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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y







TSTORM

Volume: 102 No.214



“Pm lovin’ it. |

91F |
79F |

SUN, CLOUDS, |



| The Tribune





Out-Island
Doctor

aren aac

The Miami Herald

BAHAMAS EDITION

WEDNESDAY, AUGUST 9, 2006 —

SUAS







Media gag’ prat

_.. Civic group president,

_ party leader speak out.



@ By ROYANNE
FORBES -DARVILLE
Tribune Staff Reporter

THE president of a well-
known civic group and the
leader of a political party are
threatening to launch a major
protest against government for
what they say is an attempt to
gag the media. »

The renewal of Tribune man-
aging editor John Marquis’

_ work permit has been deferred

by government pending an
investigation into the newspa-
per’s training programme — with
specific reference to the mea-
sures being taken to groom a
Bahamian managing editor to
replace him.

Many believe the move was a
response to Mr Marquis’ criti-

cism of government and consti-
tutes an effort to silence the

_ media and take the country

backwards.

“We are prepared to do
everything in our power to assist
Mr Marquis in his attempt to
continue on with the work that
he has been doing over the
years — even if it means launch-
ing a public protest,” said
Clever Duncombe, president of
Bahamian Fathers for Children
Everywhere.

Mr Duncombe, who said he
would be willing to conduct
such a protest anywhere — even
outside the home of Prime Min-
ister Perry Christie - said The
Tribune is “the only paper in
the country that has been fair

SEE page ll .

FNM shirt woman

awarded $56,000

A WOMAN who claimed shé was unfairly dismissed by an Aba-
co ferry owner for wearing an FNM golf shirt on election day in
2002 has been awarded nearly $56,000 by the Industrial Tribunal.

Basic damages for unfair dismissal amounted to $20,520, but
the balance was made up of salary owed, vacation pay, overtime pay
and compensation. Overtime alone accounted for $24,933.

The Tribunal found in favour of Donna Burrows after she took
action against Albury’s Ferry, owned by Mr Ralph Albury.

Former prime minister Mr Hubert Ingraham appeared for Ms
Burrows with Mr Milton Evans representing Albury’s Ferry, the

respondent.

The action centred on general election day, 2002, when Ms Bur-
rows was accused by Mr Albury of wearing a golf shirt bearing an
FNM logo in defiance of company policy. She said she was fired,
while Mr Albury argued that she had failed to return to work

SEE page 11

e

easy knowing
ellent insurance

: ge no matter which
ay the wind blows.

E MANAGEMENT

LIMITED. INSURANCE BROKERS & AGENTS

ni

Eleuthera jf Exuta
Td) 2-62 Tt 6-20



Between a truck

@ THIS car becomes
wedged under a trailer
truck yesterday.

(Photo: Onan
Bridgewater/
Tribune staff)

By KARAN MINNIS
Tribune Staff :
Reporter



HEAVY duty vehicles
are again being urged to
make their runs at night




car collided in front of
Government House yes-
terday.

In what Road Traffic
Controller Jack Thompson
described as a “not uncom-
mon Situation,” a large
trailer-truck crashed into a
dark, left-hand drive Hon-
da Civic near Government
House on Baillou Hill
Road.

“These persons will have
to learn that the later they
drive these trucks the bet-
ter for them,” Mr Thomp-
son said in response to the
incident.

While the police have
not yet determined blame
















son said such incidents are
the consequence of large
delivery vehicles using the
roads during the same
hours as the majority o
motorists. ;
The driver of the Hon-
da Civic, a woman, was not
hurt in the accident.
However, police officials
could not give The Tribune
any information about the

SEE page 11














after a trailer truck and a



@ By KARIN HERIG
Tribune Staff Reporter

dies after shooting

re













patched to Fiddlers Green Road, near Baloa

Road.

Upon their arrival they met a young man who



A 29-YEAR-OLD man became Grand
Bahama’s sixth murder victim for the year when
he was shot in an altercation with two men.

Jermaine Roberto Toote of Alice Town, Bimi-
ni, was found dead near a private residence in the
Fiddlers Green Road area.

According to police-reports, officers at the |

Lucaya police station received a report of a shoot-
ing at lpm yesterday. Responding to the call,
officers from the mobile patrol unit were dis-

reported that he had just arrived home with a
male relative - Mr Toote — when they were
approached by two men, one armed with a hand-
gun.
Mr Toote’s relative said that the armed man
_suddenly opened fire on them before fleeing in
the opposite direction to the man with whom he

SEE page 11 |

in the incident, Mr Thomp-:

Prison officers ‘yet to receive
all of promised protective gear’

@ By KARIN HERIG
Tribune Staff Reporter

MORE than seven months
after Corporal Dion Bowles was
killed during the escape of four
prison inmates, the officers at
Her Majesty’s Prison still have
not received all the protective
gear promised them by govern-
ment officials.

This claim was made yester-
day by the Bahamas Prison
Officer’s Association (BPOA),
who said that a culture of disre-
spect and stagnation permeates

the country’s prison system.

In a letter to The Tribune’s
editor, Corporal Clive Rolle,
president of the BPOA, said
that although Superintendent
of Prisons Dr Elliston Rahming
supplied the prison with some
vests, “they had to be shared
around, so this made them inef-
fective.” ;

Corporal Rolle said that the
Association has asked Deputy
Prime Minister and Minister of
National Security Cynthia Pratt
to assist the prison in obtaining
more vests and equipment so

that officers can feel protected
as they risk their lives daily in
the name of duty.

“Her response was she would
take it to her colleagues. To this
day there was no answer, and
our officers’ lives are still at
risk,” he said.

Addressing further deficien-
cies in the prison system, Cor-
poral Rolle said that govern-
ment has failed to pay officers
back pay which has been due

SEE page 11





PAGE 2, WEDNESDAY, AUGUST 9, 2006

LOCAL NEWS

THE TRIBUNE



Bones of murder victim ‘had
been chewed by an animal’

@ By NATARIO McKENZIE

- A FORENSIC pathologist
who testified yesterday at the
Cordell Farrington murder tri-

al said that the victim, 22-year-

old Jamaal Robbins, died as a
result of severe blunt force
trauma to the head.

Dr Govinda Raju told the
court that he travelled to
Freeport on October 27, 2003
and that while at the Rand
Memorial Hospital on that day
and the next, he examined the
skeletal remains of Jamaal
Robbins.

He said among the remains
were three pieces of a skull,
and that the ends of all of the
bones appeared to have been
eaten by an animal.

While the doctor was holding
the skull of the deceased and
pointing out the various
depressed fractures, Christine
. Scott, the mother of Jamaal
Robbins, began to WEED and
left the court.

Dr Raju told the court that
based on his experience and
knowledge of human anatomy,
he initially determined that the
victim was a male between the
ages of 21 and 24.

He pointed out that that the
trauma to the head of the vic-
tim was caused by a blunt
object — possibly an iron bar, a
heavy piece of wood or a ham-
mer.

Dr Raju said the victim
received three main blows to

@ By KARIN HERIG
Tribune Staff Reporter

AN unusual sight could greet
you on the streets of New Prov-

idence this week — as two _
Hasidic Rabbis sporting full”



beards, black suits and hats tour
the Bahamian capital on'a'mis-
- sion to spread the positive mes-

*.* sage of Judaism.

The two young New York-
ers, Yosef Zaklos, 25, and
Mendy Lasker, 24, are visiting
Nassau as “ambassadors” of

Judaism.

* In an interview at’The Tri-
bune’s offices, the student rab-
bis explained that they are part
of the Chabad Lubavitch organ-
isation, a Jewish order known
often referred to as the ~Lubav-
itch Peace Corps.” ,

The organisation, founded
in the 1940s by the late Rabbi
Menachen Schneerson, seeks
to reach out and bring
Judaism to all the far flung
Jewish communities around
the world.

“We have 4,000 Rabbis

worldwide, we work from Viet- ,

nam to Alaska and everywhere



the head.

Detective sergeant Michelet
Merinard, who was recalled to
the witness stand yesterday,
told the court that on Sunday
October 26, 2003 while at the
Central Detective Unit in
Freeport, he saw Patricia Scott
and Edward Robbins and
instructed them to go to the
Rand Memorial Hospital.

Sergeant Merinard noted
that he had been the lead inves-
tigator into the death of Jamaal
Robbins.

_He told the court that on
Tuesday, October 28, as result
of an investigation, he along
with a number of officers left
CDU via bus shortly after 9am
along with the accused.

Sergeant Merinard told the
court that the accused direct-
ed them to an area off the
Grand Bahama Highway, hav-
ing told them that he would
direct them to where he dis-
posed of Jamaal Robbins’
body.

He said police were directed
to an area where the accused
said that he had left a fallen
tree stump as a marker indicat-
ing where he an Oterrio Floyd
dumped the body.

The detective said that he
saw four pieces of bone and
articles of clothing which he
instructed other officers to.
secure and photograph.

Sergeant Merinard testified
the accused later directed them
to Queens Cove, where he said

in between. Some Jewish com-
munities don’t even have a Rab-
bi, or they just have very small
contingencies,” Rabbi Zaklos
said.

Before arriving in Nassau, the
two student Rabbis. ‘Visited

. Bermuda,-the Turks.and Caicos.



and Freéport.

“We found about 20 J ews in
Turks and Caicos, it was really
amazing. In Freeport we came
into contact with about 15 to 20
Jews,” he said.

Support

The two men explained that
they are on vacation from their
studies and have volunteered
to travel to different countries
to offer the respective Jewish

communities spiritual sippert,

and guidance.
“Our main goal is to care for
all the Jewish people, but we

have no set plan. Whatever is .

needed we will do. If people
want a Talmud reading, we’ll

_ do that, if people want a kosher

meal, then we’ll cook one.
Whatever it takes to enhance

EU Bus & Truck Co., Ltd.
MONTROSE AVE.
_ PHONE: 322-1722 « FAX: 326-7452





Mother leaves court in tears as
pathologist describes injuries



B@ CORDELL Farrington

that he had disposed of the
mattress that Jamaal had been
sleeping on.

The officer told the court
that sometime later, he went to
the morgue at the Rand Memo-
rial Hospital where he saw Dr
Raju and gave him a box con-
taining bones of Jamaal Rob-
bins which he found at 11 Poin-
clana in Freeport.

The officer told the court
that he went to 64 Hudson
Street, Grand Bahama where
he saw a gray 1992 Hyundai
Scoot registered to Suzette Fer-
guson.

Sergeant Merinard said he
gave instructions to have the
vehicle towed to Police Head
Quarters in Freeport and that
he later took the suspect to the
compound, where he showed
him the vehicle,

He said Farrington identified
it as the car he used to dispose
of Jamaal Robbins’ body.

George Duncan, a supervi-
sor at the DNA unit of the
Broward County Sheriff's
office, told the court that on
March 22, 2004 he received a
box containing an item of evi-
dence.

He said that after making
sure that the package was
secure and having already con-
tacted the BODE technology
group concerning the package,

he shipped it via federal’

express.
Mr Duncan told the court

that he never opened the pack-

age and did not handle that
particular piece of evidence

because the lab where he
worked did not and still does
not do that type of analysis.

He explained that it was the
decision of Bahamian authori-
ties to send the package to
BODE.

John Berkley, a forensic ana-
lyst at Fairfax Identity Labs in
Richmond Virginia, told the
court that he canducted a DNA
analysis of two third molars
which he had received.

He explained that the teeth
were firstly ground into a fine
dust and then put into a genet-
ic analyser.

Mr Berkley told the court
that he obtained a DNA profile
which he. analysed before hand-
ing it to his colleague Shelly
Johnson.

' He said a gender analysis
proved the individual to whom
the teeth belonged was a man.

Michelle Johnson, who also

‘gave evidence last Thursday,

told the: court yesterday that
based on theyDNA taken from
the teeth, she could not exclude
Christine Scott'and Edward
Robbins as the biological par-
ents of the person they
belonged to.



‘MENDY Lasker and Yosef Zaklos

their religious experience. We
are also there for non-Jewish
people who simply want to ask
us questions, ” Rabbi Zaklos
said...

Emphasising that they wish

to remain above political.
issues, Rabbi Lasker said that

their mission is about “spread-
ing the warmth like Rabbi
Schneerson taught.”

Rabbi Zaklos added that
their interest is “not only in
Jews, but in humanity at

large.”

“To do goodness and kind-
ness. The world is like a garden
and everyone should act like

they need to.

“Those who are Jewish
should act Jewish, those that

are of another religion should |

act according to their religion.
We are not looking to convert
people,” he said.

As opposed to the majority
of Hasidic Jews who tradition-
ally lead very isolated lives, the

r: Pastor Elakim B TEUsON

He ls ‘surviverl ‘By Curline Peterson,
3 Chikiren (Natasha, Laselle & Claudette)
_ § Stepchiliiren (Stephanie, Clee, Margo,
Andymae. & Garth) 8 Grandchildren



two Rabbis said they have
enjoyed visiting countries
throughout the world, includ-
ing Indonesia, Africa, Eastern
Europe, South America and
many countries in the
Caribbean.

Rabbi Zaklos and Rabbi
Lasker are encouraging all
Jews living in the Bahamas, or
those simply interested in
learning more about Judaism,
to e-mail them at chabadnas-
sau@gmail.com.



Hurricane
warning is
issued to

fishermen

THE National Emergency
Management Agency has issued
a warning to fishermen and
farmers to be prepared as the
height of hurricane season
approaches.

Lieutenant Commander Her-
bert Bain, logistics officer at
NEMA, told fishermen that in
the rush caused the opening of
the lucrative crawfish season on
August 1, they must not forget
take the necessary precautions
to secure themselves and their
vessels at all times. ,

He advised farmers to pro-
tect livestock and pets from
rains associated with tropical
storm systems.

NEMA interim.director Carl
Smith said his officers have car-
ried out several initiatives
including a conference for Fam-
ily Island administrators and
other elected officials, during
which they were informed
about disaster preparedness and
response planning.

He said that community
emergency response team train-
ing was also carried out in New
Providence and Grand Bahama,
as were shelter management
courses, lessons in initial dam-
age assessment, damage and
needs assessment analysis and
in other related skills.

italian
businessman
kidnapped
in Haiti
i HAITI
Port-au-Prince
GUNMEN in Haiti have
killed an Italian businessman

and kidnapped his wife, the lat-
est victims of wave of violence

_in the impoverished Caribbean

nation, accordig to Associated
Press. :
A group of armed men
entered the couple’s ville Mon-
day in the capital, Port-au-
Prince, shooting 67-year-old
Guido Vitiello and leaving him
tied to a chair before abduct-
ing his wife Gigliola Martino,
the Italian Foreign Ministry said
Tuesday. Vitiello later died of
his wounds in a hospital.
Investigators believe Marti-
no, 65, was kidnapped for ran-
som and the Italian ambassador
in the neighboring Dominican
Republic, Enrico Guicciardi,
has been dispatched to Port-au-
Prince to assist the family and

keep contacts with local author- _

ities, the ministry said.
Martino was briefly kid-
napped last year and released
unharmed. She has been living
in Haiti for about 30 years with
her husband and two children.
“Our family is going through
a lot of agony and grief. This is
our country, we were born here
and we are not moving any-
where else once this situation
is resolved,” added Capuccio,
who was gathered with other
relatives at the couple’s villa.
Haiti experienced relative
calm after President Rene
Preval’s February election.
Since May, however, dozens of
foreigners and Haitians have
been kidnapped and gang fight-
ing has forced hundreds to flee
their homes in the capital.



yee



THE TRIBUNE

In brief

NEMA ‘is
“prepared
for storm
season’

THE National Emergency
Management Agency is pre-
pared for the 2006 Atlantic
hurricane season according

_. to NEMA interim director
* Carl Smith.

Residents in the southeast
Bahamas were cautioned to
remain alert even though
Tropical Storm Chris, the
third named storm of the sea-
son, was downgraded to a
tropical depression charac-
terised by heavy rain.

“We at NEMA are satis-
fied that we’ve done our
work in terms of preparing
as an agency,” said Mr Smith
at a briefing on Thursday.

He also urged the public
to be prepared.

“You have to continue to
take the necessary action in
terms of securing your build-
ing, emergency supplies of
water and food and the like.

- You can expect as we are
approaching the height of the
very active portion of the Hur-
ricane Season (mid-August to
September) that the tropical
storms would occur rather fre-

- quent,” he said.

UN to step
--up security
in assault
on gangs

B HAITI
Port-au-Prince



THE United Nations will
step up security in Haiti in
an effort to crack down on
gangs that are “kidnapping
and terrorizing ordinary peo-

ple,” the UN chief in the
Caribbean nation said Mon-
day, according to Associated
Press.

Kofi Annan has called for
’ strengthening Haiti’s nation-
al police force with better-
qualified personnel, expert
security advisers and equip-
ment to stem an upsurge in
abductions and lawlessness.
The Security Council
should review Annan’s
request within a week. Once
‘approved, the UN will begin
securing the capital to help
the r.cvernment and human-
- itar‘..n groups do their work,

.°.14782.d Larry Rossin, the UN’s



"+7 acting leader in Haiti.

Haiti experienced relative
calm after President Rene
_ Preval’s February election
“victory. Since May, however,
-‘dozens of ‘foreigners and
Haitians have been kid-
napped and gang fighting has
forced hundreds of people to
flee their homes in the capi-
tal, Port-au-Prince.

“We. are looking forward
to getting this under control,”
Rossin said.

An 8,800-strong force of
UN troops and international
police provides the only real
security in a country plagued
with well-armed gangs.

EERIE

WEDNESDAY,
AUGUST 9TH

6:30am Community Page 1540AM
8:00 Bahamas @ Sunrise

9:00 Underdog

9:30 Tennessee Tuxedo & his tale











10:00 . Da’ Down Home Show
11:00 Immediate Response

noon ZNS News Update

12:05 Immediate Response (cont'd)



1:00 Island Lifestyles

1:30 N-Contrast

2:00 Bullwinkle & and His Friends
f 2:30 The Fun Farm

3:00 Morning Joy

3:30 Ecclesia Gospel
4:00 Dennis The Menace
4:30 Carmen San Diego
4:58 ZNS News Update
5:00 The Envy Life

5:30 Andiamo

6:00 A Special Report
6:30 News Night 13

7:00 Bahamas Tonight
8:00 Fight For Life: India
8:30 Caribbean Passport
9:00 BTC Connection
9:30 Behind The Headlines






















10:00 Caribbean Newsline
10:15 Good News Bahamas
10:30 News Night 13

11:00 The Bahamas Tonight
11:30 Immediate Response



1:30am Community Page 1540AM

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






Ue
Ut

FOR PEST PROBLEMS
: PHONE: 322-2157



UN Secretary-General : i



@ By KARAN MINNIS.
Tribune Staff Reporter

A SENIOR police officer
admitted that better communi-
cation might have prevented the
shooting of one police officer
by another in Grand Bahama
over the weekend.

Admitting that no walkie-
talkies or other types of elec-
tronic communication were
used in the operation that led
to the shooting, Assistant
Commissioner Reginald Fer-
guson added that on the other
hand, such devices might have
made the situation even
worse.

“Better communication may
have helped, however in this
unique situation, walkie-talkies
may have caused more prob-
lems than helped,” he said.

“T believe that walkie-talkies
could be of assistance in such
situations, however if you have
an appreciation for what was
going on, you would be able to
see that it could have also been
a problem.

On Monday an official inves-

LOCAL NEWS

Shooting of police

officer ‘could have

been prevented by
communication’

tigation was launched into the
incident.

It was reported that around
5.10am. Grand Bahama police
responded to reports of a dis-
pute involving two women in
front of Club Amnesia on East
Mall Drive.

While dealing with the dis-
pute, the plain-clothes officers,
attached to the CDU in Grand
Bahama, heard gunshots being
fired in the parking lot where a
large crowd had assembled.

Pursuit

According to reports, the two
officers then observed a man
running towards the Royal
Islander Hotel with a gun in his
hand. One of the officers pursed
the suspect on foot.

Meanwhile Sherico Far-
quharson, an officer from the
New Providence district, who
was on the island assisting with
duties at the Junkanoo parade,
came onto the scene and mis-
took the CDU officer who was
running with his service weapon



drawn for a suspect — and
opened fire on him.

Another Grand Bahama
CDU officer reportedly saw Far-
quharson, who was also in plain
clothes, firing on his partner. Not
recognising him as a fellow offi-
cer, he began shooting, hitting
Farquharson i in his side.

“The officers were simply
responding to the situation. They
are trained to operate in such a
way, and that is what happened.

“Other than the radioing or
communication of the incident,

I cannot say that other types of —

communication was used — oth-
er than shouting.

“The officers entered a situa-
tion that involved gunfire and
they responded to it, that’s what
happened. In a situation such
as that, there really isn’t much
time for formal communica-
tion,” he said.

The injured officer was
rushed to the Rand Memorial
Hospital where he was listed in
stable condition.

The Grand Bahama CDU
officer was not injured during
the incident.

deeeeeeceececeecesseceeessgescncuscecescaseecscesenauaoeses, peecee

Woman hurt in collision



ag A FEMALE m motorist was taken to the hospital after two cars polluted on Baillou Hill Road

yesterday afternoon



DOZENS of patients need-
ing medication were made to
wait for hours yesterday —
reportedly because a group of
Princess Margaret Hospital
workers called in sick.

A member of the hospital
staff, who wished to remain
anonymous, confirmed that the
hospital pharmacy had to
remain closed for two hours —
and afterwards could only serve
customers in small groups —
because the majority of staff
members in that section had
called in sick.

However, when customers
asked for an explanation, a Tri-

: bune reporter overheard a staff

member say the delay was “no
concern of the public”.

According to the sign outside
the pharmacy, staff should be
on hand from 8am every day to
attend to customers.

However at 9am yesterday,
an angry patient contracted The
Tribune to say that the facility
still was not open, and that a
large crowd of customers had
gathered.

“Many of them are old peo-
ple, who really need their med-
ication,” he said.



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.

Share your news

The Tribune wants to hear

(Ehato: Onan Bridgewater Tribune staff)

Patients forced to wait
for medication ‘due to
hospital staff sick-out’

When The Tribune arrived
on the scene, at 9.30am, the line
of customers spilled out of the
building.

Those who were not able to
find standing room sat wherev-
er they could and waited for the
pharmacy to open.

Frustrated customers began
to ask about the reason for the
delay, but were pee no
answers.

An elderly woman came to
the window and asked if she
could please be served because
she has an appointment with a
doctor.

The patient claimed she was
treated impolitely and told that
if she goes, she will lose her
place in line.

“Only because of my age I
walked away peacefully,” she
said.

Another customer said he
and the others were being
refused their rights as tax pay-
ers, as the hospital is a public
facility.

When after two hours, the
pharmacy did finally begin serve
customers, it was announced
that only 57 order tickets could
be given out at a time.












»

The Tribune was assured by
the pharmacy’s staff that the
incident will not. be repeated
today as they will be fully
staffed.

A hospital administrator said
that management was not in a
position to discuss the matter
yesterday afternoon, but would
be happy to release relevant
information to the press some-
time today.

“~~ Tal
Bencliee

: Umbrellas -

Loungers -

Drinks Trolleys

offee Tables






WEDNESDAY, AUGUST 9, 2006, PAGE 3



@ ASSISTANT Commissioner Reginald Ferguson



OPEN
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PAGE 4, WEDNESDAY, AUGUST 9, 2006

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-.

Published Daily Monday to Saturday

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

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

Equal pay for equal work

ON A RECENT tour of Kerzner Interna-
‘tional’s Phase III at Altantis, Paradise Island,
Opposition Leader Hubert Ingraham compli-
mented the Kerzners on the number of Bahami-
ans being trained on the job site.

He expressed confidence in the Kerzners’
ability to train Bahamians, thus reducing the
need of the expertise of foreign labour.

He pointed out that in addition to Kerzner
International offering its employees good

incomes, the company has also been successful:

in training Bahamian workers to eventually
take over positions now held by foreigners.

Mr Ingraham pointed out that Kerzner Inter-
national has a 75 per cent Bahamian staff. He
recalled that when government built a hotel 20
years ago, Indian construction workers had to be
brought in, and when the new terminal at the
airport was built, Mexican labour was recruited.

Today Mr Ingraham was confident that the
Bahamas had sufficient skilled workers to con-
struct not only Atlantis’ Phase III, but any oth-
er phases that might follow.

But as usual, despite this tremendous
progress, there is always someone who is not sat-
isfied. .

During the tour, one of the construction

. workers brought it to Mr Ingraham’s attention
that on the Kerzner job site Bahamians earn far
less than foreigners with the same skills.

Although Mr Ingraham promised to look
into the complaint, he observed that the man
complaining seemed to be “doing. very well”
for himself, having just purchased a condo-
minium on Sandford Drive, which is not too
far from Mr Ingraham’s home. Sandford Drive
is also the residential address of the American
Ambassador.

This exchange reminds us of a story often
told by American George Murphy, who owned

the now demolished Montagu Beach Hotel, on ©

the Montagu foreshore.

Mr Murphy, a man of broad girth, who after
becoming a British subject was elected to the
House of Assembly, had a special chair built to
accommodate his large frame. This chair was
inherited by the late Sir Stafford Sands, who
was also a large man. We believe it was then
used by the late Sir Milo Butler when he too was
a member of the House.

Anyway, Mr Murphy and Sir Etienne
Dupuch, the late editor of this newspaper, were
great friends and Bahamian labour was often
the subject of their conversation.

Mr Murphy told Sir Etienne that one day
when the Montagu hotel was being painted, a
Bahamian painter complained to him that his
American colleague was making twice as much
as he was. The Bahamian, who was earning

four shillings a day, maintained that he and the

American had equal skills.
Mr Murphy promised to examine his com-
plaint.

He told the Bahamian that he would divide
the hotel’s wall that they were painting in half.
One half the American would work on, the oth-
er half would be for the Bahamian — ‘equal
work for equal skills. At the end of the day, if
their skills and production were equal, their
pay would also be equal.

And so they mounted the scaffolding. The
American effortlessly painting his side of the
wall; the Bahamian sweating on his side.

At the end of the day, bent with fatigue, the
Bahamian looked at the American’s finished
work, and then back at his half completed
labour.

“Boss man,” he told Mr Murphy, “I have to
admit I’s only.a 4/- a day man!”

We are not saying that this is the case with
the construction worker who complained to Mr
Ingraham, but in our own experience we find it
true of many person’s opinion of their own
worth, regardless of their race or nationality.

We often hear of the people who have equal
skills to other people.

.In some cases they might be equal on paper,
but when it comes to attitude, work ethic, and
ability to work with others, they are so far apart
that there is no comparison.

We recall a gentleman who was employed by

government — a civil servant. We believe he did

bookkeeping. One day he came to Sir Etienne’s
office to complain about how unfairly he was
being treated by management in whatever
department he was in — it was either BEC or

' BaTelCo. He had quit.

Fed up with government, he now wanted a

job in the private sector. Sir Etienne got on the .

phone to his friends trying to sell a respectable,

honest bookkeeper. Eventually Sir Etienne

found someone to take him on.

As the man walked from our officé, we
turned to our father to chastise him for putting
his good name on the line for a man who we
were certain could not hold down a job no mat-
ter how many certificates he showed an employ-
er.

His arrogant attitude with his pipe stuck jaun-
tily between his lips set him aside as a human
being who could neither work with, nor for any-
one. As far as jobs were concerned he was a
rolling stone, who eventually died with nothing
—not even a job.

So when someone is confident he is as good
as his colleague, you are smart if you say: Show
me!

That is the only test. Therefore, it is only

‘the employer who can decide who and what i is

best for his own organisation.



Do we live ina
democracy or
a dictatorship?

EDITOR, The Tribune

FREEDOM of speech in a
democracy is usually considered
a “right”. But is it so in the
Bahamas? Or is it an illusion
maintained because we like the
idea and the alternative is
unthinkable.

John Marquis is the latest
subject to test whether free
speech really exists in The
Bahamas. Renewal or non-
renewal of his work permit will
confirm it.

An editor of The Tribune,
Mr. Marquis has researched
major events of historic inter-
est, an example of which is the

’ drug running era during the

administration of Sir Lynden
Pindling. Is there a relationship
between his investigative tal-
ents on this and other issues
relating to the political elite and
the deferred work permit? Only
the naive would think other-
wise.

Victimization of non-Bahami-
ans for speaking out is nothing

new. D’Arcy Ryan may have |

been the first case since Inde-
pendence.

D’Arcy, had a Bahamian wife
and seven children. He had
“Belonger” status granted
under the Bahamas Nationality
Act of 1973 that provided for
him to be registered as a
Bahamian citizen. However, he
was denied his constitutional
right to citizenship because he
had campaigned for the oppo-
sition FNM in the 1972 election.

The case is noteworthy
because he persisted seeking
justice through the courts to
uphold his right to citizenship.
D’Arcy was one of many
“Belongers” whose citizenship
was denied‘or deferred indefi-
nitely in the seventies.

His case eventually ended at
the Privy Council that ruled as
follows:

“On the facts disclosed to this
court, no reasonable minister
acting with due sense of his
responsibilities under the legis-
lation would, at the inception
of these proceedings, have been
justified in refusing the appel-
lant’s application for registra-
tion as a citizen. In the facts as
disclosed to us registration
could be refused only by acting
perversely”.

In the end the Minister for

Immigration over-ruled the .

court and “acting perversely”
he refused D’Arcy his citizen-
ship.

The D’Arcy Ryan case
showed the depths to which the
politically powerful will descend
to have their way, even ignoring

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letters@tribunemedia.net

the Law and natural justice.

It appears that John Marquis
is another non-Bahamian exer-
cising “free speech” that has
offended some in the PLP gov-
ernment. They want him gone.

In the popular history of post
independence Bahamas the
names of individuals who were
casualties of the power struc-
ture and the hero-making, self-
congratulatory agenda of the
PLP government have been
lost. But the memory lives on.

If silence is the response to
what appears to be a repeat of
the seventies then we are all
complicit in perpetuating injus-

tice. Fear of becoming a victim
explains the lack of public
protest over the long waits for
work permits and other gov- |
ernment documents required to
continue or expand business.

Democracy and freedom of
speech are inseparable as they
create a marketplace for the
exchange of ideas. Dissent is a
healthy component of free
speech, and in democratic coun-
tries it is welcomed.

Is The Bahamas a democrat- ~.
ically elected autocracy.or a dic- ~
tatorship? It is certain that with-
out freedom of speech for
everyone, it cannot be described
as a free democratic country.

THE NASSAU INSTITUTE
Nassau
August 5 2006

Long past time to
bury the racial axe

EDITOR, The Tribune.

HAVING read Mr. Keod Smith's contribution to The National
Honours and National Heroes Act, I have to ask myself why, con-
cerning topics of this nature, and particularly where certain mem-
bers of the present government and some of their supporters are
concerned, these must always hold racial undertones. What other
possible motive could there be for wanting to remove two of our
most prominent historical Jandmarks, and I might add, two of the
few remaining, and replacing them with statues of politicians. Mr..
Smith and his ilk don't seem to understand that they cannot sani-

tize or eradicate periods of our history by simply replacing one stat- — ; x

ue with another.

I also took note that during the recent Independence, celebras
tions, there were banners displayed island-wide depicting ‘al-ofthe
people considered to be builders of the nation. Nota single white
person. The late Harry C. Moore, donor of fifteen fnillion dotlars
for the establishment of the library at The College of The Bahamas,
must be turning in his grave. This too, is surely indicative of the
mindset of our “movers and shakers”, yet they have the’gall to ques-
tion why the white minority choose not to participate in national
events. Obviously, it were better, it would seem, that they remairied

invisible.

As I wrote in an earlier letter, “how shallow and culturally
bankrupt we must be as a people that we cannot accept and
embrace our history.” Surely it is long past time to bury the recial
axe rather than sharpen it, and try and move forward as one Reo-
ple rather than as a nation divided.

IAN MABON
Nassau, .
July 27, 2006.

Lack of consultation

EDITOR, The Tribune.

THE PLP Government was
issued into power on the
premise that they would be a
Government that consulted
with the people. To date, I
have yet to see one project
that was given consultation. -

I am vehemently opposed
to the National Health Insur-
ance scheme, as I am sure are
many other Bahamians. I have
seen no. opportunity for con-
sultancy on this matter as yet.

. So far all the Bahamian peo-

ple have got were updates and
figures.

I feel a referendum should
have been held on this mat- ,

ter as it affects every Bahami-

an’s salary. This sentiment was
voiced before and the PLP
continue to ignore it. The PLP
accused the FNM of not being
a consultative Government
and have turned out to be far
worse than they were.

MARSHA KNOWLES
Nassau,
May, 2006.

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THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 5





Dissident

-Gustavo
-Arvos dies
_at age of 79

: m@ CUBA

Havana

VETERAN Cuban dissident
Gustavo Arcos Bergnes, a for-

'* mer Fidel Castro loyalist who

was wounded in the attack that
launched the revolution but was
later imprisoned for counter-
revolutionary activities, died
Tuesday, according to a neigh-
bor and the mortuary handling
arrangements, according to
Associated Press.

Clara Villar, a neighbor of
the Arcos family, and a woman
answering the phone at the
Calzada and K mortuary near-
by, said Arcos died at 11.40 a.m.

. Tuesday. The cause of death
- was not immediately known,

but Arcos, 79, had been hospi-
talized recently.

Born on Dec. 19, 1926, in the
small central Cuban town of
Caibarien, Arcos was studying
diplomatic law at the Universi-
ty of Havana when he first met
Castro.

Deeply opposed to the gov-
ernment of Fulgencio Batista,
Arcos joined Castro’s ill-fated
1953 assault on a military bar-
racks that launched the Cuban
revolution. Arcos was shot in
the right hip and left partially
paralyzed. ,

Arcos was named Cuba’s

" ambassador to Belgium after

the 1959 triumph of the Cuban
revolution, but soon became
disillusioned by the growing
authoritarianism of the Castro
regime.

He began expressing his dis-
content privately and was soon
accused of being a counterrev-
olutionary. When he was
released after three years in
prison, the government refused
his request to leave the coun-

try.

Puerto Rico
activists in
talks about
independence

@ PUERTO RICO
San Juan

PUERTO Rican activists are
seeking input from nearly 60
political parties in Latin Amer-

ica on how to achieve indepen- '
dence from the United States,

according to Associated Press.

The Puerto Rican Indepen-
dence Party will meet with for-
mer presidents, parliamentary
leaders and international orga-
nizations from Latin America
and the Caribbean on Nov. 18-
19 in Panama City, organisers
said Monday.

The talks should have a sig-
nificant impact on determining
Puerto Rico’s status and US
policy toward Latin America,
party leader Ruben Berrios
Martinez said.

“It is inconceivable for the
United States to have a coher-
ent policy toward Latin Ameri-
ca if it does not include the
decolonisation and indepen-
dence of Puerto Rico,” Berrios
said.

Puerto Rico has been a US
commonwealth since 1952.
Puerto Ricans voted to keep
that status and reject statehood
in non-binding referendums in
1967, 1993 and 1998.

In December, the adminis-
tration of President George W.
Bush asked Congress to set yet
another vote for the island’s cit-
izens to voice their opinion.

Puerto Rico’s nearly 4 mil-
lion people have been US citi-
zens since 1917. They are barred
from voting for president, have
no voting representation in
Congress and pay no federal
income taxes.







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NO CALLS WILL BE ACCEPTED.

‘Shutdown of Alaska pipeline |
prompts call to preserve gas

@ By PAUL TURNQUEST
Tribune Staff Reporter

BAHAMIANS should be
set to take another hit at the
gas pump — as global devel-
opments will once again have
a negative effect on the local
cost of energy.

After British Petroleum
announced that they will be
closing their oil field in Alaska
due to corroded pipelines,
analysts warn that oil could
reach prices of more than $80
a barrel before the end of the
month.

With oil prices currently 20
per cent higher than those of
last year, analysts warn that
motorists could expect a fur-
ther pinch at the pumps — and
more importantly see the cost
of living continue to rise.

British Petroleum (BP)
announced on Sunday that
they had to close their huge
oil field at Prudhoe Bay in
Alaska after discovering that
close to 16 miles of oil transit
pipeline was severely corrod-
ed.

Dr Marcus Bethel, Minister
of Energy and the Environ-
ment, said the announcement
would affect not only the US
market but also the Bahamas

He said: “Whenever you
see a jump in the world prices,
we would see the immediate
effect at the pumps but in the
long term you see the increas-
es in the cost of living. We
have to continue to push pub-
lic awareness and conserva-
tion — reducing the demand
for fuel and using your knowl-
edge and resources to alter-
nate to alternate sources of
energy if you can do so.

“But people only pay atten-
tion to these clarion calls when
they feel it in their pocket
books. The message doesn’t
change, it is the immediate
impact on petrol (gasoline)
and in the long term effects
on the cost of living that
changes,” he said.

According to international
reports, this field was the US’
largest single source of domes-
tic crude, and shutting it down
will take days to complete.
Over time; the Alaska North
Slope oil production is expect-
ed to be reduced by an esti-
mated 400,000 barrels per day.
BP owns 24 refineries world-
wide, with the five in the US
producing 1.5 million barrels
of oil a day.

Yesterday Bob Malone, the
chairman and president of BP



a Syn ca Cote

—-




Available from Commer News Providers

America, issued a statement
apologising for the impact the
shutdown would have on the
nation, and the state of Alaska.

“We deeply regret that it has

been necessary to take this dras- - :

Business consultants
interview ministers for
New York audience |

@ By PAUL TURNQUEST
Tribune Staff Reporter

In an effort to create an
accurate and substantial
database on: economic,
touristic, and investment
material relative to the
Bahamas, two international
business consultants are in
New Providence to meet
with members of the gov-
ernment and business lead-
ers.

Taking a moment away
from their busy schedule, Sil-
via Camins, and Jantiene
Maat both from US. Media’
yesterday visited The Tri-
bune to speak a little about
the work they have done so
far.

Stating that they were
here to interview a number
of ministers and industry
leaders for their New York
readers of The Daily News,
the pair highlighted that
their focus will be on
tourism, banking, utilities,
transport, trade and indus-
try, real estate, and luxury
goods.

They have already inter-
viewed the Minister of State

for Finance James Smith, and
the Speaker of the House
Oswald Ingraham.

“Currently, New Yorkers are
requesting more information
about the Caribbean and due
to Condolezza Rice visit to the
Prime Minister Perry Christie
earlier this year the attention
has been drawn to the Bahamas

Islands,” said Ms Maat.

“We have been in the
Caribbean for a while, and like
Minister of State for Finance
James Smith pointed out in the
meeting, the competition is very
high for attracting US investors,
so it is very important that the
government and companies
work together in this to create a

unique statement for The ©
Bahamas Islands,” Ms Camins ~

added.

US Media is an international
news organisation specialising
in the production of promo-
tional country reports through-
out the world. According to the
agency’s website, these reports
are used “to provide compre-
hensive business and financial
information on countries all
over the world, and effectively
bridge relations between global
economies”.

Environmentalists plan
conference on LNG

@ By KRISTINA MCNEIL

ENVIRONMENTAL-
ISTS opposing the approval
of a liquefied natural gas
pipeline between Florida
and the Bahamas plan to
inform the possible dangers
of the plan at a symposium
this Thursday.

Environmentalist and
ReEarth founder Sam Dun-
combe will make the key
presentation about the neg-
ative effects that LNG could
bring to the Bahamas.

The symposium is just one
aspect of the public educa-

tion programme that Mrs Dun-
combe would like to.see in the
Bahamas before the govern-
ment decides to approve any of
the proposed LNG projects.

“We’re continuing to try and
inform as many people as we
can about the issues that con-
cern LNG,” Mrs Duncombe
said. “This is not only about
ReEarth — there are many peo-
ple who are concerned about it.”

Environmentalists opposing
the LNG project were surprised
when the debate sparked up
again with a statement made by
Attorney General Allyson May-
nard-Gibson last month, who
said there is “every reason to
believe” that LNG will be
approved by the end of the gov-
ernment’s present term.

In response, Mrs Duncombe
encouraged the government
and the opposition to take a
stronger stand on the issue
before elections in 2007. '

“We want to give people who
would not necessarily have
access to the Internet a chance to
sign up if they’re opposed to the
project,” Mrs Duncombe said.

She invited the public to lis-
ten to the presentation, sign the
petition opposing the projects

and buy a T-shirt that expresses ~

their views

The symposium will begin at
6.30pm at the National Art
Gallery on West Hill Street on
Thursday, August 10.

y

Hi VISITING members of US
Media — international business
consultant Silvia Camins (left)

and international business
analyst Jantiene Maat (right)

tic action of an orderly and
planned shutdown of the Prud-
hoe Bay oil field. We will be
working with state and federal
regulators on plans for the
orderly and planned shutdown

fo A

(AP Photo/Al Grillo)

of Prudhoe Bay. In addition, we
will be conducting a parallel
study with the agencies to deter-
mine if it is possible to safely
continue operating portions of
the field, ” he said







PAGE 6, WEDNESDAY, AUGUST 9, 2006

Woman celebrates as
injunction granted

@ By GABRIELLE MISIEWICZ

AFTER a week of waiting,
Mrs Debora Tomlinson final-
ly has an injunction to protect
30 acres of land belonging to
the estate of her mother-in-
law.

During the weekend of July
29, a bulldozer tried to clear a
road through the property,
which lies off of Sanford Dri-

ve.

An argument broke out when
the driver of the bulldozer
refused to stop working — saying

OFFICIALS of the Parliamentary Registration Department register voters for the upcoming

he was following instructions —
and the police had to be called
in.
According to Mrs Tomlinson,
a man who would only identify
himself as “Mr Morris” claimed
that he had rights to the prop-
erty, which lies east of the US
Ambassador’s official residence
on the south side of the main
road.

Reportedly, Mr Morris had
contracted A and D construc-
tion to develop the property
into a sub-division.

Mrs Tomlinson said she had

general elections in the Mall at Marathon last year

to hire a security firm to make
sure no further development
took place while the injunction
was being processed.

The land was bought in the

1960s by her father-in-law and |

this is the second time the own-
ership of the land has been chal-
lenged. :

Mrs Tomlinson said she
“feels good” now that the land
is protected by law.

She said that something had ©

to be done — and she is happy
that it was done in the “right
way - through the courts.”



Voter registration ©
below 2002 levels

THE TRIBUNE



the piece of disputed land last week ;

— and still slow

@ BY ROYANNE
FORBES-DARVILLE
Tribune Staff Reporter

VOTER registration is still
lower than it was in the lead-
up to the 2002 general election
— and is climbing at a slow pace.

As of yesterday morning,
71,628 persons had registered
to vote in New Providence.

Parliamentary commissioner
Errol Bethel told The Tribune
that many Bahamians fail to

COMMONWEALTH OF THE
BAHAMAS

THE SUPREME COURT
PROBATE DIVISION

No. 2006/PRO/npr/00402

Whereas IDADORA JOSEPHINE
BROWN of 1405 Guinep Tree
Street, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, has made
application to the Supreme Court
of The Bahamas, for Letters of
Administration of the real and
personal estate of ROBERTHA

SHANIQUE CULMER late of

Pinewood Gardens, New

Providence, one of the Islands of ,

the Commonwealth of The
Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
NASSAU, THE BAHAMAS
AUGUST 10, 2006

PROBATE DIVISION
2006/PRO/npr/00403

In the Estate of ELLEN ELIZABETH
EVELYN JARRETT, late of 4
Drumclog venue Milngaive,
Scotland, United Kingdom,

deceased.

Notice is hereby given that after the
expiration of fourteen days from
the date hereof, application will be
made to the Supreme Court of The
Bahamas, on its Probate Side by
JAMES LENNOX MOXEY, of West
Bay Street, New Providence, The
Bahamas, Attorney-At-Law, the
Authorized Attorney in The
Bahamas, for obtaining the
Resealed.Confirmation of Executors
in the above estate granted to
JAMES OSWALD JARRETT and
JOHN GILFILLIAN LUSCOMBE
ROBINSON, the Executors, by the
Office of the Commissariot of North
Strathclyde, on the 6th day of
February, 1985.

K. Mackey
(for) Registrar

COMMONWEALTH OF THE
BAHAMAS

THE SUPREME COURT
PROBATE DIVISION
AUGUST 10, 2006

No. 2006/PRO/npr/00404

Whereas EARL A. CASH of Marlin
Drive, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, application to the
Supreme Court of The Bahamas,
for Letters of Administration with
the Will annexed of the real and
personal estate of SIDNEY
ROBBINS late of 1315 Torrey Pines
Road in the City of Lajolla in the

County of San Diego, in the State
of California, one of the States of
the United States of America,
deceased.

Notice is hereby given that such’
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

COMMONWEALTH OF THE
+ BAHAMAS

THE SUPREME COURT
PROBATE DIVISION
AUGUST 10, 2006

No. 2006/PRO/npr/00410

Whereas PAULA ROBERTS of
Scott Street and Johnson Road,
New Providence, one of the Islands
of the Commonwealth of The
Bahamas, has made application to
the Supreme Court of The
Bahamas, for Letters of
Administration of the real and
personal estate of ZELMA
ROBERTS late of Pinewood
Gardens, New Providence, one of
the Islands of the Commonwealth
of The Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar



realise that an election must be
called within the next nine
months.

“I think people believe that
this thing is far off. But elec-
tions are not far off at all,” Mr
Bethel insisted. “So we need to
pick up the pace and we need to
start moving faster.

“The Boundaries Commis-
sion will meet soon and so we
need to get the numbers up,
because last election season we
were ahead of where we are
prersently.”

In August 2001, nine months
before the 2002 general elec-

_' tion, 86,000 persons had already

signed up — 14,372 more per-
sons than at present.

Delay

Mr Bethel said that many
Bahamians tend to procrasinate

. until the politicans begin active

campaigning.

“People tend to get excited
at a certain stage... that is when
they believe things are going to
happen and if that happens we
are going to have some serious-
ly long lines, and we are really
trying to avoid that from hap-
pening,” Mr Bethel said.

“This year we started in a
good time so that. people can
come out and get registered
without having to tout long
lines.”

In New Providence the Ade-

- laide constituency continues to

@nattilus

7. 5
Neg pv
u gk
SED with a4 TRACE MIN

aS NATURE Inre
R Nden

lead in the number of registered
persons, with 2,600 people. This
is followed by Blue Hills with
2,595, then Delaport with 2,400.

Mr Bethel said: “Some places
are doing okay but we still have
a long way to go.”

Meanwhile only a third of the
Family Island population has
registered to vote, well below
the numbers officials expected.

On Grand Bahama, an esti-
mated 12,200 persons had reg-
istered as of yesterday.

In Eight Mile over 2,200 peo-
ple have registered; High Rock
over 2,000; Lucaya over 2,000;
Marco City over 2,000; Pine
Ridge under 2,000; West End
under 2,000; North Abaco over
1,300; South Abaco over 1,100;

» North Andros over 1,000; South,
Andros over 1,200; Cat island

over 800; North Eleuthera over
1,300; South Eleuthera over
1,100; Exuma over 1,100; Long
Island over 900; and MICAL
constituency under 700.”
Registration stations remain
open at the Headquarters, Far-
rington Road; the General Post
Office on East Hill Street; Town
Centre Mall and Mall at
Marathon; Commonwealth
Bank Star Plaza, Mackey Street;
Commonwealth Bank, Cable
Beach; Albury Sales Primary
School, Meeting Street; Flamin-
go Gardens Clinic, Carmichael
Road; Elizabeth Estates Clinic;
Uriah Mcphee Clinic, Kemp
Road; Lynden Pindling Airport,
domestic section in the evenings.

Via

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Bottled water company invites applicants for;
Truck Drivers, Sales People, and Receptionist

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Please note that we are located in
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All interested persons are asked to call
377-0444 thru 0446 or submit resumes to
jobs@NautilushH20.com prior to August 11, 2006.

Only successful applicants will be contacted.



Pp we



THE TRIBUNE





In brief

Governor

. welcomes

complaint

-.on senator

@ PUERTO RICO
San Juan

PUERTO Rico’s governor
welcomed the ethics complaint
lodged Monday in the Senate
against a lawmaker accused of
having ties to a drug dealer who
was killed last month, according
to Associated Press.

Senator Cirilo Tirado, a
member of the governor’s party,
filed the complaint with the
Senate Ethics Commission
against Senator Hector Mar-
tinez, who has denied having
dealings with Jose “Coquito”
Lopez. Tirado said Martinez
violated Senate rules and ethics
’ by allowing Lopez to attend
three prison inspections with
him, and that he should be
expelled from the legislative
body.

“Every citizen is assuming his
’ responsibility and those that
keep silent, the people will
judge them,” Gov. Anibal
Acevedo Vila said.

The ethics commission can
expel Martinez, who told Chan-
nel 4 television news in Puerto
Rico that he was “a victim” and

should be given time to explain

himself. ©

Martinez is one of three law-
makers accused of having links
with Lopez in a quickly growing
political scandal in the U.S.
Caribbean territory.

USS. agents are investigating
allegations that rogue police
officers acted as bodyguards
and informants for Lopez, who
allegedly controlled the drug
trade in northeastern Puerto
Rico.

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@ MIAMI

THE 2006 Atlantic hurricane
season should be slightly less
active than originally predicted,
federal forecasters said Tues-
day, according to Associated
Press.

Forecasters now expect there
to be 12 to 15 named storms
and seven to nine hurricanes,
the National Hurricane Cen-
ter and other National Ocean-
ic and Atmospheric Adminis-
tration agencies said.

Three or four could be major
hurricanes with sustained winds
of at least 111 mph, forecasters
said.

Government scientists made
their first prediction in May,
saying the season could pro-

~ LOCAL NEWS

duce 13 to 16 named storms,
and eight to 10 hurricanes, four
to six of which could become
major.

There have been only three
tropical storms and no hurri-
canes so far, but August
through October are typically
the most active months of the
season.

Forecasters warned coastal
residents not to let their guard
down.

“Preventing the loss of life
and minimising property dam-
age from hurricanes are respon-
sibilities shared by alll,” said Max
Mayfield, director of the Nation-
al Hurricane Center. “Remem-
ber, one hurricane hitting your
neighborhood is enough to
make it a bad season.”

Federal Emergency Man-

“agement Agency director

David Paulison, who joined

NOAA officials speaking from,

Washington, DC, said his
agency is working closely with
state governments and would
not wait for a state’s relief
efforts to fail before stepping in
with federal support after a
hurricane.

Officials revised their fore-
cast because of wetter than pre-
dicted conditions over the
Pacific Ocean, which forced
slightly stronger upper-level
winds over the Caribbean, hur-
ricane centre meteorologist
Christopher Landsea said.
Those winds can rip apart
storms and stop them from
becoming hurricanes.

WEDNESDAY, AUGUST 9, 2006, PAGE 7

predictions on hurricanes

Water temperatures in the
Atlantic also are not as high as
first expected, forecasters said.

The revision follows that of
forecasters at Colorado State
University, who updated their
forecast Thursday. They
reduced their storm estimate

from nine hurricanes to seven, —

and said that three instead of
five of the storms could be
major. The forecasters initially
had ‘called for 17 named storms
but now predict 15.

The two forecasts still would
make this season busier than
long-term averages, but in line
with an increase in the Atlantic
that started in 1995. Federal
forecasters say warmer waters,
more moisture and other con-
ditions have been responsible







for that increase, which could
last for another decade or
longer.

Between 1995 and 2005, the
Atlantic has averaged 15
named storms, just over eight
named hurricanes and four
major hurricanes, according to
the hurricane centre. Long-
term averages are 11 named
storms, six hurricanes and two
major ones.

The 2005 hurricane season
broke records with 28 named
storms, 15 hurricanes and sev-
en major ones. Hurricane Kat-
rina was the costliest natural
disaster:in US history, killing
more than 1,500 and wiping out
parts of the Gulf Coast.

Hurricane season began
June 1 and ends November 30.

Meteorologists monitoring three systems

i By KAHMILE REID |

THE Bahamas Meteorologi-

_ cal Department is closely mon-

itoring three weather systems
that may affect the Bahamas,
The Tribune learned yesterday.

Currently, the they are mon-
itoring a tropical wave, an area
of low pressure and an upper

‘level low.

Yesterday afternoon, the
tropical wave was located
around 825 miles east of the
Windward Islands.

According to chief meteo-
rologist Basil Dean, this sys-

tem is showing signs indicating

that it will develop further
within the next 24 to 48 hours.

The system is being closely
monitored, as it has the poten-
tial to become a tropical
depression.

A tropical depression is an
area of low pressure, with
counter-clockwise rotation of
clouds and maximum winds of
38 miles per hour.

It is the second phase in the
development of a hurricane,





* Available from Commercial News Providers




however a wave can dissipate
before reaching tropical storm
intensity.

_ Mr Dean also revealed that
‘there is an area of low pres-
sure about 750 miles southwest

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of the Azores Islands, just off
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This system, he indicated, is _

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Mr Dean explained that
some islands are currently
experiencing the effects of an
upper level low that is moving
through. the northwest
Bahamas:

While the system caused
heavy showers and thunder
storms over most of the north-
west area of New Providence
yesterday, Mr Deans indicat-
ed that no significant develop-
ment is expected. The system is

moving at 15 to 20 miles per

hour.

Last week Tuesday, the
National Emergency Manage-
ment Agency (NEMA) inten-
sified communication with the
southern Bahamas, to ensure
all the islands were prepared
for tropical storm Chris.

A hurricane watch was
issued for Acklins, Inagua,
Mayguana, Long Island,
Ragged Island and Crooked
Island.

Chris was expected to turn
into a hurricane, however it
weakened into a depression
while crossing the eastern
Caribbean.

As the hurricane season
reasserts its presence, the mete-
orological services are advis-
ing the public to make the nec~
essary preparations.

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PAGE 8, WEDNESDAY, AUGUST 9, 2006

THE TRIBUNE



What lies ah



Cuba and the Bahamas

Prveens through the
channels one sleepless
night recently, we happened
upon a grainy black and white
interview of Fidel Castro by the
late Jack Paar, a former host of
NBC's Tonight Show.

Turns out that Paar was
enthusiastically welcoming a
young Fidel in a Havana hotel
on the very night that he became
the pre-eminent political leader
of Cuba in February 1959 — a
month or so after the revolution-
aries rode into Havana on tanks.
It is said to be Castro's only on-
camera interview with an Amer-
ican conducted in English.

Smiling, affable and smoking a
trademark cigar, Castro told Paar
(who was concerned that he
might be tired after the revolu-
tion) that he could "ask all that
you want for the public opinion
of the United States."

There was nothing particular-
ly insightful in that brief conver-
sation — it was just a frozen
moment in time resonating across
half a century, from the point
when Castro first arrived on the
world scene to the point where
he is about to exit stage left.

In the late 1950s Cubans from
all walks of life united against
their despised president, Fulgen-
cia Batista. And Castro, a lawyer
and onetime election candidate,
became a charismatic revolu-
tionary figure who described his
political goals as "representative
democracy and social justice in
a well-planned economy."

After moderates broke with
the Revolution and were either
executed, imprisoned or exiled,
the US made a fatal mistake by
supporting Cuban exiles in the
failed 1961 Bay of Pigs invasion.
Ever since, Castro has main-
tained a special intransigence
towards America, which led to a
nuclear showdown at the height
of the Cold War.

But many believe that Cas-
tro's dislike for the United States
has deeper roots. His father (a
wealthy Spanish plantation own-'
er) moved to Cuba after-Spain's

ignominious defeat in the Span=~





‘LARRY SMITH

ish-American War, and Fidel was
well-known from a young age for
his passionately nationalistic
views.

In fact, American sources
speaking on background have
told Tough Call that Castro's vis-
ceral hatred for the US would
prevent a political accommoda-
tion even if he were not a com-
munist and the embargo was
withdrawn tomorrow.

So what will happen when — in
the very near future — Fidel Cas-
tro is no longer the all-powerful
dictator of Cuba? It is the ques-
tion on everyone's lips these days
— and since the Bahamas is only
a few dozen miles from Cuba at
its closest point, it is.a particu-
larly pregnant question for us.

S ome analysts say that Cas-
tro's cession of power to
his brother Raul in order to
undergo abdominal surgery a
week or so ago is merely protocol
required by the Cuban constitu-
tion. And even if he were to die
or to become incapacitated, there
is no sign that the Communist
Party will be overthrown.
According to Felix Masud-
Piloto, director of DePaul Uni-

_ vesity's Centre for Latino

Research: "When someone has
been in power for so long and

has played such a central role in -

everything that has happened in
Cuba, as well as its relations with
the rest of the world, it's going to
leave a big hole. Whether you
love him or hate him, Fidel Cas-
tro is a giant in international pol-
itics — a dominant political figure
of the 20th century."

A few weeks ago, a US presi-

dential commission called for an

80. million programme to bol-
n-governmental groups in

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country's communist system. A
"transition co-ordinator" has
been appointed in Washington,
tasked with accelerating the end
of the Stalinist regime that Castro
built over the past half-century.

Dr Brent Hardt of the US
Embassy in Nassau, told Tough
Call that America wanted a free
and democratic Cuba reintegrat-
ed into the inter-American sys-
tem: "The imposition of Raul
Castro denies the Cuban people
their right to freely elect their
government. We are ready to
help Cuba through a democratic
transition and are prepared to
rapidly provide substantial
humanitarian relief to support a
genuine transition."

And already there are credible
calls in the US for an end to the
embargo and normalization of
relations. Some lawmakers want
to repeal the 1996 Helms-Burton
Act, which-prevents the United
States from lifting sanctions until
Cuba holds free elections and
releases political prisoners. The
law also prohibits recognizing a
transitional Cuban government
led by Castro's brother and des-
ignated successor, Raul.

Most analysts think little will
change in the immediate after-
math of Castro's death or inca-
pacitation. His hardline brother,
Raul, has a strong base in the
military, although he lacks Fidel's
charisma. So the most likely
short-term outcome, they say, is a
military-backed regime that will
seek to maintain the status quo.

But few doubt that the com-
munist system will eventually col-
lapse without Castro, despite the
support of Venezuelan President
Hugo Chavez for an ongoing
anti-American alliance. Analysts
say that cautious market reforms
following the dissolution of the
Soviet Union in 1991 "began to





‘ unravel the entire structure so

that the frightened government
quickly backtracked."

During the Cold War, the
Soviets subsidized Castro by sup-
plying cheap oil.and buying
Cuban sugar at a premium. And
the Cuban economy declined by
more than a third after 1989
when the Soviet bloc disintegrat-
ed. An important part of the
regime's response was to allow
foreign investment in the tourism
sector for the first time.

In 1989, there were only about
300,000 visitors generating $240
million for the Cuban economy,
but by 2005 more than 2.3 mil-
lion tourists visited the island,
choosing from more than 43, 000
hotel rooms and spending $2. 6
billion. Most of the travellers

resorts catering to both the low
and high-end tourists from the
USA and Europe, can Barbados
still be competitive? We already
lose significant visitors to Cuba

from the Canadian and European —

markets. Without the American-
legislated “head-start” how will
we fare?

And, the bloggers added for
good measure: "Think about the
potential impact of over 100,000
square kilometres of Cuban lands
being dumped onto the free.mar-
ket at rock bottom prices in an
attempt to jump-start Free
Cuba's economy and foreign
investment."

Bahamian tourism officials
have been thinking about the
long-term impact of an opening
of Cuba on the US market,



“Most cnaives think little will ©

change in the immediate aftermath :

of Castro's death or incapacitation.
His hardline brother, Raul, has a
strong base in the military,

although he lacks Fidel's charisma.

So the most likely short-term
outcome, they say, is a
military-backed regime that will
seek to maintain the status quo.”



were from Canada, Britain, Italy, '

Spain and Mexico.
Although this is roughly half

of the Bahamas' total visitor:

count of 5 million last year, it has
to be noted that Cuba is the
largest island in the Caribbean,
with mountain ranges, fertile
plains and valleys, and a 2,300-
mile coastline with deep har-
bours, coral islands and miles of
beaches. Cuba also offers a proud

history and culture blending -

Spanish and African influences.

..Cuba now has 10 internation-
al. airports served by 100 airlines
connecting to 40 cities worldwide.
And there are 16 regions
throughout the island with possi-
bilities for another 164,000 hotel
rooms. If US travel restrictions
were lifted, Cuban officials pre-
dict total visitors in 2010 could
reach 12 million. So the compet-

- itive threat that Cuba poses to

the rest of the region is enor-
mous. According to the Barba-
dos Free Press weblog, this threat
cannot be overstated:
"Thanks to the USA’s embar-

go and travel ban, Barbados has

not had to vie with Cuba for
American tourism dollars. With a

dramatic resurgence in the

Cuban tourism industry, and an
increased number of Cuban

although they do not see it as an
immediate threat: "We are. an
English destination and they are
a Spanish destination," one offi-
cial source said, "so that is an

,advantage for North American

tourists.

"Certainly we will have to
increase our marketing efforts to
differentiate our product, to
maintain and grow our US and
other country market share. But
Cuba and The Bahamas are two
different destinations that can
effectively compete. We will have
to continue our efforts to target
new markets like China, India,
and Brazil.

"The biggest pluses for our
tourism industry and foreign sec-

ond home owners are proximity _

to the US, political stability and
the fact that most of the coastal
lands in southeast Florida are
developed. These will remain

advantages in the future (evident -
by the recently approved Ginn,
_ Mayaguana and Baker's Bay

developments). Proximity to the

US will also bea plus for Cuba, ~

but I doubt that their promotion
of this will adversely impact us
in the short term.

"The curiosity factor for: visit-

_. ing Cuba will be huge, but high-:

end travellers demand a greater

My Atlantis Photos

level of service than that cur-
rently offered by:most Cuban
properties and businesses. There
will be a period of time for Cuba
to catch up.

And it is also likely that there
will be a power struggle in Cuba
that could go on for years. Since
the state owns all hotels, man-
agement chains can leave with
little loss in the event of unrest.
And even with an elected gov-
ernment, there will be many
problems related to Cuban-
Americans seeking to reclaim
properties confiscated by the
Castro regime.

Perhaps the most immediate
risk to the Bahamas from a post-
Castro transition is the same as
that faced by the United States
— the prospect of mass migra-
tion.

he average Cuban lives
on about. $8-$10 a

month, surviving on food rations

- and free health and education

services. But Communist Party
members live much better than
ordinary people and have access
to luxury goods and better jobs.:
Political discontent in 1980 led

to the exodus of more than.

100,000 Cubans to Florida dur-
ing the so-called Mariel Boatilift,
overwhelming local authorities

- and the US Coast Guard. Anoth-:
- er wave of emigration came after

the collapse of the Soviet bloc,
which threw Cuba into an eco-

_ nomic tailspin in the early 1990s.

Post-Castro instability in Cuba
can be expected to lead to more
mass migration, although there
is no sign of that yet. Newspaper
reports say that the Coast Guard,
which routinely patrols the water
between Cuba and Florida, has
been closely watching for any
increase of refugees. following
Castro's health announcement . '

Florida Governor Jeb Bush
said recently that the state was
reviewing an emergency mass
migration plan should instabili-
ty in Cuba grow. And the Bush
Administration says military
forces stand ready to avert any
mass immigration of Cubans in
the event of chaos on the island
— another Cuban blockade.

In the worst-case scenario,
there could be a civil war, pro-

ducing 2 or 3 million: refugees,

experts say. If such an exodus

does occur, many Cubans will no’

doubt end up on Bahamian
shores. And the pregnant ques-
tion is, what will we do about that
— rely on the Americans?

What do you think?
Send comments to

larry @tribunemedia.net
Or visit

www. bahamapundit. com

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~ 42s



THE TRIBUNE







’ BAN officer from Rhode Island demonstrates disarming
techniques on an officer from the prison during the Baton
Certification Course at HM Prison yesterday morning

Prison officers go
on security threat
training course

PRISON officers at Fox Hill
are undergoing a three-day
course on dealing. with security
threats with the Rhode Island
Department of Corrections.

Sixty officers have been cho-
sen for the Baton Certification
Course as part of the State Part-
nership Programme, aimed at
giving them the technical know-
how to deal with a variety of
security threats that may arise.

The officers will also have
sessions in cell extraction, basic
and advanced riot/crowd con-
trol, pepper spray certification
and an inmate classification
review.

Lieutenant Commander
Delong Bonner from the Naval
Liaison’s Office at the Ameri-
can Embassy said the partner-
ship between Rhode Island and
The Bahamas is going strong.

“To date, Rhode Island has
successfully joined with The
Bahamas’ National Emergency
Management Agency, The Roy-

al Bahamas Defence and Police,
( the

sete?

TTS EG Lee e
ores, the
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Port Authorit

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College of The
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OARS Eee stb Pa Pehl
ffice of Economic Devel-

Bachelors Degree in Busines
Professional Vocational qualific

reexperience as a Tra ¢
Be proficient in all Microsoft Office af
: ae of 4 Series Tarst actis

opment — all of these exchanges
have been an overwhelming
success,” he said

Lt Bonner told the officers at .

the official opening ceremony
yesterday morning that “seven
of Rhode Island’s best, correc-
tions officers have travelled
here for an information
exchange; they are certified
instructors who have a wealth of
experience and information on
prison operations.”
Prison Superintendent Dr
Elliston Rahming said that
unlike in the past, when offi-

cers were mandated to simply.

undergo recruit training, they
are now required to receive at
least 40 hours of training a year
in order to be in a constant

‘ state of peak performance on

the job.

The course ends on Thurs-
day. Prison officials are already
making plans for a one-week
course in October on Leader-
ship in Corrections, to be con-
ducted for supervisory person-
nel ‘by'an international cotrec-
tions consulta fe
Home Office in London.’ ’















nt froii the British’

WEDNESDAY, AUGUST 9, 2006, PAGE 9

COB plan to improve —

university experience

through exchanges

COB’s new president
Janyne Hodder is planning to
increase the level of interna-
tional exchanges in a bid to
improve the instituation’s vis-
ibility and the “university
experience".

Mrs Hodder, who has just
taken over the reigns of the
college after the resignation
of Rodney Smith last year,
said the college was “bubbling
over” with ideas for change

“This year we’re expecting
1,500 new students; what’s
going to be costly is the
process of offering more schol-
arships and international
exchanges, and that is going
to be very dependent on how
we can generate private giv-
ing,” she said.

“International students are
important to us because they
bring a quality to the experi-
ence. I don’t see them as rev-
enue,” she said. “This
exchange programme will be a
good vehicle to build the col-
lege’s visibility.”

“A majority of COB’s stu-
dents have been Bahamian,
but we are discussing the pos-
sibility of creating interna-
.tional exchange programs to
give our students the experi-
ence of a semester at another
university in another country
and for an international stu-

dent from that university to-

spend a semester here at
COB.”

Mrs Hodder added that she
was optimistic about the
changes going on at the col-
lege during this transition peri-
od.

“As we now go through
another process of change, it’s

i bringing with it its own kind

of debate,” she said. “Learning
throiigh education is a"*messy

“Business, you have to ‘argue,

“think, ‘and write because

= ees SOIT EEE

[Applications in writing with details of education amd experience should be addressed tix

The Hunan Resourcts Manages
P.O. Bas 8 1682
Nassuu, Bahamas



wot later than Augst 41,





)

New president outlines.

vision for institution



there’s always someone with
a different point of view.”
Mrs Hodder hopes. to
engender this kind of interac-
tion to the college by attract-
ing a more diverse student and
professorial body — which she
believes is the true “university

through alternative interest-
focused academic programmes.

Increasing tuition is not the
solution, she said because
COB’s student endowment
does not permit; and even so
she said, they would not want
any Bahamian student tobe

refused an education because

experience.”
they could not afford it.

One thing will not be chang-
ing at the institution, however
- its need for continued and
increasing funding as it under-
goes the change from college
to university.

Mrs Hodder said that COB
relies more on student tuition
moneys, so in order to live up
to the public’s expectations
philanthropic funding must
continue.

“With a larger influx of stu-
dents, we will néed dorms to
build a residence life for stu-
dent exchange and athletic
programmes. So far we have
progressed in constructing a
centre for performing arts and
a library, and the only way to
fund these endeavours is
through donations.”

She also expressed a desire
to introduce web registration
‘and expand the number of
courses available. “We have a
fair number of students that
attend the college part time
because we can’t offer them
all the courses they want,” she
said. “Our hope is that with
more classes we can cater to
more full-time students.”

Finally, Mrs Hodder spoke
of COB’s plans to increase the
number of middle-aged and.
senior citizen students

i COB president
Janyne Hodder

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PAGE 10, WEDNESDAY, AUGUST 9, 2006

CARIBBEAN NEWS

THE TRIBUNE



Cuban allies urge US not to interfere with island

HAVANA

CUBA'S allies urged the
United States not to interfere
with the communist country dur-
ing Fidel Castro's absence from
power, while the USS. increased
its television transmissions to
the island and encouraged anti-
Castro activists to push for
change, according to Associat-
ed Press.

Cuban Parliament Speaker
Ricardo Alarcon warned that
the United States would face
"hell" if it meddled with the
Caribbean island.

"We demand that the gov-
ernment of the United States
respect Cuba's sovereignty,"
read a letter from 400 leftist
intellectuals and human rights
activists published Tuesday in
Cuba's state-run newspapers.
"We must prevent a new aggres-
sion at all costs."

US. officials have repeatedly
said they will not invade Cuba,
and that they wish only to see
democracy on the island.

"Our desire is for the Cuban
people to choose their own form
of government," U.S. President

George W. Bush said from his

NAME

ADDERLEY Christopher
ADDERLEY Helen
* ADDERLEY Mae

ABURY Eveland
ARANHA Gemnnaine
ARMBRISTER PEGGY
BAIN Alfred
BAIN Gerald
BARR Christine
BEAUBRUN Mongene
BELL Annishka
BETHEL Ruth
BROWN Noel
BROWN Prince Albert
BURROWS Nathania
BUTLER Lillian
CALIZAIRE Ruth
CAREY Charoltte

| CARTWRIGHT Freeman
CARTWRIGHT Marie
CHARLTON Hillard
CHARLTON Zilpha
CLEARE Allan
COLEBROOK Eureka
COLEBROOKe Emertine
COLEBY Charmane
COLLINS Paul
COSTAMAGNA Vittorio
DAIVS Lawrence
DELA LLANA Peria
DELEVEAUX King
DUNCANSON James
EVANS Marie
FERGUSON Laura
FERGUSON Tracey
FRAZER Robert :
GARWOOD-GOWERS David
GRANT Ida
GREEN Jane
GREENE Sheila M.
HALL Dressler
HARRIS Rufus ~
HOPKINS William
HUYLER Annamae
JENNINGS Marion
JOHNSON Patricia
JOHNSON Rufus
JOHNSON Valderine
JONES Luther
JOSEPH Octales,

Kelly Elizabeth
Kelly Roland
King Michael
Knowles.Sharon
Korti Rachel
LaFleur Joel
Laroda Joseph
Larrow Michael
Lazzaris Giancario
Louis Adnau
McIntosh Margaret
McKenzie Elijah

- McKenzie Emperor
McKenzie Eula
Mckinney Joanna
McNeil John
McPhee Jestina
Miller Herby
Misri Autar
Mitchell Richard G.
Narin Deveaux Paula
Neely Renee
Nixon Myncharhi
Omeler Gladys
Palukuri Sambasivarao
Pampanelli Ammando
Pluck Desmond
Rodgers Prince
Rodrigo Thosina
Roldan Eloy :
Rolle Gwendolyn
Rolle Louise
Rolle Nikita
Saunders Melva
Saunders Samuel
Saunders Shirley Len
Singh Lgbal
Smith Caphy
Smith Cherrel
Smith David
Smith Eddie
Smith Ellen
Smith George
Smith Verna
Strachan Daisy
Strachan Delarise
Stubbs Ezekiel
Stubbs Gearlina
Stubbs Ruth
Sutherland Vernita
Swain Amette
Sweeting Donald
Taylor Viola
Thompson Pearl
Thompson Sandra
Todd Lily
Vernon Anthony
Watson Altheameze
Williams Albert
Williams Charmaine
Williams Dina
Williams Janet
Williams Martin
Williams Matred
Wilson Sylvia
Woodside Caroline
Young Lisa




_-

ranch in Crawford, Texas.

Yet many of those fearing an
attack point to Iraq and
Afghanistan — and the failed

~~ ae
i

U\S.-backed Bay of Pigs inva-
sion of Cuba in 1961.

Any invasion now would
"become a hell for them from






the first day," Alarcon said
Monday.

"We will guarantee them total
failure once again," le said in

a a OO NENTS CY
The following persons or their nearest realatives are kindly asked to visit the PENSIONS DEPARTENT of the National Insurance Board located in the
Board’s Jumbey Village complex on Baillou Hill Road. For Further Information, you may contact the Department at telephone number 502-1500:

N.I. NUMBER

11883545
11236469
30337453
50008668
11125608
13826565
56001207
14482622
14846578
30514304
11408871
12338427
10322418
17723612
66046777
11026219
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a 11606460
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56014406
11714395
11556455
78016134
30825660
11685506
11044454
10723412
15957683
11726369
11627492
11251417
11826770
10681418
11523301 -

12227404 -
16401689
31684564
14435659
10416390
11573540
50171534
10312463
11091401
12972401
12556432
10432639
11052465
10825428
11048328
10183299
13025570
31102549
13204419
12353442
12738395
11425407
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12221414"
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12415413
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13288687
11014326
15498662
14405768
17458684
10682732
11207507
12407437
23808632
25865676





an interview from Havana with
the Venezuela-based television
station Telesur, in an apparent
reference to the Bay of Pigs
attack.

Castro, who turns 80 on Sun-

day, is said to be recovering ©

from intestinal bleeding that
forced him to temporarily cede
power a week ago to his
younger brother, Defense Min-
ister Raul Castro.

Neither of the brothers have
made public appearances since.

The Communist Youth news-
paper on Tuesday published a
series of letters to Castro from
children and teenagers across
the country.

"We care about you so much,
and since the moment of this
sad news haven't stopped think-
ing about you," wrote Rina For-
ment, a 10-year-old in the east-
ern city of Santiago.

No details on Castro's specif-
ic condition or what surgical pro-
cedure he underwent have been
provided, with officials simply
saying the Cuban leader's
health is rapidly improving and
that he'll be back to work
soon.

Castro “continues to be com-

ADDRESS

Miami Street
Ferguson Steet
Atriana Drive
Address Unknown
Syndey Street
Redland Acres
Airport Camp
Eastern Estate

‘Jubilee Gardens ~
Grand Bahama
Summer Haven Estates
Bernard Road
Golden Gates II
Lewis Street
Bird Court
Brougham Street
Carmichael Road
Sunderland Road
3rd Street
Fire Trail Road
Church Hill Avenue
St. Lucia Cresent
Mckinney Avenue -
Nassau Street
Pine Yard Road
High Vista Drive
Okra Hill
Hudson Street
maderia Street
USA
Yellow Elder gardens
Carmichael Road
Yellow Elder Gardens
Pinewood Gardens
Baillou hill road
Golden Gates
Belford Street
East Street
Mangrove Cay
Nansen Avenue
Kennedy Subdivision
Montell Heights
Pinewood gardens
Windsor lane
McQuay Street
Baillou Hill Road
Hibiscus Avenue
Joan’s Height —

* Carmichael Road
Flemming Street
Georgia, USA
Lewis Steet
McKinney Drive
Retirement Road
Florida, USA
Golden Gates 1
Rupert Dean Lane
South Beach
Address Unknown
Barcardi Road
Soldier Road
Kennedy Subdivision
Golden Gates
Sunshine Park
Washington Street
Garden Hills Estate
Hawkins Hill
Address Unknown
Cable Beach Manor

‘ Address Unknown
Leeward Isles -
Fox Hill
Farrington Road
Cascarilla Street
Town Courts
Grand Bahama
West Bay Street
Address Unknown
Village Road
Winton Highway
Winton Estates
Golden Gates
Water Street
Golden Gates 1
East Street South
Sandy Port
Greenwood Road
Blue Hill Road
Wilson Track
Elizabeth Estate
6th Street The Grove
Moonsine Drive
Yellow Elder Gardens
Johnson Road
Garden Hills
Garden View
8th Street The Grove
Sugar Apple Street
Sugar Apple Street
Bamboo Boulevard
McCullough Comer
Millar’s Heights
Maxwell Lane
Westwood Villas
Sunshine Park
Sunset Park
Freeport
Ridgeland Park
Johnson Road
Woodland Way
Pinewood Gardens
Stapledon Gardens
Wilson Track
Pinewood Gardens
West Avenue
Elizabeth Estates
St. Andrews Beach Est.

ing along favourably and we are
sure that he will recover," said
Vice President Carlos Lage, who
was in Bogota for the inaugu-
ration of Colombian President
Alvaro Uribe.

"He himself has said that in a
few weeks he will be back at
work again," said Lage, adding
that Cuba was operating nor-
mally in the leader's absence.

Bush said the United States
was in the dark about Castro's
true health condition.

"The only thing I know is
what has been speculated, and
this is that, on the one hand, he
is very ill and, on the other hand,
he is going to be coming out of
hospital," Bush said.

The United States planned to
increase the television transmis-
sions of its Miami-based TV
Marti station to Cuba from one
afternoon a week to six.

Congress approved $10 mil-
lion in its 2906 budget to devel-
op airborne TV broadcasting to
counter the Cuban governmen-
t's mostly successful efforts-to
jam the transmission.

A new private plane to be
used for the transmissions was
unveiled on Saturday.





THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 11






LOCAL NEWS

Economic think tank speaks |

out on work permit decision

._ 4 By REUBEN SHEARER

- THE decision to defer the

denied his constitutional right
to citizenship because he cam-
paigned for the opposition

FROM page one

cident. wee
rears to Mr Thom:
son, “the hours in which
these vehicles are driven.
must be addressed.”
“We have always, encour-

aged heavy duty trucks not :

to drive in the peak hours of

Truck

around one o’clock, or in the .
_ early morning hours. These

persons are not to be on the
road around those times.”
Mr Thompson said there

is also an increasing need to —

regulate the types of licences
_eaven to drivers.




‘“Qur department is con-

. sidering to introduce various

classes of licénces for vehi-
cles. Based on your ability

‘to. drive.and the type of vehi-

cle being driven, you will be

- issued a licence of that

type.”
As of press time, no new

information had been
release dal about the accident.

work permit of Tribune man-
aging editor John Marquis is a
-'yeminder of the previous cul-
“ture of victimisation that
existed in the Bahamas,
according to a local economic
think tank.

In a letter issued over the
weekend, the Nassau Institute

’- asserted that the matter is a

test of whether free speech
really exists in the Bahamas —
as “renewal or non-renewal
of his work perma will con-
firm.”

“If silence is the response
to what appears to be a repeat
of the 70s then we are all
complicit in perpetuating
_ injustice,” the letter said.

Adding that Mr Marquis is
not the first foreigner to be
victimised for speaking out,
the letter noted the case of
D'Arcy Ryan, a man who
campaigned for the opposi-
tion FNM in the 1972 elec-



. B TRIBUNE managing
editor John Marquis

The letter explained that
Mr Ryan had “Belonger” sta-
tus, granted under the
Bahamas Nationality Act of
1973, which provided for his
registration as a Bahamian
citizen.

“He had a Bahamian wife

FNM in the 1972 election,”
the letter said. i

It continued: “Fear of
becoming a victim explains
the lack of public protest over
the long waits for work per-
mits and other government
documents required to ‘con-
tinue or expand business."

The letter stated that the
cases of John Marquis and
D’Arcy Ryan show the
“depths in which the politi-
cally powerful will descend to
have their way, even if they
must ignore the law and nat-
ural justice.”

Adding that “dissent is a
healthy component of free
speech, and is welcomed in
democratic countries,” the
statement questioned whether
the Bahamas is truly democ-
racy, rather than .an autocracy
or dictatorship.

(For the full text of the

the day,” he said. “That. is :

Man, 2 9,
FROM page one

had arrived.

Following the incident police searched the:

house: and the immediate’ area. They discov-
ered the body of Mr Toote, with multiple gun-

shot wounds, lying face up'a short distance from

the house.

Also in the direct vicinity of the. henise: police
discovered the vehicle’ which had been driven by
the two suspects.

The body was taken to Rand Memorial Hos-

pital where an autopsy will be performed .
Anyone with information about this incident

: is asked to contact. the: police department at
telephone number a a es or 911

dies after shooting

to assist in the investigation.

Grand Bahama police are also urging seele
to refrain from settling disputes among them-
selves with guns.

“We are noting that this is the second shoot-
ing within a two-day period here on the island of

Grand Bahama,” the police said.

On: Monday morning, a plainclothes police
officer was.mistakenly shot by a Grand Bahama -
officer who: was investigating a dispute at Club
Amnesia on East Mall Drive.

A resident of Mayfield Park, 32- -year-old
Glen-Roy. Rolle, was also shot during a shooting
incident, which sparked the police shooting.

The New Providence ‘officer, Sherico Far-

_ quharson, and Mr Rolle are both recuperating

HOD their gunshot avounds:

tion.

FROM page one >

and balanced over the years.”
Leader of the Bahamas Democratic Move-
ment, Cassius Stuart is also threatening to protest.
He said too many Bahamians suffered and
were denied the opportunity to maximise their full

potential because of victimisation under the rule .

of Sir Lynden Pindling.

He claimed the government is attempting to
have Mr Marquis “kicked out of the country”
'.and that this is a sign that the PLP has not

‘changed.

“For the Bahamas government to victimise
John Marquis for saying exactly what happened in
the past is totally ridiculous and portrays them in
a bad light internationally,” Mr Stuart-said. “What
Mr Marquis has done is simply regurgitated his-
tory.”

Mr Stuart claimed that during the early 1980s
the PLP administration was tainted with corrup-
tion and drug trafficking flourished during that
era.

“In the 1980s the PLP was steeped in corrup-
tion from the Hotel Corporation, to Bahama-
sair,” Mr Stuart recalled. “We also had an infes-
tation of drugs.” He said some members of par-
liament were condemned in the 1984 Commission
of Inquiry for ghesHoadels associations with drug
dealers.

Mr Stuart explained that after the Commis-
sion of Inquiry report, which highlighted the for-
mer PLP administration “no one has ever been

jailed.”

“These MPs were never punished for the
wrongs against our society,” Mr Stuart said.

“However here it is a man is just saying this is
what the PLP has done in the past and now the

PLP wants to victimise him because he is a for- -

eigner. That is totally absurd. The PLP govern-
- ment should be ashamed of themselves and what
* they should be doing is asking the nation for for-

giveness instéad of trying to punish this man for

and seven children, but was

letter, see page 4).

Protest threat

- Mr Earl Deveaux, who was the FNM minister
of labour and immigration when Mr Marquis was
granted a three year work permit, added his Voice
to that of Mr Stuart and Mr Duncombe.

He said: “I find it totally objectionable and
frightening that something like this would happen
in our day and time and in this manner. I think
there is a great deal of fear in our land and many
people are afraid to speak their minds because of
fear of victimisation and I think it is very sad.

“I am speaking as a citizen of the Bahamas
and that is how Earl Deveaux feels. I don’t speak
for any party. I served as minister of immigration

‘and that is a well known fact and I can’t contem-

plate having done something like this in any way.”

According to Mr Duncombe, “The Tribune
has been the only fair media,” in helping his
organisation push current children’s issues to the
forefront.

“JT have had difficulty having the concerns of my
organisation, Bahamian Fathers For Children
Everywhere (BFFCE), heard in any other
media,” Mr Duncombe said. “Whatever we must
do we intend to do to let our voices be heard
because this is a clear case of'victimisation in the
highest order.”

Mr Duncombe continued: “What has Mr Mar- .

quis done? It appears the PLP intends to carry on
with its archaic behaviour. Mr Marquis is a trea-
sure to the Bahamas and to have him removed for
doing what he has been doing for 40 ) years would
be a grave injustice to our country.”

Raynard Rigby, PLP chairman, and Fred
Mitchell, Foreign Affairs Minister, have criticised
the local media for what they consider “unfair”
reporting.

However, during a recent renaming of Third
Terrace, East Centreville, to Harcourt “Rusty”
Bethel Drive, the minister responsible for broad-
casting, Obie Wilchcombe, defended the local
media, and freedom of the press.

saying exactly what they did in the past.”

FROM page one

_ after being sent home to change
the shirt, thus effectively quit-
ting her job.
- The Tribunal had heard.that
other employees had been
allowed to wear PLP caps on
election day, a concession Mr
Albury later regretted.

In a letter to the Marsh Har-
bour newspaper, The Abacon-
ian, Mr Albury admitted seek-
ing Labour Department guid-
ance'when ferry captains began
wearing political caps during
April, 2002, a few weeks before
the May 15 election.

“I was told there was no law
as to what captains could wear
on public transportation, but to
keep in mind that we serve cus-
tomers from both parties and
we should seek not to cause
hard feeling toward anyone.

“Based on my conversation
with the Labour Department,
the decision was made to allow
my employees to wear caps but
not political shirts. I notified my
employees of my decision and
on April 9 I was in the Marsh
Harbour office and Donna and
I discussed my talk with Labour
and my decision.

“Political caps were allowed
but political shirts were not. She
said when she got her cap, she
was going to wear it.I said
‘Fine’. 29

Nothing more was said until
election day when Ms Burrows
called him to say one of the fer-
ry captains had put a political
flag on the Hope Town ferry.
“I immediately called the cap-
tain to tell him to remove it. He

said that he would, but that -

Donna was wearing a political
shirt. If she could wear a shirt,
the captains wanted to wear
their shirts, too.”

Mr Albury said he called Ms
Burrows and reminded her of
the rule they had discussed
some weeks before. He told her
she could wear a cap but should
change her shirt. “Donna said if
she had to go home to change
her shirt, she would not be com-
ing back. I said ‘If you go home

FNM shirt
and do not come back, I will
assume you have left your job
and quit’.”

Seeing this was turning into a
problem, Mr Albury said he
told all other employees to stop
wearing political caps, which
they did without complaint.

When he later:called Ms Bur-
rows’ home, her daughter said
she was not returning to work
that afternoon. He then sent

someone else to cover for her |

on the 1.30 ferry to Marsh Har-
our.

In the letter, Mr Albury
added: “Looking back; I can see
that it would have been better
to have said they could not wear
anything political on the job. I
am sorry to have lost a good
employee over such a trivial
matter. However, she was not
fired, but left by her own choos-
ing.”

At the tribunal hearing, Mr
Albury admitted being a sup-
porter of the PLP candidate,
Edison Key, and wanted him to
defeat the FNM candidate,
Robert Sweeting.

He testified that when he
made the rule allowing employ-
ees to wear caps only, -he did
not know which candidates had
printed caps and which did not.
But he was aware that his
employees were wearing Edi-
son Key caps at the time he
made the rule.

Ms Burrows’ daughter Jade
told the Tribunal that, when
asked by Mr Albury whether
her mother was returning to
work, she said: “No, I don’t
think so. She said she was
fired.” She said Mr Albury said
“Okay” and hung up.

The respondent called wit-
nesses to rebut allegations that
Ms Burrows was terminated,
but The Tribunal, in its ruling,
said it found “on balance of
probability that the applicant’s

account of what transpired on.

Election Day, 2002, should be
believed.”
It added: “She was a very

credible witness and was never

found to be telling a lie or mak-
ing a misstatement. She said
that she was ‘fired’ and after lis-
tening to all of the witnesses the
Tribunal finds her and her
daughter much more credible
than the witnesses for the
respondent.”

The ruling said that, before
April, 2002, Albury’s Ferry had
no policy in place regarding
election paraphernalia. But that
month Mr Albury sought to
introduce.a policy that was “bla-
tantly unfair, as he himself
admitted with hindsight (it)
ought never to have been put
in-place.”

It said Mr Albury was in the
business of running a public fer-
ry and, under such circum-
stances, it was “highly inappro-
priate” to-have any of its
employees wearing political
attire.

Yet several employees defied
company policy by displaying
PLP paraphernalia on its vehi-
cle and, when Ms Burrows drew
this to Mr Albury’s attention,
he did nothing about it.

Following the firing of Ms
Burrows, Mr Albury immedi-
ately called other employees to
ask them to take off their polit-
ical caps, having earlier given

them permission to wear them.

“This was, in fact, an erratic and
arbitrary position to take,” said
the ruling.

“The respondent’s action
when he terminated the appli-
cant’s employment amounted
to summary dismissal.

“The onus was on the appli-
cant to show that she was sum-
marily dismissed on a balance of
probability. She met that bur-
den.”

The ruling added: “The Tri-
bunal finds that the true reason
motivating the respondent at
the time of the dismissal was his
anger at the applicant for wear-
ing an ‘FNM’ shirt. The Tri-
bunal finds that the respondent

was not justified in terminating

the applicant’s employment.”

The award of $55,941.01 ©

included a $7,410 compensatory
award and $1,140 payment in
lieu of notice.

}

“Prison officers ‘yet to receive
all of ‘promised protective gear’






FROM page. one. a

to them since 2001, ghd has’ i

further fallen far behind in pro-,
moting prison officers.
‘The Association’ presid
said this treatment by govern~
ment seems to indicate that’
prison officers are the least val-

ued members within the coun: ..’
try’s law enforcement and judi- ee

cial system.

He said that if other employ- a
ees within the system'can be,
treated with respect, then'the ~
same should be possible for.

prison officers.

“If they are handsomely
paid, we should be handsome- «
ly paid. If they are recognised :
for their sacrifices, we should . :
be recognised for our sacrifices. ”
If they are promoted in‘a‘time- «.'
ly fashion, then likewise the by the Prison Act.” —
prison. It is time that we are
treated fairly and treated with =

respect.

eS ta tal
mega hit that




‘ “Give us the recognition we: :
’ deserve. by, meeting our
‘requests in a timely manner. If

other agencies can get what

they need: on time, ‘then: why
iis there: always such a long
drawn out: process when. it
comes to the prison. The prison
officers are tired of being ‘at
; the bottom of the totem pole
“and it is time for us to: begin

climbing up the ladder: he
said. 3.

_ Responding to reports: of. ok
prison officers being on a go-”
. Slow, Corporal Rolle. empha-

sised. that the officers

' have not instituted ‘a work: to:

rule.

officers have always gone
beyond the call of duty and are

now simply working “by rules

that govern us as.it is ‘dictated

“We want to work and
remain loyal to our job, our

institution and our country, but

iii a eee LE rt eed

So when it’s time
Pte ey wy

Sees eye :
OU eae Lees ta
- Pitt Road, Off Nassau Street
shehaeall ee

He ‘explained that the: prison

it gets more difficult every day
‘we have to, wait on the tools

18 necessary for us to carry out
our duties in an effective man-

nerand:in.a clean and safe
environment.

“We appreciate the efforts
of the superintendent, who has
inherited ‘an institution that is

‘stagnated and by negativity
‘and: lacks respect. and we

applaud his efforts,” the Asso-

“ciation president said.

‘The Association, he said, is
also calling for placing the
responsibility of recruitment
back with the prison, “thus
eliminating the need for spo-
radic and mammoth recruit-
ment.”

Af the prison takes over this
task; Corporal Rolle said, there

-will-be “constant and consis-

tent recruitment,” which will
further eliminate having to go
through Cabinet every time the
institution needs additional .
personnel. “









PAGE 12, WEDNESDAY, AUGUST 9, 2006



~ Judge orders

trial in slaying,
of Canadian
executive

LOCAL NEWS

THE TRIBUNE

Fishing tournament

has families hooked “

@ SAN JUAN,

Puerto Rico

. THE SeaVee Boats manu- Games Director, Ariel

A JUDGE ruled Tues- facturer and Bimini Bay Pared conducted all the chil-
day that a 23-year-old dish- Resort held their Ist Annual dren’s events for the tourna-
washer should stand trial in Fishing Tournament in Bimi- ment. The young anglers
the slaying of a Canadian ni, Thursday, July 27 to Sat- learned how to use fishing
executive who was beaten urday, July 29. rods, the best baits-for differ-
and stabbed to death in The family-oriented tour- ent fish and how to ree] in
front of witnesses in a nament sponsored by Bimini their big catch.
tourist district of the Puerto Bay attracted scores of Span- bie
Rican capital, according to ish Floridian boaters and their Unity
Assacinted Pres: families to Bimini for an

After listening to the tes- exhilarating weekend of fun, hier We Ae tarpertast

timony to a witness and an
investigator, the judge
ruled there was enough evi-
dence to try Jonathan
Roman Rivera on murder
and weapons charges in the

fishing and family activities.
Tournament Co-coordina-
tor, Tony Albelo said he is

_excited about what the future

will bring for the SeaVee
Tournament in Bimini. For
the first event, he said that

because we want to prom ‘e .

the whole idea of family uni-
ty, not just have’ the adults
come down, but for the whole
family to come down here to
Bimini and that’s the reason

September 2005 death of they received an overwhelm- _ © choose Bimini Bay
Adam Anhang. ing number of family groups because they have the facili-

Superior Court Judge and participants to the sports ties for everybody not just for
Elizabeth Linares sched- fishing event. the men that want to go all

uled the trial for Oct. 24.
Roman, who is free on bail,
worked as a dishwasher at
the Pink Skirt, a bar and
restaurant, that Anhang

" had purchased for his wife

in historic Old San Juan.

The couple had just left
the establishment, after dis-
cussing the terms of their
pending divorce, and were
walking to their when they
were attacked by a man
with a knife. ~

A witness, Carlos Cotto
Cartagena, later identified
Roman in a photo lineup —
and again in court.

Anhang, 32; was a real

estate investor developing

“We are very happy about
this event, everything went
well. The place is gorgeous
and everyone was just enjoy-
ing themselves. The weather
was.little hard on the fishing
this weekend other than that
it’s been really fun,” he said.

Competition

The SeaVee Boats Fishing
Tournament had criteria on
the types of fish to be caught
as a part of the competition.
According to Mr. Albelo the
different types of fish caught
were varied.

“Bimini has so many dif-
ferent. types of fish available
so the tournament had a sim-

day fishing, but they have the
places for women to hang out
at the pool, the kids can enjoy
the playground, it’s a beauti-
ful location and we wanted to
‘make it a family event,” he
said.

Amelio Diaz’s team, High
Gear came out on top win-
ning The SeaVee Fishing
Tournament with the catch of
his prized King Fish. The

Broward County resident who:

frequents fishing tournaments
in the Caribbean has won sev-
eral other tournaments.

“It always feels good to
win. I will definitely come
back to The SeaVee Tourna-
ment next year, but we plan
to visit Bimini again before
that time. Bimini Bay and

al j i
Pada te ilar format like other tourna- The. SeaVee team really did
exccutive officer of CWE ments. We had many fish that a good job of organizing
Cagiine an Riemet pane qualified for the tournament.. everything.”, he said.
bling s i as comp S y We fished for dolphin, king
ac dist EL. fish, tuna, Wahoo, snapper

His wife, Aurea Vazquez
Rijos, was treated for
undisclosed injuries sus-
tained in the attack but lat-
er declined to cooperate
with investigators, police
said.

and grouper. The biggest fish
in the tournament was a 25-
pound king fish that beat out
the second big fish by about a
3 of a pound,” he said.

The SeaVee Tournament
also included activities that
involved young participants.

WINNER of the

children’s fishing event was

Jacob Pared who holds up
his catch with father Ariel
Pared at the Ist Annual

SeaVee Fishing Tourna- ~

ment.





o “The rumors of our deenth hee :
been greatly exaggerated.” .



- Mark Twain,

~ Visit our



WAREHOUSE

STORE

- Bilney Lane!

(Next fo Super Value, Top of the Hill.)

———
customer
PAINT
RECORDS
were
saved!



ane



Top-of-the-Hill, Mackey St. ° Nassau, Bahamas

TEMPORARY NUMBERS:
393-6306 ° Office 394-1403 ° Cell 427-0701
Fax 393-4541 e e-mail paintple@coralwave.com

Thank you for your loyalty,
looking forward fo serving you!



“hy ue

WEDNESDAY, AUGUST 9, 2006



SECTION

business@tribunemedia.net







Miami Herald Business, Stocks, Analysis, Wall Street

Jini

HELPING YOU CREATE AND MANAGE WEALTH



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developer’s $440k costs

@ By NEIL HARTNELL

Tribune Business Editor

he Government
and San Fsranciss.
co-based Discov-
ery Land Compa-
ny will today
attempt to overturn the Privy
Council injunction that
stopped work on the $175 mil-
lion Great Guana Cay devel-
opment, the developers alleg-
ing that it could cost them
$440,000 per week if it is

. upheld.

An affidavit sworn by
Joseph Arenson, a Discovery
Land Company partner and
attorney, alleged that the firm
may lose $1.75 million a

‘+. month, resulting from fixed
’ costs related to operating

expenses, staff costs, equip-
ment and dredgers, if the

injunction was upheld.
Arguing that “the majority
of these costs would remain if
the injunction were not dis-
charged”, Mr Arenson:said its

_continuation would also result

in Discovery Land Company
losing potential real estate
sales and employees, and harm
the firm’s reputation.

He added: “Every time the
development is interrupted, its
attractiveness as an investment
is materially prejudiced. These
losses are extremely difficult, if
not impossible, to quantify.”

But in their submissions to
the Privy Council on behalf of
the Save Guana Cay Reef
Association (SGCRA), which
is opposing the Baker’s Bay

Golf & Ocean Club project,

attorneys Frederick Smith and
UK counsel Jonathan ‘Adkin,
argued that the costs Discovery

Only three Colina
conditions not met

@ By NEIL HARTNELL

_iribune Business Editor _



COLINA Holdings
(Bahamas), the BISX-listed
parent for Colinalmperial
Insurance Company, yesterday
said it was “substantially com-
pliant” with the 21 conditions
imposed on it by regulators,
although there were three that
had either not been met yet or
needed more clarification.

Monty Braithwaite, Coli-
nalmperial’s president, said the
BISX-listed. parent had yet to
reduce the stake held in it by
A.F. Holdings (formerly. Coli-
na Financial Group), parent
firm for the Colina group of
companies, from its current 63
per cent to the 51 per cent stip-

- ulated in the 21 conditions.

Those conditions were
imposed by the Government
and financial services regula-
tors in return for approving
the-then Colina Insurance
Company’s acquisition of rival
Imperial Life Financial.

Mr Braithwaite said the
company had asked for more

But regulators have

‘no significant issues” ~~

time to complete the subse-
quent integration process
before seeking to divest 12 per

cent of the shares still held by |

A.F. Holdings, the vehicle
owned by Colina principals
Emanuel Alexiou and Antho-
ny Ferguson.

Other areas where the regu-
lators had concerns was on the
stipulation that Colinalmperi-
al make no “wholesale” redun-
dancies or downsizing until

_ December 2006.

Mr Braithwaite said the
company was “currently com-
plying with that condition but
it requires constant monitor-
ing”. It had initiated an
Option to Leave programme
in 2005, that cost it $708,000,
through which staff could vol-

untarily terminate their

employment with Colinalm-

SEE page 4B

Insurers not unhappy
with NHI as health
lacks profits

@ By NEIL HARTNELL
Tribune Business Editor

A MAJOR Bahamian insur-
er yesterday said it was “a bit
early yet” to assess what impact
the Government’s proposed
National Health Insurance
(NHI) plan would have on the
sector.

But Colinalmperial Insurance
indicated it would not be
unhappy if the NHI scheme
took some of the insurance bur-
den off it due to health insur-
ance’s relative lack of prof-
itability compared to other lines
of business.

Monty Braithwaite, Colina
Holdings (Bahamas) president,
said that if the NHI scheme
took group and individual
health insurance business away
from the firm, he would rather
“have a profitable half loaf [of
bread] than a whole loaf that is
not profitable”.

He added that private health
insurance in the Bahamas could
gain “half the business, but be
more lucrative” if NHI came

into being, as it was “not a prof-
itable service for most compa-
nies. You can lose your shirt

[on just one group health
account]”.

Mr Braithwaite’s comments
are likely to confirm the suspi-
cions of many observers, who
believe that many Bahamian
life and health insurance carri-
ers would not be upset to lose
health business to NHI, espe-
cially the higher risks.

. Life insurance is where these
companies earn the bulk of
their profits, and few make
money on their group health
insurance business.

Mr Braithwaite said he had
met with the minister of health
and- national insurance, Dr
Bernard Nottage, who had been
“adamant” that NHI was com-
ing although he disclosed few
details. Mr Braithwaite said he
had been told consultants from
Health Canada had been
engaged to review and refine
the proposed NHI scheme. Of
its impact, he added: “It’s still a
bit early [to tell] yet.”

Discovery Land Company alleges it could lose |
$1.75m per month if Guana Cay injunction
remains, opponents say costs ‘relatively modest’

Land Company would ueake as
a result of the injunction’s con-
tinuation were minor.

They alleged: “Even if the:
development were lawfully:

permitted to proceed, it is sub- .

mitted that in the context of a
planned $500 million, 10-year.

development, the costs arising
from delay would be relatively |.

modest.
“Further, it is clear frou the

(wholly unparticulariseéd) |
schedule of losses exhibited :.

with Mr Arenson’s:first affi-

~ davit...... that at least some
_ of these-costs would not in any
event be incurred were the
‘injunction continued (for.
example, the $65,000 sales |

expenses).”
The duo alleged: “It is. sub-

- mitted that the public interest

factors in the present case all.
‘point one way: the proposed °
‘development is not an infra-
- structure project of national

importance to the Bahamas;
the potential negative impact

-on the public interest if the

development, is senuunied to
continue is potentially highly

_ significant.”

The Save Guana Cay Reef
Association will be represent-
ed at today’s Privy Council

-hearing by Mr Adkin and Ruth
~ Jordan.:

Discovery Land Company
will be represented by Michael

- Beloff QC, David Pievsky and

Michael Barnett of Graham,
Thompson & Co.
The Government respon-

Major as Gini Secretary,
the Treasurer, and the Prime

Minister as the minister

responsible for crown lands -
are being represented by
James Dingmans QC and Leif
Farquharson from the Attor-
ney General’s Office.

In his affidavit, Mr Arenson

.said-it was incorrect for the |

Association to imply that the
Government was ‘giving away’

SEE page 5B



syndicated Content



Copyrighted Matera



Available from Commercial News Providers

TIGER Woods, a major investor in
the $1.4 billion high-end, luxury residen-
tial Albany project proposed for south-
western New Providence on Sunday
became the youngest player to notch up
50 wins on the PGA tour.

Three weeks away from the 10- -year

anniversary of his pro debut, Woods
became the seventh player - and the
youngest by three years - to hit the half-

century mark in PGA Tour victories with

his success at the Buick Open.
Woods is an investor in the Bahamas-

“based Albany project: alongside fellow

golf professional, Ernie Els, and the Tavi-
stock Group, the holding company for
the worldwide investments made by
Lyford-Cay resident and billionaire, Joe
Lewis.

Albany has been projected to inject a
cumulative $1-billion in extra gross

“domestic product (GDP) into the

dents in the case - Wendell

Bahamas investor hits new milestone

Bahamian economy over its first 12 years

of existence, creating a total of 1100 jobs

once it becomes fully operational.
The developers are currently negoti-
ating a Heads of Agreement with Prime. '

Minister Perry Christie’s government,

and are hoping to:siiccessfully conclude
talks soon so they'can meet an autumn
timeframe to begin construction.

The economic impact assessment, con-
ducted in conjunction with the Govern-
ment, had shown that Albany would
generate 700 permanent, full-time jobs. A
further 400 “indirect and induced” jobs
would be generated from entrepreneur-
ial ventures and other spin-offs.

The economic study had also, shown
that the Albany Project would generate
$400 million in property taxes for the

SEE page 3B
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a ‘need to know’ b

THE term ‘knowledge is
power’ is very accurate in the
corporate world, as informa-
tion is key to keeping ahead
in the game. But two questions
stick out for me. First, “what is
there td know”, and then:
“who needs to know?”.

The first question asks the
executive what type of infor-
mation exists in the market-
place about their company.
The latter asks who is looking
at the information, and what
are they looking at or looking
it up for. Well, let us investi-

gate the side effects of doing

business, which is exposure,
__ and what or who we are being
_ exposed to.

-. Doing business requires

putting oneself in the limelight,
the positive side of which is
called marketing or publicity.
Both are powerful tools when

-, speaking of the company’s

products and success stories.
We are bombarded everyday
by ads and news stories of how
this product or service is better
that the next, and how compa-
ny A has experienced a cer-
tain percentage of growth dur-
ing a particular quarter.

Not to mention the Internet,

eae UBS -

PAGE 2B, WEDNESDAY, AUGUST 9, 2006

especially search engines
which, in my opinion, should
be labelled: ‘How to find any-
thing for Dummies’. By typing
in key words and phrases, you
can find out almost anything
on any company. Is this a prob-
lem? Isn’t much of the infor-
mation a company has not
intended for public disclosure?

Disclosed

Some information must be
disclosed as a matter of law,
and is actually public record.
The issue, as many of you
would agree, is the second
question: “Who needs to
know?”. Today, even in the
smallest business unit, it is
understood that not everyone -
even those holding higher posi-
tions in the company structure
- do not really “need to know”
all of the information that is
being protected. To better
appreciate this concept, we
have all since September 11,
200, been educated about ter-
rorist operations and have

heard the terms ‘cell’ being ~

used. In a terrorist cell (unit,
group, division), the members
of that cell are only provided

BUSINESS

with a limited amount of
knowledge about the activities
of the overall terrorist organi-
sation of which that cell is a
small part. In the event of their
arrest or capture, even if the
individual wanted to cooper-
ate with authorities, that per-

_ son does not have knowledge

that would be particularly
damaging to the overall organ-
isation.. This is ‘the need to
know’ principle, also known as
‘compartmentalisation’.
When we look at best prac-
tices and benchmarking, we
see that this type of organisa-
tional behaviour is critical to
‘Keeping our secrets, secret’.
For example, the vice-presi-
dent for marketing may be
high up in the company hier-
archy, but does not ‘need to
know’ the details about an
employee’s confidential health
records in order for them to
fulfill their duties. This sepa-
ration is important because it
makes it more difficult for
unauthorised persons to get a
clear picture of the company’s
intentions and business plans.
Thus, we see the need for
well-established internal con-
trols.as it pertains to informa-

tion sharing, which cannot be
limited to the IT Department.
Really, IT or information
stored on.a computer has its
origin as some idea or concept
that gets discussed in meetings
where hard copy notes are tak-
en. We must then realise that
security of information begins
long before you secure it on
you personal computer. So,
just how do we begin this
process, which obviously
becomes a task of educating
client personnel on how to
implement and maintain it,
rather than the consultant hav-
ing extensive access. to the
information itself.
Michael Miner, a senior
associate in Kroll Schiff &

‘Associates, suggests the fol-

lowing categorising of infor-
mation

I. PERSONNEL CONFI-
DENTIAL - These are the
portions of employee records
that are to be protected against
general disclosure.

2. BUSINESS CONFI-
DENTIAL -— Generally, this
would be information that is
not subject to the Trade

\

THE TRIBUNE

ASIS





Safe
Secure



Secrets Act but that does have
commercial value to competi-
tors.

3. SPECIAL CONTROLS -
A description for this class

might include that it is of sig-

nificant economic value to the
holder, and would include
ideas that may be at a stage of
development. ,

4. SECURITY SENSITIVE ©

— Information that could be
used to compromise or cir-
cumvent security measures of a
company needs particular care.

As with any security pro-
gramme, the parameters must

be tailored to that particular.

UBS

company, and when dealing
with information the particular
culture of a firm must not be
overlooked.

NB: Gamal Newry is the
president of Preventative Mea-
sures, a loss prevention and
asset protection training and
consulting company, specialis-
ing in Policy and Procedure
Development, Business Secu-
rity Reviews and Audits, and

Emergency and Crisis Man- .

agement. Comments can be
sent to PO Box N-3154 Nas-
sau, Bahamas, or e-mail:
info@preventativemeasures.ne
t or visit us. at www.preventa-
tivemeasures.net

UBS (Bahamas) Ltd., a leading global wealth manager, is ;
seeking: an experienced professional to join their team as UBS (Bahamas) Ltd., a leading globai wealth manager, 5 -

or ao Ltd., a. lacing gente wealth manager, is
seeking an experienced professional to join their team.as

Reconciliation Manager

Portfolio Specialist. , dliatinn Cranial!

see a ciate 3 Reconciliation Specialist

The main tasks of this position are: The main tasks of this position are: phen RET EY ngatte eaves

= Monitor and implement global investment templates and. The main tasks of this position are.
systems for wealth management:clients;

' Execute trades and contro! procedures for portfalio.
managed client base across fixed- “income, equity:and FX:
markets;

Implement Portfolio’ Management policies, procedures.
from head office;

Market portfolio management services to prospective and:
current clients.

" mee astnall team;
» Reconcile cash positions on a daily basis;

* Reconcile securities positions on a daily basis;
* Follow up open reconciliation items;
« Escalation of open items.

In order to meet our requirements all aus must

: possess:
in ofder to meet our requirements‘all applicants must
possess:
» Several years experience in portfolio management or
product specialist function in a wealth management.
context;
Degree in finance or economics, further ed ucation is a
plus (é.g. Series’ 7 or CFA}?
Foreign Language skills (Spanish and/or Portuguese)
preferred;
» Strong analytical skills;
= Team player.

® Strong communication skills;

® Knowledge of the Securities Industry;

» Knowledge of Treasury Industry;

» Knowledge of SWIFT standards Is.a plus;

Kriowledge of Tre: « Proficient in MS Office Applications.

Sur Yi
+ Knowledge of wi standards isa plus;
r ations, Please send yout written application before August 10 to:
BS | in Finance, Accounting or the equivalent | is a plus. :

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

_ Nassau, Bahamas

Please send your written application before August 10 to: r written application before August 10 to:
‘UBS (Bahamas) Ltd.

Human Resources

P.O. Box N-7757

Nassau, Bahiamas:







) ‘Colin

Financial Rae te itd.

eb ie



Bis

Pricing Information As Of: ‘

52wk-Hi 52wk-Low Symbol - Previous Close Today's Clase Change Daily Vol.
Abaco Markets

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Colina Holdings ©
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Famguard

Finco

FirstCaribbean

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Last Price Weekly Vol

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings

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0.35 RND Holdings

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_ 2.391480**
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Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

BISX ALL SHARE INDEX - 19 Dec 02 = 1,

52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity *-14 July 2006
Previous Close - Previous day’s weighted price for daily volume Last Price - Last traded over-the-counter price
Today's Close - Current day’s weighted price for daily volume Weekly Vol. - Trading volume of the prior week ** - 31 May 2006

Change - Change in closing price from day to day EPS $ - Acompany’s reported earings per share for the last 12 mths

Daily Vol. - Number of total shares traded today
DIV § - Dividends per share paid in the last 12 months
price divided by the last 12 month eamings

NAV - Net Asset Value *** - 30 June 2006

N/M - Not Meaningful





THE TRIBUNE

BUSINESS

WEDNESDAY, AUGUST 9, 2006, PAGE 3B



CDB: Management of public works
projects needs strengthening

@ By NEIL HARTNELL
Tribune Business Editor

MANAGEMENT of public sector cap-
ital works projects in the Bahamas needs
to be strengthened, the Caribbean Devel-
opment Bank (CDB) has warned, espe-
cially in the level of co-ordination between
the Ministry of Finance and other min-
istries.

In its review of the Bahamian econo-
my during 2005, the CDB said: “There is a
need to strengthen public sector invest-

Bahamas, particularly as it relates to
improving co-ordination between the Min-
istry of Finance and executing agencies,
and also in improving the institutional
capacity of key ministries.

Assistance

“Specifically, assistance is required in
the areas of project planning, design, eval-
uation and oversight functions to boost
project execution and portfolio manage-
ment.”

management of public sector infrastruc-
ture was crucial due to the Government’s
“budgetary constraints” and fiscal objec-
tives, resulting from its intentions to
reduce the fiscal deficit and the ratio of
national debt to GDP.

In the review, the CDB added that
attempting to reduce the national debt
“to more sustainable levels” over the
medium term, and rising public sector
wages, made it “essential that implemen-
tation issues be addressed now to ensure
maximum efficiency and impact of pro-
jects”.



ment programme management in the

The CDB said the need to enhance



‘One stop shop’ call for
Bahamian entrepreneurs

@ By CARA BRENNEN
Tribune Business
Reporter

THE formation of a “ one
stop shop” for Bahamian
entrepreneurs would be a
strong asset for the country, a
report from the Caribbean
Development Bank (CDB)
said.

According to the CDB,
although the Bahamas has a
sophisticated private sector
there is scope for further devel-
opment.

It said one-area in which
assistance may be needed is in
facilitating business establish-
ment and development.

Specifically, the CDB felt.

there needed to be a greater

awareness of the support ser-

vices provided by both the

Bahamas
investor
hits new
milestone
FROM page 1B

Government during its first 12
years’ in existence, with the $1
billion GDP impact over the
same timeline coming from

both the construction and.

operational phases.

In 2017, the Albany Project
is expected to generate $67
million in annual GDP from
ongoing operations alone,
according to the economic
impact assessment.

The Albany development
will include 300 single family
homes, a “cottage component”
and apartments located around
a marina.

The price range for the prop-
erties will lie between $2 mil-
lion and $20 million, with the
average around $3-$4 million.
The total value of the Albany
Project’s “home products” will
lie between $1.2 billion and
$1.5 billion.

The Tribune wants to hear
from people who are
making news in their

public and private sector, so
that businesses knew where to
access the required services.

“In this regard, the forma-
tion of a one-stop-shop pro-
viding a range of services to
address the needs of business-
es from start-up to further
business developments could
assist the private sector and,
in particular, small business-
es,” the CDB said.

The. availability of financing |

for small and medium-sized
enterprises was also a concern.

The CDB said that to some
extent, difficulties in obtaining
financing may reflect the lim-

ited viability.of the venture or

inadequate preparation of
business plans, and assistance
in business development ser-
vices could help. ~

The CDB said Bahamian

business persons did feel that
commercial banks were risk
averse to lending for small
business development, partic-
ularly in an environment char-
acterised by heightened mort-
gage.construction activity .
The CDB acknowledged the
$2 million set aside by the
Government’s venture capital
fund, which is designed to sup-
port business development, but
said financial constraints still
exist, particularly within tradi-
tional lending institutions.
The need for capital for
Bahamian entrepreneurs is of
critical importance to the Min-
istry of Financial Services and

Investments, particularly-as:

many feel the Bahamas Devel-
opment Bank - created for just
that purpose - has fallen down
on the job.

OFFICE SPACE AVAILABLE
PERFECT FOR ATTORNEY:

Rent includes the following:

* Electricity

* Water

* Generator

* Receptionist
* Kitchen and

* Cleaning

* Security

* Parking

* Use of two
conference rooms

Bathroom Supplies * Use of Law Library



‘To arrange viewing please call: 394-5145

The Embassy of the United States in Nassau, The Bahamas |

has launched via the internet, a solicitation to require op-
eration and management of Local Guard Services for the
U.S. Embassy Nassau, and the Frederal Inspection Station
(FIS) Pre-Clearance Unit, Freeport, Grand Bahama, The
Bahamas. The contractor shall furnish mangerial, admin-
istrative and direct labor personal to accomplish all work
as required in this contact. The estimated number of hours
for guards is 153,833 per year. Performance is for a one
(1) year base period and four (4) one-year periods. Major
duties and responsibilities are to perform accesss control
to limit entry only to authorized personnel or visitors, the
operation of walk-through metal detectors, hand-held de-
tectors and special monitoring devices.

All responsible sources may submit an offer, which shall
be considered. The government has issued the solicitation
on the FEDBIZOPFPS site at www.fedbizopps.gov This
requirement will be issued only via the internet. No hard
(paper) copies will be mailed. Once on the FEDBIZOPPS
website, Click on “Vendors” button under browse

agencies, choose “STATE”,

scroll down to “Western

Hemisphere Posts”, double click on “locations”. You

Last week, director of
investments, Basil Albury,

announced the appointment of

Paul Major to serve as an advi-
sor to,the Domestic Invest-
ment Board. -

Part of his mandate will be
to ensure that Bahamians have
the same red carpet rolled out
to them as foreign investors,
and that they are given viable

. avenues to secure capital.

Brian Nutt, the president of
the Bahamas Employers Con-
federation (BECon), pointed
to the need for a single body to
aid Bahamian investors.

Mr Nutt said that in his opin-
ion there was no need for two
separate Investments Boards
- a domestic board and a for-

SEE page 4B






IALSBURY.

2 +c

CHAMBERS

Counsel and Attorneys-at-law
Notaries Public





Is seeking an ambitious

COMMERCIAL/CORPORATE

ATTORNEY
For its Nassau Office

Candidates with a minimum of five (5) years
experience must possess the skills and the
ability to work independently on various
commercial/corporate transactions.

ANDA

COMMERCIAL/LITIGATION

ATTORNEY
For its Exuma Office

Candidates must have at least five (5) years
experience and must have the skills and the
ability to work independently on varied
commercial/litigation matters.

Attractive salary and benefits are available to
the applicants with the right aptitude and skills. ’

Applicants should send resumes to:

THE MANAGING PARTNER
P. O. Box N-979, Nassau, Bahamas or
__ By facsimile (242) 393-4558 or
Email: info@halsburylawchambers.com

EMPLOYMENT OPPORTUNITY |

Offshore bank is looking for a Compliance
me Risk Management Oia



Small financial institution is looking for a Compliance and
Risk Management Officer to join its select team of professionals.
The appropriate candidate will have several years experience
within a compliance and/or risk management function, and
be conversant with local and international laws and regulations.

Responsibilities will include:

- Maintain a comprehensive understanding of local laws
and regulations regarding the financial services industry

- Develop and maintain policies and procedures in
accordance with local laws and regulations

- Establish effective monitoring and reporting programs
for policies and procedures

- Ensure proper documentation is collected and accurately

recorded

- Carry out regular and ad hoc reviews of activities

- Develop, monitor and report on key risk indicators

- Provide recommendations for improvements to risk
management process

- Report to Executive Management and Board of Directors

Minimum qualification: LLB, ACIB, CPA, BACO or similar
designation is preferred.

Salary will be commensurate with experience. Bahamians or
persons with Bahamian residency status only need apply.
Interested candidates should forward a copy of their resume

to:

c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas

will locate all documents related to this solicitation under
American Embassy Nassau, The Bahamas. Questions can
be addressed to Karen Wiebelhaus, Contracting Officer by
phone: (242) 322-1181 ext. 4415, or by FAX (242)
328-7838 or at wiebelhauskk @state.gov

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.

Only persons being HCCI for this position will be
contacted.





‘4 he would like Bahamian
| investors to have the same




| arate, he would like the



PAGE 4B, WEDNESDAY, AUGUST 9, 2006

iy Only three Colina

reye

THE TRIBUNE





ae CONditions not met

FROM page 1B

call

FROM page 3B

perial.

Regulators had also har-
boured some concerns over
director independence, Mr
Braithwaite said, as two Board
members had outstanding
loans from Imperial Life when
the firm was acquired.

Those directors had been
asked to make aiiernative
arrangements, and one had
already refinanced their loan,
while the other was working
towards that goal.

Terry Hilts, Colina Holdings
(Bahamas) chairman, said yes-
terday: “The regulators have
no significant issues as to
where we are with the 21 con-
ditions. We are substantially
in compliance in terms of sat-
isfying those conditions.”

Acting

KMPG (Bahamas), acting
on behalf of the financial ser-
vices regulators, last year con-
ducted a review of Colina
Holdings (Bahamas) compli-
ance with the 21 conditions,
the way in which the Imperial

eign board. He said that
what often happened to
Bahamians seeking
approvals from the Board
was that they were sent
from one government min-
istry or agency to another,
seeking different approvals.

Once they reached a
stumbling block at one min-
istry, it was difficult to get
approvals from the others.

Therefore, Mr Nutt said

ease as foreign investors by
being able to work with one
body.

He added that if the
Boards were to remain sep-

Domestic Investment
Board to operate as a statu-
tory body, rather than an
advisory one, as in the latter
capacity it can only make
recommendations, not
effect change.





Notice

NOTICE is hereby given that WILLIAM DEJEAN, WINSOR

-} LANE, 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 9th

’ | day of August, 2006 to the Minister responsible for Nationality



and Citizenship, RO.Box N- 7147, Nassau, Bahamas.



Notice



] NOTICE is hereby given that SHERLINE FILIUS, SAVANNAH
} SOUND, ELEUTHERA, BAHAMAS, is applying to the Minister

responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed

of statement of the facts within twenty-eight days from the 9th

‘| day of August, 2006 to the Minister responsible for Nationality

and Citizenship, P.O.Box N- 7147, Eleuthera, Bahamas.

\

Notice

NOTICE is hereby given that RODNEL SALNAVE, HANSTER




| RD., CARMICHAL RD, 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 2nd day of AUGUST, 2006 to the Minister
responsible for Nationality and Citizenship, RO.Box N- 7147,
Nassau, Bahamas.

Notice

NOTICE is hereby given that RICHARD GORDON, P.O.BOX

| SB 51601, SEVEN HILLS ESTATEES, NASSAU, BAHAMAS, |
i is applying to the Minister responsible for Nationality and
| Citizenship, for registration/naturalization asa citizen of The

| Bahamas, and.that any person who knows any reason why

registratian/ naturalization should not be granted, should send
a written and signed statement of the facts within twenty- -

| eight days from the 9th day of AUGUST, 2006 to the Minister
; responsible for Nationality and Citizenship, PO.Box N- 7147,

‘| Nassau, Bahamas.

NOTICE

NOTICE is hereby given that GAIL RENATTA BUDHU OF
CARMICHAEL ROAD, P.O. Box CR-56170, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as

1 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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.

NOTICE



| NOTICE is hereby given that STEPHEN DALLAS BUDHU

‘ | OF CARMICHAEL ROAD, P.O. Box CR-56170, 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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



Life deal was financed, the fir-
m’s internal controls, and its
financial performance and inte-
gration.

Version

The Tribune understands
that the final version of the
KPMG report is with the reg-
ulators, chiefly the Securities
Commission and Registrar of
Insurance, but Mr Braithwaite
yesterday said he did not know
if the company. would see a
copy. ne
The KPMG review cost Col-
ina Holdings (Bahamas) and
its shareholders $642,000 in fis-
cal 2005, and if the review is
complete and no further costs
are incurred by the company,
that'sum together with the
funds spent on the Option to
Leave programme could flow
to the bottom line, providing a
$1.3 million net income boost.

Mr Braithwaite said Coli-
nalmperial’s main objective
now was to rationalise its prod-
uct portfolio, the company hav-
ing been formed through three

CC

SMI

acquisitions over a four-year
period.

While all Imperial Life poli-
cies had been converted on to
a new software platform, which
will be used for all new policies
sold going forward, Mr Braith-
waite explained that the com-
pany was still assessing the
potential costs if it wanted to
transfer former’ Canada Life
and Colina/Global policies
from their respective technol-
ogy platforms.

Colinalmperial was working -

to train its staff to handle all
the different legacy policies
and technology platforms,
moving to standardise items
such as the deductibles charged
on all group health policies.

Health.

On group health, Mr Braith-
waite said Colinalmperial had
retained the services of a new
actuary to rationalise the num-
ber of different plans offered
from 13-14 to about three.

He added that the reduction
in group health plan variations



was targeted for completion in
January 2007, and it would
take a further 12 months to
implement as group ‘health
policies became renewable
through the next 12: months.

President

The ColinaImperial presi-
dent added that the company
should be finished “by the end
of the month” on its planned
call centre to deal with calls
relating to group health pre-
miums.

Staff in the call centre will
be able to receive calls from
doctors and pharmacies, and
use the Internet to assess what
policies and deductibles are
involved.

Mr Braithwaite said this was '

likely to enhance customer ser-
vice and reduce complaints. He
added that Colinalmperial’s
new conservation department
would “go a long way to avoid
people churning policies”, the

- . firm having increased the time

for when a policy could be re-
written from 13 months to 24
months. 5

Colina Holdings (Bahamas)
net income for the 2006 first
quarter had risen to $1.474 mil-

_ lion, compared to $1.338 mil-

lion in the 2005 comparative
period, with net settled premi-

ums currently up 50 per cent
over last year.

The company said its Board
of Directors hoped to start
declaring dividends again this
year, with its second quarter
and half year results likely to
play a key role in any decision.

Another factor is likely to
be ColinaImperial’s Minimum
Continuing Capital and Sur-
plus Requirement (MCCSR),
which stood at 161 per cent on
December 31, 2005, a rise of 8
per cent on the previous year
and above the minimum rec-
ommended 150 per cent.

ColinaImperial is still seek-
ing to sell its former Village
Road office and the old
Dominion property on Collins
Avenue. A potential sale of
Village Road to rival Family
Guardian Insurance Company
fell through earlier this year,
but the company has decided
to keep the former Canada
Life head office on Rosetta
Street.

Seeking

Mr Braithwaite said Coli-
naImperial was seeking to
reduce its administration costs
per policy to about $30 from
$45, and was looking at setting .
up satellite offices in Exuma
and the Turks & Caicos.

Tam Cy Nd
Tribune - the #1 newspaper



Notice

NOTICE is hereby given:that CLAREL WILLIAM, WINSOR
LANE, 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 9th
day of August, 2006 to the Minister responsible for Nationality
and Citizenship, RO.Box N- 7147, Nassau, Bahamas.



NOTICE |

NOTICE is hereby given that CARLINE JOSEPH, PRINCE
CHARLES DR., 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 29th day of JULY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
| Bahamas.

‘NOTICE

IN THE ESTATE OF DANIEL MORLEY late
of Matthew Town, in the island of Inagua, one of
the islands in the Commonwealth of The
Bahamas, Deceased.

NOTICE is hereby given that all persons having
any claims or demands against the above-named
Estate are requested to send the same duly certi-
fied to the undersigned on or before Friday the

| 18th day of August 2006 after which the Personal
Representative will proceed to distribute the as-
sets of the Deceased among the persons entitled
thereto having regard only to the claims of which
the Personal Representative shall then have had
notice.

AND NOTICE is hereby also given that all per-
sons indebted to the said Estate are requested to
make full settlement on or before the date herein
before mentioned.

CASH, FOUNTAIN
Attorneys-at-Law
P. O. Box N-476
Armstrong Street
Nassau, The Dahamas
Attorneys for the Personal Representative





tn circulation, just call —
322-1986 today!



ROYAL BANK OF CANADA CAPITAL MARKEPS._,
is presenthconsiderurg applications for:









Securities Finance
Administration Manager — GAT
(Global Arbitrage & Trading) —

The successful candidate should possess the following

qualifications:

¢ 10 to 15 years Equity Finance Experience

e Experience of working in Asian and European locations

® Microsoft Office/Bloomberg Proficiency

© Strong Organizational & Accuracy skills

e Ability to follow up and promptly escalate issues

e Ability to be extremely aware of time limits

¢ Ability to work under pressure

e Ability to work to tight deadlines in a high volume |
environment ;

© Strong commitment to Quality and Excellencé

¢ Communication skills - written and verbal

© Meticulous attention to detail

Job Description
Global Arbitrage & Trading, the proprietary equity trading
desk within Royal Bank of Canada Capital Markets, is

‘ currently looking to recruit a senior securities finance
trader responsible for the trading and borrowing of Securities
Finance positions and related collateral. The role requires
detailed understanding of Securities Lending and Equity
Swap business taking into consideration tax, legal and
credit issues and an acute awareness of the time critical
and complex nature of the Securities Lending environment.
An ability to work under pressure and to tight deadlines
in a high volume environment is essential. The role also
requires extensive liaison with Global trading desks and
Hedge funds and experience of working in Asian, European
Equity markets.

Tasks & Responsibilities

© Trading and Daily review of all stock lending/borrowing
and collateral exposure.

® Ability to generate and implement innovative new trading
structures.

© Profit & Loss reconciliation

® Daily dialogue with extensive client base

.A competitive compensation package (base salary & bonus)
will be commensurate with relevant experience and
qualifications.

Please apply before July 22, 2006 to:

Daniel Rosenbaum

Global Arbitrage & Trading
Royal Bank of Canada
Lyford Manor, Lyford Cay
P.O. Box N-7549, New Providence, The Bahamas
Via fax: (242)362-6441

Via email: bahcayjp@rbc.com



me 1:1e
8 Capital

RBC Markets



--.- vate land,”
'-" alleged.

' 15, 2006, 80,Guana Cay. resi-.

THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 5B



Association
disputes

developer’s

$440k costs

FROM page 1B

Crown and Treasury Land to
the development, rather than
“that there will be a grant of
ete leases on commercial
term

He alleged that although the
Heads of Agreement referred
to 105 acres of Crown Land
and 43 acres of Treasury land
being used in the development,
“the present negotiations with

--' the’ Government involve
_-- acreage of a much smaller

amount of Treasury land”.
‘The works to date have

been substantially on the pri-

Mr Arenson

The issue of Crown and
Treasury land has been a sore
point for the Association. In
an affidavit responding to Mr
Arenson’s, Troy Albury, its
president and director, alleged
that because no leases had
been executed, “I do not
understand on what legal basis
the developers can be under-
taking works on Crown and
Treasury lands”.

He also hit out at Mr Aren-
son’s allegation that on July

dents wrote.to the Associatio ‘

Government.

In his affidavit, Mr piveon
disputed the Association’s alle-
gation that its rights and the
environment would suffer
“substantial irreparable dam-
age” if the project was allowed
to continue.

But an affidavit filed in sup-
port of the Association by Dr
Michael Risk, a professor of
biology and geology with
McMaster University in Cana-
da, said there were “extremely
serious deficiencies” with the
development’s Environmental
Impact Assessment (EIA).

Review

Asked to.conduct a review
of the EIA by the Association
in 2004, he said: “At that time,
I outlined several extremely
serious deficiencies in the EIA,
where aspects of the develop-
ment that could develop into
full-blown environmental cat-
astrophes had been handled
badly, or not at all.

“J underlined problems with
the marina dredging, runoff of
nutrients from the golf course
(I dove a lovely fringing reef
no more than 20 yards from
one of the proposed holes),
and emphasised that there

_were grave problems Chae the .
nar niterin

“asking it to stop misreprey Sia

senting the community” in the »

battle against the development.

Mr Albury responded by.
-’ denying it had received any

written or other requests of
that nature, pointing out that
the Association had delivered
a petition with 170 names
against the development to the

M&E Limited

the island is‘much closer to the
surface than previously esti-
mated. This means that any
wastewater discharge, and all
the fertilizers, herbicides and
pesticides used on the pro-
posed golf course {or as part

of the preparations of the’







development), will be on the
reef in a matter of hours.

“It appears that the devel-
opers have already removed
substantial areas of topsoil,
which means that any sub-
stance with an environmental
impact (oil, fertilizers, pesti-
cides, etc) will simply pass
straight into the reef, destroy-
ing it.”

In their application to over-
turn the Privy Council injunc-
tion on continuing work at
Great Guana Cay, Discovery
Land Company is arguing that
the issue raised no “far reach-
ing” question of law or matter
of major public importance
that would allow the Associa-
tion to directly appeal to the
Privy Council.

The Association had sought
special leave to appeal to the
Privy Council after this was
refused by the Court of Appeal
on June 28, 2006.

The Association had been
seeking to obtain an injunction
against the developers, after
the Court of Appeal relieved
them of their November 22,
2005, undertaking not to con-
duct any new work until the
Supreme Court delivered its
verdict on the merits of the
case.

s Carroll heard the substan-
tive issues_raised by the Asso-

‘Giation’s case in February 2006,
“but has yet.to deliver his ver-



dict.

In his affidavit; Mr Arenson
said: “I understand from our
Bahamian attorneys that infor-
mal intimations from the
Judge’s chambers about its
delivery have proved to be
false dawns.”

_As a privately-owned, mid-sized Bahamian
‘ Company and the authorized Caterpillar dealer
in the Bahamas, we are seeking candidates with
a newly acquired degree in Engineering. The
candidate should be a graduate with a Bachelors.
Degree in Mechanical/Electrical Engineering
and should be a professional who thrives on
the challenge of developing outstanding
customer relations and service excellence,

Having both academic and practical background
in mechanical/electrical concepts is an asset
but not mandatory. The successful candidate
will be afforded the opportunity to be trained
by Certified Caterpillar Technicians/Engineers.

Send complete resume with education and work
experience to M&E Limited, P.O. Box N-3238,
Nassau Bahamas, Attention President & COO,
or email me@me-ltd.com.

Only persons being interviewed for this
positions will be contacted. _



Supreme Court Justice Nor- “A
cS

COMMONWEALTH OF THE BAHAMAS. No. 1611/Cle/Qui/2004

IN THE SUPREME COURT

Common Law and Equity Division

IN THE MATTER OF All Those 4 pieces parcels or tracts of
land comprising 295.04 294-64 acres being part of 2 grants to
George Gray situate in the vicinity Northeast and Northwestwardly
of the All-age Public School in the Settlement of Gray's Long
Island, The Bahamas.

-: AMENDED NOTICE:-

THE AMENDED PETITION OF PAUL ANDREW WELLS of Tropical
Gardens, New Providence, AND DERAL BURTON WELLS of
Gray's, Long Island, The Bahamas, Trustees, in respect of:.(1) ALL
THAT piece parcel or tract of land comprising 14.62 acres originally
part of 500 acres granted to George Gray, deceased, and situate
in the Settlement of Gray's on Long Island in the Commonwealth
of The Bahamas bounded NORTHEASTWARDLY by Gray's
Landing and running thereon 1.830.22 feet SOUTHEASTWARDLY
by other portion of the 500 acres of land originally granted to the
said George Gray and running thereon 1,911.60 feet and
NORTHWESTWARDLY by the Sea and running thereon 773.96

_ feet which said piece parcel or tract of land has such shapes

boundaries marks and dimensions as shown on. Plan 242L1 on
record in the Department of Lands and Surveys in the City of
Nassau on the Island of New Providence in the Commonwealth of

' The Bahamas being designated as Parcel "A" and thereon coloured

Pink; (2)_ ALL THAT piece parcel or tract of land comprising 94.68
acres originally part of the said 500 acres granted to George Gray,
deceased, and situate in the Settlement of Gray's on Long Island

in the Commonwealth of The Bahamas bounded |

NORTHEASTWARDLY by other portion of the 500 acres of land

originally granted to George Gray and running thereon 4,398.26

feet NORTHWESTWARDLY by other portion of the 500 acres of

land originally granted to George Gray and running thereon 513.68

feet EASTWARDLY by Queen's Highway and running thereon
965.10 feet SOUTHWESTWARDLY by other portion of the 500

- acres of land originally granted to George Gray and running thereon _
1,382.07 feet SOUTHWESTWARDLY by Gray's Landing Road
and running thereon 3,602.28 feet and NORTHWESTWARDLY by
~ the Sea and running thereon 1,152.64 feet which said piece parcel ~
or tract of land has such shapes boundaries marks and dimensions ~

as shown on Plan 242L1 on record in the said Department of Lands
and Surveys in the City of Nassau being designated as Parcel "B"
and thereon coloured Pink; (3)_ ALL THAT piece parcel or traetef
land comprising 68.46 94.68 acres originally part of 500 acres -
granted to George Gray. deceased. and situate in the Settlement
of Gray's on Long Island in the Commonwealth of The Bahamas



bounded NORTHEASTWARDLY by land originally granted to the ©

Church of England and running thereon 1,534.49 feet
SOUTHEASTWARDLY by Boat Harbour Drive and running thereon

2.668.77 feet SOUTHWESTWARDLY by other portion of the 500 *

acres of land originally granted to George Gray and running thereon
450.57 feet and WESTWARDLY by Queen's Highway and running
thereon 980.70 feet which said piece parcel or tract of land has
such shapes boundaries marks and dimensions as shown on Plan
242L1 on record in the aforesaid Department of Lands and Surveys
being designated as Parcel "C" and thereon coloured Pink; and
(4) ALL THAT piece parcel or tract of land comprising 117.28
acres originally part of 314 acres granted to George Gray, deceased,
and situate in the aforesaid Settlement of Gray's on Long Island
and bounded NORTHEASTWARDLY by land originally granted to

the Church of England and running thereon 606.90 feet |

NORTHWESTWARDLY partly by lands originally granted to the

~ Church of England and partly by Boat Harbour Drive and running

jointly thereon 1.235.98 feet EASTWARDLY by a Public Road and
Red Pond and running thereon 2.421.99 feet SOUTHEASTWARDLY
by the Sea and running thereon 942.42 feet SOUTHWESTWARDLY
by other portion of the 314 acres of land originally granted to George
Gray and running thereon 3.332.36 feet SOUTHWARDLY by other
portion of the 314 acres of land originally granted to George Gray
and running thereon 1.618.86 feet and NORTHWESTWARDLY by
Boat Harbour Drive and running thereon 2.612.65 feet which said
which said piece parcel or tract of land has such shapes boundaries
marks and dimensions as shown on the aforesaid Plan 242L1 on

record in the Department of Lands and Surveys of the

Commonwealth of The Bahamas being designated as Parcel "D"
and thereon coloured Pink. PAUL ANDREW WELLS and DERAL
BURTON WELLS, Trustees. claim to be owners of the
unencumbered fee simple estate in possession of the aforementioned
land. The Petitioners have applied to the Supreme Court of The
Bahamas under Section 3 of the Quieting Titles Act. 1959, to have
title to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted in
accordance with the said Act. NOTICE IS HEREBY GIVEN that
any person having Dower or right to Dower or an Adverse Claim
or a claim not recognized in the Petition shall on or before the 9th
day of September. A. D.. 2006. file in the Supreme Court and serve
on the Petitioners, or the undersigned, a Statement of their claim
in the prescribed form verified by an Affidavit to be filed therewith.
Failure of any such person to file and serve a Statement of Claim
on or before the said 9th day of September. A.D.. 2006. will operate
as a bar to such claim. Copies of the plan filed in the action by the
petitioners may be inspected at:

1. The Registry of the Supreme Court, Nassau, Bahamas;
2. The Chambers of Miriam J. Curling & Co., Attorneys for
the Petitioners;
3. The Office of the District Administrator, Long Island,
The Bahamas.

DATED the 20th day of July, A. D., 2006.
MIRIAM J. CURLING & CO.
Norfolk House Annexe II.

Market Street.

Nassau. N. P., Bahamas.

Attorneys for the Pemone
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PAGE 6B, WEDNESDAY, AUGUST 9, 2006



PRICEVATERHOUSE(COPERS @



P.O, Box N-3910
Nassau, The Bahamas
Website: www.pwe.com

a E-mail: pwebs@jbs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Family Guardian Insurance Company Limited”

We have audited the accompanying balance sheet of Family Guardian Insurance Company
Limited (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
_Tesponsibility of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

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

In our opinion, the financial statements present fairly, in all material respects, the financial
position of Family Guardian Insurance Company Limited 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.

| O sialelte Lee





Chartered Accountants
30 March 2006
@ Eckler Partners Ltd.

Consukants and Actuaries

APPOINTED ACTUARY’S REPORT

To the Board of Directors and Shareholders of Family Guardian Insurance
Company Limited

I have valued the actuarial liabilities and other policy liabilities of Family Guardian
Insurance Company Limited for its balance sheet at 31 December 2005 and the change in
‘thé Statement !of operations for. the:year ended:31, December: 2005:,inaécordance with
3 ey ‘tiéédpted aéulatial: pradtice inchiding:séléctionjof. appropriate dsstinptions and
i methods. tee O88 Fa te ise 11.5






In my opinion, the amount of the actuarial and other policy liabilities makes appropriate
provision for all policyholder obligations and the financial statements of Family Guardian
Insurance Company Limited fairly represent the results of the valuation.



Richard F, Labelle
Fellow, Canadian Institute of Actuaries
Fellow, Society of Actuaries

30 March 2006





BALANCE SHEET
AS OF 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

2008 2004
$ $
(Note 23)
ASSETS
Bank term deposits 5,527,939 8,605,180
Government bonds (Note 5) 21,593,317 18,547,721
Preferred shares (Note 5) 1,150,252 1,643,079
Investments in equities (Note 5) 6,336,293 5,776,325
Policy loans (Note 6) 9,307,321 8,767,495
Mortgage loans, net (Note 7) 57,241,228 50,778,037
Total investment assets 101,156,350 94,117,837
Cash and bank balances 1,728,889 1,087,245
Receivables and other assets (Note 8) 3,599,263 1,746,047
Premiums in arrears . 1,695,178 1,370,872
Property, plant and equipment, net (Note 9) _12,373,130 10,129,410
TOTAL ASSETS 120,552,810 108,451,411
LIABILITIES ;
Reserves for future policyholders’ benefits (Note 10) 76,518,778 67,542,055
Other policyholders’ funds (Note 11) 4,983,460 6,243,698
Policy liabilities 81,502,238 73,785,753
Payables and accruals 6,414,862 3,956,146
Total Liabilities 87,917,100 77,741,899
EQUITY
Share capital (Note 13) 1,707,462 1,707,462
Shares premium 11,401,314 11,401,314
Revaluation surplus 2,728,635 2,768,855
Retained earnings 16,798,299 14,831,881
Total Equity | 32,635,710 30,709,512
TOTAL LIABILITIES AND EQUITY 120,552,810 108,451,411

SIGNED AS APPROVED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:

Director Director

30 March 2006
Date

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

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

THE TRIBUNE BUSINESS



a LS

(Incorporated under the laws of the Commonwealth of The Bahamas)



STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

snweneneninennintatntnntnanenmniannnantniinaniatnisiananmunnnannninimutmtmanttttttttitttttntiim,
STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED, 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)



2005 2004
$ $
(Note 25)

DIRECT PREMIUMS
Premium revenue
Premium ceded to reinsurers (Note 14)

51,793,949 - 46,661,084

(3,236,822) (3,559,994)

48,557,127

. Net premium revenue 43,101,090
Annuity deposits 6,592,793 4,091,091
Net premium revenue and deposits (Note 14) 55,149,920 47,192,181
Interest income 7,070,156 6,838,427
Dividend income 359,746 348,785
Change in unrealised appreciation on

investments in equities (Note 5) 949,358 748,161
Realised gain (loss) from investments
in equities (Note 5) 161,126 . (251,440)
Other operating income 479,914 470,749
Decrease in provision for inherent risk 381,293 -
Total income 64,551,513 55,346,863
BENERITS
26,412,536 24,993,833

Policyholders’ benefits (Note 15)
Reinsurance recoveries :

(2,182,872) (1,881,992)

24,229,664
9,133,864

23,111,841
6,441,124

Net policyholders’ benefits :
Increase in reserves for future policyholders’ benefits

33,363,528 29,552,965









EXPENSES
Commissions - 11,249,498 8,763,209
Operating expenses 14,072,047 12,867,837
Depreciation and amortisation expense 494,328 444,462
Bad debt expense 133,414 186,570
, 25,949,287 22,262,078 .
Total benefits and expenses 59,312,815 51,815,043
Net income 5,238,698 3,531,820
The accompanying notes are an integral part of these financial statements.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
-. Share
Capital
(Note 13)
‘ $
Balance as of 1 January 2004 - » 1,707,462 >».
Transfer from revaluation!surplus::s ‘ VEBAS ie
Net income for 2004 -
Dividends declared and paid - ordinary shares
($1.30 per share) -
Balance as of 31 December 2004 1,707,462
Balance as of 1 January 2005 - 1,707,462
Transfer from revaluation surplus -
Net income for 2005 :
Dividends‘ declared and paid - ordinary shares
($1.94 per share) :
Balance as of 31 December 2005 1,707,462

The accompanying notes are an integral part of these’ financial statements.



NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005

2003 a
(Note 23)
CASH FLOWS FROM OPERATING ACTIVITIES F
Net income 5,238,698 3,531,820
Adjustments for:
Depreciation and amortisation (Note 9) 494,328 _ 444,462
Change in appreciation on investments in equities (Note 5) (949,358 (748,161)
Realised (gain) loss from investments in equities (Note 5) ee) 251,440
Recovery of investment provision (50,000) -
Loans written-off, net of recoveries (71,799) (25,000)
Change in mortgage/investment provision (248,528) 105,863
Reserve for policyholders’ benefits 8,976,723 6,016,238
Interest income ‘ (7,070,156) (6,838,427)
Dividend income (359,746) (348,785)
Operating profit before working capital changes. 5,799,036 2,389,450
(Increase) Decrease in operating assets °
Receivables and other assets (1,884,573) 1,463,309
Premiums in arrears (324,306) (282,151)
(Decrease) Increase in operating liabilities
Payables and accruals 2,458,716 (1,572,104)
Other policyholders’ funds (1,260,238) 50,463
Net cash provided. by operating activities 4,788,635 2,048,967
‘CASH FLOWS FROM INVESTING ACTIVITIES
Policy loans (527,393) (511,483)
Proceeds from redemption of preferred shares 533,334 283,333
Purchase of property, plant and equipment (Note 9) (2,738,048) (400,299)
Proceeds from maturity of bank term deposits .
greater than three months 1,429,631 -
Placement of bank term deposits greater than three months (519,432) (1,019,631)
Net mortgage loans issued (6,178,936) (978,254)
Purchase of Government bonds (3,038,300) (1,084,100)
Purchase of equities (Note 5) (329,114) (500,000)
Proceeds from sale of equities (Note 5) 879,630 44,220
Interest received ; 7,127,349 6,763,949
Dividends received 359,746 348,785

= S59, 7A6 i: 348,785,
Net cash (used in) provided by investing activities (3,001,533) 2,946,520
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (3,312,500) __(2,216,250)

(3,312,500) (2,216,250)

Net cash used in financing activities

Net (decrease) increase in cash and cash equivalents (1,525,398) (2,779,237)
Cash and cash equivalents at beginning of year 7,262,794 4,483,557
Cash and cash equivalents at end of year 5,737,396 7,262,794
Comprised of:
Cash and bank balances 1,728,889 1,087,245
Short-term bank deposits 4,008,507. 6,175,549
5,737,396 7,262,794
Share Revaluation Retained
Prentium Earnings Total
$ $ $ ‘ $
S008 AY 4OL,B14 065066 -2,809,075. 13,476,091: 29,393,942
-go,220)" "40,220 Mm
- - 3,531,820 3,531,820"
: - 2,216,250 2,216,250
11,401,314 2,768,855 14,831,881 30,709,512
11,401,314 2,768,855 14,831,881 30,709,512
- (40,220) 40,220 s
- ae 5,238,698 5,238,698
; - (3,312,500 (3,312,500
11,401,314 2,728,635 16,798,299 32,635,710



1. INCORPORATION AND ACTIVITY

Family Guardian Insurance Couper: Limited (the Company), is incorporated under the laws. of the
Commonwealth of The Bahamas, sells life and health insurance and is a wholly-owned subsidiary of FamGuard
Corporation Limited (FamGuard), also incorporated in the Commonwealth of The Bahamas.

The registered office of the Company is situated at the offices of E. Dawson Roberts & Co., Parliament and Shirley
Streets, Nassau, The Bahamas.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ae

‘The significant accounting policies applied in preparation of these financial statements are set out below.
policies have been consistently applied to all the years presented, unless otherwise stated.

(@ BASIS OF PRESENTATION

‘The financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS). The Company has adopted accounting policies for the computation of reserves for
future policyholder benefits on life insurance and annuity contracts which comply with the Canadian
Asset Liability Method (CALM). As no specific guidance is provided by IFRS for computing reserves for
future policyholder benefits, management has judged that CALM should continue to be applied. The
adoption of IFRS 4 — insurance contracts, permits the Company to continue with this scone polic:
The financial statements have been nt under the historical cost convention, as modified by the
revaluation of freehold land and buildings, and financial assets at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
Ganan accounting spas ‘The areas involving a highet degree of judgement or complexity or areas
where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
A summary of the changes significantly affecting the Company is set out below. :

(i) Introduction of IFRS 4 — Insurance Contracts

The changes introduced by IFRS 4 affected the Company's financial statements presentation, disclosure
and measurement in the following ways:
© ‘The effect of reinsurance on all insurance assets, insurance liabilities, insurance revenue and insurance
benefits are either presented separately or disclosed in the notes to the financial statements. Up to 31
December 2004, the Company did not present separately or disclose effects of reinsurance on reserves for
future policyholders’ benefits, on the benefit for the increase in reserves for future policyholders’ benefits,
and on the provision for uneamed premiums. This change affects the reported amounts for assets and
liabilities respectively. ‘
The accounting policies for insurance contracts are more fully described in Note 2 (p).'The Company has
made no significant change in the measurement of its issued insurance policies.

The insurance risks of the Company are more fully described in Note 4.

‘The techniques used to value reserves for future policyholders’ benefits are more fully described in Note
10, the analysis of tomeepes in the reserves for future policyholders’ benefits is provided in Note 10, and
sensitivity analysis on the reserves for future policyholders’ benefits is provided in Note 10. ‘
(ii) Changes to LAS 1 — Presentation of Financial Statements

The revision to these standards affected the Company's financial statement presentation and disclosure by
creating a note entitled “critical accounting estimates and judgements” is induded.

(iii) Changes to LAS 24 — Related party disclosures
The revision to this standard have affected the identification of related parties to include key management
personnel, and consequently the disclosures are made.
In 2005, the ae adopted all new and revised IFRS Standards relevant to its operations, which is

effective for periods beginning on or after 1 January 2005. The adoption of the new and revised IFRS
Standards had no material effect on the Company's accounting policies, except as otherwise disclosed.

(b) RESERVES FOR INSURANCE CONTRACTS
‘The teserves for insurance contracts in force at the balance sheet date are calculated according to principles
determined by the Company's appointed actuary.
‘The Company calculates its liabilities for individual life insurance policies using the Canadian Policy
Premium Method (PPM) with effect from 1 January 2003. The calculation of these policy reserves is based
on assumptions as to future rates for mortality and morbidity, investment yields, mortality, policy lapse
and expenses, which contain margins for adverse deviations.
Liabilities for deferred annuity policies are computed as the value of accrued invested funds. Reserves for
immediate payment annuities are equal to the present value of future benefits.
Claim reserves for group health policies are estimated from incurred claims and the history of
prior claim payments.

Liabilities for other short-term health policies renewable at the option of the Company are recorded as
uneamed premiums plus a contingency reserve for daims.

(PROPERTY, PLANT AND EQUIPMENT

Freehold land and buildings are shown at fair value, based on periodic, but at least uiennial, valuations

by extemal independent appraisers, less accumulated depreciation for buildings. The last appraisal of | ~
freehold land and buildings was performed on 20 October 2003. Any accumulated depredation at the
date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is
adjusted to the revalued amount of the asset. Lathe pore plantand equipment is stated at historical
cost less accumulated depreciation. Historical cost includes expenditure that is directly atuibutable to the
acquisition of the assets. ; ?
Improvements, which extend the useful lives or increase the value of assets are capitalized.

Subsequent costs are induded in the asset's canying amount or recognized as a separate asset, as
appropriate, only when it is probable that future neni benefits associated with the item will flow to
the Company and the cost of the item can be measured reliably. All other costs are charged to the
statement of operations as repairs and maintenance during the financial period in which they are incurred.
Increases in the canying amount arising on revaluation of freehold land and buildings are credited to the
revaluation surplus account in equity. Decreases that offset previous increases of the same asset are

charged against the revaluation surplus account directly in equity; all other decreases are to the
statement of operations. Each year the difference between iat Siu bs eae ony
amount of the asset charged to the statement of operations iation based on the asset's

cost is transferred from the revaluation surplus account to retained eamings.

‘The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An assets carrying amount is written down immediately to its estimated recoverable amount if the asset's
canying amount is greater than its estimated recoverable amount.

Freehold land is not depreciated. Depreciation on other assets is calculated ashe te suraight-line method
to allocate their cost or revalued amounts over their estimated useful lives, as follows:

Freehold buildings 2.5% per annum
Furniture and equipment 10%-20% per annum
Motor vehicles 25% per annum
Computer software

20%-33% per annum
over period of the leases

and development costs
Leasehold improvements

Gains and losses on di are determined by comparing proceeds with the canying amount. These are
cudiniesecn dacs When revaluued assets are sold, the amounts: in the revaluation
surplus are transferred to retained eamings.

(d) FNANGAL INVESTMENT ASSETS

The Company classifies its financial investment assets, other than bank foe depaes the following
categories: at fair value through profit or loss and loans and receivables. The epends on the
for which the investment assets were acquired. Management determines the dassification of its
investment assets at initial recognition and re-evaluates this designation at every reporting date.
(i) Financial investment assets at fair value through profit or loss

A financial investment asset is classified as financial assets as fair value through profit or loss if acquired
Principally for the purpose of selling in the short term or if so designated by management.
Investments in equities are classified as financial Assets at fair value through profit or loss.
Regular-way purchases and sales of equities are recognized on trade date, which is the date that the
Company commits to purchase or sell the equity. Investments in equities are initially recognized at cost
and subsequently remeasured at fair value. :
Fair value is determined by reference to quoted bid prices for ordinary shares. Investments are
de ized when the rights to receive cash flows from the investments have expired or have been
transferred and the Company has transferred substantially all risks and rewards of ownership. Gains and
losses arising from changes in the fair value of the investments in equities category, induding interest and
dividend income, are presented in the statement of operations in the period in which they arise.

(ii) Loans and receivables -
A financial investment asset in classified as loans and receivables if they are non-derivative financial assets
with fixed or determinable payments that are not quoted in an active market, other than those that the
Company intends to sell in the short-term. ;
Investments in goverment bonds and preferred shares are dlassified as loans and receivables. Loans and
receivables are carried at amortized cost, using the effective interest. method less any provision for
impairment in value.





sof oe

ae

>. THE TRIBUNE BUSINESS





NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005 (CONTINUED)



2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(@ FMANGAL INVESTMENT ASSETS (CONTINUED)

@

(m

3.42 “nee the contributions have been paid’ The plan requirés participants to contribute 5%-of their

(ii)

3

@

©

Loans and receivables (continued)

A loan or receivable is impaired if its camying amount is greater than its estimated recoverable amount. The amount of the
impairment loss for loans and receivable carried at amortized cost is calculated as the difference between the carrying amount
an the present value of expected future cash flows discounted at the financial instrument's original effective interest rate.

LOANS AND LOAN LOSS PROVISIONS

Policy loans are carried at the balance outstanding plus accrued interest. No provision for loss on these loans is deemed necessary
by management as these loans are fully collterzad by the cash surrender value of the policies.

Mortgage loans are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise when the Company provides money directly to a borrower with no intention of trading the receivable Mortgage
Joans are secured by first mortgages and provide for monthly repayments at variable interest rates over periods of up to twenty-
five years on residential loans and up to twenty years on commercial loans,

M oans are stated at the principal balance outstanding less an inherent provision for loan losses on current loans and
specific provisions on certain non-current loans; mortgage loans over three months in arrears. Specific provisions are made on
non-current mortgage loans, based on management's evaluation of the respective loans. A specific provision for non-current
mortgage loans is established if there is objective evidence that the Company will not be able to collect all amounts due
according to the onal terms of the morgage loan. Significant financial dacs of the borrower, probability that the
borrower will enter financial reorganization, and default or delinquency in payments are considered indicators that the not
loan is impaired. The amount of the specific provision for loan loss is thedifference between the loan's carrying amount and the
recoverable amount, being the present value of estimated future cash flows, including recoveries from guarantees and collateral,
discounted at the effective interest rate at inception of the loan. The amount of the pravision for loan loss is recognized in the
statement of operations. If the amount of the provision subsequently decreases due to.an event occurring after the write-down,
the release of the provision is recognized in the statement of operations.

Acctued interest on non-current loans is excluded from interest income.

FOREIGN CURRENCY TRANSLATION ,

Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the
Company operates (functional currency), the Bahamian dollar. The financial statements are presented in Bahamian dollars,
which is also the Company's presentation currency.

Transactions and balances

Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have been translated to
Bahamian dollars using the rates of exchange prevailing at the balance sheet date. Foreign currency transactions and income and
expense items have been translated at the exchange rates prevailing at the time of the transaction. Gains and losses on translation
are reflected in the statement of operations.

IMPAIRMENT OF ASSETS ;

A Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial
assets is impaired. 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 assets canying
amount and the present value of expected future cash flows discounted at the financial instrument's original effective interest rate.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized, the previously recognized impairment loss is decreased and the decrease is
Tecognized in the statement of operations.

PREMIUM INCOME AND EXPENSES

Premiums are recognized as revenue evenly over the period covered by the term of the related policies. The portion of the
premiums not eamed at the balance sheet date is recorded as uneamed premiums. Policy acquisition costs and expenses to
develop new products are expensed as incurred.

REINSURANCE TRANSACTIONS :

In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover benefits
paid, by ceding premiums to reinsurers under excess coverage contracts. Contracts entered into that meet the classification
requirements for insurance contracts in Note 2(0) are classified as reinsurance contracts held. The Company retains a range of
$25,000 to $110,000 (2004: $25,000 to $100,000) coverage per individual life. :

The benefits to which the Company is entitled under its reinsurance contracts held are ized as reinsurance assets. These
assets consist of short-term balances due from reinsurers and are classified within loans and receivables. Amounts recoverable
from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance
with the terms of each reinsurance contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and
are recognized as an expense when due. : ‘

REVENUE AND EXPENSE RECOGNITION

Revenue and expenses are accounted for on the accrual basis. Interest income is recognized using the effective interest method.
Dividend income is recorded when the right to receive payment is established.

CASH AND CASH EQUIVALENTS

For of the statement of cash flows, cash and cash equivalents consist of cash on hand, demand balances with banks
and bank term deposits with original contractual maturities of three months or less.

Leases, where a significant Toten of the risks and rewards of ownership are retained by the lessor, are classified as operating
leases, Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the

period of the lease.

EMPLOYEE BENERTS— PENSION OBLIGATIONS -

The Company has a defined contribution pension plan for eligible agents and employees whereby the Company pays
contributions to a pension plan separately adninneced by the Company. The Company has no further payment shits
eamings and commissions
and the Company contributes 3.5% of eligible earnings. The Company's contributions to the defined contribution pension plan
are recognized in the statement of operations in the year to which they relate.

DIVIDEND DISTRIBUTION ,

Dividend distribution to the Company's shareholder is recognized in the Company's financial statements in the year in which
the dividends are declared by the Board of Directors.

INSURANCE CONTRACTS — CLASSIFICATION

The Company issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contracts that
transfer significant insurance risk. Such contracts may also transfer financial risk. As a general guideline, the Company defines as
significant insurance risk the possibility of having to pay benefits on the occurrence of an insured event that are at least 10% more
than the benefits payable if the insured event did not occur.

Anumber of insurance contracts contain a Discretionary Participation Feature (DPF). This feature entitles the holder to receive ,
asa supplement to guaranteed benefits, additional benefits or bonuses: :

that are likely to be a significant portion of the total contractual benefits;

whose amount or timing is contractually at the discretion of the Company; and

that are contractually based on:

(i) the performance or a specified pool of contracts or a specified type of contract; and

(ii) realized and/or unrealized investment retums on a specified pool of assets held by the Company.

The amount and timing of'the distribution to individual contract holders is at the discretion of the Company, subject to the
advice of the appointed actuary. i

INSURANCE CONTRACTS — RECOGNITION AND MEASUREMENT

Insurance contracts including those with DPF are classified into four main categories, depending on the duration of risk and
whether or not the terms and conditions are fixed.

Short-term insurance contracts

‘These contracts are pou and individual health and hospitalization contracts, and short-duration life insurance contracts. These
contracts protect policyholders from the consequences of events (such as death, disability or sickness) that would affect the ability
of the policyholder or his/her dependents to maintain their current level of income. Guaranteed benefits paid on occurrence of
the specified insurance event are either fixed or are linked to the extent of the economic loss suffered by the policyholder. There
are no maturity or surrender benefits.

Premiums on these contracts are recognized as revenue (eamed premiums) proportionally over the period of cain The
portion of premium received on in-force contracts that relates to unexpired risks at the balance sheet date is reported as th
uneamed premium liability. Premiums are shown before deduction of commission. '

Claims and loss adjustment expenses are recognized in the statement of operations as incurred based on the estimated liability
Keeconpensaion owed to policyholders. ‘They include direct and indirect claims settlement costs and arise from events that have
up to the balance sheet date even if they have not yet been spores to the Company. Liabilities for unpaid daims are
statistical analysis for the daims

estimated using the input of assessments for individual cases reported to the Company an

incurred but not reported.
Long-term insisance contracts with fixed and guaranteed terms

These contracts insure events asso:‘ated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they “ome payable by che policyholder. Premiums are shown before deduction of commission.

Benefits payable to beneficiaries are recs:led as an expense when they are incurred.

A liability for contiactual benefits that are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to moitali ., persistency, maintenance. expenses and investment income that are established at the
time the contract is issue:!. x mars.ii or adverse deviations is inc....ied in the assumptions. ‘

Long-tenn insuranice contracis without fived and guaranteed tens

‘These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are

recognized as revenue when they become payable. These liabilities however, are in by credited interest (in the case of
universal life contracts) or change in the unit prices (in the case of unit-linked contracts) and are decreased by policy '
administration fees, mortality and surrender charges and any withdrawals.

Liabilities for Universal Life policies, induding unit-linked contracts, are based on assumptions as to future mortality, persistency,
maintenance expenses, investment income, and crediting interest rates, A margin for adverse deviations is included in the assumptions.

Liabilities for deferred annuities are set equal to the policyholder account values.
Long-term insurance contracts with fixed and guaranteed terms and with DPF

‘These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they become payable by the policyholder. Premiums are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred. :

Alliability for contractual benefits that are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to mortality, persistency, maintenance expenses and investment income that are established at the
time the contract is issued. A margin for adverse deviations is included in the assumptions.

In addition, these contracts also participate in the profits of the Company. As'the Company declares the bonus to be paid; it is

. credited to the individual policyholders.

3. CRITICAL ACCOUTNING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
The Cosspeny wis estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year.
andj

Estimates

judgements are continually evaluated and based on historical experience and other factors including expectations of future

events that are believed to be reasonable under the circumstances.
Estimate of future payments and premiums arising fom long-term insurance contracts.

‘The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the Company. Estimates are

made as to the expected number of deaths for each of the years in which the Company is exposed to risk The Company bases these

estimates on mortality tables that reflect recent historical mortality experience, adjusted where apron to reflect the Company's own
lk

experience. For contracts that insure the risk of longevity, appropriate but not excessively prudent

lowance is made for expected mottality

improvements. The estimated number of deaths determines the value of the benefit payments and the value of the valuation premiums.
The main source of uncertainty is that epidemics such as AIDS, and wide-ranging lifestyle changes, such as in eating, smoking and exercise
habits, could result in future mortality being significantly worse than in the past for the age groups in which the Company has significant
exposure to mortality risk. However, continuing improvements in medical care and social conditions could result in improvements in
py in excess of those allowed for in the estimates used to determine the liability for contacts where the Company is exposed to

4. MANAGEMENT OF INSURANCE AND FINANCIAL RISK
‘The Company issues contracts that transfer insurance risk or financial risk or both. The Company's activities expose it to a variety of financial

fisks, induding insurance risk, the effects of changes in equity market prices and interest rates. The Comp:

any's overall risk management

approach focuses on the unpredictability of insured events and financial markets and seeks to minimize potential adverse effects on the
financial performance of the Company. :

@

INSURANG RISK

The risk under any one insurance contract is the possibility that the insured event occurs and the uncertainty of the amount of
the resulting daim. By the very nature of an insurance contract this risk is random and therefore unprediciable.

Fora portfolio of insurance contacts where the theory of probability is applied to pricing, and provisioning, the principal risk that
the Company faces under insurance contracs is that the actual claims and benefit payments exceed the carrying amount of the
insurance liabilities. This could occur because the frequency of or severity of claims and benefits are greater than expected.
Insurance events are random and the actual number and amounts of claims and benefits will vary from year to year from the
estimate established via statistical techniques.

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

4. MANAGEMENT OF INSURANCE AND ANANCIAL RISK (CONTINUED)

@

(i)

Benefits assured per fife insured
at end of year

$
0-9,999

10,000 ~ 24,999

25,000 -

50,000 and over

Total
)

INSURANCE RISK (CONTINUED)

Experience shows that the larger the portfolio of similar insurance contrac, the smaller the relative
variability about the expected outcome will be. In addition, a more diversified portfolio is less likely to be.
affected across the board by a change in any subset of the portfolio.

Long-temt insurance contracts

Frequency and severity of claims

For contracts where death is the insured risk, the most significant factors that could increase the overall
frequency and severity of daims are epidemics (such as AIDS) and wide ranging lifestyle changes, such as
in eaiing, smoking and exercise habits resulting in earlier or more aims than expected.

‘The Company manages these risks through its underwriting strategy and reinsurance arrangements. The
underwriting siateyy is intended to ensure that the risks itten are well diversified in terms of type
and level of i efits. The Company's underwriting strategy includes medical selection with
benefits limited to reflect the health condition of applicants and retention limits on any single life insured.
The table below indicates the concentration of insured benefits across four bands of insured benefits per
individual life insured rounded to the nearest

2005 2008

$ $
124,627,000 120,800,000
-295,841,000 256,194,000
105,125,000 96,472,000
704,100,000 497,590,000
1,229,693,000 971,056,000

CASH FLOW AND FAIR VALUE INTEREST RATE RISK

Cash flow risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial
instrument will fluctuate because of changes in market interest rates. The Company takes on exposure to
the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash
flows. Interest margins may increase as a result of such changes but may reduce or create in theevent
that unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing
that may be undertaken, which is monitored daily.

MARKET RISK’

Market risk is the risk that the value of the financial instrument will fluctuate as a result of changes in
mee pice hee hee: ae ae ce by factors specific to the individual security, its issuer or
factors affecting all securities in the market. The Company manages its risk through the Investment
Committee, which monitors the price movement of secunties on the Bahamas Intemational Securities
Exchange (BISX).

CREDIT RISK p

‘The Company has exposure to credit risk, which is the risk that a counter party will be unable to pay
amounts in full when due. Key areas where the Company is exposed to credit risk are:

- term deposits placed with banks

~ mortgage loans and loans to policyholders

~ reinsurers’ share of insurance liabilities

- amounts due from reinsurers in respect of claims already paid

- amounts due from insurance policyholders

‘The Company's term deposits are mainly placed with well-known high quality banks. Mortgage loans and
loans to policyholders are fully collateralized.
Reinsurance is used to manage insurance risk. This does not, however, discharge the Company's liability
as primary insurer. If a reinsurer fails to pay a daim Seen ant es Coeney eae Le hea
payment to the policyholder. The creditworthiness of reinsurers is considered on an annual basis by
reviewing their publicly available financial information prior to finalization of any contract.

The Company has one main reinsurer for its long-term insurance contracts, a large multinational
corporation that has a Standard & Poors (S&P) rating of A+. 4

UQUIDITY RISK

‘The Company is exposed to daily calls on its available cash resources mainly from daims arising from
short-term contracts. eit a is the risk that cash may not be available to pay obligations when due
ata reasonable cost. The Board sets limits on the minimum cporion of maturing funds available to
meet such calls and on the minimum level of borrowing facilities that should be in place to cover
Maturities, claims and surrenders at unexpected levels of demand. ;

INTEREST RATE RISK
The Company manages this risk by attempting to retain a level of assets to liabilities with similar principal
values, interest rates and maturity dates,

‘The Company's exposure to the effects of fluctuations in the prevailing levels of market interest rateson its
financial festion and cash flows is reduced as the Company retains the right to change interest rates on
most of its interest earning loan assets.

49,999

5. INVESTMENT ASSETS

LOANS AND RECEIVABLES COMPRISE. THE FOLLOWING: -.

2005 2004

$ , §

: ; (Note 25)

Bahamas Government bonds 17,152,700 16,119,200
Bridge Authority bonds 307,400 307,400
Education Loan Authority bonds 1,800,000 1,800,000
Clifton Heritage bonds 2,004,800 :
Government bonds, at cost 21,264,900: 18,226,600
Add: Accrued interest receivable 328,417 321,121
21,593,317 18,547,721

Redeemable preferred shares, at cost ‘1,150,000 1,833,334
Less: Provision for impairment - 200,000
Redeemable preferred shares, net 1,150,000 1,633,334
Add: Accrued interest receivable 252 9,745
1,150,252 1,643,079

During the year, the Company exercised a final redemption on one of its preference shareholdings for $283,334 (2004:

$283,333) and received an additional $50,000 that was previously

for and recorded as other income in the

WEDNESDAY, AUGUST 9, 2006, PAGE 7B







5. INVESTMENT ASSETS (CONTINUED)
Investments in equities comprise ordinary shares of Bahamian companies that are listed on BISX.
‘The change in unrealized appreciation on investments in equities is recognized in the statement of operations.

6. POLICY LOANS
a8 au
$ $
(ete 28)
Policy loans 6,558,210 6,346,484
‘Automatic premium loans (APLs) 2,437,291 2,121,624
i 8,995,501 8,468,108
Add: Accrued interest receivable __, 311,820 299,387

9,307,321 __ 8,767,495

Policy loans and automatic premium loans APs) reall on Ordinate poles nine raagig fom 10%

10 11% (2004: 10% to 11%) per annum is on policy loans
7, MORTGAGE LOANS
MORTGAGE LOANS COMPRISE:
2008 2m
$ $3.

(ete 25)
Loan to parent company 4,232,927 4,361,287

Loans to Company officers and
their immediate families 2,880,594 2,581,614
Others 50,776,446 _ 44,768,130
57,889,967 51,711,031
Less: Provision for inherent risk (791,947) (1,173,240)

(197,000) (136,034)

56,901,020 50,401,757
340,208 376,280
57,241,228 _50,778,037

Specific provision for credit risk
Add: Accrued interest receivable

Total mortgage loans may be analyzed as follows:

Commercial Current 13,115,782 12,094,358
Over 90 Days 1,726,840 1,145,475
Residential Current 42,223,303 37,589,922
Over 90 Days 824,042 881,276
57,889,967 51,711,031
- ‘Theprovision for inherent risks calculated on total mortgage loans net of the loan to the parent company, which s deemed
to be fully collectible. oe
MOVEMENTS IN LOAN LOSS PROVISIONS ARE AS POLLOWS:
SPEGRIC
PROVISION FOR PROVISION POR
INHERENT RISK CREDIT RISK
; $ $
Balance at 1 January 2004 1,128,411 100,000
Increase in the provision 44,829 61,034
Loans written-off ; - 25,000
Balance as of 31 December 2004 1,173,240 136,034
(Decrease) Increase in the provision (381,293) 132,765
Loans written-off - (71,799)
Balance as of 31 December 2005 791,947 197,000

ha! “The loan toihe ffarent company cams interest ata tate of 8.5% per annum (2004: 9%)..An, imerest rate of 6.5% per annum
‘+4 (2004: 7%}is charged on residential: 10 di i

} directors, officers and staff with wo of more years of service, Related
interest income from mortgages for the year ended 31 December 2005 is $599,796 (2004: $580,340) and related party

interest receivable on mortgages as of 31 December 2005 is $14,097 (2004: $20,860). :

As of 31 December 2005, the Company had non-performing loans $2,550,882 (2004: $2,026,751) on which

interest of $434,903 (2004: $331,462) had not been recognized on { )

statement of operations.
@. RECEIVABLES AND OTHER ASSETS
RECEIVABLES AND OTHER ASSETS COMPRISE:
‘2008 2004
$ $.

: (ote 25)
Accrued interest receivable - bank term deposits 45,812 76,877
Accrued interest receivable - staff loans 468 760
Reinsurance recoveries : 2,525,887 1,140,498
Utility deposits 40,896 41,496
Due from parent company 246,025 -
Other receivables and other assets 740,175 486,416
, 3,599,263 1,746,047

Reinsurance recoveries are in respect of aims already paid by the Company. All recetvables noted above are due within



: ; twelve months. However, the amount due from the parent company and related parties are interest-free, unsecured and have
statement of operations. The Company also redeemed another preference shareholding for $250,000. Areal parent parties }
‘ 2005 2004
$ $
INVESTMENTS IN EQUITIES
At beginning of year ~ 5,776,325 — 4,823,824
Purchases 329,114 500,000
Sales. : > (879,630) (44,220)
Realised gain (loss) from sales of equities 161,126 (251,440)
Change in unrealised appreciation on equities 949,358 748,161
At end of year 6,336,293 _ 5,776,325
9. PROPERTY, PLANT AND EQUIPMENT
Land 8 ae Vehicles & Software Total
As of 1 January 2004
Cost or revaluation 3,029,840 6,250,160 1,585,813 30,095 758,559 184,777 11,839,244
Accumulated depreciation = - (18,346) (1,055,617) (20,215) (432,391) (120,323) (1,646,892)
Depreciation on the revalued portion
of freehold buildings - (18,779) - - os - (18,779)
Net book amount 3,029,840 _ 6,213,035 530,196 9,880 326,168 64,454 10,173,573
Year ended 31 December 2004 :
Opening net book amount 3,029,840 6,213,035 530,196 9,880 326,168 64,454 10,173,573
Additions - 7,229 118,268 - 198,483 76,319 1,299
Depreciation charge - (116,215) (110,368) (7,524) (118,996) (51,139) (404,242)
Depreciation on the revalued portion
of freehold buildings ; - (40,220) - - - - (40,220)
Closing net book amount - - 3,029,840 __ 6,063,829 538,096 2,356 405,655 89,634 10,129,410
As of 31 December 2004
Cost or revaluation 3,029,840 6,257,389 845,947 30,095 777,863 232,313 11,173,447
Accumulated depreciation . + (153,340) (307,851) (27,739) (372,208) (142,679) (1,003,817)
Depreciation on the revalued portion
-of freehold buildings - (40,220) - : - - (40,220)
Net book amount 3,029,840 _ 6,063,829 538,096 2,356 405,655 89,634 __ 10,129,410
Year ended 31 December 2005
rape net book amount 3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Additions 264,876 = 1,282,231 553,641 - 484,300 153,000 2,738,048
Depreciation charge - (118,886) (129,219) (2,356) (141,935) (61,712) (454,108)
Depreciation on the revalued portion
of freehold buildings - (40,220) - - - - (40,220)
Closing net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
As of 31 December 2005
Cost or revaluation 3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
Accumulated depreciation - (312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)
Depreciation on the revalued portion
of freehold buildings - (40,220) - - - - (40,220)
Net book amount 3,294,716 _ 7,186,954 962,518 - 748,020 180,922. 12,373,130

Freehold land and buildings each indude revaluation surplus of $1,422,044 (2004: $1,422,044) and $1,346,811 (2004: $1,346,811), veneer the Company wrote-off cost and accumulated depreciation relating to fully depreciated
134 5

computer equipment, furniture and equipment

and leasehold improvements of $77,465 (2004: $179,179), $86,062 (2004: $858,

$28,783), respectively

As of 31 December 2005, the Company has entered into an agreement to sell one of its buildings for a price of $4,500,000. The agreement is expected to be completed in April 2006.







PAGE 8B,WEDNESDAY, AUGUST 9, 2006



NOYES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005 (CONTINUED)

10, RESERVES FOR FUTURE POLICYHOLDERS’ BENEFITS

nadian Asset Liability Method (CALM) is used for the dtermination of reserves for future policyholder benefits of long-term



ntracts.

uber 2005 the aggrepate reserves for future policyholders’ benefits and related life insurance in force are summarized as follows:



Insurance
Reserves In force
2005 2004 2005 2004
$ $ $ $
Ordinary life 21,284,841 20,546,880 1,305,545,275 983,290,223
Annuities 26,962,849 21,394,020 - -
liome service life 23,563,536 22,322,296 492,820,742 438,205,910

Accident and Health 4,707,552 3,278,859 106,207,996 _ 100,061,282

76,518,778 67,542,055 _1,904,574,013 1,521,557,415

‘The reserves for future policyholders’ benefits are determined annually by actuarial valuation and represent an estimate of the amount




T



‘Thea

‘

(i)

()

cquired, together with future premiums and investment income, to provide for future benefits and expenses payable on insurance and
annuity contracts. The reserves are calculated using future policy lapse rates, mortality, morbidity, maintenance expenses and interest rates.
sumptions also include provisions for adverse deviation to recognize uncertainty in esta lishing the assumptions and to allow for
je deterioration in experience. The process of determining the provision necessarily involves risks that the actual results will deviate
i¢ assumptions made.

hilities are calculated using best estimate assumptions with margitis for adverse deviation.

Mortality and Morbidity

Assumptions for Home service life business are based on Company experience. Assumptions for other business lines are based
on industry experience, as the Company does not have sufficient of its own experience. A margin is added for adverse deviation

‘equal to 15 per 1,000 divided ey the expectation of life for mortality and 8% to 10% for morbidity. If future mortality and
morbidity were to differ by 10% from that assumed, the liability would increase by $2,933,000 or decrease by $2,902,000.

Investment Yields
Assets are notionally allocated to life and annuity business lines. Expected investment yields are based on new money rates and
expectant asset mix. A margin for adverse deviation is added by deducting 50 basis points from current rates and assuming future

interest rates reduce to 5% over 20 years. If future interest rates were to differ by 1% from that assumed, without changing the
policyholder dividend scale, the liability would increase by $10,507,000 or decrease by $7,078,000.

Persistency
Lapse rates are based on Company's experience where credible experience is available. Industry experience is used where credible
Company experience is not available. A margin for adverse deviation is added by i or decreasing lapse rates; whichever
> is adverse, by 20%. If future lapse rates were to differ by 10% from that assumed, the liability would increase by $1,300,000 or
decrease by $1,229,000.
Expenses
Expenses are based on best estimates of Company experience. Expenses are increased 10% as a margin for adverse deviation.
Expenses are assumed to increase with inflation of 3% in 2006 decreasing to 2% in 2026 and later. If future expenses were to
differ by 10% from that assumed, the liability would increase by $2,655,000 or decrease by $2,613,000.
Ongoing Review
Actuarial assumptions are continuously reviewed based on emerging Company and industry experience and revised if
appropriate and material. ‘
Margins for Adverse Deviation Assumptions

‘The basic assumptions made in establishing policy liabilities are best estimates for a range of possible outcomes. To recognize the
uncertainty in establishing these best estimates, to allow for possible deterioration in experience and to provide greater comfort that
the reserves are adequate to pay future benefits, the appointed actuary is required to include a margin in each assumption.

‘The impact of these margins is to increase reserves and so decrease the income that would be recognized on inception of the
policy. The Canadian Institute of Actuaries prescribes a range of allowable margins. ‘The Company uses assumptions at the
conservative end of the range, taking into account the risk profiles of the business.

The movements in reserves for future policyholders’ benefits and other policyholder benefits, (ie. insurance liabilities) by line of
business are sumatized below:

(a) Short-term insurance contracts ,







2005 2004
$ cos
Liabilities at beginning of year 2,706,536 3,075,292
Usual change in Inforce Business ;
and New Business 1,426,016 _ (368,756)
Liabilities at end of year : 4,132,552 2,706,536
(b) Long-term insurance contracts with fixed and guaranteed terms:
2005 2003
$ \ $
Liabilities at beginning of year 32,093,154 29,672,408
Changes in Data, Methods and Assumptions 972,000 124,000
New Business (1,979,000) (2,870,000)
Usual change in Inforce Business 2,837,693 5,166,746
Liabilities at end of year oo 33,923,847 32,093,154
(c) Long-ierm insurance contracts without fixed and guaranteed tentis.os se.»
2005 2004 —
$ $
Liabilities at beginning of year 21,035,369 18,056,493
Changes in Data, Methods and Assumptions 913,000 - . -
New Business (334,000) 753,000
Usual change in Inforce Business. 4,752,214 2,225,876
Liabilities at end of year : 26,366,583 _ 21,035,369



fd)

ong. emM

insurance contracts with fixed avd guaranteed terms and with Discretionary Participation Features (DPF):

2005 2004
: . $ $
Liabilities at beginning of year 11,706,996 - 10,721,624
Changes in Data, Methods and Assumptions (305,000) -
New Business (935,000) 14,000
Usual change in Inforce Business 1,628,800 971,372
. Liabilities at end of year 12,095,796 11,706,996
JOTAL FOR ALL LINES OF BUSINESS
Liabilities at beginning of year - 67,542,055 61,525,817
Changes in Data, Methods and Assumptions 1,580,000 - 124,000
New Business (3,248,000) (2,103,000)
Lisual change in Inforce Business - 10,644,723 7,995,238
Liabilities at end of year 76,518,778 _ 67,542,055



THE TRIBUNE BUSINESS

a

“WH FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

a





e
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11, OTHER POLICYHOLDERS’ FUNDS 20, RELATED PARTY TRANSACTIONS
Other policyholders’ funds relate to unpaid benefits, premiums received in advance, uneamed premiums and ‘The following are related party transactions not disclosed elsewhere in the financial statements:
accumulated dividends. :

KEY MANAGEMENT PERSONNEL COMPENSATION:

12. BANK OVERDRAFT FACILITIES . 2005 2004
‘The Company has bank overdraft facilities of $750,000 (2004: $750,000). Amounts utilized under the facilities \ a) $
attract interest at Nassau prime plus 1.5%.

Salaries and other short-term employee benefits 1,558,071 1,531,759

13. SHARE CAPITAL Post-employment benefits 62,036 — 70,692

Redeemable Cumulative Share-based payments : 150,000
Non-voting Non- : 2005 2004 1,620,107___1,752,451__
participating Preferred Ordinary Shares Ordinary Shares
Shares at $1 each at $1 each at $1 each ‘The ponpany sponsors a plan as an on-going incentive system for its key employees. The plan holds shares of the parent
; company and these shares are awarded to the plan palais onan annual basis for services rendered in the previous year
Authorised: 500,000 2,000,000 2,000,000 or as special awards for a promotion or upon hiring at the executive level. The Company makes cash awards as the need



g : :. Z arises to the plan and the plan purchases the shares as needed on the open market at market value. The shares vest over a
Issued and fully paid $1,707,462 $1,707,462 period of years, depending on i type of award granted, e

Shares outstanding at In 2005, the total remunereation of the directors was $167,236 (2004: $174,500).



beginning and end of year : __1,707,462 1,707,462
21. POST RETIREMENT MEDICAL BENEFIT
‘The Company initiated a post-retirement medical plan on 1 January 1999 for employees who retire after that date.
: Cost sharing with participants varies with year of retirement and years of company service. The Company's
144. NET PREMIUM REVENUE AND DEPOSITS contributions will be provided, as premium payments are due, for retired participants.
NET PREMIUM REVENUE AND DEPOSITS ARE COMPRISED OF: a 2004
2005 2004 $ $
: $ ; $ Amount recognized in the balance sheet
Short-term insurance contracts 30,618,184 26,976,697 Present value of unfunded obligations — 164,463 139,114
Long-term insurance contracts with fixed Unrecognized past service cost (2,592) (4,927)
and guaranteed terms 14,244,114 13,492,011 ;
Long-term insurance contracts without Net liability in balance sheet 161,871 - 134,187
’ fixed and guaranteed terms 9,763,141 — 6,751,890 beh Sn sc ‘
Long-term insurance contracts with fixed Amount recognized in the statement of operations :
and guaranteed terms and with discretionary Current service cost 18,600 17,000
participation feature (DPF) "” 3.517,969 3,286,113 _‘Interest on obligation 11,648 9,846
Premium receivables 279,349 248,221 Amortisation of prior service costs for non-vested benefits__2,335 2,335
Change in unearned premium provisions (36,015) (2,757) Total expense recognized 32,583 29,181
Premium revenue arising from insurance - eer
contracts issued : 55.586 742 SUTSE AIS a 5 ee none eerie m heb ee
Drcanim coda dorshoretemn and lone: Net balance sheet liability at beginning of year. 134,187 108,971
6 Net expense recognized 32,583 29,181

term insurance contracts to reinsurers (3,236,822) (3,559,994) ae

. 965

55,149,920 47,192,181 Company contributions (4,899) GB 2 )
Net balance sheet liability at end of year 161,871 134,187

A discount rate of 7.5% for 2005 and 2004 is assumed,

15. POLICYHOLDERS’ BENEFITS

Policyholders’ benefits for the year ended 31 December 2005 by insurance contracts were as follows:



2005 ; 2004:
oss Reinsurance | e ross einsurance e
$ $ $ $ $
Short-term insurance contracts 15,625,559 (1,595,315) 14,030,244 14,375,003 (1,564,275) 12,810,728
Long-term insurance contracts with fixed
and guaranteed terms 5,584,596 . (239,346) 5,345,250 6,004,109 (252,971) 5,751,138
Long-term. insurance contracts without fixed :
and guaranteed terms : 3,011,261 (204,998) 2,806,263 2,971,347 - 2,971,347
Long-term insurance contracts with fixed i i . :
and guaranteed terms and with discretionary
participation feature (DPF) 2,191,121 . (143,214) 2,047,907 1,643,374 (64,746) 1,578,628
26,412,537 (2,182,873 24,229,664 _ 24,993,833 (1,881,992) 23,111,841
16. OPERATING LEASES 22. CONTINGENT LIABILITIES

‘The Company is a defendant in several legal actions arising in the normal course of its business affairs. Management

‘The Company leases certain office premises under non-cancellable operating leases. Future minimum Tental e 1 t now Manager
believes that the resolution of these matters will not have a material impact on the Company's financial position

commitments as of 31 Decemeber 2005 are as follows:

7005 © 200493, FAIR VALUE OF FINANCIAL INSTRUMENTS
$ $ Monga policy ia preferred shares and ee Covemmuentt fea are classified as oa and receivables and
are carried at cost, less any necessary provision for impairment in value. The carrying values of these assets represent
Up to 1 year 900,360 734,960 their fair value as the majority of these assets bear interest at variable rates. :
1 year to 5 years 1,803,095 2,158,080 _ Financial assets at fair value through profit or loss are carried at fair value.
2,703,455 2,893,040 —

‘The Company leases its corporate office building from its parent company and provided the financing to the parent 24. SUBSEQUENT EVENT
faba Parc eael ol a bald by way of a connec loan. The annual rental expenses under the Pursuant to a ruling by the Court of Appeal on 23 February 2006, the Com any is now required to establish policy
560 is equal to the annual mortgage payments received Irom the parent company. reserves of $1,794,000 in respect of certain lapsed policies that were included with the purchase of Star Insurance
Company Limited. The Company is also seeking retum of $1,794,000 that was paid during the year in escrow for
17. TAXATION the account of the former principals of Star Insurance Company Limited. The result of this ruling does not havea
' material effect on the Company's financial position and results of operations as of and for the year ended 31

‘There are no corporate, income or capital gains taxes levied in The Bahamas and the Company, therefore, pays no December 2005.

taxes on its net income. However, taxes based on an income, levied at 3%, for the year ended 31 December

2005 amounted to $1,556,087 (2004: $1,390,469). 25. CORRESPONDING FIGURES

‘The corresponding figures for accrued interest receivable on mortgages, policy loans, prefered shares and
18. PENSION PLAN ; Goverment bonds, realized loss on investments in.equities have ade ied to conform with the presentation
‘The Company has a defined contribution plan (the ‘Plan") for eligible agents and employees. The employees adopted for the current year. :
contribute 5% of gross salary and commissions, and the Company contributes 3.5% of eligible earings. ,
‘The Company's pension costs net of forfeitures in respect to the Plan for the year ended 31 December 2005 amounted
to $450,582 (2004: $274,075) and is included in operating expenses in the statement of operations.

19. COMMITMENTS
Outstanding commitments to extend cedit under morgage loan agreements amounted to approximately
$2,150,056 as of 31 December 2005 (2004: $2,720,508). :

‘The Company has entered into a contract to purchase.a building for $3,000,000 and has paid a deposit of $300,000
prior to the balance sheet date. Purchase of the building has not yet been finalized and the deposit paid of $300,000
is induded in receivables and other assets in the balance sheet.

.
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THE TRIBUNE BUSINESS _ | TUESDAY, AUGUST 9, 2006, PAGE 9B»



WEDNESDAY EVENING . AUGUST 9, 2006










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PAGE 10B, WEDNESDAY, AUGUST 9, 2006

SPORTS

TRIBUNE SPORTS -

Hees



Challenge for
U-17 Boys
soccer team

lm SOCCER
By KELSIE JOHNSON

Junior Sports Reporter

THE Bahamas U-17 Boys
national soccer team are about
to face their biggest challenge
ever — having to finish in the
top spots at the Caribbean
Youth Cup.

The Caribbean Youth Cup
serves as the regional qualifying
tournament for the Confedera-
tion of North, Central Ameri-
can and Caribbean Association
Football (CONCACAF) and
the only means of advancing to
the finals forthe FIFA U-17
boys world qualification tour-
nament.

The event is being played in
Trinidad and Tobago and will
kick-off on August 15th-19th.

Although the Bahamas team
has been training for some
months now, they will need to
lace-up their boots because
only the top two teams will
move onto the second round of
qualification tournament. ¢

The tournament will play
host to all the teams from
around the Caribbean. Only the
top teams from the Caribbean
will advance to the CONCA-
CAF finals, which will host
eight teams from around.North
and Central America.

This is known as the final
phase of qualification for coun-
tries in this zone.

The Bahamas has three
games on schedule, their first
against Dominica at 11.00am
on Tuesday morning. The top
ranked teams are Jamaica and
Cuba — both teams the
Bahamas will have to play on
their final days of competition.

Having played a series of

matches prior to their depar-

ture, which allowed the coach-
ing staff to evaluate the
strengths and weaknesses of the
team, it was concluded that the
team is ready and that their
final practice gave them an
opportunity to work out their
kinks. ,
The CONCACAF tourna-
ment is held every two years.
Bahamas’ schedule
Tuesday, August 15
Dominica at 11:00 am
Thursday, August 17
Jamaica at 4:00 pm
Saturday, August 19
Cuba at 2:00 pm

Basketball.
team aims for
top three finish

wa BASKETBALL
By KELSIE JOHNSON
‘ Junior Sports Reporter



THE 12-members that
survived the final cut by the
Bahamas Basketball Federa-
tion (BBF) will have their
hands full at the FIBA
Americas U20 Champi-
onships for Women.

Although the team is
ranked in the top six in the
FIBA Americas region, they
will still have to battle teams
that have high world ranking
status.

The FIBA Americas U20
Championships underway
yesterday in Mexico City,
Mexico. The championship
games are scheduled for
August 12th.

Team Bahamas will face-
off with Brazil, Canada,
Mexico, Puerto Rico and
USA, hoping to finish the
qualifying tournament in at
least third place.

Only the top three teams
from the U20 championships
will advance onto the Under
21 FIBA World Champi-
onships for Women. These
championships are expected
to be played in 2007.

Jamaica and Costa Rica
were supposed to partici-
pate, but, due to financial
restraints, they will not be
taking part and the Bahamas
is now the only country to
represent the Caribbean.

Due to absentees, the
tournament format of play
has changed to a round
robin instead of pool play.

After arriving in Mexico
City on Sunday morning,
team Bahamas got ina
scheduled practice on Mon-
day in preparation for their
tournament opener.

The team tipped things off
against the host country,
Mexico, at 7pm yesterday
evening. Their second game
will be played against Brazil
at Spm today.

The team, which is being
coached by Felix ‘Fly’ Mus-
grove, has been working
out for more than four
months.

Final results from yester-
clay’s match were not avail-
eble up until press time and
will be posted in Thursday’s
odition,

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New York softball tournament.
offers ‘excellent opportunity’

@ SOFTBALL
By RENALDO
DORSETT —

Sports Reporter

SOFTBALL authorities
in the Bahamas are
increasing their activity in
youth development in an
effort to sharpen skills and

. give players possible schol-

arship opportunities.

The New Providence
Softball Association will be
fielding a ladies’ under 19
team in the 5 Boroughs
Invitational Tournament in
Staten Island, New York.

The tournament, which
will be contested August
10th-14th, will feature

some of the best teams:

amongst New York’s five
boroughs and the sur-
rounding states.

The tournament is being
co-ordinated in part by K

‘Ro Sports Inc, in conjunc-

tion with the Sports
Department of the New
York City Boroughs.

Opportunity

NPSA President Stephen
Coakley said the tourna-
ment provides an excellent
opportunity for players to
hone their skills against
new. competition, which
will ultimately aid the
country’s softball develop-
ment.

“We have seen fit to give
them further exposure to
international competition
and we hope that playing
against a higher level of
competition can improve
their development and
make them better overall
softball players,” he said,
“It helps the progress of
our youth development
programs, particularly with

_our ladies,”

Coakley said the primary
focus of the tournament is
to expose the players to
other coaches and players
in an effort to receive
scholarship opportunities
and use softball as a
vehicle for further educa-
tion.

“In addition to the assis-
tance with their skill level,
this exposure gives the
players and coaches an
opportunity to interact
with and experience the
game with a variety of oth-
er players and can help
towards the main goal,
which is to gain some
scholarships for some of

the team members,” he
said, “We’re taking steps
towards our goal and doing
what has to be done. It is
the first time in a long time
that the association has
taken on the task to get
more serious about youth
development.”

He said the association
has high hopes for this par-
ticular team of young
ladies.

“They’re young, time is
on their side and they have
a lot of room for develop-
ment,” he said, “So I think
this group has the poten-

tial to become the real
future of ladies national
softball teams in the coun-
try.”

Coakley said the associa-
tion seeks to combine
sports and education
through this tournament
and similar ventures as a
part of the youth develop-
ment program.

“The NPSA’s aim is to
further the education of
our young players and our
goal, through the sport of
softball, to obtain scholar-
ships for as many young
players as possible,” he

@ FROM LEFT: Ketra Flowers, Krystal Delancy and Shervette Taylor

@ 19 AND UNDER
GIRLS ROSTER:
Shaundra Curtis
Divonya Robinson
Antonia Simmons
Ruthann Simms
Ebony Delancy

Krystal Delancy
Michelle Thompson
Shervette Taylor
Kethra Flowers
Krishanda Lewis
Jamie Cleare

Thela Johnson

said, “To achieve that we
wish to expose them to
international competition



Kenise Symonette
Randell Cooper
Giovana Peterson

MANAGER:

Stephen Beneby

COACHES: Anthony
Bullard, Vernie Curry
CHAPERONE: Conjette
Green

BUSINESS MANAGER: Sid-
ney Fernander

CHEF DE’ MISSION:

Bobby “Baylor” Fernander



to assist in sharpening their
knowledge of the game of
softball.”





.
Copyrighted Materials ©

1p. Syndicated Content
Available from Commercial News Brovidere”

3 for test series victory

inert *





WEDNESDAY, AUGUST 9, 2006

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com



MIAMI HERALD SPORTS









mW VOLLEYBALL
By BRENT STUBBS
Senior Sports
Reporter

WITH just 11 days left
before the Caribbean Vol-
leyball Championships are
hosted at the Kendal Isaacs
Gymnasium, the Bahamas
Volleyball Federation is



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ih

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j | |
1 \ i '
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Bahamas’ sides to be officially announced today



putting the final touches to
the men and women’s
national teams.

Today at 6.30pm, the
teams will officially be pre-
sented to the public.

In preparation for the
tournament, the two teams

-are scheduled to travel this

weekend to play in a series
of exhibition games. With
last year’s runners-up

Jamaica not expected to
come here for the tourna-
ment, the federation is
planning on traveling there
for the exhibition games.
However, the. exact loca-

|

- tion has not been disclosed.

But Raymond ‘Grimes’
Wilson, who serves as the
trainer for the women’s
team, said he’s confident
that the selection of the

final 12 players will make
the Bahamas very proud
when the tournament is
played from August 20-26
at the KIG.

“The team looks solid,”
said Wilson, who will work





with women’s head coach ::.-
Joseph ‘Joe Mo’ Smith and -—-—
Jason Saunders. “This is
probably one of the best
teams that I’ve had the
privilege of training.” Hats

Wilson, who has put the «.-.-.
women through a.vigorous
training programme for the

' past few months, said he’s
even predicting gold,
although Barbados is
expected to be here at full
strength to defend their
titles. -

“T’m looking for the
gold,” he charged..“Even ——_-
though I only worked with nave
the women, I think the .
men’s team is also pretty

’ good, so they should do
okay.

“Right now you have ail
the elements coming

_together with regards to
the men. So we are look-
ing at both of our teams
representing us very well.”

Joey Demeritte, the head
coach of the men’s team,
-was not available for com- -
ments.

e But here’s a look at the
players who survived the
final cut and will represent
the Bahamas during the
tournament:

Women’s team - Kelsie -,
Johnson, Krystel Rolle, |
‘Cheryse Rolle, Jackie
Conyers, Anastacia Moul-
trie, Tamasina Poitier,
Laval Sands, Davia Moss,
Katrina Johnson, Tia Wil-
son, Keva Lightbourne and
Kissie Gray.

Men’s team - Renaldo
Knowles, Audril Farquhar-
son, Prince Wilson, Rom-
mel Lightbourne, John
Rolle, Byron Ferguson,
Muller Petit, Tony Simon,
Hector Rolle, Eric John-
son, Arison Wilson and
Glen Rolle.

e Countries confirmed so
far to compete are:

Men - Guadeloupe, US
Virgin Islands, Barbados,
Trinidad & Tobago, Haiti,
Netherlands Antilles and
the Bahamas.

Women - US Virgin
Islands, Barbados, Trinidad
& Tobago, Haiti, Domini-
can and the Bahamas.

tkins has a night to aioe



i NEW national record holder Derrick Atkins (middle) between former
co-national record holders Rudy Levarity (left) and Rendward Wells
(right). Atkins broke their national record of 10.18 seconds by running
10.14 in July. He came back at the XX Central American and Caribbean
' Games and lowered the mark to 10.08.

@ RIGHT: Minister of Youth, Sports
and Housing Neville Wisdom (left) congratulates new
national 100 metre record holder Derrick Atkins

BPs | ce (Photos: Stanley Mitchell)

100m record holder
Derrick is honoured

IT WAS a night to remember for national 100 metre record holder Derrick
Atkins,

On Friday at the Colony Club, he was saluted for his silver medal performance
in the 100m at the XX Central American and Caribbean Games in Cartagena,
Colombia where he lowered the national record for the second time this year.

In July, Atkins broke the 25-year-old mark of 10.18 seconds, that was first
established by Rudy Levarity and then tied by Rendward Wells, before he
clocked 10.14 at the North American, Central American and Caribbean Under-
23 Championships in Santo Domingo, the Dominican Republic.

At the CAC Games, Atkins ran 10.08 to lower the mark for the second
time during the semifinal of the 100. He came back in the final and ran 10.13 for
the silver.

Harrison Petty, the proprietor of the Colony Club, hosted the reception in
honour of Atkins. Among those in attendance was Minister of Youth, Sports and
Housing Neville Wisdom.

Also present were Levarity and Wells, who all congratulated Atkins on his
achievement.

Other persons present were former L[AAF Council Member Alpheus ‘Hawk’
Finlayson, Dr. Larry Davis, secretary of the Bahamas Olympic Association;
Andrae Williams, former national 400 champion; Dr. Jon Bartlett, physical train-
er and coaches Keith Parker and Rupert Gardiner.

Bahamas Association of Athletic Association president Mike Sands served
as the Master of Ceremonies.

Atkins is a former NAJA indoor and outdoor 100/200 champion at Dickin-
son State. He’s now preparing to launch his full-time athletic professional
career.



England celebrates

| test series victory
e SEE INSIDE















Full Text


y







TSTORM

Volume: 102 No.214



“Pm lovin’ it. |

91F |
79F |

SUN, CLOUDS, |



| The Tribune





Out-Island
Doctor

aren aac

The Miami Herald

BAHAMAS EDITION

WEDNESDAY, AUGUST 9, 2006 —

SUAS







Media gag’ prat

_.. Civic group president,

_ party leader speak out.



@ By ROYANNE
FORBES -DARVILLE
Tribune Staff Reporter

THE president of a well-
known civic group and the
leader of a political party are
threatening to launch a major
protest against government for
what they say is an attempt to
gag the media. »

The renewal of Tribune man-
aging editor John Marquis’

_ work permit has been deferred

by government pending an
investigation into the newspa-
per’s training programme — with
specific reference to the mea-
sures being taken to groom a
Bahamian managing editor to
replace him.

Many believe the move was a
response to Mr Marquis’ criti-

cism of government and consti-
tutes an effort to silence the

_ media and take the country

backwards.

“We are prepared to do
everything in our power to assist
Mr Marquis in his attempt to
continue on with the work that
he has been doing over the
years — even if it means launch-
ing a public protest,” said
Clever Duncombe, president of
Bahamian Fathers for Children
Everywhere.

Mr Duncombe, who said he
would be willing to conduct
such a protest anywhere — even
outside the home of Prime Min-
ister Perry Christie - said The
Tribune is “the only paper in
the country that has been fair

SEE page ll .

FNM shirt woman

awarded $56,000

A WOMAN who claimed shé was unfairly dismissed by an Aba-
co ferry owner for wearing an FNM golf shirt on election day in
2002 has been awarded nearly $56,000 by the Industrial Tribunal.

Basic damages for unfair dismissal amounted to $20,520, but
the balance was made up of salary owed, vacation pay, overtime pay
and compensation. Overtime alone accounted for $24,933.

The Tribunal found in favour of Donna Burrows after she took
action against Albury’s Ferry, owned by Mr Ralph Albury.

Former prime minister Mr Hubert Ingraham appeared for Ms
Burrows with Mr Milton Evans representing Albury’s Ferry, the

respondent.

The action centred on general election day, 2002, when Ms Bur-
rows was accused by Mr Albury of wearing a golf shirt bearing an
FNM logo in defiance of company policy. She said she was fired,
while Mr Albury argued that she had failed to return to work

SEE page 11

e

easy knowing
ellent insurance

: ge no matter which
ay the wind blows.

E MANAGEMENT

LIMITED. INSURANCE BROKERS & AGENTS

ni

Eleuthera jf Exuta
Td) 2-62 Tt 6-20



Between a truck

@ THIS car becomes
wedged under a trailer
truck yesterday.

(Photo: Onan
Bridgewater/
Tribune staff)

By KARAN MINNIS
Tribune Staff :
Reporter



HEAVY duty vehicles
are again being urged to
make their runs at night




car collided in front of
Government House yes-
terday.

In what Road Traffic
Controller Jack Thompson
described as a “not uncom-
mon Situation,” a large
trailer-truck crashed into a
dark, left-hand drive Hon-
da Civic near Government
House on Baillou Hill
Road.

“These persons will have
to learn that the later they
drive these trucks the bet-
ter for them,” Mr Thomp-
son said in response to the
incident.

While the police have
not yet determined blame
















son said such incidents are
the consequence of large
delivery vehicles using the
roads during the same
hours as the majority o
motorists. ;
The driver of the Hon-
da Civic, a woman, was not
hurt in the accident.
However, police officials
could not give The Tribune
any information about the

SEE page 11














after a trailer truck and a



@ By KARIN HERIG
Tribune Staff Reporter

dies after shooting

re













patched to Fiddlers Green Road, near Baloa

Road.

Upon their arrival they met a young man who



A 29-YEAR-OLD man became Grand
Bahama’s sixth murder victim for the year when
he was shot in an altercation with two men.

Jermaine Roberto Toote of Alice Town, Bimi-
ni, was found dead near a private residence in the
Fiddlers Green Road area.

According to police-reports, officers at the |

Lucaya police station received a report of a shoot-
ing at lpm yesterday. Responding to the call,
officers from the mobile patrol unit were dis-

reported that he had just arrived home with a
male relative - Mr Toote — when they were
approached by two men, one armed with a hand-
gun.
Mr Toote’s relative said that the armed man
_suddenly opened fire on them before fleeing in
the opposite direction to the man with whom he

SEE page 11 |

in the incident, Mr Thomp-:

Prison officers ‘yet to receive
all of promised protective gear’

@ By KARIN HERIG
Tribune Staff Reporter

MORE than seven months
after Corporal Dion Bowles was
killed during the escape of four
prison inmates, the officers at
Her Majesty’s Prison still have
not received all the protective
gear promised them by govern-
ment officials.

This claim was made yester-
day by the Bahamas Prison
Officer’s Association (BPOA),
who said that a culture of disre-
spect and stagnation permeates

the country’s prison system.

In a letter to The Tribune’s
editor, Corporal Clive Rolle,
president of the BPOA, said
that although Superintendent
of Prisons Dr Elliston Rahming
supplied the prison with some
vests, “they had to be shared
around, so this made them inef-
fective.” ;

Corporal Rolle said that the
Association has asked Deputy
Prime Minister and Minister of
National Security Cynthia Pratt
to assist the prison in obtaining
more vests and equipment so

that officers can feel protected
as they risk their lives daily in
the name of duty.

“Her response was she would
take it to her colleagues. To this
day there was no answer, and
our officers’ lives are still at
risk,” he said.

Addressing further deficien-
cies in the prison system, Cor-
poral Rolle said that govern-
ment has failed to pay officers
back pay which has been due

SEE page 11


PAGE 2, WEDNESDAY, AUGUST 9, 2006

LOCAL NEWS

THE TRIBUNE



Bones of murder victim ‘had
been chewed by an animal’

@ By NATARIO McKENZIE

- A FORENSIC pathologist
who testified yesterday at the
Cordell Farrington murder tri-

al said that the victim, 22-year-

old Jamaal Robbins, died as a
result of severe blunt force
trauma to the head.

Dr Govinda Raju told the
court that he travelled to
Freeport on October 27, 2003
and that while at the Rand
Memorial Hospital on that day
and the next, he examined the
skeletal remains of Jamaal
Robbins.

He said among the remains
were three pieces of a skull,
and that the ends of all of the
bones appeared to have been
eaten by an animal.

While the doctor was holding
the skull of the deceased and
pointing out the various
depressed fractures, Christine
. Scott, the mother of Jamaal
Robbins, began to WEED and
left the court.

Dr Raju told the court that
based on his experience and
knowledge of human anatomy,
he initially determined that the
victim was a male between the
ages of 21 and 24.

He pointed out that that the
trauma to the head of the vic-
tim was caused by a blunt
object — possibly an iron bar, a
heavy piece of wood or a ham-
mer.

Dr Raju said the victim
received three main blows to

@ By KARIN HERIG
Tribune Staff Reporter

AN unusual sight could greet
you on the streets of New Prov-

idence this week — as two _
Hasidic Rabbis sporting full”



beards, black suits and hats tour
the Bahamian capital on'a'mis-
- sion to spread the positive mes-

*.* sage of Judaism.

The two young New York-
ers, Yosef Zaklos, 25, and
Mendy Lasker, 24, are visiting
Nassau as “ambassadors” of

Judaism.

* In an interview at’The Tri-
bune’s offices, the student rab-
bis explained that they are part
of the Chabad Lubavitch organ-
isation, a Jewish order known
often referred to as the ~Lubav-
itch Peace Corps.” ,

The organisation, founded
in the 1940s by the late Rabbi
Menachen Schneerson, seeks
to reach out and bring
Judaism to all the far flung
Jewish communities around
the world.

“We have 4,000 Rabbis

worldwide, we work from Viet- ,

nam to Alaska and everywhere



the head.

Detective sergeant Michelet
Merinard, who was recalled to
the witness stand yesterday,
told the court that on Sunday
October 26, 2003 while at the
Central Detective Unit in
Freeport, he saw Patricia Scott
and Edward Robbins and
instructed them to go to the
Rand Memorial Hospital.

Sergeant Merinard noted
that he had been the lead inves-
tigator into the death of Jamaal
Robbins.

_He told the court that on
Tuesday, October 28, as result
of an investigation, he along
with a number of officers left
CDU via bus shortly after 9am
along with the accused.

Sergeant Merinard told the
court that the accused direct-
ed them to an area off the
Grand Bahama Highway, hav-
ing told them that he would
direct them to where he dis-
posed of Jamaal Robbins’
body.

He said police were directed
to an area where the accused
said that he had left a fallen
tree stump as a marker indicat-
ing where he an Oterrio Floyd
dumped the body.

The detective said that he
saw four pieces of bone and
articles of clothing which he
instructed other officers to.
secure and photograph.

Sergeant Merinard testified
the accused later directed them
to Queens Cove, where he said

in between. Some Jewish com-
munities don’t even have a Rab-
bi, or they just have very small
contingencies,” Rabbi Zaklos
said.

Before arriving in Nassau, the
two student Rabbis. ‘Visited

. Bermuda,-the Turks.and Caicos.



and Freéport.

“We found about 20 J ews in
Turks and Caicos, it was really
amazing. In Freeport we came
into contact with about 15 to 20
Jews,” he said.

Support

The two men explained that
they are on vacation from their
studies and have volunteered
to travel to different countries
to offer the respective Jewish

communities spiritual sippert,

and guidance.
“Our main goal is to care for
all the Jewish people, but we

have no set plan. Whatever is .

needed we will do. If people
want a Talmud reading, we’ll

_ do that, if people want a kosher

meal, then we’ll cook one.
Whatever it takes to enhance

EU Bus & Truck Co., Ltd.
MONTROSE AVE.
_ PHONE: 322-1722 « FAX: 326-7452





Mother leaves court in tears as
pathologist describes injuries



B@ CORDELL Farrington

that he had disposed of the
mattress that Jamaal had been
sleeping on.

The officer told the court
that sometime later, he went to
the morgue at the Rand Memo-
rial Hospital where he saw Dr
Raju and gave him a box con-
taining bones of Jamaal Rob-
bins which he found at 11 Poin-
clana in Freeport.

The officer told the court
that he went to 64 Hudson
Street, Grand Bahama where
he saw a gray 1992 Hyundai
Scoot registered to Suzette Fer-
guson.

Sergeant Merinard said he
gave instructions to have the
vehicle towed to Police Head
Quarters in Freeport and that
he later took the suspect to the
compound, where he showed
him the vehicle,

He said Farrington identified
it as the car he used to dispose
of Jamaal Robbins’ body.

George Duncan, a supervi-
sor at the DNA unit of the
Broward County Sheriff's
office, told the court that on
March 22, 2004 he received a
box containing an item of evi-
dence.

He said that after making
sure that the package was
secure and having already con-
tacted the BODE technology
group concerning the package,

he shipped it via federal’

express.
Mr Duncan told the court

that he never opened the pack-

age and did not handle that
particular piece of evidence

because the lab where he
worked did not and still does
not do that type of analysis.

He explained that it was the
decision of Bahamian authori-
ties to send the package to
BODE.

John Berkley, a forensic ana-
lyst at Fairfax Identity Labs in
Richmond Virginia, told the
court that he canducted a DNA
analysis of two third molars
which he had received.

He explained that the teeth
were firstly ground into a fine
dust and then put into a genet-
ic analyser.

Mr Berkley told the court
that he obtained a DNA profile
which he. analysed before hand-
ing it to his colleague Shelly
Johnson.

' He said a gender analysis
proved the individual to whom
the teeth belonged was a man.

Michelle Johnson, who also

‘gave evidence last Thursday,

told the: court yesterday that
based on theyDNA taken from
the teeth, she could not exclude
Christine Scott'and Edward
Robbins as the biological par-
ents of the person they
belonged to.



‘MENDY Lasker and Yosef Zaklos

their religious experience. We
are also there for non-Jewish
people who simply want to ask
us questions, ” Rabbi Zaklos
said...

Emphasising that they wish

to remain above political.
issues, Rabbi Lasker said that

their mission is about “spread-
ing the warmth like Rabbi
Schneerson taught.”

Rabbi Zaklos added that
their interest is “not only in
Jews, but in humanity at

large.”

“To do goodness and kind-
ness. The world is like a garden
and everyone should act like

they need to.

“Those who are Jewish
should act Jewish, those that

are of another religion should |

act according to their religion.
We are not looking to convert
people,” he said.

As opposed to the majority
of Hasidic Jews who tradition-
ally lead very isolated lives, the

r: Pastor Elakim B TEUsON

He ls ‘surviverl ‘By Curline Peterson,
3 Chikiren (Natasha, Laselle & Claudette)
_ § Stepchiliiren (Stephanie, Clee, Margo,
Andymae. & Garth) 8 Grandchildren



two Rabbis said they have
enjoyed visiting countries
throughout the world, includ-
ing Indonesia, Africa, Eastern
Europe, South America and
many countries in the
Caribbean.

Rabbi Zaklos and Rabbi
Lasker are encouraging all
Jews living in the Bahamas, or
those simply interested in
learning more about Judaism,
to e-mail them at chabadnas-
sau@gmail.com.



Hurricane
warning is
issued to

fishermen

THE National Emergency
Management Agency has issued
a warning to fishermen and
farmers to be prepared as the
height of hurricane season
approaches.

Lieutenant Commander Her-
bert Bain, logistics officer at
NEMA, told fishermen that in
the rush caused the opening of
the lucrative crawfish season on
August 1, they must not forget
take the necessary precautions
to secure themselves and their
vessels at all times. ,

He advised farmers to pro-
tect livestock and pets from
rains associated with tropical
storm systems.

NEMA interim.director Carl
Smith said his officers have car-
ried out several initiatives
including a conference for Fam-
ily Island administrators and
other elected officials, during
which they were informed
about disaster preparedness and
response planning.

He said that community
emergency response team train-
ing was also carried out in New
Providence and Grand Bahama,
as were shelter management
courses, lessons in initial dam-
age assessment, damage and
needs assessment analysis and
in other related skills.

italian
businessman
kidnapped
in Haiti
i HAITI
Port-au-Prince
GUNMEN in Haiti have
killed an Italian businessman

and kidnapped his wife, the lat-
est victims of wave of violence

_in the impoverished Caribbean

nation, accordig to Associated
Press. :
A group of armed men
entered the couple’s ville Mon-
day in the capital, Port-au-
Prince, shooting 67-year-old
Guido Vitiello and leaving him
tied to a chair before abduct-
ing his wife Gigliola Martino,
the Italian Foreign Ministry said
Tuesday. Vitiello later died of
his wounds in a hospital.
Investigators believe Marti-
no, 65, was kidnapped for ran-
som and the Italian ambassador
in the neighboring Dominican
Republic, Enrico Guicciardi,
has been dispatched to Port-au-
Prince to assist the family and

keep contacts with local author- _

ities, the ministry said.
Martino was briefly kid-
napped last year and released
unharmed. She has been living
in Haiti for about 30 years with
her husband and two children.
“Our family is going through
a lot of agony and grief. This is
our country, we were born here
and we are not moving any-
where else once this situation
is resolved,” added Capuccio,
who was gathered with other
relatives at the couple’s villa.
Haiti experienced relative
calm after President Rene
Preval’s February election.
Since May, however, dozens of
foreigners and Haitians have
been kidnapped and gang fight-
ing has forced hundreds to flee
their homes in the capital.



yee
THE TRIBUNE

In brief

NEMA ‘is
“prepared
for storm
season’

THE National Emergency
Management Agency is pre-
pared for the 2006 Atlantic
hurricane season according

_. to NEMA interim director
* Carl Smith.

Residents in the southeast
Bahamas were cautioned to
remain alert even though
Tropical Storm Chris, the
third named storm of the sea-
son, was downgraded to a
tropical depression charac-
terised by heavy rain.

“We at NEMA are satis-
fied that we’ve done our
work in terms of preparing
as an agency,” said Mr Smith
at a briefing on Thursday.

He also urged the public
to be prepared.

“You have to continue to
take the necessary action in
terms of securing your build-
ing, emergency supplies of
water and food and the like.

- You can expect as we are
approaching the height of the
very active portion of the Hur-
ricane Season (mid-August to
September) that the tropical
storms would occur rather fre-

- quent,” he said.

UN to step
--up security
in assault
on gangs

B HAITI
Port-au-Prince



THE United Nations will
step up security in Haiti in
an effort to crack down on
gangs that are “kidnapping
and terrorizing ordinary peo-

ple,” the UN chief in the
Caribbean nation said Mon-
day, according to Associated
Press.

Kofi Annan has called for
’ strengthening Haiti’s nation-
al police force with better-
qualified personnel, expert
security advisers and equip-
ment to stem an upsurge in
abductions and lawlessness.
The Security Council
should review Annan’s
request within a week. Once
‘approved, the UN will begin
securing the capital to help
the r.cvernment and human-
- itar‘..n groups do their work,

.°.14782.d Larry Rossin, the UN’s



"+7 acting leader in Haiti.

Haiti experienced relative
calm after President Rene
_ Preval’s February election
“victory. Since May, however,
-‘dozens of ‘foreigners and
Haitians have been kid-
napped and gang fighting has
forced hundreds of people to
flee their homes in the capi-
tal, Port-au-Prince.

“We. are looking forward
to getting this under control,”
Rossin said.

An 8,800-strong force of
UN troops and international
police provides the only real
security in a country plagued
with well-armed gangs.

EERIE

WEDNESDAY,
AUGUST 9TH

6:30am Community Page 1540AM
8:00 Bahamas @ Sunrise

9:00 Underdog

9:30 Tennessee Tuxedo & his tale











10:00 . Da’ Down Home Show
11:00 Immediate Response

noon ZNS News Update

12:05 Immediate Response (cont'd)



1:00 Island Lifestyles

1:30 N-Contrast

2:00 Bullwinkle & and His Friends
f 2:30 The Fun Farm

3:00 Morning Joy

3:30 Ecclesia Gospel
4:00 Dennis The Menace
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4:58 ZNS News Update
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5:30 Andiamo

6:00 A Special Report
6:30 News Night 13

7:00 Bahamas Tonight
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8:30 Caribbean Passport
9:00 BTC Connection
9:30 Behind The Headlines






















10:00 Caribbean Newsline
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11:00 The Bahamas Tonight
11:30 Immediate Response



1:30am Community Page 1540AM

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: PHONE: 322-2157



UN Secretary-General : i



@ By KARAN MINNIS.
Tribune Staff Reporter

A SENIOR police officer
admitted that better communi-
cation might have prevented the
shooting of one police officer
by another in Grand Bahama
over the weekend.

Admitting that no walkie-
talkies or other types of elec-
tronic communication were
used in the operation that led
to the shooting, Assistant
Commissioner Reginald Fer-
guson added that on the other
hand, such devices might have
made the situation even
worse.

“Better communication may
have helped, however in this
unique situation, walkie-talkies
may have caused more prob-
lems than helped,” he said.

“T believe that walkie-talkies
could be of assistance in such
situations, however if you have
an appreciation for what was
going on, you would be able to
see that it could have also been
a problem.

On Monday an official inves-

LOCAL NEWS

Shooting of police

officer ‘could have

been prevented by
communication’

tigation was launched into the
incident.

It was reported that around
5.10am. Grand Bahama police
responded to reports of a dis-
pute involving two women in
front of Club Amnesia on East
Mall Drive.

While dealing with the dis-
pute, the plain-clothes officers,
attached to the CDU in Grand
Bahama, heard gunshots being
fired in the parking lot where a
large crowd had assembled.

Pursuit

According to reports, the two
officers then observed a man
running towards the Royal
Islander Hotel with a gun in his
hand. One of the officers pursed
the suspect on foot.

Meanwhile Sherico Far-
quharson, an officer from the
New Providence district, who
was on the island assisting with
duties at the Junkanoo parade,
came onto the scene and mis-
took the CDU officer who was
running with his service weapon



drawn for a suspect — and
opened fire on him.

Another Grand Bahama
CDU officer reportedly saw Far-
quharson, who was also in plain
clothes, firing on his partner. Not
recognising him as a fellow offi-
cer, he began shooting, hitting
Farquharson i in his side.

“The officers were simply
responding to the situation. They
are trained to operate in such a
way, and that is what happened.

“Other than the radioing or
communication of the incident,

I cannot say that other types of —

communication was used — oth-
er than shouting.

“The officers entered a situa-
tion that involved gunfire and
they responded to it, that’s what
happened. In a situation such
as that, there really isn’t much
time for formal communica-
tion,” he said.

The injured officer was
rushed to the Rand Memorial
Hospital where he was listed in
stable condition.

The Grand Bahama CDU
officer was not injured during
the incident.

deeeeeeceececeecesseceeessgescncuscecescaseecscesenauaoeses, peecee

Woman hurt in collision



ag A FEMALE m motorist was taken to the hospital after two cars polluted on Baillou Hill Road

yesterday afternoon



DOZENS of patients need-
ing medication were made to
wait for hours yesterday —
reportedly because a group of
Princess Margaret Hospital
workers called in sick.

A member of the hospital
staff, who wished to remain
anonymous, confirmed that the
hospital pharmacy had to
remain closed for two hours —
and afterwards could only serve
customers in small groups —
because the majority of staff
members in that section had
called in sick.

However, when customers
asked for an explanation, a Tri-

: bune reporter overheard a staff

member say the delay was “no
concern of the public”.

According to the sign outside
the pharmacy, staff should be
on hand from 8am every day to
attend to customers.

However at 9am yesterday,
an angry patient contracted The
Tribune to say that the facility
still was not open, and that a
large crowd of customers had
gathered.

“Many of them are old peo-
ple, who really need their med-
ication,” he said.



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.

Share your news

The Tribune wants to hear

(Ehato: Onan Bridgewater Tribune staff)

Patients forced to wait
for medication ‘due to
hospital staff sick-out’

When The Tribune arrived
on the scene, at 9.30am, the line
of customers spilled out of the
building.

Those who were not able to
find standing room sat wherev-
er they could and waited for the
pharmacy to open.

Frustrated customers began
to ask about the reason for the
delay, but were pee no
answers.

An elderly woman came to
the window and asked if she
could please be served because
she has an appointment with a
doctor.

The patient claimed she was
treated impolitely and told that
if she goes, she will lose her
place in line.

“Only because of my age I
walked away peacefully,” she
said.

Another customer said he
and the others were being
refused their rights as tax pay-
ers, as the hospital is a public
facility.

When after two hours, the
pharmacy did finally begin serve
customers, it was announced
that only 57 order tickets could
be given out at a time.












»

The Tribune was assured by
the pharmacy’s staff that the
incident will not. be repeated
today as they will be fully
staffed.

A hospital administrator said
that management was not in a
position to discuss the matter
yesterday afternoon, but would
be happy to release relevant
information to the press some-
time today.

“~~ Tal
Bencliee

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PAGE 4, WEDNESDAY, AUGUST 9, 2006

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-.

Published Daily Monday to Saturday

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

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

Equal pay for equal work

ON A RECENT tour of Kerzner Interna-
‘tional’s Phase III at Altantis, Paradise Island,
Opposition Leader Hubert Ingraham compli-
mented the Kerzners on the number of Bahami-
ans being trained on the job site.

He expressed confidence in the Kerzners’
ability to train Bahamians, thus reducing the
need of the expertise of foreign labour.

He pointed out that in addition to Kerzner
International offering its employees good

incomes, the company has also been successful:

in training Bahamian workers to eventually
take over positions now held by foreigners.

Mr Ingraham pointed out that Kerzner Inter-
national has a 75 per cent Bahamian staff. He
recalled that when government built a hotel 20
years ago, Indian construction workers had to be
brought in, and when the new terminal at the
airport was built, Mexican labour was recruited.

Today Mr Ingraham was confident that the
Bahamas had sufficient skilled workers to con-
struct not only Atlantis’ Phase III, but any oth-
er phases that might follow.

But as usual, despite this tremendous
progress, there is always someone who is not sat-
isfied. .

During the tour, one of the construction

. workers brought it to Mr Ingraham’s attention
that on the Kerzner job site Bahamians earn far
less than foreigners with the same skills.

Although Mr Ingraham promised to look
into the complaint, he observed that the man
complaining seemed to be “doing. very well”
for himself, having just purchased a condo-
minium on Sandford Drive, which is not too
far from Mr Ingraham’s home. Sandford Drive
is also the residential address of the American
Ambassador.

This exchange reminds us of a story often
told by American George Murphy, who owned

the now demolished Montagu Beach Hotel, on ©

the Montagu foreshore.

Mr Murphy, a man of broad girth, who after
becoming a British subject was elected to the
House of Assembly, had a special chair built to
accommodate his large frame. This chair was
inherited by the late Sir Stafford Sands, who
was also a large man. We believe it was then
used by the late Sir Milo Butler when he too was
a member of the House.

Anyway, Mr Murphy and Sir Etienne
Dupuch, the late editor of this newspaper, were
great friends and Bahamian labour was often
the subject of their conversation.

Mr Murphy told Sir Etienne that one day
when the Montagu hotel was being painted, a
Bahamian painter complained to him that his
American colleague was making twice as much
as he was. The Bahamian, who was earning

four shillings a day, maintained that he and the

American had equal skills.
Mr Murphy promised to examine his com-
plaint.

He told the Bahamian that he would divide
the hotel’s wall that they were painting in half.
One half the American would work on, the oth-
er half would be for the Bahamian — ‘equal
work for equal skills. At the end of the day, if
their skills and production were equal, their
pay would also be equal.

And so they mounted the scaffolding. The
American effortlessly painting his side of the
wall; the Bahamian sweating on his side.

At the end of the day, bent with fatigue, the
Bahamian looked at the American’s finished
work, and then back at his half completed
labour.

“Boss man,” he told Mr Murphy, “I have to
admit I’s only.a 4/- a day man!”

We are not saying that this is the case with
the construction worker who complained to Mr
Ingraham, but in our own experience we find it
true of many person’s opinion of their own
worth, regardless of their race or nationality.

We often hear of the people who have equal
skills to other people.

.In some cases they might be equal on paper,
but when it comes to attitude, work ethic, and
ability to work with others, they are so far apart
that there is no comparison.

We recall a gentleman who was employed by

government — a civil servant. We believe he did

bookkeeping. One day he came to Sir Etienne’s
office to complain about how unfairly he was
being treated by management in whatever
department he was in — it was either BEC or

' BaTelCo. He had quit.

Fed up with government, he now wanted a

job in the private sector. Sir Etienne got on the .

phone to his friends trying to sell a respectable,

honest bookkeeper. Eventually Sir Etienne

found someone to take him on.

As the man walked from our officé, we
turned to our father to chastise him for putting
his good name on the line for a man who we
were certain could not hold down a job no mat-
ter how many certificates he showed an employ-
er.

His arrogant attitude with his pipe stuck jaun-
tily between his lips set him aside as a human
being who could neither work with, nor for any-
one. As far as jobs were concerned he was a
rolling stone, who eventually died with nothing
—not even a job.

So when someone is confident he is as good
as his colleague, you are smart if you say: Show
me!

That is the only test. Therefore, it is only

‘the employer who can decide who and what i is

best for his own organisation.



Do we live ina
democracy or
a dictatorship?

EDITOR, The Tribune

FREEDOM of speech in a
democracy is usually considered
a “right”. But is it so in the
Bahamas? Or is it an illusion
maintained because we like the
idea and the alternative is
unthinkable.

John Marquis is the latest
subject to test whether free
speech really exists in The
Bahamas. Renewal or non-
renewal of his work permit will
confirm it.

An editor of The Tribune,
Mr. Marquis has researched
major events of historic inter-
est, an example of which is the

’ drug running era during the

administration of Sir Lynden
Pindling. Is there a relationship
between his investigative tal-
ents on this and other issues
relating to the political elite and
the deferred work permit? Only
the naive would think other-
wise.

Victimization of non-Bahami-
ans for speaking out is nothing

new. D’Arcy Ryan may have |

been the first case since Inde-
pendence.

D’Arcy, had a Bahamian wife
and seven children. He had
“Belonger” status granted
under the Bahamas Nationality
Act of 1973 that provided for
him to be registered as a
Bahamian citizen. However, he
was denied his constitutional
right to citizenship because he
had campaigned for the oppo-
sition FNM in the 1972 election.

The case is noteworthy
because he persisted seeking
justice through the courts to
uphold his right to citizenship.
D’Arcy was one of many
“Belongers” whose citizenship
was denied‘or deferred indefi-
nitely in the seventies.

His case eventually ended at
the Privy Council that ruled as
follows:

“On the facts disclosed to this
court, no reasonable minister
acting with due sense of his
responsibilities under the legis-
lation would, at the inception
of these proceedings, have been
justified in refusing the appel-
lant’s application for registra-
tion as a citizen. In the facts as
disclosed to us registration
could be refused only by acting
perversely”.

In the end the Minister for

Immigration over-ruled the .

court and “acting perversely”
he refused D’Arcy his citizen-
ship.

The D’Arcy Ryan case
showed the depths to which the
politically powerful will descend
to have their way, even ignoring

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letters@tribunemedia.net

the Law and natural justice.

It appears that John Marquis
is another non-Bahamian exer-
cising “free speech” that has
offended some in the PLP gov-
ernment. They want him gone.

In the popular history of post
independence Bahamas the
names of individuals who were
casualties of the power struc-
ture and the hero-making, self-
congratulatory agenda of the
PLP government have been
lost. But the memory lives on.

If silence is the response to
what appears to be a repeat of
the seventies then we are all
complicit in perpetuating injus-

tice. Fear of becoming a victim
explains the lack of public
protest over the long waits for
work permits and other gov- |
ernment documents required to
continue or expand business.

Democracy and freedom of
speech are inseparable as they
create a marketplace for the
exchange of ideas. Dissent is a
healthy component of free
speech, and in democratic coun-
tries it is welcomed.

Is The Bahamas a democrat- ~.
ically elected autocracy.or a dic- ~
tatorship? It is certain that with-
out freedom of speech for
everyone, it cannot be described
as a free democratic country.

THE NASSAU INSTITUTE
Nassau
August 5 2006

Long past time to
bury the racial axe

EDITOR, The Tribune.

HAVING read Mr. Keod Smith's contribution to The National
Honours and National Heroes Act, I have to ask myself why, con-
cerning topics of this nature, and particularly where certain mem-
bers of the present government and some of their supporters are
concerned, these must always hold racial undertones. What other
possible motive could there be for wanting to remove two of our
most prominent historical Jandmarks, and I might add, two of the
few remaining, and replacing them with statues of politicians. Mr..
Smith and his ilk don't seem to understand that they cannot sani-

tize or eradicate periods of our history by simply replacing one stat- — ; x

ue with another.

I also took note that during the recent Independence, celebras
tions, there were banners displayed island-wide depicting ‘al-ofthe
people considered to be builders of the nation. Nota single white
person. The late Harry C. Moore, donor of fifteen fnillion dotlars
for the establishment of the library at The College of The Bahamas,
must be turning in his grave. This too, is surely indicative of the
mindset of our “movers and shakers”, yet they have the’gall to ques-
tion why the white minority choose not to participate in national
events. Obviously, it were better, it would seem, that they remairied

invisible.

As I wrote in an earlier letter, “how shallow and culturally
bankrupt we must be as a people that we cannot accept and
embrace our history.” Surely it is long past time to bury the recial
axe rather than sharpen it, and try and move forward as one Reo-
ple rather than as a nation divided.

IAN MABON
Nassau, .
July 27, 2006.

Lack of consultation

EDITOR, The Tribune.

THE PLP Government was
issued into power on the
premise that they would be a
Government that consulted
with the people. To date, I
have yet to see one project
that was given consultation. -

I am vehemently opposed
to the National Health Insur-
ance scheme, as I am sure are
many other Bahamians. I have
seen no. opportunity for con-
sultancy on this matter as yet.

. So far all the Bahamian peo-

ple have got were updates and
figures.

I feel a referendum should
have been held on this mat- ,

ter as it affects every Bahami-

an’s salary. This sentiment was
voiced before and the PLP
continue to ignore it. The PLP
accused the FNM of not being
a consultative Government
and have turned out to be far
worse than they were.

MARSHA KNOWLES
Nassau,
May, 2006.

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THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 5





Dissident

-Gustavo
-Arvos dies
_at age of 79

: m@ CUBA

Havana

VETERAN Cuban dissident
Gustavo Arcos Bergnes, a for-

'* mer Fidel Castro loyalist who

was wounded in the attack that
launched the revolution but was
later imprisoned for counter-
revolutionary activities, died
Tuesday, according to a neigh-
bor and the mortuary handling
arrangements, according to
Associated Press.

Clara Villar, a neighbor of
the Arcos family, and a woman
answering the phone at the
Calzada and K mortuary near-
by, said Arcos died at 11.40 a.m.

. Tuesday. The cause of death
- was not immediately known,

but Arcos, 79, had been hospi-
talized recently.

Born on Dec. 19, 1926, in the
small central Cuban town of
Caibarien, Arcos was studying
diplomatic law at the Universi-
ty of Havana when he first met
Castro.

Deeply opposed to the gov-
ernment of Fulgencio Batista,
Arcos joined Castro’s ill-fated
1953 assault on a military bar-
racks that launched the Cuban
revolution. Arcos was shot in
the right hip and left partially
paralyzed. ,

Arcos was named Cuba’s

" ambassador to Belgium after

the 1959 triumph of the Cuban
revolution, but soon became
disillusioned by the growing
authoritarianism of the Castro
regime.

He began expressing his dis-
content privately and was soon
accused of being a counterrev-
olutionary. When he was
released after three years in
prison, the government refused
his request to leave the coun-

try.

Puerto Rico
activists in
talks about
independence

@ PUERTO RICO
San Juan

PUERTO Rican activists are
seeking input from nearly 60
political parties in Latin Amer-

ica on how to achieve indepen- '
dence from the United States,

according to Associated Press.

The Puerto Rican Indepen-
dence Party will meet with for-
mer presidents, parliamentary
leaders and international orga-
nizations from Latin America
and the Caribbean on Nov. 18-
19 in Panama City, organisers
said Monday.

The talks should have a sig-
nificant impact on determining
Puerto Rico’s status and US
policy toward Latin America,
party leader Ruben Berrios
Martinez said.

“It is inconceivable for the
United States to have a coher-
ent policy toward Latin Ameri-
ca if it does not include the
decolonisation and indepen-
dence of Puerto Rico,” Berrios
said.

Puerto Rico has been a US
commonwealth since 1952.
Puerto Ricans voted to keep
that status and reject statehood
in non-binding referendums in
1967, 1993 and 1998.

In December, the adminis-
tration of President George W.
Bush asked Congress to set yet
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‘Shutdown of Alaska pipeline |
prompts call to preserve gas

@ By PAUL TURNQUEST
Tribune Staff Reporter

BAHAMIANS should be
set to take another hit at the
gas pump — as global devel-
opments will once again have
a negative effect on the local
cost of energy.

After British Petroleum
announced that they will be
closing their oil field in Alaska
due to corroded pipelines,
analysts warn that oil could
reach prices of more than $80
a barrel before the end of the
month.

With oil prices currently 20
per cent higher than those of
last year, analysts warn that
motorists could expect a fur-
ther pinch at the pumps — and
more importantly see the cost
of living continue to rise.

British Petroleum (BP)
announced on Sunday that
they had to close their huge
oil field at Prudhoe Bay in
Alaska after discovering that
close to 16 miles of oil transit
pipeline was severely corrod-
ed.

Dr Marcus Bethel, Minister
of Energy and the Environ-
ment, said the announcement
would affect not only the US
market but also the Bahamas

He said: “Whenever you
see a jump in the world prices,
we would see the immediate
effect at the pumps but in the
long term you see the increas-
es in the cost of living. We
have to continue to push pub-
lic awareness and conserva-
tion — reducing the demand
for fuel and using your knowl-
edge and resources to alter-
nate to alternate sources of
energy if you can do so.

“But people only pay atten-
tion to these clarion calls when
they feel it in their pocket
books. The message doesn’t
change, it is the immediate
impact on petrol (gasoline)
and in the long term effects
on the cost of living that
changes,” he said.

According to international
reports, this field was the US’
largest single source of domes-
tic crude, and shutting it down
will take days to complete.
Over time; the Alaska North
Slope oil production is expect-
ed to be reduced by an esti-
mated 400,000 barrels per day.
BP owns 24 refineries world-
wide, with the five in the US
producing 1.5 million barrels
of oil a day.

Yesterday Bob Malone, the
chairman and president of BP



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America, issued a statement
apologising for the impact the
shutdown would have on the
nation, and the state of Alaska.

“We deeply regret that it has

been necessary to take this dras- - :

Business consultants
interview ministers for
New York audience |

@ By PAUL TURNQUEST
Tribune Staff Reporter

In an effort to create an
accurate and substantial
database on: economic,
touristic, and investment
material relative to the
Bahamas, two international
business consultants are in
New Providence to meet
with members of the gov-
ernment and business lead-
ers.

Taking a moment away
from their busy schedule, Sil-
via Camins, and Jantiene
Maat both from US. Media’
yesterday visited The Tri-
bune to speak a little about
the work they have done so
far.

Stating that they were
here to interview a number
of ministers and industry
leaders for their New York
readers of The Daily News,
the pair highlighted that
their focus will be on
tourism, banking, utilities,
transport, trade and indus-
try, real estate, and luxury
goods.

They have already inter-
viewed the Minister of State

for Finance James Smith, and
the Speaker of the House
Oswald Ingraham.

“Currently, New Yorkers are
requesting more information
about the Caribbean and due
to Condolezza Rice visit to the
Prime Minister Perry Christie
earlier this year the attention
has been drawn to the Bahamas

Islands,” said Ms Maat.

“We have been in the
Caribbean for a while, and like
Minister of State for Finance
James Smith pointed out in the
meeting, the competition is very
high for attracting US investors,
so it is very important that the
government and companies
work together in this to create a

unique statement for The ©
Bahamas Islands,” Ms Camins ~

added.

US Media is an international
news organisation specialising
in the production of promo-
tional country reports through-
out the world. According to the
agency’s website, these reports
are used “to provide compre-
hensive business and financial
information on countries all
over the world, and effectively
bridge relations between global
economies”.

Environmentalists plan
conference on LNG

@ By KRISTINA MCNEIL

ENVIRONMENTAL-
ISTS opposing the approval
of a liquefied natural gas
pipeline between Florida
and the Bahamas plan to
inform the possible dangers
of the plan at a symposium
this Thursday.

Environmentalist and
ReEarth founder Sam Dun-
combe will make the key
presentation about the neg-
ative effects that LNG could
bring to the Bahamas.

The symposium is just one
aspect of the public educa-

tion programme that Mrs Dun-
combe would like to.see in the
Bahamas before the govern-
ment decides to approve any of
the proposed LNG projects.

“We’re continuing to try and
inform as many people as we
can about the issues that con-
cern LNG,” Mrs Duncombe
said. “This is not only about
ReEarth — there are many peo-
ple who are concerned about it.”

Environmentalists opposing
the LNG project were surprised
when the debate sparked up
again with a statement made by
Attorney General Allyson May-
nard-Gibson last month, who
said there is “every reason to
believe” that LNG will be
approved by the end of the gov-
ernment’s present term.

In response, Mrs Duncombe
encouraged the government
and the opposition to take a
stronger stand on the issue
before elections in 2007. '

“We want to give people who
would not necessarily have
access to the Internet a chance to
sign up if they’re opposed to the
project,” Mrs Duncombe said.

She invited the public to lis-
ten to the presentation, sign the
petition opposing the projects

and buy a T-shirt that expresses ~

their views

The symposium will begin at
6.30pm at the National Art
Gallery on West Hill Street on
Thursday, August 10.

y

Hi VISITING members of US
Media — international business
consultant Silvia Camins (left)

and international business
analyst Jantiene Maat (right)

tic action of an orderly and
planned shutdown of the Prud-
hoe Bay oil field. We will be
working with state and federal
regulators on plans for the
orderly and planned shutdown

fo A

(AP Photo/Al Grillo)

of Prudhoe Bay. In addition, we
will be conducting a parallel
study with the agencies to deter-
mine if it is possible to safely
continue operating portions of
the field, ” he said




PAGE 6, WEDNESDAY, AUGUST 9, 2006

Woman celebrates as
injunction granted

@ By GABRIELLE MISIEWICZ

AFTER a week of waiting,
Mrs Debora Tomlinson final-
ly has an injunction to protect
30 acres of land belonging to
the estate of her mother-in-
law.

During the weekend of July
29, a bulldozer tried to clear a
road through the property,
which lies off of Sanford Dri-

ve.

An argument broke out when
the driver of the bulldozer
refused to stop working — saying

OFFICIALS of the Parliamentary Registration Department register voters for the upcoming

he was following instructions —
and the police had to be called
in.
According to Mrs Tomlinson,
a man who would only identify
himself as “Mr Morris” claimed
that he had rights to the prop-
erty, which lies east of the US
Ambassador’s official residence
on the south side of the main
road.

Reportedly, Mr Morris had
contracted A and D construc-
tion to develop the property
into a sub-division.

Mrs Tomlinson said she had

general elections in the Mall at Marathon last year

to hire a security firm to make
sure no further development
took place while the injunction
was being processed.

The land was bought in the

1960s by her father-in-law and |

this is the second time the own-
ership of the land has been chal-
lenged. :

Mrs Tomlinson said she
“feels good” now that the land
is protected by law.

She said that something had ©

to be done — and she is happy
that it was done in the “right
way - through the courts.”



Voter registration ©
below 2002 levels

THE TRIBUNE



the piece of disputed land last week ;

— and still slow

@ BY ROYANNE
FORBES-DARVILLE
Tribune Staff Reporter

VOTER registration is still
lower than it was in the lead-
up to the 2002 general election
— and is climbing at a slow pace.

As of yesterday morning,
71,628 persons had registered
to vote in New Providence.

Parliamentary commissioner
Errol Bethel told The Tribune
that many Bahamians fail to

COMMONWEALTH OF THE
BAHAMAS

THE SUPREME COURT
PROBATE DIVISION

No. 2006/PRO/npr/00402

Whereas IDADORA JOSEPHINE
BROWN of 1405 Guinep Tree
Street, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, has made
application to the Supreme Court
of The Bahamas, for Letters of
Administration of the real and
personal estate of ROBERTHA

SHANIQUE CULMER late of

Pinewood Gardens, New

Providence, one of the Islands of ,

the Commonwealth of The
Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

SUPREME COURT
PROBATE REGISTRY
P.O. BOX N-167
NASSAU, THE BAHAMAS
AUGUST 10, 2006

PROBATE DIVISION
2006/PRO/npr/00403

In the Estate of ELLEN ELIZABETH
EVELYN JARRETT, late of 4
Drumclog venue Milngaive,
Scotland, United Kingdom,

deceased.

Notice is hereby given that after the
expiration of fourteen days from
the date hereof, application will be
made to the Supreme Court of The
Bahamas, on its Probate Side by
JAMES LENNOX MOXEY, of West
Bay Street, New Providence, The
Bahamas, Attorney-At-Law, the
Authorized Attorney in The
Bahamas, for obtaining the
Resealed.Confirmation of Executors
in the above estate granted to
JAMES OSWALD JARRETT and
JOHN GILFILLIAN LUSCOMBE
ROBINSON, the Executors, by the
Office of the Commissariot of North
Strathclyde, on the 6th day of
February, 1985.

K. Mackey
(for) Registrar

COMMONWEALTH OF THE
BAHAMAS

THE SUPREME COURT
PROBATE DIVISION
AUGUST 10, 2006

No. 2006/PRO/npr/00404

Whereas EARL A. CASH of Marlin
Drive, New Providence, one of the
Islands of the Commonwealth of
The Bahamas, application to the
Supreme Court of The Bahamas,
for Letters of Administration with
the Will annexed of the real and
personal estate of SIDNEY
ROBBINS late of 1315 Torrey Pines
Road in the City of Lajolla in the

County of San Diego, in the State
of California, one of the States of
the United States of America,
deceased.

Notice is hereby given that such’
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar

COMMONWEALTH OF THE
+ BAHAMAS

THE SUPREME COURT
PROBATE DIVISION
AUGUST 10, 2006

No. 2006/PRO/npr/00410

Whereas PAULA ROBERTS of
Scott Street and Johnson Road,
New Providence, one of the Islands
of the Commonwealth of The
Bahamas, has made application to
the Supreme Court of The
Bahamas, for Letters of
Administration of the real and
personal estate of ZELMA
ROBERTS late of Pinewood
Gardens, New Providence, one of
the Islands of the Commonwealth
of The Bahamas, deceased.

Notice is hereby given that such
applications will be heard by the
said Court at the expiration of 14
days from the date hereof.

K. Mackey
(for) Registrar



realise that an election must be
called within the next nine
months.

“I think people believe that
this thing is far off. But elec-
tions are not far off at all,” Mr
Bethel insisted. “So we need to
pick up the pace and we need to
start moving faster.

“The Boundaries Commis-
sion will meet soon and so we
need to get the numbers up,
because last election season we
were ahead of where we are
prersently.”

In August 2001, nine months
before the 2002 general elec-

_' tion, 86,000 persons had already

signed up — 14,372 more per-
sons than at present.

Delay

Mr Bethel said that many
Bahamians tend to procrasinate

. until the politicans begin active

campaigning.

“People tend to get excited
at a certain stage... that is when
they believe things are going to
happen and if that happens we
are going to have some serious-
ly long lines, and we are really
trying to avoid that from hap-
pening,” Mr Bethel said.

“This year we started in a
good time so that. people can
come out and get registered
without having to tout long
lines.”

In New Providence the Ade-

- laide constituency continues to

@nattilus

7. 5
Neg pv
u gk
SED with a4 TRACE MIN

aS NATURE Inre
R Nden

lead in the number of registered
persons, with 2,600 people. This
is followed by Blue Hills with
2,595, then Delaport with 2,400.

Mr Bethel said: “Some places
are doing okay but we still have
a long way to go.”

Meanwhile only a third of the
Family Island population has
registered to vote, well below
the numbers officials expected.

On Grand Bahama, an esti-
mated 12,200 persons had reg-
istered as of yesterday.

In Eight Mile over 2,200 peo-
ple have registered; High Rock
over 2,000; Lucaya over 2,000;
Marco City over 2,000; Pine
Ridge under 2,000; West End
under 2,000; North Abaco over
1,300; South Abaco over 1,100;

» North Andros over 1,000; South,
Andros over 1,200; Cat island

over 800; North Eleuthera over
1,300; South Eleuthera over
1,100; Exuma over 1,100; Long
Island over 900; and MICAL
constituency under 700.”
Registration stations remain
open at the Headquarters, Far-
rington Road; the General Post
Office on East Hill Street; Town
Centre Mall and Mall at
Marathon; Commonwealth
Bank Star Plaza, Mackey Street;
Commonwealth Bank, Cable
Beach; Albury Sales Primary
School, Meeting Street; Flamin-
go Gardens Clinic, Carmichael
Road; Elizabeth Estates Clinic;
Uriah Mcphee Clinic, Kemp
Road; Lynden Pindling Airport,
domestic section in the evenings.

Via

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Please note that we are located in
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All interested persons are asked to call
377-0444 thru 0446 or submit resumes to
jobs@NautilushH20.com prior to August 11, 2006.

Only successful applicants will be contacted.



Pp we
THE TRIBUNE





In brief

Governor

. welcomes

complaint

-.on senator

@ PUERTO RICO
San Juan

PUERTO Rico’s governor
welcomed the ethics complaint
lodged Monday in the Senate
against a lawmaker accused of
having ties to a drug dealer who
was killed last month, according
to Associated Press.

Senator Cirilo Tirado, a
member of the governor’s party,
filed the complaint with the
Senate Ethics Commission
against Senator Hector Mar-
tinez, who has denied having
dealings with Jose “Coquito”
Lopez. Tirado said Martinez
violated Senate rules and ethics
’ by allowing Lopez to attend
three prison inspections with
him, and that he should be
expelled from the legislative
body.

“Every citizen is assuming his
’ responsibility and those that
keep silent, the people will
judge them,” Gov. Anibal
Acevedo Vila said.

The ethics commission can
expel Martinez, who told Chan-
nel 4 television news in Puerto
Rico that he was “a victim” and

should be given time to explain

himself. ©

Martinez is one of three law-
makers accused of having links
with Lopez in a quickly growing
political scandal in the U.S.
Caribbean territory.

USS. agents are investigating
allegations that rogue police
officers acted as bodyguards
and informants for Lopez, who
allegedly controlled the drug
trade in northeastern Puerto
Rico.

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@ MIAMI

THE 2006 Atlantic hurricane
season should be slightly less
active than originally predicted,
federal forecasters said Tues-
day, according to Associated
Press.

Forecasters now expect there
to be 12 to 15 named storms
and seven to nine hurricanes,
the National Hurricane Cen-
ter and other National Ocean-
ic and Atmospheric Adminis-
tration agencies said.

Three or four could be major
hurricanes with sustained winds
of at least 111 mph, forecasters
said.

Government scientists made
their first prediction in May,
saying the season could pro-

~ LOCAL NEWS

duce 13 to 16 named storms,
and eight to 10 hurricanes, four
to six of which could become
major.

There have been only three
tropical storms and no hurri-
canes so far, but August
through October are typically
the most active months of the
season.

Forecasters warned coastal
residents not to let their guard
down.

“Preventing the loss of life
and minimising property dam-
age from hurricanes are respon-
sibilities shared by alll,” said Max
Mayfield, director of the Nation-
al Hurricane Center. “Remem-
ber, one hurricane hitting your
neighborhood is enough to
make it a bad season.”

Federal Emergency Man-

“agement Agency director

David Paulison, who joined

NOAA officials speaking from,

Washington, DC, said his
agency is working closely with
state governments and would
not wait for a state’s relief
efforts to fail before stepping in
with federal support after a
hurricane.

Officials revised their fore-
cast because of wetter than pre-
dicted conditions over the
Pacific Ocean, which forced
slightly stronger upper-level
winds over the Caribbean, hur-
ricane centre meteorologist
Christopher Landsea said.
Those winds can rip apart
storms and stop them from
becoming hurricanes.

WEDNESDAY, AUGUST 9, 2006, PAGE 7

predictions on hurricanes

Water temperatures in the
Atlantic also are not as high as
first expected, forecasters said.

The revision follows that of
forecasters at Colorado State
University, who updated their
forecast Thursday. They
reduced their storm estimate

from nine hurricanes to seven, —

and said that three instead of
five of the storms could be
major. The forecasters initially
had ‘called for 17 named storms
but now predict 15.

The two forecasts still would
make this season busier than
long-term averages, but in line
with an increase in the Atlantic
that started in 1995. Federal
forecasters say warmer waters,
more moisture and other con-
ditions have been responsible







for that increase, which could
last for another decade or
longer.

Between 1995 and 2005, the
Atlantic has averaged 15
named storms, just over eight
named hurricanes and four
major hurricanes, according to
the hurricane centre. Long-
term averages are 11 named
storms, six hurricanes and two
major ones.

The 2005 hurricane season
broke records with 28 named
storms, 15 hurricanes and sev-
en major ones. Hurricane Kat-
rina was the costliest natural
disaster:in US history, killing
more than 1,500 and wiping out
parts of the Gulf Coast.

Hurricane season began
June 1 and ends November 30.

Meteorologists monitoring three systems

i By KAHMILE REID |

THE Bahamas Meteorologi-

_ cal Department is closely mon-

itoring three weather systems
that may affect the Bahamas,
The Tribune learned yesterday.

Currently, the they are mon-
itoring a tropical wave, an area
of low pressure and an upper

‘level low.

Yesterday afternoon, the
tropical wave was located
around 825 miles east of the
Windward Islands.

According to chief meteo-
rologist Basil Dean, this sys-

tem is showing signs indicating

that it will develop further
within the next 24 to 48 hours.

The system is being closely
monitored, as it has the poten-
tial to become a tropical
depression.

A tropical depression is an
area of low pressure, with
counter-clockwise rotation of
clouds and maximum winds of
38 miles per hour.

It is the second phase in the
development of a hurricane,





* Available from Commercial News Providers




however a wave can dissipate
before reaching tropical storm
intensity.

_ Mr Dean also revealed that
‘there is an area of low pres-
sure about 750 miles southwest

is presently considering applications for a

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of the Azores Islands, just off
the coast of West Africa.

This system, he indicated, is _

showing no signs of develop-
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monitored.

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Mr Dean explained that
some islands are currently
experiencing the effects of an
upper level low that is moving
through. the northwest
Bahamas:

While the system caused
heavy showers and thunder
storms over most of the north-
west area of New Providence
yesterday, Mr Deans indicat-
ed that no significant develop-
ment is expected. The system is

moving at 15 to 20 miles per

hour.

Last week Tuesday, the
National Emergency Manage-
ment Agency (NEMA) inten-
sified communication with the
southern Bahamas, to ensure
all the islands were prepared
for tropical storm Chris.

A hurricane watch was
issued for Acklins, Inagua,
Mayguana, Long Island,
Ragged Island and Crooked
Island.

Chris was expected to turn
into a hurricane, however it
weakened into a depression
while crossing the eastern
Caribbean.

As the hurricane season
reasserts its presence, the mete-
orological services are advis-
ing the public to make the nec~
essary preparations.

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PAGE 8, WEDNESDAY, AUGUST 9, 2006

THE TRIBUNE



What lies ah



Cuba and the Bahamas

Prveens through the
channels one sleepless
night recently, we happened
upon a grainy black and white
interview of Fidel Castro by the
late Jack Paar, a former host of
NBC's Tonight Show.

Turns out that Paar was
enthusiastically welcoming a
young Fidel in a Havana hotel
on the very night that he became
the pre-eminent political leader
of Cuba in February 1959 — a
month or so after the revolution-
aries rode into Havana on tanks.
It is said to be Castro's only on-
camera interview with an Amer-
ican conducted in English.

Smiling, affable and smoking a
trademark cigar, Castro told Paar
(who was concerned that he
might be tired after the revolu-
tion) that he could "ask all that
you want for the public opinion
of the United States."

There was nothing particular-
ly insightful in that brief conver-
sation — it was just a frozen
moment in time resonating across
half a century, from the point
when Castro first arrived on the
world scene to the point where
he is about to exit stage left.

In the late 1950s Cubans from
all walks of life united against
their despised president, Fulgen-
cia Batista. And Castro, a lawyer
and onetime election candidate,
became a charismatic revolu-
tionary figure who described his
political goals as "representative
democracy and social justice in
a well-planned economy."

After moderates broke with
the Revolution and were either
executed, imprisoned or exiled,
the US made a fatal mistake by
supporting Cuban exiles in the
failed 1961 Bay of Pigs invasion.
Ever since, Castro has main-
tained a special intransigence
towards America, which led to a
nuclear showdown at the height
of the Cold War.

But many believe that Cas-
tro's dislike for the United States
has deeper roots. His father (a
wealthy Spanish plantation own-'
er) moved to Cuba after-Spain's

ignominious defeat in the Span=~





‘LARRY SMITH

ish-American War, and Fidel was
well-known from a young age for
his passionately nationalistic
views.

In fact, American sources
speaking on background have
told Tough Call that Castro's vis-
ceral hatred for the US would
prevent a political accommoda-
tion even if he were not a com-
munist and the embargo was
withdrawn tomorrow.

So what will happen when — in
the very near future — Fidel Cas-
tro is no longer the all-powerful
dictator of Cuba? It is the ques-
tion on everyone's lips these days
— and since the Bahamas is only
a few dozen miles from Cuba at
its closest point, it is.a particu-
larly pregnant question for us.

S ome analysts say that Cas-
tro's cession of power to
his brother Raul in order to
undergo abdominal surgery a
week or so ago is merely protocol
required by the Cuban constitu-
tion. And even if he were to die
or to become incapacitated, there
is no sign that the Communist
Party will be overthrown.
According to Felix Masud-
Piloto, director of DePaul Uni-

_ vesity's Centre for Latino

Research: "When someone has
been in power for so long and

has played such a central role in -

everything that has happened in
Cuba, as well as its relations with
the rest of the world, it's going to
leave a big hole. Whether you
love him or hate him, Fidel Cas-
tro is a giant in international pol-
itics — a dominant political figure
of the 20th century."

A few weeks ago, a US presi-

dential commission called for an

80. million programme to bol-
n-governmental groups in

ja and hasten an end to the



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country's communist system. A
"transition co-ordinator" has
been appointed in Washington,
tasked with accelerating the end
of the Stalinist regime that Castro
built over the past half-century.

Dr Brent Hardt of the US
Embassy in Nassau, told Tough
Call that America wanted a free
and democratic Cuba reintegrat-
ed into the inter-American sys-
tem: "The imposition of Raul
Castro denies the Cuban people
their right to freely elect their
government. We are ready to
help Cuba through a democratic
transition and are prepared to
rapidly provide substantial
humanitarian relief to support a
genuine transition."

And already there are credible
calls in the US for an end to the
embargo and normalization of
relations. Some lawmakers want
to repeal the 1996 Helms-Burton
Act, which-prevents the United
States from lifting sanctions until
Cuba holds free elections and
releases political prisoners. The
law also prohibits recognizing a
transitional Cuban government
led by Castro's brother and des-
ignated successor, Raul.

Most analysts think little will
change in the immediate after-
math of Castro's death or inca-
pacitation. His hardline brother,
Raul, has a strong base in the
military, although he lacks Fidel's
charisma. So the most likely
short-term outcome, they say, is a
military-backed regime that will
seek to maintain the status quo.

But few doubt that the com-
munist system will eventually col-
lapse without Castro, despite the
support of Venezuelan President
Hugo Chavez for an ongoing
anti-American alliance. Analysts
say that cautious market reforms
following the dissolution of the
Soviet Union in 1991 "began to





‘ unravel the entire structure so

that the frightened government
quickly backtracked."

During the Cold War, the
Soviets subsidized Castro by sup-
plying cheap oil.and buying
Cuban sugar at a premium. And
the Cuban economy declined by
more than a third after 1989
when the Soviet bloc disintegrat-
ed. An important part of the
regime's response was to allow
foreign investment in the tourism
sector for the first time.

In 1989, there were only about
300,000 visitors generating $240
million for the Cuban economy,
but by 2005 more than 2.3 mil-
lion tourists visited the island,
choosing from more than 43, 000
hotel rooms and spending $2. 6
billion. Most of the travellers

resorts catering to both the low
and high-end tourists from the
USA and Europe, can Barbados
still be competitive? We already
lose significant visitors to Cuba

from the Canadian and European —

markets. Without the American-
legislated “head-start” how will
we fare?

And, the bloggers added for
good measure: "Think about the
potential impact of over 100,000
square kilometres of Cuban lands
being dumped onto the free.mar-
ket at rock bottom prices in an
attempt to jump-start Free
Cuba's economy and foreign
investment."

Bahamian tourism officials
have been thinking about the
long-term impact of an opening
of Cuba on the US market,



“Most cnaives think little will ©

change in the immediate aftermath :

of Castro's death or incapacitation.
His hardline brother, Raul, has a
strong base in the military,

although he lacks Fidel's charisma.

So the most likely short-term
outcome, they say, is a
military-backed regime that will
seek to maintain the status quo.”



were from Canada, Britain, Italy, '

Spain and Mexico.
Although this is roughly half

of the Bahamas' total visitor:

count of 5 million last year, it has
to be noted that Cuba is the
largest island in the Caribbean,
with mountain ranges, fertile
plains and valleys, and a 2,300-
mile coastline with deep har-
bours, coral islands and miles of
beaches. Cuba also offers a proud

history and culture blending -

Spanish and African influences.

..Cuba now has 10 internation-
al. airports served by 100 airlines
connecting to 40 cities worldwide.
And there are 16 regions
throughout the island with possi-
bilities for another 164,000 hotel
rooms. If US travel restrictions
were lifted, Cuban officials pre-
dict total visitors in 2010 could
reach 12 million. So the compet-

- itive threat that Cuba poses to

the rest of the region is enor-
mous. According to the Barba-
dos Free Press weblog, this threat
cannot be overstated:
"Thanks to the USA’s embar-

go and travel ban, Barbados has

not had to vie with Cuba for
American tourism dollars. With a

dramatic resurgence in the

Cuban tourism industry, and an
increased number of Cuban

although they do not see it as an
immediate threat: "We are. an
English destination and they are
a Spanish destination," one offi-
cial source said, "so that is an

,advantage for North American

tourists.

"Certainly we will have to
increase our marketing efforts to
differentiate our product, to
maintain and grow our US and
other country market share. But
Cuba and The Bahamas are two
different destinations that can
effectively compete. We will have
to continue our efforts to target
new markets like China, India,
and Brazil.

"The biggest pluses for our
tourism industry and foreign sec-

ond home owners are proximity _

to the US, political stability and
the fact that most of the coastal
lands in southeast Florida are
developed. These will remain

advantages in the future (evident -
by the recently approved Ginn,
_ Mayaguana and Baker's Bay

developments). Proximity to the

US will also bea plus for Cuba, ~

but I doubt that their promotion
of this will adversely impact us
in the short term.

"The curiosity factor for: visit-

_. ing Cuba will be huge, but high-:

end travellers demand a greater

My Atlantis Photos

level of service than that cur-
rently offered by:most Cuban
properties and businesses. There
will be a period of time for Cuba
to catch up.

And it is also likely that there
will be a power struggle in Cuba
that could go on for years. Since
the state owns all hotels, man-
agement chains can leave with
little loss in the event of unrest.
And even with an elected gov-
ernment, there will be many
problems related to Cuban-
Americans seeking to reclaim
properties confiscated by the
Castro regime.

Perhaps the most immediate
risk to the Bahamas from a post-
Castro transition is the same as
that faced by the United States
— the prospect of mass migra-
tion.

he average Cuban lives
on about. $8-$10 a

month, surviving on food rations

- and free health and education

services. But Communist Party
members live much better than
ordinary people and have access
to luxury goods and better jobs.:
Political discontent in 1980 led

to the exodus of more than.

100,000 Cubans to Florida dur-
ing the so-called Mariel Boatilift,
overwhelming local authorities

- and the US Coast Guard. Anoth-:
- er wave of emigration came after

the collapse of the Soviet bloc,
which threw Cuba into an eco-

_ nomic tailspin in the early 1990s.

Post-Castro instability in Cuba
can be expected to lead to more
mass migration, although there
is no sign of that yet. Newspaper
reports say that the Coast Guard,
which routinely patrols the water
between Cuba and Florida, has
been closely watching for any
increase of refugees. following
Castro's health announcement . '

Florida Governor Jeb Bush
said recently that the state was
reviewing an emergency mass
migration plan should instabili-
ty in Cuba grow. And the Bush
Administration says military
forces stand ready to avert any
mass immigration of Cubans in
the event of chaos on the island
— another Cuban blockade.

In the worst-case scenario,
there could be a civil war, pro-

ducing 2 or 3 million: refugees,

experts say. If such an exodus

does occur, many Cubans will no’

doubt end up on Bahamian
shores. And the pregnant ques-
tion is, what will we do about that
— rely on the Americans?

What do you think?
Send comments to

larry @tribunemedia.net
Or visit

www. bahamapundit. com

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~ 42s
THE TRIBUNE







’ BAN officer from Rhode Island demonstrates disarming
techniques on an officer from the prison during the Baton
Certification Course at HM Prison yesterday morning

Prison officers go
on security threat
training course

PRISON officers at Fox Hill
are undergoing a three-day
course on dealing. with security
threats with the Rhode Island
Department of Corrections.

Sixty officers have been cho-
sen for the Baton Certification
Course as part of the State Part-
nership Programme, aimed at
giving them the technical know-
how to deal with a variety of
security threats that may arise.

The officers will also have
sessions in cell extraction, basic
and advanced riot/crowd con-
trol, pepper spray certification
and an inmate classification
review.

Lieutenant Commander
Delong Bonner from the Naval
Liaison’s Office at the Ameri-
can Embassy said the partner-
ship between Rhode Island and
The Bahamas is going strong.

“To date, Rhode Island has
successfully joined with The
Bahamas’ National Emergency
Management Agency, The Roy-

al Bahamas Defence and Police,
( the

sete?

TTS EG Lee e
ores, the
Rx



Port Authorit

aham

College of The
the oF Bs ed

alu Requirements:



Ploeat in En

| Knowle



OARS Eee stb Pa Pehl
ffice of Economic Devel-

Bachelors Degree in Busines
Professional Vocational qualific

reexperience as a Tra ¢
Be proficient in all Microsoft Office af
: ae of 4 Series Tarst actis

opment — all of these exchanges
have been an overwhelming
success,” he said

Lt Bonner told the officers at .

the official opening ceremony
yesterday morning that “seven
of Rhode Island’s best, correc-
tions officers have travelled
here for an information
exchange; they are certified
instructors who have a wealth of
experience and information on
prison operations.”
Prison Superintendent Dr
Elliston Rahming said that
unlike in the past, when offi-

cers were mandated to simply.

undergo recruit training, they
are now required to receive at
least 40 hours of training a year
in order to be in a constant

‘ state of peak performance on

the job.

The course ends on Thurs-
day. Prison officials are already
making plans for a one-week
course in October on Leader-
ship in Corrections, to be con-
ducted for supervisory person-
nel ‘by'an international cotrec-
tions consulta fe
Home Office in London.’ ’















nt froii the British’

WEDNESDAY, AUGUST 9, 2006, PAGE 9

COB plan to improve —

university experience

through exchanges

COB’s new president
Janyne Hodder is planning to
increase the level of interna-
tional exchanges in a bid to
improve the instituation’s vis-
ibility and the “university
experience".

Mrs Hodder, who has just
taken over the reigns of the
college after the resignation
of Rodney Smith last year,
said the college was “bubbling
over” with ideas for change

“This year we’re expecting
1,500 new students; what’s
going to be costly is the
process of offering more schol-
arships and international
exchanges, and that is going
to be very dependent on how
we can generate private giv-
ing,” she said.

“International students are
important to us because they
bring a quality to the experi-
ence. I don’t see them as rev-
enue,” she said. “This
exchange programme will be a
good vehicle to build the col-
lege’s visibility.”

“A majority of COB’s stu-
dents have been Bahamian,
but we are discussing the pos-
sibility of creating interna-
.tional exchange programs to
give our students the experi-
ence of a semester at another
university in another country
and for an international stu-

dent from that university to-

spend a semester here at
COB.”

Mrs Hodder added that she
was optimistic about the
changes going on at the col-
lege during this transition peri-
od.

“As we now go through
another process of change, it’s

i bringing with it its own kind

of debate,” she said. “Learning
throiigh education is a"*messy

“Business, you have to ‘argue,

“think, ‘and write because

= ees SOIT EEE

[Applications in writing with details of education amd experience should be addressed tix

The Hunan Resourcts Manages
P.O. Bas 8 1682
Nassuu, Bahamas



wot later than Augst 41,





)

New president outlines.

vision for institution



there’s always someone with
a different point of view.”
Mrs Hodder hopes. to
engender this kind of interac-
tion to the college by attract-
ing a more diverse student and
professorial body — which she
believes is the true “university

through alternative interest-
focused academic programmes.

Increasing tuition is not the
solution, she said because
COB’s student endowment
does not permit; and even so
she said, they would not want
any Bahamian student tobe

refused an education because

experience.”
they could not afford it.

One thing will not be chang-
ing at the institution, however
- its need for continued and
increasing funding as it under-
goes the change from college
to university.

Mrs Hodder said that COB
relies more on student tuition
moneys, so in order to live up
to the public’s expectations
philanthropic funding must
continue.

“With a larger influx of stu-
dents, we will néed dorms to
build a residence life for stu-
dent exchange and athletic
programmes. So far we have
progressed in constructing a
centre for performing arts and
a library, and the only way to
fund these endeavours is
through donations.”

She also expressed a desire
to introduce web registration
‘and expand the number of
courses available. “We have a
fair number of students that
attend the college part time
because we can’t offer them
all the courses they want,” she
said. “Our hope is that with
more classes we can cater to
more full-time students.”

Finally, Mrs Hodder spoke
of COB’s plans to increase the
number of middle-aged and.
senior citizen students

i COB president
Janyne Hodder

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CARIBBEAN NEWS

THE TRIBUNE



Cuban allies urge US not to interfere with island

HAVANA

CUBA'S allies urged the
United States not to interfere
with the communist country dur-
ing Fidel Castro's absence from
power, while the USS. increased
its television transmissions to
the island and encouraged anti-
Castro activists to push for
change, according to Associat-
ed Press.

Cuban Parliament Speaker
Ricardo Alarcon warned that
the United States would face
"hell" if it meddled with the
Caribbean island.

"We demand that the gov-
ernment of the United States
respect Cuba's sovereignty,"
read a letter from 400 leftist
intellectuals and human rights
activists published Tuesday in
Cuba's state-run newspapers.
"We must prevent a new aggres-
sion at all costs."

US. officials have repeatedly
said they will not invade Cuba,
and that they wish only to see
democracy on the island.

"Our desire is for the Cuban
people to choose their own form
of government," U.S. President

George W. Bush said from his

NAME

ADDERLEY Christopher
ADDERLEY Helen
* ADDERLEY Mae

ABURY Eveland
ARANHA Gemnnaine
ARMBRISTER PEGGY
BAIN Alfred
BAIN Gerald
BARR Christine
BEAUBRUN Mongene
BELL Annishka
BETHEL Ruth
BROWN Noel
BROWN Prince Albert
BURROWS Nathania
BUTLER Lillian
CALIZAIRE Ruth
CAREY Charoltte

| CARTWRIGHT Freeman
CARTWRIGHT Marie
CHARLTON Hillard
CHARLTON Zilpha
CLEARE Allan
COLEBROOK Eureka
COLEBROOKe Emertine
COLEBY Charmane
COLLINS Paul
COSTAMAGNA Vittorio
DAIVS Lawrence
DELA LLANA Peria
DELEVEAUX King
DUNCANSON James
EVANS Marie
FERGUSON Laura
FERGUSON Tracey
FRAZER Robert :
GARWOOD-GOWERS David
GRANT Ida
GREEN Jane
GREENE Sheila M.
HALL Dressler
HARRIS Rufus ~
HOPKINS William
HUYLER Annamae
JENNINGS Marion
JOHNSON Patricia
JOHNSON Rufus
JOHNSON Valderine
JONES Luther
JOSEPH Octales,

Kelly Elizabeth
Kelly Roland
King Michael
Knowles.Sharon
Korti Rachel
LaFleur Joel
Laroda Joseph
Larrow Michael
Lazzaris Giancario
Louis Adnau
McIntosh Margaret
McKenzie Elijah

- McKenzie Emperor
McKenzie Eula
Mckinney Joanna
McNeil John
McPhee Jestina
Miller Herby
Misri Autar
Mitchell Richard G.
Narin Deveaux Paula
Neely Renee
Nixon Myncharhi
Omeler Gladys
Palukuri Sambasivarao
Pampanelli Ammando
Pluck Desmond
Rodgers Prince
Rodrigo Thosina
Roldan Eloy :
Rolle Gwendolyn
Rolle Louise
Rolle Nikita
Saunders Melva
Saunders Samuel
Saunders Shirley Len
Singh Lgbal
Smith Caphy
Smith Cherrel
Smith David
Smith Eddie
Smith Ellen
Smith George
Smith Verna
Strachan Daisy
Strachan Delarise
Stubbs Ezekiel
Stubbs Gearlina
Stubbs Ruth
Sutherland Vernita
Swain Amette
Sweeting Donald
Taylor Viola
Thompson Pearl
Thompson Sandra
Todd Lily
Vernon Anthony
Watson Altheameze
Williams Albert
Williams Charmaine
Williams Dina
Williams Janet
Williams Martin
Williams Matred
Wilson Sylvia
Woodside Caroline
Young Lisa




_-

ranch in Crawford, Texas.

Yet many of those fearing an
attack point to Iraq and
Afghanistan — and the failed

~~ ae
i

U\S.-backed Bay of Pigs inva-
sion of Cuba in 1961.

Any invasion now would
"become a hell for them from






the first day," Alarcon said
Monday.

"We will guarantee them total
failure once again," le said in

a a OO NENTS CY
The following persons or their nearest realatives are kindly asked to visit the PENSIONS DEPARTENT of the National Insurance Board located in the
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25865676





an interview from Havana with
the Venezuela-based television
station Telesur, in an apparent
reference to the Bay of Pigs
attack.

Castro, who turns 80 on Sun-

day, is said to be recovering ©

from intestinal bleeding that
forced him to temporarily cede
power a week ago to his
younger brother, Defense Min-
ister Raul Castro.

Neither of the brothers have
made public appearances since.

The Communist Youth news-
paper on Tuesday published a
series of letters to Castro from
children and teenagers across
the country.

"We care about you so much,
and since the moment of this
sad news haven't stopped think-
ing about you," wrote Rina For-
ment, a 10-year-old in the east-
ern city of Santiago.

No details on Castro's specif-
ic condition or what surgical pro-
cedure he underwent have been
provided, with officials simply
saying the Cuban leader's
health is rapidly improving and
that he'll be back to work
soon.

Castro “continues to be com-

ADDRESS

Miami Street
Ferguson Steet
Atriana Drive
Address Unknown
Syndey Street
Redland Acres
Airport Camp
Eastern Estate

‘Jubilee Gardens ~
Grand Bahama
Summer Haven Estates
Bernard Road
Golden Gates II
Lewis Street
Bird Court
Brougham Street
Carmichael Road
Sunderland Road
3rd Street
Fire Trail Road
Church Hill Avenue
St. Lucia Cresent
Mckinney Avenue -
Nassau Street
Pine Yard Road
High Vista Drive
Okra Hill
Hudson Street
maderia Street
USA
Yellow Elder gardens
Carmichael Road
Yellow Elder Gardens
Pinewood Gardens
Baillou hill road
Golden Gates
Belford Street
East Street
Mangrove Cay
Nansen Avenue
Kennedy Subdivision
Montell Heights
Pinewood gardens
Windsor lane
McQuay Street
Baillou Hill Road
Hibiscus Avenue
Joan’s Height —

* Carmichael Road
Flemming Street
Georgia, USA
Lewis Steet
McKinney Drive
Retirement Road
Florida, USA
Golden Gates 1
Rupert Dean Lane
South Beach
Address Unknown
Barcardi Road
Soldier Road
Kennedy Subdivision
Golden Gates
Sunshine Park
Washington Street
Garden Hills Estate
Hawkins Hill
Address Unknown
Cable Beach Manor

‘ Address Unknown
Leeward Isles -
Fox Hill
Farrington Road
Cascarilla Street
Town Courts
Grand Bahama
West Bay Street
Address Unknown
Village Road
Winton Highway
Winton Estates
Golden Gates
Water Street
Golden Gates 1
East Street South
Sandy Port
Greenwood Road
Blue Hill Road
Wilson Track
Elizabeth Estate
6th Street The Grove
Moonsine Drive
Yellow Elder Gardens
Johnson Road
Garden Hills
Garden View
8th Street The Grove
Sugar Apple Street
Sugar Apple Street
Bamboo Boulevard
McCullough Comer
Millar’s Heights
Maxwell Lane
Westwood Villas
Sunshine Park
Sunset Park
Freeport
Ridgeland Park
Johnson Road
Woodland Way
Pinewood Gardens
Stapledon Gardens
Wilson Track
Pinewood Gardens
West Avenue
Elizabeth Estates
St. Andrews Beach Est.

ing along favourably and we are
sure that he will recover," said
Vice President Carlos Lage, who
was in Bogota for the inaugu-
ration of Colombian President
Alvaro Uribe.

"He himself has said that in a
few weeks he will be back at
work again," said Lage, adding
that Cuba was operating nor-
mally in the leader's absence.

Bush said the United States
was in the dark about Castro's
true health condition.

"The only thing I know is
what has been speculated, and
this is that, on the one hand, he
is very ill and, on the other hand,
he is going to be coming out of
hospital," Bush said.

The United States planned to
increase the television transmis-
sions of its Miami-based TV
Marti station to Cuba from one
afternoon a week to six.

Congress approved $10 mil-
lion in its 2906 budget to devel-
op airborne TV broadcasting to
counter the Cuban governmen-
t's mostly successful efforts-to
jam the transmission.

A new private plane to be
used for the transmissions was
unveiled on Saturday.


THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 11






LOCAL NEWS

Economic think tank speaks |

out on work permit decision

._ 4 By REUBEN SHEARER

- THE decision to defer the

denied his constitutional right
to citizenship because he cam-
paigned for the opposition

FROM page one

cident. wee
rears to Mr Thom:
son, “the hours in which
these vehicles are driven.
must be addressed.”
“We have always, encour-

aged heavy duty trucks not :

to drive in the peak hours of

Truck

around one o’clock, or in the .
_ early morning hours. These

persons are not to be on the
road around those times.”
Mr Thompson said there

is also an increasing need to —

regulate the types of licences
_eaven to drivers.




‘“Qur department is con-

. sidering to introduce various

classes of licénces for vehi-
cles. Based on your ability

‘to. drive.and the type of vehi-

cle being driven, you will be

- issued a licence of that

type.”
As of press time, no new

information had been
release dal about the accident.

work permit of Tribune man-
aging editor John Marquis is a
-'yeminder of the previous cul-
“ture of victimisation that
existed in the Bahamas,
according to a local economic
think tank.

In a letter issued over the
weekend, the Nassau Institute

’- asserted that the matter is a

test of whether free speech
really exists in the Bahamas —
as “renewal or non-renewal
of his work perma will con-
firm.”

“If silence is the response
to what appears to be a repeat
of the 70s then we are all
complicit in perpetuating
_ injustice,” the letter said.

Adding that Mr Marquis is
not the first foreigner to be
victimised for speaking out,
the letter noted the case of
D'Arcy Ryan, a man who
campaigned for the opposi-
tion FNM in the 1972 elec-



. B TRIBUNE managing
editor John Marquis

The letter explained that
Mr Ryan had “Belonger” sta-
tus, granted under the
Bahamas Nationality Act of
1973, which provided for his
registration as a Bahamian
citizen.

“He had a Bahamian wife

FNM in the 1972 election,”
the letter said. i

It continued: “Fear of
becoming a victim explains
the lack of public protest over
the long waits for work per-
mits and other government
documents required to ‘con-
tinue or expand business."

The letter stated that the
cases of John Marquis and
D’Arcy Ryan show the
“depths in which the politi-
cally powerful will descend to
have their way, even if they
must ignore the law and nat-
ural justice.”

Adding that “dissent is a
healthy component of free
speech, and is welcomed in
democratic countries,” the
statement questioned whether
the Bahamas is truly democ-
racy, rather than .an autocracy
or dictatorship.

(For the full text of the

the day,” he said. “That. is :

Man, 2 9,
FROM page one

had arrived.

Following the incident police searched the:

house: and the immediate’ area. They discov-
ered the body of Mr Toote, with multiple gun-

shot wounds, lying face up'a short distance from

the house.

Also in the direct vicinity of the. henise: police
discovered the vehicle’ which had been driven by
the two suspects.

The body was taken to Rand Memorial Hos-

pital where an autopsy will be performed .
Anyone with information about this incident

: is asked to contact. the: police department at
telephone number a a es or 911

dies after shooting

to assist in the investigation.

Grand Bahama police are also urging seele
to refrain from settling disputes among them-
selves with guns.

“We are noting that this is the second shoot-
ing within a two-day period here on the island of

Grand Bahama,” the police said.

On: Monday morning, a plainclothes police
officer was.mistakenly shot by a Grand Bahama -
officer who: was investigating a dispute at Club
Amnesia on East Mall Drive.

A resident of Mayfield Park, 32- -year-old
Glen-Roy. Rolle, was also shot during a shooting
incident, which sparked the police shooting.

The New Providence ‘officer, Sherico Far-

_ quharson, and Mr Rolle are both recuperating

HOD their gunshot avounds:

tion.

FROM page one >

and balanced over the years.”
Leader of the Bahamas Democratic Move-
ment, Cassius Stuart is also threatening to protest.
He said too many Bahamians suffered and
were denied the opportunity to maximise their full

potential because of victimisation under the rule .

of Sir Lynden Pindling.

He claimed the government is attempting to
have Mr Marquis “kicked out of the country”
'.and that this is a sign that the PLP has not

‘changed.

“For the Bahamas government to victimise
John Marquis for saying exactly what happened in
the past is totally ridiculous and portrays them in
a bad light internationally,” Mr Stuart-said. “What
Mr Marquis has done is simply regurgitated his-
tory.”

Mr Stuart claimed that during the early 1980s
the PLP administration was tainted with corrup-
tion and drug trafficking flourished during that
era.

“In the 1980s the PLP was steeped in corrup-
tion from the Hotel Corporation, to Bahama-
sair,” Mr Stuart recalled. “We also had an infes-
tation of drugs.” He said some members of par-
liament were condemned in the 1984 Commission
of Inquiry for ghesHoadels associations with drug
dealers.

Mr Stuart explained that after the Commis-
sion of Inquiry report, which highlighted the for-
mer PLP administration “no one has ever been

jailed.”

“These MPs were never punished for the
wrongs against our society,” Mr Stuart said.

“However here it is a man is just saying this is
what the PLP has done in the past and now the

PLP wants to victimise him because he is a for- -

eigner. That is totally absurd. The PLP govern-
- ment should be ashamed of themselves and what
* they should be doing is asking the nation for for-

giveness instéad of trying to punish this man for

and seven children, but was

letter, see page 4).

Protest threat

- Mr Earl Deveaux, who was the FNM minister
of labour and immigration when Mr Marquis was
granted a three year work permit, added his Voice
to that of Mr Stuart and Mr Duncombe.

He said: “I find it totally objectionable and
frightening that something like this would happen
in our day and time and in this manner. I think
there is a great deal of fear in our land and many
people are afraid to speak their minds because of
fear of victimisation and I think it is very sad.

“I am speaking as a citizen of the Bahamas
and that is how Earl Deveaux feels. I don’t speak
for any party. I served as minister of immigration

‘and that is a well known fact and I can’t contem-

plate having done something like this in any way.”

According to Mr Duncombe, “The Tribune
has been the only fair media,” in helping his
organisation push current children’s issues to the
forefront.

“JT have had difficulty having the concerns of my
organisation, Bahamian Fathers For Children
Everywhere (BFFCE), heard in any other
media,” Mr Duncombe said. “Whatever we must
do we intend to do to let our voices be heard
because this is a clear case of'victimisation in the
highest order.”

Mr Duncombe continued: “What has Mr Mar- .

quis done? It appears the PLP intends to carry on
with its archaic behaviour. Mr Marquis is a trea-
sure to the Bahamas and to have him removed for
doing what he has been doing for 40 ) years would
be a grave injustice to our country.”

Raynard Rigby, PLP chairman, and Fred
Mitchell, Foreign Affairs Minister, have criticised
the local media for what they consider “unfair”
reporting.

However, during a recent renaming of Third
Terrace, East Centreville, to Harcourt “Rusty”
Bethel Drive, the minister responsible for broad-
casting, Obie Wilchcombe, defended the local
media, and freedom of the press.

saying exactly what they did in the past.”

FROM page one

_ after being sent home to change
the shirt, thus effectively quit-
ting her job.
- The Tribunal had heard.that
other employees had been
allowed to wear PLP caps on
election day, a concession Mr
Albury later regretted.

In a letter to the Marsh Har-
bour newspaper, The Abacon-
ian, Mr Albury admitted seek-
ing Labour Department guid-
ance'when ferry captains began
wearing political caps during
April, 2002, a few weeks before
the May 15 election.

“I was told there was no law
as to what captains could wear
on public transportation, but to
keep in mind that we serve cus-
tomers from both parties and
we should seek not to cause
hard feeling toward anyone.

“Based on my conversation
with the Labour Department,
the decision was made to allow
my employees to wear caps but
not political shirts. I notified my
employees of my decision and
on April 9 I was in the Marsh
Harbour office and Donna and
I discussed my talk with Labour
and my decision.

“Political caps were allowed
but political shirts were not. She
said when she got her cap, she
was going to wear it.I said
‘Fine’. 29

Nothing more was said until
election day when Ms Burrows
called him to say one of the fer-
ry captains had put a political
flag on the Hope Town ferry.
“I immediately called the cap-
tain to tell him to remove it. He

said that he would, but that -

Donna was wearing a political
shirt. If she could wear a shirt,
the captains wanted to wear
their shirts, too.”

Mr Albury said he called Ms
Burrows and reminded her of
the rule they had discussed
some weeks before. He told her
she could wear a cap but should
change her shirt. “Donna said if
she had to go home to change
her shirt, she would not be com-
ing back. I said ‘If you go home

FNM shirt
and do not come back, I will
assume you have left your job
and quit’.”

Seeing this was turning into a
problem, Mr Albury said he
told all other employees to stop
wearing political caps, which
they did without complaint.

When he later:called Ms Bur-
rows’ home, her daughter said
she was not returning to work
that afternoon. He then sent

someone else to cover for her |

on the 1.30 ferry to Marsh Har-
our.

In the letter, Mr Albury
added: “Looking back; I can see
that it would have been better
to have said they could not wear
anything political on the job. I
am sorry to have lost a good
employee over such a trivial
matter. However, she was not
fired, but left by her own choos-
ing.”

At the tribunal hearing, Mr
Albury admitted being a sup-
porter of the PLP candidate,
Edison Key, and wanted him to
defeat the FNM candidate,
Robert Sweeting.

He testified that when he
made the rule allowing employ-
ees to wear caps only, -he did
not know which candidates had
printed caps and which did not.
But he was aware that his
employees were wearing Edi-
son Key caps at the time he
made the rule.

Ms Burrows’ daughter Jade
told the Tribunal that, when
asked by Mr Albury whether
her mother was returning to
work, she said: “No, I don’t
think so. She said she was
fired.” She said Mr Albury said
“Okay” and hung up.

The respondent called wit-
nesses to rebut allegations that
Ms Burrows was terminated,
but The Tribunal, in its ruling,
said it found “on balance of
probability that the applicant’s

account of what transpired on.

Election Day, 2002, should be
believed.”
It added: “She was a very

credible witness and was never

found to be telling a lie or mak-
ing a misstatement. She said
that she was ‘fired’ and after lis-
tening to all of the witnesses the
Tribunal finds her and her
daughter much more credible
than the witnesses for the
respondent.”

The ruling said that, before
April, 2002, Albury’s Ferry had
no policy in place regarding
election paraphernalia. But that
month Mr Albury sought to
introduce.a policy that was “bla-
tantly unfair, as he himself
admitted with hindsight (it)
ought never to have been put
in-place.”

It said Mr Albury was in the
business of running a public fer-
ry and, under such circum-
stances, it was “highly inappro-
priate” to-have any of its
employees wearing political
attire.

Yet several employees defied
company policy by displaying
PLP paraphernalia on its vehi-
cle and, when Ms Burrows drew
this to Mr Albury’s attention,
he did nothing about it.

Following the firing of Ms
Burrows, Mr Albury immedi-
ately called other employees to
ask them to take off their polit-
ical caps, having earlier given

them permission to wear them.

“This was, in fact, an erratic and
arbitrary position to take,” said
the ruling.

“The respondent’s action
when he terminated the appli-
cant’s employment amounted
to summary dismissal.

“The onus was on the appli-
cant to show that she was sum-
marily dismissed on a balance of
probability. She met that bur-
den.”

The ruling added: “The Tri-
bunal finds that the true reason
motivating the respondent at
the time of the dismissal was his
anger at the applicant for wear-
ing an ‘FNM’ shirt. The Tri-
bunal finds that the respondent

was not justified in terminating

the applicant’s employment.”

The award of $55,941.01 ©

included a $7,410 compensatory
award and $1,140 payment in
lieu of notice.

}

“Prison officers ‘yet to receive
all of ‘promised protective gear’






FROM page. one. a

to them since 2001, ghd has’ i

further fallen far behind in pro-,
moting prison officers.
‘The Association’ presid
said this treatment by govern~
ment seems to indicate that’
prison officers are the least val-

ued members within the coun: ..’
try’s law enforcement and judi- ee

cial system.

He said that if other employ- a
ees within the system'can be,
treated with respect, then'the ~
same should be possible for.

prison officers.

“If they are handsomely
paid, we should be handsome- «
ly paid. If they are recognised :
for their sacrifices, we should . :
be recognised for our sacrifices. ”
If they are promoted in‘a‘time- «.'
ly fashion, then likewise the by the Prison Act.” —
prison. It is time that we are
treated fairly and treated with =

respect.

eS ta tal
mega hit that




‘ “Give us the recognition we: :
’ deserve. by, meeting our
‘requests in a timely manner. If

other agencies can get what

they need: on time, ‘then: why
iis there: always such a long
drawn out: process when. it
comes to the prison. The prison
officers are tired of being ‘at
; the bottom of the totem pole
“and it is time for us to: begin

climbing up the ladder: he
said. 3.

_ Responding to reports: of. ok
prison officers being on a go-”
. Slow, Corporal Rolle. empha-

sised. that the officers

' have not instituted ‘a work: to:

rule.

officers have always gone
beyond the call of duty and are

now simply working “by rules

that govern us as.it is ‘dictated

“We want to work and
remain loyal to our job, our

institution and our country, but

iii a eee LE rt eed

So when it’s time
Pte ey wy

Sees eye :
OU eae Lees ta
- Pitt Road, Off Nassau Street
shehaeall ee

He ‘explained that the: prison

it gets more difficult every day
‘we have to, wait on the tools

18 necessary for us to carry out
our duties in an effective man-

nerand:in.a clean and safe
environment.

“We appreciate the efforts
of the superintendent, who has
inherited ‘an institution that is

‘stagnated and by negativity
‘and: lacks respect. and we

applaud his efforts,” the Asso-

“ciation president said.

‘The Association, he said, is
also calling for placing the
responsibility of recruitment
back with the prison, “thus
eliminating the need for spo-
radic and mammoth recruit-
ment.”

Af the prison takes over this
task; Corporal Rolle said, there

-will-be “constant and consis-

tent recruitment,” which will
further eliminate having to go
through Cabinet every time the
institution needs additional .
personnel. “






PAGE 12, WEDNESDAY, AUGUST 9, 2006



~ Judge orders

trial in slaying,
of Canadian
executive

LOCAL NEWS

THE TRIBUNE

Fishing tournament

has families hooked “

@ SAN JUAN,

Puerto Rico

. THE SeaVee Boats manu- Games Director, Ariel

A JUDGE ruled Tues- facturer and Bimini Bay Pared conducted all the chil-
day that a 23-year-old dish- Resort held their Ist Annual dren’s events for the tourna-
washer should stand trial in Fishing Tournament in Bimi- ment. The young anglers
the slaying of a Canadian ni, Thursday, July 27 to Sat- learned how to use fishing
executive who was beaten urday, July 29. rods, the best baits-for differ-
and stabbed to death in The family-oriented tour- ent fish and how to ree] in
front of witnesses in a nament sponsored by Bimini their big catch.
tourist district of the Puerto Bay attracted scores of Span- bie
Rican capital, according to ish Floridian boaters and their Unity
Assacinted Pres: families to Bimini for an

After listening to the tes- exhilarating weekend of fun, hier We Ae tarpertast

timony to a witness and an
investigator, the judge
ruled there was enough evi-
dence to try Jonathan
Roman Rivera on murder
and weapons charges in the

fishing and family activities.
Tournament Co-coordina-
tor, Tony Albelo said he is

_excited about what the future

will bring for the SeaVee
Tournament in Bimini. For
the first event, he said that

because we want to prom ‘e .

the whole idea of family uni-
ty, not just have’ the adults
come down, but for the whole
family to come down here to
Bimini and that’s the reason

September 2005 death of they received an overwhelm- _ © choose Bimini Bay
Adam Anhang. ing number of family groups because they have the facili-

Superior Court Judge and participants to the sports ties for everybody not just for
Elizabeth Linares sched- fishing event. the men that want to go all

uled the trial for Oct. 24.
Roman, who is free on bail,
worked as a dishwasher at
the Pink Skirt, a bar and
restaurant, that Anhang

" had purchased for his wife

in historic Old San Juan.

The couple had just left
the establishment, after dis-
cussing the terms of their
pending divorce, and were
walking to their when they
were attacked by a man
with a knife. ~

A witness, Carlos Cotto
Cartagena, later identified
Roman in a photo lineup —
and again in court.

Anhang, 32; was a real

estate investor developing

“We are very happy about
this event, everything went
well. The place is gorgeous
and everyone was just enjoy-
ing themselves. The weather
was.little hard on the fishing
this weekend other than that
it’s been really fun,” he said.

Competition

The SeaVee Boats Fishing
Tournament had criteria on
the types of fish to be caught
as a part of the competition.
According to Mr. Albelo the
different types of fish caught
were varied.

“Bimini has so many dif-
ferent. types of fish available
so the tournament had a sim-

day fishing, but they have the
places for women to hang out
at the pool, the kids can enjoy
the playground, it’s a beauti-
ful location and we wanted to
‘make it a family event,” he
said.

Amelio Diaz’s team, High
Gear came out on top win-
ning The SeaVee Fishing
Tournament with the catch of
his prized King Fish. The

Broward County resident who:

frequents fishing tournaments
in the Caribbean has won sev-
eral other tournaments.

“It always feels good to
win. I will definitely come
back to The SeaVee Tourna-
ment next year, but we plan
to visit Bimini again before
that time. Bimini Bay and

al j i
Pada te ilar format like other tourna- The. SeaVee team really did
exccutive officer of CWE ments. We had many fish that a good job of organizing
Cagiine an Riemet pane qualified for the tournament.. everything.”, he said.
bling s i as comp S y We fished for dolphin, king
ac dist EL. fish, tuna, Wahoo, snapper

His wife, Aurea Vazquez
Rijos, was treated for
undisclosed injuries sus-
tained in the attack but lat-
er declined to cooperate
with investigators, police
said.

and grouper. The biggest fish
in the tournament was a 25-
pound king fish that beat out
the second big fish by about a
3 of a pound,” he said.

The SeaVee Tournament
also included activities that
involved young participants.

WINNER of the

children’s fishing event was

Jacob Pared who holds up
his catch with father Ariel
Pared at the Ist Annual

SeaVee Fishing Tourna- ~

ment.





o “The rumors of our deenth hee :
been greatly exaggerated.” .



- Mark Twain,

~ Visit our



WAREHOUSE

STORE

- Bilney Lane!

(Next fo Super Value, Top of the Hill.)

———
customer
PAINT
RECORDS
were
saved!



ane



Top-of-the-Hill, Mackey St. ° Nassau, Bahamas

TEMPORARY NUMBERS:
393-6306 ° Office 394-1403 ° Cell 427-0701
Fax 393-4541 e e-mail paintple@coralwave.com

Thank you for your loyalty,
looking forward fo serving you!
“hy ue

WEDNESDAY, AUGUST 9, 2006



SECTION

business@tribunemedia.net







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developer’s $440k costs

@ By NEIL HARTNELL

Tribune Business Editor

he Government
and San Fsranciss.
co-based Discov-
ery Land Compa-
ny will today
attempt to overturn the Privy
Council injunction that
stopped work on the $175 mil-
lion Great Guana Cay devel-
opment, the developers alleg-
ing that it could cost them
$440,000 per week if it is

. upheld.

An affidavit sworn by
Joseph Arenson, a Discovery
Land Company partner and
attorney, alleged that the firm
may lose $1.75 million a

‘+. month, resulting from fixed
’ costs related to operating

expenses, staff costs, equip-
ment and dredgers, if the

injunction was upheld.
Arguing that “the majority
of these costs would remain if
the injunction were not dis-
charged”, Mr Arenson:said its

_continuation would also result

in Discovery Land Company
losing potential real estate
sales and employees, and harm
the firm’s reputation.

He added: “Every time the
development is interrupted, its
attractiveness as an investment
is materially prejudiced. These
losses are extremely difficult, if
not impossible, to quantify.”

But in their submissions to
the Privy Council on behalf of
the Save Guana Cay Reef
Association (SGCRA), which
is opposing the Baker’s Bay

Golf & Ocean Club project,

attorneys Frederick Smith and
UK counsel Jonathan ‘Adkin,
argued that the costs Discovery

Only three Colina
conditions not met

@ By NEIL HARTNELL

_iribune Business Editor _



COLINA Holdings
(Bahamas), the BISX-listed
parent for Colinalmperial
Insurance Company, yesterday
said it was “substantially com-
pliant” with the 21 conditions
imposed on it by regulators,
although there were three that
had either not been met yet or
needed more clarification.

Monty Braithwaite, Coli-
nalmperial’s president, said the
BISX-listed. parent had yet to
reduce the stake held in it by
A.F. Holdings (formerly. Coli-
na Financial Group), parent
firm for the Colina group of
companies, from its current 63
per cent to the 51 per cent stip-

- ulated in the 21 conditions.

Those conditions were
imposed by the Government
and financial services regula-
tors in return for approving
the-then Colina Insurance
Company’s acquisition of rival
Imperial Life Financial.

Mr Braithwaite said the
company had asked for more

But regulators have

‘no significant issues” ~~

time to complete the subse-
quent integration process
before seeking to divest 12 per

cent of the shares still held by |

A.F. Holdings, the vehicle
owned by Colina principals
Emanuel Alexiou and Antho-
ny Ferguson.

Other areas where the regu-
lators had concerns was on the
stipulation that Colinalmperi-
al make no “wholesale” redun-
dancies or downsizing until

_ December 2006.

Mr Braithwaite said the
company was “currently com-
plying with that condition but
it requires constant monitor-
ing”. It had initiated an
Option to Leave programme
in 2005, that cost it $708,000,
through which staff could vol-

untarily terminate their

employment with Colinalm-

SEE page 4B

Insurers not unhappy
with NHI as health
lacks profits

@ By NEIL HARTNELL
Tribune Business Editor

A MAJOR Bahamian insur-
er yesterday said it was “a bit
early yet” to assess what impact
the Government’s proposed
National Health Insurance
(NHI) plan would have on the
sector.

But Colinalmperial Insurance
indicated it would not be
unhappy if the NHI scheme
took some of the insurance bur-
den off it due to health insur-
ance’s relative lack of prof-
itability compared to other lines
of business.

Monty Braithwaite, Colina
Holdings (Bahamas) president,
said that if the NHI scheme
took group and individual
health insurance business away
from the firm, he would rather
“have a profitable half loaf [of
bread] than a whole loaf that is
not profitable”.

He added that private health
insurance in the Bahamas could
gain “half the business, but be
more lucrative” if NHI came

into being, as it was “not a prof-
itable service for most compa-
nies. You can lose your shirt

[on just one group health
account]”.

Mr Braithwaite’s comments
are likely to confirm the suspi-
cions of many observers, who
believe that many Bahamian
life and health insurance carri-
ers would not be upset to lose
health business to NHI, espe-
cially the higher risks.

. Life insurance is where these
companies earn the bulk of
their profits, and few make
money on their group health
insurance business.

Mr Braithwaite said he had
met with the minister of health
and- national insurance, Dr
Bernard Nottage, who had been
“adamant” that NHI was com-
ing although he disclosed few
details. Mr Braithwaite said he
had been told consultants from
Health Canada had been
engaged to review and refine
the proposed NHI scheme. Of
its impact, he added: “It’s still a
bit early [to tell] yet.”

Discovery Land Company alleges it could lose |
$1.75m per month if Guana Cay injunction
remains, opponents say costs ‘relatively modest’

Land Company would ueake as
a result of the injunction’s con-
tinuation were minor.

They alleged: “Even if the:
development were lawfully:

permitted to proceed, it is sub- .

mitted that in the context of a
planned $500 million, 10-year.

development, the costs arising
from delay would be relatively |.

modest.
“Further, it is clear frou the

(wholly unparticulariseéd) |
schedule of losses exhibited :.

with Mr Arenson’s:first affi-

~ davit...... that at least some
_ of these-costs would not in any
event be incurred were the
‘injunction continued (for.
example, the $65,000 sales |

expenses).”
The duo alleged: “It is. sub-

- mitted that the public interest

factors in the present case all.
‘point one way: the proposed °
‘development is not an infra-
- structure project of national

importance to the Bahamas;
the potential negative impact

-on the public interest if the

development, is senuunied to
continue is potentially highly

_ significant.”

The Save Guana Cay Reef
Association will be represent-
ed at today’s Privy Council

-hearing by Mr Adkin and Ruth
~ Jordan.:

Discovery Land Company
will be represented by Michael

- Beloff QC, David Pievsky and

Michael Barnett of Graham,
Thompson & Co.
The Government respon-

Major as Gini Secretary,
the Treasurer, and the Prime

Minister as the minister

responsible for crown lands -
are being represented by
James Dingmans QC and Leif
Farquharson from the Attor-
ney General’s Office.

In his affidavit, Mr Arenson

.said-it was incorrect for the |

Association to imply that the
Government was ‘giving away’

SEE page 5B



syndicated Content



Copyrighted Matera



Available from Commercial News Providers

TIGER Woods, a major investor in
the $1.4 billion high-end, luxury residen-
tial Albany project proposed for south-
western New Providence on Sunday
became the youngest player to notch up
50 wins on the PGA tour.

Three weeks away from the 10- -year

anniversary of his pro debut, Woods
became the seventh player - and the
youngest by three years - to hit the half-

century mark in PGA Tour victories with

his success at the Buick Open.
Woods is an investor in the Bahamas-

“based Albany project: alongside fellow

golf professional, Ernie Els, and the Tavi-
stock Group, the holding company for
the worldwide investments made by
Lyford-Cay resident and billionaire, Joe
Lewis.

Albany has been projected to inject a
cumulative $1-billion in extra gross

“domestic product (GDP) into the

dents in the case - Wendell

Bahamas investor hits new milestone

Bahamian economy over its first 12 years

of existence, creating a total of 1100 jobs

once it becomes fully operational.
The developers are currently negoti-
ating a Heads of Agreement with Prime. '

Minister Perry Christie’s government,

and are hoping to:siiccessfully conclude
talks soon so they'can meet an autumn
timeframe to begin construction.

The economic impact assessment, con-
ducted in conjunction with the Govern-
ment, had shown that Albany would
generate 700 permanent, full-time jobs. A
further 400 “indirect and induced” jobs
would be generated from entrepreneur-
ial ventures and other spin-offs.

The economic study had also, shown
that the Albany Project would generate
$400 million in property taxes for the

SEE page 3B
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a ‘need to know’ b

THE term ‘knowledge is
power’ is very accurate in the
corporate world, as informa-
tion is key to keeping ahead
in the game. But two questions
stick out for me. First, “what is
there td know”, and then:
“who needs to know?”.

The first question asks the
executive what type of infor-
mation exists in the market-
place about their company.
The latter asks who is looking
at the information, and what
are they looking at or looking
it up for. Well, let us investi-

gate the side effects of doing

business, which is exposure,
__ and what or who we are being
_ exposed to.

-. Doing business requires

putting oneself in the limelight,
the positive side of which is
called marketing or publicity.
Both are powerful tools when

-, speaking of the company’s

products and success stories.
We are bombarded everyday
by ads and news stories of how
this product or service is better
that the next, and how compa-
ny A has experienced a cer-
tain percentage of growth dur-
ing a particular quarter.

Not to mention the Internet,

eae UBS -

PAGE 2B, WEDNESDAY, AUGUST 9, 2006

especially search engines
which, in my opinion, should
be labelled: ‘How to find any-
thing for Dummies’. By typing
in key words and phrases, you
can find out almost anything
on any company. Is this a prob-
lem? Isn’t much of the infor-
mation a company has not
intended for public disclosure?

Disclosed

Some information must be
disclosed as a matter of law,
and is actually public record.
The issue, as many of you
would agree, is the second
question: “Who needs to
know?”. Today, even in the
smallest business unit, it is
understood that not everyone -
even those holding higher posi-
tions in the company structure
- do not really “need to know”
all of the information that is
being protected. To better
appreciate this concept, we
have all since September 11,
200, been educated about ter-
rorist operations and have

heard the terms ‘cell’ being ~

used. In a terrorist cell (unit,
group, division), the members
of that cell are only provided

BUSINESS

with a limited amount of
knowledge about the activities
of the overall terrorist organi-
sation of which that cell is a
small part. In the event of their
arrest or capture, even if the
individual wanted to cooper-
ate with authorities, that per-

_ son does not have knowledge

that would be particularly
damaging to the overall organ-
isation.. This is ‘the need to
know’ principle, also known as
‘compartmentalisation’.
When we look at best prac-
tices and benchmarking, we
see that this type of organisa-
tional behaviour is critical to
‘Keeping our secrets, secret’.
For example, the vice-presi-
dent for marketing may be
high up in the company hier-
archy, but does not ‘need to
know’ the details about an
employee’s confidential health
records in order for them to
fulfill their duties. This sepa-
ration is important because it
makes it more difficult for
unauthorised persons to get a
clear picture of the company’s
intentions and business plans.
Thus, we see the need for
well-established internal con-
trols.as it pertains to informa-

tion sharing, which cannot be
limited to the IT Department.
Really, IT or information
stored on.a computer has its
origin as some idea or concept
that gets discussed in meetings
where hard copy notes are tak-
en. We must then realise that
security of information begins
long before you secure it on
you personal computer. So,
just how do we begin this
process, which obviously
becomes a task of educating
client personnel on how to
implement and maintain it,
rather than the consultant hav-
ing extensive access. to the
information itself.
Michael Miner, a senior
associate in Kroll Schiff &

‘Associates, suggests the fol-

lowing categorising of infor-
mation

I. PERSONNEL CONFI-
DENTIAL - These are the
portions of employee records
that are to be protected against
general disclosure.

2. BUSINESS CONFI-
DENTIAL -— Generally, this
would be information that is
not subject to the Trade

\

THE TRIBUNE

ASIS





Safe
Secure



Secrets Act but that does have
commercial value to competi-
tors.

3. SPECIAL CONTROLS -
A description for this class

might include that it is of sig-

nificant economic value to the
holder, and would include
ideas that may be at a stage of
development. ,

4. SECURITY SENSITIVE ©

— Information that could be
used to compromise or cir-
cumvent security measures of a
company needs particular care.

As with any security pro-
gramme, the parameters must

be tailored to that particular.

UBS

company, and when dealing
with information the particular
culture of a firm must not be
overlooked.

NB: Gamal Newry is the
president of Preventative Mea-
sures, a loss prevention and
asset protection training and
consulting company, specialis-
ing in Policy and Procedure
Development, Business Secu-
rity Reviews and Audits, and

Emergency and Crisis Man- .

agement. Comments can be
sent to PO Box N-3154 Nas-
sau, Bahamas, or e-mail:
info@preventativemeasures.ne
t or visit us. at www.preventa-
tivemeasures.net

UBS (Bahamas) Ltd., a leading global wealth manager, is ;
seeking: an experienced professional to join their team as UBS (Bahamas) Ltd., a leading globai wealth manager, 5 -

or ao Ltd., a. lacing gente wealth manager, is
seeking an experienced professional to join their team.as

Reconciliation Manager

Portfolio Specialist. , dliatinn Cranial!

see a ciate 3 Reconciliation Specialist

The main tasks of this position are: The main tasks of this position are: phen RET EY ngatte eaves

= Monitor and implement global investment templates and. The main tasks of this position are.
systems for wealth management:clients;

' Execute trades and contro! procedures for portfalio.
managed client base across fixed- “income, equity:and FX:
markets;

Implement Portfolio’ Management policies, procedures.
from head office;

Market portfolio management services to prospective and:
current clients.

" mee astnall team;
» Reconcile cash positions on a daily basis;

* Reconcile securities positions on a daily basis;
* Follow up open reconciliation items;
« Escalation of open items.

In order to meet our requirements all aus must

: possess:
in ofder to meet our requirements‘all applicants must
possess:
» Several years experience in portfolio management or
product specialist function in a wealth management.
context;
Degree in finance or economics, further ed ucation is a
plus (é.g. Series’ 7 or CFA}?
Foreign Language skills (Spanish and/or Portuguese)
preferred;
» Strong analytical skills;
= Team player.

® Strong communication skills;

® Knowledge of the Securities Industry;

» Knowledge of Treasury Industry;

» Knowledge of SWIFT standards Is.a plus;

Kriowledge of Tre: « Proficient in MS Office Applications.

Sur Yi
+ Knowledge of wi standards isa plus;
r ations, Please send yout written application before August 10 to:
BS | in Finance, Accounting or the equivalent | is a plus. :

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

_ Nassau, Bahamas

Please send your written application before August 10 to: r written application before August 10 to:
‘UBS (Bahamas) Ltd.

Human Resources

P.O. Box N-7757

Nassau, Bahiamas:







) ‘Colin

Financial Rae te itd.

eb ie



Bis

Pricing Information As Of: ‘

52wk-Hi 52wk-Low Symbol - Previous Close Today's Clase Change Daily Vol.
Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings ©
Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Kerzner International BDRs

Last Price Weekly Vol

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)
0.20 RND Holdings

13.00 Bahamas Supermarkets
0.35 RND Holdings

Yield %
1.298262"
2.9038***

_ 2.391480**
1.182038****

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

BISX ALL SHARE INDEX - 19 Dec 02 = 1,

52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity *-14 July 2006
Previous Close - Previous day’s weighted price for daily volume Last Price - Last traded over-the-counter price
Today's Close - Current day’s weighted price for daily volume Weekly Vol. - Trading volume of the prior week ** - 31 May 2006

Change - Change in closing price from day to day EPS $ - Acompany’s reported earings per share for the last 12 mths

Daily Vol. - Number of total shares traded today
DIV § - Dividends per share paid in the last 12 months
price divided by the last 12 month eamings

NAV - Net Asset Value *** - 30 June 2006

N/M - Not Meaningful


THE TRIBUNE

BUSINESS

WEDNESDAY, AUGUST 9, 2006, PAGE 3B



CDB: Management of public works
projects needs strengthening

@ By NEIL HARTNELL
Tribune Business Editor

MANAGEMENT of public sector cap-
ital works projects in the Bahamas needs
to be strengthened, the Caribbean Devel-
opment Bank (CDB) has warned, espe-
cially in the level of co-ordination between
the Ministry of Finance and other min-
istries.

In its review of the Bahamian econo-
my during 2005, the CDB said: “There is a
need to strengthen public sector invest-

Bahamas, particularly as it relates to
improving co-ordination between the Min-
istry of Finance and executing agencies,
and also in improving the institutional
capacity of key ministries.

Assistance

“Specifically, assistance is required in
the areas of project planning, design, eval-
uation and oversight functions to boost
project execution and portfolio manage-
ment.”

management of public sector infrastruc-
ture was crucial due to the Government’s
“budgetary constraints” and fiscal objec-
tives, resulting from its intentions to
reduce the fiscal deficit and the ratio of
national debt to GDP.

In the review, the CDB added that
attempting to reduce the national debt
“to more sustainable levels” over the
medium term, and rising public sector
wages, made it “essential that implemen-
tation issues be addressed now to ensure
maximum efficiency and impact of pro-
jects”.



ment programme management in the

The CDB said the need to enhance



‘One stop shop’ call for
Bahamian entrepreneurs

@ By CARA BRENNEN
Tribune Business
Reporter

THE formation of a “ one
stop shop” for Bahamian
entrepreneurs would be a
strong asset for the country, a
report from the Caribbean
Development Bank (CDB)
said.

According to the CDB,
although the Bahamas has a
sophisticated private sector
there is scope for further devel-
opment.

It said one-area in which
assistance may be needed is in
facilitating business establish-
ment and development.

Specifically, the CDB felt.

there needed to be a greater

awareness of the support ser-

vices provided by both the

Bahamas
investor
hits new
milestone
FROM page 1B

Government during its first 12
years’ in existence, with the $1
billion GDP impact over the
same timeline coming from

both the construction and.

operational phases.

In 2017, the Albany Project
is expected to generate $67
million in annual GDP from
ongoing operations alone,
according to the economic
impact assessment.

The Albany development
will include 300 single family
homes, a “cottage component”
and apartments located around
a marina.

The price range for the prop-
erties will lie between $2 mil-
lion and $20 million, with the
average around $3-$4 million.
The total value of the Albany
Project’s “home products” will
lie between $1.2 billion and
$1.5 billion.

The Tribune wants to hear
from people who are
making news in their

public and private sector, so
that businesses knew where to
access the required services.

“In this regard, the forma-
tion of a one-stop-shop pro-
viding a range of services to
address the needs of business-
es from start-up to further
business developments could
assist the private sector and,
in particular, small business-
es,” the CDB said.

The. availability of financing |

for small and medium-sized
enterprises was also a concern.

The CDB said that to some
extent, difficulties in obtaining
financing may reflect the lim-

ited viability.of the venture or

inadequate preparation of
business plans, and assistance
in business development ser-
vices could help. ~

The CDB said Bahamian

business persons did feel that
commercial banks were risk
averse to lending for small
business development, partic-
ularly in an environment char-
acterised by heightened mort-
gage.construction activity .
The CDB acknowledged the
$2 million set aside by the
Government’s venture capital
fund, which is designed to sup-
port business development, but
said financial constraints still
exist, particularly within tradi-
tional lending institutions.
The need for capital for
Bahamian entrepreneurs is of
critical importance to the Min-
istry of Financial Services and

Investments, particularly-as:

many feel the Bahamas Devel-
opment Bank - created for just
that purpose - has fallen down
on the job.

OFFICE SPACE AVAILABLE
PERFECT FOR ATTORNEY:

Rent includes the following:

* Electricity

* Water

* Generator

* Receptionist
* Kitchen and

* Cleaning

* Security

* Parking

* Use of two
conference rooms

Bathroom Supplies * Use of Law Library



‘To arrange viewing please call: 394-5145

The Embassy of the United States in Nassau, The Bahamas |

has launched via the internet, a solicitation to require op-
eration and management of Local Guard Services for the
U.S. Embassy Nassau, and the Frederal Inspection Station
(FIS) Pre-Clearance Unit, Freeport, Grand Bahama, The
Bahamas. The contractor shall furnish mangerial, admin-
istrative and direct labor personal to accomplish all work
as required in this contact. The estimated number of hours
for guards is 153,833 per year. Performance is for a one
(1) year base period and four (4) one-year periods. Major
duties and responsibilities are to perform accesss control
to limit entry only to authorized personnel or visitors, the
operation of walk-through metal detectors, hand-held de-
tectors and special monitoring devices.

All responsible sources may submit an offer, which shall
be considered. The government has issued the solicitation
on the FEDBIZOPFPS site at www.fedbizopps.gov This
requirement will be issued only via the internet. No hard
(paper) copies will be mailed. Once on the FEDBIZOPPS
website, Click on “Vendors” button under browse

agencies, choose “STATE”,

scroll down to “Western

Hemisphere Posts”, double click on “locations”. You

Last week, director of
investments, Basil Albury,

announced the appointment of

Paul Major to serve as an advi-
sor to,the Domestic Invest-
ment Board. -

Part of his mandate will be
to ensure that Bahamians have
the same red carpet rolled out
to them as foreign investors,
and that they are given viable

. avenues to secure capital.

Brian Nutt, the president of
the Bahamas Employers Con-
federation (BECon), pointed
to the need for a single body to
aid Bahamian investors.

Mr Nutt said that in his opin-
ion there was no need for two
separate Investments Boards
- a domestic board and a for-

SEE page 4B






IALSBURY.

2 +c

CHAMBERS

Counsel and Attorneys-at-law
Notaries Public





Is seeking an ambitious

COMMERCIAL/CORPORATE

ATTORNEY
For its Nassau Office

Candidates with a minimum of five (5) years
experience must possess the skills and the
ability to work independently on various
commercial/corporate transactions.

ANDA

COMMERCIAL/LITIGATION

ATTORNEY
For its Exuma Office

Candidates must have at least five (5) years
experience and must have the skills and the
ability to work independently on varied
commercial/litigation matters.

Attractive salary and benefits are available to
the applicants with the right aptitude and skills. ’

Applicants should send resumes to:

THE MANAGING PARTNER
P. O. Box N-979, Nassau, Bahamas or
__ By facsimile (242) 393-4558 or
Email: info@halsburylawchambers.com

EMPLOYMENT OPPORTUNITY |

Offshore bank is looking for a Compliance
me Risk Management Oia



Small financial institution is looking for a Compliance and
Risk Management Officer to join its select team of professionals.
The appropriate candidate will have several years experience
within a compliance and/or risk management function, and
be conversant with local and international laws and regulations.

Responsibilities will include:

- Maintain a comprehensive understanding of local laws
and regulations regarding the financial services industry

- Develop and maintain policies and procedures in
accordance with local laws and regulations

- Establish effective monitoring and reporting programs
for policies and procedures

- Ensure proper documentation is collected and accurately

recorded

- Carry out regular and ad hoc reviews of activities

- Develop, monitor and report on key risk indicators

- Provide recommendations for improvements to risk
management process

- Report to Executive Management and Board of Directors

Minimum qualification: LLB, ACIB, CPA, BACO or similar
designation is preferred.

Salary will be commensurate with experience. Bahamians or
persons with Bahamian residency status only need apply.
Interested candidates should forward a copy of their resume

to:

c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas

will locate all documents related to this solicitation under
American Embassy Nassau, The Bahamas. Questions can
be addressed to Karen Wiebelhaus, Contracting Officer by
phone: (242) 322-1181 ext. 4415, or by FAX (242)
328-7838 or at wiebelhauskk @state.gov

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.

Only persons being HCCI for this position will be
contacted.


‘4 he would like Bahamian
| investors to have the same




| arate, he would like the



PAGE 4B, WEDNESDAY, AUGUST 9, 2006

iy Only three Colina

reye

THE TRIBUNE





ae CONditions not met

FROM page 1B

call

FROM page 3B

perial.

Regulators had also har-
boured some concerns over
director independence, Mr
Braithwaite said, as two Board
members had outstanding
loans from Imperial Life when
the firm was acquired.

Those directors had been
asked to make aiiernative
arrangements, and one had
already refinanced their loan,
while the other was working
towards that goal.

Terry Hilts, Colina Holdings
(Bahamas) chairman, said yes-
terday: “The regulators have
no significant issues as to
where we are with the 21 con-
ditions. We are substantially
in compliance in terms of sat-
isfying those conditions.”

Acting

KMPG (Bahamas), acting
on behalf of the financial ser-
vices regulators, last year con-
ducted a review of Colina
Holdings (Bahamas) compli-
ance with the 21 conditions,
the way in which the Imperial

eign board. He said that
what often happened to
Bahamians seeking
approvals from the Board
was that they were sent
from one government min-
istry or agency to another,
seeking different approvals.

Once they reached a
stumbling block at one min-
istry, it was difficult to get
approvals from the others.

Therefore, Mr Nutt said

ease as foreign investors by
being able to work with one
body.

He added that if the
Boards were to remain sep-

Domestic Investment
Board to operate as a statu-
tory body, rather than an
advisory one, as in the latter
capacity it can only make
recommendations, not
effect change.





Notice

NOTICE is hereby given that WILLIAM DEJEAN, WINSOR

-} LANE, 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 9th

’ | day of August, 2006 to the Minister responsible for Nationality



and Citizenship, RO.Box N- 7147, Nassau, Bahamas.



Notice



] NOTICE is hereby given that SHERLINE FILIUS, SAVANNAH
} SOUND, ELEUTHERA, BAHAMAS, is applying to the Minister

responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed

of statement of the facts within twenty-eight days from the 9th

‘| day of August, 2006 to the Minister responsible for Nationality

and Citizenship, P.O.Box N- 7147, Eleuthera, Bahamas.

\

Notice

NOTICE is hereby given that RODNEL SALNAVE, HANSTER




| RD., CARMICHAL RD, 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 2nd day of AUGUST, 2006 to the Minister
responsible for Nationality and Citizenship, RO.Box N- 7147,
Nassau, Bahamas.

Notice

NOTICE is hereby given that RICHARD GORDON, P.O.BOX

| SB 51601, SEVEN HILLS ESTATEES, NASSAU, BAHAMAS, |
i is applying to the Minister responsible for Nationality and
| Citizenship, for registration/naturalization asa citizen of The

| Bahamas, and.that any person who knows any reason why

registratian/ naturalization should not be granted, should send
a written and signed statement of the facts within twenty- -

| eight days from the 9th day of AUGUST, 2006 to the Minister
; responsible for Nationality and Citizenship, PO.Box N- 7147,

‘| Nassau, Bahamas.

NOTICE

NOTICE is hereby given that GAIL RENATTA BUDHU OF
CARMICHAEL ROAD, P.O. Box CR-56170, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as

1 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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.

NOTICE



| NOTICE is hereby given that STEPHEN DALLAS BUDHU

‘ | OF CARMICHAEL ROAD, P.O. Box CR-56170, 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 2ND day of AUGUST,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



Life deal was financed, the fir-
m’s internal controls, and its
financial performance and inte-
gration.

Version

The Tribune understands
that the final version of the
KPMG report is with the reg-
ulators, chiefly the Securities
Commission and Registrar of
Insurance, but Mr Braithwaite
yesterday said he did not know
if the company. would see a
copy. ne
The KPMG review cost Col-
ina Holdings (Bahamas) and
its shareholders $642,000 in fis-
cal 2005, and if the review is
complete and no further costs
are incurred by the company,
that'sum together with the
funds spent on the Option to
Leave programme could flow
to the bottom line, providing a
$1.3 million net income boost.

Mr Braithwaite said Coli-
nalmperial’s main objective
now was to rationalise its prod-
uct portfolio, the company hav-
ing been formed through three

CC

SMI

acquisitions over a four-year
period.

While all Imperial Life poli-
cies had been converted on to
a new software platform, which
will be used for all new policies
sold going forward, Mr Braith-
waite explained that the com-
pany was still assessing the
potential costs if it wanted to
transfer former’ Canada Life
and Colina/Global policies
from their respective technol-
ogy platforms.

Colinalmperial was working -

to train its staff to handle all
the different legacy policies
and technology platforms,
moving to standardise items
such as the deductibles charged
on all group health policies.

Health.

On group health, Mr Braith-
waite said Colinalmperial had
retained the services of a new
actuary to rationalise the num-
ber of different plans offered
from 13-14 to about three.

He added that the reduction
in group health plan variations



was targeted for completion in
January 2007, and it would
take a further 12 months to
implement as group ‘health
policies became renewable
through the next 12: months.

President

The ColinaImperial presi-
dent added that the company
should be finished “by the end
of the month” on its planned
call centre to deal with calls
relating to group health pre-
miums.

Staff in the call centre will
be able to receive calls from
doctors and pharmacies, and
use the Internet to assess what
policies and deductibles are
involved.

Mr Braithwaite said this was '

likely to enhance customer ser-
vice and reduce complaints. He
added that Colinalmperial’s
new conservation department
would “go a long way to avoid
people churning policies”, the

- . firm having increased the time

for when a policy could be re-
written from 13 months to 24
months. 5

Colina Holdings (Bahamas)
net income for the 2006 first
quarter had risen to $1.474 mil-

_ lion, compared to $1.338 mil-

lion in the 2005 comparative
period, with net settled premi-

ums currently up 50 per cent
over last year.

The company said its Board
of Directors hoped to start
declaring dividends again this
year, with its second quarter
and half year results likely to
play a key role in any decision.

Another factor is likely to
be ColinaImperial’s Minimum
Continuing Capital and Sur-
plus Requirement (MCCSR),
which stood at 161 per cent on
December 31, 2005, a rise of 8
per cent on the previous year
and above the minimum rec-
ommended 150 per cent.

ColinaImperial is still seek-
ing to sell its former Village
Road office and the old
Dominion property on Collins
Avenue. A potential sale of
Village Road to rival Family
Guardian Insurance Company
fell through earlier this year,
but the company has decided
to keep the former Canada
Life head office on Rosetta
Street.

Seeking

Mr Braithwaite said Coli-
naImperial was seeking to
reduce its administration costs
per policy to about $30 from
$45, and was looking at setting .
up satellite offices in Exuma
and the Turks & Caicos.

Tam Cy Nd
Tribune - the #1 newspaper



Notice

NOTICE is hereby given:that CLAREL WILLIAM, WINSOR
LANE, 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 9th
day of August, 2006 to the Minister responsible for Nationality
and Citizenship, RO.Box N- 7147, Nassau, Bahamas.



NOTICE |

NOTICE is hereby given that CARLINE JOSEPH, PRINCE
CHARLES DR., 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 29th day of JULY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
| Bahamas.

‘NOTICE

IN THE ESTATE OF DANIEL MORLEY late
of Matthew Town, in the island of Inagua, one of
the islands in the Commonwealth of The
Bahamas, Deceased.

NOTICE is hereby given that all persons having
any claims or demands against the above-named
Estate are requested to send the same duly certi-
fied to the undersigned on or before Friday the

| 18th day of August 2006 after which the Personal
Representative will proceed to distribute the as-
sets of the Deceased among the persons entitled
thereto having regard only to the claims of which
the Personal Representative shall then have had
notice.

AND NOTICE is hereby also given that all per-
sons indebted to the said Estate are requested to
make full settlement on or before the date herein
before mentioned.

CASH, FOUNTAIN
Attorneys-at-Law
P. O. Box N-476
Armstrong Street
Nassau, The Dahamas
Attorneys for the Personal Representative





tn circulation, just call —
322-1986 today!



ROYAL BANK OF CANADA CAPITAL MARKEPS._,
is presenthconsiderurg applications for:









Securities Finance
Administration Manager — GAT
(Global Arbitrage & Trading) —

The successful candidate should possess the following

qualifications:

¢ 10 to 15 years Equity Finance Experience

e Experience of working in Asian and European locations

® Microsoft Office/Bloomberg Proficiency

© Strong Organizational & Accuracy skills

e Ability to follow up and promptly escalate issues

e Ability to be extremely aware of time limits

¢ Ability to work under pressure

e Ability to work to tight deadlines in a high volume |
environment ;

© Strong commitment to Quality and Excellencé

¢ Communication skills - written and verbal

© Meticulous attention to detail

Job Description
Global Arbitrage & Trading, the proprietary equity trading
desk within Royal Bank of Canada Capital Markets, is

‘ currently looking to recruit a senior securities finance
trader responsible for the trading and borrowing of Securities
Finance positions and related collateral. The role requires
detailed understanding of Securities Lending and Equity
Swap business taking into consideration tax, legal and
credit issues and an acute awareness of the time critical
and complex nature of the Securities Lending environment.
An ability to work under pressure and to tight deadlines
in a high volume environment is essential. The role also
requires extensive liaison with Global trading desks and
Hedge funds and experience of working in Asian, European
Equity markets.

Tasks & Responsibilities

© Trading and Daily review of all stock lending/borrowing
and collateral exposure.

® Ability to generate and implement innovative new trading
structures.

© Profit & Loss reconciliation

® Daily dialogue with extensive client base

.A competitive compensation package (base salary & bonus)
will be commensurate with relevant experience and
qualifications.

Please apply before July 22, 2006 to:

Daniel Rosenbaum

Global Arbitrage & Trading
Royal Bank of Canada
Lyford Manor, Lyford Cay
P.O. Box N-7549, New Providence, The Bahamas
Via fax: (242)362-6441

Via email: bahcayjp@rbc.com



me 1:1e
8 Capital

RBC Markets
--.- vate land,”
'-" alleged.

' 15, 2006, 80,Guana Cay. resi-.

THE TRIBUNE

WEDNESDAY, AUGUST 9, 2006, PAGE 5B



Association
disputes

developer’s

$440k costs

FROM page 1B

Crown and Treasury Land to
the development, rather than
“that there will be a grant of
ete leases on commercial
term

He alleged that although the
Heads of Agreement referred
to 105 acres of Crown Land
and 43 acres of Treasury land
being used in the development,
“the present negotiations with

--' the’ Government involve
_-- acreage of a much smaller

amount of Treasury land”.
‘The works to date have

been substantially on the pri-

Mr Arenson

The issue of Crown and
Treasury land has been a sore
point for the Association. In
an affidavit responding to Mr
Arenson’s, Troy Albury, its
president and director, alleged
that because no leases had
been executed, “I do not
understand on what legal basis
the developers can be under-
taking works on Crown and
Treasury lands”.

He also hit out at Mr Aren-
son’s allegation that on July

dents wrote.to the Associatio ‘

Government.

In his affidavit, Mr piveon
disputed the Association’s alle-
gation that its rights and the
environment would suffer
“substantial irreparable dam-
age” if the project was allowed
to continue.

But an affidavit filed in sup-
port of the Association by Dr
Michael Risk, a professor of
biology and geology with
McMaster University in Cana-
da, said there were “extremely
serious deficiencies” with the
development’s Environmental
Impact Assessment (EIA).

Review

Asked to.conduct a review
of the EIA by the Association
in 2004, he said: “At that time,
I outlined several extremely
serious deficiencies in the EIA,
where aspects of the develop-
ment that could develop into
full-blown environmental cat-
astrophes had been handled
badly, or not at all.

“J underlined problems with
the marina dredging, runoff of
nutrients from the golf course
(I dove a lovely fringing reef
no more than 20 yards from
one of the proposed holes),
and emphasised that there

_were grave problems Chae the .
nar niterin

“asking it to stop misreprey Sia

senting the community” in the »

battle against the development.

Mr Albury responded by.
-’ denying it had received any

written or other requests of
that nature, pointing out that
the Association had delivered
a petition with 170 names
against the development to the

M&E Limited

the island is‘much closer to the
surface than previously esti-
mated. This means that any
wastewater discharge, and all
the fertilizers, herbicides and
pesticides used on the pro-
posed golf course {or as part

of the preparations of the’







development), will be on the
reef in a matter of hours.

“It appears that the devel-
opers have already removed
substantial areas of topsoil,
which means that any sub-
stance with an environmental
impact (oil, fertilizers, pesti-
cides, etc) will simply pass
straight into the reef, destroy-
ing it.”

In their application to over-
turn the Privy Council injunc-
tion on continuing work at
Great Guana Cay, Discovery
Land Company is arguing that
the issue raised no “far reach-
ing” question of law or matter
of major public importance
that would allow the Associa-
tion to directly appeal to the
Privy Council.

The Association had sought
special leave to appeal to the
Privy Council after this was
refused by the Court of Appeal
on June 28, 2006.

The Association had been
seeking to obtain an injunction
against the developers, after
the Court of Appeal relieved
them of their November 22,
2005, undertaking not to con-
duct any new work until the
Supreme Court delivered its
verdict on the merits of the
case.

s Carroll heard the substan-
tive issues_raised by the Asso-

‘Giation’s case in February 2006,
“but has yet.to deliver his ver-



dict.

In his affidavit; Mr Arenson
said: “I understand from our
Bahamian attorneys that infor-
mal intimations from the
Judge’s chambers about its
delivery have proved to be
false dawns.”

_As a privately-owned, mid-sized Bahamian
‘ Company and the authorized Caterpillar dealer
in the Bahamas, we are seeking candidates with
a newly acquired degree in Engineering. The
candidate should be a graduate with a Bachelors.
Degree in Mechanical/Electrical Engineering
and should be a professional who thrives on
the challenge of developing outstanding
customer relations and service excellence,

Having both academic and practical background
in mechanical/electrical concepts is an asset
but not mandatory. The successful candidate
will be afforded the opportunity to be trained
by Certified Caterpillar Technicians/Engineers.

Send complete resume with education and work
experience to M&E Limited, P.O. Box N-3238,
Nassau Bahamas, Attention President & COO,
or email me@me-ltd.com.

Only persons being interviewed for this
positions will be contacted. _



Supreme Court Justice Nor- “A
cS

COMMONWEALTH OF THE BAHAMAS. No. 1611/Cle/Qui/2004

IN THE SUPREME COURT

Common Law and Equity Division

IN THE MATTER OF All Those 4 pieces parcels or tracts of
land comprising 295.04 294-64 acres being part of 2 grants to
George Gray situate in the vicinity Northeast and Northwestwardly
of the All-age Public School in the Settlement of Gray's Long
Island, The Bahamas.

-: AMENDED NOTICE:-

THE AMENDED PETITION OF PAUL ANDREW WELLS of Tropical
Gardens, New Providence, AND DERAL BURTON WELLS of
Gray's, Long Island, The Bahamas, Trustees, in respect of:.(1) ALL
THAT piece parcel or tract of land comprising 14.62 acres originally
part of 500 acres granted to George Gray, deceased, and situate
in the Settlement of Gray's on Long Island in the Commonwealth
of The Bahamas bounded NORTHEASTWARDLY by Gray's
Landing and running thereon 1.830.22 feet SOUTHEASTWARDLY
by other portion of the 500 acres of land originally granted to the
said George Gray and running thereon 1,911.60 feet and
NORTHWESTWARDLY by the Sea and running thereon 773.96

_ feet which said piece parcel or tract of land has such shapes

boundaries marks and dimensions as shown on. Plan 242L1 on
record in the Department of Lands and Surveys in the City of
Nassau on the Island of New Providence in the Commonwealth of

' The Bahamas being designated as Parcel "A" and thereon coloured

Pink; (2)_ ALL THAT piece parcel or tract of land comprising 94.68
acres originally part of the said 500 acres granted to George Gray,
deceased, and situate in the Settlement of Gray's on Long Island

in the Commonwealth of The Bahamas bounded |

NORTHEASTWARDLY by other portion of the 500 acres of land

originally granted to George Gray and running thereon 4,398.26

feet NORTHWESTWARDLY by other portion of the 500 acres of

land originally granted to George Gray and running thereon 513.68

feet EASTWARDLY by Queen's Highway and running thereon
965.10 feet SOUTHWESTWARDLY by other portion of the 500

- acres of land originally granted to George Gray and running thereon _
1,382.07 feet SOUTHWESTWARDLY by Gray's Landing Road
and running thereon 3,602.28 feet and NORTHWESTWARDLY by
~ the Sea and running thereon 1,152.64 feet which said piece parcel ~
or tract of land has such shapes boundaries marks and dimensions ~

as shown on Plan 242L1 on record in the said Department of Lands
and Surveys in the City of Nassau being designated as Parcel "B"
and thereon coloured Pink; (3)_ ALL THAT piece parcel or traetef
land comprising 68.46 94.68 acres originally part of 500 acres -
granted to George Gray. deceased. and situate in the Settlement
of Gray's on Long Island in the Commonwealth of The Bahamas



bounded NORTHEASTWARDLY by land originally granted to the ©

Church of England and running thereon 1,534.49 feet
SOUTHEASTWARDLY by Boat Harbour Drive and running thereon

2.668.77 feet SOUTHWESTWARDLY by other portion of the 500 *

acres of land originally granted to George Gray and running thereon
450.57 feet and WESTWARDLY by Queen's Highway and running
thereon 980.70 feet which said piece parcel or tract of land has
such shapes boundaries marks and dimensions as shown on Plan
242L1 on record in the aforesaid Department of Lands and Surveys
being designated as Parcel "C" and thereon coloured Pink; and
(4) ALL THAT piece parcel or tract of land comprising 117.28
acres originally part of 314 acres granted to George Gray, deceased,
and situate in the aforesaid Settlement of Gray's on Long Island
and bounded NORTHEASTWARDLY by land originally granted to

the Church of England and running thereon 606.90 feet |

NORTHWESTWARDLY partly by lands originally granted to the

~ Church of England and partly by Boat Harbour Drive and running

jointly thereon 1.235.98 feet EASTWARDLY by a Public Road and
Red Pond and running thereon 2.421.99 feet SOUTHEASTWARDLY
by the Sea and running thereon 942.42 feet SOUTHWESTWARDLY
by other portion of the 314 acres of land originally granted to George
Gray and running thereon 3.332.36 feet SOUTHWARDLY by other
portion of the 314 acres of land originally granted to George Gray
and running thereon 1.618.86 feet and NORTHWESTWARDLY by
Boat Harbour Drive and running thereon 2.612.65 feet which said
which said piece parcel or tract of land has such shapes boundaries
marks and dimensions as shown on the aforesaid Plan 242L1 on

record in the Department of Lands and Surveys of the

Commonwealth of The Bahamas being designated as Parcel "D"
and thereon coloured Pink. PAUL ANDREW WELLS and DERAL
BURTON WELLS, Trustees. claim to be owners of the
unencumbered fee simple estate in possession of the aforementioned
land. The Petitioners have applied to the Supreme Court of The
Bahamas under Section 3 of the Quieting Titles Act. 1959, to have
title to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted in
accordance with the said Act. NOTICE IS HEREBY GIVEN that
any person having Dower or right to Dower or an Adverse Claim
or a claim not recognized in the Petition shall on or before the 9th
day of September. A. D.. 2006. file in the Supreme Court and serve
on the Petitioners, or the undersigned, a Statement of their claim
in the prescribed form verified by an Affidavit to be filed therewith.
Failure of any such person to file and serve a Statement of Claim
on or before the said 9th day of September. A.D.. 2006. will operate
as a bar to such claim. Copies of the plan filed in the action by the
petitioners may be inspected at:

1. The Registry of the Supreme Court, Nassau, Bahamas;
2. The Chambers of Miriam J. Curling & Co., Attorneys for
the Petitioners;
3. The Office of the District Administrator, Long Island,
The Bahamas.

DATED the 20th day of July, A. D., 2006.
MIRIAM J. CURLING & CO.
Norfolk House Annexe II.

Market Street.

Nassau. N. P., Bahamas.

Attorneys for the Pemone
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PAGE 6B, WEDNESDAY, AUGUST 9, 2006



PRICEVATERHOUSE(COPERS @



P.O, Box N-3910
Nassau, The Bahamas
Website: www.pwe.com

a E-mail: pwebs@jbs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Family Guardian Insurance Company Limited”

We have audited the accompanying balance sheet of Family Guardian Insurance Company
Limited (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
_Tesponsibility of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.

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

In our opinion, the financial statements present fairly, in all material respects, the financial
position of Family Guardian Insurance Company Limited 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.

| O sialelte Lee





Chartered Accountants
30 March 2006
@ Eckler Partners Ltd.

Consukants and Actuaries

APPOINTED ACTUARY’S REPORT

To the Board of Directors and Shareholders of Family Guardian Insurance
Company Limited

I have valued the actuarial liabilities and other policy liabilities of Family Guardian
Insurance Company Limited for its balance sheet at 31 December 2005 and the change in
‘thé Statement !of operations for. the:year ended:31, December: 2005:,inaécordance with
3 ey ‘tiéédpted aéulatial: pradtice inchiding:séléctionjof. appropriate dsstinptions and
i methods. tee O88 Fa te ise 11.5






In my opinion, the amount of the actuarial and other policy liabilities makes appropriate
provision for all policyholder obligations and the financial statements of Family Guardian
Insurance Company Limited fairly represent the results of the valuation.



Richard F, Labelle
Fellow, Canadian Institute of Actuaries
Fellow, Society of Actuaries

30 March 2006





BALANCE SHEET
AS OF 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

2008 2004
$ $
(Note 23)
ASSETS
Bank term deposits 5,527,939 8,605,180
Government bonds (Note 5) 21,593,317 18,547,721
Preferred shares (Note 5) 1,150,252 1,643,079
Investments in equities (Note 5) 6,336,293 5,776,325
Policy loans (Note 6) 9,307,321 8,767,495
Mortgage loans, net (Note 7) 57,241,228 50,778,037
Total investment assets 101,156,350 94,117,837
Cash and bank balances 1,728,889 1,087,245
Receivables and other assets (Note 8) 3,599,263 1,746,047
Premiums in arrears . 1,695,178 1,370,872
Property, plant and equipment, net (Note 9) _12,373,130 10,129,410
TOTAL ASSETS 120,552,810 108,451,411
LIABILITIES ;
Reserves for future policyholders’ benefits (Note 10) 76,518,778 67,542,055
Other policyholders’ funds (Note 11) 4,983,460 6,243,698
Policy liabilities 81,502,238 73,785,753
Payables and accruals 6,414,862 3,956,146
Total Liabilities 87,917,100 77,741,899
EQUITY
Share capital (Note 13) 1,707,462 1,707,462
Shares premium 11,401,314 11,401,314
Revaluation surplus 2,728,635 2,768,855
Retained earnings 16,798,299 14,831,881
Total Equity | 32,635,710 30,709,512
TOTAL LIABILITIES AND EQUITY 120,552,810 108,451,411

SIGNED AS APPROVED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:

Director Director

30 March 2006
Date

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

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

THE TRIBUNE BUSINESS



a LS

(Incorporated under the laws of the Commonwealth of The Bahamas)



STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)

snweneneninennintatntnntnanenmniannnantniinaniatnisiananmunnnannninimutmtmanttttttttitttttntiim,
STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED, 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)



2005 2004
$ $
(Note 25)

DIRECT PREMIUMS
Premium revenue
Premium ceded to reinsurers (Note 14)

51,793,949 - 46,661,084

(3,236,822) (3,559,994)

48,557,127

. Net premium revenue 43,101,090
Annuity deposits 6,592,793 4,091,091
Net premium revenue and deposits (Note 14) 55,149,920 47,192,181
Interest income 7,070,156 6,838,427
Dividend income 359,746 348,785
Change in unrealised appreciation on

investments in equities (Note 5) 949,358 748,161
Realised gain (loss) from investments
in equities (Note 5) 161,126 . (251,440)
Other operating income 479,914 470,749
Decrease in provision for inherent risk 381,293 -
Total income 64,551,513 55,346,863
BENERITS
26,412,536 24,993,833

Policyholders’ benefits (Note 15)
Reinsurance recoveries :

(2,182,872) (1,881,992)

24,229,664
9,133,864

23,111,841
6,441,124

Net policyholders’ benefits :
Increase in reserves for future policyholders’ benefits

33,363,528 29,552,965









EXPENSES
Commissions - 11,249,498 8,763,209
Operating expenses 14,072,047 12,867,837
Depreciation and amortisation expense 494,328 444,462
Bad debt expense 133,414 186,570
, 25,949,287 22,262,078 .
Total benefits and expenses 59,312,815 51,815,043
Net income 5,238,698 3,531,820
The accompanying notes are an integral part of these financial statements.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)
-. Share
Capital
(Note 13)
‘ $
Balance as of 1 January 2004 - » 1,707,462 >».
Transfer from revaluation!surplus::s ‘ VEBAS ie
Net income for 2004 -
Dividends declared and paid - ordinary shares
($1.30 per share) -
Balance as of 31 December 2004 1,707,462
Balance as of 1 January 2005 - 1,707,462
Transfer from revaluation surplus -
Net income for 2005 :
Dividends‘ declared and paid - ordinary shares
($1.94 per share) :
Balance as of 31 December 2005 1,707,462

The accompanying notes are an integral part of these’ financial statements.



NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005

2003 a
(Note 23)
CASH FLOWS FROM OPERATING ACTIVITIES F
Net income 5,238,698 3,531,820
Adjustments for:
Depreciation and amortisation (Note 9) 494,328 _ 444,462
Change in appreciation on investments in equities (Note 5) (949,358 (748,161)
Realised (gain) loss from investments in equities (Note 5) ee) 251,440
Recovery of investment provision (50,000) -
Loans written-off, net of recoveries (71,799) (25,000)
Change in mortgage/investment provision (248,528) 105,863
Reserve for policyholders’ benefits 8,976,723 6,016,238
Interest income ‘ (7,070,156) (6,838,427)
Dividend income (359,746) (348,785)
Operating profit before working capital changes. 5,799,036 2,389,450
(Increase) Decrease in operating assets °
Receivables and other assets (1,884,573) 1,463,309
Premiums in arrears (324,306) (282,151)
(Decrease) Increase in operating liabilities
Payables and accruals 2,458,716 (1,572,104)
Other policyholders’ funds (1,260,238) 50,463
Net cash provided. by operating activities 4,788,635 2,048,967
‘CASH FLOWS FROM INVESTING ACTIVITIES
Policy loans (527,393) (511,483)
Proceeds from redemption of preferred shares 533,334 283,333
Purchase of property, plant and equipment (Note 9) (2,738,048) (400,299)
Proceeds from maturity of bank term deposits .
greater than three months 1,429,631 -
Placement of bank term deposits greater than three months (519,432) (1,019,631)
Net mortgage loans issued (6,178,936) (978,254)
Purchase of Government bonds (3,038,300) (1,084,100)
Purchase of equities (Note 5) (329,114) (500,000)
Proceeds from sale of equities (Note 5) 879,630 44,220
Interest received ; 7,127,349 6,763,949
Dividends received 359,746 348,785

= S59, 7A6 i: 348,785,
Net cash (used in) provided by investing activities (3,001,533) 2,946,520
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (3,312,500) __(2,216,250)

(3,312,500) (2,216,250)

Net cash used in financing activities

Net (decrease) increase in cash and cash equivalents (1,525,398) (2,779,237)
Cash and cash equivalents at beginning of year 7,262,794 4,483,557
Cash and cash equivalents at end of year 5,737,396 7,262,794
Comprised of:
Cash and bank balances 1,728,889 1,087,245
Short-term bank deposits 4,008,507. 6,175,549
5,737,396 7,262,794
Share Revaluation Retained
Prentium Earnings Total
$ $ $ ‘ $
S008 AY 4OL,B14 065066 -2,809,075. 13,476,091: 29,393,942
-go,220)" "40,220 Mm
- - 3,531,820 3,531,820"
: - 2,216,250 2,216,250
11,401,314 2,768,855 14,831,881 30,709,512
11,401,314 2,768,855 14,831,881 30,709,512
- (40,220) 40,220 s
- ae 5,238,698 5,238,698
; - (3,312,500 (3,312,500
11,401,314 2,728,635 16,798,299 32,635,710



1. INCORPORATION AND ACTIVITY

Family Guardian Insurance Couper: Limited (the Company), is incorporated under the laws. of the
Commonwealth of The Bahamas, sells life and health insurance and is a wholly-owned subsidiary of FamGuard
Corporation Limited (FamGuard), also incorporated in the Commonwealth of The Bahamas.

The registered office of the Company is situated at the offices of E. Dawson Roberts & Co., Parliament and Shirley
Streets, Nassau, The Bahamas.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ae

‘The significant accounting policies applied in preparation of these financial statements are set out below.
policies have been consistently applied to all the years presented, unless otherwise stated.

(@ BASIS OF PRESENTATION

‘The financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS). The Company has adopted accounting policies for the computation of reserves for
future policyholder benefits on life insurance and annuity contracts which comply with the Canadian
Asset Liability Method (CALM). As no specific guidance is provided by IFRS for computing reserves for
future policyholder benefits, management has judged that CALM should continue to be applied. The
adoption of IFRS 4 — insurance contracts, permits the Company to continue with this scone polic:
The financial statements have been nt under the historical cost convention, as modified by the
revaluation of freehold land and buildings, and financial assets at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
Ganan accounting spas ‘The areas involving a highet degree of judgement or complexity or areas
where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
A summary of the changes significantly affecting the Company is set out below. :

(i) Introduction of IFRS 4 — Insurance Contracts

The changes introduced by IFRS 4 affected the Company's financial statements presentation, disclosure
and measurement in the following ways:
© ‘The effect of reinsurance on all insurance assets, insurance liabilities, insurance revenue and insurance
benefits are either presented separately or disclosed in the notes to the financial statements. Up to 31
December 2004, the Company did not present separately or disclose effects of reinsurance on reserves for
future policyholders’ benefits, on the benefit for the increase in reserves for future policyholders’ benefits,
and on the provision for uneamed premiums. This change affects the reported amounts for assets and
liabilities respectively. ‘
The accounting policies for insurance contracts are more fully described in Note 2 (p).'The Company has
made no significant change in the measurement of its issued insurance policies.

The insurance risks of the Company are more fully described in Note 4.

‘The techniques used to value reserves for future policyholders’ benefits are more fully described in Note
10, the analysis of tomeepes in the reserves for future policyholders’ benefits is provided in Note 10, and
sensitivity analysis on the reserves for future policyholders’ benefits is provided in Note 10. ‘
(ii) Changes to LAS 1 — Presentation of Financial Statements

The revision to these standards affected the Company's financial statement presentation and disclosure by
creating a note entitled “critical accounting estimates and judgements” is induded.

(iii) Changes to LAS 24 — Related party disclosures
The revision to this standard have affected the identification of related parties to include key management
personnel, and consequently the disclosures are made.
In 2005, the ae adopted all new and revised IFRS Standards relevant to its operations, which is

effective for periods beginning on or after 1 January 2005. The adoption of the new and revised IFRS
Standards had no material effect on the Company's accounting policies, except as otherwise disclosed.

(b) RESERVES FOR INSURANCE CONTRACTS
‘The teserves for insurance contracts in force at the balance sheet date are calculated according to principles
determined by the Company's appointed actuary.
‘The Company calculates its liabilities for individual life insurance policies using the Canadian Policy
Premium Method (PPM) with effect from 1 January 2003. The calculation of these policy reserves is based
on assumptions as to future rates for mortality and morbidity, investment yields, mortality, policy lapse
and expenses, which contain margins for adverse deviations.
Liabilities for deferred annuity policies are computed as the value of accrued invested funds. Reserves for
immediate payment annuities are equal to the present value of future benefits.
Claim reserves for group health policies are estimated from incurred claims and the history of
prior claim payments.

Liabilities for other short-term health policies renewable at the option of the Company are recorded as
uneamed premiums plus a contingency reserve for daims.

(PROPERTY, PLANT AND EQUIPMENT

Freehold land and buildings are shown at fair value, based on periodic, but at least uiennial, valuations

by extemal independent appraisers, less accumulated depreciation for buildings. The last appraisal of | ~
freehold land and buildings was performed on 20 October 2003. Any accumulated depredation at the
date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is
adjusted to the revalued amount of the asset. Lathe pore plantand equipment is stated at historical
cost less accumulated depreciation. Historical cost includes expenditure that is directly atuibutable to the
acquisition of the assets. ; ?
Improvements, which extend the useful lives or increase the value of assets are capitalized.

Subsequent costs are induded in the asset's canying amount or recognized as a separate asset, as
appropriate, only when it is probable that future neni benefits associated with the item will flow to
the Company and the cost of the item can be measured reliably. All other costs are charged to the
statement of operations as repairs and maintenance during the financial period in which they are incurred.
Increases in the canying amount arising on revaluation of freehold land and buildings are credited to the
revaluation surplus account in equity. Decreases that offset previous increases of the same asset are

charged against the revaluation surplus account directly in equity; all other decreases are to the
statement of operations. Each year the difference between iat Siu bs eae ony
amount of the asset charged to the statement of operations iation based on the asset's

cost is transferred from the revaluation surplus account to retained eamings.

‘The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An assets carrying amount is written down immediately to its estimated recoverable amount if the asset's
canying amount is greater than its estimated recoverable amount.

Freehold land is not depreciated. Depreciation on other assets is calculated ashe te suraight-line method
to allocate their cost or revalued amounts over their estimated useful lives, as follows:

Freehold buildings 2.5% per annum
Furniture and equipment 10%-20% per annum
Motor vehicles 25% per annum
Computer software

20%-33% per annum
over period of the leases

and development costs
Leasehold improvements

Gains and losses on di are determined by comparing proceeds with the canying amount. These are
cudiniesecn dacs When revaluued assets are sold, the amounts: in the revaluation
surplus are transferred to retained eamings.

(d) FNANGAL INVESTMENT ASSETS

The Company classifies its financial investment assets, other than bank foe depaes the following
categories: at fair value through profit or loss and loans and receivables. The epends on the
for which the investment assets were acquired. Management determines the dassification of its
investment assets at initial recognition and re-evaluates this designation at every reporting date.
(i) Financial investment assets at fair value through profit or loss

A financial investment asset is classified as financial assets as fair value through profit or loss if acquired
Principally for the purpose of selling in the short term or if so designated by management.
Investments in equities are classified as financial Assets at fair value through profit or loss.
Regular-way purchases and sales of equities are recognized on trade date, which is the date that the
Company commits to purchase or sell the equity. Investments in equities are initially recognized at cost
and subsequently remeasured at fair value. :
Fair value is determined by reference to quoted bid prices for ordinary shares. Investments are
de ized when the rights to receive cash flows from the investments have expired or have been
transferred and the Company has transferred substantially all risks and rewards of ownership. Gains and
losses arising from changes in the fair value of the investments in equities category, induding interest and
dividend income, are presented in the statement of operations in the period in which they arise.

(ii) Loans and receivables -
A financial investment asset in classified as loans and receivables if they are non-derivative financial assets
with fixed or determinable payments that are not quoted in an active market, other than those that the
Company intends to sell in the short-term. ;
Investments in goverment bonds and preferred shares are dlassified as loans and receivables. Loans and
receivables are carried at amortized cost, using the effective interest. method less any provision for
impairment in value.


sof oe

ae

>. THE TRIBUNE BUSINESS





NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005 (CONTINUED)



2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(@ FMANGAL INVESTMENT ASSETS (CONTINUED)

@

(m

3.42 “nee the contributions have been paid’ The plan requirés participants to contribute 5%-of their

(ii)

3

@

©

Loans and receivables (continued)

A loan or receivable is impaired if its camying amount is greater than its estimated recoverable amount. The amount of the
impairment loss for loans and receivable carried at amortized cost is calculated as the difference between the carrying amount
an the present value of expected future cash flows discounted at the financial instrument's original effective interest rate.

LOANS AND LOAN LOSS PROVISIONS

Policy loans are carried at the balance outstanding plus accrued interest. No provision for loss on these loans is deemed necessary
by management as these loans are fully collterzad by the cash surrender value of the policies.

Mortgage loans are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise when the Company provides money directly to a borrower with no intention of trading the receivable Mortgage
Joans are secured by first mortgages and provide for monthly repayments at variable interest rates over periods of up to twenty-
five years on residential loans and up to twenty years on commercial loans,

M oans are stated at the principal balance outstanding less an inherent provision for loan losses on current loans and
specific provisions on certain non-current loans; mortgage loans over three months in arrears. Specific provisions are made on
non-current mortgage loans, based on management's evaluation of the respective loans. A specific provision for non-current
mortgage loans is established if there is objective evidence that the Company will not be able to collect all amounts due
according to the onal terms of the morgage loan. Significant financial dacs of the borrower, probability that the
borrower will enter financial reorganization, and default or delinquency in payments are considered indicators that the not
loan is impaired. The amount of the specific provision for loan loss is thedifference between the loan's carrying amount and the
recoverable amount, being the present value of estimated future cash flows, including recoveries from guarantees and collateral,
discounted at the effective interest rate at inception of the loan. The amount of the pravision for loan loss is recognized in the
statement of operations. If the amount of the provision subsequently decreases due to.an event occurring after the write-down,
the release of the provision is recognized in the statement of operations.

Acctued interest on non-current loans is excluded from interest income.

FOREIGN CURRENCY TRANSLATION ,

Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the
Company operates (functional currency), the Bahamian dollar. The financial statements are presented in Bahamian dollars,
which is also the Company's presentation currency.

Transactions and balances

Assets and liabilities denominated or accounted for in currencies other than the Bahamian dollar have been translated to
Bahamian dollars using the rates of exchange prevailing at the balance sheet date. Foreign currency transactions and income and
expense items have been translated at the exchange rates prevailing at the time of the transaction. Gains and losses on translation
are reflected in the statement of operations.

IMPAIRMENT OF ASSETS ;

A Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial
assets is impaired. 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 assets canying
amount and the present value of expected future cash flows discounted at the financial instrument's original effective interest rate.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized, the previously recognized impairment loss is decreased and the decrease is
Tecognized in the statement of operations.

PREMIUM INCOME AND EXPENSES

Premiums are recognized as revenue evenly over the period covered by the term of the related policies. The portion of the
premiums not eamed at the balance sheet date is recorded as uneamed premiums. Policy acquisition costs and expenses to
develop new products are expensed as incurred.

REINSURANCE TRANSACTIONS :

In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover benefits
paid, by ceding premiums to reinsurers under excess coverage contracts. Contracts entered into that meet the classification
requirements for insurance contracts in Note 2(0) are classified as reinsurance contracts held. The Company retains a range of
$25,000 to $110,000 (2004: $25,000 to $100,000) coverage per individual life. :

The benefits to which the Company is entitled under its reinsurance contracts held are ized as reinsurance assets. These
assets consist of short-term balances due from reinsurers and are classified within loans and receivables. Amounts recoverable
from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance
with the terms of each reinsurance contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and
are recognized as an expense when due. : ‘

REVENUE AND EXPENSE RECOGNITION

Revenue and expenses are accounted for on the accrual basis. Interest income is recognized using the effective interest method.
Dividend income is recorded when the right to receive payment is established.

CASH AND CASH EQUIVALENTS

For of the statement of cash flows, cash and cash equivalents consist of cash on hand, demand balances with banks
and bank term deposits with original contractual maturities of three months or less.

Leases, where a significant Toten of the risks and rewards of ownership are retained by the lessor, are classified as operating
leases, Payments made under operating leases are recognized in the statement of operations on a straight-line basis over the

period of the lease.

EMPLOYEE BENERTS— PENSION OBLIGATIONS -

The Company has a defined contribution pension plan for eligible agents and employees whereby the Company pays
contributions to a pension plan separately adninneced by the Company. The Company has no further payment shits
eamings and commissions
and the Company contributes 3.5% of eligible earnings. The Company's contributions to the defined contribution pension plan
are recognized in the statement of operations in the year to which they relate.

DIVIDEND DISTRIBUTION ,

Dividend distribution to the Company's shareholder is recognized in the Company's financial statements in the year in which
the dividends are declared by the Board of Directors.

INSURANCE CONTRACTS — CLASSIFICATION

The Company issues contracts that transfer insurance risk or financial risk or both. Insurance contracts are those contracts that
transfer significant insurance risk. Such contracts may also transfer financial risk. As a general guideline, the Company defines as
significant insurance risk the possibility of having to pay benefits on the occurrence of an insured event that are at least 10% more
than the benefits payable if the insured event did not occur.

Anumber of insurance contracts contain a Discretionary Participation Feature (DPF). This feature entitles the holder to receive ,
asa supplement to guaranteed benefits, additional benefits or bonuses: :

that are likely to be a significant portion of the total contractual benefits;

whose amount or timing is contractually at the discretion of the Company; and

that are contractually based on:

(i) the performance or a specified pool of contracts or a specified type of contract; and

(ii) realized and/or unrealized investment retums on a specified pool of assets held by the Company.

The amount and timing of'the distribution to individual contract holders is at the discretion of the Company, subject to the
advice of the appointed actuary. i

INSURANCE CONTRACTS — RECOGNITION AND MEASUREMENT

Insurance contracts including those with DPF are classified into four main categories, depending on the duration of risk and
whether or not the terms and conditions are fixed.

Short-term insurance contracts

‘These contracts are pou and individual health and hospitalization contracts, and short-duration life insurance contracts. These
contracts protect policyholders from the consequences of events (such as death, disability or sickness) that would affect the ability
of the policyholder or his/her dependents to maintain their current level of income. Guaranteed benefits paid on occurrence of
the specified insurance event are either fixed or are linked to the extent of the economic loss suffered by the policyholder. There
are no maturity or surrender benefits.

Premiums on these contracts are recognized as revenue (eamed premiums) proportionally over the period of cain The
portion of premium received on in-force contracts that relates to unexpired risks at the balance sheet date is reported as th
uneamed premium liability. Premiums are shown before deduction of commission. '

Claims and loss adjustment expenses are recognized in the statement of operations as incurred based on the estimated liability
Keeconpensaion owed to policyholders. ‘They include direct and indirect claims settlement costs and arise from events that have
up to the balance sheet date even if they have not yet been spores to the Company. Liabilities for unpaid daims are
statistical analysis for the daims

estimated using the input of assessments for individual cases reported to the Company an

incurred but not reported.
Long-term insisance contracts with fixed and guaranteed terms

These contracts insure events asso:‘ated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they “ome payable by che policyholder. Premiums are shown before deduction of commission.

Benefits payable to beneficiaries are recs:led as an expense when they are incurred.

A liability for contiactual benefits that are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to moitali ., persistency, maintenance. expenses and investment income that are established at the
time the contract is issue:!. x mars.ii or adverse deviations is inc....ied in the assumptions. ‘

Long-tenn insuranice contracis without fived and guaranteed tens

‘These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are

recognized as revenue when they become payable. These liabilities however, are in by credited interest (in the case of
universal life contracts) or change in the unit prices (in the case of unit-linked contracts) and are decreased by policy '
administration fees, mortality and surrender charges and any withdrawals.

Liabilities for Universal Life policies, induding unit-linked contracts, are based on assumptions as to future mortality, persistency,
maintenance expenses, investment income, and crediting interest rates, A margin for adverse deviations is included in the assumptions.

Liabilities for deferred annuities are set equal to the policyholder account values.
Long-term insurance contracts with fixed and guaranteed terms and with DPF

‘These contracts insure events associated with human life (for example death, or survival) over a long duration. Premiums are
recognized as revenue when they become payable by the policyholder. Premiums are shown before deduction of commission.

Benefits payable to beneficiaries are recorded as an expense when they are incurred. :

Alliability for contractual benefits that are expected to be incurred is recorded when the premiums are recognized. The liability
is based on assumptions as to mortality, persistency, maintenance expenses and investment income that are established at the
time the contract is issued. A margin for adverse deviations is included in the assumptions.

In addition, these contracts also participate in the profits of the Company. As'the Company declares the bonus to be paid; it is

. credited to the individual policyholders.

3. CRITICAL ACCOUTNING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
The Cosspeny wis estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year.
andj

Estimates

judgements are continually evaluated and based on historical experience and other factors including expectations of future

events that are believed to be reasonable under the circumstances.
Estimate of future payments and premiums arising fom long-term insurance contracts.

‘The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the Company. Estimates are

made as to the expected number of deaths for each of the years in which the Company is exposed to risk The Company bases these

estimates on mortality tables that reflect recent historical mortality experience, adjusted where apron to reflect the Company's own
lk

experience. For contracts that insure the risk of longevity, appropriate but not excessively prudent

lowance is made for expected mottality

improvements. The estimated number of deaths determines the value of the benefit payments and the value of the valuation premiums.
The main source of uncertainty is that epidemics such as AIDS, and wide-ranging lifestyle changes, such as in eating, smoking and exercise
habits, could result in future mortality being significantly worse than in the past for the age groups in which the Company has significant
exposure to mortality risk. However, continuing improvements in medical care and social conditions could result in improvements in
py in excess of those allowed for in the estimates used to determine the liability for contacts where the Company is exposed to

4. MANAGEMENT OF INSURANCE AND FINANCIAL RISK
‘The Company issues contracts that transfer insurance risk or financial risk or both. The Company's activities expose it to a variety of financial

fisks, induding insurance risk, the effects of changes in equity market prices and interest rates. The Comp:

any's overall risk management

approach focuses on the unpredictability of insured events and financial markets and seeks to minimize potential adverse effects on the
financial performance of the Company. :

@

INSURANG RISK

The risk under any one insurance contract is the possibility that the insured event occurs and the uncertainty of the amount of
the resulting daim. By the very nature of an insurance contract this risk is random and therefore unprediciable.

Fora portfolio of insurance contacts where the theory of probability is applied to pricing, and provisioning, the principal risk that
the Company faces under insurance contracs is that the actual claims and benefit payments exceed the carrying amount of the
insurance liabilities. This could occur because the frequency of or severity of claims and benefits are greater than expected.
Insurance events are random and the actual number and amounts of claims and benefits will vary from year to year from the
estimate established via statistical techniques.

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

4. MANAGEMENT OF INSURANCE AND ANANCIAL RISK (CONTINUED)

@

(i)

Benefits assured per fife insured
at end of year

$
0-9,999

10,000 ~ 24,999

25,000 -

50,000 and over

Total
)

INSURANCE RISK (CONTINUED)

Experience shows that the larger the portfolio of similar insurance contrac, the smaller the relative
variability about the expected outcome will be. In addition, a more diversified portfolio is less likely to be.
affected across the board by a change in any subset of the portfolio.

Long-temt insurance contracts

Frequency and severity of claims

For contracts where death is the insured risk, the most significant factors that could increase the overall
frequency and severity of daims are epidemics (such as AIDS) and wide ranging lifestyle changes, such as
in eaiing, smoking and exercise habits resulting in earlier or more aims than expected.

‘The Company manages these risks through its underwriting strategy and reinsurance arrangements. The
underwriting siateyy is intended to ensure that the risks itten are well diversified in terms of type
and level of i efits. The Company's underwriting strategy includes medical selection with
benefits limited to reflect the health condition of applicants and retention limits on any single life insured.
The table below indicates the concentration of insured benefits across four bands of insured benefits per
individual life insured rounded to the nearest

2005 2008

$ $
124,627,000 120,800,000
-295,841,000 256,194,000
105,125,000 96,472,000
704,100,000 497,590,000
1,229,693,000 971,056,000

CASH FLOW AND FAIR VALUE INTEREST RATE RISK

Cash flow risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial
instrument will fluctuate because of changes in market interest rates. The Company takes on exposure to
the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash
flows. Interest margins may increase as a result of such changes but may reduce or create in theevent
that unexpected movements arise. The Board sets limits on the level of mismatch of interest rate repricing
that may be undertaken, which is monitored daily.

MARKET RISK’

Market risk is the risk that the value of the financial instrument will fluctuate as a result of changes in
mee pice hee hee: ae ae ce by factors specific to the individual security, its issuer or
factors affecting all securities in the market. The Company manages its risk through the Investment
Committee, which monitors the price movement of secunties on the Bahamas Intemational Securities
Exchange (BISX).

CREDIT RISK p

‘The Company has exposure to credit risk, which is the risk that a counter party will be unable to pay
amounts in full when due. Key areas where the Company is exposed to credit risk are:

- term deposits placed with banks

~ mortgage loans and loans to policyholders

~ reinsurers’ share of insurance liabilities

- amounts due from reinsurers in respect of claims already paid

- amounts due from insurance policyholders

‘The Company's term deposits are mainly placed with well-known high quality banks. Mortgage loans and
loans to policyholders are fully collateralized.
Reinsurance is used to manage insurance risk. This does not, however, discharge the Company's liability
as primary insurer. If a reinsurer fails to pay a daim Seen ant es Coeney eae Le hea
payment to the policyholder. The creditworthiness of reinsurers is considered on an annual basis by
reviewing their publicly available financial information prior to finalization of any contract.

The Company has one main reinsurer for its long-term insurance contracts, a large multinational
corporation that has a Standard & Poors (S&P) rating of A+. 4

UQUIDITY RISK

‘The Company is exposed to daily calls on its available cash resources mainly from daims arising from
short-term contracts. eit a is the risk that cash may not be available to pay obligations when due
ata reasonable cost. The Board sets limits on the minimum cporion of maturing funds available to
meet such calls and on the minimum level of borrowing facilities that should be in place to cover
Maturities, claims and surrenders at unexpected levels of demand. ;

INTEREST RATE RISK
The Company manages this risk by attempting to retain a level of assets to liabilities with similar principal
values, interest rates and maturity dates,

‘The Company's exposure to the effects of fluctuations in the prevailing levels of market interest rateson its
financial festion and cash flows is reduced as the Company retains the right to change interest rates on
most of its interest earning loan assets.

49,999

5. INVESTMENT ASSETS

LOANS AND RECEIVABLES COMPRISE. THE FOLLOWING: -.

2005 2004

$ , §

: ; (Note 25)

Bahamas Government bonds 17,152,700 16,119,200
Bridge Authority bonds 307,400 307,400
Education Loan Authority bonds 1,800,000 1,800,000
Clifton Heritage bonds 2,004,800 :
Government bonds, at cost 21,264,900: 18,226,600
Add: Accrued interest receivable 328,417 321,121
21,593,317 18,547,721

Redeemable preferred shares, at cost ‘1,150,000 1,833,334
Less: Provision for impairment - 200,000
Redeemable preferred shares, net 1,150,000 1,633,334
Add: Accrued interest receivable 252 9,745
1,150,252 1,643,079

During the year, the Company exercised a final redemption on one of its preference shareholdings for $283,334 (2004:

$283,333) and received an additional $50,000 that was previously

for and recorded as other income in the

WEDNESDAY, AUGUST 9, 2006, PAGE 7B







5. INVESTMENT ASSETS (CONTINUED)
Investments in equities comprise ordinary shares of Bahamian companies that are listed on BISX.
‘The change in unrealized appreciation on investments in equities is recognized in the statement of operations.

6. POLICY LOANS
a8 au
$ $
(ete 28)
Policy loans 6,558,210 6,346,484
‘Automatic premium loans (APLs) 2,437,291 2,121,624
i 8,995,501 8,468,108
Add: Accrued interest receivable __, 311,820 299,387

9,307,321 __ 8,767,495

Policy loans and automatic premium loans APs) reall on Ordinate poles nine raagig fom 10%

10 11% (2004: 10% to 11%) per annum is on policy loans
7, MORTGAGE LOANS
MORTGAGE LOANS COMPRISE:
2008 2m
$ $3.

(ete 25)
Loan to parent company 4,232,927 4,361,287

Loans to Company officers and
their immediate families 2,880,594 2,581,614
Others 50,776,446 _ 44,768,130
57,889,967 51,711,031
Less: Provision for inherent risk (791,947) (1,173,240)

(197,000) (136,034)

56,901,020 50,401,757
340,208 376,280
57,241,228 _50,778,037

Specific provision for credit risk
Add: Accrued interest receivable

Total mortgage loans may be analyzed as follows:

Commercial Current 13,115,782 12,094,358
Over 90 Days 1,726,840 1,145,475
Residential Current 42,223,303 37,589,922
Over 90 Days 824,042 881,276
57,889,967 51,711,031
- ‘Theprovision for inherent risks calculated on total mortgage loans net of the loan to the parent company, which s deemed
to be fully collectible. oe
MOVEMENTS IN LOAN LOSS PROVISIONS ARE AS POLLOWS:
SPEGRIC
PROVISION FOR PROVISION POR
INHERENT RISK CREDIT RISK
; $ $
Balance at 1 January 2004 1,128,411 100,000
Increase in the provision 44,829 61,034
Loans written-off ; - 25,000
Balance as of 31 December 2004 1,173,240 136,034
(Decrease) Increase in the provision (381,293) 132,765
Loans written-off - (71,799)
Balance as of 31 December 2005 791,947 197,000

ha! “The loan toihe ffarent company cams interest ata tate of 8.5% per annum (2004: 9%)..An, imerest rate of 6.5% per annum
‘+4 (2004: 7%}is charged on residential: 10 di i

} directors, officers and staff with wo of more years of service, Related
interest income from mortgages for the year ended 31 December 2005 is $599,796 (2004: $580,340) and related party

interest receivable on mortgages as of 31 December 2005 is $14,097 (2004: $20,860). :

As of 31 December 2005, the Company had non-performing loans $2,550,882 (2004: $2,026,751) on which

interest of $434,903 (2004: $331,462) had not been recognized on { )

statement of operations.
@. RECEIVABLES AND OTHER ASSETS
RECEIVABLES AND OTHER ASSETS COMPRISE:
‘2008 2004
$ $.

: (ote 25)
Accrued interest receivable - bank term deposits 45,812 76,877
Accrued interest receivable - staff loans 468 760
Reinsurance recoveries : 2,525,887 1,140,498
Utility deposits 40,896 41,496
Due from parent company 246,025 -
Other receivables and other assets 740,175 486,416
, 3,599,263 1,746,047

Reinsurance recoveries are in respect of aims already paid by the Company. All recetvables noted above are due within



: ; twelve months. However, the amount due from the parent company and related parties are interest-free, unsecured and have
statement of operations. The Company also redeemed another preference shareholding for $250,000. Areal parent parties }
‘ 2005 2004
$ $
INVESTMENTS IN EQUITIES
At beginning of year ~ 5,776,325 — 4,823,824
Purchases 329,114 500,000
Sales. : > (879,630) (44,220)
Realised gain (loss) from sales of equities 161,126 (251,440)
Change in unrealised appreciation on equities 949,358 748,161
At end of year 6,336,293 _ 5,776,325
9. PROPERTY, PLANT AND EQUIPMENT
Land 8 ae Vehicles & Software Total
As of 1 January 2004
Cost or revaluation 3,029,840 6,250,160 1,585,813 30,095 758,559 184,777 11,839,244
Accumulated depreciation = - (18,346) (1,055,617) (20,215) (432,391) (120,323) (1,646,892)
Depreciation on the revalued portion
of freehold buildings - (18,779) - - os - (18,779)
Net book amount 3,029,840 _ 6,213,035 530,196 9,880 326,168 64,454 10,173,573
Year ended 31 December 2004 :
Opening net book amount 3,029,840 6,213,035 530,196 9,880 326,168 64,454 10,173,573
Additions - 7,229 118,268 - 198,483 76,319 1,299
Depreciation charge - (116,215) (110,368) (7,524) (118,996) (51,139) (404,242)
Depreciation on the revalued portion
of freehold buildings ; - (40,220) - - - - (40,220)
Closing net book amount - - 3,029,840 __ 6,063,829 538,096 2,356 405,655 89,634 10,129,410
As of 31 December 2004
Cost or revaluation 3,029,840 6,257,389 845,947 30,095 777,863 232,313 11,173,447
Accumulated depreciation . + (153,340) (307,851) (27,739) (372,208) (142,679) (1,003,817)
Depreciation on the revalued portion
-of freehold buildings - (40,220) - : - - (40,220)
Net book amount 3,029,840 _ 6,063,829 538,096 2,356 405,655 89,634 __ 10,129,410
Year ended 31 December 2005
rape net book amount 3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
Additions 264,876 = 1,282,231 553,641 - 484,300 153,000 2,738,048
Depreciation charge - (118,886) (129,219) (2,356) (141,935) (61,712) (454,108)
Depreciation on the revalued portion
of freehold buildings - (40,220) - - - - (40,220)
Closing net book amount 3,294,716 7,186,954 962,518 - 748,020 180,922 12,373,130
As of 31 December 2005
Cost or revaluation 3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
Accumulated depreciation - (312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)
Depreciation on the revalued portion
of freehold buildings - (40,220) - - - - (40,220)
Net book amount 3,294,716 _ 7,186,954 962,518 - 748,020 180,922. 12,373,130

Freehold land and buildings each indude revaluation surplus of $1,422,044 (2004: $1,422,044) and $1,346,811 (2004: $1,346,811), veneer the Company wrote-off cost and accumulated depreciation relating to fully depreciated
134 5

computer equipment, furniture and equipment

and leasehold improvements of $77,465 (2004: $179,179), $86,062 (2004: $858,

$28,783), respectively

As of 31 December 2005, the Company has entered into an agreement to sell one of its buildings for a price of $4,500,000. The agreement is expected to be completed in April 2006.




PAGE 8B,WEDNESDAY, AUGUST 9, 2006



NOYES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2005 (CONTINUED)

10, RESERVES FOR FUTURE POLICYHOLDERS’ BENEFITS

nadian Asset Liability Method (CALM) is used for the dtermination of reserves for future policyholder benefits of long-term



ntracts.

uber 2005 the aggrepate reserves for future policyholders’ benefits and related life insurance in force are summarized as follows:



Insurance
Reserves In force
2005 2004 2005 2004
$ $ $ $
Ordinary life 21,284,841 20,546,880 1,305,545,275 983,290,223
Annuities 26,962,849 21,394,020 - -
liome service life 23,563,536 22,322,296 492,820,742 438,205,910

Accident and Health 4,707,552 3,278,859 106,207,996 _ 100,061,282

76,518,778 67,542,055 _1,904,574,013 1,521,557,415

‘The reserves for future policyholders’ benefits are determined annually by actuarial valuation and represent an estimate of the amount




T



‘Thea

‘

(i)

()

cquired, together with future premiums and investment income, to provide for future benefits and expenses payable on insurance and
annuity contracts. The reserves are calculated using future policy lapse rates, mortality, morbidity, maintenance expenses and interest rates.
sumptions also include provisions for adverse deviation to recognize uncertainty in esta lishing the assumptions and to allow for
je deterioration in experience. The process of determining the provision necessarily involves risks that the actual results will deviate
i¢ assumptions made.

hilities are calculated using best estimate assumptions with margitis for adverse deviation.

Mortality and Morbidity

Assumptions for Home service life business are based on Company experience. Assumptions for other business lines are based
on industry experience, as the Company does not have sufficient of its own experience. A margin is added for adverse deviation

‘equal to 15 per 1,000 divided ey the expectation of life for mortality and 8% to 10% for morbidity. If future mortality and
morbidity were to differ by 10% from that assumed, the liability would increase by $2,933,000 or decrease by $2,902,000.

Investment Yields
Assets are notionally allocated to life and annuity business lines. Expected investment yields are based on new money rates and
expectant asset mix. A margin for adverse deviation is added by deducting 50 basis points from current rates and assuming future

interest rates reduce to 5% over 20 years. If future interest rates were to differ by 1% from that assumed, without changing the
policyholder dividend scale, the liability would increase by $10,507,000 or decrease by $7,078,000.

Persistency
Lapse rates are based on Company's experience where credible experience is available. Industry experience is used where credible
Company experience is not available. A margin for adverse deviation is added by i or decreasing lapse rates; whichever
> is adverse, by 20%. If future lapse rates were to differ by 10% from that assumed, the liability would increase by $1,300,000 or
decrease by $1,229,000.
Expenses
Expenses are based on best estimates of Company experience. Expenses are increased 10% as a margin for adverse deviation.
Expenses are assumed to increase with inflation of 3% in 2006 decreasing to 2% in 2026 and later. If future expenses were to
differ by 10% from that assumed, the liability would increase by $2,655,000 or decrease by $2,613,000.
Ongoing Review
Actuarial assumptions are continuously reviewed based on emerging Company and industry experience and revised if
appropriate and material. ‘
Margins for Adverse Deviation Assumptions

‘The basic assumptions made in establishing policy liabilities are best estimates for a range of possible outcomes. To recognize the
uncertainty in establishing these best estimates, to allow for possible deterioration in experience and to provide greater comfort that
the reserves are adequate to pay future benefits, the appointed actuary is required to include a margin in each assumption.

‘The impact of these margins is to increase reserves and so decrease the income that would be recognized on inception of the
policy. The Canadian Institute of Actuaries prescribes a range of allowable margins. ‘The Company uses assumptions at the
conservative end of the range, taking into account the risk profiles of the business.

The movements in reserves for future policyholders’ benefits and other policyholder benefits, (ie. insurance liabilities) by line of
business are sumatized below:

(a) Short-term insurance contracts ,







2005 2004
$ cos
Liabilities at beginning of year 2,706,536 3,075,292
Usual change in Inforce Business ;
and New Business 1,426,016 _ (368,756)
Liabilities at end of year : 4,132,552 2,706,536
(b) Long-term insurance contracts with fixed and guaranteed terms:
2005 2003
$ \ $
Liabilities at beginning of year 32,093,154 29,672,408
Changes in Data, Methods and Assumptions 972,000 124,000
New Business (1,979,000) (2,870,000)
Usual change in Inforce Business 2,837,693 5,166,746
Liabilities at end of year oo 33,923,847 32,093,154
(c) Long-ierm insurance contracts without fixed and guaranteed tentis.os se.»
2005 2004 —
$ $
Liabilities at beginning of year 21,035,369 18,056,493
Changes in Data, Methods and Assumptions 913,000 - . -
New Business (334,000) 753,000
Usual change in Inforce Business. 4,752,214 2,225,876
Liabilities at end of year : 26,366,583 _ 21,035,369



fd)

ong. emM

insurance contracts with fixed avd guaranteed terms and with Discretionary Participation Features (DPF):

2005 2004
: . $ $
Liabilities at beginning of year 11,706,996 - 10,721,624
Changes in Data, Methods and Assumptions (305,000) -
New Business (935,000) 14,000
Usual change in Inforce Business 1,628,800 971,372
. Liabilities at end of year 12,095,796 11,706,996
JOTAL FOR ALL LINES OF BUSINESS
Liabilities at beginning of year - 67,542,055 61,525,817
Changes in Data, Methods and Assumptions 1,580,000 - 124,000
New Business (3,248,000) (2,103,000)
Lisual change in Inforce Business - 10,644,723 7,995,238
Liabilities at end of year 76,518,778 _ 67,542,055



THE TRIBUNE BUSINESS

a

“WH FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

(Incorporated under the laws of the Commonwealth of The Bahamas)

a





e
cseseunmensese eimenmcevomepeeattontcernenmesevneecttestebottsstSsOMteteltMteCiCttOtCCOnsCt MCHC MMO NGCLONCLLINE AC CLOOCC OT MOONNCCOMALEENUCEOICOOON OOS LO UCC DCCC COOCCEOEE vnc awieevsnesuneeri meds snsn ccrenteAseoinesttsConssAelSABiN BN NASLONLEHSCCOEL CON AONE AEEIAACE CACO annennanevoneneninen’ nee

11, OTHER POLICYHOLDERS’ FUNDS 20, RELATED PARTY TRANSACTIONS
Other policyholders’ funds relate to unpaid benefits, premiums received in advance, uneamed premiums and ‘The following are related party transactions not disclosed elsewhere in the financial statements:
accumulated dividends. :

KEY MANAGEMENT PERSONNEL COMPENSATION:

12. BANK OVERDRAFT FACILITIES . 2005 2004
‘The Company has bank overdraft facilities of $750,000 (2004: $750,000). Amounts utilized under the facilities \ a) $
attract interest at Nassau prime plus 1.5%.

Salaries and other short-term employee benefits 1,558,071 1,531,759

13. SHARE CAPITAL Post-employment benefits 62,036 — 70,692

Redeemable Cumulative Share-based payments : 150,000
Non-voting Non- : 2005 2004 1,620,107___1,752,451__
participating Preferred Ordinary Shares Ordinary Shares
Shares at $1 each at $1 each at $1 each ‘The ponpany sponsors a plan as an on-going incentive system for its key employees. The plan holds shares of the parent
; company and these shares are awarded to the plan palais onan annual basis for services rendered in the previous year
Authorised: 500,000 2,000,000 2,000,000 or as special awards for a promotion or upon hiring at the executive level. The Company makes cash awards as the need



g : :. Z arises to the plan and the plan purchases the shares as needed on the open market at market value. The shares vest over a
Issued and fully paid $1,707,462 $1,707,462 period of years, depending on i type of award granted, e

Shares outstanding at In 2005, the total remunereation of the directors was $167,236 (2004: $174,500).



beginning and end of year : __1,707,462 1,707,462
21. POST RETIREMENT MEDICAL BENEFIT
‘The Company initiated a post-retirement medical plan on 1 January 1999 for employees who retire after that date.
: Cost sharing with participants varies with year of retirement and years of company service. The Company's
144. NET PREMIUM REVENUE AND DEPOSITS contributions will be provided, as premium payments are due, for retired participants.
NET PREMIUM REVENUE AND DEPOSITS ARE COMPRISED OF: a 2004
2005 2004 $ $
: $ ; $ Amount recognized in the balance sheet
Short-term insurance contracts 30,618,184 26,976,697 Present value of unfunded obligations — 164,463 139,114
Long-term insurance contracts with fixed Unrecognized past service cost (2,592) (4,927)
and guaranteed terms 14,244,114 13,492,011 ;
Long-term insurance contracts without Net liability in balance sheet 161,871 - 134,187
’ fixed and guaranteed terms 9,763,141 — 6,751,890 beh Sn sc ‘
Long-term insurance contracts with fixed Amount recognized in the statement of operations :
and guaranteed terms and with discretionary Current service cost 18,600 17,000
participation feature (DPF) "” 3.517,969 3,286,113 _‘Interest on obligation 11,648 9,846
Premium receivables 279,349 248,221 Amortisation of prior service costs for non-vested benefits__2,335 2,335
Change in unearned premium provisions (36,015) (2,757) Total expense recognized 32,583 29,181
Premium revenue arising from insurance - eer
contracts issued : 55.586 742 SUTSE AIS a 5 ee none eerie m heb ee
Drcanim coda dorshoretemn and lone: Net balance sheet liability at beginning of year. 134,187 108,971
6 Net expense recognized 32,583 29,181

term insurance contracts to reinsurers (3,236,822) (3,559,994) ae

. 965

55,149,920 47,192,181 Company contributions (4,899) GB 2 )
Net balance sheet liability at end of year 161,871 134,187

A discount rate of 7.5% for 2005 and 2004 is assumed,

15. POLICYHOLDERS’ BENEFITS

Policyholders’ benefits for the year ended 31 December 2005 by insurance contracts were as follows:



2005 ; 2004:
oss Reinsurance | e ross einsurance e
$ $ $ $ $
Short-term insurance contracts 15,625,559 (1,595,315) 14,030,244 14,375,003 (1,564,275) 12,810,728
Long-term insurance contracts with fixed
and guaranteed terms 5,584,596 . (239,346) 5,345,250 6,004,109 (252,971) 5,751,138
Long-term. insurance contracts without fixed :
and guaranteed terms : 3,011,261 (204,998) 2,806,263 2,971,347 - 2,971,347
Long-term insurance contracts with fixed i i . :
and guaranteed terms and with discretionary
participation feature (DPF) 2,191,121 . (143,214) 2,047,907 1,643,374 (64,746) 1,578,628
26,412,537 (2,182,873 24,229,664 _ 24,993,833 (1,881,992) 23,111,841
16. OPERATING LEASES 22. CONTINGENT LIABILITIES

‘The Company is a defendant in several legal actions arising in the normal course of its business affairs. Management

‘The Company leases certain office premises under non-cancellable operating leases. Future minimum Tental e 1 t now Manager
believes that the resolution of these matters will not have a material impact on the Company's financial position

commitments as of 31 Decemeber 2005 are as follows:

7005 © 200493, FAIR VALUE OF FINANCIAL INSTRUMENTS
$ $ Monga policy ia preferred shares and ee Covemmuentt fea are classified as oa and receivables and
are carried at cost, less any necessary provision for impairment in value. The carrying values of these assets represent
Up to 1 year 900,360 734,960 their fair value as the majority of these assets bear interest at variable rates. :
1 year to 5 years 1,803,095 2,158,080 _ Financial assets at fair value through profit or loss are carried at fair value.
2,703,455 2,893,040 —

‘The Company leases its corporate office building from its parent company and provided the financing to the parent 24. SUBSEQUENT EVENT
faba Parc eael ol a bald by way of a connec loan. The annual rental expenses under the Pursuant to a ruling by the Court of Appeal on 23 February 2006, the Com any is now required to establish policy
560 is equal to the annual mortgage payments received Irom the parent company. reserves of $1,794,000 in respect of certain lapsed policies that were included with the purchase of Star Insurance
Company Limited. The Company is also seeking retum of $1,794,000 that was paid during the year in escrow for
17. TAXATION the account of the former principals of Star Insurance Company Limited. The result of this ruling does not havea
' material effect on the Company's financial position and results of operations as of and for the year ended 31

‘There are no corporate, income or capital gains taxes levied in The Bahamas and the Company, therefore, pays no December 2005.

taxes on its net income. However, taxes based on an income, levied at 3%, for the year ended 31 December

2005 amounted to $1,556,087 (2004: $1,390,469). 25. CORRESPONDING FIGURES

‘The corresponding figures for accrued interest receivable on mortgages, policy loans, prefered shares and
18. PENSION PLAN ; Goverment bonds, realized loss on investments in.equities have ade ied to conform with the presentation
‘The Company has a defined contribution plan (the ‘Plan") for eligible agents and employees. The employees adopted for the current year. :
contribute 5% of gross salary and commissions, and the Company contributes 3.5% of eligible earings. ,
‘The Company's pension costs net of forfeitures in respect to the Plan for the year ended 31 December 2005 amounted
to $450,582 (2004: $274,075) and is included in operating expenses in the statement of operations.

19. COMMITMENTS
Outstanding commitments to extend cedit under morgage loan agreements amounted to approximately
$2,150,056 as of 31 December 2005 (2004: $2,720,508). :

‘The Company has entered into a contract to purchase.a building for $3,000,000 and has paid a deposit of $300,000
prior to the balance sheet date. Purchase of the building has not yet been finalized and the deposit paid of $300,000
is induded in receivables and other assets in the balance sheet.

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THE TRIBUNE BUSINESS _ | TUESDAY, AUGUST 9, 2006, PAGE 9B»



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PAGE 10B, WEDNESDAY, AUGUST 9, 2006

SPORTS

TRIBUNE SPORTS -

Hees



Challenge for
U-17 Boys
soccer team

lm SOCCER
By KELSIE JOHNSON

Junior Sports Reporter

THE Bahamas U-17 Boys
national soccer team are about
to face their biggest challenge
ever — having to finish in the
top spots at the Caribbean
Youth Cup.

The Caribbean Youth Cup
serves as the regional qualifying
tournament for the Confedera-
tion of North, Central Ameri-
can and Caribbean Association
Football (CONCACAF) and
the only means of advancing to
the finals forthe FIFA U-17
boys world qualification tour-
nament.

The event is being played in
Trinidad and Tobago and will
kick-off on August 15th-19th.

Although the Bahamas team
has been training for some
months now, they will need to
lace-up their boots because
only the top two teams will
move onto the second round of
qualification tournament. ¢

The tournament will play
host to all the teams from
around the Caribbean. Only the
top teams from the Caribbean
will advance to the CONCA-
CAF finals, which will host
eight teams from around.North
and Central America.

This is known as the final
phase of qualification for coun-
tries in this zone.

The Bahamas has three
games on schedule, their first
against Dominica at 11.00am
on Tuesday morning. The top
ranked teams are Jamaica and
Cuba — both teams the
Bahamas will have to play on
their final days of competition.

Having played a series of

matches prior to their depar-

ture, which allowed the coach-
ing staff to evaluate the
strengths and weaknesses of the
team, it was concluded that the
team is ready and that their
final practice gave them an
opportunity to work out their
kinks. ,
The CONCACAF tourna-
ment is held every two years.
Bahamas’ schedule
Tuesday, August 15
Dominica at 11:00 am
Thursday, August 17
Jamaica at 4:00 pm
Saturday, August 19
Cuba at 2:00 pm

Basketball.
team aims for
top three finish

wa BASKETBALL
By KELSIE JOHNSON
‘ Junior Sports Reporter



THE 12-members that
survived the final cut by the
Bahamas Basketball Federa-
tion (BBF) will have their
hands full at the FIBA
Americas U20 Champi-
onships for Women.

Although the team is
ranked in the top six in the
FIBA Americas region, they
will still have to battle teams
that have high world ranking
status.

The FIBA Americas U20
Championships underway
yesterday in Mexico City,
Mexico. The championship
games are scheduled for
August 12th.

Team Bahamas will face-
off with Brazil, Canada,
Mexico, Puerto Rico and
USA, hoping to finish the
qualifying tournament in at
least third place.

Only the top three teams
from the U20 championships
will advance onto the Under
21 FIBA World Champi-
onships for Women. These
championships are expected
to be played in 2007.

Jamaica and Costa Rica
were supposed to partici-
pate, but, due to financial
restraints, they will not be
taking part and the Bahamas
is now the only country to
represent the Caribbean.

Due to absentees, the
tournament format of play
has changed to a round
robin instead of pool play.

After arriving in Mexico
City on Sunday morning,
team Bahamas got ina
scheduled practice on Mon-
day in preparation for their
tournament opener.

The team tipped things off
against the host country,
Mexico, at 7pm yesterday
evening. Their second game
will be played against Brazil
at Spm today.

The team, which is being
coached by Felix ‘Fly’ Mus-
grove, has been working
out for more than four
months.

Final results from yester-
clay’s match were not avail-
eble up until press time and
will be posted in Thursday’s
odition,

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tee



New York softball tournament.
offers ‘excellent opportunity’

@ SOFTBALL
By RENALDO
DORSETT —

Sports Reporter

SOFTBALL authorities
in the Bahamas are
increasing their activity in
youth development in an
effort to sharpen skills and

. give players possible schol-

arship opportunities.

The New Providence
Softball Association will be
fielding a ladies’ under 19
team in the 5 Boroughs
Invitational Tournament in
Staten Island, New York.

The tournament, which
will be contested August
10th-14th, will feature

some of the best teams:

amongst New York’s five
boroughs and the sur-
rounding states.

The tournament is being
co-ordinated in part by K

‘Ro Sports Inc, in conjunc-

tion with the Sports
Department of the New
York City Boroughs.

Opportunity

NPSA President Stephen
Coakley said the tourna-
ment provides an excellent
opportunity for players to
hone their skills against
new. competition, which
will ultimately aid the
country’s softball develop-
ment.

“We have seen fit to give
them further exposure to
international competition
and we hope that playing
against a higher level of
competition can improve
their development and
make them better overall
softball players,” he said,
“It helps the progress of
our youth development
programs, particularly with

_our ladies,”

Coakley said the primary
focus of the tournament is
to expose the players to
other coaches and players
in an effort to receive
scholarship opportunities
and use softball as a
vehicle for further educa-
tion.

“In addition to the assis-
tance with their skill level,
this exposure gives the
players and coaches an
opportunity to interact
with and experience the
game with a variety of oth-
er players and can help
towards the main goal,
which is to gain some
scholarships for some of

the team members,” he
said, “We’re taking steps
towards our goal and doing
what has to be done. It is
the first time in a long time
that the association has
taken on the task to get
more serious about youth
development.”

He said the association
has high hopes for this par-
ticular team of young
ladies.

“They’re young, time is
on their side and they have
a lot of room for develop-
ment,” he said, “So I think
this group has the poten-

tial to become the real
future of ladies national
softball teams in the coun-
try.”

Coakley said the associa-
tion seeks to combine
sports and education
through this tournament
and similar ventures as a
part of the youth develop-
ment program.

“The NPSA’s aim is to
further the education of
our young players and our
goal, through the sport of
softball, to obtain scholar-
ships for as many young
players as possible,” he

@ FROM LEFT: Ketra Flowers, Krystal Delancy and Shervette Taylor

@ 19 AND UNDER
GIRLS ROSTER:
Shaundra Curtis
Divonya Robinson
Antonia Simmons
Ruthann Simms
Ebony Delancy

Krystal Delancy
Michelle Thompson
Shervette Taylor
Kethra Flowers
Krishanda Lewis
Jamie Cleare

Thela Johnson

said, “To achieve that we
wish to expose them to
international competition



Kenise Symonette
Randell Cooper
Giovana Peterson

MANAGER:

Stephen Beneby

COACHES: Anthony
Bullard, Vernie Curry
CHAPERONE: Conjette
Green

BUSINESS MANAGER: Sid-
ney Fernander

CHEF DE’ MISSION:

Bobby “Baylor” Fernander



to assist in sharpening their
knowledge of the game of
softball.”


.
Copyrighted Materials ©

1p. Syndicated Content
Available from Commercial News Brovidere”

3 for test series victory

inert *


WEDNESDAY, AUGUST 9, 2006

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com



MIAMI HERALD SPORTS









mW VOLLEYBALL
By BRENT STUBBS
Senior Sports
Reporter

WITH just 11 days left
before the Caribbean Vol-
leyball Championships are
hosted at the Kendal Isaacs
Gymnasium, the Bahamas
Volleyball Federation is



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Bahamas’ sides to be officially announced today



putting the final touches to
the men and women’s
national teams.

Today at 6.30pm, the
teams will officially be pre-
sented to the public.

In preparation for the
tournament, the two teams

-are scheduled to travel this

weekend to play in a series
of exhibition games. With
last year’s runners-up

Jamaica not expected to
come here for the tourna-
ment, the federation is
planning on traveling there
for the exhibition games.
However, the. exact loca-

|

- tion has not been disclosed.

But Raymond ‘Grimes’
Wilson, who serves as the
trainer for the women’s
team, said he’s confident
that the selection of the

final 12 players will make
the Bahamas very proud
when the tournament is
played from August 20-26
at the KIG.

“The team looks solid,”
said Wilson, who will work





with women’s head coach ::.-
Joseph ‘Joe Mo’ Smith and -—-—
Jason Saunders. “This is
probably one of the best
teams that I’ve had the
privilege of training.” Hats

Wilson, who has put the «.-.-.
women through a.vigorous
training programme for the

' past few months, said he’s
even predicting gold,
although Barbados is
expected to be here at full
strength to defend their
titles. -

“T’m looking for the
gold,” he charged..“Even ——_-
though I only worked with nave
the women, I think the .
men’s team is also pretty

’ good, so they should do
okay.

“Right now you have ail
the elements coming

_together with regards to
the men. So we are look-
ing at both of our teams
representing us very well.”

Joey Demeritte, the head
coach of the men’s team,
-was not available for com- -
ments.

e But here’s a look at the
players who survived the
final cut and will represent
the Bahamas during the
tournament:

Women’s team - Kelsie -,
Johnson, Krystel Rolle, |
‘Cheryse Rolle, Jackie
Conyers, Anastacia Moul-
trie, Tamasina Poitier,
Laval Sands, Davia Moss,
Katrina Johnson, Tia Wil-
son, Keva Lightbourne and
Kissie Gray.

Men’s team - Renaldo
Knowles, Audril Farquhar-
son, Prince Wilson, Rom-
mel Lightbourne, John
Rolle, Byron Ferguson,
Muller Petit, Tony Simon,
Hector Rolle, Eric John-
son, Arison Wilson and
Glen Rolle.

e Countries confirmed so
far to compete are:

Men - Guadeloupe, US
Virgin Islands, Barbados,
Trinidad & Tobago, Haiti,
Netherlands Antilles and
the Bahamas.

Women - US Virgin
Islands, Barbados, Trinidad
& Tobago, Haiti, Domini-
can and the Bahamas.

tkins has a night to aioe



i NEW national record holder Derrick Atkins (middle) between former
co-national record holders Rudy Levarity (left) and Rendward Wells
(right). Atkins broke their national record of 10.18 seconds by running
10.14 in July. He came back at the XX Central American and Caribbean
' Games and lowered the mark to 10.08.

@ RIGHT: Minister of Youth, Sports
and Housing Neville Wisdom (left) congratulates new
national 100 metre record holder Derrick Atkins

BPs | ce (Photos: Stanley Mitchell)

100m record holder
Derrick is honoured

IT WAS a night to remember for national 100 metre record holder Derrick
Atkins,

On Friday at the Colony Club, he was saluted for his silver medal performance
in the 100m at the XX Central American and Caribbean Games in Cartagena,
Colombia where he lowered the national record for the second time this year.

In July, Atkins broke the 25-year-old mark of 10.18 seconds, that was first
established by Rudy Levarity and then tied by Rendward Wells, before he
clocked 10.14 at the North American, Central American and Caribbean Under-
23 Championships in Santo Domingo, the Dominican Republic.

At the CAC Games, Atkins ran 10.08 to lower the mark for the second
time during the semifinal of the 100. He came back in the final and ran 10.13 for
the silver.

Harrison Petty, the proprietor of the Colony Club, hosted the reception in
honour of Atkins. Among those in attendance was Minister of Youth, Sports and
Housing Neville Wisdom.

Also present were Levarity and Wells, who all congratulated Atkins on his
achievement.

Other persons present were former L[AAF Council Member Alpheus ‘Hawk’
Finlayson, Dr. Larry Davis, secretary of the Bahamas Olympic Association;
Andrae Williams, former national 400 champion; Dr. Jon Bartlett, physical train-
er and coaches Keith Parker and Rupert Gardiner.

Bahamas Association of Athletic Association president Mike Sands served
as the Master of Ceremonies.

Atkins is a former NAJA indoor and outdoor 100/200 champion at Dickin-
son State. He’s now preparing to launch his full-time athletic professional
career.



England celebrates

| test series victory
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