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 )
9994850 ( OCLC )

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Ingraham: PLP
attempting to fan
the flames of fear

@ By RUPERT MISSICK Jr
Chief Reporter

THE government has justi-
fied and excused the arbitrary
arrests of legal residents in the
Bahamas as calculated attempts
to fan the flames of fear and
bigotry among Bahamians,
FNM leader Hubert Ingraham
told those attending the party’s
mass rally in RM Bailey Park
last night.

The PLP government, he
said, measures its nationalism
by the number of innocent peo-
ple it arrests under the cover of
darkness and cannot stand in
judgment of others.

“We in the FNM didn’t mea-
sure our patriotism by the num-
ber of illegals apprehended and
repatriated. We don’t believe
that the misfortune of others
should be used to bolster our
ratings among our people.

“Our patriotism and our love
of country were self-evident
from the good service provid-
ed to our country during two
successive terms in office -
restoring the economy, and
improving availability and the
delivery of education, health
and social welfare services to
the. public,” Mr Ingraham said.

“They claim that their policy
‘of night raids is an effective
immigration control tool even
when many of those appre-

“hended in such exercises must
be released because they hold
legal status in our country,” Mr
Ingraham said.

The former prime minister
accused the government of a
hypocritical approach to the

immigration problem in the
Bahamas as they are hard
pressed to explain the complic-
ity of certain PLPs in the work
permit rackets.

In addition, he said that even
as the Christie government
orchestrates its latest “immi-
gration farce” of night raids
they know that illegal or undoc-
umented persons continue to

-provide services in their low-

cost housing construction pro-
gramme.

He accused Prime Minister
Perry Christie of sending his
“johnny-come-lately minister”
(Immigration Minister Shane
Gibson), to say what he cannot
say because he knows that it is a

- lie — that the PLP are repatriat-

ing more illegal immigrants than
did the FNM during their terms
in office and that lax FNM poli-
cies caused the illegal immigra-
tion problem in the Bahamas.
“Mr Christie knows better.
And he should ensure that his
out-of-control minister gets to
know it too, Mr Christie knows

- that the root of the illegal immi-

gration problem is decades old,
predating the FNM terms in
office,” Mr Ingraham said.

He pointed out that when

- there was a break-out from the

detention centre under the
watch of the FNM, Mr Christie
said that the then government
let them walk out.

“Now they’ve had four break-
outs from the centre. They
can’t even keep women in the
centre. I wonder what hap-
pened. No walk-outs this time,

SEE page 11



Thursda
2006 For

INSURANCE MANAGEMENT

Our Nassau Office
Will Be Closed On
June Ist,
ur Annual

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BAHAMAS EDITION

WEDNESDAY, MAY 31, 2006

immigration problem.

Doctor adamant

about pursuing gun

threat case against
local businessman

A LEADING Nassau doctor |
who has accused prominent ;

businessman William ‘Billy’

Saunders of threatening him }
with a gun during a confronta- ;
tion last year says he will not :
drop the charge and is deter- :

mined.to see the case complet-

ed in court despite being frus-
trated by repeated adjourn- ;

ments.

Tribune yesterday that he is

adamant about pursuing the :
case because of the racist nature :
of the alleged event and the :
adverse psychological effects it
has had on himself and his wife. :

He said police had initially :
asked him to accept an apology :



SEE page nine



Dr Judson Eneas told The



Reports claim
raids pick up
more than 200
suspected illegal

immigrants

@ By PAUL TURNQUEST

UNOFFICIAL reports sug-

gest that the Department of

Immigration picked up more
than 200 suspected illegal immi-
grants in early morning raids in
the Baillou Hill and Wulff Road
areas yesterday.

It was claimed that four bus- ;

loads of detainees were taken

to the Carmichael Road Deten- }

tion Centre for processing.
However, numerous calls to
the Department of Immigration

and the Detention Centre for :

confirmation of the raids were

SEE page 11

Che Miami Herald

FNM supporters gather at RM Bailey Park last aky at their 1 parey? s sally. In his
speech, FNM leader Hubert Ingraham criticised the government’s approach to the

(Photo: Mario Duncanson/Tribune staff)









Dr Rahming:
250 offenders
in prison
who should
not be there

: â„¢ By KRYSTEL ROLLE
Tribune Staff Reporter :

THERE are 250 petty offend-
ers at Her Majesty’s Prison who
should not be there, according
to prison superintendent Dr
Elliston Rahming.

Dr Rahming said these
inmates should be doing com-
munity service, but the
Bahamas has yet to draft legis-
lation that will allow this.

"Right now we have. people
in jail for using obscene lan-
guage or stealing a pack of bis-
cuits,” he said.

On Tuesday, The Tribune
revealed that the Bahamas has

SEE page two






PRICE —75¢

Baha Mar
Cable Beach
investment

increases to
S2 billion

BAHA. MAR’S original invest-
ment of $1.2 billion in the Cable
Beach redevelopment project has
been increased to $2 billion;
according to the company’s exec-
utive vice-president of adminis-

‘tration and public affairs.

This means the project will add
about 6.5 per cent to the Bahami-
an economy’s annual gross
domestic product (GDP) output.

“It means that within its first
full year of operation, the resort
will contribute nearly $400 mil-
lion to GDP, equivalent to some
6.5 per cent above the current
GDP figure,” said Robert Sands.

“This is a direct result of just
over 12 months of continuous
planning, upgrading and a com-
petitive drive to expand the vision
for the benefit of all.

“Furthermore, the resort will
sustain over 5,000 direct perma-
nent jobs at full operation and
indirectly generate another 2,525
jobs for suppliers and other eco-
nomic sectors, but only to those
who have the drive and initiative
to offer relevant, first-class and
consistent goods and services to
Baha Mar,” he said.

Baha Mar has sent out to ten-
der the contract for the realign-
ment of West Bay Street and the
extension of Gladstone Road. :
Project works will include the
demolition of existing buildings,
site clearance, non-public’ utility
diversions, road construction-and
associated landscaping.

¢ SEE Baha Mar supplement
inside today’s Tribune

Hotel workers
union leadership
ie to be chosen

@ ROY COLEBROOKE |)
(Photo: Mario Duncanson/ |
Tribune staff)

hours of ballot counting by
the Justice team, there is still
no official leadership for the
Bahamas Hotel Catering and
Allied Workers Union.

e SEE PAGE FIVE





We Will Re-Open For
Business As Usual On
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We Apologize For Any
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PAGE 2, WEDNESDAY, MAY 31, 2006



LOCAL NEWS

THE TRIBUNE





FROM page one

the eighth highest per capita prison rate in
the world.

Other countries in the region are also in the
top teri, including the United States, which
has the highest prison rate, and the Cayman
Islands, which has the second highest.

Dr Rahming attributed the problem to
the Bahamas' failure to implement creative
alternatives for jail time.

“Community service is cheaper and more
realistic," he said, pointing out that most
other countries allow for this option.

According to Dr Rahming, under
Bahamian law, prison sentences are for the

5

& THE wall that will surround all 60 acres of Her Majesty’ s
Prison’ 's grounds is just one added security. measure that the,

will e

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sponsors





pand the seciitity i iilify ‘ahd add.motion detectors and.
surveillance caineras around the compound.

most part too harsh. “If we had a more for-
giving society persons incarcerated would
not spend so much time is prison,” he said.

The superintendent explained that if a
judge orders a man to pay a $500 fine and
he is unable to do so, he has to spend six
weeks in jail.

Depending on the criminal offence, the
length of jail time and the size of fines can
vary.

Dr Rahming also pointed out that in the
Bahamas, “life means life” and only in
extreme situations are convicts ever par-
doned.

In other countries which have systems to
periodically assess inmates, prisoners who







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ternative sentences urged

have long sentences are sometimes released
early because of good behaviour.

Dr Rahming said he hopes that the
Bahamas will soon implement a similar sys-
tem.

"We have to — if we don't, we'll find our-
selves with six.men to a cell,” he said,
explaining that overcrowding continues to
be a serious problem at the prison.

Dr Rahming added that preliminary work

has been ‘completed for the construction of

a new maximum security facility.

Plans for the new facility are currently
being drawn up. It should hold 300 addi-
tional cells and is expected to be completed
in the next three years, he said.



@ THE prison is building is expanding their security building at
the entrance after January’s prison break. New surveillance
cameras will be added, and renovations are expected to be
completed in six weeks.



@ DURING a tour of Her Majesty’s Prison, officer Antonio
Cooper shows pastors the new Smith detection machine. The
machine can detect drugs and explosives on a person or their
clothing — even days after the substances have been handled.

. Swabs are used and inserted into the machine to indentify
substances used or handled.

(Photos: Felipé Major/Tribune staff)




and: RENEA BURROWS

BUSINESS |
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MANDAY TG FRIDAY





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APPROVED LENDING SERVICES



FNM Ny
Justice ‘must.
be removed

from politics’

i By RUPERT MISSICK Jr
Chief Reporter.

THE government is allow-
ing party and constituency
politics to influence the due

administration of justice, for- -

mer attorney general Senator
Carl Bethel alleged at the
FNM mass rally last night.
Recent events, he said, have
led the FNM to decide that if

it were elected to office, it

would immediately continue
the process of removing
responsibility for the conduct
of criminal prosecutions from
the hands of the attorney gen-
eral, a political appointee, and

_ place responsibility for such

decisions in the hands of a
director of public prosecutions
—as has been done throughout
the British Commonwealth.
The director of public pros-
ecutions, he said, will have

- security of tenure similar to

the job security of the com-
missioner of police.

“This reform will forever do
away with the possibility of

‘direct political influence or
control over the application
of the criminal law in the

Bahamas. Bahamians should

be able to have complete con-

fidence that there is no politi-
cal interference or political
considerations in the business
of criminal prosecutions, ” Mr
Bethel said.

He pointed out that law
enforcement is a serious and
sober business, nota matter
of “catchy phrases and fre-
quent press conferences”.

“The serious business of law
enforcement should not be
made into a poppy show. Yet
in the case of a policeman we
see interference in the admin-

“When we want comprehensive and insightful
articles about the business community,

The Tribune is our number one choice.

The Tribune is our newspaper.”

RYAN WILLIAMS, TROY SAMPSON,

‘The Tribune







@ CARL Bethel et

istration of justice by che ef

attorney general who, :
seems, is listening to the oon
on the streets’ and who has;"
herself, suggested that the”
police force is engaged in a’
cover up.

“She is quoted in the”;
Bahama Journal on the 24th’
May 2006 as saying: ‘The. °
question of a cover-up came ”
from my community; people.
are very, very concerned
about shooting incidents,’ «
especially when they involve’ ~
the police’,” Mr Bethel quot-
ed her as saying.

He said that while he..-
agreed that the attorney gen-, -
eral has the constitutional
right to interfere in any pros-
ecution, she needs to explain:
an allegation that she repeat-
ed that it seemed the police
were trying to cover some-
thing up.

Mr Bethel said the FNM
are not making any judgments
about who is guilty or inno-
cent in the shooting incident,
rather they question the polit-
ical involvement, which they:
consider harmful and which
could have a negative affect
upon the progress of the case. '

.



es
es
Be
ee
> 5
ee
+.



THE TRIBUNE

WEDNESDAY, MAY 31, 2006, PAGE 3°:







FNM close
to naming
election
candidates



THE FNM is in the advanced
stages of identifying and settling
its slate of candidates to con-
test the next general elections,
FNM leader Hubert Ingraham
announced at the party’s rally
last night.

Mr Ingraham said the candi-
dates will include representa-
tives from all segments of soci-
ety — “tried and tested; young
and vigorous; talented and qual-
ified — men and women united
by a single desire to restore
responsible, effective, honest
and caring government to our
Bahamaland.”

“Some of them are already
active in your communities,
introducing themselves to you
as potential candidates. In due
course we will be formally rati-
fying our candidates taking into
account your views and recom-
mendations,” Mr Ingraham
said.

Government
is accused
of ‘blowing
the budget’

FNM leader Hubert Ingra-
ham accused government of
“blowing the budget, padding
the public payrolls, and creating
fear of foreign bogeymen.”

Speaking yesterday at the
party’s mass rally on RM Bailey
Park, Mr Ingraham said the
government has acted in this
way to hide the fact that it has
no record of achievement.

The PLP, he said, is revert-
ing to their “pre-1992 practices”
of hiring people who don’t meet
the minimum standards for the
public service, and promising to
pay to send them to school.

“They have been padding the
public payroll, engaging people
on contract to disguise the
growing number of government
employees. They have been
contracting all manner of con-
sultants, engaging security
guards, so-called ‘peace officers’
and ‘tourism police’ and the list
goes on — yet crime is increas-
ing,” he said.

Mr Ingraham: pointed out
that last November, the*gov-
ernment said it had 300 new
public service jobs to be filled —
but suddenly announced this
month that the number had
jumped to 1,200.

“They stressed that applicants
didn’t need to meet public ser-
vice standards to be employed.
I guess they only have to
promise to vote PLP. Well you
know what a promise is to a
fool.

“If that’s what you have to
do to get a job, promise them
and vote FNM. After all they
promised you good government
and you know what they gave
you,” Mr Ingraham said.

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In brief

Anchor projects are ‘a drifting ship’

THE government has used
the media to paint a mis-
leading picture of the cur-
rent string of foreign invest-
ments according to FNM
deputy leader Brent Symon-
ette.

Speaking at the party’s ral-
ly on RM Bailey park last
night, Mr Symonette said the
unemployment rate in fact
reveals that Prime Minister
Perry Christie’s “anchor pro-
jects”. scheme is actually “a
drifting ship”.

“For more than four years
this government has bom-
barded us with headlines and

: more headlines. But when

you read the fine print, you
realise that they say nothing,”
Mr Symonette said.

“They have announced’
‘anchor projects’ — from island
to island saying they are
designed to jump start devel-
opment on each island. Has any
one seen or heard anything

Chief Reporter

FORMER Attorney Gener-
al Carl Bethel last night
accused the government for its
‘Gestapo’ tactics with Haitians
and Jamaicans - while it gives
away thousands of acres of
government-owned land. to for-
eign investors.

He said that it was surpris-
ing to see Haitians and
Jamaicans being subjected to
what seems to be inhumane
and barbaric treatment, while
other non-Bahamians are giv-
en the ‘golden carpet’ in secret
deals

gathered at the FNM rally at
RM Bailey Park

“We in the FNM strongly
believe that the Bahamas

>
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NAY Le a



@ BRENT Symonette

from Abaco’ to-
Mayaguana, he told those -

jumping on even one island
that the FNM didn’t already
start?” he asked.

Mr Symonette pointed out
that despite the government’s
rosy pronouncements, unem-
ployment is higher under the

PLP government
is accused of
‘Gestapo’ tactics

@ By RUPERT MISSICK Jr

should be for Bahamians, first
and foremost. But we also
believe that it is possible to
have a firm and effective pro-
gramme to remove illegal
immigrants without violating
basic human rights and univer-

_sally accepted standards of con-

duct,” Mr Bethel said.

While he said that the FNM
supported foreign direct invest-
ment, he also believed that the
government should not give
away thousands of acres of
valuable beach front govern-
ment land to non-Bahamians
as an added incentive for them
to invest.

“Rither they have the money
to invest, or they don’t. They
should not be allowed to raise
the money to invest in the
Bahamas by selling Bahamian

‘Jand given to them by this des-

Call to public servants

HUBERT Ingraham called
last night for all public officers,
teachers, police and Defence
Force officers to join the FNM.

He said that the FNM recog-
nised the contributions of these
institutions and could be relied
on to “treat you with respect
once again”.

“To Defence Force Officers
who believe that we did not
treat them as well as we might
have the last time, we say that
to the extent that it may have.
been so, we regret it and we
will make up for it next time.

“Our word is our bond. Ask
Bahamasair, they know; ask
the Water and Sewerage Cor-
poration, they know; ask BEC,
they know as well; even BTC
(Batelco) knows that now,” Mr’
Ingraham said:

The party leader also

accused government ministers °

of mistreating members of the
civil service.

He pointed a finger at the
Minister of Education for cre-
ating chaos in the public school
system, transferring staff and
appointing administrators to
suit his political agenda.

He also criticised Foreign
Affairs and Public Service Min-
ister Fred Mitchell for exposing
his junior staff to criticism on
the floor of the House of
Assembly.

“They would have us believe
that they voted for Cuba to
become a member of the Human
Rights Council because a junior
officer recommended it. What-
ever happened to ministers tak-
ing responsibility?” he said.

Elegance



ways, “broke the hold of

present government than it
was under the FNM.

“Anchor prospects without
jobs to match. The promised
intended increase in employ-
ment in the public sector by
the creation of 1,200 new jobs,
tells the tale that insufficient
jobs have been created in the
private sector to meet the
demand of school leavers and
displaced workers from Club
Med on Paradise Island,
South Ocean, Lloyds Bank
and other failed enterprises,”
he said.

Mr Symonette said that
what is most upsetting about
the misuse of the media by
the government is that it was
the FNM that freed the air-



























B*Ar san



monopolistic practices in
broadcasting so that our nation
could truly have freedom of
expression and the liberty to
speak out on issues and inter-
ests without fear.”

5
Re SHRERHHA TT









SOOCOHEE TTT MCLE LL OS

wf:

aes
oie ge

Harbour Green Centre, Lyford Cay
P.O. Box N-121, Nassau, N.P., Bahamas
Telephone: (242) 362-6656, Fax: (242) 326-9953
e-mail: info@colesofnassau.com

SHS

perate government, as is now
occurring in Mayaguana,” Mr
Bethel said.

: 48 LES ALP SE

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APPLICATIONS MUST BE SUBMITTED TO:

OFFICE OF THE DIRECTOR
FINANCIAL AID & HOUSING

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PAGE 4, WEDNESDAY, MAY 31, 2006

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

What revenue does Cuba bring us?

IN HIS intervention in the House of Assem-
bly’s debate on May 17 to explain the
Bahamas’ vote for Cuba to be a member of the
UN Human Rights Council, Foreign Affairs
Minister Fred Mitchell berated former prime
minister Hubert Ingraham for his comments on
government’s vote. .

Mr Ingraham had said that if he were in
office, “Cuba would not have the nerve or the
gumption to ask us to vote for them to be ona
Human Rights Commission. That’s an unthink-
able event.”

A cross-section of Bahamians who have’

discussed the matter with us, agree with Mr
Ingraham.

Mr Mitchell took exception to the Ingraham
comment. “The language,” he-said, “is con-
trary to the spirit of comity between the two
countries. Each year some 20,000 Bahamian
visits take place in that country. The level of
tourism, trade in-health care and general busi-
ness is increasing... The Government must
protect their interests. As we speak, hundreds
of Bahamians are in Cuba today, many of them
his Ingraham’s) supporters. Each month many
of his supporters seek the intervention of the
Ministry of Foreign Affairs to facilitate the
passage of their Cuban friends to the Bahamas.

“This country seeks to act in its own best
interests as it judges those interests on the best
available advice to the Government,” said Mr
Mitchell. ;

However, Mr Mitchell failed to, state the

obvious. And the obvious is that it is the Amer- :

ican dollar, spent in this country by American
tourists, which puts money in Bahamian pock-
ets and makes it possible for them to fly to
Cuba and pay for their education and med-
ical care there. In 2004 about 4,300,000 Amer-
icans visited the Bahamas.

How much revenue does Cuba bring us,
either in tourism or trade? Whatever it is,
according to Mr Mitchell’s reasoning, a vote for
Cuba is a vote for our own best interests!

As we said in this column yesterday, we
are intrigued and bemused by Mr Mitchell’s
statement that “no other country, unsolicited,
has offered the level of assistance to this coun-
try, assistance that is not of direct benefit to the
country offering the assistance.” The refer-
ence, of course, is to Cuba. And as far as we
can discover there’s not a shred of truth in his
claim.

This outlandishly ridiculous statement,
prompted us to call the American Embassy
for a list of some of the benefits given the
Bahamas by the US, most of which are of no
direct — or even indirect — benefit to that
- country. The list, which is impressive, is too

in town on

‘89 TOYOTA BUS

long for publication in its entirety in this col-
umn.

For example, last year US personnel spent
20,900-man hours over a period of 161 days
training 542 Bahamian officials at a cost to
US taxpayers of $2,400,000.

From the US Ambassador’s Fund for
Migrants, $20,000 was spent last year on
improvements to the Carmichael Road Deten-
tion Centre. Again from the Ambassador’s
Fund for HIV/AIDS, $20,000 was distributed
to local HIV/AIDS charities.

Again last year USAID Disaster Assistance
donated $50,000 in addition to hiring a
Bahamian to be a local representative of the
Office of Foreign Disaster Assistance. The
AUTEC Fresh Creek runway was repaired for
$100,000; $12,000 was donated by the AUTEC
Andros Island Charitable Fund, and $14;000,
again from AUTEC, assisted with the educa-
tion of Andros children.

Can Mr Mitchell now say how any of this
benefited the United States or its taxpayers,
and in what way has Cuba matched these con-
tributions?

And who do we call when a loved one dis-
appears at sea? Yes, BASRA, of course, but
who grumbles if the US Coast Guard fails to
take to the skies and the seas to join in the
search? We never think of calling in Cuba, but
we can tell you that the US Coast Guard search
and rescue support is most generous. It chalks
up hundreds of hours every year at an average
cost of $1,400 an hour.

And then there is the cost of maintaining

the pre-clearance facilities at NIA and Freeport
airport at an estimated annual cost of $15 mil-
lion. To keep OPBAT operational is another
estimated annual cost of $30,000,000; narcot-
ic affairs support to the RBPF at more than
$500,000 for equipment, training, maintenance
support, and then there was $600,000 to
NEMA for hurricane relief. And the list goes
on and on. However, it does not include the
activities of private US organisations, which are
supported by the US Embassy.

Mr Mitchell owes an apology, not only to
the US Embassy for his misleading statement,
but also to the Bahamian people.

The Bahamas voted for Cuba to be a mem-
ber of the UN Human Rights Council. It’s a
mystery why Mr Mitchell doesn’t admit what
we all know, instead of continuing this cat-
and-mouse farce.

In our opinion this government, by its UN
vote, has presumed on America’s friendship. It
also seems that its decision was made because
of its fear of the bully across the waters to the
south of us.



The Pandora’s |

box of our
immigration

EDITOR, The Tribune

PLEASE permit me a space
in your highly regarded and well
read newspaper to express my
view on a timely topic.

I welcomed the appointment
of Shane Gibson to the immi-
gration Department due to his
promise to clamp down hard
against illegal immigrants.

I for one believe that a coun-
try such as ours with relatively
small land mass and resources
cannot and should not become a
haven for economic immigrants
who choose to invade our coun-
try illegally.

Having said that, I am very
troubled by Prime Minister
Christie’s decision to instruct

» Minister Shane Gibson to cancel

the work permits of thousands
of legal immigrants who have
not committed any crime since
they were legally issued their
work permits since 2003.

I cannot make sense out of
this mass denial of renewal for
legal immigrants who were
issued work permits by this
same PLP government.

However, I have a few theo-

Ties that I suppose, may have

necessitated this action by Prime
Minister Christie using Minis-
ter Shane Gibson. |

Serious corruption at Immi-
gration?

Is it possible that the Prime
Minister and Minister Shane
Gibson believe that there was
corruption or incompetence
involved in the process by which
work permits have been granted
under this government? Does
this have anything to do with
missing files and mysterious fires
at the Department of Immigra-
tion? Is it possible that Minis-
ter Gibson, under orders from
Prime Minister Christie, is bent
on reversing everything done by
his predecessor?

Election year politics

There is a sense in the country
right now that this new PLP
government has performed
below an acceptable level, even
by those of us who voted them
in power. The promise of jobs

_has not materialised and some

young people who had hoped
to change their lives, with the
promised honourable jobs, have
returned to business as usual
either by bumming around or
committing crimes.

Hence with nothing concrete
to present to the people as a rea-
son to return my party to power,
this New PLP government want
to play on the phobia and prej-
udice of some of our Bahami-
an people by finding a scape-
goat — the Haitians.

Or is the government hoping
that after years of its inability
to create meaningful jobs, by
driving away legal residents will

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letters@triounemedia.net



create some vacancies for .

Bahamians, thereby creating the
appearance of a job boom just
before the elections?

Or perhaps do they want to
return to the only proven
method that seems to fool
Bahamians, including myself,
most of the time: Conspiracy
Theories?

Right now we are being
warned to beware of a devilish
plot by Hubert Ingraham and
the white Knight bogeymen who
want to return us back to slav-
ery. There are also subtle warn-
ings about Evil Haitians taking
over the country. I won’t be sur-
prised if ZNS starts showing the
Alex Harley’s Movie “Roots”
just before the next elections.

BLATANT XENOPHIA

There is one thing that seems
to confound me about us as
Bahamians. We welcome the
foreigners to bring in their dol-
lars so we can maintain our rel-
atively high standard of living,
but we hate to see any foreigner
take a dollar out of the coun-
try. For too long we have been
eating our cakes and having it.
The decision by the Prime Min-
ister and Mr. Shane Gibson to
return thousands of foreigners,
mainly Haitians who were once
given legal status by our gov-
ernment back to the illegal mar-
ket just makes my point.

Could you imagine if a
Bahamian who has lived in the
United States for many years
and has legally acquired their
green card, one day wakes up
and is given a letter to leave the
country within 21 days without
any explanation as to why? All
of us in the Bahamas would be
screaming “racism”. We will be
telling this person to fight for
their “rights” and sue the
authorities.

However, each time a Hait-
ian fights back when they are

.either wronged or abused in this

country, we tell the government
to “send them back” irrespec-
tive of their immigration status
in the country.

We boil with rage when we
hear Haitians talk about their
“right” in this country. Even so-
called Christians are ready to
spill blood when they hear a
Haitian has dared to stand up
for his or her rights.

Granted, Haitians, and indeed ©

all foreigners, who live in this
country do not have the right to
be here. It is a privilege granted
to them by the government of
the Bahamas for them to live
and work here. But one can say

_the same thing about Bahamians

living in the United States or
any other country in the world.
But, like I stated before, do we
lose all our rights when we visit
or live in the United States? No,
far from that! We demand our
universal human rights as
human beings no matter where
we are in the world, except if
we are in Cuba, Afghanistan or
a few other communist, dicta-
torial or Ideological Islamic
nations.

Does the Bahamas want to
class itself with Cuba and other
non-democratic nations? God
forbid! But the recent action by
the PLP government to disen-
franche thousands of legal immi-
grants shows that perhaps we
are less than a strand of hair
from drifting into this league of
dishonourable nations.

MY ADVICE

I wish to urge Prime Minister
Christie, who is the ultimate
decision maker for his govern-
ment, my Progressive Liberal
Party, to instruct Minister Shane
Gibson to rescind this arrogant,
shameful and inhumane deci-
sion. The Bahamas is a signa-
tory to the’articles of Univer-
sal Human Rights. We should
not act like a pariah state and
arbitrarily disenfranchise thou-





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sands of people with legal status
without any option for a reme-
dy. Some of these people have
families at home who depend
on them for survival. There are
others who may have qualified
for and acquired loans or mort-
gages in their home countries
due to their legal residency and
jobs in the Bahamas. How. do
we as a so-called Christian
nation feel about the plight of
the little children and families
who depend on these people to
live? Yes, there is an illegal
immigration crisis in this coun-
try. Iam of the opinion that no
new work permits should be
issued for at least another two
years unless there is a specific
need that Bahamians are not

available or willing to fill those.

positions.

But the government should
not take away the status of legal
residents who have not com-
mitted any crime during their













residency without explanation. °

or another opportunity to reap- e

ply.
MY PREDICTION

. Lam of the opinion that this
inhumane decision by Prime

' Minister Christie to unleash

Minister Gibson blindly on legal
residents will backfire. For
example, many of these legal
residents who have had their
status stripped without justifi-
cation will remain in the country
illegally. Immigration officers
will now have more illegal immi-
grants newly created by Minister
Gibson to deal with. The $650
work permit fees plus over: $500
in national insurance payment,
paid annually by thousands of
these former legal residents, will
cease. Individual Bahamians
and companies who depend on
the reliable services of these for-
mer legal immigrants will have





Ch,

4

5
a
3

te

bd
oO

cs
rom

io"

MATE
i



their life and schedules disrupt-'“ * ’

ed.

The cost of living will rise as
Bahamians will be forced to pay
$100 or more for someone who
may or may not clean their yard
for them. So for a shop owner to
afford that high priced service,
he or she may be forced to raise
the prices of their items. For.the
consumer to afford to shop at
that store, they may ask their
boss at the restaurant for aay
rise. For the boss to be able <9
offer that pay rise, he may have
to increase the price of the sand-
wich. This chain reaction will
continue everywhere.

With virtually no means left
for people to regularise the sta-
tus in the country, the only
option left for prospective legal
immigrants will be to enter mar-
riages of convenience. Then
what does that do to our social
and moral fabric?

Sentimentally, this idea to
unjustly strip legal residents of
their status may appease the
minds and emotions of some
Bahamians. But sooner than lat-
er the average Bahamian will
see the negative effect of this
ill-conceived and reprehensible
action.

The Almighty God in his infi-
nite wisdom chose to keep the
answer to most of our human
problems in a jigsaw puzzle. He
then distributed ‘pieces to dif-
ferent races, ethnic groupings



an
gk
aed



and nations. God expects .....,

mankind through harmonious.

co-existence to bring together , ,,

each piece of this puzzle thereby
finding solutions to our prob-
lems through development. This

is why any nation that has

accepted immigrants has
advanced and _ prospered
through the knowledge brought

by the immigrants to enrich the =".
life of the natives. However,. .
nations that have shunned immi-._,.; _,

grants or failed to integrate
them have always remained
stagnant.

The Conscience is an opened ae
wound and only the truth can . .,

heal it.

KATHERINE SANDS
Nassau
May 21 2006











THE TRIBUNE



In brief -

Man shot
by police
on Harbour
Island

A HARBOUR Island man
was shot by police on Monday
after he allegedly tried to attack
them with a cutlass.

According to police press liai-
son officer Walter Evans, while
responding to complaint from
a home on the island around
10am on Monday, officers were
confronted by a man wielding a
cutlass.

Police shot the man, 39, in his
back.

The man was reportedly
treated at a local clinic and
flown to New Providence yes-
terday for further treatment.

Revolver
allegedly
found in
home

POLICE arrested a 29-year-
old man in Montell Heights
after allegedly discovering a
loaded weapon at his home.

While executing a search war-
rant at a home at 3am yester-
day, police reportedly found a
loaded .38 revolver.

Man jailed
after
admitting
drug charge

A 37-YEAR-OLD man has
been sentenced to serve four
years in prison and fined
$50,000 after pleading guilty to
charges in connection with near-
ly 1,000 pounds of marijuana.

In 2002, Pedro Kent Brown
charged along with two other
men with possession with the
intent to supply as well as con-
spiracy to possess 956 pounds
of the drug.

Brown and his co-accused
had pleaded not guilty and were
granted bail several days after
their arraignment. ‘

However Brown never
showed for the start of the case.

- His co-accused were convicted.
and sentenced in July 2005.

Brown has since been arrest-
ed by police and was brought
before the court on Monday.

He pleaded guilty to the
charges and was sentenced to
four years in prison on each
charge.

The sentences are to run con-
currently.

Failure to pay his fine will
result in an additional one-year
prison sentence.

Filmmaker
risks US
punishment
on Cuba trip

@ CUBA
Havana

CUBAN-AMERICAN film-
maker Luis Moro expressed his

disdain for the long-standing.

US trade and travel restrictions
against Cuba in a very public
way: he made a movie there,
according to Associated Press.

Moro’s “Love and Suicide”
was showing until Thursday in
East New York, New Jersey,
after screenings last year in Los
Angeles, Miami Beach and the
Bahamas.

It is linked to a personal cru-
sade against the US embargo
and it led US officials to inves-
tigate Moro for possible viola-
tion of US laws that make it
almost impossible for most
Americans to legally visit com-
munist Cuba.

If officials act against him,
Moro says he will refuse to pay
any fines, even if it means jail
time.

“It’s a farce — the embargo
has not worked, and it is not
going to work,” Moro said of
the policy imposed since the
early 1960s. “I’m committed to
fighting this to the end.”

Moro, who left-Cuba with his
mother at the age of five, says
his campaign does not mean he
favours the Cuban government
or its leader Fidel Castro.

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Leadership be chosen —

WEDNESDAY, MAY 31, 2006, PAGE 5.



Holey Va ae

for hotel cena union

@ By CHESTER ROBARDS

AFTER more than 30 hours
of ballot counting by the Jus-
tice team, there is still no offi-
cial leadership for the Bahamas
Hotel Catering and Allied
Workers Union.

Late last night it was claimed
that the recount suggested a
tie for the presidency between
Pat Bain and’Roy Colebrooke.

Election results had been
thwarted by the disappearance
of two of six ballot boxes,
which left members of the
union outraged.

“I have never seen anything
like this in my life. 1 am highly
upset about the way in which
these proceedings were con-
ducted,” said Roy Colebrooke,
president of the Justice team.

According to Mr Cole-
brooke, the elections have been
an adventure and he holds
steadfast to the belief that
“skulduggery” has occurred.

Keod Smith, attorney for the
Justice team, reported that a
number of irregularities apart
from the missing boxes had
been uncovered during the 30-
hour ballot count, but did not
elaborate.

Despite the mysterious dis-
appearance of the boxes and
the looming chance of a re-
election, Mr Colebrooke said
he is confident that his team

Safety advice is issued as
hurricane season begins

@ By TIFFANY GRANT
Tribune Staff Reporter

METEOROLOGISTS expect
this year to be very active once

again for the Atlantic basin

tropical cyclone season.

Forecasters expect 17 named
tropical storms, nine hurri-
canes and five major hurri-
canes.

In preparing for this year’s
hurricane season, which spans
‘from tomorrow to November
31, the Department of Meteo-
rology has advised the follow-
ing precautionary measures:

° ensure that emergency
equipment such as lanterns,

matches, flashlights, spare bat- -

teries and battery powered
radios are on hand and in good
working condition.

® Jearn the location of offi-
cial shelters.

© repairs damaged roofs,

PRIME minister Perry Christie extend-
ed his condolences to the family of Lois
Symonette, a veteran and distinguished ©
public officer who died over the weekend.

Mr Christie said in a release that Mrs
Symonette served in the public sector for
more than 40 years and advanced a wide

range of public policy issues.

She served as permanent secretary in
key government ministries, where she
proved to be an effective and efficient
administrator, the prime minister said.

Mr Christie reflected on Mrs Symonet-.
te’s recent service as the chair of the special
commission on education and her last four
years as a member of the Public Hospitals
Authority and Public Service Commission.

“The prime minister on behalf of the
government of the Bahamas extends his
condolences to the Symonette family at
the passing of Mrs Lois Symonette, ” the

~ release read.

Bean
WED. MAY 31

2: 00am Community Pg. 1540AM
Bahamas@Sunrise
Legends From Whence We
Came: Millie Sands
Da’ Down Home Show
Immediate Response
ZNS News Update
Immediate Response
Cont'd
Island Life Destinations
Inside Hollywood
Carmen San Diego
Fun
Morning Joy
Lee Smith
Dennis The Menace
Fun Farm
ZNS News Update
Fun Farm
4q4
A Special Report
News Night 13
The Bahamas Tonight
2006 Budget
Communication
Mirror, Mirror
News Night 13
The Bahamas Tonight
Immediate Response .
Comm. Pg. 1540 AM

NOTE: ZNS - TV 13 reserves
the right to make last minute
programme changes!







2 aa mas Bus & Truck a a
Oot \ a
en KPa ee



# THE Justice Team. Seated: president Roy Colebrooke
(centre, pointing) is flanked by lawyer Keod Smith (left) and
secretary-general Waymond Wright. Standing are: (I-r) Anwar
Taylor, Sherand Bastian, Keving Gardiner, a supporter who
wished not to be identified, and John Felix Smith.

Rainbow team had won over
the Justice team.

Reportedly, Monday's
recount, which spilled over into
yesterday, was the official
recount and was overseen by
officials from the Department
of Labour and stakeholders.

Recounting of the ballots is
still continuing and will be for
“as long as is necessary”,
according to a Justice team
representative.

There was no indication as
to how the matter would be
resolved up to press time yes-
terday

was and will be the overall vic-
tors of the election, Winning all
12 seats.

“If the membership had con-
fidence in this Justice team to
give them one vote that’s how
serious we will take it and we
will refuse to stop at any cost
until justice is served,” he said.

According to Mr Colebrooke,
stakeholders along with the
Ministry of Labour breached an
agreement that they would be
present during the removal of
the boxes for recount. Conse-
quently, unofficial results were
reported by ZNS claiming the

would become volunteers and
offer their services should
there be a disaster.

Trained volunteers are
needed to help with shelter
management, said Mrs Glin-
ton.

Last year Hurricane Wilma
devastated the island of Grand
Bahama. Mrs Glinton said the
Red Cross is worried about
Grand Bahamians who have
not yet had their homes

, repaired.

Major Lester Ferguson, divi-
sional commander of the Sal-
vation Army, said since March
the outreach organisation
began to restock their supply
of dry food goods, water, cloth-
ing, blankets and mattresses.

After a storm persons
should stay indoors until
advised that it is safe to go out-
side; avoid loose wiring and do
not drive unless they must.

windows and doors.

e have readily available shut-
ters or plywood for boarding
up windows and doors.

e remove dead or dying
trees and trim trees near over-
head power lines. Call BEC
and for assistance.

e store non-perishable food,

prescription drugs, and drink-
ing water for at least three
days.
. ® ensure your home, furni-
ture and other contents are
insured against hurricane dam-
age.

Marina Glinton, director
general of the Bahamas Red
Cross urged persons to make
early hurricane preparations.

“Check your homes now
and see what supplies you will
be needing,” she advised.

The society recently trained
four groups of persons in first
aid whom they are hoping

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PAGE 6, WEDNESDAY, MAY 31, 2006



AAS historic proposal by
: the Hope Town dis-

triat council died last month
wh€n voters on Elbow Cay,
Guata, Cay and Man-O-War
Cay{gitined down a measure that
woes helped “preserve the
chatdetér of local communities”.

IGyeis the first initiative of its
kin@¢frce local government was
intretkiced to the family islands
LO years ago. And insiders say it
would have put a framework in
place to control overbuilding and
protect the environment.

Infact, the outcome of the
midtMay vote surprised many
wha expected the proposed bye-
law§ — which were backed by a
lengthy Planning and Zoning
White Paper — to win comfort-
ably:because of rising public con-
cert: over the impact of devel-
opment on small out island com-
muffities.

But only 40 per cent of the
distsict’s 500 voters turned out
in stormy weather, and 126
(alfmost two to one) voted
against the proposal — despite
motiths of community meetings
and discussions.

In an official statement; Chief
Cotincillor Wayne Hall said the
outkome was determined by a
minority. And, so, he added sar-
castically, “the council is of the
opihion that residents are happy
withthe decisions made for them
by gentral government.”

Later he told Tough Call that
the vote was both surprising and
upsetting. “After months of
reséarch and discussion people
could still say they were not ful-
ly informed and wanted more
talk: Some people just like to
make noise J guess.”

But he does not intend to let it
go at that: “We do need more
effective local government to
deat with our problems and the
council will regroup, rethink and
repackage so that it can be pre-
sented for another vote before
the jyear is out.”

Hall, a 40-year-old computer ,

technician who moved to Abaco
in 2004, was the prime mover of
the white paper proposal — a 100-
page document with ideas culled
frojn the bye-laws of small
codstal towns in the United
Statés and Canada that face sim-
ilarferowth challenges.

‘The goal was to keep the
Hope, Town District liveable.




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“We want to keep our rural
roads small. We want to preserve
and enhance wildlife habitats,
open space, trails, parks and agri-
cultural uses. We would like to
retain our historical quaintness,
while still allowing for future
economic growth.”

It is, supporters say, all about
orderly growth and develop-
ment. The proposal called for
designating and regulating the
location and use of buildings and
land, and dividing the three-
island district into smaller zones
to implement and enforce those
regulations.

The bye-laws deal with a
range of land use policies includ-
ing the protection of wetlands,
coastal areas and open spaces.
They also seek to regulate waste
disposal and the use of docks,
harbours and waterways. And
they lay out a very elaborate set
of town planning regulations.

E fact, the scope, bureau-
cratic complexity and level

of detail contained in both the
bye-laws and the white paper —
especially the all-encompassing
permitting procedures — were
daunting enough to scare off
enough people to ensure a no
vote. For those willing and able
to wade through the text, many
would rather be safe than sorry.
Here’s one of many shining
examples from the documents:
“Pre-existing nonconforming
lots may be changed; provided
that no change in size, shape,
boundaries or frontage of any
pre-existing, nonconforming lot
shall be done in any manner
except only pursuant to the
issuance of a special permit
granted by the special permit
granting authority designated by
this chapter based upon a finding
that said change will not be sub-
stantially more detrimental than
the existing nonconformity to
the neighbourhood; provided,
further, that no such special per-
mit shall be granted which cre-
ates any new nonconformity or

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increases any existing noncon-
formity. “

And, of course, we should not
overlook the ever-present influ-
ence of party politics in small
communities. Mr Hall is seen as
a PLP agent in what many con-
sider an FNM stronghold, so
some say his white paper went
down like Hubert Ingraham’s
constitutional referendum just
before the last general election.
But others had more thoughtful
assessments.

“From what I’ve been hear-
ing, the proposal covered too
broad a spectrum,” according to
Vernon Malone, proprietor of
Vernon’s Grocery, a Hope’ Town
meeting place. “Lots of people
agreed with some of the items,
but not all of them. It was a good
starting point and if it comes up
again there will probably be
more response. And voting on
specific points would be better”.

Others told Tough Call that
the “all or nothing” approach on
such a complex issue was a mis-
take — even though the proposal
as drafted was only a first step
and could easily have been mod-
ified later on. Some blamed igno-
rance for the measure’s defeat,
arguing that people simply didn’t
take the time to understand.

But the quality of life issues
that the proposal attempted to
address will not go away. In fact,
they will only get worse. Those
issues include waste disposal,
pollution and abuse of the envi-
ronment, the destruction of his-
toric homes and neighbour-
hoods, land speculation, over-
crowding and rank commercial-
isation.

M=« would agree that
there have to be

some regulatory mechanisms to.
deal with these matters. And the

examples of Harbour Island and
Bimini are most often cited in
this context.

In Bimini, a huge resort devel-
opment was planned on 700-
acres and although later scaled




To help with:
e Retirement
College
Savings

Investments


















down, a large expanse of the
north island has been stripped
bare to make way for luxury
homes, condos, and a casino.
The island’s lagoon has been
dredged for a 136-slip marina
and much of the rest of the sev-
en-mile-long cay is set aside for a
golf course.

Harbour Island, one of the
oldest settlements in The
Bahamas, is suffering from an
acute case of overdevelopment.
It’s less than four miles long, but
has become so chic that the rich
and famous are now common-

1 ng therderi¢
is the lack of zoning outside of

New Providence and Grand
Bahama. Planning regulations in
Nassau are hardly enforced any-
way, and Family Island commu-
nities like the Hope Town dis-
trict have little say in the deci-
sion-making process. That’s one
of the things the white paper was
seeking to address.

But many islanders view local
government as a farce because
the district councils have no
authority. People get approvals
for whatever they want from



The scatterbrained approach of
our politicos to economic
development has led to problems
that should never have arisen



place, land prices are out of sight,
and the community’s authentic
heritage and appeal is gradually
being undermined. As a result,
social friction is rising, despite a
booming economy.

_The development at Baker’s
Bay on Great Guana Cay in the
Abacos may not have the same
kind of impact as what is taking
place on Bimini and Harbour
Island. Yet, although there was
fierce opposition to the Baker’s
Bay Club from some Guana Cay
residents, most went ahead and
voted against their district coun-
cil’s attempt to set local plan-
ning controls.

More often than not, Bahami-
an land development decisions
are made in a vacuum, with no
real understanding of the carry-
ing capacity of either the infra-
structure or the environment.
Outdated land administration

procedures are inefficiently split

between a variety of government
agencies. And since the state
controls 70 per cent of our real
estate and must vet all invest-
ment projects — this is an impor-
tant issue.

Our existing land use frame-
work was not designed to cope
with the level of development
pressure the country now faces.
And that pressure derives from a
model that has been pursued by

all Bahamian governments.*~' **~

political contacts in Nassau, eas-
ily circumventing the local
boards. And the expense of run-
ning district councils often has
to be absorbed by the members
themselves, who have no author-
ity toraise revenue. © ~

hat’s why more and
more: islanders are

refusing to participate in local
government activities. In some
cases, there are not enough can-
didates to fill council posts. It’s
considered too frustrating

because, like so many other.

things, the central government
has corrupted the process.

But according to Hope Town
Chief Councillor Wayne Hall.
“Central government realises it
can’t handle everything at the
local level, but we have to take
the power for ourselves — they
are not going to give it to us.

They were watching the refer-.

endum vote closely.

“We don’t want to go the way
that Harbour Island is going,”
he said “If the bye-laws had
passed we would have had to
fight to get them legislated, but I
believe it could have been done.”

The 1996 Local Government
Act set up 32 district councils
outside of New Providence. And
Abaco'+"the country’s third
biggest éconbmy' “now has



THE TRIBUNE |





about’ a quarter of that total. ;

From three districts just 10 years

ago, Abaco now has 10 councils. -

Councillors are elected for a'*

three-year term with the chair- ‘?

man appointed by the council «
itself. But the record over the
past decade has been disap-.

°

pointing, and the system clearly: *°

needs an overhaul if it is to sur-’
vive.

As Abaconian publisher Dave’ |

Ralph noted recently, “It does”

not take a trained economist to’

note that Abaco is experiencing}- *

phenomenal growth...and with:

that growth some thought must*'
be given to our future.” wy

wifies
he scatterbrained::.’
approach of our politi-7:.:

cos to economic developmenty ::

has led to problems that should» !

never have arisen. And inrm/
response, some islanders are): ‘'
forming pressure groups like the 33:!;

Save Guana Cay Reef Associa-):;;
tion, which is in the midst of as.

vitriolic fight with a legitimate) ; -
investor over land use and other-, .;

issues. hey

There are similar stirrings on, ; ;,

Rum Cay too, where another,.;<

legitimate investor is about to

begin a major project as the rest; E.

Ro

of the island is being carved up’

by a bevy of questionable landy 3

speculators represented by polit

ically-connected Nassau lawyerssa: iy

mat He

(on both sides of the fence). «

rea

4

In the wake of Tough’ Call’s’y *

recent articles, a non-profit

called Protect Rum Cay.Ltd has _
been formed, consisting of;

Bahamian and non-Bahamian-:
residents. The goal is to resist
aggressive foreign investment *

and speculation in Bahamian’:
land and try to preserve the best! |’!
attributes of the island. And'sim-> * >

ilar groups have been set up on-*
Harbour Island and the Berry

But these are fights that could

have been avoided if thoughtful

aos

Islands. a

leaders had done the right thing?
from the get go by producing a<-:

rational development strategy,
promulgating and adhering to,,
fair and balanced policies, and
controlling illegitimate activities
and carpetbagging. a
What do you think? Send:

comments to larry@tribuneme- .

dia.net : ot
Or visit.www.bahamapun-
dit.com: His iabiakene

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At least five (5) years experience with a bank

Extensive knowledge in the fields of Auditing and Internal Controls
Thorough knowledge of private banking in general

Knowledge of Bahamas Banking and Trust Legislation
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PC Knowledge (MS Word, MS Excel, Access, etc.)

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THE TRIBUNE





Pair are
arrested for
smuggling
Ecstasy

@ DOMINICAN REPUBLIC
Santo Domingo

A MAN and woman from
the Netherlands were arrested
Monday in the Dominican
Republic after authorities found
thousands of Ecstasy tablets in
their luggage, police said,
according to Associated Press.

Hendrik van Gardingen, 47,
and Silvia Ivonne Goetsee, 48,
were taken into custody at the
airport in the northern resort
city of Puerto Plata shortly after
their arrival on a flight from
Amsterdam, said Buenaventura
Bueno Torres, a spokesman for
the Dominican Republic’s anti-
narcotics agency.

Authorities found nearly
33,000 tablets, weighing about 7
kilograms (15 pounds), of the
synthetic drug in a secret com-
partment of their suitcase,
Bueno Torres said.

Jamaican
‘gang leader’
is jailed

for life

a JAMAICA
Kingston

AN alleged gang leader was
sentenced to life in prison for
killing two men in Jamaica,
according to Associated Press.

Donald “Zeeks” Phipps, the
alleged leader: of the Matthews
Lane gang in downtown
Kingston, escaped the death
penalty because he had no pre-
vious. convictions and was a
well-known community activist.

The 50-year-old will not be’

eligible for parole until he serves
30 years in prison.

Phipps has long been consid-

ered a major figure in the
Jamaican underworld. His sup-
portets rioted:in Kingston for
two days after he was arrested
in 1988‘on suspicion ofattempt-
ed murder and other charges.

eter. \ ie Se

WEDNESDAY, MAY 31, 2006, PAGE 7 ~

Comes on Family i iands

@ By PAUL TURNQUEST
Tribune Staff Reporter

MOTORISTS visiting Fam-
ily Islands over the holiday
weekend were cautioned not
to allow the long, empty roads
to lure them into speeding or
driving recklessly.

Speaking at a press confer-
ence yesterday, Controller of
Road Traffic Jack Thompson
said excessive speeding has

‘become a serious problem in

Family Islands settlements.

“During this long holiday
weekend, a number of regatta
and homecoming festivals are
planned for our Family
Islands... I wish to caution
our Family Islanders as well
as those visiting our Islands —
the little or near-zero traffic
is often tempting, and
motorists are often tempted
to speed.”

Mr Thompson pointed out
that the “festive mood” asso-

ciated with holidays usually
results in little or no attention
being paid to traffic laws.

He added that speeding can
always lead to the loss of life,
but that it is especially dan-
gerous on Family Island roads,
where there are fewer or no
street lights.

There have been 15 traffic
fatalities so far this year; seven
less than the same period in
2005.

“What is interesting in this
year’s figures is the fact that
passengers account for the
greater number of fatalities.
We also note that two thirds
of fatalities are males, with
one third females,” Mr
Thompson said.

Noting that high school
prom season is fast approach-
ing, Mr Thompson said a
hand-out has been produced
cautioning young persons
about the dangers of driving to
and from such events.

Roadwork project
‘to be completed
by mid-August’

DESPITE some initial set-
backs, Ministry of Works offi-
cials say they expect to see the
Balliou Hill Road project
completed by mid-August.

Khader Alikhan, the min-
istry’s special projects manager,
told The Tribune yesterday that
despite initial setbacks, the pro-
ject has progressed substan-
tially in recent weeks with the
completion of two roundabouts
— one at the juncture Balliou
Hill Road and Robinson Road,
and the other at Balliou Hill
Road and Independence Drive.

The roundabouts, he said,
are among the last of the
major jobs to be completed.

The project has been crit-
icised by business owners in
the. area.who claim the ongo-
ing road work has adversely

affected their business.

Mr Alikhan explained that
some of the challenges faced
by the contractors included
the high water table in the
area, the network of piping
from the surrounding gas sta-
tions, and the need to lay addi-
tional utility ducts.

He said that most of the
problems have now been
resolved, and that the con-
tractors liaised with the utility
corporations to ensure that all

work was done correctly the |

first time — to avoid having to
dig up the road in the future.
Digging up roads compro-
mises their integrity, Mr
Alikhan pointed out.
The new roadway is expect-

ed to significantly alleviate ::

traffic congestion in the area.

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Vacancies are open to Bahamian residents only.

“This year the National
Road Safety Committee
thought it wise to issue several
safety tips to the class of 2006.
The National Road Safety co-
ordinator has distributed hun-
dreds of these brochures to
high school students in antici-
pation that several students
may be allowed to drive them-
selves to the prom.

“Although most prom atten-
dees are chauffeur-driven,
more and more parents are
allowing their sons and daugh-
ters to use their vehicles with-
out regard to insurance and
driving competence.

“It is for all these reasons
and more that we targeted this
category of persons to caution
at this time,” he said.



@ JACK Thompson

CLIFTON HERITAGE AUTHORITY
LOGO COMPETITION

The Clifton Heritage Authority announces a competition to create an official logo for the

Authority.

The competition is open to artists 18 years and older.

A maximum of two entries may be submitted in full color. Images should be at
least 8.5x11 and no larger than 11x17.

The logo should depict the historical and environmental significance of the

proposed Clifton Heritage Park, located at Clifton.

Each entry should be accompanied by a short paragraph describing the entry.

Entries must peceee by 4:00 p.m., June 22", 2006.

Winners will be awarded prizes as follows:

¢ 1° place- $1,500

¢ 2™ nlace- $1,000

¢ 3" place- $750

Entry forms may be collected from the Authority’s office located at the Collins House

Complex, Shirley Street and Collins Avenue with the entrance on Collins Avenue.

The contest judges reserve the right to award no prizes at all.

TEL: (242) 325-1505
FAX: (242) 326-2568
P.O.BOX EE-15082

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PAGE 8, WEDNESDAY, MAY 31, 2006











THE TRIBUNE





haan ut oe

Good Books Unbound

he Secret School

WRITTEN BY AVI
_ ILLUSTRATED BY BRIAN FLOCA





‘STORY SO FAR: Having kept the one-
room school open with Ida as teacher, all
the children were required to take final
exams. The results will come in by mail.

CHAPTER EIGHTEEN
The Results

The week following the exam was a
nerve racking time for Ida. Felix, as
usual, was happy to be home, and loved
to tag after his sister or his parents, try-
ing to be helpful in whatever way he
could.

But having been at school each week-
day — save for the days Mr. Jordan had
closed it — and having become used to

being in charge, staying at home was .

difficult for Ida. At least there were
always things that had to be done, like
helping her mother in the house or with
the baby, or working with her father in
the pastures or in the barn with the
sheep.

But Ida could barely wait for the end
of each day. Then she and Felix drove
down to check the mail.

. Their mailbox was-about a mile away,
one of a line of seven battered mailbox-
es for those families living at the head of
Elk Valley. It was the end of the road.
The postman ventured no further.

. For six days the red mailbox flag was
down when Ida and Felix arrived. Then,
exactly one week after the day of the
exam, the flag was up.

“Tt’s here!” Ida screanied at Felix as

they drew close. “Clutch. Brake!”
‘ The car skittered to a stop. Without
waiting for Felix to get himself out, Ida
untied the door, leaped out, then raced
to the mailbox.

Inside were two pale tan envelopes,

each one addressed in an elegant,
scrolling hand. One. was for “Miss Ida
Bidson,” the other for “Master Felix
Bidson.”
: Handing Felix his envelope, Ida tore
open her envelope. Inside was a printed
form, but with parts written in blank
“spaces:

This certifies that Ida Bidson, age 14,
‘a resident of the town of Elk Valley, of
Royce County, State of Colorado, has
completed the course of study with hon-
ors prescribed for common schools, and
is entitled to enter the high school at

, Call Today to Register to WIN!

T he Tribune

Silver Springs, for the year beginning
Sept. 14,1925.
Yours truly,

Miss Gertrude Sedgewick
County Examiner

ote a separate ae Oey paper a note
was included.

My dear Ida: I have been most
impressed by you and what you have
done. If you would care to take board in
my home in the fall — so you could
attend high School — it could be
arranged. It would cost your parents
nothing. You may consider it a scholar-
ship. G.S.

There was yet a third piece of paper,
with another note.

Dear Miss Bidson,

I’m happy to inform you that all of
your students — except Herbert Bixler —
completed their.exams with varying
degrees of success. Congratulations!

Gertrude Sedgewick

“I passed!” Ida screamed. “Most

everyone passed!”

“Did I?” asked Felix as he studied his
paper intently.

“You sure did,” Ida assured him.

Graduation exercises were held a
week later in the one-room schoolhouse.
The students had bedecked it with flow-
ers. A trestle table had been brought in.
It was laden with enough food and
lemonade for the whole Valley.

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The ceremonies — over which Mr. Jor-
dan presided — began outside with the
raising of the flag. Then everyone

trooped inside. Even Herbert was there. .

One by one the students were called
upon — youngest first, then on’ through
the oldest — to recite. There were
poems, excerpts from famous orations,
speeches from Shakespeare, and other
bits and pieces from literature ~ every-
thing taken from their readers., Inter-
spersed were songs sung by all the chil-
dren. Finally, the students were called
up, handed certificates of promotion,
and given a handshake from each mem-

ber of the school board.

Ida was the last one to be called.

As she stepped up to receive her diplo-
ma, Mr. Jordan cleared his throat. “In
addition to graduating from eighth
grade, Miss Ida Bidson, who acted as
our schoolteacher, deserves special
recognition. Even I can see that.”

The adults applauded. The children
cheered.

“And here’s hoping,” Mr. Jordan con-
tinued, “she’ll go on and become a real
teacher, then come on back to this same
school.”

Herbert shouted out, “But you'll have
to pay her then!”

After the ceremonies, food and
refreshments were served. Someone
had brought some fireworks, so that at
dusk a final celebration was held. In
the glare of the explosions, the sur-
rounding mountaintops seemed to glis-
ten with fire.



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“We're real proud of you, Ida,” her
mother said as the family drove home.

~ Mr: Bidson was in the driver’s seat. Felix

and Ida were in the back.

“Real proud,” Mr. Bidson agreed.
“Only thing is, you’ve got some real
work cut out for you this summer.”

“Why?” Ida said, slightly alarmed.

“Well, you'll be going to high school in
the fall, right? Boarding with that Miss
Sedgewick. That means we’ll be losing ©
a strong pair of hands. The more work
you get done this summer, the easier it’s
going to be for the rest of us when you
go.”

“Get Tom up here!” Felix shouted.
“He’ll do anything for Ida.”

The family laughed. Ida’s face turned
ted. And though she closed her eyes, all
she could see was brightness.

THE END

Please direct requests for a teacher's
guide (cost $7) containing vocabulary
words, story questions, and newspaper
activities to The Tribune’s marketing
department on Shirley Street, by calling
502-2394 or by e-mailing
nie@tribunemedia.net.

Text copyright © 2000 Avi
Illustrations copyright

© 2000 Brian Floca
Reprinted by permission

of Breakfast Serials, Inc.
www.breakfastserials.com —








THE TRIBUNE





Fury at clearing

around artwork |

ART-LOVERS are furious
that land around the popular
Sacred Space site at Clifton has
been cleared by bulldozers,
leaving only a “bleak and ugly”
area of levelled bush.

A chainlink fence has also
been erected near the site,
prompting critics to lash out at
official insensitivity.

“The Sacred Women them-
selves are untouched,” said art
enthusiast Elizabeth Adamson.
“However, the entire sur-
rounding acreage down to and
along the road has been bull-
dozed. There is not a tree ora
piece of bush standing. It is
bleak and ugly.”

Sacred Space - where several
casuarina stumps have been
carved into haunting shapes of

African women - has become a °

popular site for art-lovers since
it was created last year.

Well-known Bahamian artist
Antonius Roberts made the
forms to reflect the area’s sig-
nificance as the place where
African slaves were herded
ashore in the 17th and 18th cen-
turies. In the trees are bells by
Tyroné Ferguson, another key
figure in Bahamian art.
- The women appear to be
looking wistfully back toward
Africa, ‘the original homeland
of black.Bahamians, while the
bells toll'in the breeze.

Near’ the Sacred Space site
stood the old-Whylly plantation
where hundreds of slaves



worked 200 years ago. Old slave
cottages remain a dominant fea-
ture of the area. On the seafront

nearby is a small arch through
which slaves were driven after
being landed by ship.

Artists were hoping that
Sacred Space and the sur-
rounding bushland could be
used as an art heritage site
where other creative talents
could find expression on the
same theme.

Ms Adamson, attacking the
clearance decision, said:
“Whether it was merely an ill-
thought out gesture of pro-
activism or whether it was a
statement of control, or disre-
spect for the artists’ work, only
they know.

“The fact is, that as a conser-

@ THE Sacred Space at Clifton Pier



vation programme and as a her-
itage site there appears to be
nothing positive happening,
only this negative razing. Cer-
tainly no recent dialogue has
been initiated to either preserve
the current Sacred Space or any
future artistic development for
that specific area.”

She added: “People, local and
foreign, continue to visit - but to
my mind it is a rather lonely,
disconnected space, albeit the
figures still have their own
intrinsic grace.”

She said the clearance was

“thoroughly insulting to two of .

the Bahamas’ own major artists.”

Calls to members of the
Clifton Heritage Authority
were not returned up to press
time. _

to pursue case

Doctor

FROM page one

from Mr Saunders, who is his
neighbour.

Dr Eneas said that since the
alleged. incident last October,
he and his wife have felt inse-
cure about their safety. He said
he has even had to take his wife,
Marcheta Eneas, to consult a
psychiatrist.

Mr Saunders was. arraigned
in court in November on the
charge of possession of a
firearm with intent to endanger
life. According to court dock-
ets, Mr Saunders had in his pos-
session a shotgun at the time of
the allegedincident. _ :

Dr Eneas explained that the

- first time he went before a court
in connection with the incident
was in February this year. Since
then the icase “has been
adjourned three times without
progress.

Dr Eneas said he was forced
to shut down his office on those
occasions. He said that at yes-
terday’s session he was
informed there was an “irregu-
larity in the technicality” of the
charge and that this irregularity
had to: be sorted out. The case
has now been adjourned to
June 26, he said.

“I don’t know why it took
them seven months to figure
out that there is an-irregularity
in the charge,” Dr Eneas said.

He said he did not believe
that prolonging the case was
deliberate, but felt that with a
show of public support the mat-
ter would move more expedi-
tidusly:

“T don’t want to think that
there is anything deliberate
going on but [ think that if they
saw some public support that
perhaps whatever is going on
will cease. [think that the pub-
lic needs to know that the case
has been adjourned to June 26.
I am not dropping the case and
we could use some public sup-
port,” Dr Eneas said.

He noted that he had had no
interaction with Mr Saunders
since the day of the alleged inci-
dent. .

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.



















Gardens Solider Road.

Rock of Ages
SHuneral Chapel

‘Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 ¢ Fax: 328-8852

FUNERAL SERVICE

} Rudolphy V. Bowe and.

Pedro. will always be remembered with love and cherished
memory by his four sons, Kendal Jr., Kamico, Keiland Clarke
and Srashsame; his parents, Jacqueline and Ruben Clarke; five
brothers, Sargent Kenneth Clarke, Warren, Delon, Willard and
1 Rodney Clarke; four sisters, Pearlene Alexis, Paulette Price
(Australia) Keva Clarke (Florida) and Eldece Clarke-Lewis; nieces,
Danielle Rahming, Autherine, Kenequa, Kenya, Kendale, Kandace
and Jade Clarke; nephews, Michael Northeast (England) Kareen
and Kenneth Clarke Jr., Kavaughan Crawley ( Florida) D'ldron
Smith, Delon Jr. and Delano Clarke and Carlye Thompson; grand
nieces and nephews, Ashlyn, Jaynelle and Jason Jr, Karina,
K'anna, Ketara, Karen, Kiarrah, K'amamy and Matejah; sisters-
in-law, Virginia, Valarie, Ingrid and Sandra Clarke; brother-in-
law, Steven Price (Australia); uncles and aunts, Fulton and
Dedreanna Bain, Herbert and Patricia Forbes, Bishop Noward
and Ruby Dean (Florida) Bishop Rudolph and Veronica Bowe,
Joey and Lorna Johnson (Florida), Ronald and Lyida Miller,
Pastors Dudley and Dianne Coverley, Ron and Cleo Pratt (Florida),
Leroy and Melvern Davis, Philip and Dr. Bernadette Burrows,
Doreen Sands; god parents, Winifred Ferguson, Bursil Rolle, |
Jephath Smith; cousins, Andrea and Frederick Bain, Cora Bain-
Colebrooke, Donnalee Bain-Minnis, Velma Bain-Clarke, Darren,
Lavette, Terrel and Lamont Bain, Craig, Terrence and Vaughan |
Forbes, Brenda Roberts, Kaye Maynard, Patrice Bain, Deshaun |
Roberts, Kim Johnson, Demetri, Delmar and Dekira Bowe, Deon
Dunbar, Danae Thompson, Dominique Johnson, Darnell Osborne,
Kevin, Korey and Kendrick Dean, Denrick and Deshae Miller,
Daneisha Knowles, Durante, Damian, Desheika and Delerya
Coverley, Tamarind and Tebewna Burrows, Dameko and Dana
Davis, Rashida Pratt and Clean Miller, Katherine Major, Annette
Paul, Melanie Saunders, Sherine Reckley, a host of relatives
including Iram Lewis, Anderson Alexis, Sybil Toote, Jason
Rahming, RBDF Marine Seamen Terrod Rodgers, Trent Clarke,
D'antoin Bowe, Lionel, Kristin and Danielle Minnis, Kristin |
Colebrooke, Sherrell, Sherez, Shantrel and Bain, Nathan, Monet
and Onan Roberts, Carlin and Krishon Forbes, Karette and
Kareem Strachan, Edwina and Khandi Maynard, Tejah and Terah
Bain, Mancer Jr., Meshack and Mandia Roberts, Terrance Jr.,
Tehillah and Tattiana Forbes, Mark and Anissa Johnson, Demetri
Jr. and Daynan Bowe, Dontae and D'eondra Jacobs, Desmond
Dunbar, Destinee and Delysia Bowe, D'kaza Burrows, Denricka
and Deshantae Miller, Dwight and Delarno Ferguson, Kianna
and Koen Dean, Kheli and Kristin Johnson, Nagee and Celine
Osborne Vaughan Jr., Kavonine and Paris Forbes, Alaro Jolly,
Dyllon Maynard, Deijah Knowles, Gabrielle Davis, D'Kazia
Hamilton, Terrod Rodgers Jr., Shanton Bowe, Patrick Hamilton |
and family, Mary Moss, Betty Cox, Emerald Hanna and family,

Dorothy Coakley and family, Eula Morley, Janet, Ettamae Weech,
The Valley Boys Junkanoo Group, Deno and The Watlins Street
family, Security and General Insurance family, Minister Neville
Wisdom and Mrs. Wisdom and staff, Minisrty of Tourism.

Friends may pay their last respects at the Rock of Ages Funeral
Chapel Wulff Road and Pinedale on Thursday from 10 am to 6
pm and on Friday at the church from 12 noon until funeral time.





KENDALL
"Mundy".
PEDRO CLARKE,
46
a resident of Beauford Road
Stapledon Gardens will be

-held at the Church of God of
Prophecy, East Street on




Friday June 2nd 2006:at 1:00-Ji:o-]':

p.m.. Officiating will be Bishop
Franklin Ferguson, Bishop

Minister Terrance Forbes.
Interment follows in Woodlawn























































WEDNESDAY, MAY 31, 2006, PAGE 9...

4) THE POWER TO SURPRISE
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In recognition of our 33rd, Anniversary of Independence,
the Ministry of Health & National Insurance plans to host a
Health Heroes Awards Ceremony for 33 of the country’s
unsung Heroes who have contributed significantly to
improving the quality of health care delivery in the
Commonwealth of The Bahamas and who would not have
normally been reconized for their unparalleled contribution.

Nominations are being sought in the following
categories: :

i.’ Administration

u.. Allied Health

ili. Community Service
iv. Environmental Health
v. Medicine

vi. Nursing

vil. Public Health

vill. Support Services

Health heroes will be the unsung heroes who have contributed
significantly to improving the quality of health care delivery
within the Commonwealth of The Bahamas (30 years or
more) and who would not have normally received any
reconition for their hard work, commitment, dedication and
selfless service. Only living persons will be honoured.

Please send nominations along with supporting documentation
to the attention of the Health Heroes Award Committee,
Ministry of Health & National Insurance, P.O.Box N-3730,
Nassau, Bahamas and Attention: Mrs Andrea E. Archer,
Deputy Permanent Secretary on or before 9th, June, 2006.

Should you require further information, please do not hesitate

to contact the Ministry of Health & Nationa! Insurance at : i

telephone numbers: 502-4754 or 502-4858 or by facsimile
number

325-5421.



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PAGE 10, WEDNESDAY, MAY 31, 2006



WEDNESDAY EVENING

“1-730 | 8:00 | 8:30 | 9:00 | 0:30 | 10:00 | 70:30 |

MAY 31, 2006

NETWORK CHANNELS
Frontline ‘The Age of AIDS’ AIDS treatments; policy adoption; hope for

























































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INGS (1976) _ of severed heads at an airport. ‘RY lessly and get into fights. 0 ‘R' (CC)
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THE TRIBUNE






a HUBERT Ingraham

aa

THE Abaco community is in need
of improved educational, technical and
vocational training, according to Oppo-
sition leader Hubert Ingraham.

Mr Ingraham, who is the MP for
North Abaco, was speaking on Satur-
day at a banquet held in his honour
and attended by around 400 support-
ers.

“Abaco needs to accelerate its
preparation for its destiny — a major
economic centre and a major employ-
ment centre for Abaconians and other
Bahamians,” he said.

“We need real planning of our town-
ships and our communities. We are no
longer what we used to be; we are on
our way and those who stand in our

ngraham on immigration |

LOCAL NEWS.

way must be moved out of the way,”
Mr Ingraham told Abaconians.

The FNM leader went on to discuss
the current state of affairs in the coun-
try.

“Those whom we seek to replace in
government have been idle for four
years,” he said. “They are not idle any-
more. We have put fear into their
bones and they are busy, wheeling and
dealing to hold on to the gravy train
they have made out of their access to
power. —

“It’s time for that gravy train to end
for the political elite,’ Mr Ingraham
continued. “It’s time for some of that
gravy to be shared again with ordinary
Bahamians — with old aged pension-

FROM page one

eh? Yeah, right.

“First one, then two detainees
walked out of the Detention
Centre last week. The govern-
ment didn’t even tell the public
about the first breach in securi-
ty urftil the local press got wind
of: the-story,” Mr Ingraham said.

He said that Mr Christie and

do about illegal immigration but
they actually do very little”.
The opposition leader said
that if Mr Christie would take
the time to inform himself, he
and his colleagues would be
forced to acknowledge that this
PLP Government has never
repatriated on an annual basis
the number of illegal immi-
grants repatriated annually from
the Bahamas under the FNM

4 . _ were re-routed to the direc-

FROM pase one tor Vernon Burrows, who suggested by Mr Burrows.
imum of 5,000 illegal immi- . was out of the office. Assistant Director William |
grants in every year of its fruitless. . When contacted on his cell Pratt was also unavailable..
administration. : Officers at the detention hone, Mr Burrows said the According to the officer who

Tn 1995 over L0,000ille gal centre, asked The Tribune to epartment should be tried answered a call to the depart-

immigrants, mostly Haitian
nationals, were repatriated —
some 5,000 voluntarily and
another 5,000 apprehended by
immigration authorities.

In 2000 it was 5,801; in 2001 it
was 7,628; in 2002 — we left
office in May of that year —

call the officer in charge,

Winston Saunders.
However calls to Mr Saun-

ders’ office remained unan-

swered.

Calls to the department’s
head office on Hawkins Hill



community ‘in need of training’

ers and others who need medication
for high blood and diabetes; with the
pregnant mothers and their infant chil-
dren facing shortages of inoculations,
and with the students in increasingly
neglected schools.”

The banquet, held at the Great Aba-
co Club in Marsh Harbour, was the
highlight of a weekend of celebrations
honouring Mr Ingraham and celebrat-
ing his contributions to Abaco and the
Bahamas.

The events — which were attended
by Abaconians as well as a large con-
tingent of supporters from New Prov-
idence and Grand Bahama — began on
Friday with a motorcade.

Supporters travelled from the Trea-

on 328-0073.

ment cell phone.

He also repeated his
request that the press not
contact him on his govern-

No one who could provide
information on the raid could

3 8

|
a
I
1
9: 4
nf
4

sure Cay Airport to Ingraham's uae in,
Cooper's Town, where a social was |
held. '

The celebration ended on Sanday:
with a church service at the Full Gospel |
Assemblies of God in Treasure Cay:';

“Abaconians just wanted to show.
our gratitude to Mr Ingraham for all he‘
has done for us and for the country"
said Melvern Cornish, one of the.
organisers. He

“The Bahamas has many sons, past '
and present. None, in my view, sur- :
passes Hubert Ingraham in capacity,
dedication, accomplishment and loy- |
alty; and, love of country is his breath;” '
said former governor-general Dame :
Ivy Dumont.

~ Reports claim raids pick up suspected illegal immigrants |

be reached on the number

ment at 3.50pm, he had-
already left work for the day,
- Numerous messages left |
for Minister of Immigration -
Shane Gibson were not’

returned up to press Hine
yesterday.

a

WEDNESDAY, MAY 31, 2006, PAGE 11~)

‘
$
t

t

Mr Gibson are “very busy talk- Government. 6,357 illegal immigrants were
ing about what they are going to The FNM repatriated a min- _ repatriated from the Bahamas.
io “Do you know how many this
te government has repatriated
since then? In 2003.it was 4,642;
in 2004 it was 3,034; in 2005 it
was 5,543. So far this year, it’s
been 3,015. Now you tell me,
who’s falling down on the job?”
Mr Ingraham asked.

The opposition leader said
that the prime minister knows
that successive PLP adminis-
trations have consciously left
significant numbers of people
illegally residing in the Bahamas
to serve their political purposes.

“They have not addressed the
illegal immigration problem.
Now that election is coming
they want you to believe that

‘they are serious about illegal

' immigrants. I say too little too
late,” Mr Ingraham comment-
ed.

i Santander Bank & Trust is accepting applications from suitably qualified
| Bahamians for the following position:

| COMPLIANCE MANAGER/ CORPORATE SECRETARY/LEGAL COUNSEL

Minimum 5 years Call to the Bar
Minimum 3 years experience in Corporate Dept. of law firm
Good knowledge of Bahamian, U.S. and Spanish financial legislation.
in depth knowledge of compliance policies and procedures
Good working knowledge of PC applications.
Excellent organizational and management skilis
Excellent communications skills (oral and written) .
Fluency in English and Spanish (oral and written) essential.
Good legal drafting capability in English and SATE
Must be highly motivated and focused. :
Travel maybe required. =

wh



e
@
e
e
®
e
®
e
e
e
e

Salary and other benefits commensurate with qualifications and
| experience.

| Applications in writing with details of education and experience should be
|faxed or mailed by May 31, 2006 to:



_ Human Resources Director
Santander Bank & Trust Ltd.
P.O. Box N 1682
‘Fax: 502 7955

Nassau, Bahamas





Double Drapes (off Rack)
Double Sheers

$130.00
- $120.00

a celebration of nature

14 winning entries will appear in Family Guardian’s 2007 calendar. Winning entries receive a gift certificate valued at $400 each. Entry deadline is May 31, 2006

RULES

Family Guardian's Annual Calendar Photo Contest is open to all photographers. The title for the company 's 2007 calendar will be
“A CELEBRATION OF NATURE”. Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature
as found in The Bahama Islands. All photographs must be taken in The Bahamas.

DEADLINE FOR ENTRIES IS MAY 31, 2006.

- $170.00
- $170.00

Triple Drapes
‘Triple Sheers

- $160.00

Cotton, Moire Double Drapes ,
- $220.00 1

Triple Cotton, Moire Drapes

Double Short Drapes 63” Long _—_- $70.00
Wood Poles and Wall Scounce Available . bo 7; 2
Drapery Rods available up to 300” 3 All entries are to be delivered to Family Guardian’s Corporate Centre Village and Eastern Road Roundabout, Nassau, between 9:00am
‘Don’t Miss the Savings! Head on Down to \ and 5:00pm weekdays only. Envelopes should be marked “Calendar Contest”.
Studio of Draperies Of Draperies on Wulff Road. 4 Allentries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.
Tel: aab= ‘G41 | 5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film or digital images on CD. 35mm film can
- be positive (slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital images showing
signs of photo manipulation or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in
RAW, TIFF or high quality JPEG and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints
which will be used in the judging process. (Note: prints submitted without 35mm slides or negatives or CDs will not be eligible.)
The photographer's name and photo subject should be written on the reverse of the print.
Judging of entries willbe based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given
to fauna photographed in its natural state, rather than in captivity. The photographs selected will appear in Family Guardian’s 2007
calendar. The decision of the judges will be final.
All entries are submitted at the owner's risk. It is the company's intention to return all entries in their original condition. However, Family Guardian
will assume no liability for any loss, damage or deterioration.
A gift certificate - valued at $400 will be presented for each of the photographs selected. More than one entry from a single
otographer may be selected. Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of
photos.
winning photographs, along with all publication and reproduction rights attached thereto, become the property of Family Guardian and
‘ompany reserves the right to use such in the future. eee ee ee ee ee ee
aes of Family Guardian, its affiliated companies or
ambers are not eligible. | 2007 CALENDAR PHOTO CONTEST ENTRY FORM §j
ublished photos not eligible.





























| agree that in thé event one or more of my entered photographs is selected as a winner
in the 2007 Family Guardian Calendar Photo Contest it will become the property of Family
Guardian Insurance Co. Ltd., and | assign to Family Guardian all rights pertaining to its use
in any way whatsoever, | also confirm that the photos entered in this contest were taken in
The Bahamas by the undersigned and have not been previously published.

SIGNATURE. scatscstecosescopssetscuscasssscssiacagastsbssissvosbunsivavsedsedszenseeceesiontblivipaties
DATE sssssievisensserssievsazessaseass NUMBER OF PHOTOS ENTERED.................

(maximum of 5)

At any one moment there are
a million ways to enjoy Europe.
CARNIVAL TRIUMPH

JUNE 24-7 DAY
Western Caribbean from Miami

699°
Carnival.

| The Fun Ships.

: CARNIVAL LIBERTY
aa AUGUST 23 - 12 DAY
Grand ee from Rome

|: 51599"

Return with photos to: Calendar Contest, Family Guardian Corporate
Centre, Village & Eastern Road Roundabout, Nassau, Bahamas

ENTRY DEADLINE: MAY 31, 2006

i FAMILY
GUARDIAN





Castinations INSURANCE
393-6900 COMPANY

www.destinations.com.bs

\ CORPORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232











PAGE 12, WEDNESDAY, MAY 31, 2006

ay aed C "s
‘|
eR §



On Friday, May 19'" BTC’s Fox Hill CTO
celebrated its 3 Anniversary. This newly
transformed location, also known as a
Multi Service Center (MSC) was bursting
with excitement as the Fox Hill
community joined BTC and made the
event a huge success.

(Top L) Pictured left to right: Leon
Williams, BTC’s Acting President & CEO;

’ Daphne Russell, Manager, Fox Hill MSC;
Darrold Miller, ZNS on air personality;
Janet Brown, Sr. Manager BTC’s

Marketing & PR Department and

Chante’ Johnson, daughter of BTC’s
Acting President & CEO.

(Top C) DJ Phines jamming on the
wheels of steel.

(Top R)Fox Hill MSC Staff Members.

(Bottom L) Pictured is Leon Williams
(left), BTC’s Acting President & CEO
speaking to Darrold Miller, ZNS on-air

The event was celebrated in grand style
with a day of fun and surprises for all Fox
Hill residents and BTC customers. The
Hon. Frederick A Mitchell, MP, Minister of
Foreign Affairs & Public Service, Mr. |. Kirk
Griffin, BTC’s Acting Executive V.P.and Mr.
Jeff Moncur, V.P. Customer Service at BTC,

\

personality’ and host of Immediate
Response during the live radio remote
on ZNS 104.5 FM during the 3"
Anniversary celebrations.

(Bottom C) Children enjoying the free
popcorn, snow cones, hotdogs and

cotton candy provided by Mortimor's —
‘Candy Kitchen.

(Bottom R) Pictured are LaTasha Rolle
(left), BTC’s Marketing Department Job
Training Student, Ricardo Thompson
(center), Sr. Manager BTC and Chante’
Johnson, daughter of BICs octing
President & CEO.

BTC REWARDS VIEWS CHOICE
SONG COMPETITION WINNERS



Pictured is Christin Taylor (left) of C.R.
Walker 1st. Prize Winner in the
Maximumbass Viewers Choice Song
Writer's Competition 2006. He also
received an Audition Date at Fisk





erALexOn oa ast

University, Nashville TN; and 2nd prize
Winner Craig Adderley of Mt Carmel
School receiving their GSM phones from
Margo Gibson, PR Officer in BTC’s PR
Department.

THE TRIBUNE



_ Vol. V- “Issue XIV:




sign up for new service or suis" a:
new n cellular Bone

all made a special visit to BTC’s Fox Hill
location to celebrate the momentous
occasion.

- The Fox Hill MSC i is sthe first of its kind.
‘in the BTC family of offices as it offers
customers the ability to conduct wireless
and or wire-line transactions, pay bills,

j

MSC's to ieee anode the
demands of our customers. |









No one has claimed this
fabulous prize yet!

i



i



Get your






LONG DISTANCE PHONE CARD

SCRATCH and WIN TODAY!

Cal] BTC 225-5262











‘hotel fee disclosure’ cas

*





SECTION



business@tribunemedia.net

WEDNESDAY, MAY 31, 2006

BU

ee en
Miami Herald Business, Stocks, Analysis, Wall Street







Jia

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010









Kerzner moves to settle

@ By NEIL HARTNELL
Tribune Business Editor

erzner International

(Bahamas) has moved

to settle a class action

lawsuit filed against it

that alleges it “provided
inadequate or misleading disclosure
of hotel fees” at its two Paradise Island
resorts, Atlantis and the One & Only
Ocean Club.

Kerzner International (Bahamas)
said it “vigorously denies” wrongdoing
and any liability in relation to the law-
suit, which is focused on housekeeping
gratuities-and energy surcharges paid
by US guests at the resort between
June 24, 2001, and the present.

However, in a notice posted on its
website, Kerzner International said
the company had “concluded it is in its
best interest to settle........ in order to
avoid expense, inconvenience and
interference with ongoing business
operations”. ,

_ The Atlantis owner was quick to

point out that the proposed settlement, .




& By CARA BRENNEN
Tribune Staff Reporter



Company ‘vigorously denies’ class action lawsuit over mandatory housekeeping |
oratuities and energy surcharge at Atlantis and One & Only Ocean Club se

which has to be approved by the Supe-
rior Court of California, Los Angeles
County, where it was filed, did not
mean that the court would have found
against it.

Still, as part of the settlement,
Kerzner International (Bahamas) has
agreed to change the term ‘House-
keeping Gratuity’ on its website to
‘Mandatory Housekeeping Gratuity,
and alter ‘Energy Surcharge’ to ‘Util-
ity Service Fee’.

The lawsuit, filed by plaintiff James

Kalcheim, alleged that Kerzner Inter- '

national had “provided inadequate or
misleading disclosure of hotel fees,
including a housekeeping and/or, ener-
gy surcharge, tax or gratuity”. :
It also claimed “that such conduct
constituted a breach of contract and
violated California Business and Pro-

enter the US duty free, something that
mainly benefits this nation’s fisheries

industry.



et

# THE Atlantis resort

(FILE photo) —

Fishing industry concern
over US export benefits

strongly opposed this. As a result, the
decision on the waiver has been deferred

until the next meeting.

fessional Code sections 17200 and
17500”. =

Under the terms of the proposed
settlement, Kerzner International
(Bahamas) will compensate all guests
who stayed at the Atlantis and One &
Only Ocean club from June 24, 2001,
to the present, and paid a housekeep-
ing gratuity or energy surcharge, with
a coupon worth $5 per person, per
night. .

However, these former guests must
complete a Declaration form that has
to be submitted to attorneys dealing
with the case by September 23, 2006.
Kerzner International (Bahamas) will
then have 30 days to challenge any
declarations after they are forwarded
to them, and any disputes will be
decided by the court or a neutral par-

ty.

v By CARA BRENNEN
Tribune Staff Reporter

THE Bahamian fishing industry is
keenly watching whether the World Trade
Organisation (WTO) grants a waiver
allowing the trade benefits impacting
more than $90 million of Bahamian
exports to the US to continue, fearing
that its loss will have a significant impact
on the sector.

The Caribbean Basin Economic Recov-

Yet the CBERA violates World Trade
Organisation (WTO) rules, as it gives the
Bahamas and wider Caribbean trade pref-
erences that are not made available to
other countries.

The current WTO waiver for the

CBERA expired on December 31, 2005,

and although the US made an applica-
tion to have it renewed until September

Glen Pritchard, president of Tropic
Seafood, one of the Bahamas’ largest sea
food exporters, told The Tribune yester-
day that a decision not to renew the waiv-
er could have potential significance for

the industry.

“J imagine it will affect us to some
degree. It depends on the type of duties




last week.



taking,” he added.





Te





"Kerzner International shareholders.
and Bahamian Depository Receipt
(BDR) holders, who are waiting: to
vote on the bid by Sol and Butch

’ Kerzner to take the company private;. -

should not worry, though, as this class
action lawsuit will have no material
impact on the company. se
If the total value of coupon declara-
tions is greater.than $1.5 million,

- Kerzner International (Bahamas) can

reduce the value of the coupons.

Kerzner: International (Bahamas)
said that if the court approved the set-
tlement, it would enter a judgement
dismissing the action, and members of
the class action would be prevented
from initiating their own litigation
against the company. ‘

The final settlement hearing has
been set for August 24, 2006.

Minister hits back
over Board claims _

UE Be araoie +s Raeehee tt

VINCENT Peet, minister of financial services and investments,
has strongly denied claims that the Investment Board is holding up
applications from potential foreign investors and second home

Responding to claims made by some real estate agents that the

‘ Board’s inefficiency in processing applications ina timely manner
was causing potential investors to take their business elsewhere, Mr
Peet said he was somewhat surprised at the comments, considering
he had met with the Bahamas Real Estate Association (BREA) just

“I heard their concerns-and there are some measures that we are





However, Mr Peet said it “ was

ery Act (CBERA) allows the Bahamas 2008 at the May 9 meeting of the WTO |






Bahamas in ‘very defensible
position’ on OECD initiative

@ By NEIL HARTNELL
Tribune Business Editor



THE Bahamas is in “a very
defensible position” on the
Organisation for Economic Co-
Operation and Development’s
(OECD) ‘harmful tax practices’
project, the Bahamas Financial
Services Board’s (BFSB)
deputy chairman said yesterday,
with the absence of a ‘level
playing field’ justifying the deci-
sion to sign no further informa-
tion exchange treaties.

Michael Paton, a partner with
the law firm Lennox Paton, said
the Bahamas and others had to

SEE page 10B

‘Get involved’ in trade
talks ‘as much as possible’

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMAS-based compa-
nies and its people were yester-
day urged to involve themselves
“as much as possible” in negoti-
ations on free trade agreements
that might impact this nation’s
interests.

Philip Simon, the Bahamas
Chamber of Commerce’s execu-
tive director, said that it would
be this nation’s own fault if its
views were not represented in
talks on free trade agreements
such as the proposed Economic
Partnership Agreement (EPA)
being negotiated between the
European Union (EU) and
CARICOM.

and other Caribbean nations’ exports to

@ MICHAEL PATON

Speaking after the US request
for an extension of the waiver
for the Caribbean Basin Eco-
nomic Recovery Act (CBERA),
made on May 9, was deferred
after continued strong opposi-
tion from Paraguay at the World
Trade Organisation (WTO), Mr
Simon said the Bahamas would
have to abide by the rules set by
such bodies even if it did not join
them.

He said: “Even if the
Bahamas does not sign on to any
of these agreements, it will have
to abide by the many global
standards and rules being set if
we are to engage in trade. We



SEE page 10B

Council for Trade in Goods, Paraguay



SEE page 7B





not true at all” that the Board
never meets. SEE page 4B

Ge

=





PAGE 2B, WEDNESDAY, MAY 31, 2006

The Nassau Institute
&

The Atlas Economic Research Foundation

Invite you to a Symposium

Taking Small Nations
To Greatness:
Free Trade, Security and
Education

The Coral Ballroom,
Atlantis, Paradise Island
Friday, June 9, 2006

9am to 5pm
$50 includes lunch

MORNING SESSIONS

Session 1 at 9am

Free Trade: FTAA and CSME,

Which Road to Prosperity and Freedom?
Brian Dean, Florida FTAA, Inc.

Brian Moree, Bahamas

Dr. David Lewis, Manchester Trade

Session 2 at 11am

The Challenge to Freedom in the Caribbean:

Cuba, Haiti and Venezuela

Stephen Johnson, Heritage Foundation

Anibal Romero, Simon Bolivar University, Venezuela
Hans Tippenhauer, Fondation Espoir, Haiti

LUNCHEON SPEAKER
Lunch at ipm
Francisco Flores, former president of El Salvador

AFTERNOON SESSION ©

Session 3 at 2:45pm

Empowering the Young: Inspiring Noble Purpose
through Entrepreneurship and Character
Eduardo Marty, Junior Achievement International
Dr. Kimon Sargeant, John Templeton Foundation
Barrie Farrington, Bahamas

Cristina Burelli, Alliance for the Family



Call: 324-2035 or 326-5728 for details and reservations
5 or visit : www.nassauinstitute.com

‘

PUBLIC HOSPITALS AUTHORIT
VACANCIES FOR |

EMERGENCY MEDICAL TECHNICIAN
(EMT)BASIC © ;

Applications are invited from suitably qualified persons for the post
Emergency Medical Technician - Basic, Corporate Office, Public Hospital
Authority.

Applicants must possess the following qualifications:- |






























ore rewe

&
&

A minimum of two (2) B.G.C.S.E level or equivalent (including Math,
English, Science); Good oral, writing and reading skills; Emergency
Medical Technician, Basic and three years relevant experience; Must be
able to communicate and interact with members of the public and other
public safety and health professional during times of extreme stress,
while maintaining composure.

| LICENSES CERTIFICATIONS

1. Obtains certification equivalent to US National Registry EMT-Basic.

2. Maintains certification in Basic Life Support (BLS); Pre-hospital
Trauma Life Support (PHTLS); American Heart Association (AHA)
and Cardio Pulmonary Recitation (CPR) for the Professional Rescuer.

3. Resgistered and licensed with the Health Professions Council
(Bahamas).

JOB SUMMARY

Responsible for providing timely pre hospital care to patients who require

emergency medical assistance; Secure scene and maintains safety.

DUTIES

‘I. Responds Immediately to emergency calls. | |
2. Secures the scene of an emergency situation and maintains safety.
3. Performs basic life support and other medical assistance until the
patient arrives at the hospital.

4. Completes required reports related to patient care and provides
electronic, verbal and written report to medical staff.

5. Communicates with hospitals and dispatch center usnig various
radio/telephone equipments.

6. Ensures that all emergency equipment are in the ambulance at all
times. |

7. Prepares and submits an inventory of supplies at the end of each
shifts. |

Letters of Application, resume and three (3) references should be
submitted, no later than 16th June, 2006, to the Human Resources
Director, Public Hospitals Authority, P.O. Box N-8200 or Ist Corporate
Office, Dockendale House, West Bay Street.



THE TRIBUNE »



Old Fort

Bay close
to sell-out

ALL lots in the final phase.of Old Fort bay’s
development have been placed on the market,
with realtors saying the 320-acre residential
community in northwestern New Providence is
ahead of schedule and close to being sold out.

Sara Callender, sales and marketing manager
for Old Fort Bay Realty, said lot prices for the
last phase started in the mid-$500,000 range
and went up to.in excess of $4 million.

She added that since releasing the lots, there
had been a ‘domino effect’ with further lots
sold and more houses being constructed. .

There are less than 50 lots available in Old

' Fort Bay, with its owner, New Providence

Development Company, selling about 200 lots

' by the time the project is completed.

Old Fort Bay was given a new lease of life'in
2001, when New Providence Development
Company was acquired by the Tavistock Group,
the holding company for investments made by
Lyford Cay-based billionaire, Joe Lewis.

Under its new ownership, New Providence

‘Development Company revised the develop-

ment plan for Old Fort Bay, putting the first 20
lots up for sale in 2002.

. “When we took over, the development com-
pany had their work cut out for them, primari-
ly in regard to infrastructure,” said Ms Callen-
der.

“Tt was not necessarily a hiccup, but any devel-
oper’s primary need is to be able to develop
their community and to sell all of the lots - so
you have to be able to supply water, electricity

— you need infrastructure — and as that was

Opportunity:

accomplished, we released the lots in phases.
2005 was a great year and 2006 is proving to be
even more exciting than last year.”

The end to site works, and completion of
roads and infrastructure installation, has opened
Old Fort Bay to other purchasers, including
European, Canadian and ‘Lyford Cay legacy
buyers’.

“I can’t think of one occasion where someone
purchased a lot, without having some personal
connection to The Bahamas — it’s really a love-
ly, heart warming type of thing,” Ms Callender
said. . .

Residents and lot owners may apply for mem-
bership to the Old Fort Bay Club which serves
as the focal point and social centre of the com-
munity.

The ‘Club is housed in a Spanish-styled build-
ing known as ‘The Old Fort’. The building has,
evolved over 250 years and is adjacent to an
18th century shore battery. The two-storey, pri-
vate club has a Members’ Bar, dining facilities,

a Fitness centre, access to the Old Fort Beach

and offers private catering and extensive
Concierge services.

Tennis courts, swimming pool and a golf

course are:soon to be available.

“The club draws people together and creates
a sense of community, unlike other places where
you may not even know your neighbour. We
have a great magical place with a charming his-
tory behind it - and the Old Fort Bay Club
brings it all together in a beautiful setting,” Ms
Callender said.

World Class Retailer

Esso, a market leader in fuels and convenience retailing, is looking
for operators/franchisees for its On The Run Cafes, Tiger Markets,
and service stations across New Providence.

If you have... |

e Successful experience in sales, finance, or administration
e A minimum of five years successfully supervising a team of

workers

‘A desire to provide superior customer service

Computer literacy
Organizational discipline

- Access to'capital and a good credit history

.. We want to know you!

e

Applications can be obtained from our division Office, Windsor Field
Road, Nassau, Bahamas. Applications from interested parties must
be submitted no later than June 16, 2006 to:

Benita Rahming, Marketing Specialist

Esso Standard Oil SA Limited

Division Office, Windsor Field Road

PO Box CB-10998
Nassau, Bahamas

Life. Onthe Kun

We’re drivers too.





a4
4

'
ie



THE TRIBUNE

‘WEDNESDAY, MAY 31, 2006, PAGE 3B..



n the previous article
we looked at the role of
capital markets and
credit ratings. In this
article andthe ones to
follow, we will be discussing how
the credit quality of various enti-
ties such as national govern-
ments, banks and financial insti-
tutions, and other corporates
can be evaluated in an objective
manner using robust and com-
prehensive frameworks.

CariCRIS uses such method-

ologies for assigning credit rat-
ings. Publication of these
methodologies is an important
part of CariCRIS’ effort to be
transparent, and to bring about
investor confidence in the ana-
lytical robustness and objectivi-
ty of its credit ratings. We begin
with the framework for assign-
ing ratings to national govern-
ments, also known as sovereign
ratings.

Sovereign ratings, on the
regional scale, give investors an
insight into the relative risks
associated with lending to vari-
ous Caribbean governments. In
other words, it is an objective
assessment of a particular sov-
ereign’s creditworthiness rela-
tive to other debt issuing gov-
ernments in the region - for
instance, between the govern-
ment of Jamaica and the gov-
ernment of Barbados. It is
important to note that sover-
eign ratings assess the credit risk
of national governments and are
not to be seen as a ‘country rat-
ing’.

The framework for assigning
a sovereign credit rating
involves a fair amount of quali-
tative judgement, as well as
quantitative parameters and
ratios such as debt/GDP (Gross
Domestic Product); fiscal
deficit/GDP. Sovereign risk is
usually assessed by analysing
five key risk categories - income

Microsoft Serv
ACCPAC -

and economic structure, fiscal
policy/indebtedness, monetary
& exchange rate policy, balance
of payments and external liq-
uidity and, finally, the political
environment.

The analysis focuses on the

question of how these risk para-
meters affect the sovereign’s
ability to repay its debt. Sover-
eign ratings also have another
dimension - the currency of
debt. The ratings explicitly indi-

cate this by adding a suffix “For-

eign Currency’ or ‘Local Cur-
rency’. ‘

Typically, local currency rat-
ings are one or two notches
higher than the foreign currency
ratings, reflecting the Govern-
ment’s ability to print local cur-
rency or raise taxes to meet its
debt obligations. Exceptions to
this include countries that have
an official currency peg (such
as Panama) or which are part
of a larger monetary union and
have a common currency (such
as the OECS countries), where
‘printing money’ is not an easy
option available to the sover-
eign.

A natural question arises
here. If a government has the
ability to print money or raise
taxes, why is it not rated ‘AAA’,
at least for its local currency?
The answer lies in the fact that
né“government has unlimited
ability to print money or raise
taxes, as this may have other
serious repercussions, such as
high inflation or sharp depreci-
ation against hard currency.
Weighing these costs, the Gov-
ernment might choose to default
on its local currency, rather than
print money to meet debt oblig-
ations. Thus, unless the. funda-
mental credit quality of the sov-
ereign is strong, the ability to
print money cannot take the
local currency ratings signifi-
cantly higher and hence the

y 3 ts
003, Exchange 2003, Linuz, and —

* Ability to work with Minimal supervision.
* Excellent communicatin and organizational skills
® Willingness to relocate to Freeport, Bahamas

To apply for this position please e-mail your resume to:
hr@abcomarkets.com

NOTICE TO SHAREHOLDERS

The Board of Directors of Finance

Corporation of Bahamas Limited hereby

notifies all of its Shareholders that the Bank’s

actual net profit, based on unaudited results

for the quarter ended 30th April 2006 was
$9,947,782. As aresult, an interim dividend

| of thirteen cents (13 cents) per Ordinary
Share will be paid on 14th June 2006, to all
shareholders of record as of 7th June 2006.

The Bank’s total assets stood at
$624,094,350 for the quarter ended 30th

April 2006.

KEVA L. BAIN

CORPORATE SECRETARY

Dated this 31st May, 2006



strong linkage with its foreign
currency rating.

We now take a closer look at
some of the risk parameters
under each risk category.

Income and economic

structure

This parameter assesses the
state of the economy, the per-
formance of the economy, com-
position, size and diversity of

the economy, quality of income :

distribution and quality of pri-
vate sector participation in the
economy. A partial list of factors
assessed under this risk catego-
ry includes:

* Size of the economy

* Past growth rates and
assessment of future growth
rates

* Key drivers of growth

* Degree of private sector
participation and their global
competitiveness

* Human Development
Index, and its trend-line

Fiscal policy/Indebtedness

Under this parameter, the fis-
cal policy and performance of
the sovereign is assessed, and
compared with other sovereigns
in the region. The extent of
indebtedness of the sovereign,
the nature of such debts, and
extent of the sovereign’s fiscal
flexibility in meeting its debt
repayments are assessed in this
parameter. A partial list of fac-
tors assessed includes:

* Government revenues,

‘ growth in revenues and quali-

ty/diversity of these revenues

* Government expenditure
levels, past growth and compo-
sition (discretionary vs. com-
mitted)

* Coherence and consistency
of government policy, methods
of deficit financing

* Effectiveness and equitable
nature of tax regimes, and gov-
ernment flexibility to increase
tax revenues

- Debt/GDP and
Interest/Government revenues,
their trend in the past and
expectation of future indebted-
ness

* Off-budget and contingent
liabilities, size and health of the
non-financial public sector

“enterprises

Monetary stability and.

exchange rate policy

Parameters assessed under
this risk category include the
government’s monetary policy
and track record in maintaining
stable monetary conditions,
including past inflation rates,
interest rates and exchange
rates.

The independence of the cen-
tral bank to pursue sustainable
exchange rate and monetary
policies, and extent of the devel-
opment of domestic equity,
bond and foreign exchange mar-
kets to facilitate the achieve-
ment of monetary policy objec-
tives are also assessed in this
risk category.

Balance of payments and

external liquidity
The government’s policy on

~CariCRIS —

PUBLIC HOSPITALS AUTHORITY

VACANCIES FOR
EMERGENCY SERVICES TECHNICIAN (EST)
~ BASIC

Applications are invited from suitably qualified persons for the post
| Emergency Services Technician - Basic, Corporate Office, Public Hospital
Authority.

Applicants must possess the following qualifications:-





SEE page 11B
















A minimum of five (5) B.J.C’S or equivalent (including Math, English.);
Good oral, writing and reading skills; Emergency Services Technician,
Basic and two (2) years relevant experience; Must be able to communicate
and interact with members of the public and other public safety and |
health professional during times of extreme stress, while maintaining |
composure.
Must also obtain licensure and registration from the Bea Professions |
Council. |

DUTIES

The Emergency Services Technician (EST) Basic is responsible for |
providing basic life support to ill or injured persons including:












e Taking current and past history relevant to event.

e Maintaining the airway.

¢ Manually ventilating a patient.

e Splintering or otherwise immobilizing the body or parts of the body.
¢ Protecting the confidentiality and es or ile patient
| ° Recording all pertinent information Bee ar aaone,

‘WORKING CONDITIONS



Letters of Application, resume and three (3) references should be
submitted, no later than 16th June, 2006, to the Human Resources |
Director, Public Hospitals Authoritry, P.O. Box N-8200 or Ist Corporate
Office, Dockendale House, West Bay Street.

Credit Suisse Wealth Management

Limited

Is presently considering applications for a

HEAD OF SALES
(Private Banking)

Credit Suisse Private Banking is one of the world's premier private banks. It is setting new standards that go
beyond traditional banking services. Our dedicated and highly qualified staff provides our clientele with comprehensive
solutions in individual investment counseling and professional portfolio management. Our total commitment is always
to our clients and we focus without compromise on their financial well-being and their personal values.

The position is open to candidates with the following minimum requirements:

Qualifications:

- Minimum 10 years well rounded investment banking experience geared toward the marketing and
Fai sale of investment products and services in an aggressive trade oriented environment
Advising clients on investment opportunities in the global markets
Responsible for execution of client orders, monitor cash management and client portfolios
Manage a highly sophis ticated and trade oriented team of relationship managers
In-depth knowledge of international Money Market/Forex Exchange Trading/Treasuries/Emerging
Markets/Derivatives/Securities Operations/Execution, etc.
Strong risk management and portfolio management skills
Strong management and leadership skills
Well versed in Swiss banking practices and standards
PC Literacy (MS Word, Access, Excel) and Bloomberg experience
Fluent Portuguese and English

Duties:

The candidate will be expected to:
Manage a substantial clientele base of sophisticated ultra high net worth individuals
Develop, recommend and ensure the implementation of the bank's marketing and sales strategy
Travel extensively to develop new client relationships
Monitor/evaluate the bank’s position and oversee existing and prospective trading activities
Provide advice and guidance to dealers and traders engaged in treasury activities
Supervise Provide sales support to relationship managers

Personal walities:

- Excellent organizational and communication skills
- Highly motivated with a commitment to service excellence
- Degree (or equivalent) in Business Administration, Finance or Economics

Benefits provided include:
- Competitive salary, performance bonus plus health and life Insurance

Applications should be submitted by fax to: (242) 302-6398
Or by mail to: Human Resources Department
P.O. Box N-4801
Nassau, Bahamas

,

DEADLINE FOR RECEIPT OF APPLICATIONS IS JUNE 2, 2006

You must be able to lift patients, equipments, materials weighing 150lbs. 7.”

aly



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ote

PAGE 4B, WEDNESDAY, MAY 31, 2006



NOTICE

NOTICE is hereby given that ROSELINE FORBES OF
TREASURE CAY, ABACO, 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 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, PO.Box
N--7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that STEVENSON JACQUES
PEARDALE OF NASSAU, BAHAMAS, P.O. BOX SS-6360
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 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N=7147, Nassau, Bahamas.





BUSINESS

Minister hits




THE TRIBUNE.

ack




over Board claims

FROM page 1B

“That is outrageous. They
meet at least once a week or
every other week,” he said.

Mr Peet stressed that the
Board was current with its
applications, and has in the past
few weeks dealt with over 100
applications. He also denied
claims raised by some realtors
that there was a time lag of at
least six months to two years
before an application was dealt
with. Instead, Mr Peet said the
average application was dealt
with within seven days. “In
some cases, they are dealt with

before seven days,” he added, .

although he noted that in rare
cases, some applications
remained outstanding.

The minister pointed out that
he realises there are realtors
and investors who are eager to
close on sales, but said it was
the role of the Board to ensure
there was due diligence on
every application, something
that in some situations may
require additional time.

In addition, Mr Peet said that
while an investor may pull out
of a deal, that could be the case
‘in any market. He pointed to
an article also appearing in Tri-
bune Business regarding the

Central Bank report for the ©

month of April. In the article,
the Bank projected that sup-
ported by a number of tourism
investment projects, the
Bahamas was poised to sustain
a healthy level of economic
expansion, and private sector
demand remained strong and
continued to stimulate con-
struction investments.

Mr Peet said that report con-
firmed there was a strong cli-
mate for investment in the
country. “There is no question
that the Bahamas is one of the
hottest climates for investment
in the world,” said Mr Peet.

Yesterday’s story about the

realtors and the investment
board stated: “Bahamas Real
Estate Association president,
Larry Roberts told The Tribune
that he has a scheduled meeting
with the Investments Board lat-
er this week. He said he would
prefer not to comment until he
has had a chance to attend that
meeting.” That information was
not correct. Mr Roberts’ meet-
ing is scheduled with the
Bahamas Real Estate Associa-

‘ tion, not the Foreign Invest-

ment Board.The Tribune apolo-
gies to Mr Roberts for any
inconvenience this may have
caused.







y GS olina.... = )FIDELITY

Financial Advisors Ltd.







EPS $ Div $





Today's Close Change Daily Vol.




Abaco Markets
















5 . Bahamas Property Fund 11.35 11.50 0.15 1,000 1.568 0.360 7.3 3.13%
7.24 6.35 Bank of Bahamas 7.10 7.20 0.10 1,900 0.738 0.330 9.8 4.58%
0.85, : 0.70 Benchmark 0.78 0.78 0.00 0.292 0.020. 2.7 2.56%
1.80: 1.26 Bahamas Waste 1.30 1.30 0.00 0.143 0.060 9.1 4.62%
1.256 1.05 Fidelity Bank 1.25 1.25 0.00 0.175 0.050 7.1 4.00%
9.60° 8.00 Cable Bahamas 9.40 9.40 0.00 0.618 0.240 15.2 2.55%
2.207 1.39 Colina Holdings 1.67 1.67 0.00 -0.067 0.000 NM 0.00%
10.70 8.50 Commonwealth Bank 10.70 10.70 0.00 0.93T 0.560 11.5 5.23%
6.265 4.12 Consolidated Water BDRs 5.93 6.26 0.33 0.115 0.045 “51.6 0.76%
2.88 1.96 Doctor's Hospital 2.70 2.70 0.00 0.437 0.000 6.1 0.00%
6.21, 4.02 Famguard 6.21 6.21 0.00 0.539 0.240 11.5 3.86%
11.25 10.45 Finco 11.25 11.25 0.00 0.738 0.540 15.2 4.80%
12.30 8.51 FirstCaribbean 12.30 12.30 0.00 0.874 0.500 14.1 4.07%
10.60 8.41 Focol 10.60 10.60 0.00 0.885 0.500 12.0 4.72%

B41 20: 1.04 Freeport Concrete 1.04 1.04 0.00 -0.162 0.000 N/M 0.00%
10.20 9.50 ICD Utilities 9.50 9.50 0.00 0.526 0.405 18.1 4.26%
; J. S. Johnson 0.00 100 0.565 0.560 16.1 6.15%



Kerzner International BDRs

























$

OK 12.25 Bahamas Supermarkets x

10-44 10.00 Caribbean Crossings (Pref) .
5& 0.20 RND Holdings :

43:00 28.00 ABDAB it :

5 13.00 Bahamas Supermarkets 14.00 15.00

0.35 RND Holdin cei eee ceercinepsaeeees eR eecsssepeenies
52wk-Low Fund Name 1 NA V YTD% Last 12 Mon

1.2887 1.2327 Colina Money Market Fund. | 1.288727* ,
2.7451 2.3329 Fidelity Bahamas G & | Fund 2.7451 ***
2.3560 2.2072 Colina MS! Preferred Fund 2.329423**



1.1006



Col Bond Fund



1.164331****
Se 98





| BISX ALL SHARE INDEX, =.19'Deo!02=31/009.00; }
S2yk-Hi - Highest closing price in last 52 weeks —
52wk-Low - Lowest closing price in last 52 Weeks!” °°
i Preylous Close - Previous day's weighted price for.daily volume

5 Bid § - Buying price, of Colina and Fidelity
Vas '$ - Selling price ‘of Colina and fidelity |’ *
, Last Price - Last.traded over-the-counter price *



b satigeivcire "19 May 2006

Totay's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week “*- 01 May 2006
Change - Change in closing price from day to day EIPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value *** ~ 30 April 2006

Daily Vol. - Number of total shares traded today
DIYS - Dividends per share paid in the last 12 months

2 arnings
ae :

N/M - Not Meaningful A
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
3 ‘s <3 <3 aN 583 se

so SRS Rest
RENAE INE OR






CORSET PAINE .
EVES FOR WOR: SS



Se ee
BSOS POTS RIDERS 2



-redit Suisse Wealth Management Limited

is. presently considering applications for a

; | CHIEF FINANCIAL/OPERATING OFFICER

Credit Suisse Private Banking is one of the world’s premier private banks. it is setting new
standards which go beyond traditional banking services. Our dedicated and highly qualified staff
provides our clientele with comprehensive solutions in individual investment counseling and
professional portfolio management. Our total commitment is always to our clients and we focus
without compromise on their financial well-being and their personal values.





Requirements:

- Aminimum of ten (10) years experience in banking with a large international institution at
Head Office level

- Knowledge of trading, trade reconciliation, custody business, securities markets and funds
business

- . Extensive experience with SWIFT and EUROCLEAR systems and procedures

- Deep knowledge of SOX related issues and US-GAAP standards

- Ability to speak and write in Portuguese and English

- Experience in analysis of financial ratios, variance analysis, Management information Systems,
forecasting, budgeting and accounting i

- Knowledge and working experience with Microsoft products (including word, excel, access,
etc.)

- Must have extensive working knowledge of GLOBUS and ADAC applications

- Ability to evaluate financial reports sent to our Head Office, create and/or implement new
financial reports according to Head Office guidelines and streamline the business segments

- Significant experience in a senior management role in an operational environment

- Comprehensive knowledge of operational and information technology principles, practices and
processes sufficient to interpret/analyze complex issues and develop innovative solutions to the
challenges effecting the business unit _ 8
- Strong problem solving and decision-making skills

- §Strong interpersonal, oral and written communications skills
- Possess a confident and outgoing personality —

Pe ae eee ee ew Se tes

Fee erie

AAS AS AA RAARPA RASC S

Roh wR

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Key Duties & Responsibilities will include:

SRARP*A SSAA LARA’

- Co-ordinate day-to-day operating of the main office
- Oversee various Management functions; particularly the Accounts and Information &

Technology Departments
- Audit and liaise with managers to ensure maintenance of standards

RS bak

x ek

Applications should be faxed to: (242) 302-6398
Human Resources Department
» P,Q. Box N-4801
Nassau, Bahamas



DEADLINE FOR RECEIPT OF APPLICATIONS IS JUNE 2, 2006

re Pee ee rae PP ee OE OF ORIEL OEE PP OO ET FMT T,



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+






















NOTICE

NOTICE is hereby given that ROLAND ETIENNE JR.,
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 31ST 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 |, LENORA ELVINA
FARQUHARSON, of Joe Farrington Road, P.O. Box
N-4118, Nassau, Bahamas, intend to change my name
to LEANORA ELVINA FARQUHARSON. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, PO.Box
F-43536, Grand Bahama, Bahamas no later than thirty
(30) days after the date of publication of this notice.

NOTICE is hereby given that ALBERT MERZIUS OF
BARCARDI ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization’as'a citizen of The Bahamas,-and
that any person who knows any reason why
registration/naturalization should not be granted, should send
a written and signed statement of the facts within
twenty-eight days from the 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.




























2005
CLE/qui/01389B

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

IN THE MATTER of The Quieting of Titles Act, 1959
; AND
IN THE MATTER of The Petition of Charles Thompson

NOTICE OF PETITION

NOTICE IS HEREBY GIVEN that Charles Thompson. of St.
Andrews Road in the Eastern District of New Providence, the
Commonwealth of The Bahamas, is applying to the Supreme
Court of the Commonwealth of The Bahamas, is applying to the
Supreme Court of the Commonwealth of the Bahamas to have
his title investigated and determined and declared under the
Quieting Titles Act, 1959 (Ch. 393) in respect of the land hereafter
described, that is to say:
"ALL THAT piece of parcel or tract of land comprising
Two and eight hundred ad fourteen thousandths (2.814)
acres situate in the Malcolm Allotment Subdivision in
the Southern District of the Island of New Providence,
one of the islands of the Commonwealth of The Bahamas
and being Allotment Number Sixty-two (62) on a plan
of the said Malcolm Allotment Subdivision that is
bounded NORTHWARDLY by a Twenty (20) foot wide
Road Reservation and running thereon One hundred and
sixty and eighty-three hundreths (160.83) feet,
EASTWARDLY by Allotment Number Sixty-three (63)
in the said Subdivision and running thereon Seven
hundred eighty-seven and fifty-seven hundredths (787.57)
feet, SOUTHWARDLY by vacant land in the said
Subdivision and running thereon One hundred forty-
nine and seventy-three hundredths (149.73) feet,
WESTWARDLY by a Ten (10) foot wide Road
’ Reservation in the said Subdivision and running thereon
Seven hundred ninety-six and forty- six hundredths ;
(796.46) feet, which said piece parcel or allotment of
land has such shape, marks, boundaries, positions and
dimensions as are shown on the plan submitted with the
Petitioner's Petition and delineated in PINK"

AND TAKE NOTICE that copies of the Petition and
Plan of the said land may be inspected during normal office hours
at the following places:

i. Supreme Court Registry, Ansbacher House, East Street
North, New Providence, The Bahamas

ii. Sharon Wilson & Co., Chambers, No. 57 Jerome
Avenue, Pyfrom's addition, New Providence, The
Bahamas.

AND FURTHER TAKE NOTICE that any person
having dower or right to dower, an adverse claim or a claim not
recognized in the Petition shall on or before the 30th day of June
A.D., 2006 file in the Supreme Court and serve on the Petitioner
or his Attorney an Adverse Claim in the prescribed form supported
by Affidavit

FAILURE OF ANY PERSON to file and serve an
Adverse Claim on or before the said date will operate as a:bar to
such a claim.

Dated this 8th day of May A.D., 2006

SHARON WILSON & CO
Chambers
No.57 Jerome Avenue
Pyfrom's Addition
New Providence, The Bahamas
Attorneys for the Petitioner






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4
THE TRIBUNE BUSINESS *” WEDNESDAY, MAY 31, 2006, PAGE 5B

Change in accounting standards

=

Ell ERNST & YOUNG @ Chartered Accountants @ Phone: (242) 502-6000 se . ar
One Montague Place lax: (242) 502-6090 Since March 2004, the International Accounting Standards Board (IASB) has significantly amended
eel wenn IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments:
RO. Box N-3251 Recognition and Measurement. The amendments became effective on January 1, 2005.
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder and Board of Directors of
SG Hambros Bank & Trust (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of SG Hambros Bank & Trust
(Bahamas) Limited (the Bank) as of December 31, 2005. The consolidated balance sheet is the
responsibility of the Bank’s management. Our responsibility is to express an opinion on this
consolidated balance sheet based on our audit.

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

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

Ene erg

February 15. 2006

CONSOLIDATED BALANCE SHEET



Total shareholder’s equity 25,552 24,219

Total liabilities and shareholder’s equity 722,980 637,545 *

COMMITMENTS AND CONTINGENCIES (note 9)

Director Director



NOTES TO CONSOLIDATED BALANCE SHEET
December 31, 2005

1. CORPORATE INFORMATION

SG Hambros Bank & Trust (Bahamas) Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking, investment advisory
services, trust and company administration and fund management. The Bank is a wholly-owned
subsidiary of SG Hambros Bank and Trust (United Kingdom), whose ultimate parent company is
Société Générale SA which is incorporated in France. The consolidated financial statements of the
group are available from the Company Secretary, Societe Generale, 29 Boulevard Haussmann,
75009 Paris, France.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The consolidated balance sheet has been approved for issue by the Director’s of the Bank on
February 15, 2006.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statemertt of compliance

The consolidated balance sheet has been prepares in accordance with International Financial
Reporting Standards (IFRS).

Basis of preparation

The consolidated balance sheet is expressed in United States dollars. The preparation of
consolidated balance sheet requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the consolidated balance sheet. Actual results could differ
from those estimates.

The consolidated balance sheet was prepared under the historical cost convention, except for the
measurement at fair value of financial, assets and liabilities, and loans and mortgages. Investments
held to maturity are stated at amortized cost.

Principles of consolidation
The accompanying consolidated balance sheet includes the balance sheet of the Bank and those of :
its wholly-owned subsidiaries, Adansonia Investments Limited, Bannervale Investments Limited,
Dragonian Investments Limited, Goshen Investments Limited, Maridi Investment Company
Limited and SG Hambros Corporate Services (Bahamas) Limited, all of which are nominee non-
trading companies and are'inccrporated under the laws of the Commonwealth of The Bahamas. All
: significant intercompany accounts have been eliminated on consolidation.



Comparative information was adjusted in accordance with IAS 8 Accounting Policies, Changes i in
Abcounting Estimates and Errors, to ensure the appropriate accounting policies are applied in each
period, where necessary.

The amended IAS 39 introduced a new category of financial instruments, financial assets and_
liabilities at fair value through profit or loss, which is divided into two sub-categories, “‘held-for-
trading”, and “financial instruments designated at fair value through profit and loss on initial
recognition”. The Bank determines the classification of its financial assets upon initial recognition
and, where allowed and appropriate, re-evaluates this designation at each financial year-end.

Investments held-to-maturity

At January 1, 2005, the Bank adopted IAS 39, including the amendments issued by the IASB in the
period prior to August 2005. Investments held-to-maturity are financial assets which the Bank
intends to hold to maturity and represents floating-rate notes, where the interest rate is tied to the
one-month or three-month LIBOR plus a fixed spread, and U.S. Government Securities. These
securities are stated at amortized cost (which approximates market value), which is calculated by
taking into account any discount or premium on acquisition, over the period to maturity

Impairment and uncollectibility of financial assets

_An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be impaired. If such evidence exists, the ,

estimated recoverable amount of that asset is determined and any impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2005 (nil — 2004).

Accounts receivable

. Accounts receivable are stated at original invoice amount less any provision for doubtful debts. An

estimate for doubtful accounts is made on a specific identification basis, when collection of the full
amount is considered no longer probable. There was no provision for doubtful debts necessary as
of December 31, 2005 (2004 — nil). Bad debts are written-off as incurred.

Loans and mortgages

Loans and mortgages are stated at the principal amount outstanding adjusted for charge-offs and
provision for loan losses. The provision for loan losses is increased by charges to income and

December 31 decreased by charge-offs (net of recoveries). Management’s periodic evaluation of the adequacy of
2005 2004 the provision is based on the Bank’s past loan loss experience, known and inherent risks in the
$7000 $000 portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of
: any underlying collateral, and current economic conditions. No loans were considered impaired at
ASSETS December 31, 2005 (nil — 2004).
Cash and due from banks on demand 15,407 5,702 :
Deposits with banks 242,293 283,566 Property and equipment
Security settlements pending 13,779 4,507 : pa
‘Accounts receivable 2,080 2,027 Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated
Toansiand morgases (pte 3) 52,127 43,600 on the straight-line basis over the estimated useful lives of the assets as follows:
Investments held-to-maturity (note 4) 376,309 278,057 tet
Property and equipment, net (note 5) 11,869 12,096 Building 40 years
Other assets (note 6) 5,586 4,216 Rubbed Snes 5-10 years
Pension plan asset(note7) 8580, TTA Motor vemnees i aia
E.D.P. - Software 5 years
Total aagets 722,980 637,545 E.D.P. - Hardware 5 years
Machinery and equipment 3-5 years
LIABILITIES AND SHAREHOLDER’S EQUITY The carrying amounts of the property and equipment are reviewed at each balance sheet date to
Liabilities : assess whether they are recorded in excess of their recoverable amounts, and where carrying values
Due to banks on demand 4,963 251 exceed this estimated recoverable amount, assets are written down to their recoverable amount. No
Current and deposit accounts 673,045 602,032 such write-downs have been recorded by the Bank.
Security settlements pending 10,734 529
Other liabilities (note 8) ~ ; 6,540 5,915 Accounts eae and accrued liabilities
Pension plan liability (note 7) —- 184 155
Post-employment healthcare plan liability (note 7) 1,962 4,444 Liabilities for accounts payable and accrued liabilities, which are normally settled-on - 30-60 day es
Total liabilities 697,428 613,326 terms, are carried at cost, which is the fair value of the consideration to be paid-in the future for
: : goods and services received. Payables'to related parties are carried at cost. Accounts payable and
Shareholder s equity accrued liabilities are reported in other liabilities on the consolidated balance sheet.
’ Share capital:
Authorised — 75,000 shares of B$57.15 each Provisions
Issued and fully paid — 35,001 shares 2,000 2,000
Contributed surplus 8,266 8,266 Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
-Retained earnings 15,286 - 11,953 ' of a past event, it is probable that an outflow of resources embodying economic benefits will be
General reserve iy, 2,000 required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Pensions and other post-employment benefits

The Bank operates two defined benefit pension plans, both of which require contributions to be
made to separately administered funds. The Bank also provides defined benefit post-employment
healthcare benefits to its retirees. These benefits are unfunded. The cost of providing benefits
under these plans is determined separately for each plan using the projected unit credit actuarial

valuation method. Actuarial gains and losses are recognized as income or expense when the

cumulative unrecognized actuarial gains or losses for each individual plan exceed 10% of the
greater of the defined benefit obligation or the fair value of plan assets. These gains or losses are
recognized over the expected average remaining working lives of the employees participating in the
plans. Actuarial valuations are performed by qualified independent actuaries.

Translation of foreign currencies

Monetary assets and liabilities denominated in currencies other than United States dollars are
translated at the rates of exchange prevailing at the year end.
General reserve

Transfers between general reserve and retained earnings are made at the discretion of the Directors.
Related party balances

All balances with the ultimate parent company or its subsidiaries ai are shown in this consolidated
balance sheet as related party.

Assets under management

No account is taken in this consolidated balance sheet of assets and liabilities of clients managed
and administered by the Bank or its subsidiaries as custodian, trustee-or nominee, other than those
assets and liabilities which relate to the banking services provided by the Bank or its subsidiaries
for their clients.

Taxes

There are no income taxes imposed on, the Bank in the Commonwealth of The Bahamas.
Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year and comparative figures have
been amended as required. Adoption of revised standards does not have any effect on equity as at
January 1, 2004.

e IAS 1 Presentation of Financial Statements (excluding amendments effective for period
beginning on or after January 1, 2007); ,

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

IAS 10 Events after the Balance Sheet Date;

IAS 16 Property, Plant and Equipment

IAS 24 Related Party Disclosures;

IAS 27 Consolidated and Separate Financial Statements;

IAS 32 Financial Instruments: Disclosure and Presentation;

IAS 36 Impairment of Assets; and

e JAS 39 Financial Instruments: Recognition and Measurement

Early adoption

The Bank did not early adopt any new standards during the year, including amendments to IAS 19
imployee Benefits effective for period beginning on or after January 1, 2006 and as a result, certain
amounts and disclosures related to the Bank’s defined benefit pension plans nay have been
changed.

IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

sc me

7 4
SER eR

SRE AR RN RET





PAGE 68, WEDNESDAY, MAY 31, 2006 THE TRIBUNE BUSINESS

The principal assumptions used in determining pension benefit obligations for the Bank’s plans are

IFRS 6 Exploration for and Evaluation of Mineral Resources

' “This Standard does not apply to the activities of the Bank. shown below:

IFRS 7 Financial Instruments: Disclosures Pension Plans

This Standard is required to be applied for annual periods beginning on or after January 1, 2007, Bahamian Non-Bahamian

and as a result, certain amounts and disclosures related to a portion of the Bank’s financial 2005 2004 2005 2004

instruments may be changed. % % % %

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Discount rate at December 31 5.30 5.33 5.35 ‘ 5.42

Rehabilitation Funds Expected return on plan assets 7.29 7.36 4.26 2.84

This Interpretation is required to be applied for annual periods beginning on or after January 1, Futuré pension (2.46) (2.41) Q 45) (2.45)

2006, but is not expected to be relevant for activities of the Bank. Proportion of employees opting : : *
for early retirement 1.00 - 1.00 :

IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic
Equipment

This Interpretation is required to be applied for annual periods beginning on or after December 1,
2005, but is not expected to be relevant for activities of the Bank.

Post-employment healthcare benefits

The Bank also provides post-employment healthcare benefits to its retirees. On January 29, 2004,
the Bank cancelled this benefit for current employees and significantly reduced the benefit offered
to retirees. As a result, the present value of the benefit obligation was measured as of January 29,

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in
2004 to be $4,651,000.

Hyperinflationary Economies
This Interpretation is required to be applied for annual periods beginning on or after March 1, 2006,

but is not expected to be relevant for activities of the Bank. During the current year, the Bank reached an agreement with most of the retirees to accept a lump ee

sum payment which significantly reduced its liability as at December 31, 2005.



m= «ss IFRIC 8 Scope of IFR 2 :
This Interpretation is required to be applied for annual periods beginning on or after May 1, 2006, The following table summarizes the amount recognized in the consolidated balance sheet.
: " but is not expected to be relevant for activities of the Bank.
; 2005 2004
‘The Bank expects that adoption of the pronouncements listed above, with the exception of IAS 19 $000 $000
and IFRS 7, will have no impact on the Bank's consolidated financial statements in the period of Unfunded benefit obligation 2,022 4,784

- , initial application. Unrecognized net actuarial gains 60 340

Post-employment healthcare liability 1,962 4,444"

3. LOANS AND MORTGAGES





ie 2005 2004 Activity in the post-employment healthcare plan liability during the year was as follows:
$7000 $7000
re 2005 2004
Demand loans : 32,670 31 5924 $000 $°000
fal Fixed-term loans 1,926 2,794
_ +, Mortgages __ 17,531 8,882 Post-employment healthcare liability, beginning of year 4,444 4,651
é ee a ae Benefit expense ‘ f 422 — 243 ©
re : eee ‘ ‘ Contributions 2,904 450
»-, Loans and mortgages are denominated primarily in United States dollars and United Kingdom “Post-employment healthcare liability, end of year 1,962 4,444

“\ pounds. Loans are secured primarily by cash deposits and marketable United States securities.
- Mortgages are secured primarily by real estate located in the United Kingdom and The Bahamas.
The total Jending value of all collateral held against outstanding loans at December 31, 2005 was

The principal actuarial assumptions used in determining the post-employment healthcare benefit
obligation are as follows:























*’ $102 million (2004 - $123 million).
; 2005 2004
- At December 31, 2005, there are no loans and mortgages on which interest is not being accrued, or % %
‘ ‘where interest is suspended. 2
4, INVESTMENTS HELD-TO-MATURITY Discount rate sooner ror ae 8
tobe! 2005 2004 8. OTHER LIABILITES
$7000 $7000
, 2005 _—- 2004 4
: US Treasury notes 9,858 9,948 $7000 $7000 eae
-. Corporate bonds 366,451_ 268,109 *
376,309 278,057 Legal provisions 2,181 1,941 .
5 Accrued expenses rahe 1,645 1,093 ii
The maturity profile and interest rates of the investments are shown in note 12 Interest payable - 659 1,036 © 1
a ha Due to group companies 1,002 : 863 #
"5, PROPERTY AND EQUIPMENT Other 470 499 “e
P Eilean : Fees charged in advance 583 483 ?
An analysis of activity in property and equipment was as follows: Total other liabilities i 6,540 . 5,915
Hedinaing ; Ending 9. COMMITMENTS AND CONTINGENCIES
Cost Balance Additions Disposals Balance : : Bui : states ais
; $°000 $000 $°000 $000 The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal course
: : aS : of business, to ‘meet the financing needs of its customers. These financial instruments include
‘ Land 3,113 2 me, 7, AAS acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
4 Building 9,555 13 2 9,568 to originate loans and mortgages. Exposure to loss is represented by the contractual amount of
* + Machinery & Equipment 2,741 151 é 2,892 those instruments, however, the Bank uses the same credit and hypothecation criteria when entering
:.\ Fumiture & Fixtures 1,097, 5 = 1,102 into these commitments and conditional obligations as it does for loans and mortgages.
>, Motor Vehicles 107 94 (34) 167
. EDP Software & Hardware 7,698 290 - 7,988 Contingent liabilities under acceptances and guarantees entered into on behalf of customers and
. Total ~ 24,311 553 34 24,830 commitments to extend credit under lines of credit, in respect of which there are corresponding
ech obligations by customers, amounted to $9.9 million at December 31, 2005 (2004 - $10.3 million)
oS Beginning Charge for Ending and are not included in the consolidated balance sheet. ;
' | Accumulated Depreciation Balance ——s Year _ Disposals Balance : . ; : ;
Pee ; $7000 $7000 $°000 $7000 As of December 31, 2005, legal actions brought against the Bank by clients had not been finalized.
The Bank has been advised by lawyers that it is probable that these actions will succeed and ‘he
Building 1,572 265. - ° 1,837 accordingly, at December 31, 2005, a provision of $2.1 million (2004: $1.9 million) has been made ut
Machinery & Equipment 2,535 106 z 2,641 in the consolidated balance sheet. x a
Furniture & Fixtures 1,031 21 - 1,052. No
Motor Vehicles 41 33 (34) 49 10. RELATED PARTY BALANCES Ny a
. _EDP Software & Hardware 7,036 355 : 7391 : sone “oli a
Tal 12.215 780 34 12.961 As following is a summary of related party balances in the consolidated balance sheet at prose é c
Net book value 2005 - 2004 4
December 31, 2005 12,096 (22 - 11,869 $7000 $°000 4
c; _December.31, 20040 0 123852) Cash and due from banks on demand e
# 6.. OTHER ASSETS ete Parent. 89 1,102 a
Other affiliates 2,717 1,892 ae
ce PT oe ee ee Se ee UB se 0s Deposits with banks a
. $7000 $°000 Parent 175,345 - 255,066 1
pamectveesivauls 2,158 1,755 Other affiliates 28,299 1,835 af
- Prepaid 2,122 1,088 Other assets :
. Other 333 733 fe Other AU ates 66 Seo ght Pe ee te ee Ma yg 4
- Accrued fees 973 640 Total amount due from related parties 206,541 200,467 a
7 Total other assets 5,586 4,216 ‘
Current and deposit accounts ; : 2
7. EMPLOYEE BENEFITS Parent - 6,988 :
‘ Other affiliates 4,752 1,801 i
‘ Pension plans Other liabilities 4
Ho oe ; ; Parent 738 863 *
' The Bank has two defined benefit pension plans - Retirement Scheme for Bahamian Employees Total amount due to related parties 5,490 9,652 ‘i
& (Bahamian) and Retirement Scheme for Non-Bahamian Employees (Non-Bahamian) - covering ——EeESE—EEEE :
[ substantially all of the employees. The plans provide benefits based on final pensionable salary. 11. GEOGRAPHICAL ANALYSIS
z The level of contributions required to cover future retirement benefits is based on the projected final :
‘ salaries and is determined by a qualified actuary on the basis of valuations using the projected unit 2005. 2004 ;
‘ credit actuarial cost method. The plans are subject to’ annual actuarial valuations and the most Assets Liabilities Assets __ Liabilities 4
‘ recent valuations were made as at December 31, 2005. These plans are closed to new employees. . $°000 $°000 $000 $°000 A
‘ The Bank will offer a defined contribution plan to new employees. ; ;
< Europe 518,304 178,286 467,227 207,736 ;
< The following tables summarize the funded status and amounts recognized in the consolidated North America 109,630 153,095 120,190 183,116 5
< balance sheet. Caribbean 69,419 213,279 40,701 219,431 5
< Pension Plans Other ; 25,627 152,768 9,427 3,043 ;
Be Bahamian _Non-Bahamian__ s 722,980 697,428 637,545 613,326 |
2005 2004 2005 2004 :
$°000 $000 $°000 $7000 ;
ade 12. ‘FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Benefit obligation 17,948 17,426 2,367 1,981 ae ok i ;
Plan assets (18,420) (17,932) (1,410) (1,378) Fi ene Seat a
Unfunded (overfunded) benefit inancial risk management objectives and policies -
; obligation
: Vraecomnized net actuarial gains (058) (368) Om) G48) The Bank’s financial instruments comprise deposits, money market assets and liabilities, some cash 2
* ‘ _ and liquid resources, and other various items that arise directly from its operations. The main risks 4

Pension plan liability (asset) (3,530) 3,774) 184 155

Activity in the pension plan liability (asset) during the year was as follows:

arising from the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and

foreign currency risk. The Board reviews and egrees on policies for managing each of these risks ‘
and they are summarized in the following notes.
Pension Plans

: Bahamian Non-Bahamian Credienisk z
; : 20052004 ~~ 206 gale Credit risk is the risk that a customer or counterparty will be unable or unwilling to meet a |
A $°000 $°000 $7000 +008 commitment that it has entered into with the Bank. The Bank manages counterparty credit risk a
“4 Perision plan liability (asset), centrally to optimize the use of credit availability and to avoid excessive risk concentration. ‘e
beginning of year (3,774) (3,869 155 160 Customer credit risk is monitored on a regular basis by management. The Bank’s maximum s

‘ Benefit expense 244 95 130 73 exposure to credit risk (not taking into account the value of any collateral or other security held) in ¥

the event the counterparties fail to perform their obligations as of December 31, 2005 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
consolidated balance sheet. The Bank has not experienced significant credit losses.

Contributions - - (101) (78)

Pensicn plan liability (asset), end —

of year (3,530) (3,774) 184 155





Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:

2005
Six
Three Four to Months One Year
Months Six To One To More than
or Less Months Year Five Years Five Years Total
$°000 $000 $°000 $°000 3°000 $°000
ASSETS
Cash and due from
banks on demand 15,407 - - - - 15,407
Deposits with banks 241,339 51 860 43 - 242,293
Loans and .
mortgages 24,896 7,256 10,355 9,620 - §2,127
Investments held-
to-maturii 32,122 11,010 24,785 306,315 2,077 376
313,764 18,317 36,000 315,978 2,077 . 686,136
LIABILITIES
Due to banks on
demand 4,963 - - - - 4,963 °
Current and
deposit accounts 666,284 5,990 771 - 673,045

671,247 _ 5,990 771 : -___ 678,008

; 2004
; Sx
Three Four to Months One Year
Months Six To One To Morethan
or Less ‘Months Year Five Years Five Years Total
$°000 $000 $000 $°000 $°000 $°000
ASSETS oa
Cash and due from
banks on demand 5,702 - - - - . 35,702
Deposits with banks 281,296 - 2,270 - - 283,566
Loans and
mortgages 41,929 - 476 1,195 - 43,600
Investments held-
to-maturi 1,510 - 274,452 2,095 278,057
330,437 - 2,746 275,647 2,095 610,925
LIABILITIES
Due to banks on
demand 251 - - - - 251
Current and
deposit accounts 590,888 8,730 2,414 - - 602,032
591,139 8,730 2,414 - - 602,283

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is piomiors on a daily
basis and reviewed by management.

The Bank’s exposure to interest rates for significant interest-bearing monetary assets and liabilities :
by major currencies was as follows:

2005
United States Pound:
: Dollars Euro Sterling
Deposits with banks 4.00% to 4.37% 2.13% to 2.45% 452% to 4.75%
- Loans and mortgages 4.50% to 6.54% 3.00% to 4.49% 5.00% -to 12.00%
Investments held-to-maturity 2.66% to 4.64% 2.32% to 2.69% 4.72% to 4.85%
“LIABILITIES : :
Customer current accounts 1.25% to 1.87% Sees 1.75% to 2.38%
Customer deposit accounts 2.00% to 4.19% 0.06% to 2.00% 2.38% to 11.50%
2004
1 ; United States ; Pound
Dollars Euro : Sterling
ASSETS
» Deposits with banks 2.18% to 5.83% 2.08% to 2.20% 4.68% to 4.75%
‘ Loans and mortgages 1.75% to 4.52% 4.18% 6.39% to 12.00%
Investments held-to-maturity 2.16% to 4.17% 2.26% to 2.31% 4.96% to 5.11%
_ LIABILITIES
* Customer current accounts , - - 0% to 1.00%

_ Customer deposit accounts 0.62% to 4.93% 0.06% to 2.00% 2.56% to 11.50%

At December 31, 2005 and 2004, the Pound Sterling current account was eligible to bear interest
based on current market conditions on balances over £10,000.

Currency risk

- Currency risk is the risk that the value of a financial instrument will fluctuate because of changes i in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing services to
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2005
° : United States Pound
Dollars Euro Sierlin Others
$000 $000 $°000 $000
Assets 466,840 127,687 51,962 76,491
Liabilities and :
shareholder’s equity 465,740 126,496 51,454 79,290 -
2004
United States Pound
Dollars Euro Sterlin Others
$000 $000 $°000 $°000
Assets 334,877 | 158,347 62,414 81,907
Liabilities and
shareholder’s equity 334,877 158,347 62,414 81,907

Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments are
either short-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.

13. COMPARATIVE FIGURES

Certain 2004 amounts have been reclassified to conform with the consolidated balance sheet
presentation adopted for 2005.





THE TRIBUNE



i
Fishing industry concern
over US export benefits

FROM page 1B

the Bahamas needed to resolve
questions of how integrated it
wanted its economy to become
with the wider world under a
rules-based trading system.
The Tribune was unable to
speak with Mr Mitchell yester-

of giving them compensation
for economic damage.

The US, however, has said it
cannot arbitrarily add a country
to the list. It also said that
Paraguay had never given any
proof that it had suffered eco-
nomically, day as he was said to be attend-

Foreign Affairs Minister Fred ing Cabinet and other meetings
Mitchell previously said the all day.
matter was one which could not Some $92 million worth of
be allowed to stand without Bahamian goods were export-
being addressed, and noted that ed to the US in 2004 under the

Act’s preferences. With the
fisheries industry employing
around 20,000 people in the

that they impose. I know that
for some countries, they charge
6 to 8 per cent duty. That could
be a substantial figure wnen you
look at something like a lobster
tail, which the Bahamas exports
a lot of,” he said.

Paraguay’s argument was
that it should be given equal
treatment as a beneficiary, or
the US would have the option

was “by any measure, a signif-
icant item for the Bahamas”.
And exports of Bahamian
goods and services to the US
under the Caribbean Basin
Economic Recovery Act
increased by 23 per cent during

Abaco Chat

Winoine Bay
ABASS BAWAMAS by the US Trade Representa-
tive's office showed.
The Tribune reported earlier

Has two (2) vacancies for
this year how the Act covered

Sales & Marketing Project Director:

«Responsible for onsite coordination of sales, sales

Although Bahamian exports
administration and market.
~Achievement of targeted sales volume and maintaining
inventory.
_ Develop future(MVCI experience preferred) managers and
implement self employed
-Implementation of tour efficiency and building of strong
team values
-Forecast and budget annual sales targets.
-Ensure communication, between personnel and others
-~Strong leadership skills
-Minimum 5 years marketing vacation ownership
-Minimum 5 years marketing in management of sales, —
marketing and/ or administration
-College degree preffed, but not required.

increased from the $64.034 mil-

2004, they accounted for a
slightly lower proportion of

in 2005 compared to 14.1 per
cent in 2004.

vices were exported to the US
free under normal trade rela-
tions during the January to
September 2005 period,

’ all-exports.

PUBLIC HOSPITALS AUTHORITY

FOUR (4) STAFFING OFFICERS 1,

CENTRAL STAFFING UNIT
One (1) Sandilands Rehabilitation Center
One (1) Grand Bahama Health Services

Applications are invited from suitably qualified individuals for the above positions in the
Public Hospitals Authority’s three (3) health care institutions Princess Margntet, Sandilands
Rehabilitation Center and Grand Bahama Health Services.

Applicants must possess a Bachelors Degree in Management, Business Nursing or related
field and five (5) years post qualification experience. Must possess good computer skills.

The Staffing officer 1 will report to the Staffing Coordinator
JOB SUMMARY

‘Responsible for the daily operational management of the Central Staffing Unit (CSU)
and the monitoring of trends in staffing schedule.

DUTIES
1. Manages the operations of the staffing office for shift coverage on a shift to shift basis:-

a) Monitors and directs staffing in implementing the staffing plan

b) Assist in maintaining systems for clinical and administrative record keeping
to meet regulatory standards and to provide a basis for administrative action.

c) Reports to the Staffing Coordinator on trends in schedules and staffing practices

d) Refers all unresolved matters related to scheduling and staffing to the Staffing
Coordinator within twenty-four (24) hours.

Administers the automated staffing and scheduling system to ensure that the policies
for the use of the staffing system are adhered to and monitors the quality of the data.

. Updates and maintains, “Floaters” roster and assigns incentive reward points.

. Directs floaters and persons attached to the Central Staffing Unit for appropriate
coverage to improve staffing based on patient census and acuity levels.
Liaises with Staffing personnel to ensure at all schedule changes are entered in the
system.
Liaises with Human Resources Department, Managers and Payrolls Department to
ensure accuracy of data.
Evaluates and prepares monthly reports for managers regarding staffing trends specific
to their department.
Assists the staffing Coordinator with units Scorecard bi-weekly reporting.
Prepares a quarterly report for Staffing Coordinator on trends highlighting achievements;
cost containment and best schedule practices.

. Completes performance appraisal evaluation on all staff in the Unit and recommends

appropriate training to enhance productivity.

Letters of application and curricula vitae should be submitted to tne Director of Human
Resources, Public Hospitals Authority, P.O. Box N-8200, Nassau, Bahamas or Manx
Corporate Center, Dockendale House, West Bay Street. Employees of the Public Hospital
Authority must forward their application through their Department Head. Deadline for
submission of application is 15th June, 2006.

Bahamas, Mr Mitchell said it |

the first nine months of 2005 to’
$78.779 million, data supplied =

total US exports - 13.9 percent =

accounting for 32.3 per cent of &



' WEDNESDAY, MAY 31, 2006, PAGE 7B.

RES Sa ESS LES,

CSS

x

©

13.9 per cent of this nation's ~
total. exports to the US. |

A further $183.467 million e
of Bahamian goods and ser- /

f
é

s
oe
i

et
£
ie
Pi
Ra
e
e

y

ie he ete RR

Fs

CRE RPE FE
BO ET LR RS

SRE

Be ae
a ee

xB

Ot 2

tie te" Ee

Pe

+e

Pee Seat

ee Ei Ny tees FEE 4 ee ES
Rh ln i a a ai Tp a a ha Dik ate a el ah i ig el ta a we

YAR RE

under the Act in 2005-had oe

lion worth of goods and ser- >
vices exported to the US in the |
nine months to September *.





PAGE 8B, WEDNESDAY, MAY 31, 2006 ’

te) hil ae

py» Assurance



PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of
RoyalStar Assurance Ltd.

We have audited the accompanying balance sheet of RoyalStar Assurance Ltd. (the Company) as of
31 December 2005, and the related statements of operations, changes in equity and cash flows for
the year then ended. These financial statements are the responsibility of the Company's manage-
ment. Our responsibility is to express an opinion on these financial statements based on our audit.

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

In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Company as of 31 December 2005, and the results of its operations and its cash flows for the
year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
2 May 2006

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

BALANCE SHEET
AS OF 31 DECEMBER 2005

Amounts expressed. in Bahamian dollars

’

ASSETS ‘

Cash in hand and at bank (Note 3)

Term deposits (Note 3)

Due from agents (Note 4)

Due from reinsurers

Sundry receivables, prepayments and other assets







36



Investments in securities — fair value through profit and loss (Note 5) ; cS 2,196,413
— loans and receivables (Note 5) . . 1,848,343.

“Property, plant and equipment (Note 6) :

TOTAL ASSETS

LIABILITIES

General insurance funds: SEN

Unearned premiums reserve (Note 17) 9,535,814

Outstanding claims reserve (Note 7) , : $643,348

Deferred commission reserve : 2,769,118




: 17,948,277
Other liabilities: oe
Due to reinsurers 3,564,526
Sundry payables and accruals 20,2



Cash advance from reinsurers (Note 7) 1,860,0



TOTAL LIABILITIES

EQUITY
Share capital ;
Authorized, issued and fully paid:- 10,000,000 ordinary shares of $0.30 each 2
Authorized, issued and fully paid:- 500,000 preferred shares of $10.00 each (Note 8) =
Contributed surplus ; eS
Retained earnings

TOTAL EQUITY :
TOTAL LIABILITES AND EQUITY

APPROVED
ON BEHALF ) =z
OF THE BOARD: Director: phe!» Director: Se Ste W ans Date: 2 May 2006

The accompanying notes are an integral part of these financial stateraents

_ STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 31 DECEMBER 2005

Amounts expressed in Bahamian dollars



INCOME ee :
Premiums written (Note 9) $63,797,414 48,709,891
Premiums ceded to reinsurers © (34,381,096) (23,044,488)
Net premiums written 29,416,318 25,665,403
Change in unearned premiums reserve (Notes 10 & 17) (78,329) 3,172,140



Net premiums earned

"EXPENSES

Net claims incurred (Note 7) 7,195,790 14,418,797
Net commissions incurred (Note 11) 2,976,395 2,484,998 aS
Catastrophe and excess of loss reinsurance 14,267,038 14,056,604



Underwriting gain (loss) 4,898,766 » Q,122,256)
OPERATING INCOME AND EXPENSES es
Interest and other income 952,383 4,184,407
Net unrealized gain on investments in securities (Note 5) 767,412 70,927
6,618,561 (866,922)
Personnel expenses (1,748,486) (1,733,222)
General and administrative expenses (1,431,575) (1,221,522)
Depreciation (Note 6) (252,584) (356,086)
Directors’ fees (66,600) (67,200)

Net income (loss)





“* THE TRIB

FINANCIAL
ar Wi 4 he
pa

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005

Amounts expressed in Bahamian dollars

Dividends per ordinary share: $Nil (2004: $0.30)

Dividends per preferred share: $0.47 (2004: $Nil)



STATEMENT OF CASH FLOWS) 2 >>*: Ghani cistnageias est aot air
FOR THE YEAR ENDED 31 DECEMBER 2005 he :

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
Adjustments for:

Depreciation

Interest income

Unrealised gain on investments in securities

(Increase) decrease in current assets:

Term deposits

Due from agents

Due from reinsurers

Sundry receivables, prepayments and other assets

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

Deferred commission

Due to reinsurers

Sundry payables and accruals

Cash advance from reinsurers



Net cash (used in) from operating activities _

CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received

Purchase of property, plant and equipment

Proceeds from sale/maturity of investments in securities
Purchases of investment securities

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of share capital
Payment of dividends on ordinary shares
Payment of dividends on preferred shares
Net cash from (used in) financing activities

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

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

NOTES TO THE
FINANCIAL STATEMENTS 31 DECEMBER 2005 Y

4 Incorporation and Principal Activity

RoyalStar Assurance-Ltd. (the Company) is incorporated under the Companies Act, 1992 of the Commonwealth
of The Bahamas and is licensed to operate as a property and casualty insurance company under the Insurance
Act, 1969. The Company is also licensed to operate in the same capacity in the Cayman Islands, the Turks and
Caicos Islands and the British Virgin Islands under the Insurance (Amendments) Law, 2003; the Insurance
Regulations, 1990; and the Insurance Act, 1994 and Insurance Regulations, 1995, respectively.



“© Amounts expressed in Bahamian dollars



sisi tesietial





s¥ osithwase

oo Whwae



WORDT





The Company’s registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes, Mareva House,

4 George Street, Nassau, The Bahamas.

2. Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below:

(a) Basis of preparation :

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

(b) Property, plant and equipment

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

Improvements to assets which extend the useful life or increases, the value of the assets are capitalized
when incurred and,are depreciated over the remaining useful life of the asset. Expenditures for
maintenance and répairs.are expensed as incurred. Gains and losses on disposals, which are determined
by comparing proceeds with the carrying amounts, are included in the statement of operations.

(c) Investments in securities
The Company has classified its investments into the following categories: loans and receivables
(government bonds, corporate bonds and preference shares) and securities fair valued through profit
and loss (ordinary shares). Non-derivative financial assets with fixed or determinable payments that are
not quoted ih an active market are classified as loans and receivables. Investments intended to be held
for an indefinite period of time, which may be sold in response to the needs for liquidity or changes in
interest rates, exchange rates or equity prices are classified as securities fair valued through profit and
loss. Prior to the amendments of International Accounting Standards 39, these securities were classified
as available-for-sale, and were reclassified on 1 January 2005 in accordance with the Standard.
Management determines the appropriate classification of its investments at the time of purchase.

All purchases and sales of investments are recognized on the trade date, which is the date that the
Company commits to purchase or sell the asset. Investments in securities are initially recognized

at cost, which includes transaction costs, except for securities fair valued through profit and loss

where transactions costs are expensed as incurred. Securities fair valued through profit and loss

are subsequently remeasured at fair value based on quoted prices for listed securities or valuation
techniques; including recent arm’s length transactions and discounted cash flow analysis, for unlisted
securities. Realized and unrealized gains and losses arising from sale and from changes in fair value of
these securities, respectively, are recognized in the statement of operations in the period in which they
arise. Loans and receivables are carried at amortized cost using the effective yield method less any
provision for impairment.

(d) Impairment of financial assets

A financial asset is impaired if its carrying amount is greater than its estimated recoverable amount.
The amount of the impairment loss for assets carried at amortized cost is calculated as the difference
between the asset's carrying amount and the present value of expected future cash flows discounted at
the financial instrument's original effective interest rate. By comparison, the recoverable amount of an
instrument measured at fair value is the present value of expected future cash flows discounted at the
current market rate of interest for a similar financial asset.

VIE

re



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De ONS a ee

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acer a aerial

i,
(e) General insurance funds
x

i
General insurance funds comprise unearned premiums, deferred commission reserve, outstanding claims

and provision for claims incurred but not reported. Unearned premiums represent the proportion of

the net written premiums, which relate to periods of insurance coverage subsequent to the balance sheet
date. This amount is adjusted by the commission rates applicable to the line of insurance business written
Kl presenting deferred acquisition costs associated with unearned premiums. See Note 17.

Gutstanding claims comprise the Company's net share of the estimated cost of all claims incurred and
reported but not settled as of the balance sheet date and a minimum provision of 4% of non property
and engineering gross premiums written for claims incurred but not reported.

r
Outstanding claims are based on estimates and while management believes that the amounts are
equate, the ultimate liability may be in excess of or less than the amounts provided. The methods

for making such estimates and for establishing the resulting liability are continually reviewed, and any
adjustments are reflected in the current year's statement of operations.

(f) Due from agents

Due from agents are stated net of any provision which management considers to be necessary. Bad debts
are written-off when identified.

(g) Leases

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are charged to the statement of
operations on a straight-line basis over the period of the lease.

(h) Foreign currency translation

The financial statements are presented in Bahamian dollars which is the Company’s functional and
presentation currency. Foreign currency transactions are translated into the functional currency using
the exchange rate prevailing at the time of the transactions. Foreign exchange gains and losses resulting
from settlement of such transactions and from translation of monetary assets and liabilities at year end
exchange rates are recognized in the statement of operations.

(i) Revenue recognition

Premiums are recognized as revenue over the periods covered by the related policies after allowing for
premiums ceded. Commission expense incurred on gross written premiums and commission income
received on premiums ceded are recognized in the same manner as premiums.

The Company's net share of claims and loss adjustment expenses are recognized as incurred based on the
estimated liability for compensation owed to policyholders or third parties damaged by policyholders.
They include direct and indirect claims settlement costs and arise from events that have occurred up to
the balance sheet date regardless of whether or not they have been reported.

Other revenues and expenses are recognized on the accrual basis, except for commission income and
expenses from facultative reinsurance contracts, which are recognized when the Company's right to
receive, or obligation to make, payment has been established

@) Premium tax

Premium tax is incurred at a rate of 3% of gross premiums written in the Commonwealth of The Bahamas.
Premium tax is charged separately to policyholders.

(k) Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents are comprised of cash in
hand and at bank and term deposits with original contractual maturities of 90 days or less.

(I) Employee benefits

The Company has a defined contribution pension plan for its Bahamian employees whereby the Company
pays contributions to a privately administered pension plan. The Company has no further payment
obligations once the contributions have been paid. The plan requires participants to contribute 5% of
their basic salary and the Company contributes 10% of basic salary.

The Company's contributions to the defined contribution pension plan are charged to the statement of
operations in the year to which they relate.

3. Cash and Cash Equivalents

Cash in hand and at bank

Term deposits

Less: accrued interest included in term deposits
Less: term deposits with original contractual
_Maturities of more than 90 days

Interest rates on term deposits range from 0.10% to 5.25% (2004: 0.10% to 5.25%).

4. Due from Agents

Receivable from agents

Less: Provisions for doubtful debts

Movement in the provision for doubtful debts:

Balance at beginning of year .
Bad debts expense during the year .

Provision for doubtful debts at end of year

#4
5. Investment in Securities

Securities fair valued through profit and loss
Securities fair valued through profit and loss principally comprise marketable equity securities which are listed on

The Bahamas International Securities Exchange and are stated at fair value. Movements during the year were as
follows: ‘ z



As of beginning of year
Additions
Unrealized gain during the year (see Note 12)

As of end of year



As of 31 December 2005, the cost of securities fair valued
through profit and loss was $1,352,013 (2004: $1,330,675).

Loans and receivables

Loans and receivables are carried at amortised cost and comprise:

Fidelity Bank & Trust International Limited
Preference shares

The Central Bank of The Bahamas
Bridge Authority bonds ,

Sunshine Holdings Limited
Corporate bonds

Sunshine Partners Limited
Preferred shares

Consolidated Water
Corporate bonds

Total investments

Included in amortized costs are amounts totalling $9,043 (2004: $10,754) representing accrued interest.

6. Property, Plant and Equipment
Bo

Cost:

As of 1 January 2005
Additions

As of 31 December 2005 $
Accumulated depreciation:

As of 1 January 2005 2 2,497,839
Depreciation 52,584



As of 31 December 2005 $

Net book value as of
31 December 2005

Net book value as of
31 December 2004 $










10.

11.

12.

13.

14,

15.

16.

17.

18.

WEDNESDAY, MAY 31, 2006, PAGE 9B .

ee

Outstanding Claims Reserve and Net Claims Incurred





Outstanding claims reserve comprise:

Gross provision of claims
Less: Recoverable from reinsurers

Net provision for reported claims
Provision for incurred but not reported claims



Net claims incurred comprise:

Gross claims incurred
Less: Recoverable from reinsurers



Preferred Shares

During 2005, the directors approved the amendment to authorized share capital to add 500,000 preferred shares
with a par value of $10 per share. Further, the directors approved the issuance of these'shares. The preferred
shares issued are variable rate cumulative redeemable A preference shares with a par value of $10 per share.
The preferred shares are redeemable solely at the option of the Company and the declaration of dividends is at
the discretion of the directors of the Company. The cost of issuance totalled $100,000, which has been deducted
from retained earnings.

Premiums Written

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



Movement in Unearned Reserve

The amounts reported on the statement of operations, are shown net of amounts earned from portfolio
transfers, as a result of changes in the reinsurance programme of the Company. The table below discloses
the respective amounts. See Note 17.

Balance at beginning of year .
Less: Balance at the end of year

Movement for the year
Portfolio transfer ‘é

Change for the year

Net Commission Incurred

Amounts paid to agents
Less: Amounts recovered from reinsurers

Movement of Deferred Commission



Related Parties

Related parties comprise current shareholders, directors, key management personnel and entities. in which these
parties have control or significant influence. The Company's primary shareholder is SunStar Ensure Limited,
which owns 52% of the Company's outstanding shares and is owned equally by Sunshine Holdings Limited and
Star General Holdings Limited. The financial statements include the following balance and transactions with
related parties: :

Balances

Due from agents
Investments in securities

Transactions

Premiums written
Net commissions incurred
Personnel expenses



During 2005, the directors of the Company remeasured an investment in an unlisted related party. The fair
value was determined based on the price in the most recent rights issue of the related party, and resulted in
an unrealized gain of $612,500. :

Retirement Benefits
fs

The Company operates a defined contribution pension plan for the benefit of its Bahamian employees. The plan
is administered by Colinalmperial Insurance Limited. The amount recognized in the statement of operations in
personnel expenses in the current year was $77,734 (2004: $105,913).

The total number of staff employed by the Company as of 31 December 2005 was 24 (2004: 29)

Commitments and Contingent Liabilites
Commitments

The future minimum rental payments required under operating leases as of 31 December 2005 are.as follows:

Not later than 1 year



Contingent liabilites

The Company is a defendant in several legal actions involving claims. Management believes that the resolution

of these matters will not have a material impact on the Company's financial statements and adequate provision
has been named in outstanding claims reserve.

Risk Management

The Company engages in transactions that expose it to insurance tisk, credit risk, liquidity risk and interest-rate
risk in the normal course of business. The Company's financial performance is affected by its capacity to under-
stand and effectively manage these risks. The Company's challenge is not only to measure and monitor these
risks but also to manage them as profit opportunities. .

(a) Insurance risk

Insurance risk is the risk under insurance contracts that the insured event occurs and the amount of the
resulting claim is uncertain. In the normal course of business, the Company seeks to limit its exposure to
losses that may rise from any single occurrence. Reinsurance is primarily placed using a combination of
proportional, facultative and excess of loss treaties. Obtaining reinsurance does not, however, relieve

the Company of its primary obligations to the policyholders, therefore the Company is exposed to the risk
that the reinsurers may be unable to fulfil their obligations under the contracts. The Company seeks to
mitigate this risk by placing its reinsurance coverage with large multi-national companies and syndicates.

(b) Credit risk : ‘

Credit risk arises from the failure of a counterparty to perform according to the terms of the contract.
The Company's exposure to credit risk includes the majority of its assets. To mitigate this risk, the
Company places cash with credit-worthy banks; monitors the payment history of its agents before
continuing to do business with them; places reinsurance coverage as noted in (a) above; and invests
in debt securities of financially sound companies.

(c) Liquidity risk

The objective of liquidity management is to ensure the availability of sufficient funds to honour all of
the Company's financial commitments including claims. The Company maintains a level of liquid assets,
which mature or could be sold immediately to meet cash requirements for normal operating purposes.

(d) interest-rate risk

Interest-rate risk for the Company is comprised of the risk that the value of financial assets may fluctuate
significantly as a result of changes in market interest rates. The Company mitigates this risk by investing
in interest-bearing assets with floating interest rates, or investing for short time periods.

Fair Values of Financial Instruments

Financial instruments utilized by the Company are limited to the recorded assets and liabilities included in the
balance sheet. Carrying amounts of all financial instruments are considered to approximate fair value given their
short-term nature, except those disclosed in Note 5, which have market interest rates.

Change in Estimates

During 2005, the Company revised its estimate of amounts to be deducted from unearned premiums as deferred
acquisition costs. Prior to 2005, the Company reduced unearned premiums by 20% of net unearned premiums.
Beginning in 2005, the amount deducted from unearned premiums is calculated as the actual commission rates
applicable to the line of business written applied against gross unearned premiums. This change in accounting
estimate has been applied prospectively. The impact of this change in accounting estimate was an increase in
net income of $1,137,456.

Corresponding Figures
Certain corresponding figures in the financial statements and notes have been reclassified to conform with the
financial statements presentation adopted in the current year.



mae

Ear



FROM page 1B

see beyond the spin the OECD
was placing on its 252-page
report, which seemed designed
to encourage the belief that all
countries were moving towards

achieving a ‘level playing field’. .

“They’re trying to make it
appear as though the vast
majority of countries surveyed



PAGE 10B, WEDNESDAY, MAY 31, 2006

| ahamas in very defensibl

have mechanisms in place” for
the exchange of tax-related
information and greater trans-
parency, Mr Paton said.

“The general impression
would be that most people are
co-operating and you have a
‘level playing field’,” he added.

“But then you get into the
detail and see how many mech-

anisms are in place between the
individual countries and the
OECD countries. The devil’s in
the detail. ‘

“You have to be very careful
that the ‘level playing field’ is
truly applicable, and all the
[OECD] members have to be
in the same position vis-a-vis all
the [offshore] countries.”

PUBLIC HOSPITALS AUTHORITY

VACANCIES

TWELVE (12) TRAINEE STAFFING

OFFICERS, CENTRAL STAFFING UNIT
Four (4) Princess Margaret Hospital
Four (4) Sandilands Rehabilitation Center
Four (4) Grand Bahama Health Services

Applications are invited from suitably qualified individuals for the above
positions in the Public Hospitals Authority’s three (3) health care institutions
Princess Margaret, Sandilands Rehabilitation Center and Grand Bahama Health

i - Services.

Applicants must possess a Bachelors Degree in Management, Business Nursing
or related field which basic computer skills.

The Trainee Staffing officer will report to the Staffing Coordinator

|. JOB SUMMARY

Assists Staffing Officers in monitoring the trends in staffing schedules to
ensure maintained productivity.

DUTIES

1. Enters monthly staffing schedules into the AcuStaf system.

2. Updates changes to staffing schedules on shift basis affected by:

¢ Patient census

Staff absences and even exchange shifts
¢ Floating and allocation of relief pool staff

3. Receives calls and messages related to staffing changes.
4. Reports all unresolved matters related to scheduling and staffing to the
Staffing Officers or Coordinator within twenty-four (24) hours.
5. Assists Staffing Officers in identifying trends in scheduling.
| . 6. Assists in the training and monitoring of clerks in data entry.

Letters of application and curricula vitae should be submitted to the Director
of Human Resources, Public Hospitals Authority, P.O. Box N-8200, Nassau,
Bahamas or Manx Corporate Center, Dockendale House, West Bay Street.
Employees of the Public Hospital Authority must forward their application
through their Department Head. Deadline for submission of application is 15th

q@ June, 2006.

associated

ears of €
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BUSINESS

As an example of the spin
designed to encourage the feel-
ing that the OECD was mak-
ing progress, Mr Paton pointed
to the fact that the report said
out of the 82 countries sur-
veyed, only 11 did not have tax
information exchange agree-
ments via double tax treaties or
Tax Information Exchange



«+

NOTICE

NOTICE is hereby given that JULIA PHILIUS OF MALCOM
ROAD WEST, P.O. Box CB-12627, 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 31ST day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.



Agreements (TIEAs).

He said the Bahamas was
included among the countries
that had tax information
exchange mechanisms, despite
the fact it had signéd only one
TIEA with the US. Other coun-
tries had more substantial infor-
mation exchange networks with
a variety of nations, meaning










NOTICE

HR AND OFFICE MANAGER

A leading mid-size professional firm is looking
for someone to serve as both HR and Office
Manager. Applicants must have accredited HR
qualifications, a minimum of 5 years experience
in HR and possess a good working knowledge
of labour law.

‘Please send resumes via email to:

HRBahamas@ hotmail.com



i

eC t lc ae ne

ee
S

ge
S

PY U bee UP Cel)

We are expanding our operations in Nassau and require
Restaurant Managers. :

THE IDEAL CANIDATES MUST POSSESS THE FOLLOWING;

Two years or more restaurant management experience
A strong background in a quick food service restaurant

environment

Motivated to be a good role model for fellow workers
Computer skills including Excel and Microsoft Word

Strong ability to communicate with customers, staff and others
A secondary education degree required

Compensation is based upon experience & skills

Bonus is base upon performance

NO TELEPHONE INTERVIEWS ACCEPTED

Foward resumes to: info@sbarrobahamas.com or
cvk@sbarrobahamas.com or Fax # 356-0333





THE TRIBUNE



that the playing field was not
level.

Meanwhile, Mr Paton
explained that while Singapore
- a major competitor in financial
services for the Bahamas - had
signed a number of double tax
treaties, it only responded to
tax information requests from
foreign countries when they also
involved its own tax interests.

Describing this as “a huge
carve out”, Mr Paton said this
meant French nationals and
those from other countries
could establish non-resident
companies in Singapore, and
the authorities there would not
respond to tax information
requests from their home coun-
tries.

This was the opposite of the
TIEA that the Bahamas signed
with the US, Mr Paton said, as
no “domestic tax interest in the
Bahamas” is required for this
nation to respond to US
requests.

‘Again, this means the play-
ing field is not level, and he
added that Hong Kong and Chi-
na also had “significant carve
outs” in the way they responded
to information requests.

1)

e positi ee ae

“The spin is clearly on mov- |.

. ing towards it. Everyone is

encouraged to do it,” Mr Paton
said of the OECD report’s
emphasis, on the ‘level playing
field’.

“In reality, looking at the
detail, there’s a long way to go

before the ‘level playing field’. ..

We're in a very defensible posi-
tion for the time being.

“We can’t be expected to
enter into any additional TIEAs
until there is a true ‘level play-
ing field’, and we’re a long way
from that.”

The Bahamas appeared to
fare relatively well in the
benchmarking exercise, the
OECD only offering muted
comments in regard to this
nation in the areas of partner-
ships and company accounts
record keeping.

The Bahamas was named as
being one of 21 nations, also
including the US and Ger-
many, plus chief competitors

‘such as the Cayman Islands

and Bermuda, which “either
have a type of partnership for
which no partner identity infor-
mation is required to be
reported, or a class of partners
(limited partners in a limited
partnership) where no identity
information is reported, or
both”.

The benchmarking exercise
reported that in the Bahamas,
information on the identities
of general partnerships in the
Bahamas did not have to be

held by the authorities. How-

ever, anti-money laundering
due diligence still applied.
Meanwhile, on accounts
record keeping, the OECD
report alleged that the

-Bahamas and other nations -

again including many of its
international financial services
competitors - did not meet one
of the standards developed by
its Global Forum, namely that
there was “no explicit require-
ment in all instances” to keep
underlying documents such as
contracts and invoices.

In addition, while the Glob-
al Forum had said accounting
records should be kept for five
years or more, this retention
period was “less than five years
in certain circumstances” in the
Bahamas and 15 other coun-
tries. Again, the Bahamas was
in good company, because the
US was also in this group.

The OECD said the
Bahamas-registered entities
that met all its accounting
information standards were
public companies and those in
the banking, securities and
insurance sectors.

FROM page 1B

have to be involved and become

prepared.”

The CBERA impacts over |

$90 million worth of Bahamian
goods annually, mainly fisheries
products, by enabling them to
enter the US duty free.

However, it violates WTO
rules because it gives the
Bahamas and other Caribbean
nations preferential trade ben-
efits and treatments not avail-
able to other countries. It is one
example where global trade
rules are impacting the Bahamas
with or without its participation
as a full WTO member.

Mr Simon added that the ’

EPA was being negotiated by

CARICOM’s Regional Negoti- '

ating Machinery on behalf of the
Government, and he said: “ In
the end, if our views are not rep-
resented in these agreements, it
will be our fault.

“Those particular businesses
that do export goods and ser-
vices need to be in tune with the
external trade agreements that
could impact them. Be informed,
be educated and participate as
much as you can.”

t

ay

oh

{i



THE TRIBUNE



Credit, from 3B

external liquidity and ability to
meet its balance of payments
are assessed in this risk category.
A partial list of factors assessed
in this risk category includes:

* Current and capital account
position

* Extent of Net International
Reserves and its trend in the

(imports, debt repayments) and
external indebtedness vis-a-vis
reserves

* Extent of government con-
trol on private sector foreign
exchange needs

* Foreign investment inflows
in the past, quality and stability
of this source of foreign
exchange

Political Risk
The political environment has

past a profound impact on every
* Comparison of immediate aspect of a sovereign’s opera-
foreign exchange needs __ tions, and consequently its cred-



NOTICE |

NOTICE is hereby given that LUXON JEAN JACQUES OF
FOWLER STREET,NASSAU, BAHAMAS, P.O. BOX N8889
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 24TH 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 LIONEL DECIUS OF #115
MANOR BLVD, APT # 201, NAPLES, FLA 34104, USA 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 31ST day of MAY, 2006 to the Minister
responsible for Nationality and Citizenship, PO.Box N- 7147,
Nassau, Bahamas.


















COMMONWEALTH OF THE BAHAMAS 2005/CLE/qui/01390B
IN THE SUPREME COURT
IN THE MATTER of The Quieting of Titles Act, 1959
AND
IN THE MATTER of The Petition of Millard Bethel

NOTICE OF PETITION |

NOTICE IS HEREBY GIVEN that Millard Bethel of North
Palmetto Point, Eleuthera, the Commonwealth of The Bahamas,
is applying to the Supreme Court of the Commonwealth of The
Bahamas to have his title investigated determined and declared
under the Quieting Titles Act, 1959 (Ch. 393) in respect of the
land hereafter described, that is to say:
“ALL THAT piece parcel or tract of land located Fifteen
(15.00) feet SOUTH of the centerline of the main
Eleuthera Highway and more fully described as bounded
NORTHWARDLY by the main Eleuthera Highway and
running thereon Five Hundred and Eighty-three and Six
~Hundredths (583.06) feet, EASTWARDLY by a Public
‘Roadway known as Pau Pau Bay Road and running
thereon a total distance of Eleven Hundred and Seventy-
nine and Eleven Hundredths (1179.11) feet,
SOUTHWARDLY by land the property of Eleuthera.
~Land Company Limited and running thereon for a total
” distance of Five Hundred and Sixty-eight and Sixty-two
_ Hundredths (568.62) feet, WESTWARDLY by land the
". property of Eleuthera Land Company Limited and running
thereon for a total distance of Eleven Hundred and Seventy-
‘five and Forty-seven Hundredths (1175.47) feet continuing
_. back to. point of commencement the said piece parcel or
<¢ tract of land described aforesaid. comprises a total area
:,, Of 16.070 Acres and is delineated in PINK on the plan
, submitted with this application AND ALL THAT piece
‘parcel or tract of land located approximately Eighteen |
--. Hundred and Fifty-two (1852) feet SOUTHWARDLY
- sof the main Eleuthera Highway and immediately Westside
7 ofa Public Roadway known as Pau Pau Bay Road and
‘<*more fully described as bounded NORTHWARDLY by
““land the property of Eleuthera Land Company Limited
-- and running thereon Three Hundred and Five and four
Hundredths (305.04) feet, EASTWARDLY by a Public
Road also known a Pau Pau Bay Road and running thereon
“-for a total distance of Four Hundred and Two and Five
* “Hundredths (402.05) feet, SOUTHWARDLY by land
‘the property of Lady Cochran and running thereon Eighty-
‘one and Thirty Hundredths (81.30) feet, EASTWARDLY
. by land the property of the aforesaid Lady Cochran and
running thereon Two Hundred and thirty-eight and Twenty-
three Hundredths (238.23) feet, SOUTHWARDLY by
land the property of Western Securities Limited and
running thereon a total distance of Two Hundred and
. Eighty-seven and Eighty-nine Hundredths (287.89) feet,
.. WESTWARDLY by Pau Pau Bay Pond and running
thereon for a total distance of Six Hundred and Thirty-
one and Twenty-two Hundredths (631.22) feet continuing |
back to.the point of commencement the said piece parcel |
‘or'tract of land described aforesaid comprises a total area
of 3.931 Acres and the both pieces parcels or tracts of
land contains a total of Twenty and one Thousandth
(20.001) Acres and are delineated in PINK on the plan
submitted with this application.

,.- AND TAKE NOTICE that copies of the Petition and
Plan of the said land may be inspected during normal office hours
at the following places:

i. Supreme Court Registry, Ansbacher House, East Street
North, New Providence, The Bahamas.

i. Sharon Wilson & Co. Chambers, No. 57 Jerome Avenue,
Pyfrom’s Addition, New Providence, The Bahamas.

ili. The Administrator’s Office, Governor’s Harbour,
Eleuthera, The Bahamas.

AND FURTHER TAKE NOTICE that any person |
having dower or right to dower, an adverse claim or a claim not
recognized in the Petition shall on or before the 30th day of June
A.D., 2006 file in the Supreme Court and serve on the Petitioner
or his Attorney an Adverse Claim in the prescribed form supported |
by Affidavit. FAILURE OF ANY PERSON to file and serve an |
Adverse Claim on or before the said date will operate as a bar to
such a claim.

Dated this 8th day of May A.D., 2006.

SHARON WILSON & CO.
Chambers .
No. 57 Jerome Avenue
Pyfrom’s Addition
New Providence, The Bahamas
Attorneys for the Petitioner '



it quality. The factors assessed in
this risk category are predomi-
nantly qualitative and the assess-
ments are made in relation to
other countries in the Caribbean
region. A partial list of factors
assessed includes:

* Stability, predictability and
transparency of.a country’s
political institutions

* Continuity of economic
policies

* Consensus (or lack of it) on
the direction of economic poli-
cies across major political parties

* Degree of social cohesive-
ness and acceptability of key
economic decisions by the pop-
ulace

* Any national/cross-border
security concerns and their
impact on potential investment
inflows

AO:

of

Aba

BUSINESS





Based on these five broad
parameters, CariCRIS assigns
sovereign ratings in local cur-
rency and foreign currency to
about 19 countries in the
Caribbean region. But no sov-
ereign analysis can be consid-
ered comprehensive in this
region without an analysis of the
impact of natural disasters.

While assigning sovereign rat-
ings, CariCRIS will perform a
comprehensive catastrophe risk
analysis on each sovereign,
including the probability of
occurrence based on past histo-
ry, preparedness of the govern-
ment to handle natural disas-
ters, extent of damage witnessed
in the past, impact analysis at
various levels of damage, extent
of insurance penetration, finan-
cial strength of the insurance
companies,,and factor in this

Winoing Bav

ABACD, BAHAMAS

Has two (2) vacancies for
Membership sales Executives:

-Exceptional written and verbal communication skills,

organization skills |

-Exceptional Telephone skills

-Public speaking preferred

-Ability to demonstrate strong relationship sales capability
-Ability to interface professionally with all members

of staff

-Generation and execution of an annual business plan
-Self generation of buisness through referrals and other

personal contacts

-Exceptional skills in long range guest relaional maintenace
: Use of tracking system for effective follow up andcustomer

- purchase sequence
-College degree preferred

An increasingly growing entertainment store
seeks to employ a Sales Clerk to assist in the

store.
Requirements:
V Responsible

V Respectful
Y Trustworthy

V Team Player

Y Motivated

V Good Personality
YW Must have sure ride to and from work
V At least 4 BGCSE’s

Interested persons, please telephone
392-2435 to set up an interview.






¢

This article forms part of a series
on issues surrounding capital -
markets and credit ratings. E-
mail: info@caricris.com or call
868-627-8879

Arjoon Harripaul is a Senior
Rating Analyst with CariCRIS

assessment in its sovereign risk
analysis.

NB: Caribbean Information
and Credit Rating Services Ltd,
CariCRIS, is the Caribbean’s
Regional Credit Rating Agency.

NOTICE

NOTICE is hereby given that ROSELINE FORBES OF
TREASURE CAY, ABACO, 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 24TH 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 MICHAEL DAVIS OF REDLAND
ACRES, P.O. BOX GT-2039, 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 31ST day of MAY, 2006 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.






















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LAMPKIN & COMPANY

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Please be advised that Mr. Vincent Knowles is no
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WEDNESDAY, MAY 31, 2006, PAGE 11B

TE

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PAGE 12B, WEDNESDAY, MAY 31, 2006 THE TRIBUNE BUSINESS

El] ERNST & YOUNG Provisions |

@ Chartered Accountants @ Phone: (242) 502-6000
One Montague Place Fax: (242) 502-0090

Third Moor www.ey.com
Last Bay Street

P.O. Box N-3231

Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Sharcholder and Board of Directors of
BANIF — INTERNATIONAL BANK LIMITED

We have audited the accompanying balance sheet of Banif — 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.

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 as to 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.

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 Standards.

ae







March 23, 2006
BALANCE SHEET
December 31
2005
5°000
ASSETS — :
Deposits with banks 337,902
Loans (note 3) 44,112
Property and equipment (note 4) 1,192
- Other assets ee ee ee
Total assets 383,625
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Deposits by customers (note 3) 294,172
Due to banks 160
Loan payable (note 6) 59,312
Other liabilities 17
Total liabilities 353,661 _
Shareholder’s equity
Share capital:
Authorized, issued and fully paid — 25,000,000 shares
of $1.2092 each ; 30,230
Statutory loan loss reserve _ 434
z ings ; : 6B
Foreign exchange translation 763
Total shareholder’s equity 29,964
Total abilities and shareholdex’s equity : 383,625

*{, COMMITMENTS AND CONTINGENCIES (note 7)
Approved By The Board:

ne ,
irector Bi Director
caer

NOTES TO BALANCE SHEET
December 31, 2005

1. CORPORATE INFORMATION

Banif — International Bank Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking and investment
advisory services. The Bank is owned 99.9% by Banif — Investimentos, SGPS, S.A. and 0.1% by
Banif - Comercial, SGPS. The ultimate’ parent company is Banif SGPS, S.A., a public registered
-company in Portugal.

The registered office of the Bank is located at 1 Bay Street, Nassau, Bahamas.
This balance sheet has been approved for issue by the Directors of the Bank on March 23, 2006.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

This balance sheet has been prepared in accordance with International Financial Reporting Standards
(IFRS). . :

Basis of preparation

This balance sheet is expressed in United States dollars. The preparation of the balance sheet
statements requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the balance sheet.’ Actual results could differ from those estimates.

This balance sheet was prepared under the historical cost convention, except for the measurement at
fair value of financial assets and liabilities. ;

Loans ;

Loans are stated at the principal amount outstanding adjusted for charge-offs and provision for loan
losses. The provision for loan losses is increased by charges to income and decreased by charge-
offs (net of recoveries). Management’s periodic evaluation of the adequacy of the provision is
based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse
situations that may affect the borrower’s ability to repay, the estimated value of any underlying
collateral, and current economic conditions. No loans were considered impaired at December 31,
2005.

Impairment and uncollcctibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be irnpaired. If such evidence exists, the
estimated recoverable amount of that asset is determined and any impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2005.

Property and equipment

Equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the
straight-line basis over the estimated useful lives of the assets as follows:

10 - 40 years

Property, Premises/installations

Fumiture and fixtures 5 - 8 years
Motor vehicles 4 years
E.D.P. - equipments 5 years

The carrying amounts of the property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their recoverable amounts, and where carrying values
exceed this estimated recoverable amount, assets are written down to their recoverable amount. No
such write-downs have been recorded by the Bank.

Accounts payable and accrued liabilities

Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day
terms, are carried at cost, which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and
accrued liabilities are reported in other liabilities on the balance sheet.

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a-past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Statutory loan loss reserve

This amount represents a general provision that is required to meet the Bank’s statutory
requirements. Changes to this amount are reflected as appropriations (or increases) of retained
earnings.

Foreign currency translation

Items included in the Bank’s financial statements are measured using the currency of the primary
economic environment in which it operates (the functional currency), which is the Euro. The Bank
has adopted the United States dollar as its presentation currency, as the Bank is incorporated in the
Commonwealth of The Bahamas. The Bank’s results and financial position are translated from its
functional currency to its presentation currency, as follows:

(i) assets and liabilities are translated at the closing rate at each balance sheet date;

(ii) share capital was translated at the historic rate;

(iii) income and expenses are translated at the average exchange rates of the period; and

(iv) all resulting exchange differences are recognized as a separate component of shareholder’s

equity.

Foreign currency transactions

Monetary assets and liabilities denominated in currencies other than United States dollars are

translated at the rates of exchange prevailing at the year end.

Related party balances

All balances with the ultimate parent company or its subsidiaries are shown in this balance sheet as

related party.

Assets under management

No account is taken in this balance sheet of assets and liabilities ‘of clients managed and
administered by the Bank as custodian, trustee or nominee, other than those. assets, and liabilities

which relate to the banking services provided by the Bank for its clients.

Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year and comparative figures have
been amended as required. Adoption of revised standards does not have any effect on equity as at

January 1, 2004.

e IAS 1 Presentation of Financial Statements (excluding amendments’ effective for. period

beginning on or after January 1, 2007);
e IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
e JAS 10 Events after the Balance Sheet Date; :
IAS 16 Property, Plant and Equipment
IAS 24 Related Party Disclosures;
IAS 27 Consolidated and Separate Financial Statements;
IAS 32 Financial Instruments: Disclosure and Presentation;
IAS 36 Impairment of Assets; and
~e IAS 39 Financial Instruments: Recognition and Measurement
Early adoption

The Bank did not early adopt any new standards during the year.
IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 6 Exploration for and Evaluation of Mineral Resources
This Standard does not apply to the activities of the Bank. ie
IFRS 7 Financial Instruments: Disclosures

This Standard is required to be applied for annual periods beginning on or after January 1, 2007,
and as a result, ceriain amounts and disclosures related to a portion of the Bank’s financial
instruments may be changed. se
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental bs
Rehabilitation Funds

_ This Interpretation is required to be applied for annual periods beginning on or after January 1,

2006, out is not expected to be relevant for activities of the Bank.

IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic ah

Equipment
This Interpretation is required to be applied for annual periods beginning on or after December 1,
2005, but is not expected to be relevant for activities of the Bank.

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in
Hyperinflationary Economies RU
This Interpretation is required to be applied for annual periods beginning on or after March 1, 2006,
but is not expected to be relevant for activities of the Bank.
IFRIC 8 Scope of IFR 2 ene
Phis Interpretation is required to be applied for annual periods beginning on or after May 1, 2006,
but is not expected to be relevant for activities of the Bank. :

The Bank expects that adoption of the pronouncements listed above, with the exception of JFR
will have no.impact on the Bank's balance sheet in the period of initial application... | ete

3. LOANS



At December 31, 2005, there are no loans on which interest is not being accrued, or where interest Bi

is suspended.
4, EQUIPMENT
An analysis of activity in equipmenit was as follows: .

Depreciation}.





Cost

$000
Premises / Installations 978
Furniture & Fixtures 67
Motor Vehicles 74

EDP - Equipment
Total



5. DEPOSITS BY CUSTOMERS

Deposits by customers are attributable to the following countries:









$2000
South Africa set 8
Dutch Islands 1,318 .
Belgium 1,234
Brazil 4
Spain 1,142
U.S.A 8
France 125
Finland 20
Gibraltar ; 534
United Kingdom 2,790
Panama 5,653
Portugal 280,074
Sweden 40
Chanel Islands 87

293,054
Accrued interest 1,118

294,172

NN

Composition of customers’ deposits at December 31 are as follows:

TEED EH OUP TTT ON EES ELEY UP Re A YerTOION PERERA Dona Ya oo PR ee mee Pe oN rerey ares Tee Terre eA ee OTP RNa MCLEOD Le aeANION Dea me De eae


















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2005

$000

On demand deposits 108,565
Term deposits ee ete bee ae pn peta Peon, Sees SORA
293,054

I
6..° LOAN PAYABLE

This relates to a debt securities loan (certificate of deposit) with a nominal value of $59 million and
its corresponding accrued interest, with a maturity date al November 25, 2008, which was fully
subscribed by a special purpose vehicle “Euro Invest” on November 25, 2005. This loan has a

fixed interest rate of 5.0% per annum.
1. COMMITMENTS AND CONTINGENCIES

The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal course
of business, to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans. Exposure to loss is represented by the contractual amount of those instruments,
however, the. Bank uses. the same credit and hypothecation criteria when entering into these
commitments and conditional obligations as it does for loans.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers and
commitments to extend credit under lines of credit, in respect of which there are corresponding
obligations by. customers, amounted to $85.2 million at December 31, 2005 and are not included in

the balance sheet.
8. ‘RELATED PARTY BALANCES

The-following is a summary of related party balances in the balance sheet at December 31:















2005
—, $7000
Deposits with banks . : : es 337,902
-Total amount due.from related parties 337,902
Due to banks ee a 160
Loan payable 59,312
Total amount due to related parties 59,472
92: GEOGRAPHICAL ANALYSIS’) >
— 2005
Assets - Liabilities
$°000 $7000
Europe 78,162 285,585
South America 44,112 =
Caribbean 260,932 59,312
Other 419 8,764
383,625 — 353,661

a
10. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial risk management objectives and policies

The Bank’s financial instruments comprise deposits, money market assets and liabilities, some cash
and liquid resources, and other various items that arise directly from its operations. The main risks

arising frorn the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and ,
foreign currency risk. The Board reviews and, agrees on policies for. managing cach, of these risks, ,

and they are summarized in the following notes.
Credit risk .

Credit risk is the risk that a customer or counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterparty credit risk
centrally to’ optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank’s maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as. of December 31, 2005 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
balance sheet. The Bank has not experienced credit losses.



é

we

WEDNESDAY, MAY 31, 2006, PAGE 13B

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outilows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:









io 2005
Six
Three Four to Months | One Year
Months Six To One To
or Less Months Year Five Years Total
$°000 $7000 $7000 $7000. $000
ASSETS
Deposits with banks 337,902 - : -- 337,902
Loans oe - 44,112 - 44,112
337,902 a 44,112 - 382,014
LIABILITIES ;
Deposit by customers 256,735 23,495 © 13,942 - 294,172
Due to banks 160 - - - 160
Loan payable - 2 7 59,312 59,312
256,895 23,495 13,942 59,312 353,644

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbaiance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is monitored on a daily
basis and reviewed by management.

The Bank’s exposure to interest rates for significant interest-bearing monetary assets and liabilities
by major currencies was as follows:



United States :
Euro



Dollars

ASSETS :

Deposits with banks 4.0% - 4.2% 2.0% - 2.4%

Loans 7.0% . ei
ag

LIABILITIES

Deposits by customers 7 3.0% - 3.5% 2.0% - 2.5%

Due to banks -

Loan payable 5.0% 2

Currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing services to
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2005





United States Pound
é Dollars Euro Sterling Others
$000 37000 “B'000 es 000
Assets 79,041 301,648 2,564 372
Liabilities and
shareholder’s equity 79,242 301,718

2,561 ; 104
Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments are
either short-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.



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PAGE 14B, WEDNESDAY, MAY 31, 2006

TRIBUNE SPORTS |



SPORTS

Excitement builds

for

@ BOXING
By KELSIE JOHNSON

Junior Sports Reporter

THIS weekend the
Carmichael Road Boxing



a

Club’s junior boxers will see
action in the club’s last tour-

-nament for the year.

The event is expected to
start on Friday and will host
over 12 bouts.



According to coach Andre
Seymour, hosting this tour-
nament has been long over-
due and the excitement level
is building at the club.

He said: “I am so excited,

=

4

ad

this weekend is going to be a
prosperous one for.the
club.

“The kids are excited and
ready to hop in the ring.
What we are really trying to



ior boxers

start is an ongoing club espe-
cially for the younger boxers.
I believe we need to start
introducing them to actual
fights so when they get older
they will have a little ring
experience.

Experience

“The more ring experience
they can get now at an early
age the better they will be
when they are grown.
You see boxing is a technical
sport, ring time is a
must.

“Sparring helps, but a-box-
er needs a little more work
and if they can get it at an
early time in their lives they
will be sound in the funda-
mentals.”

The Carmichael Road Box-
ing Club usually hosts tour-
naments throughout the sum-
mer months, but Seymour

‘said this summer he will give

the boxers a break.
Seymour is hoping that this

break will allow the boxers

to venture into other sports
and hopefully build the
endurance level. .

Active

He added: “I would wel-
come the boxers to spread
the wings and get involved in
more sports. Being active will
assist them in boxing it will
help to build up their
endurance level and their
attention span.

“But this year will be the
first time J will close the pro-
gramme to the younger box-
ers, we will get things started
again for them in Septem-
ber.” .

This weekend tournament
will start at 5pm at the
Carmichael Road Boxing
Club, on Faith Avenue.

e.?
-

Copyrighted Material »
Syndicated Content .
Available from Commercial | News Providers.



———

a

ad



—VE— a







Boos as Roddick « quits first |
round game due to injury

——_ °—_




Copyrighted Material ©
Syndicated Content ;
Available from Commercial News Providers







WEDNESDAY, MAY 31, 2006

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com

Latly Nattalie confident
aliead of weekend regatta

@ SAILING
By KELSIE JOHNSON
Junior Sports
Reporter

TWO days before the
boats hit the water in Salt
Pond, Long Island, Sailing
Barber Eleazor Johnson
sent a strong warning mes-
sage to the other skippers.

“This one’s mine,” said
Johnson yesterday, as he
made final preparations for
Long Island. “You other
sailors might as well look to
the other regattas because
when the Campari Lady
Nathalie hits the open seas
this weekend it will be noth-
ing but a winning sail for me
and the crew.

“T did it once and J can do
it again, only the weather or
some unfortunate accident
can stop me.”

The Long Island Regatta,
the second national regatta
on the sailing calendar will
draw a number of boats and
sailors, who will be looking
to score some big points that
will go towards the boat of
the year prize.

After a shaky start this

season, the Campari Lady
Nathalie will be hoping to
correct their wrongs with a
win,
But if the skippers hailing
_ from Long Island can have
their way, it could be a
repeat of last year’s regat-
ta, where they swept both
the A and B classes.

And for Lindy Knowles,
cousin to legendary skipper
Mark Knowles of Long
Island, the Campari Lady
Nathalie will have to bring
the goods to the table before
they claim the top prize in
the B class and hand any of
the Long Island boats a loss.

Knowles said: “We all
. know that the Campari Lady
Nathalie is a fast boat, but
the boat doesn’t perform
very well all the time. When
the boat is on, it’s on, but
they do have some bad days.
_. “Her biggest problem is

he will get first one day and
get eight the other. And
anytime you’re competing
with fast boats like the
Lonesome Dove, the Pintah
or the other fast boats you
really can’t be having days
like the ones the Campari
Lady Nathalie has.”

Over 12 boats have signed
up to sail in the B class so
the Campari Lady Nathalie
will have her work cut out.

In. the A class the com-
Mittee is expecting a little
over 15 boats, the largest

contingent in years for the’

A class.

Several boats have already
docked in the Salt Pond:
Habour, leading the way are
the New Courageous, Abaco



SOE aes

ZS S Ss

sees

| SE

@ JEFFREY LEWIS prepares the Lady Nathalie for the Valentine's Day Mas:

Rage and the Lonesome’

Dove.

The holiday weekend
extravaganza will feature
three races in each class and
an Ocean Race on Sunday.

An eight mile course has
been mapped out for boats
in the A class, with the B
class and C class boats rac-
ing for six and five miles
respectively.

Johnson said: “I will be
dishing out some upper cuts,
the Dove can recall when I
give them some upper cuts
that led to a knock out. He
was in front of me and when

‘I delivered this deathly com-

bination he was out by the

fourth round.

“I am telling you that the
Long Island regatta is mine,
my crew and the Lady
Nathalie will be the boat to
watch and beat.”

The Long Island Regatta
will start on Friday with
races in the C class and con-
tinue on early Saturday
morning with races in the A
and B classes.

LL NN NE



MIAMI HERALD SPORTS







sacre race in this file photo. There are high hopes for the Lady Nathalie at this weekend’s regatta,

(Photo: Mario Duncanson/Tribune sap)

Time concerns for itty
women’s basketball

B@ BASKETBALL
By KELSIE JOHNSON
Junior Sports Reporter



THE limited time allowed for prac-

tice sessions in the national gymnasium ~

has forced the junior women’s basketball
programme to get a late start on their
tournament’s preparation.

The junior women’s basketball pro-
gramme is the last of the four basketball
programmes under the Buhamas Bas-
ketball Federation (BBF) umbrella to
commence practice, both senior and
junior men along with the senior wom-
en’s team have gotten some work in.

The team, which is preparing for the
CentroBasketball Tournament, will
gather today at the Sir Kendal Isaacs
gymnasium for their first

practice session.

Although the tournament isn’t sched-
uled until late August, putting in the
time is a major concern of the federa-
tion.

The gym’s scheduling will not get any
better since the Bahamas has over six
teams preparing for summer tourna-
ments throughout the Caribbean, but
vice president Larry Wilson said the
coaching staff are willing to go the extra
mile to prepare the team for the tour-
nament. ;

He said: “We realise that we have lim-
ited gym time so as a federation we
decided to hold the girls’ practice, espe-
cially since they aren’t traveling until
late August.

“We are battling now to find more
than an hour in the gym, we have four

CLUE #8:

100 Jamz's Secret

Sound evolves around
100 Jamz's positioning
statement "Where Hit

Music Lives.’

GAMMA ACOA Hine



teams who all need to practise so the

- time allowed for the federation we have

to use wisely making sure that every-
one’s team is covered.”

The team qualified for the Cen-
troBaskeball tournament by finishing
up third in the Caribbean Basketball
Championships, held last year in
Dominican Republic. They will need to
place in the top three in this tournament
in order to move onto the Tournament
of America’s Championships.

Both the CentroBasketball andthe
Tournament of Americas Champi-
onships are scheduled to take place in
Guatemala.

If the team finishes in the top three
they will remain in Guatemala until the
tip-off for the Tournament of Americas
Championships.



NATE I TE TG





Full Text







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Ingraham: PLP
attempting to fan
the flames of fear

@ By RUPERT MISSICK Jr
Chief Reporter

THE government has justi-
fied and excused the arbitrary
arrests of legal residents in the
Bahamas as calculated attempts
to fan the flames of fear and
bigotry among Bahamians,
FNM leader Hubert Ingraham
told those attending the party’s
mass rally in RM Bailey Park
last night.

The PLP government, he
said, measures its nationalism
by the number of innocent peo-
ple it arrests under the cover of
darkness and cannot stand in
judgment of others.

“We in the FNM didn’t mea-
sure our patriotism by the num-
ber of illegals apprehended and
repatriated. We don’t believe
that the misfortune of others
should be used to bolster our
ratings among our people.

“Our patriotism and our love
of country were self-evident
from the good service provid-
ed to our country during two
successive terms in office -
restoring the economy, and
improving availability and the
delivery of education, health
and social welfare services to
the. public,” Mr Ingraham said.

“They claim that their policy
‘of night raids is an effective
immigration control tool even
when many of those appre-

“hended in such exercises must
be released because they hold
legal status in our country,” Mr
Ingraham said.

The former prime minister
accused the government of a
hypocritical approach to the

immigration problem in the
Bahamas as they are hard
pressed to explain the complic-
ity of certain PLPs in the work
permit rackets.

In addition, he said that even
as the Christie government
orchestrates its latest “immi-
gration farce” of night raids
they know that illegal or undoc-
umented persons continue to

-provide services in their low-

cost housing construction pro-
gramme.

He accused Prime Minister
Perry Christie of sending his
“johnny-come-lately minister”
(Immigration Minister Shane
Gibson), to say what he cannot
say because he knows that it is a

- lie — that the PLP are repatriat-

ing more illegal immigrants than
did the FNM during their terms
in office and that lax FNM poli-
cies caused the illegal immigra-
tion problem in the Bahamas.
“Mr Christie knows better.
And he should ensure that his
out-of-control minister gets to
know it too, Mr Christie knows

- that the root of the illegal immi-

gration problem is decades old,
predating the FNM terms in
office,” Mr Ingraham said.

He pointed out that when

- there was a break-out from the

detention centre under the
watch of the FNM, Mr Christie
said that the then government
let them walk out.

“Now they’ve had four break-
outs from the centre. They
can’t even keep women in the
centre. I wonder what hap-
pened. No walk-outs this time,

SEE page 11



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WEDNESDAY, MAY 31, 2006

immigration problem.

Doctor adamant

about pursuing gun

threat case against
local businessman

A LEADING Nassau doctor |
who has accused prominent ;

businessman William ‘Billy’

Saunders of threatening him }
with a gun during a confronta- ;
tion last year says he will not :
drop the charge and is deter- :

mined.to see the case complet-

ed in court despite being frus-
trated by repeated adjourn- ;

ments.

Tribune yesterday that he is

adamant about pursuing the :
case because of the racist nature :
of the alleged event and the :
adverse psychological effects it
has had on himself and his wife. :

He said police had initially :
asked him to accept an apology :



SEE page nine



Dr Judson Eneas told The



Reports claim
raids pick up
more than 200
suspected illegal

immigrants

@ By PAUL TURNQUEST

UNOFFICIAL reports sug-

gest that the Department of

Immigration picked up more
than 200 suspected illegal immi-
grants in early morning raids in
the Baillou Hill and Wulff Road
areas yesterday.

It was claimed that four bus- ;

loads of detainees were taken

to the Carmichael Road Deten- }

tion Centre for processing.
However, numerous calls to
the Department of Immigration

and the Detention Centre for :

confirmation of the raids were

SEE page 11

Che Miami Herald

FNM supporters gather at RM Bailey Park last aky at their 1 parey? s sally. In his
speech, FNM leader Hubert Ingraham criticised the government’s approach to the

(Photo: Mario Duncanson/Tribune staff)









Dr Rahming:
250 offenders
in prison
who should
not be there

: â„¢ By KRYSTEL ROLLE
Tribune Staff Reporter :

THERE are 250 petty offend-
ers at Her Majesty’s Prison who
should not be there, according
to prison superintendent Dr
Elliston Rahming.

Dr Rahming said these
inmates should be doing com-
munity service, but the
Bahamas has yet to draft legis-
lation that will allow this.

"Right now we have. people
in jail for using obscene lan-
guage or stealing a pack of bis-
cuits,” he said.

On Tuesday, The Tribune
revealed that the Bahamas has

SEE page two






PRICE —75¢

Baha Mar
Cable Beach
investment

increases to
S2 billion

BAHA. MAR’S original invest-
ment of $1.2 billion in the Cable
Beach redevelopment project has
been increased to $2 billion;
according to the company’s exec-
utive vice-president of adminis-

‘tration and public affairs.

This means the project will add
about 6.5 per cent to the Bahami-
an economy’s annual gross
domestic product (GDP) output.

“It means that within its first
full year of operation, the resort
will contribute nearly $400 mil-
lion to GDP, equivalent to some
6.5 per cent above the current
GDP figure,” said Robert Sands.

“This is a direct result of just
over 12 months of continuous
planning, upgrading and a com-
petitive drive to expand the vision
for the benefit of all.

“Furthermore, the resort will
sustain over 5,000 direct perma-
nent jobs at full operation and
indirectly generate another 2,525
jobs for suppliers and other eco-
nomic sectors, but only to those
who have the drive and initiative
to offer relevant, first-class and
consistent goods and services to
Baha Mar,” he said.

Baha Mar has sent out to ten-
der the contract for the realign-
ment of West Bay Street and the
extension of Gladstone Road. :
Project works will include the
demolition of existing buildings,
site clearance, non-public’ utility
diversions, road construction-and
associated landscaping.

¢ SEE Baha Mar supplement
inside today’s Tribune

Hotel workers
union leadership
ie to be chosen

@ ROY COLEBROOKE |)
(Photo: Mario Duncanson/ |
Tribune staff)

hours of ballot counting by
the Justice team, there is still
no official leadership for the
Bahamas Hotel Catering and
Allied Workers Union.

e SEE PAGE FIVE





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Tuesday June 6th, 2006.

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PAGE 2, WEDNESDAY, MAY 31, 2006



LOCAL NEWS

THE TRIBUNE





FROM page one

the eighth highest per capita prison rate in
the world.

Other countries in the region are also in the
top teri, including the United States, which
has the highest prison rate, and the Cayman
Islands, which has the second highest.

Dr Rahming attributed the problem to
the Bahamas' failure to implement creative
alternatives for jail time.

“Community service is cheaper and more
realistic," he said, pointing out that most
other countries allow for this option.

According to Dr Rahming, under
Bahamian law, prison sentences are for the

5

& THE wall that will surround all 60 acres of Her Majesty’ s
Prison’ 's grounds is just one added security. measure that the,

will e

t
'
1
{
SH
{






sponsors





pand the seciitity i iilify ‘ahd add.motion detectors and.
surveillance caineras around the compound.

most part too harsh. “If we had a more for-
giving society persons incarcerated would
not spend so much time is prison,” he said.

The superintendent explained that if a
judge orders a man to pay a $500 fine and
he is unable to do so, he has to spend six
weeks in jail.

Depending on the criminal offence, the
length of jail time and the size of fines can
vary.

Dr Rahming also pointed out that in the
Bahamas, “life means life” and only in
extreme situations are convicts ever par-
doned.

In other countries which have systems to
periodically assess inmates, prisoners who







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ternative sentences urged

have long sentences are sometimes released
early because of good behaviour.

Dr Rahming said he hopes that the
Bahamas will soon implement a similar sys-
tem.

"We have to — if we don't, we'll find our-
selves with six.men to a cell,” he said,
explaining that overcrowding continues to
be a serious problem at the prison.

Dr Rahming added that preliminary work

has been ‘completed for the construction of

a new maximum security facility.

Plans for the new facility are currently
being drawn up. It should hold 300 addi-
tional cells and is expected to be completed
in the next three years, he said.



@ THE prison is building is expanding their security building at
the entrance after January’s prison break. New surveillance
cameras will be added, and renovations are expected to be
completed in six weeks.



@ DURING a tour of Her Majesty’s Prison, officer Antonio
Cooper shows pastors the new Smith detection machine. The
machine can detect drugs and explosives on a person or their
clothing — even days after the substances have been handled.

. Swabs are used and inserted into the machine to indentify
substances used or handled.

(Photos: Felipé Major/Tribune staff)




and: RENEA BURROWS

BUSINESS |
SECTION

MANDAY TG FRIDAY





@2006 Creative Edge

APPROVED LENDING SERVICES



FNM Ny
Justice ‘must.
be removed

from politics’

i By RUPERT MISSICK Jr
Chief Reporter.

THE government is allow-
ing party and constituency
politics to influence the due

administration of justice, for- -

mer attorney general Senator
Carl Bethel alleged at the
FNM mass rally last night.
Recent events, he said, have
led the FNM to decide that if

it were elected to office, it

would immediately continue
the process of removing
responsibility for the conduct
of criminal prosecutions from
the hands of the attorney gen-
eral, a political appointee, and

_ place responsibility for such

decisions in the hands of a
director of public prosecutions
—as has been done throughout
the British Commonwealth.
The director of public pros-
ecutions, he said, will have

- security of tenure similar to

the job security of the com-
missioner of police.

“This reform will forever do
away with the possibility of

‘direct political influence or
control over the application
of the criminal law in the

Bahamas. Bahamians should

be able to have complete con-

fidence that there is no politi-
cal interference or political
considerations in the business
of criminal prosecutions, ” Mr
Bethel said.

He pointed out that law
enforcement is a serious and
sober business, nota matter
of “catchy phrases and fre-
quent press conferences”.

“The serious business of law
enforcement should not be
made into a poppy show. Yet
in the case of a policeman we
see interference in the admin-

“When we want comprehensive and insightful
articles about the business community,

The Tribune is our number one choice.

The Tribune is our newspaper.”

RYAN WILLIAMS, TROY SAMPSON,

‘The Tribune







@ CARL Bethel et

istration of justice by che ef

attorney general who, :
seems, is listening to the oon
on the streets’ and who has;"
herself, suggested that the”
police force is engaged in a’
cover up.

“She is quoted in the”;
Bahama Journal on the 24th’
May 2006 as saying: ‘The. °
question of a cover-up came ”
from my community; people.
are very, very concerned
about shooting incidents,’ «
especially when they involve’ ~
the police’,” Mr Bethel quot-
ed her as saying.

He said that while he..-
agreed that the attorney gen-, -
eral has the constitutional
right to interfere in any pros-
ecution, she needs to explain:
an allegation that she repeat-
ed that it seemed the police
were trying to cover some-
thing up.

Mr Bethel said the FNM
are not making any judgments
about who is guilty or inno-
cent in the shooting incident,
rather they question the polit-
ical involvement, which they:
consider harmful and which
could have a negative affect
upon the progress of the case. '

.



es
es
Be
ee
> 5
ee
+.
THE TRIBUNE

WEDNESDAY, MAY 31, 2006, PAGE 3°:







FNM close
to naming
election
candidates



THE FNM is in the advanced
stages of identifying and settling
its slate of candidates to con-
test the next general elections,
FNM leader Hubert Ingraham
announced at the party’s rally
last night.

Mr Ingraham said the candi-
dates will include representa-
tives from all segments of soci-
ety — “tried and tested; young
and vigorous; talented and qual-
ified — men and women united
by a single desire to restore
responsible, effective, honest
and caring government to our
Bahamaland.”

“Some of them are already
active in your communities,
introducing themselves to you
as potential candidates. In due
course we will be formally rati-
fying our candidates taking into
account your views and recom-
mendations,” Mr Ingraham
said.

Government
is accused
of ‘blowing
the budget’

FNM leader Hubert Ingra-
ham accused government of
“blowing the budget, padding
the public payrolls, and creating
fear of foreign bogeymen.”

Speaking yesterday at the
party’s mass rally on RM Bailey
Park, Mr Ingraham said the
government has acted in this
way to hide the fact that it has
no record of achievement.

The PLP, he said, is revert-
ing to their “pre-1992 practices”
of hiring people who don’t meet
the minimum standards for the
public service, and promising to
pay to send them to school.

“They have been padding the
public payroll, engaging people
on contract to disguise the
growing number of government
employees. They have been
contracting all manner of con-
sultants, engaging security
guards, so-called ‘peace officers’
and ‘tourism police’ and the list
goes on — yet crime is increas-
ing,” he said.

Mr Ingraham: pointed out
that last November, the*gov-
ernment said it had 300 new
public service jobs to be filled —
but suddenly announced this
month that the number had
jumped to 1,200.

“They stressed that applicants
didn’t need to meet public ser-
vice standards to be employed.
I guess they only have to
promise to vote PLP. Well you
know what a promise is to a
fool.

“If that’s what you have to
do to get a job, promise them
and vote FNM. After all they
promised you good government
and you know what they gave
you,” Mr Ingraham said.

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In brief

Anchor projects are ‘a drifting ship’

THE government has used
the media to paint a mis-
leading picture of the cur-
rent string of foreign invest-
ments according to FNM
deputy leader Brent Symon-
ette.

Speaking at the party’s ral-
ly on RM Bailey park last
night, Mr Symonette said the
unemployment rate in fact
reveals that Prime Minister
Perry Christie’s “anchor pro-
jects”. scheme is actually “a
drifting ship”.

“For more than four years
this government has bom-
barded us with headlines and

: more headlines. But when

you read the fine print, you
realise that they say nothing,”
Mr Symonette said.

“They have announced’
‘anchor projects’ — from island
to island saying they are
designed to jump start devel-
opment on each island. Has any
one seen or heard anything

Chief Reporter

FORMER Attorney Gener-
al Carl Bethel last night
accused the government for its
‘Gestapo’ tactics with Haitians
and Jamaicans - while it gives
away thousands of acres of
government-owned land. to for-
eign investors.

He said that it was surpris-
ing to see Haitians and
Jamaicans being subjected to
what seems to be inhumane
and barbaric treatment, while
other non-Bahamians are giv-
en the ‘golden carpet’ in secret
deals

gathered at the FNM rally at
RM Bailey Park

“We in the FNM strongly
believe that the Bahamas

>
Â¥

NAY Le a



@ BRENT Symonette

from Abaco’ to-
Mayaguana, he told those -

jumping on even one island
that the FNM didn’t already
start?” he asked.

Mr Symonette pointed out
that despite the government’s
rosy pronouncements, unem-
ployment is higher under the

PLP government
is accused of
‘Gestapo’ tactics

@ By RUPERT MISSICK Jr

should be for Bahamians, first
and foremost. But we also
believe that it is possible to
have a firm and effective pro-
gramme to remove illegal
immigrants without violating
basic human rights and univer-

_sally accepted standards of con-

duct,” Mr Bethel said.

While he said that the FNM
supported foreign direct invest-
ment, he also believed that the
government should not give
away thousands of acres of
valuable beach front govern-
ment land to non-Bahamians
as an added incentive for them
to invest.

“Rither they have the money
to invest, or they don’t. They
should not be allowed to raise
the money to invest in the
Bahamas by selling Bahamian

‘Jand given to them by this des-

Call to public servants

HUBERT Ingraham called
last night for all public officers,
teachers, police and Defence
Force officers to join the FNM.

He said that the FNM recog-
nised the contributions of these
institutions and could be relied
on to “treat you with respect
once again”.

“To Defence Force Officers
who believe that we did not
treat them as well as we might
have the last time, we say that
to the extent that it may have.
been so, we regret it and we
will make up for it next time.

“Our word is our bond. Ask
Bahamasair, they know; ask
the Water and Sewerage Cor-
poration, they know; ask BEC,
they know as well; even BTC
(Batelco) knows that now,” Mr’
Ingraham said:

The party leader also

accused government ministers °

of mistreating members of the
civil service.

He pointed a finger at the
Minister of Education for cre-
ating chaos in the public school
system, transferring staff and
appointing administrators to
suit his political agenda.

He also criticised Foreign
Affairs and Public Service Min-
ister Fred Mitchell for exposing
his junior staff to criticism on
the floor of the House of
Assembly.

“They would have us believe
that they voted for Cuba to
become a member of the Human
Rights Council because a junior
officer recommended it. What-
ever happened to ministers tak-
ing responsibility?” he said.

Elegance



ways, “broke the hold of

present government than it
was under the FNM.

“Anchor prospects without
jobs to match. The promised
intended increase in employ-
ment in the public sector by
the creation of 1,200 new jobs,
tells the tale that insufficient
jobs have been created in the
private sector to meet the
demand of school leavers and
displaced workers from Club
Med on Paradise Island,
South Ocean, Lloyds Bank
and other failed enterprises,”
he said.

Mr Symonette said that
what is most upsetting about
the misuse of the media by
the government is that it was
the FNM that freed the air-



























B*Ar san



monopolistic practices in
broadcasting so that our nation
could truly have freedom of
expression and the liberty to
speak out on issues and inter-
ests without fear.”

5
Re SHRERHHA TT









SOOCOHEE TTT MCLE LL OS

wf:

aes
oie ge

Harbour Green Centre, Lyford Cay
P.O. Box N-121, Nassau, N.P., Bahamas
Telephone: (242) 362-6656, Fax: (242) 326-9953
e-mail: info@colesofnassau.com

SHS

perate government, as is now
occurring in Mayaguana,” Mr
Bethel said.

: 48 LES ALP SE

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PAGE 4, WEDNESDAY, MAY 31, 2006

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., K.C.S.G.,

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

What revenue does Cuba bring us?

IN HIS intervention in the House of Assem-
bly’s debate on May 17 to explain the
Bahamas’ vote for Cuba to be a member of the
UN Human Rights Council, Foreign Affairs
Minister Fred Mitchell berated former prime
minister Hubert Ingraham for his comments on
government’s vote. .

Mr Ingraham had said that if he were in
office, “Cuba would not have the nerve or the
gumption to ask us to vote for them to be ona
Human Rights Commission. That’s an unthink-
able event.”

A cross-section of Bahamians who have’

discussed the matter with us, agree with Mr
Ingraham.

Mr Mitchell took exception to the Ingraham
comment. “The language,” he-said, “is con-
trary to the spirit of comity between the two
countries. Each year some 20,000 Bahamian
visits take place in that country. The level of
tourism, trade in-health care and general busi-
ness is increasing... The Government must
protect their interests. As we speak, hundreds
of Bahamians are in Cuba today, many of them
his Ingraham’s) supporters. Each month many
of his supporters seek the intervention of the
Ministry of Foreign Affairs to facilitate the
passage of their Cuban friends to the Bahamas.

“This country seeks to act in its own best
interests as it judges those interests on the best
available advice to the Government,” said Mr
Mitchell. ;

However, Mr Mitchell failed to, state the

obvious. And the obvious is that it is the Amer- :

ican dollar, spent in this country by American
tourists, which puts money in Bahamian pock-
ets and makes it possible for them to fly to
Cuba and pay for their education and med-
ical care there. In 2004 about 4,300,000 Amer-
icans visited the Bahamas.

How much revenue does Cuba bring us,
either in tourism or trade? Whatever it is,
according to Mr Mitchell’s reasoning, a vote for
Cuba is a vote for our own best interests!

As we said in this column yesterday, we
are intrigued and bemused by Mr Mitchell’s
statement that “no other country, unsolicited,
has offered the level of assistance to this coun-
try, assistance that is not of direct benefit to the
country offering the assistance.” The refer-
ence, of course, is to Cuba. And as far as we
can discover there’s not a shred of truth in his
claim.

This outlandishly ridiculous statement,
prompted us to call the American Embassy
for a list of some of the benefits given the
Bahamas by the US, most of which are of no
direct — or even indirect — benefit to that
- country. The list, which is impressive, is too

in town on

‘89 TOYOTA BUS

long for publication in its entirety in this col-
umn.

For example, last year US personnel spent
20,900-man hours over a period of 161 days
training 542 Bahamian officials at a cost to
US taxpayers of $2,400,000.

From the US Ambassador’s Fund for
Migrants, $20,000 was spent last year on
improvements to the Carmichael Road Deten-
tion Centre. Again from the Ambassador’s
Fund for HIV/AIDS, $20,000 was distributed
to local HIV/AIDS charities.

Again last year USAID Disaster Assistance
donated $50,000 in addition to hiring a
Bahamian to be a local representative of the
Office of Foreign Disaster Assistance. The
AUTEC Fresh Creek runway was repaired for
$100,000; $12,000 was donated by the AUTEC
Andros Island Charitable Fund, and $14;000,
again from AUTEC, assisted with the educa-
tion of Andros children.

Can Mr Mitchell now say how any of this
benefited the United States or its taxpayers,
and in what way has Cuba matched these con-
tributions?

And who do we call when a loved one dis-
appears at sea? Yes, BASRA, of course, but
who grumbles if the US Coast Guard fails to
take to the skies and the seas to join in the
search? We never think of calling in Cuba, but
we can tell you that the US Coast Guard search
and rescue support is most generous. It chalks
up hundreds of hours every year at an average
cost of $1,400 an hour.

And then there is the cost of maintaining

the pre-clearance facilities at NIA and Freeport
airport at an estimated annual cost of $15 mil-
lion. To keep OPBAT operational is another
estimated annual cost of $30,000,000; narcot-
ic affairs support to the RBPF at more than
$500,000 for equipment, training, maintenance
support, and then there was $600,000 to
NEMA for hurricane relief. And the list goes
on and on. However, it does not include the
activities of private US organisations, which are
supported by the US Embassy.

Mr Mitchell owes an apology, not only to
the US Embassy for his misleading statement,
but also to the Bahamian people.

The Bahamas voted for Cuba to be a mem-
ber of the UN Human Rights Council. It’s a
mystery why Mr Mitchell doesn’t admit what
we all know, instead of continuing this cat-
and-mouse farce.

In our opinion this government, by its UN
vote, has presumed on America’s friendship. It
also seems that its decision was made because
of its fear of the bully across the waters to the
south of us.



The Pandora’s |

box of our
immigration

EDITOR, The Tribune

PLEASE permit me a space
in your highly regarded and well
read newspaper to express my
view on a timely topic.

I welcomed the appointment
of Shane Gibson to the immi-
gration Department due to his
promise to clamp down hard
against illegal immigrants.

I for one believe that a coun-
try such as ours with relatively
small land mass and resources
cannot and should not become a
haven for economic immigrants
who choose to invade our coun-
try illegally.

Having said that, I am very
troubled by Prime Minister
Christie’s decision to instruct

» Minister Shane Gibson to cancel

the work permits of thousands
of legal immigrants who have
not committed any crime since
they were legally issued their
work permits since 2003.

I cannot make sense out of
this mass denial of renewal for
legal immigrants who were
issued work permits by this
same PLP government.

However, I have a few theo-

Ties that I suppose, may have

necessitated this action by Prime
Minister Christie using Minis-
ter Shane Gibson. |

Serious corruption at Immi-
gration?

Is it possible that the Prime
Minister and Minister Shane
Gibson believe that there was
corruption or incompetence
involved in the process by which
work permits have been granted
under this government? Does
this have anything to do with
missing files and mysterious fires
at the Department of Immigra-
tion? Is it possible that Minis-
ter Gibson, under orders from
Prime Minister Christie, is bent
on reversing everything done by
his predecessor?

Election year politics

There is a sense in the country
right now that this new PLP
government has performed
below an acceptable level, even
by those of us who voted them
in power. The promise of jobs

_has not materialised and some

young people who had hoped
to change their lives, with the
promised honourable jobs, have
returned to business as usual
either by bumming around or
committing crimes.

Hence with nothing concrete
to present to the people as a rea-
son to return my party to power,
this New PLP government want
to play on the phobia and prej-
udice of some of our Bahami-
an people by finding a scape-
goat — the Haitians.

Or is the government hoping
that after years of its inability
to create meaningful jobs, by
driving away legal residents will

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letters@triounemedia.net



create some vacancies for .

Bahamians, thereby creating the
appearance of a job boom just
before the elections?

Or perhaps do they want to
return to the only proven
method that seems to fool
Bahamians, including myself,
most of the time: Conspiracy
Theories?

Right now we are being
warned to beware of a devilish
plot by Hubert Ingraham and
the white Knight bogeymen who
want to return us back to slav-
ery. There are also subtle warn-
ings about Evil Haitians taking
over the country. I won’t be sur-
prised if ZNS starts showing the
Alex Harley’s Movie “Roots”
just before the next elections.

BLATANT XENOPHIA

There is one thing that seems
to confound me about us as
Bahamians. We welcome the
foreigners to bring in their dol-
lars so we can maintain our rel-
atively high standard of living,
but we hate to see any foreigner
take a dollar out of the coun-
try. For too long we have been
eating our cakes and having it.
The decision by the Prime Min-
ister and Mr. Shane Gibson to
return thousands of foreigners,
mainly Haitians who were once
given legal status by our gov-
ernment back to the illegal mar-
ket just makes my point.

Could you imagine if a
Bahamian who has lived in the
United States for many years
and has legally acquired their
green card, one day wakes up
and is given a letter to leave the
country within 21 days without
any explanation as to why? All
of us in the Bahamas would be
screaming “racism”. We will be
telling this person to fight for
their “rights” and sue the
authorities.

However, each time a Hait-
ian fights back when they are

.either wronged or abused in this

country, we tell the government
to “send them back” irrespec-
tive of their immigration status
in the country.

We boil with rage when we
hear Haitians talk about their
“right” in this country. Even so-
called Christians are ready to
spill blood when they hear a
Haitian has dared to stand up
for his or her rights.

Granted, Haitians, and indeed ©

all foreigners, who live in this
country do not have the right to
be here. It is a privilege granted
to them by the government of
the Bahamas for them to live
and work here. But one can say

_the same thing about Bahamians

living in the United States or
any other country in the world.
But, like I stated before, do we
lose all our rights when we visit
or live in the United States? No,
far from that! We demand our
universal human rights as
human beings no matter where
we are in the world, except if
we are in Cuba, Afghanistan or
a few other communist, dicta-
torial or Ideological Islamic
nations.

Does the Bahamas want to
class itself with Cuba and other
non-democratic nations? God
forbid! But the recent action by
the PLP government to disen-
franche thousands of legal immi-
grants shows that perhaps we
are less than a strand of hair
from drifting into this league of
dishonourable nations.

MY ADVICE

I wish to urge Prime Minister
Christie, who is the ultimate
decision maker for his govern-
ment, my Progressive Liberal
Party, to instruct Minister Shane
Gibson to rescind this arrogant,
shameful and inhumane deci-
sion. The Bahamas is a signa-
tory to the’articles of Univer-
sal Human Rights. We should
not act like a pariah state and
arbitrarily disenfranchise thou-





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sands of people with legal status
without any option for a reme-
dy. Some of these people have
families at home who depend
on them for survival. There are
others who may have qualified
for and acquired loans or mort-
gages in their home countries
due to their legal residency and
jobs in the Bahamas. How. do
we as a so-called Christian
nation feel about the plight of
the little children and families
who depend on these people to
live? Yes, there is an illegal
immigration crisis in this coun-
try. Iam of the opinion that no
new work permits should be
issued for at least another two
years unless there is a specific
need that Bahamians are not

available or willing to fill those.

positions.

But the government should
not take away the status of legal
residents who have not com-
mitted any crime during their













residency without explanation. °

or another opportunity to reap- e

ply.
MY PREDICTION

. Lam of the opinion that this
inhumane decision by Prime

' Minister Christie to unleash

Minister Gibson blindly on legal
residents will backfire. For
example, many of these legal
residents who have had their
status stripped without justifi-
cation will remain in the country
illegally. Immigration officers
will now have more illegal immi-
grants newly created by Minister
Gibson to deal with. The $650
work permit fees plus over: $500
in national insurance payment,
paid annually by thousands of
these former legal residents, will
cease. Individual Bahamians
and companies who depend on
the reliable services of these for-
mer legal immigrants will have





Ch,

4

5
a
3

te

bd
oO

cs
rom

io"

MATE
i



their life and schedules disrupt-'“ * ’

ed.

The cost of living will rise as
Bahamians will be forced to pay
$100 or more for someone who
may or may not clean their yard
for them. So for a shop owner to
afford that high priced service,
he or she may be forced to raise
the prices of their items. For.the
consumer to afford to shop at
that store, they may ask their
boss at the restaurant for aay
rise. For the boss to be able <9
offer that pay rise, he may have
to increase the price of the sand-
wich. This chain reaction will
continue everywhere.

With virtually no means left
for people to regularise the sta-
tus in the country, the only
option left for prospective legal
immigrants will be to enter mar-
riages of convenience. Then
what does that do to our social
and moral fabric?

Sentimentally, this idea to
unjustly strip legal residents of
their status may appease the
minds and emotions of some
Bahamians. But sooner than lat-
er the average Bahamian will
see the negative effect of this
ill-conceived and reprehensible
action.

The Almighty God in his infi-
nite wisdom chose to keep the
answer to most of our human
problems in a jigsaw puzzle. He
then distributed ‘pieces to dif-
ferent races, ethnic groupings



an
gk
aed



and nations. God expects .....,

mankind through harmonious.

co-existence to bring together , ,,

each piece of this puzzle thereby
finding solutions to our prob-
lems through development. This

is why any nation that has

accepted immigrants has
advanced and _ prospered
through the knowledge brought

by the immigrants to enrich the =".
life of the natives. However,. .
nations that have shunned immi-._,.; _,

grants or failed to integrate
them have always remained
stagnant.

The Conscience is an opened ae
wound and only the truth can . .,

heal it.

KATHERINE SANDS
Nassau
May 21 2006








THE TRIBUNE



In brief -

Man shot
by police
on Harbour
Island

A HARBOUR Island man
was shot by police on Monday
after he allegedly tried to attack
them with a cutlass.

According to police press liai-
son officer Walter Evans, while
responding to complaint from
a home on the island around
10am on Monday, officers were
confronted by a man wielding a
cutlass.

Police shot the man, 39, in his
back.

The man was reportedly
treated at a local clinic and
flown to New Providence yes-
terday for further treatment.

Revolver
allegedly
found in
home

POLICE arrested a 29-year-
old man in Montell Heights
after allegedly discovering a
loaded weapon at his home.

While executing a search war-
rant at a home at 3am yester-
day, police reportedly found a
loaded .38 revolver.

Man jailed
after
admitting
drug charge

A 37-YEAR-OLD man has
been sentenced to serve four
years in prison and fined
$50,000 after pleading guilty to
charges in connection with near-
ly 1,000 pounds of marijuana.

In 2002, Pedro Kent Brown
charged along with two other
men with possession with the
intent to supply as well as con-
spiracy to possess 956 pounds
of the drug.

Brown and his co-accused
had pleaded not guilty and were
granted bail several days after
their arraignment. ‘

However Brown never
showed for the start of the case.

- His co-accused were convicted.
and sentenced in July 2005.

Brown has since been arrest-
ed by police and was brought
before the court on Monday.

He pleaded guilty to the
charges and was sentenced to
four years in prison on each
charge.

The sentences are to run con-
currently.

Failure to pay his fine will
result in an additional one-year
prison sentence.

Filmmaker
risks US
punishment
on Cuba trip

@ CUBA
Havana

CUBAN-AMERICAN film-
maker Luis Moro expressed his

disdain for the long-standing.

US trade and travel restrictions
against Cuba in a very public
way: he made a movie there,
according to Associated Press.

Moro’s “Love and Suicide”
was showing until Thursday in
East New York, New Jersey,
after screenings last year in Los
Angeles, Miami Beach and the
Bahamas.

It is linked to a personal cru-
sade against the US embargo
and it led US officials to inves-
tigate Moro for possible viola-
tion of US laws that make it
almost impossible for most
Americans to legally visit com-
munist Cuba.

If officials act against him,
Moro says he will refuse to pay
any fines, even if it means jail
time.

“It’s a farce — the embargo
has not worked, and it is not
going to work,” Moro said of
the policy imposed since the
early 1960s. “I’m committed to
fighting this to the end.”

Moro, who left-Cuba with his
mother at the age of five, says
his campaign does not mean he
favours the Cuban government
or its leader Fidel Castro.

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Leadership be chosen —

WEDNESDAY, MAY 31, 2006, PAGE 5.



Holey Va ae

for hotel cena union

@ By CHESTER ROBARDS

AFTER more than 30 hours
of ballot counting by the Jus-
tice team, there is still no offi-
cial leadership for the Bahamas
Hotel Catering and Allied
Workers Union.

Late last night it was claimed
that the recount suggested a
tie for the presidency between
Pat Bain and’Roy Colebrooke.

Election results had been
thwarted by the disappearance
of two of six ballot boxes,
which left members of the
union outraged.

“I have never seen anything
like this in my life. 1 am highly
upset about the way in which
these proceedings were con-
ducted,” said Roy Colebrooke,
president of the Justice team.

According to Mr Cole-
brooke, the elections have been
an adventure and he holds
steadfast to the belief that
“skulduggery” has occurred.

Keod Smith, attorney for the
Justice team, reported that a
number of irregularities apart
from the missing boxes had
been uncovered during the 30-
hour ballot count, but did not
elaborate.

Despite the mysterious dis-
appearance of the boxes and
the looming chance of a re-
election, Mr Colebrooke said
he is confident that his team

Safety advice is issued as
hurricane season begins

@ By TIFFANY GRANT
Tribune Staff Reporter

METEOROLOGISTS expect
this year to be very active once

again for the Atlantic basin

tropical cyclone season.

Forecasters expect 17 named
tropical storms, nine hurri-
canes and five major hurri-
canes.

In preparing for this year’s
hurricane season, which spans
‘from tomorrow to November
31, the Department of Meteo-
rology has advised the follow-
ing precautionary measures:

° ensure that emergency
equipment such as lanterns,

matches, flashlights, spare bat- -

teries and battery powered
radios are on hand and in good
working condition.

® Jearn the location of offi-
cial shelters.

© repairs damaged roofs,

PRIME minister Perry Christie extend-
ed his condolences to the family of Lois
Symonette, a veteran and distinguished ©
public officer who died over the weekend.

Mr Christie said in a release that Mrs
Symonette served in the public sector for
more than 40 years and advanced a wide

range of public policy issues.

She served as permanent secretary in
key government ministries, where she
proved to be an effective and efficient
administrator, the prime minister said.

Mr Christie reflected on Mrs Symonet-.
te’s recent service as the chair of the special
commission on education and her last four
years as a member of the Public Hospitals
Authority and Public Service Commission.

“The prime minister on behalf of the
government of the Bahamas extends his
condolences to the Symonette family at
the passing of Mrs Lois Symonette, ” the

~ release read.

Bean
WED. MAY 31

2: 00am Community Pg. 1540AM
Bahamas@Sunrise
Legends From Whence We
Came: Millie Sands
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Immediate Response
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2006 Budget
Communication
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The Bahamas Tonight
Immediate Response .
Comm. Pg. 1540 AM

NOTE: ZNS - TV 13 reserves
the right to make last minute
programme changes!







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# THE Justice Team. Seated: president Roy Colebrooke
(centre, pointing) is flanked by lawyer Keod Smith (left) and
secretary-general Waymond Wright. Standing are: (I-r) Anwar
Taylor, Sherand Bastian, Keving Gardiner, a supporter who
wished not to be identified, and John Felix Smith.

Rainbow team had won over
the Justice team.

Reportedly, Monday's
recount, which spilled over into
yesterday, was the official
recount and was overseen by
officials from the Department
of Labour and stakeholders.

Recounting of the ballots is
still continuing and will be for
“as long as is necessary”,
according to a Justice team
representative.

There was no indication as
to how the matter would be
resolved up to press time yes-
terday

was and will be the overall vic-
tors of the election, Winning all
12 seats.

“If the membership had con-
fidence in this Justice team to
give them one vote that’s how
serious we will take it and we
will refuse to stop at any cost
until justice is served,” he said.

According to Mr Colebrooke,
stakeholders along with the
Ministry of Labour breached an
agreement that they would be
present during the removal of
the boxes for recount. Conse-
quently, unofficial results were
reported by ZNS claiming the

would become volunteers and
offer their services should
there be a disaster.

Trained volunteers are
needed to help with shelter
management, said Mrs Glin-
ton.

Last year Hurricane Wilma
devastated the island of Grand
Bahama. Mrs Glinton said the
Red Cross is worried about
Grand Bahamians who have
not yet had their homes

, repaired.

Major Lester Ferguson, divi-
sional commander of the Sal-
vation Army, said since March
the outreach organisation
began to restock their supply
of dry food goods, water, cloth-
ing, blankets and mattresses.

After a storm persons
should stay indoors until
advised that it is safe to go out-
side; avoid loose wiring and do
not drive unless they must.

windows and doors.

e have readily available shut-
ters or plywood for boarding
up windows and doors.

e remove dead or dying
trees and trim trees near over-
head power lines. Call BEC
and for assistance.

e store non-perishable food,

prescription drugs, and drink-
ing water for at least three
days.
. ® ensure your home, furni-
ture and other contents are
insured against hurricane dam-
age.

Marina Glinton, director
general of the Bahamas Red
Cross urged persons to make
early hurricane preparations.

“Check your homes now
and see what supplies you will
be needing,” she advised.

The society recently trained
four groups of persons in first
aid whom they are hoping

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PAGE 6, WEDNESDAY, MAY 31, 2006



AAS historic proposal by
: the Hope Town dis-

triat council died last month
wh€n voters on Elbow Cay,
Guata, Cay and Man-O-War
Cay{gitined down a measure that
woes helped “preserve the
chatdetér of local communities”.

IGyeis the first initiative of its
kin@¢frce local government was
intretkiced to the family islands
LO years ago. And insiders say it
would have put a framework in
place to control overbuilding and
protect the environment.

Infact, the outcome of the
midtMay vote surprised many
wha expected the proposed bye-
law§ — which were backed by a
lengthy Planning and Zoning
White Paper — to win comfort-
ably:because of rising public con-
cert: over the impact of devel-
opment on small out island com-
muffities.

But only 40 per cent of the
distsict’s 500 voters turned out
in stormy weather, and 126
(alfmost two to one) voted
against the proposal — despite
motiths of community meetings
and discussions.

In an official statement; Chief
Cotincillor Wayne Hall said the
outkome was determined by a
minority. And, so, he added sar-
castically, “the council is of the
opihion that residents are happy
withthe decisions made for them
by gentral government.”

Later he told Tough Call that
the vote was both surprising and
upsetting. “After months of
reséarch and discussion people
could still say they were not ful-
ly informed and wanted more
talk: Some people just like to
make noise J guess.”

But he does not intend to let it
go at that: “We do need more
effective local government to
deat with our problems and the
council will regroup, rethink and
repackage so that it can be pre-
sented for another vote before
the jyear is out.”

Hall, a 40-year-old computer ,

technician who moved to Abaco
in 2004, was the prime mover of
the white paper proposal — a 100-
page document with ideas culled
frojn the bye-laws of small
codstal towns in the United
Statés and Canada that face sim-
ilarferowth challenges.

‘The goal was to keep the
Hope, Town District liveable.




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“We want to keep our rural
roads small. We want to preserve
and enhance wildlife habitats,
open space, trails, parks and agri-
cultural uses. We would like to
retain our historical quaintness,
while still allowing for future
economic growth.”

It is, supporters say, all about
orderly growth and develop-
ment. The proposal called for
designating and regulating the
location and use of buildings and
land, and dividing the three-
island district into smaller zones
to implement and enforce those
regulations.

The bye-laws deal with a
range of land use policies includ-
ing the protection of wetlands,
coastal areas and open spaces.
They also seek to regulate waste
disposal and the use of docks,
harbours and waterways. And
they lay out a very elaborate set
of town planning regulations.

E fact, the scope, bureau-
cratic complexity and level

of detail contained in both the
bye-laws and the white paper —
especially the all-encompassing
permitting procedures — were
daunting enough to scare off
enough people to ensure a no
vote. For those willing and able
to wade through the text, many
would rather be safe than sorry.
Here’s one of many shining
examples from the documents:
“Pre-existing nonconforming
lots may be changed; provided
that no change in size, shape,
boundaries or frontage of any
pre-existing, nonconforming lot
shall be done in any manner
except only pursuant to the
issuance of a special permit
granted by the special permit
granting authority designated by
this chapter based upon a finding
that said change will not be sub-
stantially more detrimental than
the existing nonconformity to
the neighbourhood; provided,
further, that no such special per-
mit shall be granted which cre-
ates any new nonconformity or

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increases any existing noncon-
formity. “

And, of course, we should not
overlook the ever-present influ-
ence of party politics in small
communities. Mr Hall is seen as
a PLP agent in what many con-
sider an FNM stronghold, so
some say his white paper went
down like Hubert Ingraham’s
constitutional referendum just
before the last general election.
But others had more thoughtful
assessments.

“From what I’ve been hear-
ing, the proposal covered too
broad a spectrum,” according to
Vernon Malone, proprietor of
Vernon’s Grocery, a Hope’ Town
meeting place. “Lots of people
agreed with some of the items,
but not all of them. It was a good
starting point and if it comes up
again there will probably be
more response. And voting on
specific points would be better”.

Others told Tough Call that
the “all or nothing” approach on
such a complex issue was a mis-
take — even though the proposal
as drafted was only a first step
and could easily have been mod-
ified later on. Some blamed igno-
rance for the measure’s defeat,
arguing that people simply didn’t
take the time to understand.

But the quality of life issues
that the proposal attempted to
address will not go away. In fact,
they will only get worse. Those
issues include waste disposal,
pollution and abuse of the envi-
ronment, the destruction of his-
toric homes and neighbour-
hoods, land speculation, over-
crowding and rank commercial-
isation.

M=« would agree that
there have to be

some regulatory mechanisms to.
deal with these matters. And the

examples of Harbour Island and
Bimini are most often cited in
this context.

In Bimini, a huge resort devel-
opment was planned on 700-
acres and although later scaled




To help with:
e Retirement
College
Savings

Investments


















down, a large expanse of the
north island has been stripped
bare to make way for luxury
homes, condos, and a casino.
The island’s lagoon has been
dredged for a 136-slip marina
and much of the rest of the sev-
en-mile-long cay is set aside for a
golf course.

Harbour Island, one of the
oldest settlements in The
Bahamas, is suffering from an
acute case of overdevelopment.
It’s less than four miles long, but
has become so chic that the rich
and famous are now common-

1 ng therderi¢
is the lack of zoning outside of

New Providence and Grand
Bahama. Planning regulations in
Nassau are hardly enforced any-
way, and Family Island commu-
nities like the Hope Town dis-
trict have little say in the deci-
sion-making process. That’s one
of the things the white paper was
seeking to address.

But many islanders view local
government as a farce because
the district councils have no
authority. People get approvals
for whatever they want from



The scatterbrained approach of
our politicos to economic
development has led to problems
that should never have arisen



place, land prices are out of sight,
and the community’s authentic
heritage and appeal is gradually
being undermined. As a result,
social friction is rising, despite a
booming economy.

_The development at Baker’s
Bay on Great Guana Cay in the
Abacos may not have the same
kind of impact as what is taking
place on Bimini and Harbour
Island. Yet, although there was
fierce opposition to the Baker’s
Bay Club from some Guana Cay
residents, most went ahead and
voted against their district coun-
cil’s attempt to set local plan-
ning controls.

More often than not, Bahami-
an land development decisions
are made in a vacuum, with no
real understanding of the carry-
ing capacity of either the infra-
structure or the environment.
Outdated land administration

procedures are inefficiently split

between a variety of government
agencies. And since the state
controls 70 per cent of our real
estate and must vet all invest-
ment projects — this is an impor-
tant issue.

Our existing land use frame-
work was not designed to cope
with the level of development
pressure the country now faces.
And that pressure derives from a
model that has been pursued by

all Bahamian governments.*~' **~

political contacts in Nassau, eas-
ily circumventing the local
boards. And the expense of run-
ning district councils often has
to be absorbed by the members
themselves, who have no author-
ity toraise revenue. © ~

hat’s why more and
more: islanders are

refusing to participate in local
government activities. In some
cases, there are not enough can-
didates to fill council posts. It’s
considered too frustrating

because, like so many other.

things, the central government
has corrupted the process.

But according to Hope Town
Chief Councillor Wayne Hall.
“Central government realises it
can’t handle everything at the
local level, but we have to take
the power for ourselves — they
are not going to give it to us.

They were watching the refer-.

endum vote closely.

“We don’t want to go the way
that Harbour Island is going,”
he said “If the bye-laws had
passed we would have had to
fight to get them legislated, but I
believe it could have been done.”

The 1996 Local Government
Act set up 32 district councils
outside of New Providence. And
Abaco'+"the country’s third
biggest éconbmy' “now has



THE TRIBUNE |





about’ a quarter of that total. ;

From three districts just 10 years

ago, Abaco now has 10 councils. -

Councillors are elected for a'*

three-year term with the chair- ‘?

man appointed by the council «
itself. But the record over the
past decade has been disap-.

°

pointing, and the system clearly: *°

needs an overhaul if it is to sur-’
vive.

As Abaconian publisher Dave’ |

Ralph noted recently, “It does”

not take a trained economist to’

note that Abaco is experiencing}- *

phenomenal growth...and with:

that growth some thought must*'
be given to our future.” wy

wifies
he scatterbrained::.’
approach of our politi-7:.:

cos to economic developmenty ::

has led to problems that should» !

never have arisen. And inrm/
response, some islanders are): ‘'
forming pressure groups like the 33:!;

Save Guana Cay Reef Associa-):;;
tion, which is in the midst of as.

vitriolic fight with a legitimate) ; -
investor over land use and other-, .;

issues. hey

There are similar stirrings on, ; ;,

Rum Cay too, where another,.;<

legitimate investor is about to

begin a major project as the rest; E.

Ro

of the island is being carved up’

by a bevy of questionable landy 3

speculators represented by polit

ically-connected Nassau lawyerssa: iy

mat He

(on both sides of the fence). «

rea

4

In the wake of Tough’ Call’s’y *

recent articles, a non-profit

called Protect Rum Cay.Ltd has _
been formed, consisting of;

Bahamian and non-Bahamian-:
residents. The goal is to resist
aggressive foreign investment *

and speculation in Bahamian’:
land and try to preserve the best! |’!
attributes of the island. And'sim-> * >

ilar groups have been set up on-*
Harbour Island and the Berry

But these are fights that could

have been avoided if thoughtful

aos

Islands. a

leaders had done the right thing?
from the get go by producing a<-:

rational development strategy,
promulgating and adhering to,,
fair and balanced policies, and
controlling illegitimate activities
and carpetbagging. a
What do you think? Send:

comments to larry@tribuneme- .

dia.net : ot
Or visit.www.bahamapun-
dit.com: His iabiakene

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is presently considering applications for a

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At least five (5) years experience with a bank

Extensive knowledge in the fields of Auditing and Internal Controls
Thorough knowledge of private banking in general

Knowledge of Bahamas Banking and Trust Legislation
Knowledge of local regulatory and statutory matters with regards
to “Know Your Client” and the avoidance of Money. Laundering
PC Knowledge (MS Word, MS Excel, Access, etc.)

Good command of English and German

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THE TRIBUNE





Pair are
arrested for
smuggling
Ecstasy

@ DOMINICAN REPUBLIC
Santo Domingo

A MAN and woman from
the Netherlands were arrested
Monday in the Dominican
Republic after authorities found
thousands of Ecstasy tablets in
their luggage, police said,
according to Associated Press.

Hendrik van Gardingen, 47,
and Silvia Ivonne Goetsee, 48,
were taken into custody at the
airport in the northern resort
city of Puerto Plata shortly after
their arrival on a flight from
Amsterdam, said Buenaventura
Bueno Torres, a spokesman for
the Dominican Republic’s anti-
narcotics agency.

Authorities found nearly
33,000 tablets, weighing about 7
kilograms (15 pounds), of the
synthetic drug in a secret com-
partment of their suitcase,
Bueno Torres said.

Jamaican
‘gang leader’
is jailed

for life

a JAMAICA
Kingston

AN alleged gang leader was
sentenced to life in prison for
killing two men in Jamaica,
according to Associated Press.

Donald “Zeeks” Phipps, the
alleged leader: of the Matthews
Lane gang in downtown
Kingston, escaped the death
penalty because he had no pre-
vious. convictions and was a
well-known community activist.

The 50-year-old will not be’

eligible for parole until he serves
30 years in prison.

Phipps has long been consid-

ered a major figure in the
Jamaican underworld. His sup-
portets rioted:in Kingston for
two days after he was arrested
in 1988‘on suspicion ofattempt-
ed murder and other charges.

eter. \ ie Se

WEDNESDAY, MAY 31, 2006, PAGE 7 ~

Comes on Family i iands

@ By PAUL TURNQUEST
Tribune Staff Reporter

MOTORISTS visiting Fam-
ily Islands over the holiday
weekend were cautioned not
to allow the long, empty roads
to lure them into speeding or
driving recklessly.

Speaking at a press confer-
ence yesterday, Controller of
Road Traffic Jack Thompson
said excessive speeding has

‘become a serious problem in

Family Islands settlements.

“During this long holiday
weekend, a number of regatta
and homecoming festivals are
planned for our Family
Islands... I wish to caution
our Family Islanders as well
as those visiting our Islands —
the little or near-zero traffic
is often tempting, and
motorists are often tempted
to speed.”

Mr Thompson pointed out
that the “festive mood” asso-

ciated with holidays usually
results in little or no attention
being paid to traffic laws.

He added that speeding can
always lead to the loss of life,
but that it is especially dan-
gerous on Family Island roads,
where there are fewer or no
street lights.

There have been 15 traffic
fatalities so far this year; seven
less than the same period in
2005.

“What is interesting in this
year’s figures is the fact that
passengers account for the
greater number of fatalities.
We also note that two thirds
of fatalities are males, with
one third females,” Mr
Thompson said.

Noting that high school
prom season is fast approach-
ing, Mr Thompson said a
hand-out has been produced
cautioning young persons
about the dangers of driving to
and from such events.

Roadwork project
‘to be completed
by mid-August’

DESPITE some initial set-
backs, Ministry of Works offi-
cials say they expect to see the
Balliou Hill Road project
completed by mid-August.

Khader Alikhan, the min-
istry’s special projects manager,
told The Tribune yesterday that
despite initial setbacks, the pro-
ject has progressed substan-
tially in recent weeks with the
completion of two roundabouts
— one at the juncture Balliou
Hill Road and Robinson Road,
and the other at Balliou Hill
Road and Independence Drive.

The roundabouts, he said,
are among the last of the
major jobs to be completed.

The project has been crit-
icised by business owners in
the. area.who claim the ongo-
ing road work has adversely

affected their business.

Mr Alikhan explained that
some of the challenges faced
by the contractors included
the high water table in the
area, the network of piping
from the surrounding gas sta-
tions, and the need to lay addi-
tional utility ducts.

He said that most of the
problems have now been
resolved, and that the con-
tractors liaised with the utility
corporations to ensure that all

work was done correctly the |

first time — to avoid having to
dig up the road in the future.
Digging up roads compro-
mises their integrity, Mr
Alikhan pointed out.
The new roadway is expect-

ed to significantly alleviate ::

traffic congestion in the area.

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Vacancies are open to Bahamian residents only.

“This year the National
Road Safety Committee
thought it wise to issue several
safety tips to the class of 2006.
The National Road Safety co-
ordinator has distributed hun-
dreds of these brochures to
high school students in antici-
pation that several students
may be allowed to drive them-
selves to the prom.

“Although most prom atten-
dees are chauffeur-driven,
more and more parents are
allowing their sons and daugh-
ters to use their vehicles with-
out regard to insurance and
driving competence.

“It is for all these reasons
and more that we targeted this
category of persons to caution
at this time,” he said.



@ JACK Thompson

CLIFTON HERITAGE AUTHORITY
LOGO COMPETITION

The Clifton Heritage Authority announces a competition to create an official logo for the

Authority.

The competition is open to artists 18 years and older.

A maximum of two entries may be submitted in full color. Images should be at
least 8.5x11 and no larger than 11x17.

The logo should depict the historical and environmental significance of the

proposed Clifton Heritage Park, located at Clifton.

Each entry should be accompanied by a short paragraph describing the entry.

Entries must peceee by 4:00 p.m., June 22", 2006.

Winners will be awarded prizes as follows:

¢ 1° place- $1,500

¢ 2™ nlace- $1,000

¢ 3" place- $750

Entry forms may be collected from the Authority’s office located at the Collins House

Complex, Shirley Street and Collins Avenue with the entrance on Collins Avenue.

The contest judges reserve the right to award no prizes at all.

TEL: (242) 325-1505
FAX: (242) 326-2568
P.O.BOX EE-15082

NASSAU, BAHAMAS





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PAGE 8, WEDNESDAY, MAY 31, 2006











THE TRIBUNE





haan ut oe

Good Books Unbound

he Secret School

WRITTEN BY AVI
_ ILLUSTRATED BY BRIAN FLOCA





‘STORY SO FAR: Having kept the one-
room school open with Ida as teacher, all
the children were required to take final
exams. The results will come in by mail.

CHAPTER EIGHTEEN
The Results

The week following the exam was a
nerve racking time for Ida. Felix, as
usual, was happy to be home, and loved
to tag after his sister or his parents, try-
ing to be helpful in whatever way he
could.

But having been at school each week-
day — save for the days Mr. Jordan had
closed it — and having become used to

being in charge, staying at home was .

difficult for Ida. At least there were
always things that had to be done, like
helping her mother in the house or with
the baby, or working with her father in
the pastures or in the barn with the
sheep.

But Ida could barely wait for the end
of each day. Then she and Felix drove
down to check the mail.

. Their mailbox was-about a mile away,
one of a line of seven battered mailbox-
es for those families living at the head of
Elk Valley. It was the end of the road.
The postman ventured no further.

. For six days the red mailbox flag was
down when Ida and Felix arrived. Then,
exactly one week after the day of the
exam, the flag was up.

“Tt’s here!” Ida screanied at Felix as

they drew close. “Clutch. Brake!”
‘ The car skittered to a stop. Without
waiting for Felix to get himself out, Ida
untied the door, leaped out, then raced
to the mailbox.

Inside were two pale tan envelopes,

each one addressed in an elegant,
scrolling hand. One. was for “Miss Ida
Bidson,” the other for “Master Felix
Bidson.”
: Handing Felix his envelope, Ida tore
open her envelope. Inside was a printed
form, but with parts written in blank
“spaces:

This certifies that Ida Bidson, age 14,
‘a resident of the town of Elk Valley, of
Royce County, State of Colorado, has
completed the course of study with hon-
ors prescribed for common schools, and
is entitled to enter the high school at

, Call Today to Register to WIN!

T he Tribune

Silver Springs, for the year beginning
Sept. 14,1925.
Yours truly,

Miss Gertrude Sedgewick
County Examiner

ote a separate ae Oey paper a note
was included.

My dear Ida: I have been most
impressed by you and what you have
done. If you would care to take board in
my home in the fall — so you could
attend high School — it could be
arranged. It would cost your parents
nothing. You may consider it a scholar-
ship. G.S.

There was yet a third piece of paper,
with another note.

Dear Miss Bidson,

I’m happy to inform you that all of
your students — except Herbert Bixler —
completed their.exams with varying
degrees of success. Congratulations!

Gertrude Sedgewick

“I passed!” Ida screamed. “Most

everyone passed!”

“Did I?” asked Felix as he studied his
paper intently.

“You sure did,” Ida assured him.

Graduation exercises were held a
week later in the one-room schoolhouse.
The students had bedecked it with flow-
ers. A trestle table had been brought in.
It was laden with enough food and
lemonade for the whole Valley.

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The ceremonies — over which Mr. Jor-
dan presided — began outside with the
raising of the flag. Then everyone

trooped inside. Even Herbert was there. .

One by one the students were called
upon — youngest first, then on’ through
the oldest — to recite. There were
poems, excerpts from famous orations,
speeches from Shakespeare, and other
bits and pieces from literature ~ every-
thing taken from their readers., Inter-
spersed were songs sung by all the chil-
dren. Finally, the students were called
up, handed certificates of promotion,
and given a handshake from each mem-

ber of the school board.

Ida was the last one to be called.

As she stepped up to receive her diplo-
ma, Mr. Jordan cleared his throat. “In
addition to graduating from eighth
grade, Miss Ida Bidson, who acted as
our schoolteacher, deserves special
recognition. Even I can see that.”

The adults applauded. The children
cheered.

“And here’s hoping,” Mr. Jordan con-
tinued, “she’ll go on and become a real
teacher, then come on back to this same
school.”

Herbert shouted out, “But you'll have
to pay her then!”

After the ceremonies, food and
refreshments were served. Someone
had brought some fireworks, so that at
dusk a final celebration was held. In
the glare of the explosions, the sur-
rounding mountaintops seemed to glis-
ten with fire.



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“We're real proud of you, Ida,” her
mother said as the family drove home.

~ Mr: Bidson was in the driver’s seat. Felix

and Ida were in the back.

“Real proud,” Mr. Bidson agreed.
“Only thing is, you’ve got some real
work cut out for you this summer.”

“Why?” Ida said, slightly alarmed.

“Well, you'll be going to high school in
the fall, right? Boarding with that Miss
Sedgewick. That means we’ll be losing ©
a strong pair of hands. The more work
you get done this summer, the easier it’s
going to be for the rest of us when you
go.”

“Get Tom up here!” Felix shouted.
“He’ll do anything for Ida.”

The family laughed. Ida’s face turned
ted. And though she closed her eyes, all
she could see was brightness.

THE END

Please direct requests for a teacher's
guide (cost $7) containing vocabulary
words, story questions, and newspaper
activities to The Tribune’s marketing
department on Shirley Street, by calling
502-2394 or by e-mailing
nie@tribunemedia.net.

Text copyright © 2000 Avi
Illustrations copyright

© 2000 Brian Floca
Reprinted by permission

of Breakfast Serials, Inc.
www.breakfastserials.com —





THE TRIBUNE





Fury at clearing

around artwork |

ART-LOVERS are furious
that land around the popular
Sacred Space site at Clifton has
been cleared by bulldozers,
leaving only a “bleak and ugly”
area of levelled bush.

A chainlink fence has also
been erected near the site,
prompting critics to lash out at
official insensitivity.

“The Sacred Women them-
selves are untouched,” said art
enthusiast Elizabeth Adamson.
“However, the entire sur-
rounding acreage down to and
along the road has been bull-
dozed. There is not a tree ora
piece of bush standing. It is
bleak and ugly.”

Sacred Space - where several
casuarina stumps have been
carved into haunting shapes of

African women - has become a °

popular site for art-lovers since
it was created last year.

Well-known Bahamian artist
Antonius Roberts made the
forms to reflect the area’s sig-
nificance as the place where
African slaves were herded
ashore in the 17th and 18th cen-
turies. In the trees are bells by
Tyroné Ferguson, another key
figure in Bahamian art.
- The women appear to be
looking wistfully back toward
Africa, ‘the original homeland
of black.Bahamians, while the
bells toll'in the breeze.

Near’ the Sacred Space site
stood the old-Whylly plantation
where hundreds of slaves



worked 200 years ago. Old slave
cottages remain a dominant fea-
ture of the area. On the seafront

nearby is a small arch through
which slaves were driven after
being landed by ship.

Artists were hoping that
Sacred Space and the sur-
rounding bushland could be
used as an art heritage site
where other creative talents
could find expression on the
same theme.

Ms Adamson, attacking the
clearance decision, said:
“Whether it was merely an ill-
thought out gesture of pro-
activism or whether it was a
statement of control, or disre-
spect for the artists’ work, only
they know.

“The fact is, that as a conser-

@ THE Sacred Space at Clifton Pier



vation programme and as a her-
itage site there appears to be
nothing positive happening,
only this negative razing. Cer-
tainly no recent dialogue has
been initiated to either preserve
the current Sacred Space or any
future artistic development for
that specific area.”

She added: “People, local and
foreign, continue to visit - but to
my mind it is a rather lonely,
disconnected space, albeit the
figures still have their own
intrinsic grace.”

She said the clearance was

“thoroughly insulting to two of .

the Bahamas’ own major artists.”

Calls to members of the
Clifton Heritage Authority
were not returned up to press
time. _

to pursue case

Doctor

FROM page one

from Mr Saunders, who is his
neighbour.

Dr Eneas said that since the
alleged. incident last October,
he and his wife have felt inse-
cure about their safety. He said
he has even had to take his wife,
Marcheta Eneas, to consult a
psychiatrist.

Mr Saunders was. arraigned
in court in November on the
charge of possession of a
firearm with intent to endanger
life. According to court dock-
ets, Mr Saunders had in his pos-
session a shotgun at the time of
the allegedincident. _ :

Dr Eneas explained that the

- first time he went before a court
in connection with the incident
was in February this year. Since
then the icase “has been
adjourned three times without
progress.

Dr Eneas said he was forced
to shut down his office on those
occasions. He said that at yes-
terday’s session he was
informed there was an “irregu-
larity in the technicality” of the
charge and that this irregularity
had to: be sorted out. The case
has now been adjourned to
June 26, he said.

“I don’t know why it took
them seven months to figure
out that there is an-irregularity
in the charge,” Dr Eneas said.

He said he did not believe
that prolonging the case was
deliberate, but felt that with a
show of public support the mat-
ter would move more expedi-
tidusly:

“T don’t want to think that
there is anything deliberate
going on but [ think that if they
saw some public support that
perhaps whatever is going on
will cease. [think that the pub-
lic needs to know that the case
has been adjourned to June 26.
I am not dropping the case and
we could use some public sup-
port,” Dr Eneas said.

He noted that he had had no
interaction with Mr Saunders
since the day of the alleged inci-
dent. .

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.



















Gardens Solider Road.

Rock of Ages
SHuneral Chapel

‘Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 ¢ Fax: 328-8852

FUNERAL SERVICE

} Rudolphy V. Bowe and.

Pedro. will always be remembered with love and cherished
memory by his four sons, Kendal Jr., Kamico, Keiland Clarke
and Srashsame; his parents, Jacqueline and Ruben Clarke; five
brothers, Sargent Kenneth Clarke, Warren, Delon, Willard and
1 Rodney Clarke; four sisters, Pearlene Alexis, Paulette Price
(Australia) Keva Clarke (Florida) and Eldece Clarke-Lewis; nieces,
Danielle Rahming, Autherine, Kenequa, Kenya, Kendale, Kandace
and Jade Clarke; nephews, Michael Northeast (England) Kareen
and Kenneth Clarke Jr., Kavaughan Crawley ( Florida) D'ldron
Smith, Delon Jr. and Delano Clarke and Carlye Thompson; grand
nieces and nephews, Ashlyn, Jaynelle and Jason Jr, Karina,
K'anna, Ketara, Karen, Kiarrah, K'amamy and Matejah; sisters-
in-law, Virginia, Valarie, Ingrid and Sandra Clarke; brother-in-
law, Steven Price (Australia); uncles and aunts, Fulton and
Dedreanna Bain, Herbert and Patricia Forbes, Bishop Noward
and Ruby Dean (Florida) Bishop Rudolph and Veronica Bowe,
Joey and Lorna Johnson (Florida), Ronald and Lyida Miller,
Pastors Dudley and Dianne Coverley, Ron and Cleo Pratt (Florida),
Leroy and Melvern Davis, Philip and Dr. Bernadette Burrows,
Doreen Sands; god parents, Winifred Ferguson, Bursil Rolle, |
Jephath Smith; cousins, Andrea and Frederick Bain, Cora Bain-
Colebrooke, Donnalee Bain-Minnis, Velma Bain-Clarke, Darren,
Lavette, Terrel and Lamont Bain, Craig, Terrence and Vaughan |
Forbes, Brenda Roberts, Kaye Maynard, Patrice Bain, Deshaun |
Roberts, Kim Johnson, Demetri, Delmar and Dekira Bowe, Deon
Dunbar, Danae Thompson, Dominique Johnson, Darnell Osborne,
Kevin, Korey and Kendrick Dean, Denrick and Deshae Miller,
Daneisha Knowles, Durante, Damian, Desheika and Delerya
Coverley, Tamarind and Tebewna Burrows, Dameko and Dana
Davis, Rashida Pratt and Clean Miller, Katherine Major, Annette
Paul, Melanie Saunders, Sherine Reckley, a host of relatives
including Iram Lewis, Anderson Alexis, Sybil Toote, Jason
Rahming, RBDF Marine Seamen Terrod Rodgers, Trent Clarke,
D'antoin Bowe, Lionel, Kristin and Danielle Minnis, Kristin |
Colebrooke, Sherrell, Sherez, Shantrel and Bain, Nathan, Monet
and Onan Roberts, Carlin and Krishon Forbes, Karette and
Kareem Strachan, Edwina and Khandi Maynard, Tejah and Terah
Bain, Mancer Jr., Meshack and Mandia Roberts, Terrance Jr.,
Tehillah and Tattiana Forbes, Mark and Anissa Johnson, Demetri
Jr. and Daynan Bowe, Dontae and D'eondra Jacobs, Desmond
Dunbar, Destinee and Delysia Bowe, D'kaza Burrows, Denricka
and Deshantae Miller, Dwight and Delarno Ferguson, Kianna
and Koen Dean, Kheli and Kristin Johnson, Nagee and Celine
Osborne Vaughan Jr., Kavonine and Paris Forbes, Alaro Jolly,
Dyllon Maynard, Deijah Knowles, Gabrielle Davis, D'Kazia
Hamilton, Terrod Rodgers Jr., Shanton Bowe, Patrick Hamilton |
and family, Mary Moss, Betty Cox, Emerald Hanna and family,

Dorothy Coakley and family, Eula Morley, Janet, Ettamae Weech,
The Valley Boys Junkanoo Group, Deno and The Watlins Street
family, Security and General Insurance family, Minister Neville
Wisdom and Mrs. Wisdom and staff, Minisrty of Tourism.

Friends may pay their last respects at the Rock of Ages Funeral
Chapel Wulff Road and Pinedale on Thursday from 10 am to 6
pm and on Friday at the church from 12 noon until funeral time.





KENDALL
"Mundy".
PEDRO CLARKE,
46
a resident of Beauford Road
Stapledon Gardens will be

-held at the Church of God of
Prophecy, East Street on




Friday June 2nd 2006:at 1:00-Ji:o-]':

p.m.. Officiating will be Bishop
Franklin Ferguson, Bishop

Minister Terrance Forbes.
Interment follows in Woodlawn























































WEDNESDAY, MAY 31, 2006, PAGE 9...

4) THE POWER TO SURPRISE
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In recognition of our 33rd, Anniversary of Independence,
the Ministry of Health & National Insurance plans to host a
Health Heroes Awards Ceremony for 33 of the country’s
unsung Heroes who have contributed significantly to
improving the quality of health care delivery in the
Commonwealth of The Bahamas and who would not have
normally been reconized for their unparalleled contribution.

Nominations are being sought in the following
categories: :

i.’ Administration

u.. Allied Health

ili. Community Service
iv. Environmental Health
v. Medicine

vi. Nursing

vil. Public Health

vill. Support Services

Health heroes will be the unsung heroes who have contributed
significantly to improving the quality of health care delivery
within the Commonwealth of The Bahamas (30 years or
more) and who would not have normally received any
reconition for their hard work, commitment, dedication and
selfless service. Only living persons will be honoured.

Please send nominations along with supporting documentation
to the attention of the Health Heroes Award Committee,
Ministry of Health & National Insurance, P.O.Box N-3730,
Nassau, Bahamas and Attention: Mrs Andrea E. Archer,
Deputy Permanent Secretary on or before 9th, June, 2006.

Should you require further information, please do not hesitate

to contact the Ministry of Health & Nationa! Insurance at : i

telephone numbers: 502-4754 or 502-4858 or by facsimile
number

325-5421.



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PAGE 10, WEDNESDAY, MAY 31, 2006



WEDNESDAY EVENING

“1-730 | 8:00 | 8:30 | 9:00 | 0:30 | 10:00 | 70:30 |

MAY 31, 2006

NETWORK CHANNELS
Frontline ‘The Age of AIDS’ AIDS treatments; policy adoption; hope for

























































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INGS (1976) _ of severed heads at an airport. ‘RY lessly and get into fights. 0 ‘R' (CC)
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THE TRIBUNE






a HUBERT Ingraham

aa

THE Abaco community is in need
of improved educational, technical and
vocational training, according to Oppo-
sition leader Hubert Ingraham.

Mr Ingraham, who is the MP for
North Abaco, was speaking on Satur-
day at a banquet held in his honour
and attended by around 400 support-
ers.

“Abaco needs to accelerate its
preparation for its destiny — a major
economic centre and a major employ-
ment centre for Abaconians and other
Bahamians,” he said.

“We need real planning of our town-
ships and our communities. We are no
longer what we used to be; we are on
our way and those who stand in our

ngraham on immigration |

LOCAL NEWS.

way must be moved out of the way,”
Mr Ingraham told Abaconians.

The FNM leader went on to discuss
the current state of affairs in the coun-
try.

“Those whom we seek to replace in
government have been idle for four
years,” he said. “They are not idle any-
more. We have put fear into their
bones and they are busy, wheeling and
dealing to hold on to the gravy train
they have made out of their access to
power. —

“It’s time for that gravy train to end
for the political elite,’ Mr Ingraham
continued. “It’s time for some of that
gravy to be shared again with ordinary
Bahamians — with old aged pension-

FROM page one

eh? Yeah, right.

“First one, then two detainees
walked out of the Detention
Centre last week. The govern-
ment didn’t even tell the public
about the first breach in securi-
ty urftil the local press got wind
of: the-story,” Mr Ingraham said.

He said that Mr Christie and

do about illegal immigration but
they actually do very little”.
The opposition leader said
that if Mr Christie would take
the time to inform himself, he
and his colleagues would be
forced to acknowledge that this
PLP Government has never
repatriated on an annual basis
the number of illegal immi-
grants repatriated annually from
the Bahamas under the FNM

4 . _ were re-routed to the direc-

FROM pase one tor Vernon Burrows, who suggested by Mr Burrows.
imum of 5,000 illegal immi- . was out of the office. Assistant Director William |
grants in every year of its fruitless. . When contacted on his cell Pratt was also unavailable..
administration. : Officers at the detention hone, Mr Burrows said the According to the officer who

Tn 1995 over L0,000ille gal centre, asked The Tribune to epartment should be tried answered a call to the depart-

immigrants, mostly Haitian
nationals, were repatriated —
some 5,000 voluntarily and
another 5,000 apprehended by
immigration authorities.

In 2000 it was 5,801; in 2001 it
was 7,628; in 2002 — we left
office in May of that year —

call the officer in charge,

Winston Saunders.
However calls to Mr Saun-

ders’ office remained unan-

swered.

Calls to the department’s
head office on Hawkins Hill



community ‘in need of training’

ers and others who need medication
for high blood and diabetes; with the
pregnant mothers and their infant chil-
dren facing shortages of inoculations,
and with the students in increasingly
neglected schools.”

The banquet, held at the Great Aba-
co Club in Marsh Harbour, was the
highlight of a weekend of celebrations
honouring Mr Ingraham and celebrat-
ing his contributions to Abaco and the
Bahamas.

The events — which were attended
by Abaconians as well as a large con-
tingent of supporters from New Prov-
idence and Grand Bahama — began on
Friday with a motorcade.

Supporters travelled from the Trea-

on 328-0073.

ment cell phone.

He also repeated his
request that the press not
contact him on his govern-

No one who could provide
information on the raid could

3 8

|
a
I
1
9: 4
nf
4

sure Cay Airport to Ingraham's uae in,
Cooper's Town, where a social was |
held. '

The celebration ended on Sanday:
with a church service at the Full Gospel |
Assemblies of God in Treasure Cay:';

“Abaconians just wanted to show.
our gratitude to Mr Ingraham for all he‘
has done for us and for the country"
said Melvern Cornish, one of the.
organisers. He

“The Bahamas has many sons, past '
and present. None, in my view, sur- :
passes Hubert Ingraham in capacity,
dedication, accomplishment and loy- |
alty; and, love of country is his breath;” '
said former governor-general Dame :
Ivy Dumont.

~ Reports claim raids pick up suspected illegal immigrants |

be reached on the number

ment at 3.50pm, he had-
already left work for the day,
- Numerous messages left |
for Minister of Immigration -
Shane Gibson were not’

returned up to press Hine
yesterday.

a

WEDNESDAY, MAY 31, 2006, PAGE 11~)

‘
$
t

t

Mr Gibson are “very busy talk- Government. 6,357 illegal immigrants were
ing about what they are going to The FNM repatriated a min- _ repatriated from the Bahamas.
io “Do you know how many this
te government has repatriated
since then? In 2003.it was 4,642;
in 2004 it was 3,034; in 2005 it
was 5,543. So far this year, it’s
been 3,015. Now you tell me,
who’s falling down on the job?”
Mr Ingraham asked.

The opposition leader said
that the prime minister knows
that successive PLP adminis-
trations have consciously left
significant numbers of people
illegally residing in the Bahamas
to serve their political purposes.

“They have not addressed the
illegal immigration problem.
Now that election is coming
they want you to believe that

‘they are serious about illegal

' immigrants. I say too little too
late,” Mr Ingraham comment-
ed.

i Santander Bank & Trust is accepting applications from suitably qualified
| Bahamians for the following position:

| COMPLIANCE MANAGER/ CORPORATE SECRETARY/LEGAL COUNSEL

Minimum 5 years Call to the Bar
Minimum 3 years experience in Corporate Dept. of law firm
Good knowledge of Bahamian, U.S. and Spanish financial legislation.
in depth knowledge of compliance policies and procedures
Good working knowledge of PC applications.
Excellent organizational and management skilis
Excellent communications skills (oral and written) .
Fluency in English and Spanish (oral and written) essential.
Good legal drafting capability in English and SATE
Must be highly motivated and focused. :
Travel maybe required. =

wh



e
@
e
e
®
e
®
e
e
e
e

Salary and other benefits commensurate with qualifications and
| experience.

| Applications in writing with details of education and experience should be
|faxed or mailed by May 31, 2006 to:



_ Human Resources Director
Santander Bank & Trust Ltd.
P.O. Box N 1682
‘Fax: 502 7955

Nassau, Bahamas





Double Drapes (off Rack)
Double Sheers

$130.00
- $120.00

a celebration of nature

14 winning entries will appear in Family Guardian’s 2007 calendar. Winning entries receive a gift certificate valued at $400 each. Entry deadline is May 31, 2006

RULES

Family Guardian's Annual Calendar Photo Contest is open to all photographers. The title for the company 's 2007 calendar will be
“A CELEBRATION OF NATURE”. Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature
as found in The Bahama Islands. All photographs must be taken in The Bahamas.

DEADLINE FOR ENTRIES IS MAY 31, 2006.

- $170.00
- $170.00

Triple Drapes
‘Triple Sheers

- $160.00

Cotton, Moire Double Drapes ,
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Triple Cotton, Moire Drapes

Double Short Drapes 63” Long _—_- $70.00
Wood Poles and Wall Scounce Available . bo 7; 2
Drapery Rods available up to 300” 3 All entries are to be delivered to Family Guardian’s Corporate Centre Village and Eastern Road Roundabout, Nassau, between 9:00am
‘Don’t Miss the Savings! Head on Down to \ and 5:00pm weekdays only. Envelopes should be marked “Calendar Contest”.
Studio of Draperies Of Draperies on Wulff Road. 4 Allentries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.
Tel: aab= ‘G41 | 5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film or digital images on CD. 35mm film can
- be positive (slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital images showing
signs of photo manipulation or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in
RAW, TIFF or high quality JPEG and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints
which will be used in the judging process. (Note: prints submitted without 35mm slides or negatives or CDs will not be eligible.)
The photographer's name and photo subject should be written on the reverse of the print.
Judging of entries willbe based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given
to fauna photographed in its natural state, rather than in captivity. The photographs selected will appear in Family Guardian’s 2007
calendar. The decision of the judges will be final.
All entries are submitted at the owner's risk. It is the company's intention to return all entries in their original condition. However, Family Guardian
will assume no liability for any loss, damage or deterioration.
A gift certificate - valued at $400 will be presented for each of the photographs selected. More than one entry from a single
otographer may be selected. Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of
photos.
winning photographs, along with all publication and reproduction rights attached thereto, become the property of Family Guardian and
‘ompany reserves the right to use such in the future. eee ee ee ee ee ee
aes of Family Guardian, its affiliated companies or
ambers are not eligible. | 2007 CALENDAR PHOTO CONTEST ENTRY FORM §j
ublished photos not eligible.





























| agree that in thé event one or more of my entered photographs is selected as a winner
in the 2007 Family Guardian Calendar Photo Contest it will become the property of Family
Guardian Insurance Co. Ltd., and | assign to Family Guardian all rights pertaining to its use
in any way whatsoever, | also confirm that the photos entered in this contest were taken in
The Bahamas by the undersigned and have not been previously published.

SIGNATURE. scatscstecosescopssetscuscasssscssiacagastsbssissvosbunsivavsedsedszenseeceesiontblivipaties
DATE sssssievisensserssievsazessaseass NUMBER OF PHOTOS ENTERED.................

(maximum of 5)

At any one moment there are
a million ways to enjoy Europe.
CARNIVAL TRIUMPH

JUNE 24-7 DAY
Western Caribbean from Miami

699°
Carnival.

| The Fun Ships.

: CARNIVAL LIBERTY
aa AUGUST 23 - 12 DAY
Grand ee from Rome

|: 51599"

Return with photos to: Calendar Contest, Family Guardian Corporate
Centre, Village & Eastern Road Roundabout, Nassau, Bahamas

ENTRY DEADLINE: MAY 31, 2006

i FAMILY
GUARDIAN





Castinations INSURANCE
393-6900 COMPANY

www.destinations.com.bs

\ CORPORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232








PAGE 12, WEDNESDAY, MAY 31, 2006

ay aed C "s
‘|
eR §



On Friday, May 19'" BTC’s Fox Hill CTO
celebrated its 3 Anniversary. This newly
transformed location, also known as a
Multi Service Center (MSC) was bursting
with excitement as the Fox Hill
community joined BTC and made the
event a huge success.

(Top L) Pictured left to right: Leon
Williams, BTC’s Acting President & CEO;

’ Daphne Russell, Manager, Fox Hill MSC;
Darrold Miller, ZNS on air personality;
Janet Brown, Sr. Manager BTC’s

Marketing & PR Department and

Chante’ Johnson, daughter of BTC’s
Acting President & CEO.

(Top C) DJ Phines jamming on the
wheels of steel.

(Top R)Fox Hill MSC Staff Members.

(Bottom L) Pictured is Leon Williams
(left), BTC’s Acting President & CEO
speaking to Darrold Miller, ZNS on-air

The event was celebrated in grand style
with a day of fun and surprises for all Fox
Hill residents and BTC customers. The
Hon. Frederick A Mitchell, MP, Minister of
Foreign Affairs & Public Service, Mr. |. Kirk
Griffin, BTC’s Acting Executive V.P.and Mr.
Jeff Moncur, V.P. Customer Service at BTC,

\

personality’ and host of Immediate
Response during the live radio remote
on ZNS 104.5 FM during the 3"
Anniversary celebrations.

(Bottom C) Children enjoying the free
popcorn, snow cones, hotdogs and

cotton candy provided by Mortimor's —
‘Candy Kitchen.

(Bottom R) Pictured are LaTasha Rolle
(left), BTC’s Marketing Department Job
Training Student, Ricardo Thompson
(center), Sr. Manager BTC and Chante’
Johnson, daughter of BICs octing
President & CEO.

BTC REWARDS VIEWS CHOICE
SONG COMPETITION WINNERS



Pictured is Christin Taylor (left) of C.R.
Walker 1st. Prize Winner in the
Maximumbass Viewers Choice Song
Writer's Competition 2006. He also
received an Audition Date at Fisk





erALexOn oa ast

University, Nashville TN; and 2nd prize
Winner Craig Adderley of Mt Carmel
School receiving their GSM phones from
Margo Gibson, PR Officer in BTC’s PR
Department.

THE TRIBUNE



_ Vol. V- “Issue XIV:




sign up for new service or suis" a:
new n cellular Bone

all made a special visit to BTC’s Fox Hill
location to celebrate the momentous
occasion.

- The Fox Hill MSC i is sthe first of its kind.
‘in the BTC family of offices as it offers
customers the ability to conduct wireless
and or wire-line transactions, pay bills,

j

MSC's to ieee anode the
demands of our customers. |









No one has claimed this
fabulous prize yet!

i



i



Get your






LONG DISTANCE PHONE CARD

SCRATCH and WIN TODAY!

Cal] BTC 225-5262








‘hotel fee disclosure’ cas

*





SECTION



business@tribunemedia.net

WEDNESDAY, MAY 31, 2006

BU

ee en
Miami Herald Business, Stocks, Analysis, Wall Street







Jia

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010









Kerzner moves to settle

@ By NEIL HARTNELL
Tribune Business Editor

erzner International

(Bahamas) has moved

to settle a class action

lawsuit filed against it

that alleges it “provided
inadequate or misleading disclosure
of hotel fees” at its two Paradise Island
resorts, Atlantis and the One & Only
Ocean Club.

Kerzner International (Bahamas)
said it “vigorously denies” wrongdoing
and any liability in relation to the law-
suit, which is focused on housekeeping
gratuities-and energy surcharges paid
by US guests at the resort between
June 24, 2001, and the present.

However, in a notice posted on its
website, Kerzner International said
the company had “concluded it is in its
best interest to settle........ in order to
avoid expense, inconvenience and
interference with ongoing business
operations”. ,

_ The Atlantis owner was quick to

point out that the proposed settlement, .




& By CARA BRENNEN
Tribune Staff Reporter



Company ‘vigorously denies’ class action lawsuit over mandatory housekeeping |
oratuities and energy surcharge at Atlantis and One & Only Ocean Club se

which has to be approved by the Supe-
rior Court of California, Los Angeles
County, where it was filed, did not
mean that the court would have found
against it.

Still, as part of the settlement,
Kerzner International (Bahamas) has
agreed to change the term ‘House-
keeping Gratuity’ on its website to
‘Mandatory Housekeeping Gratuity,
and alter ‘Energy Surcharge’ to ‘Util-
ity Service Fee’.

The lawsuit, filed by plaintiff James

Kalcheim, alleged that Kerzner Inter- '

national had “provided inadequate or
misleading disclosure of hotel fees,
including a housekeeping and/or, ener-
gy surcharge, tax or gratuity”. :
It also claimed “that such conduct
constituted a breach of contract and
violated California Business and Pro-

enter the US duty free, something that
mainly benefits this nation’s fisheries

industry.



et

# THE Atlantis resort

(FILE photo) —

Fishing industry concern
over US export benefits

strongly opposed this. As a result, the
decision on the waiver has been deferred

until the next meeting.

fessional Code sections 17200 and
17500”. =

Under the terms of the proposed
settlement, Kerzner International
(Bahamas) will compensate all guests
who stayed at the Atlantis and One &
Only Ocean club from June 24, 2001,
to the present, and paid a housekeep-
ing gratuity or energy surcharge, with
a coupon worth $5 per person, per
night. .

However, these former guests must
complete a Declaration form that has
to be submitted to attorneys dealing
with the case by September 23, 2006.
Kerzner International (Bahamas) will
then have 30 days to challenge any
declarations after they are forwarded
to them, and any disputes will be
decided by the court or a neutral par-

ty.

v By CARA BRENNEN
Tribune Staff Reporter

THE Bahamian fishing industry is
keenly watching whether the World Trade
Organisation (WTO) grants a waiver
allowing the trade benefits impacting
more than $90 million of Bahamian
exports to the US to continue, fearing
that its loss will have a significant impact
on the sector.

The Caribbean Basin Economic Recov-

Yet the CBERA violates World Trade
Organisation (WTO) rules, as it gives the
Bahamas and wider Caribbean trade pref-
erences that are not made available to
other countries.

The current WTO waiver for the

CBERA expired on December 31, 2005,

and although the US made an applica-
tion to have it renewed until September

Glen Pritchard, president of Tropic
Seafood, one of the Bahamas’ largest sea
food exporters, told The Tribune yester-
day that a decision not to renew the waiv-
er could have potential significance for

the industry.

“J imagine it will affect us to some
degree. It depends on the type of duties




last week.



taking,” he added.





Te





"Kerzner International shareholders.
and Bahamian Depository Receipt
(BDR) holders, who are waiting: to
vote on the bid by Sol and Butch

’ Kerzner to take the company private;. -

should not worry, though, as this class
action lawsuit will have no material
impact on the company. se
If the total value of coupon declara-
tions is greater.than $1.5 million,

- Kerzner International (Bahamas) can

reduce the value of the coupons.

Kerzner: International (Bahamas)
said that if the court approved the set-
tlement, it would enter a judgement
dismissing the action, and members of
the class action would be prevented
from initiating their own litigation
against the company. ‘

The final settlement hearing has
been set for August 24, 2006.

Minister hits back
over Board claims _

UE Be araoie +s Raeehee tt

VINCENT Peet, minister of financial services and investments,
has strongly denied claims that the Investment Board is holding up
applications from potential foreign investors and second home

Responding to claims made by some real estate agents that the

‘ Board’s inefficiency in processing applications ina timely manner
was causing potential investors to take their business elsewhere, Mr
Peet said he was somewhat surprised at the comments, considering
he had met with the Bahamas Real Estate Association (BREA) just

“I heard their concerns-and there are some measures that we are





However, Mr Peet said it “ was

ery Act (CBERA) allows the Bahamas 2008 at the May 9 meeting of the WTO |






Bahamas in ‘very defensible
position’ on OECD initiative

@ By NEIL HARTNELL
Tribune Business Editor



THE Bahamas is in “a very
defensible position” on the
Organisation for Economic Co-
Operation and Development’s
(OECD) ‘harmful tax practices’
project, the Bahamas Financial
Services Board’s (BFSB)
deputy chairman said yesterday,
with the absence of a ‘level
playing field’ justifying the deci-
sion to sign no further informa-
tion exchange treaties.

Michael Paton, a partner with
the law firm Lennox Paton, said
the Bahamas and others had to

SEE page 10B

‘Get involved’ in trade
talks ‘as much as possible’

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMAS-based compa-
nies and its people were yester-
day urged to involve themselves
“as much as possible” in negoti-
ations on free trade agreements
that might impact this nation’s
interests.

Philip Simon, the Bahamas
Chamber of Commerce’s execu-
tive director, said that it would
be this nation’s own fault if its
views were not represented in
talks on free trade agreements
such as the proposed Economic
Partnership Agreement (EPA)
being negotiated between the
European Union (EU) and
CARICOM.

and other Caribbean nations’ exports to

@ MICHAEL PATON

Speaking after the US request
for an extension of the waiver
for the Caribbean Basin Eco-
nomic Recovery Act (CBERA),
made on May 9, was deferred
after continued strong opposi-
tion from Paraguay at the World
Trade Organisation (WTO), Mr
Simon said the Bahamas would
have to abide by the rules set by
such bodies even if it did not join
them.

He said: “Even if the
Bahamas does not sign on to any
of these agreements, it will have
to abide by the many global
standards and rules being set if
we are to engage in trade. We



SEE page 10B

Council for Trade in Goods, Paraguay



SEE page 7B





not true at all” that the Board
never meets. SEE page 4B

Ge

=


PAGE 2B, WEDNESDAY, MAY 31, 2006

The Nassau Institute
&

The Atlas Economic Research Foundation

Invite you to a Symposium

Taking Small Nations
To Greatness:
Free Trade, Security and
Education

The Coral Ballroom,
Atlantis, Paradise Island
Friday, June 9, 2006

9am to 5pm
$50 includes lunch

MORNING SESSIONS

Session 1 at 9am

Free Trade: FTAA and CSME,

Which Road to Prosperity and Freedom?
Brian Dean, Florida FTAA, Inc.

Brian Moree, Bahamas

Dr. David Lewis, Manchester Trade

Session 2 at 11am

The Challenge to Freedom in the Caribbean:

Cuba, Haiti and Venezuela

Stephen Johnson, Heritage Foundation

Anibal Romero, Simon Bolivar University, Venezuela
Hans Tippenhauer, Fondation Espoir, Haiti

LUNCHEON SPEAKER
Lunch at ipm
Francisco Flores, former president of El Salvador

AFTERNOON SESSION ©

Session 3 at 2:45pm

Empowering the Young: Inspiring Noble Purpose
through Entrepreneurship and Character
Eduardo Marty, Junior Achievement International
Dr. Kimon Sargeant, John Templeton Foundation
Barrie Farrington, Bahamas

Cristina Burelli, Alliance for the Family



Call: 324-2035 or 326-5728 for details and reservations
5 or visit : www.nassauinstitute.com

‘

PUBLIC HOSPITALS AUTHORIT
VACANCIES FOR |

EMERGENCY MEDICAL TECHNICIAN
(EMT)BASIC © ;

Applications are invited from suitably qualified persons for the post
Emergency Medical Technician - Basic, Corporate Office, Public Hospital
Authority.

Applicants must possess the following qualifications:- |






























ore rewe

&
&

A minimum of two (2) B.G.C.S.E level or equivalent (including Math,
English, Science); Good oral, writing and reading skills; Emergency
Medical Technician, Basic and three years relevant experience; Must be
able to communicate and interact with members of the public and other
public safety and health professional during times of extreme stress,
while maintaining composure.

| LICENSES CERTIFICATIONS

1. Obtains certification equivalent to US National Registry EMT-Basic.

2. Maintains certification in Basic Life Support (BLS); Pre-hospital
Trauma Life Support (PHTLS); American Heart Association (AHA)
and Cardio Pulmonary Recitation (CPR) for the Professional Rescuer.

3. Resgistered and licensed with the Health Professions Council
(Bahamas).

JOB SUMMARY

Responsible for providing timely pre hospital care to patients who require

emergency medical assistance; Secure scene and maintains safety.

DUTIES

‘I. Responds Immediately to emergency calls. | |
2. Secures the scene of an emergency situation and maintains safety.
3. Performs basic life support and other medical assistance until the
patient arrives at the hospital.

4. Completes required reports related to patient care and provides
electronic, verbal and written report to medical staff.

5. Communicates with hospitals and dispatch center usnig various
radio/telephone equipments.

6. Ensures that all emergency equipment are in the ambulance at all
times. |

7. Prepares and submits an inventory of supplies at the end of each
shifts. |

Letters of Application, resume and three (3) references should be
submitted, no later than 16th June, 2006, to the Human Resources
Director, Public Hospitals Authority, P.O. Box N-8200 or Ist Corporate
Office, Dockendale House, West Bay Street.



THE TRIBUNE »



Old Fort

Bay close
to sell-out

ALL lots in the final phase.of Old Fort bay’s
development have been placed on the market,
with realtors saying the 320-acre residential
community in northwestern New Providence is
ahead of schedule and close to being sold out.

Sara Callender, sales and marketing manager
for Old Fort Bay Realty, said lot prices for the
last phase started in the mid-$500,000 range
and went up to.in excess of $4 million.

She added that since releasing the lots, there
had been a ‘domino effect’ with further lots
sold and more houses being constructed. .

There are less than 50 lots available in Old

' Fort Bay, with its owner, New Providence

Development Company, selling about 200 lots

' by the time the project is completed.

Old Fort Bay was given a new lease of life'in
2001, when New Providence Development
Company was acquired by the Tavistock Group,
the holding company for investments made by
Lyford Cay-based billionaire, Joe Lewis.

Under its new ownership, New Providence

‘Development Company revised the develop-

ment plan for Old Fort Bay, putting the first 20
lots up for sale in 2002.

. “When we took over, the development com-
pany had their work cut out for them, primari-
ly in regard to infrastructure,” said Ms Callen-
der.

“Tt was not necessarily a hiccup, but any devel-
oper’s primary need is to be able to develop
their community and to sell all of the lots - so
you have to be able to supply water, electricity

— you need infrastructure — and as that was

Opportunity:

accomplished, we released the lots in phases.
2005 was a great year and 2006 is proving to be
even more exciting than last year.”

The end to site works, and completion of
roads and infrastructure installation, has opened
Old Fort Bay to other purchasers, including
European, Canadian and ‘Lyford Cay legacy
buyers’.

“I can’t think of one occasion where someone
purchased a lot, without having some personal
connection to The Bahamas — it’s really a love-
ly, heart warming type of thing,” Ms Callender
said. . .

Residents and lot owners may apply for mem-
bership to the Old Fort Bay Club which serves
as the focal point and social centre of the com-
munity.

The ‘Club is housed in a Spanish-styled build-
ing known as ‘The Old Fort’. The building has,
evolved over 250 years and is adjacent to an
18th century shore battery. The two-storey, pri-
vate club has a Members’ Bar, dining facilities,

a Fitness centre, access to the Old Fort Beach

and offers private catering and extensive
Concierge services.

Tennis courts, swimming pool and a golf

course are:soon to be available.

“The club draws people together and creates
a sense of community, unlike other places where
you may not even know your neighbour. We
have a great magical place with a charming his-
tory behind it - and the Old Fort Bay Club
brings it all together in a beautiful setting,” Ms
Callender said.

World Class Retailer

Esso, a market leader in fuels and convenience retailing, is looking
for operators/franchisees for its On The Run Cafes, Tiger Markets,
and service stations across New Providence.

If you have... |

e Successful experience in sales, finance, or administration
e A minimum of five years successfully supervising a team of

workers

‘A desire to provide superior customer service

Computer literacy
Organizational discipline

- Access to'capital and a good credit history

.. We want to know you!

e

Applications can be obtained from our division Office, Windsor Field
Road, Nassau, Bahamas. Applications from interested parties must
be submitted no later than June 16, 2006 to:

Benita Rahming, Marketing Specialist

Esso Standard Oil SA Limited

Division Office, Windsor Field Road

PO Box CB-10998
Nassau, Bahamas

Life. Onthe Kun

We’re drivers too.





a4
4

'
ie
THE TRIBUNE

‘WEDNESDAY, MAY 31, 2006, PAGE 3B..



n the previous article
we looked at the role of
capital markets and
credit ratings. In this
article andthe ones to
follow, we will be discussing how
the credit quality of various enti-
ties such as national govern-
ments, banks and financial insti-
tutions, and other corporates
can be evaluated in an objective
manner using robust and com-
prehensive frameworks.

CariCRIS uses such method-

ologies for assigning credit rat-
ings. Publication of these
methodologies is an important
part of CariCRIS’ effort to be
transparent, and to bring about
investor confidence in the ana-
lytical robustness and objectivi-
ty of its credit ratings. We begin
with the framework for assign-
ing ratings to national govern-
ments, also known as sovereign
ratings.

Sovereign ratings, on the
regional scale, give investors an
insight into the relative risks
associated with lending to vari-
ous Caribbean governments. In
other words, it is an objective
assessment of a particular sov-
ereign’s creditworthiness rela-
tive to other debt issuing gov-
ernments in the region - for
instance, between the govern-
ment of Jamaica and the gov-
ernment of Barbados. It is
important to note that sover-
eign ratings assess the credit risk
of national governments and are
not to be seen as a ‘country rat-
ing’.

The framework for assigning
a sovereign credit rating
involves a fair amount of quali-
tative judgement, as well as
quantitative parameters and
ratios such as debt/GDP (Gross
Domestic Product); fiscal
deficit/GDP. Sovereign risk is
usually assessed by analysing
five key risk categories - income

Microsoft Serv
ACCPAC -

and economic structure, fiscal
policy/indebtedness, monetary
& exchange rate policy, balance
of payments and external liq-
uidity and, finally, the political
environment.

The analysis focuses on the

question of how these risk para-
meters affect the sovereign’s
ability to repay its debt. Sover-
eign ratings also have another
dimension - the currency of
debt. The ratings explicitly indi-

cate this by adding a suffix “For-

eign Currency’ or ‘Local Cur-
rency’. ‘

Typically, local currency rat-
ings are one or two notches
higher than the foreign currency
ratings, reflecting the Govern-
ment’s ability to print local cur-
rency or raise taxes to meet its
debt obligations. Exceptions to
this include countries that have
an official currency peg (such
as Panama) or which are part
of a larger monetary union and
have a common currency (such
as the OECS countries), where
‘printing money’ is not an easy
option available to the sover-
eign.

A natural question arises
here. If a government has the
ability to print money or raise
taxes, why is it not rated ‘AAA’,
at least for its local currency?
The answer lies in the fact that
né“government has unlimited
ability to print money or raise
taxes, as this may have other
serious repercussions, such as
high inflation or sharp depreci-
ation against hard currency.
Weighing these costs, the Gov-
ernment might choose to default
on its local currency, rather than
print money to meet debt oblig-
ations. Thus, unless the. funda-
mental credit quality of the sov-
ereign is strong, the ability to
print money cannot take the
local currency ratings signifi-
cantly higher and hence the

y 3 ts
003, Exchange 2003, Linuz, and —

* Ability to work with Minimal supervision.
* Excellent communicatin and organizational skills
® Willingness to relocate to Freeport, Bahamas

To apply for this position please e-mail your resume to:
hr@abcomarkets.com

NOTICE TO SHAREHOLDERS

The Board of Directors of Finance

Corporation of Bahamas Limited hereby

notifies all of its Shareholders that the Bank’s

actual net profit, based on unaudited results

for the quarter ended 30th April 2006 was
$9,947,782. As aresult, an interim dividend

| of thirteen cents (13 cents) per Ordinary
Share will be paid on 14th June 2006, to all
shareholders of record as of 7th June 2006.

The Bank’s total assets stood at
$624,094,350 for the quarter ended 30th

April 2006.

KEVA L. BAIN

CORPORATE SECRETARY

Dated this 31st May, 2006



strong linkage with its foreign
currency rating.

We now take a closer look at
some of the risk parameters
under each risk category.

Income and economic

structure

This parameter assesses the
state of the economy, the per-
formance of the economy, com-
position, size and diversity of

the economy, quality of income :

distribution and quality of pri-
vate sector participation in the
economy. A partial list of factors
assessed under this risk catego-
ry includes:

* Size of the economy

* Past growth rates and
assessment of future growth
rates

* Key drivers of growth

* Degree of private sector
participation and their global
competitiveness

* Human Development
Index, and its trend-line

Fiscal policy/Indebtedness

Under this parameter, the fis-
cal policy and performance of
the sovereign is assessed, and
compared with other sovereigns
in the region. The extent of
indebtedness of the sovereign,
the nature of such debts, and
extent of the sovereign’s fiscal
flexibility in meeting its debt
repayments are assessed in this
parameter. A partial list of fac-
tors assessed includes:

* Government revenues,

‘ growth in revenues and quali-

ty/diversity of these revenues

* Government expenditure
levels, past growth and compo-
sition (discretionary vs. com-
mitted)

* Coherence and consistency
of government policy, methods
of deficit financing

* Effectiveness and equitable
nature of tax regimes, and gov-
ernment flexibility to increase
tax revenues

- Debt/GDP and
Interest/Government revenues,
their trend in the past and
expectation of future indebted-
ness

* Off-budget and contingent
liabilities, size and health of the
non-financial public sector

“enterprises

Monetary stability and.

exchange rate policy

Parameters assessed under
this risk category include the
government’s monetary policy
and track record in maintaining
stable monetary conditions,
including past inflation rates,
interest rates and exchange
rates.

The independence of the cen-
tral bank to pursue sustainable
exchange rate and monetary
policies, and extent of the devel-
opment of domestic equity,
bond and foreign exchange mar-
kets to facilitate the achieve-
ment of monetary policy objec-
tives are also assessed in this
risk category.

Balance of payments and

external liquidity
The government’s policy on

~CariCRIS —

PUBLIC HOSPITALS AUTHORITY

VACANCIES FOR
EMERGENCY SERVICES TECHNICIAN (EST)
~ BASIC

Applications are invited from suitably qualified persons for the post
| Emergency Services Technician - Basic, Corporate Office, Public Hospital
Authority.

Applicants must possess the following qualifications:-





SEE page 11B
















A minimum of five (5) B.J.C’S or equivalent (including Math, English.);
Good oral, writing and reading skills; Emergency Services Technician,
Basic and two (2) years relevant experience; Must be able to communicate
and interact with members of the public and other public safety and |
health professional during times of extreme stress, while maintaining |
composure.
Must also obtain licensure and registration from the Bea Professions |
Council. |

DUTIES

The Emergency Services Technician (EST) Basic is responsible for |
providing basic life support to ill or injured persons including:












e Taking current and past history relevant to event.

e Maintaining the airway.

¢ Manually ventilating a patient.

e Splintering or otherwise immobilizing the body or parts of the body.
¢ Protecting the confidentiality and es or ile patient
| ° Recording all pertinent information Bee ar aaone,

‘WORKING CONDITIONS



Letters of Application, resume and three (3) references should be
submitted, no later than 16th June, 2006, to the Human Resources |
Director, Public Hospitals Authoritry, P.O. Box N-8200 or Ist Corporate
Office, Dockendale House, West Bay Street.

Credit Suisse Wealth Management

Limited

Is presently considering applications for a

HEAD OF SALES
(Private Banking)

Credit Suisse Private Banking is one of the world's premier private banks. It is setting new standards that go
beyond traditional banking services. Our dedicated and highly qualified staff provides our clientele with comprehensive
solutions in individual investment counseling and professional portfolio management. Our total commitment is always
to our clients and we focus without compromise on their financial well-being and their personal values.

The position is open to candidates with the following minimum requirements:

Qualifications:

- Minimum 10 years well rounded investment banking experience geared toward the marketing and
Fai sale of investment products and services in an aggressive trade oriented environment
Advising clients on investment opportunities in the global markets
Responsible for execution of client orders, monitor cash management and client portfolios
Manage a highly sophis ticated and trade oriented team of relationship managers
In-depth knowledge of international Money Market/Forex Exchange Trading/Treasuries/Emerging
Markets/Derivatives/Securities Operations/Execution, etc.
Strong risk management and portfolio management skills
Strong management and leadership skills
Well versed in Swiss banking practices and standards
PC Literacy (MS Word, Access, Excel) and Bloomberg experience
Fluent Portuguese and English

Duties:

The candidate will be expected to:
Manage a substantial clientele base of sophisticated ultra high net worth individuals
Develop, recommend and ensure the implementation of the bank's marketing and sales strategy
Travel extensively to develop new client relationships
Monitor/evaluate the bank’s position and oversee existing and prospective trading activities
Provide advice and guidance to dealers and traders engaged in treasury activities
Supervise Provide sales support to relationship managers

Personal walities:

- Excellent organizational and communication skills
- Highly motivated with a commitment to service excellence
- Degree (or equivalent) in Business Administration, Finance or Economics

Benefits provided include:
- Competitive salary, performance bonus plus health and life Insurance

Applications should be submitted by fax to: (242) 302-6398
Or by mail to: Human Resources Department
P.O. Box N-4801
Nassau, Bahamas

,

DEADLINE FOR RECEIPT OF APPLICATIONS IS JUNE 2, 2006

You must be able to lift patients, equipments, materials weighing 150lbs. 7.”

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PAGE 4B, WEDNESDAY, MAY 31, 2006



NOTICE

NOTICE is hereby given that ROSELINE FORBES OF
TREASURE CAY, ABACO, 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 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, PO.Box
N--7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that STEVENSON JACQUES
PEARDALE OF NASSAU, BAHAMAS, P.O. BOX SS-6360
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 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N=7147, Nassau, Bahamas.





BUSINESS

Minister hits




THE TRIBUNE.

ack




over Board claims

FROM page 1B

“That is outrageous. They
meet at least once a week or
every other week,” he said.

Mr Peet stressed that the
Board was current with its
applications, and has in the past
few weeks dealt with over 100
applications. He also denied
claims raised by some realtors
that there was a time lag of at
least six months to two years
before an application was dealt
with. Instead, Mr Peet said the
average application was dealt
with within seven days. “In
some cases, they are dealt with

before seven days,” he added, .

although he noted that in rare
cases, some applications
remained outstanding.

The minister pointed out that
he realises there are realtors
and investors who are eager to
close on sales, but said it was
the role of the Board to ensure
there was due diligence on
every application, something
that in some situations may
require additional time.

In addition, Mr Peet said that
while an investor may pull out
of a deal, that could be the case
‘in any market. He pointed to
an article also appearing in Tri-
bune Business regarding the

Central Bank report for the ©

month of April. In the article,
the Bank projected that sup-
ported by a number of tourism
investment projects, the
Bahamas was poised to sustain
a healthy level of economic
expansion, and private sector
demand remained strong and
continued to stimulate con-
struction investments.

Mr Peet said that report con-
firmed there was a strong cli-
mate for investment in the
country. “There is no question
that the Bahamas is one of the
hottest climates for investment
in the world,” said Mr Peet.

Yesterday’s story about the

realtors and the investment
board stated: “Bahamas Real
Estate Association president,
Larry Roberts told The Tribune
that he has a scheduled meeting
with the Investments Board lat-
er this week. He said he would
prefer not to comment until he
has had a chance to attend that
meeting.” That information was
not correct. Mr Roberts’ meet-
ing is scheduled with the
Bahamas Real Estate Associa-

‘ tion, not the Foreign Invest-

ment Board.The Tribune apolo-
gies to Mr Roberts for any
inconvenience this may have
caused.







y GS olina.... = )FIDELITY

Financial Advisors Ltd.







EPS $ Div $





Today's Close Change Daily Vol.




Abaco Markets
















5 . Bahamas Property Fund 11.35 11.50 0.15 1,000 1.568 0.360 7.3 3.13%
7.24 6.35 Bank of Bahamas 7.10 7.20 0.10 1,900 0.738 0.330 9.8 4.58%
0.85, : 0.70 Benchmark 0.78 0.78 0.00 0.292 0.020. 2.7 2.56%
1.80: 1.26 Bahamas Waste 1.30 1.30 0.00 0.143 0.060 9.1 4.62%
1.256 1.05 Fidelity Bank 1.25 1.25 0.00 0.175 0.050 7.1 4.00%
9.60° 8.00 Cable Bahamas 9.40 9.40 0.00 0.618 0.240 15.2 2.55%
2.207 1.39 Colina Holdings 1.67 1.67 0.00 -0.067 0.000 NM 0.00%
10.70 8.50 Commonwealth Bank 10.70 10.70 0.00 0.93T 0.560 11.5 5.23%
6.265 4.12 Consolidated Water BDRs 5.93 6.26 0.33 0.115 0.045 “51.6 0.76%
2.88 1.96 Doctor's Hospital 2.70 2.70 0.00 0.437 0.000 6.1 0.00%
6.21, 4.02 Famguard 6.21 6.21 0.00 0.539 0.240 11.5 3.86%
11.25 10.45 Finco 11.25 11.25 0.00 0.738 0.540 15.2 4.80%
12.30 8.51 FirstCaribbean 12.30 12.30 0.00 0.874 0.500 14.1 4.07%
10.60 8.41 Focol 10.60 10.60 0.00 0.885 0.500 12.0 4.72%

B41 20: 1.04 Freeport Concrete 1.04 1.04 0.00 -0.162 0.000 N/M 0.00%
10.20 9.50 ICD Utilities 9.50 9.50 0.00 0.526 0.405 18.1 4.26%
; J. S. Johnson 0.00 100 0.565 0.560 16.1 6.15%



Kerzner International BDRs

























$

OK 12.25 Bahamas Supermarkets x

10-44 10.00 Caribbean Crossings (Pref) .
5& 0.20 RND Holdings :

43:00 28.00 ABDAB it :

5 13.00 Bahamas Supermarkets 14.00 15.00

0.35 RND Holdin cei eee ceercinepsaeeees eR eecsssepeenies
52wk-Low Fund Name 1 NA V YTD% Last 12 Mon

1.2887 1.2327 Colina Money Market Fund. | 1.288727* ,
2.7451 2.3329 Fidelity Bahamas G & | Fund 2.7451 ***
2.3560 2.2072 Colina MS! Preferred Fund 2.329423**



1.1006



Col Bond Fund



1.164331****
Se 98





| BISX ALL SHARE INDEX, =.19'Deo!02=31/009.00; }
S2yk-Hi - Highest closing price in last 52 weeks —
52wk-Low - Lowest closing price in last 52 Weeks!” °°
i Preylous Close - Previous day's weighted price for.daily volume

5 Bid § - Buying price, of Colina and Fidelity
Vas '$ - Selling price ‘of Colina and fidelity |’ *
, Last Price - Last.traded over-the-counter price *



b satigeivcire "19 May 2006

Totay's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week “*- 01 May 2006
Change - Change in closing price from day to day EIPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value *** ~ 30 April 2006

Daily Vol. - Number of total shares traded today
DIYS - Dividends per share paid in the last 12 months

2 arnings
ae :

N/M - Not Meaningful A
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
3 ‘s <3 <3 aN 583 se

so SRS Rest
RENAE INE OR






CORSET PAINE .
EVES FOR WOR: SS



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BSOS POTS RIDERS 2



-redit Suisse Wealth Management Limited

is. presently considering applications for a

; | CHIEF FINANCIAL/OPERATING OFFICER

Credit Suisse Private Banking is one of the world’s premier private banks. it is setting new
standards which go beyond traditional banking services. Our dedicated and highly qualified staff
provides our clientele with comprehensive solutions in individual investment counseling and
professional portfolio management. Our total commitment is always to our clients and we focus
without compromise on their financial well-being and their personal values.





Requirements:

- Aminimum of ten (10) years experience in banking with a large international institution at
Head Office level

- Knowledge of trading, trade reconciliation, custody business, securities markets and funds
business

- . Extensive experience with SWIFT and EUROCLEAR systems and procedures

- Deep knowledge of SOX related issues and US-GAAP standards

- Ability to speak and write in Portuguese and English

- Experience in analysis of financial ratios, variance analysis, Management information Systems,
forecasting, budgeting and accounting i

- Knowledge and working experience with Microsoft products (including word, excel, access,
etc.)

- Must have extensive working knowledge of GLOBUS and ADAC applications

- Ability to evaluate financial reports sent to our Head Office, create and/or implement new
financial reports according to Head Office guidelines and streamline the business segments

- Significant experience in a senior management role in an operational environment

- Comprehensive knowledge of operational and information technology principles, practices and
processes sufficient to interpret/analyze complex issues and develop innovative solutions to the
challenges effecting the business unit _ 8
- Strong problem solving and decision-making skills

- §Strong interpersonal, oral and written communications skills
- Possess a confident and outgoing personality —

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Key Duties & Responsibilities will include:

SRARP*A SSAA LARA’

- Co-ordinate day-to-day operating of the main office
- Oversee various Management functions; particularly the Accounts and Information &

Technology Departments
- Audit and liaise with managers to ensure maintenance of standards

RS bak

x ek

Applications should be faxed to: (242) 302-6398
Human Resources Department
» P,Q. Box N-4801
Nassau, Bahamas



DEADLINE FOR RECEIPT OF APPLICATIONS IS JUNE 2, 2006

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NOTICE

NOTICE is hereby given that ROLAND ETIENNE JR.,
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 31ST 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 |, LENORA ELVINA
FARQUHARSON, of Joe Farrington Road, P.O. Box
N-4118, Nassau, Bahamas, intend to change my name
to LEANORA ELVINA FARQUHARSON. If there are any
objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, PO.Box
F-43536, Grand Bahama, Bahamas no later than thirty
(30) days after the date of publication of this notice.

NOTICE is hereby given that ALBERT MERZIUS OF
BARCARDI ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization’as'a citizen of The Bahamas,-and
that any person who knows any reason why
registration/naturalization should not be granted, should send
a written and signed statement of the facts within
twenty-eight days from the 24TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.




























2005
CLE/qui/01389B

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

IN THE MATTER of The Quieting of Titles Act, 1959
; AND
IN THE MATTER of The Petition of Charles Thompson

NOTICE OF PETITION

NOTICE IS HEREBY GIVEN that Charles Thompson. of St.
Andrews Road in the Eastern District of New Providence, the
Commonwealth of The Bahamas, is applying to the Supreme
Court of the Commonwealth of The Bahamas, is applying to the
Supreme Court of the Commonwealth of the Bahamas to have
his title investigated and determined and declared under the
Quieting Titles Act, 1959 (Ch. 393) in respect of the land hereafter
described, that is to say:
"ALL THAT piece of parcel or tract of land comprising
Two and eight hundred ad fourteen thousandths (2.814)
acres situate in the Malcolm Allotment Subdivision in
the Southern District of the Island of New Providence,
one of the islands of the Commonwealth of The Bahamas
and being Allotment Number Sixty-two (62) on a plan
of the said Malcolm Allotment Subdivision that is
bounded NORTHWARDLY by a Twenty (20) foot wide
Road Reservation and running thereon One hundred and
sixty and eighty-three hundreths (160.83) feet,
EASTWARDLY by Allotment Number Sixty-three (63)
in the said Subdivision and running thereon Seven
hundred eighty-seven and fifty-seven hundredths (787.57)
feet, SOUTHWARDLY by vacant land in the said
Subdivision and running thereon One hundred forty-
nine and seventy-three hundredths (149.73) feet,
WESTWARDLY by a Ten (10) foot wide Road
’ Reservation in the said Subdivision and running thereon
Seven hundred ninety-six and forty- six hundredths ;
(796.46) feet, which said piece parcel or allotment of
land has such shape, marks, boundaries, positions and
dimensions as are shown on the plan submitted with the
Petitioner's Petition and delineated in PINK"

AND TAKE NOTICE that copies of the Petition and
Plan of the said land may be inspected during normal office hours
at the following places:

i. Supreme Court Registry, Ansbacher House, East Street
North, New Providence, The Bahamas

ii. Sharon Wilson & Co., Chambers, No. 57 Jerome
Avenue, Pyfrom's addition, New Providence, The
Bahamas.

AND FURTHER TAKE NOTICE that any person
having dower or right to dower, an adverse claim or a claim not
recognized in the Petition shall on or before the 30th day of June
A.D., 2006 file in the Supreme Court and serve on the Petitioner
or his Attorney an Adverse Claim in the prescribed form supported
by Affidavit

FAILURE OF ANY PERSON to file and serve an
Adverse Claim on or before the said date will operate as a:bar to
such a claim.

Dated this 8th day of May A.D., 2006

SHARON WILSON & CO
Chambers
No.57 Jerome Avenue
Pyfrom's Addition
New Providence, The Bahamas
Attorneys for the Petitioner






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4
THE TRIBUNE BUSINESS *” WEDNESDAY, MAY 31, 2006, PAGE 5B

Change in accounting standards

=

Ell ERNST & YOUNG @ Chartered Accountants @ Phone: (242) 502-6000 se . ar
One Montague Place lax: (242) 502-6090 Since March 2004, the International Accounting Standards Board (IASB) has significantly amended
eel wenn IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments:
RO. Box N-3251 Recognition and Measurement. The amendments became effective on January 1, 2005.
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder and Board of Directors of
SG Hambros Bank & Trust (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of SG Hambros Bank & Trust
(Bahamas) Limited (the Bank) as of December 31, 2005. The consolidated balance sheet is the
responsibility of the Bank’s management. Our responsibility is to express an opinion on this
consolidated balance sheet based on our audit.

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

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

Ene erg

February 15. 2006

CONSOLIDATED BALANCE SHEET



Total shareholder’s equity 25,552 24,219

Total liabilities and shareholder’s equity 722,980 637,545 *

COMMITMENTS AND CONTINGENCIES (note 9)

Director Director



NOTES TO CONSOLIDATED BALANCE SHEET
December 31, 2005

1. CORPORATE INFORMATION

SG Hambros Bank & Trust (Bahamas) Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking, investment advisory
services, trust and company administration and fund management. The Bank is a wholly-owned
subsidiary of SG Hambros Bank and Trust (United Kingdom), whose ultimate parent company is
Société Générale SA which is incorporated in France. The consolidated financial statements of the
group are available from the Company Secretary, Societe Generale, 29 Boulevard Haussmann,
75009 Paris, France.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The consolidated balance sheet has been approved for issue by the Director’s of the Bank on
February 15, 2006.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statemertt of compliance

The consolidated balance sheet has been prepares in accordance with International Financial
Reporting Standards (IFRS).

Basis of preparation

The consolidated balance sheet is expressed in United States dollars. The preparation of
consolidated balance sheet requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the consolidated balance sheet. Actual results could differ
from those estimates.

The consolidated balance sheet was prepared under the historical cost convention, except for the
measurement at fair value of financial, assets and liabilities, and loans and mortgages. Investments
held to maturity are stated at amortized cost.

Principles of consolidation
The accompanying consolidated balance sheet includes the balance sheet of the Bank and those of :
its wholly-owned subsidiaries, Adansonia Investments Limited, Bannervale Investments Limited,
Dragonian Investments Limited, Goshen Investments Limited, Maridi Investment Company
Limited and SG Hambros Corporate Services (Bahamas) Limited, all of which are nominee non-
trading companies and are'inccrporated under the laws of the Commonwealth of The Bahamas. All
: significant intercompany accounts have been eliminated on consolidation.



Comparative information was adjusted in accordance with IAS 8 Accounting Policies, Changes i in
Abcounting Estimates and Errors, to ensure the appropriate accounting policies are applied in each
period, where necessary.

The amended IAS 39 introduced a new category of financial instruments, financial assets and_
liabilities at fair value through profit or loss, which is divided into two sub-categories, “‘held-for-
trading”, and “financial instruments designated at fair value through profit and loss on initial
recognition”. The Bank determines the classification of its financial assets upon initial recognition
and, where allowed and appropriate, re-evaluates this designation at each financial year-end.

Investments held-to-maturity

At January 1, 2005, the Bank adopted IAS 39, including the amendments issued by the IASB in the
period prior to August 2005. Investments held-to-maturity are financial assets which the Bank
intends to hold to maturity and represents floating-rate notes, where the interest rate is tied to the
one-month or three-month LIBOR plus a fixed spread, and U.S. Government Securities. These
securities are stated at amortized cost (which approximates market value), which is calculated by
taking into account any discount or premium on acquisition, over the period to maturity

Impairment and uncollectibility of financial assets

_An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be impaired. If such evidence exists, the ,

estimated recoverable amount of that asset is determined and any impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2005 (nil — 2004).

Accounts receivable

. Accounts receivable are stated at original invoice amount less any provision for doubtful debts. An

estimate for doubtful accounts is made on a specific identification basis, when collection of the full
amount is considered no longer probable. There was no provision for doubtful debts necessary as
of December 31, 2005 (2004 — nil). Bad debts are written-off as incurred.

Loans and mortgages

Loans and mortgages are stated at the principal amount outstanding adjusted for charge-offs and
provision for loan losses. The provision for loan losses is increased by charges to income and

December 31 decreased by charge-offs (net of recoveries). Management’s periodic evaluation of the adequacy of
2005 2004 the provision is based on the Bank’s past loan loss experience, known and inherent risks in the
$7000 $000 portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of
: any underlying collateral, and current economic conditions. No loans were considered impaired at
ASSETS December 31, 2005 (nil — 2004).
Cash and due from banks on demand 15,407 5,702 :
Deposits with banks 242,293 283,566 Property and equipment
Security settlements pending 13,779 4,507 : pa
‘Accounts receivable 2,080 2,027 Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated
Toansiand morgases (pte 3) 52,127 43,600 on the straight-line basis over the estimated useful lives of the assets as follows:
Investments held-to-maturity (note 4) 376,309 278,057 tet
Property and equipment, net (note 5) 11,869 12,096 Building 40 years
Other assets (note 6) 5,586 4,216 Rubbed Snes 5-10 years
Pension plan asset(note7) 8580, TTA Motor vemnees i aia
E.D.P. - Software 5 years
Total aagets 722,980 637,545 E.D.P. - Hardware 5 years
Machinery and equipment 3-5 years
LIABILITIES AND SHAREHOLDER’S EQUITY The carrying amounts of the property and equipment are reviewed at each balance sheet date to
Liabilities : assess whether they are recorded in excess of their recoverable amounts, and where carrying values
Due to banks on demand 4,963 251 exceed this estimated recoverable amount, assets are written down to their recoverable amount. No
Current and deposit accounts 673,045 602,032 such write-downs have been recorded by the Bank.
Security settlements pending 10,734 529
Other liabilities (note 8) ~ ; 6,540 5,915 Accounts eae and accrued liabilities
Pension plan liability (note 7) —- 184 155
Post-employment healthcare plan liability (note 7) 1,962 4,444 Liabilities for accounts payable and accrued liabilities, which are normally settled-on - 30-60 day es
Total liabilities 697,428 613,326 terms, are carried at cost, which is the fair value of the consideration to be paid-in the future for
: : goods and services received. Payables'to related parties are carried at cost. Accounts payable and
Shareholder s equity accrued liabilities are reported in other liabilities on the consolidated balance sheet.
’ Share capital:
Authorised — 75,000 shares of B$57.15 each Provisions
Issued and fully paid — 35,001 shares 2,000 2,000
Contributed surplus 8,266 8,266 Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
-Retained earnings 15,286 - 11,953 ' of a past event, it is probable that an outflow of resources embodying economic benefits will be
General reserve iy, 2,000 required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Pensions and other post-employment benefits

The Bank operates two defined benefit pension plans, both of which require contributions to be
made to separately administered funds. The Bank also provides defined benefit post-employment
healthcare benefits to its retirees. These benefits are unfunded. The cost of providing benefits
under these plans is determined separately for each plan using the projected unit credit actuarial

valuation method. Actuarial gains and losses are recognized as income or expense when the

cumulative unrecognized actuarial gains or losses for each individual plan exceed 10% of the
greater of the defined benefit obligation or the fair value of plan assets. These gains or losses are
recognized over the expected average remaining working lives of the employees participating in the
plans. Actuarial valuations are performed by qualified independent actuaries.

Translation of foreign currencies

Monetary assets and liabilities denominated in currencies other than United States dollars are
translated at the rates of exchange prevailing at the year end.
General reserve

Transfers between general reserve and retained earnings are made at the discretion of the Directors.
Related party balances

All balances with the ultimate parent company or its subsidiaries ai are shown in this consolidated
balance sheet as related party.

Assets under management

No account is taken in this consolidated balance sheet of assets and liabilities of clients managed
and administered by the Bank or its subsidiaries as custodian, trustee-or nominee, other than those
assets and liabilities which relate to the banking services provided by the Bank or its subsidiaries
for their clients.

Taxes

There are no income taxes imposed on, the Bank in the Commonwealth of The Bahamas.
Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year and comparative figures have
been amended as required. Adoption of revised standards does not have any effect on equity as at
January 1, 2004.

e IAS 1 Presentation of Financial Statements (excluding amendments effective for period
beginning on or after January 1, 2007); ,

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

IAS 10 Events after the Balance Sheet Date;

IAS 16 Property, Plant and Equipment

IAS 24 Related Party Disclosures;

IAS 27 Consolidated and Separate Financial Statements;

IAS 32 Financial Instruments: Disclosure and Presentation;

IAS 36 Impairment of Assets; and

e JAS 39 Financial Instruments: Recognition and Measurement

Early adoption

The Bank did not early adopt any new standards during the year, including amendments to IAS 19
imployee Benefits effective for period beginning on or after January 1, 2006 and as a result, certain
amounts and disclosures related to the Bank’s defined benefit pension plans nay have been
changed.

IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

sc me

7 4
SER eR

SRE AR RN RET


PAGE 68, WEDNESDAY, MAY 31, 2006 THE TRIBUNE BUSINESS

The principal assumptions used in determining pension benefit obligations for the Bank’s plans are

IFRS 6 Exploration for and Evaluation of Mineral Resources

' “This Standard does not apply to the activities of the Bank. shown below:

IFRS 7 Financial Instruments: Disclosures Pension Plans

This Standard is required to be applied for annual periods beginning on or after January 1, 2007, Bahamian Non-Bahamian

and as a result, certain amounts and disclosures related to a portion of the Bank’s financial 2005 2004 2005 2004

instruments may be changed. % % % %

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Discount rate at December 31 5.30 5.33 5.35 ‘ 5.42

Rehabilitation Funds Expected return on plan assets 7.29 7.36 4.26 2.84

This Interpretation is required to be applied for annual periods beginning on or after January 1, Futuré pension (2.46) (2.41) Q 45) (2.45)

2006, but is not expected to be relevant for activities of the Bank. Proportion of employees opting : : *
for early retirement 1.00 - 1.00 :

IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic
Equipment

This Interpretation is required to be applied for annual periods beginning on or after December 1,
2005, but is not expected to be relevant for activities of the Bank.

Post-employment healthcare benefits

The Bank also provides post-employment healthcare benefits to its retirees. On January 29, 2004,
the Bank cancelled this benefit for current employees and significantly reduced the benefit offered
to retirees. As a result, the present value of the benefit obligation was measured as of January 29,

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in
2004 to be $4,651,000.

Hyperinflationary Economies
This Interpretation is required to be applied for annual periods beginning on or after March 1, 2006,

but is not expected to be relevant for activities of the Bank. During the current year, the Bank reached an agreement with most of the retirees to accept a lump ee

sum payment which significantly reduced its liability as at December 31, 2005.



m= «ss IFRIC 8 Scope of IFR 2 :
This Interpretation is required to be applied for annual periods beginning on or after May 1, 2006, The following table summarizes the amount recognized in the consolidated balance sheet.
: " but is not expected to be relevant for activities of the Bank.
; 2005 2004
‘The Bank expects that adoption of the pronouncements listed above, with the exception of IAS 19 $000 $000
and IFRS 7, will have no impact on the Bank's consolidated financial statements in the period of Unfunded benefit obligation 2,022 4,784

- , initial application. Unrecognized net actuarial gains 60 340

Post-employment healthcare liability 1,962 4,444"

3. LOANS AND MORTGAGES





ie 2005 2004 Activity in the post-employment healthcare plan liability during the year was as follows:
$7000 $7000
re 2005 2004
Demand loans : 32,670 31 5924 $000 $°000
fal Fixed-term loans 1,926 2,794
_ +, Mortgages __ 17,531 8,882 Post-employment healthcare liability, beginning of year 4,444 4,651
é ee a ae Benefit expense ‘ f 422 — 243 ©
re : eee ‘ ‘ Contributions 2,904 450
»-, Loans and mortgages are denominated primarily in United States dollars and United Kingdom “Post-employment healthcare liability, end of year 1,962 4,444

“\ pounds. Loans are secured primarily by cash deposits and marketable United States securities.
- Mortgages are secured primarily by real estate located in the United Kingdom and The Bahamas.
The total Jending value of all collateral held against outstanding loans at December 31, 2005 was

The principal actuarial assumptions used in determining the post-employment healthcare benefit
obligation are as follows:























*’ $102 million (2004 - $123 million).
; 2005 2004
- At December 31, 2005, there are no loans and mortgages on which interest is not being accrued, or % %
‘ ‘where interest is suspended. 2
4, INVESTMENTS HELD-TO-MATURITY Discount rate sooner ror ae 8
tobe! 2005 2004 8. OTHER LIABILITES
$7000 $7000
, 2005 _—- 2004 4
: US Treasury notes 9,858 9,948 $7000 $7000 eae
-. Corporate bonds 366,451_ 268,109 *
376,309 278,057 Legal provisions 2,181 1,941 .
5 Accrued expenses rahe 1,645 1,093 ii
The maturity profile and interest rates of the investments are shown in note 12 Interest payable - 659 1,036 © 1
a ha Due to group companies 1,002 : 863 #
"5, PROPERTY AND EQUIPMENT Other 470 499 “e
P Eilean : Fees charged in advance 583 483 ?
An analysis of activity in property and equipment was as follows: Total other liabilities i 6,540 . 5,915
Hedinaing ; Ending 9. COMMITMENTS AND CONTINGENCIES
Cost Balance Additions Disposals Balance : : Bui : states ais
; $°000 $000 $°000 $000 The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal course
: : aS : of business, to ‘meet the financing needs of its customers. These financial instruments include
‘ Land 3,113 2 me, 7, AAS acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
4 Building 9,555 13 2 9,568 to originate loans and mortgages. Exposure to loss is represented by the contractual amount of
* + Machinery & Equipment 2,741 151 é 2,892 those instruments, however, the Bank uses the same credit and hypothecation criteria when entering
:.\ Fumiture & Fixtures 1,097, 5 = 1,102 into these commitments and conditional obligations as it does for loans and mortgages.
>, Motor Vehicles 107 94 (34) 167
. EDP Software & Hardware 7,698 290 - 7,988 Contingent liabilities under acceptances and guarantees entered into on behalf of customers and
. Total ~ 24,311 553 34 24,830 commitments to extend credit under lines of credit, in respect of which there are corresponding
ech obligations by customers, amounted to $9.9 million at December 31, 2005 (2004 - $10.3 million)
oS Beginning Charge for Ending and are not included in the consolidated balance sheet. ;
' | Accumulated Depreciation Balance ——s Year _ Disposals Balance : . ; : ;
Pee ; $7000 $7000 $°000 $7000 As of December 31, 2005, legal actions brought against the Bank by clients had not been finalized.
The Bank has been advised by lawyers that it is probable that these actions will succeed and ‘he
Building 1,572 265. - ° 1,837 accordingly, at December 31, 2005, a provision of $2.1 million (2004: $1.9 million) has been made ut
Machinery & Equipment 2,535 106 z 2,641 in the consolidated balance sheet. x a
Furniture & Fixtures 1,031 21 - 1,052. No
Motor Vehicles 41 33 (34) 49 10. RELATED PARTY BALANCES Ny a
. _EDP Software & Hardware 7,036 355 : 7391 : sone “oli a
Tal 12.215 780 34 12.961 As following is a summary of related party balances in the consolidated balance sheet at prose é c
Net book value 2005 - 2004 4
December 31, 2005 12,096 (22 - 11,869 $7000 $°000 4
c; _December.31, 20040 0 123852) Cash and due from banks on demand e
# 6.. OTHER ASSETS ete Parent. 89 1,102 a
Other affiliates 2,717 1,892 ae
ce PT oe ee ee Se ee UB se 0s Deposits with banks a
. $7000 $°000 Parent 175,345 - 255,066 1
pamectveesivauls 2,158 1,755 Other affiliates 28,299 1,835 af
- Prepaid 2,122 1,088 Other assets :
. Other 333 733 fe Other AU ates 66 Seo ght Pe ee te ee Ma yg 4
- Accrued fees 973 640 Total amount due from related parties 206,541 200,467 a
7 Total other assets 5,586 4,216 ‘
Current and deposit accounts ; : 2
7. EMPLOYEE BENEFITS Parent - 6,988 :
‘ Other affiliates 4,752 1,801 i
‘ Pension plans Other liabilities 4
Ho oe ; ; Parent 738 863 *
' The Bank has two defined benefit pension plans - Retirement Scheme for Bahamian Employees Total amount due to related parties 5,490 9,652 ‘i
& (Bahamian) and Retirement Scheme for Non-Bahamian Employees (Non-Bahamian) - covering ——EeESE—EEEE :
[ substantially all of the employees. The plans provide benefits based on final pensionable salary. 11. GEOGRAPHICAL ANALYSIS
z The level of contributions required to cover future retirement benefits is based on the projected final :
‘ salaries and is determined by a qualified actuary on the basis of valuations using the projected unit 2005. 2004 ;
‘ credit actuarial cost method. The plans are subject to’ annual actuarial valuations and the most Assets Liabilities Assets __ Liabilities 4
‘ recent valuations were made as at December 31, 2005. These plans are closed to new employees. . $°000 $°000 $000 $°000 A
‘ The Bank will offer a defined contribution plan to new employees. ; ;
< Europe 518,304 178,286 467,227 207,736 ;
< The following tables summarize the funded status and amounts recognized in the consolidated North America 109,630 153,095 120,190 183,116 5
< balance sheet. Caribbean 69,419 213,279 40,701 219,431 5
< Pension Plans Other ; 25,627 152,768 9,427 3,043 ;
Be Bahamian _Non-Bahamian__ s 722,980 697,428 637,545 613,326 |
2005 2004 2005 2004 :
$°000 $000 $°000 $7000 ;
ade 12. ‘FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Benefit obligation 17,948 17,426 2,367 1,981 ae ok i ;
Plan assets (18,420) (17,932) (1,410) (1,378) Fi ene Seat a
Unfunded (overfunded) benefit inancial risk management objectives and policies -
; obligation
: Vraecomnized net actuarial gains (058) (368) Om) G48) The Bank’s financial instruments comprise deposits, money market assets and liabilities, some cash 2
* ‘ _ and liquid resources, and other various items that arise directly from its operations. The main risks 4

Pension plan liability (asset) (3,530) 3,774) 184 155

Activity in the pension plan liability (asset) during the year was as follows:

arising from the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and

foreign currency risk. The Board reviews and egrees on policies for managing each of these risks ‘
and they are summarized in the following notes.
Pension Plans

: Bahamian Non-Bahamian Credienisk z
; : 20052004 ~~ 206 gale Credit risk is the risk that a customer or counterparty will be unable or unwilling to meet a |
A $°000 $°000 $7000 +008 commitment that it has entered into with the Bank. The Bank manages counterparty credit risk a
“4 Perision plan liability (asset), centrally to optimize the use of credit availability and to avoid excessive risk concentration. ‘e
beginning of year (3,774) (3,869 155 160 Customer credit risk is monitored on a regular basis by management. The Bank’s maximum s

‘ Benefit expense 244 95 130 73 exposure to credit risk (not taking into account the value of any collateral or other security held) in ¥

the event the counterparties fail to perform their obligations as of December 31, 2005 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
consolidated balance sheet. The Bank has not experienced significant credit losses.

Contributions - - (101) (78)

Pensicn plan liability (asset), end —

of year (3,530) (3,774) 184 155


Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:

2005
Six
Three Four to Months One Year
Months Six To One To More than
or Less Months Year Five Years Five Years Total
$°000 $000 $°000 $°000 3°000 $°000
ASSETS
Cash and due from
banks on demand 15,407 - - - - 15,407
Deposits with banks 241,339 51 860 43 - 242,293
Loans and .
mortgages 24,896 7,256 10,355 9,620 - §2,127
Investments held-
to-maturii 32,122 11,010 24,785 306,315 2,077 376
313,764 18,317 36,000 315,978 2,077 . 686,136
LIABILITIES
Due to banks on
demand 4,963 - - - - 4,963 °
Current and
deposit accounts 666,284 5,990 771 - 673,045

671,247 _ 5,990 771 : -___ 678,008

; 2004
; Sx
Three Four to Months One Year
Months Six To One To Morethan
or Less ‘Months Year Five Years Five Years Total
$°000 $000 $000 $°000 $°000 $°000
ASSETS oa
Cash and due from
banks on demand 5,702 - - - - . 35,702
Deposits with banks 281,296 - 2,270 - - 283,566
Loans and
mortgages 41,929 - 476 1,195 - 43,600
Investments held-
to-maturi 1,510 - 274,452 2,095 278,057
330,437 - 2,746 275,647 2,095 610,925
LIABILITIES
Due to banks on
demand 251 - - - - 251
Current and
deposit accounts 590,888 8,730 2,414 - - 602,032
591,139 8,730 2,414 - - 602,283

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is piomiors on a daily
basis and reviewed by management.

The Bank’s exposure to interest rates for significant interest-bearing monetary assets and liabilities :
by major currencies was as follows:

2005
United States Pound:
: Dollars Euro Sterling
Deposits with banks 4.00% to 4.37% 2.13% to 2.45% 452% to 4.75%
- Loans and mortgages 4.50% to 6.54% 3.00% to 4.49% 5.00% -to 12.00%
Investments held-to-maturity 2.66% to 4.64% 2.32% to 2.69% 4.72% to 4.85%
“LIABILITIES : :
Customer current accounts 1.25% to 1.87% Sees 1.75% to 2.38%
Customer deposit accounts 2.00% to 4.19% 0.06% to 2.00% 2.38% to 11.50%
2004
1 ; United States ; Pound
Dollars Euro : Sterling
ASSETS
» Deposits with banks 2.18% to 5.83% 2.08% to 2.20% 4.68% to 4.75%
‘ Loans and mortgages 1.75% to 4.52% 4.18% 6.39% to 12.00%
Investments held-to-maturity 2.16% to 4.17% 2.26% to 2.31% 4.96% to 5.11%
_ LIABILITIES
* Customer current accounts , - - 0% to 1.00%

_ Customer deposit accounts 0.62% to 4.93% 0.06% to 2.00% 2.56% to 11.50%

At December 31, 2005 and 2004, the Pound Sterling current account was eligible to bear interest
based on current market conditions on balances over £10,000.

Currency risk

- Currency risk is the risk that the value of a financial instrument will fluctuate because of changes i in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing services to
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2005
° : United States Pound
Dollars Euro Sierlin Others
$000 $000 $°000 $000
Assets 466,840 127,687 51,962 76,491
Liabilities and :
shareholder’s equity 465,740 126,496 51,454 79,290 -
2004
United States Pound
Dollars Euro Sterlin Others
$000 $000 $°000 $°000
Assets 334,877 | 158,347 62,414 81,907
Liabilities and
shareholder’s equity 334,877 158,347 62,414 81,907

Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments are
either short-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.

13. COMPARATIVE FIGURES

Certain 2004 amounts have been reclassified to conform with the consolidated balance sheet
presentation adopted for 2005.





THE TRIBUNE



i
Fishing industry concern
over US export benefits

FROM page 1B

the Bahamas needed to resolve
questions of how integrated it
wanted its economy to become
with the wider world under a
rules-based trading system.
The Tribune was unable to
speak with Mr Mitchell yester-

of giving them compensation
for economic damage.

The US, however, has said it
cannot arbitrarily add a country
to the list. It also said that
Paraguay had never given any
proof that it had suffered eco-
nomically, day as he was said to be attend-

Foreign Affairs Minister Fred ing Cabinet and other meetings
Mitchell previously said the all day.
matter was one which could not Some $92 million worth of
be allowed to stand without Bahamian goods were export-
being addressed, and noted that ed to the US in 2004 under the

Act’s preferences. With the
fisheries industry employing
around 20,000 people in the

that they impose. I know that
for some countries, they charge
6 to 8 per cent duty. That could
be a substantial figure wnen you
look at something like a lobster
tail, which the Bahamas exports
a lot of,” he said.

Paraguay’s argument was
that it should be given equal
treatment as a beneficiary, or
the US would have the option

was “by any measure, a signif-
icant item for the Bahamas”.
And exports of Bahamian
goods and services to the US
under the Caribbean Basin
Economic Recovery Act
increased by 23 per cent during

Abaco Chat

Winoine Bay
ABASS BAWAMAS by the US Trade Representa-
tive's office showed.
The Tribune reported earlier

Has two (2) vacancies for
this year how the Act covered

Sales & Marketing Project Director:

«Responsible for onsite coordination of sales, sales

Although Bahamian exports
administration and market.
~Achievement of targeted sales volume and maintaining
inventory.
_ Develop future(MVCI experience preferred) managers and
implement self employed
-Implementation of tour efficiency and building of strong
team values
-Forecast and budget annual sales targets.
-Ensure communication, between personnel and others
-~Strong leadership skills
-Minimum 5 years marketing vacation ownership
-Minimum 5 years marketing in management of sales, —
marketing and/ or administration
-College degree preffed, but not required.

increased from the $64.034 mil-

2004, they accounted for a
slightly lower proportion of

in 2005 compared to 14.1 per
cent in 2004.

vices were exported to the US
free under normal trade rela-
tions during the January to
September 2005 period,

’ all-exports.

PUBLIC HOSPITALS AUTHORITY

FOUR (4) STAFFING OFFICERS 1,

CENTRAL STAFFING UNIT
One (1) Sandilands Rehabilitation Center
One (1) Grand Bahama Health Services

Applications are invited from suitably qualified individuals for the above positions in the
Public Hospitals Authority’s three (3) health care institutions Princess Margntet, Sandilands
Rehabilitation Center and Grand Bahama Health Services.

Applicants must possess a Bachelors Degree in Management, Business Nursing or related
field and five (5) years post qualification experience. Must possess good computer skills.

The Staffing officer 1 will report to the Staffing Coordinator
JOB SUMMARY

‘Responsible for the daily operational management of the Central Staffing Unit (CSU)
and the monitoring of trends in staffing schedule.

DUTIES
1. Manages the operations of the staffing office for shift coverage on a shift to shift basis:-

a) Monitors and directs staffing in implementing the staffing plan

b) Assist in maintaining systems for clinical and administrative record keeping
to meet regulatory standards and to provide a basis for administrative action.

c) Reports to the Staffing Coordinator on trends in schedules and staffing practices

d) Refers all unresolved matters related to scheduling and staffing to the Staffing
Coordinator within twenty-four (24) hours.

Administers the automated staffing and scheduling system to ensure that the policies
for the use of the staffing system are adhered to and monitors the quality of the data.

. Updates and maintains, “Floaters” roster and assigns incentive reward points.

. Directs floaters and persons attached to the Central Staffing Unit for appropriate
coverage to improve staffing based on patient census and acuity levels.
Liaises with Staffing personnel to ensure at all schedule changes are entered in the
system.
Liaises with Human Resources Department, Managers and Payrolls Department to
ensure accuracy of data.
Evaluates and prepares monthly reports for managers regarding staffing trends specific
to their department.
Assists the staffing Coordinator with units Scorecard bi-weekly reporting.
Prepares a quarterly report for Staffing Coordinator on trends highlighting achievements;
cost containment and best schedule practices.

. Completes performance appraisal evaluation on all staff in the Unit and recommends

appropriate training to enhance productivity.

Letters of application and curricula vitae should be submitted to tne Director of Human
Resources, Public Hospitals Authority, P.O. Box N-8200, Nassau, Bahamas or Manx
Corporate Center, Dockendale House, West Bay Street. Employees of the Public Hospital
Authority must forward their application through their Department Head. Deadline for
submission of application is 15th June, 2006.

Bahamas, Mr Mitchell said it |

the first nine months of 2005 to’
$78.779 million, data supplied =

total US exports - 13.9 percent =

accounting for 32.3 per cent of &



' WEDNESDAY, MAY 31, 2006, PAGE 7B.

RES Sa ESS LES,

CSS

x

©

13.9 per cent of this nation's ~
total. exports to the US. |

A further $183.467 million e
of Bahamian goods and ser- /

f
é

s
oe
i

et
£
ie
Pi
Ra
e
e

y

ie he ete RR

Fs

CRE RPE FE
BO ET LR RS

SRE

Be ae
a ee

xB

Ot 2

tie te" Ee

Pe

+e

Pee Seat

ee Ei Ny tees FEE 4 ee ES
Rh ln i a a ai Tp a a ha Dik ate a el ah i ig el ta a we

YAR RE

under the Act in 2005-had oe

lion worth of goods and ser- >
vices exported to the US in the |
nine months to September *.


PAGE 8B, WEDNESDAY, MAY 31, 2006 ’

te) hil ae

py» Assurance



PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
P.O. Box N-3910
Providence House

East Hill Street

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of
RoyalStar Assurance Ltd.

We have audited the accompanying balance sheet of RoyalStar Assurance Ltd. (the Company) as of
31 December 2005, and the related statements of operations, changes in equity and cash flows for
the year then ended. These financial statements are the responsibility of the Company's manage-
ment. Our responsibility is to express an opinion on these financial statements based on our audit.

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

In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Company as of 31 December 2005, and the results of its operations and its cash flows for the
year then ended in accordance with International Financial Reporting Standards.

Chartered Accountants
2 May 2006

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

BALANCE SHEET
AS OF 31 DECEMBER 2005

Amounts expressed. in Bahamian dollars

’

ASSETS ‘

Cash in hand and at bank (Note 3)

Term deposits (Note 3)

Due from agents (Note 4)

Due from reinsurers

Sundry receivables, prepayments and other assets







36



Investments in securities — fair value through profit and loss (Note 5) ; cS 2,196,413
— loans and receivables (Note 5) . . 1,848,343.

“Property, plant and equipment (Note 6) :

TOTAL ASSETS

LIABILITIES

General insurance funds: SEN

Unearned premiums reserve (Note 17) 9,535,814

Outstanding claims reserve (Note 7) , : $643,348

Deferred commission reserve : 2,769,118




: 17,948,277
Other liabilities: oe
Due to reinsurers 3,564,526
Sundry payables and accruals 20,2



Cash advance from reinsurers (Note 7) 1,860,0



TOTAL LIABILITIES

EQUITY
Share capital ;
Authorized, issued and fully paid:- 10,000,000 ordinary shares of $0.30 each 2
Authorized, issued and fully paid:- 500,000 preferred shares of $10.00 each (Note 8) =
Contributed surplus ; eS
Retained earnings

TOTAL EQUITY :
TOTAL LIABILITES AND EQUITY

APPROVED
ON BEHALF ) =z
OF THE BOARD: Director: phe!» Director: Se Ste W ans Date: 2 May 2006

The accompanying notes are an integral part of these financial stateraents

_ STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 31 DECEMBER 2005

Amounts expressed in Bahamian dollars



INCOME ee :
Premiums written (Note 9) $63,797,414 48,709,891
Premiums ceded to reinsurers © (34,381,096) (23,044,488)
Net premiums written 29,416,318 25,665,403
Change in unearned premiums reserve (Notes 10 & 17) (78,329) 3,172,140



Net premiums earned

"EXPENSES

Net claims incurred (Note 7) 7,195,790 14,418,797
Net commissions incurred (Note 11) 2,976,395 2,484,998 aS
Catastrophe and excess of loss reinsurance 14,267,038 14,056,604



Underwriting gain (loss) 4,898,766 » Q,122,256)
OPERATING INCOME AND EXPENSES es
Interest and other income 952,383 4,184,407
Net unrealized gain on investments in securities (Note 5) 767,412 70,927
6,618,561 (866,922)
Personnel expenses (1,748,486) (1,733,222)
General and administrative expenses (1,431,575) (1,221,522)
Depreciation (Note 6) (252,584) (356,086)
Directors’ fees (66,600) (67,200)

Net income (loss)





“* THE TRIB

FINANCIAL
ar Wi 4 he
pa

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005

Amounts expressed in Bahamian dollars

Dividends per ordinary share: $Nil (2004: $0.30)

Dividends per preferred share: $0.47 (2004: $Nil)



STATEMENT OF CASH FLOWS) 2 >>*: Ghani cistnageias est aot air
FOR THE YEAR ENDED 31 DECEMBER 2005 he :

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
Adjustments for:

Depreciation

Interest income

Unrealised gain on investments in securities

(Increase) decrease in current assets:

Term deposits

Due from agents

Due from reinsurers

Sundry receivables, prepayments and other assets

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

Deferred commission

Due to reinsurers

Sundry payables and accruals

Cash advance from reinsurers



Net cash (used in) from operating activities _

CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received

Purchase of property, plant and equipment

Proceeds from sale/maturity of investments in securities
Purchases of investment securities

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of share capital
Payment of dividends on ordinary shares
Payment of dividends on preferred shares
Net cash from (used in) financing activities

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

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

NOTES TO THE
FINANCIAL STATEMENTS 31 DECEMBER 2005 Y

4 Incorporation and Principal Activity

RoyalStar Assurance-Ltd. (the Company) is incorporated under the Companies Act, 1992 of the Commonwealth
of The Bahamas and is licensed to operate as a property and casualty insurance company under the Insurance
Act, 1969. The Company is also licensed to operate in the same capacity in the Cayman Islands, the Turks and
Caicos Islands and the British Virgin Islands under the Insurance (Amendments) Law, 2003; the Insurance
Regulations, 1990; and the Insurance Act, 1994 and Insurance Regulations, 1995, respectively.



“© Amounts expressed in Bahamian dollars



sisi tesietial





s¥ osithwase

oo Whwae



WORDT





The Company’s registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes, Mareva House,

4 George Street, Nassau, The Bahamas.

2. Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below:

(a) Basis of preparation :

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

(b) Property, plant and equipment

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

Improvements to assets which extend the useful life or increases, the value of the assets are capitalized
when incurred and,are depreciated over the remaining useful life of the asset. Expenditures for
maintenance and répairs.are expensed as incurred. Gains and losses on disposals, which are determined
by comparing proceeds with the carrying amounts, are included in the statement of operations.

(c) Investments in securities
The Company has classified its investments into the following categories: loans and receivables
(government bonds, corporate bonds and preference shares) and securities fair valued through profit
and loss (ordinary shares). Non-derivative financial assets with fixed or determinable payments that are
not quoted ih an active market are classified as loans and receivables. Investments intended to be held
for an indefinite period of time, which may be sold in response to the needs for liquidity or changes in
interest rates, exchange rates or equity prices are classified as securities fair valued through profit and
loss. Prior to the amendments of International Accounting Standards 39, these securities were classified
as available-for-sale, and were reclassified on 1 January 2005 in accordance with the Standard.
Management determines the appropriate classification of its investments at the time of purchase.

All purchases and sales of investments are recognized on the trade date, which is the date that the
Company commits to purchase or sell the asset. Investments in securities are initially recognized

at cost, which includes transaction costs, except for securities fair valued through profit and loss

where transactions costs are expensed as incurred. Securities fair valued through profit and loss

are subsequently remeasured at fair value based on quoted prices for listed securities or valuation
techniques; including recent arm’s length transactions and discounted cash flow analysis, for unlisted
securities. Realized and unrealized gains and losses arising from sale and from changes in fair value of
these securities, respectively, are recognized in the statement of operations in the period in which they
arise. Loans and receivables are carried at amortized cost using the effective yield method less any
provision for impairment.

(d) Impairment of financial assets

A financial asset is impaired if its carrying amount is greater than its estimated recoverable amount.
The amount of the impairment loss for assets carried at amortized cost is calculated as the difference
between the asset's carrying amount and the present value of expected future cash flows discounted at
the financial instrument's original effective interest rate. By comparison, the recoverable amount of an
instrument measured at fair value is the present value of expected future cash flows discounted at the
current market rate of interest for a similar financial asset.

VIE

re
QNE BUSINESS

De ONS a ee

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acer a aerial

i,
(e) General insurance funds
x

i
General insurance funds comprise unearned premiums, deferred commission reserve, outstanding claims

and provision for claims incurred but not reported. Unearned premiums represent the proportion of

the net written premiums, which relate to periods of insurance coverage subsequent to the balance sheet
date. This amount is adjusted by the commission rates applicable to the line of insurance business written
Kl presenting deferred acquisition costs associated with unearned premiums. See Note 17.

Gutstanding claims comprise the Company's net share of the estimated cost of all claims incurred and
reported but not settled as of the balance sheet date and a minimum provision of 4% of non property
and engineering gross premiums written for claims incurred but not reported.

r
Outstanding claims are based on estimates and while management believes that the amounts are
equate, the ultimate liability may be in excess of or less than the amounts provided. The methods

for making such estimates and for establishing the resulting liability are continually reviewed, and any
adjustments are reflected in the current year's statement of operations.

(f) Due from agents

Due from agents are stated net of any provision which management considers to be necessary. Bad debts
are written-off when identified.

(g) Leases

Leases, where a significant portion of the risks and rewards of ownership are retained by the lessor, are
classified as operating leases. Payments made under operating leases are charged to the statement of
operations on a straight-line basis over the period of the lease.

(h) Foreign currency translation

The financial statements are presented in Bahamian dollars which is the Company’s functional and
presentation currency. Foreign currency transactions are translated into the functional currency using
the exchange rate prevailing at the time of the transactions. Foreign exchange gains and losses resulting
from settlement of such transactions and from translation of monetary assets and liabilities at year end
exchange rates are recognized in the statement of operations.

(i) Revenue recognition

Premiums are recognized as revenue over the periods covered by the related policies after allowing for
premiums ceded. Commission expense incurred on gross written premiums and commission income
received on premiums ceded are recognized in the same manner as premiums.

The Company's net share of claims and loss adjustment expenses are recognized as incurred based on the
estimated liability for compensation owed to policyholders or third parties damaged by policyholders.
They include direct and indirect claims settlement costs and arise from events that have occurred up to
the balance sheet date regardless of whether or not they have been reported.

Other revenues and expenses are recognized on the accrual basis, except for commission income and
expenses from facultative reinsurance contracts, which are recognized when the Company's right to
receive, or obligation to make, payment has been established

@) Premium tax

Premium tax is incurred at a rate of 3% of gross premiums written in the Commonwealth of The Bahamas.
Premium tax is charged separately to policyholders.

(k) Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents are comprised of cash in
hand and at bank and term deposits with original contractual maturities of 90 days or less.

(I) Employee benefits

The Company has a defined contribution pension plan for its Bahamian employees whereby the Company
pays contributions to a privately administered pension plan. The Company has no further payment
obligations once the contributions have been paid. The plan requires participants to contribute 5% of
their basic salary and the Company contributes 10% of basic salary.

The Company's contributions to the defined contribution pension plan are charged to the statement of
operations in the year to which they relate.

3. Cash and Cash Equivalents

Cash in hand and at bank

Term deposits

Less: accrued interest included in term deposits
Less: term deposits with original contractual
_Maturities of more than 90 days

Interest rates on term deposits range from 0.10% to 5.25% (2004: 0.10% to 5.25%).

4. Due from Agents

Receivable from agents

Less: Provisions for doubtful debts

Movement in the provision for doubtful debts:

Balance at beginning of year .
Bad debts expense during the year .

Provision for doubtful debts at end of year

#4
5. Investment in Securities

Securities fair valued through profit and loss
Securities fair valued through profit and loss principally comprise marketable equity securities which are listed on

The Bahamas International Securities Exchange and are stated at fair value. Movements during the year were as
follows: ‘ z



As of beginning of year
Additions
Unrealized gain during the year (see Note 12)

As of end of year



As of 31 December 2005, the cost of securities fair valued
through profit and loss was $1,352,013 (2004: $1,330,675).

Loans and receivables

Loans and receivables are carried at amortised cost and comprise:

Fidelity Bank & Trust International Limited
Preference shares

The Central Bank of The Bahamas
Bridge Authority bonds ,

Sunshine Holdings Limited
Corporate bonds

Sunshine Partners Limited
Preferred shares

Consolidated Water
Corporate bonds

Total investments

Included in amortized costs are amounts totalling $9,043 (2004: $10,754) representing accrued interest.

6. Property, Plant and Equipment
Bo

Cost:

As of 1 January 2005
Additions

As of 31 December 2005 $
Accumulated depreciation:

As of 1 January 2005 2 2,497,839
Depreciation 52,584



As of 31 December 2005 $

Net book value as of
31 December 2005

Net book value as of
31 December 2004 $










10.

11.

12.

13.

14,

15.

16.

17.

18.

WEDNESDAY, MAY 31, 2006, PAGE 9B .

ee

Outstanding Claims Reserve and Net Claims Incurred





Outstanding claims reserve comprise:

Gross provision of claims
Less: Recoverable from reinsurers

Net provision for reported claims
Provision for incurred but not reported claims



Net claims incurred comprise:

Gross claims incurred
Less: Recoverable from reinsurers



Preferred Shares

During 2005, the directors approved the amendment to authorized share capital to add 500,000 preferred shares
with a par value of $10 per share. Further, the directors approved the issuance of these'shares. The preferred
shares issued are variable rate cumulative redeemable A preference shares with a par value of $10 per share.
The preferred shares are redeemable solely at the option of the Company and the declaration of dividends is at
the discretion of the directors of the Company. The cost of issuance totalled $100,000, which has been deducted
from retained earnings.

Premiums Written

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



Movement in Unearned Reserve

The amounts reported on the statement of operations, are shown net of amounts earned from portfolio
transfers, as a result of changes in the reinsurance programme of the Company. The table below discloses
the respective amounts. See Note 17.

Balance at beginning of year .
Less: Balance at the end of year

Movement for the year
Portfolio transfer ‘é

Change for the year

Net Commission Incurred

Amounts paid to agents
Less: Amounts recovered from reinsurers

Movement of Deferred Commission



Related Parties

Related parties comprise current shareholders, directors, key management personnel and entities. in which these
parties have control or significant influence. The Company's primary shareholder is SunStar Ensure Limited,
which owns 52% of the Company's outstanding shares and is owned equally by Sunshine Holdings Limited and
Star General Holdings Limited. The financial statements include the following balance and transactions with
related parties: :

Balances

Due from agents
Investments in securities

Transactions

Premiums written
Net commissions incurred
Personnel expenses



During 2005, the directors of the Company remeasured an investment in an unlisted related party. The fair
value was determined based on the price in the most recent rights issue of the related party, and resulted in
an unrealized gain of $612,500. :

Retirement Benefits
fs

The Company operates a defined contribution pension plan for the benefit of its Bahamian employees. The plan
is administered by Colinalmperial Insurance Limited. The amount recognized in the statement of operations in
personnel expenses in the current year was $77,734 (2004: $105,913).

The total number of staff employed by the Company as of 31 December 2005 was 24 (2004: 29)

Commitments and Contingent Liabilites
Commitments

The future minimum rental payments required under operating leases as of 31 December 2005 are.as follows:

Not later than 1 year



Contingent liabilites

The Company is a defendant in several legal actions involving claims. Management believes that the resolution

of these matters will not have a material impact on the Company's financial statements and adequate provision
has been named in outstanding claims reserve.

Risk Management

The Company engages in transactions that expose it to insurance tisk, credit risk, liquidity risk and interest-rate
risk in the normal course of business. The Company's financial performance is affected by its capacity to under-
stand and effectively manage these risks. The Company's challenge is not only to measure and monitor these
risks but also to manage them as profit opportunities. .

(a) Insurance risk

Insurance risk is the risk under insurance contracts that the insured event occurs and the amount of the
resulting claim is uncertain. In the normal course of business, the Company seeks to limit its exposure to
losses that may rise from any single occurrence. Reinsurance is primarily placed using a combination of
proportional, facultative and excess of loss treaties. Obtaining reinsurance does not, however, relieve

the Company of its primary obligations to the policyholders, therefore the Company is exposed to the risk
that the reinsurers may be unable to fulfil their obligations under the contracts. The Company seeks to
mitigate this risk by placing its reinsurance coverage with large multi-national companies and syndicates.

(b) Credit risk : ‘

Credit risk arises from the failure of a counterparty to perform according to the terms of the contract.
The Company's exposure to credit risk includes the majority of its assets. To mitigate this risk, the
Company places cash with credit-worthy banks; monitors the payment history of its agents before
continuing to do business with them; places reinsurance coverage as noted in (a) above; and invests
in debt securities of financially sound companies.

(c) Liquidity risk

The objective of liquidity management is to ensure the availability of sufficient funds to honour all of
the Company's financial commitments including claims. The Company maintains a level of liquid assets,
which mature or could be sold immediately to meet cash requirements for normal operating purposes.

(d) interest-rate risk

Interest-rate risk for the Company is comprised of the risk that the value of financial assets may fluctuate
significantly as a result of changes in market interest rates. The Company mitigates this risk by investing
in interest-bearing assets with floating interest rates, or investing for short time periods.

Fair Values of Financial Instruments

Financial instruments utilized by the Company are limited to the recorded assets and liabilities included in the
balance sheet. Carrying amounts of all financial instruments are considered to approximate fair value given their
short-term nature, except those disclosed in Note 5, which have market interest rates.

Change in Estimates

During 2005, the Company revised its estimate of amounts to be deducted from unearned premiums as deferred
acquisition costs. Prior to 2005, the Company reduced unearned premiums by 20% of net unearned premiums.
Beginning in 2005, the amount deducted from unearned premiums is calculated as the actual commission rates
applicable to the line of business written applied against gross unearned premiums. This change in accounting
estimate has been applied prospectively. The impact of this change in accounting estimate was an increase in
net income of $1,137,456.

Corresponding Figures
Certain corresponding figures in the financial statements and notes have been reclassified to conform with the
financial statements presentation adopted in the current year.
mae

Ear



FROM page 1B

see beyond the spin the OECD
was placing on its 252-page
report, which seemed designed
to encourage the belief that all
countries were moving towards

achieving a ‘level playing field’. .

“They’re trying to make it
appear as though the vast
majority of countries surveyed



PAGE 10B, WEDNESDAY, MAY 31, 2006

| ahamas in very defensibl

have mechanisms in place” for
the exchange of tax-related
information and greater trans-
parency, Mr Paton said.

“The general impression
would be that most people are
co-operating and you have a
‘level playing field’,” he added.

“But then you get into the
detail and see how many mech-

anisms are in place between the
individual countries and the
OECD countries. The devil’s in
the detail. ‘

“You have to be very careful
that the ‘level playing field’ is
truly applicable, and all the
[OECD] members have to be
in the same position vis-a-vis all
the [offshore] countries.”

PUBLIC HOSPITALS AUTHORITY

VACANCIES

TWELVE (12) TRAINEE STAFFING

OFFICERS, CENTRAL STAFFING UNIT
Four (4) Princess Margaret Hospital
Four (4) Sandilands Rehabilitation Center
Four (4) Grand Bahama Health Services

Applications are invited from suitably qualified individuals for the above
positions in the Public Hospitals Authority’s three (3) health care institutions
Princess Margaret, Sandilands Rehabilitation Center and Grand Bahama Health

i - Services.

Applicants must possess a Bachelors Degree in Management, Business Nursing
or related field which basic computer skills.

The Trainee Staffing officer will report to the Staffing Coordinator

|. JOB SUMMARY

Assists Staffing Officers in monitoring the trends in staffing schedules to
ensure maintained productivity.

DUTIES

1. Enters monthly staffing schedules into the AcuStaf system.

2. Updates changes to staffing schedules on shift basis affected by:

¢ Patient census

Staff absences and even exchange shifts
¢ Floating and allocation of relief pool staff

3. Receives calls and messages related to staffing changes.
4. Reports all unresolved matters related to scheduling and staffing to the
Staffing Officers or Coordinator within twenty-four (24) hours.
5. Assists Staffing Officers in identifying trends in scheduling.
| . 6. Assists in the training and monitoring of clerks in data entry.

Letters of application and curricula vitae should be submitted to the Director
of Human Resources, Public Hospitals Authority, P.O. Box N-8200, Nassau,
Bahamas or Manx Corporate Center, Dockendale House, West Bay Street.
Employees of the Public Hospital Authority must forward their application
through their Department Head. Deadline for submission of application is 15th

q@ June, 2006.

associated

ears of €
terpersonal Effective

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d

beywith constructio

BUSINESS

As an example of the spin
designed to encourage the feel-
ing that the OECD was mak-
ing progress, Mr Paton pointed
to the fact that the report said
out of the 82 countries sur-
veyed, only 11 did not have tax
information exchange agree-
ments via double tax treaties or
Tax Information Exchange



«+

NOTICE

NOTICE is hereby given that JULIA PHILIUS OF MALCOM
ROAD WEST, P.O. Box CB-12627, 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 31ST day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.



Agreements (TIEAs).

He said the Bahamas was
included among the countries
that had tax information
exchange mechanisms, despite
the fact it had signéd only one
TIEA with the US. Other coun-
tries had more substantial infor-
mation exchange networks with
a variety of nations, meaning










NOTICE

HR AND OFFICE MANAGER

A leading mid-size professional firm is looking
for someone to serve as both HR and Office
Manager. Applicants must have accredited HR
qualifications, a minimum of 5 years experience
in HR and possess a good working knowledge
of labour law.

‘Please send resumes via email to:

HRBahamas@ hotmail.com



i

eC t lc ae ne

ee
S

ge
S

PY U bee UP Cel)

We are expanding our operations in Nassau and require
Restaurant Managers. :

THE IDEAL CANIDATES MUST POSSESS THE FOLLOWING;

Two years or more restaurant management experience
A strong background in a quick food service restaurant

environment

Motivated to be a good role model for fellow workers
Computer skills including Excel and Microsoft Word

Strong ability to communicate with customers, staff and others
A secondary education degree required

Compensation is based upon experience & skills

Bonus is base upon performance

NO TELEPHONE INTERVIEWS ACCEPTED

Foward resumes to: info@sbarrobahamas.com or
cvk@sbarrobahamas.com or Fax # 356-0333





THE TRIBUNE



that the playing field was not
level.

Meanwhile, Mr Paton
explained that while Singapore
- a major competitor in financial
services for the Bahamas - had
signed a number of double tax
treaties, it only responded to
tax information requests from
foreign countries when they also
involved its own tax interests.

Describing this as “a huge
carve out”, Mr Paton said this
meant French nationals and
those from other countries
could establish non-resident
companies in Singapore, and
the authorities there would not
respond to tax information
requests from their home coun-
tries.

This was the opposite of the
TIEA that the Bahamas signed
with the US, Mr Paton said, as
no “domestic tax interest in the
Bahamas” is required for this
nation to respond to US
requests.

‘Again, this means the play-
ing field is not level, and he
added that Hong Kong and Chi-
na also had “significant carve
outs” in the way they responded
to information requests.

1)

e positi ee ae

“The spin is clearly on mov- |.

. ing towards it. Everyone is

encouraged to do it,” Mr Paton
said of the OECD report’s
emphasis, on the ‘level playing
field’.

“In reality, looking at the
detail, there’s a long way to go

before the ‘level playing field’. ..

We're in a very defensible posi-
tion for the time being.

“We can’t be expected to
enter into any additional TIEAs
until there is a true ‘level play-
ing field’, and we’re a long way
from that.”

The Bahamas appeared to
fare relatively well in the
benchmarking exercise, the
OECD only offering muted
comments in regard to this
nation in the areas of partner-
ships and company accounts
record keeping.

The Bahamas was named as
being one of 21 nations, also
including the US and Ger-
many, plus chief competitors

‘such as the Cayman Islands

and Bermuda, which “either
have a type of partnership for
which no partner identity infor-
mation is required to be
reported, or a class of partners
(limited partners in a limited
partnership) where no identity
information is reported, or
both”.

The benchmarking exercise
reported that in the Bahamas,
information on the identities
of general partnerships in the
Bahamas did not have to be

held by the authorities. How-

ever, anti-money laundering
due diligence still applied.
Meanwhile, on accounts
record keeping, the OECD
report alleged that the

-Bahamas and other nations -

again including many of its
international financial services
competitors - did not meet one
of the standards developed by
its Global Forum, namely that
there was “no explicit require-
ment in all instances” to keep
underlying documents such as
contracts and invoices.

In addition, while the Glob-
al Forum had said accounting
records should be kept for five
years or more, this retention
period was “less than five years
in certain circumstances” in the
Bahamas and 15 other coun-
tries. Again, the Bahamas was
in good company, because the
US was also in this group.

The OECD said the
Bahamas-registered entities
that met all its accounting
information standards were
public companies and those in
the banking, securities and
insurance sectors.

FROM page 1B

have to be involved and become

prepared.”

The CBERA impacts over |

$90 million worth of Bahamian
goods annually, mainly fisheries
products, by enabling them to
enter the US duty free.

However, it violates WTO
rules because it gives the
Bahamas and other Caribbean
nations preferential trade ben-
efits and treatments not avail-
able to other countries. It is one
example where global trade
rules are impacting the Bahamas
with or without its participation
as a full WTO member.

Mr Simon added that the ’

EPA was being negotiated by

CARICOM’s Regional Negoti- '

ating Machinery on behalf of the
Government, and he said: “ In
the end, if our views are not rep-
resented in these agreements, it
will be our fault.

“Those particular businesses
that do export goods and ser-
vices need to be in tune with the
external trade agreements that
could impact them. Be informed,
be educated and participate as
much as you can.”

t

ay

oh

{i
THE TRIBUNE



Credit, from 3B

external liquidity and ability to
meet its balance of payments
are assessed in this risk category.
A partial list of factors assessed
in this risk category includes:

* Current and capital account
position

* Extent of Net International
Reserves and its trend in the

(imports, debt repayments) and
external indebtedness vis-a-vis
reserves

* Extent of government con-
trol on private sector foreign
exchange needs

* Foreign investment inflows
in the past, quality and stability
of this source of foreign
exchange

Political Risk
The political environment has

past a profound impact on every
* Comparison of immediate aspect of a sovereign’s opera-
foreign exchange needs __ tions, and consequently its cred-



NOTICE |

NOTICE is hereby given that LUXON JEAN JACQUES OF
FOWLER STREET,NASSAU, BAHAMAS, P.O. BOX N8889
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 24TH 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 LIONEL DECIUS OF #115
MANOR BLVD, APT # 201, NAPLES, FLA 34104, USA 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 31ST day of MAY, 2006 to the Minister
responsible for Nationality and Citizenship, PO.Box N- 7147,
Nassau, Bahamas.


















COMMONWEALTH OF THE BAHAMAS 2005/CLE/qui/01390B
IN THE SUPREME COURT
IN THE MATTER of The Quieting of Titles Act, 1959
AND
IN THE MATTER of The Petition of Millard Bethel

NOTICE OF PETITION |

NOTICE IS HEREBY GIVEN that Millard Bethel of North
Palmetto Point, Eleuthera, the Commonwealth of The Bahamas,
is applying to the Supreme Court of the Commonwealth of The
Bahamas to have his title investigated determined and declared
under the Quieting Titles Act, 1959 (Ch. 393) in respect of the
land hereafter described, that is to say:
“ALL THAT piece parcel or tract of land located Fifteen
(15.00) feet SOUTH of the centerline of the main
Eleuthera Highway and more fully described as bounded
NORTHWARDLY by the main Eleuthera Highway and
running thereon Five Hundred and Eighty-three and Six
~Hundredths (583.06) feet, EASTWARDLY by a Public
‘Roadway known as Pau Pau Bay Road and running
thereon a total distance of Eleven Hundred and Seventy-
nine and Eleven Hundredths (1179.11) feet,
SOUTHWARDLY by land the property of Eleuthera.
~Land Company Limited and running thereon for a total
” distance of Five Hundred and Sixty-eight and Sixty-two
_ Hundredths (568.62) feet, WESTWARDLY by land the
". property of Eleuthera Land Company Limited and running
thereon for a total distance of Eleven Hundred and Seventy-
‘five and Forty-seven Hundredths (1175.47) feet continuing
_. back to. point of commencement the said piece parcel or
<¢ tract of land described aforesaid. comprises a total area
:,, Of 16.070 Acres and is delineated in PINK on the plan
, submitted with this application AND ALL THAT piece
‘parcel or tract of land located approximately Eighteen |
--. Hundred and Fifty-two (1852) feet SOUTHWARDLY
- sof the main Eleuthera Highway and immediately Westside
7 ofa Public Roadway known as Pau Pau Bay Road and
‘<*more fully described as bounded NORTHWARDLY by
““land the property of Eleuthera Land Company Limited
-- and running thereon Three Hundred and Five and four
Hundredths (305.04) feet, EASTWARDLY by a Public
Road also known a Pau Pau Bay Road and running thereon
“-for a total distance of Four Hundred and Two and Five
* “Hundredths (402.05) feet, SOUTHWARDLY by land
‘the property of Lady Cochran and running thereon Eighty-
‘one and Thirty Hundredths (81.30) feet, EASTWARDLY
. by land the property of the aforesaid Lady Cochran and
running thereon Two Hundred and thirty-eight and Twenty-
three Hundredths (238.23) feet, SOUTHWARDLY by
land the property of Western Securities Limited and
running thereon a total distance of Two Hundred and
. Eighty-seven and Eighty-nine Hundredths (287.89) feet,
.. WESTWARDLY by Pau Pau Bay Pond and running
thereon for a total distance of Six Hundred and Thirty-
one and Twenty-two Hundredths (631.22) feet continuing |
back to.the point of commencement the said piece parcel |
‘or'tract of land described aforesaid comprises a total area
of 3.931 Acres and the both pieces parcels or tracts of
land contains a total of Twenty and one Thousandth
(20.001) Acres and are delineated in PINK on the plan
submitted with this application.

,.- AND TAKE NOTICE that copies of the Petition and
Plan of the said land may be inspected during normal office hours
at the following places:

i. Supreme Court Registry, Ansbacher House, East Street
North, New Providence, The Bahamas.

i. Sharon Wilson & Co. Chambers, No. 57 Jerome Avenue,
Pyfrom’s Addition, New Providence, The Bahamas.

ili. The Administrator’s Office, Governor’s Harbour,
Eleuthera, The Bahamas.

AND FURTHER TAKE NOTICE that any person |
having dower or right to dower, an adverse claim or a claim not
recognized in the Petition shall on or before the 30th day of June
A.D., 2006 file in the Supreme Court and serve on the Petitioner
or his Attorney an Adverse Claim in the prescribed form supported |
by Affidavit. FAILURE OF ANY PERSON to file and serve an |
Adverse Claim on or before the said date will operate as a bar to
such a claim.

Dated this 8th day of May A.D., 2006.

SHARON WILSON & CO.
Chambers .
No. 57 Jerome Avenue
Pyfrom’s Addition
New Providence, The Bahamas
Attorneys for the Petitioner '



it quality. The factors assessed in
this risk category are predomi-
nantly qualitative and the assess-
ments are made in relation to
other countries in the Caribbean
region. A partial list of factors
assessed includes:

* Stability, predictability and
transparency of.a country’s
political institutions

* Continuity of economic
policies

* Consensus (or lack of it) on
the direction of economic poli-
cies across major political parties

* Degree of social cohesive-
ness and acceptability of key
economic decisions by the pop-
ulace

* Any national/cross-border
security concerns and their
impact on potential investment
inflows

AO:

of

Aba

BUSINESS





Based on these five broad
parameters, CariCRIS assigns
sovereign ratings in local cur-
rency and foreign currency to
about 19 countries in the
Caribbean region. But no sov-
ereign analysis can be consid-
ered comprehensive in this
region without an analysis of the
impact of natural disasters.

While assigning sovereign rat-
ings, CariCRIS will perform a
comprehensive catastrophe risk
analysis on each sovereign,
including the probability of
occurrence based on past histo-
ry, preparedness of the govern-
ment to handle natural disas-
ters, extent of damage witnessed
in the past, impact analysis at
various levels of damage, extent
of insurance penetration, finan-
cial strength of the insurance
companies,,and factor in this

Winoing Bav

ABACD, BAHAMAS

Has two (2) vacancies for
Membership sales Executives:

-Exceptional written and verbal communication skills,

organization skills |

-Exceptional Telephone skills

-Public speaking preferred

-Ability to demonstrate strong relationship sales capability
-Ability to interface professionally with all members

of staff

-Generation and execution of an annual business plan
-Self generation of buisness through referrals and other

personal contacts

-Exceptional skills in long range guest relaional maintenace
: Use of tracking system for effective follow up andcustomer

- purchase sequence
-College degree preferred

An increasingly growing entertainment store
seeks to employ a Sales Clerk to assist in the

store.
Requirements:
V Responsible

V Respectful
Y Trustworthy

V Team Player

Y Motivated

V Good Personality
YW Must have sure ride to and from work
V At least 4 BGCSE’s

Interested persons, please telephone
392-2435 to set up an interview.






¢

This article forms part of a series
on issues surrounding capital -
markets and credit ratings. E-
mail: info@caricris.com or call
868-627-8879

Arjoon Harripaul is a Senior
Rating Analyst with CariCRIS

assessment in its sovereign risk
analysis.

NB: Caribbean Information
and Credit Rating Services Ltd,
CariCRIS, is the Caribbean’s
Regional Credit Rating Agency.

NOTICE

NOTICE is hereby given that ROSELINE FORBES OF
TREASURE CAY, ABACO, 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 24TH 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 MICHAEL DAVIS OF REDLAND
ACRES, P.O. BOX GT-2039, 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 31ST day of MAY, 2006 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.






















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WEDNESDAY, MAY 31, 2006, PAGE 11B

TE

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PAGE 12B, WEDNESDAY, MAY 31, 2006 THE TRIBUNE BUSINESS

El] ERNST & YOUNG Provisions |

@ Chartered Accountants @ Phone: (242) 502-6000
One Montague Place Fax: (242) 502-0090

Third Moor www.ey.com
Last Bay Street

P.O. Box N-3231

Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Sharcholder and Board of Directors of
BANIF — INTERNATIONAL BANK LIMITED

We have audited the accompanying balance sheet of Banif — 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.

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 as to 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.

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 Standards.

ae







March 23, 2006
BALANCE SHEET
December 31
2005
5°000
ASSETS — :
Deposits with banks 337,902
Loans (note 3) 44,112
Property and equipment (note 4) 1,192
- Other assets ee ee ee
Total assets 383,625
LIABILITIES AND SHAREHOLDER’S EQUITY
Liabilities
Deposits by customers (note 3) 294,172
Due to banks 160
Loan payable (note 6) 59,312
Other liabilities 17
Total liabilities 353,661 _
Shareholder’s equity
Share capital:
Authorized, issued and fully paid — 25,000,000 shares
of $1.2092 each ; 30,230
Statutory loan loss reserve _ 434
z ings ; : 6B
Foreign exchange translation 763
Total shareholder’s equity 29,964
Total abilities and shareholdex’s equity : 383,625

*{, COMMITMENTS AND CONTINGENCIES (note 7)
Approved By The Board:

ne ,
irector Bi Director
caer

NOTES TO BALANCE SHEET
December 31, 2005

1. CORPORATE INFORMATION

Banif — International Bank Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking and investment
advisory services. The Bank is owned 99.9% by Banif — Investimentos, SGPS, S.A. and 0.1% by
Banif - Comercial, SGPS. The ultimate’ parent company is Banif SGPS, S.A., a public registered
-company in Portugal.

The registered office of the Bank is located at 1 Bay Street, Nassau, Bahamas.
This balance sheet has been approved for issue by the Directors of the Bank on March 23, 2006.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

This balance sheet has been prepared in accordance with International Financial Reporting Standards
(IFRS). . :

Basis of preparation

This balance sheet is expressed in United States dollars. The preparation of the balance sheet
statements requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the balance sheet.’ Actual results could differ from those estimates.

This balance sheet was prepared under the historical cost convention, except for the measurement at
fair value of financial assets and liabilities. ;

Loans ;

Loans are stated at the principal amount outstanding adjusted for charge-offs and provision for loan
losses. The provision for loan losses is increased by charges to income and decreased by charge-
offs (net of recoveries). Management’s periodic evaluation of the adequacy of the provision is
based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse
situations that may affect the borrower’s ability to repay, the estimated value of any underlying
collateral, and current economic conditions. No loans were considered impaired at December 31,
2005.

Impairment and uncollcctibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be irnpaired. If such evidence exists, the
estimated recoverable amount of that asset is determined and any impairment loss is recognized for
the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2005.

Property and equipment

Equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the
straight-line basis over the estimated useful lives of the assets as follows:

10 - 40 years

Property, Premises/installations

Fumiture and fixtures 5 - 8 years
Motor vehicles 4 years
E.D.P. - equipments 5 years

The carrying amounts of the property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their recoverable amounts, and where carrying values
exceed this estimated recoverable amount, assets are written down to their recoverable amount. No
such write-downs have been recorded by the Bank.

Accounts payable and accrued liabilities

Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day
terms, are carried at cost, which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and
accrued liabilities are reported in other liabilities on the balance sheet.

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a-past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Statutory loan loss reserve

This amount represents a general provision that is required to meet the Bank’s statutory
requirements. Changes to this amount are reflected as appropriations (or increases) of retained
earnings.

Foreign currency translation

Items included in the Bank’s financial statements are measured using the currency of the primary
economic environment in which it operates (the functional currency), which is the Euro. The Bank
has adopted the United States dollar as its presentation currency, as the Bank is incorporated in the
Commonwealth of The Bahamas. The Bank’s results and financial position are translated from its
functional currency to its presentation currency, as follows:

(i) assets and liabilities are translated at the closing rate at each balance sheet date;

(ii) share capital was translated at the historic rate;

(iii) income and expenses are translated at the average exchange rates of the period; and

(iv) all resulting exchange differences are recognized as a separate component of shareholder’s

equity.

Foreign currency transactions

Monetary assets and liabilities denominated in currencies other than United States dollars are

translated at the rates of exchange prevailing at the year end.

Related party balances

All balances with the ultimate parent company or its subsidiaries are shown in this balance sheet as

related party.

Assets under management

No account is taken in this balance sheet of assets and liabilities ‘of clients managed and
administered by the Bank as custodian, trustee or nominee, other than those. assets, and liabilities

which relate to the banking services provided by the Bank for its clients.

Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year and comparative figures have
been amended as required. Adoption of revised standards does not have any effect on equity as at

January 1, 2004.

e IAS 1 Presentation of Financial Statements (excluding amendments’ effective for. period

beginning on or after January 1, 2007);
e IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
e JAS 10 Events after the Balance Sheet Date; :
IAS 16 Property, Plant and Equipment
IAS 24 Related Party Disclosures;
IAS 27 Consolidated and Separate Financial Statements;
IAS 32 Financial Instruments: Disclosure and Presentation;
IAS 36 Impairment of Assets; and
~e IAS 39 Financial Instruments: Recognition and Measurement
Early adoption

The Bank did not early adopt any new standards during the year.
IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 6 Exploration for and Evaluation of Mineral Resources
This Standard does not apply to the activities of the Bank. ie
IFRS 7 Financial Instruments: Disclosures

This Standard is required to be applied for annual periods beginning on or after January 1, 2007,
and as a result, ceriain amounts and disclosures related to a portion of the Bank’s financial
instruments may be changed. se
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental bs
Rehabilitation Funds

_ This Interpretation is required to be applied for annual periods beginning on or after January 1,

2006, out is not expected to be relevant for activities of the Bank.

IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic ah

Equipment
This Interpretation is required to be applied for annual periods beginning on or after December 1,
2005, but is not expected to be relevant for activities of the Bank.

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in
Hyperinflationary Economies RU
This Interpretation is required to be applied for annual periods beginning on or after March 1, 2006,
but is not expected to be relevant for activities of the Bank.
IFRIC 8 Scope of IFR 2 ene
Phis Interpretation is required to be applied for annual periods beginning on or after May 1, 2006,
but is not expected to be relevant for activities of the Bank. :

The Bank expects that adoption of the pronouncements listed above, with the exception of JFR
will have no.impact on the Bank's balance sheet in the period of initial application... | ete

3. LOANS



At December 31, 2005, there are no loans on which interest is not being accrued, or where interest Bi

is suspended.
4, EQUIPMENT
An analysis of activity in equipmenit was as follows: .

Depreciation}.





Cost

$000
Premises / Installations 978
Furniture & Fixtures 67
Motor Vehicles 74

EDP - Equipment
Total



5. DEPOSITS BY CUSTOMERS

Deposits by customers are attributable to the following countries:









$2000
South Africa set 8
Dutch Islands 1,318 .
Belgium 1,234
Brazil 4
Spain 1,142
U.S.A 8
France 125
Finland 20
Gibraltar ; 534
United Kingdom 2,790
Panama 5,653
Portugal 280,074
Sweden 40
Chanel Islands 87

293,054
Accrued interest 1,118

294,172

NN

Composition of customers’ deposits at December 31 are as follows:

TEED EH OUP TTT ON EES ELEY UP Re A YerTOION PERERA Dona Ya oo PR ee mee Pe oN rerey ares Tee Terre eA ee OTP RNa MCLEOD Le aeANION Dea me De eae


















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2005

$000

On demand deposits 108,565
Term deposits ee ete bee ae pn peta Peon, Sees SORA
293,054

I
6..° LOAN PAYABLE

This relates to a debt securities loan (certificate of deposit) with a nominal value of $59 million and
its corresponding accrued interest, with a maturity date al November 25, 2008, which was fully
subscribed by a special purpose vehicle “Euro Invest” on November 25, 2005. This loan has a

fixed interest rate of 5.0% per annum.
1. COMMITMENTS AND CONTINGENCIES

The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal course
of business, to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans. Exposure to loss is represented by the contractual amount of those instruments,
however, the. Bank uses. the same credit and hypothecation criteria when entering into these
commitments and conditional obligations as it does for loans.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers and
commitments to extend credit under lines of credit, in respect of which there are corresponding
obligations by. customers, amounted to $85.2 million at December 31, 2005 and are not included in

the balance sheet.
8. ‘RELATED PARTY BALANCES

The-following is a summary of related party balances in the balance sheet at December 31:















2005
—, $7000
Deposits with banks . : : es 337,902
-Total amount due.from related parties 337,902
Due to banks ee a 160
Loan payable 59,312
Total amount due to related parties 59,472
92: GEOGRAPHICAL ANALYSIS’) >
— 2005
Assets - Liabilities
$°000 $7000
Europe 78,162 285,585
South America 44,112 =
Caribbean 260,932 59,312
Other 419 8,764
383,625 — 353,661

a
10. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial risk management objectives and policies

The Bank’s financial instruments comprise deposits, money market assets and liabilities, some cash
and liquid resources, and other various items that arise directly from its operations. The main risks

arising frorn the Bank’s financial instruments are credit risk, liquidity risk, interest rate risk and ,
foreign currency risk. The Board reviews and, agrees on policies for. managing cach, of these risks, ,

and they are summarized in the following notes.
Credit risk .

Credit risk is the risk that a customer or counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterparty credit risk
centrally to’ optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank’s maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as. of December 31, 2005 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
balance sheet. The Bank has not experienced credit losses.



é

we

WEDNESDAY, MAY 31, 2006, PAGE 13B

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outilows.

Significant monetary assets and liabilities can be classified, based on the period remaining to
maturity from the balance sheet date, as follows:









io 2005
Six
Three Four to Months | One Year
Months Six To One To
or Less Months Year Five Years Total
$°000 $7000 $7000 $7000. $000
ASSETS
Deposits with banks 337,902 - : -- 337,902
Loans oe - 44,112 - 44,112
337,902 a 44,112 - 382,014
LIABILITIES ;
Deposit by customers 256,735 23,495 © 13,942 - 294,172
Due to banks 160 - - - 160
Loan payable - 2 7 59,312 59,312
256,895 23,495 13,942 59,312 353,644

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbaiance between rate and non-rate
sensitive assets and liabilities. The Bank’s exposure to interest rate risk is monitored on a daily
basis and reviewed by management.

The Bank’s exposure to interest rates for significant interest-bearing monetary assets and liabilities
by major currencies was as follows:



United States :
Euro



Dollars

ASSETS :

Deposits with banks 4.0% - 4.2% 2.0% - 2.4%

Loans 7.0% . ei
ag

LIABILITIES

Deposits by customers 7 3.0% - 3.5% 2.0% - 2.5%

Due to banks -

Loan payable 5.0% 2

Currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Bank’s foreign exchange exposure arises from providing services to
customers. The Bank’s policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2005





United States Pound
é Dollars Euro Sterling Others
$000 37000 “B'000 es 000
Assets 79,041 301,648 2,564 372
Liabilities and
shareholder’s equity 79,242 301,718

2,561 ; 104
Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank’s financial instruments are
either short-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank’s recorded assets and liabilities.



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PAGE 14B, WEDNESDAY, MAY 31, 2006

TRIBUNE SPORTS |



SPORTS

Excitement builds

for

@ BOXING
By KELSIE JOHNSON

Junior Sports Reporter

THIS weekend the
Carmichael Road Boxing



a

Club’s junior boxers will see
action in the club’s last tour-

-nament for the year.

The event is expected to
start on Friday and will host
over 12 bouts.



According to coach Andre
Seymour, hosting this tour-
nament has been long over-
due and the excitement level
is building at the club.

He said: “I am so excited,

=

4

ad

this weekend is going to be a
prosperous one for.the
club.

“The kids are excited and
ready to hop in the ring.
What we are really trying to



ior boxers

start is an ongoing club espe-
cially for the younger boxers.
I believe we need to start
introducing them to actual
fights so when they get older
they will have a little ring
experience.

Experience

“The more ring experience
they can get now at an early
age the better they will be
when they are grown.
You see boxing is a technical
sport, ring time is a
must.

“Sparring helps, but a-box-
er needs a little more work
and if they can get it at an
early time in their lives they
will be sound in the funda-
mentals.”

The Carmichael Road Box-
ing Club usually hosts tour-
naments throughout the sum-
mer months, but Seymour

‘said this summer he will give

the boxers a break.
Seymour is hoping that this

break will allow the boxers

to venture into other sports
and hopefully build the
endurance level. .

Active

He added: “I would wel-
come the boxers to spread
the wings and get involved in
more sports. Being active will
assist them in boxing it will
help to build up their
endurance level and their
attention span.

“But this year will be the
first time J will close the pro-
gramme to the younger box-
ers, we will get things started
again for them in Septem-
ber.” .

This weekend tournament
will start at 5pm at the
Carmichael Road Boxing
Club, on Faith Avenue.

e.?
-

Copyrighted Material »
Syndicated Content .
Available from Commercial | News Providers.



———

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ad



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Boos as Roddick « quits first |
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Copyrighted Material ©
Syndicated Content ;
Available from Commercial News Providers




WEDNESDAY, MAY 31, 2006

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com

Latly Nattalie confident
aliead of weekend regatta

@ SAILING
By KELSIE JOHNSON
Junior Sports
Reporter

TWO days before the
boats hit the water in Salt
Pond, Long Island, Sailing
Barber Eleazor Johnson
sent a strong warning mes-
sage to the other skippers.

“This one’s mine,” said
Johnson yesterday, as he
made final preparations for
Long Island. “You other
sailors might as well look to
the other regattas because
when the Campari Lady
Nathalie hits the open seas
this weekend it will be noth-
ing but a winning sail for me
and the crew.

“T did it once and J can do
it again, only the weather or
some unfortunate accident
can stop me.”

The Long Island Regatta,
the second national regatta
on the sailing calendar will
draw a number of boats and
sailors, who will be looking
to score some big points that
will go towards the boat of
the year prize.

After a shaky start this

season, the Campari Lady
Nathalie will be hoping to
correct their wrongs with a
win,
But if the skippers hailing
_ from Long Island can have
their way, it could be a
repeat of last year’s regat-
ta, where they swept both
the A and B classes.

And for Lindy Knowles,
cousin to legendary skipper
Mark Knowles of Long
Island, the Campari Lady
Nathalie will have to bring
the goods to the table before
they claim the top prize in
the B class and hand any of
the Long Island boats a loss.

Knowles said: “We all
. know that the Campari Lady
Nathalie is a fast boat, but
the boat doesn’t perform
very well all the time. When
the boat is on, it’s on, but
they do have some bad days.
_. “Her biggest problem is

he will get first one day and
get eight the other. And
anytime you’re competing
with fast boats like the
Lonesome Dove, the Pintah
or the other fast boats you
really can’t be having days
like the ones the Campari
Lady Nathalie has.”

Over 12 boats have signed
up to sail in the B class so
the Campari Lady Nathalie
will have her work cut out.

In. the A class the com-
Mittee is expecting a little
over 15 boats, the largest

contingent in years for the’

A class.

Several boats have already
docked in the Salt Pond:
Habour, leading the way are
the New Courageous, Abaco



SOE aes

ZS S Ss

sees

| SE

@ JEFFREY LEWIS prepares the Lady Nathalie for the Valentine's Day Mas:

Rage and the Lonesome’

Dove.

The holiday weekend
extravaganza will feature
three races in each class and
an Ocean Race on Sunday.

An eight mile course has
been mapped out for boats
in the A class, with the B
class and C class boats rac-
ing for six and five miles
respectively.

Johnson said: “I will be
dishing out some upper cuts,
the Dove can recall when I
give them some upper cuts
that led to a knock out. He
was in front of me and when

‘I delivered this deathly com-

bination he was out by the

fourth round.

“I am telling you that the
Long Island regatta is mine,
my crew and the Lady
Nathalie will be the boat to
watch and beat.”

The Long Island Regatta
will start on Friday with
races in the C class and con-
tinue on early Saturday
morning with races in the A
and B classes.

LL NN NE



MIAMI HERALD SPORTS







sacre race in this file photo. There are high hopes for the Lady Nathalie at this weekend’s regatta,

(Photo: Mario Duncanson/Tribune sap)

Time concerns for itty
women’s basketball

B@ BASKETBALL
By KELSIE JOHNSON
Junior Sports Reporter



THE limited time allowed for prac-

tice sessions in the national gymnasium ~

has forced the junior women’s basketball
programme to get a late start on their
tournament’s preparation.

The junior women’s basketball pro-
gramme is the last of the four basketball
programmes under the Buhamas Bas-
ketball Federation (BBF) umbrella to
commence practice, both senior and
junior men along with the senior wom-
en’s team have gotten some work in.

The team, which is preparing for the
CentroBasketball Tournament, will
gather today at the Sir Kendal Isaacs
gymnasium for their first

practice session.

Although the tournament isn’t sched-
uled until late August, putting in the
time is a major concern of the federa-
tion.

The gym’s scheduling will not get any
better since the Bahamas has over six
teams preparing for summer tourna-
ments throughout the Caribbean, but
vice president Larry Wilson said the
coaching staff are willing to go the extra
mile to prepare the team for the tour-
nament. ;

He said: “We realise that we have lim-
ited gym time so as a federation we
decided to hold the girls’ practice, espe-
cially since they aren’t traveling until
late August.

“We are battling now to find more
than an hour in the gym, we have four

CLUE #8:

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teams who all need to practise so the

- time allowed for the federation we have

to use wisely making sure that every-
one’s team is covered.”

The team qualified for the Cen-
troBaskeball tournament by finishing
up third in the Caribbean Basketball
Championships, held last year in
Dominican Republic. They will need to
place in the top three in this tournament
in order to move onto the Tournament
of America’s Championships.

Both the CentroBasketball andthe
Tournament of Americas Champi-
onships are scheduled to take place in
Guatemala.

If the team finishes in the top three
they will remain in Guatemala until the
tip-off for the Tournament of Americas
Championships.



NATE I TE TG