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Permanent Link: http://ufdc.ufl.edu/UF00084249/01040
 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 31, 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: UF00084249:01040

Full Text






TRY OUR

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HIGH 88F
LOW 75F
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T-STORM


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


S ., .'
BAHAMA


S EDITION
S EDITION


Volume: 104 No.159 SATURDAY, MAY 31, 2008 PRICE 750




HOMEl TOPR TM PATRON

mII .OD WAIAY!


Juveni es in


custdy over


Reputed drug

kingpin jailed

on trafficking

allegations


* By NATARIO McKENZIE
NEARLY two years after
being extradited to the United
States, reputed drug kingpin
Samuel "Ninety" Knowles was
sentenced to 35 years imprison-
ment yesterday morning on fed-
eral drug-trafficking charges.
In a news release officials at
the US Attorney's Office,
Southern District of Florida,
confirmed that the sentence was
handed down by US District
Court Judge James Cohn.
US prosecutors had been
pushing for Knowles to spend
the rest of his life behind bars,
but Judge Cohn acceded to a
petition by Knowles' defence
attorney Jacob Rose and took
into consideration the time
Knowles has already spent
behind bars.
Knowles will ultimately serve
25 years in prison and is sched-
uled to be released at the age of
75. Upon his release\Knowles


JAILED: Samuel 'Ninety' Knowles
pictured in this file photo.
has 72 hours to report to a pro-
bation office for the com-
mencement of a five-year super-
vised release, The Tribune has
learned.
SEE page 9


Pastor among four facing

manslaughter charges
* By DENISE MAYCOCK Appearing before Magistrate
Tribune Freeport Reporter Andrew Forbes yesterday was
dmaycock@tribunemedia.net Haitian Pastor Nicles Thervil,
43, along with Haitian Luc Lib-
FREEPORT A local pas- eral, 79, Bahamian Paul Fergu-
tor was among four persons son, 38, and Jamaican Sharon
arraigned in Freeport Magis- Bembridge, 42.
trate's Court on manslaughter The accused were charged
charges in connection with the with three counts of manslaugh-
drowning deaths of three SEE page 11
Haitians off West End.pag

Emmanuel McKenzie: a correction
The Tribune story "Call for Millar's Creek alleged abuse probe'
published yesterday made the incorrect claim that Emmanuel
McKenzie was arrested in the raid on April 19.
Mr McKenzie was, in fact, arrested days after police, immigration
and Drug Enforcenement Unit officials raided The Banana Tree
Cafe in Millar's Creek, New Providence.
The chairman of the Millar's Creek Preservation Group was
charged with supplying dangerous drugs after he had lodged a for-
mal complaint at police headquarters reporting the innapropriate
level of violence and abuse administered by the officials.
He pleaded not guilty to the charges and his case has been
adjourned to November 27.


stakWrags
t...........


E By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
POLICE have several juveniles in custody in connection with the
stabbing of two R M Bailey High School students.
Chief Inspector Philip D Wilson, of Fox Hill police station, said
officers were questioning several students over the incident, which
left two male 12th grade students one a prefect nursing stab
wounds.
"We have a number of persons in custody and we are trying to get
to the bottom of it, and as soon as we have completed our inquiries
we will be in a better position to say what is happening," he told The
Tribune, adding that those assisting police were all male students.
Despite speculation that the vicious attack would spark a war of
retaliation between the two schools, all was quiet on both campuses,
though some students were understandably upset.
Chief Inspector Wilson said police were not stationed outside the
school but were frequently patrolling the area.
"There is nothing going on at the school, it is running quietly. We
have no police officers at the school or across the street," an
administrator at Doris Johnson High School said..
SEE page 9

Broadcasting staff walk out
over 'unbearable conditions'


Tim
Clarke/ MOUNDS of old household items and garbage dumped
Tribune in lots and pineyards' all over the island are causing a
staff health hazard, it is feared.


Dumped stolen cars posing
'an environmental hazard'


CARS stolen from outside
Nassau homes are being raced
through pine barrens, stripped
of their parts and then set on
fire, it emerged yesterday.
Tearaways are using bumpy
paths in woods near Pinewood
Gardens as racetracks, dump-
ing the cars in undergrowth
before setting them ablaze.
There are now so many rust-


ing wrecks among the trees that
fears are growing that they pose
a major environmental hazard.
The Tribune was taken on a
tour of the woodland racetracks
yesterday by a foreign investor
who believes the burnt-out
shells could cause pollution
problems for decades to come.
SEE page 11


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
STAFF at the Broadcasting
Corporation of the Bahamas
were forced to walk off the job
yesterday in the face of "unbear-
able" working conditions as air-
conditioning in parts of the cor-
poration's headquarters have
not been working for days.
The Bahamas Communica-
tions and Public Officers Union
reportedly advised workers to
walk away from their stations
as management had not been


able to address the situation.
The problem is acute in the
newsroom, sources told The Tri-
bune.
One said the problem with
faulty air-conditioning is some-
thing workers are forced to deal
with "every year around sum-
mer time."
On Wednesday night, ZNS
TV news anchor and vice-prey
ident Jerome Sawyer was s\ eao-
ing profusely on the cning
news telecast as a result ol the
SEE page 9 ,


SEE MONDAY'S PAPER FOR FILL STORY


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Alternative designs for Albany marina


Geography professor

presents ideas to avoid .._ 0F P-6 P k.S

harm to the environment /.


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
A geography professor has
suggested alternative designs
for the Albany marina which
would help avoid the negative
environmental consequences
the current proposal is said to
pose.
"This is a prestigious multi-
million dollar development and
there ,is no excuse for persist-
ing with an environmentally
unsound proposal when valid
alternatives exists," said Neil
Sealey, a senior lecturer in geog-
raphy at the College of the
Bahamas.
Prof Sealey said the existing
proposal to dig a channel
through Adelaide Beach to ser-
vice the development's marina
is a "classic case of repeating
past mistakes which are known
to lead to erosion and related
problems."
"Unfortunately there's a lot
of examples in the Bahamas,"
said Mr Sealey, pointing to


"This is a
prestigious
multi-million
dollar
development."


Neil Sealey
Bimini Sands in south Bimini
as a development with a simi-
larly designed marina that has
seen beach erosion as a result.
His comments are the latest
in a string of criticisms of the
project's marina component,
which will see a channel
dredged through Adelaide
beach inland.
Mr Sealey has suggested that
instead of digging a channel
through the beach and into the
land, consuming precious real-
estate, the Albany developers
should build an offshore mari-


na, which would be similar in
design but not size to that of
the Palm resort in Dubai.
A pier would link the off-
shore marina, which would be
protected by a circular buffer
of reclaimed land, to the devel-


opment and negate the need to rior reasons for pushing ahead
breach the beach. with their original design pro-
However, he said that on posals.
many occasions the fill from "The first thing developers
marina excavations is the often do is dig out the marina,"
"lifeblood" of developments, he said.
and many developers have ulte- Mr Sealey sent his alternate


designs to the director of the
Bahamas Environment Science
and Technology commission
(BEST), Phillip Weech, who he
said acknowledgedthe input.
Mr Weech was said to be off
the island yesterday.


Tourism infrastructure


SIGNIFICANT improvements are in the
works for the Lynden Pindling Interna-
tional Airport and downtown Nassau, Min-
ister Branville McCartney assured hundreds
of travel professionals.
Mr McCartney, Minister of State in the
Ministry of Tourism and Aviation, was
addressing the delegates of the 15th annu-
al Incentive Invitational.
The delegates are corporate and incentive
decision makers from the United States,
Canada and Europe. Their job is to pur-
chase incentive travel programmes for their
corporate clients.
The group also included buyers who work
directly for corporations.
Nassau/Paradise Island resorts and
tourism facilities will have the opportunity
to showcase their best features this weekend
as the buyers attend events at various


MINISTER Branville McCartney addresses del-
egates of the 15th annual Incentive Invitational.
venues. Their decisions could result in vis-
its of large groups for the Bahamas.
Mr McCartney encouraged delegates to
recommend the Bahamas to groups around
the world.


improving
"We hope that this will not be your last
visit to the Bahamas," he said at a welcome
reception at Sandals Resort on Thursday.
"We want to see you back here, not only
you but also your family, your friends and
your groups."
In addition to physical improvements,
Mr McCartney pointed out that tourism
officials will also concentrate on improv-
ing and maintaining the quality level of ser-
vice.
The Incentive Invitational is held by the
Incentive Research Foundation (IRF),
which underwrites pragmatic research to
provide valuable information on incentive
travel worldwide. The foundation says it
helps businesses to develop effective moti-
vational and performance improvement
strategies. The 15th Annual Incentive Invi-
tational concludes June 1.


co


SPECIAL GUESTS enjoy the rousing junkanoo performance at Sandals
Resort.


UNON


The American Embassy is presently considering applications for the following
position:

REGISTERED NURSE

The incumbent serves as the Embassy's primary health care provider.

This position is open to candidates with the following qualifications:

Must be a graduate of a professional nursing school or college that has the
equivalent of RN training in the U.S. and be fully credentialed/licensed in the
Bahamas and/or country of training.

Two years of hospital or outpatient nursing is required, along with one year of
occupational health experience with a primary health care facility.


Experience in management and procurement of expandable medical supplies and
equipment for ambulatory care clinic is preferred.

Must have computer skills and be able to use Microsoft Word and other
applications, as necessary.

PERSONAL ATTRIBUTES:

Must have strong interpersonal skills.
Must have skills and ability to perform at the fully functional level in the Health
Unit with confidence.
Must be able to work with minimum supervision and resolve problems using
individual judgment and discretion.

BENEFITS PROVIDED INCLUDE:

The successful candidate will be offered an excellent compensation package
including performance-based incentives, medical and dental insurance, life
insurance, pension and opportunities for training and development.

Applicants must be Bahamian citizens or U.S. citizens who are -eligible for
employment under Bahamian laws and regulations.

Application forms are available from 8:00 a.m. to 5:00p.m. Monday through
Friday at the security area of the American Embassy, Queen Street. Completed
applications should be returned to the United States Embassy: addressed to the
Human Resources Office no later.than, June 11, 2008. Telephone calls will not
be accepted.


NOTICE OF VACANCY

A vacancy exists at The Grand Bahama Port Authority, Limited Building
and Development Services Department for one (1) Projects Manager.

The successful candidate will be required to manage vertical and horizontal
construction projects as initiated by The Grand Bahama Port Authority,
Limited or affiliated Companies. Technical support and guidance in the
areas of supef-structure and infrastructure development including roadways,
rehabilitation works and civil engineering capital projects are included.

QUALIFICATIONS AND EXPERIENCE

* BSc. in Building, Structural or Civil Engineering
* Minimum of Ten (10) years relevant-engineering experience
* Minimum of Five (5) years relevant supervisory experience
* Professional registration a plus

SPECIFIC KNOWLEDGE REQUIRED

* Sound knowledge in construction techniques and safety parameters.
* Sound knowledge in engineering design and the governing code,
internationally accepted standards.
* Sound knowledge of established construction practices and related
statutory regulations.
* Sound knowledge of Contract Administration.

REQUIRED SKILLS AND SPECIAL TECHNIQUES

* Competence in the application of project management techniques.
* Good coordinating skills.
* Good human relations skills.
* Ability to communicate effectively.
* Computer literacy as evidenced by full working knowledge of
Microsoft Word, Excel, Auto Cad and Microsoft Projects.

Resumes with supporting documentation should be submitted to:

The Personnel Department
The Grand Bahama Port Authority, Limited
P.O. Box F-42666
Freeport, Grand Bahama
BAHAMAS
OR
Email: personnel@gbpa.com
On or before July 31, 2008


- --


PAGE 2, SATURDAY, MAY 31, 2008


THE TRIBUNE








T TBAU YM 32 PG
S.6


Health Minister cites danger of tobacco use


o In brief

Anita Allen

sworn in as

Acting Chief

Justice


5.4 million persons annually from dis-
eases such as lung cancer, heart disease
and other illnesses.
He said persons who use tobacco
reduce their life expectancies by an aver-
age of 15 years.
Dr Minnis said a recent survey of
Bahamians showed that only seven per
cent of persons admitted to being current
smokers with the median age reported
for first-time cigarette smokers being 18.


Some persons surveyed said they
began using tobacco from as early as
seven years of age.
"Although the total number of per-
sons who smoke may appear small, any
amount of smoking can have detrimental
effects on health," Dr Minnis said.
"These effects are likely to multiply over
time. Steps must be taken to curtail this
growing problem and to ensure that no
new smokers are added to this figure."


Dr. Minnis said the government of he
Bahamas is "committed" to protcctin
the population from the harmful effects
of tobacco through a number of initia-
tives. These include the posting of tariffs
on the importation of tobacco products.
education and public awareness cam-
paigns, legislation to encourage smokL
free environments, and measures to linr-
it the 'overt advertisement' of lohbccQ
and other harmful products.


Police bid to stop youths


SENIOR JUSTICE Anita Allen, left,
is sworn in as Acting Chief Justice
of the Bahamas by Governor Gen-
eral Arthur Hanna at ceremony at
Government House yesterday.
PHOTO: Derek Smith/BIS


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.




PesItConTro
TpopcalExtmintop


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
POLICE said yesterday that
despite several recent stabbings,
their efforts to warn young peo-
ple away from carrying or using
knives on each other have been
going "exceptionally well."
"I think it's paying off. At
times the headlines scream
something different but I think
in the main it is paying off
because we're not seeing
greater carnage," Acting Assis-
tant Commissioner Hulan Han-
na told The Tribune.
Asked whether the incidence
of knife possession among
teenagers is a growing worry
for police, Mr Hanna said that
the force has "always been con-
cerned" about knife-carrying
among young people.
"When young people carry
weapons, we're concerned that
there's the temptation to use
the weapon and that there's dire
consequences for victims and
user."
His comments come in the
wake of Thursday's double-
stabbing incident involving R
M Bailey students. The violent
attack brings to six the number
of students stabbed either on
campus or very close to school
this year.
The media in the United
Kingdom reported this week
that the British government has
launched a new three million
pound, three year long cam-


paign aimed at warding its
young people away from carry-
ing knives.
Authorities in Britain are
increasingly concerned about
knife-carrying and stabbings
among teenagers. Nine
teenagers have died this year
from stab-wounds in the city of
over seven million.
Meanwhile, in the Bahamas,
a country with a population
around 23 times smaller than
that of the British metropolis,
three such killings have
occurred in the same time-
frame.
The UK campaign, which will
involve gruesome real-life
images of knife injuries and the
warning that "if you carry a
knife you're more likely to get
stabbed yourself", was con-
ceived by teenagers and is wide-
ly reported to be the most
graphic public education cam-
paign ever.
It will run in conjunction with
a campaign aimed at getting
mothers to talk to their children
about knives.
Mr Hanna said that he would
agree with the assessment that
those who carry knives are
more likely to become victims
of stabbing injuries.
"Absolutely," he said, adding:
"It's because the reality is that if
you are carry it you're tempted
to use it and if somebody has
his or hers on them their going
to retaliate and there in lies the
danger.
"It's foolhardy to think if they -


pack a knife they have more
security. It's a criminal offence
to carry a knife and you've
exposed yourself to become a
victim of crime," he said.
As for whether such inter-
vention might be relevant in the
Bahamas, Mr Hanna said that
Bahamian police have conduct-
ed a "relentless" campaign to
educate students on the dan-
gers of carrying knives.
"I personally have conduct-
ed any number of assemblies,
interventions, displayed knives
at schools, shown young peo-
ple consequences of using
knives using posters and other
visual aids. We've been able to
impact a number of young peo-
ple in very positive way."
The senior officer said that
police "cannot rest" because the
temptation for young people to
arm themselves is always there.
"Our commitment to coun-
try at large will continue,
through public education and
other forms of intervention.
Even if it means putting young
people before the juvenile court
or criminal court. You've got
to try and save young people
from themselves," he said.
He recalled a poster cam-
paign started several years ago
which reminded people that
carrying a knife carries a crimi-
nal penalty and said that
although there are still posters
,up, renewing that project may
be something the police may
rec6nsid6' r.


THE STRANGERS


NEW 11:15 13:3 N/A


6:15 8:40 10:55


im


FAITH TEMPLE
MINISTRIES INTERNATIONAL


ry


rastoral Anniuersa



Celebrati on
J h .": .. .....

it,^ .. '
C. *S-.,
F~E 1: 0 0


4


Bishop Philemon and Lady Lorna


Wilson invite


you


to celebrate with


them during their first pastoral


anniversary


of


Faith


service,


Temple


International and their


as Senior Pastor


Ministries


twenty


one


Years of ministry in the pastoral field,

on Sunday 1st June at 3pm at the

Family Life Centre Prince Charles

Drive.



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CREDITSUISSE


Credit Suisse Group, Bahamas

Graduate Training Program


Credit Suisse Group, Bahamas has operated an Apprenticeship Training
Programme in The Bahamas since the early 1990's. Credit Suisse Group, Bahamas
is now pleased to announce the launch of its Graduate Training Programme, with
the first intake intended for July 1s', 2008. Full details and an application form can
be obtained from:

The Graduate Training Program Administrator
Credit Suisse, Nassau Branch
The Bahamas Financial Centre, 4th Floor
Shirley & Charlotte Streets
P.O. Box N-4928
Nassau, Bahamas
Fax No.: 242-356-8148

Application forms should be returned NO LATER THAN JUNE 9, 2008

AIM

Credit Suisse Group, Bahamas is committed to identifying and developing the
best young talent in The Bahamas. Credit Suisse Group, Bahamas is offering
one (1) year Graduate Training Contracts to College of The Bahamas graduates
or graduates returning to The Bahamas from accredited colleges abroad.

The program will accommodate three (3) graduates. Successful applicants will be
awarded a one year contract of employment during which time the graduates will
rotate between or within different business units or departments of Credit Suisse
Group entities. Permanent employment opportunities will be evaluated at the end
of this period.

CONDITIONS

1. The candidate is required to have a Bachelors Degree in one of the
following or suitably similar disciplines:

* Banking and Finance
* Engineering
* Mathematics
* Finance
* Economics
* Economics & Finance
" Management
" Accounting
* Computer Information Systems

2. The candidate must have graduated with a minimum grade point average of
3.5.

3. The candidate cannot be an immediate family member of a person employed
at the Bank.

BENEFITS
Competitive Salary; Health and Life Insurance


Tobacco use is one of the biggest
threats the world has ever faced, killing
an average of one person every six sec-
onds, Minister of Health Dr Hubert Min-
nis said.
He said tobacco is a risk factor for six
of the eight leading causes of death in the
world.
Dr Minnis said tobacco is also consid-
ered the leading cause of preventable
death worldwide, claiming the lives of


INDIANA JONES B 1:00 3:45 N/A 6:35 N/A 10:45
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MADE OF HONOR T 1:10 3:40 N/A 6:10 8:15 10:45
88 MINUTES c 1:05 3:30 N/A 6:05 8:30 10:45
MEETTHEBROWN B 1:10 3:35 N/A 6:10 8:35 10:55

lSE YOUR E-CARD TO RESERVE TIC ETS AT: 80-3649 )R WWVW .GALLEF IACINE AS C(OM
SEX IN THE CITY NEW 1:15 N/A 4:10 7:00 N/A 10:10
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,. : . .,_


SATURDAY, MAY 31, 2008, PAGE 3 :


THE TRIBUNE


7A
~~.(..,-:;
i









PAGE 4, SATURDAY, MA 31,2008HTHEDTRIBUN


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

LEONE. 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

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



Bush should study Nuremberg trials


THE Bush administration's system for trying
terrorists has finally self-destructed. Profes-
sional military lawyers are starting to insist on
trials free from the taint of ad hoc process, pol-
itics and torture.
The next president will surely close down the
detention facility at Guantanamo Bay, Cuba,
and establish yet another system for trying
alleged terrorists. In designing this system, he
should heed the lessons that Telford Taylor
developed over a remarkable lifetime.
Other than those who recall Richard Wid-
mark's tense film portrayal in "Judgment at
Nuremberg," Taylor has mostly been forgot-
ten since he died 10 years ago. As a prosecutor
at the Nazi war crimes tribunals, a constitu-
tional lawyer and a wide-ranging scholar, Tay-
lor epitomized the type of wise man missing in
these uncertain times. His life offers lessons for
reforming the administration's misguided deten-
tion, interrogation and trial policies.
A native of Schepectady, N.Y., Taylor was
graduated from Williams College and Harvard
Law School. Following distinguished service as
a code breaker during World War II, Colonel
Taylor was appointed as a prosecutor at the
International Military Tribunal at Nuremberg.
Based on his experience analyzing the
Wehrmacht, Taylor was assigned to try the Ger-
man High Command, where he gained attention
for showing the General Staff's complicity in the
Holocaust. As a reward for his brilliant work,
Taylor was promoted to chief prosecutor for
the subsequent U.S. proceedings at Nuremberg.
In a narrow sense, Nuremberg may be called
victors' justice because only the defeated faced
trials, but there is little doubt that the justice
meted at Nuremberg was itself based on endur-
ing principles of substantive law and due
process.
Brigadier General Taylor tried sprawling cas-
es against judges, doctors, industrialists and the
notorious SS Einsatzgruppen.
While zealous in his indictments and the pros-
ecution of his cases, Taylor remained ever mind-
ful of the civics lessons he was teaching. He
marshaled numerous witnesses and vast
amounts of documentary evidence with a
scrupulous attention to due process. His prison
and interrogations were humane.
Taylor decided whom to prosecute based on
the evidence available. Taylor's final report
noted, "At no time was any pressure or improp-
er influence brought to bear on me in connec-
tion with the selection of the defendants."
In every instance, the defendants at Nurem-
berg could confront the brave witnesses and
the documentary evidence. In the end, he


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P SERVING THE BAHAMAS SINCE 1978
", P HILLSIDE PLAZA,THOMPSON BOULEVARD
FREE ESTIMATES 322-8160/322-8219




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protection from heat and rain, and help prevent
fading of carpets and drapes.


The most cost-effective protection available.
Lightweight, easy to store and to use. We give you
10% extra spring steel clips and use closed-end
headers to prevent the panels "creeping"


secured the convictions while establishing a
standard for international justice.
The judgments at Nuremberg still stand for
the principle of justice impartially dealt. For 60
years, much of the world admired the United
States for its principled administration of justice.
The Bush administration has squandered this
tool of soft power with its ham-handed efforts to
try alleged terrorists. For years now, senior
administration lawyers have been corrupting
our legal system to be able to admit evidence
collected through torture and to ensure 100 per
cent conviction rates of the alleged terrorists
being tried at Guantanamo Bay and elsewhere.
Finally, a brave Navy judge ruled earlier this
month to bar political tampering with the trials.
He found that administration lawyers had been
trying to secure convictions in time to affect
the U.S. elections even if the only evidence
against the accused had been elicited by tor-
ture.
Having spent the 1940s witnessing the effects
of a government that held itself above the law,
Taylor dedicated the remainder of his long life
to ensuring a robust rule of law, evenly applied.
During the McCarthy era, he defended the
First Amendment rights of Communists. In the
1960s he appeared before hostile Southern
courts to defend the Freedom Riders from per-
secution. In 1970 he decried both North Viet-
nam's heinous treatment of POWs and the indis-
criminate U.S. bombing campaigns.
He wrote, "The laws of war do not apply
only to the suspected criminals of vanquished'
nations. There is no moral or legal basis for
immunizing victorious nations from scrutiny.
The laws of war are not a one-way street."
Throughout his career, Taylor promoted a
strong America guided by wise policies and
robust institutions. His final report from Nurem-
berg concluded: "By prudent military pre-
paredness, by unflagging efforts to lay the
groundwork for international society and the
rule of law among nations, and by constant
improvement in the economic and social foun-
dations of our own democracy,,we may hope at
one and the same time to undermine these
destructive and tyrannical forces and obviate
the necessity for a victory by force of arms."
The next president must ensure that our sys-
tem for detaining, interrogating and trying
alleged terrorists honours this legacy or risk
aiding the forces of tyranny.
S(This article is by Mark R. Shulman, assis-
tant dean and an adjunct professor of law at
Pace University School of Law in White Plains,
N.Y. He is editing a book about Telford Taylor.
-c.2008 Albany Times Union).


Disgusted by





the offensive





language to


describe


EDITOR, The Tribune.

I AM appalled, disgusted and
outraged at the constant use of-
the words "Sissy" and "Faggot"
by newspapers and other media
outlets out there, whenever it
comes to writing about or dis-
cussing any issue relating to gay,
lesbian, bisexual and transgen-
dered men and women (GLBT)
in our society. I am quite sick
and tired of it. .As a gay
Bahamian man, professionally
working in Nassau for 19 years,
I have held my tongue long
enough on this issue. (Pay atten-
tion "Punch").
I guess I have been hoping
and praying that the supposed-
ly educated, intelligent, trained
professionals in the press and
media would finally grow up
and get a clue. I guess I was
wrong on that front.
These two words used in the
newspapers and media to
describe or refer to people of a
different sexual orientation are
extremely offensive, oppressive
and hateful and I am pretty sure
many out there like myself, are
just fed up and sick and tired
of it. Stop it! Stop it! Stop it!
Again, pay attention "Punch".
Clue! Just like it is very offen-
sive, racist and prejudiced, for a
white man to use the "N" word
to describe or refer to any per-
son of colour, it is at the same
level of disrespect for gay men
and women to use of the words
"sissy' and "faggot", especially
when coming from the hetero-
sexual (straight) society, or the


uneducated gay society.
In the same way blacks on
blacks sometimes use the "N"
word to each other often in an
endearing manner, and gays on
gays may use "sissy" or "fag-
got" on each other in the same
endearing fashion, when it
comes to the opposite sides in
each camp, these kind of words
take on a very offensive and dif-
ferent meaning. Now personal-
ly I do not believe those kind of
demeaning words should ever
be used at all, no matter which
side of the fence you are on.
They are degrading words
either way.
I really do not think that the
press, media or society truly
understand the severity and dis-
criminating factors behind the
use and meaning of these words
as they relate to the GLBT in
our society.
These words are also
extremely prejudiced (meaning
to pre-judge someone or some-
thing) and are mostly used in
ignorance. These kind of
demeaning words are also used
ultimately to intimidate and
malign one's character. It is sim-
ply mean-spirited and unwor-
thy of the good people of our
nation to resort to these kind
of tactics just so they can add
more drama to their stories. Pay
attention "Punch". It is


gays
appalling and certainly not
Christian like. So please let us
just stop it!
Here are the more appropri-
ate and politically correct words
and phrases for the press and
media out there to use when
speaking of or writing about
persons of a different sexual ori-
entation:
Gays
Lesbians
Homosexuals
Bisexuals
Transgendered
Persons of a different sexu-
al orientation
These are just a few of the
politically correct and respectful
forms of words and or phrases
that should be used to describe
or refer to people of a differ-
ent sexual orientation in the
press and media. Got it? Good!
Now I guess we will see if all
forms of the media and press
will respect these points I have
just explained and laid out for
you. Again, pay attention
"Punch". If not I will continue
my letters to the press and
media on these matters.
Thank you Tribune for your
time and your space to voice
my concerns in your "letters to
the editor in chief". I truly
appreciate it.
Also kudos to the anonymous
gay Bahamian on the letter in
your editor's page four on April
28,2008.

RM NEWBOLD
Nassau,
May 1, 2008.


Peace of my family life in danger


EDITOR, The Tribune.


THANK you for this space
to express a few thoughts on a
most disturbing development in
the Millennium Gardens area,
near Yellow Elder Gardens. I
have lived in that area for a
while and now the peace and
tranquility of my family life is in
danger.
I say in danger because I live
very near a basketball court in
McKinney Crescent where a
number of young men gather
to play basketball, smoke dope
and drink alcoholic beverages
at all hours of the night, dis-
turbing me and my family at a
time when we should be taking
our nightly rest.


DR. MICHAEL M. GERASSIMOS
MB., Ch.B.(L'pool), Dip. Ven.
GENERAL PRACTICE
Announce the closure of the Office at
14 Market Street as of 31 May, 2008

Continuity of Service will be available at
Prince Charles medical Clinic
located West of Blanco Bleach.

Telephone: 324-8672



L II I





JI only at


THE LINEN SHOP
(esL 1946)

on BAY ST.

25% Discount Storewide
except "The Christmas Corner'
Some gift Items 75%
Loaded Sale Tables
50% selected Children's Wear
One Week Thursday May, 29 -thru- Thursday June 5
Store hours 9:30 5:30
Tel: 326-5258
Accepting
SunCard I VISA I Master Card I American Express


Since about early January
2007, the basketball court was
out of order as two rims at each
end of the court, were down.
This meant that my family and I
and other families and neigh-
bours could once again enjoy a
peaceful and quiet night, free
from the cussing, drinking and
smoking that used tb go on
before the rims broken down.
I have to say that I am disap-
pointed in the MP for the area,
Mr Tommy Turnquest,'who
promised us that he would not
rebuild that court because he
was aware of the complaints of
the neighbours for a long time.
We have complained over and
over to him and he promised
faithfully that he would not
allow those boys to play on that
court again, especially since
there is a playground right near
to A F Adderley which the res-


idents of Mount Moriah have
access to and could use at any-
time they feel like.
People in this neighbourhood
have young daughters who are
harassed by these young men
when they go to hang out
clothes on the line.
These young men have no
respect for elderly people or
women and they will cuss and
carry on all night.
I hope that Mr Turnquest will
not allow this court to be rebuilt
as it is a great nuisance to peo-
ple in this area.
Please, Mr Minister, don't
disturb the peace and tranquil-
ity of this neighbourhood. Sir,
you are the Minister responsible
for National Security.

CONCERNED RESIDENT
Nassau,
April 8, 2008.


Dismayed by response

to complaints to police
EDITOR, The Tribune.
PLEASE allow me space in your newspaper to stress how dis-
appointed I am in the lack of assistance given to individuals mak-
ing complaints to members of the police force in this country.
My dog was recently stolen from the front lawn of my home on
Eastern Road during the earlier morning hours of Thursday, May
8, 2008. The thief entered my yard by jumping an over 6ft wall and
stole the dog. I have made a complaint to the police station respon-
sible for the area giving a description of the thief given to me by a
passerby who gave the thief a ride to the Montagu dock with the
dog.
To this day no action has been taken to arrest this individual who
is seen in the area on a daily basis causing trouble. I ask, when will
this country wake up and realise that stealing is a crime, no matter
if it is a pet.

EASTERN ROAD RESIDENT
Nassau,
May, 2008













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THE TRIBUNE


PAGE 4, SATURDAY, MAY 31, 2008







3ZI-' AI tLJP~ I I'JM I .J i, L.It.U, I r'~Aa .J


BEC set to




clean up in




Abaco after
.- . ,l --- ,


F y,.4.k--



protests


Residents complain of

'scenes of devastation'


BEC tree-felling crews are to
move into an Abaco settlement
on Monday to begin a massive
clean-up following protests by
local residents.
The power company came in
for heavy criticism after leav-
ing "scenes of devastation" at
Casuarina Point during a pre-
hurricane season tree-lopping
operation.
Retired businessman Mr
Gordon Carey said it looked as
though two hurricanes had
passed through the community
already after BEC workmen
left. Broken trees and branches
littered roadways and in some
cases blocked access to homes.
Mr Carey said he felt like sell-
ing up and leaving as he sur-


veyed the wreckage. Now, how-
ever, BEC has promised a com-
plete clean-up, with deputy gen-
eral manager Kenneth Knowles
pledging swift action.
South Abaco MP Edison Key
told The Tribune yesterday: "I
have spoken to BEC and they
are putting a crew in there right
away. "Mr Knowles is going to
see Mr Carey and things will be
put right."
Mr Key explained that BEC
had been taking hurricane pre-
cautions by cutting down and
clearing trees which threatened
power lines.
"Where there is a danger to
wires, they take out casuarinas,
sometimes using a bulldozer to
push them over,?' he said.


F L :r siI toppled at the Aba.cogse tte et


Last night, a delighted Mr
Carey expressed appreciation
of BEC's pledge following a sto-


ry in The Tribune. "They are
coming in on Monday. "They
want me to show them what


needs to be done. They said it
will be taken care of."
The picturesque settlement


of Casuarina Point is near
Cherokee Sound in South Aba-
co.


^vjWHY YOU'VEX?


* By TANEKA THOMPSON
Tribune Staff Reporter
whyyouvex@tribunemedia.net
"I am sick tired of all these
damn beggars all over this
island. Every where you turn,
you see someone begging you
for lunch money or asking for
$1 or $5. These are working
people who most times don't
need to beg but it has become a
bad habit.
"This have to be a sickness
almost as bad as cancer."
Sick to the Stomach of those
damn beggars.
'I vex because I live out east
and the water in my neighbour-
hood always rusty and the pres-
sure so low! Every time I turn
on the tap to take a shower in
the morning, only a lil trickle is
come out, barely enough for me
to wash my hands good, let
alone bathe!
"And then when I run some
water in the tub, all kinda
orange rusty water is flow out
and I suppose to bathe in that?


Someone need to help us who
live out east man, we already
have this bad traffic and the
public water ain' clean enough
is enough."
DeAndra K, Monastery
Park
"I think we as Bahamians
need to learn sense and realise
how to deal with tense situations


NOTICE
NOTICE is hereby given that ROSELA HORACE OF ROSE
STREET, FOX HILL, 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 24TH
day of MAY, 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Nassau, Bahamas.



SPANISH SUMMER CAMP

REGISTRATION $50

June 30- Aug 1, 2008 (8am- 3pm daily) Ages 3-12
INCLUDES: Daily conversational skills,
folkloric dancing, hot meals and field trips.
Space is Limited.
Call 322-6404 or 436-7559



CUSTOMER RELATIONS OFFICER

A leading P.I. resort is s eekig a qualified
Customer Relations Officer. The ideal candidate woukl
posess a four yea1' business degee, havefive pR1rs
eapeiielne and the ability to fluently speak a secxcld
language (preferably Fiench). Caniclate must have
computer skills and be able to travel extensively to
otler corporate facilities. Serious nquir~ws ony.

Interested peis ols should submit by May31 st, 2008 a
detailed resume and reference letter t:D
ipeBis@cldlandlao= m aor mail to:
Club Latdl'Or
Pamadim Islam
P.aO Bo 6429 SS
Nasa Bahamxas


without getting violent, man.
From primary school children
up to the hotshot politicians,
everyday you see or hear 'bout
people who lose it over simple
things and end up messing up
their lives.
"I don't know what it is about
our culture, but if we as a people
don't learn how to resolve things
without the backstabbing, name
calling and the senseless vio-
lence, we are going to be on a
one-way trip to hell."
Dominique F, Winton
Estates
"I am vex because the cost of
living is going up, everything is
going up and companies are
realising that and putting up the
prices on everything. Regular
people have to spend more
money to make it these days,
but companies ain' increasing
our paychecks. It's unfortunate
that they can line their pockets
but they can't give us a raise.
Something needs to be done
now and not next year."
Talicious, Nassau


Tambearly School takes two


Tambearly School took home two
wins in the 2nd Annual Bahamas
National Mathematics Competi-..
tion hosted by the Ministry of
Education, Youth, Sports and Cul-
ture and The College of The
Bahamas. Pictured from left to
right: Nathaniel Pulley, a top 10
finalist in the Primary School Cat- *"' .
egory, Tambearly School; Bernard .I
Farquharson, first place winner .. .. 1
in the Grade 7 9 Junior High
School Category, Tambearly '
School; Mrs. Alice Langford, Prin-
cipal, Tambearly School; Nicholas
Knowles, first place winner in the .
Grade 4 6 Primary School Cat-
egory, Tambearly School. First TI
place winners each took home a PUBLIC NOTICE
lap top computer as the first
prize. INTENTTO CHANGE NAME BY DEED POLL


TROPICAL
EXTERMINATOR S
PETICOTRO
PHNE 3225


The Public is hereby advised that I, BARBARA FERGUSON
of Breezy Brae,Turks & Caicos, mother of DONSHANON
FERGUSON intend to change my child's name to DOSHANON
ANTONIO BRAYNEN. If there are any objections to this change
of name by Deed Poll, you may write such objections to the
Chief Passport Officer, PO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of publication
of this notice.



NOTICE
NOTICE is hereby given that PIERROT HYPPOLITE OF DEAN'S
LEAN, FORT CHARLOTTE, P.O. BOX SB-50296, 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 24TH day of MAY, 2008 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.


I- FG CAPITAL MARKETS
ROYAUUFIDELITY BROKERAGI&ADVISORY SERVICES
ROYAL FIDELITY .o,1.-o-

C FA L"
BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 29 MAY 2008
BISX ALL SHARE INDEX: 'CLOSE 1,882.20 | CHG -0.09 1 %CHG 0.00 I YTD -184.55 | YTD% -8.93
FINDEX: CLOSE 880.95 | YTD% -7.47% | 2007 28.29%
WWW.BISXBAHAMAS.COM FOR MORE DATA & INFORMATION
52wk-Hi 52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.95 1.18 Abaco Markets 1.84 1.84 0.00 0.135 0.000 13.6 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 9.30 Bank of Bahamas 9.43 9.43 0.00 0.643 0.160 14.7 1.70%
0.99 0.85 Benchmark 0.89 0.89 0.00 -0.647 0.030 N/M 3.37%
3.74 2.95 Bahamas Waste 3.60 3.60 0.00 0.289 0.090 12.5 2.50%
2.70 1.30 Fidelity Bank 2.35 2.35 0.00 0.055 0.040 42.7 1.70%
14.10 10.42 Cable Bahamas 14.03 14.03 0.00 1.121 0.240 12.5 1.71%
3.15 2.10 Colina Holdings 2.87 2.87 0.00 0.046 0.040 62.4 1.39%
8.50 4.80 Commonwealth Bank (S1) 7.22 7.22 0.00 0.440 0.290 16.4 4.02%
7.22 3.32 Consolidated Water BDRs 4.04 3.95 -0.09 0.131 0.052 30.2 1.32%
3.00 2.20 Doctor's Hospital 2.95 2.95 0.00 1,500 0.341 0.040 8.7 1.36%
8.00 6.02 Famguard 8.00 8.00 0.00 0.713 0.280 11.2 3.50%
13.01 12.50 Finco 12.50 12.50 0.00 0.650 0.570 19.2 4.56%
14.75 12.30 FirstCaribbean 12.30 12.30 0.Q0 0.651 0.470 18.9 3.82%
6.10 5.05 Focol (S) 5.55 5.55 0.00 0.386 0.140 14.4 2.52%
1.00 0.41 Freeport Concrete 0.41 0.41 0.00 0.035 0.000 11.7 0.00%
8.00 6.79 ICD Utilities 6.79 6.79 0.00 0.411 0.300 16.5 4.42%
12.50 8.60 J.S.Johnson 12.00 12.00 0.00 1.023 0.620 11.7 5.17%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 0.180 0.000 55.6 0.00%
Fidelity Over-The-Counter Securites
52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ P/E Yield
14.60 14.25 Bahamas Supermarkets 14.60 15.60 14.60 1.160 0.600 13.4 4.11%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
0.54 0.20 RND Holdings 0.35 0.40 0.35 -0.023 0.000 N/M 0.00q.
Colina Over-The-Counter Securities
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0.900 13.4 6.16%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0.00%
BISX Usted Mutual Funds
52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months Div$ Yield%
1.3124 1.2443 Colina Bond Fund 1.312381"" 1.58% 5.47%
3.0008 2.6629 Colina MSI Preferred Fund 2.989349"" -0.38% 12.26%
1.3909 1.3410 Colina Money Market Fund 1.390896"* 1.15% 3.86%
3.7969 3.2018 Fidelity Bahamas G & I Fund 3.6960'"" -2.66% 16.13%
19 1 RA 11 KI51 Firialith Prim Inrnm FPind 19 1 frAi***"" 1 R70/. 790/


THE TRIBUNE


Bar Helper Needed.
Health and police certificates required.
Apply in person to:
Athena Cafe,
Bay / Charlotte Street
Tel: 326-1296 / 322- 8833










L N


TIIE island-wide power
,u;tage on Thursday after-
Snon was the result of light-
,"ning striking a utility pole
on Prospect Ridge, accord-
ng to BEC.
the company issued a
,tatment explaining that the
pdle was struck at 5.05pm
during widespread thunder-
. rnm activity".
hIle incident took place in
hle Skyline Drive area. It
(tainaged three insulators on
Ili e pole and a 33 kv line.
"Immediately, BEC crews
vcre on the scene, beginning
lhe repair work. By 5.25pm,
the first restoration had taken
place. Within an hour, 60 per
cent of the electricity had
heen restored and, by about
7.30pm, 95 per cent of BEC
customers had power, leav-
ing only an area that is fed
Directly from the damaged
line still off.," said the state-
ment.
The company said it
worked to provide an alter-
native feed for those cus-
tomers while the repair work
is ongoing.
"BEC regrets any incon-
venience caused by this nat-
urally occurring phenomenon
of an unfortunate lightening
strike and wants their valued
customers to be assured that
they are doing everything to
quickly restore power and
repair the damage," it said.


Climate change a focus at the





61st World Health Assembly


THE low-lying features of many
Bahamian islands make the country vul-
nerable to the effects of climate change,
the government's top health official
warned.
These effects include increased flood-
ing, rising sea levels and higher temper-
atures, Minister of Health Hubert Min-
nis told members of the World Health
Assembly (WHA).
Addressing the 61st World Health
Assembly on Climate Change and
Health, Dr Minnis said environmental
and health officials in the Bahamas "can-
not deny" the burden climate change
and its effects can have on healthcare
and other systems in the country.
Dr Minnis said the government of the
Bahamas is reviewing a number of mea-
sures to mitigate climate change.
"For us, flooding, more intense storms
such as hurricanes, air pollution and ris-
ing sea levels are major causes of con-
cern," Dr Minnis told the assembly.


"For us, flooding, more intense
storms such as hurricanes, air
pollution and rising sea levels are
major causes of concern."


"Other threats include increased tem-
peratures, increased rainfall and
droughts."
Dr Minnis added that the Bahamas
will not be immune to the impact cli-
mate change will have on its neighbour-
ing small-island developing states like
Haiti.
He said the migration of populations.
"seeking easement from the effects of
climate change" to the Bahamas will
impact the country's healthcare system.


bert Minnis (pictured)

"The ability to curtail the spread of, or
prevent, the transmission of communi-
cable diseases such as malaria, typhoid
and vaccine-preventable diseases will be
severely impaired," Dr Minnis said.
"It is important that all small-island
developing states including the Bahamas
benefit from technical expertise in the
area of environmental sciences, research
of environmental phenomena and the
monitoring and evaluation of global
events.


"Additionally, expertise will be need-
ed in the areas of GIS (Geographic
Information Systems), mapping, epi-
demiology, information gathering,
research on population migration and
new and emerging diseases.
"Such expertise will be critical in the
development and implementation of
strategies and health promotion and pre-
ventative measures related to the effects
of climate change."
Dr Minnis told the assembly that the
further training of health professionals
will be critical to the recognition, man-
agement and prevention of illnesses so as
to minimise their impact on the popula-
tion, healthcare system and the economy.
"There is widespread scientific con-
sensus that the world's climate is chang-
ing," Dr Minnis said.
"The Bahamas supports the resolu-
tion and thanks the executive board for
including attention to developing coun-
tries, as well as small-island, developing
states."


New faces elected to medical association's executive council


THE Medical Association of the
Bahamas elected six new persons to its
executive council during this year's annu-
al general meeting.
Elected for the 2008/2009 year are:
president Dr Timothy Barret, vice-pres-
ident Dr Inyang Ene, treasurer Dr Chris-
tine Chin, secretary Dr Juana Rodgers-


Rolle, councillor Dr Corrine Sinquee and
councillor Dr Harry Munnings.
Dr Ilsa Grant, vice-president from the
previous executive council, will remain in
her post.
The newly elected president said the
MAB is committed to:
Pursuing the objectives of the MAB
as set out in its constitution


Involving as many doctors as possible
in contributing to the objectives and
affairs of the MAB
Working along with public and pri-
vate health institutions and relevant gov-
ernment agencies, and the public to pro-
mote and maintain the best state of
health for all citizens of the Bahamas
Becoming a visible and vocal patient


advocate
Becoming a visible and professional
body involved integrally in contributing
to the growth and development of the
community
The MAB also acknowledged the time
and energy put in by its past president Dr
Linnel Haddox and the outgoing execu-
tive council.


rant's' l oton l ealtep 0lettblotit Ciurcfj
(Baillou HiS Ra & Chapel Stret) PO.Bo CBdS3046 :
The Holy Ghost Prayer-Line number is 326-7427
(www.gtwesley.org)
SUNDAY, JUNE 1ST, 2008.
7:00 a.m. Rev. Caria Culmer/Sis. Rosemary Williams
11:00 a.m. Sis. Kenris Carey/Bro. Jamiko Forde (HC)
7:00 p.m. Rev. Carla Culmer/Board of Christian Education
& Children School
'ExaminYurelesoee hrYA iv


SCEWIRAL GOSPEL CHAPEL
CHRISIE & DOWDESWELLUSTREETS Tel: 325-2921:

SUN AY, JUNE 1t 2008.
11:30 A.M. & 6:30 P.M. SPEAKER

PASTOR DEANZA CUNNINGHAM
of Christ Community Church

Community Outreach: 11:30 a.m. Evening Serc. 7:00 p..
S* Midweek Service 7:30 p.m. (Wednesdays)
SSisters' Prayer Meeting: 1000 a.m. (2nd Thursday of each month)




7 L C oJ -/; ::::


ri L


",U 01 liJL0


We

:


C j n'2 ~1C/


as we come together and
ord in Spirit and in Truth


^ .J j ai l i. ii. ... h l 1 1


SUNDAY SERVICES
' .rning V"orship Service ......
:ndaoy School for all ages,..
'Ad ilT ' : s ','cr ,..........
W/orshio Service .................,
Srnr'shi Service .....................


8 30 a.m.
9.45 o.m.
9.45 o.m.
1!.00 aom.
8.00 a.m.
6.30 p.m.


WEDNESDAY at 7:30 p.m.

Poyal' (Boys Ciub) 4-16 yis.
Missionetts (Gi.s.CCiub} 4-16 yrs.

FRIDAY at 7:30 p.m.
'iith Mil stry Mesetng
RADIO MINISTRY
S idovs o. 8:30 a.m .-' :.. 1 IE TIME
Our Book Store: TEMPLE BIBLE & BOOK SUPPLY

INGELISTIC TEMPLE
Assembly Of God
1 T%


R A N F U R. L' :Y
HOME FOR CHILDREN
.- ...


BAPTIST BIBLE CHURCH
SOLDIER ROAD & OLD TRAIL
(Sunday School: 10am FUNDAMENTAL"
Preaching 11 am & 7:30pm EVANGELISTIC
Radio Bible Hour: is
Pastor-H. Mills lS,
Sunday 6pm ZNS 2 PatoH Mill
Wed. Prayer & Praise 7:30pm

"Preaching the Bible as is, to men as they are"
Pastor: H. Mills Phone: 393-0563 Box N-3622








Worship Time: 11a.m. & 7p.m.
?L"J' Prayer Time: 10:15a.m. to 10:45a.m.
Church School during Worship Service' :,/
Place: Twynam Heights
off Prince Charles Drive


Minister: Rev. Henley Perry


P.O.Box SS-5631
Telephone number: 324-2538
Telefax number: 324-2587

COME TO WORSHIP, LEAVE TO SERVE




I LIGHT AND LIFE COMMUNITY CHURCH


Worship time
Sunday Sc
Prayer tit


Grounded In The Past &
Geared To The Future

e: 1am & 7pm
hool: 9:45am
me: 6:30pm l.,-


Place:
The Madeira Shopping
Center
(Next door to CIBC)


Rev. Dr. Franklin Knowles


ALL ARE WELCOME TO ATTEND

Pastor: Rev. Dr Franklin Knowles

P.O.Box EE-16807
Telephone number 325-5712
EMAIL lynnk@batelnet.bs


THRIFTY RENT A CAR with its
continued commitment to give
back to the community pre-
sented the Ranfurly Home for
Children with a cheque in the
amount of $2,500 to assist with
its programme. As more
Bahamians choose Thrity for
their car rental needs in Florida,
the more funds will be donated
to a charitable organisation in
the Bahamas. Pictured (left)
Vernon Lindo, GSA of Thrifty
Rent A Car, presents Remolda
Moxey, president of the board
at.the Ranfurly Home, and
Delano Knowles, board mem-
ber, a cheque of $2,500 at the
Home.
PHOTO:
Felipd Major/Tribune staff


ARE YOU

INTO

SUDOKU?

IF you love crosswords,
you'll adore Sudoku, the
numbers game that makes
you think. Look out for
Sudoku on The Tribune's
new-look cartoons page
next week, starting Mon-
day. It's one of several new
features for cartoon and
puzzle fans everywhere.


S THE BAHAMAS, TURKS AND CAICOS
ISLANDS CONFERENCE
OF THE METHODIST CHURCH IN THE
CARIBBEAN AND THE AMERICAS
S LL'EGLISE METHODIST DANS LA
CARAIBE ET LES AM RIQUES NASSA ir' .-
CIRCUIT OF CHURCHES
108 Montrose Avenue
P.O. Box EE-16379, Nassau, Bahamas; Telephone: 325-6432;
Fax: 328-2784; methodistconference@msn.com
THE BAHAMAS, TURKS AND CAICOS ISLANDS CONFERENCE
OF THE METHODIST CHURCH IN THE CARIBBEAN
AND THE AMERICAS
L'EGLISE METHODISTE DANS LA CARAIBE ET LES
AMERIQUES
NASSAU CIRCUIT OF CHURCHES
108 Montrose Avenue
P.O. Box EE-16379, Nassau, Bahamas; Telephone: 325-6432; Fax: 328-
2784; methodistconference@msn.com
REPOSITIONING FOR MIRACLES WITH
FRESH EXPRESSIONS
ENERGIZING THE CONFERENCE NOWW
(Nurture Outreach Witness Worship)
IMMENSE VARIETY
IMMENSE CREATIVITY
IMMENSE HOPE
"Celebrating 225 years of continuous Methodist witness for
Christ in The Bahamas"
THIRD LORD'S DAY AFTER PENTECOST, JUNE 1, 2008.
COLLECT: Lord, you have taught us that all our doings without love are
nothing worth: send your Holy Spirit and pour into our hearts the excellent
gift of love, the true bond of peace and of all virtues, without which whoever
lives is counted dead before you. Grant this for your only Son Jesus Christ's
sake.
WESLEY METHODIST CHURCH (Malcolm Rd East)
9:00 a.m. Rev. Edward J. Sykes (Holy Communion)
RHODES MEMORIAL METHODIST CHURCH (108 Montrose Ave.
near Wulff Rd)
7:00 a.m. Bishop Dr. Raymond R. Neilly
10:00 a.m: Prayer Band
11:00 a.m. Bishop Dr. Raymond R. Neilly (Holy Communion)
6:30 p.m. Men of Action
COKE MEMORIAL METHODIST CHURCH (Rose Street, Fox Hill)
11:00 a.m. Rev. Leonard G. Roberts Jr.
PROVIDENCE METHODIST CHURCH (Shirley Plaza)
9:00 a.m. Bishop Dr. Raymond R. Neilly
HERITAGE OF REDEEMING LOVE METHODIST CHURCH (28
Crawford St, Oakes Field
7:00 a.m. Rev. Edward J. Sykes (Holy Communion)
9:00 a.m. Sis. Katie Carter
METHODIST CHURCH OF THE GOOD SHEPHERD (Fire Trail
Rd)
8:00 a.m. Rev. Emily A. Demeritte (Holy Communion)
CROIX-DES-MISSIONS ALDERSGATE (Quackoo Street)
5:30 p.m. Friday Children's Club
9:00 a.m. Sunday Circuit Mission and Evangelism Commission
METHODIST MISSION CENTRE (Quackoo St)
Thrift Shop and other Ministries
JOHN WESLEY METHODIST COLLEGE (28 Crawford St., Oakes
Field) Reception to Primary
PEACE AND JUSTICE CAMPAIGN: All Methodists of the
Conference are urged to pray and to fast for Justice to prevail in the
Methodist Cases and for an end to the upsurge in violence. The fast
begins weekly after the evening meal on Thursday and ends at noon on
Friday., This we proclaim unswervingly: "My God and My Right."
RADIO PROGRAMS
"Vision" On the Lord's Day, ZNS 1 at 9 p.m.; "Great Hymns of Inspiration"
- On the Lord's Day, Radio 810 at 5:30 p.m.; "Family Vibes" ZNS 1,
Tuesday. 7:30 p.m.; "To God be the Glory" ZNS 1, Tuesday, 7:45 p.m.


I


THE TRIBUNE


P-'AGE 6, SATURDAY, MAY 31, 2008


i









THE TRIBUNE


SATURDAY, MAY 31,2008, PAGE 7


1 I
Pictet Overseas Trust Corporation Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Balance Sheet
As of 31 December 2007
(Expressed in Swiss francs)

2007
CHF


ASSETS
Due from bank the Parent
Demand and call deposits
Time deposits
Accounts receivable


Total assets


589,962
3,564,800
932,577


2006
CHF


84,692
3,080,000
472,000


S 5,087,339 3,636,692


LIABILITIES
Accrued expenses


Total liabilities


EQUITY
Share capital:
Authorised, issued and fully paid:
1,000 shares ofCHF 1,310 each
Retained earnings

Total equity

Total liabilities and equity


1,310,000
3,119,457


60,000


1,310,000
2,266,692


4,429,457 3..576692

5,087,339 3,636,692


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


Director


23 May 2008
Date

Notes to Balance Sheet
31 December 2007

1. General Information

Pictet Overseas Trust Corporation Limited (the Company) 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 trust business from within The
Bahamas. The Company is also empowered to act as an authorised agent to receive securities
into deposit on behalf of customers.

The registered office of the Company is situated at Bayside Executive Park, West Bay
Street and Blake Road, NewProvidence, Bahamas.

The Company is a wholly-owned subsidiary of Pictet Bank & Trust Limited (the Parent), a
bank incorporated and licensed in The Bahamas, which is one of a group of entities (the
Pictet Group) controlled by the private banking partnership of Pictet & Cie. Pictet & Cie
and other entities directly or indirectly controlled or significantly influenced by Pictet & Cie
are referred to as related parties.

2. Summary of Significant Accounting Policies

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

(a) Basis of preparation ,

The balance sheet is prepared in accordance with International Financial Reporting
Standards (IFRS) and under the historical cost convention. The preparation of
financial statements in accordance with IFRS requires management to exercise
judgment in the process of applying the Company's accounting policies. It also
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the balance sheet. Actual results could differ from those estimates. The
areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the balance sheet, are disclosed in Notes
2(d) and 3.

In the current year, the Company 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 balance sheet regarding the Company'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 Company's operations and accordingly did not impact the Company's
accounting policies or balance sheet.

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

(b) Translation of foreign currencies

The Company's functional and presentation currency is the Swiss franc (CHF), as it
best reflects the economic substance of the underlying balances and transactions
relevant to the Company. Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing as of the dates 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 income statement.

(c) Accounts receiVpble

Accounts receivable are recognized initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision, for impairment. A
provision for impairment is established when there is objective evidence that the
Company will not be able to collect all amounts due according to the original terms of
the receivables. The amount of provision is the difference between the asset's carrying
amount and the present value of estimated future cash-flows discounted at the original
effective interest rate.

(d) Income and expense recognition

The Company earns fees for trustee services provided to its clients. These fees are
billed annually and recognized on the accrual basis over the period of service set out in
the applicable service agreements. Interest income is recognized using the effective
interest method.

All other income and expenses are recognized on the accrual basis.

(e) Assets under administration

The Company acts as trustee and in other fiduciary capacities that result in the holding
or placing of assets on behalf of individuals, trusts and other institutions. I hese assets
are excluded from the balance sheet, as they do not belong to the Company.

(f) Taxation

Under the current laws of the Commonwealth of the Bahamas, the country of
domicile of the Company, there are no income, capital gains or other corporate taxes
imposed.


(g) Corresponding figures

Where necessary, corresponding figures are adjusted to conform to changes in
presentation in the current year.

3. Risk Management

The Company is exposed to various types of risks in the normal course of business,
including fiduciary, credit, interest rate and liquidity risks. The Company's financial
performance is dependent on its ability to understand and effectively manage these risks,
and its challenge is not only to measure and monitor these risks, but also to manage them as
profit opportunities.

(a) Fiduciary risk

The Company is engaged in significant trust activities, principally through the
provision of trustee services to third parties unrelated to the Pictet Group. These
activities give rise to fiduciary risk, which is the risk that the Company may fail to act
in the best interest of the beneficiaries and/or in breach of trust. To manage this
exposure, the Company generally takes a conservative approach in its fiduciary
undertakings. Certain banking, custodial, portfolio management and other services are
provided to clients by related parties.

(b) Credit risk

Credit risk arises from the potential failure of a counterpart to perform according to
the terms of the contract. From this perspective, the Company's exposure to credit risk
is primarily concentrated in bank deposits and accounts receivable.

The deposits, which are primarily denominated in Swiss francs, are placed with the
Parent. The Company has minimal credit risk associated with its accounts receivable
as these are supported by assets held by the Company as trustee and generally lodged
with related party banks as custodians. As of the balance sheet date, all receivables are
current with no past due amounts.

(c) Interest rate risk

Interest rate risk is the risk that the fair value or cash flows of a financial instrument
may fluctuate significantly as a result of changes in market interest rates. The
Company's exposure to fair value interest rate risk is minimal as the relevant financial
instruments are at interest rates which frequently reset to market interest rates. The
resulting cash flow interest rate risk is not hedged and is considered a profit
opportunity for the Company.

(d) Liquidity risk

Liquidity risk is the risk that the Company might not have the necessary liquidity to
meet its contractual obligations as they become due. The Company has minimal
exposure to liquidity risk, as its normal business activities are such that they do not
result in material liabilities. If necessary, the Company may arrange to obtain, on
relatively short notice, credit facilities from the Parent and other entities in the Pictet
Group to assist with its liquidity requirements. All recorded liabilities are due on
demand, however, the Company has significant cash resources in relation to these
liabilities.

4.' Related Party Balances and Transactions

(a) Administration and service support

The Company has an annually renewable agreement with the Parent whereby the
Parent provides the Company with accounting and administrative services associated
with the conduct of the Company's business.
(b) Accounting services

During the year, the Company engaged a related party to provide accounting services
in relation to the preparation of financial statements for trusts administered by the
Company. As of 31 December 2007, CHF 550,000 is included in accrued expenses.

(c) Cash balances with the Parent

Demand deposits placed with the Parent do not earn interest.

5. Capital Management' "

The Company's objectives when managing capital 'ire to maintain a strong capital base to
support the development of its business, provide returns for, its shareholders and benefits for
other stakeholders and comply with the capital requirements mandated by the Central Bank of
The Bahamas (the Central Bank).

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

The Central Bank requires the .Company to maintain minimum capital equivalent to
US$1,000,000.

The total equity shown on the balance sheet represents regulatory capital. The Company has
complied with all of the externally imposed capital requirements to which it is subject.

6. Fair Value of Financial Instruments

Financial instruments utilised by the Company include the financial assets and liabilities
shown in the balance sheet. All of the Company's financial instruments are either short-
term in nature or have interest rates that automatically reset to market rates on a periodic
basis; accordingly, their carrying value approximates fair value.


PRICEWATERHOUsECOOPERS







INDEPENDENT AUDITORS' REPORT ,


PrictwalrtnCoopes
Providence House
Ea s Hillu bre
P.Q. Box N-3910
Webie: www.pwc.com
F.-mil: pwebstn@ .wc.com
Telephone (242) 302-5300
Facimnle (242) 302-5350


To the Shareholders of Pictet Overseas Trust Corporation Limited

We have audited the accompanying balance sheet of Pictet Overseas Trust Corporation Limited (the
Company) as of 31 December 2007 and a summary of significant accounting policies and other
explanatory notes.

Management's Responsibilityfor the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of 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 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 evident, 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 internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the accompanying balance sheet presents fairly, in all material respects, the financial
position of the Company as of 31 December 2007, in accordance with International.Financial Reporting
Standards.
Emphasis of Mater
Without qualifying our opinion, we emphasis that the accompanying balance sheet does not comprise a
complete set of financial statements in accordance with Intemational 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 Company.


SChartered Accountts
.Nassau, Bahamas
23 May 2100


I ,, _


Amtor


Li








SATURDAYMAY 31 2008


PAGTEI, 'I
I~~~~~ . .- 1-


KPM Feihone 2423832007
PO Box N 123 Fax 2423931772
Montugu Swin Centre Intemnt www.kpmg.com.bs
Eat 8yv Stret
Nassau. Bahlwmnes




INDEPENDENT AUDITORS' REPORT

To Shareholder of
Banco del Istmo (Bahamas) Limited


We have audited the accompanying balance sheet of Banco del Istmo (Bahamas) Limited ("the
Bank") as at December 31, 2007, and a summary of significant accounting policies and other
explanatory notes (together "financial statement"). The financial statement of the Bank as at
December 31, 200A, was audited by other auditors whose report dated July 3, 2007, expressed an
unqualified opinion on that 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 Banco del' Istmo (Bahamas) Limited 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
May 28, 2008


BANO~J. (AMSLMI


December 31, 2007, with corresponding figures for 2006
(Stated in United States Dollars)


Note 2007 20o06

Assets

Due from banks:
Demand deposits 3,4 & 6 $ 16.584,320 15,978,213
_Time deposits _3, 4 &6 222,971.071 268,161,120
239,555.391 284,139,333
Other assets ,3. 675.459 791,39
Total assets $ 240,230,850 284,930,722


Liabilities and Shareholder's Equity

Liabilities
Demand deposits 3 & 6 1,935,724 1,935,724
Trust certificates 3 & 5 210,172,733 255,477,324
Other liabilities 3 547,197 676,214
212,655,654 258,089,262


Shareholder's equity
Share capital:
Authorized, issued and fully paid
11,000,000 shares at $1 each
Retained earnings


11,000,000 11,000,000
16.575.196 158 an1 46


27,575,196 26,841,460

$ 240,230,850 284,930,722

See accompanying notes to balance sheet.

This balance sheet has been approved for issue on behalf of the Board of Directors on May 28,
2008 by the following:





Director Dir r


Notes to Balance Sheet

December 31, 2007
(Stated in United States dollars)


1. Reporting entity
Banco del Istmo (Bahamas), Ltd. ("the Bank") was incorporated in the Commonwealth of
The Bahamas on October 14, 1992 and is licensed under The Banks and Trust Companies
Regulation Act, 2000 to carry on banking and trust business from within The Bahamas. The
principal activity of the Bank is commercial banking. The Bank commenced operations on
December 21, 1992 and is a wholly owned subsidiary of Primer Banco del Istmo, S. A. ("the
parent company") which is incorporated in the Republic of Panama which is a wholly owned
subsidiary of HSBC Bank (PanamA), S.A. (formerly Grupo Banistmo. S. A.), also
incorporated in Panama
The registered office of the Bank located at Suite 302, Centre of Commerce, One Bay Street.,
Nassau Bahamas with its principal place of business in Panama.

2. Basis of preparation and significant accounting policies
(a) Statement of compliance
The balance sheet has been prepared in accordance witi 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 has been presented in United States dollars (US$), which is the Bank's
functional currency.
(d) Financial assets and liabilities
(i) Classification
Financial assets with fixed maturity dates that the Bank has the positive intent and
ability to hold to maturity are classified as held-to-maturity assets and include time
deposits.
Financial assets that are interest receivable are classified as loans and receivables.
Financial liabilities that are not at fair value through profit or loss include demand
deposits, trust certificates and other liahiliti.

(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
S ,Loans and receivables and demand deposits are measured at amortized cost 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.
(e) 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. The
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.
In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet are described in note 2(g).
f) Cash and cash equivalents
Cash and cash equivalents include highly liquid financial assets with original maturities
of less than three months, which are subject to insignificant risk of changes in their fair
value, and are used by the Bank in the management of its short-term commitments.
Cash and cash equivalents are carried at amortised cost in the balance sheet.

(g) Impairment
The carrying values of the Bank's assets are reviewed at each balance sheet date to
determine whether there is evidence of impairment. If any such evidence exists, the
asset's recoverable amount is estimated and an impairment lossis recognized equal to the
difference between the asset's carrying value.and its estimated recoverable amount.
(h) 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 in this
financial statement as balances with related parties.

3. Financial risk management
A financial instrument is any contract mat orngnates a financial asset in one enterprise and a
financial liability or equity instrument in another enterprise. The Bank's balance sheet
comprises primarily financial instruments.
The significant risks identified by the Bank are credit, liquidity and market risk, which are
described as follows:
(a) Credit Risk
Credit risk is the risk that the debtor or issuer of a financial asset owned by the Bank does
not fully and timely comply with any payment, in conformity with terms .nd conditions
agreed upon when the respective financial asset was acquired or originated.by the Bank.
he'Bank's management considers credit risk is mitigated, since the Bank's financial
iL,, s 'gee are maintained wth related parties. ..
Liquidity risk is the risk that the Bank cannot comply with all its obligations because of,
among other reasons, an unexpected withdrawal of funds by depositors, the excessive
concentration of liabilities from one particular source, a gap between assets and
liabilities, a shortage of asset liquidity, or the mismatch of long-term asset financing with
slibrt-term liabilities.
The Bank mitigates this risk by setting limits on the minimum proportion of funds
available in high liquidity instruments and limits on the minimum level of interbank and
other borrowing facilities that should be in place to cover withdrawals at unexpected
levels of demand.

(b) Liquidity Risk, continued
The table below summarizes the Bank's assets and liabilities grouped by their residual
maturities with respect to the contractual maturity date:

2007
Up to From 1 to 5
__.I year years Total
Assets:
Due from banks $ 77,413,620 162,141,771 239,555,391
Other assets 640,459 640,459
$ 78,054,079 162,141,771 240,195,850

Liabilities:
Deposits $ 1,935.724 1,935,724
Trust certificates 48,030,962 162,141,771 210,172,733
Other liabilities 547,197 547,197
$ 50,513,883 162,141,771 212,655,65

2006
tlp to From I to 3
-- -1 year years Total
Assets:
Due from banks $ 73,966,600 210,172.733 284,139.333
Other assets 756,389 -756,389
$ 74.722,989 210,172,733 284,895,722

Liabilities:
Deposits $ 1,935,724 1,935.724
Trust certificates 45.304,591 210.172.733 255,477,324
Other liabilities 676.214. 676,214
O$ 47,916,529 210,172,733 258,089.262

(ci Market Risk
Market risk is the risk that the value of a financial asset of the Bank is reduced as a result
of changes in interest rates, foreign currency exchange rates, stock prices, and the impact
of other financial variables that are out of the Bank's control.
The Bank manages this risk through policies that control the limits for financial
instruments, including the maximum exposure for loss in their fair value, future gains and
cash flows. These policies take into consideration the maintenance of prudent marginss
between the assets and the liabilities. Because of the limited nature of its operations, the
Bank views this risk as low.
Interest rate risk of the cash flow and the fair value:


The interest rate risk of the cash flow and the interest rate risk of the fair value are the
risks that the future cash flows and the value of a financial instrument will fluctuate due
to changes in market interest rates. The board of directors and regional management sets
limits on the level of mismatch of interest rates that can be assumed and is monitored on
a monthly basis by the Risk Committee and Risk Department of the Bank.
The table below summarizes the Bank's exposure to interest rate risks. Included in the
table are the Bank's assets and liabilities at carrying amounts, categorized by the earlier
of contractual re-pricing or maturity dates.

2007
Up to From I to 5
------1 year years Total
Assels:
Time deposits $ 60,829,300 162.141,771 222,971,071

Liabilities:
Trus eertificates $ 48,030,962 162,141,771 210,172,733


i


. ~ ~ ~ ~ b nuc '< .'.' **I',; i t-i i'.i^ L'


THE TRIBUNt








-- L '


Submissions invited for Tribune's


'Back to School' supplement


Up to From 1 to 5
1 year years Total-


Assets:
Time dpnnrits


$ 57.988,387 210,172,733 268,161,120


4. Cash and cash equivalents
As of December 31, 2007, cash and cash equivalents is detailed as follows:

2007 2006
Demand deposits $ 16.584,320 15,978.213
Time deposits 222,971,071 268.161,120
239,555,391 284,139,333
Less: deposits with original maturities of more
than 90 days 198,426,835 244.398,156
$ 41,128,556 39,741,177
As of December 31, 2007. the annual interest rate earned on deposits with banks range from
4.81% 5.86% (2006: 1.50% 6.78%).
5. Trust Certificates
The trust certificates are detailed as follows:

2007 2006
Series 2004, due in 2011 $ 210,172,733 255,477,324

On December 13, 2004 and September 20, 2001, Primer Banco del Istmo, SA (PRI),
arranged through its wholly-owned subsidiary Banco del Istmo (Bahamas) Limited, the
issuance and sale of Trust Certificates by a US based Trust, IIBL Credit Card Recivables
Master Trust, and Bankers Trust Company as Trustee. The Certificates represent a fractional
undividend interest in certain future US$ denominated Visa and Mastercard Receivables, net
of certain fees and bank charges, base receivables, which amounts are generated by PBI
through the use of Visa and Mastercard credit cards in Panama, other than cards issued by
PBI.
As of December 31, 2007 the annual interest rate of the Certificates was 5.86% (2006:
5.86%).
The Certificates represent the right to receive the base receivable amount in sixty consecutive
monthly periods for the Series 2004, until an amount equal to the notional principal amount
of the Trust Certificates, plus any accrued and unpaid notional interest that has been
collected. Notional interest on the certificates will accrue and payments in respect thereof
will be made monthly in arrears at a fixed rate of 5.86% per annum.
In the event that there occurs a Specified Event or an Incipient Specified Event, as defined in
the Private Placement Memorandum, as a result of collections in respect of receivables paid
to the Trustee being insufficient to meet the obligations to make payments to the holders of
the Trust Certificates, any obligation to cure any such Specified Event or Incipient Specified
Event or to pay to the Trustee'the Retransfer Amount (funds sufficient to retire the applicable
series of Trust Certificates) is that of PBI alone, and there is no obligation on the Bank to
make any such payments. However, the Bank's interest bearing deposits are available for
distribution to PBI in the event they are needed to cure an "Event".
As of December 31, 2007 Primer Banco del Istmo, S. A. maintains the following conditions
with respect to the Trust Certificates:

The capitalization index based on risk-weighted assets should be greater than 9%.
Total equity should be greater than 6% of the total Bank's assets.
Past due loans should not exceed 5%,of total loans.
The loan loss provision should le greater than 25% of the Bank's total past due loans.

6. Transactions with related parties
The Bank has entered into transactions in the ordinary course of business with certain related
companies. At December 31,2007 the following balances were outstanding in the aggregate
in relation to those related-companies transactions:
__ 2007 2006
Assets: *
Dmir nd deposits $ 16,584,320 15,978,213
i:ijme deposits. .. .. . :222,971,071 268,161,120


Liabilities:
Demand deposits $ 1,935,724 1,935,724

For the year ended December 31, 2007. the following revenue is included in aggregate
amounts arising from the above related transactions:
---..... __ __ 2007 2006


Demand deposits


$ 16 584 320 15 9782 3


7. Fair Value of Financial Instruments
The following assumptions have been made by management in order to estimate the fair
value for the following financial instruments:
(a) Demand Deposits
For these financial instruments, the carrying value approximates fair value'due to their
short-term nature.
(b)Time Deposits
For lime deposits, the fair value is based on discounted cash flows using market interest
rates for new deposits with similar remaining maturities.
(c) Trust Certificates
For trust certificates, the fair value is based on discounted cash flows using market
interest rates for new debts with similar remaining maturity.
These estimates are subjective by nature, involve uncertainty and critical elements of
judgment and therefore, may not be determined with accuracy. Changes in the assumptions
or criteria may significantly affect these estimates.
The following table summarizes the carrying value and fair value of the significant financial
assets and liabilities:


2007 2006
Carrying Fair Carrying I air
Value value value value
Assets:
Demand deposits $ 16,584,320 16,584.320 15,978,213 15.978,213
T:ime deposits- 222,971,071 246,309,410 268,161,120 297,8886
$_ S 239,555,391 262,893,730 284,139,333 313,858,499
Liabilities
Demand deposits $ 1,935,724 1.935,724 1.935,724 1,935,724
TrIusLcertificates 210,172,733 210,172,733 255.477,324 255,477,324
$ 212,108,457 212.108,457 257,413,048 257,413,048




8 Capital management
The Bank's regulator, The Central Bank of The Bahamas, sets and monitors capital
requirements for the Bank. The current capital requirements require the Bank no maintain a
nininum of an 8% ratio of total capital to total risk-weighted assets. The Bank has complied
with the capital requirements imposed throughout the period.


I ~..--------------


Publish youMr


CARD OF THANKS or;

IN LOVING MIEMO.RY


in.OBITUARY SECTION

SEery Thursdayj

Call us today


5 32-2352 or 502-2354


The Tribune will be publish-
ing its annual 'Back to School'
supplement in August/Septem-
ber as usual.
In preparation for the sup-
plement which will feature all
graduating seniors who will be
attending university/college,
whether locally or abroad we
invite all parents and guardians
to submit a profile on their
graduating seniors, along with a
photograph and contact infor-
mation.
The profile should include:
Name of student
Age
Name of parents
A list of exams already tak-
en and the results eg,
Bahamas Junior Certificate


(BJC) exams, Pitman exams
A list of exams expected to
be taken eg, Bahamas Gen-
eral Certificate of Secondary
Education (BGCSE) exams
The college/university they
expect to attend eg, College of
the Bahamas, Harvard Univer-
sity, University of Miami
Name of degree to be
sought eg, bachelors degree
in English, bachelors degree in
biology
What career they expect to
enter once their education is
completed eg, medicine,
teaching, engineering
All extracurricular activi-
ties eg, club memberships,
team sports/track and field,
church activities


A list of
honours/awards/recognition the
student has received

Please forward all informa-
tion to Lisa Lawlor, Tribune
Junior Reporter, at email
address: lisalawlor@gmail.com
or features@tribunemedia.net.
Please write: 'Back To
School' in the subject line.
The information may also be
faxed to 328-2398, hand deliv-
ered or mailed in to:

Back To School
The Tribune
Shirley and Deveaux Streets
P 0 Box N-3207
Nassau, Bahamas


FROM PAGE ONE




'Ninety' Knowles gets 35 years


FROM page one
Knowles, who spent six years
locked away in Fox Hill prison
while fighting extradition to the
United States on drug traffick-
ing charges, was abruptly flown
to the US on August 28, 2006,
after he had reportedly exhaust-
ed all legal options. Although
Knowles' defence team had
challenged the lawfulness of his
extradition, Knowles was ulti-
mately tried in a South Florida
District Court.
Knowles' first trial was
declared a mistrial. But on
March 5,2008, following a retri-
al, a jury found Knowles guilty
of conspiracy to import and


conspiracy to possess with
intent to distribute five kilo-
grams or more of cocaine.
At trial, the United States
established that Knowles was
the leader of a sophisticated,
multi-national drug trafficking
organisation that utilised "go-
fast" boats to transport multi-
ton quantities of cocaine from
Colombia, Jamaica, and The
Bahamas to the United States.
Once the cocaine reached the
United States, Knowles' organ-
isation collected, stored, and
distributed thousands of kilo-
grams of cocaine in South Flori-
da. After the thousands of kilo-
grams of cocaine were distrib-
uted in South Florida, tens of


millions of dollars in drug prof-
its were shipped back to
Knowles in The Bahamas.
Numerous attempts to con-
tact Knowles' US attorney
Jacob Rose proved unsuccessful
up to press time yesterday.


Juveniles in custody over



R M Bailey stabbings


FROM page one
SRM Bailey principal Julian
SAnderson said while it was dif-
ficult to meet with students
because of exam schedules, he
planned to discuss conflict res-
olution with students in the
10th, 11th and 12th grades.
"It is an unfortunate situa-
tion. One of those young men is
a prefect, both of those guys
live in the (eastern) area and
they were on the bus stop to go
home (before they were
attacked)," he said.
"Persons are concerned
because that's a member of the
R M Bailey family who has had
tragedy befall them. The class of


2008 has been dismissed, but to rob one of three R M Bailey
ourmain.pfos.is now to instilp, students of his cellphone as they
our -iulent-populat bIn to VZIt stb6d in the parking lot of-a
retaliate. Any student who Shell gas station -directly across
takes the matter into their own the street from Doris Johnson
hands will be dealt with accord- school.
ingly because we don't condone When the student tried to
or tolerate violence." retrieve his phone a fight start-
Deron Darling, 16, who was ed.
stabbed three times in his back It was at this point that the
during the attack, was released first student from R M Bailey
from hospital Thursday night, was stabbed three times in his
his father Eugene Darling told back, while the second victim
The Tribune. Up to press time who came to his classmate's aid
yesterday, the condition of the was stabbed once in the chest.
other student, who was stabbed A group of Doris Johnson
once in his side, was unknown, students then joined the fray to
Witnesses said a "brawl" "kick and stomp" the two R M
broke out after about eight stu- Bailey students as they clutched
dents from Doris Johnson tried their wounds.


Broadcasting staff walk out over 'unbearable conditions'


FROM page one
problem. This led Mr Sawyer
to dress more casually on
Thursday night, as he aban-
doned the traditional suit and
wore a white golf shirt instead.
As a result of the walkout, a
shortened and recorded news-
cast was planned for last night,
requiring only a few technical
staff members.
The Tribune was unable to
reach the head of the BCPOU
Robert Farquharson for com-
ment up to press time yester-
day.
However, Kay Forbes-Smith,
parliamentary secretary in the
prime minister's office, who has
responsibility for broadcasting,


explained the technical prob-
lem at the building.
"Apparently the unit broke
down (three) days ago and
there was some difficulty sourc-
ing the part, and then when a
part, I think, was located some-
thing else malfunctioned," she
said. "The part has now been
sourced in Florida and so it is
expected that the part will be
flown in (today)."
She added that the part will
be installed immediately once
it arrives.
When asked if there is any
plan to replace the unit, the sen-
ator said: "Well, I think the per-
sons responsible for the equip-
ment will get an assessment as a
result of this latest issue and
determine what has to be done.


But it is very difficult to put new
products in old buildings."
Though sources have told
The Tribune that the staff
walked out, Mrs Forbes-Smith
said she was told that there was
an accommodation made
between staff, management and
the union for the staff to leave.
"I've been told there was no
staff walkout," she said. "In fact,
some people have been allowed
to leave to come back (yester-
day) evening. There is a part of
the building that is not affected,
which is the radio area. But the
TV division is affected. And so
we have tried to make some
accommodations with staff leav-
ing and coming back and then,
of course, looking at the news to
be recorded basically."


200u


SALES CAREER

A multi facetted communications/consulting company that is
currently undergoing market expansionn wishes to employ
experienced commission sales executive. The ideal person
would have a minimum of three years in commission sales;
have their own private vehicle. We are looking for excellent
communicators that are driven. Candidates must have computer
skills and be able prepare public presentations on behalf of
companies clients.

A degree in marketing or business is preferred but not a must.

Persons interested should submit CV's and reference letters to:

DA#6282
P.O. Box N-3207
Nassau, Bahamas
by May 31, 2008.


p


____________________,


I='m __


SATURDAY, MAY 31, 2008, PAGE 9


THE TRIBUNE


2IAA










PDAr in SATURDAY. MAY 31. 2008


I


THE TRIBUNE


telephone 242 393 2007
Fax 242393 1772
Internet www.kpmg.com.bs


.1

INDEPENDENT AUDITORS' REPORT

To the Shareholder of Cabex Internacional, Ltd.


We have audited the accompanying balance sheet of Cabex Intemaciotal, Ltd. ("the Bank") as at
December 31 2007, and a summary of significant accounting policies and other explanatory
notes (together financiall statement"). The financial statement of the Bank as at December 31,
2006, was audited by other auditors whose report dated July 3, 2007, expressed an unqualified
opinion on those statements.

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 approp-iate 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 Cabex Internacional, Ltd. as at December 31, 2007 in accordance with IFRS.

Emphasis of Madler

,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
May 28, 2008

CABEX INTERNATIONAL, LTD.
Balance Sheet .

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

Note 2007 2006

Assets

Due from banks 3, 4, 6& 7 $ 13,042,419 20,923,510
Other assets 3, 5 & 6 8,491,097 152,199

$ 21,533,516 21,075,709

Liabilities and Shareholder's Equity


Liabilities:
Other liabilities


S, 7,000 1,250
7,000 1,250


Shareholder's equity:
Share capital (1,000,000 shares at $10 each) 10,000,000 10,000,000
Retained earnings 11,526,516 11,074,459
21,526.516 21,074,459

$ 21,533,516 21,075,709

See accompanying notes to balance sheet .....

SThe balance sheet has been approved for issue on. behalf of the Board of Directors on May 28,
2008 bythe following:


- ,. "-- ircor -. .. --


-' Director


Notes to the Balance Sheet

December 31, 2007
(Expressed in United States dollars)


1. Reporting entity
Cabex Intemacional, Ltd. ("the Bank") was incorporated under the Companies Act, 1992 of
the Commonwealth of The Bahamas and is licensed under The Banks and Trust Companies
Regulation Act of 2000 to conduct banking operations from and within The Bahamas. The
principal activity of the Bank is the provision of commercial banking services. The Bank is a
wholly owned subsidiary of Primer Banco del Istmo, S. A. ("the parent company") which is
incorporated in the Republic of Panama, which is a wholly owned subsidiary of HSBC Bank
(Panama), S.A. (formerly Grupo Banistmo, S. A.), also incorporated in Panama.
The registered office of the Bank is located at Suite 302, Centre of Commerce, One Bay St.
Nassau, Bahamas with its principal place of business in Panama.

2. Basis of-preparation and significant accounting policies
(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) i'unctional and presentation currency
The balance sheet is presented in United States dollars, which is the Bank's functional
currency.
(d) Financial assets and liabilities
fi) .-Cla.ification
Financial assets with fixed maturity dates that the Bank has the positive intent
and ability to hold to maturity are classified as held-to-maturily assets and
include interest bearing deposits.


KPMG
PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau. Bahamas


Furniture and equipment


3 7 years '


Fixed assets are periodically reviewed for impairment. Where the carrying value of a
fixed asset is greater than its estimated recoverable amount, it is written down
immediately to its recoverable amount.
Depreciation methods, useful lives and residual values are reassessed at each reporting
date.
(h) Impairment
The carrying values of the Bank's assets are reviewed at each balance sheet date to
determine whether there is evidence of impairment. If any such evidence exists, the
asset's recoverable amount is estimated and an impairment loss is recognized equal to the
difference between the asset's carrying value and its estimated recoverable amount.
(i) 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 in this
financial statement as balances with related parties ,.

3. Findrcial risk management
A financial instrument is any contract that originates a financial asset in one enterprise and a
financial liability or equity instrument in another enterprise. The Bank's balance sheet
comprises primarily financial instruments.
The significant risks identified by the Bank are credit, liquidity and market risk, which are
described as follows:
(a) Credit Risk
Credit risk is the risk that a debtor or issuer of a financial asset owned by the Bank does
not fully and timely comply with any payment, in conformity with terms and conditions
agreed upon when the respective financial asset was acquired or originated by the Bank.
The Bank's management considers credit risk is not significant, since the Bank's
firiancial assets are maintained with related parties.
(b) Liquidity Risk
Liquidity risk is the risk that the Bank cannot comply with all its obligations because of.
among other reasons, the excessive concentration of liabilities from one particular source,
a gap between assets and liabilities, a shortage of asset liquidity, or the mismatch of long-
term asset financing with short-term liabilities.
The table below summarizes the Bank's assets arid liabilities into relevant maturity
groupings based on the remaining period at the balance sheet date to the contractual
maturity date:


Up to
2007 I year Total

Assets:
Due from banks $ 13,042,419-- 13,042,419
Other assets 8,436,789 8,436,789
$ 21,479,208 21,479,208

Liabilities:
Other liabilities $ 7,000 7,000



Up to
2(16 I year Total

Assets:
Due fliou banks $ 20,923,510 20,923.510
Other assets 90,437 90,437
$ 21,013,947 21,013,947

Liabilities:
Other liabilities $ 1,250 1,250

ic) Market Risk
Market risk is the risk that the value or a financial asset of the Bank is reduced as a result
of changes in interest rates, foreign currency exchange rates, stock prices, and the impact
of other financial variables that are out of the Bank's control.
The interest rate risk of the cash flow and the interest rate risk of the fair valh-, are the
risks thal the future cash flows and the value of a financial instrument will fluctuate due
to changes in market interest rates. The board of directors and regional management sets
limits on the level of mismatch of interest rates that can be assumed and is monitored on
a monthly basis by the Risk Committee and Risk Department ol the Bank.
The Bank's financial assets are short term deposits and are denominated in United States
dollars, the B3ank's exposure to interest rate risk is not considered significant. The Bank
lihas therefore not provided any market risk sensitivity analysis as required by iFRS 7 due
to the immateriality of the risks.
4. Due from banks
At December 31, 2007 due from banks are detailed as follows:


2007 2006
~'`'--~------- - ----20
Due from banks demand $ 1,516.147 1.212,081
Due from banks interest bearing deposit with original
maturity of three months or less 11,526,272 19,711,429

$ 13,042,419 20,923,510
As of December 31, 2007, thie annual interest rate earned on deposits with banks is 4.74%
(2006: 3.10%).


JOfHE


I


~u~ rl ~-''-' "' ~~~~ ~~-' '---


Financial assets that are accounts receivable and interest receivable are classified
as loans and receivables.

Financial liabilities that are not at fair value through profit or loss are other
liabilities.


(ii) Recognition and derecognuion
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, ancelled or
expired.
(ii) Measurement
Loans and receivables and demand deposits are measured at amortized cost 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.



(e) 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. The
estiritates 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.
In particular, information about significant areas of estimation uncertainty ard critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet is described in note 2(h).
(f) Cash and Cash Equivalents
Cash and cash equivalents include highly liquid financial assets with original maturities
of less than three months, which are subject to insignificant risk of changes in their fair
value, and are used by the Bank in the management of its short-term commitments.
Cash and cash equivalents are carried at amortised cost in the balance sheet.

(g) furnituree and Equipment
Furniture and equipment are measured at cost less accumulated depreciation and
provisions for-impairment losses.
The estimated useful lives for the current and corresponding periods are as follows:


-~,--I-~_,,. ._~..,,.. ---;.. ...--~,I..., ,.(....U I
~ C~--C n5-


-t- q,







THE TRIBUNE


SATURDAY, MAY 31, 2008, PAGE 11


1,212,081


11,526,272 19,711,429
$ 13,042,419 20,923,510


U.


4. Due from banks
At December 31, 2007 due from banks are detailed as follows:


2007 2006


$ 1,516,147


Due from banks demand
Due from banks interest bearing deposit with original
maturity of three months or less


As of December 31, 2007, tlhe annual interest rate earned on deposits with banks is 4.74%
(2006: 3.10%).
5. Other assets
Other assets include:


2007 2006

Account receivable $ 8.404,442
Prepaid expenses 35,000 35,000
Interest receivable 32,347 90,437
Furniture and equipment, net 19,308 26,762
$ 8,491,097 152,199
Account receivable of $8,404,442 at December 31, 2007 represents proceeds from a matured
fixed deposit held with a related party not received until January 2, 2008..
6. Transactions.with related parties
The Bank has entered into transactions in the ordinary course of business with certain related
parties such as shareholders, the parent company, non-consolidated companies, directors and
key management personnel. The following balances were outstanding in the aggregate in
relation to those related-party transactions:


Related companies
2007 2006
---~----- .
Due from banks $ 13,042,419 20,923,510
Other assets 8,436,789 90,437
7. Concentration of financial assets and liabilities
The geographical distribution of the significant financial assets is as follows:
2007
Panama

Assets:
Due frombanks $ 13,042,419
Other assets 8,404,442

2006
-----Panama


Assets:
Due from banks


8. Fair value or financial instruments
Due to the short-term nature of the Bank's financial assets and liabilities, their carrying values
are considered to approxiniate their fair values.
9. Capital management
The Bank's regulator, The Central Bank of The Bahamas, sets and monitors capital
requirements for the Bank. The current capital requirements require the Bank to maintain a
minimum of an 8% ratio of total capital to total risk-weighted assets. The Bank has complied
.with the capital requirements imposed throughout the period.







YES', WE ARE





OPEN!











MOTORS
NISSAN
ITE MOOOR Co,--t
,'1 ,- ,' ". : "" "


.T ?A ,l3l qJIn


Pastor among four facing



manslaughter charges


FROM page one

ter in the deaths two unidentified Haitian males
referred to as John Doe I and John Doe 2, and
one unidentified Haitian woman who was referred
to as Jane Doe by the court.
It is alleged that between Friday, May 23, and
Sunday, May 25, at Grand Bahama, the four
defendants, being concerned together with others,
caused the deaths of the three Haitians by negli-
gence.
Last Sunday, the bodies of three Haitians were
discovered floating near a capsized speedboat 13
miJes off West End. A fourth victim was attacked
and eaten by sharks and could not be retrieved.
Lawyers Carlson Shurland represented Fergu-
son, and Simeon Brown represented Thervil. Lib-
eral and Bembridge were not represented by
counsel.
The prosecutor objected to bail, indicating that
the defendants may "commit some act to hin-
der" police investigations.
Both lawyers made their case as to why the
court should consider granting their clients bail.
Mr Brown told the couit that Thervil was a
French-speaking pastor at the First Pentecostal
Church of God.
He also said that his client was married to a
Bahamian, has a valid work permit, and has no
prior criminal record.
"He has substantial ties with this jurisdiction
and in the process of building a home. He is a man
with no prior convictions and has never been on


the other side of the law," he said.
"When he is not pastoring, he is fishing to help
sustain his family; his wife has recently had an
operation and is still in the process of recovering
- there is no good reason why he should be
detained in custody," argued Mr Brown.
Thervil's wife cried softly and wiped tears from
her eyes as Mr Brown pleaded to the court on her
husband's behalf. However, it was later revealed
that Thervil had three outstanding warrants.
Mr Shurland noted that the drownings were a
tragedy. "It is never a good thing to happen in any
society," he said.
However, he took grave exception to his client
being brought into court in handcuffs and shack-
les.
"It is unlawful to bring persons before the court
shackled and handcuffed as if they are already
guilty it is a breach of their constitutional rights.
I am asking the police to obey the law.
"Unless there are serious security issues, I am
advising them not to bring my clients like this in
future before the court,' he said.
Mr Shurland said his client is presumed inno-
cent until proven guilty in a court of law.
He noted that Ferguson is a Bahamian busi-
nessman who provides for his wife and eight chil-
dren.
Magistrate Forbes questioned Liberal and
Bembridge about their status in the Bahamas.
Liberal said that he was a citizen, and Bembridge
said she was in the Bahamas on a visitor's visa.
Bail was denied to the four defendants and the
matter was adjourned to January 19, 2009.


FROM page one

"The thieves race the cars at
high speed until they are ruined
and then strip and dump them,"
he said. "This really is a major
danger for the environment and
the surrounding communities."
Wading through the under-
growth yesterday, Tribune
reporters discovered a maze of
car tracks stretching across acres
of woodland in Pinewood Gar-
dens.
These are used by car thieves
to race stolen vehicles at high
speed before scrapping them
alongside the tracks and setting
them alight, the source claimed.
The discovery will help to
answer a question scores of
motorists in Nassau ask every
year: what happened to my
stolen car?
The stripped-down'wrecks of
Pinewood confirm what police
have been saying for years that
Sentras, Accords and Maximas,
all popular for their parts, are
the main targets for local car
thieves.
A rusted, burnt-out car sur-


* By JAMES C.
McKINLEY Jr.
VILLA AHUMADA, Mexico
A massacre here two weeks
ago has turned this once sleepy
town into a ghostly emblem of
the drug violence that has swept
Mexico over the last year and a
half, gutting local police forces,
terrifying citizens and making it
almost impossible for the author-
.ities to assert themselves, accord-
ing to the New York Times News
Service.
On the night of May 17, dozens
of men with assault rifles rolled
into town in several trucks and
shot up the place. They killed the
police chief, two officers and
three civilians. Then they carried
off about 10 people, witnesses
said. Only one has been located,
found dead and wrapped in a car-
pet in Ciudad Juarez.
The entire municipal police
force quit after the attack, and
officials fled the town for several
days, leaving so hastily that they
did not release the petty crimi-
nals held in the town lockup. The
state and federal governments
sent in 300 troops and 16 state
police officers, restoring an
uneasy semblance of order. But
townspeople remain terrified.
"Yeah, we're afraid, everyone's
afraid," said Jose Antonio Con-
treras, a 17-year-old who was
threatened by the gunmen.
"Nobody goes out at night"
Tourists driving south from
Texas to the Pacific Ccast beach-
es pass through Villa Ahumada
on Highway 45. There was a time
in the not-so-distant past when
this dusty town on the railroad
tracks was best known for its
roadside burrito stands, its good
cheese and its having recorded
one of the coldest temperatures in
Mexico 23 below zero in Jan-
uary 1962.
In recent years, however, it also


rounded by broken glass said
to have been dumped in front of
the tennis courts by Pinewood
Gardens baseball field for more
than two months is just a taste
of what is hidden in the trees
behind.
As dirt tracks wind through
the woods, abandoned cars
dumped upside down, ripped
apart and rusting are seen
around almost every bend.
Many of them have burned
so fiercely that they have killed
surrounding grass and trees.
"These can be huge fires and
be very dangerous," The Tri-
bune's source said.
"If the car has been burnt the
plastics and rubbers will have
gone but the car body can take
on average 30 to 40 years to rot
in the ground, and our forests
are full of them!"
The broken glass, jagged met-
al and tetanus-ridden rusted car
bodies pose a danger to chil-
dren in particular, who face not
only the risk of being cut, con-
tracting tetanus, but also being
crushed by a precariously
,placed car.
In addition, the wrecks pose


became a way station along one
of Mexico's major drug smuggling
routes. Villa Ahumada lies about
85 miles south of El Paso on the
main highway from the city of
Chihuahua to the border city of
Ciudad Juarez.
Mexico's drug violence has by
now become so pervasive that it is
infecting even small communities
like this one, which has fewer
than 9,000 residents.
Around the country in the last
18 months,'more than 4,000 peo-
ple have been killed in similar
attacks and gun battles, even as
President Felipe Calderon has
tried to take back towns where
the local police and officials were
on the payroll of drug kingpins.
This week, seven federal offi-
cers died in a gun battle with car-
tel henchmen when they tried to
enter a house in Culiacan,
Sinaloa, a city notorious for its
traffickers. The officers had been
sent to the city, along with 2,700
other soldiers and age.,ts, to track
down a reputed drug kingpin
believed to have ordered the
assassination of the acting feder-
al chief of police, who was killed
in Mexico City on May 8.
When the police arrived, ban-
ners were hung in the city taunt-
ing the officers and saying the
reputed kingpin, Arturo Beltran
Leyva, reigned supreme in Culia-
can.
In Villa Ahumada less than
two weeks after the massacre,
people remained so cowed that
even the mayor and his police
com-missioner declined requests
to be interviewed. When asked
who the gunmen were and why
they came, most of the residents
who were interviewed shook their
heads and whispered that spies
were everywhere. In private, how-
ever, some acknowledged that the
town had long been home to nar-
cotics traffickers in league with a
reputed drug dealer, Pedro


enormous long-term pollution
problems.
The Tribune's source said:
"Fluids from the car are very
carcinogenic and filter down
into the natural aquifers on the
island, contaminating the land.
and water with noxious pollu-
tants. Especially oil-based con-
taminants."
The abandoned cars have
also attracted a wealth of fly-
tipping in the woods, where
refrigerators, washing machines,
computers, mattresses and all
manner of household goods are
accumulating in the lush green
landscape.
: And Pinewood Gardens is
not the only stretch of pine bar-
rens believed to be attracting
this hazardous waste in New
Providence.
A brief stroll through the
woods behind the Bacardi plant
reveals scrap cars and truck-
loads of domestic waste illegal-
ly dumped in the undeveloped
rural area.
SEE next Tuesday's Tri-
bune for more information on
the dumped cars menace


Sanchez Arras. Frightened resi-
dents, who did not want to be
identified, said Sanchez's agent
in the town was Gerardo Galle-
gos Rodelo, a 19-year-old tough
guy who went around with an
armed posse. It was rumored that
he and Sanchez had links with a
drug cartel in Ciudad Juarez that
is controlled by the Carrillo
Fuentes family. Law enforcement
officials did not confirm the claim.
Several residents said Gallegos
and Sanchez had also seemed to
enjoy good relations with the
local police. People shrugged and
tolerated the arrangement. The
town was peaceful, after all, some
said. It seemed best to leave well
enough alone.
"Wherever you are in Mexico
these days there are drug deal-
ers, not just here," explained Raul
Moreno, 64, a day laborer. "They
didn't bother anyone. No one
bothered them."
The trouble started, people
here say, when Gallegos was
killed in a shootout with a group
of reputed gangsters in Hidalgo
del Parral, in the southern part
of Chihuahua State, on April 6.
Two days later, the army
swooped in on his funeral in Vil-
la Ahumada and arrested dozens.
of people in attendance, taking
into custody a police comman-
der, Adrian Barron, among oth-
ers. It remains unclear what those
detained will be charged with, the
attorney general's office said.
-On May 13, soldiers arrested
Sanchez on drug trafficking
charges in Hidalgo del Parral.
The arrest seemed to set in
motion the trouble in Villa Ahu-
mada. Late on the Saturday night
four days after Sanchez's arrest,
said Contreras, the 17-year-old,
he and several other boys were
dancing at a party for a friend in a
hall just off the main square when
they heard the rat-tat-tat of
machine-gun fire.


--- -- .


Dumped stolen cars posing



an environmental hazard


OVERSEAS NEWS


After massacre, a Mexican


town is left in state of terror


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by Franklyn s Ferguson, JP


NASSAU EVENTS CAPTURED ON CAMERA


shattering th


e


stigma,


inspiring


ives


1. left-right: Attorney with the
law firm Sharon Wilson & Co. and
member of the Nassau Chapter of
the Links, Inc. Link Sharlyn Smith;
Manager of Marketing, Public Rela-
tions & Business Development,
British American Financial, Link
Cecillia Cox.
2. I-r: President of the Nassau
Chapter of the Links, Inc., Link
Veronica Duncanson; Past Presi-
dent of the Nassau Chapter of the
Links, Inc., Link Lynda Gibson; Dr.
Kaia Calbeck, Ph.d. of Baptist Hos-
pital, Panel Moderator Dr. Richard
Adderly; Past President of the Nas-
sau Chapter of the Links, Inc., Link
Sharon Wilson; Psychiatrist and
President of The Bahamas Medical
Association, Dr. Timothy Barrett.
3.BahaMar Employees:
Bernadette Jolly, Evelyn Miller,
Tara Bastian, Marsha Major, Ana-
tole Major.
4. I-r: Past President of the Nas-
sau Chapter of-the Links, Inc. and
Insurance Executive, Lynda Gib-
son; Dr. Kaia Calbeck of Baptist
Hospital; Honoree and Psychiatrist,
Dr. Nelson Clarke.
5. Attorney and member of the
Nassau Chapter of the Links, Inc.
Link Yvette McCartney- Pederoche,
Vice President Legal of Tradein-
vest Asset Management Ltd. and
co chair of Symposium Link Chris-
tel Sands-Feaste; Attorney and
Banker and co chair of Symposium
Link Rosel Wilson.
6. l-r: Vice President of the Col-
lege of The Bahamas, Dr. Linda
Davis; Manager, Palmdale Branch
FirstCaribbean, Link Jacqueline
Reckley; Insurance Executive with
Clico, Mr. David Maynard; Beauty
Consultant and Manager of the
Beauty Spot, Ms. Brenda Knowles;
Hotel Executive, Mrs. Tanya May-
nard.
7. Assistant Vice President of
Citi Bahamas Limited, Andria
Mitchell; Director of Citi Bahamas
Limited, Elena Mortemore; Banco
Santander Bank & Trust Co. Exec-
utive, Maria Taylor; Manager of Citi
Bahamas Limited, Barbara Symon-
ette; Assistant Vice President of
Citi Bahamas Limited, Kishlane
O'Brien.
8. I-r: Director of Community
Affairs at the Ministry of Health and
Social Development, Camille
Daniels; Independent Consultant
Sandra J. Knowles; GBA-Manager
of Health & Life Department, Leno-
ra Daniels.
9. I-r: Director of Caribbean
Development at Baptist Hospital,
Kathleen Tuitt; Account Executive
Alana Crawley-Bethell; Manager of
Human Resources at BahaMar
Development, Billie Bowe; Nurse
of the Year, Lisa Stouvil-Rolle, RN.
10. Deputy Hospital Administra-
tor of Sandilands Hospital, Ruth
Albury; Deputy Hospital Adminis-
trator of Princess Margaret Hos-
pital, Dorothy Hepburn; Nursing
Officer II of Sandilands Hospital,
Brenda Smith; Trained Clinical
Nurse Lyndiann Rahming; Deputy
Principal Nursing Officer Ruth Fer-
guson; Principal Nursing Officer of
Sandilands Hospital, Thelma
McKenzie; Principal Nursing Officer
of Princess Margaret Hospital and
member of the Nassau Chapter of
the Links, Inc., Emily King-Osade-
bay.
11. Jan Knowles; Attorney of
Williams Law Chambers Debbie
Williams Hancock; Pat Bethell;
Attorney of Gibson & Co. and Past
President of the Nassau Chapter
of the Links, Inc. Link Allyson Gib-
son.


the Links, Inc, in con-
junction with Baptist Health. Interna-
tional Centre of Miami, made inroads
towards Shattering the Stigma, Inspiring
Lives at a Symposium on Mental Health
held Thursday May 15th, 2008 at the
Sheraton Cable Beach Resort.
Dr. Caia Calbeck PhD of Baptist
Health and Dr. Timothy Barrett, lead-
ing psychiatrist and President, Bahamas
Medical Association, engaged the 330
attendees in an interactive discussion
on the two mental disorders most com-
mon in The Bahamas: anxiety and
depression.


SAwards were presented to Dr. Nelson
Clarke and Dr. Timothy Barrett fo
their consistent work in the field of
Mental Health and the Symposium end-
ed on a high note with' a Solomon'I
Mines Fashion Extrava'ganza and gift-
give awaysincluding an.executive phys-
ical at Baptist Health valued a
$160(.00. Beneficiaries 9f the event are
the Sandilands Rehabilitation Center
the Community Counselling Assess;
ment Centre and the Princess Margare
Hospital. For more information on th
Symposium, including'copies of the pre
sentations made, please visit HYPER
LINK
http://www.shatteringthestigma.com"
www.shatteringthestigma.com.


~or. i~ :T





U ~ranhjj, (It. Jq trgne nn, ~1Ii~ I


a~Z4~etce


(242) 357-8472


P.O. Box N-4659,
Nassau, Bahamas


S


PAGE 12, SATURDAY,.MAY 31, 2008


THE TRIBUNE


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