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:
2006
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
m Lhe Tribune

i'm lovin’ it..

HIGH
LOW





WARM

Volume: 102 No.135









84F
68F |

SUNNY AND







Bip
Ce toe

Saeed
$600,000 IN OUTSTANDING LOANS _

Group to launch
proceedings against

eovt after

@ By RUPERT MISSICK Jr
Chief Reporter

_ A GROUP of Haitians
apprehended in the April 7
sweep of Spanish Wells and
Harbour Island will be filing

legal action against govern- ©

ment for their detention dur-
ing “arbitrary and illegal
raids”, lawyer and president
of the Grand Bahama Human
Rights Association, Fred
Smith told The Tribune yes-
terday.

Mr Smith accused govern-

ment of becoming a “vigilante,
a hang ‘em high at noon orga-
nization”.

“The practice of wholesale
terrorist raids on communities
and picking up legal and ille-
gal people is completely
against the rule of law, unde-
mocratic and obscenely ille-

gal for the government to be -

doing,” the lawyer claimed.
On April 7 the Department

of Immigration apprehended

as many as 394 Haitian nation-

‘raids’

als in a sweep which covered
three Family Islands. Of that
number it was determined that
140 persons were illegally
apprehended. - : ,

Immigration Minister Shane
Gibson, however, defended
the decision of the department
to detain the group of Haitians
in question until their permits
and permanent resident cer-
tificates were verified.

He said that.the reason that
this was necessary was
because of the number of
fraudulent documents that
officials have found in the
public domain. -

A week before the raids a
Haitian national in Miami was
convicted of having hundreds
of fraudulent Bahamian work
permits. Mr Gibson said at the
time that if the Miami inci-
dent had not happened the
Massive roundup would not
have taken place in the way
in which it did.

SEE page 10

Detainee allegedly beaten
at the Detention Centre

AN UPROAR reportedly broke out after it was claimed
that a detainee at the Carmichael Road Detention Centre was

beaten yesterday by guards.

According to news reports last night, this incident upset per-

sons outside of the compound.

An eye-witness, speaking with ZNS news, said that the
detainee was hit with a gun until it broke.
It was also alleged that a bystander video taped the incident.

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The Miami Herald —

BAHAMAS EDITION

WEDNESDAY, MAY 38, 2006





& A FIREFIGHTER
stands amid the smoul-
dering land in the South
Ocean Road area yester-
day

(Photo: Felipé Major/
Tribune staff)



A HUGE fire yester-
day evening threatened
homes and Albany
House, which is a center-
piece of a development at
South Ocean Beach.

According to police
reports, the fire was burn-
ing in several hundred
acres of undeveloped land
in the South Ocean Road
area.

At noon the police
received.a report of the
fire which threatened a
number of homes.

At 5pm persons report-
ed that they had been
waiting for fire trucks for
an hour. One they said
had just passed by.

Police said that five fire
engines were sent to the
scene, three from the
police force and the other
two from the Lyford Cay
fire department.

There were no injuries
and no homes were
destroyed.

As a result of heavy

SEE page 10



PM underlines
achievements in
first four years

l™§ By MARK HUMES



IN WHAT was described as the firing of the
starting pistol for the next general election, hun-
dreds of PLPs gathered yesterday at the Wynd-
ham Crystal Palace Convention Centre for the
start of a “mini-convention” where government
ministers and Prime Minister Perry Christie out-
lined their achievements of their first four years
in office and their plans for the upcoming year.

Senator Philip Galanis, who also sat on the
planning committee for this convention, said
that the event was expected to be upbeat and
euphoric as the people will be given an account-
ing of what transpired over the past four years.

“But equally important is that the Prime Min-
ister will set the stage by outlining what the gov-
ernment plans to do in the next year. It is in my
opinion, having regard that this is the year lead-
ing to the next election, and you have a new
leader in the FNM and have a number of new
candidates named in that party, we are also look-
ing at reviewing our slate of candidates. I think
this can be seen as the initial salvo, the kick off
to the next election,” Mr Galanis said.

As Mr Galanis indicated, recent press reports
have noted that former Prime Minister Hubert

SEE page two










sna ete PEE







Ministry of Housing
reluctant to give

— information on the.

awarding of contracts
lm By MARK HUMES :

EFFORTS by The Tribune to put to rest
unsubstantiated claims that an unusually large
proportion of government housing projects have
been awarded to a preferred group of contractors
has been met with stiff resistance by officials at
the Ministry of Housing.

The Tribune, in recent days, has placed calls
and paid visits to the Permanent Secretary at
the Ministry of Housing, Leila Greene, seeking
permission to see records of contracts awarded to
the named group of contractors, particularly
during Shane Gibson's administration, however,
the newspaper has been told that any requests
for records as it pertains to the awarding of con-
tracts by the Ministry must be put in writing.

The Member of Parliament for Montagu and
Chairman of the Public Accounts Committee
(PAC), Brent Symonette, yesterday told The
Tribune that what Mrs Greene is requiring is
not common practice.

"Unless they are making it common now," the
MP commented.

Mr Symonette went on to say that if it is prac-
tice now, "it was uncommon until recently."

SEE page 10
4







FROM page one

Ingraham has received endorse-
ments from many constituen-
cies for FNM candidates in the
upcoming general elections.

However despite these
reports, FNM chairman
Desmond Bannister said that
the party has not ratified any
candidates.

“The central council of our
party is the body which makes
determinations with respect to
candidates and so anything in

the press as‘ it relates to that

issue is purely speculation,” Mr
Bannister said.

, The-party, according to Mr
Bannister, has placed no time
frame-on when this ratification
will occur, and thus, the process
remains very fluid for now.

“The reality is that a political
party that makes official deter-
minations about candidates
without knowing where the
beundaries are can be in for
unpleasant surprises. The
names I see (in the press) are
all good FNMs. If they are
MPs, it is highly likely that, if
they want to run again, they
will be candidates again,” Mr
Bannister said.

In the meantime, it was not
expected that there would be
an announcement of a date for
the next general election. But
like other commentators before
him, Mr Galanis said there was
no doubt that the announce-
ment would happen * ‘sometime
in} the near future.”

From the energy at. last
night’ $ mini-convention, how-
ever, it would seem that the big
announcement had already
been made, and many persons
attending expressed their excite-
ment about the evening’s events
and the outlook for the party:

:“There is a lot of excitement,

and at the end of the day, every- -

body i is going to come out hap-
py. This is the party for the

i PLP supporters wave pompoms

wlan ¥ i ZUU0

LALOR TTS

people, and I am waiting to hear |

from Mr Nottage now that he is
back and in full swing,” said Ms
Munnings.

“T am here to support the
party that is the party for the
people as we celebrate four
years of success for this country.
Many people don’t see it, and
people who don’t see it, don’t
want to see it. I expect the par-
ty to continue to work with the
people, work for the people
regardless of what you are... I

am here to have a good timeâ„¢

and enjoy the success,” said a
supporter who would only iden-
tify himself as “Cool Running.”

“This is very special moment
for us after four years of being
the governing party. We stand
here this evening, in the hall,
and we reflect on the process
that we went through, so it’s
good to be here now. It’s report
card day, and it’s all A’s. It’s a
straight A’s night,” said Ron
Rolle, a former vice chairman of
the PLP.

“My excitement didn’ t just

~ begin four years ago. It began in

1992 and I give this party all
A’s. Not just for economics, but
the social issues, as it tries to
help those who are less fortu-
nate. With urban renewal reach-
ing down for those who cannot
do for themselves, once we
make those people stronger,
this country will never have to
worry about anything. I am a
product of those who are less
fortunate, but one who shines
no matter what, and the real
deal is being a PLP,” said Kay-
la Smith, another supporter.
“Tam excited about a lot of
things, and to see people who
can leave from one place to
another and make themselves
somebody if they want to. Now
is the time! I have confidence
that if the party does and con-
tinues to do what it has been
doing over the past four years,
the Lord who brought them

"7 eee Cove
eT Spliced
mrt a

Hi CONTANZA Adderely opens the

PLP convention

there will take them further,”
said Evangelist Dorsette.

“I am excited to see all the .

people . . . people coming in
wheelchairs and on walking
canes... it’s an overflow.

These crabs are walking,’

commented another party sup-
porter.

“T am expecting a rather ful-

filling report from a man of
wisdom and vision. I am look-





LOCAL ‘NEWS











Hi PLP supporters wave party flags

(Photos: Felipé Major/Tribune staff)

ing for a report to the nation -
that I can truly attest to as a
PLP and as a Bahamian,” said
Bobby Pinder, a second gen-
eration PLP.

“This convention means a

- lot to us tonight. This is his-

torical for us. We are cele-
brating our fourth anniversary
as a government. We have
much to thank God for. Over
$11 billion in investment ... lis-

Pete hee



ten that is history. This is the
best economy that. the

Bahamas has seen since the -

inception of our country, all
done under the leadership of
our leader Perry Christie, that
is historical. We are going to
transform the Bahamas. We
are preparing this country for
our children and our grand-
children,” said Senator
Paulette Zonicle.

THIS car tries to make
its way through the fire
yesterday.

(Photo: Felipé
Major/Tribune staff)





THE TRIBUNE

Freeport |
man admits.
firearm

possession



i A 21-year-old Freeport man —
;' pleaded guilty to being found

in possession of a firearm at an
apartment on Bruce Avenue.

According to police reports,
sometime around 10pm on
Monday police executed a
search warrant on an apartment
at Colony Club, where they
retrieved a black and silver 380
semi-automatic pistol contain-
ing five bullets.

Dallas Bullard pleaded guilty
possession of the unlicensed
firearm and ammunition in
Freeport Magistrate Court.

Magistrate Helen Jones sen-
tenced Bullard to either pay a
$5,000 fine or spend one year
in prison.

He was also bound over to
keep the peace for three years.

Scotiabank |
helps out
Cancer
Society

SCOTIABANK made a.
donation to the Cancer Society
of the Bahamas to assist that
organisation with its effort to

_increase education and aware-

ness about cancer.

The month-long programme
will seek to educate the public
about the disease, so that it may
be prevented, diagnosed and
treated in its early stages.

The ‘Cancer Society is a non-
profit, organisation that has

-been assisting the community -

since its inception in 1976. ©

Suspected
migrants

found dead .
of Barbados

â„¢@ BARBADOS ns
Bridgetown

AUTHORITIES conducted
tests Monday to determine-the.

cause of death of 11 people —
possibly. migrants from West
Africa — found.on a boat drift:
ing off the coast’ of Barbados;
according to Associated:Press;.
Police spokesman David‘
Welch said authorities were-also:



still trying to determine the’dri-"

gin of the people, who: were?
found in the cramped cabin of a
20-foot wooden boat with no
name about 80 miles east of
Barbados.

Officials suspect the people
might have been West African
migrants who died from lack of
food and water after their boat
got blown off course.

“We cannot say for sure that
they were from an African
nation, but a travel itinerary
onboard indicated travel within,
Africa,” Welch said.

Officials estimate the 11 peo-
ple were dead for about two
weeks before the drifting boat
was discovered by Barbadian
fishermen off the Caribbean
island’s south coast, he said.

But no other information was
known about the 11 people on
Monday afternoon, Welch said.

“The bodies were so badly
decomposed we could not tell
much,” he said, adding that
forensic tests would continue.








t



THE TRIBUNE ©

WEDNESDAY, MAY 3, 2006, PAGE 3
LOCALNEWS - | i





Pair face
drug
charges in
court

TWO individuals detained by
police on Sunday were
arraigned in court yesterday on
drug charges.

Haitian Isler Edmond, 18, of
Sea Breeze Lane and Lenchea
Dickinson of Nassau Village
were arraigned before Magis-
trate Carolita Bethel on the
charge of possession of danger-
ous drugs with the intent to sup-

y.

It was alleged that on Sun-
day, April 30 the two were
found in possession of a quan-
tity of dangerous drugs.

Edmond and Dickinson both
pleaded not guilty to the
charges and were remanded
into custody until Friday when
they will return to court for a
bail hearing.

Forum to
focus on
foreign

relations

LOCAL think tank Bahami-
an Forum has announced that it
will hold its next public meeting
on May 9.

The topic will be: The
Bahamas: balancing its rela-
tionship with the USA, China
and Cuba.

“Sir Arthur Foulkes KCMG,
a journalist, fiery orator, co-
founder of the FNM and for-
mer diplomat who served as
high commissioner to the Unit-
ed Kingdom and Ambassador
to France, Germany, Italy, Bel-
gium and the European Union
as well as the Bahamas Ambas-
sador to China and Cuba, will
speak, bringing his broad expe-
rience t@} this: topic,” said
Bahamian Forum in a press.
release.

The meeting will begin at
6pm at the British Colonial
Hilton Hotel.

The public is invited to
attend.

Degree

honour for
activist at US

university

CUBA
Havana

OSWALDO Paya, a Cuban
pro-democracy activist, has
been invited to receive an hon-
orary degree at Columbia Uni-
versity’s commencement this
month, the U.S. university said
Monday, according to Associ-
ated Press.

Paya said he was honored by
the invitation and hoped the
Cuban government would let
him travel to New York for the
May 17 event.

“As a Cuban, I feel proud,”
said the lead organizer of the
Varela Project, a petition drive
calling for a popular vote on
issues including freedom of
speech and private business
ownership. “This is a recogni-
tion of our people and their
rights.”

The activist was allowed to
travel to Europe in December
of 2002 to receive the Sakharov
Prize for Freedom of Thought,
the EU’s top human-rights
award. But since then, several
requests to attend conferences
abroad or receive prizes have
been turned down by Cuba’s
communist government, Paya
said.

A group of women demand-
ing the liberation of Cuban
political prisoners were also
unable to travel last year to
receive the 2005 Sakharov
Prize.

“Things have gotten worse in
the last year,” Paya said. “There
is more intolerance, which cer-
tainly closes doors. And activists
are spied on more. But many
people keep signing the Varela
Project.”

id
USS

FOR PEST PROBLEMS
fg (1) ae radar 4



excavation despite warnings ©

responsibility of the cutting and - ,

m By PAUL TURNQUEST
Tribune Staff Reporter

FLYING in the face of gov-
ernment warnings, unscrupu-
lous contractors continue to
excavate fill from government
farm land off Cowpen Road.

The boldness of such opera-
tions is plainly seen in the work
being done on the same spot
that Minister of Agriculture
and Marine Resources Leslie
Miller used as a backdrop to
draw attention to the issue a
month ago.

“This shows the boldness —
the brass of people. Corrective
action and legal recourse will
have to be done. This is an
utter disgrace that these things
can take place,” was Mr
Miller’s reaction.

Visiting the site yesterday,
The Tribune had an opportu-
nity to speak to three young
men who were swimming in
the basin, and had witnessed
the individuals who had
removed the fill.

They all told identical
reports of big “green and
black” trucks that would line
up to be filled by an excava-
tor that had been manoeuvred
into the basin itself to cut
deeper into the surrounding
walls.

Reportedly the work had
been going on for the past two
weeks.

“These people are bold and
brassy enough to go back to
the exact same spot really
almost telling the government
‘Do something about it - I dare
you to touch me’. These per-
sons obviously feel that they
are above and beyond the law,

secsecscnescccecccetapeccuccecascnesevecceeucusseceececsecesssegeesaccecsesecuecaussesacaeouerausscunasacsesserasensauansesesweceuseer sees ess ese esses sess ss eee ees



@ LESLIE Miller surveys land off Cowpen Road.

and therefore they have
homage in doing whatever they
want to do whenever they want

to do it.

“I am told that the person
whose trucks were on this site,
‘and whose excavator was on
this site is a well known heavy
equipment operator who is cur-
rently doing work for the gov-
ernment of the Bahamas and
who has done extensive work
for the government of the
Bahamas over the past few

years,” he said.

However, Mr Miller would
not identify the contractor to

whom he referred.

Yesterday The Tribune wit-
nessed what appeared to be “a
foreman”, a man described as
being of substantial build, wait-
ing in a white van on farmland
off Cowpen Road.

The man had with him a
female companion who both
watched as dump trucks lined
up to be filled by the waiting
excavator.

In a matter of 15 minutes,
five 30-ton dump trucks were
filled by the excavator tractor
at the site. Wasting not a
moment, as soon as the dump
trucks were filled, the “fore-
man” and the filled trucks

° Inbrief Contractors continue their fill

quickly left the scene, taking
almost $1,200 worth of fill in
under 20 minutes.

The trucks photographed on
this occasion were also “green
and black”. ~

“He appears to take the atti-
tude that he is one of the
untouchables that are amongst
us. I can only do what is pre-
scribed to us under the Agri-
cultural Act,” Mr: Miller
remarked.

He said he has brought the.

matter to the attention of
Bradley Roberts, the Minister
of Public Works and Utilities,
who ultimately would have the

excavation of fill on any prop-
erty.

ing them before the courts of

the Bahamas,” he said ae

Mr Miller said he has
instructed his officials to look
at amending the Agricultural

Act to allow his ministry to’

have responsibility for the
destruction of farm land, as the

Ministry of Works might be .

“I have brought this to the .:
attention of Minister Bradley: °
Roberts with the hope that his «
personnel down at the Ministry .
of Works would pursue vigi- :
lantly those who have degra-. *
dated the land, who have bro-, «
ken the law of our country, and’ -
that they would pursue them °
with great diligence in bring-. :

stretched to maintain all Crown ‘:
land in the country. 1

“Tt should be the job of Agri- |

culture. In fact I have a team
out for the past two weeks that

is monitoring each and every »

farm land that we have given or
leased out to farmers. And to
give me a comprehensive
report to take to parliament to
inform the Bahamian people
of the wanton destruction of
what was supposed to be farm
land.

raped by unscrupulous persons
in our society for their better-
ment only and for the total

destruction of land for future .

generations of Bahamians. But
I am appealing again for those
responsible to cease and desist:
from these wicked ways. It
shows you that they don’t
respect man or God in destroy-
ing what God has given us,” he
said.

“Land that has already been

Boat captain indicted in US after
alleged human smuggling death

A BAHAMIAN boat captain has
been indicted in the United States in
connection with the death of a man
during an alleged human smuggling
exercise. ‘

The US Attorney for the southern
district of Florida announced yesterday
that George Bridell Rolle was indicted
on one count of alien smuggling for
profit resulting in death, and-four
counts of alien smuggling for profit.

“The defendant was allegedly
attempting to smuggle illegal migrants
to South Florida from the Bahamas
when his boat capsized on April 21,
2006, about 25 miles off the coast of Ft
Lauderdale,” said a release from the
US Embassy in Nassau.

“This indictment is the most recent
result of Operation Lost at Sea, a mul-
ti-agency task force created in
response to the numerous human
smuggling incidents that have occurred
in South Florida during the past year,”
it said. “Since September 2005,
approximately 25 landings of illegal

Child pornography ‘must not be
tolerated’, says Crisis Centre director ™

@ By TIFFANY GRANT

Chairman of the National

immigrants have been identified in
Broward and Palm Beach counties,
resulting in seven deaths and the
detention of more than 300 illegal
immigrants.”

The Embassy release went on to say
that Operation Lost-at Sea has yielded
about 20 indictments and resulted in
the arrest of five boat captains, 17 oth-
er persons, and the seizure of six kilo-
grams of cocaine, 16 vessels and $5000
in cash.

"ICE is at the forefront of pursu-
ing those who are engaged in human
trafficking," said Jesus Torres, special
agent in charge of ICE in Miami.

"The US Customs and Border Pro-
tection will continue to work collabo-
ratively with other DHS and law
enforcement partners to secure Amer-
ica's borders between the ports of
entry,” said Paul Blocker Jr, chief
patrol Agent for the US Customs and
Border Protection. “Together, we will
vigorously pursue, apprehend and
prosecute human smugglers,” he said.

Bahamas, during which a “very

_ Administrator claims conditions

have improved in The Mud —

@ By DENISE MAYCOCK
Tribune Freeport Reporter

_ THERE has been significant overall
improvement of conditions in the Aba-
co Haitian community known as “The
Mud,” according to senior administrator
Revis Rolle.

Mr Rolle said the crime rate has gone
down in the area — which was once a
haven for “nefarious” criminal activity.

“The police have actually deputised
persons who have presented themselves

-as leaders in that community as local
‘ constables which has resulted in a

decline in the crime rate in that area,”
he said.

Mr Rolle added that the government
has numbered all homes in The Mud
as well as the Pigeon Pea community.

Last year, a devastating fire brought
to a head the many social problems that
exist in The Mud.

Several homes were destroyed and
an elderly resident died in the blaze.

Since then, the government has been

trying to get an accurate and precise-
number of persons living at The Mud.
Mr Rolie said this hasbeen very chal-

lenging because many Haitian residents:

are reluctant to come forward

. “They have a culture of secrecy and of
being clandestine, and so it is difficult to
get accurate information from‘them
because there are some who are not
legal and those who are not willing to
squeal on their counterparts. =~

“But, we are working and doing
everything possible.” Be

Mr Rolle added that The Mud has also
been much more clean and sanitary-thdn:
it was before the fire, and that the com-
munity’s religious leaders have been sup-
portive of the government’s efforts.

Mr Rolle stressed that the govern-
ment is expanding existing subdivisions
in Abaco for legal residents of The Mud
and Bahamians who are interested in
purchasing homes. Ds

“What we hope to have a full inte-
gration of various cultures in any other
society,” he said. i



Tribune Staff Reporter

THE viewing of child
pornography — even in the
privacy of one’s own home
— should not be tolerated in
the Bahamas, according to
psychotherapist Dr Sandra
Dean Patterson.

Dr Patterson, who is the
director of the Crisis Centre,
said that while persons have
rights as individuals, children
also have the right to be safe.

“Persons may choose to
watch what they want to
watch in their own homes, as
long as what they are watch-
ing has to do with consenting
adults,” she said.

Last month, police revealed
that a video showing the sex-
ual violation of an '8-year-old
girl was viewed 5,000 times
on computers in the Bahamas
— within the first hour it was
released on the internet.

Police say they can identi-
fy many viewers, but add that
no laws exist in the Bahamas
to prosecute them. Yester-
day, The Tribune conducted
a round of interviews to find
out how child care authori-
ties fee] about the problem.

“When it comes to child
pornography, where the child
is the person that is being
exploited for the gratification
of the individual aoing it or
the person viewing it, that is
not something that we as a
nation could or should toler-
ate,” continued Dr Patterson.
“That is not the way to go.”

Child Protection Council Pas-
tor Gil Maycock said that all
persons should avoid viewing
any kind of child pornography.

“We don’t want to allow per-
sons to have that type of
imagery in their minds and in
their psyche to encourage them,
even in a small degree to
become involved in that type of
behaviour,” he said.

Minister of Social Services
and Community Development
Melanie Griffin pointed out that
April was recognised as child
protection month in the

comprehensive” programme

-geared towards the protection

of children was put in place.

“In fact, even as we went
through child protection month,
we were able to include talks
regarding child pornography
and the dangers of children
using technology (the Internet)
unsupervised,” said Mrs Griffin

She added: “The National
Child Protection Council will
now take further steps to put in
place programmes that will
include information regarding
child pornography.”

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‘

PAGE 4, WEDNESDAY, MAY 3, 2006

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear tv 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, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
‘Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

The PM, the Press and free speech

THE PLP CALLS itself the “New” PLP to
distinguish it from the much tarnished Pin-
dling government that ruled for 25 years.

However, behind the veneer of what is
called “new” much of the old can still be seen
— the same old beliefs and hard-fisted reac-
tion to anyone who dares disagree with them.
Quite frankly, if it weren’t for Prime Minister
Perry Christie, who does bring some sanity to
the table, the Bahamas would by now have
had.a reincarnation of the Pindling regime.
With but few exceptions, all the ingredients
are there to take us backwards.

It is only Mr Christie who understands
the problems and knows where and when to
draw the line. This is not to say that the press
does not upset Mr Christie. He wouldn’t be
human if its criticisms didn’t get under his
skin. But he knows that in a democracy a
public figure cannot be protected from criti-
cism. When he entered politics, he knew
that criticism came with the territory. He also
knew that to try to crush his critics with
threats and intimidation was tantamount to
political suicide. And so it is Mr Christie, and
Mr Christie alone, who stands between the
press and some of his ministers who appear to
be intent on committing political hari- kari.

It is amusing to read in this week’s Com-
ment of the Week — found on Fred Mitchel-
I’s former website — that The Tribune’s man-
aging editor John Marquis should be fired
because, among other things, he is alleged
to have called “the founding father of the
country Lynden Pindling” a “petty crook.”
Mr Marquis might have called Sir Lynden
many things that were not of an angelic

-- nature — as have we all — but he has never
-called him a “petty crook.”
-. There was a time — even as recent as
_ August, 1992 — that Mr Mitchell didn’t think
-too highly of Sir Lynden, particularly of his
- election law to curb free speech.
=. Those were the days before Mr Mitchell
‘rejoined Sir Lynden and the PLP.

In August, 1992, Mr Mitchell flew to Mia-
‘mi to challenge the Pindling government’s
- new election law by.broadcasting his party’s
“30 second advertisement from overseas. The

new law made this illegal. The message asked
all Bahamians in South Florida to urge their
families in the Bahamas to support the oppo-
sition in that week’s general election. Mr
Mitchell hoped to provoke his arrest so that
he could challenge the PLP’s law on the basis
that it was unconstitutional

“This law is a treacherous law by Pindling,”
‘said Mr Mitchell. “And no political joker is
.. going to take away our right to free speech.”

However, on his former website this week

we find another “Joker” trying to deny the

right of free speech to a journalist: “John
Marquis should be fired from The Tribune,”
said the website commentator. “If The Tri-
bune refuses to do it then the Minister of
Immigration ought to oblige them the next
time it comes for renewal of work permits.”

“We are determined to challenge this law,
which is a blatant infringement of the right of
free speech for Bahamians,” said Mr Mitchell
in 1992 — one week before the FNM won the
government. In view of this limitation of free
speech to Bahamians would Mr Mitchell con-
done his government — in this age of globil-
isation — infringing the free speech of a jour-
nalist, just because he is a foreigner here on a
work permit?

“The law is unfair, unconstitutional and
the penalties are draconian,” Mr Mitchell
complained in 1992.

“We consider this law an affront to our
right to express ourselves freely. It is also an
unfair attempt to throttle the opposition to
Pindling within the country.”

Isn’t this what some members of this gov-
ernment are now trying to do with The Tri-
bune through Mr Marquis and his work per-
mit?

PLP chairman Raynard Rigby in his state-
ment last week that his government forced
The Tribune to drop an election opinion tele-
phone poll in 2003 because his party did not
like what the callers were saying, shows just
how young and politically inexperienced he is.
Obviously, what he didn’t know when he
made his naive remark — but he should cer-
tainly know by now —‘is:that no:one forces
The Tribune to do anything.

. The PLP has a history of trying to silence
its opposition. Even Mr Mitchell, when he
viewed the world from the seats of the Oppo-
sition, admitted that ZNS shut out opposition
voices. He should know because at one time,
when he sat in the PLP pew, he was. a mem-
ber of ZNS’ broadcasting team.

In 1992 he told The Tribune that at ZNS
there was “systematic censorship and biased
reporting against opposition figures.”

“The Bahamas,” he said, “is the only
nation besides Communist Cuba in the
Caribbean which does not allow free enter-
prise in broadcasting.” (Mr Mitchell should
remember these words when he casts his vote
at the UN on May 9 to decide whether Cuba
should be a member of the UN Human
Rights Council).

It was the FNM government, under
Hubert Ingraham, that opened the airwaves
and gave free speech back to Bahamians.
This government, no matter what some of
its members might think, will not snatch that
away from us.



The Bahamas Co-operative
League Limited

The Bahamas

Co-operative League

is currently seeking a qualified
Candidate for the position of

Supervision and
Investment Specialist

Clarificatio
about AUT

EDITOR, The Tribune

THE Embassy was pleased
to host Minister Leslie Miller
and Minister Marcus Bethel at
AUTEC on April 27, making
them the fourth and fifth gov-
ernment ministers to visit the
facility in recent months. We

had open and fruitful discus-,

sions that we believe will go a
long way in dispelling some of
the myths that surround the
facility and its role in the local
community.

Unfortunately, the pho-
tographs that accompanied the
reporting of the meeting
seemed designed more to con-
tribute to the aura of mystery
surrounding the base than to
add to public understanding.
The Tribune left its readers lit-
erally in suspension by showing
a helicopter carrying a cylindri-






LETTERS

letters@tribunemedia.net



cal device whose purpose it
claimed was “classified.” In fact,
the cylindrical device hanging
from the helicopter is merely a
marine scoop used to pick up
testing target devices and other

equipment on the range after a »

test is completed. A second
photo simply reminds person-
nel of safety precautions and
weight limits on potentially
explosive mateyials in the dock
area where ships refuel.

I would also like to correct
the report that a promised
demonstration and mock test
were not forthcoming. In fact,
the government delegation did
visit the main command centre







where tests are conducted, and!’
did have a chance to see and”?
hear a demonstration of our®!
marine mammal monitoring
capabilities. Bahamian officials’:
visited the most sensitive areas“'
of the base. i
AUTEC is a responsible if: ‘
often misunderstood member -
of the Andros community, one
which has great benefit for4
Bahamians and the national':
security of the United States.
This official government visit”
will be followed in the near
future with a Media Day which
will afford even greater access to’'
media representatives. We look‘!
forward to hosting The Tribune
at AUTEC again very soon. .?

+i

MIKE TAYLOR | ah
Embassy Spokesman =: ©
Nassau

May 1 2006 ane,

Abaco residents’ anger .
with Ministry of Housing.

EDITOR, The Tribune

THE Ministry of Housing in
the Bahamas has caused a rage
in the Island of Abaco con-
cerning the new “supposed to
be” affordable homes.

_ We, the Abaconian families,
are furious with the department
of housing and the Bahamian
government because of their
negligence. Housing is charging
$105,000.00 for a three bedroom
two bath home in Abaco.

Whereas, in Freeport.these~
. same - houses:

$70,000.00 (This is unfair to
Abaco).

Housing also made calls and
told us that we were awarded

‘EDITOR, The Tribune

I HAVE being contemplat-
ing writing this short letter for
the past month but somehow I
never got inspired to actually
do it until now.

J read your newspaper on a
daily basis and I am bewildered
of all the negative events that
are actually taking place in this
little country of ours. For a
small, so-called Christian nation
we sure are doing a great job
of being our brother’s keeper?
This religious, church-going

‘are: costing: -:

one of the houses, they put the
houses on hold (never called to
say that), they gave the houses
to another set of people (never
called to say that). These people
made arrangements and plans
to move in these houses and
had to find out on the streets
that they weren’t awarded the
house anymore.

We think this is poor and
unfair to those that really need
a home of their own.

On another level, Housing

vhas awarded:the houses to sin-

glé persons when there aréfam:
ilies with three, four and five
kids that really need those
homes. Persons that already
have homes have Pern awarded

nation needs to go back to ag

basics or should I say in.a more
modern term, back to the spiri-
tual 101.

We search and search for

God in these so-called evange-.

listic, Bible pounding churches,
but yet He is so easy to find.
He is right inside our hearts,
all we have.to do is accept Him
unconditionally, surrender ,to
His mercy and grace. One
small thing that Christ taught
us to do, one simple thing and
that is love one another as He
loves us. Straight forward, the
Christ’ Conscience, isn’t that
simple?

We have nothing to prove to
Him, absolutely nothing. He
was the one who paid the price

for us; He was the one that

affordable homes. This is. so
unfair.

We feel that the government, :
needs to deal with this matter.
Every Minister in Parliament i
looking out for what" they” can
get for themselves, it’s time that?
decisions be made wisely, look’
out for the Bahamians that need!
help. The ones'that need it most”
are always the ones to. get left,
behind.

Abaco needs the attention oF
the Prime Minister in‘this miat=!
ter ASAP. Ce MUEBC

74 000g

DISAPPOINTED |

ABACONEANS Ines Si

Nassau: °°" ABO OWS

Apal 24 2006 TiS












—love.one anomie as. a
us. We have to start pr ac
this and then, only then our
country will bea. peaceft IP
tine and wonderful place to ‘live:
We need to be our brother’s,
keepers, literally and uncondi-
tionally: °. :

By doing this we will Alsd bel
able to forgive easily, be moré!
unselfish and more importantly’
experience freedom i in an ae
plained peace.

That’s my two cents as hed
say it here, i
=



In God’s peace and love. 2

’ DARRYL DARVILLE
Nassau
May 2 2006

Seber NA:

LA i

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In brief





Man faces
attempted
murder
charge

m By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - An Eight
Mile Rock resident was
arraigned on an attempted
murder charge in Magis-
trate’s Court on Monday in
connection with a shooting
last week at Hanna Hill.

Fasilie Nelson of Hanna
Hill was charged before Mag-
istrate Debbye Ferguson with
the attempted murder of 53-
year-old Delicia Metellus of
Pinedale, Eight Mile Rock.

He was also charged with
possession of a firearm with
intent to endanger life.

Nelson was not required to
entered a plea to the charges.

He was remanded to Her
Majesty’s Prison, Fox Hill
until July 6, when a prelimi-
nary inquiry will be held.

Sixth man
faces |
extradition
to US

BTRINIDAD .
Port-of-Spain

A SIXTH man accused in
the kidnapping and killing of
an US Army veteran will be
extradited to the United
States, a government spokes-
man said Tuesday, according
to Associated Press.
| Trinidad’s attorney gener-
al has approved a US extra-

ition request for Russell
Joseph in the killing of Bal-
ram Bachu Maharaj, said
spokesman Maxie Cuffie.

-Three gunmen snatched
Maharaj, 62, a Vietnam War
veteran from Mount Vernon,
New York, from a bar near
Port-of-Spain in April 2005
and held him for ransom.
Maharaj’s:femains’ were
found cut up and buried in
two holes in a forest in Janu-
ary.

A grand jury in Washing-
ton, DC, last week indicted
Joseph and five others —
including two Trinidadian
soldiers — with conspiracy to
commit hostage-taking,
Cuffie said. His common-law
wife has been arrested as a
suspect and is in custody in
Trinidad. ~

“Authorities in the twin-
island nation of Trinidad and
Tobago reported a record 389
killings and more than 60 kid-
nappings for ransom in 2005.
Five of those abducted,
including Maharaj, were
killed.

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40:00 Da’ Down Home Show

11:00 Immediate Response

12:03 Caribbean Today News
12:05 Immediate Response Cont'd
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‘30 A Cultural Corner
Legends: Whence We Came:
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Morning Joy
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programme changes!



-LOCALNEWS _

VWOUINCOVAT, WIAT 0, cuuU, PAUL 9 1

Preventable diseases ‘cost



ahamas $60 million a year’

PREVENTABLE diseases cost the
Bahamas $60 million a year, Minister of
Health Dr Bernard Nottage said yes-
terday. é

While speaking at the opening of cer-
emony of the Pharmaceutical Supplies
Management Strengthening Workshop,
which was held at the British Colonial
Hilton, Dr Nottage said that the cost
of treating hypertension alone is more
than $37 million a year.

“This is a high price to pay for the
treatment of largely preventable dis-
eases,” he said.

Dr Nottage explained that according
to a report by the Caribbean Commis-
sion on Health and Development, the
direct cost of the burden of diabetes on
the Bahamas is just under $12 million,
while the indirect cost is more than $10
million.

He said the total figure for hyperten-
sion was arrived at by adding the direct
and indirect cost of this disease — $20
million and $16 million respectively.

“Because of the high physical and
economic toll, we cannot ignore the
importance of appropriate, accessible
and affordable pharmaceuticals to the
health and welfare of our clients,” he
said.

Dr Nottage went on to tell those
attending that efficient management of
the pharmaceutical supply chain is nec-
essary, as the cost for prescription drugs
continues to increase steadily.

He noted that the recent growth in
pharmaceutical options has enabled
health care professionals to successful-
ly combat many serious health chal-
lenges and overcome or subdue a num-
ber of debilitating diseases.

The minister noted, however, that
new drugs are costly and that their
emergence often causes the cost of
health care to rise.

He said greater attention must be giv-
en to efficiency and usage in light of
this.

Dr Nottage outlined the “steady” rise -

i DR Bernard Nottage

in the cost for pharmaceuticals in the
Bahamas in recent years.

He explained that between 2001 .and
2005, the cost rose from $6.9 million to
more than $10.1 million.

The average cost of a prescription
item has increased by $0.75 this fiscal

Dr Nottage also pointed out that the
total number of prescription items dis-
pensed by the Princes Margaret Hos-
pital has increased significantly — from
233,000 between 2000 and 2001 to over
344,500 between 2004 and 2005 —- an
increase of approximately 68 per cent.

According to Dr Nottage, partner-

ships with all the stakeholders in the in
health care system can strengthen both
the process and performance of the
pharmaceutical supply chain.

He told the conference that the gov-

ernment is committed to providing uni-

versal access to affordable and quality
health care to all Bahamians.

”
A
4
4
a













year, he noted.



Abaconians divided
on proposed bridge

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - Abaconians
have expressed mixed views
about the economic benefits of
a proposed bridge between
Abaco and Grand Bahama.

While some pérsons support
the idea of a bridge, others
remain unconvinced that it
would provide substantial bene-
fits to Abaco, according to com-
munity leaders on that island.

Freeport pioneers Sir Jack
Hayward, chairman of the
Grand Bahama Development
Company; and the late Edward

St George, chairman of the

Grand Bahama Port Authori-
ty, first came up with the con-
cept of a “Grabaco bridge”.

“IT would like to go for a
weekend drive to Marsh Har-
bour, and I want to see the lor-
ries going: over the bridge
loaded with Abaco fruits and
vegetables into our harbour,
and put on ships, and be in
Florida in a matter of hours.

' “I want to see before I die
the Grabaco bridge,” Sir Jack
said last year at the 50th

‘ anniversary celebrations of the

birth of Freeport.

Revis Rolle, senior adminis-
trator for Central Abaco,
believes that a bridge would
provide many economic advan-
tages to Abaco.

He said it would enable

entrepreneurs to expand their

business ventures to Freeport’

and allow for competitive prices
for Bahamian consumers.

“T can see a lot of economic
advantages of a bridge, espe-
cially for Abaco, where the econ-

‘omy has grown significantly over

the last 10 years,” he said.

“Tt would give consumers
alternative to purchase goods
available to them, and I believe
it would lend for more compet-
itive pricing because when there
is competition then naturally
prices are driven down,” Mr

Rolle explained.
Diversity

He continued: “TI also believe
that instead of just having a
population here in Abaco of
between 15,000 to 18,000 per-
sons, we would then be able to
add that to the 40,000 in Grand
Bahama. And from that point, it
would be definitely advanta-
geous. I think we will be able
to appreciate cultural diversity
at a higher level.

“By and large, there are some
residents in Abaco who have
some reservations because they

see it as the opening of the.

floodgate of persons coming
from a thriving city with all the
bad attitude and practices. They
fear that the crime wave will
increase and encourage offend-
ers to seek haven in Abaco.

on being named

Boss Of The Year 2005/2006

for Wyndham Nassau Resorts.

From your wife, Janice; children Jamal and Antwan; mother,
Joycelyn Josey and in-laws’, Harold and Granelda Bodie.
We are proud of you and your accomplishments.

May God Continue To Bless You.



¢ }

“From my opinion, there are
definitely more advantages of
a bridge,” Mr Rolle said.

However, well-known com-
munity activist Silbert Mills of
Radio Abaco is not convinced.

“At this stage, I don’t accept
the fact that we would get bet-
ter prices from being able to
shop in Grand Bahama and |
do not think that would bring
more tourists to Abaco. I am

just not satisfied of that yet. -

And those who are the propo-
nents for it have not been able
to convince me of that at this
stage,” he said.

Mr Mills believes that the
volume of traffic into Abaco
would increase, which would
necessitate significant invest-
ment in infrastructural
improvements.

“Nobody is giving us a gen-
eral idea of what the possibili-
ties are as far as cost is con-
cerned for travelling back and
forth on the bridge. Or, whether
we would be able to get any
royalties from it at all,” he
added. “I think that we need to
talk about rerouting roads and
putting in new infrastructure
before we can even talk about a
bridge benefiting Abaco.”

e
@
_@
@
e
@
oes
: @

of the bridge

Mr Mills does not think the
bridge would increase crime in
Abaco, but added that “it would
not make it easier to stake out
criminals” either.

Grand Bahama resident and
former cabinet minister Zhivar-
go Laing said the aim of bridg-
ing together territories from an
economic point of view is to
facilitate trade.

“T have no doubt that a
bridge between Grand Bahama
and Abaco would create. oppor-
tunities for that kind of trade
to happen, particularly taking
advantage of perhaps the agri-
cultural opportunities on both
sides of the bridge.

@JACK Hayward, one of those who first came up with the idea

“But whether or not the cost
of the bridge would make eco-
nomic benefits of facilitating
trade between the two islands
helpful, or not, I think the jur
is out on that,” he said.

“Secondly, it would be excit-
ing for tourists to drive from
one territory to the next, and
that could enhance the overall
attractiveness of that region
being ‘Grabaco’ and there could
be some advantage there.

“Again, whether that would
be attractive enough — to cause
that much more tourists to come
— to make building the bridge
cost-beneficial, that is a different
story altogether,” he said.











BLUE Lagoon Island - Final
preparations are being made
this week to welcome members
of the International Association
for. Aquatic Animal Medicine
to the Bahamas for their 37th
annual international conference.

Hosted by Dolphin Encoun-
ters, the Bahamian-owned
marine park on Blue Lagoon,
the conference will be held May
6 to 10 at the Wyndham Nassau
Resort on Cable Beach.

“Approximately 220 mem-
bers of this highly respected
international association repre-
senting over 50 different animal
parks, zoos, aquariums, univer-
sities, and other related institu-
tions throughout the world will
be attending the meeting,” said
Dolphin Encounters in a state-
ment.

The IAAAM was founded in
1969 “to advance the art and
science of aquatic animal med-
icine and health and promote
the free exchange of knowledge
in the interest of improving the
health care and husbandry of
aquatic animals.”

The IAAAM membership
includes international profes-
sionals engaged in clinical care,
research, academics, and hus-
bandry of aquatic animals.

Attendees from countries
including the United States,
Canada, Spain, Germany, the
United Kingdom, China, South
Africa, the Republic of Palau,
Jamaica, the Dominican Repub-

PAGE 6, WEDNESDAY, MAY 3, 2006

lic, Mexico, the Netherlands,
New Zealand and others will
be arriving in Nassau this week
to take part in the conference
and to share information and
learn more about aquatic ani-
mals and their care.

“Dolphin Encounters 1s hon-
oured to be hosting this impor-
tant conference,” said Kim
Terrell, director of marine
mammals for Dolphin Encoun-
ters and member of the
IAAAM. “We have worked
hard to offer attendees a truly
Bahamian experience and to
provide them with an oppor-
tunity to personally discover

' the rich natural marine envi-

ronment of The Bahamas.
Together with our local spon-
sors we have planned a great
conference that will showcase
the best the Bahamas has to
offer.”

The Ministry of Tourism has
teamed up with Dolphin
Encounters to welcome mem-
bers of the [AAAM Bahami-
an-style by sponsoring authentic
Bahamian musical entertain-
ment for several events
throughout the conference.

“The Ministry of Tourism is
pleased to infuse the IAAAM
conference with authentic
Bahamian entertainment,”
said James Malcolm, dxecu-
tive director of group travel
for the ministry. “The islands
of the Bahamas provide the

perfect backdrop for a confer-

ence devoted to aquatic ani-

’ mal medicine. Our vast shal-

low, clear waters and rich
marine biodiversity is what
draws visitors from around the
world. We hope that the atten-

dees will enjoy our beautiful |

natural resources, enjoy the
entertainment and will return
again and again to our coun-
try.”

Other local sponsors include
Bacardi which is co-hosting the
Ice breaker for the conference.
Kalik Beer and Hammerheads
Bar have also contributed to the
event.

Businesses such as Bahama
Hand Prints, Gucci, Havana
Humidor and artist Mick Guy
have donated items for the
silent auction which raises funds
for students to attend the con-
ference.

Attendees have also been
offered discounts to many local
aquatic attractions and excur-
sions to encourage them to
experience the local marine
environment.

Said Robert Meister, man-
aging director of Dolphin
Encounters: “Hosting the
IAAAM conference is a nat-
ural extension of our compa-
ny’s research and educational
goals. It is our pleasure to host
professionals from around the
world that are devoted to the
care and preservation of all
aquatic animals. We are also
very proud, as a Bahamian

St Matthew’s Easter
Brunch with seniors
from New Providence

_In 1965, under the leadership
of Canon Addington C John-
son, the St Matthew’s Easter
Brunch was created to feed the
elderly from various senior cit-
izen*homes throughout New
Providence, as well as other less
fortunate persons.



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The social outreach commit-
tee-of Anglican Church Women
(ACW) and the Christian
Youth Movement (CYM) came
together to make this year’s
brunch a successful and festive
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individuals from all parts of

New Providence who are

housed in homes for the aged,
and church members madé sure
that they enjoyed their Easter.
In all, about 400 persons took
part.

Violet Pratt, who has been
apart of the programme since
its inception, said: “St
Matthew’s feels the need to
bring these persons into our
home into our worship centre.”

At the end of the meal the
social outreach members dis-
tributed ‘baskets of love’ to the
participating seniors.

“In an era in our Bahama-
land where we tend to cast aside
those who’ve come to the twi-
light of their years, this really
sends a powerful message that
the church can come together
and help others enjoy Easter,”
said Father Don Haynes, assis-
tant priest of St Matthew’s.

He continued: “This is a won-
derful reflection of not only the
ministry but the love that we
hold for them and this is a man-
ifestation of what Christ is doing
in our lives; it is wonderful that
it is happening at a time such
as this.”

M@ BERNADETTE Moultrie,
wife of Rector James
Moultrie, serves a meal to the
senior citizens at the Seniors’
Annual Easter Brunch hosted
by the Social Outreach, the
Anglican Church Women and
the Youth Council of historic
St Matthew’s Anglican
Church. Scores of sponsors
were hosted to an afternoon
reception and communion.

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Dolphin Encounters prepares for
marine medicine conference

THE TRIBUNE;





@ PREPARING for the International Association of Aquatic Animal Medicine (IAAAM) ihe
conference (I-r) Virginia Kelly; senior manager group travel for the Ministry of Tourism, Kim.
Terrell, director of marine mammals for Dolphin Encounters, and James Malcolm, executive C

director group travel for the Ministry of Tourism, prepare to welcome members of the nk
International Association for Aquatic Animal Medicine to the Islands of The Bahamas. Over 200 .
professionals engaged in the clinical care, research, academics, and husbandry of aquatic animals .-

are set to attend. -

to 16 Atlantic bottlenose dol-
phins. The all-natural marine
facility offers guests a unique

company, to show attendees
our beautiful Bahamas.”
Dolphin Encounters is home



ro Cow

opportunity to interact one- om:
one with these intelligent ani-:.-
mals.





i LEON Taylor sings for the senior citizens at St Matthew’s
Anglican Church during the annual Easter Brunch



THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE.7_,

“Tt was teachers who predicted that their charges...could reach as high as their courage would stretch...
bundreds...followed in the footsteps of their much admired mentors to become teachers and later
Ministers of Government, like Livingston Coakley or Ambassadors like L. B. Johnson or even Governor-Generals

like Sir Clifford Darling, Sir Henry Milton Taylor or Dame Ivy Dumont.”

The One-room Schoolhouse ©



Suspected
kidnappers
killed and
set alight

@ HAITI
Port-au-Prince

A GANG in a notorious
Haitian slum said Tuesday that
it had killed three suspected
kidnappers who were using
their neighborhood to stash two
abducted women, according to
Associated Press.

The men’s bodies were
doused with gasoline and set on
fire in front of journalists near a
UN checkpoint at the edge of
Cite Soleil — a slum that had
been used in the past by kid-
nappers to imprison their vic-
tims.

A Cite Soleil gang leader
known only as General Toutou
and others in the slum said the
men were killed after it was
learned they had kidnapped two
women and brought them to
Cjte Soleil. The women were
freed unharmed, witnesses said.

‘UN spokesman David
Wimhurst said Haitian police
would investigate the killings.

rCite Soleil has been a base
for well-armed gangs blamed
fdr a wave of kidnappings in the
aftermath of the February 2004
revolt that toppled former pres-
ident Jean-Bertrand Aristide,
Haiti’s first democratically elect-
ed leader. :

Austria and
financial
sector hatch

plan for bank

@ AUSTRIA
* Vienna

» AUSTRIA’S government,

major banks and insurance
companies announced a plan
Tuesday to bail out BAWAG,
the bank that lost about eurol
billion (US$1.26 billion) in bad
currency speculation deals in
the Caribbean and is linked to
the collapsed New York com-
modities brokerage Refco Inc,
according to Associated Press.

| Chancellor Wolfgang Schues-
sel said the plan — which
includes the government, the
Central Bank and major Aus-
trian commercial banks and
insurance companies -—
involves guaranteeing up to
US$1.13 billion of the debts
owed by the Bank Fuer Arbeit
und Wirtschaft, better known
by its acronym BAWAG.

¢ “We have insured the insti-
tution with a common effort,”
Schuessel said.

'. Parliament agreed Tuesday
to convene a special session on
May 8 to approve the. bailout.

» The rescue plan is intended
to ensure that BAWAG does
not collapse as its owner, the
@esterreichischer Gew-
erkschaftsbund trade union fed-
eration, or OEGB, seeks a buy-
er. BAWAG, with 1.3 million
customers and an estimated
US$63 billion-plus in assets, is
Austria’s fourth-largest bank.

‘






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BEGINS

Visit our website at www.cob.edu.bs

@ By NATARIO MCKENZIE

INMATE Neil Brown’s
body will be released from the
morgue and buried by the state
upon completion of the inquest
into his death and that of Cor-
poral Deon Bowles.

Coroner Linda Virgill
revealed this after Michael
Hanna, the attorney for Neil
Brown’s mother Bettymae
Trotman, made applications
for certain witnesses to be
called to explain where Neil
Browns remains were.

Before any witnesses were
called yesterday, Mr Hanna
made applications to have
Mark Wilson, Permanent Sec-
retary in the Ministry of
National Security, called to
give an account of the where-
abouts of Brown’s body.

During his testimony last
week, Superintendent Elliston
Rahming admitted that he did
not know where the body was.

Mr Hanna also requested
that Brown’s mother be called
to testify that she had done all
she could to ensure that her son
receives a Christian burial.

Mrs Virgill explained that in
light of the inquest; she decid-
ed to hold Brown’s body at the
morgue in case further exami-
nations were needed.

She also said that there was
no need to call Mr Wilson and
Brown’s mother, or to recall
Superintendent Rahming —
although she said it was “inex-
cusable” for him not to know
where Brown’s body is.

The coroner explained that
upon, completion of the
inquest, Brown would be
buried by the state, as he was
still the property of the state
at the time of his death.

She said Brown will be
buried in a graveyard desig-
nated for condemned persons
and that his family is permitted
to attend the funeral.

As the inquiry proceeded
yesterday, the officer who
drove prison officers and
recaptured inmates back to the
prison after the breakout was
recalled. .

Sancto Kelly took the wit-
ness stand again without a
lawyer, despite being advised
by the coroner on Monday to
seek counsel.

Kelly testified that he did not
know who gave instructions to
move the bus from Yamacraw
Road on January 17.

He said he only heard voices,
presumably from inside the bus,
saying that he needed to get
back to the prison compound.

Kelly said he did not recall
hearing any gunshots on the
bus and could not recall
whether he saw officer Sandy
Mackey on the bus or at any
other point that night.

He told the court he did not
drive the bus to where the
inmates were on Yamacraw
Road, but that the officer who
had done so left the keys in the
ignition.

According to Kelly, he was
standing in front of the bus as
the prisoners were being put
on, but he only saw two pris-
oners being taken off.

Assistant Superintendent
James Farrington was also
recalled. é

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He broke down in tears
when the coroner put it to him
that he acted alone in response
to the prison break.

“Your worship, that’s a night
I really would like to forget” he
said. “For the life of me I can’t
understand why those officers
acted the way they did. I told
them that we had to do our job,
after the prisoners were cap-
tured we had to take them back
to the prison”, he said.

Mr Farrington admitted that
although he was a senior offi-
cer at the scene where prison-

ers Parcoi, Bowe and Brown -

were recaptured, no one “lifted
a finger” to assist him in getting
the prisoners on the bus and
back to the prison.

During questioning by pros-
ecutor Neil Brathwaite, Coro-
ner Virgill and attorney
Michael Hanna, Farrington
recalled the events spoken of
during his previous testimony.

He testified that he arrived
at the scene on ‘Yamacraw road
the morning of the break out
and saw officer Sandy Mack-
ey standing over a man he lat-
er identified as Neil Brown.

Farrington said that prior to
that he had heard a someone
yell “Stop!” and heard what
sounded like a gunshot.

He went on. to restate that
he also saw two persons head-
ing south in the nearby bushes.

Farrington told the court
that he drew his revolver and
fired two shots; the first at For-
rester Bowe and the second at
Barry Paroci.

He said that he believed he
shot Bowe but thought that he
had missed Parcoi.

Farrington again testified
that while the prison bus was at
Yamacraw road, someone
threw a stone pyramid (of the

type seen on lawns) at the back.

windshield of the bus.

The glass .was broken, he.

said, adding that a portion of
the glass landed at the feet of
the recaptured inmates who
were sitting along seat at the
back of the bus. ° a

Neil Brown, he said, was the
first inmate to be placed on the
bus. Forrester Bowe was walk-
ing with a limp, he added.

Mr Farrington restated that
two officers tried to get on the
bus, and that when he pushed
one of the officers off, the sec-

- ond ‘officer, Sandy Mackey,

“rushed” past him — at which
point he heared the “Bam!” of
what he thought was a gunshot.

He said that when he turned
around, he saw that Mackey
had the gun pointed at For-
tester Bowe. |

Farrington also restated that
only three officers were on the
bus during the ride back to the
prison, including himself.

The other two were Kelly
and an officer whose identity
he could not recall, he said.

Farrington stated that when
they arrived at the prison, a
number of officers tried to rush

the bus, but he told them that

they could,not do so.
According. to Farrington,

‘that is when Neil Brown

“keeled over”.

Farrington said he asked
Bowe if Brown was “OK” and
was told that it sounded as if
Brown was snoring.

Max. Enrol.

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THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE 9







-[s THE minds of some peo-
ple, the American naval
facility on Andros is another mys-
terious Area 51 — the top-secret
military base in Nevada that has
been imaginatively linked to
UFOs and inter-dimensional vor-
‘tExes.
“s And believe it or not -
‘AUTEC’s deepwater sensors in
the Tongue of the Ocean were
tecently used by scientists from
the University of California in an
effort to detect cosmic neutrinos
‘emitted by intergalactic black
“holes.
== But environmentalists regard
the hundreds of square miles of
deep ocean off the Atlantic
‘Underwater Testing and Evalua-
ition Centre near Fresh Creek as a
‘killing field for whales and dol-
‘phins.
y«, AUTEC was set up in 1965 to
‘research anti-submarine warfare
‘or the Western Alliance using live
“targets and synthetic torpedoes in
*a realistic environment. Those
eactivities rely on a detection sys-
“tem called tactical active sonar
«that was first deployed on war-
eships about 40 years ago.
= As one British submariner who
atook part in these exercises
sexplained: “We would travel up
¢and down the range, whilst other
“NATO submarines, warships and
“elicopters would fire torpedoes at
EBS.
iS! In fact, Tough Call was one of
“several Bahamian journalists
“aboard a Royal Navy helicopter
aarrier in 1976 that took part ina
‘four- day exercise off Andros
“involving US, British, Dutch and
sPahamian forces.
Codenamed Operation Clay,
“he exercise featured mock com-
fnando landings. And the carrier,
MS Bulwark, conducted
Pevtiosavics with a nuclear-pow-
red British attack submarine
*undergoing trials at AUTEC.
Ms Today, AUTEC employs over
400 Americans and 170 Bahami-
vans. The 1983 lease agreement
provides for the use of land sites,
palrspace and seabed for a payment
of $10.8 million a year. Andros
as selected because of its deep
water close to shore, but there are
‘increasing concerns among envi-
"fonmentalists that ear-splitting mil-
Mitary sonar threatens whales and
Other marine mammals through-
‘out the world’s oceans:
i “.° That’s because whales and dol-
‘phins navigate, hunt and commu-
1 und waves. Hearing







eg











arine mammal

LARRY SMITH

is their primary sense, and because
sound travels so well in water, the
noise can be miles away and still
seem like it is just around the cor-
ner.

"Whales exposed to high-inten-
sity sonar have been found bleed-
ing from the eyes and ears, with
lesions the size of golf balls in their
organ tissue.

“Biologists are concerned that
the whales we see dying on the
beaches are only the tip of an ice-
berg and that many more are
dying at sea," said Michael Jasny
of the New York-based Natural
Resources Defence Council.

And according to the US
National Oceanographic and
Atmospheric Administration,
“The effect of man-made sounds
on marine mammals has become a
clear conservation issue. Strong
evidence exists that military sonar
has caused the strandings of
beaked whales in several loca-
tions.”

Bes say high-intensity
sonar disorients whales
and can damage their ears, causing
them to surface too quickly and
strand on shorelines where they
often die. Although whale strand-
ings have been reported around
the world for hundreds of years,

- environmentalists say the num-

bers are increasing.

Modern sonar sends out loud
pings that appear to frighten and
disorient whales, especially deep-
diving species such as the beaked
whales, about which we know lit-
tle.

And in fact, the US Navy is
spending $50 million on research
to understand how marine mam-
mals are affected by sound.

This research includes investi-
gating marine mammal locations,
abundance, and movement at sea;
studying the effects of sound on
the physiology and behaviour of
marine mammals; and finding
ways to mitigate those effects.

For the past 15 years, the
Bahamas Marine Mammal Sur-
vey - based at Sandy Point, Abaco
- has been carrying out field stud-



died and the BMMS was.able.to



ies of whales and dolphins, with
funding from Earthwatch Insti-
tute, and has documented 24
species in Bahamian waters. They
have also been involved in a mon-
itoring programme at AUTEC
that detects whales using the base’s
underwater microphones.

The BMMS has collated
reports of marine mammal strand-

conduct post-mortems on all of
them.

Claridge and former BMMS
scientist Ken Balcomb reported
their findings in the May 2001
issue of the Bahamas Journal of
Science*:

“We concluded that there must
have been an enormous acoustic
event...that triggered a behavioural
flight response by several species,
but predominantly Cuvier’s
beaked whales.”

Both the US National Marine
Fisheries Service and the US Navy
came to similar conclusions based
on the post mortems, “which indi-
cated that the injuries were all con-
sistent with an intense acoustic or
pressure event.”



“Modern sonar sends out loud pings
that appear to frighten and
disorient whales, especially
deep-diving species such as the
beaked whales, about which we
know little. And in fact, the US Navy
is spending $50 million on research
to understand how marine
mammals are affected by sound.”

AE NY

ings in the Bahamas dating back to
the 1940s: “The data show a rela-
tively consistent number of strand-
ings from the 1960s to the 1980s,
that begins to increase in the
1990s,” Diane Claridge told Tough
Call recently. “Then there is a
sharp rise, with peaks in 2000 and

--2002-from two mass stranding

events. We've recorded 78 strand-
ings in the past six years, which is
unusually high compared to pre-
vious years.”

In 2002 some 40 oceanic dol-
phins stranded on Long Island
where about half died of exposure
and starvation. Researchers have
not determined exactly why these
deepwater animals entered the
shallows at Deadman's Cay Sound
in the first place. There were
rumours of naval activity in the
area at the time, but that was nev-
er confirmed.

In the more famous 2000 event,
17 whales and dolphins came
ashore-on Abaco and Grand
Bahama during a confirmed US
naval exercise in the Providence
Channel. Seven of the animals



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Beaked whales are more sensi-
tive to the 180 decibel sonar levels
used by the US Navy than other
species. For comparison, experts
say that typical ocean noise levels
in the Bahamas range from 40
decibels with no shipping to 68
decibels with heavy shipping. For
humans, a sound level of 85 deci-
bels causes permanent hearing
damage, and a sound level of 125
decibels causes ear pain.

“As far as I am aware, current
mitigation practices at AUTEC
consist of observers on ships
before and during exercises, slow-
ly ramping up sonar as an exer-
cise begins, and ensuring that no
one ship outputs more than 180
decibels,” Claridge said. “I believe
they also consider the cumulative
effect if multiple ships are using
sonars simultaneously.”

But apparently this isn't enough

to prevent harm to beaked whales _

from active sonar. To find out
what type of mitigation would be
effective, the US Office of Naval
Research has been funding the
Marine Mammal Monitoring Pro-
gramme, which listens for whales

s and the use of sona

on the AUTEC range.

According to the BMMS, this
system can be used to look at
changes in the density of beaked
whales (and other species) before,
during and after naval exercises.
And it can also determine whether
whales are moving in and out of
the area as a result of naval activ-
ity. Claridge has been to AUTEC
several times to work on the pro-
gramme.

“What is really interesting to
me is that beaked whales are
detected pretty much all the time.
I didn't expect them to be found so
frequently in an area where mili-
tary exercises have taken place
regularly for the past 40 years.
Additionally, sperm whales, sev-
eral dolphin species and short-
finned pilot whales are commonly
seen and heard, and appear to be
in the Tongue of the Ocean year
round.”

Heres modern navies
use high-intensity active
sonar, which generates sound puls-
es at various levels. And there has
reportedly been more naval activ-
ity in the Tongue of the Ocean
lately as other test sites have
closed. Embassy officials say

‘about a dozen exercises take place

at AUTEC every year — each last-
ing several days.

“If the number of exercisés
using active sonar has increased,
and we know that the number of
strandings has increased, then
there is definitely reason for con-
cern considering the correlation
between sonar exercises and
strandings that have been report
ed in scientific publications,” Clar-
idge said.

Beaked whales are the most

mysterious of the 80 cetacean _

species because they favour the
deep ocean. In fact, what little we
do know of them has largely come
from stranded animals. Sightings

of them at sea are rare due to their:

long dive times and unobtrusive
surfacing behaviour, but a prefer-
ence for deep-water habitats
makes them relatively common in
the deep basins and channels of
the Bahamas.

Claridge says AUTEC could
usefully implement follow-up sur-
veys for distressed animals after

each exercise and conduct envi- |

ronmental impact assessments pri-
or to any exercises conducted in
the Bahamas.

She also called for a stranding
response workshop to train people



on various islands in how to collect
data from dead whales as well ‘as
how to help live ones: “We need
the data because with every whale
that strands and no data/specimens
are collected, we really can't say
why they died.”

Bovircnmentaists want
navies to take common-
sense precautions during peace-
time sonar training. Such measures
include avoiding migration routes
and feeding or breeding areas
when they are present; and listen-
ing with passive sonar to ensure
that whales are not in the area

‘before switching on active sonar.

According to the American
Cetacean Society, “The contro-
versy between the military and
environmental groups arises out
of the need to maintain a certain
level of national security and not
injure or kill every living thing in
the ocean by doing so.”

But the military says worldwide
naval use of active sonar has been
correlated with the stranding of
only 50 whales during the 10-year
period from 1996-2006: “To help
put this number in perspective,
this equates to less than a quarter
of one per cent of the 3500-plus
strandings that occur each year on
US shores,” according to a US
Navy fact sheet.

A recent report by the United
Nations Environment Programme
rated sonar last among current:
threats to dolphins, porpoises and
related species. Sonar was report-
ed to threaten only about 4 per
cent of these species, compared
with 70 per cent endangered by
fishing and 56 per cent by pollu-
tion.

And it wasn’t too long ago that
many whale species were being
hunted to the point of extinction.
In fact, commercial whaling has
been around since at least the 11th
century. At its peak, during the
mid-20th century, the global whal-
ing industry was killing more than
50,000 whales a year.

*The Bahamas Journal of Sci-
ence was published by Media
Enterprises from. 1993 to 2006
when it became the Bahamas Nat-
uralist and Journal of Science, co-
published with the Bahamas
National Trust.

What do you think?
Send comments to
larry@tribunemedia.net
Or visit www.bahamapundit:com

x





PAGE 10, WEDNESDAY, MAY 3, 2006

Blaze
threatens

homes,
Albany

House
FROM page one

smoke the road was closed from
4pm to 7pm.

Albany House is owned by
New Providence Development
Company, which is a subsidiary
of a holding company whose
major investor is Lyford Cay
billionaire Joe Lewis.

Up to press time, fire units
were still on the scene. Press
liaison officer Walter Evans said
that there were seven fire emer-
gencies yesterday, excluding the
city dump.

Mr Evans said fire fighters
will remain on the scene at
South Beach until the fire is
extinguished.

@ FIRE fighters had to use a
tractor to clear a path to pre-
vent the fire from spreading.

(Photo: Felipé Major/
Tribune staff)

‘

THE TRIBUNE



up to launch proceedings -

against government after ‘raids’

FROM page one

Nevertheless, Mr Smith
said that he and the Grand
Bahama Human Rights
Association have met over
the weekend in Spanish
Wells, Freeport and Har-
bour Island with many peo-
ple who were arrested in
these raids and are looking
at bringing action against

the government to enjoin it
from conducting what the
organization describes as
“illegal activities”.

“What we have found was
that most of the people we
have interviewed are
absolutely terrified of
bringing an action against
the government. They feel
that they will be victimised
and although, say a hus-

band has a permanent resi-
dency certificate, he may
have a wife or children or
family member that is here
on an annual residency cer-
tificate and so they feel
exposed and they feel that
any attempt to assert their
rights will lead to abuse
against their loved one,” Mr
Smith said.

Nevertheless, there have

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FirstCaribbean International Bank thanks all applicants for their
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been a few persons who
were willing to launch pro-
ceedings which Mr Smith
hopes will stand out ata
precedent.

“We are not in the late

1930s in Nazi Germany, the

Haitians are not to be treat-
ed as the Jews of the
Bahamas to have to be vic-
timised and hunted down
and removed from the pop-
ulation,” the lawyer said.
An immigrant popula-
tion, he pointed out, is very

‘want to do,

necessary for the growth of
the county.

“Tf the Bahamian people
and -the foreign investors
did not need a cheap and
capable and committed
labour and someone to do
jobs that Bahamians don’t
then the
Haitians would not be
here,” Mr Smith said.

The public, he said, can-
not keep using Haitians as
scapegoats for all of the
incompetents and ineptness

of the country’s govern
ments.

“The government has
whipped up so much anti-
Haitian furor that right now
there is a fever in the coun-
ty against anything Haitian
and we have to be careful
not to stigmatize these peo-
ple. The government has
become a vigilante, hang
"em at high noop organiza-
tion, and I call on the gov-
ernment to respect law,”
Mr Smith said.

Ministry of Housing reluctant
to give information on
the awarding of contracts

FROM page one

Saying that it is unfortunate, Mr Symon-
ette said: "Under the FNM, all Perma-
nent Secretaries were told to answer any
reasonable question from the public, espe-
cially the press. Now, under the PLP, what
is happening is that they say ‘no com-
ment,’ ‘no comment’."

As all contracts being awarded by the
Housing Ministry come before a tenders
board, the names of individuals who have
been awarded contracts, it is thought, are
available to the public. However, not all
contracts make it to the tender's board, it
has been revealed.

As a contract must be of a maximum
dollar value before it goes before the ten-
der's board, some awards are being divid-
ed into smaller amounts and spread out
among certain individuals in order to cir-
cumvent the normal process, a source has
informed The Tribune.

In recent weeks, these and other claims
have surfaced in relation to a few select
individuals with supposed ties to certain
parliamentarians.

These individuals, according to the alle-
gations, have received the lion’s share of
building contracts, tendered and unten-
dered. However, persons at the Housing
Ministry have been reluctant to divulge
information, saying that any information
about the awarding of contracts must be
cleared by the Minister or the Permanent
Secretary.

‘In his conversation with The Tribune
yesterday, Mr Symonette said that he, too,
has asked for a list of all persons who have
received contracts to build low cost homes.

"For four years, in Parliament, I have
asked for that information, and they have
not answered me yet," said Mr Symon-
ette.

"It is very unfortunate that the people’ s
business is being hidden from us.





An established law firm requires the following:

AN ATTORNEY

Please send resumés:
c/o The ‘Tribune,
P.O. Box N-3207

DA 46420
Nassau, The Bahamas



with a least five (5) years experience in litigation,
commercial and general law.
Must be willing to relocate to a Family Island.

A LEGAL SECRETARY
with at least three (3) years litigation experience.
Applicants must be able to work on their own initiative.

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













, . WEDNESDAY, May 3, 2006, PAGE 17






THE TRIBUNE BUSINESS | a



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10-30 years of service fo the company af the annual staff party.

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PAGE 12, WEDNESDAY, MAY 3, 2006



TV show focuses on dream

homes in the Bahamas

FOUR Nassau houses are being
featured this month in the popular
House Hunters International show
aired by Home and Garden Tele-
vision on Cable Channel 22.

Episode 107, “Dream Home in
The Bahamas,” aired for the first
time on Monday night, and was
repeated yesterday.

The half-hour programme repeats
on May 5 at 10.30pm and May 6 at
2.30am.

“My phone hasn’t stopped ringing
since the show started last night,”
said realtor Sara Parker, a licensed
Bahamas Real Estate Association
broker with World Developers Lim-
ited.

“ve had calls from Missouri and
emails from all over saying what



@ THE Rollins family’s former Eastwood home was also sold by Sara

Parker

@ THE Rollins family loved the
Winton Heights atmosphere and
extraordinary garden of this home,
now reduced to $495,000

soecvcscevscscsscececececececscescccecstocaccnccanengnessecececbesctepescussceenescacaccuancrascnscceseceeesceascuscaucscseunecgescusaussaneccscasasauccsensoseuceeanaecuansneusncnsasaeassecacaeacascecssncacasoacenouegsovsnenuansenauavsuasenrasasauacarascscasocagooouconaqacccuceesese PRES ee Se ee ACE ER a Sessescvansceweetece

With soldiers guarding Bolivian gas fields, |
and Brazil worry about nationalisation plan

@ BOLIVIA
Santa Cruz de la Sierra

A DAY after soldiers were dis-
patched to guard natural gas installa-
tions across Bolivia, the European
Union warned Tuesday that a decree
by leftist President Evo Morales to
nationalise the nation’s gas industry
could hurt world energy markets,
according to Associated Press.

Across Bolivia’s border, Brazilian
President Luiz Inacio Lula da Silva
prepared to hold an emergency meet-

ing to assess the impact on Brazil — the -

biggest buyer of Bolivian gas and the
owner of Petroleo Brasileiro SA, one
of Bolivia’s biggest gas producers.

Petrobras President Sergio Gabriel-
li said officials were seeking “to secure
our rights” to Bolivian gas and the
US$1.6 billion Petrobras has invested
in Bolivia since the mid-1990s.

While EU nations import little nat-
ural gas from the South American
country, EU spokesman Ferran Tar-
radellas Espuny said the move “may
have a negative impact on markets,

fantastic publicity the show is for
the Bahamas.

“The Rollins family was wonder-
ful on film. They really showed off
the Bahamas — from the beaches to
their new dream house with incred-

ible tropical views. I’m so happy to.

have found it for them.”

The episode, according to the
HGTV website, features Donna and
Patrick Rollins' four-bedroom home
in Nassau, which “just is not big
enough for the couple and their four
growing kids.

“We did find our dream home,”
said Patrick Rollins, owner of Wood
You furniture store; which has

branches in Nassau and Marsh Har-

bour, Abaco.
The HGTV feature on Bahamian

homes came about as the result of
Mrs Parker’s response to House
Hunter’s emailed invitation.
“They liked my story of the
Rollins family search for just the

_ tight house for their big family, two

small sons and two teen daughters,
complicated by Patrick’s need for
high ceilings and lots of space.
~ “Roger Sands, appraiser at Levi
Gibson Realty, shot the taped audi-
tion with the Rollins Family for me.
Now, the producers have invited me
to host another show, plus I’ve giv-
en them leads on other homes
owned by former residents now liv-
ing in Amsterdam and Mexico. Pve
really enjoyed the process,” she said.
The homes featured in House

Providence. “La Casona” is a large
colonial building which crowns the
Sans Souci hill-top and is filled with
wood and sea views on a large ter-
raced lot. “SpinDrift” is smaller but
in immaculate condition on a large
lot with sea views.

The third house is in Winton
Heights with large rooms, a big pool
and a stunning garden views, all with
an “Out of Africa” ambiance.

“Because the Rollins family has
done such a beautiful job of turning
their EastWood home into a show
piece with 12-foot ceilings, rose
wood floors and an outdoor kitchen
and pool area, I just can’t wait to

‘see their renovation: of their new

Bahamas Dream Home,” said Mrs
Parker.





Hunters areall in the East of New

IMMACULATE condition, sea views and boat ramp access put this
Eastern Road charmer on the short list for the Rollins family.

“OUT of Africa” Living Room with beautiful ceilings won points for this

home i in Winton Heights.

because the markets are now subject to
considerable pressure as far as pices
are concerned.”

The European Commission said it
would also study the impact on Bolivi-
a’s economy and to foreign investors
there. Besides Petrobras, most of the
biggest natural gas players are Euro-
pean. They include Britain’s BG
Group PLC and BP PLC, Petrobras,
Spanish-Argentine Repsol YPF SA,
France’s Total SA and U.S.-based
Exxon Mobil Corp.

Repsol shares fell 2 per cent in
Madrid on Tuesday and Petrobras
wobbled in Sao Paulo, reversing early
losses to rise 1.3 per cent. The news
didn’t adversely affect other compa-
nies with Bolivian operations because
their total oil and gas reserves in the
country are much smaller in percentage
terms.

Morales ordered troops to 56 nat-
ural gas installations throughout the

Andean nation on Monday, after don- »

ning a hardhat of Bolivia’s moribund
state-owned oil company and threat-
ening to evict foreign companies unless

they give Bolivia control over produc-
tion within six months.

The announcement Monday fulfills
Morales’ election promise to increase

“state control over Bolivia’s natural

resources, which he says have been
“looted” by foreign companies. It also
solidifies his role along with Venezue-
la’s Hugo Chavez and Cuba’s Fidel
Castro in Latin America’s new axis of
socialist-inclined leaders opposed to
US and corporate influence in the
region.

Beginning

Morales said the hydrocarbons sec-
tor “was just the beginning, because
tomorrow it will be the mines, the for-
est resources and the land.” Planning
Minister Carlos Villegas recently spoke
of a “drastic” overhaul of mining laws
to increase state revenues.

About 100 soldiers took control of
the Palmasola refinery in the eastern
city of Santa Cruz, some carrying
assault rifles, others with anti-riot gear.

o WINTON Colonial exterior

Most stood in front of the gates of the
refinery, which is run by Brazil’s
Petroleo Brasileiro SA, or Petrobras.

“Our mission is to guarantee the nor-
mal operations” of the facility, said
unit commander Capt Jorge Lenz.

Engineers with Bolivia’s state-owned.
oil company were ordered to installa-
tions and fields tapped by the foreign
companies, and Morales said the com-
panies have six months to agree to new
contracts or leave Bolivia.

Speaking later in front of thousands
of supporters at the presidential palace,
Morales thanked the armed forces for
supporting his decree and said that
“foreign petroleum companies that

announced they will freeze their invest-

ments can leave.”

Foreign companies extracting and
exporting Bolivia’s gas have invested
about US$3.5 billion over the last
decade, and Petrobras alone has
pumped US$1. 6 billion in the nation to
feed ever-increasing demand in Brazil.
But new investments have been large-
ly frozen since last year over concerns
about what Morales’ nationalisation

THE TRIBUNE :





Hi WINTON pool



@ THIS Sans Souci house with hilltop views
made the short list




plan would mean for producers. *\:.

The announcement follows a trend
by oil- and gas-rich Latin American
nations to exact a larger share of prof-
its from extraction of the fossil fuels,

Ecuador is arguing with Washing-
ton over a new oil royalties law and
less than a month ago, Chavez orderéd
the seizure of oil fields from Total and
Italy’s Eni SpA when the companies
failed to comply with a government
demand that operations be turned over
to Venezuela’s state oil company,
Petroleos de Venezuela SA.

Bolivia has South America’s second-
largest natural gas reserves after
Venezuela. All foreign companies must
turn over most production control to
Bolivia’s cash-strapped state-owned
oil company, Yacimientos vetolteips
Fiscales Bolivianos, Morales said.

Multi-national companies that pro-
duced 100 million cubic feet of natiéal '
gas daily last year in Bolivia wifl-be
able to retain only 18 per cent of their
production, with the rest being given to
YPFB, he said. Morales did not nathe
the companies.

ns
Re

“T.read The Tribune for local
news, sports, and health &
beauty tips. My day isn’t
complete until I’ve read it.
The Tribune is my
newspaper.”

SHENIQUE RILEY-MCKENZIE

PARADISE ISLAND STRAW VENDOR,
ARTIST & SOCCER COACH

Purchase The Tribune from your local
convenience store or street varidor.

ev ry
FETE HTCRES



The Tribune
Why Vosce. Wy Hlewcpaper!”





RMT STE TAN NH

TWEDNESDAY, MAY 3 _ 2006

SECTION



business@tribunemedia.net



Miami Herald Business, Stocks, Analysis, Wall Street

HELPING YOU CREATE AND MANAGE WEALTH

__ NASSAU OFFICE
Tel: (242) 356-7764







FREEPORT OFFICE
Tel: (242) 351-3010









‘No major
hiccups’ are
expected on
bank Clearing

House

lm By CARA BRENNEN
Tribune Staff Reporter



THERE should not be “any
major hiccups” in the second
tendering process seeking an
outside contractor to imple-
.ment an Automated Clearing
House (ACH) in the Bahamas,
the Clearing Banks Associa-
tion’s (CBA) chairman told
The Tribune yesterday.

Paul McWeeney, Bank of
the Bahamas International’s
chairman, said that once the
bidding process was complet-
_ ed, the Association was opti-
nistic it. would be able to

SEE page 2B



"i PAUL McWEENEY

$15m investment ‘not
in bank’s best interest

a By NEIL HARTNELL
Tribune Business Editor

eadenhall Bank
& Trust Compa-
ny’s liquidator
has been left
“puzzled” by its
investment strategy, stating
that a decision to invest $15
million in a policy with a
Guernsey-licensed insurer did
“not appear to have.been
made in the bank’s best inter-
ests” as the income earned was
less than the management fees.
In his second report to
depositors and creditors, Craig
‘Tony’ Gomez said Leadenhall
had established the investment
policy with Generali Interna-
tional on November 26, 2002,
after it was introduced to the
insurer by. Caledonia Corpo-
rate Management Group.
The persons assured by the
policy were Léadenhall’s then
managing director, William
Jennings, and then corporate
secretary Bernadette North.
The initial investment was
$1.542 million, and further

Leadenhall liquidator recovers $600,000 in outstanding loans

investments were made by
Leadenhall to leave the policy
portfolio valued at $15.51 mil-
lion as at March 3, 2006. -

Mr Gomez said Generali
was charging Leadenhall about
$118,000 per quarter for man-
agement, trading and service
fees, and had received $1.851
million from the bank between
January 2002 and December
2005.

He added that for 2005,
while Leadenhall earned inter-
est of $432,852 on its invest-
ment, Generali’s fees came to
$472,098, meaning the bank
had made a net loss for the
year of $40,246.

Mr Gomez said he had been
seeking to determine whether
to surrender the policy, adding

. that an Early Discontinuation

Charge (EDC) would be
incurred by Leadenhall if it did
so, as the bank had not held
the policy for more than 20
quarters.. The EDC, Generali

Small businesses ‘need to get away from entitlement’

i By NEIL HARTNELL
_ Tribune Business Editor



BAHAMIAN businesses “need to get
away from the idea that someone Owes
us something” and develop a mindset of
‘finding solutions to problems, a senior
executive at a financial services broker-
age said.

Addressing a Bahamas Institute of
Chartered Accountants (BICA) on small
businesses, Troy Sampson. of Approved
Lending Services, said that while small

Bahamian companies did face challenges,

plenty of “beliyaching” also went on.

“Tf you don’t want to do the work. don’t
complain about the lack of opportunities.”
Mr Sampson said. “If you don’t want to do
the preparation, don’t complain about the
lack of financing.

“We need to get away from the idea of
entitlement; that someone owes us some-
thing"because wé’re Bahamian and the
small man, so someone’s obligated to help
us.”

Mr Sampson urged Bahamian small

businesses to join organisations such as

- the Bahamas Chamber of Commerce and
‘the Small Business Association of the

Bahamas.
. He added that those companies needed

‘to work together, through such organisa-

tions, to develop statistics that “measure
the impact of small businesses on our soci-
ely x

“T think then we will begin to have legs
to stand on.” Mr Sampson said, “to the

extent that we can put ourselves in a posi-

tion to crunch the numbers.

ing countries, they are driven primarily
not by large entrepreneurs but by the
small businesses.

“If we want to have strategies for fund-

ing for small and medium-sized enterpris-
es, with minds set on finding solutions,
solutions will be found.”

On the challenges faced by small
Bahamian businesses, Mr Sampson said
he and his colleagues “see on a day-to-

- day basis, a lack of preparation” by entre-

preneurs that was hindering their appli-
cations for capital funding.

Frequently, budding entrepreneurs did
not submit proper business plans or doc-
uments to support their companies, keep-
ing ideas in their head for fear that they

SEE page 3B

“For a lot of developed and develop-



FIDELITY

Beyond Banking

ee Ve FREEPORT |



had informed him, would be
$1.207 million.
The liquidator indicated this

had put him in a quandry,.
because “if the policy is not -

surrendered, the bank will be
charged quarterly fees for nine
quarters at approximately
$118,000 per quarter, totalling
$1.062 million.

“Based on the information
received from Generali, the
bank cannot avoid paying a
hefty fee now or at a later date
to surrender this policy.”

In addition, Mr Gomez said

‘Generali had informed him.

that no beneficiary had been
named on the policy, and
Leadenhall, as the policyown-

er, would only receive death .

benefits upon the deaths of Mr
Jennings and Ms North.

Mr Gomez wrote: “This
investment, appears to me, to
have not been made in the
bank’s best interest, as it begs
the question: Why would the
Bank’s management invest $15
million for an extended period
of time, thus reducing its liq-
uidity and then be forced to
pay Generali annual fees in
excess of $400,000 annually to
manage the account?

“Such a fee, to especially
manage cash, seems excessive.
Further, why would manage-
ment invest in a vehicle in
which the income earned is
$40,000 less than the charges

Bank sees 27.1%

COMMONWEALTH Bank yes-
terday announced it had achieved
record first quarter net income of
$8.8 million, a 27.1 per cent rise
over the previous year’s $6.9 mil-
lion, as it continued returning the
fruits of its impressive performance
to shareholders. Be

With total assets standing just

below the $900 million mark at ,

$898.3 million, a $45' million rise
since 2005 year-end, Common-

wealth Bank increased its regular.
dividends by 50 per cent from $0.08 .

to $0.12 asa result of strong returns.

In addition, it will pay an extror-
dinary dividend of $0.12 per share
to shareholders on April 28, 2006..

“In any publicly-held company,
there is no better news for a chair-
man to report than to say perfor-
mance was so strong that we were
able to increase your dividends,”
said Commonwealth Bank’s chair-
man, T.B: Donaldson. .

“In this case, the Board of Direc-
tors voted not only to increase div-
idends by a full 50 per cent, but to
pay an extraordinary dividend of
12 cents per common share. It is
the best way we know to say thank
you for your support, for believing
in Commonwealth Bank and for
your partnership as owners. This is
your bank. These are your results.”

paid to the portfolio manag-

er? The investment strategy is |
“puzzling.”
In his update for the period -

between December 10, 2005,
and April 10, 2006, Mr Gomez

said during that time he had’

managed to collect almost
$600,000 in outstanding loans
the bank had made to clients.
_ In addition, he had met with
Mr Jennings “on the issue of
booking clients’ assets in the
name of the bank”, and relo-
cated Leadenhall to One Cum-
berland Hill Street, saving it
$6,000 per month in rent.’
‘On the main challenges to
the liquidation, Mr Gomez said

- he had attempted to progress

the litigation involving Lead-
enhall and former executives
in Axxess International, the
firm that processed and admin-
istered its former MasterCard
credit card portfolio. The for-
mer Axxess executives have
reformed into First Financial
Caribbean Trust Company,
based in the Turks & Caicos
Islands.

Mr Gomez said he was con-

- tinuing the approach of recon-

ciling the card deposits at.the
time they were transferred
from Leadenhall to Axxess,
and the amount of funds even-
tually transferred to First

SEE page 8B

net income rise

. Annualised return on share-
holder-equity increased from 29.4
per cent for the first quarter of 2005
to 32.3 per cent for the same quar-
ter this year.

Return on assets was up from 2.9
per cent to 3.5 per cent over the
same time period. These positive

‘results are likely to have been

reflected in Commonwealth Bank’s
share price, which has hit a new
high of $10.16. ‘

Mr Donaldson said Common- ,

wealth Bank’s performance during
the first three months of 2006 had
been driven by increased consumer
confidence resulting from the opti-
mistic outlook. for the Bahamian
economy as a result of various for-

-eign direct investment projects and

associated capital inflows.

Total assets had increased by 5.2
per cent over December 31, 2005,
and were about $130 million up on
March 31, 2005 figures.

Commonwealth Bank has con-
tinued its expansion into the
Bahamian mortgage lending mar-

ket, with first quarter annualised —

returns on shareholder equity
standing at 32.3 per cent, up from
29.4 percent in 2005. —

Return on assets was 3.5 per cent,
compared to 2.9 per cent in the
2005 first quarter.

TAM ipiiaeweal yi euerer iH meal) ¢ ot Ty







PAGE 2B, Wevui. SDAY, MAY 3, 2006

What to gather when assessing em

he collection of
information dur-
ing the initial
contact between
prospective
employees and a company is
critical. Every opportunity to
retrieve information must be
taken advantage of and prop-
erly documented. This is easier
said than done, especially when
signals are ignored or over-
looked because of mitigating
circumstances, such as the
department head who desper-
ately needs a new employe.

Nevertheless, many persons
are not aware of the tools
made available for the collec-
tion of this important data. We
will examine in detail the appli-
cation form, which in my opin-
ion is the most important tool
in the process.

The asset protection manag-
er and company attorney
needs to be involved in the
design of the employment
application to ensure it con-
tains all the necessary data. In
many cases, sensitive questions
can. be handled as a supple-
ment to the application form.
This generally meets most legal
criteria, while still providing
the personnel investigator with

the essential information need-
ed to make a proper evalua-
tion.

An application form must be
able to obtain three types of
information about any appli-
cant:

* Personal history

* Employment or profes-
sional history

* Collateral data to help con-
firm the personal history and
employment history

Our discussion begins with
an explanation of the various
components that should be
present in the ‘form’:

1, Name

Any investigation. must
begin with the right name. It is
necessary to know the name/s
used by the applicant in order
to locate the relevant records.
This includes any other names
by which the applicant was
known at any place of prior
education, residence or
employment.

2. Date of Birth

This information is critical
to determining exact identity,
as many persons have the same
name. The chances of having
the exact same name and birth-

Legal Notice

NOTICE
MARRIONERY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) MARRIONERY LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of the International Business Companies

Act 2000,

(b)

The dissolution of the said company commenced on the Ist May,

2006 when the Articles of Dissolution were submitted to and
registered by the Registrar General.

(c)

The Liquidator of the said company is Credit Suisse Trust Ltd. of

Geneva, Rue de Lausanne 17 bis, 1211 Geneva 70.

Dated this 3rd day of May, A.D. 2006.

Credit Suisse Trust Ltd
Liquidator



Secretary / Typist

: Professional Office has an immediate Opening for
‘a Secretary / Typist. The ideal candidate must have

| a minimum of Three (3) Year Office experience with
i|: excellent communications & Computer Skills. The
applicant must possess exceptional telephone
etiquette, good attitude and be capable of working
||: independently and/or as a team member; should have
- a minimum typewriting skills of 5|0 wpm; and must
proficient in the Windows XP or 2000 environment;
|| particularly w/ software such as Microsoft Word,

|| Excel and Quickbooks.

Bahamians and/or Bahamian Residents are invited

to apply.

Please Fax Resume to 394-4458
e-mail: wwb@coralwave.com

private investment bank limited

is looking for an

ACCOUNTING CLERK

Qualifications —

4
t
‘
i
i
j



The position is open to candidates with the following profile:

.- Associate’s degree in Accounting or equivalent
‘- Minimum 3 years experience in a similar position,

‘-. .Excellent MS Office skills

preferably in an offshore environment

:- General IT troubleshooting skills an asset

Responsibilities

Knowledge of Viewpoint an asset

'- Preparation of Bank and Custodian Reconciliations
'- Preparation of various general ledger reports
'- Maintain records of local expenses

’ Personal qualities

‘- Dedicated to team work

May 12, 2006 to:



- . Various administrative duties

- Able to work independently and in a : small structure

- Commitment to service excellence
- Positive and professional attitude
‘- . Excellent oral and written communication skills

, Applicants should only apply in writing, (phone calls will not
be accepted) enclosing a full resume with a covering letter by

Human Resources Manager
private investment bank limited

PO Box N-3918
Nassau, Bahamas



day are less possible.

3. Address

It is necessary not only to
know an applicant’s current
address, but also all the
addresses at which the appli-
cant resided during any period
of prior employment or edu-
cation, or the period for which
activity is to be checked. This is
inclusive of postal address,
telephone, fax and e-mail
address.

4. Employment

All employment history,
including self-employment,
should be required from the
applicant for the period to be
examined. If this is five, seven
or 10 years, an orderly chrono-
logical presentation of employ-
ment, self-employment and
unemployment during that
period must be required.

For each area of employ-
ment, the following data is rel-
evant:

* Name and address of
employer

* Job title - initial and final

* Period of employment

* Final compensation

* Reason for leaving

* Name of the last immediate
superior, including the tele-
phone number

5. References
At least three people not

‘No major hiccups’ are expected.

related to the applicant who
have known them for one year
or longer should be requested.
Although it is sometimes
argued that listed references
furnish only favourable infor-
mation, this is not necessarily
true.

More importantly, a refer-
ence may provide information
about an applicant’s activities
and whereabouts that differs
with what the applicant pro-
vides in the application form,
particularly with regard to
details like chronology.

6. Police / Military Service

This inquiry should be:

* Period of service .

* Branch of service

* Character of separauion or
discharge

* Rank/rating at time of dis-
charge |

* Discharge document

7. Criminal History

The police record is a basic
tool that can be used for col-
lection of this data.

However, more in-depth
information may be required,
and this can be achieved by
simply asking questions such
as: Have you ever been arrest-
ed before, or have you ever
spent time in jail? This must
be considered if the applicant
has spent time in another
country.



8. Authorisation

Many information sources
are either governed by statutes
or have become cautious about
disclosing data on former
employees or students. One
way of crossing this hurdle is to
have the applicant personally
authorise such disclosure by
signing - in the presence of a
witness - an authorisation for
release of the information.

An example: I (name of
applicant), hereby authorise
the (employer) company to
conduct such investigation of
my application for employ-
mént as may be necessary in
the company’s discretion. I
(name of applicant) authorise
all individuals who may have
information relevant to this
investigation to disclose such
information to the (employer),
‘company or its agents.

This list is by no means

' Bahamas,

"

THE TRIBUNE z

Safe &

Secure

exhaustive but I think ites «i

even the novice investigator -
off on the right track:

Next week, we will look at ‘
how best to use this informa- —

_ tion when preparing and con-

ducting a background investi-
gation. Additionally, tips on
how to analyse this data will °
be discussed.

ot
+
nt
iv

(ro

a

4

NB: Gamal Newry is the '
president of Preventative Mea- '
sures, a loss prevention and ’

asset protection training and
consulting company, special-
ising in plicy and procedure

1

development, business securi- ,

ty reviews and audits, and
emergency and crisis manage- '
ment. Comments can be sent
to PO Box N-3154 Nassau,
or e-mail
gnewry@coralwave.com

on bank Clearing House

it can still implement that por- "'
tion of the ACH before the -

FROM page 1B |

launch electronic cheque pro-
cessing and direct debit and
credit payments by the pro-
posed deadline of December
2006
The Association has been”
trying to. get the ACH off the”
ground for same time, missed
its initial target of having ‘it
established by 2005 after it
brought the first tendering





process to an end, unable to
select,a vendor to install the
system.

However, Mr McWeeney
said this time around, he:
expected that the bidding

- process, announced yesterday,

will go “swiftly and smoothly”.

“All interestéd'partiés have to
“contact: the Association by sera
“May 12.

An advertisement in The
Tribune yesterday said that
over the past several months,

LEGAL NOTICE

NOTICE
FOLKLORE TALES INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the 4th
day of April, 2006. The Liquidator is Argosa Corp. Inc.,
P.O.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BIs

Pricing Information As Of:

Benchmark

Fidelity Bank

Famguard
Finco

Focol

ICD Utilities






52wk-Low

"28.00 ABDAB




0.35 RND Holdings




52wk-Hi -



Abaco Markets
Bahamas Property Fund
Bank of Bahamas

Bahamas Waste

Cable Bahamas

Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital

FirstCaribbean
Freeport Concrete

J. S. Johnson
Kerzner International BDRs

Symbol _
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

13.00 Bahamas Supermarkets

Fund Name
Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Coll aB d Fund

‘Colin







Financial Auwoors Lid,

“Close Today's Close

the Association, along with the
Central Bank of the Bahamas,
had undertaken the responsi-
bility of implementing the
ACH. It described this as being
a key component of. the
National Payments Moderni-
sation Initiative.

“The Association is seeking
a technical vendor’. to imple-
vide clearing and settlement

processing systems and net-
work support for a number of

payments and related services. |

“It should not take long,” [to
complete the bidding process],
said Mr McWeeney, explain-
ing that the Association had
remained in contact with the
three parties that offered pro-
posals during last year’s bid-
ding process.

Many of them remain inter-
ested, and Mr McWeeney said
he expected there to be imme-
diate response to the ad.

He added that the Associa-
tion had learned valuable
lessons from last year’s bidding
process, and now has “a better
understanding of what we
want”.

Mr McWeeney said the .

Association was looking for a
vendor to install the entire pro-

ject including, a central pro-.

cessing unit with archives.
The first phase of the pro-
ject will be the cheque pro-
cessing and direct debit and
credit payments feature, and
Mr McWeeney said the Asso-
ciation remains optimistic that

25



Change Vol. EPS $









ment the ACH, which will pro-







year énds.
Once completed, the ACH is

4

‘

4

x

’

expected to save the Bahamas +4



“tens of millions of dollars” {
and eres the Pen in}

chance to provide a wid ange’ q
of electronic banking services. “

Apart from allowing inter- ‘
bank cheques to be processed
electronically rather than man-
ually at a cheque clearing facil-
ity, the ACH system will allow
direct debits and credits from

accounts, debit cards. anda‘:

shared Automatic Teller

Machine (ATM) network.:The::-

1

latter would allow Bahamians :?
to use their cash cards at any::
‘bank branch. It would also:

reduce the time persons spent ».

in line waiting to cash and
deposit pay cheques, as they
could be deposited to their «:
account.

4

4

it

Bahamian consumers Gcala.
also be able to use direct:deb- >
its from their bank accounts to:::
pay bills such as cable televi- -.

sion and electricity

The ACH system would albo
increase competition among.
the clearing banks: Royal Bank -.
of Canada, Commonwealth.
Bank, Scotiabank, First.

Caribbean International Bank

Ay

( Bahamas), Fidelity Bank.
(Bahamas) and the Bank: of: :

the Bahamas International.
























Div $



0.71 0.71 0.00 -0.019 0.000 N/M 0.00%
10.70 10.70 0.00 1.568 0.360 6.8 3.36%
7.23 7.23 0.00 0.643 0.330 11.2 4.56%|
0.70 0.70 0.00 0.175 0.020 4.0 2.86%
1.24 1.24 0.00 0.110 |,0.060 11.3 4.76%
1.20 4.20 0.00 0.175 0.050 6.9 4.17%
9.15 9.00 -0.15 1,000 0.565 0.240 15.9 2.67%
1.69 1.67 -0.02 17,846 -0.067 0.000 NM 0.00%
10.16 10.16 0.00 0.931 0.560 10.9 5.51%
5.34 5.58 | 0.24 0.091 0.045 59.2 0.84%
2.44 2.44 0.00 0.437 0.000 5.6 0.00%
6.20 6.20 0.00 0.539 0.240 11.5 3.87%|
11.25 11.25 0.00 0.738 0.540 15.2 4.80%
12.00 12.00 0.00 3,000 0.874 0.500 13.7 4.17%
10.42 10.42 0.00 0.833 0.500 12.5 4.80%
1.15 1.15 ; -0.162 0.000 N/M 0.00%
9.50 9.50 0.526 0.540 18.1 5.68%|
9.00 9.00 0.572 0.560 15.7 6.22%
7.97 7.97 0.134 0.000 59.5 0.00%
ie 00 2.036 5.85%

= = 4.80%

10.35 7.80%



1.284958*
2.6570 ***
2.329423**



Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price fram 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, 2006/ **** - AS AT MAR. 31, 2006
A

ee



200













0.00%

2.57%
0.00%

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 $ - Acompany'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







THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE 3B



— a

Why credit ratings are |

so valuable for investors

ast week, we

looked at what a

credit rating is -

and is not - and

aff how it can be

applied to just about any debt

instrument. Today, we take a

brief walk down memory lane

to examine the origins of cred-

it ratings and the evolution to

their current state of applica-

tion. This background will pro-

vide an insight into the role

that credit ratings can play in

the 21st century debt markets
of the Caribbean.

Credit ratings trace their
roots back to 1850 and the cre-
ation of a large market in US
railroad companies’ bonded
debt. While bond markets had
already existed for about three
centuries, prior to 1850 bonds
mostly comprised the sover-
eign debt of a few countries
with representative govern-
ments who investors trusted as
being willing and able to meet
their commitments — primarily
the Dutch, English and, later,
the American governments.
European businesses raised
money by bank loans and
stock issues.

The US economy, on the
other hand, was fundamental-
ly different from the European
economies. For one thing, the
scale of domestic operations
was vast — the country was vir-
tually a continent, and their
most pressing capital need was
that of trying to connect the
country from end to end. The
connectivity technology of the
time was railroads, introduced
in the 1820s. Railroad compa-

nies were primarily private cor-
porations which initially locat-
ed in settled parts of the US,
and raised capital via bank
loans and equity issues.

By 1850, the railroad com-
panies were pressed to expand
into ‘the wild west’. The scale
and uncertainty presented by
the expansion meant that the
railroad companies were no
longer able to raise sufficient
capital from banks and equity
investors.

The solution to the capital
needs of the railroad compa-
nies was the rapid develop-
ment of a huge market in rail-
road company bonded debt.

_ Indeed, by the early 1900s the

railroad corporate bond mar-
ket was several times larger
than that of the Dutch, Eng-
lish or US sovereign debt bond
markets. (The US actually paid
off its entire national debt in
1836.)

This new wave of corporate
bond activity created a pressing
need — transatlantic European
investors demanded to know
critical credit information
about the companies in which
they were being invited to
invest on an unprecedented
scale. The traditional means of
obtaining information via fam-
ily, business and banking rela-
tionships became insufficient.
Investors wanted independent,
third party information upon
which to make investment and
pricing decisions.

In response to this market
need, a gentleman by the name
of Henry Varnum Poor, who
took over as editor of the

American Railroad Journal in
1849, started to publish sys-
tematic information on the
property of railroads, their
assets, liabilities and earnings.
This proved so popular with
investors that after the Amer-
ican Civil War ended in 1865,
Poor and his son started their
own publication, Poor’s Man-
ual of the Railroads of the Unit-
ed States. This annual volume
remained the industry’s
authoritative information
source for several decades.
These statistics were the fore-
runner of modern-day credit
ratings.

In 1909, another gentleman,
John Moody, took the publi-
cation of credit information a
step further and assigned the
first credit rating by publish-
ing an opinion on the credit-
worthiness of the corporate
debt paper issued by railroad
companies. His opinions were
based on extensive company
and industry information, and
rigorous analysis. The Poor
company followed suit in 1916.
It later merged with Standard
Statistics, another information
and ratings company, to form
Standard & Poor’s. Fitch Pub-
lishing Company started pub-
lishing financial information in
1913 and in 1924, introducing
the now familiar ‘AAA’ to ‘D’
rating scale.

With three companies pro-
viding opinions on creditwor-
thiness, and the US bond mar-
ket expanding to include
increasing issues by local and
state governments, public util-
ities and industrial corpora-

tions, the credit rating industry
was well and truly established.
The rating agencies themselves
became known for indepen-
dence, integrity and reliabili-
ty.
_ Interestingly, the US stock
market crash of 1929 sparked
even greater demand for cred-
it ratings, as investors worried
about high bond default rates
and credit risk. By the end of
the 1920s, the vast majority of
bond issues were rated by the
rating agencies.

There is a key event that sig-
nals the importance of the role
of the credit rating agency by
the 1930s. In 1931, the US
Treasury Department, through
the Comptroller of Currency,
adopted credit ratings as
appropriate measures of the
quality of the bond accounts
for the national banks. This
was the first formal rule incor-
porating credit ratings. Indeed,
the importance of the rating
agency’s independent role is
further highlighted by court
decisions that relied explicitly
on ratings to assess whether
fiduciaries had satisfied their
duties in exercising due care
and prudence when investing
the funds in their trust.

The next boom of the credit
rating industry came during
another recession, this time in
1970, during which the infa-
mous default of Penn Central
‘Railroad on $82 million of
commercial paper obligations
occurred. Investors recognised

’ anew the need to have inde--

pendent evaluation of credit
tisk available. This renewed

Saree merase nce

FROM page 1B

might be stolen by rivals.
Mr. Sampson said perfor-
mance statements, feasibility

studies and other documents.

needed to be submitted, espe-
-cially if small businesses were
seeking venture capital fund-
ing.
While venture capitalists
brought funding and certain
skills sets to small and medi-
um:sized businesses, the flip

side for entrepreneurs was that
their involvement diluted both

control and profits coming
from the business.

Mr. Sampson also pointed
out that small businessmen
often overlooked that com-
mercial bank and other lenders
were “keenly interested” in

who their: business! partners: |

were, as they would also be
lending to these people.

Commercial
He added that the Bahamas

had begun to “catch up‘as a
jurisdiction” with commercial

The Tribune wants to
hear from people who
are making news in
their neighbourhoods.
Perhaps you are
raising funds for a
good cause,
campaigning for
improvements in the
area or have won an
award.

If so, call us on 322-
1986 and share your

story.



bank products “becoming a
little more sophisticated”.
However, Mr Sampson
explained that commercial
banks were more interested in
traditional activity such as
mortgages and personal loans,
and lending to small business-
es “always falls on the bad
side” of credit risk assessments.

Offerings

Initial public offerings
(IPOs) and private placements
were further funding options
for small businesses, but Mr
Sampson said these were usu-
ally “cost prohibitive” for such
companies.

Another mechanism was to
tap family and friends for fund-
ing and other forms of support,
but Mr Sampson warned that
this was “one of the best ways
to lose a friend or family mem-
ber”.

Acknowledging that such a
structure could work, Mr
Sampson added: “The family
and friends option needs to be
approached from a business

point of view. Notwithstand- |

ing that they’re friends or fam-
ily, things need to be docu-



| get away from entitlement’

mented and they treated as a
stranger, showing some com-
_ passion and love.”

LEGAL NOTICE

NOTICE
CATTIA OCEAN S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the 26th
day of April, 2006. The Liquidator is Argosa Corp. Inc.,
P.O.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

CITCO





Citco Fund Services

(Bahamas) Ltd

SENIOR FUND ACCOUNTANT

&

FUND ACCOUNTANT

Internationally recognized Fund Administrator, requires an experienced
Hedge Fund Accountant. The only acceptable candidates will have at least
3 years of related fund experience including excellent knowledge of complex
financial instruments including derivatives, OTC securities and private
equities. Candidates must be able to demonstrate their understanding of
financial statement preparation.

We offer a competitive salary and comprehensive benefits plan.

Please fax your CV along with references to the attention of:

Citco Fund Services (Bahamas) Limited

Vice President

Fax Number: 242-393-4692







Le

and extensive demand by
investors allowed the. rating
agencies to adopt the current
business model of charging
issuers, in order to provide a
valuable service to investors.
We can see from this brief
history lesson. how today’s rat-

‘ings were a response to the

market’s need for independent
credit information. The ratings
themselves started first as cred-
it reporting, the publication of
statistics and specialised publi-
cations on financial data} only
to rapidly evolve into the
future oriented opinions on
creditworthiness that they are
today. ‘The reason that credit
ratings were innovated in 1909
is the same reason that they
remain relevant today: the
demand of investors for a reli-
able opinion on the creditwor-
thiness of investments.

Next week, we will briefly





A small Offshore Bank is. looking

_ for an experienced temporary





by S Venkat ° :
Raman «|

r

ene @ Rae |



examine the global expansion :

of credit rating agencies, ‘the

further development of credit: >
ratings and their application to-.’

the Caribbean environment.

=)

NB: Caribbean Information»
& Credit Rating Services Ltd, «:
CariCRIS, is the Caribbean’s:*
Regional Credit Rating: >
Agency. This article forms: :
part of a series on issues sur-! ~
rounding capital markets and)

credit ratings.
info@caricris.com or call 868-
627-8879.

E-mails::!

S.Venkat Raman is the chief” :

executive and chief rating offi-
cer of the Caribbean Informa-
tion & Credit Rating Services,
CariCRIS, the Caribbean
regional rating agency. Prior
to this, Mr Raman was director
- ratings at CRISIL, the largest
rating agency in Asia anda
subsidiary of Standard &
Poor’s.



JUNIOR CORPORATE





IBC's.

UBS

With knowledge of the International -
Business Companies Act and the
formation and administration of

Please send resume
no later than

May 12th 2006
to fax number 322-5807. .

Pe Tada a



UBS (Bahamas) Ltd. is one of the leading Wealth Managers in-the
Caribbean. We look after wealthy private clients by providing them
with comprehensive, value-enhancing services. For our Human
Resources team in Nassau we are looking for a seasoned



Human Resources Manager

The main responsibilities of the position holder include:

Advise management, local employees and International

Assignees;

Recruit managerial and non-managerial staff (locally and on

international level);

Develop, review and execute HR processes and policies;
Manage projects and processes in connection with Education
& Development, Compensation & Benefits, International
Assignment Services, Employee Relations, etc.;




fe aes

Sudcsee Doe ORR Be ena HABen anaes

once ae a eu w

vevrecuwwus

Administer Payroll, Pension Plan as well as annual performance |.
and compensation review processes;

Act as coach and supervisor;

Liaise with Ministry of Immigration, Labour & Training;

Liaise and negotiate with internal specialists and external service

providers.

In order to satisfy our requirements the applicants must possess:

Bachelor's degree in a relevant discipline from a recognized and’
accredited educational institution, any further training is a plus;
Several years of experience in a comparable Human Resources
Management position with a leading global company (preferably

in the banking industry);

Solid international experience in a very diverse, complex and

dynamic environment;

Capability to successfully build up and foster relationships and

networks;

Proven track record as manager, leader and team player;
Excellent communication, presentation and coaching skills;
Sound knowledge of MS Office and HR software applications;
Fluency in a foreign language is a plus.

Written applications by Bahamian nationals or permanent residents

only should be addressed to:

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas





PAGE 4B, WEDNESDAY, MAY 3, 2006

| - RURAL INTERNATIONAL BANK LIMITED

THE TRIBUNE BUSINESS «

So
Le

5, DEPOSITS

+ BALANCE SHEET Maturity analysis of deposits is as follows:

| | AS OF DECEMBER 31, 2005

i . (Expressed in United States dollars)

2005 2004











2005 2004
Less than one month $ - $ 3,318,264
From one month to one year : 8,996,026 - 5,443,137
Total principal 8,996,026 8,761,401
Add: interest receivable 137,745 53,924
Total loans to customers $ 9,133,771 $ 8,815,325



Credit risk

Credit risk arises from the tailure of a counterparty to perform according to the terms of the
contract. From this perspective, the Bank's significant exposure to credit risk is primarily
concentrated in cash and due from banks, time deposits, investments and loans to
customers. The cash and due from bank and time deposits have been placed basically with
the parent bank and high quality institutions and corporations.











‘ Notes 2005 2004
| + ASSETS DEMAND: | te
: (ash and due from banks 7 $ 67,564,624 $ 83,249,431 Banking sector $ 18,005,976 $ 447,552
Time deposits - banks 3 and 7 as peat Non-Banking sector 23,195,062 29,264,600
*s Loans to customers 4 9,133,771 #815, oy Ea
A) 41,201,038 : My
5 Investments in securities 2,670,337 Total demand 29,712,152 4
|. Fixed assets 35,795 43,223
2 Deferred charges aes ORR â„¢ 780,195
i Less than one month , 8,473,033 -
st 155,808,039 $ 163,485,677 _ BeA73033
B's TOTAL $155,808.00 ee From one month to one yeal 25,871,354 76,086,942
5 iMiore Ghancone.year 50,581,481 17,467,215.
% See . ey 9. at
| LIABILITIES AND SHAREHOLDERS" EQUITY _ Total principal Uy Te
+ LIABILITIES: peed Haietesk Payable aia linet trite
i; Deposits Sand7 $ 123,407,809 $ 135,193,899 Total time “82,206,771 __105,481,747
| SHAREHOLDERS' EQUITY: Total deposits - $.123,407,809 $_135,193,899
|i Share capital: ; : pA hatin Git irdae/ AO he acne) Labial inca
Authorized, issued and fully paid: . 6. CONCENTRATION OF ASSETS AND LIABILITIES on
Bi! 2,000,000 shares of US$ 1 each 2,000,000 2,000,000 ne aeons Ldgeoton bane aattimasa oldshesdvacn ‘
i General reserve for loan losses a aie aaa a 2005 2004.
pn pl eel Taaamozan _anpoure ASSETS eel
, tal lers' equi 400, ‘ 5
i ee . ie By Country BLS SAN ASST AA
} TOTAL $ 155,808,039 $ 163,485,677 Bah er 8 5 84200% 29, 100% ‘
Uruguay "2.00%" 70.00%" y
See notes to balance sheet. Other 14.00% 19.00% ;
The balance sheet was approved by the Board of Directors on February 24, 2006, and is signed TOTAL * 100,00% 100.00%
its behalf by: i d
er y By Industry o
Cash and banks - Banking 89.00% 63.00% y
Investments - Banking 0,00% 4.00% i
Loans to customers - Banking 5.00% 26.00% 4
ti ello ose Roberto Salgado Loans to customers - Non-Banking 6.00% 7.00% f
President Vice-President TOTAL 100.00% 100.00% '
LIABILITIES:
RURAL INTERNATIONAL BANK LIMITED By Country :
‘ , Brazil 64.00% 63.00% ‘
NOTES TO BALANCE SHEET Uruguay 19.00% 26.00% :
-AS OF DECEMBER 31, 2005 British Virgin Islands 10.00% 4.00% a
; Other 7.00% 7.00% i
é
1. GENERAL TOTAL 100.00% 100.00% 4
Rural International Bank Limited (the “Bank”) was incorporated under the laws of The By Industry ie
Commonwealth of The Bahamas. The parent company is Banco Rural S.A. .The Bank is ; ; ’
licensed under the Banks and Trust Companies Regulation Act of 2000 to carry on banking Deposits- Banking 16.00% 3.00% a
and trust business. The Bank was effectively opened for business in January 1996 and its Deposits - Non-Banking 84.00% 97.00% . ‘
main activities consist of the acceptance of deposits and placement of loans, investing in TOTAL 100.00% 100.00%
securities, engaging in fiduciary services and currency trading. The registered office of the —=
i Bahi ; ‘ Bay ote ie . .
Bank ip locsied at Ole Towne Mall Gendypor: essa), Babarans Conceniration of risks is based on the country of domicile of the client. f
'. The Bank employed 3 persons during the year (2004: 3). eee # ie ‘ f
7. RELATED PARTY BALANCES i
k,
i
Related party balances are as follows: ‘|
2. SIGNIFICANT ACCOUNTING POLICIES 4
The Company’s balance sheet is prepared in accordance with International Financial be
., Reporting Standards. The preparation of balance sheet in conformity with International jak SE a at near ae oa 2005 — 2004 e
- -Financial’Reporting Standards requires management to make estimates and assumptions Assets — Be ea eS ota gna este ee ee a
“~~ othat affect the: reparted:amounts of.assets.and liabilities and.disclosure of contingent assets... Cc Deed te eon es Oe eee a
and liabilities at the date of the balance sheet. Actual results could differ from those ie and eae ee ($65,257,879 $82,254,690 a
estimates, Ags ira Time deposits -' banks $ 75,175,814 $ 56,698,834. iy
oe mr ile Liabilities aa Co enene hee id
The following is a summary of the significant accounting policies: i
Deposits $ 16,083,752 $ 536,442 t
a. Loans to customers — Loans to customers are stated at their principal amount plus ie
accrued interest net of any allowance for credit losses deemed necessary. If deemed 8. OFF BALANCE SHEET ITEMS o
; necessary, the allowance for credit losses is based on the Bank’s past loan loss en ea . M4
A experience and factors which, in management’s judgement, deserve current Participation Agreement My
- recognition in estimating loan losses. i
q | ee The Bank has entered into participation agreements whereby it advances funds to Brazilian te
x In order to comply with regulatory guidelines, the Bank has established a general companies, and on the other side, it sells the related financial instruments without recourse fe
- reserve for loan losses which form a part of the equity of the Bank in the amount of to third parties. Under the terms of the agreements, the Bank is responsible for the custody oy
- $91,338 (2004: Nil). The reserve for loan losses is established by periodic and safekeeping of the financial instruments, however, it assumes no responsibility for any wl
© appropriations of retained earnings. loss, liability or expense arising from default of the obligator, currency controls or taxation a
f arising in the country where the obligator is domiciled. ‘ ; a
ae : bag]
ail b. Investments in securities — Securities represent bonds issued by Brazilian financial : tee es
oo” institutions for trading in the European Markets and are intended to be held until Issuing and Paying Agent Agreement 5
ae maturity. These securities are recorded at cost plus accrued interest. : : piniinipiedt a ee
4 ty P The Bank has been appointed both placement and paying agent in connection: with: the:’ {=~ “
e c. Fixed assets — Fixed assets are stated at cost less accumulated depreciation. enn ee ae by a Brazilian COMP any: The issuer has agreed fo hold harmless “
c Depreciation is calculated on a straight line basis over the estimated useful life of the peek Saas any losses or claims which may be made against it in connection with the »: “i
‘ap assets, BTR SOU OE *
oes : : f 7 an$l 0 Oot fon esarqgua oF 3) WEoremoY i
i ; As a result of the above agreements as of December 31, 2005 there were participation “i
at a. Foreign currency translation — The functional currency of the Bank is the United agreements outstanding for an aggregate amount of $2,200,000 (2004: $44,599,378) ini a
ap States Dollar. Assets and liabilities in currencies other than the United States dollar 2004). ae ata ont edd aches “
ae have been translated at exchange rates prevailing at December 31, 2005. ae anew i “
ie : 9. FOREIG ue “3
tf €. Taxation — The Bank is not subject to income tax in The Bahamas. N EXCHANGE EOStTION Se eta ash Necte weet cso Rueenets 3
Se : je el . The Bank had the following foreign currency ‘asset and liability positions at December 31, _ ay
i F f. Related parties — Related parties include all companies with common directors 2005: ising ot Redes bi PP ae APSR x
4 ; and/or shareholders, as well as key management personnel of the Bank. {ENRIGG MEO TON BIGRS OLS, 3
" : 8. Impairment — At each balance sheet date, the carrying amounts of assets are 2005 : 2004 4
é ; reviewed to determine whether there is any indication that those assets have suffered CT OURE IN ; eenICnes Sk GVEA Ountne a “£
a: an impairment loss. If any such indication exists, the recoverable amount of the asset Forei i eas t
ees ; : Leaps : gn US Dollar Foreign US Dollar
ay is estimated in order to determine the extent of the impairment loss (if any). Currency Equivalent Currency Equivalent $
2 P Assets R$ 51,917,748 22,188,021 RS 45,344,099 ‘17,087,767 +
i € 398,0 470,64 289, 486,04 ;
| TIME DEPOSITS - BANKS - Tn |
*h sean GBP 162 278 GBP 3,060 3,060 %
e i Maturity analysis of time deposits is as follows: ?
Sai Pes Liabilities R$ = (51,126,765) (21,849,980) R$ (44,356,325) (16,715,528) ey
4 5 2004 ; € - (254,704) (301,138) € (3,275,416) _ (4,466,740)
«EB . 200 Net Position Long 507,828 394,607 %
i i Less than one month $ - §$ 1,073,877 f
be ; From one month to one year 44,284,439 62,885,177 R$ 790,983 R$ 372,239 ;
e H More than one year 31,623,170 2,657,232 € 143,374 € 14,158 x
b, li Total principal 75,907,609 66,616,286 GBP 162 GBP 3,060 t
hi 4 Add: interest receivable _ 3,159,976 2,082,413 ;
a r
| Total time deposits - banks $ 79,067,585 $ 68,698,699 f
i —— eee eee i,
te 10. AVERAGE INTEREST RATES ;
2005 2004 t
Oni loaris 7.68% 13.60% f
LOANS TO CUSTOMERS On deposits 11.50% 10.80% ft
Maturity analysis of loans to customers is as follows:
11, RISK MANAGEMENT

Salnaecealenatiiedi catia al nia ede tae ea cad ana al aad cae aaa ee

.



eee | , a. ba _ WEDNESDAY, MAY 3, 2UU6, rAat on ©

BUSINESS







‘SENIOR ACCOUNTANT

Our client, a leading Bahamian company, is seeking applications for Senior
Accountant.




Interest rate risk management

Interest rate risk is the tisk of economic loss arising from the reinvestment or disinvestment
of cash flows. The Bank is exposed to economic losses from changing interest rates only to
the extent that cash flows from assets and liabilities do not match. To manage this risk, the
Bank’s principal strategy is to maintain loan assets and deposits liability maturities within a
maximum maturity for one year on a fixed rate basis, Where maturities exceed one year,
interest rate risk is clearly evaluated before undertaking the asset or liability and the risk is
reviewed constantly. The approach for managing interest rate risk takes into account all
key risk factors, including maturity, duration, cash flow matching and sensitivity to interest
rate movements.








JOB OBJECTIVE: _

To provide financial assistance in managing the company’s financial resources,
preparing financial reports and analysis, supervising certain key aspects of the
accounting function and maintaining appropriate relaions with investors and
regulatory agencies. The Senior Accountant will report to the Vice President of
Finance and the Financial Controller








Liquidity risk management

Liquidity risk refers to the ability of the Bank to meet its obligations to depositors and
other creditors as they arise. Liquidity management is an important element of the Bank's
overall financial management and recognizes that clients must have confidence in the
ability of the Bank to meet all payment obligations on a timely basis




PRINCIPAL DUTIES & RESPONSIBILITIES:







e Assist in managing the financial affairs of the company

¢ Supervise key components of the accounting department and accounting and
internal control functions :

e Assist with preparation of accurate and timely interim and annual financial
reporting in accordance with International Financial Reporting Standards

e Assist in the annual budget exercise é

¢ Assist in training and development of line accounting staff

¢ Coordinate the annual audit process

e Assist in managing cash flow and treasury functions

e Any other related duties as considered necessary





Investment risk -

The Bank manages its investment securities in accordance with management policy
directed by the Board of Directors that establishes aggregate limits and constraints for
interest rate, credit liquidity, and derivative risks. The Bank focuses on credit liquidity of
marketable securities and constantly reviews price variations to ensure that economic gains
or losses are managed within parameters established by its management policy from the
Board of Directors.






Operational risk

Operational risk is the risk that a loss will be incurred as a result of incorrect processing of —

’ transactions and information due'to fraud, error, system failure of adverse changes in cost
or volumes. The Bank manages operational risk by a system of internal controls that
require segregation of duties, such as the recording of transaction details and notification,
when appropriate, of parties to transactions for verification purposes.

REQUIREMENTS & PERSONAL ATTRIBUTES:
Candidates should meet the following criteria:



¢ Bachelor’s Degree or higher in accounting or related financial field
¢ Professional accounting designation recognized by The Bahamas Institute of
Chartered Accountants _ ;
¢ Minimum of three years post qualifying experience in accounting
¢ Leadership, management and direct supervision experience is required
'e Very good working knowledge of International Financial Reporting Standards
¢ Bahamian Citizen
¢ Solomon accounting software experience
* Proficient in the use of the Microsoft range of applications
¢ Strong technical and managerial skills Be a ge
_ © Excellent communication, analytical and reasoning skills
¢ Excellent organizational and time management skills
¢ Team Player with the ability to add value and strength to the team and team
goals nee
¢ Honest, hardworking and ability to meet deadlines





The financial measure of operational risk is the actual losses incurred. No material losses
have occurred in 2005 and 2004. shell

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES — :








12



The fair value is the amount of money for which an asset ‘could be exchanged, or a liability
settled, between knowledgeable, willing parties in an acm’s length transaction. The existence
of quoted market prices in an active market is the best evidence or the fair value. However, in
many instances, there are no quoted market prices for the Bank’s various financial —
instruments. In cases where quoted market prices are not available, fair values are based on
estimates using present value or other valuation techniques. Those techniques are significantly
affected by the assumptions used, including the discount rate and estimates of future cash
flows.









The following methods and assumptions were used by the Bank’s management in estimating.
fair value disclosures for financial statement::. re



The position offers an attractive salary and benefits package, reflecting the
successful applicant’s experience and qualifications, including a pension plan,
medical, life, dental, and vision coverage. :





Balances with banks - The carrying amount of deposits with banks approximates its fair value,

because they have a short-term maturity.







Cash resources, other assets and other liabilities - Due to their short-term maturity, the

Qualified individuals should submit complete resumés including references before
carrying values of these financial instruments are assumed to approximate their fair values. Sy ise bey EMRE oa pet ae

May 5, 2006 to:



Loans to customers - The book value of loans maturing within one year approximates its fair



oo Mark E. Munnings |





b value as they become due in a relatively short-term period. Management has determined that
it is not practicable to estimate the fair value of loans with maturity of one to five years or : sg:
more, due to their long-term nature. or Boe Deloitte & Touche
; ae P. O. Box N-7120
Deposits - The fair values disclosed for demand deposits are, by definition, equal to the Nassau, Bahamas
amount payable on demand at the reporting date (that is, their carrying amounts). The or



carrying amount of certificates of deposits maturing within a year or less approximates its

fair value at the reporting due date-to the short-term nature of the deposits. Management

has determined that it is not practicable to estimate the fair value cf deposits -with maturity _
_ of more than one year, due to their long-term nature. :

Email:mmunnings@deloitte.com.bs

_ Deloitte. |







Accrued interest - The carrying amount for accrued interest approximates its fair value due.
to its short-term nature. : a 4 2



Off-balance sheet instruments - The fair value of letters of credit and guarantees granted is —
estimated using the fees currently charged to enter into similar agrecments, taking into
account the remaining terms of the agreeSment andthe present creditworthiness of the
counterparties. We ee

Deloitte.





P.O. Box N-7120
Nassau, Bahamas








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



DELTEC BANK & TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT



To the Shareholders of
Rural International Bank Limited:



OPERATIONS ADMINISTRATOR.

We have audited the above balance sheet of Rural ‘International Bank Limited (the “Bank”) as of
December 31, 2005. This balance sheet is the responsibility of the Bank’s management. Our
responsibility is to express an opinion on this balance sheet based on our audit.




Responsibilities will include (but are not limited to):



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 misstatement, 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 estimates made by management,
as well as evaluating the overall balance sheet presentation. We believe that our audit provides a
reasonable basis for our opinion. :




e Trade processing, settlements & payments
e Cash and Broker reconciliations

Spin gnaneaa TENNER ee






The successful candidate should have:



In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Bank as of December 31, 2005, in accordance with International Financial Reporting




Minimum of Associate degree in Accounting,






A member firm of

Standards. ;
: : ——— Banking or Finance
Daledti f Toute At least three years back office experience in trade
d "February 24, 2006 processing, settlement and broker reconciliations

Completion of the Series 7 course would be a plus.

We offer an excellent benefit package and salary will be
commensurate with experience. :




Publish your Legal Notices and
Balance Sheets in The Bahamas
_ leading newspaper

The Tribune

Call 502-2352 thru 7 or
502-2376

Interested persons may submit resumes as follows:



Human Resources Manager.
Deltec Bank & Trust Limited
P. O. Box N.3229

Nassau, Bahamas





Resumes may also be faxed c/o 362-4623 or emailed to

anh@deltecbank.com.
PLEASE NO PHONE CALLS





PAGE 6B, WEDNUESDAY, MAY 3, 2006

2c

Telephone 242 393 2007

PO Box N 123 Fax 242 383 1772
Montague Sterling Centre Internet = www.kpmg.com.bs
East Bay Street .

Neseeu, Bahames

Independent Auditors’ Report to the Shareholder of
Latin American Investment Bank Bahamas Limited

We have audited the accompanying balance sheets of Latin American Investment Bank Bahamas Limited
(the Bank) as of December 31, 2005 and 2004. These balance sheets are the responsibility of the Bank’s
management. Our responstbility is to express an opinion on these balance sheets based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance as to
whether the balance sheets are free of material misstatement. An audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheets,
asseasing the accounting principles used and significant estimates made by management, as well as

- evaluating the overall balance sheets presentation. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, the balance sheets present fairly, in all material respects, the financial position of the Bank
as of December 31, 2005 and 2004, in conformity with U.S. generally accepted accounting principles.

THE TRIBUNE BUSINESS

The allowance for credit losses is established through provisions charged to expense, Loans are
charged off against the allowance for credit losses when management believes that the collectibility
of the principal is unlikely. The allowance represents an amount which, in the judgment of
management, is adequate to absorb losses on existing loans based upon a continuing evaluation of
the losses foreseen in the portfolio. Management's evaluations take into consideration such factors as
changes in the nature and volume of the loan portfolio, overall portfolio quality, historic loss
experience, loan collateral, review of specific problem loans and current economic conditions that
may affect the borrowers’ ability to pay.

Management believes that the allowance for credit losses is adequate. While management uses
available information to recognize losses on loans, future additions to the allowance may be
necessary based on changes’ in economic conditions. In addition, various regulatory agencies, as an
integral part of their examination process, periodically review the Bank’s allowance for credit losses.”
Such agencies may require the Bank to recognize additions to the allowances based on their
judgments about information available to them at the time of their examination.

Management, considering current information and events regarding the borrowers’ ability to repay
their obligations, considers a loan to be impaired when it is probable that the Bank will be unable to
collect all amounts due according to the contractual terms of the loan. When a loan is considered to
be impaired, the amount of the impairment is measured based on the present value of expected future
cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s
observable market price or the fair value of the collateral, if the loan is collateral dependent.
Impairment losses are included in the allowance for loan losses through a charge to the provision.
Cash receipts on impaired loans are applied to reduce the principal amount of such loans until the |
principal has been recovered, and are, thereafter, recognized as interest income.

(—) Accounting for Derivative Instruments and Hedging Activities
‘Derivative instruments entered intg by the Bank are currently used for hedge and risk nanagement



purposes in order to avoid market price and interest rate fluctuations, and also as a tool to block, net
or offset reverse treasury positions taken by the Bank in order to meet its third-party clients’ needs.
Such derivatives are also entered into for speculative purposes, to capitalize on perceived market









ge re oO ER CS en ee ee te

of interest is unlikely. Collection of interest while the loan is on nonaccrual status is generally
recognized on a cash basis unless collection of principal is doubtful, in which case, cash collections

are applied to unpaid principal.









L opportunities.
eA, AEE Secale tas tht
The Bank recognizes all derivatives as either assets or liabilities in the balance sheets and measures
those instruments at fair value. These instruments are marked to market.
Nassau, Bahamas ‘
April 27, 2006 The Bank formally documents all relationships between hedging instruments and hedged items, as
well as its risk-management objective and strategy for undertaking various hedge transactions. This
MERI INVESTME: NK process includes linking all derivatives that are designated as hedges to specific assets and liabilities ©
PAT Mer aan on the balance sheet or to specific firm commitments or forecasted transactions. The Bank also
Balance Sheets formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that
ce nee are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows
December 31, 2005 and 2004 of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it
(Expressed in United States dollars) has coed to be a highly effective hedge, the Bank discontinues hedge accounting prospectively.
: The. Bank’s utilization of these instruments may be modified from time to time in response to
changes in market conditions, as well as changes in the characteristics and mix of assets and
liabilities and perceived market conditions.
Assets 2005 2004 :
(h) Fees and Commissions
‘Cash and cash equivalents: The Bank records fees and commissions on the accrual basis. The Bank defers certain fees directly
en Bee relating to financing arrangements, These fees are amortized over the life of the underlying
Demand deposits (including $8,574,900 and $19,359,836 ,®greements or taken into income when the related services have been provided.
with group banks in 2005 and 2004, respectively) $ 8,574,900 19,361,326
Interest-bearing deposits with group banks . : 218,701,217 95,500,000 @ Foreign Currency Translation
: isa ; Assets and liabilities in currencies other than the United States dollar are translated at rates of
Total cash and cash equivalents 227,276,117 114,861,326 exchange finsticin rates dling at the month-end ing date.
Interest-bearing deposits with maturities greater than 90 days ’@ - Property, Plant, and Equipment \ :
i i 6,630,357 and $366,634,357 ‘ A e :
Gnehncing $56,630,7 $386, . 21 67.25 Propesty, plant, and equipment are stated at cost and included in other assets on the balance sheets.
with group banks in 2005 and 2004, respectively) : 57,346,211 367,253,921 yo | 7 . Cn OF
Trading account securities at fair value 619,976,702 212,452,229 Depreciation a ae plant, and equipment is calculated on the straight-line method over the
Available-for-sale securities at fair value 1,765,477,248 ——-1,341,389,573 . __ @stimated useful lives of the assets.
Securities purchased under agreements to resell 45,641,136 27,306,968
Loans (including $9,000,000 and $13,066,414 due from (t) Use of Estimates
group banks in 2005 and 2004, respectively), net of allowance Management of the Bank has made a number of estimates and assumptions relating to the reporting
for credit losses of $5,488,290 and $7,174,787 in 2005 i of assets and liabilities, and the disclosure of contingent assets and liabilities to prepare these balance
and 2004, respectively 4 103,937,980 136,665,758 j sheets in Conformity with U.S. generally accepted accounting principles. Significant estimates have
Accrued interest receivable (including,$ 13,844,442 and $13,459,364 been made by management in determining the allowance for credit losses and the fair value of
from group banks in 2005 and 2004, respectively) 74,645,177 53,615,691 nonmarketable equity securities. Actual results could differ from those estimates.
Receivables for unrealized gains on derivative transactions ; '
(including $299,971,327 and $264,341,960 with group banks in ; @ Reclassification
2005 and 2004, respectively) A 732,519,819 758,719,952 Certain amounts in the 2004 balance sheets have been reclassified to conform to the 2005 i
Other assets and receivables ‘ ; ot 401,577 2,420,131 presentation. far F f
Nonmarketable equity securities 18,672,738 36,423,374 ; }
: $ 3,645,894.705- 3.051,108.923 (2) Trading Account Securities . j
; Trading account securities are primarily comprised of Latin American sovereign and private risk debt i
Approved on bebgif of the Board on April 27, 2006 by: securities. Bean
. @) Available-for-Sale Securities i
Director Director a ae : ees — unrealized holding gains, gross unrealized holding losses and fair value of |
: ay: e-for-sale eqility securities by major security type and class of security at December/31, 2005 ;
See accompanying notes to balance sheets. : and 2004, were as follows: oie ee I
} ; 4 : '
‘ December 31, 2005 i
Liabilities and Shareholder’s Equity 2005 2004 Gross Gross i {
f unrealized unrealized i:
Liabilities: ' : Ta Amortized holding holding iB
Interest-bearing deposits with group banks $+. 1,688,252,208 1,025,471,153 cost ____ gain losses Fair value . é
Borrowings from group banks eo 917,140,426 934,690,418 At December 31, 2005: : a a
Accrued interest payable (including $103,680,394 and Available-for-sale: i ; : i
$72,062,219 with group banks in 2005 and 2004, respectively) 106,074,644 73,457,719 : Bonds : $ 194,077,200 10,997,760 © (549,120) 204;525:840° ee e
4 Payables for unrealized losses on sesivative transactions Euretonds'')":’ 0.0", $66,942,310 5,549,234 __ (11,540,136) \1,560,951,408 '
i (including $257;190;378 ‘and'$277,864,892 with group biiiks ®: S89" * ' : aS gaa i
in 2005 ind 2004, respectively) °° pace! tee2" 676,000,838 678,011,214 S LZ61,019,510_ 16,546,994 __ (12,089,256) * 1,765,477,248 _ a
Liabilities for hedge transactions with group banks 1,645,650 10,117,029 % Pr
Other liabilities and accrued expenses” 1,358,352 88,937,648. : é . us
: : December 31, 2004 :
Total liabilities ‘ j 390,472,118 2,810,685,181, i teed ee ‘ “Gross ross *
Shareholder’s equity: unrealized unrealized +
Share capital: Amortized holding holding e
Authorized, issued, and fully paid 1,000,000 shares of i __ cost’ «gains dosses Fair value _ 4
$1.00 par value ‘ 1,000,000 1,000,000 At December 31, 2004: és
Additional paid-in capital 90,000,000 90,000,000 Available-for-sale: ' : : e
Retained earnings - 141,052,343 113,004,891 Bonds $ 1,290,142,875 42,007,088 (1,123,673) — 1,331,026,290 +e
Accumulated other comprehensive income 23,370,244 36,418,851 Equity securities . 6,811,599 3,551,684 ee 10,363,283 &
Total shareholder's equity : 255,422,587 — _ 240,423,742 $ 1,296,954,474 45,558,772, __(1,123,673)1,341,389,573 E
: S. 3.645,894.705 3.031.108.0923 ——— —— a
: ‘ £
%,
Maturities of securities classified as available for sale are as follows at December 31, 2005: ha
Notes to Balance Sheets ; ; ry S|
: Amortized ~ e
December 31, 2005 and 2004 cost Fair value '
Available-for-sale: -
: Due within one year _ $ 74,805,560 73,977,828 £
dS of Significant Accounting Policies Due after one year through five years 1,244,954,534 1,249,145,899 £
Gl) Ginerat Lefarmafioa hue Sommers ote : ~ ‘ Due after five years through ten years ‘441,259,416 442,353,521 ‘
Latin American Investment Bank Bahamas Limited (LAIB or the Bank) is incorporated under the laws of i $ 1,761,019,510 1:765,477.248 e
the Commonwealth of the Bahamas. The Bank is a wholly owned subsidiary of Yonder Investments Inc., ‘ members e
which is ‘a wholly owned subsidiary of Citibank Overseas Investment Corporation (COIC), and its ultimate aa :
parent is Citigroup. A significant number of the Bank's transactions -and funding originate with group ‘ : et ss : a o :
banks. These transactions are recorded at the direction of group banks, which primarily relate to the trading Cd of available-for: sale investment securities were $457,397,760 and $323,791,509 in 2005 and '
and financing of Latin American sovereign risk debt and corporate securities, loans, providing risk |, Fespectively. 2 ;
management products, underwriting of debt and equity securities for customers and other general banking / *
services. As such, the Bank is dependent on group banks for a significant number of its transactions and Gross unrealized losses on investment securities and fair value of the related securities, aggregated by *
financial support. Transactions and balances described as group banks relate to Citigroup and its investment category and length of time that individual securities have been in a continuous unrealized loss 4
subsidiaries. position, at December 31, 2005 and 2004, were as follows: x
LAIB owned approximately 70% of Moponi N.V., a Netherlands Antilles company with limited liability : December 3 2005 . ;
that mainly acted as a finance and holding company: In 2004, Moponi sold all of its assets, In connection SS moni ER ER i
with the sale, Moponi received $29,508,180 in cash. and 462,000 shares of nonmarketable equity securities, _Fetevaiwe looses Falrvalue loses Falrvalue loner 4
, with a fair value of $7,854,000. Shortly thereafter, Moponi dissolved and distributed the cash and shares bbe ; 4 5 h;
i received to its shareholder, including LAIB, based on cach shareholder’s respective share capital basis. Bends } S prgn3.742 (219,713) 12,004,815 29,407) 66,988,557 (549,120) ¢
ao Burobonds Se ASI 72 25S (11,540,136) 1,532,721,255_ __ (11,540,136)
(a) Basis of Presentation ; ; 3 34,983,142 219,713) 1,544,726,070 (11,869,543) 1,599,709,812 (22,089,256)
- The balance sheets have been prepared in conformity with U.S. generally accepted accounting ‘ afaoo4 ‘
principles. smoathe or aaore 3
as ———~— Unrealized — Unrealized —
& (&) Cash and Cash Equivalents ‘Pate Valbg bosses Fair value losses Fair value losses a
i ‘ SSS a, hy

é . Cash and cash equivalents include cash, due from banks ‘and interest-bearing deposits with original ‘Available for sale: Bietiet : ‘

‘ maturities of less than 90 days. Bonds $45,346,787 (799,014) 36,354,039 324,659) _ 481,700,826 1,123,673

. © $A4S,346,787_ _* (799,014 354,039 24,659) _ 481,700,826 1,123,673 ;

% (c) Securities : a we, e354, 039 seen 924,559) — eS f

i Securities which are expected tobe sold to customers in the near term are classified as trading. The lized losses on bo a were caused by’ in rate changes. It is i that the bonds would ¢
5 Trading account securities are recorded on the trade-date basis and carried at fair value, based on not be settled at a price less than the amortized cost of the inv t Because the decline in fair value is 4
a quoted market prices for readily marketable securities. Trading account securities, which are not attributable to changes in interest rates and not credit quality, and t the Bank has the ability and 4
> readily marketable, are recorded at the lower of cost or last trade price or in several instances valued intent to hold these investments until a market price recovery or maturity, these investment: are not ‘

in good faith by management. considered other-than-temporarily impaired. *

f Trading account gains and losses also include the effects of derivative instruments, such as forward (4) Loans Receivable, Net and ‘Allowance for Loan Losses t
bas contracts and commitments, credit derivatives, and swaps. Such contracts are valued at fair value. : : : >
* The unrealized gains and losses of derivative products are included in receivables for unrealized Components of loans receivable as of December 31, 2005 and 2004 are as follows: +
i gains on derivative transactions or payables for unrealized losses on derivative transactions. i Ate : 2005 2004 }-
vs Nonmarketable equity securities consist of investments which are not expected to be resold to Foreign and commercial ‘ i $ 109,390,270 143,667,545 Fi

customers in the near term and do not have a readily determinable fair value. Such securities are Residential | 36,000 173,000 *
oe accounted for at cost, less any impairment in value. The value of nonmarketable equity securities is ° bg aaeaial Be aT0 143,840,545 ‘t

He determined by the Bank. Some of the factors considered in estimating the value for these securities te, +

5 are: type of security; information contained in the financial statements; earnings and book value per Less allowance for credit losses 5,488,290 __7,174,787__ 8

‘ share: cost at date of acquisition; size of holdings; and other relevant matters. $ 103,937,980 136,665,758 a

4 > eee %

: All securities not included in trading or nonmarketable. equity securities are classified as available for -
Fg sale and are carried at fair value. Unrealized holding gains and losses on available-for-sale securities : . : : rt.
‘ are reported as a separate component of other comprehensive income until realized. ses Bank had loans outstanding to borrowers located in the following countries at December 31, 2005 and ‘F

. A decline in the market value of any nonmarketable equity security or available-for-sale security 005 2004 ~

below cost that is deemed to be other than temporary results in a .eduction in carrying amount to fair , 2 pire SN ehh Since eS
value. The impairment is charged to earnings and a new cost basis for the security established. Brazil ‘ $ — 70,000,000 70,000,000 ea
Premiums and discounts are amortized or accreted over the life of the related available-for-sale Uruguay 26,961,699 35,101,931 rt
security as an adjustment to yield using the effective interest method. E] Salvador 11,000,000 Aeneas rs

: ; Costa Rica 1,428,571 5 [%
; (fd) Accumulated Other Comprehensive Income ie Avoeiiiia 36,000 2'165,315 [

% Accumualted other comprehensive income consists of net income and net unrealized gains (losses) f e408 4S6 210 G eae Taeioeiee, SaaS i
” iti 2 a ry.

4 on securities. a he

(e) Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to b i

4 Repurchase * Changes in the allowance for credit losses are summarized as follows: ie

I Securities purchased under agreements to resell and securities sold under agreements to repurchase see so t

4 are stated at contract value. . eae aM tt

: . : . Balance, beginning of year $ 7,174,787 10,785,289 re,

@ Loans Receivable, Recognition of Interest Income, and Allowance for Credit Losses Recovery of c air osses (2,000,404) | (546,784) ct
Loans receivable are stated at the amount of unpaid principal, reduced by unearned income, an Charge-offs, net ___313,907 3,063 718 by
allowance for loan losses and deferred loan fees, net of costs. Balance, end of year $ 5,488,290 7,174,787 Hh

: Uneamed income and loan origination fees, net of related direct costs, are deferred and amortized as -

an adjustment to interest income on a level-yield basis over the life of the loans. As of December 31, 2005, the Bank’s investment in impaired loans was $4,568,795 with a related Vy
allowance of $4,568,795. The average recorded investment in impaired loans during the year ended tt

Accrual of interest is discontinued on a loan when principal or interest is delinquent for more than December 31, 2005 amounted to approximately $6,968,701. There-was no interest recognized (accrued and rm
90 days, or when management believes that the borrower’s financial condition is such that collection cash basis) on impaired loans for the year erided December 31, 2005. w
ee



+ WEDNESDAY, MAY 3, 2006, PAGE 7B
{THE TRIBUNE BUSINESS VEDNESDAY, MAY 3, 2006, PAGE 78

























oe ; me
8 The outstanding balance of nonaccrual loans amounted to $4,568,795 as of December 31, 2005. During the Scheduled maturities of long-term debt from group banks for the year ended December 31, 2005, are as
a year ended December 31, 2005, interest income, which would have been recognized at the original rates on follows: :
s nonaccrual loans, approximated $416,800. Year ending:
a ‘As of December 31, 2004, the Bank's investment in impaired loans was $8,019,361 with a related 2006 $ 386,491,127
q allowance of $6,691,115. The average recorded investment in impaired loans during the year ended oe / te eagtsee
# December 31, 2004 amounted to approximately $9,816,514. Interest recognized (accmed and cash basis) ah err
a on impaired loans for the year ended December 31, 2004 amounted to approximately $42,485, 124,000,000 __
g : $ 917,140,426
i 4 The outstanding balance of nonaccrual loans amounted to $8,019,361 as of December 31, 2004. During the
ia year ended December 3 1, 2004, interest income, which would have been recognized at the original rates on
ac nonaccrual loans, approximated $656,000. ‘) Other Related-Party Transactions
Q Group banks provide management and administrative ‘services and office space to the Bank at cost plus
: i (5) Deposit Liabilities sche \ 10%.
- Composition of deposit liabilities at December 31, 2005 and 2004 are as follows: (8) Taxes
. ‘ 2005 2004 TheNBank’s results are not subject to corporate income taxes in its country of origin. Through June 30
Bae, ee . try ig gh A
¢ 3,147 1,009,970,658 2001, the’ Bank was considered an offshore entity for principally all the taxing jurisdictions in which it
re Time ($100,000 and over) $ eee aE 15°500,495 transacts business. As a result, it is not subject to corporate income taxes in those jurisdictions other than
2 Other time deposits ene is FIP VOL eee for withholding taxes. For U.S. tax purposes, effective July 1, 2001, the Bank is considered a disregarded
a sob Total deposits $ 1,688,252,208 1,025,471,153 entity owned by a U.S. corporation.
4 ae
* % : : — é (9) Derivative Instruments and Hedging Activities
z Interest expense for time deposits is substantially all related to those with a minimum denomination o The Bank enters into derivative instruments including foreign exchange futures, forwards, credit
n $100,000. : derivatives, and swaps, which enables customers to transfer, modify, or reduce their interest rate, foreign
A ‘ . . ing from 2:40% to 6.25% with an average rate of 4.36%. at exchange and other market tisks, and also trades these products for its own account, In addition, the Bank
i ee Tone eoeeaees 1. 2004, the interest rates ranged from 1.28% to 7.83% with an average uses derivative and other istruments as an end-user in connection with its risk management activities.
¢ fate of 2.38%. Scheduled maturities of time deposits ‘at December 31, 2005, are as follows: Derivatives are used to manage risk relating to specific groups of on balance-sheet assets and liabilities.
r oe Yeat ending: l . Futures and forward contracts are commit itments to buy or sell at a future date a financial instrument,
£ 2006 . : oo $ 1,224,320,343 commodity or currency at a contracted price and may be settled in cash or through delivery. Swap
x 2007 : 148,056,216 contracts are commitments to settle in cash at a future date or dates which may range from a few days to a
E 2008 122,779,803 number of years, based on differentials between specified financial indices, as applied to a notional
t wikia 7009 = SE ee 936,051,213 principal amount. Credit derivative contracts represent credit insurance purchased/sold from/to group
; . 2010 ST bet DMPA Tob Abas 38,524,885 banks for speculative purposes.
f 2011 14,930,530.
K ‘ Ged See LTE! Te bee weed aah at: 835,835": Derivatives may expose the Bank to market risk or credit risk in excess of the amounts recorded on the
i 2012. Es : S : Oe
q 2013. NEY, yen 8a $97,169" : balance sheets. Market risk on derivative instruments including foreign exchange products is the exposure
; “3014 ‘ sa aa Laon maa 3 eo 986;600 ' created by potential fluctuations in interest rates, foreign exchange rates and other values, and is a function
t 2015 sie Bers Ate 1,869,614 of the type of product, the volume of transactions, the tenor and terms.of the agreement, and the underlying
f [ f S81 688,252,208 fa eS volatility. Credit risk is the exposure. to loss in the event of nonperformance by the other party to the
t Ae ( pees 02 YE Pe transaction and if the value of collateral held, if any, was not adequate to cover such losses. The
4 SEG! TU SQDSE SG Bi SNA Y ne te ESE STE ‘ : Ha recognition in earnings of unrealized gains on these transactions is subject to management’s assessment as
(6) Borrowings from Group ‘Banks - aha . to collectibility. Liquidity risk is the potential exposure that arises when the size of the derivative position ;
i Borrowings from group banks at December 31, 2005 and 2004 consists of the following: may not be able to be rapidly adjusted in times of high volatility and financial stress at a reasonable cost. a
OT > e i
; : 2005 2004 A summary of derivative instruments at December 31, 2005 follows: ; i
fl 4.39% note payable, due Feb: 17, 2009, with interest and Notional i
adieetpal'ta be paid ay ninety $ 24,000,000 24,000,000 Sr Simon tc Rale Waine
: 4.34% ee oe ae? 26) 2002) with interestene 100,000,000 es Foreign currency contract receivable _ $ 19,212,826,951 222,184,407
, 6 03% note sayable, nate March 12 2008, with interest and , . - Foreign currency contract payable 18,744,192,456 (188,436,970)
., : Pune aa Saaeae > . 10,677,396 10,677,396 Interest rate swap receivable 43,713,975,164 457,826,200 f
t 4.14% note payable, due March 12, 2008, with interest and Interest rate swap payable 40,245,556,807 (466,117,247)
principal to be paid at maturity 78,000,000 78,000,000 Cross currency swaps receivable 2,568,667,351 ° 41,955,320
3.84% note payable, due March 12, 2008, with interest and 7,000,000 Cross currency swaps payable 1,501,822,608 * (11,551,028)
principal to be paid atmaturity 7,000,000 : eee Credit derivative receivable 2,028,500,000 10,545,892 4
3.34% note payable, due March 12, 2008, with interest and : petra eines Credit deriv ative payabl eg ‘As ; 1,921,800,000 (9,895,593) "
, principal to be paid at maturity : go Bs Res Commodity derivative receivable aR ; 16,000,000 8,000 a
_ 6.07% note payable, due March 12, 2008, with interest and ; Siaebes ¥
principal to be paid at maturity era bat be 2,119,958 119, A derivative must be highly effective in accomplishing the hedge objective of offsetting either changes in a
6.07% note payable, due February 15, 2008, with interest an rer 4.918.750 the fair value or cash flows of the hedged item for the'risk being hedged. Any ineffectiveness present in the 3
ate 0 ee ot = ee 15, 2008, with interest and Te in eg Peeing hedge relationship is recognized in current earnings. The assessment of effectiveness excludes the changes 4
6.07% me oe = ae ee named , * 34,562,500 34,562,500 in the value of the hedged item which are unrelated to the risk being hedged. Similarly, the assessment of = ad
6 07% Sate navable due February 15, 2008, with interest and yar effectiveness may exclude changes in the fair value of a derivative related to time value which, if excluded, a
na coe a : : ecognized in current earnings. i ie , yee hens ae
S principal to be paid at maturity be 4,925,000 4,925,000 are r u ; : :
J * eee mene eee. 42, ZOE eit intereat and 4,934,861 4,934,861 The notional amount and fair value of-the interest rate swap agreements at December 31, 2005 was
i 3 Ee, eae a ae due Jgnuary 24, 2007, with interest and ’ ‘ $1,335,455,000 and $18,806,269, respectively. There were no unrealized losses from the ineffectiveness of :.
‘ ; i ci see pai dat maturity : 9,000,000 : ae the interest rate-swap agreements for the year ended December 31,2005. The notional amount and fair 3
; 3 diy Ae payable, due January 16, 2007, with interest and value of the interest rate swap agreements at December 31, 2004 was $692,955,000 and $(10,117,129), 2
c ‘ principal to be paid at maturity : , 98,000,000 98,000,000 respectively. Unrealized losses from the ineffectiveness of the interest rate'swap agreements amounted to |
‘ 3.58% note payable, due January 23, 2007, with interest and $24,176 for the year ended December 31, 2004. Y a
principal to be‘paid at maturity 25,000,000 rod : : : “7
te 3.61% note payable, due January 12, 2007, with interest and (10) Commitments, Contingencies, and Financial Instruments with Off-Balance-Sheet Risk “f
4 pee to:be paid at maturity ithi d Be, OpH OUe = The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to é
e 3.61% note payable, due January 10, 2007, with interest an 41,000,000 7 meet the financing needs of its customers, to generate profits through its trading activities and to manage *
R, peacipal a Bees : Bees 29, 2006, with interest and se its exposure to market-and interest rate risk. These financial instruments primarily include commitments to oe
eB ao anote ae e ae See tae 14,000,000 14,000,000 extend credit. Transactions in financial instruments are subject. to credit standards, financial controls, and #
4 a punepd Opera may, Boats aay risk-limiting and monitoring procedures. Collateral-requirements are made on a case-by-case evaluation of =
4 3.43% note payable, due December 18, 2006, with interest and ‘ each customer and product. M , ‘ ‘ -E
a incl id ¢ i 27,000,000 27,000,000 \ wees ‘ i sas t
a P ee al fo Be paid at mney sh 3 and The Bank makes contractual commitments to extend credit, which are legally binding agreements to lend
Fl 3.36% note payable, due December 15, 2006, with interest ani ‘ Rioters ft ified period of time, as long as the customer.
is | rincipal to be paid at maturity 12,000,000 12,000,000 money to customers at predetermined interest rates for.a specified period o: , # ig ner. +s
oe 3 37% note payable; due December 13, 2006, with interest and ‘ continues to meet specified criteria. The same credit standards used in the lending process are applied: — :
4 “3 ‘ sncitales be paid at roaturity che : 95,000,000 95,000,000 t when issuing these commitments. Additional risks arise when these commitments are drawn upon. is
a Lt, *
oF 3.33% note payable, due December 8, 2006, with interest and :
a principal to be paid at maturity 50,000,000 50,000,000 GD. Regulatory Coe
a 3.43% note payable, due November 30, 2006, with interest and Guidelines issued by the Central Bank of the Bahamas require a capital level where total shareholder’s é
e principal to be paid at maturity ; 28,000,000 28,000,000 equity must be maintained at a minimum of 8% of risk-weighted assets. At December 31, 2005 and 2004, :
4 2.90% note payable, due May 8, 2006, with interest and management believes the Bank was in compliance with these capital requirements.
oe principal to be paid at maturity 22,000,000 22,000,000 .. Wie foe
oe 2.70% note payable, due May 8, 2006, with interest and ans (12) Fair Values of Financial Instruments
ae principal:to be paid at maturity:.::). 2 z s000,000 ‘ : eh pig iia TREATS 4
fe) 4.42% note payable, due April 6, 2006, with interest.and ee Fair value estimates are made at a specific point in time, levant mark mation and i
~ principal obe paid at maturity epee ete 282F,000,000 4 information about the financial instrament. These estimates do not reflect any premium or*discount that
oe 4.36% note payable, due March 31, 2006, with interest and could result from offering for sale at one time the Bank’s entire holdings of a particular financial
oe , principal to be paid at maturity 33,000,000 —_ instrument. These estimates are subjective in nature and involve uncertainties and matters of significant
4 : 6.25% note payable, due February 1, 2006, with interest and Judgment, and therefore cannot ke determined with precision. Changes in assumptions could significantly
rf principal to be paid at maturity 38,161,000 38,161,000 affect the estimates. 1
rl 5 68% aa ec lcaaeare ee 26s 2006 Wain nites “ 15,969,138 15,269,138 The carrying amounts of the following instruments approximate fair value because of the short maturity of
‘es 5 Sree . ae due Jan 96 2006, with interest and so ‘ these. instruments: cash and cash equivalents, interest-bearing deposits, trading -account securities, z
ja | eee ae si dat are 3 2,534,865 2,534,865 securities purchased under agreements to resell, accrued interest receivable, receivables and payables on y
fa 5 aa hyable duis J poe 6, 2006, with interest and ele . ae ie derivative and hedging transactions, short-term borrowings, and accrued interest payable. ;
ra . 2 : 2 5 2 2 < y
eB principal to be paid at maturity eo Ieee 1,826,125 Available-for-sale securities — Securities available for sale are carried at fair value. Fair values for
i 4.22% note payable, due January 3, 2006, with interest and : securities are based on quoted market prices. : :
i principal to be paid at maturity 5,000,000 ae :
| 5.68% note payable, due August 8, 2005, with interest and Loans — The fair value of restructured loans is estimated by management. The carrying amounts for #
a "principal to be ‘paid at maturity 7 .s 4,095,458 floating-rate loans and fixed-rate loans due in six months from the balance sheet date do not- present es
ae 5.59% note payable, due August 8, 2005, with interest and unanticipated credit problems and approximate fair value due to their short-term nature, repricing re
a : principal to be paid at maturity = 3,076,813 frequency and proximity to maturity. The fair Value of trade-related loans is calculated based on estimated iy
ae 5.53% note payable, due August 8, 2005, with interest and maturities and estimated market discount rates that reflect the terms, conditions, and credit risk inherent in ix
a principal to be-paid at maturity — 514,021 the loans. Subsequently all loans aré short-term loans and/or variable rate loans, therefore the carrying : i
i 1.77% note payable, due June 6, 2005, with interest and amounts approximate the fair market value. . ' ie
£ principal to be paid at maturity = 47,000,000 ; : Kuueegves 3 es
4 7.72% note payable, due April 14, 2005, with interest and ‘aa 900 Nonmarketable eo securities — The oe value of nonmarketable equity securities is estimated by a
im | principal to be paid at maturity —_ 10,380, management and approximates carrying value. : is
i 3.22% note payable, ae ope 6, 2005, with uilerest and ae 11,494,792 Deposits and long-term borrowings — The fair value of deposits with stated or short-term maturity is equal ta
i 1 aie: aa - Bee dee hail A ote with area and ES a to.the amount payable on demand. The fair value of long-term deposits and fixed debt is based on the rt
ao es i pilain ae P ai dat TEAey 3 ; ne 66,000,000 discounted value of contractual cash flows. The discount rates used are the rates offered for deposits with i
a. 1.83% nie serene a 6, 2005, with interest and eee similar remaining maturities. H
o princip’ al a ,000, : ; i sate ea t
ve 4.38% note payable, due February 1, 2005, with interest and The _anying value and fair value of interest-bearing deposit eae ae See and ;
. sritcibal dusievauatirity : ; ee fete 3,988,199 $1,723,836,445 respectively, at December 31, 2005 and $1,025,471,153 and $1,079,938,385 respectively, t
2.25% notecpaveh len Gus Jemiaty 24,2005, with interest and +e gogo at December 31, 2004. ti :
principal to be paid at maturi Sidhe cir _ 000, : eye 4 §
2.20% note payable, due January 11, 2005, with interest and _ : The carrying value and fair value of long-term debt was $917,140,426 and SE respectively, at t
principal to be paid at maturity. rien oe fie 100,000,000 December 31,2005 and $934,690,418 and $983,468,070, respectively, at December 31, 2004. f
2.15% note-payablé;-due January 4, 20 ith interéstand. 00. E pike sie Ms ; cytes tig ; ; ®
principal to aa d at maturity } : ee ae at 2,000,000. ce instruments — The fair values of derivative instruments are disclosed in note 9 to these balance AB
$ 917,140,426 934,690,418



eg



In Memoriam, In Loving Memory, Death Notices and Obituaries

in

The Tribune’s Obituary Section

every Thursday
Call us at

502-2354

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7





FROM page 1B

Financial on September 4,
2002.

He added that he had writ-
ten to First Financial’s attor-
ney, Raynard Rigby, seeking
his client’s approval for a letter
that would authorise the bank
involved in the card deposits
transfer, New York-based
Chase Manhattan, to release
information that would aid the
reconciliation process.

Mr Gomez said that as at
April 7, he was still awaiting
Mr Rigby’s response. He
added that reconciliation of
about 25 per cent of the for-
mer MasterCard accounts
portfolio was complete, but
only 214 clients had submitted
claims forms out of a total of
5,533 accounts.

Meanwhile, Mr Gomez said
Leadenhall had 464 unsecured
credit card holders, who owed
outstanding balances totalling
$1.451 million.

Since then, two card holders
had paid off their balances,
totalling $11,271, and all Lead-
enhall staff monies owed had

been paid off, leaving $1.431 .

’ million outstanding.
Some 103 Bahamian and




PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENNEAIL KEVERIO
SMITH, of P.O. Box N-792, the Eastern District of
Nassau, Bahamas, intend to change my name to.
KENNEIL KEVERIO JOHNSON. If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty |
(30) days after the date of publication of this notice.

PAGE8B, WEDNESDAY, MAY 3, 2006

Bahamas resident unsecured
credit card holders owe a total
of $715,956, while internation-
al. card holders owe the
remaining $707,364.

Mr Gomez wrote: “We are
in discussion with many of the
local credit card holders, and
have agreements to commence
collection of these amounts
during May-June 2006. Unfor-
tunately, the contact details for
many of these account holders
are non-existent or incorrect.

“With respect to the inter-
national account holders, coun-
sel is continuing to develop a
collection strategy with their
international partners for the
collection of these funds.”

Mr Gomez also provided _

details on Leadenhall’s invest-
ment in the CIG 24/24 pre-
ferred fund, a high yield
closed-end fund that invested

in the life insurance settlement .

industry, receiving returns
when an insured individual
dies.

’ The fund’s manager, Adri-
an Crosbie-Jones of the
Bahamas-based Private Trust
Corporation, informed Mr
Gomez on December 19, 2005,
of a proposal to sell the CIG
24/24 fund, the highest bidder










LEGAL NOTICE .

NOTICE
LALALOLO LIMITED

Notice is hereby given that in accordance with
Section 137(8) of the International Business Companies
Act, 2000, the dissolution of LALALOLO LIMITED,
has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck

off the Register.

ARGOSA CORP. INC.
(Liquidator)

NOTICE

| SANTA FE ENERGY RESOURCES

(COTE D’ IVOIRE) LTD.
- (In Voluntary Liquidation)

| Creditors having debts or claims against the above-named

| Company are required to send particulars thereof to the

| undersigned at Ocean Centre, Montagu Foreshore, East

| Bay Street, P.O. Box N-3247, Nassau, Bahamas, as sole

| Liquidator on or before the 10th day of May, 2006. In |

‘| || default thereof they will be excluded from the benefit of |
| any distribution made by the Liquidator. —

Dated the Ist day of May, 2006

Lynden Maycock
LIQUIDATOR



Legal Notice

NOTICE
DEVON ENERGY PORT BOUET, LTD.

NOTICE IS HEREBY GIVEN as follows:

f (a2) DEVON ENERGY PORT BOUET, LTD. is in dissolution
under the provisions of the International Business

Companies Act 2000.

(b) The dissolution of the said Company commenced on the
24th April, 2006 when its Articles of Dissolution
were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Mr. Lynden
Maycock of Ocean Centre, Montagu Foreshore, East Bay -
Street, P.O. Box N-3247, Nassau, Bahamas as sole

Liquidator.

Dated the 1st day of May, 2006.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

BUSINESS

having offered $900,000.

Leadenhall owned 65 per
cent of the monies invested in
the fund, and Mr Gomez said
he supported the sale proposal
because it would generate
$537,395 for creditors.

This price would result in a
$453,801 gain for Leadenhall,
Mr Gomez said, because its
financial statements as at
December 31, 2004, only gave
it a carrying value of $103, 594.
A final distribution to investors
from the CIG 24/24 fund is the
only outstanding issue before
the liquidator collects.

Mr Gomez is also seeking
approval from the Bahamas
Supreme Court to hold on to
$1.2 million placed in an
escrow account by a Canadi-
an firm, Dimethaid, a former
Leadenhall borrower now
known as Nuvo, over an
unpaid loan.

In collecting other outstand-
ing loans, Mr Gomez said he

had received $50,000 plus

interest of $3,706 from Neil
MacTaggart, a major Leaden-
hall shareholder, to pay off one

of two outstanding loans he .

had with the bank.
However, Mr MacTaggart






of this notice.

NOTICE is hereby given that BELORIS HIGGINS, P.O. BOX |
CR-54988, CARMICHEAL ROAD, SUNSET DRIVE,
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 3RD day of MAY,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box. N- 7147, Nassau, Bahamas.

NOTICE |

NOTICE is hereby given that BELORIS HIGGINS, P.O. BOX
CR-54988, CARMICHEAL ROAD, SUNSET DRIVE,
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 3RD day of MAY,
2006 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 |, DWAYNE CHAN
DELEVEAUX, of Redland Acres, Nassau, Bahamas,
intend to change my name to DWAYNE CHAN MOSS.
lf 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

investment ‘not in bank’s best interest’

was disputing the second
$54,336 loan, alleging that
Leadenhall “made an error in
the selling of his shares with
Commonwealth Bank and
incurred a loss on the repur-
chase of shares”.

Another borrower, Alfred
Lenarciak, had also indicated
he would settle his outstand-
ing loan balance of $124,554.
Mr Gomez had previously told

him: that failure to settle the -

loan would force the liquidator
to make a claim on Mr Lenar-
ciak’s Old Fort Bay property.

Mr Gomez added that he
and his attorney, Sidney Cam-
bridge of Callenders & Co,
were also attempting to resolve
the situation regarding Lead-
enhall’s professional indemni-
ty insurance, which had been
placed through Carib Insur-
ance Agency.

‘ Carib had said that while it
would “honour” legal bills
resulting from the Cash 4 Titles
litigation, it was claiming that

the dispute with First Finan--

cial was not.covered.

In addition, Mr Gomez said
he was liaising with the Finan-
cial Intelligence Unit’s (FIU)
Sergeant Young over a suspi-




























LEGAL NOTICE

NOTICE

MAZE INVESTMENTS
LIMITED

- Notice is hereby given that in accordance with Section
137(8) of the International Business Companies Act,
2000, the dissolution of MAZE. INVESTMENTS
LIMITED, has been completed; a Certificate of
Dissolution has been issued and the Company has
therefore been struck off the Register.

x

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

DEVON ENERGY PORT BOUET, LTD.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the
undersigned at Ocean Centre, Montagu Foreshore, East Bay
Street, P.O. Box N-3247, Nassau, Bahamas, as sole Liquidator
on or before the 10th day of May, 2006. In default thereof they
will be excluded from the benefit of any distribution made by

the Liquidator.

Dated the 1st day of May, 2006

Lynden Maycock
LIQUIDATOR



' cious transaction report (STR)

THE TRIBUNE |! -




td
+a

that Leadenhall filed in 2005
against a client, BAVT Cor-
poration, over a $125,937
cheque.

The man the cheque was
payable to, Daniel Rosenthal,
had signed a declaration of
forgery, claiming he did not
ask anyone to endorse the
cheque on his behalf. Timothy
Lightfoot, a 50 per cent share-
holder in BAVT, had endorsed
it. oe

Mr Gomez said’ BAVT’s
office on Parliament Street did
not have its name over the |
building’s entrance when he ~
visited on January 26, 2006. He...
had since given the FIU Mr ~ *
Lightfoot’s Canadian number. aa

NOTICE

NOTICE is hereby given that MAURIS MERIZIER OF #863:
YELLOW ELDER, 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 3RD day of MAY, 2006 to the Minister responsible}
for Nationality and Citizenship, PO.Box N- 7147, Nassau, |

NOTICE

NOTICE is hereby given that LUCIEN LOUIS OF PORTAGO.
ROAD & DAVIS STREET APT. #3, 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 26TH day of APRIL, 2006 to the
Minister responsible for Nationality and Citizenship, PO.Box
N- 7147, Nassau, Bahamas. nd

INSIGHT
For vat stories
behind the news,
read Insight —
on MT

























|
!
|
LEGAL NOTICE -|

NOTICE. ; !
PECAN HOLDINGS LTD.

- Notice is hereby given. that.in.ageordance with
Section 137(8) of the International Business Companies '
Act, 2000, the dissolution of PECAN HOLDINGS |

‘-LTD., has been completed; a Certificate of Dissolution |
‘has been issued and the Company has therefore been |
struck off the Register. sacs w

ARGOSA CORP. INC. :
(Liquidator) fhe



NOTICE.’
MUSCANTINE VALLEY

Notice is hereby given that in accordance with
Section 137(8) of the International Business Companies
Act, 2000, the dissolution, of MUSCANTINE
VALLEY CORP., has been completed; a Certificate
of Dissolution has been issued and the Company has
therefore been struck off the Register. °» Ver)

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

SANTA FE ENERGY RESOURCES
(COTE D’ IVOIRE) LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) SANTA FE ENERGY RESOURCES (COTE D’ IVOIRE)
LTD. is in dissolution under the provisions of the International
Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the
24th April, 2006 when its Articles of Dissolution
were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Mr. Lynden Maycock
of Ocean Centre, Montagu Foreshore, East Bay Street, P.O.
Box N-3247, Nassau, Bahamas as sole Liquidator.
Dated the Ist day of May, 2006.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

a



THE TRIBUNE BUSINESS






































































WEDNESDAY EVENING MAY 3, 2006
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WEDNESDAY, MAY 3, 2006, PAGE 9B



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PAGE 10B, WEDNESDAY, MAY 3, 2006

TRIBUNE SPORTS





SPORTS

eff Rodgers Camp to be

an ‘event to remember’

@ BASKETBALL
By BRENT STUBBS
Senior Sports Reporter

ONE year shy of celebrating
its 20th anniversary, Jeff
Rodgers said the 19th version
of his annual Vitamalt Basket-
ball Camp will be an event to
remember.

“Things are looking exciting
as usual and we are truly
blessed to know that God has
blessed for us for 19 years,”
said Rodgers, the chief
organiser of the biggest and
longest camp held in the
Bahamas.

This year’s camp, scheduled
for June 26 to July 21, will be
focusing on character building
and the challenges that they
face on a daily basis, such as
peer pressure.

“We don’t want to put all of
the focus on just playing bas-
ketball because we know that
there is a real world out there
and we want to prepare them
for that,” Rodgers stated.

This year’s camp will also
serve as a prelude to the 20th
anniversary celebrations next
year. As a result, Rodgers said
they are planning to have a
field trip and a banquet at the
end of the camp.

Rodgers noted that they are
planning a courtesy call on
Prime Minister Perry Christie
and Governor General AD
Hanna as a part of their



“We don’t want to put all
of the focus on just playing
basketball because we kn
that there is a real world
out there and we want to
prepare them for that.”



festivities this year.

The banquet, according to
Rodgers, will be a black tie
affair, but it will be open to all
participants in the camp free
of charge.

As usual, the camp will also
attract some of the legends of
the game.

Former Los Angeles Lakers’
start guard, Byron Scott, coach
of the New Orleans Hornets;
Greg Anthony, former NBA
player now analyst with ESPN
and Calvin Murphy, one of the
50 greatest players in the histo-
ry of the NBA, are among the
list of celebrities scheduled to

‘participate in the camp.

Singing sensation Brian
McKnight, is also expected to
make an appearance at the
camp, which will run from 9am
to noon daily at Bahamas

OW

Jeff Rodgers

Academy.

“Tt’s going to be a lot of fun
for the kids. They will have a
really good summer vacation,”
Rodgers insisted.

Entry forms can be picked
up and dropped off at Bahamas
Academy on Wulff Road; the
Bahamas Seventh Day Adven-
tist on Tonique Williams-Dar-
ling Highway and ZNS.

Each camper registered
to attend the camp will
receive a T-shirt, shorts,
basketball and a certificate
of attendance.

Joining Rodgers as one of
the instructors for the camp will
be Winston Symonette, bas-
ketball coach and head master
at Bahamas Academy and
Charlene ‘Swish’ Smith, former
assistant coach of the women’s
national basketball team.



Basketball trio sige
p for AAU teams

Mario Ford
Baseball Camp ©
sets underway

@ BASEBALL
By BRENT STUBBS

Senior Sports Reporter

THE 21st Mario Ford Base-
ball Camp opened on Saturday
at the Windsor playing field
with only 20 campers showing
up to participate.

But organiser Ford is confi-
dent that, as the camp continues
to progress, the numbers will
swell to the usual 50-plus.

“Parents are looking for
things for their kids to do dur-
ing the summer and we intend
to run a league this year to keep
them occupied after the camp is
over,” Ford projected.

The camp will run through
June 10 and Ford said the focus
will be on teaching the partici-
pants the “basic fundamentals”
of the game.

While there was a small num-
ber of participants for Satur-
day’s opener, Ford said he was
pleased because the majority of
them were newcomers.

He said he was able to take
them through a basic catching
drill to get them started. As the
camp progresses and more of
the campers return from last
year, Ford said the campers will
go through the “fielding and
hitting” aspects of the game.

“We will also teach them how
to slide and run the bases. We
also want to take them through
the game situations so that
when they have the opportunity
to play, they will know what to
do.”

Although he’s been criticised
for his behavior on the field and
he and his brother, Andy, have
been suspended indefinitely by
the New Providence Softball
Association for their alleged
actions off the field on Saturday
night, Ford said he will continue
to make his contribution to the
development of the sport.

“JT just want to put all the neg-
ative aspects behind me and just
concentrate on the positive,”
Ford stated. “A lot of parents
are looking for things for them
children to do and you have to
create things for them to do.

“Once you make it interesting
for the kids to understand and
you teach them the basics, then
you don’t have anything to wor-
ry about. I just don’t listen to
the people who are always criti-
cizing.”

Ford said the Kiwanis Club
has shown their support by
sponsoring equipment for the
camp and Caribe Insurance
have also assisted as they’ve
done in the past.

“They really keep me going
and that is why I continue to do
it every year,” Ford summed up.

: - that the three-men panel

‘@ BASKETBALL

By KELSIE JOHNSON
Junior Sports Reporter

BASKETBALL season
might be over and done with
in the school system for Waltia
Rolle, Dwight Miller and Alex
Cooper, but the trio has
recently started to spread their
wings.

Opting to complete their
high school careers at the
Westbury Christian High
School in Houston, Texas,
Rolle, Miller and Cooper have
all signed up for the Amateur

Athletic Union (AAU) teams.

Rolle, who plays for the
Houstonians, is currently aver-
aging 15 points, 11 rebounds
and four block shots per game.

Rutherford, her involvement
on this team has helped to
improve her game and, as the
school’s league opens up in
August, Rolle will be able to
snag a starting spot.

School

He said: “The adjustment
period for Waltia was hard at
first. She not only had to
adjust to play on the basket-
ball court but her academics as
well. She is a quick learner
though in both fields and
because of that she is being
sought after by a lot of big
name teams.

_ “When she first joined the
AAU team she was a little
shaky in play but now she has

things down-pat and she is
running the boards for them.

“The AAU programme is a
good one for not only her but
for the other boys as well.

“The programme is
designed to be a feeder sys-
tem for college and profes-
sional basketball careers, it is
just up to the players to per-
form.” Cooper might only be
in grade eight at the Westbury
Christian School, but he is
making a big impression on
the coaches.

This. year Cooper had to
make one of the toughest deci-
sions since enrolling in the

. school. His skills on the court

awarded him the opportunity

‘to play for the varsity team.

But Rutherford said the play-
er, who stands at 6-foot-5-

inches, opted for the junior
varsity team. .

This turned out to be the
right decision for Cooper who
won the league’s most valu-
able player — averaging 29
points, 20 rebounds and nine
assists per game.

Averages

On the AAU level, Cooper
plays for the Nike Houston
Hoops and averages at least
12 points per game.

Miller the older of the trio is
being recruited by several col-
leges. Playing for the AAU
Reebok Houston Super Stars,
Miller averages nine points,
15 rebounds and 10 block
shots per game.

According to mentor Frank

Antoinette takes
on president’s role

@ BASKETBALL :
By KELSIE JOHNSON
Junior Sports Reporter



ANTOINETTE Knowles will hang up
her hat as a basketball player in the New
Providence Women’s Basketball Associ-
ation (NPWBA) to sit in the president’s
chair.

The newly elected president has
already formulated a plar. which she says

will elevate the league, increasing the .

participation of both players and fans.

The most difficult task Knowles will
have to face will be the transition period,
but she says when she accepted the chal-
lenge, the ball had already been put in
motion.

In her first term Knowles will be intro-
ducing a three point plan which she is
calling the foundation of the new admin-
istration.

Her first point in the plan is to ensure
the players’ safety when playing in the

m.

She said: “Safety has always been a
major concern for me, even when I was
playing. I believe that the gym should be
outfitted in a safe manor and that means
adding the cushions to the walls under-
neath the basket. The cushions will pro-
vide the player with some softness during
hard plays. I would also like to push the

scorers’ table back a bit.

“I will be looking to bring in a new
team every year so we can decrease the
size of the gap that has been created. We
will have to go into the schools so we can
start a system which not only the league
can benefit from but all the players too.”

After taking care of the players’ well
being, Knowles said she will move on to
addressing the league’s partnership, trying
to increase business partner support.

Seeking more business partners is a
must’said Knowles, who is hoping to
showcase the talent in the league by
bringing the games to the people.

Aware

According to Knowles, the only way
to ensure that the public is aware of the
“happenings” in the league, is for mem-
bers of the executive board to involve all
media personnel.

And in order to complete this task, all
games would be aired lived and would
include a player’s programme. corner, that
will highlight the league’s top players.

She added: “All the players in the
league should be highlighted, this is Uic
only way we can promote the sport.

“Every game will be aired so the league
will get the exposure it needs and the

sponsors can also benefit.

“I know that most of the things we
want to see happen will not happen
overnight, but we will be working hard
towards accomplishing our goals.”

Noting that the league will have to
implement a feeder programme, the new
slate will continue on with the initiative
started by the old executive board.

Reflecting on the times when she
played as a junior national team player,
Knowles said she would like the sub-
sidiary programme to have the same
turnout as in the past.

The new president has already put in
place a team of workers, who are still
very active in the league, to assist with the
programme.

Assisting Knowles in her three year
venture will be Lawrence Hepburn as
first vice president, Freddie Brown as
second vice president, sitting in the third
vice president seat is Mynez Cargill-Sher-
man, the league’s former president, and
Sharelle Cash is fourth vice president.
Natasha Miller will serve as treasurer and
Anastacia Johnson as secretary.

Charles Mackey will be the only person
returning from the jeague’s first slate
serving as the commissioner of the asso-
ciation once again.

Play in the league will commence in
November.




Boro manager
favourite to eet
England job :

a SOCCER
LONDON
Associated Press *-

ENGLAND is likely to
name its new soccer coach
this week, and Middles-
brough's Steve McClaren
is expected to get the job.

After Portugal coach
Luiz Felipe Scolari turned |
England down last week,
the Football Association
appears certain to appoint
a British coach to replace
Sven-Goran Eriksson...
after the World Cup.

McClaren, who has
guided Middlesbrough to |.
its first European final, is
the odd-on favorite with |
bookmakers at 1-6. Other
candidates include ga ieks
Bolton's Sam Allardyce: :.'
- 1), free agent Martin-.:

O'Neill (12-1) and Charl-
ton's Alan Curbishley (i di
1).



The FA Board is due: to:
meet on Thursday, and)
there is strong speculation.








will announce its decision
then.

"I'm not commenting. ir
on that," McClaren said: ’
after Middlesbrough’ s 0:0"
tie with Manchester Unit- seal
ed on Monday. "My job is
to focus on Middles- i
brough and get the club“
results. I'm looking for-
ward to it (England coac
situation) being settled
one way or the other." 3 as

"Assistant

McClaren, who is
Eriksson's assistant coach _-
and was,No. 2 to Alex | 2.7
Ferguson at Manchester
United, received an
endorsement from the :’:
Red Devils manager. Ge to

"Steve is well qualified: - a
for the job, as quite a few-

- others:are, but I think the *-'
thing'in his favor is that” he”
also has the knowledge’ of, ;
the England camp = -*. =
because he has been in‘ the’.
camp for a few years '"-
now," Ferguson said.

Allardyce, who has
openly: campaigned for
the England job, acknowl-
edged that McClaren is
the favorite.

"He will be looking to.
clinch that position, but
who knows?" Allardyce
said. "I haven't given up
hope that it is going tome. ,
It just does not look ageiist)
though I am the favorite
at the moment. I am still
keeping my fingers -*-.:
crossed. J have not heard.
anything officially but we






: should know by the end: of

the week."

The three-month search
to find'a replacement for
Eriksson, who is stepping »
down after five years in
the job, has been trouble-
some forthe FA. ~ :%

O'Neill, who left his job
at Glasgow Celtic a year
ago to be with his sick’ «':
wife, was the initial strong
favorite along with PSV
Eindhoven's Guus Hid:
dink. rao

Coaching :

Hiddink, who led both :
the Netherlands and
South Korea to the Work
Cup semifinals and is
coaching Australia at né
month's World Cup in »
Germany, is taking chayeer:
of Russia instead. ea

McClaren seemed to”: :
slide out of contention *:":
after some poor league”:
results, including a 7-0 loss :
at Arsenal and 4-0 defeat
at home to Aston Villa,-:
left 'Boro close to relega-"*:
tion trouble. But the team f
climbed out up the table
and reached the FA Cup.
semifinal, as well as the
May 10 UEFA Cup final
against Sevilla in Eind-
hoven.

Scolari, who led Baal’
to its fifth World Cup tri-
umph in 2002, seemed cer-
tain to take over last week
when FA chief executive
Brian Barwick flew to Lis-
bon to offer him the job:
But he turned it down, cit-
ing too much pressure
from the English media.






Coss



vam vue

TRIBUNE SPORTS






SAC’s coach
keeps an eye
n her team

B ABOVE: SACS coach Anasta-
cia Mountrie looks on as her team
makes,their way to the win.

The Big Red Machines rolled past
the-Sf John’s Giants 17-12,.17-8 to
secure thein-berth injthe: final to
defend their title. t

@ RIGHT: SAC take instructions
frem, their coach during a time-out
in their victory over St John’s.

* e SEE SPORTS FRONT

(Photos: Onan Bridgewater)



.@ BLACKBURN ROVERS' Lucas Neill, right, challenges Joe Cole, left, of Chelsea for the ball during their English Premier League soccer match at Ewood Park, Black-
burn, England, Tuesday May 2, 2006.

(AP Photo/Dave Thompson)

=
—



Blackburn
seal place .

in Europe ©



BH SOCCER
BLACKBURN, England °-
Associated Press f°



STEVEN REID turned
home a free kick from Robbie’ -
Savage and Blackburn edged *
newly crowned Premier League
champion Chelsea 1-0 on Tues- +
day to guarantee a UEFA Cup
spot next season.

The only goal of the game
came two minutes before half-
time at Ewood Park as Mark
Hughes' team moved within a
point of fifth-place Arsenal and «
became only the fourth club to -
have beaten Jose Mourinho's
team in league action this sea- .
son. te
Rovers joined Manchester
United, Fulham and Middles-
brough — and Manchester City
in October 2004 ~ as clubs to
have defeated the Blues in the
Premier League in their last 75
games.

With Chelsea having cap-
tured its second Premier
League title in a row by beating '
Manchester United 3-0 on Sat-
urday, Mourinho rested seven
of his regulars at Ewood Park
and the Blues made little impact
in the first half. -

Two minutes before halftime,
Savage curled in a free kick
from the left flank and the ball
got the slightest of touches off :
Reid's head and went inside the
far post.

Chelsea replied strongly in
the second half and Rovers'
American goalkeeper, Brad
Friedel, made a top quality,
reflex save to thwart a first-time
shot from Eidur Gudjohnsen
and then flicked a long range
shot from substitute Joe Cole
over the bar.

Chelsea players angrily
sought a penalty when Hernan
Crespo was felled inside the
area with 10 minutes to go.



WEDNESDAY, MAY 3, 2006

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com





B@ VOLLEYBALL
By BRENT STUBBS
Senior Sports Reporter

THE St. Augustine’s Col-
lege breezed through their
Bahamas Association of
Independent Secondary
Schools’ sudden death play-
off game on Tuesday just as
they did during the regular
season.

Undefeated in six games
in the regular season, the Big
Red Machines rolled past
the St. John’s Giants 17-12,
17-8 to secure their berth in
the final to defend their title.

They will now go on to
play the Kingsway Academy
Saints in the final on Thurs-
day at SAC. Kingsway
Academy stunned and upset
last year’s runners-up Nas-
sau Christian Academy Cru-
saders 17-12, 13-17, 15-12 in
their sudden-death game
played on Tuesday as well.

Performance

SAC were hoping for a
rematch against NCA, but
coach Anastacia Moultrie
wasn’t as concerned about
who their opponent would
be as she was about the way
they need to step up their
performance.

_The Big Red Machines
made it look so easy against
the Giants without playing
to their full capabilities.

“T wasn’t impressed with
today’s performance. [| felt
they could have played a
whole lot better,” Moultrie
pointed out.

“They’ve done it through-
out the regular season, but ;
sometimes when you're play-
ing a lower seed, you tend
to drop your intensity to
their level.”

But, as they look ahead to
the final, Moultrie said if
they intend to repeat as

Rather than hitting the

MIAMI HERALD SPORTS



leading the charge for SAC



tals hurt them. ~

cruise pa
reach final

Ss

proven today,”

she reflect-







BH SAC’S Comillia Miller sets up the ball for teammate 1
erese Clarke. Undefeated in six games in the regular season, _
he Big Red Machines rolled past the St. John’s Giants 17-12,
78 to secure their berth i in the final to Acton their fille,

Phere: Onan Bridgewater)









basically bumped or flicked

champions, they will defi-
nitely have to step up their
game another notch.

Normally a team that uses
the three plays effectively -
bump, set and spike - the Big
Red Machines didn’t play
with the enthusiasm that
kept them undefeated.

ball with authority, Camillia

Miller did most of her dam- |

age from the service line,
leaving the rest of her team-
mates to pick up the slack in
the frontcourt.

Terese Clarke, Jamie Tay-
lor and Denea Larrimore
provided a 1-2-3 punch in

when they didn’t have Miller

in the frontcourt.
Even with that, St. John’s

just didn’t have the attack to. '

counter SAC and, although
they stayed close at the
beginning of both sets, it was
obvious down the stretch
that their lack of fundamen-

Coach Carla Smith said

despite the loss, she was still
pleased with her team’s per-
formance because she felt
that they did as well as they
could.

“We played alright, but

SAC is just a better skilled .

team than us and that was

ed. “SAC had a lot of time

and practices with their :

team.

“Our girls just started
playing volleyball. So they
out-played us today.”

Fourth in the regular sea-

son at 5-2, having lost to..
SAC and NCA, St. John’s .

the. ball over the net and that
kept them in the game. until]
they made their mistakes
that the Big Red Machines
capitalised on: me

Stefka Cleare and
Mia Smith produced most
of the fireworks for the
‘Giants.

®@ SOFTBALL
By BRENT STUBBS
Senior Sports Reporter



MARIO Ford said he and his
brother, Andy, are not going to
appeal the indefinite suspension
levied to them by the New Provi-
dence Softball Association because.
he claims, they were not the ones
who were using the obscene lan-
guage against the executives.

The Ford brothers were sus-
pended indefinitely by the NPSA
after they were charged with dis-
rupting the awards presentation on
Saturday night at the Churchill
Tener Knowles National Softball
Stadium.

But Ford said the only thing he
said to president Steve ‘Garbo’
Coakley was that they didn’t feel
that his Electro Telecom Dorcy
Park Boyz should have to play
back-to-back.

Opportunity

Instead, he suggested that other
teams in the league should be giv-
en the opportunity to play at least
once before one team played twice.

“His assistant, Perry Seymour,
told him that if my team don’t want
to play, then don’t let them play,”
Ford said. “But I said to him that I
wasn’t talking to him (Seymour)
because he said in the meeting that

1 Oe,

Teneo neon

ene language ered

every time they play the Dorcy
Park Boyz, something happen.”

Ford claimed that the Dorcy
Park Boyz were not the problem.
Instead, he shifted the blame onto
Seymour’s TBS Truckers, last
year’s runners-up.

“Last year, we had six incidents
with them and the association exec-
ulives just sat around and allowed
all these things to go by,” Ford stat-
ed,

Ford said he and Andy were
quite disturbed with the quick man-
ner in which the NPSA dealt with
an issue that was taken out of pro-
portion on Saturday night.

“They met and dealt with us in a
meeting on Sunday and, by Mon-

day, we were all over the press,”
Ford stressed. “I think it’s unfair
and it’s not right.

“T don’t think it’s right for the
association to decide in one day to
suspend me and my brother when
there were a lot of players from
the Truckers who were there argu-
ing with us too.”

NPSA

Based on what transpired, Ford
said he feels that the NPSA didn’t
deal with them fairly.

Ford said it was ironic that the
suspensions were issued just as the
Dorcy Park Boyz were preparing to
play against the Truckers on Sat-



urday night at the stadium.

When asked if the Dorcy Park:
Boyz are going to play, Ford said:
it’s up to his team-mates and;-he:
hasn’t had any confirmation from
them.

“If they decide to play, they
could play. If they decide not-to
play, they don’t have to play,” he
charged.

“That’s a decision that they walle
have to make for themselves.”.”:-”

As for whether or not. he ‘and>'

Andy would appeal the decision,
he said he doesn’t have any interest
in softball anymore and will doth.
nitely not be interested.

He couldn’t confirm what Asi’ s°
plans for the future were,

A





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m Lhe Tribune

i'm lovin’ it..

HIGH
LOW





WARM

Volume: 102 No.135









84F
68F |

SUNNY AND







Bip
Ce toe

Saeed
$600,000 IN OUTSTANDING LOANS _

Group to launch
proceedings against

eovt after

@ By RUPERT MISSICK Jr
Chief Reporter

_ A GROUP of Haitians
apprehended in the April 7
sweep of Spanish Wells and
Harbour Island will be filing

legal action against govern- ©

ment for their detention dur-
ing “arbitrary and illegal
raids”, lawyer and president
of the Grand Bahama Human
Rights Association, Fred
Smith told The Tribune yes-
terday.

Mr Smith accused govern-

ment of becoming a “vigilante,
a hang ‘em high at noon orga-
nization”.

“The practice of wholesale
terrorist raids on communities
and picking up legal and ille-
gal people is completely
against the rule of law, unde-
mocratic and obscenely ille-

gal for the government to be -

doing,” the lawyer claimed.
On April 7 the Department

of Immigration apprehended

as many as 394 Haitian nation-

‘raids’

als in a sweep which covered
three Family Islands. Of that
number it was determined that
140 persons were illegally
apprehended. - : ,

Immigration Minister Shane
Gibson, however, defended
the decision of the department
to detain the group of Haitians
in question until their permits
and permanent resident cer-
tificates were verified.

He said that.the reason that
this was necessary was
because of the number of
fraudulent documents that
officials have found in the
public domain. -

A week before the raids a
Haitian national in Miami was
convicted of having hundreds
of fraudulent Bahamian work
permits. Mr Gibson said at the
time that if the Miami inci-
dent had not happened the
Massive roundup would not
have taken place in the way
in which it did.

SEE page 10

Detainee allegedly beaten
at the Detention Centre

AN UPROAR reportedly broke out after it was claimed
that a detainee at the Carmichael Road Detention Centre was

beaten yesterday by guards.

According to news reports last night, this incident upset per-

sons outside of the compound.

An eye-witness, speaking with ZNS news, said that the
detainee was hit with a gun until it broke.
It was also alleged that a bystander video taped the incident.

AUTO INSURANG











Auto Insurance,
Choice 1S
ement.
Can trust.

CE BROKERS & AGENTS

Beatie Exuma
GAD) S0-0R2 FT (ac 284



fe





































The Miami Herald —

BAHAMAS EDITION

WEDNESDAY, MAY 38, 2006





& A FIREFIGHTER
stands amid the smoul-
dering land in the South
Ocean Road area yester-
day

(Photo: Felipé Major/
Tribune staff)



A HUGE fire yester-
day evening threatened
homes and Albany
House, which is a center-
piece of a development at
South Ocean Beach.

According to police
reports, the fire was burn-
ing in several hundred
acres of undeveloped land
in the South Ocean Road
area.

At noon the police
received.a report of the
fire which threatened a
number of homes.

At 5pm persons report-
ed that they had been
waiting for fire trucks for
an hour. One they said
had just passed by.

Police said that five fire
engines were sent to the
scene, three from the
police force and the other
two from the Lyford Cay
fire department.

There were no injuries
and no homes were
destroyed.

As a result of heavy

SEE page 10



PM underlines
achievements in
first four years

l™§ By MARK HUMES



IN WHAT was described as the firing of the
starting pistol for the next general election, hun-
dreds of PLPs gathered yesterday at the Wynd-
ham Crystal Palace Convention Centre for the
start of a “mini-convention” where government
ministers and Prime Minister Perry Christie out-
lined their achievements of their first four years
in office and their plans for the upcoming year.

Senator Philip Galanis, who also sat on the
planning committee for this convention, said
that the event was expected to be upbeat and
euphoric as the people will be given an account-
ing of what transpired over the past four years.

“But equally important is that the Prime Min-
ister will set the stage by outlining what the gov-
ernment plans to do in the next year. It is in my
opinion, having regard that this is the year lead-
ing to the next election, and you have a new
leader in the FNM and have a number of new
candidates named in that party, we are also look-
ing at reviewing our slate of candidates. I think
this can be seen as the initial salvo, the kick off
to the next election,” Mr Galanis said.

As Mr Galanis indicated, recent press reports
have noted that former Prime Minister Hubert

SEE page two










sna ete PEE







Ministry of Housing
reluctant to give

— information on the.

awarding of contracts
lm By MARK HUMES :

EFFORTS by The Tribune to put to rest
unsubstantiated claims that an unusually large
proportion of government housing projects have
been awarded to a preferred group of contractors
has been met with stiff resistance by officials at
the Ministry of Housing.

The Tribune, in recent days, has placed calls
and paid visits to the Permanent Secretary at
the Ministry of Housing, Leila Greene, seeking
permission to see records of contracts awarded to
the named group of contractors, particularly
during Shane Gibson's administration, however,
the newspaper has been told that any requests
for records as it pertains to the awarding of con-
tracts by the Ministry must be put in writing.

The Member of Parliament for Montagu and
Chairman of the Public Accounts Committee
(PAC), Brent Symonette, yesterday told The
Tribune that what Mrs Greene is requiring is
not common practice.

"Unless they are making it common now," the
MP commented.

Mr Symonette went on to say that if it is prac-
tice now, "it was uncommon until recently."

SEE page 10
4




FROM page one

Ingraham has received endorse-
ments from many constituen-
cies for FNM candidates in the
upcoming general elections.

However despite these
reports, FNM chairman
Desmond Bannister said that
the party has not ratified any
candidates.

“The central council of our
party is the body which makes
determinations with respect to
candidates and so anything in

the press as‘ it relates to that

issue is purely speculation,” Mr
Bannister said.

, The-party, according to Mr
Bannister, has placed no time
frame-on when this ratification
will occur, and thus, the process
remains very fluid for now.

“The reality is that a political
party that makes official deter-
minations about candidates
without knowing where the
beundaries are can be in for
unpleasant surprises. The
names I see (in the press) are
all good FNMs. If they are
MPs, it is highly likely that, if
they want to run again, they
will be candidates again,” Mr
Bannister said.

In the meantime, it was not
expected that there would be
an announcement of a date for
the next general election. But
like other commentators before
him, Mr Galanis said there was
no doubt that the announce-
ment would happen * ‘sometime
in} the near future.”

From the energy at. last
night’ $ mini-convention, how-
ever, it would seem that the big
announcement had already
been made, and many persons
attending expressed their excite-
ment about the evening’s events
and the outlook for the party:

:“There is a lot of excitement,

and at the end of the day, every- -

body i is going to come out hap-
py. This is the party for the

i PLP supporters wave pompoms

wlan ¥ i ZUU0

LALOR TTS

people, and I am waiting to hear |

from Mr Nottage now that he is
back and in full swing,” said Ms
Munnings.

“T am here to support the
party that is the party for the
people as we celebrate four
years of success for this country.
Many people don’t see it, and
people who don’t see it, don’t
want to see it. I expect the par-
ty to continue to work with the
people, work for the people
regardless of what you are... I

am here to have a good timeâ„¢

and enjoy the success,” said a
supporter who would only iden-
tify himself as “Cool Running.”

“This is very special moment
for us after four years of being
the governing party. We stand
here this evening, in the hall,
and we reflect on the process
that we went through, so it’s
good to be here now. It’s report
card day, and it’s all A’s. It’s a
straight A’s night,” said Ron
Rolle, a former vice chairman of
the PLP.

“My excitement didn’ t just

~ begin four years ago. It began in

1992 and I give this party all
A’s. Not just for economics, but
the social issues, as it tries to
help those who are less fortu-
nate. With urban renewal reach-
ing down for those who cannot
do for themselves, once we
make those people stronger,
this country will never have to
worry about anything. I am a
product of those who are less
fortunate, but one who shines
no matter what, and the real
deal is being a PLP,” said Kay-
la Smith, another supporter.
“Tam excited about a lot of
things, and to see people who
can leave from one place to
another and make themselves
somebody if they want to. Now
is the time! I have confidence
that if the party does and con-
tinues to do what it has been
doing over the past four years,
the Lord who brought them

"7 eee Cove
eT Spliced
mrt a

Hi CONTANZA Adderely opens the

PLP convention

there will take them further,”
said Evangelist Dorsette.

“I am excited to see all the .

people . . . people coming in
wheelchairs and on walking
canes... it’s an overflow.

These crabs are walking,’

commented another party sup-
porter.

“T am expecting a rather ful-

filling report from a man of
wisdom and vision. I am look-





LOCAL ‘NEWS











Hi PLP supporters wave party flags

(Photos: Felipé Major/Tribune staff)

ing for a report to the nation -
that I can truly attest to as a
PLP and as a Bahamian,” said
Bobby Pinder, a second gen-
eration PLP.

“This convention means a

- lot to us tonight. This is his-

torical for us. We are cele-
brating our fourth anniversary
as a government. We have
much to thank God for. Over
$11 billion in investment ... lis-

Pete hee



ten that is history. This is the
best economy that. the

Bahamas has seen since the -

inception of our country, all
done under the leadership of
our leader Perry Christie, that
is historical. We are going to
transform the Bahamas. We
are preparing this country for
our children and our grand-
children,” said Senator
Paulette Zonicle.

THIS car tries to make
its way through the fire
yesterday.

(Photo: Felipé
Major/Tribune staff)





THE TRIBUNE

Freeport |
man admits.
firearm

possession



i A 21-year-old Freeport man —
;' pleaded guilty to being found

in possession of a firearm at an
apartment on Bruce Avenue.

According to police reports,
sometime around 10pm on
Monday police executed a
search warrant on an apartment
at Colony Club, where they
retrieved a black and silver 380
semi-automatic pistol contain-
ing five bullets.

Dallas Bullard pleaded guilty
possession of the unlicensed
firearm and ammunition in
Freeport Magistrate Court.

Magistrate Helen Jones sen-
tenced Bullard to either pay a
$5,000 fine or spend one year
in prison.

He was also bound over to
keep the peace for three years.

Scotiabank |
helps out
Cancer
Society

SCOTIABANK made a.
donation to the Cancer Society
of the Bahamas to assist that
organisation with its effort to

_increase education and aware-

ness about cancer.

The month-long programme
will seek to educate the public
about the disease, so that it may
be prevented, diagnosed and
treated in its early stages.

The ‘Cancer Society is a non-
profit, organisation that has

-been assisting the community -

since its inception in 1976. ©

Suspected
migrants

found dead .
of Barbados

â„¢@ BARBADOS ns
Bridgetown

AUTHORITIES conducted
tests Monday to determine-the.

cause of death of 11 people —
possibly. migrants from West
Africa — found.on a boat drift:
ing off the coast’ of Barbados;
according to Associated:Press;.
Police spokesman David‘
Welch said authorities were-also:



still trying to determine the’dri-"

gin of the people, who: were?
found in the cramped cabin of a
20-foot wooden boat with no
name about 80 miles east of
Barbados.

Officials suspect the people
might have been West African
migrants who died from lack of
food and water after their boat
got blown off course.

“We cannot say for sure that
they were from an African
nation, but a travel itinerary
onboard indicated travel within,
Africa,” Welch said.

Officials estimate the 11 peo-
ple were dead for about two
weeks before the drifting boat
was discovered by Barbadian
fishermen off the Caribbean
island’s south coast, he said.

But no other information was
known about the 11 people on
Monday afternoon, Welch said.

“The bodies were so badly
decomposed we could not tell
much,” he said, adding that
forensic tests would continue.








t
THE TRIBUNE ©

WEDNESDAY, MAY 3, 2006, PAGE 3
LOCALNEWS - | i





Pair face
drug
charges in
court

TWO individuals detained by
police on Sunday were
arraigned in court yesterday on
drug charges.

Haitian Isler Edmond, 18, of
Sea Breeze Lane and Lenchea
Dickinson of Nassau Village
were arraigned before Magis-
trate Carolita Bethel on the
charge of possession of danger-
ous drugs with the intent to sup-

y.

It was alleged that on Sun-
day, April 30 the two were
found in possession of a quan-
tity of dangerous drugs.

Edmond and Dickinson both
pleaded not guilty to the
charges and were remanded
into custody until Friday when
they will return to court for a
bail hearing.

Forum to
focus on
foreign

relations

LOCAL think tank Bahami-
an Forum has announced that it
will hold its next public meeting
on May 9.

The topic will be: The
Bahamas: balancing its rela-
tionship with the USA, China
and Cuba.

“Sir Arthur Foulkes KCMG,
a journalist, fiery orator, co-
founder of the FNM and for-
mer diplomat who served as
high commissioner to the Unit-
ed Kingdom and Ambassador
to France, Germany, Italy, Bel-
gium and the European Union
as well as the Bahamas Ambas-
sador to China and Cuba, will
speak, bringing his broad expe-
rience t@} this: topic,” said
Bahamian Forum in a press.
release.

The meeting will begin at
6pm at the British Colonial
Hilton Hotel.

The public is invited to
attend.

Degree

honour for
activist at US

university

CUBA
Havana

OSWALDO Paya, a Cuban
pro-democracy activist, has
been invited to receive an hon-
orary degree at Columbia Uni-
versity’s commencement this
month, the U.S. university said
Monday, according to Associ-
ated Press.

Paya said he was honored by
the invitation and hoped the
Cuban government would let
him travel to New York for the
May 17 event.

“As a Cuban, I feel proud,”
said the lead organizer of the
Varela Project, a petition drive
calling for a popular vote on
issues including freedom of
speech and private business
ownership. “This is a recogni-
tion of our people and their
rights.”

The activist was allowed to
travel to Europe in December
of 2002 to receive the Sakharov
Prize for Freedom of Thought,
the EU’s top human-rights
award. But since then, several
requests to attend conferences
abroad or receive prizes have
been turned down by Cuba’s
communist government, Paya
said.

A group of women demand-
ing the liberation of Cuban
political prisoners were also
unable to travel last year to
receive the 2005 Sakharov
Prize.

“Things have gotten worse in
the last year,” Paya said. “There
is more intolerance, which cer-
tainly closes doors. And activists
are spied on more. But many
people keep signing the Varela
Project.”

id
USS

FOR PEST PROBLEMS
fg (1) ae radar 4



excavation despite warnings ©

responsibility of the cutting and - ,

m By PAUL TURNQUEST
Tribune Staff Reporter

FLYING in the face of gov-
ernment warnings, unscrupu-
lous contractors continue to
excavate fill from government
farm land off Cowpen Road.

The boldness of such opera-
tions is plainly seen in the work
being done on the same spot
that Minister of Agriculture
and Marine Resources Leslie
Miller used as a backdrop to
draw attention to the issue a
month ago.

“This shows the boldness —
the brass of people. Corrective
action and legal recourse will
have to be done. This is an
utter disgrace that these things
can take place,” was Mr
Miller’s reaction.

Visiting the site yesterday,
The Tribune had an opportu-
nity to speak to three young
men who were swimming in
the basin, and had witnessed
the individuals who had
removed the fill.

They all told identical
reports of big “green and
black” trucks that would line
up to be filled by an excava-
tor that had been manoeuvred
into the basin itself to cut
deeper into the surrounding
walls.

Reportedly the work had
been going on for the past two
weeks.

“These people are bold and
brassy enough to go back to
the exact same spot really
almost telling the government
‘Do something about it - I dare
you to touch me’. These per-
sons obviously feel that they
are above and beyond the law,

secsecscnescccecccetapeccuccecascnesevecceeucusseceececsecesssegeesaccecsesecuecaussesacaeouerausscunasacsesserasensauansesesweceuseer sees ess ese esses sess ss eee ees



@ LESLIE Miller surveys land off Cowpen Road.

and therefore they have
homage in doing whatever they
want to do whenever they want

to do it.

“I am told that the person
whose trucks were on this site,
‘and whose excavator was on
this site is a well known heavy
equipment operator who is cur-
rently doing work for the gov-
ernment of the Bahamas and
who has done extensive work
for the government of the
Bahamas over the past few

years,” he said.

However, Mr Miller would
not identify the contractor to

whom he referred.

Yesterday The Tribune wit-
nessed what appeared to be “a
foreman”, a man described as
being of substantial build, wait-
ing in a white van on farmland
off Cowpen Road.

The man had with him a
female companion who both
watched as dump trucks lined
up to be filled by the waiting
excavator.

In a matter of 15 minutes,
five 30-ton dump trucks were
filled by the excavator tractor
at the site. Wasting not a
moment, as soon as the dump
trucks were filled, the “fore-
man” and the filled trucks

° Inbrief Contractors continue their fill

quickly left the scene, taking
almost $1,200 worth of fill in
under 20 minutes.

The trucks photographed on
this occasion were also “green
and black”. ~

“He appears to take the atti-
tude that he is one of the
untouchables that are amongst
us. I can only do what is pre-
scribed to us under the Agri-
cultural Act,” Mr: Miller
remarked.

He said he has brought the.

matter to the attention of
Bradley Roberts, the Minister
of Public Works and Utilities,
who ultimately would have the

excavation of fill on any prop-
erty.

ing them before the courts of

the Bahamas,” he said ae

Mr Miller said he has
instructed his officials to look
at amending the Agricultural

Act to allow his ministry to’

have responsibility for the
destruction of farm land, as the

Ministry of Works might be .

“I have brought this to the .:
attention of Minister Bradley: °
Roberts with the hope that his «
personnel down at the Ministry .
of Works would pursue vigi- :
lantly those who have degra-. *
dated the land, who have bro-, «
ken the law of our country, and’ -
that they would pursue them °
with great diligence in bring-. :

stretched to maintain all Crown ‘:
land in the country. 1

“Tt should be the job of Agri- |

culture. In fact I have a team
out for the past two weeks that

is monitoring each and every »

farm land that we have given or
leased out to farmers. And to
give me a comprehensive
report to take to parliament to
inform the Bahamian people
of the wanton destruction of
what was supposed to be farm
land.

raped by unscrupulous persons
in our society for their better-
ment only and for the total

destruction of land for future .

generations of Bahamians. But
I am appealing again for those
responsible to cease and desist:
from these wicked ways. It
shows you that they don’t
respect man or God in destroy-
ing what God has given us,” he
said.

“Land that has already been

Boat captain indicted in US after
alleged human smuggling death

A BAHAMIAN boat captain has
been indicted in the United States in
connection with the death of a man
during an alleged human smuggling
exercise. ‘

The US Attorney for the southern
district of Florida announced yesterday
that George Bridell Rolle was indicted
on one count of alien smuggling for
profit resulting in death, and-four
counts of alien smuggling for profit.

“The defendant was allegedly
attempting to smuggle illegal migrants
to South Florida from the Bahamas
when his boat capsized on April 21,
2006, about 25 miles off the coast of Ft
Lauderdale,” said a release from the
US Embassy in Nassau.

“This indictment is the most recent
result of Operation Lost at Sea, a mul-
ti-agency task force created in
response to the numerous human
smuggling incidents that have occurred
in South Florida during the past year,”
it said. “Since September 2005,
approximately 25 landings of illegal

Child pornography ‘must not be
tolerated’, says Crisis Centre director ™

@ By TIFFANY GRANT

Chairman of the National

immigrants have been identified in
Broward and Palm Beach counties,
resulting in seven deaths and the
detention of more than 300 illegal
immigrants.”

The Embassy release went on to say
that Operation Lost-at Sea has yielded
about 20 indictments and resulted in
the arrest of five boat captains, 17 oth-
er persons, and the seizure of six kilo-
grams of cocaine, 16 vessels and $5000
in cash.

"ICE is at the forefront of pursu-
ing those who are engaged in human
trafficking," said Jesus Torres, special
agent in charge of ICE in Miami.

"The US Customs and Border Pro-
tection will continue to work collabo-
ratively with other DHS and law
enforcement partners to secure Amer-
ica's borders between the ports of
entry,” said Paul Blocker Jr, chief
patrol Agent for the US Customs and
Border Protection. “Together, we will
vigorously pursue, apprehend and
prosecute human smugglers,” he said.

Bahamas, during which a “very

_ Administrator claims conditions

have improved in The Mud —

@ By DENISE MAYCOCK
Tribune Freeport Reporter

_ THERE has been significant overall
improvement of conditions in the Aba-
co Haitian community known as “The
Mud,” according to senior administrator
Revis Rolle.

Mr Rolle said the crime rate has gone
down in the area — which was once a
haven for “nefarious” criminal activity.

“The police have actually deputised
persons who have presented themselves

-as leaders in that community as local
‘ constables which has resulted in a

decline in the crime rate in that area,”
he said.

Mr Rolle added that the government
has numbered all homes in The Mud
as well as the Pigeon Pea community.

Last year, a devastating fire brought
to a head the many social problems that
exist in The Mud.

Several homes were destroyed and
an elderly resident died in the blaze.

Since then, the government has been

trying to get an accurate and precise-
number of persons living at The Mud.
Mr Rolie said this hasbeen very chal-

lenging because many Haitian residents:

are reluctant to come forward

. “They have a culture of secrecy and of
being clandestine, and so it is difficult to
get accurate information from‘them
because there are some who are not
legal and those who are not willing to
squeal on their counterparts. =~

“But, we are working and doing
everything possible.” Be

Mr Rolle added that The Mud has also
been much more clean and sanitary-thdn:
it was before the fire, and that the com-
munity’s religious leaders have been sup-
portive of the government’s efforts.

Mr Rolle stressed that the govern-
ment is expanding existing subdivisions
in Abaco for legal residents of The Mud
and Bahamians who are interested in
purchasing homes. Ds

“What we hope to have a full inte-
gration of various cultures in any other
society,” he said. i



Tribune Staff Reporter

THE viewing of child
pornography — even in the
privacy of one’s own home
— should not be tolerated in
the Bahamas, according to
psychotherapist Dr Sandra
Dean Patterson.

Dr Patterson, who is the
director of the Crisis Centre,
said that while persons have
rights as individuals, children
also have the right to be safe.

“Persons may choose to
watch what they want to
watch in their own homes, as
long as what they are watch-
ing has to do with consenting
adults,” she said.

Last month, police revealed
that a video showing the sex-
ual violation of an '8-year-old
girl was viewed 5,000 times
on computers in the Bahamas
— within the first hour it was
released on the internet.

Police say they can identi-
fy many viewers, but add that
no laws exist in the Bahamas
to prosecute them. Yester-
day, The Tribune conducted
a round of interviews to find
out how child care authori-
ties fee] about the problem.

“When it comes to child
pornography, where the child
is the person that is being
exploited for the gratification
of the individual aoing it or
the person viewing it, that is
not something that we as a
nation could or should toler-
ate,” continued Dr Patterson.
“That is not the way to go.”

Child Protection Council Pas-
tor Gil Maycock said that all
persons should avoid viewing
any kind of child pornography.

“We don’t want to allow per-
sons to have that type of
imagery in their minds and in
their psyche to encourage them,
even in a small degree to
become involved in that type of
behaviour,” he said.

Minister of Social Services
and Community Development
Melanie Griffin pointed out that
April was recognised as child
protection month in the

comprehensive” programme

-geared towards the protection

of children was put in place.

“In fact, even as we went
through child protection month,
we were able to include talks
regarding child pornography
and the dangers of children
using technology (the Internet)
unsupervised,” said Mrs Griffin

She added: “The National
Child Protection Council will
now take further steps to put in
place programmes that will
include information regarding
child pornography.”

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‘

PAGE 4, WEDNESDAY, MAY 3, 2006

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear tv 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, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
‘Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

The PM, the Press and free speech

THE PLP CALLS itself the “New” PLP to
distinguish it from the much tarnished Pin-
dling government that ruled for 25 years.

However, behind the veneer of what is
called “new” much of the old can still be seen
— the same old beliefs and hard-fisted reac-
tion to anyone who dares disagree with them.
Quite frankly, if it weren’t for Prime Minister
Perry Christie, who does bring some sanity to
the table, the Bahamas would by now have
had.a reincarnation of the Pindling regime.
With but few exceptions, all the ingredients
are there to take us backwards.

It is only Mr Christie who understands
the problems and knows where and when to
draw the line. This is not to say that the press
does not upset Mr Christie. He wouldn’t be
human if its criticisms didn’t get under his
skin. But he knows that in a democracy a
public figure cannot be protected from criti-
cism. When he entered politics, he knew
that criticism came with the territory. He also
knew that to try to crush his critics with
threats and intimidation was tantamount to
political suicide. And so it is Mr Christie, and
Mr Christie alone, who stands between the
press and some of his ministers who appear to
be intent on committing political hari- kari.

It is amusing to read in this week’s Com-
ment of the Week — found on Fred Mitchel-
I’s former website — that The Tribune’s man-
aging editor John Marquis should be fired
because, among other things, he is alleged
to have called “the founding father of the
country Lynden Pindling” a “petty crook.”
Mr Marquis might have called Sir Lynden
many things that were not of an angelic

-- nature — as have we all — but he has never
-called him a “petty crook.”
-. There was a time — even as recent as
_ August, 1992 — that Mr Mitchell didn’t think
-too highly of Sir Lynden, particularly of his
- election law to curb free speech.
=. Those were the days before Mr Mitchell
‘rejoined Sir Lynden and the PLP.

In August, 1992, Mr Mitchell flew to Mia-
‘mi to challenge the Pindling government’s
- new election law by.broadcasting his party’s
“30 second advertisement from overseas. The

new law made this illegal. The message asked
all Bahamians in South Florida to urge their
families in the Bahamas to support the oppo-
sition in that week’s general election. Mr
Mitchell hoped to provoke his arrest so that
he could challenge the PLP’s law on the basis
that it was unconstitutional

“This law is a treacherous law by Pindling,”
‘said Mr Mitchell. “And no political joker is
.. going to take away our right to free speech.”

However, on his former website this week

we find another “Joker” trying to deny the

right of free speech to a journalist: “John
Marquis should be fired from The Tribune,”
said the website commentator. “If The Tri-
bune refuses to do it then the Minister of
Immigration ought to oblige them the next
time it comes for renewal of work permits.”

“We are determined to challenge this law,
which is a blatant infringement of the right of
free speech for Bahamians,” said Mr Mitchell
in 1992 — one week before the FNM won the
government. In view of this limitation of free
speech to Bahamians would Mr Mitchell con-
done his government — in this age of globil-
isation — infringing the free speech of a jour-
nalist, just because he is a foreigner here on a
work permit?

“The law is unfair, unconstitutional and
the penalties are draconian,” Mr Mitchell
complained in 1992.

“We consider this law an affront to our
right to express ourselves freely. It is also an
unfair attempt to throttle the opposition to
Pindling within the country.”

Isn’t this what some members of this gov-
ernment are now trying to do with The Tri-
bune through Mr Marquis and his work per-
mit?

PLP chairman Raynard Rigby in his state-
ment last week that his government forced
The Tribune to drop an election opinion tele-
phone poll in 2003 because his party did not
like what the callers were saying, shows just
how young and politically inexperienced he is.
Obviously, what he didn’t know when he
made his naive remark — but he should cer-
tainly know by now —‘is:that no:one forces
The Tribune to do anything.

. The PLP has a history of trying to silence
its opposition. Even Mr Mitchell, when he
viewed the world from the seats of the Oppo-
sition, admitted that ZNS shut out opposition
voices. He should know because at one time,
when he sat in the PLP pew, he was. a mem-
ber of ZNS’ broadcasting team.

In 1992 he told The Tribune that at ZNS
there was “systematic censorship and biased
reporting against opposition figures.”

“The Bahamas,” he said, “is the only
nation besides Communist Cuba in the
Caribbean which does not allow free enter-
prise in broadcasting.” (Mr Mitchell should
remember these words when he casts his vote
at the UN on May 9 to decide whether Cuba
should be a member of the UN Human
Rights Council).

It was the FNM government, under
Hubert Ingraham, that opened the airwaves
and gave free speech back to Bahamians.
This government, no matter what some of
its members might think, will not snatch that
away from us.



The Bahamas Co-operative
League Limited

The Bahamas

Co-operative League

is currently seeking a qualified
Candidate for the position of

Supervision and
Investment Specialist

Clarificatio
about AUT

EDITOR, The Tribune

THE Embassy was pleased
to host Minister Leslie Miller
and Minister Marcus Bethel at
AUTEC on April 27, making
them the fourth and fifth gov-
ernment ministers to visit the
facility in recent months. We

had open and fruitful discus-,

sions that we believe will go a
long way in dispelling some of
the myths that surround the
facility and its role in the local
community.

Unfortunately, the pho-
tographs that accompanied the
reporting of the meeting
seemed designed more to con-
tribute to the aura of mystery
surrounding the base than to
add to public understanding.
The Tribune left its readers lit-
erally in suspension by showing
a helicopter carrying a cylindri-






LETTERS

letters@tribunemedia.net



cal device whose purpose it
claimed was “classified.” In fact,
the cylindrical device hanging
from the helicopter is merely a
marine scoop used to pick up
testing target devices and other

equipment on the range after a »

test is completed. A second
photo simply reminds person-
nel of safety precautions and
weight limits on potentially
explosive mateyials in the dock
area where ships refuel.

I would also like to correct
the report that a promised
demonstration and mock test
were not forthcoming. In fact,
the government delegation did
visit the main command centre







where tests are conducted, and!’
did have a chance to see and”?
hear a demonstration of our®!
marine mammal monitoring
capabilities. Bahamian officials’:
visited the most sensitive areas“'
of the base. i
AUTEC is a responsible if: ‘
often misunderstood member -
of the Andros community, one
which has great benefit for4
Bahamians and the national':
security of the United States.
This official government visit”
will be followed in the near
future with a Media Day which
will afford even greater access to’'
media representatives. We look‘!
forward to hosting The Tribune
at AUTEC again very soon. .?

+i

MIKE TAYLOR | ah
Embassy Spokesman =: ©
Nassau

May 1 2006 ane,

Abaco residents’ anger .
with Ministry of Housing.

EDITOR, The Tribune

THE Ministry of Housing in
the Bahamas has caused a rage
in the Island of Abaco con-
cerning the new “supposed to
be” affordable homes.

_ We, the Abaconian families,
are furious with the department
of housing and the Bahamian
government because of their
negligence. Housing is charging
$105,000.00 for a three bedroom
two bath home in Abaco.

Whereas, in Freeport.these~
. same - houses:

$70,000.00 (This is unfair to
Abaco).

Housing also made calls and
told us that we were awarded

‘EDITOR, The Tribune

I HAVE being contemplat-
ing writing this short letter for
the past month but somehow I
never got inspired to actually
do it until now.

J read your newspaper on a
daily basis and I am bewildered
of all the negative events that
are actually taking place in this
little country of ours. For a
small, so-called Christian nation
we sure are doing a great job
of being our brother’s keeper?
This religious, church-going

‘are: costing: -:

one of the houses, they put the
houses on hold (never called to
say that), they gave the houses
to another set of people (never
called to say that). These people
made arrangements and plans
to move in these houses and
had to find out on the streets
that they weren’t awarded the
house anymore.

We think this is poor and
unfair to those that really need
a home of their own.

On another level, Housing

vhas awarded:the houses to sin-

glé persons when there aréfam:
ilies with three, four and five
kids that really need those
homes. Persons that already
have homes have Pern awarded

nation needs to go back to ag

basics or should I say in.a more
modern term, back to the spiri-
tual 101.

We search and search for

God in these so-called evange-.

listic, Bible pounding churches,
but yet He is so easy to find.
He is right inside our hearts,
all we have.to do is accept Him
unconditionally, surrender ,to
His mercy and grace. One
small thing that Christ taught
us to do, one simple thing and
that is love one another as He
loves us. Straight forward, the
Christ’ Conscience, isn’t that
simple?

We have nothing to prove to
Him, absolutely nothing. He
was the one who paid the price

for us; He was the one that

affordable homes. This is. so
unfair.

We feel that the government, :
needs to deal with this matter.
Every Minister in Parliament i
looking out for what" they” can
get for themselves, it’s time that?
decisions be made wisely, look’
out for the Bahamians that need!
help. The ones'that need it most”
are always the ones to. get left,
behind.

Abaco needs the attention oF
the Prime Minister in‘this miat=!
ter ASAP. Ce MUEBC

74 000g

DISAPPOINTED |

ABACONEANS Ines Si

Nassau: °°" ABO OWS

Apal 24 2006 TiS












—love.one anomie as. a
us. We have to start pr ac
this and then, only then our
country will bea. peaceft IP
tine and wonderful place to ‘live:
We need to be our brother’s,
keepers, literally and uncondi-
tionally: °. :

By doing this we will Alsd bel
able to forgive easily, be moré!
unselfish and more importantly’
experience freedom i in an ae
plained peace.

That’s my two cents as hed
say it here, i
=



In God’s peace and love. 2

’ DARRYL DARVILLE
Nassau
May 2 2006

Seber NA:

LA i

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In brief





Man faces
attempted
murder
charge

m By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - An Eight
Mile Rock resident was
arraigned on an attempted
murder charge in Magis-
trate’s Court on Monday in
connection with a shooting
last week at Hanna Hill.

Fasilie Nelson of Hanna
Hill was charged before Mag-
istrate Debbye Ferguson with
the attempted murder of 53-
year-old Delicia Metellus of
Pinedale, Eight Mile Rock.

He was also charged with
possession of a firearm with
intent to endanger life.

Nelson was not required to
entered a plea to the charges.

He was remanded to Her
Majesty’s Prison, Fox Hill
until July 6, when a prelimi-
nary inquiry will be held.

Sixth man
faces |
extradition
to US

BTRINIDAD .
Port-of-Spain

A SIXTH man accused in
the kidnapping and killing of
an US Army veteran will be
extradited to the United
States, a government spokes-
man said Tuesday, according
to Associated Press.
| Trinidad’s attorney gener-
al has approved a US extra-

ition request for Russell
Joseph in the killing of Bal-
ram Bachu Maharaj, said
spokesman Maxie Cuffie.

-Three gunmen snatched
Maharaj, 62, a Vietnam War
veteran from Mount Vernon,
New York, from a bar near
Port-of-Spain in April 2005
and held him for ransom.
Maharaj’s:femains’ were
found cut up and buried in
two holes in a forest in Janu-
ary.

A grand jury in Washing-
ton, DC, last week indicted
Joseph and five others —
including two Trinidadian
soldiers — with conspiracy to
commit hostage-taking,
Cuffie said. His common-law
wife has been arrested as a
suspect and is in custody in
Trinidad. ~

“Authorities in the twin-
island nation of Trinidad and
Tobago reported a record 389
killings and more than 60 kid-
nappings for ransom in 2005.
Five of those abducted,
including Maharaj, were
killed.

Bea eS
Fertilizer, Fungicide,
AVAGO ae
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WED. MAY 3

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-LOCALNEWS _

VWOUINCOVAT, WIAT 0, cuuU, PAUL 9 1

Preventable diseases ‘cost



ahamas $60 million a year’

PREVENTABLE diseases cost the
Bahamas $60 million a year, Minister of
Health Dr Bernard Nottage said yes-
terday. é

While speaking at the opening of cer-
emony of the Pharmaceutical Supplies
Management Strengthening Workshop,
which was held at the British Colonial
Hilton, Dr Nottage said that the cost
of treating hypertension alone is more
than $37 million a year.

“This is a high price to pay for the
treatment of largely preventable dis-
eases,” he said.

Dr Nottage explained that according
to a report by the Caribbean Commis-
sion on Health and Development, the
direct cost of the burden of diabetes on
the Bahamas is just under $12 million,
while the indirect cost is more than $10
million.

He said the total figure for hyperten-
sion was arrived at by adding the direct
and indirect cost of this disease — $20
million and $16 million respectively.

“Because of the high physical and
economic toll, we cannot ignore the
importance of appropriate, accessible
and affordable pharmaceuticals to the
health and welfare of our clients,” he
said.

Dr Nottage went on to tell those
attending that efficient management of
the pharmaceutical supply chain is nec-
essary, as the cost for prescription drugs
continues to increase steadily.

He noted that the recent growth in
pharmaceutical options has enabled
health care professionals to successful-
ly combat many serious health chal-
lenges and overcome or subdue a num-
ber of debilitating diseases.

The minister noted, however, that
new drugs are costly and that their
emergence often causes the cost of
health care to rise.

He said greater attention must be giv-
en to efficiency and usage in light of
this.

Dr Nottage outlined the “steady” rise -

i DR Bernard Nottage

in the cost for pharmaceuticals in the
Bahamas in recent years.

He explained that between 2001 .and
2005, the cost rose from $6.9 million to
more than $10.1 million.

The average cost of a prescription
item has increased by $0.75 this fiscal

Dr Nottage also pointed out that the
total number of prescription items dis-
pensed by the Princes Margaret Hos-
pital has increased significantly — from
233,000 between 2000 and 2001 to over
344,500 between 2004 and 2005 —- an
increase of approximately 68 per cent.

According to Dr Nottage, partner-

ships with all the stakeholders in the in
health care system can strengthen both
the process and performance of the
pharmaceutical supply chain.

He told the conference that the gov-

ernment is committed to providing uni-

versal access to affordable and quality
health care to all Bahamians.

”
A
4
4
a













year, he noted.



Abaconians divided
on proposed bridge

@ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - Abaconians
have expressed mixed views
about the economic benefits of
a proposed bridge between
Abaco and Grand Bahama.

While some pérsons support
the idea of a bridge, others
remain unconvinced that it
would provide substantial bene-
fits to Abaco, according to com-
munity leaders on that island.

Freeport pioneers Sir Jack
Hayward, chairman of the
Grand Bahama Development
Company; and the late Edward

St George, chairman of the

Grand Bahama Port Authori-
ty, first came up with the con-
cept of a “Grabaco bridge”.

“IT would like to go for a
weekend drive to Marsh Har-
bour, and I want to see the lor-
ries going: over the bridge
loaded with Abaco fruits and
vegetables into our harbour,
and put on ships, and be in
Florida in a matter of hours.

' “I want to see before I die
the Grabaco bridge,” Sir Jack
said last year at the 50th

‘ anniversary celebrations of the

birth of Freeport.

Revis Rolle, senior adminis-
trator for Central Abaco,
believes that a bridge would
provide many economic advan-
tages to Abaco.

He said it would enable

entrepreneurs to expand their

business ventures to Freeport’

and allow for competitive prices
for Bahamian consumers.

“T can see a lot of economic
advantages of a bridge, espe-
cially for Abaco, where the econ-

‘omy has grown significantly over

the last 10 years,” he said.

“Tt would give consumers
alternative to purchase goods
available to them, and I believe
it would lend for more compet-
itive pricing because when there
is competition then naturally
prices are driven down,” Mr

Rolle explained.
Diversity

He continued: “TI also believe
that instead of just having a
population here in Abaco of
between 15,000 to 18,000 per-
sons, we would then be able to
add that to the 40,000 in Grand
Bahama. And from that point, it
would be definitely advanta-
geous. I think we will be able
to appreciate cultural diversity
at a higher level.

“By and large, there are some
residents in Abaco who have
some reservations because they

see it as the opening of the.

floodgate of persons coming
from a thriving city with all the
bad attitude and practices. They
fear that the crime wave will
increase and encourage offend-
ers to seek haven in Abaco.

on being named

Boss Of The Year 2005/2006

for Wyndham Nassau Resorts.

From your wife, Janice; children Jamal and Antwan; mother,
Joycelyn Josey and in-laws’, Harold and Granelda Bodie.
We are proud of you and your accomplishments.

May God Continue To Bless You.



¢ }

“From my opinion, there are
definitely more advantages of
a bridge,” Mr Rolle said.

However, well-known com-
munity activist Silbert Mills of
Radio Abaco is not convinced.

“At this stage, I don’t accept
the fact that we would get bet-
ter prices from being able to
shop in Grand Bahama and |
do not think that would bring
more tourists to Abaco. I am

just not satisfied of that yet. -

And those who are the propo-
nents for it have not been able
to convince me of that at this
stage,” he said.

Mr Mills believes that the
volume of traffic into Abaco
would increase, which would
necessitate significant invest-
ment in infrastructural
improvements.

“Nobody is giving us a gen-
eral idea of what the possibili-
ties are as far as cost is con-
cerned for travelling back and
forth on the bridge. Or, whether
we would be able to get any
royalties from it at all,” he
added. “I think that we need to
talk about rerouting roads and
putting in new infrastructure
before we can even talk about a
bridge benefiting Abaco.”

e
@
_@
@
e
@
oes
: @

of the bridge

Mr Mills does not think the
bridge would increase crime in
Abaco, but added that “it would
not make it easier to stake out
criminals” either.

Grand Bahama resident and
former cabinet minister Zhivar-
go Laing said the aim of bridg-
ing together territories from an
economic point of view is to
facilitate trade.

“T have no doubt that a
bridge between Grand Bahama
and Abaco would create. oppor-
tunities for that kind of trade
to happen, particularly taking
advantage of perhaps the agri-
cultural opportunities on both
sides of the bridge.

@JACK Hayward, one of those who first came up with the idea

“But whether or not the cost
of the bridge would make eco-
nomic benefits of facilitating
trade between the two islands
helpful, or not, I think the jur
is out on that,” he said.

“Secondly, it would be excit-
ing for tourists to drive from
one territory to the next, and
that could enhance the overall
attractiveness of that region
being ‘Grabaco’ and there could
be some advantage there.

“Again, whether that would
be attractive enough — to cause
that much more tourists to come
— to make building the bridge
cost-beneficial, that is a different
story altogether,” he said.








BLUE Lagoon Island - Final
preparations are being made
this week to welcome members
of the International Association
for. Aquatic Animal Medicine
to the Bahamas for their 37th
annual international conference.

Hosted by Dolphin Encoun-
ters, the Bahamian-owned
marine park on Blue Lagoon,
the conference will be held May
6 to 10 at the Wyndham Nassau
Resort on Cable Beach.

“Approximately 220 mem-
bers of this highly respected
international association repre-
senting over 50 different animal
parks, zoos, aquariums, univer-
sities, and other related institu-
tions throughout the world will
be attending the meeting,” said
Dolphin Encounters in a state-
ment.

The IAAAM was founded in
1969 “to advance the art and
science of aquatic animal med-
icine and health and promote
the free exchange of knowledge
in the interest of improving the
health care and husbandry of
aquatic animals.”

The IAAAM membership
includes international profes-
sionals engaged in clinical care,
research, academics, and hus-
bandry of aquatic animals.

Attendees from countries
including the United States,
Canada, Spain, Germany, the
United Kingdom, China, South
Africa, the Republic of Palau,
Jamaica, the Dominican Repub-

PAGE 6, WEDNESDAY, MAY 3, 2006

lic, Mexico, the Netherlands,
New Zealand and others will
be arriving in Nassau this week
to take part in the conference
and to share information and
learn more about aquatic ani-
mals and their care.

“Dolphin Encounters 1s hon-
oured to be hosting this impor-
tant conference,” said Kim
Terrell, director of marine
mammals for Dolphin Encoun-
ters and member of the
IAAAM. “We have worked
hard to offer attendees a truly
Bahamian experience and to
provide them with an oppor-
tunity to personally discover

' the rich natural marine envi-

ronment of The Bahamas.
Together with our local spon-
sors we have planned a great
conference that will showcase
the best the Bahamas has to
offer.”

The Ministry of Tourism has
teamed up with Dolphin
Encounters to welcome mem-
bers of the [AAAM Bahami-
an-style by sponsoring authentic
Bahamian musical entertain-
ment for several events
throughout the conference.

“The Ministry of Tourism is
pleased to infuse the IAAAM
conference with authentic
Bahamian entertainment,”
said James Malcolm, dxecu-
tive director of group travel
for the ministry. “The islands
of the Bahamas provide the

perfect backdrop for a confer-

ence devoted to aquatic ani-

’ mal medicine. Our vast shal-

low, clear waters and rich
marine biodiversity is what
draws visitors from around the
world. We hope that the atten-

dees will enjoy our beautiful |

natural resources, enjoy the
entertainment and will return
again and again to our coun-
try.”

Other local sponsors include
Bacardi which is co-hosting the
Ice breaker for the conference.
Kalik Beer and Hammerheads
Bar have also contributed to the
event.

Businesses such as Bahama
Hand Prints, Gucci, Havana
Humidor and artist Mick Guy
have donated items for the
silent auction which raises funds
for students to attend the con-
ference.

Attendees have also been
offered discounts to many local
aquatic attractions and excur-
sions to encourage them to
experience the local marine
environment.

Said Robert Meister, man-
aging director of Dolphin
Encounters: “Hosting the
IAAAM conference is a nat-
ural extension of our compa-
ny’s research and educational
goals. It is our pleasure to host
professionals from around the
world that are devoted to the
care and preservation of all
aquatic animals. We are also
very proud, as a Bahamian

St Matthew’s Easter
Brunch with seniors
from New Providence

_In 1965, under the leadership
of Canon Addington C John-
son, the St Matthew’s Easter
Brunch was created to feed the
elderly from various senior cit-
izen*homes throughout New
Providence, as well as other less
fortunate persons.



from people who are
making news in their.
neighbourhoods. Perhaps

good cause, campaigning
for improvements in. the
area or have won an
award.

If so, call us on 322-1986
and share your story.



aa
CD)
era

share your news

The Tribune wants to hear

you are raising funds for a

Visit us and see other used cars
‘and make your own deal!

QUALIT

The social outreach commit-
tee-of Anglican Church Women
(ACW) and the Christian
Youth Movement (CYM) came
together to make this year’s
brunch a successful and festive
event.

The event brought together
















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individuals from all parts of

New Providence who are

housed in homes for the aged,
and church members madé sure
that they enjoyed their Easter.
In all, about 400 persons took
part.

Violet Pratt, who has been
apart of the programme since
its inception, said: “St
Matthew’s feels the need to
bring these persons into our
home into our worship centre.”

At the end of the meal the
social outreach members dis-
tributed ‘baskets of love’ to the
participating seniors.

“In an era in our Bahama-
land where we tend to cast aside
those who’ve come to the twi-
light of their years, this really
sends a powerful message that
the church can come together
and help others enjoy Easter,”
said Father Don Haynes, assis-
tant priest of St Matthew’s.

He continued: “This is a won-
derful reflection of not only the
ministry but the love that we
hold for them and this is a man-
ifestation of what Christ is doing
in our lives; it is wonderful that
it is happening at a time such
as this.”

M@ BERNADETTE Moultrie,
wife of Rector James
Moultrie, serves a meal to the
senior citizens at the Seniors’
Annual Easter Brunch hosted
by the Social Outreach, the
Anglican Church Women and
the Youth Council of historic
St Matthew’s Anglican
Church. Scores of sponsors
were hosted to an afternoon
reception and communion.

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Dolphin Encounters prepares for
marine medicine conference

THE TRIBUNE;





@ PREPARING for the International Association of Aquatic Animal Medicine (IAAAM) ihe
conference (I-r) Virginia Kelly; senior manager group travel for the Ministry of Tourism, Kim.
Terrell, director of marine mammals for Dolphin Encounters, and James Malcolm, executive C

director group travel for the Ministry of Tourism, prepare to welcome members of the nk
International Association for Aquatic Animal Medicine to the Islands of The Bahamas. Over 200 .
professionals engaged in the clinical care, research, academics, and husbandry of aquatic animals .-

are set to attend. -

to 16 Atlantic bottlenose dol-
phins. The all-natural marine
facility offers guests a unique

company, to show attendees
our beautiful Bahamas.”
Dolphin Encounters is home



ro Cow

opportunity to interact one- om:
one with these intelligent ani-:.-
mals.





i LEON Taylor sings for the senior citizens at St Matthew’s
Anglican Church during the annual Easter Brunch
THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE.7_,

“Tt was teachers who predicted that their charges...could reach as high as their courage would stretch...
bundreds...followed in the footsteps of their much admired mentors to become teachers and later
Ministers of Government, like Livingston Coakley or Ambassadors like L. B. Johnson or even Governor-Generals

like Sir Clifford Darling, Sir Henry Milton Taylor or Dame Ivy Dumont.”

The One-room Schoolhouse ©



Suspected
kidnappers
killed and
set alight

@ HAITI
Port-au-Prince

A GANG in a notorious
Haitian slum said Tuesday that
it had killed three suspected
kidnappers who were using
their neighborhood to stash two
abducted women, according to
Associated Press.

The men’s bodies were
doused with gasoline and set on
fire in front of journalists near a
UN checkpoint at the edge of
Cite Soleil — a slum that had
been used in the past by kid-
nappers to imprison their vic-
tims.

A Cite Soleil gang leader
known only as General Toutou
and others in the slum said the
men were killed after it was
learned they had kidnapped two
women and brought them to
Cjte Soleil. The women were
freed unharmed, witnesses said.

‘UN spokesman David
Wimhurst said Haitian police
would investigate the killings.

rCite Soleil has been a base
for well-armed gangs blamed
fdr a wave of kidnappings in the
aftermath of the February 2004
revolt that toppled former pres-
ident Jean-Bertrand Aristide,
Haiti’s first democratically elect-
ed leader. :

Austria and
financial
sector hatch

plan for bank

@ AUSTRIA
* Vienna

» AUSTRIA’S government,

major banks and insurance
companies announced a plan
Tuesday to bail out BAWAG,
the bank that lost about eurol
billion (US$1.26 billion) in bad
currency speculation deals in
the Caribbean and is linked to
the collapsed New York com-
modities brokerage Refco Inc,
according to Associated Press.

| Chancellor Wolfgang Schues-
sel said the plan — which
includes the government, the
Central Bank and major Aus-
trian commercial banks and
insurance companies -—
involves guaranteeing up to
US$1.13 billion of the debts
owed by the Bank Fuer Arbeit
und Wirtschaft, better known
by its acronym BAWAG.

¢ “We have insured the insti-
tution with a common effort,”
Schuessel said.

'. Parliament agreed Tuesday
to convene a special session on
May 8 to approve the. bailout.

» The rescue plan is intended
to ensure that BAWAG does
not collapse as its owner, the
@esterreichischer Gew-
erkschaftsbund trade union fed-
eration, or OEGB, seeks a buy-
er. BAWAG, with 1.3 million
customers and an estimated
US$63 billion-plus in assets, is
Austria’s fourth-largest bank.

‘






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BEGINS

Visit our website at www.cob.edu.bs

@ By NATARIO MCKENZIE

INMATE Neil Brown’s
body will be released from the
morgue and buried by the state
upon completion of the inquest
into his death and that of Cor-
poral Deon Bowles.

Coroner Linda Virgill
revealed this after Michael
Hanna, the attorney for Neil
Brown’s mother Bettymae
Trotman, made applications
for certain witnesses to be
called to explain where Neil
Browns remains were.

Before any witnesses were
called yesterday, Mr Hanna
made applications to have
Mark Wilson, Permanent Sec-
retary in the Ministry of
National Security, called to
give an account of the where-
abouts of Brown’s body.

During his testimony last
week, Superintendent Elliston
Rahming admitted that he did
not know where the body was.

Mr Hanna also requested
that Brown’s mother be called
to testify that she had done all
she could to ensure that her son
receives a Christian burial.

Mrs Virgill explained that in
light of the inquest; she decid-
ed to hold Brown’s body at the
morgue in case further exami-
nations were needed.

She also said that there was
no need to call Mr Wilson and
Brown’s mother, or to recall
Superintendent Rahming —
although she said it was “inex-
cusable” for him not to know
where Brown’s body is.

The coroner explained that
upon, completion of the
inquest, Brown would be
buried by the state, as he was
still the property of the state
at the time of his death.

She said Brown will be
buried in a graveyard desig-
nated for condemned persons
and that his family is permitted
to attend the funeral.

As the inquiry proceeded
yesterday, the officer who
drove prison officers and
recaptured inmates back to the
prison after the breakout was
recalled. .

Sancto Kelly took the wit-
ness stand again without a
lawyer, despite being advised
by the coroner on Monday to
seek counsel.

Kelly testified that he did not
know who gave instructions to
move the bus from Yamacraw
Road on January 17.

He said he only heard voices,
presumably from inside the bus,
saying that he needed to get
back to the prison compound.

Kelly said he did not recall
hearing any gunshots on the
bus and could not recall
whether he saw officer Sandy
Mackey on the bus or at any
other point that night.

He told the court he did not
drive the bus to where the
inmates were on Yamacraw
Road, but that the officer who
had done so left the keys in the
ignition.

According to Kelly, he was
standing in front of the bus as
the prisoners were being put
on, but he only saw two pris-
oners being taken off.

Assistant Superintendent
James Farrington was also
recalled. é

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He broke down in tears
when the coroner put it to him
that he acted alone in response
to the prison break.

“Your worship, that’s a night
I really would like to forget” he
said. “For the life of me I can’t
understand why those officers
acted the way they did. I told
them that we had to do our job,
after the prisoners were cap-
tured we had to take them back
to the prison”, he said.

Mr Farrington admitted that
although he was a senior offi-
cer at the scene where prison-

ers Parcoi, Bowe and Brown -

were recaptured, no one “lifted
a finger” to assist him in getting
the prisoners on the bus and
back to the prison.

During questioning by pros-
ecutor Neil Brathwaite, Coro-
ner Virgill and attorney
Michael Hanna, Farrington
recalled the events spoken of
during his previous testimony.

He testified that he arrived
at the scene on ‘Yamacraw road
the morning of the break out
and saw officer Sandy Mack-
ey standing over a man he lat-
er identified as Neil Brown.

Farrington said that prior to
that he had heard a someone
yell “Stop!” and heard what
sounded like a gunshot.

He went on. to restate that
he also saw two persons head-
ing south in the nearby bushes.

Farrington told the court
that he drew his revolver and
fired two shots; the first at For-
rester Bowe and the second at
Barry Paroci.

He said that he believed he
shot Bowe but thought that he
had missed Parcoi.

Farrington again testified
that while the prison bus was at
Yamacraw road, someone
threw a stone pyramid (of the

type seen on lawns) at the back.

windshield of the bus.

The glass .was broken, he.

said, adding that a portion of
the glass landed at the feet of
the recaptured inmates who
were sitting along seat at the
back of the bus. ° a

Neil Brown, he said, was the
first inmate to be placed on the
bus. Forrester Bowe was walk-
ing with a limp, he added.

Mr Farrington restated that
two officers tried to get on the
bus, and that when he pushed
one of the officers off, the sec-

- ond ‘officer, Sandy Mackey,

“rushed” past him — at which
point he heared the “Bam!” of
what he thought was a gunshot.

He said that when he turned
around, he saw that Mackey
had the gun pointed at For-
tester Bowe. |

Farrington also restated that
only three officers were on the
bus during the ride back to the
prison, including himself.

The other two were Kelly
and an officer whose identity
he could not recall, he said.

Farrington stated that when
they arrived at the prison, a
number of officers tried to rush

the bus, but he told them that

they could,not do so.
According. to Farrington,

‘that is when Neil Brown

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Farrington said he asked
Bowe if Brown was “OK” and
was told that it sounded as if
Brown was snoring.

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=
THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE 9







-[s THE minds of some peo-
ple, the American naval
facility on Andros is another mys-
terious Area 51 — the top-secret
military base in Nevada that has
been imaginatively linked to
UFOs and inter-dimensional vor-
‘tExes.
“s And believe it or not -
‘AUTEC’s deepwater sensors in
the Tongue of the Ocean were
tecently used by scientists from
the University of California in an
effort to detect cosmic neutrinos
‘emitted by intergalactic black
“holes.
== But environmentalists regard
the hundreds of square miles of
deep ocean off the Atlantic
‘Underwater Testing and Evalua-
ition Centre near Fresh Creek as a
‘killing field for whales and dol-
‘phins.
y«, AUTEC was set up in 1965 to
‘research anti-submarine warfare
‘or the Western Alliance using live
“targets and synthetic torpedoes in
*a realistic environment. Those
eactivities rely on a detection sys-
“tem called tactical active sonar
«that was first deployed on war-
eships about 40 years ago.
= As one British submariner who
atook part in these exercises
sexplained: “We would travel up
¢and down the range, whilst other
“NATO submarines, warships and
“elicopters would fire torpedoes at
EBS.
iS! In fact, Tough Call was one of
“several Bahamian journalists
“aboard a Royal Navy helicopter
aarrier in 1976 that took part ina
‘four- day exercise off Andros
“involving US, British, Dutch and
sPahamian forces.
Codenamed Operation Clay,
“he exercise featured mock com-
fnando landings. And the carrier,
MS Bulwark, conducted
Pevtiosavics with a nuclear-pow-
red British attack submarine
*undergoing trials at AUTEC.
Ms Today, AUTEC employs over
400 Americans and 170 Bahami-
vans. The 1983 lease agreement
provides for the use of land sites,
palrspace and seabed for a payment
of $10.8 million a year. Andros
as selected because of its deep
water close to shore, but there are
‘increasing concerns among envi-
"fonmentalists that ear-splitting mil-
Mitary sonar threatens whales and
Other marine mammals through-
‘out the world’s oceans:
i “.° That’s because whales and dol-
‘phins navigate, hunt and commu-
1 und waves. Hearing







eg











arine mammal

LARRY SMITH

is their primary sense, and because
sound travels so well in water, the
noise can be miles away and still
seem like it is just around the cor-
ner.

"Whales exposed to high-inten-
sity sonar have been found bleed-
ing from the eyes and ears, with
lesions the size of golf balls in their
organ tissue.

“Biologists are concerned that
the whales we see dying on the
beaches are only the tip of an ice-
berg and that many more are
dying at sea," said Michael Jasny
of the New York-based Natural
Resources Defence Council.

And according to the US
National Oceanographic and
Atmospheric Administration,
“The effect of man-made sounds
on marine mammals has become a
clear conservation issue. Strong
evidence exists that military sonar
has caused the strandings of
beaked whales in several loca-
tions.”

Bes say high-intensity
sonar disorients whales
and can damage their ears, causing
them to surface too quickly and
strand on shorelines where they
often die. Although whale strand-
ings have been reported around
the world for hundreds of years,

- environmentalists say the num-

bers are increasing.

Modern sonar sends out loud
pings that appear to frighten and
disorient whales, especially deep-
diving species such as the beaked
whales, about which we know lit-
tle.

And in fact, the US Navy is
spending $50 million on research
to understand how marine mam-
mals are affected by sound.

This research includes investi-
gating marine mammal locations,
abundance, and movement at sea;
studying the effects of sound on
the physiology and behaviour of
marine mammals; and finding
ways to mitigate those effects.

For the past 15 years, the
Bahamas Marine Mammal Sur-
vey - based at Sandy Point, Abaco
- has been carrying out field stud-



died and the BMMS was.able.to



ies of whales and dolphins, with
funding from Earthwatch Insti-
tute, and has documented 24
species in Bahamian waters. They
have also been involved in a mon-
itoring programme at AUTEC
that detects whales using the base’s
underwater microphones.

The BMMS has collated
reports of marine mammal strand-

conduct post-mortems on all of
them.

Claridge and former BMMS
scientist Ken Balcomb reported
their findings in the May 2001
issue of the Bahamas Journal of
Science*:

“We concluded that there must
have been an enormous acoustic
event...that triggered a behavioural
flight response by several species,
but predominantly Cuvier’s
beaked whales.”

Both the US National Marine
Fisheries Service and the US Navy
came to similar conclusions based
on the post mortems, “which indi-
cated that the injuries were all con-
sistent with an intense acoustic or
pressure event.”



“Modern sonar sends out loud pings
that appear to frighten and
disorient whales, especially
deep-diving species such as the
beaked whales, about which we
know little. And in fact, the US Navy
is spending $50 million on research
to understand how marine
mammals are affected by sound.”

AE NY

ings in the Bahamas dating back to
the 1940s: “The data show a rela-
tively consistent number of strand-
ings from the 1960s to the 1980s,
that begins to increase in the
1990s,” Diane Claridge told Tough
Call recently. “Then there is a
sharp rise, with peaks in 2000 and

--2002-from two mass stranding

events. We've recorded 78 strand-
ings in the past six years, which is
unusually high compared to pre-
vious years.”

In 2002 some 40 oceanic dol-
phins stranded on Long Island
where about half died of exposure
and starvation. Researchers have
not determined exactly why these
deepwater animals entered the
shallows at Deadman's Cay Sound
in the first place. There were
rumours of naval activity in the
area at the time, but that was nev-
er confirmed.

In the more famous 2000 event,
17 whales and dolphins came
ashore-on Abaco and Grand
Bahama during a confirmed US
naval exercise in the Providence
Channel. Seven of the animals



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Beaked whales are more sensi-
tive to the 180 decibel sonar levels
used by the US Navy than other
species. For comparison, experts
say that typical ocean noise levels
in the Bahamas range from 40
decibels with no shipping to 68
decibels with heavy shipping. For
humans, a sound level of 85 deci-
bels causes permanent hearing
damage, and a sound level of 125
decibels causes ear pain.

“As far as I am aware, current
mitigation practices at AUTEC
consist of observers on ships
before and during exercises, slow-
ly ramping up sonar as an exer-
cise begins, and ensuring that no
one ship outputs more than 180
decibels,” Claridge said. “I believe
they also consider the cumulative
effect if multiple ships are using
sonars simultaneously.”

But apparently this isn't enough

to prevent harm to beaked whales _

from active sonar. To find out
what type of mitigation would be
effective, the US Office of Naval
Research has been funding the
Marine Mammal Monitoring Pro-
gramme, which listens for whales

s and the use of sona

on the AUTEC range.

According to the BMMS, this
system can be used to look at
changes in the density of beaked
whales (and other species) before,
during and after naval exercises.
And it can also determine whether
whales are moving in and out of
the area as a result of naval activ-
ity. Claridge has been to AUTEC
several times to work on the pro-
gramme.

“What is really interesting to
me is that beaked whales are
detected pretty much all the time.
I didn't expect them to be found so
frequently in an area where mili-
tary exercises have taken place
regularly for the past 40 years.
Additionally, sperm whales, sev-
eral dolphin species and short-
finned pilot whales are commonly
seen and heard, and appear to be
in the Tongue of the Ocean year
round.”

Heres modern navies
use high-intensity active
sonar, which generates sound puls-
es at various levels. And there has
reportedly been more naval activ-
ity in the Tongue of the Ocean
lately as other test sites have
closed. Embassy officials say

‘about a dozen exercises take place

at AUTEC every year — each last-
ing several days.

“If the number of exercisés
using active sonar has increased,
and we know that the number of
strandings has increased, then
there is definitely reason for con-
cern considering the correlation
between sonar exercises and
strandings that have been report
ed in scientific publications,” Clar-
idge said.

Beaked whales are the most

mysterious of the 80 cetacean _

species because they favour the
deep ocean. In fact, what little we
do know of them has largely come
from stranded animals. Sightings

of them at sea are rare due to their:

long dive times and unobtrusive
surfacing behaviour, but a prefer-
ence for deep-water habitats
makes them relatively common in
the deep basins and channels of
the Bahamas.

Claridge says AUTEC could
usefully implement follow-up sur-
veys for distressed animals after

each exercise and conduct envi- |

ronmental impact assessments pri-
or to any exercises conducted in
the Bahamas.

She also called for a stranding
response workshop to train people



on various islands in how to collect
data from dead whales as well ‘as
how to help live ones: “We need
the data because with every whale
that strands and no data/specimens
are collected, we really can't say
why they died.”

Bovircnmentaists want
navies to take common-
sense precautions during peace-
time sonar training. Such measures
include avoiding migration routes
and feeding or breeding areas
when they are present; and listen-
ing with passive sonar to ensure
that whales are not in the area

‘before switching on active sonar.

According to the American
Cetacean Society, “The contro-
versy between the military and
environmental groups arises out
of the need to maintain a certain
level of national security and not
injure or kill every living thing in
the ocean by doing so.”

But the military says worldwide
naval use of active sonar has been
correlated with the stranding of
only 50 whales during the 10-year
period from 1996-2006: “To help
put this number in perspective,
this equates to less than a quarter
of one per cent of the 3500-plus
strandings that occur each year on
US shores,” according to a US
Navy fact sheet.

A recent report by the United
Nations Environment Programme
rated sonar last among current:
threats to dolphins, porpoises and
related species. Sonar was report-
ed to threaten only about 4 per
cent of these species, compared
with 70 per cent endangered by
fishing and 56 per cent by pollu-
tion.

And it wasn’t too long ago that
many whale species were being
hunted to the point of extinction.
In fact, commercial whaling has
been around since at least the 11th
century. At its peak, during the
mid-20th century, the global whal-
ing industry was killing more than
50,000 whales a year.

*The Bahamas Journal of Sci-
ence was published by Media
Enterprises from. 1993 to 2006
when it became the Bahamas Nat-
uralist and Journal of Science, co-
published with the Bahamas
National Trust.

What do you think?
Send comments to
larry@tribunemedia.net
Or visit www.bahamapundit:com

x


PAGE 10, WEDNESDAY, MAY 3, 2006

Blaze
threatens

homes,
Albany

House
FROM page one

smoke the road was closed from
4pm to 7pm.

Albany House is owned by
New Providence Development
Company, which is a subsidiary
of a holding company whose
major investor is Lyford Cay
billionaire Joe Lewis.

Up to press time, fire units
were still on the scene. Press
liaison officer Walter Evans said
that there were seven fire emer-
gencies yesterday, excluding the
city dump.

Mr Evans said fire fighters
will remain on the scene at
South Beach until the fire is
extinguished.

@ FIRE fighters had to use a
tractor to clear a path to pre-
vent the fire from spreading.

(Photo: Felipé Major/
Tribune staff)

‘

THE TRIBUNE



up to launch proceedings -

against government after ‘raids’

FROM page one

Nevertheless, Mr Smith
said that he and the Grand
Bahama Human Rights
Association have met over
the weekend in Spanish
Wells, Freeport and Har-
bour Island with many peo-
ple who were arrested in
these raids and are looking
at bringing action against

the government to enjoin it
from conducting what the
organization describes as
“illegal activities”.

“What we have found was
that most of the people we
have interviewed are
absolutely terrified of
bringing an action against
the government. They feel
that they will be victimised
and although, say a hus-

band has a permanent resi-
dency certificate, he may
have a wife or children or
family member that is here
on an annual residency cer-
tificate and so they feel
exposed and they feel that
any attempt to assert their
rights will lead to abuse
against their loved one,” Mr
Smith said.

Nevertheless, there have

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been a few persons who
were willing to launch pro-
ceedings which Mr Smith
hopes will stand out ata
precedent.

“We are not in the late

1930s in Nazi Germany, the

Haitians are not to be treat-
ed as the Jews of the
Bahamas to have to be vic-
timised and hunted down
and removed from the pop-
ulation,” the lawyer said.
An immigrant popula-
tion, he pointed out, is very

‘want to do,

necessary for the growth of
the county.

“Tf the Bahamian people
and -the foreign investors
did not need a cheap and
capable and committed
labour and someone to do
jobs that Bahamians don’t
then the
Haitians would not be
here,” Mr Smith said.

The public, he said, can-
not keep using Haitians as
scapegoats for all of the
incompetents and ineptness

of the country’s govern
ments.

“The government has
whipped up so much anti-
Haitian furor that right now
there is a fever in the coun-
ty against anything Haitian
and we have to be careful
not to stigmatize these peo-
ple. The government has
become a vigilante, hang
"em at high noop organiza-
tion, and I call on the gov-
ernment to respect law,”
Mr Smith said.

Ministry of Housing reluctant
to give information on
the awarding of contracts

FROM page one

Saying that it is unfortunate, Mr Symon-
ette said: "Under the FNM, all Perma-
nent Secretaries were told to answer any
reasonable question from the public, espe-
cially the press. Now, under the PLP, what
is happening is that they say ‘no com-
ment,’ ‘no comment’."

As all contracts being awarded by the
Housing Ministry come before a tenders
board, the names of individuals who have
been awarded contracts, it is thought, are
available to the public. However, not all
contracts make it to the tender's board, it
has been revealed.

As a contract must be of a maximum
dollar value before it goes before the ten-
der's board, some awards are being divid-
ed into smaller amounts and spread out
among certain individuals in order to cir-
cumvent the normal process, a source has
informed The Tribune.

In recent weeks, these and other claims
have surfaced in relation to a few select
individuals with supposed ties to certain
parliamentarians.

These individuals, according to the alle-
gations, have received the lion’s share of
building contracts, tendered and unten-
dered. However, persons at the Housing
Ministry have been reluctant to divulge
information, saying that any information
about the awarding of contracts must be
cleared by the Minister or the Permanent
Secretary.

‘In his conversation with The Tribune
yesterday, Mr Symonette said that he, too,
has asked for a list of all persons who have
received contracts to build low cost homes.

"For four years, in Parliament, I have
asked for that information, and they have
not answered me yet," said Mr Symon-
ette.

"It is very unfortunate that the people’ s
business is being hidden from us.





An established law firm requires the following:

AN ATTORNEY

Please send resumés:
c/o The ‘Tribune,
P.O. Box N-3207

DA 46420
Nassau, The Bahamas



with a least five (5) years experience in litigation,
commercial and general law.
Must be willing to relocate to a Family Island.

A LEGAL SECRETARY
with at least three (3) years litigation experience.
Applicants must be able to work on their own initiative.

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










, . WEDNESDAY, May 3, 2006, PAGE 17






THE TRIBUNE BUSINESS | a



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| mo i vv : 7 ui Taian were awarded special gifs certi cates & Mae
10-30 years of service fo the company af the annual staff party.

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PAGE 12, WEDNESDAY, MAY 3, 2006



TV show focuses on dream

homes in the Bahamas

FOUR Nassau houses are being
featured this month in the popular
House Hunters International show
aired by Home and Garden Tele-
vision on Cable Channel 22.

Episode 107, “Dream Home in
The Bahamas,” aired for the first
time on Monday night, and was
repeated yesterday.

The half-hour programme repeats
on May 5 at 10.30pm and May 6 at
2.30am.

“My phone hasn’t stopped ringing
since the show started last night,”
said realtor Sara Parker, a licensed
Bahamas Real Estate Association
broker with World Developers Lim-
ited.

“ve had calls from Missouri and
emails from all over saying what



@ THE Rollins family’s former Eastwood home was also sold by Sara

Parker

@ THE Rollins family loved the
Winton Heights atmosphere and
extraordinary garden of this home,
now reduced to $495,000

soecvcscevscscsscececececececscescccecstocaccnccanengnessecececbesctepescussceenescacaccuancrascnscceseceeesceascuscaucscseunecgescusaussaneccscasasauccsensoseuceeanaecuansneusncnsasaeassecacaeacascecssncacasoacenouegsovsnenuansenauavsuasenrasasauacarascscasocagooouconaqacccuceesese PRES ee Se ee ACE ER a Sessescvansceweetece

With soldiers guarding Bolivian gas fields, |
and Brazil worry about nationalisation plan

@ BOLIVIA
Santa Cruz de la Sierra

A DAY after soldiers were dis-
patched to guard natural gas installa-
tions across Bolivia, the European
Union warned Tuesday that a decree
by leftist President Evo Morales to
nationalise the nation’s gas industry
could hurt world energy markets,
according to Associated Press.

Across Bolivia’s border, Brazilian
President Luiz Inacio Lula da Silva
prepared to hold an emergency meet-

ing to assess the impact on Brazil — the -

biggest buyer of Bolivian gas and the
owner of Petroleo Brasileiro SA, one
of Bolivia’s biggest gas producers.

Petrobras President Sergio Gabriel-
li said officials were seeking “to secure
our rights” to Bolivian gas and the
US$1.6 billion Petrobras has invested
in Bolivia since the mid-1990s.

While EU nations import little nat-
ural gas from the South American
country, EU spokesman Ferran Tar-
radellas Espuny said the move “may
have a negative impact on markets,

fantastic publicity the show is for
the Bahamas.

“The Rollins family was wonder-
ful on film. They really showed off
the Bahamas — from the beaches to
their new dream house with incred-

ible tropical views. I’m so happy to.

have found it for them.”

The episode, according to the
HGTV website, features Donna and
Patrick Rollins' four-bedroom home
in Nassau, which “just is not big
enough for the couple and their four
growing kids.

“We did find our dream home,”
said Patrick Rollins, owner of Wood
You furniture store; which has

branches in Nassau and Marsh Har-

bour, Abaco.
The HGTV feature on Bahamian

homes came about as the result of
Mrs Parker’s response to House
Hunter’s emailed invitation.
“They liked my story of the
Rollins family search for just the

_ tight house for their big family, two

small sons and two teen daughters,
complicated by Patrick’s need for
high ceilings and lots of space.
~ “Roger Sands, appraiser at Levi
Gibson Realty, shot the taped audi-
tion with the Rollins Family for me.
Now, the producers have invited me
to host another show, plus I’ve giv-
en them leads on other homes
owned by former residents now liv-
ing in Amsterdam and Mexico. Pve
really enjoyed the process,” she said.
The homes featured in House

Providence. “La Casona” is a large
colonial building which crowns the
Sans Souci hill-top and is filled with
wood and sea views on a large ter-
raced lot. “SpinDrift” is smaller but
in immaculate condition on a large
lot with sea views.

The third house is in Winton
Heights with large rooms, a big pool
and a stunning garden views, all with
an “Out of Africa” ambiance.

“Because the Rollins family has
done such a beautiful job of turning
their EastWood home into a show
piece with 12-foot ceilings, rose
wood floors and an outdoor kitchen
and pool area, I just can’t wait to

‘see their renovation: of their new

Bahamas Dream Home,” said Mrs
Parker.





Hunters areall in the East of New

IMMACULATE condition, sea views and boat ramp access put this
Eastern Road charmer on the short list for the Rollins family.

“OUT of Africa” Living Room with beautiful ceilings won points for this

home i in Winton Heights.

because the markets are now subject to
considerable pressure as far as pices
are concerned.”

The European Commission said it
would also study the impact on Bolivi-
a’s economy and to foreign investors
there. Besides Petrobras, most of the
biggest natural gas players are Euro-
pean. They include Britain’s BG
Group PLC and BP PLC, Petrobras,
Spanish-Argentine Repsol YPF SA,
France’s Total SA and U.S.-based
Exxon Mobil Corp.

Repsol shares fell 2 per cent in
Madrid on Tuesday and Petrobras
wobbled in Sao Paulo, reversing early
losses to rise 1.3 per cent. The news
didn’t adversely affect other compa-
nies with Bolivian operations because
their total oil and gas reserves in the
country are much smaller in percentage
terms.

Morales ordered troops to 56 nat-
ural gas installations throughout the

Andean nation on Monday, after don- »

ning a hardhat of Bolivia’s moribund
state-owned oil company and threat-
ening to evict foreign companies unless

they give Bolivia control over produc-
tion within six months.

The announcement Monday fulfills
Morales’ election promise to increase

“state control over Bolivia’s natural

resources, which he says have been
“looted” by foreign companies. It also
solidifies his role along with Venezue-
la’s Hugo Chavez and Cuba’s Fidel
Castro in Latin America’s new axis of
socialist-inclined leaders opposed to
US and corporate influence in the
region.

Beginning

Morales said the hydrocarbons sec-
tor “was just the beginning, because
tomorrow it will be the mines, the for-
est resources and the land.” Planning
Minister Carlos Villegas recently spoke
of a “drastic” overhaul of mining laws
to increase state revenues.

About 100 soldiers took control of
the Palmasola refinery in the eastern
city of Santa Cruz, some carrying
assault rifles, others with anti-riot gear.

o WINTON Colonial exterior

Most stood in front of the gates of the
refinery, which is run by Brazil’s
Petroleo Brasileiro SA, or Petrobras.

“Our mission is to guarantee the nor-
mal operations” of the facility, said
unit commander Capt Jorge Lenz.

Engineers with Bolivia’s state-owned.
oil company were ordered to installa-
tions and fields tapped by the foreign
companies, and Morales said the com-
panies have six months to agree to new
contracts or leave Bolivia.

Speaking later in front of thousands
of supporters at the presidential palace,
Morales thanked the armed forces for
supporting his decree and said that
“foreign petroleum companies that

announced they will freeze their invest-

ments can leave.”

Foreign companies extracting and
exporting Bolivia’s gas have invested
about US$3.5 billion over the last
decade, and Petrobras alone has
pumped US$1. 6 billion in the nation to
feed ever-increasing demand in Brazil.
But new investments have been large-
ly frozen since last year over concerns
about what Morales’ nationalisation

THE TRIBUNE :





Hi WINTON pool



@ THIS Sans Souci house with hilltop views
made the short list




plan would mean for producers. *\:.

The announcement follows a trend
by oil- and gas-rich Latin American
nations to exact a larger share of prof-
its from extraction of the fossil fuels,

Ecuador is arguing with Washing-
ton over a new oil royalties law and
less than a month ago, Chavez orderéd
the seizure of oil fields from Total and
Italy’s Eni SpA when the companies
failed to comply with a government
demand that operations be turned over
to Venezuela’s state oil company,
Petroleos de Venezuela SA.

Bolivia has South America’s second-
largest natural gas reserves after
Venezuela. All foreign companies must
turn over most production control to
Bolivia’s cash-strapped state-owned
oil company, Yacimientos vetolteips
Fiscales Bolivianos, Morales said.

Multi-national companies that pro-
duced 100 million cubic feet of natiéal '
gas daily last year in Bolivia wifl-be
able to retain only 18 per cent of their
production, with the rest being given to
YPFB, he said. Morales did not nathe
the companies.

ns
Re

“T.read The Tribune for local
news, sports, and health &
beauty tips. My day isn’t
complete until I’ve read it.
The Tribune is my
newspaper.”

SHENIQUE RILEY-MCKENZIE

PARADISE ISLAND STRAW VENDOR,
ARTIST & SOCCER COACH

Purchase The Tribune from your local
convenience store or street varidor.

ev ry
FETE HTCRES



The Tribune
Why Vosce. Wy Hlewcpaper!”


RMT STE TAN NH

TWEDNESDAY, MAY 3 _ 2006

SECTION



business@tribunemedia.net



Miami Herald Business, Stocks, Analysis, Wall Street

HELPING YOU CREATE AND MANAGE WEALTH

__ NASSAU OFFICE
Tel: (242) 356-7764







FREEPORT OFFICE
Tel: (242) 351-3010









‘No major
hiccups’ are
expected on
bank Clearing

House

lm By CARA BRENNEN
Tribune Staff Reporter



THERE should not be “any
major hiccups” in the second
tendering process seeking an
outside contractor to imple-
.ment an Automated Clearing
House (ACH) in the Bahamas,
the Clearing Banks Associa-
tion’s (CBA) chairman told
The Tribune yesterday.

Paul McWeeney, Bank of
the Bahamas International’s
chairman, said that once the
bidding process was complet-
_ ed, the Association was opti-
nistic it. would be able to

SEE page 2B



"i PAUL McWEENEY

$15m investment ‘not
in bank’s best interest

a By NEIL HARTNELL
Tribune Business Editor

eadenhall Bank
& Trust Compa-
ny’s liquidator
has been left
“puzzled” by its
investment strategy, stating
that a decision to invest $15
million in a policy with a
Guernsey-licensed insurer did
“not appear to have.been
made in the bank’s best inter-
ests” as the income earned was
less than the management fees.
In his second report to
depositors and creditors, Craig
‘Tony’ Gomez said Leadenhall
had established the investment
policy with Generali Interna-
tional on November 26, 2002,
after it was introduced to the
insurer by. Caledonia Corpo-
rate Management Group.
The persons assured by the
policy were Léadenhall’s then
managing director, William
Jennings, and then corporate
secretary Bernadette North.
The initial investment was
$1.542 million, and further

Leadenhall liquidator recovers $600,000 in outstanding loans

investments were made by
Leadenhall to leave the policy
portfolio valued at $15.51 mil-
lion as at March 3, 2006. -

Mr Gomez said Generali
was charging Leadenhall about
$118,000 per quarter for man-
agement, trading and service
fees, and had received $1.851
million from the bank between
January 2002 and December
2005.

He added that for 2005,
while Leadenhall earned inter-
est of $432,852 on its invest-
ment, Generali’s fees came to
$472,098, meaning the bank
had made a net loss for the
year of $40,246.

Mr Gomez said he had been
seeking to determine whether
to surrender the policy, adding

. that an Early Discontinuation

Charge (EDC) would be
incurred by Leadenhall if it did
so, as the bank had not held
the policy for more than 20
quarters.. The EDC, Generali

Small businesses ‘need to get away from entitlement’

i By NEIL HARTNELL
_ Tribune Business Editor



BAHAMIAN businesses “need to get
away from the idea that someone Owes
us something” and develop a mindset of
‘finding solutions to problems, a senior
executive at a financial services broker-
age said.

Addressing a Bahamas Institute of
Chartered Accountants (BICA) on small
businesses, Troy Sampson. of Approved
Lending Services, said that while small

Bahamian companies did face challenges,

plenty of “beliyaching” also went on.

“Tf you don’t want to do the work. don’t
complain about the lack of opportunities.”
Mr Sampson said. “If you don’t want to do
the preparation, don’t complain about the
lack of financing.

“We need to get away from the idea of
entitlement; that someone owes us some-
thing"because wé’re Bahamian and the
small man, so someone’s obligated to help
us.”

Mr Sampson urged Bahamian small

businesses to join organisations such as

- the Bahamas Chamber of Commerce and
‘the Small Business Association of the

Bahamas.
. He added that those companies needed

‘to work together, through such organisa-

tions, to develop statistics that “measure
the impact of small businesses on our soci-
ely x

“T think then we will begin to have legs
to stand on.” Mr Sampson said, “to the

extent that we can put ourselves in a posi-

tion to crunch the numbers.

ing countries, they are driven primarily
not by large entrepreneurs but by the
small businesses.

“If we want to have strategies for fund-

ing for small and medium-sized enterpris-
es, with minds set on finding solutions,
solutions will be found.”

On the challenges faced by small
Bahamian businesses, Mr Sampson said
he and his colleagues “see on a day-to-

- day basis, a lack of preparation” by entre-

preneurs that was hindering their appli-
cations for capital funding.

Frequently, budding entrepreneurs did
not submit proper business plans or doc-
uments to support their companies, keep-
ing ideas in their head for fear that they

SEE page 3B

“For a lot of developed and develop-



FIDELITY

Beyond Banking

ee Ve FREEPORT |



had informed him, would be
$1.207 million.
The liquidator indicated this

had put him in a quandry,.
because “if the policy is not -

surrendered, the bank will be
charged quarterly fees for nine
quarters at approximately
$118,000 per quarter, totalling
$1.062 million.

“Based on the information
received from Generali, the
bank cannot avoid paying a
hefty fee now or at a later date
to surrender this policy.”

In addition, Mr Gomez said

‘Generali had informed him.

that no beneficiary had been
named on the policy, and
Leadenhall, as the policyown-

er, would only receive death .

benefits upon the deaths of Mr
Jennings and Ms North.

Mr Gomez wrote: “This
investment, appears to me, to
have not been made in the
bank’s best interest, as it begs
the question: Why would the
Bank’s management invest $15
million for an extended period
of time, thus reducing its liq-
uidity and then be forced to
pay Generali annual fees in
excess of $400,000 annually to
manage the account?

“Such a fee, to especially
manage cash, seems excessive.
Further, why would manage-
ment invest in a vehicle in
which the income earned is
$40,000 less than the charges

Bank sees 27.1%

COMMONWEALTH Bank yes-
terday announced it had achieved
record first quarter net income of
$8.8 million, a 27.1 per cent rise
over the previous year’s $6.9 mil-
lion, as it continued returning the
fruits of its impressive performance
to shareholders. Be

With total assets standing just

below the $900 million mark at ,

$898.3 million, a $45' million rise
since 2005 year-end, Common-

wealth Bank increased its regular.
dividends by 50 per cent from $0.08 .

to $0.12 asa result of strong returns.

In addition, it will pay an extror-
dinary dividend of $0.12 per share
to shareholders on April 28, 2006..

“In any publicly-held company,
there is no better news for a chair-
man to report than to say perfor-
mance was so strong that we were
able to increase your dividends,”
said Commonwealth Bank’s chair-
man, T.B: Donaldson. .

“In this case, the Board of Direc-
tors voted not only to increase div-
idends by a full 50 per cent, but to
pay an extraordinary dividend of
12 cents per common share. It is
the best way we know to say thank
you for your support, for believing
in Commonwealth Bank and for
your partnership as owners. This is
your bank. These are your results.”

paid to the portfolio manag-

er? The investment strategy is |
“puzzling.”
In his update for the period -

between December 10, 2005,
and April 10, 2006, Mr Gomez

said during that time he had’

managed to collect almost
$600,000 in outstanding loans
the bank had made to clients.
_ In addition, he had met with
Mr Jennings “on the issue of
booking clients’ assets in the
name of the bank”, and relo-
cated Leadenhall to One Cum-
berland Hill Street, saving it
$6,000 per month in rent.’
‘On the main challenges to
the liquidation, Mr Gomez said

- he had attempted to progress

the litigation involving Lead-
enhall and former executives
in Axxess International, the
firm that processed and admin-
istered its former MasterCard
credit card portfolio. The for-
mer Axxess executives have
reformed into First Financial
Caribbean Trust Company,
based in the Turks & Caicos
Islands.

Mr Gomez said he was con-

- tinuing the approach of recon-

ciling the card deposits at.the
time they were transferred
from Leadenhall to Axxess,
and the amount of funds even-
tually transferred to First

SEE page 8B

net income rise

. Annualised return on share-
holder-equity increased from 29.4
per cent for the first quarter of 2005
to 32.3 per cent for the same quar-
ter this year.

Return on assets was up from 2.9
per cent to 3.5 per cent over the
same time period. These positive

‘results are likely to have been

reflected in Commonwealth Bank’s
share price, which has hit a new
high of $10.16. ‘

Mr Donaldson said Common- ,

wealth Bank’s performance during
the first three months of 2006 had
been driven by increased consumer
confidence resulting from the opti-
mistic outlook. for the Bahamian
economy as a result of various for-

-eign direct investment projects and

associated capital inflows.

Total assets had increased by 5.2
per cent over December 31, 2005,
and were about $130 million up on
March 31, 2005 figures.

Commonwealth Bank has con-
tinued its expansion into the
Bahamian mortgage lending mar-

ket, with first quarter annualised —

returns on shareholder equity
standing at 32.3 per cent, up from
29.4 percent in 2005. —

Return on assets was 3.5 per cent,
compared to 2.9 per cent in the
2005 first quarter.

TAM ipiiaeweal yi euerer iH meal) ¢ ot Ty




PAGE 2B, Wevui. SDAY, MAY 3, 2006

What to gather when assessing em

he collection of
information dur-
ing the initial
contact between
prospective
employees and a company is
critical. Every opportunity to
retrieve information must be
taken advantage of and prop-
erly documented. This is easier
said than done, especially when
signals are ignored or over-
looked because of mitigating
circumstances, such as the
department head who desper-
ately needs a new employe.

Nevertheless, many persons
are not aware of the tools
made available for the collec-
tion of this important data. We
will examine in detail the appli-
cation form, which in my opin-
ion is the most important tool
in the process.

The asset protection manag-
er and company attorney
needs to be involved in the
design of the employment
application to ensure it con-
tains all the necessary data. In
many cases, sensitive questions
can. be handled as a supple-
ment to the application form.
This generally meets most legal
criteria, while still providing
the personnel investigator with

the essential information need-
ed to make a proper evalua-
tion.

An application form must be
able to obtain three types of
information about any appli-
cant:

* Personal history

* Employment or profes-
sional history

* Collateral data to help con-
firm the personal history and
employment history

Our discussion begins with
an explanation of the various
components that should be
present in the ‘form’:

1, Name

Any investigation. must
begin with the right name. It is
necessary to know the name/s
used by the applicant in order
to locate the relevant records.
This includes any other names
by which the applicant was
known at any place of prior
education, residence or
employment.

2. Date of Birth

This information is critical
to determining exact identity,
as many persons have the same
name. The chances of having
the exact same name and birth-

Legal Notice

NOTICE
MARRIONERY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) MARRIONERY LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of the International Business Companies

Act 2000,

(b)

The dissolution of the said company commenced on the Ist May,

2006 when the Articles of Dissolution were submitted to and
registered by the Registrar General.

(c)

The Liquidator of the said company is Credit Suisse Trust Ltd. of

Geneva, Rue de Lausanne 17 bis, 1211 Geneva 70.

Dated this 3rd day of May, A.D. 2006.

Credit Suisse Trust Ltd
Liquidator



Secretary / Typist

: Professional Office has an immediate Opening for
‘a Secretary / Typist. The ideal candidate must have

| a minimum of Three (3) Year Office experience with
i|: excellent communications & Computer Skills. The
applicant must possess exceptional telephone
etiquette, good attitude and be capable of working
||: independently and/or as a team member; should have
- a minimum typewriting skills of 5|0 wpm; and must
proficient in the Windows XP or 2000 environment;
|| particularly w/ software such as Microsoft Word,

|| Excel and Quickbooks.

Bahamians and/or Bahamian Residents are invited

to apply.

Please Fax Resume to 394-4458
e-mail: wwb@coralwave.com

private investment bank limited

is looking for an

ACCOUNTING CLERK

Qualifications —

4
t
‘
i
i
j



The position is open to candidates with the following profile:

.- Associate’s degree in Accounting or equivalent
‘- Minimum 3 years experience in a similar position,

‘-. .Excellent MS Office skills

preferably in an offshore environment

:- General IT troubleshooting skills an asset

Responsibilities

Knowledge of Viewpoint an asset

'- Preparation of Bank and Custodian Reconciliations
'- Preparation of various general ledger reports
'- Maintain records of local expenses

’ Personal qualities

‘- Dedicated to team work

May 12, 2006 to:



- . Various administrative duties

- Able to work independently and in a : small structure

- Commitment to service excellence
- Positive and professional attitude
‘- . Excellent oral and written communication skills

, Applicants should only apply in writing, (phone calls will not
be accepted) enclosing a full resume with a covering letter by

Human Resources Manager
private investment bank limited

PO Box N-3918
Nassau, Bahamas



day are less possible.

3. Address

It is necessary not only to
know an applicant’s current
address, but also all the
addresses at which the appli-
cant resided during any period
of prior employment or edu-
cation, or the period for which
activity is to be checked. This is
inclusive of postal address,
telephone, fax and e-mail
address.

4. Employment

All employment history,
including self-employment,
should be required from the
applicant for the period to be
examined. If this is five, seven
or 10 years, an orderly chrono-
logical presentation of employ-
ment, self-employment and
unemployment during that
period must be required.

For each area of employ-
ment, the following data is rel-
evant:

* Name and address of
employer

* Job title - initial and final

* Period of employment

* Final compensation

* Reason for leaving

* Name of the last immediate
superior, including the tele-
phone number

5. References
At least three people not

‘No major hiccups’ are expected.

related to the applicant who
have known them for one year
or longer should be requested.
Although it is sometimes
argued that listed references
furnish only favourable infor-
mation, this is not necessarily
true.

More importantly, a refer-
ence may provide information
about an applicant’s activities
and whereabouts that differs
with what the applicant pro-
vides in the application form,
particularly with regard to
details like chronology.

6. Police / Military Service

This inquiry should be:

* Period of service .

* Branch of service

* Character of separauion or
discharge

* Rank/rating at time of dis-
charge |

* Discharge document

7. Criminal History

The police record is a basic
tool that can be used for col-
lection of this data.

However, more in-depth
information may be required,
and this can be achieved by
simply asking questions such
as: Have you ever been arrest-
ed before, or have you ever
spent time in jail? This must
be considered if the applicant
has spent time in another
country.



8. Authorisation

Many information sources
are either governed by statutes
or have become cautious about
disclosing data on former
employees or students. One
way of crossing this hurdle is to
have the applicant personally
authorise such disclosure by
signing - in the presence of a
witness - an authorisation for
release of the information.

An example: I (name of
applicant), hereby authorise
the (employer) company to
conduct such investigation of
my application for employ-
mént as may be necessary in
the company’s discretion. I
(name of applicant) authorise
all individuals who may have
information relevant to this
investigation to disclose such
information to the (employer),
‘company or its agents.

This list is by no means

' Bahamas,

"

THE TRIBUNE z

Safe &

Secure

exhaustive but I think ites «i

even the novice investigator -
off on the right track:

Next week, we will look at ‘
how best to use this informa- —

_ tion when preparing and con-

ducting a background investi-
gation. Additionally, tips on
how to analyse this data will °
be discussed.

ot
+
nt
iv

(ro

a

4

NB: Gamal Newry is the '
president of Preventative Mea- '
sures, a loss prevention and ’

asset protection training and
consulting company, special-
ising in plicy and procedure

1

development, business securi- ,

ty reviews and audits, and
emergency and crisis manage- '
ment. Comments can be sent
to PO Box N-3154 Nassau,
or e-mail
gnewry@coralwave.com

on bank Clearing House

it can still implement that por- "'
tion of the ACH before the -

FROM page 1B |

launch electronic cheque pro-
cessing and direct debit and
credit payments by the pro-
posed deadline of December
2006
The Association has been”
trying to. get the ACH off the”
ground for same time, missed
its initial target of having ‘it
established by 2005 after it
brought the first tendering





process to an end, unable to
select,a vendor to install the
system.

However, Mr McWeeney
said this time around, he:
expected that the bidding

- process, announced yesterday,

will go “swiftly and smoothly”.

“All interestéd'partiés have to
“contact: the Association by sera
“May 12.

An advertisement in The
Tribune yesterday said that
over the past several months,

LEGAL NOTICE

NOTICE
FOLKLORE TALES INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the 4th
day of April, 2006. The Liquidator is Argosa Corp. Inc.,
P.O.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

BIs

Pricing Information As Of:

Benchmark

Fidelity Bank

Famguard
Finco

Focol

ICD Utilities






52wk-Low

"28.00 ABDAB




0.35 RND Holdings




52wk-Hi -



Abaco Markets
Bahamas Property Fund
Bank of Bahamas

Bahamas Waste

Cable Bahamas

Colina Holdings
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital

FirstCaribbean
Freeport Concrete

J. S. Johnson
Kerzner International BDRs

Symbol _
12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

13.00 Bahamas Supermarkets

Fund Name
Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Coll aB d Fund

‘Colin







Financial Auwoors Lid,

“Close Today's Close

the Association, along with the
Central Bank of the Bahamas,
had undertaken the responsi-
bility of implementing the
ACH. It described this as being
a key component of. the
National Payments Moderni-
sation Initiative.

“The Association is seeking
a technical vendor’. to imple-
vide clearing and settlement

processing systems and net-
work support for a number of

payments and related services. |

“It should not take long,” [to
complete the bidding process],
said Mr McWeeney, explain-
ing that the Association had
remained in contact with the
three parties that offered pro-
posals during last year’s bid-
ding process.

Many of them remain inter-
ested, and Mr McWeeney said
he expected there to be imme-
diate response to the ad.

He added that the Associa-
tion had learned valuable
lessons from last year’s bidding
process, and now has “a better
understanding of what we
want”.

Mr McWeeney said the .

Association was looking for a
vendor to install the entire pro-

ject including, a central pro-.

cessing unit with archives.
The first phase of the pro-
ject will be the cheque pro-
cessing and direct debit and
credit payments feature, and
Mr McWeeney said the Asso-
ciation remains optimistic that

25



Change Vol. EPS $









ment the ACH, which will pro-







year énds.
Once completed, the ACH is

4

‘

4

x

’

expected to save the Bahamas +4



“tens of millions of dollars” {
and eres the Pen in}

chance to provide a wid ange’ q
of electronic banking services. “

Apart from allowing inter- ‘
bank cheques to be processed
electronically rather than man-
ually at a cheque clearing facil-
ity, the ACH system will allow
direct debits and credits from

accounts, debit cards. anda‘:

shared Automatic Teller

Machine (ATM) network.:The::-

1

latter would allow Bahamians :?
to use their cash cards at any::
‘bank branch. It would also:

reduce the time persons spent ».

in line waiting to cash and
deposit pay cheques, as they
could be deposited to their «:
account.

4

4

it

Bahamian consumers Gcala.
also be able to use direct:deb- >
its from their bank accounts to:::
pay bills such as cable televi- -.

sion and electricity

The ACH system would albo
increase competition among.
the clearing banks: Royal Bank -.
of Canada, Commonwealth.
Bank, Scotiabank, First.

Caribbean International Bank

Ay

( Bahamas), Fidelity Bank.
(Bahamas) and the Bank: of: :

the Bahamas International.
























Div $



0.71 0.71 0.00 -0.019 0.000 N/M 0.00%
10.70 10.70 0.00 1.568 0.360 6.8 3.36%
7.23 7.23 0.00 0.643 0.330 11.2 4.56%|
0.70 0.70 0.00 0.175 0.020 4.0 2.86%
1.24 1.24 0.00 0.110 |,0.060 11.3 4.76%
1.20 4.20 0.00 0.175 0.050 6.9 4.17%
9.15 9.00 -0.15 1,000 0.565 0.240 15.9 2.67%
1.69 1.67 -0.02 17,846 -0.067 0.000 NM 0.00%
10.16 10.16 0.00 0.931 0.560 10.9 5.51%
5.34 5.58 | 0.24 0.091 0.045 59.2 0.84%
2.44 2.44 0.00 0.437 0.000 5.6 0.00%
6.20 6.20 0.00 0.539 0.240 11.5 3.87%|
11.25 11.25 0.00 0.738 0.540 15.2 4.80%
12.00 12.00 0.00 3,000 0.874 0.500 13.7 4.17%
10.42 10.42 0.00 0.833 0.500 12.5 4.80%
1.15 1.15 ; -0.162 0.000 N/M 0.00%
9.50 9.50 0.526 0.540 18.1 5.68%|
9.00 9.00 0.572 0.560 15.7 6.22%
7.97 7.97 0.134 0.000 59.5 0.00%
ie 00 2.036 5.85%

= = 4.80%

10.35 7.80%



1.284958*
2.6570 ***
2.329423**



Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price fram 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, 2006/ **** - AS AT MAR. 31, 2006
A

ee



200













0.00%

2.57%
0.00%

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 $ - Acompany'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




THE TRIBUNE

WEDNESDAY, MAY 3, 2006, PAGE 3B



— a

Why credit ratings are |

so valuable for investors

ast week, we

looked at what a

credit rating is -

and is not - and

aff how it can be

applied to just about any debt

instrument. Today, we take a

brief walk down memory lane

to examine the origins of cred-

it ratings and the evolution to

their current state of applica-

tion. This background will pro-

vide an insight into the role

that credit ratings can play in

the 21st century debt markets
of the Caribbean.

Credit ratings trace their
roots back to 1850 and the cre-
ation of a large market in US
railroad companies’ bonded
debt. While bond markets had
already existed for about three
centuries, prior to 1850 bonds
mostly comprised the sover-
eign debt of a few countries
with representative govern-
ments who investors trusted as
being willing and able to meet
their commitments — primarily
the Dutch, English and, later,
the American governments.
European businesses raised
money by bank loans and
stock issues.

The US economy, on the
other hand, was fundamental-
ly different from the European
economies. For one thing, the
scale of domestic operations
was vast — the country was vir-
tually a continent, and their
most pressing capital need was
that of trying to connect the
country from end to end. The
connectivity technology of the
time was railroads, introduced
in the 1820s. Railroad compa-

nies were primarily private cor-
porations which initially locat-
ed in settled parts of the US,
and raised capital via bank
loans and equity issues.

By 1850, the railroad com-
panies were pressed to expand
into ‘the wild west’. The scale
and uncertainty presented by
the expansion meant that the
railroad companies were no
longer able to raise sufficient
capital from banks and equity
investors.

The solution to the capital
needs of the railroad compa-
nies was the rapid develop-
ment of a huge market in rail-
road company bonded debt.

_ Indeed, by the early 1900s the

railroad corporate bond mar-
ket was several times larger
than that of the Dutch, Eng-
lish or US sovereign debt bond
markets. (The US actually paid
off its entire national debt in
1836.)

This new wave of corporate
bond activity created a pressing
need — transatlantic European
investors demanded to know
critical credit information
about the companies in which
they were being invited to
invest on an unprecedented
scale. The traditional means of
obtaining information via fam-
ily, business and banking rela-
tionships became insufficient.
Investors wanted independent,
third party information upon
which to make investment and
pricing decisions.

In response to this market
need, a gentleman by the name
of Henry Varnum Poor, who
took over as editor of the

American Railroad Journal in
1849, started to publish sys-
tematic information on the
property of railroads, their
assets, liabilities and earnings.
This proved so popular with
investors that after the Amer-
ican Civil War ended in 1865,
Poor and his son started their
own publication, Poor’s Man-
ual of the Railroads of the Unit-
ed States. This annual volume
remained the industry’s
authoritative information
source for several decades.
These statistics were the fore-
runner of modern-day credit
ratings.

In 1909, another gentleman,
John Moody, took the publi-
cation of credit information a
step further and assigned the
first credit rating by publish-
ing an opinion on the credit-
worthiness of the corporate
debt paper issued by railroad
companies. His opinions were
based on extensive company
and industry information, and
rigorous analysis. The Poor
company followed suit in 1916.
It later merged with Standard
Statistics, another information
and ratings company, to form
Standard & Poor’s. Fitch Pub-
lishing Company started pub-
lishing financial information in
1913 and in 1924, introducing
the now familiar ‘AAA’ to ‘D’
rating scale.

With three companies pro-
viding opinions on creditwor-
thiness, and the US bond mar-
ket expanding to include
increasing issues by local and
state governments, public util-
ities and industrial corpora-

tions, the credit rating industry
was well and truly established.
The rating agencies themselves
became known for indepen-
dence, integrity and reliabili-
ty.
_ Interestingly, the US stock
market crash of 1929 sparked
even greater demand for cred-
it ratings, as investors worried
about high bond default rates
and credit risk. By the end of
the 1920s, the vast majority of
bond issues were rated by the
rating agencies.

There is a key event that sig-
nals the importance of the role
of the credit rating agency by
the 1930s. In 1931, the US
Treasury Department, through
the Comptroller of Currency,
adopted credit ratings as
appropriate measures of the
quality of the bond accounts
for the national banks. This
was the first formal rule incor-
porating credit ratings. Indeed,
the importance of the rating
agency’s independent role is
further highlighted by court
decisions that relied explicitly
on ratings to assess whether
fiduciaries had satisfied their
duties in exercising due care
and prudence when investing
the funds in their trust.

The next boom of the credit
rating industry came during
another recession, this time in
1970, during which the infa-
mous default of Penn Central
‘Railroad on $82 million of
commercial paper obligations
occurred. Investors recognised

’ anew the need to have inde--

pendent evaluation of credit
tisk available. This renewed

Saree merase nce

FROM page 1B

might be stolen by rivals.
Mr. Sampson said perfor-
mance statements, feasibility

studies and other documents.

needed to be submitted, espe-
-cially if small businesses were
seeking venture capital fund-
ing.
While venture capitalists
brought funding and certain
skills sets to small and medi-
um:sized businesses, the flip

side for entrepreneurs was that
their involvement diluted both

control and profits coming
from the business.

Mr. Sampson also pointed
out that small businessmen
often overlooked that com-
mercial bank and other lenders
were “keenly interested” in

who their: business! partners: |

were, as they would also be
lending to these people.

Commercial
He added that the Bahamas

had begun to “catch up‘as a
jurisdiction” with commercial

The Tribune wants to
hear from people who
are making news in
their neighbourhoods.
Perhaps you are
raising funds for a
good cause,
campaigning for
improvements in the
area or have won an
award.

If so, call us on 322-
1986 and share your

story.



bank products “becoming a
little more sophisticated”.
However, Mr Sampson
explained that commercial
banks were more interested in
traditional activity such as
mortgages and personal loans,
and lending to small business-
es “always falls on the bad
side” of credit risk assessments.

Offerings

Initial public offerings
(IPOs) and private placements
were further funding options
for small businesses, but Mr
Sampson said these were usu-
ally “cost prohibitive” for such
companies.

Another mechanism was to
tap family and friends for fund-
ing and other forms of support,
but Mr Sampson warned that
this was “one of the best ways
to lose a friend or family mem-
ber”.

Acknowledging that such a
structure could work, Mr
Sampson added: “The family
and friends option needs to be
approached from a business

point of view. Notwithstand- |

ing that they’re friends or fam-
ily, things need to be docu-



| get away from entitlement’

mented and they treated as a
stranger, showing some com-
_ passion and love.”

LEGAL NOTICE

NOTICE
CATTIA OCEAN S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the 26th
day of April, 2006. The Liquidator is Argosa Corp. Inc.,
P.O.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

CITCO





Citco Fund Services

(Bahamas) Ltd

SENIOR FUND ACCOUNTANT

&

FUND ACCOUNTANT

Internationally recognized Fund Administrator, requires an experienced
Hedge Fund Accountant. The only acceptable candidates will have at least
3 years of related fund experience including excellent knowledge of complex
financial instruments including derivatives, OTC securities and private
equities. Candidates must be able to demonstrate their understanding of
financial statement preparation.

We offer a competitive salary and comprehensive benefits plan.

Please fax your CV along with references to the attention of:

Citco Fund Services (Bahamas) Limited

Vice President

Fax Number: 242-393-4692







Le

and extensive demand by
investors allowed the. rating
agencies to adopt the current
business model of charging
issuers, in order to provide a
valuable service to investors.
We can see from this brief
history lesson. how today’s rat-

‘ings were a response to the

market’s need for independent
credit information. The ratings
themselves started first as cred-
it reporting, the publication of
statistics and specialised publi-
cations on financial data} only
to rapidly evolve into the
future oriented opinions on
creditworthiness that they are
today. ‘The reason that credit
ratings were innovated in 1909
is the same reason that they
remain relevant today: the
demand of investors for a reli-
able opinion on the creditwor-
thiness of investments.

Next week, we will briefly





A small Offshore Bank is. looking

_ for an experienced temporary





by S Venkat ° :
Raman «|

r

ene @ Rae |



examine the global expansion :

of credit rating agencies, ‘the

further development of credit: >
ratings and their application to-.’

the Caribbean environment.

=)

NB: Caribbean Information»
& Credit Rating Services Ltd, «:
CariCRIS, is the Caribbean’s:*
Regional Credit Rating: >
Agency. This article forms: :
part of a series on issues sur-! ~
rounding capital markets and)

credit ratings.
info@caricris.com or call 868-
627-8879.

E-mails::!

S.Venkat Raman is the chief” :

executive and chief rating offi-
cer of the Caribbean Informa-
tion & Credit Rating Services,
CariCRIS, the Caribbean
regional rating agency. Prior
to this, Mr Raman was director
- ratings at CRISIL, the largest
rating agency in Asia anda
subsidiary of Standard &
Poor’s.



JUNIOR CORPORATE





IBC's.

UBS

With knowledge of the International -
Business Companies Act and the
formation and administration of

Please send resume
no later than

May 12th 2006
to fax number 322-5807. .

Pe Tada a



UBS (Bahamas) Ltd. is one of the leading Wealth Managers in-the
Caribbean. We look after wealthy private clients by providing them
with comprehensive, value-enhancing services. For our Human
Resources team in Nassau we are looking for a seasoned



Human Resources Manager

The main responsibilities of the position holder include:

Advise management, local employees and International

Assignees;

Recruit managerial and non-managerial staff (locally and on

international level);

Develop, review and execute HR processes and policies;
Manage projects and processes in connection with Education
& Development, Compensation & Benefits, International
Assignment Services, Employee Relations, etc.;




fe aes

Sudcsee Doe ORR Be ena HABen anaes

once ae a eu w

vevrecuwwus

Administer Payroll, Pension Plan as well as annual performance |.
and compensation review processes;

Act as coach and supervisor;

Liaise with Ministry of Immigration, Labour & Training;

Liaise and negotiate with internal specialists and external service

providers.

In order to satisfy our requirements the applicants must possess:

Bachelor's degree in a relevant discipline from a recognized and’
accredited educational institution, any further training is a plus;
Several years of experience in a comparable Human Resources
Management position with a leading global company (preferably

in the banking industry);

Solid international experience in a very diverse, complex and

dynamic environment;

Capability to successfully build up and foster relationships and

networks;

Proven track record as manager, leader and team player;
Excellent communication, presentation and coaching skills;
Sound knowledge of MS Office and HR software applications;
Fluency in a foreign language is a plus.

Written applications by Bahamian nationals or permanent residents

only should be addressed to:

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas


PAGE 4B, WEDNESDAY, MAY 3, 2006

| - RURAL INTERNATIONAL BANK LIMITED

THE TRIBUNE BUSINESS «

So
Le

5, DEPOSITS

+ BALANCE SHEET Maturity analysis of deposits is as follows:

| | AS OF DECEMBER 31, 2005

i . (Expressed in United States dollars)

2005 2004











2005 2004
Less than one month $ - $ 3,318,264
From one month to one year : 8,996,026 - 5,443,137
Total principal 8,996,026 8,761,401
Add: interest receivable 137,745 53,924
Total loans to customers $ 9,133,771 $ 8,815,325



Credit risk

Credit risk arises from the tailure of a counterparty to perform according to the terms of the
contract. From this perspective, the Bank's significant exposure to credit risk is primarily
concentrated in cash and due from banks, time deposits, investments and loans to
customers. The cash and due from bank and time deposits have been placed basically with
the parent bank and high quality institutions and corporations.











‘ Notes 2005 2004
| + ASSETS DEMAND: | te
: (ash and due from banks 7 $ 67,564,624 $ 83,249,431 Banking sector $ 18,005,976 $ 447,552
Time deposits - banks 3 and 7 as peat Non-Banking sector 23,195,062 29,264,600
*s Loans to customers 4 9,133,771 #815, oy Ea
A) 41,201,038 : My
5 Investments in securities 2,670,337 Total demand 29,712,152 4
|. Fixed assets 35,795 43,223
2 Deferred charges aes ORR â„¢ 780,195
i Less than one month , 8,473,033 -
st 155,808,039 $ 163,485,677 _ BeA73033
B's TOTAL $155,808.00 ee From one month to one yeal 25,871,354 76,086,942
5 iMiore Ghancone.year 50,581,481 17,467,215.
% See . ey 9. at
| LIABILITIES AND SHAREHOLDERS" EQUITY _ Total principal Uy Te
+ LIABILITIES: peed Haietesk Payable aia linet trite
i; Deposits Sand7 $ 123,407,809 $ 135,193,899 Total time “82,206,771 __105,481,747
| SHAREHOLDERS' EQUITY: Total deposits - $.123,407,809 $_135,193,899
|i Share capital: ; : pA hatin Git irdae/ AO he acne) Labial inca
Authorized, issued and fully paid: . 6. CONCENTRATION OF ASSETS AND LIABILITIES on
Bi! 2,000,000 shares of US$ 1 each 2,000,000 2,000,000 ne aeons Ldgeoton bane aattimasa oldshesdvacn ‘
i General reserve for loan losses a aie aaa a 2005 2004.
pn pl eel Taaamozan _anpoure ASSETS eel
, tal lers' equi 400, ‘ 5
i ee . ie By Country BLS SAN ASST AA
} TOTAL $ 155,808,039 $ 163,485,677 Bah er 8 5 84200% 29, 100% ‘
Uruguay "2.00%" 70.00%" y
See notes to balance sheet. Other 14.00% 19.00% ;
The balance sheet was approved by the Board of Directors on February 24, 2006, and is signed TOTAL * 100,00% 100.00%
its behalf by: i d
er y By Industry o
Cash and banks - Banking 89.00% 63.00% y
Investments - Banking 0,00% 4.00% i
Loans to customers - Banking 5.00% 26.00% 4
ti ello ose Roberto Salgado Loans to customers - Non-Banking 6.00% 7.00% f
President Vice-President TOTAL 100.00% 100.00% '
LIABILITIES:
RURAL INTERNATIONAL BANK LIMITED By Country :
‘ , Brazil 64.00% 63.00% ‘
NOTES TO BALANCE SHEET Uruguay 19.00% 26.00% :
-AS OF DECEMBER 31, 2005 British Virgin Islands 10.00% 4.00% a
; Other 7.00% 7.00% i
é
1. GENERAL TOTAL 100.00% 100.00% 4
Rural International Bank Limited (the “Bank”) was incorporated under the laws of The By Industry ie
Commonwealth of The Bahamas. The parent company is Banco Rural S.A. .The Bank is ; ; ’
licensed under the Banks and Trust Companies Regulation Act of 2000 to carry on banking Deposits- Banking 16.00% 3.00% a
and trust business. The Bank was effectively opened for business in January 1996 and its Deposits - Non-Banking 84.00% 97.00% . ‘
main activities consist of the acceptance of deposits and placement of loans, investing in TOTAL 100.00% 100.00%
securities, engaging in fiduciary services and currency trading. The registered office of the —=
i Bahi ; ‘ Bay ote ie . .
Bank ip locsied at Ole Towne Mall Gendypor: essa), Babarans Conceniration of risks is based on the country of domicile of the client. f
'. The Bank employed 3 persons during the year (2004: 3). eee # ie ‘ f
7. RELATED PARTY BALANCES i
k,
i
Related party balances are as follows: ‘|
2. SIGNIFICANT ACCOUNTING POLICIES 4
The Company’s balance sheet is prepared in accordance with International Financial be
., Reporting Standards. The preparation of balance sheet in conformity with International jak SE a at near ae oa 2005 — 2004 e
- -Financial’Reporting Standards requires management to make estimates and assumptions Assets — Be ea eS ota gna este ee ee a
“~~ othat affect the: reparted:amounts of.assets.and liabilities and.disclosure of contingent assets... Cc Deed te eon es Oe eee a
and liabilities at the date of the balance sheet. Actual results could differ from those ie and eae ee ($65,257,879 $82,254,690 a
estimates, Ags ira Time deposits -' banks $ 75,175,814 $ 56,698,834. iy
oe mr ile Liabilities aa Co enene hee id
The following is a summary of the significant accounting policies: i
Deposits $ 16,083,752 $ 536,442 t
a. Loans to customers — Loans to customers are stated at their principal amount plus ie
accrued interest net of any allowance for credit losses deemed necessary. If deemed 8. OFF BALANCE SHEET ITEMS o
; necessary, the allowance for credit losses is based on the Bank’s past loan loss en ea . M4
A experience and factors which, in management’s judgement, deserve current Participation Agreement My
- recognition in estimating loan losses. i
q | ee The Bank has entered into participation agreements whereby it advances funds to Brazilian te
x In order to comply with regulatory guidelines, the Bank has established a general companies, and on the other side, it sells the related financial instruments without recourse fe
- reserve for loan losses which form a part of the equity of the Bank in the amount of to third parties. Under the terms of the agreements, the Bank is responsible for the custody oy
- $91,338 (2004: Nil). The reserve for loan losses is established by periodic and safekeeping of the financial instruments, however, it assumes no responsibility for any wl
© appropriations of retained earnings. loss, liability or expense arising from default of the obligator, currency controls or taxation a
f arising in the country where the obligator is domiciled. ‘ ; a
ae : bag]
ail b. Investments in securities — Securities represent bonds issued by Brazilian financial : tee es
oo” institutions for trading in the European Markets and are intended to be held until Issuing and Paying Agent Agreement 5
ae maturity. These securities are recorded at cost plus accrued interest. : : piniinipiedt a ee
4 ty P The Bank has been appointed both placement and paying agent in connection: with: the:’ {=~ “
e c. Fixed assets — Fixed assets are stated at cost less accumulated depreciation. enn ee ae by a Brazilian COMP any: The issuer has agreed fo hold harmless “
c Depreciation is calculated on a straight line basis over the estimated useful life of the peek Saas any losses or claims which may be made against it in connection with the »: “i
‘ap assets, BTR SOU OE *
oes : : f 7 an$l 0 Oot fon esarqgua oF 3) WEoremoY i
i ; As a result of the above agreements as of December 31, 2005 there were participation “i
at a. Foreign currency translation — The functional currency of the Bank is the United agreements outstanding for an aggregate amount of $2,200,000 (2004: $44,599,378) ini a
ap States Dollar. Assets and liabilities in currencies other than the United States dollar 2004). ae ata ont edd aches “
ae have been translated at exchange rates prevailing at December 31, 2005. ae anew i “
ie : 9. FOREIG ue “3
tf €. Taxation — The Bank is not subject to income tax in The Bahamas. N EXCHANGE EOStTION Se eta ash Necte weet cso Rueenets 3
Se : je el . The Bank had the following foreign currency ‘asset and liability positions at December 31, _ ay
i F f. Related parties — Related parties include all companies with common directors 2005: ising ot Redes bi PP ae APSR x
4 ; and/or shareholders, as well as key management personnel of the Bank. {ENRIGG MEO TON BIGRS OLS, 3
" : 8. Impairment — At each balance sheet date, the carrying amounts of assets are 2005 : 2004 4
é ; reviewed to determine whether there is any indication that those assets have suffered CT OURE IN ; eenICnes Sk GVEA Ountne a “£
a: an impairment loss. If any such indication exists, the recoverable amount of the asset Forei i eas t
ees ; : Leaps : gn US Dollar Foreign US Dollar
ay is estimated in order to determine the extent of the impairment loss (if any). Currency Equivalent Currency Equivalent $
2 P Assets R$ 51,917,748 22,188,021 RS 45,344,099 ‘17,087,767 +
i € 398,0 470,64 289, 486,04 ;
| TIME DEPOSITS - BANKS - Tn |
*h sean GBP 162 278 GBP 3,060 3,060 %
e i Maturity analysis of time deposits is as follows: ?
Sai Pes Liabilities R$ = (51,126,765) (21,849,980) R$ (44,356,325) (16,715,528) ey
4 5 2004 ; € - (254,704) (301,138) € (3,275,416) _ (4,466,740)
«EB . 200 Net Position Long 507,828 394,607 %
i i Less than one month $ - §$ 1,073,877 f
be ; From one month to one year 44,284,439 62,885,177 R$ 790,983 R$ 372,239 ;
e H More than one year 31,623,170 2,657,232 € 143,374 € 14,158 x
b, li Total principal 75,907,609 66,616,286 GBP 162 GBP 3,060 t
hi 4 Add: interest receivable _ 3,159,976 2,082,413 ;
a r
| Total time deposits - banks $ 79,067,585 $ 68,698,699 f
i —— eee eee i,
te 10. AVERAGE INTEREST RATES ;
2005 2004 t
Oni loaris 7.68% 13.60% f
LOANS TO CUSTOMERS On deposits 11.50% 10.80% ft
Maturity analysis of loans to customers is as follows:
11, RISK MANAGEMENT

Salnaecealenatiiedi catia al nia ede tae ea cad ana al aad cae aaa ee

.
eee | , a. ba _ WEDNESDAY, MAY 3, 2UU6, rAat on ©

BUSINESS







‘SENIOR ACCOUNTANT

Our client, a leading Bahamian company, is seeking applications for Senior
Accountant.




Interest rate risk management

Interest rate risk is the tisk of economic loss arising from the reinvestment or disinvestment
of cash flows. The Bank is exposed to economic losses from changing interest rates only to
the extent that cash flows from assets and liabilities do not match. To manage this risk, the
Bank’s principal strategy is to maintain loan assets and deposits liability maturities within a
maximum maturity for one year on a fixed rate basis, Where maturities exceed one year,
interest rate risk is clearly evaluated before undertaking the asset or liability and the risk is
reviewed constantly. The approach for managing interest rate risk takes into account all
key risk factors, including maturity, duration, cash flow matching and sensitivity to interest
rate movements.








JOB OBJECTIVE: _

To provide financial assistance in managing the company’s financial resources,
preparing financial reports and analysis, supervising certain key aspects of the
accounting function and maintaining appropriate relaions with investors and
regulatory agencies. The Senior Accountant will report to the Vice President of
Finance and the Financial Controller








Liquidity risk management

Liquidity risk refers to the ability of the Bank to meet its obligations to depositors and
other creditors as they arise. Liquidity management is an important element of the Bank's
overall financial management and recognizes that clients must have confidence in the
ability of the Bank to meet all payment obligations on a timely basis




PRINCIPAL DUTIES & RESPONSIBILITIES:







e Assist in managing the financial affairs of the company

¢ Supervise key components of the accounting department and accounting and
internal control functions :

e Assist with preparation of accurate and timely interim and annual financial
reporting in accordance with International Financial Reporting Standards

e Assist in the annual budget exercise é

¢ Assist in training and development of line accounting staff

¢ Coordinate the annual audit process

e Assist in managing cash flow and treasury functions

e Any other related duties as considered necessary





Investment risk -

The Bank manages its investment securities in accordance with management policy
directed by the Board of Directors that establishes aggregate limits and constraints for
interest rate, credit liquidity, and derivative risks. The Bank focuses on credit liquidity of
marketable securities and constantly reviews price variations to ensure that economic gains
or losses are managed within parameters established by its management policy from the
Board of Directors.






Operational risk

Operational risk is the risk that a loss will be incurred as a result of incorrect processing of —

’ transactions and information due'to fraud, error, system failure of adverse changes in cost
or volumes. The Bank manages operational risk by a system of internal controls that
require segregation of duties, such as the recording of transaction details and notification,
when appropriate, of parties to transactions for verification purposes.

REQUIREMENTS & PERSONAL ATTRIBUTES:
Candidates should meet the following criteria:



¢ Bachelor’s Degree or higher in accounting or related financial field
¢ Professional accounting designation recognized by The Bahamas Institute of
Chartered Accountants _ ;
¢ Minimum of three years post qualifying experience in accounting
¢ Leadership, management and direct supervision experience is required
'e Very good working knowledge of International Financial Reporting Standards
¢ Bahamian Citizen
¢ Solomon accounting software experience
* Proficient in the use of the Microsoft range of applications
¢ Strong technical and managerial skills Be a ge
_ © Excellent communication, analytical and reasoning skills
¢ Excellent organizational and time management skills
¢ Team Player with the ability to add value and strength to the team and team
goals nee
¢ Honest, hardworking and ability to meet deadlines





The financial measure of operational risk is the actual losses incurred. No material losses
have occurred in 2005 and 2004. shell

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES — :








12



The fair value is the amount of money for which an asset ‘could be exchanged, or a liability
settled, between knowledgeable, willing parties in an acm’s length transaction. The existence
of quoted market prices in an active market is the best evidence or the fair value. However, in
many instances, there are no quoted market prices for the Bank’s various financial —
instruments. In cases where quoted market prices are not available, fair values are based on
estimates using present value or other valuation techniques. Those techniques are significantly
affected by the assumptions used, including the discount rate and estimates of future cash
flows.









The following methods and assumptions were used by the Bank’s management in estimating.
fair value disclosures for financial statement::. re



The position offers an attractive salary and benefits package, reflecting the
successful applicant’s experience and qualifications, including a pension plan,
medical, life, dental, and vision coverage. :





Balances with banks - The carrying amount of deposits with banks approximates its fair value,

because they have a short-term maturity.







Cash resources, other assets and other liabilities - Due to their short-term maturity, the

Qualified individuals should submit complete resumés including references before
carrying values of these financial instruments are assumed to approximate their fair values. Sy ise bey EMRE oa pet ae

May 5, 2006 to:



Loans to customers - The book value of loans maturing within one year approximates its fair



oo Mark E. Munnings |





b value as they become due in a relatively short-term period. Management has determined that
it is not practicable to estimate the fair value of loans with maturity of one to five years or : sg:
more, due to their long-term nature. or Boe Deloitte & Touche
; ae P. O. Box N-7120
Deposits - The fair values disclosed for demand deposits are, by definition, equal to the Nassau, Bahamas
amount payable on demand at the reporting date (that is, their carrying amounts). The or



carrying amount of certificates of deposits maturing within a year or less approximates its

fair value at the reporting due date-to the short-term nature of the deposits. Management

has determined that it is not practicable to estimate the fair value cf deposits -with maturity _
_ of more than one year, due to their long-term nature. :

Email:mmunnings@deloitte.com.bs

_ Deloitte. |







Accrued interest - The carrying amount for accrued interest approximates its fair value due.
to its short-term nature. : a 4 2



Off-balance sheet instruments - The fair value of letters of credit and guarantees granted is —
estimated using the fees currently charged to enter into similar agrecments, taking into
account the remaining terms of the agreeSment andthe present creditworthiness of the
counterparties. We ee

Deloitte.





P.O. Box N-7120
Nassau, Bahamas








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



DELTEC BANK & TRUST LIMITED

INDEPENDENT AUDITORS’ REPORT



To the Shareholders of
Rural International Bank Limited:



OPERATIONS ADMINISTRATOR.

We have audited the above balance sheet of Rural ‘International Bank Limited (the “Bank”) as of
December 31, 2005. This balance sheet is the responsibility of the Bank’s management. Our
responsibility is to express an opinion on this balance sheet based on our audit.




Responsibilities will include (but are not limited to):



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 misstatement, 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 estimates made by management,
as well as evaluating the overall balance sheet presentation. We believe that our audit provides a
reasonable basis for our opinion. :




e Trade processing, settlements & payments
e Cash and Broker reconciliations

Spin gnaneaa TENNER ee






The successful candidate should have:



In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Bank as of December 31, 2005, in accordance with International Financial Reporting




Minimum of Associate degree in Accounting,






A member firm of

Standards. ;
: : ——— Banking or Finance
Daledti f Toute At least three years back office experience in trade
d "February 24, 2006 processing, settlement and broker reconciliations

Completion of the Series 7 course would be a plus.

We offer an excellent benefit package and salary will be
commensurate with experience. :




Publish your Legal Notices and
Balance Sheets in The Bahamas
_ leading newspaper

The Tribune

Call 502-2352 thru 7 or
502-2376

Interested persons may submit resumes as follows:



Human Resources Manager.
Deltec Bank & Trust Limited
P. O. Box N.3229

Nassau, Bahamas





Resumes may also be faxed c/o 362-4623 or emailed to

anh@deltecbank.com.
PLEASE NO PHONE CALLS


PAGE 6B, WEDNUESDAY, MAY 3, 2006

2c

Telephone 242 393 2007

PO Box N 123 Fax 242 383 1772
Montague Sterling Centre Internet = www.kpmg.com.bs
East Bay Street .

Neseeu, Bahames

Independent Auditors’ Report to the Shareholder of
Latin American Investment Bank Bahamas Limited

We have audited the accompanying balance sheets of Latin American Investment Bank Bahamas Limited
(the Bank) as of December 31, 2005 and 2004. These balance sheets are the responsibility of the Bank’s
management. Our responstbility is to express an opinion on these balance sheets based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance as to
whether the balance sheets are free of material misstatement. An audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheets,
asseasing the accounting principles used and significant estimates made by management, as well as

- evaluating the overall balance sheets presentation. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, the balance sheets present fairly, in all material respects, the financial position of the Bank
as of December 31, 2005 and 2004, in conformity with U.S. generally accepted accounting principles.

THE TRIBUNE BUSINESS

The allowance for credit losses is established through provisions charged to expense, Loans are
charged off against the allowance for credit losses when management believes that the collectibility
of the principal is unlikely. The allowance represents an amount which, in the judgment of
management, is adequate to absorb losses on existing loans based upon a continuing evaluation of
the losses foreseen in the portfolio. Management's evaluations take into consideration such factors as
changes in the nature and volume of the loan portfolio, overall portfolio quality, historic loss
experience, loan collateral, review of specific problem loans and current economic conditions that
may affect the borrowers’ ability to pay.

Management believes that the allowance for credit losses is adequate. While management uses
available information to recognize losses on loans, future additions to the allowance may be
necessary based on changes’ in economic conditions. In addition, various regulatory agencies, as an
integral part of their examination process, periodically review the Bank’s allowance for credit losses.”
Such agencies may require the Bank to recognize additions to the allowances based on their
judgments about information available to them at the time of their examination.

Management, considering current information and events regarding the borrowers’ ability to repay
their obligations, considers a loan to be impaired when it is probable that the Bank will be unable to
collect all amounts due according to the contractual terms of the loan. When a loan is considered to
be impaired, the amount of the impairment is measured based on the present value of expected future
cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s
observable market price or the fair value of the collateral, if the loan is collateral dependent.
Impairment losses are included in the allowance for loan losses through a charge to the provision.
Cash receipts on impaired loans are applied to reduce the principal amount of such loans until the |
principal has been recovered, and are, thereafter, recognized as interest income.

(—) Accounting for Derivative Instruments and Hedging Activities
‘Derivative instruments entered intg by the Bank are currently used for hedge and risk nanagement



purposes in order to avoid market price and interest rate fluctuations, and also as a tool to block, net
or offset reverse treasury positions taken by the Bank in order to meet its third-party clients’ needs.
Such derivatives are also entered into for speculative purposes, to capitalize on perceived market









ge re oO ER CS en ee ee te

of interest is unlikely. Collection of interest while the loan is on nonaccrual status is generally
recognized on a cash basis unless collection of principal is doubtful, in which case, cash collections

are applied to unpaid principal.









L opportunities.
eA, AEE Secale tas tht
The Bank recognizes all derivatives as either assets or liabilities in the balance sheets and measures
those instruments at fair value. These instruments are marked to market.
Nassau, Bahamas ‘
April 27, 2006 The Bank formally documents all relationships between hedging instruments and hedged items, as
well as its risk-management objective and strategy for undertaking various hedge transactions. This
MERI INVESTME: NK process includes linking all derivatives that are designated as hedges to specific assets and liabilities ©
PAT Mer aan on the balance sheet or to specific firm commitments or forecasted transactions. The Bank also
Balance Sheets formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that
ce nee are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows
December 31, 2005 and 2004 of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it
(Expressed in United States dollars) has coed to be a highly effective hedge, the Bank discontinues hedge accounting prospectively.
: The. Bank’s utilization of these instruments may be modified from time to time in response to
changes in market conditions, as well as changes in the characteristics and mix of assets and
liabilities and perceived market conditions.
Assets 2005 2004 :
(h) Fees and Commissions
‘Cash and cash equivalents: The Bank records fees and commissions on the accrual basis. The Bank defers certain fees directly
en Bee relating to financing arrangements, These fees are amortized over the life of the underlying
Demand deposits (including $8,574,900 and $19,359,836 ,®greements or taken into income when the related services have been provided.
with group banks in 2005 and 2004, respectively) $ 8,574,900 19,361,326
Interest-bearing deposits with group banks . : 218,701,217 95,500,000 @ Foreign Currency Translation
: isa ; Assets and liabilities in currencies other than the United States dollar are translated at rates of
Total cash and cash equivalents 227,276,117 114,861,326 exchange finsticin rates dling at the month-end ing date.
Interest-bearing deposits with maturities greater than 90 days ’@ - Property, Plant, and Equipment \ :
i i 6,630,357 and $366,634,357 ‘ A e :
Gnehncing $56,630,7 $386, . 21 67.25 Propesty, plant, and equipment are stated at cost and included in other assets on the balance sheets.
with group banks in 2005 and 2004, respectively) : 57,346,211 367,253,921 yo | 7 . Cn OF
Trading account securities at fair value 619,976,702 212,452,229 Depreciation a ae plant, and equipment is calculated on the straight-line method over the
Available-for-sale securities at fair value 1,765,477,248 ——-1,341,389,573 . __ @stimated useful lives of the assets.
Securities purchased under agreements to resell 45,641,136 27,306,968
Loans (including $9,000,000 and $13,066,414 due from (t) Use of Estimates
group banks in 2005 and 2004, respectively), net of allowance Management of the Bank has made a number of estimates and assumptions relating to the reporting
for credit losses of $5,488,290 and $7,174,787 in 2005 i of assets and liabilities, and the disclosure of contingent assets and liabilities to prepare these balance
and 2004, respectively 4 103,937,980 136,665,758 j sheets in Conformity with U.S. generally accepted accounting principles. Significant estimates have
Accrued interest receivable (including,$ 13,844,442 and $13,459,364 been made by management in determining the allowance for credit losses and the fair value of
from group banks in 2005 and 2004, respectively) 74,645,177 53,615,691 nonmarketable equity securities. Actual results could differ from those estimates.
Receivables for unrealized gains on derivative transactions ; '
(including $299,971,327 and $264,341,960 with group banks in ; @ Reclassification
2005 and 2004, respectively) A 732,519,819 758,719,952 Certain amounts in the 2004 balance sheets have been reclassified to conform to the 2005 i
Other assets and receivables ‘ ; ot 401,577 2,420,131 presentation. far F f
Nonmarketable equity securities 18,672,738 36,423,374 ; }
: $ 3,645,894.705- 3.051,108.923 (2) Trading Account Securities . j
; Trading account securities are primarily comprised of Latin American sovereign and private risk debt i
Approved on bebgif of the Board on April 27, 2006 by: securities. Bean
. @) Available-for-Sale Securities i
Director Director a ae : ees — unrealized holding gains, gross unrealized holding losses and fair value of |
: ay: e-for-sale eqility securities by major security type and class of security at December/31, 2005 ;
See accompanying notes to balance sheets. : and 2004, were as follows: oie ee I
} ; 4 : '
‘ December 31, 2005 i
Liabilities and Shareholder’s Equity 2005 2004 Gross Gross i {
f unrealized unrealized i:
Liabilities: ' : Ta Amortized holding holding iB
Interest-bearing deposits with group banks $+. 1,688,252,208 1,025,471,153 cost ____ gain losses Fair value . é
Borrowings from group banks eo 917,140,426 934,690,418 At December 31, 2005: : a a
Accrued interest payable (including $103,680,394 and Available-for-sale: i ; : i
$72,062,219 with group banks in 2005 and 2004, respectively) 106,074,644 73,457,719 : Bonds : $ 194,077,200 10,997,760 © (549,120) 204;525:840° ee e
4 Payables for unrealized losses on sesivative transactions Euretonds'')":’ 0.0", $66,942,310 5,549,234 __ (11,540,136) \1,560,951,408 '
i (including $257;190;378 ‘and'$277,864,892 with group biiiks ®: S89" * ' : aS gaa i
in 2005 ind 2004, respectively) °° pace! tee2" 676,000,838 678,011,214 S LZ61,019,510_ 16,546,994 __ (12,089,256) * 1,765,477,248 _ a
Liabilities for hedge transactions with group banks 1,645,650 10,117,029 % Pr
Other liabilities and accrued expenses” 1,358,352 88,937,648. : é . us
: : December 31, 2004 :
Total liabilities ‘ j 390,472,118 2,810,685,181, i teed ee ‘ “Gross ross *
Shareholder’s equity: unrealized unrealized +
Share capital: Amortized holding holding e
Authorized, issued, and fully paid 1,000,000 shares of i __ cost’ «gains dosses Fair value _ 4
$1.00 par value ‘ 1,000,000 1,000,000 At December 31, 2004: és
Additional paid-in capital 90,000,000 90,000,000 Available-for-sale: ' : : e
Retained earnings - 141,052,343 113,004,891 Bonds $ 1,290,142,875 42,007,088 (1,123,673) — 1,331,026,290 +e
Accumulated other comprehensive income 23,370,244 36,418,851 Equity securities . 6,811,599 3,551,684 ee 10,363,283 &
Total shareholder's equity : 255,422,587 — _ 240,423,742 $ 1,296,954,474 45,558,772, __(1,123,673)1,341,389,573 E
: S. 3.645,894.705 3.031.108.0923 ——— —— a
: ‘ £
%,
Maturities of securities classified as available for sale are as follows at December 31, 2005: ha
Notes to Balance Sheets ; ; ry S|
: Amortized ~ e
December 31, 2005 and 2004 cost Fair value '
Available-for-sale: -
: Due within one year _ $ 74,805,560 73,977,828 £
dS of Significant Accounting Policies Due after one year through five years 1,244,954,534 1,249,145,899 £
Gl) Ginerat Lefarmafioa hue Sommers ote : ~ ‘ Due after five years through ten years ‘441,259,416 442,353,521 ‘
Latin American Investment Bank Bahamas Limited (LAIB or the Bank) is incorporated under the laws of i $ 1,761,019,510 1:765,477.248 e
the Commonwealth of the Bahamas. The Bank is a wholly owned subsidiary of Yonder Investments Inc., ‘ members e
which is ‘a wholly owned subsidiary of Citibank Overseas Investment Corporation (COIC), and its ultimate aa :
parent is Citigroup. A significant number of the Bank's transactions -and funding originate with group ‘ : et ss : a o :
banks. These transactions are recorded at the direction of group banks, which primarily relate to the trading Cd of available-for: sale investment securities were $457,397,760 and $323,791,509 in 2005 and '
and financing of Latin American sovereign risk debt and corporate securities, loans, providing risk |, Fespectively. 2 ;
management products, underwriting of debt and equity securities for customers and other general banking / *
services. As such, the Bank is dependent on group banks for a significant number of its transactions and Gross unrealized losses on investment securities and fair value of the related securities, aggregated by *
financial support. Transactions and balances described as group banks relate to Citigroup and its investment category and length of time that individual securities have been in a continuous unrealized loss 4
subsidiaries. position, at December 31, 2005 and 2004, were as follows: x
LAIB owned approximately 70% of Moponi N.V., a Netherlands Antilles company with limited liability : December 3 2005 . ;
that mainly acted as a finance and holding company: In 2004, Moponi sold all of its assets, In connection SS moni ER ER i
with the sale, Moponi received $29,508,180 in cash. and 462,000 shares of nonmarketable equity securities, _Fetevaiwe looses Falrvalue loses Falrvalue loner 4
, with a fair value of $7,854,000. Shortly thereafter, Moponi dissolved and distributed the cash and shares bbe ; 4 5 h;
i received to its shareholder, including LAIB, based on cach shareholder’s respective share capital basis. Bends } S prgn3.742 (219,713) 12,004,815 29,407) 66,988,557 (549,120) ¢
ao Burobonds Se ASI 72 25S (11,540,136) 1,532,721,255_ __ (11,540,136)
(a) Basis of Presentation ; ; 3 34,983,142 219,713) 1,544,726,070 (11,869,543) 1,599,709,812 (22,089,256)
- The balance sheets have been prepared in conformity with U.S. generally accepted accounting ‘ afaoo4 ‘
principles. smoathe or aaore 3
as ———~— Unrealized — Unrealized —
& (&) Cash and Cash Equivalents ‘Pate Valbg bosses Fair value losses Fair value losses a
i ‘ SSS a, hy

é . Cash and cash equivalents include cash, due from banks ‘and interest-bearing deposits with original ‘Available for sale: Bietiet : ‘

‘ maturities of less than 90 days. Bonds $45,346,787 (799,014) 36,354,039 324,659) _ 481,700,826 1,123,673

. © $A4S,346,787_ _* (799,014 354,039 24,659) _ 481,700,826 1,123,673 ;

% (c) Securities : a we, e354, 039 seen 924,559) — eS f

i Securities which are expected tobe sold to customers in the near term are classified as trading. The lized losses on bo a were caused by’ in rate changes. It is i that the bonds would ¢
5 Trading account securities are recorded on the trade-date basis and carried at fair value, based on not be settled at a price less than the amortized cost of the inv t Because the decline in fair value is 4
a quoted market prices for readily marketable securities. Trading account securities, which are not attributable to changes in interest rates and not credit quality, and t the Bank has the ability and 4
> readily marketable, are recorded at the lower of cost or last trade price or in several instances valued intent to hold these investments until a market price recovery or maturity, these investment: are not ‘

in good faith by management. considered other-than-temporarily impaired. *

f Trading account gains and losses also include the effects of derivative instruments, such as forward (4) Loans Receivable, Net and ‘Allowance for Loan Losses t
bas contracts and commitments, credit derivatives, and swaps. Such contracts are valued at fair value. : : : >
* The unrealized gains and losses of derivative products are included in receivables for unrealized Components of loans receivable as of December 31, 2005 and 2004 are as follows: +
i gains on derivative transactions or payables for unrealized losses on derivative transactions. i Ate : 2005 2004 }-
vs Nonmarketable equity securities consist of investments which are not expected to be resold to Foreign and commercial ‘ i $ 109,390,270 143,667,545 Fi

customers in the near term and do not have a readily determinable fair value. Such securities are Residential | 36,000 173,000 *
oe accounted for at cost, less any impairment in value. The value of nonmarketable equity securities is ° bg aaeaial Be aT0 143,840,545 ‘t

He determined by the Bank. Some of the factors considered in estimating the value for these securities te, +

5 are: type of security; information contained in the financial statements; earnings and book value per Less allowance for credit losses 5,488,290 __7,174,787__ 8

‘ share: cost at date of acquisition; size of holdings; and other relevant matters. $ 103,937,980 136,665,758 a

4 > eee %

: All securities not included in trading or nonmarketable. equity securities are classified as available for -
Fg sale and are carried at fair value. Unrealized holding gains and losses on available-for-sale securities : . : : rt.
‘ are reported as a separate component of other comprehensive income until realized. ses Bank had loans outstanding to borrowers located in the following countries at December 31, 2005 and ‘F

. A decline in the market value of any nonmarketable equity security or available-for-sale security 005 2004 ~

below cost that is deemed to be other than temporary results in a .eduction in carrying amount to fair , 2 pire SN ehh Since eS
value. The impairment is charged to earnings and a new cost basis for the security established. Brazil ‘ $ — 70,000,000 70,000,000 ea
Premiums and discounts are amortized or accreted over the life of the related available-for-sale Uruguay 26,961,699 35,101,931 rt
security as an adjustment to yield using the effective interest method. E] Salvador 11,000,000 Aeneas rs

: ; Costa Rica 1,428,571 5 [%
; (fd) Accumulated Other Comprehensive Income ie Avoeiiiia 36,000 2'165,315 [

% Accumualted other comprehensive income consists of net income and net unrealized gains (losses) f e408 4S6 210 G eae Taeioeiee, SaaS i
” iti 2 a ry.

4 on securities. a he

(e) Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to b i

4 Repurchase * Changes in the allowance for credit losses are summarized as follows: ie

I Securities purchased under agreements to resell and securities sold under agreements to repurchase see so t

4 are stated at contract value. . eae aM tt

: . : . Balance, beginning of year $ 7,174,787 10,785,289 re,

@ Loans Receivable, Recognition of Interest Income, and Allowance for Credit Losses Recovery of c air osses (2,000,404) | (546,784) ct
Loans receivable are stated at the amount of unpaid principal, reduced by unearned income, an Charge-offs, net ___313,907 3,063 718 by
allowance for loan losses and deferred loan fees, net of costs. Balance, end of year $ 5,488,290 7,174,787 Hh

: Uneamed income and loan origination fees, net of related direct costs, are deferred and amortized as -

an adjustment to interest income on a level-yield basis over the life of the loans. As of December 31, 2005, the Bank’s investment in impaired loans was $4,568,795 with a related Vy
allowance of $4,568,795. The average recorded investment in impaired loans during the year ended tt

Accrual of interest is discontinued on a loan when principal or interest is delinquent for more than December 31, 2005 amounted to approximately $6,968,701. There-was no interest recognized (accrued and rm
90 days, or when management believes that the borrower’s financial condition is such that collection cash basis) on impaired loans for the year erided December 31, 2005. w
ee
+ WEDNESDAY, MAY 3, 2006, PAGE 7B
{THE TRIBUNE BUSINESS VEDNESDAY, MAY 3, 2006, PAGE 78

























oe ; me
8 The outstanding balance of nonaccrual loans amounted to $4,568,795 as of December 31, 2005. During the Scheduled maturities of long-term debt from group banks for the year ended December 31, 2005, are as
a year ended December 31, 2005, interest income, which would have been recognized at the original rates on follows: :
s nonaccrual loans, approximated $416,800. Year ending:
a ‘As of December 31, 2004, the Bank's investment in impaired loans was $8,019,361 with a related 2006 $ 386,491,127
q allowance of $6,691,115. The average recorded investment in impaired loans during the year ended oe / te eagtsee
# December 31, 2004 amounted to approximately $9,816,514. Interest recognized (accmed and cash basis) ah err
a on impaired loans for the year ended December 31, 2004 amounted to approximately $42,485, 124,000,000 __
g : $ 917,140,426
i 4 The outstanding balance of nonaccrual loans amounted to $8,019,361 as of December 31, 2004. During the
ia year ended December 3 1, 2004, interest income, which would have been recognized at the original rates on
ac nonaccrual loans, approximated $656,000. ‘) Other Related-Party Transactions
Q Group banks provide management and administrative ‘services and office space to the Bank at cost plus
: i (5) Deposit Liabilities sche \ 10%.
- Composition of deposit liabilities at December 31, 2005 and 2004 are as follows: (8) Taxes
. ‘ 2005 2004 TheNBank’s results are not subject to corporate income taxes in its country of origin. Through June 30
Bae, ee . try ig gh A
¢ 3,147 1,009,970,658 2001, the’ Bank was considered an offshore entity for principally all the taxing jurisdictions in which it
re Time ($100,000 and over) $ eee aE 15°500,495 transacts business. As a result, it is not subject to corporate income taxes in those jurisdictions other than
2 Other time deposits ene is FIP VOL eee for withholding taxes. For U.S. tax purposes, effective July 1, 2001, the Bank is considered a disregarded
a sob Total deposits $ 1,688,252,208 1,025,471,153 entity owned by a U.S. corporation.
4 ae
* % : : — é (9) Derivative Instruments and Hedging Activities
z Interest expense for time deposits is substantially all related to those with a minimum denomination o The Bank enters into derivative instruments including foreign exchange futures, forwards, credit
n $100,000. : derivatives, and swaps, which enables customers to transfer, modify, or reduce their interest rate, foreign
A ‘ . . ing from 2:40% to 6.25% with an average rate of 4.36%. at exchange and other market tisks, and also trades these products for its own account, In addition, the Bank
i ee Tone eoeeaees 1. 2004, the interest rates ranged from 1.28% to 7.83% with an average uses derivative and other istruments as an end-user in connection with its risk management activities.
¢ fate of 2.38%. Scheduled maturities of time deposits ‘at December 31, 2005, are as follows: Derivatives are used to manage risk relating to specific groups of on balance-sheet assets and liabilities.
r oe Yeat ending: l . Futures and forward contracts are commit itments to buy or sell at a future date a financial instrument,
£ 2006 . : oo $ 1,224,320,343 commodity or currency at a contracted price and may be settled in cash or through delivery. Swap
x 2007 : 148,056,216 contracts are commitments to settle in cash at a future date or dates which may range from a few days to a
E 2008 122,779,803 number of years, based on differentials between specified financial indices, as applied to a notional
t wikia 7009 = SE ee 936,051,213 principal amount. Credit derivative contracts represent credit insurance purchased/sold from/to group
; . 2010 ST bet DMPA Tob Abas 38,524,885 banks for speculative purposes.
f 2011 14,930,530.
K ‘ Ged See LTE! Te bee weed aah at: 835,835": Derivatives may expose the Bank to market risk or credit risk in excess of the amounts recorded on the
i 2012. Es : S : Oe
q 2013. NEY, yen 8a $97,169" : balance sheets. Market risk on derivative instruments including foreign exchange products is the exposure
; “3014 ‘ sa aa Laon maa 3 eo 986;600 ' created by potential fluctuations in interest rates, foreign exchange rates and other values, and is a function
t 2015 sie Bers Ate 1,869,614 of the type of product, the volume of transactions, the tenor and terms.of the agreement, and the underlying
f [ f S81 688,252,208 fa eS volatility. Credit risk is the exposure. to loss in the event of nonperformance by the other party to the
t Ae ( pees 02 YE Pe transaction and if the value of collateral held, if any, was not adequate to cover such losses. The
4 SEG! TU SQDSE SG Bi SNA Y ne te ESE STE ‘ : Ha recognition in earnings of unrealized gains on these transactions is subject to management’s assessment as
(6) Borrowings from Group ‘Banks - aha . to collectibility. Liquidity risk is the potential exposure that arises when the size of the derivative position ;
i Borrowings from group banks at December 31, 2005 and 2004 consists of the following: may not be able to be rapidly adjusted in times of high volatility and financial stress at a reasonable cost. a
OT > e i
; : 2005 2004 A summary of derivative instruments at December 31, 2005 follows: ; i
fl 4.39% note payable, due Feb: 17, 2009, with interest and Notional i
adieetpal'ta be paid ay ninety $ 24,000,000 24,000,000 Sr Simon tc Rale Waine
: 4.34% ee oe ae? 26) 2002) with interestene 100,000,000 es Foreign currency contract receivable _ $ 19,212,826,951 222,184,407
, 6 03% note sayable, nate March 12 2008, with interest and , . - Foreign currency contract payable 18,744,192,456 (188,436,970)
., : Pune aa Saaeae > . 10,677,396 10,677,396 Interest rate swap receivable 43,713,975,164 457,826,200 f
t 4.14% note payable, due March 12, 2008, with interest and Interest rate swap payable 40,245,556,807 (466,117,247)
principal to be paid at maturity 78,000,000 78,000,000 Cross currency swaps receivable 2,568,667,351 ° 41,955,320
3.84% note payable, due March 12, 2008, with interest and 7,000,000 Cross currency swaps payable 1,501,822,608 * (11,551,028)
principal to be paid atmaturity 7,000,000 : eee Credit derivative receivable 2,028,500,000 10,545,892 4
3.34% note payable, due March 12, 2008, with interest and : petra eines Credit deriv ative payabl eg ‘As ; 1,921,800,000 (9,895,593) "
, principal to be paid at maturity : go Bs Res Commodity derivative receivable aR ; 16,000,000 8,000 a
_ 6.07% note payable, due March 12, 2008, with interest and ; Siaebes ¥
principal to be paid at maturity era bat be 2,119,958 119, A derivative must be highly effective in accomplishing the hedge objective of offsetting either changes in a
6.07% note payable, due February 15, 2008, with interest an rer 4.918.750 the fair value or cash flows of the hedged item for the'risk being hedged. Any ineffectiveness present in the 3
ate 0 ee ot = ee 15, 2008, with interest and Te in eg Peeing hedge relationship is recognized in current earnings. The assessment of effectiveness excludes the changes 4
6.07% me oe = ae ee named , * 34,562,500 34,562,500 in the value of the hedged item which are unrelated to the risk being hedged. Similarly, the assessment of = ad
6 07% Sate navable due February 15, 2008, with interest and yar effectiveness may exclude changes in the fair value of a derivative related to time value which, if excluded, a
na coe a : : ecognized in current earnings. i ie , yee hens ae
S principal to be paid at maturity be 4,925,000 4,925,000 are r u ; : :
J * eee mene eee. 42, ZOE eit intereat and 4,934,861 4,934,861 The notional amount and fair value of-the interest rate swap agreements at December 31, 2005 was
i 3 Ee, eae a ae due Jgnuary 24, 2007, with interest and ’ ‘ $1,335,455,000 and $18,806,269, respectively. There were no unrealized losses from the ineffectiveness of :.
‘ ; i ci see pai dat maturity : 9,000,000 : ae the interest rate-swap agreements for the year ended December 31,2005. The notional amount and fair 3
; 3 diy Ae payable, due January 16, 2007, with interest and value of the interest rate swap agreements at December 31, 2004 was $692,955,000 and $(10,117,129), 2
c ‘ principal to be paid at maturity : , 98,000,000 98,000,000 respectively. Unrealized losses from the ineffectiveness of the interest rate'swap agreements amounted to |
‘ 3.58% note payable, due January 23, 2007, with interest and $24,176 for the year ended December 31, 2004. Y a
principal to be‘paid at maturity 25,000,000 rod : : : “7
te 3.61% note payable, due January 12, 2007, with interest and (10) Commitments, Contingencies, and Financial Instruments with Off-Balance-Sheet Risk “f
4 pee to:be paid at maturity ithi d Be, OpH OUe = The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to é
e 3.61% note payable, due January 10, 2007, with interest an 41,000,000 7 meet the financing needs of its customers, to generate profits through its trading activities and to manage *
R, peacipal a Bees : Bees 29, 2006, with interest and se its exposure to market-and interest rate risk. These financial instruments primarily include commitments to oe
eB ao anote ae e ae See tae 14,000,000 14,000,000 extend credit. Transactions in financial instruments are subject. to credit standards, financial controls, and #
4 a punepd Opera may, Boats aay risk-limiting and monitoring procedures. Collateral-requirements are made on a case-by-case evaluation of =
4 3.43% note payable, due December 18, 2006, with interest and ‘ each customer and product. M , ‘ ‘ -E
a incl id ¢ i 27,000,000 27,000,000 \ wees ‘ i sas t
a P ee al fo Be paid at mney sh 3 and The Bank makes contractual commitments to extend credit, which are legally binding agreements to lend
Fl 3.36% note payable, due December 15, 2006, with interest ani ‘ Rioters ft ified period of time, as long as the customer.
is | rincipal to be paid at maturity 12,000,000 12,000,000 money to customers at predetermined interest rates for.a specified period o: , # ig ner. +s
oe 3 37% note payable; due December 13, 2006, with interest and ‘ continues to meet specified criteria. The same credit standards used in the lending process are applied: — :
4 “3 ‘ sncitales be paid at roaturity che : 95,000,000 95,000,000 t when issuing these commitments. Additional risks arise when these commitments are drawn upon. is
a Lt, *
oF 3.33% note payable, due December 8, 2006, with interest and :
a principal to be paid at maturity 50,000,000 50,000,000 GD. Regulatory Coe
a 3.43% note payable, due November 30, 2006, with interest and Guidelines issued by the Central Bank of the Bahamas require a capital level where total shareholder’s é
e principal to be paid at maturity ; 28,000,000 28,000,000 equity must be maintained at a minimum of 8% of risk-weighted assets. At December 31, 2005 and 2004, :
4 2.90% note payable, due May 8, 2006, with interest and management believes the Bank was in compliance with these capital requirements.
oe principal to be paid at maturity 22,000,000 22,000,000 .. Wie foe
oe 2.70% note payable, due May 8, 2006, with interest and ans (12) Fair Values of Financial Instruments
ae principal:to be paid at maturity:.::). 2 z s000,000 ‘ : eh pig iia TREATS 4
fe) 4.42% note payable, due April 6, 2006, with interest.and ee Fair value estimates are made at a specific point in time, levant mark mation and i
~ principal obe paid at maturity epee ete 282F,000,000 4 information about the financial instrament. These estimates do not reflect any premium or*discount that
oe 4.36% note payable, due March 31, 2006, with interest and could result from offering for sale at one time the Bank’s entire holdings of a particular financial
oe , principal to be paid at maturity 33,000,000 —_ instrument. These estimates are subjective in nature and involve uncertainties and matters of significant
4 : 6.25% note payable, due February 1, 2006, with interest and Judgment, and therefore cannot ke determined with precision. Changes in assumptions could significantly
rf principal to be paid at maturity 38,161,000 38,161,000 affect the estimates. 1
rl 5 68% aa ec lcaaeare ee 26s 2006 Wain nites “ 15,969,138 15,269,138 The carrying amounts of the following instruments approximate fair value because of the short maturity of
‘es 5 Sree . ae due Jan 96 2006, with interest and so ‘ these. instruments: cash and cash equivalents, interest-bearing deposits, trading -account securities, z
ja | eee ae si dat are 3 2,534,865 2,534,865 securities purchased under agreements to resell, accrued interest receivable, receivables and payables on y
fa 5 aa hyable duis J poe 6, 2006, with interest and ele . ae ie derivative and hedging transactions, short-term borrowings, and accrued interest payable. ;
ra . 2 : 2 5 2 2 < y
eB principal to be paid at maturity eo Ieee 1,826,125 Available-for-sale securities — Securities available for sale are carried at fair value. Fair values for
i 4.22% note payable, due January 3, 2006, with interest and : securities are based on quoted market prices. : :
i principal to be paid at maturity 5,000,000 ae :
| 5.68% note payable, due August 8, 2005, with interest and Loans — The fair value of restructured loans is estimated by management. The carrying amounts for #
a "principal to be ‘paid at maturity 7 .s 4,095,458 floating-rate loans and fixed-rate loans due in six months from the balance sheet date do not- present es
ae 5.59% note payable, due August 8, 2005, with interest and unanticipated credit problems and approximate fair value due to their short-term nature, repricing re
a : principal to be paid at maturity = 3,076,813 frequency and proximity to maturity. The fair Value of trade-related loans is calculated based on estimated iy
ae 5.53% note payable, due August 8, 2005, with interest and maturities and estimated market discount rates that reflect the terms, conditions, and credit risk inherent in ix
a principal to be-paid at maturity — 514,021 the loans. Subsequently all loans aré short-term loans and/or variable rate loans, therefore the carrying : i
i 1.77% note payable, due June 6, 2005, with interest and amounts approximate the fair market value. . ' ie
£ principal to be paid at maturity = 47,000,000 ; : Kuueegves 3 es
4 7.72% note payable, due April 14, 2005, with interest and ‘aa 900 Nonmarketable eo securities — The oe value of nonmarketable equity securities is estimated by a
im | principal to be paid at maturity —_ 10,380, management and approximates carrying value. : is
i 3.22% note payable, ae ope 6, 2005, with uilerest and ae 11,494,792 Deposits and long-term borrowings — The fair value of deposits with stated or short-term maturity is equal ta
i 1 aie: aa - Bee dee hail A ote with area and ES a to.the amount payable on demand. The fair value of long-term deposits and fixed debt is based on the rt
ao es i pilain ae P ai dat TEAey 3 ; ne 66,000,000 discounted value of contractual cash flows. The discount rates used are the rates offered for deposits with i
a. 1.83% nie serene a 6, 2005, with interest and eee similar remaining maturities. H
o princip’ al a ,000, : ; i sate ea t
ve 4.38% note payable, due February 1, 2005, with interest and The _anying value and fair value of interest-bearing deposit eae ae See and ;
. sritcibal dusievauatirity : ; ee fete 3,988,199 $1,723,836,445 respectively, at December 31, 2005 and $1,025,471,153 and $1,079,938,385 respectively, t
2.25% notecpaveh len Gus Jemiaty 24,2005, with interest and +e gogo at December 31, 2004. ti :
principal to be paid at maturi Sidhe cir _ 000, : eye 4 §
2.20% note payable, due January 11, 2005, with interest and _ : The carrying value and fair value of long-term debt was $917,140,426 and SE respectively, at t
principal to be paid at maturity. rien oe fie 100,000,000 December 31,2005 and $934,690,418 and $983,468,070, respectively, at December 31, 2004. f
2.15% note-payablé;-due January 4, 20 ith interéstand. 00. E pike sie Ms ; cytes tig ; ; ®
principal to aa d at maturity } : ee ae at 2,000,000. ce instruments — The fair values of derivative instruments are disclosed in note 9 to these balance AB
$ 917,140,426 934,690,418



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In Memoriam, In Loving Memory, Death Notices and Obituaries

in

The Tribune’s Obituary Section

every Thursday
Call us at

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FROM page 1B

Financial on September 4,
2002.

He added that he had writ-
ten to First Financial’s attor-
ney, Raynard Rigby, seeking
his client’s approval for a letter
that would authorise the bank
involved in the card deposits
transfer, New York-based
Chase Manhattan, to release
information that would aid the
reconciliation process.

Mr Gomez said that as at
April 7, he was still awaiting
Mr Rigby’s response. He
added that reconciliation of
about 25 per cent of the for-
mer MasterCard accounts
portfolio was complete, but
only 214 clients had submitted
claims forms out of a total of
5,533 accounts.

Meanwhile, Mr Gomez said
Leadenhall had 464 unsecured
credit card holders, who owed
outstanding balances totalling
$1.451 million.

Since then, two card holders
had paid off their balances,
totalling $11,271, and all Lead-
enhall staff monies owed had

been paid off, leaving $1.431 .

’ million outstanding.
Some 103 Bahamian and




PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENNEAIL KEVERIO
SMITH, of P.O. Box N-792, the Eastern District of
Nassau, Bahamas, intend to change my name to.
KENNEIL KEVERIO JOHNSON. If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty |
(30) days after the date of publication of this notice.

PAGE8B, WEDNESDAY, MAY 3, 2006

Bahamas resident unsecured
credit card holders owe a total
of $715,956, while internation-
al. card holders owe the
remaining $707,364.

Mr Gomez wrote: “We are
in discussion with many of the
local credit card holders, and
have agreements to commence
collection of these amounts
during May-June 2006. Unfor-
tunately, the contact details for
many of these account holders
are non-existent or incorrect.

“With respect to the inter-
national account holders, coun-
sel is continuing to develop a
collection strategy with their
international partners for the
collection of these funds.”

Mr Gomez also provided _

details on Leadenhall’s invest-
ment in the CIG 24/24 pre-
ferred fund, a high yield
closed-end fund that invested

in the life insurance settlement .

industry, receiving returns
when an insured individual
dies.

’ The fund’s manager, Adri-
an Crosbie-Jones of the
Bahamas-based Private Trust
Corporation, informed Mr
Gomez on December 19, 2005,
of a proposal to sell the CIG
24/24 fund, the highest bidder










LEGAL NOTICE .

NOTICE
LALALOLO LIMITED

Notice is hereby given that in accordance with
Section 137(8) of the International Business Companies
Act, 2000, the dissolution of LALALOLO LIMITED,
has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck

off the Register.

ARGOSA CORP. INC.
(Liquidator)

NOTICE

| SANTA FE ENERGY RESOURCES

(COTE D’ IVOIRE) LTD.
- (In Voluntary Liquidation)

| Creditors having debts or claims against the above-named

| Company are required to send particulars thereof to the

| undersigned at Ocean Centre, Montagu Foreshore, East

| Bay Street, P.O. Box N-3247, Nassau, Bahamas, as sole

| Liquidator on or before the 10th day of May, 2006. In |

‘| || default thereof they will be excluded from the benefit of |
| any distribution made by the Liquidator. —

Dated the Ist day of May, 2006

Lynden Maycock
LIQUIDATOR



Legal Notice

NOTICE
DEVON ENERGY PORT BOUET, LTD.

NOTICE IS HEREBY GIVEN as follows:

f (a2) DEVON ENERGY PORT BOUET, LTD. is in dissolution
under the provisions of the International Business

Companies Act 2000.

(b) The dissolution of the said Company commenced on the
24th April, 2006 when its Articles of Dissolution
were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Mr. Lynden
Maycock of Ocean Centre, Montagu Foreshore, East Bay -
Street, P.O. Box N-3247, Nassau, Bahamas as sole

Liquidator.

Dated the 1st day of May, 2006.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

BUSINESS

having offered $900,000.

Leadenhall owned 65 per
cent of the monies invested in
the fund, and Mr Gomez said
he supported the sale proposal
because it would generate
$537,395 for creditors.

This price would result in a
$453,801 gain for Leadenhall,
Mr Gomez said, because its
financial statements as at
December 31, 2004, only gave
it a carrying value of $103, 594.
A final distribution to investors
from the CIG 24/24 fund is the
only outstanding issue before
the liquidator collects.

Mr Gomez is also seeking
approval from the Bahamas
Supreme Court to hold on to
$1.2 million placed in an
escrow account by a Canadi-
an firm, Dimethaid, a former
Leadenhall borrower now
known as Nuvo, over an
unpaid loan.

In collecting other outstand-
ing loans, Mr Gomez said he

had received $50,000 plus

interest of $3,706 from Neil
MacTaggart, a major Leaden-
hall shareholder, to pay off one

of two outstanding loans he .

had with the bank.
However, Mr MacTaggart






of this notice.

NOTICE is hereby given that BELORIS HIGGINS, P.O. BOX |
CR-54988, CARMICHEAL ROAD, SUNSET DRIVE,
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 3RD day of MAY,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box. N- 7147, Nassau, Bahamas.

NOTICE |

NOTICE is hereby given that BELORIS HIGGINS, P.O. BOX
CR-54988, CARMICHEAL ROAD, SUNSET DRIVE,
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 3RD day of MAY,
2006 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 |, DWAYNE CHAN
DELEVEAUX, of Redland Acres, Nassau, Bahamas,
intend to change my name to DWAYNE CHAN MOSS.
lf 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

investment ‘not in bank’s best interest’

was disputing the second
$54,336 loan, alleging that
Leadenhall “made an error in
the selling of his shares with
Commonwealth Bank and
incurred a loss on the repur-
chase of shares”.

Another borrower, Alfred
Lenarciak, had also indicated
he would settle his outstand-
ing loan balance of $124,554.
Mr Gomez had previously told

him: that failure to settle the -

loan would force the liquidator
to make a claim on Mr Lenar-
ciak’s Old Fort Bay property.

Mr Gomez added that he
and his attorney, Sidney Cam-
bridge of Callenders & Co,
were also attempting to resolve
the situation regarding Lead-
enhall’s professional indemni-
ty insurance, which had been
placed through Carib Insur-
ance Agency.

‘ Carib had said that while it
would “honour” legal bills
resulting from the Cash 4 Titles
litigation, it was claiming that

the dispute with First Finan--

cial was not.covered.

In addition, Mr Gomez said
he was liaising with the Finan-
cial Intelligence Unit’s (FIU)
Sergeant Young over a suspi-




























LEGAL NOTICE

NOTICE

MAZE INVESTMENTS
LIMITED

- Notice is hereby given that in accordance with Section
137(8) of the International Business Companies Act,
2000, the dissolution of MAZE. INVESTMENTS
LIMITED, has been completed; a Certificate of
Dissolution has been issued and the Company has
therefore been struck off the Register.

x

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

DEVON ENERGY PORT BOUET, LTD.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the
undersigned at Ocean Centre, Montagu Foreshore, East Bay
Street, P.O. Box N-3247, Nassau, Bahamas, as sole Liquidator
on or before the 10th day of May, 2006. In default thereof they
will be excluded from the benefit of any distribution made by

the Liquidator.

Dated the 1st day of May, 2006

Lynden Maycock
LIQUIDATOR



' cious transaction report (STR)

THE TRIBUNE |! -




td
+a

that Leadenhall filed in 2005
against a client, BAVT Cor-
poration, over a $125,937
cheque.

The man the cheque was
payable to, Daniel Rosenthal,
had signed a declaration of
forgery, claiming he did not
ask anyone to endorse the
cheque on his behalf. Timothy
Lightfoot, a 50 per cent share-
holder in BAVT, had endorsed
it. oe

Mr Gomez said’ BAVT’s
office on Parliament Street did
not have its name over the |
building’s entrance when he ~
visited on January 26, 2006. He...
had since given the FIU Mr ~ *
Lightfoot’s Canadian number. aa

NOTICE

NOTICE is hereby given that MAURIS MERIZIER OF #863:
YELLOW ELDER, 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 3RD day of MAY, 2006 to the Minister responsible}
for Nationality and Citizenship, PO.Box N- 7147, Nassau, |

NOTICE

NOTICE is hereby given that LUCIEN LOUIS OF PORTAGO.
ROAD & DAVIS STREET APT. #3, 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 26TH day of APRIL, 2006 to the
Minister responsible for Nationality and Citizenship, PO.Box
N- 7147, Nassau, Bahamas. nd

INSIGHT
For vat stories
behind the news,
read Insight —
on MT

























|
!
|
LEGAL NOTICE -|

NOTICE. ; !
PECAN HOLDINGS LTD.

- Notice is hereby given. that.in.ageordance with
Section 137(8) of the International Business Companies '
Act, 2000, the dissolution of PECAN HOLDINGS |

‘-LTD., has been completed; a Certificate of Dissolution |
‘has been issued and the Company has therefore been |
struck off the Register. sacs w

ARGOSA CORP. INC. :
(Liquidator) fhe



NOTICE.’
MUSCANTINE VALLEY

Notice is hereby given that in accordance with
Section 137(8) of the International Business Companies
Act, 2000, the dissolution, of MUSCANTINE
VALLEY CORP., has been completed; a Certificate
of Dissolution has been issued and the Company has
therefore been struck off the Register. °» Ver)

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

SANTA FE ENERGY RESOURCES
(COTE D’ IVOIRE) LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) SANTA FE ENERGY RESOURCES (COTE D’ IVOIRE)
LTD. is in dissolution under the provisions of the International
Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the
24th April, 2006 when its Articles of Dissolution
were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Mr. Lynden Maycock
of Ocean Centre, Montagu Foreshore, East Bay Street, P.O.
Box N-3247, Nassau, Bahamas as sole Liquidator.
Dated the Ist day of May, 2006.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

a
THE TRIBUNE BUSINESS






































































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TRIBUNE SPORTS





SPORTS

eff Rodgers Camp to be

an ‘event to remember’

@ BASKETBALL
By BRENT STUBBS
Senior Sports Reporter

ONE year shy of celebrating
its 20th anniversary, Jeff
Rodgers said the 19th version
of his annual Vitamalt Basket-
ball Camp will be an event to
remember.

“Things are looking exciting
as usual and we are truly
blessed to know that God has
blessed for us for 19 years,”
said Rodgers, the chief
organiser of the biggest and
longest camp held in the
Bahamas.

This year’s camp, scheduled
for June 26 to July 21, will be
focusing on character building
and the challenges that they
face on a daily basis, such as
peer pressure.

“We don’t want to put all of
the focus on just playing bas-
ketball because we know that
there is a real world out there
and we want to prepare them
for that,” Rodgers stated.

This year’s camp will also
serve as a prelude to the 20th
anniversary celebrations next
year. As a result, Rodgers said
they are planning to have a
field trip and a banquet at the
end of the camp.

Rodgers noted that they are
planning a courtesy call on
Prime Minister Perry Christie
and Governor General AD
Hanna as a part of their



“We don’t want to put all
of the focus on just playing
basketball because we kn
that there is a real world
out there and we want to
prepare them for that.”



festivities this year.

The banquet, according to
Rodgers, will be a black tie
affair, but it will be open to all
participants in the camp free
of charge.

As usual, the camp will also
attract some of the legends of
the game.

Former Los Angeles Lakers’
start guard, Byron Scott, coach
of the New Orleans Hornets;
Greg Anthony, former NBA
player now analyst with ESPN
and Calvin Murphy, one of the
50 greatest players in the histo-
ry of the NBA, are among the
list of celebrities scheduled to

‘participate in the camp.

Singing sensation Brian
McKnight, is also expected to
make an appearance at the
camp, which will run from 9am
to noon daily at Bahamas

OW

Jeff Rodgers

Academy.

“Tt’s going to be a lot of fun
for the kids. They will have a
really good summer vacation,”
Rodgers insisted.

Entry forms can be picked
up and dropped off at Bahamas
Academy on Wulff Road; the
Bahamas Seventh Day Adven-
tist on Tonique Williams-Dar-
ling Highway and ZNS.

Each camper registered
to attend the camp will
receive a T-shirt, shorts,
basketball and a certificate
of attendance.

Joining Rodgers as one of
the instructors for the camp will
be Winston Symonette, bas-
ketball coach and head master
at Bahamas Academy and
Charlene ‘Swish’ Smith, former
assistant coach of the women’s
national basketball team.



Basketball trio sige
p for AAU teams

Mario Ford
Baseball Camp ©
sets underway

@ BASEBALL
By BRENT STUBBS

Senior Sports Reporter

THE 21st Mario Ford Base-
ball Camp opened on Saturday
at the Windsor playing field
with only 20 campers showing
up to participate.

But organiser Ford is confi-
dent that, as the camp continues
to progress, the numbers will
swell to the usual 50-plus.

“Parents are looking for
things for their kids to do dur-
ing the summer and we intend
to run a league this year to keep
them occupied after the camp is
over,” Ford projected.

The camp will run through
June 10 and Ford said the focus
will be on teaching the partici-
pants the “basic fundamentals”
of the game.

While there was a small num-
ber of participants for Satur-
day’s opener, Ford said he was
pleased because the majority of
them were newcomers.

He said he was able to take
them through a basic catching
drill to get them started. As the
camp progresses and more of
the campers return from last
year, Ford said the campers will
go through the “fielding and
hitting” aspects of the game.

“We will also teach them how
to slide and run the bases. We
also want to take them through
the game situations so that
when they have the opportunity
to play, they will know what to
do.”

Although he’s been criticised
for his behavior on the field and
he and his brother, Andy, have
been suspended indefinitely by
the New Providence Softball
Association for their alleged
actions off the field on Saturday
night, Ford said he will continue
to make his contribution to the
development of the sport.

“JT just want to put all the neg-
ative aspects behind me and just
concentrate on the positive,”
Ford stated. “A lot of parents
are looking for things for them
children to do and you have to
create things for them to do.

“Once you make it interesting
for the kids to understand and
you teach them the basics, then
you don’t have anything to wor-
ry about. I just don’t listen to
the people who are always criti-
cizing.”

Ford said the Kiwanis Club
has shown their support by
sponsoring equipment for the
camp and Caribe Insurance
have also assisted as they’ve
done in the past.

“They really keep me going
and that is why I continue to do
it every year,” Ford summed up.

: - that the three-men panel

‘@ BASKETBALL

By KELSIE JOHNSON
Junior Sports Reporter

BASKETBALL season
might be over and done with
in the school system for Waltia
Rolle, Dwight Miller and Alex
Cooper, but the trio has
recently started to spread their
wings.

Opting to complete their
high school careers at the
Westbury Christian High
School in Houston, Texas,
Rolle, Miller and Cooper have
all signed up for the Amateur

Athletic Union (AAU) teams.

Rolle, who plays for the
Houstonians, is currently aver-
aging 15 points, 11 rebounds
and four block shots per game.

Rutherford, her involvement
on this team has helped to
improve her game and, as the
school’s league opens up in
August, Rolle will be able to
snag a starting spot.

School

He said: “The adjustment
period for Waltia was hard at
first. She not only had to
adjust to play on the basket-
ball court but her academics as
well. She is a quick learner
though in both fields and
because of that she is being
sought after by a lot of big
name teams.

_ “When she first joined the
AAU team she was a little
shaky in play but now she has

things down-pat and she is
running the boards for them.

“The AAU programme is a
good one for not only her but
for the other boys as well.

“The programme is
designed to be a feeder sys-
tem for college and profes-
sional basketball careers, it is
just up to the players to per-
form.” Cooper might only be
in grade eight at the Westbury
Christian School, but he is
making a big impression on
the coaches.

This. year Cooper had to
make one of the toughest deci-
sions since enrolling in the

. school. His skills on the court

awarded him the opportunity

‘to play for the varsity team.

But Rutherford said the play-
er, who stands at 6-foot-5-

inches, opted for the junior
varsity team. .

This turned out to be the
right decision for Cooper who
won the league’s most valu-
able player — averaging 29
points, 20 rebounds and nine
assists per game.

Averages

On the AAU level, Cooper
plays for the Nike Houston
Hoops and averages at least
12 points per game.

Miller the older of the trio is
being recruited by several col-
leges. Playing for the AAU
Reebok Houston Super Stars,
Miller averages nine points,
15 rebounds and 10 block
shots per game.

According to mentor Frank

Antoinette takes
on president’s role

@ BASKETBALL :
By KELSIE JOHNSON
Junior Sports Reporter



ANTOINETTE Knowles will hang up
her hat as a basketball player in the New
Providence Women’s Basketball Associ-
ation (NPWBA) to sit in the president’s
chair.

The newly elected president has
already formulated a plar. which she says

will elevate the league, increasing the .

participation of both players and fans.

The most difficult task Knowles will
have to face will be the transition period,
but she says when she accepted the chal-
lenge, the ball had already been put in
motion.

In her first term Knowles will be intro-
ducing a three point plan which she is
calling the foundation of the new admin-
istration.

Her first point in the plan is to ensure
the players’ safety when playing in the

m.

She said: “Safety has always been a
major concern for me, even when I was
playing. I believe that the gym should be
outfitted in a safe manor and that means
adding the cushions to the walls under-
neath the basket. The cushions will pro-
vide the player with some softness during
hard plays. I would also like to push the

scorers’ table back a bit.

“I will be looking to bring in a new
team every year so we can decrease the
size of the gap that has been created. We
will have to go into the schools so we can
start a system which not only the league
can benefit from but all the players too.”

After taking care of the players’ well
being, Knowles said she will move on to
addressing the league’s partnership, trying
to increase business partner support.

Seeking more business partners is a
must’said Knowles, who is hoping to
showcase the talent in the league by
bringing the games to the people.

Aware

According to Knowles, the only way
to ensure that the public is aware of the
“happenings” in the league, is for mem-
bers of the executive board to involve all
media personnel.

And in order to complete this task, all
games would be aired lived and would
include a player’s programme. corner, that
will highlight the league’s top players.

She added: “All the players in the
league should be highlighted, this is Uic
only way we can promote the sport.

“Every game will be aired so the league
will get the exposure it needs and the

sponsors can also benefit.

“I know that most of the things we
want to see happen will not happen
overnight, but we will be working hard
towards accomplishing our goals.”

Noting that the league will have to
implement a feeder programme, the new
slate will continue on with the initiative
started by the old executive board.

Reflecting on the times when she
played as a junior national team player,
Knowles said she would like the sub-
sidiary programme to have the same
turnout as in the past.

The new president has already put in
place a team of workers, who are still
very active in the league, to assist with the
programme.

Assisting Knowles in her three year
venture will be Lawrence Hepburn as
first vice president, Freddie Brown as
second vice president, sitting in the third
vice president seat is Mynez Cargill-Sher-
man, the league’s former president, and
Sharelle Cash is fourth vice president.
Natasha Miller will serve as treasurer and
Anastacia Johnson as secretary.

Charles Mackey will be the only person
returning from the jeague’s first slate
serving as the commissioner of the asso-
ciation once again.

Play in the league will commence in
November.




Boro manager
favourite to eet
England job :

a SOCCER
LONDON
Associated Press *-

ENGLAND is likely to
name its new soccer coach
this week, and Middles-
brough's Steve McClaren
is expected to get the job.

After Portugal coach
Luiz Felipe Scolari turned |
England down last week,
the Football Association
appears certain to appoint
a British coach to replace
Sven-Goran Eriksson...
after the World Cup.

McClaren, who has
guided Middlesbrough to |.
its first European final, is
the odd-on favorite with |
bookmakers at 1-6. Other
candidates include ga ieks
Bolton's Sam Allardyce: :.'
- 1), free agent Martin-.:

O'Neill (12-1) and Charl-
ton's Alan Curbishley (i di
1).



The FA Board is due: to:
meet on Thursday, and)
there is strong speculation.








will announce its decision
then.

"I'm not commenting. ir
on that," McClaren said: ’
after Middlesbrough’ s 0:0"
tie with Manchester Unit- seal
ed on Monday. "My job is
to focus on Middles- i
brough and get the club“
results. I'm looking for-
ward to it (England coac
situation) being settled
one way or the other." 3 as

"Assistant

McClaren, who is
Eriksson's assistant coach _-
and was,No. 2 to Alex | 2.7
Ferguson at Manchester
United, received an
endorsement from the :’:
Red Devils manager. Ge to

"Steve is well qualified: - a
for the job, as quite a few-

- others:are, but I think the *-'
thing'in his favor is that” he”
also has the knowledge’ of, ;
the England camp = -*. =
because he has been in‘ the’.
camp for a few years '"-
now," Ferguson said.

Allardyce, who has
openly: campaigned for
the England job, acknowl-
edged that McClaren is
the favorite.

"He will be looking to.
clinch that position, but
who knows?" Allardyce
said. "I haven't given up
hope that it is going tome. ,
It just does not look ageiist)
though I am the favorite
at the moment. I am still
keeping my fingers -*-.:
crossed. J have not heard.
anything officially but we






: should know by the end: of

the week."

The three-month search
to find'a replacement for
Eriksson, who is stepping »
down after five years in
the job, has been trouble-
some forthe FA. ~ :%

O'Neill, who left his job
at Glasgow Celtic a year
ago to be with his sick’ «':
wife, was the initial strong
favorite along with PSV
Eindhoven's Guus Hid:
dink. rao

Coaching :

Hiddink, who led both :
the Netherlands and
South Korea to the Work
Cup semifinals and is
coaching Australia at né
month's World Cup in »
Germany, is taking chayeer:
of Russia instead. ea

McClaren seemed to”: :
slide out of contention *:":
after some poor league”:
results, including a 7-0 loss :
at Arsenal and 4-0 defeat
at home to Aston Villa,-:
left 'Boro close to relega-"*:
tion trouble. But the team f
climbed out up the table
and reached the FA Cup.
semifinal, as well as the
May 10 UEFA Cup final
against Sevilla in Eind-
hoven.

Scolari, who led Baal’
to its fifth World Cup tri-
umph in 2002, seemed cer-
tain to take over last week
when FA chief executive
Brian Barwick flew to Lis-
bon to offer him the job:
But he turned it down, cit-
ing too much pressure
from the English media.






Coss
vam vue

TRIBUNE SPORTS






SAC’s coach
keeps an eye
n her team

B ABOVE: SACS coach Anasta-
cia Mountrie looks on as her team
makes,their way to the win.

The Big Red Machines rolled past
the-Sf John’s Giants 17-12,.17-8 to
secure thein-berth injthe: final to
defend their title. t

@ RIGHT: SAC take instructions
frem, their coach during a time-out
in their victory over St John’s.

* e SEE SPORTS FRONT

(Photos: Onan Bridgewater)



.@ BLACKBURN ROVERS' Lucas Neill, right, challenges Joe Cole, left, of Chelsea for the ball during their English Premier League soccer match at Ewood Park, Black-
burn, England, Tuesday May 2, 2006.

(AP Photo/Dave Thompson)

=
—



Blackburn
seal place .

in Europe ©



BH SOCCER
BLACKBURN, England °-
Associated Press f°



STEVEN REID turned
home a free kick from Robbie’ -
Savage and Blackburn edged *
newly crowned Premier League
champion Chelsea 1-0 on Tues- +
day to guarantee a UEFA Cup
spot next season.

The only goal of the game
came two minutes before half-
time at Ewood Park as Mark
Hughes' team moved within a
point of fifth-place Arsenal and «
became only the fourth club to -
have beaten Jose Mourinho's
team in league action this sea- .
son. te
Rovers joined Manchester
United, Fulham and Middles-
brough — and Manchester City
in October 2004 ~ as clubs to
have defeated the Blues in the
Premier League in their last 75
games.

With Chelsea having cap-
tured its second Premier
League title in a row by beating '
Manchester United 3-0 on Sat-
urday, Mourinho rested seven
of his regulars at Ewood Park
and the Blues made little impact
in the first half. -

Two minutes before halftime,
Savage curled in a free kick
from the left flank and the ball
got the slightest of touches off :
Reid's head and went inside the
far post.

Chelsea replied strongly in
the second half and Rovers'
American goalkeeper, Brad
Friedel, made a top quality,
reflex save to thwart a first-time
shot from Eidur Gudjohnsen
and then flicked a long range
shot from substitute Joe Cole
over the bar.

Chelsea players angrily
sought a penalty when Hernan
Crespo was felled inside the
area with 10 minutes to go.
WEDNESDAY, MAY 3, 2006

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com





B@ VOLLEYBALL
By BRENT STUBBS
Senior Sports Reporter

THE St. Augustine’s Col-
lege breezed through their
Bahamas Association of
Independent Secondary
Schools’ sudden death play-
off game on Tuesday just as
they did during the regular
season.

Undefeated in six games
in the regular season, the Big
Red Machines rolled past
the St. John’s Giants 17-12,
17-8 to secure their berth in
the final to defend their title.

They will now go on to
play the Kingsway Academy
Saints in the final on Thurs-
day at SAC. Kingsway
Academy stunned and upset
last year’s runners-up Nas-
sau Christian Academy Cru-
saders 17-12, 13-17, 15-12 in
their sudden-death game
played on Tuesday as well.

Performance

SAC were hoping for a
rematch against NCA, but
coach Anastacia Moultrie
wasn’t as concerned about
who their opponent would
be as she was about the way
they need to step up their
performance.

_The Big Red Machines
made it look so easy against
the Giants without playing
to their full capabilities.

“T wasn’t impressed with
today’s performance. [| felt
they could have played a
whole lot better,” Moultrie
pointed out.

“They’ve done it through-
out the regular season, but ;
sometimes when you're play-
ing a lower seed, you tend
to drop your intensity to
their level.”

But, as they look ahead to
the final, Moultrie said if
they intend to repeat as

Rather than hitting the

MIAMI HERALD SPORTS



leading the charge for SAC



tals hurt them. ~

cruise pa
reach final

Ss

proven today,”

she reflect-







BH SAC’S Comillia Miller sets up the ball for teammate 1
erese Clarke. Undefeated in six games in the regular season, _
he Big Red Machines rolled past the St. John’s Giants 17-12,
78 to secure their berth i in the final to Acton their fille,

Phere: Onan Bridgewater)









basically bumped or flicked

champions, they will defi-
nitely have to step up their
game another notch.

Normally a team that uses
the three plays effectively -
bump, set and spike - the Big
Red Machines didn’t play
with the enthusiasm that
kept them undefeated.

ball with authority, Camillia

Miller did most of her dam- |

age from the service line,
leaving the rest of her team-
mates to pick up the slack in
the frontcourt.

Terese Clarke, Jamie Tay-
lor and Denea Larrimore
provided a 1-2-3 punch in

when they didn’t have Miller

in the frontcourt.
Even with that, St. John’s

just didn’t have the attack to. '

counter SAC and, although
they stayed close at the
beginning of both sets, it was
obvious down the stretch
that their lack of fundamen-

Coach Carla Smith said

despite the loss, she was still
pleased with her team’s per-
formance because she felt
that they did as well as they
could.

“We played alright, but

SAC is just a better skilled .

team than us and that was

ed. “SAC had a lot of time

and practices with their :

team.

“Our girls just started
playing volleyball. So they
out-played us today.”

Fourth in the regular sea-

son at 5-2, having lost to..
SAC and NCA, St. John’s .

the. ball over the net and that
kept them in the game. until]
they made their mistakes
that the Big Red Machines
capitalised on: me

Stefka Cleare and
Mia Smith produced most
of the fireworks for the
‘Giants.

®@ SOFTBALL
By BRENT STUBBS
Senior Sports Reporter



MARIO Ford said he and his
brother, Andy, are not going to
appeal the indefinite suspension
levied to them by the New Provi-
dence Softball Association because.
he claims, they were not the ones
who were using the obscene lan-
guage against the executives.

The Ford brothers were sus-
pended indefinitely by the NPSA
after they were charged with dis-
rupting the awards presentation on
Saturday night at the Churchill
Tener Knowles National Softball
Stadium.

But Ford said the only thing he
said to president Steve ‘Garbo’
Coakley was that they didn’t feel
that his Electro Telecom Dorcy
Park Boyz should have to play
back-to-back.

Opportunity

Instead, he suggested that other
teams in the league should be giv-
en the opportunity to play at least
once before one team played twice.

“His assistant, Perry Seymour,
told him that if my team don’t want
to play, then don’t let them play,”
Ford said. “But I said to him that I
wasn’t talking to him (Seymour)
because he said in the meeting that

1 Oe,

Teneo neon

ene language ered

every time they play the Dorcy
Park Boyz, something happen.”

Ford claimed that the Dorcy
Park Boyz were not the problem.
Instead, he shifted the blame onto
Seymour’s TBS Truckers, last
year’s runners-up.

“Last year, we had six incidents
with them and the association exec-
ulives just sat around and allowed
all these things to go by,” Ford stat-
ed,

Ford said he and Andy were
quite disturbed with the quick man-
ner in which the NPSA dealt with
an issue that was taken out of pro-
portion on Saturday night.

“They met and dealt with us in a
meeting on Sunday and, by Mon-

day, we were all over the press,”
Ford stressed. “I think it’s unfair
and it’s not right.

“T don’t think it’s right for the
association to decide in one day to
suspend me and my brother when
there were a lot of players from
the Truckers who were there argu-
ing with us too.”

NPSA

Based on what transpired, Ford
said he feels that the NPSA didn’t
deal with them fairly.

Ford said it was ironic that the
suspensions were issued just as the
Dorcy Park Boyz were preparing to
play against the Truckers on Sat-



urday night at the stadium.

When asked if the Dorcy Park:
Boyz are going to play, Ford said:
it’s up to his team-mates and;-he:
hasn’t had any confirmation from
them.

“If they decide to play, they
could play. If they decide not-to
play, they don’t have to play,” he
charged.

“That’s a decision that they walle
have to make for themselves.”.”:-”

As for whether or not. he ‘and>'

Andy would appeal the decision,
he said he doesn’t have any interest
in softball anymore and will doth.
nitely not be interested.

He couldn’t confirm what Asi’ s°
plans for the future were,

A