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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Volume: 107 No.327FRIDAY, NOVEMBER 18, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY, BREEZY HIGH 85F LOW 76F B y SANCHESKA BROWN Tribune Staff Reporter firstname.lastname@example.org THE DEMOCRATIC National Alliance is to sue roadwork contractor Jose Cartellones construction company on behalf of 600 road workers for breach of labour laws, the party announced yesterday. Wayne Munroe, DNA cand idate for Mt Moriah, said after several weeks of meet ings with workers on the New P rovidence Road Improve ment Project (NPRIP party has taken the position toa ssist them by pursuing legal action. He said: It is anticipated that we will be criminallyp rosecuting Jose Cartellones for breech of the employment act. We also anticipate that we will be bringing civil action f or recovery of money due to these men and women for vacation and overtime that Party to help 600 w or k ers TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM DNA to sue roadworks contractor By LAMECH JOHNSON email@example.com THE Court of Appeal yesterday overruled its deci s ion made three weeks ago to dismiss an indecent assault charge against emergency room physician Dr L ynwood Brown Jr who was on $6,000 bail at the time. Y esterdays ruling and r emittal of the charge back to Magistrates Court 10, came after an attorney pre-s ented proof that complaints and corresponding documents had been s igned by Chief Magistrate Roger Gomez within six m onths of the alleged o ffence. In July, Brown, 38, a physician at Doctor's Hos-p ital and a PLP prospecCOURT U-TURN ON PLP DOCTOR SEX CHARGE BISHOP Simeon Hall w arned homophobic clergy p ersons against demonising homosexual people, whom he urged to seek spiritual guid a nce to overcome their sexu a l preference. Disturbed by recent findings indicating an increase in the prevalence of HIV/AIDS among men who have sex with men, Bishop Hall said homosexual men and women should b e invited to experience the transforming power of God. These people need the umbrella of the church to come and get healing, Bish op Hall, senior pastor at New Covenant Baptist Church, said. I want hurting people to come for counseling, now By DANA SMITH firstname.lastname@example.org THREE men are in police custody less than 24 hours after police held a news conference urging the public to assist in their capture. On Wednesday during a press briefing at the National Crime Prevention Office at Police Headquarters, police had re-issued Wanted Bulletins for six men in connection with five separate murder investigations. Elandro Emmerson Missick, Desmond Wilson, and Deangelo Wilson, were all named in Wednesdays brief ing as wanted by police. As By LAMECH JOHNSON email@example.com A HAITIAN boat captain was denied bail yesterday after he was arraigned in connection with assisting more than 30 immigrants to land in The Bahamas. Magistrate Carolyn VogtEvans made the ruling on the grounds that 35-year-old George Pdaex had no legal status in The Bahamas and was a flight risk. After taking into consider By CELESTE NIXON Tribune Staff Reporter firstname.lastname@example.org AS her departure approaches, US Ambassador Nicole Avant said she will look back on her time in the Bahamas with fondness. November 22 will officially mark the end of Ambassador Avants two years as the US governments top representa tive in the country. In a farewell press conference held yesterday at her res idence, Liberty Outlook, Ambassador Avant said while S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 8 8 S S E E E E p p a a g g e e 3 3 S S E E E E p p a a g g e e 1 1 1 1 S S E E E E p p a a g g e e 2 2 BISHOP: DO N O T DEMONISE GA Y PEOPLE My f eet are so tir ed... A PUPIL from Xaviers Lower School looks worn out during the schools annual walkathon, held yesterday. See more pic tures on page 11. Photo: Felip Major /Tribune Staff THREE HELD AFTER APPEAL I NSIDETODAY Y Y O O U U R R G G U U I I D D E E T T O O B B O O D D Y Y & & M M O O R R E E SEE TODAYS PULLOUT SPECIAL NEWS SPORT FASHION MOVIES TV MUSIC ONSALETOMORROW C C O O U U P P O O N N S S T T O O S S A A V V E E U U P P T T O O $ $ 3 3 0 0 0 0 AMB ASSADORS FOND MEMORIES HAITIAN B O AT CAPTAIN DENIED BAIL im lovin it
By DANA SMITH d email@example.com THE president of the Great Commission Ministries spoke on the worsening condit ions in the Bahamas at the commissions annual Thanks g iving Luncheon. A round 100 people gathered at Great Commission Ministries on Wulff Road yes t erday for the event, which provides a free meal to anyone who wants one. B ishop Walter Hanchell, p resident of Great Commis sion Ministries, said: Much has changed since we gathered here last year. For many of our clients a nd the nation as a whole, conditions have worsened. Contrary to what some p eople have been saying, all is not well in the urban areas of New Providence. More Bahamians are suff ering today than ever before, am I right? Poverty, unemployment, c rime, and lawlessness have taken their toll on many among us. People now feel m arginalised and have been disenfranchised in their own nation. H e added:Where we sit, in Commission Ministries, we have seen a spirit of hope lessness and defeat rising up i n all levels of society. We declare today that there is hope for the hopeless and we declare today that t hings will get better. The food served at the lun cheon was donated and c ooked by commission vol unteers, who also served it. In addition to their annual Thanksgiving Luncheon, G reat Commission Ministries provides housing for the homeless, daily meals, groc eries, clothing, and runs var ious assistance programmes. LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE BY DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org F REEPORT Apprentices a t the Grand Bahama Shipy ard have launched a major f ood drive and will be placing collection barrels at food stores around the island. Shipyard training manager D on Forbes said the project, k nown as Lend A Hand, Give A Can, will help furt her the aims of the Salvation A rmy chapter on Grand B ahama. This is the second annual food drive held by the ship-y ard. The project is being m anaged by second and third y ear apprentices. We want our students to a ppreciate how lucky they are and how good it feels to give back to their community, Mr Forbes said. The students arent just c ollecting food, they are o rganising this entire project. T heyve created a logo, created a working schedule and have co-ordinated with local s tores to have barrels placed a t their locations. Mr Forbes said the appren tices plan create a facebook page to help promote the food drive. He is appealing for the community to support the project by leaving supplies in any barrel carrying the Lend a Hand, Give a Can logo. A pprentice Antonnesia M oxey created the logo the f or food drive. She said it is i mportant to assist those who are less fortunate. If everyone can just give one can, it will make a differe nce. We have an opportunit y to make a huge difference in peoples lives and we are e xcited to lend a hand to this c ause, she said. T he apprentices will man the barrels on Saturdays. They can also be contacted to arrangef ood donation pick-ups. A Salvation Army official s aid the organisation is always grateful for any help it can get w ith its Emergency Food Pantry Programme, which assists persons referred by the Department of Social Ser vices, churches and other a geancies. Usually, we are able to h elp them with enough food for the size of their family for a week. This is the goal that w e strive for, so this effort by t he Grand Bahama Shipyard is tremendous. We want to thank them and pray that residents respond to this wonderful ini tiative, the official said. ONEOF the visitors to the Thanksgiving dinner for the homeless, held a t the Great Commission Ministries yesterday, sits down to enjoy a meal. Photos: Felip Major /Tribune Staff hasnt been paid. We will also help them r ecover money caused by i ndustrial accidents as a result of the company failing to provide proper equipment, a safe place to work and a safe system of work. We do not intend to have any company,f oreign or Bahamian, abuse w orkers in this country. Mr Munroe said he expects to have the suit drafted and delivered within five to ten days. He said it is importantt hey are charged and possib ly remanded before they are given an opportunity to flee the country. There are a number of charges that will be coming. The ones under the employ-m ent act about vacation and overtime will be directed at Jose Cartellones, who willa nswer through its director pres ent in The Bahamas, he said. There are also allegations of sexual harassment which will go toward the individual person who sexually harasseda female worker. She was also f ired when she complained. T he penalty for that is two years in prison. They will be held accountable in The Bahamas. If the government does not hold them account-a ble, we will assist these Bahamians in holding them accountable. Rodney Moncur, DNA candidate for Bain and Grants Town, said he drafted a letter to Labour Minister D ion Foulkes last week and h as yet to get a response. He said he hopes to hear from him soon so the matter can be dealt with amicably. I wrote Mr Foulkes b ecause he has been a hero in t he labour movement. We w ant this situation to be resolved where this job can continue and where the men can work, said Mr Moncur. Unfortunately, the fact t hat he has not replied to our letter is a clear indication of his insensitively. However, I am positive before the week is out that he will be willing to meet with a view to resolve the problem. E arlier this month, hund reds of workers on the NPRIP were expected to strike, however their efforts were thwarted before the industrial action could begin.A t least 200 workers on five o f the corridors intended to c ompletely stop work protesting hellish conditions. However, someone alerted the companys supervisors and the strike was overb efore it could begin. At that time, Public Works Minister Neko Grant said the Government hired Jose Cartellones and they in turn hired the workers, so their grievances are not govern-m ents responsibility. Howe ver, he said, the Government can intervene if the workers file a claim with the Labour department. In response to those comm ents, Mr Munroe said he h as no idea why Mr Grant w ould make such a statement. I do not know him (Grant ence with the law but an idiotc an see the Jose Cartellones supervisors are breaking the law, he claimed. Section 75b of the employment act puts a posit ive duty on the minister to exercise a discretion to himself to investigate these claims. In my legal opinion, i f the minister receives credible complaints he has the ability to launch an investigation. Nothing in the act r equires an official complaint for that. In other countries if he does not start an investigation, then there is an abilit y to start a judicial review process to compel him to do that and that is one of the things I am considering at thev ery moment. Representatives from Jose Cartellones said they have no comment on the matter att his time. Mr Grant said the matter was not in his portfolio and referred The Tribune to Mr Foulkes. Mr Foulkes was n ot available for comment. f f r r o o m m p p a a g g e e o o n n e e DNATO SUE ROADWORKS CONTRACTOR FOOD DRIVE LAUNCHED Giving thanks in hard times S ERVING FOOD t o the homeless. THE THANKSGIVING dinner saw food aplenty served to those in need. A SINGER performs at the event.
a tion submissions by the prosecution for the immigration department and defence a ttorney Dennis Richards, Magistrate Vogt-Evans said the charges are very serious charges considering the issues w eve had in The Bahamas with illegal immigrants. However, the fact that the defendant has no status at this time, Im going to object to bail, she ruled. P daex, captain of the Silvia Marie, was charged in Court 6, Parliament Street, with knowingly assisting 39H aitians to illegally land in Abaco, without leave of an immigration official. The offence is alleged to have occurred on Saturday, November 12, when immigration officers found the 66-f t vessel off Pelican Point nine miles south of Marsh Harbour, Abaco with a number of undocumented Haitian men onboard. T he illegal immigrants were r emoved from their distressed vessel with the assistance of BASRA officials and handed over to police and immigra tion authorities in Marsh Harbour for further processing. T he accused pleaded not g uilty to the charge. When the issue of bail was raised, prosecutor and Grade Two Immi gration Officer Kendal Rahming told the court that even though he was born in The Bahamas, he has Haitian tiesi n Haiti and therefore could become a flight risk. Mr Rahming explained to M agistrate Vogt-Evans that t he accused born of Hait ian parents had a pending citizenship application which he had filed for on June 30, 2005, at the age of 30. The officer said the application was still before the depart m ents Naturalisation and Cit izenship Board. In defence of his client, Mr Richards told the court that Pdaex's ties to Haiti did not n ecessarily make him a flight risk. He said his client, being an A baco resident and gainfully employed, had no previous convictions. As a matter of fact, he has n ever appeared before the courts as an accused person in this jurisdiction or any oth-e r, he added. After denying bail to the accused, Magistrate VogtE vans informed the attorney of his clients right to appeal in the Supreme Court. She reiterated her grounds f or denying bail, saying the defendants liberty is at stake with these charges and if c onvicted faces a $5,000 fine and/or two years imprison ment. B y CELESTE NIXON T ribune Staff Reporter email@example.com IMPROVEMENTS continue to be made in the delivery of health care, not only in New Providence but through-o ut the Bahamas, Prime Mini ster Hubert Ingraham said. During his address at the groundbreaking ceremony for the new Critical Care Block at the Princess Margaret Hospit al, Mr Ingraham said even in a struggling world economy, t he government is committed t o carrying out significant infrastructure projects to improve health care for all Bahamians. He said: We are so fortun ate that during these diffic ult economic times for the w orld, the Bahamas continues to make considerable progress in transforming the critical infrastructure necessary for sustainable national development. According to Mr Ingraham, t wo major projects are well underway at the SandilandsR ehabilitation Centre the r enovation and expansion of t he Geriatric Hospital and construction of a new buildingt o accommodate the Child a nd Adolescent Unit and the Robert Smith Ward. He added the second project is almost complete and is scheduled to be handed over next month. The Prime Minister said the improvements to the Geriatric Hospital will greatly e nhance the overall environment of care for the aged and for the greater comfort of care providers and the families and others providing patient support. I n Grand Bahama, he said, $7.5 million will be spent on the redevelopment of the Rand Memorial Hospital. As the second largest urban centre, Mr Ingraham said, G rand Bahama shares the c apitals need for health care improvements and upgrades in order to cope with the highn umber of traumatic health events, and be in a positiont o prevent such events. U pgrades to the Rand M emorial, which will be commissioned next month, will include construction of two o perating theatres, an endoscopy procedure room, an induction room, day surgery facilities, a central sterile supplies department, a staff lounge and changingr ooms. Mr Ingraham said health care upgrades throughout the Bahamas are also in the works, including at facilities in Abaco and Exuma. As it is practical and feas ible, he said, we shall continue our investment in the infrastructural enhancementsa nd development of our public hospitals and communityc linics so that all those residi ng in and visiting our country c an be assured of receiving quality health care whenever the need arises. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 3 PM:Health care improving throughout the Bahamas THE district council in South Andros is reportedly standing in the way of a alco holic who wants to change his life before its too late. The man, who has spent almost two decades working for local government in the area, desperately wants to join a recovery programme in Nas sau run by the government, but has been told that he will have to take the time without pay. A well-placed source said: This is such a shame. He real ly wants to change his life but it would be impossible without paid leave. In any government department, an employee who seeks help for alcohol or drug addiction is given support. The situation is critical several doctors have told us that if he doesnt stop drink ing, he is going to die. Calls to the administrator of South Andros were not returned before press time. CALL FOR COUNCIL TO HELP AL COHOLIC TO CHANGE HIS LIFE P RIMEMINISTER H ubert Ingraham at the groundbreaking ceremony. f f r r o o m m p p a a g g e e o o n n e e HAITIAN B O A T C APTAIN DENIED BAIL
EDITOR, The Tribune. DWIGHT D Eisenhower once said: What counts is not necessarily the size of the dog i n the fight its the size of the fight in the dog. The Bahamas is a country comprised of 350,000 people and we can boast of thou sands of organisations. But there is no national purpose or national goal. We watch all manner of things occur in our country and literally do nothing about it. Let me cite a few examples. (1 three-year cellular monopoly would have made several Bahamians millionaires thus keeping wealth in our country if Bahamians were targeted to purchase this comp any. (2 project which has caused many businesses to close and/or suffer diminishing profits. (3 rates for BTC phone cards which literally ended an industry for phone card resellers. (4 um Company selling shares on the stock exchange in which no Bahamians were given the opportunity to par t icipate in the purchase of shares. We could have cre ated thousands of Bahami an millionaires before drilling one hole in the g round. (5 parent citizenship process at the department of immigration. (6 Programme. This is an excel lent initiative and Bahamians should be breaking doors down to register, but they are not. Sonia Johnson said, We must remember that one determined person can make a significant difference, and that a small group of determined people can change the course of history. Maybe if we had a national goal, we would become organised and collectively move our country forward. Maybe? We are a small country and a lot of our citizens have hard mouth. But when it is time to fight, we put our tails behind our legs and run for cover. DEHAVILLAND MOSS Nassau, November 14, 2011. EDITOR, The Tribune. IN LIGHT of the alarming increase in the number of home invasions, personal assaults and car thefts during the past six months in Blair and Harmony Hill, I would, as a resident and recent victim of car theft, have expected to s ee a significant increase in the number and frequency ofp olice patrols in the area. F ar from that, the residents o f the area have been forced t o form their own roving p atrols and flying squads, see todays Tribune front page, as the anticipated and promised increased police support hasn t been forthcoming. T he Member of Parliament f or the area has expressed disappointment with the police response and is apparently suggesting that the residents purchase and install CCTV throughout the area. Really! This typifies the knee jerk r eaction we have come to e xpect from our politicians and police and glaringly highlights the lack of innovative thinking and resolve we have come to associate with them both. M any of us are of the opini on that as the police, aka Government, cannot or will not provide protection from this rampant predation then we as citizens have the fundamental right to provide it for ourselves, hence the recent formation of armed resident roving patrols and flying squads. This has become an extremely explosive situation with the levels of anger and frustration in the area at the boiling point, and it is now simply a matter of time before a potentially deadly confrontation occurs, no doubtr esulting in some long-suffering resident being prosecuted because of the Statesi nability to provide him with the level of civility and prot ection to which he is constitutionally entitled. A year ago to the day I wrote a letter, a copy of which Ive attached, suggesting that w e as a people, stop being delusional, to put aside our m isplaced National Pride, and demand that the Government bring in the outside p olice and judicial assistance that is so obviously required. In Proverbs 29:18, it is writt en Where there is no vision the people perish but he that keepeth the law, happy is he. I can however state categorically that there is no vision and we are not happy. IAN MABON Nassau, N ovember 16, 2011. The following is Mr M abons letter published in The Tribune a year ago November 15, 2010. EDITOR, The Tribune. H aving read in this mornings Tribune the Prime Min isters remarks with respect to the Governments latest initiatives against crime, I find myself less than comforted as those of us who have recentlyb een on the receiving end of M inister Turnquests minor ity of miscreants have a somewhat different view of the situation. Mr Ingraham mentioned CCTV monitors and while I agree with the idea in principle, we cant even maintain the traffic lights for crying out loud, what chance have we of maintaining a sophisticated surveillance system. With r egard to a monitoring system for repeat offenders, howa bout three strikes and youre o ut for life! T he criminal element and t heir slick, greedy lawyers h ave become extremely adept at finding and exploiting the many legal loopholes that exist, aided in no small part b y a defunct court system and b y selective or lackadaisical e nforcement on the part of the police. The continued operation of the Pleasure Palace adjacent to the Fort Charlotte Police Station is a typical case in point. It is long past time for the G overnment, and we as a p eople, to accept that we are in way over our heads where crime is concerned, to stop being delusional, to put aside our sometimes misplaced and bruised National Pride for o nce, and bring in the outside h elp we obviously require, be it foreign magistrates, policemen or both. Government and Opposition both need to put political expediency aside and join hands on this. The Band-Aid approach is no longer acceptable as the patient is haemorrhaging near to the point of death and the obituaries column looms large. IAN MABON Nassau, November 15, 2010. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas I nsurance Management Building., P.O. F-485, Freeport, Grand Bahama TELEPHONES S witchboard (News, Circulation and Advertising) 322-1986 A dvertising Manager (242 C irculation Department (242 S ALT LAKE CITY A couple of Salt Lake students have gone a bit beyond the usual requirements for high school. In fact, theyre way past extra credit. West High School students David Larkin and Andy Law have apparently invented a new way of making fuel, and t heyve applied for a patent. Its the kind of success story that would m ake many former students feel inadeq uate about their own high school careers. If the patent comes through and the p rocess pans out, the two seniors may have a real money-maker and a solid cont ribution to the world's energy needs. The process starts at the Dragon Diner, a Chinese restaurant in Holladay owned by Laws father. Hes donating leftover cooking oil to the students research efforts. Used vegetable oil is cheaper than new vegetable oil, Andy Law said. So itll make your biodiesel cheaper. L arkin and Law are making biodiesel fuel by mixing the used cooking oil with methanol, and with a chemical called potassium hydroxide. Theres nothing new in that its a common approach to making biofuels. B ut working with biotechnology teacher Colby Wilson, the two students came up with a different way of getting all the ingredients to mix and react. What we wanted to do was make it cheaper, Larkin said, and to use a lot l ess energy. Instead of using heat energy to cook the ingredients, they force the mixture t hrough a tiny tube at room temperature. The tubes inside diameter is less than the thickness of a human hair. Since the tube is so small in diame ter, Larkin said, it causes the particles b asically to collide and react. So its basi c ally catalyzing the reaction through that small tube, without heat. If you use a lot of biodiesel on a large scale, Law said, that would save you quite a bit of money. T he students also came up with a new w ay to extract waste glycerol from the fuel much more quickly than its done w ith conventional processes. When his two students took their idea on the road to science fairs, Wilson said, they kept hearing the same question. The international judges were asking whether or not they had filed a patent yet and whether they were going to if they had not, Wilson said, an indication the judges really believed in the projects viability. L arkin and Law have even figured out how to pack their biofuel set-up into a Tupperware box with a lid that doubles asa solar panel. Its perfect for whipping up a batch of diesel fuel in a Third World country where there may be limited access to electricity. T heyve started a company to market the package. Larkin and Law are co-owne rs of Bio-Me Innovations, LLC. W hen their biofuel is poured into a diesel engine, it works just fine but the e xhaust has a distinctive aroma. Yeah, it does, Law said. It does smell l ike Chinese food Chinese wontons. By John Hollenhorst of the Deseret News. WASHINGTON (AP Barack Obama pronounced tobaccofree in his latest medical checkup has tough words for cigarette makers. S ome tobacco companies, he says in a new White House web video, are fighting new cigarette warning labels because they dont want to be honest about the consequences. The video, provided to The Associated P ress in advance of its release, observes Thursday's 36th Great American Smoke out by the American Cancer Society. President Obama says the US has made p rogress in reducing the number of Amer icans who smoke but notes that 46 million a re still addicted. The fact is, quitting smoking is hard, he says. Believe me, I know. P resident Obama has fought the habit by chewing nicotine gum, and his last medical report, issued October 31, declared him tobacco-free. Tobacco remains the leading cause of p reventable early deaths in this country, P resident Obama says in the video. We also know that the best way to prevent the health problems that come with smok ing is to keep young people from starting in the first place. I n 2009, President Obama signed legis l ation to help keep young people from lighting up. In June, the Food and Drug A dministration approved new warning labels that companies would have to place on the top half of cigarette packs. Some of the labels are powerfully graphic and include images of a man exhaling ciga rette smoke through a tracheotomy hole in his throat, the corpse of a dead smoker, diseased lungs and a smoker wearing an oxygen mask. By Jim Kuhnhenn, Associated Press. A year on, and still no solution LETTERS l firstname.lastname@example.org Students seek patent for biofuel Bahamians have no fight EDITOR, The Tribune. WHAT a shame, to see the view of the harbour blocked by a 5-6 foot wall being erected along the waterfront lot east of the Harbour Club. There used to be a law against this. Surely a 3-foot wall would suffice to mark the property, without blocking the sea view! RONALD LIGHTBOURN Nassau, November 17, 2011 Why do we need this wall?
TWO new women police officers received top honoursat their graduation exercise last week. C onstable 3546 Leslie B rown, of B Squad, and Constable 3572 Jameca Basden, of C Squad, received the Commandants Awards for the best academic perform ance. National Security Minister Tommy Turnquest told t he graduating class: As you now transition from recruit to officer, you have av ery important role to play i n ensuring that the force has a good name because it is t he actions which you as police officers demonstrate every time you deal with the p ublic that will build trust in, and respect for, the police force. urge you graduates to always be guided by the desire for self-improve ment. H e added: You must be proactive, and take advan-t age of the many profess ional training opportuni ties that will come your way. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 5 By KHRISNA VIRGIL A N IRATE scrap metal dealer compared the governments continued attempts to regularise the industry to a murderer choking the life from his victim. T he dealer, who wished to remain a nonymous, said the government should n ot be treating scrap metal businesses the same as Cash for Gold operations which are thought to be a contributing factor in the prevalence of armed robberies. H e said: Peoples lives are being e ndangered and taken from them over gold none of that is happening for scrap metal. On July 27, a 90-day temporary ban was placed on all scrap metal exports in response to repeated cases of copper wire theft. O n November 1, it was announced by the Cabinet Office that the ban would be extended for two weeks, to end on November 11. The extension, State Finance Minister Zhivargo Laing said, was implemented to fill the gap until the passage oft he Pawnbrokers and Secondhand Dealers Act by the Senate. However according to the angry dealer, the extension which itself added insult to injury is still being enforced by some shipping companies a week after it was supposed to come to an end. We are already having a hard time, and now, days after the ban should have been lifted, I still cant do anything, he said. Meanwhile, he said, we have to rent containers, find people to load them, clean the materials and pay all these diff erent people. According to the dealer, the scrap metal benefits the economy. He said: We employ people, have to pay customs brokers and are taxed. We pour money into this economy. Those cash for gold people only e mploy a few, but theyre not doing as much for the Bahamas as we are. All they have to do is collect the gold ... put it in an envelope, and send it to the States. At the same time, he said those who run the illegal numbers business are getting away scot-free. T he dealer said: All the numbers business is doing is teaching this country and our children how to be immoral. People are going broke to buy numbers. They say its illegal but every day a new numbers house is being opened. Government choking life from metal industry HONOURS FOR POLICE GRADUATES C ONSTABLE N ikita Rolle, left, receiving the B squad baton of honour, and Constable Jameca Basden, receiving the Csquad baton of honour.
LOCAL NEWS PAGE 6, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE About RBC and RBCWealth ManagementR oyal Bank of Canada, which operates under the brand name of RBC, is Canadas largest bank, one of North Americas leading nancial services companies, and among the largest banks in the world as measured by market capitalization. Through a network of ofces worldwide, the international division of RBC p rovides comprehensive wealth management services to high net worth i ndividuals and institutional clients in select markets around the world. R oyal Bank of Canada Trust Company (Bahamas) Limited is a leading international private bank and trust company in the Bahamas, one of the worlds premier nancial centers, serving high net worth individuals and corporate institutional clients.R oyal Bank of Canada Trust Company (Bahamas) Limited is looking to hire a Senior Trust Of cerThe Senior Trust Ofcer will report into the Head of Trust Services, RBC Wealth M anagement Caribbean and will be responsible for administering a portfolio o f complex trust structures for high net worth individuals as well as providing s upport, strong leadership and fostering teamwork amongst a group of highly m otivated professional Trust Ofcers and Trust Administrators, ensuring that all administrative issues are dealt with accurately and ef ciently. Key accountabilities include: Ensure that strong technical knowledge of all aspects of trust and company administration is delivered: this includes attending client meetings and u nderstanding the correct administrative needs associated with the structure. Providing assistance to increase prtability of the company/shareholder v alue by identifying opportunities to extend the trust services, and to use the bank offering to implement solutions for clients where appropriate. Proven superior sales acumen, with ability to attract, build and strengthen relationships with key clients and intermediaries and identify new ideas in r elation to products and services that may be offered by the company. Maintains and grows revenue through building relationship with the PRM i n retention and extension of existing clients accounts, cross selling and obtaining new clients through existing client referrals. Review pr tability of each administered trust, company and other duciary structure and take r emedial action where appropriate taking into account the degree of risk and complexity associated with the structure and the value given to Client. A key role in the on boarding of new trusts and companies Working closely with referral sources, internal and external partners to deliver superior client experience during the take on process. Responsible for the supervision, training and development of a team of Trust Ofcers and Administrators. Provide input on trust policies and procedures to other members within the unit as and when required. Work in a fast paced, high growth environment and demonstrate leadership in challenging situations with aggressive deadlines and service standards. Required Quali cationsand Skills: A University degree in business, accounting, or other related discipline. A minimum of ten years relevant experience. Professionally qualied, e.g. accounting/ nance qualication, STEP, ICSA, TEP, ACCA or a qualied attorney who has experience working in the eld of trust law and company law. Possess a superior knowledge of Trust (complex and simpleompany and Fiduciary structures, and tax and legal issues affecting the administration of Trusts and Companies. Experience with the preparation and presentation of nancial and estate planning proposals to high net worth individuals. Fully knowledgeable on the abilities of the trustee, and strong decision making demonstrated. Self-motivation with excellent project management skills. Demonstrably strong technical knowledge of all aspects of trust and company administration, including the nuances and statutory requirements of the major offshore jurisdictions used in connection with clients structures. Strong analytical and problem-solving skills, methodical, thorough and attentive to detail. Strong supervisory skills coupled with the ability to lead by example. Fluency in a foreign language preferred. (Spanish or French preferred) Strong skills in time management and prioritization. Excellent oral and written communication skills. Cultural awareness and sensitivity on both an individual and corporate basis. Ability to work in other RBC Wealth Management ofces within the Caribbean as required Excellent at relationship management and working with others, as demonstrated through experience and references. About Our People, Our Culture We believe our people are our main strength, and to this end we are dedicated to continually developing our employees. This position offers opportunities for career progression and appropriate training will be provided. We offer an attractive compensation package, which includes incentive bonuses and a comprehensive health & bene ts plan. Remuneration will be commensurate with qualications and experience. Interested persons should apply by November 24, 2011 to: Royal Bank of Canada Trust Company (Bahamas) Limited P. O. Box N-3024 Nassau, NP, Bahamas Attention: Human Resource Department Via Email: email@example.com Only applications from suitable qualied candidates will be acknowledged WHEN radio host Giles Wells nicknamed professiona l athlete Natasha Brown Downtown Natasha Brown, he nor Natasha could have perceived just how much of a reality that name would become. On Monday, Natasha B rown took her cadre of dedi cated clients who want to lose weight or change the shape of their bodies to her brand new location Downtown, N assau, Bahamas. O nce the Royal Bank of Canada, the stone-faced building on Bay and Victoria Streets is now the home of exercise equipment for the newest gym in the Bahamas. N atasha was hailed by Mini ster of Youth, Sports and Culture Charles Maynard as the most determined woman in the Bahamas. She went from being a n outstanding long, high and t riple jumper to becoming a fitness champion. Ms Brown is now elated to see her sporting career come full circle with Ultimate Fitness & Wellness a facility t hat is designed around prov iding an holistic approach to health and fitness. RADIO HOST Giles Wells with athlete turned fitness champion Natasha Brown. Its Downtown for Natasha Brown AUTHORITIES say two men floated ashore in South Florida after spending atleast three days adrift at sea a fter their larger boat caps ized off an island in the Bahamas. Boca Raton Fire Rescue spokesman Frank Correggio says the men were drifting in a small boat after their larger boat sank sometime afterd eparting from Islamorada on F riday. The Coast Guard says the larger boat capsized in heavy waves and sank 12 miles off an island in the Bahamas. The men were hospitalised o n Tuesday morning. C orregio says the men were dehydrated and fatigued but in stable condition. P OLICE are investigating a shooting incident that has l eft a 40-year-old man in hospital. The incident reportedly occurred shortly before 8pm on Tuesday. I nitial police reports indicate that the victim was on his b oat at Potters Cay Dock with a nother man when they were a pproached by a dark male w earing a grey hooded jacket and black pants. Armed with a handgun he demanded cash. It is report-e d that there was a struggle between two of the men with o ne being shot in the arm. T he victim was taken to h ospital by EMS personnel w here he is detained in stable condition. The second man was not injured. The culprit fled the area in a w hite Honda Accord. Active police investigations contin u e. MAN IN HOSPIT AL AFTER SHOOTING BOAT SINKS OFF BAHAMAS
By DENISE MAYCOCK Tribune Freeport Reporter firstname.lastname@example.org FREEPORT A public c omplaint was officially s erved on the Grand Bahama P ower Company on Wednesday over the increasing price of electricity and questionable business practices at the company. M embers of Operation Just ice Bahamas (OJB founder Troy Garvey, delivered an eight-page complaint on behalf of the residents of Grand Bahama to the Power Company at 10am. A fter leaving the compan ys head office, the group went to the Grand Bahama Port Authority, Police Headquarters, and lastly to the Office of the Prime Minister to present copies of the comp laint. M r Garvey said their camp aign against the Power Company will continue until some relief is achieved for residentsw ho are bearing the burden of high power bills. The complaint outlined a number of issues and grieva nces, including the fuel surcharge cost, irregularities with billing, the estimation of meters, damage to equipment and electrical appliances,a mong other things. O JB also claims that the P ower Company is using its steam unit, and charging residents for use of the Aggreko rental units that are not being put into full operation event hough the company has been g ranted regulatory approval to charge an additional three cents in the surcharge to cover cost of the full use of the units. The Power Company b rought in 54 rental units l ast year to provide 54 megawatts of supplemental generation to improve reliability. OJB revealed that it has obtained data sheets indi-c ating Turbine and Alternat or readings from within the G BPC which show that the rental units have accounted for approximately 10 perc ent of the overall power generation during time periods for which they have records. Despite this obvious fact, r ecords will indicate that the G BPC has been consistently b illing customers at a level which would be commensur ate with these units being o perated on a constant b asis. This is a most evident and v ery serious discrepancy w hich the company must be obliged to provide an explan ation for. Residential cust omers in Grand Bahama simp ly cannot be billed for the u se of units which are not put i nto operation, said the s tatement. Mr Garvey demands that a p ublic investigation be l aunched into the Power C ompany. I am personally trusting t hat government is going to d o the honourable thing to bring easement to the people o f Grand Bahama because the power bills are too high, h e said. I am hoping that the MP f or West End and Bimini O bie Wilchcombe, the representative for the Opposition Business in the House, will call for a Select Comm ittee to investigate this c ompany. I f there is no response from t he government within the next 30 days, Mr Garvey said they will take the matter to t he United Nations. Attorney Osman Johnson, O JB legal adviser, said the c omplaint also addresses possible conflict of interests r egarding the share ownership in the ICD utilities. It was stated in the comp laint that there exists at p resent a rather ambiguous r elationship as it regards to share ownership between the GB Power Company, the Grand Bahama Port Authority and ICD Utilities, specifically. It further stated that the Grand Bahama Port Authority assumes the role of offi cial regulator, with oversight a s it regards the operations of the GBPC. This fact brings with it the assumption and obvious necessity for the regulator to b e entirely impartial in its f unction. Despite this consideration, the members of OperationJ ustice have been provided with strong evidence to sugg est that senior positions withi n the Port Authority are f illed by persons who are liste d shareholders of ICD Utilities and therefore by extens ion of the GBPC. This represents a most clear and flagrant conflict ofi nterest which is entirely a gainst the principle of transp arency and honesty and places the interests of the people at the very bottom of the agenda. Mr Johnson is calling for a ction from the authorities. We are calling on government to fulfil its role and carry out, at the request of our people, a full and unfettered investigation into everything g oing on at this company. Mr Garvey commended residents who have supported OJB by way of a petition, fil i ng complaints against the company, and providing important information to a ssist them. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 7 Cable Beach Branch Relocation...We wish to advise our valuable customers that effective Monday, November 21, 2011, the Cable Beach branch will relocate to its new location on West Bay Street in the new Baha Mar Commercial Village.NEW PHONE NUMBER: 242-702-8100 We look forward to serving you at our new home.*Trademark of The Bank of Nova Scotia, used under licence (where applicable) Complaint served to power company TROYGARVEY, founder of Operation Justice Bahamas, whose campaign has led to the Grand Bahama Power Company being served a public complaint over the increasing price of electricity.
t he counselling does not mean that I bless your activity. He added: Homosexual y oung persons do not have to practise it. I think our society lends weight to it and noww ere finding people who pay for it. In the run-up to the 2012 general elections, a Christiang roup will survey both serving and aspiring politicians to uncover their stance on homos exuality, among a number of other issues, Bishop Hall said. Homosexuals, he said, cannot give birth to children,so in that vein, they recruit them. Anybody, be they heteros exual or homosexual, who in a nyway negatively sexually abuse children should be our concern, he said. I dontw ant to browbeat homosexuals, there are heterosexual men who abuse little children. W hen that comes into the fore, we cannot play with that. Bishop Hall recounted statistics released by the National HIV/AIDS Programmed uring a speech to the Rotary Club of West Nassau. The prevalence of HIV/AIDS among homosexuals has nearly doubled in twoy ears at 14 per cent, according t o the programmes director, Dr Perry Gomez. Using any measurement that is a call for alarm, said the Bishop. I wish to make t he appeal to all homosexual m en to recognize that their worth and value as a man should out distance their sexual preference and their place as men is vital and importantt o social stability and normalc y. H e added: What I find disturbing is men absent, men unable to take care and provide for their families, men dying and leaving children tof end for themselves, men i nfecting their partners with A IDS, all this further negatively contributes to a society already on the edge of disintegration. Earlier this week, supporte rs of the Gay Lesbian Bi-sexu al and Transgender community have warned of the dangers of equating HIV/AIDS to a specific sexual preference. According to the latest statistics, adult HIV prevalence in The Bahamas is among the h ighest in the Caribbean at 3 .3 per cent. AIDS is also still a leading cause of death among Bahamian men and women, aged 15-44. The disease occurs primari ly among heterosexuals a pproximately 87 per cent a lthough under-reporting by men who have sex with men remains a challenge. The 2011 Caribbean HIV Conference, held at theA tlantis resort, begins today u nder the theme Strengthe ning Evidence To Achieve Sustainable Action. The conference is expected to attract 2,000-2,500 participants and will highlight sci-e ntific research findings, i mplementation lessons learned, skills-building tools, and networking opportunities. LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE of yesterday afternoon police c onfirmed that all three were i n custody in connection with t wo separate murders. Police identified the three as Most Wanted Murder Suspects. Superintendent Stephen D ean, head of the National C rime Prevention office, told The Tribune that because of excellent textbook police work and also as a result of the co-operation of the public, these suspects were arrested. M r Dean said police acted on great intelligence, which led to the capture of the men. He said that after Wednesd ays conference our phones were ringing all day. They thought they could escape the reach of the law, they thought if they got away,t hey could hide from police, Mr Dean said of the captured m en. This spells an example that people have reached a crossroad and they believe enough is enough. Ordinarily criminals would h ave been able to find haven in their communities, but now communities have reached ap oint where they dont want these criminals they want to give them to the police, Mr D ean said. We really want t o thank the Bahamian public. Twenty-year-old Missick, a lias Fifty, of Kingston Street off Kemp Road, was found Wednesday around 7 :45 pm on East Street in M athew Town, Inagua. Police want to question Missick in connection with the m urder of Bradley Viticus, who was shot and killed in the Crooked Island Street area. D eangelo Wilson, 25, of L ifebuoy Street off East Street, was found around 11 a m yesterday at Park Avenue, Grand Bahama. Deangelos brother, Desmond Wilson, also of L ifebuoy Street was found in New Providence and is also in custody. Police want to question the brothers about a murder that occurred two months ago.T he victim, Damien Bowe, 29, was shot and killed on September 17 on Kemp Road. In September three men were turned in by their lawyer for questioning in connection with Bowes murder, but no charges were filed. T he other three suspects mentioned at Wednesdays press conference are still at large, but Mr Dean says they can be found if the public continues to assist the police. We want to stress that we n eed the public to help us with arrests, Mr Dean said. We need the extra help in getting the other persons in custody. Friends and family members, if you know where these people are, please turn themi n, he urged. T he other wanted suspects are Andre Wallace, alias Mugs, Oman Leon, and G arrison Pyfrom Jr. A lso, police are investigating an attempted home robb ery and a shooting that left o ne man hospitalized in serious condition. T hree men were arrested y esterday when they were caught in the act of breaking i nto a residence. Police officers of the Western Division were on routine patrol when about 11am they saw the men trying to gain e ntry into a home in the Sea Beach Estates area. T he men, ages 22, 23, and 2 5, were quickly taken into custody. Also yesterday, around 8:15 pm, an unidentified 21-yearo ld man was at his Flamingo G ardens home when he was approached by a man he k new. The man shot the victim in h is abdomen and fled the s cene. The victim was taken to hospital by EMS personnel. P olice also want to alert the p ublic that as of this week the Cable Beach Police Station has been relocated to newlyc onstructed West Bay Street. A statement released by the police urge members of the p ublic to pay special attention to the new location and to direct their inquiries accordingly. t ive candidate, pleaded not guilty to indecently assaulting a woman during the early h ours of September 7, 2010. His trial was set to begin on November 1 before Magistrate Guillimina Archer. At his arraignment, his attorney, Devard Francis, argued that the charge was invalid as the complaint had been made too late. At the time, Magistrate Guillimina Archer said the charge was valid and proceeded with the arraignment. That decision was peti tioned by his attorney, Murrio Ducille, who filed an appeal on the grounds that the charge was brought against his client past the statute of limitations more than six months after the alleged offence. However, during yesterdays proceedings in the appellate court, Ramona Far quharson after explaining h er absence from the previous ruling presented to the court complaints along with summons and relating affidavits that were stamped, signed and sealed by Chief Magistrate Roger Gomez on March 4, within six months of the alleged offence. The revelation was sup ported by deputy director of public prosecutions Franklyn Williams who confirmed that a second check with the lower court revealed the complaint was within the statute of limitations. COA president Justice Ani ta Allen, with Justices Christopher Blackman and Stanley John then dismissed Ducilles appeal and remitted the case to be heard before Magistrate Archer. Brown was a prospective candidate for the Progressive Liberal Party's nomination in the Montagu constituency. f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e f f r r o o m m p p a a g g e e o o n n e e COURT U-TURN ON PLP DOCT OR SEX CHAR GE THREE HELD AFTER APPEAL BISHOP: DO NOT DEMONISE GAY PEOPLE
LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 9 +DSS $QQLYHUV DU\ FREEPORT George Abola, Ugandan High Comm issioner to the Bahamas, paid a courtesy call on Grand B ahama Port Authority officials during a private visit to the island. P resent to welcome the diplomat were company repr esentatives Sarah and Henry St George; Arthur Jones, GBPA vice-president for building and development; and Charles Pratt, GBPA c ommercial manager. After a brief video on Freeports history and the unique characteristics of the Hawksbill Creek Agreement, the high commissioner and a G BPA delegation took a boat tour of Freeport harbour. They visited the Container P ort and the Grand Bahama Shipyard, where a luxury c ruise liner was being refurbished. Gary Gilbert, chief execut ive of Hutchison Port Holdings Bahamas, said the sea t our was arranged to give the visitors a different perspective on the operations in the harbour. The afternoon jaunt culmin ated with a brief visit to the Bahamian Brewery and Beverage Company. The high commissioner said he was impressed by all he had seen. Before I reached here, I had the impression I was just going to see a small city in o ne of these small islands. But, when I got here, I was p leasantly surprised at what I saw, he said. The high commissioner e xplained that even from the air, he could see that Freeport w as well planned and laid out. Mr Abola has been based in Ottawa, Canada for the past five years, and has responsibility for theB ahamas and Cuba. This trip marked his fourth visit to the Bahamas and first to Freeport. He said he believes there is much his country can learn f rom the Bahamas. This is a small country, very stable, very peaceful and therefore able to manage itsa ffairs much better than a bigger country with a lot of challenges, he said. In my own country, we are a developing country with a lot of development chall enges, especially in human s ettlements and welfare of the people. In Freeport, however, I s ee a situation where leaders hip has created an atmos phere which definitely creates g ood governance for the people. The Bahamas very own street philosopher Ugandan diplomat visits Freeport VISITING DIPLOMAT George Abola (far right U GANDAN HIGH COMMISSIONER G eorge Abola (second from right accepts a welcome gift from (left to right manager, GBPA; Henry St George, director, Port Group of Companies;S arah St George, director Port Group of Companies; and Arthur J ones, vice-president of building and development, GBPA.
LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 11 s he will miss living in the Bahamas and has many fond memories, she is looking forward to spending the holidays with her family and returning to private life. T he ambassador said she w as tremendously proud of what the US mission has accomplished during her tenure, particularly in terms of helping communities throughout the country. As ambassador, she said, it was important to me to demonstrate that the United States understands and supports the aspirations of the people of the Bahamas, especially the young who oftenu nderestimate their potential as future leaders. Since becoming ambassador, she has focused on five priority initiatives: education, alternative energy, economic and small business develop-m ent, womens empowerment a nd raising awareness about t he challenges facing people with disabilities. I have sought to reach out to the education community and to the many civil society organisations that are working to address the challenges thata ll communities face, she said. Of all of her work and accomplishments in theB ahamas Ambassador Avant said she is most proud of her work with children. When I look back I think about all the students I have met across the Bahamas and the hope that I have for them, she said I enjoyed really working with them in tryingt o re-establish how important reading and education is. Ambassador Avant said her fondest memories will be of exploring the many islands of the Bahamas with her fam-i ly, which she looks forward t o coming back and continuing in the future. What I enjoy most was visiting as many Family Islands as I could. Every Island hasa different personality and a d ifferent look, the cultures are d ifferent, the language is different, the music and food are different, said Ambassador Avant. Commenting on USBahamian relations, Ambas-s ador Avant said: I am confident that the US Mission will continue to build on the work that has been accomplished over my tenure and that our two countries will c ontinue to have an open, direct and respectful dialogue b ased on true and honest p artnership. She noted that Secretary N apolitanos visit last week demonstrates the Bahamas vital role in maintaining security in the region. Current Deputy Chief of M ission, John Dinkelman will assume the role of Charge dAffaires until a new USA mbassador is appointed. f f r r o o m m p p a a g g e e o o n n e e AMBASSADORS FOND MEMORIES WALKABOUT HEADEDHOME at the end of the walk. FEELINGTHEPACE, but just a few more miles to go. A YOUNGSTER w aves as he and fellow students from Xaviers Lower School tackle the annual walkathon yesterday, involving both children from the school and their parents. Photos: Felip Major /Tribune Staff
By NEIL HARTNELL Tribune Business Editor THE INSURANCE COM MISSION has obtained a Supreme Court order extending its statutory administra tion of a Bahamas-based underwriter for a further 45 days, after which it will seek judicial approval for its recommended course of action which could involve windingup the company. Arvind Baghel, the regulators head of insurance super vision, told Tribune Business yesterday that the regulator was conducting further due diligence, and ensuring it pos sessed all the relevant facts, before it approached the Supreme Court with a petition to determine Atlantic First Insurance Companys fate. With this being the first case to require the Insurance Commission invoking its statutory administration pow ers under the new Insurance Act, Mr Baghel explained the regulator was being extra careful in how it proceeded, making sure it covered all bases. They are under statutory administration, and we asked for an extension that was for 45 days, Mr Baghel told Tribune Business. The Act give us the authority to act as statutory administrators, and $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.19 $5.19 $5.17 T HETRIBUNE SECTIONB email@example.comFRIDAY, NOVEMBER 18, 2011 NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com +242-396-1300+242-396-1300+242-396-1400+242-396-4076+242-396-4076 Charting Your Financial Future Well help you chart your course for life, health, and wealth. FAMGUARD CORPORATION +242-396-4000 By NEIL HARTNELL T ribune Business Editor THEGrand Lucaya resorts multi-million dollar losses have been significant-ly reduced, the head of Hutchison Whampoas Grand Bahama-based oper-a tions said yesterday, the property targeting occupancies averaging in the 80 per cent range for the upcoming Christm as/New Year season. Gary Gilbert, the Freeport Container P orts (FCP chief executive, told Trib une Business the restructuring of the Hong Kong conglomerates Bahamian o perations, with its Ports side taking over r esponsibility for the Grand Lucaya from H utchison Properties, was already beginn ing to pay dividends even though the property was not yet profitable. M r Gilbert also confirmed there were a number of things we are studying in efforts to turn the Grand Lucaya around,i ncluding the possibility of converting o ne of the resorts still-closed properties i nto an all-inclusive hotel that would appeal to European and Latin American visitors. The Container Port chief, though, shot d own speculation in the Freeport busin ess community that Hutchison Whampoa was in talks with Club Fortunas owners over the latter obtaining a mana gement agreement to open, and run, o ne of the two closed Grand Lucaya properties the Reef Village and the former Holiday Inn/Radisson hotel. M ultiple sources had told this newspaper that the two side were in discussions said to be turning serious, one c ontact saying: Talks are being held o ver some kind of management agreement. Denying this, Mr Gilbert said Hutchis on, and Grand Lucayas management, were focused solely on filling the remaining property, Breakers Point, which has t he Manor House as its focal point. E mphasising that Hutchison Whampoa operated all the assets it owns, Mr Gilbert added: We are not looking to h ave anybody operate on our behalf. We w ill take anybodys suggestions for any of our assets if they want to buy them, but were not looking for a management cont ract and are not in that market. H e told Tribune Business that the restructuring of Hutchisons Grand Bahama operations, with Grand BahamaI nternational Airport, the Harbour Company and now Grand Lucaya joining the Container Port under the managem ent/operational control of Hutchison P ort Holdings, had enabled these investments to operate more efficiently and more locally. Were trying to do the best we can for all Grand Bahama, Mr Gilbert said. Were the largest investor here, and e mployer here, and will improve the e conomy the best way we can. GRAND LUCAYA LOSSES SIGNIFICANTLY REDUCED GB resort targets occupancies in 80% range for Xmas But not profitable yet All-inclusive among options under study By NEIL HARTNELL Tribune Business Editor A FORMERWater & Sewerage Corporation chairman yesterday expressed surprise that the Government had chosen to reject hisp roposal for a $100 million bond i ssue to finance the water industrys restructuring, instead opting to borrow $81 million from the InterA merican Development Bank (IDB Don Demeritte, who was the C orporations executive chairman d uring the 2002-2007 PLP administration, said the two-tranche bond issue plan the Ingraham administration had inherited when it came to office would have generated strong returns for Bahamian investors and reduced foreign exchange outflows. W hile not criticising the IDB, Mr Demeritte said: What we thought with the model we had in place was that we could have given Bahamians an opportunity, through their savings, to invest in a vehicle that could have given them a pretty return, and move us away from borrowing these B y NEIL HARTNELL Tribune Business Editor T HE number one priority for Bahamian telecommunications consumers has effec tively been pushed back to a m id-2013 target date, a senior Cable Bahamas executive said yesterday, after regulators r evealed their position on fixed-line number portability. Emphasising that he was s peaking from a consumer/market perspective, and not for Cable Bahamas, Mark Cabrelli, the BISX-listed communications providersv ice-president of marketing and sales, said consumers were likely to be left disappointed by the Utilities Regula tion & Competition Authori tys (URCA H e denied, though, that C able Bahamas launch this week of its Revoice fixed-line offering had been dampened REGUL ATOR DELAYS NO.1 PRIORITY F OR TELECOMS MARKET URCA puts back number portability start to mid-2013 tar g et at best Hit f or competition, and consumer ser v ice/pr ices Ca ble denies move overshadows fixed-line launch SEE page 6B SEE page 6B MARK CABRELLI DROPPED $100M BOND BETTER BET FOR WATER CORP Ex-exec chair suggests plan w ould have boosted economy, investors and foreign exchange, as opposed to $81m IDB financing D ONDEMERITTE S EE page 7N By NATARIO McKENZIE Tribune Business Reporter n firstname.lastname@example.org THE SCRAP metal industry has been brought to a standstill once again, it wasr evealed yesterday, one leading operator telling Tribune Business that the Customs Department had its hands tied because it h ad not received the new regulations that govern the sector. Everette Rolle, proprietor of Caribbean R ecycling and Trading Solutions, told Trib une Business: We are somewhat at a stand still again. The extension to the ban expired, but the regulations that govern the new Act a re not in place. Customs is at a standstill; they cannot process anything for us. They havent been given the regulations in as much as they are responsible for the administrative side. Its c razy. The Government has not come to us and said anything because Customs is in aq uandary, and in the absence of any clear-cut procedures they say they are going to wait on the Government. We would load the con t ainers but Customs is not going to process the papers for the export. You cant blame them; they say they want to help us but their hands are tied. T he Cabinet Office issued a statement on November 1, stating that the 90-day temporary ban on the export of scrap metal, which w as implemented on 27 July, would be extended by two weeks to November 11. It was expected that by that time, the P awnbrokers and Second-hand Dealers Act 2011, which aims to regulate the export of scrap metal, would have taken effect. Under SCRAP METAL EXPORTS ARE HALTED AGAIN Customs hands tied as no regulations to g overn the sector received from government INSURERS FATE AWAITS SUPREME COURT PETITION SEE page 2B Atlantic First administration gets 45-day extension Regulator can push for wind-up, Judicial Manager or company restructuring SEE page 7B
By SIMON COOPER R es Socius NASSAU BUSINESS people associate me with success, because the businesses I sell succeed more t han most. Why is that? It is b ecause I dont just sell b usinesses. I also sell businesses to people with personalities to succeed. If you think about it, I have to. If I dont, and a business that I sell fails, then fewer people will do b usiness with me, and I may h ave to close down my s hop. So what do I look for? What are the critical factors for success? Belief in self is essent ial in most things. It is even m ore important in a business, because a thing called competition tries to talk you down. Moreover, customers are less likely to do business with shy, retiring types who cannot even sell t hemselves. Local people are more likely to succeed because they already have connections that can pull deals. A new arrival starting a new b usiness is a brave person indeed buying something already established makes far more sense. When a buyer tells me that will have to wait til monday, I hear alarm bells ring. That is because in business, holidays and weekends are for employees, not for their bosses. When the fish are running, y ou have to catch them on S undays, too. Short working days, dining out for fun and sleeping late go out the window with a decision to go i nto business. Businesses are like marriages in othe r words, they are 24/7 a ffairs. Business vision, not m erely making instant mone y, must be the main passion, too. Business owners quickly learn that feeding the monster must come first. Although with success the tide does turn. Running a business is f or control-freaks, because i f the owner is not in control then who is? So I look for strong-minded people, but they must also be masters of themselves as well. Successful business peop le have high standards and c ontinually seek improvem ents. That is because a business that is not steadily improving is more likely to be stagnating. Profit is the reward for improvisation a nd taking calculated risks. People who go into b usiness often do so b ecause they are unemployable. I am not talkinga bout failures, though. Im r eferring to people who get their kicks from rocking boats and commanding playgrounds, and consequently lose their jobs. Finally, I guess people have to be a little crazy to g o into business in the first p lace, because they will h ave to break with accepted norms in order to succeed. Mention any successful Bill Gates or Richard Branson, and Ill show you someone once told them they were mad to risk their money in t hat way. I am not promising that everybody will succeed in every business they buy from me. Thats because what happ ens afterwards is largely beyond my control. Howe ver, I am suggesting that t he personality type that I d escribe here is more likely to succeed. The restd epends on their sheer e ffort. NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorised by the Bahamas Investment A uthority that facilitates t he sale and purchase of b usinesses. Contact 6368 831 or visit www.ressoc ius.com. BUSINESS PAGE 2B, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE Employment Opportunity AIRPORT SUPERINTENDENTROLE: Supervise Airport plant operations to ensure safe and correct receipt, storage and distribution of the Companys aviation p roducts and required activities are carried out in accordance with the companys operating procedures; provide p rocedures and guidelines to ensure that operations (receipts, storage and distribution) are performed safely, efI HFWLYHO\DQGHIFLHQWO\&UHDWLQJVDIHDQGKHDOWK\HQYL ronment for all personnel involved with airport operation/ a ctivities. REQUIRED EDUCATION, EXPERIENCE & SKILLS: %DFKHORU'HJUHHLQ(QJLQHHULQJ,QGXVWULDO(OHFWULFDORU Mechanical)or a Related Field 0LQLPXPRI\HDUVRIH[SHULHQFHLQDUHDRIVWXG\ 0XVWSRVVHVVVWURQJLQWHUSHUVRQDOVNLOOVZLWKH[FHOOHQWRUDO DQGZULWWHQFRPPXQLFDWLRQVNLOOV 6WURQJRUJDQL]DWLRQDODQGDQDO\WLFDOVNLOOV 0XVWKDYHWKHDELOLW\WRPDQDJHPXOWLSOHSULRULWLHV 0XVWKDYHVWURQJFRPPLWPHQWWRPDLQWDLQLQJKLJK Standards 6WURQJOHDGHUVKLSDQGFRDFKLQJVNLOOV 5HVXOWVGULYHQ, I \RXIXOOOWKHSRVLWLRQVUHTXLUHPHQWVSOHDVHVHQG\RXUUHVXPH E \ HPDLOWRUHFUXLWPHQWEDKDPDV#\DKRRFRP( r2QO\VKRUWOLVWHGFDQGLGDWHVZLOOEHFRQWDFWHGr SELF-BELIEF KEY TO BUSINESS SUCCESS S IMONCOOPER BENCHMARK ( BAHAMAS) yesterday d isclosed its profitability c ontinued to be hit by the p erformance of its investm ent portfolio, the BISXl isted investment company reporting a $1.6 million for the nine months to end-September 2011. The net loss was $0.33 per share, a slight increase against a $0.32 cents pers hare loss for the same peri od during 2010. Our results for the nine months continued to bea ffected by the performance of our investment portfolio, as net movement in realised and unrealised loss oni nvestments was $l .417 mil lion, the company said. Benchmark contributed a net loss for the period of$ 438,750, while the Bench mark Advisors, and Bench mark Properties subsidiaries contributed net profit of$ 17,531, and $63,750 respec tively. The Alliance Investm ent Management subs idiary posted a loss of $ 1.292 millionaccording to t he companys financial r eport. F or the 2011 third quarter, Benchmark reported a consolidated net loss of $0.28 cents per share, against a profit of $0.02 cents for the same period during 2010. The company said: The p erformance of our interna tional investment holdings was the primary contributor to these negative results,w ith net realised and unrealised loss on investments of $ 1.164 million. As we consider our hold i ngs in the international m arket long-term, we conc ede that the short-term perf ormance of our portfolio will be subject to the volatility and performance of the global market. However, we believe that they will outperform over the longterm. B enchmark said it contin ues to receive inquires for the leasing of space at its investment property onC armichael Road through Benchmark Properties ( Bahamas). According to t he company, rental income y ear to date was $174,640. Operationally, our reve nue for the quarter and n ine months period was up 16 per cent and 35 per cent respectively, against the same period during 2010. For the financial period ending September, 30, 2011, Benchmark (Bahamasa ssets stood at $236,576, and book value was $0.05 cents per share against $0.31 cents for the same period during2 010, the company said. BENCHMARK IN $1.6M NET LOSS the provisions of the Act, business owners or dealers engaged in the export of scrap metal w ill have to verify the identity of customers and maintain records of all transactions. Scrap metal export businesses are also subj ect to monitoring by a police-designated administrator. The Government placed the temporary ban on the scrap metal trade, whilei mposing a permanent ban on all copper exports in an effort to curb the theft and destruction of property said to be linked with the industry. M r Rolle said: The Government needs to come clean and continue to accommodate us until the regulations are in place. Theres some thing fishy about the whole thing. I made some calls, and they said they were going to do something during the course of this week, but we havent heard anything. Its just uncertainty right now. H e added: We, in addition to providing employment, are providing service. The Department of Environmental Health can tell y ou that. Its too close to Christmas for this to be happening. This is a price sensitive business. You purchase stuff hoping to flip it immedi a tely to capitalise on the price. Attempts to reach Earl Deveaux, minister for the environmentm for comment on the matter proved unsuccessful up to press time. C alls placed by Tribune Business to Customs Comptroller Glen Gomez also proved unsuccessful. FROM page one SCRAP METAL EXPORTS ARE HALTED AGAIN Share your news The Tribune wants to hear from people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an award. If so, call us on 322-1986 and share your story.
BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 3B PICTET BANK & TRUST LIMITED DOCUMENTS SPECIALIST REQUIRED SKILLS:EDUCATION AND EXPERIENCE: ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED NO LATER THAN FRIDAY, DECEMBER 2, 2011 to: Lausanne, Geneva, Zurich, Luxembourg, London, Montreal, Nassau, Singapore, Tokyo, Hong Kong, Frankfurt, Florence, Milan, Madrid, Paris, Rome and Turin By NATARIO McKENZIE Tribune Business Reporter email@example.com BAHAMIAN investors will ultimately finance construction of Princess Margaret Hospitals critical care block, Prime Minister Hubert Ingraham has confirmed, with a bond issue set to replace the $55 million Royal Bank of Canada (RBC to the Public Hospitals Authority (PHA finance the construction. This is similar to what was done in the case of the HarryMoore library at the College of the Bahamas (COB bank financing from Royal Bank of Canad was replaced with long-term bonds. In the case of the PHA, it is thought that the bonds will be issued in 2013, once construction is finished. Given that Roy-al Bank financed both these projects, it is thought likely RoyalFidelity will be the issues placement agent. Mr Ingraham, meanwhile, said that the remainder of the total $75million funding requirement and the loan repayment are for the account of the Government. Cavalier Construction will serve as the lead contractor on the project, which comprises construction of the new Critical Care Block, a new entryway to the hospital and utility upgrades. This first phase of the PMH redevelopment commences with the construction of a world-class Critical Care Block, the cost of which will be the single largest investment in health care since the PMH was built nearly six decades ago. The overall cost of the project will be of the order of $75 million inclusive of equipment, Prime Minister Ingraham said, adding that first phase completion is expected to come in 24 months. Mr Ingraham added: Construction of this new facility will also provide opportunities for the employment of hundreds of Bahamians. In preparation for the completion of the Critical Care Block, 130 or more Bahamians, exclusive of physicians and nurses, are being engaged to be trained to become surgical and orthopedic, radiology, pharmacy, rehabilitation, intensive care, laboratory, biomedical, EKG and ECHO technicians. Additionally, medical records, patient care aides, maintenance technicians and other service officers are required. He added: These trainee technicians are products of the National Jobs and Retraining Programme. The PHA has already interviewed and selected candidates in required areas of this facility and other expanded health care facilities here in New Providence and in Grand Bahama. Mr Ingraham said the first 160 individuals will begin their training on November 28, and upon successful completion of their training, trainees are expected to be engaged on the permanent staff of the PHA. This Facility will also provide opportunities for a range of entrepreneurs and service providers beyond those mentioned. I ask that all participants bring their best game to the team. The magnitude of the project will demand close coordination and timeliness of efforts to minimise disruptions. We fully expect that the completion of this project will translate not only into improved health services, but also into more timely delivery of services, Mr Ingraham said. He added that once the project is completed, PMH will be redeveloped into a 500-bed facility inclusive of a dedicated maternal and child care wing on grounds extending from Elizabeth Avenue to Collins Avenue. Mr Ingraham said that among other projects relating to health care being are the stalled Robert Smith Child and Adolescent Centre and Special Education Unit, funded by the National Insurance Board, which is nearing completion, with hand over scheduled for December 2011. He added that the Government was redeveloping Freeports Rand Memorial Hospital to become a facility of first and last resort. At a cost of $7.5 million, inclusive of equipment and furniture, the Rand Memorial Hospital upgrades include the construction of two operating theaters, an Endoscopy procedure room, an induction room, day surgery facilities, the Central Sterile Supplies Department, staff lounge and changing rooms. This facility will be commissioned next month, he said. We will also commission, later this month, a modern, well-equipped state-of-the-art Accident and Emergency Department, designed and managed by the Capital Development Unit team of the PHA, headed by Tyrone Burrows, at a cost of $2.9 million. BOND ISSUE TO REPLACE HOSPITALS $55M LOAN By NATARIO McKENZIE Tribune Business Reporter n firstname.lastname@example.org T HE Inter-American Development Bank (IDB loan for a project aimed at rehabilitating the Water & Sewerage Corporation's (WSC ment provision, according to a posting on its website. A ccording to the IDB, the operation intends to support the WSC in its institutional strengthening activities, reduction of water losses, modernisation, and reform of the water and sanitation sector regulatory framework. The $81 million investment loan was approved by the IDB on Wednesday. A September 2011 Environmental and S ocial Analysis, prepared by Bahamian environmental consultant Stacey Moultrie for the project, revealed how decades of under-investment, neglect, poor maintenance and lack of planning have created conditions that pose a major environmental and health risk. Referring specifically to the Water & Sewerage Corporation's wastewater ands ewerage treatment role, the report said: "Historically, sewerage has not been given much attention due to its limited coverage (less than 7 per cent and 10,000 customers), low revenue generation ($4 million per annum), and the extreme challenges constantly faced with water supply. Consequently, infrastructure conditions have declined significantly over the years, and more recently staffing levels have decreased by over 30 per cent. Significant i nvestments are therefore required to avoid complete failure of several systems or parts thereof, to minimise operational emergencies and to mitigate the associated health and environmental risks. The IDB-related study added that the Water & Sewerage Corporation's total sewerage treatment assets on New Providence were now valued at $162.6 million, b ut "beyond inherited third party infra structure and emergencies, very little investment has occurred over the past decade". This was why some $15.4 million of the $81 million IDB loan is being allocated to upgrade the Water & Sewerage Corporation's wastewater and sewerage treatment infrastructure, "in order to stabilise oper a tions and to deal with immediate and critical sewerage needs for New Providence over the next two-three years". With regards to the Corporations Pinewood Gardens wastewater treatment facility, whose woes were highlighted in the Moultrie report, the corporations general manager, Glen Laville, told Tribune Business that the Corporation has begun the process of evaluating the bids for the contract to build, own and operate a $4-$6 million wastewater treatment plant in Pinewood Gardens. The bids are in, we have completed the p rocess of accepting bids. Right now we are in the process of evaluation. I expect that before the end of the year we would award the contract, Mr Laville told Tribune Business. According to the recent report prepared by Moultrie, the well at Pinewood Gardens constructed to 300 feet deep repeatedly fails as a result of "more than 30 y ears of untreated sewage" going into it. "Consequently, as much as 250,000 gallons per day of raw sewage can end up on the ground whenever failures occur," the study said. While the Water & Sewerage Corporation is trying to manage this by having pump trucks collect and transport the waste to the Tonique Williams-DarlingH ighway Landfill, the stop-gap nature of this was exposed by Hurricane Irene. "During Hurricane Irene, additional rainfall, trucks had to be employed on a 24hour basis for several days to keep the situation manageable," the study revealed. WATER CORPS $81M IDB LOAN APPROVEDS HUBERTINGRAHAM
T HEBAHAMAS FINANCIAL SERVICES BOARD (BFSB the 11th anniversary of its Industry Excellence Awards programme last Friday, through a Gala Dinner held at the Sheraton Nassau Beach R esort. The Recipients for the 2011 Mentor of the Year, Professional of the Year, Achiever of the Year, and Student of the Year were announced academy award style. Also recognised at the a wards ceremony were the recipients of the 2011 Lifetime Achievement Award, the Executive of the Year Award, and the Development and Promotion Award all of which had been announced previously. The 2011 Recipients are: Lifetime Achievement A ward: Hugh G. Sands, CMG Executive of the Year: Reece D. Chipman, Bahamas Institute of Chartered A ccountants Development & Promotion Award: Higgs & Johnson L aw Firm Mentor of the Year: D orothy Hilton, SG Hambros B ank & Trust Professional of the Year: K enrick L. Brathwaite, Commonwealth Bank Achiever of the Year: Alec F. Rolle, BSI Overseas (Bahamas Student of the Year: Mandelia K. Morris, COB G raduate T he BFSB introduced its I ndustry Excellence Awards Programme in 2001, in collabo ration with the financial services industry Professional I ndustry Associations, to recognise excellence in performance amongst industry p ractitioners. This year, the Association o f International Banks & T rust Companies in the Bahamas (AIBT forces with the BFSB to enhance the profile of thea nnual Financial Services Industry Excellence Award for the Achiever of the Year.I n addition to the recognition and awards presented in this category by the BFSB, Achiever of the Year AlecR olle received the AIBT Prof essional Education Prize. The Student of the Year award a $5000 InvestmentA ccount again was co-spon sored by Societe Generale Pri vate Banking, CFAL and Colina. The programme itself isa n initiative introduced by the BFSB in 2002 in collaboration with the College of the Bahamas. BUSINESS PAGE 4B, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE Salon Westa t the shopes of Cable Beach Seeks: Experienced Hair Stylist Minimum 5 years salon experience -Ability in styling both Caucasian and Ethnic hair types including extensions Strong Color and Cutting Skills Must be reliable with own transportation $5,000.00s ign on bonus Highly Competitive Commission Send resume and photos of past work to: b email@example.com or call 395-9293 N O T I C E VOYAGER MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (aVOYAGER MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4 Companies Act 2000. (bThe dissolution of the said company commenced on the 15th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Blue Seas Administration Ltd., The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 18th day of November, A. D. 2011 _________________________________ Blue Seas Administration Ltd. Liquidator N O T I C E ITHACA PACIFIC LIMITED N O T I C E IS HEREBY GIVEN as follows: (aITHACA PACIFIC LIMITED is in voluntary dissolution under the provisions of Section 138 4) of the International Business Companies Act 2000. (bThe dissolution of the said company commenced on the 15th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Manex Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 18th day of November, A. D. 2011 _________________________________ Manex Limited Liquidator N O T I C E ALTAVISTA INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (aALTAVISTA INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4 Companies Act 2000. (bThe dissolution of the said company com mencedon the 15th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General. (cThe Liquidator of the said company is Manex Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 18th day of November, A. D. 2011 _________________________________ Manex Limited Liquidator L egal NoticeNOTICENOTICE IS HEREBY GIVEN as follows:(a MAXIMILIAN INVESTMENTS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (bThe Dissolution of said Company commenced on November 17, 2011 when its Articles of Dissolution were submitted and registered by the Registrar General. (cThe Liquidator of the said company is Zakrit Services Ltd. of 2nd T errace West, Centreville, Nassau, Bahamas. ( d) All persons having Claims against the above-named Company are r equired on or before the 13th day of January 2012 to send their names and a ddresses and particulars of their debts or claims to the Liquidator of the any distribution made before such debts are proved. NOVEMBER 18 2011 ZAKRIT SERVICES LTD. LIQUIDATOR OFTHE ABOVE-NAMED COMPANY NOTICEPYRAMID INVESTMENTS HOLDINGS LIMITEDBF COMPANY LIMITEDLiquidator PYRAMID INVESTMENTS HOLDINGS LIMITED (In Voluntary Liquidation) (In Voluntary Liquidation)In accordance with Section 228 of The Companies Act, NOTICE is hereby given that at an Extraordinary General Meeting of the Company held on the 14th day of November, 2011 the following Resolutions were passed: 1. That Pyramid Investments Holdings Limited be voluntarily wound up. 2. That BF Company Limited be appointed Liquidator for the purpose of winding up the affairs of Pyramid Investments Holdings Limited.Dated the 14th day of November, 2011 NOTICEPYRAMID INVESTMENTS HOLDINGS LIMITEDBF COMPANY LIMITEDLiquidator PYRAMID INVESTMENTS HOLDINGS LIMITED (In Voluntary Liquidation) (In Voluntary Liquidation)NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Pyramid Investments Holdings Limited is here by called to be held at the ofce of the Liquidator, 51 Frederick Street, Nassau, Bahamas on the 20th day of December, 2011 at 10:00 oclock in the forenoon. The object and purpose of the said meeting is to have laid before the Shareholders of Pyramid Investments Holdings Limited the accounts of the Liquidator, BF Company Limited, showing the manner in which the winding up has been conducted, the property of the Company distributed and the debts and obligations of the Company discharged, and also to hear any explanation that may be given by said Liquidator.Dated the 18th day of November, 2011 NOTICEPYRAMID INVESTMENTS HOLDINGS LIMITEDBF COMPANY LIMITEDLiquidator PYRAMID INVESTMENTS HOLDINGS LIMITED (In Voluntary Liquidation) (In Voluntary Liquidation)Pursuant to the appointment of the undersigned as a Liquidator of the above mentioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against Pyramid Investments Holdings Limited should send particulars thereof to the undersigned at P. O. Box N-4853, 51 Frederick Street, Nassau on or before the 8TH day of December, 2011.Dated the 18th day of November, 2011 FINANCIAL SERVICES SECTOR HONOURS TOP PERFORMERS L IFETIME ACHIEVEMENT AWARD: A ttorney General John Delaney presenting the Lifetime Achievement award to Hugh G. Sands. Also pictured is Wendy Warren, BFSBs chief executive and executive director EXECUTIVE OF THE YEAR: A ttorney General John Delaney presents the award to Reece D. Chipman. Also pictured is Wendy Warren, BBFSBs chief executive and executive director 11th anniversary of its Industrial Excellence Awards
BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 5B CONDO FOR SALE St. Albans Drive off West Bay St.Beautiful 3 storey town house, 2 bed, 2 1/2 bath in private gated property, swimming pool, rec. area Interior, nished to your taste with stainless steel appliances, granite tops etc. End Unit $225,000.00 Middle Unit $217,000.00 Tel: 436-4697 | 396-0042 | 324-1257 R HONOURS TOP PERFORMERS D EVELOPMENT & PROMOTION AWARD: A ttorney General John Delaney presents the award to Heather Thompson, partner of Higgs & Johnson. Pictured from L to R are Oscar N. Johnson Jr, Higgs & Johnson partner; Heather Thompson; Mr Delaney; Wendy C. Warren, BFSB; and Earl Cash, partner, Higgs & Johnson. MENTORSHIP AWARD: A ttorney General John Delaney presents the award to Dorothy Hilton. Also pictured is BFSB s chief executive, Wendy Warren. PROFESSIONAL OF THE YEAR: Attorney General John Delaney presents the award to Kenrick Brathwaite. Also pictured is BFSBs chief executive, Wendy Warren ACHIEVER OF THE YEAR: Attorney General John Delaney presents the award to Alec Rolle. Also pictured from L to R: Antoinette Russell, director, Association of International Banks & Trust Companies (AIBT and BFSBs chief executive, Wendy Warren. STUDENT OF THE YEAR: Attorney General John Delaney presents the award to Mandelia Morris. Pictured from L to R: Renee Barrow, Societe General Private Banking; Sophia Thurston, CFAL; Mandelia Morris; Mr Delaney; Pamela Musgrove, CFAL; and BFSBs chief executive Wendy Warren.
o r overshadowed by URCAs position on number portabili-t y, one of two elements vital to fostering competition in the Bahamian telecommunications market. The first one, interconnect ion, has largely been dealt w ith, but number portability would allow Bahamian busin esses and households to keep the same number when theys witch communications provider. Without this being in place, the incentive for consumers to change operator from theB ahamas Telecommunications Company (BTC B ahamas is much diminished, especially for businesses whon eed to maintain the same number for clients to contact them. In its response to URCAs number portability consulta-t ion, Cable Bahamas had urged the regulator to establish the 2011 year-end as the target date to introduce fixedline number portability in the Bahamas. Although there clearly was a n element of self-interest here, given that this date would have coincided with and aided the launch of Cable Bahamas own fixedline service, any delays in num-b er portability implementation w ill likely limit competition a nd, as a result, the better prices and services Bahamian consumers are seeking. While pledging that service provider number portabilityf or fixed communications serv ices be implemented and o perational as soon as econ omically and technically feasible, URCA rejected the target date suggested by CableB ahamas. It did so on the grounds that Section Five of the Commu-n ications Act required it to a ccount for the costs and implications of number portability, an issue necessitating wider consultation with communications carriers. A dhering to Cable Bahamas target date, URCA s uggested, could force it to act in an arbitrary manner and prejudice the consultation/information gathering process it must undertake. A s a result, it has largely left development of a number p ortability solutions and timelines to a body called the Number Portability Working Group (NPWG which has yet to be formed, will be chaired by an URCAo fficial, with representatives appointed from all concerned industry operators the likes of BTC, Cable Bahamas and others. The NPWG schedule set out by URCA says the bodyh as weeks from the time of its creation to implement a working number portability solution for the Bahamian communications market. Given that it is now midNovember 2011 and Christmas fast approaching, theN PWG has yet to be formed, a nd weeks is equivalent to 15 months, it is easy to see w hy Mr Cabrelli was predicti ng mid-2013 as the timeline f or number portability to finally arrive in the Bahamas. Referring to studies undertaken by Cable Bahamas prior to launching its Revoice product, Mr Cabrelli told TribuneB usiness: We did a bit of market research with the cust omer base, and one of the major items consumers were taking about was number portability. If they cannot take their n umber with them, whats the point of switching to an altern ative supplier? With this thing going through, the sort of timeline theyre talking about, it has a target date of mid2013, which is the fifth year after the Communications Actc ame out. Consumers thought this [number portability] would be coming out quicker, and theyre not going to be happy about it. From a market perspective, it seems to be a bitd rawn out. And Mr Cabrelli emphasised: This is not a Cable Bahamas perspective, but something weve got feedback from customers on, that this is a strong, strong issue and theyd like to get it resolved.B ased on what were getting b ack from customers, theyre certainly going to be disapp ointed with this, as number p ortability will only come in the fifth year of the Act. Cable Bahamas executives are still examining the statement of results released byU RCA, and are likely to comment on it from a company p erspective imminently. However, Mr Cabrelli denied that the number portability situation would dampen Cable Bahamas fixed-linel aunch and its prospects for attracting away many BTC c ustomers to its service. It doesnt really, he added. This is a real landmark for the company doing this launch. Were in the market with a compelling offeringo f fixed-line products. The magnitude of that has not been lost. But Ive been with a bunch of customers this morning, because I was in the lobby doing this whole launch, an umber of times I was asked by customers: Can I keep the number with me? Almost to a man. It isnt going to affect the uptake of our services because its a good product. We are getting good traction, but theq uestion always arises. Weve c ertainly [established] that number portability is the numb er one priority for cons umers. BUSINESS PAGE 6B, FRIDAY, NOVEMBER 18, 2011 THE TRIBUNE 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.97AML Foods Limited1.181.180.000.1480.0408.03.39% 10.639.05Bahamas Property Fund10.6310.630.00-0.6420.080-16.6 0.75% 7.504.40Bank of Bahamas6.936.930.000.2300.10030.11.44% 0.530.17Benchmark0.180.180.00-0.0480.000N/M0.00%2 .842.55Bahamas Waste2.702.700.000.0300.09090.03.33% 1.961.77Fidelity Bank1.771.770.003500.0970.04018.22.26% 10.468.29Cable Bahamas8.438.430.000.2450.32034.43.80% 2.802.33Colina Holdings2.342.340.000.4380.0405.31.71% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.516.510.000.4960.32013.14.92% 2 .001.63Consolidated Water BDRs1.731.67-0.060.1110.04515.02.69% 1.771.31Doctor's Hospital1.371.370.000.0740.04018.52.92% 5 .504.75Famguard5.435.430.000.4980.24010.94.42% 7.504.82Finco4.824.820.000.7570.0006.40.00% 9.457.75CIBC FirstCaribbean Bank8.148.140.000.4940.35016.54.30% 6.005.00Focol (S 5.335.330.000.4350.22012.34.13% 1 .001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.58ICD Utilities7.307.300.00-0.1220.240-59.8 3.29% 10.809.80J. S. Johnson9.829.820.000.8800.64011.26.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 Prime + 1.75% Prime + 1.75% 6.95%T HURSDAY, 17 NOVEMBER 2011B ISX ALL SHARE INDEX: CLOSE 1,355.55 | CHG -0.06 | %CHG 0.00 | YTD -143.96 | YTD % -9.60BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 W WW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 29 May 2015 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceDaily Vol.EPS $Div $P/EYield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.650.750.400.0290.00024.130.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.57791.4674CFAL Bond Fund1.5779263.39%5.87%1.548717 3.02482.9020CFAL MSI Preferred Fund3.02482.63%3.94%2.981382 1.61281.5289CFAL Money Market Fund1.61512.61%4.53%1.591803 2.72022.5398Royal Fidelity Bahamas G & I Fund2.4974-8.19%-7.45% 13.849313.2825Royal Fidelity Prime Income Fund13.91804.19%5.21% 114.128999.4177CFAL Global Bond Fund114.09222.35%13.88%114.128861 118.4255101.6693CFAL Global Equity Fund118.42552.30%8.26%116.580785 1.17491.0000FG Financial Preferred Income Fund1.18773.59%4.94% 1.13431.0000FG Financial Growth Fund1.14152.06%4.07% 1.17641.0000FG Financial Diversified Fund1.18903.47%5.04% 9.9952 9.5078Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.94330.98%4.58% 11.49859.8690Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.3699-6.17%-2.17% 10.68139.6635Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.20631.81%7.39% 8.85647.8830Royal Fidelity Int'l Fund Equities Sub Fund8.65073.01%18.38% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/2007NAV Date 31-May-11 30-Sep-11BISX Listed Mutual Funds30-Jun-11 30-Sep-11 NAV 6MTH 1.535365 2.952663 1.580804 111.469744 115.762221TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Jul-11 30-Jun-11 31-Jul-11 5-Aug-11 30-Oct-11MARKET TERMS30-Sep-11 31-Oct-11 RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities) CFAL Securities Ltd. (Over-The-Counter Securities)31-Oct-11 31-Jul-11 31-Oct-11 NOTICE DAYLIGHT SHIPPING (BAHAMASTD. Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of November 2011. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is George Clifford Culmer, C/O BDO Chartered Accountants & Advisors, P. O. Box N-10144, Gresham House, Charlotte Street South, Nassau, Bahamas. All persons having claims against the above named Company are required on or before the 16th day of December 2011 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default bution made before such debts are proved. Dated this 14th day of November 2011 GEORGE CLIFFORD CULMER Liquidator NOTICE SUNLIGHT SHIPPING (BAHAMASTD. Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of November 2011. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is George Clifford Culmer, C/O BDO Chartered Accountants & Advisors, P. O. Box N-10144, Gresham House, Charlotte Street South, Nassau, Bahamas. All persons having claims against the above named Company are required on or before the 16th day of December 2011 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in distribution made before such debts are proved. Dated this 14th day of November 2011 GEORGE CLIFFORD CULMER Liquidator NOTICEis hereby given that NOELSAMUELJAMES of C.W. SAUNDERS HWY, P.O. BOX CR-54345, 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 DAYofNOVEMBER, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE NOTICE is hereby given that MOHAMMED ABDUS SALAM AHMED of Wells Lane off Kemp Road, NASSAU, N.P., BAHAMAS P.O.Box EE15096 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 November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE L EGAL NOTICE NOTICE SUNLIGHT SHIPPING (BAHAMASTD. NOTICE IS HEREBY GIVEN as follows: a)The above Company is in voluntary dissolution under the provision of Section 1 37 (4 C ompanies Act, 2000 b)The Dissolution of said Company commenced on the 11th day of November, 2011, when its Articles of Dissolution were submitted to and registered by the Registrar General. c)The Liquidator of the said Company is George Clifford Culmer of BDO Chartered Accountants & Advisors, P. O. Box N-10144, Gresham House, Charlotte Street South, Nassau, Bahamas. Dated this 14th day of November 2011 GEORGE CLIFFORD CULMER Liquidator LEGAL NOTICE NOTICE DAYLIGHT SHIPPING (BAHAMASTD. NOTICE IS HEREBY GIVEN as follows: a)The above Company is in voluntary dissolution under the provision of Section 137 (4 national Business Companies Act, 2000 b)The Dissolution of said Company commenced on the 11th day of November, 2011, when its Articles of Dissolution were submitted to and registered by the Registrar General. c)The Liquidator of the said Company is George Clifford Culmer of BDO Chartered Accountants & Advisors, P. O. Box N-10144, Gresham House, Charlotte Street South, Nassau, Bahamas. Dated this 14th day of November 2011 GEORGE CLIFFORD CULMER Liquidator A sked about Christmas season occupancy targets for Grand L ucaya, Mr Gilbert told Tribune Business: We would like to b e in the 80 per cents if we can. Its hit or miss. You hold out for those kind of things, and we are waiting for big snow storms in t he US to send them our way. Indicating that the Hutchison restructuring, and Grand L ucayas transfer from the property to port arm, had already m ade an impact, Mr Gilbert said: Weve significantly reduced the losses already through a strong focus on the cost structure. Have we turned it around? Have we taken it to profitability yet? No, but weve done a number of things to stem the loss-e s. Key to this strategy has been the consolidation of Grand Lucayas operations into the Breakers Point and Manor House p roperty, which has slashed the resorts electricity bill, plus Marchs lay-off of some 200 workers. That reduced Grand Lucaya from 1,200 to 500 rooms, and the staff to 550 full-timea nd 200 contracted employees. Weve been able to save a significant amount of money, sig nificant, but we are still not at a profitable state, Mr Gilbert said. He added that Grand Lucaya would reach this point as soon as possible. Mr Gilbert would not detail the amount of Grand Lucayas losses, or how much they had been cut by. In the past, though,P rime Minister Hubert Ingraham suggested they were around $5 million per annum, and the hotel had to be subsidised annually from Hong Kong. Tribune Business understands that among the options being c onsidered for Grand Lucaya is a conversion of the Reef Vil lage into an all-inclusive model, in the belief this will appeal to the European and Latin American market. W hile confirming this was being assessed, Mr Gilbert said any move to the all-inclusive model at one of the closed properties was still some way off, as the Grand Lucaya business model wasc urrently not conducive to this. Right now, our rate structure and cost structure do not allow us to create an all-inclusive, but were doing the sums to see if we can go after this market, Mr Gilbert said. H e added, though, that with current airlift to Grand Bahama and other routes and carriers set to come on stream Grand Lucaya had other ways to fill existing room inventory. We are working on every aspect that we can, he told Tribune Business. Theres a number of things we are studying. This newspaper, though, was told that Hutchison Whampoa is seriously looking at converting the Reef Village into an all-inclusive to appeal to the European and Latin American market, a model that appeals to these customers. Such a move would also replace many of the jobs when the Reef closed. European visitors stay for longer, spend more and are higher yielding, while the newly-established Copa Airlines con nection to Nassau has also opened up Latin America. Grand Lucaya is understood to be exploring with local airlines, such as Sky Bahamas and Bahamasair, how to get those visitors from Nassau to Freeport. John Meredith, global head of Hutchison Port Holdings and honorary consul for the Bahamas in Hong Kong, is said to be taking a keen personal interest in Grand Lucayas perfor mance, and has visited Grand Bahama several times to bring travel agent groups there. The Ports side is also exploiting its broad international connections, with 52 ports in 25 countries, to drum up potential business for Grand Lucaya, including from Europe and Latin America. REGULATOR DELAYS NO.1 PRIORITY FROM page one FROM page one GRAND LUCAYA LOSSES SIGNIFICANTLY REDUCED
BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 18, 2011, PAGE 7B RI 6WUHHW7KH*URYH1HZ3URYLGHQFH NOTICE is hereby given that Azshanique Williams of 73 Yorkshire Drive, Freeport, Grand Bahama, Bahamas P.O.Box EE15096 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 shouldnot be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE NOTICEis hereby given that EMMANUELLOUISIUS of ROCK SOUND, ELEUTHERA, 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 DAYofNOVEMBER, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE The Public is hereby advised that I, SANDRAMAKEBA ST. LOUISof New Providence, Bahamas, intend to change my name to SANDRAMAKEBASAUNDERS. If there are any objections to this change of name by Deed Poll, you may write such objections to the P.O.Box N-742, Nassau, Bahamas within thirty (30 the date of publication of this notice. INTENT TO CHANGE NAME BY DEED POLLPUBLIC NOTICE were then required to file a petition with the Supreme Court. We can either recommend a winding-up of the company, a Judicial Manager be appointed for the company, or a reorg anisation of the companys a ffairs. The Court has the a uthority to accept the recommendation or return the company to Mr Ward [Atlantic F irsts president]. G iven that the Insurance C ommission obtained the 45day extension from the Supreme Court on November 3, 2011, this suggests it will bring forward the petitiond eciding Atlantic Firsts fate b y December 18, 2011. Mr Baghel said the regulator shouldnt be going beyond that date, and aimed to have all the relevant facts and information in hand soon. As part of its due diligence, i t had met and shared information with Atlantic Firsts Board of Directors, while also seeking details from them to ensure we have all the facts going forward and which we may need to make a recom-m endation to the Court. Mr Baghel added: The new Act certainly gives us the authority to proceed with it, and from our point of view its t he first time were applying t hese sections of it, so we want t o be sure. Well certainly be fully committed to making a recommendation to the Supreme Court, and the findings willh elp to decide which way we n eed to go. Its important to make sure we have all the relevant facts, make sure the facts are correct, and proceed on the basis of facts. Mr Baghel confirmed the I nsurance Commission had restricted Atlantic Firsts licence, preventing it from writing new property and casualty business, and also requiring it to refund the premiums to any policyholders on theirb ooks. Between 100-200 general insurance policies, involving gross premiums collectively worth $500,000 per year, were i mpacted. N icholas Ward, Atlantic F irsts president, earlier this week delivered a dossier to the media, which purported to blame Atlantic Firsts plight on the Insurance Commis-s ions predecessor, the Regist rar of Insurance, the Government and agents/brokers who had failed to pass on premiums due to it. He claimed that the small underwriters problems began in the 1995-1997 period, whent he then-regulator allegedly took 32 months to approve its licence following its acquisition of Oxford Insurance Company and renaming as Atlantic First. The consequence of this, Mr W ard alleged, was that investors prepared to inject $2.5 million in new capital into Atlantic First walked away. F rom then on, the company appears to have experienced p ersistent liquidity and solvency challenges, Mr Ward claiming that while it generated $4.8 million in premium income in 1997, it failed to col-l ect $1.1 million in premium d ue to it from agents. A fter Atlantic First was restricted to writing new business only in 2003, and Mr Ward said it became increasingly difficult to conduct business. He is also claiming thatt he Governments failure to put in a road to a real estate project it was developing and selling prevented the insurer from raising cash to solve its solvency/liquidity issues. Many observers in the B ahamian insurance industry have previously told Tribune Business they had expected the long-running Atlantic First saga to be resolved, one way or another, many years ago. It has dragged on for some 14y ears. types of funds for development from the IDB and agencies like it. We felt that given the amount of surplus funds in the system, t his was a pretty good way of topping that.... We were looking a t $100 million in a couple of tranches. One coming to office, though, the Ingraham administration elected not to pursue the plans it inherited, believing it was not feasible. Mr Demeritte, though, yesterday argued that any bond issue w ould have been paid for by increased cash flow, given that the reverse osmosis and wastewater treatment plants it would have financed could have generated new revenue streams for the Corporation. And, he argued, investor funds would have been secured because the Water & Sewerage Corporations real estate holdings would have acted as collateral. The bond, Mr Demerittes aid, would have been secured on lands worth more than its $100 million face value. I sought to secure the bond, as much as we could, to property owned by the Water & Sewerage Corporation, he told Tri-b une Business. That was the way to secure the bond for years to come. We had something like 4,000 acres on New Providence. The land that was free and clear was more than the bond issue. A nd Mr Demeritte added: With the bond the funds would remain here. For every $1 that stays here, the Government recko ns that multiples times 10. The funds would have stayed here as such, so there would have been less stress on foreign exchange. For every $1 million paid out to investors in bond servicing [ interest coupon], thats a $10 million multiplier that remains in t he economy...... It was a safe bet, because at the end of the day we would have been using that to build out reverse osmosis plants and wastewater treatment plants. Thats going to be revenue generating. Whenever anyone turns on the tap, thats money. The former executive chairman added that the $100 million b ond would have also broadened, and deepened, the Bahamia n capital markets, giving investors access to a new investment. Despite expressing disappointment that the $100 million b ond plan had been dropped, Mr Demeritte said he was also a bit relieved that the IDB was at the heart of the new initiativeto restructure the Water & Sewerage Corporation and the w ider industry, as it had established protocols essential to its s ound management. He questioned, though, why the IDB project was providing for a single source contract award to Spanish consultancy firm C astilla, the same company that had produced the 2009 study on restructuring the Corporation and industry. Mr Demeritte said the $700,000 contract given to Castilla c ould have been awarded to Bahamian management consul tants, adding: We have enough consultants to do the work here and keep the money here. A nd he also queried why the Ingraham administration had sought out Castilla to do a study when, upon coming to office,it had inherited a 2007-2008 report by US-based Chesters Engineering that outlined the same issues subsequentlyd escribed by the Spaniards and IDB. Mr Demeritte said the Chesters study had called for less investment and capital spend to rectify the problems than that proposed by the IDB-financed project. They could have gone this route three years ago. The plans were in place for sure, he told Tribune Business. These plans had included a similar national wastewater treatment and p lant-building strategy, plus a four million gallons per day wastewater treatment plant at Gladstone Road the Corporation is now seeking to develop to serve s Mar and surrounding sub-d ivisions. FROM page one DROPPED $100M BOND INSURERS FATE AWAITS SUPREME COURT PETITION FROM page one