The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02880
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 4/30/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02880
System ID: UF00084249:02880

Full Text

d I



I a



Volume: 103 No.131


MONDAY, APRIL 30, 2007

P- I



ozen case

Embassy denies claim

that country was not

prepared for hearing

2By PAUL 0
tnvbiu SImT Rpodrer
THE United States Embassy
has denied claims that the US was
not prepared to appear at the
habeas corpus hearing of former
Lyford Cay resident Viktor
Kozeny, who its government
wants extradited from the
Bahamas to face charges of vio-
tating the US Foreign Corrupt
Practices Act andbribe y-
Komeny, the former Czech busi-
nessman, was granted bail on Fri-
day from Her Majesty's Prison
where he had been waiting since
October 2005 to be extradited to
the US.
Lawyer Paul Moss, who repre-
sents Kozeny, told The Tribune
on Friday that his client was
granted $300,000 bail and
released from prison. The court
hearing has now been resched-
uled for June 23.
"So, it's no fault of his own,
he's ready and willing to go on,
but the requesting state, the US
government, was not ready to
proceed, so bail was granted," Mr
Moss said.
However, US Embassy Charge
d'Affaires Dr Brent Hardt said
that the embassy has, and will
continue to be very committed to
the case.
"The US government remains
firmly committed to this extradi-
tion case. We stand ready to sup-
port the government of the
Bahamas to pursue this further.
We have offered support and will
continue to work with the gov-
ernment as this case moves for-
ward," he said.
Recognizing that this is a corn-


plex case, Dr Hardt said that the
Embassy has offered support in
the matter, through the Depart-
ment of Justice to the local
Bahamian Attorney General's
"We remain committed to pur-
suing this extradition, with the
Department of Justice, the
Bahamas government, and the
Attorney General's office," he
Kozeny was arrested at his
Lyford Cay home on October 15,
2005, just hours before being
indicted on a long list of bribery
and money laundering charges in
the US District Court in Manhat-
Kozeny is accused of being the
driving force behind a multi-mi4-
lion dollar bribery scheme that
sought to corrupt Azerbaijan offi-
cials to gain a controlling interest
in that country's state-owned oil
company SOCAR in the 1990s.
The Czech investor is charged
with conspiracy to violate the US
Foreign Corrupt Practices Act. If
Kozeny is extradited to the US,
he could face a jail sentence of
up to 25 years.

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THE scene after the
crash on John F Kennedy
(Photo: Felipe Major/
Tribune staff)
Tribune Staff
A MALE resident of
Western New Providence,
believed to be in his early
thirties became the coun-
try's 14th traffic fatality
over the weekend.
According to Assistant
Superintendent of Police
Walter Evans the accident
happened sometime
around 1 o'clock Saturday
The driver, he said, was
in a Blue 1995 Toyota
Avalon, travelling west
along John F Kennedy
IDrive when he lost con-
trol of the vehicle and hit
a tree. According to Mr
Evans, the man died of his
injuries at the scene.
Police also reported a
drug arrest over the week-
According to Mr Evans,
around 3pm on Friday,
officers from the Drug
Enforcement Unit
(DEU), acting on a tip,
searched a vessel that had
just arrived in New Provi-
dence from North
SEE page 13

Ingraham: 'promoting racism' is
unbecoming of a prime minister
Chief Reporter
PROMOTING racism is unbecoming of a Prime Minister: and it's
inappropriate for any governing party in the Bahamas to do so, for-
mer prime minister Hubert Ingraham told those gathered at the
FNM's mass rally in Grand Bahama on Saturday.
The PLP, he said, recognize that they have lost the hearts and
minds of the Bahamian people and they have become desperate.
In this desperation, Mr Ingraham said the PLP are encouraging
racial tension and mistrust among the people.
"Can you imagine the desperation that would make the PLP
come to Bahamians in 2007 and say, 'vote for me because I'm
black'? Can you imagine the gall when they are selling The
SEE page 13

FNM voices concern over

I-Group deal in Mayaguana

Mayaguana FNM leader
Hubert Ingraham indicated that
the provisions of the PLP gov-
ernment's controversial land
deal with the I-Group in
Mayaguana will be revisited if
the FNM wins the government.
Mr Ingraham told FNM sup-
porters, during a rally on Thurs-
day, that he does not intend to
expel the I-Group from the
island. However, the FNM

leader clearly voiced his disap-
proval regarding several com-
ponents of the deal.
"We are concerned about the
amount of acreage that they
have access to. We think 10,000
acres on Mayaguana, for any
company, is too much. We are
not going to make available all
the best beachfront land to any
company, on any island, at any
time. We must preserve for
Bahamians their own heritage,"
SEE page 13

Two baggage


found guilty

in US court
Tribune Staff Reporter
TWO of the remaining bag-
gage handlers from Nassau
Flight Services, were found
guilty in a Florida court over
the weekend.
Delvino Rigby, and Marcus
Rolle were convicted by a jury
for conspiring to import dan-
gerous drugs into the United
States. Their sentencing is set
for this week.
Whereas baggage handlers
Giovanni Munroe, Roney
Toney, and John Peters had
pleaded guilty to the charges
and were sentenced to
between three to five years in
prison, it is believed that Rig-
by, and Rolle may face
extended jail time.
US Embassy spokesman
and economic political officer
Gregory Floyd confirmed this
with The Tribune yesterday by
stating that the men's sen-
tences are expected to be
Reportedly, Rolle and Rig-
SEE page 13

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Basil L. Sands,

CMG appointed

Chairman of

British American


NASSAU, April 26,2007 -
BAB Holdings Limited the
parent of British American
Financial announced today
the appointment of Basil L. Sands, CMG to the position
of Chairman of the, Board of the newly rebranded
company. Mr. Sands brings a wealth of knowledge and
experience to British American, the oldest Insurance
Company in the Bahamas, which recently re-energized
its brand as a full financial services company.
In addition to his new role with British American
Financial, Sands holds several positions at the highest
levels within the private and public sectors including
Honorary Consul-General for Japan, Chairman,
Bahamasair Holdings Ltd., and Chairman, Bahamas
Supermarkets Limited. He also serves as Chairman
of the Anglican Diocese Pension Board of Trustees,
Treasurer Emeritus as well as member of the Diocese'
Finance Committee and member of the Anglican
Diocese Central Education Authority. He also serves as
Treasurer of the Bahamas Council on Alcoholism.
A former Director of the Central Bank of Bahamas,
from 1974-1977, Basil Sands was theFounding President
of the Bahamas Institute of Chartered Accountants, a
past Director of Barclays Finance Corporation and the
Bahamas Electricity Corporation.
In welcoming Mr. Sands, Director & Principal
of BAB Holdings Limited I. Chester Cooper, who
also serves as President & CEO of British American
Financial said "Mr. Sdnds is a distinguished Bahamian
and a professional of the highest order. We are delighted
that he has agreed to lead our Board during this exciting
time in the evolution of our Company. We welcome
his seniority and demonstrated leadership to the table
as we employ sound Corporate Governance and
plan strategically for the future. Mr. Sands' wealth of
expertise as a businessman and a distinguished chartered
accountant will prove valuable as we re-energize and
transform British American into a full financial services
company providing Financial Solutions for Life".
In accepting the appointment Mr. Sands commented
"I am pleased to have the opportunity to work alongside
such a dynamic' group of young Bahamians who have
taken the reigns of one of our oldest and most trusted
Financial institutions. The roots of British American
are deeply embedded in the Bahamian community. I
am delighted to contribute to such rich legacy".
Bahamian owned since February 2007, British
American Financial provides a full range of insurance
and investment services including Mortgages, Financial
& Retirement Planning, Annuities, Mutual Funds,
Personal & Corporate Pension Plans; Life & Health
Insurance. British American operates three offices in
Nassau including the head office at Independence Drive
and two branch offices on Rosetta Street and Carmichael
Road. Full services branches are also located in George
Town, Exuma, Freeport, Grand Bahama and Marsh
Harbour, Abaco. The company maintains a presence
in all Family Islands with a network of highly-trained

Still no word on Isle

of Capri opening

Tribune Freeport Reporter
FREEPORT There has
been no official word yet from
officials at Isle of Capri con-
cerning its intention to remain
open after June 1, despite
assurances given by PLP leaders
that the casino operator will
continue its operation on Grand
Minister of Tourism Obie
Wilchcombe had reported ear-
lier this week that the opera-
tors would make an official
announcement to that effect,
sometime last week.
However, up to press time on
Friday no official word or
announcement had been made
by Isle Capri officials. The com-
pany's lease ends on June 1.
The Tribune attempted to
reach Freeport casino chief
Eddie Llambias, and Ms Jill

Haynes, director of corporation
communications at Isle of
Capri, in Mississippi. Both could
not be reached for comments
up to press time.
It was Prime Minister Perry
Christie who initially announced
at a mass rally in Freeport on
April 14 that the government
had met with casino executives
to have the casino continue its
operation in Freeport.
He said that government had
settled the terms of an agree-
ment with the casino operator
and it will continue to operate
at Our Lucaya Resort.
When asked if the casino
would be open after June 1,. a
casino worker said that the
company was not sure yet. "We
are hoping to get word on that
sometime next week," said the
However, according to
reports, employees had initially

informed a caller a week ago fol-
lowing Mr Christie's announce-
ment that the casino's closure
date was still set for June 1.
According to an article on
Wednesday in The Freeport
News, Mr Wilchcombe said, "all
of the necessary documents that
were required to be negotiated
were completed last week."
"So it's just a matter before
the announcement is made and
that should be coming some-
time. this week officially from
Isle of Capri," he said.
The Tribune tried to reach
Mr Wilchcombe on Friday for
comments, but was unsuccess-
However, David Johnson,
deputy director general at the
Ministry of Tourism, mentioned
in Tribune Business on Thurs-
day that the Isle of Capri was
extending its stay in Grand
Bahama by two years.

Pastor calls for race to

be igno

RACE should not be an issue
in the general election cam-
paign, a leading pastor said last
Politicians were urged to stop
raising the issue "as it might
cause irreversible damage to
progress already made in the
area of race relations," said
Bishop Simeon Hall.
He added: "The divisiveness
common at election time should
not be pushed to the level at
which it would be impossible to
heal during the post-election
Bishop Hall's call came as the
election campaign became
increasingly tense, with allega-
tions of "dirty tricks" flying
between the major parties.
"While some tension, dis-
agreement and divisiveness are
expected, we should not treat
those who differ with us as if they


in election

tuition during this election
Bishop Hall said it was sad
that he heard one political ad
demonising a "white Bahanmi-
an" while the party responsible
had white persons aspiring to
the House of Assembly.
"We cannot demonise white
Bahamians who are not of our
S political ilk and canonise those
/ ~ who agree with us for the sake
of.cheap political mileage," he
? "Bahamians have' matured
SSIMEON Hall since the 1960s and thank God
SSIMEON Hall they are no longer afraid to
voice their pleasure or displea-
have no right to be here," said sure on relevant issues of the
the pastor for New Covenant day."
Baptist Church in Nassau. He said it was incumbent on
"It is sad that some radio per- politicians, clergy and anyone
sonalities have lost their objec- else to countenance the rele-
tivity and neutrality. uptil they... vant issue without demonising
have sunk tojournalistic prosti- ,anyone.

career agents.

242-461-1000 i www.babfinancial.com R I
Freeport 242-3i2-7209 Emuma 242-336-3035 Abaco 242-367-5601

PAGE 2, MONDAY, APRIL 30, 2007





0 In brief

into missing
BEC funds

BOTH internal and external
investigations into the allega-
tions of missing funds at BEC
are ongoing, according to gen-
eral manager Kevin Basden,
who said that, as a result, he
cannot comment further.
On Thursday, The Tribune
was told by corporation insiders
that as much as $1.5 million had
disappeared from BEC's cof-
In a statement issued yester-
day, Mr Basden did not confirm
or deny this claim, citing the
need to maintain the "integrity"
of the investigations.
His statement read:
"As we confirmed in a press
release on March 1, there was
an incident involving some miss-
ing money. At that time, the
corporation advised the public
that the incident had been offi-
cially reported to the Royal
Bahamas Police Force. More-
over, at that time BEC also ini-
tiated an internal investigation.
"As with any other serious
incident, both external and
internal investigations take time
to complete in a proper and dili-
gent fashion.
"The corporation takes this
matter very, very seriously and.
because of this, we are commit-
ted to allowing the investiga-
tions to continue until they have
exhausted all avenues of
"We want to assure the pub-
lic that we are unswerving in
our commitment to bring this
matter to a speedy conclusion
and, in so doing, take the nec-
essary action which we feel
would be in the best interests
of the corporation, our employ-
ees and our customers."

Cuba lifts
its ban on
imports of US
long grain rice

CIBA has lifted a ban on
imports of US long-grain rice
that it put in place last year
because of fears about genetic
Raul Sanchez, director of the
US division of the island's food
import company Alimport, said
Friday the ban was lifted earlier
this month. He said that in
recent weeks Cuba has import-
ed 30,000 tons of long-grain US
rice and expects to import
10,000 more soon.
A US announcement in
August that American long-
grain rice samples had tested
positive for trace amounts of a
genetically modified strain not
approved for consumption
prompted Japan to suspend its
US rice imports. Cuba imposed
a ban of its own after conduct-
ing independent testing,
Sanchez said.
Sanchez, who spoke during a
meeting with US medical com-
pany representatives, did not
provide details when questioned
afterward about the exact date
and why Cuba had lifted the
ban, suggesting only that US
long-grain rice no longer
appeared to be a problem.
Washington's 45-year-old
embargo against communist
Cuba chokes off most trade
between the two countries but
US companies can sell medi-
cine and medical supplies
directly to the country under
the 1992 Cuban Democracy



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


Symonette and Christie clash over airport

AS the election campaign
heats up, the two major par-
ties are struggling to win the
public over to their own ver-
sions of recent history.
Nowhere has this debate
been more heated than over
the so-called "airport scandal"-
that cost Brent Symonette his
job at the Airport Authority.
On Tuesday, Prime Minister
Perry Christie hit out at FNM
deputy leader Mr Symonetle
for trying to downplay the inci-
At the FNM's rally at Clif-
ford Park last weekend, Mr
Symonette said of the airport
scandal, in which a contract
was given to a company he had

. w

an interest in: "That was small
things and we got the job done.
The job was done, and the air-
port was not closed."

He then said of
"Ask them about t
they just did. Asl
stand up and say if

money's worth.
"Ask them to talk about an
,, "- airport terminal that started off
at $42 million and ended up at
some $90 million. Ask them to
talk that.
"They're the ones that are
ashamed, and so instead what
do they do? They try and say,
where's Brent? Well Brent
right here and he ain't going
Mr Christie, however,
begged to differ: "No, Mr
'i Symonette, when you get
caught, as you were caught,
the PLP: giving your own company a
he runway government contract out at the
k them to airport when you were Chair-
we got our man of the Airport Authori-

ty, when you got caught in
such a flagrant breach of
ethics, when you got caught in
such a blatant conflict of inter-
est, I'm sorry, it's not 'small
things', as you told the whole
nation right here on Clifford
Park last weekend. Could you
believe he actually said that on
national TV and radio?" Mr
Christie said.
"But it's not small things, Mr
Symonette. No. It was a big
and terrible thing you did so
big and so terrible that Hubert
Ingraham had no choice but to
fire you. Why do you think he
fired you, Mr Symonette, if, as
you say, it was only 'small
things'?" Mr Christie asked.

FNM: the public will be able

to see past the bias of ZNS

Chief Reporter
THE opposition issued a
statement yesterday in reply
to comments made by mlan-
agement of tile Broadcasting
Corporation of the Bahamas
defending what the FNM
describes as "the one-sided
policies implemented by ZNS
during this election campaign."
While the FNM maintained
that ZNS has been "uttllerly
biased" in its management of
political news and in its treat-
ment of the official opposition
during this campaign, thle FNMN
said it is confident that the
viewing public who watch and
listen to ZNS television and
radio will agree with it.
"One egregious incident was
the evening of nomination
when ZNS TV extensively cov-
ered Prime Minister Perry
Christie's nomination on tele-
vision with repeated clips and
showed not a single clip of the
nomination of FNM Leader

Hubert Inegraham in his con-
stituency in Abaco. Fortu-
nately., both nominations were
adequately coverdci by Cable
Channel 12." the party said.
In seeking lo explain its
obvious. hias in lavoiur of the
PI1.1 in allocating time slots for
the broadcast of political ral-
lies, the opposition pointed out
that ZNS makes the "aston-
ishiiig admissionn" Ithat these
allocations were made on a
first-coine fi st-sen, ed basis.
"'So tlo three c\\eks of the
campaign IhIe I'lLP' w\'is given
Tu'esdaI,. \\ dlnesday., TIhurs-
diay and l'rim\ ofl each week
for its rall broadeists and the
FNM I'\\:is let \\ith onl\ Mon-
iIM\ ailld Saii ll i\.
hil is p:il' hl\ tiil'ii and
not the w;i\ ito ensure fair
treatment of both parties in anl
election anil ZNS is con-
demned bv its o\\ n admission."
the FNM saiid.
The opposition said that the
way for a national broadcasting
entity to go about such ani

important exercise would have
been to sit down with both
sides and work out a schedule
of broadcasts acceptable to
"Obviously those who
presently control ZNS are
intent on taking the corpora-
tion back to its deplorable
undemocratic practices of the
past," the FNM said.
There have been charges
that some ZNS reporters do
not want to cover FNM rallies
because they are harassed by
However the opposition said
that any criticisms expressed
by FNM supporters or officials
about ZNS are directed at
those who control the corpo-
ration, not the reporters and
staff who are trying to do their
"We are fully aware of what
ZNS reporters have to endure
under the present regime and
we believe many of them are
anxious to be rid of the stulti-
fying presence the PLP has




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hung around their necks and
are looking forward to operat-

ing as professional journalists
once again," the party said.

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MONDAY, APRIL 30, 2007, PAGE 3


PAGE 4, MONDAY, APRIL 30, 2007



A VOTE for the PLP is "a vote for National
Health Insurance" so says the PLP.
The governing party claims that Wednes-
day's election is as much about whether Bahami-
ans want National Health Insurance as it is about
other issues.
This is not true. Regardless of which party
wins Wednesday's election, health insurance in
some form or other will be introduced.
What Bahamians will be voting for is the
political party that they believe will be better
able to introduce a health insurance programme
that will in fact be self-sustaining and help those
who need it most.
The PLP are fooling the people once again by
trying to make them believe that the FNM,
employers, and doctors are against all forms of
health insurance. This is not true. However, this
group of Bahamians, being in a better position to
judge the merits of the programme, are against
the plan chosen by the PLP. It is a programme
that has failed dismally in all countries in which
it was introduced. Experts on the matter claim
that if the PLP's system is adopted it will collapse
within three years. Even the unions are against
the PLP's national health insurance proposals
because their leaders do not believe that gov-
ernment's plan is the best option to improve
their health care.
However, Health Minister Dr Bernard Not-
tage, apparently ignoring the warnings, vows
that his government will be ready to implement
its programme by the end of the year.
Dr Nottage said that despite the negative
surveys, "the truth of the matter is that a vast
majority of the Bahamian people understand
the need for National Health Insurance."
No one will dispute this. However, Bahami-
ans will not tolerate a system that will make the
waiting lines longer, medicine scarcer and result
in an increased shortage of medical facilities -
especially if they will now have to contribute
financially to keep it in operation. Already Dr
Nottage says that government's programme
needs more research. He says his government is
also looking at what range of benefits the gov-
ernment can afford to pay for, having regard to
the contribution they are asking people to make.
Dr Nottage confirmed that whichever way the
election goes both parties would support Nation-
al Health Insurance (NHI).
"I believe that the party in government will
continue to be the government," he told The
Tribune on April 10, "but even if it doesn't, the
FNM has said it will support NHI."
So contrary to the PLP's slogan "A vote
for the PLP is a vote for NHI," according to Dr
Nottage a vote for the FNM is also a vote for


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NHI. Voters now have to make certain that
they vote for the party that is best able to give
them a programme that will work, not one
doomed to failure before it even gets off the
drawing board. All independent experts agree
that the PLP's programme, as presently
designed, is doomed to fail.
Two weeks ago one of our employees was
scheduled for a major operation. Her doctor
told her to report to PMH at 8am on a Monday
to be admitted to be prepped for the operation
early the next morning. She arrived, waited all
day with a group of other patients also scheduled
for next day operations. At the end of the day
she phoned to say that she and the other patients
were told to go home and return the following
No beds were available, she said. Nor was any
trolley or corridor space left to accommodate
even one more patient. She said that patients on
trolleys were clogging hospital corridors.
Nurses and doctors have questioned how NHI
can possibly improve such a system when already
the hospital hasn't enough staff or facilities to
accommodate the patients they already have.
All the PLP government has done has.raised
Bahamians' expectations for health care that
will only get worse if more patients use it.
The system has collapsed in England, where
a recent report has shattered "the National
Health Service's founding principle that health
care should be free for all at the point of deliv-
"It is commonly said that health care in the
UK is free at the point of delivery; in fact this
mantra is now a political mirage rather than a
day-to-day reality," the report says.
National Health has collapsed so dramati-
cally in the UK that patients who need urgent
treatment have been forced to resort to private
The UK government can no longer deliver on
its promised "cradle-to-the grave" health care,
nor will the PLP government be able to. With all
its billions of dollars of funding, after 59 years in
operation it is now recognized that the UK
National Health Service has failed.
The Bahamas even if it charges Bahamians
very high fees to participate will never have
the resources to maintain such a pie-in-the sky
scheme. Doctors, who know the system, business
persons who know something about cost man-
agement and others who have some tangible
knowledge to contribute will have to sit down to
devise a scheme that will assist the poor.
Meanwhile on Wednesday Bahamians will
have to decide which of the two parties it can
trust with its health.

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

LEONE. H. DUPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

EDITOR, The Tribune.
WE CAN no longer be silent.
Last year, when The Bahamas
Plays and Films Control Board,
supported by The Bahamas
Christian Council, banned the
movie "Brokeback Mountain",
The Tribune for four days
straight ran headline stories
lambasting the Board and the
Council for this "censorship".
At the time we cried foul on
The Tribune's reporting style
and wrote to the editor stating,
"It is with some interest and
amazement that we watched the
orchestrated 'furor' over the
banning of the homosexual-
themed movie 'Brokeback
Mountain'. How the four people
cited by The Tribune on Tues-
day, March 28th, amounted to a
'public outcry' against the movie
being pulled, left us,wondering
how many people it took to
make up the public?"
"This is sensationalism. It is
absolutely irresponsible-as
though the attempt is being
made to create news rather than
report it. Do you want a real
example of public outrage? The
furor created by Keith Carey's
murder in broad daylight!
Everywhere one went in this
country it was the topic of con-
versation-real anger was being
expressed. Not this manufac-
tured 'outrage'."
We have noted with interest,
over the past few years, The Tri-
bune's inexplicable bias in
putting anything pro "homosex-
ual rights" on the front page,
while relegating anything rep-
resenting traditional Biblical
family life to the back of the
For instance, Bishop Gomez's
statements (representing the
entire Anglican community
worldwide) coming out of the
Primates meeting in Tanzania
was .relegated to page five
(Tuesday, February 27, 2007)
while the response from the
spokesman for a fringe homo-
sexual lobby group got front
page! Would The Tribune have
us to believe that they carry
more weight, or are more news-
worthy than Archnishop Gomez
representing the world's 77 mil-
lion Anglicans?
Again, last year over two
thousand persons left their
homes and Churches to gather
at Rawson Square for the Help
Save the Family Rally, spon-
sored by Rex Major and Asso-
ciates. The Prime Minister and
many cabinet ministers were
there, as well as The Speaker of
the House, the Commissioner
of Police and many businessmen
and wonien. Notable luminar-
ies were also there like the old-
est known Bahamian couple
(married 69 years) and scores
of Bahamian families of every

A.G. Electric Co. Ltd.

32 Jerome Avenue

Phone: 393-8192

CH a' S7.M!


hue and colour.
Amazingly, this event was not
covered! We know all the media
were informed but not one sto-
ry came out in The Tribune (or
any other newspaper for that
matter). The pictures that final-
ly did appear several days late
were acquired from a non-Tri-
bune photographer who was
It appears to us that The Tri-
bune determined beforehand
that the event was not news-
worthy and did not meet their
criteria for news and so no
reporter or photographer was
sent. Yet anytime someone from
the local homosexual fringe
grouping speaks they are guar-
anteed front page coverage by
The Triburfe (this is noted
because the other papers do not
carry gratuitously the Rainbow
position)! Once again, are we
to believe that this fringe
groups' comments are of greater
worth than the thousands of
Bahamians who gathered to
make a statement?
Last week Mr. Clever Dun-
combe, father's right's advocate
and independent candidate for
the Golden Gates Constituen-
cy, made a statement that homo-
sexual candidates should declare
their sexual orientation. He was
relegated to page 9 (Tuesday,
April 3rd). But the response
from the spokesperson for the
local homosexual lobby made
front page news yet again (Tues-
day. April 10th). This left us
completely baffled! Shouldn't
the man making the statement
have made headlines as well, or
shouldn't they both have been
relegated to page 9?
How was the response more
newsworthy than the actual
comment? The bias is clearly
evident to even the casual read-
er of your paper.
As we did last year. we are
forced once again to call on The
Tribune to act responsibly with
regard to this matter of report-
ing on homosexual related
Responsible news agencies
must be careful to protect them-
selves and the public from the
militant advocacy of homosexu-
al groupings that have had such
devastating effects in countries
around the world.
Is it the intention of The Tri-
bune to aid in creating a similar
climate here to the one that now
exists in Canada where publicly
speaking out against homosexu-
ality will land you with a two-
year jail term?
Or where our schools are
forced to teach elementary
school children from text-books
like "Heather has two moms"
as is now the case in parts of
California and New York'?
Right thinking people are
tired of having this matter

"rammed down their collective
throats" by a biased media, an~d
want their right to say NO to be
fairly reported on! Right think-
ing people in the thousands
came out to Rawson Square, but
you ignored them completely'
By the way, Dr Rex Major
along with concerned members
of the clergy, has continued to
attract enthusiastic crowds to
'Help Save The Family Rallies'
being conducted around the
Bahamas. Rallies have been sud-
cessfully conducted in Spanish
Wells, Harbour Island and
Grand Bahama where some
1,500 persons were estimated to
It is the intention of Dr Majdr
and his team to visit every major
Family Island community with
his pro-family message. It is
amazing that the work of one
of our finest ministers of the
gospel who is reaching thou-
sands with his 'Help for the
Family' message is being mini-
mally reported, yet four people
spoke out on the banning of
"Brokeback Mountain" in those
initial days and you gave therii
front page banner headlines for
four days straight!
The Tribune should be
advised that Bahamians have
watched the civil war of values
taking place in the US antl
around the world and want an
opportunity to say "not in our
land" without being intention-
ally silenced by biased report-
ing masquerading as "fairness'".
We take this time to remind The
Tribune that it is the responsii-
bility of the fourth estate to
report the news, not take sides.
On it's editorial page The Tri-
bune states its philosophy as
"being bound to swear to the
dogmas of no master", yet ft
would appear that The Tri-
bune's new motto is "we bow to
the dogma of the hormsexilal
agenda"! Stories in favour .of
homosexuality make page one
endlessly, but the Bishop, speak-
ing for 77 million Anglicans, and
a candidate for upcoming gen-
eral elections are relegated to
the nether realms of the papep;
while thousands of "traditional
family values" Bahamians are
not even considered worthy of
We are left to wonder if The
Tribune has become the unoffi-
cial "official" mouthpiece for
the homosexual rights activists
in this country. We believe that
from the few articles cited above
The Tribune seems well on its
way (intentional or otherwise)
to being perceived as such.
As pastors who have worked
with The Tribune over the years
and appreciate being able to
work in tandem with your news-
paper to tackle relevant social
issues, we call on you to lay
aside the bias and let fairness
rule in these matters.

Pastors Allan Lee, Cedrie
Moss and Lyall Bethel
April, 2007.

'Lay aside

the bias, let

fairness rule'

PLP has no sole claim to NHI

The Art of Island Li vint

IHTel: 242-.-5(;-,--3(,),2H
^^^~~~~mail: ss~s^^


MONDAY, APHII. 30, 2007, PAGE 5

@ In brief

New traffic
signal is
installed at
THE public has been
warned to take notice of a
new traffic signal at the inter-
Section of Cowpen Road and
Faith Avenue.
The temporary traffic sig-
nal is presently being installed
by Hypower International,
under the direction of the
Ministry of Works, due to the
increased volume of traffic in
the area.
The company released a
statement on Friday advising
drivers to be cautious and pay
'attention when approaching
,the intersection.
The statement added that
the light will be in 'blinking'
mnode until Monday, April
30th. This is to allow residents
to become familiar with the
new installation.

Coast Guard
Haitians off
Great Inagua

San Juan
THE US Coast' Guard
intercepted about 200 Hait-
ian migrants on a dangerous-
ly overloaded boat Friday in
rough seas near a Bahamian
The migrants, who were
traveling on a 50-footsail
freighter about 13 miles west
of Great Inagua Island, were
being transferred to a Coast
Guard cutter, said James
Judge, a Guard spokesman in
US authorities planned to
return them to Haiti.
-, Thousands of Haitians
1eave their impoverished
'country every month, risking
dangerous trips aboard rick-
ety, crowded boats in hopes
of finding better lives over-

Drummers to
world record
in Haiti
A TEAM of 10,000 drum-
mers will attempt to break
the world record for the
largest drumming ensemble
at a music festival in Haiti
pext month, organizers said
'Friday, according to Associ-
ated Press.
Drummers from through-
out the Caribbean nation and
beyond are expected to par-
ticipate during the May 25-
27 music festival in Jacmel, a
sleepy resort town on Haiti's
south coast, said Foundation
Sant D'A Jakmel, a co-organ-
iser of the event.
The drummers will try and
break the previous Guinness
World Record set in India
last year when 7,951 people
drummed continuously for
five minutes.

6:30amBahamas @ Sunrise Live
11:00 Immnlediate Response
12:00 ZNS News Update (Live)
12:05 Immediate Response
1:30 Legends: Roger Kelty
2:00 One Cubed
2:30 Turning Point
3:00 Dr. Jamal Bryant
3:30 Bishop Neil Ellis
4:00 Lisa Knight
4:30 Cybernet
5:00 ZNS News Update

5:05 Andiamo
5:30 The Envy Life
6:00 Gospel Grooves
6:25 Life Line
6:30 News Night 13 Freeport
7:00 Bahamas Tonight
8:00 Political Broadcast: Free
National Movement
8:15 Political Broadcast:
Progressive Liberal Party
8:30 Free National Movement
Mass Rally
11:00 News Night 13
11:30 Bahamas Tonight
12m/n Immediate Response
1:30amCommunity Pg. 1540AM
1 NOE N-V13rsre h
rih to maelstmnt
prgam cags

Company still seeking answers

from government on severance

AFTER five years of being
given the run around, the par-
ties involved in the sale of Glad-
stone Farms Limited and gov-
ernment officials continue to turn
a deaf ear to former employees
of the now defunct company who
want to know why they have not
received the severance pay owed
them since 2002.
In October 2002, The Nassau
Guardian reported that the
workers were told by then Min-
ister of Agriculture and Fish-
eries Alfred Gray that they
would receive their severance
pay before the farm closed its
The minister was quoted as
saying: "I expect that they will
be paid their severance and as I
understand, they should be paid
first. I think they (Gladstone
Farms) have it all wrong. That
staff and whatever they are enti-
tied to, should be paid before
everybody else."
The minister's comments
were then corroborated by Mr
Elgin Douglas, who was Presi-
dent of the Bahamas Conmmer-
cial Stores, Supermarkets, and
Warehouse Union,(BCSSWU).

At the time, Mi Douglas said
his union had met with the for-
mer Price Waterhouse official,
Ishmael Lightbourne, and it was
agreed that the workers would
receive their severance pay
before any monies were issued
to creditors.
"We have filed a dispute with
the Labour Department and we
will also get our lawyer, Mr
Clinton Clarke to explain to
Gladstone Farms that its work-
ers must be first on the list of
payments, rather than at the
bottom," Mr Douglas was quot-
ed as saying.
However, in a letter dated
April 13, 2007, it was obvious
that the workers had not
received the pay that was
promised, and once again, they
were calling on all concerned
parties to explain why not.
"Times are very hard, and
there are people who have
worked their entire lives at the
Gladstone Farms," the letter
said: "They are out of jobs, and
for many years after the closure
of Gladstone Farms, all they
were hearing were promises,
promises, and promises."
"What do we have to do in
order to get our just reward?"

the letter asked.
In an attempt to get answers
for the disgruntled workers, The
Tribune began by contacting
the Clinton Clarke named in
the 2002 Guardian article.
When presented with infor-
mation from the news article,
Mr Clarke immediately went on
the defensive, telling The Tri-
bune: "I don't know what you
are talking about. If people
would have said that they want-
ed to come to me as attorney,
they are free to do so. I haven't
spoken to anybody who had an
interest with Gladstone Farms,
yet it might still happen, but I
don't know what you are talking
He went on to say: "I do not
respond to some article. I
respond by some action com-
ing from the court that I might
have filed or some client would
have said, 'We went to the
Labour Board and we had not-
ed Mr Clarke as his attorney.' I
do not want to get involved in
the article 'cause I wouldn't
release any information to The
Tribune on any regards, and I
don't really want to be a part
of it."
The Tribune, in turn, con-

Independent appeals for

more media coverage

Tribune Staff Reporter
THE independent candidate
for Pinewood believes that he
has been overlooked in the
press, to the detriment of local
voters who are being put "at
war with each other" by party
Thirty-four-year-old Marvin
Williams said he was disturbed
by the omission of his name in
recent articles in The Nassau
Guardian which discussed can-
ditlates running for the
Pinewood constituency.
He is concerned that
Pinewood residents may be con-
fused by the omission, or may
not be aware that there is an N ALl
alternative to "party politics" Maynr
in their area. challei
Currently, the MP for Wood:
Pinewood is attorney-general BDM'
Allyson Maynard Gibson. Run- indept
ning against her in the upcom-
ing election, alongside Mr
Williams, are the FNM's Bryan "I v
Woodside, and the BDM's brochi
Demetrius Frazier. I thou
"I think it does a disservice have r
to me because a lot of people well I'
are fed up with both parties and cuss it
to give the impression that an 'I didr
independent is not in the area is he sai
really a way of discouraging per- He
sons who would not vote for his in:
either of the parties from going torn u
to the polls," said Mr Williams. bushes
The candidate said he was Mr
not sure if the omission in the the tirr
Guardian was intentional, or candid
simply an oversight, he is a'
This was partly because the disillu
parliamentary registration main p
department assured him that his number
name was on the ballot and had "I
been sent out on a list to all an in
media houses. Pinew
However, The Tribune can- polls, t
not confirm having received any Par
such list. muniti
The independent candidate "Pa
has had trouble getting his mes- two gr
sage across since announcing with e
his decision to run. we ha'
His campaign has been ham- and th
pered by vandalism, as his bers o
posters have repeatedly been should
removed from poles and walls cal ba
where he has posted them. and we
"It seems only the FNM can said.
keep their posters up," he said. Mr
It appears that operatives platfoi
may be destroying literature enipoe
relating to candidates other Pinew
than their party's, he claimed. He

----- z

ard-Gibson faces
nges from Bryan
side of the FNM, the
s Demetrius Frazier and
endent Marvin Williams

went around and t left my
ires, and I waited til after
eight the people would
ead it and then I thought
11 go round so I can dis-
with them. But they said
n't see any brochures',"
later found evidence of
formation having been
p and thrown in nearby
Williams said that he feels
me is right for independent
plates in the Bahamas as
ware of a growing sense of
sionment with the two
parties among a significant
er of voters.
want them to know that
dependent is here in
ood so they can go to the
that's my main concern."
ty politics is dividing com-
ics, he declared.
rty politics divides us into
'oups and puts us at war
ach other. I believe that
ve one thing in common
at is that we are all mem-
f this community, and we
I not look at these politi-
nners, 'PLP' and 'FNM',
e can go a long way," he
Williams is running on a
rm of bringing economic
werment to tile people of
plans to bring an athletics


closed for election
the know how store will close at 1pm on election day
WEDNESDAY, MAY 2, 2007 to allow our staff to vote



field and a stage for drama and
musical events to the coimIu-
nity, which would provide a
means of entertainment as well
as opportunities for local entre-
preneurs to sell their wares.
"I believe that freedom with-
out economic empowerment is
a fiction," he said.
The people of Pinewood on
the whole have received him
"warmly" as he has campaigned
on the streets, he added, par-
,ticularlv as he is a "son of (the
Pinewood) community".

tacted former (iladstone I arms
owner Canadiain Tim Wien of
0 & T Agdevco. I however. Mr
Wien said he was ulnaw;are of
any agreement with former
workers, as ClB(l'3ahamas I Ad
appointed the former Price
Water House senior partner
Ishmael Lighthlourne as receiv-
er and manager of the company
around July 2002.
However, with Mr Light-
bourne no longer at Price
Waterhouse, Mr Cliffor)d lohn-
son spoke on behalf of the coim-
pany saying, "This firm made
so such promises to anyone."
Claiming confidentiality to
their clients, both he and anotlh-
er Price Watlerhouse official, Mr
Wayne Aranha, directed The
Tribune to review Gladstone
Farms documents on file with
the Registrar of Companies.

'You will have a better story
on Monday after you have had
the weekend to read the whole
document," said Mr Johnson.
But while The Tribune con-
ducts its investigation, the 180-
plus former Gladstone Farms
workers are still feeling the
pinch that they expressed in a
direct letter addressed to the
Prime Minister in August of
2004 which stated: "Mr Prime
Minister, it is not fair for us to
be treated this way. Most of the
former employees are still not
employed, or unable to become
employed because of the age
"Sir, we are not saying that
the monies owed to us would
be sufficient to take care of all
our expenses, but," the letter
concludes, "at least it would be
a great start for most of us."


*.. r .

Harbour Bay Shopping Centre
i:~~ ~ "4" '


:: + Sizes

-": 7-11

snea er oxn

Rosetta St.



*'f ^



- Ph: 325-3336

I -~

__ L__I~-~_~c.

Ph: 393-4440.or 393-4448





PAGE 6, MONDAY, APRIL 30, 2007


Ingraham draws attention to

PLP dropping Code of Ethics

Chief Reporter
HOW can Bahamians trust
the PLP when it has dropped
the prime minister's Code of
Ethics from the Action Agenda,
Opposition Leader Hubert
Ingraham asked thousands of
Bahamians at an FNM mass ral-
ly in Grand Bahama over the
The government's behaviour,
he said, has shown the Bahami-
an public that they would con-
tinue to govern in an unethical
manner without regard to
morality, accountability, trans-
parency and good governance.
"You know none of us can
say that there will never be a
scandal in the ranks. We can-
not see into the future. But
what we can do is deal with


scandal; deal with it right away;
no excuses and no cover-up; out
with the facts arid let the chips
fall where they will. Take your
blows and move on," Mr Ingra-
ham said.
He pointed out that the gov-
erning party is being accused of
vote buying.
"You may know more about
the details of this than I do
because some of it is, I am told,
happening right here in your
front yard not your back yard
- in your front yard! But take
their money and vote FNM,"
he said.
Mr Ingraham said that the
PLP is so frightened about los-
ing the election; so frightened
that ignoring the law is not
beyond them.
"Mr Christie told us that as
far as he is concerned, the

requirements of our Constitu-
tion relating to the Report of
the Boundaries Commission not
later than once every five years
are of no consequence," he said.
The opposition leader further
accused government of seeking
to pervert the election process.
Among other things, Mr
Ingraham said government has
done its best to restrict the
FNM's access to the publicly-
owned media and to suitable
rally sites in New Providence.
"So devious is their plan to
block us that they fabricated a
news story yesterday alleging
that ZNS reporters are afraid
to come to FNM rallies. We
know otherwise. The reporters
are not the guilty party here.
The reporters are at each and
every FNM rally doing their
jobs. It's the ZNS political boss-
es who are the problem," the
FNM leader said.
Mr Ingraham placed the
blame on the shoulders of the
political bosses who refuse to
permit fair coverage of the cam-
paign; political bosses who cause
reporters' stories about FNM
rallies to be changed and who
refuse to carry unbiased stories
on this election campaign.
"And it was the political boss-
es who determined to parcel out
ample TV access to one party
and to close the other out.
"This PLP talks about a

bridge to the past; but it is the
PLP who seek to take The
Bahamas back to the past. It is
the PLP who are trying to take
us back to the dark days of sti-
fling freedom of speech. They

inherited freedom of the air-
waves from the FNM but they
have been busy for five years
trying to turn ZNS back into a
PLP propaganda machine," the
FNM said.

FNM leader criticises Christie's

'hanging on' to Cynthia Pratt

Chief Reporter
PRIME Minister Perry
Christie is trying to hang onto
the "gown tail" of his party's
deputy, Opposition Hubert
Ingraham said Saturday at the
FNM mass rally in Grand
The opposition leader was

4in time

for t

responding to assertions made
by Mr Christie that too many
of Mr Ingraham's pictures were
hanging up around Nassau.
"He believes that's a privi-
lege reserved for him. Last time
they had more pictures of him
on trees and lampposts and
more yellow shirts and flags
about the place than you could
shfie a stick at.
"They are doing pretty well
this time too. But it seems like
things are a little tighter this
time. Plenty more money was
flowing into their coffers in
2002. Harachi is gone though,"
the former prime minister said.
Mr Ingraham said it doesn't
seem that Mr Christie under-
stands that there is only one
Prime Minister in the Bahamas'
"This is not America and
there is no vice-president on
any ticket. Now he's got slight-
ly smaller size pictures of him-
self proclaiming that he's 'still
the right man for the job', but
they're running alongside huge,

larger than life size posters of
him and Cynthia Pratt pro-
claiming them to be a team.
"We've got 41 candidates on
our slate and we're proud of
every one of them. That's why
we've got the picture of our full
slate on posters all around the
place. But only one on the slate
is the Leader and when we win
that is the one who will become
Prime Minister; that'll be yours
truly, Hubert Alexander Ingra-
ham," Mr Ingraham said.
The opposition leader said he
did not need to hang on to any-
one's trouser leg, but if Mr
Christie needed to "hang to
Mother Pratt in pictures" that
would be fine with him.
Mr Ingraham also accused
the PLP of trying to hide behind
the "trouser leg" of Tennyson
Wells in Bamboo Town.
"But like I told Bamboo
Town today only one FNM
running in that constituency and
his name is Branville McCart-
ney," the FNM leader said.

0 In brief

BCC head
calls for
prayers for


BISHOP John Humes,
newly elected President of the
Bahamas Christian Council,
has issued a call to all pastors
and their congregations to
offer special prayers for
peaceful and fair elections on
"As the leaders of nations
are ordained of almighty God
we should pray that only
those God has chosen to lead
would be elected to political
office regardless of party affil-
iation," he said.
The council president also
called for Christian leaders to
fast and pray on Monday and
Tuesday for "God's will to be
done" in the election of the
country's Members of Parlia-
ment and the subsequent
selection of the members of
the new Cabinet.
"The Bahamas has been
blessed with many blessings
including democratically
elected governments in a
nation established upon
Christian principles. There-
fore the Council appeals to
all registered voters in the
Commonwealth of the
Bahamas to freely exercise
their God-given right and
privilege to vote for the can-
didate of their choice in a
peaceful manner and to will-
ing accept the final outcome
at the polls on Wednesday,
May 2 2007," he said.

The -Way

of things we
think, say or do
1. Is it the TRUTH?
2.Is it FAIR to all
3. Will it build
4. Will it be
all concerned?


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AM s..rss: ...

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Ila t"U5 w ___gY- mn^y 11,w 4. __ __ W C__ -- __


e o

SN~t- I




"Lose YourselflIn Style"


Sal Strt





0 In brief

wanted for

THE Tribune will be pub-
lishing its annual Back to School
supplement in August and Sep-
In preparation for the sup-
plement which will feature all
graduating seniors who will be
attending university/college
either locally or abroad we
are asking all parents, teachers
and students to send in a pho-
tograph accompanied by a brief
The profile should include:
Name of student
Names of parents
A list of exams already tak-
en eg the Bahamas Junior
Certificate (BJC), Pitmans
A list of exams expected to
be taken eg the Bahamas
General Certificate of Sec-
ondary Education (BGCSE)
The college/university they
expect to attend eg College
of the Bahamas, Harvard Uni-
versity, University of Miami
Name of degree expected
to be sought eg bachelors
degree in English, bachelors
degree in biology.
What career they expect to
follow once their education is
completed eg doctor, mathe-
matics teacher, engineer.
' All extracurricular activi-
ties club memberships, team
sports/track and field, church
A list of honours/awards/
recognition that student has
For more information or if
you have any questions please
contact Yolanda Deleveaux,
Tribune Features Editor at 502-
2368 or e-mail ybdeleveaux@tri-
bunemedia.net, or call Katina
Martin at 502-2362 or 322-1986.

Yard of former
suspect is

DUTCH police on Friday
searched the yard of a one-time
suspect in the disappearance of
American teenager Natalee
Holloway, the Aruban prose-
cutors' office said, according to
Associated Press.
Using thin metal rods and
shovels, police and forensic
investigators churned up the
earth outside the home of Joran
van der Sloot, the last person
known to have seen Holloway
alive before she vanished near-
ly two years ago during a school
vacation on the Dutch
Caribbean island.
"The investigation has never
stopped and the Dutch author-
ities are completely reviewing
the case for new indications,"
Vivian van der Biezen, a
spokeswoman for the prosecu-
tor's office, told reporters gath-
ered outside the home.
About 20 investigators
arrived from the Netherlands
on April 16, van der Biezen
said. She said they also searched
the home, but she could not say
why. They left after a couple
hours inside the walled proper-
A statement from the prose-
cutors' office said: "The team
has indications that justify a
more thorough search."
Holloway, an 18-year-old
from Mountain Brook, Alaba-
ma, vanished in the early hours
of May 30, 2005, the last day of
a five-day vacation to celebrate
her high school graduation with
124 other students.
She was seen leaving a bar
with van der Sloot, then 17, and
two Surinamese brothers. The
brothers, Deepak and Satish
Kalpoe, were jailed and later
released after a judge ruled
there was not enough evidence
to hold them.

Christian Council called on to prevent

involvement of the clergy in election

FREEPORT Some resi-
dents of Grand Bahama have
called on the Bahamas Christian
Council to ask clergymen to
refrain from using political plat-
forms as a means of dividing
This comes in the wake of a
political row between Rev Fred-
erick McAlpine of the.Opposi-
tion Free National Movement,
and West End and Bimini can-
didate Obie H Wilchcombe of
the ruling Progressive Liberal

And while some people are
of the view that derogatory
remarks may be tolerated by
certain politicians in the heat of
a political campaign, a man of
God should not fall into the gut-
ter in response to verbal attack.
Both Mr Wilchcombe, who
serves as Minister of Tourism
in Prime Minister Perry G
Christie's Cabinet, and Rev
McAlpine, pastor of the
Freeport-based Frederick
McAlpine Evangelistic Associ-
ation, have on several occasions

sharply criticised each other on
political platforms in Grand
Bahama and New Providence.
Adding his voice to the cho-
rus of people who have spoken
out against such behaviour is
Marco City candidate Michael
Edwards Independent, who
has called upon the BCC to
request that ministers of the
gospel "refrain from being used
as loaded guns in the hands of
politicians aimed at dividing the
Bahamian people."
He said it is "appalling for a

serving minister of a Christian
church to be seen and heard on
national radio and television,
making derogatory remarks
such as is alleged to have been
made by Rev McAlpine at an
FNM mass rally at Clifford Park
in New Providence on Satur-
day, April 21, 2007."
According to Mr Edwards,
"Such behaviour is not Christ-
ian like, and ought not to be tol-
erated by anyone, whether
politician or non politician."
He called on Prime Minister

Perry Christie and opposition
leader Hubert Ingraham to
refrain from allowing such
remarks to be made from their
political platforms, adding that
such remarks are sending the
wrong message to "our citizens."
Although former PLP vice
president of the Senate, Rev C
B Moss, is also engaged in a
political campaign as an Inde-
pendent in the Grants and Bain
Town Constituency, he has so
far far "remained out of the gut-

Government unable to account

for funds earmarked for schools

the Minister of Education
has been able to properly
account for millions that the
ministry announced were
earmarked solely for new
school construction in 2004
and 2005, according to Asso-
ciated Press.
In recent advertisements
attacking the present admin-
istration's record on school
construction, the opposition
Free National Movement
points out that there have
been no new schools built
within five years, as was
promised on several occasions.
The PLP, in response, has
gone on the defensive stat-
ing that, within its five year
term, it has built more than
500 new classrooms, while
the FNM, during its 10 years
in office, has only construct-
ed 332.
The party goes on to say
that, during its short term,
at a cost of more than $20
million, it has undertaken
the largest school repair and
expansion programme ever.
A Tribune examination of
the issue, however, reveals
that the PLP's argument in
support of its record may be
flawed, as it still does not
refute the Opposition's
claims that no new schools
have been built, despite funds
being allotted in its budget
yearly for the projectss.
In August of 2003, the
Ministry of Education issued
a public released in which it
noted that $12 million had
been set aside for construc-
tion and repairs of school in
and out of New Providence.
At the time, $5 million of
the $12 million budget was
allocated to new school con-
However, when pressed
on the matter three years
later, the minister, in an
April 2006 interview, indi-
cated that the entire $12 mil-
lion had been diverted to
cover damage attributed to
The reason put forth by
the minister accounted for
the new TG Glover, George
Town Primary, and two
junior high schools in Grand
Bahama not being built, as
was planned for 2003.
September of 2005 saw a
new round of promises, with
the Minister of Education,
Alfred Sears, and the Min-
ister of Works, Bradley
Roberts, once again, putting

I 11-
* ALFRED Sears announced
school plans in 2005
forth new proposals.
A press release prepared by
the Bahamas Information Ser-
vices outlined plans for an esti-
mated $27 million of the Edu-

cation ministry's budget to be
used on 176 construction and
repair projects.
The release noted that of the
$27 million, $15 million was,
once again, being set aside for
new schools, while $5 million
was geared toward ongoing
repairs, $4 million for the com-
pletion of additions, and the
remaining $3 million for "other
When the numbers are added
up, according to printed reports,
the Ministry of Education
would have spent $12 million
in the 2003/2004 physical year
and $12 million in 2005/2006 on
school repairs and expansions
alone, for a total of $24 million.
But while those figures alone
justify the government's claim
that it has put over $20 million
into the largest school repair
and expansion programme ever,

it still does not account for the
$15 million, alone, that it had
set aside for new school con-
struction in September 2005.
By shifting the focus of the
present debate frorf the num-
ber of schools constructed to
the number of classrooms built
or repaired, the government
appears to be making light of
the FNM administration's
record of building 12 new
schools under its watch.
From 1992 to 2002, in addi-
tion to school repairs and
expansions, the FNM govern-
ment was responsible for build-
ing seven primary schools, four


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At the close of its first term
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promised supporters that it
intends to build a new school
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MONDAY, APRIL 30, 2007, PAGE 7



For the stories behind

the news, read Insight

on Monday




A US welcome into the world?

* By Sir Ronald Sanders
(The writer is a business con-
sultant and former Caribbean

made an important
foreign policy statement on
April 23 to the Chicago Council
on Global affairs. It is a state-
ment that most people in the
world would welcome from
someone seeking to become the
most powerful person on earth
- the President of the United
Many well-thinking Ameri-
cans, including Republicans,
who are very concerned about
the policies of the present
administration of President
George W Bush, would
empathise with the statement
of the Democratic Senator from
Illinois even though they would-
n't support him for the Presi-
Right now Senator Obama
is giving Hilary Rodham Clin-
ton a run for her money for the
Democratic nomination for the

Presidency, though it is doubtful keeps it up with such convincing
that he will beat her. eloquence, it should force the
Mr Obama is black and there other Presidential hopefuls to
continues to be that nagging adopt policies that would shift
question about whether Amer- America back to an interna-
ica is ready for a black Presi- tionalist position and away from
dent. the unilateralist, militaristic
The truth is that it is the stance of the present govern-
colour of his skin, rather than ment.
the content of his speeches that
might see Mr Obama sidelined T
eventually in the Presidential n three sentences, Mr
race. .Obama summed up what
Nonetheless, Mr Obama's has happened to America

Because of the way that the US
administration has gone about its
"war on terror" it has probably
won more recruits to those who
want vengeance on America than
Osama bin Laden and al-Qaida
would ever have been able to

first foreign policy statement
was outstanding, and, if he

In The Baha
Since 198

because of President Bush's ill-
advised invasion of Iraq and the
subsequent horrific events,
including the killings of thou-
sands of innocent Iraqi's, the
deaths of hundreds of Ameri-
can service men and women,
and the unpardonable televised
hanging of Saddam Hussein
after a trial that many felt was
stage-managed by the US gov-
Obama said, "We all know
that these are not the best of
times for America's reputation
in the world. We know what the
war in Iraq has cost us in lives
and treasure, in influence and
respect. We have seen the con-
sequences of a foreign policy
based on a flawed ideology, and
a belief that tough talk can
replace real strength and
Indeed, because of the way
that the US administration has
gone about its "war on terror" it
has probably won more recruits
to those who want vengeance
on America than Osama bin
Laden and al-Qaida would ever
have been able to enlist.
Mr Obama is quite right that
the US has lost influence and
respect, and that loss has
occurred even among those
who want to be among Ameri-

i nsI ht


ca's staunchest supporters.
He correctly stated that "the
disappointment that so many
around the world feel toward
America is only a testament to
the high expectations they hold
for us." And he declared: "We
must meet those expectations
again not because being respect-
ed is an end in itself but because
the security of America and the
wider world demands it."

T he America that peo-
ple the world over
respected was the America that
produced the Marshall Plan to
rebuild a wrecked Europe after
the ravages of World War 11;
the America that led the way
in the formation of the United
Nations to "save succeeding
generations from the scourge
of war," "to reaffirm faith in the
equal rights of men and women
and of nations large and small,"
and affirmed that "armed force
shall not be used, save in the
common interest."
That America has faded into
the background, replaced by an
image of an ugly juggernaut
unwilling to pause to engage
any other nation, however
friendly, in dialogue and toler-
ant only of those whose support
borders on obsequiousness.
It is that image that has done
America most harm, playing

SSIR Ronald Sanders
0 SIR Ronald Sanders

into the hands of its detractors
who have readily decried it as a
bully. It has adversely affected
American companies doing
business in the world, and it has
stymied the good intentions of
US government officials who
have been tainted by the wider
impression of US government
It was wonderful, therefore,
to hear Senator Obama affirm:
"We must neither retreat from
the world nor try to bully it into
submission -we must lead the
world by deed and example."
And, he acknowledged that
just as the world cannot meet

the threats.of this century with-
out America, America cannot
meet them alone. He recog-
nised the value of multilateral-
ism and of multilateral institu-
tions in which the voices of oth-
er nations are taken into
He said: "Today it's become
fashionable to disparage the
United Nations, the World
Bank, and other international
organizations. In fact, reform

of these bodies is urgently need-
ed if they are to keep pace with
the fast-moving threats we face. -'
Such real reform will not come,
however, by dismissing the val-
ue of these institutions, or by
bullying other countries to rati-
fy changes we have drafted in
isolation. Real reform will come
because we convince others that
they too have a stake in change .
- that such reforms will make
their world, and not just ours,
more secure."

dealing with the Bush
administration's '*
much vaunted desire "to pro- .
mote the spread of freedom,"
Senator Obama made the
telling point that "the true
desire of all mankind is not only
to live free lives, but lives ,
marked by dignity and oppor-
And, he identified some of .
the requirements of freedom as
"basic sustenance like food and
clean water; medicine and shel-
ter; building the capacity of the
world's weakest states and pro-
viding them what they need to
reduce poverty, build healthy
and educated communities,
develop markets, and generate
He promised that, as Presi-
dent, he would double Ameri-
can aid to $50 billion by 2012,
pointing out that "for the last
twenty years, US foreign aid
funding has done little more
than keep pace with inflation."
$50 billion a year in foreign aid '.
is less than one-half of one per-
cent of the US GDP and, as he
concluded, it "doesn't sound as
costly when you consider that .
last year, the Pentagon spent
nearly double that amount in
Iraq alone.',
He might have added that
after trumpeting in 2005 that
they would boost development
assistance to Africa alone by ,.
$50 billion, the G8 countries,
which includes the US, have
mustered only 10 per cent of
their pledge so far according to
panel headed by former UN >,
Secretary-General Kofi Anan.
They basked in the glow of the
publicity then; today they are .
in the shadow of what the rock
star, Bob Geldof, a chief cam-
paigner for Africa, says is a
"grotesque abdication of
Senator Obama's statement
will probably find little sup-
portive response in the US
except among the informed and
thoughtful minority. But, the ,
vision he paints of America in
the world is one the world
would welcome, and one that
would benefit America's inter-
Responses to: ronald-

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Dealing with the Bush
administration's much vaunted
desire "to promote the spread of
freedom," Senator Obama made
the telling point that "the true
desire of all mankind is not only
to live free lives, but lives marked
by dignity and opportunity."

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respetedwot"lideFs n chise.
.20 yea~rs at same piroimeloaion



PAGE 8, MONDAY, APRIL 30, 2007




THE May 2 general
elections will not only
be a battle between our major
political parties, but will promi-
nently feature a clash of the
titans-PM Perry Christie
(PLP) versus former PM
Hubert Ingraham (FNM).
Frankly, the clash between lead-
ers reminds me of a fight
between a pit-bull and a poo-
Under Mr Christie's watch,
the governing party has been
plagued by scandal, corruption
and internal strife. Whether he
has yet to believe he is Prime
Minister or not, Mr Christie
seemed like a deer caught in
the headlights, as he has fum-
bled, bumbled and been wishy-
washy with regard to several
major issues that have con-
fronted his administration over
the past five years.
Whether it was sheer
naivety and gullibility, Mr
Christie's mind-boggling
defence of his skirmishing MP
(Keod Smith/Kenyatta Gib-
son) and Shane Gibson, after
it was uncovered that he had
rushed Anna Nicole Smith's
residency permit, led many
people to question his credi-
bility. In these instances, Mr
Christie put himself in a most
ridiculous, and untenable posi-
tion. The multitude of scan-
dals that had erupted and Mr
Christie's dithering and fail-
ure to address them may have
permanently wrecked his lega-
Early on, Mr Christie pledged
that there would be trans-
parency and accountability in
his government. However, we
have seen feebleness over the
last five years and an uncanny
tendency of concealment when
it comes to government affairs,
Heads of Agreements and scan-
On November 26,2003, a day
after the resignation of Sidney
Stubbs following the BAIC fias-
co, Mr Christie got up in Par-
liament and said:
"I made it very clear to the
Bahamian public, I have made
it very clear here before, if a
minister, and chairman, any
Parliamentary Secretary trans-
gresses rules and they are
brought to my attention, I
would ask them to resign."

T his was one of several
instances of Mr
Christie blowing a lot of hot air,
sermonising and making
promises that he could not
In an appearance on the talk
show Parliament Street on
October 15, 2006, PLP chair-
man Raynard Rigby said of Mr
Christie: "This issue of indeci-
siveness is a red herring". He
also stated that the PM's Code
of Ethics only applied to minis-
ters, and not MPs.
Beyond the absurdity of
that statement, it is quite
obvious that Mr Christie's
Code of Ethics was never
invoked and apparently
applied to neither ministers
nor MPs, even though there
has been several quite egre-
gious breaches of ethics. Mr
Christie has had no control
over a wayward Cabinet and
has not, in effect, disciplined
rogue PLP MPs.

ion a clash

een leaders



A Though Mr Christie
has been at the helm,
the PLP appears more and
more as a slack, lazy and rud-
derless outfit.
There has not been any tan-
gible major development under
Mr Christie. It appears that his
anchor projects experiment has
failed as there are no verifiable
developments on the ground
and hardly any of the much
hyped and promised jobs have
come to fruition.
PM Christie does have his
high points, particularly as he
has tried to introduce a consen-
sus government. However, the
overly laid back approach to
this form of governance was
unsuccessful, especially as hard-
ly any of Mr Christie's appoint-
ed commissions ever reported.
The PM's inability to control
his Cabinet and lack of the forti-
tude to fire ministers who humil-
iated him was akin to a silent
abdication, on his part, of his
leadership responsibilities. Mr
Christie's silence on many perti-

His anchor
projects experiment
has failed as there
are no verifiable
developments on
the ground and
hardly any of the
much hyped and
promised jobs have
come to fruition.

nent matters or scandals that
required his input was deafening.
Perry Christie has proven to
be a weak leader. Whatever his
virtues are, his leadership faults
far outweigh them. Surely, it
will take more than the Christie
shuffle to save him this time!

On the other hand,
FNM leader Hubert
Ingraham is criticised as a max-
imum leader, who detractors
say is not open to opposing or
dissenting views. However, Mr
Ingraham is widely considered
to be a master politician who
Sir Lynden Pindling himself
referred to as one of his most
illustrious prot6g6s.
Although both Mr Christie
and Mr Ingraham are said to
have been students of Sir Lyn-
den, they must have been in dif-
ferent classrooms, as their
approach to leadership is like
night and day.
Mr Ingraham has come to be
known as a resolute, no-non-
sense administrator. His
approach to leadership is the
very reason why so many for-
mer FNMs have grievances
against him, that are simply sour
grapes and have nothing to do
with the direction of the country
under his leadership, although
they would like to fool the pub-
lic into believing just that!
When it comes to personali-

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ties, we must recognize Ithat
pleasantry may not make the
most effective Prime Minister
of a country-if it was to be the
head of a nursery school, then it
would be a different matter!
Although he is seen by some
as an authoritarian, Mr Ingra-
ham's leadership prowess is
impressive, and he has proven
himself as a serious individual
who does what he says and
means it. In any hierarchical
organisation, someone has to
be a leader and make decisions,
however, Mr Christie cannot
seem to be able to take that
Many Bahamians are con-
cluding that had the scandals
involving Vincent Peet and the
stashed US $100 bills, Shane
Gibson, Bradley Roberts and
others, occurred in Hubert
Ingraham's cabinet, these min-
isters would have all been asked
to resign or be fired!
As May 2 approaches, the
choice is not only between two
political parties, but also who
will be the leaders at the helm
of our government, which
leader is better able to move
the country forward and
address any controversial or dif-
ficult issues that might arise and
which leader has the instinct
necessary to effectively repre-
sent the interests of the Bahami-
an people. One thing is for sure.
on May 3, one of these leaders
will be without an appetite and
to borrow Mr Christie's own
words, someone will be "wear -
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MONDAY, APRIL 30, 2007, PAGE 9







PLP rallies in South Abaco and Clifford Park

Prime Minister
Perry Christie is
greeted by sup-
porlters at the
PLP rally in
South Abaco on
Friday night.
Peter Ramsay)

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PAGE 10, MONDAY, APRIL 30, 2007

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NOTICE is ihrceby given lihat in accordantce
with Section 138 (4) of the International B3usiniss
Companies Act. 2000, H1 YVILLE OR'RP., is in
dissolution as of April 26 20007.

International I iquidatoi Services Inc. ',ituated at
35A Regent Street. P.O. Box 177/,, B CiL C'\,
Belie i:, ,. I Iquid:,or.i


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-,0, "00/, PAGE 11


W F77VMaL~,l~~kr


PAGE 12, MONDAY, APRIL 30, 2007


Tree pla tiinew I l at 4

ioodcoc.k Pri

A THER tree planting
ceremony took place on April
26, to commemorate Earthl
Da)y= 7.
Z Tribune and the
BalmlBs Environmental Edu-
cati .rogranime (BEEP) of
the, istry of Education, Sci-
ence-I& Technology have
tea up to plant Lignumn
Sitaet trees at local schools.
Wo3ck Primary is the latest
schil o receive the national
tree of The Bahamas
The Lignum Vitae tree, the
national tree of The Bahamas is

known Im l it' e\tleii'll1'1v haii
wood. Th'ic hark ol Il I'
also used for iiitli.'indi p'ul l 'P ;
"'It -is gOO I to ha\ c tI
l.ignium vitae plant so tth:t chi!
dhen c:In cidentif\ th, naill(n!! ,
tree. It \tas: pl:('ied 'I' lr gic:
ly next to the Yiellmw v IP i soW
that hboth nhatioIll pi:lnt li
bols art' in l it ;s e l i''. 1 I"
planting is the second d I\i.nl
\\we'\ ie 'ondlu ilA \\ 'o',, ,
PrimarV Ito o .'s \ I h I \
2007. Il l( ie ll \ -\ ....
latiiig lmown i i
enviro n cnita[ll ci .'.

11.' :, Al t)';l ll!;l
S!" L i'. !" oi > W ood V I' ( k';'k
[" ; \ It ',, educationl
J. 1 ' .' ];! i ]' i: :-\ i 'I i t i ;l i l
* !'" ... *. '" i [ i L lt 'r ;! i r
S. .. , <.h o t p ro(-
:"' 'n 1,' > l! I ;|!"t 'U (,'.; Ih .
r io ,, l' irc,

i i h Il i
: r < ,'i ,, i r + i t' ) ,( S 'l li i r .

.. .4.-

-i -

* Sl.AIN lMoore, The Tribnne's iiarkeling niruinager, )Deaniina Huyler, Woodcock Primary principal,
i oodc(kt'l Pri mnary shi'd'iis l !Prlin ,Siivecti>g}, education officer (primary science) Hamblin Newbold;

Bamboo Town

i: htc'aimts campaign victory on roads

ROAD works have finally
begun in Gamble Heights.

P.O. J0oCR-S50E2
INassa, Baha com

Bamboo Town only I all'i
month's of agitat;inii li\ thel 1 N

Bt-lhl 1.. 1.1I
Tel 1242 .141- I 1i' i24 -t 124 ".
(.ell "4 ,'.

i I i n s
h,. ,)| io ,l l';; H i an\ville
M ( v 'id(l 1hit \\ lien lie
prn ni i n I he

I n i, .rt |t ( ;nl lehIc
i ;plpi omiclw'd himin lto ik
i> s i n,^ with their
1|'1\ 'l l ;o:lIkls
l ih 1 iii;t,'l\ I caIll 'd :I nile t-
S, \ ;. tl, c'on:,lillI'CllSs Hlld
I ,) hOw,.,' ; n ll, I ihlts .\ssw-

ciatlion." Mr M,( 'artncy said.
I spoke 'oiitiintouslv ahloult the
S'e\ It' ro d pt ioldris in l :Ii
t;lk slhowi s ;I l lln I thl ugh ti I li

In it 'il. I \\,as :it : I is tl
O\Wiy tlh rtilds \Ilc nol paved
CAL'IS ; is its i Is i i liuld I
slandinil that thlie l '\'-lopi oll
,ti ) I Nilni i h ei

\hl ilvic('artnm c\ s.iid th l

the road works are only
being done as a result of his
citationn and, indeed, to try
iind persuinde voters at the
ThI aandidatil challenged
i nnison Wells. hec current
inidepcnldeint Ml, to rebut his
\ icv.
Th'I lie nembeis of Gamble
Htihlts aie quite smart and
tlhy% lold me that they are very

well aware of the reason why
the road works have com-
menced two weeks before elec-
tion," he said.
This, according to Mr
McCartney, "is what represen-
tation is not about" and con-
stituents deserve better. "Not
under my watch in Bamboo
Town. This time Tennyson is
two weeks too late because it
ain' long now."

a(isl takes to tie stage for album launch


l~ I'

~ ~'~I~4

A. IN9


.: Ages 3- 12


'I 1
'. 1': 1i %



Ages 6 14

Choose one of

Partq add-ers for a
Iild e

It' I

Ai I

a 3I

U (a^i 3L-2

it i
~l I.

ti..t' yi .

VOU \'V seen hei on 'I ciii-
po, li\\ see Tcrneille l urriows.
beLtti kno\\n ias TIlat), pll' I'oiin
ihei new\ 1:5 albiiin li\c l t 'n\
111 SlM l;i\ A. IU il ')'12 till 'UI

Ih i ,,.il nd O i il'I l ii
I' ll l i i l l ,i i I li't'

timl 0 r 1 1 i tilll t il h i i1

hilliil I .r Soul R:'"";| ;nH

Sheli 'pi s onil tll I the niv '-
sil M liusic ( n ili I l ioneP il D ilt's
ominniill n (ll 1 1 1 .li' e nc it.1 o

P;itl i 1 ) i lt S it I ll,
)I I\, Ic l l'I s, h n, -uyl
Ilt' I' I I

S i i t I i l 1 'h 'l l n I i'o

il \nte i ainlliel l' n i, ll(< Pi i i (
Iln tions i l I( t INusiC' P!it0
ilulililns ;Indt (;e ict Msir !'! ,--

Ilducli ii

... I
.,, i i- c 4. ,1"**


* the two (ocaticrs, aind then s'clci i C

a# aditinratl fee: Cakes, r' tril (;-'' U, ci
',r cAr I aln Earth & Fire T .i i..ii.

A r.irir... r.- Of 10 (hik ., n .i I I
kids .ljb nJd 20 u lilll.J al ,> i. . '. "
Advan(e bokirm is reqaiurt
rI r.,ri,. )r tlr kiJ Flrltic j i'
000 cxt. 631?2 or 6S946 ,. ,.. ,. ,

I hl illt' I

* S i lit a \ -

lI'npl I Lggi !1" 1,, I'' '\ Ide I pllt
fo'o f l' ti mii sic l ei!n, .
"Sundal\s lUnplIuged is orlt
if, i : '\' t he Im music
hu, . e' \' In I udi-
'i r i l.t' i l 1 I t'll l OcIt S;
ii I '."' i 1 i l1l 'i ti1i\
sp 'll Ii cI A l I'

4Ia ^4

-11 ^| *


mI 'ENEILLE Burrows, also know as TaDa

. i lit, tnllsici:lns i aspire to
hicuIm ". She blends pop, soul,
reggae and hip hop in a magical
\va,." continued I he spokesper-
t-lip Flop was formed by a
rouI)p of urban professionals.
lIlt' comiTalllvs iilS'tioln is to
c'c eite Inn]ti, iliiucuimoable, high
imlclcti enierlaiincent experi-
tc'lt' I't lo 'tl'tco l'por tLe clients, res-
nli ilt s ,nil \ i .In < h l i hel
':l.ilp ;/': l'hc ,' p:rll mt is also

I. .I


1, ;l|t 1R ,s ltto ir,'kco m
t'1 : .33 "7133

I ) b I

focused on fostering a spirit of
creativity, entrepreneurship and
strategic alliances among
Bahamian professionals.
Frontline Productions was
established in the winter of 2001
by two young entrepreneurs.
The mission statement of the
company is to feel, confront,
explore, excite and inspire the
entertainment field through its
media outlets. It also serves as
the breeding ground for the best
up ard coming talent in the
region. The company aligns and
associates itself with other tal-
ented artist as the institute
makes and refreshes careers.
TaDa, Flip Flop and Front-
line are a part of the new music
movement MAKE EM LIS-
TEN, a collective of local artists,
producers, DJs. promoters and
other industry executives that
have come together to help cre-
ate a voice for up and coming
mainstream Bahamian record-
ing artists.

Tickets and CDs are avail-
able at the Juke Box, Logos
Bookstore, Solomon's Super
(Centre and Alpha Sounds. Fans
can also check TaDa out at

SDaily Janitorial Cleaning (Businesses)

SCarpet Cleaning starling at $25.00 per room
Tile and Grout Cleaning
Water Extraction


if yo i-I,, ,, ,ii. 1 in i i ,vice provider has not
*,.'I. i :"ii f'l; I .ii) ii ml in a satisfactory or tim ely
n i., ', *. i t-in r, ihlt to complain to the Public
Sl i.... ',i i issioIn (PUC).
I i' wii lt mili;ilio)ii, contact the PUC
< *i,"'e'r. I 'lj'l;in( .?22-7157 TODAY!
S i ,, i i:'- \vv .pucbahamas.gov.bs

~~~~"i ;'.~i

-- """~~


--- I

hi SL m 6IC


FROM page one
Mr Evans said that the
officers had reason to search
the vessel, and the three duf-
fel bags that were onboard.
In the bags they discovered
some 77.5 pounds of mari-
The drugs have a street
value of more than $80,000.
"Two Jamaican males and
one Bahamian female was
arrested in connection with
that matter and are expected
to appear in the courts
sometime tomorrow," he
Also, yesterday morning
shortly after midnight, police
made a firearm arrest after
receiving reports of gunshots
in the Golden Gates area.
ASP Evans said that offi-
cers from operation Quiet
Storm went to the area
where they saw a 32-year-
old Kemp Road man.
"As they approached the
area, the male had an object
in his waist. He threw it to
the ground and officers
retrieved the weapon. It was
discovered to be a .40 hand-
gun. There were 12 live
rounds of ammunition that
were discovered as well," he
That man was arrested
and is in police custody.
Also, ASP Evans reported
that there were no reports
of any major incidents at
either the PLP or FNM ral-
lies over the weekend.
Police investigations into
these and other matters are
still under active investiga-


FROM page one

by's convictions were
strengthened by their co-
defendants who it is claimed
gave evidence against them.
However embassy officials
would not comment on this
The arrests of the five men
in December 2006 ignited a
heated debate amongst legal
and political minds over
whether or not the men were
coerced into travelling to the
US simply to be arrested.
As a result, local officials
in the Ministry of Foreign
Affairs, the Attorney Gener-
al's office, and the Ministry of
National Security came under
fire over the perceived cir-
cumvention of Bahamian
extradition laws.
Since then there has also
been claims that the Bahamas
government had colluded with
the US to facilitate the arrests
of the men on US soil. How-
ever the government of the
Bahamas, and US officials
have denied these claims.

Back to School

THE Tribune will be pub-
lishing its annual Back to
School supplement in
August and September.
In preparation for the sup-
plement which will feature
all graduating seniors who
will be attending
university/college either
locally or abroad we are
asking all parents, teachers
and students to send in a
photograph accompanied by
a brief profile.
The profile should
Name of student
Names of parents
A list of exams already
taken eg the Bahamas
Junior Certificate (BJC), Pit-
A list of exams expected
to be taken eg the
Bahamas General Certifi-
cate of Secondary Education
The college/university
they expect to attend eg
College of the Bahamas,
Harvard University, Univer-
sity of Miami
Name of degree expect-
ed to be sought eg bache-
lors degree in English, bach-
elors degree in biology.
What career they expect
to follow once their educa-

tion is completed eg doc-
tor, mathematics teacher,
All extracurricular activ-
ities club memberships,
team sports/track and field,
church activities.
A list of
that student has received.
For more information or if
you have any questions
please contact Yolanda
Deleveaux, Tribune Fea-
tures Editor at 502-2368 or
e-mail ybdeleveaux@tri-
bunemedia.net, or call Kati-
na Martin at 502-2362 or

FNM voices concern over

I-Group deal in Mayaguana

FROM page one

he said.
The government's deal with
the I-Group, which is a 50/50
partnership, would see the con-
struction of a 25 room hotel:
marinas; the building of a new
airport terminal and extension
of the runway; and the sale of
100 residential lots, making the
development, essentially,
a secluded community for hun-
dreds, if not thousands of for-
eigners, on an island that has
around three hundred local
"We will never allow a situa-
tion to develop in The
Bahamas, where the local pop-
ulation on the island, is out
numbered two, three and four
to one by foreigners. And so we

will have concerns and discus-
sions about the numbers that
are going to be allowed to come
and remain in Mayaguana,
because we want this place to
remain Mayaguana in The
Bahamas," he said.
Mr Ingraham also promised
the people of Mayaguana that if
re-elected, he would use his
influence, and that of the gov-
ernment, to ensure that banking
services are made available in
Mayaguana and other small
southern islands. Currently,
Mayaguana and other remote
southern islands are cash
economies, where Mr Ingraham
argues that public money has
"We are tired of this being
what they call a cash district,
where tens of thousands of dol-
lars in public funds have to be

Ingraham: 'promoting racism' is

unbecoming of a prime minister

FROM page one

Bahamas' land to white foreigners and lying about buying it
back? You know if anyone should be saying to vote for me
because I'm black it should be me Hubert Alexander Ingra-
ham because I am black," the former prime minister said.
He said a close examination of PLP posters shows that the
only thing about the posters that is blacker than my FNM
team is the colour of Perry Christie's black hair.
The opposition leader said despite the fact that two white
Bahamians are lending their faces and their money to the
PLP slate this time, the PLP know that it is the FNM that is the
only party that represents all Bahamians.
Mr Ingraham said that the FNM is the only party that will
govern on behalf of all Bahamians black and white, rich
and poor, young, and not so young.
"The PLP problem is that they cannot even govern them-
selves. Now they say I am hiding: getting ready to turn over
leadership after we win. You know me. This is Hubert Ingra-
ham speaking. This ain't Perry Christie.
"I accepted your call to return to leadership of our party.
Now I'm asking you to return me and the FNM to office. Not
to turn it over to anyone else: to handle the job. We need a
handler for that job," Mr Ingraham said.
In the case of the FNM. Mr Ingraham said following its
first term in office not only were they granted a second term,
it got more votes and more seats in the House of Assembly in
1997 than it received in 1992.
"In our second term we went from 32 seats to 34 seats in the
House of Assembly. That was the year that Cat Island and San
Salvador, North Andros, South Eleuthera and West End and
Bimini came with us for the first time, as did a host of con-
stituencies in New Providence. Then, we won a 35th seat
when Mr. Christie lost Sir Lynden's old seat in a by-election in
South Andros," the former prime minister said.
Mr Ingraham claimed that Mr Christie is upset because he
is not going to get a second term.
"He thinks he's entitled. We know better. The people say
you are not the right man for the job, Perry.
"I believe that those fellas in the governing party are suf-
fering from what the doctors might call selective blind spots.
First they couldn't see our Deputy Leader. They said we were
hiding him. They said he wasn't here in Freeport at our rally
on April 11. They also have a memory problem." Mr Ingraham






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transported by plane, and where
tens of thousands of public dol-
lars have gone missing down
here," he said.
As a result of the alleged mis-
handling of public funds, Mr
Ingraham assured the crowd
that a special audit would be
done in the MICAL con-
stituency to determine where.
these funds went to, and to
determine if there was wrong-
"Those who have got our
monies wrongfully, and/or crim-
inally, we shall follow them in
accordance with the laws of The
Bahamas," he said.
The FNM leader has previ-
ously pledged to investigate the
activities of the current MICAL
MP and Minister for Local
Government, Alfred Gray, for
the granting of three-month

government contracts set to
conclude at the end of May, for
unnecessary work, allegedly in
an effort to influence voters.
In concluding his remarks, Mr
Ingraham told the energetic
crowd that an FNM govern-
ment would double the amount
of money available for the chil-
dren of Mayaguana to go to
high school in either Nassau or
Freeport, as currently it is not
feasible to provide high school
education on the island.
A permanently posted physi-
cian for the island too was
pledged by the FNM leader -
an announcement that received
thunderous applause from his

FNM leader
Hubert Ingraham






Citco Fund Services is a division of the Citco Group of Companies and is
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administration to over 2,000 Hedge Funds for multinational banks and
international Investment Managers, totaling over $420 billion in net assets.

As part of our continued expansion in our office in the Bahamas, we are
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supervise and guide the Assistant Investor Relations Administrators
handle payment transactions
liaise with clients and other Citco offices, to ensure that client needs are

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a team player, able to cope with individual responsibilities
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_ _

MONDAY, APRIL 30, 2007, PAGE:13




Transparency needed in government


A LOT has been said
in the recent cam-
paign by both major political
parties (PLP and FNM) about
each other, but how much has
bef-nstated about what policies
ea h would pursue if elected to
."rin the country"?
'Go ahead. You can and
admit it. You don't really
remember right?
Well you are no different
than the rest of us and should
not feel embarrassed. Truth be
told, rallies do not lend them-
seNves to serious discussion of
thq issues. At least not for more
than five minutes or so.
A couple of things of partic-
ular interest to me are the trans-

parency and accountability of
the government with particular
emphasis on Cabinet Ministers,
Members of Parliament and
These "Honourable" people
spend their lives voting for laws
to keep every citizen of The
Bahamas "in check" yet do not
hold themselves to the same
However, all is not lost, at
least as far as the FNM is con-
cerned. While they have not
committed themselves to pass-
ing legislation that would force
them to be transparent and
accountable, they have at least
put the standards their MP's
and Cabinet Ministers will have
to live up to in writing.
You can read the FNM Man-
ifesto '07 by visiting their website.



As far as the PLP are con-
cerned, they appear to have for-
gotten the standards they enun-
ciated in their "Plan" for elec-
tion 2002, and they do not even
appear to have put a "Plan"
together for election 2007.
Maybe they don't want to doc-
ument their "promises" should
they get re-elected.
(Since this writing the PLP
have released their Action
Agenda with a mere three sen-

W anknO
Fina ncing"A arriving
an.the g1.

POOt e k y

Prices includes: Licensing. Inspection, Plates, Mats, Full tank of gas, fill service
Pre-Delivery Inspection, Full Detail In & Out, and Warranty.

Tel: 38. .


tences about accountability and
corruption. Considering the
alleged corruption and lack of
transparency and accountabili-
ty by the PLP over the past five
years of governance I am
inclined to believe these are
mere empty words. As some-
one once told me "paper will
stay still and let you write any-
thing you wish on it". The PLP's
Action Agenda is now also
available on their web site.
While I personally view the
FNM as the lesser of the two
evils this election I am disap-
pointed that I have not heard
or read where a single candi-
date has discussed building a

country based on liberty for all
Bahamians (that doesn't mean
none of them have said it but I
have not heard or read it). By a
country based on liberty, I refer
to personal responsibility, lim-
ited government, individual
freedom and free enterprise,
rather than more and more gov-
ernment dependency.

I long for the day that
politicians seeking office
not only promise to, but unleash
the entrepreneurial spirit among
our naturally talented people
rather that stifle ingenuity
through more and more legisla-
I long for a government that
not only promises to but
reduces the government by pri-
vatising government services so
they truly serve the needs of
Bahamians rather than Bahami-
ans paying taxes for lousy ser-
vice. Unfortunately I can't
choose another government

agency as I can a car dealer or
doctor, or any other service
provider, that might provide less
than adequate service.
I long for a government that
not only promises but truly sub-
mits to our constitutional
requirements. A government
that encourages Bahamians to
take care of themselves rather *'
than one that wants to take the
healthcare industry over "4
because they believe they can ,
provide better health care than
the professionals.
This is already too long, but I
think you get my drift?
In closing, governments ae
no more, or should be no more

I long for a
that not only
promises but
truly submits to
our constitu-
tional require-



than facilitators within the;cin-
text of our Constitution. They *
do not have the right or the abil-
ity to usurp control over all
goods and services in the coun-
try. That should be up to the
entrepreneurial ability .-,
unleashed by a privatised and *
effective educational system ',
rather than a system that -'I
tinues to put our own citize idat
a disadvantage when push'd 'd
through to graduation without '
the ability to read, write and '
complete the most basic calcu- i
So, God speed the FNM on
May 2, 2007, but it will be up
to each and every Bahamian to
keep them on their toes with ''
public debate about policies
that hurt Bahamians rather than :
help us become the masters of
our own destiny. No one should
have to beg a bureaucrat or .
politician for favours to make
a living.
I'll do my part. Will you?



APRIL30, 2005

On behalf of the Board of Directors, I am pleased to report the
third quarter results of Freeport Oil Holdings Company Limited
for the period ending April 30th, 2005.

The net income was. $4.34 million compared to $4.61 million over
the same period last year. Earnings per share for the year to date
2005 is at 51 cents.

Management has taken the initiative to complete the installation
of marine equipment for the sale of fuel bunkers to ships calling
on Freeport Harbour. Hence, taking the aforementioned initiative
into consideration, we remain positive that our company is on
target to surpass last year's financial performance.

Sir Albert J. Miller
Chairman & President


(B $000)
April 30, 2005 July 31,2004

Assets $ 26,152 $ 25,618
Liabilities 7,297 7,989
Total shareholders'equity 18,855 17,629

$ 26,152 $ 25,618

(B $000)

Nine months ended April Nine months e
30, 2005 30, 2004

Sale & revenues $ 50,698 $ 42,082
Cost and expenses 46,594 37,394
Income from operations 4,104 4,688
Other income (expense) 242 (76)

Net Income $ 4,346 $ 4,612

Earnings per share $ 0.51 $ 0.55

Dividends per share $ 0.39 $ 0.39

Copies of a full set of the unaudited financial statements can be obtained from
Stephen Adderley, Finance Manager at the Freeport Oil Company located on
Queens Highway, Freeport, Grand Bahama, Monday through Friday from 8:30 AM
TO 5:00 PM.

4. I. .... .

K i:

ended April



I -



PAGE 14, MONDAY, APRIL. 30, 2007

Youngsters enrol in Urban Renewal

pre-employment programme

F RENEE McKinney, Director of Training and Develop- hen o .
ment, Cable Beach Resorts, spoke to youngsters in the Bain and
Grant's Town Urban Renewal project's pre-employmnent training
programme. N YMUR
(BIS photo: Derek Smith

URBAN Renewal officials
at the pre-employment training
programme. Pictured from left
are Corporal 384 Brown, Bain
and Grants Town Urban
Renewal Project; Jewel Major,
Deputy Director, Urban
Renewal Department; Mary
Lightbourn, Assistant Director,
Urban Renewal Department;
Superintendent Carolyn Bowe,
Coordinator, Bain and Grants
Town Urban Renewal Project;
Seanale Lewis, Senior Social
Worker, Baiand rants Town"-
Urban Renewal Project; Dis-
trict Constable Cleveland Mus-
grove, Bain and Grants Town
Urban Renewal Project; Con-
stable 532 Latonya Pratt, Bain
and Grants Town Urban
Renewal Project; Joycintha
Conliffe, Department of Pub-
lic Health, Bain and Grants
Town Urban Renewal Project.
(BIS photo: Derek Smith)
SCORES of youngsters from C
R Walker and C C Sweeting Senior
High Schools, PACE and through-
out the community enrolled in the
Bain and Grant's Town Urban
Renewal's pre-employment pro-
The five-day event, ending April
27, at Wesley Methodist Church
School, sought to prepare partici-
pants for the job market.
Under the theme Youth Empow-
ered to Succeed (YES) the pro-
gramme is supported by the Depart-
ment of Urban Renewal, headed by
Shelton Beneby.
The purpose of the YES pro-
gramme, said Department of Urban
Renewal's YES co-ordinator, Mary
Lightbourn, is to empower the par-
ticipants with the skills necessary for
sustainable employment.
The youngstersunderwent inten-
sive training in job seeking skills, job
maintenance, conflict resolution,
interview techniques, and work
Those involved will be monitored
for absenteeism, lateness and adher-
ence to the programme.
"Our desire is that you would be
motivated to pursue training and
develop good employability skills,"
Ms Lightbourn told participants.

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


Tamekia Stubbs, MA, CPA, FLMI Martyn Treco, BSc
Manager, Financial Reporting Manager, Mortgage Credit
Accounts Department & Collections
Corporate Centre, Nassau Investments Department
Corporate Centre, Nassau

Charlene Key Sonia Rose, MSc, PAHM

Compensation & Benefits
Human Resources
Corporate Centre, Nassau

Account Manager,
Group Life & Health
Division (BahamaHealth)
Harbour Bay Shopping Centre,

in numbers

Shirlyn Brathwaite, BSc
Manager, Mortgage
Credit & Collections
(Northern Bahamas)
Investments Department
Regent Centre, Freeport

Gardenia Evans, FLMI, CPCA
Manager, Group Operations
Group Life & Health
Division (BahamaHealth)
Harbour Bay Shopping Centre,

Iahif n ;Iilil~; II&:'1IE~tI1lll t

John Wesley Percentie, BA
Manager, Investments
Investments Department
Corporate Centre, Nassau

Tanya Sturrup, BSc, CPS
Marketing Services
Home Service Division
Corporate Centre, Nassau




Patricia Hermanns, President & CEO of Family Guardian,

announces the following management appointments:
o l' ", .


- i

MONDAY, APRIL 30, 2007, PAGE 15



F~ rd~rp"~ucu rvi.~,~F;sal.~(,~_,;i'arh.2.` R'` ; ~:,'.M~i~if


PAGE 16,













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MONDAY, APRIL 30, 2007


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businessbunemediaet Miami Herald Business, Stocks, Analysis, Wall Street

Trouble at

Competition concerns

S George on FidelityRBC tie-up

Tribune Business Editor
has taken a one-time $402,102
full write-off of its investment in
JSG Holdings, the parent com-
pany of Bahamian retailer John
S George, and in doing so laid
bare the boardroom rifts occur-
ring in the latter by revealing
problems with its financial
. reporting and "ineffective man-
agement style".
Unveiling $641,283 in net
earnings for the fiscal year end-

Benchmark takes $400k
full write-off of investment
in retailer, as Board splits
over Hutton's Turks venture
ed on December 31, 2006, a
29.3 per cent decline upon the
previous year's $906,616,
Benchmark (Bahamas) dis-
closed that its net income would
have been $1.043 million a 15

SEE page 14

Realtors seek

KYC exemption

from 10% deposit

client verifkation

Tribune Business Reporter
BAHAMIAN realtors have requested that they be exempt from
Know Your Customer (KYC) due diligence/verification require-
ments on clients who pay deposits for property transactions that are
10 per cent or less of the purchase price.
At an anti- money laundering seminar co-sponsored by the
Bahamas Real Estate Association (BREA) and the Compliance
Commission (CC), Rowena Bethel, the latter's executive com-
missioner, .explaizal. tllt.
according to the Financial
Transactions Reporting Act SEE page 5

* Fears merchant banking alliance will 'squeeze out' new and rival capital markets players
* Fidelity chief dimisses concerns
* Regulators to assess competition issues; minister admits competition policy,
laws to be brought forward 'rather quickly'

Tribune Business Editor
Concerns have been
expressed to finan-
cial services regula-
tors that the mer-
chant banking tie-up between
Royal Bank of Canada and
Fidelity Bank & Trust could
have anti-competitive implica-
tions for the Bahamian capital
markets through squeezing out
other players, The Tribune can
reveal, although one of the com-
panies involved has dismissed
such fears.
Several capital markets par-
ticipants have told The Tribune
that the alliance, which involves
Royal Bank acquiring a 50 per
cent stake in the renamed Roy-
al Fidelity Merchant Bank &
Trust, is an attempt to domi-
nate the Bahamian capital mar-
kets by marrying Fidelity's
investments products with the
Canadian-owned bank's client
base and balance sheet.
They fear that the alliance is a
"back door" route to enable
Royal Bank to enter the
Bahamian capital markets, and

that new and existing competi-
tors in the investment/corpo-
rate advisory and broker/dealer
sectors could be squeezed out
by virtue of Fidelity's direct
access to Royal Bank's 100,000-
strong Bahamian client base.
With Royal Fidelity able to
leverage the client base of its
parent, the concern is that rival
capital markets players will find
it difficult to obtain business,


squeezing them out, while the
"barriers to market entry will
become too high".
Both Royal Bank and Fideli-
ty said the agreement, which
will also result in Royal Fidelity
Merchant Bank & Trust acquir-
ing Royal Bank's Barbados-
based capital markets business,
is designed to enable the mer-
chant bank to enter and com-
pete in other English-speaking

Caribbean markets, especially
Jamaica and Trinidad & Toba-
Others, though, are not con-
vinced, given that 40 per cent
of Royal Bank's 250,000
Caribbean client base is in the
Bahamas, and the bank is the
largest commercial lender in the

SEE page 12

Nassa u

* Exuma

*Abaco *Freeport

* Cayman

Lif and Health Insurance Mortgage Lending Retirement Planning

E~- ----- w w
THE DAVIS FAMILY One family with many needs. For
AVIIL a solid financial foundation and
customized advice, their choice is

Confidence For life

Toshiba Makes
Co or History
with 4 Prestigious Awards



"Quite franKIy It takes the business color
market into unchartered territories with
* some output being much closer to that
achieved by a graphic arts device..."
Berti, 100% Independent Report

Realtors submit two

reports to FIU in six years

Tribune Business
IN the six years since its
inception, the Financial Intelli-
gence Unit (FIU) has received
only two Suspicious Transac-
tion Reports ( STRS) from the
Bahamian real estate commu-
Kenrah Newry, the FIU's sle-
gal counsel told realtors attend-
ing an anti- money laundering
seminar that this was quite dis-
turbing, particularly because
there had been several high pro-
file cases involving real asset

Concern, given Turner
and Kozeny purchases
of real estate in that time
assets in recent times.
Two such cases involved
Derek Turner and Victor
Kozeny, who both faced a num-
ber of fraud charges and had
real estate in this country.
Her colleague, Rowena
Bethel, executive commissioner
of the Compliance Commission,
suggested that any realtors
involved in the sale of property

SEE page 7

Benchmark invests

$900,000 in real

estate acquisition

Tribune Business Editor
BENCHMARK (Bahamas),
the BISX-listed mutual fund
and investment advisory firm,
is putting $900,000 of its own
equity into the purchase of
property for a commercial office
complex to be situated at
Carmichael and Fire Trail
Road, kickstarting the develop-
ment of its third arm, real estate
developer Benchmark Proper-
ties (Bahamas).
Julian Brown, Benchmark's
president, told The Tribune in

an interview that the BISX-list-
ed firm would contribute one-
third of the financing required
for the Carmichael project from
its own resources, covering the
one-acre land acquisition and
development of architectural
The construction costs would
be covered by $2 million in
financing from Bank of the
Bahamas International, with Mr
Brown explaining that the move
into real estate would "con-

SEE page 14

# 58 Mader Street. Pelmdale
fax: 242-328-3043




- I la I



iC :rllinuInrpcrial



To advertise In 7l TPl il#n call 322-188K

i .1

* By Fidelity Capital
It was a busy trading week
in the Bahamian market,
as over 126,000 shares
changed hands. The market
saw 11 out of its 19 listed
stocks trade, of which four
advanced and seven remained
Volume leader for the week
was Abaco Markets (AML)
with 101,005 shares changing
hands and accounting for 80.2
per cent of the total shares
The big advancer for the
week was Consolidated Water
Company BDR (CWCB), up
$0.20 or 4.01 per cent to close
at $5.19. Also advancing was
Abaco Markets (AML), up
$0.02 or 1.85 per cent to end
the week at $1.10.
The FINDEX increased by
0.13 points for the week, to
close at 796.16.

Bahamas Waste (BWL) -
For the 2006 fiscal year,
BWL recorded net income of
$1 million, representing an
increase of $558,000 or 120 per
cent over the previous year.
Sales grew by $1.4 million or
25.8 per cent to total $6.9 mil-
lion, while the cost of sales


Annual General Meeting

of the

Shareholders of




will be held in the

Victoria Room

of the

British Colonial Hilton

at 4:00 p.m.

on Friday,

May 4, 2007.



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


increased by $773,000 or 21.5
per cent to $4.4 million. Gross
profit margin increased by 2.1
per cent to 37.2 per cent versus
35.1 per cent in 2005.
Operating expenses climbed
to $1.6 million compared to
$1.5 million in 2005. Income
from operations grew by
$500,000 or 112 per cent to
total $945,00, while earnings
per share rose by $0.13 to total
$0.24 as at December 31, 2006.
BWL's management has
attributed its remarkable finan-
cial performance last year to
the hard work and dedication
of its management and staff,
coupled with the construction
boom that the Bahamas is
presently experiencing.
In related news, BWL will
hold its Annual General Meet-
ing on May 23, 2007, at 6pm
at The National Tennis Cen-
tre, Queen Elizabeth Sports
Centre, Oakes Field, Nassau,
J. S. Johnson &
Company Ltd (JSJ) -
Fiscal 2006 was a banner
year for JSJ, as the absence of
any major hurricanes allowed
its subsidiary, Insurance Com-
pany of the Bahamas, to con-
tribute handsomely to the com-
pany's bottom-line.
JSJ posted net income of
$8.3 million, representing an
increase of $3.9 million or 88.7
per cent over the $4.4 million
earned in fiscal 2005. Earnings
attributable to common share-
holders were $6.9 million ver-
sus $4.5 million year-over-year.
Total income grew by $2.1
million to total $25.4 million,
while total expenses declined
by $1.8 million to total $17.1
million. Earnings per share for
fiscal 2006 were $0.87 com-
pared to $0.56 for fiscal 2005.
In related news, JSJ will hold
its Annual General Meeting
on May 30, 2007, at 6pm at the
British Colonial Hilton Hotel,
Number 1, Bay Street, Nassau,
Benchmark (Bahamas)
(BBL) For fiscal 2006, BBL
posted net earnings of
$6411,l00f, with return on equi-
ty of 11.2 per cent. Contribut-
ing to BBL's total earnings was
Alliance Advisors with
$514,000, Benchmark Advisors
-$2,000, Benchmark Properties
-$1,800 and Benchmark
$131,000. BBL's investment in
John S. George Holdings con-
tinued to generated negative
According to a press release
to its shareholders, BBL's
management has said that as
a result of "the lack of accu-
rate and timely financial infor-
mation along with an ineffec-
tive management style," its
Board elected to fully provide
for the investment in John S.
George Holdings, which
totalled $402,102.


The Bahamian Stock Market

FINDEX 796.16 YTD 7.27%






CBL has declared an extraordinary dividend of $0.12 per
share, payable on April 30, 2007, to all shareholders of record
date April 13,2007.

CWCB has declared dividends of $0.013 per BDR, payable
on May 7, 2007, to all shareholders of record date March 30,
FCL has declared dividends of $0.12 per share, payable on
May 11, 2007, to all shareholders of record date April 30,2007.
FamGuard Company will hold its Annual General Meeting
on May 4,2007, at 4pm at the British Colonial Hilton, Victoria
Room, 1 Bay Street, Nassau, Bahamas.
Commonwealth Bank will hold its Annual General Meeting
on May 16, 2007, at 5pm at SuperClubs Breezes, West Bay
Street, Nassau, Bahamas.
Freeport Concrete Company will hold its Annual General
Meeting on May 16, 2007, at 10am at Westin at Our Lucaya,
Freeport, Grand Bahama.
Bahamas Waste (BWL) will hold its Annual General Meet-
ing on May 23, 2007, at 6pm at The National Tennis Centre,
Queen Elizabeth Sports Centre, Oakes Field, Nassau, Bahamas.
J. S. Johnson & Company will hold its Annual General
Meeting on May 30, 2007, at 6pm at the British Colonial Hilton
Hotel, Number 1, Bay Street, Nassau, Bahamas.
Doctors Hospital Health Systems Ltd will hold its Annual
General Meeting on June 28, 2007, at 5:30 p.m. in Doctors
Hospital conference room, Collins Avenue, Nassau, Bahamas.

International Markets

Weekly %Change

CAD$ 1.1227 -1.32
GBP 2.0030 0.84
EUR 1.3602 0.52

Weekly %Change

Crude Oil $63.38 -0.11
Gold $695.80 1.00

International Stock Market Indexes:
Weekly %Change

DJIA 12,961.98 2.77
S & P 500 1,484.35 .2.17
NASDAQ 2,526.39 1.38
Nikkei 17,452.62 0.51




Sheraton Cable Beach Resort, Nassau Bahamas
Sheraton will create a 700 room hotel with meeting space at Baha Mar.
The hotel will feature easy access to shopping, gaming and the beach

The new, soon-to-be open, Sheraton Cable Beach Resort is looking for
the following qualified candidates: -,.
Chef De Cuisine

Amici Italian Restaurant is looking for a Chef de Cuisine for its grand
re-opening after an extensive renovation. We are looking for a suitable
candidate who is well-established with 10 years of cooking experience
in Northern Italian cuisines, a flexible attitude, enjoys the blending of
other cultures and the Island lifestyle.
Director of Revenue Management
This is a highly visible position within the hotel management team.
The qualified candidate should possess 7 years of hotel management
experience with a minimum 4 years of revenue management;
being able to successfully maximize overall hotel revenue through
development and implementation of effective transient/ group
inventory and pricing strategies based on future demand forecasts.
The candidate must be a detailed oriented team player, possess strong
organizational skills, excellent working knowledge of Hotel systems
such as Delphi, Crystal & Opera (PMS system) and Microsoft Excel
a must, as well as written, oral and interpersonal skills. A Bachelor's
degree or equivalent is required.
Revenue Manager
The successful candidate will oversee the day-to-day operations
of the Reservation Department. The ideal candidate should have
outstanding customer service skills, experience in selling strategies,
inventory control, superior ability to supervise, motivate, and develop
staff. The successful candidate must also be a detailed oriented team
player, possess strong organizational and computer skills, and have an
excellent working knowledge of Hotel systems such as Delphi, Crystal
& Opera (PMS system) and Microsoft Excel a must, as well as written,
oral and interpersonal skills. A Bachelor's degree or equivalent is
All qualified applicants should forward a copy of their resume' to the
Director.of Human Resources at bbarnes@radissonbahamas.com or
forward to fax # 327-3037. All resumes will be held in the strictest of

- --- -- I ----

I-- I I I



D e Iw iami Heralb 0 MONDAY, APRIL 30, 2007


Weaker dollar a windfall for U.S. corporate earnings

* Growing revenue from abroad
is raising overall earnings for U.S.
companies that are experiencing
sluggish sales in the United
Associated Press
NEW YORK The slumping dol-
lar has become a financial life saver
for American companies whose over-
seas operations in many cases are
growing faster than their domestic
units. It also helps explain why U.S.
stocks have zoomed to records even
as signs of an economic slowdown
have multiplied.
Companies like Caterpillar,

McDonald's and General Electric
reported first-quarter earnings this
week that surprised most Wall Street
analysts precisely because of better-
than-expected results from Europe,
Latin America and Asia.
The dollar fell on Friday to an all-
time low against the euro, the cur-
rency used in Germany, France and 11
other European nations, and hasn't
plunged this far versus the pound
since Margaret Thatcher's second
year as prime minister. That means
profits earned in those nations
become supercharged when they are
converted to dollar equivalents for
financial reporting purposes.
"What these companies are earn-

ing outside the United.States is worth
a lot more, it is like getting a free ride
on the currency movement," said
Octavio Marenzi, chief executive of
business consulting group Celent.
"For the time being, lots of corpora-
tions are looking much better than
they'd otherwise look."
One U.S. multinational where the
dollar's impact has had a potent
effect is McDonald's. The Oak Brook,
Ill.-based fast-food chain operates in
more than 100 countries, and sells
burgers in dozens of different cur-
With sales slowing in the United
States, McDonald's relied more
heavily on its European restaurants

for growth. McDonald's said sales at
restaurants open at least 13 months, a
key retail measure known as same-
store sales, rose 6.3 percent for the
Same-store sales were up 4.4 per-
cent in the United States, 8 percent in
Europe, and 8.5 percent in the com-
pany's Asia-Pacific business. Mean-
while, gains from currency transla-
tion accounted for 4 percent of the
company's overall revenue, or about
$224 million.
Howard Silverblatt, senior index
analyst at Standard & Poor's, said
global sales might be one reason
members of the rating agency's
closely watched S&P 500 list are

posting better-than-expected results.
Because of a slew of profit warn-
ings late last year, S&P forecast that
first-quarter profit growth would
come in around 3 percent and
these earnings surprises now has
S&P 500 components at a 7 percent
growth rate.
"The amount of foreign sales for
S&P 500 companies is running at
about 48.5 percent," said Howard Sil-
"What we won't get in U.S.
growth, we'll get abroad," he said.
"That's a significant item, and it's
improving and getting better. At
some. point this year over half the
sales will be coming from abroad."









~~.. ".m


Gasoline prices are approaching the scary
$3-a-gallon mark they passed last summer and
in 2005, when hurricanes ripped apart the Gulf
Coast oil infrastructure and world oil supplies
were stressed.
Today, oil supplies aren't pinched, but rusty
U.S. refineries aren't producing enough gaso-
line to meet demand, which is driving up pump
prices ahead of summer's peak driving season,
and some fear $4-a-gallon gas looms.
Experts disagree on what lies ahead. Some
think today's high gasoline prices a nation-
wide average of about $2.85 a gallon are near
their peak. Others warn that we haven't seen
anything yet.
"I am in the camp that we will go higher, per-
haps a lot higher. I think we are one disruption
or problem away from $4-a-gallon gasoline,"
said Phil Flynn, a veteran oil analyst for Alaron
Trading, a Chicago-based commodities trading
One potential disruption is a threatened
union strike May 9 at four Belgian refineries.
Increasingly, the United States depends on
imported gasoline to make up the difference
between the 8.7 million barrels per day pro
duced in the United States and the 9.4 million
barrels per day that we consume.
"Europe is now our marginal supplier at this
point, and we need those barrels from Europe.
Any dislocation out of Europe is going to cause
problems," said Andrew Lebow, senior vice
president of the energy division at Man Finan-
cial in New York.
No refinery has been built in the United
States since 1976. As demand for gasoline grows
here, Americans increasingly depend on foreign
refiners to provide imported gasoline.
Still, if the Belgium strike is averted and
there are no more shutdowns at U.S. refineries,
the worst prices may soon be over for motor-
ists, Lebow said.
"We're creeping back up toward $3 [a gallon]
... but should there be no geopolitical, political
or refinery upsets, I think that the peak for gas-
oline is in sight," he said. "However, because
things are so tightly balanced, one major plant
going down is going to have enormous impact
on the price."
U.S. gasoline inventories are at a 20-year
low. The latest statistics released last week
from the U.S. Energy Information Administra-
tion, an arm of the Energy Department, show

gasoline inventories
this week at 194 mil-
lion barrels or just
under 21 days' worth of
national use. EIA
described that number as
"well below the lower end
of the average range."
During the same week last
year, inventories stood at 208
million barrels.
The weekly statistical report
also showed that the nation's
refineries were operating at 87.8
percent of capacity, hampered by
fires and other mechanical failures
that have reduced the amount of domes-
tically supplied gasoline.
In the aftermath of the 2005 hurricanes when
there was a sharp uptick in gasoline prices, U.S.
refiners operated at above-normal levels and
put off maintenance and repairs as they strug-
gled to supply the nation. Now they're trying to
catch up on repairs, and there aren't enough
skilled workers to do both that and the annual
production switch-over to summer fuels. The
net result is delays on both maintenance and
switch-overs and more pressure on prices.
Last summer saw another spike in gas prices.
The cost of a gallon of gasoline topped out at
$3.07 on Aug. 7, spurred by a host of factors,
including tight refining capacity, Mideast wor-
ries and an increase in ethanol prices.
For gasoline prices to drop, a lot of things
must go right at the same time. Aging refineries
must ramp up their gasoline production with no
further glitches, they must escape damage from

hurricanes, gasoline imports must remain
steady and crude oil prices must remain at or
below their already high levels.
"When you look at the big picture, the trends
are very discouraging. We haven't seen a drop
in [gasoline] supply like this since the early
'90s, and it is happening at a time when the
demand for gasoline seems like it is not going to
retreat," said Flynn.
American motorists also shoulder some of
the blame for today's high prices. Gas consump-
tion grew 2.3 percent over the past month and
2.2 percent over the past year, according to EIA.
"The consumers need to understand that if
they continue to drive the same as they always
have or even more, which is what has hap-
pened it's going to put additional pressure on
the supply system ... and it's going to put
upward pressure on prices," said Hazle.
Miami Herald Business Writer Martha Bran-
nigan contributed to this article.




* The Americas must work to
maintain their advantage In
From President Bush signing an
ethanol cooperation accord with Brazil
to Green conferences to a flurry of
alternative energy ventures, biofuels
have graduated from science page to
front page. "It is like we are in an
Internet boom," said David Rothkopf,
president and chief executive of Gar-
ten Rothkopf, an international advi-
sory firm based in New York and
Washington. "Good things happen, but
there are going to be a lot of people
betting on the wrong thing in the new
energy paradigm."
That new energy focus has emerged
as a result of skyrocketing gasoline
prices, fears of environmental catas-
trophe from global warming and con-
cern over U.S. dependence on foreign
The result is a boom in interest,
investment and production in biofuels
in the United States and elsewhere.
Even China, on schedule to overtake
the United States as the largest genera-
tor of greenhouse gases in the next few
years, has announced investments of
$187 billion in clean "energy through
Much of the attention has focused
on ethanol, a biodegradable alcohol
usually distilled from sugar. Brazil is
the leading producer of sugar-based
ethanol while the United States makes
most of its ethanol from corn. But just
about any biodegradable product,
from grasses to citrus waste, can be
used as a fuel or gasoline additive.
At a recent conference on Latin
America organized by the University
of Miami's Center for Hemispheric
Policy, Rothkopf pointed out that "bio-
fuels [are] the first technology trend
that you can think of in a century that
Latin America can lead." Garten Roth-
kopf has written a report, "Blueprint
for Green Energy in the Americas," for
the Inter-American Development
Bank, that concludes investment in
innovation is critical for the region to
maintain its ethanol ascendance.
Today, about 40 percent of biofuels
are produced in Latin America; the
Western Hemisphere accounts for 80
percent of the world's production.
The ethanol rush also offers the
possibility of boosting Caribbean
economies, which once derived their
prosperity from sugar because it sup-
plied the fuel of the pre-engine age -
the calories for human labor.
Central and South America and the
Caribbean are all potential sources for
new sugar crops, palm oil or sorghum,
the Garten Rothkopf report said. Bra-
zil's leadership in biofuels is the result
of a decision by its former military rul-
ers to fund the development of sugar
ethanol along with flex-fuel vehicles.
Some experts have placed the price
tag for Brazil's efforts at $10 billion,
but the result is that Brazil has ethanol
for domestic use and is the world's
largest exporter. Last year it exported
some 900 million gallons, with about
half going to the United States.
The mandate for the Brazilian/U.S.
ethanol cooperation agreement, signed
recently by President Bush and his
Brazilian counterpart Luiz Inacio Lula
da Silva, is limited to promoting etha-
nol use in the region.



Next-generation toys read brain waves

Associated Press
SAN JOSE, Calif. A con-
vincing twin of Darth Vader
stalks the beige cubicles of a
Silicon Valley office, complete
with ominous black mask,
cape and light saber.
But this is no chintzy Hal-
loween costume. It's a proto-
type, years in the making, of a
toy that incorporates brain
wave-reading technology.
Behind the mask is a sensor
that touches the user's fore-
head and reads the brain's
electrical signals, then sends
them to a wireless receiver
inside the saber, which lights
up when the user is concen-
trating. The player maintains
focus by channeling thoughts
on any fixed mental image, or
thinking specifically about
keeping the light sword on.
When the mind wanders, the
wand goes dark.
Engineers at NeuroSky
have big plans for brain wave-
reading toys and video games.
They say the simple Darth
Vader game a relatively
crude biofeedback device
cloaked in gimmicky garb -
portends the coming of more
sophisticated devices that
could revolutionize the way
people play.
Technology from Neu-
roSky and other startups could
make video games more men-
tally stimulating and realistic.
It could even enable players to
control video game characters
or avatars in virtual worlds
with nothing but their
Adding biofeedback to
'Tiger Woods PGA Tour," for
instance, could mean that only
those players who muster
Zen-like concentration could
nail a put. In the popular first-
person shooter "Grand Theft
Auto," players who become
nervous or frightened would
have worse aim than those
who remain relaxed and
NeuroSky's prototype mea-
sures a person's baseline
brain-wave activity, including
signals that relate to concen-
tration, relaxation and anxiety.
The technology ranks perfor-
mance in each category on a
scale of 1 to 100, and the num-
bers change as a person thinks

Technology from NeuroSky and other startups
could enable players to control video game
characters or avatars in virtual worlds with
nothing but their thoughts.

RECORDING SIGNALS: NeuroSky software engineer Horance Ko wears one of th
head sets as he records brain wave signals measuring anxiety, attention, drc
and meditation levels at NeuroSky headquarters in San Jose, Calif.

about relaxing images, focuses
intently or gets kicked, inter-
rupted or otherwise dis-
The technology is similar to
more sensitive, expensive
equipment that athletes use to
achieve peak performance.
Koo Hyoung Lee, a NeuroSky
co-founder from South Korea,
used biofeedback to improve
concentration and relaxation
techniques for members of his
country's Olympic archery
"Most physical games are
really mental games," said Lee,
also chief technology officer at
San Jose-based NeuroSky, a 12-
employee company founded
in 1999. "You must maintain
attention at very high levels to
succeed. This technology
makes toys and video games
more lifelike."
Boosters say toys with even
the most basic brain wave-
reading technology sched-
uled to debut later this year -
could boost mental focus and
help kids with attention deficit
hyperactivity disorder, autism
and mood disorders.
But scientific research is
scant. Even if the devices work

as promised, some question
whether people who use bio-
feedback devices will be able
to replicate their relaxed or
focused states in real life,
when they're not attached to
equipment in front of their
television or computer.
Elkhonon Goldberg, clinical
professor of neurology at New
York University, said the toys
might catch on in a society
obsessed with optimizing per-
formance but he was skepti-
cal they'd reduce the severity
of major behavioral disorders.
"These techniques are used
usually in clinical contexts.
The gaming companies are
trying to push the envelope,"
said Goldberg, author of The
Wisdom Paradox: How Your
Mind Can Grow Stronger As
Your Brain Grows Older. "You
can use computers to improve
the cognitive abilities, but it's
an art."
It's also unclear whether
consumers, particularly Amer-
ican kids, want mentally tax-
ing games.
"It's hard to tell whether
playing games with biofeed-
back is more fun the com-
pany executives say that, but I
don't know if I believe them,"
said Ben Sawyer, director of

the Games for Hea
a division of ti
Games Initiative.
tank focuses in par
make computer g
educational, not
times for kids with
The basis of
wave-reading gar
the measureme
brain's electric
through electrode
the scalp. EEG 1
mainstay of psy
An EEG hea
research hospital
100 or more elec
attach to the scalp
ductive gel. It cou
of thousands of do
But the price
EEG hardware is
NeuroSky's "dry-a
sors don't require
size of a thumbna
be put into a he
. retails for as little
NeuroSky CEO Sta
Yang is secretive
company's prod
because of a non
agreement with th

turer. But he said an interna-
tional toy manufacturer plans
to unveil an inexpensive
gizmo with an embedded Neu-
roSky biosensor at the Japan
SToy Association's trade show
in late June. A U.S. version is
scheduled to debut at the
American International Fall
Toy Show in October.

Work on 100 percent or almost
100 percent of people out
there, no matter what the con-
dition, temperature, indoor or
outdoors," Yang said. "We aim
for wearable technology that
PAUL SAKUMA/AP everyone can put on and go
without failure, as easy as the
ie firm's iPod."
owsiness Researchers at NeuroSky
and other startups are also
building prototypes of toys
alth Project, that use electromyography
he Serious (EMG), which records
The think twitches and other muscular
rt on how to movements, and electrooculo-
;ames more graphy (EOG), which mea-
merely pas- sures changes in the retina.
h dexterous While NeuroSky's headset
has one electrode, Emotiv Sys-
tems has developed a gel-free
TIVITY headset with 18 sensors.
many brain Besides monitoring basic
nes is elec- changes in mood and focus,
hy, or EEG, Emotiv's bulkier headset
nt of the detects brain waves indicating
al activity smiles, blinks, laughter, even
;s placed on conscious thoughts and
has been a unconscious emotions. Players
chiatry for could kick or punch their
video game opponent with-
dset in a out a joystick or mouse.
I may have "It fulfills the fantasy of
trodes that telekinesis," said Tan Le, co-
with a con- founder and president of San
ld cost tens Francisco-based Emotiv.
Pillars. The 30-person company
and size of hopes to begin selling a con-
shrinking. summer headset next year, but
active" sen- executives would not specu-
gel, are the late on price. A prototype.
il and could hooks up to gaming consoles
headset that such as the Nintendo Wii,
as $20, said Sony PlayStation 3 and Micro-:
anley Yang. soft Xbox 360.
ve about his Le, a 29-year-old Australian
uct lineup woman, said the company
disclosure decided in 2004 to target
he manufac- gamers because they would

generate the most revenue -
but eventually Emotive will
build equipment for clinical
use. The technology could
enable paralyzed people to
"move" in virtual realty; peo-
ple with obsessive-compulsive
disorders could measure their
anxiety levels, then adjust
medication accordingly.
The husband-and-wife
team behind CyberLearning
Technology took the opposite
approach. The San Marcos-
based startup targets doctors,
therapists and parents of ado-
lescents with autism, impulse
control problems and other
pervasive developmental dis-
CyberLearning is already
selling the SmartBrain Tech-
nologies system for the origi-
nal PlayStation, PS2 and origi-
nal Xbox, and it will soon
work with the PlayStation 3
and Xbox 360. The EEG- and
EMG-based biofeedback sys-
tem costs about $600, not
including the game console or
video games.
Kids who play the race car
video game "Gran Turismo"
with the SmartBrain system
can only reach maximum
speed when they're focused. If
attention wanes or players
become impulsive or anxious,
cars slow to a chug.
CyberLearning has sold
more than 1,500 systems since
early 2005. The company
hopes to reach adolescents
already being treated for
behavior disorders. But co-
founder Lindsay Greco said
the budding niche is unpre-
dictable. "Our biggest struggle
is to find the target market,"
said Greco, who has run treat-
ment programs for children
with attention difficulties
since the 1980s. "We're finding
that parents are using this to
improve their own recall and
focus. We have executives
who use it to improve their
memory, even their golf." .


Banking on B-movies

Larry Brahms had barely
inked the deal to release Anna
Nicole Smith's movie Illegal
Aliens on DVD when the mod-
el-turned-actress died at the
Hard Rock Seminole Hotel &
A film that Brahms
expected to rake in decent
sales will now be a surefire
blockbuster for his Kendall-
based company MTI Home
Video. Brahms moved up the
release date by a couple weeks
and started fielding the ava-
lanche of pre-orders for the
campy sci-fi comedy.
"We signed literally a week
before her death to release it
in May," Brahms says. "It'll
sell into the six figures."
Blockbusters don't happen
frequently in the direct-to-
DVD market. After all, these
are mostly low-budget fea-
tures that never made it to a
movie theater.
But that doesn't mean they
can't be profitable. Brahms, a
57-year-old who wears a grey-
haired ponytail, has made mar-
keting B-movies with titles
such as Red Blood and Love
and Action in Chicago his busi-

ness for the past two decades.
He releases three or four
DVDs a montl an action-
thriller, a horror and a comedy
or family movie that wind
up on shelves everywhere
from Blockbuster Video to
"We're really the conduit
from the producer to the con-
sumer," he says in his smok-
er's rasp.
Times have gotten tougher
for DVD sales. The initial con-
sumer craze for the digital
discs has worn off, slowing
double-digit growth to 4.6 per-
cent last year.
"DVDs are not growing as
much as they used to but they
are growing," says Samantha
Clark, managing editor of
Video Business.
Major studios dominate the
$23.6 billion home video mar-
ket with their own big-budget
releases, leaving independents -
such as MTI to pick up a $2.03
billion, or 8.6 percent, slice.
Brahms says MTI has seen
a slowdown in revenues,
which total around $8 million,
but he's kept profits stable by
paring expenses and being
more conservative with acqui-


Total: $23.6 billion, up 0.5 percent
DVD & VHS sales: $15.91 billion, up 4.6 percent
DVD & VHS rentals: $7.67 billion, down 1.5 percent
Wedding Crashers
Walk the Line
Failure to Launch
Fun with Dick and Jane
Pirates of the Caribbean: Dead Man's Chest
The Lion, the Witch & the Wardrobe
Harry Potter & the Goblet of Fire
Wedding Crashers
SOURCE: MVdeobusne.com, from Rentrak Home Video Essentials data.

The native New Yorker,
who watches one or two
movies a day of the dozens
that come his way every
month, still likes to take
chances, though.
Last year, he signed up
Pirates, a porn feature that had
gaihed some renown for its
high budget and slick produc-
tion, but suggested it be toned
down for mainstream distribu-
The producers slashed the
X-rated scenes until the film
passed muster for an R rating,
a first for adult movies, he
says. The DVD was MTI's big-
gest hit last year, selling more
than 100,000 copies, double
the company's average.
Some hits are obvious -
A&E's Emmy-winner Flight 93,
for instance. Others are not
quite so apparent. Brahms
spotted the face of Gillian
Anderson, better known as
Scully in the hit TV show
X-Files, on the box of The
Turning and noted that it fea-
tured her in a two-and-half-
minute nude scene. It was a
"Larry's very aware of the
marketplace," says Barry
Barnholtz, president of Barn-
holtz Entertainment, who has
done business with him. "He's
very astute."
Most of MTI's titles lack
star power, though, making
the box art their big, if not
only, selling point. Packaging
is 80 percent of a direct-to-
DVD sale, Brahms says.
Brahms got into the video
distribution business through
a circuitous route. He started
his career as a music promoter
for various disco-era artists,
including the Village People.
In the 80s, he segued into
video by producing fitness
tapes that married music to
aerobics routines. In the 90s,
after his business was wiped

LOVE AND ACTION: Larry and Claudia Brahms, below, make MTI Home Video a family,
affair. Above, rows of DVDs in the MTI warehouse wait to be shipped around the

out by Hurricane Andrew, he
started distributing movie vid-
eos using the network he had
built with his fitness products.
MTI now has 17 employees
including Brahms'
Colombian-born wife Claudia,
who takes care of the finance
and administrative side of the
business while Brahms works
the deals.
The couple make the com-
pany a family affair their
two labradors pad around the
office, and they call upon their
9 year-old son Owen to cri-
tique kids' movies. "He's never
wrong," Claudia says.
Although the movie busi-
ness is centered in Los Ange-
les, Brahms has stayed in
South Florida, which he
admits is off the beaten track.
"I go twice a year to L.A. We
have an office there," he says.
"But we like to be a little more
down home."
That distance from hype-
filled Hollywood sets Brahms
apart, according to those who
know him. "He's very straight-
forward and honest," says Ste-
ven Mackler, president of Bed-
ford Entertainment.

That was why Scott Jones,
president of Artist View
Entertainment, brought Cana-
da's Lionsgate Films to
Brahms in 1999, when Lions-
gate, now a major independent
studio, was entering the U.S.
market. "He doesn't get caught
up in the hype," Jones says.
"You can tell he loves what he
Brahms' deals often aren't
typical Hollywood. He had
early success with royalty
deals with movie producers.
Instead of paying a producer
an upfront fee to acquire a
film, he would take a 20 per-
cent royalty on sales, giving
the producer the rest.
He signed on children's
movies at a time when direct-
to-video distributors figured
they couldn't compete against
the Disneys of the world.
Brahms tried one out after his
son gave it a glowing review.
Family flicks are now one
MTI's strongest genres.
He took on movies that had
already aired on TV when
most distributors wanted
them in stores first. "Our idea
was that TV promoted the

video," Brahms says.
A few years ago, Brahms
got into the movie production
business himself, mailing
mostly horror features with
budgets of less than $1 million.
They may not be Oscar *in-
ners, but Brahms says ow
budgets mean it's easier and
quicker to turn a profit.
Brahms is now entering
new distribution formats:
video on demand and Internet
downloads. "The name oftthe
game is to get more movies
out there," he says.

I I I __1




Johnson raises

quarterly dividend

Tribune Business Editor
S S. Johnson, the BISX-
listed insurance broker
and agent, has provided
, shareholders with something
. further to smile about follow-
ing an 88 per cent jump in net
income to $8.311 million dur-
ing 2006 by announcing it will
increase the 2007 quarterly div-
idend by one cent to $0.15 per
Dividends are key for
S'. investors in the Bahamian mar-
'ket, who are more concerned
about instant rewards rather
than the capital appreciation of
J. S. Johnson, which saw its
net income rise from $4.405 mil-

lion in fiscal 2005, saw its results
boosted last year chiefly by the
absence of the hurricane activi-
ty and subsequent claims pay-
outs by its tied general carrier,
Insurance Company of the
Bahamas (ICB), in which it
holds a 40 per cent stake expe-
rienced during 2004 and 2005.
ICB's net income increased
more than 11-fold in the 12
months to December 31, 2006,
rising from $232,632 in 2005 to
$2.753 million. ICB's results,
and therefore J. S. Johnson's,
will in the future be determined
to a fairly large extent by the
frequency and severity of hur-
ricanes that impact the
Bahamas and Turks & Caicos,
and the subsequent size and vol-
ume of claims payouts.

On the flip side, as a broker
and agent, J. S. Johnson will
likely benefit in terms of
increased commissions and fees
when premiums rise in the
aftermath of hurricanes, as gen-
eral insurance carriers and their
reinsurance partners seek to
recoup the previous year's loss-
Writing in J. S. Johnson's
annual report, Marvin Bethell,
the company's managing direc-
tor, said the increase in catastr-
phe reinsurance costs prompted
by the 2004 and 2005 hurricane
seasons had been mitigated in
2006 by th fact that loss ratios in
all main insurance classes -

property, casualty, motor and
marine had imrpoved.
Mr Bethell attributed the
record operating income and
net income achieved in 2006 to
new business development
resulting from increased eco-
nomic activity.
Total income rose 9 per cent
despite the property commis-
sion rate dropping due to the
increases reinsurance costs,
something Mr Bethell said was
mitigated by a 9 per cent decline
in expenses. He added: "All our
main classes of business showed
increases in premium volume,
with property and marine lead-
ing the way."
On the J. S. Johnson broker
and agent side, Mr Bethell said
its operating income increased

by 26 per cent, with its net
income up 29 per cent after the
dividend from the Turks &
Caicos subsidiary was included.
He added that the subsidiary's
net income "more than doubled
last year".
The implementation of J. S.
Johnson's new computer sys-
tem was slightly behind sched-
ule, Mr Bethell said, clue to
some changes becoming neces-
sary. Its installations was almost
complete, and there would be a
parallel testing run before the
system went live in the summer.
A former senior Pricewater-
houseCoopers (PwC) partner,
Thomas Hackett, who is now
group financial officer at Fideli-
ty Bank & Trust, has joined J. S.
Johnson's Board of Directors.

Realtors seek KYC exemption


FROM page 1

-" (FTRA), a real estate broker is
Defined as a financial institution
'only if it receives funds in the
-'-".course of business for the pur-
p' pose of settling real estate trans-
Therefore, when Bahamian
-', real estate brokers received
* fundsabove and beyond their
- -commission and/or expenses,
&-' they must verify the client's
S- identity and source of funds.
'-' But several realtors said that
::,definition was too vague, par-
ticularly in the case of shared
commissions or in cases where
- they held lawyers' fees in
Therefore, they suggested it
.-.-might be more feasible if the
*- I ,

amount exempted from KYC
verification for occasional trans-
actions was changed to 10 per
cent of the purchase price. That
is the amount the buyer usually
deposits in escrow when the
seller agrees to an offer.
Mrs Bethel said this was cer-
tainly something the Compli-
ance Commission and repre-
sentatives from.BREA should
consider as they continue dis-
cussions on the matter.
During her presentation on
anti- money laundering obliga-
tions, Mrs Bethel told the real-
tors there were a number of red
flags that they should be alerted
to in the process of a real estate
sale. These include: Situations
where the identity of the client
is in question; if a client requests
a significant or material change

in the transaction mid-sale; if a
client (or their representative)
tries to conduct a cash transac-
tion above the $15,000 thresh-
old, or tries to submit multiple'
deposits under $15,000 in a sin-
gle day.
Mrs Bethel said the role of
realtors in anti-money launder-
ing is increasingly important,
given that real estate is a tool
used in money laundering, and
particularly when one consid-
ers the large amount of devel-
opment currently going on in
the Bahamas.
She pointed out that the sale
of Bahamian properties by for-
eign realtors based outside the
Bahamas has other implications
that must be addressed, and-the
Commission and BREA were
also discussing ways this can be

"I am not entirely sure, based
on what I see in the Bahamas
Real Estate Act, if in fact the
law is being followed," Mrs
Bethel said.
She added that realtors have
to be aware of 'Politically
Exposed Persons' (PEPs)-
those persons who have promi-
nent public functions, senior
politicians, government, judicial
or military officials, or even
business relationships with fam-
ily members or close associates
of PEPs who may be making
suspicious transactions.
She said real estate agents
have to be satisfied with the
credibility of what is being pre-
sented to them, particularly
when it comes from "a red flag

Silver/grey leather in brand new condition. Dual GT headlights.
Power/tilt steering, power tinted windows. 8 way electric seats,
power roof. air conditioning. 6 CD changer. MP3 sound system.
Performance exhaust system. New 20" custom wheels. 13.000 miles.
One lady owner. Very fast car sounds great!!
Priced for quick sale owner leaving island. Serious inquiries only.
364-5046 or 424-6441
425-4750 cm-p@hotmail.com

FirstCaribbean International Bank is an affiliate ofC'IC('

Must have successfully
completed the required
course or licensed.

Call to drop off Resume
Tel. (242) 328-2001



FirstCaribbean International Bank (Bahamas) Limited is accepting applications for various
entry-level full-time positions. These include:
Customer Service Representatives (Tellers)
Wallets Processing Officers & other Clerical & Administrative positions
If you possess the following skills and qualifications, here's your opportunity to work
with the Bahamas' most dynamic banking organization:
Minimum of 5 BGCSE Certificates inclusive of Mathematics & English Language
(Grades of 'C' or better)
General PC Knowledge Microsoft Excel. Microsoft Word
Fast & Accurate Keyboarding Skills
Prior banking experience, though not required would be an asset
Applicants should also possess excellent:
Written & Verbal Communication Skills
Interpersonal & Organizational Skills
Analytical & Problem Solving Skills
If you believe that you've got what it takes and want to join our team, please submit
a detailed resume, including your e-mail address, along with copies of all *relevant
documents to the address listed below:
Miss Deangelia Deleveaux Business Associate
Human Resources Department
FirstCaribbean International Bank (Bahamas) 1 limited
P.O.Box N 7125
Nassau, Bahamas
(Important: Please ensure that you include your return e-mail address)
*Relevant Documents must include:
Copies of your high school diploma. certificates, professional qualifications, etc.
Three (3) written character references on your behalf
A copy of your valid police certificate
Two of your most recent (2) passport-sized photos
First 4 pages of your valid passport.
Copy of your valid National Insurance Board Card

Resumes submitted without copies of certificates will not be considered.
Candidates who are contacted Jor an interview will be requested to provide original
docutments/certificates for verification.
FirstCaribbean Bank offers a full range of market-leading financial services in Corporate,
Retail Banking, Credit Cards, Wealth Management. Capital Markets and Treasury. We
are the largest, regionally listed bank in the IEnglish-speaking Caribbean, with over 3.500
staff. FirstCaribbean offers a very competitive remuneration package, a medical/health
program, a pension scheme and an Employee Stock Ownership Plan to all of our employees.
Additionally, we have a clear talent management strategy, which ensures to prepare you
effectively to take on a leadership role within the business and provide a solid foundation
for your future career.




. I



on Mody I

Guana Cay opponents 'will

be able to raise' costs bond





Common Law and Equity Side

IN THE MATTER of all that piece
parcel or lot of land comprising Lot
31, Block 5, Section A, Rainbow
Bay Subdivision, in the Island of
Harbour Island one of the Islands
of the Commonwealth of The
The Quieting Titles Act1 959
IN THE MATTER of the Petition
of Robert Boonstra and Jane

BOONSTRA of Holland Michigan one of the United States of
America in respect of:-
ALL THAT piece parcel or lot
of land known as Lot 31, Block
5, Section A of the Rainbow
Bay Subdivision situate between
Hatchet Bay and James Cistern
in the Island of Eleuthera and
bounded as follows on the
Northeast by Lots 20 and 21 of the
said Block 5 and running thereon
Ninety (90) feet on the Southeast
by Lot Thirty (30) of the said
Subdivision and running thereon
One hundred and Twenty (120)
feet on the Southwest by Signal
Light Road in the said Subdivision
and running thereon Ninety (90)
feet and on the Northwest by Lot
Thirty-two (32) of the said Block
5 the property of the Petitioners
and running thereon One hundred
and Twenty (120) feet and which
said parcel of land has such
position shapes marks boundaries
and dimensions as are shown on
the plan filed in the Petition and
thereon coloured Pink.

Robert Boonstra and Jane Boonstra claim to be the owners in fee
simple in possession of the said land free from encumbrances and
has made application to the Supreme Court in the Commonwealth
of the Bahamas under Section 3 of The Quieting Titles Act, 1959 to
have their title to the said land investigated and the nature and extent
thereof determined and declared in a Certificate of Title to be granted
by the Court in accordance with the provisions of the said Act.

A plan of the said land may be inspected during normal
office hours in the following places:

(a) The Registry of the Supreme Court in the
said City of Nassau;
(b) The Chambers of McKinney, Bancroft &
Hughes, Mareva House,4 George Street in the
Cit of Nassau, Attorneys for the Petitioner;

(c) The office of the Island Administrator at
Governor's Harbour, Eleuthera.
Notice is hereby given that any persons having dower or a right of
dower or an Adverse Claim or a claim not recognized in the Petition
shall on or before the 11"' day of June, 2007 file in the Supreme
Court and serve on the Petitioner or the undersigned a statement of
their claim in the prescribed form, verified by an Affidavit to be filed
therewith. Failure of any such person to file and serve a statement of
their claim on or before the said 11'h day of June, 2007 will operate
as a bar to such claim.
Dated the 16" day of April, A.D., 2007

Attorneys for the Petitioner
Mareva House
4 George Street
Nassau, Bahamas.

Tribune Business Editor
T he Save Guana Cay
Reef Association is
"going to be able to
raise" the $100,000 it needs as a
security for costs bond that will
allow the Court of Appeal to
hear its application for an
injunction to prevent the devel-
opers continuing to work on the
$175 million Baker's Bay Golf
& Ocean Club, the group's
attorney told The Tribune.
Fred Smith, a partner with
Callenders & Co, said the Great
Guana Cay residents remained
committed to protecting "their
heritage, their culture and their
environment", adding: "We are
going to be able to raise Ihe
funding to meet the security for
The Court of Appeal had
ordered that the bond be paid
before it would hear the appli-
cation by Association for an
injunction preventing San Fran-
cisco-based Discovery Land
Company from continuing work
until the same court heard the
appeal against Acting Justice
Norris Carroll's Supreme Court
ruling, which dealt with the sub-
stantive issues raised by the
The appeal on the substan-
tive issues is due to be heard by
the Court of Appeal on May
17, while the appeal for the
injunction is due to be heard a


> N

Swiss Financial Services (Bahamas) Ltd. is a leading investment funds s
administrator in The Bahamas seeking a professional, reliable, ,
hardworking, and motivated individual to join our staff. 'X
< Duties/Responsibililies: N
Manage a diverse portfolio of funds with varying complexities to include: '
S 1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)
2. Trade processing (subscriptions, redemptions, etc.) v
3. Execution of trade confirmations N
4. Liaising with fund partners (investment managers, third party N
administrators, private bankers, etc.) N
5. Proper Reporting to the Securities Commission of The Bahamas '
6. Preparation of annual fund audits
7. Preparation of reports and special projects '
8. Other miscellaneous duties '
> <
Skills & Qualifications: N
Bachelors degree in a business related subject <
Minimum 3-5 years experience in similar position N
Team player with the ability to function with minimum supervision N
Computer proficiency in MS Office Word, Excel, Outlook '
Professional written and oral communication skills
Excellent time management and organizational skills N
Detailed analytical and problem solving skills X
Benefits include competitive salary commensurate with experience, X
pension and group medical insurance. X
If you meet the requirements specified above, pleased send cover letter X
and resume with reference: FASWISS, by May 11th, 2007 to: X
Swiss Financial Services (Bahamas) Ltd, Human Resources, X
P.O. Box EE-17758, N
Nassau, Bahamas N
Fax: (242) 394-9250 Email: vking@swiss-financial.bs N
>---------r'~-r ^ N' N'^ N'N 'N 'N N 'N '^N'V V V ('

Kingsway Academy is seeking applicants for teaching
positions inll the-following areas:

Physical Education Teacher
Music Teacher
Teacher for grades I through six

Religious Studies, ('hristian Values
Mathematics Information Technology
Mathematics, Physics
Physics. Biology
French and Spanish or Literature
English language and Literature
Food and Nutrition Needlework Art
Male Physical Lducation
Business Studies (Accounts and Office Procedures)

High School applicants should be qualified and willing
to teach to the BG1CSI"1, S.A.T. II, and AP level with at
least a Bachelor's Degree or equivalent, with 6 years
experience at Iligh School level in the particular subject
area along with a Teacher's Certificate. A Masters )Degree
in education, in teaching and learning or the content area,
would be an asset.All successful candidates should have
the following:
* An Academic Degree in the area of specialization
* A Teaching Certificate
* Excellent Comnunication Skills
* A love for children and learning
* High standards of morality
* 13e a born again ('hristian

Letters of application together with a recent color
photograph and detailed (Curriculum l Vita includingg
the names and addresses of at least three iefrences,
one being the name of one's church minister) should he
forwarded to:

Ms. Kelcine Ilaimillon
Academy Affairs Manager
Kingsway Academy Business Olffice
Bernard Road
Nassau, Bahamas

Salaries would be comiunensurate with qualifications and
Deadline for applications is Friday May 4, 2007.



costs, and declining to put
"financial obstacles" in the way
of Bahamians "trying to protect

their rights".
"The Association wishes to
send a message to the develop-
ers that no matter what obsta-
cles you try to put in the Asso-
ciation's way, we will continue
to fight," Mr Smith said. "The
Association believes it has a
good case, and hopes the Court
of Appeal will reverse the deci-
sion of Acting Justice Carroll. If
not, the Association will go to
the Privy Council.
"This case is a micrcosm of
many of the development issues
facing the Bahamas today the
devolution of power, local gov-
ernment rights, the leasing of
Crown Land and environmental
Mr Smith said he had repre-
sented the Association for "very
little pay", his clients paying his
fees when they could. The
Association had also received
support from international
lawyers and legal teams.

week earlier on May 10, if the
security for costs is paid.
Troy Albury, an Association
member, said in an e-mail that
two "anonymous donors" had
pledged to put up $75,000 of the
bond, meaning some 10 days
were left to raise the remaining
Mr Smith again argued that
litigation dealing with issues of
public importance, such as the
Guana Cay matter, "should not
be subject to procedural chal-
lenge, such as putting up secu-
rity for costs".
He praised the Government
for not insisting on security for

E1-G Bank & Trust (Bahamas) Ltd

EFG International a global private banking group headquartered
in Zurich is Switzerland's 3rd largest public bank as measured
by Tier One Capital, with over $70 billion in clients' assets
under our care. We operate in over 40 locations around the globe
with more than 400 experienced client relationship officers. EFG
offers a unique and compelling value proposition that is ideally
suited to provide solutions for the sophisticated private and
institutional investors.
EFG Bank & Trust (Bahamas) Ltd, with one full year of operation
in The Bahamas, continues to expand as evidenced by its new
premises at the Centre of Commerce, 1 Bay Street. EFG Bahamas
has over 30 experienced professionals and offers a full suite of
private client solutions for wealthy clients around the globe. Our
unique corporate culture attracts the most entrepreneurial and
most experienced professionals in the industry. To learn more
about our unprecedented growth over the past few years, please
visit www.efginternationaLcom
We are looking for seasoned financial professionals with at least
10 years of sales and marketing experience in providing financial
solutions to high net worth clients and companies. The candidates
must possess a solid knowledge of investments, banking and
trust services. The ability to service and grow your own client
book is extremely important. EFG provides a unique and
uninhibited global marketing opportunity, an open architecture
platform and multiple booking centres.
The successful candidates must have a university degree and
possess either the Series 7 qualification, CSC, or UK equivalent.
The individuals must have the required qualifications and
accreditations to be registered with The Securities Commission
of The Bahamas. The flexibility to go on frequent business
development trips and work within very tight deadlines is also
a necessity.
EFG offers an attractive compensation plan that includes salary,
benefits and a bonus structure directly related to profitabili:'v.
Salary will be determined by experience and qualifications.
Interested and qualified applicants must submit applications by
May 4. 2007. to:
Fax No. (242) 502-5428
Attn: Human Resources Manager (Re: CRO/VP)
Centre of Commerce, 2nd Floor
1 Bay Street
P.O. Box SS 6289
Nassau, Bahamas



ir" .nc: R,' I l.'s il (omllilanit I .



In order to encourage our staff and clients

to do the same, we will be open from

8:30am to 12:30pm

on Wednesday, May 2nd.

We apologize for any inconvenience caused.

Insurance Brokers & Benefit Consultants Ltd.

12 Moitrose Ave. P.O. Box EE 15280

Phone: (242) 325-0850 Fax: (242) 326-8024
E-Mail: info@lampkinco.com


at 1:00 P.M.


WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience

this will cause to our customers

I I 1 1- w I






Tribune Business Reporter
The owner of a New Provi-
dence-based service station
has called for more Bahamian
dealers to own their stations, rather
than lease them from the three major
oil companies.
Peter Roker, owner of the Esso Bar-
gain City Service Station, said that of
the 50-plus service stations on New
Providence, less than 10 were owned
by Bahamians. The rest were leased
to persons who, he in most cases, were
responsible for all the risks and duties
that full owners of stations have.

Mr Roker said full ownership held
significant benefits, particularly when it
came to financial independence and
equity build-up for owners, something
that a leasing situation did not allow.
He added that if someone was leas-
ing, they may face a greater risk of
being subject to the terms and condi-
tions of the provider, or face the ter-
mination of the lease. If he was the
owner, he has an avenue to start his
business again in the event of a prob-
lem because he owns the property, Mr
Roker explained.
Mr Roker pointed out that if a deal-
er who was renting had the responsi-
bility of ownership and all the risk asso-
ciated with it, it was more beneficial to
assume ownership and for them not to
have to be burdened with the finan-

cial obligations of a service station.
He highlighted another major prob-
lem which affects service stations the
problem of the ambient temperature of
gas. He explained that because gas
changes physical volume at different
temperatures, a specific temperature
has to be set to ensure the correct
amount of gas is being sold. The gas is
supposed to be transferred and sold at
the ambient temperature of 70 degrees
Fahrenheit, but this is jot always main-
tained, impacting the amount of gas
service stations receive.
Over time, the variance in the
amount of gas provided because of any
temperature change (often between

0.5-1 per cent) does have a financial
"If you buy five pounds of sugar,
you expect to receive five pounds of
sugar and not 4.999 pounds," he said.
"What is happening is the service sta-
tions are not receiving equal amounts
to what they have paid for."
There needs to be more vigilance in
this regard, Mr Roker said.
He added that the Bahamas as a
whole needed to adopt a sepcific
approach on how to empower Bahami-
ans economically, and find ways to
ensure new business ventures are
He added that banks need to begin
to look at Bahamians as an investment.
In most cases, Mr Roker said persons
have very little trouble gaining financ-

ing for vehicles, but noted that per-
sons requiring business capital are
often turned away.
"That could be an aspiring million-
aire," he said.
Further stressing the need for more
Bahamians to become entrepreneurs,
Mr Roker said that given the ever-
increasing cost of living, people need-
ed to find ways to generate their own
personal wealth. Otherwise, he said
even highly-placed professionals will
have a hard time living in the Bahamas.
Mr Roker said this will enable more
money to remain in the Bahamas, and
assist in the development of the coun-

Realtors submit two

reports to FIU in six years

FROM page 1

in such cases should seek legal
advice on whether the proper-
ties can be sold, and who is
legally entitled to the proceeds.
Mrs Newry reminded realtors
that they have an obligation to
report suspicious transactions.
She explained that once a
report is made, her office analy-
ses the information to deter-
mine whether there are grounds
for a criminal investigation to
take place.
She stressed that all STRS are
treated with the strictest confi-
dence. Once the report is made
in good faith, there is no penal-
ty to the person who makes the
Mrs Newry said the FIU tries
to conclude their analysis as
quickly as possible, so as not to
prevent a legitimate transaction

from being held up, but added
that the length of time was
dependent on the individual
This was a particular area of
concern for realtors, who point-
ed out that in most cases their
sales are contingent on them
being completed within a spec-
ified time frame. Therefore,
they were concerned that
stalling a sale would compro-
mise the industry.
Mrs Newry acknowledged
this concern, but also pointed
out that there are laws against
"tipping off" clients that they
are being investigated.
Also addressing the seminar
were Velma Miller an examiner
at the Compliance Commission,
and Stephen Thompson who
discussed the on site examina-
tions that real estate agencies
classified as financial institu-
tions must undergo on an annu-
al basis.




When Ginn Resorts launched Ginn sur Mer in West End, Grand Bahama,
you saw the beginnings of a resort community that would be unparalleled
by any in the Caribbean and beyond. And while this is true, we at Ginn sur
Mer saw a little more. We saw the opportunity to partner with the people
of the West End and Grand Bahama. We knew then as we know now that
a resort of this magnitude would require a combination of expertise from
both sides. And so we called on you -- and you delivered.

Today almost 200 Bahamians work at Ginn sur Mer, more than 50 of them
on the development side. We anticipate that at its peak construction phase,
more than 3,000 jobs will be created in this field alone. We've employed
Bahamian companies in the areas of excavation, fencing, materials testing
and surveying. Our strict adherence to environmental codes fostered through
the BEST Commission and independent evaluation remains high on our
list, as we intend to be with you for the long haul.

When completed, Ginn sur Mer will feature 5,400 condominium units
centered around a 20-story Bahamian icon tower; 1,800 single family homes;
Arnold Palmer and Jack Nicklaus Signature golf courses; two large marinas
and a private airport with customs facilities; a casino; water and swim
pavilions and a luxury beach club and spa.

The Ginn sur Mer family is starting out small. However, '
upon completion of this development, we will boast a
workforce of nearly 7,000 people. You see, for us, being A!
on Grand Bahama means more than building a resort ,*.
on a beautiful island. It's about knowing that we've
found the perfect location. And so while you call it
The Bahamas.. .we call it home.


Come to KPMG...

We are currently seeking qualified Managers to join our Audit practice.


The successful candidate for the Manager position must have at least six years professional public accounting
experience, two of which should be at a supervisory level. Experience as an Assistant Manager would be a plus.
Applicants must hold a CPA, CA, or other professional designation recognized by the Bahamas Institute of
Chartered Accountants.
Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.
Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acashkpmu.com.bs. Telephone: (242) 393 2007

' 2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.
6 ':'- ,

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



CORNER U Cornb Bank (Overseas) Limited


a Chartered Accountants
O"e Moati'gt.e Place
]hird Floor
East Bay Sirlt
i'. Box N-3231
N,Iss.,I. hIndIAS

* PIoe: (242) 502-6000
Fax: 1242) 502-6090
wwwcy.C oI


To the Shareholder and Directors of
We have audited the accompanying balance sheet of Cornmr Bank (Overseas) Limited (the Bank) as at
December 31, 2006, and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Balance Sheet
Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of a balance sheet that is
free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors' Responsibility
Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and performnn the audit to obtain reasonable assurance whether the
balance sheet is free from material misstatement.

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

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

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the Bank
as of December 31, 2006 in accordance with International Financial Reporting Standards.

April 11, 2007



December 31
2006 2005

Due from banks
Due from banks sight CHF 43,397,973 CHF 76,501,841
Due from banks time 622,173,460 443,623,305
Loans and advances, net (note 3) 14,563,882 21,399,196
Accrued interest income 2,629,704 1,939,363
Other assets 622,559 603,022
Total assets' CHF 683,387,578 CHF 544,066,727

Due to banks
Due to banks sight CHF 147,828 CHF 26,320
Due to banks time 75,345 7,238,000
Due to customers (note 4)
Sight deposit 56,944,670 66,087.275
Time deposit 542,809,276 396,487.285
Accrued interest 1,747,097 1,247,582
Other liabilities 835,201 703,881
Total liabilities 602,559,417 471,790,343

Shareholder's Equity
Share capital
Authorized, issued and fully paid
10,000 shares of CHF 1,000 par value 10,000,000 10,000,000
Retained earnings 70,828,161 62,276,384
Total shareholder's equity 80,828,161 72,276,384
Total liabilities and shareholder's equity CHF 683,387,578 CHF 544,066,727


Approved By The Board:

Dr. Paolo Cornaro



December 31, 2006

Corner Bank (Overseas) Limited (the Bank) was incorporated under the laws of the Commonwealth of The
Bahamas on December 13, 1995. It is a wholly owned subsidiary of Corner Banca, Lugano, Switzerland
(the Parent). The Bank is authorized to perform banking activities under The Bahamas Banks and Trust
Companies Regulation Act of 1965, as amended, to provide offshore private banking and trust services. The
principal activities of the Bank consist of providing banking and investment management services.

The registered office of the Bank is located at Bayview House, East Bay Street, Nassau, Bahamas.

The balance sheet of the Bank for the year ended December 31, 2006, was authorized for issue by the
Directors on April 11, 2007.

Statement of compliance
This balance sheet has been prepared in accordance with International Financial Reporting Standards.

Basis of preparation
The balance sheet was prepared under the historical cost convention, except for financial assets and
liabilities and, loans and advances, which are measured at fair value. This balance sheet is presented in
Swiss Francs (CHF). Swiss Francs reflect the economic substance of the operations and circumstances of
the Bank. The preparation of the balance sheet requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the balance sheet. Actual results could differ from those

Cash and cash equivalents
Cash in banks and due from banks, which are held to maturity, are carried at cost.
Cash and cash equivalents consist of due from banks at sight and due from banks at time with original
maturities of three months or less.

Accrued interest income
Accrued interest income is recognized and carried at cost.

Fixed assets
All fixed asset acquisitions are expensed when incurred.

Loans and advances
Loans and advances are financial assets with fixed or determinable payments and fixed maturities that are
not quoted in the active market. They are not entered into with the intention of immediate or short-term
resale and are not classified as "held for trading", "available for sale" or "financial assets designated at fair
value through profit or loss". After initial measurement, loans and advances are subsequently measured at
amortized cost using the effective interest rate method, which is calculated by taking into account any fees
and cost that are an integral part of the effective in,'rest rate.
Loans and advances are subject to provisions for credit losses that are established by charges against income.
Management's periodic evaluation of the adequacy of the provision is based on the Bank's past credit loss
experience, known and iriherent risks in the portfolio, adverse situations that may affect the borrower's
ability to repay, the estimated value of any underlying collateral, and current economic conditions.

Trade date accounting
All "regular way" purchases and sales of financial assets are recognized on the "trade date", i.e., the date that the
Bank commits to purchase or sell the asset. Regular way purchases and sales are purchases or sales of financial
assets that require delivery of assets within the time frame generally established by regulation or convention in
the market place.

Impairment and uncollectibility of financial assets
An assessment is made at each balance sheet date to determine whether there is objective evidence that a
financial asset may be impaired. If such evidence exists, the carrying amount of the asset is reduced to its
estimated recoverable amount either directly or through the use of an allowance account and the amount of the
loss is included in the statement of income and retained earnings. The Bank did not record any impairment
adjustments at December 31, 2006 (2005 nil).

Amounts due to customers and due to banks
Amounts due to customers and due to banks are recognized at cost, being the amount of the consideration

Interest, commission and expenses payable
Interest, commission and expenses payable, which are normally settled on 30-60 day terms, are carried at cost
which is the amount of the consideration to be paid in the future for goods and services received.

Share capital
Ordinary share capital is recognized at par value.

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Foreign currency translations
The Bank's balance sheet is presented in Swiss Francs, which is the Bank's functional and presentational
currency, however it transacts business in other currencies. Monetary assets and liabilities denominated in other
currencies are translated into Swiss Francs at the rate of exchange in effect on the date of the balance sheet.

Fiduciary activities
The Bank provides custody and administration of investments, investment management and advisory services to
third parties. Those assets that are held in a fiduciary capacity are not included in this balance sheet.

Derivative financial instruments
The Bank uses derivative financial instruments such as foreign exchange contracts to manage the risks associated
with foreign currency fluctuations as a counterpart performed on behalf of its clients. It is the Bank's policy not
to trade in derivative financial instruments.

Fair value of derivatives
The fair value of forward exchange contracts is calculated byreference to current forward exchange rates for
contracts with similar maturity profiles.

.Adoption of IFRSs during the year
The Bank has adopted the following revised standards during the year and comparative figures have been
amended as required. Adoption of revised standards does not have any effect on equity as at January 1, 2005.

* IAS 19 Amendments Employee Benefits
* IAS 21 Amendments The Effects of Changes in Foreign Exchange Rates
* IAS 39 Amendments Financial Instruments: Recognition and Measurement

Future changes in accounting policies

Early adoption
The Bank did not early adopt any new standards during the year.

IFRSs and IFRIC Interpretations not yet effective
The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but not yet

IFRS 7 Financial Instruments: Disclosures, requires disclosures that enable users to evaluate the significance of
the Bank's financial instruments and the nature and extent of the risks from those financial instruments&;Thism .,.
standard becomes effective for annual periods beginning on or after January 1, 2007, and as a result, certain
amounts and disclosures related to the Bank's financial instruments may change upon adoption. w. lbii.'-

IAS 1 Presentation of Financial Statements: includes amendments that require that an entity discloses informa-
tion that enables the users of the financial statements to evaluate the entities objectives, policies and processes for
managing capital. These amendments are effective for annual periods beginning on or after January 1, 2007 and
as a result, certain amounts and disclosures related to the Bank's capital may change upon adoption.

IFRIC Interpretation 8 was issued in January 2006 and is required to be applied for financial years beginning on
or after May 1, 2006. It requires IFRS 2 Share-based Payment to be applied to any arrangements where equity
instruments are issued for consideration which appears to be less than fair value. As equity instruments are only
issued to employees in accordance with the employee equity participation plans, the interpretation had no impact
on the financial position of the Bank.

IFRIC 9 was issued in March 2006, and becomes effective for financial years beginning on or after June 1, 2006.
This interpretation establishes that the date to assess the existence of an embedded derivative is the date an entity
first becomes a party to the contract, with reassessment only if there is a change to the contract that significantly
modifies the cash flows. The adoption of this interpretation will have no impact on the Bank's balance sheet
when implemented in 2007.

IFRIC 10 was issued in November 2006, and becomes effective for financial years beginning on or after
November 1, 2006. This interpretation addresses the reversal of impairment losses recognized in an interim
period. The Bank does not have interim reporting requirements and expects that adoption of this interpretation
will have no impact on the Bank's balance sheet when implemented in 2007.

IFRIC 11 was issued in November 2006, and becomes effective for financial years beginning on or after March
1, 2007. This interpretation addresses group and treasury share transactions related to share-based payments to
employees. This interpretation is not expected to be relevant to the activities of the Bank.

IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on or after January
1, 2008. This interpretation gives guidance on the accounting by operators for public-to-private service conces-
sion arrangements. This interpretation is not expected to be relevant to the activities of the Bank.

Loans and advances are stated net of total provisions of CHF 168,735 (2005 CHF 163,170) and generally are
repayable in less than a year. Loans and advances represent fixed term loans, overdrafts on current accounts, and
withdrawn credit lines. Loans are collateralized primarily by cash deposits and marketable securities.

Included in loans and advances are loans to employees totaling CHF 146,270 (2005 CHF 226,403). At
December 31, 2006 there was one loan where interest was suspended in the amount of CHF 168,735 (2005 -
CHF 163,170).

Due from customers, classified by domicile of the borrower, are as follows (in thousands of CHF):

2006 2005

Bahamas and the Caribbean CHF 1,175 CHF 8,210
Europe 3,384 2,758
Central and North America 10,005 10,431
CHF 14.564 CHF 21.399

Customers' deposits, classified by domicile of the depositors, are as follows (in thousands of CHIF):

2006 2005

Bahamas and the Caribbean CHF 229,465 CHF 155,755
Europe 101,984 115,530
Central and North America 227,451 191,199
Other 40,854 91
CHF 599,754 CHF 462.575


All balances with the Parent and affiliated banks controlled by the Parent are shown in the balance sheet as
affiliates. Balances (in thousands of CHF) with affiliates at the balance sheet date are as follows:

2006 2005
Parent Bank:

Due from banks sight CHF 27,282 CHF 40,388
Due from banks time 134,401 109.056
Accrued interest and other assets 924 1,100
Total due from parent CHF 162,607 CHF 150,544

Due to banks sight CHF 123 CHF
Accrued interest and other liabilities 2 1,790
Total due to parent CHF 125 CHF 1,790

Dr. Marco Card



2006 2005

Due from banks- sight CHF 15,937 CHF 35,966
Due from banks time 487,773 334,567
Accrued interest and other assets 1,952 1,049
Total due fro affiliates CHF 505,662 CHF 371,582

Due to banks- time CHF 75 CHF 7,238
Accrued interest and other liabilities 106 287
Total due to afliates CHF 181 CHF 7,525


The Bank has a defined contribution pension plan managed and held by an external third-party that covers the
majority of its employees. Contributions to the plan amounted to CHF 51,166 in 2006 (2005 CHF 43,894).


Derivative financial lIstruments
The Bank enters into forward currency contracts solely as part of its client-related trading activities. Forward
currency contracts are contracts to purchase and to sell foreign currencies at specific rates of exchange on
specific dates in the future. Risk arises from the potential inability of counterparties to perform under the terms
of the contracts (credit risk) and from fluctuations in the foreign exchange rates (market risk). The Bank
manages the market risk of client-related positions by taking offsetting positions with affiliate banks, resulting in
minimal market exposure. The credit risk of client-related positions is managed by applying uniform credit
standard maintained for all activities with credit risk.

The contract amounts of open forward currency contracts (in thousands of CHF) were as follows:

2006 2005
Commitments under forward currency contracts

Commitments to purchase
Commitments to sell

CHF 160,719 CHF 304,430
CHF 160,704 304,395

The contract amounts of these instruments relecte extent of the Bank's involvement in forward currency
contracts and do not represent the Bank's risk of loss due to counterpart non-performance.

At December 31, 2006, the Bank was coingently liable for CHF 96,002,692 (2005 CHF 109,003,219) as a
result of financial guarantees and letters of credit issued on behalf of its customers. These guarantees are fully
secured by clients' assets.

Lease agreement
The Bank entered into a new ten-year operating lease with Bayview House Limited that will commence on
February 1, 2007. As of December 31, 2006, CHF 230,917 (2005 CHF 204,874) in expenses were attributable
to the current lease. The future minimum annual rentals in U.S. dollars under this lease agreement are as

January 1, 2007 January 30, 2007 US$14,412
February 1, 2007 January 31,2017 US$190,494 per annum

The Bank's financial instruments comprise deposits, money market assets and liabilities, cash and liquid
resources, and various other items that arise directly from its operations. The main risks arising from the Bank's
financial instruments are credit, liquidity, interest rate and foreign currency. The Board reviews and agrees
policies for managing each of these risks.

Credit risk
Credit risk is the risk that a customer or counterpart will be unable or unwilling to meet a commitment that it
has entered into with the Bank. The Bank manages credit risk associated with deposit assets by making
placements primarily with financial institutions contained within the confirmed aggregation as established by the
group. Customer credit is monitored on a daily basis by management.

Credit risk exposure
The Bank's maximum exposure to credit risk (not taking into account the value of any collateral or other
security held) in the event the counterparties fail to perform their obligations as of December 31, 2006 in relation
to each class of recognized financial assets other than derivatives, is the carrying amount of those assets as
indicated in the balance sheet.
With respect to derivative financial instruments credit risk arises from the potential failure of counterparties to
meet their obligations under the contract.

Liquidity risk ,
Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise raising funds to
meet commitments. The Bank monitors expected cash outflow on a daily basis. Its policy throughout the year
has been to ensure liquidity by maintaining at all times sufficient high quality liquid assets to cover expected net
cash outflow.
'The contractual maturities of assets, liabilities and shareholder's equity have been determined on the remaining
period at the balance sheet date to the contractual maturity date. The maturity profile is monitored by manage-
ment to ensure adequate liquidity is maintained.

The table below summarizes the maturity profile of the Bank's assets, liabilities and shareholder's equity.
The following is an analysis of assets, liabilities and shareholder's equity in order of maturity (in thousands of
More Non-
Due on Less than 3 12 than 12 maturity
demand 3 months months months items Total

Due from banks sight 43,398 43,398
Due from banks time 578,577 27,719 15,877 622,173
Loans and advances 146 14,418 14,564
Accrued interest income 2,630 2,630
Other assets 622 622
ThOal assets 46.650 57.723 27.719 30.295 683.387

More Non-
Due on Less than 3-12 than 12 maturity
demand 3 months months months items Total

Due to banks
Sight deposits 148 148
Time deposits 75 75
Due to customers
Sight deposits 56,945 56,945
Time deposits 499,213 27,719 15,877 542,809
Accrued interest 1,747 1,747
Other liabilities 835 W 835
Shareholder's equity 80.828 80,828
Total liabilities and
shareholder's equity 59675 499.288 27.719 15,877 80,828 683,387

More Non-
Due on Less than 3 -12 than 12 Maturity
Demand 3 months months months Items Total

Due from banks sight 76,502. 76,502
Due from banks time 429,581 453 13,589 443,623
Loans and advances 7,038 14,361 21,399
Accrued interest income 1,940 1,940
Other assets 603 603
Total assets 79.045 429.581 7.491 27.950 544,067

Due to banks
Sight deposits 26 7,238 7,264
Time deposits -
Due to customers
Sight deposits 66,087 66,087
Time deposits 175,252 116,098 31,203 73,936 396,489
Accrued interest 1,247 1,247
Other liabilities 704 704
Shareholder's equity 72,276 72,276
Total liabilities and
shareholder's equity 243.316 123,336 31,203 73,936 72,276 544,067

Interest rate risk
Exposure to interest rate risk is the risk that arises where there is an imbalance between rate and non
rate-sensitive assets and liabilities. The Bank's policy is to maintain the interest rate risk within prescribed
limits. Interest rate risk is monitored on a daily basis and reviewed by management.
The Bank's exposure to interest rates for significant interest-bearing monetary assets and liabilities by major
currencies was as follows at December 31:


Due from banks time 4.50% 5.48% 0.915% 2.094% 2.455 3.71% 3.6% 7.69%
Loans and advances 5.50% 6.37% 1.915% 4.50% 3.445% 6.60% 7.3% 10.5%

Due to banks
Time deposits 3.% 4.10%
Due to customers
Time deposits 4.0% 4.98% 0.415%-1.5938% 1.955%-3.21% 3.156%-7.19%


Due from banks time 3.90% 4.32% 0.70% -3.8125% 1.90% 5.84% 2.00% 7.35%
Loans and advances 4.31% -

Due to banks
Time deposits 3.68% -
Due to customers
Time deposits 3.41% 4.07% 0.30% 3.25% 1.35% 5.509%

Foreign currency risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of changes
in foreign exchange rates. The Bank's foreign exchange exposure arises from providing services to
customers. The Bank's policy is to hedge against foreign exchange risk by matching currency liabilities
with currency assets. Currency exposure is monitored on a daily basis and reviewed by management.

The following is an analysis of assets, liabilities and shareholder's equity by currency (in thousands of

Due from banks sight 7,967 12,902 19,610 2,919 43,3
Due from banks time 130,579 112,545 345,093 3356 622,173
Loans and advances 809 5,338 7,795 622 14,564
Accrued interest income 2,630 2,3
Other assets 48 563 11 622
Total assets 139.355 133.463 373.061 37.56 683,387


Sight deposits 24 124 148
Time deposits 75 75
Due to customers
Sight deposits 14,645 8,319 30,295 3,686 56,945
Time deposits 129,360 37,590 342,522 33,337 542,P9
Accrued interest 1,747 1,747
Other liabilities 804 31 S35
Shareholder's equity 80,828 ,9
Total liabilities and
shareholder's equity 144,029 129,288 372,848 37,222 6833X7

Due fior banks sight 3,293 40,061 23,245 9,903 76,502
Due from banks time 83,981 68,320 267.839 23,484 443,624
Loans and advances 13,223 1,293 6,276 607 21,399
Accrued interest income 1,939 1,939
Other assets 64 539 603
Total assets 100,497 111,677 297,899 33,994 544,067

Due to banks
Sight deposits 26 26
Time deposits 7,238 7,238
Due to customers
Sight deposits 9,672 14,407 30,308 11,700 66,087
Time deposits 83,724 23,320 267,504 21.940 396,488
Accrued interest 1,248 1.248
Other liabilities 704 704
Shareholder's equity 72.276 72,276
Total liabilities and
shareholder's equity 100,660 111,955 297.812 33,640 544.067


The distribution of assets and liabilities (in thousands of CHF) by geographic region was as follows at
December 31:

2006 2665
Assets Liabilities Assets Liabilities

Switzerland CHF 161,645 CHF 44.779 CHF 148,240 CHF 31,169
Western Europe 507,303 57,435 373,901 91,967
Bahamas & Caribbean 14,439 459,491 11,753 157,488
Other_______ 40.854 10.655 191,167
CHF 683,387 CHF 602.559 CHF 544,549 CHF 471,791

* excluding Switzerland


Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items that
principally involve off-balance sheet risk. The majority of the Bank's financial instruments are either
short-term in nature or have interest rates that automatically reset to market on a periodic basis. Accord-
ingly, the estimated fair value is not significantly different from the carrying value for each major
category of the Bank's recorded assets and liabilities.


Certain 2006 figures have been reclassified to conform to the balance sheet presentation adopted for



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GN 500

Office of the Deputy Prime Minister & Ministry of National Security

Office of the Parliamentary Commissioner


The public is reminded that no person shall
use in any premises where balloting is being
conducted photpgraphic equipment.

This constitutes and offence under the
Parliamentary Election Act, Ch, 7.

Parliamentary Commissioner



Julius Baer, a leading global wealth manager is
seeking to employ an experienced professional to
join their team as:

Portfolio Specialist

, The main tasks of this position are:

Monitor and implement global investment
templates and systems for wealth management
Execute trades and control procedures to portfolio
managed client base across fixed-income, equity
and FX markets;
Implement Portfolio Management policies,
procedures from head office;
;1: Market Portfolio Management services to
prospective and current clients.

The successful candidate will have:

Minimum three years experience in portfolio
management or product specialist function in a
wealth management context;
Bachelors Degree in Finance or Economics, further
education is plus (e.g. Series 7 or CFA;)
Strong analytical skills

Interested person meeting the above criteria should
apply in writing, on or before May 10, 2007 enclosing
a full r6sum6 with cover letter to:

Personal & Confidential
Resident Manager
P.O. Box N-4890
Nassau, Bahamas

Personal & Confidential
Resident Manager
Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

Key Port Authority

decisions on May 2 5

Tribune Business Editor
supreme Court Justice
Anita Allen has
reserved her separate
rulings on whether Sir Jack
Hayward's disputed claim to 75
per cent ownership of the
Grand Bahama Port Authority
(GBPA) and Port Group Ltd
should be tried as a preliminary
issue, and the application by
their Cayman parent to be

joined as a party to the dispute,
until May 25.
Sir Jack and the estate of his
business partner, the late
Edward St George, were back
in court last week for the hear-
ing of an application by Inter-
continental Diversified Corpo-
ration (IDC) to be joined as a
defendant on Sir Jack's side.
IDC's attorneys argued that it
should be joined, since it owned
the share capital of the GBPA
and Port Group Ltd, and

Wisis C
Pricing Information As Of:
Friday, 27 April 200 7
BISX ALL SHARE INbEC: CLOSE 1.785 56 / CHG 00 00 / %,CHG 00 0 / YTD 109 37 / YTD % 06 52
52. -H =.2 .k *.L .'. ______ ^ecJr.I j P r. .i.:-. -: C l-..:*. T ?,,-* a, : '-:-I.;' 1-'f'5' -"i':.. ['-rI. :, 1 E EIS C... T C '- 1..I
1.8 5 0 5.J o :, r. -rjr..:.[c 1 I,', 1 1,,:', -1 2o2. ,. ,,,,0 rj r i ,. ,^ '
12.05 10.70 Bahamas Property Fund 11.59 11.59 0.00 1.689 0.400 (3.9 3.45%
9.02 7.10 Bank of Bahamas 9.02 9.02 0.00 0.737 0.260 12.2 2.88%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.265 0.020 3.2 2.35%
2.50 1.26 Bahamas Waste 2.50 2.50 0.00 0.243 0.060 10.3 2.40%
1.49 1.12 Fidelity Bank 1.30 1.30 0.00 0.170 0.020 7.6 1.54%
10.41 9.00 Cable Bahamas 10.41 10.41 0.00 200 0.915 0.240 11.4 2.31%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.078 0.040 26.9 1.90%
14.26 9.99 Commonsvealth Bank 14.26 14.26 0.00 1.084 0.680 13.2 4.77%
6.26 4.22 Consolidated Water BDRs 5.19 5.18 -0.01 281 0.118 0.045 44.0 0.87%
2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.522 0.240 11.4 4.04%
12.49 11.25 Finco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 12.00 FirstCaribbean 14.62 14.62 0.00 0.977 0.500 15.0 3.40%
17.11 10.42 Focol 17.11 17.11 0.00 1.644 0.510 10.4 2.98%
1.15 0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.532 0.100 13.6 1.38%
9.10 8.52 J. S. Johnson 9.05 9.05 0.00 0.588 0.570 15.4 6.30%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.269 0.795 7.9 7.95%
Fidelity Over-The-Coiunler Securlliaes
2,> kHI 52.' 1 -.L1-,% ,S, TI, B'.i3 '. .I L,-. i r...._ ...', 1 1, :l EP. i C'i. I I -ir1-
1.1 60 12 25 Bar.Lrr.ac. Super.rtarkels lri C 1 .'.. 1- ,., 1 "j 1 i.. 1 "
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
Colrina Over-The.-our. r 3Gr,"cujrltas
43.00 28.00 ABDAB 41.00 43.00 41.00 ...' '.. i,-. .1 000%
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 N/M 0.00%
S' ,- BISX Listed Mulual Fundm
52wk-HI 52wk-Low Fund Name NA V YTD% Lost 12 Months Div $ Yield %
1.3374 1.2850 Colina Money Market Fund 1.337393*
3.1424 2.7451 Fidelity Bahamas G & I Fund 3.1424"**
2.6492 2.3294 Colina MSI Preferred Fund 2.649189"**
1.2386 1.1643 Colina Bond Fund 1.238600***"
11.4467 10.7674 Fidelity Prime Income Fund 11.4467.****
'I'V.-: "'i-' 'FINDEX- CLOSE 796 26 / YTD 07 30% /2000 34 47%
c- LX ALL = -I.t RE IrtL:, *.. ".. .'..: -, i ,,,:, ,:,,: ,i .t. .., T iL it r. ,-1.._,. last 12 1 month divklo l. dlvidiud by cloning picl.. N l V y y
52wk-HI Highest closing price in last 52 weeks Bid $ buying prico of Collr rand Fidillty
52wk-Low Lowest closing price In last 52 weeks Ask $ Soiling pri-c of Colinn ad fidelity 20 April 2007
Previous Close Previous day's weighted price for daily volume Last Price L.ai halin overl-th -ci t l or prid-,
loday's Closo Current day's weighted price for dally volume Wooeekly Vol I rmdli ) voluniio l tl) i ol woik I :I Mnch 20I /
Change Change In closing price from day to day EPS $ A company's reported morning it pir share for tih Inat 12 mllths
Dally Vol. Number of total shares traded today NAV Not As.it Valuo "'" 31 MaIN h 2007
DIV $ Dividends per share paid In the last 12 months N/M Not Modnnigfol
PIE Closing price divided by the last 12 month earnings FINDEX Ihe nFid llty Bah.nIma Stock Indiox Januni y 1, 199.1 -100 .- 1 3 March 20107
1 31 March 2007
TO TRADE CALL COLINA 242-502-7010 / FIDFI ITY ..12' r 77f4 / FOR MOR'f r7'ATA S, INFORMAATIONIfJ PAI f"'.tl n 2?r '

because it was party to the con-
tract with Hannes Babak, their
chairman who is currently pre-
vented from acting in that
capacity as a result of the
The St George estate is
understood to have opposed
this, though, arguing that Mr
Babak's employment contract
was never signed. It conceded,
though, that while the court
might allow IDC to be joined
as a defendant, it not allow it
to participate actively until the
ownership issue was deter-
The St George estate wants
Sir Jack's claim to 75 per cent
ownership resolved as a pre-

liminary issue, while Sir Jack
and his side are focusing on get-
ting the receivership lifted. 2;
All parties are due back in
court before Justice Allen on
May 3 this week, to hear the
estate's application for an
injunction preventing Fidcui ry
Management Services (FMS) -
the company whose ownership
of IDC shares is at the centre of
the dispute taking an active
part in the proceedings.
A May 9 hearing has also
been scheduled to allow the
receivers, Clifford and Myles
Culmer, and their attorney, Bri-
an Simms of Lennox Paton, to
apply to the Supreme Court fpr
further directions.




NOTICE is hereby given that liquidation of the above
company commenced on the 26th day of April, 2007 and that
Credit Suisse Trust of Bahamas Financial Centre, Shirley
& Chiulottc S(reets, Nassau, Bahamas has been appointed
Liquidator of the Company.

Credit Suisse Trust Limited

Storm Frame Windows is selling
High Quality Hurricane Resistant Casement Windows
at LOW discounted prices due to non-payment of goods."
Company willing to absorb costs.

For more information contact our store
on Mt. Royal Avenue

Tel: 325-6633



(Company number 118,219B)

An International Business Company
(In Voluntary Liquidation)

Pursuant to Section 137(4) of the International Business Companies'
Act, 2000 notice is hereby given that the voluntary winding-up and:
dissolution of the Company commenced on the 26th day of April,
2007 and that Pine Limited of Devonshire House, Queen Street, P.O.
Box N-8176 Nassau, Bahamas has been appointed Liquidator.

Dated this 26th day of April, 2007.

Pine Limited


UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head European Desk

In this challenging positions you will be responsible for:

Leading a team of Client Advisors
Advising and servicing existing clients including travelling
Acquisition of new clients
a Proposing of investment solutions

We are searching for a personality with extensive experience in
wealth management, specialized in the fields of customer
relations, investment advice and portfolio management.
Excellent sales and advisory skills as well as solid knowledge of
investment products are key requirements. A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus.

Written applications by Bahamian nationals only should be
addressed to:




4 bed, 3 baths residential home, with large
kitchen, dining room, living room and office,
having dimensions of 56 feet by 42 feet.

For conditions of sale and any other
information, please contact:
The Commercial Credit Collection Unit
@ 502-0929 or 356-1608 Nassau, Bahamas.

Interested persons should submit
offer in writing addressed to:
The Commercial Credit Collection Unit
P.O. Box N-7518 Nassau, Bahamas
To reach us before May 31st, 2007


.PAGE 10B, MONDAY, APRIL 30, 2007



ABN Amro pressed

ito accept takeover

"' c.2007 New York Times
News Service

LONDON The board of
"ABN Amro was dealt a double
S'hallenge on Friday as a con-
'sortium of three European
bankss submitted official noti-
"'Hcation that they are preparing
an unsolicited bid and, sepa-
'lately, an investor association
.,aid it is taking ABN Amro to
court .
On Monday, the board of
4BN Amro agreed to sell the
bank to Barclays for about 64
billion euros, or nearly $87.21
billion. The Royal Bank of
Scotland and its two partners
i on Friday told the board of
ABN Amro, which is based in
the Netherlands, that it intends
to make an offer for the bank,
topping 'the friendly bid from
i Barclays.
The official notice triggers a
countdown toward the sub-
mission of a final bid. Dutch
regulations will make the
t-counter-bidding process com-
plicated for the consortium,
which also includes Banco San-
Tt'nder Central Hispano of
iSpain and Fortis. the Belgian
Banking group. The rules
include a silent period during
which the consortium is not

allowed to disclose more spe-
cific details of its takeover
price for seven days, or before
May 3, even to ABN Amro.
But ABN Amro has com-
mitted to another deadline that
requires the consortium to
make a final offer before May
6. That is the day ABN Amro
has said it would sell LaSalle
Bank, the American unit that
the Royal Bank group is most
interested in. That means the
consortium has only a three-
day window make a formal bid
with a final bid price.
ABN Amro is currently
soliciting bids for LaSalle that
would top a $21 billion offer
from Bank of America. The
Royal Bank of Scotland group
said it would bid for ABN
Amro only if it got LaSalle as
The rival bidding pits ABN
Amro's board, which made
clear that it preferred the Bar-
clays bid, against some of ABN
Amro's largest shareholders,
who have put pressure on the
board to consider a rival
approach, and the Royal Bank
of Scotland group, which has
yet to make a formal offer for
ABN Amro.
"ABN shareholders are a bit
frustrated now," said Guy de
Blonay, a fund manager at
New Star Asset Management
in London. "But under Dutch
regulation, the board has to


,,.Julius Baer Bank & Trust (Bahamas) Limited, a leading
fiancial institution, is seeking candidates for the following


At least 5 years banking experience
CPA designation or equivalent
A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration
Excellent communication and computer skills
Ability to work with strict deadlines and little supervision

Duties include:
Oversight and review of the Bank's AML/KYC policies.
porcedures and transaction monitoring systems
Liaising with regulators and auditors including follow-
up on findings
Conducting investigations
Regular interaction with the Bank's legal counsel
Reporting on compliance issues to management and the
Board of Directors
Coordinating and administering compliance training for
key regulations
Maintaining the Bank's compliance with Group's standards
Rviewing new products, business relationships and
Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full rIsunm6
with cover letter to:

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890
Nassau, Bahamas

Personal & Confidential
Deputy Resident Manager
Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahama-s

pay equal attention to what is
best for employees, and they
are doing a good job halanc-
ing the two issues. which is
very difficult."
VEB, a Dutch investors" -
association \ilhl more than
40,000 members, said FlIiday
that it had filed a petition
against management at A1BN
Amro on T'lhursday al the
Enterprise Chamber of the
Amsterdam Court of Appeals.
The association claims that
management failed to follow
"principles of sound manrage-
ment" and deliberately sought
to frustrate the possibilities of
a bid from tihe banking con-
sortium by selling I. Salle alo
Bank of America.
Jochenm van de Laarschol. a
spokesman at ABN Anmro.
said Friday that the bank
believes it has met all t he legal
requirements and that the sale
of LaSalle is a transaction that
is in the interest of ABN Am/\i
Rijkman W.J. (Gioenink, the
chief executi e of ABN ,Amro,
and the rest of the manage-
ment came under fire from
shareholders on Thursday at
the company's annual general
meeting for their handling of
the sale of the Dutch bank, the
largest in the county\, to IB;
(roenink said earlier that
he preferred a deal with Blar
clays because that would create
a global bank rivaling I ISB('
Holdings, as opposed to the
approach by the three banks
in the consortium, w which plans
to break up the 183-year-old
lender in three parts and di\ ide
the assets among themnselces
He said. however, thiat he
remains open to conslidl ,111\

rival bid on the table but so far
there is none.
While some AI3N Amro
shareholders a plaudIed
Groenink for trying to avoid a
break-up of the bank, others
accused the management of
hindering a constructive bid-
ding compelitioln and depriving
shareholders of getting a high-
er price for their shares.
ABN Amro shareholders
voted Thursday in favor of a
motion put forward by the
Children's Investment Fund,
an activist hedge fund in Lon-
don that holds less than 3 per-
cent of ABN Amro, to break
up the hank if it maximizes
shareholder value. The vote
lor tlhe motion "is an endorse-
ment of lthe consortium's pro-
posal and an1 encouragement
to make a formal offer," Jean-
Pierre Lambert, an analyst at
Keefe, Bruyette & Woods in
! ondoll, wrote in aI research
note on I 'r iday.

The three banks said Friday
that they continued to believe
their proposal offered a higher
value for ABN \Anuo share-
holders and "benclits to cus-
tomers and employees conm-
pared with the recommended
offer from Barclays."
If mallaagemlent at tABN
\ilm l declines their offer. ti
Rmal\:il H:k of Scotlnd conl
soi tinun c'iln still lake its offer
dirc'l li 10 shiarleholdier. Silch
hostile e banking LItkeovers are
chilll_ 0'iii'n though, analysts
-\ l t he end of tie day.
banking is still a people-cen-
tered business. s.,id Dereck
Chambers, an analyst at Stan-
dard & Poor's in London. "It's
i11poril:111t 11no to l ike over a
eliot tl ml i\ nl;ilii';ca m c][."

Bahamas Ltd.

Please be advised that Plillle Bahalnas

Ltd. will close at

Ipml on Wednesday

May 2nd, 2007 in order to allow our
employees the opportunity to vote.

We sincerely



inconvenience this may cause and lhankil
you for your p)alrona' i e ;11(1d uiierstaildillg.



Come to KPMG...

We are currently seeking qualified Assistant Managers to join our Audit p icitce.I

Assistant Managers

The successful candidate for the Assistant Manager position must have at least four to like verii piofe.i;,>i
public accounting experience, two of which should be at a supervisory level. Applicants 1im1,! ih.ld i CP'A, C(A. i
other professional designation recognized by the Bahamas Institute of Chartered Accounltl' nt.

Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory ,lp 'in' I I .;! y a
professional experience. We offer competitive compensation and benefits packages.

Applicants should submit a cover letter, resume, and a copy of their professional certification r I. I I 1 iin li. m.
Manager, P.O. Box N123, Nassau, Bahamas or acash@kpmu.cor'n.bs. Tolophone: (2.12) 393 2010/


, 2007 KPMG, a Bahamiani partnership, andi a iiiellllm r firiii oI the KPMG network of iiitIl)ep li,' 1 l mi, inir i niiI .I i ihl.
Swiss :cooperative. All rights reserved.

i' I i i .t i ,' : ,I I


To our Valuable Clients:

Office Hours: Election Day
Wednesday May 2nd, 2007

8:00 a.m. to 1:00 p.m.

We apologize for any inconveniences caused.

Telephone: (242) 323-4545
Fax: (242) 328-6357
#2 & #7 Trinity Plaza, West Bay Street


UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team
as a

Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation ,,
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests.

In order to satisfy our requirements, the successful candidate -"-
will possess:

* A bachelor's degree in Accounting from a recognized and
accredited educational institution. Preference will be given
to applicants having obtained or in the process of earning
a CPA, or other related proficiency requirement;

* Sound working knowledge of International Financial
Reporting Standards (IFRS);

* A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an
offshore environment;
* Extensive knowledge of MS Office and related Application
Software products;

Interested? If so, we look forward to receiving your
ipp li,:atin documents on or before Thursday May 4, 2007,
Client Accountant


EFG Wealth Management
(Cayman) Ltd. Receives a Full
Securities Investment Business
License in the Cayman Islands

Zurich, April 26, 2007 EFG International, a
global private banking group offering private
banking and asset management services,
headquartered in Zurich, announced today that
EFG W'ealth Management (Cayman) Ltd., a
subsidiary of EFG Bank & Trust (Bahamas) Ltd,
has been granted a full Securities Investment
Business License.

FIG Wealth Managemlent (Cayman) Ltd., which
has been rantedd a full Securities Investment
Business license by the Cayman Islands Monetary
Authority, will provide full advisory and
discretionary services to both high net worth
individuals and institutions including Captive
Insurance Companies. EFG Wealth Management
(Cayman) Ltd. will be headed by Glenn Mitchell
who joined EFG in January 2007.

Sieve Mackey, (C'X) Canada & Caribbean said:
" le aire delighted to have been granted this license
form ithe CaVIymanlIl Islands Monetary Authority. This
will enable us to further expand our regional
presence' in the Caribbean region, following the
opening of "! h''(; BHank & T'rlust (Bahamas) Ltd in
assau last \'ear.

Lawrence I). HIowell, CEO of EFG International,
said: "We ate very pleased to be extending our
franchise in our fast growing Caribbean-based
business. The addition of a fully licensed subsidiary
in the Cayman Islands is another important step in
the development of our private Banking franchise
through organic growth."


MONDAY, APRIL 30, 2007, PAGE 11B



rAGE 12B, MONDAY, APRIL 30, 2007

SCuba lifts ban on US rice im

Associated Press Writer

t1 AVANA (AP) Cuba has lifted
.jlan on imports of U.S. long-grain
,,.ce that it put in place last year
g ause of fears about genetic conta-
. .aul Sanchez, director of the U.S.
division of the island's food import
.qgnpany Alimport, said Friday the
1: ln was lifted earlier this month and
-tht in recent weeks Cuba has import-
; e1 30,000 tons of long-grain U.S. rice

and expects to import 10,000( more
A U.S. announcement in August
that American long-grain rice sam-
ples had tested positive for trace
amounts of a genetically modified
strain not approved for consumption
prompted Japan to suspend its U.S.
rice imports.
Cuba imposed a ban of its own after
conducting independent testing,
Sanchez said.
Sanchez, who spoke during a meet-
ing with United States medical com-

pany representatives, did not provide
details about the exact date and why
Cuba had lifted the ban, suggesting
only that U.S. long-grain rice no
longer appeared to be a problem.


Washington's 45-year-old embar-
go against communist Cuba chokes
off most trade between the two coun-
tries but U.S. companies can sell med-
icine and medical supplies directly to
the country under the 1992 Cuban

Democracy Act. A law approved in
2000 authorized cash-only payments
for U.S. food and agricultural prod-
Sanchez said that so far this year
Cuba has spent $196.8 million on
American food and agricultural prod-
ucts after spending $578.8 million in
all of 2006. Cuba includes shipping
and other logistical costs when
divulging the total amount paid for
U.S. goods.
Addressing representatives from
Mercury Medical, a Florida medical


supply company visiting Cuba to dis-
play equipment, Sanchez said that
since 2001, Cuba has spent $2.2 billion
on American food and farm prod-
ucts, but nearly $340 million of that
went to shipping alone.
The New York-based U.S.-Cuba
Trade and Economic Council,
attempting to estimate the amount
Cuba spent on United States imports
without taking into account logistical
costs, reported the island bought
about $340 million in American food
and agricultural products last year.

"PROM page 1

Bahamian market something
they fear will enable Fidelity to
dominate the market for the
biggest corporate clients.
One source said: "This, in my
view, is a disguised effort to
dominate the local market,
since a significant percentage
of RBC's Caribbean based-busi-
ness is in the Bahamas. We
need antitrust, anti-competitive
legislation urgently to protect
not only the market structure
but the participants."
Another added: "It is going to
squeeze out smaller players,
such as Colina and Providence
Advisors, as they [Royal Fideli-
ty] have a cachet they can't
compete with on international
business. They'll dominate by
being bigger.
"It's just nailing the door shut
for the emergence of smaller or
new players. There's no doubt

about it."
Hillary Deveaux, the Securi-
ties Commission's executive
director, confirmed that he had
received one telephone call
expressing concerns about the
potential impact the Royal
Bank/Fidelity tie-up might have
on competition and choice in
the Bahamian capital markets.
He explained that the Group
of Financial Services Regula-
tors (GFSR) had yet to receive
any formal proposals from Roy-
al Bank or Fidelity on the pro-
posed merger, which the two
parties were hoping to obtain
approval for by July 2007.
As a result, Mr Deveaux said
it was hard for the Securities
Commission to comment on the
potential implications of the
proposed tie-up or take a posi-
tion on it, although it and the
Central Bank which are likely
to be the lead regulators on this
merger would assess the
impact on the economy and
financial services industry.
"What we as regulators have
to look at is what is being pro-

Consolidated Assets and Liabilities at 31 December 2006

Cash and short-term funds
Items in the course of collection from other banks
Placing with banks maturing after one month
Certificates of deposit
Hong Kong SAR Government certificates of
Trading assets
Financial assets designated at fair value
Advances to customers
Financial investments
Amounts due from group companies
Investments in associates and joint venture
Goodwill and intangible assets
Property, plantan d equipment
Deferred tax assets
Retirement benefit assets
Other assets
Total assets

Hong Kong SAR currency notes in circulation
Items in the course of transmission to other banks
Deposits by banks
Customer accounts
Trading liabilities
Financial liabilities designated at fair value
Debt securities in issue -
Retirement benefit liabilities
Amounts due to group companies
Other liabilities
Liabilities under insurance contracts issued
Current tax liabilities
Deferred tax liabilities
Subordinated liabilities
Preference shares
Total liabilities

.. HKSm



posed, because it's not clear,
based on the press release, what
is happening. We have to get
full details on how this imerg-
er's going to work before we
make any regulatory decisions
on the matter," Mr Deveaux
said. But he added: "It's going
to be difficult for us not to look
at the competition part, as we
have to make a recommenda-
tion to the Government."
.James Smith, minister of state
for finance, confirmed to The
Tribune that neither Royal
Bank nor Fidelity had submit-
ted anything to the Government
yet requesting approval for the
merger. He pointed out that as
companies with foreign owner-
ship interests, the agreement
would require approval from
the Government's Investments
Board and the National Eco-
nomic Council (NEC), as well
as the financial services regula-
tors. "Formally, we've not
received proposal or received
anything from people who may
have problems with it," Mr
Smith said. "I would think that




Consolidated Equity Information at 31 December 2006


Share capital
Other reserves
Retained profits
Proposed fourth interim dividend
Total shareholders' equity
Minority interests
Total equity

6 500

Vincent H C Cheng
Michael R P Smith
Peter T S Wong


M W Scales
5 March 2007

Auditors' Statement to the Directors of The Hongkong and Shanghai Banking Corporation Limited
("the Bank") (incorporated in the Hong Kong SAR with limited liability)

We have audited the financial statements of The Hongkong and Shanghai Banking Corporation Limited
for the year ended 31 December 2006, from which the summarised financial information set out above
has been derived, in accordance with Hong Kong Standard' on Auditing issued by the Hong Kong
Institute of Certified Public Accountants. In our report dated 5 March 2007 wve expressed an unqualified
opinion on those financial statements.
In our opinion, the summarised financial information above is consistent, in all material respects, with the
financial statements from which it was derived.

people who have concerns
should bring them all to the
Government as soon as possi-
Mr Smith acknowledged,
though, that this merger along
with others had again exposed a
weakness in Bahamian law and
policymaking caused by the
absence of any
competition/antitrust regula-
tions and legislation. He added
that measures to fill this gap
were likely to be brought for-
ward "rather quickly", as the
Bahamas would soon come
under pressure to introduce
competition policies and laws
from the many external trade
agreements it was negotiating.
Competition policies are a stan-
dard feature of these agree-
On the competitive issues
raised by the Royal Fidelity
Merchant Bank & Trust
alliance, Mr Smith said: "They
[the regulators] would have to
look at it, but you have to take
into account that we're all oper-
ating in an environment where

there are no competition poli-
cies. But the Government, as a
matter of policy, can place con-
ditions on takeovers and merg-
ers and acquisitions."
As regards developing com-
petition laws and policies in the
Bahamas, he added: "I think it
has to be brought forward on
the drawing board rather quick-
ly, as with all the international
trade agreements, there are cer-
tain standard features com-
petition policy, market access,
trade in services, industrial pol-
icy. "Competition policy is a
very important and essential
feature of documents on trade
agreements. It's really a ques-
tion of when, not if. It's only a
matter of time."
Several sources suggested it
was ironic that Fidelity was
seeking to create a "one-stop
shop" for capital markets prod-
ucts and services given that it
was one of the companies that
had led opposition to Colina's
acquisition of Imperial Life.
Concerns over that deal,
which eventually resulted in the

The ogkn an hnhiBnig orto iie

The Hongkong and Shanghai Banking Corporation Limited
Office: I Queen's Road Central, Hong Kong

Consolidated Income Statement for the Year Ended 31 December 2006


Interest income
Interest expense
Net interest income
Fee income
Fee expense
Net fee income
Net trading income
Net income from financial instruments designated at
fair value
Gains less losses from financial investments
Dividend income
Net earned insurance premiums
Other operating income
Total operating income
Net insurance claims incurred and movement in
policyholders' liabilities
Net operating income before loan impairment
charges and other credit risk provisions
Loan impairment charges and other credit risk
Net operating income
Employee compensation and benefits
General and administrative expenses
Depreciation of property, plant and equipment
Amortisation of intangible assets
Total operating expenses
Operating profit
Share of profit in associates and joint venture
Profit before tax
Tax expense
Profit for the year

Profit attributable to shareholders
Profit attributable to minority interests







The summarised financial information does not constitute the Bank's statutory financial statements for the
year ended 31 December 2006. For a better understanding of the Bank's financial position and the results
of its operations for the year and of the scope of our audit, the summarised financial information should
be read in conjunction with the financial statements from which the summarised financial information
was derived and our audit report thereon.

Certified Public Accountants
8/F Prince's Building
10 Chapter Road
Long Kong
2 5 APR 2007.

The summauised financial information set out above is derived from the financial statements of Tihe
I longkong and Shanghai Banking Corporation Limited for the year ended 31 December 2006. The full
set of financial statements can be obtained from The Hongkong and Shanghai Banking Corporation
Limited, Suite 306, Centre of Commerce, One Bay Street, P.O. Box N-4917, Nassau, N.P., Bahamas.

creation of Colinalmperial
Insurance Company, again cen-
tred on the competitive effects
on the capital markets. Here,
there were fears that Colinalm-
perial's extensive long-term life
insurance investment assets
could be used to obtain busi-
ness for its broker/dealer affili-
ate, CFAL, squeezing out other
players when it came to invest-
ment management and admin-
istration, corporate advisory and
placement agent work.
Due to the concerns, the
Government subsequently
imposed 21 conditions on Coli-
nalmperial and other entities in
the Colina group in return for
approving the merger.
However, Anwer Sunderji,
chairman and chief executive
of Fidelity Bank & Trust, the
other 50 per cent owner of Roy-
al Fidelity, denied that the
alliance had any anti-competi-
tive implications or that there
were any parallels with the Col-
inalmperial situation.
He explained that Royal
Fidelity would still have to work
to gain business from Royal
Bank's Bahamian client base,
as it was not a "given" that they
would automatically put busi-
ness the merchant bank's way.
Mr Sunderji also argued that
Fidelity's market share would
not increase through this
alliance, unlike in the Coli-
nalmperial merger, with the
enlarged company now con-
trolling a 70-80 per cent share of
the Bahamian life insurance
"This is not anti-competitive
in any way, shape or form," Mr
Sunderji said. "The transaction
with Royal Bank does not result
in Fidelity's market share being
dramatically increased to
become the dominant player in
the market. We will still have
the same number of clients that
we had previously.
"We agree the new bank has
reach and capital, but it doesn't
mean the business is given. We
will have to compete aggres-
sively to get it."
Mr Sunderji said Royal
Fidelity would not have a
monopoly over the Bahamian
capital markets, as there were
already numerous other partic-
ipants. He pointed out that the
capital markets in the Bahamas
were relatively small, with no
major players attracted to it, but
they might become interested
if the industry grew.
"It was a transaction Royal
wanted to do with us," Mr Sun-
derji said. "It filled a gap for
Royal, and gave us the ability to
expand outside the Bahamas,
so it was a win-win.
"This is a skills-based busi-
ness, not a capital-based busi-
ness. Simply because Royal
Bank is our partner didn't
enhance our ability to do busi-
Others, though, have point-
ed out that while the Royal
Bank tie-up benefits the pri-
vately-owned Fidelity Bank &
Trust and its private sharehold-
ers, no benefits will be felt by
Bahamian public shareholders
who own 32 per cent of Fideli-
tv's BISX-listed retail bank,
Fidelity Bank (Bahamas).
They suggested that the retail
bank, long seen as the weakest
part of both the Fidelity group
and the smallest player in the
commercial banking sector, was
what needed to receive the
And the Royal Bank tie-up
on the merchant banking side
has also revived speculation that
a previous deal, that would have
seen Royal Bank's BISX-listed
mortgage lending arm, FINCO,
acquire Fidelity Bank
(Bahamas) back in 2002, might
be revisited.
Mr Sunderji, though, dis-
missed such speculation, saying
that Fidelity was "very happy"
with Fidelity Bank (Bahamas)
and would look to further
expand it.
"We've had another record
year in 2006 as a group," Mr
Sunderji said. "We're very hap-
py with it. We see 2007 as
another year that will also
exceed our previous year's prof-
itability. We're happy with the


The world's local bank

Summarised financial information prepared from the audited financial statements for the year ended 31
December 2006


- --- ----- -- -- --



MONDAY, APRIL 30, 2007, PAGE 13B

Despite salary cuts, GM boss's compensation up

c.2007 New York Times
News Service

DETROIT General Motors near-
ly doubled the compensation for its
chief executive, Rick Wagoner, last
year, even though he voluntarily
reduced his salary to aid the automak-
er's restructuring effort, GM disclosed
Friday in its annual proxy filing.
GM valued Wagoner's 2006 pay
package at $10.2 million, up from $5.5
million in 2005. Most of the compen-
sation came in the form of stock
awards and options, and he received no
bonus for the second consecutive year.
Wagoner's base salary, which had been

$2.2 million since 2003, was cut to $1.3
million last year at his request.
Wagoner and other top executives,
including the vice chairman, Robert
A. Lutz, and the chief financial offi-
cer, Frederick A. Henderson, will con-
tinue to receive reduced salaries in


Including noncash compensation,
Lutz earned $8.4 million in 2006, near-
ly triple the $3 million he received the
previous year.
Henderson, who became GM's chief
financial officer in January 2006,
earned $5.2 million in his first year on

the job. His predecessor, John M.
Devine, earned $3.9 million in 2005.
GM said 2007 base salaries will be
$1.7 million for Wagoner and $1.3 mil-
lion for Lutz and Henderson. Their
total compensation for the current year
was not disclosed.
For the second straight year, none of
the automaker's top executives
received cash bonuses in 2006. GM
also did not award its workers bonuses
or profit-sharing checks last year, when
it lost $2 billion, a significant improve-
ment over the $10.4 billion it lost in
2005. In a letter to shareholders dis-
tributed Friday as part of GM's annu-
al report, Wagoner called the improved
performance in 2006 "validation that

we have the right strategy" but noted
that the company still has a difficult
path ahead.


"Rest assured, nobody at GM is
declaring victory," he said. "We all
know there's a lot more work to do to
achieve our business goals of steady
growth, solid profitability and positive
cash generation. And yet, we improved
further and faster in 2006 than many
people thought possible."
Executive compensation is being
watched particularly closely this year
by the United Automobile Workers
union, whose contract with the Detroit

automakers expires in September.
Negotiations for a new laboiwagree-
ment will begin this summer.
Some in the union have criticized
the Ford Motor Co. for paying its chief
executive, Alan R. Mulally, mpre than
$28 million in his first four months on
the job. Most of that amount came in
the form of a hiring bonus and com-
pensation to make up for bne'ifits he
forfeited in leaving his previous job at
the jet maker Boeing. '"
To appease workers who weW' upset
at the prospect of bonuses f6t man-
agement, Ford paid all employees
modest bonuses of at least $300 in
,March. All hourly workers represented
by the UAW were given $500.

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

Telephone 242 393 2007
Fax 242 393 1772
Intomet www kpmg.co bs


To the Shareholder of HSBC Bank Bahamas Limited

We have audited the accompanying balance sheet of HSBC Bank Bahamas Limited ("the Bank")
as at December 31, 2006, and a summary of significant accounting policies and other explanatory
notes (together "the balance sheet").

Management 's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

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

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


In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Bank as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

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

Chartered Accountants

Nassau, Bahamas
March 19,2007

Balance Sheet

December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)

Note 2006 2005


Cash at bank group companies 6 $ 23,956,713 22,906,080
Advances to customers 3 623,168 479,036
Loans and advances to group companies 4,6 328,133,920 389,211,515
Interest receivable group companies 6 256,157 205,735
Interest receivable other 1,667 989
Investment in group companies 1 1

$ 352,971.626 412,803,356

Liabilities and Shareholder's Equity

Loans from group companies 5, 6 $ 328,133,920 388,911,515
Interest payable group companies 6 151,166 170,289
Other liabilities 8,000 3,700
328,293,086 389,085,504

Shareholder's Equity
Share capital:
Authorised, issued and fully paid:
1,000,000 shares of US$1 each 1,000,000 1,000,000
Retained earnings 23,678,540 22.717,852
Total shareholder's equity 24,678,540 23,717,852

$ 352,971,626 412,803,356

See accompanying notes to balance sheet.

This balance sheet was authorized for issue by the Board of Directors on March 19, 2007 by:


LLOS-- Direc.or

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)

1. Reporting entity
HSBC Bank Bahamas Limited ("the Bank"), formerly Hong Kong Bank (Bahamas) Limited,
is incorporated under the laws of The Commonwealth of The Bahamas ("The Bahamas") and
carries on banking business pursuant to the terms of a license granted by The Bahamas
Ministry of Finance on December 11, 1984 and reissued on April 27, 1999, as a result of the
name change. The Bank's parent is The Hongkong and Shanghai Banking Corporation
Limited, ("the parent") which is incorporated in Hong Kong. The ultimate holding company
is HSBC Holdings plc, incorporated in England. The address of the registered office of the
Bank is Mareva House, 4 George Street, Nassau, Bahamas and its principal place of business
is One Bay Street, Nassau, Bahamas.
2. Basis of preparation and significant accounting policies
(a) Statement of compliance
This balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS"). The accounting policies set out below have been applied

(b) Basis of measurement
This balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.
(c) Functional and presentation currency
The balance sheet is presented in United States dollars ("US$"), which is the Bank's
functional currency.
(d) Use of estimates and judgements
The preparation of balance sheet in conformity with IFRS requires management to make
judgements, estimates and assumptions that affect the application of accounting policies
and the amounts reported in the balance sheet and the accompanying notes. These
estimates are based on relevant information available at the balance sheet date and, as
such, actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
A key source of estimation uncertainty is discussed in note 2(f)(iv).

(e) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
(0f) Financial assets and liabilities
(i) Classification
Financial assets that are loans and advances, advances to customers and interest
receivable are classified as loans and receivables originated by the Bank. Financial
liabilities that are not at fair value through profit or loss include loans from group
companies, interest payable and other liabilities.
(ii) Recognition and derecognition
A financial asset is recognized when the Bank has control over the contractual rights
that comprise the asset and is derecognized when the Bank no longer has control over
such contractual rights, which occurs when the rights are realized, expire or are

A financial liability is recognized when the obligation specified in the contract is
entered into and is derecognized when such obligation is discharged, cancelled or
(iii) Measurement
Loans and receivables and cash at bank are measured at amortized cost plus accrued
interest as of the balance sheet date. Financial assets that are stated at amortized cost
are reviewed at each balance sheet date for impairment.
(iv) Identification and measurement of impairment
At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets not carried at fair value through profit or loss are impaired. Financial
assets are impaired when objective evidence demonstrates that a loss event has
occurred after the initial recognition of the asset, and that the loss event has an impact
on the future cash flows of the asset that can be estimated reliably.
Objective evidence that financial assets are impaired can include default or
delinquency by a borrower, restructuring of a loan or advance by the Bank on terms
that the Bank would not otherwise consider, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers.

Impairment losses on assets carried at amortised cost are measured as the difference
between the carrying amount of the financial assets and the present value of
estimated cash flows discounted at the assets' original effective interest rate.
(g) Related parties
Transactions with the Bank's parent and with group companies, which are companies
wholly-owned directly or indirectly by the Bank's ultimate parent, are disclosed in this
balance sheet as balances and transactions with "group company'.
3. Advances to customers
At December 31, 2006 advances to customers represent loans to staff of a group company
totaling $623,168 (2005 $479,036) maturing from February 2014 to November 2019, with a
contracted interest rate of one month Libor repricingg monthly). All loans are fully secured.
4. Loans and advances to group companies
These comprise unsecured interest bearing loans and advances, which are substantially due
from group companies in The Bahamas and an overseas branch of the parent, and are
repayable in full on or before December 28, 2007. At December 31,2006 loans and advances
to group companies earn interest in the range of 5.03% 5.73% per annum (2005 4.074 -
5. Loans from group companies
These comprise loans that are substantially from group companies in The Bahamas, are
repayable in full on or before December 28, 2007 and bear interest at 5.60% per annum (2005
4.29% 6 21%).

6. Related party transactions
A number of transactions are entered into with related parties In the normal course of
business. Balances and transactions described as related party are balances and transactions
with the parent company and its subsidiaries afid affiliates by virtue of common ownership by
the parent company.
(a) Cash balances
The current accounts of the Bank are kept with The Hongkong and Shanghai Banking
Corporation, Nassau Branch ("Nassau Branch") and HSBC Bank USA in the amount
of $23,956,713 (2005 $22,901,803) and $Nil (2005 $4.277), respectively.
(b) Loans and advances to group companies and interest receivable
At December 31, 2006, the Bank has loans and advances to group companies
totalling $328,133,920 (2005 $389,211,515) and related accrued interest of
$256,157 (2005 $205,735).
(c) Loans from group companies and interest payable
At December 31, 2006, the Bank has loans from group companies totalling
$328.133,920 (2005 $388,911.515) and related accrued interest of $151.166 (2004 -
(d) Due tos/from group companies
In accordance with a Dealership Agreement with a group company the Bank
purchased and sold to another group company United States dollar Principal
Protected Index Linked Average Growth Notes and Hong Kong dollar denominated
Principal Protected Index Linked Notes and Equity Basket Linked Structured
Deposits amounting to $nil (2005 $173.475,529) and $364,704,144 (2005 -
$556,058,120), respectively. The Bank incurred no gains or losses relating to these
transactions. At December 31. 2006 there were no unsettled transactions.
7. Financial Instruments
Management estimates that the fair values of "cash at bank group companies" and
"advances to customers" do not differ materially from their carrying values, given that their
average effective interest rates approximate the current interest rates available to the Bank for
similar facilities with similar maturities.
The fair value of loans and advances to/from group companies approximates carrying value
due to their short-term nature.
Loans and advances to group companies are matched in cuwency, Mnms and interest mae.
except for a fixed interest rate margin, to loans from group companies.
8. Risk
T;.: B ik is exposed to credit risk, which is the risk that one party to a financial inammt
will fail to discharge on obligation and cause the other party to incur a financial oa. As
substantially all of the Bank's assets and liabilities are with group companies, the risk of
financial loss is considered low.














- I

- .. L I ..


Trouble at

John S George

per cent increase had it not
been for the JSG Holdings

In a statement, Julian Brown,
Benchmark's president, said
that due to "the lack of accu-


HSBC Private Bank (Suisse) S.A.

,, Balance sheet
.., at 31 December 2006

i ,.: 2006,


Assets .'l


' .34,103 54.012,434
9 7 8,041 3,8'3,291

Total assets
Total amounts due from Group companies and
Total subordinated loans
I inhilltii

Amounts ouG to banks ..iq'aia.3ifq 14401.314
Other amount due to customers i.,
Subordinated debt 8863 7'713
Accrued expenses and deferred income 4 39144


Total amounts due
Share capital
General legal reserve

Net income for the year 34.
Total shareholders'equity '.i.' i''8 2.6517.191

Total liabilities

Total amounts due to Group companies and qualified participants X :" 404,510
Total subordinateddebt | '8.333; 787.813
Contingent liabilities '',ex--- n nS

Fiduciary transactions


FROM page 1

r) I

rate and timely financial infor-
mation, along with an ineffec-
tive management style", the
BISX-listed company had
decided to fully impair its John
S George investment.
The statement comes after
The Tribune was informed that
members of John S George's
Board have become increasing-
ly uneasy about the involve-
ment of the retailer's own chief
executive, Ken Hutton, in a sep-
arate $2.7 million venture to
acquire Abaco Markets' Cost
Right store in the Turks &
Their disquiet has been pro-
voked because they feel that
John S George has yet to be
turned around since the current
ownership group acquired the
business in 2004, with questions
about strategy remaining.
It is understood that some
members of the Board have
issued Mr Hutton, who could
not be contacted for comment,
with an ultimatum to decide
which venture he wants to be
part of John S George or the
Turks & Caicos purchase as
there is a feeling he will be
unable to give equal attention to
The JSG Holdings Board is
artfully composed, with Mr
Hutton and his relatives holding
40 per cent. Benchmark owns
20 per cent, with the Morley
and Pritchard families each
owning 15 per cent. The
remaining 10 per cent is held
by Butterfield Bank (Bahamas)
managing director, Robert Lot-
There have been attempts,
though, to attract new investors
and capital into JSG Holdings,

Statement of income
for the year ended 31 December 2006

2006 I

Interest income
Interest and dividend income
* Interest and dividend income from in
'Interest expenses



Net Interest Income" i'i.y .. 332.013
Income from commissions, products and services
Commission income from credit-granting business -
Commission income from securities and investment cttities "ft
Commission income from other services rendered f2 2 10.448
Commission expenses 88.67:

Nat income from commissions, products and services
Trading income
Other ordinary results
Income from sale of financial fixed assets
Income from participation

utner ordinary income
oter ordinary expenses
Total other ordinary results
Operating expenses
Personnel expenses
Other operating expenses
Total operating expenses
Gross profit
Depreciation of fixed assets
Amortistion of goodwill

alue adjustments, provisions and losses
Profit before extraordinary items and taxes
Extraordinary income

Extraordinary expenses
Proft for the year

2 .,226,642

918 "
. : .. 1"39.1891


ld,,!31-99! -65-3.9751
(24 OM9 (- 1187,0881
: jf 318 1541,063)




Report of the statutory auditors
to the general meeting of shareholders
HSBC Private Bank (Suisse) SA, Geneva

FR'OM page 1

tribute to the predictability of
Benchmarks' earnings", diver-
sifying it away from its reliance
on stock market performance
and Alliance Investment Man-
agement's investment advisory
Mr Brown said a sales agree-
ment had been signed, and a
deposit paid, on the land, with
Benchmark now engaged in due
diligence upon a transaction
scheduled to "close some time
between now and the end of
May". When asked whether
Benchmark had secured a bank
or food store to act as the
anchor tenant, Mr Brown
laughed and said further
announcements would be made
once the property acquisition
was completed.
Describing the Carmichael
project as a "turnkey", Mr
Brown said it represented one
of the sizeable areas of land still
left for development for office
space in the Carmichael Road
area, which was one of the
fastest growing parts of New
Providence in terms of popula-
Although Benchmark would
be responsible for all aspects of
its development, from the land

purchase through construction
to the leasing, ownership and
operation, Mr Brown said
Benchmark Properties was also
interested in acquiring existing
properties and taking over their
rental revenue streams.
"It's a part of our overall
strategy and something we
always had planned to do. It
was something we announced
at the IPO," Mr Brown said of
the real estate move. He added
that Benchmark had always
been designed with three sepa-
rate segments in mind the
mutual fund and Alliance
investment advisory business;
the investment in private com-
panies as part of private equity
consortium; and the develop-
ment of real estate.
Mr Brown said real estate
investments in the Bahamas in
general had a history of gener-
ating an "above average rate of
return" on adjusted capital,
making it a good business for
Benchmark Properties
(Bahamas), which was incorpo-
rated during the 2006 third
quarter, to get into.
The Benchmark president
said the company would now
work on growing the various
parts of its business, adding that
it might look at investment advi-

sory acquisitions to grow
Alliance if a faster growth rate
was needed.
Mr Brown said of Alliance:
"In terms of its contribution,
that business has grown quite
significantly over the last three
years. The asset base has grown,
the trading volume in the oper-
ations has grown, and it's been
able to contribute significantly
to Benchmark's earnings.
During fiscal 2006, Alliance
produced its best earnings con-
tribution since Benchmark
acquired it in 2001, generating
$514,203 in net earnings for the
12 months to December 31.
2006. Benchmark generated
$130,992 in net earnings, while
Benchmark Advisors and
Benchmark Properties generat-
ed losses of $1,850 and $2,062
Benchmark said the net
movement in unrealized appre-
ciation of its investment port-
folio assets accounted for 63.8
per cent of Benchmark's earn-
ings or $408,843.
Return on equity for the full
year stood at 11.2 per cent.
while Benchmark's consolidat-
ed net assets stood at $5.703
million. Net income was $0.13
per share, and book value $1.15
per share.

As statutory auditors, we have audited the
accounting records and the financial statements
(balance sheet, statement of income, statement
of cash flows and notes) of HSBC Private Bank
(Suisse) SA for the year ended 31 December 2006.
These financial statements are the responsibility
of the Board of Directors. Our responsibility is to
, express an opinion on these financial statements
based on our audit. We confirm that we meet
the legal requirements concerning professional
q..alifi-.tion and independence.
Our audit was conducted in accordance with Swiss
Auditing Standards, which require that an audit
S be planned and performed to obtain reasonable
assurance about whether the financial statements
are free of material misstatement. We have examined
* on a test basis evidence supporting the amounts
and disclosures in the financial statements. We have
also assessed the accounting principles used,
ai significant estimates made and the overall financial
I statement presentation. We believe that our audit
S provides a reasonable basis for our opinion.

In our opinion, the accounting records and
financial statements and the proposed appropriation
of available earnings comply with Swiss law and
the company's articles of incorporation.
We recommend that the financial statements
submitted to you be approved.
Philippe Cordonier
Swiss certified accountant
Auditor in charge
Mathieu Rieder
Swiss cortifiod accountant
Geneva, 15 February 2007

The summarized financial information set out above is derived from the Annual Report of IISBC Private
S Bank (Suisse) S.A. for the year ended 31 December 2006. The full Report can be obtained from: IISBC
Private Bank (Suisse) S.A., Suite 306, Centre of Commerce, One Bay Street, P.O. Box N-4917, Nassau,'
U Bahamas.

Nassau Chambers
Sassoon House
Shirley Street & Victoria Avenue
P.O.Box N-272
Nassau, New Providence,
Tel: (242) 322-4130
Fax: (242) 328-1069

Freeport Chambers
The First Commercial
3rd Floor, Suite 9
Freeport, Grand Bahama.
Tel: (242) 351-7474
Fax: (242) 351-7752

The Tribune can disclose.
Mr Brown declined to com-
ment on these Boardroom
developments, but told The Tri-
bune that Benchmark's Board
had made the impairment deci-
sion because the failure to
obtain timely, audited financial
statements on John S George
and JSG Holdings made it
impossible for Benchmark's
own external auditors to value
its 20 per cent stake in the retail-
Benchmark, as a publicly-
quoted company, has to com-
ply with BISX rules and the
Securities Industry Act when it
comes to timely financial
reporting and disclosure of
material events, and rather than
run into issues with these as a
result of the John S George
investment, Mr Brown said the
Board decided to fully impair
the investment during a year in
which the company enjoyed a
good set of financial results.
"John S George has had its
challenges from the beginning,
and it's really a result of us not
being able to get audited
accounts, having a 20 per cent
stake in an associate," Mr
Brown said of the impairment
decision. "It puts our auditors in
a very precarious position, and
if they're not able to get full
accounts of the business, it
means nothing's guaranteed
about the value. It hinders our
ability to carry on our books
the value of a private equity
investment without making a
provision for it."
Mr Brown added that Bench-
mark's impairment decision was
intended to remove pressure on
John S George's management



Will be closed

at 12:00 p.m.

on Election Day

Wednesday, May 2,2007

to produce audited accounts,
and allow them to focus on
operational issues and the retail-
er's turn around.
No audited accounts for John
S George have been produced
since the 2004-2005 financial
year ended in July 2005, mean-
ing that audited accounts have
not been forthcoming for 2005-
"We're still very active in
John S George, continuing to
sit as a director, continuing to
have an equity position, and
assisting them in getting the
strategy right," Mr Brown said,
although Benchmark will not
be investing any more money
into the retailer. '
He added: "Management is
still challenged to get the strat-
egy in John S George right. We
think it has the ability to
become a very successful busi-
ness, but it needs to focus."
Mr Hutton led the John S
George purchase, which was a
leveraged buyout by a private
equity-style consortium, the
debt financing coming from
Bank of the Bahamas Interna-
The retailer has its head
office, warehouse and largest
store in Palmdale, owning the
complex, while it leases stores in
the Harbour Bay Shopping
Centre, Lyford Cay Shopping
Centre, Cable Beach Shopping
Centre and Independence Dri-
The business was purchased
from Neil McKinney and Syd-
.ney Sweeting, but a legal dis-
pute is understood to have
arisen between them and Mr
Hutton and his consortium
relating to the original purchase.

.I -~`. -

Benchmark invests

$900,000 in real

estate acquisition


Amounts uean s

.... = k

) ~ ~-~3Urm~BW I I

ii i ***A04M 0 .




PAGE 14B, MONDAY, APRIL 30, 2007


dA du. asin from m.nav-market OB~rs




5 1

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** -:&. ;TB)3134p3


I -.




MONDAY, APRIL 30, 2007, PAGE 151S

US economic growth strikes four-year low

AP Economics Writer

Was former Federal Reserve
Chairman Alan Greenspan
right when he put the chance
of a recession this year at one
in three?
A report released Friday
showed the country logged its
worst economic growth in four
years in the opening quarter
of 2007. That raised fresh ques-
tions about whether troubles
in the U.S. housing market will
spread and throw the econo-
my into a tailspin before the
year is out.
The economy practically
crawled at a 1.3 percent pace in
January-to-March quarter, the

Commerce Department
reported Friday. That was even
weaker than the sluggish 2.5
percent rate in the prior peri-
The main culprit in the slow-
down: the housing slump,
which made some businesses
act cautiously. The bloated
trade deficit also played a role.
Consumers largely carried
the economy in the first quar-
ter. But will they stay resilient
in light of the troubled housing
market, fallout from risky
mortgages and rising energy
"The No. 1 question is can
the consumer continue to play
Atlas while the housing market
crumbles around him?" said
Richard Yamarone, economist

at Argus Research. Others
worry about businesses'
appetite to spend and invest
- also important ingredients
for a healthy economy.
Friday's report brought
some of these uncertainties to
the fore. For now, many econ-
omists Greenspan included
- believe the risk of a reces-
sion is low.
Federal Reserve Chairman
Ben Bernanke, however, has
said he doesn't believe the eco-
nomic expansion, now in its
sixth year, is in danger of fiz-
zling out. Neither does the
Bush administration.
The reading on gross domes-
tic product in the first quarter
was the weakest since a 1.2
percent pace in the opening

quarter of 2003. GDP mea-
sures the value of all goods and
services produced within the
United States and is consid-
ered the best barometer of the
country's economic fitness.
The performance was even
weaker than the 1.8 percent
economists had forecast.
"The economy went through
a very soggy period," said
Lynn Reaser, chief economist
at Bank of America's Invest-
ment Strategies Group. "The
biggest risk to the economy is if
the housing market doesn't sta-
bilize. That could force con-
sumers and businesses to cut
back sharply in spending.
Those risks seem to be limited
at this juncture," she said.
On Wall Street, blue-chip

investors took the weak GDP
showing in stride. The Dow
Jones industrials rose 15.44
points to 13,120.94. It marked
the third record close in as
many days. Even though the
economy slowed in the first
quarter, inflation picked up.
That could complicate the
Fed's work of keeping the
economy and inflation on an
even keel. "This is a knife's
edge scenario," observed John
Silvia, chief economist at
Wachovia Economics Group.
An inflation gauge tied to
the GDP report and closely
watched by the Fed showed
that core prices excluding
food and energy rose at a
rate of 2.2 percent in the first
quarter, up from 1.8 percent

V t
in the fourth quarter.
Republicans and Democrats
had divergent views of the
GDP report.
"We knew that the housing
market would go through an
adjustment. The positive news
here is that our economy has
been able to grow in spite of
that very sharp reduction,"
Commerce Secretary Carlos
Gutierrez said in an interview
with The Associated Press.
But Sen. Charles Schumer,
D-N.Y., called the sick housing
market and the swollen trade
deficit which played in the
first-quarter's slowdown -
"body blows" to the economy
that "must be countered by
sound economic policy from
the Bush administration."

PO BOx N 123
Montague Starting Centre
East Bay Street
Nassau, Bahamae

Telephone 242 3932007
Fax 242 393 1772
Internal www kpma.coi bs


To the Shareholder of HSBC International Trustee (Bahamas) Limited

We have audited the accompanying balance sheet of HSBC International Trustee (Bahamas)
Limited ("the Trust") as at December 31, 2006, and a summary of significant accounting policies
and other explanatory notes (together "the balance sheet").

Management's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

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

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


In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Trust as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in equity is necessary to obtain a complete understanding of
the financial position, performance and cash flows of the Trust.

Nassau, Bahamas
March 19,.2007

Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)

Note 2006 2005

Cash group company 3, 4 $ 34,466 84,913
Term deposit group company 3,4 1,000,000 1,000,000
Refundable deposits 1,950 2,100
Interest receivable group company 4 3,348 2,783

Other assets 25

$ 1,039,789 1,089,796

Accrued expenses $ 12,510 5,000

Shareholder's Equity
Share capital 5 1,000,000 1,000,000
Share premium 5 425,000 300,000
Accumulated deficit (397,721) (215,204)
Total shareholder's equity 1,027,279 1,084,796

$ 1,039,789 1,089,796

See accompanying notes to balance sheet.
This balance sheet was authorised for issue by the Board of Directors on March 19, 2007 by:

Ao- ~_ _Director

Notes to Balance Sheet
December 31, 2006
(Expressed in United States dollars)

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

2. Basis of preparation and significant accounting policies
(a) Statement of compliance
This balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS"). The accounting policies set out below have been applied
(b) Basis of measurement
This balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.
(c) Functional and presentation currency
The balance sheet Is presented in United States dollars ("USS"), which is the Trust's
functional currency.
(d) Use of estimates and Judgements
The preparation of balance sheet in conformity with IFRS requires management to make
judgements, estimates and assumptions that affect the application of accounting policies
and the amounts reported in the balance sheet and the accompanying notes. These
estimates are based on relevant information available at the balance sheet date and, as
such, actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
A key source of estimation uncertainty is discussed in note 2(1).

(e) Foreign currency translation
Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated In foreign currencies at
the reporting date are translated to the functional currency at the exchange rates it that
(f) Financial sets and liabilities
(i) Classification
Financial assets that are refundable deposits and interest receivable are classified as
loans and receivables originated by the Trust.
Financial liabilities that are not at fair value through profit or loss are accrued
(ii) Recognition and derecognition
A financial asset is recognized when the Trust has control over the contractual rights
that comprise the asset and is derocognized when thcTrui no longer has control over
such contractual rights, which occurs when the rights are realized, expire or am
A financial liability is recognized when the obligation specified in the contract is
entered into and is derecognized when such obligation is discharged, cancelled or
(Hi) Measurement
Loans and receivables, cash and term deposit are measured at amortized cost plus
accrued interest as of the balance sheet date. Financial assets that are stated at
amortized cost are reviewed at each balance sheet date for Impairment,
(g). Cash and cash equivalents
Cash and cash equivalents Include cash and term deposit. These are short term "highly
liquid investments" which are readily convertible into known amounts of cash without
notice, are subject to an insignificant risk of changes in value with original maturities of
less than three months.
Cash and cash equivalents are carried at amortised cost In the balance sheet.
(h) Related parties
Transactions with the Trust's parent and with group companies, which are companies
wholly-owned directly or indirectly by the Trust's ultimate parent, are disclosed in this
balance sheet as balances with "group company",
(I) Impairment
Financial assets are reviewed at each balance sheet date for evidence of impairmnt,. If
such indication exists, the asset's recoverable amount is estimated. An impairment loss Is
recognized whenever the carrying amount of an asset exceeds its recoverable amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does
not exceed the carrying amount that would have been determined, net of depreciation, if
no impairment loss had been recognized.
3. Cash and term deposit group company
Cash at December 31, 2006 represents a call account in the amount of $34,466 (2005 -
$84,913) which earns interest at 1.5% per annum (2005 1.25% per annum).

At December 31, 2006 the term deposit of $1,000,000 (2005 $1,000,000) earns interest at
5.02% per annum (2005 4.17% per annum) and matures March 8, 2007.
4, Related party balances
A number of transactions are entered into with related parties in the normal course of
business. Balances and transactions described as related party relate to balances and
transactions with a group company of the ultimate parent.
(a) Cash, term deposit and interest receivable
Cash and term deposit of the Trust are kept with The Hongkong and Shanghal
Banking Corporation, Nassau Branch ("Nassau Branch") in the amount of $34,466
(2005 $84,913) and $1,000,000, (2005 $1,000,000) respectively. The related
interest receivable on these accounts totalled $3,348 (2005 $2,783).
5. Share capital and share premium
The authorised share capital is $1,000,000 divided into 1,000 shares of US$1,000 each issued
and fully paid-in. The surplus of the issue price over the nominal value of the shares is
included as share premium in equity.
On March I., 2006 the Board of Directors approved the proposed injection of capital in the
amount of $125,000 into the Trust by the parent. This amount was designated as share
premium and was paid by the parent on March 8, 2006.

6. Assets under administration
The Trust administers trusts through an outsourcing arrangement with affiliates. At
December 31, 2006, assets held in trust with a total value of approximately $77.3 million
(2005 $46.2 million) are not included in the balance sheet, as these are not assets of the
7. Financial instruments
Management estimates that the fair values of cash and term deposit group company do not
differ materially from the carrying values, given that the average effective interest rates
approximate the current interest rates available to the Trust for similar facilities with similar
The fair value of refundable deposits approximates carrying value due to its shotn- rn
8. Risk
The Trust is exposed to credit risk, which is the risk that one party to a financial InMasnrumen
will fail to discharge an obligation and cause the other party to Incur a financial loa. As
substantially all of the Trust's assets and liabilities are with group companies, the risk of
financial loss is considered low.
9. Subsequent event
On January 10, 2007 the parent injected capital in the amount iof $100,00l0 into the Trust.
This amount was designated as share premium.


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