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




Volume: 104 No.87



ri

Fin hove’ tt. |

83F |
72F |

© SUN AND
“gy ESTORM



Emap

Review the
meatal
Measures Act

Writ filed by two
companies against
Pleasant Bridgewater

SENATOR Pleasant Bridge-
water is being sued by two com-
panies for $650,000 USD plus
interest, for funds entrusted to
her care, which the plaintiffs claim
she has not yet returned after
numerous requests.

The writ was filed in the
Supreme Court on Friday by
Northern Oceanic Research &
Technology Holdings Ltd and
Blue Hole Expedition, LLC,
which trades as Deep 6 Expedi-
tion. Bridgewater & Co is named
as the first defendant and Ms
Bridgewater personally is named
as the second defendant in the
action. The plaintiffs are repre-
sented by Bostwick and Bostwick.

The action claims that on
March 14, 2007, Blue Hole Expe-
dition, LLC wired $2 million
USD to an escrow account estab-
lished with Bridgewater & Co for
the benefit of the plaintiffs. The

Pleasant Bridgewater



firm was said to have acknowl-
edged receipt of the funds on or
about March 26th last year.

SEE page 11

Senator testifies in
election court case

@ By NATARIO McKENZIE

THE Marco City election court case continued yesterday with PLP
Senator Pleasant Bridgewater testifying against several voters who
she is challenging as well as in defense of a number of voters whom

FNM MP Zhivargo Laing is claiming were not ordinarily resident in the

constituency.

Before Ms Bridgewater took the witness stand yesterday, Fred
Smith, attorney for Mr Laing, reminded the court that there were a
number of persons who Mr Laing — the first respondent — would not
be offering any evidence against. Mr Smith told the court that there

were 48 persons on that list.

When Ms Bridgewater took the witness stand, she testified against
seven persons who she claims were not ordinarily resident in the Mar-

SEE page 11

i; Qn Carmiciae Rd:





Get the door.
‘Its Domino's



INAS Wont ww AX



» Lhe Tribune



BAHAMAS EDITION



Tribune Staff Reporter
bdean@tribunemedia.net

LORETTA BUTLER-TURN-

’ ER has rejected the suggestion she

attributed to some in the opposi-
tion, that the government was not
spending money on the poor in
order to show a budget surplus.

“Tam aware of comments that
were made in this place implying
that funds earmarked to assist the
poor and needy might have been
withheld for the purpose of having a
surplus at the end of the first six
moths of the fiscal year,” she said
yesterday in the House of Assembly.
“First of all, let me tell you, Mr
Speaker, if I may, let me assure the
other side, they’re talking absolute
rubbish.”

The minister said that she comes
from a family who has dedicated
much to public service and she
would not withhold funds to the

SDAY, MARCH 4, 2008

Butler-Turner rejects claim govt is
not spending money on the poor

@ By BRENT DEAN

=USA TODAY

Moy VNC MOLL em MU AN sla



needy at a time when she is in polit-
ical office and is charged with assist-
ing these people.

Mrs Butler-Turner and former
Minister of Social Services Melanie

SEE page 11



x



Felipé Major/Tribune staff

ait PR ae we
POLICE remove the body from
the scene on Shirley Street

@ By PAUL G
TURNQUEST
Tribune Staff Reporter
pturnquest@tribuemedia.net

THE body of an unidentified
dark male was discovered behind
a wall on Shirley Street yester-
day, just opposite the corner to
Buen Retiro Road.

Officers at the scene suspect
that the male, who was barefoot
but dressed in a white T-shirt,
and grey trousers, was picking
sapodillas high in the tree when a
branch broke and he plummeted
nearly 40 feet to the ground. It is
unknown if his death was instan-
taneous.

Chief Inspector Rodney
Smith, who is in charge of the
Central Division Detective Unit,
said it is too soon to put a possi-
ble time of death at this time as
rigor mortis has already set in.
Mr Smith described the man as
being about five feet, ten inches
tall, and of slim build.

A search of the man’s pockets
revealed two lighters, and a list of
small items. No wallet or identi-
fication was found.

Blocking off Shirley Street at

SEE page 11

Phone! (242) 304-3802

(2 stotey yellow building upstairs

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Friday - a 10:00am -8: oopm









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Signatare Styles)








‘Critical
period’ for
recovery of
oil tanker

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE recovery of the Ficus
tanker entered a “critical period”
yesterday, according to a Shell
representative, as salvagers began
offloading oil products to lighten
the vessel so that by high tide on
Wednesday morning it can be
“floated off” the reef where it is
grounded.

This comes as Minister of
Labour and Maritime Affairs
Dion Foulkes told the media yes-
terday that the government will
wait for the recommendations of
the Bahamas Environment Sci-
ence and Technology Commis-
sion (BEST) before determining
what compensation may be in
order on Shell’s part for damage
to the reef around Goulding’s
Cay, off Lyford Cay, where the
tanker has remained since last

SEE page 11

Crime, cost
of living on
agenda at
CARICOM

meetings

@ By KARIN HERIG :
Tribune Staff Reporter
kherig@tribunemedia.net

CRIME issues, the rising cost
of living and the controversial new
Economic Partnership Agreement
with the European Union are
among the topics on the agenda
as the Bahamas this week hosts
three CARICOM meetings.

Foreign officials and dignitaries
began arriving in Nassau yester-
day to attend two CARICOM
ministerial meetings and one
Heads of Government conference.

The Council for Trade and Eco-
nomic Development (COTED)
and the Councii for Finance and
Planning (COFAP) will be held
on Wednesday and Thursday
respectively. The 19th inter-ses-
sional meeting of the CARICOM
Heads of Government, chaired by
Prime Minister Hubert Ingraham,
will be held on Friday and Satur-

SEE page 11

=) FIDELITY |

More than a Bank

t 356.7764







PAGE 2, TUESDAY, MARCH 4, 2008

THE TRIBUNE



LOCAL NEWS



Se RD aie 4

INFORMATION TO BE GATHERED ON FORMAL BUSINESSES

Ambitious economic census
to focus on The Bahamas

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE Bahamas is set to be the
subject of a landmark eco-
nomic census of such propor-
tions that it will be the most
ambitious ever to be under-
taken in the region, according
to the Department of Statis-
tics.

After two to three years of



“Persons want to know what’s
happening in a particular
sector. They want to know
what type of businesses we
have, the average number of
employees, they would like to

sition of capital goods and
commodities, and other per-
tinent questions in order that
the department can “fill in the
gaps” in their statistical data.

“We’re the collecting
agency for the government as
far as statistical information
is concerned.

“We have to go to interna-
tional conferences (and)
there’s information that they
ask us for which we do not



planning, the department is Know what is the average

set to embark on the exercise,

JUSTICE Blackman with avai Arthur Hanna.
THE Cabinet Office has announced the appointment of | which will seek to obtain EXpense in a particular field.”

have, because as a society we
do not like to give out infor-
mation — we like to get infor-
mation, but we do not like to
aa give information,” said Ms
Kaj ana Rolle Rolle, adding that the depart-
ment hopes for a positive
response from the business
community.

Christopher Blackman as a resident Justice of the Court of | information never before

Appeal of the Bahamas with effect from March 1. known about all formal busi-
Justice Blackman’s appointment was made under Article 99 | nesses in the Bahamas.

of the Bahamas Independence Order (Constitution). “We want to know how
He joins justices Dame Joan Sawyer (president), M G Gan- healthy our economy really

patsingh, Emmanuel E Osadebay and Hartman Longley on | js,” said department employee

the Court of Appeal bench. (



-

. . ] She said the decision to car-
Kijana Rolle. “That’s one ry out the exercise came as a

Mr Justice Blackman was born in 1944 and is a citizen of | thing that our population cen-

Barbados.

He was admitted as a solicitor of the Supreme Court of Bar-
bados in 1970. He became a partner in the law firm of Car-
rington and Sealy in eee and in 1987 was appointed Queen’s

Counsel.

Justice Blackman acted as a judge of the High Court of Bar-
bados on a number of occasions between November 1996 and

November 2000.

From April 2001 to May 2003, he was a judge of the Supreme
Court of Belize. In June 2003, he was appointed a judge’ of the

High Court of Barbados.

Prior to assuming judicial office, Justice Blackman was active
in the corporate community life of Barbados.

He served as an independent member of the Senate of Bar-
bados from 1986 to 1990 and as president of the Barbados Bar
Association from 1983 to 1986.

Justice Blackman also served as chairman of the Caribbean
Council of Legal Education from 1985 to 1992 and chairman of
the Police Service Commission from December 1996 to April

2001.



sus tells us — it gives govern-
ment and other persons the
ability to plan. We want to do
that same thing from the busi-
ness aspect.”

The department is currently
seeking and training close to
100 additional employees to
beef up manpower for the
massive undertaking, which is
set to begin April 7, and con-
tinue until September.

According to Ms Rolle, an
assistant supervisor in the
business establishment sec-
tion, the department is “the
first in the (Caribbean)
region” to attempt to gather
data about all sectors in ‘one
shot’ — over only a few
months.

ALL YOUR DECORATING —

ices On The Island”

result of “a combination of
public requests”, the depart-
ment’s need to meet interna-
tional standards and the desire
to “move the country forward
economically.”

Potential foreign investors
as well as Bahamians put in
requests to the department for
information about the state of
certain sectors of the economy
“all the time,” she said.

“Persons want to know
what’s happening in a partic-
ular sector.

“They want to know what
type of businesses we have,
the average number of
employees, they would like to
know what is the average
expense in a particular field, »
said Ms Rolle.





Zhivargo Laing

While the department car-
ries out a yearly survey,
involving a representative
sample of Bahamian busi-
nesse$§ in various sectors, this
will be the first exercise seek-
ing data from all businesses.

“This year we’re trying to
get everybody — the ‘mom n’
pop’ shops as well as the big-
ger entities,” she said.

Businesses across the entire
Bahamas will be asked how
many people they employ,
their revenue, expenses, acqui-

“It’s going to be a very pow-
erful tool both for the investor
and persons already in busi-
ness to see how other busi-
nesses are doing in their sec-
tor.”

The census will be based
around the International Stan-
dard for Industrial Classifica-
tion of all economic activities
(ISIC) to ensure that collated
data is relevant abroad.

The new information which
the department hopes to gath-
er will also help the country
“stay on target” in relation to
other nations in terms of eco-
nomic indicators.

“There are so many other
terms as opposed to just doing
the GDP (gross domestic
product) or the GNP (gross
national product),” she said.

Last year, Minister of State
for Finance Zhivargo dis-
closed in his contribution to
the. Budget debate that the
Department of Statistics had
been allocated an additional
$2,198,748 - a 56.5 per cent
increase — in the 2007/2008
budget, with $1.5 million
specifically to be directed to
funding the census.



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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 3





Medical
Association
opens 36th
annual
conference
tomorrow

The Medical Association of

the Bahamas opens its 36th.

annual conference tomorrow
under the theme, “Better health
care: to manage it .. . is to mea-
sure it”.

The event, to be held at the
British Colonial Hilton, has a
dual focus: to provide ongoing
training for medical personnel

and to keep the general public

informed about medical
options.

“It is important now in the

‘practice of medicine to talk:

about quality care. How well
are we performing as physi-
cians? How well is the health-
care system performing? Are
we getting the outcome that we
desire to have? So unless you
measure what you are doing
and what your outcome is, then
you can’t say how well you’re
doing,” said Dr Robin Roberts,
co-chairperson of the confer-
ence committee.

At 7pm, Dr Jacques Carter,
assistant professor of medicine
at Harvard Medical School will
present the first public lecture:
“the health report card: let’s
grade the doctor.”

The conference continues on
Thursday from 8.30am to
4.30pm as physicians give lec-
tures on chronic disease, back
pain, pediatrics, osteoporosis
and malaria.

Friday, the final day of the
conference, has been dedicat-
ed to discussions about social
issues including crime, rehabil-
itation for boys, and teenage
pregnancy.

All sessions on Friday will be

held at the Royal Bahamas |

Police Force Headquarters on
East Street.
' At 7pm, the general public is
invited td attend a lecture by
Dr David Allen on, “Violent
crime: a public health issue”.
At 8pm, the Royal Bahamas
Police Force will present a lec-
ture, “Murders in the Bahamas:
one more for the records”.
At 8.20pm, Kim Carter,
founder/director of the Time

MINISTER SAYS REPORT ON PROBE FINDINGS WILL BE MADE PUBLIC |

Shell representative dodges question

on cause of ‘Ficus’ tanker g

@ By ALISON LOWE:
Tribune Staff Reporter
alowe@tribunemedia.net

A HIGH level representative
from the Shell International
Trading and Shipping Company
Limited yesterday dodged a
question put to him about the
cause of the grounding of the
tanker “Ficus” —- owned and
operated by his company —
which has been stuck on an
underwater peninsula off New
Providence since last Wednes-
day.

Captain Jeremy Hudson, oil

' fleet manager at the company,

was asked whether, as sources
have suggested, the tanker’s
grounding may have occurred
because there was no local
“pilot” — a person who would
know the waters in the area and
could advise the captain on how
to safely approach the pier —
aboard.

However, Captain Hudson
said nothing, deferring to Min-

ister of Labour and Maritime

Affairs Dion Foulkes.

Mr Foulkes then stated: “We
are conducting a full investiga-
tion as to the cause or causes
of this accident. We have some

‘preliminary information. We

would like to interview all con-
cerned. We are also contacting
the flag state for this vessel, the
Isle of Man, who will be repre-
senting the flag state before we

make a full... there are alot of

repercussions that can flow
from any determination. We
would like to be as thorough
and as responsible as possible.”

Pressed as to whether he
would respond to the allegation,
Capt Hudson said: “I can only
reiterate (what the minister
said). There will be a full inves-
tigation by the Bahamian flag
state, Isle of Man flag state and
of course ourselves.”

Mr Foulkes said that the
report on the findings of this
investigation would be made
public.

Cutting off the opportunity
to ask further questions, Shell
representatives — of whom there

OIL FLEET manager for Shell International Trading and Shipping Company Capt. Jeremy Hudson (right)
Minister Dion Foulkes at yesterday’s press conference. Inset: The grounded tanker “Ficus”.

were two in addition to Capt
Hudson — then hurriedly left the
press conference.

Capt Hudson cited the fact, as
had been mentioned in the
company’s statement, that they
were in a “critical period” of
the salvage operation and were
required to oversee the process.
He said this was the reason for
their swift exit.

Mr Foulkes said yesterday
that all costs related to the
recovery of the grounded 44,788
ton tanker, the Ficus, are to be
covered by Shell.

He expects that after a “full
investigation into the cause of
this incident” the national Oil
and Chemical Spill Contingency
Advisory Committee will
“make recommendations to
decrease the chances of re-
occurrence.”



“I can only
reiterate (what
the minister
said). There will
be a full investi-
gation by the
Bahamian flag
state, Isle of
Man flag state
and of course
ourselves.”



Capt. Jeremy Hudson

T



eat New
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Designer
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rounding







PLP did not build low cost housing on
govt land without permission — Gibson

THE former PLP govern-

for Change Foundation in the
United States, and Diane
Woods, member of the Califor-
nia Council on Multicultural
Health, will present lecturers
on crime reduction and making
community programmes work.



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Dr Roberts said that his asso-
ciation views crime and violence
as a major public health issue
that affects citizens socially,
physically, mentally and social-
ly.

He believes that it is impor-
tant for the medical community
to take notice of the recent
surge in violent crimes, and then
* determine what is causing this
behaviour.

“In medicine we look at
things from a scientific point of
view. It’s not a matter of just

saying, okay this thing is hap-
~ pening. We have to look at why
it is happening, all of the causes,
and the best ways for interven-
tion,” said Dr Roberts.

Dr Roberts and Dr Corrine
Sin Quee serve as co-chairper-
sons for the conference. Other
members of the MAB confer-
ence committee are Professor
Howard Spencer, Dr Christian
Chin, Dr Cherilyn Hanna-Hen-
nis, Dr Gregory Neil and Dr
Horizal Simmons.

¢ Tomorrow’s lecture with
Dr Jacques Carter at the Hilton
Hotel, and Friday’s public

forum at the RBPF Headquar--

ters is free to the general public.
Registration is required for all
sessions on Thursday. For more
information, call 328.1857

THE Cabinet Office has
announced that Daylight
Saving Time will begin at
2am on Sunday, March 9
and will continue until 2am
on Sunday, November 2.

“This is in keeping with
the policy adopted in
October, 2006, to extend
Daylight Saving Time,”
said the Cabinet Office in
a statement.



ment did not build low cost
housing on government land
without permission, Golden
Gates MP Shane Gibson said
yesterday in the House of
Assembly during his contribu-
tion to the mid-year budget
debate.

Mr Gibson, who was minis-

_ter of housing under the

Christie administration, said

‘that in all cases the necessary

approvals were obtained from
the minister responsible for land
or from Cabinet in writing.
“To have built more than
1,300 houses in just under four
years is no small feat and every
employee of the department
and Ministry of Housing should
rightfully be proud of this
accomplishment,” the MP said.
Mr Gibson said if he had it

‘ to do again, once he knew the

land is owned by the govern-
ment and permission had been
received in writing to develop it,
he would “build and build and
build”.

“Tt was the needs and pleas of
our people that drove me to do
everything that I could to bring
relief to as many of them as pos-
sible,” he said.

Current Housing Minister
Kenneth Russell has promised
to make land available to
Bahamians at concessionary
rates, reduce the cost of utility
connection for first time home-
owners, and design a plan and
create a programme for indi-
viduals who are below the
required income threshold to
purchase equity in their home.

However, Mr Gibson said if
this is true, the government has
not given any indication as to
when they plan to “stop talk-
ing and do something.”

None of these have been put
forward, nor have the been
implemented to date. This is
cause for concern. When will
this government housing pfo-
gramme get started? There are

‘thousands of Bahamians waiting

to become home owners,” he
said.

He said that the former gov-
ernment realised the dreams of
more than 1,300 Bahamian fam-
ilies and more than 6,000 indi-
viduals.
























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
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PAGE 4, TUESDAY, MARCH 4, 2008

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR





The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI








Being Bound to Swear to The Dogmas of No Master
LEON E. H. DUPUCH, Publisher/Editor 1903-1914

- SIR ETIENNE DUPUCH, Kt,
(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, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES









O.BAG RONE BC.SG.,

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



FORMER Health Minister Dr Bernard
Nottage told his party that they only had
themselves to blame for ZNS shutting down
the first night of their convention before it
had ended.

Having been man enough to make that
admission, he then made excuses as to why
the rules should have been broken for that
special occasion. What our leaders must
understand is that if we are to introduce “zero
tolerance” to enforce society’s laws, rules
and conventions, there can be no special
occasions.

Our greatest battle is going to be with our
leaders — those who seem to think that
because of who they are they should get spe-
cial consideration. Some of them, knowing
that official functions cannot start without
their presence, seem to have no problem in
keeping an audience waiting. The list of little
transgressions goes on and on, until, over
time, like the little acorn, they grow into a
mighty oak.

As we said in this column yesterday, the
Broadcasting Corporation of the Bahamas
— ZNS— agreed to give the PLP three free
hours of broadcast time — 8pm to 1lpm —
on each of the three-nights of its 50th con-
vention. The station even suggested that if
convention organisers felt they might need
more time, because speakers might run-late,
they should put down a deposit with the sta-
tion. If this deposit were not needed*fer the
convention, then the station would credit it to
the PLP’s outstanding debt with the CONDO:
ration.

According to a PLP website, the deposit
required was $6,000. The PLP’s debt to ZNS
— the people’s radio station — is in the
region of $237,000.

In view of the large debt, it seemed a rea-
sonable offer. The PLP did not accept it.

And so on the first night of the convention
—in true PLP style — everything ran late. No
one was watching the clock. They obviously
believed that ZNS was not serious about its
contractual agreement. That is how the PLP
government was managed, with each minister
seemingly his own mini-government, and, so,
obviously they felt the same old laissez-faire
rules still applied. They got the shock of their
lives when they discovered that ZNS was
now operating from a new rule book. On the
stroke of 11pm the station pulled the plug.

“We have only ourselves to blame,” said
Dr Nottage while his party members chas-



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tised the station-for its wrongdoing. But, he

added in a seeming attempt to straddle both:

fences: “That was a mean, petty thing for a
national broadcast network to do!”

He forgets that international broadcast
media will cut an interview mid-sentence
rather than run a minute over the clock. But,
you see, we are the Bahamas, and that’s the
way it’s done in the Bahamas — “our way.”

The PLP were particularly shocked because
they said the plug was pulled on their keynote
speaker — deputy leader Cynthia “Mother”
Pratt.

Said Dr Nottage: “ZNS TV unceremoni-
ously, and without explanation, ended its
broadcast as the deputy leader of the party
began her address, albeit late, last evening.”

The PLP are giving the impression that
Mrs Pratt was cut off mid-sentence. Not true,
said broadcast chairman, Michael Moss, she
had not even made it to the podium to start
her speech — that’s how far behind schedule
the convention was running.

There was every reason for Mr Moss to
bend the rules for Mrs Pratt — their friend-
ship goes way back. But, Mr Moss, recog-
nised what the former Christie government is
yet to learn. When an official is in a position

’ of authority everyone coming before him

receives the same consideration. The law is
-applied equally — there is no room for friend-
ship.
“Mr Moss replied to the station’s critics
‘through the press on February 24 because, he
said, although the PLP had said in its press
release that it had sent an official letter of
protest to the station on February 21, up until
the close of business on Friday, February 22,
no such letter had been delivered. “Having
received no letter to which to reply,” said
Mr Moss, “I replied to their statement
through the same medium they used —the
press.”

In a letter to be published on this page

. tomorrow, Mr Moss replies to accusations

made against him by Mr Elcott Coleby.
In that letter he reveals that the letter of
protest that the PLP told the public had been

delivered to the station on February 21 was in.

fact delivered a whole week later — February
28. The protest letter was personally handed
in by Ms Paulette Zonicle.

The day that our citizens understand that
no one — including our leaders — is above
the law, is the day we shall start to experience
a civil society.

pore,

























Rising ocean
waters may
affect Bahamas
in the future

EDITOR, The Tribune.

THE rainfall measurements
monthly in Central Large Blair,
where I live for the year ended
December 31, 2007 and compa-

- rable measurements for 2006

were as follows:

2006 2007
January

52 53
February

1.99 3.38
March

92 .74
April

3.18 5.40
May

4.16 4.67
June

11.22 22.10
July

5.27 10.24
August

9.72 5.91
September

3.89 6.64




LETTERS

letters@tribunemedia.net



October

6.07 11.94
. November

2.17 50

December

2.21 .76

$1.32 72.81

72.81 was a very good rain-
fall for 2007 as the average year-
ly for New Providence is about
48.00 inches, an excess of over
24.00 inches.

In the keeping of rainfall
records since 1962, the only
years which exceeded 2007
were:-

1988 - 78.52 inches (June of
that year 28.75 inches fell).

1997-. 74.49 inches (June of

that year 19.81 inches fell).

Much has been said about
global warming and certainly
there have been changes in our
weather pattern compared toa
few decades or more ago and
now and the past several years.
With regard to the former, we
had much cooler weather from
October to March, but with
regard to the latter for the same
period warmer.

Last year in November and
December it was much warmer
than usual.

These changes have had
effects on the planting and blos-
soming of fruit reaching fruition
later than in years gone by,
especially with tomatoes.

With these changes occurring
it is possible in the future that
we may see some of our Islands
affected by rising ocean waters.

DAVID N KEMP
Nassau,
February 14, 2008.

Why were gaming taxes not paid?

EDITOR, The Tribune.

IN the 25th anniversary issue
of Forbes Magazine’s 400 rich-
est people in America, on page
224 is this bio listing:

Philip Ruffin $2.1 billion,
casino. Wichita, Kans. He is 72
years old. He is divorced, and
he has three children. He
dropped out of college to flip
burgers, saved money, invested
in oil, real estate. Bought a New
Frontier Hotel and Casino, 41
acres of land on Las Vegas strip
for $165 million in 1998 (my
input: At the time he also
owned the Hotel Casino on
Cable Beach, New Providence)
sold 34 acres for $1.2 billion to

Elad Group (owners of Man-

hattan’s Plaza Hotel) in June;
deal most expensive land sold in
Sin City’s history. He kept sev-
en acres for Condos. He part-
nered with Donald Trump
(SEO) to build 64 storey Trump
International Hotel & Tower;
the duo split $500 million cost.
And plans to build a second
tower. In August voters reject-
ed a Kanas Bill that would have
allowed him (Ruffin) to install
slot machines at his Wichita
Greyhound Park. Winner of the
Forbes 400 Poker game (see
story p 62), donated $125,000

pot to the American Diabetes ~

Association.
In the story referred to on

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page 62, ‘High Stakes’, and con-
tinued on page 644s this: “When
he arrived, Ruffin boasted
about the $1 billion profit he
raked in a few months back by
selling the New Frontier to'a
New York real estate compa-
ny. ”

One may say, Mr Ruffin is a
billionaire so what’s the point?
The point is this: When Mr Ruf-
fin bought the New Frontier
Hotel & Casino in 1998, he also
owned and operated the Hotel
and Casino on Cable Beach,
New Providence, Bahamas at
the time.

This property was also sold
by Mr Ruffin to the Baha Mar
Group. However, whether he
raked in the profit in this sale as
the other, is of little concern to
me.

’ What is of great concern and
should be to every Bahamian, is
that this billionaire sold the
property and walked away with-
out paying the $12 plus million
owed in legitimate gaming tax-

es, that is still outstanding.

I can assure you that what-
ever taxes were due on the sale
of the Las Vegas property, to
the City of Vegas and State of
Nevada was paid in full.

Why then was the gaming
taxes owed here in the Bahamas
not paid?

We ‘give away millions in
incentives to encourage invest-
ment, must we also give away
millions in taxes owed as an
inducement for them to leave! ©
How has the Bahamas profited
from this deal?

These kinds of decisions
make no sense and certainly it
adds no dollars to the public
purse. We the people are get-
ting tired of these types of fool-
ish decisions. Those responsi-
ble for this decision needs to
tell the people why, Now!

DENNIS W MARTIN
West Ender

Freeport,

February, 2008.

Where will the COB
cast its shadow next?

EDITOR, The Tribune.

I REALISE the College of The Bahamas needs funding however
as a quasi-agency of Government should it be allowed to enter into
direct competition with the private sector?

They opened a book store, office equipment service area, etc, and

now a Physical Fitness Gym.

The Prime Minister foreshadowed the use, seemingly without the
required tender process for services to be purchased by Govern-
ment, that he intended to call on COB to act as consultants.

I believe that it is a tenant of the Finance Act requires a minimum
of three bids and/or a public tender for these services, everything
on top of the table and transparent.

Where next will COB cast Its shadow?

W BROWN
Nassau,
February 18, 2008.

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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 5





National Modern
Languages Week
starts March 3rd

THE modern languages
unit of the Ministry of Edu-
cation, Youth, Sports and
Culture and the Bahamas
Modern Languages Associ-
ation will celebrate Nation-
al Modern Languages
Awareness Week, 3 to 7
March.

Events are being held
under the theme “Bridging
‘cultures through Lan-
guages”.

Throughout the week,
emphasis will be placed on
the Spanish and French lan-
guage and culture in the
Bahamas.

Among the activities
planned for this week is a
Spanish spelling bee com-
petition at C W Sawyer Pri-
mary School on Tuesday,
March 4, which begins at
9am.

There will also be special
modern language assemblies
at R M Bailey High School
on Wednesday, March 5 at
9am and at Albury Sayle
Primary School on Thurs-
day, March 6.

Another highlight of the
week will be a Spanish and
French food tasting fair at
S C McPherson High School
at lpm on Thursday March
6.

The week will climax with
“CULTURAMA 2008” on
March 7 at llam at St
John’s College Auditorium.

Primary and high school
students will perform Span-
ish and French dramas,
songs and dances.

Minister of Education,
Youth, Sports and Culture
Carl Bethel will open the
showcase.



TROPICAL
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PEST CONTROL ~
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le ® ADWOAKS 2007

In brief

Mm oh ER Ee eee ee eee
Meeting to consider CARICOM
single economy preparations



PRIME MINISTER Hubert Ingraham has
recently taken over as CARICOM chairman

PREPARATIONS for the
CARICOM Single Economy, the
framework of which is to be in
place this year, will be examined
at the Council for Finance and
Planning which convenes in the
Bahamas on March 6.

Also under discussion at the
COFAP will be the status of the
proposed Regional Development
Agency (RDA) and the CARI-
COM Development Fund
(CDF).

The 12th meeting of the COFAP
is the penultimate in a series of
Caribbean Community meetings
being held in Nassau this week.

The 24th Special Meeting of the
Council for Trade and Economic

Development (COTED) on pre-
cedes the COFAP and will be held
on March 5.

The 19 Inter-Sessional Heads of
Government Meeting on March 7
and 8 will cap the Nassau meetings.

' Status

With regard to the CSE, issues to
be considered by COFAP include
the performance and convergence
of CARICOM economies, as well
as the status of inter-connectivity
of the stock exchanges in the
region.

The establishment of the RDA
and the launch of the CDF will be
deliberated on under the broad

heading of “Reducing disparities in
the Single Economic space.”

According to CARICOM, the
RDA is required to attract invest-
ment, assist industries in becoming
efficient and competitive, promote
structural diversification and infra-
structure development.

The CDF will aim to provide
financial and technical assistance to
disadvantaged countries, regions
and sectors.

In addition, the Caribbean Hotel
Association will brief the COFAP
meeting on the establishment of a
Tourism Investment Fund, while the
Caribbean Catastrophe Risk Insur-
ance Facility will report to the
forum on its operations.

Poverty and rising cost of living
high on agenda of COTED forum

THE 24th Special Meeting
of the Council for Trade and
Economic Development is
expected to continue its quest
to stem the rising cost of living
in the region.

Organisers say the COTED
meeting will make a determi-
nation regarding the removal
or reduction of the common
external tariff on certain com-
modities.

The COTED meeting is
being held in Nassau on March
5;

“Poverty and the rising cost
of living” was one of the agen-
da items at the 12th Special
Meeting of CARICOM Heads
of State and Government in
December 2007. It will also be
an item on the agenda of the
19th Inter-sessional Meeting
of the Heads of State and
Government taking place in
Nassau on March 7 and 8.

At the meeting in George-
town in December of last year,

CARICOM leaders agreed
that the Common External
Tariff (CET) is the most
appropriate instrument for an
intervention at the community
level to address the issue of
the rising cost of living.

A technical team was sub-
sequently established to review
a set of commodities which
have a significant weight in the
Consumer Price Index, are not
significantly produced or have
a close substitute in the region,
and which attract a CET.

At the end of its 25th meet-
ing in Georgetown in January
2008, COTED requested
member states of CARICOM
to submit national lists of items
on which they would be pre-
pared to reduce or remove the
GET.

“The COTED took this

decision after lengthy, intense

but incomplete discussions in
search of a single common list
to fulfill the mandate of the

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heads of government,” said the
forum in a statement.

In addition to poverty and
the rising cost of living, the
special COTED meeting will
also consider the report of the
meeting of the Reflections
Group which was held in
Jamaica on February 28 and
29 this year.

The Reflections Group
reviewed CARICOM's expe-
rience and approach to exter-
nal trade negotiations using
the CARIFORUM-EC Eco-
nomic Partnership Agreement
(EPA) case.

The meeting will be pre-
sented with the agreement fol-
lowing the completion of a
review by legal minds.

An update on, and outlook
for multilateral trade negoti-
ations under the World Trade
Organisation (WTO) will be
another key agenda item of
the one-day meeting.

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THE TRIBUNE



eo: él as
Kenyatta Gibson criticises PLP for

mid-year budget review objection

Independent Kennedy MP welcomes chance to debate

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@ By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net

INDEPENDENT Kennedy
MP Kenyatta Gibson has crit-
icised the opposition for
objecting to the mid-year bud-
get review. He suggested that
some parliamentarians appear
to wish for economic calamity
in the country in order to
jump start their political
careers.

“Parliamentarians the world
over welcome any opportuni-
ty to analyse and debate the
budgetary, fiscal and econom-
ic efforts of governments,” Mr
Gibson said yesterday in the
House.of Assembly during the
mid-year budget debate. “To
decline such an opportunity is
nonsensical at the least and
absurd at its height.” .

Mr Gibson told the House
that he is “pleased” with this
new budgetary exercise. This
is a process the prime minister
has described as representing
a level of transparency and
accountability, ultimately
enhancing the process of gov-
ernment.

Concurring with these sen-

- timents made by Mr Ingraham

last week when this debate
began, Mr Gibson said yes-
terday that the mid-year
report is a significant step
towards “deepening of our
democracy.”

During his comments on the









“I am flabbergasted
that on this most
critical issue
Parliament has been
subjected to a
political song and
dance.”



Kenyatta Gibson



economy, Mr Gibson reflected
on the current downturn in
the US as a result of the sub-
prime mortgage crisis. In the
context of this event, without
mentioning them by name, Mr
Gibson also criticised his for-
mer party and its leader Perry
Christie, for using this issue
for political gain.

“Tam flabbergasted that o on
this most critical issue Parlia-
ment has been subjected to a

_ political song and dance. And

I speak Mr Speaker, as the

only Independent member of .

this House,” he said.
“Legislators entrusted with

the business of the people con- |

tinue their convention chorus
of sour grapes when the very
economic lifeline of this nation

calls for urgent nonpartisan ,

many openly wish for eco-
nomic calamity to jump start
their derailed and scarred
political psyches and. would
put their personal political
ambition over that of the well
being and healthy perfor-
mance of this economy,” con-
tinued Mr Gibson.

In critique of the practices
of the former PLP govern-
ment Mr Gibson said that the

record of the PLP, based on

secretive heads of agreements,

its anchor project policy and

its management of the econo-
my was put before the
Bahamian people, and the
electorate made the decision
to place government in the
hands of the FNM.

“The Bahamian people,
who are the true adjudicators
in our Westminster system,

4

said in accents loud and clear
that they wished, that they
desired, that they demanded a
new government,” he said.
“The people were obviously
dissatisfied with the state of -
affairs and how their business
was being conducted on their
behalf and thereby were man-
dating a new government to
conduct the necessary scruti-
ny, enquiries, negotiations and
reviews as put before them by
the official opposition.”

It is the epitome of disre-
spect and ignorance of the
Westminster system, contin-
ued Mr Gibson, for a group
to insult the electorate with
the insinuation that they were
right in 2002 when they voted
out the FNM, but now they
are “dummies” or “fools” in
2007 for removing the PLP
from office.

“This kind of provocative
equivocation on the right of
the people to determine their
national direction, while not
only absurd, threatens and
insults our democracy. Just
because one man could not
make good his frequent boasts
and taunts and jeers that he
would sit for another term in
the Sir Cecil Wallace Whit-
fied Centre. The Bahamas
must be bigger than a politi-
cian’s ego and ambition and
anyone who disrespects the
will of the people in this fash-
ion will not be treated very
kindly by history,” he'said.

attention. It would appear that



Man arrested in connection with shooting

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



tioning in connection with a shooting inci-
dent at Andros, in which a gunman opened
fire on a house, seriously injuring a woman
occupant.

The house was also damaged.

Drive, Bamboo Town, at the Jah Cure con-
cert held on the grounds of Worker’s House
on Saturday evening.

Chief Supt Basil Rahming said that an

FREEPORT - A Nassau man wanted in officer, assisting with the operations at the

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THEME:



GUEST SPEAKERS: Monday, March 10th, 2008
; National Overseer & Moderator will deliver his
ANNUAL ADDRESS LIVE VIA RADIO

BISHOP DR. BRICE H. THOMPSON op awaMAS
General Presbyter

BISHOP STEVE MADRID

USA Regional Overseer

Radio & TLV.

BISHOP TIMOTHY HARPER
USA Regional Overseer

and SISTER KAREN HARPER
BISHOP CLARENCE WiLLiams = ®*hns
National Overseer (Turks & Caicos}

BISHOP AMOS CARTY, SR.
of New York
and MINISTER DR. RUBY JONES-CARTY

Ministering in sensational song and
performance will be the Convention Choir
and Praise Team: the Tabernacle Concert
Choir: the Bahamas Public Officers Choir,
and other Church Choirs and Groups, along
with the Bahama Brass Band, the Youth
3rass Band, the Junior Brass Band, and the
Crusaders Brass Band from the Church of
God.

LOG ON T9:
www.cogopbahamas.org

FOR LIVE WEBCAST EVENING SESSIONS



| | March 9- 16, 2008 - East Street Tabernacle

“WALK WITH GOD”

Sunday, March 16th, 2008

‘Annual Parade & Water Baptismal Service at
the Western Esplanade, followed by live. ZNS
13 evening broadcast Service.

Final Message on Convention Theme:
“WALK WITH GOD” will be delivered by

National Overseer, Bishop Dr. Elgarnet B.

connection with a shooting in South Andros
was arrested by police at a Reggae concert

in Freeport over the weekend.

Central Detective Unit officers spotted
36-year-old Eugene Symonette, of Taylor

‘Micah 6: 3






















2

reggae concert, spotted Symonette about
half an hour after midnight.

The officer arrested him and took him
into custody, Mr Rahming said.

He said Symonette is wanted for ques-

matter.

Symonette was flown to New Providence,
where he is assisting Central Detective Unit
officers with their investigation into that






ett es 2. 7 eS
: a0 oa cong





THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 7








m@ By CLEMENT CHEA

A NASSAU man was lucky
to walk away from the scene
of an accident yesterday —
which left his scooter wedged
under the front tires of a large
SUV.

The accident, involving a
Ford Explorer and a scooter
operated by Desmond Mack-
ey, occurred on the corner of
Dowdswell Street and Moss
lane at around 1.15pm.

Mr Mackey was travelling
west on Dowdswell Street
when the vehicles collided.

According to eyewitnesses,
Mr Mackey was thrown eight
feet from his scooter, which
ended up pinned underneath
the Explorer.

Despite the fact that he was
wearing a helmet, Mr Mackey
suffered a large gash to the
head.

When an emergency team
arrived, Mr Mackey insisted
that he was fine, but was per-
suaded by the paramedics to
get some medical treatment
at the Princess Margaret Hos-
pital.



Medical Association of the Bahamas
36" Annual Conference 2008 ~

PUBLIC LECTURE & PUBLIC FORUM

Better HealthCare:
To Manage it ...is to Measure it

RERKEEKS

Wednesday, March, 5" 2008, 7:00 PM
Session I

Public Lecture

British Colonial Hilton Hotel

The Health Report Card:
Lets Grade the Doctor!

Dr, Jacques Carter
Assistant Professor of Medicine
Harvard Medical Schoo!

Thursday.6" & Friday 7"
8:30am to 5:00pm
Sessions U to [x
Paid Registration Required

No Charge

Public Forum
Royal Bahamas Police
Headquarters
East Street Hill

Session X

VIOLENT CRIME:
A Public Health Perspective

Friday, March 16" 2006
7:00pm -10:00pm

“Violent Crime: A Public Health

Issue”
Dr. David Allan Psychiatry

Teenage Pregnancy:
The PACE Program

Mrs. Jackie Knowles Ministry of Education

The Y.E.A.S.T, Program: Bettering
Male Health
Deacon Jeffery Lloyd

Murders in the Bahamas: One More
for the Records
Mr. Hulin Hanna
Chief Superintendent

Crime Reduction: Making Community

Programs Work
Kim Carter
Founder/Executive Director Time for Change
Foundation
Dr Diane WoodsMSN,
RN University of California



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

FREEPORT - Already
facing a struggling economy,
residents of Grand Bahama
have been told they will now
face an additional burden —
this time a spike in utility
rates.

The Grand Bahama Utility
Compan yesterday
announced a rate increase of
4.87 per cent.

This follows the announce-
ment last week of electricity
base rate increases by the

Grand Bahama Power Com-

pany.

In a press release issued to
The Tribune, the utility com-
pany explained that the rate
increase amounts “to a very
small increase of 95 cents per
month to average residential
consumers.”

The increase, which came
into effect as of March 1, will
be reflected on bills for April.

The utility company said it
takes its mission to provide a
continuous supply of potable
water to all customers on
Grand Bahama seriously. The
last rate increase was in
March 2006.

The company explained
that the increase has been
necessitated by the following:

e Energy costs for the
pumping and distribution of
water have been dramatically
impacted by the cost of fuel,
which has risen to $100 a bar-
rel.

e Power/electricity and the
resulting fuel surcharge rep-
resents 31 per cent of the
total operating cost for pump-
ing a 1d the distribution of
water > customers

e Over the past two years,
the cost of supplies required
to maintain the system has
increase between 10 per cent
and 15 per cent.

e Ever increasing costs and
the natural aging of the dis-
tribution pipes have. resulted

rere





Sco Ue Noe Ace ee ag crash Grand Bahama faces
“2! arise in utility rates

in increased maintenance
costs for underground leak
detection systems, particular-
ly in the settlements.

Last week, Grand Bahama
residents were hit with a $5
monthly electricity base rate
increase, which will take
effect after April |.

Power Company CEO
Excell Ferrell said the com-
pany was granted approval in
March by the Grand Bahama
Port Authority to increase its
base rates by 4.8 per cent to
customers using 650kw/hours
per month.

He said the increase was
driven by two major factors —
a $30 million investment for
systems upgrades and the
inflationary rise in the cost of
operation from October 2005
to October 2007.

Mr Ferrell said the increase
in base rate is the first in
nearly two years.

He also stated that the cost
of electricity from the GB
Power Company remains the
lowest in the region, even
with the increase.

The Tribune wants to hear }
from people who are
making news in their
neighbourlivous. “erhaps
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.

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PAGE 8, TUESDAY, MARCH 4, 2008 THE TRIBUNE

Franchising seminar
and expo is termed
a major success -

“PRODUCTIVE and high-
ly successful,” is how execu-
tive director of the Bahamas
Chamber of Commerce Philip
Simon described a two-day
franchising serninar and expo.

The event was held in con-
junction with the US Embassy
and the Bahamas Develop-
ment Bank on February 25
and 26 at the British Colonial
Hilton.

The event exposed nearly
100 persons attending to first
hand information on franchis-
ing — including ways in which
they can finance their fran-
chise and local franchise laws.

It also allowed aspiring fran-
chisees to have one-on-one
interviews with renowned
international and local fran-
chise operators.

Present for the event were
the Minister of State for
Finance Zhivargo Laing; Dr
D Brent Hardt, Deputy Chief
of Mission at the US Embassy;
Senator Tanya Wright, Imme-
diate Past President of the
Bahamas Chamber of Com-
merce; Darron Cash, chair-
man of the Bahamas Devel-
opment Bank.








Derek Smith/Visionaire Marketing

PHILIP SIMON, Executive Director of The Bahamas Chamber of Commerce, at right greets Dr D Brent
Hardt, Deputy Chief of Mission at the US Embassy for The Bahamas at the recent Franchising Seminar
and Expo, a joint initiative organised by The Bahamas Chamber of Commerce, the US Embassy and The
Bahamas Development Bank.



ABOVE: BAHAMAS DEVELOPMENT
Bank Chairman, Darron Cash
addresses the recent Franchising
Seminar and Expo, a joint initiative
organised by The Bahamas Cham-
ber of Commerce, the US Embassy
and The Bahamas Development
Bank.

Aspiring franchise opera-
tors heard from Adam Odgen,
entrepreneur, founder and
CEO of JUICEBLENDZ,
franchise adviser Dr John
Hayes, as well as local fran-
chisers Scott Farrington of
Sun Tee Embroidme, Ger-
shan Major of Mail Boxes Etc,
Chris Tsavoussis of Wendy’s
Restaurants and Keith Glin-
ton of Esso On The Run.

Mr Simon said that any
event, which encourages
entrepreneurship, particular-
ly franchising which has a
proven success rate, is good
for the economic development
of The Bahamas. Mr Simon
also praised the efforts of the

RIGHT: PICTURED FROM left to
right at the recent Franchising
Seminar and Expo a joint initiative
organised by The Bahamas Cham-
ber of Commerce, the US Embassy
and The Bahamas Development
Bank is Senator Tanya Wright,
Immediate Past President of The
Bahamas Chamber of Commerce,
Minister of State for Finance
Zhivargo Laing, Darron Cash,
Chairman of the Bahamas Develop-
ment Bank, and Dr D Brent Hardt, .
Deputy Chief of Mission at the US
Embassy for The Bahamas.

US Embassy and _ the
Bahamas Development Bank
for their ongoing partnership
and support of The Chamber.

FIDELITY

An entrepreneurial spirit, original thinking, and a passion to succeed.
If you have it, we want you.

We are growing!

Fidelity invites application for the position of:

Senior Human Resources Administrator

Human Resources

Re: Sr. HR Resources Administrator
51 Frederick Street

P.O. Box N-4853

Nassau

F: 328.1108

careers@fidelitybahamas.com

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PROFILE:

e Bachelor's Degree in related area and/or HR Certification

e Proficiency in Advanced Excel, Word, PowerPoint, Access,
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e Facilitation and meeting skills

RESPONSIBILITIES WILL INCLUDE:

e Assists the HR Manager

e Assists with HR duties and research projects

® Assists in the planning and execution of all social /
employee events

e Disseminates internal information to personnel as required

e Composes letters, memos and reports

. Tests, screens and interviews prospective employees

e Handles payroll, benefits, pension and insurance matters

© Provides monthly, quarterly and yearly HR statistics
An attractive compensation package, including a
comprehensive range of employee benefits, is

being offered.

Salary range subject to qualifications and

experience.




Tim Aylen/BIS

GOVERNOR GENERAL Arthur Hanna, centre, welcomed students of Moss Town Primary School, Exuma, at
Government House on Wednesday February 27. The students were accompanied by principal Virginia Clarke; fifth
grade teacher Eleanor Hield; janitress Virginia Deveaux-Clarke and parent, Corporal 2349 Rolle. Head Boy
Kevin Forbes of grade sixth, presented the governor with a gift made out of coconut bark, and thanked him for
welcoming the students, who were on a three-day social studies field trip. The students also visited the House
of Assembly and the Royal Bahamas Defence Force Base, Coral Harbour.











THE TRIBUNE | . TUESDAY, MARCH 4, 2008, PAGE 9
LOCAL NEWS

‘SONATA FOR VIOLIN AND PIANO IN A-MINOR

A NOTABLE










ASTASHOVA
(above and right)
performs with
pianist and com-
poser Raykhelson

RUSSIAN violinist Ekaterina
Astashova ends a performance
of pianist and composer Igor
Raykhelson's "Sonata for Vio- :
lin and Piano in A-Minor" with
a flourish, during their perfor-
mance at the Dundas Centre
for the Performing Arts on
March 1. The Nassau Music
Society joined with sponsors S
G Hambros, Royal Fidelity Mer-
chant Bank and Trust, Pictet
Bank and Trust, Ltd and Royal
Star Assurance to bring inter-
national musical artists to the
Bahamas, in an effort to bene-
fit not only the general public,
but also the Society's schol-
arship programme. The funds
from these concerts will gen-
erate one scholarship worth
$7,500 a year for a student
over a four-year period. Appli-
cations are available at the
Lyford Cay Foundation or on
its website and the deadline is
March 31, 2008.



Eric Rose

PHOTOS

y

EKATERINA Astashova (left) and pianist and composer Igor Raykhelson (seat-
ed) pose with president of the Nassau Music Society Patrick H Thomson and
his wife Linda, during the duo's performance.



2008 Spectra5/CERATO

Service & Parts Departments

BAIC’s business empowerment
series continues on Thursday

THE Bahamas Agricultural
and Industrial Corporation’s
business empowerment lec-
ture series will continue on
Thursday at 7pm at the Col-
lege of the Bahamas’ lecture
theatre.

Certified public accountant
Jerome Gomez will speak on
venture capital and govern-
ment guaranteed loans.

The series, is being held in
conjunction with the College’s
School of Business.

The lecture theatre is locat-
ed in the college’s Culinary
and Hospitality Management
Institute on Thompson Boule-
vard.

The free series has been
attracting a full house with
attendees including lawyers,
hoteliers, restaurateurs, wood-
carvers and college students.

“There is great enthusiasm
among those attending,” said
BAIC’s Business Services
Department assistant manag-
er Lester Stuart.

“There is a thirst for infor-
mation on business adminis-
tration among Bahamians.

“We want to sensitise
Bahamians to the many busi-
ness opportunities available i 3
to them, and we want to _ BAIC’S deputy general manager Don Major makes a point during BAIC’s
encourage them to exploit business lecture series at the College of the Bahamas.
these opportunities, and
empower themselves to
become self-employed.”

Topics to be covered in the
lecture series include business
plan development, govern-
ment regulations, customer
serv ‘, e-commerce, account-
ing, curity, linking business
wit! the tourism sector, and
test monials from successful
businesspersons.

BAIC is aware of the
important role small and
medium-sized businesses play
in the economy of the ; A :
Bahamas, especially as they ASSOCIATE professor Peter Daniels speaks on leadership and supervision

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5-Door Model.



PHOTOS: Derek Smith/BIS

Ne



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PAGE 10, TUESDAY, MARCH 4, 2008 THE TRIBUNE

The Tribune's & Kelly’ &

EASTERY ee

toa PRIZE Ree Pde THIRD PRIZE

GIFT BASKET vatue $125 GIFT BASKET vatue $100 GIFT BASKET vatue $75
In Each Age Group _In Each Age Group In Each Age Group_












ete) SS
1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not eligible to enter.

2. Coloring may be done with crayons and other decorations. Adults or older child may assist the child in filling out the entry form, BUT NOT IN
COLORING THE ENTRY

3, Enter as much times as you wish. All entries Must be in The Tribune by 4pm on i Friday, March 14. Winners will be announced Thursday, March 20,
2008. Look for your names in The Tribune or listen to IOOJAMZ / JOY FM or COOL FM to hear your name.

4. There will be one first-prize winner, one second-prize winner and one third-prize winner in each age groups.

5. Allentries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

“NO PHOTOCOPIES. USE NEWSPAPER AD ONLY”



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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 11



CARICOM

FROM page one

day this week. All conferences are
being held at the Sheraton Cable :

Beach Resort.

Speaking with the Bahamian :
media from his temporary office ;
at the Sheraton yesterday after- :
noon, Secretary-General of CARI- ;
COM Dr Edwin Carrington said :
' that the issue of functional coop- :
eration between the member states :
will also be a very important topic :
which will be addressed at the :
Heads of Government meeting this :

week.

of countries,

Market Economy),” he said.

Dr Carrington added that a sub- :
committee on functional coopera- :
tion has already been established :
and will be chaired by Prime Min- :

ister Ingraham.

Other crucial matters to be dis- :
cussed this week, he said, will :
include the progress made within :
CSME, the issue of regional secu- :
rity, and the status of the Western :
Hemisphere Travel Initiative, :
which has greatly impacted the :

Caribbean’s tourism industry.

During the trade and economic }
meeting (COTED) on Wednes- :
day, a special review of the Eco- :
nomic Partnership Agreement :
(EPA) negotiation process will :
take place, Assistant Secretary- :
General of CARICOM Ambas- :
sador Irwin LaRocque said yes- :

terday.

While not directly discussing the ;
new trade arrangements between :
the Caribbean and the EU, :
Ambassador LaRocque said that :
the COTED meeting will help :
determine what lessons were :
learned from the negotiation :
process with the European Com- }

mission.

Following the trade and eco- :
nomic council meeting on Wednes- :
day, CARICOM ministers of the :
finance and planning council will :
on Thursday discuss the operation :
and financing of the CSME, as well :
as other strategic economic issues. :

Dr Maurice Odle, the economic }
adviser to the CARICOM secre- :
tary-general, told the Bahamian :
media yesterday that matters of :
discussion will include the propos- :
al of a tourism investment fund :
and the improvement of the :
Caribbean Catastrophe Risk Insur- :

ance Facility (CCRIF).

caused by many storms.

FROM page one

St Matthew’s Anglican Church to :
the east and Sears Road to the west, :
crime scene officers photographed :
the entire area before moving the : UY i
: Trotter, the affidavit further alleges.

body.

nearby that something was wrong.

Inspector Smith said.

While construction workers near- :
by told The Tribune that they had :
last seen the deceased picking }
sapodillas sometime on Friday }
evening last week, the police said :
that they expect to canvas the area }

and speak to a number of persons as :
: court deems just in all of the circumstances.

they continue their investigation.

“Functional cooperation is a }
very important area, it encom- :
passes participation of a number }
including the :
Bahamas, that may not necessari- :
ly be part of the (Caribbean Single :

FROM page one

co City constituency at least six
months prior to the May 2, 2007
general election. Ms Bridgewa-
ter testified that she had been
informed that Latoya Pinder, one
of the voters in question, had
moved to the Turks and Caicos
Islands approximately a year
before the May 2 general elec-
tions and still resides there. Ms
Bridgewater also told the court
that Randy Nelson and his sister,
Tanya Nelson, voters she is chal-
lenging, had moved out of the
Marco City constituency nearly
a year before the general elec-
tions and that the address listed
on the counterfoil was where
their parents live.

Ms Bridgewater went on to
testify yesterday in defense of a
number of voters who Free
National Movement MP Zhivar-
go Laing is claiming were not
ordinarily resident in the Marco
City constituency.

According to Ms Bridgewater,
Allison Bridgewater, one of the
voters Mr Laing is challenging, is
her nephew. She told the court
that her nephew and his mother,
Peggy, lived at the registered
address within the Marco City
constituency, however since the
May 2 election they have relocat-
ed. She told the court that her sis-
ter moved out in June or July
2007 and her nephew had moved
out in August 2007. Ms Bridge-
water also revealed yesterday that
some of the voters, such as like
Deanna Forbes, whom Mr Laing
is challenging, had worked for Ms
Bridgewater. Ms Bridgewater
told the court that Forbes’ regis-
tered address, which is in the

Senator Butler-Turner Oil tanker recovery

testifies

Marco City constituency, is where
she lives. Ms Bridgewater also
testified that she has visited the
address on numerous occasions
and that Forbes had worked for
her as an assistant. Ms Bridgewa-
ter also testified in defense of
Alice Miller, who she said,
worked for her on her campaign
leading up to the May 2 general
election.

Attorney Fred Smith began his
cross-examination of Ms Bridge-
water yesterday afternoon, ask-
ing the Senator firstly where she
presently resides. Ms Bridgewater
told the court that she lives with
her parents in Bevan’s Town,
Grand Bahama, which is in the
High Rock constituency. She also
testified that during the relevant
period — October 2006 to May
2007 — her sister, Natasha, also
lived there but was attending
school abroad. Ms Bridgewater
told the court that her sister had
completed her studies by the time
the general elections were held.
Mr Smith went on to question Ms
Bridgewater on whether her sister
had registered in the High Rock
constituency. Ms Bridgewater
replied that she did not know as
she had only been concerned with
the Marco City constituency. Mr
Smith also went on to question
Ms Bridgewater on her sworn
affidavit, pointing to what he
called inconsistencies in the doc-
ument and her previous testimo-
ny. The case resumes today at 10
am.

Senator being sued

FROM page one

4

Between March 14th and June 8th of 2007, based on the instructions
of the plaintiffs, the first and/or second defendants made several pay-
ments to vendors from the $2 million, according to the affidavit.

Reportedly, it was the stench of
the body that first alerted workers :

However, the action continues, on or about June 8th of the same year,
the plaintiffs requested that the balance of these funds be transferred
to its newly established bank account at the Royal Bank of Canada,
Freeport Branch.

On July 17, 2007 the action claims that Bridgewater & Co detailed the
receipt of the money and the disbursement made from it, revealing that
some $649,821.95 remained on its trust account to the credit of the plain-
tiffs.

Based on e-mails and letters sent in July, August and September 2007,
similar correspondence in January of this year, and the production of a
post-dated cheque drawn for the sum of $650,000 on the first defendant’s
account and payable to Bostwick and Bostwick, the action claims that
Ms Bridgewater informed the plaintiff's representatives that she would

\ : : attend to transferring the funds. Yet, the action claims that no funds

Dr Odle said that the insurance :
facility still‘has certain flaws, as it :
only considers the wind speeds of :
hurricanes as a determining fac- :
tor, but not the level of flooding ;

have been transferred as of the filing ‘of this writ.

. Ms Bridgewater is said to have reportedly made numerous pledges to
transfer the money to the desired account of the plaintiffs, but accord-
ing to the action, this has not yet occurred.

, The interest payment of 6 per cent per annum desired by the plain-
f : tiffs is requested from June 8, 2007, which is the date when the initial
f B d fi , d ; request was reportedly made for the transfer.
O VY oun : failed to cause the transfer of $414,666 USD due and payable to the
? company Globe Trotter, to their designated agent Cob Line Interna-
: tional A/S as per the instructions of the plaintiff.

In the particulars of the action it is also alleged that Ms Bridgewater

“In the circumstances the plaintiffs were unable to make the $414, 666
payment and were put into the position of defaulting under the agree-
ment,” said the affidavit. .

‘Blue Hole Expedition LLC was forced to borrow $414,666 plus
$20,586 in penalty interest in order to make the payment owed Globe

The affidavit also claims that a cheque for the $650,000 was presented
to the plaintiffs, however, it could not be cashed.
“...the first defendant drew a cheque for US$650,000.00 dated Feb-

An autopsy is planned to deter- ruary 7, 2008 on the First Caribbean International Bank at its branch at

mine the cause of death, Chief: /4 :
: Joint Venture’ and payable to Bostwick and Bostwick, counsel and

East Mall Drive in the city of Freeport aforesaid, regarding ‘Deep Six

attorneys for the Plaintiffs. Bostwick and Bostwick duly presented the
cheque for payment on February 7, 2008, and it was dishonoured and
returned to Bostwick and Bostwick marked ‘Refer to Drawer’. The
cheque will be produced and relied upon at the trial of this matter,” said
the affidavit.

Along with the $650,000, plus interest, the plaintiffs are asking for
damages, exemplary damages, costs and any other remedy which the

pa

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FROM page one

: Griffin again got into an argument
i yesterday over the portfolio Mrs
i Griffin formerly held. In late Jan-
: uary the two clashed over two
i pieces of social legislation passed
: in the last Parliament that have
? yet to be made law by the gov-
: ernment.

Mrs Butler-Turer said yester-

i day she credited Mrs Griffin with
: having “too much sense” over
? comments in the opposition MP’s
: contribution to the same mid-year
? budget debate, the minister said
? demonstrated a lack of under-
: standing of how money is paid out
: by the ministry for certain items.

This led to a short period of

: back and forth shouting between
: the two, leading the Speaker to
i intervene before the members
? came to order.

During her contribution on

? works completed within her port-
: folio for the fiscal year thus far,
? Mrs Butler Turner announced
i that renovations were completed
: at the Simpson Penn Centre for
? Boys at the cost of $335,621. This
: includes the replacement of a roof,
i repairs to the laundry room, the
? external walls, repairs to the
: kitchen and new office accommo-
; dation for staff.

New furniture was also pur-

i chased for the dining hall that now .
i seats 104 people, said Mrs Butler-

: Turner, who added that there was

? no appropriate dining facilities

i before she came to office.

She said that from the period

: July to December 2007 both Cen-
i tres received a combined 20
? admissions, and: of this number,
: 15 were new, and five were return
? admissions. Additionally, 32 resi-
? dents were discharged from the
: facilities during this period.

The majority of the admissions

? continue to be asa result of chil-
: dren and young people being clas-
? sified as uncontrollable, said the
; minister.

The repairs to the old dormi-

? tories, commonly known as the
i quadrangle, at the Willie Mae
i Pratt School for Girls, have also
i been completed, noted the min-
; ister, at a cost of $180,250.

The building was damaged by

i fire several years ago in an inci-
? dent that took the lives of two girls
: and seriously injured another. The
? husband of Mrs Butler-Turner,
? Edward Turner, represented these
: families.

She said yesterday that the fam-

ilies have yet to receive “conclu-
_} sion” to the accident.

AL SAL PRGA GAOL MARL PLN

FROM page one

Wednesday.

“We will get advice from

i BEST as to how we will pro-
: ceed on that matter. It’s diffi-
; cult to recreate a reef but ’'m
: sure that BEST will have some
? recommendations as for com-
i; pensation,” he said.

Captain Jeremy Hudson, Oil

: Fleet Manager for Shell Inter-
? national Trading and Shipping
: Company Ltd, who manages
? and operates the vessel, and Mr
? Foulkes provided some updat-
? ed information on the opera-
: tion at a press conference yes-
: terday.

SMIT international,

i described as an “experienced
: salvage company”, was noted
i: by the two men to be executing
? the proposal to offload the
? products onboard.
: Captain Hudson said that
? this option was “deemed to be
? the most environmentally
: sound and will ensure the
: integrity of the vessel.”

At around 2.30 that after-

i noon, Mr Foulkes said a barge
; was alongside the Ficus, with

the necessary connections
being made to start the process.

The ship is laden with a car-
go of aviation kerosene, motor
gasoline and light automotive
diesel.

“The appropriate environ-
mental measures are being put
in place towards ensuring that
the offloading operation and
subsequent removal of the ves-
sel would have minimal or no
effect on the delicate marine
ecology of the area,” said Mr
Foulkes.

Captain Hudson stated that
Shell “very much regrets that
this incident has occurred and
any impact it may have been
caused to the coral.” A “num-
ber of world-class environmen-
tal experts, including coral and
marine life specialists” were
brought in by the company to
attend to the incident, he said.

The BEST commission are
expected to provide a report to
the ministry of maritime affairs
on the outcome of their inves-
tigation into the damage
caused, with this being for-
warded to the press, said Mr
Foulkes.

SHADAE
‘JOHNSON

on making the Honour Roll §
and achieving Istrunner §
up in the Faithway Christian
Et,

, ademy Spelling Bee.

Keep up the
good work we §
are proud of ¥
~ you!

From
Family
&



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PAGE 12, TUESDAY, MARCH 4, 2003





THE TRIBUNE



INTERNATIONAL NEWS

Africa adoptions clouded by uncertainty, confusion



ratte Ht ; j } a |
fe 5 : ey

ELIZABETH RIOBA, left, the mother of adopted five year old son Abednego, jointly with her neighbours, ponders
the next move during the interview at Elizabethis sisteris home at Mazeras in Mombasa, Kenya, Thursday, Nov.
15, 2007, when she was reminded of her sonis ordeal.



a
h

@ By KATHARINE HOURELD
MOMBASA, Kenya



The offer of a foreign educa-
tion for her beloved youngest son
seemed like a dream come true
for Elizabeth Rioba. But the
Kenyan mother says a family
member tricked her into signing
adoption papers, and now it’s
been five years since she’s seen
her boy, according to the Associ-
ated Press.

The Polish couple that adopted
4-year-old Abednego and
renamed him Mikolaj says the
procedure was fully legal, took
six months and involved Polish
diplomats who spoke with the
birth parents. Rioba acknowl-
edges she signed papers, but says
she did not understand them.

Child protection experts say
such tragic misunderstandings are
common in a part of the world
where adoption is a foreign con-
cept. Criminals can exploit the
gap between wealthy Westerners
who genuinely want to help and
poor Africans who want to do the
best they can for their children.

Speaking in her Kenyan coastai
village of mud huts, baby chickens
scuttling between her feet, Rioba
said she believed the couple was
taking her son to Poland for
schooling and would bring him
to her on holidays.

“Instead of bringing him back,
they said the child was theirs,”
she said, surrounded by relatives
and friends who nodded sympa-
thetically. She said lawyer after
lawyer refused to take her case,
and the one who did wanted

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$1,600. “I started paying, but ran
out of money so J had to give up,”
she said.

In an e-mail to The Associated
Press, the Polish adoptive father
said he was in e-mail contact with
Rioba and her husband, and had
sometimes assisted them finan-
cially. But Rioba, who speaks
poor English and has no phone or
electricity, says she and her hus-
band quarreled over giving up the
child, separated, and she has not
been told of any contact with her
son. Repeated efforts to reach
her husband by phone for com-
ment were unsuccessful.

Privacy

The Polish father, who declined
further interview requests,
requested anonymity to protect
the boy’s privacy. He says he took
e-mails bearing Rioba’s name at
face value, without checking to
see if they were written by her.
Rioba said she bears no ill will
toward the Polish couple, instead
blaming the relative who misled
her about the process and who
she suspects made money from
it.

There’s no word for adoption
in Rioba’s Swahili language. It is
common for Africans to send
orphaned or impoverished chil-
dren to live with richer relatives,
says Nairobi-based UNICEF
expert Margie de Monchy, who
has spent decades working on
child protection issues. Unlike in
adoptions, the child remains in
regular contact with the parents.

Monchy says networks of traf-
fickers are exploiting this confu-
sion between African custom and
Western concepts of adoption.
With some families willing to pay
up to $30,000 for a Kenyan child,
“It’s calculated, it’s organized and
anecdotal evidence suggests it’s
increasing ... throughout -the
region. It’s getting worse and it’s
organized crime,” Monchy said.

Monchy says celebrities such
as Madonna may have unwitting-
ly contributed to the problem by
raising interest in African adop-
tions. The singer is in the process

of adopting a Malawian boy
whose mother died but whose
father is living. “Why did Madon-
na have to go for a child with a
father? Why couldn’t she support
the father to take care of the
son?” Monchy asked. “It shows
the misunderstanding and disre-
spect for families on the other
side of the world.”

Madonna has said she sees the
adoption as “saving a life,” and
that more African orphans “need

‘to be rescued” through adoption.

The father has said in interviews
that although he misses the boy,
he is happy with the adoption as

long as his son is well cared for.

There are no statistics on the
number of families affected by
the interest in African adoptions,
but Monchy says anecdotal evi-
dence shows the problem of
would-be saviors separating fam-
ilies is growing.

In October, six French aid
workers were stopped in Chad
with 103 children they said were
Darfur orphans being taken to
foster families in France. Most of
the children were found to be
Chadians with living parents or
other adult carers, and Chadian
parents said they had been told
the children were going to be
enrolled in a new school in Chad,
not taken out of the country.

The aid workers, from a group
called Zoe’s Ark, were convict-
ed of kidnapping and sentenced
to eight years in jail with hard
labor by a Chadian court in
December, a sentence that was
commuted to eight years in jail
when they were transferred to
France under a judicial agree-
ment. Months later, the children
involved were being cared for in a
Chadian orphanage, their return
to their families complicated in
part because Zoe’s Ark had not
maintained records on them.
Zoe’s Ark officials say local inter-
mediaries assured them the chil-
dren were orphans.

In Liberia, slowly rebuilding
itself after 15 years of civil war,
child protection experts tell of
families tricked into signing doc-
uments in a language they do not
speak. :

Md



ELIZABETH RIOBA, the moa Abednego.

Police: Dead rebel’s
laptop reveals
Venezuela support
for leftist guerrillas

â„¢@ BOGOTA, Colombia _.







Colombia’s police chief on
Monday said documents found
on a slain rebel’s laptop comput-
er suggest Venezuela recently
paid $300 million to Colombia’s
largest guerrilla group, perhaps
in exchange for the release of six
hostages, according to Associated
Press. Other documents show the
rebels had appeared interested in
buying uranium, Gen. Oscar
Naranjo said at an explosive news
conference where he lashed out at
Venezuela and Ecuador for the
financial and political support
they have provided to Colombia’s
leftist rebels.

“When they mention negotia-
tions for 50 kilos of uranium this
means that the FARC are taking
big steps in the world of terrorism
to become a global aggressor.
We're not talking of domestic
guerrilla but transnational ter-
rorism,” said Naranjo, without
giving more details. Naranjo said
the $300 million was mentioned in
a Feb. 14 message in the laptop of
Raul Reyes, who was killed Sat-
urday in a Colombian military
attack just across the border at a
rebel camp in Ecuador. Colombia
was investigating to determine if
the money was intended as pay-
ment for Chavez brokering the
rebels’ recent release of hostages,
he said.





ee hd
Tebuelet

Spc $ 11.50
12p¢c $15.00
15pe $18.00





ROYAL FIDELITY

Money at Work



TRIBUNE

*>THE

NASSAU OFFICE

(242) 356-9801





. Seok - gi
maeeeatt eo
|

MARCH 4

FREEPORT OFFICE
TUESDAY,

(242) 351-3010

SECTION B ¢ bus Ce ieee ad

Chamber chief: Review the






Niche Abaco resort
sees sales pick-up

Weights and Measures Act

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

he Grand {
Bahama
Chamber of §

Commerce’s president
yesterday urged the
Government to revisit
and amend the
Weights and Measures
Act, adding that the
matter was of such
importance that he
was “seriously consid-
ering” appointing a
Chamber committee to address this area.

"I would invite the Government to
revisit and upgrade the penalties under
the Weights and Measures Act, so as to
encourage compliance with the Act. The
present maximum penalty of $20 for a
breach under the Act is not a realistic
deterrent in this modern age,” Gregory
Moss told Tribune Business.

Mr Moss said the issue of monitoring
companies that sell goods priced by a
measurable unit has been raised by many
of his members.



Gregory Moss

South-west port



* Moss urges upgrading of penalties, and
questions whether inspections being »
carried out to protect consumers

* Grand Bahama Chamber’s head says he
may appoint committee to assess situation

“This matter is of significant concern to
me that I am seriously considering
appointing a standards committee to

_ review the matter,” he said.

Mr Moss said he was particularly con-
cerned about whether the inspections, as
mandated by law, were being carried out,
and whether the Bahamian public was
being charged accurately - the correct
price for the correct measurement.

For example, he said: “How do you
know, for sure, that when you buy a gal-
lon of gas you are actually paying for and
receiving a true gallon of gas?”

Section five of the Weights and Mea-
sures Act states: “In New Providence it
shall be the duty of the Commissioner of

Police, and in the Out Islands, of the
respective commissioners, to cause some
officer, or other member of the police

- force, to proceed, at least once in every

month, at uncertain times to all markets,
stores, shops or other places in which
articles are sold or exposed for sale by
weight or measurement, for the purpose
of examining and testing the accuracy of
all scales, weights and measures, there
used for weighing or measuring articles
for sale. ,

“Every such officer, or other member
of the police force, as the case may be,

SEE page 7B

‘superior location’
to Arawak Cay



~ By NEIL HARTNELL
_-~Fribune Business Editor

THE Nassau Tourism and
Development Board’s (NTDB)
chairman yesterday told The
Tribune that many involved
with efforts to revive downtown
Bay Street felt a south-west port
was “a superior location” to
Arawak Cay, but pledged to
support the Government
regardless of what site was cho-
sen. :

Charles Klonaris said the
main thing was the removal of
the container shipping facilities
from downtown Bay Street and
the waterfront, along with the
associated heavy goods vehi-
cles, as this would be a key first
step in kicking-off downtown
Nassau’s revival.

“What’s encouraging is that
the Government is saying that
from the end of this year, none
of the containers will be moved
during the day,” Mr Klonaris
said. “That’s very positive, and
further to that, no containers
will be visible on their proper-
ties.

“We’re encouraged that the
Government is moving forward
expeditiously, and feel that
they’ve really speeded up the
process of revitalising down-
town.

“There is drive to move the
container out of Bay Street in as
short a time as possible. It is

WINTON

But NTDB chairman.
says private sector will
work with government

regardless of which

location is chosen,
as PM meets with
shipping firms

practical, and the timeframe for
moving these containers is right
now.”

Mr Klonaris’s comments
came as other sources close to
plans for redeveloping the city
of Nassau told The Tribune that
Prime Minister Hubert Ingra-
ham was yesterday meeting
with the Nassau-based shipping
companies, such as Tropical
Shipping, Betty K Agencies,

‘Pioneer Shipping and Seaboard

Marine.

It was not known what the
agenda was, or what the meet-
ing’s outcome was by press time
last night, but sources close to
the issue suggested to The Tri-
bune that the shipping compa-
nies felt it would be a final
chance for them to submit their
views and concerns on the relo-
cation of the downtown ship-

SEE page 7B

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INTERNATIONAL REALTY

SIRbahamas.com t 242.322.2305 f 242.322.2033



A FORMER Sandals Royal
Bahamian purchasing manager
saw the Court of Appeal
reverse a $26,690 award made
against the hotel, finding that
she received four weeks’ notice
pay in line with her contract
and could not, therefore, claim
common law damages for
wrongful dismissal or termina-
tion without notice.

The Court of Appeal said the
case brought by West Bay Man-
agement Ltd, Sandals Royal
Bahamian’s holding company,
against the award to Pamela
Pierre raised the issue of
whether she, having lost her job
because her position was made

* redundant - and having received

compensation according to the
Employment Act’s section 26
on redundancy - could bring a
common law action for wrong-
ful dismissal for additional dam-
ages “on the ground that she







What are
| - you doing
after work?

was not given a reasonable
notice”. i
Appeal Justices Milton Gan-

' patsingh, Emanuel Osadebay

and Hartman Longley, in their
written judgment, said it was
“noteworthy” that Ms Pierre’s
employment contract provided
that Sandals could terminate
her employment by giving four
weeks’ notice, or alternatively
paying four weeks’ wages in lieu
of notice.

Finding that the Employment

Act’s section 26 on redundancy
included compensation, the
Court of Appeal said: “It fol-
lows therefore that one who has
been dismissed because of
redundancy, and who receives
redundancy pay pursuant to,
and in accordance with, section
26 of the Employment Act
2001, [with] pay including com-
pensation in lieu of notice, could
not thereafter successfully main-

4 ?
¢
/, ,

/
"Tagan

m By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

SALES at the Pineapple
Point Resort in Treasure Cay,
Abaco, have picked up consid-
erably as the project nears com-
pletion within the next few
months, The Tribune was told
yesterday, with most of its 30
units forecast to be sold in the
pre-construction stage.

Speaking with Tribune Busi-
ness, Bill Roe, president and
broker of Florida-based Ocean
Properties, explained that when
the project was completed the
majority of the 30 townhouse
units will have been sold.

““We may be short a couple,”
he said, explaining that the cred-
it/liquidity crunch in the global
financial system, sparked by the
US subprime mortgage medlt-
down, may have caused a slow-
down in pre-construction sales a
few months ago.

“Things are picking up,” he
said. “In the past three to four
months, I thought my phone

Ex-Sandals executive suffers appeal reverse

tain an action at common law

for wrongful dismissal in respect
of notice.

Breaking down the $28,546
in net pay that Ms Pierre
received from Sandals wheh her
position was:made redundant,
the Court of Appeal found that
it included $3,140 as ‘four
weeks’ notice pay’.

“It follows that once the
respondent accepted the com-
pensation paid to her pursuant
to section 26 of the Employ-
ment Act, she was no longer
entitled to pursue a common
law claim for damages for
wrongful dismissal on the
ground that she was not given a
reasonable notice before her
contract of employment was
terminated,” the Court of
Appeal found.

SEE page 4B



ys

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when work does?

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was broken, but recently we
have been getting quite a few
inquires, particularly after the
open house that we had this
weekend,” Mr Roe said.

He added that he had also
had an inquiry from a British
citizen, who wanted to leave his
50 foot yacht at the proposed
marina year-round, so that he
could use Abaco.as a base to
travel in this part of the region.

Ocean Properties is the exclu-
sive representative for the
Pineapple Point Resort on
Treasure Cay, which Mr Roe
said meant that persons inter-
ested in purchasing from Flori-
da would first liaise with their
company.

’ He said the Treasure Cay
area, where Ocean Properties.
also manages several other
rental properties, was particu-
larly popular among persons

‘in the Smyrna Beach and Day-

ton Beach areas. They took
advantage of scheduled daily,
direct one-hour flights to and

SEE page 2B

Sponsored by

Drive a Honda Fit and
Meet ef-Tamre fli Cola}



ridg
iv



Royal Fidelity Individual Retirement Accounts

royalfidelity.com

info@royalfidelity.com

ROYAL @ FIDELITY

Money at Work

356 9801 ©« breesort

26 6H /6





“PAGE 2B, TUESDAY, MARCH 4, 2008



Niche Abaco
resort sees
sales pick-up



THE TRIBUNE

- Bahamas impacts

bank’s retail earnings

@ By NEIL HARTNELL

Tribune Business Editor

As a result, surplus assets for
onward lending purposes -
which is what liquidity is - were

“Performance against 2007
plan was primarily impacted
by significant under-plan per-

Caribbean International Bank
(Bahamas), though, rose by 80
per cent or $14.3 million to

2S a

oes,

Every home will have a pri-
FROM page 1B vate aap water dock to an THE Bahamas and Turks & at a premium throughout the formance in ourrevenue inthe — $32.143 million in 2007, which
modate large yachts up to 65 Caicos accounted for 39 per Bahamian commercial bank- Bahamas and Jamaica and the bank attributed to higher 4
from Abaco. . feet in length. There will also cent of FirstCaribbean Inter- ing system.In turn, this placed Barbados business units, result- _ credit card revenues and secu-

Mr Roe said Pineapple Point
was a small project, which might
explain why it had such an
appeal.

The Pineapple Point Resort
will be made up of just 17 luxu-
ry two-bedroom /two-bath con-
dominiums, and 17 three-bed-
room/three-bath condomini-
ums, ranging in size from just
over 1,000 square feet to about
1,400 square feet

SWIM
OF NASSAU BAK,

be two private swimming pools
for the exclusive use of Pineap-
ple Point owners and their
guests.

Pricing for the two-bedroom,
two-bathroom condominiums
is in the low $500,000 range, and
the three-bedroom, three-bath-
room models are priced in the
upper $500,000 range.

Canstruction began in Octo-
ber 2007.

accounts

for 39% of bank’s

Caribbean earnings,

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national Bank’s regional net
income during fiscal 2007, it
was revealed yesterday,
although the below-par per-
formance of this nation’s retail
bank division was a major con-
tributor to the institution’s
Caribbean-wide target-miss in
this area.

Charles’ Pink, First-
Caribbean’s Barbados-based
chief executive, writing in the
bank’s 2007 group annual
report, said that “rising deposit
costs in Barbados and the
Bahamas, coupled with com-
petitive conditions restraining
loan pricing, led to a squeeze
on margins” in the year to
October 31, 2007.

Mr Pink, in the Bahamian
context, was referring to liq-
uidity levels in this nation’s
banking system, which
throughout 2007 were still
recovering from the heavy
credit demand of the previous
two years.

upward pressure on deposit
rates as banks competed for
scarce funds, which in turn
increased interest expense and
squeezed interest margins.
“Our Bahamas, Jamaica and
Trinidad businesses have all
suffered from tight liquidity in
local currency in 2007, and
wholesale funding was
launched successfully in all

three jurisdictions during the ~

year,” Mr Pink said.

For the year to October 31,
2007, FirstCaribbean’s return
on assets was 2.3 per cent,
while return on tangible equity
was some 17.4 per cent.

B. K. Phillips, First-
Caribbean’s regional manag-
ing director for retail banking,
which deals with mortgages

and consumer loans, said the

bank’s net income in this area
before tax was $48 million,
compared to a $56 million tar-
get and year-before perfor-
mance of $60 million in profits.

Legal Notice
NOTICE

GMR (BAHAMAS) LTD.
In Voluntary Liquidation

ing from weak loan volume
growth and rising deposit
costs,” Mr Phillips said.

For the 2007 financial year,
the Bahamas continued to be
the key main contributor to
FirstCaribbean’s group-wide
results, generating $109.8 mil-
lion of its $261.341 million in
net earnings.

That represented a $9.1 mil-
lion or 9 per cent increase over
the previous year, despite what
FirstCaribbean described as an
“adverse performance suffered
on the outsourced investment
portfolios”.

FirstCaribbean Internation-
al Bank (Bahamas) saw its net
interest income drop by $6.9
million year-on-year, which it
blamed on an investment strat-
egy that moved away from
“interest-bearing investments
to mutual funds, with gains

being recorded in operating

income. Consequently, the
increase in interest income was
lower than the increase in
interest expenses”.

The Bahamian operations
saw interest income grow by
$43.1 million or 18 per cent
over 2006, due to higher invest-
ment and loan volumes, plus
higher cash placement yields.
Yet.interest expense grew by
$50 million or 55 per cent due
to higher deposit volumes and
rates.

Operating income at First-

rities gains on its outsourced
portfolio investments.

Operating expenses fell by
$8.7 million or 13 per cent due
to a curtailment gain from
altering health benefits, while
loan loss expenses exceeded
2006 levels by $7 million due to
specific provisions of $5 mil-
lion.

Non-performing loans as a
percentage of FirstCaribbean
International Bank (Bahamas)
total loan portfolio increased
by the narrowest margins in
2007, increasing from 4.8 per
cent to 4.9 per cent.

At year-end on October 31,
2007, FirstCaribbean Interna-
tional Bank (Bahamas) total

assets stood at $4.658 billion, .

an increase of $234 million
over the 2006 year-end. Some
$2.428 billion of that sum were
loans and advances to cus-
tomers.

The Bahamas accounted for
35 per cent of FirstCaribbean
International Bank’s
Caribbean-wide customer loan
portfolio at 2007 year-end, and
36 per cent of its total assets.

Bahamian Teresa Butler
resigned as a FirstCaribbean
International Bank director to
return to the public service
after the 2007 general election.

She was replaced by G.
Diane Stewart, an attorney and
partner with McKinney, Ban-

Notice is hereby given that in accordance with Section.
138 (4) of the International Business Companies Act,
2000, GMR (BAHAMAS) LTD. is in dissolution as
of February 22, 2008.

International Liquidator Services Inc. situated as 35A
Regent Street, RO. Box 1777, Belize City, Belize is the
Liquidator.

croft & Hughes.

NOTICE

NOTICE is hereby given the EUNISE ST. JEAN of MARKET
STREET, NASSAU, BAHAMAS, is applying to the Minister
resposible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of

e

the facts within twenty-eight days from the 4TH day of MARCH,
2008 to the Minister responsible for Nationality and Citizenship,

LIQUIDATOR P.O.Box N - 7147, Nassau, Bahamas. -



NOTICE

NOTICE is hereby given the EVELINE EUGENE of OXFORD
AVENUE, P.O. BOX N-7060, NASSAU, BAHAMAS, is applying
to the Minister resposible for Nationality and Citizenship,* for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 4TH day of MARCH, 2008 to the Minister responsible
for Nationality and Citizenship, PO.Box N - 7147, Nassau,
Bahamas. ; ‘

Legal Notice

NOTICE

Legal Notice
NOTICE

INTERNATIONAL PROMOTIONAL
SERVICES LTD.

In Voluntary Liquidation

EPALINGES LIMITED

Notice is hereby given that in accordance with Section
Notice is hereby given that in accordance with Section

138 (4) of the International Business Companies Act,
2000, INTERNATIONAL PROMOTIONAL SER-
VICES LTD. is in dissolution as of February 14, 2008.

138 (8) of the International Business Companies Act 2000,
the dissolution of EPALINGES LIMITED has been com-

pleted; a Certificate of Dissolution has been issued and

Legal Notice

NOTICE

the Company has therefore been struck off the Register. ; sate . ;
International Liquidator Services Inc. situated as 35A
Regent Street, RO. Box 1777, Belize City, Belize is the ,
ae BASS BOLERO INC.
—_ (In Voluntary Liquidation)
ARGOSA CORP. INC.

LIQUIDATOR
(Liquidator) Q



Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 29th day of
February 2008. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





= ) FIDELITY

BIS

Pricing Information As Of:
Monday, 3 March 2008





52wk-Hi





Securit Previous Close Today's Close

Abaco Markets



52wk-Low



ARGOSA CORP. INC.






Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39% ea
Bank of Bahamas 9.61 9.61 - 0.00 0.643 0.160 14.9 2.71% (Liquidator)
Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46%
_ Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
1.030 0.240 13.2

Cable Bahamas 13.60 13.60 0.00
Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol (S)

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Real Estate










Travel Agency Manager






“Symbol










Bahamas Supermarkets F : 6.16%
Caribbean Crossings (Pref) A 0.000 0.480 NM 7.80%
RND Holdings 0.35 0.40 0.35 0.023 0.000 N/M 0.00% . FS Gd
ee ualifications:
ABDAB ‘ 41.00 43.00 41.00 4.450 2.750 9.0 6.70% ive Vears exnernence | AV eency
Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7.71% Fin C years expel lence in Tr av el Agency
sce AACN NDS . sie ipa ig Oct oes gsemisy OOD, essa d 45 0.030 9.000 N/M 0.00% Aanag
Ce CO a Management
Fund Name NA V YTD% Last 12 Months Div$ Yield % a | Experience organizing team work
Colina Bond Fund 1.300059" 0.62% 6.15% : Meee = :
Colina MSI Preferred Fund 2.999402"** -0.04% 15.53% Analytical skilis for Direction.
Colina Money Market Fund 1.381183°**** 0.39% 3.85% — : :
Fidelity Bahamas G & | Fund 3.7442 -1.40% 27.72% Fully trained in Tour Tek Computer System
Fidelity Prime Income Fund 11.9880** 0.46% 5.53% : 7
CFAL Global Bond Fund 100.00** Strong Accounting knowledge.
100.0000 CFAL Global Equity Fund 100.00°* 4:
1.0000 CFAL High Grade Bond Fund 1.00°* Fluent Spanish 1S an asset.
9.6628 9.6628"**

Fidelity International Investment Fund

Wide Knowledge of Cuban Tourist Products
Only serious applicant will be considered.

FINDEX: CLOSE 913.43 / YTD -4.05% / 2007 34.47%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS NAV KEY
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume

YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week *** - 341 January 2008
EPS $ - Acompany's reported earnings per share for the last 12 mths see. 2 January 2008
NAV-NetAsset Value 00000 - 22 February 2008
N/M - Not Meaningful

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



** - 31 December 2007
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Voj. - Number of total shares traded today

DIV § - Dividends per share paid in the last 12 months

Send the resume to P.O.Box: EE-16319 before
March 15, 2008.
Only the successful applicants will be contacted.

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

Â¥O TRADE CALL: CFAL 242-502-7010 / FIDELITY 242-386-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503





PE the fh tibywewee



a
‘Greater transparency

urged over Freeport
utility rate increases

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter



THE Grand Bahama Cham-
ber of Commerce’s president
yesterday called for greater
transparency in the process for
approving price increases by
the island’s utility companies.

Speaking in the wake of
price increases for Grand
Bahama Power Company and
Grand Bahama Utility Com-
pany, Gregory Moss told The
Tribune: “My concern would
be to ensure that there is a
transparent process by which
increases in electrical rates are
made in Grand Bahama.

“This concern arises from

‘the fact that the ‘regulator’
which overseas electrical rate
increases in all of Grand
Bahama is not the Public Util-
ities Commission or the Gov-
ernment, as in the rest of the
Bahamas, but the Grand
Bahama Port Authority.
. “That being so, there is con-
cern that there is no public
consultation process in Grand
Bahama on rate increases, sim-
ilar to that which prevails in
the rest of the Bahamas, with
the result that it is crucial that
there be transparency by the
Port Authority as:to the basis
upon which the Port Authori-
ty arrives at its decisions to
approve rate increases.”

Concerns have been
expressed by others, especially
in the business community,
about how utility rate increas-
es are applied for, decided
upon and approved in Grand
Bahama.

One issue, especially when
it comes to Grand Bahama
Power Company, is that the
company and the GBPA have

a common large, potentially
influential shareholder.

Lady Henrietta St George
owns 50 per cent of BISX-list-
ed ICD Utilities, which in turn
owns S50 per cent of Grand
Bahama Power Company. In
effect, this means that the reg-
ulator is part-owned by a
shareholder who also has a
substantial interest in the very
company it is seeking to regu-
late, and which acts as a sig-
nificant profit centre for its
part-owner.

Meanwhile, Mr Moss said he
was concerned by reports that
in Grand Bahama, the thresh-
old in oil prices after which a
surcharge is applied would
appear to still be artificially
fixed at around the $20 per
barrel level, which represented
the average oil price in the
1970s. :

This appeared not to have
risen with the average price of
oil on global markets, which
yesterday hit $104 per barrel.
The result was that today,
every electricity bill includes a
component for fuel surcharge.

“My understanding is that if
the threshold for fuel sur-
charges were to be revised to
reflect the true average oil
price over the last few years,
then fuel surcharges would
only apply above that price.
Accordingly, my concern is
that the business and other
consumers in Grand Bahama
are being made to absorb
today's high cost of oil togeth-
er with an additional surcharge
on that high cost, on the false
premise that the average oil
price is still what it was in the
1970s,” the Chamber president
said.

Mr Moss said that while this
might not be the case, he was
unable to come to a conclu-

sion on that without trans-
parency as to the basis upon
which the fuel surcharge is

‘ being calculated.

“Meanwhile, I believe that
all would agree that it is in the
best interest of business and
other consumers in Grand
Bahama for the Port Authori-
ty and the Grand Bahama
Power Company to provide
full and frank disclosure of the
basis of the approved increase
in electrical rates in Grand
Bahama, in order for the pub-
lic to be satisfied that the

increase is justified, especially:

in light of the profits which
have been reported by the
Grand Bahama Power Com-
pany even without such an
increase,” Mr Moss said.

The electricity rate increase

will take effect from April 1, |

2008.

-For the average residential
customer, the 4.87 per cent
increase means an.additional
$5 charge on their monthly bill.

Grand Bahama Power Com-
pany (GBPC) cited inflation,
increased costs for equipment
and investments for system
upgrades among the reasons
for the hike in rates.

_ The system upgrades cost
the company over $30 million,
and were funded by bank
financing as well as the sus-
pension of dividend payments
to shareholders in 2006.

Not to’be outdone, Grand
Bahama Utility Company yes-
terday announced a rate
increase of 4.87 per cent, which
it said amounted “to a very
small increase of 95 cents per

‘month to average residential:

consumers.”

The last rate increase was in
March 2006, and the new one
will take effect from .April 1,
2008. —

THE CENTRAL BANK OF THE BAHMAS

Conterfeit Banknote And Introduction
To Crisp Series Seminar

The Central Bank Of The Bahamas Training Room,

Market Street And Trinity Place Entrance

Session

March 13, 2008
From 11:00 A.m. To 12:30 P.m.

Apply By: March 10, 2008.

The seminar is open to banks and banking institutions, gov-

ernmnet agencies and corporations, private companies and the

general public. Applications will be’ taken on a first-come/first-

served basis, as space is limited.

Kindly indicate if you wish to attend. |

Contact No.

302-2734, 302-2636, 302-2629





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PAGE 4B, TUESDAY, MARCH 4, 2008

THE TRIBUNE



Adler Realty
& Investment

Company staff
attend ere
workshop



STAFF at Adler Realty &
Investment Company attended
a training workshop at the
British Colonial Hilton entitled:
Preparing the team now for the
future in real estate sales.

Dr Richard Pinder, vice-pres- -

ident of Bahamas Faith Min-
istries International, lectured
on The importance of team-
work for individual and corpo-
rate success, highlighting that

key to maintaining repeat busi-
ness.

e SHOWN (I-r in front row)
are Nyochea Winder, Dr
Richard Pinder, presenter,
Osbourne Stuart, president,
Adler Realty, Bernadette Scott
and Seadrid Ferguson. Shown
(I-r in back row) are Desmon
Bethell, Samuel Thompson,
Deron Isaacs and Abigail Fer-

effective customer service isthe guson.

[BDO Mann Judd

BDO Mann Judd a leading professional services firm with 601 BDO Member Firm
offices in 105 countries around the globe is now seeking applications for assurance
seniors/ senior accountants to work in the assurance department. The successful candidate
will have a bachelor’s degree in accounting and a CPA, ACCA, CA or any other
qualification that is recognized by the Bahamas Institute of Chartered Accountants.

The successful candidates will have 3 years experience in auditing, and be able to work in
a challenging team driven environment. Attention to detail is a must.

Individuals with the above-mentioned qualifications should fax or email their résume’s
to: , ~ jnfo@bdomannjudd.com

Recruitment Manager.
BDO Mann Judd
Nassau Bahamas

Fax: 242-325-6592

Absolutely no phone calls please.
| Only the applicants with the above mentioned qualifications will be contacted.





PUBLIC NOTICE
PUBLIC CONSULTATION

PROPOSED INDIVIDUAL LICENCE FOR THE RESALE
OF VOICE TELECOMMUNICATIONS SERVICES

The Bahamas’ regulator of the telecommunications sector, the Public
Utilities Commission (PUC or the Commission), is pleased to invite
comments on its consultation document on the Proposed Individual
Licence For The Resale of Voice Telecommunications Service within,
into and from The Bahamas.

The consultation document discusses the proposed Licence, including
the nature and scope of the Licensed Services and the high-level obligations
that the Licensee will be required to comply with.

The objectives of this public consultation are to:







Ex-Sandals executive

FROM page 1B

The Appeal justices over-
turned the earlier Supreme
Court verdict by Justice Vera
Watkins, who had found that
while Ms Pierre was not wrong-
fully dismissed, but that she was
owed a further $26,690 on top
of what Sandals had already
paid for “terminating her ser-
vices without notice.

While agreeing that there was
no wrongful dismissal, the
Court of Appeal added that
having received compensation
in accordance with the Employ-
ment Act’s provisions, “there
was therefore no basis on which
she could successfully maintain

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.

an action for wrongful dismissal

at common law for additional
compensation, on the ground
that she had not received rea-
sonable notice before the ter-
mination of her employment
and the trial judge, having
found that the respondent was
not wrongfully dismissed, erred
in law in awarding her addi-
tional compensation...

“In this appeal, the respon-
dent was employed under a
contract of employment, which
expressly provided for termina-
tion with four weeks notice or
four weeks’ pay in lieu of four
weeks’ notice, as provided in
section 26 of the Employment
Act. The respondent was there-
fore not entitled to any addi-
tional compensation at common
law in respect of notice.”

Ms Pierre’s attorney, Trades
Union Congress (TUC) presi-
dent Obie Ferguson, had
argued that she was entitled to
pursue additional common law
compensation under the
Employment Act’s section four.

Mr Ferguson had also
attempted to rely on a case
brought by a Paula Deveaux
against Bank of the Bahamas
International, something Jus-
tice Watkins had also relied on.
In particular, Mr Ferguson had
focused on part of the decision
in that case in which Justice
Ganpatsingh said it seemed that
the Employment Act-was not
intended by Parliament to cod-
ify employment relations.

Justice Ganpatsingh added
that the Act was passed “to
establish minimum standards of
working hours, and to make
provisions relating to notice to
terminate contracts of employ-
ment and to make provisions

suffers appeal reverse

relating to summary dismissal”.

The Court of Appeal said
Justice Ganpatsingh at that
point was referring solely to the
Employment Act’s “preamble”.
In the case cited by Mr Fergu-
son, the employee had claimed
damages for wrongful dismissal
against the bank for termina-
tion without reasonable notice.

Her contract contained no
provision for notice before ter-
mination, and therefore could
be terminated at common law
by reasonable notice. The
employee, believing she was
entitled to better benefits under
common law, pursued a com-
mon law claim for damages
under section four of the
Employment Act.

That case was different from
Ms Pierre’s, as she had a notice
provision in her contract. And
the Court of Appeal noted that
the Employment ‘Act’s section
29, dealing with employer
notices to terminate contract
employment, referred to “the
minimum period of notice”.

“It was clear that with regard
to notices required to terminate
a contract of employment, the
Act was providing a minimum
period of notice,” the Court of
Appeal ruled.

“Tt was in that context, and
in relation to notices required to
be given before the termination
of contracts of employment,
that those statements were
made by Justice Ganpatsingh.
The court in that case was not
dealing with redundancy pay.

“The statements made by
Justice Ganpatsingh were total-
ly misunderstood and taken out
of context, and the decision in
Paula Deveaux versus Bank of
the Bahamas misapplied.”

Ecology of the
Andros Iguana:

Implications for Conservation

Lecturer - Charles Knapp, Ph.D.

a) advise current licensees, prospective licensees, stakeholders and
the public of the proposed Licence; and

Center for Conservation and Research for Endangered Species
Zoological Society of San Diego

Escondido, California USA

&

Conservation Department

John G. Shedd Aquarium

Chicago, Illinois USA

b) invite comments from current licensees, prospective licensees,
stakeholders and the public.

Section 6(5) of the Telecommunications Act, 1999, requires the
Commission to publish the proposed Licence and allow a reasonable
period of consultation and take into account any objection or suggestion
made by persons affected by the proposed Licence before adopting the
said Licence. At the conclusion of this public consultation the Commission
will issue a Statement on the Results of the Public Consultation.

Dr. Knapp will be discussing the general
ecology of the iguana in a framework of
conservation management. He will also
be discussing the results from

two rapid ecological assessments

(2006 and 2007) that were

conducted to clarify the

island-wide distribution

of the Andros Iguana.
Recommendations for

long-term conservation

_, action will then be addressed.

The public consultation document can be obtained from the Commission’s
office located at 4" Terrace East, Collins Avenue, Nassau or downloaded
from the Commission’s web site at www. pucbahamas. gov.bs. Written
comments should be submitted by 7" April, 2008 via post, hand ee
facsimile or e-mail to:

Mr. Barrett Russell,
Executive Director
Public Utilities Commission
P.O. Box N — 4860
Fourth Terrace East, Collins Avenue
Nassau, Bahamas

Telephone: 242 322-4437
Fax: 242 323 7288
Email: PUC@pucbahamas.gov.bs.

Date: Wednesday, March 5, 2008
Time: 7:00 p.m
Place: The Retreat, Village Road

F
A
=
PT)
=)
a
SET
°
—
6A
=)
a.

Admission:-
BNT Members Free
General Public $2





THE TRIBUNE

Fave

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Scotiabank Caribbean Treasury Limited

We have audited the accompanying balance sheet of Scotiabank Caribbean Treasury Limited (“the
Company”) as at October 31, 2007, and a summary of significant accounting policies and other
explanatory notes (together “the financial statement”).

Management's Responsibility for the Financial Statement
4

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statement that is free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that
are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit. We -
‘conducted our audit in accordance with International Standards on Auditing. Those standards require
that we’ comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statement. The procedures selected depend on our judgment, including the assessment
of the risks of material misstatement of the financial statement, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to the Company’s preparation and
fair presentation of the financial statement in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates, if any, made by management, as well as
evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for .

our audit opinion.
Opinion

In our opinion, the financial statement presents fairly, in all material respects, the financial position of
the Company as at October 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sir:. does not comprise a complete s2t
of financial statements prepared in accordance with IFRS. Information on results of operations, cash
flows and changes in equity is necessary ‘« oot#n a complete understanding of we fitancial position,
peiformance and cash flows of the Ccmpany.

KPMG

Chartered Accountants

. Nassau, Bahamas
February 29, 2008 ‘

_SCOTIABANK CARIBBEAN TREASURY LIMITED

Balance Sheet

‘October 31, 2007, with corresponding figures for 2006
(Expressed in United States dollars)







2007 - 2006
Note ($’000s) ($°000s)
Assets
-Loans and advances to banks 4, 12, 15 2,242,089 1,904,213
Derivative financial instruments — - 15, 16 1,076 311
Investments 5,15 55,167 -
Investments pending settlement . : 32,000 -
Property and equipment 6, 15 313 : 47
Accrued interest receivable and other assets 7,15 24,964 17,099
Total Assets 2,355,609 1,921,670
Liabilities and Equity .
Liabilities
Derivative financial instruments 15, 16 4,476 -
Deposits 8, 12,15 2,263,603 1,867,643
Accrued interest payable and other liabilities 9, 15 15,424 28,816
; 2,283,503 1,896,459
Equity
Share capital . 10 10,000 _ 10,000
Share premium 11 15,000 15,000
Retained eamings : 47,106 211
72,106 25,211
Commitment 18
Total Liabilities and Equity 2,355,609 1,921,670

Seé accompanying notes to balance sheet. :

The balance sheet was approved on behalf of the Board of Directors on February 29, 2008 by

the following:

BSNS aay Director A ). as Director

Notes to Balance Sheet

October 31, 2007
(Expressed in United States dollars)



1. Reporting entity
Scotiabank Caribbean Treasury Limited (“the Company’) was incorporated on May 29, 2006
under the Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under The
Bank and Trust Companies Regulation Act, 2000. The Company is wholly owned by The Bank of
Nova Scotia International Limited “the Parent’, a company also incorporated in the
Confmonwealth of The Bahamas. The ultimate parent of the Company is the Bank of Nova Scotia
(“BNS”), a company incorporated in Canada.

The Company manages the US dollar treasury function for the Bank of Nova Scotia’s subsidiaries
and branches within the Caribbean and Central American region. The Company’s registered office
is located at 404 East Bay Street, Nassau, The Bahamas.

Pursuant to the terms of a purchase and sales agreement dated August 1, 2006, the Company
acquired the business of the Caribbean Treasury Unit (“CTU”) from Scotiabank (Bahamas)
Limited (“the Bank”). The acquisition of CTU represented a transaction between entities under
common control as the Bank is also a subsidiary of the Parent. As such, this transaction was
outside the scope of International Financial Reporting Standard 3: Business Combinations. The
assets and liabilities of CTU were transferred to the Company at book value and the difference
between the purchase price and the net book value was accounted for as an adjustment to equity.

2. Basis of preparation and significant accounting policies
(a) Statement of compliance

The balance sheet has been prepared in accordance with International Financial Reporting
Standards (“IFRS”). The accounting policies set out below have been applied consistently to
all periods presented in the balance sheet.

(b) Basis of measurement

The balance sheet has been prepared on the historical cost basis except where otherwise noted
below.

(c) Functional and presentation currency

The balance sheet is presented in United States dollars (“US$”), which is the Company’s
functional currency. Except as indicated, financial information presented in US$ has been
rounded to the nearest thousand.

(d) Use of estimates and judgements

The preparation of the balance sheet in conformity with IFRS requires management to make
Judgements, estimates and assumptions that affect the application of accounting policies and
the amounts reported in the balance sheet and the accompanying notes. ‘I'hese estimates are
based on relevant information available at the balance sheet date and, as such, actual resulis
may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and in any
future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
Judgements in applying accounting policies that have the most significant effect on the amount
recognized in the balance sheet are described in notes 15 and 16.

(e) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and inlerpretauions are not yet effective
for the year ended October 31, 2007, and have not been applied in preparing this balance
sheet.

IFRS 7 Financial Instruments: Disclosures and the Amendinent 10 IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the significance
‘of financial instruments for an entity’s financial position and performance, and qualitative and
quantitative disclosures on the nature and extent of risks. IFRS 7 and amended IAS J, which
become mandatory for the Company’s 2008 financial statements, wili require extensive
additional disclosures with respect to the Company’s financial instruments and capital.

(f) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates of
the transactions. Monetary assets and liabilities denominated in foreign ‘currencies at the
reporting date are translated to the functional currency at the mid-market exchange rates al
that date.

VS

(g) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and provisions for
impairment losses. :

Leaseh«‘d improvements - Term of lease plus one renewal option period
Furniture and equipment - 3 to 10 years :

Property and equipment are periodically reviewed for impairment. Where the carrying value
amount of an item of property and equipment is greater than its estimated recoverable amount,
it is written down immediately to its recoverable amount.

(h) Financial assets and liabilities
' * G) Classification

Financial assets that are loar and advances to banks and accrued inicrest rec
‘ classified as loans and receivat'es.

Financial assets and liabilities that are derivative financial instruments are considered to
be financial instruments held-for-trading and are classified as at fair value through profit
and loss.

Financial assets that are investment securities have been designated as at fair valu:
through profit and loss.

Financial liabilities that are not held-for-trading include deposits and accrued interes!
payable. tgp feet ‘

(ii) Recognition

The Company initially recognizes loans and advances and deposits on the date that they
are originated or accepted, as applicable. All other financial ‘assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are initially
recognized on the date that the Company becomes a party to the contractual provisions ot
the instrument.

(ili) Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on the
financial asset in a transaction in which substantially all the risks and rewards of
ownership of the financial asset are transferred. Any interest in transferred financial assets
that is created or retained by the Company is recognized as a separate asset or liability

The Company derecognizes a financial liability when its contractual obligations a:>
discharged, cancelled or expire.

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a financial
asset or financial liability not at fair value through profit or loss, Wansaction costs that «a
directly attributable to the acquisition or issue of the financial asset or financial liability
Transaction costs on financial instruments at fair value through profit or loss are expensed
immediately.

Subsequent to initial recognition, loans and receivables and financial liabilities that are pot
held-for-trading are carried at amortized cost less impairment losses where applicab!
using the effective interest rate method.

The amortised cost of a financial asset or liability is the amount at Which the financial
asset or liability is measured at initial recognition, minus principal repayments, plus o1
minus the cumulative amortization using the effective interest method of any difference
between the initial amount recognised and the maturity amount, minus any reduction for
impairment.

Subsequent to initial recognition, investment securities and derivative financia!
instruments are valued at their fair values.

Investments in hedge funds are valued at the net asset value per share as advised by th
administrators of the funds.

The determination of fair values for derivative financial instruments is based on quoted
market prices or dealer price quotations for financial instruments waded in active market
For all other financial instruments fair value is determined by using valuation techniqu
Valuation techniques include net present value techniques, the discounted cash flo
method, comparison to similar instruments for which market observable prices exist, and
valuation models. The Company uses widely recognized valuation models for
determining the fair value of common and more simple instruments like interest rat
swaps. For these financial instruments, inputs into models are market observable

Derivative instruments designated as “asseV/liability management” are those used t
manage the Company’s interest rate and foreign currency exposures

(v) Identification and measurement of impairment

At each balance sheet date, the Company assesses whether there is objective evidence th
financial assets not carried at fair value through profit or loss are impaired. Financi
assets are impaired when objective evidence demonstrates that a loss event bas occurred

after the initial recognition of the asset, and that the loss event has an Impact on the futur
cash flows on the asset that can be estimated reliably

,
The Company considers evidence of impairment at both a specific asset and collecti
level. All individually significant financial assets are assessed for specific impairment
All significant assets found not to be specifically impaired are tian collectiv tly a
for any impairment that has been incurred but not yet identified. Assets that are not
individually significant are then collectively assessed for impairment by v1 uping togell
financial assets (carried at amortised cost) with similar risk characteristics

Objective evidence that financial assets are impaired can include default o1 lelinquen
by a borrower, restructuring of a loan or advance by the Company on terms that th
Company would not otherwise consider, or other observable data relatine to a vr up ol

assets such as adverse changes in the payment status of borrowers

Impairment losses on assets carried at amortised cost are measured as the differen
between the carrying amount of the financial assets and the present value of estimated
cash flows discounted at the assets’ original effective interest rate. Losses are rec gnized
in the statement of income. Interest on the impaired asset continues to be recognized
through the unwinding of the discount .

7 ~ POPE TET

TUESDAY, MARCH 4, 2008, PAGE 58

rz. BERING TE TT



PAGE 6B, TUESDAY, MARCH 4, 2008

3.

($7000s) _
Purchase price (2,000)
Add: cash and cash equivalents acquired,
included in loans and advances to banks 1,147,688
_— 1,145,688
een
4. Loans and advances to Banks
ee
2007 2006
($0008) ($'000s)
Loans and advances to banks
- affiliates 1,996,715 1,804,208
- other 245,374 100,005
2,242,089 1,904,213

5.

6.

(i) Cash and cash equivalents

Cash and cash equivalents are financial assets with original maturities of less than ihree

months, which are subject to insignificant risk of changes in their fair vaiue, and are used by
the Company in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost 1n the balance sheet.

(j) Related parties
A number of transactions are entered into with related parties in the normal course of business.
Balances resulting from such transactions are described as balances with affiliates.

Acquisition

As discussed in note 1, the Company acquired the business of the CTU from the Bank effective

August 1, 2006, at a purchase price of US$2 million.

The book value of the assets and liabilities acquired at that date was as follows:

2006
($’000s)
Loans and advances to banks aia

Equipment
Other assets 2,546

Total assets 1,919,794
Deposits (1,903,599)
(16,195)

Other liabilities
Book value of net assets acquired -
The adjustment to equity was as follows:

——————_—_—_—_______—_ enwvx—m—X\—*oeaneeme 2006





($’000s)

Purchase consideration (2,000)
Book value of net assets acquired -
(2,000)

Net cash flow effect of the purchase was as follows:

2006









The effective interest rate earned on the loan portfolio for the current period was 4.39%.
Investment securities

Investment securities include investments in 1 hedge funds that have been designated as investment
securities at fair value through profit or loss.

Property and equipment











Leasehold — Furniture and
Improvements Equipment Total
<$"000s) ($'000s) ($’000s)

Cost ' .
October 31, 2006 15 35 50
Additions . 166 112 278
Disposals : ~ ~ (2) (2)
October 31, 2007 181 145 326
Accumulated depreciation
October 31, 2006 1 2 3
Charge for the period 3 9 12
Disposals a = @) Q)
October 31, 2007 __ _ 4 9 13
Net book value October 31, 2007 177 136 313
Net book value October 31, 2006 14 33 47

7. Accrued interest receivable and other assets





2007 2006
($’000s) ($°000s)
Accrued interest receivable:
- Affiliates 18,325 2 ~ 14,769
- Other . 35 1,282
Other assets 6,604 1,048
24,964 17,099





8. Deposits »
a
2007 2006
($7000s) ‘$°000s)
Deposits from affiliates 2,091,531 1,693,055
Deposits from other banks 172,072 174,588
2,263,603. 1,867,643

The effective interest rate paid on deposits for the current period was 4.39%.

9. Accrued interest payable and other liabilities















: 2007 2006
; ($°000s) ($’000s)
Accrued interest payable — affiliate banks 12,596 11,314
Accrued interest — other 7 2,083 2,932
Other liabilities ; a) 14,570
15,424 28,816
10. Share capital
2007 2006
_ oo _(3°000s) ($’000s)
Authorized, issued and fully paid:
10,000,000 ordinary shares of par value US$1.00 each 10,000 10,000
11. Share premium
‘ 2007 2006
CS! OUOs) ($’000s)
10,000,000 shares issued ata premium of US$!.50 each 15,000 15,000

12. Geographical Analysis of Assets and Liabilitics

Significant assets and habilities at October 31 may be analyzed by geographical area, based on the
residence of the counterparty, as fol!ows:

THE TRIBUNE











The North

Bahamas Europe America Other _ Total

($’000s) ($’000s) ($’000s) ($’000s) ($’ 000s)
October 31, 2007:
Loans and advances to banks $90,474 ~ 150,000 245,374 1,256,241 2,242,089
Deposits 719,390 — 125,492 1,418,721 2,263,603
October 31, 2006:
Loans and advances to banks 4 400,000 - 1,504,209 1,904,213
Deposits 508,950 — 255,240 1,103,453 1,867,643

13. Pension plan

Substantially all of the Company’s employees are members of BNS’ defined benefit pension plan.
The plan provides pension benefits based on length of service and final earnings with
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All rights
and obligations of the defined benefit pension plan are borne by BNS. The last actuarial valuation
of the plan was as of November 1, 2006 and based on that independent valuation, the plan was
fully funded. An actuarial valuation is performed on the plan at least once every three years. All
actuarial information relating to this scheme can be found in the consolidated financial statements
of BNS. _



The Company also participates in a contributory plan established by BNS covering some
employees. As of October 31, 2007, this plan is also fully funded.

14. Global Employee Share Ownership Plan

15.

16.

The Company participates in the Global Employee Share Ownership Plan (““GESOP”) of BNS,
which allows employees of the Company to contribute between 1% and 6% of their annual salary.
The contributions are used to purchase shares in BNS, on the Toronto Stock Exchange at the
prevailing market prices on a semi-monthly basis. The Company matches fifty percent (50%) of
the employees’ contributions and this vests with the employees after two years of participation in
GESOP.

Financial risk management
Credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s loans and
advances to banks. The Company structures the levels of credit risk it undertakes by placing limits
on the amount of risk accepted in relation to one borrower, or groups of borrowers, and to
geographical and industry segments. Credit disciplines are based on a division of authority, a
centralized credit review system, a committee system for dealing with all major exposures, and
periodic independent review by BNS.

Interest rate risk

Interest rate risk arises when there is a mismatch between positions that are subject to interest rate
adjustment within a specified period. Exposure is generally managed locally by currency and
regularly reviewed on a consolidated basis by executive management.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations from its
financial liabilities. The liquidity risk management process ensures that the Company is able to
honour all of its financial commitments as they fall due. The Company manages liquidity using
the following policies:

° measuring and forecasting cash commitments;
e ensuring immediate availability of large pools of liquid assets to meet unforeseen events;

e maintaining a Strong credit rating to ensure timely access to borrowing on favourable rates
and terms;

e diversifying funding sources and
e maintaining the ability to securitize the Company’s assets.

. The following analysis of maturities of significant assets and liabilities illustrates the extent to
which the Company was exposed to liquidity risk:









1-3 3-12 1-5 5 Years

Months Months Years & Over Total

($’000s) ($’000s) ($’000s) ($’000s) ($’000s)
October 31, 2007:
Assets .
Loans and advances t to banks 1,558,527 413,669 213,909 55,984 2,242,089
Liabilities :
Deposits 1,806,555 322,154 133,402 1,492 2,263,603
Net Liquidity gap (248,028) 91,515 80,507 54,492 (21,514)
October 31, 2006:
Assets
Loans and advances to banks 1,240,984 316,891 335,896 10,442 1,904,213
Liabilities
Deposits 1,497,592 370,051 - - 1,867,643
Net Liquidity gap (256,608) (53,160) 335,896 10,442 36,570 |

Currency risk

The Company takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Company’s board of directors sets
limits on the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored on a daily basis. The table below summarises the Company’s exposure to
foreign currency exchange rate risk:









BSD USD Other Total
($’000s) ($’000s) ($’000s) ($’000¢)
October 31, 2007:
Assets
Loans and advances to banks 2,242,089 _ 2,242,089
Investment securities - 43,579 11,588 55,167
Investments pending settlement - 32,000 - 32,000
Derivative financial instruments - 1,076 - 1,076
Property and equipment 313 ~ - 313
Accrued interest receivable and other assets 55 24,662 247 24,964
Total assets 368 2,343,406 11,835 2,355,609
Liabilities
Deposits : - 2,252,015 11,588 2,263,603
Derivative financial instruments - 4,476 - 4,476
Accrued interest receivable and other liabilities 13 15,300 lil 15,424
Total liabilities 13 2,271,791 11,699 2,283,503
Net balance sheet position 355 71,615 136 72,106
October 31, 2006:
Assets
Loans and advances to banks - 1,904,213 - 1,904,213
Derivative financial instruments =: 311 - 311
Property and equipment 47 = - 47
Accrued interest receivable and other assets 51 16,606 442 17,099
Total assets 98 1,921,130 442 1,921,670
Liabilities
Deposits 7 1,867,643 - 1,867,643
Accrued interest receivable and
other liabilities 3,286 25,288 242 » 28,816
Total liabilities 3,286 1,892,931 242 1,896,459
(3,188) 28,199 200 25,211

Net balance sheet position

Derivative financial instruments

Derivative instruments are financial contracts whose value is derived from interest rates, foreign
exchange rates or other financial or commodity indices. Most derivative instruments can be
characterized as interest rate contracts, foreign exchange coniracts or equity contracts. Derivative
instruments are negotiated over-the-counter contracts and include swaps and forwards. These
transactions are primarily facilitated through Scotia Capital Market (USA) Inc. (“SCM”). The
Derivative Products Group of SCM also provides internal hedges in the form of swaps or options
te minimize the Company’s net market risk.







The Company enters into these derivative Instruments to

accommodate the risk management needs
of its customers and for asseVliability man 7 il

agement purposes.



/nlerest rate swaps



Interest rate swaps are commitments to exchange one set of cash flows for
In an economic exchange of interest rates.



another. Swaps result
vec No exchange of principal takes place. The Company’s
credit risk represents the potential cost to replace the swap contr
perform their obligation.





poten acts If counterparties fail to
: i This risk is monitored on an ongoing basis with reference to the current
fair value, a portion of the notional ai ount of the contracts and the liquidity of the market. To
control the level of credit risk taken, the Company |
techniques as for its lending activities.





assesses Counlerparties using the same





The notional amounts of certain types of financial instruments provide a b

insteupie ras Bagh asis for comparison with
NstruMents recognized on the t

yulance sheet but do not necessarily indicate the amounts of future
Cush flows volved or ic Curent sair value of the instruments and, therefore, do not indicate the
Company's exposure to credit or price risks. The derivative instruments become favourable
(assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates or foreign
exchange rates relative to their terms.





The following table provides the aggregate notional and fair value amounts of derivative financial
instruments Outstanding as of October 31, 2007:




















Notional Fair Values
Amount Assets Liabilities
__($'000s) ($°000) ($°000)
October 31, 2007:
Interest rate swaps 81,034 - 930
Total return swaps 176,022 1,076 3,546
257,056 . 1,076 4,476
October 31, 2006:
Interest rate swaps 98,887 311








AS of October 31, 2007, the interest rate swap contracts noted in the table above were matched
against fixed rate loans and advances to banks and deposits with
amount of $81 million (2006 - $99 million),



a gross oulstanding principal





The total return swaps were matched against the Company’s investments in hedge funds and loans
on the books of an affiliate.




. Fair value of financial instruments

Fair value amounts represent estimates of the consideration that would be agreed upon between
knowledgeable willing parties who are under no compulsion to act and is best evidenced by a
quoted market price if one exists. The majority of the Company’s financial instruments’ are carried
at historical cost and are not adjusted to reflect increases or decreases in fair value due to market
fluctuations, including those due to interest rate changes.






Derivauves and investment securities are carried at their market values, which are considered to



equate to their fair values.



The fair values of loans and advances.to banks and deposits approximate their carrying values,
which are at amortised cost, due to their short term nature and interest rates earned or paid
approximate rates otherwise available to the Company for similar facilities.






All other financial assets and liabilities are short term in nature and their carrying values are
considered to equate to then fair values. ,




Lease commitments
The Company has obligations under a commercial lease for office space for a five year term
expiring February 28, 2012 with two consecutive options to renew for a further 4 and 5 year term
respectively. The future minimum basic rent under this agreement is $138,276 per year for the
first three years of the lease..









2007
($'000s)




138,276
491,648



1 year or less
Over | year to 5 years










- 629,924 °
i eI

19. Capital Management



WO dy i

io 2G
Regulatory Capital




The Company’s lead regulator, the Central Bank, sets capital requirements for the Company. ‘In
implementing current capital requirements, the Central Bank requires the Company to maintain a
prescribed ratio of total capital (including contributed capital and retained earnings) to total risk
weighted assets or total assets.





The Company’s policy is to maintain a strong capital base so as to maintain creditor and market
confidence and to sustain future development of the business. The Board of Directors monitors
comgliance with the capital requirements on a quarterly basis.




The Company has secured a letter of comfort from the Parent to bolster its capital if required.
The Company’s capital base, together with the letter of comfort was sufficient to satisfy all
externally imposed capital requirements throughout the period. There have been no material
changes in the Company’s management of capital during the period.

PUBLISH |

Your Balance Sheets &






Legal Notices

The Tribune

Call us at



THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 7B





South-west port

‘superior location’

to Arawak Cay

FROM page 1B

ping facilities, be that to
Arawak Cay or the south-west
port option proposed under the
former PLP administration.

Meanwhile, Mr Klonaris said
the removal of the shipping
facilities would force downtown
landlords and property owners,
especially those who had ship-
ping firm tenants, to think about
upgrading their properties and
putting them to different use.

Removal of the shipping facil-
ities would enable Bahamians
and all stakeholders to “really
think about the expansion of
the city going east”, in addition
to freeing up valuable water-
front real estate on Nassau har-
bourfront.

When it came to the pre-
ferred site for the port reloca-
tion, Mr Klonaris said: “I think
there’s advantages to Arawak
Cay, as to how quickly the con-
tainers can be moved from Bay
Street, but in the long-term and
allowing for the 35-50-year
growth of the city, we feel the
south-west port is the superior
location. Everything is out of
the way there.” ;

The Tribune understands that
both Citibank and Fidelity have
submitted viable proposals on

‘how the south-west port could

be financed without requiring
any taxpayer dollars.

The NTDB chairman said he
was uncertain about the impact
the container traffic from an
Arawak Cay port would have
on traffic flows coming into
Nassau from the west, and
heading out towards Cable
Beach.

“T don’t know the impact
Baha Mar will have on traffic
moving in and out of the city.
Once you hit Fort Charlotte
now, traffic is at a standstill

between 4-Spm,” Mr Klonaris
said.

“So I know the traffic impact
from the Container Port will
have to be addressed. I’m sure
the Ministry of Works will be
looking at that.”

The Government appears to
be focusing on Arawak Cay as
its preferred site for the ship-
ping and container facilities that
will be relocated from down-
town Bay Street.

The Tribune revealed yester-
day how Hong Kong conglom-
erate, Hutchison Whampoa,
and majority owner of the
Freeport Container Port (FCP)
had become the third party to
express interest’ in financing
and constructing new com-
mercial shipping facilities or
Nassau at Arawak Cay, with
indications that such a port
would cost $175 million to con-
struct and be operational with-
in six months.

Dr Earl Deveaux, minister
of works and transport, con-
firmed to The Tribune: “We’ve
had expressions of interest
from three parties — the
Hutchison Whampoa group,
Mediterranean Shipping Com-
pany, and we also got an
expression of interest from
Tropical Shipping, represent-
ing the Nassau-based shippers.

“The indications are that
either of these three partici-

‘pants are prepared to build

and manage a container port,
and provide an opportunity for
private sector participation.”
Private sector participation,
Dr Deveaux explained, meant
that all three proposals would
“make available an opportu-
nity for shares to be bought by
the public in the company that
owns the [Arawak Cay] port”.
While the Government-has
received only a written pro-
posal from Tropical Shipping

to date, Dr Deveaux saying
that Hutchison Whampoa and
MSC were not expected to
submit theirs “for a few weeks
yet”, a major factor for the
Government in deciding upon
the port relocation will be that
it does not have to fund it with
any taxpayer dollars.

Dr Deveaux told The Tri-
bune: “The only decision we
have taken is that we would
like the shipping containers
removed from downtown by
the end of the year.

“We have seen Arawak Cay,

~ and had expressions of interest

from three parties that Arawak
Cay is a feasible alternative
over the next 10 years. They’re
prepared to fund it. All they’ve
asked of government is for an
opportunity to review the stud-
ies and for us to provide 50
acres of land on Gladstone |
Road to hold the containers.”

While construction work on
an Arawak Cay port would
take an estimated 18 months
to complete from start to fin-
ish, Dr Deveaux said all three
parties had indicated the facil-
ity could be operational within
six months of building work
beginning.

“They [the shipping compa-
nies] indicated they could be
open within six months, but
that total completion time
would be 18 months,” Dr
Deveaux said of construction.

“They’ve all told us they’d
like to see something for a
minimum of 10 years. It would
give them ample time for a
return on investment and to
look at long-term options —
remaining there or going else-
where. This is the best possible
short-run solution for all con-
cerned.

“They can have it done,
completed and operational in a
very short time.”

Chamber chief:
Review Weights
and Measures Act

found to be false, or not to correspond with the
standard scales, weights and measures established
under this Act, the same shall be forfeited, and
shall be taken possession of for the purpose of

FROM page 1B

shall have, and is hereby invested with, full pow-
er and authority, to call for, try, examine and test
the accuracy of all such weights and measures,
made use of in any such market, store, shop or
other place, or intended to be made use of there-
in, in buying or selling any article whatsoever.
“If any such scales, weights or measures are

d rates

condemnation under this Act.”

However, Mr Moss said there were questions as
to whether these inspections were actually being
done, and if businesses selling and pricing prod-
ucts based on measureable units, were are in fact
being regulated to protect other Bahamian com-
panies and the wider public.





PAGE 8B, TUESDAY, MARCH 4, 200€





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THE TRIBUNE

let Charlie the - egy
Bahamian Puppet and ly
his sidekick Derek put uN

be

some smiles on your
kids’s faces.



| Bring your children to the
McHappy Hour at McDonald's in
Palmdale every Thursday

from 3:30pm to 4:30pm during the
month of March 2008.

Enjoy Great Food, Prizes and Lots of Fun.

i'm lovir’ it



i end PIXAR
For Movie Schedules log onto:

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Full Text
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Volume: 104 No.87



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Fin hove’ tt. |

83F |
72F |

© SUN AND
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Emap

Review the
meatal
Measures Act

Writ filed by two
companies against
Pleasant Bridgewater

SENATOR Pleasant Bridge-
water is being sued by two com-
panies for $650,000 USD plus
interest, for funds entrusted to
her care, which the plaintiffs claim
she has not yet returned after
numerous requests.

The writ was filed in the
Supreme Court on Friday by
Northern Oceanic Research &
Technology Holdings Ltd and
Blue Hole Expedition, LLC,
which trades as Deep 6 Expedi-
tion. Bridgewater & Co is named
as the first defendant and Ms
Bridgewater personally is named
as the second defendant in the
action. The plaintiffs are repre-
sented by Bostwick and Bostwick.

The action claims that on
March 14, 2007, Blue Hole Expe-
dition, LLC wired $2 million
USD to an escrow account estab-
lished with Bridgewater & Co for
the benefit of the plaintiffs. The

Pleasant Bridgewater



firm was said to have acknowl-
edged receipt of the funds on or
about March 26th last year.

SEE page 11

Senator testifies in
election court case

@ By NATARIO McKENZIE

THE Marco City election court case continued yesterday with PLP
Senator Pleasant Bridgewater testifying against several voters who
she is challenging as well as in defense of a number of voters whom

FNM MP Zhivargo Laing is claiming were not ordinarily resident in the

constituency.

Before Ms Bridgewater took the witness stand yesterday, Fred
Smith, attorney for Mr Laing, reminded the court that there were a
number of persons who Mr Laing — the first respondent — would not
be offering any evidence against. Mr Smith told the court that there

were 48 persons on that list.

When Ms Bridgewater took the witness stand, she testified against
seven persons who she claims were not ordinarily resident in the Mar-

SEE page 11

i; Qn Carmiciae Rd:





Get the door.
‘Its Domino's



INAS Wont ww AX



» Lhe Tribune



BAHAMAS EDITION



Tribune Staff Reporter
bdean@tribunemedia.net

LORETTA BUTLER-TURN-

’ ER has rejected the suggestion she

attributed to some in the opposi-
tion, that the government was not
spending money on the poor in
order to show a budget surplus.

“Tam aware of comments that
were made in this place implying
that funds earmarked to assist the
poor and needy might have been
withheld for the purpose of having a
surplus at the end of the first six
moths of the fiscal year,” she said
yesterday in the House of Assembly.
“First of all, let me tell you, Mr
Speaker, if I may, let me assure the
other side, they’re talking absolute
rubbish.”

The minister said that she comes
from a family who has dedicated
much to public service and she
would not withhold funds to the

SDAY, MARCH 4, 2008

Butler-Turner rejects claim govt is
not spending money on the poor

@ By BRENT DEAN

=USA TODAY

Moy VNC MOLL em MU AN sla



needy at a time when she is in polit-
ical office and is charged with assist-
ing these people.

Mrs Butler-Turner and former
Minister of Social Services Melanie

SEE page 11



x



Felipé Major/Tribune staff

ait PR ae we
POLICE remove the body from
the scene on Shirley Street

@ By PAUL G
TURNQUEST
Tribune Staff Reporter
pturnquest@tribuemedia.net

THE body of an unidentified
dark male was discovered behind
a wall on Shirley Street yester-
day, just opposite the corner to
Buen Retiro Road.

Officers at the scene suspect
that the male, who was barefoot
but dressed in a white T-shirt,
and grey trousers, was picking
sapodillas high in the tree when a
branch broke and he plummeted
nearly 40 feet to the ground. It is
unknown if his death was instan-
taneous.

Chief Inspector Rodney
Smith, who is in charge of the
Central Division Detective Unit,
said it is too soon to put a possi-
ble time of death at this time as
rigor mortis has already set in.
Mr Smith described the man as
being about five feet, ten inches
tall, and of slim build.

A search of the man’s pockets
revealed two lighters, and a list of
small items. No wallet or identi-
fication was found.

Blocking off Shirley Street at

SEE page 11

Phone! (242) 304-3802

(2 stotey yellow building upstairs

Open. Monday - Thursday
10:00am - 7:00pm
Friday - a 10:00am -8: oopm









Dede LL Am MMS Td eos

at the Bahamas Real Estate Expo, March 15th & 16th, 2008
Nassau Wyndham Resort & Crystal Palace Casino, Cable Beach




Marathon Road
Nassau, Bahamas




Signatare Styles)








‘Critical
period’ for
recovery of
oil tanker

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE recovery of the Ficus
tanker entered a “critical period”
yesterday, according to a Shell
representative, as salvagers began
offloading oil products to lighten
the vessel so that by high tide on
Wednesday morning it can be
“floated off” the reef where it is
grounded.

This comes as Minister of
Labour and Maritime Affairs
Dion Foulkes told the media yes-
terday that the government will
wait for the recommendations of
the Bahamas Environment Sci-
ence and Technology Commis-
sion (BEST) before determining
what compensation may be in
order on Shell’s part for damage
to the reef around Goulding’s
Cay, off Lyford Cay, where the
tanker has remained since last

SEE page 11

Crime, cost
of living on
agenda at
CARICOM

meetings

@ By KARIN HERIG :
Tribune Staff Reporter
kherig@tribunemedia.net

CRIME issues, the rising cost
of living and the controversial new
Economic Partnership Agreement
with the European Union are
among the topics on the agenda
as the Bahamas this week hosts
three CARICOM meetings.

Foreign officials and dignitaries
began arriving in Nassau yester-
day to attend two CARICOM
ministerial meetings and one
Heads of Government conference.

The Council for Trade and Eco-
nomic Development (COTED)
and the Councii for Finance and
Planning (COFAP) will be held
on Wednesday and Thursday
respectively. The 19th inter-ses-
sional meeting of the CARICOM
Heads of Government, chaired by
Prime Minister Hubert Ingraham,
will be held on Friday and Satur-

SEE page 11

=) FIDELITY |

More than a Bank

t 356.7764




PAGE 2, TUESDAY, MARCH 4, 2008

THE TRIBUNE



LOCAL NEWS



Se RD aie 4

INFORMATION TO BE GATHERED ON FORMAL BUSINESSES

Ambitious economic census
to focus on The Bahamas

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

THE Bahamas is set to be the
subject of a landmark eco-
nomic census of such propor-
tions that it will be the most
ambitious ever to be under-
taken in the region, according
to the Department of Statis-
tics.

After two to three years of



“Persons want to know what’s
happening in a particular
sector. They want to know
what type of businesses we
have, the average number of
employees, they would like to

sition of capital goods and
commodities, and other per-
tinent questions in order that
the department can “fill in the
gaps” in their statistical data.

“We’re the collecting
agency for the government as
far as statistical information
is concerned.

“We have to go to interna-
tional conferences (and)
there’s information that they
ask us for which we do not



planning, the department is Know what is the average

set to embark on the exercise,

JUSTICE Blackman with avai Arthur Hanna.
THE Cabinet Office has announced the appointment of | which will seek to obtain EXpense in a particular field.”

have, because as a society we
do not like to give out infor-
mation — we like to get infor-
mation, but we do not like to
aa give information,” said Ms
Kaj ana Rolle Rolle, adding that the depart-
ment hopes for a positive
response from the business
community.

Christopher Blackman as a resident Justice of the Court of | information never before

Appeal of the Bahamas with effect from March 1. known about all formal busi-
Justice Blackman’s appointment was made under Article 99 | nesses in the Bahamas.

of the Bahamas Independence Order (Constitution). “We want to know how
He joins justices Dame Joan Sawyer (president), M G Gan- healthy our economy really

patsingh, Emmanuel E Osadebay and Hartman Longley on | js,” said department employee

the Court of Appeal bench. (



-

. . ] She said the decision to car-
Kijana Rolle. “That’s one ry out the exercise came as a

Mr Justice Blackman was born in 1944 and is a citizen of | thing that our population cen-

Barbados.

He was admitted as a solicitor of the Supreme Court of Bar-
bados in 1970. He became a partner in the law firm of Car-
rington and Sealy in eee and in 1987 was appointed Queen’s

Counsel.

Justice Blackman acted as a judge of the High Court of Bar-
bados on a number of occasions between November 1996 and

November 2000.

From April 2001 to May 2003, he was a judge of the Supreme
Court of Belize. In June 2003, he was appointed a judge’ of the

High Court of Barbados.

Prior to assuming judicial office, Justice Blackman was active
in the corporate community life of Barbados.

He served as an independent member of the Senate of Bar-
bados from 1986 to 1990 and as president of the Barbados Bar
Association from 1983 to 1986.

Justice Blackman also served as chairman of the Caribbean
Council of Legal Education from 1985 to 1992 and chairman of
the Police Service Commission from December 1996 to April

2001.



sus tells us — it gives govern-
ment and other persons the
ability to plan. We want to do
that same thing from the busi-
ness aspect.”

The department is currently
seeking and training close to
100 additional employees to
beef up manpower for the
massive undertaking, which is
set to begin April 7, and con-
tinue until September.

According to Ms Rolle, an
assistant supervisor in the
business establishment sec-
tion, the department is “the
first in the (Caribbean)
region” to attempt to gather
data about all sectors in ‘one
shot’ — over only a few
months.

ALL YOUR DECORATING —

ices On The Island”

result of “a combination of
public requests”, the depart-
ment’s need to meet interna-
tional standards and the desire
to “move the country forward
economically.”

Potential foreign investors
as well as Bahamians put in
requests to the department for
information about the state of
certain sectors of the economy
“all the time,” she said.

“Persons want to know
what’s happening in a partic-
ular sector.

“They want to know what
type of businesses we have,
the average number of
employees, they would like to
know what is the average
expense in a particular field, »
said Ms Rolle.





Zhivargo Laing

While the department car-
ries out a yearly survey,
involving a representative
sample of Bahamian busi-
nesse$§ in various sectors, this
will be the first exercise seek-
ing data from all businesses.

“This year we’re trying to
get everybody — the ‘mom n’
pop’ shops as well as the big-
ger entities,” she said.

Businesses across the entire
Bahamas will be asked how
many people they employ,
their revenue, expenses, acqui-

“It’s going to be a very pow-
erful tool both for the investor
and persons already in busi-
ness to see how other busi-
nesses are doing in their sec-
tor.”

The census will be based
around the International Stan-
dard for Industrial Classifica-
tion of all economic activities
(ISIC) to ensure that collated
data is relevant abroad.

The new information which
the department hopes to gath-
er will also help the country
“stay on target” in relation to
other nations in terms of eco-
nomic indicators.

“There are so many other
terms as opposed to just doing
the GDP (gross domestic
product) or the GNP (gross
national product),” she said.

Last year, Minister of State
for Finance Zhivargo dis-
closed in his contribution to
the. Budget debate that the
Department of Statistics had
been allocated an additional
$2,198,748 - a 56.5 per cent
increase — in the 2007/2008
budget, with $1.5 million
specifically to be directed to
funding the census.



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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 3





Medical
Association
opens 36th
annual
conference
tomorrow

The Medical Association of

the Bahamas opens its 36th.

annual conference tomorrow
under the theme, “Better health
care: to manage it .. . is to mea-
sure it”.

The event, to be held at the
British Colonial Hilton, has a
dual focus: to provide ongoing
training for medical personnel

and to keep the general public

informed about medical
options.

“It is important now in the

‘practice of medicine to talk:

about quality care. How well
are we performing as physi-
cians? How well is the health-
care system performing? Are
we getting the outcome that we
desire to have? So unless you
measure what you are doing
and what your outcome is, then
you can’t say how well you’re
doing,” said Dr Robin Roberts,
co-chairperson of the confer-
ence committee.

At 7pm, Dr Jacques Carter,
assistant professor of medicine
at Harvard Medical School will
present the first public lecture:
“the health report card: let’s
grade the doctor.”

The conference continues on
Thursday from 8.30am to
4.30pm as physicians give lec-
tures on chronic disease, back
pain, pediatrics, osteoporosis
and malaria.

Friday, the final day of the
conference, has been dedicat-
ed to discussions about social
issues including crime, rehabil-
itation for boys, and teenage
pregnancy.

All sessions on Friday will be

held at the Royal Bahamas |

Police Force Headquarters on
East Street.
' At 7pm, the general public is
invited td attend a lecture by
Dr David Allen on, “Violent
crime: a public health issue”.
At 8pm, the Royal Bahamas
Police Force will present a lec-
ture, “Murders in the Bahamas:
one more for the records”.
At 8.20pm, Kim Carter,
founder/director of the Time

MINISTER SAYS REPORT ON PROBE FINDINGS WILL BE MADE PUBLIC |

Shell representative dodges question

on cause of ‘Ficus’ tanker g

@ By ALISON LOWE:
Tribune Staff Reporter
alowe@tribunemedia.net

A HIGH level representative
from the Shell International
Trading and Shipping Company
Limited yesterday dodged a
question put to him about the
cause of the grounding of the
tanker “Ficus” —- owned and
operated by his company —
which has been stuck on an
underwater peninsula off New
Providence since last Wednes-
day.

Captain Jeremy Hudson, oil

' fleet manager at the company,

was asked whether, as sources
have suggested, the tanker’s
grounding may have occurred
because there was no local
“pilot” — a person who would
know the waters in the area and
could advise the captain on how
to safely approach the pier —
aboard.

However, Captain Hudson
said nothing, deferring to Min-

ister of Labour and Maritime

Affairs Dion Foulkes.

Mr Foulkes then stated: “We
are conducting a full investiga-
tion as to the cause or causes
of this accident. We have some

‘preliminary information. We

would like to interview all con-
cerned. We are also contacting
the flag state for this vessel, the
Isle of Man, who will be repre-
senting the flag state before we

make a full... there are alot of

repercussions that can flow
from any determination. We
would like to be as thorough
and as responsible as possible.”

Pressed as to whether he
would respond to the allegation,
Capt Hudson said: “I can only
reiterate (what the minister
said). There will be a full inves-
tigation by the Bahamian flag
state, Isle of Man flag state and
of course ourselves.”

Mr Foulkes said that the
report on the findings of this
investigation would be made
public.

Cutting off the opportunity
to ask further questions, Shell
representatives — of whom there

OIL FLEET manager for Shell International Trading and Shipping Company Capt. Jeremy Hudson (right)
Minister Dion Foulkes at yesterday’s press conference. Inset: The grounded tanker “Ficus”.

were two in addition to Capt
Hudson — then hurriedly left the
press conference.

Capt Hudson cited the fact, as
had been mentioned in the
company’s statement, that they
were in a “critical period” of
the salvage operation and were
required to oversee the process.
He said this was the reason for
their swift exit.

Mr Foulkes said yesterday
that all costs related to the
recovery of the grounded 44,788
ton tanker, the Ficus, are to be
covered by Shell.

He expects that after a “full
investigation into the cause of
this incident” the national Oil
and Chemical Spill Contingency
Advisory Committee will
“make recommendations to
decrease the chances of re-
occurrence.”



“I can only
reiterate (what
the minister
said). There will
be a full investi-
gation by the
Bahamian flag
state, Isle of
Man flag state
and of course
ourselves.”



Capt. Jeremy Hudson

T



eat New
Arrivals

Designer
Fashions &
Accessories

rounding







PLP did not build low cost housing on
govt land without permission — Gibson

THE former PLP govern-

for Change Foundation in the
United States, and Diane
Woods, member of the Califor-
nia Council on Multicultural
Health, will present lecturers
on crime reduction and making
community programmes work.



: tie 3
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Dr Roberts said that his asso-
ciation views crime and violence
as a major public health issue
that affects citizens socially,
physically, mentally and social-
ly.

He believes that it is impor-
tant for the medical community
to take notice of the recent
surge in violent crimes, and then
* determine what is causing this
behaviour.

“In medicine we look at
things from a scientific point of
view. It’s not a matter of just

saying, okay this thing is hap-
~ pening. We have to look at why
it is happening, all of the causes,
and the best ways for interven-
tion,” said Dr Roberts.

Dr Roberts and Dr Corrine
Sin Quee serve as co-chairper-
sons for the conference. Other
members of the MAB confer-
ence committee are Professor
Howard Spencer, Dr Christian
Chin, Dr Cherilyn Hanna-Hen-
nis, Dr Gregory Neil and Dr
Horizal Simmons.

¢ Tomorrow’s lecture with
Dr Jacques Carter at the Hilton
Hotel, and Friday’s public

forum at the RBPF Headquar--

ters is free to the general public.
Registration is required for all
sessions on Thursday. For more
information, call 328.1857

THE Cabinet Office has
announced that Daylight
Saving Time will begin at
2am on Sunday, March 9
and will continue until 2am
on Sunday, November 2.

“This is in keeping with
the policy adopted in
October, 2006, to extend
Daylight Saving Time,”
said the Cabinet Office in
a statement.



ment did not build low cost
housing on government land
without permission, Golden
Gates MP Shane Gibson said
yesterday in the House of
Assembly during his contribu-
tion to the mid-year budget
debate.

Mr Gibson, who was minis-

_ter of housing under the

Christie administration, said

‘that in all cases the necessary

approvals were obtained from
the minister responsible for land
or from Cabinet in writing.
“To have built more than
1,300 houses in just under four
years is no small feat and every
employee of the department
and Ministry of Housing should
rightfully be proud of this
accomplishment,” the MP said.
Mr Gibson said if he had it

‘ to do again, once he knew the

land is owned by the govern-
ment and permission had been
received in writing to develop it,
he would “build and build and
build”.

“Tt was the needs and pleas of
our people that drove me to do
everything that I could to bring
relief to as many of them as pos-
sible,” he said.

Current Housing Minister
Kenneth Russell has promised
to make land available to
Bahamians at concessionary
rates, reduce the cost of utility
connection for first time home-
owners, and design a plan and
create a programme for indi-
viduals who are below the
required income threshold to
purchase equity in their home.

However, Mr Gibson said if
this is true, the government has
not given any indication as to
when they plan to “stop talk-
ing and do something.”

None of these have been put
forward, nor have the been
implemented to date. This is
cause for concern. When will
this government housing pfo-
gramme get started? There are

‘thousands of Bahamians waiting

to become home owners,” he
said.

He said that the former gov-
ernment realised the dreams of
more than 1,300 Bahamian fam-
ilies and more than 6,000 indi-
viduals.
























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.











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PAGE 4, TUESDAY, MARCH 4, 2008

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR





The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI








Being Bound to Swear to The Dogmas of No Master
LEON E. H. DUPUCH, Publisher/Editor 1903-1914

- SIR ETIENNE DUPUCH, Kt,
(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, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES









O.BAG RONE BC.SG.,

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



FORMER Health Minister Dr Bernard
Nottage told his party that they only had
themselves to blame for ZNS shutting down
the first night of their convention before it
had ended.

Having been man enough to make that
admission, he then made excuses as to why
the rules should have been broken for that
special occasion. What our leaders must
understand is that if we are to introduce “zero
tolerance” to enforce society’s laws, rules
and conventions, there can be no special
occasions.

Our greatest battle is going to be with our
leaders — those who seem to think that
because of who they are they should get spe-
cial consideration. Some of them, knowing
that official functions cannot start without
their presence, seem to have no problem in
keeping an audience waiting. The list of little
transgressions goes on and on, until, over
time, like the little acorn, they grow into a
mighty oak.

As we said in this column yesterday, the
Broadcasting Corporation of the Bahamas
— ZNS— agreed to give the PLP three free
hours of broadcast time — 8pm to 1lpm —
on each of the three-nights of its 50th con-
vention. The station even suggested that if
convention organisers felt they might need
more time, because speakers might run-late,
they should put down a deposit with the sta-
tion. If this deposit were not needed*fer the
convention, then the station would credit it to
the PLP’s outstanding debt with the CONDO:
ration.

According to a PLP website, the deposit
required was $6,000. The PLP’s debt to ZNS
— the people’s radio station — is in the
region of $237,000.

In view of the large debt, it seemed a rea-
sonable offer. The PLP did not accept it.

And so on the first night of the convention
—in true PLP style — everything ran late. No
one was watching the clock. They obviously
believed that ZNS was not serious about its
contractual agreement. That is how the PLP
government was managed, with each minister
seemingly his own mini-government, and, so,
obviously they felt the same old laissez-faire
rules still applied. They got the shock of their
lives when they discovered that ZNS was
now operating from a new rule book. On the
stroke of 11pm the station pulled the plug.

“We have only ourselves to blame,” said
Dr Nottage while his party members chas-



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tised the station-for its wrongdoing. But, he

added in a seeming attempt to straddle both:

fences: “That was a mean, petty thing for a
national broadcast network to do!”

He forgets that international broadcast
media will cut an interview mid-sentence
rather than run a minute over the clock. But,
you see, we are the Bahamas, and that’s the
way it’s done in the Bahamas — “our way.”

The PLP were particularly shocked because
they said the plug was pulled on their keynote
speaker — deputy leader Cynthia “Mother”
Pratt.

Said Dr Nottage: “ZNS TV unceremoni-
ously, and without explanation, ended its
broadcast as the deputy leader of the party
began her address, albeit late, last evening.”

The PLP are giving the impression that
Mrs Pratt was cut off mid-sentence. Not true,
said broadcast chairman, Michael Moss, she
had not even made it to the podium to start
her speech — that’s how far behind schedule
the convention was running.

There was every reason for Mr Moss to
bend the rules for Mrs Pratt — their friend-
ship goes way back. But, Mr Moss, recog-
nised what the former Christie government is
yet to learn. When an official is in a position

’ of authority everyone coming before him

receives the same consideration. The law is
-applied equally — there is no room for friend-
ship.
“Mr Moss replied to the station’s critics
‘through the press on February 24 because, he
said, although the PLP had said in its press
release that it had sent an official letter of
protest to the station on February 21, up until
the close of business on Friday, February 22,
no such letter had been delivered. “Having
received no letter to which to reply,” said
Mr Moss, “I replied to their statement
through the same medium they used —the
press.”

In a letter to be published on this page

. tomorrow, Mr Moss replies to accusations

made against him by Mr Elcott Coleby.
In that letter he reveals that the letter of
protest that the PLP told the public had been

delivered to the station on February 21 was in.

fact delivered a whole week later — February
28. The protest letter was personally handed
in by Ms Paulette Zonicle.

The day that our citizens understand that
no one — including our leaders — is above
the law, is the day we shall start to experience
a civil society.

pore,

























Rising ocean
waters may
affect Bahamas
in the future

EDITOR, The Tribune.

THE rainfall measurements
monthly in Central Large Blair,
where I live for the year ended
December 31, 2007 and compa-

- rable measurements for 2006

were as follows:

2006 2007
January

52 53
February

1.99 3.38
March

92 .74
April

3.18 5.40
May

4.16 4.67
June

11.22 22.10
July

5.27 10.24
August

9.72 5.91
September

3.89 6.64




LETTERS

letters@tribunemedia.net



October

6.07 11.94
. November

2.17 50

December

2.21 .76

$1.32 72.81

72.81 was a very good rain-
fall for 2007 as the average year-
ly for New Providence is about
48.00 inches, an excess of over
24.00 inches.

In the keeping of rainfall
records since 1962, the only
years which exceeded 2007
were:-

1988 - 78.52 inches (June of
that year 28.75 inches fell).

1997-. 74.49 inches (June of

that year 19.81 inches fell).

Much has been said about
global warming and certainly
there have been changes in our
weather pattern compared toa
few decades or more ago and
now and the past several years.
With regard to the former, we
had much cooler weather from
October to March, but with
regard to the latter for the same
period warmer.

Last year in November and
December it was much warmer
than usual.

These changes have had
effects on the planting and blos-
soming of fruit reaching fruition
later than in years gone by,
especially with tomatoes.

With these changes occurring
it is possible in the future that
we may see some of our Islands
affected by rising ocean waters.

DAVID N KEMP
Nassau,
February 14, 2008.

Why were gaming taxes not paid?

EDITOR, The Tribune.

IN the 25th anniversary issue
of Forbes Magazine’s 400 rich-
est people in America, on page
224 is this bio listing:

Philip Ruffin $2.1 billion,
casino. Wichita, Kans. He is 72
years old. He is divorced, and
he has three children. He
dropped out of college to flip
burgers, saved money, invested
in oil, real estate. Bought a New
Frontier Hotel and Casino, 41
acres of land on Las Vegas strip
for $165 million in 1998 (my
input: At the time he also
owned the Hotel Casino on
Cable Beach, New Providence)
sold 34 acres for $1.2 billion to

Elad Group (owners of Man-

hattan’s Plaza Hotel) in June;
deal most expensive land sold in
Sin City’s history. He kept sev-
en acres for Condos. He part-
nered with Donald Trump
(SEO) to build 64 storey Trump
International Hotel & Tower;
the duo split $500 million cost.
And plans to build a second
tower. In August voters reject-
ed a Kanas Bill that would have
allowed him (Ruffin) to install
slot machines at his Wichita
Greyhound Park. Winner of the
Forbes 400 Poker game (see
story p 62), donated $125,000

pot to the American Diabetes ~

Association.
In the story referred to on

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page 62, ‘High Stakes’, and con-
tinued on page 644s this: “When
he arrived, Ruffin boasted
about the $1 billion profit he
raked in a few months back by
selling the New Frontier to'a
New York real estate compa-
ny. ”

One may say, Mr Ruffin is a
billionaire so what’s the point?
The point is this: When Mr Ruf-
fin bought the New Frontier
Hotel & Casino in 1998, he also
owned and operated the Hotel
and Casino on Cable Beach,
New Providence, Bahamas at
the time.

This property was also sold
by Mr Ruffin to the Baha Mar
Group. However, whether he
raked in the profit in this sale as
the other, is of little concern to
me.

’ What is of great concern and
should be to every Bahamian, is
that this billionaire sold the
property and walked away with-
out paying the $12 plus million
owed in legitimate gaming tax-

es, that is still outstanding.

I can assure you that what-
ever taxes were due on the sale
of the Las Vegas property, to
the City of Vegas and State of
Nevada was paid in full.

Why then was the gaming
taxes owed here in the Bahamas
not paid?

We ‘give away millions in
incentives to encourage invest-
ment, must we also give away
millions in taxes owed as an
inducement for them to leave! ©
How has the Bahamas profited
from this deal?

These kinds of decisions
make no sense and certainly it
adds no dollars to the public
purse. We the people are get-
ting tired of these types of fool-
ish decisions. Those responsi-
ble for this decision needs to
tell the people why, Now!

DENNIS W MARTIN
West Ender

Freeport,

February, 2008.

Where will the COB
cast its shadow next?

EDITOR, The Tribune.

I REALISE the College of The Bahamas needs funding however
as a quasi-agency of Government should it be allowed to enter into
direct competition with the private sector?

They opened a book store, office equipment service area, etc, and

now a Physical Fitness Gym.

The Prime Minister foreshadowed the use, seemingly without the
required tender process for services to be purchased by Govern-
ment, that he intended to call on COB to act as consultants.

I believe that it is a tenant of the Finance Act requires a minimum
of three bids and/or a public tender for these services, everything
on top of the table and transparent.

Where next will COB cast Its shadow?

W BROWN
Nassau,
February 18, 2008.

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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 5





National Modern
Languages Week
starts March 3rd

THE modern languages
unit of the Ministry of Edu-
cation, Youth, Sports and
Culture and the Bahamas
Modern Languages Associ-
ation will celebrate Nation-
al Modern Languages
Awareness Week, 3 to 7
March.

Events are being held
under the theme “Bridging
‘cultures through Lan-
guages”.

Throughout the week,
emphasis will be placed on
the Spanish and French lan-
guage and culture in the
Bahamas.

Among the activities
planned for this week is a
Spanish spelling bee com-
petition at C W Sawyer Pri-
mary School on Tuesday,
March 4, which begins at
9am.

There will also be special
modern language assemblies
at R M Bailey High School
on Wednesday, March 5 at
9am and at Albury Sayle
Primary School on Thurs-
day, March 6.

Another highlight of the
week will be a Spanish and
French food tasting fair at
S C McPherson High School
at lpm on Thursday March
6.

The week will climax with
“CULTURAMA 2008” on
March 7 at llam at St
John’s College Auditorium.

Primary and high school
students will perform Span-
ish and French dramas,
songs and dances.

Minister of Education,
Youth, Sports and Culture
Carl Bethel will open the
showcase.



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In brief

Mm oh ER Ee eee ee eee
Meeting to consider CARICOM
single economy preparations



PRIME MINISTER Hubert Ingraham has
recently taken over as CARICOM chairman

PREPARATIONS for the
CARICOM Single Economy, the
framework of which is to be in
place this year, will be examined
at the Council for Finance and
Planning which convenes in the
Bahamas on March 6.

Also under discussion at the
COFAP will be the status of the
proposed Regional Development
Agency (RDA) and the CARI-
COM Development Fund
(CDF).

The 12th meeting of the COFAP
is the penultimate in a series of
Caribbean Community meetings
being held in Nassau this week.

The 24th Special Meeting of the
Council for Trade and Economic

Development (COTED) on pre-
cedes the COFAP and will be held
on March 5.

The 19 Inter-Sessional Heads of
Government Meeting on March 7
and 8 will cap the Nassau meetings.

' Status

With regard to the CSE, issues to
be considered by COFAP include
the performance and convergence
of CARICOM economies, as well
as the status of inter-connectivity
of the stock exchanges in the
region.

The establishment of the RDA
and the launch of the CDF will be
deliberated on under the broad

heading of “Reducing disparities in
the Single Economic space.”

According to CARICOM, the
RDA is required to attract invest-
ment, assist industries in becoming
efficient and competitive, promote
structural diversification and infra-
structure development.

The CDF will aim to provide
financial and technical assistance to
disadvantaged countries, regions
and sectors.

In addition, the Caribbean Hotel
Association will brief the COFAP
meeting on the establishment of a
Tourism Investment Fund, while the
Caribbean Catastrophe Risk Insur-
ance Facility will report to the
forum on its operations.

Poverty and rising cost of living
high on agenda of COTED forum

THE 24th Special Meeting
of the Council for Trade and
Economic Development is
expected to continue its quest
to stem the rising cost of living
in the region.

Organisers say the COTED
meeting will make a determi-
nation regarding the removal
or reduction of the common
external tariff on certain com-
modities.

The COTED meeting is
being held in Nassau on March
5;

“Poverty and the rising cost
of living” was one of the agen-
da items at the 12th Special
Meeting of CARICOM Heads
of State and Government in
December 2007. It will also be
an item on the agenda of the
19th Inter-sessional Meeting
of the Heads of State and
Government taking place in
Nassau on March 7 and 8.

At the meeting in George-
town in December of last year,

CARICOM leaders agreed
that the Common External
Tariff (CET) is the most
appropriate instrument for an
intervention at the community
level to address the issue of
the rising cost of living.

A technical team was sub-
sequently established to review
a set of commodities which
have a significant weight in the
Consumer Price Index, are not
significantly produced or have
a close substitute in the region,
and which attract a CET.

At the end of its 25th meet-
ing in Georgetown in January
2008, COTED requested
member states of CARICOM
to submit national lists of items
on which they would be pre-
pared to reduce or remove the
GET.

“The COTED took this

decision after lengthy, intense

but incomplete discussions in
search of a single common list
to fulfill the mandate of the

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heads of government,” said the
forum in a statement.

In addition to poverty and
the rising cost of living, the
special COTED meeting will
also consider the report of the
meeting of the Reflections
Group which was held in
Jamaica on February 28 and
29 this year.

The Reflections Group
reviewed CARICOM's expe-
rience and approach to exter-
nal trade negotiations using
the CARIFORUM-EC Eco-
nomic Partnership Agreement
(EPA) case.

The meeting will be pre-
sented with the agreement fol-
lowing the completion of a
review by legal minds.

An update on, and outlook
for multilateral trade negoti-
ations under the World Trade
Organisation (WTO) will be
another key agenda item of
the one-day meeting.

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THE TRIBUNE



eo: él as
Kenyatta Gibson criticises PLP for

mid-year budget review objection

Independent Kennedy MP welcomes chance to debate

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INDEPENDENT Kennedy
MP Kenyatta Gibson has crit-
icised the opposition for
objecting to the mid-year bud-
get review. He suggested that
some parliamentarians appear
to wish for economic calamity
in the country in order to
jump start their political
careers.

“Parliamentarians the world
over welcome any opportuni-
ty to analyse and debate the
budgetary, fiscal and econom-
ic efforts of governments,” Mr
Gibson said yesterday in the
House.of Assembly during the
mid-year budget debate. “To
decline such an opportunity is
nonsensical at the least and
absurd at its height.” .

Mr Gibson told the House
that he is “pleased” with this
new budgetary exercise. This
is a process the prime minister
has described as representing
a level of transparency and
accountability, ultimately
enhancing the process of gov-
ernment.

Concurring with these sen-

- timents made by Mr Ingraham

last week when this debate
began, Mr Gibson said yes-
terday that the mid-year
report is a significant step
towards “deepening of our
democracy.”

During his comments on the









“I am flabbergasted
that on this most
critical issue
Parliament has been
subjected to a
political song and
dance.”



Kenyatta Gibson



economy, Mr Gibson reflected
on the current downturn in
the US as a result of the sub-
prime mortgage crisis. In the
context of this event, without
mentioning them by name, Mr
Gibson also criticised his for-
mer party and its leader Perry
Christie, for using this issue
for political gain.

“Tam flabbergasted that o on
this most critical issue Parlia-
ment has been subjected to a

_ political song and dance. And

I speak Mr Speaker, as the

only Independent member of .

this House,” he said.
“Legislators entrusted with

the business of the people con- |

tinue their convention chorus
of sour grapes when the very
economic lifeline of this nation

calls for urgent nonpartisan ,

many openly wish for eco-
nomic calamity to jump start
their derailed and scarred
political psyches and. would
put their personal political
ambition over that of the well
being and healthy perfor-
mance of this economy,” con-
tinued Mr Gibson.

In critique of the practices
of the former PLP govern-
ment Mr Gibson said that the

record of the PLP, based on

secretive heads of agreements,

its anchor project policy and

its management of the econo-
my was put before the
Bahamian people, and the
electorate made the decision
to place government in the
hands of the FNM.

“The Bahamian people,
who are the true adjudicators
in our Westminster system,

4

said in accents loud and clear
that they wished, that they
desired, that they demanded a
new government,” he said.
“The people were obviously
dissatisfied with the state of -
affairs and how their business
was being conducted on their
behalf and thereby were man-
dating a new government to
conduct the necessary scruti-
ny, enquiries, negotiations and
reviews as put before them by
the official opposition.”

It is the epitome of disre-
spect and ignorance of the
Westminster system, contin-
ued Mr Gibson, for a group
to insult the electorate with
the insinuation that they were
right in 2002 when they voted
out the FNM, but now they
are “dummies” or “fools” in
2007 for removing the PLP
from office.

“This kind of provocative
equivocation on the right of
the people to determine their
national direction, while not
only absurd, threatens and
insults our democracy. Just
because one man could not
make good his frequent boasts
and taunts and jeers that he
would sit for another term in
the Sir Cecil Wallace Whit-
fied Centre. The Bahamas
must be bigger than a politi-
cian’s ego and ambition and
anyone who disrespects the
will of the people in this fash-
ion will not be treated very
kindly by history,” he'said.

attention. It would appear that



Man arrested in connection with shooting

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



tioning in connection with a shooting inci-
dent at Andros, in which a gunman opened
fire on a house, seriously injuring a woman
occupant.

The house was also damaged.

Drive, Bamboo Town, at the Jah Cure con-
cert held on the grounds of Worker’s House
on Saturday evening.

Chief Supt Basil Rahming said that an

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THEME:



GUEST SPEAKERS: Monday, March 10th, 2008
; National Overseer & Moderator will deliver his
ANNUAL ADDRESS LIVE VIA RADIO

BISHOP DR. BRICE H. THOMPSON op awaMAS
General Presbyter

BISHOP STEVE MADRID

USA Regional Overseer

Radio & TLV.

BISHOP TIMOTHY HARPER
USA Regional Overseer

and SISTER KAREN HARPER
BISHOP CLARENCE WiLLiams = ®*hns
National Overseer (Turks & Caicos}

BISHOP AMOS CARTY, SR.
of New York
and MINISTER DR. RUBY JONES-CARTY

Ministering in sensational song and
performance will be the Convention Choir
and Praise Team: the Tabernacle Concert
Choir: the Bahamas Public Officers Choir,
and other Church Choirs and Groups, along
with the Bahama Brass Band, the Youth
3rass Band, the Junior Brass Band, and the
Crusaders Brass Band from the Church of
God.

LOG ON T9:
www.cogopbahamas.org

FOR LIVE WEBCAST EVENING SESSIONS



| | March 9- 16, 2008 - East Street Tabernacle

“WALK WITH GOD”

Sunday, March 16th, 2008

‘Annual Parade & Water Baptismal Service at
the Western Esplanade, followed by live. ZNS
13 evening broadcast Service.

Final Message on Convention Theme:
“WALK WITH GOD” will be delivered by

National Overseer, Bishop Dr. Elgarnet B.

connection with a shooting in South Andros
was arrested by police at a Reggae concert

in Freeport over the weekend.

Central Detective Unit officers spotted
36-year-old Eugene Symonette, of Taylor

‘Micah 6: 3






















2

reggae concert, spotted Symonette about
half an hour after midnight.

The officer arrested him and took him
into custody, Mr Rahming said.

He said Symonette is wanted for ques-

matter.

Symonette was flown to New Providence,
where he is assisting Central Detective Unit
officers with their investigation into that






ett es 2. 7 eS
: a0 oa cong


THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 7








m@ By CLEMENT CHEA

A NASSAU man was lucky
to walk away from the scene
of an accident yesterday —
which left his scooter wedged
under the front tires of a large
SUV.

The accident, involving a
Ford Explorer and a scooter
operated by Desmond Mack-
ey, occurred on the corner of
Dowdswell Street and Moss
lane at around 1.15pm.

Mr Mackey was travelling
west on Dowdswell Street
when the vehicles collided.

According to eyewitnesses,
Mr Mackey was thrown eight
feet from his scooter, which
ended up pinned underneath
the Explorer.

Despite the fact that he was
wearing a helmet, Mr Mackey
suffered a large gash to the
head.

When an emergency team
arrived, Mr Mackey insisted
that he was fine, but was per-
suaded by the paramedics to
get some medical treatment
at the Princess Margaret Hos-
pital.



Medical Association of the Bahamas
36" Annual Conference 2008 ~

PUBLIC LECTURE & PUBLIC FORUM

Better HealthCare:
To Manage it ...is to Measure it

RERKEEKS

Wednesday, March, 5" 2008, 7:00 PM
Session I

Public Lecture

British Colonial Hilton Hotel

The Health Report Card:
Lets Grade the Doctor!

Dr, Jacques Carter
Assistant Professor of Medicine
Harvard Medical Schoo!

Thursday.6" & Friday 7"
8:30am to 5:00pm
Sessions U to [x
Paid Registration Required

No Charge

Public Forum
Royal Bahamas Police
Headquarters
East Street Hill

Session X

VIOLENT CRIME:
A Public Health Perspective

Friday, March 16" 2006
7:00pm -10:00pm

“Violent Crime: A Public Health

Issue”
Dr. David Allan Psychiatry

Teenage Pregnancy:
The PACE Program

Mrs. Jackie Knowles Ministry of Education

The Y.E.A.S.T, Program: Bettering
Male Health
Deacon Jeffery Lloyd

Murders in the Bahamas: One More
for the Records
Mr. Hulin Hanna
Chief Superintendent

Crime Reduction: Making Community

Programs Work
Kim Carter
Founder/Executive Director Time for Change
Foundation
Dr Diane WoodsMSN,
RN University of California



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

FREEPORT - Already
facing a struggling economy,
residents of Grand Bahama
have been told they will now
face an additional burden —
this time a spike in utility
rates.

The Grand Bahama Utility
Compan yesterday
announced a rate increase of
4.87 per cent.

This follows the announce-
ment last week of electricity
base rate increases by the

Grand Bahama Power Com-

pany.

In a press release issued to
The Tribune, the utility com-
pany explained that the rate
increase amounts “to a very
small increase of 95 cents per
month to average residential
consumers.”

The increase, which came
into effect as of March 1, will
be reflected on bills for April.

The utility company said it
takes its mission to provide a
continuous supply of potable
water to all customers on
Grand Bahama seriously. The
last rate increase was in
March 2006.

The company explained
that the increase has been
necessitated by the following:

e Energy costs for the
pumping and distribution of
water have been dramatically
impacted by the cost of fuel,
which has risen to $100 a bar-
rel.

e Power/electricity and the
resulting fuel surcharge rep-
resents 31 per cent of the
total operating cost for pump-
ing a 1d the distribution of
water > customers

e Over the past two years,
the cost of supplies required
to maintain the system has
increase between 10 per cent
and 15 per cent.

e Ever increasing costs and
the natural aging of the dis-
tribution pipes have. resulted

rere





Sco Ue Noe Ace ee ag crash Grand Bahama faces
“2! arise in utility rates

in increased maintenance
costs for underground leak
detection systems, particular-
ly in the settlements.

Last week, Grand Bahama
residents were hit with a $5
monthly electricity base rate
increase, which will take
effect after April |.

Power Company CEO
Excell Ferrell said the com-
pany was granted approval in
March by the Grand Bahama
Port Authority to increase its
base rates by 4.8 per cent to
customers using 650kw/hours
per month.

He said the increase was
driven by two major factors —
a $30 million investment for
systems upgrades and the
inflationary rise in the cost of
operation from October 2005
to October 2007.

Mr Ferrell said the increase
in base rate is the first in
nearly two years.

He also stated that the cost
of electricity from the GB
Power Company remains the
lowest in the region, even
with the increase.

The Tribune wants to hear }
from people who are
making news in their
neighbourlivous. “erhaps
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.

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PAGE 8, TUESDAY, MARCH 4, 2008 THE TRIBUNE

Franchising seminar
and expo is termed
a major success -

“PRODUCTIVE and high-
ly successful,” is how execu-
tive director of the Bahamas
Chamber of Commerce Philip
Simon described a two-day
franchising serninar and expo.

The event was held in con-
junction with the US Embassy
and the Bahamas Develop-
ment Bank on February 25
and 26 at the British Colonial
Hilton.

The event exposed nearly
100 persons attending to first
hand information on franchis-
ing — including ways in which
they can finance their fran-
chise and local franchise laws.

It also allowed aspiring fran-
chisees to have one-on-one
interviews with renowned
international and local fran-
chise operators.

Present for the event were
the Minister of State for
Finance Zhivargo Laing; Dr
D Brent Hardt, Deputy Chief
of Mission at the US Embassy;
Senator Tanya Wright, Imme-
diate Past President of the
Bahamas Chamber of Com-
merce; Darron Cash, chair-
man of the Bahamas Devel-
opment Bank.








Derek Smith/Visionaire Marketing

PHILIP SIMON, Executive Director of The Bahamas Chamber of Commerce, at right greets Dr D Brent
Hardt, Deputy Chief of Mission at the US Embassy for The Bahamas at the recent Franchising Seminar
and Expo, a joint initiative organised by The Bahamas Chamber of Commerce, the US Embassy and The
Bahamas Development Bank.



ABOVE: BAHAMAS DEVELOPMENT
Bank Chairman, Darron Cash
addresses the recent Franchising
Seminar and Expo, a joint initiative
organised by The Bahamas Cham-
ber of Commerce, the US Embassy
and The Bahamas Development
Bank.

Aspiring franchise opera-
tors heard from Adam Odgen,
entrepreneur, founder and
CEO of JUICEBLENDZ,
franchise adviser Dr John
Hayes, as well as local fran-
chisers Scott Farrington of
Sun Tee Embroidme, Ger-
shan Major of Mail Boxes Etc,
Chris Tsavoussis of Wendy’s
Restaurants and Keith Glin-
ton of Esso On The Run.

Mr Simon said that any
event, which encourages
entrepreneurship, particular-
ly franchising which has a
proven success rate, is good
for the economic development
of The Bahamas. Mr Simon
also praised the efforts of the

RIGHT: PICTURED FROM left to
right at the recent Franchising
Seminar and Expo a joint initiative
organised by The Bahamas Cham-
ber of Commerce, the US Embassy
and The Bahamas Development
Bank is Senator Tanya Wright,
Immediate Past President of The
Bahamas Chamber of Commerce,
Minister of State for Finance
Zhivargo Laing, Darron Cash,
Chairman of the Bahamas Develop-
ment Bank, and Dr D Brent Hardt, .
Deputy Chief of Mission at the US
Embassy for The Bahamas.

US Embassy and _ the
Bahamas Development Bank
for their ongoing partnership
and support of The Chamber.

FIDELITY

An entrepreneurial spirit, original thinking, and a passion to succeed.
If you have it, we want you.

We are growing!

Fidelity invites application for the position of:

Senior Human Resources Administrator

Human Resources

Re: Sr. HR Resources Administrator
51 Frederick Street

P.O. Box N-4853

Nassau

F: 328.1108

careers@fidelitybahamas.com

[ABSOLUTELY NO PHONE CALLS]



PROFILE:

e Bachelor's Degree in related area and/or HR Certification

e Proficiency in Advanced Excel, Word, PowerPoint, Access,
Outlook and Internet Explorer

® Ability to work quickly and accurately and cope with
large volumes of work

e Strong interpersonal skills and communication skills

e Facilitation and meeting skills

RESPONSIBILITIES WILL INCLUDE:

e Assists the HR Manager

e Assists with HR duties and research projects

® Assists in the planning and execution of all social /
employee events

e Disseminates internal information to personnel as required

e Composes letters, memos and reports

. Tests, screens and interviews prospective employees

e Handles payroll, benefits, pension and insurance matters

© Provides monthly, quarterly and yearly HR statistics
An attractive compensation package, including a
comprehensive range of employee benefits, is

being offered.

Salary range subject to qualifications and

experience.




Tim Aylen/BIS

GOVERNOR GENERAL Arthur Hanna, centre, welcomed students of Moss Town Primary School, Exuma, at
Government House on Wednesday February 27. The students were accompanied by principal Virginia Clarke; fifth
grade teacher Eleanor Hield; janitress Virginia Deveaux-Clarke and parent, Corporal 2349 Rolle. Head Boy
Kevin Forbes of grade sixth, presented the governor with a gift made out of coconut bark, and thanked him for
welcoming the students, who were on a three-day social studies field trip. The students also visited the House
of Assembly and the Royal Bahamas Defence Force Base, Coral Harbour.








THE TRIBUNE | . TUESDAY, MARCH 4, 2008, PAGE 9
LOCAL NEWS

‘SONATA FOR VIOLIN AND PIANO IN A-MINOR

A NOTABLE










ASTASHOVA
(above and right)
performs with
pianist and com-
poser Raykhelson

RUSSIAN violinist Ekaterina
Astashova ends a performance
of pianist and composer Igor
Raykhelson's "Sonata for Vio- :
lin and Piano in A-Minor" with
a flourish, during their perfor-
mance at the Dundas Centre
for the Performing Arts on
March 1. The Nassau Music
Society joined with sponsors S
G Hambros, Royal Fidelity Mer-
chant Bank and Trust, Pictet
Bank and Trust, Ltd and Royal
Star Assurance to bring inter-
national musical artists to the
Bahamas, in an effort to bene-
fit not only the general public,
but also the Society's schol-
arship programme. The funds
from these concerts will gen-
erate one scholarship worth
$7,500 a year for a student
over a four-year period. Appli-
cations are available at the
Lyford Cay Foundation or on
its website and the deadline is
March 31, 2008.



Eric Rose

PHOTOS

y

EKATERINA Astashova (left) and pianist and composer Igor Raykhelson (seat-
ed) pose with president of the Nassau Music Society Patrick H Thomson and
his wife Linda, during the duo's performance.



2008 Spectra5/CERATO

Service & Parts Departments

BAIC’s business empowerment
series continues on Thursday

THE Bahamas Agricultural
and Industrial Corporation’s
business empowerment lec-
ture series will continue on
Thursday at 7pm at the Col-
lege of the Bahamas’ lecture
theatre.

Certified public accountant
Jerome Gomez will speak on
venture capital and govern-
ment guaranteed loans.

The series, is being held in
conjunction with the College’s
School of Business.

The lecture theatre is locat-
ed in the college’s Culinary
and Hospitality Management
Institute on Thompson Boule-
vard.

The free series has been
attracting a full house with
attendees including lawyers,
hoteliers, restaurateurs, wood-
carvers and college students.

“There is great enthusiasm
among those attending,” said
BAIC’s Business Services
Department assistant manag-
er Lester Stuart.

“There is a thirst for infor-
mation on business adminis-
tration among Bahamians.

“We want to sensitise
Bahamians to the many busi-
ness opportunities available i 3
to them, and we want to _ BAIC’S deputy general manager Don Major makes a point during BAIC’s
encourage them to exploit business lecture series at the College of the Bahamas.
these opportunities, and
empower themselves to
become self-employed.”

Topics to be covered in the
lecture series include business
plan development, govern-
ment regulations, customer
serv ‘, e-commerce, account-
ing, curity, linking business
wit! the tourism sector, and
test monials from successful
businesspersons.

BAIC is aware of the
important role small and
medium-sized businesses play
in the economy of the ; A :
Bahamas, especially as they ASSOCIATE professor Peter Daniels speaks on leadership and supervision

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tuned suspension, strut tower bar, and fully independent
suspension. it can seat up to five occupants. It is powered by a
1.6-liter four-cylinder that is mated to a standard four-speed
automatic transmission. Air Condition, PWR Windows, PWR
Door Locks, CD Radio, Two 4-Door Sedan Models including the
5-Door Model.



PHOTOS: Derek Smith/BIS

Ne
wer ter er err er eee ea creer eee

PAGE 10, TUESDAY, MARCH 4, 2008 THE TRIBUNE

The Tribune's & Kelly’ &

EASTERY ee

toa PRIZE Ree Pde THIRD PRIZE

GIFT BASKET vatue $125 GIFT BASKET vatue $100 GIFT BASKET vatue $75
In Each Age Group _In Each Age Group In Each Age Group_












ete) SS
1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not eligible to enter.

2. Coloring may be done with crayons and other decorations. Adults or older child may assist the child in filling out the entry form, BUT NOT IN
COLORING THE ENTRY

3, Enter as much times as you wish. All entries Must be in The Tribune by 4pm on i Friday, March 14. Winners will be announced Thursday, March 20,
2008. Look for your names in The Tribune or listen to IOOJAMZ / JOY FM or COOL FM to hear your name.

4. There will be one first-prize winner, one second-prize winner and one third-prize winner in each age groups.

5. Allentries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

“NO PHOTOCOPIES. USE NEWSPAPER AD ONLY”



Child’s Name: Parent/Guar.::an Signature

Address: ; Tel: Age:

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THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 11



CARICOM

FROM page one

day this week. All conferences are
being held at the Sheraton Cable :

Beach Resort.

Speaking with the Bahamian :
media from his temporary office ;
at the Sheraton yesterday after- :
noon, Secretary-General of CARI- ;
COM Dr Edwin Carrington said :
' that the issue of functional coop- :
eration between the member states :
will also be a very important topic :
which will be addressed at the :
Heads of Government meeting this :

week.

of countries,

Market Economy),” he said.

Dr Carrington added that a sub- :
committee on functional coopera- :
tion has already been established :
and will be chaired by Prime Min- :

ister Ingraham.

Other crucial matters to be dis- :
cussed this week, he said, will :
include the progress made within :
CSME, the issue of regional secu- :
rity, and the status of the Western :
Hemisphere Travel Initiative, :
which has greatly impacted the :

Caribbean’s tourism industry.

During the trade and economic }
meeting (COTED) on Wednes- :
day, a special review of the Eco- :
nomic Partnership Agreement :
(EPA) negotiation process will :
take place, Assistant Secretary- :
General of CARICOM Ambas- :
sador Irwin LaRocque said yes- :

terday.

While not directly discussing the ;
new trade arrangements between :
the Caribbean and the EU, :
Ambassador LaRocque said that :
the COTED meeting will help :
determine what lessons were :
learned from the negotiation :
process with the European Com- }

mission.

Following the trade and eco- :
nomic council meeting on Wednes- :
day, CARICOM ministers of the :
finance and planning council will :
on Thursday discuss the operation :
and financing of the CSME, as well :
as other strategic economic issues. :

Dr Maurice Odle, the economic }
adviser to the CARICOM secre- :
tary-general, told the Bahamian :
media yesterday that matters of :
discussion will include the propos- :
al of a tourism investment fund :
and the improvement of the :
Caribbean Catastrophe Risk Insur- :

ance Facility (CCRIF).

caused by many storms.

FROM page one

St Matthew’s Anglican Church to :
the east and Sears Road to the west, :
crime scene officers photographed :
the entire area before moving the : UY i
: Trotter, the affidavit further alleges.

body.

nearby that something was wrong.

Inspector Smith said.

While construction workers near- :
by told The Tribune that they had :
last seen the deceased picking }
sapodillas sometime on Friday }
evening last week, the police said :
that they expect to canvas the area }

and speak to a number of persons as :
: court deems just in all of the circumstances.

they continue their investigation.

“Functional cooperation is a }
very important area, it encom- :
passes participation of a number }
including the :
Bahamas, that may not necessari- :
ly be part of the (Caribbean Single :

FROM page one

co City constituency at least six
months prior to the May 2, 2007
general election. Ms Bridgewa-
ter testified that she had been
informed that Latoya Pinder, one
of the voters in question, had
moved to the Turks and Caicos
Islands approximately a year
before the May 2 general elec-
tions and still resides there. Ms
Bridgewater also told the court
that Randy Nelson and his sister,
Tanya Nelson, voters she is chal-
lenging, had moved out of the
Marco City constituency nearly
a year before the general elec-
tions and that the address listed
on the counterfoil was where
their parents live.

Ms Bridgewater went on to
testify yesterday in defense of a
number of voters who Free
National Movement MP Zhivar-
go Laing is claiming were not
ordinarily resident in the Marco
City constituency.

According to Ms Bridgewater,
Allison Bridgewater, one of the
voters Mr Laing is challenging, is
her nephew. She told the court
that her nephew and his mother,
Peggy, lived at the registered
address within the Marco City
constituency, however since the
May 2 election they have relocat-
ed. She told the court that her sis-
ter moved out in June or July
2007 and her nephew had moved
out in August 2007. Ms Bridge-
water also revealed yesterday that
some of the voters, such as like
Deanna Forbes, whom Mr Laing
is challenging, had worked for Ms
Bridgewater. Ms Bridgewater
told the court that Forbes’ regis-
tered address, which is in the

Senator Butler-Turner Oil tanker recovery

testifies

Marco City constituency, is where
she lives. Ms Bridgewater also
testified that she has visited the
address on numerous occasions
and that Forbes had worked for
her as an assistant. Ms Bridgewa-
ter also testified in defense of
Alice Miller, who she said,
worked for her on her campaign
leading up to the May 2 general
election.

Attorney Fred Smith began his
cross-examination of Ms Bridge-
water yesterday afternoon, ask-
ing the Senator firstly where she
presently resides. Ms Bridgewater
told the court that she lives with
her parents in Bevan’s Town,
Grand Bahama, which is in the
High Rock constituency. She also
testified that during the relevant
period — October 2006 to May
2007 — her sister, Natasha, also
lived there but was attending
school abroad. Ms Bridgewater
told the court that her sister had
completed her studies by the time
the general elections were held.
Mr Smith went on to question Ms
Bridgewater on whether her sister
had registered in the High Rock
constituency. Ms Bridgewater
replied that she did not know as
she had only been concerned with
the Marco City constituency. Mr
Smith also went on to question
Ms Bridgewater on her sworn
affidavit, pointing to what he
called inconsistencies in the doc-
ument and her previous testimo-
ny. The case resumes today at 10
am.

Senator being sued

FROM page one

4

Between March 14th and June 8th of 2007, based on the instructions
of the plaintiffs, the first and/or second defendants made several pay-
ments to vendors from the $2 million, according to the affidavit.

Reportedly, it was the stench of
the body that first alerted workers :

However, the action continues, on or about June 8th of the same year,
the plaintiffs requested that the balance of these funds be transferred
to its newly established bank account at the Royal Bank of Canada,
Freeport Branch.

On July 17, 2007 the action claims that Bridgewater & Co detailed the
receipt of the money and the disbursement made from it, revealing that
some $649,821.95 remained on its trust account to the credit of the plain-
tiffs.

Based on e-mails and letters sent in July, August and September 2007,
similar correspondence in January of this year, and the production of a
post-dated cheque drawn for the sum of $650,000 on the first defendant’s
account and payable to Bostwick and Bostwick, the action claims that
Ms Bridgewater informed the plaintiff's representatives that she would

\ : : attend to transferring the funds. Yet, the action claims that no funds

Dr Odle said that the insurance :
facility still‘has certain flaws, as it :
only considers the wind speeds of :
hurricanes as a determining fac- :
tor, but not the level of flooding ;

have been transferred as of the filing ‘of this writ.

. Ms Bridgewater is said to have reportedly made numerous pledges to
transfer the money to the desired account of the plaintiffs, but accord-
ing to the action, this has not yet occurred.

, The interest payment of 6 per cent per annum desired by the plain-
f : tiffs is requested from June 8, 2007, which is the date when the initial
f B d fi , d ; request was reportedly made for the transfer.
O VY oun : failed to cause the transfer of $414,666 USD due and payable to the
? company Globe Trotter, to their designated agent Cob Line Interna-
: tional A/S as per the instructions of the plaintiff.

In the particulars of the action it is also alleged that Ms Bridgewater

“In the circumstances the plaintiffs were unable to make the $414, 666
payment and were put into the position of defaulting under the agree-
ment,” said the affidavit. .

‘Blue Hole Expedition LLC was forced to borrow $414,666 plus
$20,586 in penalty interest in order to make the payment owed Globe

The affidavit also claims that a cheque for the $650,000 was presented
to the plaintiffs, however, it could not be cashed.
“...the first defendant drew a cheque for US$650,000.00 dated Feb-

An autopsy is planned to deter- ruary 7, 2008 on the First Caribbean International Bank at its branch at

mine the cause of death, Chief: /4 :
: Joint Venture’ and payable to Bostwick and Bostwick, counsel and

East Mall Drive in the city of Freeport aforesaid, regarding ‘Deep Six

attorneys for the Plaintiffs. Bostwick and Bostwick duly presented the
cheque for payment on February 7, 2008, and it was dishonoured and
returned to Bostwick and Bostwick marked ‘Refer to Drawer’. The
cheque will be produced and relied upon at the trial of this matter,” said
the affidavit.

Along with the $650,000, plus interest, the plaintiffs are asking for
damages, exemplary damages, costs and any other remedy which the

pa

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‘orth > Cable Beach
Bisco Available With Double Meat

a

FROM page one

: Griffin again got into an argument
i yesterday over the portfolio Mrs
i Griffin formerly held. In late Jan-
: uary the two clashed over two
i pieces of social legislation passed
: in the last Parliament that have
? yet to be made law by the gov-
: ernment.

Mrs Butler-Turer said yester-

i day she credited Mrs Griffin with
: having “too much sense” over
? comments in the opposition MP’s
: contribution to the same mid-year
? budget debate, the minister said
? demonstrated a lack of under-
: standing of how money is paid out
: by the ministry for certain items.

This led to a short period of

: back and forth shouting between
: the two, leading the Speaker to
i intervene before the members
? came to order.

During her contribution on

? works completed within her port-
: folio for the fiscal year thus far,
? Mrs Butler Turner announced
i that renovations were completed
: at the Simpson Penn Centre for
? Boys at the cost of $335,621. This
: includes the replacement of a roof,
i repairs to the laundry room, the
? external walls, repairs to the
: kitchen and new office accommo-
; dation for staff.

New furniture was also pur-

i chased for the dining hall that now .
i seats 104 people, said Mrs Butler-

: Turner, who added that there was

? no appropriate dining facilities

i before she came to office.

She said that from the period

: July to December 2007 both Cen-
i tres received a combined 20
? admissions, and: of this number,
: 15 were new, and five were return
? admissions. Additionally, 32 resi-
? dents were discharged from the
: facilities during this period.

The majority of the admissions

? continue to be asa result of chil-
: dren and young people being clas-
? sified as uncontrollable, said the
; minister.

The repairs to the old dormi-

? tories, commonly known as the
i quadrangle, at the Willie Mae
i Pratt School for Girls, have also
i been completed, noted the min-
; ister, at a cost of $180,250.

The building was damaged by

i fire several years ago in an inci-
? dent that took the lives of two girls
: and seriously injured another. The
? husband of Mrs Butler-Turner,
? Edward Turner, represented these
: families.

She said yesterday that the fam-

ilies have yet to receive “conclu-
_} sion” to the accident.

AL SAL PRGA GAOL MARL PLN

FROM page one

Wednesday.

“We will get advice from

i BEST as to how we will pro-
: ceed on that matter. It’s diffi-
; cult to recreate a reef but ’'m
: sure that BEST will have some
? recommendations as for com-
i; pensation,” he said.

Captain Jeremy Hudson, Oil

: Fleet Manager for Shell Inter-
? national Trading and Shipping
: Company Ltd, who manages
? and operates the vessel, and Mr
? Foulkes provided some updat-
? ed information on the opera-
: tion at a press conference yes-
: terday.

SMIT international,

i described as an “experienced
: salvage company”, was noted
i: by the two men to be executing
? the proposal to offload the
? products onboard.
: Captain Hudson said that
? this option was “deemed to be
? the most environmentally
: sound and will ensure the
: integrity of the vessel.”

At around 2.30 that after-

i noon, Mr Foulkes said a barge
; was alongside the Ficus, with

the necessary connections
being made to start the process.

The ship is laden with a car-
go of aviation kerosene, motor
gasoline and light automotive
diesel.

“The appropriate environ-
mental measures are being put
in place towards ensuring that
the offloading operation and
subsequent removal of the ves-
sel would have minimal or no
effect on the delicate marine
ecology of the area,” said Mr
Foulkes.

Captain Hudson stated that
Shell “very much regrets that
this incident has occurred and
any impact it may have been
caused to the coral.” A “num-
ber of world-class environmen-
tal experts, including coral and
marine life specialists” were
brought in by the company to
attend to the incident, he said.

The BEST commission are
expected to provide a report to
the ministry of maritime affairs
on the outcome of their inves-
tigation into the damage
caused, with this being for-
warded to the press, said Mr
Foulkes.

SHADAE
‘JOHNSON

on making the Honour Roll §
and achieving Istrunner §
up in the Faithway Christian
Et,

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~ you!

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PAGE 12, TUESDAY, MARCH 4, 2003





THE TRIBUNE



INTERNATIONAL NEWS

Africa adoptions clouded by uncertainty, confusion



ratte Ht ; j } a |
fe 5 : ey

ELIZABETH RIOBA, left, the mother of adopted five year old son Abednego, jointly with her neighbours, ponders
the next move during the interview at Elizabethis sisteris home at Mazeras in Mombasa, Kenya, Thursday, Nov.
15, 2007, when she was reminded of her sonis ordeal.



a
h

@ By KATHARINE HOURELD
MOMBASA, Kenya



The offer of a foreign educa-
tion for her beloved youngest son
seemed like a dream come true
for Elizabeth Rioba. But the
Kenyan mother says a family
member tricked her into signing
adoption papers, and now it’s
been five years since she’s seen
her boy, according to the Associ-
ated Press.

The Polish couple that adopted
4-year-old Abednego and
renamed him Mikolaj says the
procedure was fully legal, took
six months and involved Polish
diplomats who spoke with the
birth parents. Rioba acknowl-
edges she signed papers, but says
she did not understand them.

Child protection experts say
such tragic misunderstandings are
common in a part of the world
where adoption is a foreign con-
cept. Criminals can exploit the
gap between wealthy Westerners
who genuinely want to help and
poor Africans who want to do the
best they can for their children.

Speaking in her Kenyan coastai
village of mud huts, baby chickens
scuttling between her feet, Rioba
said she believed the couple was
taking her son to Poland for
schooling and would bring him
to her on holidays.

“Instead of bringing him back,
they said the child was theirs,”
she said, surrounded by relatives
and friends who nodded sympa-
thetically. She said lawyer after
lawyer refused to take her case,
and the one who did wanted

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$1,600. “I started paying, but ran
out of money so J had to give up,”
she said.

In an e-mail to The Associated
Press, the Polish adoptive father
said he was in e-mail contact with
Rioba and her husband, and had
sometimes assisted them finan-
cially. But Rioba, who speaks
poor English and has no phone or
electricity, says she and her hus-
band quarreled over giving up the
child, separated, and she has not
been told of any contact with her
son. Repeated efforts to reach
her husband by phone for com-
ment were unsuccessful.

Privacy

The Polish father, who declined
further interview requests,
requested anonymity to protect
the boy’s privacy. He says he took
e-mails bearing Rioba’s name at
face value, without checking to
see if they were written by her.
Rioba said she bears no ill will
toward the Polish couple, instead
blaming the relative who misled
her about the process and who
she suspects made money from
it.

There’s no word for adoption
in Rioba’s Swahili language. It is
common for Africans to send
orphaned or impoverished chil-
dren to live with richer relatives,
says Nairobi-based UNICEF
expert Margie de Monchy, who
has spent decades working on
child protection issues. Unlike in
adoptions, the child remains in
regular contact with the parents.

Monchy says networks of traf-
fickers are exploiting this confu-
sion between African custom and
Western concepts of adoption.
With some families willing to pay
up to $30,000 for a Kenyan child,
“It’s calculated, it’s organized and
anecdotal evidence suggests it’s
increasing ... throughout -the
region. It’s getting worse and it’s
organized crime,” Monchy said.

Monchy says celebrities such
as Madonna may have unwitting-
ly contributed to the problem by
raising interest in African adop-
tions. The singer is in the process

of adopting a Malawian boy
whose mother died but whose
father is living. “Why did Madon-
na have to go for a child with a
father? Why couldn’t she support
the father to take care of the
son?” Monchy asked. “It shows
the misunderstanding and disre-
spect for families on the other
side of the world.”

Madonna has said she sees the
adoption as “saving a life,” and
that more African orphans “need

‘to be rescued” through adoption.

The father has said in interviews
that although he misses the boy,
he is happy with the adoption as

long as his son is well cared for.

There are no statistics on the
number of families affected by
the interest in African adoptions,
but Monchy says anecdotal evi-
dence shows the problem of
would-be saviors separating fam-
ilies is growing.

In October, six French aid
workers were stopped in Chad
with 103 children they said were
Darfur orphans being taken to
foster families in France. Most of
the children were found to be
Chadians with living parents or
other adult carers, and Chadian
parents said they had been told
the children were going to be
enrolled in a new school in Chad,
not taken out of the country.

The aid workers, from a group
called Zoe’s Ark, were convict-
ed of kidnapping and sentenced
to eight years in jail with hard
labor by a Chadian court in
December, a sentence that was
commuted to eight years in jail
when they were transferred to
France under a judicial agree-
ment. Months later, the children
involved were being cared for in a
Chadian orphanage, their return
to their families complicated in
part because Zoe’s Ark had not
maintained records on them.
Zoe’s Ark officials say local inter-
mediaries assured them the chil-
dren were orphans.

In Liberia, slowly rebuilding
itself after 15 years of civil war,
child protection experts tell of
families tricked into signing doc-
uments in a language they do not
speak. :

Md



ELIZABETH RIOBA, the moa Abednego.

Police: Dead rebel’s
laptop reveals
Venezuela support
for leftist guerrillas

â„¢@ BOGOTA, Colombia _.







Colombia’s police chief on
Monday said documents found
on a slain rebel’s laptop comput-
er suggest Venezuela recently
paid $300 million to Colombia’s
largest guerrilla group, perhaps
in exchange for the release of six
hostages, according to Associated
Press. Other documents show the
rebels had appeared interested in
buying uranium, Gen. Oscar
Naranjo said at an explosive news
conference where he lashed out at
Venezuela and Ecuador for the
financial and political support
they have provided to Colombia’s
leftist rebels.

“When they mention negotia-
tions for 50 kilos of uranium this
means that the FARC are taking
big steps in the world of terrorism
to become a global aggressor.
We're not talking of domestic
guerrilla but transnational ter-
rorism,” said Naranjo, without
giving more details. Naranjo said
the $300 million was mentioned in
a Feb. 14 message in the laptop of
Raul Reyes, who was killed Sat-
urday in a Colombian military
attack just across the border at a
rebel camp in Ecuador. Colombia
was investigating to determine if
the money was intended as pay-
ment for Chavez brokering the
rebels’ recent release of hostages,
he said.





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TRIBUNE

*>THE

NASSAU OFFICE

(242) 356-9801





. Seok - gi
maeeeatt eo
|

MARCH 4

FREEPORT OFFICE
TUESDAY,

(242) 351-3010

SECTION B ¢ bus Ce ieee ad

Chamber chief: Review the






Niche Abaco resort
sees sales pick-up

Weights and Measures Act

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

he Grand {
Bahama
Chamber of §

Commerce’s president
yesterday urged the
Government to revisit
and amend the
Weights and Measures
Act, adding that the
matter was of such
importance that he
was “seriously consid-
ering” appointing a
Chamber committee to address this area.

"I would invite the Government to
revisit and upgrade the penalties under
the Weights and Measures Act, so as to
encourage compliance with the Act. The
present maximum penalty of $20 for a
breach under the Act is not a realistic
deterrent in this modern age,” Gregory
Moss told Tribune Business.

Mr Moss said the issue of monitoring
companies that sell goods priced by a
measurable unit has been raised by many
of his members.



Gregory Moss

South-west port



* Moss urges upgrading of penalties, and
questions whether inspections being »
carried out to protect consumers

* Grand Bahama Chamber’s head says he
may appoint committee to assess situation

“This matter is of significant concern to
me that I am seriously considering
appointing a standards committee to

_ review the matter,” he said.

Mr Moss said he was particularly con-
cerned about whether the inspections, as
mandated by law, were being carried out,
and whether the Bahamian public was
being charged accurately - the correct
price for the correct measurement.

For example, he said: “How do you
know, for sure, that when you buy a gal-
lon of gas you are actually paying for and
receiving a true gallon of gas?”

Section five of the Weights and Mea-
sures Act states: “In New Providence it
shall be the duty of the Commissioner of

Police, and in the Out Islands, of the
respective commissioners, to cause some
officer, or other member of the police

- force, to proceed, at least once in every

month, at uncertain times to all markets,
stores, shops or other places in which
articles are sold or exposed for sale by
weight or measurement, for the purpose
of examining and testing the accuracy of
all scales, weights and measures, there
used for weighing or measuring articles
for sale. ,

“Every such officer, or other member
of the police force, as the case may be,

SEE page 7B

‘superior location’
to Arawak Cay



~ By NEIL HARTNELL
_-~Fribune Business Editor

THE Nassau Tourism and
Development Board’s (NTDB)
chairman yesterday told The
Tribune that many involved
with efforts to revive downtown
Bay Street felt a south-west port
was “a superior location” to
Arawak Cay, but pledged to
support the Government
regardless of what site was cho-
sen. :

Charles Klonaris said the
main thing was the removal of
the container shipping facilities
from downtown Bay Street and
the waterfront, along with the
associated heavy goods vehi-
cles, as this would be a key first
step in kicking-off downtown
Nassau’s revival.

“What’s encouraging is that
the Government is saying that
from the end of this year, none
of the containers will be moved
during the day,” Mr Klonaris
said. “That’s very positive, and
further to that, no containers
will be visible on their proper-
ties.

“We’re encouraged that the
Government is moving forward
expeditiously, and feel that
they’ve really speeded up the
process of revitalising down-
town.

“There is drive to move the
container out of Bay Street in as
short a time as possible. It is

WINTON

But NTDB chairman.
says private sector will
work with government

regardless of which

location is chosen,
as PM meets with
shipping firms

practical, and the timeframe for
moving these containers is right
now.”

Mr Klonaris’s comments
came as other sources close to
plans for redeveloping the city
of Nassau told The Tribune that
Prime Minister Hubert Ingra-
ham was yesterday meeting
with the Nassau-based shipping
companies, such as Tropical
Shipping, Betty K Agencies,

‘Pioneer Shipping and Seaboard

Marine.

It was not known what the
agenda was, or what the meet-
ing’s outcome was by press time
last night, but sources close to
the issue suggested to The Tri-
bune that the shipping compa-
nies felt it would be a final
chance for them to submit their
views and concerns on the relo-
cation of the downtown ship-

SEE page 7B

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A FORMER Sandals Royal
Bahamian purchasing manager
saw the Court of Appeal
reverse a $26,690 award made
against the hotel, finding that
she received four weeks’ notice
pay in line with her contract
and could not, therefore, claim
common law damages for
wrongful dismissal or termina-
tion without notice.

The Court of Appeal said the
case brought by West Bay Man-
agement Ltd, Sandals Royal
Bahamian’s holding company,
against the award to Pamela
Pierre raised the issue of
whether she, having lost her job
because her position was made

* redundant - and having received

compensation according to the
Employment Act’s section 26
on redundancy - could bring a
common law action for wrong-
ful dismissal for additional dam-
ages “on the ground that she







What are
| - you doing
after work?

was not given a reasonable
notice”. i
Appeal Justices Milton Gan-

' patsingh, Emanuel Osadebay

and Hartman Longley, in their
written judgment, said it was
“noteworthy” that Ms Pierre’s
employment contract provided
that Sandals could terminate
her employment by giving four
weeks’ notice, or alternatively
paying four weeks’ wages in lieu
of notice.

Finding that the Employment

Act’s section 26 on redundancy
included compensation, the
Court of Appeal said: “It fol-
lows therefore that one who has
been dismissed because of
redundancy, and who receives
redundancy pay pursuant to,
and in accordance with, section
26 of the Employment Act
2001, [with] pay including com-
pensation in lieu of notice, could
not thereafter successfully main-

4 ?
¢
/, ,

/
"Tagan

m By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

SALES at the Pineapple
Point Resort in Treasure Cay,
Abaco, have picked up consid-
erably as the project nears com-
pletion within the next few
months, The Tribune was told
yesterday, with most of its 30
units forecast to be sold in the
pre-construction stage.

Speaking with Tribune Busi-
ness, Bill Roe, president and
broker of Florida-based Ocean
Properties, explained that when
the project was completed the
majority of the 30 townhouse
units will have been sold.

““We may be short a couple,”
he said, explaining that the cred-
it/liquidity crunch in the global
financial system, sparked by the
US subprime mortgage medlt-
down, may have caused a slow-
down in pre-construction sales a
few months ago.

“Things are picking up,” he
said. “In the past three to four
months, I thought my phone

Ex-Sandals executive suffers appeal reverse

tain an action at common law

for wrongful dismissal in respect
of notice.

Breaking down the $28,546
in net pay that Ms Pierre
received from Sandals wheh her
position was:made redundant,
the Court of Appeal found that
it included $3,140 as ‘four
weeks’ notice pay’.

“It follows that once the
respondent accepted the com-
pensation paid to her pursuant
to section 26 of the Employ-
ment Act, she was no longer
entitled to pursue a common
law claim for damages for
wrongful dismissal on the
ground that she was not given a
reasonable notice before her
contract of employment was
terminated,” the Court of
Appeal found.

SEE page 4B



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was broken, but recently we
have been getting quite a few
inquires, particularly after the
open house that we had this
weekend,” Mr Roe said.

He added that he had also
had an inquiry from a British
citizen, who wanted to leave his
50 foot yacht at the proposed
marina year-round, so that he
could use Abaco.as a base to
travel in this part of the region.

Ocean Properties is the exclu-
sive representative for the
Pineapple Point Resort on
Treasure Cay, which Mr Roe
said meant that persons inter-
ested in purchasing from Flori-
da would first liaise with their
company.

’ He said the Treasure Cay
area, where Ocean Properties.
also manages several other
rental properties, was particu-
larly popular among persons

‘in the Smyrna Beach and Day-

ton Beach areas. They took
advantage of scheduled daily,
direct one-hour flights to and

SEE page 2B

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26 6H /6


“PAGE 2B, TUESDAY, MARCH 4, 2008



Niche Abaco
resort sees
sales pick-up



THE TRIBUNE

- Bahamas impacts

bank’s retail earnings

@ By NEIL HARTNELL

Tribune Business Editor

As a result, surplus assets for
onward lending purposes -
which is what liquidity is - were

“Performance against 2007
plan was primarily impacted
by significant under-plan per-

Caribbean International Bank
(Bahamas), though, rose by 80
per cent or $14.3 million to

2S a

oes,

Every home will have a pri-
FROM page 1B vate aap water dock to an THE Bahamas and Turks & at a premium throughout the formance in ourrevenue inthe — $32.143 million in 2007, which
modate large yachts up to 65 Caicos accounted for 39 per Bahamian commercial bank- Bahamas and Jamaica and the bank attributed to higher 4
from Abaco. . feet in length. There will also cent of FirstCaribbean Inter- ing system.In turn, this placed Barbados business units, result- _ credit card revenues and secu-

Mr Roe said Pineapple Point
was a small project, which might
explain why it had such an
appeal.

The Pineapple Point Resort
will be made up of just 17 luxu-
ry two-bedroom /two-bath con-
dominiums, and 17 three-bed-
room/three-bath condomini-
ums, ranging in size from just
over 1,000 square feet to about
1,400 square feet

SWIM
OF NASSAU BAK,

be two private swimming pools
for the exclusive use of Pineap-
ple Point owners and their
guests.

Pricing for the two-bedroom,
two-bathroom condominiums
is in the low $500,000 range, and
the three-bedroom, three-bath-
room models are priced in the
upper $500,000 range.

Canstruction began in Octo-
ber 2007.

accounts

for 39% of bank’s

Caribbean earnings,

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national Bank’s regional net
income during fiscal 2007, it
was revealed yesterday,
although the below-par per-
formance of this nation’s retail
bank division was a major con-
tributor to the institution’s
Caribbean-wide target-miss in
this area.

Charles’ Pink, First-
Caribbean’s Barbados-based
chief executive, writing in the
bank’s 2007 group annual
report, said that “rising deposit
costs in Barbados and the
Bahamas, coupled with com-
petitive conditions restraining
loan pricing, led to a squeeze
on margins” in the year to
October 31, 2007.

Mr Pink, in the Bahamian
context, was referring to liq-
uidity levels in this nation’s
banking system, which
throughout 2007 were still
recovering from the heavy
credit demand of the previous
two years.

upward pressure on deposit
rates as banks competed for
scarce funds, which in turn
increased interest expense and
squeezed interest margins.
“Our Bahamas, Jamaica and
Trinidad businesses have all
suffered from tight liquidity in
local currency in 2007, and
wholesale funding was
launched successfully in all

three jurisdictions during the ~

year,” Mr Pink said.

For the year to October 31,
2007, FirstCaribbean’s return
on assets was 2.3 per cent,
while return on tangible equity
was some 17.4 per cent.

B. K. Phillips, First-
Caribbean’s regional manag-
ing director for retail banking,
which deals with mortgages

and consumer loans, said the

bank’s net income in this area
before tax was $48 million,
compared to a $56 million tar-
get and year-before perfor-
mance of $60 million in profits.

Legal Notice
NOTICE

GMR (BAHAMAS) LTD.
In Voluntary Liquidation

ing from weak loan volume
growth and rising deposit
costs,” Mr Phillips said.

For the 2007 financial year,
the Bahamas continued to be
the key main contributor to
FirstCaribbean’s group-wide
results, generating $109.8 mil-
lion of its $261.341 million in
net earnings.

That represented a $9.1 mil-
lion or 9 per cent increase over
the previous year, despite what
FirstCaribbean described as an
“adverse performance suffered
on the outsourced investment
portfolios”.

FirstCaribbean Internation-
al Bank (Bahamas) saw its net
interest income drop by $6.9
million year-on-year, which it
blamed on an investment strat-
egy that moved away from
“interest-bearing investments
to mutual funds, with gains

being recorded in operating

income. Consequently, the
increase in interest income was
lower than the increase in
interest expenses”.

The Bahamian operations
saw interest income grow by
$43.1 million or 18 per cent
over 2006, due to higher invest-
ment and loan volumes, plus
higher cash placement yields.
Yet.interest expense grew by
$50 million or 55 per cent due
to higher deposit volumes and
rates.

Operating income at First-

rities gains on its outsourced
portfolio investments.

Operating expenses fell by
$8.7 million or 13 per cent due
to a curtailment gain from
altering health benefits, while
loan loss expenses exceeded
2006 levels by $7 million due to
specific provisions of $5 mil-
lion.

Non-performing loans as a
percentage of FirstCaribbean
International Bank (Bahamas)
total loan portfolio increased
by the narrowest margins in
2007, increasing from 4.8 per
cent to 4.9 per cent.

At year-end on October 31,
2007, FirstCaribbean Interna-
tional Bank (Bahamas) total

assets stood at $4.658 billion, .

an increase of $234 million
over the 2006 year-end. Some
$2.428 billion of that sum were
loans and advances to cus-
tomers.

The Bahamas accounted for
35 per cent of FirstCaribbean
International Bank’s
Caribbean-wide customer loan
portfolio at 2007 year-end, and
36 per cent of its total assets.

Bahamian Teresa Butler
resigned as a FirstCaribbean
International Bank director to
return to the public service
after the 2007 general election.

She was replaced by G.
Diane Stewart, an attorney and
partner with McKinney, Ban-

Notice is hereby given that in accordance with Section.
138 (4) of the International Business Companies Act,
2000, GMR (BAHAMAS) LTD. is in dissolution as
of February 22, 2008.

International Liquidator Services Inc. situated as 35A
Regent Street, RO. Box 1777, Belize City, Belize is the
Liquidator.

croft & Hughes.

NOTICE

NOTICE is hereby given the EUNISE ST. JEAN of MARKET
STREET, NASSAU, BAHAMAS, is applying to the Minister
resposible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of

e

the facts within twenty-eight days from the 4TH day of MARCH,
2008 to the Minister responsible for Nationality and Citizenship,

LIQUIDATOR P.O.Box N - 7147, Nassau, Bahamas. -



NOTICE

NOTICE is hereby given the EVELINE EUGENE of OXFORD
AVENUE, P.O. BOX N-7060, NASSAU, BAHAMAS, is applying
to the Minister resposible for Nationality and Citizenship,* for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 4TH day of MARCH, 2008 to the Minister responsible
for Nationality and Citizenship, PO.Box N - 7147, Nassau,
Bahamas. ; ‘

Legal Notice

NOTICE

Legal Notice
NOTICE

INTERNATIONAL PROMOTIONAL
SERVICES LTD.

In Voluntary Liquidation

EPALINGES LIMITED

Notice is hereby given that in accordance with Section
Notice is hereby given that in accordance with Section

138 (4) of the International Business Companies Act,
2000, INTERNATIONAL PROMOTIONAL SER-
VICES LTD. is in dissolution as of February 14, 2008.

138 (8) of the International Business Companies Act 2000,
the dissolution of EPALINGES LIMITED has been com-

pleted; a Certificate of Dissolution has been issued and

Legal Notice

NOTICE

the Company has therefore been struck off the Register. ; sate . ;
International Liquidator Services Inc. situated as 35A
Regent Street, RO. Box 1777, Belize City, Belize is the ,
ae BASS BOLERO INC.
—_ (In Voluntary Liquidation)
ARGOSA CORP. INC.

LIQUIDATOR
(Liquidator) Q



Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 29th day of
February 2008. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





= ) FIDELITY

BIS

Pricing Information As Of:
Monday, 3 March 2008





52wk-Hi





Securit Previous Close Today's Close

Abaco Markets



52wk-Low



ARGOSA CORP. INC.






Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39% ea
Bank of Bahamas 9.61 9.61 - 0.00 0.643 0.160 14.9 2.71% (Liquidator)
Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46%
_ Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
1.030 0.240 13.2

Cable Bahamas 13.60 13.60 0.00
Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol (S)

Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Real Estate










Travel Agency Manager






“Symbol










Bahamas Supermarkets F : 6.16%
Caribbean Crossings (Pref) A 0.000 0.480 NM 7.80%
RND Holdings 0.35 0.40 0.35 0.023 0.000 N/M 0.00% . FS Gd
ee ualifications:
ABDAB ‘ 41.00 43.00 41.00 4.450 2.750 9.0 6.70% ive Vears exnernence | AV eency
Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7.71% Fin C years expel lence in Tr av el Agency
sce AACN NDS . sie ipa ig Oct oes gsemisy OOD, essa d 45 0.030 9.000 N/M 0.00% Aanag
Ce CO a Management
Fund Name NA V YTD% Last 12 Months Div$ Yield % a | Experience organizing team work
Colina Bond Fund 1.300059" 0.62% 6.15% : Meee = :
Colina MSI Preferred Fund 2.999402"** -0.04% 15.53% Analytical skilis for Direction.
Colina Money Market Fund 1.381183°**** 0.39% 3.85% — : :
Fidelity Bahamas G & | Fund 3.7442 -1.40% 27.72% Fully trained in Tour Tek Computer System
Fidelity Prime Income Fund 11.9880** 0.46% 5.53% : 7
CFAL Global Bond Fund 100.00** Strong Accounting knowledge.
100.0000 CFAL Global Equity Fund 100.00°* 4:
1.0000 CFAL High Grade Bond Fund 1.00°* Fluent Spanish 1S an asset.
9.6628 9.6628"**

Fidelity International Investment Fund

Wide Knowledge of Cuban Tourist Products
Only serious applicant will be considered.

FINDEX: CLOSE 913.43 / YTD -4.05% / 2007 34.47%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS NAV KEY
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume

YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week *** - 341 January 2008
EPS $ - Acompany's reported earnings per share for the last 12 mths see. 2 January 2008
NAV-NetAsset Value 00000 - 22 February 2008
N/M - Not Meaningful

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



** - 31 December 2007
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Voj. - Number of total shares traded today

DIV § - Dividends per share paid in the last 12 months

Send the resume to P.O.Box: EE-16319 before
March 15, 2008.
Only the successful applicants will be contacted.

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

Â¥O TRADE CALL: CFAL 242-502-7010 / FIDELITY 242-386-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503


PE the fh tibywewee



a
‘Greater transparency

urged over Freeport
utility rate increases

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter



THE Grand Bahama Cham-
ber of Commerce’s president
yesterday called for greater
transparency in the process for
approving price increases by
the island’s utility companies.

Speaking in the wake of
price increases for Grand
Bahama Power Company and
Grand Bahama Utility Com-
pany, Gregory Moss told The
Tribune: “My concern would
be to ensure that there is a
transparent process by which
increases in electrical rates are
made in Grand Bahama.

“This concern arises from

‘the fact that the ‘regulator’
which overseas electrical rate
increases in all of Grand
Bahama is not the Public Util-
ities Commission or the Gov-
ernment, as in the rest of the
Bahamas, but the Grand
Bahama Port Authority.
. “That being so, there is con-
cern that there is no public
consultation process in Grand
Bahama on rate increases, sim-
ilar to that which prevails in
the rest of the Bahamas, with
the result that it is crucial that
there be transparency by the
Port Authority as:to the basis
upon which the Port Authori-
ty arrives at its decisions to
approve rate increases.”

Concerns have been
expressed by others, especially
in the business community,
about how utility rate increas-
es are applied for, decided
upon and approved in Grand
Bahama.

One issue, especially when
it comes to Grand Bahama
Power Company, is that the
company and the GBPA have

a common large, potentially
influential shareholder.

Lady Henrietta St George
owns 50 per cent of BISX-list-
ed ICD Utilities, which in turn
owns S50 per cent of Grand
Bahama Power Company. In
effect, this means that the reg-
ulator is part-owned by a
shareholder who also has a
substantial interest in the very
company it is seeking to regu-
late, and which acts as a sig-
nificant profit centre for its
part-owner.

Meanwhile, Mr Moss said he
was concerned by reports that
in Grand Bahama, the thresh-
old in oil prices after which a
surcharge is applied would
appear to still be artificially
fixed at around the $20 per
barrel level, which represented
the average oil price in the
1970s. :

This appeared not to have
risen with the average price of
oil on global markets, which
yesterday hit $104 per barrel.
The result was that today,
every electricity bill includes a
component for fuel surcharge.

“My understanding is that if
the threshold for fuel sur-
charges were to be revised to
reflect the true average oil
price over the last few years,
then fuel surcharges would
only apply above that price.
Accordingly, my concern is
that the business and other
consumers in Grand Bahama
are being made to absorb
today's high cost of oil togeth-
er with an additional surcharge
on that high cost, on the false
premise that the average oil
price is still what it was in the
1970s,” the Chamber president
said.

Mr Moss said that while this
might not be the case, he was
unable to come to a conclu-

sion on that without trans-
parency as to the basis upon
which the fuel surcharge is

‘ being calculated.

“Meanwhile, I believe that
all would agree that it is in the
best interest of business and
other consumers in Grand
Bahama for the Port Authori-
ty and the Grand Bahama
Power Company to provide
full and frank disclosure of the
basis of the approved increase
in electrical rates in Grand
Bahama, in order for the pub-
lic to be satisfied that the

increase is justified, especially:

in light of the profits which
have been reported by the
Grand Bahama Power Com-
pany even without such an
increase,” Mr Moss said.

The electricity rate increase

will take effect from April 1, |

2008.

-For the average residential
customer, the 4.87 per cent
increase means an.additional
$5 charge on their monthly bill.

Grand Bahama Power Com-
pany (GBPC) cited inflation,
increased costs for equipment
and investments for system
upgrades among the reasons
for the hike in rates.

_ The system upgrades cost
the company over $30 million,
and were funded by bank
financing as well as the sus-
pension of dividend payments
to shareholders in 2006.

Not to’be outdone, Grand
Bahama Utility Company yes-
terday announced a rate
increase of 4.87 per cent, which
it said amounted “to a very
small increase of 95 cents per

‘month to average residential:

consumers.”

The last rate increase was in
March 2006, and the new one
will take effect from .April 1,
2008. —

THE CENTRAL BANK OF THE BAHMAS

Conterfeit Banknote And Introduction
To Crisp Series Seminar

The Central Bank Of The Bahamas Training Room,

Market Street And Trinity Place Entrance

Session

March 13, 2008
From 11:00 A.m. To 12:30 P.m.

Apply By: March 10, 2008.

The seminar is open to banks and banking institutions, gov-

ernmnet agencies and corporations, private companies and the

general public. Applications will be’ taken on a first-come/first-

served basis, as space is limited.

Kindly indicate if you wish to attend. |

Contact No.

302-2734, 302-2636, 302-2629





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PAGE 4B, TUESDAY, MARCH 4, 2008

THE TRIBUNE



Adler Realty
& Investment

Company staff
attend ere
workshop



STAFF at Adler Realty &
Investment Company attended
a training workshop at the
British Colonial Hilton entitled:
Preparing the team now for the
future in real estate sales.

Dr Richard Pinder, vice-pres- -

ident of Bahamas Faith Min-
istries International, lectured
on The importance of team-
work for individual and corpo-
rate success, highlighting that

key to maintaining repeat busi-
ness.

e SHOWN (I-r in front row)
are Nyochea Winder, Dr
Richard Pinder, presenter,
Osbourne Stuart, president,
Adler Realty, Bernadette Scott
and Seadrid Ferguson. Shown
(I-r in back row) are Desmon
Bethell, Samuel Thompson,
Deron Isaacs and Abigail Fer-

effective customer service isthe guson.

[BDO Mann Judd

BDO Mann Judd a leading professional services firm with 601 BDO Member Firm
offices in 105 countries around the globe is now seeking applications for assurance
seniors/ senior accountants to work in the assurance department. The successful candidate
will have a bachelor’s degree in accounting and a CPA, ACCA, CA or any other
qualification that is recognized by the Bahamas Institute of Chartered Accountants.

The successful candidates will have 3 years experience in auditing, and be able to work in
a challenging team driven environment. Attention to detail is a must.

Individuals with the above-mentioned qualifications should fax or email their résume’s
to: , ~ jnfo@bdomannjudd.com

Recruitment Manager.
BDO Mann Judd
Nassau Bahamas

Fax: 242-325-6592

Absolutely no phone calls please.
| Only the applicants with the above mentioned qualifications will be contacted.





PUBLIC NOTICE
PUBLIC CONSULTATION

PROPOSED INDIVIDUAL LICENCE FOR THE RESALE
OF VOICE TELECOMMUNICATIONS SERVICES

The Bahamas’ regulator of the telecommunications sector, the Public
Utilities Commission (PUC or the Commission), is pleased to invite
comments on its consultation document on the Proposed Individual
Licence For The Resale of Voice Telecommunications Service within,
into and from The Bahamas.

The consultation document discusses the proposed Licence, including
the nature and scope of the Licensed Services and the high-level obligations
that the Licensee will be required to comply with.

The objectives of this public consultation are to:







Ex-Sandals executive

FROM page 1B

The Appeal justices over-
turned the earlier Supreme
Court verdict by Justice Vera
Watkins, who had found that
while Ms Pierre was not wrong-
fully dismissed, but that she was
owed a further $26,690 on top
of what Sandals had already
paid for “terminating her ser-
vices without notice.

While agreeing that there was
no wrongful dismissal, the
Court of Appeal added that
having received compensation
in accordance with the Employ-
ment Act’s provisions, “there
was therefore no basis on which
she could successfully maintain

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.

an action for wrongful dismissal

at common law for additional
compensation, on the ground
that she had not received rea-
sonable notice before the ter-
mination of her employment
and the trial judge, having
found that the respondent was
not wrongfully dismissed, erred
in law in awarding her addi-
tional compensation...

“In this appeal, the respon-
dent was employed under a
contract of employment, which
expressly provided for termina-
tion with four weeks notice or
four weeks’ pay in lieu of four
weeks’ notice, as provided in
section 26 of the Employment
Act. The respondent was there-
fore not entitled to any addi-
tional compensation at common
law in respect of notice.”

Ms Pierre’s attorney, Trades
Union Congress (TUC) presi-
dent Obie Ferguson, had
argued that she was entitled to
pursue additional common law
compensation under the
Employment Act’s section four.

Mr Ferguson had also
attempted to rely on a case
brought by a Paula Deveaux
against Bank of the Bahamas
International, something Jus-
tice Watkins had also relied on.
In particular, Mr Ferguson had
focused on part of the decision
in that case in which Justice
Ganpatsingh said it seemed that
the Employment Act-was not
intended by Parliament to cod-
ify employment relations.

Justice Ganpatsingh added
that the Act was passed “to
establish minimum standards of
working hours, and to make
provisions relating to notice to
terminate contracts of employ-
ment and to make provisions

suffers appeal reverse

relating to summary dismissal”.

The Court of Appeal said
Justice Ganpatsingh at that
point was referring solely to the
Employment Act’s “preamble”.
In the case cited by Mr Fergu-
son, the employee had claimed
damages for wrongful dismissal
against the bank for termina-
tion without reasonable notice.

Her contract contained no
provision for notice before ter-
mination, and therefore could
be terminated at common law
by reasonable notice. The
employee, believing she was
entitled to better benefits under
common law, pursued a com-
mon law claim for damages
under section four of the
Employment Act.

That case was different from
Ms Pierre’s, as she had a notice
provision in her contract. And
the Court of Appeal noted that
the Employment ‘Act’s section
29, dealing with employer
notices to terminate contract
employment, referred to “the
minimum period of notice”.

“It was clear that with regard
to notices required to terminate
a contract of employment, the
Act was providing a minimum
period of notice,” the Court of
Appeal ruled.

“Tt was in that context, and
in relation to notices required to
be given before the termination
of contracts of employment,
that those statements were
made by Justice Ganpatsingh.
The court in that case was not
dealing with redundancy pay.

“The statements made by
Justice Ganpatsingh were total-
ly misunderstood and taken out
of context, and the decision in
Paula Deveaux versus Bank of
the Bahamas misapplied.”

Ecology of the
Andros Iguana:

Implications for Conservation

Lecturer - Charles Knapp, Ph.D.

a) advise current licensees, prospective licensees, stakeholders and
the public of the proposed Licence; and

Center for Conservation and Research for Endangered Species
Zoological Society of San Diego

Escondido, California USA

&

Conservation Department

John G. Shedd Aquarium

Chicago, Illinois USA

b) invite comments from current licensees, prospective licensees,
stakeholders and the public.

Section 6(5) of the Telecommunications Act, 1999, requires the
Commission to publish the proposed Licence and allow a reasonable
period of consultation and take into account any objection or suggestion
made by persons affected by the proposed Licence before adopting the
said Licence. At the conclusion of this public consultation the Commission
will issue a Statement on the Results of the Public Consultation.

Dr. Knapp will be discussing the general
ecology of the iguana in a framework of
conservation management. He will also
be discussing the results from

two rapid ecological assessments

(2006 and 2007) that were

conducted to clarify the

island-wide distribution

of the Andros Iguana.
Recommendations for

long-term conservation

_, action will then be addressed.

The public consultation document can be obtained from the Commission’s
office located at 4" Terrace East, Collins Avenue, Nassau or downloaded
from the Commission’s web site at www. pucbahamas. gov.bs. Written
comments should be submitted by 7" April, 2008 via post, hand ee
facsimile or e-mail to:

Mr. Barrett Russell,
Executive Director
Public Utilities Commission
P.O. Box N — 4860
Fourth Terrace East, Collins Avenue
Nassau, Bahamas

Telephone: 242 322-4437
Fax: 242 323 7288
Email: PUC@pucbahamas.gov.bs.

Date: Wednesday, March 5, 2008
Time: 7:00 p.m
Place: The Retreat, Village Road

F
A
=
PT)
=)
a
SET
°
—
6A
=)
a.

Admission:-
BNT Members Free
General Public $2


THE TRIBUNE

Fave

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Scotiabank Caribbean Treasury Limited

We have audited the accompanying balance sheet of Scotiabank Caribbean Treasury Limited (“the
Company”) as at October 31, 2007, and a summary of significant accounting policies and other
explanatory notes (together “the financial statement”).

Management's Responsibility for the Financial Statement
4

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statement that is free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that
are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit. We -
‘conducted our audit in accordance with International Standards on Auditing. Those standards require
that we’ comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statement. The procedures selected depend on our judgment, including the assessment
of the risks of material misstatement of the financial statement, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to the Company’s preparation and
fair presentation of the financial statement in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates, if any, made by management, as well as
evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for .

our audit opinion.
Opinion

In our opinion, the financial statement presents fairly, in all material respects, the financial position of
the Company as at October 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sir:. does not comprise a complete s2t
of financial statements prepared in accordance with IFRS. Information on results of operations, cash
flows and changes in equity is necessary ‘« oot#n a complete understanding of we fitancial position,
peiformance and cash flows of the Ccmpany.

KPMG

Chartered Accountants

. Nassau, Bahamas
February 29, 2008 ‘

_SCOTIABANK CARIBBEAN TREASURY LIMITED

Balance Sheet

‘October 31, 2007, with corresponding figures for 2006
(Expressed in United States dollars)







2007 - 2006
Note ($’000s) ($°000s)
Assets
-Loans and advances to banks 4, 12, 15 2,242,089 1,904,213
Derivative financial instruments — - 15, 16 1,076 311
Investments 5,15 55,167 -
Investments pending settlement . : 32,000 -
Property and equipment 6, 15 313 : 47
Accrued interest receivable and other assets 7,15 24,964 17,099
Total Assets 2,355,609 1,921,670
Liabilities and Equity .
Liabilities
Derivative financial instruments 15, 16 4,476 -
Deposits 8, 12,15 2,263,603 1,867,643
Accrued interest payable and other liabilities 9, 15 15,424 28,816
; 2,283,503 1,896,459
Equity
Share capital . 10 10,000 _ 10,000
Share premium 11 15,000 15,000
Retained eamings : 47,106 211
72,106 25,211
Commitment 18
Total Liabilities and Equity 2,355,609 1,921,670

Seé accompanying notes to balance sheet. :

The balance sheet was approved on behalf of the Board of Directors on February 29, 2008 by

the following:

BSNS aay Director A ). as Director

Notes to Balance Sheet

October 31, 2007
(Expressed in United States dollars)



1. Reporting entity
Scotiabank Caribbean Treasury Limited (“the Company’) was incorporated on May 29, 2006
under the Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under The
Bank and Trust Companies Regulation Act, 2000. The Company is wholly owned by The Bank of
Nova Scotia International Limited “the Parent’, a company also incorporated in the
Confmonwealth of The Bahamas. The ultimate parent of the Company is the Bank of Nova Scotia
(“BNS”), a company incorporated in Canada.

The Company manages the US dollar treasury function for the Bank of Nova Scotia’s subsidiaries
and branches within the Caribbean and Central American region. The Company’s registered office
is located at 404 East Bay Street, Nassau, The Bahamas.

Pursuant to the terms of a purchase and sales agreement dated August 1, 2006, the Company
acquired the business of the Caribbean Treasury Unit (“CTU”) from Scotiabank (Bahamas)
Limited (“the Bank”). The acquisition of CTU represented a transaction between entities under
common control as the Bank is also a subsidiary of the Parent. As such, this transaction was
outside the scope of International Financial Reporting Standard 3: Business Combinations. The
assets and liabilities of CTU were transferred to the Company at book value and the difference
between the purchase price and the net book value was accounted for as an adjustment to equity.

2. Basis of preparation and significant accounting policies
(a) Statement of compliance

The balance sheet has been prepared in accordance with International Financial Reporting
Standards (“IFRS”). The accounting policies set out below have been applied consistently to
all periods presented in the balance sheet.

(b) Basis of measurement

The balance sheet has been prepared on the historical cost basis except where otherwise noted
below.

(c) Functional and presentation currency

The balance sheet is presented in United States dollars (“US$”), which is the Company’s
functional currency. Except as indicated, financial information presented in US$ has been
rounded to the nearest thousand.

(d) Use of estimates and judgements

The preparation of the balance sheet in conformity with IFRS requires management to make
Judgements, estimates and assumptions that affect the application of accounting policies and
the amounts reported in the balance sheet and the accompanying notes. ‘I'hese estimates are
based on relevant information available at the balance sheet date and, as such, actual resulis
may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and in any
future periods affected.

In particular, information about significant areas of estimation uncertainty and critical
Judgements in applying accounting policies that have the most significant effect on the amount
recognized in the balance sheet are described in notes 15 and 16.

(e) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and inlerpretauions are not yet effective
for the year ended October 31, 2007, and have not been applied in preparing this balance
sheet.

IFRS 7 Financial Instruments: Disclosures and the Amendinent 10 IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the significance
‘of financial instruments for an entity’s financial position and performance, and qualitative and
quantitative disclosures on the nature and extent of risks. IFRS 7 and amended IAS J, which
become mandatory for the Company’s 2008 financial statements, wili require extensive
additional disclosures with respect to the Company’s financial instruments and capital.

(f) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates of
the transactions. Monetary assets and liabilities denominated in foreign ‘currencies at the
reporting date are translated to the functional currency at the mid-market exchange rates al
that date.

VS

(g) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and provisions for
impairment losses. :

Leaseh«‘d improvements - Term of lease plus one renewal option period
Furniture and equipment - 3 to 10 years :

Property and equipment are periodically reviewed for impairment. Where the carrying value
amount of an item of property and equipment is greater than its estimated recoverable amount,
it is written down immediately to its recoverable amount.

(h) Financial assets and liabilities
' * G) Classification

Financial assets that are loar and advances to banks and accrued inicrest rec
‘ classified as loans and receivat'es.

Financial assets and liabilities that are derivative financial instruments are considered to
be financial instruments held-for-trading and are classified as at fair value through profit
and loss.

Financial assets that are investment securities have been designated as at fair valu:
through profit and loss.

Financial liabilities that are not held-for-trading include deposits and accrued interes!
payable. tgp feet ‘

(ii) Recognition

The Company initially recognizes loans and advances and deposits on the date that they
are originated or accepted, as applicable. All other financial ‘assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are initially
recognized on the date that the Company becomes a party to the contractual provisions ot
the instrument.

(ili) Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on the
financial asset in a transaction in which substantially all the risks and rewards of
ownership of the financial asset are transferred. Any interest in transferred financial assets
that is created or retained by the Company is recognized as a separate asset or liability

The Company derecognizes a financial liability when its contractual obligations a:>
discharged, cancelled or expire.

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a financial
asset or financial liability not at fair value through profit or loss, Wansaction costs that «a
directly attributable to the acquisition or issue of the financial asset or financial liability
Transaction costs on financial instruments at fair value through profit or loss are expensed
immediately.

Subsequent to initial recognition, loans and receivables and financial liabilities that are pot
held-for-trading are carried at amortized cost less impairment losses where applicab!
using the effective interest rate method.

The amortised cost of a financial asset or liability is the amount at Which the financial
asset or liability is measured at initial recognition, minus principal repayments, plus o1
minus the cumulative amortization using the effective interest method of any difference
between the initial amount recognised and the maturity amount, minus any reduction for
impairment.

Subsequent to initial recognition, investment securities and derivative financia!
instruments are valued at their fair values.

Investments in hedge funds are valued at the net asset value per share as advised by th
administrators of the funds.

The determination of fair values for derivative financial instruments is based on quoted
market prices or dealer price quotations for financial instruments waded in active market
For all other financial instruments fair value is determined by using valuation techniqu
Valuation techniques include net present value techniques, the discounted cash flo
method, comparison to similar instruments for which market observable prices exist, and
valuation models. The Company uses widely recognized valuation models for
determining the fair value of common and more simple instruments like interest rat
swaps. For these financial instruments, inputs into models are market observable

Derivative instruments designated as “asseV/liability management” are those used t
manage the Company’s interest rate and foreign currency exposures

(v) Identification and measurement of impairment

At each balance sheet date, the Company assesses whether there is objective evidence th
financial assets not carried at fair value through profit or loss are impaired. Financi
assets are impaired when objective evidence demonstrates that a loss event bas occurred

after the initial recognition of the asset, and that the loss event has an Impact on the futur
cash flows on the asset that can be estimated reliably

,
The Company considers evidence of impairment at both a specific asset and collecti
level. All individually significant financial assets are assessed for specific impairment
All significant assets found not to be specifically impaired are tian collectiv tly a
for any impairment that has been incurred but not yet identified. Assets that are not
individually significant are then collectively assessed for impairment by v1 uping togell
financial assets (carried at amortised cost) with similar risk characteristics

Objective evidence that financial assets are impaired can include default o1 lelinquen
by a borrower, restructuring of a loan or advance by the Company on terms that th
Company would not otherwise consider, or other observable data relatine to a vr up ol

assets such as adverse changes in the payment status of borrowers

Impairment losses on assets carried at amortised cost are measured as the differen
between the carrying amount of the financial assets and the present value of estimated
cash flows discounted at the assets’ original effective interest rate. Losses are rec gnized
in the statement of income. Interest on the impaired asset continues to be recognized
through the unwinding of the discount .

7 ~ POPE TET

TUESDAY, MARCH 4, 2008, PAGE 58

rz. BERING TE TT
PAGE 6B, TUESDAY, MARCH 4, 2008

3.

($7000s) _
Purchase price (2,000)
Add: cash and cash equivalents acquired,
included in loans and advances to banks 1,147,688
_— 1,145,688
een
4. Loans and advances to Banks
ee
2007 2006
($0008) ($'000s)
Loans and advances to banks
- affiliates 1,996,715 1,804,208
- other 245,374 100,005
2,242,089 1,904,213

5.

6.

(i) Cash and cash equivalents

Cash and cash equivalents are financial assets with original maturities of less than ihree

months, which are subject to insignificant risk of changes in their fair vaiue, and are used by
the Company in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost 1n the balance sheet.

(j) Related parties
A number of transactions are entered into with related parties in the normal course of business.
Balances resulting from such transactions are described as balances with affiliates.

Acquisition

As discussed in note 1, the Company acquired the business of the CTU from the Bank effective

August 1, 2006, at a purchase price of US$2 million.

The book value of the assets and liabilities acquired at that date was as follows:

2006
($’000s)
Loans and advances to banks aia

Equipment
Other assets 2,546

Total assets 1,919,794
Deposits (1,903,599)
(16,195)

Other liabilities
Book value of net assets acquired -
The adjustment to equity was as follows:

——————_—_—_—_______—_ enwvx—m—X\—*oeaneeme 2006





($’000s)

Purchase consideration (2,000)
Book value of net assets acquired -
(2,000)

Net cash flow effect of the purchase was as follows:

2006









The effective interest rate earned on the loan portfolio for the current period was 4.39%.
Investment securities

Investment securities include investments in 1 hedge funds that have been designated as investment
securities at fair value through profit or loss.

Property and equipment











Leasehold — Furniture and
Improvements Equipment Total
<$"000s) ($'000s) ($’000s)

Cost ' .
October 31, 2006 15 35 50
Additions . 166 112 278
Disposals : ~ ~ (2) (2)
October 31, 2007 181 145 326
Accumulated depreciation
October 31, 2006 1 2 3
Charge for the period 3 9 12
Disposals a = @) Q)
October 31, 2007 __ _ 4 9 13
Net book value October 31, 2007 177 136 313
Net book value October 31, 2006 14 33 47

7. Accrued interest receivable and other assets





2007 2006
($’000s) ($°000s)
Accrued interest receivable:
- Affiliates 18,325 2 ~ 14,769
- Other . 35 1,282
Other assets 6,604 1,048
24,964 17,099





8. Deposits »
a
2007 2006
($7000s) ‘$°000s)
Deposits from affiliates 2,091,531 1,693,055
Deposits from other banks 172,072 174,588
2,263,603. 1,867,643

The effective interest rate paid on deposits for the current period was 4.39%.

9. Accrued interest payable and other liabilities















: 2007 2006
; ($°000s) ($’000s)
Accrued interest payable — affiliate banks 12,596 11,314
Accrued interest — other 7 2,083 2,932
Other liabilities ; a) 14,570
15,424 28,816
10. Share capital
2007 2006
_ oo _(3°000s) ($’000s)
Authorized, issued and fully paid:
10,000,000 ordinary shares of par value US$1.00 each 10,000 10,000
11. Share premium
‘ 2007 2006
CS! OUOs) ($’000s)
10,000,000 shares issued ata premium of US$!.50 each 15,000 15,000

12. Geographical Analysis of Assets and Liabilitics

Significant assets and habilities at October 31 may be analyzed by geographical area, based on the
residence of the counterparty, as fol!ows:

THE TRIBUNE











The North

Bahamas Europe America Other _ Total

($’000s) ($’000s) ($’000s) ($’000s) ($’ 000s)
October 31, 2007:
Loans and advances to banks $90,474 ~ 150,000 245,374 1,256,241 2,242,089
Deposits 719,390 — 125,492 1,418,721 2,263,603
October 31, 2006:
Loans and advances to banks 4 400,000 - 1,504,209 1,904,213
Deposits 508,950 — 255,240 1,103,453 1,867,643

13. Pension plan

Substantially all of the Company’s employees are members of BNS’ defined benefit pension plan.
The plan provides pension benefits based on length of service and final earnings with
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All rights
and obligations of the defined benefit pension plan are borne by BNS. The last actuarial valuation
of the plan was as of November 1, 2006 and based on that independent valuation, the plan was
fully funded. An actuarial valuation is performed on the plan at least once every three years. All
actuarial information relating to this scheme can be found in the consolidated financial statements
of BNS. _



The Company also participates in a contributory plan established by BNS covering some
employees. As of October 31, 2007, this plan is also fully funded.

14. Global Employee Share Ownership Plan

15.

16.

The Company participates in the Global Employee Share Ownership Plan (““GESOP”) of BNS,
which allows employees of the Company to contribute between 1% and 6% of their annual salary.
The contributions are used to purchase shares in BNS, on the Toronto Stock Exchange at the
prevailing market prices on a semi-monthly basis. The Company matches fifty percent (50%) of
the employees’ contributions and this vests with the employees after two years of participation in
GESOP.

Financial risk management
Credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s loans and
advances to banks. The Company structures the levels of credit risk it undertakes by placing limits
on the amount of risk accepted in relation to one borrower, or groups of borrowers, and to
geographical and industry segments. Credit disciplines are based on a division of authority, a
centralized credit review system, a committee system for dealing with all major exposures, and
periodic independent review by BNS.

Interest rate risk

Interest rate risk arises when there is a mismatch between positions that are subject to interest rate
adjustment within a specified period. Exposure is generally managed locally by currency and
regularly reviewed on a consolidated basis by executive management.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations from its
financial liabilities. The liquidity risk management process ensures that the Company is able to
honour all of its financial commitments as they fall due. The Company manages liquidity using
the following policies:

° measuring and forecasting cash commitments;
e ensuring immediate availability of large pools of liquid assets to meet unforeseen events;

e maintaining a Strong credit rating to ensure timely access to borrowing on favourable rates
and terms;

e diversifying funding sources and
e maintaining the ability to securitize the Company’s assets.

. The following analysis of maturities of significant assets and liabilities illustrates the extent to
which the Company was exposed to liquidity risk:









1-3 3-12 1-5 5 Years

Months Months Years & Over Total

($’000s) ($’000s) ($’000s) ($’000s) ($’000s)
October 31, 2007:
Assets .
Loans and advances t to banks 1,558,527 413,669 213,909 55,984 2,242,089
Liabilities :
Deposits 1,806,555 322,154 133,402 1,492 2,263,603
Net Liquidity gap (248,028) 91,515 80,507 54,492 (21,514)
October 31, 2006:
Assets
Loans and advances to banks 1,240,984 316,891 335,896 10,442 1,904,213
Liabilities
Deposits 1,497,592 370,051 - - 1,867,643
Net Liquidity gap (256,608) (53,160) 335,896 10,442 36,570 |

Currency risk

The Company takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Company’s board of directors sets
limits on the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored on a daily basis. The table below summarises the Company’s exposure to
foreign currency exchange rate risk:









BSD USD Other Total
($’000s) ($’000s) ($’000s) ($’000¢)
October 31, 2007:
Assets
Loans and advances to banks 2,242,089 _ 2,242,089
Investment securities - 43,579 11,588 55,167
Investments pending settlement - 32,000 - 32,000
Derivative financial instruments - 1,076 - 1,076
Property and equipment 313 ~ - 313
Accrued interest receivable and other assets 55 24,662 247 24,964
Total assets 368 2,343,406 11,835 2,355,609
Liabilities
Deposits : - 2,252,015 11,588 2,263,603
Derivative financial instruments - 4,476 - 4,476
Accrued interest receivable and other liabilities 13 15,300 lil 15,424
Total liabilities 13 2,271,791 11,699 2,283,503
Net balance sheet position 355 71,615 136 72,106
October 31, 2006:
Assets
Loans and advances to banks - 1,904,213 - 1,904,213
Derivative financial instruments =: 311 - 311
Property and equipment 47 = - 47
Accrued interest receivable and other assets 51 16,606 442 17,099
Total assets 98 1,921,130 442 1,921,670
Liabilities
Deposits 7 1,867,643 - 1,867,643
Accrued interest receivable and
other liabilities 3,286 25,288 242 » 28,816
Total liabilities 3,286 1,892,931 242 1,896,459
(3,188) 28,199 200 25,211

Net balance sheet position

Derivative financial instruments

Derivative instruments are financial contracts whose value is derived from interest rates, foreign
exchange rates or other financial or commodity indices. Most derivative instruments can be
characterized as interest rate contracts, foreign exchange coniracts or equity contracts. Derivative
instruments are negotiated over-the-counter contracts and include swaps and forwards. These
transactions are primarily facilitated through Scotia Capital Market (USA) Inc. (“SCM”). The
Derivative Products Group of SCM also provides internal hedges in the form of swaps or options
te minimize the Company’s net market risk.




The Company enters into these derivative Instruments to

accommodate the risk management needs
of its customers and for asseVliability man 7 il

agement purposes.



/nlerest rate swaps



Interest rate swaps are commitments to exchange one set of cash flows for
In an economic exchange of interest rates.



another. Swaps result
vec No exchange of principal takes place. The Company’s
credit risk represents the potential cost to replace the swap contr
perform their obligation.





poten acts If counterparties fail to
: i This risk is monitored on an ongoing basis with reference to the current
fair value, a portion of the notional ai ount of the contracts and the liquidity of the market. To
control the level of credit risk taken, the Company |
techniques as for its lending activities.





assesses Counlerparties using the same





The notional amounts of certain types of financial instruments provide a b

insteupie ras Bagh asis for comparison with
NstruMents recognized on the t

yulance sheet but do not necessarily indicate the amounts of future
Cush flows volved or ic Curent sair value of the instruments and, therefore, do not indicate the
Company's exposure to credit or price risks. The derivative instruments become favourable
(assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates or foreign
exchange rates relative to their terms.





The following table provides the aggregate notional and fair value amounts of derivative financial
instruments Outstanding as of October 31, 2007:




















Notional Fair Values
Amount Assets Liabilities
__($'000s) ($°000) ($°000)
October 31, 2007:
Interest rate swaps 81,034 - 930
Total return swaps 176,022 1,076 3,546
257,056 . 1,076 4,476
October 31, 2006:
Interest rate swaps 98,887 311








AS of October 31, 2007, the interest rate swap contracts noted in the table above were matched
against fixed rate loans and advances to banks and deposits with
amount of $81 million (2006 - $99 million),



a gross oulstanding principal





The total return swaps were matched against the Company’s investments in hedge funds and loans
on the books of an affiliate.




. Fair value of financial instruments

Fair value amounts represent estimates of the consideration that would be agreed upon between
knowledgeable willing parties who are under no compulsion to act and is best evidenced by a
quoted market price if one exists. The majority of the Company’s financial instruments’ are carried
at historical cost and are not adjusted to reflect increases or decreases in fair value due to market
fluctuations, including those due to interest rate changes.






Derivauves and investment securities are carried at their market values, which are considered to



equate to their fair values.



The fair values of loans and advances.to banks and deposits approximate their carrying values,
which are at amortised cost, due to their short term nature and interest rates earned or paid
approximate rates otherwise available to the Company for similar facilities.






All other financial assets and liabilities are short term in nature and their carrying values are
considered to equate to then fair values. ,




Lease commitments
The Company has obligations under a commercial lease for office space for a five year term
expiring February 28, 2012 with two consecutive options to renew for a further 4 and 5 year term
respectively. The future minimum basic rent under this agreement is $138,276 per year for the
first three years of the lease..









2007
($'000s)




138,276
491,648



1 year or less
Over | year to 5 years










- 629,924 °
i eI

19. Capital Management



WO dy i

io 2G
Regulatory Capital




The Company’s lead regulator, the Central Bank, sets capital requirements for the Company. ‘In
implementing current capital requirements, the Central Bank requires the Company to maintain a
prescribed ratio of total capital (including contributed capital and retained earnings) to total risk
weighted assets or total assets.





The Company’s policy is to maintain a strong capital base so as to maintain creditor and market
confidence and to sustain future development of the business. The Board of Directors monitors
comgliance with the capital requirements on a quarterly basis.




The Company has secured a letter of comfort from the Parent to bolster its capital if required.
The Company’s capital base, together with the letter of comfort was sufficient to satisfy all
externally imposed capital requirements throughout the period. There have been no material
changes in the Company’s management of capital during the period.

PUBLISH |

Your Balance Sheets &






Legal Notices

The Tribune

Call us at



THE TRIBUNE

TUESDAY, MARCH 4, 2008, PAGE 7B





South-west port

‘superior location’

to Arawak Cay

FROM page 1B

ping facilities, be that to
Arawak Cay or the south-west
port option proposed under the
former PLP administration.

Meanwhile, Mr Klonaris said
the removal of the shipping
facilities would force downtown
landlords and property owners,
especially those who had ship-
ping firm tenants, to think about
upgrading their properties and
putting them to different use.

Removal of the shipping facil-
ities would enable Bahamians
and all stakeholders to “really
think about the expansion of
the city going east”, in addition
to freeing up valuable water-
front real estate on Nassau har-
bourfront.

When it came to the pre-
ferred site for the port reloca-
tion, Mr Klonaris said: “I think
there’s advantages to Arawak
Cay, as to how quickly the con-
tainers can be moved from Bay
Street, but in the long-term and
allowing for the 35-50-year
growth of the city, we feel the
south-west port is the superior
location. Everything is out of
the way there.” ;

The Tribune understands that
both Citibank and Fidelity have
submitted viable proposals on

‘how the south-west port could

be financed without requiring
any taxpayer dollars.

The NTDB chairman said he
was uncertain about the impact
the container traffic from an
Arawak Cay port would have
on traffic flows coming into
Nassau from the west, and
heading out towards Cable
Beach.

“T don’t know the impact
Baha Mar will have on traffic
moving in and out of the city.
Once you hit Fort Charlotte
now, traffic is at a standstill

between 4-Spm,” Mr Klonaris
said.

“So I know the traffic impact
from the Container Port will
have to be addressed. I’m sure
the Ministry of Works will be
looking at that.”

The Government appears to
be focusing on Arawak Cay as
its preferred site for the ship-
ping and container facilities that
will be relocated from down-
town Bay Street.

The Tribune revealed yester-
day how Hong Kong conglom-
erate, Hutchison Whampoa,
and majority owner of the
Freeport Container Port (FCP)
had become the third party to
express interest’ in financing
and constructing new com-
mercial shipping facilities or
Nassau at Arawak Cay, with
indications that such a port
would cost $175 million to con-
struct and be operational with-
in six months.

Dr Earl Deveaux, minister
of works and transport, con-
firmed to The Tribune: “We’ve
had expressions of interest
from three parties — the
Hutchison Whampoa group,
Mediterranean Shipping Com-
pany, and we also got an
expression of interest from
Tropical Shipping, represent-
ing the Nassau-based shippers.

“The indications are that
either of these three partici-

‘pants are prepared to build

and manage a container port,
and provide an opportunity for
private sector participation.”
Private sector participation,
Dr Deveaux explained, meant
that all three proposals would
“make available an opportu-
nity for shares to be bought by
the public in the company that
owns the [Arawak Cay] port”.
While the Government-has
received only a written pro-
posal from Tropical Shipping

to date, Dr Deveaux saying
that Hutchison Whampoa and
MSC were not expected to
submit theirs “for a few weeks
yet”, a major factor for the
Government in deciding upon
the port relocation will be that
it does not have to fund it with
any taxpayer dollars.

Dr Deveaux told The Tri-
bune: “The only decision we
have taken is that we would
like the shipping containers
removed from downtown by
the end of the year.

“We have seen Arawak Cay,

~ and had expressions of interest

from three parties that Arawak
Cay is a feasible alternative
over the next 10 years. They’re
prepared to fund it. All they’ve
asked of government is for an
opportunity to review the stud-
ies and for us to provide 50
acres of land on Gladstone |
Road to hold the containers.”

While construction work on
an Arawak Cay port would
take an estimated 18 months
to complete from start to fin-
ish, Dr Deveaux said all three
parties had indicated the facil-
ity could be operational within
six months of building work
beginning.

“They [the shipping compa-
nies] indicated they could be
open within six months, but
that total completion time
would be 18 months,” Dr
Deveaux said of construction.

“They’ve all told us they’d
like to see something for a
minimum of 10 years. It would
give them ample time for a
return on investment and to
look at long-term options —
remaining there or going else-
where. This is the best possible
short-run solution for all con-
cerned.

“They can have it done,
completed and operational in a
very short time.”

Chamber chief:
Review Weights
and Measures Act

found to be false, or not to correspond with the
standard scales, weights and measures established
under this Act, the same shall be forfeited, and
shall be taken possession of for the purpose of

FROM page 1B

shall have, and is hereby invested with, full pow-
er and authority, to call for, try, examine and test
the accuracy of all such weights and measures,
made use of in any such market, store, shop or
other place, or intended to be made use of there-
in, in buying or selling any article whatsoever.
“If any such scales, weights or measures are

d rates

condemnation under this Act.”

However, Mr Moss said there were questions as
to whether these inspections were actually being
done, and if businesses selling and pricing prod-
ucts based on measureable units, were are in fact
being regulated to protect other Bahamian com-
panies and the wider public.


PAGE 8B, TUESDAY, MARCH 4, 200€





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Saving Grace A reporter is found
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against her father. (CC) the murder of a 5-year-old.

(005, Comedy) John Travolta, Uma Thurman, Vince Vaughn. Chili Palmer
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THE TRIBUNE

let Charlie the - egy
Bahamian Puppet and ly
his sidekick Derek put uN

be

some smiles on your
kids’s faces.



| Bring your children to the
McHappy Hour at McDonald's in
Palmdale every Thursday

from 3:30pm to 4:30pm during the
month of March 2008.

Enjoy Great Food, Prizes and Lots of Fun.

i'm lovir’ it



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