured the
public that the editorial departments will func-
tion independently, critics claimed that the
move could only be to the detriment of
media independence and diversity in the
Bahamas".
The report also said there were numerous
privately owned radio stations and that the
internet was unrestricted and accessed by 30 per
cent of the population.


The Bahamas is ranked 32nd of 196


countries in global press freedom study


NoeFarc
Madeira St. [242] 325-8233 Robinson Rd.[2421 322-3080C~( RI


TELiff: 30FIXBa1CH


FRIDAY, MAY 2, 2008, PAGE 3


f


THE TRIBUNE








PAGEO 4, FIDA, MY 2200HTHETRBUN


Sens. John McCain and Hillary Rodham Clin-
ton have hit on a new way to pander to American
voters: a temporary suspension of the federal
gasoline tax between Memorial Day and Labor
Day. The proposal may draw applause and votes
from Americans feeling the pain of nearly $4-a-
gallon gasoline. But it is an expensive and envi-
ronmentally unsound policy that would do noth-
ing to help American drivers.
Leave aside that suspending the. 18.4-cent-a-
gallon excise tax would cost the deficit-burdened
federal government $9 billion and that turning a
tax off in May and on in September would be an
administrative nightmare.
Even leave aside that nixing the gas tax would
increase demand for gasoline exactly the
wrong response to global warming and rising
energy prices. So wrong, in fact, that both Clin-
ton and McCain support policies that would cut
carbon emissions and increase the price of ener-
gy. (Talk about voting for something before they
voted against it.)
The fact is that drivers would, at best, see only
the briefest reduction in prices at the pump. Gas
prices rise during the summer season of heavy
driving as rising demand pushes refiners to pro-
duce virtually at full capacity. If a suspension in
the excise tax reduced the price at the pump, it
would encourage even more driving. This would
simply push prices back up. Oil companies would
be grateful, drivers less so.
Certain realities need to be faced, even in an
election year. First, oil prices are likely to remain
high for some time as demand for energy con-
tinues to grow at a fast pace in China, India and
other developing countries. Second, there is an
urgent need to curb the world's carbon emis-
sions to address the threat of global warming.
Americans like the rest of the world -
must find ways to curb their use of fossil fuels.
Higher, not lower, prices are an important way to
spur the needed technological innovation and
curb demand.Of course, this logic escapes many
politicians. New York state Republicans said
they would try to pass a bill that would suspend
the 32.4-cent-a-gallon state gas tax during the
summer, blowing a $500 million hole in the state
budget. Fortunately, it has no chance of passing.
The Bush administration's answer to high gas
prices increasing domestic supplies is equal-
ly simple-minded. On Tuesday, President Bush
again lamented Congress' unwillingness to open
the Arctic National Wildlife Refuge to oil explo-
ration or to allow more refineries to be built on
abandoned military bases. He said efforts in
Congress to impose restrictions on carbon emis-
sions and tax oil companies' windfall profits
"would make energy even more expensive."
There is not enough oil in Alaska to provide a
lasting solution. And Bush's prescription would
do nothing to address climate change or quench
the thirst for oil.
Fortunately, Obama has not caved to the ris-
ing calls for cheap energy and has refused to
follow his rivals down this misguided path.
Until recently, Clinton also seemed to get it.
Like Obama, she supports tougher fuel-effi-
ciency standards and a cap-and-trade system to
reduce carbon emissions which would have
the effect of raising energy prices and reducing


I3 a u Iallna I0C


We sow the seed, but God
brings the harvest.
SUNDAY SERVICES
7:00am, 9:00am, 11:15am
PASTOR EARLE FRANCIS J.P.,D.D.
Manage Officer, Counsellor, Intercessor
Phone: 323-6452 393-5798
Fax: 326-4488/394-4819


I ..Am. I TO G
-300
CAJNOT
W CCP L AJOR EIT
,d1La4ffM obo


demand for gas. McCain supports a cap-and-
trade program. Neither Clinton nor McCain have
explained the inconsistency in their positions.
We know pandering when we see it. We also
know that suspending the gas tax for the summer
won't solve this country's energy problems or
even reduce the price of gas.
Editorial courtesy of The New York Times
Rev Wright, the sequel
4WHEN video clips of the Rev. Jeremiah
Wright shouting "God damn America" surfaced
on the Internet in March, Barack Obama
stopped short of rotely disavowing his former
pastor. Instead, the Democratic presidential con-
tender put forth an alternative: Against Wright's
dark portrait of America as a land of conspiracies
and white-supremacist malice, Obama offered
himself, the son of an African father and a white
mother from Kansas, as the embodiment of a
racially transcendent society.
But Wright, it seems, was not content to be
marginalized like a crazy uncle. This week, the
preacher reignited the furor over his earlier com-
ments by defending and reinforcing them. This
raises a much broader question: How much tran-
scendence can the American political grind real-
ly tolerate? How much does America even want?
Obama sought to tamp down the initial contro-
versy over Wright in a daring way. He gave a
mesmerizing speech that plumbed the bloody
history of racial division in the United States -
Sand its tendency to bring out anger, even hate, in
otherwise good people. He asked voters to accept
that he could respect Wright's spiritual guidance
even as he rejected the preacher's paranoid pol-
itics.
Maybe Obama and his supporters wereopti-
mistic to think he would get away with soaring
rhetoric about healing past divisions. Modern
campaigns depend heavily on identifying stable
demographic groups and speaking to their ahx-
ieties no less than their hopes. An ever-faster
news cycle demands new angles; and yet, cover-
age of racially tinged controversies inevitably
evolve into the same old ritual questions. Will X
denounce Y? And will that appease or alienate
this or that bloc of voters?
Obama's handling of the Wright debacle may,
arguably, reflect upon his style of leadership:
Can the senator work himself out of political
jams? Does sentiment, such as a lingering loyal-
ty to a longtime preacher, deter him from deci-
sions that are difficult politically or personally?
When Wright repeated, among other things, his
past praise for hatemonger Louis Farrakhan,
the preacher made it clear that the politically
expedient move for Obama ditching a nettle-
some supporter was also the right one. Still,
no one who chafes at the idea of guilt by associ-
ation should feel comfortable holding Obama
responsible for every divisive word Wright has
uttered. The Illinois senator has made a career of
pushing in the opposite direction of promoting
common understanding among those who might
distrust each other. To see those efforts bogging
down in the same old swamp is just depressing.
Editorial courtesy of The Boston Globe


Is the LNG plant




at Orange Cay a




dead issue?


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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


The gas-guzzler gambit


EDITOR, The Tribune.
WHERE are the profes-
sional economists and the pro-
fessional engineers of this
country?
We have a proposal from at
least two giants of the natural
gas industry to build two LNG
plants, one at Orange Cay and
one in Grand Bahama to sup-
ply a terminal for large ships
to bring natural gas from
Trinidad for storage and con-
version to a temperature suit-
able for onward supply by
pipeline to Florida where no
Deep seaport exists for the
large ships to either land the
gas or even supply it from off-
shore terminals.
The last we heard from
Prime Minister Ingraham was
that this was a low priority.
Also the Christie Government
had given one reason for no
decision, namely that we had
no legislation or regulatory
authority to regulate the
industry. This is a lame excuse
.for delay. There are countless
experts capable of advising the
government on regulation.
The plant will take a year at
least to start operations. There
is plenty of time to fine tune
regulation. A local engineer
can be sent on a course to
learn all the technical and
practical problems.
The BEC admission-that it
has been polluting the envi-
ronment for many years has
had little reaction from the
environmentalist lobby, yet
the same lobby gets into a
publicity frenzy over an LNG
plant where over 200 such
plants exist worldwide with
minimal problems.
One of the best institutions


The number of jobs. The
freight carriers. The food and
service providers. The family
income of all employees spent
in the Bahamas. This is a no
brainer, and yet no economists
has published a paper on this.
As for the engineers, where
is your professional expertise
needed? Surely you can lobby
for this magnificent technol-
ogy to be brought into the
Bahamas where you can be
involved in building and main-
tenance for many, many years
to come.
This is a sovereign risk for
the owners of the LNG plant.
Yet they were prepared to
spend millions of dollars in
planning and submitting their
proposal to Government.
They believe the Bahamas will
recognize the advantages and
the control they will always
have over the facility. The
boot will be on the Bahamas'
foot, and not the other way
round.
Finally, this is a partnership
with Trinidad, -which will
cement the Caribbean eco-
nomic union. Part of the
agreement will be for the
Bahamas to receive gas at the
wholesale price for local dis-
tribution.
This is a major benefit if
properly controlled and legis-
lated.Tell me why this project
should not go ahead. Fast. In
this economy, we need any-
thing to boost our income and
save energy prices for the pub-
lic.
CONCERNED
BAHAMAS
.:,..R;ESIDENT
SNassau,' .
SApril 12,2008.


I am black and don't support Obama


EDITOR, The Tribune.
IF SENATOR Obama is
elected President of the USA
will The Bahamas see the clos-
ing down of our Financial Ser-
vices business worse than we
saw back in the 1993 time-
frame when OECD and then
President Clinton put The
Bahamas on the blacklist, etc?
Okay we have roots in
Africa but am I going to be
stupid to support Obama if he
is already trying to close our
Financial Service business?
Senator Obama supports cur-
rent Senate legislation to close
down all perceived tax-havens.
Imagine what he would do if
he sits behind the Presidential
desk in the Oval Office and


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has the power to do it with a
stroke of a pen?
Forget our roots and
remember who puts bread on
our table pays for a lot of
children to go to private
schools allows us to travel,
own fancy cars and boats,
donate to charities and
employ fellow Bahamians?
Yes I am a selfish black man
in the Financial Services busi-
ness and I am not going to
support the Democrats, Oba-
ma or Clinton and I am con-
tacting all my American


friends not to also. If Senator
McClain and the Republicans
mean money in my pocket
then that's who I will support.
I am not stupid!
I want to make sure all my
Bahamian friends who work
so hard in the financial sector
have jobs after November,
2008 be nationalistic please
and support your own.
C WILSON
Nassau,
April 23, 2008.


established by the Govern-
ment is BEST. It's very
detailed and professional
Report on the environmental
effects of an LNG plant at
Orange Cay is a masterful pre-
sentation containing several
volumes of reports, analysis
and drawings. I took the trou-
ble, as any individual still can,
to read the report and study
its findings. The effect of the
plant on the environment is
minimal. If the environmen-
tal lobby were serious about
the Bahamas, they could make
recommendations based on
the report rather than taking
an adverse position. For
example if the pipeline pre-
vents the migration of craw-
fish, then why not build
bridges over the pipeline, so
that the crawfish can move
safely over'it! Take the exam-
ple of salmon where weirs are
built. A separate waterway is
built alongside the weir for the
salmon to swim past it on their
way upstream.
The Bahamas must look at
the advantages of an LNG
plant here. $75 million in
annual income from royalties
or put through fees, for each
plant. Over ten years that
could increase as a percent-
age of the value of the product
increases. A billion dollars of
new fees in ten years makes a -
big difference to our econo-
my. And this is public knowl-
edge as shown by,similar,
plants world-wide. Plus all the,
other affects on our economy.


UI


ATTENTION!



FNM



NATIONAL

FAIR



RM Bailey Park


Saturday 31st May,

2008

12 noon until




3 E THERE!!!


PAGE 4, FRIDAY, MAY 2, 2008


IWA


THE TRIBUNE









THE TRIBUNE FRIDAY, MAY 2, 2008, PAGE 5


LOCALNW


0 In brief


Celebrate

anniversary

of our win,

says FNM

THE FNM has invited the
public to celebrate the first
anniversary of its election win
this weekend.
The party issued a state-
ment yesterday asking "all
Bahamians who love this great
country" to attend a ceremony
at the New Covenant Baptist
Church.
It said Prime Minister
Hubert Ingraham will be in
attendance.
The release said: "The
FNM is grateful to the
Bahamian people for the con-
fidence displayed on that glo-
rious day, and intend to hon-
our their confidence with the
kind of performance that will
bring integrity to governance.
"One year later, we give
thanks and are grateful to
Almighty God and the
Bahamian people for this
opportunity to serve once
again."
It said the government has
embarked on a mission to
bring back the confidence of
Bahamian and foreign
investors.
"The Bahamian people can
rest assured that the next few
years and beyond, the FNM
would live up to the promises
made.
"It is common knowledge
that Mr Ingraham is a man of
action rather than talk," it
said.

FirstCaribbean

buys computers

for school

FirstCaribbean Interna-
tional Bank Limited pur-
chased two computers for the
students of Our Lady's
School.
The donation came in
response to the school's effort
to upgrade its computer lab.
FirstCaribbean's corporate
director is charge of risk oper-
ations and service, Martin
Trotman, presented the
cheque to Crystal Green, the
school's principal.
Through the FirstCaribbean
International Comtrust Foun-
dation, FirstCaribbean dedi-
cates 1 per cent of its annual
prior year profits (pre-tax) to
community partnerships in the
countries where it operates,
including the Bahamas.


FIRST YEAR REPORT rFI


PLP youth wing gives




FNM govt an 'F' grade


THE Progressive Young Lib-
erals have given the FNM gov-
ernment an 'F' grade for its first
year in office.
The youth arm of the opposi-
tion PLP said this assessment
was the result of an "objective"
evaluation of the government's
performance.
In a statement issued yester-
day, the PYL said that "since
the arrival of the so called gov-
ernment of trust, where hope
and optimism once resided, only
havoc, fear and confusion now
lingers in hearts of thousands
of people especially our youth."
It blames the FNM for can-
celling the Urban Renewal Pro-
ject, which it said reduced crime
by 30 per cent.
"The FNM saw this as primi-
tive and decided to brutally end
what had become a life saver
to many parents and young men
and women of inner city com-
munities. For their heartless and
immature response to this well
needed and internationally
recognized programme, PYL
grades an F," the statement
said.
Claiming that Urban Renew-
al had been hijacked for politi-


THE performance of this
Free National Movement gov-
ernment over the past year has
been mediocre "and in many
instances utterly neglectful" -
especially when dealing with
crime; PLP chairman Glenys
Hanna-Martin said..
"They have fallen well short
of the trust they invoked prior
to may 2, 2007.
"The Bahamas today is facing
a number of serious issues
which threaten our quality of
life.
"These are without a doubt
serious times. Serious crime is
being committed at unprece-
dented levels," she said.
Mrs Hanna-Martin said that
the homicide rate is increasing
on a weekly basis.
"Violence perpetrated by
children in and around schools,
including homicide, is now a
familiar feature of our social
landscape.
"In this year alone apart from
the numerous violent offenses


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PYL says havoc, fear and confusion

now lingers in Bahamians' hearts


cal ends under the PLP, the
FNM did close it down after the
election, relaunching it as the
Urban Renewal Livable Neigh-
bourhoods project soon after.
Critics say the programme lost
much of its potency however,
particularly because police offi-
cers were taken out of the
neighbourhood Urban Renew-
al centres.
The PYL went on to say that
the FNM failed the youth
through its lack of support for
the YEAST rehabilitation pro-
ject, and gave it an F for crime
fighting as well: "As crime raced
near to the number of 80 in late
2007 and picked up where it left
off in the early days of 2008 the
FNM arrogantly refused to
place police officers back onto
public school premises, though
many were stabbed and injured
on these very schools in fights
over the last year even leading
to death in two situations."


of stabbing and other serious
personal injuries, two high
school students have violently
lost their lives on or around
school campuses," she said.
The PLP chairman said
despite this serious state of
affairs and "extravagant cam-
paign promises" by the FNM,
yery little action has been taken.
She pointed out that the cost
of living is rising steadily, food
shortages and diminished access
to food have become worldwide
phenomena and in the Bahamas
citizens have been affected.
"Yet, astonishingly, there has
been little more than a bare
acknowledgment by this gov-
ernment that our people are
beginning to suffer in a most
fundamental way.
"There has been no action,
no policy intervention, nothing
which would seek to address
this critical issue particularly as
it relates to breadbasket items,"
Mrs Hanna Martin said.
She said it is almost as if this
government .lives in another
world, completely divorced
from the dire realities that the
population faces daily.
"There has been no sense of
urgency and quite frankly more
and more people are forming
the conclusion on a daily basis
that this government is in over
its head and has been unable to
date to demonstrate the respon-
siveness and creative initiative
to address any one of the issues
that are causing Bahamians to
have concern for the direction
their country is going in," Mrs
Hanna-Martin said.


They also accused the FNM
of mismanaging "the single
largest investment in Bahami-
an history".
"When Harrah's decided to
pull out of the Baha Mar deal
due to the unfitting words of
(Prime Minister Hubert) Ingra-
ham in the House of Assembly,
what could have been a secure
future for thousands of young
men and women became as
fickle as a leaf being blown in
the wind."
They also criticised Minister
of State for Finance Zhivargo
Laing refusing to resign or
apologise over the Mona Vie
scandal. The PYL went on to
accuse the FNM of recalling for-
eign service diplomats appoint-
ed under the PLP, silencing
unions who represent thousands
of people, and being responsible
for a "sudden drop in decorum
and proper conduct of govern-
ment officials".


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whileHanna-Martiin's

verdict s: mediocre


FRIDAY, MAY 2, 2008, PAGE 5


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THE TRIBUNE







PAGE 6, FRIDAY, MAY 2, 2008 THE TRIBUNE
---I


]ra;ji!X- usifniorti-:;will firwver itnmain i lhe L 1v
husrl!;s l" ohiA wi'. Gcni da;n: childre-n and lh ei-r -ii -
spr>tust s: Brian (Cada), :.::::.;.1', ].L., (LUthe.r), Mikhad and Danel;
m.Tl>i her : Isador a I ': : C'i *...1 of Graelnwich,; Ci..;i: ;I..; .. I L r p; itlts: ",i 1 1: J
and Au. usaI : W ll.-Ln ..L i l : il l : id: : Br1ia .] i and I: -..:i V':i l.i As-ly

(TAihkn), Gary (T. i:L: ', Pamtr k : :,::..,. De. k. SI..*Ii --*:, *il.,: J:'i.
(I.uia a) P.:and L P aI '. '- l. I' .ih : L i" "-- (Gv1 ),; .ilS.:" ArII s.
Kevin and Mark 1 :u--!:,i Chai-rl Ctas.idy: .siite rs.: Barbara (*G..:.i:r')
"I*., .*| : .,.! \ -Ii. ,i 1. I: 1 D. ( riani ) t b b.

Mahalia 7-I ~-:- LSis.De.si-la1W: Maddfleie 1.-a t .r-f SL. Cat han ies,.
On ari.. C .1anada:; u, n ts ) .ices ,a;1d :i. -'[ --." :" i" t il ck 1:..'
(!,:!- ,.LI,: ,and T ..:,..:i. W allace., Tarneko Glas.s. jL.i-i.-. Sihn:ime :,:iiJ
G-errard Sawyer, ]':::,- ,.r, ,'. K. 1: T'r^.L't.,-.:1. lRamrmica Cox, Dnrich
]--i:n" i-'!:. Ced,& c Jr. anad S,., -:.i: :..: 4 H: .,-i Jr. md Nidc 'olas W'ebl
Alex. A-ri a .. Killea nS.ard S-.i : ~ I., Vanderpo Il Vi'..li.L:.. ]ervin and KL".: i
Rfole, Mii ha l : .....i. .' Cha. -a. ChaIi'll e .aild .t:i.".it 1. -:-:;.
Shacandia (l1te) Armd hrit tr,. .1:1: .A:rt"i:.:. .,Italia, J J :and
A s .kew '.i'.,II .: -.. :, S a L .i-- i Ni a.!.-:i Ga N .. nd :.I I I. 1.
Tr;ah ,:i adid NGmasha V,.il.,.e. Kareemn %,.,11...- M ia V,,ll.-... 1,-i< .(:. m.
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I-' r <;, i. *. -.. : ., C ::i,- 'll. P a-. ulia le .T -: -. 1-;:. 11 MI ],t 1 : Ii | i(''.
I ,:: I, : !:bl. i, Carol Roniani .. D.ante s.s. M anm;,. lI : ,... al.ll: .: (tl l ;'
and fam ily, C-.:. T,.i,..- (unc[e). Ail l;-n l ... A lth. ., ,;.l.i- .. .an d























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..,::! .:l Jarne i,.i: i and i"an ly, Juhla 1':.,1 and !s.i::i! i .li" I..; 1- ::.L*
..! .a ~ ..ii. .- C;T p.r-i a d p ant
GCe]ure i Nu very and P sch ol J i :, I..- .:: ..i : : ..i.., ?:
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U.rsel' &Ch t .:iti: : !n ,it:i [ -. T ..p.1..i Garde is, G:,: : d I .:.
Town :t";n'm.:l :'-. Che el.nile ]l: I.-:1 ,[ .isml Salvador, ;:ib:!:n-. :rti so
,a nlV e ..i .;s .: i -I1 nilb m e l .ib .rs. asd L: 1;..:li:- too :. .I :i..... [.'. to be




Sanpin Motors Ltd.
Your

Pre-Owned 3


































S:inventr of Pre-owe0 8 U3s,
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Thompson Blvd.
Tel: 325-0881
Fax: 325-0883


After starting out as a 10 foot by six
foot greenhouse, Archer's Nursery
on Dunmore Avenue is now a thriving busi-
ness empire owned and run by one of the
Chippingham's oldest families.
Robert Archer, 51, who runs the successful
nursery for his family, explained that the
Archers were one of the first families to settle
in Chippingham when the area was largely
just bush.
"My mother always had a small greenhouse
here and I took it over as a hobby, and then
one thing led to another and I had to expand,"
he said.
In the beginning, Mr Archer said he did
not even have enough money to buy lumber
or pots for the plants.
"I used to go to the pine barren and chop
wood. For pots I went to the Harrold Road
dump and collected those gallon cans," he
said.
Before he became a successful business-
man, Mr Archer said he sold flower arrange-
ments and plants on the weekends.
"I used to stand on Nassau Street to sell
(plants) and later on I used to load up my
pick-up truck and drive up to the comer of
Prince Charles and Soldier Road where I sold
arrangements,"
The hard work over the years paid off and
the nursery began to thrive as other mem-
bers of the Archer family decided to join in the
business.


IOALN I


vw il.l be heIld or
MICHAEL WILLARD
WALLACE
StafpefiftendAeft f &hJwnitfiM C~i~tovnrS
ott Friday, May 2, 2008, 10 a.m. at St.
joa'ephh's IRornman Catholic Clun.h, IBualI
Rliod. OITiLi.ili: will be MNlUsigliur
Preston A. MNhi, assisted by Father
Robtert Lefehvre M.M. and other
metimbers of the lu-ruI..
CREMATION IAS TAKEN PLACE.


I ?( Ily, I FOJ 40 "


The Archers i.
now grow 95 per 2':
cent of their a
plants and flow-
ers on a site off
Marshall Road
and have expand-
ed the family
business to
include the rais-
ing of livestock
and the bottling
of coconut water.
"We have a
sheep herd of 300
(animals) in Aba-
co, I think we have the largest livestock in
the Bahamas," he said.
When the animals are slaughtered, fresh
mutton is sold at Archer's Nursery.
Mr Archer emphasised.that the sheep are
all organically raised.
The newest endeavor by the Archer family
is the bottling of coconut water.
"We're trying to do it as natural as possible,
no preservatives," he said.
Mr Archer said that the family has started
importing coconuts from Jamaica, which they
are now also growing in the Bahamas.
With all the success they have experienced
over the years, Mr Archer said his family are
"supporters of the Urban Renewal Pro-
gramme and big believers in giving back to the
community."


(rios of Fire ministries & hamas Against rime

Jo in conjunction with Urban Outreach Ministries
P R E S N T' S



ATIli hoUE


C NCERT & RALLY
SPEAKERS






Rev. Dr. C. B. Moss Pas. orlos G. Reid Rev. Dion Francis Bishop Simeon Hall
B.A.C.-President Y.A.. President S.C.M. -Founder Crime Counsel -Chairmon


Fri. May 2nd, 2008 FROM 6P-MUNTIL


MUSIC BY: SHABACK, CHRISTIAN MASSIVE, LANDLORD,
ROYAL.T, PLATINUM SOLDIERS, YOUNG SHEPHERD
NAJI DUN, RUBEN HEIGHTS, SINGATON, C.R.E.A.M.,
S.RIBEGINNING DANCE GROUP, DUNAMUS
SOUNDZBRE'NNAE AND MANY MORE..... A B


PAS. FRANK WILLIAMS
COO YOUTH PAS7TO


For more info: 325-1643, 432-6055 or 544-8078


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 flavour. This
is the third in a spe-
cial series...


* ROBERT ARCHER, 51

A thriving business empire


I


:ai:;r~ ,i ~;;r7~ryi:~iF"'R'.5slP~('P~:~*~'~IP~T~


OlljlC!


THE TRIBUNE


PAGE 6, FRIDAY, MAY 2, 2008


CHIPPINGHAM:


^^\DOWN YOUR


STREET]

Karin Herig
Tribune Staff Reporter
Felipe Major
Tribune Staff Photographer


I








THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 7


our quiet community


* JOHN ALFONSO
HIGGS, 67


Deep sea

adventurer


F.AMIL-
I.AR eightt
to the peo-
ple of Chip-
pinghaim
7-c ar-old .
John Allon-
No Higge s it%
on his porch
e\er\ lorn-
in' to
ob,er[ c the
going -on
of his neiih-
bourhood
He ha,
not had an eas\ life. but I r
Higgs is no" eno, ing a peace-
ful ietirenment.
In his youngerr ,ears. Nir Hig-
gs made his liking oft the sea.
but had to gite it up wkhein his
respirator.\ problems worsened
as he got older.
s"s'as a di er I used to dwie
foir man\ Nears. but I can't do it
an" more because ot m iastih-
ma i attacks." he said.
In addition to suffering Ironi
asthma, the senior citizen also
sustained serious Inluries \%hen
he became the victim of a car
accident last \ear.
As the result of the accident.
Mr Higgs now has a steel plate
in his back andn walks ith a
cane.
"Because ol the -,teel
implant I can no longer bend
dtmn or lilt anNthing." he said.
Despite all of these setbacks.
Mr Higgs said he is content \ ith
his life toda\.
\\ hen he needs help around
the house trends and neigh-
hours assist himn
"It's a 'ery quiet neighbour-
hood E\e~iNone knows ieer\-
one el-e Evervone gets alone~
good "' hi 4.aid

i


* REX
MAJOR


Watching over a

family heirloom


FOR
over 5 -
years.
Major'si
Conve-
nient Spot
has pro-
\ided gro-
ceries and .
other
eoods to
the peo-
pie ot
Chipping-
ham.
Locat-
ed on
Infant Viewt Road the store is
noW or ned bn Rex Maiol, \ho
took over the day-to-da% run-
ning of the shop after his noo -
deceased father retired seen
.ears ago.
Since the daos %hen his par-
ents moved to Nassau trom
Long Island in the 19i5s. hr
loaior said that the tamilk has
always tried to keep the store
stocked o\ith anything the peo-
pie in ilthe neighbourhood ma
need.
Nlr NMalor said that whilee
Chippingham is still a quiet
area. %%here most people are
familiar %ith one another.
change is starting to creep in.
With more and more people
mo% ing into the neighbourhood
to rent apartments and homes.
the face of the community is
slo\lh. but surely changing. he
said.
"Chippingham used to be so
beautiful. Everyone had hibis-
cus' in their \ards. No% that
kind of thing seems to be dis-
couraged." he said.


* HAROLENE
WALKER, 46


Going back

to your roots


EVEN
though
she no
longer
lives in
Chip- "
pingham,
40-year-
old
l- arolene
Walker ..
sa\, that
the
neigh-
bour- I.
hood w\ ll
always be her home.
Working at the her broth-
er's food store. Major's Con-
\enient Spot on Infant \ ie\
Road. Mrs Walker explained
that her family has been a
fixture in the neighbourhood
for as long as she can
remember.
"Daddy always had the
store here and mummy used
to do dressmaking out of the
building." she said.
Mrs W walker and her broth-
er Rex Major are two of 12
children of the original
Majors who opened the food
store in 1952.


* MARGARET
BROWN, 52


Neighborhood

naturalist


AS she
sits on
her
porch on
Quarry
Miss ion
Road.
Margaret
Brow n.
52. pre-
pares her
lunch
with all
natural -
ingredi-
ents.
Peeling potatoes. s-"eet
potatoes and pumpkins. Mrs
Brown said she is trying to
eat healthier and avoid fast
food and anything that is
deep fried.
"I'm trying to get away
from all that fried stuff. trv-
ing to make something good.
put a fe\ potatoes on to
boil.' she said.
Mrs Bro"n worked as
cook in several restaurants
\hen she was younger, but is
now retired.
"I stopped cooking when I
got burned. I was throwing
out some hot water and it
went o er my shoulder and
my shoulder and neck got
burned." she said as she
showed off her scars.
Living with her two adult
sons. 30-year-old Kino and
25-year-old Reno. Mrs
Brown said that all her needs
are taken care of.
The former cook said she
enjoys living in a quiet com-
munity like Chippingham.
which has for the most part
remained untouched b \vio-
lent crime.


* KAREN
JOSEY, 47


One of the best

jobs on earth


HAND-
ING out
food bas-
kets and
offering
coun-
selling
sessions
are o n I .
some of
the ser-
vices the
St
Michael's
Methodist
Church on
Churchill
Avenue offers to the commu-
nity of Chippingham.
Karen Josey. 47. said that
since she started working as a
secretary at the church 14
sears ago. St Michael's con-
gregation has steadily grown
"I would say our congrega-
tion is at about 200 now ." she
said.
Mrs Jose\. a mother of six
children ranging in age from
10 to 24. said she enio\s ,ork-
ing in Chippingham as the
area is a peaceful one. free of
crime and traffic.
Since the church was found-
ed 43 years ago. Mrs Jose\
said that St Michael's has
always been there to assist the
members of the community.
"Right now we have our
monthly food basket pro-
gramme and we offer coun-
selling and other assistance
when is becomes necessary "
she said.
The church is attached to
the St Michael's Methodist
Pre-school.


LOCAL NEWS Irl










PAGE 8, FRIDAY, MAY 2, 2008II THEBRBUNEI


LAWN



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See store for details


METEOROLOGY DEPARTMENT DEVELOPING PROGRAMME



Plans for national


weather


THE government is working
to develop a national weather
strategy to ensure that the
Bahamas is prepared for sud-
den shocks.
Minister of State for Tourism
and Aviation Branville McCart-
ney said that the key focus of
the new plan will be emergency
management.
"Recent events such as the
flooding in Long Island and
Exuma from Tropical Storm
Noel, and the damage from past
tropical cyclones that ravaged
our islands, are poignant
reminders of the critical need
for risk management strate-
gies," Mr McCartney told a
workshop in Nassau.
"These events have the
potential to negatively affect
economic growth and could also
result in the loss of lives," he
said.
The seminar, organized by
the Department of Meteorolo-
gy, was themed "improving the
forecast through feedback from
external customers".
"The Department of Meteo-
rology understands and takes
. these threats seriously," Mr
McCartney said. "Today's
workshop is a bold initiative to
partner with stakeholders to
increase our communication
and our effectiveness in the vital
area of forecasting."
According to the Met
Department, the new strategy
will make use of a new emer-
gency management weather


information
recorder, a b
real time w
northern Ne
bour, a lighted
GPS network]
itoring system
products lik
warnings, bi-
forecasts ai
forecasts, an
reporting eqi
Island station
It is also a
Globe Progi
former US
Gore, will be


strategy

local schools. This will allow
students to make observations,
conduct soil tests and take envi-
ronmental measurements.
The Met Department said the
programme will be the first lev-
el of training for future employ-
ees, "creating a sizeable and
4 knowledgeable pool of poten-
tial contributors to the success-
ful development of national
weather policy".
Mr McCartney told partici-
pants at the workshop that his
presence was intended to
demonstrate the commitment
of the government to fostering a
better relationship between its
own agencies and those of the
private sector including insur-
ance companies and financial
institutions, hotels and resorts,
and certain non-governmental
liIj agencies with a vested interest
in of a secure plan of action for
system, a UV index weather calamities.
>uoy that measures According to the minister, the
ave height in the Met Department does not get
w Providence har- the recognition it deserves as
ening detector, two the home of "some of the most
ks, a sea level mon- talented people in the country."
n and new forecast Mr McCartney emphasised
:e severe weather that "the government of the
-weekly, seven-day Bahamas will continue to sup-
nd island-specific port the department to enable it
id more automatic to realisee its full potential to
uipment for Family provide data, information and
ns. services, in real time, on issues
anticipated that the relating to the safety and secu-
ramme, started by rity of society, our economic
vice president Al .welfare and the protection of
e implemented into the environment."


THE BRASS & LEATHER SHOPS LTD
Charlotte Street Off Bay Street Tel: 322-3806
Mall at Marathon Tel: 394-5676
Marsh Harbour, Abaco Shopping Centre -Tel: 367-3643


.. ."


Sc h oo' 'lock-down n crArcnee]


HIGH School students in Grand Bahama
are taking the law into their own hands with
their first annual 'lock down on crime' on Sat-
urday.
The event, at Mary Star of the Sea School in
Freeport, has been organised by the Grand
Bahama student council aid YMCA to edu-
cate young people in grades 10, 11, and 12
about the dangers of gang violence and drug
use by discussing the issues in small work-
shops.
Karen Pinder-Johnson, executive director of
GB YMCA, said: "We feel this is important as
it will allow those who are directly affected by
certain situations to offer solutions that will
work for them and their peers, solutions they
feel will have a positive impact.
"They are doing the work, I am just offering
guidance. If they are any reflection of what lies


Students to learn about dangers
of gang violence and drug use

ahead for the Bahamas I can truly say the
best years are yet to come."
The Grand Bahama Student Council is an
association of representatives from local high
schools which aims to promote youth empow-
erment through mentoring and positive exam-
ples, as well as putting on student functions
which address social issues.
The 'lock down on crime' will encourage
students to engage in positive activities they
can choose to do instead of spending time on
the streets.
The event will run from 10am to 6pm on
Saturday, May 3.
V


S.In brief
...................................................l.........I....o S H ~t


2007 FORD


EXPLO
7
Leati

136,


2008 FORD

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-r X$
........ -.. -, ^ 6 y,


IRER XLT
'Passenger,
her Interior

13000












,50000
"'"""I







oo


Hurry in! Right Now is the best time to get
your best deal on a new Ford vehicle.


AN attempt to smoke bees out of a disused hotel building
caused a fire which destroyed part of the roof, it emerged yes-
terday.
Three fire trucks fought the blaze at the old South Ocean
Beach Hotel, which has been empty for some time.

Retired Police Officers Association
holding election for new president

THE RETIRED Police Officers Association will be holding
an election for its new president between 10 am to 6pm today.
Voting will take place at the police cafeteria at the Royal
Bahamas Police Force headquarters on East Street.
The candidates are Grafton Ifill and Errington Watkins.
Voting will be done by secret ballot.


Share

your

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


INTERNATIONAL NEWS


Close contest predicted


in London mayoral poll


0 LONDON
Mayor Ken Livingstone cam-
paigned hard across London on
Thursday as voters went to the
polls to decide whether to let him
stay in office for another four
years, according to the New York
Tirtes News Service. Meanwhile,
seats on 159 local councils across
England and Wales were up for
grabs in elections widely seen as a
referendum on the popularity of
Prime Minister Gordon Brown's
floundering Labor government.
The final results will not be
known until Friday afternoon, but
predictions were that the Con-
servative Party would win the
most votes by a margin of as
much as 11 percent to take or
maintain control of a number of
local governments.
"Although. local elections
aren't as serious as national elec-


tions, because local authorities
have limited powers, people use
them to express their displeasure
with national parties," said Julia
Clark, director of political
research at the Ipsos MORI
Social Research Institute. "Local
elections in this country are basi-
cally treated as opinion polls on
national parties as well as indi-
vidual political events on their
own." In London, the race was
too close to call Thursday, at least
according to the contradictory
predictions generated by the
largest opinion polls. Livingstone,
an old stalwart of the left and an
intermittent irritant to the Labor
establishment who has been in
office for eight years, was facing a
formidable opponent in Boris
Johnson. Johnson, a well-known
media personality and blunt-spo-
ken Conservative member of Par-
liament, has tried with surprising


success to shed his image as a
lightweight jokester. Supported
by the Conservative apparatus,
he has turned into a viable candi-
date who has appealed to both
natural party supporters and oth-
,ers tired of the often abrasive Liv-
ingstone.
In a race turning in large part
on personality, both candidates
are universally known by their
first names, and both provoke
high passions, for and against.
"We're seeing a lot of people
planning to come out and vote
because they really hate Ken or
they really hate Boris," Clark
said. "Ken has been in office for a
long time and he's initiated and
sustained some unpopular poli-
cies. WiithBoris, there is a lot of
anti-Boris sentiment out there.
He's made some very inappro-
priate off-the-cuff comments in
the past."


Fire destroys part of roof

of disused hotel building


THE TRIBUNE


PAGE 8, FRIDAY, MAY 2, 2008


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FRIDAY, MAY 2, 2008, PAGE 9


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THE TRIBUNE


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otegap 9900AY MAY 2, 2008


04Ed 'RI'BUB1~tC


aI2rI.w --II-- I1 -9 ,


Grant Thornton c




REPORT OF INDEPENDENT AUDITORS


To the Directors of
CROMWELL TRUST COMPANY LIMITED

We have audited the accompanying balance sheet of Cromwell Trust Company Limited which as
at December 31, 2007, and a summary of significant accounting policies and other explanatory
notes.

Management's Responslity for the Baolnce Sheet

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

Auditorsu'lespnMsblWty

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

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

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







a mm

Grant Thomton E

To the Directors of
CROMWELL TRUST COMPANY LIMITED






In our opinion, the accompanying balance sheet presents fairly, in all material respects, the
financial position of Cromwell Trust Company Limited as at December 31, 2007, in accordance
with International Financial Reporting Standards.

EmphaIs of Matter

Without qualifying our opinion, we emphasize that the accompanying balance sheet does not
comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtdifd complete nderstanding'of the finicial position, performanceand changes
in financial position of Cromwell Trust Company Limited.


February 8, 2008


CHARTEREDD ACCOUNTANTS


Nassau, The Bahamas

CROMWELL TRUST COMPANY LIMITED
Balance Sheet
(Expressed in United States dollars)

December 31,2007
2007 2006
Notes $ S

ASSETS

CURRENT ASSETS
Cash and cash equivalents .4 145,797 144,472
Prepaymerits 5,240'
SAccounts receivable 180 411
151,217 144,883

NON-CURRENT ASSETS
Fixed assets -net 5 4,047 8,900
Other asset 1,050 1,050
5.097 9,950

156,314 154,833

LIABILITY AND SHAREHOLDERS' EQUITY

LIABILITY
Account payable 4,250 3,000

SHAREHOLDERS' EQUITY
Share capital
Authorized, issued and fully paid
100,000 shares at USS1.00 each 100,000 100,000
Contributed surplus 67,000 67,000
Accumulated deficit ( 14,936) ( 15,167)
152,064 151,833

156.314 154,833'

This balance sheet was approved on behalf of the Board of Directors on February 8, 2008
by the following:


DDrector //


S-Director
//
I/


See accompanying notes. Report of Independent Auditors pages 1 and 2.



CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet

December 31, 2007

1. GENERAL

Cromwell Trust Company Limited ("the Company") was incorporated on August 28,
2000 under the provisions of the Companies Act, 1992, of the Commonwealth of the
Bahamas. The primary business of the Company is to provide trustee services under a
restricted trust license granted to the Company on November 13, 2000. The Company's
registered address is at SG Hambros Building, West Bay Street, Nassau, The Bahamas.


2. CHANGE IN ACCOUNTING POLICY

Overall considerations

The Company has adopted for the first time International Financial Reporting Standard
(IFRS) 7 Financial Instruments: Disclosures in its 2007 financial statements. The
standard has been applied retrospectively, with amendments to the 2006 accounts and
their presentation. The 2006 comparatives contained in these financial statements
therefore differ from those published in the financial statements for the year ended
December 31, 2006.

Significant effects on current, prior or future periods arising from the first-time
application of the standard listed above in respect of presentation, recognition and
measurement of accounts are described in the following notes.

Amendment of IAS 1 Presentation of Financial Statements

In accordance with the amendment of International Accounting Standard (IAS) 1
Presentation of Financial Statements, the Company now reports on its capital
management objectives, policies and procedures in each annual financial report. The new
disclosures which become necessary due to this change in IAS 1 can be found in note 7.

Adoption of IFRS 7 Financial Instruments: Disclosures

IFRS 7 Financial Instruments: Disclosures is mandatory for reporting periods beginning
on January 1, 2007 or later. The new standard replaces and amends disclosure
requirements previously set out in IAS 32 Financial Instruments: Presentation and
Disclosure, and has been adopted by the Company in its 2007 financial statements. All
disclosures relating to financial instruments including comparative information have been
updated to reflect the new requirements. The first time application of IFRS 7, however,
has not resulted in any prior-period adjustments of cash flows, net income or balance
Sheet line items.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The Company's financial statements are presented in accordance with IFRS as issued by
the International Accounting Standards Board (IASB) and are expressed in United States
dollars.

CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet

December 31, 2007

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Management's Use'of Judgments and Estimates

The Company uses accounting estimates and assumptions in the preparation of financial
statements. Although these estimates are based on management's best knowledge of
current events and transactions, actual results may ultimately differ from those estimates.
The effect of any changes in estimates will be recorded in the Company's financial
statements when determinable. Estimates and judgments are continually evaluated and
are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.

The following presents a summary of these significant estimates and judgments:

Estimation of useful lives of fixed assets

Useful lives of fixed assets are estimated based on the period over which these assets are
expected to be available for use. The estimated useful lives of fixed assets differ from
previous estimate due to physical wear and tear. Any reduction in the estimated useful
lives of fixed assets would increase the Company's recorded operating expenses and
decrease fixed assets.

Statement of compliance

The Company's financial statements have been prepared in compliance with International
Financial Reporting Standards ("IFRS").

Cash and cash equivalents

; ; .Casharid .ashl equivaledtsineludecash'a t fahik' nd in hahditas el h#Slihft4ermn higly
liquid investments'such as bank deposits. Fixed deposits are carried'at cost value plus
interest.

Foreign currency transactions

The Company's functional currency is the United States ("U.S.") dollar, however it
transacts business in currencies other than U.S. dollars. Assets and liabilities denominated
in currencies other than U.S. dollars are translated into U.S. dollars at rates in effect at the
balance sheet date. Income and expenses denominated in currencies other than U.S.
dollars are translated into U.S. dollars at the rates in effect on the transaction dates.

CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet

December 31, 2007

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Accounting for financial assets i

Financial assets are divided into the following categories:

loans and receivables
financial assets at fair value through profit or loss
available-for-sale financial assets
held-to-maturity investments

Financial assets are assigned to the different categories on initial recognition, depending
on the characteristics of the instrument and its purpose. A financial instrument's category
is relevant for the way it is measured and whether any resulting income and expense is
recognized in profit or loss or directly in equity.

The Company recognizes all financial assets using trade day accounting. An assessment
of whether a financial asset is impaired is made at least at each reporting date. All
income and expenses relating to financial assets are recognized in the statement of
income line item "finance costs" or "finance income", respectively.

Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. After initial recognition, these are
measured at amortized cost using the effective interest method, less provision for
impairment. Any change in their value is recognized in profit or loss. Discounting,
however, is omitted where the effect of discounting is immaterial.

As at December 31, 2007, the Company's cash and cash equivalents, prepayments and
accounts receivable fall into this category.

Financial liabilities

Financial liabilities are recognized when the Company becomes a party to the contractual
agreements of the instrument. All interest-related charges and, if applicable, changes in
an instrument's fair value that are reported in profit or loss are included in the statement
of income line items "finance costs" or "finance income."

The Company's financial liabilities include account payable which are measured at
amortized cost using the effective interest rate method. Discounting. however, is omitted
where the effect of discounting is immaterial.

CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet


December 31, 2007

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fixed assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are
depreciated on the straight line basis at the following annual rates:

Furniture and equipment 20%
Leasehold improvements 33 1/3%

Costs (expenses) incurred after the fixed assets have been put into operation, such as
repairs and maintenance, are normally charged to income in the period when the costs are
incurred. In a situation where it can be clearly demonstrated that the expenditures have
resulted in an increase in the future economic benefits expected to be obtained from the
use of an item of fixed assets beyond its originally assessed standard of performance, the
expenditures are capitalized as an addition to the cost of fixed assets.


I










The Company estimates the useful lives of its fixed assets based on the period over which
the assets are expected to be available for use. The estimated useful lives of the fixed
assets are reviewed periodically and are updated if expectations differ from previous
estimates due to physical wear and tear, technical or commercial obsolescence and legal
or other limits on the use of the assets. In addition, estimation of the useful lives of the
fixed assets is based on collective assessment of industry practice, internal technical
evaluation and experience with similar assets. It is possible, however, that future results
of operations could be materially affected by changes in estimates brought about by
changes in factors mentioned above. The amounts and timing of recorded expenses for
any period would be affected by changes in these factors and circumstances.
When assets are retired or otherwise disposed of, the costs and related accumulated
depreciation and amortization are removed from the accounts and any resulting gain or
loss is credited or charged to operations.
Total carrying value of fixed assets amounted to $4,047 as at December 31, 2007.
Related party transactions
Transactions between related parties are based on terms similar to those offered to non-
related parties. Parties are considered to be related if one party has the ability, directly or
indirectly, to control the other party or exercise significant influence over the other party
in making financial and operating decisions and the parties are subject to common control
or common significant influence. Related parties may be individuals or corporate entities.

CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet
December 31, 2007
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of $145,797 as at December 31, 2007 are comprised of the
following:
Interest 2007 2006
rate S $
Cash on hand 300 300
Current accounts:
First Caribbean International Bank
(Bahamas) Limited (B$) 20,850 36,725
SG Hambros Bank and Trust (Bahamas)
Limited (US$) 2.23% 12,261 468
Fixed deposit:
SG Hambros Bank and Trust (Bahamas) Limited 4.4375% 112,386 106,979
145,797 144,472
5. FIXED ASSETS
Fixed assets as at December 31, 2007 are comprised of the following:
Furniture and Leasehold
equipment improvements Total
S $ $
Carrying value at January 1, 2006 13,803 2,257 16,060
Depreciation and amortization ( 4,903) (2,257) (7,160)
Carrying value at December 31, 2006 8,900 8,900
Addition during year 1,050, 1,050
Depreciation and amortization ( 5,903) ( 5,903)
Carrying value at December 31,2007 4,047 4,047
6. FINANCIAL RISK MANAGEMENT
The Company's financial instruments include non-derivative instruments such as cash
and cash equivalents, accounts receivables and accounts payable, which arise directly
from its operations. The risks arising from the use of financial instruments are liquidity
risk, market risk and credit risk.
Liquidity risk
Liquidity risk arises from the possibility that the Company may encounter difficulties in
raising funds to meet commitments from financial instruments or that a market for the
financial instruments may not exist in some circumstances.
The Company seeks to manage its liquidity profile to be able to finance operations and
.m vipital eeppndituress, Aspartpof the-liquidity: risk management,programn,:the o_,ipany,
regularly evaluates the projected and actual cash flow information. One of management's
initiatives is to negotiate increases in trust fees to cover operating expenses. Trust fees for
the year ended December 31, 2007 increased to $450,000 from $435,000 in 2006.

CROMWELL TRUST COMPANY LIMITED
Notes to the Balance Sheet
December 31,2007
6. FINANCIAL RISK MANAGEMENT (continued)
Credit risk
Credit risk is the risk that the Company may not recover on investments undertaken. The
Company's maximum exposure to credit risk in the event the counterparties fail to
perform their obligations in-relation to each recognized financial asset, is the carrying
amount of these assets as indicated in the balance sheet.
It is the Company's policy to invest excess cash in low risk fixed deposits in reputable
financial institutions and the Company has invested in a fixed deposit with SG Hambros
Bank and Trust (Bahamas) Limited amounting to 5112,386 as at December 31,2007.

7. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
The Company's objectives in managing capital are to maintain a strong capital base so as
to maintain stakeholders' confidence by providing adequate return and to ensure the
Company's ability to continue as a going concern, and sustain future development of the
business.
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders or issue new shares.
The Company is not exposed to a high level of risk since there are no existing
borrowings. It is more flexible in terms of managing its operations, as it is not subject to
restrictions that might be imposed if there were loans.
Report of Independent Auditors pages 1 and 2.


-.



( ALL



Silverton aft cabin 40
(Launched 1990)

FOR SALE $65,000.00 O.N.O.

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.


Salon over 100 sq. ft.
Swallows condominium sized galley
(down)
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 extras. Spare propellars
and shafts, four comfortable cush-
ioned lounge chairs for expansive aft
sundeck, GPS on fly bridge, depth
finder, sony stereo system throughout
interior and on deck, electric wind-
lass operated from fly bridge


(ONLY SERIOUS BUYERS
CONSIDERED)

PHONE 322-2226 OR 324-1072


Bush calls for approval of $770 million in food aid


* WASHINGTON
PRESIDENT Bush called on Congress Thursday
to approve $770 million to help alleviate food short-
ages and dramatically escalating prices that threaten
to cause widespread hunger and social unrest around
the world, according to Associated Press.
The White House arranged a mid-afternoon ses-
sion for Bush to announce that he is asking law-
makers to approve the additional funds for global
food aid and development programs. The money is
part of a broader $70 billion measure being sent to


,hL


Director


Capitol Hill on Thursday, officials said.
The new money comes on top of $200 million
Bush ordered released two weeks ago for emergency
food aid.
The funds are aimed at meeting immediate needs,
and the White House said the amount would allow
for millions more people to receive food assistance.
But the funds also have long-term aims, boosting
U.S. programs to help farmers in developing coun-
tries increase productivity and more quickly get their
products to market, so they are less in need of emer-
gency help.


University of Kentucky Choral
Performance at Christ Church Cathedral
7:30 pm Wednesday May 7th 2008


Prrfir iii, -" .11:
The Dundas Center for the Performing Arts
8 pm May 8th 2008


Box Office Culture Affairs Collins Avenue
Phone 326-0152 or 326-0147


Christ Church Cathedral
Phone 322-4186


Tickets $10,00 each


Join the

Bahamas National Trust


.i... -, t-as- we celebrate the' -,,,<,,
'l.,.'.: I. S .|" ,*'<. J l'., ; J i t'.i.. .. 'O iin> '.i,.>f ;l il

Caribbean Endemic

Bird Festival

FROM THE TUNDRA TO

THE TROPICS



Saturday, May 3, 2008

8am- 11am


THE RETREAT

BNT Headquarters, Village Rd.


This year ve are partnering with International
Migratory Bird Day and celebrating the nearly
350 species of migratory birds that travel hun-
dreds of mile in the fall to their non-breeding
grounds in Certral America, Mexico and the Car-
ibbean returning in the spring to their breeding
grounds in North America. Literally travelling
from the TUNDRA TO THE TROPICS,


Members of the BNT Ornithology Group will offer
an early morning birdwalk through The Retreat
Garden and viewing of the film "Singing in the
Rainforest" which highlights a rare glimpse into
the world of a bird that fits comfortably on a
tablespoon, weighs less than half an ounce and
flies many miles in the dark twice each year.
These tiny warblers are losing their homes at
both ends of their migration route and this film
allows us to look at some of the conservation
efforts that are taking place for wood warblers.


*Light Refreshments after the walk


For more information call 393-1317 or email
bnt@bnt.bs



r


THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 11

























19,553,274
38,624,455
152,715,851
11,309,408
1,445,935

223,648,923


162,240,639
146,403
27,172,674
1,286,478

190,846,194


S20,000,001
2,572,037
10,230,691
32,802,729

223,648,923


2006
5
Restated
(Note 19)

7,177,963
19,600,151
112,634,580
9,297,438
593,009

149,303,141


113,711,450
348,251

2,760,824

116,820,525


20,000,001
2,621,619
9,860,996
32,482,616

149,303,141


APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY:


24 April 2008
Date

Notes to the Consolidated Balance Sheet

1. General Information

Fidelity Bank (Bahamas) Limited (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas and is licensed under the Banks and Trust Companies Regulation
Act, 2000 to carry on banking business in The Bahamas. The Bank offers a full range of retail
banking services, including internet and telephone banking, the acceptance of deposits, granting of
loans and the provision of foreign exchange services through each of its four branches in New
Providence, its branch on Paradise Island, its branch in Grand Bahama and its branch in Abaco.

The Bank has one subsidiary, West Bay Development Company Limited, a property holding
company incorporated in The Bahamas, which owns a building principally occupied by the Bank-
and its related parties. The Bank and its subsidiary are collectively referred to as the Group.

Fidelity Bank & Trust International Limited (the Parent), a company incorporated in The Bahamas,
owns 75% (2006: 75%) of the issued ordinary shares of the Bank, with the balance being held by
the Bahamian public:

The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. As of 31
December 2007, the Bank employed 153 (2006: 106) persons.

The Bank is listed on The Bahamas International Stock Exchange (BISX).


-2. Summary of Significant Accounting Policies ':' :*'":. '- .' ;r; ..

The principal accounting policies adopted in the preparation of the consolidated balance sheet-are
set out below. These policies have been consistently applied to all years presented, unless
otherwise stated.

(a) Basis of preparation

The consolidated, balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS), and under the historical cost convention, as modified byithe
revaluation of financial assets held at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in the
process of applying the Group's accounting policies. Estimates and judgments are
continually evaluated and.are base on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
Actual results could differ from those estimates.

In the current year, the Group adopted IFRS 7 Financial Instruments: Disclosures and the
amendments to IAS 1 Presentation of Financial Statements, which became effective for
fiscal periods beginning on or after 1 January 2007. The impact of the adoption of IFRS 7
and the changes to IAS 1 has been to expand the disclosures provided in the consolidated
balance sheet regarding the Group's financial instruments and management of capital.

The remaining standards and amendments and interpretations to published 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 Group's accounting policies
or consolidated 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 consolidated balance sheet in the period of
initial application, except.IFRIC 13 Customer Loyalty Programmes. IFRIC 13, which is
effective for fiscal periods beginning on or after 1 July 2008, clarifies the accounting for
customer loyalty programmes (e.g. loyalty points) that are provided with services offered
by an entity. The Group will apply IFRIC 13 from 1 January 2009, and does not expect
this to materially impact the consolidated balance sheet.

(b) Principles 6f consolidation

Subsidiaries ire all entities over which the Bank 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 Bank controls
another entity. 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-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. Accounting polices of
subsidiaries are changed where necessary to ensure consistency with the policies adopted.
by the Bank.

(c) Foreign currency translation

i) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the entity
operates (the functional currency). The consolidated balance sheet is presented in the
Bahamian dollar (B$), which is the Bank's functional and presentation currency.

ii) Transactions and balances .
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the date of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies are recognized in the
consolidated income statement. Translation differences on monetary financial assets
measured at fair value through profit or loss are included as part of the fair value
gains and losses.

(d) Financial assets

The Group classifies its financial assets in the following categories: financial assets at fair
value through profit or loss and loans and receivables. Management determines the
classification of its investment at initial recognition.


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

Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Bahamian dollars)


ASSETS
Cash on hand and at banks (Note 3)
Investment securities (Note 4)
Mortgages, consumer and other loans (Note 5)
Property, plant and equipment (Note 6)
Prepayments and other assets

TOTAL ASSETS

LIABILITIES
Customer deposits (Note 7)
Loan from bank (Note 8)
Debt securities (Note 9)
Accrued expenses and other liabilities (Note 10)

TOTAL LIABILITIES

EQUITY
Share capital (Note 11)
SRevaluation surplus
Retained earnings
TOTAL EQUITY

TOTAL LIABILITIES AND EQUITY


All loans on which principal or interest payments are overdue in excess of ninety days are
classified by management as non-performing, and monitored closely for impairment.

(f) Borrowings

Borrowings, which include loan from bank and debt securities, are recognized initially at
fair value, net of transaction costs incurred. Borrowings are subsequently recognized at
amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognized in the consolidated income statement over the period of the
borrowings using the effective interest method.

(g) Income and expense recognition

Interest income and expense are recognized in the consolidated income statement for all
instruments measured at amortised cost using the effective interest method. Loan
origination fees for loans that are likely to be drawn down are deferred (together with
related direct costs) and recognized as an adjustment to the effective interest rate on the
loans.'

The effective interest method is a method of calculating the amortised cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated
'future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying. amount of the financial asset or
financial liability. When calculating the effective interest rate, the Group estimates cash
flows considering all contractual terms of the financial instrument (for example,
prepayment options) but does not consider future credit losses. The calculation includes
all fees and points paid or received between parties to the contract that are an integral part
of the effective interest rate, transaction costs and all other premiums or discounts.
Fee and commission income is recognized on the completion of the underlying transaction,
which is generally at the time the customer's account is charged. Dividend income is
recognized in the consolidated income statement when the Group's right to receive
payment has been established.

Other income and expenses are recognized on an accrual basis.

(h) Offsetting financial instruments

Financial assets and liabilities areoffset and the"net aniouni reported in the consolidated
balance sheet when there is a legally enforceable right to offset the recognized amounts and
there is an intention to settle on a net basis, or realise the asset and settle the liability
simultaneously.

(i) Impairment of financial assets at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred if, and only if, there is
objective evidence of impairment as a result of one or more events that occurred after the
initial recognition of the asset (a loss event) and that loss event (or events) has an impact
on the estimated future cash flows of the financial asset or group of financial assets that.
can be reliably estimated.

If there is objective evidence that an impairment loss on loaps and receivables has been
incurred, the amount of the loss is measured as the difference between the asset's carrying
amount and the present value of estimated future cash flows (excluding future credit losses
that have not been incurred) discounted at the financial'asset's original effective-interest
rate. The carrying amount of the asset is reduced through the use of an allowance account
and the amount of the loss is recognized in the consolidated income statement. If a loan has
a variable interest rate, the discount rate for measuring any impairment loss is the current
effective interest rate determined under the contract. As a practical expedient, the Group
may measure impairment on the basis of an instrument's fair value using an observable
market price.

(j) Propertj, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at historical cost
less accumulated depreciation and amortisation. Historical cost includes expenditure that is
directly attributable to the acquisition of an item. Land and buildings, which comprise
branches and offices, are carried at fair value based upon periodic independent appraisals
that are commissioned at intervals not exceeding three years, less subsequent depreciation
for buildings.

Subsequent costs are included in the asset's carrying amount or are recognized as a
separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured
reliably.. All repairs and maintenance are charged to the consolidated income statement
during the financial period in which they are incurred.,

Increases in the carrying amount arising on revaluation of land and buildings are credited
to "revaluation surplus" in equity. Decreases that offset previous increases of the same
asset are charged against revaluation surplus directly in equity; all other decreases are
charged to the consolidated income statement. Each year the difference between
depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset's original cost is
transferred from revaluation surplus to retained earnings.

Land is not depreciated. Depreciation on other assets is calculated using the straight-line.
method to allocate costs (net of residual values) over estimated useful lives as follows:

Estimated Useful Life


Buildings
Furniture and fixtures
Motor vehicles
Computer software and office equipment
Leasehold improvements


30 50 years
3 10 years
3 5 years
3 10 years
Lesser of lease term and 3 10 years


The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at
each balance sheet date.

Assets that are subject to amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An
asset's carrying amount is written down immediately to its recoverable amount if the
asset's carrying amount is greater than its estimated recoverable amount. The recoverable
amount is the higher of the asset's fair value less costs to sell and value in use.

Gains and losses on disposals are determined by comparing proceeds with the carrying
amount and are recognized in the consolidated income statement. When revalued assets
are sold, amounts included in revaluation surplus are transferred directly to retained
earnings.


PDArF 19 FRIDAY. MAY 2. 2008


i) Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading, and those
designated at fair value through profit or loss at inception. A financial asset is
classified in this category if acquired principally for the purpose of selling in the short
term or if so designated by management. Investment securities have been designated
as financial assets at fair value through profit or loss.

ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They arise when the Group provides
money, goods or services directly to a debtor with no intention of trading the
receivable.

Regular-way purchases and sales of financial assets are recognized on trade-date the date
on which the Group commits to originate, purchase or sell the asset. Financial assets are
initially recognized at fair value plus transaction costs, except financial assets carried at
fair value through profit or loss where such costs are expensed as incurred. Financial assets
are derecognised when the rights to receive cash flows from the financial assets have
expired or when the Group has transferred substantially all risks and rewards of ownership.

Loans and receivables are subsequently carried at amortised cost less provisions for
impairment, and financial assets at fair value through profit or loss are carried at fair value.
Fair value is based on quoted prices for investments quoted in an active market (e.g.
international securities exchange) or valuation techniques, including recent arm's length
transactions, discounted cash flow analysis and other valuation techniques commonly used
by market participants, for securities not traded in active market.

Gains or losses arising from sale or changes in fair value of financial assets at fair value
through profit or loss are recognized in the consolidated income statement within "non-
interest income" in the period in which they arise.


2007


Non-performing assets


IT\UL 1~1 -"I'~'~`~ -~


I r-lt- I niDUlv-


- Director


Director











THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 13


i I ., I-Ip


(k) Leases-

I) The Group is the lessee

The leases entered into by the Group are primarily operating leases. The total
payments made under operating leases are charged to the consolidated income
statement on a straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any
payment required to be made to the lessor by way of penalty is recognized as an
expense in the period in which termination takes place.

ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognized over the term of the
lease on a straight-line basis.

(I) Share capital

i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the
acquisition of a business are shown in equity as a deduction from the proceeds.

ii) Dividends

Dividends on ordinary shares are recognized in equity in the period in which they are
approved by the Bank's Directors. Dividends for the year that are declared after the
balance sheet date are dealt with in the subsequent events note.

(m) Provisions

Provisions for restructuring costs and legal claims are recognized when the Group has a
present legal or constructive obligation as a result of past events, and it is more likely than
not that an outflow of resources will be required to settle the obligation and the amount has
been reliably estimated.

(n) Employee benefits

The Group's employees participate in a defined contribution pension plan of an affiliate,
administered by trustees that include executives of the Bank.

A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations to
pay further contributions if the plan does not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and prior periods. The contributions
are recognized as staff benefits expense in the consolidated income statement when they
are due. The Group has no further payment obligations once the recognized contributions
have been paid.

(o) Segment reporting

A business segment is a group of assets and operations engaged in providing products or
services that are subject to risks and returns that are different from those of other business
segments. A geographical segment is engaged in providing products or services within a
particular economic environment that are subject to risks and returns that are different
from those of segments operating in other economic environments.

The vast majority of the Group's activities are retail banking and all of its activities are
based in The Bahamas. Therefore the Group has only one business segment and one
geographical segment that require segment reporting. As such, no segment disclosures are
made in the consolidated balance sheet.

(p) Fiduciary activities

The Group acts as custodian, trustee and in other fiduciary capacities that result in the
holding or placing of assets on behalf of individuals, investment funds and other
institutions. These assets are excluded from the consolidated balance sheet as they do not
belong to the Group.

(q) Corresponding figures

Where necessary, corresponding flgues have been adjusted to conform with changes in
presentation in the current year .

3. Cash on Hand and at Banks


Cash on hand and deposits at banks
Mandatory reserve deposits


13,997,252
5,556,022'

19,553,274


2006
S


3,683,401
3,494,562

7,177,963


Mandatory reserve deposits are placed with the Central Bank of The Bahamas (the Central Bank)
to meet requirements of the Bank's license and are not available for use in the Group's day to day
operations. Cash on hand, and mandatory reserve deposits and other deposits with th 4Central
Bank are non-interest-bearing. Deposits at banks earn interest rates ranging from 0.000% to
4.000% (2006: 0.000% to 4.000%).

4. Investment Securities

Financial assets at fair value through profit or loss


2007
$


Government securities (Note 14)
Mutual fund shares (Note 9)


21,218,200
17,026,674


38,244,874


Accrued interest


Total


379,581


2006
S

18,002,800
1,255,212

19,258,012

342,139


38,624,455 19,600,151


Government securities principally comprise Bahamas Government Registered Stock with
maturities ranging from 2010 to 2027 (2006: 2010 to 2025) and with interest rates ranging from
0.125% to 1.250% above the B$ Prime rate of 5.500% (2006: 5.500%). As of 31 December 2007,
the cost of investment securities totalled $37,017,963 (2006: $19,094,862).

5. Mortgages, Consumer and Other Loans


123,399,264
30,747,042


Mortgages
Consumer and other loans



Accrued interest
Provision for loan losses


154,146,306


701,412
(2,131,867)

152,715,851


Total


2006
S
Restated
(Note 19)

95,349,477
18,947,716

114,297,193

565,589
(2,228,202)

112,634,580


Movements in provision for loan losses are as follows:


Balance as of I January
Provision during the year
Write-offs during year


2007
Mortgages Consumer Total
S $s

1,054,123 1.174,079 2,228,202
240,597 115,724 356,321
(452.656) (452.656)


2006
Mortgages Consumer
S S


988,103
66,020


1,100,546
333,743
(260210)


Total


2,088,649
399,763
(260,210)


Balance as of 31 December 19 0 83147 2 131.867 1,054,123 1,174079 2.22102

Included in provision for loan losses are specific loan loss reserves totalling $708,148 (2006:
$1,065,973). The provision for loan losses represents 1.38% (2006: 1.95%0 of the total loan
portfolio and 54.40% (2006: 75.18%) of total non-performing loans.

As of 31 December 2007, principal balances of non-performing loans totalled $3,916,712 (2006:
$2,963,896), representing 2.54% (2006: 2.59%) of the loan portfolio.


6. Property, Plant and Equipmet


Computer
Software
Lad nFreunom Mar a Ollc
a eai.. a rumI vieN 4l0p-
S S S S


cwt or vaKieno:
As o I Jauury 2007
Additions
ADkpom


Aemdmbh depeIaL..
AsofI JnuaIy2007
Chomspbr damar
Dipoul .
As o 31 Deember 2007


Asef31 Dember 210
As of31 DeIm rw 206


6.77s656 1,977,709
547,231




1,411.994
196.901 29.144

I"JOI 1.717.12


518,645
35.890
(17.000)



41.681
7.327
(8,79


4.633.941
928.499

sasfw


1.*****


3,601,571
1.07,696

- *"


Toal


17,050.522
2.899.316
(17.00)
ItesMS


4.145.257 2147.162 7.75).014
130.997 245.761 879.130

42 U2 92= 430


... ,M= S 1 4... 1. .929 .436


Land and buildings were revalued as of 31 December 2006, and include revaluation increments
totalling $3,520,543 (2006: $3,520,543).


If land and buildings were stated on an historical cost basis, the amounts would be as follows:


20
$


2007
S
4,445,349
(527,309)


Cost
Accumulated depreciation


Net book value


06
S


4,445,349
(395,482)


3.918,040 4,049867


7. Customer Deposits


2007


Demand deposits
Savings certificates
Term deposits


Accrued interest


Total


18,441,291
32,912,961
109,367,805
160,722,057
1,518,582

162240,639


2006
$

8,962,912
28,727,589
75,042,750
112,733,251
978,199

113.711,450


All customer deposits carry fixed interest rates ranging from 2.500% to 7.000% (2006: 2.500% to
6.000%).
. Loan from Bank


2007
S


146,403


Current
Non-current


Total


146,403


2006
S

290,000
148,251

348,251


The Group has a loan from a commercial bank in The Bahamas that is supported by a first
mortgage over the property owned by West Bay Development Company Limited, bears interest at
3-month US$ LIBOR plus 1.500% per annum and is repayable in 40 equal quarterly payments of
$50,000, plus any interest accrued as of each payment date, that commenced in August 1998. The
loan was fully repaid in March 2008.

9. Debt Securities


2007
S


Series A redeemable fixed rate notes due 2017
Series B redeemable floating rate notes due 2022
Short-term note issued to related party


2006
S


4,903,204
9,806,407
12227,i877


26,937,488


Accrued interest


235.186


I


27,172,674

As part of a $50 million note programme approved by the Directors during 2007, the Bank offered,
through private placement, $15,000,000 of unsecured fixed and floating rate notes consisting of
Series A $5 million redeemable 7% fixed rate notes due 19 October 2017 and Series B -
$10,000,000 redeemable floating rate notes (B$ Prime rate plus 1.750%) due 19 October 2022.
Interest is payable semi-annually on 19 April and 19 October each year.

Costs of the notes issue totalled $294,202 and are these being amortised on an effective yield basis
over the life of the notes. Of the total costs, $225,000 was paid to a related party.

On 30 November 2007, the Bank purchased mutual fund shares from a related party, Royal Fidelity
Merchant Bank & Trust Limited at the then current market value of $12,227,877. The transaction
was settled by the issue of a promissory note equal to the purchase price, which is unsecured,
accrues interest at the rate of 5.500% per annum and is payable on or before 31 May 2008.

10. Accrued Expenses and Other Liabilities

2007 2006
S $


486,014
679,462


Accrued expenses
Insurance premiums held in escrow
Due to related parties
Other


Total


1,286,478


Share Capital


Authorised
35,000,000 ordinary shares of $0.30 each

10,000,000 preference shares of $1.00 each

Issued & fully paid
28,666,670 ordinary shares
Share premium
Total


2007
$


10,500,000

10,000,000



8,600,001
11,400,000
20,000,001


486,884
486,814
1,226,376
560,750

2,760,824




2006
S

10,500,000

10,000,000


8,600,001
11,400,000
20,000,001


12. Critical Accounting Estimates and Judgments in Applying Accounting Policies

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

Impairment losses on loans and advances

The Group reviews its loan portfolios to assess impairment at least on a quarterly basis. In
determining whether an impairment loss should be recorded in the consolidated income statement,
the Group makes judgments as to whether there is any observable data indicating that there is a
measurable decrease in the estimated future cash flows from a portfolio of loans before the
decrease can be identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on assets
in a group. Management uses estimates based on historical loss experience for assets with credit
risk characteristics and objective evidence of impairment similar to those in the portfolio when
scheduling its future cash flows. The methodology and assumptions used for estimating both the
amount and timing of future cash flows are reviewed regularly to reduce any differences between
loss estimates and actual loss experience.

13. Related Party Balances

Related parties include those entities and individuals that have the ability to control or exercise
significant influence over the Group in making financial or operational decisions, and entities that
are controlled, jointly controlled or significantly influenced by them.

Related party balances, not disclosed elsewhere in the consolidated balance sheet, are as follows:


A


I








PAGE 14, FRIDAY, MAY 2, 2008


-THF TRIRI INF


2007
S


ASSETS
Cash at bank
Investment securities
Other assets


883,398
17,026,674


2006
'S

100,065
1,255,212
262,872


LIABILITIES
Customer deposits (excluding directors and officers) 6,263,457 1,149,248
Debt securities 12,283,897
Other liabilities 1,226,376

Effective February 2007, the Bank provides certain services to the Parent and related parties under
service agreements. Prior to February 2007, these services were provided by other related parties.

Loans to and deposits from directors and officers totalled to $2,519,256 (2006: $2,609,575), and
$518,930 (2006: $299,770), respectively.

14. Commitments

Loan commitments

In the normal course of business various credit-related arrangements are entered into to meet the
needs of customers and earn income. These financial instruments are subject to the Group's
standard credit policies and procedures.

As of the consolidated balanceosheet date, these credit-related arrangements were as follows:


2007


Loan commitments


2006
S


20,043,866 7,972,353


Lines ofcredit

The Bank has pledged $3,000,000 (2006: $3,000,000) of Bahamas Government Registered Stock to
secure an overdraft facility with another Bahamian commercial bank. The facility bears irtterest at
0.500% above the B$ Prime rate up to $1 million and 1.250% above the B$ Prime rate for amounts
in excess of $1 million with a stand by fee of 0.250% per annum on any unused portion of the
facility.

As of 31 December 2007, unused lines of credit with the commercial bank amounted to $3,000,000
(2006: $3,000,000).

Operating lease commitments

The future minimum rental payments required under non-cancellable operating leases as of 31
December are as follows:


2007
S


521,071
446,570
400,481
360,353
250,000
250,00


Total minimum payments


2006
S
379,903
379,903
379,903
387,101


2,228,475 1,526,810


15. Contingent Liabilities

Love Estates: In 1988, the Bank lent the developer of Love Estates certain sums of money and also
joined in as surety for various performance bonds aggregating $3,328,043 in favor of the Ministry
of Public Works. The loans and the bonds were supported by a first legal mortgage over the
unsold lots in the subdivision. The works under the bonds were to have been completed within 36
months: The developer defaulted under the mortgage with the Bank. Through the years, the Bank
has been in discussion with the Ministry of Public Works and various prospective purchasers. In
2001, the Ministry obtained a judgment against the developer and the Bank for the amount of the
bonds.

The Bank is being sued for specific performance and damages in connection with a sale agreement
dated 24 September 1997 in respect of the Love Estates property. As all conditions of the sale
agreement have still not been met, and in order to resolve this long outstanding matter, the Bank
entered into a Deed of Settlement (the Deed) vith Rolling Hills Development Corporation Limited
(Rolling Hills) in April 2005. Under the Deed, Rolling Hills assumed liability for the installation of
the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and would enter
into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills
installation of the infrastructure and enable the Bank to have the performance bonds entered into
between the Bank and the Ministry of Works dated 30 May 1988, cancelled.

In exchange for Rolling Hills entering into the above noted performance bonds, the Bank agreed to
pay settlement costs totalling $350,000 to Rolling Hills which were expensed in 2004. Should
Rolling Hills not enter into the performance bohds, in a form agreed by the Ministry of Works, the
Deed will become void as if it never existed. The Bank and Rolling Hills are still in the process of
obtaining all documents required under the Deed of Settlement. It is anticipated that apl
outstanding documentation issues will be resolved in 2008 and that the associated sale of the Love
Estates property will be completed without any further loss to the Bank.

Other: The Bank is also involved in various other legal proceedings covering a range of matters
that arise in the ordinary course of business activities. Management is of the view that no
significant losses will arise as a result of these proceedings.

16. Capital Management

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

To comply with the capital requirements set by 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 that the Bank maintains a ratio of total regulatory 'capital to risk
weighted assets at or above a minimum of 8%.

The table below summarises the composition of regulatory capital and shows the capital adequacy
ratio of the Bank, determined in accordance with the Basle Accord, as of the consolidated balance
sheet date. During 2007 and 2006, the Bank complied with all of the externally imposed capital
requirements to which it is subject.


2007


Tier 1 capital
Share capital
Retained earnings



Tier 2 capital
Revaluation surplus


Total


Risk-weighted assets

Capital adequacy ratio Tier 1
Capital adequacy ratio Tier 1 and 2


20,000,001
10,230,691

30,230,692


2.572,037

32,02,729

116,834,824

25.87%
28.08%


20,000,001
9,860,996

29,860,997


2,621,619

32,482,616

75,881,785

39.35%
42.81%


17. Financial Risk Management

Strategy in using financial instruments

By their nature, the Group's activities are principally related to the use of financial instruments.
The Group accepts deposits from customers at both fixed and floating rates, and for various
periods, and seeks to earn above-average interest margins by investing these funds in high-quality
assets predominantly mortgages. The Group seeks to increase these margins by consolidating
short-term funds and lending for longer periods at higher rates, while maintaining sufficient
liquidity to meet all claims that might fall due.

The Group also seeks to raise its interest margins by obtaining above-average margins, net,of
allowances, through lending to commercial and retail borrowers with a range of credit standings.
Such exposures involve not just on-balance sheet loans and advances; the Group also enters into
guarantees and other commitments such as letters of credit, and performance and other bonds.


The principal risks which arise from the Bank's core activities that must be effectively managed
include credit, interest rate, price, liquidity and fiduciary risks. The Bank does not use derivative
instruments to mange any of these risks.

Credit risk

Credit risk is the risk that a counterpart may be unable to pay amounts in full when die.
Impairment provisions are provided for losses incurred as of the consolidated balance sheet date
(Note 5). Significant changes in the economy or a sector that represents a concentration in the
Group's portfolio could result in losses that are different from those provided for as of the
consolidated balance sheet date. Management therefore carefully manages its exposure to credit
risk.

The Bank's credit committee is responsible for approving and monitoring the banks credit
exposure, which is done through review and approval of the Bank's lending policy, and limits on
credit exposure to individual borrowers and sectors.

Prior to advancing funds, an assessment is made of the credit quality of each borrower. The Bank
does not use an automated credit scoring system. It is the Bank's policy to lend responsibly and
establish loans that are within a customer's ability to repay rather than relying exclusively on
security.

Maximum credit exposure at the year end approximates the carrying value of all assets. The classes
of financial instruments to which the Group is most exposed are loans to customers (Note 5) and
certain investment securities (Note 4).

The table below provides further information on mortgages, consumer and other loans by payment
due status as of 31 December.

2007 2006
Sm % Sm %


Not impaired
- Neither past due or impaired
- Past due up to 3 months but not impaired


Impaired
- Past due 3 -6 months
- Past due 6 12 months
- Past due over 12 months


149.4
0.9


1.1 0.7
1.1 0.7
1.7 1.1


110.6
0.7


0.8 '0.7
0.8 0.7
1.4 1.2


154.2 100 114.3 100

Of the $124 million of mortgage loans, $99 million are supported by family residential property,
$21 million on undeveloped land and $4 million by commercial property. Of the $31 million
consumer loans, $6 million are cash secured, $6 million are funded by salary deductions from
employers and $6 million are overdraft facilities to customers.

The average mortgage loan balance is $85,000 andthe average consumer loan balance is $18,000
with the largest exposure to a single customer totalling approximately $1.4 million. Mortgage
loans can extend up to 24 years, and consumer loans up to 10 years.

Non-performing loans of $3.9 million, are comprised of mortgage loans totalling $3.1 million and
consumer loans totalling $800,000.

Credit-related commitments

The primary purpose of these instruments is to ensure that funds are available to a customer as
required. Guarantees which represent irrevocable assurances that the Group will make payments
in the event that a customer cannot meet its obligations to third parties carry the same credit risk
as loans.

Commitments to extend credit represent unused portions of authorisations to extend credit in:the
form of loans, guarantees or letters of credit. With respect to credit risk on commitments to extend
credit, the Group is potentially exposed to loss in an amount equal to the total unused
commitments. However, the likely amount of loss is less than the total unused commitments, as
most commitments to extend credit are contingent upon customers maintaining specific cr dit
standards. The Group monitors the term to maturity of credit commitments because longer-term
commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of financial assets

The Group has a concentration of risk in respect of geographical area, as both customer and assets
held as collateral are primarily based in The Bahamas.

Interest rate risk

Interest rate risk is the risk that the future cash flows or fair value of a financial instrument will
fluctuate because of changes in market interest rates..The Group takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow
risks. Interest margins may increase as a result of such changes but may reduce gains or create
losses in the event that unexpected movements arise.

The Group does not attempt to hedge specifically against the impact of changes in market interest
rates on cash flow and interest margins and relies on the fact that the loan portfolio is based on
floating interest rates linked to the B$ Prime rate that generally reset within three months of any
rate change and has financial liabilities that offset these loans but at lower floating interest rates.
The Bank maintains a general policy of fixing the interest rate spread between interest earned on
financial assets and interest incurred on financial liabilities.

The Bank is exposed to fair value interest rate risk on $5 million of its debt securities which are at
fixed interest rates for 10 years, and does not hedge against this risk. The remaining debt securities
are at floating interest rates linked to the B$ Prime rate.

The Government securities in the Group's investment portfolio are at floating rates linked to the B$
Prime rate.
Price risk

Price risk is the risk that the fair value and/or amounts realized on sale of financial instruments may
fluctuate significantly as a result of changes in market price. This risk is concentrated in
investments in mutual fund shares. The investments in mutual fund shares are represented by
investments in three funds, managed by a related party. The funds' assets are Bahamas based and
are 60% equity and 40%/ fixed income in one fund and 100% fixed income in another. The funds'
investnients are diversified with no single investment exceeding 10 % of the total portfolio and the
funds do not leverage. Effective 1 January 2008, the Group entered into a yield management
agreement with the Parent to limit its exposure to changes in market prices. Under the agreement
the Parent guarantees a yield of 6% plus 25% of any gain in excess of the 6% yield with 75% of
any gain in excess of 6% remitted to the Parent.

Liquidity risk

Liquidity risk is the risk that the Group is not able to meet its financial obligations as they fall due
or can do so at an excessive cost.

The Group's liquidity policy is to maintain sufficient liquid resources to cover cash flow
imbalances and fluctuations in funding, to retain full public confidence in the solvency of the
Group and to enable it to meet all financial obligations. This is achieved by maintaining a prudent
level of liquid assets, through management control of the rate of growth of the business and
maintaining high levels of capital.

As additional support, the Bank maintains committed standby facilities of $3,000,000, which have
not been drawn upon during the year.

The table below analyses assets and liabilities into relevant maturity groupings based on the
remaining period to the contractual maturity dates as of the consolidated balance sheet date.


As of 31 December 2007

Auets
Cash on hand and at bank
Investment securities
Mortgage, consumer and
other loans
Other assets
Total anset

ULablities
Customer deposits
Loan from bank
Dbt securities
Other liabilities
Equity
Total liabilities

Net liquidity gap

As of 31 December 2006

Assets
Cash
Investment securities
Mortgage, consumer and
other loans
Other asset
Total assets


Repayable Up to 3 3-12 -5
on demand months months years
Sm Sm Sm Sm


19.5
17.4 0.4


7.5


More than
5 years
Sm

13.3


0.7 4.6 5.0 21.4 121.0 152.7
1.5 11.3 12.8
39.1 5.0 5.0 28.9 145.6 223.6

51.2 39.1 58.4 13.6 162.3
0.1 .0.1
12.2 -14.9 27.1
1.3 i1.3
-32.8 32.8
51.3 39.1 71.9 13.6 47.7 223.6

(12.2) (34.1) (66.9) 15.3 97.9

Repayable Upto3 3-12 1-5 More tban
on demand months months years 5 years Total
Sm Sm Sm Sm Sm Sm
7.2 7.2
1.6 0.4 17.6 19.6
0.6 4.3 4.7 24.2 78.8 112.6
0.6 9.3 9.9
10.0 4.3 4.7 24.6 105.7 149.3


I~ ILIYVI~~


--I I ?








THE TRIBUNE FRIDAY MAY 2, 2008, PAGE 15


LOCALNEW S


Liabilities
Customer deposits
Loan from bank,
Other liabilities
Equity
Total liabilities
Net liquidity gap


A438 265


39.5 3.9


113.7


0.1 0.2 0.3
2.8 2.8
-32.5 32.5
43.8 26.5 42.4 4.1 32.5 149.3
(33.8) (22.2) (37.7) 20.5 73.2


Regulatory authorities set limits for liquidity balances. The requirements for the Bank are 20% of
demand deposits and 15% of savings and fixed deposits. The Bank was in compliance with these
requirements during the year.
Fiduciary risk
The Bank is susceptible to fiduciary risk, which is the risk that the Bank may fail in carrying out
certain mandates in accordance with the wishes of its customers. To manage exposure, the Bank
generally takes a conservative approach in its undertakings.

18. Fair values of financial instruments
Financial instruments utilised by the Group comprise the recorded financial assets and liabilities
disclosed in the consolidated balance sheet. The Group's financial instruments are principally
short-term in nature, have interest rates that reset to market rates, or are fair valued; accordingly,
their fair value approximates their carrying value. For long-term financial liabilities with fixed
interest rates, there has been no change in market rates since the issuance of the financial liabilities,
and therefore, the carrying value approximates fair value.
19. Prior Period Adjustment
International Accounting Standard 18 Revenue requires loan origination fees relating to loans that
have a high probability of being drawn down to be deferred (together with related direct costs) and
recognized as an adjustment to the effective interest rate on the loan. The Group did not apply this
accounting treatment in prior years as calculations of the adjustment were not considered material,
and continued to recognize such fees as income in the period received. In the current year, the
calculation of the adjustment was considered material, andthe Group has elected to commence
applying the requirements oflAS 18.
The change in accounting policy has been applied retrospectively, and comparative amounts have
been restated. The impact of the change in accounting policy was to reduce retained earnings as of
1 January 2006 by $455,628. The total impact on retained earnings as of 1 January 2007 was a
reduction of $563,132.
20. Subsequent Event.
During March 2008, the Directors declared a dividend of $0.02 per ordinary share.


SCEWATERHOUSECOPERS U


INDEPENDENT AUDITORS' REPORT


PricewaterhouseCoopers
Providence House
East Hill Street
P.O.BoxN-3910
Nassau, Bahamas
Website: www.pwc.com
E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350


To the Shareholders of Fidelity Bank (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank (Bahamas) Limited (the Bank) and its
subsidiary (together, the Group) as of 31 December 2007 and a summary of significant accounting policies and other
explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this consolidated balance sheetin accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditors'Responsibility ,
Our responsibility is to express an opinion on this consolidated balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the balance sheet is free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's intemal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the accompanying consolidated balance sheet represents fairly, in all material respects, the financial
position of.the Group as of 31 December 2007, in accordance with International Financial Reporting Standards.
Emphasis of Matter
Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards. Information on
results of operations, cash flows and changes in equity is necessary to obtain a complete understanding of the financial
position, performance and changes in financial position of the Group.


P^^dS^L^^- cvr^-


Chartered Accountants
24 April 2008


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I I_' w-
CHRIS BAILEY of CBS in Montgomery, Alabama was among the droves of meteorologists broadcasting from
the beaches of Grand Bahama.

Bahamas still reaping rewards

from annual weather conference


TWO weeks after the 12th
annual Bahamas Weather Con-
ference, organizers say the coun-
try is still reaping publicity
rewards.
They say the benefits could
continue for several months as
news reports and internet posts
of the event are still being creat-
ed.
"We estimate that through the
Bahamas Weather Conference,
the destination reached an audi-
ence of 10 million people in just
two days," said Edwin Light-
bourn, general manager in the
Ministry of Tourism's-Communi-
cations Department. "The esti-
mated advertising equivalency of
this effort is approximately. $1.8
million."

Speakers
The conference, which was
held April 9 to 13 at the Westin
and Sheraton at Our Lucaya
resort in Grand Bahama, hosted
104 meteorologists from the
Bahamas, the US and Canada
and 20 expert speakers from the
National Oceanic and Atmos-
pheric Administration (NOAA)
and the National Hurricane Cen-
tre (NHC).
This year's agenda was co-ordi-
nated by Max Mayfield, former
NHC director, and included the
participation of the NHC's new
director Bill Read.
"While the principal goal of tlhe
Bahamas Weather Conference


remains the education of broad-
cast meteoi.,ogists on the geog-
raphy of the islands of the
Bahamas, awareness raising for
the conference and the destina-
tion beyond the shores of the
country is also a fundamental part
of the programme," said the gov-
ernment in a statement.."The
Bahamas Ministry of Toufism
and this programme have been
recognized with industry awards
for its value as a crisis communi-
cations tool and as an innovative
use of broadcast and for its use of
technology to broadcast its mes-
sage. This year's conference has
already been profiled by-PR
Week. Furthermore, the
Bahamas has earned the respect
of competing tourism organisa-
tions for its determination to con-
front the issue of hurricanes
directly and honestly and to cre-
ate an opportunity to broadcast a
positive message from the desti-
nation."
The organizers say a measure
of the respect the conference
commands is that the official
April forecast for the 2008
Atlantic Hurricane Season issued
by Dr William Gray and Dr Phil
Klotzbach of Colorado State Uni-
versity was made as part of the
conference on April 9. This fore-
cast was distributed via satellite
and www.bahamaswxconfer-
ence.com, and resulted in onsite
interviews with Your World with
.NeilhCavuto (FOX News), The
Weather Channel, local network
affiliates, radio and the Wall


Street Journal.
This year, 80 of the conference
participants took advantage of
the television production support
that was available on the beach at
The Westin. In two days of the
conference, 83 live shots were
broadcast to key US markets and
nationally across the US and
Canada.
These segments have been
rebroadcast at all times of day
resulting in 147 broadcast hits to
date.

Website
Three years ago, the Bahamas
Weather Conference created a
Video On Demand website to
broaden the reach of the confer-
ence and its key messages.
Traffic to the site for the 2008
conference reportedly experi-
enced a 100 per cent increase over
that of the 2007 conference.
Enhanced video sharing tools also
linked the site and coverage of
the conference to blogs and web
sites including The Washington
Post and USA Today.
"Additionally, we note this
year that though the video seg-
ments produced at the conference
are strictly tourism oriented, par-
ticipants are beginning to pro-
duce fun material specifically for
their home station web casts," Mr
Lightbourn said. "Again, the
internet is expanding the possi-
bilities for exposure for the desti-
nation."


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FRIDAY, MAY 2, 2008, PAGE 15


THE TRIBUNE








PAGE 16, FRIDAY, MAY 2, 2008 THE TRIBUNE


CIIARTER SERVICE
SC HFEDUI.E SERVICE



FREEPORT NASSAU -


FREEPORT



DAILY SERVICE


STARTING Int

Thursday, May 1st ]


Equipment:


SAAB34 33 seats wit in t service
SAAB340 33 seats with in flight service


DAILY FLIGHT SCHEDULE


Freeport to Nassau:
Flt# Departs
501 7:00 am
503 12:00 pm
505 6:00 pm

Nassau to Freeport:
Flt# Departs
502 7:55 am
504 12:55 pm
506 7:05 pm


Arrives
7:40 am
12:40 pm
6:40 pm


Arrives
8:35 am
1:35 pm
7:45 pm


Equip.
SAAB340
SAAB340
SAAB340


Equip.
SAAB340
SAAB340
SAAB340


Freq.
Daily
Daily
Daily


Freq.
Daily
Daily
Daily


For reservations: (Freeport) Regional Air at (242) 351-5614/352-7121 or 352-7969
(Nassau) SkyBahamas at (242) 327-8993/327-0250 or (242) 377-8777 on weekends
Toll Free (242) 300-0294


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ELECTROJACK BUSINESS CENTER ROSE LANE .393-6897
(LOCATED WEST OF KFC'S DRIVE THU OFF MACKEY ST.)


Small businesses


are


'life blood of


Grand Bahama'


* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT Pineridge
MP Kwasi Thompson said
small businesses are the "life
blood" of Grand Bahama, and
the only thing keeping the
island's struggling economy
afloat.
Mr Thompson was speak-
ing at the opening of the new-
ly expanded Gizmos and Gad-
gets/FDK Laminators at the
Number Five Arcade Build-
ing in downtown Freeport.
He commended business-
man Keith Rolle and his
employees on their expansion,
and for continuing to service
the needs of residents.
"This has been a business
that is on the cutting edge of
technology providing valuable
service in cellular phone and
digital imaging. I would like
to congratulate the owner and
all the staff on reaching this
milestone," he said at the
opening on Tuesday.
Despite three devastating
hurricanes, the closure of a
major hotel and a serious
downturn in the economy, Mr
Thompson said small busi-
nesses in Grand Bahama have
continued to press on.
"The small Bahamian


owned business has been the
lifeblood of this city. They
have continued to invest in
their businesses which means
they invest in our economy.
"They continue to employ
our Bahamian people, pro-
viding them with the neces-
sary resources to keep our
families going. They also con-
tinue to show confidence in
this Grand Bahama economy
by expanding their own busi-
nesses," he said.
Mr Rolle said he opened the
business in 1991 and expanded


to better serve the needs of
its customer base in Freeport.
In addition to cellular ser-
vice, the company provides
digital graphic imaging for
businesses and company vehi-
cles as well as for private vehi-
cles.
Mr Thompson said the gov-
ernment supports small busi-
nesses and has made funding
available to encourage more
Bahamian entrepreneurs.
He noted that the Ministry
of Education, Youth and
Sports has allocated $1 mil-
lion to provide start-up fund-
ing for new local ventures.
Mr Thompson added that
an amendment to the Hotel
Encouragement Act, intro-
duced by government to par-
liament, will provide similar
concessions which are given
to foreign investors.
He said these concessions
will be offered to small restau-
rants and shops that cater to
tourists in designated areas.
Mr Thompson also noted
that the Pineridge constituen-
cy, through its YES (Youth
Empowerment Strategy) Pro-
gramme, is also empowering
the youth to become small
business owners by offering
computer classes, advice on
how to start a business, busi-
ness mentorship, networking
and personal empowerment.


U=ME


GOVERNMENT NOTICE

MINISTRY OF EDUCATION, YOUTH, SPORTS & CULTURE



NOTICE

PROCUREMENT FOR SCHOOL FURNITURE FOR NEW
SCHOOLS & EXTENSIONS

1.0 The Ministry of Education, Youth, Sports & Culture (hereafter called the
"Purchaser") now invites sealed bids, from Suppliers for the procurement
of School Furniture for New Schools and Extensions.

2.0 Interested Bidders may inspect/collect the bidding documents from the
Purchasing/Supplies Section of the Ministry of Education, Youth, Sports
& Culture, Headquarters, Thompson Blvd. from Wednesday 30th April,
2008, and obtain further information, at the second address given below.

3.0 Bids must be in English and shall be enclosed in duplicates in a sealed
envelope bearing no identity of the bidder and endorsed with the subject
bided on ("School Furniture-New Schools & Extensions").

4.0 Bids must be deposited in the tender box provided, at the first address, on
or before Monday, 12th

5.0 May, 2008 by 5:00 p.m. (local time). It will not be necessary to submit
bids in person since they may be sent by mail. Late bids will be rejected
and returned unopened.

6.0 Bids will be opened at the public ceremony, in the presence of those
Bidder(s) or their Representative (s) who choose to attend, at 10:00 a.m.
on Tuesday 13th May, 2008 at the first address below.

(1) The Chairman Tender'
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach
P.O. Box N-3017
Nassau, The Bahamas
Tele: (242)327-1530

(2) Purchasing/Supplies Section
Ministry of Education, Youth, Sports & Culture
P.O. Box N-3913/4
Nassau, The Bahamas
Tele: (242) 502-8571

The Ministry reserves the right to reject any or all Tenders


'L rc~-- ~P I 'I' I It ---r


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PAGE 16, FRIDAY, MAY 2, 2008


THE TRIBUNE


~iZ














Zimbabwe govt tally



shows presidential



runoff is needed


* HARARE, Zimbabwe
A RUNOFF will be neces-
sary to decide Zimbabwe's
presidential election, a Cabi-
net minister said Thursday,
citing the government's own
election results, according to
Associated Press.
Deputy Information Min-
ister Bright Matonga's com-
ments came a day after Zim-
babwe's opposition rejected a
runoff. That's despite a
media report that the official
tally still not released
more than a month after the
vote showed its candidate
beat Mugabe, but not by
enough to avoid a second
round.
Matonga said Mugabe's
party will take part in a
runoff.
"As far as I'm concerned,
there is going to be a runoff,"
Matonga told The Associated
Press. "We have got our own
results."
On Wednesday, CNN
quoted an unidentified senior
official with Zimbabwe's rul-
ing ZANU-PF party as say-
ing results from the March
29 election gave opposition
leader Morgan Tsvangirai 47
percent of the votes while
Mugabe trailed with 43 per-
cent.
Matonga would not say
whether the CNN report was
correct or give details about
the figures he said the gov-
ernment has. But he said no
one won the 50 percent plus
one vote needed to avoid a
runoff.
Independent observers
have been saying that Tsvan-
girai won the most votes, but
not enough to avoid a runoff.
Tsvangirai insists he won out-
right. .
Individual polling stations
have posted results, allowing
parties and others to compile
their own tallies while the
nation awaits official results
from the Zimbabwe Elec-
toral Commission. Tsvangi-
rai and rights groups have
accused Mugabe of with-
holding the results to buy
time to steal a runoff through
intimidation or fraud.
Electoral commission offi-
cials said late Wednesday
that no official results had
been released and that party


Observers saying that

opposition won the

most votes, but not

enough to win outright


officials would not see them
until the verification process,
which began Thursday after-
noon.
Mugabe and Tsvangirai
sent representatives and
independent candidate Simba
Makoni himself attended.
Journalists were allowed
inside for only a few minutes
as the process began, and
were given no indication
when it would be completed.
The opposition says a cam-
paign of terror and violence
since the first round of voting
has left the movement in a
disarray, with its main leaders
staying out of the country for
fear of arrest.
Tsvangirai's Movement for
Democratic Change said in a
statement Thursday that 20
of its activists had been killed
in the last month in postelec-
tion violence. Such figures
have been difficult to verify.
Independent rights groups in
Zimbabwe have given more
conservative tolls, but they
also have said not all deaths
have been reported.

Results

In Johannesburg Wednes-
day, South Africa, Tsvangi-
rai spokesman George Sibot-
shiwe reiterated that the
opposition would not take
part in a runoff because it
believed only fraudulent
results would deny Tsvangirai
outright victory.
"If Robert Mugabe cannot
accept the real results now,
what's the guarantee he'll
accept the real results after
a runoff?" Sibotshiwe said.
Independent rights groups
also say postelection violence
makes it unlikely a runoff
could be free and fair.
The 84-year-old Mugabe,
in power since Zimbabwe
gained independence from


Britain in 1980, has been
accused of brutality and
increasing autocracy.
But the main campaign
issue for many here had been
the economic collapse of
what had once been a region-
al breadbasket.
A land reform campaign
Mugabe launched in 2000
saw the often-violent seizure
of farmland from whites. The
key agriculture sector was
devastated.
Mining, tourism and tobac-
co exports once the three
Nation's biggest hard curren-
cy earners reported mas-
sive losses in recent weeks.
In the Reserve Bank's quar-
terly fiscal policy statement
Wednesday, central bank
governor Gideon Gono
acknowledged that the gov-
ernment is virtually broke.
In his statement, Gono
announced a new hard cur-
rency exchange rate he said
would be set by banks in will-
ing seller-willing buyer deals
based on availability of hard
currency that would draw
money into the banking sys-
tem from the dominant
black market in hard curren-
cy.
He gave no indication of
what the new rate might be,
but currency dealers said it
needed to approach the black
market rate of about 100 mil-
lion Zimbabwe dollars to $1.
Gono told business leaders
and government officials at
a briefing shown on state
television that the central
bank was relinquishing its
monopoly on controlling
hard currency inflows.
He said he did not abolish
the official exchange rate of
just 30,000 Zimbabwe dollars
to the U.S. dollar but was
allowing the market to deter-
mine another legal exchange
rate.


FRIDAY, MAY 2, 2008, PAGE 17


To enter attach 3 Snack Pack
cardboard packages to an
entry form, complete the skill
question and drop into boxes
provided at participating
Stores or at the d'Albenas
Agency Ltd. in Palmndale.


.4'


'2

^.
'*^


"* \p "--! _.. .- -i



t- "'.-^ .," .. "
-, -



.,



Emploiyese ot The d Albena Agency Mcdia Enterpri'es rhelr 3 enr: and
immediPte families are not eligible Photo ID required to collect prl;'e
Contest ends May 30, 2008

Dishibuled ), D 0 7Tlhe d:'Albenas Agenc Ltd


Hun i Is reyislerrd itradenl~ik oi LCori i .gra Foodsu


Snack & Win.

Name: Address:
Telephone:
Who makes Snack Pack puddings and gels? H _ t's




MINISTRY OF LANDS AND LOCAL GOVERNMENT GN673
THE PRICE CONTROL ACT, 1971
CHAPTER 339
THE PRICE CONTROL (GASOLINE & DIESEL OIL)
(AMENDMENT) REGULATIONS, 2002

The Public is advised that prices as shown in the Schedule below for DIESEL
OIL sold by SUN OIL LIMITED will become effective on Thursday, ,' May,
2008.

SCHEDULE

MAXIMUM WHOLESALE MAXIMUM
SELLING PRICE PER U.S. RETAIL
GALLON SELLING PRICE
PLACE ARTICLE PER U.S.
MAXIMUM MAXIMUM GALLON
SUPPLIERS' DISTRIBUTORS'
PRICE PRICE
$ $ $
PART A
NEW PROVIDENCE INCLUDING SEA FREIGHT


Sun Oil Limited DIESEL OIL 5.14 5.14 5..33

PART C
GRANDBAHAMA INCLUDING SEA FREIGHT
(excluding
FREEPORT)

Sun Oil Limited DIESEL OIL 5.02 5.18 5.37


PART D
ABACO,ANDROS NOT INCLUDING SEA FREIGHT
ELEUTHERA

Sun Oil Limited DIESEL OIL 5.15 5.31 5.50

PART
ALLOTHER NOT INCLUDING SEA FREIGHT
FAMILY ISLAND

I Sun Oil Limited DIESEL OIL 5.16 5.31 5.51






Signed
Harrison Thompson
PERMANENT SECRETARY


JI of 2 Nintefno m
Game Systems


THE TRIBUNE


: r:.
"'""'







PAGE 18, FRIDAY, MAY 2, 2008 THE TRIBUNE


* Vaughn 0. Jones
MEMORIAL CENTER
"Honoring he memories of loved ones"
INDEPENDENTLY OWNED & OPERATED
iFueal Sevic


Edna Louise
Miller, 58
of #28 Millennium
Gardens, and formerly of
Miller's, Long Island will
be held on Saturday May
3rd, 2008 at 10:00 a.m. at
Faith United Missionary
Baptist Church, Baillou
Hill Road South.


y ,.-:


Officiating will be Rev. K. Brian Sands assisted
by Rev. Fredrick N. Cartwright and Rev. Pauline
Cox-Rolle. Interment will follow in Lakeview
Memorial Gardens, John F. Kennedy Drive.
Precious memory will forever linger in the
hearts of her children, Yvonne Miller de
Pina, Craig Smith and Marcia Smith Sands;
grandchildren, Marcus Jones, Antonio, Denis,
Craig Jr., Rehmad and Chad Smith, Bianca
Gomez, Jasmine and Kirkland Sands; great
grandchild, Jayden Jones; sons-in-law, Rev.
Brian Sands and Russell de Pin a; sisters, Cora
Dean, Olive Dean, Queenie Reid, Elva and Gloria
Miller; brother, Edward Miller; step sisters,
Rita Moss and Beatrice Fox; sister-in-law, Polly
Miller; numerous nieces and nephews and a
host of other relatives and friends including,
Grace Deal and family, Mr. and Mrs. Amos
Rolle and family, Mr. and Mrs. Sidney Kemp
and family, Donald Saunders, Mr. and Mrs. Roy
Davis, the Cox family, Elcine Mackey and family,
Donald Saunders, Sister Meread Burrows, Craig
Gomez, Ricardo Burrows and the Housekeeping
Department of Royal Towers Atlantis Hotel,
Carmita, Bishop Hazel Kemp, Amy Dorsett,
Desrine Ferguson, Jennifer Clark, Mr. and Mrs.
Felipe Pomare, Second Baptist Church Music
and Prayer Ministry Houston Texas, Racquel
Regis, Peggy Miller, Italia Johnson, Mt. Moriah
Constituency Association, Nurses Juna McPhee
and Valerie Nottage, Hon. Tommy Turnquest,
Sheila Wilson, Patrice Swain, Faith United
Missionary Baptist Church family, St. John's
Cathedral family Freeport Grand Bahama.

Viewing will be held in the "Legacy Suite" of
Vaughn O. Jones Memorial Center, Wulff
Road and Primrose Street on Friday from
10:00 a.m. to 6:00 p.m. and at the church
on Saturday from 9:00 a.m. to service time.


KEMP'S FUNERAL HOME LIMITED
22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas



Mr. Reginald (Reggie)
Winfield Knowles, 63


-. '


Lawsuit threat over BTC




stance on termination


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


-- -
---


GEOFFREY


JONES & CO


GE MechanicalRoom
Air Conditioner




, 10,000 BTU

$450.00
#ASV10


\
./


/


12,000 BTU
$480.00
#ASV12

14,000 BTU

$585.00
#ASV14

18,000 BTU

$720.00
#ASV18


Sales & Full Service Department
Rosetta & Montgomery Streets
322-2188/9


Come check out our HUGE
inventory of Pre-owed SUV's,

sedans, van, buses etc.


Thompson Blvd.
Tel: 325-0881
Fax: 325-0883


Syle(+

OMFORT


Ingraham has pledged
that the company will be
privatised by the end of the
year.


of Sans Souci, Nassau,
The Bahamas will be
held at St. Annes Church,
Fox Hill, Nassau on
Saturday, 3rd May, 2008
at 10:00 a.m.

Father Crosley Walkine
will officiate.


WS" -.- :;EYM He was predeceased by
his father, Malachi Knowles and his brother, Glen
Knowles.

He is survived by his wife, Dianne I. Knowles; his
daughter, Tiffany Knowles;his mother, Edith
Knowles; a brother, Samuel Knowles; sisters, Trixie
Clarke, Linda Lee and Elizabeth Covington; uncle,
Bertie Burrows; aunts, Agnes Knowles, Elva
Knowles and Iva Knowles; brothers-in-law, Paul
Clarke, Donnie (John) Lee ,Tim Covington and Art
Howe; sisters-in-law, Inge Flineaux and Sylvia
Howe; nephews, Scott Ward, Ian Lee, Mark Knowles,
Byron Knowles, Etienne Christen, Benedict
Christian, Bruce Howe and Michael Howe; nieces,
Khrystynia Lee-D'Arville, Bianca Knowles, Sophia
Clarke, Samara Albury and Janice Sterba.

Mr. Knowles was a long time member of the South
East Nassau Rotary Club.

In lieu of flowers, donations may be made to South
East Nassau Rotary Club (Charities projects),
P.O.Box N. 709, Nassau or The Long Islanders
Association, P.O.Box N.9009, Nassau, in Memory
of Reginald (Reggie) W. Knowles.

Arrangements by Kemp's Funeral Home, 22
Palmdale Avenue, Nassau, The Bahamas.


I


PAGE 18, FRIDAY, MAY 2, 2008


THE TRIBUNE


FROM page one
Williams. "Therefore, they
would like to request my res-
ignation."
Mr Williams said he
asked "when" in response
to this request and was told
by the chairman that he
would like to inform the
executives the next day of
his response.
The former BTC presi-
dent and CEO said it was
interesting that the.board
just approved a three-year
strategic plan for the com-
pany in February, authored
and approved by him, that
included capital expendi-
tures of $190 million, and
now in April he had been
terminated.
"What is the new plan for
BTC that I am incapable of
carrying out?" asked Mr
Williams yesterday. "Why
approve a plan in February
and change the plan in
April in a year when the
company is privatising?"
News reports about Mr
Williams' departure from
BTC began to circulate in
the media last week Tues-
day. Lasf week Wednesday,
the board responded to the
rumours and confirmed
that Mr Williams was asked
to leave, arguing that the
company needed new lead-
ership to address its "short-
comings" and "weakness-
es".
Contrary to some pub-
lished reports, Mr Williams
said he does support the
privatization of BTC, but
he had his views as to what
this should be.
He also took on questions
about the quality of BTC's
cellular service, which was
another criticism of him
that has been in circulation.
He said that dropped calls
and coverage problems
happen in jurisdictions with,
similar services. BTC has
dropped calls of about two
per cent out of two million
calls per day, and they were
aware of the areas where
this happened.
The three-year business
plan he authored and
approved, said Mr
Williams, would have
addressed these problems.
Mr Williams said he left
office on Tuesday after-
noon on a week's vacation
and, within hours of his
departure, his name was
removed from the compa-
ny's e-mail and access sys-
tems, his personal adminis-
trative assistant was sent on
two weeks vacation with
pay, and the locks were
changed on his office door.
When asked if he would
return as head to BTC if it
was possible after what has
happened, Mr Williams
said:
"That is a difficult ques-
tion to answer. I mean if
the conditions are going to
remain the same, the poli-
cies are going to remain the
same, then certainly it'll be
very difficult for me based
upon my principled behav-
iour and my vision for the
company to be able to gov-
ern and to lead the compa-
ny...
Mr Munroe advised
Bahamians yesterday in the
wake of what has happened
to his client to watch care-
fully what is done with BTC
in the run-up to its privati-
sation.
"So if you see revenue
turning down at the point
that the Bahamas govern-
ment is getting ready to sell
a national asset you should
be concerned.
"If you see BTC being
run down before the
Bahamas government is
getting ready to sell a major
national asset that I under-
stood paid $20 million to
the Bahamian people
through the government,
you should be concerned,"
he said.
The government is the
100 per cent owner of BTC
and Prime Minister Hubert


Yo 1 d wo vrgtaog .wtot t








THE TRIBUNE FRIDAY, MAY 2, 2008, PAGE 19


L AL


Police still investigating


fatal shooting at Subway

FROM page one

sub-machine gun to the head of an off-duty police sergeant,
threatening to kill him.
Then a struggle ensued and, as a result, Mr Winters was
fatally struck in the chest as the would-be robber and the offi-
cer struggled on the floor. Winters died at the scene, and the
assailant escaped in a white rental car. Reportedly, the car was
recovered near Montell Heights.
Winters' death has pushed the murder count for the year to 26.
Management at this Subway location have announced that the
store will be closed until further notice "to attend to the emo-
tional needs of staff".


Claim that Haitian


visitors forced


to bribe for


visa appointments


FROM page one

Appointment, although people
she knows have paid it and been
seen as a result, she claims.
"We are not going to pay a
bribe because it isn't right," Ms
Jean said. "But this is going on
right here in The Bahamas
and people should know about
it."
Sidney McPhee, government
officer in charge of the Ministry
of Foreign Affairs visa depart-
ment, was horrified to hear of
alleged corruption and vowed
to launch an investigation
immediately.
He said: "I will investigate
. this seriously because I am not
for no corruption. I believe that
we should be honest, and I hope
this is not someone ripping off
their own people by preying on
their situation."
The officer was not surprised
by the five-month waiting peri-
od as the visa department is
struggling to interview the num-
ber of visa applicants in Nas-
sau.
He said: "It is difficult to
speed up the'prdcess given the
resources we have because we
go by appointment, and it takes


a long time to get through them.
"However, there are certain
mechanisms being put in place,
and no doubt when they are in
place, that wait can be brought
down to one month or even one
week, and that will be pretty
soon, within the year."
In light of the backlog, Mr
McPhee advised Haitians to vis-
it The Bahamas Embassy in
Port-au-Prince to obtain their
visas.
Haitian nationals from rural
areas, like Ms Jean's family,
depend on trips to Nassau to
buy essential foods such as rice,
beans and oil, as well as water
and propane gas, which has
become too expensive in Haiti
where riots are breaking out
over surging food prices.
Ms Jean said her family
would be risking their lives by
making the dangerous 17-hour
journey to Port-au-Prince.
She said: "You cannot go to
Port-au-Prince because you will
get killed. These people in Nas-
sau are trying to be honest, they
are trying to help the.Bahamian
government, but if they cannot
get their visas they will stay here
illegally, or they will go home
and come back illegally. It does.
not make any sense."


PROJECT MANAGER
-Estimating, tendering and soliciting work for
leading road Construction Company.
-Proven experience of at least five years managing
multi million dollar road projects form award to
completion.
-Individual must be well versed in road. construction
technology and methods
-Good liasing skills with clients
-Keeping accurate daily record sheets
-Managing the workforce
-Managing the equipment and ensuring proper
maintenance of equipment on the job sites
-Passing billing information to accounts in an
expeditious manner as soon the contract
requirements permits
-Managing the materials, ensuring minimum
wastage


SExperienced Site Engineer
-Degree in Environment Engineering, specialized
in water supply installation, highway engineering,
trained in setting out and site appreciation.
-Measure Sites
-Prepare Interim Valuations
-Final Account Preparation & Negotiation
-Use computers & Spreadsheets AutoCad
-Analyze Sub Contract quote and advising on.
sub- contract awards
-Prepare "as Built" records & Drawing
-Liaise with site Supervisors on installation issues
-Attend Site Meetings
-Prepare Monthly Valuations
-Report to management on Project
-Prepare weekly productivity and efficiency report


Quantity Surveyor
An experience Roads Quantity. Surveyor needed:
-Minimum of 5 years experience in road
construction through all its techliiical aspects
-Managing road construction projects from
estimating, contract letting payments.
-Client liaison through to contract completion and
final settlement of account.
-Liaise with construction site crews to ensure
proper and timely construction of projects.
-Repeating of interim and final account valuation.
-Claim preparation
-Budgets & Financial reporting.
-Disputing Resolution.


Please send resume to
P.O.Box CB 10990


Imminent sale of airport



firm raises fears over



operation in the Bahamas


FROM page one

slated to begin the major part
of its crucial $400 million
overhaul of Nassau's tourist
hub in mid-2008.
Declining to say who
YVRA's likely purchaser is,
Mr Richmond confirmed that
its parent company, Vancou-
ver International Airport
Authority, has been looking
for a business partner for 18
months and is "very close to
the final stages of completing
a transaction."
The company's financial
statements for 2007 reveal
that the unknown buyer is set
to pay with cash.
Asked to comment on the
news, Chamber of Commerce
president Dionisio D'Aguilar
told The Tribune that the rev-
elation raises some fears of
whether the sale will inspire a
change in the company's pri-
orities to the detriment of its
grand plans to upgrade Nas-
sau's worn-out facilities.
Using the pull-out of Har-


rah's from the Baha Mar deal
months after its ownership
changed as an example, Mr
D'Aguilar said: "The fear is
that under the initial parent
the deal of doing the Nassau
International Airport was att-
tractive and under the new
parent it may not (be so
attractive)."
Mr Richmond, however,
said that any effect on the
company's operations will be
a "positive one."
"Bringing along a big busi-
ness partner will create
growth opportunities," he
said.
Mr D'Aguilar told The Tri-
bune that assessing what
impact the sale may have on
the company's activities at the
airport remains difficult while
it is unknown who will be buy-
ing into it.
"If YVRAS is absorbed
into a huge corporation where
the running of airports is 25
per cent of the business of the
parent company there may be
the possibility that the focus
that was there when this was


the only asset of a parent com-
pany might diminish."
The business leader also
added that whether or not the
buyer would consider the
LPIA project "risky" would
depend largely on what
the conditions of the redevel-
opment project are, including
"who is guaranteeing
what."
However, he said that one
reason he is "not that wor-
ried" about the sale impact-
ing the airport project is
because managing and oper-
ating airports is the compa-
ny's "core business" and one
that it has proved to be "suc-
cessful" in.
YVRAS is currently con-
tracted to operate 18 airports
in seven different countries,
including Canada, the
Dominican Republic, Chile,
Jamaica and Turks and
Caicos.
In 2007, the company post-
ed diminished profits of
$86.1million compared with
the $111.4 million they
achieved in 2006.


The confirmation of a loom-
ing sell-off comes weeks after
chairman of the Bahamas'
Airport Authority, of which
the Nassau Airport Develop-
ment Company that YVRAS
manages is a subsidiary, said
he hopes the $400 million in
financing for the airport's
expansion and upgrading will
be "in place by June".
That is also the month pin-
pointed by Mr Richmond as
the time when construction
of a new state of the art US
departures terminal will begin.
Mr Watson told The Tri-
bune in mid-April that US
financial institution Citibank is
providing some of the financ-
ing, while over $100 million
will be sourced locally from
domestic financiers who are
keen to get involved.
He said that indications
from Citibank were that it had
"not felt any pressure at this
point" from the global finan-
cial credit crunch and it was
confident it could raise the
foreign currency component
of the funds.


Look ,
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41

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I I


FRIDAY, MAY 2, 2008, PAGE 19


THE TRIBUNE









PAGFBI 20, FRIDAY,---- MA 2,20 H RBN


Thousands rally in May Day


,P. effort for immigration reform


..11VI!P, I' T AND activists carry flags in downtown Chicago
I' rinc, a n in.Ir -tii':, reform march and rally on Thursday,
May 1. 2008.


ii



1


I

jl
1

i:


A CHICAGO

THOUSANDS of chanting, flag-
waving activists rallied in cities
across the country Thursday,
attempting to reinvigorate calls for
immigration reform in a presidential
election year in which the economy
has taken center stage, according to
Associated Press.
From Washington to Miami to
Los Angelespactivists demanded cit-
izenship opportunities for the esti-
mated 12 million illegal immigrants
in the U.S. and an end to raids and
deportations.
"We come here to fight for legal-
ization. We're people. We have
rights," said Eric Molina, an undoc-
umented factory worker who immi-
grated to Zion, Ill., from Mexico.
Molina, his sister and his 13-year-
old daughter Erika, a U.S. citizen,
were among about 15,000 people
who rallied in Chicago in one of the
largest demonstrations of the day.
Turnout has fallen sharply since
the first nationwide rallies in 2006,
when more than 1 million people
- at least 400,000 in Chicago alone
- clogged streets and brought
downtown traffic to a standstill.
Activists say this year's efforts are
focused less on protests and more on
voter registration and setting an


agenda for the next president.
Some said participation likely was
lower because many immigrants
increasingly fear deportation.
Margot Veranes, a volunteer
organizer in Tucson, Ariz.. where
12,000 took to the streets last year
but early estimates Thursday put
the crowd at about 500 blamed
the turnout on aggressive enforce-
ment by Border Patrol and police.
"People have been stopped and
deported in the last week. This is a
community living in fear," said Ver-
anes, a researcher for the Interna-
tional Union of Painters and Allied
Trades. "You never know when
you're going to be stopped by Bor-
der Patrol and now the police."
But she said that's also why peo-
ple were marching.
"We're marching to end the raids
and the deportations, but we're also
marching for health care and edu-
cation and good jobs," she said.
Steamy downtown Houston saw
between 300 and 400 marchers,
including Victor Ibarra, 38, who said
he entered the U.S. illegally from
Mexico 15 years ago and remains
undocumented although he's tried
to attain legal status for the past sev-
en years.
"I'm here because we need immi-
gration reform immediately," Ibar-


ra said. '..rin, l handcuffs and
chains. "We need to be able to trav-
el and be free."
In Washington, immigrant rights
groups and social justice organiza-
tions were demanding that Prince
William County, in northern Vir-
ginia, rescind its anti-illegal immi-
gration measure. They also called
for an end to raids and deportations
and for establishment of worker cen-
ters in Washington, Maryland and
Virginia.
Activists also asked the Republi-
can and Democratic national com-
mittees to have their presidential
candidates enact immigration
reform.
A crowd of about 1,000 gathered
on the steps of the Qregon Capitol
in Salem to call for changes in immi-
gration and workplace laws within
the first 100 days of the next con-
gressional session. Many demand-
ed that Oregon reverse a decision,
imposed by the Legislature in Feb-
ruary, to require proof of legal resi-
dence to get a driver's license.
Hugo Orozzo, a 17-year-old high
school senior, was among hundreds
who marched through the streets of
southwest Detroit. He was born in
the U.S., but his father was born in
Mexico and some other family
members are originally from Mexi-


"It is going to help my family and
friends," Orozzo said of the effort.
He carried a preprinted sign that
read: "Stop raids and deportations
that separate families!" in both Eng-
lish and Spanish.
In Miami, 75 people marched to
the regional immigration offices
from the Little Haiti neighborhood.
Among them was Elvira Carbajal,
who came from Mexico more than a
decade ago and is a U.S. citizen but
said many of her family members
are not.
"They are going to grow up with
this anger of the government for the
loss of their parents, parents who
were simply trying to give them a
better life," she said.
In San Francisco, protesters Mar-
ta Acuchi and her husband Jose,
from Michoacan, Mexico, closed
their child daycare center to march
with about 400 others.
"We need to fix the legal situation
of immigrants," she said. "Even if it's
not this year legislators are seeing
we're still here, we're still march-
ing, we're still knocking on their
door."
And in Milwaukee, factory work-
er Miguel Tesillos, 29, 'as among
hundreds who lined sidewalks wait-
ing for the march to begin.
"Our people, we pay taxes, we
pay the same as a citizen," said Tesil-
los, who has a Green Card. "Maybe
the new president can see this point,
and do something for us."
But activists say they know it will
be a challenge to push their issues to
the political forefront.
Immigration reform did not res-
onate with voters in primary elec-
tions who overwhelmingly listed the
economy as their top concern. Immi-
gration legislation has stalled and
been defeated in the Senate, and
presidential candidates have not
extensively addressed the issues.
Democratic presidential rivals
Sens. Barack Obama and Hillary
Clinton supported a 2006 bill, spon-
sored by Republican candidate John
McCain, that offered illegal immi-
grants legal status on conditions such
as learning English. All three also
have supported a border fence.


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Prount out of the bag on all clothing!

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-- --


PAGE 20, FRIDAY, MAY 2, 2008


- I .-


II


I
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7..
-1


THE TRIBUNE


WW V3a


~
i
-r-

;?-

















FRIDAY, MAY 2, 2008

l SB


BICA members

support limited

liability change

* By NEIL HARTNELL
Tribune Business
Editor
THE Bahamas Institute of
Chartered Accountants
(BICA) is "moving forward"
with proposed legislative
amendments it plans to pre-
sent to government, includ-
ing allowing Bahamian
accounting firms to register
and practice with limited lia-
bility, after the organisation's
Extraordinary General Meet-
ing (EGM) this week
approved seven out of eight
resolutions. .
Kendrick Christie, a Grant
Thornton partner and chair
or BICA's legislative com-
mittee, told The Tribune yes-
terday that the organisation's
members had given it a man-
date to move forward with
proposed legislative reforms,
which include The Public
Accountants Registration of
Limited Liability Companies
Regulations.
Once their proposals were
approved by the Government
and passed by Parliament, Mr
Christie said BICA would be
able to register Bahamian
accounting firms to practice
with limited liability.
"We had an official meet-
ing [on Tuesday] where seven
out of the eight resolutions
were approved." Mr Christie
told The Tribune.
"We're going to move
ahead and put what we have
in terms of legislative changes
and reforms to the appropri-
ate person in government.
We have a mandate from our
members, and are going to
move forward with the Gov-
arnment."
Currently, Bahamian
accounting firms can only
register with BICA as limited


'Over $100m' invested





in Ritz-Carlton project
Ritz "'.


By NEIL HARTNELL
Tribune Business Editor
The developer behind the
Ritz-Carlton Rose Island
mixed-use resort has invested
"in excess of $100 million" into
the project, its project manager
telling The Tribune yesterday
that work on what will be one of
the Caribbean's largest marinas
was between 55-60 per cent
complete.
Nick Ward, of the Miami-
based Gencom Group, which
has developed numerous luxury
hotel projects in the Caribbean
and around the world, told this
newspaper that the developers
had just embarked on "a major
redesign" of the project that was
likely to take between six-nine
months.
He added that dredging work
on the marina, which is being
constructed as a joint venture
between American
Bridge/Bahamas Marine, was
about 75 per cent complete.


* Rose Island development's
marina to be more than twice
the size of Atlantis's, with woi
on it 55-60% complete
* Developer undertaking major
6-9 month redesign, with focus
on small-scale, Family Island f<
and reduced hotel cmponeni
height


Overall, the marina was
"probably 55-60 per cent com-
plete", given that the contrac-
tors had to complete revet-
ments, bulkheading and upland
work. ,
"The marina will ha.~ e the
capacity for 295 boats," Mr
Ward told The Tnbun. "It'll
be roughly slightly more than


Minimum wage rise could

end firms' existence
0 By NEIL HARTNELL: 'Employers chief says
Tribune Business Editor Empoyers c says
I 'THE Babamas Employers Bahamas competes
Confederation's (BECon)pres- facing 'veryscar,
ident yesterday said "now is n'ot *
the time to increase the mini- Situation', ut frasimg
mum wage", as doing so would $150 per week
further aggravate the soaring.
costs businesses were facing n minimum may
and, for some, could mean the
difference between survival and only impact 5%
death. f
Brian Nutt said the increasing of workforce
the $150 per week minimum
wage at a time when the increase in the minimum wage,
Bahamian and global from the perspective of employ-
economies were struggling, and ers being able to survive and
companies in this nation strug- meet that increased obligation.
gling to cope with electricity and It's difficult enough to survive
car gas costs that were rising
faster than revenues, could SEE page 6B
forFce mmPe hlisines ato shep


twice the size of the ma
Atlantis."
Planned to be one
largest in the Caribbea
Ritz-Carlton Rose Islan
na will have some 13,600
feet of docking space
built, compared to the
6,400 feet at the Atlantis
na, Mr Ward said. The a
slip size will be 77 feet.
Mr-Ward added that G
wanted to complete the
na excavation by next su
and install docks and st
systems by the end of


"The commercial marina will
be up, running and operational
in 2010," he said.
Gencom had invested "in
rk excess of $100 million" on what
Ritz-Carlton has billed as a $1
billion project to date, the spend
going on the marina works, land
)r 'acquisition, architectural design
work, and infrastructure engi-
LS .'. feering..
Mr Ward explained that the
eel redesign was intended to ensure
"the project economics" sup-
t ported plans for a lower-densi-
ty, smaller-scale hotel compo-
nent, which Gencom viewed as
being ideally suited to the Fam-
ily Island feel it wanted to give
rina at the Ritz-Carlton Rose Island
development.
of the The project's hotel compo-
an, the nent was initially conceived as a
dmari- seven-storey structure, Mr
linear Ward said, but this height
when received a cool response when it
6,300- was shown to Bahamian real-
s mari- tors and other select persons at
average a planning charette last year.
Pointing out that the Gov-
iencom ernment had not challenged
mari- Ritz-Carlton Rose Island's right
simmer, to develop a seven-storey hotel
support SEE page 4B
2009. pg


* By NEIL HARTNELL
Tribune Business
Editor
THE' head of the Massa-
chusetts Institute of Tech-
nology (M IT) team partner-
ing with the Government on
sustainable development
planning, will make his first
site visits to the Bahamas in
mid-June 2008. a government :,-.
minister told The Tribune,
acknowledging that planning
processes in this country had
been too dominated by major
investment project concerns.
Dr Earl Deveaux, minister
of works and transport, said
Professor Xavier de Souza
Briggs, head of MIT's team
of professionals and students,
iould make his first site vis-
it to New Providence and
Abaco between June 16-23.
Abaco will be the first
island targeted for sustain-
able development planning,
while Dr Deveaux said Pro-
SEE page 11B


for a better life


SFG FINANCIAL
PENSIONS & INVESTMENTS


* l


nnnimn innnmnnn


U'i


-I attract the cream of the crop


Vu I keep present employees happy
1 guarantee staff retirement savings
UU lt lIl lVall of the above





CORPORATION LIMITED
CORPORATE CENTRE: CORNER OF VILLAGE & SHIRLEY STREETS I www.famguardbahamas.com


FAMILY GUARDIAN
INSURANCE COMPANY LIMITED
'


EPA to deal with 'valid concerns'

- overBaharnas competitiveness
* By NEIL HARTNELL
Tribune Business Editor
Signing the Economic Partnership Agreement (EPA) with the
European Union (EU) will force the Bahamas to modernise its
trade regime, and in doing so, deal with "valid causes of con-
cern" regarding its economic competitiveness, the Govern-
ment's leading trade adviser has urged.
In a paper touting the benefits for the Bahamas from signing
the EPA, a copy of which has been obtained by The Tribune,
Mark Sills said the trade agreement's obligations.would deal with
"all institutional issues" relating to this nation's international
trade regime "to a greater or lesser extent".
Mr Sills noted that the Bahamas' laws and regulatory regime
were "badly'in need of modernisation" in areas such as Customs
SEE page 6B


--- ---


i-


I


PENSIO


'. ** -
"'^









PAGE 2B, FRIDAY, MAY 2, 2008 THE TRIBUNE


Take control of your financial future...

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'Women: Inspired, Motivated and


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Speakers include:
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"Tackling Crime and Violence Against Women in the Bahamas"
G. Diane Stewart, Partner, McKinney, Bancroft & Hughes
"Protecting Our Children Understanding Inheritance laws"
SYvette Bethel, CEO, Organizational Soul
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S F I N A N C t A .


I


DOCTORS Hospital
Health Systems (DHHS)
has named Joanne Lowe as
chief financial officer with
effect from yesterday
onwards, having held the
post in an interim capacity
since New Year's Day.
Mrs Lowe, who previous-
ly served as vice-president
of corporate finance, has-
more than two decades of
healthcare financial man-
agement experience. She
will replace Darron Cash,
who .has joined First-
Caribbean International
Bank (Bahamas) as its
chief financial officer.
"I look forward to
putting my skills and
expertise to work helping
Doctors Hospital further
its mission of raising the
health status of the
Bahamas through person-
alised, quality care. We
now have the foundation in
place to ensure that Doc-
tors Hospital will remain
at the forefront with the


latest technologies and
clinical innovations, in line
with global industry
trends," said Mrs-t-owe.
Sabrina Walkine will
replace her as vice-presi-
dent of corporate finance..
"While serving as inter-
im chief financial officer,


Lowe has already made sig-
nificant strides in refining
processes and procedures
in our finance department.
Her strong financial back-
ground and wealth of expe-
rience will allow her to
continue to play a vital role
in implementing strategic
initiatives for the company
by providing financial
information for decision
making, with a focus on
cost management, bench-
marking and revenue
cycle," said Charles Sealy
II, Doctors Hospital's chief
executive.
"She is quite capable to
head this critical area and
is a valuable asset to the
team. We have been work-
ing with Joanne for many
years and have always been
impressed with her strong
leadership, commitment to
high quality and dedication
to the Company.
"We are confident that
Joanne's extensive knowl-
edge in healthcare finan-
cial management will help
Doctors Hospital continue
its ongoing commitment to
quality healthcare ser-
vices."
In her role as chief finan-
cial officer, Mrs Lowe will
supervise the departments
of finance, including
patient registration, mate-
rials management, infor-
:mmatioono technolIrgy,' and
hWealth' information man-
.agement all areas that
affect more than just the
bottom line.


NAD
Nassau Airport
Development Company


RESPONSIBILITIES:
* Review design drawings and technical
specifications as they are developed and
provide feedback to the design team as it
relates to scope, schedule, constructability,
phasing and budget;
* Coordination of quality assurance and
quality control.testing and Ministry of Works
inspections throughout the various stages of
construction;
* Manage the safety and security program
implemented for the LPIA Expansion Project
with oversight from the Construction Manager;
* Coordinate tenant fit-out of retail, office and
concession space in accordance with the
Tenant Design Manual developed for the LPIA
Expansion Project;
* Liaise with local utility companies and tenants
to facilitate the sequencing and phasing of the
project and to maintain the overall schedule;


RESPONSIBILITIES
* Procure material and services for best price,
availability, delivery, and service capabilities to
support the project objectives;
* Prepare with the assistance of the Project
Team, RFEIs, RFPs, Purchase Inquiries and
Construction Tender packages including
administration of the tender process;
::l ;t .,,,h nrF ,:.tatr, ri:ontra,.t; dlth pr.:,pj:ced
..'up phiir.: -orLul ta rt anr . :cr r r.rt :t'r3 .ir thi,
t.udgetar, h imitati.,:,r; arnd ,:,:,cop:e t authCrir.,
b Epedite Furc.hase COrder. and COntra.-t
and process Change Orders, Design CThange
Pequests as required.
Irnterface with suppliers and ernd,rs or,n
rn3teri3l1 tatu:. and pro.ductic-r plsrninp r .:,u -
anrd


CAREER OPPORTU N CITIES

LPIA EXPANSION PROJECT: Nassau Airport Development Company (NAD) is responsible for the
development, operation; management and maintenance of the Lynden Pindling International Airport, the fourth
busiest airport in the Caribbean, serving over 3 million passengers each year

With the design of Phase II airport expansion currently underway, NAD is seeking experienced
construction management personnel to build out our team. Currently available term positions include:


RESPONSIBILITIES: QUALIFICATIONS:


* Assist with contract administration, reporting,
site inspection and commissioning of the
various project contracts.
QUALIFICATIONS:
* 2 to 5 years of construction related experience
(civil, structural, mechanical, electrical) on one
or more large scale projects;
* Engineering Degree, EIT or other Technical
Qualifications; "
* Excellent analytical and problem solving skills;
Excellent oral and written communications
skills;
*Superior interpersonal and organizational
skills;
* Excellent computer skills including; MS Office,
Cad, scheduling software, or other related
software are beneficial


* Track, monitor and expedite production and
delivery of materials required for the project to
meet scheduled delivery dates.
QUALIFICATIONS
* Bachelor Arts/ Bachelor Science in related
field;
* Accredited certification is preferred;
* '-irC.nl, pre-lfr 5 .:, I1 :,ear:, ,prer,,-i irn
m ulTi :,eiplhin.-d pr-,lei:t:
:* o:tr:d ::,mmurncatir I nalTi.:31 ani
interper.:ornIal : ill'
Triorcour-h worl-,rg ri ..e;rlc.-j r I pur.:h.3sing
pc-oi':i prj):e..e. prc.ced-uriei arid lawv
rel3te-d t. erid rri .p arind :'ritr :


* Drawing document control throughout the
life ol the project
*:. ..Mndaging drawing files and assisting the
project team with drawing details, layouts,
sections and miscellaneous Autocad
drawing production;
Experience with, or ability to learn quickly
-Revit (3DBuilding Design Software); and -
Liaise and communicate with multi-
disciplined design team, good
communication and interpersonal skills a
must.


RESPONSIBILITIES:
* This is a direct support position. This position
will support the Project Management Office
on a daily basis;
* Receive and distribute correspondence, hard -
copy filing, soft copy filing, typing, preparing
minutes of meetings, scheduling meetings
and events, document preparation, organizing
the project office, and managing office
supplies.

QUALIFICATIONS:
* Bachelor of Arts Degree in Administration;


* High School Diploma with an Associate
Degree from a Technical School;
* Minimum 2 years Autocad experience in the
construction field;
* Motivated self starter willing to assist and
..partici.patein all aspects of design and
construction management.'


* 2 years of work experience in a fast paced
environment, a plus if experience in the
construction industry;
SProficient in Word, Excel, Power Point and
Outlook;
* Outstanding communication, organizational
and time management skills;
* Responsible, dedicated, motivated with a
good work ethic; and
* Able to handle stress, deadlines, and multiple
tasks competently


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


Doctors Hospital




Health Systems




appoints new chief




financial officer


- ----I----~------~~I----"--


- -- --


PAGE 2B, FRIDAY, MAY 2, 2008


WMA 4R
Or
A MA
N, HWBMM


THE TRIBUNE







THE TRIBUNE


tdo0O o




toe 00 s


* By CARA
BRENNEN-BETHEL
Tribune Business
Reporter
GRAND BAHAMA'S
struggling economy is set
to receive a much-needed
financial boost next month
when the island hosts the
second annual Just Rush
parade.
Peter Adderley, the
event's organiser, told Tri-
bune Business that while
Grand Bahama was facing
numerous challenges, he
felt the island could not
afford not to have the
parade. It is scheduled for
the Labour Day weekend.'
"Just as everyone goes to
Exuma for regatta, I want
this to be a signature event
that everyone looks for-
ward to, and people plan
their vacations around. It
is a great boost to the
whole plan of the Ministry
of Tourism to boost domes-
tic tourism, and I hope it
will be placed on the Min-
istry's calendar," he said.

Invited
Mr Adderley explained
that in addition to the top
Grand Bahamian A group,
the Swingers, the top three
New Providence groups,
The Saxons, Valley Boys
and Roots had been invited
to participate.
Each group will receive
$20,000 in seed money, and
the winner of the Parade
will receive a grand prize
of $100,000.
Mr Adderley added that
the event would have a
tremendous economic
impact on Grand Bahama.
"You have to consider


the impact to Bahamasair
and Western Air, and char-
ter flights for people com-
ing here from Nassau, and
the shipping impact as peo-
ple will be shipping their
lead pieces over. Also, a
number of Grand Bahami-
an hotels will benefit from
persons coming in from out
of town," Mr Adderley
said.
"We have booked all of
the rooms at the Xanadu
for the Saxons Group, the
Valley Boys will be staying
at the Port Lucaya Resort,
and.the Roots group is
booked at the Royal Palm
Resort."

Officials
Mr Adderley further not-
ed that the officials will be
staying between P:lican
Bay and the Royal Islander
resorts.
Ground transportion
providers are also set to
benefit, as well as vendors,
beauticians and barbers,
Mr Adderley said. .
He added that the event
bodes well for internation-
al tourism, as it exposes
summer visitors to a major
Junkanoo parade off-sea- .
son.
Mr Adderley said spon-
sorship for the event had
been incredible, with the
Grand Bahama Port
Authority, Ministry of
Tourism, Burns House and
Kalik, the Grand Bahama
Power Company, Top It
Off and Candy's Cabana all
participating.
I also feel good about
the interest that the Flem-
ing- Group has --expressed
in reviving the economy,"
Mr Adderley said.


NOTICE

BEACON PRIVATE EQUITY FUND II LIMITED

Notice is hereby given that the above-named Company
is in dissolution, commencing on the 29th day of April
2008. The Court Order has been duly registered by the
Registrar. The Liquidator is George Clifford Culmer,
C/O BDO Mann Judd, P. O. Box N-10144, 3rd Floor,
Ansbacher House, East Street, Nassau, Bahamas.

All persons having claims against the above named
Company are required on or before the 31" day of May
2008 to send their names and addresses and particulars
of their debts or claims to the Liquidator of the
Company or, in default thereof they may be excluded
from the benefit of any distribution made before such
debts are proved.

Dated this 2'" day of May 2008.

GEORGE CLIFFORD CULMER
Liquidator


LEGAL NOTICE

BEACON PRIVATE EQUITY FUND II LIMITED


NOTICE IS HEREBY GIVEN as follows:

a) The above Company is in voluntary dissolution under
the provision of Section 137 (4)obfthe Interhational
Business Companies Act, 2000

b)The Dissolution of said Company commenced on
the 291 day ofApril, 2008, when The Court Order was
submitted to and registered by the Registrar General.

c)The Liquidator of the said Company is George Clifford
Culmer of BDO Mann Judd, P. O. Box N-10144, 3d
Floor, Ansbacher House, East Street, Nassau, Bahamas.

Dated this 2" of May 2008.
7 .'tB A : Y
n ^ :i ajm.:..i:


NOTICE

POWBRIDGE PORTFOLIO INC.

Notice is hereby given that the above-named Company is,
i d.solution, commencing on the 29' day of April 2008.
Articles of Dissolution have been duly registered by the.
Registrar. The Liquidator is George Clifford Culmer. C/O
BDO Mann Judd, P. O. Box N-10144, 3"' Floor, Anshachir
House, East Street, Nassau, Bahamas.

All persons having claims against the above named Company
are required on or before the 31d day of May 2008 to send
their names and addresses and particulars of their debts or
claims to the Liquidator of the Company or, in default thereof
they may be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 2"d day of May 2008.


GEORGE CLIFFORD CULMER
Liquidator


LEGAL NOTICE

POWBRIDGE PORTFOLIO INC.

NOTICE IS HEREBY GIVEN as follows:

a) The above Company is in voluntary dissolution under
the provision of Section 137 (4) of the International
Business Companies Act, 2000

b)The Dissolution of said Company commenced on the
29th day ofApril, 2008, when its Articles of Dissolution
were submitted to and registered by the Registrar
General.

c)The Liquidator of the said Company is George Clifford
Culmer of BDO Mann Judd, P. O. Box N-10144, 3'
Floor, Ansbacher House, East Street, Nassau, Bahamas.

Dated this 2" of May 2008.

GEORGE CLIFFORD CULMER
-.-*...:, ...qu d L y ato r.:..


NAD
Nassau Airport
Development Company




NEW OPPORTUNITIES

EXCITING NEW OPPORTUNITIES AT LYNDEN PINDLING INTERNATIONAL AIRPORT


The Nassau Airport Development Company (NAD) is continuing to revitalize the current Lynden Pindling International Airport (LPIA) as we also plan for the future new
terminal developments. Following the success of the recently introduced Retail Kiosk programme, NAD is moving to further enhance its retail and service offerings to
the travelling public and airport employees. The following Requegs for Proposals (RFPs) and Expression of Interest cover three areas that our customers have identified
as essential to their experience at LPIA. These include a Service Station/Mini-Mart, Coffee Shops and Retail Carts.


NAD's goals and objectives are to:
(a) achieve a high standard of excellence and customer service;
(b) offer a mix of concepts that will help to enhance the image of LPIA as a
world class airport;
(c) offer food & beverage and retail choices to passengers at reasonable prices;

For all of the RFPs, Proponents must be Bahamian and.incorporated in The Bahamas


(d) offer a mix of local, national and international brand-name companies;
(e) develop and design food & beverage facilities that complement the
qualities of the current and new terminals while recognizing the distinctive
spirit and character of the community the airport serves; and
(f) optimize revenue to NAD.


COFFEE SHOPS

NAD is inviting proposals for TWO Coffee Shops, one in the
U.S. Departure Lounge and one in the Domestic/International
Terminal at LPIA. The successful Proponent will be required
to finance, design, develop, operate and manage the coffee
shops. The expected minimum capital investment required is
$250,000.

Proposals will be evaluated on the proponent's relative
experience; proposed design; planned merchandise/menu;
the ability to finance the capital investment required for design
and development; operating, marketing and customer service
plans; and the financial offer to NAD.

Request for Proposal packages may be picked up at NAD's
offices at the reception desk on the second floor, Domestic/
International Terminal 1 at LPIA between May 5 and May
12,2008. A mandatory pro-proposal briefing for those who
have picked up packages will be held in NAD's Boardroom
at the Airport on Wednesday, May 14th at 10:00am.


SERVICE STATION / MINI-MART

NAD Is inviting proposals for a Service Station and Mini Mart
at the corner of JFK Drive and Coral Harbour Road at LPIA. The
successful Proponent will be required to design, construct,
finance, maintain, manage and operate a service station and
mini-mart at this location.

Proposals will be evaluated based on the proponent's relative
- .experience; proposed design; the ability to finance the capital
investment required for design and development of the service
station/mini-mart facility; operating, marketing and customer
service plans; and the financial offer to NAD.

Qualified and interested parties may pick up the Request
for Proposal package at NADs office, Terminal 1 (Domestic/
International), 2nd floor, LPIA between May 5 and May 12,
2008. A mandatory pre-proposal briefing for those who
have picked up packages will be held in NAD's Boardroom
at the airport on May 21, 2008 at 10:00am.


RETAIL CARTS

NAD is inviting Expressions of Interest (EOI) for the operation
of one of six (6) Specialty Retail Carts to be located in the U.S.
Departure Lounge and the Domestic/Intemational Terminal at
Lynden Pindling International Airport. NAD will be providing
the Retail Carts.

EOI Submissions will be evaluated based on criteria which
will include, but not be limited to, uniqueness and level of
innovation of the concept, product/merchandise mix and
quality, price point, how the concept complements the existing
retail mix, etc. Submissions which, at NAD's sole discretion,
have the potential to best meet the overall retail plans for the
current terminals, address the wants of the travellers, offer the
best overall use of the retail cart program and offer the best
potential revenues to NAD will be invited to submit a more
detailed Proposal on which the final selection of the six cart
vendors will be based.

Interested parties may pick-up the Expression of
Interest package at NAD's office, Terminal 1 (Domestic/
International), 2nd floor, LPIA between May 5 and May 12,
2008.


I- --~~- I I I I I I I


-


-HIDAY, 1MAI ivI, 'I-AI iC o









PAGE 4B, FRIDAY, MAY 2, 2008


THE TRIBUNE


FROM page one

lodging component, and that
the Heads of Agreement per-
mitted this, Mr Ward said Gen-
com revisited the hotel
component around November
2007.
It came to the conclusion
that a smaller-scale hotel
:would fit in better with plans
Sto create a more residential,
low density project on Rose
Island.
As a result, Mr Ward said
the hotel would be reduced to
what was largely a three-
Sstorey structure, with a small
element possibly reaching four


'Over $100m' invested in Ritz-Carlton project


storeys, but no higher. The
Ritz-Carlton Rose Island's
hotel was also set to be relo-
cated closer, and integrated
with, the project's commercial
marina and Harbour Village
to create a "critical mass" of
consumer traffic.
Gencom has obtained
something of a unique loca-
tion with.Rose Island, able to
provide hotel guests and real
estate clients with the serenity,
security and tranquility of a


NOTICE

BEDMOND BUSINESS CO. LTD.
Incorporated under the International Business Companies Act, 2000
of the Commonwealth of The Bahamas.
Registration Number 969078
(In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution,
commencing on the 30th day of April, 2008.

Articles of Dissolution have been duly registered by the Registrar.
The Liquidator is John Robert Montagu Stuart Wortley Hunt. Persons-
having a Claim against the above-named Company are required on or
before the 31st day of May, 2008 to send their names, addresses and
particulars of their debts or claims to the Liquidator of the Company,
or in default thereof they may be excluded from the benefit of any
distribution made before such claim is proved.

Dated this 30th day of April, 2008.

John Robert Montagu Stuart Wortley Hunt
Liquidator



HELP WANTED EXECUTIVE CHEF

Executive Chef required for an upscale
restaurant doing lunch & dinner for up to 26
guests, and located on a small high-end resort
in Exuma Cays.

The position is a live-in position requiring 3
weeks on and 1 week off.
Flights to and from Nassau will be provided.
Single accommodation will be provided in A/C
ensuite room with satellite TV.

Salary is negotiable and will commensurate
with experience and qualifications.

Please provide full resume to
steve@fowlcay.com or telephone
242-357-0095 or 242-355-2046







Client Accounting Department
A reputable financial institution headquartered in Bermuda, with offices in
The Bahamas, Barbados, the Cayman Islands, Guernsey, Switzerland,
Hong Kong, Malta and the United Kingdom, Butterfield Private Bank
offers a wide range of services to local and Intemational clients.
An exciting opportunity currently exists for a results oriented self starter
with a record of professional achievements to join our dynamic Client.
Accounting team.



Core Responsibilities

* Manage the client accounting department
* Review of Financial Statements
* Preparation of monthly reports for senior management
* Ensure the implementation of standard practices relating to all .
accounting matters
* Ensure full awareness of and adherence to all applicable laws,
regulations, bank policies and procedures
* Provide training to client accounting staff

Desired Qualifications

* At least five (5) years experience in the Trust Industry
a Professional Designation of CA, CPA or relevant experience
* Excellent working knowledge of accountancy
a Client driven background, including good understanding of deadlines
* Proficient in Microsoft Office suite of products
* Strong interpersonal, communication, problem solving, project
management and customer service skills

Closing Date: May 7, 2008



Contact
Human Resources
Butterfield Bank (Bahamas) Umited
P.O. Box N-3242
Nassau, Bahamas
Fax: (242) 393 3772
E-mail: recruitment@butterfieldbank.bs
www.butterfieldbank.bs


Family Island resort experi-
ence, yet also give easy access
- via a 15-16 minute boat ride
- to all the attractions of Par-
adise Island and downtown
Nassau
Apat from the small hotel
element that might reach four
storeys, Mr Ward told The
Tribune that all other compo-
nents at the Ritz-Carlton Rose
Island the homes, harbour
village and condos would be
three storeys or less.
Mr Ward said the Govern-
ment had been "very support-
ive, very co-operative" with
Gencom, adding that based
on meetings with Prime Min-
ister Hubert Ingraham, the
Ritz-Carlton Rose Island fit-
ted perfectly with his strategy
of focusing on smaller-scale,


low-density and environmen-
tally friendly Family Island
developments.
In the wake of Baha Mar's
$2.6 billion project being
placed on hold following the
Harrah's pull-out, there had
been speculation that the
same fate had befallen the
Ritz-Carlton Rose Island, but
Mr Ward said: "That's not the
case."
He explained that the
redesign may have added to
the speculation, as the six to
nine-month timeframe would
require some consultancy,
construction and support con-
tracts to be put back.
Some elements may be
delayed by 60-90 days, others
might be delayed by slightly
more, but Mr Ward empha-


NOTICE
NOTICE is hereby given that SYLVIA FILS AIME ROLLE
of ALBURY STREET, P.O. BOX CB-12401, NASSAU,
BAHAMAS is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 2nd day of
May 2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



PUBLIC NOTICE
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, LISA DENISE GIBSON of
Pearl: Close, P.O. Box N-3697, Nassau, Bahamas, intend
to ch nge my name to LISA DENISE GIBSON WOODSIDE. If
there~ are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of the publication of this notice.




NOTICE

.ADELAIDE SHIPPING LIMITED



Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-nameld Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 15th day of April, 2008.



Peter Lally F.C.C.A.
Liquidator
of
ADELAIDE SHIPPING LIMITED


sised: "There's no termination
[of this project]."'
The fact that the Ritz-Carl-
ton Rose Island project is pro-
gressing will provide some
relief for Bahamian contrac-
tors shellshocked by the loss
of work at Baha Mar. Along
with Albany, it appears to be
the only New Providence-
based project making any
headway.
Mr Ward said Gencom
planned to complete the hotel,
harbour village and project
infrastructure "around the end
of 2011", providing a total of


600-700 jobs when fully oper-
ational. The pace of the real
estate component's build out.
depended on the home buy-
ers.
The Ritz-Carlton Rose
Island will feature some 275
home owner units, running
from 1800 square foot condos
to estate homes, with price
points from $750,000 up.
The hotel component will
feature 157 keys, some 108 of
which will go into the hotel
rental programme. The home
owners will have the option
of joining this.


Established Bahamian Company in Construction,
Service and Retail
Is looking to hire an energetic and ambitious Bahamian person as


MANAGER

Salary plus incentive scheme. Also possible share
purchase option. Reply in writing with resume
"MANAGER", P.O. Box CB-11541






















Legal Notice
NOTICE

FIRTH LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) FIRTH LIMITED is in voluntary dissolution
under the provisions of Section 137(4) of the
International Business Companies Act 2000.
(b) The dissolution of the said company commenced on
the 30th April, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.
(c) The Liquidator of the said company is Paul Evans of
Helvetia Court, South Esplanade, St. Peter Port
Guernsey.

Dated this 2nd day of May, A.D. 2008

Paul Evans
Liquidator


The Scotiabank Rate Booster Deposit
Combines the higher interest rates of a longer term
investment with the flexibility of a short term deposit.

Your interest rate increases twice during the term of your investment,
so your money is guaranteed to grow faster! Plus you have access to
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1-


BUSINESS








THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 5B


Stocks rise and

Dow crosses

13,000 as

dollar advances
* NEW YORK
Associated Press
WALL STREET shot high-
er Thursday as investors, while
anticipating another dismal jobs
report Friday, viewed the rising
dollar and falling oil prices as
promising signs for the econo-
my. The Dow Jones industrial
average soared nearly 190
points to close above 13,000 for
the first time since Jan. 3.
The dollar jumped on bet-
ter-than-expected economic
data and the Federal Reserve's
apparent resolve to monitor
inflation. The Commerce
Department said consumer
spending rose 0.4 percent in
March, more than predicted,
and the Institute for Supply
Management said U.S. manu-
facturing contracted in April
by a bit less than anticipated.
The readings were not all
positive consumer.spending
ticked higher mainly due to ris-
ing energy and food prices. The
ISM's report also indicated that
companies are hurting from
climbing costs.
But the dollar, which has
recently strengthened after a
protracted decline, rallied any-
way, pushing the euro down
more than 1 percent to $1.5461
in late trading. Trading was
thin, with major currency mar-
kets in London and elsewhere
closed for the May Day holi-
day, but the dollar's advance
helped crude oil fall briefly
near $110 a barrel and then set-
tle at $112.52. That alleviated
some of the inflation-related
anxieties in the market, given
that crude recently traded at a
record near $120 a barrel.
"I don't know if it's all
turned around, but I think oil
got out of control," said Todd
Leone, managing director of
equity trading at Cowen & Co.
The Dow rose 189.87, or 1.48
percent, to 13,010.00, after
briefly rising more than 200
points. It hadn't closed above
13,000 since Jan. 3, when it end-
ed at 13,056.72; the Dow is'still
down 8.15 percent from its
record close of 14,164.53,
reached Oct. 9, 2007, before
the brunt of the credit crisis hit
Wall Street.
Broader stock indicators also
enjoyed a significant advance
Thursday.
The Standard & Poor's 500
index rose 23.75, or 1.71 per-
cent, to 1,409.34 its first set-
tlement above 1,400 since Jan.
14. The Nasdaq composite
index climbed 67.91, or 2.81
percent, to 2,480.71, its highest
close since Jan. 10.
The dollar's rise came a day
after the Fed lowered key inter-
est rates by a quarter-point, but
indicated the economy should
keep growing moderately,
while inflation is the growing
concern.
"What we're seeing is that
maybe the economy is not
falling off a cliff, but perhaps
leveling off," said Peter Cardil-
lo, chief market economist at
New York-based brokerage
house Avalon Partners Inc. "I
think the Fed (rate-cutting
campaign) is over with, even
though the Fed's statement did-
n't say that."
The economic assessment
statement accompanying the
Fed's rate decision was unclear
about its policy going forward,
but it has been widely believed
that the central bank will pause
following a string of cuts that
lowered rates by 3 percentage
points since last summer.
On Thursday, banks, home-
builders, chip makers and
retailers surged, after getting
battered earlier this year due
to worries about the mortgage
crisis and its effect on the glob-
al economy.
Bond prices fell. The yield
on the benchmark 10-year
Treasury note, which moves
opposite its price, rose to 3.77
percent by late trading from
3.73 percent late Wednesday.
As the dollar moved higher
against other currencies, gold
prices dropped.
Investors are predicting
another gloomy reading on
U.S. employment on Friday.
The Labor Department's
report is expected to show a
75,000 net loss in jobs for April
- which would be the fourth


straight month of losses and
a rise in unemployment to 5.2
percent from 5.1 percent in
March.
In a negative sign ahead of
that data, the government said
Thursday the number of newly
laid off workers filing claims
for unemployment benefits
increased by a greater-than-
expected 35,000 last week.
However, with the govern-
ment sending stimulus checks
to taxpayers and Fed rate cuts
still working their way through
the financial system, many
investors are focused on the
second half of the year, when
they are betting the economy
will rebound.


Baha Mar unveils management deal




for the Wyndham Nassau Resort


BAHA MAR Resorts yes-
terday announced it had
signed an agreement with
Wyndham Hotels and
Resorts to manage its 850-
room Wyndham Nassau
Resort on the Cable Beach
strip.
Wyndham Hotels and
Resorts will manage and
oversee the resort's daily
operations, and provide
comprehensive operations,
sales, marketing, revenue
management and food and
beverage support. The prop-
erty will still be owned by
Baha Mar Resorts.
Robert Sand, Baha Mar's
executive vice-president of
governmental affairs and
external relations, said the
management agreement
with Wyndham would
replace the previous fran-
chise agreement with the
brand.

Agreement

Under the franchise
agreement, Baha Mar was
responsible for management
and control of the Wynd-
ham's employees, but that
responsibility is now being
handed back to Wyndham.
When asked why Baha
Mar had switched to a man-
agement agreement, Mr
Sands explained: "We've
always been a company that
owns, and not manages. It
was foreshadowed with the


Lip


big Baha Mar project, where
Starwood was the hospitali-
ty partner.
"A management agree-
ment brings the level of
commitment to ensure
brand standards are met,
and that we continue to
achieve or exceed customer
expectations."
Baha Mar hag invested
$50 million in capital
improvements at the Wyn-
dham Nassau Resort since
it acquired the property
from billionaire investor
Philip Ruffin in April 2005.
"Wyndham Hotels and
Resorts is well-known for its
top hospitality service, and
we look forward to working
with them to continue to
provide our guests with an


NOTICE
NOTICE is hereby given that FRESNEL METRLIUS of
MONTELL HIEGHTS, 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 2nd day of May 2008
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that PETER MARTIN
DRONSFIELD of GREAT HARBOUR DRIVE, GREAT
HARBOUR CAY, BERRY ISLAND, 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.


Legal Notice


NOTICE


PEMANCHA HEIGHTS INC.
t-
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
27th day of March 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.




ARGOSA CORP. INC.
(Liquidator)




Legal Notice


NOTICE


CENTRAL PRIME PARTNERS INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
12th day of March 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.




ARGOSA CORP. INC.
(Liquidator)
r


enjoyable vacation experi-
ence during their stay in
Cable Beach," said Don
Robinson, Baha Mar
Resorts president.
"We are very excited to
begin operations at the
Wyndham Nassau Resort,"
said Peter Strebel, president
of Wyndham Hotels and
Resorts.
"We are taking a popular
property in a great location
and making it even better
by adding Wyndham service
standards and a number of
physical improvements."
To oversee the new man-
agement agreement, Wynd-
ham Hotels and Resorts has
named Jeffry Humes as the
Cable Beach resort's man-
aging director.
Mr Humes will Work with
the current management
team to ensure a smooth
transition.
An industry veteran with
more than 30 years experi-
ence, he has held various
management positions with-
in the hospitality and gam-
ing industries as a consul-
tant and operations director
for a number of properties


in the US and the
Caribbean, such as the
Trump Taj Mahal Casino
Resort and Bally's Grand
Casino Hotel, Atlantic City;
Condado Plaza Hotel and
Casino, Puerto Rico; Pink
Sands Resort, Harbour
Island; and Coconut Bay
Beach Resort and Spa, St.
Lucia.

Renovation

After Baha Mar's pur-
chase, the Wyndham Nassau
resort completed a top-to-
bottom renovation of the
lobby, public spaces, exteri-
ors, and guest rooms each
outfitted with new flat
screen televisions and in-
room refrigerators. The
resort's family-friendly pool
and. giant waterslide were
also re-vamped.
Two of the resort's restau-
rants were also remodelled,
the most recent being the
casual dining Seaside Buf-
fet, and prior to that the
new Asian-fusion -restau-
rant, Moso.
The resort's 30,000 square


THE WESTIN
GRAND BAHAMA ISLAND
OUR LUCAYA
Resort


feet of meeting space has
also been upgraded with
new furniture, carpet and air
conditioning system.
Baha Mar plans addition-
al improvements and
enhancements to the Wynd-
ham.
These include the addition
of the Wyndham brand's sig-
nature Be Well bedding
package and Michael
Graves-designed room
amenities, including alarm
clock/radio with an
mp3/iPod" adapter and cof-
feemakers.
The property will also add
the brand's new combina-
tion caf6, barista and food
mart, named Eat. Refresh.
Live. a coffee bar and
breakfast service area that
can be transformed into a
cocktail bar with casual din-
ing at night. Renovations
to the resort's pool, cabanas
and beach facilities are also
planned.
The Wyndham Nassau
Resort also houses the
30,000-square-foot Crystal
Palace Casino, which Baha
Mar will continue to own
and operate.


.%

Sheraton
Grand Bahama Island
OUR LUC'AYA
RESORT


EXCELLENT CAREER OPPORTUNITY EXIST FOR



Director of Engieeng Director of Golf
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 compekpce.itplaypg,thegme.p ~,e position jgvolves working
engineering, inclusive of mechanical, electrical, HVAC with a team of dedicated teaching professionals within a golf
systems and related equipment in accordance with energy school and the daily management of two 18-holes golf courses.
conservation and preventative programs. ...


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.


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.


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 hoiel's "fine dining" room, train operations and will train and supervise staff and monitor
and supervise staff and monitor food quality, food quality.


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
preferred.


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
preferred.


Assistant Controller 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.


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.


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.


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 indoor/outdoor with emphasis on
plated and modem buffet set up techniques.


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:
ourlucavaiobs(&?starwoodhotels.com
The Westin and Sheraton Grand Bahama Island Our Lucaya Resort
Attn: Human Resources
P.O. Box F-42500
Freeport, Grand Bahama


I BUSINESS -I










PE FR Y A20T B


FROM page one

laws and procedures, intellec-
tual property rights protec-
tion and competition policy.
And "access to specialised
services provided by foreign
service providers is, in some
cases, unnecessarily difficult
and expensive".
Through its EPA commit-
ments and obligations, the
Bahamas will be required to
at some point in the future
address all these issues, as
currently they undermine this
nation's economic competi-
tiveness and attraction for
investors. This is especially
acute when it comes to
attracting key, highly-skilled,
specialised foreign services
providers.
"There are valid causes for
concern about the ongoing
competitiveness of the
Bahamian economy relative
to its Caribbean neighbours
in the 21st century," Mr Sills
wrote.
"Cost structures, to a large
degree exacerbated by the
very high tariffs that prevail
on imports of necessary for-
eign goods, are out of line in
comparison with neighbour-
ing countries."
Mr Sills is the Governmen-
i.


EPA to deal with 'valid concerns'


t's lead, trade adviser, who
played a significant role in
crafting this nation's services
and market access' offers on
the EPA, and is developing
the Memorandum of Trade
Regime that will form the
basis of negotiations on the
Bahamas' accession to full
membership of the World
Trade Organisation (WTO).
"Certain competing juris-
dictions such as Bermuda and
the Caymans have already
effectively displaced' the
Bahamas as jurisdictions of
choice for certain off-,shore
financial services," Mr Sills
added in the document..
"Tourist arrivals in the
Bahamas have remained stat-
ic for a number of years,
while other countries are
posting double digit increases.
The Bahamas largely no
longer competes in the
Caribbean mass-market
tourism sector, which ha's
been taken over by the
Dominican Republic, Jamaica
and Cuba."
Mr Sills said regional com-
petitors were using interna-
tional trade agreements to
preserve and enhance their
competitiveness, pointing to


NOTICE
NOTICE is hereby given that DONALD RONALD
RHODEN of #20 SHIRLEY PARK AVENUE, P.O.
BOX N-8919, 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 2nd day of May 2008 to the
Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


Opening: Saturday, May 3rd -10 a.m.- 7 p.m.


SHARP, AMBITIOUS, ENERGETIC AND ENTHUSIASTIC
You could be'who we're looking for...
Harborside Resort at Atlantis is Recruiting for the following positions;


- Human Resources Director
- Al Marketing Manager
- Marketing Executives
WHAT YOU.CAN EXPECT:-
Extremely competitive basic sal
Top end commission rates
On-going rewards and Incentive
Full Health Insurance
Paid vacation time


- Senior Marketing Manager
- Sales Training Manager
- Sales Executives


Management development program for top performers who.shine
You could be who we're looking for...
Find out how you can join the team at Harborside Resort at Atlantis by
contacting us at;
The Recruiter
Harborside Resort at Atlantis
Fax: 363-6822
Email: HRArecruitment@starwoodvo.com
Or Deliver the resume to:
Human Resources Department
Marine One Building. Marina One Drive
Paradise Island
Spread your wings aind oar to new heights with a prosperous career at
Hirholrside Resort at Atla tis. where we hire for Attitude, Train for skills and
The Benefits are Stella!



HARBORSIDE IE
RESORT

ATLANTIS
.4- 3F


the Dominican Republic's
participation in the US-CAF-
TA trade agreement, and the
web of double taxation,
investment and trade agree-
ments Barbados had negoti-
ated for itself.
The Bahamas, by contrast,


had no trade agreements to
protect its economic interests.
Mr Sills said signing the EPA,
and joining the WTO, would
bind the Bahamas into a
rules-based trading system
that would provide "a defence
against any unjustified unilat-


Minimum wage rise

FROM page one
as it is without aggravating that."
Mr Nutt questioned how many working Bahamians and their
families would be aided by an increase in the minimum wage,
explaining that when the Act was introduced in 2002, he was told
only 5 per cent of the Bahamian workforce was impacted by it.
"I was told that when the Minimum Wage Act was introduced,
it affected only about 5 per cent of the working population," Mr
Nutt said.
"Up until 2002; there was no minimum wage in the Bahamas, and
at the time when the Act came into force, only 5 per cent of the
workers were paid lower amounts than the minimum wage. Their
wages had to be increased to comply with the legislation. The per-
centage of people at the minimum wage level is a small percentage."
With increasing energy and food costs taking larger and larger
chunks out of Bahamian salaries, many people are seeing their dis-
posable income sharply reduced.
In addition, inflation and the increased cost of living have left
many Bahamians in the lower and middle classes struggling to
meet all their commitments, such as mortgage, credit card and
consumer loan repayments, and pay utility bills. All this is causing
social and economic hardship in many Bahamian communities,
and leading to pressure by employees for their employers to match
the increased cost of living with salary rises.
Many Bahamian companies, though, with costs rising faster than
sales, and revenues and client demand down, would themselves
struggle to meet such demands.
Obie Ferguson, the Trades Union Congress (TUC) president,
acknowledged in Thursday's Tribune Business that the increased
cost of living was causing pressure for increased salaries to be
negotiated in industrial agreements.
"It's a situation where any increase is given to some staff, other
staff will be looking for an increase as well. It's just human nature,"
Mr Nutt said, indicating that increasing the minimum wage would
also cause other staff to demand salary rises.
Mr Nutt described the economic climate facing Bahamian com-
panies as "a very scary situation", as they were not only facing soar-
ing fuel prices with global oil costs hitting a record "every other
day", but a declining US$ when compared to other international
currencies.
Many Bahamian companies were unable to absorb increased
operational costs in their margins, and were having to pass at least
a percentage on to their customers.



NOTICE

SYDNEY SHIPPING LIMITED



Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 15th day of April, 2008.



Peter Lally F.C.C.A.
Liquidator
of
SYDNEY SHIPPING LIMITED






STATEMENT OF DISSOLUTION

OF


LORDLY LIMITED



Pursuant to Section 137 (6) of the International Business Act
of 2000, we hereby submit that winding up and dissolution of
Lordly Ventures Limited has been completed on this 22nd day of
April 2008.






PMpeBoroa


eral action by another WTO
member, or members, against
Bahamian economic interests.
"Currently, the Bahamas
has no trade agreements
whatsoever to defend its
interests in the face of retal-
iatory economic measures
that another country may
choose to take against it."
.Mr Sills added: "Further,
the Bahamas currently has no
input into the shaping of the
rules that govern internation-
al trading of goods and ser-
vice. It is the only country in
this hemisphere that is not a
member. Globally, it shares
this distinction of non-mem-
bership in the WTO with a
number of pariah states for
example, North Korea, Iran
and Iraq."
Accession to the WTO and
signing the EPA would give
the key Bahamian services
industries, tourism and finan-
cial services, "lower input
costs", strengthening them
and the economy's overall
competitiveness.
Mr Sills also dedicated a
section to Immigration, argu-
ing that the EPA "does not
weaken Bahamian immigra-
tion laws and regulations",
and is not a 'backdoor' into
the CARICOM Single Mar-
ket & Economy (CSME).
"This is in no way a proxy
for a CSME agreement that
many Bahamians fear would
lead to an influx of unem-
ployed workers from other


Caribbean states," Mr Sills
wrote.
"To the extent that it liber-
alises entry of foreigners, it
does so only in relation to a
limited class of foreign ser-
vice providers as defined by
the agreement, with contracts
or employment to provide
services on a temporary basis
for a strictly defined period
of time. It in no way deals
with permanent immigration
visas, nor does it allow the
unemployed from Europe or
the Caribbean to come to the
Bahamas to look for work."
A key benefit, Mr Sills said,
was that the EPA preserved
duty-free market access for
Bahamian crawfish and poly-
styrene exports to the EU
totalling between $60-$100
million per annum.
The potential to grow both
these industries and other
export sectors came from the
fact that the EU was a trading
bloc of 457 million consumers
in 27 countries, with an aver-
age GDP per head of $23,500.
"The EPA (and WTO
accession down the road) pro-
vide the Bahamas with a solid
base on which to build and
nurture its developing inter-
national service industries,
and will encourage and pro-
vide benchmarks for the Gov-
ernment and the private sec-
tor'to make the changes
necessary to meet global com-
petition," Mr Sills con-clud-
ed:


NOTICE
NOTICE is hereby given that GARRY R. MARKHAM
of RUBY AVENUE, CABLE BEACH, P.O. BOX N-
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.



STATEMENT OF DISSOLUTION

OF


LORDLY LIMITED



Pursuant to Section 137 (6) of the International Business Act
of 2000, we hereby submit that winding up and dissolution of
Lordly Ventures Limited has been completed on this 22nd day of
April 2008.






PRppeBaorow


Legal Notice
NOTICE

RYDE LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) RYDE LIMITED is in voluntary dissolution
under the provisions of Section 137(4) of the
International Business Companies Act 2000.
(b) The dissolution of the said company commenced on
the 30th April, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.
(c) The Liquidator of the said company is Paul Evans of
Helvetia Court, South Esplanade, St. Peter Port,.
Guernsey.

Dated this 2nd day of May, A.D. 2008


Paul Evans
Liquidator






NOTICE.

PERTH SHIPPING LIMITED



Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 15th day of April, 2008.



Peter Lally F.C.C.A.
Liquidator
of
PERTH SHIPPING LIMITED


i3adc~ tw 0Tme


~yc/ej~


*a9ia{eo$4 6tt/lccae



Vintage And Antique Items:
Excellent gifts for Mother's Day!


2 doors left off Sears Road
on Murphyville


Telephone No: 242-322-8493


NOTICE

MELBOURNE SHIPPING LIMITED



Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 15th day of April, 2008.



Peter Lally F.C.C.A.
Liquidator
of
MELBOURNE SHIPPING LIMITED


PAGE 6B, FRIDAY, MAY 2, 2008


C(wAza


THE TRIBUNE








THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 7B


FIRST OVERSEAS BANK LIMITED
BALANCE SHEET
AS OF DECEMBER 31, 2007
(Expressed in United States dollars)
NOTES 2007 2006
ASSETS
Cash and due from banks 15 $ 7,999,551 $ 25,318,080
Interest bearing deposits with banks 3,502
Debt and equity securities 4, 6 30,137,701 35,937,786
Repurchase agreements 7 9,536,985 48,710
[oans and advances 5,8 782,478 604,845
Settlement balances 8,14 50.451,599 10,201,366
Forward contracts 10 20,277
Accrued interest receivable 6,011 4,770
Accrued mandates commissions receivable 1,376 1,903
Long-term investments 15 *. 2,415,163 2,488,266
Other assets 5,735,895 5,452,596
TOTAL ASSETS $107,066,759 $ 80,082,101

LIABILITIES AND EQUITY
LIABILITIES
Customers' interest bearing deposits
Demand and call 9 $ 9,559,035 $ 7,448,883
Time 9 56,288,157 56,770,242
Accrued interest payable 14 187,874 186,426
Forward contracts 10 421,524
Settlement balances 9 26,707,828
Other liabilities 47,324 -
TOTAL LIABILITIES 93,211,742 64,405,551
EQUITY
Share capital 11,12 10,000,000 10,000,000
Retained earnings 3,855,017 5,676,550
TOTAL EQUITY 13,855,017 15,676,550
TOTAL LIABILITIES AND EQUITY $107.066,759 $ 80,082,101
Memorandum accounts 13 $ 23,751,029 $ 14,263,400
The accompanying notes from I to 17 form an integral part of these financial statements.

These financial statements were approved on behalf of the Board on ___
and authorized for issue and signed on its behalf by:


Director Director

\, /

FIRST OVERSEAS BANK LIMITED
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31,2007


1. INCORPORATION AND ACTIVITY

Offshore Trust Banking Corporation Limited was incorporated under the laws of the
Commonwealth of The Bahamas on November 23, 1981 and was granted a license under The
Banks and Trusts Companies Regulation Act 1965 (as amended). The Bank's name was
changed on July 27, 1994 to First .Overseas Bank and Trust Company limited and on
February 15, 1995 to First Overseas Bank Limited ("the Bank").

The Bank's principal activity is the provision of offshore banking services, including buying
and selling securities issued by the Argentine government and private Argentine companies.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The Bank had four (4) employees at December 31, 2007 (December 31. 2006: 3 (three)
employees).


2. ADOPTION OF NEW AND REVISED STANDARDS

a. Standards and interpretations effective in the current period
SIn the current period, the Bank adopted IFRS 7 Financial Instruments: Disclosures which
is effective for annual reporting periods beginning on or after January 1, 2007. and the
consequential amendments to IAS 1 Presentation ofFinancial Statements.

The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to change Ihe
disclosures provided in these financial statements regarding the Bank's financial
instruments and management of capital.

b. Standards and interpretations not yet effective at December 31, 2007.
The Bank has concluded that the following standards and interpretations, which are issued
but not effective,.are not relevant to its operations.
IFRS 8 Operating Segments (effective for annual periods beginning on or after
January 1, 2009)
IFRIC 11 Group and Treasury Share Transactions (effective for annual period.
beginning on or after March 1, 2007)
IFRS 12 Service Concession Arrangements (effective for annual periods beginning on
or after January 1, 2008)
IFRIC 13 ... Customer loyalty Programmes (effective for annual periods beginning on or
after July 1, 2008)
IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and
their interaction (effective for annual periods beginning on or after January 1. 2008)


3. THE SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies:

a) Statement of compliance These financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS") promulgated by the
International Accounting Standards Board (IASB).

b) Basis ofpreparation The financial statements are expressed in United States dollars. The
financial statements have been prepared under the historical cost convention, except for
certain financial assets and financial liabilities which have been measured at fair values.

c) Functional and presentation currency The financial statements are presented in United
States dollars ("US"), which is the Bank's functional currency.

d) Foreign currency translation Transactions in foreign-currencies are translated at exchange
rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated
in foreign currencies at the reporting date are translated to the functional currency at the
exchange rate at that date.

e) Use of estimates and judgements The preparation of financial statements in conformity
with IFRS requires management to make estimates and assumptions that affect amounts
reported. Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or inr the period of the revision and future periods if the
revision affects both current and future periods.


Judgments made by management in the application of IFRS that have significant effect on
the financial statements and estimates with a significant risk of material adjustment in the
next financial year are discussed below:

> Impairment losses on loans and advances In determining amounts recorded for
impairment of loan and advance losses in the financial statements, management
makes judgements regarding indicators of impairment, that is, whether there are
indicators that suggest there may be a measurable decrease in the estimated future
cash flows from loans, for example, repayment default and adverse economic
conditions. Management also makes estimates of the likely estimated future cash
flows from impaired loans and advances as well as the timing of such cash flows.
Historical loss experience is applied where indicators of impairment are not
observable on individual significant loans and loan portfolio with similar
characteristics, such as credit risk.

The methodology and assumptions used for estimating both the amount and
timing of future cash flows are reviewed regularly to minimize any differences
between loss estimates and actual loss experience.


f) Cash and due from banks -- Cash and cash equivalents consist of cash and due from bank.

g) Financial assets atfair value through profit or loss Financial assets at fair value through
profit or loss include the Republic of Argentina government bonds, shares in Argentine
companies, debentures and foreign debt instruments. Debt and equity securities are stated
at fair value.

h) Financial instruments

The Bank classifies its financial assets into the following categories:

a) Financial assets at fair value through profit or loss
b) Loans and advances
c) Held-to-maturity investments

Management determines the classification of its investments at initial recognition.

a) Financial assets at fair value through profit or loss

This category comprises financial assets held-for-trading. A financial asset is
classified in this category if acquired principally for the purpose of selling in the short
term or if so designated by management. Derivatives are also categorised as held-for-
trading unless they are designated as hedges.

b) Loans and advances

Loans and advances are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market.

Loans and advances are subject to provisions for credit losses that are established by
charges against income. Management's periodic evaluation of the adequacy of the
provision is based on the Bank's past credit loss experience, known and inherent risks
in the portfolio, adverse situations that may affect the borrower's ability to repay, the
estimated value of any underlying collateral, and current economic conditions.

c) Held-to-maturity investments

leld-to-maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturities that the Bank's management has the
positive intention and ability to hold to maturity. Were the Bank to sell other than an
insignificant amount of held-to-maturity assets, the entire category would be tainted
and reclassified as available-for-sale.

All purchases and sales of financial assets at fair value through profit or loss and held-
to-maturity investments financial assets that require delivery within the time frame
established by regulation or market convention are recognized at settlement date, which
is the date that an asset is delivered to or by the Bank. Otherwise such transactions are
treated as derivatives until settlement occurs. Loans and advances are recognized when
cash is advanced to borrowers.

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

Unquoted equity instruments for which fair values cannot be measured reliably are
recognized at cost less impairment.

Dividends are recorded on the accrual basis when declared.

i) Offsetting financial instruments Financial assets and liabilities are offset and the net
amount reported in the balance sheet when there is a legally enforceable right to offset the
recognized amounts and there is an intention' to settle on a net basis, or realise the asset and
settle the liability simultaneously.

j) Sale and repurchase agreements Securities sold subject to repurchase agreements ,
reposos') are reclassified in the financial statements as pledged assets when the transferee
has the right by contract or custom to sell or repledge the collateral; the ccinterparty
liability is included in amounts due to other banks, deposits from banks, other deposits or
deposits due to customers, as appropriate. Securities purchased under agreements to resell
('reverse repos') are recorded as loans and advances to other banks or customers, as
appropriate. The difference between sale and repurchase price is treated as interest and
accrued over the life of the agreements using the effective interest method. Securities lent
to counterparties are also retained in the financial statements.

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

Delinquency in contractual payments of principal or interest; .
Cash flow difficulties experienced by the borrower (for example, equity ratio, net
income percentage of sales);
Breach of loan covenants or conditions;
Initiation of bankruptcy proceedings;
Deterioration of the borrower's competitive position;
*" Deterioration in the value of collateral; and
Downgrading below investment grade level.

If there is objective evidence that an impairment loss on loans and advances or held-to-
maturity investments carried at amortised cost has been incurred, the amount of the loss is
measured as the difference between the carrying amount and the recoverable amount, being
the estimated present value of expected cash, flows, including amounts recoverable from
guaranteesand collateral, discounted based on the original effective interest rate.

When a loan is uncollectible, it is written off against the related provision for impairment;
subsequent recoveries are credited to the provision for credit losses in the statement or
income. If the amount of the impairment subsequently decreases due to an event occurring
after the write-down, the release of the provision is credited to loan loss impairment in the
statement of income.

For the purposes of a collective evaluation of impairment, financial assets are grouped on
the basis of similar credit risk characteristics (i.e., on the basis of the Bank's grading
process that considers asset type, industry, geographical location, collateral type, past-due
status and other relevant factors). Those characteristics are relevant to the estimation of
future cash flows for groups of such assets by being indicative of the debtor's ability to pay
all amounts due according to the contractual terms of the assets being evaluated.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease
can be related objectively to an event occurring after the impairment was recognized (such
as an improvement in 'the debtor's credit rating), the previously recognized impairment loss
is reversed by adjusting the allowance account. The amount of the reversal is recognized in
the income statement in impairment charge for credit losses.
1) Recognition of income Income and expenses are recognized on an accrual basis. Income
and expenses arising from forward contracts are recognized using the accrual method
during the term of the contract, by comparing the spot value of the contract with its market
value. The forward position is appraised at the market value.

m) Earnings per share Earnings per share is computed by dividing the net income by the


weighted average number of shares outstanding at the end of the year.

n) Comparative information Where necessary, comparative figures have been reclassified to
conform with changes in presentation in current year.
(Concluded)
4. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets at fair value through profit or loss are as follows:
2007 2006

Government bonds (Note 5) $ 14,505,414 $ 32,184,493
Extemal debt instruments (Note 5) 1 1
Shares 10,710,162 501,408
Corporate bonds 4,922,124 3,251,884
$ 30,137,701 $ 35,937,786


. ..


I







THE TRIBUNE


E 8B, FRIDAY, MAY 2,
2008
Geo ra hical concentrate I


ticoffravoiclu concentratiI-. I


I


5,

















6.

















7.
















7.











8.





10


MATURITIES OF RELEVANT LIABILITIES AND GEOGRAPHICAL CONCENTRATION

9.1. BALANCES AT DECEMBER 31, 2007


Sight and Time Settlement
: call deposits deposits balances Total
Maturity ladder
Up to I month $ 9,559,035 $ 28,311,421 $ 26,707,828 $ 64,578,284
From I to 6 months 21,517,901 21,517,901
From 6 months to 1 year 6,458,835- 6,458,835
Total $ 9,559,035 $ 56,288,157 $ 26,707,828 $ 92,555,020

Geographical concentration
South America $4,537,264 $ 52,729,970 $ 22,136,546 $ 79,403,780
Europe 22,585 22,585
Caribbean 4,623,621 941,923 39,300 5,604,844
North America 398,150 2,616,264 4,509,397 7,523,811
Total S 9,559,035 $ 56,288,157 $ 26,707,828 $ 92,555,020


92 BALANCES AT DEC 6


VUALkAJq-" A I IPMX EI UM -51, MUDVW
Sight and Time Settlement
call deposits deposits balances Total
Maturity ladder
Up to 1 month $7,448,883 $ 31,369,746 $ $38,818,629
From 1 to 6 months 23,789,202 23,789,202
From 6 months to 1 year 1,575,075 1,575,075
More than 1 year 36,219 36,219
Total $ 7,448,883 $ 56,770,242 $ $ 64,219,125


. LOANS AND ADVANCES

Loans and advances consist of the following:
2007 2006

Guaranteed loans $ 640,443 $ 611,003
Unguaranteed loans 150,000-
Provision for doubtful debts (7,965) (6,158)
$ 782,478 $ 604,845

Movement in provision for impairment
Beginning balance $ 6,158 $ 6,134
Bad debts written off 1,807 24
Ending balance S. 7,965 $ 6,158


. BONDS AND DEBT INSTRUMENTS WITH FOREIGN GOVERNMENTS

Bonds and debt instruments with foreign governments are as follows:
2007 2006
Foreign government bonds
Bonds $ ,7,728,704 $ 24,100,17*
Bonds received on loan 6,776,710 8,084,319
Total S 14,505,414 $ 32,184,493

External debt instruments
Venezuela Rep. $ 1 1
U.S. Treasury
Total $ 1 1


REPURCHASE AGREEMENTS

Repurchase agreements comprise:

Balances at December 31, 2007
Capital Premium Future Value
462,000 225 $ 462,225
9,015,108 59,652 9,074,760
9,477,108 59,877 9,536,985
Securities (9,308,250)
Total '$ 228,735
These securities are valued at 5,000,000 "Valores negociables PBI (2035) which is equivalent to
$678,500 United States Dollars.


REPURCHASE AGREEMENTS (Cont'd)

Repurchase agreements comprise:

Balances at December 31,2006
Capital Premium Future Value
726,000 1,210 727,210
Securities (678,500)
Total 48,710'

MATURITIES OF RELEVANT ASSETS AND GEOGRAPHICAL CONCENTRATION

S1 RAI.ANCES AT DECEMBER 31.2007


South America
Europe
Caribbean


$ 4,844,732 $ 53,262,808 $


1,926,840
f.'7' 11 1


1,832
;A ,n; 1


- $ 58,107,540


1,928,672
A I OR 'lI


11. SHARE CAPITAL

The authorized, issued and outstanding share capital of the Bank consists of 10,000 ordinary
shares of US$1,000 each. At the Annual Shareholders' Meeting on. April 23, 2007, a dividend
of US$550,000 was declared and paid.

12. CAPITAL REQUIREMENTS

The Bank is subject to the regulations of the Central Bank of The Bahamas ("Central Bank").
These regulations, which are subject to interpretation by the Central Bank, establish guidelines
to evaluate the capital adequacy of the institutions incorporated in The Bahamas. The Central
Bank has established minimum risk-based capital ratios. As at December 31, 2007 the Bank's
management is of the opinion that the Bank meets the established minimum ratios established
by the Central Bank.


13. MEMORANDUM ACCOUNTS

Composition:


1


2007 2006

Bonds received for custody $ 16,499,252 $ 5,165,113
Guarantees received 902,888 845,674
Mandates 6,348,889 8,252,613
$ 23,751,029 $ 14,263,400


4I REL ATED.F PARTIESg


Balances with Banco Maiiva S.A. (Argentia) and other related parties are as follows:
2007 2006
ASSETS:
Cash and due from banks $ 664,280 $ 427,230
Debt and equity securities 19,333,786
Loans and advances 2,932
Settlement balances 26,239,873 (410,889)
Long-term investments 2,415,163 2,488,267
Other assets 1,815 -
$ 48,654,917 $ 2,507,540
LIABILITIES:
Clients' interest bearing deposits $. 12,812,911 $ 14,017,999
Accrued interest payable 25,452 32,802
Trading equity securities to settle 26,187,605
Settlement balances 19,296,659 -

$ 58,322,627 $ 14,050,801
MEMORANDUM ACCOUNTS:
Values in custody $ 7,175,701 $ 1,293,914
Guarantee received in shares 902,888 845,674
Mandates 241,787 538,367

$ 8,320,376 $ 2,677,955


PAG


10.


7.A.


--"


Loans and Settlement
; I ,, ~ .,,,,,.. . ,.... p ..... = "" ". ...'.. ..ls,. a .....,< i, .Tptal


Up to !month $. $ 50,451,599 $ 50,451,599
From 1 to 6 months 632,478 632,478
From 6 months to 1 year -
More than 1 year 150,000 150,000
Total $ 782,478 $ 50,451,599 $ 51,234,077
Geographical concentration
South America $ 782,478 $ 29,330,811 $ 30,113,289
North America .21,036,066 21,036,066
Caribbean 25,862 25,862
Europe 58,860 58,860
Total $ 782,478 $ 50,451,599 $ 51,234,077

2. BALANCES AT DECEMBER 31,2006
Loans and Settlement
advances balances Total
Maturity ladder
Upto month $ $ 10,201,366 $ 10,201,366
From 1 to 6 months 604,845 604,845
From 6 months to 1 year
More than 1 year
Total $ 604,845 $ 10,201,366 $ 10,806,211

Geographical concentration
South America $ 604,845 $ 38,642 $ 643,487
NorthAmerica 133,911 133,911
Caribbean 23,482 23,482
Europe* 10,005,331 10,005,331
Total $ 604,845 $ 10,201,366 $ 10,806,211


a r


a


North America o/6,311 3,J,,O0 %4,1io,71
Total $ 7,448,883 $ 56,770,242 $ $ 64,219,125


FORWARD CONTRACTS

10.1. BALANCES AT DECEMBER 31,2007
Amount in Values to
US$ receive (give)
Amount arranged Amount arranged Total

Sales $ 4,546,172 $ (5,254,120) S (707,948)

Purchases (1,053,600) 1,340,024 286,424
$ 3,492,572 $ (3,914,096) $ (421,524)

10.2. BALANCES AT DECEMBER 31,2006
Amount in Values to
US$ receive (give)
Amount arranged Amount arranged Total

Sales $ 2,056,489 $ 2,038,200 $ 18,289
55,093 51,595 3,498
44;738 48,682 (3,944)

Purchases 46,248 (48,682) 2,434
Total $ 2,202,568 $ 2,089,795 $ 20,277


15. FINANCIAL RISK MANAGEMENT

i. Strategy in using financial instruments

By its nature the Bank's activities are principally related to the use of financial instruments.,
The Bank accepts deposits from customers at both fixed and floating rates and for various
periods and seeks to earn above average interest margins by investing these funds in high
quality assets. The Bank seeks to increase these margins by consolidating short-term funds
and lending for longer periods at higher rates whilst maintaining sufficient liquidity to meet
all claims that might fall due.
The Bank also seeks to raise its interest margins by obtaining above average margins, net of
provisions, through lending to commercial and retail borrowers with a range of credit
standing. Such exposures involve not just on-balance sheet loans and advances but the Bank
also enters into guarantees and other commitments such as letters of credit and performance
and other bonds.

ii. Credit risk

The Bank takes.on exposure to credit risk which is the risk that a counterpart will be unable
to pay amounts in full when due. The Bank structures the levels of credit risk it undertakes
by placing limits on the amount of risk accepted in relation to one borrower, or groups of
borrowers, and to geographical and industry segments. Such risks are monitored on a
revolving basis and subject to an annual or more frequent review.

The exposure to any one borrower including banks and brokers is further restricted by sub-
limits covering on and off-balance sheet exposures and daily delivery risk limits in relation
to trading items such as forward foreign exchange contracts. Actual exposures against limits
are monitored weekly.

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

The Bank maintains strict control limits on net open derivative positions, that is, the
difference between purchase and sale contracts, by both amount and term. At any one
time the amount subject to credit risk is limited to the current fair value of instruments
that are favorable to the Bank (i.e. asset), which in relation to derivatives is only a small
fraction of the contract or notional values used to express the volume of instruments
outstanding. The credit risk exposure is managed as part of the overall lending limits
with customers, together with potential exposures from market movements. Collateral
or other security is not usually obtained for credit risk exposures on these instruments,
except where the Bank requires margin deposits from counterparties.


.,1


.









I-


Master netting arrangements

The Bank further restricts its exposure to credit losses by entering into master netting
arrangements with counterparties with which it undertakes a significant volume of
transactions. Master netting arrangements do not generally result in an offset of
balance sheet assets and liabilities as transactions are usually settled on a gross basis.
However, the credit risk associated with favorable contracts is reduced by a master
netting arrangement to the extent that if an event of default occurs, all amounts with the
counterpart are terminated and settled on a net basis. The Bank's overall exposure to
credit risk on derivative instruments subject to master netting arrangements can change
substantially within a short period since it is affected by each transaction subject to the
arrangement.


iii. Geographical concentration of assets and liabilities

The following note reflects geographical concentration of assets and liabilities.
2007
Total Total
Assets Liabilities

South America $ 60,937,083 $ 80,001,302
North America 26,972,069 3,045,732
Caribbean 25,862 5,607,987
Europe 1,439,180 4,509,397
TOTAL $ 89,374,194 $ 93,164,418

2006
Total Total
Assets Liabilities

South America $ 36,796,453 $ 58,282,447
North America. 19,737,453 4,194,424
Caribbean 23,482 1,928,679
Europe 15,556,901 -
TOTAL $ 72,114,289 $ 64,405,550

iv. Currency risk

The Bank takes on exposure to effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Board of Directors sets limits
on the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored daily. The table below summarises the Bank's exposure to foreign
currency exchange rate risk at December 31, 2007. The off-balance sheet net notional
position represents the difference between the notional amounts of foreign currency
derivative financial instruments, which are principally used to reduce the Bank's exposure to
currency movements, and their fair values.

Are repriced in a particular time interval then a negative impact on interest margins results.
Interest rate gaps are carefully monitored and interest sensitive assets and liabilities are
adjusted in accordance with changing market conditions.
2007
USD EURO PESOS TOTAL
ASSETS
Cash and due from banks $ 6,723,827 $ 594,248 $ 681,476 $ 7,999,551
Interest bearing deposits with banks -
Debt and equity securities 25,704,336 4,433,365 30,137,701
Repurchase agreements 9,536,985 9,536,985
Loans and advances 790,443 790,443
Settlement balances 36,158,735 14,292,864 50,451,599
Total assets $ 78,914,326 $ 594,248 $ 19,407,705 $ 98,916,279

LIABILITIES
Customers' interest bearing deposits
Demand and call 9,559,035; .,$ ., $.. .:;, ..$ 9,559,035
....... T.'...e.. .. .. 56;224;412 7 ....... ..- .. 63 740.. 56,288,157
Accrued interest payable 185,188 2,686 187,874
Forward contracts 421,524 421,524
Settlement balances 11,767,046 14,940,783 26,707,829 *
Total liabilities $ 78,157,210 $ $ 15,007,209 $ 93,164,419
Net on balance sheet position S 757,116 $ 594,248 $ 4,400,496 $ 5,751,860


'2006
USD EURO PESOS TOTAL
ASSETS
Cash and due from banks $ 23,958,294 $ 809,938 $ 549,848 $ 25,318,080
Interest bearing deposits with banks 3,502 3,502
Debt and equity securities 41,396,344 (5,458,558) 35,937,786
Repurchase agreements
Loans and advances 611,003 611,003
Settlement balances 10,391,752 (5,990) (184,396) 10,201,366
Total assets $ 76,360,895 $ 803,948 $ (5,093,106) $ 72,071,737

LIABILITIES
Customers' interest bearing deposits
Demand and call $ 7,448,883 $ $ $ 7,448,883
Time 56,750,695 19,547 56,770,242
Accrued interest payable 185,633 793 186,426
Total liabilities $ 64,385,211 $ $ 20,340 $ 64,405,551
Net on balance sheet position $ 11,975,684 $ 803,948 $ (5,113,446) $ 7,666,186


v. Liquidity'risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or
otherwise raising funds to meet commitments. The Bank monitors expected cash outflow on
a daily basis. Its policy throughout the year has been to ensure liquidity by maintaining at all
times sufficient high quality liquid assets to cover expected net cash flow.

The contractual maturities of assets, liabilities and shareholders' equity have been
determined on the remkhining period at the balance sheet date to the contractual maturity date.
The maturity profile is monitored by management to ensure adequate liquidity is maintained.

The table below summarizes the maturity profile of the Bank's assets and liabilities (In
thousands of United States Dollars):
2007

Due on 6 months to more than
AST-Demand 1 6 months one year one year Total
ASSETS
Cash and due from banks $ 7,999,551 $ $ S 7,999,551
Interest bearing deposits with banks 7
Debt and equity securities 30,137,701 30.137,701
Repurchase agreements 9,536,985 9,536,985
Loans and advances640,443 150,000 790,443
Settlement balances 50,451,599 045
Forward contracts 50,451,599
Accrued interest receivable 4,871 1,141 6,012
Accrued mandates commissions receivable 1,376 -


Long-term investments ,, ,3
Other assets 2,415,163 2,415,163
5,735,895 5,735,895
TOTAL ASSETS 5 88,588,851 $ 10,183,675 S $ 8,302199 $ 107,074,725

2007
Due on 6 months to more than
LIABILITIES AND EQUITY Demand 1 6 months one year one year Total
LIABILITIES
Customers' interest bearing deposits
Demand and call S 9,559,035 $ S S 9,559,035
ime- 28,311,421 27,976,736 56,288,157
Accrued interest payable 94,496 93,379 187,875
Forward contracts 421,524 421,524
Settlement balances 26,707,828 26,707,828
Other liabilities 26,707,828
Other liabilities 19,139 28,185- 47324.
TOTAL LIABILITIES 36,286,002 $'28,855,626 $ 28,070,115 S 93,211,743


2006

Due on 6 months to more than
Demand 1 6 months one year one year Total
ASSETS
Cash and due from banks $ 25,318,080 S S S $ 25,318,080
Interest bearing deposits with banks 3,502 3,502
Debt and equity securities 35,937,786 35,937,786
Repurchase agreements -
Loans and advances 611,003 611,003
Settlement balances 10,201,366 10,201,366
Forward contracts 20,278 20,278
Accrued interest receivable 4,770 4,770
Accrued mandates commissions receivable 1,903 1,903
Long-term investments 2,448,267 2,448,267
Other assets- 5,452,593 5,452,593
TOTAL ASSETS $ 71,457,232 $ 641,456 S $ 7,900,860 $ 79,999,548
2006


Due on 6 months to More than
LIABILITIES AND EQUITY Demand 1 6 months one year one year Total
LIABILITIES
Customers' interest bearing deposits
Demand and call $ 7,448,883 $ $ S $ 7,448,883
Time 55,158,949 1,575,075 36,218 56,770,242
Accrued interest payable 181,134 5,172 119 186,425
Forward contracts .
Settlement balances
Other liabilities-
TOTAL LIABILITIES $ 7,448,883 $ 55,340,083 S 1,580,247 S 36,337 $ 64,405,550


16. COMMITMENTS AND CONTINGENCIES

There are no material commitments and contingencies as at December 31, 2007


JAMES B. GOMEZ & CO.

CHARTERED ACCOUNTANTS AND CONSULTANTS







INDEPENDENT AUDITORS' REPORT

To the Directors of:
First Overseas Bank Limited

We have audited the accompanying balance sheet of First Overseas Bank Limited (the
"Bank") as at December 31, 2007. This balance sheet is the responsibility of the Bank's
management. Our responsibility is to express'an opinion on this balance sheet.

We conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the balance sheet is free from material
misstatement. An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the balance sheet. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the
balance sheet. 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 balance sheet presents fairly, in all material respects, the financial
position of First Overseas Bank Limited as of December 31, 2007, in accordance with
International Financial Reporting Standards.

Without qualifying our opinion, we emphasize that the balance sheet presented does not
comprise a complete set of financial statements in accordance with International
Fiiancial.Reporting Standards.. Informitibn on results of .operations, cash flows..and
changes in equity is necessary to obtain a complete understanding of the. financial
position, performance and changes in financial position of the Bank.


January 21, 2008
Nassau. Bahamas


4th Floor, Centreville House
2nd Terrace Centreville
P. O. Box SS 6229
Nassau, Bahamas


In association
RTA CONSULTAI
in.a'nial 6& Cirporate f.


CHARTERED ACCOUNTANTS








Telephone: (242) 326310
with: Facsimile: (242) 328-6311


NTS LTD.
r,.io Pno*.uirr


Email: jgomenaconsutants.com
Wvhit: ww.rtaconsultants.com


I_


-.--------_~---r_~_~r_=~-:


I









PAGE 108, FRIDAY, MAY 2. 2008


THE oflTomI


Tephon* 2423532007
Fax 242393 1772
Inteinet www.kpmg.com.bs


INDEPENDENT AUDITORS' REPORT

To the Shareholder of HSBC International Trustee (Bahamas) Limited

We have audited the accompanying balance sheet of HSBC International Trustee (Bahamas)
Limited ("the Trust") as at December 31, 2007, and a summary of significant accounting policies
and other explanatory notes (together "financial statement").

Management's Responsibilityfor 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 fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.

Auditors' Responsibility

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

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

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




Opinon

In our opinion, the financial statement presents fairly, in all material respects, the financial
position of the Trust as at December 31, 2007 in accordance with IFRS.

Emphasis of Maoer

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 Trust.



Nassau, Bahamas
April 8, 2008





HSBC INTERNATIONAL TRUSTEE (BAHAMAS) LIMITED
Balance Sheet

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

Note 2007 2006

Assets

Cash group company 4,5 $ 19,140 34,466
Term deposit group company 4, 5 1,000,000 1,000,000
Refundable deposits 835 1,950
Interest receivable group company 5 3,383 3,348
Other assets 11,790 25

S 1,035,148 1,039,789

Liabilities

Accrued expenses $ 32,840 12,510

Shareholder's Equity

Share capital 6 1,000,000 1;000,000
Share premium 6 525,000 425,000
Accumulated deficit (522,692) (397,721)

Total shareholder's equity 1,002,308 1,027,279

$ 1,035,148 1,039,789

See accompanying notes to balance sheet.

Thuttai heet was authorised for issue by the Board of Directors on April 8, 2008 by:

__________-_e__ Director


Ca-4 Q Director

Notes to Balance Sheet

December 31, 2007
(Expressed in United States dollars)


1. Reporting entity
HSBC International Trustee (Bahamas) Limited ("the Trust"), formerly Kamalame
Investments Ltd., was incorporated under the laws of The Commonwealth of The Bahamas
("'The Bahamas") on October 28, 2004. The name of the Trust was changed from Kamalame
Investments Ltd. on November 23, 2004. The Trust is licensed to carry on trust business
from within The Bahamas under The Banks and Trust Companies Regulations Act, 2000.
The Trust's parent is HSBC International Trustee Limited, BVI ("the Parent") which is
incorporated in The British Virgin Islands. The ultimate holding company is HSBC Holdings
plc, incorporated in England. The address of the registered office of the Trust and its
principal place of business is One Bay Street, Nassau, Bahamas.
The principal activities of the Trust consist of conducting trust and corporate administration
business.

2. Basis of preparation
(a) Statement of compliance
The balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS").


(b) Basis of measurement
The balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.
(c) Functional and presentation currency
The balance sheet is presented in United States dollars ("US$"), which is the Trust's
functional currency.


KPMQ
PO Box N 123
Momntgue Stling Cn
Emt Bay Suet
Nae~ u.B twns


The Board of Directors has overall responsibility for the establishment and oversight of
the Trust's risk management framework, which is based on that of the Parent's. The '
Board has established the Trust's Asset and Liability and Operational Risk Committees,
which are responsible for developing and monitoring the Trust's risk management
policies. Each committee has both executive and non-executive members and report
regularly to the Board of Directors on their activities.
The Parent's risk management policies are established to identify and analyze the risks
faced by the Parent, to set appropriate risk limits and controls, and to monitor risks and
adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions, products and services offered. The Parent, 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 Parent's Audit Committee is responsible for monitoring compliance with the
Parent's risk management policies and procedures, and for reviewing the adequacy of the
risk management framework in relation to the risks faced by the Parent. The Parent's
Audit Committee is assisted in these functions by Internal Audit. Internal Audit
undertakes both regular and ad-hoc reviews of risk management controls and procedures,
the results of which are reported to the Audit Committee.


Ur


" i-

J!BB


(d) Use of estimates and jdgements
The preparation of the palanoe sheet in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
A key source of estimation uncertainty is discussed in note 3(g).
3. Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented
in this balance sheet.
(a) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
date.
(b) Financial assets and liabilities
(i) Classification
Financial assets that are refundable deposits and interest receivable are classified as
loans and receivables.
Financial liabilities that are not at fair value through profit or loss are accrued
expenses.
(ii) Recognition and derecognition
A financial asset is recognized when the Trust has control over the contractual rights
that comprise the asset and is derecognized when theTrust no longer has control over
such contractual rights, which occurs when the rights are realized, expire or are
surrendered.

A financial liability is recognized when the obligation specified in the contract is
entered into and is derecognized when such obligation is discharged, cancelled or
expired.

(iii) Measurement
Loans and receivables are measured at amortized cost plus accrued interest as of the
balance sheet date. Financial assets that are stated at amortized cost are reviewed at
each balance sheet date for impairment.

(c) Cash and cash equivalents
Cash and cash equivalents include cash and term deposit. These are short term "highly
liquid investments" which are readily convertible into known amounts of cash without
notice, are subject to an insignificant risk of changes in value with original maturities of
less than three months.
Cash and cash equivalents are carried at amortised cost in the balance gheet.
(d) Related parties
Transactions with the Trust's parent and with group companies, which are companies
wholly-owned directly or indirectly by the Trust's ultimate parent, are disclosed in these
financial statements as balances and transactions with "group companies".
(e) Impairment
Financial assets are reviewed at each balance sheet date for evidence of impairment. If
such indication exists, the asset's recoverable amount is estimated. An impairment loss is
recognized whenever the carrying amount of an asset exceeds its 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, if
no impairment loss had been recognized.
4. Cash and term deposit group company
At December 31, 2007 cash represents a call account with a balance of $19,140 (2006 -
$34,466) which earns interest at 1.50% (2006 1.5%) per annum.

At December 31, 2007 the term deposit of $1,000,000 (2006 $1,000,000) earns interest at
4.87% (2006 5.02%) per annum and matures March 7, 2008.
5. Related party transaction
A number of transactions are entered into with related parties in the normal course of
business. These transactions were carried out on an arms length basis. Balances and
transactions described as related party relate to balances and transactions with the Parent and
its subsidiaries and affiliates by virtue of common ownership by the Parent.
(a) Cash, term deposit and accrued.interest
Cash and term deposit of the Trust are kept with The Hongkong and Shanghai
Banking Corporation, Nassau Branch ("Nassau Branch") in the amount of $19,140
(2006 $34,466) and $1,000,000, (2006 $1,000,000) respectively. The related
interest receivable totalled $3,383 (2006 $3,348).

6. Share capital and share premium
The authorised share capital is $1;000,000 divided into 1,000 shares of US$1,000 each issued
and fully paid-in. The surplus of the issue price over the nominal value of the shares is
included as share premium in equity.
On March 1, 2006 and December 11, 2006 the Board of Directors approved the proposed
injection of capital in the amount of $125,000 and $100,000, respectively. These amounts
were designated as share premium and paid by the Parent on March 8, 2006 and January 10,
2007, respectively.


7. Asset under administration
The Trust administers trusts through an outsourcing arrangement with affiliates. At
December 31, 2007, assets held in trust with a total value of approximately $113 million
(2006 $77.3 million) are not included in the balance sheet, as these are not assets of the
Trust.
8. Financial instruments
Management estimates that the fair values of cash and term deposit group company do not
differ materially from the carrying values, given that the average effective.interest rates
approximate the current interest rates available to the Trust for similar facilities with similar
maturities.
The fair value of refundable deposits approximates carrying value due to its short-term
nature.
9. Financial risk management
(a) Introduction and overview
The Trust has exposure to the following risks from its use of financial instruments:
credit risk
liquidity risk
market risk
operational risk
This note presents information about the Trust's exposure to each of the above risks, the
Trust's objectives, policies and process for measuring and managing risk.

Risk management framework


THE TRIBUNE










THE TRIBUNEFR


(b) Credit risk
The Trust is exposed to credit risk, which is the risk that one party to a financial
instrument will fail to discharge an obligation and cause the other party to incur a
financial loss. As substantially all of the Trust's assets and liabilities are with group
companies, the risk of financial loss is considered low.
(c) Liquidity risk
Liquidity risk is the risk that the Trust will encounter difficulty in meeting obligations
from its financial liabilities. The Trust's approach to managing liquidity is to ensure, as
far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Trust's reputation. As there are no residual contractual maturities of
financial liabilities, liquidity risk is considered low.


(d) Market risk
Market risk is the risk that changes in market prices, such as interest rate and foreign
exchange rates will affect the Trust's income or the value of its holdings of financial
instruments. The nature and terms of the Trust's financial assets and liabilities does not
expose it to significant market risk.
(e) Operational risk
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes
associated with the Trust's processes, personnel, technology and infrastructure, and from
external factors other than credit, market and liquidity risks such as. those arising from
legal and regulatory requirements and generally accepted standards of corporate
behavior.
The Trust's objective is to manage operational risk, based on the operational risk
framework of the Parent, so as to balance the avoidance of financial losses and damage to
the Trust's reputation with overall cost effectiveness and to avoid control procedures that
restrict initiative and creativity.
The primary responsibility for the development and implementation of controls to
address operational risk is assigned to the Operational Risk Committee of the Trust. This
responsibility is supported by the adherence to overall Group standards for the
management of operational risk. Compliance with Group standards is supported by
periodic reviews undertaken by Internal Audit. The results of Internal Audit reviews are
discussed with the management of the Trust, with summaries submitted to the Audit
Committee and senior management of the Parent.
10. Capital management
The Trust's lead regulator, The Central Bank of The Bahamas, sets and monitors capital
requirements for the Trust. The current capital requirements require the Trust to maintain a
minimum capital of $1,000,000. The Trust has complied with the capital requirements
imposed throughout the year.
11. Subsequent event
On January 31, 2008 the Parent injected capital in the amount of $140,000 into the Trust.
This amount was designated as share premium.


TO ADVERTISE IN THE TRIBUNE

CALL 322-1986










Assistant


Sales Manager


Large established Wholesale Company

seeks a mature, experienced individual.

The successful applicant must posses the

following qualifications:


1. Must be experienced in the food and

pharmaceutical wholesale and retail distribution

business.


2. Must be capable of effectively directing and

motivating sales, and merchandising personnel.


3. Must be experienced in the execution of in-

store promotions, merchandising, and be a detail

oriented person and efficient record keeper.


4. The successful applicant will assist the sales

manager on a daily basis, but must also be

proactive and self motivated.


5. Must have own reliable transportation.


Salary package commensurate with experience,

but ABOVE INDUSTRY STANDARD




Send resume to:

employee.opp@gmail.com


Government moves to 'correct'


planning process deficiencies


Bahamas, and introduction of
modem planning technologies."
Responding to an Inter-
American'Development Bank
(IDB) report on the New Prov-
idence Road Improvement Pro-
ject, which touched on the plan-
ning dilemmas facing the
Bahamas, Dr Deveaux said:
"We accept that there are lim-
ited human resources in the
Bahamas to undertake, at a
moment's notice, the compre-
hensiveness of planning that is
required.
"However, we reject the idea
implied in this process that the
expertise is not available."
The minister also took issue
with the IDB report's con-
tention that long-term planning
for urban areas in the Bahamas
had been undermined by "lim-


FROM page one

fessor Briggs and his team
would also provide expertise in
areas such as economic devel-
opment, downtown Nassau's
revitalisation and a review of
Bahamian planning legislation.
"Data gathering exercises for
information on Abaco and
Downtown Nassau, from rele-
vant public and private agen-
cies, are currently being con-
ducted in preparation for the
initial site visit," Dr Deveaux
told The Tribune.
"As part of the learning part-
nership, Professor Briggs will
also assist in the development of
a pipeline of Bahamian plan-
ning professionals, enhancing
planning literacy throughout the


ited political will", adding:
"That is certainly not consistent
with our posture as a govern-
ment."
Dr Deveaux acknowledged,
though, that the IDB report's
concerns that planning was too
driven and dominated by react-
ing to the needs of major invest-
ment projects a concern taken
from an MIT thesis and con-
cept paper were correct "in
large part".
"We have become alert to
that fact, and are seeking to
change the process by amending
the legislation" and involving
Bahamian communities where
projects will be located at the
front-end, Dr Deveaux
explained, "so people who have
an interest have the ability to
shape the investment".
"The community increasingly
wants more than jobs. They
want equity, access to public
spaces and a sense of their
involvement in the development
of their own communities," Dr
Deveaux told The Tribune.
As a result, the Government
was working to implement a
Land Use and Economic Devel-
opment Plan for the entire
Bahamas to deal with all these
issues.
Meanwhile, Dr Deveaux said
the Government had hired
Caribbean Civil Group to make
road improvements that will
extend from Blake Road in the
west to Fox Hill Road in the
east.
"The scope of work will
include junction redesign to
facilitate traffic flow, improved
drainage systems, improved
safety for vehicles and pedes-
trians, and visual enhancements
such road paving and
streetscape," Dr Deveaux said.
And Kerzner International's
Ed Fields had been commis-
sioned to lead a team or urban
planners from the Ministry of
Public Works and Transport in
the design and development of
two major New Providence
parks Big Pond, next to the
Queen Elizabeth Sports Cen-
tre, and the downtown By
Street park on the former Straw
Market site.
"Park development will pro-
vide employment opportunities
for persons skilled in the areas
of sculpture, carpentry, paving,
landscape design, and architec-
ture among other trades," Dr
Deveaux said.
"There will also be opportu-
nities for unskilled labourers,
particularly summer students.
The potential also exists for
entrepreneurs once the park has
been completed (kayaking
tours, concessions).
"Big Pond will be an ideal
area in which to provide recre-
ation for adjacent businesses,
communities, schools, colleges
and universities encompassing
Oakes Field, Blue Hill, Tucker
Road, Yellow Elder, while the
Urban Park in downtown Nas-
sau will provide a waterfront
oasis for the enjoyment and
interaction of both tourists and
residents alike."


SUBS


UBS (Bahamas) Ltd. is one of the.world's leading financial
institutions in the Caribbean. Through our Business Area Wealth
Management we look after wealthy private clients by providing
them with comprehensive, value enhancing services. Our client
advisors combine strong personal relationships with the
resources that are available from across UBS, helping them
provide a full range of wealth management services.

In order to strengthen our IT team in Nassau, we are looking for
the following position:
IT Systems Engineer
In this challenging position you will be responsible for:

The deployment and management of business critical solutions.
You will be expected to be a self-starter, time oriented
individual with project management and documentation skills,
strong technical background, sound writing and
communications, as well as organizational skills and the ability
to work with local and international team members.

Minimum Requirements
At least 4 years relevant networking experience working in a
medium to large scale environment.
it B.S. C.I.S., Computer Engineering or related field
Strong proficiency and expertise in;
E Server management
WAN/LAN
Microsoft Exchange server/BBS ,
Remote support
SDesktop and user support
Routers, switches, fire walls, NAS, SAN
Cisco Certified Network Associate
UNIX operating system background
Proficient in Data Centre management and Server
deployment
Proficiency in: Networking (Server 2003, Windows 2000),
Desktop software, Security, Microsoft products (Office
Exchange)


Written applications should be addressed to:


hrbahamas@ubs.com or


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


EMBASSY OF THE UNITED STATES OF AMERICA
NASSAU, THE BAHAMAS
May 2, 2008


Reminder To All American Citizens
Passports now Required for Air Travel Departing and
entering the United States


As of January
outside of the
or other valid
United States.


23, 2007 all persons traveling by air
United States must present a Passport
travel document to enter or re-enter the


As summer approaches and you make travel
plans, please take time to apply for or renew your
Passport at the U.S. Embassy in Nassau. Passports are
normally returned within 5-10 business days.
Please plan accordingly.

For more information please go to the U.S. Embassy
website at:
httD://nassau.usembassv.gov or www.travel.state.gov


.. 1


- .... ... !-- - - - T--


-m--


FRIDAY, MAY 2, 2008, PAGE 11B


THE TRIBUNE








IHM TRIbUim-
I~~~~~~~~~ -- Iil lil II il iI I -


MU
KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 3931772
Montague Sterling Centre Intermo www.kpmg.com.cr
East Bay Street
Nassau. Bahamas




INDEPENDENT AUDITORS' REPORT

To the Shareholder of HSBC Bank Bahamas Limited

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

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with 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 fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.

Auditors' Responsibility

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

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

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


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
April 8, 2008

HSBC BANK BAHAMAS LIMITED
Balance Sheet


December 31,'2007, with corresponding figures for 2006
(Expressed in Vniitd .States dollars)


SNote 2007 2006

Assets

Cash at bank group companies 8 $ 24,716,19i 23,956,713
Advances to customers 4 524,986 623,168
Loans and advances to group companies 5, 8 327,141,270 328,133,920
Interest receivable group companies 8 295,450 256,157
Interest receivable other 1,393 1,667
Investment in group company 6 1 1

$ 352,679,291 352,971,626

Liabilities and Shareholder's Equity

Liabilities
Loans from group companies 7,8 $ 327,141,270 328,133,920
Interest payable group companies 8 194,851 151,166
Other liabilities 4,000 8,000
327,340,121 328,293,086

Shareholder's Equity
Share capital:
Authorised, issued and fully paid:
1,000,000 shares of US$1 each 1,000,000 1,000,000
Retained earnings 24,339,170 23,678,540
Total shareholder's equity 25,339,170 24,678,540

$ 352,679,291 352,971,626

See accompanying notes to balance sheet.

The balance sheet was authorized for issue by the Board of Directors on April 8, 2008 by:


SnDirector


Director

Notes to Balance Sheet

December 31, 2007
(Expressed in United States dollars)



1. Reporting entity
HSBC Bank Bahamas Limited ("the Bank"), formerly Hong Kong Bank (Bahamas) Limited,
is incorporated under the laws of The Commonwealth of The Bahamas ("The Bahamas") and
carries on banking business pursuant to. the terms of a license granted by The Bahamas
Ministry of Finance on December 11, 1984 and reissued on April 27, 1999, as a result of the
name change. The Bank's parent is The Hongkong and Shanghai Banking Corporation
Limited, ("the parent") which is incorporated in Hong Kong. The ultimate holding company
is HSBC Holdings pic, incorporated in England. The address of the registered office of the
Bank is Mareva House, 4 George Street, Nassau, Bahamas and its principal place of business
is One Bay Street, Nassau, Bahamas.

2. Basis of preparation
(a) Statement of compliance
The balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS").
(b) Basis of measurement
The balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.
(c) Functional and presentation currency
The balance sheet is presented in United States dollars ("US$"), which is the Bank's
functional currency.


(d) Use of estimates and judgements
The preparation of the balance sheet in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
A key source of estimation uncertainty is discussed in note 3(c)(iv).


3. Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented
in these financial statements.
(a) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
date.
(b) Financial assets and liabilities
(i) Classification
Financial assets that are loans and advances, advances to customers and interest
receivable are classified as loans and receivables. Financial liabilities that are not at
fair value through profit or loss include loans from group companies, interest payable
and other liabilities.
(ii) Recognition and derecognition
A financial asset is recognized when the Bank has control over the contractual rights
that comprise the asset and is derecognized when the Bank no longer has control over
such contractual rights, which occurs when the rights are realized, expire or are
surrendered.

A financial liability is recognized when the obligation specified in the contract is
entered into and is derecognized when such obligation is discharged, cancelled or
expired.
(iii) Measurement
Loans and receivables and cash at bank are measured at amortized cost plus accrued
*interest as of the balance sheet date. Financial assets that are stated at amortized cost
are reviewed at each balance sheet date for impairment. Financial liabilities that are
not at fair value through profit or loss are carried at amortized cost using the effective .
interest rate method.
(iv) Identification and measurement of impairment
At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets not carried at fair value through profit or loss 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 of the asset that can be estimated reliably.

Objective evidence that financial assets 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, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers.
Impairment losses on assets carried at amortised 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.
(c) Investment in group company
Investment in group company is accounted for on the cost basis.
(d) Related parties
Transactions with the Bank's parent and with group companies, which are companies
wholly-owned directly or indirectly by the Bank's ultimate parent, are disclosed ir,tese,
financial statements as balances and transactions with "group companies".
4. Advances to customers
At December 31, 2007 advances to customers represent loans to staff of a group company.in
The Bahamas totaling $524,986 (2006 $623,168) maturing between February 2014 to
November 2019, with a contracted interest rate of one month Libor repricingg monthly). All
loans are fully secured.
.5. Loans and advances to group companies
These comprise unsecured interest bearing loans and advances, which are substantially due
from group companies in The Bahamas and are repayable in full on or before December 29,
2008. At December 31, 2007 the interest rate on these loans is 5.56% (2006 5.73%) per
annum.
6. Investment in group company
Investment in group company comprises the Bank's equity interest in HSBC Securities (B)
Berhad. The Bank owns one share of the company's common stock, of which seven shares
are fully paid and 25,000 are authorized.

7. Loans from group companies
These comprise loans that are substantially from group companies in The Bahamas, are
unsecured and repayable in full on or before December 28, 2008. The interest rate on these
loans is 5.43% (2006 5.60%) per annum.
8. Related party transactions
A number of transactions are entered into with related parties in the normal course of
business. Balances and transactions described as related party are balances and transactions
with the parent company and its subsidiaries and affiliates by virtue of common ownership by
the parent company.
(a) Cash at bank group companies
The current accounts of the Bank are kept with The Hongkong and Shanghai Banking
Corporation, Nassau Branch ("Nassau Branch") in the amount of $24,716,191 (2006
$23,956,713).
(b) Loans and advances to group companies and interest receivable
The Bank has loans and advances to group companies totalling $327,141,270 (2006 -
$328,133,920) and related accrued interest-of $295,450 (2006 $256,157).
(c) Loans from group companies and interest payable
At December 31, 2007, the Bank's loans payable to group companies totalled
$327,141,270 (2006 $328,133,920) and related accrued interest of $194,851 (2006
$151,166).
(d) Due from/to group companies
In accordance with a Dealership Agreement with a group company the Bank
purchased and sold to another group company Hong Kong dollar denominated
Principal Protected Index Linked Notes and Equity Basket Limited Structured
Deposits amounting to $289,516,089 (2006 $364,704,144).

9. Financial instruments
Management estimates that the fair values of "cash at bank group companies" and
"advances to customers" do not differ materially from their carrying values, given that their
average effective interest rates approximate the current interest rates available to the Bank for
similar facilities with similar maturities.


The fair value of loans and advances to/from group companies approximates carrying value
due to their short-term nature.
Loans and advances to group companies are matched in currency, terms and interest rates,
except for a fixed interest rate margin, to loans from group companies.
10. Financial risk management
(a) Introduction and overview
The Bank has exposure to the following risks from its use of financial instruments:
credit risk
liquidity risk
market risk
operational risk
This note presents information about the Bank's exposure to each of the above risks, the
Bank's objectives, policies and process for measuring and managing risk.


I I -







THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 13B


The notional contract amounts of these instruments indicate the volume of transactions
outstanding at the balance sheet date; they do not represent amounts at risk.

The maturity profile of the above interest rate contracts categorised by the r-maining period
from the balance sheet date to the contractual maturity date is as follows:

2007 2006

Within I year $ 719,883,091 550,926,263
Between Ito 5 years 278,461,844 444,921,376
Total $ 998,344,935 995,847,639

Fair values of derivatives designated as hedging instruments
The following is a summary of the fair values of derivatives held for hedging purposes
entered into by the Group:
2007 2606

Within 1 year $ 19,458,376 12,170,888
Between 1 to 5 years (912,657) (111,645)
Total $ 18,545,719 12,059,243

Fair value hedges
Fair value hedges principally consist of interest rate swaps that are used to protect against
changes in the fair value of certain fixed rate assets and liabilities due to movements in
market interest rates. At 31 December 2007, the net fair value of interest rate swap was
$2,006,970 (2006: $5,539,137) comprising assets of $2,572,726 (2006: $5,609,354) and
liabilities of $565,756 (2006: $70,217).
Cashflow hedges
Cash flow hedges principally consist of interest rate swaps that are used to hedge against the
variability in cash flows of certain floating rate.assets and liabilities. At 31 December 2007,
the net fair value of derivatives held as cash low hedges was $16,538,749 (2006:
$6,520,106) comprising assets of $16,885,650 (2006: $6,561,534) and liabilities of $346,901
(2006: $41,428).
During the year ended 31 December 2007 and 2006, there were no forecast transactions for
which hedge accounting had previously been used but which is no longer expected to oqcur.

Foreign exchange risk
The Group's foreign exchange exposure, which arose from currency exposures originated by
its banking business, is managed within foreign exchange position limits approved by the
immediate holding company.
11. Fair values of financial instruments
All financial instruments are stated at fair value or carried at amount not materially different
from their fair values as at 31 December 2007 & 2006, except as follows:

2007 .2007 2006 .2006
Carrying Fair Carrying Fair
Amount value amount value
Available-for-sale securities:
Unlisted equity investment $ 1,696
At 31 December $ 1,696

The available-for-sale investment, comprised of a 4.75% investment previously held in
iBusinessCorporation.com Holdings Limited, an investment holding company, was sold
during the year. No fair value for such investment was disclosed in 2006 as there was no
market price quoted for this investment and it is not practical to estimate a fair value for it.
12, Reserves

2007 2006

Investment revaluation reserve $ 38,098,471 489,583
Hedging reserve (715.249) 3,641,890
At31 December' "'", .. 3,3 ,. 4,j31,473

Investment revaluation reserve:
As at 1 January $ 489,583 1,016,188
Changes in fair value 37,608,888 (526,605)
At 31 December $ 38,098,471 489,583

Cash flow hedging reserve:
As at I January $ 3,641,890 4,781,134
Effective portion of changes in fair value (4,357,1 9) (1,139,244)-
At 31 December $ (715,249) 3,641,890'

'$ 37,383,222 4,131,473

(i) Investment revaluation reserve
The investment revaluation comprises the cumulative net change in the fair value of
available-for-sale securities held at the balance sheet date and is dealt with in accordance
with the accounting policies in note 1(i) and 1(k).
(ii) Hedging reserve
The hedging reserve comprises the effective portion of the cumulative act change in the
fair value of hedging instruments used in cash flow hedges pending subsequent
recognition of the hedged cash flow in accordance with the accounting policy adopted for
cash flow hedges in note 1 (j)(ii).
i I I


FROM page one

partnerships or sole proprietor-
ships, as there is no provision
in law for accounting firms in
this nation to register and prac-
tice with limited liability.
It therefore follows that
BICA can only self-regulate
the partners in a firm, not
the entire company, under
current legislative provi-
sions.
Mr Christie said allowing
Bahamian accounting firms
to practice with limited lia-
bility would "not serve as a
buffer" to protect a partner
if he/she was guilty of gross
negligence.
' What it would do is pro-
tect the assets of other part-
ners from their colleague's
misdeeds/incompetence,
ensuring the whole firm was
not taken down by one case.
"Our business faces dis-
proportionate liability," Mr
Christie said. "How many
other industries are there
where could be a $5,000
audit engagement, but a $1
million loss. How can you
expect business to be. con-
ducted with that kind of
loss?
"It [limited liability] pro-
tects me from the negli-
gence of my fellow partner.
I had no involvement with
it, and my assets are pro-
tected as we are practicing
with limited liability. It's
very difficult for partners to
monitor the affairs of other
partners."
While not every Bahami-
an accounting firm would
see advantage in registering
as a limited. liability part-
nership._Mr.. bxis.tie..said
those that did would greatly
enhance BICA's regulatory
powers, as they would have
to meet a set of strict crite-
ria to earn that registration.
Limited liability partner-
ships would have to put in
place a minimum level of
professional indemnity
insurance; supply regular
performance reports to
BICA; demonstrate to
BICA that they underwent
regular peer reviews by an
outside body of their audit
capabilities; and have a min-
imum of $50,000 in share-
holder capital.

that come along with limit-
ed liability," Mr Christie
said, "and this thing also
raises the regulatory pow-
ers of the Institute."


FG CAPITAL MARKETS

BISl ROYAL FIDELITY C""V.soRsEs
C F A L'
&r-mADED SECURITIES AS OF:
"* ',,.-": '' -.. : '.7
S ".. .., i b A bAY, AY 2008
i; BISX ALL SHAI RIt )3 C3 .6-8 "1.%CH -0O.0 YT -132. YTD% .-6.47
.~,~ *. .. --_ "f;i'".I'l21.YT % -5.14% f20072.20,% "
'"x :AHAMAp.COM FOR MORE DATA & INFORMATION.
52wk-HI 52wk-Low Security Previous Close Today's Qlose Change Daily Vol. EPS $ Div $ P/E Yield
1.95 1.15 Abaco Markets 1.95 1.95 0.00 C.135 .0.000 14.3 0.00%
11.80 11.50 Bahamas Property Fund 11.80 11.80 0.00 1.086 0.400 10.9 3.39%
9.68 9.02 Bank of Bahamas 9.61 9.61 0.00 C 643 0.160 14.9 2.71%
0.99 0.85 Benchma 0.0.90 0.90 0.00 0 188 0.030 4.8 3.33%
3.74 2.60 Bahamas Waste 3.50 3.50 0.00 0 289 0.090 12.1 2.57%
2.70 1.30 Fidelity Bank 2.39 2.39 0.00 0 058 0.040 41.2 1.67%
13.80 10.41 Cable Bahamas 13.80 13.80 0.00 1 093 0.240 12.6 1.74%
3.15 2.10 Colina Holdings 2.87 2.87 0.00 700 0091 0.040 31.5 1.39%
B.50 4.75 Commonwealth Bank (S1) 7.13 7.10 -0.03 10,000 0440 0.290 16.1 4.08%
7.22 3.60 Consolidated Water BDRs 4.74 4.79 0.05 0157 0.052 30.2 1.10%
3.00 2.20 Doctor's Hospital 3.00 3.00 0.00 0316 0.040 9.5 1.33%
8.00 5.94 Famguard 8.00 8.00 0.00 0713 0.280 11:2 3.50%
13.01 12.49 Finco 12.50 12.50 0.00 0810 0.570 15.4 4.56%
14.75 13.24 FirstCaribbean 13.24 13.24 0.00 0651 0.470 20.3 3.55%
8.10 5.05 Focol (S) 5.32 5.32 0.00 0386 0.140 13.8 2.63%
1.00 0.50 Freeport Concrete 0.55 0.50 -0.05 2,000 0 035 0.000 14.3 0.00%
8.00 6.79 ICD Utilities 6.79 6.79 0.00 0411 0.300 16.5 4.42%
12.50 8.60 J.S. Johnson 12.30 12.30 0.00 1 059 0.620 11.6 5.04%
10.00 10.00 Premier Real Estate 10.00 10.00 10.00 1-167 0.600 8.6 6.00%
-1"1 . iLiWueiV-Th-CountSer Securltes .
52wk-Hl 52vk-Lo. Symool Bid I ASK S Lasi Price Weekly Vol EPS S Div 5 P/E Yield
a 1 AnI t i AilAn


Bahamas uprmarkel 1460 l 015 0 14 60
Caribbean Crossings (Pref) 6.00 6.25 6.00
RND Holdings 0.35 0.40 0.35
I i ., i -The-Counter Securities
ABDAB 4100 4300 4100
Bahamas Supermarkets 14.60 15.60 14.00
RND Holdings 045 055 045
S: BISX Usted Mutual Funds
Fund Name NAV YTD% Last 12 Months
Collna Bond Fund 1.308126**" 1.25% 5.61%
Collna MSI Preferred Fund 2.996573"" -0.14% 13.11%
Colina Money Market Fund 1.387505"* 0.90% 3.87%
Fidelity Bahamas G & I Fund 3.7011"" -2.52% 17.78%
Fidelity Prime Income Fund 12.1010" 1.40% 5.72%
CFAL Global Bond Fund 100.00"
CFAL Global Equity Fund 100.00"
CFAL High Grade Bond Fund 1.00"
Fidelity Inlerionalona Inestment Fund 9 6346" -8 24". .8 244-
r,.. ".4 r R


a mi mtw imm e N.AV. Key
BISX ALL SHARE INDEX 19 Dec 02 = 1.000.00 YIELD last 12 month dividends divided by closing price 29 February 2008
52wk-HI Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity ** 31 December 2007
52wk-Low Lowest closing price In last 52 weeks Ask $ Selling price of Colina and fidelity ** 11 April 2008
Previous Close Previous day's weighted price for dally volume Last Price Last traded over-the-counter price ". 31 Match 2008
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months NIM Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fldoliy Bahamas Stock Index. January 1. 1994 = 100
S) 4-for-1 Stock Split Effective Date 8/8/2007
1" T' r,1 i:TRA CAill C3F:AL 242i2a7010 II4 S AI FR
1 9 TRADE CALL:CFAL 242-60.)-7010jF Wy LFIieUTY34 8=3SB7a. l91Ra3AA ALJT AKETa 34823S6-4000 I FOR MORE DATPA & M IPfflMATlo CALL .24 .3SV.7Sf


8.00
0.54
io --
dl 00
14.60
0.55
52WK-HI 5.
1.3081
3.0008
1.3875
3.7969
12.1010
100.0000
100.0000
1.0000
10 5000
I 5


6.00
0.20
41 00
14.00
0.49
2wK-Low
1.2443
2.6629
1.2647
3.2018
11.5519
100.0000
100.0000
1.0000
96346


1 160
0.000
-0.023
4450
1.160
-0023
Div$


13.4
NM
NIM
90
13.4
NIM


Yield%


6.16 "
7.80%
0.00%
6 70',.
6.16%
0 00'


To accommodate the lim-
ited liability partnership
registration, the Public
Accountants Act 1991 and
its accompanying regula-
tions will have to be amend-
ed, as presently they pro-
vide for accounting firms to
practice as only sole propri-
etorships or limited part-
nerships.
Other proposed reforms
are the "beefing up" of
BICA's process for dealing
with complaints about mem-
bers, while members had
approved adding measures


to its disciplinary process so
that complainants and the
firm involved knew there
was a "standard format"
governing hearings from
start to finish.
BICA members also
approved amending rules
that limit accounting firm
advertisements in the news-
papers to a quarter page or
less, and gave the Institute
the ability to award long-
serving, distinguished mem-
bers the Fellow of Char-
tered Accountants designa-
tion.


Assistant Manager

Position Available Immediately

At

Domino's Pizza


Qualifications:
You should have a High School Diploma
Past managerial experience
Certificate in Management is a plus
Must be available for day and night shifts, including
weekends
You should demonstrate strong communication,
leadership, motivational and people management
skills
You should have a valid driver's license
You must have a GREAT attitude towards customer
service!


Basic responsibility to include:
Maaitain product, service and image standard
To assist in supervision of all phases of production.
..To maintain a high level of efficiency & -
productivity in all areas of store operation


Please send resume on or before
May 12, 2008


Attention: Human Resource Department
P.O. Box SS-6704
Nassau, Bahamas
Or Fax 356-7855






BAHAMAS




LIMITED




Bahamas Supermarkets Limited operates a leading super-
market chain in The Bahamas. As a market' leader, the
Company prides itself .on delivering premier service through its
City Market supermarkets, having a strong commitment to its
customers, associates and community.
An opportunity for Management Trainees (Future Leaders)
exists in New Providence and Grand Bahama to join this
market leader.
Reporting to the Head of Retail Operations, the successful
applicants will;
Be self-motivated and highly energetic.
Have effective supervisory skills
Be highly flexible and mobile and prepared to work
evenings, weekends and holidays
Have a clean police record, drivers license, good
character references and be physically fit
Have a university degree or currently in final year
Have good communication (verbal and written) and
interpersonal skills
Be numerate and analytical with the ability to
derive information from financial reports
Be a strong problem solver'
Have the ability to multi task
Solid functional computer skills with working
knowledge of Microsoft applications
Salary and benefits will be commensurate with experience and
qualifications.
If you have what it takes to succeed in this challenging role,
forward your resume and cover letter to:

Human Resources
Bahamas Supermarkets Limited
East-West Highway P.O. Box N 3738 Nassau, Bahamas
Or e-mail to: humanresources@bahamassupermarkets.com

No telephone Inquiries please



AINAfLMaAS


BICA members






support limited






liability change


BUSINESS


- 11 -.








DAr F 14R FRIDAY. MAY 2. 2008


THE TRIBUNE-


METROPOLITAN BANK (BAHAMAS) LIMITED

BALANCE SHEET
AS OF DECEMBER 31, 2007
(Expressed in United States dollars)


2007
, US$


ASSETS
Bank balances
Group companies (Note 9)
Demand deposits (Note 11)
Time deposits (Note 11)
Investments in securities (Note 5)
Investments in associated companies (Note 6)
Interest receivable and other assets
Fixed assets (Note 7)
TOTAL

LIABILITIES
Bank overdraft (Note 11)
Deposits of customers (Note 11)
Interest payable (Note 11)
Other payables and accrued liabilities
Total liabilities


1,154,914
107,079
25,050,000
37,069,508
6,931,138
185,958
32,435
70,531,032


359,885
52,160,029
362,152
62,998
52,945,064


5,000,000
12,735,206
(149,238)
17,585,968


EQUITY:
Share capital (Note 8)
Retained earnings
Reserves.
Total equity

TOTAL


2006
US$

451,932
25,940
26,700,000
63,690,126
7,124,438
175,605
10,605
98,178,646




73,650,445
392,944
26,246
74,069,635


5,000,000
19,271,088
(162,077)
24,109,011


70,531,032 98,178,646


See notes to balance sheet.

This balance sheet was approved by the Board of Directors on March 14, 2008 and is signed on its
behalfby:


Dircy6r ANGELITO M.. VLLANUEVA

METROPOLITAN BANK (BAHAMAS) LIMITED

NOTES TO BALANCE SHEET
YEAR ENDED DECEMBER 31, 2007
(Expressed in United States dollars)


1. .GENERAL

Metropolitan Bank (Bahamas) Limited (the "Bank") is a private limited company incorporated
in the Commonwealth of The Bahamas and is licensed under The Banks and Trust Companies
Regulation Act, 1965 (as.amended) to carry on international banking business. The registered
office of the Bank is located in New Providence Financial Centre, East Bay Street, P.O. Box
CR-56766, Suite 700, Nassau, The Bahamas. Its parent company is Metropolitan Bank &
Trust Company, incorporated in the Republic of the Philippines.

The Bank's books of account are maintained in US dollars, the currency in which the majority
of transactions and balances are denominated.


2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

In the current year, the Bank has adopted all of the new and revised Standards and
Interpretations issued by the International Accounting Standards Board ("IASB") and the
International Financial Reporting Interpretations Committee ("IFRIC") of the IASB that are
relevant to its operations and effective for accounting periods beginning on January 1, 2007.
The adoption of these new and revised Standards and Interpretations has resulted in no
material changes toethe Bank's accounting policies.

At the date of authorization of these balance sheet, IAS 1 Presentation of Financial Statements
(amendments effective 1 January, 2009) Which is relevant to the Bank's operations was issued
but not yet effective.

The Directors anticipate that the adoption of this Standard in future periods will have no
material impact on the balance sheet.
3. SIGNIFICANT ACCOUNTING POLICIES

)?asis ofpresentation This balance sheet has been prepared in accordance with International
Financial Reporting Standards (IFRS). The preparation of the balance sheet in conformity
with IFRS requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of.
the balance sheet and the reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates.

The significant accounting policies are as follows:

a. Revenue recognition Income is recognized to the extent that it is probable that
economic benefits will flow to the Bank and the income can be reliably measured. The
following specific recognition criteria must also be met before income is recognized:

Interest on investment securities and interest-bearing placements is recognized based on
accrual accounting using the effective interest method.

Fee and commission income is accounted for in the period it becomes receivable, except
where the fee is charged to cover the costs of a continuing service to, or risk borne for,
the customer, or is interest in nature. In these cases,- the fee is recognized on an
appropriate basis over the relevant period.

Dividend income from investments is recognized when the Bank's right to receive
payment has Been established.

b. Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation
is charged on a straight-line basis using the following annual rates:


Furniture and fixtures
Leasehold improvements


33%
33%


c. Investments in securities Investments in securities are recognized and derecognised on
a trade date, and are initially measured at fair value, net of transaction costs.

Investment in securities are classified into the following specified categories: 'held-to-
maturity investments' (HTM) and 'available-for-sale' (AFS) financial assets. The
classification depends on the nature and purpose of the financial assets and is
determined at the time of initial recognition.

HTMlnvestments

HTM investments are quoted non-derivative financial assets with fixed or determinable
payments and fixed maturities for which the Bank's management has the positive
intention and ability to hold to maturity. HTM investments are carried at amortized cost
using the effective interest method less allowance for impairment losses, -if any.
Realized gain or loss is recognized in the statement of income when the investments are
derecognized or impaired and through the amortization process.

AFS Investments

AFS investments are financial assets that are designated as AFS or are not classified in
any other categories. AFS investments include financial assets not quoted in an active
market when purchased and heltl indefinitely, but which the Bank anticipates to sell in
response to liquidity requirements or in anticipation of changes in interest rates or other
factors. Financial assets may be.designated under this category provided such are not
held for trading. AFS investments are carried at fair market value. The effective yield


component of AFS debt securities are reported in the statement of income. The
unrealized gain and loss arising from the fair valuation of AFS investments are excluded
from reported income and reported as a separate component of equity as net unrealized
gain/loss until the investment is derecognized or until the investment is determined to be
impaired at which time the net unrealized gain or loss previously reported in capital
funds is included in the statement of income.

d. Investment in associated companies An associated company is a company, other than
a subsidiary, in which the Bank is in a position to exercise significant influence, through
participation in the financial and operating policy decisions of the invested.

The results and assets and liabilities of associates are incorporated in these balance sheet
using the equity method of accounting. The carrying amount of such investments is
reduced to recognize any impairment in the value of individual investments.

Where the Bank transacts with an associated company, unrealized profits and losses are
eliminated to the extent of the Bank's interest in the relevant associate, except where
unrealized losses provide evidence of an impairment of the asset transferred.

e. Impairment At each balance sheet date, the Bank reviews the carrying amounts of
long-term investments to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the recoverable amount
of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reducedto its recoverable amount. Impairment losses are
recognized as an expense immediately.

A previously recognized impairment loss is reversed by a credit to current operations
(unless the asset is carried at a revalued amount in which case the reversal of the
impairment loss is credited to the revaluation increment of the same asset) to the extent
that it does not restate the asset to a carrying amount in excess of what would have been
determined (net c ^ any accumulated depreciation and amortization) had no impairment
loss been recognized for the asset in prior years.

f. Foreign currency translation Transactions in currencies other than US dollars are
initially recorded at the rates of exchange prevailing on the dates of the transactions or at
the contracted settlement rate. Monetary assets and liabilities denominated in such
currencies are re-translated at the rates prevailing on the balance sheet date. Profits and
losses arising on exchange are'included in the statement of income. The assets and
liabilities of the Bank's overseas operations are translated at the exchange rates
prevailing on the balance sheet date. Income and expenses are translated at the average
exchange rates for the year. Exchange differences arising are classified as equity and
transferred to-the Bank's exchange translation reserve. Such translation differences are
recognized as income or as expense in the year in which the operation is disposed.

g. Cash and cash equivalents Cash and cash equivalents comprise cash, due from banks
and highly liquid securities with maturity of 3 months or less.

h. Leases Leases where the lessor retains substantially all the risks and benefits of
ownership of the asset are classified as operating leases. Operating lease payments are
recognized as an expense in the statement of income on a straight-line basis over the
lease term.


4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

In the application of the Bank's accounting policies, which are described in Note 3,
management is required to make judgments, estimates and assumptions about carrying
amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that
-are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised, if the
revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.

The following are the judgments and estimates that management has made in the process of
applying the Bank's accounting policies and that have the most significant effect on the
amounts recognized in the consolidated-balance sheet:

Impairment ofAFS equity investments

1he Group determines that AFS equity investments are impaired when there has been a
significant or prolonged decline in the fair value below its cost. This determination of what is
significant or prolonged requires judgment. In making this judgment, the Bank evaluates
among other factors, the normal volatility in share price. In addition, impairment may be
appropriate when there is evidence of deterioration in the financial health of the invested,
industry and sector performance, changes in technology, and operational and financing cash
flows. As of December 31, 2007 and 2006, allowance for impairment losses on AFS
investments amounted to $nil and $nil, respectively, for the Bank.

5. INVESTMENTS IN SECURITIES

Investments in securities are comprised of:


2067
US$


Held-to-maturity
Available-for-sale

Total securities


2006
US$


4,766,321 4,845,159
32,303,187 58,844,967

37,069,508 63,690,126


6. INVESTMENTS IN ASSOCIATED COMPANIES


Share of net assets as ofJanuary 1
Exchange translation adjustment
Share of profit
Dividends received
Share of net assets as of December 31


Name of Company

First Metro International
Investment Co., Ltd.

Golly Investment, Ltd.

First Metro International
Investment Nominees, Ltd.


7. FIXED ASSETS


2007
US$

7,124,438
(4,958)
1,525,255
(1.713.597)


2006
US$

13,143,645
(21,541)
1,755,555
(7.753.221)


6,931,138 7,124,438


Percentage of
Issued Capital
Place of Class of Held by the Company
Incorporation Shares Held Directly Indirectly


Hong Kong Ordinary 26.74%

Hong Kong Ordinary -


Hong Kong Ordinary


Principal
Activities


Deposit taking

26.74% Property investment


26.74% Inactive


2007
US$ US$ US$
Furniture Leaseholr
and Fixtures Improvements Total


COST:
Beginning balance at December 31, 2006
Additions
Disposals


14,712
30,489


3,582

(3,582)


18,294
30,489
(3,582)


Beginning balance at December 31, 2007 45,201- 45,201


US$ US$ US$
Furniture Leasehold
and Fixtures Improvements Total


I~UL- "')


I










THE TRIBUNE


FRIDAY, MAY 2, 2008, PAGE 15B
I .I


ACCUMULATED
DEPRECIATION:
Beginning balance at December 31, 2006
Depreciation
Disposals


5,201
7,565


2,488
1,094
(3,582)


7,689
8,659
(3,582)


Beginning balance at December 31, 2007 12,766 12,766

CARRYING AMOUNT:


As at December 31, 2006

As at December 31, 2007


9,511 1,094 10,605

32,435 32,435


2007
US$


Authorised:

10,000,000 ordinary shares of $1.00 each
Issued and fully paid:

5,000,000 ordinary shares of $1.00 each


2006
US$


10,000,000 10,000,000


5,000,000 5,000,000


9. RELATED PARTY BALANCES AND TRANSACTIONS

Balances and transactions with related parties at December 31, 2007 are as follows:


Ultimate holding company
Transactions

Interest income

Investments in securities purchased during the year

Sale of investments in securities during the year

Bank balances


2007
US$


2006
US$


17,925 17,297

575,, t,649 #REF!

602,495,267 #REF!

1,154,914 451,932


Included in administrative expenses are salaries and related benefits of $196,949 (2006:
$202,649) paid to key management personnel.


10. GEOGRAPHICAL SEGMENT INFORMATION

The Bank's assets and liabilities are predominantly concentrated in the United States of
America, Hong Kong, and The Philippines.


11. FINANCIAL INSTRUMENTS

Capital risk management
The Bank manages its capital to ensure that it will be able to continue as a going concern
while maximizing the return to stakeholders through the optimization of the debt and equity
balance. The Bank's overall strategy remains unchanged from 2006.'

The capital structure of the Bank consists of equity, comprising issued capital, reserves and
retained earnings.

Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for
recognition, the basis of measurement and the basis of which income and expenses are
recognized, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in Note 3 to the balance sheet.
Categories ofFinancial Instruments


2007,
US$


Financial assets:
Cash and due from banks
Held-to-maturity investments
Available -for-sale financial assets


26,311,993
4,766,321
32,303,187

.63,3841,501


Financial liabilities:
Bank overdrafts
Deposit of customers


2006
US$


27,177,872
4,845,159
58,844,967

90,867,998


359,885
52,160,029 73,650,445

52,519,9i4 73,650,445


Financial risk management objectives
The Bank's Corporate Treasury function provides services to the business, co-ordinates access
to domestic and international financial markets, monitors and manages the financial risks
relating to the operations of the Bank through internal risk reports which analyze exposures by
degree and magnitude of risks. These risks include market risk (including currency risk, fair
value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk.

The Corporate Treasury function reports quarterly to the Bank's risk management committee,
an independent body that monitors risks and policies implemented to mitigate risk exposures.

Market risk
The Bank's activities expose it primarily to the financial risks of changes in foreign currency
exchange rates and interest rates.

There has been no change to the Bank's exposure to market risks or the manner in which it
manages and measures the risk.

Foreign currency risk management
The,Bank undertakes certain transactions denominated in foreign currencies. Hence, exposures
to exchange rate fluctuations arise. Exchange rates are managed within approved policy
parameters.

The Bank is mainly exposed to Hon Kong Dollars through its investment in First Metro
International Investment Co. Ltd.
Currency profile

The currency profile of the Bank's assets and liabilities as at December 31, 2007 is as follows:


ASSETS
Bank balances
Group companies
Demand deposits
Time deposits
Investments in securities
Investments in associated companies
Interest receivable and other assets
Fixed assets
TOTAL ASSETS

LIABILITIES
Bank overdrafts
Deposits of customers
Interest payable
Other payables and accrued liabilities
TOTAL LIABILITIES

NET EXPOSURE-


2007
USD HK$ Total
US$ US$ US$



1,154,914 1,154,914
107,079 107,079
25,050,000 25,050,000
37,069,508 37,069,508
6,931,138 6,931,138
185,958 185,958
32,435 32,435

63,599,894 6,931,138 70,531,032


359,885
52,160,029
362,152
62,998

52,945,064

10,654,830


359,885
-52,160,029
362,152
S 62,998

-52,945,064

6,931,138 17,585,968


Currency profile Continued


ASSETS
Bank balances
Group companies
Demand deposits
,Time deposits
Investments in securities
Investments in associated companies
Interest receivable and other assets
Fixed assets
TOTAL ASSETS


2 )6
USD HK$ Total
US$ US$ US$



451,932 451,932
25,940 25,940
26,700,000 26,700,000
63,690,126 63,690,126
7,124,438 7,124,438
175,605 175,605
10,605 10,605

91,054,208 7.1?4,438 98,178.646


LIABILITIES
Deposits of customers
Interest payable
Other payables and accrued liabilities

TOTAL LIABILITIES

NET EXPOSURE


73,650,445 73,650,445
392,944 392,944
26,246 26,246

74,069,635 -74,069,635

16,984,573 7,124,438 24,109,011


Interest rate risk management
The Bank is exposed to interest rate risk as it receives short term deposits from customers and
places these funds into short term and medium term instruments in the market. The risk is
managed by the Bank by maintaining an appropriate mix between short term and medium term
placements with other banks and investments in securities while also maintaining a positive
spread over customer deposits.

The interest rate sensitivity analysis has been determined based on the exposure of interest
rates for both placements and investment in securities.

If interest rates had been 50 basis points higher/lower and all other variables were held
constant, the Bank's profit for the year ended December 31, 2007 would decrease/increase by
approximately US$52,155.

Other price risks
The Bank is exposed to equity price risk arising from equity investments. Equity investments
are held for strategic rather than trading purposes. The Bank does not actively trade these
investments.
Credit risk management
Credit risk arises from the failure of a counterpart to perform according to the terms of the
contract. From this perspective, the Bank's significant exposure to credit risk is primarily
concentrated in placements with banks, loans to customers and investments. The placements,
loans to customers and investment transactions have been placed with high quality
counterparties and as such the Bank's exposure to credit risk is minimal.

Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk
management framework for the management of the Bank's short, medium and long-term funding and liquidity management
requirements. The Bank manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring
forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

Maturity profile

The maturity profile of the Bank's assets and liabilities as at December 31, 2007 based on the remaining period to the repayment date
is as follows:
2007
Repayable Repayable
Repayable after after
within 3 months 1 year Repayable
Repayable 3 months but within but within after
on demand or less 1 year 5 years 5 years Undated Total
US$ US$ US$ US$ US$ US$ US$


ASSETS
Bank balances
Group companies 1,154,914
Demand deposits 107,079
Time deposits
Investments in securities
Investment in associated companies
Interest receivable and other assets
Fixed assets
TOTAL ASSETS 1,261,993

LIABILITIES
Bank overdrafts 359,885
Deposits of customers
Interest payable
Other payables and accrued liabilities
TOTAL LIABILITIES 359,885
NET EXPOSURE 902,108
Maturity profile Continued


25,050,000
31,878,709 1,115,08

185,95

56,928,709 1,301,04


43,293,'010

62,998
43,356,008
13,572,701


8,867,019
362,152

9,229,171
(7,928,129)


1,154,914
107,079
25,050,000
4 1,112,850' 2,962,865 37,069,508
6,931,138 6,931,138
8 .185,958
32,435 32,435
42 1,112,850" 2,962.865 6,963,573 70,531,032


359.885
52,160,029
362,152
62.998
52,945,064
17,585,968


1,112,850 2,962,65 6,963573
1,t112,85___0


2006
Repayable Repayable
Repayable after after
within 3 months I year Repayable
Repayable 3 months but within but within after
on demand or less 1 year. 5 years 5 years Undated Total
US$ US$ US$ US$ US$ US$ US$


ASSETS
.Bank balances
SGroup companies 451,932
Demand deposits 25,940
Time deposits
Investments in securities
Investments in associated companies -
Interest receivable and other assets 9,418
Fixed assets
TOTAL ASSETS 487,290

LIABILITIES
Deposits ofcustomers
Interest payable
Other payables and accrued liabilities 26,246
TOTAL LIABILITIES 26,246
NET EXPOSURE 461,944


26,700,000
50,385,985


7,917,865 4,886,276 500,000


12,268 153,919

. 77,098,253 8,071,784 4,886,276


500,000


68,615,400 5,035,045
356.806 36,137

68,972,207 5,071,182
8,126,046 3,000,602 4,886,276 .500,000


7,124,438

10,605
7,135,043


451,932
25,940
26,700,000
63,690,126
7,124,438
175,605
10,605
98,178,646


73,650,445
392,944
S 26,246
74,069,635
7,135,043 24,109,011


Fair value offinancial instruments .
The fair value of financial assets and.financial liabilities with standard terms and conditions
and traded on active liquid markets is determined with reference to quoted prices.

The directors consider that the carrying amounts of financial assets and financial liabilities
recorded at amortized cost in the balanc- sheet approximate their fair values.


***** 4 **



Deloitte.
Deloitte & Touche
Chartered Accountants
and Management Consultants
2nd Terrace, Centreville
P.O. Box N-7120
Nassau, Bahamas
Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
http://www.deloitte.com.bs


INDEPENDENT AUDITORS' REPORT


To the Shareholders of
Metropolitan Bank (Bahamas) Limited:

We have audited the balance sheet of Metropolitan Bank (Bahamas) Limited (the "Bank") as at
December 31, 2007. This balance sheet is the responsibility of the Bank's management. Our
responsibility is to express an opinion on this balance sheet based on our audit.

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

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as at December 31, 2007, in accordance with International Financial Reporting Standards.

Without qualifying our opinion, we emphasize that the balance sheet does not comprise a complete
set of balance sheet in accordance with International Financial Reporting Standards. Information on
results of operations, cash flows and changes in equity is necessary to obtain a complete
understanding of the financial position, perform dance and changes in financial position of the Bank.






March 14, 2008


A member firm of
DeloltteTouche Tohmatsu


8. SHARE CAPITAL


a~ilre* -n~n~n~n~n~n~n~n~n~n~n~n~n~n~n~n~n~n~n~n --~I ~c~Rol~rsl~i-~maR~~ri


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PAGE 16B. FRIDAY, MAY 2, 2008


THE TRIBUNE


COMIC :PG


SOUNDS LIKE A BAD
CASEOF DIAPER RASH



i
4.


CRYPTIC PUZZLE


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ri:-rie-nl it.|


'-w etrd :-'s crpric solutions
CPOSr I i er:.t.. 6 Sp,:n 9 OCa mealO 0. Cab-Oy 11
Lu 'i I: r'-,j: 13 S ,njil 15 i.i 1 Er.nl 8, H -Lena
I ; "r.: I r.rpa i12 O.T. 2., Ea 25. Barinded 26
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orCrj L i..:jr ] b3-..tnr.i.. Sa-y5 Ome-ns 6,
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S .,:..: It` l-.3 18 Hea. r 19 S-P.nner 21.Har.oia
SI, h :,:,- T,, d,:,, 25 BuTs 26. Same 28. No


DOWN
1 Figure tnere may be slings
attached (6)
2 Came close lo naing. earned a
break? (6)
3 Cons deraion oi having helped to get
a record out' (4)
4 Fred accepts a game to have baffled
nm! (71
5 He was known ror h-s Iouch with
vanous maids (5)
6 That's one learn out ol the way' 5)
8 Even some bad singers can make
Iher mark (4)
9 Achieve only hall ones largest' (3)
12 Success can nave is up; ard
downs (3)
13 Search ana rob of a firearm (5
15 Breax up a figrt(51
18 NomerebDiidle(5
19 Th3a volatile Ilile girt' (3)
20 Radical hatredof gong ha3tel- (.3)
21 They'ie uzea in making ignm
pictures (7)
22 Dr;nr up al mte Saracen's Head ()
23 I's no good including one in a tlule
compornslon 16)
24 Wort' 1o make soup (4)
25 Ready io fallinlo te arms ol
Morphe 16)
26 Leadng by lec than a necka(5)
27 Maybe a slab of someirnng ihgri t 5)
28 Leo'syoungsrer' 31
30 Dul'es'hana-dning? (41


ACROSS
1 Crib (6)
7 Abandoned (8)
8 Accept (4)
10 Source (6)
11 Part of speech (6)
14 Age (3)
16 Acceptable
(5)
17 Ripped (4)
19 Less(5)
21 Rational (5)
22 Fish (5)
23 Key (4)
26 Drain (5)
28 Golt peg (3)
29 Sensual (6)
30 Optical illusion (6)
31 Sharp (4)
32 Decreased (8)
33 Come out (6)


Yesterday's easy solutions
ACROSS 1. Cobra3 '-nu. 9. Enacted 10, Elect 11, Nitre
12.Cubil 13,Slellar 15,.Mal0 i Well 18, Toledo 19,
Coven 20. Animal 22 Safe 24. Ton 25, Regales 26, Remit
27. Besom 28. Bison 29 Balh bun 30, Ashen 31,
Sepal
DOWN. 2. Oblate 3. Recall 4 AnT 5, Scour 6, Venison 7,
Edit 8. Unread 12. Carol 13 Sweat 14, Elfin 15, Medal 16,
Doles 18. Tenet 19. Caveman 21, Novels 22, Saline 23,
Feaora 25, Rigni 26 RoDe 28 Bus


Dennis


"PUT I TOUGIT YOUR
POG WAS A QY. "


Contract Bridge

By Steve Becker


Bidding Quiz


You are South in each of the fol-
lowing three hands, both sides vul-
nerable. What would you bid at the
point where the question mark
appears?
1. 4 AKJ V K83 2 + AQJ975
South West North East
1 + Pass 1 Pass
3 + Pass 3 V Pass

2. AQ76 V KJ84 3 + Q985
North East South West
1 24, ?
3. 4 AKJ6 V J5 983 4 KJ42
North East South West
14 Pass 34 Pass
5 NT Pass ?
* *
1. Four spades. It is vital at this
point to let partner know about your
excellent spade support, and also to
inform him that your three-club rebid
was based on maximum values. The
jump-raise in spades is in keeping
with the general principle that the
more you bid, the more you've got.
The purpose of the bid is to encour-
age partner to consider slam with an
appropriate hand. A three-spade bid
would tend to say that your three-
club bid was.of minimum quality,
and/or that your spade support is
rather nondescript, such as J-x-x or
worse.
2. Double. Whether your side has a


game is uncertain, but whether you
can defeat two clubs is not, assuming
partner accepts the double by pass-
ing. If he has a normal complement
of high cards for his opening bid and
his distribution is not freakish, he
will pass, and you'll probably collect
a sizable penalty.
You double largely on the "bird in
the hand" theory.. You are virtually
certain to show a plus by doubling,
but might end up with a minus if you
press forward without taking advan-
tage of the opportunity to penalize
East.
3. Seven spades. In the given
sequence, the five-notrump bid has
nothing whatever to do with Black-
wood. If partner wanted to know
how many aces and kings you had
for your three-spade bid, he would
first bid four notrump, and then bid
five notrump over your five-diamond
response.
The direct jump to five notrump is,
rather, a convention called the Grand
Slam Force. It asks partner to bid
seven of the agreed trump suit if he
has two of the three top trump hon-
ors. You therefore have no choice but
to bid seven spades at this point.
Your actual high-card values and dis-
tribution are totally inconsequential.
Partner probably has a hand such as:
+ Q9742 V AKQ83 5 A 4 A7.
I


The
Target
uses
words in
the main .
body of z
RT C 0
21st
Dictuiary 0
edition). 1 oR
HOW many words of four letters o i o '0
or more can you make from the o"-N ~ ;
letters shown here? In making a '
word, each letter may be used
once only. Each must contain the 0 4)
centre letter and there must be 3 '
at least one nine-letter word. g 0
No plurals. .H a,
TODAY'S TARGET
Good 17; very good 26; excellent
34 (or more). Solution tomorrow.


DOWN
1 Romp (6)
2 Mythical
creature (6)
3 Paradise (4)
4 Hand over (7)
5 Polite (5)
6 War-horse (5)
8 Layer(4)
9 Family (3)
12 Ruin (3)
13 Supple (5)
15 Exclude (5)
18 Proprietor (5)
19 In favour (3)
20 Moist (3)
21 Goblins (7)
22 Ready (3)
23 Shade of red (6)
24 Metal (4)
25 Stop moving (6)
26 Closes (5)
27 Less good (5)
28 twitch (3)
30 Manufactured (4)


*

spoke


FRIDAY,

M'AY 2


AQUARIUS Jan 21/Feb 18
You're on thin ice financially,
Aquarius. It's time to re-evaluate
your spending habits and quickly.
A professional might be able to offer
sound advice in this area.
PISCES Feb 19/Mar20
Just when you were feeling great, a
health concern pops up and knocks
you down for the count. It could
take a while to overcome.
:ARIES Mar 21/Apr 20
You receive top marks at work,
.Aries, but this week you're not win-
ning rave reviews at home. Brush up
on your interpersonal skills with the
ones you love.
TAURUS Apr 21/May 21
Don't put off till tomorrow what you
carl do today, Taurus. That's because
this week offers little time for pro-
crastination. Check one task off your
list at a time.
GEMINI May 22/Jun 21
Don't underestimate the power you
have over those around you, Gemini.
Youll put your charm to work when
you are faced with a project this week
that you want to wiggle out of.
CANCER Jun 22/Jul 22
A friend may betray you this week,
Cancer, and that may leave a sour taste
in your mouth. You've been close.- th
this person for a while and u'onder if
you should end the friendrlip.
LEO Jul 23/Aug 23
If you're aggravated about your
financial situation, Leo, do some-
thing about it. It just may be time to
toss away those credit cards and start
saving for a few months.
VIRGO Aug 24/Sept 22
You're feeling a lot of pressure t
make changes in your personal life
Virgo. However, if you're happy
your current situation, continue to d
what you're doing.
LIBRA Sept 23/Oct 23
You're enjoying your newfoun
independence, Libra, but someone i
ready to jump on that bandwago
and foil your plans. You'll figure ou
how to work through it.
SCORPIO Oct 24/Nov 22
If you've been lashing out at othe
because you're feeling stressed, it i
certainly time to ask for help or tak
a break. A few days away will li
your spirits immensely.
SAGrITARIUS Nov 23/Dec 21
Feeling on top of the world
Sagittarius? This is about to chang
when an event brings you closer t
reality. It'll take a while for every
thing to reach a resolution.
CAPRICORN Dec 22/Jan
Stop playing games with a loved on
This person will only tolerate s
much before he or she gets fed up an
leaves. The joke is over, start actin
more seriously.


O OICHSS yL o Od a


Dmitry Jakovenko v Zoltan Almasi,
World Cup, Russia 2007. With level
material, and only queen, minor
piece and a pawn on each side, you
could be forgiven for marking this
down as a draw banker. Yes, White
can queen his pawn by 1 e8Q Bxe8 2
Qxe8 but that doesn't really help.
The black queen can then start a
checking sequence and even if
White manages to reach queen and
knight against queen that is a book
draw except in rare circumstances.
But the young Russian grandmaster
Jakovenko still found a winning
two-move tactic which could be
called problem-like in such a barren
position. Can you spot White's
winning idea? Both the key moves
are checks.


8605











a b c d e r g h


LEONARD BARDEN


Chess: 8605:1 Qd6+! If now Ke4 2 Qxc6+ and 3 Qxhi
wins the queen. If Bd5 simply 2 e8Q. The game
ended 1 Qd6+ Ke3 (Kc3 is the same) 2 Nd5+ Resigns.
White queens after Bxd5 3 e8Q or wins the bishop
and keeps his e7 pawn after Kf3 3 Qxc6.


I/


JUDGE PARKER


BLONDE


NONSEQUITUR



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Telephone 242393 2007
Fax 242 393 1772
Internet www.kpmg.com.bs


INDEPENDENT AUDITORS' REPORT


To the Shareholder of Julius Baer Bank & Trust (Bahamas) Limited

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

Management's Responsibility for the Consolidated Financial Statement

Management is responsible for the preparation and fair presentation of this 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 consolidated financial statement that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.

Auditors'Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statement. The procedures selected depend on our
judgment, including the assessment of the risks of material misstatement of the 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 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 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 consolidated financial statement.

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

Opinion

In our opinion, the consolidated financial statement presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2007 in accordance with IFRS.

Emphasis ofMatter

Without qualifying our opinion we emphasize that this consolidated financial statement does not
comprise a complete set of consolidated 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.


/441A46

Chartered Accountants
Nassau, Bahamas

April 22, 2008

.JULIUS BAER BANK & TRUST (BAHAMAS) LIMITED
Consolidated Balance Sheet

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

Note 2007 2006

Assets
Cash and due from banks demand and
call deposits 4, 9 & 12 SFr 54,406,140 59,324,196
Investments 5 -
Due from banks time deposits 4, 9 & 12 12,000,000 12,000,000
Customers' advances and loans 6, 9 & 12 124,666,945 76,012,750
Accrued interest and other assets 4 3,048,257 4,888,423
Receivable under open forward currency
contracts 4,9, 10 & 12 1,355,781 1,482,712
Fixed assets 8 1,421,797 1,334,563
Total assets SFr 196,898,920 155,042,644

Liabilities and Shareholder's Equity
Liabilities:
Deposits 7, 9 & 12
Banks 4 SFr 99,823,750 .69,398,550
Customers 66,348,163 59,638,847
Accrued interest and other liabilities 4 3,142,607 2,979,485
Payable under open forward currency
contracts 4, 9, 10 & 12 1,331,339 1,466,995
Total liabilities 170,645,859 133,483,877

S Shareholder's equity:
Share capital
Authorized, issued and fully paid -
2,000,000 shares at par value of
SFrl.00 each 2,000,000 2,000,000
Retained'eamings 24,253,061 19,558,767
Total shareholder's equity 14 26,253,061 21,558,767

Commitments and contingencies 10

Total liabilities and shareholder's equity SFr 196,898,920 155,042,644


See accompanying notes to consolidated balance sheet.

The consolidated balance sheet was approved on behalf of the Board on April 21, 2008 by:


Director


Walter Infanger Director


1. Corporate information
Julius Baer Bank & Trust (Bahamas) Limited ("the Bank"), formerly Ferrier Lullin Bank &
Trust (Bahamas) Limited, was incorporated under the laws of The Commonwealth of The
Bahamas and is licensed under the Banks and Trust Companies Regulation Act 2000, to carry
on banking and trust business from within The Bahamas. The Bank's ultimate parent
company is Julius Baer Holding Ltd., whose headquarters is located in Zurich, Switzerland.
The address of the Bank's registered and principal office is Ocean Centre, Montagu
Foreshore, East Bay Street, Nassau. Bahamas. The principal activities of the Bank consist of
providing banking and investment management services.
2. Basis of preparation
Statement of compliance
The consolidated balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS).
In preparing the consolidated balance sheet, the Bank has adopted IFRS 7 Financial
Instruments: Disclosures and IAS 1 Presentation of Financial Statements: Capital
Disclosures. The adoption of IFRS 7 and the amendment to IAS 1 impacted the type and
amount of disclosures made in this consolidated balance sheet, but had no impact on the
reported financial position of the Bank. In accordance with the transitional requirements of
the Standards, the Bank has provided full comparative information.
Basis of measurement
The consolidated balance sheet has been prepared on the historical cost basis, except for
investments and derivative financial instruments which are measured at fair value. The
methods used to measure fair values are discussed in note 3 under the sub-headings Financial
assets and liabilities -measurement.


_.-


time value of money and, where appropriate, the risks specific to the liability.
Provision for loan losses
Specific provisions reflect the amounts required to reduce the carrying value of the loan to its
estimated recoverable amount. The Bank does not generally record a non-specific loan loss
provision to cover unidentified inherent risks in the loan portfolio.
When a loan is deemed to be uncollectible, it is written off against the related provision for
impairment.
Fiixed assets
Fixed assets are stated at historical cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The
cost of replacing part of an item .of fixed assets is recognized in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part will flow to
the Bank and its cost can be measured reliably. The costs of the day-to-day servicing of fixed
assets are recognized as incurred.


E TRIBUNE


KPMG
PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau. Bahamas


mmSS


FRIDAY, MAY 2, 2008, PAGE 17B


I


Svlvain Courrier


a


- L L~ __~_


Functional and presentation currency
The consolidated balance sheet is expressed in Swiss francs (SFr) which is the Bank's
functional currency. Swiss francs reflect the economic substance of the operations and
circumstances of the Bank.
Use of estimates and judgements
The preparation of the 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. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised and in any
future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
judgements, in applying accounting policies that have the most significant effect on the
amounts recognized in the consolidated balance sheet are described in note 3 under the sub-
headings Financial assets and liabilities identification and measurement of impairment,
Provisions and Provisionsfor loan losses.
3. Summary of significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented
in this consolidated balance sheet and have been applied consistently by the Bank and its
subsidiaries (together referred to as the "Group").
Basis of consolidation
Subsidiaries are entities controlled by the Bank. Control exists when theBank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. The balance sheets of subsidiaries are included in this consolidated balance sheet
from the date that control commences until the date that control ceases.
The consolidated balance sheet comprises the balance sheets of the Bank and the accounts of
its wholly-owned subsidiaries, Julius Baer Trust Company (Bahamas) Limited (JBTC),
Dorwinona Limited, Dirmac Limited, Nomark Limited and Vetchau Management Limited,
after elimination of all inter-company balances. All subsidiaries of the Bank were
incorporated under the laws of the Commonwealth of The Bahamas. JBTC was incorporated
to facilitate the Bank's trust activity which was previously outsourced.
Financial assets and liabilities
(i) Classification
Financial assets with fixed or determinable payments that are not quoted in an active
market and ihat the Bank does not intend to sell immediately or in the near term are
classified as loans and receivables originated by the Bank. Financial assets classified as
loans and receivables include customers' advances and loans, cash and due from banks -
demand and call deposits and accrued interest and other assets.
Financial assets and liabilities with fixed dates of maturity that management has the
intent and ability to hold to maturity are classified as held-to-maturity. Financial assets
classified as held-to-maturity consist of amounts due from bank time deposits.
Financial assets and liabilities intended to be acquired for the purposes of selling in the
near term, which may be disposed of in'response to the needs for liquidity or changes in
interest rates, exchange rates or equity prices are classified as financial assets and
liabilities at fair value through profit or loss. Financial assets and liabilities classified as
held at fair value through profit or loss include derivative financial instruments.

Financial liabilities that are not at fair value through profit or loss include deposits -
Sbanks, deposits customers and accrued interest and other liabilities
(ii) Recognition
The Bank initially recognizes customers' advances and loans and deposits on the date
that they are originated. All other financial assets.and liabilities (including assets and
liabilities designated at fair value through profit or loss) are initially recognized on the
trade date, which is the date that the Bank becomes a party to the contractual provisions
of the instrument.
(iii)Derecognition
A financial asset is derecognized when the Bank loses control over the contractual rights
that comprise the. asset. This occurs when the rights are realized, expired or are
surrendered. A financial asset is also derecogfized when the Bank transfers the rights to
receive the contractual cash flows on the financial asset in a transaction in which
substantially all the risks and rewards of ownership of the financial asset are transferred.
A financial liability is derecognized when its contractual obligations are discharged,
cancelled or expired.
(iv) Measurement
Financial instruments are initially measured at fair value plus, in the case of a financial
asset or financial liability not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset or financial liability.
Transaction costs on financial instruments at fair value through profit or loss are
expensed immediately.
Subsequent to initial recognition, loans and receivables and financial assets and financial
liabilities that are not at fair value through profit or loss are carried at amortized cost, less
impairment losses where applicable, using the effective interest rate method. The
amortized cost of a financial asset or liability is the amount at which the financial asset or
liability is measured at initial recognition, minus principal repayments, plus or minus the
cumulative amortization using the effective interest method of any difference between the
initial amount recognized and the maturity amount, minus any reduction for impairment.
Subsequent to initial recognition, derivative financial instruments are valued at fair value.
The determination of fair values is based on quoted market prices or dealer price
quotations foi financial instruments traded in active markets. For all other financial
instruments, fair value is determined by using valuation techniques. Valuation
techniques include net present value techniques, the discounted cash flow method,
comparison to similar instruments for which market observable prices exist, and
valuation models. The Bank uses widely recognized valuation models for determining
the fair value of common and more simple instruments like interest rate swaps. For these
financial instruments, inputs into models are market observable.
All derivative financial instruments are carried as assets when fair value is positive and as
liabilities when fair value is negative.
(v) Identification and measurement of impairment
At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets, not carried at fair value through profit or loss, 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 from the asset that can be estimated reliably. Objective evidence that
financial assets 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
disappearance 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.
The amount of the impairment loss on a financial asset is calculated as the difference
between the asset's carrying amount and the present value of expected future cash flows
discounted at the asset's original effective interest rate. By comparison, the recoverable
amount of a financial asset measured at fair value is the present value of expected future
cash flows discounted at the current market rate of interest for a similar financial asset.
Cash and cash equivalents
Cash and cash equivalents include demand and call balances due from banks.
Provisions
A provision is recognized if, as a result of a past event, the Bank has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected cash flows at a rate that reflects current market assessments of the








i i:H IHMIbUNl


Depreciation is recognized on a straight line basis over the estimated useful lives of eachpart
of an item of fixed assets.
The estimated useful lives for the current and corresponding period are as follows:


Furniture & equipment
Leasehold improvements


5 years
Duration of lease


Where the carrying amount of an asset is greater than its estimated recoverable amount, it is
written down immediately to its recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts.
Repairs and maintenance are charged when the expenditure is incurred.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated into SFr using year-end rates of exchange. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair value are retranslated to the reporting
currency at the exchange rate in effect at the date that the fair value was determined.
Offsetting
Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and
intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously.
Financial guarantees
Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment
when due in accordance with the terms of a debt instrument.
Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable).

At December 31, 2007 there were no financial guarantee liabilities recognized in the, ...
consolidated balance sheet (2006 SFr nil).
Fiduciary accounts and assets under administration
Fiduciary accounts and assets under administration have not been included in this
consolidated balance sheet, other than those assets and liabilities which relate to the banking
services provided by the Bank for its clients. Total assets under administration as at
December 31, 2007 approximated SFr 1,598 million (2006 SFr 1,496 million), of which
SFr 1,532 million (2006 SFr 1,436 million) was held in a fiduciary capacity.
Taxation
There are no income taxes imposed on the Bank in The Commonwealth of The Bahamas.
IFRSs not yet effective
There are no IFRS that have been issued but are not yet effective which are applicable to the
Bank.
4. Parent company and affiliates
The Bank entered into various transactions with the Parent and other parties related by virtue
of common control. The consolidated balance sheet includes the following related party
balances.

2007 2006


Assets .
Cash and due from banks demand and call deposits
Due from banks time deposits
Accrued interest and other assets
Receivable under open forward currency
contracts


SFr 44,789,196
12,000,000
342,080

558,483


57,258,188
S12,00,000
.47,903

1,247,911


Total due from affiliates SFr 57,689,759 70,554,002

Liabilities
Deposits banks SFr 99,823,750 69,398,550
Accrued interest and other liabilities 1,405,077 1,734,800
Payables under open forward currency contracts 785,304 223.027
Total due to affiliates SFr 102,014,131 71,356,377


Service level agreements
On May 23, 2006 the Bank entered into a service level agreement with an affiliated company
to provide information technology services. The service-level agreement fees are in the
amount of SFr 45,000 per annum for fixed services and variable rate for services on request
based on the actual time spent. The agreement is for an indefinite period and may be
cancelled by either party giving three months' notice.
Effective June 1, 2006 the Bank entered into a service level agreement with an affiliated
company to provide IT, operational support and IT consulting services. The service level
agreement fees are in the amount of SFr 1,403,910 per annum. The agreement is for 'an
indefinite period and may be cancelled by either party giving three months' notice.
5. Investments
The Bank held 2,000 (2006 2,000) shares in Overseas Callender Fund (the Fund), a private
company which invests primarily in American equities. Management made a decision to
reduce the value of the shares held in the Fund to nil value during 2002. There have been no
adjustments to the value assigned to the shares during 2007 (2006 nil).

6. Customers' advances and loans
Customers' advances and loans represent fixed term loans, overdrafts on current accounts,
and withdrawn credit lines. Loans are fully collateralized primarily by cash deposits and.
marketable securities.
Loans and advances by type are detailed as follows at December 31:
2007 2006

.Commercial SFr 46,759,457 33,9,00,000
Industrial 16,306,452 16,064,296
Financial institutions 24,913,396 2,701,050
Personal 19,829,857 10,920,474
Service companies 16,857,783 12.426,930
SFr 124,666,945. 76,012,750


2007 2006

Demand loans SFr 7,064,573 6.615,469
Fixed-term loans 117,602,372 69,397,281
SFr 124,666,945 76,012.750

An estimate of the fair value of collateral held against loans and advances at December 31,
which are included in assets held in a fiduciary capacity, is shown below:

2007 2006

Cash and cash equivalents SFr 129,653,033 60,256,396
Marketable securities 778,300,672 613.673,494
SFr 907,953.705 673,929,890

In October 2006, the Bank received a Court Order ("the Order") relative to two customer
accounts directing their freezing pursuant to investigations initiated in Switzerland. The
Bank previously filed two suspicious transaction reports to the Financial Intelligence Unit on
July 14. 2004 and October 24, 2006 respectively for these accounts. The Order restrained the
Bank from conducting any transactions.
The Bank has filed application with the Court seeking not to have itself prejudiced by the
Order, in exercising its rights in respect of covering any short positions arising from the
maturing of any foreign currency forward contracts and fixed term loans initiated prior to the
Order. Management is of the opinion that no provision related to this matter is necessary
based on external legal advice obtained to the effect that the Bank's pending application has a
good chance of success. Further, as at December 31, 2007 the Bank continued to hold
collateral covering loans and advances due from both accounts. As at December 31, 2007 the
accounts remain frozen per the Order, until otherwise directed by the Court.
The two accounts which the Bank is unable to liquidate at the balance sheet date, due to the
Order, total SFr 6,669,664 (including accrued interest). During 2007, interest was suspended
on these two loans and advances (2006 nil) and continues to be suspended at the balance
sheet date. Other than the aforementioned accounts, there are no other customers' loans and
advances which are past due.


7. Deposits
Deposits comprise the following:
2007 2007 2006 2006
Banks Customers Banks Customers

Demand SFr 3 66,348,163 1.270 59.602.630
Time 99,823,747 69,397,280 36,217
SFr 99,823.750 66.348.163 69.398,550 59.638,847

& Fixed assets

Leasehold Furniture and
Improvements Equipment Total
Cost:
At January 1, 2007 SFr 1,051,437 378,451 1.429,888
Additions 144,640 104,286 248,926
At December 31,2007 SFr 1,196.077 482,737 1.678.814

Accumulated depreciation:
At January 1, 2007 SFr 80,043 15,282 95,325
Charge for the year 140,835 20,857 161.692
At December 31, 2007 SFr 220,878 36,139 257,017

Net book value:
At.December 31, 2007 SFr 975.199 446,598 1,421,797

At December 31, 2006 SFr 971,394 363,169 1,334,563

9. Concentrations of assets and liabilities
The following is an analysis of significant geographical concentrations of monetary assets
and liabilities:
December 31,2007:


Bahamas &
Switzerland Europe* Caribbean. Other Total

MONETARY ASSETS
Cash and due from banks -
demand and call deposits SFr 53,240,665 636,212 529.263 54.406,140
Due from banks -
time deposits 12,000,000 12.000.000
Customers' advances and
loans 1,518,953 13,267,451 80.080,547 29,799,994 124.666.945
Receivable under open
forward currency contracts 705,367 17,588 477.295 155,531 1,355.781
SFr 67,464,985 13,285,039 81,194,054 30,484,788 192,428,866

MONETARY LIABILITIES
Deposits banks SFr 99,823,750 99,823,750
Deposits-customers 9,934,517 10,509,635 22.276.861 23,627,150 66,348.163
Payable under open
forward currency contracts 904.895 183,531 120,171 122.742 1,331.339
SFr 110,663.162 10,693,166 22,397.032 23,749,892 167,503.252

Net expowr SFr (43,198,177) 2.591,873 58.797.022 6,734.896 24,925,614

December 31, 2006:
Bahamas &
S Switzerland Europe* Caribbean Other Total


MONETARY ASSETS
Cash anddue from banks-
Demand and call deposits SPr 57.258,188
Due from banks-
time deposits. 12,000,000
Customers' advances and.
loans 2,231.288
RewivabihL under Mn


S373,071 1,692,937 59,324,196


12,772.243


-.- 12,000,000
53.227.503 7,781,716 76.012,750


*forward cunency contracts 1.261,622 41,854 63.040 116.196 1,482.712
SFr 72.751,098 12.814,097 53,663,614 9,590,849 148,819.658

MONETARY LIABILITES
Depot banks 69,398,550 69.398.550
Deposits-custoniers 8,780,409 7.692,005 18.065.566 25,100.867 59.638,847
Payable ueropen .
forward cumency conrats 237.930 93350 915.666 220.049 1.466.995
SFr 78,416,889 7.785,355 .18,981,232 25,320,916 130.504,392

Net expoasu SFr (5665,791) 5,028,742 34.682,382 (15,730.067) 18,315,266


*ExcludingSwitertead

10. Commitment and contingencies
Derivative financial instruments
The Bank enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are contracts to purchase and to sell foreign currencies
at specific rates of exchange on specific dates in the future. Risk arises from the potential
inability of counterparties to perform under the terms of the contracts (credit risk) and from
fluctuations in the foreign exchange rates (market risk). The Bank manages the market risk of
client-related positions by taking offsetting positions with affiliate banks resulting in minimal
market exposure. The credit risk of client-related positions is managed by applying uniform
credit standards maintained for all activities with credit risk.
The contract amounts of open forward currency contracts were as follows:

2007 2006

Commitments under forward currency contracts
Commitments to purchase SFr 107,874,789 54,771,945
Commitments to sell 107,443,527 55,740,636

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 the amounts with a positive value reflected in
the Bank's consolidated balance sheet.
Guarantees
At December 31, 2007, the Bank was contingently liable for SFr 1,978,454 (2006 SFr
446,274) as a result of financial guarantees and letters of credit issued on behalf of its
customers, which are fully collateralized with financial assets held on behalf of the
customers.
Lease agreement
The Bank leases its premises from Ocean Centre Limited under the terms of a ten-year
operatinglease that commenced on April 30, 2006 with the optionto renew for an additional
five years. The future minimum lease payments under this lease agreement are as follows:
Within two to five years SFr 708,813
Over five years 1,134,785

11. Fair value of financial instruments
Financial instruments utilized by the Bank include recorded assets and liabilities, as well as
items that principally involve off-balance sheet risk. The majority of the Bank's financial
instruments are either short-term in nature or have interest rates that automatically reset to
market on a periodic basis. Accordingly, the estimated fair value is not significantly different
from the carrying value for each major category of the Bank's recorded assets and liabilities.

12. Financial risk management
The Bank's financial instruments, other than derivatives, comprise deposits, customers' loans
and advances, money market assets and liabilities, some cash and liquid resources and
various other items that arise directly from its operations.
The main risks arising from the Bank's financial instruments are credit risk, liquidity risk and
market risk. The Board of Directors reviews and agrees policies for managing each of these
risks and they are summarized below.
Credit risk
Credit risk is the risk that a customer or a counterpart will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterpart credit
risk centrally to optimize the use of credit availability and to avoid excessive risk
concentration. Customer credit risk is monitored on a daily basis by management. The Bank's
Board of Directors receives regular reports on credit exposures, levels of bad debt
provisioning and bank exposure limits. The Group incurred credit losses as detailed in the
table below:


~


/












The movement during the year in the provision for credit losses, which is included in accrued
interest and other assets in the consolidated balance sheet, is as follows:
2007 2006

Balance at beginning of the year
Increase in allowance 16,086
Balance at end of year 16,086 -

Credit risk exposure
The Bank's maximum exposure to credit risk (not taking into account the value of any
collateral or other security held) in the event the counterparties fail to perform their
obligations as at December 31, 2007 in relation to each class of recognized financial assets
other than derivatives, is the carrying amount of those assets as indicated in the consolidated
balance sheet.
With respect to derivative financial instruments, credit risk arises from the potential failure of
counterparties to meet their obligations under the contract. 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. Collateral generally is not held against balances
due from banks.
An analysis of concentrations of credit risk at the balance sheet date is shown below:
2007 .

Due from banks Due from banks Customers' advances
demand and call deposits timedeposits and loans

Financial institutions 54,406,140 12,000,000 -
Corporate 103,035,534
Private clients 21,641,411
54,406,140 12,000,000 124,666,945

2006

Due from banks Due from banks Customers' advances
demand and call deposits time deposits and loans

Financial institutions 59,324,196 12,000,000
Corporate '60,936,734
Private clients- ,5076,016
59,324,196 12,000,000 76,012,750

Liquidity risk
Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or
otherwise raising funds to meet commitments. The Bank monitors expected cash outflow on a
daily basis. Its policy throughout the year has been to ensure liquidity by maintaining at all
times sufficient high quality liquid assets to cover expected net cash outflows. The maturity
analysis of the assets and liabilities at December 31 are as follows:

December 31,2007: .
Due on Less than More than
Demand 3 months 3 -12 months 12 months Total

MONETARY ASSETS
Cash and due from banks -
Sdemand and call deposits SFr 54,406,140 54,406,140.
Due from banks -
time deposits. 12,000,000 12,000.000
Customers' advances
and loans 18,173,533 76,555.345 24,677,567 5,260,500 124.666,945
Receivable under open
forward currency contracts 1,355,781 1,355.781'
72,579,673 77.911,126 36.677,567 5,260.500 192,428,866
MONETARY LIABILITIES
Deposits- banks 3 76,555,345 18,007,902 5,260,500 99,823,750
Deposits customers 62,820,900 37,243 3,490,020 66,348,163
Payable under open
forward currency contracts 1,331,339 1,331339
62,820,903 77,923,927' 21,497,922 5.260,500 1'67,503,252.

Netlqufiity. gap .. ,SFr ...,758,770 ...12,&01).. ... 15,79,64 .- ...- -. 24t925,614

December 31, 2006:
Due on Less than More than
Demand 3 months 3 12 months 12 months Total
M(OhETARY ASSETS
Cash an Due from b"Sks -
time deljosit -.- 12,000,000 12,000.000
Customers' advances
and loans 6,615,469 .41,272,335 23,455,646 4.669,300 76,012,750
Forward currency contracts 1,482,712 1,482,712
65.939.665 42.755.047 35,455,64'6 4,669,300 148,819,658
MONETARY LIABILITIES
Deposits- banks 1,270 41,272,334 23.455.646 4,669,300 69398,550
Deposits- customers 59,602.630 36,217 59.638,847
Forward currency contracts 1,466,995 --- 1,466.995
59,603,900 42,775,546 23,455,646 4,669.300 130,504.392

Net liquidity gap SFr 6,335,765 (20,499) 12,000,000 18,315,266

Market risk
Market risk measures the potential loss to which the Company is exposed through changes in
market prices in interest rate, equity, foreign exchange and commodity markets. Market risk
management involves the identification, measurement, control and steering of the market
risks assumed. The Company enters into market risk positions within defined limits. Market
risk is monitored at the Julius Baer Group ("thd Group") level through the Group Risk
Management Market Risk department, which is independent from trading and carries out a
supervisory and guidance function in market risk management for all of the entities within the
Group.
Market risk measurement, market risk limitation
The Group uses the following types of measurement and limitation of market risk: value at
risk (VAR) limits, sensitivity or concentration limits (delta, vega, basis, point'and nominal
limits as well as scenario analysis) and country limits for trading positions. The key risk
figure, value at risk (VAR), measures the magnitude of the loss of a portfolio that, under
normal circumstances and for a specific probability (confidence level), will not be exceeded
during the observed holding period.
VAR method
For its VAR calculation, the Group uses historical simulation with complete revaluation of all
trading positions in eachlinstance. The historical simulation is based on empirically observed
changes in market parameters (prices, yield curves, volatilities) over the latest 300-t.-
day period. As a result, correlation is taken into account implicitly, without having to draw
.on calculations and assumptions based on a correlation matrix.
For a complete description of the Group's market risk management, please refer to the Julius
Baer Group 2007 audited consolidated financial statements.

Interest rate risk
Exposure to interest rate risk is the risk that arises when there is an imbalance between rate
and non rate-sensitive assets and liabilities. The Bank's policy is to maintain the interest rate
risk at a minimal level except that management may invest shareholder's funds in fixed or
floating rate instruments in response to market conditions.
The Bank's exposure to interest rates, for significant interest-bearing monetary assets and
liabilities by major currencies was as follows:


December 31, 2007:

Swiss United States
francs Euro dollars
Assets
Deposits with banks 1.988% 2.813% 3.863% 4.562% 4.488% 5.813%

Customers' advances and loans 3.19% 5.813%. 4.65% 7.813% 3.85% -8.813%


Liabilities
Due to banks

Due to customers


1.40%- 3.03%

0.688%- 1.25%


3.22% 4.85%


4.85% 5.35%


2.313% 3.063% 3.188% -4.313%


1_


December 31, 2006:

Swiss United States
francs Euro dollars

Assets
Deposits with banks 0.50% 0.75% 2.125% 2.375% 4.125% 4.375%

Customers' advances and loans 2.35% 5.15% 3.75% 4.91% 5.05% 6.85%

Liabilities
Due to banks 0.75% 1.00% 2.375% 2.625% 4.375% 4.625%

Due to customers 1.75% 2.54% 3.25% 4.16% 5.23% 5.35%

Foreign currency risk
Foreign currency risk is the risk that the value of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Bank's -foreign exchange exposure arises from
providing services to customers. The Bank's policy is to hedge against foreign exchange risks
by matching currency liabilities with currency assets. Currency exposure is monitored on a
daily basis and reviewed by management.

The currency exposure is stated below in SFr (in thousands):
December 31, 2007:

Swiss United States
Francs Euro dollars Others


Assets
i ;b;i;i ic


104,173 25,952
53 75R 26.912


50.415


(960)


33.523 31,828
32.717 57,258


806 (Z2,430U)


December 31, 2006:

Swiss United States
Francs Euro dollars Others

Assets 101,976 15,523 20,177 16,033
Liabilities 79,826 15,679 19,865 18,114
22,150 (156) 312 (2,081)

13. Other information
On January 20, 2006, the former resident manager of the Bank, was arrested in New York
and charged by the Manhattan Federal Court for money laundering activities, and on March
14, 2007 after offering a guilty plea, was sentenced to four years in prison and ordered to
forfeit US$220,000 in proceeds. The alleged and agreed facts are in connection with the
former resident manager's position and activities in another company not belonging to the
Julius Baer Group.
The accounts in the name of or for the benefit of the former resident manager and the account
S of his previously-owned investment company remain frozen as at December 31, 2007, in
accordance with the court order dated 2 May, 2006, and will remain frozen until otherwise
notified by court order. Accordingly, no provision related to this matter has been recorded in
this consolidated balance sheet.
14. Capital management
The Central Bank of the Bahamas requires all Banks to maintain a minimum capital of
B$5.000,000 and a capital adequacy ratio of at least 8 percent of risk weighted assets at all
times. The capital adequacy ratio is calculated by dividing the Bank's eligible capital base by
its risk-weighted exposures. The Bank uses regulatory guidelines as the basis for the
calculation of the ratio.
The Bank's actual capital amount and risk asset ratio at December 31, 2007 and 2006, as well
as the minimum regulatory requirements are as follows:

2007 2006
Actual Minimum Actual Minimum
requirement requirement

Capital CHF 26,253,061 5,667,500 21,558,767 6,095,000
Risk asset ratio 18% 8% 22% 8%


Banking operations are categorized as either trading book or banking book and risk-weighted
assets are determined ,according to specified requirements that seek to' reflect the varying
levels of risk attached to assets and off-balance sheet exposures. .
. The Bank's policy is to maintain a strong capital base so as to maintain investor, creditor and
S market confidence and to sustain future development of the business. The impact of the letel
of capital on shareholder's return is also recognized and the Bank recognizes the need to
maintain a balance between the higher returns that might be possible with greater gearing and
the advantages and security afforded by a sound capital position.:
The Bank was in compliance with the regulatory:imposed capital requirements at December
31. 2007.


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