Citation
The Tribune

Material Information

Title:
The Tribune
Uniform Title:
Tribune (Nassau, Bahamas)
Portion of title:
Nassau tribune
Place of Publication:
Nassau Bahamas
Publisher:
Tribune
Publication Date:
Copyright Date:
2005
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.
Resource Identifier:
09994850 ( OCLC )

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Full Text




Hen lovin’ it.

88F
74F

VARIABLE



HIGH
LOW





BAHAMAS EDITION



Volume: 101 No.153



CLOUDINESS



Owners suspect
‘arson’ after
Club Insomnia blaze



@ By DANIELLE STUBBS
Tribune Staff Reporter

TWO firefighters narrowly
escaped death as they fought a
“disastrous” blaze at Club
Insomnia, which owners suspect
is the work of a “skilled arson-
ist.” " G

The.Zoo Night Club on West

Man in court
over wife’s
murder

& By TIFFANY GRANT
Tribune Staff Reporter

A MAN accused of stab-
bing his wife to death
appeared in Freeport’s Mag-
istrate’s Court yesterday.

Labion LaRoda, 37, of 237
Flyingfish Street, was not
required to plead. He was
remanded to Her Majesty’s
Prison, Fox Hill, until August
22 when a preliminary inquiry
will open.

The prosecution informed
the court that it will seek a
voluntary bill of indictment
at that time to send the case
directly to the SuBreme
Court.

LaRoda is represented by
lawyer K Brian Hanna.

LaRoda was charged with
the death of his wife, Tiffany
Smith-LaRoda.





SHIP BAHAMIAN

Betsy Rodriquez
St. Johns Shipping
Ware House #4
1800 S.E. 19th Ave.
Ft. Lauderdale, FL 33316
Phone: 1 (954) 527-0034
Fax: 1 (954) 522-4828





Bay Street was taken over by
new owners about two months
ago. It was renovated and a
large addition added. It
reopened under the name, Club
Insomnia. The fire destroyed
both buildings.

The blaze, according to assis-
tant superintendent and director
of fire services Jeffrey Dele-
veaux, was “the largest the fire
branch has responded to this
year.”

The two firefighters sustained
severe burns from fallen tar
while attempting to extinguish
the blaze. One of the officers
suffered back burns and was
taken to hospital, while the oth-

er, who was burned on one of -

his arms, was treated at the
scene.

Mr Deleveaux added that two
other firemen were almost
injured when they were over-
come by smoke inhalation and
were about to fall through a
weak portion of the tin roof.
Both firefighters made it to
safety and recovered from the
smoke shortly after.

The nearby Shell service sta-
tion was ordered closed until
the fire was reasonably extin-
guished to avoid a possible
explosion.

Mrs Beverly Lewis, manager
of Club Insomnia, told The Tri-
bune that she “highly suspects
arson,” and is disheartened
because the club did not have
insurance. Damage to the prop-
erty is estimated at almost $1

SEE page seven

Tel: (242) 393-2628
Fax: (242) 394-0847

Tel: (242) 351-1501

Laser Freight:International
3218 N.W. North River Drive
Miami, FL 33142
Tel: 1 (305) 633-4274
Tax: -1 (305) 635-3304».





FRIDAY, MAY 27, 2005



seit

ly ma ip

Photo: * Felipe Ma



& ACCORDING to assistant superintendent and director of fire services|
Jeffrey Deleveaux, the blaze was ‘the largest the fire branch has responded to this year.’

Alvin Smith: Opposition
will expose ‘hidden

taxes and fees’ in budget Reed imum ss

@ By RUPERT MISSICK Jr
Chief Reporter

A NUMBER of hidden taxes and fees included
in the 2005/2006 budget will be exposed when the
opposition contributes to the budget debate next
week, Alvin Smith, opposition leader told The Tri-
bune yesterday.

Government expects to make approximately
$55.8 million more in recurrent revenue this new
fiscal year over last year, bringing in more than a
billion dollars in revenue from import duties, prop-

SEE page 14





(Photo: Felipé Major/Tribune staff)

PUNT TCNi
after late-night

@ By KRISTINA McNEIL

A LOW-FLYING US Coast Guard heli-
copter and Bahamas Drug Enforcement Unit
officers were involved in a drug trafficking
investigation late Wednesday night.

Two women and thrée men are now in cus-
tody following a late-night search along the
eastern shores of Nassau, Reginald Fergu-
son, Assistant Commissioner in charge of
crime, told The Tribune yesterday.

A passerby on Eastern Road around mid-

_SEE page 14

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PRICE — 50¢




ULOA steps up
dispute with
Atlantis and BEIT

@ By PAUL G
TURNQUEST
Tribune Staff Reporter












THE United Limousines
Operators Association yes-
terday took a bold step to
focus attention on their dis-
pute with Atlantis and
Bahamas Experience Lim-
ousine and Tours (BELT)
by blocking BELT’s park-
ing lot at Nassau Interna-
tional Airport.

For more than two hours,
Kendal Culmer and Charles
Brooks, president and vice
president of the ULOA,
blocked the BELT airport
parking lot with their lim-
ousines, preventing a num-
ber of vehicles from picking
up their guests at the arrival
lounge.

Mr Culmer said the lim-
ousine. operators consider
their demonstration a victo-
ry in terms of drawing atten-
tion to their cause. Hope-
fully, he said, the Minister
of Transport and Aviation
and Kerzner International
“will have the good sense to

- SEE page 14





























Supreme Court
rules in favour
of government in
Guana Cay Case

@ By KARIN HERIG
Tribune Staff Reporter

THE Supreme Court yester-
day ruled in favour of the gov-
ernment in the case of the con-
troversial Guana Cay develop-
ment.

Justice Stephen Isaacs dis-
missed the injunction filed by
the Save Guana Cay Reef Asso-
ciation (SGCRA) to restrain
action under the Heads of

_ Agreement with the Bakers
_ Bay developers.

He further revoked the order
for an judicial review of gov-
ernment’s authority to enter
into the heads of agreement
with the developers.

SEE page 14



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Nassau and Bahama Islands’ Leading N





earn 5 WESTIN NEN oR SN A hatte EN

(eS RET EE AL ARTA Tg NEI a DTP SIROTA ISA CVI SENDS ERLE NG PMNS!

PAGE 2, FRIDAY, MAY 27, 2005

THE TRIBUNE



Cae ee Oe ee
Limousine drivers form Kerzner refutes
a blockade at airport

TROPICAL
EXTERMINATORS
RUE
PHONE: 322-2157








time f



e-showr



@ By TIFFANY GRANT
Tribune Staff Reporter

YESTERDAY’s obstruction
of traffic to Nassau Interna-
tional Airport by limousine
operators was “unacceptable”,
according to Transport Minis-
ter Glenys Hanna Martin.

She. said the action threat-
ened the livelihood of all
Bahamians.

Mrs Hanna-Martin said that
her ministry had received a
report early yesterday that two
vehicles were blocking the
entrance to NIA.

Police intervened and two
wreckers were clispatched to the
airport to remove the vehicles.

The owners, however, opted
to voluntarily move the limou-
sines before they were towed,
Mrs Hanna-Martin said.

The minister said she
was advised that persons

‘involved in the protest were

members of the United Limou-
sine Operators Association
(ULOA).

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@ PRIVATELY
owned limousines
were parked across
the exit of the airport
parking lot where
Bahamas Experience
drivers park their
vehicles, stopping
them from servicing
their schedule —
passengers.

(Photo: Mario
Duncanson/
Tribune staff)

Protest was ‘unacceptable’,
says Ministry of Transport

ULOA president Kendal
Culmer and another member
were reportedly involved in the
incident, Mrs Hanna-Martin
said.

Meeting

The minister said she meet
with the association and its

attorney, Dion Foulkes two.

weeks ago.

In the meeting, the associa-
tion outlined its concerns in
relation to limousine operations
to and from Kerzner Interna-
tional’s. Atlantis resort.

She said that yesterday morn-
ing the minister, with other
ministry officials, met with
Kerzner. :

Mrs Hanna-Martin said that









FOCUS

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64*

Die a-1e

she was very “puzzled” and
“disturbed” about yesterday’s
occurrence.

“Nassau International Air-
port is the premier gateway into
this country. An obstruction of
traffic is an offence under the
law.

“Certainly, my ministry will
not contemplate unlawful
behaviour in the advance of any
position.

“Particularly when the posi-

tion, that was advanced, is.

under active consideration by
my ministry.”

She added: “I was very dis-
turbed that the vested interest
of an entity, that is being dis-
cussed by a ministry, would be
used in such a way that it would
seek to damage or threaten the
livelihood of all of us.”

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allegations of
limo partnership

KERZNER International has
refuted allegations that it owns
or is a partner in Bahamas
Experience Travel limousine
company.

Ed Fields, public affairs vice-
president at Kerzner, said that
company executives met yester-
day with Transport Minister
Glenys Hanna-Martin to discuss
the allegations, which were made
by the United Limousine Oper-
ators Association (ULOA).

The association has alleged
that, in return for an exclusive
deal, Kerzner receives a 20 per
cent cut of profits.

“The company categorically
refutes this claim, as it has con-
sistently done in the past,” he
said.

It explained that ULOA
seeks to base its allegation on
the fee structure in the contract
between Kerzner International
and BET, under which Kerzner
engages BET for the provision
of limousine services to execu-
tives and guests of its resort
operations on.Paradise Island.

Kerzner says that the contract
sets out a negotiated schedule

for rates for limousine services,

procedures for billing, and stan-
dards of service, “much like any
contract for services”.

“Other than the concession-
ary rates available to Kerzner
under the contract — essentially
negotiated bulk rates — the only
other financial consideration
that Kerzner receives is an

administrative fee in return for ©

services rendered by Kerzner
to BET,” he said.

Mr Fields said that in the
small number of cases where
the guest, rather than Kerzner,

‘pays for limousine services,

Kerzner charges the services to
the guest’s room, and collects
payment for BET on check-out.

He said that Kerzner

then processes the payment
and passes the funds to BET,
retaining a 20 per cent adminis-
trative fee, to cover or con-
tribute towards the actual
administrative costs incurred by



Kerzner in the process. *
“These transactions represent

‘a very small fraction of the total

transactions covered by the con-
tract, less than five per cent,
which is very far cry from the
assertion by ULOA that Kerzn-
er receives 20 per cent of BET’s
gross revenues,” the release
said.

Referrals

Another ULOA allegations,
is that whenever guests without,
a limo reservations approach
the Kerzner courtesy desk at
the airport, those guest are,
referred directly to BET.

Kerzner denied this, stating
that according to its written pol-
icy, any person enquiring at the,
Atlantis desk for transportation’
services, who are not on a;
reserved list, shall be referred to
the road traffic stationed out-
side of the building, who may
then call a taxi or limousine,:
according to the customer’s
wishes.

“Documents evidencing this
policy have been provided dat-.
ing back to 2003, and that pol-
icy is actively enforced by,
Kerzner,” the release said.

It said that long before the,
allegations were made, in an
effort to provide further com-:
mercial opportunities for oper-;
ators of limousines, Kerzner:
supported a limo call-up system:
at its properties, similar to that;
now available at the airport.

Kerzner supplied The Tri-.
bune with documents indicat-.
ing that the company consented
to such a system in March 2004.,

. The release said that imple-.
mentation of the limo call-up,
system would also require min-}
isterial approval, as such sys-
tems are not currently Pa
ted at resorts.

The release described the,
meeting with the minister
as “productive” and stated;
Kerzner’s support to finding a,
resolution. 5

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THE TRIBUNE

LOCAL NEWS

FRIDAY, MAY 2/, 2005, PAGE 3



Man jailed after $30,000 of
cocaine found in back yard

@ By NATARIO McKENZIE

DRUGS worth more than
$30,000 were found buried in
the back yard of a man who was
sentenced to jail in Magistrate’s
Court yesterday afternoon.

On Wednesday, police offi-
cers acting on information
searched James Williams' home
on Canaan Lane off Shirley
Street.

This led to the discovery of
nine clear plastic bags contain-
ing three pounds of cocaine and
three pounds of marijuana.
They were buried in his back-
yard. ~

The cocaine has a street value
of $30,000 and the marijuana
$3,500.

Communications strategy to be set up

i. By KARIN HERIG
Tribune Staff Reporter

‘THE government is set to
develop'a National Information
and Communications (NIC)
framework to maximise the ben-
efits of the upsurge in the econ-
omy.

‘During Wednesday’s historic
2005/2006 budget communica-
tion, Acting Prime Minister Cyn-
thia Pratt said that in order for
Bahamians to benefit most from
the growth of the economy, the
country’s human and physical
capital structure must be in
place.

' “As regards human capital, by
which we mean people who are
educated well enough to hold
good jobs, the Ministry of
Finance is commissioning the
Consulting and Audit Canada
(CAC) agency for technical
assistance to develop a NIC
framework,” she said.

"Mrs Pratt explained that the
framework is intended to
dnable the Bahainas “to devel-
op as a nation that maximises
the power, reach, versatility






CARIBBEAN Community
} foreign ministers will meet in
the Bahamas next week for
| talks on Haiti and the U.N.
Security Council, an official
| said Wednesday, according to
| Associated Press.

The three-day meeting
begins on Tuesday in
Freeport, said Caribbean
| Community assistant secre-
| tary-general Colin Grander-

son.
} The 15-member Caribbean
{ Community suspended its
| newest member, Haiti, after
| an uprising led by demobilized
soldiers ousted former Presi-








Foreign ministers to hold
talks on Haiti in Bahamas



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And Momentum Dance Co
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Mark Twain’s Jumping Frog of Calaveras Country
8pm Friday, May 27 & 28, 2005.

Williams, who was convicted
of a similar offence in 1998 for
which he served eight months
in prison, pleaded guilty before
Magistrate Carolita Bethel to
possession of cocaine and mar-
ijuana with intent to supply.

He was sentenced to two and
a half years at Fox Hill Prison
for each of the two counts and
was fined $5,000.

The sentences are to run con-
currently.

@ Three of the four juveniles
accused of setting fire to the

‘administrative complex at CC

Sweeting Senior High School

- earlier this month returned to

court yesterday for a bail hear-

ing.
On Wednesday a 13 year old

and innovation of information
and communication technolo-
”

“The framework will provide
online access to healthcare, edu-
cation and government services
such as land registration and
land use policy, and will be a dri-
ving force in developing e-com-
mence in the Bahamas,” she
said.

Assistance

The land use and administra-
tion programme is assisted by
the Inter-American Develop-
ment Bank (IDB).

“Increased levels of e-com-
merce will enable Bahamian
companies to compete in the
global marketplace, and the
development of a vibrant and
entrepreneurial information
technology sector will create
employment, encourage diver-
sification, and boost investor
confidence,” she said.

The NIC framework, she said,
also “envisages the transforma-
tion of the Bahamas Telecom-




dent Jean-Bertrand Aristide
in February 2004. The region-
al bloc has refused to recog-
nize Haiti’s interim govern-
ment, which it says was
installed unconstitutionally by
the United States.

Haiti has scheduled general
elections for October and
November, and the Caribbean
Community has tied reinte-
gration of its largest and poor-
est member to a free and fair,
democratic vote.

The Caribbean foreign min-
isters will also discuss propos-
als to widen the UN Security
Council.
























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#21 BUEN RETIRO RD./ Off Shirley Street
Turn left at Designing Divas

Books, filing cabinets, doors, sinks, housewares,
clothes, childrens games, bath tubs, cabinets,
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also accused of being involved
in the incident was granted
$4.000 bail with one surety.

All of the young men had
pleaded not guilty to the
charges of breaking and enter-
ing and arson at their initial
court appearance.

‘Yesterday Magistrate Roger
Gomez ruled that bail for the
16 and 17-year-old be granted in
the amount of $3,000 with one
surety.

The other juvenile, a 16-year-
old Haitian boy, was the only
one of the accused who was not
granted bail and was remand-
ed.

A preliminary inquiry is set
for September 14.

@ A 21-year-old man plead-

munications Company (BTC)

into a state-of-art communica-
tions leader.”

Mrs Pratt said this transfor-
mation process was already

underway with the assistahce of

international consultants.

“The transformation will
enhance the current operations
of BTC, as well as preparing
BTC for graduation into a pri-
vatised entity at the cutting edge
of technological development in
communications,” she said.

BTC is proceeding with a pro-
ject to develop a fibre optic cable
linkage to provide all of the
inhabited islands of the Bahamas
with reliable and efficient con-
nection.

“This project is of paramount
importance to enable hotels and
other facilities to develop in the
inhabited Family Islands and to
provide each island with diversi-
fied economic opportunities.

“As necessary, the highest pri-
ority is being given to developing

‘ other necessary infrastructure in

the-Family Islands.such as air-
ports, road and utilities,” she
said:

ed guilty to filing a false insur-
ance claim and giving false
information to police.

Admission

Marcus Gordon, of Hamster
Road, admitted to lying to
police when he stated that his
2004 Toyota Corolla had been
stolen.

He also admitted to filing a
false insurance claim for the car.

Gordon committed the
offences on Sunday, May 15.

According to court docu-
ments, on May 17 Gordon
obtained $22,995 from the
First General Insurance Com-
pany on Collins Avenue by



Virgin announces special
fare for inaugural flight

Virgin Atlantic Airways is
inviting Bahamians to join the
inuagural transatlantic crossing
of their new service from Nas-
sau to London.

Virgin is offering a special.
limited-time fare of $388 for a
round trip on Flight 062 The
Islander, available only for trav-
el starting with the inaugural
flight.

The inaugural flight is sched-
uled to depart Nassau on June
29.

In addition to the inaugural

fare of $388, Virgin Atlantic is
offering customers special intro-
ductory fares of $599 for round-
trip economy and $999 for
round-trip premium economy
for travel, beginning with the
maiden flight on July 4 through
to November 28.

These limited special offers
are valid for purchase through
June 3, 2005.

The new Nassau to London
route will be operated by a Boe-

- ing 747-400, which has a capac-

ity of 451 passengers.



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means of false pretences.

Gordon told Magistrate Mar-
iyn Meers that he did not want
to waste the court’s time and
admitted that he had acted fool-
ishly..

He asked the court to be
lenient, pointing out that he had
never been charged with an
offence before. He said that he
had learned his lesson.

Magistrate Meers told Gor-

-don he should improve his

image.and make the necessary
apologies.

She ruled that he pay a fine of
$1,250 or spend three months
in prison.

She warned him that if he
ever appeared before her again
she would not be as lenient.

Drugs are
seized at
airport

@ By KRISTINA McNEIL

NEARLY 58lbs of mari-
juana was seized at Nassau
International Airport yes-
terday afternoon — but police
say they have no suspects.

A suspicious item of lug-
gage arrived at the airport
onan Air Jamaica flight
around 3.15pm, Raymond
.Gibson, head of the Drug
Enforcement. Unit (DEU)
told The Tribune yesterday.

The bag had reportedly
been left unattended in the
customs hall of the airport,
leading DEU officers to
investigate its contents.

Almost 58lb of marijuana
were found in the bag, but
the owner of the bag has not
. been identified by officials.

Police investigations are
continuing.



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PAGE 4, FRIDAY, MAY 27, 2005

EDITORIAL/LETTERS TO THE EDITOR

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.) LL.D., D.Litt .

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

A good day for Acting Prime Minister

IN THIS column yesterday we suggested that -

our readers not miss a letter by The Nassau Insti-
tute on the CSME, which was to have been pub-
lished on this page today.

We must apologise for getting our wires
crossed. This letter was published on this page in
yesterday’s edition of The Tribune. We hope
you have read it.

KR

Hopefully parliamentarians got the message
when the public gallery broke into applause dur-
ing the acting Prime Minister’s reading of the
Budget communication on Wednesday. Speaker
Oswald Ingraham warned those sitting in the
gallery that no matter what their feelings they
could in no way express them, even by applause.

“T believe,” said acting Prime Minister Cynthia
Pratt as she read the Budget Communication in
her position as acting Finance Minister, “that I
am speaking for the Rt Hon Prime Minister and
my colleagues in government when I say that in
our capacity as ministers, we endeavour to meet

the criterion of good governance which the 17th’

century poet John Milton stated as follows:

“... when complaints are freely heard, deeply
considered, and speedily reformed, then is the
utmost of civil liberty attained.”

‘We hope parliamentarians noted the applause,
which expressed a people’s frustration at much

. foot-dragging in legislative business since May
2002. °

Wednesday was an historic day of firsts.

It was the first time that a woman had acted as
Finance Minister and in that capacity had pre-
sented the Budget. . -

Debate on the Budget will open next
Wednesday.

There was also another first when Mrs Pratt
announced that Mrs Wendy Craigg, who has
had a record of distinguished service at the Cen-
tral Bank, would head that institution. She will be
the first woman to do so. She replaces bank Gov-
ernor Julian Francis who has resigned his post to
take on the chairmanship of the Grand Bahama
Port Authority.

A business-like atmosphere was injected into
Wednesday’s proceedings as the acting Prime
Minister walked her colleagues from the Cabinet
building to parliament, and proceedings started
on the stroke of 10.30am with every parliamen-
tarian in place and ready to do the people’s busi-
ness. This could be considered another first from
the usual lounging, slouching and drifting in at
any hour as if time was of no concern. Mrs Pratt
is a disciplinarian, who seems to have already
set the tone. We hope this is the beginning of a
new attitude by parliamentarians to their public
duties.

After his usual welcome to members, Speaker
Ingraham announced that he was laying on the
table of the House the Auditor General’s report
for the year 2001. He wanted to make certain that
at least the Public Accounts members each
received a copy and assured other members that
the remaining copies for that year were being
printed, so that they too would have a copy.

Brent Symonette, chairman of the Public —

Accounts committee, thanked the Speaker but
hoped he would succeed in getting the reports for
the “succeeding years in short order.”

This should be a priority. No one can operate

a business without up-to-date accounts and gov-
ernment is big business which has been limping
along without this vital information. So far there
have been no accounts for the Christie years —
from May, 2002.

It is hoped the statement in the Budget Com-
munication that government intends the updat-
ing of the national accounts data to be an annu-
al process.“‘so that the Bahamas will have avail-
able, as in 2005, up-to-date national accounts at
all times,” means that there is the intention to
supply the Auditor General with his informa-
tion on time so that he too can produce up-to-
date accounts for the House.

It was said that to assist in getting the nation-
al accounts current the “Ministry of Finance will
ensure that the Department of Statistics receives
whatever technical assistance is required.” It is
hoped that the same assistance will be given the
Auditor General. -

Much emphasis was put on public sector
reform in the 2005/06 Communication.

It was pointed out that there must be a link
between “public sector pay and productivity and
to the enhancement of the competitiveness of
the economy.”

However, said Mrs Pratt, in “view of what
has been said about the fiscal situation, it is‘cru-
cial that any pay increases have regard to the
capacity of the Consolidated Fund to meet the
increases without additional taxation.”

We hope members of government will set
the example in this. Cutbacks have to be made if
government is to contain the ratio of govern-

ment debt to GDP. She told the House that the. |

ratio of revenue to GDP of 20 per cent was
becoming increasingly hard to achieve “because
of the narrowness of our revenue system, heav-
ily dependent as it is on Customs revenues and
the non-taxation of services.” She said that the

‘ “expansion of essential public services has result-
ed.in fiscal deficits emerging which have been met
by borrowing. As a result, the level of govern-
ment debt to GDP has risen inexorably since
the year 2000.”

As a result in the “2005/2006 budget govern-
ment is aiming to continue the ratio of govern-
ment debt to GDP to under 38 per cent.

“By this step,” she said, “the government is
continuing the process commenced in 2002/03
of controlling the fiscal deficit so as to bring the
ratio of government debt to GDP down to about
30 per cent within a five-year period.”

- The object was not to fire public servants,
but to demand improved productivity and an
understanding that salary demands cannot exceed
what government can afford to pay.

Although the budget has provided some fund-
ing in anticipation of pay increases for public
servants and related groups, there will be no pay
increases and benefits for Ministers, Ministers of
State, Parliamentary Secretaries and Members of
Parliament and the. Senate. Bahamians
would have been alarmed if this had been oth-
erwise.

To meet the goal of controlling expenditure
there have to be cutbacks.all round. Ministers
should set the example by re-examining not only
their travel expenses, but also the unnecessary
trips they make abroad as well as the other
perks that they seem to expect as a matter of
course.



Discussions

0)



CSME

arguments

EDITOR, The Tribune -

The following is correspon-
dence between Sir Ronald
Sanders, a former Caribbean
diplomat who writes a column in

’ The Tribune every Monday, and

Ashton Ferguson, a College of
the Bahamas student.

Dear Mr Ferguson.

Thank you very much for
your e-mail below which I
intend to reply to in full. Suf-
fice to say now that I am
delighted to have received your
message. You have renewed my
confidence in the thinking abil-
ity of the youth of our one
Caribbean. I was most im-
pressed with the thought you
have given this matter.

I will reply at length.

Regards,

Sir Ronald Sanders

Following is Mr Ferguson’s
letter to Sir Ronald.

Good day Mr. Sanders, my
name is Ashton Roscoe Fergu-
son. I am a 19-year-old student
of the College of the Bahamas.
I am an ardent reader of your
editorial World View in The
Tribune.

I must commend your com-
mand of Caribbean political
issues and I have developed a
significant level of respect for
you as an academic. I find your
column to be very interesting
and informative.

I think the staunch opposi-
tion to the CSME among the
public is fed by the fact that the
masses are misinformed about
the CSME.

However, I also find some
issues pertaining to the CSME
to be unclear.

There are several very criti-
cal arguments that continue to
go unanswered or are answered
unsatisfactorily and there are
apparent illogical motives
behind the issue of joining the
CSME.

First and foremost, one must
note that economic activity
between the Caribbean nations
and the Bahamas is almost so
minute that it could be consid-
ered negligible. CSME is a
regional economic integrative
bloc. It seems illogical for the
government of the Bahamas to
join in an economic bloc with a
region in which it has almost no
economic activity.

Our participation within the

Caribbean is principally cultur-

al and political. Any coalition
between the Bahamas and the

LETTERS



letters@tribunemecdia.net

Caribbean should be geared
chiefly at these two principal
areas of concern as opposed to
an economic integration.

Additionally, it is widely
accepted that the Bahamas
would be exempt from the free
movement of labour, the mon-
etary union and the Caribbean
court of Justice.

If the Bahamas would be
exempt from these three prin-
cipal conventions of the CSME
arrangement, what sense does it
make joining in the very first

- instance?

These are three of the most
crucial components of an eco-
nomic union. To be exempt
from these three conventions
amounts to practically non-exis-
tence or non-particpation in the
CSME.

Another area of concern was
highlighted by Dr Gilbert
Morris.

Dr Morris proposed that the
exemptions granted to the
Bahamas are only temporary,
and eventually an end can be
expected to the preferences
granted to the Bahamas.

If this is the case, the CSME

, can indeed be a dangerous ven-

ture for the Bahamas. The frag-
ile mak-up of our society and
economy can at no point in time
accommodate the free move-
ment of labour into the country,
and therefore the CSME can in

‘fact turn out to be very detri-
‘mental to the Bahamas in the

long run.

(Before I venture any fur-
ther I request of you to have
open an atlas comprising the
Caribbean region in front of
you as I proceed).

None of the islands of The

Bahamas lie on or face the’

Caribbean Sea. It is my belief
that it is the similar historical
background and present way of
life that serves as the unifying
factor of the islands of what are
presently known as the
Caribbean.

The Bahamas and the
Caribbean share a similar his-
tory and culture.

Therefore I am a proponent
of the Bahamas joining the
Caribbean Court of Justice.

The English are apparently
trying to wipe their hands clean
of burdensome nations. The
Privy Council has already pro-
posed a scale down in the mag-

nitude of its operations in the .

near future due to financial con-
straints.

The British closed down their
embassy in the Bahamas in the
early part of the year. It is time
a message be sent that the
Bahamas could stand indepen-
dent of Britain in every sense
of the word.

Through solidarity and co-
operation throughout the
Caribbean community, the
Caribbean Court of Justice can
prove to be a very beneficial
venture for the Caribbean.
Nonetheless, economic integra-
tion can prove very dangerous.

Recall the West Indies Fed-
eration in 1961 and 1962.
Jamaica and Trinidad were the
most populous and progressive
nations in the organization and
withdrew from the organization
because of their perception that
they would be shouldering the
burden of the other economi-
cally underdeveloped Cane
bean nations.

Now the tables have fanned.
The Bahamas is now THE most
progressive nation, economi-
cally, in the Caribbean and now
the pressure is on the Bahamas
to join.

Why should the Bahamas
now join to shoulder the bur-
den of the same nations that
once turned their backs on the
other Caribbean nations for the
same reason?

Presently, the position of the
Bahamas is regarded as bor-
derline as regards the
CSME.

We sustain ties to the COME
but we are not fully engaged as
a member in every regard.
Nonetheless, even as a border-
line member, we are still the
backbone of the CSME.

The Bahamas is the largest
financial contributor of
the member nations to the
CSME, not to mention the fact
that only The Bahamas,
Trinidad and Jamaica are cur-

- rent on their annual member-

ship dues. Mr.

Sanders, with all due respect,
don’t you think the Bahamas
should take its time to consider
the effects of joining this COME
instead of rushing into it?

Or better yet, why can’t we
continue on our present trend?
We are doing quite well inde-
pendently and still retain our
ties to the Caribbean region, so
why attempt to fix what is not
broken?

ASHTON FERGUSON
Nassau :
May 2005

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THE TRIBUNE

FRIDAY, MAY 27, 2005, PA = 5.



ee. ee eee eee ee eee
Plans proposed to reduce

waste by up to 15 per cent

@ By KARAN MINNIS

THE Ministry of Health has
received two new contact pro-
posals for the overall manage-
ment and treatment of waste.

Both companies are offering
proposals that will reduce the
flow of waste to the Harrold
Road dump by 10 to 15 per cent
through recycling.

Health parliamentary secre-
tary Ron Pinder added that one
company is offering a long-term
plan to implement a waste ener-
gy facility, which will break
down waste into a reusable
energy source capable of gen-
erating electricity.

In-order to reduce the fre-
quency of spontaneous com-
bustion and industrial fires at
the dump, the ministry has
implemented several new mea-
sures, including the construc-
tion of eight to 12 water wells
surrounding the compound.

“This will ensure easy access
to water in the case a fire
occurs,” explained Mr Pinder.

The fire department has sup-
plied the Harold Road facility
with a portable pump to ensure
that the well water can be easi-
ly retrieved.

“We have also began to sort
the bulk of waste currently at
the dump into sections such as

green waste, dry wood, and
scrape metal,” said Mr Pinder.
“This will also reduce the occur-
rence of spontaneous combus-
tion and industrial fires."

In March, the Ministry of
Health said it would build a
road around the site and com-
plete fencing of the facility and
additional lighting.

So far, a portion of the facili-
ty has been fenced in.

Mr Pinder said that the rest of
the work will be completed as
soon as the relevant contracts
are signed.

“We have also heightened
security at the dump site to
reduce the amount of scav-
engers, and to ensure that per-
sons are disposing of their
garbage correctly,” said Mr Pin-
der. “Once the garbage is dis-
posed of at the site it is covered
almost immediately. This is
done as a preventive measure
against scavengers.”

“Our plans are not fool-
proof,” said Mr Pinder. “But
fire prevention and waste man-
agement is an on-going process.
However, we have indeed
improved the over-all manage-
ment of the facility.”

The last fire to occur at. the
dump was on March 14, and
was said’ to have been caused
by scavengers.





& THE Harrold Road dump, where industrial fires frequently start



Disney clear-up underway at Guana Cay

EFFORTS are underway to
clean up hazardous waste, aban-
doned equipment and derelict
buildings at the former cruise
ship facility at Baker’s Bay.

The remediation programme
on the northern tip of Great
Guana Cay in the.Abacos is
expected to cost more than $1
million and take several months

’ to complete, according to Doug
Shipman, project manager for
the environmentally sensitive
residential resort that is planned
for the Baker’s Bay property.

Mr Shipman said Discovery
Land Company — the develop-
ers — had awarded the clean-up
contract to American Bridge,
the company which recently
completed construction of the
Marsh harbour container ter-
minal. American Bridge is
working with numerous
Bahamian sub-contractors.

The shore facility had been
leased from the previous owner
of Baker’s Bay — Ludwig Meis-

FOR 3 IN 1 LAWN SERVICE
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BERR:

FRIDAY
MAY 27




i Bahamas @ Sunrise - live
17:30 Community Page

; Immediate Response
ZNS News Update - live
Immediate Response
1:00 Health For The Nation
1:30 Gimmie A Beat II

2:00 Mr. Ballooney B.

2:30 Treasure Attic

3:00 Kenneth Samuel

3:30 Lobias Murray

4:00 Video Gospel

4:30 Gospel Grooves

4:58 ZNS News Update - live
5:00 Inside Hollywood

5:30 Cinema, Cinema, Cinema
6:00 One Cubed

6:30 News Night 13

7:00 Bahamas Tonight

8:00 Da’ Down Home Show
9:00 3’D’s Funk Studio

9:30 The Lounge

10:30 News Night 13

11:00 Bahamas Tonight

11:30 Immediate Response
1:30 | Community Page

SATURDAY
MAY 28

6:30 | Community Page
9:00 Bahamas @ Sunrise
10:00 Treasure Attic

10:30 CMJ Club Zone
11:00 Kids On The Move
11:30 Cybernet
12noon This Generation


































NOTE: ZNS-TV 13 reserves the
right to make last minute
NIT UMMA



ter — by Premier Cruise Lines,
and developed under contract
with Disney. It catered to thou-
sands of passengers a week
between 1989 and 1993, after
which it was simply abandoned.

“To give cruise ships access
to what Disney liked to call
‘Treasure Island’, massive
dredging was undertaken to cre-
ate a 45-foot deep, three-mile

- channel into the bay with a

3000-foot turning basin,” Mr
Shipman said.

“The dock that was built for
water taxis will be used tem-
porarily by the Baker’s Bay

development to bring in sup- |

plies, and then will be removed.
The natural beach dunes will
be restored and native vegeta-
tion will replace the invasive
casuarinas, which contribute to
coastal erosion.” ,

In addition to removing trash
and debris from inshore waters,
the developers are also trans-
planting corals to artificial patch

reefs to replace those smoth-
ered by the cruise ship dredging.
The artificial reefs will eventu-
ally be used as an environmen-
tal education snorkelling trail.
The abandoned facility
included dolphin pens, a 500-
seat ampitheatre, canteens,
walkways, restrooms, shops, jet-
tys and other infrastructure.

Hazardous

“Spread over 90 acres, the
Treasure Island complex in-
cludes buried dumpsites, aban-
doned fuel tanks, rusting 55-gal-
lon drums, electrical transform-
ers and other hazardous mate-
rials that require removal and
mitigation,” according to the
Baker’s Bay environmental
impact assessment.

The EJA’s mitigation plan for
the complex calls for clean-up

of contaminants, dune restora- —

tion, reinstatement of native

Aer Cera! former premier
goes before judge
to hear charges

@ HAITI
Port-au-Prince

HAITIAN authorities took
a former prime minister
before a judge Wednesday to
hear charges of orchestrating
political killings, more than a
month after he started a
hunger strike to protest his
nearly year-long incarceration
without charge, according to
Associated Press.

Yvon Neptune went before
a judge in a close-door session
in the western town of St
Marc, where he is accused of













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masterminding the killings of
at least 25 political opponents
during the February 2004
rebellion which ousted Presi-
dent Jean-Bertrand Aristide,
said Pierre Esperance, whose
National Network for the
Defense of Human Rights has
been monitoring the case.
International pressure had
been mounting on the inter-
im government to either
charge or free Neptune, who
denies wrongdoing and started
a hunger strike on April 17 to
demand his unconditional

release.





ade Draperies















vegetation, wetland restora-
tion, and proper management
of wildlife habitats.

Australian pine and Hawai-
ian beach cabbage (Scaevola
sericea) are prevalent in the
altered areas. Both of these
species are on the BEST
Commission’s list of invasive
alien plants to remove from
coastal landscaping.

The native plant pro-

gramme is being supervised
by Keith Bradley of the Insti-
tute for Regional Conserva-
tion in Miami. He has been
contracted to work with the
University of Miami Envi-
ronmental Management
Team overseeing the Baker’s
Bay development.

Mr Bradley has spent sev-

eral weeks identifying a num-_

ber of rare plants. —

“relations.

Bahamasair
managers
are ‘still not
represented’

@ By KILAH ROLLE
Tribune Staff Reporter

_ NEARLY 100 Bahamasair
managers are still waiting to be
fully represented by the Public
Managers Union.

The managers claim that
their employer, which is legally
obliged to commit to the union,
has yet to officially recognise
the PMU as a bargaining agent.

The PMU was recognised by
Minister of Labour and Immi-
gration Vincent Peet as a bar-
gaining agent for mid-manage-
ment staff on October 15 last
year.

PMU president Elton Gib-
son said he. presented Bahama-
sair management with a recog-
nition agreement three months
ago — but to date, “management
has refused to discuss any
attempt to execute such a doc-
ument”. ;

He said: “The union has
demonstrated that it is willing to
work in harmony with the

national flag carrier, however,

the union will not sit idle and
not be respected.”

The PMU represents 96
Bahamasair employees, or 90
per cent of the managers. .

Phyllis Johnson, speaking on
behalf of Bahamasair middle-
management, said that the
company is poised for privati-
sation, yet has failed to put an

‘agreement in place that will-

contribute to positive working

She said: “We are.a group of
qualified aviation professionals
who contribute to the success
of our company. We need
something in place to protect

“us and to make sure that are
efforts do not go unnoticed.”

Ms Johnson added all
employees in middle manage-
ment have been appraised and
evaluated, but they have yet to
see any results of that evalua-
tion, such as salary increases.

‘Gregory Collie, secretary of

PMU; said: that. the-union is

already concerned.about ‘sev-

“ eral-issues; ‘including salaries,

terms and conditions of workers
and many other “anomalies.”

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THE TRIBUNE

MAY 27, 2005

AY,

FRID

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@ THE aftermath (below) of ye

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Club Ins

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FRIDAY, MAY 27, 2005, PAGE 7

- “4

THE TRIBUNE
ere ESS

death in Club Insomnia blaze

FROM page one

million.

The nightclub manager said
the club was not- insured
because they were in the

process of facilitating a punch -

list given by Star Insurance.
Mrs Lewis said that to her
knowledge the last visitors to
the property were guests attend-
ing a private party that ended
shortly after 3am on Thursday,
just three hours before the fire
is reported to have started. The
club did not have a watchman
on duty.
Mrs Lewis said that no can-
dles or torches were used at the
private party, and the club does

+ not have a restaurant, which

leaves her only to conclude that
the blaze was “a vicious
attempt” to stifle the success of
the popular new club.

Responding to why someone
would want to burn the club
down, Mrs Lewis said, “It’s just
human nature I suppose. People
out there are afraid to face the
competition fairly, and so they
find it easier to attack in this
sort of way. It’s sad, but it hap-
pens,” she said.

Mrs Lewis said the fire comes
on the heels of a series of sus-
picious events.

Last Thursday during the
usual Lady’s Night event at the
club, Mrs Lewis said the power
to the building was cut for
almost half an hour. She said it
was later discovered that some-
one had tampered with the
meter room that supplies power
to the building. ;

On the following day, she
said, the club’s staff realized
that the phone lines had been
disconnected. Bahamas
Telecommunications Company
(BTC) was contacted to rectify
the problem. It was then that a
BTC workman informed the
staff that the telephone lines
had been cut.

“Now, just seven days after
all these things happened the
place has been burned down,
we don’t have insurance, it is
all very suspicious,” said Mrs
Lewis.

According to officer Dele-
veaux, the fire branch respond-
ed to the fire immediately after
receiving a call from an off duty
police officer, who, passing the
Saunder’s Beach area, saw the
local night spot engulfed in
flames.

He said seven engines and 26
firemen were dispatched to the
scene around 6.30am, and
worked to extinguish the flames
with water from a pond at the
eastern end of the building.

However, firefighters had to
revert to sea water from nearby
Saunders Beach when the pond
water started clogging the fire
hoses.

Mr Deleveaux said the fire
was more difficult to extinguish
“because the roof was made of
tin which conducts heat rapidly,
and there were also substances,
possibly used during the refur-
bishment of the building, that
were highly flammable.”

Firefighters also confirmed
that portions of the roof
showed signs of deterioration.

As for the future of Club
Insomnia, Mrs Lewis said they
intend to reconstruct the
premises, “because no lives
were lost, only material things
that can be replaced.”

The club employed between
40 to 50 full time and part time
workers and usually grossed an
estimated $18 to $20,000 on the
door and bar each night.

Mrs Lewis thanked the public
for patronizing the club since it
opened for business in March.

Investigations into the fire are
continuing.

@ MEMORIAL DAY

HOLIDAY

THE US Embassy will
be closed on Monday May
30 in observance of the
Memorial Day holiday.

All embassy sections will
be closed.

Normal operations,
including the processing of
visa applications, will
resume on Tuesday May
31.





PAGE 8, FRIDAY, MAY 27, 2005

SANTANDER INVESTMENT BANK LIMITED

BALANCE SHEET
AS OF DECEMBER 31, 2004
(Expressed in thousands of United States dollars)
2004 2003
ASSETS
Cash and due from banks tye :
Demand - Group se : ; ¢ $1,151 $ 1,268
- Others se : eo ae eels 342. ; elo
Ela Pe a hye LRT, RG Se
Time - Group (Note 13) ° 8 & See =. 37,589. eee
Total cash and due from banks oe Save te pa eae ta cael, BIE! SO NOE ee
Accrued interest receivable and other assets, oo ‘ eee ee card Po ue
- Group pT Annee ee EMU Te Ben, a ee: SAO RR 9 ee SS ee
- Others oA ate Fo a OA a MMOD 2 B82 ot
Loans, net (Note 3)20° 0°00 be BUS De P2890 MO 784 Ah
Securities (Note4) Pe ie 16,566 61,063, 2 os
Investment in subsidiaries (Note 5) he Z 48,271 59,196
TOTAL apa $ 370,929 $ 568,567
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Due to banks ht : : -
. Time - Group “ =~" §- 299,452 $ 486,804 _
Accrued interest payable anid other liabilities (Note 7) ;
- Group 1,367 2,540 ~
- Others ve «1347 _. 1,375
' ee 2,714 “ 2915: we
Total liabilities ekg he 302,166 490,719
SHAREHOLDERS' EQUITY: es es Pa ey ah keats,, fee ne
Share capital (Note 8) : ik 10,000 10,000
‘Contributed capital = 501,149 501,149
Accumulated deficit : / (442,386) (433,301)
Total shareholders' equity 68,763 77,848
TOTAL "$370,929 $ 568,567

See notes to balance sheet.

The balance sheet was approved on behalf of the Board of Directors on March 28, 2005, and is
signed off i alf by:

/




Director

NOTES TO BALANCE SHEET
DECEMBER 31, 2004
(Expressed in thousands of United States dollars)

1. GENERAL
| Santander Investment Bank Limited. (the “Bank”) was incorporated on November 1, 1989

under the laws of the Commonwealth of The Bahamas (‘The Bahamas”) and is licensed to
carry on banking business from within The.Bahamas. The Bank’s ultimate parent is Banco

Santander Central Hispano, S.A. (the “Parent”), inoornoraies in _ and with reginisred are

office at Paseo de Pereda, 9-12, Santander (Spain).

The Bank’ s investment ‘strategy. is: focused on emerging maken ttinacity 3 in Latin ‘Aihara ee he
countries. The Bank’s tegistered office is at:Corner Shirley. and Charlotte ee Bahamas site

Bimarcial Center, 3rd, Floor, Nassau (The Bahamas),

7 2003).



eB ie SIGNIFICANT ACCOUNTING POLICIES”



he The following i is a summary of the significant a accounting policie’ followed a the Bank:

ne BBE a: - Basis of accounting presentation : ‘The’ talaios sheet has been prepared i in accirdance

with: ‘International ‘Financial Reporting Standards, .as: published . by ‘the ‘International:

Accounting Standards Board, ‘effective as: of December 31; 2004. All balances
described in the balance sheet as “Group” relate to Banco Santander Central Hispano,
S.A. and its subsidiaries.

Based on’ the economic substance of the underlying events and circumstances, the
measurement and ‘reporting currency. of the Bank has been determined to be the US
dollar. ©

b. Loans, net- Loans are stated at amortised cost, which generally comprises the principal
amount outstanding, less unearned income and an allowance for loan losses as described

in paragraph (e).

c. Securities - Securities & on the Bank’s balance sheet are classified in one of the following co

categories at the time of their acquisition: trading, held-to-maturity and available-for-

sale. Realized and unrealized gains and losses on securities are defermined using the:

specific identification method..

Trading securities thalode those securities which are held with the intention of profiting cee

from short-term price movements and are carried at the fair value, as adjusted for gains
and losses on committéd sales and purchases. Fair value is determined as the market
value of the securities. As of December 31, 2004 and 2003, there were no outstanding
balances of trading securities.

Securities that the Bank has a positive intent and ability to hold to maturity are classified
as held-to-maturity. Such securities are carried at amortised cost (cost adjusted for
amortisation of premiums and accretion of discounts). Held,to-maturity securities are
written down to fair value with a charge to the statement of i income, if the fair value
indicates an impairment in the value of the investment. ‘As of December 31, 2004 and
2003, there were no outstanding balances of hele-fo-mmatuaity securities,

Securities that are not considered trading securities or held-to-maturity securities are
classified as available-for-sale. Such securities are carried at fair value. For fixed
income securities, fair value of listed securities in this portfolio is deemed to be the
market price on the last day of trading of each year and that of unlisted securities to be
" the current value at the interest rate prevailing on that date. For equity securities, fair
value of listed securities is determined as the market price on the last day of trading in
the year. Unlisted securities are carried. at cost; fair value is determined, only for
impairment purposes, as the underlying book value of the holding per the latest available
financial statements of the investees adjusted for i impairment. Securities are reviewed at
each balance sheet date for impairment. The recoverable amount of the debt

instruments is the present value of future. cash flows discounted at the current ‘interest

rate fora similar financial asset. rey

d. Investment in “subsidiaries, : favéatineae in “subsidiaries : is canted at cost. All”.
subsidiaries are‘unlisted. . If the carrying amount in the Bank’s books is higher. than the - us
underlying book value of the Subsidiaries per the latest available. financial statements,
adjusted by unrealized gains, ‘this situation. is. deemed. as an impairment-loss...In./: . -
accordance. with. International Accounting | Standard: 27 “Consolidated, Financial foe

Statements and Accounting for Investments in Subsidiaries”, the Bank’ does not. present
a consolidated balance sheet: because the’ Bank i is ultimately a wholly owned ee
of the Parent (see Note D. SES ;

e. Credit loss. ‘glioianed:- "For ‘financial assets carried. at: i: amortioed cost,. whenever itis’ aes,
probable ‘that the Bank will not. collect.all amounts due. to the contractual terms:of the...
operations the financial assets. are stated net of, an: impairment or bad debt loss on thé:
balance sheet. The: carrying | amount of: the assets included i in the captions- “Due from:
ies - banks” and “Loans”:i in the accompanying balance sheet are réduced to their recoverable

amount through the-use ofa a credit loss allowance.







The. average nuinber of staff employed by the Bank dng the ‘year = 2004 was 3 « aig ws 7 5





oo telationship at the inception of the. hedge, (4): for-cash flow’ hedges, the forecasted’

THE TRIBUNE

The credit loss allowance is estimated based on the Bank’s credit loss experience and
management’s evaluation of the collectibility of the risk transactions under current .
_ economic conditions.

These estimates are reviewed periodically and as adjustments become necessary they are
reported in operations in the periods in which they become known. Debts are set off
_ against the allowance when management believes the uncollectability of the principal is
certain. Accrual of interest on. debts is discontinued when, in the opinion of
management, the collectibility of sich interest is no longer probable. As of December
_. 31, 2004 and 2003 the amount of accrued interest on pata loans is not
beaut : .

The Bank maintains ‘in. allowance for possible iosses that may. arise in the realization of

Bo loans, credits and depbsits placed with finance entities, relating:to public and private | s
_“ », sector-entities ‘in problem debtor ‘countries: experiencing differing degrees of debt-. © -;
fe servicing difficulty ‘and/or liquidity problems. ‘The allowance is calculated on the basis:



"of the macroeconomic condition ‘being experienced by each, country (factors considered -

ae ie by management for this calculation include significant. current account deficits, drastic we
o .. ebrréncy. devaluation. and sharp og in’ stock exchange Price in: countries where ‘the . i
* Bank has asset ‘apomires). ;

2 Foreign currency éaitalion - Assets and liabilities maintaiied in currencies other

a “than U.S. dollars are translated at rates of exchange prevailing at the balance sheet date.

Derivative financial instruments - Derivative financial instruments that are not
designated as hedging instruments are classified as held-for-trading and carried at fair
ine! bs

On inception, the Bank identifies certain derivatives as either a) a hedge of the fair ‘alue : :
of an asset or liability (fair value hedge) or b) a hedge of the exposure to variability in’.
cash flows attributable to an asset or liability ora forecasted transaction.

The Bank’s criteria for classifying « a derivative instrument as a hedge include: dad the’
_-hedge transaction is expected to be highly effective in achieving offsetting charges in

B fair value or cash flow. attributable to the hedged risk, (2) the effectiveriess of the hedge’

. can_ be. reliably measured, (3) ' there is adequate” ‘documentation . of | the. hedging



transaction ‘that: is subject of the hedges must. be highly. probable and must present.an °°" :

ets ., exposure to variation in cash flows that could ultimately affect profit or loss, (5) the”







~~ hedge is assessed on an ongoing: basis and determined actually to have been highly . SS

effective throughout the financial reporting periods for which the hedge was designated.

Derivatives classified as fair value hedges are carried at fair value. The carrying amount ~
of the hedged asset or liability is also adjusted for changes in fair value attributable to
“hedged risk. ee

Changes in the fair value of a hedging derivative which qualifies asa highly effective
. cash-flow hedge are recognised directly in equity.

When the hedge no longer meets the criteria for aiualifisetica! for hedge accounting,
hedge accounting is discontinued prospectively. In this case the cumulative gain or loss
on the hedging instrument that has been reported directly in equity is retained i in equity
until the committed or forecasted transactions occurs.

Transactions with related parties - In the normal course of business, the Bank enters
into transactions with related entities. These transactions include inter alia, the funding
of loans and investments and transfers of assets and liabilities (see Note 13).

Taxation - Under the regulations of the Commonwealth of The Bahamas, the, Bank is
not subject to income tax: Therefore, no liability for income taxes has been included in
the above balance sheet.

Provisions for guarantees provided - A provision for guarantees provided is recognised
when the Bank has a present obligation as a result of a past event and it is probable that
an outflow of embodying economic benefits will be required to settle the obligation, and
.. a reliable estimate can be made of the amount of the obligation. These provisions are
reviewed at each balance sheet date and adjusted to reflect the current. best estimate oes ey
Note 7), .

Fae etl edad SSP,

- Use of cacteeates ie the pieguataitan oft balance sheet - The. preparation of the balance

_ ‘sheet. in conformity with International : Financial - ‘Reporting "Standards ‘ requires:
~. “management to make estimates and assumptions that affect the reported amounts of a

~.assets and liabilities and disclosure of. contingent assets and liabilities at the date of the.) :

1... “balance sheet. Actual results could differ. from-those estimates. ° Material‘estimates that °° ~
2s are particularly . susceptible ‘to change in the ‘near’ and :medium term relate .to: ‘the

+ determination of the allowance’ for loan losses and eoalisabiity of investments iti, Groh. .
“ante entities and soe investment securities, Boe,

ce Going c concern - £On jane 23, 2004 the Board of of Directors issued a kasha in whieh: ape

* the Bank’ agreed to; maintaining its. corporate personality and banking license in the

Commonwealth of The Bahamas, proceed to the progressive transfer of its assets to _

.* Santander Central Hispano Group (the “Group”) companies. The mentioned transfer of
assets to Group companies is not deemed to give rise to any ‘liability or provision that

“would need to be registered in the balance sheet referred to above.

LOANS, NET
Loats are Saeed as follows:

2004 2003 |

Group loans: - $ 97,000 $ 215,500

Otherloans . 164,235. 204,154
261,235 «419,654

"Less: Credit lossallowance. oS 22,146) __(14,870)

S 239,089 - &. dosiies te

: er As of December 31, 2003, the caption: “Group loans” included a iban guaranteed — a ious
me company amounting to $118,500. In March 2004, the Bank transferred the eras toa es :



eb ‘Investment i in subsidiaries i is comprised as follows:

semipeny at net amortised cost.



The activity in the credit loss allowance was as follows:

Balance, end of year 2002 : - $ 16,263



Add: impairment losses on loans, net . i 67,672:

Amounts used in loan forgiveness ; (232)

Transfer (to) other allowances Due from banks ___(68,833)

Balance, end of year 2003 ‘ ‘ 14,870

Add: impairment losses on loans, net 46,250 Cd
Amounts used in loans devaluation (1,586) Ro
Transfer (to) other allowances Cash and Due from banks __(37,388)

Balance, end of year 2004 $._ 22,146

The Bank has recorded during 2004 a credit loss allowance of $37,599 related to a deposit
granted to a group company (see notes 6 and 13), which is included in the caption “Transfer
(to) other allowances Cash and Due from banks”, in the activity in the credit loss allowance

_ during 2004.

SECURITIES

‘ Seciitities comprise available-for-sale, fixed i income and equity securities issued by private

sector entities in emerging countries.

eo INVESTMENT. IN ‘SUBSIDIARIES |

2006 = 2003.

s Group companies: ‘ a Be ee ; enced
Gost . Rigdon DA «G25 8906.- $270,076.”
“2: Book value ae | ‘$48,271 $59,196 |



THE TRIBUNE

e.

As of December 31, 2004 and 2003, the Bank has investments in five and six Group
companies, respectively, which are involved in non-banking commercial activities either
directly or through related companies.

During 2004, one of the Bank’s subsidiaries ended its operations and was put into liquidation.
Difference between the cost of the investment and the cash obtained by the Bank resulted in a
net loss of $10,312.

As of December 31, 2004 and 2003, the allowance recorded for impairment amounted to
. $210,435 and $210,880, respectively.

~ The Bank’s share of aggregate net assets of these companies (as of the underlying book value
. from the latest available balance sheet) amounts to approximately $140,658 and $95,418 as of
December 31, 2004 and 2003, respectively. on

Total assets of ‘subsidiaries amounted to approximately $1,083,589 and $1,037,531 as of
‘December 31, 2004. and 2003, respectively. These companies have registered a net income of
“approximately $377 ‘as of December 31, 2004 (net: income of approximately $13,452 as of
“.. December. 31,-2003). Subsidiaries’ total assets and.net loss do not include consolidation

~~ adjustments that would result if the Bank presented consolidated balance sheet (see Note 2d).

The activity in the allowance for impairment was as follows:

Balance, end of year 2002 $ 186,469

Impairment loss 24,440
. Reversal of impairment (29)
, Balance, end of year 2003 210,880
‘, Impairment loss 9,944
®” Reyersal of impairment (10,389)
* Balance, end of year 2004 $ 210,435

6. | CONCENTRATION OF CREDIT RISK

. The Bank provides investment, financing and related services to Group companies and other
= eustomers including corporations and institutional and individual investors. The Bank’s
-“’ exposure to credit risk associated with these transactions is measured on an individual
“customer basis. To reduce the potential for risk concentration, credit limits are established and
monitored in light of changing market conditions and customers.

“In the normal course of providing ‘such services, the Bank requires collateral ona basis
‘consistent with industry practice. The type and amount of collateral is monitored and
: counterparties are required to provide additional collateral as necessary.

x As of December 31,, 2003, included in the caption “Cash and due from banks Time -Group”,
~ the Bank had registered a deposit given to another Group company (see Note 13) located in
' Argentina in the amount of $206,395. As of December 31, 2003, the allowance recorded for
.. impairment of this deposit (included in the caption “Cash and due from banks time-Group”) to
cover the current uncertainty and possible future events-in Argentina amounted to $168,797
(see Note 13). During 2004, the Bank recorded a credit loss allowance of $37,599 in order to
cover 100% of the amount of the deposit. Subsequently, during 2004, the deposit and the
_ credit loss allowance were held off-balance sheet because of the lack of payments of principal
by the borrower in the past years. ; —

7. ACCRUED INTEREST PAYABLE AND OTHER LIABILITIES

Accrued interest payable and other liabilities are comprised as-follows:

2004 2003
Group: . ,
Provision for guarantees provided (Note 11) $ 1,034 $ 1,034
Accrued interest payable ~ 333 1,506
$ 1,367 $ 2,540
_ Other:
2 Other accounts payable “"* ie Ob Aaa th Gr ee Un adie PoE “gy 399 feel aa'e 1,361

Accrued interest payable 18 14
loot nd Yo gebiagee ee 7" raleat hey was teedium GAN ML SF Ges 1,998

8° SHARE CAPITAL

|. As of December 31, 2004 and 2003, the shate capital of Santander Investment Bank, Ltd.
- consisted of 10,000 authorised, issued and fully paid registered ordinary shares of $1,000 each.

_. 9. | MATURITIES OF ASSETS, LIABILITIES AND EQUITY

The scheduled maturities of the Bank’s net assets, liabilities and equity from December 31,
2004, to the contractual maturity date are as follows (assets and liabilities without fixed
maturity are recorded in the caption “Over twelve months”): ‘

2004 2003
Assets Liabilities Assets Liabilities

Due within one month . $ 4,433 $251,589 $ 2,558 $ 221,507

i One to three months 3,011 35,736 990 75,683
Three to six months 245 12,690 6,957 187,403
Six to twelve months 2,747 - 45 4,534

Over-twelve months 360,493 2,151 _ 558,017 1,592

$370,929 $ 302,166 $568,567 $ 490,719

- The ‘Bank has a negative impact in balances maturing in less than twelve months. However
. management believes that there is no risk as the Bank has access to lines of credit with the
Parent, which could cover any exposure in the maturity of those liabilities maturing in less
than twelve months, of which $299,785 (out of a total amount of $300,015) relate to liabilities

with Group companies.
As of December 31, 2004, assets with a maturity over twelve months include floating rate
i loans (see Note 13). According to the policy of the Bank regarding the reduction of the

potential for interest rate risk, the interest rate periods of such loans are matched with those of
their funding positions.

40. CONCENTRATION OF ASSETS AND LIABILITIES

: The primary concentration of the Bank’s assets at December 31, 2004 is in Mexico and South
é America, where approximately 73.3% (82.3%. at December 31, 2003) of assets are invested.
if “As of December 31, 2004 and 2003, more than 99% of the Bank’s liabilities are with the
3 Group. ;

11. COMMITMENTS AND GUARANTEES PROVIDED

In the normal course of business, the Bank issues, guarantees and enters into underwriting
commitments. Settlement of those transactions as of December 31, 2004 would not have a
material effect on the financial condition of the Bank.

42, DERIVATIVE FINANCIAL INSTRUMENT

The Bank’s outstanding derivative financial instruments (notional amounts), primarily with
_ financial intermediaries, were as follows:. :
2004 ~=—s_-2003

Fair value hedges:
Swaps (Note 13) :

. Unmatured foreign currency, purchase and sale
_ transactions (Note 13) - Sidi tae, Se - $97,000 $ 97,000

. According to the accounting policies followed by the Bank (see Note 2g), as of December 31,
2004, all derivatives are carried at fair value. ae
As of December 31,.2004.and_2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption “Securities” in the
balance sheet as of December 31, 2004 and 2003. During 2004, the Bank has reduced its
participation in this equity investment, adjusting subsequently the derivative coyerance.

‘ gpinion.

FRIDAY, MAY 27, 2005, PAGE 9

.

13. RELATED PARTY BALANCES

As of December 31, 2003, included in the caption “Cash and due from banks Time -Group” in
the balance sheet, there was a deposit placed with a Group company located in Argentina
amounting to $206,395. In July 2002 and June 2003, it was agreed by the parties to extend the
maturity date, from June 2003. to June 2007, and from June 2007 to January 2010 (final
maturity date), respectively. As of December 31, 2001, in connection with this operation, the
Multilateral Investment Guarantee Agency (MIGA), a member of World Bank Group
provided political risk insurance coverage for 90% of the principal amount for the risk of
transfer restriction and expropriation of funds in Argentina, covenant which did not apply as of
December 31, 2002. As a result, the Bank recorded during 2004 a credit loss allowance of
$37,599 ($68,797 in 2003) to cover the current uncertainty and possible future events in
Argentina as of December 31, 2004 (see Note 3), amounting the credit loss allowance to
$206,395 (100% of the deposit). Subsequently, during 2004, the deposit and the credit loss
allowance were held off-balance sheet because of the lack of payments of principal by the
borrower in the past years.

As of December 31, 2003, included in the caption “Cash and due from banks Time -Group” in
the balance sheet, there was a deposit placed with another Group company located in
Argentina amounting to $1,092, covered by a 100% credit loss allowance. During 2004, the
deposit and the credit loss allowance were held off-balance sheet because of the lack of
payments of principal by the borrower in the past years.

As of December 31, 2004 and 2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption “Securities” in the
balance sheet as of December 31, 2004.

As of December 31, 2004 and 2003, the Bank had entered into an unmatured foreign currency
purchase and sale transaction with a Group company with a notional amount of $97,000. This
currency swap covers the foreign exchange risk of a loan granted to another Group company
with a maturity date of January, 2006, included in the caption “Loans, net” in the balance sheet
as of December 31, 2004.

14, EVENTS SUBSEQUENT TO DECEMBER 31, 2004

Following June 23, 2004 Board of Directors resolution, the Bank agreed to proceed to the
progressive transfer of its assets to Group companies. The main transactions occurred
between December 31, 2004 and February 28, 2005 (last available balance sheet) is detailed.

In January 2005, the Bank sold. its share in an equity security issued by a private sector entity
which resulted in a gain of $26;878. :

In February 2005, one of the Bank’s subsidiaries ended its operations and was put into
liquidation. Difference between the cost of the investment and the cash obtained by the Bank.
resulted in a gain of $344. ° :

Deloitte.

Deloitte & Touche
Chartered Accountants

and Management Consultants

2nd Terrace, Centreville
; P.O. Box N-7120
INDEPENDENT AUDITORS’ REPORT Neen
‘Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101

To the Board of Directors of http://www.deloitte.com.bs

Santander Investment Bank Limited:.

We have audited the above balance sheet of Santander Investment Bank Limited (the “Bank”) as of
December 31, 2004. The balance sheet is the responsibility of the Bank’s management. Our
responsibility is to express an opinion on the balance sheet based on our audit.

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

In our opinion, the balance sheet referred to above present fairly, in all materials respects, the
financial position of the Bank at December 31, 2004 in accordance with International Financial
Reporting Standards. : =

Without qualifying our opinion, we draw ‘attention to Note 2 1. in the balance sheet that refers to the
June 23, 2004 Board of Directors’ resolution, in which the Barik agreed to, maintaining its corporate
personality and banking license in the Commonwealth of The Bahamas, proceed to the progressive
transfer of its assets to Santander Central Hispano Group (the “Group”) companies. The referred
circumstances may indicate that future operations of the company may differ significantly from past
operations. :

The Bank performs part of its activity with other entities of the Santander Central Hispano Group.

The outstanding balances at December 31, 2004, of the main transactions with the Group and the
results of these transactions for the year then ended are described in the accompanying balance sheet.

Diet 4 Tyoets

March 29, 2005

OAs

Your Balance Sheets & Legal Notices in

The Tribune

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PAGE 10, FRIDAY, MAY 27, 2005 THE TRIBUNE
































Nathan Stone's Album Launch: On Friday, May 27
@ Hard Rock Cafe, Charlotte Street. Stone will
release his long-awaited album, The Perfect Gen-
tleman. Doors open at 8 pm. The show starts @ 9 pm.
Admission: $35 (regular); $65 (VIP, includes a copy
of the CD, hors d'oeuvres and a goody bag) See
Main Event for ticket locations.

Bounty Killer, the Warlord will be in concert on Fri-
day, May 27 @ Club Nsomnia. Admission: $30 before
midnight.

Up All Night @ Club Nsomnia:

e M.A.D. Thursdays. Hosted by Jamaican artist,
Beenie Man. Special performance by Club Nsomni-
a's International Coyote Girls. Late night happy
hour from 9pm-11pm: $1 drink specials. Music by
Barry da Pusha, DJ Fines and Mr Excitement. Doors
open at 9pm. Ladies free before 11pm - Guys $15
before 11pm

¢ Latin Fridays. Featuring all your favourite salsa,
merengue and latin music, the world famous Coyote
Bar, and karaoke. Come party on the streets of Cruz
Lane. Admission: Everybody $5 before 9pm. Music
by DJ Flava.

e Nsomniac Saturdays, a party for the grown and
sexy. Experience the flavour of South Beach in the
Bahamas. Music by DJ Fynes and DJ Flava. Ladies
$10 before 11pm. Guys $15 before 11pm.

¢ Caribbean Sundays, featuring soca, calypso, dance-
hall, and 'reggaeton' music (a fusion of latin, reggae
and hip-hop music). Live performances and guest
DJ's. Music by Xcitement and DJ Fatal. Drink spe-

cials all night. Ladies: $5 before 11pm. Guys $15

before 11pm.

Exotic Saturdays @ Fridays Soon Come starts with 3
for $10 drink specials. Admission: $10 before mid-
night and $15 after. Ladies free before 11pm.

Rave Saturdays @ Club Eclipse. DJ Scoobz spin-
_ ning the best in Old Skool. Admission $35, all inclu-
sive food.and drink.

Fever @ Bahama Boom, Elizabeth St, downtown,
every Friday night. Admission $10 before midnight.
First 50 women get free champagne. First 50 men get
a free Greycliff cigar. Dress to impress. For VIP
reservations call 356-4612. :

Cool Runnings is back with a Conscious Party @
Hard Rock Cafe, Charlotte St North every Friday.
Classic reggae style music. Admission $10.

Mellow Moods every Sunday @ Fluid Lounge and
Nightclub, Bay St, featuring hits from yesterday - old
school reggae and rockers downstairs, and golden
oldies upstairs. Admission: Free. Doors open 9pm.

Karaoke Music Mondaze @ Topshotters Sports Bar.
Drink specials all night long, including karaoke
warm-up drink to get you started. Party from 8pm-
until.

Karaoke Nights @ Fluid Lounge and Nightclub.
Begins 10pm every Tuesday. Weekly winners select-
ed as Vocalist of the Week — $250 cash prize. Winner
selected at end of month from finalists —- cash prize
$1,000. Admission $10 with one free drink.

Reggae Tuesdays @ Bahama Boom. Cover charge
includes a free Guinness and there should be lots of
prizes and surprises. Admission: Ladies $10 and Men
$15.

Hump Day Happy Hour @ Topshotters Sports Bar
every Wednesday Spm-8pm. Free appetizers and
numerous drink specials.

Flash Nights @ Club Fluid every Thursday. The ulti-_ .

mate Ladies Night. Join Nassau’s and Miami Beach’s
finest men. Ladies only before 11.30pm with free
champagne. Guys allowed after 11.30pm with $20
cover.

The Pit @ Bahama Boom, every Thursday. Doors
open at 9pm, showtime 11.30pm. Cover charge $15.
$10 with flyer.

Fantasy Fridays @ Fluid Lounge, featuring late ‘80s
music in the VIP Lounge, Top of the Charts in the
Main Lounge, neon lights and Go Go dancers. Glow
sticks for all in before midnight. Admission:
Ladies free before 11pm, $15 after; Guys $20 all
night. :

Dicky Mo’s @ Cable Beach. Happy Hour every Fri-
day - 3 for $10 mixed drinks and $1 shots. Bahamian
Night (Free admission) every Saturday with live
music from 8 pm to midnight. Karaoke Sundays from







n Friday night at the Hard
Rock Cafe, the Bahamian pop
sensation, Nathan Stone, will
officially launch The Perfect
Gentleman - his much antici-
pated album.

The artist, who co-wrote most of the tracks,
has a knack for writing songs that attract a broad
audience. Songs like the first single Shake It
Mama boasts a sizzling reggae remix featuring
Baha Men singer Rick Carey. Just One Kiss,
Hit Me Up and The Perfect Gentleman are
dance tracks that get the toes tapping.

The album’s ballads, among them Fly and
Chance, can be described as the most deeply
personal expressions of the artist at his most
vulnerable. In his album, Stone brilliantly covers
The Bee Gees’ How Deep Is Your Love, which
is the only cover on this release.

The doors of the Hard Rock Cafe, Charlotte
Street, will open at 8pm, and the show starts at
9pm.

8 pm to midnight, $1 shots and dinner specials all
night long.

Twisted Boodah Lounge @ Cafe Segafredo, Char-
lotte St kicks off Fridays at 6pm with deep house to
hard house music, featuring CraigBOO, Unkle Funky
and Sworl’wide on the decks.

Chill Out Sundays @ Coco Loco, Sandyport, from

‘4pm-until, playing deep, funky chill moods with

world beats.

Sweet Sunday Chill Out Soiree Lounge, every Sun-
day, 4pm-midnight @ Patio Grille, British Colonial
Hotel. :

Wet Sundays, every Sunday, noon-midnight @ Crys-

tal Cay Beach. Admission $10, ladies free.

Carib Scene @ Club Fluid every Sunday. A night of
Caribbean, Latin and Reggae flavours for all audi-
ences. Latin Flair in the VIP Lounge; Old School
Reggae and Soca in the Main Lounge. Ladies in free
before 11pm. $10 after 11pm. Men, $15 cover charge.

TooLooSe @ Indigo Restaurant on West Bay St and
Skyline Drive. Singer/songwriter Steven Holden per-
forms solo with special guests on Thursday from
9pm - midnight.

The Graham Holden Deal @ The Green Par-
rot....David Graham, Steve Holden, Tim Deal and
Friends perform Sunday, 7pm - 10pm @ Hurricane
Hole on Paradise Island.

Jay Mitchell and Hot KC @ Palm Court Lounge,
British Colonial Hilton, Wednesday-Thursday 8pm-
12am.

Sunday Night Interlude @ Briteley’s Restaurant &

Lounge, Eneas St off Poinciana Drive. Featuring
Frankie Victory at the key board in the After Dark
Room every Sunday, 8.30pm to midnight. Fine food
and drinks.

Paul Hanna, Tabatha and Gernie, and the Caribbean
Express perform at Traveller’s Rest, West Bay St,
every Sunday, 6.30pm-9.30pm.

The Arts

The Definitive Diaries, an exhibition of recent works
by oil painter, Nicole Angelica, will be held on Sat-
urday, May 28 @ Prince of Wales Room, Atlantis,
Paradise Island. Nicole is an accomplished artist,
recently taking the Best in Show award at the Muse-
um of Americas' (MoA) Women of the Arts 2005
exhibition. There were 2,835 initial submissions. The
artist reception runs from 6pm till 10pm (one night
only).

Split Personality, a joint art show by Nicole ‘Collie
and Lemero Wright hopes to challenge the eyes and
the mind of artlovers. Collie's more exotic, feminine
pieces celebrate woman- her curvaceous shape blend-
ed in pastel shades. By contrast, Wright's work uses
bright almost glaring primary colours. Though
Wright's paintings suggest a more masculine energy,
he has used the female form in black and hot tones



The Perfect Gentleman





with smouldering looks and proud stances. In some
of Collie's pieces, she uses brighter tones-to highlight
just the body (minus the head): The exciting show,
sponsored by the Credit Suisse Supports Bahamian
artists Programme, runs until May 27 at the Central
Bank of the Bahamas.

National Art Gallery of the Bahamas (NAGB)
events for May 2005:

e Thursday, May 26: Life and Debt (2001), a docu-
mentary by director and producer Stephanie Black.
Rated: PG-13. Time: 7:45pm. Length: (86 minutes)

Rather than the traditional Issues forum, NAGB in
collaboration with the College of the Bahamas'
School of English Studies experiments with a short
program of issue-oriented cinema. Discussants for the
Life and Debt viewing are Tamico Gilbert of
Amnesty International, and Bernadette Butler,
lawyer for the Bahamas, CSME.

(All events to take place at NAGB, West & West Hill
Streets. Call 328- 5800, or logon to www.nagb.org.bs
for more information)

The National Collection @ the National Art Gallery
of the Bahamas, an exhibition that takes the viewer
on a journey through the history of fine art in the
Bahamas. It features signature pieces from the
national collection, including recent acquisitions by
Blue Curry, Antonius Roberts and Dionne Ben-
jamin-Smith. Gallery hours, Tuesday-Saturday, 11lam-
4pm. Call 328-5800 to book tours.

Past, Present and Personal: The Dawn Davies Col-
lection @ the National Art Gallery of the Bahamas,
Villa Doyle, West and West Hill Streets. The exhi-
bition is part of the NAGB’s Collector’s Series.
Gallery hours, Tuesday-Saturday, 1lam-4pm. Call
328-5800 to book tours.

The Awakening Landscape: The Nassau Water-

colours of Gaspard Le Marchand Tupper, from the
collection of Orjan and Amanda Lindroth @ the

National Art Gallery of the Bahamas. The mid-nine-
teenth century paintings that make up the exhibition
are part of one of the earliest suites of paintings of
Nassau and its environs.

Tupper was a British military officer stationed at
Fort Charlotte in the 1850s. The works show a pre-
modern Bahamas through the decidely British medi-
um of watercolour. Gallery hours, Tuesday-Saturday,
llam-4pm. Call 328-5800 to book tours.

Health

Doctors Hospital Distinguished Lecture Series: Dis-

_ tinguished Physician, Dr Agreta Eneas Carey will dis-

cuss "Senior Health" on Thursday, May 26 at 6pm in
the Doctors Hospital conference room. This lecture
will increase awareness and educate persons about
how to stay healthy in their senior years. The lecture
is free to the general public. Free blood pressure,
cholesterol and glucose screenings will be performed
between 5pm and 6pm. To ensure available seating
RSVP 302-4603.

Yoga: Stretch, Breathe, Relax, for Body...Mind...Spir-
it, yoga classes for all levels will be conducted by
Margaret Evans, registered yoga teacher.

e Tuesdays & Thursdays: May 24 through June 30
(six weeks) from 6pm - 7:30pm. Cost: $120.

e Saturdays: May 28 through July 2 (five weeks)
from 10am- 11:30 am. Cost: $50. There will be no



AROUN D







NASSAU



class June 4. Sessions will be held at the Trinity
Methodist Church Parking Lot (air-conditioned).
Wear loose comfortable clothing, bring a yoga or
exercise mat, and a towel. Call 394-2121 or 477-3903,
for more information.

The Cancer Society of the Bahamas meets at 5.30pm

_ on the second Tuesday of each month at their Head-

quarters at East Terrace, Centreville. Call 323-4482
for more info.

MS (Multiple Sclerosis) Bahamas meets the third
Monday every month, 6pm @ Doctors Hospital con-
ference room.

The Bahamas Diabetic Association meets every third
Saturday, 2.30pm (except August and December)
@ the Nursing School, Grosvenor Close, Shirley
Street.

Doctors Hospital, the official training centre of the
American Heart Association offers CPR classes cer-

tified by the AHA. The course defines the warning ~

signs of respiratory arrest and gives prevention strate-
gies to avoid sudden death syndrome and the most
common serious injuries and choking that can occur
in adults, infants and children. CPR and First Aid
classes are offered every third Saturday of the month
from 9am-1pm. Contact a Doctors Hospital Com-
munity Training Representative at 302-4732 for more
information and learn to save a life today.

REACH - Resources & Education for Autism and
related Challenges meets from 7pm — 9pm the second
Thursday of each month in the cafeteria of the BEC
building, Blue Hill Road.

Civic Clubs



A Bahamas Historical Society meeting is scheduled
for May 26 @ 6pm. Dr Gail Saunders will speak on
the topic: "The Wylly Affair and the Slave Regis-
tration Controversy 1816-1821". Venue: the Soci-
ety’s museum on Shirley Street and Elizabeth
Avenue. For more information log on to
www.bahamashistoricalsociety.com

Toastmasters Club 1095 meets Tuesday, 7:30pm @ C
C Sweeting Senior School's Dining Room, college
Avenue off Moss Road. Club 9477 meets Friday,
7pm @ Bahamas Baptist Community College Rm
A19, Jean St. Club 3956 meets Thursday, 7.30pm @
British Colonial Hilton. Club 1600 meets Thursday,
8.30pm @ SuperClubs Breezes. Club 7178 meets
Tuesday, 6pm @ The J Whitney Pinder Building,
Collins Ave. Club 2437 meets every second, fourth
and fifth Wednesday at the J Whitney Pinder Build-
ing, Collins Ave at 6pm. Club 612315 meets Monday
6pm @ Wyndham Nassau Resort, Cable Beach. Club

' 753494 meets every Wednesday, 6pm-8pm in the

Solomon’s Building, East-West Highway. All are
welcome. :

Alpha Kappa Alpha Sorority, Eta Psi Omega chap-
ter meets every second Tuesday, 6.30pm @ the
Eleuthera Room in the Wyndham Nassau Resort,
Cable Beach. '

Alpha Phi Alpha Fraternity meets every first Tues-
day, 7pm @ Gaylord’s Restaurant, Dowdeswell St.
Please call 502-4842/377-4589 for more info.

Kappa Alpha Psi Fraternity meets every second
Tuesday, 6.30pm @ Atlantic House, IBM Office, 4th
floor meeting room.

The Nassau, Bahamas Pan-Hellenic Council (NPHC)
meets every third Monday of the month in the Board
Room of the British Colonial Hilton Hotel, Bay St.

Nassau Council 10415 Knights of Columbus meets
the second and fourth Wednesday of the month,
8pm @ St Augustine’s Monestary.

Nassau Bahamas Koinonia meets every second Fri-
day of each month, 7.30pm at Emmaus Centre at St

Augustine’s Monestary. For more info call 325-1947 ,

after 4pm.

International Association of Administrative Profes-
sionals, Bahamas Chapter meets the third Thursday
of every month @ Superclubs Breezes, Cable Beach,
6pm.

AMISTAD, a Spanish club meets the third Friday of
the month at COB’s Tourism Training Centre at
7pm in Room 144 during the academic year. The
group promotes the Spanish language and culture in
the community.

Send all your civic and social events to The Tribune
via fax: 328-2398 or e-mail: outthere@tribuneme-
dia.net



ag





:
i
1





THE TRIBUNE FRIDAY, MAY 27, 2005, PAGE 11

holiday
celebration in Port-au-Prince














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1 1/2 cups water

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3/4 cup Mahatma® Long-Grain white rice

2 1/2 Tbsps. vegetable oil, divided

2 large eggs, beaten to blend

8 oz. fresh shiitake mushrooms, stems removed, caps
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1 large red or yellow bell pepper, thinly sliced
2 tsp. minced peeled fresh ginger

2 green onions, chopped

1 Tbsp. (or more) soy sauce

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to low, cover and cook until rice is tender and water is absorbed, about 18 minutes. Meanwhile, heat

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Freeport, Grand Bahama, The Bahamas







PAGE 12, FRIDAY, MAY 27, 2005 ; THE TRIBUNE



FRIDAY EVENING MAY 27, 2005

7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30 _

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”



Let Charlie i
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’ Ss faces.

if

Bring your children to the
McHappy Hour at McDonald's in
~ Oaks Field every Thursday
from 3:30pm to 4:30pm during the
month of May 2005.









Enjoy Great Food, Prizes and Lots of Fun.

’m lovin’ it













THE TRIBUNE

FRIDAY, MAY 27, 2005, PAGE 13





NOTICE TO SHAREHOLDERS

The Board of Directors of Finance Corporation of
Bahamas Limited hereby notifies all of its Shareholders ‘that the
Bank’s actual net profit, based on unaudited results for the quarter
ended 30th April, 2005 was $4,627,253. As a result, an interim
dividend of twelve cents (12 cents) per Ordinary Share will be

paid on 9th June 2005, to all shareholders of record as of 3rd June
2005.

The Bank’s total assets stood at $564,051,309 for the
quarter ended 30th April 2005.



Keya L Bain
Corporate Secretary

Dated this 27th May, 2005







ora)

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‘Stay indoors’

begs police
superintendent

FREEPORT - THE Super-
intendent of Police has begged
members of the public to
remain indoors during any hur-
ricane this summer.

Addressing the Hurricane
Preparedness Committee on
Tuesday, Clarence Russell
thanked essential services such

as the Defence Force, Customs,

Immigration and emergency ser-
vices who helped as much as
they could in the event and after-
math of the hurricanes last year.

But he said: “There were,
however, some unruly persons
who during the eye of the
storm, in particular, who chose
to remove themselves from
their safe havens and come to
the streets.”

He warned: “During the eye
of a storm you should remain
indoors.. You should remain
there until such time as the Gov-
ernment Administrator’s Office,
or the Prime Minister’s Office,
gives an official mandate that
you (can) come to the streets.

“Your safety and security are
of paramount importance to us,
We ask you, we urge you, we
beg you, to remain indoors until
such time as you get official noti-
fication to return to the streets.”

Mr Russell said that the man-
date of the Royal Bahamas
Police Force during a hurricane
or similar natural calamity is the
protection of life and property

“Whenever we are faced with
a crisis, one of the magnitude
of Jeanne and Frances, we
always see the small chinks in
our armour,” he said.

“Very fortunately, as a result
of both hurricanes, which was
rather unusual for our coun-
try, we get an opportunity to

‘prepare ourselves a little bet-

ter. I like the cliché that one
can never be too prepared for
an event such as this.

“We have learnt quite a great
deal as a result of the chal-
lenges with which we were
faced through both hurricanes
throughout the entire Com-
monwealth and I am certain
that we are that much better
prepared this time than we per-
haps were in the past.”

He added: “All assistance
that can come from the com,
munity, we urge you to do so
through the emergency services
and the NEMA (National
Emergency Management
Agency) and/or national ser-.
vices offices.”

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FROM page one

In a 14-page ruling, Justice
Isaacs said that the Association
had no standing before the
court, as SGCRA is neither a
landowner nor a resident with
any interest directly affected by
the development.

He also ruled that the Asso-
ciation, represented by lawyers
Fred Smith and George Mis-
sick, had not been capitalised
and had no discernible assets.

Justice Isaacs added that
none of the landowners at Gua-
na Cay, Abaco, the core sup-
porters of the applicant, have
exposed themselves to costs or
have taken any shares in the
Association.

The Court ruled that the
threshold test of whether to
grant an injunction or to grant
leave to issue judicial review
was that the Applicant should
have a “sufficient interest.”





FROM page one

sit down and talk with them.”

“What I am ashamed of is how my
government, which is supposed to be
working in the interest of all of the
Bahamian people has taken almost two
years to not to do anything. That is
what I’m ashamed of,” he said.

Yesterday Transport and Aviation
Minister Glenys Hanna-Martin said
that she was very “puzzled and dis-
turbed” by yesterday’s demonstration.

“Nassau International Airport is the
premier gateway into this country. An
obstruction: of traffic is an offence
under-the law..Certainly, my ministry
will not contemplate unlawful. behav-
iour in the advance of any position.

PAGE 14, FRIDAY, MAY 27, 2005

As a consequence, the judge
found that SGCRA had no
interest in the proceedings and
therefore the injunction should
not be granted and further, that
it would be pointless to contin-
ue the action.

In his considerations whether
there was a serious issue to be
tried, the judge found that there
did not seem to be “invasion,
actual or threatened by the
developers of a legal or equi-
table right” of the Association.

“Even had the property own-
ers of Guana Cay been proper-
ly before the court, it would be
impossible, based on the mate-
rial before the court to show
that their property was going to
be directly affected by the
development,” Justice Isaacs
said.

He added that although
“much weight was attached to
the Environmental Impact
Assessment by applicants, it is

Particularly when the position, that was
advanced, is under active considera-
tion by my ministry.”

At the scene of the demonstration,
a female worker at BELT explained
that the next time such a obstruction
was done that prohibited the workers in
any way, it would not go by so amica-

bly.




“Tourism being our major industry

in this country, that should not have
happened. Two cars blocked this park-
ing lot and there were people at the
doors very irate. The bottom line is
that those cars should have been towed,
and their licences taken:

“As far as I am concerned, as a single
mother, that should never have hap-
pened. I am very upset and it may not
go that easy next time,” she warned.



Bloley.V ia [Sy ES

not a document,” on which the
court can judge.

To the question of public
consultation being needed
before a development can ‘pro-
ceed, Justice Isaacs stated that
there is no statuary requirement
for such consultation.

However, in his considera-
tions whether the Supreme
Court would have had jurisdic-
tion to grant an injunction, Jus-
tice Isaacs concluded that it
did.

The Judge concluded that
although the Association and
its supporters “may feel pas-
sionately that their pristine and
idyllic island paradise ought not
to have on it such a large devel-
opment as proposed, the cur-
rent application has no more
effect than the demonstration
staged by them earlier.”

Lastly, Justice Isaacs made
no order as to costs.

Commenting on the ruling

ULOA blocks BELT
irport parking lot

Mr Culmer however stated that his
group will not stop at mere demon-

strations.



“Whatever hour, whatever date
Atlantis will call for us to sit down and
discuss this, we will do that. However
failure to do that will result in us pro-
ceeding as planned. We will canvas the
international media, we will go to the
New York Stock Exchange, where

Kerzner International is traded, and
we will go to the International Labour
Organization. Of course the Supreme
Court-is an option.

“What we want is the jobs they have
given to BELT for all of the limo dri-
vers in New Providence. We also want
compensation for the past two years’] °
that should have come to us; and we]:
are not looking for pennies,” he said.

supreme Court rules in favour of
government in Guana Cay Case

yesterday, Mr Smith said the
people of Guana Cay are very
disappointed, “however, this is
just a battle in a long war, this is
only round one, we are still in
the fight.”

“This decision will not
deflect or weaken the passion-
ate resolve of the people of
Guana Cay to stand up for their
rights.

“This judicial review action
is but a small part of their polit-
ical, legal, public relations, local,
national and international cam-
paign to preserve their Crown
land, their way of life, their
access to beaches and their envi-
ronment,” he said.

Mr Smith said that the Asso-
ciation must now deliberate
whether to appeal the ruling or
to make a new application to
the courts in the name of the
residents and landowners,
rather than in the name of
SGCRA.



















THE TRIBUNE






Alvin Smith: Opposition will
expose ‘hidden taxes and fees’ |

FROM page one

erty, gaming, tourism and stamp tax among other things.

Last year government collected $1.323 billion in revenue.

Of the government departments and ministries receiving
increases in the next fiscal year are the prison department
which will get an increase of $1.8 million, the police force. which’.
will have an increase of $744,586, the Royal Bahamas Defence.
Force with $1.1 billion, the Ministry of Education receives.an.
increase of $3.6 million and the Public Hospitals Authority.
has an increase of $8.9 million. ;

In the 2005/2006 fiscal year government will spend an esti-
mated $1.3 billion, which is $55.8 million more than last year.

Mr Smith said that there are many new fees to be imple-
mented this year when it comes to civil aviation, like parking
fees for airplanes and passenger fees. ng

“It is a growing trend that government hides these extra fees
and taxes in the hopes that no one finds them, but when we start
our debate on the budget we plan to bring them to light,” said
Mr Smith. '

Another aspect where government is being “opaque” is in
how it is dealing with the payment of salary increases to the pub
lic service, said Mr Smith. :

“In having money set aside for increases while they conduct
a study is a delay tactic and they want to wait until next year to
implement an increase and that is unfortunate,” said the oppo-
sition leader.

He said that it is increasingly difficult to say how the country’s
economy is being managed because of the restrictions placed on
the public accounts committee.

The public accounts committee can only look at audited
accounts which are tabled in the House of Assembly.

“This is indicative of a government that is not transparent,” -
said Mr Smith.



































Five are in custody

onboard. The speedboat, which
was red and white, was plas-
tered with several Osama bin

FROM page one
night on Wednesday saw DEU

officers surrounding at least
four people who had been tak-
en into custody and were
ordered to lie face down on the
ground.

DEU officers could also be
seen lined along the Montagu

* Beach area as the helicopter

searched the shores.

Officers were searching for
individuals operating a speed-
boat that was being followed by
a Coast Guard helicopter in
Nassau Harbour. The individ-
uals were suspected of drug traf-

Laden stickers, one eyewitness
reported.

Terry Johns, the U.S. Coast
Guard liaison officer, could not
release any information about
the operation because it was an
“ongoing investigation,” but he
did confirm. that a U.S.
Coast Guard helicopter was
involved in the search of the
Harbour.

Eyewitness reports confirmed
that although the helicopter:
started scouring the eastern
area around 11 o’clock Wednes-

Harewood Sinclalr Higgs L.F.D.
President/Managlng Mrector

CLEMENTINA ,
PANDORA (LIL GAL)
MEADOWS, 38

A resident of Cargillville, off
Faith Avenue will be held on
Saturday May 28th 2005 at
2:00p.m. at New Covenant
Baptist Church, Independence
Drive, Interment will follow in
the Old Trail Cemetery, Soldier
F Road. Officiating will be Rev.
i Dr. Lewis Cash, Assisted by minister Alvin Tucker, Pastor
7 Eltamese Smith and other Ministers. Service has been
| Entrusted to Gateway Memorial Funeral Chapel, Wulff
| Road and Primrose street.

Left with cherished memories are: her mother, Myrtis
Hanna; two (2) sons Ricardo Whylly and Jeffrey King;
three (3) daughters, Caroline Deveaux, Erolene and Shantell
King; three (3) brothers, George Hanna, Emest and Ashley
Meadows; three (3) sisters, Daisy Hanna, Maria Lolla If
| Indianna and Tanya Pierre; four (a) aunts. Mrs. Mary Cox,
Mrs. Corine Meadows of Delray Beach, FLA., Mrs. Merlene
Mott and Mrs. Jestina Rolle of Exuma; two (2) brothefs-
| in-law, Roland Lolla of Indianna and Farilien Pierre; two
(2) sisters-in-law Rose Hanna and Donna Meadows; three
| (3) nephews, Tessio Hanna, Mckale Pierre and Tyler Lolla;
eight (8) nieces, Lashan, Antonique and Latonya Thompson
of Indianna, Anishka Hinsey, Cheryl Hanna, Pharrah Pierre,
Rolanda Lolla and Tecora Butte 1eld.

Other relatives and friends including, a devoted and loving
cousin, Lluma Rolle, Mr. & Mrs. Johnson Hanna and Family,
Mr. & Mrs. Sullvan Hanna and family of Delray Beach,
Fla. Bishop Elrett Josie and family of West Palm Beach
| Fla. Mrs. Mary Belle and Family of Riviera Beach F1.,
Eltamese Smith and family, Mrs. Iris Tynes and Family,
Mrs. Lydia Lightbourne and Family, Mrs. Andrea Smith
and family, Lisa Adderley and family, Veronica Rolle and
family, Patrick Gray and family, PastorDamuel McIntosh
j and family, Constance Rolle and fmily, Mrs. Mary Lolla
j and Family, Ricardo Whylly Sr. and family, Jeffrey King
f Sr. and family, Eric King and family, Geneva Smith and
| family, Jere Cumberbatch and family, Andrea Hepburn and
Family, Wilfred, IVA Ferguon and family Iola Lynes and
family, the Hair Braiders Family of Cable Beach and Shiloh
Temple Baptist Church Family and the Sanctuary of the
Redeemed church family



Public viewing will take place on Friday from 10:00a.m.
to 6:00p.m. and on Saturday from 10:00a.m. to 12:00p.m.
fand from 1:00p.m. to service time at the church



a Restrioe Moemovial
ey

Robinson and Soldier Roads
RO. Box CB-12072, Nassau, Bahamas

FUNERAL SERVICE FOR

MASTER KELSEY
LEROY
CARTWRIGHT JR., 13

of McKinney Drive, Stapleton
Gardens, will be held on
Saturday, May 28th, 2005 at
10:00 a. m. at the Parish Church
of the Most Holy Trinity, Trinity
Way, Stapleton Gardens.
Officiating will be The
Venerable Archdeacon Dr.
Etienne Bowleg. His final
resting place will be made in
Woodlawn Gardens, Soldier
Road.



Left to mourn his passing, but will always celebrate his life and
the many fond memories is. his loving, caring and devoted
Mother: Danita Bullard-Cartwright, Father: Kelsey Cartwright
of Grand Bahama, Adopted Father: Bredell Rolle, Sisters:

Danika and Danishka Cartwright, Grand Parents: Retired Supt.
Of Police, Alfred and Evangelist Daisy Bullard, Great Grand

Mother: Ms. Estell McDonald, Uncles: Glen, Arnold, Terry |

and Devito Bullard, Aunt: Wanda Bullard, Adopted Aunts:

Tasha Moss, Sophia, Tanya, and Laverne Rolle, Diania and
Agatha Cooper, Arnette Turnquest, and Michelle Clarke, Cousins:

P. C. Rico and W. P. C. Shekera Sweeting, P. C. Janeiro, Glen,
Rodger, Asia, and Terria Bullard of Andros, and Yanka Humes,
Grand Uncles and Aunts: Wellington and Lydia Bullard,
Charles and Paula Bullard, Horace and Jen Bullard, Margaret
and Gabriel Styles of Exuma, Virginia and Philip English, Becky
and Berkly Smith, Josephine and James Bastian of Grand Bahama,
Leanna and Jim Henderson of Maryland, Wilfred Bullard of
Exuma, Gloria Bullard and Sarah Forbes of Grand Bahama, Faye
Bullard, Agnes Thompson, Maria Ferguson and Hariette Jones
of Florida, Other Relatives and Friends include: E. J. Bowe,
Edward Fritzgerald, Carolyn Hanna, Ola Fowler, Paulette Taylor,
Marsha Missick, Arlene and Sadia Newbold, Ada and Michael
Wisseh, Rev. and Evangelist Walter Henchell, Rev. Dr. Wesley
and Marsha Thompson, Anthony and Dale Woodside, Dr. Kenneth
Newbold, Ellison and Ethel Jackson of Miami, Florida, Dr.
Winston Forbes of Grand Bahama, Patrick Adderley, Best Friend:

Jason Clarke, Mr. and Mrs. Tynes, Faculty and Students of C.
E Sweeting Jr. High School, and a host of other relatives and
riends.

Special thanks to: the Venerable Etienne and Cheryl Bowleg,
Holy Trinity Church Family, Bishop and First Lady Patrice Ellis
and the Mt. Tabor Church Family, The Staff of the Intensive
Care Unit of The Princess Margaret Hospital, and the Residents
of Stapleton Gardens.

Viewing will be held in the “Celestial” Suite at Restview
Memorial Mortuary & Crematorium Ltd. Robinson and Soldier
Road on Friday from 10:00 a. m. until 6:00 p. m. and then
again at the church on Saturday from 8:45.a. m. until service
time. #3

day night, it could still be seen
searching the area around 8
o’clock yesterday morning. |

ficking, but when the boat was
seized and docked near Brown’s
Boat Basin, there were no drugs

Pinder’s Funeral Home

“Service Beyond Measure”

PALMDALE AVENUE, NASSAU, BAHAMAS .
PHONE: 322-4570 * PAGER: 380-5012, 393-9132.

RANNIE PINDER President
ieee ae ae ee EL

EWRLING FRITZGERALD
“COACH”
FORBES, 40

formerly of Pinedale, Eight Mile Rock, Grand Bahama, will be
held on Saturday, May 28, 2005 at 11:00 am at Church of God
of Prophecy, Pinedale. Interment will follow in the Harbour West
Cemetery. Officiating will be Pastor Jonathan Carey, assisted by
Bishop Rudolph Arthur and Bishop Cleophas Capron.

He is survived by his parents, Lewis Sinclare and Jennie Orie
Forbes; brothers, Eric Sr and Walton Forbes of Freeport, Wellington
and Stanford Forbes of Miami, Florida; sisters, Rosemary Braynen
of Miami, Florida and Pandora Jones of Nassau, Bahamas;
adopted sisters; Alice Pinder and Patrice Hall; nephews, Learnado,
Eric Jr, Erenico, Darreayl, Dre’Vaughn, De’Vonte Forbes of Freeport,
Rashon, Stanford Jr and Jernorie and Je’Vonte Braynen of Miami,
Florida, Maxwell “Kino” and MacKale Jones of Nassau, Bahamas,
Damian and Almeric Pinder, Ken of Freeport; nieces La’Quesha
Braynen, Kanishka, Shawnie, Brayana and Wakeisha Forbes of
Miami, Florida, Madison and Moniece Jones, Claire Pinder: of
Nassau, Bahamas and Antonique Hall of Turks and Caicos;
brothers-in-law, Edmond Howard Braynen of Miami, Florida and
Maxwell Ricky Jones of Nassau, Bahamas; sisters-in-law, Elsie
Forbes of Freeport, Sandra and Maggie Forbes of Miami, Florida;
aunts, Roselyn Mackey and Claritta Forbes of Nassau, Bahamas,
Onella Basden, Cherribelle Frith and Lila Rigby (godmother) of
Freeport, Bahamas and Yvette Forbes of Miami, Florida, Maglin
Hamilton, Constance Hall and Elizabeth Forbes of Turks and
Caicos and Thelma Forbes of Rochester, New York; uncles,
Theophilus Basden, Benjamin Frith and Eric Jolly of Freeport,
Ernest Forbes and Donald Hamilton of Turks and Caicos, Albert
Forbes of Rochester, New York; grand aunts, Clemintina Hall and
Jane Taylor of Turks and Caicos and Joesphine Forbes of Miami,
Florida; other relatives and friends including, ‘Franklyn and Coletta
Forbes and family, the family of the late Dennis Forbes, Bishop
Rudolph Arthur, Ozzie Simmons, Paul Forbes, Rev Jonathan
Carey and Abundant Life family, Cadron Delancy, Bertram
Campbell, Hon Lindy Russell, MP, Eight Mile Rock, Coach
Gladstone “Moon” McPhee, Jessie Rigby and family, students
and faculty of Bartlett HIll Primary School, Stephen Plakaris,
Deputy Director of Security, Security Department, Ministry of
Education, Grand Bahama, Church of God of Prophecy, Feeport,
Bahamas, Church of God of Prophecy, Baillou Hill Road, Nassau,
Bahamas, Church of God of Prophecy, Miami #1 and the entire
community of Eight Mile Rock, especially Pinedale, Grand Bahama.

Family will receive friends at Russell’s and Pidner’s Funeral Home,
Eight Mile Rock on Friday, May 27, 2005 from 1:00 pm to 7:00
pm and on Saturday from 10:00 am until service time at the
church.





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PAGE 16, FRIDAY, MAY 27, 2005 | de | | Pe | | THE TRIBUNE
LOCAL NEWS

Western Grand Bahama still reeling
from the effects of two hurricanes

WEST Grand Bahama is still
eS ene Bs ss recovering from .the effects of
; ~~ . Hurricanes Frances and Jeanne
. last year, according to the gov-
| ernment administrator for the
| region.
Hep Charles King told members
| militar dee $e of the Grand Bahama Hurri-
, pt Mees Se get cane Preparedness Committee
: : : on Tuesday that the District is
| still in a recovery mode.
| : : “The West Grand Bahama
| District, as you know, was
. adversely. affected by both hur-
| ricanes perhaps in the most
major way in the Common-
wealth of The Bahamas; and we
are still reeling from the
effects,” he stated.

“The government is still
attempting to bring about some
form of restoration to those per-
sons who were affected with the
loss of their homes, etc.

“The shelters in West Grand
Bahama have been decreased
because some of the shelters
that we had last year were
affected by the storm and they
have not been fully repaired
yet.”

However, Mr King said that
the Eight Mile Rock Gym is
presently available and has been
listed as a shelter. In fact, he
recalled the facility being used
















The past year has been one of challenges for FirstCaribbean =. during Hurricane Jeanne and
oe : Ws : that it proved to be very, very
International Bank, the greatest being the integration of its — valuable to the community.
g “ oe : ; : Ce The shelters currently listed .
heritage banks’ systems'into a single electronic platform. Yet it for the West Grand Bahama
: Pkt - District are all in Eight Mile
has also been_a year of rewards; with the Bank earning its first Rock: Bethel Baptist Church,

Eight Mile Rock High School
Gym, Martin Town Communi- ©
ty Church; Church of God, Sea
a Grape; and the Central Baptist

p Church Hall.

wh Authorities have had to pur-
E ev) chase a number of supplies that

BANK IN : were found to be so handy after
YT agazine . the storm. Mr. King informed

pair of industry accolades from two respected financial journals.

RGING MA‘









Finance’

For the past 11 years, ‘Global the title of ‘Best Emerging Bank’ The Bank’s’ achievement. is



that after the storms they, along

with the Department of Social

Services, immediately began to

Finance’ magazine has evaluated for 2004 and 2005. especially. rewarding as the °* distribute supplies to the affect-

the performance of banks in. : magazine selected banks from . ed persons.

“That was very good. How-

3 mal fig . ever we have to replenish those ~
the most successful performers. growth in assets, profitability, the region — Puerto Rico and supplies and we are in the
strategic relationships, customer — Trinidad: & Tobago -— for ~ process Of doing that right
now,” he said

He stressed that in times of
crisis leaders need to be able to
come forward and decisions
have to be made in the interest
of the communities.

. He said: “And we had our
local government officials from
West Grand Bahama who; even
after the storm, put the busi-
ness of their townships on hold
just to deal with the overall
after-effects of the hurricanes.

“Local government had to
just take on the reins and they
had to do what was necessary in
order to assist the central gov-
ernment in bringing about some
sort of restoration, peace and
harmony in order to cause our
people to be more at ease”.

Mr King added, “ I want to
really thank the volunteers from
West Grand Bahama. We had
in excess of 100 of them. I must
say that people responded to
the call and, because of the

: ; ; response that we received, it

as well as the highly competitive nature of the = Francis Lewis, Executive Director, assisted in saving lives.”

current banking environment, this achievement is | Marketing and Product Development (left),

receives the Best Banker Awards from a

representative of ‘The Banker’ magazine. |

emerging markets and awarded The criteria for judging included only two other territories within

This year FirstCaribbean was
singled out from banks operating service, competitive pricing, and consideration in this year’s

in the Caribbean and awarded innovative products. , awards.



FirstCaribbean earned this award amidst what was
described as a staggering increase in entries for

this year. The award was presented at a ceremony
held in London, England, recently by Stephen
Timewell, Editor-in-Chief at ‘The Banker’ magazine. .
Mr. Timewell commented, “’The Banker’ has
recognised the Bank's strong performance and the
efforts made by the institution in 2004 and 2005.
Considering.the high quality and number of entries,



made all the more rewarding.”

The award is given to banks operating in Barbados
and the OECS region which best demonstrate how
technology is helping them advance their market
position and best show how their banking structure



“To be recognised by external industry observers is.
very satisfying to us, particularly at a time when so
much is happening so rapidly in our relatively young
Bank. We are both honoured and humbled by these -
Speaking on the significance of these awards, Charles awards, which reward the efforts and excellence of.
Pink, the Bank’s Chief Executive Officer, said: our over 3,000 staff.”

and strategy will equip them for future developments
in their market.



SW. fF intsstitc atr ib b e aim b aimik..
; ; : “Copyrighted Material
‘ Syndicated Content
Available from Commercial News Providers”

INTERNATIONAL BANK





ean Pride. International Strength. Your Financial Partner.

: FirstCaribbean Jmternational Barlk is an Associated Company of Barclays Bamik IPC amd CIBC.










"FRIDAY, MAY 27, 2005

SECTION



business@100jamz.com

Miami Herald Business, Stocks, Analysis, Wall Street



_ The Tribune _









Concerns on
public’s CSME
readiness

@ By YOLANDA
, DELEVEAUX
; Senior Business Reporter

‘THE Bahamas Trade Com-
mission yesterday expressed
concern that the Bahamian pub-
lic lacked sufficient information
to understand the ramifications
of joining the Caribbean Single
Market & Economy (CSME).

‘Commission members used a
meeting with Fred Mitchell,
minister of foreign affairs, to
address a perceived lack of sup-
port from the Government for
its work, believing that the
Commission was hampered in
its duties because of the failure
to provide the necessary
resources and technical support
for matters to be researched
properly.

’ Also at issue was the Cabi-
net! s failure to publicly respond
to the Commission’s June 2003
report that recommended that
the. Bahamas defer a decision

Cra mae
ey CCI eb te
in a brand
Sia a relat (oe
@ By NEIL HARTNELL *

Tribune Business
Editor

THE Government will
have to borrow $232.245
million to balance the 2005-
2006 Budget, which one
observer yesterday likened
to “the same old wine in a
brand new bottle”.

.. Implying that the Budget
formula had not changed

| since the present govern-

‘ment took office in May
2002, the source, who
declined to be identified,
said the administration
seemed unable to rein in
recurrent expenditure,
_ which pays for the public

' sector’s fixed costs - wages,
salaries and rents, plus debt
servicing - with the focus
entirely on raising extra
funds to pay for burgeoning
spending.

Expressing concern that
the size of government con-
tinued to increase, the
source said: “They keep on
spending money like it’s
going out of fashion tomor-
row, and sooner or later the

| Bahamian taxpayer is going
‘to have to pay for it.”
i @
Borrowing
., The 2005-2006 Budget fig-
.,ures revealed that while bor-
: rowing to cover the fiscal
, deficit would fall by 10.8 per
cent or $28 million com-
pared to last year’s estimat-
ed $260 million, the Gov-
ernment would need to bor-
row over $232.245 million
to balance its books.

Of the anticipated $93

million increase in recurrent
| revenues to $1.145 million,
| the Government believes
| the lion’s share will come
) from rises in import duties
,.and stamp tax.
The latter is forecast to
increase by $28.378 million
} or 5.9 per cent to $507.5 mil-
. lion, with stamp tax collec-
. tions due to grow by $35.34
. million or 19.2 per cent to
$219 million. Tourism taxes
are also projected to rise by
$19.652 million to $108 mil-
lion.

The Government’s Bud-

¢get data also gives two dif-

ferent forecasts for the 2004-
2005 projected outturn, with
one predicting that the fiscal
» deficit will remain at $163
. million or 2.8 per cent of

SEE page two



on whether to join the CSME.
Mr Mitchell, though, said the

document was used to inform

the Government's position dur-

‘ing a Heads of Government

meeting the same year.

_ He responded to the concerns
by promising greater resources
and technical support for the
Commission, and said both the
Ministriesy of Education and
Foreign Affairs would be more
involved is assisting the Com-
mission complete its work.

Challenges

Hillary Deveaux, acting exec-
utive director of the Securities
Commission and a member of
the Trade Commission, said
considerable challenges. were
ahead for the Bahamas, partic-
ularly in regard to the area of
services.

Mr Deveaux, who is also a
member of the services negoti-
ating group for the Free Trade
Area of the Americas (FTAA),
said that.upon signing the
revised CSME treaty, in regard
to services, significant changes
were to be expected and that it
was likely the Bahamas’ status
quo would not be maintained.
He felt confident, though, that

the Bahamas’ industries would .
_ be able to compete with region- .

al companies.

Using the example of banks
and insurance companies from
Trinidad and other countries
selling their services in the
Bahamas, whether as an entity
physically based in the Bahamas
or not, Mr Deveaux said he
could see such a scenario occur-
ring. While he believed the

Cable Beach takes|
external reserves
to almost $800m

MBy NEILHARTNELL —
‘Tribune Business
Editor






exchange reserves almost
reached $800 million by
mid-May, the Ministry of
Finance has. reported,
fuelled by the net proceeds
to the Government and
Hotel Corporation from the
$45 million sale of the
Radisson hotel and other
Cable Beach assets to Baha
Mar Development Corpo-
ration.

In its summation of the
‘ Bahamian economy’s con-
dition for the 2005-2006
Budget, the Ministry of
Finance said “the record
accumulation in external.
reserves continues during
2005 but at.a slower pace
than in 2004”.

Foreign exchange reserves
increased by 37.9 per cent
during 2004 to reach $667.8
million by year-end, and fur-
ther increased during the
2005 first quarter to reach
$718.6 million at the end of
March.

At December 31, 2004,
the Ministry of Finance said
the Bahamas’ foreign cur-
‘rency reserves would be able
to purchase 21.7 weeks’ of
“non-oil import cover”,
compared to 16.6 weeks at
the end of 2003.

Although the lending
restrictions imposed by the
Central Bank of ‘the
Bahamas were lifted in
August 2004, the Ministry
of Finance said much of the
credit expansion that took
place last year occurred pri-
or to this date, as the Sep-
tember 2004 hurricanes
dampened borrowing enthu-
siasm for the remainder of
the year.

SEE page two








































THE Bahamas’ foreign

financial services sector was
adequately equipped to handle
the competition, he feels that
the Bahamian public did not
understand that such a scenario
could take place should the
Bahamas sign on to the CSME,
and that potentially huge
changes might take place in the
economy.

Operations

. Mr Mitchel said that in regard
to the Right of Establishment,
the Government's position was
that it did not have any impli-
cations for the Bahamas’ whole-
sale and retail operations, inclu-
sive of banks and insurance
companies.

He added further that as per-
sonal opinions and speculation

' from public sector officials enter
the discussions, the Govern-.

ment's position becomes lost.

When speaking with The Tri- -

bune, Mr Mitchell said that
while the exchange between
himself and Mr Deveaux might
look like a clash between a min-

SEE page three





@ By YOLANDA DELEVEAUX,
Senior Business Reporter

- FRED MITCHELL, minister of foreign
affairs, yesterday called on the Bahamas
Trade Commission to review the Govern-
ment's position on membership in the
Caribbean Single Market & Economy
(CSMB), and determine whether the four
reservations will maintain this nation's
economic status quo’while providing it
with a greater competitive edge.

He told Commission members that the
Government's only motivation at this time

@ By YOLANDA
DELEVEAUX
Senior Business
Reporter

THE Registrar General’s
Department is expected to
generate more than $30 mil-
lion in revenue for the Gov-
ernment, it was disclosed yes-
terday, with all its services now
available for Internet usage by
January 2006. .,

Allyson Maynard-Gibson,
minister of financial services
and investments, said yester-
day that the Registrar-Gener-
al’s Department had now com-
puterised and made available
on line its Deeds and Docu-
ments section, effective June

“1, as part of the Government’s

e-commerce and e-govern-
ment strategy. A systematic
roll-out of services is expected
over the year, ending with full
automation in 2006.

In an address to the CEO
Network Conference, Mrs
Maynard-Gibson said of
developments at the Registrar
General’s Department: “It will
positively impact non-Bahami-
ans doing business with the
Bahamas and, equally as
important, in this island nation,



was that under the provisions of the
revised Treaty of Chagauramas, the single
- market is to come into effect on January 1,
2006, and the legal position of ihe
‘Bahamas needs to be made clear.
Towards that end, Mr Mitchell said he
wanted the Commission, after review of
the issues* to'endorse’ the Government's

B ALLYSON MAYNARD-GIBSON,
minister of financial services and investments.

it means that persons on other
islands wishing to do business
with the Registrar General’s
Department may do so from
their home islands rather than
travelling to __— the
Bahamas....more global net-
working strategies,”



Trade Commission ur

Veen en

review position on CSI iE

Body’ s 2003 report says Treaty
requires states to be ‘all in or all out’

position to join the CSME with the four
reservations in place, given that it is in the
national interest to continue to be in
CARICOM.

According to the Foreign: Affairs min-
ister, the specific language of in reserva-

SEE page five .





EAST BAY STREET, NASSAU P.O.

The Ministry. of Financial
Services and Investments was
currently processing $4 billion
in proposed investments, a
sum the minister said did not
include the recently-.

_SEE page two.



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PAGE 2B, FRIDAY, MAY 27, 2005

THE TRIBUNE





Should New Providence really
e subsidising the Out Islands?

IN times past, life on Nassau
was considered to be of a high-
er quality than life on the Out
Islands. An extremely large por-
tion of our people live on New
Providence, and this portion
was much larger before the

establishment, then develop-
ment; of Freeport on Grand
Bahama.

As a consequence there has
been a generally accepted belief
that the charge for air travel,
provided by the ggovernment-

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owned airline between the
islands of the Commonwealth,
must be maintained at a level
below the actual cost of provid-
ing this service. In addition the
cost of electricity, also provided
by a government-owned com-
pany, must be the same in the
out islands as on New Provi-
dence. This is so even though
it costs more to produce the
electricity on the Out Islands.
It is also probably true that the
cost of inter-island calls is sub-
sidised by the charges made for
overseas calls.

I ask the question: “Is this
scenario justified today?”

The reason why this question
demands debate today is

because the quality of life on
the Out Islands is now gener-
ally superior to that on New
Providence.

The fact that there is less

crime and thus more security:

and peace, the fact that there is
less congestion, the fact that
there is more of a sense of com-
munity, the fact that there is
less stress, the fact that many
Bahamians resident in Nassau
rush back to the pristine Out
Islands on long holiday week-
ends, proves the new reality.
The new reality now having
been established, why should
the people of New Providence

continue to subsidise those

Bahamians who are lucky



enough to live better on those
wonderful Out Islands?
I am aware that this is an

View from Afar



emotionally charged issue, but I
respectfully suggest that issue
be debated.



Registrar General to generate
$30 million in public revenue

FROM page one

announced $1.2 billion Cable

Beach deal. ae
Out of more than $2 billion in

investment projects that had

recently been approved, more:

than $600 million had been
invested and the value of con-
tracts awarded exceeded
$280 million, creating 3,000
jobs.

Mrs Maynard-Gibson said
some $15 million worth of con-
tracts relating to Paradise
Island’s Phase III expansion had
been awarded to Bahamian
contractors.

' She added: “The Ministry of
Financial Services and Invest-
ments is committed to safe-
guarding certain vulnerable

industries in the face of outside
competition. The amended
Business ‘Licence Act now for-
tifies the status of Bahamian
contractors. The Act calls for
offering priority to Bahamians
whether as individuals, private
companies, cooperatives or
trade unions, in all circum-
stances and opportunities for
development.”

Mrs Maynard-Gibson said an
Internet search inquiring into
Bahamian real estate opportu-
nities turned up about four mil-
lion hits, and she added that the
Government would work with
the Bahamas Real Estate Asso-
ciation to amend the Real
Estate Act and ensure every
Bahamian real estate transac-
tion had to go through a
Bahamian realtor.

Budget
FROM page-one |

gross. domestic product
(GDP) as forecast last May,
and another stating that the
year will end with only a
$142 million deficit or 2.4
per cent of GDP.
The latter estimate was
the one referred to on
- Wednesday by James Smith,
minister of state for finance,
who said the Bahamas
“ought to be out of the
woods” on the public
finances provided it avoids a
major hit from a hurricane
this year.






















Reserves
FROM page one

The Ministry of Finance
said the growth in public
sector debt “slowed” during
20004, with the Govern-
ment’s direct debt rising by

$161.3 million or 8.3 per cent
to $2.1 billion. The overall
national debt, which incor-
porates borrowings by pub-
lic corporations that are
guaranteed by the Govern-
ment, grew. by $130.7 mil-
lion or 5.1 per cent to $2.533
billion, compared to an 8.8
per cent increase in 2003.

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THE TRIBUNE

FRIDAY, MAY 27, 2ucu, PA = 3B



[oe eee Se eee
Financial sector jobs -

crow despite ongoing
decline in licencees

By NEIL HARTNELL
“Tribune Business Editor

ALTHOUGH the Bahamas
lost a further four bank and
trust company licencees
between year-end 2004 and

for all institutions to transition
to a physical presence saw total
financial sector employment
increase to more than 4,300 in
2004.

This data was revealed in the
Ministry of Finance’s econom-

Budget, which found that
employment and structural
trends in the sector “were stable
to moderately improved” in
2005, despite the number of
bank and trust company
licencees falling from 266 to 262

March 2005, the requirement ic analysis for the 2005-2006 by the end of March.



~ FROM page one

ister and government official, Mr Deveaux was
. simply venturing an opinion that the Govern-
ment had other options and issues to consider
“and was not putting forward policy.
He suggested that prudence would sug-
gest that to avoid misunderstandings, pub-
| lic sector officials should speak with one
Levoice. ;

Meanwhile, Mr Mitchell told Commis-
sion members that the Government was
looking to the Trade Commission to review
‘its position on joining the CSME, look at
the reservations being considered and
determine whether the Government’s
application and its conclusions in regard
to the reservations were correct.

‘He said: “Are we correct in saying the
reservations will preserve the status quo?
Will they mean what we say they will
mean? How do we best ensure¢that the
reservations reflect the country's position
and preserve the status quo?"

He said further that a decision was not
needed for the July Heads of Government
meeting in Freeport, although CARICOM
has outlined a January 2006 deadline for
signing on to the revised CSME Treaty.’

Mr Mitchell added that there would be
legal consequences for the Bahamas if it
did not sign on to the CSME by the Janu-
ary 2006 deadline, but said that not signing

natories. - Ce
. He added that there has been a discon-
nect.at the political level, between the pub-

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Concerns on public’s
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lic and the issues surrounding CSME, and
that, to date, public education has not been
as concise or in-depth as was necessary to
encourage a full understanding of the
Bahamas' place in the CSME.

Mr Mitchell reiterated the Government's
position that the four reservations will
remain as long as the Bahamas wants them
to remain, despite the expression of dif-
fering opinions from the private sector.

The question of Freeport and its status as
a free trade zone was also addressed, with
Mr Mitchell telling Commission members
that based on the government’s review of
the CSME Treaty, there. were no implica-
tions for Freeport. ,

John Rolle, comptroller of customs,
explained that Freeport was actually not a
free trade zone, but based on the Hawks-
bill Creek Agreement with' the Govern-
ment, some aspects of its operations were
allowed to function as a free trade zone.

Trade and Industry minister Leslie Miller
was also on hand, and used the luncheon
meeting to apologise for the fact the trade
commission did not meet on a regular
basis.

He added that it was important accurate
information be given out in regard to the
CSME and that the Trade Commission
look to allay the public's fears and address
any misconceptions that are in the public
realm.

He joked also that CSME had become
to Mr Mitchell what LNG was to him, and
that he was glad'that a fellow minister was
experiencing a similar level of public
debate.

























The Partners of

LENNOX PATON |

The Ministry of Finance data
said banks’ total expenditures
in the economy rose above $400
million during 2004.

Developments in the funds
industry were less promising,
though, for while total assets
under management in
Bahamas-domiciled funds
remained above $100 billion,
employment decreased while
salary packages “softened
owing to a reduction in the
share of non-Bahamians in the
workforce”.

‘Elsewhere, Hurricanes
Frances and Jeanne inflicted a
negative impact on the
Bahamas’ fisheries’ industry
during 2004, Export earnings
from fisheries fell by 16.9 per
cent to $90.4 million, with craw-
fish shipments - accounting for
97.5 per cent of total receipts -
dropping 17 per cent to $88.2
million.

For the 2004 firstjhalf, the
total domestic fisheries
catch fell in volume by 5.5 per

cent and in value by 10.2 per.

cent.

In construction, totat mort-
gage commitments for new con-
struction and repairs increased
by 27.9 per cent to 1,175 in 2004,
the value growing by 43.2 per
cent to $130.9 million compared
to 2003.

The Ministry. of Finance
report said: “On the residential

side mortgage disbursement, .

which also included financing
of non-construction activities,
increased by 4.3 per cent to
$299.3 million and commercial
loan disbursements nearly dou-
bled to $25.4 million.

“Tn line with disbursements,
growth in total outstanding
mortgages strengthened by 11.2
per cent to. $1.863 billion, with
residential claims accounting for
91.3 per cent of the total.

“The average interest rate on
local residential mortgages

decreased during the year to 8.8 |
per cent from 9 per cent in 2003, *

and was stable for commercial
loans at 9.6 per cent.”

LENNOX PATON

Counsel and Attorneys-at-Law, Notaries Public = : he

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BIS

Pricing Information As Of:

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NOTICE OF SALE

Caves Point Management Limited (hereafter “the
Company”) invites offers for the purchase of ALL
THAT Unit Number 7F of “Caves Point - Phase IV”
Condominium situate on West Bay Street in the Western
District of the Island of New Providence being a three
(3) bedroom/three (3) bath apartment unit together
with ALL THAT 3.125% share in the common property
of the Condominiums.




Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Doctor's Hospital
Famguard —
Finco
FirstCaribbean
Focoi
Freeport Concrete

“ICD Utilities
J..S. Johnson
Kerzner International BDRs






The Company makes no representations or warraiities |
with respect to the state of repair of the building situate
thereon. i!




The Company will sell under Power of Sale contained’
in a Declaration of Condominium dated the 3rd day. |
of November, A.D., 1999 which is recorded in Volume
77 at pages 299 to 428.



52wk-Low : Weekly Vol. EPS $ Yield
Bahamas Supermarkets ‘

Caribbean Crossings (Pref):

RND Holdi









; Bahamas Supermarket ‘ ; ; i 1.105 14.6 6.93%
TERMS: Ten percent (10%) of the purchase price at RND Holdings 29) -0.103 0.000 NIM 0.00%
the time of contract and the balance upon completio

whithin Thirty (30) days of contract.




Colina Money Market Fund 1.216402*

_. Fidelity Bahamas G&1Fund | 2.2420***
10.3539 : Fidelity Prime Income Fund 10.3539*****
2.2214 2 Colina MSI Preferred Fund 2.221401**





The sale is subject to a reserve price. The Company
reserves the right to reject any and all offers.



YIELD - last 12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity

Ask §$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-HI - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks '
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
** ~ AS AT MAR. 31, 2005/ **** - AS AT FEB. 28, 2005

wee aH




Interested persons may submit written offers addressed

to the Attorney c/o da 4019 P.O.Box N-3207, Nassau

Bahamas to be received no later than the close of
business on the 13th day of June A.D. 2005.





SSSKKKKUwss XS





rAGE 4 PHIDAY, MAY 27, 2005 : : THE TRIBUNE BUSINESS

it (A-free transtation of the original in Portuguese)
C Al OUS KC P, ERS BANCO ITAU BBA S.A.
Fi BALANCE SHEET AT DECEMBER 31, 2004
: In thousands of reais























| Av. Francisco Matarazzo, 1400 ASSETS
i Torre Torino
| Caixa Postal 61005
} 5001-903 S30 Paulo, SP - Brasil
oe ; { " LONG-TERM RECEIVABLES
(A free translation of the original in Portuguese) ee eee
| Interbank investments *
‘i Short-term investments ...../ 1,894,083 ©
‘ Interbank deposits ......... 1,742,978
Report of Independent Auditors ae
Securities and dervative financial instruments
. Own portfolio .. 1,326,083
Subject to repurchase | agreements 853,971
; Restricted to BACEN 0.0.2...
To the Board of Directors and Stockholders Trading securities given in guarantee .. zara
f Derwvative finangjal instruments .......... 273,468 .
Banco Itau BBA S.A. 3518,369
(formerly Banco Bemge S.A.)
’ Loan and other credit operations
Operations with credit assignment characteristics 0... - §,583,444
Ee 5,583,444
Other receivables
Foreign exchange portfolio .. 5,307
: 7 Income receivable 51
: . is A Sundry receivables ..... 181,607
1 We have audited the accompanying balance sheet of Banco Itau BBA.S.A. as of a
December 31, 2004 and the related statements. of income, of changes in.stockholders' One acne
equity and of changes in financial position for the year then ended and for the second six- . Prepaid expenses 8:970
r month period of 2004. These financial statements are the responsibility of the Bank's 8,970
' management. Our responsibility is to express an opinion on these financial statements.
2 We conducted our audit in accordance with approved Brazilian auditing standards, which TOTAL LONG-TERM RECEIVABLES sven "AB ROA BOS





require that we perform the audit to obtain reasonable assurance about whether the .
financial statements are fairly presented in all material respects. Accordingly, our work
included, among other procedures: (a) planning our audit taking into consideration the .
significance of balances, the volume of transactions and the accounting and internal

LIABILITIES AND STOCKHOLDERS’ EQUITY





























































ee ; i : (continued)
control systems of the Bank, (b) examining, on a test basis, evidence and records LONG-TERM LIABILITIES
supporting the amounts and disclosures in the financial statements, and (c) assessing the Pipers
accounting practices used and significant estimates made by management, as well as Interbank deposits . 217.068
1,605,348
evaluating the overall financial statement presentation. i Time depots Sa EI
ei, 3 . gate : A ah cag ty de ts 1 cha
3 In our opinion, the financial statements audited by us present fairly, in all material Secures old under aprementso repurchase 65,038
respects, the financial position of Banco Ita BBA S.A. at December'31, 2004 and the Third-party portfolio — 1018300
| results of its operations, the changes in.stockholders' equity and the changes in its oe is to
' a Funds from.acceptances and issue of securities ‘| :
financial position for the year then ended and for the six-month period: ended’ December team ot antaiae abrdad 303,408
! 31, 2004, in accordance with accounting practiors adopted i in Brazil. : 303,498
! Borrowings and ontendings
! , : ce Foreign borrowings ... 1,460,125
, = ; Local ontendings - official institutions - BNDES. 1,929,701
Ci Ale OU OOPERS = Local onlendings - official institutions - FINAME 606,517
Fi IS 3 - Local onlendings - official institutions - OTHERS... ‘9,350
ct ‘ : 5 4,905,693,
a ce " Derivative financial instruments ile oatbitttentule iio Mal Wetiadecidai ruttabtetetin ince nase tL : 156,773
ff, : : 2 fe 7 j
Be : Other liabilities . 1 iy
oe Banco Ital BBA S.A. bath Foreign exchange portfolio ......scselsssssssssssucveciasesssnsslassustniesinebusesacsetssnsnsitidbunchaipeassiseenacolnasnsbnssesvesscesisee 5,304
" Subordinated.debt . 4 132,457
oe (for merly Banco Bemge S.A.) Sundry liabilities .... 2,845
oe fi 140,608
‘34 As mentioned i in Notes 1 and 2, the financial statements are not being compared with the - TOTAL LONG-TERM LIABILITIES ; 3,842,129
* aL
< financial statements at December 31, 2003 due to the corporate reorganization, as (Ato translation ofthe original m Portuputse)
se prescribed by item | of article 9 of the Central Bank of Brazil (BACEN) Circular 3017/00. BANCO ITAU BBA S.A.
- The mentioned corporate FeOrganizalion is under analysis and must be epproved by: BALANCE SHEET AT DECEMBER 34;2004
BACEN. In thousands of reais
t
S&o Paulo, February 22, 2005 ASSETS
} ‘ jog. ‘ PERMANENT ASSETS
PricewaterhouseCoopers 5 : srivestrnonts 2.
- Auditores Independentes Investments in subsidiaries .. “21,143,
Other investments 14,854
CRC 2SP0001 60/0-5 Allowance for loss: ee iu (361)
‘ . 35,636
Property and equipment ,
Buildings ... e 10,713
Property and. equipment . - §8,016
Accumulated depreciation a (29,581).
ts ” 38,148
Deferred charges “ay
Organization and eipansion expenses .. te 45,835
Accumulated amortization __{23,935) : :
Sane 27,900, “ais ‘
TOTAL PERMANENT ASSETS wissnsnsesnnnsnitsninnnnntnnnnnieie ae 684 :
(A tee (ransation of the original in Portuguese) TOTAL ASSETS inersinstientonman seseenneevonnnen aneasenen 223278)
BANCO ITAU BBA S.A. The accompanying notes are an integral part of these financial statemantn ~~
; BALANCE SHEET AT DECEMBER 31, 2004 : eared
! s In thousands of reais :
S LIABILITIES AND STOCKHOLDERS’ EQUITY
ASSETS
(continued)
CURRENT ASSETS
ves ‘ DEFERRED INCOME 10,568
Cash and banks... ....... : he cas ssneteshatecoestenseintee Sovesssatiscatcibsastaktenisaethntstyedsney . 114,356 STOCKHOLDERS’ EQUITY
2. a Interbank investments Capital ? ; : ;
Short-term investments 241,015 LOCAL os ecesssesesssccscsecssssnnnennsetesececnscneesntbeneseces sesteeenneesnntntinannnetcnstecnnntusasiennnsosgonatenicatetnstenanstsicaeeaseneeuiagesneennse : 2,755,795
Interbank deposits aah 5,053,313 : : aD : ss 2,755,795
Sui 3200508 Capital reserves ..... 93,277
e : . ; 7 _ Revenue reserves .. 597,151.
Sa Securities and derivative financial instruments : Adjustments on avaitable-for-sale
ot ; Own portfolio ... 7 2,672,115 investments and derivative financial instruments i 40,772 .
. Subject to repurchase agreements 45.701 © Retained eamings ........scceseeeeesseees . : 245,278
sf Restricted to BACEN .. 236,595 : . : : : : Mie base as : : :
"Trading securities given in guarantee 4.084.804 TOTAL STOCKHOLDERS® EQUITY -nscussninntivninsinnninnienneneentineininnitatitatsinniattinensininnnmannen SSR RTA
Derivative financial instruments ........ * 1,223,883 ; : : i ne fipnte
4,603,168 - “ Be : { ; : :
ee Interbank accounts no "TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 1... i noknisleibeerbeshinieiisasenandaicgiocoioniersoenelnsicne vee 88 ASE OT
nade “" Deposits with BACEN... 116,913 ‘ ; ; : ; :
“ Correspondents “92,243
. 129,156
: Loan and other credit operations »: : - 4 ng i “
ae Operations with credit assignment characteristics. . : a 9.646.460 . BANCO ITAU BBA S. A. ¥
Allowance for loan losses : “2(210,039) :
= 436,429 NOTES TO THE FINANCIAL STATEMENTS
am Olher hicehstaae At December 31, 2004
ned Foreign exchange portfolio 600,422 All: ‘amounts J in thousands of reais, unless otherwise indicated
fot Income receivable ............ 7,274
tat: 5 Negotiation and intermediation of securities .. 80,908
7 Sundry receivables vo... eeseesecseseseeseeess - §27,512 : . : :
fC: 1,216,116 1. a OPERATIONS AND CORPORATE REORGANIZATION
eS Other assets ; sei j
. iran cena wag a) Operations
Prepaid expens 3,921 : :
saa } Banco itad BBA S.A. (formerly ‘Banco Bemge S.A.) develops its business within a vanoleaals bank structure, with the prime purpose
: of rendering quality client service. :
; e b) Corporate reorganization
TOTAL CURRENT ASSETS ......csscssssecessssecsessssssersssssecesnstocenassecoueséeaie “19,800,788 _

The corporate reorganizations had-as purpose the optimization of operations and systemic resources, streamlining of administrative
processes, held on September 29 and October 31, 2004 and reduction of the companies of the conglomerate.

~ isdn accordance with EGMs held on September 29, and October 31, 2004, it was approved the:

i:a) — change of the company name from Banco Bemge S.A. to Banco ita BBA S.A.;

ib) — transfer of the headquarters of Banco Bemge S.A. from the city of Belo Horizonte, ‘State. of Minas. Gerais, to the city of Sao
Paulo, State of Sao Paulo; and

ic). — merger.of Banco Itau BBA S.A. into Banco Bemge S.A. on October 31, 2004. The, net assets of Banco Itai BBA S.A.,
amounting to R$3,033,291 as of September 30, 2004, was merged on October 31, 2004, by Banco Bemge S.A. (the current
company name e of * Banco Itau. BBA S.A."), as follows: (still under approval by BACEN).

LIABILITIES AND STOCKHOLDERS’ EQUITY










































CURRENT LIABILITIES :
, ey Deposits ASSETS
A? Demand deposits ... 51,871: wetting é
»? Interbank deposits .. 7,470,645 Cash and banks 3.0.0... eleccccseresees dclitaveshaieastanes Heetalalinscbed wy P 89,833
a) Time deposits .... 1,804,095 Interbank investments... : 9,069,724
1 ¢
: "9,326,611 Securities and derivative financial instruments . oN 6,438,761
iv / Interbank ACCOUNES 0.0... lees : 77,926
m4 Securities sold under agreements to repurchase ‘ Loan and other credit operations. . e 14,748,647
Own portiolia ...... . 240,870 Other receivables .... 2,625,611
Third-party portfolio 656,267 Other assets .... 18,609
y PRT 2ST, Permanent ‘assets 345,544
rh Funds from acceptances and issue of securities 7 33,414,655
Issue of securities abroad oo. scifi. :00.Sosssdhsagatedlsbecaresttcassacebs state Ssscchachuatget clas hethocucclalisebacia; Oucdedtccouiticab ean hoseeowsasostbsoueaubent 549,692
re 549,692
i? LIABILITIES
Interdepartmental accounts
Bird Funds in transit - third parties ..........sssccssessssseeesssssseeeseesssseessrnssssssslesiessustonsasesesecsiieesssseseeeeesseuunnnseveceeeeunassseseeeeessa “204,864 Deposits 14,572,507
' naisiaee Sha oniedoas 204,864 _ Securities sold under agreements to repurchase . 2,125,676
. Local borrowings - othér institutions . 1416 Funds from acceptances and issue of securities .. 898,788
Foreign borrowings ...... 2,946,528: __ Interbank accounts: 347:
Interbank onlendings .. 83,803 Interdepartmental accounts ... 264,929
Local onlendings - offici velopment (BN 650,149. Borrowings and onlendings ... 8,931,376
Local onlendings - official institutions - Government Agency for Machinery and Equipment Financing (Fl 406,722 Derivative financial instruments 746,545
Local onlendings - official institutions - OTHERS ........sssscssssssesssssssesssssscsessssscotsssaneatusanstsensssensapcoenseesianesectss 6,016 Other liabilities of. 2,829,503
re 4,094,634 11,693
‘a : ar 30,381,364
ig ~ Darivative financial instruments ......:5...s0.ccsosdsccoancstecessestovecenssinebnscsebsapoondsdisesbsessstesshissasstvsclecodaccdesooaceiucesdoetsdecuutséoenssdbscssoezesasss 993,223
'
be a eruabilies Capital — local 2.0... 2,430,021
ad f Collection and payment of taxes .. 784 Capital reserves ... 2,705
ut Foreign exchange portfolio .. 682,061 Revenue reserves .... 149,893
. Social and statutory ......... 123,947 Adjustments on available-for-sale investments and derivative financial instruments 31,072
: Taxes and social security contributions 549,624 Retained earnings 419,600
Negotiation and intermediation of securities .. 240,846
E Subordinated debt .. 7 ' i = 3,033,291
by Sundry liabilities... basi Net assets/stockholders’ @qQuity .............ccccccccsesessessseeseeseesuesnssneesessucseanesseanseneaueesecsecseennecsense eee eeenisene OE
art : 2,481,049
wn. TOTAL CURRENT LIABILITIES .. 18,647,310 _ fi - The EGMs, held on January 30, 2004 and May 31, 2004, approved the partial split-offs of the stockholders’ equity of Banco



Bemge S.A., in the amount of R$390,409 and R$29,883, to Itaucard Financeira S.A. Crédito, Financiamento e Investimento and to
Banco Itau S.A., respectively, as follows:





THE TRIBUNE

FRIDAY, MAY 27, 2005, PAGE bb



BANCO ITAU BBA S.A.

NOTES TO THE FINANCIAL STATEMENTS
At December 31, 2004
All amounts in thousands of reais, unless otherwise indicated

EGM EGM

01/30/2004 05/31/2004 © TOTAL

ASSETS

CURRENT ASSETS AND LONG-TERM RECEIVABLES 2,241,375

6,086
1,362,053
282,236
116,328
20,957
453,715

2,241,375

Cash and banks 3 6,086
Interbank investments .. 1,362,053
Securities and derivative inancial instruments 282,236
Interbank accounts 116,328
Loan and other credit operations .. 20,957
Other receivables and assets 453,715
6,578,302

31,716 6,610,018

PERMANENT ASSETS
6,608,906
6,578,302

30,604
1,112

Investments 6,578,302 30,604

Banco Banestado S.A. 6,578,302

Other investments - - 30,604

Property and equipment .... ase - 1,112

6,578,302 2,273,091. 8,851,393

LIABILITIES

CURRENT AND LONG-TERM LIABILITIES 8,431,101

6,187,893 2,243,208 431,
555,365 6,743,258
233,776 233,776

4,416 4,416
1,449,651 1,449,651
1,132,375 1,132,375

317,276 317,276

Deposits 6,187,893
Securities sold under agreements to repurchase - own portfolio we :
Interbank and interdepartmental accounts ..
Other liabilities
Social and statutory
Sundry liabilities
6,187,893 2,243,208 8,431,101

390,409 29,883 420,292

Net assets

© Still under approval by BACEN.

2. PRESENTATION OF THE FINANCIAL STATEMENTS

The financial statements of Banco Itat BBA S.A. were prepared in conformity with Brazilian Corporation Law together with the rules
and instructions of BACEN. As determined by BACEN Circular 2804/98, the financial information of the foreign branches is included
in the consolidated financial statements of Banco Ita BBA.S.A., translated into Brazilian reais at the exchange rates prevailing on
the balance sheet dates.

As result of the corporate reorganization (see note — 1.b), and in accordance with BACEN Circular 3017/00, article 9, item 1 the
financial statements of Banco Itati BBA S.A. are not being compared with the balances of December 31, 2003.



| VACANCY NOTICE
MANAGER, INFORMATION TECHNOLOGY SERVICES

Core Functions:

¢ Planning, directing and coordinating the human, financial and physical resources of the Information
Technology Department, to ensure the quality of services provided.

¢ Overseeing and developing all technology related systems, to include but not limited to
telecommunications and security systems.

¢ Determining, planning and controlling the use of current and emerging technologies to improve
existing business practices, institutional effectiveness, and internal/ external customer satisfaction.

Education and Knowledge Requirements:

¢ Master’s degree in Computer Science, Information Technology or related discipline.

¢ IT industry related certifications desirable.

. Bxpert knowledge and understanding of systems analysis, development and planning methods.

¢ Demonstrated experience in managing a network environment that ‘includes Windows Server 2003
services, Microsoft Exchange 2003, Lotus Notes/Domino, windows XP, hardware firewalls, and
VPN appliances,

° Proficiency i in the use - of programming languages (e.g 5. Visual B Basic, C++, Java)

¢ Proficiency in sea implementing, integrating and managing expert systems.

¢ Experience in iSeries/AS400 platform desirable. .

* Comprehensive knowledge of database management preferred.

¢ Knowledge of the application of Web based technologies desirable.

¢ Excellent and demonstrated team building and project management skills.

° Excellent communication skills, both written and oral.

* Seven (7) years of progressive experience in managing the delivery of modern enterprise technology
services.

Interested persons should submit a résumé and a copy of degree(s) and transcript(s) to:

The Human Resources Manager
P.O.Box N 3207
DA 4993
c/o The Tribune
‘Deadline: Tuesday, May 31, 2005

UHR!

Your Balance Sheets & Legal Notices in

The Tribune

Call us at

=) PPAR





Trade Commission
urged to review

position on CSME

FROM page one

tions and the explanation to the
public are to be reviewed and, if
it agrees, approved by the Com-
mission in light of the policy
that has been outlined by the
Government.

While he did not set a dead-
line for the Trade Commission
to issue its findings, Mr Mitchell
urged them to work quickly,
saying that the CARICOM sec-
retary-general, Edwin Carring-
ton, had agreed to meet with
civil society in Freeport next
month. Members of the Com-
mission may have the opportu-
nity to meet and discuss a vari-
ety of issues with him.

Mr Mitchell, who was joined

‘by trade and industry minister
Leslie Miller and Ambassador
to CARICOM, Leonard
Archer, told Commission mem-
bers that under the terms of the
Treaty, the clarity of the

- Bahamas' legal position is such
’ that when the four reservations

are entered, the Bahamas is
totally part of the Treaty
arrangements but its positions
are reserved on those aspects
which are not in its best interest.

He said this point had largely
been lost in a debate that has
aroused passionate interest in
the public and seemingly
engaged a wide cross-section of
the community.

Debate

"This has been lost in the
debate, and the prejudices
regarding nationals of the
«Caribbean have emerged in this
.debate, which are clouding the
public policy on the issue,” Mr
Mitchell said.

"It is clear from [the Trade
Commission's 2003 report] that
the Bahamas has to examine its
position.on trade policies and
tax policies. It is clear that trade
liberalisation is pressing upon
the Bahamas and change is
being forced upon us, not in a
rules based way but simply by
pressure.

“Tt is better for the country to
plan and position itself than be
forced to make changes with-
out due considerations for our
long-term interests. All of this
has been lost in the debate
largely about a matter that will
not arise, the question of the
free movement of people."

Mr Mitchell also charged that
opponents of the Bahamas'
membership in the CSME, were
either deliberately or unwit-
tingly failing to make the dis-
tinction between the goals of a
single market and economy and
the desirability or wish of a par-
ticular country to get there.

_ Addressing the Trade Com-
mission during a luncheon



@ MINISTER of Foreign Affairs Fred Mitchell

meeting held at Chez Willie, Mr
Mitchell referred to the Trade
Commission's report of June
2003.

That report said: "The
framers of the revised Treaty
of Chaguaramas have made it
clear that a state can no longer
be a member merely of a part
of CARICOM, but it must be
all in or all out.

“That is, the present status
of the Bahamas by virtue of
which it takes part in Commu-
nity affairs but not in the Com-
mon Market can no longer be

maintained under the revised’

Treaty, which is now a single
undertaking involving full com-



despite its

pliance will all aspects of the
agreement."

This seems to imply that the!
Bahamas, if it signes on to the}
CSME, will eventually have to}
adopt all aspects of the Treaty!
reservations:
on the Caribbean Court of Jus-}
tice’s appellate, Common}
External Tariff, free movement:
of people and common curren-+
cy. L
The initial reservations#

’ according to the revised Treaty;

will only last for five years, after;
which the Bahamas will need
the agreement of all other
CSME members for them to be:
renewed, something many;
observers believe is unlikely: ag}
other states will be craving;
unfettered access to the
Bahamian market. i

Report

Mr Mitchell yesterday saidi
since that report, which he
described as "a valuable review;
of the history of the matter of
our community involvement!
and the public responses to it"
there had been little apparen&
effort to engage the public ont
the CSME until the most recenk
decision of the Governmenty
taken in December 2004, ta
sign the revised Treaty of Cha#
gauramas, subject to the
Bahamas obtaining the four
reservations. S

"The beauty of this is that wes
have the agreement of our
CARICOM partners in these
matters. In other words, the sta?
tus quo is not to be disturbed;
In essence, this preserves th
Bahamas' position or the stay
tus quo until such time the eco!
nomic issues can be reviewed,
he added.

Mr Mitchell said the publis
was now heavily engaged on th§
CSME issue, adding that the
situation created an opportunk
ty for further public educatiog
and the dissemination of accu
rate information. ks

He also promised Tradé
Commission members that they
would receive the necessary
assistance, technical and other+
wise, to conclude their review,
going forward. we

UAT a as

aa a a



ute 8 Boe, pace

PAGE 6B, FRIDAY, MAY 27, 2005

>



ON EIRIEI

SSL a=

THE TRIBUNI



FINANCIAL
STATEMENT
2004



PRICEWATERHOUSE(GoPERS (§j

PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

Nassau, The Bahamas
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT

To the Shareholders: of -
Royalstar: Assurance Ltd.

We have audited’ idie’s accompanying balance sheet of nopalsiar Assurarice Ltd. (formerly Royal & Sun
Alliance Insurance (Bahamas) Limited) -(the Company) as of 31.December 2004, and the. related
statements of operations, changes in shareholders’ equity and cash flows for the year then ended.
These financial statements are the responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on our audit. :

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

In our opinion, the financial statements present fairly, in all material respects, the financial position
of RoyalStar Assurance Ltd. as of 31 December 2004, and the results of its operations and its cash
flows for the year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
7 April 2005



RoyalStar Assurance Ltd. (incorporated under the laws of the Commonwealth of The Bahamas)

~ BALANCE SHEET
AS OF 31 DECEMBER 2004

Amounts expressed in Bahamian dollars

ASSETS

Cash in hand and at bank (Note 3)

Term deposits (Note 3)

Due from agents, net (Note 4)

Due from reinsurers

Sundry receivables, prepayments and other assets

Investments in securities — available-for-sale (Note 5)
- originated loans and

receivables (Note 5)
Property, plant and equipment, net (Note 6)

TOTAL ASSETS



LIABILITIES
General insurance funds:

Unearned premiums reserve
Outstanding claims reserve-(Note 7)
Deferred commission reserve

Other liabilities:

Due to reinsurers

Sundry payables and accruals (Note 8)
Cash advance from reinsurers (Note 7)

SHAREHOLDERS’ EQUITY

Share capital

Authorized, issue and fully paid:- 10,000, 000
ordinary shares of $0.30 each

Contributed surplus (Note 9)

Retained earnings

TOTAL LIABILITIES AND =
SHAREHOLDERS' EQUITY :

SIGNED ON BEHALF OF THEBOARD:)
Director: ZOE ak an

The accompanying notes are ar integral part of these financial statements





Director:

STATEMENT OF OPERATIONS .
FOR THE YEAR ENDED 31 DECEMBER 2004

Amounts prened | in Bahamian allele

Premiums written (Note 10)
Less: Premiums ceded to reinsurers

Net premiums written

Change in unearned premiums reserve (Note 11)

Net premiums earned

Claims incurred, net of recoveries from reinsurers (Note 7)

Net commissions incurred (Note 12)
Catastrophe and excess of loss reinsurance

Undermriting (loss) gain



Interest and other income 1,184,407
Net unrealized gain on investment in securities (Note 5) P . 79, 927 :
“tess, 922) 44,292,723.

Personnel expenses (1,733,222) (2,898, 162)
General and administration expenses (1,221,522) (1,437,591)
Depreciation (Note 6) (356,086) (321,645)
Directors’ fees (67,200) (67, 200)

(3,378,030) 4 724, an

Net (loss) income

The accompanying notes are an integral part of these financial statements

Cash and cash equivalents at beginning of y year



Date: 7 April 2005





STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2004



~ Amounts expressed in Bahamian dollars



— Balance as of 1 Janua



The accompanying notes are an integral part of these financial statements

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2004

Amounts expressed in Bahamian dollars

CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income
Adjustments for:
Depreciation
Loss on disposal of property, plant and equipment
Interest income
Bad debt expense
Unrealised gain on-investments in securities

(Increase) decrease in current assets:

Term deposits

Due from agents, net

Due from reinsurers

Sundry receivables, pispeysic i and other assets. ino,

Increase (decrease) in currant liabilities:
Unearned premiums reserve
Outstanding claims

Deferred commission

Due to reinsurers

Sundry payables and accruals |

Due to former parent

Cash advance from reinsurers

Net cash from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received

Purchase of property, plant and equipment
Proceeds from sale of investments in securities
Purchases of investment securities .

Net cash (used in)/from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital
Dividend Payment

Net cash (used in) /from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at end of year (Note 3)



The accompanying notes are an integral part of these financial statements >

“NOTES TO THE

FINANCIAL STATEMENTS 31 DECEMBER 2004

1. Incorporation and Principal Activity

HORE Oak wd:

RoyalStar Assurance Ltd. (the Company) is incorporated under the Companies Act, 1992 of the Commanwealth



of The Bahamas and is licensed to operate as a property and casualty insurance company under the Insuran
Act, 1969, The Company is also licensed to operate in the same capacity in the Cayman Islands, the Turks’and"’
Caicos Islands and the British Virgin Islands under the Insurance (Amendments) Law, 2003, the Insurance... ,
Regulations, 1990, and the Insurance Act, 1994 and Insurance Regulations, 1995 respectively. -

.The Company's registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes, Mareva House,: .
4 George Street, Nassau, The Bahamas.

Prior to 31 October 2002, the Company was a wholly-owned subsidiary of SunAlliance Insurance Overseas...
Limited, which is a subsidiary of Royal & SunAlliance Insurance Group Plc. Both companies are incorporated in ,
the United Kingdom.

During 2002, pursuant to an agreement dated 17 October 2002 between SunAlliance Insurance Overseas Limited
(the Seller) and Sunshine Insurance (Agents and Brokers) Limited and Star General insurance (Agents and
Brokers) Limited (collectively the Purchasers), ownership of the Company was transferred to the Purchasers and”
other investors as of 1 November 2002. The Purchasers and other investors paid the Seller an amount equal to
the Net Assets Value (NAV) of the Company as of 31 October 2002, plus a premium of 5% of NAV.

On 22 August 2003, the Board of Directors approved the change to the Company's registered name from
Royal & SunAlliance Insurance (Bahamas) Limited to RoyalStar Assurance Ltd. together with the respective
modification of its Memorandum and Articles of Association.

2. Summary of Significant Accounting Policies
The principal accounting policies adopted in the preparation of these financial statements are set out below:
(a) Basis of preparation

The Company's financial statements have been prepared under the historical cost convention, except as
disclosed in the accounting policies below, and in accordance with International Financial Reporting
Standards (IFRS). The preparation of financial statements in conformity with IFRS requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.

(b) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation provided on a straight-
line basis over the assets’ estimated useful lives which range from three to ten years.

Improvements to assets which extend the useful life or increases the value of the assets are capitalized
when incurred and are depreciated over the remaining useful life of the asset. Expenditures for
maintenance and repairs are expensed as incurred. When assets are retired, sold or no longer used in
operations, the cost and related accumulated depreciation are removed from the accounts with any
resultant gain or loss reflected in the statement of operations.



BUSINESS

FRIDAY, MAY 27, 2005, PAGE 7B























Z 6.
:) ~~‘ Investments in securities
As of 1 January 2001, the Company adopted International Accounting Standard (IAS) 39 and classified its
investments into the following categories: originated loans and receivables (government bonds, corporate
bonds’and preference shares) and available-for-sale (ordinary shares). Financial assets created by the
Company by providing funds directly to a debtor, with no intention of liquidation in the short-term, are
classified as originated loans and receivables. Investments intended to be held for an indefinite period of
time, which may be sold in response to the needs for liquidity or changes in interest rates, exchange rates
or equity. prices are classified as available-for-sale. Management determines the appropriate classification
of its.investmients at the time of purchase.
aay
All purchases and sales of investments are recognized on the trade date, which is the date that the
Company commits to purchase or sell the asset. Available-for-sale securities are initially recognized at
cost,. which includes transaction costs, and are subsequently carried at fair value based on quoted bid
prices.’ Realized and unrealized gains and losses arising from changes in the fair value of available-for-sale
securities are recognized in the statement of operations in the period in which they arise. Originated
loans and receivables are measured at amortized cost.
(d) eral insurance funds
Genbral insurance funds comprise unearned premiums, deferred commission reserve, outstanding claims
and provision for claims incurred but not reported. Unearned premiums represent the proportion of the
net written premiums, which relate to periods of insurance coverage subsequent to the balance sheet
date. This amount is adjusted by 20% representing an estimate for commission expenses.
7.
Outstanding claims comprise the Company’s net share of the estimated cost of all claims incurred and
reported but not settled as of the balance sheet date and a minimum provision of 1% of gross premiums
written for claims incurred but not reported.
Outstanding claims are based on estimates and while management believes that the amounts are
adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods
for making such estimates and for establishing the resulting liability are continually reviewed, and any
adjustments are reflected in the current year's statement of operations.
The Company is a defendant in several legal actions involving claims. Management believes that the
resolution of these matters will not have.a material impact on the Company's financial statements.
(e) Reinsurance :
in the normal course of business, the Company seeks to limit its exposure to losses that may arise from any-
single occurrence. Reinsurance is primarily placed. using a combination of proportional, facultative and:
_ excess of loss treaties. Obtaining reinsurance does not, however, relieve the Company of its primary
obligations to the policyholders, therefore the Company is exposed to the risk that the reinsurers may be.
unable to.fulfill their obligations under the contracts: The Company seeks to mitigate. this risk-by placing
its reinsurance coverage with large multi-national companies and syndicates. .
(f) | Duefromagents oo poe, aha og.
Due from agents are stated net of any provision which management considers to be necessary. Bad debts
are written-off when identified. :
(g) Leases
Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are charged to the statement of 9
operations on a straight-line basis over the period of the lease. °
(h) —_—“ Foreign currency translation
Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have
been translated into Bahamian dollars using the rates of exchange prevailing at the balance sheet date.
Foreign currency transactions and income and expense items have been translated at the exchange rates
_prevailing at the time of the transaction. Gains and losses on translation are reflected in the statement 10
of operations. oe
(i) Revenue recognition
Premiums are recognized as revenue over the periods covered by the related policies after allowing for
premiums ceded. . Other revenues and expenses are recognised on the accrual basis over the related
periods except for commission income from facultative reinsurance contracts, which are recognized when
the Company's right to receive payment has been established.
: 11.
@ Premium tax
From 1 January 2003 to 30 September 2003, premium tax was incurred at a rate of 2% of gross premiums
written in the Commonwealth of The Bahamas. Effective 1 October 2003, premium tax was incurred at
arate of 3% of gross premiums written. During the year, premium tax has been charged separately to
policyholders... .. EO ATH ATES
(k) Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents are comprised of cash in
hand and at bank and term deposits with original contractual maturities of 90 days or less.
( Employee benefits - pension obligations
The Company has a defined contribution pension plan for its Bahamian employees whereby the Company
pays contributions to a privately administered pension plan. The Company has no further payment
obligations once the contributions have been paid. The plan requires participants to contribute 5% of
their basic salary and the Company contributes 10% of basic salary. 12.
The Company's contributions to the defined contribution pension plan are charged to the statement of
operations in the year to which they relate. '
Cash and Cash Equivalents
Cash in hand and at bank
Term deposits 3
Less: term deposits with original contractual ‘7
maturities of more than 90 days
Interest rates on:term deposits range from 0.10% to 5.25% (2003: 0.568% to 5.25%).
Due from Agents, Net.
Receivable from agents." 9 0
Less: Provisions for doubtful debts, .--
Movement in the provision for doubtful debts:. ae
Balance at beginning of year
Bad debts expense during the year
Provision for doubtful debts at end of year
Investment in’ Securities
15.
Available-for-sale investments
Available-for-sale investments principally comprise marketable equity securities and are stated at fair value.
Movements during the year were as follows:
As of beginning of year
Additions
Unrealised gain during the year
As of end_of year
Available-for-sale investments comprise ordinary shares held by the Company that consist of local stocks, the 16.
majority of which are listed on The Bahamas International Securities Exchange (BISX). :
Originated toans and receivables
Originated loans and receivables are carried at amortised cost and comprise:
Fidelity Bank & Trust International Limited
Preference shares
The Central Bank of The Bahamas En oe
Bridge Authority bonds 240372014 1,200
‘ : 24/03/2029... «23,300. |
24/03/2019. 43,600
4/03/2024 51,200
é ee
Sunshine Holdings Limited Se oe a
‘Corporate bonds Prime +0.50% 01/07/2006 250,000 250,000. |
_ Prime + 0,50% 29/07/2006. . 250,000 250,000
: Eleuthera Properties Limited Ms



Ordinary Shares

Total investments



Transactions

" Commissions expense

Property, Plant and Equipment
ESS
Baa




Cost: ae 8
As of 1 January 2004 - 2,278,804 279,365 . 463,455 Ses 3,021,624
Additions 964,413 1,064,449 |

100,036 = =

As of 31 December 2004 $



Accumulated depreciation:
As of 1 January 2004 -
Depreciation -

2,141,753
356,086

246,228
17,532

244,274
154,717

1,651,251
183,837










As of 31 December 2004 $:

Net book value as of
31 December 2004

Net book value as of
31 December 2003 $

Outstanding Claims Reserve and Net Claims Incured
Fs

Outstanding claims reserve comprise:

13,778,730

$ 97,406,370



Gross provision of claims : 30.
Less: Reinsurance claims outstanding (92,743,622) (8,493,869) —
Net provision for reported claims 4,662,748 5,284,861
Provision for incurred but not reported claims 551,000 551,000



During the year, the Company received $31,073,520 (2003: Nil) from its reinsurers
as advances. ;

Net claims incurred comprise:

Gross claims incurred
Less: Recoverable from reinsurers

Sundry Payables and Accruals -

Premium tax
Other creditors and accruals



Contributed Surplus

In 2002, the Purchasers and other investors contributed cash of $2,421,451 which was classified as contributed
surplus on the transfer of ownership of the Company on 1 November 2002. During 2003, the directors approved
the reclassification of the retained earnings balance of $4,203,550 at 31 October 2002 to contributed surplus. The
remaining contributed surplus balance represents amounts in excess of the par value of shares, received from the
new investors during 2002. :

Premiums Written

Gross premiums written
Less: Premium tax collected on behalf
of the Government



Movement in Unearned Reserve

The amounts reported on the statement of operations, are shown net of amounts earned from portfolio
transfers, as a results of changes in the reinsurance programme of the Company. The table below discloses
the, respective amounts.





$ 12,845,475 20,166,905

Balance at beginning of year 5475
OTR (OBE)

Less: Balance at the end of year
Movement for the year - 7,321,430 a

3,387,993
Portfolio transfer 53)









Change for the year $ a

Net Commission Incurred

$7,184,637.
(5,178,694)

“2,005,943

Amounts paid to agents /
Less: Amounts recovered from reinsurers

Movement of Deferred Commission

Related Parties

_ Related parties comprise current shareholders and-directors. The Company's primary shareholder is SunStar

Ensure Limited, which owns 52% of the Company's outstanding shares and is owned equally by Sunshine
Holdings Limited and Star General Holdings Limited. The financial statements include the following balance
and transactions with related parties:
Balances

Due from agents, net

Premiums written




3,777,935
"500,000.

Corporate bonds 9,000
766,400.

Ordinary shares



Retirement Benefits

The Company operates a defined contribution pension plan for the benefit of its Bahamian employees.. The plan
is administered by Colina Insurance Company Limited. The amount recognized in the statement of operations:in
personnel expenses in the current year was $105,913 (2003: $90,921).

The total number of staff employed by the Company as of 31. December 2004 was 29 (2003: 31).

Commitments

The future minimum rental payments required under operating leases as of 31 December 2004 are as follows:



197,073
65,691

Not later than 1 year $
Later than 1-year and not later than 5 years -



Financial Instruments

Credit risk

Credit risk arises from the failure of a counterparty to perform according to the terms of the contract. From this
perspective, the Company's credit risk exposure is primarily concentrated in its reinsurance, term deposits and
receivables from agents. The Company seeks to mitigate the risk that the reinsurers may be unable to fulfil their
obligations by placing its reinsurance coverage with large multi-national companies and syndicates. The
Company's term deposits have been placed with high quality financial institutions.

Liquidity risk

The risk that the Company might not have the necessary liquidity to meet its contractual obligations. The
Company manages its liquidity by attempting to match liabilities with assets of similar maturity periods.

Fair values
Financial instruments utilized by the Company are limited to the recorded assets and liabilities included in the

balance sheet. Carrying amounts of all financial instruments are considered to approximate fair value given
their short-term nature, except those disclosed in Note 5.

Corresponding Figures

The corresponding figures for premiums written and premium tax in the statement of operations have been
reclassified to conform with the current year’s presentation.



PAGE 8B, FRIDAY, MAY 27, 2005

THE TRIBUNE



eS ee eS ee eae eee
Commonwealth Bank ‘indebted’ to

executive for 34 years of service

COMMONWEALTH
Bank’s former senior vice-pres-
ident and corporate secretary,
Trevor Thompson, has now
retired from the bank’s board
of directors after 34 years.

Mr Thompson, who held his
previous two posts until he
retired from them in July 2003,
remained on the Board for a
further two years until his step-
ping down was announced at

COMMONWEALTH OF THE BAHAMAS 2005
IN THE SUPREME COURT CLE/QUI/292
Common Law and Equity Division

IN THE MATTER OF The Quieting Titles Act, 1959

AND >

IN THE MATTER OF Mortgage Holdings Limited

NOTICE

ALL THAT piece parcel or lot of land containing 3,355 sq. ft.,
situate in the Subdivision known as Westward Villas in the Western
District of the Island of New Providence one of the Islands in
the Commonwealth of The Bahamas comprising Lot number
Three (3) in Block Number (4) of the said Subdivision which
said piece parcel or lot of land is bounded NORTHWARDLY by
Lot Number Four (4) and running thereon One hundred and Five
feet (105.00) WESTWARDLY by an arch of land and running
thereon Ten and Thirty-one hundredths feet (10.31) in an arch
SOUTHWARDLY by land belonging to the Petitioner and running
thereon One Hundred and Five feet (105.00) and WESTWARDLY
by. a roundabout and running thereon is an arch Fifty-three and
sixty hundredths feet (53.60) as the same are delineated with the
position shape marks boundaries dimensions and abuttals thereof
on the Plan hereunto annexed and thereon coloured Pink.

Mortgage Holdings Limited claims to be the owner in fee simple
of the said land free from encumbrances and has made application
to the Supreme Court in the Commonwealth of The Bahamas
under section 3 of the Quieting Titles Act 1959 to have its title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted by
the Court in accordance with the provisions of the said Act.

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

a) The Registry of the Supreme Court in the City of Nassau;

b) The Chambers of Callenders & Co., One Millars Court, Nassau,
Bahamas, Attorneys for the Petitioners.

NOTICE, is hereby given that any person having dower or right
of dower or an Adverse Claim or a claim not recognized in the
Petition shall on or before the 27th day of June A.D., 2005 file
in the Supreme Court and serve on the Petitioner or the undersigned
. a statement of his claim in the prescribed form, verified by an
Affidavit to be filed therewith. Failure of any such person to file
and serve a statement of his claim on or before the said 27th day
of June A.D., 2005 will operate as a bar to such claim.

CALLENDERS & CO.
Chambers
One Millars Court
Nassau, Bahamas

Attorneys for the Petitioner

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2005
Equity Side

IN THE MATTER OF The Quieting Titles Act, 1959

IN THE MATTER OF ll that piece parcel or lot of land
containing 3,355 sq. ft., situate in the Subdivision known as
Westward Villas in the Western District of the Island of New
Providence one of the Islands in the Commonwealth of The
Bahamas comprising Lot number Three (3) in Block Number (4)
of the said Subdivision which said piece parcel or lot of land is
bounded NORTHWARDLY by Lot Number Four (4) and running

- thereon One hundred and Five feet (105.00) WESTWARDLY by
an arch of land and running thereon Ten and Thirty-one hundredths
feet (10.31) in an arch SOUTHWARDLY by land belonging to
the Petitioner and running thereon One Hundred and Five feet
(105.00) and WESTWARDLY by a roundabout and running
thereon is an arch Fifty-three and sixty hundredths feet (53.60)
as the same are delineated with the position shape marks boundaries
dimensions and abuttals there thereof on the Plan hereunto annexed
and thereon coloured Pink.

AND
IN THE MATTER of Mortgage Holdings Limited
NOTICE

2005
CLE/QUI/292

CALLENDERS & CO.
Chambers
One Millars Court
Nassau, Bahamas

Attorneys for the Petitjoner



Commonwealth Bank’s annual
general meeting (AGM) earlier
this month.

In announcing the move to
shareholders, Commonwealth
Bank’s chairman, T. B. Don-

aldson, said the institution .

would always be “indebted” to
Mr Thompson.

He added: “Since Mr Thomp-
son’s retirement from the bank
in 2003, he has continued to
serve on the board and to give
wise counsel as a director. His
wisdom shall be sorely missed
but we wish you well, Trevor, in
the next phase of your life and
hope you enjoy your full and
well-deserved retirement at long
last.”

“There may be no single
executive who has helped shape
this bank more than Trevor
Thompson,” Commonwealth
Bank’s president and chief exec-
utive, William B Sands Jr said.

Mr Thompson joined the
bank in 1965 and helped trans-
form a small finance company
into the country’s largest pub-
licly-held institution, as well as
the biggest Bahamian bank with
assets nearly reaching the $700
million mark.

In his 38-year career, he held
numerous senior management
and administrative positions. He
was appointed vice-president of
finance in 1974. Four years lat-
er, he was named vice-president
and district manager with
responsibility for all branches.

In 1992, he assumed the
post of vice-president, admin-
istration, and from 1992 to his
retirement a decade later, he
served as the highest-ranking



HB WILLIAM Sands (left), president: and chief executive, and TB Donaldson (right), chairman of .
the board, present retiring senior vice-president and corporate secretary Trevor Thompson with a :
gift to commemorate more than 34 years of service

senior vice-president.

Mr Thompson is also a past
president of the Bankers Asso-
ciation, a founding member of
the board of directors of the

Nassau Tourism & Develop-
ment Board, a member of the
Rotary Club of East Nassau,
past commodore of BASRA, a
former director of the Bahamas

4

Chamber of Commerce and has
been, since its inception, hon:
orary consultant to the Unicorn,,
a magazine for the handis
capped.

”

A BAHAMIAN realtor has
been awarded the Certified
Residential Specialist (CRS)
designation by the Council of
Residential Specialists (CRS),

the largest non-profit affiliate

of the US-based National Asso-
ciation of Realtors (NAR).
Shawn Thomas, director of
Nocturne Realty, had to com-
plete advanced.courses and
demonstrate expertise in the

field of residential real estate.
Only 35,000 realtors have
achieved the CRS designation.

Ms Thomas is a member of

the local board of the Bahamas

Real Estate Association

(BREA). She is an internation-
al member of the National
Association of Realtors, and i8:
also a director of the Southern
Ladies Golf Division of thé:
Bahamas Golf Federation. © *



PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, WYSLAINE LOMOND
of Nassau, Bahamas, intend to change my name to
WYSLAINE MEMENON. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date of
publication of this notice.

NOTICE

NOTICE is hereby given that DEMATEE MOHAN OF P.O. BOX
N-9841, VILLAGE ROAD, 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 2OTH day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, EUREKA CYNTHIA
AMBRISTER, Nassau, Bahamas, intend to change my
name to EUREKA CYNTHIA MUNROE LOCKHART. If
there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that SOINY BASTIAN, CEMETERY ROAD,
PINEDALE, EIGHT MILE ROCK, GRAND BAHAMA, 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 27TH day of MAY,
2005 to the Minister responsible for Nationality and Pibzensiite,
P.O.Box F-41085, Grand Bahama, Bahamas.

NOTICE

NOTICE is hereby given that FRANCIS BARRACLOUGH
BANKS, P.O.BOX CB-11073, 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 27TH day of MAY, 2005 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas.












Small family restaurant in Western District is
seeking to employ:

¢ (1) Cook (must be experienced in Bahamian Dishes) n

¢ (1) Bartender o

¢ (1) Waitress (for evenings only).



Applicants please telephone 362-0681 for interview.

NOTICE

NOTICE is hereby given that MS. JORJI MOLTIMER OF EIGHT. {:
MILE ROCK, GRAND BAHAMA, BAHAMAS, is applying to the +.
Minister responsible for Nationality and Citizenship, for 4:
registration/naturalization as a citizen of The Bahamas, and that: P
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 20TH}:
day of MAY, 2005 to the Minister responsible for Nationality and: F
Citizenship, RO.Box F-41085, Grand Bahama, Bahamas. ;

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL :

The Public is hereby advised that |, JELINA PIERRE,. of |
Baillou Hill Road, P.0.Box N-7101, Nassau, Bahamas, 7
intend to change my name to GELINA PIERRE. If there : :
are any objections to this change of name by Deed Poll, }}
‘you may write such objections to the Chief Passport » 4
Officer, P.O.Box N-742, Nassau, Bahamas no later than: a
thirty (30) days after the date of publication of this notice. :|

NOTICE |

NOTICE is hereby given that LOUIS MARC BIENAIME OF
APPLE STREET, 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 20TH day of MAY, 2005 to the Minister responsible for}
Nationality and Citizenship, P.O.Box N- 7147, Nassau, Bahamas:.





r
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, FY
x :
Â¥
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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL |

The Public is hereby advised that |, CLARENCE MARCO *}.
DUMERVIL, of Farmers Hill, Exuma, Bahamas, intend to }}.
change my name to CLARENCE MARCO STUBBS. If: |:
there are any objections to this change of name by Deed! |.
Poll, you may write such objections to the Chief Passport *.
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.-







THE TRIBUNE BUSINESS




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PAGE 10B, FRIDAY, MAY 27, 2005

TRIBUNE SPORTS

SPORTS





@ THE design for the new
track and field stadium.

i By KELSIE JOHNSON
Junior Sports Reporter

THE construction of the $30
million track and field stadium will
force two sporting organisations
to relocate in order to complete
their seasons.

The Bahamas Baseball Feder-
ation (BBF) and Bahamas Soft-
ball Federation (BSF) will have to
utilise the Balliou Hills Sporting
Complex during the construction
of the state-of-the-art facility.

The two organisations are the
only ones directly affected by the
government’s phase one plans.

Phase one of the government
three course plan will include new
facilities for the organisations,
which will be built after the com-
pletion of the stadium.














The stadium, a gift from The
People’s Republic of China, is
expected to be completed within 2-
3 years.

The 15,000 seat facility will begin
next year February, with the com-
pletion date set for early June 2007,
but no later than January 2008.

Minister of Youth, Sports and
Culture Neville Wisdom reassured
the public that the construction of
the stadium will not affect the oth-
er sports in the country and the
organisations, which had to be
relocated, had agreed upon the
move.

Wisdom stated that the con-
struction of the stadium is designed
to improve all sports in the coun-
try. He said: “The government and
the presidents of the sporting
organisations met before anything

“Copyrighted Mate
Syndicated Content

was revealed to the public.

two federations agreed upon the

“These persons in charge of the
two federations agreed upon the
changes and the relocation. The
government is not aware of any
complaints. We have made the
necessary arrangements to host
the two federations.”

Minister of Youth, Sports and Culture Neville Wisdom _

“These persons in charge of the

‘ hampions of
Furope celebrate

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changes and the relocation. The
government is not aware of any
complaints. We have made the

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necessary arrangements to host the
two federations.

“The relocation will only be a
temporary thing, phase one of the
construction plans includes all
sports, giving all permanent homes.

“We have five sporting facilities
that can host the two federations,
so the idea is not to dislocate, but
to ensure that the all parties affect-
ed will have comfort.”

The construction will wipe-out
the three existing facilities and
stretch as far as the Betty Kelly

_Kenning Aquatics stadium.

It will replace the Andre
Rodgers baseball stadium, the
Churchill Tener Knowles stadium
and the newly constructed Tony
Curry and Anthony McKenzie
baseball parks.

The Tony Curry and Anthony
McKenzie parks were construct-
ed late 2004.

The four baseball fields will be

relocated to the western end of the
Thomas A Robinson track, direct-
ly in the back of the Shell Service
station.

Constructed

The Churchill Tener Knowles
softball stadium is set to be con-
structed on the southern end of
the Betty Kelly Kenning Aquatic
Centre, opposite the Sir Kendal
Isaacs gymnasium.

Wisdom added: “We realise that

improvements will be needed to ©

ensure the two federations are
comfortable and that the parks will
meet the rules and regulation stan-
dards.

“The fields: at the Balliou Hill
Sporting Complex are well kept.
We have a continuous team that
makes sure that all fields are well
kept. This is being led by Andy
Ford, who has a group of employ-
ees who’s main goal is to up keep
and maintain all facilities.”

The government has planned a

-phase two project that will involve

the Sir Kendal Isaacs gym and the
construction of a new gymnasium.

Facility

The Sir Kendal Isaacs gym will
be used only for basketball, all oth-
er indoor sports will be played in
the new facility that will be con-
structed immediately after phase
one is completed.

The new multi-purpose 10,000
seat indoor gym is expected to be
constructed next to the existing
national gym, on the land that is
considered the Carnival site.

The building of the new gym
will not affect the Bahamas Lawn
and Tennis Association (BLTA).
However, the government has
planned to expand the facility,
adding more courts.

The minister added: “I will be
the first to say the Sir Kendal
Isaacs gym was not built correctly.
The gymnasium is too small and it
creates a problem for many of the
federations.

“Several of the federations made
requests to host international tour-
naments, but the gym does not
meet the requirements of the inter-
national governing bodies.

“The seating capacity is small,
this creates a problem, even during
the hosting of local tournaments.”

Sir Kendal Isaacs gym will not
be relocated, but instead, it will be
used for all local tournaments and
national teams practice sessions.

The Balliou Hills complex will
be used for recreational sports. The



Work on new $30m stadium has
rganisations on the move

government has confirmed that the
complex will be developed to
ensure that all sports have outdoor
courts.

So far, the Balliou Hills sporting
complex is the home to the soccer
field, five softball diamonds, two
tennis courts and an outdoor bas-
ketball court. The cycling track is
located on the far end of the com-
plex, while the boxing facilities are
positioned at the complexes
entrance.

The construction of a cycling
track and soccer field will be in the
govérnment’s phase three’section.

Although the soccer association ~
will still have access to the field
located in the Balliou Hill Sporting
complex the government has
agreed to build a second field.

International games will also be
played inside the $30 million dollar
track and field stadium.

Designed

Wisdom said: “The reorganisa-
tion of the Queen Elizabeth Sports
Centre is designed to turn all sports
in the Bahamas into world class
sports, providing them all with
world class facilities.

“We will need the cooperation
of all sporting organisations to
ensure that the improvements take
place. The wonderful news is that
all the organisations realise the
government’s position, they are all
willing to work with the govern-
ment, taking note that the
improvements will be done in

‘stages.

“No sport will be left out, that is
the government’s plan. Our best
interest. is the development of
sports in the country. Nothing hap-
pens overnight, we have several
things planned which all the asso-
ciations are aware off.” ©

The master plan of the tedevel-
opment of the Queén Elizabeth
Sports Centre does not include the
Bahamas Hot Rod As§ociation
(BHRA) and the Bahamas\Boxing
Federation (BBF).. © 0...\

Wisdom, who clarified the situ-
ation with the BHRA, stated that
the association is experiencing
some problems that need to be
cleared within. ;

“Unfortunately the plans don’t
include the Bahamas Hot Rod
Association. The association has
asked all it’s members to secure
insurance plans before they start
again,” said Wisdom.

“The association is challenged
at this point, the government trying
as best they can to assist. The speed
the drivers and the vehicles hit
requires the association to get
insurance.

“We are trying to relocate them
to another site and, hopefully, the
restructure of the programme
might make the access to the insur-
ance easier.

“But at this point the associa-
tion has indicated that they are
experiencing some problems.”

The BHRA will not be located
within the complex.

Wisdom added: “The boxing
programme is expanding, they
have secured several gymnasiums
in the southern part of the
island.

“We've recently hired Quincey
Pratt to assist us. He has a very
good programme going on at the
Nassau Stadium. ‘They will have
access to the national gymnasium,
and other facilities, but, as of now,
no plans are set for them in the
complex.”





TRIBUNE SPORTS FRIDAY, MAY 27, zuud, PAGE 11b
} SPORTS



Lara scores

impressive
opening
for West
Indies vs _
Pakistan

——— me



“Copyrighted Material
Syndicated Content, a

~ Available from Commercial. News Providers”



— Roddick continucs inglorious record at French Open



FRIDAY, MAY 27, 2005

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com



By BRENT STUBBS
Senior Sports Reporter

-TOP seeds Mark Knowles
and Daniel Nestor will play
théir second round match in
the men's doubles competi-
tion at the French Open in
Roland Garros today.

However Mark Merklein
may have to sit out the rest
of the action in Paris,
France, even though he and
his partner, American Vince
Spadea, have reached the
second round.

Spadea was forced to
retire when he pulled an
oblique muscle in his second |
round singles match against
Tommy Haas. Spadea had
lost the first two sets, 6-4, 6-
3, to Haas when he threw in
the towel.

Spadea said he first experi-
enced the pain when he
played his first round singles
match. But it got worse when
he played doubles with
Merklein.

"T couldn't serve in the
doubles," said Spadea, who
credited Merklein for pulling
off their 6-3, 6-4 win over the
team of American Ashley
Fisher and South African
Chris Haggard.

Seeded

Spadea and Merklein are
scheduled to play the No.8
. seeded team Australian
‘team of Wayne Arthur and
Paul Hanley.
But there's no certainty if
that match will be played.
Doctors have advised
Spadea that it will take at
least four-to-six weeks for
him to fully recover. .
"Nothing's looking good
right now," Spadea admit-
ted. "But, who knows? It
could take two weeks."
While the remainder of the
' trip to Paris is in jeopardy
for Merklein and Spadea,
Knowles and Nestor are
hoping to cruise along.

After winning their first
round match, 6-2, 7-6 (5)
over Robert Lindstedt of
Sweden and Tom Vanhoudt
of Belgium, Knowles and
Nestor are set to return to
action today against the
team of Tomas Cibulec of
the Czech Republic and
Marius Fyrstenberg of
Poland.

Knowles and Nestor are
also entered in the mixed
doubles competition that
starts today.

Knowles is paired up with
Nicole Valdisova of the
Czech Republic, while
Nestor will play with Rennae
Stubbs of Australia. Knowles
and Valdisova are unseeded,
but Nestor and Stubbs are
the top seeds.



® UNCERTAINTY:
Mark Merklein

@ By BRENT STUBBS
Senior Sports Reporter

EVERY summer for the
past 17 years, Jeff Rodgers
has given Bahamian young-
sters an avenue to develop
their basketball skills and
meet some of the top NBA
players at the same time.

‘From June 27-July 22, the
18th annual Jeff Rodgers
Basketball Camp will be
staged at the Bahamas Acad-
emy Gymnatorium with a
host of NBA players return-
ing to lend their assistance.

"We want to thank God
again for giving us the oppor-
tunity to host the camp for



MIAMI HERALD SPORTS

@ INJURY:



Vince Spadea

the 18th year," said Rodgers,
the camp director.

"We once again anticipate
some of the same things we
have been able to accomplish
over the years like building
character, discipline and
teaching the youngsters the
basic fundamentals of the
game on the court as well as
off the court."

; @
Special
While the camp will con-
tinue to run from 8am to
1pm, after the lunch break,
Rodgers said for the first time
this year, they will be insti-
tuting a special camp between



the hours of 2.30-4.30pm.
"This camp will put a lot of
focus on working with them
one on one," Rodgers
declared. "These are the ones
who have finished high school
and are trying to go to col-
lege. -
"There is still a lot of room
to teach our kids the chal-
lenges that they are. faced
with before they go off to col-
lege. So we feel we can do it
with the amount of campers
that we expect to accommo-
date."
The first 50 senior campers
to sign up will be invited to
participate in that segment of
the camp, which will be





SECOND ROUND:
Mark Knowles and Daniel Nestor

NBA stars head to TeeTee
Jeff Rodgers Basketball Camp

assisted by the visiting NBA
players during the final week.

Commentator

Among the list of NBA
players expected in town this
year are Brendan Hayward
and Jarius Jefferies of the
Washington Wizards, Greg
Anthony, now a commenta-
tor with ESPN; coach Byron
Scott of the New Orleans
Hornets and former players
Tyrone 'Muggsy' Bouges,
Travis Knight and Scott Bur-
rell.

When the camp got start-
ed, Spud Webb and Dominic

Wilkins of the Atlanta Hawks



-were the first guests of

Rodgers. G

Since then, Avery Johnson,
now the coach of the Dallas”
Mavericks; Kenny 'Doc' .
Smith, now a commentator
on TNT; Mark Jackson;
Bahamian Mychal ‘Sweet
Bells' Thompson and Ervin
'‘Magic' Johnson have all par-
ticipated in the camp.

The camp will close out as
usual with its annual "Fun
Night" on July 20 at
the Kendal Isaacs Gymnasi-
um,

At that time, the NBA
players will display their skills
in a celebrity basketball
game.



Full Text






Hen lovin’ it.

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BAHAMAS EDITION



Volume: 101 No.153



CLOUDINESS



Owners suspect
‘arson’ after
Club Insomnia blaze



@ By DANIELLE STUBBS
Tribune Staff Reporter

TWO firefighters narrowly
escaped death as they fought a
“disastrous” blaze at Club
Insomnia, which owners suspect
is the work of a “skilled arson-
ist.” " G

The.Zoo Night Club on West

Man in court
over wife’s
murder

& By TIFFANY GRANT
Tribune Staff Reporter

A MAN accused of stab-
bing his wife to death
appeared in Freeport’s Mag-
istrate’s Court yesterday.

Labion LaRoda, 37, of 237
Flyingfish Street, was not
required to plead. He was
remanded to Her Majesty’s
Prison, Fox Hill, until August
22 when a preliminary inquiry
will open.

The prosecution informed
the court that it will seek a
voluntary bill of indictment
at that time to send the case
directly to the SuBreme
Court.

LaRoda is represented by
lawyer K Brian Hanna.

LaRoda was charged with
the death of his wife, Tiffany
Smith-LaRoda.





SHIP BAHAMIAN

Betsy Rodriquez
St. Johns Shipping
Ware House #4
1800 S.E. 19th Ave.
Ft. Lauderdale, FL 33316
Phone: 1 (954) 527-0034
Fax: 1 (954) 522-4828





Bay Street was taken over by
new owners about two months
ago. It was renovated and a
large addition added. It
reopened under the name, Club
Insomnia. The fire destroyed
both buildings.

The blaze, according to assis-
tant superintendent and director
of fire services Jeffrey Dele-
veaux, was “the largest the fire
branch has responded to this
year.”

The two firefighters sustained
severe burns from fallen tar
while attempting to extinguish
the blaze. One of the officers
suffered back burns and was
taken to hospital, while the oth-

er, who was burned on one of -

his arms, was treated at the
scene.

Mr Deleveaux added that two
other firemen were almost
injured when they were over-
come by smoke inhalation and
were about to fall through a
weak portion of the tin roof.
Both firefighters made it to
safety and recovered from the
smoke shortly after.

The nearby Shell service sta-
tion was ordered closed until
the fire was reasonably extin-
guished to avoid a possible
explosion.

Mrs Beverly Lewis, manager
of Club Insomnia, told The Tri-
bune that she “highly suspects
arson,” and is disheartened
because the club did not have
insurance. Damage to the prop-
erty is estimated at almost $1

SEE page seven

Tel: (242) 393-2628
Fax: (242) 394-0847

Tel: (242) 351-1501

Laser Freight:International
3218 N.W. North River Drive
Miami, FL 33142
Tel: 1 (305) 633-4274
Tax: -1 (305) 635-3304».





FRIDAY, MAY 27, 2005



seit

ly ma ip

Photo: * Felipe Ma



& ACCORDING to assistant superintendent and director of fire services|
Jeffrey Deleveaux, the blaze was ‘the largest the fire branch has responded to this year.’

Alvin Smith: Opposition
will expose ‘hidden

taxes and fees’ in budget Reed imum ss

@ By RUPERT MISSICK Jr
Chief Reporter

A NUMBER of hidden taxes and fees included
in the 2005/2006 budget will be exposed when the
opposition contributes to the budget debate next
week, Alvin Smith, opposition leader told The Tri-
bune yesterday.

Government expects to make approximately
$55.8 million more in recurrent revenue this new
fiscal year over last year, bringing in more than a
billion dollars in revenue from import duties, prop-

SEE page 14





(Photo: Felipé Major/Tribune staff)

PUNT TCNi
after late-night

@ By KRISTINA McNEIL

A LOW-FLYING US Coast Guard heli-
copter and Bahamas Drug Enforcement Unit
officers were involved in a drug trafficking
investigation late Wednesday night.

Two women and thrée men are now in cus-
tody following a late-night search along the
eastern shores of Nassau, Reginald Fergu-
son, Assistant Commissioner in charge of
crime, told The Tribune yesterday.

A passerby on Eastern Road around mid-

_SEE page 14

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ULOA steps up
dispute with
Atlantis and BEIT

@ By PAUL G
TURNQUEST
Tribune Staff Reporter












THE United Limousines
Operators Association yes-
terday took a bold step to
focus attention on their dis-
pute with Atlantis and
Bahamas Experience Lim-
ousine and Tours (BELT)
by blocking BELT’s park-
ing lot at Nassau Interna-
tional Airport.

For more than two hours,
Kendal Culmer and Charles
Brooks, president and vice
president of the ULOA,
blocked the BELT airport
parking lot with their lim-
ousines, preventing a num-
ber of vehicles from picking
up their guests at the arrival
lounge.

Mr Culmer said the lim-
ousine. operators consider
their demonstration a victo-
ry in terms of drawing atten-
tion to their cause. Hope-
fully, he said, the Minister
of Transport and Aviation
and Kerzner International
“will have the good sense to

- SEE page 14





























Supreme Court
rules in favour
of government in
Guana Cay Case

@ By KARIN HERIG
Tribune Staff Reporter

THE Supreme Court yester-
day ruled in favour of the gov-
ernment in the case of the con-
troversial Guana Cay develop-
ment.

Justice Stephen Isaacs dis-
missed the injunction filed by
the Save Guana Cay Reef Asso-
ciation (SGCRA) to restrain
action under the Heads of

_ Agreement with the Bakers
_ Bay developers.

He further revoked the order
for an judicial review of gov-
ernment’s authority to enter
into the heads of agreement
with the developers.

SEE page 14



DS





Nassau and Bahama Islands’ Leading N


earn 5 WESTIN NEN oR SN A hatte EN

(eS RET EE AL ARTA Tg NEI a DTP SIROTA ISA CVI SENDS ERLE NG PMNS!

PAGE 2, FRIDAY, MAY 27, 2005

THE TRIBUNE



Cae ee Oe ee
Limousine drivers form Kerzner refutes
a blockade at airport

TROPICAL
EXTERMINATORS
RUE
PHONE: 322-2157








time f



e-showr



@ By TIFFANY GRANT
Tribune Staff Reporter

YESTERDAY’s obstruction
of traffic to Nassau Interna-
tional Airport by limousine
operators was “unacceptable”,
according to Transport Minis-
ter Glenys Hanna Martin.

She. said the action threat-
ened the livelihood of all
Bahamians.

Mrs Hanna-Martin said that
her ministry had received a
report early yesterday that two
vehicles were blocking the
entrance to NIA.

Police intervened and two
wreckers were clispatched to the
airport to remove the vehicles.

The owners, however, opted
to voluntarily move the limou-
sines before they were towed,
Mrs Hanna-Martin said.

The minister said she
was advised that persons

‘involved in the protest were

members of the United Limou-
sine Operators Association
(ULOA).

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@ PRIVATELY
owned limousines
were parked across
the exit of the airport
parking lot where
Bahamas Experience
drivers park their
vehicles, stopping
them from servicing
their schedule —
passengers.

(Photo: Mario
Duncanson/
Tribune staff)

Protest was ‘unacceptable’,
says Ministry of Transport

ULOA president Kendal
Culmer and another member
were reportedly involved in the
incident, Mrs Hanna-Martin
said.

Meeting

The minister said she meet
with the association and its

attorney, Dion Foulkes two.

weeks ago.

In the meeting, the associa-
tion outlined its concerns in
relation to limousine operations
to and from Kerzner Interna-
tional’s. Atlantis resort.

She said that yesterday morn-
ing the minister, with other
ministry officials, met with
Kerzner. :

Mrs Hanna-Martin said that









FOCUS

\WMounmexn's

64*

Die a-1e

she was very “puzzled” and
“disturbed” about yesterday’s
occurrence.

“Nassau International Air-
port is the premier gateway into
this country. An obstruction of
traffic is an offence under the
law.

“Certainly, my ministry will
not contemplate unlawful
behaviour in the advance of any
position.

“Particularly when the posi-

tion, that was advanced, is.

under active consideration by
my ministry.”

She added: “I was very dis-
turbed that the vested interest
of an entity, that is being dis-
cussed by a ministry, would be
used in such a way that it would
seek to damage or threaten the
livelihood of all of us.”

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allegations of
limo partnership

KERZNER International has
refuted allegations that it owns
or is a partner in Bahamas
Experience Travel limousine
company.

Ed Fields, public affairs vice-
president at Kerzner, said that
company executives met yester-
day with Transport Minister
Glenys Hanna-Martin to discuss
the allegations, which were made
by the United Limousine Oper-
ators Association (ULOA).

The association has alleged
that, in return for an exclusive
deal, Kerzner receives a 20 per
cent cut of profits.

“The company categorically
refutes this claim, as it has con-
sistently done in the past,” he
said.

It explained that ULOA
seeks to base its allegation on
the fee structure in the contract
between Kerzner International
and BET, under which Kerzner
engages BET for the provision
of limousine services to execu-
tives and guests of its resort
operations on.Paradise Island.

Kerzner says that the contract
sets out a negotiated schedule

for rates for limousine services,

procedures for billing, and stan-
dards of service, “much like any
contract for services”.

“Other than the concession-
ary rates available to Kerzner
under the contract — essentially
negotiated bulk rates — the only
other financial consideration
that Kerzner receives is an

administrative fee in return for ©

services rendered by Kerzner
to BET,” he said.

Mr Fields said that in the
small number of cases where
the guest, rather than Kerzner,

‘pays for limousine services,

Kerzner charges the services to
the guest’s room, and collects
payment for BET on check-out.

He said that Kerzner

then processes the payment
and passes the funds to BET,
retaining a 20 per cent adminis-
trative fee, to cover or con-
tribute towards the actual
administrative costs incurred by



Kerzner in the process. *
“These transactions represent

‘a very small fraction of the total

transactions covered by the con-
tract, less than five per cent,
which is very far cry from the
assertion by ULOA that Kerzn-
er receives 20 per cent of BET’s
gross revenues,” the release
said.

Referrals

Another ULOA allegations,
is that whenever guests without,
a limo reservations approach
the Kerzner courtesy desk at
the airport, those guest are,
referred directly to BET.

Kerzner denied this, stating
that according to its written pol-
icy, any person enquiring at the,
Atlantis desk for transportation’
services, who are not on a;
reserved list, shall be referred to
the road traffic stationed out-
side of the building, who may
then call a taxi or limousine,:
according to the customer’s
wishes.

“Documents evidencing this
policy have been provided dat-.
ing back to 2003, and that pol-
icy is actively enforced by,
Kerzner,” the release said.

It said that long before the,
allegations were made, in an
effort to provide further com-:
mercial opportunities for oper-;
ators of limousines, Kerzner:
supported a limo call-up system:
at its properties, similar to that;
now available at the airport.

Kerzner supplied The Tri-.
bune with documents indicat-.
ing that the company consented
to such a system in March 2004.,

. The release said that imple-.
mentation of the limo call-up,
system would also require min-}
isterial approval, as such sys-
tems are not currently Pa
ted at resorts.

The release described the,
meeting with the minister
as “productive” and stated;
Kerzner’s support to finding a,
resolution. 5

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THE TRIBUNE

LOCAL NEWS

FRIDAY, MAY 2/, 2005, PAGE 3



Man jailed after $30,000 of
cocaine found in back yard

@ By NATARIO McKENZIE

DRUGS worth more than
$30,000 were found buried in
the back yard of a man who was
sentenced to jail in Magistrate’s
Court yesterday afternoon.

On Wednesday, police offi-
cers acting on information
searched James Williams' home
on Canaan Lane off Shirley
Street.

This led to the discovery of
nine clear plastic bags contain-
ing three pounds of cocaine and
three pounds of marijuana.
They were buried in his back-
yard. ~

The cocaine has a street value
of $30,000 and the marijuana
$3,500.

Communications strategy to be set up

i. By KARIN HERIG
Tribune Staff Reporter

‘THE government is set to
develop'a National Information
and Communications (NIC)
framework to maximise the ben-
efits of the upsurge in the econ-
omy.

‘During Wednesday’s historic
2005/2006 budget communica-
tion, Acting Prime Minister Cyn-
thia Pratt said that in order for
Bahamians to benefit most from
the growth of the economy, the
country’s human and physical
capital structure must be in
place.

' “As regards human capital, by
which we mean people who are
educated well enough to hold
good jobs, the Ministry of
Finance is commissioning the
Consulting and Audit Canada
(CAC) agency for technical
assistance to develop a NIC
framework,” she said.

"Mrs Pratt explained that the
framework is intended to
dnable the Bahainas “to devel-
op as a nation that maximises
the power, reach, versatility






CARIBBEAN Community
} foreign ministers will meet in
the Bahamas next week for
| talks on Haiti and the U.N.
Security Council, an official
| said Wednesday, according to
| Associated Press.

The three-day meeting
begins on Tuesday in
Freeport, said Caribbean
| Community assistant secre-
| tary-general Colin Grander-

son.
} The 15-member Caribbean
{ Community suspended its
| newest member, Haiti, after
| an uprising led by demobilized
soldiers ousted former Presi-








Foreign ministers to hold
talks on Haiti in Bahamas



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Mark Twain’s Jumping Frog of Calaveras Country
8pm Friday, May 27 & 28, 2005.

Williams, who was convicted
of a similar offence in 1998 for
which he served eight months
in prison, pleaded guilty before
Magistrate Carolita Bethel to
possession of cocaine and mar-
ijuana with intent to supply.

He was sentenced to two and
a half years at Fox Hill Prison
for each of the two counts and
was fined $5,000.

The sentences are to run con-
currently.

@ Three of the four juveniles
accused of setting fire to the

‘administrative complex at CC

Sweeting Senior High School

- earlier this month returned to

court yesterday for a bail hear-

ing.
On Wednesday a 13 year old

and innovation of information
and communication technolo-
”

“The framework will provide
online access to healthcare, edu-
cation and government services
such as land registration and
land use policy, and will be a dri-
ving force in developing e-com-
mence in the Bahamas,” she
said.

Assistance

The land use and administra-
tion programme is assisted by
the Inter-American Develop-
ment Bank (IDB).

“Increased levels of e-com-
merce will enable Bahamian
companies to compete in the
global marketplace, and the
development of a vibrant and
entrepreneurial information
technology sector will create
employment, encourage diver-
sification, and boost investor
confidence,” she said.

The NIC framework, she said,
also “envisages the transforma-
tion of the Bahamas Telecom-




dent Jean-Bertrand Aristide
in February 2004. The region-
al bloc has refused to recog-
nize Haiti’s interim govern-
ment, which it says was
installed unconstitutionally by
the United States.

Haiti has scheduled general
elections for October and
November, and the Caribbean
Community has tied reinte-
gration of its largest and poor-
est member to a free and fair,
democratic vote.

The Caribbean foreign min-
isters will also discuss propos-
als to widen the UN Security
Council.
























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also accused of being involved
in the incident was granted
$4.000 bail with one surety.

All of the young men had
pleaded not guilty to the
charges of breaking and enter-
ing and arson at their initial
court appearance.

‘Yesterday Magistrate Roger
Gomez ruled that bail for the
16 and 17-year-old be granted in
the amount of $3,000 with one
surety.

The other juvenile, a 16-year-
old Haitian boy, was the only
one of the accused who was not
granted bail and was remand-
ed.

A preliminary inquiry is set
for September 14.

@ A 21-year-old man plead-

munications Company (BTC)

into a state-of-art communica-
tions leader.”

Mrs Pratt said this transfor-
mation process was already

underway with the assistahce of

international consultants.

“The transformation will
enhance the current operations
of BTC, as well as preparing
BTC for graduation into a pri-
vatised entity at the cutting edge
of technological development in
communications,” she said.

BTC is proceeding with a pro-
ject to develop a fibre optic cable
linkage to provide all of the
inhabited islands of the Bahamas
with reliable and efficient con-
nection.

“This project is of paramount
importance to enable hotels and
other facilities to develop in the
inhabited Family Islands and to
provide each island with diversi-
fied economic opportunities.

“As necessary, the highest pri-
ority is being given to developing

‘ other necessary infrastructure in

the-Family Islands.such as air-
ports, road and utilities,” she
said:

ed guilty to filing a false insur-
ance claim and giving false
information to police.

Admission

Marcus Gordon, of Hamster
Road, admitted to lying to
police when he stated that his
2004 Toyota Corolla had been
stolen.

He also admitted to filing a
false insurance claim for the car.

Gordon committed the
offences on Sunday, May 15.

According to court docu-
ments, on May 17 Gordon
obtained $22,995 from the
First General Insurance Com-
pany on Collins Avenue by



Virgin announces special
fare for inaugural flight

Virgin Atlantic Airways is
inviting Bahamians to join the
inuagural transatlantic crossing
of their new service from Nas-
sau to London.

Virgin is offering a special.
limited-time fare of $388 for a
round trip on Flight 062 The
Islander, available only for trav-
el starting with the inaugural
flight.

The inaugural flight is sched-
uled to depart Nassau on June
29.

In addition to the inaugural

fare of $388, Virgin Atlantic is
offering customers special intro-
ductory fares of $599 for round-
trip economy and $999 for
round-trip premium economy
for travel, beginning with the
maiden flight on July 4 through
to November 28.

These limited special offers
are valid for purchase through
June 3, 2005.

The new Nassau to London
route will be operated by a Boe-

- ing 747-400, which has a capac-

ity of 451 passengers.



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means of false pretences.

Gordon told Magistrate Mar-
iyn Meers that he did not want
to waste the court’s time and
admitted that he had acted fool-
ishly..

He asked the court to be
lenient, pointing out that he had
never been charged with an
offence before. He said that he
had learned his lesson.

Magistrate Meers told Gor-

-don he should improve his

image.and make the necessary
apologies.

She ruled that he pay a fine of
$1,250 or spend three months
in prison.

She warned him that if he
ever appeared before her again
she would not be as lenient.

Drugs are
seized at
airport

@ By KRISTINA McNEIL

NEARLY 58lbs of mari-
juana was seized at Nassau
International Airport yes-
terday afternoon — but police
say they have no suspects.

A suspicious item of lug-
gage arrived at the airport
onan Air Jamaica flight
around 3.15pm, Raymond
.Gibson, head of the Drug
Enforcement. Unit (DEU)
told The Tribune yesterday.

The bag had reportedly
been left unattended in the
customs hall of the airport,
leading DEU officers to
investigate its contents.

Almost 58lb of marijuana
were found in the bag, but
the owner of the bag has not
. been identified by officials.

Police investigations are
continuing.



CP os a Co ar ae ot See ote tL

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PAGE 4, FRIDAY, MAY 27, 2005

EDITORIAL/LETTERS TO THE EDITOR

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.) LL.D., D.Litt .

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

A good day for Acting Prime Minister

IN THIS column yesterday we suggested that -

our readers not miss a letter by The Nassau Insti-
tute on the CSME, which was to have been pub-
lished on this page today.

We must apologise for getting our wires
crossed. This letter was published on this page in
yesterday’s edition of The Tribune. We hope
you have read it.

KR

Hopefully parliamentarians got the message
when the public gallery broke into applause dur-
ing the acting Prime Minister’s reading of the
Budget communication on Wednesday. Speaker
Oswald Ingraham warned those sitting in the
gallery that no matter what their feelings they
could in no way express them, even by applause.

“T believe,” said acting Prime Minister Cynthia
Pratt as she read the Budget Communication in
her position as acting Finance Minister, “that I
am speaking for the Rt Hon Prime Minister and
my colleagues in government when I say that in
our capacity as ministers, we endeavour to meet

the criterion of good governance which the 17th’

century poet John Milton stated as follows:

“... when complaints are freely heard, deeply
considered, and speedily reformed, then is the
utmost of civil liberty attained.”

‘We hope parliamentarians noted the applause,
which expressed a people’s frustration at much

. foot-dragging in legislative business since May
2002. °

Wednesday was an historic day of firsts.

It was the first time that a woman had acted as
Finance Minister and in that capacity had pre-
sented the Budget. . -

Debate on the Budget will open next
Wednesday.

There was also another first when Mrs Pratt
announced that Mrs Wendy Craigg, who has
had a record of distinguished service at the Cen-
tral Bank, would head that institution. She will be
the first woman to do so. She replaces bank Gov-
ernor Julian Francis who has resigned his post to
take on the chairmanship of the Grand Bahama
Port Authority.

A business-like atmosphere was injected into
Wednesday’s proceedings as the acting Prime
Minister walked her colleagues from the Cabinet
building to parliament, and proceedings started
on the stroke of 10.30am with every parliamen-
tarian in place and ready to do the people’s busi-
ness. This could be considered another first from
the usual lounging, slouching and drifting in at
any hour as if time was of no concern. Mrs Pratt
is a disciplinarian, who seems to have already
set the tone. We hope this is the beginning of a
new attitude by parliamentarians to their public
duties.

After his usual welcome to members, Speaker
Ingraham announced that he was laying on the
table of the House the Auditor General’s report
for the year 2001. He wanted to make certain that
at least the Public Accounts members each
received a copy and assured other members that
the remaining copies for that year were being
printed, so that they too would have a copy.

Brent Symonette, chairman of the Public —

Accounts committee, thanked the Speaker but
hoped he would succeed in getting the reports for
the “succeeding years in short order.”

This should be a priority. No one can operate

a business without up-to-date accounts and gov-
ernment is big business which has been limping
along without this vital information. So far there
have been no accounts for the Christie years —
from May, 2002.

It is hoped the statement in the Budget Com-
munication that government intends the updat-
ing of the national accounts data to be an annu-
al process.“‘so that the Bahamas will have avail-
able, as in 2005, up-to-date national accounts at
all times,” means that there is the intention to
supply the Auditor General with his informa-
tion on time so that he too can produce up-to-
date accounts for the House.

It was said that to assist in getting the nation-
al accounts current the “Ministry of Finance will
ensure that the Department of Statistics receives
whatever technical assistance is required.” It is
hoped that the same assistance will be given the
Auditor General. -

Much emphasis was put on public sector
reform in the 2005/06 Communication.

It was pointed out that there must be a link
between “public sector pay and productivity and
to the enhancement of the competitiveness of
the economy.”

However, said Mrs Pratt, in “view of what
has been said about the fiscal situation, it is‘cru-
cial that any pay increases have regard to the
capacity of the Consolidated Fund to meet the
increases without additional taxation.”

We hope members of government will set
the example in this. Cutbacks have to be made if
government is to contain the ratio of govern-

ment debt to GDP. She told the House that the. |

ratio of revenue to GDP of 20 per cent was
becoming increasingly hard to achieve “because
of the narrowness of our revenue system, heav-
ily dependent as it is on Customs revenues and
the non-taxation of services.” She said that the

‘ “expansion of essential public services has result-
ed.in fiscal deficits emerging which have been met
by borrowing. As a result, the level of govern-
ment debt to GDP has risen inexorably since
the year 2000.”

As a result in the “2005/2006 budget govern-
ment is aiming to continue the ratio of govern-
ment debt to GDP to under 38 per cent.

“By this step,” she said, “the government is
continuing the process commenced in 2002/03
of controlling the fiscal deficit so as to bring the
ratio of government debt to GDP down to about
30 per cent within a five-year period.”

- The object was not to fire public servants,
but to demand improved productivity and an
understanding that salary demands cannot exceed
what government can afford to pay.

Although the budget has provided some fund-
ing in anticipation of pay increases for public
servants and related groups, there will be no pay
increases and benefits for Ministers, Ministers of
State, Parliamentary Secretaries and Members of
Parliament and the. Senate. Bahamians
would have been alarmed if this had been oth-
erwise.

To meet the goal of controlling expenditure
there have to be cutbacks.all round. Ministers
should set the example by re-examining not only
their travel expenses, but also the unnecessary
trips they make abroad as well as the other
perks that they seem to expect as a matter of
course.



Discussions

0)



CSME

arguments

EDITOR, The Tribune -

The following is correspon-
dence between Sir Ronald
Sanders, a former Caribbean
diplomat who writes a column in

’ The Tribune every Monday, and

Ashton Ferguson, a College of
the Bahamas student.

Dear Mr Ferguson.

Thank you very much for
your e-mail below which I
intend to reply to in full. Suf-
fice to say now that I am
delighted to have received your
message. You have renewed my
confidence in the thinking abil-
ity of the youth of our one
Caribbean. I was most im-
pressed with the thought you
have given this matter.

I will reply at length.

Regards,

Sir Ronald Sanders

Following is Mr Ferguson’s
letter to Sir Ronald.

Good day Mr. Sanders, my
name is Ashton Roscoe Fergu-
son. I am a 19-year-old student
of the College of the Bahamas.
I am an ardent reader of your
editorial World View in The
Tribune.

I must commend your com-
mand of Caribbean political
issues and I have developed a
significant level of respect for
you as an academic. I find your
column to be very interesting
and informative.

I think the staunch opposi-
tion to the CSME among the
public is fed by the fact that the
masses are misinformed about
the CSME.

However, I also find some
issues pertaining to the CSME
to be unclear.

There are several very criti-
cal arguments that continue to
go unanswered or are answered
unsatisfactorily and there are
apparent illogical motives
behind the issue of joining the
CSME.

First and foremost, one must
note that economic activity
between the Caribbean nations
and the Bahamas is almost so
minute that it could be consid-
ered negligible. CSME is a
regional economic integrative
bloc. It seems illogical for the
government of the Bahamas to
join in an economic bloc with a
region in which it has almost no
economic activity.

Our participation within the

Caribbean is principally cultur-

al and political. Any coalition
between the Bahamas and the

LETTERS



letters@tribunemecdia.net

Caribbean should be geared
chiefly at these two principal
areas of concern as opposed to
an economic integration.

Additionally, it is widely
accepted that the Bahamas
would be exempt from the free
movement of labour, the mon-
etary union and the Caribbean
court of Justice.

If the Bahamas would be
exempt from these three prin-
cipal conventions of the CSME
arrangement, what sense does it
make joining in the very first

- instance?

These are three of the most
crucial components of an eco-
nomic union. To be exempt
from these three conventions
amounts to practically non-exis-
tence or non-particpation in the
CSME.

Another area of concern was
highlighted by Dr Gilbert
Morris.

Dr Morris proposed that the
exemptions granted to the
Bahamas are only temporary,
and eventually an end can be
expected to the preferences
granted to the Bahamas.

If this is the case, the CSME

, can indeed be a dangerous ven-

ture for the Bahamas. The frag-
ile mak-up of our society and
economy can at no point in time
accommodate the free move-
ment of labour into the country,
and therefore the CSME can in

‘fact turn out to be very detri-
‘mental to the Bahamas in the

long run.

(Before I venture any fur-
ther I request of you to have
open an atlas comprising the
Caribbean region in front of
you as I proceed).

None of the islands of The

Bahamas lie on or face the’

Caribbean Sea. It is my belief
that it is the similar historical
background and present way of
life that serves as the unifying
factor of the islands of what are
presently known as the
Caribbean.

The Bahamas and the
Caribbean share a similar his-
tory and culture.

Therefore I am a proponent
of the Bahamas joining the
Caribbean Court of Justice.

The English are apparently
trying to wipe their hands clean
of burdensome nations. The
Privy Council has already pro-
posed a scale down in the mag-

nitude of its operations in the .

near future due to financial con-
straints.

The British closed down their
embassy in the Bahamas in the
early part of the year. It is time
a message be sent that the
Bahamas could stand indepen-
dent of Britain in every sense
of the word.

Through solidarity and co-
operation throughout the
Caribbean community, the
Caribbean Court of Justice can
prove to be a very beneficial
venture for the Caribbean.
Nonetheless, economic integra-
tion can prove very dangerous.

Recall the West Indies Fed-
eration in 1961 and 1962.
Jamaica and Trinidad were the
most populous and progressive
nations in the organization and
withdrew from the organization
because of their perception that
they would be shouldering the
burden of the other economi-
cally underdeveloped Cane
bean nations.

Now the tables have fanned.
The Bahamas is now THE most
progressive nation, economi-
cally, in the Caribbean and now
the pressure is on the Bahamas
to join.

Why should the Bahamas
now join to shoulder the bur-
den of the same nations that
once turned their backs on the
other Caribbean nations for the
same reason?

Presently, the position of the
Bahamas is regarded as bor-
derline as regards the
CSME.

We sustain ties to the COME
but we are not fully engaged as
a member in every regard.
Nonetheless, even as a border-
line member, we are still the
backbone of the CSME.

The Bahamas is the largest
financial contributor of
the member nations to the
CSME, not to mention the fact
that only The Bahamas,
Trinidad and Jamaica are cur-

- rent on their annual member-

ship dues. Mr.

Sanders, with all due respect,
don’t you think the Bahamas
should take its time to consider
the effects of joining this COME
instead of rushing into it?

Or better yet, why can’t we
continue on our present trend?
We are doing quite well inde-
pendently and still retain our
ties to the Caribbean region, so
why attempt to fix what is not
broken?

ASHTON FERGUSON
Nassau :
May 2005

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THE TRIBUNE

FRIDAY, MAY 27, 2005, PA = 5.



ee. ee eee eee ee eee
Plans proposed to reduce

waste by up to 15 per cent

@ By KARAN MINNIS

THE Ministry of Health has
received two new contact pro-
posals for the overall manage-
ment and treatment of waste.

Both companies are offering
proposals that will reduce the
flow of waste to the Harrold
Road dump by 10 to 15 per cent
through recycling.

Health parliamentary secre-
tary Ron Pinder added that one
company is offering a long-term
plan to implement a waste ener-
gy facility, which will break
down waste into a reusable
energy source capable of gen-
erating electricity.

In-order to reduce the fre-
quency of spontaneous com-
bustion and industrial fires at
the dump, the ministry has
implemented several new mea-
sures, including the construc-
tion of eight to 12 water wells
surrounding the compound.

“This will ensure easy access
to water in the case a fire
occurs,” explained Mr Pinder.

The fire department has sup-
plied the Harold Road facility
with a portable pump to ensure
that the well water can be easi-
ly retrieved.

“We have also began to sort
the bulk of waste currently at
the dump into sections such as

green waste, dry wood, and
scrape metal,” said Mr Pinder.
“This will also reduce the occur-
rence of spontaneous combus-
tion and industrial fires."

In March, the Ministry of
Health said it would build a
road around the site and com-
plete fencing of the facility and
additional lighting.

So far, a portion of the facili-
ty has been fenced in.

Mr Pinder said that the rest of
the work will be completed as
soon as the relevant contracts
are signed.

“We have also heightened
security at the dump site to
reduce the amount of scav-
engers, and to ensure that per-
sons are disposing of their
garbage correctly,” said Mr Pin-
der. “Once the garbage is dis-
posed of at the site it is covered
almost immediately. This is
done as a preventive measure
against scavengers.”

“Our plans are not fool-
proof,” said Mr Pinder. “But
fire prevention and waste man-
agement is an on-going process.
However, we have indeed
improved the over-all manage-
ment of the facility.”

The last fire to occur at. the
dump was on March 14, and
was said’ to have been caused
by scavengers.





& THE Harrold Road dump, where industrial fires frequently start



Disney clear-up underway at Guana Cay

EFFORTS are underway to
clean up hazardous waste, aban-
doned equipment and derelict
buildings at the former cruise
ship facility at Baker’s Bay.

The remediation programme
on the northern tip of Great
Guana Cay in the.Abacos is
expected to cost more than $1
million and take several months

’ to complete, according to Doug
Shipman, project manager for
the environmentally sensitive
residential resort that is planned
for the Baker’s Bay property.

Mr Shipman said Discovery
Land Company — the develop-
ers — had awarded the clean-up
contract to American Bridge,
the company which recently
completed construction of the
Marsh harbour container ter-
minal. American Bridge is
working with numerous
Bahamian sub-contractors.

The shore facility had been
leased from the previous owner
of Baker’s Bay — Ludwig Meis-

FOR 3 IN 1 LAWN SERVICE
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Tropical Exterminators
$22-2157



BERR:

FRIDAY
MAY 27




i Bahamas @ Sunrise - live
17:30 Community Page

; Immediate Response
ZNS News Update - live
Immediate Response
1:00 Health For The Nation
1:30 Gimmie A Beat II

2:00 Mr. Ballooney B.

2:30 Treasure Attic

3:00 Kenneth Samuel

3:30 Lobias Murray

4:00 Video Gospel

4:30 Gospel Grooves

4:58 ZNS News Update - live
5:00 Inside Hollywood

5:30 Cinema, Cinema, Cinema
6:00 One Cubed

6:30 News Night 13

7:00 Bahamas Tonight

8:00 Da’ Down Home Show
9:00 3’D’s Funk Studio

9:30 The Lounge

10:30 News Night 13

11:00 Bahamas Tonight

11:30 Immediate Response
1:30 | Community Page

SATURDAY
MAY 28

6:30 | Community Page
9:00 Bahamas @ Sunrise
10:00 Treasure Attic

10:30 CMJ Club Zone
11:00 Kids On The Move
11:30 Cybernet
12noon This Generation


































NOTE: ZNS-TV 13 reserves the
right to make last minute
NIT UMMA



ter — by Premier Cruise Lines,
and developed under contract
with Disney. It catered to thou-
sands of passengers a week
between 1989 and 1993, after
which it was simply abandoned.

“To give cruise ships access
to what Disney liked to call
‘Treasure Island’, massive
dredging was undertaken to cre-
ate a 45-foot deep, three-mile

- channel into the bay with a

3000-foot turning basin,” Mr
Shipman said.

“The dock that was built for
water taxis will be used tem-
porarily by the Baker’s Bay

development to bring in sup- |

plies, and then will be removed.
The natural beach dunes will
be restored and native vegeta-
tion will replace the invasive
casuarinas, which contribute to
coastal erosion.” ,

In addition to removing trash
and debris from inshore waters,
the developers are also trans-
planting corals to artificial patch

reefs to replace those smoth-
ered by the cruise ship dredging.
The artificial reefs will eventu-
ally be used as an environmen-
tal education snorkelling trail.
The abandoned facility
included dolphin pens, a 500-
seat ampitheatre, canteens,
walkways, restrooms, shops, jet-
tys and other infrastructure.

Hazardous

“Spread over 90 acres, the
Treasure Island complex in-
cludes buried dumpsites, aban-
doned fuel tanks, rusting 55-gal-
lon drums, electrical transform-
ers and other hazardous mate-
rials that require removal and
mitigation,” according to the
Baker’s Bay environmental
impact assessment.

The EJA’s mitigation plan for
the complex calls for clean-up

of contaminants, dune restora- —

tion, reinstatement of native

Aer Cera! former premier
goes before judge
to hear charges

@ HAITI
Port-au-Prince

HAITIAN authorities took
a former prime minister
before a judge Wednesday to
hear charges of orchestrating
political killings, more than a
month after he started a
hunger strike to protest his
nearly year-long incarceration
without charge, according to
Associated Press.

Yvon Neptune went before
a judge in a close-door session
in the western town of St
Marc, where he is accused of













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masterminding the killings of
at least 25 political opponents
during the February 2004
rebellion which ousted Presi-
dent Jean-Bertrand Aristide,
said Pierre Esperance, whose
National Network for the
Defense of Human Rights has
been monitoring the case.
International pressure had
been mounting on the inter-
im government to either
charge or free Neptune, who
denies wrongdoing and started
a hunger strike on April 17 to
demand his unconditional

release.





ade Draperies















vegetation, wetland restora-
tion, and proper management
of wildlife habitats.

Australian pine and Hawai-
ian beach cabbage (Scaevola
sericea) are prevalent in the
altered areas. Both of these
species are on the BEST
Commission’s list of invasive
alien plants to remove from
coastal landscaping.

The native plant pro-

gramme is being supervised
by Keith Bradley of the Insti-
tute for Regional Conserva-
tion in Miami. He has been
contracted to work with the
University of Miami Envi-
ronmental Management
Team overseeing the Baker’s
Bay development.

Mr Bradley has spent sev-

eral weeks identifying a num-_

ber of rare plants. —

“relations.

Bahamasair
managers
are ‘still not
represented’

@ By KILAH ROLLE
Tribune Staff Reporter

_ NEARLY 100 Bahamasair
managers are still waiting to be
fully represented by the Public
Managers Union.

The managers claim that
their employer, which is legally
obliged to commit to the union,
has yet to officially recognise
the PMU as a bargaining agent.

The PMU was recognised by
Minister of Labour and Immi-
gration Vincent Peet as a bar-
gaining agent for mid-manage-
ment staff on October 15 last
year.

PMU president Elton Gib-
son said he. presented Bahama-
sair management with a recog-
nition agreement three months
ago — but to date, “management
has refused to discuss any
attempt to execute such a doc-
ument”. ;

He said: “The union has
demonstrated that it is willing to
work in harmony with the

national flag carrier, however,

the union will not sit idle and
not be respected.”

The PMU represents 96
Bahamasair employees, or 90
per cent of the managers. .

Phyllis Johnson, speaking on
behalf of Bahamasair middle-
management, said that the
company is poised for privati-
sation, yet has failed to put an

‘agreement in place that will-

contribute to positive working

She said: “We are.a group of
qualified aviation professionals
who contribute to the success
of our company. We need
something in place to protect

“us and to make sure that are
efforts do not go unnoticed.”

Ms Johnson added all
employees in middle manage-
ment have been appraised and
evaluated, but they have yet to
see any results of that evalua-
tion, such as salary increases.

‘Gregory Collie, secretary of

PMU; said: that. the-union is

already concerned.about ‘sev-

“ eral-issues; ‘including salaries,

terms and conditions of workers
and many other “anomalies.”

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THE TRIBUNE

MAY 27, 2005

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Club Ins

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(bottem and right).

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FRIDAY, MAY 27, 2005, PAGE 7

- “4

THE TRIBUNE
ere ESS

death in Club Insomnia blaze

FROM page one

million.

The nightclub manager said
the club was not- insured
because they were in the

process of facilitating a punch -

list given by Star Insurance.
Mrs Lewis said that to her
knowledge the last visitors to
the property were guests attend-
ing a private party that ended
shortly after 3am on Thursday,
just three hours before the fire
is reported to have started. The
club did not have a watchman
on duty.
Mrs Lewis said that no can-
dles or torches were used at the
private party, and the club does

+ not have a restaurant, which

leaves her only to conclude that
the blaze was “a vicious
attempt” to stifle the success of
the popular new club.

Responding to why someone
would want to burn the club
down, Mrs Lewis said, “It’s just
human nature I suppose. People
out there are afraid to face the
competition fairly, and so they
find it easier to attack in this
sort of way. It’s sad, but it hap-
pens,” she said.

Mrs Lewis said the fire comes
on the heels of a series of sus-
picious events.

Last Thursday during the
usual Lady’s Night event at the
club, Mrs Lewis said the power
to the building was cut for
almost half an hour. She said it
was later discovered that some-
one had tampered with the
meter room that supplies power
to the building. ;

On the following day, she
said, the club’s staff realized
that the phone lines had been
disconnected. Bahamas
Telecommunications Company
(BTC) was contacted to rectify
the problem. It was then that a
BTC workman informed the
staff that the telephone lines
had been cut.

“Now, just seven days after
all these things happened the
place has been burned down,
we don’t have insurance, it is
all very suspicious,” said Mrs
Lewis.

According to officer Dele-
veaux, the fire branch respond-
ed to the fire immediately after
receiving a call from an off duty
police officer, who, passing the
Saunder’s Beach area, saw the
local night spot engulfed in
flames.

He said seven engines and 26
firemen were dispatched to the
scene around 6.30am, and
worked to extinguish the flames
with water from a pond at the
eastern end of the building.

However, firefighters had to
revert to sea water from nearby
Saunders Beach when the pond
water started clogging the fire
hoses.

Mr Deleveaux said the fire
was more difficult to extinguish
“because the roof was made of
tin which conducts heat rapidly,
and there were also substances,
possibly used during the refur-
bishment of the building, that
were highly flammable.”

Firefighters also confirmed
that portions of the roof
showed signs of deterioration.

As for the future of Club
Insomnia, Mrs Lewis said they
intend to reconstruct the
premises, “because no lives
were lost, only material things
that can be replaced.”

The club employed between
40 to 50 full time and part time
workers and usually grossed an
estimated $18 to $20,000 on the
door and bar each night.

Mrs Lewis thanked the public
for patronizing the club since it
opened for business in March.

Investigations into the fire are
continuing.

@ MEMORIAL DAY

HOLIDAY

THE US Embassy will
be closed on Monday May
30 in observance of the
Memorial Day holiday.

All embassy sections will
be closed.

Normal operations,
including the processing of
visa applications, will
resume on Tuesday May
31.


PAGE 8, FRIDAY, MAY 27, 2005

SANTANDER INVESTMENT BANK LIMITED

BALANCE SHEET
AS OF DECEMBER 31, 2004
(Expressed in thousands of United States dollars)
2004 2003
ASSETS
Cash and due from banks tye :
Demand - Group se : ; ¢ $1,151 $ 1,268
- Others se : eo ae eels 342. ; elo
Ela Pe a hye LRT, RG Se
Time - Group (Note 13) ° 8 & See =. 37,589. eee
Total cash and due from banks oe Save te pa eae ta cael, BIE! SO NOE ee
Accrued interest receivable and other assets, oo ‘ eee ee card Po ue
- Group pT Annee ee EMU Te Ben, a ee: SAO RR 9 ee SS ee
- Others oA ate Fo a OA a MMOD 2 B82 ot
Loans, net (Note 3)20° 0°00 be BUS De P2890 MO 784 Ah
Securities (Note4) Pe ie 16,566 61,063, 2 os
Investment in subsidiaries (Note 5) he Z 48,271 59,196
TOTAL apa $ 370,929 $ 568,567
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Due to banks ht : : -
. Time - Group “ =~" §- 299,452 $ 486,804 _
Accrued interest payable anid other liabilities (Note 7) ;
- Group 1,367 2,540 ~
- Others ve «1347 _. 1,375
' ee 2,714 “ 2915: we
Total liabilities ekg he 302,166 490,719
SHAREHOLDERS' EQUITY: es es Pa ey ah keats,, fee ne
Share capital (Note 8) : ik 10,000 10,000
‘Contributed capital = 501,149 501,149
Accumulated deficit : / (442,386) (433,301)
Total shareholders' equity 68,763 77,848
TOTAL "$370,929 $ 568,567

See notes to balance sheet.

The balance sheet was approved on behalf of the Board of Directors on March 28, 2005, and is
signed off i alf by:

/




Director

NOTES TO BALANCE SHEET
DECEMBER 31, 2004
(Expressed in thousands of United States dollars)

1. GENERAL
| Santander Investment Bank Limited. (the “Bank”) was incorporated on November 1, 1989

under the laws of the Commonwealth of The Bahamas (‘The Bahamas”) and is licensed to
carry on banking business from within The.Bahamas. The Bank’s ultimate parent is Banco

Santander Central Hispano, S.A. (the “Parent”), inoornoraies in _ and with reginisred are

office at Paseo de Pereda, 9-12, Santander (Spain).

The Bank’ s investment ‘strategy. is: focused on emerging maken ttinacity 3 in Latin ‘Aihara ee he
countries. The Bank’s tegistered office is at:Corner Shirley. and Charlotte ee Bahamas site

Bimarcial Center, 3rd, Floor, Nassau (The Bahamas),

7 2003).



eB ie SIGNIFICANT ACCOUNTING POLICIES”



he The following i is a summary of the significant a accounting policie’ followed a the Bank:

ne BBE a: - Basis of accounting presentation : ‘The’ talaios sheet has been prepared i in accirdance

with: ‘International ‘Financial Reporting Standards, .as: published . by ‘the ‘International:

Accounting Standards Board, ‘effective as: of December 31; 2004. All balances
described in the balance sheet as “Group” relate to Banco Santander Central Hispano,
S.A. and its subsidiaries.

Based on’ the economic substance of the underlying events and circumstances, the
measurement and ‘reporting currency. of the Bank has been determined to be the US
dollar. ©

b. Loans, net- Loans are stated at amortised cost, which generally comprises the principal
amount outstanding, less unearned income and an allowance for loan losses as described

in paragraph (e).

c. Securities - Securities & on the Bank’s balance sheet are classified in one of the following co

categories at the time of their acquisition: trading, held-to-maturity and available-for-

sale. Realized and unrealized gains and losses on securities are defermined using the:

specific identification method..

Trading securities thalode those securities which are held with the intention of profiting cee

from short-term price movements and are carried at the fair value, as adjusted for gains
and losses on committéd sales and purchases. Fair value is determined as the market
value of the securities. As of December 31, 2004 and 2003, there were no outstanding
balances of trading securities.

Securities that the Bank has a positive intent and ability to hold to maturity are classified
as held-to-maturity. Such securities are carried at amortised cost (cost adjusted for
amortisation of premiums and accretion of discounts). Held,to-maturity securities are
written down to fair value with a charge to the statement of i income, if the fair value
indicates an impairment in the value of the investment. ‘As of December 31, 2004 and
2003, there were no outstanding balances of hele-fo-mmatuaity securities,

Securities that are not considered trading securities or held-to-maturity securities are
classified as available-for-sale. Such securities are carried at fair value. For fixed
income securities, fair value of listed securities in this portfolio is deemed to be the
market price on the last day of trading of each year and that of unlisted securities to be
" the current value at the interest rate prevailing on that date. For equity securities, fair
value of listed securities is determined as the market price on the last day of trading in
the year. Unlisted securities are carried. at cost; fair value is determined, only for
impairment purposes, as the underlying book value of the holding per the latest available
financial statements of the investees adjusted for i impairment. Securities are reviewed at
each balance sheet date for impairment. The recoverable amount of the debt

instruments is the present value of future. cash flows discounted at the current ‘interest

rate fora similar financial asset. rey

d. Investment in “subsidiaries, : favéatineae in “subsidiaries : is canted at cost. All”.
subsidiaries are‘unlisted. . If the carrying amount in the Bank’s books is higher. than the - us
underlying book value of the Subsidiaries per the latest available. financial statements,
adjusted by unrealized gains, ‘this situation. is. deemed. as an impairment-loss...In./: . -
accordance. with. International Accounting | Standard: 27 “Consolidated, Financial foe

Statements and Accounting for Investments in Subsidiaries”, the Bank’ does not. present
a consolidated balance sheet: because the’ Bank i is ultimately a wholly owned ee
of the Parent (see Note D. SES ;

e. Credit loss. ‘glioianed:- "For ‘financial assets carried. at: i: amortioed cost,. whenever itis’ aes,
probable ‘that the Bank will not. collect.all amounts due. to the contractual terms:of the...
operations the financial assets. are stated net of, an: impairment or bad debt loss on thé:
balance sheet. The: carrying | amount of: the assets included i in the captions- “Due from:
ies - banks” and “Loans”:i in the accompanying balance sheet are réduced to their recoverable

amount through the-use ofa a credit loss allowance.







The. average nuinber of staff employed by the Bank dng the ‘year = 2004 was 3 « aig ws 7 5





oo telationship at the inception of the. hedge, (4): for-cash flow’ hedges, the forecasted’

THE TRIBUNE

The credit loss allowance is estimated based on the Bank’s credit loss experience and
management’s evaluation of the collectibility of the risk transactions under current .
_ economic conditions.

These estimates are reviewed periodically and as adjustments become necessary they are
reported in operations in the periods in which they become known. Debts are set off
_ against the allowance when management believes the uncollectability of the principal is
certain. Accrual of interest on. debts is discontinued when, in the opinion of
management, the collectibility of sich interest is no longer probable. As of December
_. 31, 2004 and 2003 the amount of accrued interest on pata loans is not
beaut : .

The Bank maintains ‘in. allowance for possible iosses that may. arise in the realization of

Bo loans, credits and depbsits placed with finance entities, relating:to public and private | s
_“ », sector-entities ‘in problem debtor ‘countries: experiencing differing degrees of debt-. © -;
fe servicing difficulty ‘and/or liquidity problems. ‘The allowance is calculated on the basis:



"of the macroeconomic condition ‘being experienced by each, country (factors considered -

ae ie by management for this calculation include significant. current account deficits, drastic we
o .. ebrréncy. devaluation. and sharp og in’ stock exchange Price in: countries where ‘the . i
* Bank has asset ‘apomires). ;

2 Foreign currency éaitalion - Assets and liabilities maintaiied in currencies other

a “than U.S. dollars are translated at rates of exchange prevailing at the balance sheet date.

Derivative financial instruments - Derivative financial instruments that are not
designated as hedging instruments are classified as held-for-trading and carried at fair
ine! bs

On inception, the Bank identifies certain derivatives as either a) a hedge of the fair ‘alue : :
of an asset or liability (fair value hedge) or b) a hedge of the exposure to variability in’.
cash flows attributable to an asset or liability ora forecasted transaction.

The Bank’s criteria for classifying « a derivative instrument as a hedge include: dad the’
_-hedge transaction is expected to be highly effective in achieving offsetting charges in

B fair value or cash flow. attributable to the hedged risk, (2) the effectiveriess of the hedge’

. can_ be. reliably measured, (3) ' there is adequate” ‘documentation . of | the. hedging



transaction ‘that: is subject of the hedges must. be highly. probable and must present.an °°" :

ets ., exposure to variation in cash flows that could ultimately affect profit or loss, (5) the”







~~ hedge is assessed on an ongoing: basis and determined actually to have been highly . SS

effective throughout the financial reporting periods for which the hedge was designated.

Derivatives classified as fair value hedges are carried at fair value. The carrying amount ~
of the hedged asset or liability is also adjusted for changes in fair value attributable to
“hedged risk. ee

Changes in the fair value of a hedging derivative which qualifies asa highly effective
. cash-flow hedge are recognised directly in equity.

When the hedge no longer meets the criteria for aiualifisetica! for hedge accounting,
hedge accounting is discontinued prospectively. In this case the cumulative gain or loss
on the hedging instrument that has been reported directly in equity is retained i in equity
until the committed or forecasted transactions occurs.

Transactions with related parties - In the normal course of business, the Bank enters
into transactions with related entities. These transactions include inter alia, the funding
of loans and investments and transfers of assets and liabilities (see Note 13).

Taxation - Under the regulations of the Commonwealth of The Bahamas, the, Bank is
not subject to income tax: Therefore, no liability for income taxes has been included in
the above balance sheet.

Provisions for guarantees provided - A provision for guarantees provided is recognised
when the Bank has a present obligation as a result of a past event and it is probable that
an outflow of embodying economic benefits will be required to settle the obligation, and
.. a reliable estimate can be made of the amount of the obligation. These provisions are
reviewed at each balance sheet date and adjusted to reflect the current. best estimate oes ey
Note 7), .

Fae etl edad SSP,

- Use of cacteeates ie the pieguataitan oft balance sheet - The. preparation of the balance

_ ‘sheet. in conformity with International : Financial - ‘Reporting "Standards ‘ requires:
~. “management to make estimates and assumptions that affect the reported amounts of a

~.assets and liabilities and disclosure of. contingent assets and liabilities at the date of the.) :

1... “balance sheet. Actual results could differ. from-those estimates. ° Material‘estimates that °° ~
2s are particularly . susceptible ‘to change in the ‘near’ and :medium term relate .to: ‘the

+ determination of the allowance’ for loan losses and eoalisabiity of investments iti, Groh. .
“ante entities and soe investment securities, Boe,

ce Going c concern - £On jane 23, 2004 the Board of of Directors issued a kasha in whieh: ape

* the Bank’ agreed to; maintaining its. corporate personality and banking license in the

Commonwealth of The Bahamas, proceed to the progressive transfer of its assets to _

.* Santander Central Hispano Group (the “Group”) companies. The mentioned transfer of
assets to Group companies is not deemed to give rise to any ‘liability or provision that

“would need to be registered in the balance sheet referred to above.

LOANS, NET
Loats are Saeed as follows:

2004 2003 |

Group loans: - $ 97,000 $ 215,500

Otherloans . 164,235. 204,154
261,235 «419,654

"Less: Credit lossallowance. oS 22,146) __(14,870)

S 239,089 - &. dosiies te

: er As of December 31, 2003, the caption: “Group loans” included a iban guaranteed — a ious
me company amounting to $118,500. In March 2004, the Bank transferred the eras toa es :



eb ‘Investment i in subsidiaries i is comprised as follows:

semipeny at net amortised cost.



The activity in the credit loss allowance was as follows:

Balance, end of year 2002 : - $ 16,263



Add: impairment losses on loans, net . i 67,672:

Amounts used in loan forgiveness ; (232)

Transfer (to) other allowances Due from banks ___(68,833)

Balance, end of year 2003 ‘ ‘ 14,870

Add: impairment losses on loans, net 46,250 Cd
Amounts used in loans devaluation (1,586) Ro
Transfer (to) other allowances Cash and Due from banks __(37,388)

Balance, end of year 2004 $._ 22,146

The Bank has recorded during 2004 a credit loss allowance of $37,599 related to a deposit
granted to a group company (see notes 6 and 13), which is included in the caption “Transfer
(to) other allowances Cash and Due from banks”, in the activity in the credit loss allowance

_ during 2004.

SECURITIES

‘ Seciitities comprise available-for-sale, fixed i income and equity securities issued by private

sector entities in emerging countries.

eo INVESTMENT. IN ‘SUBSIDIARIES |

2006 = 2003.

s Group companies: ‘ a Be ee ; enced
Gost . Rigdon DA «G25 8906.- $270,076.”
“2: Book value ae | ‘$48,271 $59,196 |
THE TRIBUNE

e.

As of December 31, 2004 and 2003, the Bank has investments in five and six Group
companies, respectively, which are involved in non-banking commercial activities either
directly or through related companies.

During 2004, one of the Bank’s subsidiaries ended its operations and was put into liquidation.
Difference between the cost of the investment and the cash obtained by the Bank resulted in a
net loss of $10,312.

As of December 31, 2004 and 2003, the allowance recorded for impairment amounted to
. $210,435 and $210,880, respectively.

~ The Bank’s share of aggregate net assets of these companies (as of the underlying book value
. from the latest available balance sheet) amounts to approximately $140,658 and $95,418 as of
December 31, 2004 and 2003, respectively. on

Total assets of ‘subsidiaries amounted to approximately $1,083,589 and $1,037,531 as of
‘December 31, 2004. and 2003, respectively. These companies have registered a net income of
“approximately $377 ‘as of December 31, 2004 (net: income of approximately $13,452 as of
“.. December. 31,-2003). Subsidiaries’ total assets and.net loss do not include consolidation

~~ adjustments that would result if the Bank presented consolidated balance sheet (see Note 2d).

The activity in the allowance for impairment was as follows:

Balance, end of year 2002 $ 186,469

Impairment loss 24,440
. Reversal of impairment (29)
, Balance, end of year 2003 210,880
‘, Impairment loss 9,944
®” Reyersal of impairment (10,389)
* Balance, end of year 2004 $ 210,435

6. | CONCENTRATION OF CREDIT RISK

. The Bank provides investment, financing and related services to Group companies and other
= eustomers including corporations and institutional and individual investors. The Bank’s
-“’ exposure to credit risk associated with these transactions is measured on an individual
“customer basis. To reduce the potential for risk concentration, credit limits are established and
monitored in light of changing market conditions and customers.

“In the normal course of providing ‘such services, the Bank requires collateral ona basis
‘consistent with industry practice. The type and amount of collateral is monitored and
: counterparties are required to provide additional collateral as necessary.

x As of December 31,, 2003, included in the caption “Cash and due from banks Time -Group”,
~ the Bank had registered a deposit given to another Group company (see Note 13) located in
' Argentina in the amount of $206,395. As of December 31, 2003, the allowance recorded for
.. impairment of this deposit (included in the caption “Cash and due from banks time-Group”) to
cover the current uncertainty and possible future events-in Argentina amounted to $168,797
(see Note 13). During 2004, the Bank recorded a credit loss allowance of $37,599 in order to
cover 100% of the amount of the deposit. Subsequently, during 2004, the deposit and the
_ credit loss allowance were held off-balance sheet because of the lack of payments of principal
by the borrower in the past years. ; —

7. ACCRUED INTEREST PAYABLE AND OTHER LIABILITIES

Accrued interest payable and other liabilities are comprised as-follows:

2004 2003
Group: . ,
Provision for guarantees provided (Note 11) $ 1,034 $ 1,034
Accrued interest payable ~ 333 1,506
$ 1,367 $ 2,540
_ Other:
2 Other accounts payable “"* ie Ob Aaa th Gr ee Un adie PoE “gy 399 feel aa'e 1,361

Accrued interest payable 18 14
loot nd Yo gebiagee ee 7" raleat hey was teedium GAN ML SF Ges 1,998

8° SHARE CAPITAL

|. As of December 31, 2004 and 2003, the shate capital of Santander Investment Bank, Ltd.
- consisted of 10,000 authorised, issued and fully paid registered ordinary shares of $1,000 each.

_. 9. | MATURITIES OF ASSETS, LIABILITIES AND EQUITY

The scheduled maturities of the Bank’s net assets, liabilities and equity from December 31,
2004, to the contractual maturity date are as follows (assets and liabilities without fixed
maturity are recorded in the caption “Over twelve months”): ‘

2004 2003
Assets Liabilities Assets Liabilities

Due within one month . $ 4,433 $251,589 $ 2,558 $ 221,507

i One to three months 3,011 35,736 990 75,683
Three to six months 245 12,690 6,957 187,403
Six to twelve months 2,747 - 45 4,534

Over-twelve months 360,493 2,151 _ 558,017 1,592

$370,929 $ 302,166 $568,567 $ 490,719

- The ‘Bank has a negative impact in balances maturing in less than twelve months. However
. management believes that there is no risk as the Bank has access to lines of credit with the
Parent, which could cover any exposure in the maturity of those liabilities maturing in less
than twelve months, of which $299,785 (out of a total amount of $300,015) relate to liabilities

with Group companies.
As of December 31, 2004, assets with a maturity over twelve months include floating rate
i loans (see Note 13). According to the policy of the Bank regarding the reduction of the

potential for interest rate risk, the interest rate periods of such loans are matched with those of
their funding positions.

40. CONCENTRATION OF ASSETS AND LIABILITIES

: The primary concentration of the Bank’s assets at December 31, 2004 is in Mexico and South
é America, where approximately 73.3% (82.3%. at December 31, 2003) of assets are invested.
if “As of December 31, 2004 and 2003, more than 99% of the Bank’s liabilities are with the
3 Group. ;

11. COMMITMENTS AND GUARANTEES PROVIDED

In the normal course of business, the Bank issues, guarantees and enters into underwriting
commitments. Settlement of those transactions as of December 31, 2004 would not have a
material effect on the financial condition of the Bank.

42, DERIVATIVE FINANCIAL INSTRUMENT

The Bank’s outstanding derivative financial instruments (notional amounts), primarily with
_ financial intermediaries, were as follows:. :
2004 ~=—s_-2003

Fair value hedges:
Swaps (Note 13) :

. Unmatured foreign currency, purchase and sale
_ transactions (Note 13) - Sidi tae, Se - $97,000 $ 97,000

. According to the accounting policies followed by the Bank (see Note 2g), as of December 31,
2004, all derivatives are carried at fair value. ae
As of December 31,.2004.and_2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption “Securities” in the
balance sheet as of December 31, 2004 and 2003. During 2004, the Bank has reduced its
participation in this equity investment, adjusting subsequently the derivative coyerance.

‘ gpinion.

FRIDAY, MAY 27, 2005, PAGE 9

.

13. RELATED PARTY BALANCES

As of December 31, 2003, included in the caption “Cash and due from banks Time -Group” in
the balance sheet, there was a deposit placed with a Group company located in Argentina
amounting to $206,395. In July 2002 and June 2003, it was agreed by the parties to extend the
maturity date, from June 2003. to June 2007, and from June 2007 to January 2010 (final
maturity date), respectively. As of December 31, 2001, in connection with this operation, the
Multilateral Investment Guarantee Agency (MIGA), a member of World Bank Group
provided political risk insurance coverage for 90% of the principal amount for the risk of
transfer restriction and expropriation of funds in Argentina, covenant which did not apply as of
December 31, 2002. As a result, the Bank recorded during 2004 a credit loss allowance of
$37,599 ($68,797 in 2003) to cover the current uncertainty and possible future events in
Argentina as of December 31, 2004 (see Note 3), amounting the credit loss allowance to
$206,395 (100% of the deposit). Subsequently, during 2004, the deposit and the credit loss
allowance were held off-balance sheet because of the lack of payments of principal by the
borrower in the past years.

As of December 31, 2003, included in the caption “Cash and due from banks Time -Group” in
the balance sheet, there was a deposit placed with another Group company located in
Argentina amounting to $1,092, covered by a 100% credit loss allowance. During 2004, the
deposit and the credit loss allowance were held off-balance sheet because of the lack of
payments of principal by the borrower in the past years.

As of December 31, 2004 and 2003, the Bank had entered into a swap with a Group company
with a notional amount of $9,970 and $18,646, respectively. This operation covers the
variation in the fair value of an equity investment, included in the caption “Securities” in the
balance sheet as of December 31, 2004.

As of December 31, 2004 and 2003, the Bank had entered into an unmatured foreign currency
purchase and sale transaction with a Group company with a notional amount of $97,000. This
currency swap covers the foreign exchange risk of a loan granted to another Group company
with a maturity date of January, 2006, included in the caption “Loans, net” in the balance sheet
as of December 31, 2004.

14, EVENTS SUBSEQUENT TO DECEMBER 31, 2004

Following June 23, 2004 Board of Directors resolution, the Bank agreed to proceed to the
progressive transfer of its assets to Group companies. The main transactions occurred
between December 31, 2004 and February 28, 2005 (last available balance sheet) is detailed.

In January 2005, the Bank sold. its share in an equity security issued by a private sector entity
which resulted in a gain of $26;878. :

In February 2005, one of the Bank’s subsidiaries ended its operations and was put into
liquidation. Difference between the cost of the investment and the cash obtained by the Bank.
resulted in a gain of $344. ° :

Deloitte.

Deloitte & Touche
Chartered Accountants

and Management Consultants

2nd Terrace, Centreville
; P.O. Box N-7120
INDEPENDENT AUDITORS’ REPORT Neen
‘Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101

To the Board of Directors of http://www.deloitte.com.bs

Santander Investment Bank Limited:.

We have audited the above balance sheet of Santander Investment Bank Limited (the “Bank”) as of
December 31, 2004. The balance sheet is the responsibility of the Bank’s management. Our
responsibility is to express an opinion on the balance sheet based on our audit.

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

In our opinion, the balance sheet referred to above present fairly, in all materials respects, the
financial position of the Bank at December 31, 2004 in accordance with International Financial
Reporting Standards. : =

Without qualifying our opinion, we draw ‘attention to Note 2 1. in the balance sheet that refers to the
June 23, 2004 Board of Directors’ resolution, in which the Barik agreed to, maintaining its corporate
personality and banking license in the Commonwealth of The Bahamas, proceed to the progressive
transfer of its assets to Santander Central Hispano Group (the “Group”) companies. The referred
circumstances may indicate that future operations of the company may differ significantly from past
operations. :

The Bank performs part of its activity with other entities of the Santander Central Hispano Group.

The outstanding balances at December 31, 2004, of the main transactions with the Group and the
results of these transactions for the year then ended are described in the accompanying balance sheet.

Diet 4 Tyoets

March 29, 2005

OAs

Your Balance Sheets & Legal Notices in

The Tribune

Call us at

PRR:


PAGE 10, FRIDAY, MAY 27, 2005 THE TRIBUNE
































Nathan Stone's Album Launch: On Friday, May 27
@ Hard Rock Cafe, Charlotte Street. Stone will
release his long-awaited album, The Perfect Gen-
tleman. Doors open at 8 pm. The show starts @ 9 pm.
Admission: $35 (regular); $65 (VIP, includes a copy
of the CD, hors d'oeuvres and a goody bag) See
Main Event for ticket locations.

Bounty Killer, the Warlord will be in concert on Fri-
day, May 27 @ Club Nsomnia. Admission: $30 before
midnight.

Up All Night @ Club Nsomnia:

e M.A.D. Thursdays. Hosted by Jamaican artist,
Beenie Man. Special performance by Club Nsomni-
a's International Coyote Girls. Late night happy
hour from 9pm-11pm: $1 drink specials. Music by
Barry da Pusha, DJ Fines and Mr Excitement. Doors
open at 9pm. Ladies free before 11pm - Guys $15
before 11pm

¢ Latin Fridays. Featuring all your favourite salsa,
merengue and latin music, the world famous Coyote
Bar, and karaoke. Come party on the streets of Cruz
Lane. Admission: Everybody $5 before 9pm. Music
by DJ Flava.

e Nsomniac Saturdays, a party for the grown and
sexy. Experience the flavour of South Beach in the
Bahamas. Music by DJ Fynes and DJ Flava. Ladies
$10 before 11pm. Guys $15 before 11pm.

¢ Caribbean Sundays, featuring soca, calypso, dance-
hall, and 'reggaeton' music (a fusion of latin, reggae
and hip-hop music). Live performances and guest
DJ's. Music by Xcitement and DJ Fatal. Drink spe-

cials all night. Ladies: $5 before 11pm. Guys $15

before 11pm.

Exotic Saturdays @ Fridays Soon Come starts with 3
for $10 drink specials. Admission: $10 before mid-
night and $15 after. Ladies free before 11pm.

Rave Saturdays @ Club Eclipse. DJ Scoobz spin-
_ ning the best in Old Skool. Admission $35, all inclu-
sive food.and drink.

Fever @ Bahama Boom, Elizabeth St, downtown,
every Friday night. Admission $10 before midnight.
First 50 women get free champagne. First 50 men get
a free Greycliff cigar. Dress to impress. For VIP
reservations call 356-4612. :

Cool Runnings is back with a Conscious Party @
Hard Rock Cafe, Charlotte St North every Friday.
Classic reggae style music. Admission $10.

Mellow Moods every Sunday @ Fluid Lounge and
Nightclub, Bay St, featuring hits from yesterday - old
school reggae and rockers downstairs, and golden
oldies upstairs. Admission: Free. Doors open 9pm.

Karaoke Music Mondaze @ Topshotters Sports Bar.
Drink specials all night long, including karaoke
warm-up drink to get you started. Party from 8pm-
until.

Karaoke Nights @ Fluid Lounge and Nightclub.
Begins 10pm every Tuesday. Weekly winners select-
ed as Vocalist of the Week — $250 cash prize. Winner
selected at end of month from finalists —- cash prize
$1,000. Admission $10 with one free drink.

Reggae Tuesdays @ Bahama Boom. Cover charge
includes a free Guinness and there should be lots of
prizes and surprises. Admission: Ladies $10 and Men
$15.

Hump Day Happy Hour @ Topshotters Sports Bar
every Wednesday Spm-8pm. Free appetizers and
numerous drink specials.

Flash Nights @ Club Fluid every Thursday. The ulti-_ .

mate Ladies Night. Join Nassau’s and Miami Beach’s
finest men. Ladies only before 11.30pm with free
champagne. Guys allowed after 11.30pm with $20
cover.

The Pit @ Bahama Boom, every Thursday. Doors
open at 9pm, showtime 11.30pm. Cover charge $15.
$10 with flyer.

Fantasy Fridays @ Fluid Lounge, featuring late ‘80s
music in the VIP Lounge, Top of the Charts in the
Main Lounge, neon lights and Go Go dancers. Glow
sticks for all in before midnight. Admission:
Ladies free before 11pm, $15 after; Guys $20 all
night. :

Dicky Mo’s @ Cable Beach. Happy Hour every Fri-
day - 3 for $10 mixed drinks and $1 shots. Bahamian
Night (Free admission) every Saturday with live
music from 8 pm to midnight. Karaoke Sundays from







n Friday night at the Hard
Rock Cafe, the Bahamian pop
sensation, Nathan Stone, will
officially launch The Perfect
Gentleman - his much antici-
pated album.

The artist, who co-wrote most of the tracks,
has a knack for writing songs that attract a broad
audience. Songs like the first single Shake It
Mama boasts a sizzling reggae remix featuring
Baha Men singer Rick Carey. Just One Kiss,
Hit Me Up and The Perfect Gentleman are
dance tracks that get the toes tapping.

The album’s ballads, among them Fly and
Chance, can be described as the most deeply
personal expressions of the artist at his most
vulnerable. In his album, Stone brilliantly covers
The Bee Gees’ How Deep Is Your Love, which
is the only cover on this release.

The doors of the Hard Rock Cafe, Charlotte
Street, will open at 8pm, and the show starts at
9pm.

8 pm to midnight, $1 shots and dinner specials all
night long.

Twisted Boodah Lounge @ Cafe Segafredo, Char-
lotte St kicks off Fridays at 6pm with deep house to
hard house music, featuring CraigBOO, Unkle Funky
and Sworl’wide on the decks.

Chill Out Sundays @ Coco Loco, Sandyport, from

‘4pm-until, playing deep, funky chill moods with

world beats.

Sweet Sunday Chill Out Soiree Lounge, every Sun-
day, 4pm-midnight @ Patio Grille, British Colonial
Hotel. :

Wet Sundays, every Sunday, noon-midnight @ Crys-

tal Cay Beach. Admission $10, ladies free.

Carib Scene @ Club Fluid every Sunday. A night of
Caribbean, Latin and Reggae flavours for all audi-
ences. Latin Flair in the VIP Lounge; Old School
Reggae and Soca in the Main Lounge. Ladies in free
before 11pm. $10 after 11pm. Men, $15 cover charge.

TooLooSe @ Indigo Restaurant on West Bay St and
Skyline Drive. Singer/songwriter Steven Holden per-
forms solo with special guests on Thursday from
9pm - midnight.

The Graham Holden Deal @ The Green Par-
rot....David Graham, Steve Holden, Tim Deal and
Friends perform Sunday, 7pm - 10pm @ Hurricane
Hole on Paradise Island.

Jay Mitchell and Hot KC @ Palm Court Lounge,
British Colonial Hilton, Wednesday-Thursday 8pm-
12am.

Sunday Night Interlude @ Briteley’s Restaurant &

Lounge, Eneas St off Poinciana Drive. Featuring
Frankie Victory at the key board in the After Dark
Room every Sunday, 8.30pm to midnight. Fine food
and drinks.

Paul Hanna, Tabatha and Gernie, and the Caribbean
Express perform at Traveller’s Rest, West Bay St,
every Sunday, 6.30pm-9.30pm.

The Arts

The Definitive Diaries, an exhibition of recent works
by oil painter, Nicole Angelica, will be held on Sat-
urday, May 28 @ Prince of Wales Room, Atlantis,
Paradise Island. Nicole is an accomplished artist,
recently taking the Best in Show award at the Muse-
um of Americas' (MoA) Women of the Arts 2005
exhibition. There were 2,835 initial submissions. The
artist reception runs from 6pm till 10pm (one night
only).

Split Personality, a joint art show by Nicole ‘Collie
and Lemero Wright hopes to challenge the eyes and
the mind of artlovers. Collie's more exotic, feminine
pieces celebrate woman- her curvaceous shape blend-
ed in pastel shades. By contrast, Wright's work uses
bright almost glaring primary colours. Though
Wright's paintings suggest a more masculine energy,
he has used the female form in black and hot tones



The Perfect Gentleman





with smouldering looks and proud stances. In some
of Collie's pieces, she uses brighter tones-to highlight
just the body (minus the head): The exciting show,
sponsored by the Credit Suisse Supports Bahamian
artists Programme, runs until May 27 at the Central
Bank of the Bahamas.

National Art Gallery of the Bahamas (NAGB)
events for May 2005:

e Thursday, May 26: Life and Debt (2001), a docu-
mentary by director and producer Stephanie Black.
Rated: PG-13. Time: 7:45pm. Length: (86 minutes)

Rather than the traditional Issues forum, NAGB in
collaboration with the College of the Bahamas'
School of English Studies experiments with a short
program of issue-oriented cinema. Discussants for the
Life and Debt viewing are Tamico Gilbert of
Amnesty International, and Bernadette Butler,
lawyer for the Bahamas, CSME.

(All events to take place at NAGB, West & West Hill
Streets. Call 328- 5800, or logon to www.nagb.org.bs
for more information)

The National Collection @ the National Art Gallery
of the Bahamas, an exhibition that takes the viewer
on a journey through the history of fine art in the
Bahamas. It features signature pieces from the
national collection, including recent acquisitions by
Blue Curry, Antonius Roberts and Dionne Ben-
jamin-Smith. Gallery hours, Tuesday-Saturday, 11lam-
4pm. Call 328-5800 to book tours.

Past, Present and Personal: The Dawn Davies Col-
lection @ the National Art Gallery of the Bahamas,
Villa Doyle, West and West Hill Streets. The exhi-
bition is part of the NAGB’s Collector’s Series.
Gallery hours, Tuesday-Saturday, 1lam-4pm. Call
328-5800 to book tours.

The Awakening Landscape: The Nassau Water-

colours of Gaspard Le Marchand Tupper, from the
collection of Orjan and Amanda Lindroth @ the

National Art Gallery of the Bahamas. The mid-nine-
teenth century paintings that make up the exhibition
are part of one of the earliest suites of paintings of
Nassau and its environs.

Tupper was a British military officer stationed at
Fort Charlotte in the 1850s. The works show a pre-
modern Bahamas through the decidely British medi-
um of watercolour. Gallery hours, Tuesday-Saturday,
llam-4pm. Call 328-5800 to book tours.

Health

Doctors Hospital Distinguished Lecture Series: Dis-

_ tinguished Physician, Dr Agreta Eneas Carey will dis-

cuss "Senior Health" on Thursday, May 26 at 6pm in
the Doctors Hospital conference room. This lecture
will increase awareness and educate persons about
how to stay healthy in their senior years. The lecture
is free to the general public. Free blood pressure,
cholesterol and glucose screenings will be performed
between 5pm and 6pm. To ensure available seating
RSVP 302-4603.

Yoga: Stretch, Breathe, Relax, for Body...Mind...Spir-
it, yoga classes for all levels will be conducted by
Margaret Evans, registered yoga teacher.

e Tuesdays & Thursdays: May 24 through June 30
(six weeks) from 6pm - 7:30pm. Cost: $120.

e Saturdays: May 28 through July 2 (five weeks)
from 10am- 11:30 am. Cost: $50. There will be no



AROUN D







NASSAU



class June 4. Sessions will be held at the Trinity
Methodist Church Parking Lot (air-conditioned).
Wear loose comfortable clothing, bring a yoga or
exercise mat, and a towel. Call 394-2121 or 477-3903,
for more information.

The Cancer Society of the Bahamas meets at 5.30pm

_ on the second Tuesday of each month at their Head-

quarters at East Terrace, Centreville. Call 323-4482
for more info.

MS (Multiple Sclerosis) Bahamas meets the third
Monday every month, 6pm @ Doctors Hospital con-
ference room.

The Bahamas Diabetic Association meets every third
Saturday, 2.30pm (except August and December)
@ the Nursing School, Grosvenor Close, Shirley
Street.

Doctors Hospital, the official training centre of the
American Heart Association offers CPR classes cer-

tified by the AHA. The course defines the warning ~

signs of respiratory arrest and gives prevention strate-
gies to avoid sudden death syndrome and the most
common serious injuries and choking that can occur
in adults, infants and children. CPR and First Aid
classes are offered every third Saturday of the month
from 9am-1pm. Contact a Doctors Hospital Com-
munity Training Representative at 302-4732 for more
information and learn to save a life today.

REACH - Resources & Education for Autism and
related Challenges meets from 7pm — 9pm the second
Thursday of each month in the cafeteria of the BEC
building, Blue Hill Road.

Civic Clubs



A Bahamas Historical Society meeting is scheduled
for May 26 @ 6pm. Dr Gail Saunders will speak on
the topic: "The Wylly Affair and the Slave Regis-
tration Controversy 1816-1821". Venue: the Soci-
ety’s museum on Shirley Street and Elizabeth
Avenue. For more information log on to
www.bahamashistoricalsociety.com

Toastmasters Club 1095 meets Tuesday, 7:30pm @ C
C Sweeting Senior School's Dining Room, college
Avenue off Moss Road. Club 9477 meets Friday,
7pm @ Bahamas Baptist Community College Rm
A19, Jean St. Club 3956 meets Thursday, 7.30pm @
British Colonial Hilton. Club 1600 meets Thursday,
8.30pm @ SuperClubs Breezes. Club 7178 meets
Tuesday, 6pm @ The J Whitney Pinder Building,
Collins Ave. Club 2437 meets every second, fourth
and fifth Wednesday at the J Whitney Pinder Build-
ing, Collins Ave at 6pm. Club 612315 meets Monday
6pm @ Wyndham Nassau Resort, Cable Beach. Club

' 753494 meets every Wednesday, 6pm-8pm in the

Solomon’s Building, East-West Highway. All are
welcome. :

Alpha Kappa Alpha Sorority, Eta Psi Omega chap-
ter meets every second Tuesday, 6.30pm @ the
Eleuthera Room in the Wyndham Nassau Resort,
Cable Beach. '

Alpha Phi Alpha Fraternity meets every first Tues-
day, 7pm @ Gaylord’s Restaurant, Dowdeswell St.
Please call 502-4842/377-4589 for more info.

Kappa Alpha Psi Fraternity meets every second
Tuesday, 6.30pm @ Atlantic House, IBM Office, 4th
floor meeting room.

The Nassau, Bahamas Pan-Hellenic Council (NPHC)
meets every third Monday of the month in the Board
Room of the British Colonial Hilton Hotel, Bay St.

Nassau Council 10415 Knights of Columbus meets
the second and fourth Wednesday of the month,
8pm @ St Augustine’s Monestary.

Nassau Bahamas Koinonia meets every second Fri-
day of each month, 7.30pm at Emmaus Centre at St

Augustine’s Monestary. For more info call 325-1947 ,

after 4pm.

International Association of Administrative Profes-
sionals, Bahamas Chapter meets the third Thursday
of every month @ Superclubs Breezes, Cable Beach,
6pm.

AMISTAD, a Spanish club meets the third Friday of
the month at COB’s Tourism Training Centre at
7pm in Room 144 during the academic year. The
group promotes the Spanish language and culture in
the community.

Send all your civic and social events to The Tribune
via fax: 328-2398 or e-mail: outthere@tribuneme-
dia.net



ag





:
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1


THE TRIBUNE FRIDAY, MAY 27, 2005, PAGE 11

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‘ Grains Of Wisdom .
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* Peppers, Onions And
Shiitake Mushrooms’

1 1/2 cups water

1/2 tsp. salt

3/4 cup Mahatma® Long-Grain white rice

2 1/2 Tbsps. vegetable oil, divided

2 large eggs, beaten to blend

8 oz. fresh shiitake mushrooms, stems removed, caps
sliced :
1 large red or yellow bell pepper, thinly sliced
2 tsp. minced peeled fresh ginger

2 green onions, chopped

1 Tbsp. (or more) soy sauce

PRICEVWATERHOUSE(COPERS

POSITIONS AVAILABLE FOR ASSOCIATES




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of training culminating in a professional accountancy qualification. Prospective candidates should have a
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to low, cover and cook until rice is tender and water is absorbed, about 18 minutes. Meanwhile, heat

1-tablespoon oil in medium nonstick skillet over medium heat. Add eggs. Cook without stirring until

eggs are set and bottom is brown, lifting edge of eggs occasionally to, Jet uncooked portion run
. underneath, about 3 minutes. Turn out egg pancake. Cut in half, then cut crosswise into thin stri
(chiffonade). Heat | 1/2 tablespoons oil in same skillet over medium-high heat. Add mushroom
auté 4 minutes. Add pepper and ginger; sauté 3 minutes. Add rice, egg strips, greens onions and

PQoN soy satice; toss. Season with salt and pepper. Serve, passing more soy saucegdfs
-Reeipe can be doubled)

v4 Bring 1-1/2 cups water and salt to boil in medium saucepan over high heat. Mix in rice. Reduce heat §





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Distributed by ASA H. PRITCHARD, LTD.
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Office Administrator
PricewaterhouseCoopers
Regent Centre East - Suite A
P.O. Box F-42682
Freeport, Grand Bahama, The Bahamas




PAGE 12, FRIDAY, MAY 27, 2005 ; THE TRIBUNE



FRIDAY EVENING MAY 27, 2005

7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30 _

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(6:05) xe | ee % THE PROPHECY Il (1998, Horror) Christopher | % GINGER SNAPS BACK: THE BEGINNING
TMC ITIZEN RUTH = |Walken. Satan resurrects archangel Gabriel to renew |(2004, Horror) Katharine Isabelle. Sisters encounter
(1996) ‘R’ (CC) |the war on man. ‘R’ (CC) werewolves in 19th-century Canada. 1 ‘R’ (CC)



”



Let Charlie i
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’ Ss faces.

if

Bring your children to the
McHappy Hour at McDonald's in
~ Oaks Field every Thursday
from 3:30pm to 4:30pm during the
month of May 2005.









Enjoy Great Food, Prizes and Lots of Fun.

’m lovin’ it










THE TRIBUNE

FRIDAY, MAY 27, 2005, PAGE 13





NOTICE TO SHAREHOLDERS

The Board of Directors of Finance Corporation of
Bahamas Limited hereby notifies all of its Shareholders ‘that the
Bank’s actual net profit, based on unaudited results for the quarter
ended 30th April, 2005 was $4,627,253. As a result, an interim
dividend of twelve cents (12 cents) per Ordinary Share will be

paid on 9th June 2005, to all shareholders of record as of 3rd June
2005.

The Bank’s total assets stood at $564,051,309 for the
quarter ended 30th April 2005.



Keya L Bain
Corporate Secretary

Dated this 27th May, 2005







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‘Stay indoors’

begs police
superintendent

FREEPORT - THE Super-
intendent of Police has begged
members of the public to
remain indoors during any hur-
ricane this summer.

Addressing the Hurricane
Preparedness Committee on
Tuesday, Clarence Russell
thanked essential services such

as the Defence Force, Customs,

Immigration and emergency ser-
vices who helped as much as
they could in the event and after-
math of the hurricanes last year.

But he said: “There were,
however, some unruly persons
who during the eye of the
storm, in particular, who chose
to remove themselves from
their safe havens and come to
the streets.”

He warned: “During the eye
of a storm you should remain
indoors.. You should remain
there until such time as the Gov-
ernment Administrator’s Office,
or the Prime Minister’s Office,
gives an official mandate that
you (can) come to the streets.

“Your safety and security are
of paramount importance to us,
We ask you, we urge you, we
beg you, to remain indoors until
such time as you get official noti-
fication to return to the streets.”

Mr Russell said that the man-
date of the Royal Bahamas
Police Force during a hurricane
or similar natural calamity is the
protection of life and property

“Whenever we are faced with
a crisis, one of the magnitude
of Jeanne and Frances, we
always see the small chinks in
our armour,” he said.

“Very fortunately, as a result
of both hurricanes, which was
rather unusual for our coun-
try, we get an opportunity to

‘prepare ourselves a little bet-

ter. I like the cliché that one
can never be too prepared for
an event such as this.

“We have learnt quite a great
deal as a result of the chal-
lenges with which we were
faced through both hurricanes
throughout the entire Com-
monwealth and I am certain
that we are that much better
prepared this time than we per-
haps were in the past.”

He added: “All assistance
that can come from the com,
munity, we urge you to do so
through the emergency services
and the NEMA (National
Emergency Management
Agency) and/or national ser-.
vices offices.”

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FROM page one

In a 14-page ruling, Justice
Isaacs said that the Association
had no standing before the
court, as SGCRA is neither a
landowner nor a resident with
any interest directly affected by
the development.

He also ruled that the Asso-
ciation, represented by lawyers
Fred Smith and George Mis-
sick, had not been capitalised
and had no discernible assets.

Justice Isaacs added that
none of the landowners at Gua-
na Cay, Abaco, the core sup-
porters of the applicant, have
exposed themselves to costs or
have taken any shares in the
Association.

The Court ruled that the
threshold test of whether to
grant an injunction or to grant
leave to issue judicial review
was that the Applicant should
have a “sufficient interest.”





FROM page one

sit down and talk with them.”

“What I am ashamed of is how my
government, which is supposed to be
working in the interest of all of the
Bahamian people has taken almost two
years to not to do anything. That is
what I’m ashamed of,” he said.

Yesterday Transport and Aviation
Minister Glenys Hanna-Martin said
that she was very “puzzled and dis-
turbed” by yesterday’s demonstration.

“Nassau International Airport is the
premier gateway into this country. An
obstruction: of traffic is an offence
under-the law..Certainly, my ministry
will not contemplate unlawful. behav-
iour in the advance of any position.

PAGE 14, FRIDAY, MAY 27, 2005

As a consequence, the judge
found that SGCRA had no
interest in the proceedings and
therefore the injunction should
not be granted and further, that
it would be pointless to contin-
ue the action.

In his considerations whether
there was a serious issue to be
tried, the judge found that there
did not seem to be “invasion,
actual or threatened by the
developers of a legal or equi-
table right” of the Association.

“Even had the property own-
ers of Guana Cay been proper-
ly before the court, it would be
impossible, based on the mate-
rial before the court to show
that their property was going to
be directly affected by the
development,” Justice Isaacs
said.

He added that although
“much weight was attached to
the Environmental Impact
Assessment by applicants, it is

Particularly when the position, that was
advanced, is under active considera-
tion by my ministry.”

At the scene of the demonstration,
a female worker at BELT explained
that the next time such a obstruction
was done that prohibited the workers in
any way, it would not go by so amica-

bly.




“Tourism being our major industry

in this country, that should not have
happened. Two cars blocked this park-
ing lot and there were people at the
doors very irate. The bottom line is
that those cars should have been towed,
and their licences taken:

“As far as I am concerned, as a single
mother, that should never have hap-
pened. I am very upset and it may not
go that easy next time,” she warned.



Bloley.V ia [Sy ES

not a document,” on which the
court can judge.

To the question of public
consultation being needed
before a development can ‘pro-
ceed, Justice Isaacs stated that
there is no statuary requirement
for such consultation.

However, in his considera-
tions whether the Supreme
Court would have had jurisdic-
tion to grant an injunction, Jus-
tice Isaacs concluded that it
did.

The Judge concluded that
although the Association and
its supporters “may feel pas-
sionately that their pristine and
idyllic island paradise ought not
to have on it such a large devel-
opment as proposed, the cur-
rent application has no more
effect than the demonstration
staged by them earlier.”

Lastly, Justice Isaacs made
no order as to costs.

Commenting on the ruling

ULOA blocks BELT
irport parking lot

Mr Culmer however stated that his
group will not stop at mere demon-

strations.



“Whatever hour, whatever date
Atlantis will call for us to sit down and
discuss this, we will do that. However
failure to do that will result in us pro-
ceeding as planned. We will canvas the
international media, we will go to the
New York Stock Exchange, where

Kerzner International is traded, and
we will go to the International Labour
Organization. Of course the Supreme
Court-is an option.

“What we want is the jobs they have
given to BELT for all of the limo dri-
vers in New Providence. We also want
compensation for the past two years’] °
that should have come to us; and we]:
are not looking for pennies,” he said.

supreme Court rules in favour of
government in Guana Cay Case

yesterday, Mr Smith said the
people of Guana Cay are very
disappointed, “however, this is
just a battle in a long war, this is
only round one, we are still in
the fight.”

“This decision will not
deflect or weaken the passion-
ate resolve of the people of
Guana Cay to stand up for their
rights.

“This judicial review action
is but a small part of their polit-
ical, legal, public relations, local,
national and international cam-
paign to preserve their Crown
land, their way of life, their
access to beaches and their envi-
ronment,” he said.

Mr Smith said that the Asso-
ciation must now deliberate
whether to appeal the ruling or
to make a new application to
the courts in the name of the
residents and landowners,
rather than in the name of
SGCRA.



















THE TRIBUNE






Alvin Smith: Opposition will
expose ‘hidden taxes and fees’ |

FROM page one

erty, gaming, tourism and stamp tax among other things.

Last year government collected $1.323 billion in revenue.

Of the government departments and ministries receiving
increases in the next fiscal year are the prison department
which will get an increase of $1.8 million, the police force. which’.
will have an increase of $744,586, the Royal Bahamas Defence.
Force with $1.1 billion, the Ministry of Education receives.an.
increase of $3.6 million and the Public Hospitals Authority.
has an increase of $8.9 million. ;

In the 2005/2006 fiscal year government will spend an esti-
mated $1.3 billion, which is $55.8 million more than last year.

Mr Smith said that there are many new fees to be imple-
mented this year when it comes to civil aviation, like parking
fees for airplanes and passenger fees. ng

“It is a growing trend that government hides these extra fees
and taxes in the hopes that no one finds them, but when we start
our debate on the budget we plan to bring them to light,” said
Mr Smith. '

Another aspect where government is being “opaque” is in
how it is dealing with the payment of salary increases to the pub
lic service, said Mr Smith. :

“In having money set aside for increases while they conduct
a study is a delay tactic and they want to wait until next year to
implement an increase and that is unfortunate,” said the oppo-
sition leader.

He said that it is increasingly difficult to say how the country’s
economy is being managed because of the restrictions placed on
the public accounts committee.

The public accounts committee can only look at audited
accounts which are tabled in the House of Assembly.

“This is indicative of a government that is not transparent,” -
said Mr Smith.



































Five are in custody

onboard. The speedboat, which
was red and white, was plas-
tered with several Osama bin

FROM page one
night on Wednesday saw DEU

officers surrounding at least
four people who had been tak-
en into custody and were
ordered to lie face down on the
ground.

DEU officers could also be
seen lined along the Montagu

* Beach area as the helicopter

searched the shores.

Officers were searching for
individuals operating a speed-
boat that was being followed by
a Coast Guard helicopter in
Nassau Harbour. The individ-
uals were suspected of drug traf-

Laden stickers, one eyewitness
reported.

Terry Johns, the U.S. Coast
Guard liaison officer, could not
release any information about
the operation because it was an
“ongoing investigation,” but he
did confirm. that a U.S.
Coast Guard helicopter was
involved in the search of the
Harbour.

Eyewitness reports confirmed
that although the helicopter:
started scouring the eastern
area around 11 o’clock Wednes-

Harewood Sinclalr Higgs L.F.D.
President/Managlng Mrector

CLEMENTINA ,
PANDORA (LIL GAL)
MEADOWS, 38

A resident of Cargillville, off
Faith Avenue will be held on
Saturday May 28th 2005 at
2:00p.m. at New Covenant
Baptist Church, Independence
Drive, Interment will follow in
the Old Trail Cemetery, Soldier
F Road. Officiating will be Rev.
i Dr. Lewis Cash, Assisted by minister Alvin Tucker, Pastor
7 Eltamese Smith and other Ministers. Service has been
| Entrusted to Gateway Memorial Funeral Chapel, Wulff
| Road and Primrose street.

Left with cherished memories are: her mother, Myrtis
Hanna; two (2) sons Ricardo Whylly and Jeffrey King;
three (3) daughters, Caroline Deveaux, Erolene and Shantell
King; three (3) brothers, George Hanna, Emest and Ashley
Meadows; three (3) sisters, Daisy Hanna, Maria Lolla If
| Indianna and Tanya Pierre; four (a) aunts. Mrs. Mary Cox,
Mrs. Corine Meadows of Delray Beach, FLA., Mrs. Merlene
Mott and Mrs. Jestina Rolle of Exuma; two (2) brothefs-
| in-law, Roland Lolla of Indianna and Farilien Pierre; two
(2) sisters-in-law Rose Hanna and Donna Meadows; three
| (3) nephews, Tessio Hanna, Mckale Pierre and Tyler Lolla;
eight (8) nieces, Lashan, Antonique and Latonya Thompson
of Indianna, Anishka Hinsey, Cheryl Hanna, Pharrah Pierre,
Rolanda Lolla and Tecora Butte 1eld.

Other relatives and friends including, a devoted and loving
cousin, Lluma Rolle, Mr. & Mrs. Johnson Hanna and Family,
Mr. & Mrs. Sullvan Hanna and family of Delray Beach,
Fla. Bishop Elrett Josie and family of West Palm Beach
| Fla. Mrs. Mary Belle and Family of Riviera Beach F1.,
Eltamese Smith and family, Mrs. Iris Tynes and Family,
Mrs. Lydia Lightbourne and Family, Mrs. Andrea Smith
and family, Lisa Adderley and family, Veronica Rolle and
family, Patrick Gray and family, PastorDamuel McIntosh
j and family, Constance Rolle and fmily, Mrs. Mary Lolla
j and Family, Ricardo Whylly Sr. and family, Jeffrey King
f Sr. and family, Eric King and family, Geneva Smith and
| family, Jere Cumberbatch and family, Andrea Hepburn and
Family, Wilfred, IVA Ferguon and family Iola Lynes and
family, the Hair Braiders Family of Cable Beach and Shiloh
Temple Baptist Church Family and the Sanctuary of the
Redeemed church family



Public viewing will take place on Friday from 10:00a.m.
to 6:00p.m. and on Saturday from 10:00a.m. to 12:00p.m.
fand from 1:00p.m. to service time at the church



a Restrioe Moemovial
ey

Robinson and Soldier Roads
RO. Box CB-12072, Nassau, Bahamas

FUNERAL SERVICE FOR

MASTER KELSEY
LEROY
CARTWRIGHT JR., 13

of McKinney Drive, Stapleton
Gardens, will be held on
Saturday, May 28th, 2005 at
10:00 a. m. at the Parish Church
of the Most Holy Trinity, Trinity
Way, Stapleton Gardens.
Officiating will be The
Venerable Archdeacon Dr.
Etienne Bowleg. His final
resting place will be made in
Woodlawn Gardens, Soldier
Road.



Left to mourn his passing, but will always celebrate his life and
the many fond memories is. his loving, caring and devoted
Mother: Danita Bullard-Cartwright, Father: Kelsey Cartwright
of Grand Bahama, Adopted Father: Bredell Rolle, Sisters:

Danika and Danishka Cartwright, Grand Parents: Retired Supt.
Of Police, Alfred and Evangelist Daisy Bullard, Great Grand

Mother: Ms. Estell McDonald, Uncles: Glen, Arnold, Terry |

and Devito Bullard, Aunt: Wanda Bullard, Adopted Aunts:

Tasha Moss, Sophia, Tanya, and Laverne Rolle, Diania and
Agatha Cooper, Arnette Turnquest, and Michelle Clarke, Cousins:

P. C. Rico and W. P. C. Shekera Sweeting, P. C. Janeiro, Glen,
Rodger, Asia, and Terria Bullard of Andros, and Yanka Humes,
Grand Uncles and Aunts: Wellington and Lydia Bullard,
Charles and Paula Bullard, Horace and Jen Bullard, Margaret
and Gabriel Styles of Exuma, Virginia and Philip English, Becky
and Berkly Smith, Josephine and James Bastian of Grand Bahama,
Leanna and Jim Henderson of Maryland, Wilfred Bullard of
Exuma, Gloria Bullard and Sarah Forbes of Grand Bahama, Faye
Bullard, Agnes Thompson, Maria Ferguson and Hariette Jones
of Florida, Other Relatives and Friends include: E. J. Bowe,
Edward Fritzgerald, Carolyn Hanna, Ola Fowler, Paulette Taylor,
Marsha Missick, Arlene and Sadia Newbold, Ada and Michael
Wisseh, Rev. and Evangelist Walter Henchell, Rev. Dr. Wesley
and Marsha Thompson, Anthony and Dale Woodside, Dr. Kenneth
Newbold, Ellison and Ethel Jackson of Miami, Florida, Dr.
Winston Forbes of Grand Bahama, Patrick Adderley, Best Friend:

Jason Clarke, Mr. and Mrs. Tynes, Faculty and Students of C.
E Sweeting Jr. High School, and a host of other relatives and
riends.

Special thanks to: the Venerable Etienne and Cheryl Bowleg,
Holy Trinity Church Family, Bishop and First Lady Patrice Ellis
and the Mt. Tabor Church Family, The Staff of the Intensive
Care Unit of The Princess Margaret Hospital, and the Residents
of Stapleton Gardens.

Viewing will be held in the “Celestial” Suite at Restview
Memorial Mortuary & Crematorium Ltd. Robinson and Soldier
Road on Friday from 10:00 a. m. until 6:00 p. m. and then
again at the church on Saturday from 8:45.a. m. until service
time. #3

day night, it could still be seen
searching the area around 8
o’clock yesterday morning. |

ficking, but when the boat was
seized and docked near Brown’s
Boat Basin, there were no drugs

Pinder’s Funeral Home

“Service Beyond Measure”

PALMDALE AVENUE, NASSAU, BAHAMAS .
PHONE: 322-4570 * PAGER: 380-5012, 393-9132.

RANNIE PINDER President
ieee ae ae ee EL

EWRLING FRITZGERALD
“COACH”
FORBES, 40

formerly of Pinedale, Eight Mile Rock, Grand Bahama, will be
held on Saturday, May 28, 2005 at 11:00 am at Church of God
of Prophecy, Pinedale. Interment will follow in the Harbour West
Cemetery. Officiating will be Pastor Jonathan Carey, assisted by
Bishop Rudolph Arthur and Bishop Cleophas Capron.

He is survived by his parents, Lewis Sinclare and Jennie Orie
Forbes; brothers, Eric Sr and Walton Forbes of Freeport, Wellington
and Stanford Forbes of Miami, Florida; sisters, Rosemary Braynen
of Miami, Florida and Pandora Jones of Nassau, Bahamas;
adopted sisters; Alice Pinder and Patrice Hall; nephews, Learnado,
Eric Jr, Erenico, Darreayl, Dre’Vaughn, De’Vonte Forbes of Freeport,
Rashon, Stanford Jr and Jernorie and Je’Vonte Braynen of Miami,
Florida, Maxwell “Kino” and MacKale Jones of Nassau, Bahamas,
Damian and Almeric Pinder, Ken of Freeport; nieces La’Quesha
Braynen, Kanishka, Shawnie, Brayana and Wakeisha Forbes of
Miami, Florida, Madison and Moniece Jones, Claire Pinder: of
Nassau, Bahamas and Antonique Hall of Turks and Caicos;
brothers-in-law, Edmond Howard Braynen of Miami, Florida and
Maxwell Ricky Jones of Nassau, Bahamas; sisters-in-law, Elsie
Forbes of Freeport, Sandra and Maggie Forbes of Miami, Florida;
aunts, Roselyn Mackey and Claritta Forbes of Nassau, Bahamas,
Onella Basden, Cherribelle Frith and Lila Rigby (godmother) of
Freeport, Bahamas and Yvette Forbes of Miami, Florida, Maglin
Hamilton, Constance Hall and Elizabeth Forbes of Turks and
Caicos and Thelma Forbes of Rochester, New York; uncles,
Theophilus Basden, Benjamin Frith and Eric Jolly of Freeport,
Ernest Forbes and Donald Hamilton of Turks and Caicos, Albert
Forbes of Rochester, New York; grand aunts, Clemintina Hall and
Jane Taylor of Turks and Caicos and Joesphine Forbes of Miami,
Florida; other relatives and friends including, ‘Franklyn and Coletta
Forbes and family, the family of the late Dennis Forbes, Bishop
Rudolph Arthur, Ozzie Simmons, Paul Forbes, Rev Jonathan
Carey and Abundant Life family, Cadron Delancy, Bertram
Campbell, Hon Lindy Russell, MP, Eight Mile Rock, Coach
Gladstone “Moon” McPhee, Jessie Rigby and family, students
and faculty of Bartlett HIll Primary School, Stephen Plakaris,
Deputy Director of Security, Security Department, Ministry of
Education, Grand Bahama, Church of God of Prophecy, Feeport,
Bahamas, Church of God of Prophecy, Baillou Hill Road, Nassau,
Bahamas, Church of God of Prophecy, Miami #1 and the entire
community of Eight Mile Rock, especially Pinedale, Grand Bahama.

Family will receive friends at Russell’s and Pidner’s Funeral Home,
Eight Mile Rock on Friday, May 27, 2005 from 1:00 pm to 7:00
pm and on Saturday from 10:00 am until service time at the
church.


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PAGE 16, FRIDAY, MAY 27, 2005 | de | | Pe | | THE TRIBUNE
LOCAL NEWS

Western Grand Bahama still reeling
from the effects of two hurricanes

WEST Grand Bahama is still
eS ene Bs ss recovering from .the effects of
; ~~ . Hurricanes Frances and Jeanne
. last year, according to the gov-
| ernment administrator for the
| region.
Hep Charles King told members
| militar dee $e of the Grand Bahama Hurri-
, pt Mees Se get cane Preparedness Committee
: : : on Tuesday that the District is
| still in a recovery mode.
| : : “The West Grand Bahama
| District, as you know, was
. adversely. affected by both hur-
| ricanes perhaps in the most
major way in the Common-
wealth of The Bahamas; and we
are still reeling from the
effects,” he stated.

“The government is still
attempting to bring about some
form of restoration to those per-
sons who were affected with the
loss of their homes, etc.

“The shelters in West Grand
Bahama have been decreased
because some of the shelters
that we had last year were
affected by the storm and they
have not been fully repaired
yet.”

However, Mr King said that
the Eight Mile Rock Gym is
presently available and has been
listed as a shelter. In fact, he
recalled the facility being used
















The past year has been one of challenges for FirstCaribbean =. during Hurricane Jeanne and
oe : Ws : that it proved to be very, very
International Bank, the greatest being the integration of its — valuable to the community.
g “ oe : ; : Ce The shelters currently listed .
heritage banks’ systems'into a single electronic platform. Yet it for the West Grand Bahama
: Pkt - District are all in Eight Mile
has also been_a year of rewards; with the Bank earning its first Rock: Bethel Baptist Church,

Eight Mile Rock High School
Gym, Martin Town Communi- ©
ty Church; Church of God, Sea
a Grape; and the Central Baptist

p Church Hall.

wh Authorities have had to pur-
E ev) chase a number of supplies that

BANK IN : were found to be so handy after
YT agazine . the storm. Mr. King informed

pair of industry accolades from two respected financial journals.

RGING MA‘









Finance’

For the past 11 years, ‘Global the title of ‘Best Emerging Bank’ The Bank’s’ achievement. is



that after the storms they, along

with the Department of Social

Services, immediately began to

Finance’ magazine has evaluated for 2004 and 2005. especially. rewarding as the °* distribute supplies to the affect-

the performance of banks in. : magazine selected banks from . ed persons.

“That was very good. How-

3 mal fig . ever we have to replenish those ~
the most successful performers. growth in assets, profitability, the region — Puerto Rico and supplies and we are in the
strategic relationships, customer — Trinidad: & Tobago -— for ~ process Of doing that right
now,” he said

He stressed that in times of
crisis leaders need to be able to
come forward and decisions
have to be made in the interest
of the communities.

. He said: “And we had our
local government officials from
West Grand Bahama who; even
after the storm, put the busi-
ness of their townships on hold
just to deal with the overall
after-effects of the hurricanes.

“Local government had to
just take on the reins and they
had to do what was necessary in
order to assist the central gov-
ernment in bringing about some
sort of restoration, peace and
harmony in order to cause our
people to be more at ease”.

Mr King added, “ I want to
really thank the volunteers from
West Grand Bahama. We had
in excess of 100 of them. I must
say that people responded to
the call and, because of the

: ; ; response that we received, it

as well as the highly competitive nature of the = Francis Lewis, Executive Director, assisted in saving lives.”

current banking environment, this achievement is | Marketing and Product Development (left),

receives the Best Banker Awards from a

representative of ‘The Banker’ magazine. |

emerging markets and awarded The criteria for judging included only two other territories within

This year FirstCaribbean was
singled out from banks operating service, competitive pricing, and consideration in this year’s

in the Caribbean and awarded innovative products. , awards.



FirstCaribbean earned this award amidst what was
described as a staggering increase in entries for

this year. The award was presented at a ceremony
held in London, England, recently by Stephen
Timewell, Editor-in-Chief at ‘The Banker’ magazine. .
Mr. Timewell commented, “’The Banker’ has
recognised the Bank's strong performance and the
efforts made by the institution in 2004 and 2005.
Considering.the high quality and number of entries,



made all the more rewarding.”

The award is given to banks operating in Barbados
and the OECS region which best demonstrate how
technology is helping them advance their market
position and best show how their banking structure



“To be recognised by external industry observers is.
very satisfying to us, particularly at a time when so
much is happening so rapidly in our relatively young
Bank. We are both honoured and humbled by these -
Speaking on the significance of these awards, Charles awards, which reward the efforts and excellence of.
Pink, the Bank’s Chief Executive Officer, said: our over 3,000 staff.”

and strategy will equip them for future developments
in their market.



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Miami Herald Business, Stocks, Analysis, Wall Street



_ The Tribune _









Concerns on
public’s CSME
readiness

@ By YOLANDA
, DELEVEAUX
; Senior Business Reporter

‘THE Bahamas Trade Com-
mission yesterday expressed
concern that the Bahamian pub-
lic lacked sufficient information
to understand the ramifications
of joining the Caribbean Single
Market & Economy (CSME).

‘Commission members used a
meeting with Fred Mitchell,
minister of foreign affairs, to
address a perceived lack of sup-
port from the Government for
its work, believing that the
Commission was hampered in
its duties because of the failure
to provide the necessary
resources and technical support
for matters to be researched
properly.

’ Also at issue was the Cabi-
net! s failure to publicly respond
to the Commission’s June 2003
report that recommended that
the. Bahamas defer a decision

Cra mae
ey CCI eb te
in a brand
Sia a relat (oe
@ By NEIL HARTNELL *

Tribune Business
Editor

THE Government will
have to borrow $232.245
million to balance the 2005-
2006 Budget, which one
observer yesterday likened
to “the same old wine in a
brand new bottle”.

.. Implying that the Budget
formula had not changed

| since the present govern-

‘ment took office in May
2002, the source, who
declined to be identified,
said the administration
seemed unable to rein in
recurrent expenditure,
_ which pays for the public

' sector’s fixed costs - wages,
salaries and rents, plus debt
servicing - with the focus
entirely on raising extra
funds to pay for burgeoning
spending.

Expressing concern that
the size of government con-
tinued to increase, the
source said: “They keep on
spending money like it’s
going out of fashion tomor-
row, and sooner or later the

| Bahamian taxpayer is going
‘to have to pay for it.”
i @
Borrowing
., The 2005-2006 Budget fig-
.,ures revealed that while bor-
: rowing to cover the fiscal
, deficit would fall by 10.8 per
cent or $28 million com-
pared to last year’s estimat-
ed $260 million, the Gov-
ernment would need to bor-
row over $232.245 million
to balance its books.

Of the anticipated $93

million increase in recurrent
| revenues to $1.145 million,
| the Government believes
| the lion’s share will come
) from rises in import duties
,.and stamp tax.
The latter is forecast to
increase by $28.378 million
} or 5.9 per cent to $507.5 mil-
. lion, with stamp tax collec-
. tions due to grow by $35.34
. million or 19.2 per cent to
$219 million. Tourism taxes
are also projected to rise by
$19.652 million to $108 mil-
lion.

The Government’s Bud-

¢get data also gives two dif-

ferent forecasts for the 2004-
2005 projected outturn, with
one predicting that the fiscal
» deficit will remain at $163
. million or 2.8 per cent of

SEE page two



on whether to join the CSME.
Mr Mitchell, though, said the

document was used to inform

the Government's position dur-

‘ing a Heads of Government

meeting the same year.

_ He responded to the concerns
by promising greater resources
and technical support for the
Commission, and said both the
Ministriesy of Education and
Foreign Affairs would be more
involved is assisting the Com-
mission complete its work.

Challenges

Hillary Deveaux, acting exec-
utive director of the Securities
Commission and a member of
the Trade Commission, said
considerable challenges. were
ahead for the Bahamas, partic-
ularly in regard to the area of
services.

Mr Deveaux, who is also a
member of the services negoti-
ating group for the Free Trade
Area of the Americas (FTAA),
said that.upon signing the
revised CSME treaty, in regard
to services, significant changes
were to be expected and that it
was likely the Bahamas’ status
quo would not be maintained.
He felt confident, though, that

the Bahamas’ industries would .
_ be able to compete with region- .

al companies.

Using the example of banks
and insurance companies from
Trinidad and other countries
selling their services in the
Bahamas, whether as an entity
physically based in the Bahamas
or not, Mr Deveaux said he
could see such a scenario occur-
ring. While he believed the

Cable Beach takes|
external reserves
to almost $800m

MBy NEILHARTNELL —
‘Tribune Business
Editor






exchange reserves almost
reached $800 million by
mid-May, the Ministry of
Finance has. reported,
fuelled by the net proceeds
to the Government and
Hotel Corporation from the
$45 million sale of the
Radisson hotel and other
Cable Beach assets to Baha
Mar Development Corpo-
ration.

In its summation of the
‘ Bahamian economy’s con-
dition for the 2005-2006
Budget, the Ministry of
Finance said “the record
accumulation in external.
reserves continues during
2005 but at.a slower pace
than in 2004”.

Foreign exchange reserves
increased by 37.9 per cent
during 2004 to reach $667.8
million by year-end, and fur-
ther increased during the
2005 first quarter to reach
$718.6 million at the end of
March.

At December 31, 2004,
the Ministry of Finance said
the Bahamas’ foreign cur-
‘rency reserves would be able
to purchase 21.7 weeks’ of
“non-oil import cover”,
compared to 16.6 weeks at
the end of 2003.

Although the lending
restrictions imposed by the
Central Bank of ‘the
Bahamas were lifted in
August 2004, the Ministry
of Finance said much of the
credit expansion that took
place last year occurred pri-
or to this date, as the Sep-
tember 2004 hurricanes
dampened borrowing enthu-
siasm for the remainder of
the year.

SEE page two








































THE Bahamas’ foreign

financial services sector was
adequately equipped to handle
the competition, he feels that
the Bahamian public did not
understand that such a scenario
could take place should the
Bahamas sign on to the CSME,
and that potentially huge
changes might take place in the
economy.

Operations

. Mr Mitchel said that in regard
to the Right of Establishment,
the Government's position was
that it did not have any impli-
cations for the Bahamas’ whole-
sale and retail operations, inclu-
sive of banks and insurance
companies.

He added further that as per-
sonal opinions and speculation

' from public sector officials enter
the discussions, the Govern-.

ment's position becomes lost.

When speaking with The Tri- -

bune, Mr Mitchell said that
while the exchange between
himself and Mr Deveaux might
look like a clash between a min-

SEE page three





@ By YOLANDA DELEVEAUX,
Senior Business Reporter

- FRED MITCHELL, minister of foreign
affairs, yesterday called on the Bahamas
Trade Commission to review the Govern-
ment's position on membership in the
Caribbean Single Market & Economy
(CSMB), and determine whether the four
reservations will maintain this nation's
economic status quo’while providing it
with a greater competitive edge.

He told Commission members that the
Government's only motivation at this time

@ By YOLANDA
DELEVEAUX
Senior Business
Reporter

THE Registrar General’s
Department is expected to
generate more than $30 mil-
lion in revenue for the Gov-
ernment, it was disclosed yes-
terday, with all its services now
available for Internet usage by
January 2006. .,

Allyson Maynard-Gibson,
minister of financial services
and investments, said yester-
day that the Registrar-Gener-
al’s Department had now com-
puterised and made available
on line its Deeds and Docu-
ments section, effective June

“1, as part of the Government’s

e-commerce and e-govern-
ment strategy. A systematic
roll-out of services is expected
over the year, ending with full
automation in 2006.

In an address to the CEO
Network Conference, Mrs
Maynard-Gibson said of
developments at the Registrar
General’s Department: “It will
positively impact non-Bahami-
ans doing business with the
Bahamas and, equally as
important, in this island nation,



was that under the provisions of the
revised Treaty of Chagauramas, the single
- market is to come into effect on January 1,
2006, and the legal position of ihe
‘Bahamas needs to be made clear.
Towards that end, Mr Mitchell said he
wanted the Commission, after review of
the issues* to'endorse’ the Government's

B ALLYSON MAYNARD-GIBSON,
minister of financial services and investments.

it means that persons on other
islands wishing to do business
with the Registrar General’s
Department may do so from
their home islands rather than
travelling to __— the
Bahamas....more global net-
working strategies,”



Trade Commission ur

Veen en

review position on CSI iE

Body’ s 2003 report says Treaty
requires states to be ‘all in or all out’

position to join the CSME with the four
reservations in place, given that it is in the
national interest to continue to be in
CARICOM.

According to the Foreign: Affairs min-
ister, the specific language of in reserva-

SEE page five .





EAST BAY STREET, NASSAU P.O.

The Ministry. of Financial
Services and Investments was
currently processing $4 billion
in proposed investments, a
sum the minister said did not
include the recently-.

_SEE page two.



ge i to

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PAGE 2B, FRIDAY, MAY 27, 2005

THE TRIBUNE





Should New Providence really
e subsidising the Out Islands?

IN times past, life on Nassau
was considered to be of a high-
er quality than life on the Out
Islands. An extremely large por-
tion of our people live on New
Providence, and this portion
was much larger before the

establishment, then develop-
ment; of Freeport on Grand
Bahama.

As a consequence there has
been a generally accepted belief
that the charge for air travel,
provided by the ggovernment-

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owned airline between the
islands of the Commonwealth,
must be maintained at a level
below the actual cost of provid-
ing this service. In addition the
cost of electricity, also provided
by a government-owned com-
pany, must be the same in the
out islands as on New Provi-
dence. This is so even though
it costs more to produce the
electricity on the Out Islands.
It is also probably true that the
cost of inter-island calls is sub-
sidised by the charges made for
overseas calls.

I ask the question: “Is this
scenario justified today?”

The reason why this question
demands debate today is

because the quality of life on
the Out Islands is now gener-
ally superior to that on New
Providence.

The fact that there is less

crime and thus more security:

and peace, the fact that there is
less congestion, the fact that
there is more of a sense of com-
munity, the fact that there is
less stress, the fact that many
Bahamians resident in Nassau
rush back to the pristine Out
Islands on long holiday week-
ends, proves the new reality.
The new reality now having
been established, why should
the people of New Providence

continue to subsidise those

Bahamians who are lucky



enough to live better on those
wonderful Out Islands?
I am aware that this is an

View from Afar



emotionally charged issue, but I
respectfully suggest that issue
be debated.



Registrar General to generate
$30 million in public revenue

FROM page one

announced $1.2 billion Cable

Beach deal. ae
Out of more than $2 billion in

investment projects that had

recently been approved, more:

than $600 million had been
invested and the value of con-
tracts awarded exceeded
$280 million, creating 3,000
jobs.

Mrs Maynard-Gibson said
some $15 million worth of con-
tracts relating to Paradise
Island’s Phase III expansion had
been awarded to Bahamian
contractors.

' She added: “The Ministry of
Financial Services and Invest-
ments is committed to safe-
guarding certain vulnerable

industries in the face of outside
competition. The amended
Business ‘Licence Act now for-
tifies the status of Bahamian
contractors. The Act calls for
offering priority to Bahamians
whether as individuals, private
companies, cooperatives or
trade unions, in all circum-
stances and opportunities for
development.”

Mrs Maynard-Gibson said an
Internet search inquiring into
Bahamian real estate opportu-
nities turned up about four mil-
lion hits, and she added that the
Government would work with
the Bahamas Real Estate Asso-
ciation to amend the Real
Estate Act and ensure every
Bahamian real estate transac-
tion had to go through a
Bahamian realtor.

Budget
FROM page-one |

gross. domestic product
(GDP) as forecast last May,
and another stating that the
year will end with only a
$142 million deficit or 2.4
per cent of GDP.
The latter estimate was
the one referred to on
- Wednesday by James Smith,
minister of state for finance,
who said the Bahamas
“ought to be out of the
woods” on the public
finances provided it avoids a
major hit from a hurricane
this year.






















Reserves
FROM page one

The Ministry of Finance
said the growth in public
sector debt “slowed” during
20004, with the Govern-
ment’s direct debt rising by

$161.3 million or 8.3 per cent
to $2.1 billion. The overall
national debt, which incor-
porates borrowings by pub-
lic corporations that are
guaranteed by the Govern-
ment, grew. by $130.7 mil-
lion or 5.1 per cent to $2.533
billion, compared to an 8.8
per cent increase in 2003.

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THE TRIBUNE

FRIDAY, MAY 27, 2ucu, PA = 3B



[oe eee Se eee
Financial sector jobs -

crow despite ongoing
decline in licencees

By NEIL HARTNELL
“Tribune Business Editor

ALTHOUGH the Bahamas
lost a further four bank and
trust company licencees
between year-end 2004 and

for all institutions to transition
to a physical presence saw total
financial sector employment
increase to more than 4,300 in
2004.

This data was revealed in the
Ministry of Finance’s econom-

Budget, which found that
employment and structural
trends in the sector “were stable
to moderately improved” in
2005, despite the number of
bank and trust company
licencees falling from 266 to 262

March 2005, the requirement ic analysis for the 2005-2006 by the end of March.



~ FROM page one

ister and government official, Mr Deveaux was
. simply venturing an opinion that the Govern-
ment had other options and issues to consider
“and was not putting forward policy.
He suggested that prudence would sug-
gest that to avoid misunderstandings, pub-
| lic sector officials should speak with one
Levoice. ;

Meanwhile, Mr Mitchell told Commis-
sion members that the Government was
looking to the Trade Commission to review
‘its position on joining the CSME, look at
the reservations being considered and
determine whether the Government’s
application and its conclusions in regard
to the reservations were correct.

‘He said: “Are we correct in saying the
reservations will preserve the status quo?
Will they mean what we say they will
mean? How do we best ensure¢that the
reservations reflect the country's position
and preserve the status quo?"

He said further that a decision was not
needed for the July Heads of Government
meeting in Freeport, although CARICOM
has outlined a January 2006 deadline for
signing on to the revised CSME Treaty.’

Mr Mitchell added that there would be
legal consequences for the Bahamas if it
did not sign on to the CSME by the Janu-
ary 2006 deadline, but said that not signing

natories. - Ce
. He added that there has been a discon-
nect.at the political level, between the pub-

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Concerns on public’s
CSME readiness

will not delay the implementation of the °
Treaty for those countries, that were sig;...,



lic and the issues surrounding CSME, and
that, to date, public education has not been
as concise or in-depth as was necessary to
encourage a full understanding of the
Bahamas' place in the CSME.

Mr Mitchell reiterated the Government's
position that the four reservations will
remain as long as the Bahamas wants them
to remain, despite the expression of dif-
fering opinions from the private sector.

The question of Freeport and its status as
a free trade zone was also addressed, with
Mr Mitchell telling Commission members
that based on the government’s review of
the CSME Treaty, there. were no implica-
tions for Freeport. ,

John Rolle, comptroller of customs,
explained that Freeport was actually not a
free trade zone, but based on the Hawks-
bill Creek Agreement with' the Govern-
ment, some aspects of its operations were
allowed to function as a free trade zone.

Trade and Industry minister Leslie Miller
was also on hand, and used the luncheon
meeting to apologise for the fact the trade
commission did not meet on a regular
basis.

He added that it was important accurate
information be given out in regard to the
CSME and that the Trade Commission
look to allay the public's fears and address
any misconceptions that are in the public
realm.

He joked also that CSME had become
to Mr Mitchell what LNG was to him, and
that he was glad'that a fellow minister was
experiencing a similar level of public
debate.

























The Partners of

LENNOX PATON |

The Ministry of Finance data
said banks’ total expenditures
in the economy rose above $400
million during 2004.

Developments in the funds
industry were less promising,
though, for while total assets
under management in
Bahamas-domiciled funds
remained above $100 billion,
employment decreased while
salary packages “softened
owing to a reduction in the
share of non-Bahamians in the
workforce”.

‘Elsewhere, Hurricanes
Frances and Jeanne inflicted a
negative impact on the
Bahamas’ fisheries’ industry
during 2004, Export earnings
from fisheries fell by 16.9 per
cent to $90.4 million, with craw-
fish shipments - accounting for
97.5 per cent of total receipts -
dropping 17 per cent to $88.2
million.

For the 2004 firstjhalf, the
total domestic fisheries
catch fell in volume by 5.5 per

cent and in value by 10.2 per.

cent.

In construction, totat mort-
gage commitments for new con-
struction and repairs increased
by 27.9 per cent to 1,175 in 2004,
the value growing by 43.2 per
cent to $130.9 million compared
to 2003.

The Ministry. of Finance
report said: “On the residential

side mortgage disbursement, .

which also included financing
of non-construction activities,
increased by 4.3 per cent to
$299.3 million and commercial
loan disbursements nearly dou-
bled to $25.4 million.

“Tn line with disbursements,
growth in total outstanding
mortgages strengthened by 11.2
per cent to. $1.863 billion, with
residential claims accounting for
91.3 per cent of the total.

“The average interest rate on
local residential mortgages

decreased during the year to 8.8 |
per cent from 9 per cent in 2003, *

and was stable for commercial
loans at 9.6 per cent.”

LENNOX PATON

Counsel and Attorneys-at-Law, Notaries Public = : he

Ww



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BIS

Pricing Information As Of:

fle.









s**9288g

NN



. aa






NOTICE OF SALE

Caves Point Management Limited (hereafter “the
Company”) invites offers for the purchase of ALL
THAT Unit Number 7F of “Caves Point - Phase IV”
Condominium situate on West Bay Street in the Western
District of the Island of New Providence being a three
(3) bedroom/three (3) bath apartment unit together
with ALL THAT 3.125% share in the common property
of the Condominiums.




Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Doctor's Hospital
Famguard —
Finco
FirstCaribbean
Focoi
Freeport Concrete

“ICD Utilities
J..S. Johnson
Kerzner International BDRs






The Company makes no representations or warraiities |
with respect to the state of repair of the building situate
thereon. i!




The Company will sell under Power of Sale contained’
in a Declaration of Condominium dated the 3rd day. |
of November, A.D., 1999 which is recorded in Volume
77 at pages 299 to 428.



52wk-Low : Weekly Vol. EPS $ Yield
Bahamas Supermarkets ‘

Caribbean Crossings (Pref):

RND Holdi









; Bahamas Supermarket ‘ ; ; i 1.105 14.6 6.93%
TERMS: Ten percent (10%) of the purchase price at RND Holdings 29) -0.103 0.000 NIM 0.00%
the time of contract and the balance upon completio

whithin Thirty (30) days of contract.




Colina Money Market Fund 1.216402*

_. Fidelity Bahamas G&1Fund | 2.2420***
10.3539 : Fidelity Prime Income Fund 10.3539*****
2.2214 2 Colina MSI Preferred Fund 2.221401**





The sale is subject to a reserve price. The Company
reserves the right to reject any and all offers.



YIELD - last 12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity

Ask §$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-HI - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks '
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
** ~ AS AT MAR. 31, 2005/ **** - AS AT FEB. 28, 2005

wee aH




Interested persons may submit written offers addressed

to the Attorney c/o da 4019 P.O.Box N-3207, Nassau

Bahamas to be received no later than the close of
business on the 13th day of June A.D. 2005.





SSSKKKKUwss XS


rAGE 4 PHIDAY, MAY 27, 2005 : : THE TRIBUNE BUSINESS

it (A-free transtation of the original in Portuguese)
C Al OUS KC P, ERS BANCO ITAU BBA S.A.
Fi BALANCE SHEET AT DECEMBER 31, 2004
: In thousands of reais























| Av. Francisco Matarazzo, 1400 ASSETS
i Torre Torino
| Caixa Postal 61005
} 5001-903 S30 Paulo, SP - Brasil
oe ; { " LONG-TERM RECEIVABLES
(A free translation of the original in Portuguese) ee eee
| Interbank investments *
‘i Short-term investments ...../ 1,894,083 ©
‘ Interbank deposits ......... 1,742,978
Report of Independent Auditors ae
Securities and dervative financial instruments
. Own portfolio .. 1,326,083
Subject to repurchase | agreements 853,971
; Restricted to BACEN 0.0.2...
To the Board of Directors and Stockholders Trading securities given in guarantee .. zara
f Derwvative finangjal instruments .......... 273,468 .
Banco Itau BBA S.A. 3518,369
(formerly Banco Bemge S.A.)
’ Loan and other credit operations
Operations with credit assignment characteristics 0... - §,583,444
Ee 5,583,444
Other receivables
Foreign exchange portfolio .. 5,307
: 7 Income receivable 51
: . is A Sundry receivables ..... 181,607
1 We have audited the accompanying balance sheet of Banco Itau BBA.S.A. as of a
December 31, 2004 and the related statements. of income, of changes in.stockholders' One acne
equity and of changes in financial position for the year then ended and for the second six- . Prepaid expenses 8:970
r month period of 2004. These financial statements are the responsibility of the Bank's 8,970
' management. Our responsibility is to express an opinion on these financial statements.
2 We conducted our audit in accordance with approved Brazilian auditing standards, which TOTAL LONG-TERM RECEIVABLES sven "AB ROA BOS





require that we perform the audit to obtain reasonable assurance about whether the .
financial statements are fairly presented in all material respects. Accordingly, our work
included, among other procedures: (a) planning our audit taking into consideration the .
significance of balances, the volume of transactions and the accounting and internal

LIABILITIES AND STOCKHOLDERS’ EQUITY





























































ee ; i : (continued)
control systems of the Bank, (b) examining, on a test basis, evidence and records LONG-TERM LIABILITIES
supporting the amounts and disclosures in the financial statements, and (c) assessing the Pipers
accounting practices used and significant estimates made by management, as well as Interbank deposits . 217.068
1,605,348
evaluating the overall financial statement presentation. i Time depots Sa EI
ei, 3 . gate : A ah cag ty de ts 1 cha
3 In our opinion, the financial statements audited by us present fairly, in all material Secures old under aprementso repurchase 65,038
respects, the financial position of Banco Ita BBA S.A. at December'31, 2004 and the Third-party portfolio — 1018300
| results of its operations, the changes in.stockholders' equity and the changes in its oe is to
' a Funds from.acceptances and issue of securities ‘| :
financial position for the year then ended and for the six-month period: ended’ December team ot antaiae abrdad 303,408
! 31, 2004, in accordance with accounting practiors adopted i in Brazil. : 303,498
! Borrowings and ontendings
! , : ce Foreign borrowings ... 1,460,125
, = ; Local ontendings - official institutions - BNDES. 1,929,701
Ci Ale OU OOPERS = Local onlendings - official institutions - FINAME 606,517
Fi IS 3 - Local onlendings - official institutions - OTHERS... ‘9,350
ct ‘ : 5 4,905,693,
a ce " Derivative financial instruments ile oatbitttentule iio Mal Wetiadecidai ruttabtetetin ince nase tL : 156,773
ff, : : 2 fe 7 j
Be : Other liabilities . 1 iy
oe Banco Ital BBA S.A. bath Foreign exchange portfolio ......scselsssssssssssucveciasesssnsslassustniesinebusesacsetssnsnsitidbunchaipeassiseenacolnasnsbnssesvesscesisee 5,304
" Subordinated.debt . 4 132,457
oe (for merly Banco Bemge S.A.) Sundry liabilities .... 2,845
oe fi 140,608
‘34 As mentioned i in Notes 1 and 2, the financial statements are not being compared with the - TOTAL LONG-TERM LIABILITIES ; 3,842,129
* aL
< financial statements at December 31, 2003 due to the corporate reorganization, as (Ato translation ofthe original m Portuputse)
se prescribed by item | of article 9 of the Central Bank of Brazil (BACEN) Circular 3017/00. BANCO ITAU BBA S.A.
- The mentioned corporate FeOrganizalion is under analysis and must be epproved by: BALANCE SHEET AT DECEMBER 34;2004
BACEN. In thousands of reais
t
S&o Paulo, February 22, 2005 ASSETS
} ‘ jog. ‘ PERMANENT ASSETS
PricewaterhouseCoopers 5 : srivestrnonts 2.
- Auditores Independentes Investments in subsidiaries .. “21,143,
Other investments 14,854
CRC 2SP0001 60/0-5 Allowance for loss: ee iu (361)
‘ . 35,636
Property and equipment ,
Buildings ... e 10,713
Property and. equipment . - §8,016
Accumulated depreciation a (29,581).
ts ” 38,148
Deferred charges “ay
Organization and eipansion expenses .. te 45,835
Accumulated amortization __{23,935) : :
Sane 27,900, “ais ‘
TOTAL PERMANENT ASSETS wissnsnsesnnnsnitsninnnnntnnnnnieie ae 684 :
(A tee (ransation of the original in Portuguese) TOTAL ASSETS inersinstientonman seseenneevonnnen aneasenen 223278)
BANCO ITAU BBA S.A. The accompanying notes are an integral part of these financial statemantn ~~
; BALANCE SHEET AT DECEMBER 31, 2004 : eared
! s In thousands of reais :
S LIABILITIES AND STOCKHOLDERS’ EQUITY
ASSETS
(continued)
CURRENT ASSETS
ves ‘ DEFERRED INCOME 10,568
Cash and banks... ....... : he cas ssneteshatecoestenseintee Sovesssatiscatcibsastaktenisaethntstyedsney . 114,356 STOCKHOLDERS’ EQUITY
2. a Interbank investments Capital ? ; : ;
Short-term investments 241,015 LOCAL os ecesssesesssccscsecssssnnnennsetesececnscneesntbeneseces sesteeenneesnntntinannnetcnstecnnntusasiennnsosgonatenicatetnstenanstsicaeeaseneeuiagesneennse : 2,755,795
Interbank deposits aah 5,053,313 : : aD : ss 2,755,795
Sui 3200508 Capital reserves ..... 93,277
e : . ; 7 _ Revenue reserves .. 597,151.
Sa Securities and derivative financial instruments : Adjustments on avaitable-for-sale
ot ; Own portfolio ... 7 2,672,115 investments and derivative financial instruments i 40,772 .
. Subject to repurchase agreements 45.701 © Retained eamings ........scceseeeeesseees . : 245,278
sf Restricted to BACEN .. 236,595 : . : : : : Mie base as : : :
"Trading securities given in guarantee 4.084.804 TOTAL STOCKHOLDERS® EQUITY -nscussninntivninsinnninnienneneentineininnitatitatsinniattinensininnnmannen SSR RTA
Derivative financial instruments ........ * 1,223,883 ; : : i ne fipnte
4,603,168 - “ Be : { ; : :
ee Interbank accounts no "TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 1... i noknisleibeerbeshinieiisasenandaicgiocoioniersoenelnsicne vee 88 ASE OT
nade “" Deposits with BACEN... 116,913 ‘ ; ; : ; :
“ Correspondents “92,243
. 129,156
: Loan and other credit operations »: : - 4 ng i “
ae Operations with credit assignment characteristics. . : a 9.646.460 . BANCO ITAU BBA S. A. ¥
Allowance for loan losses : “2(210,039) :
= 436,429 NOTES TO THE FINANCIAL STATEMENTS
am Olher hicehstaae At December 31, 2004
ned Foreign exchange portfolio 600,422 All: ‘amounts J in thousands of reais, unless otherwise indicated
fot Income receivable ............ 7,274
tat: 5 Negotiation and intermediation of securities .. 80,908
7 Sundry receivables vo... eeseesecseseseeseeess - §27,512 : . : :
fC: 1,216,116 1. a OPERATIONS AND CORPORATE REORGANIZATION
eS Other assets ; sei j
. iran cena wag a) Operations
Prepaid expens 3,921 : :
saa } Banco itad BBA S.A. (formerly ‘Banco Bemge S.A.) develops its business within a vanoleaals bank structure, with the prime purpose
: of rendering quality client service. :
; e b) Corporate reorganization
TOTAL CURRENT ASSETS ......csscssssecessssecsessssssersssssecesnstocenassecoueséeaie “19,800,788 _

The corporate reorganizations had-as purpose the optimization of operations and systemic resources, streamlining of administrative
processes, held on September 29 and October 31, 2004 and reduction of the companies of the conglomerate.

~ isdn accordance with EGMs held on September 29, and October 31, 2004, it was approved the:

i:a) — change of the company name from Banco Bemge S.A. to Banco ita BBA S.A.;

ib) — transfer of the headquarters of Banco Bemge S.A. from the city of Belo Horizonte, ‘State. of Minas. Gerais, to the city of Sao
Paulo, State of Sao Paulo; and

ic). — merger.of Banco Itau BBA S.A. into Banco Bemge S.A. on October 31, 2004. The, net assets of Banco Itai BBA S.A.,
amounting to R$3,033,291 as of September 30, 2004, was merged on October 31, 2004, by Banco Bemge S.A. (the current
company name e of * Banco Itau. BBA S.A."), as follows: (still under approval by BACEN).

LIABILITIES AND STOCKHOLDERS’ EQUITY










































CURRENT LIABILITIES :
, ey Deposits ASSETS
A? Demand deposits ... 51,871: wetting é
»? Interbank deposits .. 7,470,645 Cash and banks 3.0.0... eleccccseresees dclitaveshaieastanes Heetalalinscbed wy P 89,833
a) Time deposits .... 1,804,095 Interbank investments... : 9,069,724
1 ¢
: "9,326,611 Securities and derivative financial instruments . oN 6,438,761
iv / Interbank ACCOUNES 0.0... lees : 77,926
m4 Securities sold under agreements to repurchase ‘ Loan and other credit operations. . e 14,748,647
Own portiolia ...... . 240,870 Other receivables .... 2,625,611
Third-party portfolio 656,267 Other assets .... 18,609
y PRT 2ST, Permanent ‘assets 345,544
rh Funds from acceptances and issue of securities 7 33,414,655
Issue of securities abroad oo. scifi. :00.Sosssdhsagatedlsbecaresttcassacebs state Ssscchachuatget clas hethocucclalisebacia; Oucdedtccouiticab ean hoseeowsasostbsoueaubent 549,692
re 549,692
i? LIABILITIES
Interdepartmental accounts
Bird Funds in transit - third parties ..........sssccssessssseeesssssseeeseesssseessrnssssssslesiessustonsasesesecsiieesssseseeeeesseuunnnseveceeeeunassseseeeeessa “204,864 Deposits 14,572,507
' naisiaee Sha oniedoas 204,864 _ Securities sold under agreements to repurchase . 2,125,676
. Local borrowings - othér institutions . 1416 Funds from acceptances and issue of securities .. 898,788
Foreign borrowings ...... 2,946,528: __ Interbank accounts: 347:
Interbank onlendings .. 83,803 Interdepartmental accounts ... 264,929
Local onlendings - offici velopment (BN 650,149. Borrowings and onlendings ... 8,931,376
Local onlendings - official institutions - Government Agency for Machinery and Equipment Financing (Fl 406,722 Derivative financial instruments 746,545
Local onlendings - official institutions - OTHERS ........sssscssssssesssssssesssssscsessssscotsssaneatusanstsensssensapcoenseesianesectss 6,016 Other liabilities of. 2,829,503
re 4,094,634 11,693
‘a : ar 30,381,364
ig ~ Darivative financial instruments ......:5...s0.ccsosdsccoancstecessestovecenssinebnscsebsapoondsdisesbsessstesshissasstvsclecodaccdesooaceiucesdoetsdecuutséoenssdbscssoezesasss 993,223
'
be a eruabilies Capital — local 2.0... 2,430,021
ad f Collection and payment of taxes .. 784 Capital reserves ... 2,705
ut Foreign exchange portfolio .. 682,061 Revenue reserves .... 149,893
. Social and statutory ......... 123,947 Adjustments on available-for-sale investments and derivative financial instruments 31,072
: Taxes and social security contributions 549,624 Retained earnings 419,600
Negotiation and intermediation of securities .. 240,846
E Subordinated debt .. 7 ' i = 3,033,291
by Sundry liabilities... basi Net assets/stockholders’ @qQuity .............ccccccccsesessessseeseeseesuesnssneesessucseanesseanseneaueesecsecseennecsense eee eeenisene OE
art : 2,481,049
wn. TOTAL CURRENT LIABILITIES .. 18,647,310 _ fi - The EGMs, held on January 30, 2004 and May 31, 2004, approved the partial split-offs of the stockholders’ equity of Banco



Bemge S.A., in the amount of R$390,409 and R$29,883, to Itaucard Financeira S.A. Crédito, Financiamento e Investimento and to
Banco Itau S.A., respectively, as follows:


THE TRIBUNE

FRIDAY, MAY 27, 2005, PAGE bb



BANCO ITAU BBA S.A.

NOTES TO THE FINANCIAL STATEMENTS
At December 31, 2004
All amounts in thousands of reais, unless otherwise indicated

EGM EGM

01/30/2004 05/31/2004 © TOTAL

ASSETS

CURRENT ASSETS AND LONG-TERM RECEIVABLES 2,241,375

6,086
1,362,053
282,236
116,328
20,957
453,715

2,241,375

Cash and banks 3 6,086
Interbank investments .. 1,362,053
Securities and derivative inancial instruments 282,236
Interbank accounts 116,328
Loan and other credit operations .. 20,957
Other receivables and assets 453,715
6,578,302

31,716 6,610,018

PERMANENT ASSETS
6,608,906
6,578,302

30,604
1,112

Investments 6,578,302 30,604

Banco Banestado S.A. 6,578,302

Other investments - - 30,604

Property and equipment .... ase - 1,112

6,578,302 2,273,091. 8,851,393

LIABILITIES

CURRENT AND LONG-TERM LIABILITIES 8,431,101

6,187,893 2,243,208 431,
555,365 6,743,258
233,776 233,776

4,416 4,416
1,449,651 1,449,651
1,132,375 1,132,375

317,276 317,276

Deposits 6,187,893
Securities sold under agreements to repurchase - own portfolio we :
Interbank and interdepartmental accounts ..
Other liabilities
Social and statutory
Sundry liabilities
6,187,893 2,243,208 8,431,101

390,409 29,883 420,292

Net assets

© Still under approval by BACEN.

2. PRESENTATION OF THE FINANCIAL STATEMENTS

The financial statements of Banco Itat BBA S.A. were prepared in conformity with Brazilian Corporation Law together with the rules
and instructions of BACEN. As determined by BACEN Circular 2804/98, the financial information of the foreign branches is included
in the consolidated financial statements of Banco Ita BBA.S.A., translated into Brazilian reais at the exchange rates prevailing on
the balance sheet dates.

As result of the corporate reorganization (see note — 1.b), and in accordance with BACEN Circular 3017/00, article 9, item 1 the
financial statements of Banco Itati BBA S.A. are not being compared with the balances of December 31, 2003.



| VACANCY NOTICE
MANAGER, INFORMATION TECHNOLOGY SERVICES

Core Functions:

¢ Planning, directing and coordinating the human, financial and physical resources of the Information
Technology Department, to ensure the quality of services provided.

¢ Overseeing and developing all technology related systems, to include but not limited to
telecommunications and security systems.

¢ Determining, planning and controlling the use of current and emerging technologies to improve
existing business practices, institutional effectiveness, and internal/ external customer satisfaction.

Education and Knowledge Requirements:

¢ Master’s degree in Computer Science, Information Technology or related discipline.

¢ IT industry related certifications desirable.

. Bxpert knowledge and understanding of systems analysis, development and planning methods.

¢ Demonstrated experience in managing a network environment that ‘includes Windows Server 2003
services, Microsoft Exchange 2003, Lotus Notes/Domino, windows XP, hardware firewalls, and
VPN appliances,

° Proficiency i in the use - of programming languages (e.g 5. Visual B Basic, C++, Java)

¢ Proficiency in sea implementing, integrating and managing expert systems.

¢ Experience in iSeries/AS400 platform desirable. .

* Comprehensive knowledge of database management preferred.

¢ Knowledge of the application of Web based technologies desirable.

¢ Excellent and demonstrated team building and project management skills.

° Excellent communication skills, both written and oral.

* Seven (7) years of progressive experience in managing the delivery of modern enterprise technology
services.

Interested persons should submit a résumé and a copy of degree(s) and transcript(s) to:

The Human Resources Manager
P.O.Box N 3207
DA 4993
c/o The Tribune
‘Deadline: Tuesday, May 31, 2005

UHR!

Your Balance Sheets & Legal Notices in

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Call us at

=) PPAR





Trade Commission
urged to review

position on CSME

FROM page one

tions and the explanation to the
public are to be reviewed and, if
it agrees, approved by the Com-
mission in light of the policy
that has been outlined by the
Government.

While he did not set a dead-
line for the Trade Commission
to issue its findings, Mr Mitchell
urged them to work quickly,
saying that the CARICOM sec-
retary-general, Edwin Carring-
ton, had agreed to meet with
civil society in Freeport next
month. Members of the Com-
mission may have the opportu-
nity to meet and discuss a vari-
ety of issues with him.

Mr Mitchell, who was joined

‘by trade and industry minister
Leslie Miller and Ambassador
to CARICOM, Leonard
Archer, told Commission mem-
bers that under the terms of the
Treaty, the clarity of the

- Bahamas' legal position is such
’ that when the four reservations

are entered, the Bahamas is
totally part of the Treaty
arrangements but its positions
are reserved on those aspects
which are not in its best interest.

He said this point had largely
been lost in a debate that has
aroused passionate interest in
the public and seemingly
engaged a wide cross-section of
the community.

Debate

"This has been lost in the
debate, and the prejudices
regarding nationals of the
«Caribbean have emerged in this
.debate, which are clouding the
public policy on the issue,” Mr
Mitchell said.

"It is clear from [the Trade
Commission's 2003 report] that
the Bahamas has to examine its
position.on trade policies and
tax policies. It is clear that trade
liberalisation is pressing upon
the Bahamas and change is
being forced upon us, not in a
rules based way but simply by
pressure.

“Tt is better for the country to
plan and position itself than be
forced to make changes with-
out due considerations for our
long-term interests. All of this
has been lost in the debate
largely about a matter that will
not arise, the question of the
free movement of people."

Mr Mitchell also charged that
opponents of the Bahamas'
membership in the CSME, were
either deliberately or unwit-
tingly failing to make the dis-
tinction between the goals of a
single market and economy and
the desirability or wish of a par-
ticular country to get there.

_ Addressing the Trade Com-
mission during a luncheon



@ MINISTER of Foreign Affairs Fred Mitchell

meeting held at Chez Willie, Mr
Mitchell referred to the Trade
Commission's report of June
2003.

That report said: "The
framers of the revised Treaty
of Chaguaramas have made it
clear that a state can no longer
be a member merely of a part
of CARICOM, but it must be
all in or all out.

“That is, the present status
of the Bahamas by virtue of
which it takes part in Commu-
nity affairs but not in the Com-
mon Market can no longer be

maintained under the revised’

Treaty, which is now a single
undertaking involving full com-



despite its

pliance will all aspects of the
agreement."

This seems to imply that the!
Bahamas, if it signes on to the}
CSME, will eventually have to}
adopt all aspects of the Treaty!
reservations:
on the Caribbean Court of Jus-}
tice’s appellate, Common}
External Tariff, free movement:
of people and common curren-+
cy. L
The initial reservations#

’ according to the revised Treaty;

will only last for five years, after;
which the Bahamas will need
the agreement of all other
CSME members for them to be:
renewed, something many;
observers believe is unlikely: ag}
other states will be craving;
unfettered access to the
Bahamian market. i

Report

Mr Mitchell yesterday saidi
since that report, which he
described as "a valuable review;
of the history of the matter of
our community involvement!
and the public responses to it"
there had been little apparen&
effort to engage the public ont
the CSME until the most recenk
decision of the Governmenty
taken in December 2004, ta
sign the revised Treaty of Cha#
gauramas, subject to the
Bahamas obtaining the four
reservations. S

"The beauty of this is that wes
have the agreement of our
CARICOM partners in these
matters. In other words, the sta?
tus quo is not to be disturbed;
In essence, this preserves th
Bahamas' position or the stay
tus quo until such time the eco!
nomic issues can be reviewed,
he added.

Mr Mitchell said the publis
was now heavily engaged on th§
CSME issue, adding that the
situation created an opportunk
ty for further public educatiog
and the dissemination of accu
rate information. ks

He also promised Tradé
Commission members that they
would receive the necessary
assistance, technical and other+
wise, to conclude their review,
going forward. we

UAT a as

aa a a
ute 8 Boe, pace

PAGE 6B, FRIDAY, MAY 27, 2005

>



ON EIRIEI

SSL a=

THE TRIBUNI



FINANCIAL
STATEMENT
2004



PRICEWATERHOUSE(GoPERS (§j

PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

Nassau, The Bahamas
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT

To the Shareholders: of -
Royalstar: Assurance Ltd.

We have audited’ idie’s accompanying balance sheet of nopalsiar Assurarice Ltd. (formerly Royal & Sun
Alliance Insurance (Bahamas) Limited) -(the Company) as of 31.December 2004, and the. related
statements of operations, changes in shareholders’ equity and cash flows for the year then ended.
These financial statements are the responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on our audit. :

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

In our opinion, the financial statements present fairly, in all material respects, the financial position
of RoyalStar Assurance Ltd. as of 31 December 2004, and the results of its operations and its cash
flows for the year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
7 April 2005



RoyalStar Assurance Ltd. (incorporated under the laws of the Commonwealth of The Bahamas)

~ BALANCE SHEET
AS OF 31 DECEMBER 2004

Amounts expressed in Bahamian dollars

ASSETS

Cash in hand and at bank (Note 3)

Term deposits (Note 3)

Due from agents, net (Note 4)

Due from reinsurers

Sundry receivables, prepayments and other assets

Investments in securities — available-for-sale (Note 5)
- originated loans and

receivables (Note 5)
Property, plant and equipment, net (Note 6)

TOTAL ASSETS



LIABILITIES
General insurance funds:

Unearned premiums reserve
Outstanding claims reserve-(Note 7)
Deferred commission reserve

Other liabilities:

Due to reinsurers

Sundry payables and accruals (Note 8)
Cash advance from reinsurers (Note 7)

SHAREHOLDERS’ EQUITY

Share capital

Authorized, issue and fully paid:- 10,000, 000
ordinary shares of $0.30 each

Contributed surplus (Note 9)

Retained earnings

TOTAL LIABILITIES AND =
SHAREHOLDERS' EQUITY :

SIGNED ON BEHALF OF THEBOARD:)
Director: ZOE ak an

The accompanying notes are ar integral part of these financial statements





Director:

STATEMENT OF OPERATIONS .
FOR THE YEAR ENDED 31 DECEMBER 2004

Amounts prened | in Bahamian allele

Premiums written (Note 10)
Less: Premiums ceded to reinsurers

Net premiums written

Change in unearned premiums reserve (Note 11)

Net premiums earned

Claims incurred, net of recoveries from reinsurers (Note 7)

Net commissions incurred (Note 12)
Catastrophe and excess of loss reinsurance

Undermriting (loss) gain



Interest and other income 1,184,407
Net unrealized gain on investment in securities (Note 5) P . 79, 927 :
“tess, 922) 44,292,723.

Personnel expenses (1,733,222) (2,898, 162)
General and administration expenses (1,221,522) (1,437,591)
Depreciation (Note 6) (356,086) (321,645)
Directors’ fees (67,200) (67, 200)

(3,378,030) 4 724, an

Net (loss) income

The accompanying notes are an integral part of these financial statements

Cash and cash equivalents at beginning of y year



Date: 7 April 2005





STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2004



~ Amounts expressed in Bahamian dollars



— Balance as of 1 Janua



The accompanying notes are an integral part of these financial statements

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2004

Amounts expressed in Bahamian dollars

CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income
Adjustments for:
Depreciation
Loss on disposal of property, plant and equipment
Interest income
Bad debt expense
Unrealised gain on-investments in securities

(Increase) decrease in current assets:

Term deposits

Due from agents, net

Due from reinsurers

Sundry receivables, pispeysic i and other assets. ino,

Increase (decrease) in currant liabilities:
Unearned premiums reserve
Outstanding claims

Deferred commission

Due to reinsurers

Sundry payables and accruals |

Due to former parent

Cash advance from reinsurers

Net cash from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received

Purchase of property, plant and equipment
Proceeds from sale of investments in securities
Purchases of investment securities .

Net cash (used in)/from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital
Dividend Payment

Net cash (used in) /from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at end of year (Note 3)



The accompanying notes are an integral part of these financial statements >

“NOTES TO THE

FINANCIAL STATEMENTS 31 DECEMBER 2004

1. Incorporation and Principal Activity

HORE Oak wd:

RoyalStar Assurance Ltd. (the Company) is incorporated under the Companies Act, 1992 of the Commanwealth



of The Bahamas and is licensed to operate as a property and casualty insurance company under the Insuran
Act, 1969, The Company is also licensed to operate in the same capacity in the Cayman Islands, the Turks’and"’
Caicos Islands and the British Virgin Islands under the Insurance (Amendments) Law, 2003, the Insurance... ,
Regulations, 1990, and the Insurance Act, 1994 and Insurance Regulations, 1995 respectively. -

.The Company's registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes, Mareva House,: .
4 George Street, Nassau, The Bahamas.

Prior to 31 October 2002, the Company was a wholly-owned subsidiary of SunAlliance Insurance Overseas...
Limited, which is a subsidiary of Royal & SunAlliance Insurance Group Plc. Both companies are incorporated in ,
the United Kingdom.

During 2002, pursuant to an agreement dated 17 October 2002 between SunAlliance Insurance Overseas Limited
(the Seller) and Sunshine Insurance (Agents and Brokers) Limited and Star General insurance (Agents and
Brokers) Limited (collectively the Purchasers), ownership of the Company was transferred to the Purchasers and”
other investors as of 1 November 2002. The Purchasers and other investors paid the Seller an amount equal to
the Net Assets Value (NAV) of the Company as of 31 October 2002, plus a premium of 5% of NAV.

On 22 August 2003, the Board of Directors approved the change to the Company's registered name from
Royal & SunAlliance Insurance (Bahamas) Limited to RoyalStar Assurance Ltd. together with the respective
modification of its Memorandum and Articles of Association.

2. Summary of Significant Accounting Policies
The principal accounting policies adopted in the preparation of these financial statements are set out below:
(a) Basis of preparation

The Company's financial statements have been prepared under the historical cost convention, except as
disclosed in the accounting policies below, and in accordance with International Financial Reporting
Standards (IFRS). The preparation of financial statements in conformity with IFRS requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.

(b) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation provided on a straight-
line basis over the assets’ estimated useful lives which range from three to ten years.

Improvements to assets which extend the useful life or increases the value of the assets are capitalized
when incurred and are depreciated over the remaining useful life of the asset. Expenditures for
maintenance and repairs are expensed as incurred. When assets are retired, sold or no longer used in
operations, the cost and related accumulated depreciation are removed from the accounts with any
resultant gain or loss reflected in the statement of operations.
BUSINESS

FRIDAY, MAY 27, 2005, PAGE 7B























Z 6.
:) ~~‘ Investments in securities
As of 1 January 2001, the Company adopted International Accounting Standard (IAS) 39 and classified its
investments into the following categories: originated loans and receivables (government bonds, corporate
bonds’and preference shares) and available-for-sale (ordinary shares). Financial assets created by the
Company by providing funds directly to a debtor, with no intention of liquidation in the short-term, are
classified as originated loans and receivables. Investments intended to be held for an indefinite period of
time, which may be sold in response to the needs for liquidity or changes in interest rates, exchange rates
or equity. prices are classified as available-for-sale. Management determines the appropriate classification
of its.investmients at the time of purchase.
aay
All purchases and sales of investments are recognized on the trade date, which is the date that the
Company commits to purchase or sell the asset. Available-for-sale securities are initially recognized at
cost,. which includes transaction costs, and are subsequently carried at fair value based on quoted bid
prices.’ Realized and unrealized gains and losses arising from changes in the fair value of available-for-sale
securities are recognized in the statement of operations in the period in which they arise. Originated
loans and receivables are measured at amortized cost.
(d) eral insurance funds
Genbral insurance funds comprise unearned premiums, deferred commission reserve, outstanding claims
and provision for claims incurred but not reported. Unearned premiums represent the proportion of the
net written premiums, which relate to periods of insurance coverage subsequent to the balance sheet
date. This amount is adjusted by 20% representing an estimate for commission expenses.
7.
Outstanding claims comprise the Company’s net share of the estimated cost of all claims incurred and
reported but not settled as of the balance sheet date and a minimum provision of 1% of gross premiums
written for claims incurred but not reported.
Outstanding claims are based on estimates and while management believes that the amounts are
adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods
for making such estimates and for establishing the resulting liability are continually reviewed, and any
adjustments are reflected in the current year's statement of operations.
The Company is a defendant in several legal actions involving claims. Management believes that the
resolution of these matters will not have.a material impact on the Company's financial statements.
(e) Reinsurance :
in the normal course of business, the Company seeks to limit its exposure to losses that may arise from any-
single occurrence. Reinsurance is primarily placed. using a combination of proportional, facultative and:
_ excess of loss treaties. Obtaining reinsurance does not, however, relieve the Company of its primary
obligations to the policyholders, therefore the Company is exposed to the risk that the reinsurers may be.
unable to.fulfill their obligations under the contracts: The Company seeks to mitigate. this risk-by placing
its reinsurance coverage with large multi-national companies and syndicates. .
(f) | Duefromagents oo poe, aha og.
Due from agents are stated net of any provision which management considers to be necessary. Bad debts
are written-off when identified. :
(g) Leases
Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are charged to the statement of 9
operations on a straight-line basis over the period of the lease. °
(h) —_—“ Foreign currency translation
Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have
been translated into Bahamian dollars using the rates of exchange prevailing at the balance sheet date.
Foreign currency transactions and income and expense items have been translated at the exchange rates
_prevailing at the time of the transaction. Gains and losses on translation are reflected in the statement 10
of operations. oe
(i) Revenue recognition
Premiums are recognized as revenue over the periods covered by the related policies after allowing for
premiums ceded. . Other revenues and expenses are recognised on the accrual basis over the related
periods except for commission income from facultative reinsurance contracts, which are recognized when
the Company's right to receive payment has been established.
: 11.
@ Premium tax
From 1 January 2003 to 30 September 2003, premium tax was incurred at a rate of 2% of gross premiums
written in the Commonwealth of The Bahamas. Effective 1 October 2003, premium tax was incurred at
arate of 3% of gross premiums written. During the year, premium tax has been charged separately to
policyholders... .. EO ATH ATES
(k) Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents are comprised of cash in
hand and at bank and term deposits with original contractual maturities of 90 days or less.
( Employee benefits - pension obligations
The Company has a defined contribution pension plan for its Bahamian employees whereby the Company
pays contributions to a privately administered pension plan. The Company has no further payment
obligations once the contributions have been paid. The plan requires participants to contribute 5% of
their basic salary and the Company contributes 10% of basic salary. 12.
The Company's contributions to the defined contribution pension plan are charged to the statement of
operations in the year to which they relate. '
Cash and Cash Equivalents
Cash in hand and at bank
Term deposits 3
Less: term deposits with original contractual ‘7
maturities of more than 90 days
Interest rates on:term deposits range from 0.10% to 5.25% (2003: 0.568% to 5.25%).
Due from Agents, Net.
Receivable from agents." 9 0
Less: Provisions for doubtful debts, .--
Movement in the provision for doubtful debts:. ae
Balance at beginning of year
Bad debts expense during the year
Provision for doubtful debts at end of year
Investment in’ Securities
15.
Available-for-sale investments
Available-for-sale investments principally comprise marketable equity securities and are stated at fair value.
Movements during the year were as follows:
As of beginning of year
Additions
Unrealised gain during the year
As of end_of year
Available-for-sale investments comprise ordinary shares held by the Company that consist of local stocks, the 16.
majority of which are listed on The Bahamas International Securities Exchange (BISX). :
Originated toans and receivables
Originated loans and receivables are carried at amortised cost and comprise:
Fidelity Bank & Trust International Limited
Preference shares
The Central Bank of The Bahamas En oe
Bridge Authority bonds 240372014 1,200
‘ : 24/03/2029... «23,300. |
24/03/2019. 43,600
4/03/2024 51,200
é ee
Sunshine Holdings Limited Se oe a
‘Corporate bonds Prime +0.50% 01/07/2006 250,000 250,000. |
_ Prime + 0,50% 29/07/2006. . 250,000 250,000
: Eleuthera Properties Limited Ms



Ordinary Shares

Total investments



Transactions

" Commissions expense

Property, Plant and Equipment
ESS
Baa




Cost: ae 8
As of 1 January 2004 - 2,278,804 279,365 . 463,455 Ses 3,021,624
Additions 964,413 1,064,449 |

100,036 = =

As of 31 December 2004 $



Accumulated depreciation:
As of 1 January 2004 -
Depreciation -

2,141,753
356,086

246,228
17,532

244,274
154,717

1,651,251
183,837










As of 31 December 2004 $:

Net book value as of
31 December 2004

Net book value as of
31 December 2003 $

Outstanding Claims Reserve and Net Claims Incured
Fs

Outstanding claims reserve comprise:

13,778,730

$ 97,406,370



Gross provision of claims : 30.
Less: Reinsurance claims outstanding (92,743,622) (8,493,869) —
Net provision for reported claims 4,662,748 5,284,861
Provision for incurred but not reported claims 551,000 551,000



During the year, the Company received $31,073,520 (2003: Nil) from its reinsurers
as advances. ;

Net claims incurred comprise:

Gross claims incurred
Less: Recoverable from reinsurers

Sundry Payables and Accruals -

Premium tax
Other creditors and accruals



Contributed Surplus

In 2002, the Purchasers and other investors contributed cash of $2,421,451 which was classified as contributed
surplus on the transfer of ownership of the Company on 1 November 2002. During 2003, the directors approved
the reclassification of the retained earnings balance of $4,203,550 at 31 October 2002 to contributed surplus. The
remaining contributed surplus balance represents amounts in excess of the par value of shares, received from the
new investors during 2002. :

Premiums Written

Gross premiums written
Less: Premium tax collected on behalf
of the Government



Movement in Unearned Reserve

The amounts reported on the statement of operations, are shown net of amounts earned from portfolio
transfers, as a results of changes in the reinsurance programme of the Company. The table below discloses
the, respective amounts.





$ 12,845,475 20,166,905

Balance at beginning of year 5475
OTR (OBE)

Less: Balance at the end of year
Movement for the year - 7,321,430 a

3,387,993
Portfolio transfer 53)









Change for the year $ a

Net Commission Incurred

$7,184,637.
(5,178,694)

“2,005,943

Amounts paid to agents /
Less: Amounts recovered from reinsurers

Movement of Deferred Commission

Related Parties

_ Related parties comprise current shareholders and-directors. The Company's primary shareholder is SunStar

Ensure Limited, which owns 52% of the Company's outstanding shares and is owned equally by Sunshine
Holdings Limited and Star General Holdings Limited. The financial statements include the following balance
and transactions with related parties:
Balances

Due from agents, net

Premiums written




3,777,935
"500,000.

Corporate bonds 9,000
766,400.

Ordinary shares



Retirement Benefits

The Company operates a defined contribution pension plan for the benefit of its Bahamian employees.. The plan
is administered by Colina Insurance Company Limited. The amount recognized in the statement of operations:in
personnel expenses in the current year was $105,913 (2003: $90,921).

The total number of staff employed by the Company as of 31. December 2004 was 29 (2003: 31).

Commitments

The future minimum rental payments required under operating leases as of 31 December 2004 are as follows:



197,073
65,691

Not later than 1 year $
Later than 1-year and not later than 5 years -



Financial Instruments

Credit risk

Credit risk arises from the failure of a counterparty to perform according to the terms of the contract. From this
perspective, the Company's credit risk exposure is primarily concentrated in its reinsurance, term deposits and
receivables from agents. The Company seeks to mitigate the risk that the reinsurers may be unable to fulfil their
obligations by placing its reinsurance coverage with large multi-national companies and syndicates. The
Company's term deposits have been placed with high quality financial institutions.

Liquidity risk

The risk that the Company might not have the necessary liquidity to meet its contractual obligations. The
Company manages its liquidity by attempting to match liabilities with assets of similar maturity periods.

Fair values
Financial instruments utilized by the Company are limited to the recorded assets and liabilities included in the

balance sheet. Carrying amounts of all financial instruments are considered to approximate fair value given
their short-term nature, except those disclosed in Note 5.

Corresponding Figures

The corresponding figures for premiums written and premium tax in the statement of operations have been
reclassified to conform with the current year’s presentation.
PAGE 8B, FRIDAY, MAY 27, 2005

THE TRIBUNE



eS ee eS ee eae eee
Commonwealth Bank ‘indebted’ to

executive for 34 years of service

COMMONWEALTH
Bank’s former senior vice-pres-
ident and corporate secretary,
Trevor Thompson, has now
retired from the bank’s board
of directors after 34 years.

Mr Thompson, who held his
previous two posts until he
retired from them in July 2003,
remained on the Board for a
further two years until his step-
ping down was announced at

COMMONWEALTH OF THE BAHAMAS 2005
IN THE SUPREME COURT CLE/QUI/292
Common Law and Equity Division

IN THE MATTER OF The Quieting Titles Act, 1959

AND >

IN THE MATTER OF Mortgage Holdings Limited

NOTICE

ALL THAT piece parcel or lot of land containing 3,355 sq. ft.,
situate in the Subdivision known as Westward Villas in the Western
District of the Island of New Providence one of the Islands in
the Commonwealth of The Bahamas comprising Lot number
Three (3) in Block Number (4) of the said Subdivision which
said piece parcel or lot of land is bounded NORTHWARDLY by
Lot Number Four (4) and running thereon One hundred and Five
feet (105.00) WESTWARDLY by an arch of land and running
thereon Ten and Thirty-one hundredths feet (10.31) in an arch
SOUTHWARDLY by land belonging to the Petitioner and running
thereon One Hundred and Five feet (105.00) and WESTWARDLY
by. a roundabout and running thereon is an arch Fifty-three and
sixty hundredths feet (53.60) as the same are delineated with the
position shape marks boundaries dimensions and abuttals thereof
on the Plan hereunto annexed and thereon coloured Pink.

Mortgage Holdings Limited claims to be the owner in fee simple
of the said land free from encumbrances and has made application
to the Supreme Court in the Commonwealth of The Bahamas
under section 3 of the Quieting Titles Act 1959 to have its title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted by
the Court in accordance with the provisions of the said Act.

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

a) The Registry of the Supreme Court in the City of Nassau;

b) The Chambers of Callenders & Co., One Millars Court, Nassau,
Bahamas, Attorneys for the Petitioners.

NOTICE, is hereby given that any person having dower or right
of dower or an Adverse Claim or a claim not recognized in the
Petition shall on or before the 27th day of June A.D., 2005 file
in the Supreme Court and serve on the Petitioner or the undersigned
. a statement of his claim in the prescribed form, verified by an
Affidavit to be filed therewith. Failure of any such person to file
and serve a statement of his claim on or before the said 27th day
of June A.D., 2005 will operate as a bar to such claim.

CALLENDERS & CO.
Chambers
One Millars Court
Nassau, Bahamas

Attorneys for the Petitioner

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2005
Equity Side

IN THE MATTER OF The Quieting Titles Act, 1959

IN THE MATTER OF ll that piece parcel or lot of land
containing 3,355 sq. ft., situate in the Subdivision known as
Westward Villas in the Western District of the Island of New
Providence one of the Islands in the Commonwealth of The
Bahamas comprising Lot number Three (3) in Block Number (4)
of the said Subdivision which said piece parcel or lot of land is
bounded NORTHWARDLY by Lot Number Four (4) and running

- thereon One hundred and Five feet (105.00) WESTWARDLY by
an arch of land and running thereon Ten and Thirty-one hundredths
feet (10.31) in an arch SOUTHWARDLY by land belonging to
the Petitioner and running thereon One Hundred and Five feet
(105.00) and WESTWARDLY by a roundabout and running
thereon is an arch Fifty-three and sixty hundredths feet (53.60)
as the same are delineated with the position shape marks boundaries
dimensions and abuttals there thereof on the Plan hereunto annexed
and thereon coloured Pink.

AND
IN THE MATTER of Mortgage Holdings Limited
NOTICE

2005
CLE/QUI/292

CALLENDERS & CO.
Chambers
One Millars Court
Nassau, Bahamas

Attorneys for the Petitjoner



Commonwealth Bank’s annual
general meeting (AGM) earlier
this month.

In announcing the move to
shareholders, Commonwealth
Bank’s chairman, T. B. Don-

aldson, said the institution .

would always be “indebted” to
Mr Thompson.

He added: “Since Mr Thomp-
son’s retirement from the bank
in 2003, he has continued to
serve on the board and to give
wise counsel as a director. His
wisdom shall be sorely missed
but we wish you well, Trevor, in
the next phase of your life and
hope you enjoy your full and
well-deserved retirement at long
last.”

“There may be no single
executive who has helped shape
this bank more than Trevor
Thompson,” Commonwealth
Bank’s president and chief exec-
utive, William B Sands Jr said.

Mr Thompson joined the
bank in 1965 and helped trans-
form a small finance company
into the country’s largest pub-
licly-held institution, as well as
the biggest Bahamian bank with
assets nearly reaching the $700
million mark.

In his 38-year career, he held
numerous senior management
and administrative positions. He
was appointed vice-president of
finance in 1974. Four years lat-
er, he was named vice-president
and district manager with
responsibility for all branches.

In 1992, he assumed the
post of vice-president, admin-
istration, and from 1992 to his
retirement a decade later, he
served as the highest-ranking



HB WILLIAM Sands (left), president: and chief executive, and TB Donaldson (right), chairman of .
the board, present retiring senior vice-president and corporate secretary Trevor Thompson with a :
gift to commemorate more than 34 years of service

senior vice-president.

Mr Thompson is also a past
president of the Bankers Asso-
ciation, a founding member of
the board of directors of the

Nassau Tourism & Develop-
ment Board, a member of the
Rotary Club of East Nassau,
past commodore of BASRA, a
former director of the Bahamas

4

Chamber of Commerce and has
been, since its inception, hon:
orary consultant to the Unicorn,,
a magazine for the handis
capped.

”

A BAHAMIAN realtor has
been awarded the Certified
Residential Specialist (CRS)
designation by the Council of
Residential Specialists (CRS),

the largest non-profit affiliate

of the US-based National Asso-
ciation of Realtors (NAR).
Shawn Thomas, director of
Nocturne Realty, had to com-
plete advanced.courses and
demonstrate expertise in the

field of residential real estate.
Only 35,000 realtors have
achieved the CRS designation.

Ms Thomas is a member of

the local board of the Bahamas

Real Estate Association

(BREA). She is an internation-
al member of the National
Association of Realtors, and i8:
also a director of the Southern
Ladies Golf Division of thé:
Bahamas Golf Federation. © *



PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, WYSLAINE LOMOND
of Nassau, Bahamas, intend to change my name to
WYSLAINE MEMENON. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date of
publication of this notice.

NOTICE

NOTICE is hereby given that DEMATEE MOHAN OF P.O. BOX
N-9841, VILLAGE ROAD, 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 2OTH day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, EUREKA CYNTHIA
AMBRISTER, Nassau, Bahamas, intend to change my
name to EUREKA CYNTHIA MUNROE LOCKHART. If
there are any objections to this change of name by Deed
Poll, you may write such objections to the Chief Passport
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that SOINY BASTIAN, CEMETERY ROAD,
PINEDALE, EIGHT MILE ROCK, GRAND BAHAMA, 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 27TH day of MAY,
2005 to the Minister responsible for Nationality and Pibzensiite,
P.O.Box F-41085, Grand Bahama, Bahamas.

NOTICE

NOTICE is hereby given that FRANCIS BARRACLOUGH
BANKS, P.O.BOX CB-11073, 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 27TH day of MAY, 2005 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas.












Small family restaurant in Western District is
seeking to employ:

¢ (1) Cook (must be experienced in Bahamian Dishes) n

¢ (1) Bartender o

¢ (1) Waitress (for evenings only).



Applicants please telephone 362-0681 for interview.

NOTICE

NOTICE is hereby given that MS. JORJI MOLTIMER OF EIGHT. {:
MILE ROCK, GRAND BAHAMA, BAHAMAS, is applying to the +.
Minister responsible for Nationality and Citizenship, for 4:
registration/naturalization as a citizen of The Bahamas, and that: P
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 20TH}:
day of MAY, 2005 to the Minister responsible for Nationality and: F
Citizenship, RO.Box F-41085, Grand Bahama, Bahamas. ;

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL :

The Public is hereby advised that |, JELINA PIERRE,. of |
Baillou Hill Road, P.0.Box N-7101, Nassau, Bahamas, 7
intend to change my name to GELINA PIERRE. If there : :
are any objections to this change of name by Deed Poll, }}
‘you may write such objections to the Chief Passport » 4
Officer, P.O.Box N-742, Nassau, Bahamas no later than: a
thirty (30) days after the date of publication of this notice. :|

NOTICE |

NOTICE is hereby given that LOUIS MARC BIENAIME OF
APPLE STREET, 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 20TH day of MAY, 2005 to the Minister responsible for}
Nationality and Citizenship, P.O.Box N- 7147, Nassau, Bahamas:.





r
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, FY
x :
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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL |

The Public is hereby advised that |, CLARENCE MARCO *}.
DUMERVIL, of Farmers Hill, Exuma, Bahamas, intend to }}.
change my name to CLARENCE MARCO STUBBS. If: |:
there are any objections to this change of name by Deed! |.
Poll, you may write such objections to the Chief Passport *.
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.-




THE TRIBUNE BUSINESS




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PAGE 10B, FRIDAY, MAY 27, 2005

TRIBUNE SPORTS

SPORTS





@ THE design for the new
track and field stadium.

i By KELSIE JOHNSON
Junior Sports Reporter

THE construction of the $30
million track and field stadium will
force two sporting organisations
to relocate in order to complete
their seasons.

The Bahamas Baseball Feder-
ation (BBF) and Bahamas Soft-
ball Federation (BSF) will have to
utilise the Balliou Hills Sporting
Complex during the construction
of the state-of-the-art facility.

The two organisations are the
only ones directly affected by the
government’s phase one plans.

Phase one of the government
three course plan will include new
facilities for the organisations,
which will be built after the com-
pletion of the stadium.














The stadium, a gift from The
People’s Republic of China, is
expected to be completed within 2-
3 years.

The 15,000 seat facility will begin
next year February, with the com-
pletion date set for early June 2007,
but no later than January 2008.

Minister of Youth, Sports and
Culture Neville Wisdom reassured
the public that the construction of
the stadium will not affect the oth-
er sports in the country and the
organisations, which had to be
relocated, had agreed upon the
move.

Wisdom stated that the con-
struction of the stadium is designed
to improve all sports in the coun-
try. He said: “The government and
the presidents of the sporting
organisations met before anything

“Copyrighted Mate
Syndicated Content

was revealed to the public.

two federations agreed upon the

“These persons in charge of the
two federations agreed upon the
changes and the relocation. The
government is not aware of any
complaints. We have made the
necessary arrangements to host
the two federations.”

Minister of Youth, Sports and Culture Neville Wisdom _

“These persons in charge of the

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necessary arrangements to host the
two federations.

“The relocation will only be a
temporary thing, phase one of the
construction plans includes all
sports, giving all permanent homes.

“We have five sporting facilities
that can host the two federations,
so the idea is not to dislocate, but
to ensure that the all parties affect-
ed will have comfort.”

The construction will wipe-out
the three existing facilities and
stretch as far as the Betty Kelly

_Kenning Aquatics stadium.

It will replace the Andre
Rodgers baseball stadium, the
Churchill Tener Knowles stadium
and the newly constructed Tony
Curry and Anthony McKenzie
baseball parks.

The Tony Curry and Anthony
McKenzie parks were construct-
ed late 2004.

The four baseball fields will be

relocated to the western end of the
Thomas A Robinson track, direct-
ly in the back of the Shell Service
station.

Constructed

The Churchill Tener Knowles
softball stadium is set to be con-
structed on the southern end of
the Betty Kelly Kenning Aquatic
Centre, opposite the Sir Kendal
Isaacs gymnasium.

Wisdom added: “We realise that

improvements will be needed to ©

ensure the two federations are
comfortable and that the parks will
meet the rules and regulation stan-
dards.

“The fields: at the Balliou Hill
Sporting Complex are well kept.
We have a continuous team that
makes sure that all fields are well
kept. This is being led by Andy
Ford, who has a group of employ-
ees who’s main goal is to up keep
and maintain all facilities.”

The government has planned a

-phase two project that will involve

the Sir Kendal Isaacs gym and the
construction of a new gymnasium.

Facility

The Sir Kendal Isaacs gym will
be used only for basketball, all oth-
er indoor sports will be played in
the new facility that will be con-
structed immediately after phase
one is completed.

The new multi-purpose 10,000
seat indoor gym is expected to be
constructed next to the existing
national gym, on the land that is
considered the Carnival site.

The building of the new gym
will not affect the Bahamas Lawn
and Tennis Association (BLTA).
However, the government has
planned to expand the facility,
adding more courts.

The minister added: “I will be
the first to say the Sir Kendal
Isaacs gym was not built correctly.
The gymnasium is too small and it
creates a problem for many of the
federations.

“Several of the federations made
requests to host international tour-
naments, but the gym does not
meet the requirements of the inter-
national governing bodies.

“The seating capacity is small,
this creates a problem, even during
the hosting of local tournaments.”

Sir Kendal Isaacs gym will not
be relocated, but instead, it will be
used for all local tournaments and
national teams practice sessions.

The Balliou Hills complex will
be used for recreational sports. The



Work on new $30m stadium has
rganisations on the move

government has confirmed that the
complex will be developed to
ensure that all sports have outdoor
courts.

So far, the Balliou Hills sporting
complex is the home to the soccer
field, five softball diamonds, two
tennis courts and an outdoor bas-
ketball court. The cycling track is
located on the far end of the com-
plex, while the boxing facilities are
positioned at the complexes
entrance.

The construction of a cycling
track and soccer field will be in the
govérnment’s phase three’section.

Although the soccer association ~
will still have access to the field
located in the Balliou Hill Sporting
complex the government has
agreed to build a second field.

International games will also be
played inside the $30 million dollar
track and field stadium.

Designed

Wisdom said: “The reorganisa-
tion of the Queen Elizabeth Sports
Centre is designed to turn all sports
in the Bahamas into world class
sports, providing them all with
world class facilities.

“We will need the cooperation
of all sporting organisations to
ensure that the improvements take
place. The wonderful news is that
all the organisations realise the
government’s position, they are all
willing to work with the govern-
ment, taking note that the
improvements will be done in

‘stages.

“No sport will be left out, that is
the government’s plan. Our best
interest. is the development of
sports in the country. Nothing hap-
pens overnight, we have several
things planned which all the asso-
ciations are aware off.” ©

The master plan of the tedevel-
opment of the Queén Elizabeth
Sports Centre does not include the
Bahamas Hot Rod As§ociation
(BHRA) and the Bahamas\Boxing
Federation (BBF).. © 0...\

Wisdom, who clarified the situ-
ation with the BHRA, stated that
the association is experiencing
some problems that need to be
cleared within. ;

“Unfortunately the plans don’t
include the Bahamas Hot Rod
Association. The association has
asked all it’s members to secure
insurance plans before they start
again,” said Wisdom.

“The association is challenged
at this point, the government trying
as best they can to assist. The speed
the drivers and the vehicles hit
requires the association to get
insurance.

“We are trying to relocate them
to another site and, hopefully, the
restructure of the programme
might make the access to the insur-
ance easier.

“But at this point the associa-
tion has indicated that they are
experiencing some problems.”

The BHRA will not be located
within the complex.

Wisdom added: “The boxing
programme is expanding, they
have secured several gymnasiums
in the southern part of the
island.

“We've recently hired Quincey
Pratt to assist us. He has a very
good programme going on at the
Nassau Stadium. ‘They will have
access to the national gymnasium,
and other facilities, but, as of now,
no plans are set for them in the
complex.”


TRIBUNE SPORTS FRIDAY, MAY 27, zuud, PAGE 11b
} SPORTS



Lara scores

impressive
opening
for West
Indies vs _
Pakistan

——— me



“Copyrighted Material
Syndicated Content, a

~ Available from Commercial. News Providers”



— Roddick continucs inglorious record at French Open
FRIDAY, MAY 27, 2005

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com



By BRENT STUBBS
Senior Sports Reporter

-TOP seeds Mark Knowles
and Daniel Nestor will play
théir second round match in
the men's doubles competi-
tion at the French Open in
Roland Garros today.

However Mark Merklein
may have to sit out the rest
of the action in Paris,
France, even though he and
his partner, American Vince
Spadea, have reached the
second round.

Spadea was forced to
retire when he pulled an
oblique muscle in his second |
round singles match against
Tommy Haas. Spadea had
lost the first two sets, 6-4, 6-
3, to Haas when he threw in
the towel.

Spadea said he first experi-
enced the pain when he
played his first round singles
match. But it got worse when
he played doubles with
Merklein.

"T couldn't serve in the
doubles," said Spadea, who
credited Merklein for pulling
off their 6-3, 6-4 win over the
team of American Ashley
Fisher and South African
Chris Haggard.

Seeded

Spadea and Merklein are
scheduled to play the No.8
. seeded team Australian
‘team of Wayne Arthur and
Paul Hanley.
But there's no certainty if
that match will be played.
Doctors have advised
Spadea that it will take at
least four-to-six weeks for
him to fully recover. .
"Nothing's looking good
right now," Spadea admit-
ted. "But, who knows? It
could take two weeks."
While the remainder of the
' trip to Paris is in jeopardy
for Merklein and Spadea,
Knowles and Nestor are
hoping to cruise along.

After winning their first
round match, 6-2, 7-6 (5)
over Robert Lindstedt of
Sweden and Tom Vanhoudt
of Belgium, Knowles and
Nestor are set to return to
action today against the
team of Tomas Cibulec of
the Czech Republic and
Marius Fyrstenberg of
Poland.

Knowles and Nestor are
also entered in the mixed
doubles competition that
starts today.

Knowles is paired up with
Nicole Valdisova of the
Czech Republic, while
Nestor will play with Rennae
Stubbs of Australia. Knowles
and Valdisova are unseeded,
but Nestor and Stubbs are
the top seeds.



® UNCERTAINTY:
Mark Merklein

@ By BRENT STUBBS
Senior Sports Reporter

EVERY summer for the
past 17 years, Jeff Rodgers
has given Bahamian young-
sters an avenue to develop
their basketball skills and
meet some of the top NBA
players at the same time.

‘From June 27-July 22, the
18th annual Jeff Rodgers
Basketball Camp will be
staged at the Bahamas Acad-
emy Gymnatorium with a
host of NBA players return-
ing to lend their assistance.

"We want to thank God
again for giving us the oppor-
tunity to host the camp for



MIAMI HERALD SPORTS

@ INJURY:



Vince Spadea

the 18th year," said Rodgers,
the camp director.

"We once again anticipate
some of the same things we
have been able to accomplish
over the years like building
character, discipline and
teaching the youngsters the
basic fundamentals of the
game on the court as well as
off the court."

; @
Special
While the camp will con-
tinue to run from 8am to
1pm, after the lunch break,
Rodgers said for the first time
this year, they will be insti-
tuting a special camp between



the hours of 2.30-4.30pm.
"This camp will put a lot of
focus on working with them
one on one," Rodgers
declared. "These are the ones
who have finished high school
and are trying to go to col-
lege. -
"There is still a lot of room
to teach our kids the chal-
lenges that they are. faced
with before they go off to col-
lege. So we feel we can do it
with the amount of campers
that we expect to accommo-
date."
The first 50 senior campers
to sign up will be invited to
participate in that segment of
the camp, which will be





SECOND ROUND:
Mark Knowles and Daniel Nestor

NBA stars head to TeeTee
Jeff Rodgers Basketball Camp

assisted by the visiting NBA
players during the final week.

Commentator

Among the list of NBA
players expected in town this
year are Brendan Hayward
and Jarius Jefferies of the
Washington Wizards, Greg
Anthony, now a commenta-
tor with ESPN; coach Byron
Scott of the New Orleans
Hornets and former players
Tyrone 'Muggsy' Bouges,
Travis Knight and Scott Bur-
rell.

When the camp got start-
ed, Spud Webb and Dominic

Wilkins of the Atlanta Hawks



-were the first guests of

Rodgers. G

Since then, Avery Johnson,
now the coach of the Dallas”
Mavericks; Kenny 'Doc' .
Smith, now a commentator
on TNT; Mark Jackson;
Bahamian Mychal ‘Sweet
Bells' Thompson and Ervin
'‘Magic' Johnson have all par-
ticipated in the camp.

The camp will close out as
usual with its annual "Fun
Night" on July 20 at
the Kendal Isaacs Gymnasi-
um,

At that time, the NBA
players will display their skills
in a celebrity basketball
game.