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The Tribune
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Permanent Link: http://ufdc.ufl.edu/UF00084249/01067
 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: July 4, 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: UF00084249:01067

Full Text







TRY OUR


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LOW 77F

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The


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yWARE U.


Volume: 104 No. 186


FRIDAY, JULY 4, 2008


Harp


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Ur er:


man arrPested in US


Troyniko McNeil

taken into custody


* By KARIN HERIG
Tribune Staff .Reporter
kherig@tribunemedia.net..
THE man wanted for ques-
tioning in connection with the
murder of Harl Taylor has been
arrested in the United States.
Acting Assistant Commission-
er odf Police Hulan Hanna yester-
day confirmed to The Tribune
that 21-year-old Troyniko McNeil
has been taken into custody by
police,"on American soil."
Mr Hanna said that police will
be able to give out more infor-
mation once Bahamian officials
have gone to the US to assess the
situation.
A source close to the matter
told The Tribune yesterday that


A .lE-


McNeil is in Miami and was just
preparing to fly back to Nassau
when he was picked up by US
SEE page six


Tribune employee

held up at gunpoint
By MEGAN REYNOLDS
Tribune Staff Reporter
ARMED robbers held a Tribune employee at gunpoint in the office
car park yesterday afternoon before escaping with a bag of around
$1,000 cash.
Courier, and archivist Tony Zervos was in the driver's seat of The Tri-
bune's marked car parked outside the pressroom when the masked gun-
men appeared.
Colleague Maxene Simeon had placed the moneybag containing
coins, notes and cheques from yesterday's street sales in the back seat
SEE page 11


Concern over
'sub-standard"
medicines
from abroad
* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
A LOCAL pharmaceutical
industry insider has expressed her
concern about the arrival of a
batch of sub-standard medicines
from abroad into the Bahamas,
claiming that it is further evidence
of why there needs to be better
regulation of the pharmaceutical
industry as a whole.
The confiscation of seven box-
es of prescription drugs at the
Lynden Pindling International
Airport has led to an interna-
tional investigation by at least one
global pharmaceutical company
to find out who was behind their
delivery to the Bahamas.
SEE page 11


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
OF THREE suspects
arrested for the attempted
daylight robbery of Scotia
Bank on.East Street south on
Wednesday two had criminal
histories with one out on bail
for murder.
This was confirmed by Min-
ister of National Security
Tommy Turnquest yesterday
as both he and Commissioner
of Police Reginald Ferguson
commended police officers
involved in foiling the robbery
for "outstanding" police work.
Officers' efforts resulted in
the apprehension of all three
suspects within the hour after
they tried to carry out the rob-
bery, the seizure of numerous
weapons, as well as the recov-
ery of a bag of money
believed to belong to Scotia
Bank.
At a press conference at
Police Headquarters yester-
day, Mr Turnquest thanked
the officers.
He said: "We want (the
public) to know who these
officers are, who continue to
SEE page six


The police



hold Dion



'Emperor'



Knowles

* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
DION "Emperor" Knowles, wanted
for questioning in connection with the
2007 murder of Kenvardo Knowles, was
arrested in the Coral Harbour area yes-
terday.
According to Chief Superintendent
Glenn Miller, Knowles, 40, was arrested
by Drug Enforcement Unit officers.
Police acted on information by the pub-
lic and picked Knowles up early yesterday morning, he said.
Details on the capture were sketchy up to press time last night
but Knowles, whose last known address was Bernard Road in Fox
Hill, was allegedly found with a small quantity of drugs in his pos-
session.
"He's in our custody now and I'm told that a small amount of
drugs was found in his possession and we're certainly going to be
questioning him about the (murder) that happened last year in Fox
Hill," CSP Miller said.
According to reports, Knowles was convicted of various firearms
charges in the late 1990's.
Kenvardo Knowles was on the country's Most Wanted Fugitives
List after the murder of his nephew, 26-year-old Kendal Kenvardo
Knowles, who was shot in his abdomen during an argument in
August, 2007 in the Fox Hill area.
The father-of-six was pronounced dead on arrival at Princess
Margaret Hospital becoming the 51st murder victim for 2007.
Claims that international Bahamian found
wholesaler may be guilty of second
illegally Involved in degree murder,
petroleum products sales human smuggling
E By PAUL G TURNQUEST
Tribune Staff Reporter in Florida court


pturnquest@tribunemedia.net
CONCERNS have been
raised within the petroleum
industry that an international
wholesaler may be illegally
involved in the retail sale of
petroleum products in New
Providence.
Sources say the wholesaler is
applying unnecessary pressure
on retailers, utilising unfair busi-
ness practices to try ultimately
to force them out of business.
This approach left the stations
vulnerable to being easily taken
over and run by the conglom-
erate under the guise of still
being operated independently
by another retailer.
This conglomerate, it is
reported, has also increased the
rent on local retailers who are
said to be paying upward to
$28,000 dollars a month for
their stations.
SEE page 11


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
A BAHAMIAN lobster fish-
erman was found guilty of two
counts of second degree mur-
der, human and drug smuggling
in a West Palm Beach, Florida,
court yesterday.
Rickey "Tricks" Thompson,
42, could now face a maximum
sentence of life in prison and a
potential $37 million fine.
He was convicted of all 30
counts levied against him, which
also included assorted firearms
charges, stemming from two
smuggling trips between
Freeport and the United States
in 2006.
Roselyne Lubin and Alnert
Charles of Haiti and Nigel War-
ren of Jamaica drowned off
Jupiter Island during the oper-
SEE page 11


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Man accused of sex with daughters denied bail


A FOX Hill man accused of
having sex with his 11 and 13-
year-old daughters was again
remanded to Her Majesty's
Prison yesterday after being
denied bail.
The 36-year-old man, who
is charged with two counts of
incest as well as unlawful sex-


ual intercourse, appeared in
Court 11 on Nassau Street
yesterday before Magistrate
Susan Sylvester.
The man was initially


arraigned before Chief mag-
istrate Roger Gomez on Tues-
day. It is alleged that some-
time during June, 2006, the
man had sex with his 11-year-


old daughter. Court dockets
further allege that between
February and August, 2006,
the man had sex with his 13-
year-old daughter.


It is also alleged that
between May and August,
2006, the man had sex with a
10-year-old girl. Magistrate
Sylvester requested a proba-


tion report to determine the
condition of the girls and what
access the accused may have
to them. The matter has been
adjourned to July 21.


$9.57m in Confiscated

Assets Fund as of June

last year, study shows
* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net


THE Confiscated Assets
Fund stood at approximately
$9.57 million as of June of last
year according to a study per-
formed by the auditor general.
The report, tabled in the
House of Assembly by Prime
Minister Hubert Ingraham on
Wednesday, reveals that during
the period July 1 2006 to June
30 2007, the fund received
$2,297,583 million. As of 2006,
the fund stood at approximate-
ly $7.2 million.
The money has been invested
in five fixed deposit accounts at
various local banks with bal-
ances ranging from $711,313 to
$3.1 niillion. An additional
$37,175 is being held at a local
clearing bank in US dollar
($1,316) and Bahamian dollar
($36,175) current accounts.
Part of the $2,297,583 million
received during the 2007 fiscal
year into the account came from
a foreign jurisdiction and is sub-
ject to being repatriated to that
country. The country is not
named in the report.
The report was submitted in
accordance wit the Proceeds of
Crime Act, 2000. It includes
funds recovered under confis-
cation orders, money confiscat-
ed by authorities and money
paid to the Bahamian govern-
ment bly foreign jurisdictions
regarding confiscated assets.
The law allows the minister
of finance to authorise pay-
ments out of the fund for 1 a w
enforcement related causes


TOMMY TURNQUE5T: Confiscated
funds may be used to buy bullet
proof vests.
including the investigation of
suspected cases of drug traf-
ficking and money laundering;
treatment and rehabilitation of
drug addicts; and public educa-
tion in relation to drug addic-
tion.
Proceeds from the fund can
also be used to satisfy obliga-
tions of the government to for-
eign jurisdictions in respect of
confiscated assets; to meet the
remuneration and expenses of a
receiver appointed under act;
to pay compensation or costs
awarded under the act; or to
cover costs associated with
administration of the fund.
During the budget debate
National Security Minister
Tommy Turnquest indicated
that the purchase of bullet-
proof vests for police is some-
thing that can be addressed out
of tihe fund. ..... t
According to the test of the
budget statement of Mr Turn-
quest, the fund currently con-
tains $17.9 million.


Magistrate remands 36-year-old Fox Hill father to prison again


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THE TRIBUNE


.


PAGE 2, FRIDAY, JULY 4, 2008







FRIDAY, JULY 4, 2008, PAGE 3


THE TRIBUNE


OCE


0 In brief

TPIM I8MM
Independence poll
THE reasons behind why
some white Bahamians do
not attend national celebra-
tions may have nothing to do
with race.
One caller, responding to
an article about "racial
exclusion" on the front page
of The Tribune yesterday
said that the crime rate is the
only thing that stops her and
her family from taking part
in the annual independence
celebrations at Clifford Park.
The senior citizen said she
used to attend every year,
but "we don't live in the
same Bahamas as we did 35
years ago".
"People had respect for
others back then," said the
caller, who wished to remain
anonymous, "but now the
majority of people both
black and white have
ruined our country."
"It seems some people
have alcohol for breakfast,
lunch and dinner. There's
too much drinking, language
and violence for me."
The Tribune would like to
hear from Bahamians of all
racial or cultural back-
grounds, who have reasons
for or against attending
national events such as the
upcoming independence cel-
ebrations.
Anyone wishing to
respond can contact Lisa
Lawlor by email at
lisalawlor@gmail.com, by
telephone at 502-2365, or by
mail:
Independence Day Poll
The Tribune
Shirley and Deveaux
Streets
P O Box N-3207
Nassau, Bahamas
Your story may be printed
in The Tribune anonymous-
ly, if you so wish.

Young people
'have power

to change

the future
* By LISA LAWLOR
YOUNG people have the
power to change the future
according to Lindsay Braynen,
the College of the Bahamas
Union of Students senator.
As a student of COB, she told
young people that before they
complain, they should realise
that "the blueprints for change
are within our grasp, the ball is in
our court".
Ms Braynen was speaking at
the first lecture in the Distin-
guished Lecture Series held at
COB to honour the upcoming
35th anniversary of indepen-
dence.
Braynen stressed several pos-
itive accomplishments that
young people have made, in the
face of overwhelming negative
publicity.
She celebrated Sir Lynden
Pindling, who at age 37, became
the youngest premier of the
Bahamas in 1967 and accom-
plished majority rule, leading to
the Bahamas' independence.
He was also the longest stand-
ing democratic leader in the
western hemisphere with a
record 25 years in office.
Debbie Ferguson, another
national hero she mentioned,
was just 17 when she won her
first major medal in Colombia.
Ronda Chipman Johnson,
COB vice president, was
described by Ms Braynen as hav-
ing "worked more than half her
life to improve and develop the
college".
Businessman Franklyn Wil-
son, a former member of parlia-
ment under the Progressive Lib-
eral Party from 1972 to 1977,
was one of the youngest persons
in the history of the Bahamas to
be elected to parliament.
He also served as leader in
the Senate for the PLP and was
awarded the 2008 Lifetime
Achievement Award for his


"unwavering commitment to the
development of business enter-
prise and his immense contribu-
tions to the Bahamian commu-
nity".
Mr Wilson serves as an exam-
ple for the youth of today, Ms
Braynen said.
"We have world-class exam-
ples to follow, all we need now is
for people to join the line," she
said.
FO N AN EVC


Bomb threat at branch





of Commonwealth Bank


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
CUSTOMERS and employ-
ees of the Commonwealth
Bank branch in the Town Cen-
tre Mall had to be evacuated
yesterday morning after a
bomb threat was called in to
police.
Bomb specialists, police and
fire services officers arrived at
the bank at around 10.20am
yesterday in response to the
threat.
After carefully searching the
premises for about two hours,
the officers determined that the
bomb threat had most likely
been a hoax.
An officer at the Fire Ser-
vices Department told The Tri-
bune yesterday that the fre-
quency of this kind of hoax has
significantly increased in recent
weeks.
"It seems as if this is becom-
ing a trend, in the last two to
three weeks we have had sev-
eral calls," he said.
Earlier this week, officers
investigated a bomb scare at
Cable Bahamas' head offices
in the Marathon area.
Last Thursday,,a bomb scare
at Doctors Hospital led to an
emergency evacuation of staff
and visitors.
Despite the many recent
hoax calls, the Fire Services
officer said that authorities still
take every case very seriously
and are meticulous in ensuring
that there really are no bombs
or other explosives present on.
the properties which were
threatened.
In the case of yesterday's
bomb scare, the officer said that
staff and employees were
immediately moved to an area
"far away" from the bank and


were at no time in any danger.
Ian Jennings, senior vice-
president and chief financial
officer of the Commonwealth
Bank, told The Tribune that
after police had cleared the
premises, the bank's Town
Centre Mall branch reopened
for business at around 12.30pm.
Addressing the security at
the bank, Mr Jennings said that


Commonwealth Bank is con-
tinuously looking at ways to
improve measures to safeguard
against crime.
Mr Jennings said that in light
of incidents such as the
attempted robbery of Scotia
Bank on Wednesday, it is espe-
cially important to keep
upgrading and fine-tuning secu-
rity measures.


Possibility of homicide is not

ruled out in 'suspicious' death


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
POLICE have not ruled out the possibility of
homicide in the "suspicious" death of Gregory
McKenzie, who was found dead in his truck out-
side his ex-girlfriend's home.
According to Chief Superintendent Glenn
Miller, while McKenzie's death was brought to the
police's attention as a suicide, they are treating it
as a homicide until they are satisfied it was not a
result of foul play.
McKenzie's family members expressed con-
cern to The Tribune yesterday over the status of
the investigations. Some relatives claim the shell
casing found next to McKenzie's body does not
match the shotgun casings, therefore he could
not have been killed with his own gun.
Sources close to the family also claim there
was no blood spatter in McKenzie's truck, which
they say throws a wrench into the theory that he
shot himself in his vehicle.
CSP Miller did not want to comment on the
details of the crime scene but assured that police
were actively investigating the death.
"Well I don't want to comment on that. Our
inquiries are still open, we haven't ruled out sui-
cide completely and the matter is still under inves-
tigation. It was brought to our attention as a sui-
cide but in all matters that appear to be suicides,


we investigate (them) as if it's an actual homicide
until we determine through inquiry that it is an
actual suicide."
He declined to say if any blood spatter was
found inside McKenzie's car.
McKenzie was found dead in his car by his
ex-girlfriend on the morning of June 20, police
said.
At the scene, Inspector Christopher Wright
said police received reports of gunshots fired at a
Fire Trail Road apartment complex near the rear
of Bahamas Faith Ministries (BFM) sometime
around 2am. He said that when officers from the
Carmichael Road police station arrived at the
scene, they found Moxey in the driver's seat of a
GMC Yukon jeep which was parked outside the
first apartment.
"He had an apparent gunshot would to the left
chest. Just next to the body was a 12 gauge shot-
gun along with a 12 gauge fired cartridge," Inspec-
tor Wright told the media.
"We do know, after speaking with a female
resident here, that the deceased is known to her.
She had indicated that they had a relationship
which had discontinued. The deceased came by
last evening trying to reconcile that relationship.
There was some degree of rejection and he left.
Around am he returned and that is when this dis-
covery was made," Inspector Wright said.
The deceased and his ex-girlfriend have a child
together.


THE COMMONWEALTH BANK in the Town Centre Mall was evacu-
ated after a bomb threat.
Felip6 Major/Tribune staff



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PAGE 4, FRIDAY, JULY 4, 2008


THE TRIBUNE


EDITOR IAULETTERS TO THE EDITOR


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
Freeport fax: (242) 352-9348



No laughing matter, Mrs Martin


ACCORDING TO Englerston MP and
PLP chairman Glenys Hanna-Martin, the
recent local government election process was
an embarrassment "to our people and to our
country." In her opinion had "this been a
general election, we would have been the
laughing stock of the world."
We couldn't believe our ears when we
heard this statement, nor our eyes when we
read it. In view of the PLP's hamfisted han-
dling of last year's general election, Mrs Han-
na-Martin either was not in the Bahamas at
the time, or thinks that Bahamians suffer
from collective amnesia.
Mrs Martin was speaking in the House on
Wednesday on a Bill for an Act to modify the
provisions of the Local Government Act.
This Bill was presented to make it possible to
hold elections at a later date in nine family
island districts. Originally scheduled for June
26, the elections in those nine districts had to
be postponed because of flawed procedures
in the run-up to the June 26th date.
It was Mrs. Martin who pointed out the
flaws and took the matter to court. The gov-
ernment withdrew without contest and can-
celled the elections. Although it was not con-
tested, the judge ruled that the proper pro-
cedure was not followed.
Not only did government admit there were
errors, but Local Government Minister Sid-
ney Collie apologised for the mistakes,
accepted blame as the head of his ministry
and resigned his cabinet post.
The political bone on which the PLP had
planned to chew for the next several months
was suddenly snatched from them with the
Collie resignation. And so instead of study-
ing how crime can be brought under control
we were treated to much crying over milk
spilled in flawed local elections.
According to Mrs. Martin fundamental
changes were made without due notice to
the electorate. "The concept of notice," she
said, "is fundamental to fairness and the rule
of law."
Does she forget what little notice the elec-
torate in the general elections was given on
May 2 last year? So little, in fact, that many
voters were running around on election day
trying to find the polling station at which
they were supposed to vote.
Candidates received their voters lists so
late that they hardly had time to study it to
make certain that all persons listed were enti-
tled to vote in their constituencies. It was


"A Faith Worth Having Is A Faith
Worth Sharing."
SUNDAY SERVICES
7:00am, 9:00am, 11:15am
PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, Intercessor
Phone: 323-6452 393-5798
_. Fax: 326-4488/394-4819








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AUTHORIZEDER
MANUFACTURER


because of this last minute rush in cobbling an
election together that so many mistakes were
made and Bahamians found themselves reg-
istered in wrong constituencies. The last
minute boundary changes even confused the
parliamentary registrar's staff so that legiti-
mate errors were made in registering voters.
Of, course, this was the department that was
unfairly blamed when it was all over. Those
who caused the confusion took off for the
hills. The Boundaries Commission for the
May 2 election last year, should have report-
ed six months before November, 2006.
Instead on March 19, 2007, four months late,
former prime minister Christie was just going
to the House to open debate on the Bound-
ary Commission's report.
Under the constitution, Mr Christie had
until May 22 to call the election. If he had
failed to do so parliament would have dis-
solved itself. In fact the election was called
May 2. This gave the parliamentary regis-
trar's staff about eight weeks to write out by
hand new voters cards with their counter-
foils for the changes in the newly created
constituencies in addition to the boundary
changes in the remaining constituencies.
It was estimated that by the time the two
cards and counterfoils for each voter had
been written out the department would have
had to make 360,000 changes by hand before
the cards could be put in the computer and
distributed to voters.
The parliamentary registrar had two weeks
in which to certify the register; the ballots
then had to be printed and the voters register
had to be published. The election then had to
be called within four weeks with the police
voting a week before the public. And all
because then prime minister Christie, who
headed a PLP government, had failed to close
the register in time to make a smoothly-run
election possible.
And Mrs Martin, who was a part of that
government, now has the brass to stand up in
public and talk about an election that is an
embarrassment to our people and our coun-
try. Really the hypocrisy is so tragic that
this, rather than being a laughing matter, is a
time for tears.
We must remind Mrs Martin that we are
not all fools and we certainly have memo-
ries. For the errors made in the local gov-
ernment election, a minister resigned. For
the errors made in the general election a gov-
ernment was fired.


Time to say yes




to improved




LNG proposal


EDITOR, The Tribune.
SOME four years have
passed since AES Corporation
proposed building, at its own
expense, an LNG gasification
plant on tiny Ocean Cay, at the
edge of the Gulf Stream just
south of Cat Cay.
This was the perfect site fro a
which to lay an undersea
pipeline to bring natural gas to
Florida's fuel-starved electric
power companies and inci-
dentally to provide a highly
attractive stream of revenue to
the Bahamas Government
through licensing fees and
through-put charges.
The previous and present
Governments have been cau-
tious about granting final
approval for the project,
expressing concern over alleged
environmental issues and the-
oretically negative impact on
tourism.
But at long last Government
now has an iron-clad reason to
authorise AES to proceed as
quickly as possible.
As recently reported, while
the bulk of the Ocean Cay gas
will still be piped to Florida, a
goodly portion will now be sent


to our own Bahamas Electricity
Corporation.
This results from an out-
standing new development in
pipeline technology.
A pipeline under the 2,800-
foot deep Gulf Stream has long
been feasible, but laying pipe
on a seabed 8,000 feet down
only became practicable in the
last year and that's the depth
of our Tongue of the Ocean
trench separating New Provi-
dence from Andros and the
Great Bahama Bank.
With this deep-water capa-
bility, AES can provide BEC
with enough gas to replace its
diesel-fired generators at the
Clifton Power Station.
At present and projected
diesel prices this will result in a
major cost saving to BEC and
its ultimate electricity con-
sumers (several billion dollars
over 15 years).
As an added benefit, a gas-
burning plant will sharply
reduce polluting emissions that


escape from the smokestacks of
the present generators. The
benefits to our economy and
our environment can hardly be
over-estimated.
I hope our vociferous envi-
ronmental lobby will recognize
these advantages and reverse
its long and frequently irra-
tional objections to an LNG
plant.
Sam Duncombe, the lady
leader of Re-Earth, can be
admired as a barking watchdog
on many ecology issues where
others stay silent, but has been
guilty of the grossest distortions
of facts and common-sense in
her well-publicised campaign of
organising 5,000 alleged signers
to a "No to LNG" petition.
She can no longer argue that
the plant should be in Florida,
for now it will bestow direct
benefits on The Bahamas.
For the good of our country,
she must now use her undoubt-
ed intelligence to lead these
gullible and misguided followers
in a new direction, and give her
backing to Government mak-
ing a "Yes to LNG" decision.
RICHARD COULSON
Nassau,
July 1, 2008.


Growing number of clergymen opposed


to death penalty is cause for concern


EDITOR, The Tribune.
THE growing number of
"men of the cloth" advocatir g
elimination of the death penal-
ty is worrying. They seemingly
do so more from a humanistic
rather than a biblical perspec-
tive.
Progressive thinking, human-
istic, liberal clerics have steered
the church far from biblical
teaching. It is because of such
progressive, humanistic, liberal
thinking that an openly gay
Anglican priest, living in
"union" with his male mate, has
risen to the high office of bishop
of the church.
Moreover, the fact that
notwithstanding his lifestyle, the
bishop was elected by other
bishops of the church speaks
volumes to the pervasive extent
to which depravity engulfs the
church today. .
In an article on the subject of
the death penalty which I wrof l
sometime ago, I noted woros
with import similar to the fol-
lowing:
"Those opposed to the death
penalty generally argue that
capital punishment does not


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deter or prevent an individual
intent on committing murder
from doing so.
I presume they argue from
the standpoint of various studies
on the subject, studies albeit
carried out in someone else's
jurisdiction rather than ours no
doubt. I don't intend to argue
otherwise, at least not just yet.
In my earlier article I had
noted that those who focus on
the issue of deterrence surely
miss the point.
The primary purpose of cap-
ital punishment is not to pre-
vent murder any more than the
principal reason of a fine or
incarceration is to prevent any
other form of criminal behav-
iour.
Retribution, recompense if
you will, extracting from an
offender pay-back similar in
degree to the individual's trans-
gression, is the genesis, the
foundation forming the basis
for imposition of a sentence.
The punishment must fit the
crime."
The death penalty is the ulti-
mate punishment. It fits the
most egregious of crimes, snuff-
ing out of another's life.
In my article I also commu-
nicated that proponents and
opponents of capital punish-
ment are so firmly entrenched
in their positions that what I
had to say likely would not have
had much bearing on their
views.
I nevertheless offered a per-
spective which I pronounced to
be somewhat unique and, to a
degree, erudite. I noted that
both the Old Testament and the
New Testament spoke in clarion
clear terms to the issue of the
punishment fitting the crime.
The ultimate punishment, the
surrendering of one's life, clear-
ly fits the ultimate crime, the
wilful, deliberate, premeditat-
ed taking of another's life.
Laws of the Old Testament
characterize appropriate pun-
ishment as an "eye for an eye, a
tooth for a tooth".
In the New Testament Jesus
described it thusly "with which
measure ye mete it shall be
measured to you."
Liberalist, modernistic, so-
called progressive thinking New
Testament scholars seek to lim-
it Jesus' words of 'giving back in
equal measure', to the dispens-
ing of rewards only.
I regard such limitation as
being reflective of intellectual


depravity for surely, the dis-
pensing of punishment (by the
appropriate authority), is inher-
ent in the words uttered.
The second argument,
advanced by opponents of the
death penalty, is the possibility
of someone being wrongly con-
victed and punished.
Why limit discourse to the
death penalty?
The wrongful conviction and
punishment of anyone for any
crime is abhorrent.
Do we therefore have the
courts dispense with the impo-
sition of all penalties? God for-
bid.
'While wrongful convictions
can and no doubt do occur,
though with significant infre-
quency, I doubt anyone has the
gumption to suggest courts
should discharge every case that
comes before them because
such a risk exists.
Moreover, capital cases by
their very nature receive far
more review than other cases.
Hence, the risk of erroneous
judgment is minimised.
As to the finality of imposi-
tion of the death sentence, I
previously offered the follow-
ing perspective from a good rev-
erend gentleman: "Death is a
phase not finality. It is temporal
rather than terminal."
In closing out my previous
note on this subject I opined
that I subscribe to the view that
lawlessness begets, lawlessness.
I also noted that lawlessness
may arise from acts of commis-
sion as well as acts of omission
and that the state's failure to
carry out the capital punish-
ment statute on our law books
might be considered an act of
lawlessness thus begetting the
lawlessness which has become
so prevalent, so rampant in our
once quaint, God-fearing
nation.
Earlier, I suggested that I did
not intend to immediately argue
the merits or otherwise of the
efficacy of capital punishment
serving as a deterrent to mur-
der.
The opportunity is now pre-
sented to study the subject in a
local context.

MICHAEL R MOSS
Freeport,
Bahamas
June 29, 2008.


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THE TRIBUNE FRIDAY, JULY| 4, 2008,APAGEW5


o In brief

Pro-hanging

campaigners

plan massive

Independence

Day march

ORGANIZERS of an Inde-
pendence Day pro-hanging
march are hoping it will attract
the biggest turnout "since the
day Sir Lynden Pindling was
buried."
Family and friends of teenage
murder victim Khodee Davis,
who are behind the event, are
expecting thousands to join
what could be the country's
biggest-ever anti-crime demon-
stration.
The march, which convenes
at Fox Hill Parade at 9am on
Thursday, July 10, promises to
be even bigger than the Labour
Day pro-hanging march, which
lasted five hours and covered
18 miles.
"We have to prevent this
country falling into the hands
of gangsters," said Rodney
Moncur, a relative of the Davis
family.
"One of the bank robbers
caught by police this week was a
murder suspect out on bail," he
said, "There are many suspect-
ed killers out on bail. This can-
not be allowed to go on."
Campaigners believe enforce-
ment of the death penalty is one
way of checking the descent
into violence and lawlessness.
The Davis family are keen to
see killers hang and the signs
are that thousands more
Bahamians are ready to join the
call for action.
"I expect this march to be the
biggest seen in Nassau since Sir
Lynden Pindling was buried
eight years ago," said Mr Mon-
cur.
"I have been told by police
that the march in support of
Khodee was the biggest they
had seen since the Pindling
funeral in the year 2000.
"Now we want to show how
serious we are by attracting the
biggest march of all, a public
demonstration of revulsion
against the killers.
"We want every family affect-
ed by murder to join us. We
want every girlfriend, brother,
sister and cousin of someone
murdered in the Bahamas to
join us.
S"W e
want to
send a
powerful
message
to the gov-
ernment,
and the
killers
them-
sel ves,
that this mayhem must come to
an end."
The Bahamas still has the
death penalty on its statute
books, but no killer has been
hanged since Haitian-Bahamian
David Mitchell in January, 2000.
Mitchell went to the gallows
for the savage murder of two
foreign residents in Abaco dur-
ing the 1990s.
The pro-hanging campaign
has gathered momentum since
early this year, when crime took
on new dimensions with a series
of daylight robberies and
killings in tourist areas.
The death of a schoolboy in
Bay Street killed by a stray
bullet when gunmen opened
fire on another person was the
first major shock.
Then an innocent bystander
in a Subway sandwich bar died
when an armed robber opened
fire after being tackled by an
off-duty policeman.
An East Bay Street grocery
store was raided by a crook with
a machine-gun. And an elderly
woman was struck down out-
side the House of Assembly by
a robber wielding a steel
wrench. Next week's march will
take in Bernard Road, Wulff
Road, Marathon Road, Robin-
son Road, Prince Charles Drive
and Fox Hill Road.
A statement from organizers
says: "Once again, we, the free
and sovereign people of Fox
Hill, are obliged, in the face of
rapid social deterioration, to
take action to bring about nec-


essary change in our communi-
ty and in the country as a whole,
to ensure that persons charged
with murder are not granted
bail and persons convicted of
murder are hanged promptly."
They say the country is paral-
ysed by fear because of "the
curse of lawlessness and gang-
sterism."

TROICA

EXTRMNAOR


Man charged with



defrauding banks of



thousands of dollars


* By NATARIO McKENZIE

A MAN accused of forging
cheques and defrauding three
banks of thousands of dollars
was arraigned in Magistrate's
Court yesterday.
Jason Antonio Sands, 36,
appeared before Magistrate
Linda Virgill at Court Nine in
Nassau Street on charges of
forgery, uttering a forged docu-
ment and fraud by false pre-
tenses. Sands was arraigned on
31 counts of forgery and utter-
ing a forged document, as well
*as 36 counts of fraud by false
pretenses.
It is alleged that between
February 25 and 29, Sands


forged a CIBC cheque drawn
on the account of Cindy
Drakes. It is further alleged that
he uttered the forged cheque
and obtained a total of $9,400
from Commonwealth Bank,
Golden Gates. Court dockets
alleged that between Tuesday,
March 25 and Wednesday, May
14, Sands forged Royal Bank
of Canada cheques in amounts
varying from $2,800 to $4,840.
It is also alleged that between
March 31 and May 15, Sands
obtained $29,235 through false
pretenses from First Caribbean
International Bank, Oakes
Field. According to court dock-
ets, between March 10 and May
21, Sands allegedly forged Roy-
al Bank of Canada cheques in


amounts varying between
$3,632 and $8,763. He is also
charged with uttering the forged
cheques and obtaining from on
Royal Bank on Mackey Street
$110,382.
In total Sands is alleged to
have obtained $149,017 by
means of false pretenses.
Sands, who was represented
by attorney Roger Gomez Jr,
pleaded not guilty to all charges.
Mr Gomez submitted that his
client is a cabinet maker who
has no previous convictions.
The prosecution made no
objection to bail and Sands was
granted bail in the sum of
$75,000. The case has been
adjourned to December 2, 3, 4,
10 and 11.


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* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
Guyanese President Bharrat
Jagdeo has accused the EU of
"bully boy tactics" in its dealings
with CARICOM states with
respect to the Economic Partner-
ship Agreement.
He has called for the CARI-
COM community to sign just a
"goods-only" agreement with
Europe not the all-encompass-
ing services and goods deal it has
negotiated.
The president's latest pro-
nouncement on the issue came
on Tuesday when he used his
speech at the opening ceremony
of the 29th CARICOM Heads of
Government meeting to again
express his serious concerns about
the deal. Mr Jagdeo, thanks to
numerous' frank public criticisms
of the EPA, has fashioned a role
for himself as the Caribbean
Community's most high profile
critic of the trade agreement
which has been negotiated with
Europe by the Bahamas and oth-
er Caribbean, African and Pacif-
ic states. He said: "I feel that in
the region we should do only
what is required to make the
EPA World Trade Organisation
compatible as agreed to in the
Cotonou agreement. It should be
a goods-only agreement."
He also claimed that Guyana
does not intend to sign the deal
until there has been a "full nation-
al consultation" on the issue with-
in the country but conceded that
a signing may have to take place
"pragmatically earlier if the Euro-
pean Commission continues with
its bully boy tactics of seeking to
impose tariffs on our exports."
The president of the natural
resource-rich nation, which sits
on the north-western coast of
South America but is part of
CARICOM, suggested that the
Caribbean states involved have
been "seduced by the rhetoric of
free trade."


He said: "We have to differen-
tiate between rhetoric and phi-
losophy. I do not feel ashamed to
argue for preferences for our
region."
The EPA is a trade agreement
between Europe and African,,
Caribbean and Pacific (ACP)
nations. It is intended to replace
the Cotonou Agreement, a pref-
erential trade agreement which
allowed ACP countries like the
Bahamas more advantageous
access to the EU market than
other countries.
In the Bahamas lobster, rum
and polymer exports have bene-
fited most from the duty-free
access they had to the EU.
The demand for a new arrange-
ment initially came about after
the World Trade Organisation
warned Europe and the ACP
countries that the old agreement
violated the free trade rules which
govern members of the WTO
because it meant goods exported
from countries which were not a
party to that agreement were at a
relative disadvantage trade-wise.
While the new EPA addresses
this compatibility concern, it also
goes beyond it as it involves
removing restrictions that affect
the trade in services between
ACP countries and the EU too.
In this way, different services
sectors for example, medical
services in the Bahamas may
end up being open to competi-
tion from European companies
and workers to an extent that
they were not previously.


Girls given chance to express

themselves through photography

By Capucine Dayen

TO celebrate its 80th anniversary, the Inter-American Com-
mission of Women of the Organisation of American States is
organising a photography contest to end on August 15.
The contest, which is being organised in conjunction with the
Art Museum of the Americas of the OAS, encourages all girls
from 11 to 14 years of age to put their imagination at work and
take a maximum of 2 printed or digital pictures that represent the
vision that they hold of their future, their dreams and the world
they live in. Through their photographs, the organizers say, the
girls will reflect the progress that has been made regarding gen-
der stereotypes due to women's empowerment.
The pictures will also illustrate the realistic ambitions that
young girls can now work towards.
The contest aims to create an opportunity for the girls to eval-
uate the progress achieved by women regarding their role in
society and what their generation can achieve "when they grow
up".
A grand prize of $500 will be awarded to the best photograph
and two prizes of $250 will be offered to the runners-up.
The digital photographs must be sent via email to Gabriel
Gross at GGross@oas.org, with "When I grow up..." in the sub-
ject line. Prints should be sent to: Art Museum of the Americas,
201 18th St NW, Washington DC, 2006.
The Organisation of American States brings together 34 west-
ern hemisphere nations, with the stated aim of strengthening
democratic values, defending common interests and debating
the major issues facing the world, such as poverty, drugs and
corruption.


EU accused of 'bully boy

tactics' over EPA dealings


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FRIDAY, JULY 4, 2008, PAGE 5


THE TRIBUNE









PAGE 6, FRIDAY, JULY 4, 2008 THE TRIBUNE


Sidney Collie's resi


,ion


* By ADRIAN GIBSON
ajbahama@hotmail.com

THIS week, tongues were
wagging throughout the
country following the sudden res-
ignation of former Lands and
Local Government Minister Sid-
ney Collie in the face of a possible
firing and Prime Minister Hubert
Ingraham's reshuffling of his Cab-
inet.
Whether his resignation was
initiated by his conscience or pri-
vately sought by the prime minis-
ter, Mr Collie accepted responsi-
bility for his mistakes and set the
bar high for other parliamentari-
ans.
However, overall Mr Collie was
a flimsy minister who performed
dismally.
Last week, a court ruled that
the proper processes were not fol-
lowed in the run-up to the local
government elections. This led to
elections not going ahead in nine
areas.
In my May 5, 2008, column,
where I graded the FNM govern-
ment, in discussing Mr Collie I
said:
"Having grown up on an island,
I am also aware that local govern-
ment has numerous deficiencies,
including empowering certain per-
sons in small communities to vic-
timise or repeatedly grant
jobs/contracts to a favoured few.


This must be carefully moni-
tored!"
We now know that neither that
advice, nor the opposition PLP's,
was accepted.
According to The Tribune, in
Wednesday's parliamentary ses-
sion, PLP chairman Glenys Han-
na-Martin claimed that she wrote
the former minister (Collie) on
June 1 to advise him of her con-
cerns and urge him not to act con-
trary to the law.
The letter was copied to the PM
and parliamentary commissioner
Errol Bethel. She also asserted
that she had spoken to Mr Collie
on several occasions and had per-
sonally alerted the PM about the
brewing fiasco. So, why would Mr
Collie and his underlings at the
department of Local Government
stubbornly charge ahead with a
flawed poll?
If these blatant blunders had
occurred during a general elec-
tion, the perception of the
Bahamas having fair electoral and
democratic procedures would have
been tainted and consigned to the
trash bin, while possibly subjecting
our elections to intense UN/inter-


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national observation.
In this instance, the tenacious
Mrs Hanna-Martin truly per-
formed as opposition chair, and
detected and questioned certain
erroneous conduct in some of the
elections slated to be conducted
throughout the Family Islands last
week.
Frankly, the former minister
should have simply postponed the
elections rather than risk giving
the impression of an undemocrat-
ic ballot or suffering the conse-
quences in not being reappointed
to Cabinet or, as he honourably
did, resigning.
At last, a parliamentarian has
lived up to the "honourable" title
that precedes his given name! Mr
Collie, whose integrity remains
intact, has set a precedent, and,
unlike ministers of the previous
administration, has lived up to the
trust and accountability agenda
his party espoused and promised
to the electorate.
While the PLP's questioning of
the constitutionality of the local
government election is commend-
able, they too would have con-
ducted without complaint -
local government elections using
the same faulty procedures.
According to the PLP, "the res-
ignation of Sidney Collie alone
was not enough" and "the gov-
ernment must accept responsibili-
ty for these serious errors." Could
this shady cabal, who were scan-
dal-ridden during their term in
office, be serious? Would they pre-
fer to ruin the former minister's
family and livelihood for it to be
enough, or are they living in a fan-
tasy land and suggesting that the
government should resign in
favour of a general election?
Honestly, former Prime Minis-
ter Perry Christie should be the
last to talk about accountability
and ministerial resignations, given
that if he had decisively dismissed
the disgraced ministers that
wrecked his government he may


AD R.IA N G 1 BS0N


have still been prime minister.
Mr Christie's Cabinet could
only be likened to a runaway train
and his term in office reminded
me of a tired yawn. In this regard,
it is utterly insincere for the 'same
old' PLP to disingenuously apply
standards to the FNM to which
they didn't adhere, particularly
since Mr Christie didn't request
the resignation of a scandal-rid-
den minister until his picture was
splashed across the front page of
this daily and broadcast around
the globe, even though his minister
had committed an egregious act
by pompously fast tracking the
residency permit of his friend a
soft-core porn star.
In the wake of Mr Collie's res-
ignation, house-cleaning-must be
undertaken at the Parliamentary
Registrar's department, which was
criticised for botching the regis-
tration process during last year's
general election.
Parliamentary registrar Errol
Bethel should tender his resigna-
tion along with the civil servants
(permanent secretary, deputies)
and top policy advisers at the Min-
istry of Local Government, who
no doubt counsel Mr Collie and
should have sought to correct any
misgivings about the recent elec-
tions.
It's high time we adopt certain
governmental policies of the US,
where newly-elected governments
bring in their officials to carry out
their policies unlike in the
Bahamas where politically-biased
civil servants could sabotage a
ministry, or impede the execution
of the government's policies.
Kudos to Mr Collie for having
the gravitas to do the right thing!
Now he can become a "ground-
hog" his constituency while aggres-
sively lobbying for his constituents
without the added burden of a
ministerial portfolio. ,

THE SHUFFLE!
Owing to the closeness of the
general election outcome, it
appears that PM Ingraham has
had to allot Cabinet posts to cer-
tain persons whose brain-power
seems to be of the lowest possi-
ble wattage and, who regularly
wouldn't have been the first choice
for Cabinet, all because he wanted


Attemptedbank robbery suspect


FROM page one
go above and beyond, putting their lives many times
at risk for the safety and protection of the Bahami-
an people."
The minister praised the two female "first respon-
ders", Sgt 2339 Campbell-Hanna and Corporal 2445
Black in particular for their efforts, but also men-
tioned the names of officers from the SWAT team,
the Central Detective Unit, the K9 unit and the
Central Records Office who went to the scene.
"It really is outstanding police work in terms of
what they have done in accomplishing the arrest of
these three suspects and we believe that we have suf-
ficient evidence and witnesses to deal with it," he
said.
The three would-be robbers wore masks as they
fired their way into the bank and began to raid its
tills of cash at around 12.15pm that day.
A security guard's attempt to protect the premis-
es as he saw them approaching by locking the doors
was little deterrent to the suspects, who blasted
their way in, shattering the glass.
One of two female officers who were first to
respond to the crime scene was readmitted to hos-
pital yesterday morning for observation.


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She had suffered minor injuries when she was
struck in the face by pellets from a shotgun belong-
ing to one of the suspected robbers, but was praised
by Mr Hanna for managing to shield herself from
further injury and drive-her police car away from the
scene before being taken to hospital.
In total, four people were shot during the
incident two suspects, one police officer and a
customer.
Officers' swift work had already won them
applause and cheers from bystanders in East Street
South who witnessed their reaction to the incident.
At the press conference Commissioner Ferguson
again thanked officers for their "courage displayed,
effective policing and quick response" to the poten-
tially deadly scene.
He said the fact officers were able to respond so
quickly to calls for help was evidence of the success
of the police's Neighbourhood Policing programme.
According to the police chief, the way the scene
unfolded "speaks to the (officers') commitment,
how the assets of the Royal Bahamas Police Force
are deployed in the crime-fighting situation
(and) how effectively and efficiently it is being
used."
The three men may be arraigned as early as today.


"I~ D

EVERTHIN







--HALF O









THE. ENTIR


STOCK


to please them and hold on to his
government by ensuring that cer-
tain MPs won't walk across the
floor or stand as independents.
Frankly, while Mr Ingraham's
deck has a few aces, kings and
jacks, as he has been playing with
a deck full of jokers.
Again proving his political
genius, Mr Ingraham scored a
coup when he lured Vincent Van-
derpool-Wallace from Barbados,
where he served as the secretary-
general of the Caribbean Tourism
Organisation. Under former min-
ister Neko Grant, morale at the
Ministry of Tourism was at an all-
time low and the Bahamas has
drastically lost market share.
Hopefully, Mr Vanderpool-Wal-
lace, who is said to be brilliant and
innovative, will reinvigorate the
ministry's approach to marketing
and developing our tourist prod-
uct.
Earl Deveaux, one of the bright-
est sparks in the Cabinet, has been
reassigned to the Ministry of the
Environment where he holds on to
the utilities aspect of his former
portfolio. Larry Cartwright, my
hometown boy and the Minister of
Agriculture and Marine
Resources, is performing impres-
sively and seemingly has earned
the confidence of the prime min-
ister as he now has co-operatives
added to his portfolio.
In the reshuffle, the underper-
forming Neko Grant was assigned
to the Ministry of Works where
he has the uncomplicated task of
overseeing the construction of
roads, and Kenneth Russell, who
lost the National Insurance Board
but retains his portfolio as housing
minister, can finally set about
building houses.
I was dissatisfied to see that the
aloof Minister of National Securi-
ty wasn't reassigned. When it
comes to combating crime and a
much-promised strategic crime
fighting plan, Mr Turnquest seems
to be on Pluto. He lacks the com-
mon touch and, in the Cabinet
deck, is a joker.
Brent Symonette, the uncharis-
matic Minister of Foreign Affairs,
is also a joker and should have
been reassigned. Mr Symonette
has performed grimly as minister
and has yet to form a plan of
action to relieve the deplorable


overcrowding at the passport
office.
Mr Ingraham appears to have
adopted an optimistic view with
this Cabinet, seemingly projecting
the image of at least having his
glass half full. However, he's like-
ly to overwork himself by taking
on lands and local government and
NIB, in addition to his responsi-
bilities as PM and finance minister.

THE MISUSE OF
GOVERNMENT VEHICLES!

Of late, I've seen far more gov-
ernment vehicles being driven
willy-nilly than usual. With gas
prices currently at $5.65 (Shell),
$5.77 (Esso) and $5.71 (Texaco)
in Nassau and Bahamian taxpay-
ers flipping the bill, it's offensive
when public servants are seen gal-
livanting about town on personal
business and paying weekend vis-
its to sweethearts, attending pri-
vate parties/clubs, collecting chil-
dren from schools/events or
parked at beaches on public holi-
days.
When Bahamian taxpayers are
paying to license and maintain
these vehicles, why are permanent
secretaries, directors and other civ-
il servants allowed to drive these
vehicles on unofficial business on
the weekends or after working
hours? Who monitors the use of
these vehicles?
Recently, I've seen unmarked
police vehicles parked in peculiar
environs, where the driver is
unquestionably sweet-hearting or
engaging in an activity that has no
relation to policing. Do these
unscrupulous individuals who take
these cars home and use them for
much more than government
affairs instead of their private
vehicles and their own gas have
a conscience?



Man arrested

FROM page one
police.
According to the source,
McNeil could not travel back
to the Bahamas earlier as his
passport had expired.
"He had just got a new
passport from the Bahamian
consulate office (in Miami)
and was going to arrive at the
airport in Nassau at 2pm (yes-
terday).
"The police, instead of just
picking him up at the airport
had the US police arrest him,"
the source said.
Representatives of the
Bahamas Consulate in Miami
yesterday said that they are
"not privileged" to release
information about any pass-
port applications or renewals.
The source claimed that
McNeil was going to willingly
return to the Bahamas to
speak with police in order to
"clear the air."
However, having American
police arrest him, the source
said, "makes it look like he's
running when he isn't."
In an interview on Wednes-
day, the source said that police
spoke with McNeil's mother
earlier this week and were
told that Troyniko has been
in the US since around
December last year.
"She went in and explained
the situation, and they agreed
that he would come in and his
lawyer was going to come in
with him," he said.
The source said yesterday
that he believes that police
have been "too narrow-mind-
ed" in their investigation of
Harl Taylor's murder.
"It seems to me that they've
just focused on this one fami-
ly (the McNeil family) and
haven't looked anywhere
else," he said.
Asked to comment on the
ongoing investigations into the
murders of four gay men,
Minister of National Security
Tommy Turnquest said he
does not want to get involved
in police work.
"I also would hope that we
would allow the police not to
compromise their work. The
police have kept me well
briefed on the matter and I
might say that their work con-
tinues and they're doing an
excellent job in trying to bring
conclusion to those unsolved
murders.
"I think it would be most
inappropriate for the police
to provide any further infor-
mation at this time," he said.
A photograph of Troyniko
was released by police last
Thursday in a "wanted" bul-
letin which described him as
armed and dangerous and
called for anyone with knowl-


edge of his whereabouts to
contact police. He was last
known to be living in the
Kennedy sub-division.
Mr Taylor, a prominent
handbag designer, was found
stabbed to death in his Mount-
batten House home last
November.
McNeil is the first individ-
ual to be identified as a person
of interest in the case.


-j"_li-t-


PAGE 6, FRIDAY, JULY 4, 2008


THE TRIBUNE














Independence celebrations officially underway


MINISTER of National Security Tommy Turnquest speaks to the
press am officers yesterday at the police Headquarters.


* By REUBEN SHEARER

GOVERNMENT has allo-
cated some $720,000 toward the
35th anniversary of indepen-
dence and National Pride Day
celebrations, National Security
Minister Tommy Turnquest
announced at the Police Head-
quarters yesterday.
The festivities are planned as
"pulsating cultural explosions,"
kicking off officially this morning
with the live broadcast of a flag
raising ceremony at Rawson
Square by the Royal Bahamas
Police Force, followed by a cul-
tural song and dance show.
On this National Pride Day,
citizens are encouraged to wear
the colours of the national flag in
celebration of the country's her-
itage. At the flag raising cere-
mony in Rawson Square this
morning, Bahamians who have
made their mark on society are
being honoured.
A new feature added to the
35th Independence Day cele-
brations is the two-day "Fun
Run, Walk, Cycle and Push
event sponsored by the Albany
Group, starting at 6am this Sat-
urday, and continuing on into
Sunday.


A joint "beat retreat" is
planned for this Saturday
evening, at the Police Barracks,
featuring performances by Roy-
al Bahamas Police and Defence
Force officers. Mr Turnquest
promises that the event should
"definitely be a treat," as it is
has historically played an essen-
tial role in independence festiv-
ities over the years.
The Fun Run will commence
from six locations. Prime Min-
ister Hubert Ingraham will start
the walk from Goodman's Bay
to Fort Charlotte. Several cabi-
net members and MPs will
accompany him.
Other Independence Day
events include basketball and
softball tournaments, the Inde-
pendence Band Showdown, the
Bahamas National Trtst Family
Fun Day, the E Clement Bethel
Festival, a rush-out-and culmi-
nating on July 9 in the return
of the highly anticipated Tattoo
at Clifford Park.
"We're going to have fire-
works to bring in the tenth
because the celebrations at Clif-
ford Park really starts on the
ninth," National Security Min-
ister Tommy Turnquest
explained.
This event will feature a cul-


GB independence celebrations 'have been a tremendous success'


* By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT The third week
of Independence celebrations
will continue with a major youth
basketball tournament, national
pride day, and a blood drive in
Grand Bahama.
Senator Kay Smith, parlia-
mentary secretary in the Prime
Minister's Office in Freeport,
gave an update on the celebra-
tions and the upcoming events
that are still to come, including
an ecumenical service, cultural
show, and the relocation of the
Sports Hall of Fame.
The celebrations kicked off
on June 19 with the Grand
Bahama Regatta. On June 27,
residents came out in full force
to support the 'Beat Retreat
Battle of Bands' feattiring -the
Royal Bahamas Police Force


Band, Defense Force Band, Leg-
ends Band, and the Bahama
Brass Band.
Mrs Smith said the Indepen-
dence celebrations so far have
been a tremendous success.
"The regatta, the children's
party event at St Stephen's in
Eight Mile Rock, and the Battle
of Bands were a great success,"
she said.
She stated that the celebra-
tions will continue this week with
the opening of the Independence
Basketball tournament at Jack
Hayward gymnasium at 7pm on
Thursday, July 3.
Senator Smith said Friday,
July 4, is National Pride Day and
residents are being encouraged
to demonstrate national pride
by wearing the colors of the flag.
She also urged businesses,
government offices, and employ-
ers to encourage their employees
to wear the colors of the flag, or
independence t-shirts.


"We really want the public to
demonstrate national pride on
July 4," said Senator Smith.
On July 5, Independence cel-
ebrations will start at 6pm at the
High Rock Primary School in
east Grand Bahama.
The Bahamas Telecommuni-
cation Company's Blood Drive
at Rand Memorial Hospital will
take place on July 6.
Senator Smith said the hospi-
tal is always in need of blood
donations and residents should
support this worthwhile cause.
BTC will give away a number
of gifts and phone cards to qual-
ified donors.
On Sunday, July 6, the Inde-
pendence ecumenical service will
be held at 6pm at St John's
Jubilee Cathedral.
On Tuesday, July 8, the Sports
Hall of Fame will officially be
relocated to the Grand Bahama
International Airport.
The highlight of the celebra-


tions will be the cultural show
and police tattoo on July 9, to
be held at 7pm at the Indepen-
dence Park.
After the inspection of the
guard, there will be a police tat-
too display, flag-raising and a
fireworks display at midnight.
"Residents can expect a lot
of pomp and pageantry and we
added the tattoo element this
year which will be exciting for a
lot of the young people," said
Mrs Smith.
Senator Smith said a number
of Bahamian entertainers will
be performing during the cul-
tural show.
She said a special music time-
line segment will be hosted by
Charles Carter at 8pm, show-
casing music going back to 1973.
Entertainers KB, the Fred
Ferguson Band, Little Joe
Cartwright and a number of
other entertainers will be fea-
tured.


tural show, an inspection of law
enforcement officers, prayer
time, and a flag raising ceremo-
ny. On Independence Day, the
People's Junkanoo Rush will
start from 3.30am and continue
until the early afternoon.
Additional celebrations are


planned for Grand Bahama, in
which there is an independence
secretariat operating. "There
will be celebrations in various
family islands which have been
organised through the various
administrators offices," Mr
Turnquest said.


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Junkanoo Group to perform at London festivals


JUNKAN00 GROUP
pictured at the Lyn-
den Pindling Intn'l
Airport on the way to
London on Wednes-
day July 2 2008.


A 30-member Junkanoo Group left the
Bahamas for the United Kingdom on Wednes-
day to perform at seven different festivals
throughout London over a period of 21 days.
The group, which consists of members from
the various A and B Junkanoo groups and
persons from Grand Bahama and Eleuthera,


was specially selected by veteran junkanooer
Quentin "Barabbas" Woodside.
The trip is being sponsored by the Arts
Counsel England.
Pictured are some members of the group as
they await to be checked-in at the Lynden
Pindling International Airport.


BTVI 2008 commencement ceremonies


More than 1,500 graduates, faculty, rel-
atives, and friends attended the annual
Bahamas Technical and Vocational Insti-
tute commencement ceremonies at
Bahamas Faith Ministries.
The event celebrated the achievements
of 205 recipients of diplomas and certifi-
cates.
In his keynote address, Dr Charles Car-
roll, senior vice president of planning,
development and instructional effective-
ness at Daytona State College, encouraged
the graduates to look inward for the qual-
ities of character, integrity, courage, and a
continued desire to learn.
"You've juggled exams, families, jobs,
and challenges to be here today. This diplo-


ma represents a lot of hard work and sac-
rifice.
"Your diplomas and certificates for
which you are being recognized tonight
will open many doors for you. Embracing
and continuously improving your ability
to demonstrate these skills will allow you to
excel in your chosen careers," said Dr Car-
roll. Representative for the 2008 graduating
class Eric Taylor challenged fellow gradu-
ates to dream big, aim for the stars, set
goals and commit themselves to a life of
continuous learning.
Mr Taylor was the recipient for the
Manger's Award and was inducted as a
member of the National Technical Honour
Society.


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THE TRIBUNE


PAGE 8, FRIDAY, JULY 4, 2008








FRIDAY, JULY 4, 2008, PAGE 9


THE TRIBUNE


LOCALINEWS


A*'-*~~ ~.


THE CHAMBER of Commerce's executive team pays a courtesy call on Prime Minister Hubert Ingraham.
Pictured (1-r) are: Edmund Rahming Sr of the South Andros Chamber of Commerce; Caroline Moncur of
the Nassau based Bahamas Chamber of Commerce; Michelle Rassin; Khaalis Rolle, first-vice president
of the chamber; Dionisio D'Aguilar, chamber president; Prime Minister Hubert Ingraham; Gershan
Major, second-vice president, Odley Aritis, director; Chester Cooper; Dr Sophia Rolle, Philip Simon,
executive director of the chamber, and Felix Stubbs. Also pictured is Prescott Smith of the South
Andros Chamber of Commerce.
The usinss ommn ity veedb


I

,ifia.: w


-,.. b.


--- --




PRIME MINISTER Hubert Ingraham assured executives of the Bahamas Chamber of Commerce of his
government's plans to address various concerns of the business community. Pictured is the prime min-
ister, at right, with president of the Chamber of Commerce Dionisio D'Aguilar.



'Business friendly'



budget is praised


ONE of the things which "vexes" the busi-
ness community most is the uncertainty of
the immigration work permit process, Cham-
ber of Commerce president Dionisio
D'Aguilar told the prime minister.
He asked if there could be a specific time
period attached to such applications once
all of the requisite information is submit-
ted.
Mr D'Aguilar was citing various issues
and concerns listed in the chamber's report
on the interaction between the business com-
munity and the public service.
He also used the opportunity to commend
the Department of Immigration and its offi-
cials for doing a good job in speeding up
the application process for work permits.
Prime Minister Ingraham noted that unfor-
tunately, governance is based on rules and
that it is not possible to put discretion in
the hands of bureaucrats.
"Clearly any application that is complete
should not take an inordinate length of
time," he said.
The prime minister said that too many
annual work permits are being issued and
therefore it is not possible to have the kind
of efficiency and responsiveness that is


necessary.
However, he added that "once the appli-
cation is completed, there should not to be
any great length of time."
Mr D'Aguilar also raised the topic
of the computerisation of government func-
tions.
He asked about the process of making
application forms available online for busi-
nesspersons and members of the public.
Prime Minister Ingraham conceded that
the current process is tedious.
He said that he is dismayed by the fact
that while foreign persons who wish to pur-
chase land can access the applications online
at his office and in turn pay the Public Trea-
sury and send his office a receipt verifying
their payment, they still do not follow the
correct procedures.
"Well established law firms, not with-
standing being called, not withstanding being
written to, are still continuing to defy that,
continuing to send us cheques, when they
should have paid the Public Treasury. Con-
tinuing to send people here to pick up forms
when they could go online.
"Its unbelievable, but change takes time,"
he said.


EXECUTIVES of the
Bahamas Chamber of Com-
merce commended Prime
Minister Hubert Ingraham for
his government's "business
friendly" budget.
Led by its president Dioni-
sio D'Aguilar and executive
director Philip Simon, the
chamber paid a courtesy call
on the prime minister at his
office in the Cecil Wallace
Whitfield Building on Cable
Beach last week.
During the meeting, both
parties discussed issues rang-
ing from immigration, energy,


business licensees, law and
order as well as the privatisa-
tion of the Bahamas Telecom-
munications Company (BTC).
The courtesy call was one of
the events organised as a part
of the chamber's "Chamber
Week" celebrations.

Economy
Mr D'Aguilar commended
the prime minister on his gov-
ernment's business friendly
budget, particularly during this
period of a short economy.


He said that members of the
business community remain
optimistic and will continue
to do their part to work with
the government to improve
the country.
The chamber president also
thanked Mr Ingraham for
urging them to complete a
report on issues concerning
the business community in its
interaction with the public ser-
vice a report that was com-
pleted late last year and sub-
mitted to the prime minister
for his government's consid-
eration.


The Bahama

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

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B WPBT table discussion.
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B WSVN Steve Zahn. Two unemployed fathers open a childcare facility. nt
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"The Mentor" "Angry Sex" i\ "The Home" with a socialite on safari. (CC)
(:00) What Not What Not to Wear "Sunny" An as- What Not to Wear "Amber" Awid- What Not to Wear "Where Are They
TLC to Wear "Go pining actress dresses like a pixie. owed mother wants a second Now?" Past episodes. (CC)
Red" (CC) (CC) chance at happiness. ,(CC)
(:00) Law & Or- Law & Order "Can I Get a Wit- Law & Order "Home Sweet" An 8- Law & Order "Cost of Capital" A
TNT der"C.O.D." ," ness?" A woman witnesses the year-old girl dies in the explosion of murder victim had hundreds of thou-
(CC) (DVS) shooting of a drug dealer. ,) a brownstone. (CC) (DVS) sands in a bank account. n
Chowder * CHICKEN RUN (2000, Comedy) Voices of Mel Gibson, Julia Chowder Misadv. of Flap-
TOON "Shnitzel Quits" Sawalha. Animated. Fowls flee from a British farm. jack
Cops "Fort Crisis Point Forensic Files Forensic Files Rich and Reckless
TRU Worth" ,t (CC) "Nailed"_____hadRcls
(:00) Toute une Thalassa "Fous de mer" (:10) Des trains pas comme les Mondial d'impro "Quebec vs Bel-,
TV5 histoire autres Archipel indonesien. gique"
TWC (:00) Abrams & Bettes: Beyond the Forecast Weather: Evening Edition (CC)
(00) Querida Al Diablo con Los Guapos Fuego en la Sangre Hermanos Marco Antonio Solls,..La Trayec-
UNIV tnemiga buscan venganza. toria
(:00) NCIS Twi- NCIS "Kill Ari" Gibbs is determined NCIS Ziva becomes a vital asset to NCIS "Mind Games" Gibbs must
USA light' (CC) to stop Ari. n (Part 1 of 2) (CC) Gibbs when he comes face to face meet with a serial killer days before
with his nemesis, Ari. (CC) his execution. (CC)
H 1 (:00) I Love New I Love New York The Final Adios" Best Week Ever Where Are They I Love Money: Meet the All Stars
VH1 ork n Finalists., f(N)(CC) NowNY (CC)
*'A CADDYSHACK II 1988, Comedy) Jackie Mason, * WILDCATS (1986, Comedy) Goldie Hawn, Nipsey Russell. Coach's
VS, Dyan Cannon, Robert tack. (CC) daughter coaches boys football at tough high school.
(:00) America's MLB Baseball Chicago Cubs at St. Louis Cardinals. From Busch Stadium in St. Louis. (Live) (CC)
WGN Funniest Home
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Family Guy Pe- WWE Friday Night SmackDown! After Edge's epic title defense at Night CW11 News at Ten With Kaity
WPIX ter fights city, hall. of Champions, who is the World Heavyweight Champion? (N) (CC) Tong, Jim Watklns (N) (CC)
Jeopardy! (N) Dr. Phil Body dysmorphic disorder. News (N) Community Au- Frasier Niles and MLS Soccer:
WSBK (CC) (CC) editions Daphne elope. Revolution at
l (CC) Galaxy
John Adams "Unnecessary War" President Adams John Adams "Peacefield" Adams Entourage Turtle Entourage Eric
H BO-E tries desperately to keep the nation out of war. begins to write his memoirs. plans Vince's plans a romantic
(Part 6 of 7) (CC)(Part 7 of 7) (CC) birthday party. weekend. A
(5:,.)*** * /, BORN ON THE FOURTH OF JULY (1989, Docudrama) Tom Cruise, Willem Dafoe, ***HOT
H BO-P THE INTER- Kyra Sedgwick. An idealistic Marine returns from Vietnam as a paraplegic. 'R' (CC) FUZZ (2007) Si-
PRETER (2005) mon Pegg. 'R'


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H BO-W Adams "Don't Abigail reunite in Paris. ,t (Part 4 country's first vice president. ( (Part 5 of 7) (CC) "Unnecessary
Tread on Me" Lof 7) (CC) War" (CC)
(6:45) * HOLLYWOODLAND (2006) Adrien Brody. * TO DIE FOR (1995, Comedy-Drama) Nicole (:45) The Making
H BO-S A detective probes the mysterious death of TV Super- Kidman, Matt Dillon. A woman will stop at nothing to Of: License to
man George Reeves. n 'R' (CC) achieve television stardom. ,t 'R' (CC) Wed n (CC)
(6:00) * *** UNDER SIEGE (1992, Action) Steven Seagal, (:45) MAX on 1I NOW PRONOUNCE YOU
MAX-E COURAGE UN- Tommy Lee Jones, Gary Busey. A Navy cook thwarts a Set: Wanted CHUCK AND LARRY (2007) Adam
DER FIRE 'R' plot to hijack a battleship. 1 'R' (CC) Sandier. ( 'PG-13'(CC)
(6:50) * MRS. DOUBTFIRE (1993, Comedy) * WAITRESS (2007, Comedy-Drama) Ked Russell, Nathan Fillion,
MOMAX Robin Williams. An estranged dad poses as a nanny to Cheryl Hines. A pregnant waitress wants to leave her controlling husband.
be with his children. ,( 'PG-13' (CC) () 'PG-13' (CC)
* THE TV SET (2006, Comedy) David Duchovny, Weeds Nancy Secret Diary of a Penn & Teller: Penn & Teller:
SHOW loan Gruffudd. iTV Premiere. A man struggles to main- makes her first Call Girl (iTV) Bulls...! "NASA" Bulls...! "NASA"
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- A


Ivie Gift Certificate

Make great gifts


PAGE 10, FRIDAY, JULY 4, 2008


FRIDAY EVENING


THE TRIBUNE


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HOT AT GLO- Simpson, Dax Shepard. Two store clerks vie for a coveted award. ,t (2006, Action) Tom Cruise, Ving
RY (2000) 'PG-13' (CC) Rhames. f 'PG-13' (CC)










THE TRIBUNE


FRIDAY, JULY 4, 2008, PAGE 11


Tribune employee

FROM page one

of the car before returning to
the pressroom briefly when the
robbers struck.
As Mr Zervos waited for Mr
Simeon and accountant Laura
Roberts to accompany him to
the bank, he saw someone
approaching the car, and
unlocked the doors presuming it
was Mr Simeon. But he soon
realized it was two armed men.
"They opened the back
door, grabbed the money bag
and pointed a gun at me," he
said.
"I think it was a .38 or 9mm.
One grabbed the bag and his
accomplice was next to him.
They were both holding guns,
and both wearing ski-masks
showing just their eyes and
mouth."
Mr Simeon saw the hold-up
and ran upstairs to warn Tri-
bune staff and call police,
Meanwhile, a car parked
between two staff vehicles in
the Dowdeswell Street car park
reversed out and the gunmen
jumped in the back seat.
Mr Zevros said: "One of
them pulled the gun on me
again before they pulled off,
and I thought for sure.he was
going to fire then."
But the life-long Nassau res-
ident, who has never been
robbed before, remained calm
throughout the ordeal.
"I was cool as a cucumber,"
he said. "It happened in just a
matter of seconds."
The gunmen sped away in
the vehicle before police arrived
around five minutes after the
robbery, which happened just
before 2pm yesterday. Howev-
er, officers had not traced the
gunmen or the vehicle, regis-
tration plate 108704, before The
Tribune went to press.
Although Mr Zervos could
not see the men's faces because
they were completely concealed.,
by blue ski-masks, he said they
were both between 5ft 10ins
and 6ft tall and wearing casual
jeans and baggy T-shirts.
The hold-up was the third
gun crime outside The Tribune
office in seven months.
Two American newspaper
managers were robbed at gun-
point as they walked across
Dowdeswell Street and into
Deveaux Street at 10.30pm on
April, 30, and a police officer
was shot dead outside The Tri-
bune in Deveaux Street after a
car chase along Collins Avenue
in December.


FROM page one


The drugs in the boxes would
normally be used to treat a "wide tries when they
range of conditions" said the son or another
source, including HIV, high ketable in the c
blood pressure, diabetes, cardio- were meant f
vascular problems and fungal because they ar
infections. The source c
However in this case, the the first time tha
source claimed, all were either been caught ai
expired or very close to their sell- the Bahamas,
by-date and had not been stored sent it is not i
appropriately during shipping, them.
meaning that it was unlikely that For the indu
they would have effectively treat- latest incident
ed those conditions at all. why the govern
They were what is commonly expeditiously t(
known in the pharmaceutical ceutical Act -
industry as "diverted". some in the inc
According to the U.S. Food Lowe, senior
and Drug Administration, such Lowe's Pharma
drugs are medications "illegally ing to get for o'
bought, sold or otherwise circu- They say th
lated outside established distrib- would involve
ution systems that assure their likelihood of d
quality." terfeit drugs e
Some of the HIV medications country's supply,
confiscated from the country's at present is
travel hub allegedly had other abuse" by unsc
patients' names on the bottles, uals.
having apparently been original- In the case of
ly prescribed by a pharmacy in the latest batc
New York. products not(
Prescription drugs are known the drugs hav
to be diverted and sold at a "cut effect on the pa
rate" price in developing coun- ing as they wer

FROM page one

nations the boat captain carried out in August and
December 2006.
They were just two of a total of 14 illegal aliens
he was accused of carrying onboard his 35-foot
boat, which was also said to have transported
heroin, cocaine and,83 pounds of marijuana.
According to Floridian press reports, his three-
week trial saw Mr Thompson's defense attorney
David Patrick Rowe describe his client as a peace-
ful, church-going fisherman and family man who
does not own guns.
He blamed Mr Warren's drowning death on
the fact that the Jamaican wore too many layers
of clothing, and panicked when waist-high waves
pulled him under the water after he disembarked
the vessel.
However, Assistant U.S. Attorney Adrienne
Rabinowitz accused Thompson of preying on
immigrants "desperate to escape the poverty of
Haiti and Jamaica".
Drawing on the testimony of several witnesses
- those who survived his smuggling trip Ms
Rabinowitz painted Mr Thompson as a cocaine-
snorting, gun-wielding smuggler with two kinds of
passengers: immigrants and drug couriers, said the
Sun-Sentinel.
The attorney claimed that the Bahamian fish-
erman charged, the immigrants $1,500 to $4,000
for the three-hour trip and when the immigrants
didn't jump off into the rough surf, he forced
them off at gunpoint.
Ms Rabinowitz also told jurors it was illegal
for Mr Thompson to come to Florida because


LOCALNEWSS


In April the ministlcr told Thlic
Tribune that the government is
aware of the concerns of many
local pharmacists and is current
ly 'going through a PlIhaM nccuti
cal Act'.
He was unable to say when IhII
Act would come bdtorc p)lii
ment.


rently under discussion in coun-
tries such as France to make it
more difficult for counterfeit or
diverted drugs to be shipped
abroad could reduce the threat
to the Bahamas from these sorts


are, for one rea-
, no longer mar-
ountry were they
or sale often
e damaged or old.
claimed this is not
at such drugs have
id confiscated in
although at pre-
illegal to import
istry insider, the
has highlighted
Lment must move
o pass a Pharma-
something which
lustry, like Bruce
pharmacist at
cy, have been try-
ver 30 years.
ie regulation it
would reduce the
diverted or coun-
nding up in this
y of drugs which
"wide open to
rupulous individ-
f the HIV drugs in
;h of confiscated
only could taking
e had a negative
tient by not work-
e intended to, but


a r-C )aTUf
ign + ect


Light up \onr li' ,.in. I
Sa,. energy too \\ll
Geotlre\ |Jlow t\ ide
selec:lic, ol GE ( --ner-,w
sa mng I uills [.. [

> n('rg S elling No,.
there's no reason Lo 1)(
left in the clark!


JO.ES & CC


- il,, . .. , ,, ,


they might have led to an
increase in the strength of their
HIV strain, claimed the pharma-
ceutical source.
"It might work partially, and
they could build up a resistance,
meaning that their strain is diffi-
cult to treat after that," she said.
Although these boxes were
confiscated, the insider said it is
"impossible to know" whether
other drugs which have arrived
in the Bahamas by this route may
have ended up in the hands of
unsuspecting patients.
Although having legislation in
place would not stop all attempts
to bring old and counterfeit pre-
scription drugs into the Bahamas,
the insider said that she is "cer-
tain that the perpetrators would
think twice if, they knew that
there was some consequences for
their actions."
She added: "Obviously the
consequences of putting innocent
people at risk is not enough of a
deterrent."
Contacted for comment on the
matter, health minister Dr
Hubert Minnis said he was
unaware of the seizure.
However, he said that he was
confident that regulations cur-


Claims about international whieIsaSIo

FROM page one
Besides increasing their rent, retailers arc also being asked to
purchase larger than ordinary supplies of fuel putting unnec-
essary pressure on the already cash strapped stations.
One example,for instance is when ordinarily a station would
ask for a "small truck" valued at $25,000 to refill their fuel
tanks and the wholesaler would instead send a "large truck" -
valued at $50,000 and demand full payment for the product.
"And they only accept cash, and want all of their money up
front, no payment plan, nothing. They literally do not care
about the small man. It's like they want to force you out of busi-
ness," he said.
The source added that the government policy reserves the
retailing of petroleum to the small business sector excluding
wholesalers from the market. However, under this attempt by
the conglomerate, they would be enjoying both the retail (44
cents),and wholesale (33 cents) margins on a gallon of gasoline.
"They have a guy (name excluded) who is claiming to be
the owner of a'few of these stations but when you call these sta-
tions and ask for him, hone of the employees there even knows
who he is," the source said.


Bahamian found guilty of
second degree murder, human
smuggling in Florida court
he was deported after pleading guilty in 2000 to
importing 827 pounds of marijuana by speedboat
to the state.
Meanwhile, defence attorney Mr Rowe told
jurors that testimony from the government wit-
nesses passengers on the trips had been
bought with plea agreements and promises of
political asylum.
He asserted that Mr Thompson was being made
a "scapegoat for the failure of U.S. foreign poli-
cy as it relates to immigration in the Caribbean."
In his defence, the boat captain personally tes-
tified: "I'm a loving person. I don't prey on
nobody. I was not brought up like that."
He denied any involvement with the August
trip and said he never forced anyone from his
boat during the December trip. He denied knowl-
edge of the 12 kilos of cocaine authorities recov-
ered from the August trip or the 83 pounds of
marijuana they found after the December trip.
According to the TCPalm newspaper, author-
ities caught Mr Thompson and his crew member
Leon Brice Johnson hours after the December
landing when their boat beached and they tried to
escape Martin County by hiring a cab driver who
drove them straight to deputies.
Mr Johnson pleaded guilty to several charges
earlier this year and,'according to'news channel
CBS4, could be sentenced to life in prison July
11th.


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T.HE T R I B U N E SECT I N A


INSIDEIntaiolsp


Olympic

medals turned

over to Beijing

organizers
* OLYMPICS
BEIJING
Associated Press
THE GOLD, silver and
bronze medals that will hang
around the necks of athletes
at next month's Olympics
were formally handed over
Thursday to the organizers
of the Beijing Games.
The 3,000 medals made
for the Olympics, and a sim-
ilar number for the Para-
lympics, were delivered by
BHP Billiton, an Olympic
sponsor and the world's
largest mining company,
during an hour-long cere-
mony near Tiananmen
Square.
"We're fully prepared for
the Beijing Games. All the
preparations are now in
place," said Jiang Xiaoyu,
executive vice president of
the Beijing Olympics orga-
nizing committee.
BHP Billiton China presi-
dent Clinton Dines said the
company decided to become
a major Olympic sponsor
because it wanted to show
its commitment to the host
nation.
"China is very important
to us. It's 20 percent of our
global business," he said.
"This is a big moment for
China as a nation."
The Melbourne, Aus-
tralia-based company said
the metals were shipped
from its mines in Chile and
Australia more than 28
1/2 pounds of gold, 2,954
pounds of silver and 15,278
pounds of copper. The
medals, which also incorpo-
rate jade from Qinghai
province, were made in Chi-
na.
The gold medals are actu-
ally made of silver, with a
gold plating. Some 51,000
commemorative medals
were made from copper,
explaining the large amount
of copper required.








0 IT was stated in Mon-
day's Tribune that by
virtue of attaining the A
qualifying standard in the
women's 200 metres at
the Bahamas Association
of Athletic Associations'
Scotiabank Olympic trials,
sprinter Sheniqua 'Q' Fer-
guson was awarded a
bonus $1,000.00.
The statement was in
fact incorrect and The Tri-
bune apologizes to the
BAAA's, Scotiabank, Fer-
guson and her family for
the misconception.
Scotiabank, through its
sponsorship, was offering
$1,000.00 to any and
every athlete who attained
the A qualifying standard
over the weekend at the
Thomas A. Robinson Track
and Field Stadium.
But because Ferguson is
still in college, NCAA rules
prohibit her from receiving
any cash donations. So
Ferguson was exempt
from collecting the money.
Only athletes who
attained the standard and
are no longer eligible for
college received the funds.


id


The Bahamas' best bodybuilders are
set to take the stage, vying for brag-
ging rights and a berth to the Central
American and Caribbean Games
national team.
The Bahamas Bodybuilding and Fit-
ness Federation will host its 35th annu-
al National Championships, July 5th at
the Nassau Marriott Crystal Palace's
Rain Forest Theater.
All participants will take part in
weigh-ins and final inspection today at
Mystical Gym between 6-7 pm.
Jay Darling will be back to defend
his title in the men's Heavyweight divi-
sion. However, the women's Heavy-
weight division is assured to crown a


lbui ers







0 CAC tI


Showdown set to take place

this weekend at Crystal Palace


new champion with the absence of
Jena Mackey.
With her IFBB professional status,
Mackey became ineligible to compete
in the amateur event.
More than 30 athletes are expected
to take place in this year's nationals
distributed over several weight classes.
Contested weight classes for men


OAN ACT OF




"


Bert Perry takes a look at the style of one of
boxing's greats Muhammad Ali. SEE PAGE 13


include Heavyweight (198-2251bs),
Light Heavyweight (176.25-198.251bs),
Middleweight (165.25-176.251bs), Wel-
terweight (154.25-165.251bs), Light-
weight (143.25-154.251bs), Ban-
tamweight (143.25 pounds and under).
Weight classes for women will
include Lightweight (1151bs and
under) and Heavyweight (1401bs and


bid


over).
The nationals will be used as a fore-
runner and somewhat of a qualifier
for the Central American and
Caribbean (CAC) Bodybuilding and
Fitness Championships in September.
The CAC Championships will be
hosted in New Providence for the
third time, and will return after a five-
year absence. .
The Bahamas has won five of the
past CAC titles with a formidable
group of bodybuilders including the
aforementioned Mackey and Darling,
Aaron Greene, Raymond Tucker,
Brock Bridgewater and a number of
others.


Davis plans to


give back to

the community


* By RENALDO DORSETT
Sports Reporter
rdorsett@ltibunemedia.net
WITH his ascension
towards the NBA moving
exponentially this summer,
Bennett Davis Jr. reflects
on the benefits of his year
spent in the Israeli Premier
League and looks forward
to the positive ways he can
impact the game of basket-
ball in the Bahamas.
Already contemplating
ways he can give back to the
community where he honed
his skills, Davis said he
plans to be quite visible in
the Bahamian summer bas-
ketball camp circus in the
very near future, offering
words'of wisdom for aspir-


"With another year or two
of maturity I think it will be
a good time to give back
and show the kids that no
matter where you are from
you can make it to this level
and play professional bas-
ketball. The important thing
is to let them know they
should not give up on their
dreams as far as profession-
al sports, just keep working
on your dreams and staying
focused."
On his move to the Israeli
Premier League, following
his career at Northeastern,
.Davis said timing played a
vital factor in the decision
making process but did not
deter his goal of playing in
the NBA.
"When I was done with
college I knew I wanted to


play in the NBA, and even
if that wasn't going to hap-
pen right now l wanted to
A t 4 t


draft -l: -7tj ttntW
give u the opportunity to'
go and play overseas," he
said. "I knew that being in
the NBDL draft would not
mean I was automatically
getting drafted so I had to
take what was guaranteed
at that time rather than
waiting until November."
Davis said his experience
in the IPL had adequately
prepared him for the
remainder of his basketball
career.
"The way they play the
game is really intense and
the level of basketball 10Q is
extremely high so you fig-
ure that out in the fi-st week
of training camp." he said.
"There were a lot of veteran
players that you may be
SEE page 13


Boxers get ready to go head to head at 'Summer Slugfest II'


* By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net
The rivalry between two of New
Providence's most heralded boxing
clubs continues to grow as they pre-
pare for another head to head show-
down.
Champion Amateur Boxing Club will
host anothej'head to head showdown
with Carmithael Knockout Boxing
Club dubbed. "Summer Sluefest II."


Saturday, July 5th at the Blue Hills
Sporting Complex at 5:30pm.
Slugfest II will feature 15 bouts with
fighters from eight to 17 years of age.
The main event will feature Rashield
Williams versus Rashad Wallace in a
welterweight clash.
CKBC won the first slugfest promot-
ing a war of words between both camps
as the rivalry intensifies.
CABC's Ray Minus Jr said his club
will be looking to return the favour after
last week's defeat.
"Carmichael Knockout Boxine Cliih's


head coach Andre Seymour said he is
coming to win again, this time he's com-
ing to shut us out," he said. "I heard
he was saying that he is going to retire
two of our coaches with a shutout, Cas-
sius Moss and Ray Minus Sr, so our
boxers will be ready for that."
Minus said the healthy competition
was a welcome addition to the boxers'
training regimen and builds anticipa-
tion of the event.
"B jers are trained to be sportsmen
but a'little trash talk makes moments
like this exciting. The way the rivalry i<


growing I think it is good for boxing
and it is good for the event," he said, "It
gets the coaches more involved and that
causes the fighters to put a little extra
into their workouts because they get
into it too."
The event hosted by Nirvana Beach,
Heasties, and Peter Kemp, will be offi-
cially dubbed the "Cassius Moss Sum-
merSlug."
Minus said CABC decided to hon-
our the local boxing legern with an
annual event as they do with Ray Minus
Sr osnnnv Rnv Rahmino and other'


Dam









TRIBUNE SPORTS FRIDAY, JULY4,200SPORTS8PAGE13


HOW TO BECOME AND LIVE THE LIFE OF A BOXER




An act of a






By BERT PERRY

Now I know I am treading on f
somewhat dangerous grounds,
for indeed it is almost sacred, as
I am dealing with the one known by the
American public and the world, and
especially the person himself, as "the
greatest," Muhammad Ali, originally
known as Cassius Clay.


His state of mind was very
different under both names.
Cassius Clay no doubt had
great boxing talent as he won a
gold medal in the Olympics of
1968.
However, the same tech-
niques he used in the ring as
an amateur and his early fights
as a professional under the
name of Cassius Clay were not
the same as what he used after
his 3 1/2 years banishment
when he refused to be drafted
and became a Muslim with a
changed name "Muhammad
Ali."
His style and technique were
just the opposite to what he
used as an amateur, primarily
with the speed he used.
He was able to use his speed
to do the things as a profes-
sional boxer that he was not
allowed to do in the boxing
ring as an amateur then and
more.
Such as dropping his hands
to his sides while in competi-
tion; talking loudly and taunt-
ing opponents and tilting his
head backwards from punches
were the main things.
As Cassius Clay, it was
widely stated by boxing pun-
dits of the time that he was
afraid to get hit, in both his
face (which he said was beauti-
ful) and his body and i(h,
did get hit lie would have riot
have been around for a second
punch.
This criticism motivated Ali,


the greatest and prettiest who
"floated like a butterfly and
stung like a bee."
Thus, using this coined
"rope-a-dope" technique not
only to prove that he could in
fact take the body blows while
he covered his face, but it also
strategically sapped the energy
from his opponents.
He did this to Joe Frazier
and George Foreman success-
fully.
Muhammad Ali had the
state of mind that made him
the greatest.
He believed that he was to
the point where he knew it
before he showed it to the
world.
For many years, the loud and
quick Ali has been silenced by
Parkinson's Disease.
What most people don't
know is that Ali is basically a
quiet person by nature, who
stated that his brashness, loud-
ness and over-the-top attitude
was an act, picked up from a
wrestler, but most people per-
ceived it to be natural.
Obviously he was one of the
greatest actors in sports, for
which he has not been recog-
nized.
How closely do we choose to
follow the examples of Cassius
Clay or Muhammad Ali?
To our young boxers, we'
need to know why someone
does something, and then we
can appreciate it more before
we follow them.


PART 2 Davis plans to

give back to

the community

FROM page 12

more athletic than but they
know the game and they
take advantage of the men-
definitely think that has
helped my game as I move
forward."
Following a series of
summer camps and com-
bines, Davis will determine
whether he will return to
Israel or opt out of his IPL
contract with Ramat Gan
and find himself on an
NBDL roster..
The 6ft 9in 225 pound
forward hails from a rich
sporting heritage.
His father Bennett Davis
Sr. played basketball at
Minnesota State-Mankato,
and his uncles Jeff and
Gary Davis were both pro-
fessional boxers.
In his collegiate career
Davis finished as North-
eastern's 14th all-time lead-
ing scorer and ninth lead-
ing rebounder with 1,185
points and 757 rebounds
respectively.
UWHAMMAD ALI He remains second in
school history with 170
blocked shots in his career,
and played in 123 contests
with 102 starts.









Share

r 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.


Federer is looking


beyond possible sixth


Wimbledon title


* TENNIS
WIMBLEDON, England
Associated Press
ROGER FEDERER won't
be satisfied with winning his
sixth consecutive Wimbledon
championship. He expects to
be chasing more titles for
another decade.
Federer has reached the
semifinals for the 17th consec-
utive time at a Grand Slam
event, and is two wins away
from becoming the second
man in history to lift the Wim-
bledon trophy six years in a
row.
"I'll have a chance to win this
tournament for the next five or
10 years, you know," the 26-
year-old Swiss star said
Wednesday. "I think my game's
made for grass. My dream is to
not only win this year, but
many more years to come."
All the pre-tournament talk
that Federer was more vulner-
able this year evaporated as he
cruised into the final four with-
out dropping a set, taking his
winning streak at Wimbledon
to 39 matches and 64 overall
on grass.
Federer played a nearly flaw-
less match Wednesday to beat
Mario Ancic, the last man to
beat him on grass in the first
round of Wimbledon in 2002.
He served 15 aces, won 61 of
71 points on serve and never
faced a break point in a 6-1, 7-5,
6-4 victory.
"I really feel like I'm playing
as good as the last few years,"
Federer said. "I've been playing
very consistent, been moving
great. This is obviously a per-
fect situation looking at the
semis."
That's where Federer will
face a resurgent Marat Safin, a
former No. 1 and two-time
Grand Slam champion who
used to detest playing at Wim-
bledon and is down at No. 75
in the ATP rankings.
Federer leads Safin 8-2 in
career meetings, including a
straipht-set victory in the third


round at the All England Club
last year. At the 2005 Australian
Open, Safin came from two sets
down to beat Federer in the
semifinals and went on to win
his second major title, after his
2000 U.S. Open crown.
"I never looked at Marat
like No. 80 or 90 in the world,"
Federer said. "I mean, that's
ridiculous. He knows that him-
self. He's finally showing again
what he can do. It's just quite
surprising he does it here at
Wimbledon."
For his part, Safin the
first Russian man to reach the
Wimbledon semifinals in the
40-year history of the Open
era doesn't give himself
much of a shot of winning on
Friday.
"You win four matches and
now you're starting to chal-
lenge Federer?" he said. "I'm
playing semifinals, but that
doesn't mean I have a chance
there, because the guy has won
how many times here already?
To beat Federer you need to
be (Rafael) Nadal and run
around like a rabbit and hit
winners from all over the
place.


ksmliil:jl
I ITS


FRIDAY, JULY 4, 2008, PAGE 13


TRIBUNE SPORTS








PAGE 14, FRIDAY, JULY 4, 2008 TRIBUNE SPORTS


YOUR CONNECTION TO THE WORLD


BEIJING OLYMPICS 2008






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MPEFIL
lp.OIE


Age: 20.

Birthday: December 2nd.

Height: 5-feet, 9-inches.

Weight: 146-pounds.

High School: Freeport Anglican High School and
St Andrews School.

College: Auburn University.

Major: Hotel and Restaurant Management.

Sports events: Swimming (100 backstroke).

Personal best performances: 100 backstroke -
S1.03.02 seconds and
100 fly- 1.01.50 seconds.

Coach: Dorsey Tierany-Walker add Andy Knowles.

Favourite colour: Purple.

Favourite food: My mom's Caesar salad along with my dad's
steak and potatoes

Favourite song: Refuge by John- Legend.

Favourite movie: Love and Basketball.

Hobbies: Painting, drawing (anything creative), reading

Interest: Going to the beach any time I am home.

Idol: None.

Parents: Al and Kathryn Dillette.

Sibling: Adam and Robby D.llette

Status: None.


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TRIBUNE SPORTS


PAGE 14, FRIDAY, JULY 4, 2008








FRIDAY, JULY 4, 2008, PAGE 15


TRIBUNE SPORTS


U WIMBLEDON 2008


IT'S SERENA versus VENUS


- again


SERENA WILLIAMS reaches for a shot from her sister Venus Williams during their Women's Singles final
match on the Centre Court at Wimbledon, Saturday, July 6, 2002.


VENUS WILLIAMS plays a return to
match in 2002.


her sister Serena Williams during their Women's Singles final


Defending champion Venus Williams will play sister Serena in the
Wimbledon final tomorrow after the pair secured straight-sets
wins in the last four.
Venus held off a challenge from fifth seed Elena Dementieva to
advance to her seventh final in SW19. The 28-year-old sealed a 6-
17-6 (7/3) victory.
The four-time champion will face Serena in Saturday's final,
after the sixth seed saw off the challenge of China's Zheng Jie in the
day's second semi-final on Centre Court.
She will take on Serena in the title decider at the All England
Club for the third time after she beat Zheng 6-2 7-6.
Meanwhile, Roger Federer is on course for his sixth consecutive
Wimbledon crown. Federer played a nearly flawless match Wednes-
day to beat Mario Ancic, the last man to beat him on grass in the
first round of Wimbledon in 2002. He served 15 aces, won 61 of 71
points on serve and never faced a break point in a 6-1, 7-5, 6-4 vic-
tory. Next up is a resurgent Marat Safin, a former No. 1 and two-
time Grand Slam champion who used to detest playing at Wim-
bledon and is down at No. 75 in the ATP rankings.
Federer leads Safin 8-2 in career meetings, including a straight-
set victory in the third round at the All England Club last year. At
the 2005 Australian Open, Safin came from two sets down to beat
Federer in the semifinals and went on to win his second major title,
after his 2000 U.S. Open crown.
Just as impressive as Federer in the top half of the draw has been
No. 2 Nadal in the bottom section, as the two rivals head toward a
probable third straight Wimbledon final. Playing what he described
as one of his best grass-court matches, the Spaniard never faced a
break point and overwhelmed Andy Murray 6-3, 6-2, 6-4.


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Daring military ruse frees Betancourt,



US hostages from Colombian rebels


IN THIS IMAGE released by the U.S. embassy in Colombia, U.S.
contractors Keith Stansell, left, Marc Gonsalves, centRe, and Thomas
Howes sit in an aircraft in an unknown location in Colombia after being
rescued by Colombia's military from the Revolutionary Armed Forces
of Colombia, or FARC.


* By FRANK BAJAK
BOGOTA, Colombia
Ingrid Betancourt woke up, as
always, at 4 a.m., for another
numbing day in her seventh year
of rebel captivity deep in Colom-
bia's jungle, reports the Associat-
ed Press.
The former presidential candi-
date listened to news of her moth-
er and daughter over the radio
then was told to pack by her guer-
rilla captors helicopters were
coming.
The sound always filled her
with dread, but this time she and


14 other hostages including
three U.S. military contractors
held since 2003 were airlifted
to freedom in an audaciously
"perfect" operation involving mil-
itary spies who tricked the rebels
into handing over their prize
hostages without firing a shot.
The stunning caper involved
months of intelligence gathering,
dozens of helicopters on standby
and a strong dose of deceit: The
rebels shoved the captives, their
hands bound, onto a white
unmarked MI-17 helicopter,
believing they were being trans-
ferred to another guerrilla camp.


Looking at helicopter's crew,
some wearing Che Guevara
shirts, Betancourt reasoned they
weren't aid workers, as she'd
expected but rebels.
This was just another indignity
- the helicopter "had no flag, no
insignia." Angry and upset, she
refused a coat they offered as
they told her she was going to a
colder climate.
But not long after the group
was airborne, Betancourt turned
around and saw the local com-
mander, alias Cesar, a man who
had tormented her for four years,
blindfolded and stripped naked
on the floor.
Then came the unbelievable
words. "We're the national
army," said one of the crewmen.
"You're free."'
The helicopter crew were sol-
diers in disguise. Cesar and the
other guerrilla aboard had been
persuaded to hand over their pis-
tols, then overpowered.
Not a single shot was fired in
Wednesday's rescue mission,
which snatched from the leftist
Revolutionary Armed Forces of
Colombia, or FARC, the four for-
eigners who were its greatest bar-
gaining chips.
"The helicopter almost fell
from the sky because we were
jumping up and down, yelling,
crying, hugging one another,"
Betancourt later said.
The operation, which also freed
11 Colombian soldiers and police,
"will go into history for its audac-
ity and effectiveness," Defense
Minister Juan Manuel Santos
said. He also acknowledged the
risks: "If this had failed, I would
have had to resign," he told Cara-
col Radio on Thursday.
It was the most serious blow
ever dealt to the 44-year-old
FARC, which is already reeling
from the recent deaths of key,
commanders and thousands of
defections after withering pres-
sure from Colombia's U.S.-
trained and advised armed forces.
Colombia could be "at the end
of the end" of its long civil con-
flict, Armed Forces chief Freddy
Padilla told Caracol Radio Thurs-
day. "We are seeing the light in
the tunnel."
But he warned that, even now,
"the FARC has an enormous
capacity for terrorism" and said,
"the most difficult moments are
yet to come."
Military intelligence agents -
not one but many had infil-


treated the FARC's top ranks in
an operation that began last year
and developed slowly and with
meticulous care, Colombia's top
generals said.
Many relatives of hostages
have opposed rescue attempts,
mindful of a botched 2003 opera-
tion in which rebels killed 10
hostages including a former
defense minister when they heard
helicopters approach.
This time, there were no such
mistakes. Through orders the
hostages' handlers believed came
from top rebels, they had maneu-
vered three separate groups of
hostages to a rallying point in
eastern Colombia's wilds for
Wednesday's helicopter pickup.
"The helicopter was on the
ground for 22 minutes," said army
chief Gen. Mario Montoya, "the
longest minutes of my life."
The agents had led Cesar, the
local commander overseeing the
hostages, to believe he was taking
them to Alfonso Cano, the guer-
rillas' supreme leader to discuss a
possible hostage swap.
A French and Swiss envoy was
reported in the country seeking a
meeting with Cano so the opera-
tion's timing was perfect.
"God, this is a miracle," Betan-
court said after the freed Colom-
bians landed in Bogota a few
hours later. "It was an extraordi-
nary symphony in which every-
thing went perfectly."
She appeared thin but surpris-
ingly healthy as she strode down
the stairs of a military plane and
held her mother in a long
embrace.
A flight carrying the Ameri-
cans Marc Gonsalves, Thomas
Howes and Keith Stansell -
landed in Texas late Wednesday
after being flown there directly.
They were to reunite with their
families and undergo tests and
treatment at Brooke Army Med-
ical Center in San Antonio.
President Alvaro Uribe, in a
celebratory news conference
flanked by the freed Colombian
hostages, said he isn't interested
in "spilling blood" that he wants
the FARC to know he seeks "a
path to peace, total peace."
Although only Colombians
were directly involved in the res-
cue, U.S. Ambassador William
Brownfield said "close" Ameri-
can cooperation included igtelli-
gence, equipment as well as
"training advice." He refused to
offer details.


SisterC



MONDAY FRIDAY
2 P.M. 6 P.M.










Celebratng5 years


THE TRIBUNE


PAGE 16, FRIDAY, JULY 4, 2008











THE TRIBUNE_ J




YY 4 2 0ines
FRIDAY, JULY 4, 2008


FAMILY GUARDIAN
INSURANCE COMPANY LIMITED


* By NEIL HARTNELL
Tribune Business
Editor
THE Bahamas Telecom-
munications Company
(BTC) is spending almost
$45 million to convert its
TDMA cellular customers
to the new GSM system,
Tribune Business was told
yesterday, the state-owned
telecoms operator pledg-
ing to "improve on the cov-
erage and capacity" of the
old system.
Marlon Johnson, BTC's
vice-president for market-
ing, sales and development,
said BTC was implement-
ing a GSM system overlay
"on the same 850 MHz fre-
quency" as the TDMA sys-
tem currently being
phased-out, a move
designed to maintain ser-'
vice quality and coverage.
After the TDMA net-
works in Andros, Exuma
and the Berry Islands are
decommissioned by
August 15, Mr Johnson
said the next islands where
this would take place
would be Long Island,
Ragged Island, Rum Cay,
San Salvador and
Eleuthera on August 31.
The remaining southern
islands would have their
TDMA networks decom-
missioned on October 1,
with Abaco, Grand
Bahama, Bimini and New
Providence the last to
experience this on October
31, 2008.
"Right, now, we are
spending $44 million
between the Family Islands
and New Providence on
upgrading to the GSM sys-
tem," Mr Johnson told Tri-
bune Business yesterday.
"With marketing and
other costs, dealing with
customers and publicity,
we will probably be spend-
ing another $700,000, so it's
a pretty significant
amount."
The initial TDMA
decommissioning on Exu-
ma, Andros and the Berry
Islands would provide "the
proof of the pudding" to
show that BTC's engineer-
ing and customer service
plans were on track.
"So far, it's been going
pretty good," Mr Johnson
said of the TDMA conver-
sion. "When we bring a
customer over form
TDMA to GSM, we make
sure the customer's history
follows them seamlessly.
"We've been pleased
with the progress, and hope
that in islands where
TDMA has been taken
down that customers see
GSM is much improved
and has a larger coverage
footprint. The intention is
SEE page five


'Insane' 28% duty rise



destroys business plan


* Minister says 'massive Budget relief' is
'far greater' than tax increases being
experienced by some
* Skin care specialist says 3% duty
increase making it harder to maintain
margins and compete with Florida,
forcing business to absorb extra costs


* By NEIL HARTNELL
Tribune Business Editor
AN "INSANE" 28 per cent
tax increase imposed by the
2008-2009 Budget has effec-
tively destroyed the business
plan and pricing structure a
Bahamian entrepreneur had
devised for a tea import anddis-
tribution business, she told Tri-
bune Business yesterday.
Sarah Simpson, a Tribune
columnist and owner of The
Dermal Clinic and Dermal Dis-
tributions, two affiliated but
separately-run businesses, told
this newspaper that she had
invested $50,000. and spent six
months devising a business plan
for Tea Forte, a luxury, special-
ist tea brand she planned to dis-
tribute in the Bahamas.
Ms Simpson, who was a final-
ist for the Entrepreneur of the
Year Award at the Bahamas
Chamber of Commerce's
Awards Banquet last weekend,
explained that the Tea Forte
business plan had been based
on what were previously the low
import duty rates such products
attracted.
Prior to the 2008-2009 Bud-
get, it had attracted 0 per cent
import duties and 2 per cent
Stamp duty, for a combined
duty rate of 2 per cent.
Yet since the Government
decided to amend the tariff
structure by amalgamating Cus-
toms and Stamp Duty rates into
one, and introduce an Excise
Tax to cover its major revenue
sources, Ms Simpson said the
duty rate now being applied to
Tea Forte had increased beyond
all recognition.
Ms Simpson told Tribune


KPMG selected

as privatization

adviser on BTC
Process likely to move
forward quicker after
accounting firm beats
off competition from
RoyalFidelity Merchant
Bank & Trust, Credit
Suisse, Merrill Lynch
and Deloitte & Touche
(Bahamas)
* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas Telecommuni-
cations Company's (BTC) pri-
vatisation process will move for-
ward more rapidly now that
KPMG Corporate Finance
(Bahamas) has been selected as
the advisers, the minister of state
for finance said yesterday.
Zhivargo Laing told Tribune
Business that it was the Govern-
ment's "expectation" that the
BTC privatization process, and
discussions with the exclusive bid-
der, Bluewater Telecommunica-
tions Holdings, would progress
quicker now that the committee
responsible for the negotiations
had KPMG's assistance.
"That's what the committee
itself was waiting on in order to
proceed more rapidly forward,"
Mr Laing said yesterday.
,"I expect that's what will hap-
pen. It gives them the greater
capacity to assess certain things in
relation to the privatization nego-
tiations."


Business she had been
"shocked" when Melissa
Knowles, Dermal Distributions'
general manager, had attempt-
ed to clear a 33-case shipment
of Tea Forte with Bahamas
Customs yesterday, only to be
presented with an invoice show-
ing the duty rate to be paid was
30 per cent a 28 per cent
increase on what was previous-
ly paid in taxes.
"It was a 28 per cent jump.
That's just insane," Ms Simp-
son told Tribune Business. "It's


a luxury tea served in restau-
rants, gift shops and hotels.
"We went for it because of
what we thought would be the
duty on it. It's been months, and
we've invested over $50,000.
The business was set up, and


the duty went up. We cannot
sell it at that price. With this
jump, I don't know if it makes
sense."
Ms Simpson said Dermal Dis-
SEE page six


* By NEIL HARTNELL
Tribune Business Editor


THE Government investment
approvals process has failed to
match the pace of development, a
factor the Bahamian Contractors
Association's (BCA) president
feels contributed to the problems
many mixed-use resort projects
are experiencing as the global
credit crunch and economic down-
turn continues to bits.
While the Government needed
to do a better job in "screening"
investors who came to the
Bahamas, to ensure they had the
wherewithal to complete their
developments, Stephen Wrinkle said many
projects had missed "the opportunity to ride the
economic wave" because not enough resources
had been allocated to the approvals process.
"Look at Albany. It's taken them three
years," Mr Wrinkle told Tribune Business. "It's


for a better life


problematic. The approvals
process is not keeping up with
the pace of development, and
what we saw with Baha Mar was
a classic case of missing the boat.
"That's filtered down to the
rest of the Bahamas. When we
failed to close the agreement,
Baha Mar had to wait until the
next economic wave came in."
He added: "The approvals
process is so lengthy and convo-
luted, that we can't keep up with
the demand. They haven't allo-
cated the resources to process
these projects in a timely man-
ner."
The BCA president said it was
unlikely that "shovels will be in the dirt" on the
90 projects, valued at $9 billion, announced as
being approved by the Ingraham administration
since it took office until between six-60 months
SEE page five


1.-I.


broker

sees sales

growth

* By CARA
BRENNEN-BETHEL
Tribune Business
Reporter
A BAHAMIAN mort-
gage broker yesterday said it
was experiencing strong
sales from persons with
existing mortgages and first-
time home buyers, despite
the current economic cli-
mate and concerns over the
real estate market.
Ethan Quant, of the new-
ly-formed Progressive Con-
sumer Services Brokerage
company, told Tribune Busi-
ness that the firms was still
enjoying brisk business.
"As you know, the recent
budget communication gave
a lot of incentives to encour-
age building and construc-
tion. So the problem. I
think, is not going to be in
persons getting mortgages,
because what you are see-
ing is persons who have had
a plan in place and they
have saved their deposits.
They are ready to go to the
bank with their funds in
place. I think that the prob-
lem will come with persons
going in for consumer
loans," he said.
Mr Quant pointed out
that the current climate was
actually more ideal for per-
sons looking to purchase
homes, because it helped
them obtain more competi-
tive interest rates.
In addition to'sales to
first-time home owners, Mr
Quant said Progressive Con-
sumer Services Brokerage
was seeing a lot of business
from persons looking to
transfer their mortgages to
other financial institutions.
Progressive Consumer
Services, Mr Quant said. can
apply' for financing on
behalf of its clients without
them ever having to set foot
in a financial institution.
The company will process
the customer's applications
and submit them to a num-
SEE page five


-FG f NANCIAL
PENSIONS & INVESTMENTS


*0


\


group pensions


=- attract the cream of the crop
=1 keep present employees happy
r guarantee staff retirement savings
all of the above




f , ,r 1 I 1 1 1


SEE page six


CORPORATE CENTRE: CORNER OF VILLAGE & SHIRLEY STREETS I www.famguardhahamas.com


Approvals process 'can't

keep pace with the demand'


I












'Atlantis on target for


.. 'strong occupancies'


During summer 2008
,,.s' 1... l." +; 7 ". +.- ,-, o.,. ...


* By CARA
BRENNEN-BETHEL
Tribune Business
Reporter
ATLANTIS believes it will
meet Budget targets and enjoy
"strong occupancy levels" for
the 2008 summer months, it
said yesterday, despite the
booking window having short-
ened to mere days as the Par-
adise Island resorts still
receives bookings for the July
4 holiday weekend.
Increased airline fees and
price concerns have shortened
the booking window for
Bahamian resorts all over the
country.
George Markantonis,
Kerzner International
Bahamas' president and man-
aging director, told Tribune
Business: "The time between
booking and travel has clearly
shortened.
"Many bookings are still
coming in for the July 4 holi-
day weekend and other dates
throughout the month. "
Other resorts have also
reported that they are seeing
their booking windows short-
en to within seven days, as
travellers appear to be increas-
ingly making last-minute trav-
el plans. This makes it diffi-
cult for some to make occu-
pancy forecasts.
However, according to Mr
Markantonis, this is not an
issue for Atlantis.
Despite industry fears that
high fuel prices, and the fact
many airlines have increased
their service fees, could cause
more Americans to choose to
vacation closer to home, Mr
Markantonis said that Atlantis
is expecting to fare well this
summer.
"Bookings have been very
strong over the last couple of
months for summer travel. We


where the M 6stica Vb At pie and AmbAnce.
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Tourism Organisation.
Mr Markantonis said: "We
look forward to working with
Minister Vanerpool-Wallace,
as we have worked with all
previous Ministers heading
that portfolio.
"Of course, we have worked
with the minister before in his
capacity as director-general
and know that his many years
of experience in the industry,
both locally and regionally,
can only serve to enhance our
tourism product."


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Foreign Exchange and Derivatives

Capital Markets


Perhaps you have arrived at a great stage in your life:
your goals are being achieved, and you are living well.


What's next? Everything. That's where we come in. If
you want to secure your assets, create new
opportunities, or make the most of the ones you have,
you'll find a wealth of experience right here. All you
have to do is ask.





FIRSTCARIBBEAN
IN-TERNATIONAL BANK

GET THERE. TOGETHER.


anticipate strong occupancy
at our budgeted levels," he
said.
Kerzner International also
responded positively to the
recent announcement by
Prime Minister Hubert Ingra-
ham that former tourism
director-general. Vincent Van-
derpool Wallace, is to become
the new Minister of Tourism
and take a Senate seat.
Mr Vanderpool- Wallace
currently serves as the secre-
tary-general of the Caribbean


Internet


PAGE 2B, FRIDAY, JULY 4, 2008


THE TRIBUNE








FRIDAY, JULY 4, 2008, PAGE 3B


THE TRIBUNE


* By CARA
BRENNEN-BETHEL
Tribune Business
Reporter
BAHAMIAN security ser-
vices providers were yester-
day urged to form stronger
partnerships with the com-
panies they protected, as
they were a vital component
to those firms' bottom line.
Speaking at the first lun-
chedi of the newly estab-
lished Bahamas Security
Association, Gershan Major,
vice-president of the
Bahamas Chamber of Com-
merce, said that as crime
continued to rise, security
companies should see them-
selves as partners in a com-
pany's development, rather
than just remain on the side-
lines.
Hq said that crime had an
extremely detrimental effect,
not just in terms of financial
loss but also employee and
public confidence.
Mr Major encouraged
them to be aware of what is
going on in the communities
where their clients are locat-
ed, saying there should be a
well-known presence in the
area.
Mr Major said security
companies should also have
a working relationship with
the area's police station, in
- the event that they need
immediate assistance.
Further, Mr Major urged


wealthy private


the Association to work
together to become a pow-
erful voice of change.
He said they can lobby the
Government to enact legis-
lation that would help
advance security in the
country, encouraging them
to be on the front burner
of progress rather than
watch it from the back burn-
er.
Finally, Mr Major encour-
aged the Assoication to mar-
ket their services more, argu-
ing that for him, not a single
company came readily to
mind, and to consider ways
of expanding their services
abroad.
Gamal Newry, the Associ-
ation's president, explained
that the Association, formed
two weeks ago, was designed
to network and gain insight
from various persons in the
business community.


clients


by providing them with comprehensive, value enhancing


services. We combine strong personal relationships with the resources that are avail-
able from across UBS to provide the full range of wealth management services.


Currently we are looking to fill the following position:


HEAD WEALTH MANAGEMENT AND DEPUTY CEO

In this challenging position you will be responsible for:
* Leading a team of experienced Senior Desk Heads and Client Advisors
* Advising existing clients
* Acquisition of new client relationships

We are searching for an individual with the following qualifications:
* Proven leader with successful management experience with large teams in complex situations
* Minimum of 10 years of experience in the financial sector (preferably wealth management / private banking)
* Proven management track record in the wealth management industry with successful experience with managing
growth of teams and/or locations
Excellent communication and presentation skills
Efficiency-driven and results-oriented self starter
Ability to proactively lead and make decisions under pressure
In depth knowledge of compliance and risk issues
Fluency in English required and French fluency preferred, Spanish or Portuguese a plus


Written applications should be addressed to:
hrbahamas@ubs.com


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


Security firms



urged to form



'partnership'



with clients


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
If so, call us on 322-1986
and share your story.


UBS (Bahamas) Ltd. is one of the world's leading financial institutions in the Carib-
bean. Through our Business Area Wealth Management International we look after


A


CAREER OPPORTUNITY

FREEPORT CONTAINER PORT LIMITED
Is seeking to employ an
ASSISTANT ENGINEERING MANAGER


The incumbent must possess the following minimum requirements:

Masters degree in Mechanical Engineering including a minimum of five (5) years experience performing
the following:

* Planning, organizing, leading and monitoring the effective implementation of preventive
maintenance for heavy equipment and support engineering services within a heavy duty mobile
equipment industry, materials management and facilities maintenance (container port industry
will be a plus).
* Manage a compliment of 100 150 engineers and technicians in a productivity oriented
environment.
* Coordinate and implement programs for training and development in the engineering field.

* Execute pre-planned preventative and corrective maintenance programs in the Engineering
Department in accordance with the organizations strategy and objectives.

ESSENTIAL FUNCTIONS include but are not limited to the following:

Assist and support the Engineering Manager in the monitoring, managing, and enhancement of
mechanical, electrical and electronic services for terminal operations. Provide assistance to the
Engineering Services Department in the development and control of business and budget planning and
implementation of strategies of key management objectives. Produce standardized engineering
operating procedures and work instructions to all supervisory and line staff.

Communicate and set performance standards and behaviours in accordance with the department's goals
and objectives while imposing ethical obligations to act for the benefit of the company and its' clients.
Develop support systems, through own experiences and research in supporting engineering functions
while sharing and collaborating with the terminal operations manager for provision of services to the
operations.

Ensure and direct all health and safety at work requirements and company policies related thereto.

Interested qualified candidates'are asked to email Resumes to ads(fcp.com.bs to the Freeport
Container Port Limited; Attention: Human Resources Director or mail to P.O. Box F-42465, Freeport,
Grand Bahama on or before July 18, 2008.









PAGE 4B, FRIDAY, JULY 4, 2008 THE TRIBUNE


Massachusetts was


warned on securities


ANSBACH -.
member of the QNB Group

The Ansbacher Group, specialists in private banking, fiduciary
services and wealth Management has an opening in The Bahamas for
* the position of


TRUST MANAGER

STo profitably and effectively administer and manage client relationships
and portfolios of Trusts, Companies, Estates, Family Offices and other
related financial structures to achieve the client's requirements and
:.objectives whilM safeguarding the related assets and professional
reputatJon. f the company within the required legal, financial and other
parameters.

The successful candidate must have the following qualifications and
experience:

10+ years trust experience with sound knowledge of fiduciary products
and services

Relevant degree level education in business, law or accounting

! STEP designation or equivalent professional qualification

Computer proficiency in relevant software programs (Windows, Word,
Excel, PowerPoint)

Exceptional sales, advisory and inter-personal skills

Fluent ih Spanish and proficient working knowledge of Portuguese


Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P. 0. Box N-7768
Nassau, Bahamas
Fax: 325-0524
E-mail: hrmanager@ansbacher. bs

Deadline for all applications by hand, fax or e-mail is
Wednesday July 9t-h 2008


* c. 2008 The Boston Globe
AT LEAST five major Wall
Street firms warned Massachu-
setts in January that a $330 bil-
lion slice of the bond market was
in distress, e-mails and presen-
tations from those firms show.
They were warnings that most
individual investors did not
receive before the market col-
lapsed on Feb. 13.
The troubled bonds were auc-
tion-rate securities, investments
that have prompted two regula-
tory actions in Massachusetts
against UBS Financial Services
Inc. The Massachusetts Securi-
ties Division last week charged
UBS with fraud for failing to
warn individual investors and its
own brokers that the market was
on the brink of failure.
Now it appears that several
other firms JP Morgan Securi-
ties Inc., Lehman Brothers, Mor-
gan Stanley, Bear Stearns Cos.,
and Merrill Lynch & Co. also
knew the auction-rate market
was in trouble ahead of time. In
the weeks leading up to the col-
lapse, each of the firms told the
state treasurer's office that the
market was faltering, sometimes
in dire terms, according to docu-
ments obtained in a public
records request.
Massachusetts Treasurer Tim-
othy P. Cahill said the invest-
ment banks were doing their job
by warning the state of the tur-
moil in the auction-rate market.
"The fact that they weren't pro-
viding the same advice to small-
er investors, and even some
smaller state entities, is unfor-
givable, really," he said.
As early as Jan. 10, Bear
Stearns, mired in troubles that
would soon bring down the firm,
told the state in a presentation:
"As discussed in previous meet-
ings," credit and liquidity con-
cerns have "resulted in a dislo-
cation in the market for auction
rate securities."
On Jan. 15, Lehman Brothers
warned that brokerage firms
were using their own money to
keep auctions from failing. But it
noted "severe constraints" on
the firms' balance sheets.
By Feb. 11, two days before
the market froze, JP Morgan
sent research to the state that
offered the bluntest assessment
yet: "We would, not be surprised
if these recent failed auctions


began to breed like rats, beget-
ting more fails ..."
The firms were urging the
state to refinance its $565 mil-
lion in auction-rate debt into oth-
er kinds of bonds. Auction-rate
securities are primarily bonds
issued by municipalities and non-
profits, like student lenders. For
years, they had been an inex-
pensive way for those entities to
borrow money to fund their
operations and a decent invest-
ment for people seeking returns
slightly better than money mar-
kets. Brokers across the indus-
try sold them as cash-like invest-
ments, because customers his-
torically could get out of them
every seven or 28 days. The
interest rates on the debt reset at
each of those auctions.
Colleagues

But brokers didn't know what
their colleagues on the invest-
ment banking side of the house
seem to have known: that the
investments were about to
become far from cash-like.
All the firms except Merrill
Lynch declined to comment for
this story. Merrill's Jan. 11 notice
to the state was milder than
those from the other firms, warn-
ing that interest rates were rising
on the debt, due to "weakening
demand."
In a statement, Merrill said,
"Given the increasing interest
rates on the state's debt, we
believed the refinancing would
reduce the state's borrowing
costs and save taxpayers mon-
ey."
It also was almost certainly in
the investment banks' interest to
get clients to refinance, because
they had significant capital
devoted to propping up the auc-
tion-rate market. The state's
complaint against UBS cited an
internal e-mail from Dec. 12, in
which a UBS executive wrote,
"... we need to use our leverage
to force the issuers to confront
this problem."
Treasurer Cahill said, "My
experience is, the banks do
what's in their best interest. You
have to be very diligent on your
own to make sure that your
interests are being served."
Some investors are angry that
the state and other issuers of auc-
tion-rate debt did not react more


T ii i:







The Scotiabank

Rate Booster Deposit


Combines the higher interest rates of a longer term
investment with the flexibility of a short term deposit.


Visit your nearest Scotiabank branch today.




T Some conditions apply.. Rates subject to change,
* Trademarks of The Bahk of Nbva Scotia.
Trademarks used under license and control of The Bank 0' wa Scotia. L


ife. Money. Balance both.*


quickly to the warnings. Harry
S. Miller, a lawyer at Burns &
Levinson in Boston who is rep-
resenting some investors, said,
"There's enough blame to go
around."
First in the line of responsibil-
ity, Miller said, are the brokerage
firms that sold the securities
without warnings. But the state
has some responsibility as well,
he said. Investors have some
$220 billion stuck in these invest-
ments, according to Capital
Advisors Group Inc. in Newton.
"At a certain point, you have to
look at a state administrator and
ask if they did their due dili-
gence," Miller said. "They've got
the citizens of the state to be con-
cerned about."
Cahill said even his office did-
n't fully realize the magnitude of
the problems to come. "We're
in a new world right now. What
used to be considered safe, liquid
investments are certainly not liq-
uid right now."
About 3 percent of the state's
outstanding debt was issued in
auction-rate securities. The trea-
surer said the debt would be refi-
nanced within the next month.
"We certainly don't want to
be in them and tie up people's
money," Cahill said. "We're not
getting hurt. But we think it's in
everyone's best interest if we
refinance."
Seventeen Massachusetts cities
and towns and the Massachusetts
Turnpike Authority bought auc-
tion-rate securities from UBS,
without understanding the risks.
UBS agreed to repay them $37
million in a May settlement with
state Attorney General Martha
Coakley.
Other investors in auction-rate
securities have not been so for-
tunate. While the brokerage
firms were warning clients like
the state that the market was col-
lapsing, individual investors were
taken entirely by surprise. Most
firms listed the securities on their
statements under cash, changing
them to a riskier category only
after the auction-rate market
failed.
The warnings to the treasur-
er's office grew more direct as
the crisis worsened. In a Jan. 23
e-mail, a Morgan Stanley execu-
tive wrote, "The auction rate!
market continues to come under.
significant retailing pressure,"'
and cited four failed auctions.


LEGAL NOTICE



EBBVALE LIMITED ("the Company")


NOTICE IS HEREBY GIVEN that a Petition for the winding up of
the-above-named Company having its registered office at Mossack Fonseca
& Co. (Bahamas) Ltd., Elizabeth Avenue and Shirley Street, Nassau, The
Bahamas by the Supreme Court of The Bahamas, was on the 9th day of June,
A.D., 2008, presented to the said Court by Andrew Lawrence Hosking, (in
his capacity as Trustee in Bankruptcy of Andreas Sofroniou Michaelides), of
Grant Thornton, Grant Thornton House, Melton Street, Euston Square
London, NW1 2EP, a creditor of the Company.


AND THAT the Petition is directed to be heard before a Justice of the
Supreme Court in the City of Nassau, the Island of New Providence, The
Bahamas, on the 18th day of July A.D., 2008 at 9:30 o'clock in the forenoon
and any creditor or contributory of the said Company desirous to support or
oppose the making of an order on the said Petition may appear at the time of
the hearing in person or by his legal counsel for that purpose; and a copy of
the Petition will be furnished by the undersigned to any creditor or
contributory of the said Company requiring such copy on payment of the
prescribed charge for the same.


LENNOX PATON
Attorneys-at-Law
Fort Nassau Centre
Marlborough Street
P.O. Box N-4875
Nassau, The Bahamas
Attorneys for the Petitioner


NOTE:- Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the above-named, notice in writing of his
intention to do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be signed by the
person or firm, or his or their attorney (if any), and must be received not
later than 4:00 p.m. in the afternoon on 17 July 2008.


Your interest rate increases twice during the term
of your investment, so your money is guaranteed to
grow faster! Plus you have access to your money at
two set dates within the term of your deposit, giving
you penalty free access to your money.t
. ":" &U I1' >I I I-


BUSINESS I


THE TRIBUNE


PAGE 4B, FRIDAY, JULY 4, 2008








TH BUSINESSiir I ,JJLI'-, ~ I-Sf.


Approvals


process 'can't



keep pace with



the demand'


FROM page one
from now.
Mr Wrinkle also expressed
concerns that when the Gov-
ernment allocated additional

Cell switch
FROM page one
not to replicate TDMA,
but improve on the cover-
age and capacity, particu-
larly in the Family Islands."
On New Providence,
BTC is adding extra GSM
towers and cell sites to
"capture and deal with the
dropped calls and spotty
performance".
BTC currently has just
over 60,000 TDMA sub-
scribers remaining, some
25,000 post-paid and 35,000
pre-paid. The Public Utili-
ties Commission (PUC)
has already permitted
BTC's post-paid TDMA
customers to keep their
existing, numbers when
they switch to GSM, and
pre-paid subscribers will
begin their conversion on
August 1, 2008.


resources to provide all the
permits and approvals need-
ed by foreign developers, this
often delayed the same
process for Bahamian
investors.
Albany was the only major
investment project to have
broken ground and provided
new work for Bahamian con-
tractors, Mr Wrinkle said, with
some 250 persons working on
site preparation and clearance.
This number was set to
increase within the next few
weeks, as the start of vertical
construction at Albany was set
to increase worker numbers
to about 800-1,000 persons "in
the next 90 days". This num-
ber was expected to hold
steady until year-end.
Some 18 Bahamian con-


tractors had been hired by the
$1.3 billion Albany Golf &
Beach Resort, Mr Wrinkle
said, adding: "Albany has
done very well in regard to
utilising Bahamian labour, and
we're going to use them to set
the bar for other developers.
It's going to pay big dividends
in the long-term."
Elsewhere, Mr Wrinkle,
.who spoke to Tribune Busi-
ness from Eleuthera, said
there appeared to be "little
activity" going on with the
$500 million Royal Island pro-
ject.
While the developers had
issued tenders for infrastruc-
ture and civil engineering
works, the BCA president said
these had not been awarded,
as far as he was aware.


C 1I'CO
M icing Fund SNkiceq Frward-


Citco Fund Services is a division of the Citco Group, of Companies
and is the largest independent administrator of Hedge Funds in the
world with offices in Curagao, Amsterdam, Dublin, London,
Luxembourg, Miami, New York, Toronto, Cayman Islands, the British
Virgin Islands, the Bahamas, Bermuda, San Francisco and Sydney. The
division provides full service administration to over 2,000 Hedge Funds
for multinational banks and international Investment Managers, totaling
over $420 billion in net assets.


As part of our continued expansion in our office in the Bahamas, we
are looking for a number of motivated and pro-active

(Senior) Investor Relations Administrators

who are capable of providing excellent customer service, in an
international and dynamic environment, for our clients who consist of
shareholders and international investment managers within those Hedge
Funds. The Investor Relations Administrator is the main contact for the
shareholder, investor, investment managers, advisors, and third parties,
as appropriate.

Your most important tasks and responsibilities are:

perform shareholder record keeping and report shareholder
information to the appropriate parties
maintain contact with shareholders/investors, investment managers,
banks and brokers
supervise and guide the Assistant Investor Relations Administrators
handle payment transactions
liaise with clients and other Citco offices, to ensure that client needs
are met

The successful candidate should meet the following criteria:

a bachelors degree in administration, economics or business related
area
affinity with figures
a team player, able to cope with individual responsibilities
ability to multi-task and operate in a fast-paced working environment
highly accurate with outstanding communication skills
working experience in the financial area is an advantage

We offer you: a challenging job in a rapidly expanding international
company, with an informal company culture. You will have the
opportunity to broaden your knowledge with excellent prospects for a
further international career.

If you are interested in this opportunity, please send your Curriculum
Vitae and covering letter via e-mail at the latest on July 4, 2008 to:
Citco Fund Services (Bahamas) Ltd., att. Managing Director, Human
Resources Manager: hrbahamas@citco.com. You can find more
information about our organization, on our website:www.citco.com.


Mortgage broker sees sales growth
FROM page one them more time to work out a plan B m the
ve ent that the offers are t wh t the wan
"
t


ber of facilities so that they have numerous
mortgage options.
"This saves them the hassle of having to go
out to several different places. Also, it allows


Mr Quant said.
Progressive will supply the client with
updates atleast twice a week on the status of
their application, and can even do so daily,if
requested.


LOT NUMBER 20~- BLOCK 8 OF SEA BREEZE












A- Four Bedrooms, two bathrooms, single-family residence, with living room, dining room,
family room, covered porch, foyer, kitchen, laundry room with own half bathroom and a
two-car carport. Building has an effective age of Twenty-two years and a gross floor area
of 3,395 sq, ft. Land size is 10,000 sq. ft.
The building is located on the southern side of Silver Palm Grove, 400 feet west of Silver
Palm Lane or 200 feet of Sliver Palm Boulevard.
For conditions of sale and any other information, please contact:
Credit Risk Management Collection Unit At:
502-0929 or 356-1608
Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management-Collection Unit
P. 0. Box N-7518, Nassau, Bahamas
To reach us before July 31, 2008
Serious Enquires Only











Are you an energetic MOtlVator,

an Excellent communicator, with a passion to

work with a professional Team?


If we've piqued your interest, Let's Talk!!


We are seeking qualified persons to fill the following positions:


Retail Sales & Store Operations Manager


Sales Associates


Senior Accounts Associate


Accounts Payable Associate


Accounts Control Officers


For more information on each position, please visit us at
www.furnitureplus.com/careers.

Plus Group of Companies is an established Bahamian owned
group that is growing & continuing to build it's team of
professionals in various areas.

We offer a competitive salary & benefits package as well as
ongoing professional training & development.




FURNI E.
J-


Limited

Nassau Grand Bahama World Wide Web

Please submit your application by'Mail to:
Director of Human Resources, The Plus Group
P. O. Box N713, Nassau, Bahamas


or eMail: jobs@theplusgrp.com
Or, We thank all applicants, however only those selected
L /for an interview will be contacted.


NOTICE
NOTICE is hereby given that JEFFREY RUSTIC
HOWLETT of STANIEL CAY, GENERAL DELIVERY
EXUMA, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 4TH day of JULY
2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


I I ILI mAI, VUL- I-t, -UUU I l.-.- 4 -11


THE -I HIBUNI








PAGE 6B, FRIDAY, JULY 4, 2008


THE TRIBUNE


FROM page one

tributions began its market
research into Tea Forte in Jan-
uary 2008, and acquired the
Bahamian distribution rights for
the brand in February.
The minimal duty rates likely
to be imposed on Tea Forte and
similar products at that time
meant its landed (CIF) cost in
the Bahamas would not be too
dissimilar to Florida and US,
prices, as the only extra costs
to be accounted for in the price
and margins were related to
freight.
"We did the whole business
plan based on a combined 2 per
cent import duty rate, not these
ridiculous numbers," Ms Simp-
son added.
Ms Knowles told Tribune
Business the duty rate increases,
and damage to the Tea Forte
pricing and margin structure,
would damage Dermal Distri-
butions' "credibility" with the
accounts it had already estab-
lished to take the product.
Those clients would be "given a
whole new pricing structure",
without the benefit of seeing
whether Tea Forte sold and
delivered good returns.
Both Ms Knowles and Ms
Simpson questioned how the


Duty rise
duty rates could be changed
without the public first being
notified via the Government
Gazzette.
. "This is not how business
should be done. Government is
not helping. It's not promoting
new businesses and develop-
ment for Bahamians," Ms Simp-
son told Tribune Business. "I
have no problem paying duties,
but there has to be a rhyme and
reason for these increases."
Ms Knowles added: "It's so
discouraging. How can we do
business in an economy when
you don't know what you're
going to get. There's no stabili-
ty.
"You feel like you're dealing
with a South American coun-
try rather than the Bahamas.
rm disappointed in my own
country as a Bahamian. There's
so much potential here; it's dis-
appointing and discouraging."
When contacted by Tribune
Business, Zhivargo Laing, min-
ister of state for finance, said
that while the 28 per cent duty
increase was "possibly the
case", he did not know the tar-
iff heading Tea Forte fell under
and was unable to comment fur-


] g g a




WADREHDUSE for


RENT

Gladstone Road North

14'800 SQ FT, 22'
Floor to ceiling modem, complete
with admin. offices secure, fenced in with all
utilities ample parking in front additional space at rear,
perfect for storage including contwiiers, on cleared
T'eled land to rear bouiidary.


Ideal for Contractor


Tel: 461-6104
Serious Inquiries Only


LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)



KITEN PRODUCTS, INC.

Notice is hereby given in accordance with Section 137 (8) of the
International Business Companies Act, No.45 of 2000, the dissolu-
tion of KITEN PRODUCTS, INC. has been completed, a certificate
of Dissolution has been issued and the Company has therefore been
struck off the Register. The date of completion of the dissolution was
the 20th day of June, 2008.



Alrena Moxey
Liquidator





FOR SALE
Lot No. 232 Block 1 Unit 1
Cannon Bay Subdivision, Grand Bahama

All that parcel of Vacant Land containing 25,000
square feet or .57 acres situate in Unit 1 of Cannon
Bay Subdivision. The property is located on the west
side of Breech Drive, north of Cannon Ball Lane,
and is one hundred and twenty-five feet along the
waterway. All the roads are paved with asphalt and
all utilities are in place. The area is approximately
seven miles east of the Commercial District of
Freeport.

For conditions of sale and any other information.
please contact:
Credit Risk Management Collection Unit
At: 502-0929 or 356-1608

Interested persons should submit offers in writing
addressed to:
The Manager,
Credit Risk Management-Collection Unit
P.O.Box N-7518, Nassau, Bahamas

To reach us before July 31, 2008
Serious Enquires Onlyp


their on the specifics. He indi-
cated, though, that the increase
seemed high.
Mr Laing again reiterated
that the Government had to
balance the "massive relief giv-
en in many areas" by the 2008-
2009 Budget with being fiscally
responsible, ensuring the
administration had enough rev-
enues to meet its policy
objectives and run its opera-
tions.
As a result, tax cuts and
exemptions in some areas had
to be balanced by duty and tax
increases in others, hence the
Government's decision to round
up combined 42 per cent duty
rates to 45 per cent.
Adding that he "understands
people's concerns where rates
go up by 3 per cent", Mr Laing
added that the Government had
given "massive relief", espe-
cially to first-time homebuyers,
who were exempted from pay-
ing Stamp Tax on properties
worth up to $500,000. This, he
said, effectively meant the Gov-
ernment was giving up as much
as $50,000 in revenue on a prop-
erty purchase.
The threshold at which first-
time buyers had been exempted
from paying Real Property Tax
for the first five years had also
been increased from properties
valued at $250,000 and below
to those valued at $500,000 and
below.
As a result, Mr Laing said:
"Life is a give and it is a take.
The relief that was given in per-


centage terms is far greater
than the increases experienced
by some people on some
items."
Ms Simpson, though, said her
other business, The Dermal
Clinic, a skin care therapy and
treatment specialist, would have
to absorb the 3 per cent increase
in duty from a combined 42
per cent to 45 per cent rate on
most skin care products into its
operational costs, rather than
pass it on to consumers.
This was because The Der-
mal Clinic, which has five staff
in total, had adopted the policy
of ensuring treatment and skin
care product prices were no
more than 10 per cent higher
than their US equivalents.
Ms Simpson said this policy
was adopted to ensure The Der-
mal Clinic remained competi-
tive against its US rivals, for if
their prices were too expensive,
Bahamian clients would instead
purchase skin care products in
Florida and bring them back to
this nation in their carry-on lug-
gage, helping to avoid border
duties.
Arguing that the Govern-
ment needed to understand that
Bahamian companies such as
The Dermal Clinic were com-
peting on price against Florida,
Ms Simpson said the duty
increase would have to be
absorbed by her company
as an operating costif they were
to maintain the 10 per cent
policy and price competitive-
ness.


NOTICE
NOTICE is hereby given that RONY DORMEUS of
NASSAU STREET, NASSAU, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 27TH day of JUNE 2008
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



LEGAL NOTICE
NOTICE

BRANHOLLOW LIMITED
Bahamas International Business Companies Act
(No.45 of 2000)
In Voluntary Liquidation
Notice is hereby given in accordance with Section 138 (4) of the
International Business Companies Act, (No. 45 of 2000), BRAN-
HALLOW LIMITED is in dissolution. Mario Triay is the Liquida-
tor and can be contacted at Eucallptos 6-70, Zona 15, Guatemala,
Central America. All persons having claims against the above-named
company are required to send their names, addresses and particulars
of their debts or claims to the liquidator before 2nd August, 2008.





Mario Triay
Lkquidator



Legal Notice


INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

MINELLA LIMITED
In Voluntary liquidation

"Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act (No. 45 of
2000), MINELLA LIMITED is in Dissolution."

The date of commencement of dissolution is the 25th day of
June,2008.
Joanne L. Gorrod
2 Thorton Hall
Upper King's Cliff
St. Helier, Jersey
JE2 3GP
Liquidator




ROCKBRIDGE LIMITED
(Company number 127,840B)


An International Business Company

(In Voluntary Liquidation)

Pursuant to Section 137(4) of the International Business Companies
Act, 2000 notice is hereby given that the voluntary winding-up and
dissolution of the Company commenced on the 3rd day of July, 2008
amd that Pine Limited of Devonshire House, Queen Street, PO. Box
N-8176, Nassau, Bahamas has been appointed Liquidator.

Dated this 3rd day of July, 2008



Pine Limited
Liquidator


KPMG selected as privatisation adviser

FROM page one
KPMG saw off competition from RoyalFidelity Merchant Bank &
Trust, Credit Suisse, Merrill Lynch and Deloitte & Touche (Bahamas)
to land the advisory role to the BTC privatization committee, the
selection process having been overseen by Gomez Partners &'Co, the
Bahamian accounting firm that holds the Baker Tilly franchise for the
Bahamas.
Simon Townend, partner and head of KPMG Corporate Finance
(Bahamas, told Tribune Business: "At KPMG, we are committed to
assisting the privatization committee and the Government of the
Bahamas in meeting their objectives with regard to privatising BTC.
"A successful privatization is extremely important to us, particularly
given our significant practice and investment in people in the
Bahamas.
"In this regard, we have formed a team of professionals drawn from
our global telecommunications and group, and regional and local cor-
porate finance practice. As we speak, we are mobilising this group with
a view to commencing work immediately."
Among the privatization committee's and KPMG's first tasks will
be to recommence talks with Bluewater, which is thought to have
around 14 working days left on its exclusivity period.
Mr Laing yesterday said he "could only assume" Bluewater's
exclusivity period had that amount of time left to run, given that the
BTC privatization committee had only held one meeting with the bid-
ding group since 15 days were left on that period.
When asked to confirm that the Government was planning to sell
more than 49 per cent of BTC, and might be prepared to dispose of
up to 75 per cent if the terms and conditions were right, Mr Laing said
he was unable to do so.
"But in the course of discussions, one keeps one's options and mind
open," the minister said.
Prime Minister Hubert Ingraham last week told Bahamas Cham-
ber of Commerce executives that the Government was prepared to
sell more than 49 per cent of BTC, although he conceded that the 2008
year-end deadline to complete the process was aggressive.
Private sector sources, though, keep on telling Tribune Business that
the Government and its privatization committee are still keen to
'open up' the process to other bidders once Bluewater's exclusivity
period has expired, in an effort to see whether any better offers
exist.
This would effectively create what is known as a 'beauty contest',
much like the 2003 privatization process that failed under the former
Christie administration, as opposed to the 'closed' format that has
been followed since Bluewater met the Government's requirements
and qualified for due diligence and exclusivity.
Bluewater had agreed a deal in principle with the Christie gov-
ernment, before it demitted office, to purchase a 49 per cent BTC
stake for $260 million. That sum was due to be paid over a six-year
period, with $225 million paid immediately, $30 million after five years,
when Bluewater's cellular exclusivity was likely to end, and $5 million
in year six.
The terms of that arrangement are likely to be altered somewhat
if the Ingraham administration does decide to go through with the
Bluewater offer, the Prime Minister last week saying that it was
unlikely that a privatised BTC would be given a five-year exclusivi-
ty period on cellular the arm that brings in two-thirds of its revenues.


Legal Notice
NOTICE


ALGAET SHIPPING INC.
In Voluntary Liquidation


Notice is hereby given that in accdrdance with Section
138 (4) of the International Business Companies Act,
2000, ALGAET SHIPPING INC. is in dissolution
as of June 30, 2008.

Mr. Hitoshi Nagasawa, No. 3-2, Marunouchi 2-chome,
Chiyoda-ku, Tokyo, Japan is the Liquidator.



LIQUIDATOR




NOTICE

ESSO EXPLORATION BOLIVIA LIMITED

Pursuant to the provisions of Section 137 (8)
of the International Business Companies Act
2000, notice is hereby given that the above-
named Company has been dissolved and
struck off the Register pursuant to a Certificate
of Dissolution issued by The Registrar General
on the 13th day of June, A.D., 2008.

Dated the 2nd day of July, A.D., 2008.


MaryBeth Taboada
Liquidator of
ESSO EXPLORATION BOLIVIA LIMITED



NOTICE

EXXONMOBIL EXPLORATION AND
PRODUCTION GUINEA-BISSAU LIMITED

Pursuant to the provisions of Section 137 (8)


of the International Business Companies Act
2000, notice is hereby given that the above-
named Company has been dissolved and
struck off the Register pursuant to a Certificate
of Dissolution issued by The Registrar General
on the 21st day of May, A.D., 2008.

Dated the 2nd day of July, A.D., 2008.


MaryBeth Taboada
Liquidator of
EXXONMOBIL EXPLORATION AND PRODUCTION
GUINEA-BISSAU LIMITED


BUSINESS













Syz & Co. Bank & Trust Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

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


THE TRIBUNEFRIDAY. JULY 4,2008, PAGE 7
THE TRIBUN


2006
CHF


ASSETS


Cash on hand (Note 3)
Due from banks (Notes 3 & 6)
Due from customers
Managemnctlt ees receivable (Note 6)
Performance fees receivable (Note 6)
Positive replacement values of derivative financial
instruments (Notes 6 & 8)
Other receivables and assets
Property. plant and equipment


2,925
256,928,477
32,844,209
3,003,532
6,928,649

1,389,445
173.706
121.587


1,661
97,064,884
25,839,595
2,133,490
6,302,531

3,053,595
36,625
40.601


TOTAL ASSETS

LIABILITIES AND EQUITY


assets and liabilities denominated in foreign currencies are included in net foreign
exchange trading income in the consolidated income statement.

(iii) Group companies

The results and financial position of all the group entities (none of which has the
currency of a hyperinflationary economy) that have a functional currency different
from the presentation currency are translated into the presentation currency as
follows:

assets and liabilities are translated at the closing rate at the balance sheet date;
income and expenses are translated at average exchange rates; and
all resulting exchange differences are recognized as a separate component of
equity, i.e. currency translation reserve.

On consolidation, exchange differences arising from the translation of the net
investment in foreign subsidiaries are taken to equity.

(d) Due from customers

Due froin customers comprises loans and advances that are recognized initially at fair
value and subsequently measured at amortized cost, less provision for impairment. A
provision for impairment is established when there is objective evidence that the
Group will not be able to collect all amounts according to the original terms of the
loan or advance. The provision is the difference between the carrying amount and
present value of estimated cash flows discounted at the original effective interest rate.

The Group's policy is to extend credit to customers only when the Group is holding
assets on behalf of the borrowers that can be used as collateral to fully support the
loan or advance. Accordingly, the Group does not have any provision for impairment
of loans and advances to customers.

(e) Management and performance fees

Management and performance fees receivable consist of amounts due from customers
for investment management services. Management and performance fees receivable
are carried at amounts due less provision for impairment, if applicable.

(f) Derivative financial instruments

Derivative financial instruments comprise forward currency contracts, equity options
and futures which are initially recognized at fair value on the date on which the
derivative contract is entered into and are subsequently remeasured at their fair value.
Fair values are obtained from quoted prices in active markets, including recent market
transactions and valuation techniques, including discounted cash flow models and
option pricing models, as appropriate. All derivatives are carried as assets when fair
value is positive and as liabilities when fair value is negative.

(g) Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated
depreciation. Depreciation of assets is calculated using the straight-line method to
allocate their cost to their residual values over their estimated useful lives of 3 to 5
years.

(h) Borrowings

Borrowings are recognized initially at fair value net of transaction costs incurred.
Borrowings are subsequently stated at amortized cost; any difference between the
proceeds (net of transaction costs) and the redemption value is recognized in the
consolidated income statement over the period of the borrowings using the effective
interest method.

(i) Fiduciary activities

No account is taken in this consolidated balance sheet of assets and liabilities of
customers administered by the Group in a fiduciary or custodial capacity.

(j) Income and expense recognition

Interest income and expense are recognized in the consolidated income statement
using the effective interest method. Management and performance fees, commissions
and operating expenses are recognized in the consolidated income statement on an
accrual basis when the service has been provided.

(k) Employee benefits

The Group has a voluntary defined contribution pension plan for all eligible
employees, which is managed and administered by a third party incorporated in the
Commonwealth of The Bahamas. Participating employees contribute a minimum of
5% of their eligible earnings and the Group contributes 5% as its share of total
contributions. The Group's contributions fully vest with a participant after five years
of services, and the Group has no further payment obligations once the contributions
have been made. The Group's contributions to the plan are recognized in the
consolidated income statement in the period to which they relate. Certain employees
of the Group participate in a defined contribution pension plan established by the
Parent.

(1) Leases

The leases entered into by the Group are operating leases, which are leases where a
significant portion of the risks and rewards of ownership are retained by the lessor.
Payments made under operating leases are charged to the consolidated income
statement on a straight-line basis over the period of the lease.

(m) Taxation

The Group is not subject to any income, capital gains or other taxes under the current
laws of the Commonwealth of The Bahamas.

(n) Comparatives

Where necessary. comparative*figures have been adjusted to conform with changes in
presentation in the current year.


Liabilities
Customers' deposits (Note 6)
Investment advisory fees payable (Note 6)
Retrocession fees payable
Negative replacement values of derivative financial
instruments (Notes 6 & 8)
Other liabilities (Note 9)
Borrowings (Note 6)

Total Liabilities

Equity
Share capital (Note 7)
Currency revaluation reserve
Translation reserve
Retained earnings

Total Equity

TOTAL LIABILITIES AND EQUITY


SIGNED AS APPROVED ON BEHALF OF THE BOARD:


186,850,537 98,713,689
2,000,000 3,000,000
1,325,350 847,785

1,226,826 2,921,158
1,485,067 2,355,786
66.170.000 -

259.057.780 107,83M41


7,000,000 7,000,000
8.940 8,940
(8,171)
3533398 19.625.624

42334.72 2664.4


,.:... .S 13/2.M


Dir; r oirctof/




Notes to the Consolidated Balance Sheet

1. General Information

Syz & Co. Bank & Trust Limited (the Bank) is a limited liability company incorporated in
the Commonwealth of The Bahamas under the Companies Act, 1992. The Bank is
licensed under The Banks and Trust Companies Regulation Act, 2000, as amended, to
carry on banking and trust business from within The Bahamas and is also registered under
The Securities Industry Act, 1999, as amended, as a Class II Broker Dealer. The principal
activity of the Bank and its subsidiaries (together, the Group) is providing asset
management services from which the Group derives management and performance fees,
and commissions.

The registered office is situated at Bayside Executive Park No. II, West Bay Street and
Blake Road, New Providence, The Bahamas. The total number of staff employed by the
Bank as at 31 December 2007 was 6 (2006: 6).

The Bank is a wholly owned subsidiary of Financiere Syz & Co. S.A. (the Parent), a
holding company incorporated in Switzerland. The registered office of the Parent is
located at Baarerstrasse 112, Zoug, Switzerland.

Companies in which the Parent controls 50% or more of the voting shares are referred to as
affiliates. All significant balances and transactions with or involving affiliates are
disclosed in Note 6 of this consolidated balance sheet.

2. Summary of Significant Accounting Policies

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

(a) Basis of preparation

The Group's consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards (IFRS) and under the historical cost
convention, as modifle. by the revaluation of derivative financial instruments to fair
value. "

The preparation of the consolidated balance sheet in accordance with IFRS requires
management to exercise judgment in the process of applying the Group'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 consolidated balance sheet and the reported amounts of
income and expenses during the reporting period. Actual results could differ from
those estimates.

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

The remaining standards and amendments and interpretations to published standards
that became effective for fiscal periods beginning on or after I January 2007 were not
relevant to the Group's operations and accordingly did not impact the Group's
accounting policies or consolidated balance sheet.

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

(b) Principles of consolidation and investment in subsidiaries

Subsidiaries arc entities over which the Bank has the'power to govern the financial
and operating policies, generally accompanying a shareholding of more than one half
of the voting rights. Subsidiaries are fully consolidated from ihe date on which
control is transferred to the Bank. They are de-consolidated from the date on which
control ceases.

Inter-company balances between Group companies are. eliminated. The accounting
policies of subsidiaries are changed where necessary to ensure consistency with the
policies adopted by the Group.

The consolidated balance sheet includes the accounts of the Bank and its wholly
owned subsidiaries: Alternative Asset Advisors S.A. (AAA), an International
Business Company incorporated under the laws of the Commonwealth of The
Bahamas, which specializes in alternative asset management; and ISOS Management
I.td. (ISOS), a company incorporated under the laws of the Cayman Islands, which
acts as an investment advisor. ISOS commenced operations in 2007.
(c) Foreign currency translation

(i) Functional and presentation currency

Items included in the balance sheet of each of the Group's entities are measured using
the currency of the primary economic environment in which the entity operates (the
"functional currency"). The consolidated balance sheet is presented in Swiss Francs,
which is the Bank's functional and presentation currency.

(ii) Transactions and balances

Monetary assets and liabilities in currencies other than Swiss Francs arc translated
into Swiss Francs using the rates of exchange prevailing at the consolidated balance
sheet date. Income and expense items in currencies other than Swiss Francs are
recorded in Swiss Francs by applying the actual exchange rates existing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation at year-end exchange rates of monetary


3. Cash on Hand and Due from Banks


Cash on hand
Due from banks on demand

Included in cash and cash equivalents
Due from banks margin account deposits


2007
CHF
2,925
256,613,401

256,616,326
315,076
256,931,402


2006
CHF
1,661
97,064,884

97,066,545

97,066,545


Margin account deposits are placed with Banque Syz & Co. S.A., Geneva, to meet margin
requirements on futures transactions and are not available for use in the Group's day to day
operations.

4. Financial Risk Management

The Group engages in transactions that expose it to various types of risk in the normal
course of business. Such risks include interest rate, credit, currency, liquidity and fiduciary
risks. The Group's financial performance is dependent on its ability to understand and
effectively manage these risks to achieve an appropriate balance between risk and return.

(a) Interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. Fair value
interest rate risk is the risk that the value of a financial instrument will fluctuate
because of changes in market interest rates. The Group takes on exposure to the
effects of fluctuations in the prevailing levels of market interest rates on both its cash
flow and fair value risks. Interest margins may increase as a result of such changes
but may decrease or create losses in the event that unexpected movements arise. The
Group manages this risk by setting limits on the level of mismatch of interest rate
repricing that may be undertaken. which is monitored daily.

The table below summarizes the Group's exposure to interest rate risk. It includes the
Group's assets and liabilities at carrying amounts, categorized by the earlier of
contractual repricing or maturity date from the consolidated balance sheet date.


As at 31 December 2007
Assets
Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable


Less than I to3 3 to 6
1 Month Months Months
CHF CHF CHF


1
256,928.477
32,374,209


Non-interest
bearing
CHF


Total
CHF


2.924 2,925
256.928,.47
470,000 32,44,209
3,003.532 3,003,532
6,928,649 6,928,649









AP GE 88 PRIDAYJULY 4, 2008


I I'1 I ,II I III. p -I-II


Positive replacement values
of derivative financial
instruments
Other receivables and assets
Property, plant and equipment

Total assets





Liabilities
Customers' deposits
Investment advisory fees
payable
Retrocession fees payable
Negative replacement values
of derivative financial
instruments
Other liabilities
Borrowings

Total liabilities

Total interest repricing gap





As at 31 December 2006
Assets
Cash on hand
Due from banks
-Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values
of derivative financial
instruments
Other receivables and assets
Property, plant and
equipment

Total assets




Liabilities
Customers' deposits
Investment advisory
fees payable
Retrocession fees payable
Negative replacement values
of derivative financial
instruments
Other liabilities

Total liabilities

Total interest repricing gap


1,389,445 1.389.445
173,706 173,706
121.587 121.587

289.302.687 470.000 11.6-19.843 301.392.530


Less than I to 3 3 to 6 Non-interest
I Month Months Months bearing Total
CHF CHF CHF CHF CHF

186,850,537 186,850,537

2,000,000 2,000,000
1,325.350 1,325,350


1,226,826 1,226,826
1,485,067 1,485,067
- 66.-70.000 -.- 6 170.000

186.S50A3'7 66.170.000 6.037.243 259.057.780

fli2.42_l ). (6;-700.001) 582.60 42J34.7H 0


Less than I to 3 3 to 6 Non-interest
I Month Months Months bearing Total
.CHF CHF CHF CHF CHF


1,661 1,661
97,064,884 97,064,884
17,487,602 6,678,578 1,673,415 25,839,595
2,133,490 2,133,490
6,302,531 6,302,531


S 3,053,595 3,053,595
36,625 36,625

40.601 40.601

114.552.41f 6.678.578 1.673.415 11..568.503 134.472.982

Less than 1 to 3 3 to 6 Non-interest
1 Month M. months Months bearing Total
CHF CHF CHF CHF CHF

98,713,689 98,713,689

3,000,000 3,000,000
847,785 847,785


*- 2,921,158 2,921,158
-2 2355.786 2.355.786

98.713.681 9.124.729 107.338.418

1.3W.797 6.aR2.58- 1.673.4S 2.4~774 26.631464


The table below summarizes the effective average interest.rate by major currencies
for banking assets and liabilities.


Euro
%o


For the year ended 31 December 2007
Assets
Due from banks 5,
Due from customers 8.
Liabilities
Customers' deposits 5.
Borrowings

For the year ended 31 December 2006


Assets
Due from banks
Due from customers
Liabilities
Customers' deposits
Borrowings


CHF
%



2.38
5.38


2.13


5.32
8.32


5.07


(b) Credit risk

Credit risk arises from the failure of a counterpart to perform according to the terms
of a contract. From this perspective, the Group's credit risk exposure is concentrated
in its demand deposits placed with: banks, due from customers and derivative
financial instruments with positive fair values.

The Group places the vast majority of its demand deposits with a fellow subsidiary
bank. The due from customers are short term and are fully collaterized by assets
managed by the Group on behalf of, its customers. The Group also uses other
methods, such as credit monitoring techniques, including collateral and exposure limit
policies. Derivative contracts are either with a fellow subsidiary bank as counterpart
or with customers whose obligations are fully supported by assets they have lodged
with the Group as collateral. As of 31 December 2007 and 2006, all credit exposures
were current, with no past due amounts. Accordingly, there are no provisions for
doubtful accounts.

The table below sets out the total credit risk and significant concentrations of assets
and liabilities by geographical location of the counterpart.


As at 31 December 2007

Assets
Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets
Property, plant and equipment

Total assets

Liabilities
Customers' deposits
Investment advisory fees payable
Retrocession fees payable
Negative replacement values of
derivative financial instruments
Other liabilities
Borrowings

Total liabilities





As at 31 December.2006

Assets
Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets
Property, plant and equipment

Total assets

Liabilities
Customers' deposits
Investment advisory fees payable
Retrocession fees payable .
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities


Latin The Other
Europe America Caribbean Countries
CHP CHI P CHF CHF


256,680,430
24,890,000


7,285,000
-


2,925
248,057
9,000
2,575,283
6,928,649


660,209
428.249


Total
CHF



2.925
256,928,477
32,844,209
3,003,532
6,928,649


"' 1,319,445 1,389,445
173,706 173,706,
S 121,587 121,587


281,570,420 7,285,000 11,4481,652 1,088,458 301,392,530


40,152,131 6,797,784 26,204,528 113,696,044 186,850,537
2,000,000 .2,000,000
1,325,350 1.325,350

1,226,826 1,226,826
1,485,067 1,485,067
66.170,000 66,170,000

108.312,181 6,797,784 30,241,771 113,696,044 259,057,780


Latin The Other
Europe America Caribbean Countries Total
CHF CHI CHF CF CHF



1,661 1,661
96,747,112 317,772 97,064,884
1,492,677 6,331,397 16,886,714 1,128,807 25,839,595
1,812,270 321,220 2,133,490
S- 6,013,496 289,035 6,302,531

3,053,595 3,053,595
36,625 36,625
40,601 40,601

98,239,789 6,331,397 28,162,734 1,739,062 134,472,982


37,6413501 3,208,436 44,788,801 8,074,951 98,713,689
3,000,000 3,000,000
847,785 847,785

2,921,158 2,921,158
___ 2.355.786 2,355,786

40,641,501 8,208,436 50,913,530 8,074,951 107,838,418


At 31 December 2007, fifty-oiie percent (2006: seventy-five percent) of the amount
due from customers is due from three customers and the balance due from five
customers (2006: two customers) exceeds 25% of the Group's capital.


THE TRIBUNE


(c) Currency risk

The Group takes on exposure to currency risk arising from the effects of fluctuations
in the prevailing foreign currency exchange rates on its financial position and cash
flows. The Board of Directors sets limits on the level of exposure by currency and in
total for overnight positions, which are monitored daily with oversight from the
Parent. The table below summarizes the Group's assets and liabilities at carrying


amounts, categorized by currency.


As at 31 December 2007

Assets
Ca.' on hand
Due from banks 48.48
Due from customers 29,79
Management fees receivable 3.00
Performance fees receivable 6.92
Positive replacement values of
derivative financial instruments
Other receivables and assets
Property. plant and equipment

Total assets 88.21

Liabilities
Customers' deposits 77.506
Investment advisory fees payable
Retrocession fees payable 1.11
Negative replacement values of
derivative financial instruments
Other liabilities 1"
Borrowings

Total liabilities 78.64:

Net on balance sheet financial
position 9,57:


USD EURO


141,520,183
2,263,968


2,925
1.387
6,265
3,532
8.649


2,520


CHF Other Total


57,573,810
638.554


9,353.097
145,422


1.389.445

121.587


2.925
256.928.477
32.844.209
3.003,532
6.928.649


1.389.445
1 1.1 86 173.718
121.587


5,278 143,784,151 ... 59,723,396 9,669,705 301,392.530


6,241 78.469.228 21.515,287
2.000.000
9.091 206.259 -


7,006
66.170,000


1,226,826
1,468.061


9.359.781 186.850.537
2.00.U00O
1.325.350

1.226.826
1.485.067
66,170.000


2,338 144,845,487 26,210,174 9,359781 259.057.780


2,940 (1,061,336) 33,513,222 309,924 42,334.750


USD EURO


ClIF Other Total


As at 31 December 2006


Assets
Cash on hand
Due from banks
Due from customers
Management fees receivablenhc
Performance fees receivable
Pnsilivc replacement values of
derivative financial instruments
Other receivables and assets
Pniperty. plant and equipment

Total assets

l.labilities
Customers' deposits
Investment advisory Iees payable
Retrocession fees payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities

Net on balance sheet financial
position.


1,661
25.323,620
21,289,780
2,000,843
6,022,872


15,712


35,653,775
696,161


28,068,629
3,850.637


3,053,595

40,601


8,018.8601
3,017
132.547
279,659


1,661
97.064.884
25,839.595
2,133,490
6.302.531


3.053.595
20,913 36,625
40,601


54654488 36.349.936 35.013,462 8,455,096 134,472.982


46,127.454 35.534,698 9,269.099
3.000.000
808,995 38,790


11.713


7 782.438 98.713.689
3,000.000
847 785


2,921,158 2.921.158
_ 2.344,073 2.355.786


46.948,162 35.573,488 17,534,330 7,782,438 107,838,418


770632 776448 17,479.132 672,658 26,634.564


(d) Liquidity risk

Liquidity risk is the risk that the Group will not have the necessary resources to meet
its contractual obligations as they come due. The Group manages its liquidity by
matching liabilities with assets of similar maturity periods. The analysis of assets
and liabilities disclosed under interest rate risk is indicative of an analysis by
remaining contractual maturities at the consolidated balance sheet date, except that
borrowings are due to mature as disclosed in Note 6(a). With the exception of
borrowings, all assets and liabilities are classified as current, i.e. expected to be
realized within twelve months of the consolidated balance sheet date.

(e) Fiduciary risk

The Group provides significant custody, investment management, advisory and other
fiduciary services. These activities give rise to fiduciary risk, which is the risk that
the Group may fail in carrying out certain mandates in accordance with the wishes of
its customers or to achieve expected performance goals. To manage this exposure,
the Group generally takes a conservative approach in its undertakings for customers.

5. Fair Value of Financial Instruments

The non-derivative financial instruments utilized by the Group arc either short-term in
nature or have interest rates that periodically reset to market rates. Accordingly, their
estimated fair value is not significantly different from their carrying value. Derivative
financial instruments, forwards. futures and options, are carried at fair value in accordance
with the policy described in Note 2 (f).

6. Related Party Balances and Transactions

Related parties include: i) key management personnel, including directors; ii) entities that
have the ability to control or exercise significant influence over the Group in making
financial or operational decisions; and iii) entities that are controlled, jointly controlled or
significantly influenced by parties described in i) and ii). Balances with related parties are
as follows:


lialance Sheet
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of derivative
financial instruments

Customers' deposits
Investment advisory fees payable
Negative replacement values of derivative
financial instruments
Other liabilities -- commissions payable
Borrowings


2007
CHF


256,680,690
6,662,644
2,575,282
6.928,649


2006
CHF

96,747,112
36,410
2,000,843
5,984,203


1,389,445 3,053,595

23,664,175 9,724,106
2,000,000 3,000,000


1,226,826
599,905
66,170,000


2,921,158
1,520,719


As a result of a review of provisions for finders fees in 2007, the balance commissions
payable was reduced by an amount of CHF 1,000,000, which related to an accrual of
commissions in 2006. This change in estimate has been credited against commissions
expense in the consolidated income statement for the year ended 31 December 2007.

(a) Borrowings

Under a loan agreement dated 12 December 2006 as amended and restated on 13
June 2008, the Bank agreed to borrow EUR 40,000,000 (CHF 66,170,000) from
Syz & Co. Finance Limited, an affiliated company incorporated under the laws of
Jersey, Channel Islanas. The loan was drawn down in full, effective 1 January
2007. The loan is unsecured and bears interest at a rate of Eurobank Interbank
Offered Rate (EURIBOR) for three months deposit plus 3.9869% per annum for
the first four interest periods and 3% per annum for the following interest periods
or such other rates as agreed in writing. The loan agreement will expire on 29
June 2011 and can be repaid in whole or in part in one or more installments prior
to the expiration date without liability for any 2prepayment fee or charge.

(b) Investment management agreements

The Bank's subsidiary, AAA, has entered into investment management
agreements with several entities for the provision of investment management
services. For the services provided, AAA is entitled to monthly management fees
at rates up to 0.1667% (2006: 0.1667%) of the entities' net asset values at the
month end. AAA is also entitled to annual performance fees at rates up to 15%
(2006: 15%) of the new appreciation in net asset values of the entities. These
agreements are for an indefinite period of time except that either party may
terminate them with 3 months notice.

(c) investment advisory agreements

(i) As a consequence of entering into the investment management agreements
noted in (b) above, AAA entered into investment advisory agreements with
two affiliates to provide the investment advisory services required under the
agreements. As specified in the investment advisory agreements signed in
2003, AAA will pay the affiliates a lump sum negotiated every year based
on the level of services demanded during the year.

(ii) As a normal part of its operations, the Bank from time to time enters into
investment advisory agreements with affiliates and third parties that enable it
to discharge its responsibilities and obligations under investment





a












I THE TRIBUNE


FRIDAY, JULY 4, 2008, PAGE 9B


BUSINSI


management agreements. Under the terms of these agreements, the Bank
receives assistance in the form of investment recommendations and
guidelines and administration support. As compensation for services
rendered, the Bank pays a lump sum advisory fee that is negotiated every
year and is based on the level of service provided to the Bank.


2007
CHF


Share capital:
Authorized, issued and fully paid-in:
7,000,000 ordinary shares of CHF 1 each


2006
CHF


7L.0 7.000.00


On 14 September 2004, the Parent as the sole beneficial shareholder ratified the Board of
Directors' proposal on 18 November 2003 to increase the authorized and issued share
capital of the Bank from CHF 3,000,000 to CHF 7,000,000. In 2003, the Bank received
contributions of CHF 4,000,000 from the Parent which were presented as additional paid-
in capital in the Bank's balance sheet. In January 2007, the Bank obtained the requisite
regulatory approval to issue 4,000,000 additional shares in the amount of CI IF 4,000,000,
retroactive to 18 November 2003, which the Board of Directors subsequently approved on
2 April 2007. Accordingly, this consolidated balance sheet reflects authorized and issued
share capital of CHF 7,000,000 at 31 December 2007 and 2006.

8. Derivative Financial Instruments

The Group enters into forward currency contracts, equity options and equity index options
solely as part of its client-related trading activities. Forward currency contracts are
contracts to purchase or sell foreign currencies at specific rates of exchange on specific
dates in the future.

Risk arises from the potential inability of counterparties to perform under the terms of the
contracts (credit risk) and from fluctuations in the foreign exchange rates (market risk).
The Group manages the market risk of client-related positions by taking offsetting
positions with an affiliated bank, resulting in minimal market exposure. The credit risk of
client-related positions is managed by applying uniform credit standards maintained for all
activities with credit risk. Collateral held generally includes cash, cash equivalents and
marketable securities.

Equity option contracts confer upon the holder the right but not the obligation to buy or sell
a specified quantity of equities at a specified price (the strike price) during a specified
period. Equity index options are similar to equity options except that they are cash settled.
As a writer of equity and index options, market risk arises from potential unfavorable
movements in the price of equities underlying the options. Collateral held generally
includes cash, cash equivalents and marketable securities.

The contract amounts of these instruments reflect the extent of the Group's involvement in
client-related derivative trading activities and do not represent the Group's risk of loss due
to counterpart nonperformance. The Group's exposure to credit risk of such instruments
is limited to those contracts with positive fair values, as reported in this consolidated
balance sheet.

The replacement value and cost of the Group's client-related derivative trading activities
are included on the face of the consolidated balance sheet. The gain from such client-
related derivative trading activities is included in the net foreign exchange trading income
in the consolidated income statement.

As of the reporting date the Group had contractual commitments and fair values under
open forward currency contracts and currency options as follows:


Contract/
Notional
Amount ('000)
CHF


Commitments to purchase/sell
foreign currencies
Options to purchase/sell foreign currencies


274,085
8,538


Contract/
Notional
Amount ('000)
CHF


Commitments to purchase/sell
foreign currencies
Options to purchase/sell foreign currencies


218,934
17,178


Other liabilities are comprised of:


Commissions payable
' Other


Fair Values
2007 2007
Assets Liabilities
CHF CHF


1,235,046 1,072,427
154,399 154.399





Fair Values
2006 2006
Assets Liabilities
CHF CHF


1,921,984 1,789,547
1.131.611 1.131.611


2007
CHF


2006
CHF


599,905 1,520,719
885,162 835.067


10. Operating Lease Commitment

The Group has a commitment under a non-cancellable lease agreement for its office space.
Future minimum lease payments as of 31 December 2007 are as follows:

CHF


311,092
596.259


11. Capital Management

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

To comply with the capital requirements set by The Central Bank of The Bahamas (the
Central Bank) and other regulators of banking markets where entities of the Group
operate;
To safeguard the Group's ability to continue as a going concern so that it can continue
to provide returns for the Parent and benefits for other stakeholders; and
To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank's
management, employing techniques designed to ensure compliance with guidelines
established by the Central Bank. The required information is filed with the Central Bank
on a quarterly basis. For the Group, there is no difference between the composition of
regulatory capital and the components of equity as shown in the consolidated balance sheet.


During the year to May 2007, the Central Bank required that the entity maintain capital at
or above the greater of 5% of total assets or 8% of risk-weighted assets. In May 2007, the
Central Bank's requirements were revised whereby the Group is required to maintain a
ratio of total regulatory capital to risk-weighted assets at or above a minimum of 15%.
The Group has complied with all of the externally imposed capital requirements to which it
is subject.


PRICEWATERHOUSECOOPERS U








INDEPENDENT AUDITORS' REPORT


' PriccwaterhouseCoupers
Providence Hlouse
East Hill Street
P.O Box N-3910
Nassau, Bahamas
Website www pwe com
E-mail pwcbs@'bs pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350


To the Shareholder of Syz & Co. Bank & Trust Limited

We have audited the accompanying consolidated balance sheet of Syz & Co. Bank & Trust
Limited (the Company) and its subsidiaries (together, the Group), as of 31 December 2007 and a
summary of significant accounting policies and other explanatory notes.

Management s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
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 consolidated balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply. with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the balance sheet is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors'
judgment. including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider
internal control relevant to the entity's preparation and' fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's 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 consolidated balance sheet presents fairly, in all material
respects, the financial position of Syz & Co. Bank & Trust Limited as of 31 December 2007, in
accordance with International Financial Reporting Standards.


Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet
does not comprise a complete set of financial statements in accordance with International
Financial Reporting Standards. information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and
changes in financial position of Syz & Co. Bank & Trust Limited.





Chartered Accountants

Nassau, The Bahamas
27 June 2008


I


PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, JOY SHARELLE EVANS of the
Southern District of the Island of New Providence one the Islands
of the Commonwealth of The Bahamas intend to change my name
to JOY HEAVEN EVANS. If there are any objections to this
change of name by Deed Poll, you may write such objections to the
Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later
than thirty (30) days after the date of publication of this notice.




Legal Notice



NOTICE


CROSSCOUNTRY INVESTMENT FUND LTD.


IN VOLUNTARY LIQUIDATION


Notice is hereby given that in accordance with section 137 of the
International Business Companies Act 2000 CROSSCOUNTRY
INVESTMENT FUND LTD. is in dissolution.


The Date of the Commencement of dissolution was 24th June 2008.
David Thain of Arner Bank & Trust (Bahamas) Ltd., Building 2 Caves
Village, P.O. Box N-3917 is the Liquidator of CROSSCOUNTRY
INVESTMENT FUND LTD. All persons having claims against
the above-named company are required to send their address and
particulars of their debts to the Liquidator before the 24th July 2008.







d T al


IM1


E lFG CAPITAL MARKETS
ROYAL FIDELITY a BROC.ERAGE & ADVISORY SERVICES
^^ ^^C^^.^^^


C FA L"
BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY. 3 JULY 2008
BISX ALL SHARE-INDEX: VCLOSE 1.822 56 1 CHG --0.18 | %CHG -0.01 I YTD -244.19 1 YTD% -11 82
FINDEX: ACLOSE 870.39 I YTD% -8.67% I 2007 28.29%
WWW BISXBAHAMAS.COM FOR MORE DATA & INFORMATION
5i.K.MPi 5? -L/..'.__ Sac4uril rlo Cc~.,e TA.Ga. sC e C..harge. Da1, '.'ol EPS S Di. P
,J. s E


I -5
11.80
9.68
0.99
3.74
2.70
14.10
3.15
8.50
7.22
3.00
8.00
13.01
14.75
6.10
1.00
1.00
3.00
12.50
10.00
h*..k -a-t


14 e t
8. 00
0.54
41.00
14.60
0 %

52wk-Hi
1.3152
3.0008
1.3948
3.7969
12.2142
100.0000
100.0000
1.0000
10.5000
1.0039
1.0038
1.0038


1 EI Atac .ar..es
11.60 Bahamas Property Fund
9.37 Bank of Bahamas
0.85 Benchmark
3.49 Bahamas Waste
1.42 Fidelity Bank
10.60 Cable Bahamas
2.21 Colina Holdings
4.80 Commonwealth Bank (S1)
3.20 Consolidated Water BDRs
2.20 Doctor's Hospital
6.02 Famguard
12.50 Finco
11.65 FirstCaribbean Bank
5.05 Focol (S)
1.00 Focol Class B Preference
0.41 Freeport Concrete
5.50 ICD Utilities
8.60 J. S.Johnson
10 00 Premier Real Estate
[, -.t c-.... .S n-.-i


'4 .15 dj,.arn,,S .W.,t.ert.aheTh 'a F... t~ 'C Id .0,2


14i 1!. 7 :ljr.am,-i our.errr.aries
6.00 Caribbean Crossings (Pref)
0.20 RND Holdings
41.00 ABDAB
14.00 Bahamas Supermarkets
.:14. rLI H1,1a1..-S


52wk-Low
1.2485
2.7399
1.3458
3.3971
11.6581
100.0000
98.2100
1.0000
9.6346
1.0000
1.0000
1.0000


Fund Name
Collna Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & I Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund


1 6.1 1 6.
11.80 11.80
9.43 9.37
0.89 0.89
3.49 3.49
2.35 2.35
14.00 14.00
2.88 2.88
7.00 7.01
3.35 3.20
2.85 2.84
8.00 8.00
12.50 12.50
11.65 11.65
5.55 5.55
1.00 1.00
0.44 0.44
5.50 5.50
12.00 12.00
10 00 10 00
Fidelity Over-The-Counter Securb es
B' I ,ASK L..aI Fr


1 .-... 1, E.-. 14 .5
6.00 6.25 6.00
0.35 0.40 0.35
Colina Over-The-Counter Securities
41.00 43.00 41.00
14.60 15.60 14.00
BISX Listed Mutual Funds
NAV YTD% Last 12 Months
1.315228- 1.58% 5.47%
2.998763*** -0.07% 8.13%
1.394847 .-- 1.44% 3.80%
3.6707-* -3.32% 14.65%
12.2142'* 2.35% 5.73%
100 00-
99.956603* -0.04% -0.04%
1.00,
10.0060*.. -4.70% -4.70%
1.0039"...
1.0038...
1.0038-..


1.086
1,500 0.643
-0.823
0.209
0.055
1.100 1.121
0.046
20.703 0.440
0.131
6,000 0.308
0.728
500 0.650
900 0.550
0.386
0.000
0.035
0.407
1.023
0 1,80


C. o00
0.400
0.180
0.030
0.090
0.040
0.240
0.040
0.300
0.052
0.040
0. e01t
0.570
0.450
0.140
0.000
0.000
0.300
0.620
0.000


,.'.ee .,-. EP- i 0.. $ P/E Yield


Di. i


3.39%
1.71%
3.37%
2.58%
1.70%
1.71%
1.39%
4.28%
1.63%
1.41%
3.50%
4.56%
3.86%
2.52%
0.00%
0.00%
5.45%
5.17%
0.00%


1 i:, 0.600 13.4 4.11%
0.000 0.480 NM 7.80%
-0.023 0.000 N/M 0.00%

. .45,0 Z: 7 r.0 9 .:1 6 70' -
1.160 0.900 13.4 6.16%
-0.023 0.000 N/M 0.00%


-e.1'J .


Market Ternm N A V Key
BISX ALL SHARE INDEX 19 Dec 02 = 1.000 00 YILD Itisl I2 1n.orltt t 1;vldu 1,1 d1V-d ,. by oein i-ricn 1 31 March 2008
52wk-Hi Htghest closing price in last 52 weeks BI1 S Buyog price of Coli"t andi Finlihy 31 Decentber 2007
52wk-Low Lowest closing price in ist 52 weeks Ask $ Soilng pace of Colinn nnd tfideliy tO 30 May 2008
Previous Close Previous dlsdays weghlted price for daily volume Lat PIce Lt trded over-the-counter prio 31 April 2008
Today'. Close Curent day' weighlted price for dely volune Wetkly V. r,04in-g volun- of the prior wek ..... 30 Ap1,1 2000t
Change Change in closing price from day to day EPS $ A copnny'. rportd u-rn-g per a hare for Iht -1t 12 r-th---- 20JAle2008
Daily Vol. Number of total shares traded today NAV Nt Asset Value
DIV $ Dividends per sharopaid in the lst 12 months N/M Not Menningful
P/E Closing price divided by the lat 12 month earnings FINDEX The Fideltlly Bahanas StoG k Index, January 1, 1994 100
(S) 4-for-1 Stock Split Effective Dato 8/8/2007
TO TRADE CALL. CFAL 242.02-7010 I FIDELITv 242-3586-7?4 I PG CAPITAL. MARKET, 242-396-4000 | FOR MORI DATA&. INFOIRMATIpN CALL aqZ94- SO.


7. Share Capital


9. Other Liabilities


Up to I year
1 to 5 years


_ :e -


..
,










THE TRIBUNE


PAGE 10B, FRIDAY, JULY 4, 2008


COI PG


Tribune Comics


JUDGE PARKER


17k


DENNIS THE MENACE


BLONDIE


"IF Ifs UNCLE SAM'S IRTPA',N/,
WgER '5 774 CAKE? "


Sudoku Puzzle
Sudoku is a number-placing puzzle based on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
Sunday

968

5

97 4

8 1

5 43

6 5

5 27
4
__6


Difficulty Level * A* 7/04


MARVIN
I HAVE ATHIRST
FOR ADVENTURE
O


TIGER


Kakuro Puzzle
' Best described as a number crossword, the task In Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
each horizontal block equals the number to its left; and the sum
of each vertical block equals the number on its top. No number
1 may be used in the same block more than once. The difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.


Yesterday's
Sudoku Answer


Yesterday's
Kakuro Anmwr

3896 71
82143 93 1
6 1 1 2M917
951 25789
21 12
17429 125
98 31 18
321 8 1 6 7 9
914 7 2879


HAGAR THE HORRIBLE


Across
1 Illicitly distilled (7)
5 Plantain lily (5)
8 On the credit side
(2,3,4)
9 Outwit (3)
10 Slight
error (4)
12 Disconnect (8)
14 Impudent (6)
15 The prime (6)
17 Roomy (8)
18 Sullen (4)
21 Not
many (3)
22 Unsentimental (4-5)
24 Stratum (5)
25 Grapple (7)


Across
1 Disconcerted when told
secrets about a number (7)
5 She's a vessel in the drink
(5)
8 Tribal rag turns out to be
rock (9)
9 A party activity (3)
10 Pays out, but not in silence
apparently (4)
12 Not saying much that's
new about it (8)
14 Still, it acts
unusually (6)
15 A truce arranged
between vicar and
laity (6)
17 Pupil power? (8)
18 Get to work again (4)
21 Row maker, or so it
sounds (3)
22 Face lift (9)
24 Rests awkwardly on a
girl's head (5)
25 The doctor had lost his life
(7)


Down
1 One tries to score in this (5)
2 Night flier turns up for a
check (3)
3 See to an advance of
money (4)
4 Ill-suited for work (6)
5 Public transport stops here
when time runs out (8)
6 Deadlock with an old friend
(9)
7 Possibly a saint taken to
heart by a man like John
Paul II (7)
11 Does it supply wood for
building aircraft? (5,4)
13 Insisted order is order (8)
14 Increase the pace? (4,3)
16 Used in a sewing machine,
it goes round a screw (6)
19 Having eaten a meal I'd
end a different shape (5)
20 Card game said to be of
royal Egyptian lineage (4)
23 Popular name for a tavern


Yesterday's Cryptic Solution Yesterday's Easy Solution


Across: 1 Jacobean, 5 Tart, 9 Corgi,
10 Derrick, 11 Hang one's head, 13
Steppe, 14 Andrew, 17 Restaurateur,
20 Brewery, 21 Noise, 22 Sops, 23
Interest.
Down: 1 Jack, 2 Corsage, 3 Bridge
player, 4 Ardent, 6 Alive, 7 Take down,
8 Present tense, 12 Ascribes, 15
Routine, 16 Crayon, 18 Sleep, 19
Dent.


Across: 1 Cucumber, 5 Calf, 9
Panic, 10 Texture, 11 Make ends
meet, 13 Norway, 14 Benign, 17
Trigger-happy, 20 Backlog, 21
Inane, 22 Eire, 23 Blighted.
Down: 1 Cope, 2 Centaur, 3
Michelangelo, 4 Extent, 6 Azure, 7
Fleeting, 8 Exasperating, 12
Unstable, 15 Implant, 16 Frugal, 18
Incur, 19 Tend.


Chess


Andrew Whiteley v Nikolaos
Skalkotas, England v Greece, chess
olympad1972. White's last turn
8e3-g5 was apparently an error
allowing Black to capture a central
pawn by Qxe4. The Greek master
duly mae the capture only to find
hehadfallen for a wkicked trap.
Can you spot the finish after Qxe4
and then find a better defence for
Black? Andrew Whiteley has won
the first English senior championship
for over-60s, storing four wins
and a draw from five games and
collecting a 1,00 jackpot. The
genial international master is the
top player for London's leading
pub team, the King's Head, which
meets every Tuesday from Spm at
the Wargrave Arms, Crawford Street,
Wl(nearest tubes Marble Arch
and Edgware Road), Non-members
are we!ome, and you may get
the chance to challenge champion


Down
1 Firing range (5),
2 Not in office (3)
3 Is situated (4)
4 Prevent from flying
(6)
5 Flammable colour-
less gas (8)
6 Play down (4-5)
7 Worry (7)
11 Seriously ill (2,1,3,3)
13 Determine meaning
of (8)
14 Shy (7)
16 Rabbit hole (6)
19 Small, gnatlike fly (5)
20 Prefix meaning
before (4)
23 Prearranged (3)


Whiteley. King's Head also runs an
ann altnetday tournament, enters
teams in the London and Middlesex
leagues, and has its own website
where you can find more information.

Chess:.8644: l...Qxe4? 2 xg7+! and Black
Resigned because of Kxg? 3 Qd7+ Kg8 4 8h6 with
mate byQg7. Instead I...Bf8! keeps the qame
going,


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You are South, both sides vulner-
able, and the bidding has gone:
North East South West
IV 24 ?
What would you bid with each of
the following four hands?
1. 4AJ542 V 63 *J74 4 KQ8
2.44 Q873 V Q75 KJ982 4 6
3. 4 KI06 V Q92 AJ83 4 KJ3
4. 4 AJ95 V KQ84 KJ962 4 -
1. Double. This is likely to pro-
duce the best result in the long run.
When partner opened the bidding
with one heart, you had no assurance
that your side had a game. If partner
has only a minimum opening bid,
game is doubtful, since it usually
takes the equivalent of two opening
bids to make a game and you have
less than an opening bid.
The prospects for game don't
change much when East overcalls
with two clubs. If you were to bid
two spades (forcing) and caught part-
ner with minimum values, you'd be
well on your way toward a game
that's probably not in the cards.
Faced with this uncertainty, the
best policy is to go for a practically
sure profit by doubling two clubs. If
partner has a normal opening bid and
passes, East is likely to go down one
or two tricks 200 or 500. A bid in
the hand is worth two in the bush!
2. Two hearts. The only question
is whether to bid two diamonds or


Di


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The
Tait
uses
monte i)
the M4f

Chambers
21st
Ceftery

11999
dSWo


HOW many words of four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be
at least one nine-letter word.
No plurals.
TODAY'S TARGET
Good 21; very good 31; excellent
42 (or more). Solution tomorrow.
YESTERDAY'S SOLUTION
creep crepe crept epic inept
INTERCEPT neep pectin peen
peer pent percent pert peter
petite pettier piece pier
pierce pincer pine pint preen
price prince print receipt
recipe repent repine ripe ripen
trip tripe


two hearts. The chief objection to
two diamonds is that it forces partner
to bid again in a hand where there
may be no game. Therefore, the
slight underbid of two hearts is pre-
ferred. If partner passes, it is unlikely
a game will be missed.
3. Three notrump. Here game is
certain, so you don't bother to double
two clubs, even though you have bet-
ter defensive values than you had in
the first problem. While you will
surely defeat two clubs, you can't be
certain that you will set that contract
enough to make up for missing a vul-
nerable game. In this sequence, three
notrump suggests 13 to 15 high-card
points and a balanced distribution.
4. Three clubs. This hand is likely
to produce a slam in hearts, provided
partner does not have wasted club
strength. It is true that you have only
14 high-card points, but that does not
begin to reflect the enormous trick-
taking power of your excellent trump
fit and club void. Partner might have
as little as: 4 KQ3 V AJ1072 Q53
4 J8, and slam would be virtually
certain.
The immediate cuebid implies
very good support for partner's suit
and great interest in reaching a slam.
It usually shows first-round control
of the opponent's suit, although on
occasion a player lacking first-round
control may decide that it is still the
best course of action.


Tomorrow: Safety play saves the day.
1:2008 King Features Syndicate Inc.


APT 3-G


CRYPTIC PUZZLE


1 2 3 4 5 6 7


8


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14 1
16
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21 2223


24 25


Contract Bridge

by Steve Becker


Bidding Quiz


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PAGE 12B, FRIDAY, JULY 4, 2008


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