N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R C M Y K C M Y K V olume: 106 No.6FRIDAY, NOVEMBER 27, 2009 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNYAND BREEZY HIGH 79F LOW 63F B U S I N E S S SEEBUSINESSSECTION S P O R T S Shareholder battle at Colina General SEEPAGEFIFTEEN Knowles and Bhupathi lose to nemesis The Tribune ANY TIME...ANY PLACE, WERE #1 BAHAMASEDITION TINGS TOUGH McDOUBLE FOR $3.79 www.tribune242.com BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E B y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r W E L L k n o w n c o n t r a c t o r E d w a r d P e n n s d e f e n c e t o F i r s t C a r i b b e a n I n t e r n a t i o n a l B a n k ( B a h a m a s ) d e m a n d t h a t h e p a y a $ 6 m i l l i o n o v e r d r a f t h a s b e e n r e j e c t e d a s i m p l a u s i b l e b y t h e C o u r t o f A p p e a l s i n c e i t a r g u e d t h a t h i s m u l t i m i l l i o n d o l l a r c o n s t r u c t i o n b u s i n e s s s d a i l y e x p e n s e s w e r e p a i d f r o m h i s p e r s o n a l a c c o u n t w i t h o u t h i s k n o w l e d g e W h i l e n o t i n g t h a t M r P e n n h a d b e e n t a k e n i l l f o r f o u r m o n t h s f r o m A u g u s t 2 0 0 6 a n d w a s a l l e g e d l y u n a b l e t o m a n a g e h i s a f f a i r s A p p e a l J u s t i c e H a r t m a n L o n g l e y n o t e d t h a t t h i s e v i d e n c e d i d n o t c o m e f r o m h i m b u t h i s t w o c h i l d r e n w h o h a d s i g n e d c h e q u e s w o r t h $ 2 5 0 0 0 0 o n t h e a c c o u n t t o k e e p h i s c o n s t r u c t i o n b u s i n e s s g o i n g A n d w h i l e M r P e n n h a d d e n i e d a u t h o r i s i n g t h e p a y m e n t s m a d e b y h i s c h i l d r e n o n e o f t h o s e c h e q u e s h a d b e e n s i g n e d b y h i m s e l f t h e c o u r t s a i d S o m e p a y m e n t s 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B y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o rS I R J A C K H a y w a r d w a s f o r c e d t o h o l d a m e e t i n g w i t h G r a n d B a h a m a P o r t A u t h o r i t y ( G B P A ) l i c e n s e e s a t h i s F o r t u n e C a y h o m e o n T u e s d a y n i g h t T r i b u n e B u s i n e s s c a n r e v e a l a f t e r h e r e f u s e d t o t o l e r a t e t h e p r e s e n c e o f t h e u n i n v i t e d F r e d S m i t h t h e B a h a m i a n a t t o r n e y f o r t h e l a t e E d w a r d S t G e o r g e s e s t a t e T h i s n e w s p a p e r w a s i n f o r m e d b y s o u r c e s w h o a t t e n d e d t h e m e e t i n g w h i c h w a s i n i t i a l l y s c h e d u l e d t o b e h e l d a t t h e G B P A s F r e e p o r t h e a d q u a r t e r s t h a t S i r J a c k a s k e d M r S m i t h t o l e a v e b e f o r e i t w a s d u e t o s t a r t I n r e s p o n s e M r S m i t h i s u n d e r s t o o d t o h a v e a s s e r t e d t h a t h e w a s b o t h a G B P A l i c e n s e e a n d a t t o r n e y f o r t h e S t G e o r g e e s t a t e a n d t h e r e f o r e h a d e v e r y r i g h t t o a t t e n d e s p e c i a l l y s i n c e t h e m e e t i n g w a s b e i n g h e l d a t t h e o f f i c e s o f a c o m p a n y i n w h i c h h i s c l i e n t s w e r e c l a i m i n g a 5 0 p e r c e n t o w n e r s h i p s t a k e T r i b u n e B u s i n e s s w a s t o l d t h a t t h e m e e t i n g t h e n f e l l i n t o a n a r g u m e n t b e t w e e n S i r J a c k a n d M r S m i t h w i t h t h e f o r m e r e v e n t u a l l y t e l l i n g a l l l i c e n s e e s p r e s e n t t o c o m e t o h i s F o r t u n e C a y h o m e f o r t h e m e e t i n g w h e r e t h e C a l l e n d e r s & C o Q C a n d p a r t n e r w o u l d n o t b e p r e s e n t T h i s n e w s p a p e r w a s i n f o r m e d t h a t a s e c o n d m e e t i n g w a s a l s o h e l d w i t h G B P A l i c e n s e e s o n W e d n e s d a y n i g h t a t S i r J a c k s F o r t u n e C a y h o m e A m o n g t h o s e p r e s e n t w e r e H a n n e s B a b a k G B P A a n d P o r t G r o u p L t d c h a i r m a n ; I a n R o l l e t h e i r P o r t s l i c e n s e e o u t r e a c h m o v e i s i n t e r r u p t e d S S E E E E p p a a g g e e 1 1 1 1 B B By ALISON LOWE Tribune Staff Reporter a email@example.com A BACK-UP fire truck and f irefighting team had to be sent to the Lynden Pindling international airport yesterday after 18 firefighters w alked off the job to protest poor working conditions. The emergency personnel f ear water piped into their o ffices is contaminated with rust and human faeces, according to Bahamas Public Service President John Pinder. They also wanted to get action from the Airport Authority on a rodent infestation and outstanding salary issues. The firefighters, scheduled to work the 9am to 9pm shift, left work between 11am and 1.30pm, leaving only two fire fighters at the airport station. They went back to work after the Airport Authority allegedly agreed in talks with Mr Pinder to upgrade their plumbing system, re-test the water for contamination, and d ouble their pest control efforts in response to the rats seen in and around theiro ffices. The Tribune was unable to reach the Airport Authority for comment yesterday as its chairman was said to have left for the day, and general manager Jerry Hutchison was saidt o be off the island until next week. The authority is responsible for the working conditions of the firestation. Shonalee King Johnson, communications manager for the Nassau Airport Develop ment company, which oper ates and manages the airport, said the airport was still fully operational despite the industrial action. Speaking of the demonstration, Mr Pinder said: They walked off the job about two hours or so in protest of poor working conditions. Their main concern Firefighters walk off job at airport COB lecturers back strike vote SEE page 10 THE Court of Appeal has denied a womans claims that she has been left traumatised because she has had to wait so long for justice. The Court of Appeal said Beryl Grants appeal was heard last year and a judgment handed down earlier this year. According to a letter from Indira Demeritte Francis, Registrar of the Court of Appeal, Beryl Grant had her appeal heard by three Justices of the Court of Appeal on June 25, 2008 and again on September 2, 2008. Judgment, she said, was handed down on May 21, 2009. However, Ms Grant was not awarded her original judgCourt of Appeal denies womans claims of long wait for justice SEE page 10 By MEGAN REYNOLDS Tribune Staff Reporter firstname.lastname@example.org AN ATTEMPTED burglary at a Cable Beach apartment ended with one of two intruders being seriously injured The daytime housebreaking at an apartment complex east of the Mar ley Resort in West Bay Street was attempted by two men at around 12.30pm on Wednesday. Police were alerted by an anonymous caller who requested an ambulance. Officers at the scene were told the men had tried to break-in to one of the apartments. A suspect was taken to POLICE have released a man who was being questioned over the armed robbery of 18 cruise ship passengers, a senior officer con firmed last night. Superintendent Elsworth Moss, head of the Central Detective Unit, said the person was released late on Wednesday. When asked if police were now back at square one in solving the crime, Mr Moss said: "Not really because we're still getting some information, people are still assisting us, people in the community are forwarding information to police. We have a number of persons who are calling, who are con By PAUL G TURNQUEST Tribune Staff Reporter email@example.com HAVING been appointed as leader of Opposition Business in the House of Assembly, PLP MP Obie Wilchcombe expressed his gratitude to PLP Leader Perry Christie and his Parliamentary colleagues yesterday. Wilchcombe appointed leader of Opposition Business in the House SEE page 12 Intruder injured in attempted burglary SEE page thr ee Man questioned over tourist robbery released SEE page 10 ANNUALTHANKSGIVINGLUNCHEON OBIEWILCHCOMBE BISHOPWALTERHANCHELL gives food to residents of the Wulff Road area during the annual Thanksgiving Luncheon at Great Commission Ministries International. F e l i p M a j o r / T r i b u n e s t a f f SETTING the stage for possible industrial action the Union of Tertiary Educators of the Bahamas has reportedly overwhelmingly voted in favour of a strike vote after months of unsucc essful negotiations with the College of the Bahamas. Yesterday more than 100 members of the U TEB took part in a strike vote at COB's S chool of Hospitality and Culinary Arts at the O akes Field campus yesterday. Dozens of other members voted in Grand Bahama and Exuma. A lthough the official results of the vote are to be released by the Department of Labour today, The Tribune understands that of the 150 facul ty members who cast their ballots, 131 voted for SEE page 10 Back-up team sent in after protest at working conditions
By ALISON LOWE Tribune Staff Reporter firstname.lastname@example.org T HE inquest into the death of a teenager in a police cell had to be adjourned yesterday after a communication probl em meant that no court r eporter showed up to record the days testimony. When the inquest into the death of 15-year-old MichaelK nowles resumes next month, jurors are expected to go to the E ast Street South police station where the boy was found hanging to see a girl who was being held in the cell next toh im re-enact what she witnessed that day. Knowles died while in custody on May 31 of this year. H e had been picked up by p olice on suspicion of committing an offence. A police report on his death suggested he had committed suicide. P roceedings in Court number seven, Victoria Gardens, got off to a halting start at a round 10.45am yesterday, day two of the inquest, with concern being raised about the absence of a court stenograph-e r to record what is said during the inquest for the official transcript. After an hour and 15 minute a djournment to see if the s tenographer could be located, Coroner William Campbell said a communication breakdown had meant that the courto fficial had thought she was not required to work at the inquest that day. Attorney for the deceaseds f amily, Keod Smith, objected to the court proceeding without a stenographer in place, despite Coroner William Campbells offer to take notes himself. Mr Smith also asked the c ourt to promise that three teenagers who he wished to testify on behalf of the deceaseds estate, including a 15-year-old b oy who was allegedly arrested w ith Knowles, would be safe from interference. He said he wanted to get the courts assurance that an orderh anded down from the Supreme Court in relation to the witnesses would be respected during the inquest. M r Smith had previously informed the Coroner on N ovember 24 that there is a Supreme Court injunction prohibiting police from interfering with the witnesses, and con-s equently had asked that someone other than a police officer take their statements a plea that was met with an assurance f rom Mr Campbell at that time t hat he would personally take their statements. I am asking that people understand that they are to bep rotected. I want to be absolutely sure that anyone who comes to this court understands that, said the attorney y esterday, again raising the matter. The only objective I have is that they are not interfered with by a police officer. I have no objection to someone fromt he Attorney Generals office interviewing them, said Mr Smith. Mr Campbell told Mr Smith y esterday that he wants to o bserve the injunction and stated that to keep it simple they can be interviewed by Archer, Higgins or myself. T erry Archer and David Higgins appeared for the Attorney Generals office in the inquest. T he matter was adjourned to December 14, at 10am. C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE ZNS sixth annual health fair was held on Wednesday at the ZNS parking lot. The theme of the event was Bridging the gap through love and unity. LETGET PHYSICAL: ZNSHEALTHFAIR Communication problem halts inquest into teens cell death PHOTOS: Felip Major /Tribune staff
By MEGAN REYNOLDS Tribune Staff Reporter email@example.com A THREAT to the tourism industry posed by the armed robbery of 18 cruise ship passengers in Nassau sparked an overwhelming response from Tribune readers in an on-line poll. Tourists vowed never to visit the islands in view of the high rate of violent crime, while Bahamians apologised for the attacks and called for better security, harsher punishments for criminals, and a greater diversity of industries to counteract tourisms inevitable fall. Three cruise lines have suspended tours of the Bahamas Association for Social Health (BASH the robbery of two groups of cruise ship passengers as they toured the park on Segways last Friday, presenting an anticipated $50,000 loss for BASH and Caribbean Segway Tours. And accounts of the traumatic event, as well as the robbery of 11 tourists at the Queens Staircase last month, and the shooting of two security guards in Atlantis Marina Village on Halloween night, have spread around the world on Internet travel blogs, international news sites and leading video sharing website YouTube, where Dutch robbery victim Ad Koens speaks out about his traumatic experience at the Earth Village and subsequent mishandling of the investigation by police. Tribune readers were asked how serious they think crime has become and most said the recent crime wave spells the beginning of the end for Bahamian tourism. Of 319 respondents to the poll, 162 said this is the beginning of the end for tourism, while 145 said the crime situa-t ion is very serious and police need to catch the perpetrators and judges need to lock them away. Just 12 readers said the robberies and shootings were isolated incidents. Minister of National Security Tommy Turnquest hinted on Tuesday the crimes against tourists could be linked and Bahamians now fear criminals are driving out the countrys main source of income. Robbery victim Charlotte Ashfield, 62, from Northern Ireland and American Paul Coladonato, 50, told The Tribune they are still traumatised after the event and will not return to Nassau. Traumatic Meanwhile, an anonymous Tribune website reader and robbery victim questioned why the cruise line took passengers to Nassau. Cruising Queen said: It was a most traumatic experience, I feared for my life, especially when the gun was discharged close to my body. I certainly would not visit Nassau again. I question why the cruise company considered this a suitable tour destination. In view of the fact that the Bahamas are heavily reliant on the tourist industry, I consider the Bahamian government owe a duty of care to the safety and protection of tourists. Sadly, there was no evidence of that. Bahamians apologising to the visitors called for the govern ment to hang criminals, revamp the police force, provide greater resources for officers and ensurea more visible police presence to enforce a zero tolerance policy on crimes against tourists in particular. They said not enough is being done to combat crime in the country. Yacht captain said: The ugly truth is the identity of these two dangerous criminals are known by more than just the perpetrators. If I was the Minister of Tourism I would offer a reward leading to a conviction . I am at a loss for words as to why a reward is not the lead headline in the local media every day until these scofflaws are apprehended. Another blogger added: Its a national disgrace and the culprits should be punished to the fullest extent of the law. These crimes are the same as robbery of the treasury because of the implications. An armed robbery victim said: What about the trauma from the attack, and the lasting affects on the victim? This completely changes your life! I hope these criminals are caught and an example is made of them so the public can realise the seriousness of these offences. And the clear threat to industry posed yet another issue. Nickie said: Its foolish for any of us to think another tourist wont be harassed, robbed or put in danger again. We need to address the issue that we have nothing else to fall back on. Lets get crime down, but look at other industries to devel op. Dr Dexter Reno Johnson added: The Bahamas is in the early post touristic era: the peri od when earnings from tourism will increasingly fall short of that needed to pay for the cost of g overnment. This incident and the reces sion are only accelerating the trend begun earlier. We have failed to diversify our economy to our detriment. In a bid to soften the blow for attacked tourists, Bahamians put out heartfelt apologies to robb ery victims. Joe Blow said: I am so sor ry this was your experience in our country . We are collec tively sorry, embarrassed, dis gusted and scared. Tourism Director General Vernice Walkine said in a press conference called after Fridays robbery that incidents of this type make it harder for tourism officials to promote the country as a place to consider for a vaca tion. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM hospital for treatment of injuries to his hand, while the second m an escaped in a green Toyota Yaris, registration number 131921. Two men, aged about 23 and 25, are being questioned by police in relation to the matter. Meanwhile investigators are still searching for the perpe trators of armed robberies at Ians Bar and Lounge and a phone card booth in Big Pond. T hree men armed with handguns stormed the bar and lounge at around 11.40pm on Wednesday, and demanded money from the employee who handed over an undetermined amount of cash. They then robbed patrons of cellular phones, jewellery, and cash before fleeing the bar. Earlier that day a gunman threatened and robbed the operator of a phone card booth in Tucker Road, Big Pond, and stole cash and phone cards from the frightened vendor. The robber escaped along a track road near the booth, head ing south, at around 3.30pm on Wednesday. Police are appealing for information to assist in investigations of all matters and urge anyone with any information to call police urgently on 919 or call Crime Stoppers anonymously on 328-TIPS (8477 Tribune readers respond to tourism industry threat THE Bahamian Democratic Movement yesterday slammed both the FNM and the PLP governments for their dismal failure to control the rise of crime, as the fledging party joined the chorus of calls for the resignation of the Minister of National Security Tommy Turnquest. The FNM government for the full period of its rule has failed to carry out its promise to control crime. Merely shuffling the cabinet to install a new minister will have little or no effect on violent crime. The FNM itself is a weak and an inept government, the party said in its statement to the media. Explaining that both parties have lacked the political will to send a strong signal that criminality will not be tolerated, the BDM said thati f it were the government, the control of crime would be of the highest priority. Bahamians must feel free to move about in their country at all times, and it is thec riminals who must fear the state. Murder in our country has reached record levels and murderers clearly do not fear the law. The BDM would strike fear in their hearts since we would move swiftly to eliminate the timec onsuming step of appeals to the Privy Council (in Lond on). The party said it would enact the necessary legislation to create a final court for criminal matters here in the Bahamas. This would ensure that a ll appeals would be speedily dealt with and lawyers who specialise in using the system to delay justice would no longer be able to offer com fort to murders. This legisla tion would be submitted for the approval of the elec torate in a referendum. Once our people have approved the Court of Appeal as our final court, and once all appeals here are completed, we would hang all murderers without any delay. This would ensure that all who choose that path would know their fate, and those who have lost lovedones to murderers can have closure. The values of our society, in particular the right of every law-abiding citizen to life, would be upheld, the statement read. The BDM also pledged that they would move swiftly to curb armed robbery by imposing a 25-year hard l abour sentence on anyone committing an offence with a firearm. Before such legislation becomes law, criminals would be given the opportunity to turn their guns in to the church, police stations, or destroy them. If criminals u se illegal fire arms in an offence or if they are found with an unlicensed firearm in their possession, the mandatory sentence of 25 years would be enforced without reservations. In the Bahamas Democ ratic Movement, our overriding principle is that no person is above the law, and all are entitled to the full operation of the constitution. However this does not mean that the grant of bail should be allowed to be abused. Our policy would be to encourage the courts to be extra careful in the exercise of the judicial discretion to grant bail in cases of vio lence. In particular, the BDM said, the granting of bail to a person accused of a gun offence must be exercised sparingly. The party added: To fur ther support our stern approach to crime, we would move swiftly to increase the level of police patrols in all vulnerable areas of the country, as our citizens and our visitors alike must equally be protected from harm. The institution of regular police patrols on our beaches and at sites frequented by visitors would be a part of a more visible police presence nationwide. This would restore the confidence of our people in the effectiveness of our police. We accept that the causes of crime are many and complex, and that each person must do a citizens part in the fight against crime. But it is the duty of govern ment to lead the fight against crime instead of shifting that critical responsibility to others, the statement read. BDM criticises both parties for dismal failureon crime rise FROM page one Intruder injured 18 TOURISTSWERE robbed at the BASHEarth Village. Three cruise lines have since suspended tours to the site.
C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm PLP chairman Bradley Roberts is starting to s ound like a broken record, what with his l amentations over the PLPs Urban Renewal programme and his contention that the FNMs p olicy of stop, review and cancel of investors contracts triggered the Bahamas present recession. Apparently the international economic collapse had little to do with tourists not beinga ble to afford to visit the Bahamas and investors pulling back on their investmentsb ecause of the tight money market. Seems, in Mr Roberts Walter Mitty world, what reall y started the downward trend was the fact that Prime Minister Hubert Ingrahams finger pushed the administrative buttons, instead of those of former prime minister Perry Christie. Bahamians can be thankful that if there werei ndeed buttons to be pushed, Prime Minister Ingraham was the one in charge. Had it beenu p to Mr Christie he would probably still be dithering over which button to push. It is possible that in the end he would have appointed one or two advisory committees and then, still reluctant, he would have hesitated. E arly out on the campaign trail the next election is not before 2012 Mr Roberts was i n Freeport last week sowing seeds of doubt. He said that the Ingraham government should n ot be allowed to get away with the excuse that the global recession which has caused colossal unemployment worldwide, particularly in the United States was the cause of job losses in the Bahamas. They blame it on the recession which did not happen until some 15 months after the May 2007 general elec tions. They are all saying that they are waiting for Obama to turn around the US economy. They went on to name some foreign investment properties which have stalled as a result of what they say was the global recession. I wish to point out that the global finan cial crisis that occurred was not in effect until 15 months after the FNM became the Government in May 2007, Mr Roberts told his supporters. He said the record would further show t hat in 2007 the Bahamian economy slowed down ahead of the US economy rather than the usual one quarter to two lag time. Do you know why this happened? he asked. This happened because the slow-down was artificially induced. Someone meddled with the economy and facilitated a virtual stall of the economy. In previous statements, he has named that s omeone as Prime Minister Ingraham. He has claimed that it was the stopping and reviewing o f programmes that the PLP had approved before it was voted out of office that resulted in the economic slow down. We would and so would the public be grateful if Mr Roberts would list foreigni nvestors contracts that were in fact stopped for review by the FNM government. So far we can only find government programmes that on coming into power the Ingraham government considered wasteful and an u nnecessary drain on the public purse. These w ere in fact delayed for review. For example, the $21 million straw market; the $2.8 million S alina Point, Acklins school for only 35 children; the road contract in Eleuthera, which after the review was actually expanded. Then there were the magistrates courts on Meeting Street, which were found to have their ownc onstruction deficiencies. There was also the proposed new offices for the Registrar Generalo n Market Street the old City Markets where contracts were awarded and monies s pent by the Christie government, but work was never completed. A similar site was the CH Reeves Jr High School where a block of classrooms is yet to be completed. Mr Roberts is wrong when he says that the w orld recession started 15 months after the FNM was the government. He was also wrongt hat the Bahamas recession started before that of the United States. According to the US National Bureau of Economic Research the recession started in America in December, 2007 seven months after the FNM was r eturned to government. Maybe Mr Roberts would now take time to a nswer these questions. There was no stop, review or cancel of Grand Bahamas Ginn p roject, which the PLP promised would be the next wonder of the Caribbean. So what happened? The PLP also promised great things from the I-Group project in Mayagua na. The FNM neither stopped nor reviewed this project. Why hasnt it lived up to the PLPs projections? The PLP promised grand things and many jobs from the South Ocean Hotel. Where is this hotel and where are those j obs? South Oceans contract was never held up by the FNM government, so, Mr Roberts, what is the story? Where is the PLP-promised redevelopment of the distressed Royal Oasis in Freeport? Surely, Mr Roberts is not going to claim that it is still on the FNMs drawing board for review. As for Rose Island, it was here that the PLP announced that mansions for the rich, i n-land marinas, and a boutique hotel would be built and would provide many Bahamian jobs. Well, where is this mirage? Did the FNMs stop review or cancel policy inter fere, or was it the worlds economic collapse that caused the developers to pull up anchor and sail away? The Ingraham government did not stop, review or cancel BahaMars Cable Beach proj ect. However, the project is still locked in uncertainty. This is a particularly interesting e xample of dithering to which we shall return on Monday. In the meantime Mr Roberts can tell the nation what happened to all of these projects that the PLP proclaimed from the rooftops would bring an abundance ofe mployment to Bahamians. Maybe he can say who meddled with these investments that facilitated a virtual stall of the (Bahamian economy? Questions for Bradley Roberts EDITOR, The Tribune. On November 23, 2009 The Tribune Business quoted Mr. Laing regarding the Bahamas Governments recent debt issue of a $300 million sovereign bond. T he Minister of Finance is quoted as saying: "Our level of foreign currency debt is less than 10 per cent of our GDP." "There is no objective analyst in the world who would regard this as problematic. The Bahamas stands as unique in t hat regard that low level of f oreign currency indebtedness. Our indebtedness, as a ratio of d ebt-to-GDP, remains a far cry f rom many in the developing world." "...Once this is done. [Foreign currency debt] will be of t he order of $600 million." There was also the obligat ory comment that the government is borrowing in US$ so t hey don't crowd out private sector B$ borrowers. A ll these comments reflect omniscience of the anointed, but I suggest they are intended to allay widespread concern that the government has lost itsw ay where our fiscal policy is concerned. Remember their Manifesto 2007 promised adoption of a "Balanced Budget" y et two years on, extraordinary d ebt offerings are now required just to finance little more than g overnment payroll. Now I know we are facing a huge world wide recession and I'm glad it's Mr. Laing and hisc olleagues that have to face the e conomic problems the country faces and not me, but had they not burdened the Bahamian people with such a vast gove rnment bureaucracy in the first place, these drastic measures might not be necessary. Finally, government debt is debt, whether in US$ or B$ and becomes the responsibility of every Bahamian so it really doesn't matter if The Bahamas is "unique" when compared to many (countries oping world." With a national debt fast approaching $4 billion and over 50 per cent of GDP, a GDP that is shrinking in this economic environment by the way, cute statistics will do nothing to help Bahamians that will be b urdened with either a higher t ax rate, a devalued currency, or both in the years ahead. A nd where will today's Parl iamentarians (both PLP and FNM as they are equally culpable) be? Collecting their pensions from the public trough of c ourse. R ICK LOWE Nassau, N ovember 26, 2009. Zhivargo Laing gets it wrong again LETTERS firstname.lastname@example.org EDITOR, The Tribune. It is about time that some credence and meaningful response b e told on the Urban Renewal and the National Youth Services. Sometime during the late 1960s, Dr Doris Johnson was able to g et the PLP government to sponsor a project that was headed by Mr Kermit Ford that caused the pioneer drum and bugle corps to come into being. This was the largest band ever to be formed in the history of The Bahamas. This grouping had many sections; there was teaching, disci pline, art, culture and developing of young minds, including giv ing them a sense of pride. S ir, this was one of the most successful and organised operated Youth Movement in the history of these Bahama Isles. Thes ons and daughters of the inner City were beginning to see through the crust of suppression. T heir human insight into music, dance, and art, displayed a way of life which would have shown one how to have compassion; had this group been allowed to continue and accomplish the ideals they sort to have. I feel it would have been a part of the solutions the leaders of today are seeking for the many ills o f our society. Sir, I was told by Mr Kermit Ford that petty politics by his b eloved PLP party cased this programme to be scrapped. The Urban Renewal Centers can make an impact by assist i ng schools in their area and by liaising with parents of school children with who are not attending school during school hours. I would like to see a national community coordinate scheme where religious, sporting, civic and cultural art discipline can be implemented; so as to help stimulate some minds in a positive w ay. This undoubtedly will be an asset for New Providence dividing into ten (10 p ast; Hon Kendal G L Isaacs, Bishop Alvin Moss, Bishop William Franks, Father Marcian Peters, Rev Talmadge Sands, and Bishop William V Eneas, Dames Dr Doris Johnson, Mr Kermit Ford, Mr Sydney Wilson, Lavoin boar Stuart, Dr Granville Bain and Charles Moss. This will mean a full and stiffs chedule, but I am sure it can be accomplished with Gods help. DEREK ROKER Nassau, November 18, 2009. EDITOR, The Tribune. I am a citizen of the Bahamas and I am concerned with the access we have to beaches. There is a growing trend, particularly in New Provi dence, where construction of buildings results in blocking access to beaches from inland. Beaches are the prime venue for recreational activ ity for both Bahamians and visitors. During the summer months particularly when the atmospheric tempera tures are high, most of us resort to beaches for com fort and enjoyment. In contrast, in some countries where people are unable to receive comfort from the heat many of them die from heat exhaustion. Also our beaches are a wonder asset to our Bahamaland, which makes foreigners want to visit the Bahamas. My plea to you is to seek ways and means through legislation to ensure that all beaches in the Bahamas must be accessible from inland to the public. TIANA ROLLE Geography College of the Bahamas Student Nassau, November, 2009 The Kermit Ford story C C o o n n c c e e r r n n o o v v e e r r b b e e a a c c h h a a c c c c e e s s s s
By NATARIO McKENZIE T ribune Staff Reporters n email@example.com THE COURT of Appeal y esterday upheld the convictions and sentences of a 59-year-old man who was found guilty last October ofh aving sex with two young g irls. Leonard Rolle, 59, of Fox Hill was found guilty of hav i ng unlawful intercourse with the victims, ages nineand 11, on October 23, 2008 following a trial before Acting Justice Elliot Lockhart. He was sentenced to 14 years imprisonment two consecutive seven year terms. According to evidence produced at the trial, on November 26, 2004, Rolle went to the home of the two girls while their mother was at work and forcibly had sex with them. Under oath, Rolle admitted that he had been at the house but denied entering the building and having sex with the girls. His legal counsel submit ted three grounds of appeal related to the actions of the judge at the trial and the directions he had given to the jury. It was argued that the judge had not given spe cific directions to the jury on the issue of corroborating evidence; that the judge failed to warn the jury to take into consideration the ages of the girls when the incident occurred, not withstanding their ages when they gave sworn evidence at the trial; and that the judge had failed to treat the charges against Rolle sepa rately. Announcing the decision of the appellate court yesterday, Justice Stanley John said the court was of theview that the trial judge, while giving directions to the jury on the issue of corroborating evidence, had done so with the utmost care and c larity. Justice John further noted that the trial judge had pointed out to the jury onm ore than one occasion that t here was no corroboration between the medical evi dence and the testimony of the young girls. The medical evidence included the fact that no semen was found on the victims, however a doctor explained that semen would not be present in all such c ases. J ustice John noted that under the law, only the slightest penetration is required for commission of the offence in question. He also noted that the prosecutions case was that the incidents involving the two girls took place on the same date and at the same time and place. In light of this, the submission that the judge had failed to treat the charges against the appel lant separately could not be successfully advanced, the justice said. Rolle, who has always denied committing the offences, told the court yes terday, God knows I never been in that house and rape them girls. My last child is as old as the last girl. If you didnt do it, b elieve you me, God knows that too, President of the Court of Appeal Dame Joan said. D eputy director of Public P rosecutions Cheryl GrantBethel along with Stephanie Pintard appeared for the prosecution yesterday. By NATARIO McKENZIE Tribune Staff Reporter n firstname.lastname@example.org THE Court of Appeal yesterday dismissed an application on behalf of former FNM MP Lester Turnquest for leave to appeal the freezing of his companys assets. A ttorney Stephen Turnquest of the firm C allenders and Co appeared on behalf of M r Turnquest the appellant in relation to an application for leave to appeal two decisions by Senior Justice John Lyons arising from a dispute between Turnquest and his former business partner and banker,H ywel Jones. The civil dispute over the owne rship of several companies and allegations against Turnquest by the Britannia Investment Group Limited of misappropriation of funds remains before the Supreme Court. Although Senior Justice Lyons had denied leave to appeal his decisions, Mr Turnquest sought leave from the appellate court to appeal an asset freezing injunction placedo n Turnquests investment firm, Bonnycord Group Limited, and the Britannia Invest-m ent Group. He also sought leave to appeal a nother order by the judge that essentially d enied an application to set aside that order. Court Court of Appeal President Dame Joan S awyer noted, firstly, that the court was conc erned with the procedural process, as Mr J ones who was a principal protagonist in the m atter was now dead. Jones, 55, a UK citizen who had permanent residence in the Bahamas, died in May after being shot in the head in late April outside his office near Gambier Village. So far no one has beenc harged with his killing. Attorney Christopher Jenkins, who a ppeared on behalf of the Britannia Investment Group, told the court that the application by Mr Turnquest did not include an application for an extension of time as he was out of time in relation to both appeals of t he orders dated September 21, 2007 and February 18, 2008. In light of this Dame Joan noted that t here was no viable or proper appeal before the court. Dame Joan subsequently suggested that Mr Turnquest withdraw the a pplication and continue with the matter currently in the Supreme Court. Mr Turnq uest then sought leave to withdraw the a pplication which was dismissed by the appellate court. President of the Court of Appeal, Dame Joan Sawyer, with Justices Hartman Longley and Stanley John heard t he matter. E arlier this month, former MP Turnquest was arrested and questioned by police over a llegations of forgery dating back to 2007. Mr Turnquest maintains his innocence in t he case. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Harbour Bay Extra 5% off for Privilege Cards & Corporate Partners O O n n L L a a d d i i e e s s C C l l o o t t h h i i n n g g 2 2 5 5% %O O f f f fNew Arrivals O O n n L L a a d d i i e e s s C C l l o o t t h h i i n n g g 2 2 5 5% %O O f f f fFashion Finds $10.00 And up t!"!&! '*$&., *,& .b' "' %$&*,'"''$-"!"* ,b"$&!$"$" n n b f r f r r t ( + % +#n bf *$& &.$"$".$,&'*ffb(#%(%!)%r)&" Ex-MPs application for leave to appeal dismissed Mans convictions of sex with young girls are upheld L ESTER TURNQUEST
OPPOSITION spokesman on foreign affairs and the public service Fred Mitchell is calling on government to revisit its foolish decision to restrict internet access across the board at all government ministries. In a statement issued to the media yesterday, Mr Mitchell said the decision reminded him of when upon being appointed minister in charge of the Public Service under the last PLP government, he arrived at his office to find that internet access had been blocked on his own computer. When I asked the permanent secretary about this, she informed me that the Ministry of Finance had arrogated unto itself the authority to simply r estrict access on grounds similar to those espoused by the Minister (of State for Finance, Zhivargo Laing) in the unfortunate defence in todays press. Needless to say, I asked for it to be reversed forthwith.I am therefore surprised that this matter is being brought up again. The minister argues that this makes the government more efficient but there is no empirical evidence to suggest that it does. The government has it backwards. Experts The experts who came to me when I was minister for t he Public Service from the I nter American Development B ank on Public Sector Reform told me that the problem with the governments system was not abuse of the system, but the fact that the platform that they were using did not have sufficient capacity to meet the demands made by government workers and the public for access to the governments system. The answer then was for the government to invest in increasing capacity not restricting use. That is still the likely answer, Mr Mitchells aid. The former minister said the internet restriction policy is typical of the actions of well-meaning but sometimes insensitive bureaucrats who make decisions without reference to those who actually work in the system. This is the blunt instrument of restrictions instead of investing in more capacity. Then they have ministers trot out senseless statements about efficiency, when it has nothing at all to do with efficiency. Employees now have to go home to use the internet. Sometimes the governments system is down forh ours at a time or takes minutes to download simple material or government workers cannot access their government e-mail address. The fact is, e-government is a failure in the Bahamas and the minister should revisit this matter because it will now make the governments work more difficult to do, as one attorney in the Attorney Generals office has already indicated to The Nassau Guardian. Other public servants are complaining about this andt heir voices need to be heard. Instead of the government being bloody minded about this, they ought to reverse course. In the end, the public is going to suffer, he said. C M Y K C M Y K LOCAL NEWS PAGE 6, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &+5,670$6$/( % % % % % % % % % % % % % % % Mitchell attacks govt over foolish decision to curb internet access Call for lifting of restriction at ministries FREDMITCHELL
By MEGAN REYNOLDS Tribune Staff Reporter m email@example.com A BAHAMIAN filmmaker has hit out at the Ministry of Tourism over its initiative to help launch the careers of a mateur British filmmakers accusing the ministry of o verlooking Bahamian hopefuls. The 14 Islands Film Challenge invites 14 British filmmakers to showcase 14B ahamian islands in movies intended to prom ote the unique character of each island and illustrate the diversity of the Bahamas. B ut Bahamians are only invited to act as envoys in the islands, showing the filmm akers hidden treasures of e ach location and assisting with production over 14 days. Winners L eading British director Bharat Nalluri and deputy d irector general of the Bahamas Tourist Office in London Tommy Thompson will choose the winners of a ,000 prize, state-of-thea rt camera equipment and an invitation to have their film premiered at the BritishA cademy of Film and Television Arts (BAFTA carpet event in March 2010. But the initiative has insulted Bahamian filmmaker Celi Moss who wouldl ike to see aspiring Bahamia n filmmakers given the same opportunity being offered to foreigners. Bahamas Film Festival founder and director Mr Moss attributes the exclusion of Bahamians from thec ompetition to a negative mindset towards locals. He said: We are always looking for other persons to promote our country for us rather than using Bahamian people. We have a lot of talent here, and we dont expect t he government to finance our films, but at the same t ime we dont expect them t o launch other peoples careers. Bahamians are being overlooked as part of our o verall mindset, and that has to change. Movies are a multi-million dollar industry, and if somebody had some sense we could be creating our own Tyler Perrys, and more S idney Poitiers. Rather than always l ooking for people to come i n to promote us, we could have global Bahamian a mbassadors across the world. I n response to the missed o pportunity, Mr Moss is creating a documentary about the 14 Islands Film Challenge from his perspective as a Bahamianf ilmmaker with more than 1 0 years experience. Challenge The documentary will challenge the governments attitude towards Bahamian artists as the camera follows Mr Moss and his supporters on peaceful protests, and tot he BAFTAs for the British f ilm premiere. Mr Moss, whose repertoire of films includes My Old Man, Survivor and Balls Alley said: In their haste to promote the Bahamas they have done a disservice to Bahamians; we didnt even have a chance. If the government are g oing to spend this kind of m oney to launch somebodys career, we feel it should be Bahamians they are helping. Its shameful, its almost treasonous, the mindset just has to change, it seems they dont see the big picture. But if theyre going to launch other peoples careers over ours we are going to use the opportunity to our advantage. Minister of Tourism Vincent Vanderpool-Wallaced id not return calls for comment before press time yest erday. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Ministry criticised for helping to launch British filmmakers careers ahead of Bahamians BAHAMIAN filmmaker Celi Moss
C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BAHAMIAN women have been reminded that as they cele brate 47 years of having the vote, they must not forget disabled women and their ongoing fight for equality. I ris Adderley, a consultant w ith the governments Disability Affairs Unit, said all women in the Bahamas continue to be c onfronted with gender biases, b ut disabled women face additional problems as well including a higher likelihood of becoming a victim of sexual assault or violence. What is it that women with disabilities want? We want thef reedom and the right to part icipate fully and to be included in every facet of our societys economic, political, religious, cultural and social life, she s aid. We want accessible and affordable housing, we want the proper support services for our various disabilities, we want tob e able to access the educat ional system, we want to be able to be employed as well as have a social life including the right to enter into relations hips. According to global statis t ics, Ms Adderley said, girls living with a disability are twice a s likely to be sexually assaulted as other women, more likely to be victims of violence and more likely to feel they must keep silent about such attacks. I n the Bahamas, women who have a disability also must fightt o be respected for their minds, she added. A lot of women with disabilities do not have the look. Our disabilities may have our bodies not shaped like a nor mal persons body. We may have a limp or our hands may n ot be formed properly and those things make us not attractive to the public, she explained. M eanwhile, the government s ays it is working towards facilitating the needs of persons with disabilities. I n the 2010 census, the D epartment of Statistics will for the first time be asking questions aimed at helping create support services and programmes for persons with disabilities. The data will give the gove rnment a better picture of the p revalence of certain disabilities and help answer certain questions such as: The average age range of p ersons with disabilities Whether more men or women suffer from disabilities The types of disabilities m en and women are more likel y to have respectively The census should also help authorities establish the average education level of persons w ith disabilities, their salaries, whether they are married, sin g le or divorced, and whether they were born with a disability o r became disabled later in life. Ms Adderley said: The statistics will stop us from guessing and it will also help us interna tionally because there are t hings we will be able to be qualified for that we may notb e now, she said. A lot of times when you ask i nternational organisations for help the first thing they say is what are your stats, and guessing does not work with them. Women living with disability continue to fight for equality FIGHTING GENDER BIAS : Iris Adderley, consultant with the governments Disability Affairs Unit. P a t r i c k H a n n a / B I S
The encore screening of Show Me Yours (Nassau w ill take place at 7pm on Saturday, November 28 at T he Hub. T he film features original video footage with audio d ocumentation of the live performance. If you listen closely you c an even hear the audience join in. A dmission to this screening is $15 per person and includes a complimentaryg lass of wine. Space is limited. S how Me Yours (Nassau was presented by The Hub and Popopstudios Centref or the Visual Arts. Canadian In March 2009, Canadian v ideo artist Christina Zeidler collaborated with 57 Bahamian artists in their favourite or secret spot in Nassau. Together they created one m inute of video at each location. M s Zeidler then edited the segments together to make a 57-minute video.T he video was screened in Rawson Square, Nassau on M arch 27 as a part of the opening event for the fifth Transforming Spaces week-e nd. The screening featured a live band creating an improvised soundscape to the images. The band comprised of local professional musicians,who came together specifi c ally for this performance. Some of the artists joined their video on stage to addt o the live performance. A rtists S ome of the participating artists included: John Alfred T hompson, Margot Bethel, Toby Lunn, Obediah Michael Smith, KareemM ortimer, Michael Edwards, Sue BennettWilliams, Nadia Campbell, John Cox and Nadine Thomas-Brown. F or more information on the screening, e-mail, firstname.lastname@example.org, call 3224333 or visit www.thehubbahamas.org. T he Hub is a collaborative space where ideas and r esources are shared across d isciplines, particularly but not exclusively the arts. T he collective includes artists, performers, groups and individuals concernedw ith the environment and those who support the crea tion of a greater sense of community. The Hub is home to a r ange of activities and shows, including original art; f ilms; lectures, discussions and demonstrations; workshops; dance; live music; the-a tre; poetry readings; a junkanoo shack; and serves a s a gathering place for forming alliances and networking with openand like-m inded groups and individuals. C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Saturday encore screening of Show Me Yours (Nassau F ILMTOBESHOWNAT 7 PMAT T HE H UB ADMISSION $ 15 PERPERSON TOBY LUNN one of the participating artists. In this file photo he stands before one of his pieces. Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the area or have won an award. If so, call us on 322-1986 and share your story. F or more information on the screening, e-mail, i email@example.com, call 3224333 or visit www.thehubbahamas.org. Screening information
the strike while 19 voted against. U nion President Jennifer IsaacsD otson told the media that it was d ifficult getting COB officials to the n egotiating table in February and even harder to agree on terms of their contract which expired in June 30, 2008. Earlier this month she outlined the union's dilemma to the media. "We need to have our terms and conditions signed. The administration of the college j ust got its two-year contract signed. Why are you now putting the faculty through this? The staffs contract is now coming to an end in December and so imagine if it is taking us this long, how long its going to take them. The middle managers are in negot iations with the college and they are n ot getting anywhere either. So it appears that the college is deliberately stalling to sign any documents with any of the unions at the college," Ms Dotson told a local daily. The union has been in protracted negotiations with COB since Februa ry, 2009 and has filed a number of g eneral trade disputes. To date the union has signed only one clause which covers union dues. Among other things, the union is fighting for a pension plan and to keep their existing healthcare plan. The union is also fighting against: Bad faith bargaining on the part of C OB; the required PhD for tenure; t hat study leave will not be available t o Bahamians on contract; non-faculty status for librarians, counselors and researchers; arbitrary promotions process; changing of the criteria and qualifications for promotions; outstanding promotion exercises for 2007-2008 and 2008-2009; refusal to fix the promotions process outside o f a final document; and failure to p ay the number of agreed upon increments to those promoted and returning home with advanced degrees. C M Y K C M Y K LOCAL NEWS PAGE 10, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM is the contamination of the water that they are exposed to, and the level of rodents in the area in which they work. There are also some salary issues that need to be addressed. Mr Pinder added that some of the employees who were transferred from the Department of Civil Aviation to the Airport Authority are also frustrated that the government is trying to force them to pay into a contribu tory pension plan when their terms and conditions said theyd have no lesser condi tions than other civil servants. Mr Pinder said that the firefighters remain disgruntled about unresolved issues but are mindful that the airport is particularly busy at this time and they do not want to dis rupt services there. They thought theyd bet ter do something to draw some attention to what was going on, he explained. m ent of $483,271.17. The Appeal court reduced the award to $115,850. Justices Dame Joan Sawyer, Osadebay and Longley agreed that the appeal should be allowed in part, but the awards made by the Registrar for past loss of earnings and future loss of earnings be set aside. The award of $50,000 for exemplary damages was confirmed and accordingly the sum of $34,450 was substituted for past loss of earnings and $31,400 for future losses with a total award of $115,850. The Tribune apologises for Ms Grants statement that an appeal hearing in her case was still pending. In a telephone interview with The Tribune moments after Mr Christie made the appointment official, Mr W ilchcombe said that he w as honoured to lead the PLPs team in shaping the d ebate in the House of A ssembly. I think it is a significant appointment, Mr Wilchcombe said, and I am hon oured to have been asked to serve and I plan to do so, respecting the traditions anda lso building upon the work t hat has been done by my predecessors, particularly Dr Bernard Nottage who led us very effectively during thel ast two and a half years. Speaking of Dr Nottage, Mr Christie in his statement released to the media,t hanked the former Leader of Opposition Business for his able and diligent work.D r Nottage resigned from t he post last month and chal lenged Mr Christie for the leadership of the party at the PLPs 51st National Con-v ention in November. However, despite Dr Not tages best efforts Mr Christie was able to againw in the leadership of the party in a convincing show ing. I have today informed A lvin Smith, the Speaker of the House of Assembly thatI have appointed the Member for West End and Bimi n i, Obie Wilchcombe, as the new leader of opposition business in the House ofA ssembly in place of the M ember for Bain and Grants Town Dr Bernard N ottage who resigned the said post in October of this year. Now that Mr. Wilch c ombe has been appointed, I have every confidence that the high standard set by his predecessor will continue tob e met as the Opposition goes about its important work in the House ofA ssembly, Mr Christie said. T he PLP leader also not ed that the party is presentl y undertaking a series of far-reaching administrative a nd operational changes i nvolving the assignment of a dditional responsibilities, especially to its new Deputy Leader, Philip Davis whoh as already taken up the key responsibility for the coordination of the partys preparations for the next General Elections. Echoing these sentiments, Mr Wilchcombe said he will b e working to bring the best o ut of each member within the party. I think it was what Mr C hristie has demonstrated that the party has many players and in order to forma team and in order to win e lections you must use all the players that you have. My job is to help in strength ening our unity. Yes, we c ame out of a convention but I think for the most part the example that I set was listen, the convention is overw e are beyond that, now is the time to build and organize our party for the next election. And that is what we are going to do. FROM page one Fir efighters Court of Appeal FROM page one College of the Bahamas lecturers back strike vote Share your news The Tribune wants to hear f rom people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning f or improvements in the area or have won an a ward. If so, call us on 322-1986 and share your story. FROM page one Wilchcombe appointed leader of Opposition Business in the House FROM page one P ERRY CHRISTIE D R B ERNARD NOTTAGE
C M Y K C M Y K LOCAL NEWS PAGE 12, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM /HJDORWLFH127,&(1289($8(1785(6,1&ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG & RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRU L V $UJRVD&RUS1DVVDX % DKDPDV /HJDORWLFH127,&(856$,125&2/7'ROXQWDU\/LTXLGDWLRQf1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRUL V $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&(60$57,(:/7'ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&($77:$7(5/,0,7('ROXQWDU\/LTXLGDWLRQf1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRUL V $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&(%(5/,12:(56,1&ROXQWDU\/LTXLGDWLRQf1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRUL V $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&(35(0,80(/,7(6,1& ,QROXQWDU\/LTXLGDWLRQf1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ W KHGD\RI1RYHPEHU7KH/LTXLGDWRU L V $UJRVD&RUS1DVVDX %DKDPDV cerned about what happened and are giving in information." No one else has been arrested subsequent to the person's release. Mr Moss would not reveal why the person was released from custody but said police "hope to soon" make further arrests in the case. On Wednesday, police confirmed that a person closely associated with Caribbean Segway Tours the local company who facilitated the tour for the tourists had been assisting them with their investigations. Around 12.15pm on Friday, a group of cruise passengers were on a Segway tour of BASH's Earth Village when two armed gunmen approached. The men tied up the Bahamian tour guide with the first group and ordered the passengers to the ground before robbing them of money, passports, cell phones, credit cards and personal items. A second group of visitors approached and were also robbed at gunpoint. Police said a Bahamian woman was gun-butted to the head during the attack adding that no shots were fired during the incident. However, this was disputed by many of the disgruntled victims, whose stories spread like wildfire on Internet blogs. Royal Caribbean International cruise line passenger Ad Koens, from Holland, spoke out about the horror he endured in a video posted to the website You Tube. He highlighed what he claimed was the incompetence of the Bahamian police in the aftermath of the event and gave the RBPF a rating of zero to one in terms of the active investigation. Charlotte Ashfield, another Royal Caribbean passenger, told The Tribune the incident has left her scarred. She sought medical care upon her return home and is on medication to calm her anxiety from the attack. T he 62-year-old retired public servant from Northern Ireland first thought the two bandits were actors in a Bahamian pirate themed skit. However, reality set in when she was dragged from her Segway, pushed into a ditch and cursed at by the shotgun-toting robbers, she claimed. "I looked up at one stage and he pointed the gun at me and told me to g et down b****. The gun was then discharged in the ground beside my body. I don't know if he was a poor shooter or just trying to scare me. "I was, and still am, traumatised. The loss of material items are unimportant when we realise there could so easily have been loss of life," she said. Mrs Ashfield said she has no plans to return to The Bahamas. Assistant Commissioner Raymond Gibson, who heads the Crime Division, said he watched a portion of Mr Koens' video and called the criticism "unfair". He said: "It's totally unfair because all of the information he claimed that we didn't get from him I can say without a doubt that the information was obtained phone contacts, email contacts we have all the information we need. "I think the investigating officers did an exceptional job. They carried out their duties in a professional manner and I think the assertions made are totally unfair. "I don't know why he felt like that but it is normal practice to go through investigations in a thorough manner. We got the representatives from the US Embassy, they were present as well after the robbery, also Ministry of Tourism officials. So it was a collective effort," he added. NASSAUANDBAHAMAISLANDSLEADINGNEWSPAPER tourists in shotgun terror C M Y K C M Y KVolume: 106 No.1SATURDAY, NOVEMBER 21, 2009 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHERCLOUDS AND S UNSHINEH IGH 84F LOW 74F I N S I D ESEE PAGETWOSP O R T SD ream trip toS EE PAGENINEL ucayan HarbourD ennis Darling eager for BAAA election results Minister tells ofh is grave concerThe TribuneANY TIME...ANY PLACE, WERE #1 B AHAMASEDITIONTINGS TOUGH M cDOUBLE FOR $3.79www.tribune242.com BAHAMASBIGGESTCARSFORSALE, HELP WANTED AND REALESTATE I N S I D E PHOTO: Tim Clarke/ Tribune staff CHARGED: Bradley Ellis, 40, appeared in Magistrate Court yesterday charged with a string of rapes and other offences. MANFACESSTRING OF RAPECHARGES By ALISON LOWE Tribune Staff Reporter firstname.lastname@example.org A MAN appeared in court yesterday charged with a string of rapes, the indecent assault of a child, and numerous armed robberies and burglaries. In all but one of the 23 charges, t he alleged victims were women or g irls. The crimes are said to have b een committed on nine different d ays between October 16, 2009, and last Tuesday, November 17. On one night alone, Bradley Ellis, 40, was accused of raping and robbing one woman of $13 before going on to rob three other womena nd a man. After arraigning Ellis in court number eight yesterday, Magistrate C arolita Bethel remanded him to p rison and told him to return to c ourt on Monday, November 23, for a trial date. Speaking up in his defence, Ellis, 40, of Hospital Lane, Nassau, claimed police beat him while in custody and that he was forced tos ign certain things. B Y AVA TURNQUEST A WOMAN who was allegedly brutally beaten by police more than 20 years ago says she is struggling to maintain her sanity as a date for the appeal to her case, which she won in 2005, has yet to be set. B eryl Grant told The T ribune of the daily trials she endures to secure basic necessities for her family, and of her desperation for closure to the struggle for justice that has left her mentally and physically traumatised. The former hairbraider w as involved in an altercat ion with police constable Roy Cooper in January 1988, through which it was alleged that Ms Grant was assaulted and wrongfully imprisoned. Ms Grant explained that in the years since the details of her case were a nnounced, and the publ ic made aware of how her case has languished in the Bahamas legal system, she has amassed a huge amount of debt the amount steadily climbing as she awaits the appeal. Due to financial constraints, Ms Grant beganr enting from her lawyer u nder special agreement t hat the rent would be paid once she was compensated. Ms Grant said, though only a fraction of her accumulated debt, at the end of this year, she will haveWoman left traumatised by long wait f or justice By TANEKA THOMPSON Tribune Staff Reportertthompson@tribunemedia.netA VIOLENT argument b etween two men left one d ead from fatal stab wounds, say police. Officers were informed of the stabbing incident in Gregory Town, Eleuthera, at around 11.22pm on Thursday. It is alleged that two men got into an altercat ion, which resulted in one o f them being stabbed about the body. Police press officer Sergeant Chrislyn Skippings said: The male died as a result of the injuries received. Police are investigating." The identity of the victim has not been released. Police are questioning a m an in his mid-twenties. Man stabbed to death after argumentSEE page six SEE page six BY TANEKA THOMPSON TWO men wielding shotguns robbed 18 t ourists who were on an eco-tour yesterday. The brutal thugs also gun-butted a Bahamian woman during the robbery, however her injuries are not life-threatening. She was the only one hurt during the hold-up. The visitors, who were passengers on the Disney and Royal Caribbean cruise lines, were part of two separate groups touring the Bahamas Association for Social Healths ( BASH) Earth Village in the former Perpall T ract Wellfield area when they were attacked a t about 1pm. The men tied up the Bahamian tour guide with the first group and ordered them to the ground before robbing them of money, passports, cell phones, credit cards and personal items. During the robbery, a second group of visitors approached and were also held up. National Security Minister Tommy Turnquest, flanked by Commissioner of Police Regin ald Ferguson, several senior police officers and Ministry of Tourism officials, ordered an impromptu press conference at police headquarters last night. Mr Turnquest told reporters the incident was one of grave concern. The last thing that we want to happen is to have our tourist destination marred by these t hugs, he said. The Minister said every available police unit was being utilisied to track down the suspects. SEE page six T im Clarke/ Tribune staff GRAVE CONCERN: National Security Minister Tommy Turnquest at the press conference. T HETRIBUNE r eported on the story last Saturday. FROM page one Man released
By RENALDO DORSETT Sports Reporter email@example.com WITHone of their leading scorers sidelined, the Magic have managed to string together consecutive wins, w ith yesterday's win an indication of the their legit potential as a playoff threat. The Magic overcame a 16-5 h alftime deficit behind a relentless full-court trap and clutch baskets by Marcalene St Jean shocked the Cobras in an overtime thriller. St. Jean poured in a game high 21 points and accounted for 60 percent of her team's o ffensive output to lead the gutsy comeback effort. In the first half, the Magic relied on St. Jean to score four o f their five points and had trouble making plays in the half-court set. In an attempt to keep pace with the Cobrasf astbreak, the Magic ended the half with several desperation three pointers which fell short. C obras point guard Terranique Rodgers looked unstoppable in the open floor and the Magic defence had no a nswer for her saavy ballhandling up the floor and penetration in the lane. The second half became a complete turnaround as GHS opened with a stifling fullcourt trap geared to take the ball out of Rodgers' hands and force the Cobras supporting cast to make plays. The trap forced a 12-2 run a s the Cobras turned the ball over on several consecutive possessions trying to force the ball to Rodgers. St. Jeans parked the run when she made four of six free throws from the line and scored a pair of layups to get the Magicb ack into the game. Nakythra Gilcud's jumper brought the Magic within one, 18-17, before Paula Greene endedt he run for the Cobras to keep them ahead. After a St. Jean free throw, Elizabeth Gar diner tied the game at 20 on a rebound and putback with 9:03 left to play. Gardiner used her size to her full advantage inside and scored the go ahead basket on the ensuing possession. The final few minutes of the gamef eatured several ties and lead changes as both teams fought for a late game advantage. Lashanae Green tied the game at 22 for the Cobras, before Gilcud again put the Magic ahead. Green again tied the game with a layup, however fouled out on the next play. The Cobras regained the lead on a basket by Rodgers with 1:36 remaining, and Paula Greene came up with a steal and breakaway layup to put her team ahead by four with under one minute left to play. Gardiner scored again for the Magic to bring them with two, 28-26 with 42 seconds remaining. After Greene missed a pair of free throws, GHS missed five shot oppor tunities to tie the game before St. Jean tied the game with a driving layup with just five seconds left to play to force overtime. St. Jean scored the first basket of the extra period before Rodgers scored to tie the game early on. Lashanta Deveaux broke the 30 all tie with her steal and breakaway layup Deveaux scored two plays later to give the Magic a 3 pt lead with 14 seconds left to play raining. Rodgers had an opportuni ty to the tie the game as she was fouled on a successful dri ve to the basket, but missed the free throw for a possible three point play. St. Jean was the lone Magic player in double figures while Gardiner finished with six and Deveaux added four. Rodgers led the Cobras with 12 while Jaynell Cox finished with seven. C M Y K C M Y K SPORTS TRIBUNE SPORTS FRIDAY, NOVEMBER 27, 2009, PAGE 13 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Magic win in overtime thriller FELICIA Woodside moves around the defence. MARCELENE St Jean drives to the basket. CC SWEETING Jaynell Cox holds on to the ball F e l i p M a j o r / T r i b u n e s t a f f
By BRENT STUBBS S enior Sports Reporter firstname.lastname@example.org LESS then one week after t hey were returned to office, the newly elected executive board of the Bahamas Assoc iation of Athletic Associations paid a courtesy call on Minister of Youth, Sports a nd Culture, Desmond Bannister. In presenting a manifesto t hat they campaigned on and t hey hope to be guided by as they go through their threeyear tenure in office, Mike S ands, elected for his third term as president, said they are all eager to get down to t he task at hand. This team developed a vision that we feel and is sati sfied will take track and field to the next level, Sands aid. Were very enthused about i t and weve been meeting on a regular basis and we will contnue to meet until we are s atisfied that the plan is met. S ands, who is back at the helm after being ousted by a vote of no confidence in 2 008, said they were told that the manifesto is only full of promises, but he said they a re satisfied that it is the road m ap for their success. Joining Sands were first v ice president Sherwin Stuart; secretary general Timothy Munnings, treasurer Laur a Pratt-Charlton; assistant treasurer Debbie Smith; public relations officer Alpheus Hawk Finlayson, statistician Bernard Newbold, SpecialP rojects Officers Linda Thompson and Foster Dorsett and Parents Associa tion founder Harrison Petty. In accepting the docum ents, Bannister congratul ated the executives for the deep commitment they have a ll demonstrated to the sport. He noted that his ministry followed the elections very c losely and he was pleased to see the transpirent demoncracy in both the campaign a nd the actual elections. But Bannister advised the n ew executives that they m ust go through the healing process by ensuring that theye xtend an olive branch to the p ersons on the opposing side. The real test of your democracy in the association is how well you embrace the side that lost, how well you pull them into the fold of theo rganisation because they all m ean well for the sport, he s aid. If you in the process lose some individuals thats understandable. But if youc an bring a number of those persons into track and field and keep them in track andf ield, it will be very import ant for the sport. As a founder president of t he BAAA. Bannister fur ther advised the executives that there are some wounds that need to be healed and they have to ensure that everybody remains interest-e d in the sport. As one of the leading sporting bodies in the coun-t ry, Bannister said the BAAA have a rich legecy and some vibrant executives who paved the way. He said the country is looking for that trend to continue. And as the association look ahead, Bannister said his ministry will work hand in hand with the BAAA to help the Bahamas in its quest to regain its supermacy in the region in junior track and field. And he noted that with the new stadium being built by the Chinese Government expected to be completed by June-July 2011, the new mondo track surface laid down on the Grand Bahama Sports Complex and the surface at the Carl Oliver Track in Andros has been repaved. Bannister said when all of this is done, track and field will continue to move forward with more than enough venues for additional meets to be staged throughout the country. As time goes on, Bannister said more and more track and field facilities will either be improved upon and constructed to make sure that the sport continue to be as vibrant as it is now. C M Y K C M Y K SPORTS PAGE 14, FRIDAY, NOVEMBER 27, 2009 TRIBUNE SPORTS ALL GE APPLIANCES. CASHSALES ONLY!(Excludes already tagged net itemsSales & Full Service Department Rosetta & Montgomery Streets 322-2188/9 NOVRDDECST OFFSale TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM onship series. The Electro Telecom Cybots, who went on to win the league championship last year, will play their divisional arch-rivals Sunshine Auto Ruff Ryders in the feature contest. I n the opener, the BG Stars w ill play the B Reddie. W ednesday night, the league played a double header with the Royal Bahamas Defense Force coming from behind to defeat the College of the Bahamas Caribs 88-87. Stephen Rolle led the Defence Force with 33 points shooting 13-for-17 from the field. Andre Newbold helpedo out with 23 points. In a losing effort, Garvin Lightbourne led COB with a g ame high 43 points, shooti ng 17-26 from the field. T he other game played was almost an upset as last years runners-up Commonwealth Bank Giants took a commanding 22-point lead in the first quarter and had to hold on for their lives for a 96-95 nail-bitter. The Giants needed a last second field goal by Mark Hanna of an offensive rebound from a missed free throw by Michael "Furley" Bain Jr to seal the deal. Bain scored a side high 24 point on 6-10 from the field to lead the winners, while Adon Charlow led all scores with 28 p oints in a losing effort. S OCCER COB TRYOUTS The College of The Bahamas womens soccer team is searching for new talent to infuse into its programme for the 2010 season. All high school female soccer players are invited to attend an open try out session for COBs womens soccer team on Sat urday at 3 p.m. at COBs soccer field. Family Island females who are interested but cannot attend the soccer session are invited to contact the Athletics Department at 302-4349 or email email@example.com SOCCER YOUTH SOCCER LEAGUE The Bahamas Football Associations Youth Soccer League kicked off this pastw eekend under the lights at the newly inaugurated Roscow AL Davies Soccer Field at the Baillou Hills Sporting Complex. The decision by the executive committee to play the Under-17 boys games on Fri day night was done to accommodate a hectic schedule with the U-14 boys, U-14 girls and U-17 girls all contesting their matches on Saturday at the Baillou Hills Sporting complex. The opening night saw defending champions Baha Juniors FC and Dynamos FC play to a 2-2 draw. In the second match, FC Nassau held off Cavalier FC 10 after both teams squandered many chances to score. Divisional play will continue tonight with two more matches. At 6:00 pm, Baha Juniors will take on FC Nassau and at 7:30 pm Bears FC will open their season with a match against Dynamos FC. Both matches are anticipated to be exciting encounters. On Saturday, six matches in three divisions were played at the two soccer fields in the BFA National Centre for Football Development. Two games were played in the U-17 girls division with Baha Juniors FC defeating United FC 8-0 and Cavalier FC and Insurance Management Bears FC played to a 1-1 draw. The U-14 girls lone match saw United FC defeat Lyford Cay FC 4-3 in an exciting end to end contest. In the U-14 boys division, three games were played with all being virtual blowouts. In the opening match, Baha Juniors FC defeated United FC 6-0, followed by Western War riors 5-1 victory over Dynamos FC. The final match saw Insurance Management Bears FC defeat Cavalier FC 10-2. Matches will continue this coming Saturday with the fol lowing schedule: U-17 Girls 9:00 a.m. Unit ed FC vs. Cavalier FC; 11:40 a.m. Insurance Management Bears FC vs. Baha Juniors FC. U-14 Girls 10:20 am Cavalier FC vs. United FC. U-14 Boys 9 a.m. Dynamos FC vs. United FC; 10:20 a.m. Western Warriors vs. Cavalier FC; 11:40 a.m. Insurance Management Bears FC vs. Baha Juniors FC. Sports notes contd F ROM page 15 New BAAA board will take track and field to the next level NEWLY elected officers of the BAAA met with Minister Bannister yesterday. From left are statistician Bernard Newbold; Special Projects officer Linda Thompson; assistant treasurer Debbie Smith; secretary general Timothy Munnings; Minister Bannister; BAAAs president Mike Sands; first vice president Sherwin Stuart; treasurer Laura Pratt-Charlton; public relations officer Alpheus Hawk Finlayson; Parents Association founder Harrison Petty; Special Projects officer Foster Dorsett and Deputy Permanent Secretary Eugene. 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C M Y K C M Y K FRIDAY, NOVEMBER 27, 2009 THETRIBUNE PAGE 15 I NSIDE Magic beat Cobras in overtime TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM INDIA'S Mahesh Bhupathi, left, talks to partner Bahamas' Mark Knowles during their ATP World Tour Finals tennis match against Canada's Daniel Nestor and Serbia's Nenad Zimonjic at the O2 Arena in London, Thursday, Nov. 26, 2009. Sang Tan/ AP Photo S PORTS NOTES BASKETBALL P RIMARY SCHOOLS FINALS THE New Providence Primary Schools Sports Association will complete its 2009 basketball tournament today at the Kendal Isaacs Gymnasium. The tournament is now down to the final four teams in both the girls and boys divisions. They will play in the semifinals to determine who will advance to the finals. In the girls division, Yellow Elder and Oakes Field both finished with identical 5-0 win-loss records, while Columbus were third at 4-1 and Centreville were fourth at 4-2. Starting at 10 a.m. today, Yellow Elder will play Centreville and Columbus will face Oakes Field. The two winners will advance to the final and the losers will play for the consolation. On the boys side, Stephen Dillet, Albury Sayle and Centreville all endedu p 5-0 and Oakes Field were 4-0. In todays semis, Stephen Dillet batt les Oakes Field and Albury Sayle goes up against Centreville. The two winn ers will meet in the final and the two losers will play for the consolation third place. Association public relations officer Frank Johnson said the past four days of competition was very competitive and they are looking forward to the final showdown today. On the first two days, 15 girls played in the elimination segment. The last two days, some 15 teams played in the boys segment. BASKETBALL NPBA UPDATE THE New Providence Basketball Association will continue its regular season action tonight at the CI Gibson Gymnasium with a rematch of theV ince Ferguson Divisional ChampiSEE page 14 By BRENT STUBBS Senior Sports Reporter firstname.lastname@example.org H AVING already clinched their b erth into the semifinal, Mark K nowles and Mahesh Bhupathi couldnt muster up enough energy to hold off nemesis Daniel Nestor and Nenad Z imonjic. I n their final match of Group A r ound robin play at the Barclays ATP World Tour Finals, Knowles and Bhupathi dropped a 6-4, 7-6 (9N estor and Zimonjic. It was an interesting match, said K nowles in an interview with The Trib une yesterday. Having already won o ur group, it was a meaningless match. We played a very good match, but after they broke us in the first set, they went on to win. In the second set, we went to the tie breaker. But they got an early lead and we were never able to get back into the match. K nowles said Nestor and Zimonjic, the defending champions, played without any pressure as they knew that they were already eliminated from the playoffs, having failed to win a ny of their previous two matches. But he noted that anytime you play a match, you go out to win. We just didnt play as well as we did in our first matches and that showed in the final results. C anadian Nestor, a former partner o f Knowles and Zimonjic of Serbia were the number one team in the w orld and the top seeds in the tourn ament, which showcases the top eight teams and singles players in thew orld. K nowles and Bhupathi, the No.3 s eeds, were broken at 3-2 in the first s et. In the second set, the BahamianI ndian duo had a golden opportunity to return the favour in the sixth game. But Nestor and Zimonjic were able to come up with big shots to eventually pull even at 3-3. Then in the second set tie-breaker, leading 6-2, theyh ad another opportunity to force a d eciding match tie-breaker, leading 6 -2. Nestor and Zimonjic, the Wimbledon champions, were able to gallantly fight back for a 9-8 deficit and theyw ent on to take the match at 10-9 with a n aggressive serve and volley game. H owever, Nestor and Zimonjic can o nly watch the rest of the tournament and hope that American identical twin brothers doesnt go all the way and win the title and knock them out of the top spot in the standings. M eanwhile, Knowles and Bhupathi, w ho only won one tournament for the y ear, but were runners-up at both the A ustralian and US Open, are looki ng forward to eventually making it to Sundays final. T hey will have to wait until tonight to see who their opponents will be, c oming out of Group B that is headed by the Bryans. Group B will play their f inal matches today. The semifinals is set for Saturday. The funny thing about a tournament like this is we dont know who are opponents will be just yet, Knowles said. They will play the second place finishers, but we wont k now until the final match is played tomorrow (tonight But weve done our job so far. We won our group and were into the semifinal. We are off to a great start. But we want to win our next match and get into the final. We feel good and were playing at a high level. We just lost a close match, but we just have to keep our focus going and h opefully get to challenge for the f inal. T his is just the second year that K nowles and Bhupathi have played t ogether and after failing to advance out of the round robin last year, theyre in the semis this year. Knowles, Bhupathi lose to nemesis
C M Y K C M Y K LOCAL NEWS PAGE 16, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Article and Photographs by LIONEL LEVINE THEREmay never have been more Kirtlands Warblers in the Bahamas than this winter but they will remain as difficult to find as ever. If you have seen Paul Dean or me in the few days you might be forgiven for thinking we were hovercraft floating above ground without means of locomotion. The reason is that last week we made a further sighting of a Kirtlands Warbler (Dendroica kirtlandii) here in New Providence. The Bachmans Warbler (Vermivora bachmanii long been assumed to be extinct, and that leaves the Kirtlands Warbler the rarest wood warbler in the United States and in the Bahamas. Rarity in birds can mean different things. I wrote earlier in the year about the unique sighting here of the Iceland Gull. The Iceland Gull is not a rare bird in the North Atlantic but it not known to have travelled this far south before. In the Bahamas the gull is well beyond its known range and is called a vagrant. I dislike that term because it has a pejorative connotation not deserved merely because we first saw the Iceland Gull stealing conch from the Laughing Gulls on Arawak Cay. A confirmed sighting of the Kirtlands Warbler in the Bahamas is a notable event. Human fallibility requires such a sighting to be confirmed by the presence of a second experienced birder or by the evidence of a photograph fromwhich the bird can be identified. However the sighting last week in New Providence represents more than mere serendipity. It was foraging in the exact area and on one of the same trees where it has been seen since February 2006. This month represents the tenth anniversary since the first of the recent sightings made near Hole in the Wall, Abaco in November 1999 by Paul Dean certainly the most experienced and knowledge able birder in the Bahamas. After years of birding that was his first sighting of a Kirtlands Warbler, a male. He was responsible for the subsequent first sightings of three Kirtl ands Warblers on Madeira Road, South Eleuthera on March 9, 2002 and the first sighting of a Kirtlands Warbler in New Providence in this location on February 4, 2006. As a result of these sightings and the investigations undertaken, a likely inference can be m ade about the Kirtlands Warblers behaviour in its winter home, the Bahamas. Before I go into the birds behaviour in the Bahamas, let me explain something about the species generally. Endangered The Kirtlands Warbler is an endangered species and was, no doubt, also en route to extinction when expensive programmes were introduced to reverse the low rate for successful nesting and egg incubation of the species in Lower Michigan which is the only place where the Kirtlands Warbler nested. The Kirtlands Warbler is very particular about the habitat in which it will nest. It must nest on the ground provided by the low branches of young Jack Pine trees of limited height. In order to provide the young trees whole forests of older trees had to be burnt down by rotation and young stands are constantly propa gated to provide continuing Jack Pine trees of the favoured maturity and size. Another problem was that Cowbirds were engaged in egg predation cuckoo style layi ng their eggs in the Kirtlands Warbler nests causing the loss of Warbler young from that clutch. So the propagation of the young Jack Pines had to be accompanied by a programme to trap the Cowbirds before they could lay their eggs in the K irtlands Warbler nests. Just as the Kirtlands Warbler has a very specific nesting location and habitat so its winter migration is equally defined and takes the species almost exclusively to the Bahamas and no further for its wintering quarters. Apart from a few sightings in the Turks and C aicos and Hispaniola the bird is found only in the Islands of the Bahamas. The programmes for reforestation of the Jack Pine and control of the Cowbirds have proved highly successful. The decline of Kirtlands Warbler numbers overall has been r eversed and the bird has tech nically ceased to be an endangered species. A word first about counting the number of extant Kirtlands Warblers in existence. This necessitates a pretty hit and miss method when the bird migrates back to its breeding a reas. Our observations here might have suggested that the female birds migrated first in April. However the males cer tainly arrive back to Michigan in advance of the females and on their return start building their nests and lustily singing to attract a female to share the nest and the mating experience. The mating song of the male Kirtland's Warbler is strong and distinctive and will carry for up to a quarter of a mile. Accordingly in June in Michigan at the height of this vocal outbidding for mates they count the number of the singing males and roughly double that number to arrive at the number of adult Kirtlands Warblers. It seems they do not allow for the juveniles too young to mate and the males who do not find a mate. The latest figure I have seen published is that there are now some 5,000 Kirtlands Warblers. This it seems is double the number of birds counted only some three or four years ago and a multiple of the number of birds before that. Ignoring the first year birds which migrate to the Bahamas with the adult birds and after allowing for the birds that did not complete the migration or reach the Bahamas, this conjecturally suggests that at least some 5,000 Kirtlands Warblers are presently spending the current winter season 2009/2010 in the Bahamas. If there are some 5,000 of the species here it might be thought that it should not remain a rare event to find one of these birds occasionally in the Bahamas on a days birding in the canopy of trees or in bushes foraging say with the Prairie and Cape May Warblers. But that assumes that the Kirtlands Warbler behaves like those other migrating warblers here. Our observations show us that is not the case. In reality it has always proved and remains difficult to find a Kirtlands Warbler in the Bahamas. That is because our sightings and observations give rise to the strong inference that the Kirtlands Warbler in the Bahamas does not spread and forage across the land areas available but lives in loose colonies be they large or small, with each bird claiming its own territory which it will defend against other warblers and even other Kirtlands Warblers in the colony. Our observations in Eleuthera suggested that the territory of each bird might be as little as some 50 feet by 50 feet or 2,500 square feet provided it contained the mixture of trees and bushes and otherwise the habitat that the bird thought could sustain it until the following April. On that basis the Madeira Road colony overall appeared to cover roughly an acre of land that might have accommodated say some 15 individual birds although we never saw or heard that number. On that basis, if individual birds occupied individual territories of some 2,500 square feet provided the habitat was acceptable the 5,000 Kirtlands Warblers in the Bahamas might be making their habitat for the winter in territories which in aggregate might occupy only some 285 acres of dense coppice. That would not be contiguous acreage. The colonies might be small consisting of one or two warblers seemingly as in Abaco and New Providence or sizeable like the one in Madeira Road, Eleuthera. Sightings What now appears to be the case from the Eleuthera and New Providence sightings and observations is that no matter h ow small the colony, unless the birds are sufficiently harassed or disturbed, a traditional colony will be occupied year after year. Established colonies from which the birds do not stray may be on islands and cays with no or little human habit ation provided the desirable habitat for the Kirtlands Warbler is present. In any event searching for the bird in its favoured habitat is difficult for the average birder. In the Bahamas the bird appears to spend its time either foraging on the floor or in d ense understory where it is invisible or then suddenly seen flying up to perch on a branch which may be half concealed and would be no higher than six or seven feet from the ground. It is then the bird may let out a short call or chirp, which if you are able to identi-f y it, will take you to the spot in time to find the elusive bird has dropped out of sight to the ground. In 1974 BE Radabaugh, a well-known birder involved with the species in Michigan, set out on an odyssey to find a Kirtlands Warbler in the Bahama archipelago. Over a period of two winters he put in 800 actual birding hours on 11 Islands and his success was limited to seeing one Kirtlands Warbler in the Turks and Caicos. This Christmas I am spending a day on my first visit to the Turks and Caicos and I will attempt to find someone who remembers where the Kirtlands Warbler was seen or even if the doughty Mr Radabaugh is remembered. The concept that all the Kirtlands Warblers in the Bahamas may be making their wintering habitat in no more that what amounts in aggregate to under 300 acres of suitable land or even a multiple of that acreage now seems likely and it makes looking for a Kirtlands Warbler in the Bahamas or more strictly looking for a new colony the equivalent of looking for a needle in the haystack.. It would certainly explain the inability to find additional birds except in the exact location of previous sightings or very close by. I do not have space in this article to explain our previous sightings and observations in the last 10 years which bring me to make the inferences I do in the article. In the meantime, I submit photographs of the bird seen last week. All the features of the Kirtlands Warbler can be seen. The male has the blue grey head and back and vivid yellow throat and underside with the black streaking on the and back and flanks. A field identification feature is the top and bottom broken white eyering. This is one of the earliest Kirtlands Warbler photographs I have taken. In mid November the bird will only have arrived some weeks before. Appropriately, the bird is showing fall colours and the brown feathering has reap peared amid the blue and black. Why the Kirtlands Warbler remains elusive DIFFICULTTOFIND: the Kirtlands Warbler
By NEIL HARTNELL Tribune Business Editor WELL-known contractor Edward Penns defence to FirstCaribbean International Bank (Bahamash e pay a $6 million overdraft has been rejected as implaus ible by the Court of Appeal, since it argued that his multimillion dollar construction businesss daily expenses were paid from his personala ccount without his knowledge. While noting that Mr Penn had been taken ill for four months from August 2006 andw as allegedly unable to man age his affairs, Appeal Just ice Hartman Longley noted that this evidence did not come from him, but his two children, who had signed cheques worth $250,000 on the account to keep his construction business going. A nd, while Mr Penn had denied authorising the payments made by his children, one of those cheques had been signed by himself, thec ourt said. Some payments were also made to settle a $400,000 obligation to Bank of the Bahamas International. Justice Longley said Mr Penn did not provide evidence of when he recovered from his illness, and suggested that he seems to have recovered upon receipt of the threat to terminate his construction contracts with the multi-million dollar Cotton Bay pro ject in Eleuthera. The projects head developer is Bahamian businessman Franklyn Wil son. Recording the history of the dispute between Mr Penn and the bank, Justice Longley found that the contractor operated a current account in his name and various trade names, all of which were similar to his Penns Construction and Renovations Company business. He beneficially owned the business 100 per cent. W hen taken ill in August 2006, Mr Penn was personally involved in several large construction contracts throughout the Bahamas, of w hich Cotton Bay was the largest. His two children then contacted FirstCaribbean to advise the bank of their fathers illness and seek its permission to run his account t o meet his businesss financial obligations. Permission for this was ultimately granted, and from August 2006 to January 2007, the childrens igned $250,000 in cheques on Mr Penns account. Justice Longley noted that it was never disputed that those cheques were to cover Mr Penns liabilities, no evidence was produced to say when he recovered from his illness or what this was, and that he did not mention the illness in his defence and counterclaim, even though he denies authorising the cheques signed by his children during the period of the illness they alleged. The troubles really began when the law firm, Sharon Wilson & Company, wrote to Mr Penn on November 3, 2006, on behalf of Cotton Bay, complaining about his lack of performance on the job site and pointing out that his employees were complaining about not being paid. David Lockyer, of Penns Renovation and Construction, responded four days later, a rguing that subcontractors were not part of their staff and seeking more specifics about the complaint. Then, on November 14, 2 006, Sharon Wilson & Company threatened to terminate the Cotton Bay contracts if Mr Penn did not attend a meeting on November 17. His companys representatives promised they would attend. The primary concern of the owners appears to have been that [Mr Penn] was not paying his employees and sub contractors, Justice Longley w rote. The dispute was settled in December 2006 by Mr Penn agreeing to hire a project management consultant to oversee the Cotton Bay project, in the shape of Bahamasbased Veritas Consulting, anda contract was agreed on December 14. The latter submitted invoices for the Cotton Bay project to Mr Penn, who was required to pay them upon receipt from the FirstCaribbean account. Ultimately, Mr Penns First Caribbean account went into a $6 million overdraft as a result of the payments made by his children and for the Veritas invoices, leading the bank to issue a writ demand ing payment of that amount. Mr Penns defence was that he did not authorise those payments, but Justice Longley said the evidence showed that having regard to the commercial realities of the c onstruction industry, if [Mr Penn] intended to comply C M Y K C M Y K SECTIONB email@example.com FRIDAY, NOVEMBER 27, 2009 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission f rom the daily report.$ $4.20 $4.13 $4.25 collegebefore you know itSALES OFFICES: NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I CORPORATE CENTRE: EAST BAY STREET I www.famguardbahamas.comcall us today at 396-1355 A SUBSIDIARY OF A MBESTA-ExcellentFinancialStrengthRating customized investment options guaranteed minimum interest rates exible accumulation periodall of the above invest in an annuity By NEIL HARTNELL T ribune Business Editor A shareholder dispute has erupted at Colina General Insurance Agency, with a 25 per cent minority investor alleging the companys majority shareholder is attempting to squeeze me out and undervaluing his stake, and the latter countering that its offers represented more than fair value by any stretch of the imagination. Tribune Business can reveal that Anthony Walker, the former Bahamas First chief and ex-Colina General president and chief executive, has taken his shareholder oppression complaint to the Supreme Court, filing a summons in which he is urging the court to order that a fair value for his shares be determined. Yet in letters filed with the Supreme Court, Emanuel Alexiou, a principal in A. F. Holdings, the majority owner of Colina General, told Mr Walker that their proposed offers would see him earn a return on investment of between 136.8 per cent and 771.2 per cent, depending on the calculation method used. Notices of appearance on behalf of Mr Alexiou, fellow A. F. Holdings principal Anthony Ferguson, A. F. Holdings itself, and Colina General, which have been filed with the Supreme Court by their attorneys, Alexiou, Knowles & Co, show they all intend to defend the matter and that they deny Mr Walkers claims. In his summons, Mr Walker is asking for a Supreme Court order requiring A. F. Holdings to purchase his minority stake at fair value. He is also demanding that the court order Colina General to provide audited financial statements for its 2007 and 2008 fiscal years, and that Colina General distribute at least 60 per cent of its net profits for those years. Letters exchanged between Mr Shareholder battle at Colina General Contractors implausible defence over $6m overdraft S S E E E E p p a a g g e e 4 4 B B S S E E E E p p a a g g e e 1 1 1 1 B B Majority investor: It was a fair offer by any stretch of the imagination Minority investor: Im being squeezed out B y NEIL HARTNELL T ribune Business Editor T HE Bahamas International Securities Exchanges (BISX t erday said he was uneasy about the Central Banks proposals that it approve all divi dend payments made by Bahamas-based banks, adding that it had raised red flags by seemingly taking regulation into the Board room. Keith Davies said that while he planned to conduct more research and analysis on the C entral Banks proposal to a pprove the payments of bank dividends, through getting l icensees to justify their decis ions in this respect, he told Tribune Business it was potentially troubling from a capital markets perspective. I become uneasy when a r egulator begins to move into the Board room of publicly traded companies, particularly when those companies are not owned, operated and cont rolled by the Government, BISX chief uneasy on regulators bank dividend proposals KEITH DAVIES S S E E E E p p a a g g e e 1 1 1 1 B B By NEIL HARTNELL Tribune Business Editor BAHAMIAN ahamian investors will be unwilling to buy into initial public offerings (IPO portion of the stock remain with the controlling share holder or shareholder group, the Bahamas International Securities Exchanges (BISX chief executive said yesterday. Keith Davies said he had long argued that BISX-listed companies, and any planning to float via a future IPO, should make a greater per centage of their shares avail able to Bahamian institution al and retail investors, fostering greater wealth creation and a more diverse ownership of this nations economy. It is my view and opinion that a larger percentage of companies should be made available, and sold when they are able, Mr Davies told Tri bune Business. I said that many years ago, and I hold to that. I find it difficult to believe that anyone going public now will find it easy to sell such a small percentage, as there is a much more knowledgeable investing public and they are unwilling to accept such a Small % IPOs find unwilling public buyers BISX chief targeting two more secondary listings before year -end T ells T ribune Business market not reaching full potential in absence of other secondary listings S S E E E E p p a a g g e e 1 1 1 1 B B B y NEIL HARTNELL Tribune Business Editor SIR JACK Hayward was forced to hold a meeting with Grand Bahama Port Authority (GBPA Cay home on Tuesday night, Tribune Business can reveal, after he refused to tolerate the presence of the uninvited Fred Smith, the Bahamian attorney for the late Edward St Georges estate. This newspaper was informed by sources who attended the meeting, which was initially scheduled to be held at the GBPAs Freeport headquarters, that Sir Jack asked Mr Smith to leave before it was due to start. In response, Mr Smith is understood to have asserted that he was both a GBPA licensee and attorney for the St George estate, and therefore had every right to attend, especially since the meeting was being held at the offices of a company in which his clients were claiming a 50 per cent ownership stake. Tribune Business was told that the meeting then fell into an argument between Sir Jack and Mr Smith, with the former eventually telling all licensees present to come to his Fortune Cay home for the meeting, where the Callenders & Co QC and partner would not be present. This newspaper was informed that a second meeting was also held with GBPA licensees on Wednesday night at Sir Jacks Fortune Cay home. Among those present were Hannes Babak, GBPA and Port Group Ltd chairman; Ian Rolle, their Pors licensee outreach mo v e is interrupted S S E E E E p p a a g g e e 1 1 1 1 B B
C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Nassau Airport Development Company (NAD approval had been granted for it to remove the two secondary security checkpoints on the US Departures lounges upper levels, freeing u p more than 7,000 square feet for extra seating and retail options. The airport developer said in a statement that the Transportation Security Administration (TSA the US Department of Homeland Security, had approved the checkpoints removal. We are pleased to announce that effective immediately, passengers travelling to the United States through our airport will no longer have to proceed through a secondary screening," said Frank Watson, Chairman of NAD and the Airport Authority. "This is a significant milestone for us at the airport. It shows the confidence the TSA has in our ability to run a secured pre-clearance facil ity. The move is a huge boost to customer service as we work to enhance the overall passenger experience at LPIA." NAD and the Airport Authority's security team, headed by M.J. Hutchinson, acting general manager, Osbourne Ferguson, director of security, and Andrew Bonaby, deputy director of security, worked with Steve Perris, a Vancouver Airport Services security consultant, in final preparation for a TSA evaluation that took place in the autumn. As a result of LPIA being in compliance with all regulations for passenger screening, the TSA recommended that a secondary security screening checkpoint was no longer necessary at the facilities. Airport security checks removal approved by US Move to free up 7,000 sq ft of seating, retail space at the Lynden Pindling International Airports US departures lounge
C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&(LVKHUHE\JLYHQWKDW %5,$17(/860$ RI 0$56+ +$5%285$%$&2 LVDSSO\LQJWRWKH0LQLVWHUUHVSRQVLEOHIRU 1DWLRQDOLW\DQG&LWL]HQVKLSIRUUHJLVWUDWLRQQDWXUDOL]DWLRQDV F LWL]HQRI7KH%DKDPDVDQGWKDWDQ\SHUVRQZKRNQRZVDQ\ UHDVRQZK\UHJLVWUDWLRQQDWXUDOL]DWLRQVKRXOGQRWEHJUDQWHG VKRXOGVHQGZULWWHQDQGVLJQHGVWDWHPHQWRIWKHIDFWVZLWKLQ WZHQW\HLJKWGD\VIURPWKH WK GD\ RI 129(0%(5 WRWKH 0LQLVWHUUHVSRQVLEOHIRUQDWLRQDOLW\DQG&LWL]HQVKLS3%R[ 127,&( By CHESTER ROBARDS B usiness Reporter firstname.lastname@example.org THE BAHAMAS Institute o f Chartered Accountant (BICA its licensees into two separate tiers, those who have undergone the internationally mandated peer review and monitoring programme, and those who have not, the institutes president said yesterday. R eece Chipman said that though the practice review programme is now a global industry standard, some BICA members in public practice will not be eligible to take part in the review process. According to Mr Chipman, o nly 50 of 90 firms in public service will qualify for the practice review sessions superv ised by members of the Asso ciation of Certified Chartered Accountants (ACCA T hese firms will undergo reviews by ACCA members out of Europe, and will eventually undertake their own reviews of their colleagues throughout the region. Mr Chipman said all Caribbean islands that are a part of the Institute of Chartered Accountants of the Caribbean (ICAC dated to undergo peer review e xcept Jamaica for the moment which is regulated by a public accountant oversight board. A ccording to Mr Chipman, this programme will align Bahamian accountants with changing global financial regulatory standards. Most importantly, the world must see the Bahamas as a competent, industrious jurisdiction that meets worlds tandards in the business of audit and accounting services, he said. This initiative will no doubt improve the value of financial services being offered from the Bahamas. T he peer review program is slated to begin in July 2010, but BICA must first implement a licensing body that will v et each firm for its eligibility in the peer review program. Mr Chipman said members of that body must come from outside BICA, and suggested that retired accountants chair this board. We want the public to understand that we are improving the standard with regard to quality of information, said Mr Chipman. We hope that regulators, governments and the public at large will take note of this initiative and realize that only through peer review and monitoring will they get the best service possible from their a uditors. Therefore, selection of services should be based on whether persons are not only l icensed to perform the audit function, but also whether they have gone through the necessary peer review or practice monitoring, to be in a position to effectively and efficiently opine on financial statements based on evidential matter. There are some larger f irms that have internal reviews. However, this will not exclude them from the Institutes review process. It is important, in order to create a level playing field for all licensees engaged in audit in t he Bahamas, to be a part of the process. BICAs membership includes up to 250 licensees a nd, on a global front, assists the World Bank and International Monetary Fund (IMF as watchdog for the Bahamas accounting sector, developing reports and making sure this country meets all standards on those institutions checklists. Accountants facing two-tier licensing Share your news T he T ribune wants to hear from people who are making news in their neighbour hoods. Per h aps you are raising funds for a good cause, campaigning for improvements in the a rea or have won an award. I f so, call us on 322-1986 and share your story.
/HJDORWLFH 1 27,&( 2&($1(1785(6 *5283/,0,7(' ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV BUSINESS C M Y K C M Y K PAGE 4B, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM /HJDORWLFH127,&(6+(1',(175< &25325$7,21ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&(32.866,21,19(670(17 /,0,7('ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH127,&(6,/9(5/(/7'ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ WKHGD\RI1RYHPEHU7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV / HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ,QROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV / HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ GD\RI1RYHPEHU 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV timeously with his Veritas contractual obligations to pay the invoices upon receipt, and that he did not simply buy time or appease the owners of the Cotton Bay contracts, he must in the circumstances be taken to have not only authorised the arrangement whereby Veritas submitted i nvoices to [FirstCaribbean], which included their management fees, but must have, in the circumstances, authorised [FirstCaribbean] to pay those invoices. There can be no doubt that the Veritas contract was part of a restructuring of [Mr Penns] construction operation, so as to regain the confidence of Mr Wilson and save the Cotton Bay contracts. Justice Longley said Mr Penn had not informed FirstCaribbean or the Cotton Bay developers that he was ill, something that was particul arly significant since it happened at a time when he was being accused of not doing his job. The court found that it was inescapable that Mr Penn had authorised the payments to Veritas. Taken to its logical conclusion, the effect of [Mr Penns] defence is that for a period stretching from August 2006 to April 2007, the daily and routine expenses of his multi-million dollar construction operation, totalling in excess of $6 million, were met from his personal bank a ccount without his knowledge or consent, Justice Longley said. That, to my mind, seems so far-fetched on the evidence that it only has to be stated to be rejected as implausible. As for the payments made by Mr Penns children, Justice Longley said: One would have to be the proverbial ostrich to think he did not approve of, or ratify, their action if he was sick, since not only did he not sue them, he has not made any allegation of dishonesty against them after inquiring about the c heques signed by them, and what they did was undoubtedly for his benefit. Both children worked in his business, and Mr Penn benefited from having his debt and liabilities reduced. The appeal was dismissed. Contractors implausible defence over $6m overdraft
By JANE WARDELL AP Business Writer LONDON (AP London Stock Exchange PLC halted trading for three-anda-half hours on Thursday after a technical glitch prevented some customers from connecting to its systems. The LSE, Europes oldest independent exchange, said taking trade offline was the only way to ensure a fair and orderly market after customers reported the connectivity problems in early trading. The exchange is still looking into the root cause of the e mbarrassing outage the second significant technical problem in just over a year and said it was too early to judge the extent of the effect on trade or lost business. Market players were able to continue to place buy and sell orders into the exchanges order book after trading was taken offline at 10:33am (1033 GMT), but those trades were not executed until trading was resumed at 2pm (1400 GMT We regret the inconven ience that todays disruption to trading has caused for our clients, LSE CEO Xavier Rolet said in a statement. Having resolved the immediate issue, we are working hard to ensure this doesnt happen again ahead of switching to MillenniumITs trading platform next year. Buying T he LSE is buying Sri Lankan technology-services company MillenniumIT for $30 million to overhaul its technology as it loses market share to multilateral trading facilities such as Chi-X and BATS since pan-European regulation opened the market to competition in 2007. It acknowledged this week that increased competition and lower trading were to blame for a 40 per cent drop in first half net earnings to 49.3 million pounds ($82.4 million). Revenue was down nine per cent to 310.9 million p ounds. L SE spokesman Alistair F airbrother said there was no suggestion Thursdays problems were related to heavy t rading activity early in the session stock indexes in both Europe and Asia were down sharply as investors fretted over debt problems at Dubai World, a government investment company, and the continued fall in the US dollar. Those factors were driving interest on a normally quiet day Wall Street is closed for Thanksgiving Day. The IG Index head of mark et analysis, David Jones, said the failure of the LSE system was likely to have a psychological effect on an already jittery day, making nervous investors more likely to head for the exit. The FTSE 100 index, which was frozen at 5,264.97 down 99.84 points when trading was halted, fell even further when trade resumed. The benchmark index closed 170.68 points lower at 5,194.13. The LSE, which has 2,800 companies listed on its boards, traded an average of f ive billion pounds worth of s hares in October. T he Milan stock exchange, owned by the LSE, remained open for trade of London s tocks throughout the LSE outage. Just over a year ago, the LSE experienced its worst outage in almost a decade when a software glitch was blamed for a seven-hour shutdown that angered customers on one of the busiest days of the year on world equity markets. On that day in September 2008, the shutdown left many c lients unable to cash in on a worldwide stock market boom that followed the US government bailout of mortgage giants Fannie Mae and Freddie Mac. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A A L LL L E E D D U U C C A A T T I I O O N N A A L L I I N N S S T T I I T T U U T T I I O O N N S S W W I I T T H H I I N N T T H H E E C C O O M M M M O O N N W W E E A A L L T T H H O O F F T T H H E E B B A A H H A A M M A A S S P P r r e e s s c c h h o o o o l l s s P P r r i i m m a a r r y y S S c c h h o o o o l l s s J J u u n n i i o o r r H H i i g g h h S S c c h h o o o o l l s s S S e e n n i i o o r r H H i i g g h h S S c c h h o o o o l l s s S S e e c c o o n n d d a a r r y y S S c c h h o o o o l l s s A A l l l l A A g g e e S S c c h h o o o o l l s s S S p p e e c c i i a a l l S S c c h h o o o o l l s s P P o o s s t t S S e e c c o o n n d d a a r r y y I I n n s s t t i i t t u u t t i i o o n n s s T T e e r r t t i i a a r r y y I I n n s s t t i i t t u u t t i i o o n n s s National Education Census Day Tuesday, November 3rd, 2009 Forms may be collected from the Planning and Research Section of the Ministry of Education, District Education Offices or downloaded from www.bahamaseducation.com If you have any questions regarding this exercise call 502-2721, 502-2722, 502-2774 or 502-8346. 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By BARBARA SURK Associated Press Writer DUBAI, United Arab Emirates (AP after the global downturn derailed Dubais explosive growth, the city is now so swamped in debt that its asking for a six-month reprieve on paying its bills causing a drop on world markets Thursday and raising questions about Dubais reputation asa magnet for international investment. The fallout came swiftly after Wednesday statement that Dubai's main development engine, Dubai World, would ask creditors for a standstill on paying back its $60 billion debt until at least May. The companys real estate arm, Nakheel whose projects include the palm-shaped island in the Gulf shoulders the bulk of money dueto banks, investment houses and outside development contractors. In total, the state-backed networks nicknamed Dubai Inc. are $80 billion in the red and the emirate needed a bailout earlier this year from its oil-rich neighbour Abu Dhabi, the capital of the United Arab Emirates. Markets took the news badly with the Dubai woes and the continued fall of the US dollar giving investors twin worries. In Europe, the FTSE 100, Germanys DAX and the CAC-40 in France opened sharply lower. Earlier in Asia,the Shanghai index sank 119.19 points, or 3.6 per cent, in the biggest one-day fall since August 31. Hong Kongs Hang Seng shed 1.8 per cent to 22,210.41. Wall Street was closed for the Thanksgiving holiday and most markets in the Middle East were silent because of a major Islamic feast. Dubai's standstill a nnouncement ... was vague and it remains difficult to discern whether the call for a standstill will be voluntary," said a statement from the Eurasia Group, a Washing ton-based research group that a ssesses political and finan c ial risk for foreign investors interested in Dubai. If it is not, Dubai World will be going into default and that will have more serious negative repercussions for D ubais sovereign debt, Dubai World and market confidence in the UAE in general, the statement added. Dubai became the Gulf's biggest credit crunch victim a year ago. But its ruler, Sheik Mohammed bin Rashid AlMaktoum, had continually dismissed concerns over the city-states liquidity and claims it overreached during the good times. When asked about the debt, he confidently assured reporters in a rare meeting two months ago that we are all right and we are not worried, leaving details of a recovery plan if such a plan exists to everyones guess. Then, earlier this month, he told Dubais critics to shut up. He needs to produce a recovery plan that will be respected by those who want to do business with Dubai, said Simon Henderson, a Gulf and energy specialist at the Washington Institute for Near East Policy. If he does not do it right, Dubai will be a sad place. After months of denial that the economic downturn even touched the glitzy city-state, the Dubai government earlier this year showed signs of trying to deal with the financial fallout that has halted dozens of projects and touched off an exodus of expatriate work ers. In February, it raised $10 billion in a hastily arranged bond sale to the United Arab Emirates central bank, which is based in Abu Dhabi. The deal seen by many as Abu Dhabis bailout of Dubai was part of a $20 billion bond programme to help Dubai meet its debt obligations. On Wednesday, the Dubai Finance Department announced the emirate raised another $5 billion by selling bonds all taken by two banks controlled by Abu Dhabi. Abu Dhabis ruling Al Nahyan family has been more conservative with its spend ing, investing oil profits into infrastructure, culture and state institutions. During Dubais real estate bonanza, the Nahyans saw their flashy neighbour race ahead with development plans and tourism plans that had plenty of hype but few details on how they would be pulled off. Some did materialize. The more than 2,600-foot (800meter) Burj Dubai is sched uled to open in January as the worlds tallest building. But many other projects, includinga tower even taller than the Burj Dubai and satellite cities in the desert, are still just blueprints. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM $VSULYDWHO\RZQHGPLGVL]HG%DKDPLDQ&RPSDQ\ DQGWKHDXWKRUL]HG&DWHUSLOODUGHDOHULQWKH%DKDPDV ZHDUHVHHNLQJ FDQGLGDWHVIRUWKHSRVLWLRQRI)LHOG 6HUYLFH7HFKQLFLDQVDQGFDQGLGDWHIRUWKHSRVLWLRQ RI(OHFWULFDO7HFKQLFLDQ 7KH LQGLYLGXDOVPXVWEH DEOHWRVXSSRUW&DWHUSLOODU7UDFWRUV([FDYDWRUV :KHHO/RDGHUV%DFNKRH/RDGHUVDQGRWKHUPDFKLQHV LQWKH%DKDPDV$SSOLFDQWVPXVWKDYHSURYHQ H[SHULHQFHLQGLDJQRVLQJWURXEOHVKRRWLQJUHSDLULQJ RI+\GUDXOLFV(QJLQHVDQG9HKLFXODU(OHFWULFLW\ &RPSXWHUVNLOOVDUHDOVRUHTXLUHGIRUWKLVSRVLWLRQ $SSOLFDQWVZLWKIRUPDOHGXFDWLRQLQPHFKDQLFVDUH SUHIHUUHG 6HQGFRPSOHWHUHVXPHZLWKHGXFDWLRQDQGZRUN H[SHULHQFHWR 0 t ( /LPLWHG 1DVVDX%DKDPDV$WWHQWLRQ+XPDQHVRXUFHV 'HSDUWPHQWRUHPDLO PH#PHOWGFRP 2QO\SHUVRQVEHLQJLQWHUYLHZHGIRUWKLVSRVLWLRQ ZLOOEHFRQWDFWHG Dubai debt standstill causes fallout in world markets RISING among high towers in Business Bay, Burj Dubai, t he world tallest tower, which is under construction, is scheduled to be open during January 2010 in Dubai... (AP Photo I I N N S S I I G G H H T T F o o r r t t h h e e s s t t o o r r i i e e s s b b e e h h i i n n d d t t h h e e n n e e w w s s , r r e e a a d d I I n n s s i i g g h h t t o o n n M M o o n n d d a a y y s s
large percentage of control. Perhaps the most egregious example of this in the Bahamian capital markets is FirstCaribbean International Bank (Bahamasl argest stock on BISX by market capitalisation and accounts for over 40 per cent of the market, yet less than 5 per cent is in the hands of Bahamian public investors. Other companies where there is a large majority share holder, or controlling group of investors, are Bahamas Supermarkets (78 per cent in the hands of BSL Holdings), and Fidelity Bank (Bahamas with some 75 per cent in the parents hands. Among those with a more diversified shareholder base are AML Foods, Commonwealth Bank and Cable Bahamas (once Columbus Communications is bought out). Meanwhile, Mr Davies told Tribune Business that he hoped to add two more listings to BISXs secondary issues market before yearend. Although he declined to name the companies involved,i t is understood that one p otential listing is Cable Bahamas $40 million preference share issue, which is only awaiting Federal Communications Commission (FCC approval for completion. There are two issuers we are targeting, Mr Davies told Tribune Business. Theres one Im communicating with with a view to getting a sec ondary offering on the exchange, hopefully before the end of the year, failing which it will happen in the first quarter next year. Im definitely looking at two before year-end. Mr Davies added that it was frustrating that more existing secondary issues had not come forward to list on BISX, as the exchange had received multiple inquiries from investors interested in buying into and receiving information on unlisted preference share issues, for exam ple. S uch unlisted issues, he a dded, were denying themselves access to a wider market of some 70,000 Bahamians who had invested in BISXlisted stocks, either directly or through the likes of pen sion funds/insurance companies. That figure, he added, accounted for 40 per cent of the Bahamian workforce. Theres a ready market for these securities, Mr Davies said. People, if given the opportunity, would consider them. They [the issuers] are not taking care of the people invested in them. This is a gap that were seeing that needs to be filled. This is a ready market of 70,000 investors. You have pension funds who want to value these secu rities and theyre unable to do so. They have to guess whether its the right valuation. Were not reaching our full potential. Mr Davies said secondary issues had been among them ost widely traded securities o n BISX, with FOCOLs Class B preference shares the sixth most traded security in the nine months to end-September 2009. It accounted for some 6.4 per cent of the total traded volume. And Fidelity Bank (Bahamas bonds had the sixth highest traded value, standing at $1.009 million for the first nine months, something described as extraordinary given that their total market capitalisation was only $25 million. Mr Davies praised FOCOL for being one of the more progressive and model companies in how it used the capital markets to raise capi tal, list securities and comply with regulatory obligations. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.711.03AML Foods Limited1.171.170.000.1270.0009.20.00% 1 1.809.90Bahamas Property Fund10.7510.750.000.9920.20010.81.86% 9.305.90Bank of Bahamas5.905.900.000.2440.26024.24.41% 0.890.63Benchmark0.630.630.00-0.8770.000N/M0.00% 3 .493.15Bahamas Waste3.153.150.000.1250.09025.22.86% 2.372.14Fidelity Bank2.372.370.000.0550.04043.11.69% 14.209.92Cable Bahamas10.0010.000.001.4060.2507.12.50% 2.882.72Colina Holdings2.722.720.001,0180.2490.04010.91.47% 7.505.26Commonwealth Bank (S1)5.505.620.1222,0150.4190.30013.45.34% 3 .851.27Consolidated Water BDRs2.632.630.000.1110.05223.71.98% 2.851.32Doctor's Hospital2.552.550.000.6250.0804.13.14% 8.206.28Famguard6.506.500.000.4200.24015.53.69% 12.508.80Finco9.299.290.000.3220.52028.95.60% 11.719.87FirstCaribbean Bank9.879.870.000.6310.35015.63.55% 5.534.11Focol (S)4.754.750.000.3260.15014.63.16% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 0.450.27Freeport Concrete0.270.270.000.0350.0007.70.00% 9 .025.49ICD Utilities5.595.590.000.4070.50013.78.94% 12.009.95J. S. Johnson9.959.950.000.9520.64010.56.43% 10.0010.00Premier Real Estate10.0010.000.000.1560.00064.10.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 1000.001000.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1000.001000.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1000.001000.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1000.001000.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceWeekly Vol.EPS $Div $P/EYieldFINDEX: CLOSE 000.00 | YTD 00.00% | 2008 -12.31%B ISX LISTED & TRADED SECURITIES AS OF: Fidelity Over-The-Counter Securities30 May 2013 29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Interest Prime + 1.75% Prime + 1.75% 7%THURSDAY, 26 NOVEMBER 2009BISX ALL SHARE INDEX: CLOSE 1,488.00 | CHG 6.07 | %CHG 0.41 | YTD -224.36 | YTD % -13.10BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing bases)Maturity 19 October 2017 7% 14.607.92Bahamas Supermarkets10.0611.0614.00-2.2460.000N/M0.00% 8.006.00Caribbean Crossings (Pref2.006.254.000.0000.480N/M7.80% 0.540.20RND Holdings0.350.400.350.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 MonthsDiv $Yield % 1.41601.3419CFAL Bond Fund1.41604.625.53 3.03502.8266CFAL MSI Preferred Fund2.8266-3.86-4.88 1.50161.4258CFAL Money Market Fund1.50164.745.24 3.53992.9343Fidelity Bahamas G & I Fund2.9343-13.33-17.11 13.240012.3870Fidelity Prime Income Fund13.24004.935.90 103.0956100.0000CFAL Global Bond Fund103.09563.102.52 100.000099.4177CFAL Global Equity Fund99.41773.122.76 10.58849.4740Fidelity International Investment Fund9.47404.174.18 1.08041.0000FG Financial Preferred Income Fund1.08044.325.26 1.03641.0000FG Financial Growth Fund1.0269-0.59-0.19 1.07421.0000FG Financial Diversified Fund1.07423.564.42 10.630110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.63016.306.30 7.46134.8105Royal Fidelity Int'l Fund Equities Sub Fund7.461335.4029.64 BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-09 31-Oct-09TO TRADE CALL: COLINA 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-09 30-Sep-09 31-Oct-09 31-Oct-09 20-Nov-09 31-Oct-09MARKET TERMS31-Oct-09Colina Over-The-Counter Securities BISX Listed Mutual Funds31-Oct-09 31-Oct-09 30-Sep-09 31-Oct-09 NAV Date Walker and Mr Alexiou, which were included in a batch of documents filed with the Supreme Court, show the former approached A. F.Holdings to give it right of first refusal to acquire his stake in late 2008, some 10 months after he retired from heading Colina General. In an October 21, 2008, letter, Mr Walker suggested using a formula based on a multiple of net commission earnings to determine fair value for his stake, adding that this had been used to determine Colina Generals share price several times. The last such valuation, in determining the value of shares to be issued to Ednol Farquharson, was $110 per share, which valued [Colina General] at $5.5 million. There has been growth since then, and the current value will be proportionately higher, Mr Walker wrote. In his response two days later, Mr Alexiou said the formula proposed by Mr Walker had not been used when A. F. Holdings twice sold equity in Colina General to Santon Holdings, the latters compa ny. In his October 23, 2008, letter, Mr Alexiou said that Mr Walkers initial interest in Colina General was based ont otal shareholder capital of $250,000, a sum that had increased to $742,000 as at August 31, 2008. And, with the issuance of a 5 per cent share option to Mr Farquharson, and a 15 perc ent option to Mr Walkers replacement, Lynden Nairn, Mr Alexiou alleged that the former Colina General presidents stake had declined from 25 per cent to 20 per cent. U sing the latter percentage, Mr Alexiou said that based on Colina Generals totalbook value being $742,000, A. F. Holdings cannot justify paying more than $148,000 forMr Walkers stake. In addition, Mr Alexiou said based on market valuerent, Colina General should have been paying $80,000 more in rent than it currently was, while it was also not paying ColinaImperial Insurance Company for using its agent database. A further issue was the potential of an interest charge by Bahamas First, which would wipe out any profit. Further, it may shortly become necessary for A. F. Holdings to loan Colina General $4 million to support the company because of the large receivable it is presently car rying to Bahamas First, andin such event you will be invited to contribute $850,000,Mr Alexiou wrote. Should you fail to make the required contribution, the directors may seek to convert the loan by A. F. Holdings to equity, which would substan tially dilute your shares. The A. F. Holdings principal also offered to purchaseMr Walkers stake for $360,000 using another formula, based on a three-year multiple of net earnings, which totalled $1.8 million. And he warned: Please further note that other shareholders (and directors company are prepared to sell the entire business enterprise presently carried out by Colina General to Colina Holdings (Bahamas of $1.8 million. It would be intended that this sale take place no later than October 30, 2008, which it is felt in the circumstances would be a reasonable time. In the circumstances, we invite your resignation as adirector with immediate effect. Mr Walker responded four days later with an October 27, 2008, letter, arguing that $360,000 did not represent fair value for his stake, and urging that an independent valuation of Colina Generals worth be undertaken. We fully understand your wish at this stage to integrate Colina General more fully into the Colina group operations (that has always been the ultimate intention), and we believe it is in our mutual i nterests for me to exit the company at this stage, even though we recognise that its value will continue to rise, Mr Walker said. I have enjoyed working with you to rescue a company on the brink of financial disaster, and take some satisfaction in the transformation of the business into a profitable and growing enterprise. We are simply looking for reasonable fair value, particularly in view of the role I played in getting the business from where it was to where it now stands. M r Alexiou replied on O ctober 30, 2008, pointing out t hat the $148,000 and $360,000 offers represented a return on investment of 136.8 per cent and 476 per cent respectively. The A. F. Holdings principal said that if $173,000 in salary, a $2,750 bonus and directors fees worth $8,750 were included a sum of $184,500 then Mr Walker would enjoy a return on investment of 432 per cent and 771.2 per cent respectively. By any stretch of the imagination our offer represents a more than fair value for this transaction by any reasonable measure, Mr Alexiou said. The impasse, though, has not been breached. Mr Walkers reference to financial disaster relates to Colina General which was initially an insurance carrier/underwriter losing what he alleged was $100,000 per month, or a cumulative $2 million, when he took over as its president and chief executive. He added that under his leadership, Colina General became financially viable by late 2003, but required $5 mil lion in additional capitalisa tion that A. F. Holdings (in its former guise as the Colina Financial Group) did not want to provide. The solution, Mr Walker said, was the sale of Colina Generals complete insurance portfolio and liabilities to Bahamas First, with the former company acting as the latters agent, thus allowing the retention of its most valu able asset the customer base and providing the foundation for an ongoing business free of insurance risk and therefore requiring minimal capital. This was the perfect solution for Colina Financial Group the ongoing losses ceased immediately, and a new business opportunity was created with very little capital. The portfolio transfer occurred several months before Hurricanes Frances and Jeanne hit the Bahamas, and Mr Walker said: Colina General did not achieve profitability until 2007 because of the small start-up portfolio of business. During the period of 20042007, the portfolio grew from about $3 million to over $8 million.... Ultimately, Colina General stands in good stead to make significant profits. This was born out by Mr Alexious October 23, 2008, letter, which divulged that Colina General suffered net losses of $3,697 and $248,974 in 2005 and 2006 respectively, on premiums of $7.203 million and $8.353 million. Net commissions for those years were $927,240 and $1.059 million respectively. Colina General entered the black in 2007, with net profit of $343,350 based on premi ums of $9.839 million and commissions of $1.487 million. For 2008, the projections were net profit of $622,108, based on $2.196 in net commissions and $14.534 million in premiums. C C O O L L I I N N A A , f f r r o o m m 1 1 B B BISX chief uneasy on regulators bank dividend proposals because it removes the decision-making and the responsibility for making the decision from the Board, Mr Davies told this newspaper, and thats not the place of a regulator. If a bank has met its prudential and capital requirements, Mr Davies said he found it difficult to justify this level of regulatory oversight. I find that, from a capital markets standpoint, potentially troubling, if that is the case, he said of the Central Banks proposal. BISX is heavily weighted towards banking and financial services sector stocks, with FirstCaribbean International Bank (Bahamas for around 40 per cent of market capitalisation. Other publicly traded Bahamian banks are Commonwealth Bank, Bank of the Bahamas International and Fidelity Bank (Bahamas If the Central Bank rejects the dividend payments proposed by these Boards outright, or require that they be reduced, hundreds of Bahamian institutional and retail investors will potentially be impacted in their pocket books. Once the company has met its regulatory obligations, set beforehand by the Central Bank of the Bahamas, going for a second round seems a little bit contrary to open market operations, Mr Davies told Tribune Business. I mpact I would have liked, when doing things that impact not just the banking companies, but publicly traded companies and the capital markets, that they be cognisant of the impact on companies that cross-over into different sectors of the economy. I intend to do more research and analysis if whats happening, so I can take a more informed position on what the bank is proposing and what they are doing, but it has raised red flags. Anwer Sunderji, Fidelity Bank (Bahamas told Tribune Business that while the bank planned to pay a dividend to shareholders as a result of its 33 per cent net income rise from $831,846 to $1.113 million during the first nine months of 2009, such a development would depend on Board and Central Bank approval. Im sure the Board will be looking at it, he said. With results better and capital more than adequate, we are likely to. We continue to put away reserves, so I anticipate paying a dividend, but no decision has been made. Mr Sunderji said the Bahamian banking industry, especially the commercial sector, was being subjected to much greater oversight by the Central Bank despite its capitalisation levels and ratios, and other prudential requirements, being more than adequate to meet minimum regulatory thresholds. The Central Bank, he added, wanted a lot of reporting on delinquent loans and restructured loans. Small % IPOs f ind unwilling pub lic buy ers F F R R O O M M p p a a g g e e 1 1 B B Ports licensee outreach move is interrupted p resident; and senior execut ive Ginger Moxey. Tribune Businesss sources said the meetings purpose was unclear, and that it appeared to have no set agenda, with Sir Jack and the GBPA management team seemingly fishing for ideas on how to re-establish the Ports authority and presence following three years dominated by fighting between the Hayward family trust and the S t George estate over its owne rship. The sources suggested that the meetings appeared to be an attempt to reach out to GBPA licensees and strength en/repair the relationship with them, in addition to seeking out ideas for taking Freeport forward. Licensee complaints were also voiced during the meeting. Expo aims to give the Bahamas technology BYTE THE Bahamass first Technology Expo will be held on December 46, 2009, at the Shera ton Nassau Beach Resort, featuring workshops, presentations, exhibits and live demonstrations. To be opened by the minister of state for finance, Zhivargo Laing, BYTE is a combination of conference and exposition. Attendees can expect to see and, in many cases, experience the latest in high-tech gadgets from mobile phones, PDAs and gaming equipment to smart home security devices and green energy technology. Joan Albury, president of TCL Group, said that BYTE is her companys contribution to putting a greater focus on technology as an essential for 21st century competitiveness. First of all, we plan for people to have a weekend of real fun and excitement at BYTE. Attendees will have chances to win laptop computers, iPhones and iPods and other top-of-the-line gadgets, but there is a very serious purpose for the Expo as well, she said. In many ways, the Bahamas has lagged behind in technology-driven business and we truly need to speed up progress in this area. Global changes are bringing new, more aggressive and technology-enabled competitors to the industries that are this coun trys main sources of its revenue tourism and banking. We have to fight back through knowledge and skills. Our main goals for BYTE are to bring learning opportunities for technology professionals and ordinary people who want to i ncrease their knowledge of the field, and to give Expo sponsors and participants the opportunity to explore new lines of business. The Friday and Saturday conference segments comprise a series of presentations and workshops, highlighted by the Bahamas launch of Microsofts Windows 7, with the participation of the companys regional manager, George Gobin. The full two-day educational programme has the support companies such as Hewlett Packard, Transfer Solutions Providers, Corporation Education Solutions Bahamas & Caribbean, InfoDynamics, BTC, Prometheus Systems, Network Bahamas and Lignum Technologies, and features 11 major presentations and four professional development workshops. As regards the subject matter for pre sentations, workshops, we are looking to bring attendees the cutting edge innovative technologies, equipment and methods, to extend reach and boost efficiency and pro ductivity. Workshop subjects include elearning for HR professionals, Microsoft training for IT professionals and licensing training for resellers. The presentations promise to be dynamic with top profes sionals speaking on technology as a vehicle for social and national development, green technology and smart homes, Mrs Albury said. INSIGHT For stories behind news, read Insight Mondays KEITH DAVIES
C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 27, 2009, PAGE 13B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GRAND Bahama Power Company has appointed R. Alan Kelley as its new president and chief executive, with the new man set to take over from Excell O. Ferrell next month. Mr Ferrell, who took over the helm at Grand Bahamas electricity supply monopoly in late 2007, said the islands business and residential customers should see further reliability improvements as a result of initiatives undertaken during his watch. Much work has been done to improve the reliability, including a complete engineering review of the transmission system, adoption of a more aggressive transmission grounding programme and, most recently, the installation of an automated 69 KV transmission loop, Mr Ferrell said in a statement. He added that this had already resulted in far fewer power interruptions as a result of lightning during summer 2009, and said: There has also been extensive work to improve the operation and reliability of the generation units. Among those are the addition of the position of vice-president of generation and technical services, and the implementation of an aggressive, proactive maintenance programme. Mr Ferrell said the creation of a customer service department, and appointment of a customer service director, has put Grand Bahama Power Company on a path to greatly improve the customer experience. Mr Kelley joins Grand Bahama Power Company from Ameren, an Illinois and Missouri-based energy company, and has 35 years experience in the power generation industry. He most recently served as chairman, president and chief executive of Amerens generation, marketing and trading subsidiary. He has also served as chairman of the Association of Edison Illuminating Companies Generation Committee, and as a board member of the North American Electric Reliability Council. GB Power appoints new boss RETIRING chief executive Excell Ferrell (left become the new president and chief executive of Grand Bahama Power Company in December 2009... (Photo courtesy of Keen I Media
C M Y K C M Y K BUSINESS PAGE 14B, FRIDAY, NOVEMBER 27, 2009 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM We want you to offer useful and timely solutions on how to improve mobile safety in The Bahamas. BTCs mobile safety efforts focus directly on:1 Encouraging drivers to keep their hands on the wheel and their eyes on the road when driving 2. Exercising courtesy when using cellular phones in public 3. Safeguarding your privacy by using locks according to your phone model and setting passwordsWe anticipate your fresh ideas and creativity! mit a written paragraph explaining why they should be chosen to participate in the speech competition. hould be titled Be-Smart Speech Competition and should be emailed to email@example.com. Participants can also send us a private message on the BTC facebook on December 7th. ns will be chosen to participate. The list of chosen contestants will be posted on our Facebook page on December 11th. enter. and must be accompanied by a parent or guardsign a consent form on the night of competition. appeal process. The competition will take place on January Hilton Hotel, #1 Bay Street. Dear wealth manager, are you motivated by budgets, salestargetsanddiscretionary bonuses? If so, EFG Bank & Trust (Bahamas is probably not the wealth manager for you. Practitioners of the craft of wealth managementIf you are interested in joining a wealth manager unlike any other, please get in touch with Steve Mackey, CEO, EFG CaribbeanT 1 242 502 5400F 1 242 393 firstname.lastname@example.org EFG Bank & Trust (Bahamas) Ltd is part of EFG International, which operates in 55 locations in over 30 countrieswww.efginternational.comThe essence of wealth management is relationships; we create the conditions for them to ourish.Ourwealthmanagersserveclientsas they see t, free from budgets, sales targets and arbitrary remuneration. Treated as professionals, they are empowered to run a business and rewarded on their prot contribution. Appealing? AtEFG,werelookingforadifferentkindof wealth manager: a client-centred entrepreneur. Fans of internal bureaucracy need not apply. SCOTIABANK (Bahamas has held a three-day retreat, involving branch and unit heads, to review 2009 and reaffirm 2010 objectives. Director Barry Malcolm, Scotiabanks managing director, said: has been a year of challenges, conditioning and growth. With this years growth, we have also seen much change in our leadership team and we welcome the addition of nine new hires and congratulate 14 new promotions within our management team. Professional development and leadership trainer, Clint Swindall, was the highlight of the event. In a high-energy presentation he urged Scotiabank (Bahamas to embrace opportunities for change within a banking organisation that employs 700 staff. W orkshops The event began with a day of activities on Blue Lagoon Island, followed by meetings and workshops at Atlantis. Managers of Scotiabank attend threeday retreat SCOTIABANK (Bahamas management team held a three-day retreat, involving branch and unit heads, to review 2009 and reaffirm 2010 objectives. They can be seen at the Atlantis resort on Paradise Island... P h o t o b y C r a i g L e n i h a n