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The Tribune.
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Permanent Link: http://ufdc.ufl.edu/UF00084249/03020
 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: 10/25/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
System ID: UF00084249:03020

Full Text












CANCER I'mrlovin'it.
HIGH 89F
LOW 74F


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CLOUDS
AND SUN


The Tribune

#1 PAPER IN CIRCULATION


BAHAMAS EDITION


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Source says bishop may end

up back in court despite

discharge from sex charges
P By TANEKA THOMPSON I w .. a I


Tribune Staff Reporter
tthompson@tribunemedia.net
ALTHOUGH formally dis-
charged from charges of having
unlawful sexual intercourse with a
minor female dependent, Bishop
Earl "Randy" Fraser may find
himself before the courts again
on the same charges. a source in
the Attomc,. General's office said
yesterday.
The source added that while
Bishop Fraser was discharged
by Marilyn Meers on Tuesday,
he was not acquitted of the
charges. Under the conditions of
his discharge Bishop Fraser could
be tried again.
"(The discharge) doesn't pre-
clude the matter from being
(retried) before the courts. (Mag-


istrate Meers) did not acquit him.
S.the section under which she dis-
charged him leaves an opportu-
SEE page, 14


* By DENISEMAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
FREEPORT Three persons are expected to be arraigned on Fri-
day in Freeport Magistrate's Court, accused of the brutal murder of 28-
year-old Corporal Eddison Bain.
The suspects two men and one woman are now-in custody at the
Central Detective Unit, where they are assisting police with their
investigations.
Chief Supt Basil Rahming said that one of suspects being held in the
matter is a close relative of Corporal Bain.
He also revealed that robbery was the motive of the killing of the cor-
poral, who suffered severe head and neck injuries.
His body was discovered around 10.20pm on Monday in a ditch
near the water's edge at the Grand Lucayan Waterway, just east of the
Casaurina Bridge. In addition to severe injuries to the head and neck,
his hands and feet were bound.
Corporal Bain, 28, who lived at the Police Compound, was initially
reported missing on Saturday after failing to report for duty. His green
Honda Accord was found parked at Imperial Gardens on East Atlantic
SEE page 11

S BBQBACON


A FIREFIGHTER exits his truck during a simulated terrorist attack staged at Prince George Dock
yesterday morning. The event was designed to test the response of emergency services and was a 'vast
improvement' over last year's exercise. SEE PAGE NINE


Allegations of fake
birth certificates
issued in Freeport
* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT A number of
fake birth certificates are
rumoured to have been issued in
Freeport by a former employ-
ee in the Registrar General's
Office on Grand Bahama.
The Tribune was informed by
a reliable source that the alleged
incident is believed to have
occurred before the last general
election in May.
It is not known how many
illegal birth certificates were
alleged to have been issued, but
it is claimed that a complaint
SEE page 14


Attorney suggests Official wants govt
temporary hiring of J to remove 'treasure'
judges to help clear from San Salvador
indieil hbic klno


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
A PROMINENT attorney
has suggested that additional
judges be hired on a temporary
basis to exclusively hear crimi-
nal cases, in an effort to clear
the backlog in the judicial sys-
tem.
Damian Gomez told The Tri-
bune yesterday that the country
has "very, very deep" problems
with the backlog that has led to
bail being granted to 114 people
accused of murder, 39 of rape
and more than 189 accused of
armed robbery.
SEE page 11


* By PAUL TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
TO AVOID its theft and pos-
sible removal from the country,
the government of the Bahamas
is being encouraged to take pos-
session of whatever treasure is
buried in San Salvador until
those persons laying claim to
the land can prove their claims
in a court of law, the local
administrator said yesterday.
In a telephone interview with
The Tribune yesterday admin-
istrator Jordan Ritchie said that
as long as this treasure remains
in San Salvador, the island will
be divided.
SEE page 14


Private investigator
gives first hand
'hearsay' evidence
in election court
* By NATARIO McKENZIE
THE prn\ite in estigator hired
b\ the Progressive Liberal Par-
tv's Al.JIson Ma\njrd-Gibson was
allowed to take the witness stand
esterdaN to goie tirst hand
" hearsa%' eI idence. following
another round of legal arguments
bN both sides in the election court
dispute.
A decision was also made ves-
terday to subpoena the voters
w\ho are witnesses in the election
court dispute, in light of concerns
expressed b% Mrs Ma\nard-Gib-
son's legal team that witnesses
Justice Anita .Alien noted ecstcr-
da\ that itf those otherss do not
compl\ w th the summons, the
court has the power to hate them
arrested
Although a ruling ,was expect-
ed ettcrda\ morning with
regards to whether the hiarsay
c\id1 ne o.I Mr Munroe hliould
li: \c been allIom ed. \whi n ithi
L.lLtion court coLmmencend \:s-
ierda\ n1mrntin JUstLcL Ad.lle not-
ed that the court wanted to hear
more subiiii miOiS, pjrticuljrl% iIn
SEE page 11

Bahamians take
part in White
House question
session on Cuba
By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
BAHAMIANS yesterday took
part in an online question session
on Cuba set up by the White
House, hours after President
George Bush made his first stand-
alone speech about the island
nation in four years.
The session allowed members
of the public and press worldwide
including The Tribune the
opportunity to pose questions to
Cuban-born US secretary of com-
merce, Carlos Gutierrez, about
the Bush administration's Cuba
policies.
Among Bahamians who ques-
tioned Mr Gutierrez were Felix
Bethel, political science lecturer
at the College of the Bahamas,
and lawyer Alex Morley.
Both are members of the
group, Bahamian Friends of the
Cuban Five, who advocate the
release of five Cuban men -
called "freedom fighters" in their
native Cuba imprisoned in the
US for what that government has
described as "terrorist" activities.
Members of the public and
SEE page 11


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Protest prompts review.




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LONG-TERM EMPLOYEES AT BTVI demanded that salary shortfalls
be remedied. yesterday as they demonstrated outside the main gate


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By RUPERT MISSICK Jr
Chief Reporter
rmissick@tribunemedia.net
THE Ministry of Education
has begun a review of all teach-
ers and instructors at the
Bahamas Technical and Voca-
tional Institute in order to
"rationalise their status", a press
4 release from the Ministry said
en yesterday.
The statement was issued in '
2 response to a protest early yes-
terday morning by some of the
g institution's instructors.
jc This process, the ministry
a said, is expected to include an
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PAGE 2, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE !


unitb 06


:


institution.
The teachers protested yes-
terday to express their dissatis-
faction with "long-term unre-
solved labour issues".
Spokesperson for the dis-
gruntled group, mathemati,-
teacher Lavardo Pratt said thki
many instructors ha% e vet to be
regularised even though the\
had been working at the insti-
tution for years.
Mr Pratt claims to hae been
personally waiting for 14 .).r,
to be re-classified as a t, :iclh,
rather than a teaching assistant.
and to be paid according .
difference of around $2.000 a
year, he estimate
According to tie teacher.
between 40 to 50 start members
are impacted b. the shoriconi-
ing.
In Mr Pratt's case, he start-
ed teaching in 1991, going on
to achieve a teaching qualifica-
tion in Florida in 1993. Ho 4ey-
er, he claims BTVI said the\
refused to recognize his addf-
tional qualification as he "as
not provided with a certificate.
The ministry said that it s
aware of the need to address ill
concerns which might be drawn
to its attention by the --apprd-
priate means and is prepared (o
work closely with the manager
and administrative team t,
address all legitimate concerns".
"The Ministry of Educatioi,
Youth, Sports and Culturt
recognizes BTVI role in delh -
ery of quality technical and
vocational education in the
country," the ministry said.
To enhance *his role, the gov-
ernment is expected to ad, an&c
legislation that will convert
BTVI to a semi-autonomous
agency and simultaneously; cr-
ate a "genuine partnership with
the private sector and labour"
It is hoped that this new sta-
tus will enable BTVI to initiate
its accreditation process and
respond in a timed manner to
the technical and carcm r training
needs of the Bahamas












THURSDAY, OCTOBER 25, 2007, PAGE 3


THF TRIBUNE


* FLORIDA
Cash 3: 2-8-1
Play 4:1-9-8-2


* ILLINOIS
Midday Pick 3: 7-8-4
Midday Pick 4: 3-3-1-2
Evening Pick 3: 9-1-6
Evening Pick 4: 7-9-1-7

* NEW YORK
Numbers:
Midday (Monday): 7-9-3.
Evening (Sunday): 5-8-6
Win 4:
Midday (Monday): 0-3-0-6
Evening (Sunday): 5-1-2-1


0 In brief


Artwork to

celebrate

abolition

of slavery

I'HE Grand Bahama Her-
itage Foundation will feature
13 Bahamian artists in celebra-
tion of the 200th anniversary of
the Abolition of the transat-
lantic slave trade
The temporary exhibit -
"Freedom Call" will be held
at the Gloria Banks Gallery in
the Rand Nature Centre in
Freeport on November 10 to
16.
The exhibit is open to the
public on Saturday. November
10. and Monday through Fri-
day. November 12 through 16.
"Freedom Call", through the
artistic interpretation of the fea-
tured artists, depicts the 1807
abolition of the practice which
transported millions of Africans
to the Americas. including the
Bahamas.
That year. the British parlia-
ment ceased the transport of
slaves from Africa on British
ships and British naval patrols
liberated enslaved Africans
from foreign slave ships en
route to still-legal sla\e trading
territories.
Dr Gail Saunders. director
general of heritage and board
chairman of the National Arts
Gallery of the Bahamas, in an
article describes the impact of
aboft h''Fh"t arrivNal 6f the
freed Africans reinforced the
Africans in Bahamian society
impacted the demographic bal-
ance in its population, its lan-
guage. beliefs, death rites,
music, food, asue (a system of
saving), story-telling and the
visual arts."
The liberated slaves were
redirected to many islands in
the Bahamas, including New
Providence and Grand Bahama.
There were a number of set-
tleniclnis in Grand Bahama,
which existed in the nineteenth
century, including Freetown,
Gold R1ock, West Head, South
Point, High Rock and The
Bight. West Head and The
Bight no longer exist.
Grand Bahama and the Berry
Islands had a combined popu-
lation of 143 liberated African
. I ,. among a total population
ofl 218.
Between 1808 and 1860,
about 6,000 liberated Africans
were transported to the'
Bahmas.

Bush calls for
others to help
democracy
grow in Cuba

* WASHINGTON

PRESIDENT Bush, trying to
loosen Fidel Castro's nearly
half-century hold on power,
blistered Cuba's communist
regime Wednesday and chal-
lenged allies to help foster a
democratic uprising or risk the
share of staying silent, accord-
ing to Associated Press.
Bush's first major address on
Cuba in four years offered no
change in US policy and only
modest proposals that even he
acknowledgedd would likely be
rejected by the island's rulers.
With Raul Castro running Cuba
on his ailing brother's behalf, it
Swas unclear whether Bush's lat-
est effort would d have any effect.
"'Nowis the time to support
thlie democratic movements
growing on the island," Bush
saiat in a State department
speech, with family members of
Cuban political prisoners seated
behind him on stage. "Now is
the time to stand with the
urbann people as they stand tiup
I or Ithcir liberty," he said.


Demolition crews tear down




Marsh Harbour Haitian slums


AFIER years of "all talk,
no action," Abaconians are
now taking a strong line
against the Haitian slum com-
munities in Marsh Harbour
with plans to demolish all new
shanty homes.
Demolition teams moved
into The Mud last week after a
public meeting was called to
air grievances over the
expanding settlements.
Administrator Cephas Cooper
said it was time for action, and
said demolition would be a
"continual" process.
Haitians stood by mutely as
a bulldozer cleared debris left
behind by demolition crews,
who wielded sledge-hammers
and chainsaws to bring down
the wooden homes. More than
40 were demolished in the first
three days.
Pastor Stephen Knowles, of
Strong Tower Church in Mur-
phy Town, and Central Abaco
chief councillor Cubel Davis
are among those leading the
campaign against the settle-
ments.
They believe the time has
come to bring Abaco's Haitian
homes crisis to an end before
Marsh Harbour is overrun
with immigrants.
"They started on Friday and
knocked down 11 units," said
an onlooker. "By Tuesday, 1
heard they had taken down
about 41 homes.
"After the big fire at The
Mud two years ago, it was esti-
mated that there were 250 to
300 homes in there. Officials
numbered those houses that


were left so that any new
building could be detected.
"Well, since then a lot of new
houses have gone up. This exer-
cise was aimed at levelling the
new, unoccupied homes to stop
the spread of the community."
The Mud and Pigeon Pea,
another Haitian settlement,
have been areas of contention
for Abaconians for many years.
Two major fires in recent years
have sparked calls for action
on safety and hygiene grounds.
Locals say both settlements
are fire hazards because of
loose power lines hang between
shacks and lie on the ground.
They also claim that open
cesspits on both sites create a
health hazard in Marsh Har-
bour. During the last blaze at
The Mud, a fireman slipped and
fell neck-deep into human waste.
Demolition crews discovered


as they moved through The
Mud this week that the com-
munity was completely self-
contained, with its own bar,
strip-joint, barber shop, provi-
sions store and even two guest-
houses, one with 17 rooms,
each rented out for $75 a week.
Police and Defence Force
marines stood by as Ministry
of Works employees began
dismantling the plywood
shacks.
One islander told The Tribune:
"The new homes were obvious-
ly for incoming immigrants who
land by boat in remote parts of
Abaco, then make their way to
Marsh Harbour to be absorbed
into the community."
One woman had 1,000 bot-


j 4


A BULLDOZER clears debris after teams of men pulled down
wooden homes in The Mud (inset)


Restaurant torn down in the night


RESIDENTS of Rum Cay
are in shock after a demolition
gang turned up in. the dead of
night and tore down an Amer-
ican-owned restaurant on the
island.
The Green Flash, owned by
Mr Dave Cummings, was at
the centre of a bitter dispute
over development plans at the
Sumner ,Point Marina.
It is understood Mr Cum-
mings had refused to move.out
of the restaurant after the
marina had been sold to a for-
eign development company.
This week, while Mr Cum-
mings was off the island, a
gang of men "from Nassau",
according to locals moved in
with tractors and other heavy
equipment to knock down the
wooden building.
"They came in at midnight,"
said one islander, "and tore
the whole building down. Peo-
ple here are very upset. We
don't.do this kind of thing to
each other. Rum Cay is not
like that."
The attractive seafront bar-
restaurant had been a popular
meeting spot for islanders and
tourists until it became
engulfed in controversy about
a year ago.
Mr Cummings closed it
down temporarily, but had
apparently intended to return
to serve out his lease. Howev-
er, the demolition gang flat-
tened the building and carried
materials off site, leaving


islands 'stunned and out-
raged.
Now Mr Cummings has
appealed to Prime Minister
Hubert Ingrahamn and other
Cabinet ministers, claiming he
will not let thie matlte rest
because the demolition had
been carried out illegally. It is
understood that Nh ('Cummings
has already briefed lawyers.
"He is very upset boutt it."
said an islander. He has been
on Rum 'Cav fori many years
and is regarded as a nice, qtui-
et man. He has a home here
and has also built homes for
two boys who worked for him
here."
This is not the first time Mr
Cummnings has been targeted.
About six months ago., a guest-
house oCwxned by him was
burned down. Locals were
convinced it was arson.
One Rum Cav source told
The Tribune: "There is talk
now that Mr Cummings' dock
is going to be smashed down as
well. I can't believe that people
can be so wicked and bad in
the Bahama s.
"People here are very
friendly. We don't like what is
going on. This is right on our
island and it all goes out on
the Web, so everyone hears
about it."
Until the island's airport was
improved a few years ago.
Rum Cay was regarded as one
of the forgotten gemns of the
Bahamas.


Its tiny population enjoyed a
quiet life of fishing and farm-
ing, with a little tourist trade
generated by passing yachts-
men.
Since the airport was
improved, however, a land rush
has overrun the island, with
several title disputes breaking
out over home lots being sold
to unsuspecting foreigners.
One resident said: "Greed
is taking over this island. I am
not blaming the Montana
developers for this they seem
to be very nice people but
Mr Cummings has been tar-
geted by people who want to
see him out of here.
"He had to buy a generator
and bring water in by truck
because of what they were try-
ing to do to him. And he was
unable to get gas for his vehi-
cle. Certain people started to
hit this man as much as they
could."
Sumner Point Marina was
bought by Montana Holdings,
a British development firm,
some months ago from local
resident Mr Bobby Little.
Montana is responsible for a
multi-million dollar resort pro-
ject on the island. The 700-acre
development will include a
boutique hotel, timeshare
properties, condos and other
facilities, plus a marina aimed
at passing yachtsmen from the
United States.
Police are investigating the
incident, according to locals.


ties of Haitian rum stored in her
house, thought to have been
imported illegally by sloop.
"The Haitians have learnt
how to play the system," one
resident said. "When immigra-
.tion officers enter the commu-
nities, the women pass round
babies between themselves so


that everyone has one. The offi-
cers are more likely to take pity
if a woman has a baby."
Haitians were addressed at E
public meeting last week by MI
Cooper, who explained details ol
his co-ordinated demolition plan
He stressed that more illegal
building would not be tolerated


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LOCAL NEWS


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7 AS AWE O


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Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
Fax: 326-9953
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PAGE 4, THURSDAY, OCTOBER 25, 007TTHE TRIBUN


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


Altered words not enough to alter reality


ATLANTA What you don't know can
indeed hurt you.
It can hurt you a lot.
For example, as head of the Atlanta-based
Centres for Disease Control and Preven-
tion, the nation's top public health agency,
Dr. Julie Gerberding was supposed to brief
Congress this week about the health impli-
cations of global warming.
But before she could testify, the guts of
her prepared presentation more than
half its original 14 pages were removed
under orders from the Bush White House.
Now, President Bush had every right to
change that testimony. Gerberding is a pres-
idential appointee, and as such she is expect-
ed to toe the president's line.
The problem is, altering Gerberding's tes-
timony does not alter the reality she was
trying to describe. If global warming poses
health risks to the American people, as she
believes, those risks will continue even if
expert warningg'are muted or even silenced.
You can't change reality by refusing to
acknowledge it. We've tried that; it doesn't
work.
Five years ago, Gen. Erik Shinseki tried to
warn that occupying Iraq would require
hundreds of thousands of troops. Adminis-
tration officials responded by publicly berat-
ing and humiliating the Army chief of staff,
and other officers got the message to stay
silent.
But the facts hadn't changed; we did need
those hundreds of thousands of troops, and
when the time came, we didn't have them.
Likewise, when Mike Chertoff,'secretary
of Homeland Security, and Michael Brown,
head of the Federal Emergency Manage-
ment Agency, went on national television
after Hurricane Katrina to deny that tens of
thousands of our fellow Americans were
trapped in New Orleans without food or
clean water, their claims did not alter the
fact that we could turn on our television
sets and see for ourselves that they were
wrong. Their denials did not alter reality,
but they did delay needed assistance.
This week, Gerberding was ready to tell
Congress that the CDC considers climate
change "a serious public health concern."
According to a leaked copy of her original
remarks, she was ready to warn of specific
challenges the country might face, from
longer heat waves to tropical diseases.
However, "with adequate notice and a


vigorous response," she wanted to tell Con-
gress, "the ill health effects of many expo-
sures from climate change can be damp-
ened."
All those words were stricken from her
testimony.
She was barred from delivering the ade-
quate notice she thought we needed,
although she later was able to respond to
congressional questions.
According to a White House spokesman,
Gerberding's testimony was altered not
because it contradicted the president's ide-
ology, but because it did not match science
produced by the International Panel on Cli-
mate Change, the United Nations commis-
sion convened to produce scientific con-
sensus on global warming.
Now, that's a suspect defence from the
get-go.
The Bush White House defending the sci-
entific integrity of the UN climate report?
And sure enough, a comparison of Ger-
berding's prepared testimony against the
IPCC report shows no contradiction what-
soever.
For instance, the White House did not
let Gerberding say that "catastrophic weath-
er events such as heat waves and hurricanes
are expected to become more frequent.
severe and costly."
What does the IPCC say'? Warmer and
more frequent hot days and nights are "vir-
tually certain," and it's likely that "future
tropical cyclones (typhoons and hurricanes)
will become more intense."
Gerberding also wanted to warn us that
future hurricanes could disrupt sewage treat-
ment plants and'taint water supplies, expos-
ing large numbers of Americans to deadly
diseases.
And the U.N. report'? It issues the'very
same warning, citing as examples the after-
math of hurricanes Katrina and Rita,
"where contamination of water supplies
with faecal bacteria led to many cases of
diarrheal illness and some deaths."
On every point, Gerberding's testimony
jibes with the IPCC report. It was censored
not because it contradicted accepted sci-
ence, but because it reflected that science.
It's a heckuva way to run a country.

(This article was written by Jay Book-
man of Cox News Service).


Please stop





living like




'cats and dogs'


EDITOR, The Tribune.
THIS is the second time I
will be discussing the prolif-
eration of crime in our coun-
try. Why do I have to? Simple,
the crime would not stop. I
wonder, if some of the
Bahamian people are losing
their mind? Where have all
these devilish crimes devel-
oped from? Why are they
happening so fast? Where is
our Christian ethics?
All these questions have
puzzled many Bahamians
recently due to the amount of
crime that has occurred and
is still occurring in our soci-
ety.
Last week a 65-year-old
woman was raped in Rock
Sound, Eleuthera -what a
shame on that person who
would even attempt"to do
something like that so "dis-
graceful". Last week also a
woman is hospitalized now for
being shot at a Royal Bank
branch for her money. What
about the young man that got
gunned down just for money.


My God! Stop this foolishness
now before it's too late. It is a
matter of time now that these
unnecessary, degenerate
actions be placed in the back
of us and stopped immediate-
ly.
I was told that "money is
the root of all evil" and that's
one of the main causes of all
these vicious crimes today.
But a curious question by
many, including myself, is that
why can't they go out there
and work for their money like
everyone else? Are they too
lazy? Are they not qualified?
Either may be the problem,
but it can be resolved, I assure
you. It would not hurt these
strong, healthy men to ask the
government for a job to be
employed somewhere, even
as a garbage collector so to
speak once they can get a
dollar to put bread on the
table, right? Remember God


warned 'us that by the sweat
of a man's eyebrow he shall
eat bread.
Vengeance has also helped
with the increase in crime in
our country. Many people feel
as though it's their right to
take'the law into their own
hands so they decide to kill
someone for something they
did to them or caused. But
God reminds us that
"vengeance is His" and some-
times we need to leave those
people who sinned against us
to God and he will work it out.
Come on Bahamians, let's
buckle ourselves up. This
nation begs you to please stop
living like "cats and dogs" and
live right to try to reduce the
amount of crime in our coun-
try. I hope someone out there
today when they read this
would get a grasp of this and
spread the word. Let's all live
according to the Bible and all
will be well.
SHAVADO GIBSON
Nassau,
October;, 2007.


Complete failure of one of


the arms of justice system


EDITOR, The Tribune.
1 HAPPENED to be listening to the news on
the radio this morning and again this after-
noon and heard the Minister of National Secu-
rity Tommy Turnquest quote a statistic that
was most alarming to me.
He indicated that there are currently on our
streets on bail 114 persons who are awaiting
trial for murder who have been granted bail
because the court system is backed up and
their cases have not come to trial after the
mandated two-year period.
In addition to this there are 189 persons on
bail for armed robbery and 34 for rape! That's
337 of the most violent of criminals in the
country who have been caught and charged
by the police and released back into the gen-
eral population to commit violent crimes
again.
There is no question as to why the murder
count is rising if murderers commit the crime,
get caught and are freed on charges.
This must give them a sense of invincibility
and a carefree attitude as with murder charges
already looming what is another two or three
in the grave.
It is unacceptable that our court systems
cannot find the capacity or time to charge the
most violent offenders of society and protect
'us, the Bahamian people, from such criminal
elements.


This is a complete failure of one of the arms
of the justice system and unfair to the police,
who are attempting to protect our streets as
well as to the citizens of the Bahamas who
are subjected to this criminal element.
It is even more failure to the previous vic-
tims and families of these 337 individuals who
have been or had a family member assaulted,
robbed, raped and even killed and have their
assailants walking the streets of the Bahamas,
free as a bird.
This is the worst failure of government I
can think of and must be corrected.
If it means postponing every civil matter in
the courts until the backlog is brought up to
date and paying judges $200k a year then
that's what needs to be done because one of
almost every 1,000 Bahamians walking the
streets should not be someone who has been
convicted of a violent crime and just not pros-
ecuted because of case backlog.
Unacceptable and unthinkable that this
could have happened and it would be good to
hear remarks from the past attorney gener-
als, prosecutors and judges as to how they feel
about this failure of the court system.
ALLIANCE
for a Better
Bahamas
Nassau,
October, 2007.


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PAGE 4, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE










THURSDAY, OCTOBER 25, 2007, PAGE 5


THE TRIBUNE


OAL


20 judges needed in Supreme Court,



says former attorney general Wells


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
A FORMER attorney gen-
eral has argued that the
Bahamas needs as many as 20
judges in total in the supreme
court to decrease the backlog
in the judicial system.
Tennyson Wells, who served
as attorney general from 1997 to
1999 before resigning the office,
made this assertion yesterday
in an interview with The Tri-
bune, where he also commented
on the proposed amendment to
the Juries Act.
Mr Wells said that he has
argued from as early as 1998,
that with the expansion of the
Bahamian economy and popu-
lation growth, we may need as
many "as 20 judges just to keep
pace."
"There is no point in blam-


ing the judges. You have to pay
them more, and you have to put
more there," he said.
The 2007/8 budget provides
$837,000 for 11 justices of the
Supreme Court, which averages
at just over $76,000 per judge,
with $104,000 being set aside
for the chief justice, and $97,000
for one senior justice.
Mr Wells said that with this
increased pay, society should
also expect increased hours of
service from those working on
the bench, beyond the hours of
10am to 4pm. "We need more
judges; they need to be paid
more; and they need to work
more," he suggested.
During Mr Wells's tenure in
office, the former FNM gov-
ernment contracted the services
of several Australian judges in
an effort to reduce the number
of cases pending in the late
1990s.


Echoing the frustration of
many at the time, then FNM
MP Elliot Lockhart in June of
1999, branded the court system
a "disgrace" in the House of
Assembly. Mr Lockhart com-
0


mended two Australian judges -
Howard Nathan and John
Browne who were said to
have made a significant impact
on the backlog in the few
months they served.
Many of the long-standing
matters coming before them,
Mr Lockhart said, were dealt
with in "a few minutes."
When asked by The Tribune
what has changed since his time
in office with respect to the
backlog, Mr Wells said that he
did not remember the statistics
of those who were on bail for
murder at the time, but as attor-
ney general he left in place a
protocol to ensure that there
was timely resolution to those
matters.
"All murder trials were to be
completed within two years,"
he said, with other appeals to
the Privy Council and Human
Rights Commission to be com-


Cutting jurors 'will not speed up justice'


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
REDUCING the number of
jurors from 12 to nine in non-
capital trials, as proposed by the
government, will not speed up
the administration of justice,
Grand Bahama Human Rights
Association said yesterday.
"Delays in the adjudication
of a case do not arise because
there are 12 jurors instead of
nine. That is a fallacy.
"Our association disagrees
with the superficial and unin-
formed comments which were
being advanced by the FNM
members of parliament regard-
ing how amending the Juries
Act would 'speed up' the deliv-
ery of justice," the association
said in a press statement.
The human rights organisa-
tion also declared that it oppos-
es any further efforts to reduce
the right to bail being called for
by many legislators.


The GBHRA yesterday cau-
tioned the FNM to use more
deliberation in its approach to
the amendment, but warned the
PLP not to forget its own mis-
takes when it comes to the
country's judicial system.
"The association wishes to
express its gratitude to the FNM
government for agreeing to
postpone the intended passage
of the Juries Amendment Act.
"Such a fundamental change
to the protection of constitu-
tional rights should be a mat-
ter of comprehensive consulta-
tion and debate by the public,
and most importantly, those
who have an appreciation for
the consequences of such an
amendment," the GBHRA said
the press release.
The human rights group said
that it would criticise the FNM
government "for having sought
to so whimsically tinker with
such a fundamental constitu-
tional right without more care-
ful consideration.


"The right to a jury trial is
inviolable. Juries remain the last
bulwark of defence by the citi-
zenry against an abusive state,"
the GBHRA said.
The association pointed out
that in the Bahamian people
have been deprived of jury trials
in civil cases in the past.
"Let us not forget that it was
the PLP that first took away the
right to jury trial in the
Bahamas in 1988 in drug cases.
tThe Pindling government
passed a shameful law allowing
Magistrates who still have no
security of tenure or judicial
'independence to convict per-
sons, who were then su.it to the
Supreme Court to be csntenced
for up to life yes, life in
imprisonment 'as if they had
been tried by a jury'.
"This shameful episode in our
constitutional history lasted for
10 years until Fred Smith and
Maurice Glinton challenged it
and our Supreme Court, Court
of Appeal and Privy Council.


Each declared it unconstitu-
tional in the 'Skip Patrick Davis
case'," the association said in
its statement.
As it concerns the Juries Act,
however, the GBHRA said it
must endorse the contribution
of former PLP attorney general
Alfred Sears, who told parlia-
ment that it is not the number of
jurors, but a range of other
issues plaguing the judicial sys-
tem which need to be addressed.
"Our association also sup-
ports the comments of the pres-
ident of the Bar Association,
Mr Wayne Munroe, in calling
for more consultation and
greater reform of the adminis-
tration of justice," the GBHRA
said.


pleted in 18 months to two and
a half years.
- This was, he said, so that the
process for convicted murders
could be completed within five
years, which would allow for
the carrying out of the death
penalty.
"I don't know why it fell
apart," he said.
Mr Wells said the attorney
general needs to regularly liaise
with prosecutors and the police
to ensure that cases are being
processed. "And you have to
put a time frame on them," he
emphasised. "That's the only
way it's going to be done."
Regular consultations are also
necessary with the chief justice
to solicit ideas from him and
the judiciary for improvements,
Mr Wells added.
Shifting focus to the contro-


versy surrounding the amend-
ment to the Juries Act, Mr
Wells said that he sees merit on
both sides of the debate.
"I agree with the PM that the
amendment to the Juries Act is
just one step in the process to
resolve some of the issues," he
said, adding that other consid-
erations such as amending the
Bail Act may also be necessary.
The position of the opposi-
tion that more consultation is
needed on the juries amend-
ment is also valid, Mr Wells
said.
"A matter like that should
have been discussed. The coun-
try has reached a stage now
where people want to know,"
he said. "That should have been
discussed in some public
forums, or some meeting, or
some town meetings."


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Police believe most wanted men




are being protected by others


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
AFTER two successful cap-
tures in quick succession in late
September the police continue
to search for the rest of the per-


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sons on their "most wanted" list
issued that month.
In addition, Travado Taylor
and Doderick Charles Smith,
both wanted for questioning in
connection with the attack on
a businesswoman outside the
Royal Bank of Canada on John


F Kennedy Drive on October
10 which saw the victim suffer
a bullet wound to the face -
have yet to be found.
Yesterday, Chief Supt Hulan
Hanna said that although
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arrests have been made.
He said: "If they're here in
the jurisdiction, and we have
reason to believe they are, it is
highly likely that they are being
protected by persons."
This worrying proposition fol-
lows calls by prime minister
Hubert Ingraham last weekend
for Bahamians to stop such aid-
ing wanted persons, as serious
crime rates continue to rise.
He said that good policing
practices alone cannot solve the
country's crime problem and
"vigilance and commitment by
all of us to join the fight on
many fronts" is necessary.
Remaining at large on Sep-
tember's "most wanted" list are:
Edward Taylor, 27, aka Sin,
whose last known address was
Bacardi Road. Mr Taylor is
wanted in connection with the


.
*-


investigation into the murder
of Eric McGregor.
Also listed is Shawn Mor-
timer, 18. of Cordeaux Avenue,
wanted in connection with the
murder Elima Souffrant: Dion


'Emperor' Knowles, 40, last
known address Fox Hill, wanted
to help investigations into the
murder of Kenvardo Knowles;
Veron Roy Sanderson, 42, last
known to be living on Fire Trail
Road, or 11 Cooper Drive
Kingston, or 20 St Andrews
Parish, Jamaica. Mr Sanderson
is wanted in connection with the
murder of Arthur Dorsette..
Persons with information
relating to any of these men
should contact the Crime Stop-
pers hotline at 328-8477 or the
Central Detective Unit at 502-
9930.
Information can be provided
anonymously and financial
rewards are available for any
information which may lead to
the successful apprehension and
conviction of a suspect, depend-
ing on the severity of a crime.


Bo Hengy captains were not


negligient, says company


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
AS SEARCH and rescue
missions continue for the two
missing boaters whose skiff col-
lided with a Bahamas Fast Fer-
ries vessel near the eastern end
of Nassau Harbour, company
officials maintain that Bo Hengy
captains were not negligent dur- I
ing the incident.
The two men, who have been
missing at sea for three da\s,


have been identified as 70-year-
old Jerome Brown of Bamboo
Town and 52-year-old Perry
Jet ais Bain of Nassau Street.
According to Mr Brown's
family members, they have not
received any new updates from
BASRA or the Royal Bahamas
Defence Force about the search
efforts.
Although the men are feared
dead. officials at Bahamas Fer-
lies informed Thle tribune that
combined search efforts were
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"What everybody has agreed
to do, BASRA along with our-
selves, is to follow the normal
(search and rescue) protocol
which is to wait a couple of days
for a submerged body to come
to the surface and then resume
the search," Khaalis Rolle, chief
marketing officer of Bahamas
Ferries said yesterday during a
follow-up interview with The
Tribune.
He also expressed his regret
that such an "unfortunate" inci-
dent occurred while dispelling
what he believes is the miscon-
ception that Bo Hengy captains
were at fault during the inci-
dent.
"We're employing our
resources, like we do in any case
like this, we're assisting BAS-
RA with the search. It's an
unfortunate accident but we will
try to do as much (as) we can
under certain limitations to
recover from it."
Mr Rolle spoke about the
importance of safety precau-
tions for vessels at sea. "Every
single vessel is required to have
proper and functional naviga-
tional aids. All boats are at risk
if (they) don't have proper nav-
igational aids . (however) if
you obey the rules of the sea,
then (the) risk of exposure is
extremely low," he said.
On Sunday, the captain of the
Bo Hengy reported coming into
contact with an "unidentified"
object while approaching the
Nassau Harbour point.
The object did not register on
the vessel's radar system or the
line of sight of the Bo Hengy's
crew, Bahamas Fast Ferries
representatives said.
While search efforts contin-
ue, the bodies of the missing
fishermen were not found up to
press time last night.


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THE TRIBUNE


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THURSDAY, OCTOBER 25, 2007, PAGE 7


Brown still demanding action over slur


I By ALISON LOWE
Tribune Staff Reporter
alowe@tribinemedia.net
IFRl EP( )RT News managing
editor Oswald Brown is still
hoping for action to be taken
against those responsible for cir-
culating libellous accusations
about him online last month,
but claims that police have inIt
been forthcoming.
"I have reported to police and
I've been calling constantly but
there's been no update," said
Mr Brown yesterday. In Sep-
tember NMr Brown indicated he
was seeking legal advice after
the vilifying ,.1i '-'. ,I i, start-
ed appealing on websites and
in inboxes across the Bahamas.
The website bahamasunceni-
sored.com, as well as the offi-
cial PLP website and a separate
mail contained accusations
that, as Mr Brown himself put it
in a September editorial in the
Nassau Guardian, he is a "liar, a
thief and a murderer."
In that editorial he said that
the email itself, including the


address fI'lom which it had orig-
inated, had been tunlled over to
the police to use as pail of their
investigations-
"fl the police investigation
proves ime to be correct I will
not hesitate to sue for libel and
I would expect that whoever is
identified as the author will be
prosecuted to the full extent of
the law," read Mr Brown's edi-
torial.
The emails and website con-
tent appeared shortly after Mr
Brown made an appearance at
the National Assembly on
Crime. and called for the with-
drawal of "threatening" com-
ments directed at prime minis-.
ter Hubert Ingraham that
appeared on the same popular
political website.
Yesterday, Mr Brown
expressed his frustration that
while he is pushing the matter
as vigorously as he can and has
hoped to get an update on the
status of the police investiga-
tion, his phone calls to assistant
commissioner of police in
charge of crime, Ellison


Exhibition focuses on safety


THE SPEECH pathology and audiology department of PMH made a
presentation at the Port Week activities. Pictured from left are Cheryl
Hepb'.:n an,. senior speech therapist Paula Bowleg.


THE Poit Department is
focusing .n health and safety
in its exhibition at the entrance
to Prince George Wharf.
Doctors Hospital, the Princess
Margaret Hospital and the Pub-
lic Health Authority have been
pro\;,vi 'g free health tests for
persons ifn the port area.
Poi t Controller Capt Antho-
ni Aliens said. "The port lacil-
ities play a very important role
in the economic life of the


Bahamas. More than 90 per
cent of world trade is done
through shipping.
"Prince George Wharf,
through which nearly three mil-
lion tourists pass .each year,
brings a significant amount of
economic benefit to the people
of the Bahamas.
"We place a lot of emphasis
on how \\e treat otr visitors
when they getl here because first
impressions are lasting ones."


(reenslade, have not bceni
returned.
He pointed out that his case
is but one of many similar
instances of persons making libel-
lous or threatening allegations
against individuals behind what
they perceive to be the protective
wall of anonymity that the inter-
net has been seen to provide.
"Bahamians have short mem-


CREATED


ories, but this is one that I don't
. intend lor people to forget."
said the newsman.
Mr Brown's frustrations
coincide with news in Britain
this week that a high-court
judge has ruled that the owner
of a website must reveal the
identities of persons who made
claims about the chairman, chief
executive and five directors of a


looilball club which the club's
lawyers described as a "sus-
tained campaign of vililitation"
The club's lawyers asked the
judge. Richard Parkes QC, to
order disclosure about the idda-i
tily of 1 I fans. but ultimately
the judge said that only the
identities of three fans whoe
postings might "reasonably be
understood to allege greed, self-


WITH PASSION


SINCE


ishness, untrustworthiness and
dishonest behaviour", should
be revealed.
The ruling clears the way for
the online commentators to face
expensive libel claims.
According to British newspa-
per, The Guardian, the ruling
is nme of several made since
2) 01 ordering the disclosure of
internet users' identities.


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PAGE 8, THURSDAY, OCTOBER 25, 2007 THE iRIBUNE
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* By MARK SYMONETTE
HOUSING and National
Insurance Minister Kenneth
Russell called for a compre-
hensive approach to dealing
with crime, including the
development of "different
solutions" to deal with differ-
ent categories of criminality.
"One size does not fit all,"
Mr Russell told the House of
Assembly during debate on a
Bill for an Act to amend the
Juries Act on Monday. "We
have to develop different solu-
tions for each.category of per-
sons in our country.
"Some will be left alone,
some will need assistance.
Some will need guidance and
some will need to be instruct-
ed. We need a different solu-
tion for all... that is why this
government is seeking to
approach the problems sys-
tematically."
The Bill seeks to reduce the
number of jurors in criminal
trials, with the exception of
murder and treason, from 12
to nine.
Mr Russell said there are
two major concerns that need-
ed to be addressed now the
right to a speedy trial and the
incarceration of offenders.
"Personally, I believe that
there are many other result-
ing concerns like rehabilita-
tion, half-way houses, half-way
jobs. etc," he said. "There are
many other and different solu-
tions. but the solution we are
testing now to cause to realise
a speedy trial is the amend-
ment to the Juries Act. This is
the second in a series of efforts
to address the crime concerns
of the country."
Mr Russell said that the first
attempt is to integrate the ex-
convicts back into the society
after they have demonstrated


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know the ex-con and are say-
ing that the possibility is
good."
Mr Russell described the
amendment to the Juries Act
as "yet another step in the
direction to better our soci
ety."
"Statistics prove that hun-
dreds of persons in Fox Hill
Prison are on remand, await-
ing trial. Some are innocent
and are now being tainted by
the career criminal; some 'are
there on minor charges and
cases that can be disposed of
in a few days.
"Others are on more seri-
ous charges. We must find
ways to hear their cases quick-
ly so that those who are inno-
cent could be set free and
those who are guilty may start
on the road to rehabilitation.


that they have been rehabili-
tated.
"They will receive a certifi-
cate from the prison authori-
ties confirming that they have
completed.the prescribed
course and.can be taken a
chance on," he said. "We who
are free and never been to
prison do not know how much
this means to ex-cons. Busi-
nessmen and others who want
to give a real second chance to
their fellow man who has
made a mistake in life now
have something to go by."
He said that what happens
to ex-cons once they are out in
an "unforgiving society like
the Bahamas" is well known.
"This certificate says that
based on the authorities at the
prison. I can take a chance on
this person. Tested or not, it is
a step in the right direction.
"Just talk to ex-cons and
you will know that they take
this as a better opportunity for
them to succeed after prison
because the record is that even
if we want to take a chance it
was looked at as being risky.
At least now you have several
qualified persons, others who


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Ministry to

hold annual

leadership

conference
THE Ministry of Lands and
Local Government will hold
its annual leadership confer-
ence this month.
The event will be held
October 29 to 31 at the Wyn-
dham Nassau Resort and
Crystal Palace Casino under
the theme, "Family Island
development the way for
ward."
The conference will bring
together chief councillors and
their deputies, Family Island
administrators, chairpersons
of town committees and their
deputies along with other
elected persons, who will
attend as "observers", Minis
ter of Lands and Local Gov
ernment Sidney Collie said.
Mr Collie explained that
the conference will allow
local government leaders to
hear the current policy posi-
tions of the central govern-
ment.
He said delegates witl inter-
act with each other, exchange
ideas, strengthen bonds, net-
work and discuss common
challenges and topical issue,.
They will also participate ir"
direct dialogue with the :en-
tral government leaders ia a
ministerial roundtable.
Mr Collie noted that while
. .the particular focus will be on
Family Island deelopment,
"The opportunity will be
seized to also discuss iocal
government for New Provi-
dence as well as inform ine
leadership about the upLom-
ing Commonwealth Local
Government Conference, aliso
referred to as ('LGC, x nich
the Bahamas will host al the
Westin and Sheraton Hotels
of Our Lucaya Resort and
Casino from May I0 to 14.
2009."
Mr Collie said the conter-
* ence, sponsored by the Com-
monwealth Local Govern-
ment Forum. will be attended
by 500 plus delegates from
the vast majority of the 53
countries of the Common-
wealth.
"'As the highest level local
government meeting in the
Commonwealth, the CI.G;,
which is a biannual confer-
ence, provides the opplortuni-
ty for delegates to exchange
ideas, adopt good practice
schemes, map broad strate
gies, become informed in
global issues which effect
them and to formulate poli-
cies for improving local
democrats in thie (ommon
wealth." he noted.


1 ~


THE PR1BUN~~


PAGE 8, THURSDAY, OCTOBER 25, 2007


erZy











THURSDAY, OCTOBER 25, 2007, PAGE 9


Emergency services simulate attack


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SCENES FROM the emergency drill that took place in downtown Nassau yesterday


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
THE response by local emer-
gency agencies to a simulated
terrorist attack on Prince
George Dock yesterday morn-
ing was a vast improvement
over last year's exercise.
That was the verdict on the
Port Authority's annual simnu-;.
lation emeiiiency exercise at
Prince George Wharf to evalu-
ate the emergency services'
response to a major disaster at
anv of the cbuntiy's ports of
entry.
The exercise, which began at
liam, brought traffic to a stand-
still in the downtown area and
gave some tourists shopping on
Bay Street a scare.
During the simulation, thou-
sands of I ,urists were escorted
off of two cruise ships docked at
the wharf. Even though they
were informed that explosions
would be set off, some cruise
ship passengers were still visibly
shaken by the exercise.
Straw Vendors were also told
to evacuate to entire area near
the dock.
Carl Smith. undersecretary
in the Cabinet Office and inter-
im director of the National
Emergency Management
Agency (NEMA) told The Tri-
bune yesterday that a series of
simulated explosions were set
off at the dock, with persons
pretending to be injured in the
aftermath.
In response to the simulated
attack on the dock, all emer-
gency agencies, including the
police, the Defence Force, med-
ical personnel and NEMA offi-
cials, were notified.
All agencies. Mr Smith said,
responded in a timely manner.
"Overall it went quite well.
It was much improved com-
pared to last year," he said.
Immediately after the simu-
lation. representatives from all
agencies met for a briefing to
assess the success of the exer-
cise.
Mr Smith said that although


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it was determined that some
minor adjustments will have
to be made to the response
plan, there were no major
glitches.
In past years, he explained,
there were often problems with
the communication between the
different agencies.
"(There were concerns


about) how reports are rout-
ed and the timeliness in which
they are routed," Mr Smith
said.
However, he pointed out that
it has to be appreciated that the
agencies taking part in the sim-
ulation do not work together
on a day-to-day basis.
"That is actually one of the


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Mr Smith said that NEMA
and the other agencies are
now in the process of making
preparations to stage a simi-
lar emergency simulation
which will involve the
response services on several
Family Islands.


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Seated from left are Harry Col-
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THURSDAY, OCTOBER 25, 2007, PAGE 11


Question session


press are now awaiting Ni Mr (;iltieiL/.'Is responses to the questions
posed about the adminstraition's postLion on Cuba, which are expect-
ed to go online tomorrow.
Earlier that day at the State Depaitment in Washington Mr Bush,
joined by relatives of loi ( uban prisoners ,jailcd in Cuba for political
crimes, addressed an audience that included invited Cuban dissidents
about the regime s lailngs and how America "will not allow" the sys-
tem to continue undei Fidel's brothel. Raul.
"We will not support thi old wa' with new laces, the old system held
together by new chains, declared Ni Bush.
Mr Bush called on gov'cinmieuls worldwide to "support...and prepare
for Cuba's transition to a future of freedom and progress and promise."
In this vein, he announced 'a new initiative to develop an interna-
tional multi-billion dollar Freedom Fund for Cuba."
This fund, to which he has asked Secretary of State Condoleezza Rice
and Mr Gutierrez to enlist foreign governments and international
organizations to contribute "would help the Cuban people rebuild their
economy and make the transition to democracy," he said.
The president said the lund would become available to Cubans as the
government proves that it is allowing certain "freedoms" to Cubans, for
example of speech, association and to form political parties.
Mr Bush then spoke directly to Cubans who, he said, may be listening
in Cuba, calling or. them to "embrace change."
On October 22, Fidei ( astro described the increased efforts on the
part of the US as -equivalent to a new conquest of Cuba by force."
The President's announcement comes days before the UN is set to
vote for the 16th consecutive year on whether the US should discon-
tinue its economic eir-b.;go against the island nation. For over a
decade UN members 'a ''e approved a resolution condemning the
embargo by a large majority.
The Cuban government recently issued a report detailing the costs
to the Cuban people of the embargo in the last year, with the conclu-
sion that the sanctions have this year alone cost Cuba the equivalent of
tens of millions of dollars across numerous sectors.
While the US government maintains the embargo in place since
1962 is a successful measure aimed at squeezing the Cuban gov-
ernment into embracing democratic reform, Cuba claims the blockade
is "genocidal" and does lilhle more than cause suffering amongst the
Cuban people.


FROM page one

regard to attorney Michael Bar
nett's position on the matter
Mr Barnett, who repiesenlis
the first respondent, Minister of
State for Youth and Spot ts Byran
Woodside, argued that the rules
of the Supreme Court state that if
a person wants to present hearsay
evidence, a notice must be pro-
vided to the other side. He noted
that the rules also specify the par-
ticulars that must be set out in
the notice. Mr Barnett argued
that no notice was given and also
that no notice was given to sug-
gest that the witnesses are dead
cannot be found, are beyond the
seas or are physically unable to
appear in court. He submitted
that the witnesses themselves be
called to give evidence in court.
Mr Barnett further argued that
the court had not been told why
the evidence must be adduced by
hearsay evidence rather than
direct evidence.
Attorney Philip "Brave"
Davis, who represents Opposi
tion leader in the Senatc AIlysonl
Maynard- Gibson. argued that his
side had never stated that wit-
nesses could not be called
This then prompted ci tiii .us
tice Anita Allen to suggest that iw
the interest of time the w witnesses
in the matter should oe subpoe-
naed.
After this point was agreed on
by both sides, Mr Davis then
asked that leave be given to allow
John Munroe to give evidence
While Mr Barnett argued that
Mr Munroe's evidence be struck
out if the witnesses failed to
appear in court, Mr Davis noted
that that was an issue which
would ultimately be dealt with at
a later point.
Mr Munroe testified that
before he went about his investi-
gation, he first familiarized him-
self with the boundaries of the
constituency. He also told the
court that he took Stafford Coak-
ley, a surveyor, to the areas he
visited. Mr Munroe told the court
that on July 20, he visited Sequoia
Street in search of the residence
of Mrs Paulette Adams. Mr
Munroe testified that he found
her residence on the northern
side of Seuqoia Street, beyond
the boundary of the Pinewood
Gardens constituency. According


Election court
to Mr Munroe, Mrs Adams told
him that she had been living at
that residence for a year and a
half.
Mr Munroe further testified
that around 10.25 am on August
12. he went to Sir Lynden Pin-
dling Estates, seeking the where-
abouts of Brian Ambrose. Mr
Munroe told the court that he
checked the area of Acasia Street
and found Mr Ambrose's house
on the eastern side of the street.
Mr Munroe said that Mr
Ambrose lived outside the
Pinewood Gardens constituency
boundary which runs through the
middle of the street.
According to Mr Munroe, Mr
Ambrose stated that he had been
living at that residence for two
years. Mr Munroe then told the
court how he, on October 8
around 5.40 pm, visited Sir Lyn-
den Pindling Estates where he
saw and spoke to Bernadette
Brown who told him that she had
been living there for two years.
Mr Munroe further testified that
on September 4 around 12.20 pm,
he visited the home of John Col-
lie at Washington Street, where
nc .,aw and spoke to Mr Collie's
mother and wife. Mr Munroe
claimed that both women told
him that they had been living
there for five years.
Mr Munroe went on to testify
that on August 9 around 8.30 am
he went to Sir Lynden Pindling
Estates and spoke with Lucien
Dorsey who stated that she had
been living there for two years.
Mi Munroe told the court that
on July 24 around 12.35 pm he
travelled to an unnamed street of
Sequoia Street, known as St
Luke's Street, to the residence of
Jethro Daxon.
There Mr Munroe claimed that
he spoke to Daxon's mother who
claimed that they had been liv-
ing there 18 years.
Mr Munroe told the court that
the residence was outside the
boundaries of the Pinewood Gar-
dens constituency. Mr Munroe
also testified that on August 27
around 5.40, he travelled to Cot-
tonwood Street where he saw and
spoke to Jermaine Demeritte who
told him that as far as she was
concerned, she lived in Pinewood
Gardens.


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FROM page one


Attorney suggests temporary hiring of

judges to help clear judicial backlog


RKUOIM page one
"We arc in deep piobleimsl
We nccd now tlo quickly ias a
community gcl together with ai
view Io resolving those problems
and liv not to make political
cheap slhols." lie said. "This is a
maIlllcil hat concerns every single
citizen,"
Mr (iomez suggeslcd an
alnellninl ent1 tihe Supreme
Court Act, allowing temporary
judges on fixed-term contracts
to work as one solution to slash-
ing the number of cases waiting
to be heard.
Several temporary judges from
Australia were appointed by the
FNM in 1999, for several months.
One of them, Howard Nathan,
was recognized for his ability to
quickly dispense justice to such
an extent that he earned the
nickname, "Hurricane Howard."
"If we are.put on an advisory
list for tourism purposes by the
American government, that
would have significant negative
effects on every single Bahami-
an," Mr Gomcz argued, relei-
ring to local news reports that
the US is considering such
action, in relation to the sharp
spike in violent crime this year.'
Adding to the evidence that
the Bahamian judicial system is
not functioning acceptably,
Attorney General Claire Hep-
burn in her budget communica-
tion last spring told the Upper
Chamber that at that time there
were some 500 cases pending
before the Supreme Court, with
some dating back as far as 20
years.
A week ago, National Securi-
ty Minister Tommy Turnquest
told the House of Assembly that
in 2006, 35 per cent of suspects


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deal with these matters as quick-
ly as possible," Mr Gomez said in
response to the amendment to
the Juries Act, which has been
opposed by the president of the
Bahamas Bar Council, Wayne
Munroe.
Prime Minister Hubert Ingra-
ham told the House on Monday
that he does not regard the Juries
Act amendment as a universal
solution to the problem of crime
in the country.
"The amendment proposed is
not radical and has been adopted
and implemented by many
neighboring jurisdictions and
proven to be helpful," he said,
informing the House that his
government intends to bring for-
ward a series of bills to bolster
the nation's ability to combat
crime.
In defence of the governmen-
ts amendment, in introducing


the bill in the House, Desmond
Bannister, Minister of State foi
Legal Affairs, echoed the senti-
ment of his leader, arguing that
the amendment "is one step"
that the executive can take in an
effort to speed up criminal tri
als:
Mr Gomez also said: "The
Attorney General's Office will
have to surrender its control over
the bringing of matters."
He said that "once they have
decided to arraign someone in
the courts, the process starts and
it is judicially controlled," argu-
ing that if this is done and the
Crown is not ready for trial, then
the matter would be struck out
The attorney said committal
proceedings should be complet-
ed and a trial begun within six
months, with the trial itself being
finished within six months of
that.


charged wh ilitmurder were on
hail il 1Lt. liinwi they allegedly
cotlitnilltl the offence, and
b'etwecn .aiiuary and Septem-
her of this yea. 42 per cent (22)
of murder suspects were on bail
at the lime of the alleged offence.
This year alone, he said, 10 mur-
der suspects were previously
charged with this capital crime.
The backlog in the courts not
only leads to a high number of
violent crime suspects being
released, but has also clogged up
the prison, according to statis-
tics revealed by the minister.
With some 1,359 persons
incarcerated as of October 1 this
years, 587 (43 per cent) of this
number were on remand, many
having been held on remand for
years. The numbers reveal that
404 of those on remand have
been held iroinm .007 106 from
2006, 39f t'iun ,in M0i. 17 from 2004;
15 from 2003, five from 2002; and
one from 2001.
The inability to bring timely
resolution to these matters
affects t li well-being of those
already scarred by violent crime,
Mr (oniiCz argued.
"Youi have people who have
relali ecs that have been mur-
dered. Thc~ have not been able
to bring closure to their lives,
and they are Bahamians." he
said
"'Thc juries, thai is not a major
part of t c problem. The major
part ol the problem is getting the
judicial bodies in place, and hav-
ing them cut to the chase, and


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Police officer's murder

FROM page one
Drive.
The officer's death has devastated his family, especially his moth
er, Margaret White-Johnson, who has lost her only child. Police
officers have also been deeply affected by the incident.
According to reports, Bain joined the force five years ago and
was attached to the airport police station over the past year.
He loved being a police officer and was looking forward to sitting
his exam to become a Sergeant. He had also planned to get married
sometime early next year and it is believed that he had recently col
elected a $4,000 assue.
Bain's death is the ninth homicide on Grand Bahama.


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THE Bahamas now has its
own home and garden TV show.
Bahamas Realty, Now! star-
ring realtor Sara Parker pre-
miers at 8.30pm on Thursday,,
October 25 on ZNS TV, chan-
nel 11 on cable. The first
episode airs again on Tuesday,
October 30 at 6.15pm.
"People started urging me to
do a local real estate show just
after HGTV's popular interna-
tional House Hunters show fea-
tured me, Patrick and Donna
Rollins and their family in
Episode 07 'Bahamas Dream
Home'," said Mrs Parker, a
Bahamas Reai Estate Associa-
tion salesperson and broker work-
ing through Bahamas Realty.
"Watch our show regularly
tc find out what eventually hap-
pen.ed tc the houses featured
inte nationally," she added.
Mrs Parker's has a background
in sales, marketing and journalism
and is a prize-winning gardener
and enthusiastic hostess. "It's real-
ly a chance to put everything I've
learned together... from my
grand-mother's down to earth
house hold tips to real wealth
earning insight from the partners
at Bahamas Realty. I hope the
viewers will enjoy watching it as
much as T've enjoyed writing and
filming it with my colleagues at
Bahamas Realty and the staff at
Movi and PS Advertising and PR.
I am grateful to everyone who
has helped, and to our outstand-
ing sponsors."
The producers say that each
episode features outstanding
Bahamian properties. listed
exclusively with Bahamas Real-
ty. plus gardening, decorating
and m,'estmem rips.






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THE HOUSE Hunters International crew and Patrick and Donna Rollins,
who inspired the local series.


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Share your news
The Tribune wants to hear -
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 322-198b
and share your story.


1__ --I~U--lllll~ii~~li~ilslV. -..~!.--- -CIYICY-~~~_IIiillYT_;~-ml.lll


'PAGE 12, THURSDAY, OCTOBER 25, 2007


J.


I


I


--


I i IL iFHIBUNi:










THURSDAY, OCTOBER 25, 2007, PAGE 13


E NUBCAL NEW

SArt. and wiDe toUI___
Art and wine to % "^ {


spare at National



Trust festival


TASTE 56 wines while you
feast your eyes on the work of
dozens of artists at the 17th
Annual Bahamas National
Trust Wine and Art Festival.
The festival will take place
from noon to 6pm on Saturday
October 27, according to Rusty
Scates, wine director for Bristol
Wines and Spirits, long time
sponsors for the festival.
"The major fund raiser for
the Bahamas National Trust,
was enjoyed by over 1,500 per-
sons, despite the rainy day last
year" said Lynn Gape, BNT
director of education and com-
munications, "If the weather is
good, we're hoping for 2,000
this year."
Sunny tracts through The
Retreat on Village Road, head-
quarters of the BNT, will be
lined with art and wine rivalling
the surrounding world famous
collection of palms.
. Admission is $20 for the pub-
lic, $15 for BNT members, with
accompanied children under 12
free. All admission fees will go
to support the work of the BNT
The event will feature the
works of more than 30 artists in a
variety of styles. New artists to
the festival include St Augustine's
College art teachers Marco
Mullings and Trevor Tucker.
Photography has become an
important part of the exhibition


PHOTOGRAPHER ROLAND Rose, centre, exhibited dramatic works at
the 2006 BNT Wine and Arts Festival. Mr Rose is also acknowledged as
a wine connoiseur. Looking on right is his wife Barbara and left, family
friend and Realtor Sara Parker.


and Sabrina Lightbourn, John B
Gynell, Tim Higgs and Roland
Rose will be showing new and
exciting images.
There will also be a large
number of artists from the
island of Abaco including Mar.-
jolein Scott, Bob Zwicklel, Jeep
Byers, Tim Higgs, Kimberly-
Sturrup Roberts and Hermann
Schadt.
"We have encouraged young
Bahamians to participate this
year. The result is a great variety
of art using different styles and
mediums. As in previous years a


THE artists featured at this %ear'-
Bahamas National Trust Wine and Art Fes-
tival include: Thierry Lamare, John Paul,
Toby Lunn. Malcolm Rae, Jessica Cole-
brooke, Livingston Pratt, Othneil Bain, K
Smith, Nicole Angelica, Sherri-Lynn
Nemecheck, Mova Strachan, Scot Roberts.
Nikita Shiel-Rolle. Sandra Pratt, Sandra
Gulino, Shammond Hanna. Samantha
Moree, Tommy Good in, John Thompson.
Lemero Wright. Dana Burrows. Jerem)
Cairtright. Marco Mullings Trevoi Tucker
and the Gumelmii Group.


silent auction will rim from noon
until 4pm. The artists have each
donated a piece of their work
to the auction, said Mrs Gape.
Most of the wines featured
are on sale October 29 to
November 3 at selected Bristol
Wines & Spirits stores. "This
year, all the wines will be poured
by staff members of Bristol
Winrs and Spirits. Our staff look
forward to this event and quite a
few of them have developed an
appreciation for wine and can
give sound advice to their cus-
tomers, said Mr Scates.


The sparkling star of the 17th Wine and Art
Festival is Moet & Chandon's Brut Imperial
NV Champagne. Other featured wines will be
by: Grgich Hill. Sebastiani. Dry Creek,
Chateau Souverain. Etude. Mondavi, Bonter-
ra, Raveswood, Minah, Columbia Crest, Red
Diamond. Villa Mt Eden, Bolla. Monkey Bay,
Yellow Tail, Trixento, Hugel. Chatteau Minu-
ty. Chateau Meaune Concha Y Toro, Moet
& Chandon. Chateau Ste Mlichlle, Boschen-
dal. Fontaua. Candida. Luuis L a.our. Georges
Duboeuf, Antinori, Rosemouni. Lmdeman,
Wolf Blass.


JOHN THOMPSON is pictured with two of his images of native trees and plants. The originals are acrylic but
Mr Thompson will have 20 numbered, high quality prints available of each exhibit, at very affordable prices.


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tj *will have taste testing at the end of the tours and then end
at our sales store," said Plakarit "We want to work with
U -local tour companies to promote this venue and add it to the
tourist activities available in Grand Bahama."









PREPARING THE BREW. Pictured left to right: our
Bahamian Brewery and Beverage Co. Brew Master Elmar ,,9

and Francis Plakaris, Sales and Marketing Manager. Photo
courtesy of Keen i Media. ,

Freeport, Grand Bahama is only just weeks away from REFINING THE SANDS BREW. The first beer to be brewed
tasting its newest beer, "Sands", the first product of the at BBB will be Sands beer. President Jimmy Sands plans
to have Grand Bahamians sipping a cool Sands for the
Bahamian Brewery Beverage Company. "Final touches are Holidays. Photo courtesy of Keen i Media.
Holidays. Photo courtesy of Keen i Media.


being made now on the building and the painters are in. We
are working on the roads and the exterior, it's really coming
along," said President, James "Jimmy" Sands.

Announced in June of 2006, the $15 million beer brewery for
Grand Bahama plans to open before the end of the year. "We
have reached one of the best parts of the building a brewery,
finalizing the tasting of the new Sands beer," Sands added,
"our brew master is refining the taste we want and perfecting
what we know will be a hit beer for The Bahamas."

The brewery plans to launch their beer in Grand Bahama first,
"this brewery is Grand Bahamian, it's part of the community,
we want and need locals to promote and enjoy our beer,"
said Francis Plakaris, Sales and Marketing Manager.

The brewery also expects that their plans to launch an
integrated tour at the plant will help the Grand Bahamian
tourist product. "Recently we have heard a lot about their
not being enough to do on the island. Our tour should add
another point of interest, like many other islands have, we
will showcase how our beer is produced and bottled. We


The brewery designers, Brewtech, a well known German
finn, is in the final stages of setting up the brewery's
equipment, which is expected to be ready for conunissioning
in November. The $15 million beer brewery w ill cover 20
acres of land located at the intersection of Queens Highway
and Grand Bahama Highway and will open with a large store
front with a Bahamian crafts store and logo shop. The teaming
is also working on the proposed garden to hold a restaurant
and outside bar to be utilized for parties and eveils, but (h.;i
will not come into fruition until 2008.

Donald Delahey, General Manager of the Brewery, said "we
plan to hire the balance of our staff as we approad opcnim:,
that is slated for later in the year.'

"The Brewery will operate will) an all Bahanmia .;taft with
the exception of a German 13reNw Master and lnginiccr.
Eventually these two positions \will be killed by Bahamians.
Our goal is to produce a first class product under a 100'o
Bahamian operated company."


..

i, iiy -^---y~


PLANT V8EW. The new $15 million dollar all Bahamian
Brewery plans to open in GB before the end of the year.
The brewery plans to start tours of their facility for tourist
and the public straight away. Photo courtesy of Keen i
Media.

James Sands, President and CEO, stated "What's most
important to me is keeping it here, 'WHAT'S MADE HERE
STAYS tHERE', I believe in Bahamian business, I believe we
are capable of producing the finest quality products ourselves
and I believe in Grand Bahama. After all, my mother Patricia
Sands was born in West End, Grand Bahama".

.lameis Sands who is continuing in the footsteps of his father,
Everettec Sands, the well known co-owner of Butler and
Sands, is truly proud of his all-Bahamian product, "coming
back into the business has been rewarding but demanding,
too. I have stuck to a simple game plan, 100% Bahamian.
\e have hired Bahamian architects, builders, sign makers,
aeco)ators, marketers and brewery staff."


0


Plan to Sip a Sands ... this Christmas!


" or" 'lini lM t










PAGE 4, THRSDAY DOCTOR 25 2007THE TIBUN


Allegations of fake birth


certificates issued in Freeport


I ROM page one

\\;i'a officially filed with police
hoic in Frieeport concerning the
lintlt .' i
Registrar General Shanel
Millet, when contacted by The
Tribune on Tuesday in New
Providence, said he would wish
to confirn't or deny the allega-
tions.
1 Il said: "Whenever there are
illkgations in our minds of fraud-
tilent incidents occurring we turn
it o\ er to the police, and any cur-
rent case that is being investigat-
ed is in the hands of the police."
I lihe Fribune contacted the
RCLgstiaI General's Office in


tlICL't.-|u Itoo con nilmi'i, bl.IIl % Is
told that the Iormer Registrar
had been transferred rtom that
olfice.
Takia Millet, the newly
appointed Registrar m ilFrceport,
referred us to Permanent Sec-
retary Leila Greene in the Attor-
nev General's Office, who in turn
referred us to Registrar Shane
Miller.
A former employee, accord-
ing to the source, was allegedly
questioned initially by an official
about the fraudulent documents.
The Tribune has been unable
to confirm with police in
Frccporl whether an investiga
tion has been launched into the


ileigced matter
When contacted, Chief Supt
Basil Rahming, press liaison offi-
cer in Freeport, said he was not
aware of such a complaint ol an
investigation regarding Itaudcu-
lent birth certificates.
Chief Supt of Police Hulan
Hanna said he too was not aware
of such a complaint. He promised
to make some inquiries into the
matter.
When The Tribune again con-
tacted the offices of Supt Rah-
ming and Supt Hanna for follow-
up regarding inquiries into the
matter, none of the senior
police officials had returned our
calls. ,


RBC bank and FINCO in Freeport to operate

under one roof as separate legal entities


M By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
FREEPORT RBC Royal
Bank of Canada and RBC FIN-
CO in Freeport will be operating
together under one roof as sepa-
rate legal entities at RBC's exist-
ing main branch on the Mall
beginning on Monday.
RBC's Acting manager
Nathaniel Beneby made the
announcement at a press confer-
ence at the bank on Wednesday.
Also present were RBC's bank
executives Garnell Frith and
Solomon Gibson, and FINCO
bank executives Franchon pray-
nen, Deyincia Rahming, and
Dionne Smith-Bowe.
Mr Beneby said that the relo-
cation of FINCO from the Regent


Centre to the Royal Bank of
Canada' main branch will provide
clients with one stop banking ser-
vice from a shared location.
"RBC FINCO and RBC Royal
Bank of Canada will continue to
operate as two separate legal enti-
ties at a shared location, carefully
observing client privacy and con-
fidentiality as this is not a merger
of the two banks," he said.
He noted that the bank has
undergone major renovations
inside to accommodate the relo-
cation, as well as constructed addi-
tional parking on site.
Mr Beneby said that the hours
of operation for the shared loca-
tion are 9.30am to 3pm Monday
,o Thursday, and from 9.30am to
4.30pm on Fridays.
He said that these will affect
RBC FINCO whose banking


hours are presently 9.30am to 4pm
Monday through Friday.
RBC FINCO clients may also
access the ATM machines at the
bank.-
FINCO is the leading provider
of single and multi-family home
mortgages to Bahamians and
attractive interest rates for depos-
itors. FINCO, which was estab-
lished in 1953, is owned 25 per
cent by the general public, repre-
senting approximately 4,000
shares and 75 per cent by its
majority.shareholder Royal Bank
of Canada.
Royal Bank of Canada has a
long-standing presence in the
Bahamas with operations first
established ;. November 2, 1908.
It is comprised :)i a network of 27
branches ; -ough out the
Bahamas.


Fraser 'could be tried again'


FROM page one

nity for the matter to be (retried)."
On Tuesday police prosecutor Inspector Don
Bannister, who handled the trial, informed the
press of the possibility of an appeal. He stated
that after a review of Magistrate Meer's ruling
and a conference with the Attorney General's
office he might file a notice of appeal within sev
en days.
While critics of the legal system expressed dis-
belief over the ruling yesterday, the Attorney
General's office maintained that the ruling was in


accordance with the law.
"Oui position on the matter is that the magis-
trate carried out her duty as far as she deter-
mined the law to be."
Concerned citizens who called The Tribune
newsroom to weigh in on the ruling expressed dis-
appointment that such a high-piofile trial was
not handled by a 'seasoned" prosecutor.
However the source stated, notwithstanding
that the defendant was a prominent bishop. it
was 'normal procedure' for cases of unlawful
sexual intercourse to be tried by police prosecu-
tors.


FROM page one

"If there is something there,"
Mr Ritchie said, "take it out of
the ground, and secure it some-
where until persons can prove
through the courts that they are
owners of the property..
"As long as it is here, there will
always be a fight."
Mr Ritchie said that three par
ties have now laid claims to the
property at Fortune Hill.
Firstly, Mrs Dorothy Black-
Beal, who has hired an Ameri-
can archeologist, Mrs Ottie
Graves; the Bethel family in San
Salvador, and an elderly man,
Thomas "Uncle Tom" Hanna.
"Uncle Tom", as he is known
throughout the island, has lived
on Fortune Hill for more than 50
years and is well within his rights
to apply for squatter's rights for
the property. Mr Ritchie said.


San Salvador


However. he added that Uncle
Tom is currently being pressured
to vacate the land.
"He is the only person who I
see can lay claim to it (the land),"
Mr Ritchie said.
It is rumoured in San Salvador
that this reported treasure is not
the first that has been found on
the distant island.
There are some elderly persons
who would swear on their Bibles
that some "Bay Street people"
took gold off San Salvador "back
in the day." Also, even more
recent reports claim that a work-
er, who was hired on the runway
extension in Cockburn Town,
broke open a cave with his tractor
and climbed into the opening.
This man. it is claimed, upon com-
ing out of the hole, caught the
first flight out of San Salvador


and has never been heard or seen
from again. What was in the hole,
is still debated to this day.
Now, with these reports of
almost $4 billion worth of trea-
sure in Fortune Hill, residents are
quite weary of a number of mega-
yachts that have been spotted
anchoring off the shoreline.
There have been claims in the
past that one yacht in particular,
which would be anchored off
Club Mediterranean, would lift
anchor and motor around the
island nbar Fortune Hill during
the night.
This vessel. it is alleged, would
lower another boat which would
be piloted ashore and it is
believed that during the night.
the treasure was lifted and ulti-
mately may already have been
smuggled out oi the country.


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PAGE 14, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE







THURSDAY, OCTOBER 25, 2007, PAGE 15


sri
F JP


"Every day I look forward to reading The Tribune.
It always provides valuable information and something
to talk about like local news, sports, entertainment
and world news. The Tribune provides everything
I need to know about life in The Bahamas and
internationally. The Tribune is my newspaper."
JASON RAHMING
CONSTRUCTION FOREMAN

Purchase The Tribune from your
local store or street vendor.


The Tribune

NI/41/, k Ifr^. k


. I


THE TRIBUNE













PG1,T RDAOOE2,07HTIS


U


9d


TOYOTA MOTOR CORP. President Katsuaki Watanabe drives the automaker's concept single-seat ve
cle i-Real at Tokyo Motor Show in Makuhari, east of Tokyo, Wednesday, Oct. 24, 2007.


DJ Lutz


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At our


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il I- i hi.Ilf


Novermber 3r 2007


Bn British Colonia(ilton


__ _8:00p.m -Vnti(


The Grand Bahama Power Company, Limited
invites qualified candidates to apply for the position of

ASSISTANT TO CEO/PUBLIC RELATIONS

The successful candidate will be expected to:
* Plan and implement the company's public relations strategies in conjunction with Senior
Executives, with a focus on improving the Comrnpany's image in the community,
Represent the company to the press s and public by acting a.; conipany spokesperson in
consultation with Senior Executives.
Manage the company's publications for internal and exiernal audiences, including press
releases, newsletters, speeches, articles and advertising campaigns.
Planning and directing the development and commnicniation', ,f informational programs to
maintain favorable public perception of the company
Exercising expert judgment in identifying negative or threatening media issues or inquires.
Organizing community events sponsored by GBPC
Assist in the development of the annual budget
Monitor the budget to ensure that PR costs do not exceed ali-,, ated funds

Minimum Requirements
Bachelor's degree in marketing, PR or related'fil-ld
Five (5) years Marketing and PR experience
Strong written and verbal skills
A reputation as an honest and ethical employee
Applications with supporting documentation including a ci l,-i iii, ;al- i awdl pi oof 01
Bahamian citizenship should be sent to:


THE DIRECTOR OFiHUMAN RESOURCES
Freeport,] Grand Bahama ,IslandBahamas


DALNFOREEPOFAPPLS ICiATIN S
NO] I oR5'2


0 t ~ ~
ei~aw hAi.4' &~(


CHIBA, Japan
WITH SALES at home skid-
ding, Japan's automakers have
turned to the odd, the sleek and
the fuel-efficient to help accelerate
buyer interest, according to Asso-
ciated Press.
At the Tokyo Motor Show
Wednesday, Nissan Chief Exec-
utive Carlos Ghosn rolled out in
the GT-R, a flagship muscle car.
Toyota President Katsuaki
Watanabe scooted out in a wheel-
chair-like "personal mobility"
S- vehicle. Honda President Takeo
Fukui chose a rubbery bubble-
j shaped fuel-cell model.
g Similar offerings, spotted every-
S where at a sprawling hall, shed
light on how global automakers
are hoping to woo buyers in
mature markets such as the U.S.,
b Europe and Japan by appeal-
hi- ing to their conscience about the
environment and to their passion
for speed.
Nissan General Manager Fran-
cois Bancon hopes the show will
entice interest in cars, which he
said was fading not only in Japan
but also in Europe, especially
among young people. "They are
somehow rejecting the car as an
icon," he told The Associated
Press.
Christopher J. Richter, analyst
with Calyon Capital Markets Asia
in Tokyo, said Japanese are not
only buying fewer cars but also
holding on to them longer.
"The decline in personal
incomes particularly among young
people has had a negative impact
on the vehicle market," he said.
Tokyo is notoriously unfriend-
ly to car-owners, with expensive
taxes and parking fees, and most
urban-dwellers use commuter
trains. The growing gap between
1::"V' the rich ani-poor hli'e hilg also
.' hurt car sales, analysts say.
Last year. Japan's passenger car
sales totaled about 3 million vehi-


cles, down around 7 percent from
the previous year.
Automakers say they hope the
razzle-dazzle of the more than 500
models on display in this Tokyo
suburb, from the jet-like GT-R to
the futuristic electric cars, will
perk public interest in cars and
help revive the lagging sales.
Reporters got a preview look
Wednesday at the biannual event,
which is opening to the public Sat-
urday.
The 7.8 million yen GT-R from
Nissan Motor Co., unveiled at the
Tokyo show with much fanfare,
is a rare offering from the Japan-
ese, more reputed for small cars
with solid mileage than the GT-
R's twin turbo engine and carbon-
fiber components.
The GT-R is being promised
for under $80,000 in the U.S. next
year. They go on sale in Japan in
December. Ghosn said the com-
pany has received orders worth
three months of production and
plans to sell 1,000 GT-Rs a month.
Sports cars like the GT-R are
crucial for enhancing an automak-
er's image, but environmentally
friendly technology that eases con-
sumer conscience about being
green is another image-booster.
Honda Motor Co. combined
the allure of both in the sleek CR-
Z gas-electric hybrid sports car,
which President Fukui said out-
did rivals with its new hybrid sys-
tem.
Hybrid vehicles tend to be
bulky because of the size and
complexity of the hybrid systems,
which include a battery, motor
and engine. They're usually not.
known for their torque, accelera-
tion. handling and innovative
design.
Fukui didn't say when the CR-
Z will go on sale but promised it
"fo "the near future."
"As a leader in ecology, Honda
also hopes to show the fun of dri-
ving so that mobility can be


enjoyed on this planet forever,"
he told the crowd gathered at the
Honda,booth.
Besides the scooter-like I-Real;
which President Watanabe rode
onstage, Toyota Motor Corp.
showed a stripped down experi-
mental version of its popular Prius
gas-electric hybrid.
Watanabe said the upgrade will
be a plug-in hybrid, which can
travel longer as an electric car by
recharging from a household sock-
et, and will offer double the
mileage of the current Prius,
"Our theme is harmonious dri-
ving," Watanabe said. "What we .
have on display shows the direc-
tion of where Toyota is going.'
Japan has long been an elusive
market for the U.S. "Big Three" j
General Motors Corp., Ford
Motor Co. and Chrysler LLC -
whose combined sales make up
about 1 percent of the Japanese
market.
The top executives of the U.S.
automakers skipped the Tokyc Z-
show. GM, which had one of the
smallest booths at the show. -
showed only a handful of vehi- ,
cles, including a Cadillac luxury .
model.
By contrast, Italy's Lamborgh-
ini was upbeat. The luxury sports '
car maker has been doing boom-
ing business among Japan's bur- t
geoning upper class. Annual sales
jumped from just 30 in 2002,
to 150 or 160 forecast for this
year.
The top-of-the line Lamborgh-
ini costs 34 million yen ($298,000), -
but a Japanese customer recently
bought the 1 million euro ($1.4
million) limited-edition model,
Carlo Zambotto, representative
at Lamborghini Japan, said in a. n:.',
interview on the sidelines of 'he
show.
"The more money it takes, th .-
better it goes -- strange as it ma '-
sound," he said of the Japanese
auto market.


Warehouse Manger

Stock Control

- Strategic Planning

- Establishing warehouse performance/operations

Supervise 30 -35 persons

Training Manager

- Identifying training needs

- Producing training material

Developing in-house training programs

- Develop employee hand-book

- Develop Health & Safety Policy

- Managing employee appraisal

- Managing employee contracts

IT Manager

- Significant experience with any major ERP (Oracle, JDE,

Peoplesoft, SAP)
S- 5 years ERP system implementation experience

3 + years ERP project leadership ability

2 + years experience developing proposals/responding to
solicitation documents.
- Experience in all phases of project implementation life
cycle

BA/BS or equivalent experience

- PMP Certification


Resumes are to be sent to:

BRISTOL WINES & SPIRITS
P.O. Box N-131

Nassau Bahamas


Green or muscular,



not-your-average



cars get spotlight



at Tokyo show


PAGE 16, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE


.1j:",


(










[IITU III ITHISIAOTB ER25207AP


4 '-." -


Holy Dove
____,: :.=.


Fifth Street, The Grove ,.

BISHOP IAN KEITH

BRATHWAITE SR.
will host


"Preparation 2008

Under the Theme:

"The Road to Financial Stability"
Text: Deuteronomy 8:18-20






Guest Speakers & Topics:
Pastor Stephen Duncombe Jubilee Mission Baptist Church
Financial Budgeting
Pastor Bradley Moxey God's Dwelling Place Ministries
Financial Savings
Bro. Gus Cartwright Checkers Restaurant & Cafeteria
Financial Investment





.
PASTOR PASTOR BRO.
STEPHEN DUNCOMBE BRADLEYMOXEY GUS CARTWRIGHT- -

Registration: $10.00 (for three sessions)
Forumoreinformaion aK~ynd^ detils lesecal:328-6119o~i^


Clashes break out


as thousands protest


constitutional


reforms in Venezuela


n CARACAS, Venezuela
THOUSANDS of univer-
sity students scuffled with
police and government sup--
porters during a protest
Tuesday against constitu-
tional reforms that would let
President Hugo Chavez run
for re election indefinitely,
according to Associated
Press.


Police tossed tear gas can-
isters into the crowd of
opposition students after
bottle-throwing clashes
broke out with a smaller
group of pro-Chavez demon-
strators near the National
Assembly. Journalists esti-
mated there were about
20,000 protesters.
The students said they fear
civil liberties would be


Police in Netherlands, Europe and NY
arrest suspected people smugglers
ii THE HAGUE, Netherlands
POLIC 'E ACROSS Europe and in New York arrested 20 people
sutspected of smuggling young girls out of Nigeria and forcing
them to work as prostitutes after intimidating them in voodoo rit-
uals, Dutch prosecutors said Wednesday, according to Associated
Press.
Thirteen of the suspects were arrested in a series of coordinated
raids in cities across the Netherlands, the national prosecutor's
office said in a statement. Police also found 10 illegal immigrants,
who were turned over to the immigration service.
Acting on requests from Dutch authorities, police in New York,
Madrid, Spain, Antwerp, Belgium and the central British city of
Coventry also arrested five Nigerian suspects. A sixth Nigerian was
arrested last week in Dublin, Ireland.
Prosecutors believe the gang had been smuggling underage
Nigerian girls into the Netherlands for years using fake travel doc-
imnents before shipping them to other parts of Europe to work as
prostitutes.
'"ihe people .iu -Lri. gave the victims false travel papers, air
line ;ick',ts and instructions on how to apply for asylum at (Ams-
terdamn's") Schiphol Airport." the statement said.
i The youngsters were also under pressured by voodoo." the
statement said. 'In Nigeria, they were forced to swear an oath to a
\ oodoo priest to pay back a so-called debt. This had to be done with
the proceeds ot prostitution."
For a year, Dutch authorities had been investigating the disap-
pearance of young Nigerians from asylum seeker centers. Since Jan-
uaiyv 21X'0(. about 140 underage Nigerians have disappeared from the
ccnteis, \\ which arc not tightly guarded. Several girls have been
found working as prostitutes in France, Italy and Spain, prosecutors
sij id.


severely weakened under the
constitutional changes.
"With this reform, the
president is going to control
everything. His power will
be almost unlimited," said
22-year-old Adolfo Rengifo,
who marched alongside oth-
er protesters blowing whis-
tles and shouting "Reform,
No! Democracy, Yes!"
The National Assembly,
dominated by Chavez sup-
porters, is poised to approve
67 constitutional amend-
ments that would give the
government control over the
Central Bank. create new
types of cooperative proper-
ty and extend presidential
terms from six to seven years
while allowing Chavez to run
again in 2012.
To take effect, the reforms
must be approved by voters
in a Dec. 2 referendum.
Public ombudsman Ger
man Mundarain -- a close
ally of Chavez urged law-
makers on Monday to recon-
sider an amendment that
would let the government
waive some civil liberties
during a state of emergency,
allowing authorities to
detain citizens without
charge.
Chavez. who was re-elect-
ed last year on promises of
revolutionary change, says
the reforms are fully democ-
ratic and necessary to accel.
ecate Venezuela's transition
to socialism.
"They say the reform is
morally unacceptable They
are the ones who are moral-
ly unacceptable." Chavez
said Sunday. referring to
criticism by Catholic lead-
ers


IEC SIFE. Sunshine Insurance

RWCOMFEqTlTOX
Te'ing $&8,Ooo in Sc~frsfp.
Pace $6000, 2nd pIace $28,000


you boost the

Fp niain hiowyou u.ouodimprove the liaAdmian economy
SCompetition open to afllf Hi Schoosopihomores, juniors aruf
4niors
S-saysa shouldbe 500 1000 words
J Essays sfwutddbe double spaced
U4 tSu mision. muit include the entryformfoundon
4rip.//wu.w.efrmira.edu/campus/cuub/SIFE or at tie Sunshine
iiswaunce Budfing on Sirley street
Su6nmuLswtn .wiTle acceptedvia emaiat j)pyfom8dOelmis~ae. u.
, the Sunshine lahsuiaunce building onSh.iriy St'el no luten than.
fftober 2('6i 20t/


q),adine:. October 26, 2007
Pleasef include you name, home addies.., telphone numberanand
per.souifLemuiaddr :.S u'it/i yuur essay .. u6bmist.

Ten top finalist w be notified by October .30

fi'naivt. wil-present tiei esay) ideas befre a panelof judges
Saturday, ,. oember 17th, 2007 at theSurfThine Insurance
headquarters on Siir _ey Street

For Moure information, please contact:

Traon /lion, ,Ehrectorof Sunshine Insurance, 242,394-0013
M4 r 0gers, Assistant to the President,
Imntira Coltege, 6(/,.-735-1891


Do you have old records
with sensitive information you
want shredded before you
throw out?

No shredder? No time?

Bring your old records to be shredded
quickly and securely by a Mobile
Shredding Truck ..for FREE.

Not sure what to shred? Start with..

* Bank statements
* Credit card statements
* Old medical records
* Paycheck stubs
* Business plans
* Tithe & offering envelopes
* Cd's, video tapes, floppy disks
etc. and anything else you deem
sensitive!

Ensure your business remains


your business.


--- Chelsea's

..-SUNRYSE Chelsea'S
b SHREIDDI6 Choice /
-ISERVICES 0
/ Rot~lly C lul) 01 Ol j


U-


2007.


Iof
1st %


fonu woI&dd)


'*ssay Contest rues:


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, THURSDAY, OCTOBER 25, 2007, PAGE 17


THE TRIBUNE









PAGE 18, THURSDAY, OCTOBER 25, 2007 I 1-JE TRIBUNE


Paradise Island
(Ilb Land" or


Blue Lagoon
Seafood Restaurant & Grill Terrace

DINNER SERVED FROM 5-10PM
Ask about the Chef's Special four-course dinner


OPEN FOR BREAKFAST FROM 7:30 -11AM


OASIS LOUNGE, 7PM-12- MID-NIGHT
Live entertainment provided
'By
The fabulous Frankie Victory
HAPPY HOUR 5-7PM MON-SAT
'Buy one dr get second drinkffree 9Hot hors d'oeuvres

PRESENT THIS AD AND RECEIVE 10% DISCOUNT Off Dinner Check.
CLUB LAND'OR RESORT PARADISE ISLAND
Located on the Atlantis Marina & the Marina Shopping Village

FREE PARKING


Reservations Suggested
Telephone 363-2400

Closed on Sundays and Mondays.
''_*. U ^ ^-<-^ .*-ih^f~^~ff''f ^ il \ 'i^^$^w wq>^B^ .^~tW I~~iW l' ~' V ';.*


-- BAHAMAS


(Y


LIMITED


RETAIL TECHNICAL SUPPORT SPECIALIST


Bahamas Supermarkets Limited operates a leading supermarket chain in
The Bahamas. As a market leader, the Company prides itself on delivering
premier service through its City Mwket supermarkets, having a strong
commitment to its customers, associates and community.
An opportunity for aRetail Technical Support Specialist to join this market
leader has arisen.
Reporting directly to the IT Manager, the IT Retail Technical Support
Specialist's role is to ensure propeircomputer operations so that end users
(Retail and Support Office) can accomplish business tasks.
Key responsibilities and selection criteria include;
Field incoming help requests throughout support office and retail
locations via both telephone and e-mail.
Prioritize, document and proactively resolve support office and retail
help requests.
Install Point of Sale hardware and configure systems and
applications as directed by IT operations.
Ensure network connectivity toretail network equipment and
perform preventative maintenance.
Support development and implementation of networking projects and
new technology installations.
Troubleshoot technical problems and network issues in retail
locations as directed by IT operations using excellent problem
solving skills.
Must be willing to travel to remote offices and retail locations when
required and work shifts.
College diploma or university degree in the field of computer science
or 2 years equivalent work experience specifically in the
technology/help desk field.
Knowledge of computer hardware and network design including
printers, routers, wireless devices, switches and workstations.
Excellent working knowledge ofPC Hardware, SQL Database,
Ethernet network topology, TCP/IP, Windows XP/2003 and MS
Office 2003 products.
If you have what it takes to succeed inthis challenging role, forward your
resume and cover letter to:
Human Resources
Bahamas Supermarkets Limited
East- West High way
P. O. Box N 3738
Nassau, Bahamas
Or e-mail to
humanresources@bahamassupermarkets.comrn
No telephone inquiries please


Staff turn out for opening

.. . ." A ' y4

ALI^iH~ffW


CHECKER'S CARMICHAEL Road
staff poses with colleagues from
Mackey Street and Robinson
Road locations


() TOYOTA moving forward


4Runner


2,\Vol6ul rlH Liii
Lf.\I4 "I "r
1~ ~ IiI


i-i
I'


Ii
~ I -


x


The Toyota 4Runner has supreme power and style in a
tough, sophisticated form.
FeaturPs nchide: 'v6 l4,0 litre engine, a i itnm,it transmission. ?'Wn s ,terin A '"
ci1. i ar bags; powoV windows, locks and mirrors, keyless enitly, an!tOi':
powet !ik k.. I n ,v and jam pli t .. tli n ., - n .-.i nl ( h Pl2W!.t,

STOYOTA
Backed by a 3 year/60,000 mile factory warranty.
SM il, S1 irl'\ S ti ,
j.A .r .. Ip.n Mol Io I:ri ,",n : "t'
1I 1 si ,simlll i'nlo I no
NMIO ( RS I. I.I) ,Iei: 397-1700
L-m Hail: ,jR I Itn ,)n A D. E.L.R. l.Pat nd erice g 'ineed
AUTHORISED II I()T (TA 1)11 ALER IParls ;ut ser ice guiuantteed ,H


~"" ~ii


Share
your
news
The Tribune wants to hear
from people who are
making news in iheir
neighboIurhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
"nLe o1 aj\e wonI an
award.
If so. call us on 322 -1t
and share your story.


PAGE 18, THURSDAY, OCTOBER 25, 2007


IHE TRIBUNE


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; I:l"l~l-'"r~:l*:: __: ;:


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A' ci: un 1 n d !' 1,, I, l


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Ww.* 'saim:L. .. ~b4


i












THURSDAY, OCTOBER 25, 2007, PAGE 19


IlE T I BibuiJ


Iw m


. ,-" .


TURKISH YOUTHS hold up a Turkish'flag as they march during the funeral of Vedat Kutluca, one of 12 soldiers Killed by Kurdish rebels at the
Turkey-Iraq border on Sunday, in Keskin, some 100 kilometers (62 miles) east of Ankara, Tuesday, Oct. 23, 2007. Thousands of Turks gathered on
Tuesday for the funerals of 12 soldiers slain in weekend Kurdish rebel attack, denouncing the guerrillas and calling on the government to take
tough action on the group.



Iraq vows crackdown on rebel



Kurds staging attacks against



Turkey, pledging to close offices


* BAGHDAD

IRAQ'S government, under
growing pressure to crack down
on Kurdish rebels using the coun-
try's north as a base for guerrilla
attacks in Turkey, ordered their
offices closed Tuesday and
promised to curb their movements
and block their funds, according to
Associated Press.
Turkish troops were massing
along the border, with military
helicopters airlifting commando
units into the area overnight. Ear-
lier Tuesday in London, Turkish
Prime Minister Recep Tayyip
Erdogan warned that his country
cannot wait forever for the Iraqi
government to move.
Iraqi Prime Minister Nouri al-
Maliki ordered the offices of the
Kurdistan Workers' Party, known
by its Turkish acronym PKK,
closed, and said the government
will "not allow it to work on Iraqi
territory."
The statement from al-Maliki
contradicted repeated assertions
by Iraqi officials in recent days
that the PKK's presence in Iraq
was restricted to inaccessible parts
of northern Iraq that could not be
reached by authorities.
Earlier, Iraqi Foreign Minister
Hoshyar Zebari, himself a Kurd,
said Iraq's central government and
authorities in its Kurdish
autonomous region in the north
would work together to deny the
rebels freedom of movement,
funds and representative offices.
He said a high-level political and
military delegation would travel
soon to Turkey.
Zebari insisted there was a
"resolve and insistence on the part
of the Iraqi government" to coop-
erate with Turkey to resolve the
border issue "and deal with the
terrorism that Turkey is subjected
to."
The mix of diplomatic and mil-
itary activity followed Sunday's
rebel ambush near the Iraqi bor-
der that left 12 Turkish soldiers
dead, 16 wounded and eight miss-
ing.
In Washington, David Satter-,
field the State Department's
top Iraq adviser said leaders of
the autonomous Kurdish area in
northern Iraq have been lax in
pursuing the rebels. .
Until now, the United States
had focused its public comments
on Turkey, saying it should not
launch a military attack onto Iraqi
soil, and on the Iraqi central gov-
ernment in Baghdad, saying that
Iraq must act against the rebels.
In his comments Tuesday, Sat-
terfield did not directly call on the
Kurdish Regional Government to
use military force against the PKK
but said the Kurds must cut off
the PKK's movement and local
means of support.
"I must tell you, and this is not
anything which the Kurdish lead-
ership is not aware of from our
own voice, we are not pleased with
the lack of action," Satterfield said.
Britain has backed the United
States in trying to keep Turkey
from crossing into Iraq to attack
Kurdish rebels based there. The
U.S. and others fear a Turkish
attack could lead to widespread
bloodshed in one of Iraq's few rel-
atively peaceful areas.
But Turks are increasingly frus-
trated with the deadly rebel
attacks.
"To this day, I have met the
Iraqi central government four
times. We have dwelled upon
these issues very carefully," Erdo-
gan said in London through an
interpreter. "We waited for 14
months for this mechanism to bear
fruit, but it did not, and we cannot
wait forever."


Erdogan said he would continue
to consult with U.S.-led forces in
Iraq and the central government
"whether or not they have some
influence on the north," but
added: "From this point forward
we're also looking at the. military
dimension."
In Turkey, thousands gathered
for the funerals of the 12 soldiers
killed in the weekend ambush and --.
to protest. Around 50,000 people
marched in the western city of
Aydin, the state-run Anatolia
news agency reported, while some
10,000 gathered in Keskin for a
soldier's funeral.
"Our patience is running out,"
said Ilhan Keskes, a mourner at
one of the funerals, in Keskin.
"The government must do some-
thing before the nation explodes."
In Baghdad, Turkish Foreign


Minister Ali Babacan said rebel
attacks this month alone killed 42
people. He rejected any offer of a
cease-fire by the PKK.
Cease-fires are "possible
between states and regular forces,"
Babacan said. "The problem here
is that we're dealing with a terror-
ist organization."
Abdul-Rahman al-Chadarchi,
arebelspokesm-ai,-aid the guief-
rillas were holding eight Turkish
soldiers captive and promised to
treat them with respect, although
he said it was "premature" to dis-
cuss conditions for their release.
"When they were attacking us,
they were our enemies but now
they are helpless captives whom
we will take care of." al-Chadarchi
told The Associated Press.
The Kurdish Web site "Kurd
Show" on Tuesday displayed pho-


tographs of what it said were the
eight soldiers. One showed eight
men in camouflage pants and kha-
ki tops posing in front of a PKK
flag, hung up on what appeared
to be a rocky mountainside. One
other showed them drinking tea
out of glass mugs
The Web site said the soldiers
were in good health. It said the
photographs were proof that the
soldiers were in the hands of the
rebels.
Turkish officials said the search
was continuing for soldiers from
Sunday's attack and has not com-
mented on the rebels' claims.
If confirmed, the seizure would
be the largest since 1995. when
gueirillaIs igabbed eiht soldiers
and took them to northern hlaq
before releasing them two years
later.


Who says you can't have it all?

When it comes to.your GE appliances, Geoffrey
Jones specializes in providing exactly what you want.

The inspiring GE Monogram Series Combines form
and function to produce beautiful, state-of-the-art,
quality appliances.

Come in today and let us put together a GE appliance
order that will best suit the look, style and function of
your ideal home.







---- <,ir'*-*ii^T--*-


INTERNATIONAL


s~ r. I


- --W r T -,-- I


You'llwonderhowyouevergostaowiouti.


-ri l T"I-IDI IIC


This Saturday FABULOUS
10:00 a.m. eFNs

-6:00 p.m.


Men's Shirts- Wheel Chairs
Luggage Sets Air Mattresses
Ceiling Fans Circular Saws
Vacuum Cleaners Men's & Ladies'Watches
Hair Straighteners Microwave Ovens
Ladies Skirts & Dresses Counterfeit Money Detectors
Garden Solar Lights Portable Sewing Machines
Knives Forks Spoons ,Cordless Phones
Mini -Generators



D yiSP LAiYCENTRE

HiiiSHIRnLE^Y^Hi.
B^^ AT ^KEW jRD.^^^^


I-N-SHOP laME
,E '*" ..^ ..














I A



CLEAN E24,se.. eSpecials Good Oct 25th- 31st Halloween
Candv





Specials G O 3 E St HeINLESSo Oct |l
Available































FREE FREE FREE



Other specials available inside our stores



LYSOL TOILET BOWL STEEL THE SAVINGS
CLEANER 24oz, Assorted .....$3*79 Purchase any-2 participating EASY-OFF OVEN & GRILL
LYSOL DIINECAN products to win a stainless steel CLEANER 24oz,Assorted....$6.99
LYSOL DISINFECTANT appliance. Get the cashier to si EASY-OFF OVEN CLEANERS
SPRAY 20 oz Assorted Scents$.59 your receipt & drop into Entry Box. Assorted ...............$5.7

32 oz, Assorted .....................$4.0 CLEANER .


WASH S _.oz Assorted ..........$8.59 24ozAssorted
Promotion not open to City Market orThompson Trading or Staff or their immediate i ly. 0. i 31st




ARIEL LAUNDRY DETERGENT... $5.79 HUNT'S BARBECUE SAUCE........... $1.69
2.4 kg wlBleach Save$1.00 21.6 oz, Asst'd Save20C
GAIN LAUNDRY DETERGENT... $19.99 HUNT'S KETCHUP.......................... $1.89
190oz Save $2.40 36 oz, Asst'd Save 90in


PRINGLES CHIPS....................... $1 .69 PASTA RONI PASTA........................ 2/$3
5.75g 6.75g, Asst'd Save 50 C 4.7 oz Asst'd Save 59 Cea
ORVILLE REDENBACHER KRAFT SALAD DRESSING.............. 2/$3
MICROWAVE POPCORN........... 2/$5 8 oz, Asst'd Save 79< ea
8 oz, Asst'd Save59C ea
Store Hours: Mon. to Sat.: 7:00am 9:00pm Sun: 7:00am to Noon all stores, SERVICE NOW AVAILABLE ATTHESE 1,...
CITY MARKET LOCATIONS: | lI I<.
except Harbour Bay, open until 2:00pm & Cable Beach open until 5:00pm. C RKTLO CNSETTA STREET or I
Advertised products may differ from the photos shown. SEAGRAPES SHOPPING CENTRE Double the value
Some product availability may differ for Grand Bahama stores Fast. Reliable- Worldwide on Sundays


AGE 20, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE











THURSDAY, OCTOBER 25, 2007, PAGE 21


THE TRIBUNE


Rabin assassination




anniversary marked


IN4


Bahamas Design Centre
U.S. Prices U.S. Selections


Storewide Savingst

Up to 5 0% of on selected items


-A~















FOR TOTAL ISLAND LIVING
rumtture and .c.-sori. s tkat stir tke imagination a.d bring life arkd character to our home.


r U





Seagrass, Water Hyacinth & Banana Leaf Chairs
Teak & Mahogany Furniture Vanities Flooring
Fountains Silk Arrangements Accessories

Located on Oast Bay Street
(Just Eost of Fowler Street in the 0od Noutical Morine 8(dg.)
T: 393-1444


11
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( *Aicrodercnabrasion Chemicail Peels Boto .. F.icii
Sclcrotherapy to remove, ugly leg vein:
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1 W W OF FfPJ ((CO O ,Ei

UNDER THE THEME:


Speakers Inlude:





Aaa



',h I,,1 ,'U L IJBa
iyiia. nOP


@ ST JOHN'S JUBILEE CATHEDRAL
,i '',lV.|, a ,I--,.l ii" IJ ;" iji:r'.. f F .,-r ,.,r
V


L~9J~1j~Jd


p


tuh', L tfli:' Ge CEqj t0 4.9ij i
Enemng Sessions 7:00 P.M. NightlN

Session Time- S.30 A.NI 3 30 P I

Preparing Oui Hearts For Ser ice Through Worship.
Setting Up A Medical Mnisirv.
Succeeding As A Team


,o Portraying The Image Of'My Pastoi

I ()cl] ci it l.e I 'c cplii il Si'1r\ ic % 1 r,'rI l in>
So You Call Y~uruelf An Arniorbearcr
-. Plrotoc'l I I he I ocal Churih.
I i. I .hd l 1 -. le I
D I C'\ l0i-tnfIll I eadcrs I liha MAlkc II ldppcn'
F,,r Furrhi-,r Informar,r. on .na.:' M .MIIarda IrJrl ., I'a1 3 -5). ] i o,'
t.l, ? ,',.,.] j us Io 2-I '.392-0?"7 Web-."le ,.". tep ,erc ,ll0 renpltr u -,
F 1 .:-, 1 l. p_, ofthe lenmpl.. (,'dlhoon com


WREATHS ARE seen at the site were Israeli'Prime Minister Yitzhak Rabin
was assassinated in 1995 in Tel Aviv, Tuesday, Oct. 23, 2007. On Tues-
day, Israel marked twelve years since Rabin's assassination according to
the Hebrew calendar.


* JERUSALEM
AS ISRAEL marked the 12th
anniversary of the assassination of
Prime Minister Yitzhak Rabin on
Tuesday, his killer is at the center
of an emotional debate. Should
Yigal Amir be allowed to attend
the circumcision of his son or
even be pardoned altogether?
The assassin was once reviled
by all but the most extreme
Israelis, but sympathy for him cast
a shadow over the ceremonies and
services for Rabin that began Tues-
day evening, the anniversary of the
slaying according to the Hebrew
calendar, according to Associated
Press.
Amir, an Orthodox Jew, shot
Rabin after a peace rally on Nov. 4,
1995, to protest the prime minis-
ter's policy of trading West Bank
land for peace with the Palestini-
ans. He was sentenced to life in
prison and has been held in isola-
tion.
Over the past year, however,
Amir' has been permitted conju-
gal visits with his wife, Larissa
Trimbobler, whom he married by
proxy while in prison. She is due to
give birth to a boy any day.
That news has coincided with a
campaign by Israeli extremists and
Amir's family to secure his release
from prison. Stickers, posters and
150,000 copies of a video featur-
ing his mother, wife and supporters
vowing to free him by next spring
have been circulated.
"There are murderers who are
just murderers, and then there are
prisoners who did their acts
because of ideology," Ariel Zil-
bet, a popular Israeli singer, says in
the video. "It is about time that
we begin to care about the human
rights of ideological prisoners."
President Shimon Peres, who
was Rabin's foreign minister and
was a few steps away when the
leader was gunned down, reject-
ed calls for clemency for Amir.
At a memorial ceremony Tues-
day evening at his official resi-
dence. Peres declared: "God will
not pardon him. Man will not for-
,i\e him.
The pro-Amir moVCement has
support beyond the fringes of soci-
ety. A recent newspaper poll indi-
cated about a quarter of Israelis.
including almost half of religiously
observant Jews, think Amir should
be pardoned in 2015 after serving
20 years.
On Monday, in an apparent
attempt to counter the wave of
sympathy, police released a video
of Amir's initial questioning just
after the shooting in which he cool-
ly admitted assassinating Rabin.
When asked if he regretted his act,
a cocky Amir responded. "Heaven
forbid."
Rabin's daughter. Dalia Rabin-
Pelossof. said the video should be


he should be destined to be kept in
prison, in isolation, without any
easing and any special privileges."
Many officials vowed Tuesday
never to allow Amir's release.
"The reduction of his sentence is
unacceptable, unreasonable and
impossible," Internal Security Min-
ister Avi Dichter said.
As formal ceremonies marked
the anniversary at the presidential
residence, the parliament
and Rabin's graveside, other
memorials were planned across the
country.


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GREEK NIGHT
LIVE AT THE BOUZOUKI
Please join us in the "OXI" Day Celebration
Rev. Theophanis Kolyvas
Community, Centre,
The Annunciation Greek Orthodox
Church, West Street
Saturday, z7th October, zoo7
Cocktails 7:50 pm
Open Bar and Mezedes
Live B5OLiZOUki music b1 the
Nick Trevelis Trio
Smart Casual
Donation $150.00

Tickets available at August Moon Restau-
rant, Lutford Ca9
Tel. 362-6631/ 557-3557 or call
Irene Miaoulis 424-0400 or
Alexandrea Davis 424-1940


a reminder for those who seek to
humamze her father's killer.
"If you forgot and if you'd like
to think after 12 years that he is a
man because he got married, then
no." she said Tuesday on Israeli
Army radio.
She also railed against the medi-
a's preoccupation with her father's
killer, and said Amir deserved to
be executed.
"He rose up against Israeli
democracy, and he must be kept
from the Israel public," she said.
"We don't have a death penalty, so


I


ro












PAGE 22 THURSDY, OCTOERE25,A007OTHETRIBUN


Microsoft drops all legal challenges against EU antitrust order


* BRUSSELS, Belgium
MICROSOFT CORP. said Wednesday it had
withdrawn the two last challenges to an ElI
antitrust order a move that shuts the book on its
past legal fights and lets it focus on avoiding future
trouble with European regulators, according to
Associated Press.
After a battle with the European Commission
that lasted for years and cost hundreds of millions
of dollars in fines, the world's largest software
maker yielded Monday when it pledged to comply
with key parts of a 2004 antitrust decision that an
appeals court upheld last month.
Microsoft said Wednesday that it told the EU's
appeals court it was dropping a challenge to the


280.5 million euros ($357 million) fine that regu-
lators imposed in July 2006 Ifor not complying with
an earlier demand that it share technical informa-
tion with rivals.
It also withdrew a second appeal that asked the
ELI's Court of First Instance to annul the com-
mission's order that Microsoft license its intellectual
property to open source systems such as Linux.
The company said this was now moot following
the deal with regulators announced Monday that
will change how Microsoft licenses interoperabili-
ty data to open source developers including
nonprofit groups that circulate software freely
without charging or paying usual license fees. It is
unclear how much information will be available to
open source groups.


Malaysia's first space



traveler recalls rough



ride back to Earth



on Russian capsule


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MALAYSIA'S first space
traveler said Tuesday his return
from orbit "felt like an elephant
pressing on my chest," but that
he and his two Russian crew
mates did not black out or panic
during a steeper-than-usual
descent caused by a technical
glitch, according to Associatled
Press.
"I was not really scared, it hap-
pened so fast," Sheikh Musza-
phar Shukor said of Sunday's
ride back to Earth when the
three endured more than eight
times the force of gravity. Soyuz
crews typically must bear four
times the force of gravity when
the spacecraft returns.
A technical glitch sent the
Soyuz with Sheikh Muszaphar
and Russia's Fyodor Yurchikhin
and Oleg Kotov on a steep and
off-course descent path, and their
capsule landed short of the des-
ignated landing site neai the
town of Arkalyk in Kazakhstan
"The overload was really pow-
erful, but nobody fainted or lost
eyesight," Yurchikhin said. -I
remember the overload going to
8.5 or 8.6 G."
Medical tests showed the three
were uninjured In line with nor-
mal procedure, they were flown
quickly after landing to the Star
City cosmonaut preparation cen-
ter outside Moscow for a post-
flight rehabilitation course.
"It felt like an elephant press-
ing on my chest, but the Rus-
sians trained us very well to
handle a iough descent. Sheikh
Muszaphar said.
The cause of the glitch wasn't
immediately clear, and space
officials have started an investi-
gation. The landing capsule will
be transported to Moscow for


"It felt like an elephant
pressing on my chest, but the
Russians trained us very well."
*


Sheikh Muszaphar Shukorl


examination.
Sheikh Muszaphar, who spent
11 days in space and conducted
scientific .experiments with can-
cer cells, proteins and microbes
of tropical diseases, looked jubi-
lant and said he was read\ to go
back into orbit.
"I was living the dream of all
Malaysian people." the 35-year-
old doctor said. "I hope to go
back and inspire a generation of
Malaysian youth."
Sheikh Muszaphar, who is
Muslim, also said that during the
flight he prayed five times a day
and fasted, as his mission coin-
cided with the last days of
Ramadan. the holy month when
Muslims refrain from eating and
drinking from dawn until sun
down.
dHe said he hoped his flight
would send a message of peace
to the Islamic world. "I hope oth-
er Muslims would be united, sta\
away from \\a;i and be pciaceful.-
he said.
Yurchikhin. who returned to
Earth after six months at the
international space station, said
the most difficult part of his stint
was fixing computers that
crashed in June on the Russian
side of the station. limiting its
ability to maneu\ er and produce
oxygen.
The Sovuz spacecraft.
designed in the mid-1960s. has
been a t e liable but ploddling


workhorse for the Russian pro-
gram that is still reeling from the!
impact of the post-Soviet eco-I
nomic meltdown.
Russia helped deliver U.S.
astronauts and cargo to the space
station following the 2003 acci-
dent involving the shuttle
Columbia.
The remaining crew of the sta-
tion U.S. astronauts Peggy
Whitson and Clayton Anderson,
and Russian cosmonaut Yuri
Malenchenko are getting
ready for the arrival of the Dis-'
covery space shuttle that blasted
off Tuesday from Cape Canaver-
al with a crew of seven.
Whitson. the station's first
female commander, flew with
Malenchenko and Sheikh Musza-
phar on a Soyuz spacecraft that
lifted off from the Russian-leased
launch facility\ in Kazakhstan on
Oct. 10.
She and Malenchenko are to
spend.six months in orbit, while
Anderson -- aboard since June
- is to be replaced by astronaut
Daniel Tani, who is on Discov-
ery.
Discovery's two-week mission
is considered the most challeng-
ing and complex in the nine
years of orbital assembly of the
international space station. It is
carrying an Italian-built living
compartment. about the size of a.
small bus. that the astronauts will
attach to the station-. .


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THE TRIBUNE


PAGE 22, THURSDAY, OCTOBER 25, 2007










THE TRIBUNE


" .& Mll Senior detective quits Bhutto blast


robe after ex-PM's objections


BODYGUARDS FOR Benazir Bhutto, wearing red hats and while tee-shirts, lead her procession through'
the crowwds as she arrives at the Karachr airport on Oct. 18, 2007. As many as 50'of Bhutto's body-
gards died in the bomb blast assassination attempt.


KARACHI, Pakistan
THE SENIOR detective lead-
ing the investigation into the sui-
cide attack on Benazir Bhutto
withdrew from the case after the
opposition leader accused him of
involvement in the torture of her
husband, a senior official said
Wednesday, according to Associ-
ated Press.
S Ghulam Muhammad
Mohtarem, the home secretary
of Sindh province, said the gov-
ernment would assemble a new
team of investigators for the Oct.
18 attack in Karachi by two sui-
cide bombers on a truck carr> ing
Bhutto through a sea of more
than 150,000 supporters welcom-
ing her back from more than
i eight years in exile.
5 At least 136 people were killed,
raising doubts about Pakista'n's
stability as it heads toward crucial
elections.
The government is battling mil-
:' itants based in the northwest,
where it sent 2,500 troops into a
a remote valley Wednesday to com-
bat followers of a militant cleric
calling for Taliban-style rule. But
the cleric, Maulana Fazlullah,
appeared to be unruttled, and
thousands of his supporters gath-
ered to hear him speak just a few
miles from where the soldiers
were deployed.
Authorities have accused
Fazlullah of links to Islamabad's
radical Red Mosque, which was


stormed by army commandos in
July in an operation that left more
than 100 people dead.
That incident and the deploy-
ment of army reinforcements to
Swat and the North Waziristan
region touched off a wave of vio-
lence that has left more than 1,000
people dead.
Bhutto has blamed militants
for the attack on her but accused
elements in the government and
security services of complicity and
called for international experts to
help in the investigation.
She specifically objected to.:
Manzar Mughal, a senior investi-
gator in the Sindh province police
force, claiming he had been pre-
sent While her husband, Asif Ali
Zardari, was tortured in custody
on corruption charges in 1999.
"The investigation'team will be
formed anew after Manzur
Mughal disassociated himself
from the investigation in view of
the objections raised by Benazir
Bhutto on the chief investigator's
credentials," Mohtarem said.
Mohtarem said the provincial
government had no doubt about
Mughal's competency and pro-
fessionalism, but that he had
decided to withdraw from the
five-member investigation team
to protect it from accusations of
bias.
Prime Minister Shaukat Aziz
reiterated the government's insis-
tence that Pakistani authorities
are capable of solving the case


without the foreign help that
Bhutto has requested.
"Pakistan is a sovereign coun-
try. We know what we're doing.
We don't need assistance," Aziz
said, adding that Mughal's with-
drawal "doesn't change the very
fact that we have a whole process
looking into such cases."
Aziz also played down concern
that heightened security will place
so many restrictions on the cam-
paign for January parliamentary
elections that they will not be con-
sidered free and fair.
Officials initially proposed a
ban on public rallies, but have
backed down amid opposition
protests. The government is
working on a code of conduct
with political parties to make
large gatherings easier to police.
"We'll allow full campaigning.
There is a misconception that we
in some way may be restricting
activity," Aziz said.
A police .investigator in
Karachi said 15 or 16 people had
been detained for questioning in
the blast. Some had been injured
in the attack and were picked up
from hospitals, though none was
being treated as a suspect, the
investigator said on condition of
anonymity because he was not
authorized to speak to the media.
He would not identify them or
say where they were being held.
A second police investigator
confirmed that a number of peo-
ple were being questioned.


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PAGE 24, THURSDAY, OCTOBER 25, 2007












THURSDAi, Ol OBER 25, 2007


SECTION m.. .


business@trilunieniedia.net


FOCOL seeks



approval for



2m share



rights issue


* By NEIL HARTNELL
Tribune Business
Editor
FREEPORT
Oil Holdings
(FOCOL) will
next month
seek sharehold-
er approval for
its Board to
issue two mil-
lion ordinary
shares to share-
holders via a
rights issue, a move designed
to bolster its capital base in
the face of "increasing chal-
lenges" in the global oil mar-
kets.
Franklyn Wilson. FOCOL's
largest shareholder via hold-
ings registered in both his
name and the Sunshine com-
panies, told The Tribune yes-
terday that the BISX-listed
company's cost base and


Shell (Bahamas)
purchase 'has
exceeded all
projections'

expense base were being neg-
atively impacted by high glob-
al oil prices and commercial
property prices.
Global oil prices recently
touched $90 per barrel, and
are still above $80 per barrel,
and Mr Wilson said that every
time oil prices increased,
FOCOL had to spend more
on purchasing its petroleum
product from the major oil
wholesalers.
As a result, he explained
that FOCOL was seeking

SEE page 4


Labour Exceptions


r Order still in effect

U By NEILHARTNELL
Tribune Business Editor
THE Fair Labour Standards Exception Order, which exempts
managers and supervisors from overtime pay, is still in effect and
was not repealed when the Fair Labour Standards Act was
replaced by the Employment Act in 2001, the Bahamas Employ-
ers Confederation's (BECon)'president told The Tribune yes-
terday.
Brian Nutt said there had been much confusion and contro-
versy in employer and trade union circles over whether the
Fair Labour Standards Exception Order was still in effect, but
his research had shown it was still valid:
This was because it was "statutorily attached" to the Employ-
ment Act in the Supplementary Volume of Subsidiary Legisla-
tion, meaning the Exceptions Order was still in force and had not
been repealed.
"It was a complete surprise to many of us," Mr Nutt said of his
discovery. "Not even the Department of Labour was aware
that the Fair Labour Standards Exception Order was attached
to the Employment Act.
"It was a real eye opener to a lot of people that the Fair
Labour Standards Exception Order was still valid. It was some-
thing that we had hoped and wished for from the beginning, and
I wish we had known it was done.
"But from the very beginning it was done quietly. By virtue of
it being statutorily attached, it makes clear it is still valid."
Addressing the TriFor conference that discussed possible
amendments to the Employment Act, Mr Nutt had said: "When
the Employment Act was enacted on January 1, 2002, the Fair
Labour Standards Act was repealed. Since then there has been
controversy over whether or not the Fair Labour Standards
(Exceptions) Order died with the repeal.
"Employers took the conservative view that the Exceptions
Order no longer existed and
recommended from the coming
into effect of the Employment SEE page 3.



Ex-Chamber head: 'Don't

rely on government'


* By NEIL HARTNELL
Tribune Business Editor
THE private sector should
seize opportunities to "reap
tremendous financial benefits"
by providing the necessary sup-
port services demanded by small
businesses, a former Bahamas
Chamber of Commerce presi-
dent said yesterday, rather than
looking to the Government all
the time to provide the solution.
Entering the debate on how
best to support Bahamian entre-
preneurs and small businesses,
Tanya Wright said "the last
thing we need" is to keep rely-
ing upon the Bahamian govern-
ment to establish agencies and
departments to deal with the
issue something that, in the
past, has contributed to bureau-
cracy, red tape, rising costs and
endless frustration for business-
people that has seen many exit
commerce.
Instead, she .' .i._J that
the private sector could step
into the breach and provide the
necessary support services to
Bahamian entrepreneurs, the


profit motive acting as an added
incentive to help these compa-
nies get into business,
"We can't continue to run to
the Government for initiatives
that the private sector can do,"
Mrs Wright said, "and we have
to make sure the Government
recognizes that if the private sec-
tor can do it, there's no point
in denying opportunities that
can take the Bahamian econo-
my to the world standard it
ought to be at.
"When a private citizen
thinks of a shortcoming or
shortfall in the Government of
the day, he needs to see that as
an opportunity to reap tremen-
dous financial benefits not only
for himself, but the economy of
the Bahamas. That's the role of
a proactive, thriving business
community.
"The Government should not
be creating businesses. That's a
private sector initiative."
Several business executives,
including the Small Business

SEE CHAMBER, 9


I I 1 1 _~~sirmga, 11Y


All child workers





employed illegally


* By NEIL HARTNELL
Tribune Business Editor
11l businesses
employing chil-
dren as workers
may in effect be
doing so illegal-
ly, the Bahamas Employers
Confederation's (BECon) pres-
ident warned yesterday, because
the First Schedule in the
Employment Act that permits
this expired on January 1, 2007,
and has not been extended or
renewed.
Brian Nutt told The Tribune
that the First Schedule to the
Act, which came into force on
January 1, 'HiiC2. sets out the
employment of children by
businesses, stating that they can
be hired by food stores as pack-
ing boys and girls, and also
work as gift wrappers, peanut
vendors and newspaper ven-
dors.
Pointing out that the First
Schedule was amended in 2,il3
to allow for children to be
employed in any film approved
by the minister responsible, an
accommodation made for the
movie Into The Blue that was
shot in the Bahamas, Mr Nutt
said the schedule began with
the words -for a period of five
years from the coming into
operation of this Act".
With l h .i fi ve ears now
passed, and the Firist Schedule
neither amended to remove the
time limit nor extended. Mr
Nutt pointed out that it was
now void. making it technically
illegal for any Bahamian busi-
ness to employ child workers in
any category of work. This
means that the food stores
should not be employing chil-
dren as grocery packers, for
instance.
Mr Nuttll told The Tribune:
"My feeling on the matter is
that the First Schedule expired.
as of January 1 this year, which
means we've been operating for
10 months with it being illegal


* BECon chief warns that Employment Act Schedule permitting child
labour expired on New Year's Day and not extended or amended
* Employers want to make Act 'crystal clear', and warn that raising
labour costs in economic decline 'foolhardy'
* Bahamas now faced with having to make 'radical change'


and social dislocatior

to employ a child in an y cate-
gory of work.
"My impression is that a blind
eye is being turned to this. In
order for us to recognize the
rule of law, we must either
enforce the law to outlaw child
labour, or amend the Schedule
by extending it for a further
period of time or doing away
with the time limitation.
"My personal preference is
to extend it, but every time we
don't enforce the law it erodes
our legal base and leaves an
opening for interpretation by
individuals who decide whether
to follow the law or not.
"It's not a good way for our
society to be. It would lead to
anarchy. "
Mr Nutt said BECon and
Bahamian employers were also
concerned that there was no ref-
erence or recognition of specif-
ic worker categories, such as
temporary employees, seasonal
employees and part-time
employees in the Emplom mcni
Act.
He warned that labour legis-
lation must "not box us in", pre-
venting Bahamian employers
and the wider economy from
being unable to respond to the
challenges posed by trade lib-
eralisation and increased global
competition due to inflexible,
rigid regulation.
Mr Nutt said employers want-
ed the likes of vacation pay and
six pay to apply pro rate to part-
time workers and such cate-
gories, so that if they worked
20 hours per week such pay-


ments were made at these rates,
rather than at the 40-hour per
week rate for full-time employ-
ees.
"We're more concerned
about providing clarity to the
Act, making it crystal clear
what people are entitled to so
they don't have to spend more
money going to court to get
answers to. these questions," Mr
Nutt said.
"Our position is that nothing
should be done to increase the
costs of employment. All that
we were trying to do in our rec-
ommended amendments was to
provide clarity and create equal-
ity.
"The state of our economy is
not conducive to increased
costs. We've got to recognize
the increasingly fragility of our
economic environment."
Addressing the TriFor Con-
ference featuring employer,
government and trade union
movement participants earlier
this week. Mr Nutt warned that
it would be "foolhardy" to
increase labour costs and the
other costs associated with
doing business in the Bahamas,
because "our economy is in
decline".
Referring to the 2003
Tourism Taskforce on Trade
Liberalisation Report, which
identified the structural prob-
lems of the Bahamian econo-
my as low productivity, high
costs, low educational achieve-
ment and a disregard for the
Rule of Law, Mr Nutt said
many of these issues had "got-


ten worse".
He told The Tribune that
whereas the Taskforce Report
had been concerned with the
relatively slow growth rate of
the Bahamian tourism industry,
compared to rival Caribbean
and international destinations,
Mr Nutt said this nation was
now into its third year of
tourism "decline".
"The thing is that the
Bahamas is a high-priced
tourism destination, and any-
thing that pushes prices up is
going to make us less competi-
tive," Mr Nutt said.
"We are losing our tourism
business now, and should not
allow anything to erode that
industry further."
Referring to comments by
Deloitte & Touche (Bahamas)
managing partner, Ray Winder,
that the Bahamas should have
been doing things to prepare
itself for trade liberalisation and
increased competition 30 years
ago, Mr Nutt said: "I think that
he is absolutely correct in what
he said.
"We are not reacting, not
doing the things necessary to
prepare ourselves for what is
coming, and we are going to
find ourselves in critical shape
and having to make radical
changes to the way we do busi-
ness in a short period of time.
Radical change causes great
social disruption. The socio-eco-
nomic environment around us is
slowly deteriorating, and we are
failing to recognize that fact and
react to it."


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1 Bank of The Bahamas
J N T E R N A T I 0 N A L
Revolutionizing The Way You Bank
New Providence Grand Bahama Andros Inagua
Exuma San Salvador Cat Island
Head Office Nassau: (242) 397-3000
Proud winner of the 2007 Bahamas Chamber
of Commerce Business of the Year Award
www.BankBahamasOnline.com
.., '!b ,


_ I_ __~_ __


i











PAGE T D O B


GN598







PUBLIC NOTICE


OFFICE OF THE PRIME MINISTER

PUBLIC NOTICE

The Secretary to the Investment Board, Office of the Prime
Minister, today advised that Governor General in


of the powers conferred


Section 13


of The International Persons landholding Act, on
September 27th 2007, signed the International Persons
Landholding Act (Amendment to Schedule) Order 2007.



The Order will come into effect 1 st January, 2008 and revises the
application forms. The New Fee Schedule under the Order is
as follows:



Certificate of registration.......... .............$250.00
Perm it.................................................................$500.00
Home Owner;s Annual Resident Card............$250.00



The previous application fee of $25.00 is discontinued and as
of 1st January, 2008 all fees will be payable to and must
be lodged with Public Treasury



Director of Investments


Will the Bahamas




awaken to capital




markets revolution?


FROM the sleepy fishing vil-
lage that once characterized its
bygone years of national devel-
opment, the Bahamas has
arguably emerged as a techno-
logically advanced, financially
savvy, economic environment for
the 21st century.
Today, the Bahamian securi-
ities industry and the development
of our capital markets stand as
omnipotent symbols of this dra-
matic transformation. Yet we
must first acknowledge the
painful fact that only a small but
growing number of Bahamians
has any concept of what a capital
market is, its relevance in their
every day lives, and its power and
potential to improve the quality
of their lives now and in the
future.
: Ask yourselves: How many
Bahamians can confidently artic-
ulate the nuances of a capital
market, where funds can be
raised to stimulate and develop
industry and the economy at
large, create jobs, or where they
can reasonably invest pension or
National Insurance contributions
for their old age?
Truth be told, how many of our
politicians and policymakers
understand the rudiments and rit-
uals of a developing capital mar-
ket, or the mechanics of an effi-
ciently-run, technologically
advanced stock exchange, and
that their sustained participation
is required for its long-term
growth. viability and success?
\Vho among us can, without
rote or regurgitation, confidently
and critically assess the chal-
lenges that we face in our local
capital market today, or dare
think outside and beyond the
proverbial box for creative alter-
natives to traditional policies,
practices, products and services?
Who can offer economically-
sound, "inclusive", and profitable
investment opportunities for the
growth and development of the
Bahamian capital market?


Legal
Ease


The answers to these questions
may reveal much about the level
of our understanding, and accep-
tance of our development, as a
premier financial centre, and our
willingness and preparedness to
compete in the global capital mar-
kets.
The year 2000 was significant
for the growth and development
of the Bahamian capital market
for many reasons. It heralded the
launch of the Bahamas Interna-
tional Securities Exchange (or
BISX as it is commonly known)
as the first demutualised stock
exchange of the 21st century, with
the primary goal of delivering
shareholder value, innovation and
a strong corporate governance
structure.
It also energised the legal and
regulatory framework that had
been put in place by the Govern-
ment a year earlier, with the
enactment of the Securities Indus-
try Act 1999 and the Securities
Industry Regulations, plus the
enactment of the Mutual Funds
Act 1995 and accompanying reg-
ulations five years prior to the
exchange's creation,
The year 2000 also gave us the
modern-day, or as some critics
would say, misguided perception
of the Bahamas, as a "non-com-
pliant", "unco-operative", "harm-
ful tax" jurisdiction by countries
more politically and economical-
ly powerful than ourselves. These
were the first of several "attacks"
by the Organisation for Econom-
ic Co-Operation and Develop-
ment (OECD), the Financial Sta-
bility Forum (FSF), and the
Financial Action Task Force
(FATF).


We ended 2000 by respondin"i
to these attacks through enacting
a multitude of financial legis...
tion that would later contribute o
our acquisition of Qualified Juris-
diction (QJ) status from the US n
January 2001, and our removal
from the infamous FATF "black
* list" in June of the same year. I'
was indeed, for us, the best a;,('
worst of times.
In order to expand the usclui
ness and international recogni-
tion of the the Bahamian capital
markets, and to bolster the open-
ing of the exchange's first phase,
a listing facility for mutual funds
was launched on BISX in April
2001, along with carefully crafted
listings rules for the operators of
such funds, competitive listing
fees, and specific guidelines and
application procedures for the
sponsors of these mutual fund list-
ings.
The listings facility was
designed to provide for the pri-
mary and secondary listing of
Bahamian regulated and over-
seas-regulated funds, sponsored
by specialist BISX members.
Six years and many lessons lat-
er, it is interesting to see how far
this listings facility has been pro-
moted, supported and enhanced
by current legislative develop-
ments in the investment funds
and securities industries.
Originally, it was hoped that
the listing facility on BISX would
become the catalyst for a more
visible and vibrant investment
funds industry in the Bahamas.
comparable to and competitive
with jurisdictions such as the Ca\-
man Islands.
As has been the case witrh any
serious attempt at economic
development in the Bahamas. the
marketing potential, internation-
al exposure, and economic and
infrastructure capacity to meetn
this objective in today's capital I

SEE MARKEiS iN'


.-; --^ '' f-' i & b



. ......... : : ...-
- ^ 4 %*^ "--" ,.y'~_ _.i.- -.iri.*




.%.Nllll MHlmtnml 1,,11 "


- iIa -I I


Brooke House (formerIy called Caledonia tHouse) is the perfect location, for
an offshore hbnk. law or accounting firm. Located on the wiietrn end of
Nassau, Bahamas, Brooke House is a 14,000 .square foot retr'at from the
hustle and hustle of busy downtown Nassau. Brooke Hoiwn is ,'nmi' minutlc
.away from the Sir Lyndcn Pindling International Airport, international ban1kL,
law and accounting firms, hotels, fine restaurants, shops and much mo0r,'
Opening is May 2008.



CALEDONIA

CORPORATE MANAI 1 MIN-NT GROUP LINil I L

CONTACT: Shameka Fernander


Tel: 242.322.7270


Fax: 242.356.3969


info@caledoniagroup.com
www.caledoniagroup.com


exercise


II~


111 ,


I hypyone Fizgeral


PAGE 2B, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE








THE TRIBUNE THURSDAY, OCTOBER 25, 2007, PAGE 3B


Bank


of the


Bahamas profits


close


BANK of the Bahamas Inter-
national yesterday reported net
income for its fiscal year that


Join Citibank, N.A.
Nassau Bahamas, a
branch of Citi, the
largest financial
institution in the
world.

We invite outstanding
individuals, wanting to build a
career in Corporate Banking, to
be part of our dynamic global
team, You will interact with
colleagues from around the
Caribbean region and across the
organization globally, providing
relationship management
support to our local team. In
addition to a great career, we
offer a competitive salary and
benefits package.

Interested candidates should
forward a copy of their resume
by October 31, 2007 to:
Business Head, Citi Markets and
Banking, P.O. Box N-8158,
Nassau, Bahamas OR Fax:'
(242) 302-8569 OR Email:
ianice.gibsonOciti.com


to


ended on June 30, 2007, of
almost $11 million, shrugging off
the minor negative impact from


having to restate its $800,000
investment in real estate.
That investment had to be
transferred to investment prop-
erty from fixed assets in an
accounting adjustment, but the
bank still saw its assets increase
by more than $110 million in fis-
cal 2007.
Bank of the Bahamas Inter-
national's year-end assets stood
at $658.263 million, compared
to $545.764 million at year-end
2006, a rise of 20 per cent, while
customer deposits increased by
14 per cent and shareholder
equity rose 27 per cent.
"We are satisfied that despite
the multiple systemic economic
challenges and increased cost on
planned strategic initiatives, the
bank was able to maintain its
overall profitability, on par with


2006 performance which recog-
nised an unprecedented growth
rate of 45.38 per cent year-over-
year," said Paul McWeeney,
bank of the Bahamas Interna-
tional's managing director.
"That compares very
favourably with the challenging
interim results recently reported
by industry participants. What
we are particularly pleased
about is the increase of 27 per
cent in shareholder equity
because it is a measure that sig-
nals the continued significant
increase in shareholders value
and reflects their confidence in
the bank.
"This augers well for the sus-
tainable creation of long-term
value for the bank's current and
future investors and other stake-
holders."


Labour Exceptions


FROM page 1

Act that an Exceptions Order
be enacted under the Employ-
ment Act.
"On Thursday of last week
The Tribune contained an arti-
cle wherein Obie Ferguson,
president of the Common-
wealth of the Bahamas Trade
Union Congress, insisted that
the Fair Labour Standards
(Exceptions) Order was still in
effect and challenged me to





INSGH


ii-hesore


citi

Relationship Manager

ROLE RESPONSIBILITIES
Reporting to our Business Head for Citi Markets and Banking, the
position is responsible for aggressively marketing our products
and services to targeted businesses in' the Northern Caribbean.
Key responsibilities include meeting specific revenue targets by
working with product specialists to identify opportunities and
deliver innovative solutions while ensuring excellent customer
service and adherence to internal policies and external regulatory
requirements. This will require financial statement evaluation, due
diligence reviews on clients, preparation of client proposals,
maintenance of call reports, and the oversight of the account
opening process. Additional responsibilities include maintaining an
up-to-date portfolio of clients.


KNOWLEDGE/ SKILLS REQUIRED
Candidates must possess a Bachelors degree in Accounting,
Finance, Business, Economics or Engineering and a minimum of 3
years experience. Experience in Credit Analysis, Risk
Management or Relationship Management would be an asset.
Additionally, an MBA and/or CFA are assets. Excellent sales,
marketing, analytical, communication, and interpersonal skills,
combined with high energy and motivation, will round out the ideal
candidate. Travel is required.


Challenge
yourself to a career like no other


seek legal advice on the mat-
ter. Witfi the help of Katina
Mosko, of Mosko & Associates,
it was discovered that the Fair
Labour Standards (Exceptions)
Order was statutorily attached
to the Employment Act in the
Supplementary Volume of Sub-
sidiary Legislation.
"The fact that the Fair
Labour Standards (Exceptions)
Order is attached to the
Employment Act so that it is
still valid is good news for
employers."


Qualifications


Baccalaureate degree in Human Resources Management, Business
or Public Administration or Masters Degree in Human Resource
Managementor related
Personnel/Human Resources field Professional Human Resources
(PHR) or Senior Professional Human Resources (SPHR) Certification
preferred
A minimum of three (3) years HR Supervisory/Management
experience in the HR field, hospital setting preferred
Familiarity with employment law
Must have excellent presentation and communication skills, both
written and oral
Excellent customer service, organization, leadership and computer
skills required
* Ability to work independently
Position Summary:
HR Policy formulation
Maintaining HR metrics
* .Mentorship and counseling
Developing and maintaining a successful
recruitment program
Liaisons with government, school, and
employment agencies
Developing and maintaining
Salary commensurate with experience | Excellent benefits

Plas sbmt eum.t:-umn eouce .patmn


NOTICE
NOTICE is hereby given that ENERVE TONTON of
ST. VINCENT ROAD, P.O. BOX-SS-5076, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 25TH day of
OCTOBER, 2007 to the Minister responsible for Nationality
and Citizenship, PO.Box N-7147, Freeport, Bahamas.


$llm


i'm lovin' it"

EMPLOYMENT OPPORTUNITY




Requirements:

* Must be a high school graduate
* Must be people oriented
* Must have smiling faces
* Must be customer service driven
* Must be a high performer
* Must have excellent oral & written
c Jmmunication skills
* Must be able to work flexible hours,
including late nights, weekends and
holidays.

McDonald's offers excellent benefits!
Competitive Pay!
Training!
Career Development!
Monthly Incentives!
Opportunities for Upward Mobility!

Applications available at all three
restaurants and McDonald's Head Office
on Market Street North


IndiGO
N E T W O R K S


CA' e tPO UI



IndiGO Networks is a growing telecommunications company based in Nassau,
Bahamas. Systems Resource Group (SRG) (IndiGO's parent company) has a 17-year
history in offering innovative technology and telecommunications solutions to
consumers in The Bahamas and is seeking an individual to fill the position of Channel
Sales Manager to manage and develop its prepaid telephony service.
RESPONSIBILITIES
The individual will be responsible for managing established territories and
channels and creating new retail and wholesale channels throughout Nassau,
Abaco, and Freeport
* The successful candidate will be accountable for growing the business and
achieving annual sales goals
* The individual must possess a minimum of five years sales experience and the
ability to understand the telecommunication market and its related technologies
* This person must also be independent and desirous of achieving aggressive sales
targets *
* Develop marketing strategies
* Analyze, plan, implement, and control programs designed to create, build, and
maintain the prepaid targeted market
QUALIFICATIONS

* A thorough knowledge of channel sales and marketing
* Initiative and ability to learn new tasks quickly
* Reliability, punctuality and good interpersonal skills are essential
SExcellent oral and written communication skills
" Team player
* Computer literacy, with a strong working knowledge of Microsoft Office Products
Word, Outlook and Excel
IndiGO Networks offers a comprehensive benefits package. Salary is commensurate
with experience and qualifications and is commission based.

Interested candidates should submit their resumis in writing by
November 2, 2007 to:
Attn.: Human Resources Manager;
IndiGO Networks;
P.O. Box N-3920;
Nassau, Bahamas
Or
Fax: 242-677-1050
E-mail: hri@indigonetworks.com


THURSDAY, OCTOBER 25, 2007, PAGE 3B


THE TRIBUNE


r BUSINESS i










PAGE 4B, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE


p ~1


NOTICE
NOTICE is hereby given that GIFTON ALPHONSO LEWIS of
WHITES ALLEY, P.O. BOX CB-12739, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 18TH day of
OCTOBER, 2007 to the Minister responsible for Nationality
and Citizenship, PO.Box N-7147, Freeport, Bahamas.


FOCOL seeks approval for



2m share rights issue


FROM page 1


shareholder approval at a
November 15, 2007, Extraordi-
nary General Meeting (EGM)
in Freeport for a resolution that
would authorise a rights issue
of two million ordinary shares
to existing investors at a date
the Board would determine in
the future.


"The object of the exercise is
to ensure that the company
remains conservatively financed
in the face of changing and
increasingly challenged global
markets in the oil industry," Mr
Wilson said.
"Every time the price of oil
goes up, we need more money


GN 602

GOVERNMENT NOTICE
MINISTRY OF PUBLIC WORKS AND TRANSPORT
INVITATION FOR EXPRESSION OF INTEREST TO BID

The Ministry of Public Works and Transport (MOPW&T) proposes to undertake
the re-construction and repaving of roads and parking areas on the following
compounds: THE POLICE COLLEGE CAMPUS AND SPORTS GROUNDS,
THE POLICE CENTRAL GARAGE AND STRIKE FORCE COMPOUND.

The Ministry therefore invites qualified contractors to submit EXPRESSIONS
OF INTEREST TO BID".

The project comprises limited reconstruction of the base and repaving works and
is broken down into 3 separate contracts as follows:

CONTRACT I: The reconstruction of roads and parking areas at the
Police College Campus comprising 14,260 yd2 of
pavement

CONTRACT II: The re-construction of police central garage compound
comprising 5,151 yd2 of base -work and 8,985 yd2 of
pavement

CONTRACT III: The reconstruction and paving of the Strike Force
compound and Police Academy Sports Grounds
comprising 985 yd2 of base-work and 1910 yd2 of
pavement

In order to qualify to Bid on the work, applicants will have to
demonstrate, in their EXPRESSION OF INTEREST SUBMISSIONS, that they are
professionally, technically and financially competent to undertake the works.

To demonstrate the required competency, experience and capacity, the Bidder
must submit relevant and realistic method statements, programme of works,
list of competent key personnel, list of major equipment, financial soundness
including line of credit as well as evidence that he has been able to achieve
successful completion of similar projects in past contracts.

The Expression of Interest Forms should be collected from:

Civil Designs Section, 1st Floor, East Wing,
Ministry of Public Works and Transport
J.F. Kennedy Drive,
Tel: 302-9604, 302-9772 or 302-9773.

Submissions of "Expressions of Interest" to Bid shall be in the Tender Box
at the Office of the Director of Public Works, Ministry of Works and Transport,
J.F.Kennedy Drive 3rd Floor, West Wing, Ministry of Public Works and Transport J.F.Kennedy
Drive BEFORE 2:30pm on Wednesday 31st October 2007.
The ENVELPOE containing the SUBMISSION DOCUMENT must be clearly marked
"CONFIDENTIAL EXPRESSION OF INTEREST TO BID; POLICE. ACADEMY
CAMPUS7SPORTSGROUNDSANDCENTRALGARAGE REPAVE PROJECTS(FY2007/08).


Signed: Colin Higgs
Permanent Secretary


to fill our inventories and the
like. All these things have a very
serious financial impact.
"That's part of the matter,
and we want to make sure that
at all times FOCOL is a con-
servatively and very well
financed business."
With just over 34 million
shares issued and outstanding,
any rights issue of two million
shares means that FOCOL
shareholders who have just
gone through the company's
four-for-one stock split will
receive one additional share for
about every 17 they currently
hold if they exercise their rights
in full.
Any shares that are not
picked up in the rights issue will
then be offered to other
FOCOL shareholders and "eli-
gible investors".
Mr Wilson added: "The idea
is to secure the necessary autho-
risation to do what the direc-
tors think will be in the best
interests of the company. When
we exercise that authority is a
matter for the Board to
decide......."

Fallout

With the fallout from the US
'subprime' mortgage crisis con-
tinuing to squeeze global credit
and debt markets, as lenders
recalibrate risk and re-price cap-
ital upwards, Mr Wilson point-
ed out that "there are a lot of
worthwhile credit situations that
are finding it Increasingly diffi-
cult to find lenders to match.
Forget interest rates. The world
is changing".
Although FOCOL was
"doing well, we can't take any-
thing for granted. That's why
we want to be solid" from a cap-
ital base viewpoint, Mr Wilson
added.
However, he added that
FOCOL's financial perfor-
mance and integration of the
former Shell (Bahamas) busi-
ness that it acquired in January
2006 had "exceeded all our
expectations. It has exceeded
all our forecasts at the time of
the acquisition".
Mr Wilson said FOCOL had
hired energy specialists from
Royal Bank of Canada's global
capital markets team in Toron-
to, Canada, to advise it on the
Shell (Bahamas) acquisition at
the time.
"The performance of the
company has exceeded all their
forecasts, so the integration
process has exceeded all pro-
jections."


Monday, November 5th


Praver & Opening Ceremony


"The Evolution of BICA"
Presentation of New BICA Members & Licensees
Basil L. Sands. CA. FCCA Ist BICA Pre sidlcn


10:20 10:30 Break
"The Effects of the Relaxation of Exchange Controls on the
Bahamian Economy" and "The Bahamas, are we
10:30- 11:20 Compliant?"


BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS
ACCOUNTANTS' WEEK 2007, BRITISH COLONIAL HILTON
THEME: THE BAHAMIAN ECONOMY & THE ROLE OF THE ACCOUNTANT


llll" I Upholding Integrity, Striving for Excellance" U

Members: $100 Per day, Non-Members $125 Per Day, Lunch & Parking Included
Pre-register.: secbica@batelnet.bs Fax: 326-6618 Tel: 326-6619



Fun Walk: 8:00 a.m. Saturday, November 3rd, Nesbitt's West Bay Street to Goodman's Bay

..b .. .. r .. .. i .. th .i I Thursda. November 8th


"Tax Regimes can The Bahamas continue with the current
Revenue Generating Systems or will we be forced to


change?"
.nme," Smith Chairmanmi, CI''L


I.I I *- ll'R 'rebmlcalUpdte


* IFRS Technical Update &
Differences with U.S. GAAP
*Deloi/te A &,uche


* IFRS Technical Update &
Differences with U.S. GAAP


S -Break lBreak


"An Examination of The Government's Revenue Collection
Processes and how they impact The Bahanmas joining
proposed Economic Treaties"
Ehm'rd Cu'minghami Secrelaiy for Revenue, Ministry' o/
V!.2........


* I FRS Technical Update &
Differences with U.S. GAAP1


"Stress Management for Accountants"
e ttevY Bethel CEO Otganizational Soul


"Recruiting, Investing In and Retaining Accountants"
Philip Galanis, CA. JP ,hmanging Partner Galanhs & Co.


Birak

"C.O.B. Initiatives impacting the Financial Services Sector
& the Accounting Profession"

DIr Jann,, Hodder- President. The College of The Bahamas


BROADCASTING CORPORATION OF
THE BAHAMAS

The Broadcasting Corporation of the Bahamas invites
tenders from eligible bidders to:

1. Provide SECURITY SERVICES at its:-

i. Administration Offices and Radio and Television
Stations, Harcourt (Rusty) Bethel Drive, Centreville,

ii.South Beach Station, Blue Hill Road South, and

iii. Harold Pond Station, Bozine Town off Tonique
(Williams) Darling Highway, New Providence.

Bidders are required to collect packages from the
Administration Office, Harcourt (Rusty) Bethel
Drive, Centreville, New Providence by contacting:-


Ms. Linda Sands
Executive Assistant
Office of the General Manager (BCB)
Telephone No. 242-502-3945
Facsimile No. 242-322-3924


TWO COPIES of the completed tender must be
hand-delivered in a SEALED ENVELOPE on or
before November 9, 2007 and addressed as follows:

General Manager
The Broadcasting Corporation of the Bahamas (ZNS)
HARCOURT (RUSTY) BETHEL DRIVE
CENTREVILLE
Nassau, Bahamas
Marked:
Attention:- Ms. Linda Sands
Tender No. 002/07
SECURITY SERVICES
HARCOUT (RUSTY) BETHEL DRIVE, CENTREVILLE
NEW PROVIDENCE


The Corporation reserves the right to accept or
reject any or all tenders.


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


IO9tl 9:30


9:30 10:20


Wyenday raig Governo Central BanIK q/ 7he Bahamas FilIaILLc *-*W----
11:20 11:30 Break Break Break Break
"The State of Our Tourism Product is it Competitive and "New BFSB Initiatives impacting the Financial Services IFRS Technical Update &
11:30 12:30 Sustainable?" Sector" Differences with U.S. GAAP "BICA Legislative Reform"
Weindiv iWarren, CA CEO & Executive Director; Bahamas
Vernice Walkine Director General, Ministir o1 7in;t) inm Financial Services Board _loilte & Touche Kendirick Christie, CA, CFE Partner: Grant Thornton
12:30 1:50 Lunch Lunch lunch Lunch
IFRS Technical Update & "Accounting Practitioners Keeping up-to-date on the ever
2:00 2:50 "The Importance of a Prosperous Haiti to The Bahamas" "Business Values in the Bahamian Economy" Differences with U.S. GAAP changing Standards, Rules and Regulations"
Duvidi S/iltec: CI'A, Associate Director; KPMG Corporate
Dr Eugene Newrn former Bahi mian iiilAmhasladoir to 1aiti lIiTiunnc Lid. )eloiittc &, 7uhe' Diveane Bowe, CP4 Partner, KPMG
2:50 3:00 Break Break I reak Break
"Forging Economic Partnerships for the Expansion of the "The Developing Role of The Securities Commission as it 1FRS Technical Update &
3:00 3:50 Bahamian Economy" relates to Public Entities" Differences with U.S. GAAP "The Evolution of The Blue Suited Accountant"
Dionisit D'Aguilar Presidenl, Bahamas Clhlmber of Ililltir l)evean\ Exlecutive Director; Securitie Cooinission ol/'110 Anc'ienit AMmi Kenyon McDonald. CP.
Commerce 7w Blh/,s I )choit & lnIMh' ___________
3:50 4:00 Closing Remarks Closing Remarks (Closing Remarks Closing Remarks


NETWORKING COCKTAIL RECEPTION: 4:30 PM, THURSDAY, NOVEMBER 8TH, BRITISH COLONIAL HILTON


IFRS Technical Update The impact of IFRS 7 and amendments to IAS I & major differences between IFRS and U.S. GAAP as it relates in particular to financial instruments.


IL K.- ,





I.VV I.-


t


I uc(orrrc L~ IOI(Cll(- I


-t-.


i nursualy, novemue am


Wednesday Novem er


Tuesday, November 6thl


.z


1I/ l, C. Mi n -hT ,


I l A f -. I..f Ip I', 1 141 'l"


















Cable Bahamas





profits up by


CABLE Bahamas saw its
net income for the 2007 third
quarter increase by 13.5 per
cent to $5.277 million, with rev-
enues for the same period up
by 14.9 per cent.
Unveiling its results for the
three months to September 30,
2007, the BISX-listed firm said
revenues rose to $19.161 mil-
lion compared to $16.683 mil-
lion for the same period in
2006. Net income was also well
advanced on the $4.646 mil-
lion achieved during the 2006
comparative period.
However, the growth -in
Cable Bahamas' expenses dur-
ing the 2007 third quarter
slightly outstripped the rate of


revenue increase. Total
expenses rose by 16.1 per cent
to $9.7 million, compared to
$8.352 million the year before.
Still, operating income for
the 2007 third quarter rose by
13.6 per cent against its 2006
comparative, jumping to $9.461
million compared to $8.331
million the year before.
Operating income per ordi-
nary share rose from $0.42 in
the 2006 third quarter to $0.48
this year, while net income per
ordinary share was up by 17.3
per cent at $0.27 per share,
compared to $0.22 per share.
The 2007 third quarter per-
formance mirrored that of
Cable Bahamas' for the year-


Special General Meeting

To: All members of The Bahama Islands Resorts &
Casinos Co-operative Credit Union (BIRCCCU) Ltd.
The Eugene Cooper Building, # 9 Village Road.

Please be advised that the Special Meeting of the
Bahama Islands Resorts & Casinos Co-operative
Credit Union Ltd. (Previously Paradise Island
Resort & Casino Cooperative Credit Union Ltd.)
previously scheduled for Saturday October 20th, *
2007 be held at the Credit Union's premises, #9
Village Road, is now postponed to be held on

Saturday November 3rd, 2007
commencing at 9:00 a.m.

For the following purpose:

To approve the purchase of Office Property in the
West Bay Area of New Providence.

This meeting is in accordance with BIRCCCU's
By-law 29. Please accept our apologies for any
inconvenience caused.




aUBS

UBS (Bahamas) Ltd. is one of the world's leading financial
institutions in the Caribbean. Our Business Area Wealth
Management International looks after wealthy private clients by
providing them with comprehensive, value enhancing services. Our
client advisors combine strong personal relationships with the
resources that are available from across UBS, helping them provide
a full range of wealth management services.
In order to strengthen our team in Nassau, we are looking to fill the
following position:

Client Advisor-
Financial Intermediaries (FIM)
In this challenging position you will be responsible for the
following tasks:
Interacting and negotiating with investment professionals in
Latin America & Europe
Proactively providing support and product solutions for your
clients, choosing and coordinating delivery from the entire range of
UBS Wealth Management's offering
Selecting the most appropriate tools and processes to streamline
the interaction between UBS and the FIMs
Advisory of existing clients
Presentation and implementation of investment solutions
in Spanish and German

Minimum Requirements
Experienced in advising a client base (i.e. end clients or
FIMs)
Ability to quickly assess potential regulatory, legal or
compliance risks and offer solutions to mitigate them
BS/BA degree preferred; University or other recognized banking
or financial diploma accepted
Minimum 4 years experience in marketing financial services to
high net worth investors
Good knowledge of financial markets and capital market
products, fixed income/equity products, banking products, trust
structures, alternative investments
Excellent communications, organizational and client skills
Must be able to read, write and speak fluently in English,
Spanish and German
Able to travel 2-3 times per year


Interested? Written applications should be sent to:
hbahamas@ubscom or UBS (Bahamas) Ltd,
Human Resources
P.O. Box N-7757
Nassau, Bahamas


to-date. For the first nine
months, net income was up by
16.7 per cent, increasing from
$13.36 million to $15.59 mil-
lion.
Net income per ordinary
share rose by 17.9 per cent to
$0.79, compared to $0.67 per
share, while total revenues for
the first nine months to Sep-
tember 30 were up 16.1 per
cent, having risen from $48.426
million to $56.208 million.
Total expenses were ahead b
y 17.3 per cent, standing at
$28.336 million for 2007 to date
compared to $24.148 million
the year before.
Operating income for the















0Reponist'Wotki11
No.24h- e. s


Sc ii'


I


nine months to September 30,
2007, was up 14.8 per cent at
$27.872 million, compared to
$24.278 million in 2006.

Do You
Need An Off
TEMP?
call 31 -6982


BlO 4ISALE



55F TI |]


Saffrey Square
Bay Street
www. ba hamasrealty. bs
RB E N *www.cbrichardellis.com


PRIME OFFICE SUIT

* Ranging From 1,332 to 2,023 sq. ft.
* Finished Shell
* Ready For Immediate Occupancy
* Parking Facilities Available
* For More Information Call 396-0000


THE TRIBUNE


ES


BAHAMAS REALTY LTD.
COMMERCIAL
In association with

CBRE
CB RICHARD ELLIS
NAVIGATING A NEW WORLD


13.5


per cent


YACHT FOR SALE
Yacht "GRACE"
NOTICE

TO BE SOLD BY TENDER PURSUANT TO ORDER No. 39 OF THE SUPREME COURT OF THE BAHAMAS, MADE
THEREIN ON THE 181 JUNE 2007. THE YACHT "GRACE", PRESENTLY BERTHED AT YACHT HAVEN, NASSAU,
ENTAILS THE FOLLOWING PARTICULARS: -

Year/Place Built: 1978; SARNICO, ITALY.
Build/Type: CARVEL
Flag: British
Dimensions: LOA: 44.9 Feet
Breadth Moulded: 13.2 Feet
Depth (tonnage deck to ceiling): 7.0 Feet
Machinery: 2 x 740 BHP CUMMINS 903 Main Engines; 1 x ONAN Marine Genset

Further particulars of the vessel, the conditions of sale and authorization for inspection may be attained from The Office
of the Admiralty Marshal, Prince George Wharf, P. Q. Box N-8175, Nassau, The Bahamas, Phone: (242) 356-5639, Fax:
(242) 322-5545.

THE ABOVE PARTICULARS AND ANY FURTHER PARTICULARS THAT MAY BE GIVEN BY THE ADMIRALTY MARSHAL
ARE AND WILL BE GIVEN IN GOOD FAITH AND NO RESPONSIBILITY CAN BE ACCEPTED FOR THEIR ACCURACY.
IT IS INCUMBENT UPON ALL INTERESTED PURCHASERS TO MAKE THEIR OWN INDEPENDENT ENQUIRIES.

TENDERS MUST BE SUBMITTED BY SEALED ENVELOPE MARKED "TENDER FOR YACHT GRACE" AND SHOULD
REACH THE OFFICE OF THE ADMIRALTY MARSHAL AT THE AFOREMENTIONED ADDRESS NO LATER THAN
FRIDAY 9T NOVEMBER 2007.
THE ADMIRALTY MARSHAL RESERVES THE RIGHT TO REJECT ANY AND ALL TENDERS -

Signed: Capt. Anthony Aliens
(Admiralty Marshal)


Pricing Information As Of:
Wednesday, 24 October 2007 F A L'
BISX LISTED & TfV ED ,MCUIftTIDS VMSIT WWW.BMOAHAML4A.COM FOR MOR DATA & 6tMATO. -' .... N,
BISX ALL SHARE INDEX: CLOSE 1,910.55 / CHG -00.06 / %CHG3 00.00 / YTD 239.36 YTD % 14218 ',
a..., -,-h. ca.r., .i LS'..rl Pre.,ucs Close Toda, 5 Close Ctha.-ig Dai,1 '.'ol EPS D01 $ P.E yieO
1 '" ". .,-..c. lr.Iar.'si, 1 59 I1 ,9 0 00 0.094 0.000 16.9 0.00C :
11.74 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.502 0.400 7.7 3.45%
9.55 765 Bank of Bahamas 9.55 9.55 0.00 0.733 0.260 13.0 2.72%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.048 0.020 17.7 2.35%
3.74 1.60 Bahamas Waste 3.70 3.70 0.00 0.275 0.060 13.5 1.62%
2.62 1.20 Fidelity Bank 2.61 2.61 0.00 0.051 0.040 51.2 1.53%
11.05 9.61 Cable Bahamas 11.0011.00 0.00 0.996 0.240 11.1 2.17%
3.15 1.83 Colina Holdings 3.15 3.15 0.00 0.208 0.080 15.1 2.54%
16.55 11.91 Commonwealth Bank 16.55 16.55 0.00 1.190 0.680 12.9 4.11%
7.22 4.70 Consolidated Water BDRs 6.68 6.63 -0.05 0.112 0.050 59.7 0.75%
2.76 2.20 Doctor's Hospital 2.25 2.25 0.00 0.284 0.020 7.9 0.89%
6.40 5.54 Famguard 6.32 6.32 0.00 0.804 0.240 7.9 3.80%
12.80 11.51 Finco 12.75 12.75 0.00 0.768 0.570 16.6 4.47%
14.75 13.85 FirstCaribbean 14.65 14.65 0.00 0.934 0.470 15.7 3.21%
6.10 5.18 Focol (S) 6.09 6.09 0.00 0.364 0.133 16.7 2.18%
1.00 0.54 Freeport Concrete 0.70 0.70 0.00 -0.415 0.000 N/M 0.00%
8.49 7.10 ICD Utilities 7.25 7.25 0.00 0.411 0.200 17.6 2.76%
10.05 8.52 J. S. Johnson 10.05 10.05 0.00 0.991 0.590 10.1 5.87%
10.00 10.00 Premier Real Estate 10.00 10.00 000 1 167 0600 86 600%
Fidelity Over-rha-Counter Securitias .... -
J...I... ...n_,. ..S. ,i _,nB6. iJ t-,IS, i LaSI I r. P Vea'. .'o EPS i D0. $ PE Y.eid
14.60 14.25 Bahamas Supermarkets 14.60 15.60 16.00 1.160 1.125 13.4 7.71%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
0.54 0.20 RND Holdings 0.35 0 40 0 20 -0 030 0 000 N/M 0 00%
Collna Over-The-Counter Securittle '
.1 1 ,, J 1 .. ..' i'-i1 u3 '."a 41 '- 5.1 J '4 22 750u 0 6 70;
14.60 1400 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.485 13.9 10.50%
0.55 0.40 RND Holdinos 0.45 n 55 0 45 .0 030 0 000 N/M 0 00:
BISX Liated Mutual Fun '
2".1, F., ,-..'L._.. F.r. t4arh ,rt rj,__, TD Last 12 fM .:...r.- D .. i .Y 1l3 :
1.J.u7 .ju o C ulfi Muntey Market Funu 1.36b0o5"
3.3829 2.9449 Fidelity Bahamas G & I Fund 3.3829***
2.9215 2.4687 Colina MSI Preferred Fund 2.921539"**
1 2741 1.1970 Colina Bond Fund 1.274052"*
11.6581 11.2129 Fidelity Prime Income Fund 11.7653"*"
FINDEX. CLOSE 069.41 /YTD 17.16% / 2006 34.47%
-- *,_,_ -, _--" .n n: n.,' ,,,. i- ,,,.. r. pr,,R r T r "- E L U lIn . ... ,. I,, 11., i. i J ,...1.>,r rf
52wk-HI Highust closing price in last 52 weeks Bid $ Buying price of Ceolnl and Fidelity
52wk-Low Lowest closng price iin last 52 weeks Ask $ Selling price of Coll,,, nd tidollty 19 October 2007
Previous Close Previous day's weighted price for dally volume Last Price Last riaded over-the-counter price 30 June 2007
Today's Close Current day's weighted price for dally volume Weekly Vol, Trading volume of the prior week 30 September 2007
Change Change in closing price front day to day EPS $ A company's reported earnings per shame for the last 12 muth 31 July 2007
Dally Vol. Number of total shares traded today NAV NetM Aset Value
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
PI/E losing price dividel by the-last 12 month earnings FINDEX The Fidelity Bahlumas Stock Index. Januaryy 1. 1994 100
(S) 4-,ir-l1 Stock Rpillt Effectilve Date O18/2007
TO TRADE CALL COLINA 242-502-7010 / FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 9894-2g


rw-IlsmC--Vlqw-


THURSDAY, OCTOBER 25, 2007, PAGE 5B


NOTICE
NOTICE is hereby given that OLIVE SYLVIA MILLER of
FORT FINCASTLE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why. registration/ naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 18TH day of
OCTOBER, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.




Responsibilities include:
* Accounts payable and Receivable
* Processing insurance claims
* Reviewing and reconciliation of daily cashier reports and deposits
* Recording minutes at meetings and producing accurate transcripts
* Carrying out other administrative duties relative to Administrator's
Office
* Maintaining and organizing filing system

Applicant must be:
* Self-motivated and able to work without supervision
* Proficient in Microsoft word, Excel, Quickbooks
* Matured, responsible and accountable
* Able to deal tactfully with customers

Personal Attributes:
* Highly confidential in nature
* Good oral, written and human relations skills
* Excellent work attitude, punctuality and attendance record

Interested persons may submit their resumes in writing along with copies
of their certificates to address below no later than November 9th, 2007:

Human Resources Department
Re: Administrative Assistant
P.O. Box SS-6023
Nassau, Bahamas













PAGEe 25Bh, TI




M T L Te Trbun


CROWN ALLOTMENT NO. 77
MURPHY TOWN, ABACO

I All that lot of land having an area of 6,790
S4 sq. ft. being Crown allotment No. 77, of
| Murphy Town, Abaco Bahamas. Located on
the subject property is a single storey single
family concrete building. This house is less
than 5 year old and is in good condition with approximately 1,750 sq. ft of living
space and contains 3 bedrooms, 2 bathrooms, living room, dining, kitchen, laundry
and utility spaces. There is no significant improvements or deterioration evident.
The property is very well drained and not susceptible to flooding. Landscaping
efforts are still in remedial stages. All major public and private utilities are situate
within 100 ft of the subject site. Property boundaries are clearly delineated.
Appraisal: $167,580.00
The subject property is situate off the front street, Murphy Town, Abaco and
is painted light yellow trimmed dark yellow.


S(Lot No. 62, Lower
Bogue) ELEUTHERA
All that piece parcel or lot of land
and improvements, in the settlement
.. of Lower Bogue, North Eleuthera,
.--being No. 62, comprising of about
- 34,210 sq. ft., this site encompasses
a 12 year old single storney home
comprising of 4 bedrooms, 3
bathrooms, front room, dining, breakfast room, kitchen and laundry room,
with a total living area of approximately 2,342.06. Property also includes
a double car garage, and front entrance with a total sq. ft. of approximately
655.75. This home is approximately 85% completed. The property is
well landscaped with crab grass, fiascos and some fruit trees.

Appraisal: $235,638.00
This property is situated on the western side of Eleuthera Highway in
the settlement of Lower Bogue.


KENNEDY SUBDIVISION
(NASSAU)

Sll Lot no. 21 all utilities available 10 year
i old single story house, 3 bedroom 2
bathroom, living room, dining area, family
.-.,room, kitchen, study, laundry and an
.... . entry porch.

Appraisal: $188,406.00

Heading west along Soldier Road take main entrance to Kennedy Subdivision
on the left, then take the 1st corner on the left then 1st right, house is second
on your right with garage.


Investment Opportunity Must
pSell Lot No. 217 Pinewood
e-" .v Gardens Subdivision
..,, All that lot of land having an area of 5,000 sq ft,
being Lot No. 217 of the Subdivision known as
Pinewood Gardens, the said subdivision situated
in the Southern District of New Providence
Bahamas. Located on this property is a structure
Comprising of an approximately 20 yr old single
Family residence consisting of 992 sq. ft of
enclosed living space with 3-bedrooms, 1-
bathroom, living/dining rooms, kitchen, drive way and walk way. The land is on a grade and
level and appears to be sufficiently elevated to disallow the possibility of flooding. The grounds
are fairly kept and yard is open.
Appraisal: $127,988.00
Traveling south on East Street to the junction of Soldier Road, make a left at the light then turn
right into Kennedy Subdivision, go all the way to T-junction, turn right then first left then right again
toward Mount Tabor Chuich building, after passing Mount Tabor take first left sapodillaa blvd), the
subject house is about 400 yards on the right painted yellow trimmed green, with green and white
door.


LOT NO. #7, BOILING
HOLE SUBDIVISION
*a P ? .-. All that piece parcel or lot of land
and improvements situated on the
W Island of Eleuthera, North of
Governor's Harbour, comprising of
Lot No 7 in the Boiling Hole
Subdivision and comprising of
approximately 10,000 sq. ft., this site encompasses a 17 years old duplex with
each unit consisting of 2-bedrooms; 1 bathroom, frontroom, diningroom and
kitchen with a gross floor area of approximately 1,474.20 sq. ft. and covered
porch area of approximately 164.70 sq. ft. this duplex was built in accordance
with the plan and specification as approved, and at a standard that was
acceptable to the Ministry Of Public Works. This structure is in good condition.
Each apartment could be rented at $800.00 per month. The land is landscaped
and planted with ficus trees, but needs some manicuring.
APPRAISAL: $153,521.00


Lot No. 130, St. Andrews
Beach Estates

SAll that lot of land having an area of 8,100
S" ....... -- sq ft, being lot no. 130, of the subdivision
known and designated as st. andrews beach
estates, the said subdivision situated in
the eastern district of New Providence,
Bahamas. located on the subject property
is a structure comprising of anapproximately 12yr old duplex apartment consisting of
approximately 2,072 sq. ft. of enclosed living space which includes one 3-bedroom
1-bath, living, dining rooms, kitchen and utility room, and one 2-bedrooms, 1-bath,
living/dining rooms and kitchen, the land is on a grade and level: however the site
appears to be sufficiently elevated to disallow the possibility of flooding during annual
heavy rainy periods of the year. The grounds are fairly kept: the yard is enclosed with
chained linked fencing at the sides and hack with gated access on both sides of the
property. The front lawn section is not enclosed.

Appraisal: $245,237.00
Traveling east on vamacraw hill road take the third corner right, with sign for st andrews beach
estates, then take first left. then first right, the subject property is the 2nd property on the left side
painted beige trimmed orange.


LOT NO. 1490 GOLDEN GATES SECTION 2


S .;- ..3 All that lot of land having an area of 6,000 sq. ft. being lot no. 1490 of the subdivision known and designated
.. --as Golden Gates, the said subdivision situated in the southwestern district of New Providence, bahamas.
SThis property is comprised of a 25 yer old single family residence consisting of approximately 2,480 sq.
S. ft. of enclosed living space with three bedrooms, three bathrooms, living, dining rooms and kitchen.

--- possibility of flooding during annual heavy rainy periods of the year. The grounds are fairly kept, ith
improvements including driveway, walkway and low shrubs. Yard is enclosed on one side wth a 5 foot chain linked fencing and a low cement block wall to the front.
Appraisal: $162,400.00

Traveling west on Carmichael Road turn left then right onto the service road opposite Bahamas Faith Ministries Complex, then first left again after passing clico and
pre-school. The subject house is the 6th house left painted green trimmed.white.






Rainbow Subdivision Lot No. 3, Block 27
All that vacant lot of land having an area of approximately 14,052.59 sq. ft. being lot no. 3, block 27, section b, of Rainbow Subdivision with residential zoning. This property is bounded about
103.44 ft north by Queens Highway, and 137.02 ft. East and about 99.94, ft south of Rainbow Hill Circle. 139.91 ft West. All utilities and services available.
Appraisal: $37, 440.00


BLACKWOOD, ABACO
All that lot of land having an area of approximately 258,064 sq. ft. This property is yet to reach its highest and best use. It is ideally suited to single or multi-family development as is the nature of
surrounding properties within the community. The site may also serve well as a commercial site as the area remains un-zoned the property remains largely in its original state. It is covered with low
brush and broad leaf coppice vegetation intersperse with broad strands of mature Yellow Pine indigenous to the area. The property is well drained and represents no immediate flooding danger under
normal conditions.
APPRAISAL: $219,354.40
The subject property is vacant and is situated at the Southeastern entrance of the Community ot Blackwood, Abaco. rhe property is undivided and comprises approximately 6 acres of a larger tract
of land of approximately 26 acres.
NORTH ELEUTHERA HEIGHTS (ELEUTHERA)
Lot 420 approximately 11,200 sq. ft., and bounded on North by Early Settler Drive and South by Deal Investment Ltd.. this is a single family zoning and 50 ft., above sea level. This site encompasses
'a foundation with plumbing and roughing inplace and well compacked quarry fill. The concrete floor has not been poured as yet. 1 The foundation is 2,511 sq. ft. Lot #20 situated 1.5 miles east wardly
of the Bluff Settlement. Thre said lot is vacant and a hill over looking the Atlantic Ocean. Appraisal: $41,275.00

For conditionS 55. *s of sle ad othr inormaton-cntac


-------


`-------~'


PAGE 6B, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE








I un UY, u UDctl-l ,e0, rIUU/, r-rmc /


TUL TDIDI INIlC


I iTI IB mLbulJ4L


INVESTMENT OPPORTUNITY


LOT No. 21 B FRASER ALLOTMENT
OFF SOLDIER ROAD Al


m


appraisal: $258,000.00


I The subject property
con-sisting of 8,400
square feet is
Developed with a
split leveled home
with 1925 square
feet of floor area on
I the ground floor, a
porch area of 437
square feet and
.. second floor area of
. "-' 735 square feet# The


building is of sound construction and completed in its entirety. The
ground floor comprises 2 bedrooms, one bath, a kitchen, dining and
family room. The second floor comprises two bedrooms, one bath, living
and dining areas.
Directions to property: Heading East on Soldier, turn left onto first paved
road opposite Lowes Wholesale, 2nd to last house on the road with
chain linked fence.


SANDYPORT


Appraisal: $300,000.00


All that lot of land having an area of 9,626 square feet, being lot number 40,
of the subdivision known as SandyPort, situate in the Western District of
New Providence. The property is irregular in shape, is on a level grade and
zoned as single family residential. An electrical connection outlet is located
near the property. The property is located on Sandy Port Drive just on the
bend before Governor's Cay on the Southern Side of the road.


No. 17 WESTRIDGE ESTATES


Appraisal: $930,000.00
All that lot of land having an
area of 30000 square feet,
being lot Number 17 of the
subdivision known as
Westridge Estates Addition.
Situate in the Western District
on the island of New
Providence.


'WlIr '"" .' Located on the subject
e "... J "y lS''. property is a newly
constructed single story
S. structure comprising 6,000
feet of living space with a
three Car Garage.
The building is 75% completed and comprises five bedrooms, four and a
half baths study, living/dining, family room, kitchen, laundry and
generator room.
Location: From SuperValue West Bay, take the road heading west into
Westridge, take the first corner on the Right, Westridge Drive. Subject
property will be about the seventh on the right hand side of the road.


FAIRWAY MANOR CONDOMINIUM Appraisal: $73,000.00


WTW'm w 'U Wff*-~~ U


Apartment 402, 2 bedrooms, 2 bathrooms.
Lot 4, Block GN, Edward Birch Curt, Bahamian North


LOT No. 20, BLOCK 1, UNIT 3
FORTUNE POINT SUBDIVISION


Appraisal: $38,000.00


All that lot of vacant land having an area of 12,650 sq. ft. being lot No.
20, Block 1 Unit 3 of the Subdivision known and designated as Fortune
Point Subdivision, Freeport, Grand Bahama. Duplex property zoning with
a rectangle shape.


Appraisal: $108,000.00


PORTION OF MURPHY TOWN CROWN
ALLOTMENT, MURPHY TOWN, ABACO.


r ".


-W !
'"" 7 '"



i.JS~r'eff1g^1; '


The property is 89 x 100 ft
and rectangular in shape.
The land is elevated
approximately 15 ft above
road level and
approximately 25 ft above
sea level. Located on this
property is a twenty-year-
old three bedroom, two
bathroom, living, dining,


kitchen and laundry room house. The structure requires much
attention.


"l*"'"" ..............


EXUMA
DUPLEX IN LOT 6625
BAHAMA SOUND No.


EXUMA


Appraisal: $170,000.00


8, EAST, EXUMA
Trapezium shaped lot 35
a ft. above sea level
comprising 10,000 sq. ft.
Situated thereon is a 10-
year-old single storey
duplex, 2 bed, 1 bath,
kitchen, living/dining
area and porch.
(Building is in need of
repairs). A


Appraisal: $673,075.00


The subject property is located
on Kingway Road and is
developed with an area of
20,000 square feet. Situated
thereon is a residence
comprised of 3,645 square feet
of living accommodations,
inclusive of 4 bedrooms, 2
baths, with laundry and utility
spaces and a two bedroom one
bath guest cottage of 600
square feet. The property is
fenced with white picket


I1~


fencing and has a Gazebo at the highest portion of the property.


PARCEL OF LAND, PALMETTO POINT
ELEUTHERA Appraisal: $112,105.00
All that piece, parcel or lot of land 2,743 feet East of the junction of the
Palmetto Point road and main Eleuthera Highway containing 2.45 acres.
This site encompasses a 28-year-old single storey concrete structure of
approximately 832 square feet of enclosed floor space inclusive of shop
space and rest room facilities.


ABACO


CASTELRAG ESTATES, LOTS 129 & 130
EXUMA HARBOUR SUBDIVISION


TO VIEW PROPERTIES

GO TO:

www.stopnshopbahamas.com

CM on "Real Estate Mall"

C&id on Doorway

"Enter Online Store"


I


---


.. .. ... .. .. .. .... I.. .. .. .. .. .. .. .. .. ..I --- -- -- -- I 1

l^FOR CONDITIONS OF SALE AND ANY OTiTHER IN' I^^^^^^^^^^^^^^HARRY COLLIET Ca 502-3034^^^T*

i^^^^^^^^^^^^^E-mail har^ryTclli^sctgiabanyrk^^^^^^^^com^^
^^^^^^^^^^^^^^^^B^T^ mnrTT73n ^^T*uT^*^Tw~^^^^^^^^^^^or^^^
KS^^M~cH^BB~ffB~PHILIP WHI^TE ?@T502-3077T^


I


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NEW PROVIDENCE FAMILY ISLANDS


I


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V T,


. I






PAUL. 6b, THURSDAY OCTOBER 25, 2007


"Your Bahamian Su ermarkets"



SUPER
VALUE
NOW ACCEPTING
UYSUNCARD
S The Bahamian Credit Card
QUALITY RIGHTS AND PRICES RESERVED


SPECIALS GOOD OCT. 25. OCT. ..31,20 .7"... ....


BETTER VALUES
OUR SERVICE

GUARANTEED
DOUBLE STAMPS EVERY SUNDAY,


I HEL HiIBUNi
I I I I I [ 1


MUELLER'S
READY CUT
MACARONI
16 oz.


w _
A A '


I I ,.


1
I,


HUNT'S
ETCHU


36 oz.

17


MAHATMA
LONG GRAIN/
PARBOILED
RICE
5 lb.


p .44


*II


KRAFT

SAUCES
Asst'd. 18 oz.
$ 99
v 1


- HELLMANN'S
REGULAR
MAYONNAISE
30 oz.


COKE
SODAS


12 oz. can
(CASE)


$1


SGLADE
AIR
FRESHENER!
9 oz
2/$ 300


i : I 1 ":I


CJ
CI


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BREA
soL
GALl
CHE


.MBL'
VEGTALE


BARBER
CRE [
CRACKERS
200 gm
sl-1ftar
^HIH_^B B~^Now


Q


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11, 'll-


1 99


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SUVLKJnL
7i~rM IAP7










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IE PLACE



)R MEAT

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BAR-S
MEAT &
CHICKEN


HOT DOGS
12oz.


.000


PORK

CHOP

ENDS
per Ib


CHAMBER, from 1

Association olf the Bahamas' vice-
president, Marlon Johnson, have
urged the (ovcrnmenlt to totally
reform and restructure the agen-
cies charged with providing
financing and business advisory
and support services to Bahamian
entrepreneurs.
They have urged the creation
of a Bahamas Small Business
Agency, formed from merging
the Bahamas Agricultural and
Industrial Corporation (BAIC),
Bahamas Development Bank,
government loan guarantee pro-
gramme and government-spon-
sored venture capital fund, into
one. This consolidation is seen as
eliminating bureaucracy and red
tape, and speeding up the licens-
ing and approvals process for
Bahamian businesses.
While backing Mr Johnson's
call, Mrs Wright said that instead
of relying on the Government,
the private sector should instead
seek to fill the breach itself,
"jumping on it and doing some-
thing about it. They may find
there is tremendous financial g*min
as a result.
"Calling on the Government
for everything is not the right
answer, and not how a private


sector ought to operate," Mrs
Wright added.
As an example of a Bahamian
company meeting the demand for
business advisory and support ser-
vices, Mrs Wright pointed to the
firm she had established after
leaving Bank of the Bahamas
International, World Corporation
Group, and its subsidiary, Busi-
ness Builders.
The latter took a business con-
cept and helped its author build
the firm and its structure, doing
"all the legwork in navigating the
bureaucracy". Business Builders
helped devise a structure and reg-
ister the business name, obtained
all necessary government licences,
permits and regulatory approvals,
researched the target market,
established the relationship with
the National Insurance Board
(NIB), and helped with the cre-
ation of accounts and an inde-
pendent Board of Directors.
Creating such a set-up, Mrs
Wright explained, would ensure a
business was "seen in a much bet-
ter light than just a business
attached to the hip of its propri-
etor" when it approached com-
mercial banks and other capital
sources for funding.
"As business people, when
there are any deficiencies or
shortcomings on the part of gov-
ernment, what we should do is


recognize that there is a bounty of
opportunities for private citizens
to get involved," Mrs Wright said.
"I think we are failing ourselves
as business people if we continue
to look to government to start
initiatives that could be, and
ought to be, run by private busi-
ness people."
She added: "We all know small
businesses need a hand, and there
are many ways we could improve
on the initiatives done so far......
"[But] the last thing we need as
business people is to wait for the
Government to create a depart-
ment, staff it, train it, and fund it
before they can give small busi-
ness people a hand.
"As a private citizen, a profes-
sional, I could provide a service
the same way the Government
can. There is no reason why a pri-
vate sector individual cannot see
that as an opportunity to help
small businesses."
Mrs Wright said many Bahami-
ans were looking for opportuni-
ties "in the wrong places" '. She
added that technology companies,
should be "sending their propos-
als in like crazy" to the Govern-
ment on how all departments
could be computerised for e-gov-
ernment, in this way holding
administrations accountable for
promises they had made in their
manifestos.


KSTONE, 8 oz. GREEN GIANT, 12 Ears
R CREAM,.............$2.19 CORN-ON.COB.........................$4.79
XY SANDWICH, 10 oz. GREEN GIANT, Asst'd. Frozen, 10 oz.
ESE......................2/$2.99 VEGETABLES-......... ........$2.19
f DELIGHT, 64 oz. PEPPERIDGE FARM ASST'D, 19 oz
IUS PUNCH.........$2.99 LAYER CAKES........................$2.99


AR MAYER
IANKS
F/iJUMBOI
4 LENGTH
1 lb.


OSCAR MAYER
COTTON
SALAMI
12oz.

$0329


COUNTRY TREAT
.AZED DONUTS
12 pk

$599


BAR-S
SLICED
COOKED
HAM


WHOLE ROTISSERIE
CHICKENS
each

$799


-S EB- s


SWEET
ELLOWV
CORN

$18


S EET
ERME I f

9C lb.
4fa~tper


/GREEN
PEPPERS
per lb.


Residential real estate developer is seeking a guest relations coordinator. This
person will meet and greet prospective buyers and will assist the sales team. The
successful candidate will possess the following experience and qualifications:

* Successfully completed high school; with C+ or above in all major subjects.
* Excellent communications and administrative skills
* Goal-oriented team player.
* Flexible schedule (weekdays/weekends/holidays as schedule).
* Ability to follow standard (and detailed) office/administrative procedures
* Professional appearances and demeanor
* Computer literacy
* Previous experience in the hospitality industry, preferred.

Competitive salary plus bonus tied to results.

Interested persons should submit their resume to:
The Office Administrator
Emailh:eknowles@hll-





BED BATH & Hommi


-*


. .-.. .~-. . .. :


P-i


SI


~I


BED SPREADS I 01 O LAMPS
CHAIR THROWS 209 0 ELITE BLENDERS
THROW PILLOWS JN PENG POT SETS
FOOT REST/OTTOMANS AtE SILICONE BAKEWARES
TOUCH OF VELVET SHEET SETS PFALTZGRAFF
LADY SANDRA COMFORTER SETS


Si "4 I. : J. A I m !M III


Located: Harbour Bay Shopping Center
Ph: 393-4440 or 393-4448 )


1.... I II '


~------


I-


~I Lg[U~


THE TRIBUNE


THURSDAY, OCTOBER 25, 2007, PAGE 9B


I












r .UU I IIUI I~.II I u"MtI i I JDC. rI C-0, c .uJI


' illTHEITRIBUNE


BANK OF THE BAHAMAS LIMITED

CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2007
(Expressed in Bahamian dollars)


2007


ASSETS
Cash and due from banks (Note 5)
Account with The Central Bank of The Bahamas (Note 5)
Investments (Notes 6 and 19)
Loans and advances to customers, net (Notes 7 and 19)
Accrued interest receivable (Note 19)
Prepaid expenses and other assets (Note 19)
Investment property (Notes 8 and 16)
Goodwill, net (Note 10)
Fixed assets, net (Notes 9 and 16)
Customers' liabilities under acceptance,
guarantees and letters of credit
TOTAL
LIABILITIES
Deposits from customers and banks (Notes 11, 19 and 20)
Bonds payable (Notes 12 and 19)
Mortgage backed bonds (Note 13)
Cheques and other items in transit
Accounts payable and other liabilities (Note 19)
Interest payable on bonds (Note 19)
Acceptances, guarantees and letters of credit
Total liabilities
EQUITY
Share capital (Note 14)
Share premium
Treasury shares (Note 15)
General reserve (Note 14)
Retained earnings
Total equity

TOTAL

See notes to consolidated balance sheet.

This consolidated balance sheet was approved by the Board of
and is signed its behalf b:


Director Wr


$ 75,853,807
48,775,950
27,903,000
486,921,172
691,819
2,488,729
3,080,000
1,075,759
7,434,002

4,038,434
$ 658,262,672


$ 509,094,107
17,000,000
20,000,000
7,565,470
4,212,579
567,623
4,038,434
562,478,21'3


30,364,990
28,587,866
(237,329)

37,068,932
95,784,459


2006
(As Restated)

$ 28,978,706
15,220,224
28,903,000
454,780,689
515,621
2,941,098
3,010,000
1,115,277
6,458,570

3,840,839
$ 545,764,024


$ 444,695,877
17,000,000

2,093,391
2,778,943
2,561
3,840,839
470,411,611


15,600,000.
28,587,866
(245,739)
1,400,000
30,010,286
75,352,413


$ 658,262,672 $ 545,764.024


27, 2007,


BANK OF THE BAHAMAS LIMITED

NOTES TO CONSOLIDATED BALANCE SHEET
YEAR ENDED JUNE 30, 2007


1. GENERAL

Bank of The Bahamas Limited (the "Bank"), trading as Bank of The Bahamas International, is
incorporated under the laws of The Commonwealth of The Bahamas. The Bank is licensed
under the provisions of the Bank and Trust Companies Regulations Act 2000. The Bank is
also licensed as an authorized dealer pursuant to the Exchange Control Regulations Act. The
Bank is the holder of a broker dealer license from the Securities Commission.

The Bank's shares are publicly traded and listed on The Bahamas International Securities
Exchange. The Government of The Commonwealth of The Bahamas and The National
Insurance Board own 51% of the issued shares. The remaining 4 hares are owne~'fby
approximately 4,000 Bahamian shareholders. The Bank's head office is located at Claughton
House, Shirley and Charlotte Streets. The registered office is located at Sassoon House,
Shirley Street, Victoria Avenue, Nassau, Bahamas.

The Bank's services include the provision of commercial and retail banking and trust services,
private banking and the issuance of Visa branded prepaid cards. The Bank has eleven
branches: four in New Providence, two in Grand Bahama, two in Andros, one in San Salvador,
one in Exuma and one in Inagua. A subsidiary named BOB Financial Services Inc. was
incorporated in Coral Gables, Florida on June 30, 2005. As of year end this subsidiary has not
commenced operations. The main activities of BOB Financial Services Inc. will be the
provision of trade financhig, debit card and other financial services.

The Bank carries out international business through its correspondent banking relationships
with Bank of America, JP Morgan Chase, Bank of Montreal, Citibank NA and Lloyds Bank
PLC. The Bank is also an agent for American Express and MoneyGram.


2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

In the current year, management has adopted all of the new and revised standards and
interpretations'issued by the International Accounting Standards Board (the "IASB") and the
International Financial Reporting Interpretations Committee (the "IFRIC") of the IASB that
are relevant to its operations and effective for accounting periods beginning on January 1,
2006.

Management has selected to present information regarding the objectives, policies and
processes for managing capital (see Note 27) required by amendments to IAS 1 Presentation of
Financial Statements that became effective as 6f January 1, 2007.

The directors anticipate that the adoption of this standard will have no material impact on the
Bank's consolidated balance sheet.


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

The consolidated balance sheet.has been prepared in accordance with International Financial
Reporting Standards ("IFRSs") as promulgated by the International Accounting Standards
Board ("IASB") and with the interpretations issued by the International Financial Reporting
Interpretations Committee of the IASB. Certain amounts included in or affecting the
consolidated balance sheet and related disclosures must be estimated, requiring management to
make assumptions with respect to values or conditions which cannot be known with certainty
at the time the consolidated balance sheet is prepared. A "critical accounting estimate" is one
which is both important to the portrayal of the Bank's financial condition and results and
requires management's most difficult, subjective or complex judgments, often as a result of the
need to make estimates about the effect of matters that are inherently uncertain. Management
evaluates such estimates on an ongoing basis based upon historical results and experience,
consultation with experts, trends and other methods considered reasonable in the particular
circumstances, as well as the forecasts as to how these might change in the future.

Impairment

Tangible assets

The Bank has made significant investments in physical assets. These are tested for impairment
when circumstances indicate there may be a potential impairment. Changes in circumstances
and management's evaluations and assumptions may give rise to impairment losses in the
relevant future periods.

Loans and advances to customers and banks

The Bank has significant investments in loans receivable. These assets are assessed for
impairment on an ongoing basis. Management's process for this assessment is presented in
Note 4d. Loans receivable will continue to be closely monitorLd, and adjustments made in
future periods if the performance of the portfolio declines due to circumstances which arise
during those periods.

Investments

The Bank has significant holdings in held to maturity investments. These investments are
assessed for impairment on an ongoing basis. Management's process for this assessment is
presented in Note 4e. Changes in circumstances and management's evaluations and
assumptions may give rise to impairment fosses in the relevant future periods.


Goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the
cash-generating units to which goodwill has been allocated. The impairment test calculation
requires the entity to estimate the future cash flows expected to arise from the cash-generating
unit and a suitable discount rate in order to calculate present value. Cash flows are determined
by using the projected inflows and adjusting for non-cash transactions primarily depreciation
and loan losses, less projected capital outflows.

The impairment charge is determined by taking the difference 1%etween the present value of the
branch's projected cash flow and its book value.

Further details are presented in Note 10.


4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been consistently applied by the Bank:

a. Subsidiaries Subsidiaries are those enterprises controlled by the Bank. Control exists
when the Bank has the power, directly or indirectly, to govern the financial and
operating policies of an enterprise so as to obtain benefits from its activities.

These consolidated financial statements include the financial statements of the Bank's
wholly-owned subsidiaries,,, BAHTCO Ltd. (the Bank's Trust Company) and BOB
Financial Services Inc.

Upon consolidation, all significant intercompany balances aie eliminated.

b. Cash and cash equivalents Cash and cash equivalents consist of cash and due from
banks and accounts with The Central Bank of The Bahamas.

c. Loans and advances to customers and banks Loans and advances to customers and
banks are stated at the principal amounts outstanding including accrued interest net of
provisions for losses on loans and advances.

Non-accrual loans and overdrafts are identified as impaired and placed on a cash (non-
accrual) basis when it is determined that the payment of interest or principal is doubtful
of collection, or when interest or principal is past due 90 days or more, except for loans
that are fully secured and in the process of collection, and loans to or guitteed by The
Government of The Commonwealth of The Bahamas.. A loan is fully secured when the
net realizable value of the collateral equals or exced the principal and outstanding
interest. A loan is considered to be in the process of collection if the collection efforts
are reasonably expected to result in repayment of principal and interest, or restoration to
current status.


When a loan is identified as non-accrual, the accrual ofItmtrest is discontinued and any
previously accrued but unpaid interest is charged against current earnings. Thereafter,
interest is included in earnings only to the extemtiactally received in cash. When there
is doubt regarding the ultimate collectibility of principal, all cash receipts mi applied to
reduce the principal. Further, while interest continues to accrue, it is not added to the
principal nor recognized as income, but rather is suspended.

Cash basis loans are returned to accrual status when all contractual principal and interest
amounts are reasonably assured of repayment and/oi there is a sustained period of
repayment performance in accordance with contractual terms.

Provision for loan losses Provision for loan losses represents management's estimate of
probable losses inherent in the loan'portfolio. Provision for loan losses is comprised of
specific and general provisions.

Specific provision is maintained to reflect anticipated losses related to specific loans, or
in the case of consumer loans that are not secured by real estate, on the aggregate
portfolio. Specific provision is established for non-consumer loans and consumer loans
secured by real estate individually when, in management's view, collection of interest
and/or principal is doubtful. The amount of specific provision is based on the extent to
which the principal is judged to be uncollectible.

The specific provision for an impaired collateral-dependent loan, where repayment is
expected to be provided solely by the sale of the underlying collateral, is set at ao
amount equal to the difference between the principal balance and the net realizable value
tof the collateral. Net realizable value represents-the discounted market price of the
collateral less all costs associated with its disposition. For unsecured loans, the Bank
calculates the provision by applying factors based on the past due status of the loans.

The general provision represents management's estimate of probable but unrealized
losses inherent in the loan portfolio against which specific provisions have not been
established.

Consumer loans that are not fully secured by real estate are fully provided for when they
are contractually in arrears more than 180 days. All other loans are provided for when
the following conditions exist: i) contractually in arrears; ii) underlying collateral has
been exhausted; and iii) no payment has been received within 180 days thereafter.
Where a loan is being provided for, specific provision is increased to the principal
amount of the loan.

d. Investments Investments classified as held-to-maturity ae carried at amortized cost.
Investments are. assessed for impairment using qualitative factors including the
creditworthiness of the counterpart.

e. Foreign currency The reporting currency of the Bank is the Bahamian dollar (B$).
Foreign currency monetary assets and liabilities are converted into B$ at market rates of
exchange prevailing on the balance sheet date. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at historical cost or amortized cost are
recorded at the exchange rate ruling at the date of transaction.

f Fixed assets Fixed assets (excluding building) are stated at cost less accumulated
depreciation and amortization. Building is stated at estimated salvage value of $290,150
with subsequent additions at cost less accumulated depreciation.

Depreciation and amortization are calculated on a straight-line basis using the following
annual rates:


Building
Leasehold improvements
Furniture, fixtures and equipment


2%
20 33.33%
20 50%


Leasehold improvements are amortized over the shorter' of the economic useful life of
the asset or the lease term and taking into consideration any extension of the lease term
if there is reasonable expectation of renewal. The amortization term however does not
exceed five years.

g. Accounts payable and other liabilities Accounts payable and other liabilities are
recognized in the consolidated balance sheet when the Bank has a legal or constructive
obligation as a result of a past event, and it is probable that an outflow of economic
benefits will be required to settle the obligation.

h. Acceptances, guarantees and letters of credit The cofWingent liability of the Bank
under acceptance, guarantees and letters of credit it corded as a liability in the
consolidated balance sheet. An offsetting asset is recorded to reflect the Bank's recourse
against customers in the case of a call on any of these commitments.

i. Related parties Related parties include all Ministries and Departments of The Bahamas
Government, Government Corporations, Subsidiaries and Agencies as well as directors
and key management personnel of the Bank.

j. Savings plan costs Savings plan costs are charged to general and administrative
expenses and are funded as accrued.

k. Assets and liabilities under administration Assets and liabilities under administration
on behalf of clients are not included in the consolidated balance sheet.

1. Taxes The Bank's subsidiary, BOB Financial Services Inc. is required to comply with
United States Federal and State tax laws, regulatory and reporting requirements.


Mi Investment property Investment property, which is property that management intends
to develop for rental purposes, is measured initially at cost, including transaction costs
and thereafter it is stated at fair value based on appraisals by recognized valuation
experts.

On ann annual basis the investment properly will be assessed for impairment.

n Goodwill Goodwill arising on the acquisition of the Harold Road branch represents the
excess of the cost of the acquisition over the fair value of the not as.cets acquired lib the
Bank. Goodwill is tested annually for I" M A 'n cd c Tirmen
loss at yeai end. ,' ..


_ ~___ __ ~__~__


THE TRIBUNE











THE TRIBUNE


THURSDAY, OCTOBER 25, 2007, PAGE 11B


5. CASH AND CASH EQUIVALENTS

The following is an analysis of cash and cash equivalents in order of maturity:


2007
$ 67,473,268
16,006,489
39,605,000
1,545,000


2006
$ 27,190,330
9,016,178
7,642,422
350,000


$ 124,629,757 $ 44,19g,930

Included in cash and cash equivalents is the statutory reserve account with The Central Bank of
The Bahamas of $15,649,520 (2006: $14,213,100). All balances with The Central Bank of
The Bahamas are non-interest bearing.

The following is an analysis of cash and cash equivalents by geographical location:


Bahamas
United Kingdom
North America


Cash
Balances with banks and The
Central Bank of The Bahamas


2007 2006
$ 59,385,661 $ 25,675,718
458,175 233,990
64,785,921 18,289,222

$ 124,629,757 $ 44,198,930


$ 4,822,662 $ 4,665,848

119,807,095 39,533,082


$ 124,629,757 $ 44,198,930

6. INVESTMENTS

Investments, which are classified as held to maturity, are held with related parties and consist
of the following:


2007


2006


Held to Maturity

Bahamas Mortgage Corporation Bonds


Interest Rate
5.000% effective rate
3.500% effective rate


Series
K
K


Bahamas Government Registered Stocks
Maturity Interest Rate
2007 1% above prime
2008 6.375%
2010 .625% above prime
2011 7.000%
2012 .750% above prime
2013 1% above prime
2015 .1875% above prime
2018 .5625% above prime
2021 .15625% above prime
2022 .1875% above prime
2023 .21875% above prime
2024 .25% above prime
2024 .25% above prime
2025 .28125 above prime
2025 .28125 above prime
2019 .46875% above prime
2019 .25% above prime
2020 .5% above prime
2020 ... .34375% above prime
2021 .1875% above prime
2021 .21875% above prime
Balance carried forward




Bahamas Government Registered Stocks
Maturity Interest Rate
Balance brought forward
2021 .375% above prime
2022 .25% above prime
2021 .3125% above prime
2022 .40625% above prime
2022 .34375% above prime
2023 .28125% above prime
2024 .31250% above prime
2022 .2500% above prime
2023 .2813% above prime
2024 .31250% above prime


Interest Rate
1.25% above prime


Available for sale
1 Share held in The Bahamas International
Securities Exchange (fully written off)
Total investments


S 2,000,000 $ 2,000,000
700,000 700,000
2,700,000 2,700,000





1,000,000
3,000,000 3,000,000
683,500 683,500
3,000,000 3,000,000
4,000,000 4,000,000
675,000 675,000
459,900 459,900
244,000 244,000
328,100 328,100
642,100 642,100
400,300 400,300
795,400 795,400
290,100 290,100
787,700 787,700
218,300 218,300
273,600 273,600
1,546,100 1,546,100
1,600 1,600
884,600 884,600
723,200 723,200
650,700 650,700
19,604,200 20,604,200



2007 2006


19,604,200 20,604,200
869,000 869,000
65,200 65,200
2,352,300 2,352,300
216,000 216,000
1,418,400 1,418,400
79,600 79,600
110,700 110,700
223,900 223,900
102,000 102,000
25,200 25,200
25,066,500 26,066,500


136,500 136,500


$ 27,903,000


S28,903,000


At year-end the Bahamian prime rate was 5.5% (2006: 5.5%).


7. LOANS AND ADVANCES TO CUSTOMERS, NET

Loans and advances to customers are as follows:


2007


Mortgage loans
Commercial loans
Consumer loans
Business overdrafts
Personal overdrafts
Government guaranteed student loans


Less: provision for loan losses:
At beginning of year
Amount written-off
Recoveries
Provision charged to expense
At end of year

Accrued interest receivable

Loans and advances to customers, net


$ 260,534,541
142,830,084
36,218,498
30,575,473
12,204,748
8,349,121
490,712,465


6,5015,808
(1,689,314)
272,597
951,134
6,040,225


2006

$ 239,900,873
143,830,078
35,899,021
.19,312,694
9,210,408
11,044,893
459,197,967


3,569,603
(221,676)
465,499
2,692,382
6,505,808


2,248,932 2,088,530

$ 486,921,172 $ 454,780,689


During the year, the Bank wrote-off loans totaling $1,689,314 (2006: $221,676) against its
specific provision. These loans, however, are subject to the Bank's ongoing collections efforts.


Provision for loan losses is as follows:


Specific provisions:
Mortgage loans
Commercial loans
Consumer loans


General provision
Total

Non-accrual loans are as follows:

Mortgage loans
Commercial loans
Consumer loans
Total
Expressed as a percentage of loan portfolio


2007


$ 229,853
83,193
1,465,413
1,778,459
4,261,766
$ 6,040,225


2007
$ 6,604,121
8,956,854
2,358,481

$ 17,919,456
3.65%


2006


$ 357,538
576,923
1,648,387
2,582,848
3,922,960

$ 6,505,808


2006
$ 5,078,591
2,647,111
3,483,695

$ 11,209,397
2.44%


The following is an analysis of loans and advances to customers in order of maturity:


2007


0 2 years
3 5 years
6 10 years
Over 10 years


2006


$ 110,204,490 $ 96,220,309
32,380,668 52,405,073
128,783,771 123,043,069
219,343,536 187,529,516

$ 490,712,465 $ 459,197,967


The following is an analysis of the concentration of loans and advances to customers by
outstanding balances:


$0
$10,001
$20,001
$30,001
$40,001
Over


$10,000
$20,000
$30,000
$40,000
$50,000
$50,000


2007
No. of
Value Loans
$ 9,110,778 4,248
12,702,595 846
11,569,251 477
9,233,705 266
9,920,079 221
438,176,057 1,841

$ 490,712,465 7,899


2006


Value
$ 11,901,426
16,006,764
14,442,006
9,837,813
10,914,379
396,095,579


No. of
Loans
2,272
1,083
586
281
243
1,834


$ 459,197,967 6,299


8. INVESTMENT PROPERTY

The Bank owns land which is located at West Bay Street, Nassau. This land, which was
purchased in 2005 at a cost of $3,536,283, was carried at historical cost since that date.

It is management's intention to construct a commercial office complex on this land. 30% of
the complex will be used to house the Bank's headquarters and the remaining 70% will be
available for commercial rental. Management has allocated the land using these percentages
and in accordance with IAS 16 management has classified the portion of that land that has
been allocated to be used for its headquarters as fixed assets and that .portion of the land that
has been allocated for commercial rental as investment property in accordance with IAS 40.

As outlined in Note 16, a prior period adjustment has been made in the June 30, 2007, audited
consolidated financial statements to restate the investment property at fair value instead of
historical cost for 2006.

During the year, the land was appraised by a qualified appraiser who provided the valuation of
the land for 2007 and 2006. Management has calculated the increase in value relative to the
investment property as 70% of the total increase in value of land and has determined that the
increase in value applicable to the investment property is $70,000 for the current year and
$534,602 for the previous year.

9. FIXED ASSETS, NET

The movement of fixed assets during the year is as follows:


Furniture,
Land and Leasehold Fixtures and Work
Building Improvements Equipment In Progress Total


COST:
Beginning balance
(as restated)
Additions
Ending balance

ACCUMULATED
DEPRECIATION AND
AMORTIZATION:
Beginning balance
Depreciation and amortization
Ending balance
NET BOOK VALUE:

June 30, 2007
June 30, 2006 (as restated)


$2,396,675 $ 3,999,615
166,856
$ 2,396,675 $ 4,166,471




$ 828,770 $ 2,112,184
43,824 501,588
S 872,594 $ 2,613,772


$ 1,524,081 $ 1,552,699

$ 1,567,905 $ 1,887,431


$ 7,762,683
987,017
$ 8,749,700




$ 5,764,340
986,527
$ 6,750,867


$ 1,998,833

$ 1,998,343


$ 1,004,891
1,353,498
$ 2,358,389




$

$


$15,163,864
2,507,371
$17,671,235




$ 8,705,294
1,531,939
$10,237,233


$ 2,358,389 $ 7,434,002

$ 1,004,891 S 6,458,570


Land in the amount of $1,105,281 (2005: $1,105,281) is included in land and building.


10. GOODWILL, NET


2007


Goodwill, cost
Less accumulated impairment loss


2006


$ 1,115,277 $ 1,115,277
39,518__
$ 1,075,759 $ 1,115,277


Goodwill arose during the bank's acquisition of the business of the former Workers Bank
Limited. Goodwill is allocated to the Harold Road Branch where the book of business is being
managed. As at June 30, 2007, management determined that goodwill was impaired by
$39,518 (2006: Nil).

11. DEPOSITS FROM CUSTOMERS AND BANKS

Deposits from customers and banks are as follows:


2007


$ 379,750,386,
86,886,633
37,767,963


Term deposits
Demand deposits
Savings accounts


Accrued interest payable


2006

$ 332,093,730
77,750,754
31,772,428


504,398,982 441,616,912
4,695,125 3,078,965


$ 509,094,107 $ 444,695,877

The following is an analysis of the concentration of deposits from customers and banks by
maturity:


2007


Under 31 days
31 90 days
91 180 days
Over 180 days


$ 91,302,411
103,526,669
73,460,386
236,109,516


2006

$ 191,544,443
50,447,857
72,136,323
127,488,289


$ 504,398,982 $ 441,616,912


Under 16 days
16- 30 days
31 90 days
91 180 days


Maturity
2007
2007


Bridge Authority Bond


Maturity
2019


I a


I











PAGE 12B, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE


The following is an analysis of the concentration of deposits from customers and banks by size
of deposits:


2007


$0
$10,001
$20,001
$30,001
$40,001
Over


$10,000
$20,000
$30,000
$40,000
$50,000
$50,000


Value
$ 21,985,207
11,491,011
9,010,841
5,711,687
5,050,559
451,149,677


No. of
Deposits
26,724
829
371
165
114
802


$ 504,398,982 29,005


2006
No. of
Value Depsits5


$ 20,611,620
10,746,754
8,080,874
5,707,880
5,641,829
390,827,955


22,091
778
328
165
124
737


$441,616,912 24,223


In 1999, The Central Bank of The Bahamas established the Deposit Insurance Corporation (the
"Corporation"). The Bank paid an annual premium of $70,149 (2006: $111,696) to the
Corporation, which insures the funds of all individual Bahamian dollar depositors of the Bank
up to a maximum of $50.000.

12. BONDS PAYABLE

Bonds payable were issued to the National Insurance Board on May 1, 2002, and bear interest
at the Bahamian dollar prime rate which at year-end was 5.50% (2006: 5.50%). Interest paid
during the year totaled $935,000 (2006: $935,000). These bonds are secured under a trust
agreement by specific performing loans granted under the Government Guaranteed Advanced
Education Loan Scheme and/or other qualifiable assets which include Government registered
stock and cash.

The amounts and maturity dates are as follows:


Prime bond series A
Prime bond series B
Prime bond series C
Prime bond series D


Maturity
Due December 31, 2012
Due December 31, 2013
Due December 31, 2014
Due December 31, 2015


2007
$ 3,500,000
4,800,000
2,600,000
6,100,000


2006
$ 3.500,000
4,800,000
2,600,000
6,100,000


$ 17,000,000 $ 17,000,000


13. MORTGAGE BACKED BONDS

Mortgage backed bonds bearing interest of 1.75% above Bahamian dollar prime rate which at
year-end was 7.25% were issued in a private placement on January 1, 2007. Interest paid
during the year totaled $728,973. In accordance with the trust agreement, these bonds are
secured by the equivalent amount of performing mortgage loans in the Bank's portfolio.


Date
Redeemable
2011
2011
2011
2011
2011
2011*


Maturity
gaos
2022
2023
2024
2025
2026


Series A
Series B
Series C
Series D
Series E


14. EQUITY

SHARE CAPITAL
Share capital consists of the following:



Common shares:
!Authorized -25,000,000 shares of B$) eadh
Issued and fully paid 15,600,000
shares (2006: 15,600,000)
Preference shares:
Authorized 15,000 shares of B$1,000 each
Issued and fully paid 15,000 shares (2006: Nil)


$ 4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000


2007


$ 15,600,000 $


2006


15,600,000


14,764,990


$ 30,364,990 $ 15,600,000


Rights offering

Effective January 2006, the Bank had a successful rights offering resulting in the sale of
3,600,000 shares and total proceeds of $25 million. Costs related to the Rights Offering in the
amount of $401,198 were netted against the proceeds.

Preference shares

At the Bank's Annual General Meeting on November 18, 2004, the Bank's shareholders
approved a resolution to increase the authorized share capital of the Bank and allow the
issuance of non-voting cumulative preference shares redeemable at the discretion of the Board
of Directors. Effective October 2006, the Bank issued a total of B$ 15,000,000 in redeemable
preference shares at a rate of 7.5% per annum. In accordance with International Financial
Reporting Standards, as the preference shares are classified as equity, the dividends on these
shares are paid out of retained earnings. Costs which total $235,010 related to the preference
share offering were netted against the proceeds.

GENERAL RESERVE

The balance of $1,400,000 was transferred to retained earnings during the year.


15. TREASURY SHARES

In 2004, the Bank acquired 45,000 of its shares for the purposes of establishing an employee
stock incentive plan (see Note 24). The number of shares remaining at year end was 39,755
(2006:41,205).


16. PRIOR PERIOD ERROR

The Bank owns land which has been carried at historical cost of, $3;536,283 since being
acquired in 2005. It was management's intention to carry the property at fair value as
determined by a valuation expert and disclose as investment property as it will be used to
house the Bank's headquarters and the remaining 70% used for commercial rental. The
property was incorrectly shown as fixed assets instead of investment property. As result of this
error the Bank's earnings for the prior period was understated and has been restated in
accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
("IAS 8").

The Bank's consolidated financial statements have been restated in accordance with IAS 8 and
the summary of the restatement is as follows:

2006


Increase in investment property

Decrease in fixed assets


Increase in gain on revaluation of investment property

Increase in earnings per share


$ 3,010,000
$ 2,475,398

$ 534,602

$ 0.04


For additional details see Note 8 above.


17. CONTINGENCIES

Various legal proceedings are pending that challenge certain actions of the Bank. Most of
these proceedings are loan-related and are reactions to steps taken by the Bank to collect
delinquent loans and enforce its rights against collateral securing such loans. Management
considers that the'aggregate liability resulting from these proceedings will not be material.


18. COMMITMENTS

a. The approximate minimum rental commitments (exclusive of the effect of escalation
clauses as to taxes, maintenance, etc.) under operating leases for the years ending June
30, are as follows:


2008
2009
2010
2011
2012


$1,119,161
$ 905,456
$ 712,616
$ 511,748
$ 372,068


All leases contain renewal options for the next 5 years as well as escalation clauses.
There are no contingent rent payables or any additional restrictions placed on these lease
arrangements.

b. The commitment for loans at June 30, 2007 was $19,719,110 (2006: $29,883,039).

c. The Bank. has a commitment for future capital expenditure of $1,607,273 (2006:
$2,975,000).

d. The Bank has a commitment with Visa of $250,000 (2006: $250,000).


19. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Transactions and balances with related parties are as follows:


2007


Investments

Loans and advances to customers, net

Accrued interest receivable
Prepaid expenses and other assets

Deposits from customers and banks

Bonds payable

Accounts payable and other liabilities

Interest payable on bonds
Options exercised by key management
Number of shares exercised


2006


$ 27,903,000 $ 28,903,000

$ 18,034,944 $ 39,355,317

$ 691,819 $ 515,621
$ 199,824 $ 214,157

$ 137,516,277 $ 118,869,947

$ 17,000,000 $ 17,000,000

$ 630,628 $ 409,703

$ 5,123 $ 2,561
$ -$. 7,395
1,275


Included in accrued interest receivable from related parties is interest receivable on Bahamas
Government Registered Stocks, Bridge Authority Bonds, and Bahamas Mortgage Corporation
Bonds.

All loans to related parties are secured in the regular course of business; there were no
provision for doubtful debts against any of these balances as at June 30, 2007 (2006: Nil).

20. AVINWGS PLAN

The Bank has a defined contribution plan (the "Plan") in which eligible employees (those
having attained 25 years of age and confirmed in their positions) contribute a mininium of
3.5% of their annual salaries and the Bank contributes 6.5%. Employees become fully vested
after 2 years of plan membership.

Contributions for the year ended June 30, 2007 totaled $463,862 (2006: $377,415).

The Plan owns 210,826 (2006: 210,856) shares of the Bank. The holdings represent
approximately 30% (2006: 30%) of the Plan's net assets.

The Plan has deposits totaling $4,726,410 (2006: $3,766,859) with the Bank.

The Bank serves as the Trustee of the Plan.


21. ASSETS UNDER ADMINISTRATION

Assets under administration for clients in the Bank's fiduciary capacity are as follows:


2007


Government-guaranteed student education loans

Trust assets
Fiduciary deposits


2006


$ 48,364,588 $ 62,761,068
$ 23,229,290 $ 18,802,012
$ 7,486,782 $ 27,000,000


22. EMPLOYEE STOCK INCENTIVE PLAN

In 2004, the Bank established an Employee Stock Incentive Plan for all permanent employees
of the Bank. Individuals who were employees at the time of the Plan's formation were eligible
to purchase shares at the agreed option price of $5.80 until the time of expiry. Each employee
share option converts into one ordinary share of Bank of The Bahamas Limited. The options
carry neither rights to dividends nor voting rights. Options may be exercised under the Plan
from the time of vesting to the date of expiry.

The original options expired on June 30, 2007.

The following share based payment arrangements were in existence during the current ano
comparative reporting periods:


Balance at beginning of the financial year
Granted during the financial year
Forfeited during the financial year
Exercised during the financial year
Expired during the financial year

Balance at end of the financial year


2007
Number of Exercise
Options Price
41,205


(1,450) $
(39,755)


2006
Number of Exercise
Options Price
44,400


(3,195) $ 5.80


41,205


The employee share options were exercised in July 2006 and November 2005, at the current
market price at that time of $7.23 and $7.24 respectively.


23. DMDENDS

During the year the Bank paid dividends as follows:


September 25,2006
February 26, 2007


$0.16
$0.10


During the prior year the Bank paid dividends as follows:


August 19, 2005
November 4, 2005
January 27, 2006


$0.16
$0.07
$0.10


24. FINANCIAL ASSETS AND LIABILITIES

The estimated fair values represent values at which financial instruments could be exchanged
in a current transaction between willing parties. Where there is no available trading market,
fair values are estimated using appropriate valuation techniques. The fair values of non-
financial instruments, such as fixed assets, are not explained below.

The following methods and assumptions have been used in determining fair value:

Cash and cash equivalents, other assets and other liabilities Due to their short-term
maturity, the carrying values of these financial instruments are assumed to approximate their
fair values.

investments The estimated fair values of investments are based on quoted market prices,
when available. If quoted market prices are not available the estimated fair value of
investments are deemed to reflect cost or amortized cost.


I I










THE TRIBUNE THURSDAY, OCTOBER 25, 2007, PAGE 13B
THU RBN


Loans For floating rate loans that are subject to repricing within a short period of time, fair
values are assumed to be equal to their carrying values.

Deposits The estimated fair values of deposits are assumed to bhe equal to their carrying
values due to their short-term nature.


25. REGULATORY CAPITAL

The Bank is subject to regulatory capital requirements defined by he tCentral Bank of The
Bahamas. Two measures of capital strength are employed, capital to asset ratlo and risk-
adjusted capital ratios.

The Bank's capital to asset ratio was 14.55%, (2006: 13.81%) at the end of the fiscal year,
substantially above the 5% standard established by The Central Bank of I'he Bahamas.

In the evaluation of risk-adjusted capital ratios, best standards require the Bank to maintain
Tier I and total capital ratios of 4% and 8% respectively. Al June 30, 2007 the Bank's
weighted capital ratio was 21.16% (2006: 20.18%).


26. COMPARATIVES

In Note 7, loans and advances to customers, net was disclosed in the prior year as
$452,692,159. This balance is now disclosed as $454,780,689 due to the reclassification of
accrued interest receivable of $2,088,530 to loans and advances to customers, net.

In Note 9, a category termed Work in Progress has been added and a balance of $1,004,891
reclassified from prepaid expenses and other assets to show appropriately as Work in Progress
in the prior year.

In Note 11, deposits from customers and banks were disclosed in the prior year as
$441,016,912. This balance is now disclosed as $444.695,877 due to the reclassification of
accrued interest payable of $3,078,965 to deposits from customers and banks.

27. SUBSEQUENT EVENTS

Subsequent to year end, 35,500 treasury shares were issued to employees including 27,500
issued to certain key executive management personnel. All of these treasury shares were
issued at the option price of $5.80 per share at a cost of $205,900 with a market value of
approximately $333,700 at July 27, 2007, the date of issuance of the majority of the shares.


28. RISK MANAGEMENT

There are a number of risks inherent in commercial banking that the Bank manages on an
ongoing basis. Among these risks, the more significant are credit, operational, currency,
liquidity, and interest rate risks.

Capital risk management The Bank's goal in managing capital risk is to exceed regulatory
capital requirements. The capital structure is designed to provide an optimal risk absorption
consistent with the risk profile of the Bank's balance sheet which therefore ensures the Bank
has the ability to continue as a going concern. The capital mix is intended to maximize the
return for shareholders. The Bank utilizes a balance of equity and debt issuances to achieve an
ideal capital structure as shown in Note 14.

At June 30, .2007, the capital structure of the Bank consists of equity held by common
shareholders, including issued capital, share premium, preference shares and retained earnings.
The Bank's Board and Asset/Liability management committee monitor the capital structure
and review the structure at least quarterly, reviewing the capital mix and the cost-of capital for
each class of capital. Ongoing capital management includes the payment of dividends, new
share issuances, redemptions of preferences shares and common share issuances.

Credit risk Credit risk arises from the failure of a counterpart to perform according to the
terms of the contract. From this perspective, the Bank's significant exposure to credit risk is
primarily concentrated in cash and current accounts, investments and loans. The deposits and
investments are predominantly in Bahamian dollars and have been placed with high quality
institutions. Credit risk arising from loans is mitigated through the employment of a
comprehensive credit policy regime that sets limits for sector concentration, as well as single
and related party exposure. The Board of Directors approves credit granting limits. In
addition, credits are subject to regular review by the Bank's internal audit department and
annual review by credit officers. The vast majority of the Bank's loans are collateralized and
guaranteed thus providing further mitigation of credit risk.

Operational risk Operational risk relates to the risk of direct qr. indirect, loss restullig from.
inadequate or failed internal processes, people and systems or from external events. It is
mitigated by documented policies and procedures, staff training and a rigorous risk-based
internal audit regime.

Currency risk The Bank holds assets and liabilities denominated in currencies other than
Bahamian dollars, the measurement currency of the Bank. Consequently the Bank is exposed
to currency risk since the values of the assets and liabilities denominated in other currencies
will fluctuate due to changes in exchange rates The Bank manages these positions by
matching assets with liabilities wherever possible.

Liquidity risk Liquidity uisk reflects the risk that the Bank will not be able to meet an
obligation when it becomes due or honor a deposit withdrawal request or service loans. The
Bank maintains a portion of its deposits in casji and other liquid assets to mitigate this risk. On
a daily basis, the Bank monitors its cash and other liquid assets to ensure that they sufficiently
meet the Bank's requirements. In addition, the Bank performs regular gap analyses showing


the maturity exposure arising from the different maturity of assets and liabilities. As is the
case throughout the sector, those gap analyses show that the Bank is liability-sensitive in the
short term. Regular scenario tests are performed to determine the extent to which the Bank can
withstand unforeseen withdrawals and the cost associated with meeting such demands should
they arise.

Interest rate risk Interest rate sensitivity or interest rate risk results from differences in the
maturities or repricing dates of earning assets and paying liabilities. Interest rate risk
exposures may produce favorable or unfavorable effects on interest margins depending on the
nature of the gap and the direction of interest rate movement and/or the expected volatility of
thosi interest rates. Interest rate gaps are carefully monitored and scenario tests performed to
determine the potential impact of various gap exposures.

The following table summarizes the carrying amount of consolidated balance sheet assets, liabilities and equity to arrive at the Bank's
interest rate sensitivity gap based on the earlier of contractual repricing or maturity date:


A of June 30, 2007


Within 3 Months 3 6 months


Cash and cash equivalent,
-tSege yldd
In'Strntms

Loans and advances to customers, net
avWe yd
Fixed aseu. net
Other assets
tOTAL
Ulbbllti- .nd hrehold.r. equity
Deposit fom customers and bank

Bonds payable
MoaIgNp hacked bond,
mn-weyldd
Otherli bihtleo
Shareholdme' quty
TOTAL
INTEREST RATE aENSITIVITY GAP


S 74.308,807 S 1.545.000 S
4.99% 3.28%
a-as
49,819.163 32,431.517 12.538.000



124,127970 33.976,517 1238000


Not Inlaest
7 -12 months 1 5 Years Ow 5 ylma Rate snrlmW


S s S 48.773,950

9,383.,00 18.519.500

44.005.185 348.127J07
9.4n20 us


7.434.002 7.434.002
11374.741 113/4.741
538685 366,646,W07 67.544693 658,262,672


298.467.359 73.460.386 44.019.000 90.363.956 2.783,406 309,094,107
J.13%6 3.226 .47% tW5 L o.p%
17.000,000 17.000,000
900% *m% 5.00% E.X IM
20.0000 20.000.000

16,384.106 16.384,106
... ____ ________ 95,784,459 95.784,459
___ 29.467,W9 73.460,186 44,019.00 0 033.956 39.783.406 112168.565 658262M72
0174.339.3199 439,18S9 _3136J9 100L) (36.975.2711 3263.401 (44383,872) ______


CUMULATIVE INTEREST RATE SENSITIVITY GAPS (174J339rM9) S (213.823 258 S (245,30425 S (,279.9) S3 44 i7 S
Avmyng Yield Earning Aseta 801% 11.25% 9.16% 884% 8.23%
Av ge Yield Paying LIablltles 3 13% 322% 3.47% 4_09% 2.70%
488% 803% 569% 476% $53%


Deloitte


Deloitte & Touche
Chartered Accountants
and Management Consultants
2nd Terrace, Centreville
P.O. Box N-7120
Nassau, Bahamas


Tel:.+ 1(242)302-4800-
Fax: +1 (242) 322-3101
http://www.deloitte.com.bs



INDEPENDENT AUDITORS' REPORT

To the Shareholders of
Bank of The Bahamas Limited:

We have audited the consolidated balance sheet of Bank of The Bahamas Limited (the "Bank") as at
June 30. 2007. This consolidated balance sheet is the responsibility of the Bank's management. Our
responsibility is to express an opinion on this consolidated balance sheet based on our audit.

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

fin our opinion, the consolidated balance sheet presents'ifairly, in all'iwtate.rf tiE6&ffi;tfiftif0hcal
position of the Bank as at June 30, 2007, in accordance with International Financial Reporting
Standards.

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





September 27, 2007


NOTICE

NOTICE is hereby given that RONALD GUSTAVE of
HOMESTEAD ST., NASSAU, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 25TH day of OCTOBER,,
2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N-7147, Freeport, Bahamas


NOTICE

NOTICE is hereby given that WILDA PIERRE of
THIRD STREET, THE GROVE, NASSAU, BAHAMAS,
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 25TH day of
OCTOBER, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


Legal Notice



INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


OLDEMAR TRADING CORP.
In Voluntary liquidation

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

The date of commencement of dissolution is the
22nd day of October, 2007.



Mr. Alexander Yakovchuk
15, Bolotnikovskaya Str,
Apart. 21,
Moscow, Russia
Liquidator


l.ea Notic


Legal Notice

NOTICE



TREVOSE LIMITED


j -

Notice is hereby given that in accordance with section

138 (8) of the Intel national Business Companies Act

2000, the dissolution of TREVOSE LIMITED has been

completed; a Certilicate of Dissolution has been issued

and the (Company has therefore been struck off the

Register



ARGOSA CORP. INC.
(Liquidalor)



Legal Notice

NOTICE



YINING COMPANY LIMITED





Notice is herchy given that in accordance with section

138 (8) of the International Business Companies Act

2000, the dissolution of YINING IC OMPANY LIMITED

has been completed; a Certificate of Dissolution has been

issued and lie (Company has therefore been struck off the

Register



ARGOSA CORP. INC.
(Liquidator)


Computer Company Seeks Person to fill the
position of Computer/Networks Technician.


Applicants should possess the following:-
Be knowledge in PC Hardware and
software Repair Good Organization Skills
Have knowledge of Troubleshooting
and repairing computer networks
Have Good Organizational Skills
Be task & goal oriented and be able to work
with minimal supervision
Must Be Punctual


Previous experience in computer service/repair
industry a plus.


Interested applicants should send resumes and
other information to nassautechiob@yahoo.com


NOTICE
REALTIME HOLDINGS, INC.
In Vohuntary Liquidation

LIQUIDATORS STATEMENT
PURSUANT TO SECTION 137 (4) OF THE

INTERNATIONAL BUSINESS COMPANIES ACT 2000

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act 2000, REAL-
TIME IIOLDINGS, INC. is in dissolution.
The date of commencement of dissolution was
October 15th, 2007.


Lligio Rodriguez of 'redicorp Bank Plaza, 26th Floor,
Nicanor ide O)barrio Avenue, 50th Street, Panama,
Republic of tTiunai is the Liquidatorof REALTIIIE IHOLDINGS,INC.



Eligio Rodriguez
Liquidator


S 124.629.757

27.903.000

486.921.172


8.43%

0..%


_ _








PAGE 4B, HURSAY, OTOBE 25,2007UHEITIBUN


VACANT RESIDENTIAL PROPERTY
Lot #30 comprising 8,237 sq.ft. and situated 186 ft. eastwardly from
the Main Eleuthera Highway in the Settlement of Lower Bogue,
North Eleuthera Bahamas.

Utilities: Electricity, Water and Telephone

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas
Interested persons should submit
offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007



~~ L&IiIIW


Single storey residence, with two bedrooms, one bathroom, and living-dining room Kitchen and entrance
porch. Structure is two years old, constructed of concrete blocks.
For conditions of sale and any other information, please contact;
The Commercial Credit Collection Unit
@ 502-0929 or 356-1608
Interested persons should submit offers in writing addressed to:
The Commercial Credit Collection unit
P.O. Box N-7518, Nassau, Bahamas
To reach us before November 30, 2007







Lot #90-E comprising 16,521 sq.ft. and situated on the western side
of the main eleuthera highway and approximately 2,219 ft. northerly
of four-for-nothing road in the Settlement of Lower Bogue,
North Eleuthera, Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's Office

P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007





MUST SELL

VACANT COMMERCIAL PROPERTY
Lot #90-C comprising 21,430 sq.ft. and situated on the western
side of the main eleuthera highway and approximately 2,219 ft.
northerly of four-for-nothing road in the Settlement of Lower Bogue,
North Eleuthera, Bahamas.
Infrastructures are in place.
For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas
Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007


MUST SELL


Lot #90-B comprising 22,376 sq.ft. and situated on the
western side of the main eleuthera highway and
approximately 2,219 ft. northerly of four-for-nothing road
in the Settlement of Lower Bogue,
North Eleuthera Bahamas.
Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas
Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas

Offers should reach our office on or before November 16, 2007.




Lot of land with a combined area of 11,500 sq.ft. lxing Lots #22 & 23 Kimni Crescent in Baillou Dale
Sub-divisiont off Baillou H ill Road. The property is comprised of an 18yr old single family residence
consisting of 2,000 sl.ft. with 3 lxxerxmins 2 bathrooms, living, family, dining, kitchen and laundry
rooms. The building is enclosed and landscapxl with a grass lawn, flowering plants and fruit trees.
Utilities: Ekttricity, Water and Telephone









For awicitiom is'ftl sale cid any other infkitpltioat please (Dtatd:
Credit Risk Management Managing Director's Office at:
356-1685 or 356-1608
Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's Office,
P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007



MUST SELL
VACANT COMMERCIAL PROPERTY

Lot #90-G comprising 18,926 sq.ft. and situated on the western
side of the main eleuthera highway and approximately 2,219 ft.
northerly of four-for-nothing road in the Settlement of Lower
Bogue, North Eleuthera, Bahamas.
Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007





MUST SELL
VACANT COMMERCIAL PROPERTY


Lot #90-H comprising 15,751 sq.ft. and situated on the western side of the
main eleuthera highway and approximately 2,219 ft. northerly of four-for-
nothing road in the Settlement of Lower Bogue, North Eleuthera,Bahamas.
Infrastructures are in place.


For conditions of the sale and any other information, please contact:
Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas
Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's Office
P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007


I


PAGE 14B, THURSDAY, OCTOBER 25, 2007


THE TRIBUNE


I











THE TRIBUNE


MARKETS, from page 2
markets is dependent upon the motion
level of governmental support, heart
private-sector impetus, and be red
Bahamian and international pro- assist u
fessionals who are knowledgeable the Bz
and skilled in the fundamentals choice
and complexities of a developing today
market. Des
As we reflect upon what we nomic
have done and how far we have sector,
come as an economically-sound, situati
globally-competitive financial or effi
centre with a growing capital mar- service
ket. and undergo our own "prag- viewed
matic introspection", we must ernme
simultaneously look forward to cial suf
the immediate future. We envi- In a
sion a legal, regulatory and finan- such as
cial environment that is conducive pation
to the diversification of the fully-c:
Bahamian economy, the preser- cies su
ovation and promotion of our juris- ship in
diction as a premier financial cen- porati
tire, and the innovation and tech- growth
nological advancement of our Bahan
capital markets in a globally-inter-
dependent world.
We may ask ourselves: "How
do we project and propel our- Thes
selves forward into such a world our ca
when what is often reflected back full pa
at us by certain critics within the investor
international financial services ment c
industry, despite our best efforts, ernmer
is an 'offshore' financial jurisdic- ticipati
tion with allegedly harmful tax cised i
practices, weak legal and regula- finance
tory supervision and controls, a allocate
struggling, financially-strapped and ec(
stock exchange, and a sedentary country
capital market?" enforce
Perhaps the answer to the more
question is that we must change client-
our vision of ourselves and our the Ba]
jurisdiction, instead of focusing is a wit
inward too much. We must stop Hov
talking to ourselves in ways that mende,
critically undermine the very legal cial cor
and financial institutions (BISX ment l
included) that we will need to nifican
help move us forward in the glob- exchan
al economy, and start talking, to allo,
negotiating, understanding and invest
engaging the rest of the world to invest
use the best that we have to offer rate, th
as a premier financial centre. tunity
The remnants of our inbred tional d
"'-fishing village mentality and folios.
modus operandi", despite their Like
significance for our present-day that the
national development, must be the Go
extinguished if we are to serious- riers tc
ly compete in the global economy domesi
of the 21st century. stimula
We must begin to channel our an capi
efforts and energies into the cre- ing acti
ation, development and mainte- reduce
nance of more innovative, client- Govw
driven financial products and ser- also be
\ices. supplied by professionally- increase
competent and technically strong market
participants in the Bahamian cap- issues,
ital markets., borrow
We must not allow the tradi- Such lis
nonal policies, products and pro- uid sec


ns that worked, albeit half-
edly, in the past to simply
defined and repackaged to
us in our efforts to cultivate
ahamas as jurisdiction of
in.the global economy -
or in the future.
pite the independent eco-
tendencies of our private
, the reality of our current
on is that any vision, plan,
ort to move our financial
es industry forward must be
d within the context of gov-
nt regulatory and finan-
pport, and effective policy.
developing capital market
s ours, government partici-
, liberalisation, and care-
rafted interventionist poli-
ipported by capital owner-
privatised government cor-
ons, are fundamental to the
h and development of the
niai capital market.
Actions
se actions help to deepen
pital markets and ensure
participation by Bahamian
ors in the overall develop-
)f our economy. The Gov-
nt and private sector's par-
ion in BISX must be exer-
n a way that will ensure
al resources are efficiently
:ed to the infrastructural
onomic development of the
y, whilst encouraging and
ing BISX's mission to be
innovative, profitable,
oriented and relevant to
hamas and the world. This
n-win strategy.
ever, it is also recom-
d by members of the finan-
mmunity that the Govern-
)ok at effective ways to sig-
tly reduce or eliminate the
.ge rate premium, in order
w Bahamians to purchase
ment. currency for outward
lent at a more affordable
us giving them the oppor-
to benefit from interna-
[iversification of their port-
wise, it is recommended
ere be a consideration by
government to relax the bar-
o inward investments in
tic securities, in order to
te demand in the Bahami-
tal market, increase trad-
vity and share prices, and
capital outflows.
ernment securities should
listed on BISX in order to
e market demand, ensure
-sensitive prices for new
and reduce the costs of
ing for the Government.
.tings will also create a liq-
condary market in the


Bahamas.
At a time when the world's
stock exchanges are seeking to
increase liquidity, lower costs and
operational risks around the set-
tlement of trades, and take advan-
tage of technological develop-
ments globally by consolidating
into mega-exchanges, it is both
encouraging and commendable
that BISX sought to work within
the limits of our existing exchange
control restrictions by develop-
ing Bahamian Depository
Receipts (BDRs).
It was thought that through this
concept, an international compa-
ny such as Kerzner International
or a financial institution would
issue receipts of its securities in
the Bahamas by either listing
them here or making them trade-
able on BISX which, in turn, will
facilitate trading by international
companies operating in the
Bahamas.
However, we should also look
at our neighboring capital mar-
kets to assess their competitive-
ness and seek new, innovative
ways of stimulating our own mar-
ket.
For example, the SEC's recog-
nition of Bermuda as a "desig-
nated offshore securities market"
in 1996 has allowed the Bermuda
Stock Exchange to cross-trade
international securities while Wall
Street is closed, allowing investors
to have access to the market .in
after-hours trades that have
proven lucrative to the develop-
ment of Bermuda's capital mar-
ket.
With our competitive advan-
tage. lying in our proximity to the
US, sound telecommunications
systems and infrastructure, an
operational capacity to trade and
list on our stock exchange, and a
cadre of competent industry pro-
fessionals, we can exploit simil-
iar investment opportunities in
order to stimulate our Bahamian
capital market.
This is not to suggest a passive,
unthinking approach to Bahami-
an capital market development
by simply taking products and
services from other jurisdictions
and customising them to our own
economic environment. It is
intended to make us think cre-
atively, outside of the proverbial
box, for more innovative ways to
meet clients' global financial
needs and to ensure client value
The global economy has grown
and changed during a long slum-
ber. Its modern-day impact and
impetus have now awakened us
to the realities and responsibilities
of living and thriving in a world of
infinite possibilities.
When we look at our securi-


ties industry, what do we see
reflected back at us as we look
into the future? Do we see a
nation and a people who are for-
ward-thinking, proactive and
focused on becoming major play-
ers on the global economic stage?
Or do we see a people and a
nation who continue, despite our
best efforts (and like Rip Van
Winkle), to sleep through a revo-
lution?


NB: The information contained
in this article does not constitute
nor is it a substitute for legal
advice. Persons reading this arti-
cle and/or column, generally, are
encouraged to seek the relevant
legal advice and assistance regard-
ing issues that may affect them
and may relate to the informa-
tion presented. 2007. Tyrone
L. E. Fitzgerald. All rights
reserved.


Tyrone L. E. Fitzgerald is an
attorney with Fitzgerald &
Fitzgerald.
Should you have any com-
ments or enquiries regarding this
article, you may contact Mr
Fitzgerald at Suite 212, Lagoon
Court Building, Olde Towne
Mall at Sandyport, West Bay St.,
P. 0. Box CB-11173, Nassau,
Bahamas


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Furniture made with pretend wood
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It can never be refinished or
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to small amounts of water. These ,
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..........., o007, PAGE 15B


_BUSINESS








PAGE 16B, THURSDAY, OCTOBER 25, 2007 THE TRIBUNE
U


CFA SOCIETY OF THE BAHAMAS
ANNUAL AWARDS CEREMONY AND
CFA PROGRAM INFORMATION EVENING


TOPIC:


DATE:
TIME:

PLACE:


GUEST SPEAKER:


COST:
RESERVATIONS:


"AN INTRODUCTION TO THE CFA
(CHARTERED FINANCIAL ANALYST)
PROGRAM AND THE EDUCATION
REVIEW COURSE"
Thursday, November 1st, 2007
6:00 p.m. Cocktails
6:30 p.m. Presentation
Victoria Room
British Colonial Hilton
One Bay Street
Charles W. L. Deale, Head of Society
Relations, CFA Institute, Charlottesville,
Virginia
Complimentary
PRE-REGISTRATION REQUIRED by
October 30, 2007
Karen Pinder, CFA
karen.pinder@efgbank.com
Telephone: 502-5405


EASY CREDIT INTEREST

The more you buy the ul(C 'T the Discount.


03 \*wBSSS
MAYTAG and
MAGIC CHEF
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low
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Scotiabank (Bahamas) Ltd.


the Management and Staff
of its


Palmdale Branch
on itst h


I.. v ;


We thank you for your continued support
and invite you to celebrate with us.


Life. Money. Balance both:


The Chartered Financial Analyst (CFA) Program is a globally
recognized standard for measuring the competence and integrity in the
fields of portfolio management and investment analysis. Three levels
of examination verify a candidate's ability to apply the fundamental
knowledge of investment principles across all areas of the investment
decision-making process.
The next examination date is June 7, 2008 and the final
registration and enrollment date is March 17, 2008. We encourage all
interested persons to attend the information evening to learn more about
the CFA Program.,
The CFA Society of The Bahamas, will present a brief outline
of the CFA Institute, and the local society. Special Guest Speaker, Mr.
Charles W.L. Deale, Head of Society Relations, CFA Institute will
provide an outline of the CFA Program and present the charters to the
new CFA Charter holders. The Education Committee will provide a
brief outline of the 2007-08 Education Programs planned for Level I,
II, and III candidates. A Q&A Panel Session will follow the presentations.


I)

)


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4)


THE TRIBUNE


PAGE 16B, THURSDAY, OCTOBER 25, 2007


-Cs