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:
2008
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

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

Notes

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

Record Information

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

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Full Text
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-BAHAMAS EDITION



_ WEDNESDAY, FEBRUARY 6, 2008 PRICE— ie |




Lease extension
to boost the
TTD ae)
$7,3m impact

aT PAGE OF BUSINESS

Man in court in
connection with
18 break-ins —
A 19-YEAR-OLD man
charged in connection with break-
ins at 18 houses in the eastern area
of New Providence was arraigned
in Magistrate’s Court yesterday.

Chivario Cuadero Rolle of
Pyfrom Road appeared before

15 -year-old attacked
while preparing for
basketball game

@ By BRENT DEAN were involved. Magistrate Susan Sylvester at
Tribune Staff Reporter A source told The Tribune Court 11 in Nassau Street yester-
bdean@tribunemedia.net that the young man is a 10th day on 18 counts of housebreak-
Tk go PARE ee ing and 13 counts.of stealing.

grade student of SAC. He was
CHRISTIAN ROLLE, a15- taken to the Princess Margaret
year-old student of St Hospital for treatment after

Rolle is accused of committing
the offences between Sunday,
September 13, 2007 and Sunday,

Augustine’s College, was the stabbing.
stabbed in the shoulder on the The incident reportedly took Bee < mber 30, sat
school’s campus yesterday _ place near the school’s basket- SEE page 10.

afternoon as he prepared fora ball court, and the extent of
basketball game later in the the young man’s injuries were

‘Another
allegation
against the
Ministry of
Housing

YET another allegation of
mismanagement and possible
corruption has been ‘levelled

_ at the Ministry of Housing.
A homeowner, who wished
~.to remain anonymous, told
The Tribune that she had been
living in government built
_ apartments in Windsor Lane
for five years. _

Gymnasium. The source said that an
Rolle was also robbed of a__ altercation took place at the
cell phone and other personal campus last Friday, which may
items during the incident, be related to yesterday’s stab-
police confirm. _ bing.
It is believed that persons A SAC graduate, who did

from outside of the school
SEE page 10

COB ‘takes seriously’ the
safety of staff and students

THE College of the Bahamas said it “takes seriously” the security
and safety of its students and employees and has employed innov-
ative strategies to provide a safe environment in which to learn —
and work.

This follows complaints by students reported on the front page of
Saturday’s Tribune. They said the Fall 2007 semester was “riddled
with violence” — including incidents of rape and armed robbery. _ The government had been

“An opencampus situated in a bustling commercial centre pre- — ’ : . taking a salary deduction in
sents eee challenges” ’ said COB ina statement. “Incidents ABTC TECHNICIAN works on telecommunications equipment that was 5 sated last rronth.” place of rent payments, she

Tim Clarke/T ribune staff

that threaten the well being and safety of college constituents are ~ A $10,000 award is being offered to anyone with information leading to the conviction of persons explained... .
dealt with in accordance with college policies and the law of the land, __ involved in the Saigtage. ° SEE PAGE THREE a ‘ - The woman said. that now,
as soon as they are reported.” ah -» however, the ministry claims

It said that in an effort to prevent such incidents, security cameras - that she owes Soverpment

have been installed campus wide, additional officers have been . (2 money.
employed and additional security booths placed at strategic locations. K ms if ad Yesterday, a senior overn-
There is also a mobile unit patrolling the campus during all shift 71 a a 100 coerce SEE ee 10° :



a ROM ED 0c found



m@ By PAUL G TURNQUEST This claim was dénied by one “e . 1]
AUTO N . 0 RAN C [- Tribune Staff Reporter of the MP’s close campaign In Fox
f be _ pturnquest@tribunemedia.net “lieutenants” who referred to

documents showing that Mr
DESPITE speculation tothe Gibson had in fact. been
contrary, Kenyatta Gibson, the _ retained by his client under the
newly-Independent Member of PLP administration in March
Parliament for Kennedy was 2007.
not coerced by money to leave Speaking with The Tribune
the PLP, a source close to the exclusively, this source, who
MP said yesterday. spoke on condition of anonymi-
Yesterday, political sources _ ty, said that these allegations
suggested that Mr Gibson was against Mr Gibson once more
enticed by the FNM last month expose another ploy by the PLP
to resign from the PLP in and its “political harlots” to
return for a lucrative contract destroy his character.

.. “THE body. of Cornelius
Knowles of Fox Hill was found in
a car parked ina yard on Ferguson
Street, off Reeves Street in Fox
Hill, yesterday evening.

It was identified as that of Cor-
nelius Knowles of Fox Hill, who
lived in the car. It is believed he
had been dead for at least two
days.

“Tt was the odour that caused
persons to look in the car,” said a
Fox Hill resident. “His body was
found about the same time that

ty to represent a possible pur- “Tt’s a wonder he didn’t leave a . ah st
WS su C “hol i ‘ the electricity went off in Fox Hilll.

ng ma bin is aoe Walker’s Cay in the SEE page 10 7 Wak aE ARR | The electricity went off around

, ee panipement, 3 : 6.30pm, gcd

bo bin bn

Fountain Soda

HOON woe OKO | Rt onsen, Soe ea





PAGE 2, WEDNESDAY, FEBRUARY 6, 2008 THE TRIBUNE

Coroner’s Court /~
cases mounting —

MATTERS before the Coroner’s Court, which was abolished
under the former administration, are mounting as there contin-
ues to be no movement on these matters, Prime Minister Hubert
Ingraham said.

There are currently 157 matters before the Coroner’s Court.

Mr Ingraham commented on the backlog during his meet the
press conference in the nation’s capital.

“What I find distressing is the number of persons who have
matters before a Coroner’s Court or [that] should be before a
Coroner’s Court in the Bahamas and nothing is happening on
them,” the prime minister said.

“We [the FNM administration] had a Coroner’s Court. We had

‘appointed Mr Winston Saunders to be the coroner (now
deceased).

“He did quite an effective job in disposing of matters that go
before the Coroner’s Court. This would be persons who die in
police custody, or who die under suspicious circumstances, or who
go missing, et cetera.

“That court was abolished while we were in opposition and the
numbers have piled up.”

The matters before the court include 21 suspicious deaths, six
police shootings, 59 traffic fatalities, 21 drownings, 10 classified
as missing at sea and two missing person matters in Kemps Bay,
Andros and in South Andros.

Otner matters before the court are cases of murder, suicide and
suspected suicide, accidental death, shooting and stabbing, boat-
ing and jet ski accidents, electrocution, house fire, and one case

classified as “missing on plane.” aa . me A as ih —— he aE
; ; , MINISTER OF STATE for Social Development Loretta Butler-Turner commissioned a new wheelchair accessible bus at the Disability Affairs
cies) Unit, Eight Terrace, Centreville. 4

: INDEX

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“400, State-of-the-art vehicle
for the disabled unveiled





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Raymond Bethel/BIS

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an . \

m@ By LLONELLA GILBERT



MINISTER of State for Social
Development Loretta Butler-Turner
yesterday unveiled a new state-of-the-
art vehicle designed especially for per-
sons with disabilities.

Speaking at a press conference at
the Disability Affairs Unit, Mrs Butler-
Turner said the bus will be used to
transport persons with disabilities to
important appointments such as doctor
Visits.

She explained that individuals who
need the bus need only contact the
Disability Affairs Unit, which will
make the proper arrangements to
transport them to and from appoint-
ments.

Mrs Butler-Turner said this is an

important development, as a “Band-
Aid approach” was previously being
taken, using a vehicle which needed
constant repairs.

She said it is important that the gov-
ernment does all it can for the dis-
abled, as the country is a signatory to

the United Nations’ Convention on the .

Rights of Persons with Disabilities.

The minister pointed out that as the
Ministry of Finance waived import
duty, the total cost of the bus was just
over $70,000.

ABK Mobility, a sister company of
ABK Fine Cars, partnered with the
government in purchasing the vehicle.

Managing director of ABK Mobility

Marvin Henfield-said'the: : 2007
Dodge Sprinter that. c; port
either four wheelchair b ons

or 10 other passengers.

Mr Henfield explained that the bus is
equipped with numerous safety mech-
anisms such as seatbelts and 16 tie-
down restraints.

It has a rear door that is suitable for
the roads in the Bahamas, where dri-
vers keep to the left.

The bus has also been outfitted with
a manual override system in case the
batteries die or power is otherwise lost.

Wendy Bonaby, who uses a wheel-
chair and is a client of the Disabilities
Affairs Unit, demonstrated how wheel-
chair passengers are taken on and off
of the bus.

“Ms Bonaby said the new vehicle is an
improvement'bécause she féels that

the tie-down restraints and seatbelts

make it safer than the old bus.



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THE TRIBUNE



0 In brief

Unscheduled |
adjournment —
in Coroner's |
Inquest into —
Esfakis death |

THE Coroner’s Inquest
into the death of Christo-
pher Esfakis will continue
today after an unsched-
uled adjournment yester-
day.

The inquest was
delayed after the court
heard that Dr James
Inferenta — who was
scheduled to be the main
witness during the pro-
ceedings — could not
appear because he busy in
the emergency room.

Before Magistrate
William Campbell dis-
missed the seven member
jury, he said he would do
everything in his power to
have the inquest — which
is expected to consist of
three more days of testi-
mony — completed this
week.

Esfakis, 42, died at Doc-
tor’s Hospital on April 22,
2002 a few days after
being admitted to the hos-
pital for burn treatment.

An autopsy performed
by a local pathologist on
April 25, 2002 listed car-
diac respiratory arrest,
acute pulmonary conges-
tion and oedema as pri-
mary causes of his death.

BIC offering
$10,000

BTC is offering a
$10,000 reward for any- i
one with information i
leading tothe conviction:
of persons involvedinthe :
sabotage of vital telecom-
munications equipment i
last month.

The equipment that was
damaged includes aerial
cables on Gladstone Road
and Rocky Pine Road,
and wire cabinets on Mar-
shall Road, Sunshine
Park, Muttonfish Drive,
Flamingo Gardens and
Emerald Gardens.

The damage to BTC
equipment resulted in
hundreds of customers
being left without basic
telecommunications ser-
vices and the company
facing a bill of thousands
of dollars for repairs.

Technicians could be
seen yesterday carrying
out repairs to some of
equipment that was
severely damaged by the
acts of the sabotage.

BTC’s vice-president
for marketing, sales and
business development
Marlon Johnson said: “It
is unfortunate that the
company’s loyal cus-
tomers have been subject-
ed to these vicious acts of -
sabotage. By offering a
reward, we want to
demonstrate to the public
and would-be perpetra-
tors that we are serious
about protecting the
interests of the company
and its customers.”

Mr Johnson is encour-
aging persons with any
information about the
incidents to come for-
ward. Anyone with rele-
vant information is asked
to contact the Police
Crime Tipsters hotline at
328 8477 (TIPS). All calls
are confidential.

Share
your
news

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

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











Claim that annual murder rate

LOCAL NEWS

WEDNESDAY, FEBRUARY 6, 2008, PAGE 3

para





could reach 250 in a decade

NASSAU’s latest alarming
crime figures are part of a 20-
year trend which could see the
annual murder rate rocket to
250 within a decade, it was
claimed yesterday.

If this happens, Bahamas
tourism will face a “major
threat”, with every citizen sus-
ceptible to crime in all its
forms, said fathers’ rights cam-
paigner Clever Duncombe.

Recorded crime statistics
between 1963 and 2005 show a
massive upsurge in all cate-
gories, with murder up from
only five in 1963 to 52 in 2005
and 60 in 2006. Last year, that
figure jumped to a record 79.

“The crime rate has explod-
ed out of all proportion to the
increase in population,” said
Mr Duncombe. “Politicians
are trying to downplay the
severity of criminal activity in
our country. They are trying
to imply that only a small per-
centage of men are commit-
ting these crimes.

“However, the statistics sug-
gest something else. Crime has
become a part of our national
economy. People are relying
on it for a living, and that
includes many lawyers.”

Mr Duncombe said the gov-
ernment first needed to
acknowledge the problem,
then identify who is responsi-
ble, and finally create policies





and laws to address it.

He said lack of a social
development plan - and the
growth in fatherless families -
was a factor.

“Tf this goes on, it means
that ten or 15 years down the
line, you will have 250 mur-
ders a year, with rape and oth-
er sexual offences doubling or
tripling, leading to a major
decline in our tourism figures.

“By then the powers-that-
be will be in their eighties or
nineties,-but many of us who
are now living will perhaps be
dead as a result of crime.”

Because of increased polar-

isation in society, with the rich
in their safe havens, it would
be the “lower orders” who
would take the brunt of crime,
he added.

“Resuming hanging is not
the answer,” he said, “Hanging
is discriminatory against men.
The last time a woman was
hanged was in 1913. And the
last time a man was hanged -
in the year 2000 - the murder
rate hit a then record of 74.”

Mr Duncombe produced —

statistics showing total record-
ed crimes up from 2,996 in
1963 to 17,481 in 2003 and
16,810 in 2004.

Rape has rocketed from 11
in 1963 to 134 last year, with

attempted rape up from just:

two to 35 in the same period.

In 1963, there were only 471

housebreakings against the
2007 figure of 2,510.

Murder figures began rising
significantly from 1979
onwards. Between 1977 and
1996 murders rose from 14 to
51, then two huge spikes were
hit in 2000 and 2007.

Mr Duncombe said: “Politi-
cians have been downplaying
crime for years. But we need a
national socio-economic devel-
opment plan instead of the
present ad hoc style of gover-
nance. If they continue to
downplay it, we will never get
a solution.”

i100 Police outline

initiatives to



A

oD

fn

HIGHLIGHTING the increase in major
crimes last year, police officials have outlined
several initiatives which the force will pursue
over the next 12 months to help address this and
other problems.

These initiatives include:

¢ Neighborhood policing — ensuring that polic-
ing is practiced in a way that strengthens the
police/citizen bond.

e Traffic management — employing strategies
that positively impact the traffic situation and
continuing to enforce laws and regulations to
reduce the number of traffic accidents.

3) Training and development — continuing to
train members of the police force in a wide array
of skills that will enhance their effectiveness in
carrying out their duties.

4) Effective management — ensuring that max-
imum use is derived from all the force’s resources
and that financial accountability is practiced.

5) Intelligence led policing — promoting a sus-
tainable, proactive system for the investigation,
prevention and reduction of criminal activity
through the use of intelligence led policing.

6) Discipline - ensuring a higher level of dis-
cipline within the police force

¢ Tackling corruption — minimising corrup-
tion so that public confidence in the force is
heightened and its integrity is maintained.

- Miami biologist is
awarded fellowship
for coral reef research

adress crime

e International co-operation — continuing to
build upon existing relationships with interna-
tional law enforcement agencies and associa-
tions and seeking to develop new international
partners.

9) Information technology — ensuring that the
maximum use is made of existing technology

The end of year police crime statistics
revealed that last year, violent crime in general
increased by 38 per cent across the entire coun-
try.

Rape increased by 86 per cent across the
Bahamas.

The data reveals that nationally, unlawful sex-
ual intercourse increased by 15 per cent; attempt-
ed rape by 52 per cent; armed robbery by 49
per cent; and robbery by three per cent from
the totals in 2006.

In 2006 there were no reported cases of
attempted murder, however, last year there were
seven.

Four manslaughter cases were reported in
2007, as compared to one in 2006, and attempt-
ed robbery cases rose to 19 from 12.

In the property crime category, burglary
recorded the most notable increase from 2006 —
43 per cent.

Vehicle theft also shot up 10 per cent last year,
as did stealing from vehicles, which increased
by 28 per cent.

Shop-breaking and stealing showed only single
digit increases of nine and two per cent respec-
tively.










Bg MIAMI

A UNIVERSITY of Mia-
mi biologist has been
awarded a $150,000 Pew
Fellowship in Marine Con-
servation for his efforts to
help coral reefs survive cli-
mate change, according to
Associated Press.

Andrew Baker aims to
protect heat-sensitive coral
against ocean temperatures
spiking because of global
warming.

He plans to pair coral
with algae that can with-
stand higher temperatures.

Corals need algae to
thrive, but shed the algae
when the water gets too
warm.

That can drain a reef of
its vibrant colors, and
bleached reefs are more
vulnerable to damage and
pollution.

Baker says his research
shows some corals adapt to
warmer water if the algae
is heat-tolerant.

His theory will be tested
in the university’s aquari-
ums before it’s introduced
to corals growing in nurs-
eries or the Florida Keys.

Ui
EXTERMINATORS

eS
PHONE: 322-2157































Minor Crimes/Miscellaneous 2007 2006 %Change
Alarm Activation oo... DBD iissesssds 21D arateeseiteaee 1 |
Assistance Requested... 7006 ....... DOTS etstish ves, 17
Bomb Thréate.:..6.sissncunacsie SB ised DI sistiveseseashed 57
Domestic Dispute... eee 1138 )3..3- 1361 eit eciite.: -16
Lond MUSICS chentlatrosiinis TS Tasca AS tins ctyecacsts 6
LOst PasspOrt ..sisscccseseiccccossesssss 15 23% css LS DT sivcssassastertves 0)
MASSING PCTSON 9. .sccscesieieveesitieeie! 425 woes BBD sss stasis 26
Gunshots Report... eee TSO i sesestseed OB wssteszeyavenssne 40
PO]CE: ESCOML wie. Fisisstisceatessshieeas Gil tats pereeere 226 sevsitisve dusts -21
Police Visitssiieasek A ieutehe 1338 e035: 2428... eeeseeeeeees -45
Sudden Death (Natural Causes) ....486 ......... S20 sceesessseeeiens -8
PNSSAUI sensei tesstrstciseeteeantivensecetees 3013.20. Q9B8 I icvuessececcitis. Ry
Assault Police Officer... 149 wo. DD is tieeees we l8
Causing Harm... cessseseeeeees 2670 ....... 200 0e eo ceaiienens a
Child-ADUSe ss hietetieniit teed AD cascsevases AG seoineiecles 2
Child Neglect’... 4 v..scincccseieencaee SO. sscetisn DD vesceettietecess -15
Disturbance, :..5.02i Yescitanseeseccttotiens 1140... TTS Ox sep eects -4
Stealing (MINOT)... eeeeeeeees 3310 ....... S31 Osea eas -2
Attempted Stealing... eee OD iistaaiaves TDiacsirrseiessent lO |
Attempted Breaking... 208 sieusitss 22 iiciscdescevl D
Threat ‘of Harm iii. deen LIGT sesstss T71O se ccsssesreesteess 3
WOUNKINE sis cccccieccssiegeatecisesseaseeseanes Dd Dicirsreass LAT Baise cctectee 25



Wilful Damage oe eeceeseeeee












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Established in 1956 by an old Bahamian family

Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
¢ Fax: 326-9953

Crystal Court at Atlantis, Paradise Island Tel: 363-4161/2

Lyford Cay (next to Lyford Cay Real Estate in
Harbour Green House) Tel: 362-5235

e-mail: www.colesofnassau.com ¢ P.O. Box N-121



tT pe 5 Drawer Chest :

ere



PAGE 4, WEDNESDAY, FEBRUARY 6, 2008

EDITORIAL/LETTERS TO THE EDITOR

So much



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.

Published Daily Monday to Saturday

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

TELEPHONES

Publisher/Editor 1972- .

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



Public still don’t trust police

SEVERAL CALLERS to a popular talk
show yesterday morning in discussing
crime, claimed the reason so many mem-
bers of the public do not cooperate with the
police is that they don’t know who in the
force to trust. In other words they believe
that “shut mouth catch no flies” is a safer
policy than becoming police informants —
even if it means their own security.

In their small communities they see some
officers indulging in the numbers racket
and consorting with drug dealers. They
know of others who, for a price, will turn a
blind eye to a breach of the law. They hear
stories of “shake downs” by officers of the
law. The callers believe that until the police
force is cleaned up, crime will remain soci-
ety’s number one problem.

One caller suggested that it was a mis-
take to send two of the country’s best
police officers to Canada for training in
fighting crime, rather than bringing a Cana-
dian officer here to clean up the local force.

Both of our recent police commissioners
recognised that the police force — like
every organisation composed of human
beings — had officers who should not be
there.

These commissioners did not pretend
that undesirables did not exist in their
ranks, but instead sent a clear public warn-
ing to them that if they were caught, like
everyone else, they would find themselves
before the courts.

As retired Commissioner Paul Far-
quharson often said, no nonsense would
be tolerated on his watch. He lived up to
his word, as officers who were accused of
breaking the law were led to court.

Police Commissioner Reginald Fergu-
.son, on succeeding Mr Farquharson, made
it clear that his administration was to be
one of “zero tolerance.”

“Corruption and good policing are not
compatible, and if unchecked, could render
us incapable of policing our own country,”
he said at the January 18 handing over cer-
emony from one commissioner to the oth-
er. “Therefore, you can expect a vigorous
effort on the part of my office to detect,
investigate and eradicate this unacceptable
practice wherever possible.”

He has said that his leadership is com-
mitted to fighting against corruption with-



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in the force. And if the public wants to
help him in that fight they can use the
Crime Stoppers hot line to inform on those
they believe are giving the force a bad
name. This would be far more helpful, and
they would be playing their part in making
their community safer, if they would pick
up the phone and give the information
rather than sitting at home with sealed lips.
They can be assured that by using the hot-
line no one will be able to identify them,
but at least their information can be inves-
tigated.

However, although we have a few in
the force who are not worthy of their uni-
form, the Royal Bahamas Police Force is
exemplary when compared with similar
forces in other areas of the Caribbean,
especially Jamaica’s force.

In 2005 it was stated that the most trou-
bling aspect of that island’s crises was the
extent of the corruption in its police force.
Police Commissioner Lucius Thomas
rocked the nation with his frank statement
that “there are criminals among us...not
only corporals, sergeants, and inspectors, it
goes all the way up.”

However, he insisted that only a few
members of the force were corrupt. He
said it was important to identify them and
start a process to bring them before the
courts. ‘

Officers seeking promotion to the senior
ranks or to assignments in sensitive areas
had to take a lie detector test and other
integrity tests as part of Jamaica’s pro-
gramme to root out corruption in its con-
stabulary.

But the force was too far gone. In the
end Jamaica had to request senior officers
from London’s Metropolitan Police to help
in the local clean up.

The Royal Bahamas Police Force is not
too far gone.

It has many fine men and women in its
ranks,

But they, like members of the public,
will have to support their new commis-
sioner to deliver on his commitment that
“every officer, including management, will
provide service with excellence, profes-
sionalism and in adherence with all laws
that govern the Royal Bahamas Police
Force.”



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THE TRIBUNE



learning, and

EDITOR, The Tribune.

Kindly permit me a little space
— no, a lot of space! —in your
esteemed publication to unbur-
den my heart of something that
has been weighing it down for
quite some time. I write with no
malice or spite eee to gain
something for myself in so sharin
what is about to follow. Instead,
write in hopes of raising the voice
of one crying in the wilderness of
oppression among many such
voices that have been either
silenced or ignored for too long in
this nation which calls itself
“Christian.” I write in hopes that
appropriate and just action should
be taken. I consider it only fair
that the long awaited and much
debated Disability Rights Bill be
passed and made law without fur-
ther ado.

I am very much aware that
what is about to be shared here
may be considered nothing short
of incredulous and unbelievable.
It is not my aim nor desire to per-
suade anyone of the truth or real-
ity of the following, for those
involved therein and others
involved thereto can very easily
confirm anything and everything
said here — if so desired.

I am disabled, and doubly so. I
am blessed with both deafness
and the chronic issue of Sickle
Cell Anemia. I am also an
employee of the Bahamas Gov-
ernment and of late, a former stu-
dent of The College of The
Bahamas. I say “former” because
it is only after much contempla-
tion and prayer that I have today
decided to cease from struggling
with an institution possessing the
dubious and questionable title of
“premier.” This do I in order to
preserve the last edges of my
sanity that has slowly but surely
been sapped, challenged, ques-
tioned, and undermined by so-
called “learned” people, and
those in positions of power and
influence.

A few years ago I was granted
an academic scholarship by then
Minister of Education, the Hon
Alfred Sears. Not that I was lack-
ing in opportunity to go abroad,
mind you, but I chose to remain
and complete my education right
here at home, being a proud —

erhaps even misguided, as some

ave said — Son Of The Soil.
One compelling reason being the
hoopla and fireworks that was
made about the College’s soon-
to-be-realised quest for universi-
ty status in an effort to compete
with the rest of the world and
offer a “quality education” to
Horie in our very own back-
yard.

Several other students with
varying degrees of hearing loss
also endeavoured to join me
there, but we found it tough going
as the College did not have any
measure and means of support in
place for our disability. Being the
more bold, vocal and conscien-
tious one of the bunch, I sought to
bring this oversight to the atten-

tion of College officials. After .

much empty dialogue and many,
many run-around-like-a-headless-
chicken meetings, a singular
(God-ordained?) incident of

being stranded in an elevator on

campus with missing emergency



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letters@tribunemedia.net



pe puny equipment forced the
issue. I threatened to go public
with my concerns, and was imme-
diately rushed to an impromptu
meeting with the college presi-
dent, who committed to Took into
the situation and respond in a few
week's time. She did not forbid
me embarking upon fulfilment of
my threat however, only request-
ing time to look into the matter.
Considering her kindness and sin-
cerity, I refrained myself. Subse-
quently, it was agreed and ver-
bally affirmed that the College
should do more to assist students
such as we — and not just those
of us with hearing impairments.
In an effort to show its sincerity of
intention, I was tasked to assist
the College with two things,
namely -

(a) teen capable persons to
act as sign jane uaee interpreters,
which I did late 2006; an

(b) set up a town meeting with
the deaf community in order to
aid the College in better urider-
standing the needs of the Deaf
Community. This I also did, early
2007 through- and with the sup-
port of my church.

A few short months later, it
was decided that someone should
be hired to set up an Office Of
Disability Support Services with-
in the College, because this was
an area that needed to be recti-
fied immediately. Such an Office
has yet to materialise and, per-
haps even more telling, there is no
mention of any of this in the Col-
lege’s much-publicised auatene
Plan for University Status. Today
the deaf students continue to
struggle without much-needed
pus support. The worst part,

owever, in all of this is what I
perceive to be the vindicative,
mean and spiteful treatment
received for daring to “rock the
boat.”

At the aforementioned follow-
up meeting with senior College
administrators, I was granted the
option of defaulting to a newly
established online programme “in
the meantime.” Silly me, unwise
in the tactics of institutional
manoeuvring, I fell for this
smokescreen hook, line, and
sinker! What a dunce! I accepted
this, believing that such a “pre-
mier’ institution would make
good on its word concerning the
disadvantaged. Ah well, a lesson
learned is wisdom gained. But
anyway, it was outline that I
would take two on-line classes
per semester until my programme
was completed because of my
health issues, and seeing as
would not miss as much lesson
content compared to being
unable to hear in a classroom con-
text. :

Woe is me! The trouble started
when I tried to register for those
classes. The programme adviser
flat out refused to sign the course
request forms! Goodness. After
many days of enquiries and with
the registration deadline fast
approaching, another individual
within the School of Education
graciously allowed me to proceed.

‘o this day I retain in my posses-
sion a copy of that form with the
very legible notation... “Need to
sign up for in-house/face-to-face
classes.”

One of those courses, which
was supposed to be on-line, had a
“classroom component” requir-
ing students to meet on campus
each week because the content
was “orally-based and that would-
n't work in the on-line forum.”
Huh?! The fun with that one was
only just beginning. About mid-
way through the semester, a seri-
ous medical emergency occurred
in my family and, being the eldest
of my siblings, I sought release
to attend to the affairs of the fam-
ily. Fortunately and God be
praised, the situation was soon
rectified. Upon returning to my
classes, however, I was duly
informed that since I had missed
so much content I would have to
repeat the course the following

. semester.

Normally this would have been
no big deal, except for the fact
that it put my scholarship at risk.
In discussing this predicament
with my fellow classmates, how-
ever, it was revealed that basical-
ly the whole class had also fallen
behind schedule for various rea-
sons therefore I had no reason to
be concerned as there was yet a
little hope for me as well. The sit-
uation was confirmed when the

yet unlearned ...

lecturer agreed to give the class a
one-week extension. But lo and
behold! This grace period did not
apply to me, however, even
though I made two requests as
such in class with the other stu-
dents present and again privately.
Well muddo! And Boy!

Finally, this semester I had the
very good fortune of securing
campus-based courses with two
esteemed lecturers who were
“well acquainted with the ways
and means of education, and
preparing aspiring teachers for
the nation’s classrooms.” Hmm-
mm. Well, just this week one such
distinguished lecturer explained
to the class, “Handicaps are bar-
riers imposed on us by our envi-
ronment and others,” and went
to great lengths to clarify by per-
sonal example an instance of
when she was compelled by her
superiors to read a document in
fine print even though she was
not in possession of her prescrip-
tion glasses at the time. Point tak-
en. But how, in God’s Blessed
Name could she then turn around
and require me to lip-read anoth-
er student I barely knew and did-
n’t understand in order to obtain
the correct definitions of terms I
had incorrectly defined? Need-
less to say, I embarrassed both
myself and the poor student in
front of the whole class by not
only misunderstanding what was
being said, but also getting the
terms mixed up, twice! Are we
missing something here?

I have tried hard to be forgiv-
ing, keeping one eye closed in the
face of such human misdeeds, but
the last straw for me came today...
I sat through two hours of non-
stop oral lecturing with the
instructor reading from notes she
hadn’t bothered to simply pho-
tocopy for this stone-deaf student
in her class. This was not the first
time it happened, and after
repeatedly requesting copies of
lecture notes to no avail, I had
begun to become discouraged. I
am indebted to the student who,
out of the goodness of her heart, .
allowed me to copy a portion of
her notes. Well, maybe more than
just a little indebted, ’cuz she’s
rather cute! But, hey, I digress.
Towards the end of this grueling
session, I happened to glance up
and caught these words on the
lecturer’s lips, “As teachers we
need to make reading/learning
fun...” Wondering if I had reall
seen what I thought I had seen,
passed a quick note to the afore-
mentioned student that said: “She
needs to practice what she
preaches!” God is good, would
you believe, the response came
back in the affirmative!

I have had enough. “Christian”
nation my foot! “Higher” educa-
tion my you-know-what! Such
callous and blatant deception, dis-
crimination and disregard for the
welfare of others exists in all seg-
ments of Bahamian society... yes,
even within the Church I must
say. This must stop. I shudder to
think that through it all, the
Almighty is watching and taking
note. For real, man! For too lon
the disabled have begged an
wept for nothing more than to be
treated humanely and granted an
equal opportunity to succeed in
life and living.

Again, I have nothing to gain
by going public with this per se. In
fact, I stand to lose much because
my employment forbids “speak-
ing out” in such a public forum. In
fact this is but the second time I
have been compelled by con-
science to take such action in the
face of obvious institutional
hypocrisy. The first being the
Centre for the Deaf school build-
ing issue many years ago. As I
said to my superiors then, I say
here again: I was a human bein
before I became a worker. An
no job or reward on the planet is
worth clinging to if it means I can-
not speak up for thdse who so
desperately need to be spoken
for. The disabled were not then,
and are not now asking for any
“special treatment” as such. We
want the right to fight for a little
dignity for ourselves if need
be. We are simply seeking that
the nation as a whole respects us
as human beings with needs and
feelings just like your own. I sin-
cerely believe the Disability
Rights Act would enable that.
Like the young lady in class wrote
back to me: “It’s casy to talk, but
hard to act!” That was all I need-
ed to “hear,” so to speak. Thank
you. Written in the spirit of love.
Trusting in the spirit of truth,



MARVIN NIVEN
FINLAYSON
Nassau,

January, 2008.

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THE TRIBUNE



DPM to lead
CARICOM
foreign
ministers in
Barbados
meeting

DEPUTY Prime Minister
and Minister of Foreign Affairs
Brent Symonette will lead
CARICOM foreign ministers
in a one-day meeting in Barba-
dos tomorrow.

Mr Symonette will be accom-
panied by former Bahamas
Ambassador to Washington,
Joshua Sears, who now serves
as special advisor to the Minis-
ter of Foreign Affairs.

The purpose of the one day
session is to finalise plans for
the 19th Inter-Sessional Meet-
ing of the Conference of Heads
of Government of CARICOM
which will be held in the
Bahamas on March 7 and 8.

Prime Minister Hubert Ingra-
ham is chairman of CARI-
COM.

The March conclave has been
expanded to include the 12th
Meeting of the Council for
Finance ‘and Planning
(COFAP), to be held March 4
to 6.

International

news

Kenya death
toll tops 1,000

@ NAIROBI, Kenya — The
death toll in Kenya surpassed
1,000 people on Tuesday as
negotiations to end the coun-
try’s. violent political crisis
entered a critical stage, accord-
ing to the New York Times New
Service.

According to the Red Cross,
most of the killings have been in
the turbulent Rift Valley, where
gangs from opposing ethnic
groups have fought fiercely in
the past few days.

“It’s a very volatile situation
out there,” said Anthony
Mwangi, a spokesman for the
Kenya Red Cross.

Mwangi said that more than
300,000 people had been driven
from their homes and the con-
tinuing insecurity, especially in
_ the countryside, was slowing

.down the delivery of food,
water and tents.

On Tuesday, officials from
the government and Kenya’s
top opposition party began spe-
cific discussions about how to
address the political crisis. Both
sides have so far refused to
budge, claiming they won the
election in December.

Kofi Annan, the former U.N.
secretary general, is mediating
the talks. Solutions could
include a power-sharing
arrangement between the gov-
ernment and the opposition; a
transitional government to serve
until a new election is held; or
an audit of the election results.

Annan is also pushing for a
South Africa-style truth and
reconciliation commission to
investigate the explosion of vio-
lence that has convulsed Kenya,
which up until recently was
viewed as one of the most stable
and promising countries on the
African continent.

On Tuesday, Annan met with
Kenya’s top business leaders
who pleaded with him to speed
up the negotiations because the
country’s economy has been
devastated by the violence.

As the violence has intensi-
fied, roadblocks manned by
young men armed with
machetes and bows and arrows
have popped up across the
country. In many places, the
rowdy youth act like toll booths,
extracting payment before lift-
ing barriérs to allow vehicles to
pass.:

Kenya descended into tur-
moil after the deeply flawed
election in December. The
country’s electoral commission
declared that. the incumbent
president, Mwai Kibaki, had
natrowly beaten the top oppo-
sition leader, Raila Odinga, but
election observers have said
there was widespread evidence
of vote rigging.

The dispute uncorked
decades of frustration about
political, economic and land
issues, pitting opposition sup-
porters against members of the
president’s ethnic group and
against other groups perceived
to support the government.

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LOCAL NEWS

0 In brief |PM EXPRESSES COMMITMENT TO FREEDOM OF INFORMATION ACT

‘Cultural shift needed for civil servants
to be more forthcoming with press’

@ By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net .

A CULTURAL shift and
“mindset change” must take
place in the public sector allow-
ing civil servants to be more
forthcoming with public infor-

‘mation before a Freedom of
Information Act can be made
into law, Prime Minister Hubert
Ingraham said.

While saying that he plans to
create such a law during the
FNM’s term in office, Mr
Ingraham explained that sim-
ply legislating a Freedom of
Information Act without first
changing deep-rooted cultural
norms would be fruitless.

implementing this quarterly
conversation (with the media) is
‘to help to encourage others in
the public sector to be more
open and forthcoming in deal-
ing with the press, so by the
time as we get a law in place

BAIC’s Grand
Bahama business
seminar set for
February 26

A WELL qualified line-up of professionals is set to appear at the
Bahamas Agricultural and Industrial Corporation’s Grand-Bahama
business seminar.

The event is scheduled for February 26 at 6pm at the new Teach-
ers and Salaried Workers Union Building on West Atlantic Drive,
Freeport.

Held over three consecutive evenings, the seminar will include
lectures on the economy, law, and banking in relation to the pro-
motion of small and medium size businesses.

The Bahamas Agricultural and Industrial Corporation (BATC)
is the government agency mandated to promote and encourage
entrepreneurship among Bahamians.

“Through this seminar we hope to provide participants with a
forum for attaining knowledge on starting, running and improving
a business,” said BAIC’s northern region assistant general manager
Rudy Sawyer.

“A goal of the seminar is that participants will successfully start
new, or improve existing businesses with the information attained.

“Through this course, BAIC is fulfilling its mandate to build
better business people and businesses in the Bahamian economy,
thus improving employment.

“We want to encourage that entrepreneurial spirit among
Bahamians.”

The seminar will take note of Grand Bahama’s declining tourism
figures; its faltering economy; and a need to boost entrepreneurship
on the island, Mr Sawyer said. :

Topics to be discussed include:

¢ development of business plans

e funding

e record keeping

e legal protection

® insurance

° e-commerce

¢ customer value

There will also be presentations from active businesspersons on
their real business experiences.

“A well qualified line-up of professionals in their fields has been
confirmed to present on the seminar topics each night,” said Mr
Sawyer. ‘

' Participants may register at BAIC’s office in the National Insur-
ance Building in downtown Freeport.



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Hubert. Ingraham






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WEDNESDAY, FEBRUARY 6, 2008, PAGE 5



“Just to pass a law today will
not be effective in my view,
but we expect that during this
term in office that we will have
helped to create a cultural shift
and change in the mindset of
the public sector...”



that requires them to do so,
they will become accustomed
to (doing) so,” said Mr Ingra-
ham on Sunday during a media
forum at the Hilton hotel.
When asked about the status
of efforts to implement the
Freedom of Information Act,
which would allow the media
and general public to freely

access public documents and

information, the prime minis-

THE Annual Bishops Council
Winter Board breakfast meeting
was held in New Providence yes-
terday morning:

It was attended by Minister of
Tourism and Aviation Neko Grant
and Permanent Secretary of
Tourism Archie Nairn.

The Full Gospel Baptist Fellow-
ship International’s Bishops

“Council normally hold its meet-

ings in New Orleans.

Some 45 bishops from the
USA, Germany, England, Africa
and India are attending the event,
hosted by Bishop Neil Ellis,
Senior Pastor of Mount Tabour
Full Gospel Baptist Church. Pic-

Yt ‘ SR
BRING YOUR OL

ter said: “Laws don’t make peo-
ple do what there are not natu-
rally inclined to do”.

“Just to pass a law today will
not be effective in my view, but
we expect that during this term
in office that we will have
helped to create a cultural shift
and change in the mindset of
the public sector in the
Bahamas to be more forthcom-
ing about what is essentially

Neko Grant, Archie Nairn
attend breakfast meeting



public business. “But there is a
view that’s held by us in the
Bahamas that these are secrets
that are to be kept and you got
to pry it out and sometimes end
up in the position where you
are given information that is not
accurate.

“So we are not rushing the
Freedom of Information Act
but we will deliver”.

The prime minister added
that in 2002 during his govern-
ment’s last term in office a Free-
dom of Information Act was
drafted, however it was never
legislated.

The US’ Freedom of Infor-
mation Act was signed into law
in 1966 and ensures public
access to US government
records.

It carries a presumption of
disclosure; the burden is on the

government — not the public —

to substantiate why information
may not be released, the
George Washington Universi-
ty website says. :



MOTA photo



Paul Morton, presiding bishop;
Mr Grant and Mr Nairn.

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PAGE 6, WEDNESDAY, FEBRUARY 6, 2008
GN-641



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION °

7TH FEBRUARY, 2008
No. 2007/PRO/npr/00678

In the Estate of ALLEN C. SHERMAN, JR. late of 730
N.E. 20th Lane in the City of Boynton Beach in the County
of Palm Beach in the State of Florida one of States of the
United States of America, 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 in the Probate Division
by EARL A. CASH, of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Successor Letter of Administration in the above estate
granted to BRIAN M. O’CONNELL the Personal
Representative of the Estate, by the Probate Division in the
Circuit Court for Palm Beach County Florida, on the 25th
day of January, 2007.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00027

Whereas PERRY ARBACES PINDER of Spanish Wells
on St. George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahamas has
made application to the Supreme Court of The Bahamas,
for letters of administration with the will annexed of the
Real and Personal Estate of ARBACES PINDER late of
Spanish Wells on St George’s Cay, one of the Cays of the

Eleuthera Island range of Cays in the Commonwealth of |

The Bahamas, deceased.

Notice is hereby given that such applications will be heard

by the said Court at the expiration of 21 days from the date —

hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00028

Whereas PERRY ARBACES PINDER of Spanish Wells
on St George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in 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 LILAH GERALDINE PINDER late of Spanish Wells
on St George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahama,
deceased. ,
Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00029

IN THE ESTATE OF FRANK GEORGE ALSTER, late
of 262 Wearimus Road,, Ho-Ho-Kus in the State of New
Jersey, one of the States of the United States of America,
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 in the Probate Division
by MELISSA L. SELVER of Western District of the Island
of New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Letters
Testamentary in the above estate granted to MARY WAIT
and BARBARA WENDT, the Executrixes of the Estate,
by the State of New Jersey, Bergen County Surrogate’s
Court, on the 27th day of September, 2004.

Nicoya Neilly
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00032

Whereas CLEVELAND LEROY HANNA of Peach Street
in the Island of 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 JAMES
RANDOLF HANNA (a.k.a.) JAMES R. HANNA late of
Spring Point on the Island of Acklins, 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 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00033

Whereas DEBORAH SANDS of Vesey Street in the Island
of 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 ALLAN SANDS late of Vesey
Street in the Island of 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. -

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00034

Whereas EARLA ROSNEL RUSSELL of Arawak Avenue
in the Island of 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 GEORGE
ELONE HIGGS (a.k.a.) SAMUEL GEORGE ELONE
HIGGS late of Eight Mile Rock in the Island of Grand

Bahama, one of the Islands of the Commonwealth of The,

Bahamas, deceased. (65; 000 |G 3 ati
Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00038

Whereas E. TERRY NORTH of Winton Highway in the
Island of 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 EDWARD
JOSEPH BENSON (a.k.a.) EDWARD J. BENSON late
of 9449 Abbott Avenue, Surfside, Dade County in the State
of Florida, 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.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00039

Whereas JENNIFER STUBBS of the Western District of
the Island of 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 VERNAL
F. RUTHERFORD late of Hawthorne Road in the Western
District of the Island of 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.

Nicoya Neilly
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00040
IN THE ESTATE OF WILLIAM LESLIE JONES, late

of 2005 Lawrence Avenue West in the Town of Oakville
in the Regional Municipality of Halton in the Province of

fl

‘by W. CHRISTOPHER GOU

THE TRIBUNE

Ontario in the Dominion of Canada, 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 in the Probate Division -
by EARL A. CASH of Marlin Drive, Western District,
New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Certificate of Appointing of Estate Trustee With a Will in .
the above estate granted to THE CANADA TRUST
COMPANY and BRIAN WILLIAMS JONES, the
Executors and Trustees of the Estate, by the Superior Court
of Justice at 491 Steeles Avenue West, Milton in Ontario,
LOT 1YZ on the 8th day of June, 2005.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00043

Whereas LORI ELIZABETH LOWE, of the Eastern
District, New Providence one of the Islands of the
Commonwealth of The Bahamas Attorney by Deed of
Power of Attorney for Lazelle A. Grothe, The Personal
Representative, has made application to the Supreme Court

. of The Bahamas, for letters of administration with the will

annexed of the Real and Personal Estate of HOWARD L.
GROTHE, late of 4932 Silverthorne Court, Oldsmar,
Pinellas County in the state of Florida 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.

Desiree Robinson
(for) Registrar ,

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00044

IN THE ESTATE OF JON RICHARD BROCKETT, late
of 1017 Port of Call Villas in the City of Freeport in the
Island of Grand Bahama, one of the Islands of the
Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from. the date hereof, application willbe made.to the... _,
Supreme Court of The Bahamas, in, the, Probate Diyision’ tT}
THRO of Freeport, one of
the Islands of the Commonwealth of The Bahamas, Attorney-
At-Law, the Authorized Attorney in The Bahamas for
obtaining the Resealed Grant of Probate in the above estate
granted to DAVID HENRY NEVILLE the Executor of
the Estate, by the District Probate Registry at Winchester,
Birmingham on the 6th day of December 2004.

_Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00046

IN THE ESTATE OF JACQUELINE J.M. DAUCHY,
late the County of New York in the state of New York, one
of the states of the United States of America, deceased.

NOTICHE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made tg the
Supreme Court of The Bahamas in the Probate Division
by DR. DEBRA ROSE MUNNINGS of the Eastern
District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the
Authorized Attorney in The Bahamas for obtaining the
Resealed Certificate of Letters of Administration in the
above estate granted to WILLIAM A. SIMON the
Administrator of the Estate, by the Surrogate’s Court of
the County of New York, on the 27th day of March, 2007

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00047

IN THE ESTATE OF JERRY A. DORMINY, late of 4053
Indian Trail in the City of Destin in the County of Okaloosa
in the State of Florida one of the States of the United States
of America, 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 in the Probate Division
by STEPHEN J. MELVIN of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of Letters
of Administration in the above estate granted to SHERRY
W. DORMINY the Personal Representative of the Estate,

by the Probate Division in the Circuit Court for Okaloosa ©
County, Florida of the 9th day of October, 2006.

Desiree Robinson
(for) Registrar



GN-641



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00048

IN THE ESTATE OF ELIZABETH STOKES DOYLE, late of 2800 North Ocean
Drive, Apartment Number 23 in the City of Singer Island in the County of Palm Beach
in the State of Florida, one of the States of the United States of America, deceased.

NOTICE is hereby given that the expiration of fourteen days from the date hereof,
application will be made to the Supreme Court of The Bahamas in the Probate Division
by EARL A. CASH of the Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealed of Letters of Administration in the above estate
granted to ANNE C. DOYLE the Personal Representative of the Estate, by the Probate
Division in the Circuit Court for Palm Beach County, Florida, on the 17th day of
December, 2006.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00049

IN THE ESTATE OF IRIS ELIZABETH WIDINCAMP (a.k.a IRIS ELIABETH
GAYLORD), late of 18218 Foxtrace Court, Lutz in the County of Hillsborough in the
State of Florida, one of the United States of America, deceased.

NOTICE is hereby given that after the expiration of Fourteen days from the date hereof,
appiication will be made to the Supreme Court of The Bahamas in the Probate Division
by MICHELLE Y. CAMPBELL of the Eastern District, New Providence, one of the
Islands of the Commonwealth of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the Resealed Order of Summary Administration
in the above estate granted to SHARON W. ROYAL the Administratrix of the Estate,
by the Probate Division in the Circuit Court of the 13 Judicial! Circuit in-and for
Hillsborough County, in, the Florida, on, the, 22nd\‘day of March, 2007.

in etei nraac gd tye

Desiree Robinson’ '
(for) Registrar

COMMONWEALTH OF THE BAHAMAS

THE SUPREME COURT

PROBATE DIVISION

' 7TH FEBRUARY, 2008

No. 2008/PRO/npr/00050

IN THE ESTATE OF MARGARET V.L. HISCANO (a.k.a MARGARET VON
LENGERKE HISCANO, MARGARET VON L. HISCANO) late of the Township
of Millburn in the County of Essex in the State of New Jersey one of the United States
of America, deceased

NOTICE is hereby given that after the expiration of fourteen days from the date
hereof, application will be made to Supreme Court of The Bahamas in the Probate
Divison by LORI E. LOWE of the Eastern District, New Providence, one of the Islands
~ of tite Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in
The Bahamas for obtaining the Resealing of Certified Letters Testamentary in the above
estate granted to MARGARET H. McDERMOTT the Executrix of the Estate, by the
Chancery Division in Probate Part, Surrogate’s Court of Essex County, Newark, New
Jersey on the 4th day of December, 2006.

Desire Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/0005 1

Whereas ALLAN DELENORE GIBSON of No. 14 Aloe Road, Winton Meadows,
Eastern District, New Providence, one of the Islands of the Commonwealth of The
Bahamas, the lawful widower has made application to the Supreme Court of the
Bahamas, for Letters of Administration of the Real and Personal Estate of LORRAINE
GIBSON late of No. 14 Aloe Road, Winton Meadows, Eastern District, 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.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00053

Whereas JUDY MAE RODGERS of No. 4, Robert Maynard Drive, Freeport, Grand
Bahama, one of the Islands of the Commonwealth of The Bahamas the Lawful Widow
has made application to the Supreme Court of The Bahamas, for Letters of Administration
of the Real and Personal Estate of SAMUEL GREGORY RODGERS a.k.a.
GREGORY RODGERS late of No. 4, Robert Maynard Drive, Freeport, Grand Bahama,
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 21 days from the date hereof.

Desiree Robinson
(for) Registrar

st

fic

THE TRIBUNE

My
hs

os

WEDNESDAY, FEBRUARY 6, 2008, PAGE 7
LOCAL NEWS ~

eh aes we Rint

Leeward Yacht
Club captures the
charm of the past

A NEW residential enclave
which celebrates the charm of
the past is taking shape on
historic Green Turtle Cay,
Abaco.

The developer, Douglas
Poland of Canada, has defied
the condo craze that’s swept
the popular islands in favour
of a greener, more neigh-
bourhood friendly communi-
ty called Leeward Yacht
Club.

- ---Thrs-unique real-estate

offering in the Bahamas is
billed as an ‘historic revival
‘ednimunity!? 5 Ve

It’s modelled after the New
England-style homes found in
historic New Plymouth on
postcard pretty Green Turtle
Cay.

“It’s the perfect place for
Bahamians who want to enjoy
the serenity and beauty of the
islands, or non-Bahamians
who want to escape life on the
fast lane,” said Joel Moxey of
Coldwell Banker Lightbourn
Realty, the list agent for the
project. :

SS

‘Leeward fuses
our beautiful
architecture of
the past with
modern home
etosavarttiaiaow

aT TAC TTR

Marketed under the motto,
“Life on the Leeside,” the
community is designed to be
attractive to people who crave
the simple laid-back lifestyle
of a wealthy Cape Cod vil-
lage. :

It’s a short walk or golf cart
ride to spectacular beaches, a
nearby store or pub — all ina
safe and friendly environ-
ment. The community will
comprise 23 three-bedroom

Colonial-style homes... 20 wo...

Of the, three -homes com:
pleted: so ‘far; two. haye

already beén'sold. The fourth #*"

home is now under construc-
tion with work on the fifth to
start this month.

Painted in beautiful pastels,
the homes showcase large
covered porches fronting
scenic Black Sound, parks and
common areas.

Dockage provides an added
bonus.

Developer Poland modelled
Leeward after Abaco's his-
toric New Plymouth, which
was settled in the 1700s by



Loyalists fleeing the United
States out of loyalty to the
British Crown.

It’s a short ferry ride to
Treasure Cay, which has an
international airport.

Real estate in the historic
settlements of Abaco is
among the most coveted in
the Bahamas.

With homes starting at a
cool $1,050,000, Leeward
appeals to an upscale client

base who will make a mean-
.ingful impact on the local

economy.
“Leeward fuses our bedau-
tiful architecture of the past
with modern home conve-
niences. It celebrates our her-
itage and I’m sure it will have
a positive impact on the com-
munity,” said Chris Farring-
ton, Coldwell Banker Light-
bourn Realty’s sales associate
on Green Turtle Cay.

Farrington noted that the .
development is low impact
and eco friendly, and con-
forms to the style of the
island.

PF NG
a: ae

\\\



Billed as a Mens place to enjoy the beauty of the Bahamas.



PAGE 8, WEDNESDAY, FEBRUARY 6, 2008

Secretary to Governor General

Jacqueline Murray dies at 62

State-recognised funeral service to be held on February 11

A state-recognised funeral service will
be held on February 11 for Mrs Jacque-
line Murray, who died Saturday at Doc-
tors Hospital after a short battle with

cancer.
She was 62.

* The funeral service will be held at Llam
at Christ Church Cathedral.

Mrs Murray, who had a long and dis-
tinguished career in the public service,
was serving as secretary to the governor
general when she died.

A faithful member of St Agnes Angli-
can Parish, she will be buried at the St
Agnes Cemetery on Nassau Street.

Hailed by col-
leagues as an “out-
standing performer”
and “an excellent
team player,” Mrs
Murray entered the
public service as a
private secretary in
the Ministry of
Home Affairs on
January 16, 1967.

She was the oldest

child of Mares and

Joyce (nee Simms)
of Nassau.

She attended the
Western Junior and
Senior Schools and
St John’s College,
Nassau and later
earned a master

‘In the

home she

was a
home-
IE Coy
anda
EVN AY
















THE TRIBUNE



. tion with the Organisation of American States (OAS) and thetb



Caribbean regional
workshop on cutting

school violence begins
in Nassau today



ot
id

The Ministry of Education’s regional workshop on reducing
school violence begins in Nassau today. id

The event is being sponsored by the ministry, in collabora-311

United Nations Educational, Scientific and Cultural Organi-\)
sation (UNESCO). Vi
The workshop, which will welcome participants from’
throughout the Caribbean, is scheduled to continue until Feb-"”
ruary 8 and will be held at Super Clubs Breezes on Cable
Beach. 2

Education Permanent Secretary Elma Garraway said that'?
the workshop will be officially opened by Minister of Educa- x
tion Carl Bethel, and the keynote address will be delivered bys
Professor Eric Debarbieux, director of the International
Observatory on School Violence at the University of Bor-;.,
deaux IJ, France.

She explained that an OAS hemispheric project was,;
launched after a meeting of ministers of education of thes,
OAS held in Mexico in 2003, in which the ministers commit-i¢
ted themselves to the implementation of several initiatives tovii
promote equity and quality in education. ue

Included among these was the four year project, “Designing *
policies and strategies for the prevention of school failure” ob
currently in its third year. ‘orl

Chairperson to the Bahamas National Commission for®4
UNESCO Theresa Moxey-Ingraham, said she was pleased?!
to participate in the effort, and that violence in the schools is"
a problem worldwide.

She noted that positive learning cannot take place in a vio-”
lent atmosphere, and said that she was hopeful that the at
shop would produce excellent strategies for the way forward.

OAS representative to the Bahamas Julliette Mallet-Phillips -
remarked that violence in all its forms is unacceptable and that,



the problem required a multi-faceted approach. a
She said that the root causes of violence need to be exam-},
ined, and alternatives to violent behaviour introduced. ro

Mrs Mallet-Phillips said that she looks forward to a pro-r;
ductive session and to the contributions of all participants. —

Acting director of education Lionel Sands said he wel-
comes the opportunity to exchange “best practices”. 8

member -
who was
PN Ae Ah 4
there to
assist’

Mr Sands said that there will be a live broadcast of thes
opening ceremony, and encouraged all parents, teachers and: dy

students to tune in to the remarks of the minister of eaueationa
os
degree in business
administration from
the University of
Miami.

Mrs Murray
served in many areas
of the public service,
including the min-
istries of Finance,
Education and
Health, moving
steadily through the
ranks.

She was promoted
permanent secretary
on January 10, 2001 while serving in the
Ministry of Economic Development.

She later moved to the Attorney Gen-
eral’s Office as its permanent secretary





Share your news:

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

If so, call-us on 322-1986

mn oral Ca OAL

y
Neu Prowidence Bahamas



ao (nalla\ mia Une Nas SNe aes











young staff members to further their edu-
cation so they could move up the ranks.

“In the home she was a home-maker
and a family member who was always
there to assist.”

Mrs Murray’s survivors include her hus-
band, Frederick; two daughters, LaVette
~Johnsorrand Yael Walcott; a son Krishna
and three grandchildren. '

and remained there until May
2007, when she was posted to
the Cabinet Office.
In July 2007, Mrs Murray
was transferred as secretary to
the governor general.
Her sister, Judith Theophilus said,
“Jacqueline was a very particular person
but she played a key role in encouraging











RRA RN AEAN AANA RANA ANALG LELAL NEAL EH ENT AEE aT ET EE ET EEE LE EE EE NTATN SHH TTR




















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TN
NAD _. _

Nassau Airport

Development Company






s st SY. SWAY YY s

Kk &§§ KT \ §
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RN Rags” 8 8 8



Senior. Director or Vice President
of Engineering & Maintenance.



wane:
Cyn tae

aa?



Aiea ntrysrens voonetibsssiabig



SS
NN
=o

The Nassau Airport Development Company (NAD) e
is looking for a visionary executive to join our group

of aviation and customer service experts as we
embark on a $400 million redevelopment of the
Gateway to the Commonwealth of The Bahamas.

Ensuring that airport facilities meet
regulatory and code standards through full
documentation of maintenance activities and
a facility permit system.

¢ Optimizing capital solutions that provide
for appropriate levels of customer service,
airline efficiency, reliability/redundancy and
commercial revenue opportunities while
meeting safety, environmental and security
standards.

Reporting directly to the President and Chief
Executive Officer, the duties and responsibilities of
the successful candidate will include:

¢ Operating as an integral part of the Senior
Management Tearn.

e Maintaining and developing a strong,
flexible and capable team of professionals.
Promoting empioyee training, cross training
and development opportunities to encourage
Job satisfaction, promote innovation and
improve job-related skills and knowledge.

Emerald Coast is New Providence’s newest, gated community of

¢ Supporting NAD’s goal of transforming the
Lynden Pindling International Airport into a :
7 single fs anc m homes designed arau rraditional Britis!
Worla-class fectity ingle amily and town homes designed around traditional British
Colonial architecture. Nestled in the West, adjacent to South
e Planning, procurement, engineering, ,
construction and commissioning of the

Phase | capital plan.

West Ridge Emerald Coast will offer and preserve a lifestyle that
Potential candidates will be fully accredited and
experienced senior engineers with 15 to 20
years of experience in a variety of management,
maintenance and construction roles.

revolves around love of tranquility and the natural wonders and
° Managing capital expenditures to maximize timelessness reminiscent of the old Bahamian living that embraces
rate of return and ensuring all capital
projects meet approved Board and
government environmental, health and safety
and regulatory standards.

the true values of a community.

A competitive salary and benefits package will be
offered to the successful candidate.



STION PRICING
Home & Lot Packages Starting at - $335,000.00
‘Townhouse Unit Starting at - $250,000.00

PRECONSTRU



¢ Supporting the Phase Il terminal
redevelopment project.

OODLE UDELL OONTTEE ROB LOELE TOTO OL NETO SACL IOLE EE LITT IEE NDEE TEED LEED TTCTTITEAITID EL IDT TDL SAL SAITO IITA SETI IDIBITDNALGETIEAUGBAD AEDT TIT ETOLLLTTUE EDEL TTTTETEIBTCEUDLESIEPALTANEELELLLSBETELTALELALLEBTOU LDU LOLLALIUADALAIHULALLLLLTULUIOTULULOAU UL TUUTALU ULL DULAC LUAU PALOBULLALLODUULAUDDMOLL AUDA CLUL TL TOLDRUU ODL ADUC DOTA PUD SLOOTL ATPL ATTACHED SREAUADIODAULE AAU hdbséneedAbinécannaérenneatonianeee

it na 20

e Ensuring a high level of environmental health
and safety for all Authority employees,
contractors, tenants, passengers and

aieebcatt

If you are qualified and interested,
please send your resume by



the public, through a number of ongoing 8 February 2008 to:
initiatives, such as inspection and testing a me 3 :
programmes, risk assessment and facilities The President and CEO, Single Family Lots Starting at - $98,000.00

upgrading programmes. :
Nassau Airport Development Company,



Coordinating with partner agencies and
government departments on their capital
and maintenance plans at the airport.

Providing effective, efficient facility
maintenance with a focus on preventative
maintenance, multi-skilled trades people and
enhanced skill development.

Lynden Pindling International Airport,
P.O. Box AP 59229,
Nassau, Bahamas

or Fax 377-0294





DEMO HOME I









S OPEN FOR APPOINTMENT VIEWINGS

ee FE DPE. eye
ets coy



s

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1



THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 9



a HE PRIME MINISTER DREW THE IRE OF THE TRIBUNE OVER CRITICISM OF THE PAPER



mini-controver-
sy erupted
recently over
| | the prime minis-
ter's remarks about responsi-
bility of the press.

Mr Ingraham called The Tri-
bune to task for its lurid crime
iheadlines. And that criticism
drew the ire of publisher Eileen
Carron, news editor Paco
Nunez and former news editor
Athena Damianos (who now
works for a realty firm).

They all said roughly the
‘same thine — that the press
only reflects what Bahamians
‘are most concerned about —
‘and the only way to change the
headlines is to fix the problems
of our rapidly deteriorating soci-
'ety. This is true as far as it goes.
_ But one of Tough Call's cor-
respondents (who asked to
remain anonymous) said the
press should not be ultra sensi-
tive to criticism from politicians,
‘since to criticize does not nec-
‘essarily imply that press free-
dom is being threatened. And
lhe added that while the press
has a duty to hold up a mirror
‘ to society, warts and all; it
should not be all warts.
| "The press informs and
records history as well as
moulds, and editors should
always be conscious of that.
Front pages designed to attract
readers by constantly playing
up crime and scandal will give
the society a false impression
of itself. This is especially
important in a developing coun-
t cM
|” This is the venerable argu-
ment about good news versus
bad. And although we might
agree with such sentiments in
theory, the media also has to
face reality. And the reality is
that the market rules. The press
has nothing to sell but content,
aiid it's already pretty clear that
much of the content 1s not what
readers want.

: How many of us give a rat's
tail about spelling bees or
telemedicine advances or peo-
ple receiving awards. And how
many Seles would those sto-
ties sell on the front page in one
of the few markets anywhere
hat still sells a majority of
papers on the street?
» It's the same in politics —
here every decision or non-

4

ea
{ 4
}





«... the reality is that the mar-
ket rules. The press has noth-
ing to sell but content, and it’s
already pretty clear that much
of the content is not what
readers want.”



decision is based on what the
axe interests might say or

oO.

Dowdeswell Street parking
lot

Another de facto disaster
like the Montagu ramp fiasco
is developing at the Eastern

arade, one of Nassau's most
istoric districts.

An unregulated parking lot
now extends along Dowdeswell
Street from Scotiabank east to
St Matthew's Church — and it
is getting more crowded by the
week. A school recently set oe
shop near the rectory along wit
other businesses, and the only
ae in the area is on public
and.

So cars now line both sides of
the narrow street, and they are
expanding onto the parade next
to the 18th century cholera
graveyard, as well as onto the
little park in front of St
Matthew's cemetery. All this
has developed over the past few
months and is gradually getting
worse.

Soon, a goodly portion of
this historic public space will be
turned into a parking dustbowl,
and then street vendors will no
doubt move in. Access to Bay
Street from Dowdeswell Street
will become more and more dif-
ficult — and eventually, we will
have another chaotic and unre-
solvable mess like Montagu.

If the government and the
private sector do not collabo-
rate on regulating vehicle
imports, building parking
garages and fixing public trans-
port, there will soon be little
point in getting out of bed in
the morning. And on top of that
we are throwing more and more
money away to burn gasoline,

ollute our air and damage our
ealth.

When will this madness stop?

ell, for the first time

a developed country
has decided to put an end to the
madness — or at least some of
it.

The State of Israel has part-
nered with Renault-Nissan and
Project Better Place (www.pro-
jectbetterplace.com ) to ice
its automotive infrastructure
within a decade or so. The ini-
tiative is endorsed at the highest
levels of the Israeli government
— by Prime Minister Ehud
Olmert and President Shimon
Peres — and will include the
Palestinians too.

Renault-Nissan will mass
produce an electric car that will
cost the same as, or less than,
comparable gasoline-engine
autos and carry a lifetime war-
ranty. California-based Project
Better Place (headed by Israeli
entrepreneur Shai Agassi) will
invest $200 million to set up a

YOUR FUTURE

IS ABOUT TO GET BRIGHTER

recharging grid using electricity
from renewable sources. And
the Israeli government will pro-
vide incentives to make the pro-
ject work.

The cars will will be avail-
able in three years. They will
have a top speed of about 68
mph and a range of more than
100 miles, enough to satisfy
most Israelis, who drive less
than 45 miles a day. Green cars
are particularly attractive to
Israel, which hopes to weaken
the political clout of its oil-rich
enemies.

According to President
Peres, the plan would cut
Israel’s oil imports by half with-
in a few years, and Israel could
cut the remainder by building
solar energy generating plants:
“In one decade, we will not
need oil.”

The project's business model
will be similar to that of mobile
phone operators — a network
of charging spots and battery
exchange stations will provide
convenient access to electrici-
ty. Consumers who subscribe to
the network can get subsidized
vehicles which are cheaper to
buy and operate than today’s
fuel-based cars.

Project Better Place has cal-
culated that if Israel’s fleet of
two million cars were all elec-
tric, they would require 2,000
megawatts of electricity per
has which could be provided

y a one-off investment of $5

billion in solar plants.

Replacing our 200,000 vehi-
cles — and setting up utility-
scale solar power generation —
would cost substantially less,
and could be the catalyst for a
major social and economic
advance. It would free us from
oil dependence and provide a
better quality of life, as well as
all the advantages related to
developing and supporting a
powerful new business infra-
structure.

The Silver Volt - Just for the
Record

Many might not recall that
almost 30 years ago there was a
similar attempt at an electric
car project in the Bahamas.

A Michigan company called
Electric Auto proposed a pilot
assembly plant in Freeport to
produce the Silver Volt on a
modified GM chassis. Like the
Israeli car, the Volt was to have



a top speed of 70 mph, a range
of up to 100 miles and could
recharge its batteries in just 90
minutes.

Reports claimed that the cars

would sell for $15,000. About
300 prototypes were to be’ built
in Freeport for road-testing in
Florida. But unfortunately, the
project never materialised.

Back to the Future at
Tourism

t the National

Tourism Conference
last week Director-General
Vernice Walkine said officials
were seeking to get small cruise
lines to offer services to family
island destinations. This is a
recycled initiative.

When Tough Call worked
for the Bahamas News Bureau
back in the day, the SS Sunward
11 (operated by NCL) was
already running twice-weekly
cruises to the Berry Islands and
George Town, Exuma.

Windjammer Cruises oper-
ated a fleet of large schooners
that sailed to out island desti-
nations. And in 1976 I was a
press visitor on board the 80-
pes 130-foot M/V New

horeham, whose 10-day itin-
erary included North and South
Eleuthera, the Exuma Cays,
Andros and the Berry Islands.

The New Shoreham was
operated out of Nassau in the
winter by the Rhode Island-
based American-Canadian
Line. The shallow-draft vessel
featured a specially designed
bow section that allowed it to
nose up to a secluded beach and
drop a gangway to disembark
passengers directly onshore.

These cruises ran for atleast
five years but were discontin-
ued as drug smuggling through
the islands by the Colombian
cartel and their Bahamian allies
became our most important
industry. In one celebrated 1981
incident, for example, two
American boaters were mur-
dered, their bloodstained sloop

ose awful newspaper headlines

found adrift in the Exuma Cays.
That kind of story doesn't make
good ad copy.

But for the past year or so
the Ministry of Tourism has
tried to interest small high-end
cruise lines like Crystal Cruises,
Oceanus, Sea Dream and Sea
Borne in various out island
ports of call, operating from
Miami or Nassau. The big
obstacle is size. Unlike the New
Shoreham today's mini cruise
ships can have a draft of 15 feet,
which makes it difficult to
access ports like George Town
without harbour dredging.

Polling for Privatisation

_ A reader responded to last °
week's article on ZNS by calling
for a broad-based media poll to
gauge Bahamian attitudes
towards reforming the state sec-
tor and to bolster the courage of
our politicos.

"I believe one would find
ene support for privatisation,
but the politicians aren't quite
so convinced," writes E. B.
Christian. "We need to con-
vince them to have a referen-
dum that effectively cuts
Bahamasair loose, opens Fi
competition immediately on all
aspects of telecommunications,
and does away with ZNS as a
government-run crony institu-
tion."

Of course, Hubert Ingraham
was burned by a referendum on
constitutional issues just before
the last election, but if the gov-
ernment takes its time and
supervises a relaxed bipartisan
vote on big issues like privati-
sation of state corporations or
the creation of a national lot-
tery, it could build support for
the kind of changes that are
required in our antiquated
economy.

"We need less money for
government corporations like
Bahamasair, but we need more
money for education, the police
and infrastructure," Mr Christ-
ian says. "The important thing is
that the government stop fund-
ing these money toeine opera-
tions, so that they can begin to
reduce the level of taxation on
the average Bahamian."

What do you think? Send
comments to larry@tribuneme-
dia.net

Or visit www.bahamapun-
dit.com

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PAGE 10, WEDNESDAY, FEBRUARY 6, 2008

‘Another allegation against
the Ministry of Housing

COB ‘takes seriously’ —
the safety of staff
and students

FROM page one

periods and officers engage
in ongoing training at home
and abroad.

It said that none of the
incidents mentioned in the
Tribune article were report-
ed to College authorities.

“Since the beginning of
the academic year there have
been incidents of theft, but
only two of which involved
any weapons; one a cutlass
and one a pen knife. Both
matters are now with the
police,” the college said.

It said that there have
been no reports of rape, or
any other “grave assault.”

“Given the gravity of the
alleged crimes, the College
is asking anyone with infor-
mation on any of the alleged
crimes reported in The Tri-
bune to call Mr Wellington
Francis, the director of secu-
rity at 427-2299 or 302-4566,”
the college statement
said.

SAC student
is stabhed —

FROM page one

not wish to be named, told
The Tribune last night that
the problem of outsiders
drifting on to the Bernard
Road campus has been a
long-standing one.

“It was a problem for a
while, before security was
increased,” she said. “I
remember that a lot of
public school students drift-
ed through the school up
to the hill on the campus
and looked at us.”

The former student said
that these outsiders usually
came from either the near-
by public schools, or the
wider Fox Hill communi-
ty.

“There was always the
possibility that they may
start a fight with us based

on some jealousy or sal

ry,” she safé

FROM page one

ment official promised to
launch an investigation into
the allegations.

The source said that the
first time she was approached
by a ministry employee, she
was told she owed $5,000. ,

The second time, they said
records show that she owed
$4,050 and the third time, she
was told she owed $1,200.

The source called the way
the ministry is handling her
situation “unprofessional.”

Claiming that all of her pay-
ments are up to date — and
that she has the documents to
prove it — the woman sug-
gested that the “mix-up” with
her housing payment plan
may not be just a mistake.

She said she feels there is

some “shady business” going
on.

The source said that min-
istry employees refuse to lis-
ten to her position and con-
tinue to insist that the com-
puter records are correct.

The woman’s allegations
are only the latest in a long
line of complaints made
against the Ministry of Hous-
ing.

There have been reports of
corruption within the ministry
on a number of occasions.

In May 2007, it was alleged
that a contractor hired by gov-
ernment was cutting costs on
the building of homes and
keeping the excess funds for
himself.

Then, after these allegations
had been made, it is claimed
that the former government
renewed his contract includ-

ing in it a better financial
package. This is alleged to
have occurred in the run-up to
the general election.

In another report from May
of last year, a lawyer claimed
that the ministry repeatedly
ignored his housing com-
plaint.

He said government
ignored the complaints that
were made in connection with
the construction of a building
that was in breach of local
regulations.

A number of other com-
plaints were made over the.
past few years. Many of them
were about shoddy work-
manship on the government
built homes and the govern-
ment’s refusal to address the
problem in a timely fashion.
In a report from August of
last year, Housing Minister

Kenneth Russell said, “We
know that we have a serious
problem with these houses.”
In one controversial issue,
homes were said to be sink-
ing.

These homes were built by
the government in an area
that was “considered unsuit-
able for construction.”

Contractors were also
among the large number of
people making complaints
against the ministry. In Octo-
ber 2007, a contractor sued
government for its refusal to
pay him for his work. A
report from The Tribune stat-
ed, “Rodney Taylor built five
houses for the government
between November 2005 and
August 2006 but to date has
only been paid in full for
two.”

This woman is calling for

Kenyatta ‘not coerced

by money to leave PLP’

FROM page one

the PLP a long time ago under a leader
like Perry Christie,” said the source. In his
opinion Mr Christie seems “bent on main-
taining power for power’s sake. It’s as if he
thinks he owns the PLP and the rest of the
Bahamas by extension.”

The source continued: “If certain cow-

ardly members of parliament aren’t hiding
behind their websites, be they uncensored
or not, they have their agents planting sto-
ries on the street to mislead the Bahamian
people.

“They need not invent any dark, clan-
destine reasons whys Mr Gibson left_the



PLEASE NOTE THAT
_ BAHAMA HAND
PRINTS WILL BE
CLOSED FOR
BUSINESS ON
‘SATURDAY FEB
9TH 2008

PLP. He left the PLP for the very reason
that smears like this exemplify.” In his opin-
ion “Mr Christie is a deluded egotist, seem-
ingly unable to put the best interest of the
Bahamas and his party above himself.”

After The Tribune published an article in
which it was stated that Mr Gibson was
now representing a client who had been
retained previously by FNM leader Hubert
Ingraham, there has been speculation that
this was the reason for Mr Gibson’s sudden
resignation from the PLP.

The $20 million deal to buy Walker’s Cay
is now only awaiting the necessary permits
and approvals from government.

When,cpntacted by The Tribune last

, fe

(NAD)

disciplines:

Open Weekdays 10am-4pm

Saturdays 10am-2pm
Located On Ernest St Behind

The Outback Steakhouse
TELEPHONE: 242-394-4111

www, bahamashandprints.com



The Nassau Airport Development Company
has the mandate to operate,
manage and develop the Lynden Pindling
International Airport. A project definition
report (PDR) defining the scope, schedule
and budget for the project was presented
to the Government, the NAD Board and the

Consultant. If Stantec is successful, we will
need a professional team for the detailed
design of the Lynden Pindling International
Airport Expansion Project. Suitably qualified
Bahamian engineering consultants/firms 4. Provide the following information on 3

are invited to submit their expressions of
interest and credentials to Stantec, at the
e-mail address below, for the following

e Structural Engineering °
e Mechanical Engineering
e Electrical Engineering

e Civil Engineering

week, Mr Gibson confirmed that he was
acting for the potential purchaser of Walk-
er’s Cay, but said ne could not say any more
without the permission of his client.

“I do represent them, but I need to get
the permission of my client to discuss that at
all,” he told The Tribune.

“I do represent a party that intends to
purchase Walker’s Cay.”

The previous owners of the Cay, the
Abplanalp family from New York, who
invented the use of precision valves in
aerosol cans through their Precision Valve
Corporation, was formerly represented by
Prime Minister Hubert Ingraham and his
law firm, prior to him taking political office.

wo,
NAD

Nassau Airport

Development Company

THE TRIBUNE

justice. They demand that the
ministry deal with their mat-
ters in a timely manner.

Yesterday, Housing Per-
manent Secretary Camille
Johnson said she would per-
sonally launch a full investi-
gation into the matter. |

Ms Johnson did not deny
that foul play might be
involved, but pointed out that
this case may be connected:to
the allegations of corruption
that are still being dealt with.

Most of the allegations
apply to incidents that took
place under the former PEP
administration and Ms Jot
son admitted that some irr
ularities in the system lin
from that time.

She said her administrati6n
will delve into the matter atid
find out where the money
might have gone missing. 4




Man in court.
in connection’
with 18
break-ins

FROM page on

The court dockets allege
that Rolle broke into homes
in areas such as Yamacraw
Beach Estates, Colony Village,

Elizabeth Estates and San
Souci.

It is alleged that Rolle stole
thousands of dollars worth of
electronics, appliances, cloth-
ing and jewellery.

Rolle pleaded not guilty to
the charges against him.

Inspector Ann Marie Neely,
the prosecutor, objected to
Rolle being granted bail.

He was denied bail and was
remanded to Her Majesty’s
prison.

The case was adjourned to
April 29.





. Ownership

Credentials are to be submitted in the following
format:

1

Firm name and list of Principals/
Shareholders
Location(s) of firm

How long in Bahamas; Size changes over

media on September 17, 2007. 2. Stability and size
Stantec Consulting International Ltd. is the years
currently negotiating with the Nassau Airport ° ‘Insurance limits
Development Company to act as the Prime 3. Current Staff

Number of qualified engineers
Number of technicians and support staff
CAD capacity

significant completed projects:
e Project name and type
e Project value
e Role performed (note if project was in

association with other engineers)
e Project start and completion date

project

ol

Provide at least one reference for each

. List procedures for:
Quality control; CAD coordination
Adherence to budget and Adherence to

schedule/timelines

Please limit submissions to a maximum of § pages. Credentials are to be
submitted electronically to the following email address:



stanis.smith@stantec.com no laterthan February 8, 2008.

All costs involved with the preparation and submission of information are to be :
borne by firms submitting their credentials, and ay or all Serres my be

rejected without providing reasons.











RHE TRIBUNE

"WEDNESDAY, FEBRUARY 6, 2008, PAGE 11






AHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS



‘Andra Greenslade
awarded BICA’s annual

book scholarship —

namogulos & Co

|The Bahamas Institute of
Chartered Accountants made a
| cheque presentation to award
their annual book scholarship
to College of the Bahamas
accounting student D’Andra
Greenslade.
_ President of the Bahamas
Institute of Chartered Accoun-
tants (BICA) Daniel Ferguson,
was on hand to make the pre-
sentation to Ms Greenslade.

He was assisted by the imme-
“diate past president Kendrick
pChnistic, and Theofanis Cochi-



a Me mS

ODED SBMA HENLOW SLO HECRA IRIE EONIGO NECA TOT POLE SOTA A TIN MELONS UO BABE ie

SeaStaneRse a NONE 8D:

dent; Daniel Ferguson, president,BICA/managir



CONGRATULATIONS: Pictured (left to right) are: Yolanda Darville, aavalentaent associate, COB; Kendrick
Ghristie, immediate past president of BICA/managing partner, Grant Thornton: Mary Russell, assistant director,
financial aid and housing, COB; D’Andra Greenslade, recipient, BICA book award and College of the Bahamas stu-
~ -iner, Danny H Ferguson and Associates; Theofanis Cochi-
namogulos, student education chair, Bahamas institute of Chartered Accountants/Managing Partner, Cochi-

College of the Bahamas
accounting student receives
cheque at special ceremony



namogulos, the institute’s stu-
dent education chair.

A delighted Ms Greenslade
expressed her gratitude to
BICA for the scholarship. Her
sentiments were echoed by
Mary Russell, assistant director

of financial aid and housing for
the College of the Bahamas.

In addition to this $500 annu-
al book scholarship, BICA also
awards a $1,500 merit scholar-
ship each year to an account-
ing student at the college.

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ae oe THE TRIBUNE




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FREEPORT OFFICE

(242) 351-3010

Freeport Concrete Lease extension to boost

‘halves’ its net loss

@ By NEIL HARTNELL
Tribune Business Editor

FREEPORT Concrete saw
its 2008 first quarter net loss
more than halve to $74,000,
compared to $159,000 the pre-
vious year, despite suffering an
_ 8.72 per cent decline in total
group sales.

In his message to sharehold-
crs for the three months to
November 30, 2007, Ray Simp-
son, Freeport Concrete’s chief
executive, attributed the
reduced net loss to a 16 per cent
reduction in the company’s
operating expenses, which fell
to $989,560 from $1.18 million.

Freeport Concrete’s first
quarter performance was in line
with the “minimal” loss that Mr
Simpson had forecast in‘a
December 21, 2007, interview
with Tribune Business, in which
he also predicted it would not
be as great as the red,ink
incurred in the fiscal 2007 first
quarter.

Freeport Concrete’s 2008 first
quarter sales fell by 8.72 per
cent, largely due to the fact that
sales by the company’s concrete
plant declined by $291,000 com-
pared to the same period in
2007.

In his December interview,

* 16% decline in
operating expenses
minimises impact
from 8.72% sales
drop, as Home
Centre sales fall
2.93 per cent

* Capital raising still
on cards as Home
Centre impacted by
lack of inventory

Mr Simpson had told The Tri-
bune that first quarter concrete
plant sales were expected to be
down because it did not have
any major projects, such as the
Associated Grocers warehouse,
which had boosted its 2007 per-
formance.

This was a point he again reit-
erated to shareholders in his lat-
est message, while pointing out

that the Home Centre’s sales

SEE page 6B

company’s $7.3m impact

@ By NEIL HARTNELL
Tribune Business Editor

major Grand
Bahama busi-
ness yesterday
said it was
“awaiting a for-
mal response” from the Gov-
ernment to extending its exist-
ing lease beyond the current
2020 expiry date, a move that
would allow it to construct at
least three extra oil tanks and
substantially increase the $7.3

‘million it pumps annually into

the island’s economy.

Jaime Vargas, vice-president
of operations for the South Rid-
ing Point Holdings bulk oil stor-
age and distribution terminal,
told The Tribune that if the
Government extended the cur-
rent lease, it would “consider
other projects” that would meet
global market demand.

Mr Vargas said the lease cur-
rently sees South Riding Point
Holdings pay $1 million per
annum to the Bahamas Agri-
cultural and Industrial Corpo-
ration (BAIC), and the compa-
ny had proposed increasing this
payment if it was extended.

* South Riding Point Holdings $18m investment in two new
750,000 barrel tanks set to be completed by May/June 2008

* Company detects ‘positive’ signs, but awaiting formal government
response to proposal on BAIC lease extension and increasing fees

* Extension would see firm build three more oil tanks and new
sea line, plus other potential projects

“We have other projects we
will consider if we get an exten-
sion trom the Government to
the lease,” Mr Vargas said.

“We have applied already,
and it is under consideration by
the Government. We believe
it’s going well, and are waiting
to hear back trom them.

“Tt makes a lot of sense, and I
think they understand it. We
have received positive feedback
from the Government so. far,
and are waiting to hear a formal
response.

“From the start, we have pro-
posed increasing our lease pay-
ment to the Government. We
would pay more to the Gov-
ernment on the lease than what
we pay now, increasing the fee.”

If the lease was extended, Mr
Vargas said the projects South
Riding Point Holdings would
undertake would depend on
current market conditions and
demand,

“We could look at diversify-
ing into fuel oils as well as crude
oil,” Mr Vargas explained. “We
could also build more tanks for
crude oil.

“We think we could build as
much as three new tanks, all
with the same capacity as the

, ones we are building now.

“We could also build another
sea line out to the jetty to
increase our handling capacity.
We will be open to entertain-
ing any other project for which
there is a market. We will have

Fleming ready to invest $1/2bn in Freeport economy

@ By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

Sir naakes son says potential Port Authority buyers will do ‘much better job’ than current shareholders

FREEPORT. =
fee vee & &
Partners will do a
much better job for |
Freeport. than the §
Grand Bahama Port #4
Authority’s (GBPA)
current principal
shareholders, Sir Jack
Hayward’s son. told
The Tribune, and is
prepared to invest
$500 million into the city. wis

Rick Hayward said Fleming plans to
invest in excess of $1/2 billion in Freeport
if it is successful in purchasing 100 per
cent ownership in the GBPA and its Port

NMR

St George attorney:
Our 50% stake is
still ‘not for sale’



Group Ltd affiliate from his family and
__the late Edward St George’s estate.

Mr Hayward said it was time for the
Haywards and St Georges to move on
and allow investors with “deeper pockets
and better connections” to give Freeport
what it really needs to move forward.

“I thought they were the ideal people

. to take over [the Grand Bahama Port

Authority],” said Mr Hayward, refer-

~~ring to the Fleming Group.

“T believe they will do a much better
job... and I believe that their investment
will-really get this island going. That’s
the whole idea.”

Mr Hayward hosted an informal lun-
cheon on Sunday at his Spanish Main
Drive estate for Fleming principals Rod-

die Fleming and Geoffrey Richards.
Many GBPA licensees and government
officials also attended,

Mr Hayward said the Flemings.have
major worldwide connections in financial
services, and would create a banking
centre for Freeport. Yet that was just
one small part of what they want to do
in Freeport.

“If they succeed in buying the
(GBPA) shares they want to invest in
excess of half a billion dqllars, and |
thought it was very important to have
an informal lunch so people could meet
Roddie Fleming and Geoff Richards,” he
explained.

Fleming has expressed a keen interest
in purchasing the GBPA, having a strong

international reputation in private wealth
management and an extensive back-
ground in financial services.

The Haywards and St Georges,
though, have been involved in an ongo-
ing legal battle for over a year over the
GBPA’s ownership. -

Although Sir Jack and the Hayward
family have expressed an interest in sell-
ing the 50 per cent stake held by their
family trust to Fleming, the St George
estate has obtained a court injunction
preventing them from selling to a third
party shares, The St Georges are arguing
that they should have first option on

SEE page 6B

@ By NEIL HARTNELL
Tribune Business Editor

THERE are “no negotia-
tions” with Fleming Family &
Partners over the late Edward
St George estate’s 50 per cent
Grand Bahama Port Authority
(GBPA) stake, its attorney said
yesterday, as the estate contin-
ues to hope the courts will order
the Hayward family to sell to

SEE page 4B

* “No negotiations’ -
taking place with
Fleming despite
unsolicited purchase
offers, Smith says

* Estate pinning its

hopes on court forcing
_ Sir Jack to sell to
them for $100m

BIC returns $1.3m
to cell customers

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

THE Bahamas Telecommu).
nications Company (BTC) hag
given its cellular customers ja
total of $1.3 million in free cre(l-
it as a goodwill gesture, after
last Wednesday’s power out-
gage crippled the GSM and
TDMA cellular networks. /

Each of BTC’s 260,000 pre-
paid and post-paid cellular cus-
tomers recieved a $5 credit
appiled to their phone, an act
that cost the state-owned com-
pany $1.3 million. The;credit
was posted yesterday.

For nearly eight hours last
Wednesday, customers of
BTC’s prepaid cellular service
experienced difficulties in
dialling and receiving calls, and
sending and receiving text mes-
sages.

Marlon Johnson, BTC’s vice-
president for marketing, sales
and business development, told
Tribune Business that the ini-
tative was in line with the com-
pany’s mandate to be more cus-
tomer-focused.

He said BTC realised the
interruption was an inconve-
nience, and wanted to provide

SEE page 6B

_ Last 3 alfa eee PLATTE LM CSANUa NN

os 12 months

royalfidelity.com

info@royalfidelity.com

Total Performance* through Pye 31, 2007

*Stock prices can go Een as well'as up. es Siu Ts) is no ey Cy Ce ret the Offering Memorandum carefully before you invest.

a much longer horizon for a
return on investment.”
Mr Vargas told The Tribune

‘that South Riding Point Hold-

ings currently made an annual
$7.3 million economic impact
on Grand Bahama, through the

‘payment of rent, payroll,

National Insurance Board
(NIB) contributions, and the
creation of direct and indirect
jobs and such like.

The company has already
invested some $18 million in the
construction of two new oil stor-
age tanks, which will add 1.5
million barrels of storage.capac-
ity when the project is complet-

SEE page 4B



ae aoe

Money at Work

Nassau; 356.9801 ¢ Freeport: 352.6676





PAGE 2B, WEDNESDAY, FEBRUARY 6, 2008 THE TRIBUNE BUSINESS

Recipient of 2008 Clement T, Maynard
Lifetine Achievement Award

From
The Management : ‘Staff and member hotels of

The sihanas Hotel Employers Association
The Bahamas Hotel Association
The Nassau Paradise island Promotion Betis

nT ene
Pa
ae

Oe Tie Pate

Vas ae vy
)

ata Ariel ete
Crean ware ar yit an

ro Ciaait fey tiv Ain
ULE ery

/ |

alae Trey Gr ol

if
ain HM aee eit tir)





THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 3B



RR a Sa ee
Privatisation expert critical

of 49% BTC stake disposal

m By CARA BRENNEN-BETHEL
Tribune Business Reporter



A LEADING global privatisation
expert has implicitly criticised the Gov-
ernment’s plan to sell a 49 per cent
stake in the Bahamas Telecommuni-
cations Company (BTC) to a strategic
partner, arguing that this could impede
the efficiency of the privatised entity’s
operations.

Larry Reed, president of the Mack-
inac Centre for public policy in Michi-
gan, who addressed a Nassau Institute
dinner on The Promise of Privatisa-
tion, said partial privatisation - where
there is shared ownership between the
Government and a private buyer, as
is likely in the case of BTC - can be a

disincentive to efficiency, particularly if

employees feel that ultimately they are

Fleming ‘anxious’
to talk over ‘full
offer’ for GBPA

still answering to the Government.

He explained that if there was a gov-
ernment monopoly, the public knows
who to blame in the event that some-
thing goes wrong.

“If you privatise only partially when
the government says: ‘I will retain half
the stake, 51 per cent, and the private
entity will retain 49 per cent, there is
the incentive to mess things up instead
of being effective,” Mr Reed said.

He said that a better approach would
be for governments to give up owner-
ship entirely.

Mr Reed pointed out that the public
always holds the private sector to a
higher level of accountability than the
public sector. A failure of government
tends to lend to more government, he
explained.

Mr Reed also pointed out that pri-

vatising a public entity often allows
the Government to do a full and frank
accounting of the operation, and get
a true assessment on what is being
spent.

“Sometimes I know there are claims
that government entities are cash cows,
but if you look at the real cost of oper-
ations, you may realise that that is not
the case. What the privatisation does is
allow the Government to look at real
cost of operations for the first time,
and get a genuine, honest and full
accounting,” Mr Reed said.

He added that if a government does
more in one area, where it does not
have expertise or is beyond its core
function, it almost always comes at the
expense of other government priori-
ties.

While he noted that there are a lot of

objections to privatisation processes,
such as believing they will result in the
loss of jobs, these arguments can in
almost all cases be countered.

Mr Reed said that ultimately, it is
not the Government’s job to be an
employment agency, but to provide
core services.

Often in cases where privatisation
did not work, Mr Reed said it was
directly because a government did not
do its homework. It entered into slop-
py contract writing, the government
gave the contract to political cronies, or
did not properly supervise and main-
tain the operations.

“It is sometimes better to not do it
then do it wrong,” he said.

Mr Reed also pointed out that if a
government remains in charge of the
profits, it can lead to abuse or, if there










NOTICE

In the Estate of JACQUELINE J.M. DAUCHY,
late of the County of New York in the State of New
York, U.S.A. deceased.

Notice is hereby given that all persons having
andy claim or demand against the above Estate
are required to send the same duly certified ‘in
writing to the undersigned on or before the 14th
day of February 2008 after which date the Attorney
by Power of Attorney will proceed to distribute the
assets having regard only to the claims of which he

are savings, they can be squandered.
He said that in some cases govern-
ments have an insatiable appetite for
revenue, and even when they save
money there is an ingrown tendency to
waste it.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays





@ By DENISE MAYCOCK
Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT — Fleming
Family & Partners is “anxious”
to start serious negotiations with
the late Edward St Georgé’s
estate on purchasing its 50 per
cent Grand Bahama Port
Authority (GBPA) stake, having
already made “a full offer” to it.

. Fleming’s Geoffrey Richards
said initial talks with the St

Georges and their reo cane

tives started’several we eke
Eondone = te

“Weare. Senuinely intere ee

in buying them out and they
know that. We are anxious to
complete this transaction, and
we are anxious to get on with
this and get the St Georges to
the table,” Mr Richards said.

“We made a very full offer...
and we hope to sort of get them
to focus and get on with it. Dur-
ing our initial talks...it did not go
so well because all they keep
saying is they are not interested
in selling, but if we make an
offer they will look at it.”

Mr Richards said Fleming was
very familiar with Hutchison
Whampoa, which is the partner
with the GBPA in Freeport’s
Airport and Harbour Compa-
nies.

Hutchison Whampoa, which
also owns the Freeport Con-
tainer Port and Our Lucaya
resort, has also expressed inter-

est in purchasing the Grand’

Bahama Port Authority. It had
previously tabled a $125 million
offer for the Hayward family’ S
stake.

“We hope to have a very good
relationship with the Hutchison
Group. We have known them
for many years throughout our
stint in Hong Kong, and they
know us very well,” said Mr
Richards.

He added that Fleming came

to Grand Bahama in 1993 to at
look at investing in Freeport
1993, but was unable to do so
various reasons.

“We are happy to be here and
we are committed utterly to this.
We have been working with var-
ious people and investor groups
around the world, and working
here with Barry Malcolm’s com-
pany, which has done a fantastic
job 'so far on the vision docu-
ment and looking at, really, the
shocking history of non-deliv-
ery,” Mr Richards said.

“So we can’understand very
well-why people-are anxious to
see a great future, which they
deserve, and that’s what we are
here to do,” he said.

Mr Malcolm, of Global Ful-
fillment Services, said his com-
pany was engaged some six
months ago by the Fleming
Group to help them move for-

F1IPBS

ward with their attempts to pur-
chase the Port Authority.

“Our work is very specific and
we are helping to develop for
them the master plan for the
development, operation and
management of Grand Bahama
going forward. We have been
working closely to craft the kind
of plan for the economic devel-
opment, management and main-
tenance of Freeport,” Mr Mal-
colm said.

Zhivargo Laing, minister of
state for finance, said Fleming’s

visit to Grand Bahama will give

GBPA licensees the opportuni-

ty to know who they are and

what their interest is.

“T think it is a useful thing for
persons who are interested in
investing in the country to meet
with the stake holders as such,
and so the extent to which they
are doing that...can only bode

INTERNATIONAL PRIVATE
BANKING SYSTEMS,

A locally based International Wealth Management
Technology Company is seeking candidates to fill
positions in SOFTWARE DEVELOPMENT.

Candidates must have experience with:
- Microsoft .Net Technologies
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An overall knowledge of the financial services /
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Please send a current resume to the Human
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Bahamas Supermarkets Limited

Notification of Delay in Completion of
2007 Audited Financial Statements

Further to our notice of January 10, 2008, Bahamas Supermarkets wishes
to advise that the completion of the audit of its consolidated financial
statements for the year ended June 27, 2007 has been further delayed.
Management is making every effort to resolve issues causing the delays
and a notice of the expected date of completion of the audit will be advised

as soon as possible.

well if, in fact, they end up being
significant investors in the
Freeport area,” Mr Laing said.

“But I think there is still a
great deal left to be resolved in
so far as the Freeport situation is
concerned, and so until that hap-
pens I think we are all in limbo
still.

“I met briefly with some of
the principal and I know they
have significant interests in the
financial services area through-
out the world, and so certainly

‘they are a substantive group.”




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And take notice that all persons indebted to the
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_ THE ROSE LAW FIRM
Power of Attorney for the Administrator
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Butlaw House, East Bay Street
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PAGE 4B, WEDNESDAY, FEBRUARY 6, 2008

THE TRIBUNE



TT: aR
St George attorney: Our 50% stake is still ‘not for sale’






















































































j
would have been remiss of its three ment on their letterhead making a _ per cent ownership of the GBPA and __ ister Hubert Ingraham, who is anxious

FROM page 1B executors - Lady Henrietta St George, _ binding offer to the St George estate,” Port Group Ltd. for the GBPA dispute to be resolved

her brother Lord Euston, and attor- he added. Outlining the St George estate’s tac- and has become keen on Fleming’s

ney Chris Cafferata - to reject outright Instead, Mr Smith said: “The estate __ tics going forward, Mr Smith said: “We offer. He is understood to view them as

any approaches made to acquire its is actively engaged in encouraging are involved in court proceedings in _ bringing something new to the table.
them for $100 million. assets. investors such as Hutchison Wham- which the estate is claiming it has been Yet rather than meet Fleming’s prin- —

Fred Smith, a partner in Callender’s “As trustees of the estate, who are poa, who are a legitimate, credible and — oppressed by Sir Jack, and we are ask- cipals, Roddie Fleming and Geoffrey
& Co, responding to assertions from answerable to beneficiaries, the — good faith investor in Freeport, to look ing the court for an order that Sir Jack- Richards, Mr Smith is understood to
the Fleming camp that the St George trustees must obviously entertain any- at partnering with the St Georges in ’s shares be sold to the estate for $100 have met two London-based accoun-
estate was “showing signs” of a will- | one who comes and makes an offer to —_ future........ million. tants from PricewaterhouseCoopers
ingness to sell its GBPA stake, reiter- buy the estate’s assets, as otherwise “Of course the St Georges want “It is Sir Jack who has agreed tosell (PwC), acting on Fleming’s behalf.
ated that its shareholding was “not for they could be accused of negligent — growth and progress in Freeport, and _ his shares to the Flemings for $100 mil- | With Mr Smith were Henry St George
sale”. management,” Mr Smith said. that is why we are speaking to investors __ lion, thereby pegging his price. Inthese anda London-based QC.

“Let me make it very clear,” Mr The Tribune was told that ata meet- such as Hutchison and others who are "circumstances, we have asked the court Versions of what happened at that
Smith told The Tribune from Florida. ing between representatives of both interested in coming in as partners.” for an order to buy at $100 million | meeting differ, the St George estate
“There are no negotiations going on Fleming and the St George estate in Mr Smith said the way Fleming had __ because that is the price he has set. _ side telling acquaintances that Fleming
between the estate of Mr St George London several weeks ago, which was _ become involved in the GBPA owner-- We have an injunction preventing Sir offered nothing new and only put for-
and the Flemings. attended by Mr Smith, the estate was ship dispute “does not encourage any. Jack from selling his shares.” ward the $100 million price it had

“The Flemings continue to make presented with a Memorandum of desire on the part of the estate to have ~ It is understood that Sir Jack and offered Sir Jack as what it was also
unsolicited approaches to us to buy Understanding (MoU) outlining the — discussions with them, because they _ his family trusts have sold control of prepared to pay for the estate’s stake. .
our shares, and we continue to tell terms of Fleming’s initial offer. have implanted themselves in the mid- | the GBPA and Port Group ownership Yet Fleming’s take is that the St ae
them they are not for sale. There are Yet Mr Smith yesterday said the dle of this litigation”. litigation, and a host of spin-off actions, George estate side‘left with a Memo-
no negotiations going on with the offer was effectively an exploratory He accused Fleming of “sneakingin — to Fleming. randum of Understanding (MoU) set-
Flemings.” offer, and not a binding one, and was __ through the back door”, and hiring the As previously revealed by The Tri- ting out in detail what Fleming pro-

Responding to reports that the St not made on paper bearing Fleming’s _ same attorneys as those representing bune, Mr Smith was cajoled into _ posed to offer, something understood
George estate had been in talks with _ letterhead. Sir Jack and the Hayward family trusts attending a meeting with Fleming rep- to have been requested by the Prime .
Fleming, Mr Smith pointed out that it “T invite them to produce any docu- __ in the legal battle over his claim to 75 _ resentatives in London by Prime Min- _ Minister. 5

52

e |

oe b oe : 2

Lease extension to boost company’s $7.3m impact -
; 36

: 91

two 750,000 barrel tanks, with and they will be finished some tractors. Its facilities blend and . World Point Terminals,a Cana- lion compared to 2006, reflect- ‘°

FROM page 1B the same capacity as the existing time in May/June 2008, It will transship petroleum and other dian company that is listed on ing rate increases putin place â„¢!

tanks. It will increase our crude —_ add a couple of jobs.” liquid products as an integral the Toronto Stock Exchange. in the 2006 fourth quarterand “
oil capacity,” Mr Vargas said. South Riding Point Holdings part of the wholesale distribu- For the first nine months of greater marine activity. tf
ed in the 2008 second quarter. “IT would say those two tanks currently employs 53 perma- tion system. 2007, South Riding Point’s rev- World Point Terminals also “”

“Right now, we are building are about 50 percent complete, nent staff, plus temporary con- The company is owned by _ enues increased by $4.845 mil- - has a 50 percent interestina

joint venture that operatesa
fleet of tugboats around Grand
Bahama called Freepoint. we
For the stories Freepoint’s revenues
5 increased by $528,000 for the ~~
| iy i as R ae ST behind the Mat] fo first nine months compared to i
i P| PF 2006. This increase reflected ~*
read rl) a an increase in ship movements -
= i EX : hed fi i ; TY. on Mondays and rates at the Freeport Con-
rT] tainer Port. ax
oF
Is
m
Sa
NOTICE ;
NOTICE is hereby given that MICHAEL ANTHONY ROACH ie
of KENNDEY SUBDIVISION, P.O. BOX N-9778, NASSAU, od
BAHAMAS, is applying to the Minister resposible for Nationality 9%
and Citizenship, for registration/naturalization as a citizen of qa
The Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted, should 1°
send a written and signed statement of the facts within twenty- oe
eight days from the 30TH day of January, 2008 to the Minister - a
responsible for Nationality and Citizenship, P.O.Box N- 7147, ‘ai
Nassau, Bahamas. BT
WB
Mii
NOTICE ie
Su
NOTICE is hereby given that KETY CHARLES of MALCOLM i
ROAD, P.O. BOX-N 2021, NASSAU, BAHAMAS, is applying os
to the Minister resposible for Nationality and Citizenship, for a
registration/naturalization as a citizen of The Bahamas, and va
that any person who knows any reason why registration/
naturalization should not be granted, should send a written ue
and signed statement of the facts within twenty-eight days from 118
the 6TH day of FEBRUARY, 2008 to the Minister responsible sal
for Nationality and Citizenship, PO.Box N- 7147, Nassau, oe
: ° Bahamas.
The Scotiabank Rate Booster Deposit sq
it
Combines the higher interest rates of a longer term NOTICE. :
investment with the flexibility of a short term deposit. 8q
NOTICE is hereby given that JIMMY ALTEUS of #7 SOLDIER sal
RD., P.O. BOX CB-12401, NASSAU, BAHAMAS, is applying oti
Your. interest rate increases twice during the term of your investment, to the Minister resposible for Nationality and Citizenship, for a6
so your money is guaranteed to grow faster! Plus you have access to registration/naturalization as a citizen of The Bahamas, and nl
Penal, Be ie le SESSHE SER CSIE OWING that any person who knows any reason why registration/
naturalization should not be granted, should send a written a
and signed statement of the facts within twenty-eight days from oo
Visit your nearest Scotiabank branch today. the. 30TH day of January, 2008 to the Minister responsible Ai
for Nationality and Citizenship, PO.Box N- 7147, Nassau, it
at Scotiabank Bahamas. si
+ Some conditions apply. Rates subject to change.
* Trademarks of The Bank of Nova Scotia
Trademarks used under license and control of The Bank of Nova Scotia. Life. Money. Balance both: c
NOTICE
NOTICE. is hereby given that ARNOLD EMILE of BLUE fe
» “ BERRY HILL, FOX HILL, NASSAU, BAHAMAS, is applying 6
| | DELI a6 Y to the Minister resposible for Nationality and Citizenship, for “a
registration/naturalization as a citizen of The Bahamas, and vi
Tuesday, 8 February 200 z CcFAL” that any person who knows any reason why registration/ if
BISX LISTED & TRADED SECURITIES - VISIT WWW.BISXBAHAMAS.CO \ ic naturalization should not be granted, should send a written 10
nie ae tha INDIES: LOSE R088, BOP CHO LOE *CH EO STRATE EERE and signed statement of the facts within twenty-eight days from ;
: 0.75 Abaco Markets 171 171 : the 30TH day of January, 2008 to the Minister responsible .
ares Sou? gone. a ee reer ae one for Nationality and Citizenship, P.O.Box N- 7147, Nassau, ls
0.85 0.80 Benchmark 0.85 0.85 0.00 0.188 Bahamas. di
3.74 1.85 Bahamas Waste 3.66 3.66 0.00 0.289
2.70 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 tg
aie 200 eines naa aaa oo goat 101.3 1.27%] wt
oO 2 i - %| 10
a oe ao ee ee se cS ie NOTICE :
748 Soo) “Feniuanh 7.45 745 oi ue” ste NOTICE is hereby given that CHEEKO JOSEPH of #7 | «ii
13.01 12.30 Finco | 13.00" 13:00 0.00 0:829. SOLDIER RD., P.O. BOX CB-12401, NASSAU, BAHAMAS, 10
14.75 14.25 FirstCaribbean 14.60 14.60 0.00 600 0.914 7 i ~ ts . i 4
6.10 5.12 Focol (S) 5.12 5.12 0.00 5,600 0.363 is applying to the Minister resposible for Nationality and -
Loo coger nt aa aoe 728 ee eaae Citizenship, for registration/naturalization as a citizen of The m
12.50 8.60 J. S. Johnson 12.50 12.50 1.059 Bahamas, and that any person who knows any reason why -
oe en en eee registration/ naturalization should not be granted, should send 3
S2wk-Low Symbol Bid$ ASKS Last P a written and signed statement of the facts within twenty-eight vb






14.25
6.00
0.20

14.60
6.00
0.35

Bahamas Supermarkets
Caribbean Crossings (Pref)
END ngs

days from the 30TH day of January, 2008 to the Minister ib
responsible for Nationality and Citizenship, P.O.Box N- 7147, 03
Nassau, Bahamas.

6.25
0.40
















ABDAB 41.00 43.00 —



41.00






14.60 14.00 Bahamas Supermarkets 14.60 15.60 1.125 :
0.55 0.40 . RND Holdings . 0. 45 0.55 0.000 at
B 4 | BISX Listed Mutual Funds — b













NA Vv Last 12 ater
7.201985"*

3.00076**

“52wk-Low YTD%
1.2037
2.4723




PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL




Colina Bond Fund
Colina MSI Preferred Fund







1:37.73 1.2647 Colina Money Market Fund 1.376507* |
3.7969 3.0569 Fidelity Bahamas G &I Fund —3.7969"* 27.72% * 27.72% :
11.9333 11.3545 Fidelity Prime Income Fund | _11.9333** 5.53% 5.53% The Public is hereby advised that I, MARIA





FINDEX: CLOSE 945.21 / YTD -0.72% / 2007 34.47%

YIELD - last 12 month dividends divided by closing ee



VERCINA of PO. Box N-10647, Nassau, Bahamas,

NAV KEY




BISX ALL SHARE INDEX - 19 Dec 92 = 1,000.00 MARKET TERMS.









a ; | ' 16
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 *~ 18 January 2008 intend to change my name to MARIA NORALUS. If at
Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price * 31 December 2007 i j j aoa
Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week there are any objections to this change of name by vis
Change - Change in closing price from day to day EPS $'- Acompany's reported earnings per share for the last 12 mths Deed Poll, you may write such objections to the oO




NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007

(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: GFAL 242-502-7010 7 FIDELITY 242-456-7764 / FOR MORE DATA & INFORMATION CALE (243) Goal 8s



Chief Passport Officer, P.O.Box N-742, Nassau, ay
Bahamas no later than thirty (80) days after the date

of publication of this notice.














THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 5B



Pe (oT a
POA Tt CE Te iT

Communities
must police
themselves

I STATED in previous writ-
ings that our approach to com-
munity policing was a failure.
Now, based on the numbers
released yesterday, thgis fact
is ‘painfully obvious’. The five
years of Urban Renewal have
demonstrated and proven that
community policing, as we
have chosen to implement it,
cannot - and will not - work.
So what if the initiative
received international
acclaim? It is not working. I
recall the pre-announced visit
of the health department
inspectors to a restaurant I
worked at. The entire day and
night before was dedicated to
cleaning the kitchen and eat-
ing area. We passed the
inspection.

In my opinion, we have tak-
en pieces and parts of a puzzle
and run off with them, without
fully understanding how they
work in the first instance and,
secondly, how they work in
our environment and culture.
The Community Policing con-
cept has its contemporary
roots with the New York City
Police Department in 1994,
and it is from this manage-
ment concept where many
policing strategies including
COMPSTAT, come from. We
did not consider the resources,
both human and financial,
required to make such an
undertaking successful.

We did not consider, in my
opinion, the social and eco-
nomic requirements to make
this work. The administration
_ of law and order, in some
instances, must also be sepa-
rated from the masses in an
attempt to keep its execution
impartial and without preju-
dice. It i very difficult for the
neighbourhood kid to come
into his/her community and
effectively exercise the powers
given to them by the state
without some challenge and
extreme criticism.

This is not for a moment
supporting the arrival of for-
eign police. But it is recognis-
ing the need for adequate
preparation and not ignoring
this challenge. Some have
argued that the police are a
part of the community. Should
they then be working the
streets? The police are the
part of the community that is
least understood, as in one
instance they are helping you,
and in another they are arrest-
ing you. A very difficult con-
cept to comprehend and
accept. Why are we prepared
to parade the police as our
friends today, and later
tonight the same police are
kicking down your door and
taking you in for questioning?
_ Again, I fully support this
approach, because in some
instances it is necessary. The
police will have to use force
even to the point of taking
life. This is their job and the
community - yes, you and me -
have given them this authori-
ty. Yet when they do, regard-
less if the information is right
or wrong, there is an outcry in
the community that they can-
not do this. Because of this
dual role, their actions will
always be seen as untrustwor-
thy. That is why other civic
groups must step in to fill the
role of helper. Community
organisations need to step up
and assist not the police, but
the maintenance of law and
order.

Crime is a global phenome-
non, and every culture and
community has its criminal
and deviant factors. Neverthe-
less, how each community
deals with and manages crime
differs. Even in our small
country, any seasoned police
officer will tell you that on
New Providence crime fight-
ing differs from how crime is
dealt with in Bimini and
Inagua. Should this be?
Maybe not, but this is how it
is.

We cannot forget that we
are dealing with people who
are unique, and having vary-
ing perceptions and perspec-
tives. It is difficult to find a
‘one-size fits all’ solution, but
the solution cannot be left to
the police or some magic bul-
let called Urban Renewal,
Community Policing or the

Safe &

Secure



Government. It is amazing to
me that after all this time,
crime is seen as needing a
police-based solution. It is
extremely rare that we see the
police complaining of criminal
events being directed at them.

Yes, we did recently have
the killing of a police officer in
the line of duty, but there has
been no direct attack on the
police in our society in recent
times.

So, the police do a walka-
bout. WOW. Media blitz and
front page news. But wait a
minute. Shouldn't the police
always be walking about, and
not just in the day. I smile
when I see these stories, not-
ing the time of day and the
numerous khaki uniforms pre-
sent. Why are these events not
taking place during the night?
Why are these events ;
arranged for the convenience
of the media, not necessarily
the residents. The police are
to be patrolling the streets, it
matters not if they are walking
or using cars or bicycles, they
are to be present all the time. I
am concerned, even though I
smile, that it is police
patrolling or visiting the resi-
dents in the neighbourhood
that is making front page
news.

But this makes my point
even clearer. The police have
been trained to do policing or
law enforcement. The shift to
preventative strategies calls
for fundamental changes in
the entire police training
process. For example. A car is
seen at 2am on the East West
Highway, with two black male
occupants. No crime has been
reported, no suspicious activi-
ty demonstrated.

Should the police stop these
men? If the answer is ‘yes’, the
police will be stopping cars all
night long. Nevertheless, they
are black males driving at 2am
in the streets of Nassau. They
must be up to no good, surely?
So the vehicle is stopped. It
turns out that they are hotel
workers on their way home
from work; the driver is giving
his co-worker a ride home. Is
it OK, I ask, for the arbitrary
and random stopping of citi-
zens because of race, time of
day and location?

If you say ‘yes’, then I tell
you that this is security, not
policing. Policing is when
information is received on a
crime and action taken to dis-
cover and arrest the alleged

perpetrators. The police are
trained to do the latter.

If we are asking for random
checking, then I ask you to

picture yourself at an airport. —

f you recall, everyone is
chec! ed, and some of us are
randomly checked in more
detail because we fit certain
profiles.

For the police to be effec-
tive they need the help of the
community. Community Polic-
ing is not the police in the
community, but the communi-

ty policing themselves. Are we ©

prepared to call
CRIMESTOPPERS Hotline
at 328-8477? This is a simple,
yet effective, example of Com-
munity Policing that does not
receive the attention and sup-
port necessary.

This is community policing,
where the community acquires
the knowledge of the law and
holds themselves and the
police accountable for enforc-
ing it. When we go to the doc-
tor or the mechanic, these pro-
fessionals first have to listen to
what is wrong before they are
able to prescribe and 'recom-
mend' corrective actions and
solutions. Remember, these
professionals are only sought
out after the fact, after a prob-
lem is indentified or created.
Likewise, the police are only
sought after the fact, and even
then they can only proceed if
you request it. You do realise
all this power you have, yet
you say the police must solve
che problems in your commu-
nity, on your street corner and
in some instances, your house.

Let the police do policing.
This is what they are trained
to do. Community Policing,
even though it caries with the
word ‘policing’, is really a
task, in my opinion, best left
to the churches, schools and
civic groups. These organisa-
tions are more readily accept-
ed as a part of the masses.
These units must sell the need
for policing. They must con-
vince the general population
that the police are their
friends and, more importantly,
that they the public have a
part to play in keeping their
streets and communities safe.

NB: Gamal Newry is the

president of Preventative
Vleasures, a loss prevention
a.id : sset protection training
and consulting company, spe-
cialising in policy and proce-
dure development, business
security reviews and audits,
and emergency and crisis man-
agement.

Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, or e-mail
gnewry@preventativemea-
sures.net

2006 Mercedes Bez CLS 500
Limited Edition

Fully Loaded; only 7000 miles
driven in Lyford Cay
JustLike New!

asking: $110,000

great deal for an executive!!!!

ao E



Ua Bay ry mR UL

just call 322-1986 today!



Dear Shareholders,

Most of you will have visited our website (www.fccbahamas.com) and seen our audited
financial statements for the fiscal year ended August 31, 2007. It was great to be able to
report a profit of $78k for the year, compared to a loss of $2 million for the previous year.
We have really worked hard to turn the company around. ;

In September 2006 we opened the Home Centre Superstore so we have now been oper-
ating out of this facility for over 16 months. | am very pleased with what we have accom-
plished at the Home Centre Superstore during these 16 months and | am looking forward
to an improvement in the economic conditions in Grand Bahama and a rebirth of this
island in 2008. '

In the 1st quarter of this fiscal year our overall sales are down by 8.72%. This is attribut-
able to sales in the concrete division being down by over $291k for this 1st quarter com-

pared to last year's 1st quarter. The drop in sales at the concrete plant is due mostly to the

fact that we did not have any major concrete pours in this quarter compared to last year.
The Home Centre's sales were down slightly by 2.3%.

Despite a reduction in sales of 8.72% we are only reporting a small loss in this 1st quar-
ter of $74k compared to last year's 1st quarter loss of $159k. We have managed to reduce
our operating expenses by 16% compared to the 1st quarter in the previous fiscal year
and this has helped in keeping our 1st quarter loss to a minimal. If our sales revenue had
been the same as in the 1st quarter last year then we would be reporting a profit this quar-
ter.

We continue to be challenged by the lack of additional financing to increase our invento-
ry at the Home Centre and because of this our monthly sales are not growing to the level
we need them to be at in order to report significant profitability. Our bankers are tolerating
us being outside their covenants because of the considerable amount of cash that we are
depositing with them on a daily basis. However we need additional working capital in order
to purchase more inventory in order to increase our sales at the Home Centre.
Unfortunately this is not going to come from the bank so we are looking at other ways to
raise capital, possibly through a private placement or a rights issue.

Despite these challenges we will continue to work hard to grow our business each and
every day. Hopefully as the various issues are resolved at the Grand Bahama Port
Authority we will see an improvement in the economy here in Grand Bahama and once
this happens we will see further improvements in our financial performance.

Sincerely,

Ray Simpson
Chief Executive Officer
February 4, 2008

Freeport Concrete Company Limited
Consolidated Statement of Operations
Three months ended November 30, 2007 with comparative information for 2006

Outstanding shares = 4,708,334

(Expressed in Bahamian dollars) css

3 months ended
Nov 30,2006

SNE) 3 months ended
ui Nov 30,2007

3,746,889 4,104,990
Cost of sales 2,722,181 2,956,079

Gross profit 1,024,708 1,148,911

Sales

522,213
211,934
138,951

625,501
287,988
142,138
21,953
407,115
4,810
1,179,885

Payroll costs

Other operating costs

Rent expense

Advertising expense 25,267

Utilities expense 91,195

Other income 0
989,560

Income/(loss) before interest, taxes

depreciation and amortisation 35,148 (30,974)

Depn. and amort. expense (72,653) (84,696)

Net financing income/(expense 36,159 43,242

Net income/(loss) 73,664 158,912

Earnings per share :
Basic and diluted earnings/ (loss) per share

Freeport Concrete Company Limited
Consolidated Balance Sheet
As at November 30, 2007



Nov 30,2007 August 31,2007
(Unaudited) (audited)



Assets

Current assets
Cash
Time deposits
Accounts receivable, net
Inventories
Inventories of spare parts and supplies
Deposits and prepaid expenses

230,726
57,837
912,128

_ 2,022,807
72,251
118,461

289,391
58,123
597,827
2,014,331
86,340
86,489

Total current assets 3,132,501 3,414,210

3,744,404

Fixed assets 3,738,605

Total assets 6,871,106 : 7,158,614

Liabilities and Shareholders’ Equity

Current liabilities
Bank overdraft
Accounts payable and accrued expenses
Warranty Provision
Current portion of long term debt

1,628,475
2,963,428
5,000
183,857

1,648,086
3,109,321
5,000
183,857
4,780,760

Total current liabilities 4,946,264



Long term debt 208,313 256,653

Shareholders’ equity:
Share Capital
Contributed surplus
Appraisal excess
Retained earnings
Current earnings

47,083
5,774,868
1,433,867

(5,300, 121)
genta

1,882,033

47,083
5,774,868
1,433,867

(5,300,121) _|

1,955,697

redo

Total equity

Total liabilities and shareholders’ equity $ 6,871,106 7,158,614





PAGE 6B, WEDNESDAY, FEBRUARY 6, 2008

Grand Bahama Business Outlook
‘will have a number of firsts’

The 10th Annual Grand
Bahama Business Outlook con-
ference will address issues relat-
ing to whether the island’s econ-
omy is poised for take-off, when
this is likely to happen and what
will be needed to achieve this,
when it is held on February 21,
2008, at Our Lucaya.

Organiser Joan Albury, pres-
ident of The Counsellors, said in
a statement that this year’s
event, held under the theme
Investment and Innovation:
Strategies for Grand Bahama’s
Turnaround, will be significant
for a number of reasons.

“Not only are we celebrating
our 10th anniversary in Grand
Bahama but we will have a
number of firsts this year,” she
said. .

First-time speakers will
include Neko Grant, minister
of tourism and aviation; Mike
Murphy, founding director of
the Harcourt Group that
recently purchased the Royal
Oasis; Gregory Moss, president
of the Grand Bahama Cham-
ber of Commerce; Jaime Var-
gas, vice-president of opera-
- tions, South Riding Point Hold-
ings; and Jerry Butler,
Caribbean executive director
for the Inter-American Devel-
opment Bank (IADB).

Vincent Vanderpool-Wal-
lace, the Caribbean Tourism

Organisation’s secretary-gener-
al, will address the Grand
Bahama Business Outlook for
the first time.

The conference will also hear
from Roscoe Dames, founder
and president of Ivory Global
Promotions, and renowned
Bahamian artist and sculptor,
Antonius Roberts.

Mrs Albury said Grand
Bahama’s economy had
appeared to be on the verge of
a boom for many years, but for
some reason has not fulfilled its
potential.

Despite uncertainty over the

- future direction of the Grand

Bahama Port Authority, she
added that new developments,
including the purchase of the
Royal Oasis by the Harcourt
Group, the proposed expansion
of the Freeport Container Port,
and the planned re-branding of
Grand Bahama’s tourism prod-
uct are creating high expecta-
tions for economic growth in
Grand Bahama.

“This year’s Outlook will pro-
vide some insight into the
opportunities that exist, and
some of the innovations and
changes that could help to shift
Grand Bahama into high gear,”
Mrs Albury said.

Also scheduled to speak at
the Grand Bahama Business
Outlook conference are Carey

Wendy Craigg



Leonard, general counsel for
the Grand Bahama Port
Authority; Chris Gray, chief
executive at Freeport Contain-
er Port, Freeport Harbour
Company and Grand Bahama
Airport Company; Wendy
Craigg, Governor of the Cen-
tral Bank of The Bahamas; and
Barry Malcolm, managing
director, Scotiabank, and chair-
man of the Bahamas Maritime
Authority.

The event is sponsored by
British American Financial,
FOCOL, the Grand Bahama
Port Authority and Bank of the
Bahamas International. For
registration and updates on
Grand Bahama Business Out-
look visit www.tcl.events.com.

Freeport Concrete

FROM page 1B

were also off by 2.3 per cent

against 2007 comparatives.
Freeport Concrete’s total

sales fell to $3.747 million for

the 2008 first quarter, compared -

CREDIT SUISSE

to $4.105 million in the 2007
comparative period.

The direct cost of sales,
though, dropped from $2.956
million to $2.722 million. Yet
the company’s gross profit was
down 10.8 per cent at $1.025
million, compared to $1.149 mil-
lion the year before.

The main drivers behind the
16 per cent decline in operat-
ing expenses were a 16.5 per
cent fall in payroll costs to
$522,213, compared to $625,501
last year.

In addition, other operating
costs fell by 26.4 per cent to
$211,934, while there were more

Credit Suisse, Nassau Branch

is presently considering applications for a

SENIOR FACILITIES MANAGER

The position is open to candidates with the following minimum

requirements:

Qualifications:

Minimum of 10 years well rounded property management experience in
an offshore banking environment

Strong management and leadership skills
Well versed in Bahamian building codes
In-depth knowledge of contingency planning and project management
PC Literacy (MS Word, Access, Excel)

Proven track record

Duties

The candidate will be expected to:
Manage on-site Engineering and Security Functions

Manage on-site Reception and Mailroom functions

Manage all maintenance contracts
Facilitate building maintenance
Facilities Management and services activities

Personal Qualities:

Excellent organizational and communication skills

A commitment to service excellence
Ability to work under pressure and with minimum supervision

Benefit.
Competitive salary
Pension Plan

rovided i

I

Health and Life Insurance

APPLICATIONS MUST BE IN WRITING.

Persons not meeting the minimum requirements need not apply.

Applications should be submitted to:
Human Resources Department

P.O. Box N-4928
Nassau, Bahamas

DEADLINE: 15'! FEBRUARY, 2008



Neko erent





THE TRIBUNE

‘halves’ its net loss

modest declines in utilities costs
and rental expense.

However, Freeport Con-
crete’s performance continues
to be hindered by a lack of cap-
ital/cash flow that would enable
it to purchase more inventory
for its Freeport-based Home
Centre store.

Additional bank/debt financ-
ing had beet cut-off due to the
fact that Freeport Concrete is
‘close to its overdraft limit, mean-
ing the company is totally reliant
on cash flow from existing sales
to finance inventory purchases
for the Home Centre.

As a result, the retail outlet
has not been carrying enough
inventory to match the level of
demand for building materials
on Grand Bahama, something
negatively impacting sales and
profitability.

The Freeport Concrete chief
executive again indicated that

the company was mulling tap-
ping the Bahamian capital mar-
kets for some form of addition-
al capital/equity financing,
either through a rights issue or
private placement.

Mr Simpson said: “We con-
tinue to be challenged by the
lack of additional financing to
increase our inventory at the
Home Centre, and because of
this our monthly sales are not
growing to the level we need
them to be at in order to report
significant profitability.

“Our bankers are tolerating
us being outside their covenants
because of the considerable
amount of cash that we are
depositing with them on a daily
basis.

“However, we need addi-
tional working capital in order
to purchase more inventory in
order to increase our sales at
the Home Centre. Unfortu-

BTC returns $1.3m
to cell customers

FROM page 1B

its customers with a small token
gesture that recognised this.

The incident was caused by
a power outage at a cellular sta-
tion that led to the eventual
shutdown of the entire GSM
system. Although the pre-paid
cellular platform, had a back-up
power system, the power surge
disrupted the back-up system
as well.

Yesterday, Mr Johnson said
BTC has taken steps to ensure
the situation is addessed, so the
chance of a similar incident
reoccuring is significantly
reduced. While this could not
be guaranteed, BTC intends to

respond quickly to issues that
affect the quality of cellular ser-
vice.

Cellular and wireless services
account for more than two
thirds of BTC’s profits, and rev-
enue generated from wireless
subscribers continues to grow.

Last year, BTC introduced
GSM cellular services in
Andros, the Berry Islands,
Crooked Island, Eleuthera,
Exuma, Inagua, Long Island,
Ragged Island, Rum Cay and
San Salvador.

In the upcoming months,

BTC will introduce enhanced
features for its cellular cus-
tomers, including data and mul-
ti-media messaging services.

Legal Notice

NOTICE

ELECTRA STARS INC.

Notice is hereby given that in accordance with Section

138 (8) of the International Business Companies Act
2000, the dissolution of ELECTRA STARS INC. has

been completed; a Certificate of Dissolution has been

issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.

(Liquidator)



nately, this is not going to come
from the bank, so we are look-
ing at other ways to raise capi-
tal, possibly through a private
placement or a rights issue.”

A rights issue would involve
issuing additional shares to exist-
ing Freeport Concrete share-
holders to maintain the propor-
tion of shares they held in the
company, but to ensure its suc-
cess it would probably have to be

-underwritten by the largest

shareholder, chairman Hannes

‘Babak, who holds 43 per cent of

the stock.

For the financial statements
for the year to August 31, 2007,
Freeport Concrete’s auditors,
KPMG, while not qualifying
their opinion, noted that the
company’s current liabilities
exceeded current assets by
$1.532 million.

The total amount of the bank
overdraft and loan, which is
owed to FirstCaribbean Inter-
national Bank (Bahamas), stood
at $1.983 million.

As at November 30, 2007,
Freeport Concrete’s current lia-
bilities exceeded current assets
by 1.648 million.

Fleming
ready to
invest $1/2bn
in Freeport
economy

FROM page 1B

buying the Hayward shares.

There has also been specula-
tion that Fleming was fronting
the purchase for Mr Hayward
and ousted GBPA chairman
Hannes Babak.

However, Mr Fleming and
Mr Hayward, who have been
long-time friends for more than
35 years, vehemently denied
this allegation to The Tribune.

“Certainly there is no
fronting going on. They have
an agreement to buy the Hay-
ward trust’s shares,” said Mr
Hayward.

“1 think that was really upset-
ting for the Flemings and us
because the Flemings don’t
have to front for anyone.

“There is s time to move on
and they have deeper pockets
and better connections. When
you think about it, what can the
Haywards and St Georges do
in this day and age? We are big
fish in a small pond, and it is
much better to be small fish in a
big pond.

Fleming believes Grand
Bahama holds the greatest
untapped economic potential of
any destination in the entire
Western Hemisphere.



pres ann nm

wad %y

\

~

- THE TRIBUNE

MMG Bank & Trust Ltd.

Balance Sheet
As of September 30, 2007
(Expressed in United States Dollars)
2007 2006
Assets
Due from banks (Notes 3 and 9)
Non-interest earning deposits $ 22,277,125 §$ 15,114,915
Interest earning deposits 45,664,807: 59,311,458
Total due from banks 67,941,932 74,426,373
Trading securities (Note 4) 370,000 -
Securities available for sale (Note 5) 55,317,125 52,977,713
Securities held to maturity (Note 6) 1,283,709 2,856,805
Loans receivable (Notes 7 and 9) 19,493,005 28,732,663
Accrued interest receivable 16,796 26,603
_ Fumiture and equipment (Note 8) 411,662 284,853
Other assets (Note 9 ) 5,193 307,728
Total assets . $ 144,839,422 $ 159,612,738
Liabilities and Equity
Liabilities
Customers' non- interest bearing deposits (Note 9) $ 20,866,692 $ 33,858,822
_ Customers' interest bearing deposits (Note 9) 110,628,602 + 112,054,434
Other liabilities (Note 9) 193,177 4,731,427
Total liabilities 131,688,471 150,644,683
Equity
Common stock, with a par value $1 per share; »
authorized, issued and outstanding: 5,000,000 5,000,000 5,000,000
Fair value reserve (48,146) . 25,190
Retained earnings 8,199,097 3,942,865
Total equity 13,150,951 8,968,055
Total liabilities and equity $ 144,839,422 $§$ 159,612,738

‘Commitments (Notes 9 and 10)

Signed as appr

d by the Board on December 13, 2007:



Director -

Notes

1. Nature of Operations

(c) Commission Income

MMG Bank & Trust Ltd. (“the Bank”) is a limited liability company established under the ,
Companies Act, 1992 of the Commonwealth of The Bahamas. and is licensed under The
Banks and Trust Companies Regulation Act, 2000 to carry on trust and banking services.
The Bank’s objective is to promote and participate in all kinds of banking, financing and
investing activities from the Commonwealth of The Bahamas.

The Bank is a wholly owned subsidiary of MMG Bank Corporation (the parent company)
which is incorporated in the Republic of Panama and in turn is a wholly owned subsidiary of
MMG Capital Holdings Inc. (the ultimate parent company) which is incorporated in the
Commonwealth of The Bahamas.

The registered office of the Bank is located at First Floor, Shirley House, 50 Shirley Street,
Nassau, Bahamas.

Summary of Significant Accounting Policies

The significant accounting policies applied in the preparation of the balance sheet are set out
below, and have been consistently applied to all years presented, unless otherwise noted.

(a) Basis of Presentation

The balance sheet is prepared in accordance with International Financial Reporting
Standards (IFRS). The balance sheet is prepared under the historical cost convention as
modified by the revaluation of financial assets at fair value through profit or loss and
securities available for sdle.

Preparation of the balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Bank’s accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to
the financial statements are disclosed in Note 15.

Standard, amendments to published standards and interpretations effective January 1,
* 2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts;

IAS 39 Amendment - Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral
Resources; “a

e IFRS 6 - Exploration for and Evaluation of Mineral Resources; —

e IFRIC 4 -— Determining whether.an Arrangement contains a Lease;

e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from nee in a Specific Market — Waste

Electrical and Electronic Equipment.

Standards and interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standard and interpretations that
were issued but not yet effective for accounting periods beginning on or after January 1,
2007: ,

IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1,
Presentation of Financial Statements — Capital Disclosures (effective from January 1,
2007). IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces LAS
30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions,

and disclosure requirements in IAS 32, Financial Instruments: Disclosure and
Presentation.

(b) Interest Income and Expense

Interest income and expense are recognized in the income statement for all interest bearing
instruments under the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial liability. When calculating the effective interest rate, the Bank estimates cash
flows considering all contractual terms of the financial instrument but does not consider
future credit losses.

Commissions are generally recognized in the income statement on the accrual basis.
However, loan origination fees are deferred and recognized as an adjustment to the
effective yield on the loan.

(d) Financial Assets

The financial assets are classified in the following four categories: financial assets at fair
value through profit or loss; loans receivable; held to maturity investments and available

for sale financial assets. Management determines the classification of its investments at
their initial recognition.

WEDNESDAY, FEBRUARY 6, 2008, PAGE 7B

a

Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading and those
designated at fair value through profit or loss at inception. A financial asset is classified in
this category if acquired principally for the purpose of selling in the short term or if so
designated by management. t

. Loans receivable
Loans receivable are non derivative financial assets with fixed or deterrninable payments

that are not quoted in an active market, They arise when the Bank provides mon cy, goods
or services directly to a debtor with no intention of trading the receivable.

Held to maturity

Held to maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturities that the Bank’s management has the positive
intention and ability to hold to maturity. If the Bank were to sell other than an

insignificant amount of held to maturity assets, the entire category would be reclassified
as available for sale.

Available for sale
Available for sale investments are those intended to be held for an indefinite aes of

time, which may be sold in response to needs for liquidity or changes in interest rate:
exchange rates or equity prices.

Purchases and sales of financial assets at fair value through profit or loss, held to maturity
and available for sale are recognized at the trade date, which is the date the Bank commits

to purchase or sell the asset. Loans are recognized when cash is advanced to the
borrowers.

Financial assets are initially recognized at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognized
when the rights to receive cash flows from the financial assets have expired or when the
Bank has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss and available for sale financial assets
are subsequently carried at fair value. Loans receivable and held to maturity investments
are carried at amortized cost using the effective interest method. Gains and losses arising
from changes in the fair value of the financial assets at fair value through profit or loss
category are included in the income statement in the period in which they arise. Gains and
losses arising from changes in the fair value of available for sale financial assets are
recognized directly in equity, until the financial asset is derecognized or impaired at
which time the cumulative gain or loss previously recognized in equity should be
recognized in the results of the period. However, interest calculated using the effective
interest method is recognized in the income statement. .Dividends on available for sale
equity instruments are recognized in the income statement when the entity’s right to
receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If
the market for a financial asset is not active (and for unlisted securities), it establishes fair
value by using valuation techniques, that include the use of recent arm’s length
transactions, discounted cash flow analysis and other valuation techniques commonly
used by market participants. Equity securities for which fair values cannot be measured
reliably are recognized at cost less impairment.

(e) Impairment of Financial Assets

(f)

’ Office equipment

Assets carried at amortized cost
At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or group of financial assets carried at amortized cost is impaired. A
financial asset or a group of financial assets is impaired and impairment losses are
incurred if, and only if, there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset (a “loss event”) and that
loss event (or events) has an impact on the estimated future cash flows of the financial

’ asset or group of financial assets that can be reliably estimated. Objective evidence that a

financial asset or group of assets is impaired includes observable data that comes to the
attention of the Bank about the following loss events:

e significant financial difficulty of the issuer or obligor;

e a breach of contract, such as a default or delinquency in interest or principal
payments;

e granting to the borrower, for economic or legal reasons relating to the borrowe er’s
financial difficulty, a concession that the Tender would Dor otherwise consider; oo.

e it becoming probable that the borrower will enter bankruptcy or other financial
reorganization;

e the disappearance of an active market for that financial asset because of financial
drfficulties; or ;

e observable data indicating that there is a measurable decrease ‘in the estimated future
cash flows from a group of financial assets since the initial recognition of those
assets, although the decrease cannot yet be identified with the individual financiâ„¢!
assets in the Bank.

The Bank assesses whether dbjective evidence of impairment exists individually for
financial assets that are individually significant, and collectively for financial assets that
are not individually significant. If it determines that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, it includes
the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for
impairment and for which an impairment loss is or continues to be recognized are not
included in a collective assessment of impairment.

When a loan is uncollectible, it is written off against the related provision for loan
impairment. Such loans are written-off when all the necessary procedures have been
completed and the amount of the loss has been determined.

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 loss is reversed by
adjusting the reserve account. The amount of the reversal is recognized in the income

statement. ,

Assets carried at fair value

At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or a group of financial assets is impaired. In the case of equity investments
classified as available for sale, a significant or prolonged decline in the fair value of the
security below its cost is considered in determining whether the assets are impaired. If any
such evidence exists for available for sale financial assets, the cumulative loss measured
as the difference between the acquisition cost and the current fair value, less any
impairment loss on that financial asset previously recognized in profit or loss is removed
from equity and recognized in the income statement. Impairment losses recognized in the
income statement on equity instruments are not reversed through the income statement. I,
in a subsequent period, the fair value of a debt instrument classified as available for sal
increases and the increase can be objectively related to an event occurring after the
impairment loss was recognized in profit or loss, the i ayaa loss is reversed through
the income statement.

Furniture and Equipment
Furniture and equipment are stated at cost less accumulated depreciation. Major renewals
are capitalized, while other minor replacements and maintenance which do not increase

its useful life or yeaa me asset are ao to Si aie as incurred. ae mano is

10 years
5 years

Software

(g) Translation of Foreign Currencies

Items included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”). The
financial statements are presented in United States dollars, which is the Bank’s functional
and presentation currency. Monetary assets and liabilities in currencies other than the
United States dollar are translated at rates of exchange prevailing at the year-end. Income
and expenses in currencies other than the United States, dollar are translated at rates of
exchange existing at the dates of the transactions. Foreign exchange gains and
resulting from the settlement of such transactions and from the translation at year-end
rates of monetary assets and liabilities denominated in foreign currencies are recognived
in the income statement. .

losse Ss

(h) Fiduciary Accounts and Assets wader Administration

No account is taken in the balance sheet of fiduciary accounts or assets and liabilities of
clients administered by the Bank, other than those assets and liabilities which relate to the
banking services provided.

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PAGE 8B, WEDNESDAY. FEBRUARY 6, 2008 | . THE TRIBUNE

3. Due from Banks 8. Furniture and Equipment

Due from banks are detailed as follows: Furniture and equipment comprise:





2007 2006 Office
on , ‘ Furniture & | Computer
. : 15,114,915 Equipment Equipment Total
Non-interest earning deposits . ‘ $ 22,277,125 $ Year ended September 30, 2007 :
Interest earning deposits, with original 26,920,444 23,285,663 ‘
contractual maturities of 3 months or less eee Opening net book value $ 1,546 $ 283,307 $ 284,853
5; . $49,197,562 $38,400,578 . Additions - 221,544 ,.221,544
Depreciation charge (625) (94,110) (94,735)
Due from banks may be categorized based on the Standard & Poor’s (S&P) credit rating — .
of the holders, as follows: eraing ne book vane
At September 30, 2007
2007 2006
Non-interest earning deposits Cost a) 8,164 $ 794,902 $ 803,066
Banks with S&P rating “A” or better $ 21,286,420 $ 13,622,295 Accumulated depreciation —___(7,243) 384,161 391,404
Banks with S&P rating between “A-” and “BBB-” 200,280 43,978
Banks with S&P rating below “BBB-” 790,425 1,448,642 ; Net book value $921 $410,741 &_411,662
$_22,277,125 $_15,114,915 a SE nanan St aS
4 . . : - Cost S$ 8,164 $ 573,358 $ 581,522
Interest earning deposits, with original A latedia ‘afi ( ; ) ( . ) ( ; )
contractual maturity of three months or less . ESSN S618 220.051 236.669
Banks with S&P rating “A” or better $ 21,893,069 $ 12,148,101 . Net book value $ 1546 § 283,307 $ 284,853

Banks with S&P rating between “A-” and “BBB-”
Banks S&P rating below “BBB-”

oe 800,000
5,027,375 -__ 10,337,562 ,

9. Balances with Related Parties
$_26,920.444 $_ 23,285,663 .

Related parties comprise the ultimate parent company and its subsidiaries, the directors and
$49,197,569 $ 38,400,578 key management personnel of the Bank. As of September 30, 2007 and for the year then

ended the Bank had the following significant balances and transactions with related parties:

4. Trading Securities ,







2007 2006

Trading securities are described as follows: A

2007 2006 , Assets ;

At fair value (listed) Due from banks &__9,099,797 $17,576,908
Debt securities - with S&P rating “A” or better $ 220,000 $ - :
Structured notes - not rated 150,000 - Earans seoevable E02 12.0197

Other assets &___ 2,680 § 268
$__370,000 fs -
. . oo, . Liabilities

The movement in trading securities is summarized as follows:

Customers’ deposits & 14,871.07] $21,323,731
2007 2006 :
as Other liabiliti &__77,692 § 63,649

Balance at beginning of year $ - § - oe a

Purchase ; 370,000 oe ae. Commitments . $2,124,520 $ 494 894

Balance at end of year £270.00 §_____ Year ended September 30

: . ; 2007 2006
5. Securities Available for Sale , 10. Off-Balance Sheet Credit Risk Financial Instruments
Securities available for sale are described as follows: wo, a : Pee
The Bank maintains financial instruments with off-balance sheet risk, that arise in the normal
_ 2007 2006 a . course of business and which involve elements of credit and liquidity risks. Such financial
Se instruments include credit commitments for $2,143,825 (2006: $1,755,076).
At fair value (listed)
Institutional cash funds - S&P rating AAA $ 27,037,074 $22,156,241 Credit commitments are contracts where the Bank agrees to lend to a customer when certain
Republic of Panama Treasury Notes "a 497,553 conditions are satisfied. These commitments are for an average maturity of twelve months
U.S.A. Treasury Notes = 1,503,042 “y. and are mainly used for disbursements of lines of credit.
Debt securities with S&P rating “A” or better 25,908,540 23,249,148
Debt securities with S&P rating between “A-” and ’ The policies and procedures of the Bank for approving credit commitments are the same as
“BBB-” ; 728,130 3,309,217 those used in granting loans receivable recorded in the balance sheet.
Debt securities with S&P rating below “BBB-” 1,499,088 1,990,169 .
Equity securities - no rating 144,293 272,343 As of September 30, 2007 credit commitments were collateralized by the following:
$55,317,125 $52,972.73 © 2007 ~ 2006
hes ciple » alan 4s . ‘ 4% . 100%
. oy: : oe ized as follows: Customers’ time deposits ;
The movement in securities available for sale is summariz ; Guarantee letter issued by banks with |
2007 2006 S&P rating “A” or better 52% -
; ° : / Investment portfolio 42% >

Balance at beginning of year $ 52,977,713 $ 6,064,491 Mortgage and others 2% —

Purchases 94,892,053 $1,396,813

Sales and redemptions (92,479,305) (4,508,781) 100% 100%

Net change in fair value 73,336) _ 25,190

The Bank does not anticipate any loss arising from these transactions.

Balance at end of year £.95,317.125 $52,977,713

6. Securities Held to Maturity 11. Income Taxes

Securities held to maturity are summarized as follows: The Bank is not subject to income tax in The Bahamas.
2007 2006
Debt securities- with S&P rating “A” or better $ 1,150,000 $ 2,421,503 12. Financial Risk Management
Debt securities- with S&P rating between .
Ae" and "BEB" 50,164 96,000 (a) Strategy in Using Financial Instruments i)
Debt securities with S&P rating below “BBB-" $3,545 __339.302 By its nature, the Bank’s activities principally relate to the use of financial instruments,
$1,283,709 through accepting deposits from customers with both fixed and floating rates. The Soak
22,850,805 seeks to earn above average interest margins by investing these funds in high quality
. assets. In addition, the Bank seeks to increase these margins by consolidating short-term
ie AY ae Anh Ser ice Het to) anny 15 Sumner aee Oe POS: liabilities and lending for longer periods at higher rates while maintaining sufficient
liquidity to meet all claims that might fall due.
2007 2006 .
. (b) Fiduciary Risk et , . fail i
ginnin 6,805 3,641,447 The Bank is susceptible to fiduciary risk, which is the risk that the Bank may fail in
ede mee os aes . _—_ - : 955,052 carrying out aii in accordance with the wishes of its clients. To mitigate this risk,
ee ( 096) (1,739,694) the Bank takes a very conservative approach in its undertakings. High risk instruments
Redemptions 13573 ‘are not considered attractive vehicles and are not invested in unless the Bank is
: specifically advised to do so by its clients and covered by an indemnity agreement.
Balance at end of year $21,283,709 $2,856,805
c) Credit Risk . .
. The Bank has exposure to credit risk, which is the risk that a counterparty will be unable
: , to pay amounts in full when due. The Bank structures the levels of credit risk it
7. Loans Receivable undertakes by placing limits on the amount of risk accepted in relation to one borrower
or group of borrowers and to geographical segments. Such risks are monitored on a
Loans receivable are summarized as follows: revolving basis and subject to frequent reviews. The financial assets that are ca conta
2007 2006 credit risk are interest earning deposits, loans receivable and investment activities tl
bring debt securities and other bills into the Bank’s asset ee ng of AP ae
inly placed with financial institutions with an S&P rating 0
Commercial $ 19,299,619 $27,757,577 a ae
Mortgage - 950,000 .
Overdraft ___193,386 _ 25,086 Exposure to credit risk is managed through regular analysis of the ability of borrowers
, and potential borrowers to meet interest and das repayment pba reseed raed
$19,493,005 $28,732,663 changing these lending limits where appropriate. Exposure to c risk i
managed in part by obtaining collateral from the borrower.
As of September 30, 2007, 92% (2006: 80%) of the loans were fully collateralized by Set out below is the Bank’s maximum exposure to credit risk as of September 30, 2007
customers’ deposits placed with the Bank. . m before collateral held or other credit enhancements. , .
The movement in the provision for loan loss is as follows:
2007 2006 Masinura cpommre
2007 2006
. / Credit risk exposures relating to on-balance sheet assets are as follows:
‘ Balance at beginning of year $ - § 24,335 Due from Banks .
Release of provision ee 24,335 - With S&P rating of “A” or better $57,220,252 $49,232,891
, - With S&P rating between “A-” and “BBB-” 708,394 1,344,978
. - - With S&P rating below “BBB-” 10,013,286 23,848,504
Balance at end of year & g . : Pipa
i j i i i - Debt securities with S&P rating of “A” or bette: : 54,310,493 49,128,987
During the year, a commercial loan portfolio amounting to $19,761,700 was sold without cDebedceu? ak cae es cee r sign ak ayaa
recourse to a related party at book value (principal plus interest). As part of the agreement, - Debt securities with S&P rating below “BBB-” 1,882,047 2,932,935
the Bank will earn commissions for continuing to service the loans on behalf of the buyer. ; Loans Receivable
The loans are fully collateralized by deposits placed with the Bank. . - Loans receivable collateralized by customers’ deposits 17,933,564 22,986,130
| | | | - Other loans receivable 1,559,441 5,746,533
6 | : Accrued Interest 16,796 26,603
|
| | Credit risk exposures relating to off-balance shect assets are as follows:
| . + Commitments 2,143,825 1,755,076
| * September 30 £146,566.392 $10,775,233
| | | |
I,

|
| |
|

mane . \ \























|| |
12, Financial Risk Manngedent (coutinaed) | | Me Critical Accounting Estimates and Judgments |
ee | The Bank makes estimates and assumptions that affect the reported amounts of assets and
The table below summarizes the geographical distribution of the Bank’s maximum ' liabilities within the next financial year, Estimates and judgments are continually evaluated
exposure to credit risk as of September 30, 2007, and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances, :
——_______-September 30,2007 oe a
(a) Impairment Loss on Loans Receivable oF
a
‘ Assets Comminneny 7 The Bank reviews its loan portfolio to assess impairment at least on a quarterly basis. In
Panama $ 20,554,664 $ 2,143,825 $ 22,698,489 determining whether an impairment loss should be recorded in the income statement, the
Europe 72,971,352 - 72,971,352 Bank makes judgments as to whether there is any observable data indicating that there is a
Bahamas fh eas ARSE : ' aioe measurable decrease in the estimated future cash flows from a portfolio of loans before
¢ a a an and Caribbean 3'246°687 " 3° 34 a 687 the decrease can be identified with an individual loan in that portfolio, This evidence may
Nort America eee : wey include observable data indicating that there has been an adverse change in the payment 5
. 48.16.7602 = _____—= status of borrowers in a group, or national or local economic conditions that correlate with —_|
$ 144,422,567 $2,143,825 $146,566,392 defaults on assets in the Bank, Management uses estimates based on historical loss __
: experience for assets with credit risk characteristics and objective evidence of impairment
similar to those in the portfolio when scheduling its future cash flows, The methodology
‘ ——__—__—_—September 30, 2006 ' and assumptions used for estimating both the amount and timing of future cash flows are
Assets Commitments reviewed regularly to reduce any differences between loss estimates and actual loss
Totsi: . . : 7 experience, :
Pyhama $ 42,407,637 $ 1,755,076 $ 44,162,713 b) Impairment of Available for Sale Investments
Burope 59,618,862 7 gets The Bank determines that available for sale investments are impaired when there has been
Central Amesios and Caribbean 1,05 4 632 i 1,05 4,632 a significant and prolonged decline in the fair value below its cost. This determination of
South Atmeniga 3/858,303 ss 3,858,303 what is significant and prolonged requires judgment, In making this judgment, the Bank
North America 57,104,893 ~__ 57,104,893 evaluates among other factors, thé normal volatility in share price, In addition,
“ impairment may be appropriate when there is evidence of deterioration in the financial
$159,020.57 $71,755,076 $160,775,233 health of the investee, industry and sector performance, changes in technology and
(4) Interest Rate Risk operating and financing cash flows,
’ The Bank is exposed to risks associated with the effects of market fluctuations on — ;
interest rates, Cash flow interest rate risk is the risk that the future cash flows of a (c) Held to Maturity Investments . .
financial instrument will fluctuate because of changes in market interest rates, Fair value The Bank follows the guidance of LAS 39 on classifying non-derivative financial assets
integest rate risk is the risk that the value of a financial instrument will fluctuate because with determinable payments and fixed maturities as held to maturity, This classification
of changes in market interest rates, The Board of Directors sets limits on the level of requires significant judgment, In making this judgment, the Bank cvaluates its intention
mismatch of interest rate re-pricing that may be undertaken which is monitored bi- and ability to hold such investments to maturity. If the Bank fails to keep these
monthly by the Asset Liability Committee, The table below summarizes the Bank's " , SnvSspnents to maturity other than for the specific siroumstances = for example, selling an
exposure to the interest rate risks, It includes assets and liabilities classified by the earlier ' insignificant amount close to maturity — it will be required to reclassify the entire class.as
of contractual re-pricing or maturity dates, - available for sale, The investments would therefore be measured at fair value not
amortized cost. .
errr OT 3 20 V1
Non
Sk ct Cuaree Gene ae PRICEWATERHOUsE(COPERS
yma $ 49,261,113 $ 14,090,190 $ 4,467,031 § + §$ 123,598 § 67,941,032 ——
Securities ’ 37,543,533 > 7,151,019 3,947,151 6,772,939 1,556,192 $6,970,834 ;
- Loans receivable 6,891,617 5,038,773 2,187,376 5,147,179 288,060 19,493,005 PrietwaierbessyCeepers
Other assets ———4670 __586 > 2.498 __41h 897 _433,65) Providence House
Total assets $93200033 L26280568 LOST Lies Laisa. Masao, Sp ib sade
Labilides : : ‘ nares www.pwe.com
Customers! depos $92,710,192 $ 10,581,640 $ G.840,071 § 1,561,307 § 17,842,164 §131495294 INDEPENDENT AUDITORS’ REPORT Esa pred pwc con
. sags “ iC uu 688 471 e rn
ae eS ee a To the Shareholders of MMG Bank & Trust Ltd, peene Gh) eer
Now We have audited the accompanying balance sheet of MMG Bank & Trust Ltd. as of 31
0-3 3-6 6-13 Over 1 Taterest September 2007 and a summary of significant accounting policies and other explanatory notes.
Due from banks $ 23,203,288 $ 30,266,111 $ $,032,640 $ 727,044 $ 15,197,290 § 74,426,373 Management's Responsibility for the Financial Statements
Securities 17,611,981 6,771,871 «2,268,777 «5,573,922 23,607,967 55,834,518
Loans receivable 1,004,976 10,123,947 «9,764,571 7,829,886 9,283 28,732,663 .
Other assets $152 A191 13,943 ___180,756 ___418.142 ___ 619,184 Management is responsible for the preparation and fair presentation of this balance sheet in
Total assets RALB2SI072 S4L16120 S12072.03) SI4ILLGO8 S22i2682 sLi26122i8 accordance with International Financial Reporting Standards. This responsibility includes:
- Lisbilides designing, implementing and maintaining internal control relevant to the preparation and fair
* Customers’ deposits $ 38,005,598 $ 46,010,843 $ 21,221,465 $ 6,513,998 $ 34,161,352 $145,913,256 presentation of financial statements that are free from material misstatement, whether due to
ia Gs LM LL Goin ean Asnst4.68 fraud or error; selecting and applying appropriate accounting policies; and making accounting
: : estimates that are reasonable in the circumstances.
The following are the effective rates collected and paid by the Bank as of September 30,
2007: Auditors i Responsibility
. 2007 2006 Our responsibility is to express an opinion on this balance sheet based on our audit. We
Weare . conducted our audit in accordance with International Standards on Auditing. Those standards
Dile.from banks: 6.06% 5,89% _ require that we comply with ethical requirements and plan and perform the audit to obtain
Gédurities : 1.33% 3.45% reasonable assurance whether the balance sheét 7g free from miterial misstatement.
Lofas receivable* 7.14% 7.05% ,
as An audit involves performing procedures to obtain audit evidence about the amounts and
Liabihties disclosures in the ftmancial statements. The procedures selected depend on the auditors’
Customers’ daiagajts 5.23% 5.66% ; judgment, including the assessment of the risks of material misstatement of the financial
x 2 \ statements, whether due to fraud or error, In making those risk assessments, the auditors consider
(e) Liquidity Risk : internal contro] relevant to’ the entity’s preparation and fair presentation of the financial
- Liquidity risk is the risk that the Bank will be unable to fulfill all of its financial statements in order to design audit procedures that are appropriate in the circumstances, but not
obligations when they fall due and to replace funds when they are withdrawn. The Bank for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
mitigates this risk by setting limits on the minimum proportion of funds available in audit also includes evaluating the appropriateness of accounting policies used and the
highly liquid instruments and establishing inter-bank and other borrowing facilities. reasonableness of accounting estimates made by management, as well as evaluating the overall

. presentation of the financial statements.
The matching and controlled mismatching of the maturities and interest rates of assets

and liabilities is fundamental to the administration of the Bank, It is unusual for the Bank We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
to. completely matched since business transacted is often for uncertain terms, An basis for our audit opinion,
unmatched position potentially enhances profitability, but also increases liquidity risk. Opini

nton
The maturities of assets and liabilities and the ability to replace, at an acceptable cost, ' ; : 5 oo,
interest-bearing liabilities as they mature, are important factors in assessing the liquidity In our opinion, the accompanying balance sheet presents fairly, in all material respects, the
of the Bank and its exposure to changes in interest rates and foreign exchange rates. financial position of MMG Bank & Trust Ltd. as of 30 September 2007, in accordance with

International Financial Reporting Standards,

The maturity of assets and liabilities, based on the remaining period at the balance sheet
date to the contractual maturity date, is as follows;



















» : ;
Without 0-3 3-6 6-12 Over 1 : Chartered Accountants
Assets Mauri Manta. Mania Mant Ysa ee ia December 13, 2007
125 $ 27,107,586 ' $ 14,090,190 $ 4,467,031 $ . 1941;
ee sree iz) aaSsSpD | TASTOIS - SOMTISI » 6;772,999 $6970,834 Nassau, Bahamas
Loans receivable 258,060 6,891,617 5,038,773 «2,157,376 5,147,179 19,493,005 i ee
Other assets ——_—1235 4,670 ______586 5 ee AZLIG0 ~__ 433,651
Total assets §£.53.407.547 $42,238.47 $26,280,568 SOS7L558 Saddle7s i144.839.422
Liabilities : 1
Customers’ di its $ 21,169,884 $§ 89,382,492 $ 10,551,640 $ 8,849,971 $ 1,541,307 $131,495,294
Other lisbilitiea ——_193.177 a : f s— La Want to sell your
Total liabilities S.21363.06 S.A2382402 SLOSSL640 §f840.071 SLS4L102 S111.688.471 house, condo or
Commitments i SeeeDEBO2 Seeererrmenens Sede ZQOLS Seeweemniors ne dali 825 9
Net liquidity gap $32,044,486 S(4Z717.830) S15728928 SecbtbdZ, SehOZ22221 *SLL007.125 rent your apartments $
Â¥
e e
= advertise In
Without 0-3 3>6 6-12 Over) ’ ;
Maturity. _ Months . Months . —Montha . Year. __Total__
or sain $ 15,197,290 $ 23,203,288 $ 30,266,111 $ “$032,640 $ 727,044 $ 74,426,373 :
Securities 23,607,967 17,611,981 6,771,871 2,268,777 5,573,922 55,834,518
Loans receivable 9,283 1,004,976 10,123,947 9,764,571 7,829,886 28,732,663 Ce a
Other assets 418.142 6.152 __L191 13,943 180.786 ___619.184 ® 9
Total assets $39,232,682 $41,825,397, $.42,163120 $17,079.93. SilddbLGO8 SL52612.238 e l une S
prevdaal deposits $ 34,161,352 $ 38,005,598 $ 46,010,843 § 21,221,465 $ 6,513,998 $145,913,256 : e
Pen ee Real Estate Guide
Total liabilities £.38,892.779 $38,005,598 $46.010,843 §.21,221465 §6.513098 S150,644.683 ‘ :
Commimanis S$ 20m SA Ls every Monday.
Net liquidity gap §_332.903 $3,796,799 § 1.065089 $(5,786.422) $_L7292.610 § 212.272

, 13. Fair Value of Financial Instruments Info must be in by wednesday

at 5pm.

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

14, Fiduciary Activities

call us at

502-2356

The Bank provides asset management and custodial services for customers, As of September
30, 2007, the value of assets under administration amounted to’ $127,308,053
(2006: $96,566,467), The Bank does not anticipate any loss as a result of the services
provided. ,



*

PAGE 10B, WEDNESDAY, FEBRUARY 6, 2008 - THE TRIBUNE BUSINESS



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Mallat Marathon



-BAHAMAS EDITION



_ WEDNESDAY, FEBRUARY 6, 2008 PRICE— ie |




Lease extension
to boost the
TTD ae)
$7,3m impact

aT PAGE OF BUSINESS

Man in court in
connection with
18 break-ins —
A 19-YEAR-OLD man
charged in connection with break-
ins at 18 houses in the eastern area
of New Providence was arraigned
in Magistrate’s Court yesterday.

Chivario Cuadero Rolle of
Pyfrom Road appeared before

15 -year-old attacked
while preparing for
basketball game

@ By BRENT DEAN were involved. Magistrate Susan Sylvester at
Tribune Staff Reporter A source told The Tribune Court 11 in Nassau Street yester-
bdean@tribunemedia.net that the young man is a 10th day on 18 counts of housebreak-
Tk go PARE ee ing and 13 counts.of stealing.

grade student of SAC. He was
CHRISTIAN ROLLE, a15- taken to the Princess Margaret
year-old student of St Hospital for treatment after

Rolle is accused of committing
the offences between Sunday,
September 13, 2007 and Sunday,

Augustine’s College, was the stabbing.
stabbed in the shoulder on the The incident reportedly took Bee < mber 30, sat
school’s campus yesterday _ place near the school’s basket- SEE page 10.

afternoon as he prepared fora ball court, and the extent of
basketball game later in the the young man’s injuries were

‘Another
allegation
against the
Ministry of
Housing

YET another allegation of
mismanagement and possible
corruption has been ‘levelled

_ at the Ministry of Housing.
A homeowner, who wished
~.to remain anonymous, told
The Tribune that she had been
living in government built
_ apartments in Windsor Lane
for five years. _

Gymnasium. The source said that an
Rolle was also robbed of a__ altercation took place at the
cell phone and other personal campus last Friday, which may
items during the incident, be related to yesterday’s stab-
police confirm. _ bing.
It is believed that persons A SAC graduate, who did

from outside of the school
SEE page 10

COB ‘takes seriously’ the
safety of staff and students

THE College of the Bahamas said it “takes seriously” the security
and safety of its students and employees and has employed innov-
ative strategies to provide a safe environment in which to learn —
and work.

This follows complaints by students reported on the front page of
Saturday’s Tribune. They said the Fall 2007 semester was “riddled
with violence” — including incidents of rape and armed robbery. _ The government had been

“An opencampus situated in a bustling commercial centre pre- — ’ : . taking a salary deduction in
sents eee challenges” ’ said COB ina statement. “Incidents ABTC TECHNICIAN works on telecommunications equipment that was 5 sated last rronth.” place of rent payments, she

Tim Clarke/T ribune staff

that threaten the well being and safety of college constituents are ~ A $10,000 award is being offered to anyone with information leading to the conviction of persons explained... .
dealt with in accordance with college policies and the law of the land, __ involved in the Saigtage. ° SEE PAGE THREE a ‘ - The woman said. that now,
as soon as they are reported.” ah -» however, the ministry claims

It said that in an effort to prevent such incidents, security cameras - that she owes Soverpment

have been installed campus wide, additional officers have been . (2 money.
employed and additional security booths placed at strategic locations. K ms if ad Yesterday, a senior overn-
There is also a mobile unit patrolling the campus during all shift 71 a a 100 coerce SEE ee 10° :



a ROM ED 0c found



m@ By PAUL G TURNQUEST This claim was dénied by one “e . 1]
AUTO N . 0 RAN C [- Tribune Staff Reporter of the MP’s close campaign In Fox
f be _ pturnquest@tribunemedia.net “lieutenants” who referred to

documents showing that Mr
DESPITE speculation tothe Gibson had in fact. been
contrary, Kenyatta Gibson, the _ retained by his client under the
newly-Independent Member of PLP administration in March
Parliament for Kennedy was 2007.
not coerced by money to leave Speaking with The Tribune
the PLP, a source close to the exclusively, this source, who
MP said yesterday. spoke on condition of anonymi-
Yesterday, political sources _ ty, said that these allegations
suggested that Mr Gibson was against Mr Gibson once more
enticed by the FNM last month expose another ploy by the PLP
to resign from the PLP in and its “political harlots” to
return for a lucrative contract destroy his character.

.. “THE body. of Cornelius
Knowles of Fox Hill was found in
a car parked ina yard on Ferguson
Street, off Reeves Street in Fox
Hill, yesterday evening.

It was identified as that of Cor-
nelius Knowles of Fox Hill, who
lived in the car. It is believed he
had been dead for at least two
days.

“Tt was the odour that caused
persons to look in the car,” said a
Fox Hill resident. “His body was
found about the same time that

ty to represent a possible pur- “Tt’s a wonder he didn’t leave a . ah st
WS su C “hol i ‘ the electricity went off in Fox Hilll.

ng ma bin is aoe Walker’s Cay in the SEE page 10 7 Wak aE ARR | The electricity went off around

, ee panipement, 3 : 6.30pm, gcd

bo bin bn

Fountain Soda

HOON woe OKO | Rt onsen, Soe ea


PAGE 2, WEDNESDAY, FEBRUARY 6, 2008 THE TRIBUNE

Coroner’s Court /~
cases mounting —

MATTERS before the Coroner’s Court, which was abolished
under the former administration, are mounting as there contin-
ues to be no movement on these matters, Prime Minister Hubert
Ingraham said.

There are currently 157 matters before the Coroner’s Court.

Mr Ingraham commented on the backlog during his meet the
press conference in the nation’s capital.

“What I find distressing is the number of persons who have
matters before a Coroner’s Court or [that] should be before a
Coroner’s Court in the Bahamas and nothing is happening on
them,” the prime minister said.

“We [the FNM administration] had a Coroner’s Court. We had

‘appointed Mr Winston Saunders to be the coroner (now
deceased).

“He did quite an effective job in disposing of matters that go
before the Coroner’s Court. This would be persons who die in
police custody, or who die under suspicious circumstances, or who
go missing, et cetera.

“That court was abolished while we were in opposition and the
numbers have piled up.”

The matters before the court include 21 suspicious deaths, six
police shootings, 59 traffic fatalities, 21 drownings, 10 classified
as missing at sea and two missing person matters in Kemps Bay,
Andros and in South Andros.

Otner matters before the court are cases of murder, suicide and
suspected suicide, accidental death, shooting and stabbing, boat-
ing and jet ski accidents, electrocution, house fire, and one case

classified as “missing on plane.” aa . me A as ih —— he aE
; ; , MINISTER OF STATE for Social Development Loretta Butler-Turner commissioned a new wheelchair accessible bus at the Disability Affairs
cies) Unit, Eight Terrace, Centreville. 4

: INDEX

\

Lid ccowan
\ INS \

“400, State-of-the-art vehicle
for the disabled unveiled





Pe ery



vt NN M\ \ a

Raymond Bethel/BIS

\

ES \
sNews.
an . \

m@ By LLONELLA GILBERT



MINISTER of State for Social
Development Loretta Butler-Turner
yesterday unveiled a new state-of-the-
art vehicle designed especially for per-
sons with disabilities.

Speaking at a press conference at
the Disability Affairs Unit, Mrs Butler-
Turner said the bus will be used to
transport persons with disabilities to
important appointments such as doctor
Visits.

She explained that individuals who
need the bus need only contact the
Disability Affairs Unit, which will
make the proper arrangements to
transport them to and from appoint-
ments.

Mrs Butler-Turner said this is an

important development, as a “Band-
Aid approach” was previously being
taken, using a vehicle which needed
constant repairs.

She said it is important that the gov-
ernment does all it can for the dis-
abled, as the country is a signatory to

the United Nations’ Convention on the .

Rights of Persons with Disabilities.

The minister pointed out that as the
Ministry of Finance waived import
duty, the total cost of the bus was just
over $70,000.

ABK Mobility, a sister company of
ABK Fine Cars, partnered with the
government in purchasing the vehicle.

Managing director of ABK Mobility

Marvin Henfield-said'the: : 2007
Dodge Sprinter that. c; port
either four wheelchair b ons

or 10 other passengers.

Mr Henfield explained that the bus is
equipped with numerous safety mech-
anisms such as seatbelts and 16 tie-
down restraints.

It has a rear door that is suitable for
the roads in the Bahamas, where dri-
vers keep to the left.

The bus has also been outfitted with
a manual override system in case the
batteries die or power is otherwise lost.

Wendy Bonaby, who uses a wheel-
chair and is a client of the Disabilities
Affairs Unit, demonstrated how wheel-
chair passengers are taken on and off
of the bus.

“Ms Bonaby said the new vehicle is an
improvement'bécause she féels that

the tie-down restraints and seatbelts

make it safer than the old bus.



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0 In brief

Unscheduled |
adjournment —
in Coroner's |
Inquest into —
Esfakis death |

THE Coroner’s Inquest
into the death of Christo-
pher Esfakis will continue
today after an unsched-
uled adjournment yester-
day.

The inquest was
delayed after the court
heard that Dr James
Inferenta — who was
scheduled to be the main
witness during the pro-
ceedings — could not
appear because he busy in
the emergency room.

Before Magistrate
William Campbell dis-
missed the seven member
jury, he said he would do
everything in his power to
have the inquest — which
is expected to consist of
three more days of testi-
mony — completed this
week.

Esfakis, 42, died at Doc-
tor’s Hospital on April 22,
2002 a few days after
being admitted to the hos-
pital for burn treatment.

An autopsy performed
by a local pathologist on
April 25, 2002 listed car-
diac respiratory arrest,
acute pulmonary conges-
tion and oedema as pri-
mary causes of his death.

BIC offering
$10,000

BTC is offering a
$10,000 reward for any- i
one with information i
leading tothe conviction:
of persons involvedinthe :
sabotage of vital telecom-
munications equipment i
last month.

The equipment that was
damaged includes aerial
cables on Gladstone Road
and Rocky Pine Road,
and wire cabinets on Mar-
shall Road, Sunshine
Park, Muttonfish Drive,
Flamingo Gardens and
Emerald Gardens.

The damage to BTC
equipment resulted in
hundreds of customers
being left without basic
telecommunications ser-
vices and the company
facing a bill of thousands
of dollars for repairs.

Technicians could be
seen yesterday carrying
out repairs to some of
equipment that was
severely damaged by the
acts of the sabotage.

BTC’s vice-president
for marketing, sales and
business development
Marlon Johnson said: “It
is unfortunate that the
company’s loyal cus-
tomers have been subject-
ed to these vicious acts of -
sabotage. By offering a
reward, we want to
demonstrate to the public
and would-be perpetra-
tors that we are serious
about protecting the
interests of the company
and its customers.”

Mr Johnson is encour-
aging persons with any
information about the
incidents to come for-
ward. Anyone with rele-
vant information is asked
to contact the Police
Crime Tipsters hotline at
328 8477 (TIPS). All calls
are confidential.

Share
your
news

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

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











Claim that annual murder rate

LOCAL NEWS

WEDNESDAY, FEBRUARY 6, 2008, PAGE 3

para





could reach 250 in a decade

NASSAU’s latest alarming
crime figures are part of a 20-
year trend which could see the
annual murder rate rocket to
250 within a decade, it was
claimed yesterday.

If this happens, Bahamas
tourism will face a “major
threat”, with every citizen sus-
ceptible to crime in all its
forms, said fathers’ rights cam-
paigner Clever Duncombe.

Recorded crime statistics
between 1963 and 2005 show a
massive upsurge in all cate-
gories, with murder up from
only five in 1963 to 52 in 2005
and 60 in 2006. Last year, that
figure jumped to a record 79.

“The crime rate has explod-
ed out of all proportion to the
increase in population,” said
Mr Duncombe. “Politicians
are trying to downplay the
severity of criminal activity in
our country. They are trying
to imply that only a small per-
centage of men are commit-
ting these crimes.

“However, the statistics sug-
gest something else. Crime has
become a part of our national
economy. People are relying
on it for a living, and that
includes many lawyers.”

Mr Duncombe said the gov-
ernment first needed to
acknowledge the problem,
then identify who is responsi-
ble, and finally create policies





and laws to address it.

He said lack of a social
development plan - and the
growth in fatherless families -
was a factor.

“Tf this goes on, it means
that ten or 15 years down the
line, you will have 250 mur-
ders a year, with rape and oth-
er sexual offences doubling or
tripling, leading to a major
decline in our tourism figures.

“By then the powers-that-
be will be in their eighties or
nineties,-but many of us who
are now living will perhaps be
dead as a result of crime.”

Because of increased polar-

isation in society, with the rich
in their safe havens, it would
be the “lower orders” who
would take the brunt of crime,
he added.

“Resuming hanging is not
the answer,” he said, “Hanging
is discriminatory against men.
The last time a woman was
hanged was in 1913. And the
last time a man was hanged -
in the year 2000 - the murder
rate hit a then record of 74.”

Mr Duncombe produced —

statistics showing total record-
ed crimes up from 2,996 in
1963 to 17,481 in 2003 and
16,810 in 2004.

Rape has rocketed from 11
in 1963 to 134 last year, with

attempted rape up from just:

two to 35 in the same period.

In 1963, there were only 471

housebreakings against the
2007 figure of 2,510.

Murder figures began rising
significantly from 1979
onwards. Between 1977 and
1996 murders rose from 14 to
51, then two huge spikes were
hit in 2000 and 2007.

Mr Duncombe said: “Politi-
cians have been downplaying
crime for years. But we need a
national socio-economic devel-
opment plan instead of the
present ad hoc style of gover-
nance. If they continue to
downplay it, we will never get
a solution.”

i100 Police outline

initiatives to



A

oD

fn

HIGHLIGHTING the increase in major
crimes last year, police officials have outlined
several initiatives which the force will pursue
over the next 12 months to help address this and
other problems.

These initiatives include:

¢ Neighborhood policing — ensuring that polic-
ing is practiced in a way that strengthens the
police/citizen bond.

e Traffic management — employing strategies
that positively impact the traffic situation and
continuing to enforce laws and regulations to
reduce the number of traffic accidents.

3) Training and development — continuing to
train members of the police force in a wide array
of skills that will enhance their effectiveness in
carrying out their duties.

4) Effective management — ensuring that max-
imum use is derived from all the force’s resources
and that financial accountability is practiced.

5) Intelligence led policing — promoting a sus-
tainable, proactive system for the investigation,
prevention and reduction of criminal activity
through the use of intelligence led policing.

6) Discipline - ensuring a higher level of dis-
cipline within the police force

¢ Tackling corruption — minimising corrup-
tion so that public confidence in the force is
heightened and its integrity is maintained.

- Miami biologist is
awarded fellowship
for coral reef research

adress crime

e International co-operation — continuing to
build upon existing relationships with interna-
tional law enforcement agencies and associa-
tions and seeking to develop new international
partners.

9) Information technology — ensuring that the
maximum use is made of existing technology

The end of year police crime statistics
revealed that last year, violent crime in general
increased by 38 per cent across the entire coun-
try.

Rape increased by 86 per cent across the
Bahamas.

The data reveals that nationally, unlawful sex-
ual intercourse increased by 15 per cent; attempt-
ed rape by 52 per cent; armed robbery by 49
per cent; and robbery by three per cent from
the totals in 2006.

In 2006 there were no reported cases of
attempted murder, however, last year there were
seven.

Four manslaughter cases were reported in
2007, as compared to one in 2006, and attempt-
ed robbery cases rose to 19 from 12.

In the property crime category, burglary
recorded the most notable increase from 2006 —
43 per cent.

Vehicle theft also shot up 10 per cent last year,
as did stealing from vehicles, which increased
by 28 per cent.

Shop-breaking and stealing showed only single
digit increases of nine and two per cent respec-
tively.










Bg MIAMI

A UNIVERSITY of Mia-
mi biologist has been
awarded a $150,000 Pew
Fellowship in Marine Con-
servation for his efforts to
help coral reefs survive cli-
mate change, according to
Associated Press.

Andrew Baker aims to
protect heat-sensitive coral
against ocean temperatures
spiking because of global
warming.

He plans to pair coral
with algae that can with-
stand higher temperatures.

Corals need algae to
thrive, but shed the algae
when the water gets too
warm.

That can drain a reef of
its vibrant colors, and
bleached reefs are more
vulnerable to damage and
pollution.

Baker says his research
shows some corals adapt to
warmer water if the algae
is heat-tolerant.

His theory will be tested
in the university’s aquari-
ums before it’s introduced
to corals growing in nurs-
eries or the Florida Keys.

Ui
EXTERMINATORS

eS
PHONE: 322-2157































Minor Crimes/Miscellaneous 2007 2006 %Change
Alarm Activation oo... DBD iissesssds 21D arateeseiteaee 1 |
Assistance Requested... 7006 ....... DOTS etstish ves, 17
Bomb Thréate.:..6.sissncunacsie SB ised DI sistiveseseashed 57
Domestic Dispute... eee 1138 )3..3- 1361 eit eciite.: -16
Lond MUSICS chentlatrosiinis TS Tasca AS tins ctyecacsts 6
LOst PasspOrt ..sisscccseseiccccossesssss 15 23% css LS DT sivcssassastertves 0)
MASSING PCTSON 9. .sccscesieieveesitieeie! 425 woes BBD sss stasis 26
Gunshots Report... eee TSO i sesestseed OB wssteszeyavenssne 40
PO]CE: ESCOML wie. Fisisstisceatessshieeas Gil tats pereeere 226 sevsitisve dusts -21
Police Visitssiieasek A ieutehe 1338 e035: 2428... eeeseeeeeees -45
Sudden Death (Natural Causes) ....486 ......... S20 sceesessseeeiens -8
PNSSAUI sensei tesstrstciseeteeantivensecetees 3013.20. Q9B8 I icvuessececcitis. Ry
Assault Police Officer... 149 wo. DD is tieeees we l8
Causing Harm... cessseseeeeees 2670 ....... 200 0e eo ceaiienens a
Child-ADUSe ss hietetieniit teed AD cascsevases AG seoineiecles 2
Child Neglect’... 4 v..scincccseieencaee SO. sscetisn DD vesceettietecess -15
Disturbance, :..5.02i Yescitanseeseccttotiens 1140... TTS Ox sep eects -4
Stealing (MINOT)... eeeeeeeees 3310 ....... S31 Osea eas -2
Attempted Stealing... eee OD iistaaiaves TDiacsirrseiessent lO |
Attempted Breaking... 208 sieusitss 22 iiciscdescevl D
Threat ‘of Harm iii. deen LIGT sesstss T71O se ccsssesreesteess 3
WOUNKINE sis cccccieccssiegeatecisesseaseeseanes Dd Dicirsreass LAT Baise cctectee 25



Wilful Damage oe eeceeseeeee












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e-mail: www.colesofnassau.com ¢ P.O. Box N-121



tT pe 5 Drawer Chest :

ere
PAGE 4, WEDNESDAY, FEBRUARY 6, 2008

EDITORIAL/LETTERS TO THE EDITOR

So much



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.

Published Daily Monday to Saturday

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

TELEPHONES

Publisher/Editor 1972- .

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



Public still don’t trust police

SEVERAL CALLERS to a popular talk
show yesterday morning in discussing
crime, claimed the reason so many mem-
bers of the public do not cooperate with the
police is that they don’t know who in the
force to trust. In other words they believe
that “shut mouth catch no flies” is a safer
policy than becoming police informants —
even if it means their own security.

In their small communities they see some
officers indulging in the numbers racket
and consorting with drug dealers. They
know of others who, for a price, will turn a
blind eye to a breach of the law. They hear
stories of “shake downs” by officers of the
law. The callers believe that until the police
force is cleaned up, crime will remain soci-
ety’s number one problem.

One caller suggested that it was a mis-
take to send two of the country’s best
police officers to Canada for training in
fighting crime, rather than bringing a Cana-
dian officer here to clean up the local force.

Both of our recent police commissioners
recognised that the police force — like
every organisation composed of human
beings — had officers who should not be
there.

These commissioners did not pretend
that undesirables did not exist in their
ranks, but instead sent a clear public warn-
ing to them that if they were caught, like
everyone else, they would find themselves
before the courts.

As retired Commissioner Paul Far-
quharson often said, no nonsense would
be tolerated on his watch. He lived up to
his word, as officers who were accused of
breaking the law were led to court.

Police Commissioner Reginald Fergu-
.son, on succeeding Mr Farquharson, made
it clear that his administration was to be
one of “zero tolerance.”

“Corruption and good policing are not
compatible, and if unchecked, could render
us incapable of policing our own country,”
he said at the January 18 handing over cer-
emony from one commissioner to the oth-
er. “Therefore, you can expect a vigorous
effort on the part of my office to detect,
investigate and eradicate this unacceptable
practice wherever possible.”

He has said that his leadership is com-
mitted to fighting against corruption with-



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in the force. And if the public wants to
help him in that fight they can use the
Crime Stoppers hot line to inform on those
they believe are giving the force a bad
name. This would be far more helpful, and
they would be playing their part in making
their community safer, if they would pick
up the phone and give the information
rather than sitting at home with sealed lips.
They can be assured that by using the hot-
line no one will be able to identify them,
but at least their information can be inves-
tigated.

However, although we have a few in
the force who are not worthy of their uni-
form, the Royal Bahamas Police Force is
exemplary when compared with similar
forces in other areas of the Caribbean,
especially Jamaica’s force.

In 2005 it was stated that the most trou-
bling aspect of that island’s crises was the
extent of the corruption in its police force.
Police Commissioner Lucius Thomas
rocked the nation with his frank statement
that “there are criminals among us...not
only corporals, sergeants, and inspectors, it
goes all the way up.”

However, he insisted that only a few
members of the force were corrupt. He
said it was important to identify them and
start a process to bring them before the
courts. ‘

Officers seeking promotion to the senior
ranks or to assignments in sensitive areas
had to take a lie detector test and other
integrity tests as part of Jamaica’s pro-
gramme to root out corruption in its con-
stabulary.

But the force was too far gone. In the
end Jamaica had to request senior officers
from London’s Metropolitan Police to help
in the local clean up.

The Royal Bahamas Police Force is not
too far gone.

It has many fine men and women in its
ranks,

But they, like members of the public,
will have to support their new commis-
sioner to deliver on his commitment that
“every officer, including management, will
provide service with excellence, profes-
sionalism and in adherence with all laws
that govern the Royal Bahamas Police
Force.”



Ticket #

1, Koset Williams 32340

3. Heddy Hepburn 42913

4. Carl Ferguson 46287

6. Sacred Heart Church

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THE TRIBUNE



learning, and

EDITOR, The Tribune.

Kindly permit me a little space
— no, a lot of space! —in your
esteemed publication to unbur-
den my heart of something that
has been weighing it down for
quite some time. I write with no
malice or spite eee to gain
something for myself in so sharin
what is about to follow. Instead,
write in hopes of raising the voice
of one crying in the wilderness of
oppression among many such
voices that have been either
silenced or ignored for too long in
this nation which calls itself
“Christian.” I write in hopes that
appropriate and just action should
be taken. I consider it only fair
that the long awaited and much
debated Disability Rights Bill be
passed and made law without fur-
ther ado.

I am very much aware that
what is about to be shared here
may be considered nothing short
of incredulous and unbelievable.
It is not my aim nor desire to per-
suade anyone of the truth or real-
ity of the following, for those
involved therein and others
involved thereto can very easily
confirm anything and everything
said here — if so desired.

I am disabled, and doubly so. I
am blessed with both deafness
and the chronic issue of Sickle
Cell Anemia. I am also an
employee of the Bahamas Gov-
ernment and of late, a former stu-
dent of The College of The
Bahamas. I say “former” because
it is only after much contempla-
tion and prayer that I have today
decided to cease from struggling
with an institution possessing the
dubious and questionable title of
“premier.” This do I in order to
preserve the last edges of my
sanity that has slowly but surely
been sapped, challenged, ques-
tioned, and undermined by so-
called “learned” people, and
those in positions of power and
influence.

A few years ago I was granted
an academic scholarship by then
Minister of Education, the Hon
Alfred Sears. Not that I was lack-
ing in opportunity to go abroad,
mind you, but I chose to remain
and complete my education right
here at home, being a proud —

erhaps even misguided, as some

ave said — Son Of The Soil.
One compelling reason being the
hoopla and fireworks that was
made about the College’s soon-
to-be-realised quest for universi-
ty status in an effort to compete
with the rest of the world and
offer a “quality education” to
Horie in our very own back-
yard.

Several other students with
varying degrees of hearing loss
also endeavoured to join me
there, but we found it tough going
as the College did not have any
measure and means of support in
place for our disability. Being the
more bold, vocal and conscien-
tious one of the bunch, I sought to
bring this oversight to the atten-

tion of College officials. After .

much empty dialogue and many,
many run-around-like-a-headless-
chicken meetings, a singular
(God-ordained?) incident of

being stranded in an elevator on

campus with missing emergency



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letters@tribunemedia.net



pe puny equipment forced the
issue. I threatened to go public
with my concerns, and was imme-
diately rushed to an impromptu
meeting with the college presi-
dent, who committed to Took into
the situation and respond in a few
week's time. She did not forbid
me embarking upon fulfilment of
my threat however, only request-
ing time to look into the matter.
Considering her kindness and sin-
cerity, I refrained myself. Subse-
quently, it was agreed and ver-
bally affirmed that the College
should do more to assist students
such as we — and not just those
of us with hearing impairments.
In an effort to show its sincerity of
intention, I was tasked to assist
the College with two things,
namely -

(a) teen capable persons to
act as sign jane uaee interpreters,
which I did late 2006; an

(b) set up a town meeting with
the deaf community in order to
aid the College in better urider-
standing the needs of the Deaf
Community. This I also did, early
2007 through- and with the sup-
port of my church.

A few short months later, it
was decided that someone should
be hired to set up an Office Of
Disability Support Services with-
in the College, because this was
an area that needed to be recti-
fied immediately. Such an Office
has yet to materialise and, per-
haps even more telling, there is no
mention of any of this in the Col-
lege’s much-publicised auatene
Plan for University Status. Today
the deaf students continue to
struggle without much-needed
pus support. The worst part,

owever, in all of this is what I
perceive to be the vindicative,
mean and spiteful treatment
received for daring to “rock the
boat.”

At the aforementioned follow-
up meeting with senior College
administrators, I was granted the
option of defaulting to a newly
established online programme “in
the meantime.” Silly me, unwise
in the tactics of institutional
manoeuvring, I fell for this
smokescreen hook, line, and
sinker! What a dunce! I accepted
this, believing that such a “pre-
mier’ institution would make
good on its word concerning the
disadvantaged. Ah well, a lesson
learned is wisdom gained. But
anyway, it was outline that I
would take two on-line classes
per semester until my programme
was completed because of my
health issues, and seeing as
would not miss as much lesson
content compared to being
unable to hear in a classroom con-
text. :

Woe is me! The trouble started
when I tried to register for those
classes. The programme adviser
flat out refused to sign the course
request forms! Goodness. After
many days of enquiries and with
the registration deadline fast
approaching, another individual
within the School of Education
graciously allowed me to proceed.

‘o this day I retain in my posses-
sion a copy of that form with the
very legible notation... “Need to
sign up for in-house/face-to-face
classes.”

One of those courses, which
was supposed to be on-line, had a
“classroom component” requir-
ing students to meet on campus
each week because the content
was “orally-based and that would-
n't work in the on-line forum.”
Huh?! The fun with that one was
only just beginning. About mid-
way through the semester, a seri-
ous medical emergency occurred
in my family and, being the eldest
of my siblings, I sought release
to attend to the affairs of the fam-
ily. Fortunately and God be
praised, the situation was soon
rectified. Upon returning to my
classes, however, I was duly
informed that since I had missed
so much content I would have to
repeat the course the following

. semester.

Normally this would have been
no big deal, except for the fact
that it put my scholarship at risk.
In discussing this predicament
with my fellow classmates, how-
ever, it was revealed that basical-
ly the whole class had also fallen
behind schedule for various rea-
sons therefore I had no reason to
be concerned as there was yet a
little hope for me as well. The sit-
uation was confirmed when the

yet unlearned ...

lecturer agreed to give the class a
one-week extension. But lo and
behold! This grace period did not
apply to me, however, even
though I made two requests as
such in class with the other stu-
dents present and again privately.
Well muddo! And Boy!

Finally, this semester I had the
very good fortune of securing
campus-based courses with two
esteemed lecturers who were
“well acquainted with the ways
and means of education, and
preparing aspiring teachers for
the nation’s classrooms.” Hmm-
mm. Well, just this week one such
distinguished lecturer explained
to the class, “Handicaps are bar-
riers imposed on us by our envi-
ronment and others,” and went
to great lengths to clarify by per-
sonal example an instance of
when she was compelled by her
superiors to read a document in
fine print even though she was
not in possession of her prescrip-
tion glasses at the time. Point tak-
en. But how, in God’s Blessed
Name could she then turn around
and require me to lip-read anoth-
er student I barely knew and did-
n’t understand in order to obtain
the correct definitions of terms I
had incorrectly defined? Need-
less to say, I embarrassed both
myself and the poor student in
front of the whole class by not
only misunderstanding what was
being said, but also getting the
terms mixed up, twice! Are we
missing something here?

I have tried hard to be forgiv-
ing, keeping one eye closed in the
face of such human misdeeds, but
the last straw for me came today...
I sat through two hours of non-
stop oral lecturing with the
instructor reading from notes she
hadn’t bothered to simply pho-
tocopy for this stone-deaf student
in her class. This was not the first
time it happened, and after
repeatedly requesting copies of
lecture notes to no avail, I had
begun to become discouraged. I
am indebted to the student who,
out of the goodness of her heart, .
allowed me to copy a portion of
her notes. Well, maybe more than
just a little indebted, ’cuz she’s
rather cute! But, hey, I digress.
Towards the end of this grueling
session, I happened to glance up
and caught these words on the
lecturer’s lips, “As teachers we
need to make reading/learning
fun...” Wondering if I had reall
seen what I thought I had seen,
passed a quick note to the afore-
mentioned student that said: “She
needs to practice what she
preaches!” God is good, would
you believe, the response came
back in the affirmative!

I have had enough. “Christian”
nation my foot! “Higher” educa-
tion my you-know-what! Such
callous and blatant deception, dis-
crimination and disregard for the
welfare of others exists in all seg-
ments of Bahamian society... yes,
even within the Church I must
say. This must stop. I shudder to
think that through it all, the
Almighty is watching and taking
note. For real, man! For too lon
the disabled have begged an
wept for nothing more than to be
treated humanely and granted an
equal opportunity to succeed in
life and living.

Again, I have nothing to gain
by going public with this per se. In
fact, I stand to lose much because
my employment forbids “speak-
ing out” in such a public forum. In
fact this is but the second time I
have been compelled by con-
science to take such action in the
face of obvious institutional
hypocrisy. The first being the
Centre for the Deaf school build-
ing issue many years ago. As I
said to my superiors then, I say
here again: I was a human bein
before I became a worker. An
no job or reward on the planet is
worth clinging to if it means I can-
not speak up for thdse who so
desperately need to be spoken
for. The disabled were not then,
and are not now asking for any
“special treatment” as such. We
want the right to fight for a little
dignity for ourselves if need
be. We are simply seeking that
the nation as a whole respects us
as human beings with needs and
feelings just like your own. I sin-
cerely believe the Disability
Rights Act would enable that.
Like the young lady in class wrote
back to me: “It’s casy to talk, but
hard to act!” That was all I need-
ed to “hear,” so to speak. Thank
you. Written in the spirit of love.
Trusting in the spirit of truth,



MARVIN NIVEN
FINLAYSON
Nassau,

January, 2008.

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THE TRIBUNE



DPM to lead
CARICOM
foreign
ministers in
Barbados
meeting

DEPUTY Prime Minister
and Minister of Foreign Affairs
Brent Symonette will lead
CARICOM foreign ministers
in a one-day meeting in Barba-
dos tomorrow.

Mr Symonette will be accom-
panied by former Bahamas
Ambassador to Washington,
Joshua Sears, who now serves
as special advisor to the Minis-
ter of Foreign Affairs.

The purpose of the one day
session is to finalise plans for
the 19th Inter-Sessional Meet-
ing of the Conference of Heads
of Government of CARICOM
which will be held in the
Bahamas on March 7 and 8.

Prime Minister Hubert Ingra-
ham is chairman of CARI-
COM.

The March conclave has been
expanded to include the 12th
Meeting of the Council for
Finance ‘and Planning
(COFAP), to be held March 4
to 6.

International

news

Kenya death
toll tops 1,000

@ NAIROBI, Kenya — The
death toll in Kenya surpassed
1,000 people on Tuesday as
negotiations to end the coun-
try’s. violent political crisis
entered a critical stage, accord-
ing to the New York Times New
Service.

According to the Red Cross,
most of the killings have been in
the turbulent Rift Valley, where
gangs from opposing ethnic
groups have fought fiercely in
the past few days.

“It’s a very volatile situation
out there,” said Anthony
Mwangi, a spokesman for the
Kenya Red Cross.

Mwangi said that more than
300,000 people had been driven
from their homes and the con-
tinuing insecurity, especially in
_ the countryside, was slowing

.down the delivery of food,
water and tents.

On Tuesday, officials from
the government and Kenya’s
top opposition party began spe-
cific discussions about how to
address the political crisis. Both
sides have so far refused to
budge, claiming they won the
election in December.

Kofi Annan, the former U.N.
secretary general, is mediating
the talks. Solutions could
include a power-sharing
arrangement between the gov-
ernment and the opposition; a
transitional government to serve
until a new election is held; or
an audit of the election results.

Annan is also pushing for a
South Africa-style truth and
reconciliation commission to
investigate the explosion of vio-
lence that has convulsed Kenya,
which up until recently was
viewed as one of the most stable
and promising countries on the
African continent.

On Tuesday, Annan met with
Kenya’s top business leaders
who pleaded with him to speed
up the negotiations because the
country’s economy has been
devastated by the violence.

As the violence has intensi-
fied, roadblocks manned by
young men armed with
machetes and bows and arrows
have popped up across the
country. In many places, the
rowdy youth act like toll booths,
extracting payment before lift-
ing barriérs to allow vehicles to
pass.:

Kenya descended into tur-
moil after the deeply flawed
election in December. The
country’s electoral commission
declared that. the incumbent
president, Mwai Kibaki, had
natrowly beaten the top oppo-
sition leader, Raila Odinga, but
election observers have said
there was widespread evidence
of vote rigging.

The dispute uncorked
decades of frustration about
political, economic and land
issues, pitting opposition sup-
porters against members of the
president’s ethnic group and
against other groups perceived
to support the government.

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LOCAL NEWS

0 In brief |PM EXPRESSES COMMITMENT TO FREEDOM OF INFORMATION ACT

‘Cultural shift needed for civil servants
to be more forthcoming with press’

@ By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net .

A CULTURAL shift and
“mindset change” must take
place in the public sector allow-
ing civil servants to be more
forthcoming with public infor-

‘mation before a Freedom of
Information Act can be made
into law, Prime Minister Hubert
Ingraham said.

While saying that he plans to
create such a law during the
FNM’s term in office, Mr
Ingraham explained that sim-
ply legislating a Freedom of
Information Act without first
changing deep-rooted cultural
norms would be fruitless.

implementing this quarterly
conversation (with the media) is
‘to help to encourage others in
the public sector to be more
open and forthcoming in deal-
ing with the press, so by the
time as we get a law in place

BAIC’s Grand
Bahama business
seminar set for
February 26

A WELL qualified line-up of professionals is set to appear at the
Bahamas Agricultural and Industrial Corporation’s Grand-Bahama
business seminar.

The event is scheduled for February 26 at 6pm at the new Teach-
ers and Salaried Workers Union Building on West Atlantic Drive,
Freeport.

Held over three consecutive evenings, the seminar will include
lectures on the economy, law, and banking in relation to the pro-
motion of small and medium size businesses.

The Bahamas Agricultural and Industrial Corporation (BATC)
is the government agency mandated to promote and encourage
entrepreneurship among Bahamians.

“Through this seminar we hope to provide participants with a
forum for attaining knowledge on starting, running and improving
a business,” said BAIC’s northern region assistant general manager
Rudy Sawyer.

“A goal of the seminar is that participants will successfully start
new, or improve existing businesses with the information attained.

“Through this course, BAIC is fulfilling its mandate to build
better business people and businesses in the Bahamian economy,
thus improving employment.

“We want to encourage that entrepreneurial spirit among
Bahamians.”

The seminar will take note of Grand Bahama’s declining tourism
figures; its faltering economy; and a need to boost entrepreneurship
on the island, Mr Sawyer said. :

Topics to be discussed include:

¢ development of business plans

e funding

e record keeping

e legal protection

® insurance

° e-commerce

¢ customer value

There will also be presentations from active businesspersons on
their real business experiences.

“A well qualified line-up of professionals in their fields has been
confirmed to present on the seminar topics each night,” said Mr
Sawyer. ‘

' Participants may register at BAIC’s office in the National Insur-
ance Building in downtown Freeport.



\ KKK
Hubert. Ingraham






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WEDNESDAY, FEBRUARY 6, 2008, PAGE 5



“Just to pass a law today will
not be effective in my view,
but we expect that during this
term in office that we will have
helped to create a cultural shift
and change in the mindset of
the public sector...”



that requires them to do so,
they will become accustomed
to (doing) so,” said Mr Ingra-
ham on Sunday during a media
forum at the Hilton hotel.
When asked about the status
of efforts to implement the
Freedom of Information Act,
which would allow the media
and general public to freely

access public documents and

information, the prime minis-

THE Annual Bishops Council
Winter Board breakfast meeting
was held in New Providence yes-
terday morning:

It was attended by Minister of
Tourism and Aviation Neko Grant
and Permanent Secretary of
Tourism Archie Nairn.

The Full Gospel Baptist Fellow-
ship International’s Bishops

“Council normally hold its meet-

ings in New Orleans.

Some 45 bishops from the
USA, Germany, England, Africa
and India are attending the event,
hosted by Bishop Neil Ellis,
Senior Pastor of Mount Tabour
Full Gospel Baptist Church. Pic-

Yt ‘ SR
BRING YOUR OL

ter said: “Laws don’t make peo-
ple do what there are not natu-
rally inclined to do”.

“Just to pass a law today will
not be effective in my view, but
we expect that during this term
in office that we will have
helped to create a cultural shift
and change in the mindset of
the public sector in the
Bahamas to be more forthcom-
ing about what is essentially

Neko Grant, Archie Nairn
attend breakfast meeting



public business. “But there is a
view that’s held by us in the
Bahamas that these are secrets
that are to be kept and you got
to pry it out and sometimes end
up in the position where you
are given information that is not
accurate.

“So we are not rushing the
Freedom of Information Act
but we will deliver”.

The prime minister added
that in 2002 during his govern-
ment’s last term in office a Free-
dom of Information Act was
drafted, however it was never
legislated.

The US’ Freedom of Infor-
mation Act was signed into law
in 1966 and ensures public
access to US government
records.

It carries a presumption of
disclosure; the burden is on the

government — not the public —

to substantiate why information
may not be released, the
George Washington Universi-
ty website says. :



MOTA photo



Paul Morton, presiding bishop;
Mr Grant and Mr Nairn.

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PAGE 6, WEDNESDAY, FEBRUARY 6, 2008
GN-641



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION °

7TH FEBRUARY, 2008
No. 2007/PRO/npr/00678

In the Estate of ALLEN C. SHERMAN, JR. late of 730
N.E. 20th Lane in the City of Boynton Beach in the County
of Palm Beach in the State of Florida one of States of the
United States of America, 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 in the Probate Division
by EARL A. CASH, of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Successor Letter of Administration in the above estate
granted to BRIAN M. O’CONNELL the Personal
Representative of the Estate, by the Probate Division in the
Circuit Court for Palm Beach County Florida, on the 25th
day of January, 2007.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00027

Whereas PERRY ARBACES PINDER of Spanish Wells
on St. George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahamas has
made application to the Supreme Court of The Bahamas,
for letters of administration with the will annexed of the
Real and Personal Estate of ARBACES PINDER late of
Spanish Wells on St George’s Cay, one of the Cays of the

Eleuthera Island range of Cays in the Commonwealth of |

The Bahamas, deceased.

Notice is hereby given that such applications will be heard

by the said Court at the expiration of 21 days from the date —

hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00028

Whereas PERRY ARBACES PINDER of Spanish Wells
on St George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in 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 LILAH GERALDINE PINDER late of Spanish Wells
on St George’s Cay, one of the Cays of the Eleuthera Island
range of Cays in the Commonwealth of The Bahama,
deceased. ,
Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00029

IN THE ESTATE OF FRANK GEORGE ALSTER, late
of 262 Wearimus Road,, Ho-Ho-Kus in the State of New
Jersey, one of the States of the United States of America,
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 in the Probate Division
by MELISSA L. SELVER of Western District of the Island
of New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Letters
Testamentary in the above estate granted to MARY WAIT
and BARBARA WENDT, the Executrixes of the Estate,
by the State of New Jersey, Bergen County Surrogate’s
Court, on the 27th day of September, 2004.

Nicoya Neilly
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00032

Whereas CLEVELAND LEROY HANNA of Peach Street
in the Island of 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 JAMES
RANDOLF HANNA (a.k.a.) JAMES R. HANNA late of
Spring Point on the Island of Acklins, 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 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00033

Whereas DEBORAH SANDS of Vesey Street in the Island
of 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 ALLAN SANDS late of Vesey
Street in the Island of 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. -

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00034

Whereas EARLA ROSNEL RUSSELL of Arawak Avenue
in the Island of 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 GEORGE
ELONE HIGGS (a.k.a.) SAMUEL GEORGE ELONE
HIGGS late of Eight Mile Rock in the Island of Grand

Bahama, one of the Islands of the Commonwealth of The,

Bahamas, deceased. (65; 000 |G 3 ati
Notice is hereby given that such applications will be heard
by the said Court at the expiration of 21 days from the date
hereof.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00038

Whereas E. TERRY NORTH of Winton Highway in the
Island of 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 EDWARD
JOSEPH BENSON (a.k.a.) EDWARD J. BENSON late
of 9449 Abbott Avenue, Surfside, Dade County in the State
of Florida, 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.

Nicoya Neilly
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00039

Whereas JENNIFER STUBBS of the Western District of
the Island of 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 VERNAL
F. RUTHERFORD late of Hawthorne Road in the Western
District of the Island of 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.

Nicoya Neilly
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00040
IN THE ESTATE OF WILLIAM LESLIE JONES, late

of 2005 Lawrence Avenue West in the Town of Oakville
in the Regional Municipality of Halton in the Province of

fl

‘by W. CHRISTOPHER GOU

THE TRIBUNE

Ontario in the Dominion of Canada, 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 in the Probate Division -
by EARL A. CASH of Marlin Drive, Western District,
New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of
Certificate of Appointing of Estate Trustee With a Will in .
the above estate granted to THE CANADA TRUST
COMPANY and BRIAN WILLIAMS JONES, the
Executors and Trustees of the Estate, by the Superior Court
of Justice at 491 Steeles Avenue West, Milton in Ontario,
LOT 1YZ on the 8th day of June, 2005.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00043

Whereas LORI ELIZABETH LOWE, of the Eastern
District, New Providence one of the Islands of the
Commonwealth of The Bahamas Attorney by Deed of
Power of Attorney for Lazelle A. Grothe, The Personal
Representative, has made application to the Supreme Court

. of The Bahamas, for letters of administration with the will

annexed of the Real and Personal Estate of HOWARD L.
GROTHE, late of 4932 Silverthorne Court, Oldsmar,
Pinellas County in the state of Florida 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.

Desiree Robinson
(for) Registrar ,

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00044

IN THE ESTATE OF JON RICHARD BROCKETT, late
of 1017 Port of Call Villas in the City of Freeport in the
Island of Grand Bahama, one of the Islands of the
Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from. the date hereof, application willbe made.to the... _,
Supreme Court of The Bahamas, in, the, Probate Diyision’ tT}
THRO of Freeport, one of
the Islands of the Commonwealth of The Bahamas, Attorney-
At-Law, the Authorized Attorney in The Bahamas for
obtaining the Resealed Grant of Probate in the above estate
granted to DAVID HENRY NEVILLE the Executor of
the Estate, by the District Probate Registry at Winchester,
Birmingham on the 6th day of December 2004.

_Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00046

IN THE ESTATE OF JACQUELINE J.M. DAUCHY,
late the County of New York in the state of New York, one
of the states of the United States of America, deceased.

NOTICHE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made tg the
Supreme Court of The Bahamas in the Probate Division
by DR. DEBRA ROSE MUNNINGS of the Eastern
District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the
Authorized Attorney in The Bahamas for obtaining the
Resealed Certificate of Letters of Administration in the
above estate granted to WILLIAM A. SIMON the
Administrator of the Estate, by the Surrogate’s Court of
the County of New York, on the 27th day of March, 2007

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00047

IN THE ESTATE OF JERRY A. DORMINY, late of 4053
Indian Trail in the City of Destin in the County of Okaloosa
in the State of Florida one of the States of the United States
of America, 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 in the Probate Division
by STEPHEN J. MELVIN of the Western District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of Letters
of Administration in the above estate granted to SHERRY
W. DORMINY the Personal Representative of the Estate,

by the Probate Division in the Circuit Court for Okaloosa ©
County, Florida of the 9th day of October, 2006.

Desiree Robinson
(for) Registrar
GN-641



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00048

IN THE ESTATE OF ELIZABETH STOKES DOYLE, late of 2800 North Ocean
Drive, Apartment Number 23 in the City of Singer Island in the County of Palm Beach
in the State of Florida, one of the States of the United States of America, deceased.

NOTICE is hereby given that the expiration of fourteen days from the date hereof,
application will be made to the Supreme Court of The Bahamas in the Probate Division
by EARL A. CASH of the Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealed of Letters of Administration in the above estate
granted to ANNE C. DOYLE the Personal Representative of the Estate, by the Probate
Division in the Circuit Court for Palm Beach County, Florida, on the 17th day of
December, 2006.

Desiree Robinson
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00049

IN THE ESTATE OF IRIS ELIZABETH WIDINCAMP (a.k.a IRIS ELIABETH
GAYLORD), late of 18218 Foxtrace Court, Lutz in the County of Hillsborough in the
State of Florida, one of the United States of America, deceased.

NOTICE is hereby given that after the expiration of Fourteen days from the date hereof,
appiication will be made to the Supreme Court of The Bahamas in the Probate Division
by MICHELLE Y. CAMPBELL of the Eastern District, New Providence, one of the
Islands of the Commonwealth of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the Resealed Order of Summary Administration
in the above estate granted to SHARON W. ROYAL the Administratrix of the Estate,
by the Probate Division in the Circuit Court of the 13 Judicial! Circuit in-and for
Hillsborough County, in, the Florida, on, the, 22nd\‘day of March, 2007.

in etei nraac gd tye

Desiree Robinson’ '
(for) Registrar

COMMONWEALTH OF THE BAHAMAS

THE SUPREME COURT

PROBATE DIVISION

' 7TH FEBRUARY, 2008

No. 2008/PRO/npr/00050

IN THE ESTATE OF MARGARET V.L. HISCANO (a.k.a MARGARET VON
LENGERKE HISCANO, MARGARET VON L. HISCANO) late of the Township
of Millburn in the County of Essex in the State of New Jersey one of the United States
of America, deceased

NOTICE is hereby given that after the expiration of fourteen days from the date
hereof, application will be made to Supreme Court of The Bahamas in the Probate
Divison by LORI E. LOWE of the Eastern District, New Providence, one of the Islands
~ of tite Commonwealth of The Bahamas, Attorney-At-Law, the Authorized Attorney in
The Bahamas for obtaining the Resealing of Certified Letters Testamentary in the above
estate granted to MARGARET H. McDERMOTT the Executrix of the Estate, by the
Chancery Division in Probate Part, Surrogate’s Court of Essex County, Newark, New
Jersey on the 4th day of December, 2006.

Desire Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/0005 1

Whereas ALLAN DELENORE GIBSON of No. 14 Aloe Road, Winton Meadows,
Eastern District, New Providence, one of the Islands of the Commonwealth of The
Bahamas, the lawful widower has made application to the Supreme Court of the
Bahamas, for Letters of Administration of the Real and Personal Estate of LORRAINE
GIBSON late of No. 14 Aloe Road, Winton Meadows, Eastern District, 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.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

7TH FEBRUARY, 2008

No. 2008/PRO/npr/00053

Whereas JUDY MAE RODGERS of No. 4, Robert Maynard Drive, Freeport, Grand
Bahama, one of the Islands of the Commonwealth of The Bahamas the Lawful Widow
has made application to the Supreme Court of The Bahamas, for Letters of Administration
of the Real and Personal Estate of SAMUEL GREGORY RODGERS a.k.a.
GREGORY RODGERS late of No. 4, Robert Maynard Drive, Freeport, Grand Bahama,
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 21 days from the date hereof.

Desiree Robinson
(for) Registrar

st

fic

THE TRIBUNE

My
hs

os

WEDNESDAY, FEBRUARY 6, 2008, PAGE 7
LOCAL NEWS ~

eh aes we Rint

Leeward Yacht
Club captures the
charm of the past

A NEW residential enclave
which celebrates the charm of
the past is taking shape on
historic Green Turtle Cay,
Abaco.

The developer, Douglas
Poland of Canada, has defied
the condo craze that’s swept
the popular islands in favour
of a greener, more neigh-
bourhood friendly communi-
ty called Leeward Yacht
Club.

- ---Thrs-unique real-estate

offering in the Bahamas is
billed as an ‘historic revival
‘ednimunity!? 5 Ve

It’s modelled after the New
England-style homes found in
historic New Plymouth on
postcard pretty Green Turtle
Cay.

“It’s the perfect place for
Bahamians who want to enjoy
the serenity and beauty of the
islands, or non-Bahamians
who want to escape life on the
fast lane,” said Joel Moxey of
Coldwell Banker Lightbourn
Realty, the list agent for the
project. :

SS

‘Leeward fuses
our beautiful
architecture of
the past with
modern home
etosavarttiaiaow

aT TAC TTR

Marketed under the motto,
“Life on the Leeside,” the
community is designed to be
attractive to people who crave
the simple laid-back lifestyle
of a wealthy Cape Cod vil-
lage. :

It’s a short walk or golf cart
ride to spectacular beaches, a
nearby store or pub — all ina
safe and friendly environ-
ment. The community will
comprise 23 three-bedroom

Colonial-style homes... 20 wo...

Of the, three -homes com:
pleted: so ‘far; two. haye

already beén'sold. The fourth #*"

home is now under construc-
tion with work on the fifth to
start this month.

Painted in beautiful pastels,
the homes showcase large
covered porches fronting
scenic Black Sound, parks and
common areas.

Dockage provides an added
bonus.

Developer Poland modelled
Leeward after Abaco's his-
toric New Plymouth, which
was settled in the 1700s by



Loyalists fleeing the United
States out of loyalty to the
British Crown.

It’s a short ferry ride to
Treasure Cay, which has an
international airport.

Real estate in the historic
settlements of Abaco is
among the most coveted in
the Bahamas.

With homes starting at a
cool $1,050,000, Leeward
appeals to an upscale client

base who will make a mean-
.ingful impact on the local

economy.
“Leeward fuses our bedau-
tiful architecture of the past
with modern home conve-
niences. It celebrates our her-
itage and I’m sure it will have
a positive impact on the com-
munity,” said Chris Farring-
ton, Coldwell Banker Light-
bourn Realty’s sales associate
on Green Turtle Cay.

Farrington noted that the .
development is low impact
and eco friendly, and con-
forms to the style of the
island.

PF NG
a: ae

\\\



Billed as a Mens place to enjoy the beauty of the Bahamas.
PAGE 8, WEDNESDAY, FEBRUARY 6, 2008

Secretary to Governor General

Jacqueline Murray dies at 62

State-recognised funeral service to be held on February 11

A state-recognised funeral service will
be held on February 11 for Mrs Jacque-
line Murray, who died Saturday at Doc-
tors Hospital after a short battle with

cancer.
She was 62.

* The funeral service will be held at Llam
at Christ Church Cathedral.

Mrs Murray, who had a long and dis-
tinguished career in the public service,
was serving as secretary to the governor
general when she died.

A faithful member of St Agnes Angli-
can Parish, she will be buried at the St
Agnes Cemetery on Nassau Street.

Hailed by col-
leagues as an “out-
standing performer”
and “an excellent
team player,” Mrs
Murray entered the
public service as a
private secretary in
the Ministry of
Home Affairs on
January 16, 1967.

She was the oldest

child of Mares and

Joyce (nee Simms)
of Nassau.

She attended the
Western Junior and
Senior Schools and
St John’s College,
Nassau and later
earned a master

‘In the

home she

was a
home-
IE Coy
anda
EVN AY
















THE TRIBUNE



. tion with the Organisation of American States (OAS) and thetb



Caribbean regional
workshop on cutting

school violence begins
in Nassau today



ot
id

The Ministry of Education’s regional workshop on reducing
school violence begins in Nassau today. id

The event is being sponsored by the ministry, in collabora-311

United Nations Educational, Scientific and Cultural Organi-\)
sation (UNESCO). Vi
The workshop, which will welcome participants from’
throughout the Caribbean, is scheduled to continue until Feb-"”
ruary 8 and will be held at Super Clubs Breezes on Cable
Beach. 2

Education Permanent Secretary Elma Garraway said that'?
the workshop will be officially opened by Minister of Educa- x
tion Carl Bethel, and the keynote address will be delivered bys
Professor Eric Debarbieux, director of the International
Observatory on School Violence at the University of Bor-;.,
deaux IJ, France.

She explained that an OAS hemispheric project was,;
launched after a meeting of ministers of education of thes,
OAS held in Mexico in 2003, in which the ministers commit-i¢
ted themselves to the implementation of several initiatives tovii
promote equity and quality in education. ue

Included among these was the four year project, “Designing *
policies and strategies for the prevention of school failure” ob
currently in its third year. ‘orl

Chairperson to the Bahamas National Commission for®4
UNESCO Theresa Moxey-Ingraham, said she was pleased?!
to participate in the effort, and that violence in the schools is"
a problem worldwide.

She noted that positive learning cannot take place in a vio-”
lent atmosphere, and said that she was hopeful that the at
shop would produce excellent strategies for the way forward.

OAS representative to the Bahamas Julliette Mallet-Phillips -
remarked that violence in all its forms is unacceptable and that,



the problem required a multi-faceted approach. a
She said that the root causes of violence need to be exam-},
ined, and alternatives to violent behaviour introduced. ro

Mrs Mallet-Phillips said that she looks forward to a pro-r;
ductive session and to the contributions of all participants. —

Acting director of education Lionel Sands said he wel-
comes the opportunity to exchange “best practices”. 8

member -
who was
PN Ae Ah 4
there to
assist’

Mr Sands said that there will be a live broadcast of thes
opening ceremony, and encouraged all parents, teachers and: dy

students to tune in to the remarks of the minister of eaueationa
os
degree in business
administration from
the University of
Miami.

Mrs Murray
served in many areas
of the public service,
including the min-
istries of Finance,
Education and
Health, moving
steadily through the
ranks.

She was promoted
permanent secretary
on January 10, 2001 while serving in the
Ministry of Economic Development.

She later moved to the Attorney Gen-
eral’s Office as its permanent secretary





Share your news:

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

If so, call-us on 322-1986

mn oral Ca OAL

y
Neu Prowidence Bahamas



ao (nalla\ mia Une Nas SNe aes











young staff members to further their edu-
cation so they could move up the ranks.

“In the home she was a home-maker
and a family member who was always
there to assist.”

Mrs Murray’s survivors include her hus-
band, Frederick; two daughters, LaVette
~Johnsorrand Yael Walcott; a son Krishna
and three grandchildren. '

and remained there until May
2007, when she was posted to
the Cabinet Office.
In July 2007, Mrs Murray
was transferred as secretary to
the governor general.
Her sister, Judith Theophilus said,
“Jacqueline was a very particular person
but she played a key role in encouraging











RRA RN AEAN AANA RANA ANALG LELAL NEAL EH ENT AEE aT ET EE ET EEE LE EE EE NTATN SHH TTR




















Wt

TN
NAD _. _

Nassau Airport

Development Company






s st SY. SWAY YY s

Kk &§§ KT \ §
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RN Rags” 8 8 8



Senior. Director or Vice President
of Engineering & Maintenance.



wane:
Cyn tae

aa?



Aiea ntrysrens voonetibsssiabig



SS
NN
=o

The Nassau Airport Development Company (NAD) e
is looking for a visionary executive to join our group

of aviation and customer service experts as we
embark on a $400 million redevelopment of the
Gateway to the Commonwealth of The Bahamas.

Ensuring that airport facilities meet
regulatory and code standards through full
documentation of maintenance activities and
a facility permit system.

¢ Optimizing capital solutions that provide
for appropriate levels of customer service,
airline efficiency, reliability/redundancy and
commercial revenue opportunities while
meeting safety, environmental and security
standards.

Reporting directly to the President and Chief
Executive Officer, the duties and responsibilities of
the successful candidate will include:

¢ Operating as an integral part of the Senior
Management Tearn.

e Maintaining and developing a strong,
flexible and capable team of professionals.
Promoting empioyee training, cross training
and development opportunities to encourage
Job satisfaction, promote innovation and
improve job-related skills and knowledge.

Emerald Coast is New Providence’s newest, gated community of

¢ Supporting NAD’s goal of transforming the
Lynden Pindling International Airport into a :
7 single fs anc m homes designed arau rraditional Britis!
Worla-class fectity ingle amily and town homes designed around traditional British
Colonial architecture. Nestled in the West, adjacent to South
e Planning, procurement, engineering, ,
construction and commissioning of the

Phase | capital plan.

West Ridge Emerald Coast will offer and preserve a lifestyle that
Potential candidates will be fully accredited and
experienced senior engineers with 15 to 20
years of experience in a variety of management,
maintenance and construction roles.

revolves around love of tranquility and the natural wonders and
° Managing capital expenditures to maximize timelessness reminiscent of the old Bahamian living that embraces
rate of return and ensuring all capital
projects meet approved Board and
government environmental, health and safety
and regulatory standards.

the true values of a community.

A competitive salary and benefits package will be
offered to the successful candidate.



STION PRICING
Home & Lot Packages Starting at - $335,000.00
‘Townhouse Unit Starting at - $250,000.00

PRECONSTRU



¢ Supporting the Phase Il terminal
redevelopment project.

OODLE UDELL OONTTEE ROB LOELE TOTO OL NETO SACL IOLE EE LITT IEE NDEE TEED LEED TTCTTITEAITID EL IDT TDL SAL SAITO IITA SETI IDIBITDNALGETIEAUGBAD AEDT TIT ETOLLLTTUE EDEL TTTTETEIBTCEUDLESIEPALTANEELELLLSBETELTALELALLEBTOU LDU LOLLALIUADALAIHULALLLLLTULUIOTULULOAU UL TUUTALU ULL DULAC LUAU PALOBULLALLODUULAUDDMOLL AUDA CLUL TL TOLDRUU ODL ADUC DOTA PUD SLOOTL ATPL ATTACHED SREAUADIODAULE AAU hdbséneedAbinécannaérenneatonianeee

it na 20

e Ensuring a high level of environmental health
and safety for all Authority employees,
contractors, tenants, passengers and

aieebcatt

If you are qualified and interested,
please send your resume by



the public, through a number of ongoing 8 February 2008 to:
initiatives, such as inspection and testing a me 3 :
programmes, risk assessment and facilities The President and CEO, Single Family Lots Starting at - $98,000.00

upgrading programmes. :
Nassau Airport Development Company,



Coordinating with partner agencies and
government departments on their capital
and maintenance plans at the airport.

Providing effective, efficient facility
maintenance with a focus on preventative
maintenance, multi-skilled trades people and
enhanced skill development.

Lynden Pindling International Airport,
P.O. Box AP 59229,
Nassau, Bahamas

or Fax 377-0294





DEMO HOME I









S OPEN FOR APPOINTMENT VIEWINGS

ee FE DPE. eye
ets coy



s

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1
THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 9



a HE PRIME MINISTER DREW THE IRE OF THE TRIBUNE OVER CRITICISM OF THE PAPER



mini-controver-
sy erupted
recently over
| | the prime minis-
ter's remarks about responsi-
bility of the press.

Mr Ingraham called The Tri-
bune to task for its lurid crime
iheadlines. And that criticism
drew the ire of publisher Eileen
Carron, news editor Paco
Nunez and former news editor
Athena Damianos (who now
works for a realty firm).

They all said roughly the
‘same thine — that the press
only reflects what Bahamians
‘are most concerned about —
‘and the only way to change the
headlines is to fix the problems
of our rapidly deteriorating soci-
'ety. This is true as far as it goes.
_ But one of Tough Call's cor-
respondents (who asked to
remain anonymous) said the
press should not be ultra sensi-
tive to criticism from politicians,
‘since to criticize does not nec-
‘essarily imply that press free-
dom is being threatened. And
lhe added that while the press
has a duty to hold up a mirror
‘ to society, warts and all; it
should not be all warts.
| "The press informs and
records history as well as
moulds, and editors should
always be conscious of that.
Front pages designed to attract
readers by constantly playing
up crime and scandal will give
the society a false impression
of itself. This is especially
important in a developing coun-
t cM
|” This is the venerable argu-
ment about good news versus
bad. And although we might
agree with such sentiments in
theory, the media also has to
face reality. And the reality is
that the market rules. The press
has nothing to sell but content,
aiid it's already pretty clear that
much of the content 1s not what
readers want.

: How many of us give a rat's
tail about spelling bees or
telemedicine advances or peo-
ple receiving awards. And how
many Seles would those sto-
ties sell on the front page in one
of the few markets anywhere
hat still sells a majority of
papers on the street?
» It's the same in politics —
here every decision or non-

4

ea
{ 4
}





«... the reality is that the mar-
ket rules. The press has noth-
ing to sell but content, and it’s
already pretty clear that much
of the content is not what
readers want.”



decision is based on what the
axe interests might say or

oO.

Dowdeswell Street parking
lot

Another de facto disaster
like the Montagu ramp fiasco
is developing at the Eastern

arade, one of Nassau's most
istoric districts.

An unregulated parking lot
now extends along Dowdeswell
Street from Scotiabank east to
St Matthew's Church — and it
is getting more crowded by the
week. A school recently set oe
shop near the rectory along wit
other businesses, and the only
ae in the area is on public
and.

So cars now line both sides of
the narrow street, and they are
expanding onto the parade next
to the 18th century cholera
graveyard, as well as onto the
little park in front of St
Matthew's cemetery. All this
has developed over the past few
months and is gradually getting
worse.

Soon, a goodly portion of
this historic public space will be
turned into a parking dustbowl,
and then street vendors will no
doubt move in. Access to Bay
Street from Dowdeswell Street
will become more and more dif-
ficult — and eventually, we will
have another chaotic and unre-
solvable mess like Montagu.

If the government and the
private sector do not collabo-
rate on regulating vehicle
imports, building parking
garages and fixing public trans-
port, there will soon be little
point in getting out of bed in
the morning. And on top of that
we are throwing more and more
money away to burn gasoline,

ollute our air and damage our
ealth.

When will this madness stop?

ell, for the first time

a developed country
has decided to put an end to the
madness — or at least some of
it.

The State of Israel has part-
nered with Renault-Nissan and
Project Better Place (www.pro-
jectbetterplace.com ) to ice
its automotive infrastructure
within a decade or so. The ini-
tiative is endorsed at the highest
levels of the Israeli government
— by Prime Minister Ehud
Olmert and President Shimon
Peres — and will include the
Palestinians too.

Renault-Nissan will mass
produce an electric car that will
cost the same as, or less than,
comparable gasoline-engine
autos and carry a lifetime war-
ranty. California-based Project
Better Place (headed by Israeli
entrepreneur Shai Agassi) will
invest $200 million to set up a

YOUR FUTURE

IS ABOUT TO GET BRIGHTER

recharging grid using electricity
from renewable sources. And
the Israeli government will pro-
vide incentives to make the pro-
ject work.

The cars will will be avail-
able in three years. They will
have a top speed of about 68
mph and a range of more than
100 miles, enough to satisfy
most Israelis, who drive less
than 45 miles a day. Green cars
are particularly attractive to
Israel, which hopes to weaken
the political clout of its oil-rich
enemies.

According to President
Peres, the plan would cut
Israel’s oil imports by half with-
in a few years, and Israel could
cut the remainder by building
solar energy generating plants:
“In one decade, we will not
need oil.”

The project's business model
will be similar to that of mobile
phone operators — a network
of charging spots and battery
exchange stations will provide
convenient access to electrici-
ty. Consumers who subscribe to
the network can get subsidized
vehicles which are cheaper to
buy and operate than today’s
fuel-based cars.

Project Better Place has cal-
culated that if Israel’s fleet of
two million cars were all elec-
tric, they would require 2,000
megawatts of electricity per
has which could be provided

y a one-off investment of $5

billion in solar plants.

Replacing our 200,000 vehi-
cles — and setting up utility-
scale solar power generation —
would cost substantially less,
and could be the catalyst for a
major social and economic
advance. It would free us from
oil dependence and provide a
better quality of life, as well as
all the advantages related to
developing and supporting a
powerful new business infra-
structure.

The Silver Volt - Just for the
Record

Many might not recall that
almost 30 years ago there was a
similar attempt at an electric
car project in the Bahamas.

A Michigan company called
Electric Auto proposed a pilot
assembly plant in Freeport to
produce the Silver Volt on a
modified GM chassis. Like the
Israeli car, the Volt was to have



a top speed of 70 mph, a range
of up to 100 miles and could
recharge its batteries in just 90
minutes.

Reports claimed that the cars

would sell for $15,000. About
300 prototypes were to be’ built
in Freeport for road-testing in
Florida. But unfortunately, the
project never materialised.

Back to the Future at
Tourism

t the National

Tourism Conference
last week Director-General
Vernice Walkine said officials
were seeking to get small cruise
lines to offer services to family
island destinations. This is a
recycled initiative.

When Tough Call worked
for the Bahamas News Bureau
back in the day, the SS Sunward
11 (operated by NCL) was
already running twice-weekly
cruises to the Berry Islands and
George Town, Exuma.

Windjammer Cruises oper-
ated a fleet of large schooners
that sailed to out island desti-
nations. And in 1976 I was a
press visitor on board the 80-
pes 130-foot M/V New

horeham, whose 10-day itin-
erary included North and South
Eleuthera, the Exuma Cays,
Andros and the Berry Islands.

The New Shoreham was
operated out of Nassau in the
winter by the Rhode Island-
based American-Canadian
Line. The shallow-draft vessel
featured a specially designed
bow section that allowed it to
nose up to a secluded beach and
drop a gangway to disembark
passengers directly onshore.

These cruises ran for atleast
five years but were discontin-
ued as drug smuggling through
the islands by the Colombian
cartel and their Bahamian allies
became our most important
industry. In one celebrated 1981
incident, for example, two
American boaters were mur-
dered, their bloodstained sloop

ose awful newspaper headlines

found adrift in the Exuma Cays.
That kind of story doesn't make
good ad copy.

But for the past year or so
the Ministry of Tourism has
tried to interest small high-end
cruise lines like Crystal Cruises,
Oceanus, Sea Dream and Sea
Borne in various out island
ports of call, operating from
Miami or Nassau. The big
obstacle is size. Unlike the New
Shoreham today's mini cruise
ships can have a draft of 15 feet,
which makes it difficult to
access ports like George Town
without harbour dredging.

Polling for Privatisation

_ A reader responded to last °
week's article on ZNS by calling
for a broad-based media poll to
gauge Bahamian attitudes
towards reforming the state sec-
tor and to bolster the courage of
our politicos.

"I believe one would find
ene support for privatisation,
but the politicians aren't quite
so convinced," writes E. B.
Christian. "We need to con-
vince them to have a referen-
dum that effectively cuts
Bahamasair loose, opens Fi
competition immediately on all
aspects of telecommunications,
and does away with ZNS as a
government-run crony institu-
tion."

Of course, Hubert Ingraham
was burned by a referendum on
constitutional issues just before
the last election, but if the gov-
ernment takes its time and
supervises a relaxed bipartisan
vote on big issues like privati-
sation of state corporations or
the creation of a national lot-
tery, it could build support for
the kind of changes that are
required in our antiquated
economy.

"We need less money for
government corporations like
Bahamasair, but we need more
money for education, the police
and infrastructure," Mr Christ-
ian says. "The important thing is
that the government stop fund-
ing these money toeine opera-
tions, so that they can begin to
reduce the level of taxation on
the average Bahamian."

What do you think? Send
comments to larry@tribuneme-
dia.net

Or visit www.bahamapun-
dit.com

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PAGE 10, WEDNESDAY, FEBRUARY 6, 2008

‘Another allegation against
the Ministry of Housing

COB ‘takes seriously’ —
the safety of staff
and students

FROM page one

periods and officers engage
in ongoing training at home
and abroad.

It said that none of the
incidents mentioned in the
Tribune article were report-
ed to College authorities.

“Since the beginning of
the academic year there have
been incidents of theft, but
only two of which involved
any weapons; one a cutlass
and one a pen knife. Both
matters are now with the
police,” the college said.

It said that there have
been no reports of rape, or
any other “grave assault.”

“Given the gravity of the
alleged crimes, the College
is asking anyone with infor-
mation on any of the alleged
crimes reported in The Tri-
bune to call Mr Wellington
Francis, the director of secu-
rity at 427-2299 or 302-4566,”
the college statement
said.

SAC student
is stabhed —

FROM page one

not wish to be named, told
The Tribune last night that
the problem of outsiders
drifting on to the Bernard
Road campus has been a
long-standing one.

“It was a problem for a
while, before security was
increased,” she said. “I
remember that a lot of
public school students drift-
ed through the school up
to the hill on the campus
and looked at us.”

The former student said
that these outsiders usually
came from either the near-
by public schools, or the
wider Fox Hill communi-
ty.

“There was always the
possibility that they may
start a fight with us based

on some jealousy or sal

ry,” she safé

FROM page one

ment official promised to
launch an investigation into
the allegations.

The source said that the
first time she was approached
by a ministry employee, she
was told she owed $5,000. ,

The second time, they said
records show that she owed
$4,050 and the third time, she
was told she owed $1,200.

The source called the way
the ministry is handling her
situation “unprofessional.”

Claiming that all of her pay-
ments are up to date — and
that she has the documents to
prove it — the woman sug-
gested that the “mix-up” with
her housing payment plan
may not be just a mistake.

She said she feels there is

some “shady business” going
on.

The source said that min-
istry employees refuse to lis-
ten to her position and con-
tinue to insist that the com-
puter records are correct.

The woman’s allegations
are only the latest in a long
line of complaints made
against the Ministry of Hous-
ing.

There have been reports of
corruption within the ministry
on a number of occasions.

In May 2007, it was alleged
that a contractor hired by gov-
ernment was cutting costs on
the building of homes and
keeping the excess funds for
himself.

Then, after these allegations
had been made, it is claimed
that the former government
renewed his contract includ-

ing in it a better financial
package. This is alleged to
have occurred in the run-up to
the general election.

In another report from May
of last year, a lawyer claimed
that the ministry repeatedly
ignored his housing com-
plaint.

He said government
ignored the complaints that
were made in connection with
the construction of a building
that was in breach of local
regulations.

A number of other com-
plaints were made over the.
past few years. Many of them
were about shoddy work-
manship on the government
built homes and the govern-
ment’s refusal to address the
problem in a timely fashion.
In a report from August of
last year, Housing Minister

Kenneth Russell said, “We
know that we have a serious
problem with these houses.”
In one controversial issue,
homes were said to be sink-
ing.

These homes were built by
the government in an area
that was “considered unsuit-
able for construction.”

Contractors were also
among the large number of
people making complaints
against the ministry. In Octo-
ber 2007, a contractor sued
government for its refusal to
pay him for his work. A
report from The Tribune stat-
ed, “Rodney Taylor built five
houses for the government
between November 2005 and
August 2006 but to date has
only been paid in full for
two.”

This woman is calling for

Kenyatta ‘not coerced

by money to leave PLP’

FROM page one

the PLP a long time ago under a leader
like Perry Christie,” said the source. In his
opinion Mr Christie seems “bent on main-
taining power for power’s sake. It’s as if he
thinks he owns the PLP and the rest of the
Bahamas by extension.”

The source continued: “If certain cow-

ardly members of parliament aren’t hiding
behind their websites, be they uncensored
or not, they have their agents planting sto-
ries on the street to mislead the Bahamian
people.

“They need not invent any dark, clan-
destine reasons whys Mr Gibson left_the



PLEASE NOTE THAT
_ BAHAMA HAND
PRINTS WILL BE
CLOSED FOR
BUSINESS ON
‘SATURDAY FEB
9TH 2008

PLP. He left the PLP for the very reason
that smears like this exemplify.” In his opin-
ion “Mr Christie is a deluded egotist, seem-
ingly unable to put the best interest of the
Bahamas and his party above himself.”

After The Tribune published an article in
which it was stated that Mr Gibson was
now representing a client who had been
retained previously by FNM leader Hubert
Ingraham, there has been speculation that
this was the reason for Mr Gibson’s sudden
resignation from the PLP.

The $20 million deal to buy Walker’s Cay
is now only awaiting the necessary permits
and approvals from government.

When,cpntacted by The Tribune last

, fe

(NAD)

disciplines:

Open Weekdays 10am-4pm

Saturdays 10am-2pm
Located On Ernest St Behind

The Outback Steakhouse
TELEPHONE: 242-394-4111

www, bahamashandprints.com



The Nassau Airport Development Company
has the mandate to operate,
manage and develop the Lynden Pindling
International Airport. A project definition
report (PDR) defining the scope, schedule
and budget for the project was presented
to the Government, the NAD Board and the

Consultant. If Stantec is successful, we will
need a professional team for the detailed
design of the Lynden Pindling International
Airport Expansion Project. Suitably qualified
Bahamian engineering consultants/firms 4. Provide the following information on 3

are invited to submit their expressions of
interest and credentials to Stantec, at the
e-mail address below, for the following

e Structural Engineering °
e Mechanical Engineering
e Electrical Engineering

e Civil Engineering

week, Mr Gibson confirmed that he was
acting for the potential purchaser of Walk-
er’s Cay, but said ne could not say any more
without the permission of his client.

“I do represent them, but I need to get
the permission of my client to discuss that at
all,” he told The Tribune.

“I do represent a party that intends to
purchase Walker’s Cay.”

The previous owners of the Cay, the
Abplanalp family from New York, who
invented the use of precision valves in
aerosol cans through their Precision Valve
Corporation, was formerly represented by
Prime Minister Hubert Ingraham and his
law firm, prior to him taking political office.

wo,
NAD

Nassau Airport

Development Company

THE TRIBUNE

justice. They demand that the
ministry deal with their mat-
ters in a timely manner.

Yesterday, Housing Per-
manent Secretary Camille
Johnson said she would per-
sonally launch a full investi-
gation into the matter. |

Ms Johnson did not deny
that foul play might be
involved, but pointed out that
this case may be connected:to
the allegations of corruption
that are still being dealt with.

Most of the allegations
apply to incidents that took
place under the former PEP
administration and Ms Jot
son admitted that some irr
ularities in the system lin
from that time.

She said her administrati6n
will delve into the matter atid
find out where the money
might have gone missing. 4




Man in court.
in connection’
with 18
break-ins

FROM page on

The court dockets allege
that Rolle broke into homes
in areas such as Yamacraw
Beach Estates, Colony Village,

Elizabeth Estates and San
Souci.

It is alleged that Rolle stole
thousands of dollars worth of
electronics, appliances, cloth-
ing and jewellery.

Rolle pleaded not guilty to
the charges against him.

Inspector Ann Marie Neely,
the prosecutor, objected to
Rolle being granted bail.

He was denied bail and was
remanded to Her Majesty’s
prison.

The case was adjourned to
April 29.





. Ownership

Credentials are to be submitted in the following
format:

1

Firm name and list of Principals/
Shareholders
Location(s) of firm

How long in Bahamas; Size changes over

media on September 17, 2007. 2. Stability and size
Stantec Consulting International Ltd. is the years
currently negotiating with the Nassau Airport ° ‘Insurance limits
Development Company to act as the Prime 3. Current Staff

Number of qualified engineers
Number of technicians and support staff
CAD capacity

significant completed projects:
e Project name and type
e Project value
e Role performed (note if project was in

association with other engineers)
e Project start and completion date

project

ol

Provide at least one reference for each

. List procedures for:
Quality control; CAD coordination
Adherence to budget and Adherence to

schedule/timelines

Please limit submissions to a maximum of § pages. Credentials are to be
submitted electronically to the following email address:



stanis.smith@stantec.com no laterthan February 8, 2008.

All costs involved with the preparation and submission of information are to be :
borne by firms submitting their credentials, and ay or all Serres my be

rejected without providing reasons.








RHE TRIBUNE

"WEDNESDAY, FEBRUARY 6, 2008, PAGE 11






AHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS



‘Andra Greenslade
awarded BICA’s annual

book scholarship —

namogulos & Co

|The Bahamas Institute of
Chartered Accountants made a
| cheque presentation to award
their annual book scholarship
to College of the Bahamas
accounting student D’Andra
Greenslade.
_ President of the Bahamas
Institute of Chartered Accoun-
tants (BICA) Daniel Ferguson,
was on hand to make the pre-
sentation to Ms Greenslade.

He was assisted by the imme-
“diate past president Kendrick
pChnistic, and Theofanis Cochi-



a Me mS

ODED SBMA HENLOW SLO HECRA IRIE EONIGO NECA TOT POLE SOTA A TIN MELONS UO BABE ie

SeaStaneRse a NONE 8D:

dent; Daniel Ferguson, president,BICA/managir



CONGRATULATIONS: Pictured (left to right) are: Yolanda Darville, aavalentaent associate, COB; Kendrick
Ghristie, immediate past president of BICA/managing partner, Grant Thornton: Mary Russell, assistant director,
financial aid and housing, COB; D’Andra Greenslade, recipient, BICA book award and College of the Bahamas stu-
~ -iner, Danny H Ferguson and Associates; Theofanis Cochi-
namogulos, student education chair, Bahamas institute of Chartered Accountants/Managing Partner, Cochi-

College of the Bahamas
accounting student receives
cheque at special ceremony



namogulos, the institute’s stu-
dent education chair.

A delighted Ms Greenslade
expressed her gratitude to
BICA for the scholarship. Her
sentiments were echoed by
Mary Russell, assistant director

of financial aid and housing for
the College of the Bahamas.

In addition to this $500 annu-
al book scholarship, BICA also
awards a $1,500 merit scholar-
ship each year to an account-
ing student at the college.

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Freeport Concrete Lease extension to boost

‘halves’ its net loss

@ By NEIL HARTNELL
Tribune Business Editor

FREEPORT Concrete saw
its 2008 first quarter net loss
more than halve to $74,000,
compared to $159,000 the pre-
vious year, despite suffering an
_ 8.72 per cent decline in total
group sales.

In his message to sharehold-
crs for the three months to
November 30, 2007, Ray Simp-
son, Freeport Concrete’s chief
executive, attributed the
reduced net loss to a 16 per cent
reduction in the company’s
operating expenses, which fell
to $989,560 from $1.18 million.

Freeport Concrete’s first
quarter performance was in line
with the “minimal” loss that Mr
Simpson had forecast in‘a
December 21, 2007, interview
with Tribune Business, in which
he also predicted it would not
be as great as the red,ink
incurred in the fiscal 2007 first
quarter.

Freeport Concrete’s 2008 first
quarter sales fell by 8.72 per
cent, largely due to the fact that
sales by the company’s concrete
plant declined by $291,000 com-
pared to the same period in
2007.

In his December interview,

* 16% decline in
operating expenses
minimises impact
from 8.72% sales
drop, as Home
Centre sales fall
2.93 per cent

* Capital raising still
on cards as Home
Centre impacted by
lack of inventory

Mr Simpson had told The Tri-
bune that first quarter concrete
plant sales were expected to be
down because it did not have
any major projects, such as the
Associated Grocers warehouse,
which had boosted its 2007 per-
formance.

This was a point he again reit-
erated to shareholders in his lat-
est message, while pointing out

that the Home Centre’s sales

SEE page 6B

company’s $7.3m impact

@ By NEIL HARTNELL
Tribune Business Editor

major Grand
Bahama busi-
ness yesterday
said it was
“awaiting a for-
mal response” from the Gov-
ernment to extending its exist-
ing lease beyond the current
2020 expiry date, a move that
would allow it to construct at
least three extra oil tanks and
substantially increase the $7.3

‘million it pumps annually into

the island’s economy.

Jaime Vargas, vice-president
of operations for the South Rid-
ing Point Holdings bulk oil stor-
age and distribution terminal,
told The Tribune that if the
Government extended the cur-
rent lease, it would “consider
other projects” that would meet
global market demand.

Mr Vargas said the lease cur-
rently sees South Riding Point
Holdings pay $1 million per
annum to the Bahamas Agri-
cultural and Industrial Corpo-
ration (BAIC), and the compa-
ny had proposed increasing this
payment if it was extended.

* South Riding Point Holdings $18m investment in two new
750,000 barrel tanks set to be completed by May/June 2008

* Company detects ‘positive’ signs, but awaiting formal government
response to proposal on BAIC lease extension and increasing fees

* Extension would see firm build three more oil tanks and new
sea line, plus other potential projects

“We have other projects we
will consider if we get an exten-
sion trom the Government to
the lease,” Mr Vargas said.

“We have applied already,
and it is under consideration by
the Government. We believe
it’s going well, and are waiting
to hear back trom them.

“Tt makes a lot of sense, and I
think they understand it. We
have received positive feedback
from the Government so. far,
and are waiting to hear a formal
response.

“From the start, we have pro-
posed increasing our lease pay-
ment to the Government. We
would pay more to the Gov-
ernment on the lease than what
we pay now, increasing the fee.”

If the lease was extended, Mr
Vargas said the projects South
Riding Point Holdings would
undertake would depend on
current market conditions and
demand,

“We could look at diversify-
ing into fuel oils as well as crude
oil,” Mr Vargas explained. “We
could also build more tanks for
crude oil.

“We think we could build as
much as three new tanks, all
with the same capacity as the

, ones we are building now.

“We could also build another
sea line out to the jetty to
increase our handling capacity.
We will be open to entertain-
ing any other project for which
there is a market. We will have

Fleming ready to invest $1/2bn in Freeport economy

@ By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

Sir naakes son says potential Port Authority buyers will do ‘much better job’ than current shareholders

FREEPORT. =
fee vee & &
Partners will do a
much better job for |
Freeport. than the §
Grand Bahama Port #4
Authority’s (GBPA)
current principal
shareholders, Sir Jack
Hayward’s son. told
The Tribune, and is
prepared to invest
$500 million into the city. wis

Rick Hayward said Fleming plans to
invest in excess of $1/2 billion in Freeport
if it is successful in purchasing 100 per
cent ownership in the GBPA and its Port

NMR

St George attorney:
Our 50% stake is
still ‘not for sale’



Group Ltd affiliate from his family and
__the late Edward St George’s estate.

Mr Hayward said it was time for the
Haywards and St Georges to move on
and allow investors with “deeper pockets
and better connections” to give Freeport
what it really needs to move forward.

“I thought they were the ideal people

. to take over [the Grand Bahama Port

Authority],” said Mr Hayward, refer-

~~ring to the Fleming Group.

“T believe they will do a much better
job... and I believe that their investment
will-really get this island going. That’s
the whole idea.”

Mr Hayward hosted an informal lun-
cheon on Sunday at his Spanish Main
Drive estate for Fleming principals Rod-

die Fleming and Geoffrey Richards.
Many GBPA licensees and government
officials also attended,

Mr Hayward said the Flemings.have
major worldwide connections in financial
services, and would create a banking
centre for Freeport. Yet that was just
one small part of what they want to do
in Freeport.

“If they succeed in buying the
(GBPA) shares they want to invest in
excess of half a billion dqllars, and |
thought it was very important to have
an informal lunch so people could meet
Roddie Fleming and Geoff Richards,” he
explained.

Fleming has expressed a keen interest
in purchasing the GBPA, having a strong

international reputation in private wealth
management and an extensive back-
ground in financial services.

The Haywards and St Georges,
though, have been involved in an ongo-
ing legal battle for over a year over the
GBPA’s ownership. -

Although Sir Jack and the Hayward
family have expressed an interest in sell-
ing the 50 per cent stake held by their
family trust to Fleming, the St George
estate has obtained a court injunction
preventing them from selling to a third
party shares, The St Georges are arguing
that they should have first option on

SEE page 6B

@ By NEIL HARTNELL
Tribune Business Editor

THERE are “no negotia-
tions” with Fleming Family &
Partners over the late Edward
St George estate’s 50 per cent
Grand Bahama Port Authority
(GBPA) stake, its attorney said
yesterday, as the estate contin-
ues to hope the courts will order
the Hayward family to sell to

SEE page 4B

* “No negotiations’ -
taking place with
Fleming despite
unsolicited purchase
offers, Smith says

* Estate pinning its

hopes on court forcing
_ Sir Jack to sell to
them for $100m

BIC returns $1.3m
to cell customers

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

THE Bahamas Telecommu).
nications Company (BTC) hag
given its cellular customers ja
total of $1.3 million in free cre(l-
it as a goodwill gesture, after
last Wednesday’s power out-
gage crippled the GSM and
TDMA cellular networks. /

Each of BTC’s 260,000 pre-
paid and post-paid cellular cus-
tomers recieved a $5 credit
appiled to their phone, an act
that cost the state-owned com-
pany $1.3 million. The;credit
was posted yesterday.

For nearly eight hours last
Wednesday, customers of
BTC’s prepaid cellular service
experienced difficulties in
dialling and receiving calls, and
sending and receiving text mes-
sages.

Marlon Johnson, BTC’s vice-
president for marketing, sales
and business development, told
Tribune Business that the ini-
tative was in line with the com-
pany’s mandate to be more cus-
tomer-focused.

He said BTC realised the
interruption was an inconve-
nience, and wanted to provide

SEE page 6B

_ Last 3 alfa eee PLATTE LM CSANUa NN

os 12 months

royalfidelity.com

info@royalfidelity.com

Total Performance* through Pye 31, 2007

*Stock prices can go Een as well'as up. es Siu Ts) is no ey Cy Ce ret the Offering Memorandum carefully before you invest.

a much longer horizon for a
return on investment.”
Mr Vargas told The Tribune

‘that South Riding Point Hold-

ings currently made an annual
$7.3 million economic impact
on Grand Bahama, through the

‘payment of rent, payroll,

National Insurance Board
(NIB) contributions, and the
creation of direct and indirect
jobs and such like.

The company has already
invested some $18 million in the
construction of two new oil stor-
age tanks, which will add 1.5
million barrels of storage.capac-
ity when the project is complet-

SEE page 4B



ae aoe

Money at Work

Nassau; 356.9801 ¢ Freeport: 352.6676


PAGE 2B, WEDNESDAY, FEBRUARY 6, 2008 THE TRIBUNE BUSINESS

Recipient of 2008 Clement T, Maynard
Lifetine Achievement Award

From
The Management : ‘Staff and member hotels of

The sihanas Hotel Employers Association
The Bahamas Hotel Association
The Nassau Paradise island Promotion Betis

nT ene
Pa
ae

Oe Tie Pate

Vas ae vy
)

ata Ariel ete
Crean ware ar yit an

ro Ciaait fey tiv Ain
ULE ery

/ |

alae Trey Gr ol

if
ain HM aee eit tir)


THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 3B



RR a Sa ee
Privatisation expert critical

of 49% BTC stake disposal

m By CARA BRENNEN-BETHEL
Tribune Business Reporter



A LEADING global privatisation
expert has implicitly criticised the Gov-
ernment’s plan to sell a 49 per cent
stake in the Bahamas Telecommuni-
cations Company (BTC) to a strategic
partner, arguing that this could impede
the efficiency of the privatised entity’s
operations.

Larry Reed, president of the Mack-
inac Centre for public policy in Michi-
gan, who addressed a Nassau Institute
dinner on The Promise of Privatisa-
tion, said partial privatisation - where
there is shared ownership between the
Government and a private buyer, as
is likely in the case of BTC - can be a

disincentive to efficiency, particularly if

employees feel that ultimately they are

Fleming ‘anxious’
to talk over ‘full
offer’ for GBPA

still answering to the Government.

He explained that if there was a gov-
ernment monopoly, the public knows
who to blame in the event that some-
thing goes wrong.

“If you privatise only partially when
the government says: ‘I will retain half
the stake, 51 per cent, and the private
entity will retain 49 per cent, there is
the incentive to mess things up instead
of being effective,” Mr Reed said.

He said that a better approach would
be for governments to give up owner-
ship entirely.

Mr Reed pointed out that the public
always holds the private sector to a
higher level of accountability than the
public sector. A failure of government
tends to lend to more government, he
explained.

Mr Reed also pointed out that pri-

vatising a public entity often allows
the Government to do a full and frank
accounting of the operation, and get
a true assessment on what is being
spent.

“Sometimes I know there are claims
that government entities are cash cows,
but if you look at the real cost of oper-
ations, you may realise that that is not
the case. What the privatisation does is
allow the Government to look at real
cost of operations for the first time,
and get a genuine, honest and full
accounting,” Mr Reed said.

He added that if a government does
more in one area, where it does not
have expertise or is beyond its core
function, it almost always comes at the
expense of other government priori-
ties.

While he noted that there are a lot of

objections to privatisation processes,
such as believing they will result in the
loss of jobs, these arguments can in
almost all cases be countered.

Mr Reed said that ultimately, it is
not the Government’s job to be an
employment agency, but to provide
core services.

Often in cases where privatisation
did not work, Mr Reed said it was
directly because a government did not
do its homework. It entered into slop-
py contract writing, the government
gave the contract to political cronies, or
did not properly supervise and main-
tain the operations.

“It is sometimes better to not do it
then do it wrong,” he said.

Mr Reed also pointed out that if a
government remains in charge of the
profits, it can lead to abuse or, if there










NOTICE

In the Estate of JACQUELINE J.M. DAUCHY,
late of the County of New York in the State of New
York, U.S.A. deceased.

Notice is hereby given that all persons having
andy claim or demand against the above Estate
are required to send the same duly certified ‘in
writing to the undersigned on or before the 14th
day of February 2008 after which date the Attorney
by Power of Attorney will proceed to distribute the
assets having regard only to the claims of which he

are savings, they can be squandered.
He said that in some cases govern-
ments have an insatiable appetite for
revenue, and even when they save
money there is an ingrown tendency to
waste it.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays





@ By DENISE MAYCOCK
Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT — Fleming
Family & Partners is “anxious”
to start serious negotiations with
the late Edward St Georgé’s
estate on purchasing its 50 per
cent Grand Bahama Port
Authority (GBPA) stake, having
already made “a full offer” to it.

. Fleming’s Geoffrey Richards
said initial talks with the St

Georges and their reo cane

tives started’several we eke
Eondone = te

“Weare. Senuinely intere ee

in buying them out and they
know that. We are anxious to
complete this transaction, and
we are anxious to get on with
this and get the St Georges to
the table,” Mr Richards said.

“We made a very full offer...
and we hope to sort of get them
to focus and get on with it. Dur-
ing our initial talks...it did not go
so well because all they keep
saying is they are not interested
in selling, but if we make an
offer they will look at it.”

Mr Richards said Fleming was
very familiar with Hutchison
Whampoa, which is the partner
with the GBPA in Freeport’s
Airport and Harbour Compa-
nies.

Hutchison Whampoa, which
also owns the Freeport Con-
tainer Port and Our Lucaya
resort, has also expressed inter-

est in purchasing the Grand’

Bahama Port Authority. It had
previously tabled a $125 million
offer for the Hayward family’ S
stake.

“We hope to have a very good
relationship with the Hutchison
Group. We have known them
for many years throughout our
stint in Hong Kong, and they
know us very well,” said Mr
Richards.

He added that Fleming came

to Grand Bahama in 1993 to at
look at investing in Freeport
1993, but was unable to do so
various reasons.

“We are happy to be here and
we are committed utterly to this.
We have been working with var-
ious people and investor groups
around the world, and working
here with Barry Malcolm’s com-
pany, which has done a fantastic
job 'so far on the vision docu-
ment and looking at, really, the
shocking history of non-deliv-
ery,” Mr Richards said.

“So we can’understand very
well-why people-are anxious to
see a great future, which they
deserve, and that’s what we are
here to do,” he said.

Mr Malcolm, of Global Ful-
fillment Services, said his com-
pany was engaged some six
months ago by the Fleming
Group to help them move for-

F1IPBS

ward with their attempts to pur-
chase the Port Authority.

“Our work is very specific and
we are helping to develop for
them the master plan for the
development, operation and
management of Grand Bahama
going forward. We have been
working closely to craft the kind
of plan for the economic devel-
opment, management and main-
tenance of Freeport,” Mr Mal-
colm said.

Zhivargo Laing, minister of
state for finance, said Fleming’s

visit to Grand Bahama will give

GBPA licensees the opportuni-

ty to know who they are and

what their interest is.

“T think it is a useful thing for
persons who are interested in
investing in the country to meet
with the stake holders as such,
and so the extent to which they
are doing that...can only bode

INTERNATIONAL PRIVATE
BANKING SYSTEMS,

A locally based International Wealth Management
Technology Company is seeking candidates to fill
positions in SOFTWARE DEVELOPMENT.

Candidates must have experience with:
- Microsoft .Net Technologies
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Bahamas Supermarkets Limited

Notification of Delay in Completion of
2007 Audited Financial Statements

Further to our notice of January 10, 2008, Bahamas Supermarkets wishes
to advise that the completion of the audit of its consolidated financial
statements for the year ended June 27, 2007 has been further delayed.
Management is making every effort to resolve issues causing the delays
and a notice of the expected date of completion of the audit will be advised

as soon as possible.

well if, in fact, they end up being
significant investors in the
Freeport area,” Mr Laing said.

“But I think there is still a
great deal left to be resolved in
so far as the Freeport situation is
concerned, and so until that hap-
pens I think we are all in limbo
still.

“I met briefly with some of
the principal and I know they
have significant interests in the
financial services area through-
out the world, and so certainly

‘they are a substantive group.”




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And take notice that all persons indebted to the
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_ THE ROSE LAW FIRM
Power of Attorney for the Administrator
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Butlaw House, East Bay Street
P.O. Box N-3545
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PAGE 4B, WEDNESDAY, FEBRUARY 6, 2008

THE TRIBUNE



TT: aR
St George attorney: Our 50% stake is still ‘not for sale’






















































































j
would have been remiss of its three ment on their letterhead making a _ per cent ownership of the GBPA and __ ister Hubert Ingraham, who is anxious

FROM page 1B executors - Lady Henrietta St George, _ binding offer to the St George estate,” Port Group Ltd. for the GBPA dispute to be resolved

her brother Lord Euston, and attor- he added. Outlining the St George estate’s tac- and has become keen on Fleming’s

ney Chris Cafferata - to reject outright Instead, Mr Smith said: “The estate __ tics going forward, Mr Smith said: “We offer. He is understood to view them as

any approaches made to acquire its is actively engaged in encouraging are involved in court proceedings in _ bringing something new to the table.
them for $100 million. assets. investors such as Hutchison Wham- which the estate is claiming it has been Yet rather than meet Fleming’s prin- —

Fred Smith, a partner in Callender’s “As trustees of the estate, who are poa, who are a legitimate, credible and — oppressed by Sir Jack, and we are ask- cipals, Roddie Fleming and Geoffrey
& Co, responding to assertions from answerable to beneficiaries, the — good faith investor in Freeport, to look ing the court for an order that Sir Jack- Richards, Mr Smith is understood to
the Fleming camp that the St George trustees must obviously entertain any- at partnering with the St Georges in ’s shares be sold to the estate for $100 have met two London-based accoun-
estate was “showing signs” of a will- | one who comes and makes an offer to —_ future........ million. tants from PricewaterhouseCoopers
ingness to sell its GBPA stake, reiter- buy the estate’s assets, as otherwise “Of course the St Georges want “It is Sir Jack who has agreed tosell (PwC), acting on Fleming’s behalf.
ated that its shareholding was “not for they could be accused of negligent — growth and progress in Freeport, and _ his shares to the Flemings for $100 mil- | With Mr Smith were Henry St George
sale”. management,” Mr Smith said. that is why we are speaking to investors __ lion, thereby pegging his price. Inthese anda London-based QC.

“Let me make it very clear,” Mr The Tribune was told that ata meet- such as Hutchison and others who are "circumstances, we have asked the court Versions of what happened at that
Smith told The Tribune from Florida. ing between representatives of both interested in coming in as partners.” for an order to buy at $100 million | meeting differ, the St George estate
“There are no negotiations going on Fleming and the St George estate in Mr Smith said the way Fleming had __ because that is the price he has set. _ side telling acquaintances that Fleming
between the estate of Mr St George London several weeks ago, which was _ become involved in the GBPA owner-- We have an injunction preventing Sir offered nothing new and only put for-
and the Flemings. attended by Mr Smith, the estate was ship dispute “does not encourage any. Jack from selling his shares.” ward the $100 million price it had

“The Flemings continue to make presented with a Memorandum of desire on the part of the estate to have ~ It is understood that Sir Jack and offered Sir Jack as what it was also
unsolicited approaches to us to buy Understanding (MoU) outlining the — discussions with them, because they _ his family trusts have sold control of prepared to pay for the estate’s stake. .
our shares, and we continue to tell terms of Fleming’s initial offer. have implanted themselves in the mid- | the GBPA and Port Group ownership Yet Fleming’s take is that the St ae
them they are not for sale. There are Yet Mr Smith yesterday said the dle of this litigation”. litigation, and a host of spin-off actions, George estate side‘left with a Memo-
no negotiations going on with the offer was effectively an exploratory He accused Fleming of “sneakingin — to Fleming. randum of Understanding (MoU) set-
Flemings.” offer, and not a binding one, and was __ through the back door”, and hiring the As previously revealed by The Tri- ting out in detail what Fleming pro-

Responding to reports that the St not made on paper bearing Fleming’s _ same attorneys as those representing bune, Mr Smith was cajoled into _ posed to offer, something understood
George estate had been in talks with _ letterhead. Sir Jack and the Hayward family trusts attending a meeting with Fleming rep- to have been requested by the Prime .
Fleming, Mr Smith pointed out that it “T invite them to produce any docu- __ in the legal battle over his claim to 75 _ resentatives in London by Prime Min- _ Minister. 5

52

e |

oe b oe : 2

Lease extension to boost company’s $7.3m impact -
; 36

: 91

two 750,000 barrel tanks, with and they will be finished some tractors. Its facilities blend and . World Point Terminals,a Cana- lion compared to 2006, reflect- ‘°

FROM page 1B the same capacity as the existing time in May/June 2008, It will transship petroleum and other dian company that is listed on ing rate increases putin place â„¢!

tanks. It will increase our crude —_ add a couple of jobs.” liquid products as an integral the Toronto Stock Exchange. in the 2006 fourth quarterand “
oil capacity,” Mr Vargas said. South Riding Point Holdings part of the wholesale distribu- For the first nine months of greater marine activity. tf
ed in the 2008 second quarter. “IT would say those two tanks currently employs 53 perma- tion system. 2007, South Riding Point’s rev- World Point Terminals also “”

“Right now, we are building are about 50 percent complete, nent staff, plus temporary con- The company is owned by _ enues increased by $4.845 mil- - has a 50 percent interestina

joint venture that operatesa
fleet of tugboats around Grand
Bahama called Freepoint. we
For the stories Freepoint’s revenues
5 increased by $528,000 for the ~~
| iy i as R ae ST behind the Mat] fo first nine months compared to i
i P| PF 2006. This increase reflected ~*
read rl) a an increase in ship movements -
= i EX : hed fi i ; TY. on Mondays and rates at the Freeport Con-
rT] tainer Port. ax
oF
Is
m
Sa
NOTICE ;
NOTICE is hereby given that MICHAEL ANTHONY ROACH ie
of KENNDEY SUBDIVISION, P.O. BOX N-9778, NASSAU, od
BAHAMAS, is applying to the Minister resposible for Nationality 9%
and Citizenship, for registration/naturalization as a citizen of qa
The Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted, should 1°
send a written and signed statement of the facts within twenty- oe
eight days from the 30TH day of January, 2008 to the Minister - a
responsible for Nationality and Citizenship, P.O.Box N- 7147, ‘ai
Nassau, Bahamas. BT
WB
Mii
NOTICE ie
Su
NOTICE is hereby given that KETY CHARLES of MALCOLM i
ROAD, P.O. BOX-N 2021, NASSAU, BAHAMAS, is applying os
to the Minister resposible for Nationality and Citizenship, for a
registration/naturalization as a citizen of The Bahamas, and va
that any person who knows any reason why registration/
naturalization should not be granted, should send a written ue
and signed statement of the facts within twenty-eight days from 118
the 6TH day of FEBRUARY, 2008 to the Minister responsible sal
for Nationality and Citizenship, PO.Box N- 7147, Nassau, oe
: ° Bahamas.
The Scotiabank Rate Booster Deposit sq
it
Combines the higher interest rates of a longer term NOTICE. :
investment with the flexibility of a short term deposit. 8q
NOTICE is hereby given that JIMMY ALTEUS of #7 SOLDIER sal
RD., P.O. BOX CB-12401, NASSAU, BAHAMAS, is applying oti
Your. interest rate increases twice during the term of your investment, to the Minister resposible for Nationality and Citizenship, for a6
so your money is guaranteed to grow faster! Plus you have access to registration/naturalization as a citizen of The Bahamas, and nl
Penal, Be ie le SESSHE SER CSIE OWING that any person who knows any reason why registration/
naturalization should not be granted, should send a written a
and signed statement of the facts within twenty-eight days from oo
Visit your nearest Scotiabank branch today. the. 30TH day of January, 2008 to the Minister responsible Ai
for Nationality and Citizenship, PO.Box N- 7147, Nassau, it
at Scotiabank Bahamas. si
+ Some conditions apply. Rates subject to change.
* Trademarks of The Bank of Nova Scotia
Trademarks used under license and control of The Bank of Nova Scotia. Life. Money. Balance both: c
NOTICE
NOTICE. is hereby given that ARNOLD EMILE of BLUE fe
» “ BERRY HILL, FOX HILL, NASSAU, BAHAMAS, is applying 6
| | DELI a6 Y to the Minister resposible for Nationality and Citizenship, for “a
registration/naturalization as a citizen of The Bahamas, and vi
Tuesday, 8 February 200 z CcFAL” that any person who knows any reason why registration/ if
BISX LISTED & TRADED SECURITIES - VISIT WWW.BISXBAHAMAS.CO \ ic naturalization should not be granted, should send a written 10
nie ae tha INDIES: LOSE R088, BOP CHO LOE *CH EO STRATE EERE and signed statement of the facts within twenty-eight days from ;
: 0.75 Abaco Markets 171 171 : the 30TH day of January, 2008 to the Minister responsible .
ares Sou? gone. a ee reer ae one for Nationality and Citizenship, P.O.Box N- 7147, Nassau, ls
0.85 0.80 Benchmark 0.85 0.85 0.00 0.188 Bahamas. di
3.74 1.85 Bahamas Waste 3.66 3.66 0.00 0.289
2.70 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 tg
aie 200 eines naa aaa oo goat 101.3 1.27%] wt
oO 2 i - %| 10
a oe ao ee ee se cS ie NOTICE :
748 Soo) “Feniuanh 7.45 745 oi ue” ste NOTICE is hereby given that CHEEKO JOSEPH of #7 | «ii
13.01 12.30 Finco | 13.00" 13:00 0.00 0:829. SOLDIER RD., P.O. BOX CB-12401, NASSAU, BAHAMAS, 10
14.75 14.25 FirstCaribbean 14.60 14.60 0.00 600 0.914 7 i ~ ts . i 4
6.10 5.12 Focol (S) 5.12 5.12 0.00 5,600 0.363 is applying to the Minister resposible for Nationality and -
Loo coger nt aa aoe 728 ee eaae Citizenship, for registration/naturalization as a citizen of The m
12.50 8.60 J. S. Johnson 12.50 12.50 1.059 Bahamas, and that any person who knows any reason why -
oe en en eee registration/ naturalization should not be granted, should send 3
S2wk-Low Symbol Bid$ ASKS Last P a written and signed statement of the facts within twenty-eight vb






14.25
6.00
0.20

14.60
6.00
0.35

Bahamas Supermarkets
Caribbean Crossings (Pref)
END ngs

days from the 30TH day of January, 2008 to the Minister ib
responsible for Nationality and Citizenship, P.O.Box N- 7147, 03
Nassau, Bahamas.

6.25
0.40
















ABDAB 41.00 43.00 —



41.00






14.60 14.00 Bahamas Supermarkets 14.60 15.60 1.125 :
0.55 0.40 . RND Holdings . 0. 45 0.55 0.000 at
B 4 | BISX Listed Mutual Funds — b













NA Vv Last 12 ater
7.201985"*

3.00076**

“52wk-Low YTD%
1.2037
2.4723




PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL




Colina Bond Fund
Colina MSI Preferred Fund







1:37.73 1.2647 Colina Money Market Fund 1.376507* |
3.7969 3.0569 Fidelity Bahamas G &I Fund —3.7969"* 27.72% * 27.72% :
11.9333 11.3545 Fidelity Prime Income Fund | _11.9333** 5.53% 5.53% The Public is hereby advised that I, MARIA





FINDEX: CLOSE 945.21 / YTD -0.72% / 2007 34.47%

YIELD - last 12 month dividends divided by closing ee



VERCINA of PO. Box N-10647, Nassau, Bahamas,

NAV KEY




BISX ALL SHARE INDEX - 19 Dec 92 = 1,000.00 MARKET TERMS.









a ; | ' 16
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 *~ 18 January 2008 intend to change my name to MARIA NORALUS. If at
Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price * 31 December 2007 i j j aoa
Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week there are any objections to this change of name by vis
Change - Change in closing price from day to day EPS $'- Acompany's reported earnings per share for the last 12 mths Deed Poll, you may write such objections to the oO




NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007

(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: GFAL 242-502-7010 7 FIDELITY 242-456-7764 / FOR MORE DATA & INFORMATION CALE (243) Goal 8s



Chief Passport Officer, P.O.Box N-742, Nassau, ay
Bahamas no later than thirty (80) days after the date

of publication of this notice.











THE TRIBUNE

WEDNESDAY, FEBRUARY 6, 2008, PAGE 5B



Pe (oT a
POA Tt CE Te iT

Communities
must police
themselves

I STATED in previous writ-
ings that our approach to com-
munity policing was a failure.
Now, based on the numbers
released yesterday, thgis fact
is ‘painfully obvious’. The five
years of Urban Renewal have
demonstrated and proven that
community policing, as we
have chosen to implement it,
cannot - and will not - work.
So what if the initiative
received international
acclaim? It is not working. I
recall the pre-announced visit
of the health department
inspectors to a restaurant I
worked at. The entire day and
night before was dedicated to
cleaning the kitchen and eat-
ing area. We passed the
inspection.

In my opinion, we have tak-
en pieces and parts of a puzzle
and run off with them, without
fully understanding how they
work in the first instance and,
secondly, how they work in
our environment and culture.
The Community Policing con-
cept has its contemporary
roots with the New York City
Police Department in 1994,
and it is from this manage-
ment concept where many
policing strategies including
COMPSTAT, come from. We
did not consider the resources,
both human and financial,
required to make such an
undertaking successful.

We did not consider, in my
opinion, the social and eco-
nomic requirements to make
this work. The administration
_ of law and order, in some
instances, must also be sepa-
rated from the masses in an
attempt to keep its execution
impartial and without preju-
dice. It i very difficult for the
neighbourhood kid to come
into his/her community and
effectively exercise the powers
given to them by the state
without some challenge and
extreme criticism.

This is not for a moment
supporting the arrival of for-
eign police. But it is recognis-
ing the need for adequate
preparation and not ignoring
this challenge. Some have
argued that the police are a
part of the community. Should
they then be working the
streets? The police are the
part of the community that is
least understood, as in one
instance they are helping you,
and in another they are arrest-
ing you. A very difficult con-
cept to comprehend and
accept. Why are we prepared
to parade the police as our
friends today, and later
tonight the same police are
kicking down your door and
taking you in for questioning?
_ Again, I fully support this
approach, because in some
instances it is necessary. The
police will have to use force
even to the point of taking
life. This is their job and the
community - yes, you and me -
have given them this authori-
ty. Yet when they do, regard-
less if the information is right
or wrong, there is an outcry in
the community that they can-
not do this. Because of this
dual role, their actions will
always be seen as untrustwor-
thy. That is why other civic
groups must step in to fill the
role of helper. Community
organisations need to step up
and assist not the police, but
the maintenance of law and
order.

Crime is a global phenome-
non, and every culture and
community has its criminal
and deviant factors. Neverthe-
less, how each community
deals with and manages crime
differs. Even in our small
country, any seasoned police
officer will tell you that on
New Providence crime fight-
ing differs from how crime is
dealt with in Bimini and
Inagua. Should this be?
Maybe not, but this is how it
is.

We cannot forget that we
are dealing with people who
are unique, and having vary-
ing perceptions and perspec-
tives. It is difficult to find a
‘one-size fits all’ solution, but
the solution cannot be left to
the police or some magic bul-
let called Urban Renewal,
Community Policing or the

Safe &

Secure



Government. It is amazing to
me that after all this time,
crime is seen as needing a
police-based solution. It is
extremely rare that we see the
police complaining of criminal
events being directed at them.

Yes, we did recently have
the killing of a police officer in
the line of duty, but there has
been no direct attack on the
police in our society in recent
times.

So, the police do a walka-
bout. WOW. Media blitz and
front page news. But wait a
minute. Shouldn't the police
always be walking about, and
not just in the day. I smile
when I see these stories, not-
ing the time of day and the
numerous khaki uniforms pre-
sent. Why are these events not
taking place during the night?
Why are these events ;
arranged for the convenience
of the media, not necessarily
the residents. The police are
to be patrolling the streets, it
matters not if they are walking
or using cars or bicycles, they
are to be present all the time. I
am concerned, even though I
smile, that it is police
patrolling or visiting the resi-
dents in the neighbourhood
that is making front page
news.

But this makes my point
even clearer. The police have
been trained to do policing or
law enforcement. The shift to
preventative strategies calls
for fundamental changes in
the entire police training
process. For example. A car is
seen at 2am on the East West
Highway, with two black male
occupants. No crime has been
reported, no suspicious activi-
ty demonstrated.

Should the police stop these
men? If the answer is ‘yes’, the
police will be stopping cars all
night long. Nevertheless, they
are black males driving at 2am
in the streets of Nassau. They
must be up to no good, surely?
So the vehicle is stopped. It
turns out that they are hotel
workers on their way home
from work; the driver is giving
his co-worker a ride home. Is
it OK, I ask, for the arbitrary
and random stopping of citi-
zens because of race, time of
day and location?

If you say ‘yes’, then I tell
you that this is security, not
policing. Policing is when
information is received on a
crime and action taken to dis-
cover and arrest the alleged

perpetrators. The police are
trained to do the latter.

If we are asking for random
checking, then I ask you to

picture yourself at an airport. —

f you recall, everyone is
chec! ed, and some of us are
randomly checked in more
detail because we fit certain
profiles.

For the police to be effec-
tive they need the help of the
community. Community Polic-
ing is not the police in the
community, but the communi-

ty policing themselves. Are we ©

prepared to call
CRIMESTOPPERS Hotline
at 328-8477? This is a simple,
yet effective, example of Com-
munity Policing that does not
receive the attention and sup-
port necessary.

This is community policing,
where the community acquires
the knowledge of the law and
holds themselves and the
police accountable for enforc-
ing it. When we go to the doc-
tor or the mechanic, these pro-
fessionals first have to listen to
what is wrong before they are
able to prescribe and 'recom-
mend' corrective actions and
solutions. Remember, these
professionals are only sought
out after the fact, after a prob-
lem is indentified or created.
Likewise, the police are only
sought after the fact, and even
then they can only proceed if
you request it. You do realise
all this power you have, yet
you say the police must solve
che problems in your commu-
nity, on your street corner and
in some instances, your house.

Let the police do policing.
This is what they are trained
to do. Community Policing,
even though it caries with the
word ‘policing’, is really a
task, in my opinion, best left
to the churches, schools and
civic groups. These organisa-
tions are more readily accept-
ed as a part of the masses.
These units must sell the need
for policing. They must con-
vince the general population
that the police are their
friends and, more importantly,
that they the public have a
part to play in keeping their
streets and communities safe.

NB: Gamal Newry is the

president of Preventative
Vleasures, a loss prevention
a.id : sset protection training
and consulting company, spe-
cialising in policy and proce-
dure development, business
security reviews and audits,
and emergency and crisis man-
agement.

Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, or e-mail
gnewry@preventativemea-
sures.net

2006 Mercedes Bez CLS 500
Limited Edition

Fully Loaded; only 7000 miles
driven in Lyford Cay
JustLike New!

asking: $110,000

great deal for an executive!!!!

ao E



Ua Bay ry mR UL

just call 322-1986 today!



Dear Shareholders,

Most of you will have visited our website (www.fccbahamas.com) and seen our audited
financial statements for the fiscal year ended August 31, 2007. It was great to be able to
report a profit of $78k for the year, compared to a loss of $2 million for the previous year.
We have really worked hard to turn the company around. ;

In September 2006 we opened the Home Centre Superstore so we have now been oper-
ating out of this facility for over 16 months. | am very pleased with what we have accom-
plished at the Home Centre Superstore during these 16 months and | am looking forward
to an improvement in the economic conditions in Grand Bahama and a rebirth of this
island in 2008. '

In the 1st quarter of this fiscal year our overall sales are down by 8.72%. This is attribut-
able to sales in the concrete division being down by over $291k for this 1st quarter com-

pared to last year's 1st quarter. The drop in sales at the concrete plant is due mostly to the

fact that we did not have any major concrete pours in this quarter compared to last year.
The Home Centre's sales were down slightly by 2.3%.

Despite a reduction in sales of 8.72% we are only reporting a small loss in this 1st quar-
ter of $74k compared to last year's 1st quarter loss of $159k. We have managed to reduce
our operating expenses by 16% compared to the 1st quarter in the previous fiscal year
and this has helped in keeping our 1st quarter loss to a minimal. If our sales revenue had
been the same as in the 1st quarter last year then we would be reporting a profit this quar-
ter.

We continue to be challenged by the lack of additional financing to increase our invento-
ry at the Home Centre and because of this our monthly sales are not growing to the level
we need them to be at in order to report significant profitability. Our bankers are tolerating
us being outside their covenants because of the considerable amount of cash that we are
depositing with them on a daily basis. However we need additional working capital in order
to purchase more inventory in order to increase our sales at the Home Centre.
Unfortunately this is not going to come from the bank so we are looking at other ways to
raise capital, possibly through a private placement or a rights issue.

Despite these challenges we will continue to work hard to grow our business each and
every day. Hopefully as the various issues are resolved at the Grand Bahama Port
Authority we will see an improvement in the economy here in Grand Bahama and once
this happens we will see further improvements in our financial performance.

Sincerely,

Ray Simpson
Chief Executive Officer
February 4, 2008

Freeport Concrete Company Limited
Consolidated Statement of Operations
Three months ended November 30, 2007 with comparative information for 2006

Outstanding shares = 4,708,334

(Expressed in Bahamian dollars) css

3 months ended
Nov 30,2006

SNE) 3 months ended
ui Nov 30,2007

3,746,889 4,104,990
Cost of sales 2,722,181 2,956,079

Gross profit 1,024,708 1,148,911

Sales

522,213
211,934
138,951

625,501
287,988
142,138
21,953
407,115
4,810
1,179,885

Payroll costs

Other operating costs

Rent expense

Advertising expense 25,267

Utilities expense 91,195

Other income 0
989,560

Income/(loss) before interest, taxes

depreciation and amortisation 35,148 (30,974)

Depn. and amort. expense (72,653) (84,696)

Net financing income/(expense 36,159 43,242

Net income/(loss) 73,664 158,912

Earnings per share :
Basic and diluted earnings/ (loss) per share

Freeport Concrete Company Limited
Consolidated Balance Sheet
As at November 30, 2007



Nov 30,2007 August 31,2007
(Unaudited) (audited)



Assets

Current assets
Cash
Time deposits
Accounts receivable, net
Inventories
Inventories of spare parts and supplies
Deposits and prepaid expenses

230,726
57,837
912,128

_ 2,022,807
72,251
118,461

289,391
58,123
597,827
2,014,331
86,340
86,489

Total current assets 3,132,501 3,414,210

3,744,404

Fixed assets 3,738,605

Total assets 6,871,106 : 7,158,614

Liabilities and Shareholders’ Equity

Current liabilities
Bank overdraft
Accounts payable and accrued expenses
Warranty Provision
Current portion of long term debt

1,628,475
2,963,428
5,000
183,857

1,648,086
3,109,321
5,000
183,857
4,780,760

Total current liabilities 4,946,264



Long term debt 208,313 256,653

Shareholders’ equity:
Share Capital
Contributed surplus
Appraisal excess
Retained earnings
Current earnings

47,083
5,774,868
1,433,867

(5,300, 121)
genta

1,882,033

47,083
5,774,868
1,433,867

(5,300,121) _|

1,955,697

redo

Total equity

Total liabilities and shareholders’ equity $ 6,871,106 7,158,614


PAGE 6B, WEDNESDAY, FEBRUARY 6, 2008

Grand Bahama Business Outlook
‘will have a number of firsts’

The 10th Annual Grand
Bahama Business Outlook con-
ference will address issues relat-
ing to whether the island’s econ-
omy is poised for take-off, when
this is likely to happen and what
will be needed to achieve this,
when it is held on February 21,
2008, at Our Lucaya.

Organiser Joan Albury, pres-
ident of The Counsellors, said in
a statement that this year’s
event, held under the theme
Investment and Innovation:
Strategies for Grand Bahama’s
Turnaround, will be significant
for a number of reasons.

“Not only are we celebrating
our 10th anniversary in Grand
Bahama but we will have a
number of firsts this year,” she
said. .

First-time speakers will
include Neko Grant, minister
of tourism and aviation; Mike
Murphy, founding director of
the Harcourt Group that
recently purchased the Royal
Oasis; Gregory Moss, president
of the Grand Bahama Cham-
ber of Commerce; Jaime Var-
gas, vice-president of opera-
- tions, South Riding Point Hold-
ings; and Jerry Butler,
Caribbean executive director
for the Inter-American Devel-
opment Bank (IADB).

Vincent Vanderpool-Wal-
lace, the Caribbean Tourism

Organisation’s secretary-gener-
al, will address the Grand
Bahama Business Outlook for
the first time.

The conference will also hear
from Roscoe Dames, founder
and president of Ivory Global
Promotions, and renowned
Bahamian artist and sculptor,
Antonius Roberts.

Mrs Albury said Grand
Bahama’s economy had
appeared to be on the verge of
a boom for many years, but for
some reason has not fulfilled its
potential.

Despite uncertainty over the

- future direction of the Grand

Bahama Port Authority, she
added that new developments,
including the purchase of the
Royal Oasis by the Harcourt
Group, the proposed expansion
of the Freeport Container Port,
and the planned re-branding of
Grand Bahama’s tourism prod-
uct are creating high expecta-
tions for economic growth in
Grand Bahama.

“This year’s Outlook will pro-
vide some insight into the
opportunities that exist, and
some of the innovations and
changes that could help to shift
Grand Bahama into high gear,”
Mrs Albury said.

Also scheduled to speak at
the Grand Bahama Business
Outlook conference are Carey

Wendy Craigg



Leonard, general counsel for
the Grand Bahama Port
Authority; Chris Gray, chief
executive at Freeport Contain-
er Port, Freeport Harbour
Company and Grand Bahama
Airport Company; Wendy
Craigg, Governor of the Cen-
tral Bank of The Bahamas; and
Barry Malcolm, managing
director, Scotiabank, and chair-
man of the Bahamas Maritime
Authority.

The event is sponsored by
British American Financial,
FOCOL, the Grand Bahama
Port Authority and Bank of the
Bahamas International. For
registration and updates on
Grand Bahama Business Out-
look visit www.tcl.events.com.

Freeport Concrete

FROM page 1B

were also off by 2.3 per cent

against 2007 comparatives.
Freeport Concrete’s total

sales fell to $3.747 million for

the 2008 first quarter, compared -

CREDIT SUISSE

to $4.105 million in the 2007
comparative period.

The direct cost of sales,
though, dropped from $2.956
million to $2.722 million. Yet
the company’s gross profit was
down 10.8 per cent at $1.025
million, compared to $1.149 mil-
lion the year before.

The main drivers behind the
16 per cent decline in operat-
ing expenses were a 16.5 per
cent fall in payroll costs to
$522,213, compared to $625,501
last year.

In addition, other operating
costs fell by 26.4 per cent to
$211,934, while there were more

Credit Suisse, Nassau Branch

is presently considering applications for a

SENIOR FACILITIES MANAGER

The position is open to candidates with the following minimum

requirements:

Qualifications:

Minimum of 10 years well rounded property management experience in
an offshore banking environment

Strong management and leadership skills
Well versed in Bahamian building codes
In-depth knowledge of contingency planning and project management
PC Literacy (MS Word, Access, Excel)

Proven track record

Duties

The candidate will be expected to:
Manage on-site Engineering and Security Functions

Manage on-site Reception and Mailroom functions

Manage all maintenance contracts
Facilitate building maintenance
Facilities Management and services activities

Personal Qualities:

Excellent organizational and communication skills

A commitment to service excellence
Ability to work under pressure and with minimum supervision

Benefit.
Competitive salary
Pension Plan

rovided i

I

Health and Life Insurance

APPLICATIONS MUST BE IN WRITING.

Persons not meeting the minimum requirements need not apply.

Applications should be submitted to:
Human Resources Department

P.O. Box N-4928
Nassau, Bahamas

DEADLINE: 15'! FEBRUARY, 2008



Neko erent





THE TRIBUNE

‘halves’ its net loss

modest declines in utilities costs
and rental expense.

However, Freeport Con-
crete’s performance continues
to be hindered by a lack of cap-
ital/cash flow that would enable
it to purchase more inventory
for its Freeport-based Home
Centre store.

Additional bank/debt financ-
ing had beet cut-off due to the
fact that Freeport Concrete is
‘close to its overdraft limit, mean-
ing the company is totally reliant
on cash flow from existing sales
to finance inventory purchases
for the Home Centre.

As a result, the retail outlet
has not been carrying enough
inventory to match the level of
demand for building materials
on Grand Bahama, something
negatively impacting sales and
profitability.

The Freeport Concrete chief
executive again indicated that

the company was mulling tap-
ping the Bahamian capital mar-
kets for some form of addition-
al capital/equity financing,
either through a rights issue or
private placement.

Mr Simpson said: “We con-
tinue to be challenged by the
lack of additional financing to
increase our inventory at the
Home Centre, and because of
this our monthly sales are not
growing to the level we need
them to be at in order to report
significant profitability.

“Our bankers are tolerating
us being outside their covenants
because of the considerable
amount of cash that we are
depositing with them on a daily
basis.

“However, we need addi-
tional working capital in order
to purchase more inventory in
order to increase our sales at
the Home Centre. Unfortu-

BTC returns $1.3m
to cell customers

FROM page 1B

its customers with a small token
gesture that recognised this.

The incident was caused by
a power outage at a cellular sta-
tion that led to the eventual
shutdown of the entire GSM
system. Although the pre-paid
cellular platform, had a back-up
power system, the power surge
disrupted the back-up system
as well.

Yesterday, Mr Johnson said
BTC has taken steps to ensure
the situation is addessed, so the
chance of a similar incident
reoccuring is significantly
reduced. While this could not
be guaranteed, BTC intends to

respond quickly to issues that
affect the quality of cellular ser-
vice.

Cellular and wireless services
account for more than two
thirds of BTC’s profits, and rev-
enue generated from wireless
subscribers continues to grow.

Last year, BTC introduced
GSM cellular services in
Andros, the Berry Islands,
Crooked Island, Eleuthera,
Exuma, Inagua, Long Island,
Ragged Island, Rum Cay and
San Salvador.

In the upcoming months,

BTC will introduce enhanced
features for its cellular cus-
tomers, including data and mul-
ti-media messaging services.

Legal Notice

NOTICE

ELECTRA STARS INC.

Notice is hereby given that in accordance with Section

138 (8) of the International Business Companies Act
2000, the dissolution of ELECTRA STARS INC. has

been completed; a Certificate of Dissolution has been

issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.

(Liquidator)



nately, this is not going to come
from the bank, so we are look-
ing at other ways to raise capi-
tal, possibly through a private
placement or a rights issue.”

A rights issue would involve
issuing additional shares to exist-
ing Freeport Concrete share-
holders to maintain the propor-
tion of shares they held in the
company, but to ensure its suc-
cess it would probably have to be

-underwritten by the largest

shareholder, chairman Hannes

‘Babak, who holds 43 per cent of

the stock.

For the financial statements
for the year to August 31, 2007,
Freeport Concrete’s auditors,
KPMG, while not qualifying
their opinion, noted that the
company’s current liabilities
exceeded current assets by
$1.532 million.

The total amount of the bank
overdraft and loan, which is
owed to FirstCaribbean Inter-
national Bank (Bahamas), stood
at $1.983 million.

As at November 30, 2007,
Freeport Concrete’s current lia-
bilities exceeded current assets
by 1.648 million.

Fleming
ready to
invest $1/2bn
in Freeport
economy

FROM page 1B

buying the Hayward shares.

There has also been specula-
tion that Fleming was fronting
the purchase for Mr Hayward
and ousted GBPA chairman
Hannes Babak.

However, Mr Fleming and
Mr Hayward, who have been
long-time friends for more than
35 years, vehemently denied
this allegation to The Tribune.

“Certainly there is no
fronting going on. They have
an agreement to buy the Hay-
ward trust’s shares,” said Mr
Hayward.

“1 think that was really upset-
ting for the Flemings and us
because the Flemings don’t
have to front for anyone.

“There is s time to move on
and they have deeper pockets
and better connections. When
you think about it, what can the
Haywards and St Georges do
in this day and age? We are big
fish in a small pond, and it is
much better to be small fish in a
big pond.

Fleming believes Grand
Bahama holds the greatest
untapped economic potential of
any destination in the entire
Western Hemisphere.
pres ann nm

wad %y

\

~

- THE TRIBUNE

MMG Bank & Trust Ltd.

Balance Sheet
As of September 30, 2007
(Expressed in United States Dollars)
2007 2006
Assets
Due from banks (Notes 3 and 9)
Non-interest earning deposits $ 22,277,125 §$ 15,114,915
Interest earning deposits 45,664,807: 59,311,458
Total due from banks 67,941,932 74,426,373
Trading securities (Note 4) 370,000 -
Securities available for sale (Note 5) 55,317,125 52,977,713
Securities held to maturity (Note 6) 1,283,709 2,856,805
Loans receivable (Notes 7 and 9) 19,493,005 28,732,663
Accrued interest receivable 16,796 26,603
_ Fumiture and equipment (Note 8) 411,662 284,853
Other assets (Note 9 ) 5,193 307,728
Total assets . $ 144,839,422 $ 159,612,738
Liabilities and Equity
Liabilities
Customers' non- interest bearing deposits (Note 9) $ 20,866,692 $ 33,858,822
_ Customers' interest bearing deposits (Note 9) 110,628,602 + 112,054,434
Other liabilities (Note 9) 193,177 4,731,427
Total liabilities 131,688,471 150,644,683
Equity
Common stock, with a par value $1 per share; »
authorized, issued and outstanding: 5,000,000 5,000,000 5,000,000
Fair value reserve (48,146) . 25,190
Retained earnings 8,199,097 3,942,865
Total equity 13,150,951 8,968,055
Total liabilities and equity $ 144,839,422 $§$ 159,612,738

‘Commitments (Notes 9 and 10)

Signed as appr

d by the Board on December 13, 2007:



Director -

Notes

1. Nature of Operations

(c) Commission Income

MMG Bank & Trust Ltd. (“the Bank”) is a limited liability company established under the ,
Companies Act, 1992 of the Commonwealth of The Bahamas. and is licensed under The
Banks and Trust Companies Regulation Act, 2000 to carry on trust and banking services.
The Bank’s objective is to promote and participate in all kinds of banking, financing and
investing activities from the Commonwealth of The Bahamas.

The Bank is a wholly owned subsidiary of MMG Bank Corporation (the parent company)
which is incorporated in the Republic of Panama and in turn is a wholly owned subsidiary of
MMG Capital Holdings Inc. (the ultimate parent company) which is incorporated in the
Commonwealth of The Bahamas.

The registered office of the Bank is located at First Floor, Shirley House, 50 Shirley Street,
Nassau, Bahamas.

Summary of Significant Accounting Policies

The significant accounting policies applied in the preparation of the balance sheet are set out
below, and have been consistently applied to all years presented, unless otherwise noted.

(a) Basis of Presentation

The balance sheet is prepared in accordance with International Financial Reporting
Standards (IFRS). The balance sheet is prepared under the historical cost convention as
modified by the revaluation of financial assets at fair value through profit or loss and
securities available for sdle.

Preparation of the balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Bank’s accounting policies. The areas involving a higher degree
of judgment or complexity, or areas where assumptions and estimates are significant to
the financial statements are disclosed in Note 15.

Standard, amendments to published standards and interpretations effective January 1,
* 2006

The following amendments and interpretations that are not applicable to the Bank are:

IAS 19 Amendment — Actuarial Gains and Losses, Group Plans and Disclosures;

IAS 21 Amendment - Net Investment in a Foreign Operation;

IAS 39 Amendment — The Fair Value Option;

IAS 39 and IFRS 4 Amendment — Financial Guarantee Contracts;

IAS 39 Amendment - Cash Flow Hedge Accounting of Forecast Intragroup

Transactions;

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
Standards, and IFRS 6 (Amendment), Exploration for and Evaluation of Mineral
Resources; “a

e IFRS 6 - Exploration for and Evaluation of Mineral Resources; —

e IFRIC 4 -— Determining whether.an Arrangement contains a Lease;

e IFRIC 5 — Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and

e IFRIC 6 — Liabilities arising from nee in a Specific Market — Waste

Electrical and Electronic Equipment.

Standards and interpretations issued but not yet effective

The Bank has chosen not to early adopt the following standard and interpretations that
were issued but not yet effective for accounting periods beginning on or after January 1,
2007: ,

IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1,
Presentation of Financial Statements — Capital Disclosures (effective from January 1,
2007). IFRS 7 introduces new disclosures to improve qualitative and quantitative
information about exposure to risks arising from financial instruments. It replaces LAS
30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions,

and disclosure requirements in IAS 32, Financial Instruments: Disclosure and
Presentation.

(b) Interest Income and Expense

Interest income and expense are recognized in the income statement for all interest bearing
instruments under the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial liability. When calculating the effective interest rate, the Bank estimates cash
flows considering all contractual terms of the financial instrument but does not consider
future credit losses.

Commissions are generally recognized in the income statement on the accrual basis.
However, loan origination fees are deferred and recognized as an adjustment to the
effective yield on the loan.

(d) Financial Assets

The financial assets are classified in the following four categories: financial assets at fair
value through profit or loss; loans receivable; held to maturity investments and available

for sale financial assets. Management determines the classification of its investments at
their initial recognition.

WEDNESDAY, FEBRUARY 6, 2008, PAGE 7B

a

Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading and those
designated at fair value through profit or loss at inception. A financial asset is classified in
this category if acquired principally for the purpose of selling in the short term or if so
designated by management. t

. Loans receivable
Loans receivable are non derivative financial assets with fixed or deterrninable payments

that are not quoted in an active market, They arise when the Bank provides mon cy, goods
or services directly to a debtor with no intention of trading the receivable.

Held to maturity

Held to maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturities that the Bank’s management has the positive
intention and ability to hold to maturity. If the Bank were to sell other than an

insignificant amount of held to maturity assets, the entire category would be reclassified
as available for sale.

Available for sale
Available for sale investments are those intended to be held for an indefinite aes of

time, which may be sold in response to needs for liquidity or changes in interest rate:
exchange rates or equity prices.

Purchases and sales of financial assets at fair value through profit or loss, held to maturity
and available for sale are recognized at the trade date, which is the date the Bank commits

to purchase or sell the asset. Loans are recognized when cash is advanced to the
borrowers.

Financial assets are initially recognized at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognized
when the rights to receive cash flows from the financial assets have expired or when the
Bank has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss and available for sale financial assets
are subsequently carried at fair value. Loans receivable and held to maturity investments
are carried at amortized cost using the effective interest method. Gains and losses arising
from changes in the fair value of the financial assets at fair value through profit or loss
category are included in the income statement in the period in which they arise. Gains and
losses arising from changes in the fair value of available for sale financial assets are
recognized directly in equity, until the financial asset is derecognized or impaired at
which time the cumulative gain or loss previously recognized in equity should be
recognized in the results of the period. However, interest calculated using the effective
interest method is recognized in the income statement. .Dividends on available for sale
equity instruments are recognized in the income statement when the entity’s right to
receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If
the market for a financial asset is not active (and for unlisted securities), it establishes fair
value by using valuation techniques, that include the use of recent arm’s length
transactions, discounted cash flow analysis and other valuation techniques commonly
used by market participants. Equity securities for which fair values cannot be measured
reliably are recognized at cost less impairment.

(e) Impairment of Financial Assets

(f)

’ Office equipment

Assets carried at amortized cost
At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or group of financial assets carried at amortized cost is impaired. A
financial asset or a group of financial assets is impaired and impairment losses are
incurred if, and only if, there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset (a “loss event”) and that
loss event (or events) has an impact on the estimated future cash flows of the financial

’ asset or group of financial assets that can be reliably estimated. Objective evidence that a

financial asset or group of assets is impaired includes observable data that comes to the
attention of the Bank about the following loss events:

e significant financial difficulty of the issuer or obligor;

e a breach of contract, such as a default or delinquency in interest or principal
payments;

e granting to the borrower, for economic or legal reasons relating to the borrowe er’s
financial difficulty, a concession that the Tender would Dor otherwise consider; oo.

e it becoming probable that the borrower will enter bankruptcy or other financial
reorganization;

e the disappearance of an active market for that financial asset because of financial
drfficulties; or ;

e observable data indicating that there is a measurable decrease ‘in the estimated future
cash flows from a group of financial assets since the initial recognition of those
assets, although the decrease cannot yet be identified with the individual financiâ„¢!
assets in the Bank.

The Bank assesses whether dbjective evidence of impairment exists individually for
financial assets that are individually significant, and collectively for financial assets that
are not individually significant. If it determines that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, it includes
the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for
impairment and for which an impairment loss is or continues to be recognized are not
included in a collective assessment of impairment.

When a loan is uncollectible, it is written off against the related provision for loan
impairment. Such loans are written-off when all the necessary procedures have been
completed and the amount of the loss has been determined.

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 loss is reversed by
adjusting the reserve account. The amount of the reversal is recognized in the income

statement. ,

Assets carried at fair value

At each balance sheet date, the Bank assesses whether there is objective evidence that a
financial asset or a group of financial assets is impaired. In the case of equity investments
classified as available for sale, a significant or prolonged decline in the fair value of the
security below its cost is considered in determining whether the assets are impaired. If any
such evidence exists for available for sale financial assets, the cumulative loss measured
as the difference between the acquisition cost and the current fair value, less any
impairment loss on that financial asset previously recognized in profit or loss is removed
from equity and recognized in the income statement. Impairment losses recognized in the
income statement on equity instruments are not reversed through the income statement. I,
in a subsequent period, the fair value of a debt instrument classified as available for sal
increases and the increase can be objectively related to an event occurring after the
impairment loss was recognized in profit or loss, the i ayaa loss is reversed through
the income statement.

Furniture and Equipment
Furniture and equipment are stated at cost less accumulated depreciation. Major renewals
are capitalized, while other minor replacements and maintenance which do not increase

its useful life or yeaa me asset are ao to Si aie as incurred. ae mano is

10 years
5 years

Software

(g) Translation of Foreign Currencies

Items included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates (“the functional currency”). The
financial statements are presented in United States dollars, which is the Bank’s functional
and presentation currency. Monetary assets and liabilities in currencies other than the
United States dollar are translated at rates of exchange prevailing at the year-end. Income
and expenses in currencies other than the United States, dollar are translated at rates of
exchange existing at the dates of the transactions. Foreign exchange gains and
resulting from the settlement of such transactions and from the translation at year-end
rates of monetary assets and liabilities denominated in foreign currencies are recognived
in the income statement. .

losse Ss

(h) Fiduciary Accounts and Assets wader Administration

No account is taken in the balance sheet of fiduciary accounts or assets and liabilities of
clients administered by the Bank, other than those assets and liabilities which relate to the
banking services provided.

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PAGE 8B, WEDNESDAY. FEBRUARY 6, 2008 | . THE TRIBUNE

3. Due from Banks 8. Furniture and Equipment

Due from banks are detailed as follows: Furniture and equipment comprise:





2007 2006 Office
on , ‘ Furniture & | Computer
. : 15,114,915 Equipment Equipment Total
Non-interest earning deposits . ‘ $ 22,277,125 $ Year ended September 30, 2007 :
Interest earning deposits, with original 26,920,444 23,285,663 ‘
contractual maturities of 3 months or less eee Opening net book value $ 1,546 $ 283,307 $ 284,853
5; . $49,197,562 $38,400,578 . Additions - 221,544 ,.221,544
Depreciation charge (625) (94,110) (94,735)
Due from banks may be categorized based on the Standard & Poor’s (S&P) credit rating — .
of the holders, as follows: eraing ne book vane
At September 30, 2007
2007 2006
Non-interest earning deposits Cost a) 8,164 $ 794,902 $ 803,066
Banks with S&P rating “A” or better $ 21,286,420 $ 13,622,295 Accumulated depreciation —___(7,243) 384,161 391,404
Banks with S&P rating between “A-” and “BBB-” 200,280 43,978
Banks with S&P rating below “BBB-” 790,425 1,448,642 ; Net book value $921 $410,741 &_411,662
$_22,277,125 $_15,114,915 a SE nanan St aS
4 . . : - Cost S$ 8,164 $ 573,358 $ 581,522
Interest earning deposits, with original A latedia ‘afi ( ; ) ( . ) ( ; )
contractual maturity of three months or less . ESSN S618 220.051 236.669
Banks with S&P rating “A” or better $ 21,893,069 $ 12,148,101 . Net book value $ 1546 § 283,307 $ 284,853

Banks with S&P rating between “A-” and “BBB-”
Banks S&P rating below “BBB-”

oe 800,000
5,027,375 -__ 10,337,562 ,

9. Balances with Related Parties
$_26,920.444 $_ 23,285,663 .

Related parties comprise the ultimate parent company and its subsidiaries, the directors and
$49,197,569 $ 38,400,578 key management personnel of the Bank. As of September 30, 2007 and for the year then

ended the Bank had the following significant balances and transactions with related parties:

4. Trading Securities ,







2007 2006

Trading securities are described as follows: A

2007 2006 , Assets ;

At fair value (listed) Due from banks &__9,099,797 $17,576,908
Debt securities - with S&P rating “A” or better $ 220,000 $ - :
Structured notes - not rated 150,000 - Earans seoevable E02 12.0197

Other assets &___ 2,680 § 268
$__370,000 fs -
. . oo, . Liabilities

The movement in trading securities is summarized as follows:

Customers’ deposits & 14,871.07] $21,323,731
2007 2006 :
as Other liabiliti &__77,692 § 63,649

Balance at beginning of year $ - § - oe a

Purchase ; 370,000 oe ae. Commitments . $2,124,520 $ 494 894

Balance at end of year £270.00 §_____ Year ended September 30

: . ; 2007 2006
5. Securities Available for Sale , 10. Off-Balance Sheet Credit Risk Financial Instruments
Securities available for sale are described as follows: wo, a : Pee
The Bank maintains financial instruments with off-balance sheet risk, that arise in the normal
_ 2007 2006 a . course of business and which involve elements of credit and liquidity risks. Such financial
Se instruments include credit commitments for $2,143,825 (2006: $1,755,076).
At fair value (listed)
Institutional cash funds - S&P rating AAA $ 27,037,074 $22,156,241 Credit commitments are contracts where the Bank agrees to lend to a customer when certain
Republic of Panama Treasury Notes "a 497,553 conditions are satisfied. These commitments are for an average maturity of twelve months
U.S.A. Treasury Notes = 1,503,042 “y. and are mainly used for disbursements of lines of credit.
Debt securities with S&P rating “A” or better 25,908,540 23,249,148
Debt securities with S&P rating between “A-” and ’ The policies and procedures of the Bank for approving credit commitments are the same as
“BBB-” ; 728,130 3,309,217 those used in granting loans receivable recorded in the balance sheet.
Debt securities with S&P rating below “BBB-” 1,499,088 1,990,169 .
Equity securities - no rating 144,293 272,343 As of September 30, 2007 credit commitments were collateralized by the following:
$55,317,125 $52,972.73 © 2007 ~ 2006
hes ciple » alan 4s . ‘ 4% . 100%
. oy: : oe ized as follows: Customers’ time deposits ;
The movement in securities available for sale is summariz ; Guarantee letter issued by banks with |
2007 2006 S&P rating “A” or better 52% -
; ° : / Investment portfolio 42% >

Balance at beginning of year $ 52,977,713 $ 6,064,491 Mortgage and others 2% —

Purchases 94,892,053 $1,396,813

Sales and redemptions (92,479,305) (4,508,781) 100% 100%

Net change in fair value 73,336) _ 25,190

The Bank does not anticipate any loss arising from these transactions.

Balance at end of year £.95,317.125 $52,977,713

6. Securities Held to Maturity 11. Income Taxes

Securities held to maturity are summarized as follows: The Bank is not subject to income tax in The Bahamas.
2007 2006
Debt securities- with S&P rating “A” or better $ 1,150,000 $ 2,421,503 12. Financial Risk Management
Debt securities- with S&P rating between .
Ae" and "BEB" 50,164 96,000 (a) Strategy in Using Financial Instruments i)
Debt securities with S&P rating below “BBB-" $3,545 __339.302 By its nature, the Bank’s activities principally relate to the use of financial instruments,
$1,283,709 through accepting deposits from customers with both fixed and floating rates. The Soak
22,850,805 seeks to earn above average interest margins by investing these funds in high quality
. assets. In addition, the Bank seeks to increase these margins by consolidating short-term
ie AY ae Anh Ser ice Het to) anny 15 Sumner aee Oe POS: liabilities and lending for longer periods at higher rates while maintaining sufficient
liquidity to meet all claims that might fall due.
2007 2006 .
. (b) Fiduciary Risk et , . fail i
ginnin 6,805 3,641,447 The Bank is susceptible to fiduciary risk, which is the risk that the Bank may fail in
ede mee os aes . _—_ - : 955,052 carrying out aii in accordance with the wishes of its clients. To mitigate this risk,
ee ( 096) (1,739,694) the Bank takes a very conservative approach in its undertakings. High risk instruments
Redemptions 13573 ‘are not considered attractive vehicles and are not invested in unless the Bank is
: specifically advised to do so by its clients and covered by an indemnity agreement.
Balance at end of year $21,283,709 $2,856,805
c) Credit Risk . .
. The Bank has exposure to credit risk, which is the risk that a counterparty will be unable
: , to pay amounts in full when due. The Bank structures the levels of credit risk it
7. Loans Receivable undertakes by placing limits on the amount of risk accepted in relation to one borrower
or group of borrowers and to geographical segments. Such risks are monitored on a
Loans receivable are summarized as follows: revolving basis and subject to frequent reviews. The financial assets that are ca conta
2007 2006 credit risk are interest earning deposits, loans receivable and investment activities tl
bring debt securities and other bills into the Bank’s asset ee ng of AP ae
inly placed with financial institutions with an S&P rating 0
Commercial $ 19,299,619 $27,757,577 a ae
Mortgage - 950,000 .
Overdraft ___193,386 _ 25,086 Exposure to credit risk is managed through regular analysis of the ability of borrowers
, and potential borrowers to meet interest and das repayment pba reseed raed
$19,493,005 $28,732,663 changing these lending limits where appropriate. Exposure to c risk i
managed in part by obtaining collateral from the borrower.
As of September 30, 2007, 92% (2006: 80%) of the loans were fully collateralized by Set out below is the Bank’s maximum exposure to credit risk as of September 30, 2007
customers’ deposits placed with the Bank. . m before collateral held or other credit enhancements. , .
The movement in the provision for loan loss is as follows:
2007 2006 Masinura cpommre
2007 2006
. / Credit risk exposures relating to on-balance sheet assets are as follows:
‘ Balance at beginning of year $ - § 24,335 Due from Banks .
Release of provision ee 24,335 - With S&P rating of “A” or better $57,220,252 $49,232,891
, - With S&P rating between “A-” and “BBB-” 708,394 1,344,978
. - - With S&P rating below “BBB-” 10,013,286 23,848,504
Balance at end of year & g . : Pipa
i j i i i - Debt securities with S&P rating of “A” or bette: : 54,310,493 49,128,987
During the year, a commercial loan portfolio amounting to $19,761,700 was sold without cDebedceu? ak cae es cee r sign ak ayaa
recourse to a related party at book value (principal plus interest). As part of the agreement, - Debt securities with S&P rating below “BBB-” 1,882,047 2,932,935
the Bank will earn commissions for continuing to service the loans on behalf of the buyer. ; Loans Receivable
The loans are fully collateralized by deposits placed with the Bank. . - Loans receivable collateralized by customers’ deposits 17,933,564 22,986,130
| | | | - Other loans receivable 1,559,441 5,746,533
6 | : Accrued Interest 16,796 26,603
|
| | Credit risk exposures relating to off-balance shect assets are as follows:
| . + Commitments 2,143,825 1,755,076
| * September 30 £146,566.392 $10,775,233
| | | |
I,

|
| |
|

mane . \ \




















|| |
12, Financial Risk Manngedent (coutinaed) | | Me Critical Accounting Estimates and Judgments |
ee | The Bank makes estimates and assumptions that affect the reported amounts of assets and
The table below summarizes the geographical distribution of the Bank’s maximum ' liabilities within the next financial year, Estimates and judgments are continually evaluated
exposure to credit risk as of September 30, 2007, and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances, :
——_______-September 30,2007 oe a
(a) Impairment Loss on Loans Receivable oF
a
‘ Assets Comminneny 7 The Bank reviews its loan portfolio to assess impairment at least on a quarterly basis. In
Panama $ 20,554,664 $ 2,143,825 $ 22,698,489 determining whether an impairment loss should be recorded in the income statement, the
Europe 72,971,352 - 72,971,352 Bank makes judgments as to whether there is any observable data indicating that there is a
Bahamas fh eas ARSE : ' aioe measurable decrease in the estimated future cash flows from a portfolio of loans before
¢ a a an and Caribbean 3'246°687 " 3° 34 a 687 the decrease can be identified with an individual loan in that portfolio, This evidence may
Nort America eee : wey include observable data indicating that there has been an adverse change in the payment 5
. 48.16.7602 = _____—= status of borrowers in a group, or national or local economic conditions that correlate with —_|
$ 144,422,567 $2,143,825 $146,566,392 defaults on assets in the Bank, Management uses estimates based on historical loss __
: experience for assets with credit risk characteristics and objective evidence of impairment
similar to those in the portfolio when scheduling its future cash flows, The methodology
‘ ——__—__—_—September 30, 2006 ' and assumptions used for estimating both the amount and timing of future cash flows are
Assets Commitments reviewed regularly to reduce any differences between loss estimates and actual loss
Totsi: . . : 7 experience, :
Pyhama $ 42,407,637 $ 1,755,076 $ 44,162,713 b) Impairment of Available for Sale Investments
Burope 59,618,862 7 gets The Bank determines that available for sale investments are impaired when there has been
Central Amesios and Caribbean 1,05 4 632 i 1,05 4,632 a significant and prolonged decline in the fair value below its cost. This determination of
South Atmeniga 3/858,303 ss 3,858,303 what is significant and prolonged requires judgment, In making this judgment, the Bank
North America 57,104,893 ~__ 57,104,893 evaluates among other factors, thé normal volatility in share price, In addition,
“ impairment may be appropriate when there is evidence of deterioration in the financial
$159,020.57 $71,755,076 $160,775,233 health of the investee, industry and sector performance, changes in technology and
(4) Interest Rate Risk operating and financing cash flows,
’ The Bank is exposed to risks associated with the effects of market fluctuations on — ;
interest rates, Cash flow interest rate risk is the risk that the future cash flows of a (c) Held to Maturity Investments . .
financial instrument will fluctuate because of changes in market interest rates, Fair value The Bank follows the guidance of LAS 39 on classifying non-derivative financial assets
integest rate risk is the risk that the value of a financial instrument will fluctuate because with determinable payments and fixed maturities as held to maturity, This classification
of changes in market interest rates, The Board of Directors sets limits on the level of requires significant judgment, In making this judgment, the Bank cvaluates its intention
mismatch of interest rate re-pricing that may be undertaken which is monitored bi- and ability to hold such investments to maturity. If the Bank fails to keep these
monthly by the Asset Liability Committee, The table below summarizes the Bank's " , SnvSspnents to maturity other than for the specific siroumstances = for example, selling an
exposure to the interest rate risks, It includes assets and liabilities classified by the earlier ' insignificant amount close to maturity — it will be required to reclassify the entire class.as
of contractual re-pricing or maturity dates, - available for sale, The investments would therefore be measured at fair value not
amortized cost. .
errr OT 3 20 V1
Non
Sk ct Cuaree Gene ae PRICEWATERHOUsE(COPERS
yma $ 49,261,113 $ 14,090,190 $ 4,467,031 § + §$ 123,598 § 67,941,032 ——
Securities ’ 37,543,533 > 7,151,019 3,947,151 6,772,939 1,556,192 $6,970,834 ;
- Loans receivable 6,891,617 5,038,773 2,187,376 5,147,179 288,060 19,493,005 PrietwaierbessyCeepers
Other assets ———4670 __586 > 2.498 __41h 897 _433,65) Providence House
Total assets $93200033 L26280568 LOST Lies Laisa. Masao, Sp ib sade
Labilides : : ‘ nares www.pwe.com
Customers! depos $92,710,192 $ 10,581,640 $ G.840,071 § 1,561,307 § 17,842,164 §131495294 INDEPENDENT AUDITORS’ REPORT Esa pred pwc con
. sags “ iC uu 688 471 e rn
ae eS ee a To the Shareholders of MMG Bank & Trust Ltd, peene Gh) eer
Now We have audited the accompanying balance sheet of MMG Bank & Trust Ltd. as of 31
0-3 3-6 6-13 Over 1 Taterest September 2007 and a summary of significant accounting policies and other explanatory notes.
Due from banks $ 23,203,288 $ 30,266,111 $ $,032,640 $ 727,044 $ 15,197,290 § 74,426,373 Management's Responsibility for the Financial Statements
Securities 17,611,981 6,771,871 «2,268,777 «5,573,922 23,607,967 55,834,518
Loans receivable 1,004,976 10,123,947 «9,764,571 7,829,886 9,283 28,732,663 .
Other assets $152 A191 13,943 ___180,756 ___418.142 ___ 619,184 Management is responsible for the preparation and fair presentation of this balance sheet in
Total assets RALB2SI072 S4L16120 S12072.03) SI4ILLGO8 S22i2682 sLi26122i8 accordance with International Financial Reporting Standards. This responsibility includes:
- Lisbilides designing, implementing and maintaining internal control relevant to the preparation and fair
* Customers’ deposits $ 38,005,598 $ 46,010,843 $ 21,221,465 $ 6,513,998 $ 34,161,352 $145,913,256 presentation of financial statements that are free from material misstatement, whether due to
ia Gs LM LL Goin ean Asnst4.68 fraud or error; selecting and applying appropriate accounting policies; and making accounting
: : estimates that are reasonable in the circumstances.
The following are the effective rates collected and paid by the Bank as of September 30,
2007: Auditors i Responsibility
. 2007 2006 Our responsibility is to express an opinion on this balance sheet based on our audit. We
Weare . conducted our audit in accordance with International Standards on Auditing. Those standards
Dile.from banks: 6.06% 5,89% _ require that we comply with ethical requirements and plan and perform the audit to obtain
Gédurities : 1.33% 3.45% reasonable assurance whether the balance sheét 7g free from miterial misstatement.
Lofas receivable* 7.14% 7.05% ,
as An audit involves performing procedures to obtain audit evidence about the amounts and
Liabihties disclosures in the ftmancial statements. The procedures selected depend on the auditors’
Customers’ daiagajts 5.23% 5.66% ; judgment, including the assessment of the risks of material misstatement of the financial
x 2 \ statements, whether due to fraud or error, In making those risk assessments, the auditors consider
(e) Liquidity Risk : internal contro] relevant to’ the entity’s preparation and fair presentation of the financial
- Liquidity risk is the risk that the Bank will be unable to fulfill all of its financial statements in order to design audit procedures that are appropriate in the circumstances, but not
obligations when they fall due and to replace funds when they are withdrawn. The Bank for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
mitigates this risk by setting limits on the minimum proportion of funds available in audit also includes evaluating the appropriateness of accounting policies used and the
highly liquid instruments and establishing inter-bank and other borrowing facilities. reasonableness of accounting estimates made by management, as well as evaluating the overall

. presentation of the financial statements.
The matching and controlled mismatching of the maturities and interest rates of assets

and liabilities is fundamental to the administration of the Bank, It is unusual for the Bank We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
to. completely matched since business transacted is often for uncertain terms, An basis for our audit opinion,
unmatched position potentially enhances profitability, but also increases liquidity risk. Opini

nton
The maturities of assets and liabilities and the ability to replace, at an acceptable cost, ' ; : 5 oo,
interest-bearing liabilities as they mature, are important factors in assessing the liquidity In our opinion, the accompanying balance sheet presents fairly, in all material respects, the
of the Bank and its exposure to changes in interest rates and foreign exchange rates. financial position of MMG Bank & Trust Ltd. as of 30 September 2007, in accordance with

International Financial Reporting Standards,

The maturity of assets and liabilities, based on the remaining period at the balance sheet
date to the contractual maturity date, is as follows;



















» : ;
Without 0-3 3-6 6-12 Over 1 : Chartered Accountants
Assets Mauri Manta. Mania Mant Ysa ee ia December 13, 2007
125 $ 27,107,586 ' $ 14,090,190 $ 4,467,031 $ . 1941;
ee sree iz) aaSsSpD | TASTOIS - SOMTISI » 6;772,999 $6970,834 Nassau, Bahamas
Loans receivable 258,060 6,891,617 5,038,773 «2,157,376 5,147,179 19,493,005 i ee
Other assets ——_—1235 4,670 ______586 5 ee AZLIG0 ~__ 433,651
Total assets §£.53.407.547 $42,238.47 $26,280,568 SOS7L558 Saddle7s i144.839.422
Liabilities : 1
Customers’ di its $ 21,169,884 $§ 89,382,492 $ 10,551,640 $ 8,849,971 $ 1,541,307 $131,495,294
Other lisbilitiea ——_193.177 a : f s— La Want to sell your
Total liabilities S.21363.06 S.A2382402 SLOSSL640 §f840.071 SLS4L102 S111.688.471 house, condo or
Commitments i SeeeDEBO2 Seeererrmenens Sede ZQOLS Seeweemniors ne dali 825 9
Net liquidity gap $32,044,486 S(4Z717.830) S15728928 SecbtbdZ, SehOZ22221 *SLL007.125 rent your apartments $
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e e
= advertise In
Without 0-3 3>6 6-12 Over) ’ ;
Maturity. _ Months . Months . —Montha . Year. __Total__
or sain $ 15,197,290 $ 23,203,288 $ 30,266,111 $ “$032,640 $ 727,044 $ 74,426,373 :
Securities 23,607,967 17,611,981 6,771,871 2,268,777 5,573,922 55,834,518
Loans receivable 9,283 1,004,976 10,123,947 9,764,571 7,829,886 28,732,663 Ce a
Other assets 418.142 6.152 __L191 13,943 180.786 ___619.184 ® 9
Total assets $39,232,682 $41,825,397, $.42,163120 $17,079.93. SilddbLGO8 SL52612.238 e l une S
prevdaal deposits $ 34,161,352 $ 38,005,598 $ 46,010,843 § 21,221,465 $ 6,513,998 $145,913,256 : e
Pen ee Real Estate Guide
Total liabilities £.38,892.779 $38,005,598 $46.010,843 §.21,221465 §6.513098 S150,644.683 ‘ :
Commimanis S$ 20m SA Ls every Monday.
Net liquidity gap §_332.903 $3,796,799 § 1.065089 $(5,786.422) $_L7292.610 § 212.272

, 13. Fair Value of Financial Instruments Info must be in by wednesday

at 5pm.

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

14, Fiduciary Activities

call us at

502-2356

The Bank provides asset management and custodial services for customers, As of September
30, 2007, the value of assets under administration amounted to’ $127,308,053
(2006: $96,566,467), The Bank does not anticipate any loss as a result of the services
provided. ,
*

PAGE 10B, WEDNESDAY, FEBRUARY 6, 2008 - THE TRIBUNE BUSINESS



xecutive Aircraft Charters

UR KEW NUMBERS!!!
377-1618

- 327-8636

EMAIL:
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