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N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Marco murder: man charged Volume: 108 No.5FRIDAY, NOVEMBER 25, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER BREEZY, SOMESUN HIGH 80F LOW 72F B y SANCHESKA BROWN Tribune Staff Reporter firstname.lastname@example.org A MAN appeared in court yesterday charged with the murder of 11-year-old Marco A rcher. Kofhe Edwardo Goodman, alias Elvardo Ferguson, 36,w as arraigned before Deputy Chief Magistrate Carolita Bethell in Court 6, Bank Lane. Magistrate Bethel said due to the serious nature of the crime she could not grant bail to Goodman. A ccording to court dockets, between Friday, September 23, and Wednesday, Sep tember 28, Goodman caused t he death of Marco Archer. Marcos body was found in bushes behind an apartment complex on Yorkshire Street on September 28, five days after he was reported miss ing. Goodman was not required to enter a plea to the charge. However, he asked Magistrate Bethel if he could have his lawyer present as he was unable to reach him before going to court. She told him because he was already in court she will proceed with the hearing and he could speak to his lawyer at any time while on remand. No plea but accused is refused bail TRY OUR PINA COLADA McFLURRY The Tribune THEPEOPLESPAPER BIGGESTANDBEST LATESTNEWSONWWW.TRIBUNE242.COM NFLFOOTBALL A A L L L L Y Y O O U U R R T T H H A A N N K K S S G G I I V V I I N N G G S S P P O O R R T T S S A A C C T T I I O O N N SEESPORTSSECTIONE ELVARDO FERGUSON is shown leaving court yesterday after being charged with the murder of Marco Archer. Photo: Felip Major /Tribune Staff MARCO ARCHER, who was killed, aged 11. By CELESTE NIXON Tribune Staff Reporter email@example.com THE government has pledged to continue tackling the critical lack of affordable housing in New Providence by reclaiming shanty towns. Speaking yesterday at the groundbreaking and renaming ceremony for the former shanty town known as Mackey Yard, Prime Minister Hubert Ingraham said the new subdivision that will replace it, represents his administration's commitment to support Bahamians seek ing to own their own homes. There is a critical unmet and overwhelmingly urgent need for affordable, safe housing, he said, adding that the government is on target to meet its 2007 pledge to create 600 affordable homes. S S e e e e p p a a g g e e 7 7 S S e e e e p p a a g g e e 7 7 PMS PLEDGE ON AFFORDABLE HOUSING NEWS SPORT FASHION MOVIES TV MUSIC IN YOUR BIG TEVERYSATURDAY... 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 A QUARREL involving two men and a girl ended ind eath for one of the men at a h ome on Butterfly Close, off F amily Street, Soldier Road west, shortly after 8 oclock last night. It is reported that a young lady was with a male friendw hen another male friend a rrived. There was a quarrel between the young lady and one of the men. When the second man tried to intervene, he was fatally stabbed. The police have a suspect in custody for questioning. A 21-year-old man, who VICTIM STABBED TO DEATH IN QUARREL S S e e e e p p a a g g e e 6 6 OFFICERS at the scene of the killing last night in Butterfly Close, near Soldier Road. P hoto: F elip Major / Tribune Staff
J UNKANOO organisers a nnounced that BTC would c ontribute a historic $ 206,000 to underwrite a m ajor portion of the junior a nd senior parades this year. F or the first time ever, o ne sponsor will provide s upport to all choreog raphed dancers in the A and B class groups. BTC CEO Geoff Houston said: Junkanoo is synonymous with the Bahamas, a cultural tradition that u nites all the Bahamas and all Bahamians. The colours, the costumes, the pulsating beat, the rhythm of junkanoo are uniquely Bahamiana nd we at BTC are proud to partner with all those who pour so much of theire nergy and soul into junkanoo. The contribution will be split as follows: $100,000 fort he parades, $56,000 between all A and B choreographed dance sections and $ 50,000 for Junior J unkanoo. As chairman of the J unkanoo Corporation New P rovidence Ltd, I am deeply h onoured to acknowledge and record an historic m oment in the annals of j unkanoo in the Bahamas," s aid Silbert Ferguson. For hundreds of years, the people of the Bahamas have expressed their cultural uniqueness in the junkanoo festival, which today is freely recognised as t he national cultural festival of the Bahamas. For the first time in our illustrious history, the senior junkanoo parades in New Providence have attracted as ingle major sponsor the Bahamas Telecommunica tions Company. It is the largest single sponsorship donation ever received. BTC's significant sponsorship gives the com-p any Diamond Sponsor sta tus for the junkanoo parades in New Providence. T his years senior parades w ill be named the BTC 2011 B oxing Day Parade and the B TC 2012 New Year's Day p arade. M r Houston said Junior Junkanoo is of particular i nterest to BTC. The talent displayed e very year is amazing, he s aid. What we see during the Junior Junkanoo parade the costumes, dance, music, choreography, the teamwork on the part of teachers, parents and stud ents is a combination of creativity and discipline that reinforces the value of working together. We at BTC believe it is important to reward thosee fforts and to nurture and encourage the continuation of the festival by involvings ucceeding generations and we believe that it signifies our commitment to commu nity. T his years Junior Junkanoo parade is scheduled for December 8. LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE harbour bay shopping centre east bay&shirley streets 322-5326 32-CLEAN BTC GIVES $206,000 TO JUNKANOO Officials welcome largest ever parade donation
FOUR boys from the Simpson Penn Centre for Boys are still at large, according to reports. Yesterday, the Department of Social Services released a statement indicating that four escapees had not yet been found. Last month, five boys escaped from Simpson Penn. The weekend breakout on October 22 was attributed to the small size of staff, which presented surveillance challenges. Police apprehended one of the boys that same day. Last night, police officials could not provide further information on the investigation. In May, two girls and two boys escaped from the Williemae Pratt Centre for Girls and Simpson Penn in separate incidents. Breakouts at the Simpson Penn were said to be the result of substandard living conditions and inadequate programming, earlier this month. After conducting site visits, PLP MP Melanie Griffin slammed the government for its management of teen rehabilitative centres. Ms Griffin, former minis ter of Social Services, said troubled youths are subjected to horrifying conditions through poor housing and maintenance of the state-run compounds. Due to the lack of external security, Ms Griffin said staffat the boys centre were fearful for their safety and outnumbered by the residents in their care. In response to the criticisms earlier this month, Mrs Butler-Turner said the govern ment is addressing the issues and plans to renovate the centre. Mrs Butler-Turner did not return calls placed yesterday. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 3 K ENNETH FOUNTAIN, d irector of Asue Draw, and Lemin Wilson, m arketing director, present a plaque to Dr Phillip McPhee, thanking h im for his support. A SUE DRAW h osted an annual Thanksgiving Lunch yesterday, with food served to locals in the Bain and Grants Town community. P hotos: F elip Major / Tribune Staff By KHRISNA VIRGIL A FORMER member of p arliament and staunch FNM s upporter said magistrates have become government entities who do not have the authority to act independently. In remarks to Eugene D upuch Law School stud ents, J Henry Bostwick QC said that magistrates have been turned into robots no less. Robots armed with swords and no compassion. Indeed with no minds of their own. A ccording to the former S enate president, while magistrates are creatures of statute, they have been commanded by legislative order to impose mandatory excessive sentences without applyi ng any of their own discret ion. Moving forward, Mr Bostwick urged public law practitioners to take up the cause and continue to fight for what is duly right. I invited them to be more p roactive in their plight to e nforce right doing through the judicial system, he said. Todays Bar, said Mr Bostwick, lacks public law practitioners who dare to hold the fort of judicial review thereby a llowing our Westminster syst em to function as intended. We are duty bound to ensure the rights, care and benefit of the citizens of the Commonwealth of The Bahamas, he said. This must always be the p rimary concern. A lluding to the saturation of society by leaders who are lawyers, Mr Bostwick said it is inevitable for them to be major players in the judiciary. It is not surprising that p olitics seems to gobble up lawyers the good, the bad and sometimes the ugly. He said lawyers of all ages should head every movement for societal change as they are the ones who understand the s ignificance of laws. Law is one of those tools used in facilitating and encouraging, if not mandating, necessary change. Mr Bostwick also pinpointed the general perception by t he public of lawyers acting i n parliament passing laws to benefit their personal interests. He said they must put every effort forward to diminish such untruths. We often hear accusations t o the effect that they pass l aws for which they themselves benefit solely because they are lawyers. In other words, many people are of the belief that lawyer/politicians pass legisl ation not for the common g ood, but in self-interest. However untrue are such notions, the perception is there. By KHRISNA VIRGIL F ORMER Cabinet minister Fred Mitchell has denied that $20 million disappeared f rom the National Emergency Management Agency on the PLPs watch. I n response to the report, w hich has been circulating in the press this week, Mr Mitchell issued a statementi nsisting there were no missing funds. The money in question w as reportedly part of NEMA's relief fund for those affected by hurricanesF rances and Jeanne almost s even years ago. Mr Mitchell said: The statement was a serious tactical error on the part of the p ublic official (who made the claim). He expressed confidence in N EMAs record keeping, and said the facts will show $20 million did not go down ah ole. Mr Mitchell blamed the reports on an increasingly d esperate FNM government which he accused of spin ning nonsense and propaganda in the streets because it ise lection season. The MP also criticised D NA leader Branville McCartney, who was critical of both the PLP and the FNM for their response to the r eports. Mr Mitchell said Mr McCartney ought to be a shamed of himself. Having separated himself from the Ingraham adminis t ration, to now join in this foolishness is simply beyond belief. That too is what many s ee the DNA as a stalking h orse for the FNM, Mr Mitchell said. In a statement issued W ednesday, the DNA said there were many red flags r aised by the claims of missing NEMA money. The statement said: This not only looks bad on the o pposition, who was the gov erning party at the time, these monies allegedly went missi ng, but on the present government. While the DNA ques t ions how such a substantial amount of relief funds went missing, the party, m oreover, suspects a misc hievous political ploy by the present administration, considering such a seriousi ssue is just now becoming public. B O YS STILL ON LOOSE FROM DETENTION CENTRE MITCHELL: MONEY DID NOT GO MISSING FR OM EMER GEN CY A GEN CY ON PLP WATCH Magistrates turned into robots AThanksgiving treat
EDITOR, The Tribune. Y OUR article of Tuesday, November 15, Bahamas aims to attract the Canadiant ourist market mentions m any rehabilitation plans for downtown Nassau, including the opening of the new StrawM arket, refurbishment of the Parliament buildings, establishment of green spaces anda small pedestrian area, extens ive roadworks and re-paving, and re-siting the commercial shipping operations. All very laudable targets. But where, oh where, are the much-needed plans to refurbish the citys many derelict old buildings? There is never, ever, a ment ion of these properties and yet they are dotted about everywhere East Street,S hirley Street, George Street, C umberland Street and the infinitely sad West Hill Street (which moves rapidly fromt he sublime to the ridiculous, depending which side one is looking at). Some of thesee difices may belong to pers ons who perhaps dont know any better, but some to per sons who absolutely do and Im quite sure they know who they are! So where are the voices of the Bahamas Historical Soci ety, the Bahamas National Trust, the Antiquities & Monuments Corporation and possibly other, similar groups? And why on earth does the government allow this state of affairs to continue, year in, year out? It truly baffles me because, believe me, however much the tourists Canadian or otherwise are look ing at the beautifully refur bished parliamentary buildings, they are also seeing at least one or two of these oth er sorry reminders of abject n eglect. The overall impression, if not one of ignorance of Nas s aus architectural heritage, t hen certainly is one of disre spect by the powers that be, for our everyday surround i ngs, and by extension for the tourists who spend their hardearned money coming to vis i t. S urely those who rule us must see this or are they really so blinkered as they roll past in their chauffeur driven carriages? Come on Bahamas it was done (finally nificent Villa Doyle now the National Art Gallery. How about starting the ball rolling again with the house at the top of George Street in prime visual position right opposite the photogenic statue of Christopher Columbus on the steps to Government House. Where theres a will... MAGGIE ANSELL (Mrs Nassau, November 18, 2011. WANTEDSales Persons3 years Experience, Computer Literate, Works well with others Forward Resume with References and Police Record to: firstname.lastname@example.org EDITOR, The Tribune. RE: BANKS BECOMING AUCTION HOUSES I N THE Thursday, November 17 edition of The Tribune, it was interesting to note the a pproximately 330 real estate (combination of residential, commercial and vacant prop-e rties) which were listed for sale by RBC Finance Corpo-r ation of Bahamas Limited (FINCO help us to better understand,w hat many struggling Bahamians are going through i n these challenging economi c times. W hat was really shocking was the fact that the entire list came under the heading o f one financial institution only. One can only imagine t he number, if all the institutions were to publish their list simultaneously. T he question that came to my mind, and I presume that of others is: how were these p roperties allowed to become depressed to the extent that t hey had to be offered for s ale? N ow we know generally many Bahamians love to cast blame for their misfortunes, e ven when it is obviously without any merit whatsoeve r. In this case, there may be those who would wish to blame the Bank, but we s hould be reminded that these institutions have policies that must be adhered to in an effort to protect the funds of their customers and, of course, themselves. There are those persons w ho on the other hand would like to blame the government. Well in some cases this may be misdirected, in that the g overnment does not become i nvolved in contractual (promissory note ments. The primary role oft he Government should be to e nact legislation to allow a conducive environment for conducting good equitable business. T he last group of persons m ay conclude that the borrower is to blame, some by misfortune while others by bad financial management. Any Bahamian walking into a bank seeking a loan must contemplate the long term possibilities, taking into consideration that the income cir-c umstances over time c hanges. T he income may go up, remain at a sustained level (as the cost of living rises) oru nfortunately it may go down, e ven temporarily become non-existent. There is no doubt that the adverse global economic con ditions have impacted The Bahamas. Many Bahamians h ave fared well over the past t wo to three years. On the other hand, there a re those who have not been as fortunate. Research among those p ersons whose properties are listed may reveal any number of scenarios, i.e. l oss of income due to job situation; delinquent in making required payments;l ack of prioritising or bad financial management. Nom atter the cause, the action of non-payment causes a reaction. W e would like to believe that when it reaches the stage w here a property has to be l isted the bank would have d one all they could to solve the situation amicably. As a layman, my percept ion is that once the bank would have gone through due p rocess in dealing with delinquent accounts associated with such matters, it appearst o take on the role of selling and or auctioning real estate. This might be quite lawful in t he Bahamas. In some jurisdictions, such matters are t urned over to a company that a cts on behalf of, but is comp letely independent of the bank. I would assume that the b anks have a license to buy and sell currency, but I am n ot too clear on whether such includes real property and/or chattel. M ICHAEL E TURNER Nassau, November 18, 2011. EDITORIAL/LETTERS TO THE EDITOR P AGE 4, FRIDAY, NOVEMBER 25, 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 F OR YEARS, Bahamians have comp lained of their roads and substandard u tilities rusty water in certain areas; e lectricity, which over the years has failed a t the news of a rainstorm, and telephone lines damaged when another utility comp any has dug down to repair or upgrade its o wn equipment. F or more than half a century, roads h ave been dug up, and pipes and electrical conduits have been laid under them, some following standard specifications, others without apparent rhyme or reason in other words a spiders web of confusion. O ver the years, governments have done patchwork repairs to satisfy a complaining p ublic, especially about the rusty water c oming through a network of crumbling water pipes. In the end, there were no accurate plans as to the location of anything under the city streets. G overnments have known that eventua lly something major had to be done if our utilities were ever to be brought up to s tandard. However, no government either had the courage, or the Treasury the funds t o undertake the task. In the meantime, the situation was becoming worse, especially with colossal water leaks, and the threat to public health because of waterc ontamination. The job at hand was more than paving roads, and constructing new sidewalks, a job ably done over the years by competent l ocal contractors. Said a person close to the situation: The present works include the replacem ent and upgrade of water lines to improve water quantity and quality to New Providence residents; the installa t ion of proper road drainage to help reduce the perennial seasonal flooding in low lying areas; burying unsightly over head electricity lines, improving the char a cter of old traditional neighbourhoods, and hopefully reducing the frequency of power cuts when overhead lines are dama ged by natural or man-made incidents. It will also improve the intersections and traffic flow patterns with an ultimate goal of reducing traffic congestion and improv i ng public utility services. It was explained that the discovery of utility conduits, some carrying live electrical lines, during excavations to lay new water lines resulted in significant delays in the present project so as to ensure the safe re-routing or replacement of pipes a nd lines. What is happening on our roads today is indeed a mammoth undertaking. There are those who maintain that the work b eing done is not worth the effort. Howe ver, when it has been completed and resi dents are driving on first class roads with r eliable utilities in their homes, they will s oon be singing a different tune. They will start to sound like the happy residents at t he western end of the island, who have a lready forgotten the daily agony of b umper-to-bumper traffic. T he present New Providence Development programme is a continuation of the 19 Corridor Road and Utility Improvement Project which completed the new Charles Saunders Highway before the 2 002 election. It also completed the realignment of Gladstone Road to its new i ntersection with JFK Drive. At this point t he company collapsed into bankruptcy. The newly-elected Christie administration decided not to continue the project. We are told that an independent audit o f the work completed by the bankrupt c ompany demonstrated that the Bahamas had received full value for all monies paid t he company. No matter which government undert ook the present roadworks, the disruption to businesses and residents meant mammoth dislocation, inconvenience, loss of business and ulcer-causing stress. How e ver, if the Bahamas were to move ahead it was a task that had to be done by someone with the nerve to take it on. And then came the economic collapse. L ike the rest of the world the Bahamas economy slowed. Bahamians were out of work. The Ingraham government had two p rospects: increase social services vouch ers and open a daily soup kitchen to feed the hungry, or launch a project to put peo p le back to work. The lot fell to him to undertake what previous governments possibly considered unthinkable. He decided that as moneyh ad to be borrowed to get Bahamians back to work, it might as well be invested in something, which at the end of the day w ould forever be of tangible benefit to all Bahamians. A loan was obtained from the Inter-American Bank and the programme of improving New Providences i nfrastructure was restarted. The dislocation to lives and businesses of many persons has resulted in constant angry complaints, but when it is completed, Hubert Ingraham will always be remember as the prime minister who had the courage to undertake the transformation and mod e rnisation of New Providence. When that day comes, the complainers will fade into the background. Until then have patience. Do banks overstep their mark? LETTERS l email@example.com Ingraham thought the unthinkable DRIVERS WANTEDMust be able to work early morning hours, have reliable transportation. Only serious inquiries please. Apply in writing to: DA-98272 C/O The Tribune P.O. Box N-3207 Shirley Street Nassau, Bahamas Oe Clerk POSITION AVAILABLEAn established service oriented business seeks a mature, hard working full-time employee with a professional demeanor to perform general clerical duties, daily bookkeeping and reporting. Applicants should be experienced and should be competent with Microsoft Excel, Microsoft Word and email applications. Experience with point-of-sale systems would be an asset. Email resumes to: firstname.lastname@example.org T T i i m m e e t t o o s s p p r r u u c c e e u u p p d d e e r r e e l l i i c c t t b b u u i i l l d d i i n n g g s s
BY DENISE MAYCOCK Tribune Freeport Reporter d email@example.com FREEPORT A Grand B ahama attorney says there is an urgent, nationwide need for a rehabilitation programme for pedophiles and o ther sex offenders. Carlson Shurland was the defence lawyer for Albert A lexander Whyley, the church elder sentenced to life in prison on Tuesday for rap-i ng a nine-year-old girl. Whyley was diagnosed with paedophilia after he admitted to having sexual urges aboutc hildren since his incarcera tion. The father of 11 was also c onvicted in 1993 of having sex with a 14-year-old girl. He served only four years of an original 14-year sen t ence, after it was reduced by the Court of Appeal in 1997. A lthough senior Justice Hartman Longley has ordered that Whyley receivew hatever treatment is available for his condition, a Nassau psychiatrist said there isn o treatment programme for sexual offenders at the Sandilands Rehabilitation Centre. Mr Shurland is concerned that Mr Whyley, 60, and others like him will not get the treatment they need. He said: The doctors say there is no treatment in prisonor at Sandilands; they diagnosed him as a paedophile and there are lots of pedophiles out there. So, it is quite obvious what we need to do, and that is to get on the fast track to try to find some programmes to deal with this type of mentali llness, said Mr Shurland. Sandilands psychiatrist Dr John Dillet confirmed that the facility has no pro g ramme specifically for sex offenders. He said treatment o ptions for pedophiles include: cognitive behavioral therapy, dynamic psy-c hotherapy and group ther apy all which must be coupled with medication to reduce sex drive. D r Dillet noted that the treatments available in other countries are conducted in t hree phases that may require 75 sessions over six months, not including out-patient follow-up sessions, which may c ontinue for years. He noted that treating the disorder can be extremelyd ifficult, as paedophilia symptoms yield pleasure and are therefore hard to get rido f. International studies report recidivism rates of 25t o 50 per cent, the psychiatrist said. In other countries, after such offenders have served their time and been treated, they are often listed on a sex offenders registry, restricted from living around schools and daycare centres, and restricted from caring for minors. Sometimes, offenders are also prohibited from using social networking websites and barred from changing their name. The restrictions vary from country to country. According to Dr Dillet, t here is a difference between paedophiles and child moles ters. He explained that pae d ophiles are driven by intense sexual impulses, urges, and fantasies involvi ng children. Their behaviour may include: exposing themselves;m asturbating in front of a child; rubbing, fondling or undressing a child with or without genital contact; touch-i ng a childs genitalia or ask ing the child to touch anothers genitals; exposing chil d ren to pornography; talking or teasing a child in sexual ways; oral sex and penetration. B y contrast, Dr Dillet said, child molesters are motivated not by a preference for chil-d ren, but by the unavailability of an adult partner, or through the use of some sub s tance that disinhibits control. He added that child moles t ers usually target children out of convenience. In January, Commissioner of Police Ellison Greenslade reported that there had beena noted decrease in sexual offences in 2010. He noted that rape, attempted rape, and unlawful sexual intercourse reports decreased by 29 per cent, 15 per cent, and 28 per cent respectively. There were 79 rapes reported in 2010, compared to 111 in 2009. There were 188 cases of unlawful sexual intercourse reported in 2010, comparedt o 260 in 2009. Lawyer claims child rapist should be spared jail and given treatment instead A LBERTWHYLEY p ictured in court. At his sentencing, his defence attorney, Carlson Shurland, urged the court not to jail his client, as a custodial sentence would prevent him from travelling abroad to receive the t reatment he needs to overcome his paedophilia. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 5
VICTIM STABBED TO DEATH IN QUARREL G OVERNOR General Sir Arthur Foulkes and Lady Foulkes ended their officialt our of Abaco and its cays with a visit to the Grand Cay All-Age School, where SirA rthur continued to spread h is message of One Bahamas. Sir Arthur told the stu dents: While Abaco is the h ome where you live, no matter where you travel in the Bahamas from Inagua, the i sland of my birth, to New Providence and every Family Island you are still and always at home. I n his extensive tour of Aba co, the Governor General visited more than a thousand stu d ents, including those at: Treasure Cay Primary School, the Amy Roberts Primary Schoolo n Green Turtle Cay, Central Abaco Secondary School, Central Abaco Primary School, Man-O-War PrimaryS chool, Hope Town Primary School, Cherokee Sound Pri mary School, Crossing Rocks P rimary School, Great Guana Cay Primary School, the James A Pinder Primary S chool and the Moores Island All-Age School. It was the first visit of a B ahamian Governor General t o Moores Island. Sir Arthur said during his last visit: Be aware of the t otality of your Bahamian h eritage and who and what you are as Bahamians. Be aware of our rich natural, his t orical and cultural heritage, and of our enduring national institutions. Our forebears came from a ll over the world, from Europe and Africa, and some from faraway Asia; and they came by d irect as well as circuitous routes through the Caribbean and North and South America.T hey were diverse in race, colour, creed and ethnicity. But today we are one peop le with a distinct identity among the nations of the world. We are Bahamians. We have come through many trials and tribulations but now we joyously celebrate the blessing of being able to live as one people, in peace and unity, and to call one of the most beautiful spots on the planet our home. Students throughout Abaco displayed their art work and poetry for Sir Arthur and Lady Foulkes, who were also treated to recitations, skits, songs and dance displays. Sir Arthur and Lady Foulkes expressed their appreciation for the warm welcome they received, and gave students the gift of a day off from school in return. LOCAL NEWS PAGE 6, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE Sc hool visit to end official visit to Abaco THE Ministry of Public Works and Transport has announced that the Govern ment is in the process of reha bilitating Bay Street from Cumberland to Mackey Streets. The public is advised that beginning November 23 until the end of November, nighttime paving will take place on Bay Street between 7pm to 6am. As a result, road clo sures will be in effect for Bay Street from Cumberland Street to Elizabeth Avenue and side streets. Motorists are advised to exercise caution and follow the diversion signs in place while driving in areas of con struction. Despite road closures, local access will be granted to resi dents and business patrons. R O AD CLOSURES ANNOUNCED A TREASURE CAY P rimary student presents Joan Lady Foulkes with flowers. GOVERNOR GENERAL Sir Arthur Foulkes speaks to students at the G rand Cay All-Age School. with a 15-year-old boy was shot around 7.30am Tuesday, died in hospital yesterday. The shooting took place at Florida Court. The teenager is still in hospital. T his was the second incident a t Florida Court within two days. Around 10pm on Monday police reported an incident at Meadows Lane off Florida Court that resulted in a 37-year-old man b eing shot in his abdomen. According to police both incid ents are related. Police say they have launched an intensive investigation into both matters. Anyone with information can contact police at Central Detective unit502-9991: 502-9910 or C rime Stoppers at 328-TIPS. I NVESTIGATORS a t the scene last night. Photo:Felip Major/Tribune Staff f f r r o o m m p p a a g g e e o o n n e e
By TANEKA THOMPSON Deputy Chief Reporter t firstname.lastname@example.org THE House of Assemblys C ommittee on Privilege has not met to probe allegations that the character of BambooT own MP Branville McCartney was sullied by South Abaco MP Edison Key who said the former solicited thousandso f dollars in work from a government agency while he was a Cabinet minister. C ommittee Chairman Carl Bethel said although the mat ter was forwarded to the g roup last month, the comm ittee has not yet received a written request to deliberate the issue. H e said until he receives such a request from Mr McCartney, the aggrievedp arty, it is unlikely that the m atter will proceed further than the heated House of Assembly clash between MrK ey and the Bamboo Town MP. Said Mr Bethel: No, we havent as yet set a time (to meet). I suppose I will on Monday consult with the fel low members of the committee and determine whether ornot they would wish to meet. MPs Philip Davis, Loretta Butler-Turner, Kenneth Rus sell, and Vincent Peet sit on the committee. Mr Bethel explained that it was customary for members of Parliament to refer contentious matters to the committee and added that the issue usually dies there without the group meeting to investigate. The committee on privi lege is a committee that, although many things are usu ally referred to it in the course of a Parliamentary session, it rarely meets mainly because once the matter of controvers y has been referred to the c ommittee, as a matter of practice it is treated as having been resolved to the satisfac-t ion of all parties rather like a duel in the old days. He said an aggrieved mem b er must make it clear that he wants the committee to inves tigate the matter by sending formal instructions in writing. As yet nothing has been formally forwarded to the committee, I have not r eceived any formal referral from him. My understanding is there must be more thanj ust an (oral floor, it has to be taken to the next level to cause the com m ittee (to meet B ethel, who is also chairman o f the Free National Move ment. Last month, Messrs M cCartney and Key were embroiled in the House of Assembly in a heated war of w ords over accusations that the former solicited thousands of dollars in work from a government agency in 2007, while h e was a sitting Cabinet minister and member of the FNM. M r Key claimed he did not know Mr McCartney was the founder of and a partner int he law firm Halsbury Cham bers when the firm was select ed in 2007 and later paida lmost $10,000 in legal fees to h elp the Bahamas Agricultura l and Industrial Corporation collect millions of dollars owed to it. H e also claimed that the B amboo Town MP approached him three years ago about hiring Halsbury Chambers to work for BAIC a move he called dishonest. M r McCartney denied the assertions and said his character was impugned by Mr Keys claims. He demanded t hat the issue be referred to the House of Assemblys Committee on Privilege. LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 7 K2 and K3 Students of the 2by2 Kindergarden gives donations to the Childrens Emergency Hostel after a Thanksgiving collection. Photo: Felip Major /Tribune Staff Magistrate Bethel then ordered Goodman to be remanded to Her Majesty's Prison. He is expected to return to court on February 16, 2012, when a Voluntary Bill of Indictment will be presented. Goodman is currently awaiting trial accused of having sex with two 12-year-old boys. It is alleged the attacks took place on Saturday, March 12, and Wednesday, August 17. He was not required to enter a plea to the charges, and is expected to return to court on December 16 for a preliminary inquiry. The Ministry of Housing has already constructed 470 houses and sold 237 serviced lots in this current term, with an additional 180 houses now under construction in New Providence, Grand Bahama and Abaco, he said. Less than a year ago, the Boxing Day Mackey Yard fire destroyed more than 100 wooden shanties, leaving hundreds homeless. Now, the area will become home to 53 Bahamian families, and be known as Strachan Hill Estates. Mr Ingraham said the development of the 7.97 acre Mackey Yard plot into 53 lots will cost about $3.9 million. Like Mackey Yard, other areas throughout the Bahamas are occupied by Bahamians and non-Bahamians without proper title. He said the government is systematically moving to reclaim this land. We have had to undertake massive exercises here in New Providence, especially so in Carmichael area, in Abaco, Andros, North Eleuthera, Grand Bahama and elsewhere around the country to make title available to families some of whom, in unauthorized occupation, developed commercial enterprises others constructed residences on governmentowned land, he said. Housing Minister Kenneth Russell said the regularisation of squatters involves giving Bahamians a concessionary rate, in the case of Mackey Yard $3.40 per sq ft, to purchase a lot. Mr Russell explained that those Bahamian squatters who have built homes on government land which is up to the building code will be allowed to purchase property from the government, following which, they will receive title to the land. Those homes that are not up to code, he said, will be required to renovate the building to government standards or demolish them to start over. Despite much media speculation, Mr Russell said the Ministry of Housing does not have the authority to sell a house or a lot to a non-Bahamian. It has been made clear, he said, that the assistance offered is only to Bahamians. Twenty-two contractors have been hired to develop the Mackey Yard property, said Mr Russell, with construction on the property already underway and completion expected within the next 4-6 months. Just as squatter settlements developed over time, it will take time to eliminate them, said Mr Ingraham. We will get the job done of reclaiming public lands and where circumstances require regularization of title, we will do the necessary, he said. Today its Mackey Yard; earlier it was Pride Estates III, it will soon be Fire Trail Road, Sugarman Estate in Fox Hill and Dignity II on Carmichael Road. 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 MARCO MURDER: MAN CHAR GED HOUSE HEARS BRAN CLAIMS CHILDREN HAND OVER THANKSGIVING GIFTS PMS PLEDGE ON AFFORDABLE HOUSING P OLICE still have no idea w ho broke into and ransacked a government building in Eight Mile Rock, Grand Bahama. Police say that at about 7:40am Wednesday, an e mployee reported to work and discovered the office was broken into and ransacked. T he Environmental Health o ffice, Road Traffic Department Sub Office, and the Parliamentary Registrars Subo ffice, which are located in t he same building, were all s earched, but nothing was reported stolen. Assistant Superintendent C larence Reckley said police believe the suspects were searching for money because documents seemed t o be removed and tampered with. Nothing was reported stolen. H owever, ASP Reckley s aid: Sometimes you do not notice things are differenta re missing until you look for it. Active police investigations c ontinue. BREAK-IN AT GOVERNMENT BUILDING
By DENISE MAYCOCK Tribune Freeport Reporter email@example.com D ESPITE the struggling e conomy in Freeport, two businesses are enjoying outstanding success. The owners were both named Entrepreneur of the Year in recognition of their ability to buck the economic trend. B rian Botham, owner of Red Beards Pub; and Erica Gates, owner of Junkanoo Beach Club, received the prestigious award at the 4tha nnual Grand Bahama Chamb er of Commerce Business E xcellence Awards. Mr Botham has been in business for 16 months and has already made Red Beards Pub a favourite locals pot. Its an honour to win the a ward, he said. After being in business for less than two years, to achieve this award and recognition was a huge surprise and a wonderfule xperience. We have managed t hrough very hard work to establish a restaurant that consistently serves great food at reasonable prices with a wonderful atmosphere. M r Botham, also known as Red Beard because of his long red beard, employs a staff of 16. They man the ship six days a week from 4pm until late. In addition to being named E ntrepreneur of the Year, Mr B otham also recently received his first Trip Adviser Certificate of Excellence. The certificate is awarded to qualifying accommodat ions, attractions and restaur ants listed on TripAdvisor that maintain a high overall user rating and a high volume of recent and quality reviews. Everything we do has a personal touch, Mr Bothams aid, and we always thank our customers and greet them and make sure they are happy with every visit they have. Mrs Mercynth Ferguson, G B Chamber of Commerce a dministrator who also served as a committee member on the Awards Nomination Board, said Red Beards was chosen because it has made a significant impact event hough it is a relatively new b usiness. Their use of social media and pure local popularity has really made them an easy candidate to recognise for excell ence, she said. LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE Social media the key to business award win B USINESSMAN Brian Botham with his Entrepreneur oft he Year Award. Photo: Derek Carroll
By NEIL HARTNELL Tribune Business Editor REFORMSto the Companies Acts liquidation regime that deal with assets held in trust are very progressive and give the Bahamas a competitive advantage over its main Caribbean international financial centre rivals, the Attorney General told Tri-bune Business yesterday. John Delaney said recent experience had exposed a hole in the Companies Act, namely that there was nothing in statute to guide what should happen with assets held on trust by insolvent companies meaning they belonged to the companys clients, not its creditors or directors. The issue has arisen several times in recent liquidations, namely money laundering convict, Martin Tremblays, Dominion Investments (Nassau), and with Caledonia Corporate Management. Both insolvent broker/deal ers are being wound-up under court supervision. In both cases, the bulk of assets involved belonged to their clients, with the companies holding them in a fiduciary capacity. With Dominion Investments, BDO Mann Judd accountant Clifford Cul mer had to approach the Supreme Court for an Order determining how he would be paid, and how much, by the clients for returning their trust assets. Similar issues arose in the Caledonia Corporate ManB y NATARIO McKENZIE Tribune Business Reporter n firstname.lastname@example.org KENTUCKY Fried Chicken (KFC w arned its survival hinged on renegotiating a reduced wages and benefits package for itsl ine staff, saying this was more than double the industry average and making the company uncompetitive a gainst ever-increasing com petition. In a statement, KFC Nass au Restaurants (Bahamas part of the George Myersheaded Myers Group, said ith ad to get its cost structure in line with the rest of the fast food industry in order to save the ailing business. O utlining the companys financial predicament and current state of negotiations with the Bahamas Hotel, C atering and Allied Workers Union (BHCAWU executives declined to comm ent further on the matter when contacted by Tribune Business yesterday. The company disclosed it h ad to secure additional financing to maintain its oper ations, although it was not c lear whether this was equity or debt. We have been facing some t ough times. With the downturn brought by the global recession, the Bahamian economy has been hard hit,i ts general manager, Gabriel Sastre said. We have all had to face increases in costs, which is a challenge for us all, including K FC. Our customers are also finding it difficult and have let us know that our prices are too high by not only com p laining to us directly on Facebook and via customer focus group feedback, but alsob y their decision to start shopping elsewhere. The wage and benefits p ackage that KFC carries is $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 25, 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 Tribune Business Editor A POTENTIAL$8-$10 billion industry lies beneath Bahamian waters if its development is handled correctly, a local archaeological salvage expert yesterday warning against an Open Doors policy t hat would allow foreign companies to l eave this nation with the bulk of recovered artifacts and profits. Nicholas Maillis, president of Long I sland-based Maillis Marine Research & Recovery, urged the Government to m andate that foreign salvagers joint vent ure with Bahamian companies/teams on u nderwater explorations, thus ensuring at l east some of the economic benefits remained here. W arning that underwater archaeological exploring and salvaging could lure gangsters if the proper laws and regul ations, and their enforcement, were not i n place, Mr Maillis told Tribune Business that the industrys proper develop-m ent could hit the green button for t he Bahamas tourism development. B y placing recovered artifacts of historical significance in a National Museum, he suggested it would add a cultur-a l/historical niche to the Bahamian tourism product, something that shouldh ave been done a long time ago but h as been missing for years. It could turn our town into one of t he most attractive historical destinations in the world, Mr Maillis told Tribune B usiness of a Bahamian underwater salvaging/archaeological exploration indus-t ry. Were sitting on New World treasures a nd New World history. Its all here, every page known to man. You cant have a museum big enough to put inw hats out there. Every page is out there in our waters, and can be brought to thes urface, cleaned and presented to the p ublic, making the Bahamas more attract ive. By NEIL HARTNELL Tribune Business Editor BAHAMASMotor Dealers Association (BMDA bers saw their collective sales revenues fall by more than $75 m illion over the first 10 months of the years between 20092011, one dealer suggested yesterday, although current stat istics indicate the sector is headed in the right direction. A dmitting that his estimate was conservative, being based on an average new vehicle sales price of $25,000, Andrew B arr, sales manager and a director of Friendly Ford, told Tribune Business that the scale of the top-line decline showedj ust what an outstanding achievement it had been for B ahamian new car dealers not to lay-off staff in any sizeable NO OPEN DOORS FOR $8BN-$10BN INDUSTRY CAR DEALERS SUFFER $75M REVENUE HIT Bahamian archaeology salvager urges that sector be reserved for locals or JVs with foreigners mandated Warns about potential to lure gangsters if not controlled Could push green light for cultural/historic tourism if handled right Executivs conservative estimate shows scale of outstanding achievement in sector retaining jobs Recovery going in right direction, with 20.46% sales rise year-to-date But well down on with commercial v ehicle and SUV market share slipping SEE page 5B SEE page 4B LIQUIDATION REFORMS TO GIVE NATION ADVANTAGE Companies Act c hang es dealing with assets held on trust very progressiv and not found in either Cayman or BVI SEE page 7B By NATARIO McKENZIE T ribune Business Reporter firstname.lastname@example.org W ESTERN Air chief executive, Rex Rolle, said yesterday that construction on the airline's new terminal and maintenance facility in Freeport is about 90 per cent complete, telling Tribune Business the carr ier's move to move its new headquarters will significantly cut its yearly maintenance spend. Western Airs headquarters and main m aintenance is currently based in San Andros. Mr Rolle told Tribune Business yesterday: Andros is very remote. The com AIRLINE PER CENT C OMPLETE ON $4.5-$5 MILLION PROJECT SEE page 6B ONE OF WESTERN AIR'S PLANES preparing to be boarded at the San Andros base of operations, Andros. KFC IN SURVIVAL FIGHT ON STAFF COSTS Restaurant chain warns of lay-offs at end of No vember if no progress on reduced w ages/benefits with union Says package more than two times higher than competitor s Higher prices chasing customers to rivals SEE page 6B
BUSINESS PAGE 2B, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE By SIMON COOPER Res Socius T HEworld changed irrevocably after the September 11 attacks and the international economic crisis, which keeps on rolling. Everythingw e believed in took a knock. People are a lot more cautious, and the employment umbrella we once believed in is leaking badly. T his means it is time to start striking out on our own, as our forefathers did when they either discovered, orw ere brought to, the Caribbean islands, or rolled b ack the frontiers of Americas West. The difference in those days was that necessi-t y forced people to spot opportunity. Perhaps we need to rediscover thoses ame skills. Face Up to Reality Y ou are the same person but the world changed. Corporate structures are crumbling and the era of entrepreneurs hip is back in town. Put on this new mindset with enthusiasm. Were your ancestorss marter and wealthier than you, or did they have famil ies to support and no one else to do it? Recognise Opportunity Opportunity is everywhere. We just forgot how t o look for it, or decided that it is not for us. Consider your strengths, your expertise andy our experience carefully. What is the unique contrib ution that you could make? You could hire your skills on the Internet. You couldb uy a business. Define your unique value proposition. It is valuable, and it is unique. Network We live in an era called the relationship age, when it is who youk now that really matters. I like to turn this on its head, a nd think of ways to work with people who already know me. That is becaused oing business with people where theres trust already i s a whole lot easier that the other way around. Talk to the people you know. Buildb ridges to the future with them. Return to Self-Reliance My life took a huge leap f orward when I jumped the corporate ship, and started letting my imagination and not my MBA work for me. The big decision that I madew as to stop waiting for others to do it for me, and to s tart making things happen for myself. Sounds trite? Its not. How many people ofB ill Gates ilk had backing when they started out in b usiness? Wherever you are in life r ight now, you need to take control of your own future. N obody else is going to do this for you, and besides, it is a lot more fun that way. D itch the stuff that parents, bosses and employers may h ave laid on you. Like: You must you cant.. and so on. Remember the differ-e nce between Bill Gates and IBM? Gates believed it was p ossible IBM couldnt see the point in trying. There are no secrets, no s ilver bullets, and no magic potions to success. Success just needs two things. These two things are imagination and hard work. We were allc reated with these in abund ance and, like Obama said, yes you can. So believe it. G et out there, and grab those opportunities. N B: Simon Cooper is a founding partner of Res S ocius, a business brokerage firm authorised by the Bahamas InvestmentA uthority that facilitates the sale and purchase of businesses. Contact 636-8831 or visit www.ressocius.com. LEARN FROM NECESSITY AS OUR ANCESTORS DID SIMONCOOPER O O p p p p o o r r t t u u n n i i t t y y i i s s e e v v e e r r y y w w h h e e r r e e . W W e e j j u u s s t t f f o o r r g g o o t t h h o o w w t t o o l l o o o o k k f f o o r r i i t t , o o r r d d e e c c i i d d e e d d t t h h a a t t i i t t i i s s n n o o t t f f o o r r u u s s . C C o o n n s s i i d d e e r r y y o o u u r r s s t t r r e e n n g g t t h h s s , y y o o u u r r e e x x p p e e r r t t i i s s e e a a n n d d y y o o u u r r e e x x p p e e r r i i e e n n c c e e c c a a r r e e f f u u l l l l y y . W W h h a a t t i i s s t t h h e e u u n n i i q q u u e e c c o o n n t t r r i i b b u u t t i i o o n n t t h h a a t t y y o o u u c c o o u u l l d d m m a a k k e e ? ?
The Grand Bahama Port Authority (GBPA described itself as dismayed by criticisms from a Bahamian businessman who closed his Port Lucaya Marketplace restaurant blaming high rents, a rguing that he had been unresponsive to attempts to resolve the situation. In a statement sent to Tribune Business, the GBPA saidin response to Jeff Butlers Tuesday comments in this newspaper that it had offered lease discounts to all tenants o ver the past two years. We are dismayed that Mr. Jeff Butler, formerly Shenanigans Irish Pub, felt compelled by the current conditions of the economic climate to make such statements. However, we have consistently worked on a oneo n-one basis with each tenant and have done our best to a ddress issues of concern, the GBPA said. Major issues, such as parking, have been resolved, with the introduction of expanded parking facilities. Discounts on lease fees have been offered to all tenants over the last two years. In addition, we have always been accessible to the tenants to discuss difficulties and grievances. However, for the past 6 m onths, Mr. Butler has been unresponsive to all our efforts to contact him to make arrangements on his outstanding lease fees. The GBPAs affiliate, Port Group Ltd, owns 100 per cent of the Port Lucaya Marketplace through its Bourbon Street subs idiary. Due to its ideal location, the Port Lucaya Marketplace has become Grand Bahama islands premier entertainment centre. This growth would not have been possible without the varied offerings and commitment o f its tenants, the GBPA added in its statement. M r Butler on Tuesday told Tribune Business he had closed Freeports favourite restaurant because it had been losing between $6,000-$8,000 per month for the past two years, adding that rents levied by the Grand Bahama Port Authority (GBPA they should be. He said he had closed Shenanigans Irish Pub in the Port Lucaya Marketplace at the e nd of October, although minimal job losses had resulted, after he became fed up with recurring losses and no help from the GBPA. It was the Freeport communitys favourite restaurant, Mr Butler told Tribune Business, but when the Port A uthority put the rent up...... The rent in Port Lucaya is equivalent to South Beach. I was the chairman of the Port Lucaya Marketplace Tenants Association, and told them: Look, the economy sucks, you need to cut the rent f or everyone by between 25-40 per cent, but they wouldnt do i t. The rent up there is double what it should be in these con ditions. Mr Butler added that another problem at Port Lucaya Marketplace was the lack of parking spaces, saying the facility had only 200 when it required 600. As a result, most spots were taken by hotel workers and taxis, and customers struggled to park their vehicles. And he argued that Port L ucaya Marketplace was oversaturated with restaurants, some 29 all competing against each other for a market that has shrunk. I got fed up with losing $6,000-$8,000 a month out of my own pocket, and said: To hell with it. We closed it at the e nd of October, Mr Butler told Tribune Business of Shenanigans. Anybody in Grand Bahama will tell you it had the best food, friendly service at the best prices. How many persons do you know that lose $8,000 a m onth for two years and stay in business? BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 3B E MPLOYMENT OPPORTUNITYMessenger/Clerk(Males Only Need Apply) D uties R equirements M UST FAX: 377-1366. Port dismayed by Shenanigans A lleges Jeff Butler unresponsive for six months over outstanding lease monies, and discounts offered to all at Port Lucaya over past 2 years BAHAMAS AT TOP OF PACK ON WEALTH MANAGEMENT By NEIL HARTNELL Tribune Business Editor REVISEDlegislation will leave the Bahamas at the top of the pack among Caribbean financial centres when it comes to private wealth management, the Attorney General told Tribune Business yesterday. Lauding amendments to the Trustee Act, Purpose Trust Act and Rule Against Perpetuities Act, together with the new Executive Entities Bill 2011, John Delaney said they were all designed to improve the Bahamas competitive position in its core private wealth management niche, especially when it came to estate planning. All passed through the Senate, with the Government taking advantage of a little-known con stitutional provision that allows legislation to be introduced first in the Senate, as well as the House. The financial services industry expects that this will help to consolidate this jurisdictions place as a leading platform for wealth management. It will cause the country to have a well-regulated, progressive trust regime for clients estate planning purposes, Mr Delaney told Tribune Business. Adding that the private sector was very keen to see this progressive stuff happen, he added: I think it will leave us contending and, especially in relation to private wealth management, it will leave us at the top of the pack, certainly among Caribbean international financial centres, and Im including Bermuda in that term. Mr Delaney said he was hoping the legisla tion would clear the lower House as rapidly as possible. Also passed by the Senate was a basket of legislation implementing the requirement that International Business Companies (IBCs accounts companies, investment funds, exempted limited partnerships, Foundations, partner ships and purpose trust keep accounting records for a minimum of five years, bringing them into line with G-20/Organisation for Economic CoOperation and Development (OECD ments. Other legislation involved amendments to deal with inconsistencies between legislation ratifying the Bahamas TIEA with the US, and the International Tax Co-Operation Act dealing with all the other TIEAs signed by this nation.
It could hit the green button thats needed to turn thisp lace into a very attractive place for people coming to see what they wanted to see. If handled right, it could make us jump forward to where wes hould have been a long time a go a tourist destination with something worthwhile to see. It could definitely give us a lift. The Government is going to get some dollars to help fix the Out Islands, the roads,m aybe build a bigger prison, w ho knows. A 25-year industry veteran, Mr Maillis said he had salvaged centuries-old ships such as the former brig, Bullpic, which sank in the Great B ahama hurricane of 1866. T he salvaging took place off north Eleuthera in 1992. He and the other salvagers split the proceeds, 75/25 in their favour, with the Gov-e rnment, and their efforts recovered enough artifactst o fill up a whole corner of a N ational Museum. And Mr Maillis told Tribune Business: There is over$ 8 billion of stuff lost in our waters, and thats only the stuff recorded. We see anywhere between $8-$10 billion, from what we know is recorded as lost. A part from known wreck s ites and those recorded in historical records, the Bahamas had also been aw ell-known base and refuge for pirates, meaning the number of potential explorations ites was likely to be conside rably more. However, Mr Maillis said he and his sons, who themselves have spent 10 years in the industry, had not been consulted by the Governmento n the recently-passed amendments to the Antiquities, Monuments and Museu ms Act, which lifted the 15y ear moratorium on salvaging i n Bahamian waters. While still attempting to obtain a copy of the revised Act via their attorneys, Mr Maillis and his sons, in an e-m ail to Tribune Business, r aised concerns about it creating an open doors approach that might ignite an international gold rush on Bahamian waters, ultimately stripping this nation of its his-t orical artifacts and associated i ncome. Questioning the 75/25 split between the salvager and the Government, especially where the former was a foreign company, Mr Maillis andh is sons told Tribune Business: In an industry potent ially worth billions to an economically struggling nation, we question the logic in allow-i ng 75 per cent of our nations heritage to become the legal property of a foreign salvage c ompany. Not only is this a great loss of our cultural heritage, but there is an almost certain like-l ihood that commercial profits generated by foreign salvage companies would ultimately l eave our country, and thus a lso create an economic loss. If foreign salvage companies are permitted to be involved i n this industry for certain reasons, they should be required to be in a joint venture with aB ahamian archeological salv age company. In his interview with Tribune Business, Mr Maillis s uggested the Government m andate that foreign salv agers joint venture with trained Bahamian underwater exploration and archaeological teams, who could spot any wrongdoing. The Government does not u nderstand the business, does not know how it should be, the good and bad points, Mr Maillis told Tribune Business. They dont know whats out there and which direction tot urn to. Theres a lot of u ntrustworthy foreign companies out there. This business does lure great wealth. Thats how the stuff got there in the first place, and in the past 25 yearsI ve been approached by numerous people, some with g ood intentions, some blunt gangsters and crooks who are out to get something, whetheri ts there or not. It does attract ill-minded people, and the concern is t hat if these [foreign] groups c ome in, you dont know who they are. Local teams should be trained to go on these ves-s els to see if crafty business is being done. In their e-mail to Tribune B usiness, Mr Maillis and his s ons called on the Government to designate the archaeological salvaging of historic s hipwrecks within the Bahamas Exclusive Economic Zone (EEZi ndustry reserved for B ahamian-owned companies only. They argued that raising the financing for such ventures was, unlike the resort industry, well within them eans of Bahamians. I know there are a lot of foreign teams out there wanting to work in the country, andt ake the opportunity away, Mr Maillis told this newspaper. They need to mandate j oint ventures; that these peo ple join with local teams in joint ventures. If its going to be leaving t he country, well, what good is it? Its only helping the for eign companies. If theyre a llowed to work, they have to choose a Bahamian team they merge with to share thep rofits and share the work. They shouldnt just get up and go with it. Mr Maillis, though, emphas ised that he was not seeking to be protectionist and exclude foreign companies f rom participating in a B ahamian underwater salv age/archaeological exploration industry. Were not trying to block anyone coming in, he added. But it [the proceeds]s hould be distributed in that t erritory where the work is done. In their e-mail, Mr Maillis and his sons were more forthright. They said: While we applaud the Government oni ts foresight in addressing the v ast potential of the underwater archeological salvage industry, we are deeply concerned that interest is being raised to the point where an indiscriminate opendoorsp olicy could result in an international gold-rush on B ahamian waters, instigating negative international criticism and thus facilitating thei ndustrys return to a state of moratorium. Unlike the high value mega and anchor resorts i n our country, which depend exclusively on immense foreign investment, this high val-u e industry is well within the reach of Bahamian capital investment capabilities. There are interested B ahamians who have a love for the maritime cultural history of our nation, knowle dge and expertise in this field, valuable wreck-sites, and the vision for the devel-o pment of an industry of hist orical preservation and education in the Bahamas. We therefore strongly suggest that like the real estate, fishing and retail industries, historic shipwreck archeologi c al salvage be allocated as an industry reserved for Bahamians. Mr Maillis yesterday w arned that apart from gold, all artifacts were eventually worn away by the environ m ent if they were not even tually retrieved and put on display. H urricanes passing t hrough the Bahamas were another potential destroyer of wreck sites. And, aftert hese storms had gone, many artifacts lay exposed, attract ing foreign salvagers who c ame into the country and picked them off before returning home, leaving the authorities none the wiser. This is picking paradise, Mr Maillis added ruefully. BUSINESS PAGE 4B, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.190.97AML Foods Limited1.181.180.005000.1480.0408.03.39% 1 0.639.05Bahamas 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 Bank1.771.770.000.0970.04018.22.26% 10.468.29Cable Bahamas8.408.400.000.2450.32034.33.81% 2.802.33Colina Holdings2.342.540.2010,0000.4380.0405.81.57% 8.508.33Commonwealth Brewery8.508.500.000.7400.00011.50.00% 7.006.21Commonwealth Bank (S1 6.516.510.003,8640.4960.32013.14.92% 2.001.63Consolidated Water BDRs1.501.500.000.1110.04513.53.00% 1.551.24Doctor's Hospital1.241.240.000.0740.04016.83.23% 5.504.75Famguard5.435.430.000.4980.24010.94.42% 7.504.50Finco4.754.50-0.251,0000.7570.0005.90.00% 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% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00100100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00150 BISX LISTED & TRADED SECURITIES AS OF:7% Interest 19 October 2022 P rime + 1.75% Prime + 1.75% 6 .95%THURSDAY, 24 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,352.79 | CHG -0.81 | %CHG -0.06 | YTD -146.72 | YTD % -9.78BISX 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 2 0 November 2029 7% RoyalFidelityMerchantBank&TrustLtd(Over-The-CounterSecurities) 2 9 May 2015 5 2wk-Hi52wk-LowSymbolBid $ A s k $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%L ast 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 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 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 rff tbf bnt The Public is hereby advised that I, RAJONE NANETTE LULAHUDSON of the Bambo Blvd. #1 South Beach Est intend to change my name to ENOJAR KEYMORA HUDSON If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy publication of this notice. INTENT TO CHANGE NAME BY DEED POLLPUBLIC NOTICE NOTICE is hereby given that MURLEN PARAGUE of WINDYPINE SEABREEZE, P.O. BOX EE 17641, NASSAU, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25TH DAY of November 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE NO OPEN DOORS FOR $8BN-$10BN INDUSTRY FROM page one
n umbers. T aking new car sales figu res for the first 10 months of 2011 to end-October, and comparing them with sales figures for the same period in 2008, 2009 and 2010, Mr Barrs aid that crunching the numb ers and applying dollars and cents showed just how drastic the recessions impact had been for the industry. For the first 1o months of 2010, Mr Barr said BMDA m embers had collectively sold 1 ,725 new vehicles, some 53.8 per cent of the 1,495 and 1,494 sold during the same period in 2010 and 2009, respectively.A ll three years were well d own on the 2,579 new vehicles sold during the first 10 months of 2008. If you take the difference between 1,725 and 2,579, youre talking about being off8 54 vehicles, Mr Barr told T ribune Business. Take an average of $25,000 [selling price per vehicle], and that r eflects a reduction in revenue to the BMDA of $21.35 million. E mploying the same back o f the envelope calculation method for 2009 and 201o sales figures, which were down by 1,084 and 1,083 vehicles respectively, and the collective sales revenue reduc t ion is $27.1 million and $27.075 million, respectively. Adding those two together with the $21.35 million estimated decline for 2011, and the BMDA as a collective industry has seen a $75.525 m illion reduction in revenues over the first 10 months of the past three years. The totald ecline is likely to be much b igger, when the full year pic tures and higher average vehi cle selling price is accounted f or. When you put that into figures, its a tremendous a mount of reduction in rev enue, which is the operating capital of the business, Mr Barr told Tribune Business. By any stretch of the imagi nation thats a substantial amount of money were trying to recoup. People do not put that into perspective. Revenue isw hat any company needs to stay afloat. When you reduce cash flow by that amount, but are still able to maintain your employee levels, as far as the BMDAs concerned, thats pretty outstanding. The BMDA has been able to maintain employment lev els through this crisis without laying anyone off. We sold more than 1,000 vehicles less in the first 10 months of 2009 and 2010, and 850 less in 2011. Were looking at a reduction in revenue of probably in excess of $60 million, even $60-$85 million. Its admirable that the BMDA has been able to survive these hard times and keep employees employed, and not use them as an excuse to eliminate staff. While the industrys performance for October and 2011 to-date showed it was heading in the right direction towards recovery, Mr Barr told Tribune Business: lot of people dont really realise the depth of the prob lems the dealers have faced over the last three years. Its a tremendous capital investment for dealers to pay for cars, pay duties upfront on the docks, and sales are p ulled out from under them. A nd he added: Its not the Governments fault. Theres a worldwide recession, and it is what it is. But sometimes you have to realise the importance of the BMDAs health t o the community, and where i t stands. For the 10 months to endOctober 2011, the BMDA said new vehicle sales were up 15.29 per cent comparedt o the same period in 2010. F or October itself, sales volumes were ahead by 20.46 per c ent year-over-year, confirming the continuation of a slow but steady recovery trend int he industry. Sports utility vehicles (SUVs share of the overall market, although this is understood to h ave dropped by a couple of p ercentage points from a round 45.81 per cent, as consumers switch to relatively cheaper passenger vehicles. T his segment has seen its overall Bahamian market share rise by around 5 perc ent to 38.62 per cent, while c ommercial vehicles largely due to the 2010-2011 Budget duty increases fell by 11.02 per cent or around two percentage points to an 18.7 per cent share of total sales. T otal BMDA member sales remain some 33.12 per cent down on the same period in 2008 when the market p eaked, the organisation told Tribune Business. Patrick Knowles, the BMDAs interim president, told Tribune Business that the sales increase for 2011 yearto-date was driven by SUVs, but the growth was not t remendous. The biggest decline is in commercial vehicles, Mr Knowles added. I would attribute that directly to the increase in duties from 60 per cent to 85 per cent. From our s ales people here [at Tyref lex], they tell me the market is for the used commercial vehicles as opposed to the new commercial vehicles as a result of the increase in duty. A sked whether the 20102 011 Budget tax increases on the auto industry had a chieved their goal, Mr Knowles told Tribune Business: If that was the objectivei ts obvious its had the reverse effect, especially in the commercial vehicle market. Mr Knowles said the mark et was currently being driv en by the cheaper Korean b rands, such as Kia and Hyundai. The sales of high priced vehicles continued to b e affected by the willingness of commercial banks to lend in an environment charac-t erised by high levels of u nemployment and non-performing loans. Asked when the Bahamian new vehicle market would recover, Mr Knowles told Tribune Business: Thats goingt o be a long, long way away. I think we have to have a tremendous rebound in the local economy first. People h ave to go back to work. 2007-2008 were banner years for the auto industry. BUSINESS T HE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 5B APD LimitedTENDER NOTICEThe Arawak Port Development Ltd. (APDinvites sealed Tenders from eligible tenderers for the APD Inland Terminal Access Road Paving, Grading and Drainage Project. The project includes the construction of approximately 3,100 feet of new road from Fire Trail Road (West) to the new APD Inland Terminal Warehouse Facility. Tender Documents in electronic format may be collected from the address below, between 10:00 AM and 4:00PPM, commencing Wednesday 23 November 2011. This tender is only open to contractors with the suitable experience and expertise in road construction. Interested persons may obtain a tender package from the following address: Arawak Port Development (APDAPD Arawak Cay Nassau, Bahamas Telephone: (242 Fax: (242 Completed Tender Documents must be enclosed in a sealed envelope, clearly marked, CONFIDENTIAL TENDER APPLICATION FOR APD INLAND TERMINALACCESS ROAD PAVING, GRADING AND DRAINAGE PROJECT and shall be submitted to the APD at the address above before 11 AM on Wednesday, 30 November, 2011. Late submissions will not be accepted. APD reserves the right to accept or reject any or all proposals. US GOLD LTD IS NOW BUYING SILVERU S GOLD IS ALSO GIVING AWAY CASH PRIZES THIS CHRISTMAS!!!Come into out Robin Hood or Marathon Mall location, complete a transaction and receive a ticket to win COLD HARD CASH right in time to do your Christmas Shopping.We are not a pawn shop!W e are the highest paying gold and silver buyers in the Bahamas! We have several convenient locations to serve you: Robin Hood 431-3847 Bay Street 445-7427 Marathon Mall 431-3847 Village Road 428-8366 Carmichael 434-0802 Remember No One Pays More!The Management & Staff of US GOLD LTD would like to wish all of their clients a Merry Christmas and a prosperous New Year. CAR DEALERS SUFFER $75M REVENUE HIT FROM page one
a s a result of a union-negotia ted labour contract that d ates back to the earliest days of the companys presence in t he Bahamas. The existing labour contract imposes staffing arrangements that the c ompetition does not have to deal with a wage and benefits package that accounts fora significant percentage of t otal expenses. KFC said that while the company is subject to thes ame operating costs as its competitors, its wage and benefits package is more than two t imes higher, describing this as unsustainable and must be reduced in the new industrial agreement. It said it was operating at a great disad vantage as a result. Noting that its rate of staff t urnover was much less than at rivals, with the average employee tenure approaching 10 years, KFC said that with revenues falling and costs rising: To remain viable, the company must adjust its compensation in line with the norms of the sector and will seek to renegotiate t he wage and benefit package i n the new industrial agreem ent. KFC has been in Nassau for 27 years, but its markets hare has been hit hard in recent years, from competition from homegrown Bahamian chicken specialistss uch as Bamboo Shack. The industrial agreement between KFC Nassau, R estaurants (Bahamas the BHCAWU expired on September 24. KFC claimst hat as no proposal was r eceived from the union prior to the expiration of the indus trial agreement. The company s ubmitted a new five-year i ndustrial agreement propos al to the union on October 10, 2011. It said there was no response from the union to its October 10 proposal, andt hat three weeks later the company sought to advance the matter, requesting to meet with the union on November 9 to begin negotiations. The company was told that this date was not convenient and no alternative date was suggested. Accordingly, KFC suggested meetings during the following week, the company said. In response, the union said they would send their own proposal on November 29, a nd suggested meeting in earl y January 2012. KFC said that was unacceptable and insisted on meeting no later than November3 0, explaining that after that date the company would have to resort to cost cutting measures. KFC said it was willing and anxious to enter negotia tions with the union in good f aith at the earliest possible d ate, is hoping for a new agreement in the shortest possible time. Calls toB HCAWU president Nicole martin were not returned up to press time. BUSINESS PAGE 6B, FRIDAY, NOVEMBER 25, 2011 THE TRIBUNE Employment Opportunity AIRPORT SUPERINTENDENTROLE: Supervise Airport plant operations to ensure safe and correct receipt, storage and distribution of the Companys aviation products and required activities are carried out in accordance with the companys operating procedures; provide procedures and guidelines to ensure that operations (receipts, storage and distribution) are performed safely, efIHFWLYHO\DQGHIFLHQWO\&UHDWLQJVDIHDQGKHDOWK\HQYL ronment for all personnel involved with airport operation/ activities. 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 NOTICE I N THE ESTATE OFGEORGE BAKER late of Sea Fan Drive, Sea Breeze Estates, N ew Providence, one of the Islands of the Commonwealth of The Bahamas Deceased N OTICE is hereby given that all persons having any claim or demand against t he above-named Estate are required to send the same to the undersigned on or b efore the 13th day of December, A.D. 2011 a nd if so required by notice in writing f rom the undersigned to come in and prove s uch demand or claim or in default distribution made before such debts are p roved; AND NOTICE is hereby given that all p ersons indebted to the said Estate are requested to settle their respective debts at the c hambers of the undersigned on or before the date hereinbefore mentioned. Dated the 17th day of November, A.D. 2011 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, N Employment Opportunity Crane MechanicsREQUIREMENTS: Or NO CALLS PLEASE N OTICEInternational Business Companies Act No.45 of 2000TELEQUIPMENT LIMITED (the Company N otice is hereby given that, in accordance with Section 138 (8International Business Companies Act, No.45 of 2000, the Dissolution of TELEQUIPMENT L IMITED lution has been issued and the Company has therefore b een struck off the Register. The date of completion of the dissolution was the 19th day of October, 2011. Miguel Angel Graa Villar Liquidator p any now spends in excess of $80,000 just to bring parts in through charterso r our own aircraft. Andros only has one boat a week, or one every two weeks, whereas we would be able to have a boat every day from Florida to Freeport. We wouldn ot only able to carry a large inventory o f expensive parts, but we would be able get them overnight. We are not able to do that at Andros. I think the sums we spent on the new facility are very much worth it looking at the logistics. Just ferrying an aircraft here form aintenance last year, I think we spent i n excess of a quarter of a million dollars. Mr Rolle said that when the Freeport facility is completed, the company would have spent $4.5 to $5 million. He added that the new Freeport f acility is expected to open in January. It's about 90 per cent complete, Mr Rolle said. We just have some interior work to complete, and to put the black top on the customer parking and the aircraft parking. That was kind ofd elayed for about two weeks due to the rain. Pretty much we were trying to do a D ecember date for opening, but I think we may have to push it back to January due to some infrastructure that the air-p ort had to put in. We are kind of ahead of the airport. They are putting in a new road, and also water and some o ther utilities. We are kind of going to be on the airports time, so we are negotiating with them to put the road through so the public can access this property without a hassle. Mr Rolle added: Freeport is a duplication of what we have here in San A ndros, except that Freeport is quite larger because we intend to do more things from there. We plan to relocate the company headquarters and maintenance facility up there, just based generally on logistics. We cannot con-t rol the cost of fuel, but in the meantime we will cut costs where we can. S peaking to the airlines plans to e xpand its routes internationally, Mr Rolle said the companys number one p riority is on completing its facilities, w ith the view of commencing its planned international flights in the seco nd quarter of 2012. Mr Rolle said: We will concentrate on getting in to Freeport. We will hopefully bring on some of those international routes in the second quarter of next year, but we would definitely want to concentrate on getting this facility up a nd running/ Its more of priority for the company because of the cost savings. To develop these routes and route expansion is expensive, so what we would like to do is to concentrate on having as tronger base for the company to continue to grow. We will be there in timef or the summer to get these US fights g oing. The US market is not as lucrative as it was, say six months ago, b ecause of the different foreign airl ines that are coming in. FROM page one KFC IN SURVIVAL FIGHT ON STAFF COSTS AIRLINE PER CENT COMPLETE ON $4.5-$5M PROJECT FROM page one
agement liquidation, where Deloitte & Touche (Bahamas seek the Supreme Courtsd etermination of who would b ear the companys loss. He also had to obtain court approval for his fees to be paid from a percentage of client assets held on trust. Confirming that these cases had motivated the Gove rnment, and accounting profession, to codify court rulings into law, Mr Delaney said the Companies Act reform was intended toe nsure liquidators costs were equitably borne by the ultim ate owners of assets held on trust. It was also designed to ensure creditors did not incur costs associated with returning client assets heldon trust. In this Bill, we hope to provide for the cost allocation of activities related to t hese assets, these trust assets, and for court to equitably d etermine out of those trust a ssets how those costs are to be borne, Mr Delaney conf irmed. There was nothing in s tatute to guide the court. We t ook this opportunity to pull r elevant case law decisions on this and codify it. It will be useful for future liquidat ions, as the court will know how the court is going to approach this. I ndicating that this would give the Bahamas a competitive advantage over its international financial centre rivals, Mr Delaney told Trib une Business: That is a very progressive thing in this B ill. Youre not going to find it in Cayman, youre not going to find it in the British Virgin Islands, although you probably will after today, b ecause they will copy it. With some 53,691 compa n ies currently registered under the Companies Act, Mr Delaney said the move toc ompletely replace Section 7, w hich deals with winding-ups, was driven by the need to provide for a modern r egime. To some extent, our existing regime had fallen behind, he added, pointing out that it was 50 years old, with ruled based on those incorporated in the UK in 1 949. A ssessments of similar laws in the Cayman and British Virgin Islands were made, and local requirements taken into consideration, and MrD elaney said: I believe we c ame up with some things t hat can take us forward. Other reforms allow for the relevant Bahamian regulator, such as the Central Bank of the Bahamas, SecuritiesC ommission or Insurance C ommission, to petition for a licensees winding-up if the licence is suspended or revoked. Provision is also made for the examination of managem ent, directors and shareh olders of an insolvent B ahamian company, and for the courts jurisdiction to be expanded to cover the wind-i ng-up of foreign companies t hat have assets and property in the Bahamas. The meaning of insolvency has also been expanded to include the balance sheet test, as well as the cash flow test. The latter measures w hether a company has e nough cash flow to pay its bills as they become due, but the former which measures with liabilities exceed assets will now also be employed to determine insolvency. D irector liability is provided for if they knew the company was trading while insolvent, while there is a provision for shadow directors those hiding in the background but ultimately direct-i ng an insolvent companys a ffairs to be examined by a l iquidator, and produce relevant papers and information. P reviously, such provisions applied only to listed mana gement and directors. The Supreme Court will also be empowered to facilitate a foreign liquidation of a company that has matters in the Bahamas, providing for i nternational co-operation. T he same provisions in the Bill, which has passed the Senate and now goes to the House of Assembly, will be applied to the 162,217 companies under the Interna-t ional Business Companies (IBCs These are things existing in other countries around the world, Mr Delaney said of the reforms. T HE TRIBUNE FRIDAY, NOVEMBER 25, 2011, PAGE 7B 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 o November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE GN-1341 NOTICE is hereby given that MURLEN PARAGUE of WINDYPINE SEABREEZE, P.O. BOX EE 17641, NASSAU, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25TH DAY of November 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE Employment Opportunity Manitowoc Container Crane Operators Liebherr/Gottwald Mobile Harbor Crane OperatorsREQUIREMENTS: EXPERIENCE: PHYSICAL REQUIREMENTS: E-mail: email@example.com Or Fax: (242 On or before December 9th 2011 NO CALLS PLEASE Legal NoticeN OTICEDADE PORTFOLIO INC,AN INTERNATIONAL BUSINESS COMPANYNotice is hereby given that the voluntary dissolut ion of the above company commenced on the 2 3rd day of September, 2011. Articles of Dissolution have been duly registered by the Registrar BUSINESS LIQUIDATION REFORMS FROM page one T HE AG'S w orking session with insolvency practitioners.