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




0’ FISH

HIGH
LOW

Volume: 104 No.92

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WERENT RA

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construction
set to start
dR fetes

eas saan

bea omic - Pla whe Olony, sy, i
| bis: | E me VetYOne Wants to

Company says it believes
joint venture with Baha Mar
‘could prove harmful’

l By NEIL HARTNELL
Tribune Business Editor

HARRAH’S Entertainment
last night said it had terminated its

involvement in the $2.6 billion ©

Cable Beach redevelopment pro-
ject because it had lost confidence
in the ability of its joint venture
partnership with Baha Mar to com-
plete the project as initially envis-
aged. |

Hinting that the downward spi-

ral of the US and global economy:

had been a factor in its decision,
along with the lengthy negotiations
required to obtain a supplemental
Heads of Agreement, Harrah’s
said in a statement that it felt it

was “not prudent” to move for-

ward with the $2.6 billion project at
this time, and doing so could prove
“harmful”.

Explaining its reasons for a deci-
sion that seems likely to deal the
Bahamian economy, and its repu-

tation as a safe investment desti-
nation, a major blow, Harrah’s
said: “Unfortunately, it has taken
Baha Mar Development Company
longer to organise the project than
anticipated, and circumstances
have changed such that it is simply
not prudent to move forward.

“We do not have confidence
that the proposed joint venture
could successfully complete the
project as originally contemplat-
ed, and accordingly we believe it
could prove harmful for all to
move forward.”

The gaming industry giant
added: “We greatly appreciate the
efforts and co-operation of the
Bahamian government through-
-out this process. There is no ques-
tion that Prime Minister Ingraham
was committed to the project and
recognised its potential contribu-
tion to his nation's economy.”

SEE page 15

PLP: govt comments may have
caused Harrah's withdrawal

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

THE Government has only itself to blame if the $2.6 billion Cable
Beach Resorts project fails, charged the PLP in its response to the news
that Harrah’s has pulled out of the mega-resort development project with

Baha Mar.

“It appears that comments made by the government in the House of
Assembly may have caused Harrah’s Casino, a key partner in the devel-
opment, to withdraw from the project,” said the PLP in the statement
released yesterday. “Notwithstanding Baha Mar’s assertion that there is
no right to unilaterally withdraw from the project, the statement signalled
to us that the investment is in deep trouble largely as a result of negative
comments made in the House of Assembly by Prime Minister Hubert
Ingraham and his members of parliament.”

SEE page 15






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Tribune Staff Reporter
alowe@tribunemedia.net












THE Bahamas will host
Carifesta,2010 instead of
Trinidad and Tobago, Prime
Minister Hubert Ingraham
announced on Saturday.

This comes after Prime
Minister Ingraham - cur-
rently Caricom chairman -
put in a request to Trinidad
and Tobago’s head Patrick
Manning during the 19th
Intersessional Meeting of
Conference of Heads of
Government of the
Caribbean Community in
Nassau over the weekend.

Trinidad and Tobago will
take over as the host of the
event in 2012, in place of the
Bahamas.

The Bahamas was initially
signed on to host the event
for 2008. However, this deci-
sion was cancelled last July,
with the cultural festival
going to the Caricom state

SEE page 15

























Governor General is a

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WTO Mr IM cI O RISE ele




Felipé Major/T ribune staff :



GOVERNOR GENERAL Arthur Hanna takes
part in a hoopla game at the Red Cross fair
on Saturday. before presenting his prize to a
youngster there. The event took place at the .
grounds of Government House.

Brent Dean/Tribune staff

itt a

A POOL of blood settled in the gutter on Parliament St, after an
elderly woman was robbed and beaten over the head with a wrench
by robbers in broad daylight yesterday afternoon.

Elderly woman mugged and
beaten in broad daylight

@ By TRIBUNE REPORTERS

AN ELDERLY Bahamian woman was in stable condition in hospital
last night after being mugged in broad daylight in Bay Street.

A thug struck her over the head four times with a steel wrench
before fleeing with her bag containing $300 and credit cards.

She was left lying in the road, with blood from head wounds trickling
into the gutter.

Horrified tourists gathered round the woman, Ms Eleanor
Cartwright, as she lay groaning beside her white Suzuki Swift car.

SEE page 15

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Haitian president
‘is looking to
decentralisation

~ to slow down
Haitian migration’

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

PRESIDENT Rene Preval is
looking to decentralisation as a
step towards slowing Haitian
migration, according to Prime
Minister Jacques Edouard Alexis.

Meanwhile, new focus is being
brought to bear on developing
agriculture and tourism in Haiti
as vehicles to provide economic
hope in a country where the
unemployed are in the majority.

However, Haitians know that
change will not occur overnight - *
and the government is well aware
that they have an “image” prob-
lem to contend with, suggested
the prime minister. :

Speaking at a special press
breakfast at the Wyndham Crystal
Palace resort on Saturday, Mr
Edouard said: “It’s no secret...the
people will only remain home if
there is infrastructure put in place
by the state. This is why President
Preval is particularly interested in

-the question of decentralisation.”

Prime Minister Alexis was
appointed by, President Preval in
May, 2006, after serving as prime
minister under the first Préval
administration from March, 1999,
to February, 2001. He was in the
Bahamas on Friday and Saturday
to attend the 19th Caricom Inter-
sessional Meeting of the Confer-
ence of Heads of Government.

With greater decentralisation,
he stated, the government can
“gradually equip these regions so
that they will have the services in
place, schools, healthcare, com-
mercial industry...so that persons
won't have to leave home to get
these services or go to.a foreign
country.”

While this will not stop Haitians
going on the move - both within
Haiti and abroad - it will hope-
fully change their motives for
doing so, he suggested.

“We're trying to do it so that
they come for pleasure, so that
we can mutually help each other,
and so that it wouldn't be some-
thing that would cause problems,”
he said. :

He added that while the presi-
dent’s intentions may “take a lot
of time” to come to fruition the
government is committed to its
agenda.

Speaking via a translator, Mr
Alexis added that the government
is looking to get the agricultural
and tourism sectors off the ground
as a means to provide jobs for
Haitians and bring money into the
government’s coffers.

“The rate of unemployment in

SEE page 15

Qu@s
et NMOS T AY i







PAGE 2, MONDAY, MARCH 10, 2008

THE TRIBUNE





PRIME MINISTER Hubert Ingraham
tabled a letter from Sir Baltron
Bethel, the lead negotiator in the
deal for the Christie government, to
Sarkis Izmirlian, chief executive.
officer of Baha Mar, in the House of
Assembly last Wednesday

OPPOSITION RELEASES STATEMENT ON HARRAH’S DECISION TO PULL OUT OF BAHA MAR DEAL

PLP claims it warned govt over
‘one-sided use of documents’

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

THE PLP has criticised the
government for what the Oppo-
sition claims is its selective
release of correspondence
between the developer of the
Cable Beach Resorts and the
then government.

“At the time of the debate in
the House, the PLP warned the
government and the prime min-
ister that it. was not wise for him

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to have signed an agreement and
then make public statements
denigrating that agreement. That
warning was ignored,” said the
opposition in a press release yes-
terday commenting on Harrah’s
decision to pull out of their deal
with Baha Mar.

“We also warned the govern-
ment about the one-sided use of
confidential documents from a
government file about the pro-
ject, which would bring the pro-
ject and the developer into pub-
lic controversy. That warning

was also ignored,” added the
PLP

Prime Minister Hubert Ingra-
ham tabled a letter from Sir Bal-
tron Bethel, the lead negotiator
in the deal for the Christie gov-
ernment, to Sarkis Izmirlian,
chief executive officer of Baha
Mar, in the House of Assembly
last Wednesday.

In the letter, dated February
20, 2007, Sir Baltron said that
the then government had not
received satisfactory evidence
that Baha Mar had obtained

“adequate financing for the pro-
ject.”

Another letter from January
25, 2006, was tabled in the House
by Minister of Education Carl
Bethel on Thursday from Mr
Izmirlian to the government.

In the letter, the CEO of Baha
Mar said that the then govern-
ment had not kept all of its
promises. If the master plan for
the project, and the supplemen-
tal heads of agreement were not *
finalised, continued Mr Izmir-
lian, he would have to inform

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Harrah’s and Starwood that the
government of the Bahamas had
failed him.

On Friday, just before Baha
Mar announced Harrah’s with-
drawal from the deal, Opposi-
tion leader Perry Christie
responded to the government’s
decision to selectively release
these documents.

“My government tried to cre-
ate a good feeling factor in the

country where investors would

see that this is a place where gov-
ernment changes do not affect
the economy of the Bahamas.
The Ingraham government has
the obligation to ensure that that
is right,” said Mr Christie while

addressing the media at Shera-

ton Cable Beach Resort.

“We are not heading in the
right direction when you start
taking papers out of communi-
cations and files to the prime
minister and putting them in the
newspaper. You are embarrass-
ing investors. Because, you see,
in a democracy, my side will win
again. And if you suddenly posi-
tion investors to be anti one side,
then that permeates downwards,
and that is what we tried to
avoid. Confidentiality must be
protected at all times,” added
Mr Christie.

The selective release of docu-
ments, continued Mr Christie,
will lead investors to be con-
cerned about the privacy of what
they write and say to the gov-
ernment in the future.

Mr Ingraham is scheduled to
respond to the Harrah’s pull-out
today in the House.

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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 3



Cricket World Cup

© In brief

Second body
found in area
around South
Beach Pools

A SECOND body, also
believed to be that of a Haitian
male, was found in the area sur-
rounding the South Beach Pools
on Saturday afternoon.

The discovery was made at
3pm by authorities just a day
after the body of another man,
also believed to be Haitian, was
found in the same area washed
ashore near Holiday Drive,
close to the South Beach Pools.

Assistant Supt Walter Evans
told The Tribune that it’s
believed the first victim
drowned and was then washed
ashore. However, an autopsy
will have to determine the exact
cause of death, he said.

The second victim, who too
has not yet been identified by
police, was found dressed in
dark trousers and a red shirt. It
is believed that he also
drowned. An autopsy will have
to officially confirm his cause
of death also.

A Haitian sloop ran aground
off southern New Providence
last week. Authorities suspect
that both men may have been
passengers on the vessel.

Armed handits
strike over
weekend

A MAN returning home in
Yamacraw, and a Texaco Ser-
vice Station, were both robbed
at gunpoint by bandits over the
weekend in separate incidents.

Police report that shortly
before 11am on Saturday in
Yamacraw Estates, a man,
whose identity police have not
released, was approached by
three armed men as he arrived
home.

The robbers took an unspec-
ified amount of cash from the
victim, and sped off in a silver
Nissan Primera. The silver car
bel__ved to have been used in
the robbery was discovered

security measures to p Auto He A&

be extended to all
Caricom countries

Govt leaders put priority on crime agenda

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

EXTENDING security
arrangements put in place during
the Cricket World Cup to all

Caricom countries will be a major .

step in addressing the rising tide
of criminality regionally, govern-
ment leaders have agreed.

Trinidad and Tobago’s Prime’

Minister Patrick Manning made
this disclosure during the closing
press conference of the 19th Cari-
com Intersessional Conference of
Heads of Government meeting
in Nassau on Saturday.

Also present were Bahamas
Prime Minister and Caricom
chairman Hubert Ingraham,
Bruce Golding of Jamaica, Denzil
Douglas of St Kitts and Nevis,
along with Secretary General
Edward Carrington. \

Mr Manning, who is the Cari-
com head with lead responsibility
for crime and security, said: “We,
in fact, placed a very high priori-
ty on the crime and security agen-
da, and we considered that in fact
one of the greatest legacies arising
out of the Cricket World Cup
2007 (CWC) were the arrang-
ments put in place to secure the
region in that period.

“They were very comprehen-
sive arrangements, they worked
very well, and we have had a reaf-
firmation from all heads to now
consolidate our gains in that area
and extend these arrangements
to include all the other non-crick-
et countries,” he said.

In anticipation of the CWC,




soon afterwards’by police inthe Pre

Marigold Farmiarea.

The licence plates on ‘the
vehicle did not correspond and
it is thought that it was stolen
for use in the robbery.

The armed robbery of Texaco
West Bay Street occurred at
10am yesterday, when two

armed men entered the service

station.

They stole cash and phone
cards from the station before
making their getaway.

Police are investigating both
incidents.

Man shot in
the shoulder

ONE man was shot in the
shoulder after an employee of a
scrap metal company on
Arawak Cay opened fire on
men who were on the compa-
hy’s property, according to
police.

The incident took place yes-
terday at 8am shortly after the
employee arrived at work.
Three men who were on the
property attacked the employee
who, according to police, pro-
duced a gun and fired shots, hit-
ting one of the men in the
shoulder.

The victim was taken to
Princess Margaret Hospital
where his condition was
unknown up to press time yes-
terday.

Two other men were taken
into custody by officers from
the Arawak Cay Police Station
for questioning shortly after the
incident.

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.

ro



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Patrick Manning.

nine Caricom countries passed
numerous pieces of legislation
and established, among other new
developments, a regional intelli-
gence mechanism. This “mecha-
nism” gathered and analysed
intelligence which was then
shared among the cricket coun-
tries.

Mr Manning also revealed that
heads of government have sched-
uled a special meeting on crime
next month in Trinidad.

“The mere fact that heads of
government have agreed to meet
in Port of Spain to discuss this
agenda is an indication of the sig-
nificance placed on securing the
region and making it as crime-
free as possible,” he said.

Leaders were also presented
with a regional intelligence report
during the two-day meeting.
However, Mr Manning did not
elaborate on the contents of this
presentation.

He did go on to describe a
major new initiative already

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underway in the east Caribbean
to stem the flow of drugs into the
region that he hopes will be
expanded across the entire region.

Barbados and Trinidad and
Tobago, in conjunction with oth-
er nations who have assets in the
region, are “pooling their

resources” to institute air patrols /

and put in place a radar system to
detect drug traffickers entering
their borders. “It’s a major inter-
vention in crime prevention,” he
said.

Caricom chairman Mr Ingra-
ham stated in his opening address
to the Caricom heads that, despite
the efforts of national, regional
and international agencies, thus

far “the illicit drug trade con- °

tributes to the expansion of a gun
culture in our region with awful
social and economic conse-
quences.”

According to Mr Manning, the
two countries would eventually
like to see the entire Caribbean
fall under the radar’s watch. The
initiative has been realised thanks
to two new treaties negotiated
between the countries involved.

“One is a Maritime and Air-
space Co-operation Treaty. That
will allow one country to patrol
the airspace of another country,
and the other is a Common Cari-
com Arrest Warrant Treaty,
which would dllow any persons
arrested in one country required
in another country to be trans-
ferred to that country without
having to go through a long and
tortuous extradition,” he

explained.
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PAGE 4, MONDAY, MARCH 10, 2008

THE TRIBUNE

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Our laws need updating

IN DEBATING crime in the House of
Assembly on February 13, Prime Minister
Hubert Ingraham acknowledged that there

_ were “too many Colonial laws on our
books.” As a result, he said, government
was going to have “real law reform.”

He invited the community for its support
and contributions, noting that the
Bahamas is among “the most backward in
the Caribbean when it comes to law
reform.”

A brutal case in 2006 involving a child
rapist graphically illustrates how urgently
our laws need updating to adequately pun-
ish today’s criminals.

The case in question involved a six-year-
old girl against whom a bestial crime was
committed by a 32-year-old man who had
lusted for her small body after he had seen
her dance.

Considered a friend of the child’s fami-
ly he was allowed to take her shopping.
However, he betrayed the family trust
when, instead of taking her to the shop,
he took her in the vicinity of the BEC plant
at Big Pond, raped her viciously, beat her in
her face with his fists, and left her for dead
in an abandoned car. ‘Fhe small girl,

“drenched in blood, her body’'painfully torn,
struggled from the car. A security guard
saw her. Frightened to touch her because of
her physical condition, he called the police
who in turn called an ambulance. In hos-
pital doctors fought for her life. Today she
is withdrawn. Still in therapy, a family
member says that she will never be the
same. She certainly will never be able to
bear a child.

The judge, appalled by the enormity of
the crime, handed down the maximum sen-
tence — seven years in prison. Obviously
the judge felt that the sentence was too
mild for the severity of the crime, so 10
strokes of the cat-o-nine tail was added —

five as the rapist entered jail and five on his _

way out. The judge wanted him to at least
feel enough pain that he might think twice
before again lusting for a small child’s body.
In fact a man who could inflict such cruel-
ty on such a small innocent and then have
the nerve to complain, through his lawyer,
that a few strokes with “the cat” was
“excessive and barbaric” punishment

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should remain behind bars for life. Obvi-
ously, he does not appraise the enormity
of his sin.

Nor did he consider the barbarity of his
own act and the pain he was inflicting on
this child when he decided to use her to sat-
isfy his own animal passions. Society should
have laws on the books to keep such a
depraved creature off the streets for the
remainder of his life.

A strong message has to.be sent to those
of like mind. But the law is not there to
stop this type of criminal.

The man appealed his punishment and
won. Not because Court of Appeal judges
felt that he deserved a'reprieve, but
because the law about the application of
“the cat” was on his side.

Instead of increasing the flogging —
which is what he deserved — they were
forced to conclude that under the consti-
tution he could not be flogged at all. As
Court of Appeal President Joan Sawyer
pointed out, although this case should
receive severe punishment, “such punish-

ment must be in accordance with the law.”

In view of the Appeal Court’s finding,

Director of Public Prosecutions Bernard’:
“Turner withdrew his cross-appeal which

was to have the sentence increased. He
said that the Appeal Court’s judgment
highlighted deficiencies in legislation that
needed to be addressed.

The Appeal Court pointed out that prior
to the 1973 Constitution, no provision in
the Penal Code allowed flogging for sexu-
al offences or rape.

As a result the court found that the cur-
rent law that approves corporal punish-
ment for sex offenders was in conflict with
the constitution. This should be immedi-
ately remedied by legislation.

About the same time as the case of the
child, a lawyer complained that eight lash-
es for his client, who had not only com-
mitted burglary and caused harm, but
attempted to rape an 83-year-old woman
was “excessive” punishment.

Some of this so-called “excessive” pun-
ishment should be firmly established so
that these defiant young hoodlums, who
respect no one, can get’a taste of their own
excessive behaviour.



Liberalised.
trade and the
fear factor

EDITOR, The Tribune.

I READ with interest Mr
Moss’s views with regards to the
governments decision to sign onto
the Economic Partnership Agree-
ment and concluded that he is fol-
lowing the mind-set of an
informed individual who argued a
point by presenting partial infor-
mation mixed with emotive words
like “weak” and “economic
death” to instil and reinforce a
level of fear against the issue of
trade liberalisation.

To understand why today the
Bahamas finds itself being bom-
barded with so many trade agree-
ments it is important to note that
this process started some 65 years
ago after the second world war
and is only culminating today
with countries signing onto the
various trade organisations that
have lobbied for these agree-
ments.

At the start of this process, the
world was faced with the dilemma
of a global recession as a result of
the war and many years of coun-
tries forming barriers to trade so
as to protect domestic invest-
ments.

As a result economic think
tanks came up with the concept
that in order for the world
economies to stabilise and remain
on a path of growth and expan-
sion it was important for coun-
tries to liberalise their economies
by allowing unrestricted, parallel
importation of each country’s
goods and services.

By doing this, all countries par-
ticipating in this new liberal trade
will benefit.

How? Bahamian and Euro-
pean countries participating in a
more liberal trading practice
(trade with no tariff and border
restrictions) are clear: both coun-
tries will benefit through access of
goods not produced locally; more
competitive pricing and increased
employment for both the import-
ing and exporting country.

These benefits materialise in
the long run because as there will
be some economic structural
adjustments.

It is also important to note that
both countries will continue to
enjoy a comparative advantage






LETTERS

letters@tribunemedia.net

in their area of expertise and in
the case of the Bahamas it will
be in the service sector.

What concerns most sceptics,
especially politicians, is the issue
of employment.

They are afraid that the jobs
lost as a result of some domestic
businesses not being able to com-
pete with foreign goods will result
in political fall-out and social
unrest.

This is as true today as it was

when the concept of trade liber- .

alisation was first introduced.
The Bahamas is not alone

-when it comes to this fear; one

only needs to go back to the mid-
80’s during the Reagan adminis-
tration when Nancy Reagan took
a sledge hammer to a Japanese
made boom box as a declaration
to the world that their cheap
imports were hurting that nation’s
economy and way of life.
Fast-forward to 2008 and we
now see that such fears were mis-
guided as all one needs to do is
walk into Wal-Mart, Target and

_ all the other big chain stores in

the US that are thriving busi-
nesses selling mostly imports from
countries like China and other
Asian tigers.

The Bahamas has had to deal
with issues relating to a changing

economy as a result of changes.

in trade in the past; take the
sponging industry as an example.
During the time of sponging The
Bahamas experienced a tremen-
dous boom in its economy.
Exports to European and North
American countries were high
and this afforded Bahamians to
enjoy a higher standard of living.
However disease and, more
importantly, the introduction of a
synthetic sponge caused the
Bahamas to give up its quest to
sustain economic development
through sponging, but the
Bahamas was able to adjust and
realign its economic model to
embrace tourism as the engine
that drove its well-being.

Between these two shifts, how-
ever, there was unemployment
and persons changed their skills
from a commodity based way of
life to service based.

The results of this shift are self
evident today: straw venders can
send their kids through college
to become more than what their
parents could ever dream of
becoming; hotel maids can quali-

_ fy for mortgage loans and pool

boys can take home upwards of
$60,000 a year!

So, Mr Moss, while there will
be some fractional and structural
employment issues as a result of
more liberalised trade, those who
are affected will have to reinvent
their skills through training and
integrate these skills into what
will become a new Bahamian
economy.

This is why a national training
programme is so important.

It will allow persons seeking
new employment skills to be
trained in relevant areas so as to
take advantage of employment
shifts and entrepreneurial oppor-
tunities.

However, Mr Moss’s view that
by keeping tariffs and other bar-
riers to trade the Bahamian gov-
ernment is protecting the devel-
opment (and by extension,
employment) of the economy is
poor medicine for an economy
that has been inefficiently man-
aged for decades using this mod-
el.

An individual just needs to
note-and accept that employment
is fluid and shifts in labour will
result in persons moving from a
job that became redundant to one
that is in more.demand due to

_ Structural changes in the economy,

and usually at a higher pay grade,
Once this is achieved one ‘can
diminish a lot of fears about this
issue and begin programmes to
prepare The Bahamas to embrace

' these changes which, frankly, will

be coming no matter what your
views are on the issue.

ERIC STRACHAN
Nassau,
March, 2008.

Esfakis inquest article: a clarification

EDITOR, The Tribune.

Please allow me space to make
the following clarification of your
article re the Esfakis Inquest,
published on the front page of
the A section, 6th March, 2008.

Your lead line states that the
"results of the inquest into the
death of Christopher Esfakis is a
sign that the judicial system is
functioning well, according to one
member of the family."

Much as I would have been
pleased to be able to make this

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generalization, such is not the
case. One swallow does not make
a spring, and one dolphin does
not make a pod of dolphins.

There is information available
which would indicate that the
judicial system is in need of
urgent remedial and pro-active
"attention" — beyond commit-
tees and recommendations.
Attention that is, that results in
actual remedies and improve-
ments.

What I said, as reported in the
third paragraph, of that Tribune

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article, is that “the inquest con-
firms that the judicial system —
can work.”

The emphasis is on the words
“can work.”

Whether generally, it can be
said to "function well", is a matter
of some discussion.

LEANDRA ESFAKIS

Leandra Esfakis Chambers,
16 Market Street,

Nassau.

March 6, 2008.





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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 5



Man ora
escapes death
after car hits
pole and bursts
into flames

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



A MAN aged 21 narrowly
escaped death Friday night in
Grand Bahama when his car
crashed into and destroyed a
utility pole before bursting
into flames near the ZNS
Northern Service offices.

Kendrick Stubbs, of Mather
Town, Grand Bahama, was
driving along the Mall at
around 8.35pm when he lost
control of the white 2002
Chevy Malibu he was driving.

He went off the road and
skidded on to the grass medi-
an while attempting to nego-
tiate a winding curve, before
going through the utility pole.

The car he was driving, reg-
istered to Lakeshia Bevans,
was damaged beyond repair
in the accident. ,

Mr Stubbs was able to exit
the car shortly before it burst
into flames.

Firefighters were called in
to extinguish the blaze, and
Mr Stubbs was taken to Rand
Memorial Hospital where he
was later discharged after suf-
fering only minor injuries in
the crash.

The near fatal accident

came just one day after
Ronald Souffrant, 41, was
killed when he was crushed
between a garbage anda
flatbed truck.

He was the island’s second
traffic fatality for the year.

Grand Bahama recorded its
first traffic fatality of the year
last week when Jermaine Bat-
son, 27, crashed into a utility
pole at Deadman’s Reef.

ONE-DAY SESSION IN JULY TO FEATURE KEY INDUSTRY

CARICOM to focus on tourism

CARICOM will devote a full
day during its regular meeting of
Heads of Government in July to
focus on tourism, and has agreed
for the first time to make tourism
a standard item on all Caricom
agendas in view of its importance
to economies of the region.

This was revealed on Saturday
by Bahamas Prime Minister
Hubert Ingraham, who is also
chairman of Caricom.

His statement came during the
final press conference of last
week’s 19th Caricom Inter-Ses-
sional Meeting held March 7-8 at
the Sheraton Cable Beach Resort,
Nassau.

Caricom Secretary General Dr
Edwin Carrington, St Kitts and
Nevis Prime Minister Dr Denzil
Douglas, Jamaica Prime Minis-
ter Bruce Golding and Trinidad
and Tobago Prime Minister
Patrick Manning also took part
in the press conference.

Mr Ingraham said: “We agreed
that we are going to have a spe-



cial one-
day ses-
sion on
tourism
at the
confer-
ence in
Antigua
in July.
Tourism
is very
important to the Caribbean
region and to The Bahamas and
our economy, and we are going to
seek to bring focus to that issue.”

During his address at the open-
ing ceremony of the 19th Inter-
Sessional, the Caricom chairman
expressed hope that a special ses-
sion on tourism would be con-
vened in July.

In that address, he pointed to
the need to improve regional col-
laboration and co-operation in
areas such as product develop-
ment, service standards, market-
ing, eco-tourism and sustainable
tourism promotion and develop-

Hubert Ingraham

ment. “We are going to focus on
the aviation and transportation
of tourism, the marketing, brand-
ing of the tourism structure and
we are going to seek to create a
sustainable economic commission
on tourism. We are [also] going to
appoint a task force to produce a
report for us prior to the meeting
in July.”

During last week’s meetings,
government leaders agreed to
accept the invitation’ of United
States House Ways and Means
chairman, Congressman Charles
Rangel, to hold a meeting in New
York in June. That meeting will
be held under the theme: “New
York Conference on the
Caribbean Community: 2020
Vision Continued.”

Caricom heads previously met
with Congressman Rangel in
June, 2007. ,

Mr Ingraham said heads expect
to meet with the Mayor and Govy-
ernor of New York and with busi-
ness leaders to discuss trade and

_ Date for signing on to economic partnership

agreement Pa back from April to June

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

THE scheduled date for Cari-
com countries to sign on to the

Economic Partnership Agree-,

ment with the European Union
has been pushed back from
April to June.

This was revealed on Satur-
day by Jamaican Prime Minister
Bruce Golding, who said the
extra time will “allow each
country to go through text to
satisfy themselves that their

| commitments there are in

accordance with what they have
mandated and what they have
indicated a willingess to accept.”

It will also provide further
opportunity for countries who
wish to have a discussion on the

_EPA in their pactigmaent before

they sign on.

“T have instructed my own
foreign minister to have the text
made available to parliament
so that if a discussion in parlia-
ment is sought it can be enter-

Paauea

Gina ea,

Non-Iron, stain res
er emer ae a

ined said Mr Golding, who
was speaking at the final press
conference following the 19th

‘Intersessional Conference of

Heads of Government meeting,
held in Nassau over the week-
end.

The EPA is a trade agree-
ment between the EU and the
78 African, Caribbean and
Pacific countries, including 15
Caricom countries. It will
require ACP countries to open
up their markets over a 15 to
25-year period to EU countries
if they want to keep the duty-
free access they currently enjoy
in those European nations.

Mr Golding noted one coun-
try with a unique problem when
it comes to preparing to sign on
to the EPA is Haiti.

According to the prime min-
ister, Caricom is “still seeking to
have the text translated” so that
Haitian officials can read it.

“There’s 400 pages of text,

and 600 pages of annexes,” he
said.

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investment, culture, education
and other issues of interest and
concern to the region.

Caricom leaders addressed a
number of other pertinent issues
during the final Inter-Sessional
press conference, including
progress in the fight against
Chronic Non-Communicable Dis-
eases (CNCDs), matters related
to the Caricom Single Market and
Economy (CSME) and develop-
ments in the formation of a
regional approach to crime.

Secretary General Carrington
touched on developments in one
of Caricom’s principal objectives
- functional co-operation - and
announced the role Mr Ingraham
will play therein.

“An important decision was
taken by our heads at the meeting
in Barbados in July, 2007, to
establish a task force on func-
tional co-operation, which is a
mode of operation that incorpo-
rates activities covering how we
co-operate in economic and social



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affairs, foreign policy and securi-
ty objectives. [It is] a form of co-
operation which we say leads to a
community for all,” Dr Carring-
ton noted.

To pursue that work, a task
force was established as well as a
sub-committee. The task force,
he said, has done its first report
and reported to the Inter-Ses-
sional meeting.

“The sub-committee is now
being put into place,” Dr Car-

rington informed. “The sub-com-
mittee on functional co-operation
is to be headed by the Rt Hon
Prime Minister of The Bahamas,
and members will include Barba-
dos, Dominica, Grenada, St Kitts
and Nevis, Suriname and a rep-
resentative of the associate mem-
bers of Caricom.”

The Secretary General
explained that the sub-commit-
tee allows those Caricom coun-
tries that do not participate in
CSME to play a critical role in
the Community.





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PAGE 6, MONDAY, MARCH 10, 2008

THE TRIBUNE



The background of the Cable





Oy MARCH 5, Prime
Minister Hubert Ingra-

ham moved a resolution in the,

House of Assembly to authorise
the Treasurer to transfer certain
lands and buildings on West Bay
Street to Baha Mar Resorts Lim-
ited to allow the company to start
the Cable Beach development,
which is a joint venture between
Baha Mar Resorts and Harrah’s
Entertainment. Harrah’s is a 43
per cent partner in the Joint Ven-
ture.

Government entered into the
agreement with Baha Mar in
2005.

“The properties involved
relates to a portion of West Bay
Street, a portion of the Cable
Beach median, the Sir Cecil Wal-
lace Whitfield Centre, the Cable
Beach Police and Fire Station

PW evi RO arieCyiey
Manager Needed

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Applicant must have retail
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If interested, please submit
your application to
P.O. Box N 3009
Nassau Bahamas
or fax to 326-0570
or application may also be
hand delivered to
GR Sweeting’s Head Office.








and a portion of Road Corridor 7
North, Hobby Horse Hall prop-
erties situated on the southern
side of Bay Street,” Mr Ingra-
ham told the House. On Febru-
ary 18 he tabled a communica-
tion outlining the terms of the
Supplementary Agreement
between the Government of The
Bahamas and Baha Mar.

In 2005, he said, the Christie
government agreed to sell Baha
Mar the Radisson Hotel and the
golf course, the Crystal Palace
Hotel and Casino, the Nassau
Beach Hotel and adjoining prop-
erties, the Sir Cecil Wallace
Whitfield building, the property
that the British American Bank is
situated on, the straw market and
the Hobby Horse Hall and all of
the southern side of West Bay
Street.

“They also agreed that certain
lands owned by the Water and
Sewerage Corporation totalling
some 99 acres or thereabouts
would also be included in that
package of sale.

“That agreement was in pur-
suance of a commitment by Baha
Mar that they would undertake a
development of the order of $1
billion in the first instance. The
government granted to Baha Mar
some very generous concessions
and agreed to make cash pay-
ments in respect of certain infra-
structure that Baha Mar was
going to require,” said Mr Ingra-
ham.

“Under the terms of that
agreement in 2005, Baha Mar
undertook to provide the gov-
ernment within 18 months of that
agreement (that is, by October
2006) satisfactory evidence of the
following, because the transfer
of some of the properties, includ-
ing the Cecil Wallace Whitfield
building, the median and Water
and Sewerage Corporation land
were conditioned upon Baha Mar
fulfilling certain things in
advance:

“e Baha Mar was required
to put in from its own resources
$400 million.

“e Baha Mar was required
to provide the government with
evidence that it had financing for
its. $1 billion project

“e@ Baha Mar was required .

to obtain a commitment from a

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Vacancies are onen to Bahamians only.

world-class hotel and casino
operator that they would be
involved in the project

° Baha Mar was required
to prepare and deliver to the gov-
ernment detailed plans and spec-
ifications of the project and a
starting date

“Baha Mar did not satisfy
those conditions by October
2006.

Instead, Baha Mar came to the
government in early 2007 and
said it wants to double its pro-
ject and move from $1 billion to
$2.6 billion. Not having carried
out its commitments under the
$1 billion project, the govern-
ment then entertained discussions
with Baha Mar about this
expanded $2.6 billion project.

“These projects were
announced to the Bahamian peo-
ple with great fanfare. The tele-
vision news on ZNS was pre-
empted and Ministers happily

’ gathered around the Cabinet

table and hailed and proclaimed
that Baha Mar is coming,” Mr
Ingraham continued.

“Not having come with the
first $1 billion, and not satisfying
the government as to why, the
government once again-pre-
empted the news to announce
that the project is now going to
be $2.6 billion, and that Baha
Mar is on the way.”

Mr Ingraham said that the
Christie’ government was negoti-
ating with Baha Mar up to April
-30 — two days before the elec-
tion.

“The reality is that it is ques-
tionable as to why the govern-
ment of The Bahamas, after hav-
ing entered into the first gener-
ous deal with Baha Mar, would
entertain them coming back to
say they are going to double the
investment without first of all sat-
isfying itself as to why they didn't
do the first deal,” said Mr Ingra-
ham.

“After Baha Mar had failed
to honour the deal, it came back
and said it wanted additional
casino tax concessions to the tune
of an additional $82 million.
Additionally it asked for special
casino tax concessions over a
three year period amoualuing to
$32.9 million.

“It asked the government to
spend in an additional eight years
of cooperative marketing $96 mil-
lion to the Bahamian taxpayers.
It also asked for an increase in
the relaunch of the cooperative
marketing from $20 million to
$40 million.

“Baha Mar wanted the gov-
ernment's commitment for infra-
structure for. building the new





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road to increase from $45 million
to $50 million (another $4.7 mil-
lion) and another $20 million for
a Sky Tunnel at Skyline Drive.

“In total, Baha Mar came
back and asked the government
for $255.6 million in cash in order
for them to carry out its $2.6 bil-
lion project,” Mr Ingraham told
the House.

“The PLP government itself
was very concerned about Baha
Mar's financial capability to
undertake this project. Notwith-
standing all the public pontifica-
tion and pronouncements, inter-
nally the government was very
concerned,” Mr Ingraham told
the House.

Mr Ingraham tabled a letter
dated February 20, 2007 from the
Ministry of Financial Services
and Investments, signed by Sir
Baltron Bethel that stated that
“the government has not received
satisfactory evidence that Baha
Mar has obtained adequate
financing for the Project. To date
no commitment for financing has
been obtained...”

Mr Ingraham said that when
his government came to Office it
was “faced with the circumstance
that the previous government was
unable to come to terms with
Baha Mar on an amended agree-
ment and that the previous gov-
ernment was not satisfied that
Baha Mar had the funding avail-
able to it to undertake the project
notwithstanding all the public
announcements about the pro-
ject.”

Mr Ingraham said that his gov-
ernment communicated its con-
cerns to Baha Mar “about their
ability to finance the project, and
they provided us with a number
of additional bits and pieces of
information. They and their
bankers met with me. They had
the Vice President of Harrah's
come to The Bahamas to see me.



“Notwithstanding all that, I .

was not satisfied that Baha Mar
had the money to do the project.
And today I am still not satisfied
that Baha Mar has the money to
undertake the project. But I am
satisfied that if Harrah's carries
out what it says it will do, they
have the means to undertake the

project — but they have no legal-.

ly binding commitment to The

Bahamas..All of their agreemenits

are with Baha Mar.” ©; >».

“The, government in pursuing

this project has acted, I believe,
in a way that they felt was in the
best interest of The Bahamas and
in so doing, they did some things
that were ordinarily not doable,”
said Mr-Ingraham.

“For instance, when the Colo-
nial government of The Bahamas

_ transferred the Cable Beach golf

‘course, a condition was put in the
conveyance that the property was

‘to be used for a golf course and

no other purpose whatsoever,
forever.

“Notwithstanding that, the
Bahamas government sold the
golf course to Baha Mar on
which they can build buildings
and other developments.

“We have undertaken to
spend huge sums of money. In
fact, one of the items that almost
killed the deal was Baha Mar's
insistence that the deal they had



.

Special ofjthe Week

Prime Minister’s statement on Baha Mar



with the government required the
government to spend up to $69
million of Bahamian public mon-
ey to put in the infrastructure for
the new Bay Street and other
infrastructure before they built
a hotel.

“And they sent us a payment
schedule that we were supposed
to meet for $69 million.

“And so you will note that one
of the changes in the Supple-
mental Agreement is that what-
ever the government agreed to
pay for this infrastructure will be
paid by The Bahamas govern-
ment when Baha Mar would
have taken a hotel of 1,000 rooms
100 feet off the ground.

“There is high expectation by
the Bahamian public and by
members here about the Baha
Mar project and it is our hope
that it would come about. But I
do not want to oversell hope. We
will do all we can to facilitate it,
but I do not want to oversell it.

“At the moment there are still
a few issues that stand in the-way
apart from money.

“Tt seems that the goal post
by Baha Mar continues to move.
Before we came to office it was
clear that they and the previous
government had agreed that the
property that is the subject of this
resolution could be transferred
without having to come to the
House of Assembly and that this
could be done under some law
in The Bahamas.

“We said we would not wish
to do this without coming to the
House of Assembly and passing a
resolution.

“Now that we have said that
and are doing this, one of the
issues is when we are going to
pass the resolution, because the
resolution is critical for Harrah's
to finalise their deal. But before
May 2, they did not need this.
Now, the two issues they claim
are outstanding are:

“e The passage of a reso-
lution by this House and Senate

“e Coming to terms with
the owners of Breezes over the
location of his sewerage facility
on a part of the land.

“So when we would have fin-
ished this exercise, from the gov-
ernment's point of-view, there-*
would: be ‘no outstanding isstie'!'
for Baha. Mar or anyone ane toil

: pin their hat on. of) eecyy cra on

“The. passage by the Parla:
ment of this resolution does not
mean we are transferring the
land. All it means is that Parlia-
ment is authorising us to do so.

“The land will only be trans-
ferred if and when Baha Mar
honours the deal. And if the deal
is not honoured by March 2009,
then there will be no deal.

“We expect that the bench-
marks which: have been agreed
will be honoured.

“The first benchmark is March
18 that is not going to be met and
I would doubt that the bench-
mark for next month is going to
be met.

“But I am not unduly con-
cerned about the individual
monthly benchmarks. I am con- |
cerned about the cumulative total
— March 2009. When we arrive
at that point it is either a deal or
it is not a deal.”

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LOCAL NEWS

Baha Mar Chief Operating
Officer’s 2006 letter to then
Prime Minister Perry Christie

Oy: January 25, 2006
Sarkis Izmirlian,

Chief Operating Officer of
Baha Mar Resorts Limited,
wrote Prime Minister Perry
Christie, pointing out that he
had delivered on all promises
made to government, but the
Bahamas Government had
failed to deliver on its com-
mitments.

He said that unless the
Christie government approved
the revised Master Plan and
finalised the Supplemental
Heads of Agreement in the
February timeframe he would
' have to inform Harrah’s and
Starwood that, despite his
“best efforts these past three

odd years the Government of -

The Commonwealth of the
Bahamas has failed me.”

He also said that unless the
Christie Government deliv-
ered on “the much advertised
partnership between the Gov-
ernment and Baha Mar, I am
seriously considering whether
investing billions of dollars in
this country is the right deci-
sion.”

Following is the full context
of the Izmilian letter.

January 25, 2006

The Rt. Hon. Perry Christie,

Prime Minister of the Com-
monwealth of the Bahamas,

Cecil. Wallace Whitfield
Building,

Nassau, NP, Bahamas:

Dear Mr. Prime Minister:

I write to you in the after-
math of the January 19th
-meeting held between my

negotiating team and Dr Bal. ,

tron Bethel. Following that
meeting, I was informed that
no progress has been made
gaining government approval
of the revised Master Plan
(similar in form, save minor
variations, to the Master Plan

affixed to the original Heads .

of Agreement signed April 6,
2005), nor of moving forward
the First Supplement to the
Heads of Agreement that was
submitted well over a month
ago.

Mr Prime Minister, since
the beginning of my involve-
ment with the Baha Mar pro-
ject, I have delivered on each
and every pledge I have made
to you:

I assured you that there
would be no layoff at the
properties. Indeed that I
would immediately improve
staff morale and opportuni-
ties, and I have delivered.

I pledged to you that I
would make significant
improvements to the hotels

on Cable Beach, and I have .

already delivered.

Perhaps most important, I
pledged to you that I would.
bring world class partners to
this project, and I proceeded
to deliver Harrah’s and Star-
wood respectively, the biggest
gaming company in the world,
and the largest hotel company
in the world.

You put your faith in me, a
fact I will always recognise
and appreciate, but in return I
more than honoured my com-
mitments to you.

Now, however, we have
reached a crossroads.

When you and I met in
December on your return
from Malta, I updated you on
our negotiations with our
prospective partners and told
you — as clearly as possible
— the assurances the partners
needed from the Government
as a condition for them to sign
the joint venture agreement.
Requests for these assurances
by the partners were, and are,
fair and straightforward.
Specifically, the partners need
confirmation that the Gov-
ernment has accepted, subject
to approval by the relevant
Government agencies:

A. The resort buildings may
be built to the general height,
bulk and configuration shown
in drawings presented to the
Government.

B. Prospect Ridge Road
(Skyline Drive) may be closed
as clearly shown on the Mas-
ter Plan that was made part
of the Heads of Agreement

signed on April 6, 2005.

C. Necessary “back of the
house” activities may be locat-
ed in the vicinity shown in the
Master plan and

D. The First Supplement to
the Heads of Agreement.

You had given me your
personal assurance that you
would ensure that the Gov-
ernment would move to expe-
ditiously accomplish the above
by the New Year.

Yet this did not happen. In
a sign of good faith, I reluc-
tantly gave up my plan for a
marina at Cable Beach, in
order to facilitate the govern-
ment review process.

Then on December 29th, a
meeting was held under the
auspices of Minister Smith
where it became apparent that
the Government was not dis-
posed to treat the partners’
request with the urgency and
seriousness they deserve. And
just last week I learned that
the Ministry of Works may
likely recommend that the

- roads are not closed. In short,
no progress has been
achieved.

In addition, the partners
and we are very concerned
about the mysterious process
surrounding the clean-up of
the oil spill. Despite under-
standing the need for our con-
struction work to begin in late
Spring of 2006, the Hotel
Corporation refuses to tell us
with appropriate candor when
and how it will remediate the
site in a timely manner. Equal-
ly disturbing is Dr. Bethel’s
recent request for “informa-
tion” on our specific plans for
building on the five-plus

_ affected acres implying that
Hotel Corporation of the
Bahamas (HCB) is thinking

‘ of ways to delay or limit the

clean-up in some way. Let me
stress here that nothing less
than a timely and complete
remediation of international
standards will satisfy the part-
ners and the financing com-
munity. HCB knows this and
had committed -to solve this
problem, but here leadership
and accountability is urgent-

ly required to turn this com-’

mitment into action.

I wish to'be very clear, and
very frank. Unless your Gov-
ernment delivers on the much
advertised partnership
between the Government and
Baha Mar, I am seriously con-
sidering whether investing bil-
lions of dollars in this coun-
try is the right decision. What
is imperative now is your per-
sonal commitment and imme-
diate movement to implement
the necessary actions to effec-
tuate the Government approv-
ing the revised Master Plan
and finalizing the Supplemen-
tal Heads (as well as address-
ing effectively the oil spill
remediation issue). This is par-
ticularly critical as the part-
ners, ably represented by
informed local counsel, are
well aware that the Govern-

iTunes

Cannas U a
z % et

3

ment has not approved the

revised Master Plan, nor has
negotiated a revised supple-
mental Heads. Indeed, in
order to meet firm board com-
mitments of the partners,
these matters must be
finalised no later than the first
week of February.

If we cannot achieve the
early February timeframe for
accomplishing the above, I will
have to inform Harrah’s and
Starwood that, despite my
best efforts these past three
odd years, the Government of

Bahamas has failed me. I cer-
tainly do not want to be
known as the developer (and
I’m certain you don’t want to
be known as the Prime Minis-
ter) that lost Caesars and Star-
wood. Today, more than ever
before, I need your unam-
biguous support, Mr Prime
Minister.

Sincerely,
Sarkis Izmirlian

With the completion of the new 4 lane Corridor 7 and realignment of West Bay Street
traffic flow will improve and a number of over capacity junctions will be relieved.

Future Road Layaut



THE DIAGRAM pictured above and the tables printed top
right and right were taken from a Baha Mar presentation.

CABLE BEACH
Mon.-Fri. 8am-6pm
SYR esy TT

1a Rey

(Old City Market Bldg.)

PRINCE CHARLES
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Sat. 8:30-6pm

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BEC substation within praject area and of decommissiani
Roh RTL oa elites eile te 1)

Â¥ Baha Nae eect

lies eins tat oe)
connector : ee :

MRS ANNIE B. RALSTON

Sunrise: October 16th, 1939
Sunset: March 9th, ‘2001

“A life of Service, Humility and Love”
Dear Lord,

If roses grow in Heaven
Dlease pick a bunch for me.
Place them in my Mothers arms
and tell her they're from me.
Tell her I love her and miss her,
and when she turns to smile,
Dlace a kiss upon her cheek
and hold her for a while.
Because remembering her is easy,

* Ido it everyday,
But there is an ache within my heart
That will never go away.

Mom, your precious memories are my keepsake,
with which I'll never part,
The peace God grants me? That he has you
in his keeping and I have you in my heart.

Love Always, Kyla

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PAGE 8, MONDAY, MARCH 10, 2008 THE TRIBUNE



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THE TRIBUNE MONDAY, MARCH 10, 2008, PAGE 9

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Caribbean Political Union? Dreaming again

i By SIR RONALD SANDERS

(The writer is a business
executive and former
Caribbean diplomat)

ONCE again the elusive dream
of a political union between some
Caribbean countries is being pur-
sued but no one should hold their
breath in the expectation that it
will become a reality anytime
soon.

Ralph Gonsalves, the Prime
Minister of St Vincent and the
Grenadines, announced on March
Ist that three countries of the
Caribbean Community and Com-
mon Market (CARICOM) are
seeking to establish a political
union and that a study would be
undertaken to explore its feasibil-
ity.

The three countries, according
to Gonsalves, are Trinidad and
Tobago, St Vincent and the
Grenadines, and Grenada. There

_was also mention of St Lucia by

Trinidad and Tobago’s Prime

Minister, Patrick Manning.
From the outset, I should

declare that I favour a political

union of all CARICOM States. ,

Both my academic study and my
practical life as a Caribbean diplo-
mat and in business have con-
vinced me that if Caribbean coun-
tries are to progress with any real
measure of autonomy in a glob-
alised economy, they will have to
do so together.

In this connection, I welcome
any attempt to explore a political
union between any number of
Caribbean countries.

Having said that, I am deeply
conscious that, in the years since
independence, the notion of one
Caribbean people has been erod-
ed by the strong assertion of
nationalism even in the smallest of
the Caribbean countries. -

Many politicians on all sides
of the political divide have pro-
moted nationalism at the expense
of regionalism and so imbued in
their people the idea that they can
prosper on their own. In turn, this
has fostered rivalry and resent-
ment between Caribbean peoples.

The real facts of how much
official development assistance
individual states receive from
donor countries and agencies; the
critical part that remittances from
their nationals resident overseas
play in keeping their economies
afloat; the dependence on foreign
investment for economic devel-
opment; the crucial role. of joint
negotiations with other CARI-
COM countries in the trade rela-
tions with other.nations; and the

contribution’ aif sete CARIFOM





WORLD VIEW

nationals resident in local
economies are all downplayed if
they are announced at all.

So, the illusion that small
Caribbean states are able to sur-
vive and prosper on their own is
maintained. And, this illusion fos-
ters the idea that the nation state
must become a fortress for keep-
ing out all but the most necessary
outsiders and for protecting locals
from competition at all levels of
social and economic activity.

The idea that any group of goy-
ernments could simply decide that
a political union is desirable and,
thus, proceed to implement it, is
one that is bound to perish.

For, a start, the opposition par-
ties within each of the countries
would pounce on it as a political
gift, and they would exploit it for
everything it is worth. They would
use as the basis for such exploita-
tion, the very nationalist sentiment
that has been politically fostered
so misguidedly over the years.

In any event, the people will
want to understand the nature of
the political union that would be
proposed. Would it be a unitary
state or a Federation? How much
power would be given to the gov-
ernment of the union, and how
much would be delegated to local
authorities and in what areas?

Other questions arise. The
most important question concerns
the economic union that is being
actively considered by the coun-
tries of the Organisation of East-
ern Caribbean States (OECS) of
which Grenada and St Vincent
and the Grenadines are members.

If these two OECS member
states enter a political union with
Trinidad and Tobago what will
happen with their membership of
the OECS Economic Union? In
any scenario whether unitary state
or federation, it has to be assumed
that they could not pursue partic-
ipation in the OECS Economic
Union separate from Trinidad and
Tobago.

One assumes that neither St
Vincent and the Grenadines nor
Grenada will remain in the East-
ern Caribbean Central Bank or
in the single currency, the East-

‘ern Caribbean dollar, opting

instead for the Trinidad and Toba-

“go dollar with all the implications

for an effective devaluation of
their currency. It is highly unlike-

dy. that. Trinidad and. Tobago...

-woild choose to join t the Eastern

‘CRUISE
LINE



‘a political union. *





THE TOIBENE!

I







Caribbean dollar
area and revalue
its currency
upwards. The
implications for
the cost of exports by the Trinidad
and Tobago business community
would be horrendous.

There is also the matter of the
Eastern Caribbean Court which
serves all the OECS member
states. In a unitary state or a fed-
eration, it would be impractical to
have two sets of Courts.

Then we come to Petro Caribe,
the agreement with Venezuela
that both Grenada and St.Vincent
and the Grenadines have entered
into, at the expense of purchasing
their oil needs from Trinidad and
Tobago. Will the Petro Caribe
agreement be renounced, and will
the people of Grenada and St Vin-
cent and the Grenadines buy oil
and gas from Trinidad companies
and pay the same price for oil and
gas as the people of Trinidad and
Tobago?

These are all intriguing ques-
tions and they point to the reality
that the establishment of a politi-
cal union between Trinidad and
Tobago and two or three coun-
tries of the OECS is not a simple
task; indeed it is plagued with
major problems.

A much easier option for a
political union exists within the
OECS itself. They already have
the foundation for such a union. It
is rooted in their common curren-
cy, their common central bank,
their common judicial services,
and in the Eastern Caribbean
Common Market which they are
talking about advancing to an
Economic Union. Why this isn’t
being pursued first puzzles me.

Against this background, it is
difficult to see how a political
union between any group of
Caribbean countries — even the
much more ready OECS — will
be acceptable to Caribbean people
without a massive programme of
education that does two things:
reorients the thinking of national-
ist smugness that. has been so
effectively promoted, and illus-
trates the tangible benefits of such

\

@ SIR Ronald Sanders

Surely, such education should
be.a first step.

. Responses to: '
rOnaldsafiders29@nSthiail sh
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THE TRIBUNE

SET TT ee,

MUNDAY, MARCH 10, 2008, PAGE 14

BAHAMAS ELECTRICITY CORPORATION

PO. BOX N-7509
TELEPHONE: 302-1000



BAHAMAS ELECTRICITY CORPORATION

_ TENDER FOR THE PROVISION OF GENERAL INSURANCES
ALL RISKS (BUILDINGS & CONTENTS, PLANT, MACHINERY
& EQUIPMENT INCLUDING SUB-STATION SITES

TENDER NO. 654/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general i insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour
Marked: Tender No. 654/08
“GENERAL INSURANCES BUILDINGS, PLANT & MACHINERY”
The Corporation reserves the right to accept or reject any or all tenders.
SEE EN
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL IN SURANCES

PUBLIC & EMPLOYER’S LIABILITY, PERSONAL ACCIDENT |

AND PRIVATE CAR & COMMERCIAL VEHICLE

TENDER NO. 655/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour |
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
_ Fax No. 323-6852

Tenders are to be haiid-deliversd on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
‘Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 655/08
‘SGENERAL INSURANCES — PUBLIC & EMPLOYER’S AND VEHICLES”
The Corporation reserves the right to accept or reject any or all tenders.
EC SO ag PY IS Rd
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
MONEY & FIDELITY

TENDER NO. 656/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
_ general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs, Delmeta Seymour
Marked: Tender No. 656/08
“GENERAL INSURANCES - MONEY & FIDELITY”

The Corporation reserves the right to accept or reject any or all tenders.



BAHAMAS ELECTRICITY CORPORATION

" ‘TENDER FOR THE PROVISION OF GENERAL INSURANCES
MARINE INSURANCE

TENDER NO. 659/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158

_ Fax No, 323-6852.

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

. The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 659/08
“GENERAL INSURANCES — MARINE INSURANCE

The Corporation reserves the right to accept or reject any or all tenders.
BAHAMAS ELECTRICITY CORPORATION

“TENDER FOR THE PROVISION OF GENERAL INSURANCES
_ PROFESSIONAL INDEMNITY (DIRECTORS & OFFICERS) -

TENDER NO. 657/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration
Office, Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered‘on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 657/08
“PROFESSIONAL INDEMNITY DIRECTORS & OFFICERS”

The Corporation reserves the right to accept or reject any or all tenders.

IE A
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
ELECTRONIC EQUIPMENT& MOBILE RADIOS

TENDER NO. 658/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect padienes from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs, Delmeta Seymour

Marked: Tender No. 658/08
“GENERAL INSURANCES ELECTRONIC EQUIPMENT & MOBILE RADIOS

The Corporation reserves the right to accept or reject any or all tenders.



PAGE 12, MONDAY, MARCH 10, 2008

The ENM government should waste no time in signing and YouNG MAN’s VIEW
ratifying the United Nations Convention Against Corruption

le

LOCAL NEWS



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]

WEBSITE: Www. PRICERITEFURNITURE. COM

ee

PROFILE:

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

e Proficiency in Advanced Excel, Word, PowerPoint, Access,
Outlook and Internet Explorer

e Ability to work quickly and accurately and cope with
large volumes of work

e Strong interpersonal skills and communication skills

° Facilitation and meeting skills

RESPONSIBILITIES WILL INCLUDE:

e Assists the HR Manager

e Assists with HR duties and research projects

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

© Disseminates internal information to personnel as required

e Composes letters, memos and reports

e 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 Unleee to qualifications and

experience.



@ By ADRIAN GIBSON
ajbahama@hotmail.com

HE Bahamas is

a cash-driven,

materialistic

society in which

certain politicians are corrupt,

vain kleptomaniacs who fancy

themselves to be among an
unaccountable elite.

Corruption is a mainstay of

-Bahamian politics as more

than a handful of politicians
steal money or solicit bribes to
maintain lavish lifestyles
and/or dole out contracts to
reward cronies and seek
patronage.

Locally, there’s no doubt
that several past and current
(elected) politicians have used
their position in government
to shaft the public/investors
and amass cash and valuables
that are stockpiled in bulging
secret bank accounts/safes.

Here, corruption among
politicians and public officials
vary and is inclusive of
bribery, embezzlement, graft,
nepotism, patronage, extor-
tion, cronyism, kickbacks and
bid-rigging.

According to Wikipedia,
the on-line encyclopedia:
“Corruption poses a serious
development challenge. In the
political realm, it undermines
democracy and good gover-
nance by flouting or even sub-
verting formal processes. Cor-
ruption in elections and in leg-
islative bodies reduces
accountability and distorts
representation in policymak-
ing; corruption in the judicia-
ry compromises the rule of
law; and corruption in public
administration results in the
unfair provision of services.
More generally, corruption
erodes the institutional capac-



“Over
the years,
shameful
scandals have
erupted
during
governmental
terms of both
major political
parties.”



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ADRIAN



THE TRIBUNE







Ge SON

OMISE TO DEEPEN DEMOCRACY: PM Hubert Ingraham

Sir Lynden Pindling

ity of government as proce-
dures are disregarded,
resources are siphoned off,
and public offices are bought
and sold. At the same time,
corruption undermines the
legitimacy of government and
such democratic values as
trust and tolerance.”

Several obnoxious Bahami-
an politicians seem to have a

’ tremendous sense of entitle-

ment, often conducting them-
selves like spoilt brats and
appearing to be nothing more
than a motley crew of incom-
petent “tiefin” wannabe dic-
tators who couldn’t spell
transparency even if it was
typed in bold font—size 72!

Although I’m not suggest-
ing that all politicians are
shysters, to use the words of
former US Secretary of State
Henry Kissinger, “corrupt
politicians make the other ten
per cent look bad.”

Improprieties

Unquestionably, certain
elected and high-ranking offi-
cials should face charges as it
relates to their dishonesty.
The improprieties of our pre-
vious governments have
tainted certain politicians and
revealed that they are noth-
ing more than political pirates.
It appears that some Bahami-
an politicians don’t have the
slightest understanding of the
word “honourable” that pre-
cedes their names.

Corruption can have omi-
nous, far-reaching effects
upon a society, such as pover-
ty, economic collapse, under-
development, abuse of the
public’s purse, the loss of life,
unemployment and even
result in a country being
blacklisted. Corruption under-
mines democracy and retards
economic development.

Because of the blatantly
corrupt practices of a number
of politicians in the 1980s, the
Bahamas was infamously
branded as a “nation for sale”
and “paradise lost.” It is
imperative that the public agi-
tate for the enactment of leg-
islation that ensures trans-
parency, answerability and
checks and balances, which
are all features of a principled
government. A prior Com-
mission of Inquiry indicted
several politicians and queried
the shady activities of others,
even leading to a few shame-
ful resignations. Former Prime
Minister Sir Lynden Pindling’s
claim to have received $16,000
— in US $100 bills — from
his poor Androsian con-
stituents will never be accept-
ed by discerning Bahamians
and, in my opinion, bore the
stench of corruption.

Over the years, shameful
scandals have erupted during



lan AY eae

governmental terms of both
major political parties.

‘Isn’t it almost mind-bog-
gling how certain first-time
Bahamian politicians erter
parliament with a declaration
of only $30,000 but five years
later declare a million? How
many former ministers sitting
in parliament actually hold a
job outside of being: an MP,
and why not?::;

The Chamber ‘of Coil.
merce recently complained»
that many businesses in the.
private sector were exposed.
to the heavy handedness of:
shady government officials, as. 3
some public servants have to’
be tipped in order for them:
to hasten applications andi
remove bureaucratic red tape.;
Because we live in a tip (mon-)
ey) culture, where some pub-
lic servants have an insatiable
drive for materialism, there is®
an increased cost for doing’
business inthe Bahamas! |

It is widely known that!
crooked government officials;:
attempt to blackmail or;
threaten to use the state’s;,
force against businesses and |
citizens who don’t accede to;
their wishes.

The Bahamas has a large.
public sector which, due to its’
size, is ripe for corruption.
Many government-owned cor-;
porations are hotbeds teem-;
ing with political cronies. Of,
late, empowered politicians;
have also been accused of;
manipulating the inner work-)
ings of law enforcement agen-|
cies — from the police to cus-¢
toms. The dreadful effect of}
corruption has, in the past,
also blighted our judicial,
process. Across the globe, iti
can be seen that corrupt judi-;
ciaries facilitate corruption inj
government.

According to Transparency, ‘
International, a global civil’
society organisation that fights,
fervently against corruption: §

“Opportunities for pur4
chasing influence in govern-"
ment are not confined to the:
electoral process. Lobbyists’
who stand between the public.
and private sectors are in a
ideal position to broker cor
rupt transactions. Where cor-~)
ruption comes into play is)
when an interest group or cor-;
poration gains privileged:
access or undue influence of
policy-makers.”

Bribes

Indeed, there are special
interests lobbyists in the
at who.
receives the bulk of all major:
contracts and those who influ}
ence government policy! 4

Every election season, the,
most barefaced forms of polit-'

SEE page 13



2
%

u

4





:THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 13



intent on raping the taxpayer

FROM page 12

ical corruption take place.
Bahamians are well aware of
the propositions of politicians,
who offer bribes for votes dur-
ing a general election cam-
‘paign, whether that means

_purchasing food, clothing or |

' appliances, paying utility bills,
‘raising public funds to create
'temporary jobs, doling out
‘contracts for campaign
: favours, or unashamedly giv-
‘ing away money.

Principles

Professionally and private-
ily, parliamentarians should
|always conduct themselves
rethically. Bahamians are
[sentative their elected repre-

I
}
t
t

sentatives to serve them with
"integrity, rather than selfishly
(pursuing power and self-
/enrichment. The FNM gov-
‘ernment came to power pro-
‘moting a trust agenda and
| proposing seven principles of
public life — selflessness,
integrity, objectivity, account-
-ability, openness, honesty and
sleadership. If the present gov-
ernment’s proposed principles
fare genuine, they should
‘immediately fulfil their ¢am-
-paign pledge of establishing,
‘publishing and enforcing
tcodes of conduct that holds
tall MPs/ministers accountable!
| To prevent corruption dur-
‘ing elections, there is a need
‘for campaign finance reform.
‘We must not stand by and
| watch as political parties fall
Fate the pockets of wealthy
tdonors. When it comes to
campaign financing, we
should cap expenditures by
putting ceilings on donations
and carefully scrutinise the
institutions and/or individuals
contributing to the coffers of
these parties. Disclosure
requirements to heighten
transparency and ensure that
the public is made aware of
how much money was donat-
éd:to a political party or can-
didate, by whom, when and









é

for what purpose! Countries
such as France have banned
corporate funding of political
parties and also put limita-
tions on the amount of cash a
candidate can spent which, if
exceeded, can result in a can-
didacy being nullified and
sanctions placed on a candi-
date for future elections.
Frankly, I am still waiting
for both the FNM and PLP to
disclose who financed their

campaigns! The lack of free-
dom of information legisla-
tion makes the Bahamas a
haven for megalomaniacal
politicians’ intent on raping
taxpayers.

Presently, there are no
safeguards against corruption
and neither are there any
mechanisms in place to 'pro-
tect whistleblowers. At a mass
rally on November 21, 2006,
PM Ingraham told a crowd

We ask that the following persons please contact:
Ms. Nedra Carey, Mr. Caudray Pratt and Ms.
Evelynda Smith Ph: 323-4488 at your earliest

convenience.

Rosetta Booth

Cornelius Burrows
Jason Griffin
Lawson Sweeting
David Smith ©
Rodger Steal
Vinslo Billups
‘Gregory Taylor
Michell Simmons
Mervin Musgrove

Melita Barr

Stanley Albury



Bahamas Bus & Truck Co., Ltd.
Montrose Avenue
Phone:322-1722 ° Fax: 326-7452

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§

that he found it “very reveal-_

ing” that the Bahamas had
not signed or ratified the Unit-
ed .Nations Convention
Against Corruption, which
was entered into force in

December, 2005. Mr Ingra-
ham promised to deepen
democracy and further bol-
ster the Bahamas’ democratic
institutions. Now that the

FNM is in power, it is hoped °

that they will move with haste
in signing and ratifying this
important convention and, in
turn, make provisions of the
convention law in the
Bahamas.

VACANCY NOTICE

PROJECT ENGINEER

TECHNICAL SERVICES DEPARTMENT AND OTHER GBPC DEPARTMENTS

The Grand Bahama Power Company, Limited invites qualified Mechanical Engineers to apply

for a position as Project Engineer.

This position is that of a support staff who manages and participates in the planning of

special projects when required and provides technical assistance and engineering support for

the Technical Services Department and other GBPC departments.

The duties of this position include, but are not limited to providing technical assistance and

engineering support for the project group; planning projects, establishing projects, action
plans and budget; coordinating project execution, directing skilled crews, specifying and

purchasing equipment and preparing engineering and cost reports.

Applicants must have a Bachelor of Science Degree in Mechanical Engineering, a minimum

of ten (10) years experience with at least five (5) years as a Senior Engineer or Project

Manager, skilled in Mechanical Engineering. The individual must have a good understanding

of electrical systems and must possess good leadership skills and a reputation as an honest

and ethical employee.

a

The applicant must also have good organizational skills, a sound understanding of computers

and their application and good verbal and writing skills.

Applications with supporting documentation including a clean Police certificate and proof of

Bahamian citizenship should be sent to:

THE DIRECTOR OF HUMAN RESOURCES
GRAND BAHAMA POWER COMPANY, LIMITED
P.O. Box F-40888
Freeport, Grand Bahama Island, Bahamas

Email: hrdept@gb-power.com
Fax: (242) 351-8008

DEADLINE FOR RECEIPT OF APPLICATIONS IS:

“MARCH 19", 2008 «

®

GRAND BAHAMA POWER COMPANY



BEC wishes to advise the public that on
25th March, 2008, it will begin surveying its
wayleaves which enclose transmission lines from
Tucker Road to Bethel Avenue.

All derelict vehicles, existing encroachments, fences, walls,
structures and other equipment should be removed from
the wayleaves within the next 21 days. Failure to do so will
result in immediate removal of any and all equipment and
structures from the following locations:

¢ All that property being BEC wayleave going south

from Tucker Road
¢ Crossing Celery, Old Cedar and Graham Roads
West on Derby Road
¢ Crossing Yellow Elder, Maize and Brown Roads
* Ending at Bethel Avenue

(TELERT A hg

(ITED aA A

ee

a CPRER ROA



















PAGE 14, MONDAY, MARCH 10, 2008



THE SCHOOL OF BUSINESS

at
The College of The Bahamas

in conjunction with
The Ministry of Finance will host a TOWN MEETING

Topic: The Economic Partnership Agreement between the
European Union and Cariforum

Presenters:

Hon. Zhivargo Laing,
MP, Minister of State in the Ministry of Finance;
John Delaney, Chairman, Trade Commission;
Philip Simon, Executive Director, Chamber of Commerce.

Moderator: Olivia Saunders, Associate Professor
Date: Wednesday, March 12 at 6:30 p.m.

VENUE:
Choices Restaurant, Culinary and Hospitality
Management Institute

For more information,
please call the School of Business at 302-4421

PRESIDENT’S SCHOLARS
WOR Xk te Ro A SA MOR

The College of The Bahamas is accepting applications

for The President’s Scholars Programme.

CRITERIA

A minimum cumulative
grade point average of 3.50
SAT scores of 1800

Must be a high school senior
Must be a Bahamian citizen.
Must pass at least 7 Core
BGCSE Subjects (with 5 A
GRADES) by the end of
this year’s sitting.

BENEFITS
Full payment of tuition
and general fees
Annual book allowance
Retreats
Study lounge complete
with computer, printing
and faxing privileges
Leadership workshops
and conferences
Domestic & International travel
President’s Scholars award at Commencement



Application deadline Mar 31, 2008
Applications online at www.cob.cdu.bs
Fax 302-4329 Tele 302-4589
Office of Student Leadership Room A 85



INTERNATIONAL
LANGUAGES
AND CULTURES
INSTITUTE




COMMUNICATION: A KEY TO GLOBAL UNDERSTANDING

AT THE COLLEGE OF THE BAHAMAS

IS PRESENTLY OFFERING THE DELE EXAMINATIONS:

(DIPLOMA DE ESPANOL COMO LENGUA EXTRANJERA)

REGISTRATION : MARCH 3 TO APRIL 11
THE EXAMINATION WILL TAKE PLACE ON MAY 23

BEGINNING ON MARCH 31°,
TUESDAYS & THURSDAYS, 12 TO 1:30
SURVIVAL MANDARIN FOR THE OLYMPICS
TAUGHT BY PROFESSOR XU FROM NANUJING, CHINA



FOR MORE INFORMATION, PLEASE CALL:
302-4584 OR 302-4587
OR E-MAIL US AT: ilci@cob.edu.bs





THE TRIBUNE





Visit our website at www.cob.edu.bs EDUCATING & TRAINING BAHAMIANS

STAFF VACANCY

The College of The Bahamas is a publicly-funded institution delivering education toward associate degrees
and baccalaureate degrees, as well as various certificates and diplomas to approximately 5,000 students. The
College employs 213 regular faculty, about 70 part-time faculty as well as 385 staff. It is the 16 largest
employer in The Bahamas. The College has an operating budget of $47M in 2007/08. The College is preparing
its transition to full university status and is planning for major construction. It will also be launching a major
capital campaign. The College of The Bahamas is seeking qualified candidates for the position of Vice-
President, Finance & Administration and Chief Financial Officer.

Vice- President, Finance & Administration and Chief Financial Officer

POSITION PROFILE

The Vice-President, Finance and Administration and Chief Financial Officer is a seasoned administrator with
superior strategic and leadership skills. He/she will be a results-oriented leader of high integrity who inspires
respect in others, demonstrates outstanding strategic and leadership skills and shares The College’s commitment
to students, to faculty and to service to the nation.

He/she will be a skilled and experienced problem-solver, a strategic thinker who leads in a transparent, decisive,
collaborative and transparent manner. The Vice-President, Finance and Administration and Chief Financial
Officer reports directly to the President and oversees the financial affairs, the human resources functions and

‘the physical assets and planning of The College. He/she is supported by a qualified team of experienced

managers and supports the mission and implements the strategic plan of The College. He/she has direct
oversight of functions that have an impact on the more than 500 employees and nearly 5,000 students of The
College.

The Vice President, Finance & Administration and Chief Financial Officer directs the College community in
all matters relating to:

operating and capital budgets and planning;

financial and treasurer accounting records and core systems;
internal and external auditing;

human resources management,

ancillary services;

facilities and construction services;

campus master planning and design;

space management planning and allocation;

campus safety and security.

The Vice-President, Finance and Administration and Chief Financial Officer ensures that all The College’s
financial operations are administered in accordance with government requirements, institutional policies and
best practices in financial management in ‘not-for-profit’ institutions and in accordance with GAAP (Generally
Accepted Accounting Principles). The Vice-President, Finance and Administration and Chief Financial Officer
is a member of key College governance and administrative committees. The Vice-President, Finance and
Administration and Chief Financial Officer supervises the Assistant Vice-President, Human Resources, The
Comptroller, the Estates Administrator and a number of other key administrators. The Vice-President, Finance
and Administration and Chief Financial Officer will contribute to the successful growth of The College into
The University of The Bahamas taking on such challenges as the creation of a University trust/foundation
for receipting major gifts, the development of a new pension plan, the negotiation of land transfers from
government and acquisition of new property, major development projects and the negotiation of new insurance
policies. .

‘Duties and Responsibilities:

Leadership and Management of Policies, Systems, Administration and Reporting

° Directs the development of financial policies and standards that provide support for the
academic and research mission of The College of The Bahamas. ~ :
° Ensures that the financial systems throughout the College meet the highest standards for

providing financial information in a manner that allows strategic financial analysis and
decision making about the best use of the College’s financial resources.

o Directs the preparation and delivery of financial reporting to the President, to Council as
well as to government and other agencies. :

° Provides financial oversight and administration services to the College’s campuses and
research and field stations. .

° Oversees the monitoring of the financial well-being of The College of The Bahamas.

° Directs development, recommendation and implementation of the annual capital program
and budget.

° Supervises planning and monitoring of annual departmental operating budget.

° Directs development of the annual work plan for maintenance and renovation of facilities
and budgets for the same.

° Provides leadership and direction for the College safety and security programs and policies.

° Directs Human Resource policy, procedure, systems and programs including industrial

relations for the College.

External and Internal Liaison and Adviser

° Advises the Council and the President on all aspects of financial management including
long range economic trends, consequences of financial compliance and regulatory changes,
and internal resource management.

° Coordinates with all involved constituent groups all capital needs and resources, and

recommends principles and priorities for the capital activities, including the development
of the College’s Master Plan.

° Reviews and reports on The College’s fund-raising activities and investments and oversees
the provision of detailed stewardship reports to donors.

° Acts as The College’s senior financial representative with external professional financial
groups.

° In collaboration with the Associate Vice-President, External Affairs represents The College

with external groups including government agencies, the business community, as well as
with the media legislators, local communities, the media, alumni and donors.

° Directs the external negotiation of the College government subvention.
Special Initiatives
° Plan for the creation of The University of the Bahamas Pension Plan.
° Ensure appropriate instruments for gift accounting and donor stewardship.
° Prepare for quality assurance reviews in all areas of finance and administration in a
university setting.
° Implement an internal audit programme.
Qualifications:

The successful candidate will have:

Master’s in Business Administration, Accounting or Finance or equivalent;

15 years experience in financial management in increasingly demanding positions;

A CPA designation or its equivalent;

Demonstrated excellent leadership and strategic skills;

Proven ability to identify and implement process and systems improvements, and large-
scale control and management initiatives;

Experience in higher education is an asset, though candidates with strong profiles at a senior level in other
fields will be considered.

To ensure consideration, application materials must be received by March 31, 2008.

A complete application packet consists of :

° A Cover Letter

College of The Bahamas’ Application Form

A detailed curriculum vita .

Copies of all transcripts (original transcripts are required upon employment)
The names and contact information for three references

Please send information to:

The Director

Human Resources

The College of The Bahamas
Oakes Field Campus
Thompson Boulevard & Poincianna Drive
P. O. Box N-4912
Nassau, Bahamas
or

Email: hrapply@cob.edu.bs

Please visit the College’s website at www.cob.edu.bs for more information about the institution and to
access the College’s Employment Application Form.





THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 15






Bahamas to

host Carifesta

FROM page one

of Guyana instead. Guyana, :
which sits on the north east :
coast of South America, host- :
ed the Cricket World Cup in :
2007 and has well-established, :

large-scale staging sites.

Speaking to the Caribbean
press at the Sheraton Cable :
Beach resort on Saturday, :
Prime Minister Manning said :
his decision to agree to Mr :
Ingraham’s request was :
inspired by “the spirit of :
Caribbean brotherhood” in :
conjunction with the fact that, :
while the Bahamas has never :
hosted Carifesta, his country :
has done so three times since :
1992 - with the 2010 event set :

to make it four.

The announcement could :
be a step towards mending the -:
relationship between the :
FNM government and the :
Bahamian cultural communi- :
ty which some suggested had :
been damaged in the wake of :
the decision being made that }
the Bahamas would no longer :
host Carifesta 2008. It was the :
former PLP government :
which had accepted the :
responsibility for doing so in :

2006.

The cultural community :
condemned the move to take :
the 2008 festival out of the :
Bahamas, saying it reflected :
badly on the FNM’s touted :
commitment to cultural pro- :
motion and investment and :
showed a lack of respect for ;

their community.

Author Patricia Glinton }
Meicholas stated that the deci- :
sion called into question the :
FNM’s “Trust Agenda” in :
general and disregarded the :
efforts that the cultural com- :
munity had made to be ready :

for the 2008 date.

The opposition also lashed :
out in the wake of the :
announcement by blaming :
Prime minister Hubert Ingra- :
ham for “embarrassing” the :
country by allegedly taking :
the decision to tell Caricom :
that we were not “ready” for :
the 2008 date when this was :

“untrue.”

However, on the govern- :
ment’s part; Mr Ingraham and. :.:
culture minister Charles May- : :
nard stressed that the event :
is a Caricom-sponsored one, :
and as such the decision to :
take it from the Bahamas in :
2008 was a Caricom decision :

not an FNM decision.

When the issue flared up in :
July of last year, Mr Maynard :
said it was based on the deter- :
mination by Caricom that not -:
enough preparations had been :
done by the former PLP gov- :
ernment before they left pow- :

er to prepare the country for : ‘ > I
: from its colonial masters, in 1804 - has excellent potential as a tourism des-

tination, claimed the prime minister.

hosting the major event.

He noted that there had :
been no activity in terms of : : : rie :
readying the Fort Charlotte : members of the diaspora coming to renew ties with family members, there
or Arawak Cay locations pri- :
or to the PLP demitting office,
despite the fact these locations :
were anticipated to be the key :

staging sites.

FROM page one

Leaving the door open to future
involvement in the Bahamian
tourism and gaming industry, Har-
rah’s said: “We are open to the
possibility of a project some time in
the future. However, at this point
we have terminated uur involve-
ment in the Baha Mar project.”

Harrah’s abrupt change in direc-
tion comes just over one month
after its vice-chairman, Charles
Attwood, approved the terms of
Baha Mar’s supplemental Heads of
Agreement with the Government
in his capacity as director, senior
vice-president and treasurer of
Caesars Bahamas Investment Cor-
poration.

That company is the wholly-
owned, Bahamas domiciled Har-
rah’s subsidiary that would have
acted as the holding vehicle for the
company’s 43 per cent stake in the
joint venture firm with Baha Mar

FROM page one

Paramedics who arrived min-
utes later used towels to stem the
flow of blood from Ms
Cartwright’s head.

The attack happened around
mid-day just inside Parliament
Street, across the road from the
House of Assembly.

A mugger leapt from a car,

struck her over the head with the.

wrench, grabbed her bag and then
fled in the car along East Bay
Street.

Outraged Bahamians gathered
at the scene, with one woman
declaring: “What is our country
coming to? Our children don’t
know the difference between
right and wrong. This is another
very sad day for Nassau.”

A local man said: “Had I been
able to get at him (the thief), I
would have killed him right here,
I swear I would.”

Another said it was obvious the
attack was planned because the
car fled along East Bay rather
than risk a snarl-up at the traffic
lights on Shirley Street.

The attack came only a féw
weeks after a teenage student was
shot dead in Bay Street by gun-
men apparently aiming at some-
one else.

The boy died in hospital after
being struck in the chest by one of
four bullets fired.from a passing
car.

Yesterday’s incident adds
another sad chapter to Nassau’s
worsening crime situation, espe-
cially as the victim was a defence-
less, frail old woman.

The Tribune’s managing edi-
tor, John Marquis, was on. the.

»scene. within. minutes ofthe
attack.

He said: “To see this old lady

_ lying in the road, with paramedics
desperately trying to stem the
flow of blood from her head, was

FROM page one

LOCAL NEWS

Harrah’s

Joint Venture Holdings, the part-
nership company.

Why a multi-billion dollar com-
pany such as Harrah’s should
reverse course so quickly on an
investment decision taken just over
a month ago, and in which it is
understood to have been commit-
ting some $250 million in equity
capital, may be mystifying to some.

However, the key may lie in a
little-noticed change in Harrah’s
ownership that was concluded just
two days before the supplemental
Heads of Agreement signing on
January 29, 2008.

Private equity giants Apollo

Capital Management and Texas ©

Pacific Group Capital completed
their $29.7 billion takeover of Har-
rah’s, taking the company private.
Their deal saw the private equity
firms assume $12.4 billion worth
of Harrah’s debt, meaning that the

sickening.

“Anyone who thinks Nassau’s
crime is confined to druggies and
men fighting over women needed

to see this drama unraveling right .

in downtown Nassau in broad
daylight while tourists were
milling round the Rawson Square
area.

“Unless these wild men are
rounded up, and unless the legal
profession can be made to deal
with these people responsibly
when they come to court, then
the Bahamas is en route to disas-
ter.”

Mr Marquis watched as Ms
Cartwright was lifted into an
ambulance. She was still con-
scious, but moaning in pain after
the emergency crew had battled
to patch her wounds. She had
managed to mutter a few details
about herself to police before
being taken, from the scene to
Doctors Hospital.

“Local people who watched
this unfold were shocked that this
kind of thing can happen at
lunchtime right in the middle of
town in view of tourists,” said the
editor.

“Nassau’s crime is not just
about drug gangs and domestic
spats - it is hitting innocent people
in their homes and in the streets.
The politicians need to wise up
to that.” :

Up to press time, police con-
firmed that no suspects were in
custody in relation to this attack.

Authorities, however, are ask-
ing the. public with information
about the. incident to contact
either the Central Police Station
or Police Control room at 911 or
919.

Haitian president

Haiti is something that is incredible,” he said. “The specialists say that for
the active population it’s between 50 to 60 per cent. Therefore it’s nec-
essary that we mobilise the country on this question of employment.”
The government is set to increase subsidies to farmers in an agricultural
sector that has until now been “abandoned.”
Meanwhile, Haiti - the first Caribbean country to achieve independence

While most visitors to the country at the present time are returning

does exist a small international tourist presence in Labadi, Haiti, where

Royal Caribbean cruise ships dock.

“Every week, there are between 3,000 to 6,000 (American tourists),”
he said. The government is “working on the idea that if we could just get
a tenth of these tourists” to explore elsewhere this would make a signif-
icant contribution to the economy, he said.

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company’s shareholders received
$90 per share or a net $17.3 bil-
lion.

Apollo and Texas Pacific are
also likely to have factored the
potential US and global recession
into their decision-making, and the
protracted negotiations Baha Mar
endured under both the Christie
and Ingraham administrations will

not have escaped their attention. -

Indeed, the supplemental Heads
of Agreement for the Cable Beach
project was supposed to have been
concluded with the PLP govern-
ment by March 1, 2007, allowing
Baha Mar time to conclude the
Harrah’s joint venture by the mid-
dle of that month.

Yet both the government’s
agreement and the joint venture
deadline were missed, and it was
almost another 11 months before
terms were agreed with the Ingra-
ham administration.

Major investors, especially pri-
vate equity firms, do not like
uncertainty and keeping large
chunks of equity capital in cold
storage, waiting for an investment
opportunity that may not materi-
alise, when it could be earning a

return elsewhere.

Another interesting feature was
the contrast between the respec-
tive statements issued by Baha
Mar and Harrah’s explaining the
reasons for terminating the joint
venture agreement. On Friday,
Baha Mar said Harrah’s stated as
its reasons for terminating the pro-
ject comments made two days pre-
viously in the House of Assembly
by Prime Minister Hubert Ingra-
ham, and disputed its partner’s
ability to terminate their relation-
ship by itself.

However, Harrah’s did nothing
but lavish praise on Mr Ingraham
in its statement, instead appearing
to cast blame on the global econo-

* my and Baha Mar’s ability to fulfil

its side of the bargain with no ref-
erence to the Prime Minister’s
comments. It also blamed the
Heads of Agreement talks for tak-
ing too long, something some may
interpret as a reference to the
Christie government’s failure to
conclude the supplemental agree-
ment before the May 2 general
election — when it had the chance
todo so.

In his House of Assembly com-



ments, the prime minister had
openly expressed scepticism about
whether Baha Mar had the $400
million in equity financing that it
and its principals, Dikran and
Sarkis Izmirlian, had committed
to, and whether it would meet the
March, 2009, deadline for fulfill-
ing all its Heads of Agreement
commitments.

It is quite probable that Apollo
and Texas Pacific were looking for
an excuse to withdraw from the
Bahamas project, and in the prime
minister’s remarks found one.

The supplemental Heads of
Agreement pledged that 7,000 per-
manent jobs would be created by
the Baha Mar project, up from the
previous 3,500. The Harrah’s
announcement places this in jeop-
ardy, along with the hundreds of
construction jobs that would have
been created, not to mention the
several hundred million dollars
worth of additional economic
impact that Baha Mar was sup-
posed to generate per annum.

¢ See Tribune Business for full
story and New Section pages six
and seven for the background to
the Cable Beach Resorts Deal



FROM page one

Baha Mar made the shocking announcement late
on Friday that Harrah’s has pulled out of the deal to
develop the Cable Beach Resorts.

In the press release making the announcement of
Harrah’s decision, Baha Mar questioned the ability of
their former partner to make this type of unilateral
decision, while also citing Mr Ingraham’s comments
expressing doubt over Baha Mar’s ability to finance
the project as a factor in Harrah’s decision.

“Baha Mar has notified Harrah’s that it disputes
Harrah’s ability to unilaterally terminate the arrange-
ments. Those arrangements were affirmed by Har-
rah’s as recently as January 31 when Harrah’s, as
Baha Mar’s joint venture partner, signed the latest
heads of agreement with the Government of The
Bahamas,” said Baha Mar. “In attempting to justify its
actions, Harrah’s referred to comments made two
days ago in the House of Assembly questioning the
ability of the project to proceed ahead.”

The PLP said yesterday that it is “alarmed” and
“deeply concerned” at the news from the developer.

“The loss of an investor of Harrah’s stature, the
largest, most powerful gaming resort company in the
world, is incalculable. Harrah's would have attracted
other investors. Instead, their pull-out will now serve
to discourage other investors,” said the PLP.

“It is troubling that the prime minister did not
seem to understand that his ill-considered and gra-
tuitous remarks in the House of Assembly put the
economic future of the country at grave risk.”

' Several opposition members warned the prime
minister that his remarks could be harmful to the
deal as soon as he made them in the House last
Wednesday.

“Imagine the world looking at this discussion this
morning where the lead spokesman for the govern-
ment and a minister of the government is saying that
they have doubts about the project. Why would a
financier want to put money into a project that the
government has doubts about? We have to be very
careful about what kind of message we send out,” said
Fred Mitchell, MP for Fox Hill, in response to Mr



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The Power to Surprise”.



PLP on Harrah’s

Ingraham in the House on Wednesday.

Mr Mitchell was joined in this position by North
Andros and Berry Islands MP Vincent Peet, who
said that public questioning of the deal can damage
investor confidence.

Their colleague Frank Smith, MP for St Thomas
More, joined in this criticism in the House a day lat-
er on Thursday. .

“I speak with respect to remarks made by the
prime minister as he moved this resolution. He is
the chief executive officer of the Commonwealth of
the Bahamas. On matters of public policy, no-one’s
words carry more consequence,” he said.

“Thus, when he speaks, he must reflect an appre-
ciation for this reality. Unfortunately, the prime min-
ister again demonstrated yesterday that he is so con-
sumed with the view that he is strong and tough,
especially in comparison to the leader of the opposi-
tion, and so pre-occupied with political partisanship,
that he renders himself reckless with regard for the

' larger national good.”

Despite these criticisms, the PLP was unable to
close the deal with Baha Mar before losing govern-
ment in May, 2007. Private letters released by Mr
Ingraham in the House last week also reveal that
the Christie administration had its own doubts about
Baha Mar’s ability to finance the project. However, .
the then government did not make these views pub-
lic at the time.

The PLP went on record yesterday emphasising
that they support the Baha Mar development at
Cable Beach. The opposition added that a full expla-
nation of what has occurred needs to be provided to
the public in the House today.

“Quick action must be taken by the government to
establish the extent to which the project is in trouble.
The government must say what it intends to do to
keep this project on stream. If Baha Mar fails, the gov-
ernment has only itself.to blame. Failure must not be
an option,” said the PLP.

The prime minister has pledged to address the
issue today in the House.

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PAGE 16, MONDAY, MARCH 10, 2008 THE TRIBUNE





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2008

Colina Imperial.

Confidence For Life



any construction set to start this week

B By NEIL HARTNELL
Tribune Business Editor

onstruction work

on the $1.4 bil-

lion Albany Golf

& Beach resort

will start this
week, the developers con-
firmed to The Tribune, with
“over” 10 Bahamian compa-
nies set to be involved in the
work.

Christopher Anand,
Albany’s managing partner,
said the developers hoped to
begin closing residential sales
for Phase I of the project in
April, last week’s road swap
agreement with the Govern-

* ‘Over’ 10 Bahamian construction firms gain work on $1.4bn project's Phase I
* Developers hope to start Phase I residential sales in April
* Aiming to start $500m worth of Phase II construction in 2009, before earlier phase ends

ment having been the final
piece in the project’s jigsaw to
allow a “full construction”
start. .

Although not a complete
antidote to the ‘doom and
gloom’ enveloping Baha Mar’s
$2.6 billion Cable Beach rede-
velopment, following Harrah’s
Entertainment’s ‘bombshell’
announcement that it was ter-
minating the joint venture, the

Ex-NIB director is
insurance supremo

@ By NEIL HARTNELL
Tribune Business Editor

EX-NATIONAL Insurance
Board (NIB) director Lennox
McCartney has been appoint-
ed Registrar of Insurance, The
Tribune can confirm, disap-
pointing some who had hoped
the Government. would
appoint a regulatory head with
international experience.

Confirming that Mr McCart-
ney had replaced Dr Roger
Brown as head of the Bahami-
an insurance regulator, Zhivar-
go Laing, minister of state for
finance, rejected concerns that
\.. by not appointing a seasoned
regulator from outside the
Bahamas to the post, the Gov-
ernment was blunting its aim

20-30% equity capital needed
for south-west port proposal

lm By NEIL HARTNELL
Tribune Business Editor

A MINIMUM 20-30 per
cent equity contribution, equiv-
alent to $50-$80 million, is all
that would be required to
finance construction of a pur-
pose-built container shipping
facility in southwestern New
Providence, the Nassau
Tourism and Development
Board’s (NTDB) chairman
told The Tribune...

Responding to a Tribune
editorial last week, which said
the south-west port location
proposed under the former
PLP government would cost
$400 million and require finan-
cial support from the Govern-
ment, Charles Klonaris said a

McCartney takes
Registrar post, as
minister disappointed
progress not quicker
over new Act

to break into the international

' insurance market.

Mr Laing said the Govern-
ment instead felt it could
access the expertise necessary
to help the Bahamas break
into the international insurance
market, for business lines such

SEE page 8B |

NIDB chair says could
be as little as $50m |

feasibility study conducted by .

consultants showed the true
costs were substantially less. °
The study, by Dutch consul-

tants Ecorys-Lievense, a copy. ~
of which has been seen by The-

Tribune, estimated that the
actual construction costs for
the south-west port were
between $222-$223 million. A
further $10 million would be
needed for land acquisitions
necessary for the port’s con-
struction, with $13 million in

SEE page 7B

Cable profits grow 19.43%

CABLE Bahamas’ net
ihcome for fiscal 2007
increased by 19.43 per cent to

$21.618 million, compared to

$18.1 million the year before,
driven by double-digit growth
in its cable television and Inter-
net segments.

Cable television revenues
grew 53 per cent year-over-
year for the 12 months to
December 31, 2007, driven by
the company’s Digital TV and
pay-per-view options, which
both grew by 51 per cent com-
pared to 2006.

Internet revenues, mean-
while, were 26 per cent ahead
of 2006 comparatives, helping
to take Cable Bahamas’ total
revenues to $75.963 million, a

Cable TV revenues
up 53 per cent,
driven by 51 per

cent rise in digital,

pay-per-view

15.18 per cent increase over
the previous year’s $65.95 mil-
lion.

Cable television revenues
account for 57 per cent of
Cable Bahamas’ income
streams, but its diversion into
Internet and data havé

SEE page 7B

fact that Albany is starting
almost immediately will come
as a welcome boost to both the
construction industry and
wider Bahamian economy.
Mr Anand told The Tribune:
“We’re going to begin our con-

struction activities almost

immediately as it pertains to
the new road, and are now
mobilizing for the majority of
the Phase I work.

Harrah’s: We lost confidence in $2.6bn plan

@ By NEIL HARTNELL
Tribune Business Editor





HAR
RAH’ S
Entertain- |
ment last
night said it f
had lost con- |
fidence in the
ability of its
joint venture
partnership
with Baha
Mar to com: :
plete the $2.6 billion Cable
Beach redevelopraent, saying it
was "not prudent" to move
forward and to do so could be
"harnmful".:

In a statement released to
The Tribune late last night,
Harrah’s said it did “not have
confidence” that the joint ven-

ture could complete the $2.6



“J think we have over 10
Bahamian firms involved in the
construction activity right now.
We’ve done a fairly competi-
tive tender, and almost all the
work has gone to Bahamian
firms. We have over 10
Bahamian firms slated for
Phase I construction.”

He added: “For us, we want
to start it all as soon as possi-
ble. We’re going to start with

Says ‘not prudent’ to move forward, |

the road and preparing all the
environmental work we need
to do related to the marina.
It’s imminent, starting this
week, and we’ve got an awful
lot of construction going on
over the next two years.”

Mr Anand said Phase I
included all the infrastructure
work and amenities. for
Albany, such as the marina,

- restaurants, sports and swim-

as doing so could be ‘harmful’ -

billion project as anticipated,
and that moving forward could
prove “harmful” for everyone.

In addition, it added that it

felt it was “not prudent” to

proceed with the Baha Mar
project due to the length of
time taken to put it together.
in negotiations with the Gov-
ernment, indicating that the
global economic climate had
factored into its decision.
Explaining its decision to ter-
minate its joint venture part-
nership with Baha Mar, Har-
rah’s said: “Over the last sev-

eral. years,.Harrah's. Enter-...

tainment had spent consider-
able time and resources pur-
suing the possibility of building

Exuma

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tourist-friendly environment,
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itors, and a skilled, reliable
workforce, the proposed Baha
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“Unfortunately, it has tak-
en Baha Mar Development
Company longer to organise
the project than anticipated,

and circumstances have’
. changed such that it is simply

not prudent to move forward.
We do not have confidence

that the proposed joint ven- |

SEE page 12B

*Abaco °Freeport e

ming facilities, restaurants,
shops, fitness centre, equestri-
an centre, golf course and club-
house.

Also javolved in Phase I
construction, Mr Anand

- added, were the 48 cottages

comprising Albany’s luxury,

upscale hotel component, plus

SEE page 4B

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* Markets | The Bahamian Stock Market

Markets
BISX . CLOSING CHANGE VOLUME YTD PRICE


















































FOR the week, the market
saw 10 out of its 19 listed





stocks trade, of which four SYMBOL PRICE CHANGE
stocks advanced, one :
declined and five remained AML. 2° $1.90 $- 0 14.46%
unchanged. A total of BBL $0.99 $- 1,000 16.47%
231,228 shares changed BOB $9.61 $- 500 0.00%
hands, the largest weekly BPF $11.80 $- 0 0.00%
trading volume for 2008. BSE! 8.345 $14.60 $- 0 0.00%
Commonwealth Bank BWL » $3.66 $- 0 0.00%
(CBL) led the volume for a CAB $13.60 $- 2,000 12.86%
second consecutive week, CBL $7.14 $+0.1 174,445 -15.30%
with 174,445 shares trading, CHL $3.14 §- 100 -0.32%
climbing by $0.18 cents to CIB $13.99 $+0.09 18,958 -4.18%
end the week at $7.14. CWCB $3.88 $-0.38 0 -23.02%
FirstCaribbean Interna- DHS $2.46 $+0.01 11,800 4.68%
tional Bank (Bahamas) FAM $7.90 $+0.05 3,000 9.72%
(CIB) followed with 18,958 FBB $2.60 $- 0 -1.89%
shares, climbing by $0.09 to FCC $0.74 $ 0 -3.90%
close at $13.99. Coming in FCL $5.15 $- 16,258 -0.58%
third with 16,258 shares was FIN $12.92 $-0.04 3,167 -0.23%
FOCOL Holdings (FCL), to ICD $7.25 $- 0 0.00%
close the week unchanged at ISI... =~ $12.30 $ 0 ~ 11.82%
$5.15. PRE ~,' $10.00 $- 0 0.00%
Consolidated Water Com- ye Bide
pany (CWCO) continues to...’ _DIVIDEND/AGM NOTES:

be very volatile in the inter-
national markets, resulting in
the local BDRs experiencing ©
a new 52-week low of $3.78
during the week. They closed
the week up slightly at $3.88.)

Ba ie ;
|e Benchmark (Bahamas) (BBL) has declared a special
dividend of $0.02 per share, with $0.01 already paid on
December 31, 2007, and $0.01 being payable on March 31,
2008;'td all shareholders of record date December 21, 2007.



ea * Commonwealth Bank (CBL) has declared a quarterly
.|. dividend of $0.05 cents per share, payable on March 31,

ee 2008, to all shareholders of record date March 14, 2008.

Earning Releases: |: Additionally, CBL has declared a special dividend of $0.06
per share, payable on April 30, 2008, to all shareholders of

THERE were no financial record date April 15, 2008.

results reported by any of the
19 listed companies during
the week.
Commonwealth Bank

= : ve. ao a , (CBL) announced this week
ae 5 ee Gt GOS be «ae ae that it would be increasing its
wie er Wie & . ve quarterly dividend payments
re ee eee eee by 50 per cent, which possibly
for ad rates resulted in CBL dominating
SOENE! G! H PN the market's activity in the

, week, with 174,445 shares or
75 per cent of the local
exchange's trading volume.

e Consolidated Water Company BDRs (CWCB) has
declared a dividend of $0.013 per share, payable on May 7,
2008, to all shareholders of record date March 31, 2008.

Finance Corporation of Bahamas (FIN) has declared a
dividend of $0.13 per share, payable on March 13, 2008, to
all shareholders of record date March 5, 2008. (FIN) will
hold its Annual General Meeting on March 13, 2008, at
6.30pm at British Colonial Hilton, Bay Street, Nassau,
Bahamas. :



INVESTOR CORNER
Liquidity

ON any stock exchange,
some stocks are more liquid
because they trade more fre-
quently than others. Liquidi-
ty, in the financial sense,
means the degree to which.an
asset or security can be
bought or sold in the market,
and can be converted into
cash quickly without affecting
the asset's price.

On the other hand, an illiq-
uid asset or security is one ©
that cannot be bought or sold
without a substantial loss in ©
value.

Most illiquid stocks are
thinly traded, meaning there

_is a limited amount of trading
activity in the stock. so trying
to buy or sell the stock could
take much longer than the
investor anticipates.

TST

Celebrating”
Success!

Monique attended Jacksonville Cordero is the son of the late |



Monique Romer, Diveane Bowe (partner) and Cordero Stuart

To Monique Romer and Cordero Stuart on sucessfully
passing the exams required to become a Certified

Public Accountant (CPA)

KPMG in the Bahamas is committed to people development
and continues to place emphasis on people centered
programs such as the CPA Support Program which provides
moral, practical, and financial support to help ensure
individual and organizational success.

AUDIT * TAX ® ADVISORY

KPMG per

work of

indapsndent member firms affiliated with KPMG Inter

State University, where she
obtained a Bachelors of Science
Degree in Accounting in 2001.

Whilst in undergraduate university, «

Monique was selected to the Deans
and Presidents Lists, as well as

the Who's Who Among Students

in American Universities and
Colleges.

Immediately following
undergraduate studies, Monique
pursued a career in the offshore
industry where she successfully
completed studies for the Society
of Trust Estate & Practioners
Examination in 2004. In the same
year, she completed studies for
her Masters of Science Degree in
Business Administration at Nova
Southeastern University.

Her desire to become a Certified
Public Accountant led her to

join KPMG inThe Bahamas in
September 2005 and in 2007, she
successfully completed studies for
the American Institute of Certified
Public Accounting examination in
the state of New Hampshire.

Monique would like to extend

her heartfelt gratitude and
appreciation to her parents, Janita
and Joseph Romer, her siblings
Desaree, Charisma, Sheral and
Jeronamo Romer, as well as her
fiancé, Jermaine Fountain, for their
continued support.

She would also like to thank the
partners and staff at KPMG inThe
Bahamas for their support.

James and Meecha Stuart. He is a
graduate of St. John’s College High
School (1997). In 2001 he received
an Associates of Arts Degree from
the College of The Bahamas. In

2004 Cordero enrolled at Florida.)
International University where he ? —

earned a Bachelors of Accounting’
Degree with a double major in
Finance. He was selected to the
Deans list at both the College of The
Bahamas and Florida International
University in Spring 1998 and 1999
and Fall 2002 and 2004.

Cordero began working at KPMG in
The Bahamas in November 2004 as

_an Associate Accountant and in May

2007 he successfully completed — ~
the American Institute of Certified.
Public Accountants examination in
the state of New Hampshire.

Cordero plans to add to his
academic accomplishments by
pursuing the Chartered Financial
Analyst designation. "g

He attributes his success and »
determination to his late mother
and is very appreciative of the
support and encouragement
provided by his sister, Syreeta, and
his aunt, Ernestine. He would also
like to thank the partners and staff
of KPMG in The Bahamas for their
support.



Montague Sterling
Centre
East Bay Street

Tel: 242-393-2007
www.kpmg.com.bs



For the
stories
Cs
aE tri]
ME a
Mondays

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,





THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 3B



MMOS. te Eee
BIC keen to be competitive

during era of liberalisation

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecommunications
Company (BTC) wants to “maximise” its
value and ensure it remains competitive, a
senior executive told The Tribune, despite
the drive to liberalise the Bahamian
telecommunications industry.

Responding to the Public Utilities Com-

_mission’s (PUC) plans to issue a licence for
the re-sell of fixed-line, voice telecoms
services offered by BTC and its IndiGo
Networks rival, Marlon Johnson, BTC’s
vice-president of sales and marketing, said
the state-owned incumbent wanted to
ensure the interests of all - consumers
and operators — were protected during the
move to deregulation.

Acknowledging that liberalisation was
part of the PUC’s mandate, Mr Johnson
said: “We appreciate the direction the sec-
tor is going in, and want to ensure we can
thrive in a competitive environment.

“We’re doing our part to shape the dis-
cussion for the benefit of our customers,
and to maximise the value of BTC.”

Mr Johnson added: “We appreciate the

need for the liberalization of the sector,
but our ongoing challenge is to ensure we
shape the dialogue in such a way that the
interests of the customer and the operator
are adequately addressed.

“As we liberalise the sector, we want
to create value in the sector. That benefits
the consumers, the operators and the
country.”

The PUC last week unveiled plans to
deepen liberalisation and competition in
the Bahamian telecommunications indus-
try, publishing proposals that would allow
new market entrants to offer fixed-line
voice services via the Bahamas Telecom-
munications Company (BTC) and Indi-
Go Networks’ systems.

The regulator’s consultation document
on its proposal to licence a company to
‘resale voice telecommunications services’,
said that while BTC would effectively be

‘mandated to sell wholesale fixed-line ser-

vices to the new licensee, IndiGo would
have the option of choosing whether to
do so.

Essentially, the PUC’s plan is that BTC
- and perhaps IndiGo - will play the role of
wholesaler, allowing the new market



Hotel Management
Employment Opportunity

A leading Nassau Hotel is seeking to employ the services

of a Seasoned Restaurant Manager

Applicants must possess the following qualifications:

1. Aminimum of 5 years experience as a Restaurant
Manager in a leading Food and Beverage Operation

. Must be proficient in Food & Beverage Point of Sales

Systems

3. A Team Leader with interpersonal skills, who is able to
effectively train and supervise subordinates a must

. Must have a proven track record of Cost Controls and

Revenue Generating Skills

. Must be hands on.and-creative 2 with regards to the



physical product, menu selections and employee

incentive programs

. Must possess excellent verbal and written

communication skills

. Must possess excellent Customer Service and

problem

8. Must be able to work with little or no supervision

‘Salary and Benefits package and commensurate with

experience

Applicants are asked to forward all required document
including a clean Police Certificate to the address listed

below.

Human Resources Manager,
c/o The Tribune, PO Box N-3207
Nassau, Bahamas

entrant to purchase fixed-line voice tele-
phony services from them for resale to
Bahamian businesses and residents using
their networks, switches and systems. In
return, BTC and IndiGo will receive a
regular fee.

As the new telecoms licensee will not
have to make a major initial capital outlay
to construct their own telecoms network,
the PUC is hoping that the barriers to
market entry will be reduced.

In turn, the theory is that this will further

stimulate competition in the fixed-line,

voice telephony market in the Bahamas,
enhancing service for customers, and giv-
ing them greater options and better prices.

Questions, though, are likely to be asked
about how attractive such a resell licence
will be, given that BTC’s fixed-line market
share has been eroded by both legitimate
competition and illegal callback and Voice
over Internet Protocol (VoIP) providers.
Cellular is now arguably BTC’s most valu-
able arm, this monopoly generating 64 per
cent of its revenues.

There may also be concerns over how
this licence could impact BTC’s privati-
sation value.

» DOCTORS HOSPITAL

Health For Life

DR. MEYER RASSIN
\. FOUNDATION
G2SCHOLARS HIPS

The Doctors Hospital Dr. Meyer Rassin
Foundation is pleased to announce
that applications are now being
accepted for scholarships and
financial assistance far students
pursuing healthcare careers.

Applicants must be Bahamian citizens
and retum to the Bahamas upon
completion of their studies.

Application forms are available an our
website at www.doctorshosp.com.
Only completed applications with
required documentation submitted
will be considered.

Deadline for submission of completed
application forms and all supporting
documentation is April 30, 2008.

The Goctors Hospital Meyer
Rassin Foundation

8.6. Bax 8 3618

Nassau, N. P,, The Bahamas





"BUSINESS FOR SALE |

Den nie eee eee eee eee dpc em
Medium Sized, Established, Local Retail Turn Key
Business for Sale
¢ Prime Location, Profitable, Stable and Fantastic
Potential due to specialized, essential products &
service.

* Cash/Financing (+/- $500,000)
¢ Immediate/Constant Cash Returns
Serious enquiries only please.

Email: seriousretailbusiness@hotmail.com

Legal Notice
NOTICE

DAYTONE LIMITED

‘NOTICE IS HEREBY GIVEN as follows:

(a) DAYTONE LIMITED is in voluntary dissolution under
the provisions of Section 137(4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the OS5th March, 2008 when the Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said company is Paul Evans of
c/o Helvetia Court, South Esplanade, St. Peter Port,
_ Guernsey.

Dated this 10th day of March, A.D. 2008

Paul Evans
Liquidator

PRINCIPAL NEEDED

The Anglican Central Education Authority invites
applications from qualified individuals for the. posi-
tion of PRINCIPAL, Bishop Michael Eldon School,
beginning September 2008.

The applicant must have a Masters Degree in Educa-
tion from a recognized University, with at least (5
years accumulative administrative experience. The
applicant must also be computer literate.

Key job functions and responsibilities include:

- Providing leadership - set the climate and pace for
success and high achievement , in the school.

- Organizing and supervising schedules,
programmes, records and school procedures.

~~ Supervising and evaluating teachers and support

staff.

- Managing records, school finer and end-of-
year closing procedures.

- Communicatiing with parents, community groups
and organizations

- Displaying consistent organizational and human
relationship skills.

- Assisting the Education Department with and
initiating Staff Development Programmes.

Applicants should submit a cover letter, Curriculum
Vitae, copies of degree certificates three references
and passport photographs to:

The Director of Education
The Anglican Central Education Authority
P.O.Box N-656
Nassau, Bahamas

The deadline for Application is Friday, March 28, 2008.

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PAGE 4B, MONDAY, MARCH 10, 2008

THE TRIBUNE





INVESTOR







40 year-old International Developer/Operator of
Healthcare and extended living facilities seeks
equity partner in additional Florida sites.
Nassau site under consideration.









This is an impeccable family-owned company.
Ideal investor might be the same. History is
12% cash on cash plus major long term
appreciation. Average project is 40mm and
8mm equity.






This is an opportunity to get into the booming
Florida market as a silent investor. Funds may
be discreet. This company will pass he
absolute highest review.








Principal Representative
at the British Colonial Hotel

CALL ME, SEE ME. MR. KENNETH WESTPHAL

TEL: 302-9000




weekecag.

Albany construction
set to start this week

FROM page 1B

the sale of lots that will be
developed by “custom
builders”.

The Albany managing part-
ner added that the developers
hoped to begin Phase II, which
involved $500 million worth of
construction - including the
marina apartments — next year.

“Tf sales go well, we'll hope-
fully be under construction
with the marina apartments in
2009, even before the Phase I
work is finished,” Mr Anand
said.

When it came to Phase I, he
said Albany was “just com-

CLIENT ACCOUNTANT

A privately held group of companies dedicated to providing tailor-made financial,
fiduciary and administrative services to corporate, trust and institutional customers

is seeking a Client Accountant

QUALIFICATIONS

At minimum the candidate must meet the following requirements:

Self starter with an excellent academic background and strong organizational

skills

In pursuance of or attainment of an Associates Degree in Accounting
Proficiency with Microsoft Office - Word, Excel and Outlook
1 year’s experience in the same or similar position

The salary is negotiable and will depend on the background, qualifications and

experience of the candidate.

Please forward, on or before 21* March, 2008, your CV by fax together with a

covering letter to:

- HUMAN RESOURCES

TELEFAX: (242) 356 9432





THE CENTRAL BANK OF THE BAHMAS

Conterfeit Banknote And Introduction
To Crisp Series Seminar

Place:

The Central Bank Of The Bahamas Training Room,

Market Street And Trinity Place Entrance

When: . 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

pleting the bonding for the sub
division approvals with the
Ministry of Works, dotting the
‘i’s’ and crossing the ‘t’s’, and
we hope to begin closing sales,
starting in April, for Phase I”.

Under the Hotels Encour-
agement Act agreement signed
between the Albany develop-
ers, incorporated as Park
Ridge Securities Corporation,
and the Government on
December 17, 2007, it was
pledged that construction work
would begin within seven days
of the road swap agreement
taking place.

That swap has seen the Goy-
ernment convey to the Albany
developers the portion of the
existing south-west Bay Street,
and South Ocean Boulevard,
that runs. through the 565-acre
project site. In return, the
Albany developers will con-
struct a replacement road
around their mixed-use resort
community, which will roughly
follow the line established by
BEC’s power transmission
lines from the Clifton Pier
Power Station.

That Hotels Encouragement
Act agreement commits the
Albany developers to complete

the luxury cottages by Decem-
ber 31, 2011, and the luxury
hotel by December 31, 2013,
spending at least $117 million

on these facilities and their

associated amenities.

In return, the Government
is exempting the developers
from the payment of customs
duties (normally around 35 per
cent) and stamp duty (a fur-
ther 7 per cent) on $143.896
million worth of materials and
plant needed to construct, fur-
nish and equip these facilities.

According to the agreement,
the luxury hotel’s cottage units
will cost $55 million, and the
luxury hotel component anoth-
er $48 million. Their associated
amenities will be completed by
December 31, 2011, for anoth-
er $53 million, while the mari-
na will fetch a $30 million bill
and be open on the same date.

A further $5 million will be
spent by Albany on shops,
which will open by December
31, 2016. The customs duty,
stamp tax and 10-year real
property tax exemptions in the
Hotels Encouragement Act
only apply to Albany’s hotel
components and related facili-
ties, not the residential homes

University of The West Indies
Alumni Association (UWIAA)

Annual General Meeting 2008
Date: Wednesday 12 March 2008
Venue: UWI House Restaurant
Tourism Training Centre
Thompson Boulevard

* Time: 6:30 pm - 7:30 pm
Info email: uwibahalum@yahoo.com

AIRPORT INDUSTRIAL PARKâ„¢

PROPERTY FOR SALE

Utilities in place, 3 minutes from Airport Lot 3C and
3D for sale (1 acre total) ($550,000 net)
Contact Info; Michael
Tel: 242-394-9396
Cell: 242-422-1522
Email: mturnquest@coralwave.com

Law Firm Seeks

Receptionist

Position Summary

A mature person who has experience working
in a professional environment and is able to

work independently
Computer Literate

Strong written and oral. communication skills
Secretarial skills is an advantage but not

required.

Experience Requirements

One (1) year minimum experience as a receptionist

would be an advantage
Benefits Offered

Major Medical Insurance

Law Firm Seeks

Financial Controller

A rapidly growing Law Firm is seeking applications
for a Financial Controller. The successful candidate
should have a bachelor’s degree in accounting and a
CPA, ACCA, CA qualification or any other qualification
that is recognized by the Bahamas Institute of Chartered

Accountants.

The successful candidates should also have 3 years
experience in an accounting firm, and be able to work
in a challenging team-driven environment. Attention
to detail is a must and the candidate must be able to
prepare budgets, financial reports negotiate with
bankers, and respond to the business needs of the

Firm’s partners.

Benefits Offered:

Major Medical Insurance

Individuals with the above-mentioned qualifications
should email their résumés to:

To apply: All applicants must submit a resume by
March 21st, 2008 to

The Human Resources Department
email: jobwiz@yahoo.com





that will be constructed by real
estate buyers. They will still
have to pay these taxes.

Mr Anand told The Tribune:
“To be in a situation where
you conceive of a project of
the size and scale of Albany,
and in three years to be build-

ing buildings, is actually pretty

quick.”

The design stage for Albany
is understood to have taken
18-24 months and paralleled
the project’s approval process
with the Bahamian govern-
ment, thus enabling the devel-
opers to begin construction
almost immediately once all
the required permits were in
place.

The initial Heads of Agree-
ment for Albany, signed with
the former Christie adminis-
tration on November 9, 2006,
required that the 565-acre site
will be built out at a density of
two units per acre, based on
gross acreage.

As at November 9, 2006, the
project was anticipated to
include 400 single family lots
and 200 condominium units,
but some 50 per cent of the site
is required to be green space,
with 32.5 acres set aside for
conservation.

' Albany’s first phase, accord-
ing to the Heads of Agree-
ment, would involve the con-
struction of the boutique hotel,
its size ranging from a mini-
mum of 10 luxury cottages with
30 bedrooms to 65 cottages
with 160 bedrooms minimum.
Other facilities developed at
the same time, in a phase
scheduled to last from now
until 2010, would be the Ernie
Els-designed 18-hole golf
course; beach club house, 20
beach club villas, fitness club,
marina able to cater to yachts
240 feet in length, shops and
75 single family residential lots.

That 2010 deadline has now
been put back a year to
account for the length of time
that has elapsed since the
Heads of Agreement were
signed, as this has affected the
developer’s construction sched-
ules and deadlines.

During the first phase, the
Albany developers — whose
principal shareholders are Mr
Els and fellow world-famous
golfer Tiger Woods, plus the
Tavistock Group, the holding
vehicle for worldwide invest-
ments made by Lyford Cay bil-
lionaire Joe Lewis — are sched-
uled to spend $117 million,
according to the Heads of
Agreement.

Purchasers of the develop-
ment’s property were expected
to bring the total spend to $335
million, meaning that real
estate sales and associated con-
struction activity will produce
$218 million or the lion’s share
of Albany’s Phase I value.

The second phase, accord-
ing to the Heads of Agree-
ment, will involve 325 addi-
tional residential lots, 200 con-
do-style units that may be
incorporated as part of the
hotel, a 16-acre equestrian cen-
tre with at least eight horses, a
golf course clubhouse and
commercial space around the
marina.

Servicing of the residential
lots, which will be priced
between $2-$20 million, will
start on June 2010 and be com-
pleted by December 2013, with
the condo units at the marina
pre-sold and completed by
December 2015.

In this phase, Park Ridge
Securities was expected to
spend $94 million, with third
party property owners
accounting for $872 million,
bringing total spend to $966
million. Park Ridge, therefore,
will be responsible for spend-
ing at a minimum $211 million.

UAE

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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 5B





A BAHAMIAN realtor has
already been asked to re-list list

the luxury penthouse at the
Reef Atlantis — which he just
sold for $7.5 million — for $9.9
million, indicating that the high-
end real estate market populat-
ed by wealthy foreign second-
home buyers is so far with-
standing the US economic slow-
down,

Mario Carey, Bahamas Real-
ty’s managing director, said of
the luxurious suite he sold:
"This penthouse sits on top of
paradise, and for that, it's not a
bad price.

"It's a great addition to the

premier accommodations offer-
ings for

visitors, and it is reassuring
to know that The Bahamas is
in a position to attract those
who are able to spend that sort
of money for a quality experi-
ence, where being pampered is
worth the price.

"Considering the selling price
of the penthouse, and the new
asking price, it's clear that the
luxury housing market in The
Bahamas is strong. Today's
penthouse with private eleva-
tors, stunning views and per-
sonal concierge service is the
equivalent of the grand estate,

7.5m Atlantis penthouse
going for $9.9m relisting

the status symbol of success,
that long, hedge-lined drive to
the Tudor manor."

Demand for the penthouse
has been high with almost
steady occupancy.

Mr Carey is the only Bahami-
an broker to sell a penthouse
at The Reef, the newest addi-
tion to the resorts of Atlantis,
and its first entry into the realm
of condo hotels, allowing own-
ers to earn revenue when they
are not in residence.

Selling The Reef penthouse,
which rents out at about $11,000
a night, was an achievement
that earned Mr Carey special

DR. KEN KNOWLES « BAHAMAS OPTICAL

PATIENTS

PLEASE NOTE ALL MEDICAL RECORDS ARE BEING RELOCATED TO:

thanks and a no-holds-barred
family vacation from the Resi-
dences at Atlantis Development
Ltd.

Mark Pordes, president of
T/K Paradise Realty, said:
"Mario sold one of our premi-
um units in the 495-room, 22
storey condo hotel, and for this
we Say a special thank you.

PROJECT MANAGER AND
SUPERINTENDANT

General Contractor/Developer in Freeport is looking
for a project manager and a superintendant for high-end
residential and commercial projects. Training and
experience on multi-million dollar projects is a
requirement. Please forward a resume to:











Bahamas Construction
P.O. Box F-60340, Freeport, Bahamas
or
email: bahamasconstruction@ yahoo.com




World-class UK degrees by
Distance and Online Learning

UK University Distance Learning in Bahamas

MBA - University of Wales

* One year minimum by online learning

US$8,500 total fee

Flexible payment options available

PRIFYSGOL

Se) UNIVERSITY
OF WALES



A member of the Association of
Cammonwealth Universities

MBA - University of Bradford

SAM B. MIKHAEL wo, ercsc
OPHTHALMOLOGIST
EYE WORLD
SOLDIER ROAD

* Top 10 MBA in the world (Economist, Jan 2008)
* AMBA/EQUIS accredited
¢ US$15,000 (instalment plan available)

NEXT TO NEW LOWE’S PHARMACY







Accounting.

Applicant must possess the following qualifications:
¢ Must be a graduate of accredited college with a bachelor’s degree in

393-8222

Accounts Administrator

Neo CP OHO

Tourism related organization invites applications from suitability qualified
persons for the above position. Please apply in confidence to:







Also recruiting now to degree
programmes: MA Education,
LLM Commercial Law, MSc Public
Administration and Development,
BSc Psychology, BSc Computing,
BSc and MSc Hospitality, BA
Business and HND in Business, from

a oor University of Birmingham, University _
c/o The Tribune tent ‘
BO Box'N 3207 of Sunderland, University.of D@EBY, oo suds

Nassau, Bahamas.

Bn ery
Ie ELS
oa a Le

¢ 3-5 years Accounting experience required, A/R and A/P preferred.

¢ Must have working knowledge of Quickbooks Enterprise.

e Must be computer literate and proficient in Microsoft Office, Microsof
Excel, and Microsoft Word.

Must possess excellent communications skills.
Must be able to work independently.

Must be familiar with general office practice.
Must be professional, reliable and have own transportation
Must be able to trouble shoot and solve problems.

A clean police certificate is required.

Salary commensurate with qualifications and experience. Excellent benefits.


















Carniva
Q.E. Sports

Food Vendors Contact
Kids: $3 Joan Henderson @ 356-2691

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Adults: $5









PAGE 6B, MONDAY, MARCH 10, 2008





" Deere better sense of what
is happening in The Bahamas
from reading the Tribune.
Where other daily
newspapers fall short, the
Tribune delivers. I’m
confident knowing The
Tribune looks out for my
interests. The Tribune is

iny newspaper.”

NELSON JOHNS

TAX! DRIVER





















poe mnenrbcte sett

VLA ISDE IE LEI ED IN LAIN NOUNS CEM CLOISONNE I SMONOU LIL

THE TRIBUNE



Po



THE TRIBUNE



MONDAY, MARCH 10, 2008, PAGE 7B



20-30% equity
capital needed

for south-west

ort proposal

FROM page 1B

project preparation costs tak-
ing the total to around $245-
$246 million.

“We are not asking govern-.

ment to be involved at all,” Mr
Klonaris told The Tribune,
when it came to financing.
“According to Citibank, who
we gave the Ecorys report to,
so they as well as Royal Fideli-
ty could give a financial report,
you only require 20-30 per cent
equity as an upfront position.
“The rest can be borrowed
from the private sector, and
financed from the containers
coming in.”
Among the income sources
for a new port, whether it be in

the south-west location or at
Arawak Cay, are throughout
fees per twenty-foot contain-
er (TEU) that is landed, plus
wharfage and dockage fees and
rental income levied from the
shipping companies.

Mr Klonaris said: “There’s
a whole misconception about
the costs of the port. Govern-
ment is not involved at all in
the south-west port in terms of
financing. It does not have to
raise a penny. It can be pri-
vately done.

“The only requirement is a
20-30 per cent equity capital
from the beginning — a mini-
mum $50 million — which real-
ly can be done privately or
through an initial public offer-

ing (IPO) with Bahamian par-
ticipation. Then the rest can
be financed from private equi-
ty or with a bond offering.”

Mr Klonaris said the private
sector wanted the Government
to have some say in how a new
container port.would be
owned, run and operated, as it
had a duty to protect the inter-
ests of the Bahamian people.

He added that while he per-
sonally felt the south-west port
location was superior to
Arawak Cay, the location the
Government seems to have
zeroed in on, he did not want
to push any particular site and
would leave it up to the admin-
istration to chart the way for-
ward.

?

Cable profits grow
19.43 per cent

FROM page 1B

changed the mix, the latter two segments
accounting for 29 per cent and 14 per cent

respectively.

The revenue growth outstripped the 14.14
per cent rise in Cable Bahamas’ 2007 expenses

EMPLOYM

to $37.829 million, compared tc $33.14 million
the year before. As a result, the company’s

50.2 per cent.

operating margins rose from 49.7 per cent to

Operating income increased 16.22 per cent

or by some $5.5 million to $38.134 million, while

$0.92 to $1.1.

net income per ordinary share increased from

ENT OPPORTUNITY

SECURITIES COMMISSION OF THE BAHAMAS

The Securities

Commission of The

Bahamas

(the Commission), a





statutory agency responsible for the supervision and regulation of the
investment funds, securities and capital markets in or from The Bahamas,
as well as the supervision of Financial and Corporate Service Providers,
invites applications from qualified Bahamians for the following position:

Field Examiner

Responsibilities:

° Conducting on-site inspections of entities licensed or registered by
the Commission .
Assisting in the enforcement process addressing deficiencies
identified in the inspection
Review and analyze financial statements of licensees and
registrants of the Commission.

Qualifications and Experience:

. Bachelor’s degree in Accounting or Finance

* | - 2 years experience in auditing or public accounting
. Knowledge of the capital markets a plus

Competencies:

. Excellent oral and written communication skills

. Proficient in computer skills (Microsoft Office applications,
particularly Word and Excel)

Competitive salary and benefits are being offered. Interested persons should
submit applications in writing marked “Private and Confidential" to:

MANAGER — CORPORATE AFFAIRS
SECURITIES COMMISSION OF THE BAHAMAS
P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530
E-Mail: info@scb.gov.bs

Applications should be received no later than March 17, 2008



LORY 2

Three — 2 Storey townhouses about 80% completed which require some repairs. Each unit comprises
676 sq.ft. on the upper floor and 676 sq.ft. on the lower floor (total floor area 1,352 sq.ft. per unit)
and consists of 3 Bedrooms 2 Baths, Living, Dining and Kitchen.




Driveway & Walkways are improved with 12 x 12 Spanish Type Tiles, 1,775 Sq.Ft. Swimming
Pool and Jacuzzi which are 85% completed. —

The Buildings are situated on Lot #17376 comprising 10,000 sq.ft. located in
Bahama Sound of Exuma Section 18, Exuma, Bahamas

The units are being sold collectively.

For conditions of the sale and any other
information, please contact:
The Commercial Credit Collection Unit
at: 356-1685 or 356-1608
Nassau, Bahamas

Interested persons should submit offers
in writing addressed to:
The Commercial Credit Collection Unit,
P.O. Box N-7518, Nassau, Bahamas

Serious enquiries only

PRICEWARHOUSHCOPERS @

POSITIONS AVAILABLE FOR
ASSOCIATES

PricewaterhouseCoopers has vacancies for staff accountants to pursue a programme of
training culminating in a professional accountancy qualification. Prospective candidates should
have a graduate or undergraduate degree in accounting with a cumulative grade point average
that exemplifies your success as an achiever and leader.

Applications are being accepted for the 2008 Programme. Expectant May/June 2008 graduates
are also encouraged to apply. ,

Successful candidates will undergo a period of rigorous training, both academically and
on-the-job, with the objective of developing professional skills. Much of the on-the-job experience

_ will entail auditing the financial statements of entities in the financial services industries such as"

banks, trust companies, investment funds and insurance companies. The positions offer excellent
salaries and promotional opportunities, and benefits include medical insurance and provident
fund. Also, as a team member of PricewaterhouseCoopers there are opportunities to work in
another country where PricewterhouseCcopers has an office.

Please submit your application, with a current curriculum vitae and a copy of your most recent
transcript, before 31 March 2008, to:

’



Human Resources Partner
_ PricewaterhouseCoopers |
P.O.Box N-3910
Nassau, The Bahamas

PUBLIC HOSPITALS AUTHORITY
SANDILANDS REHABILITATION CENTRE

ADVERTISEMENT

MANAGER I HUMAN RESOURCES

The Public Hospitals Authority invites applications are from suitably qualified
individuals for the post of Manager I, Human Resources, Sandilands Rehabilitation
Centre, Public Hospitals Authority.
Applicant must possess the following qualification: -

Bachelors Degree in Business Administration, Management, Public Administration,
Human Resources or equivalent and at least five (5) years relevant experience.

JOB SUMMARY:

Responsible for the day-to-day management of the Human Resource Department
including planning, organizing, coordinating and delegating duties; the supervision
of the staff of the Human Resources Department; the coordination of activities and
assisting with the training, education and development of Human
Resource Department staff.

DUTIES:

Coordinates the development of Human Resources policies, procedures and
practices in the hospital and assist Corporate Office with policy development.

Prepare the Human Resource component of the Personnel Emoluments Budget.
Prepare the Human Resources Department budget.
Develops general quality standards for Human Resources Units.

Identifies and analyses Human Resource problems and recommends / implements
solutions.

Develops and implements Human Resources and related training programs and
activities for relevant departments in conjunction with the training department.

Advises and assists with interpretation of Human Resources policies for *
department heads, Area Supervisors, Administrative officers and Human
Resources officers.

Liaises wit the Payrolls Department as it relates to mangement of budget.

Serves as advisor to the Executive Management Committee on Human Resources
issues.

Develops as designs systems and surveys to ensure a proactive approach to
the approach to the Management of Human Resources.

11. Participates in Labour Relations and Negotiations.

12, Coordinates with Area Supervisors the recruitment of staff by developing
interview formats, serving on the interview panel, testing and conducting
background and reference checks.

The salary for the post is Scale HAASI ($37,400x 700 -$43,700)

Letters of application and resume’ should be submitted to the Director of Human

Resources, Public Hospitals Authority, Corporate Office 3rd and West Terraces
Centerville, RO. Box N-8200 no later than 12th March, 2008.





PAGE 8B, MONDAY, MARCH 10, 2008

THE TRIBUNE







The American Embassy is presently considering applications for the

following position:

PROTECTIVE SECURITY AGENT

The Protective Security Agent provides security for the Chief of Mission and

other visiting dignitaries as assigned.

This position is open to candidates with the following qualifications:

- Completion of secondary school and Royal Bahamas Police Force College;
Royal Bahamas Defense Force training, or U.S. mttety or U.S. Law

Enforcement training.

- Five years of Police, Defense Force, Law Enforcement or specialized

security experience required.

PERSONAL ATTRIBUTES:

- protective activities.

BENEFITS PROVIDED INCLUDE:

Superior interpersonal skills are required.

The use of computers for report writing and data entry is required.
Incumbent must be familiar with all cities on the Islands of the Bahamas.
Also required is knowledge of laws governing the use of firearms and

The successful candidate will be offered an excellent compensation package
including performance-based incentives, medical and dental insurance, life
insurance, pension and opportunities for training and development.

Applicants must be Bahamian citizens or U.S. citizens who are eligible for

app under Bahamian laws and regulations.

mae a,

Applications forms are available from 8:00 a.m. to 5:00 p.m. Monday
through Friday at the security area of the American Embassy, Queen Street.
Completed applications should be returned to the Embassy, addressed to
the Human Resources Office no later than Friday, March 14, 2008.

TEES ee

#Pricing Information As Of:
Friday, 7 March 2008

Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol (S)

Freeport Concrete

ICD Utilities

J. S. Johnson

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

Bahamas Supermarkets
RND Holdings

Colina Bond Fund
Colina MSI Preferred Fund



= ) FIDELITY

LOSE A, 987. 72 / CHG?

Previous Close Today's Close

v Change

a Colina ‘Over thecount

41.00
14.60
0.45

15.60
0.55

- BISX Listed Mutual Fund:

NA V
1.300059***
2.982729*

YTD%

-0.60%

Ex-NIB
director is
insurance

supremo

FROM page 1B

as captives, life insurance and
reinsurance, through appoint-
ing consultants.

“T think that’s the best win-
win situation we could have,”
Mr Laing said of the arrange-
ment.

“We take the position that
the leadership of the insurance
regulator can be Bahamian,
and that in so far as guidance
on moving to take advantage
of opportunivies in interna-
tional insurance, we can access
that expertise through consul-
tants.

“At the same time, we will
benefit from our Bahamian
leadership having that knowl-
edge and expertise working in
tandem with what he’s doing,
as well as acquiring that knowl-
edge over time.

“It is not necessary for us to
hire a non-Bahamian with
expertise to do the job, but we
will have access to that exper-
tise. We believe that combina-
tion can work extremely well.”
. Mr Laing said the Govern-
ment had already hired Cana-
dian Lawrie Savage as a con-
sultant for the Registrar of
Insurance’s Office, and he was

- working to “bring the insur-

ance regulator up'to par with
international best practices”.
The Registrar of Insurance’s
Office has long been regarded
by many in the industry — and

CFA L

Yield

in the wider financial services
sector — as being among the

weakest Bahamian financial ,

industry regulator. The former
government delayed imple-
mentation of the new Domes-
tic Insurance Act, which was
passed by Parliament in 2005,
due to concerns over the Reg-
istrar of Insurance’s capacity
to administer and oversee the
Act’s increased demands. It is
slated to become the Insurance
Commission.

Mr Laing said he was per-
sonally disappointed that the
regulations that accompany the
new Domestic Insurance Act,
and which need to take effect
before the legislation can be
enforced, had not yet been
completed and tabled in Par-
liament.

Once they are completed
and tabled, the Act can be
implemented and take effect.
While the insurance industry
working group that dealt with
the regulations has signed off
on them, they are now being
“tidied up” by the Attorney
General’s Office.

“We expect to be in receipt
of that soon,” Mr Laing said
of the final version of the reg-
ulations, “and once we do we
will move expeditiously to

have the Act come into force
and the regulations tabled in
Parliament.”

Confirming Mr McCartney’s
new role, Mr Laing said: “The
appointment has taken place,
and he would have come to
office for the first time last
week Friday [gone]. Clearly,
we believe he can do what is
necessary to advance the cause
there.”

Some in the insurance indus-
try had questioned why the
Government had moved to
appoint a Registrar now, given
that the insurance regulator —

_ along with the Compliance

Commission and Securities
Commission — were due to be
consolidated into one as part of
the strategy to create a ‘super
regulator’ for financial services
in the Bahamas, along the lines
of the UK’s Financial Services
Authority (FSA).

However, Mr Laing said it
was “better to have that lead-
ership in place so they can be
part of the transition”, rather
than not.

Mr McCartney was removed
as NIB’s director late last year
after 13 years in the post.
Anthony Curtis replaced him
as actinig director until a
replacement is found.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENWITT
CUNNINGHAM of Saffron Street, Nassau, Bahamas,
intend to change my name to KENWITT DEVEAUX.
If there are any objections to this change of name
by Deed Poll, you may write such objections to
the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date

of publication of this notice.

NOTICE

NOTICE is hereby given that GHISLAINE VILBRUN OF
#70 BAYBERRY LANE, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for .

Nationality and

itizenship, 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 twent
MARCH, 2007 to the

-eight days from the 3RD day of
inister re PO for Nationality
and Citizenship, P.O.Box N-714

Freeport, Bahamas.



PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KARINE BRISSON
of the Southern District of The Bahamas, intend to
change my name to KARINE CARLINE JOSEPH. If
there are any objections to this change of name
by Deed Poll, you may write such objections to
the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date
of publication of this notice.

Colina Money Market Fund 1.381183 0.39% 3.85%
Fidelity Bahamas G & | Fund 3.7442*** -1.40% 27.72%
11.4467 Fidelity Prime Income Fund 11.9880"** 0.46% 5.53%
100.0000 CFAL Global Bond Fund 100.00**
100.0000 CFAL Giobal Equity Fund 100.00**
CFAL High Grade Bond Fund 1.00**
I eee as 3
TD 3.41% / 200;
last 12 month dividends
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - Acompan;'s reported earnings per share for the last 12 mths

BISX ALL SHARE IND 9 Dec:
S2wk-Hi - Highest closing price in last 52 weaks
i 52wk-llow - Lowest closing price.in last 52 weeks

“ MARKET TERMS

* - 29 February 2008
** - 31 December 2007
** - 31 January 2008
see 2 January 2008
** . 22 February 2008

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

|, Changé - Change in closing price from day to day :

} Daily Vel. - Number of total shares traded today

}] OlV S.-, Dividends per share paid in the last 12 months
P/E ~ Closing price divided by the last 12 month earnings

(S) - 4-for-1 Stock Split - Effective Date 8/8/2007

{\S1) - $for-1 Stock Split - Effective Date 7/11/2007

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

Medical Coverage that takes you
beyond 75 years of age.

Access to over 4,000 network hospitals
throughout the USA, The Bahamas,
Caribbean, Latin.America and the UK.

Full Maternity Coverage & FREE
cover for children up to age 10.

Underwritten by Lloyd’s of London
(A+ rated for claims paying ability).

Worldwide Emergency Coverage
including the USA & The Bahamas.

Emergency evacuation by Air Ambulance.

- General
393-5529

CALL
TODAY

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.

Premiums paid monthly, half-yearly
or annually by credit card.

No Medical Examination requirement.

InEMEn eres Cyril Peet Tamara Boyd Mark Reynolds







THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 9B



Bahamians

are urged

to embrace
globalisation

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

GLOBALISATION
should be embraced and wel-
comed, a leading economist
suggested to a Bahamian
audience, arguing that there
were tremendous opportuni-
ties to be gained through the
transfer of goods and services
between countries.

Chairman

Don Boudreaux, chairman
of the Department of Eco-
nomics at George Mason
University in Fairfax, Vir-

ginia, was the special guest
speaker at a dinner spon-
sored by the Nassau Institute
on the topic of globalisation
held at the British Colonial
Hilton. ,

Mr Boudreaux described
globalisation as simply
human cooperation across
political boundaries, and said
that while many people
believe globalisation is an
immigration matter, he feels
true discussion should sepa-
rate the issues.

He said many people have
suggested that free trade be
done in a phased-in approach
if it was a political necessity,
but he preferred “a push the
button” approach.

“I see no down side against
it, in the long run,” Mr
Boudreaux said. He added
that initially there may be
some protected industries
that are negatively affected in
some way in the early stages,
but there were many more
industries which would bene-
fit from it.”

Situation

Mr Boudreaux said globali-
sation is not always the
“David and Goliath” situa-
tion of a larger country push-
ing the smaller country’s
industries out of business.

He gave as an example the
scenario that if there was a

EN a a
the #1 newspaper in circulation,
SS ale rage a a OTE

TO BAHAMIAN LAND OWNERS,
DEVELOPERS AND INVESTORS:

REQUEST FOR
PROPOSALS

LONG -TERM LEASE OF |
EXECUTIVE STAFF RENTAL HOUSING

Baha Mar Development Company Ltd. invites proposals from Bahamian land
owners, developers and investors to build and lease to Baha Mar on a long-
term basis a total of approximately 150 multi-family residential housing units
located in developments of at least 30 units each, conveniently located to C.ble
Beach for occupancy by the executive staff of Baha Mar, Caesars Bahamas
Management Corporation and Starwood Hotels & Resorts Worldwide 'Inc. and

their respective contractors, consultants and suppliers.

For further information or to obtain a proposal package contact:

BAHA MAR DEVELOPMENT COMPANY LTD.
Email: Skatz@bahamar.com Tel: 242.677.9081

Steven Katz

MAR







new seed strain invented,
which would reduce the
amount of land and resources
needed to grow this, and thus
reduce costs and labour, it
would be the same thing as
globalization. But most peo-
ple, he said, were not against
technology as they are
against globalisation.

Mr Boudreaux discussed
many of the arguments that
opponents of globalisation
had - namely that it reduced
domestic employment. He
said this has been refuted and
that what globalisation does
is cause there'to be a shift in
the jobs which people per-
form.

Globalisation, he further
said, encourages creativity in
the relationships which can
be established and promotes
peace.

REGISTRATION

Success Training College announces registration for the winter semester.
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Graphic Design Technology —
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Call 324-7770 or 324-7555 for details



MINISTRY OF FINANCE

NOTICE

THE INDUSTRIES ENCOURAGEMENT ACT

(CHAPTER 326)

It is hereby notified pursuant to Section Five (5) of the Industries
Encouragement Act, Chapter 301, that the Minister is about to consider
whether the manufacturer specified in the first column of the table below
should be declared an "APPROVED MANUFACTURER" in relation to
the products specified in the third column.

| MANUFACTURER | LOCATION OF
FACTORY PREMISES

Concrete Creations Limited | Thompson Boulevard, New

PRODUCTS

Precast Concrete
Providence

Any interested person having any objection to such a declaration should give
notice in writing of his or her objection and of the grounds thereof to the
Office of the Ministry of Finance, on or before 17" day of March, 2008, by

letter addressed to :-

It is hereby notified pursuant to Section Seven (7) of the Industries.
Encouragement Act that the Minister is about to consider whether the |
following products should be declared "APPROVED PRODUCTS" for .

the purposes of that Act.

‘T RAW MATERIALS TO BE USED IN
MANUFACTURE

Baking Soda, White Cement, Oil (form
release) Moulds, Cement Colouring and
Reinforcement

Any interested person having any objection to such a declaration should give
notice in writing of his or her objection and of the grounds thereof to the
Office of Ministry of Finance, on or before the 17" day of march, 2008, by

letter addressed to :-





PAGE 10B, MONDAY. MARCH 10. 2008

E Se Tribune Comics

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ACROSS - DOWN :
1 Ifyou heart’s not in it, that’s very 2 Charlton's in the west London area,
unusual (5) - it seeme! (6)
Completely, yet only a fair way? (5) 3 Ina steamship, the crew or the pro-

9 Boxer in the navy? (7) pellers (6)

“30 VNIW SHLSINNSd ‘mmm

“How COULD I GIVE YOUA Di);





OMICS PAGE




J JUST WASHED My FACE.”





South dealer.
Both sides vulnerable.
NORTH
#KJ962
VAIS
K 1098
3 .
WEST EAST
A8543 #Q107
¥QI ¥108642
7532 o¢—
84 &KQ975
SOUTH
VK73
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#AIJ1062
The bidding:
South West North Kast
1¢ Pass 1¢ Pass
2& Pass 3¢ Pass
6¢

Opening lead — queen of hearts.

“As the bidding progresses, the
rise and fall of one’s values is a phe-
nomenon worthy of close attention.

-In distributional hands especially,

their worth may fluctuate startlingly
as new information is gathered from
the opponents’ or partner’s bidding.
For example, when you first look
at today’s South hand, you would ini-
tially rank it as well above a mini-
mum opening bid. Not only does it
contain 15 high-card points, but it
has an attractive 5-5-3-0 distribution.
Point-counters might differ as to the

The
Target
uses
words in
the main
body of
Chambers
21st
Century
Dictionary

edition)

HOW many words of four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be
at least one nine-letter word.

No plurals.

TODAY'S TARGET

Good 22; very good 33; excellent
44 (or more). Solution tomorrow.











10 A matter of taking too much 4 — Ashot from the sentry (3)
interest (5) 5 How | fled the scene of battle (5)

11 River whose naval centre’s a lot 6 — Venerated more than ever (7)
changed (5) 7. Flatten with a club (4)

12 Foreign film? (5) 8 Headgear not raised in a garden

13 Pert player? (7) with many stones (6)

15 A seedy case (3) 12 Are like districts, regions, etc. (5)
17 Somewhat boneshaking 13 Start fording the river in a Cornish

individuals! (4) resort (5)
18 implore a person to buzz off! (6) 14 Make a secondary allowance to a
19 Kept being unhappy about a day of tenant? (5)

victory! (5) 15 Nip to the next floor and get dad
20 They happen to have a bearing on out of bed! (3,2)

openings (6) 16 There’s many a wicked one (5)
22 Mounted, it offers a lofty view of 18 Where to have a ball on holiday? (5)

Japan (4) 19 Detains, possibly, for having dis- | ACROSS.
24 Still very ethical in part (3) coloured something (7) : : ee e)
25 In the theatre, it’s short and 21 Has it the wettest streets wi point (5)

incisive (7) in Italy? (6) pad 9 Type of
26 A hotheaded desire can lead to a 22 They have a striking effect N 10 santo

difficulty (5) on grain (6) S 1 Old-
27 She's foxy (5) 23 Ona volatile steed, Juliet joked (6) a fashioned (5)
28 A start in life (5) 25 A share issue of some > : notes (7)
29 A detailed account makes it clear (7) description (5) “ 15 Be
30 Such sisters as we could 26 What they called Hitler before the = victorious (3)

get rid of! (5) war (4) i Renae
31 Nota straightforward statement of 28 During the rumba,

ideas (5) always cry (3) o ae

22 Inthis place




(4)
SS 24 Racket (3)
; 25 Coach (7)
26 Tale (5)
Yesterday's cryptic solutions Yesterday’s easy solutions. 27 Asian
ACROSS: 3, Flush 8, BR-oil 10, Te-Lls 11, O-ft. 12, Sep-Al 13, | ACROSS: 3, Stale 8, Manor 10, Eager 11, Rid 12, Carat 13, si ae (5)
Muffler 15, Ro-les 18, Ail 19, Art-is-t 21, All-erg-y 22, Rill Deleted 15, Debit 18, Sir 19, Denote 21, Steamer 22, Buoy er ied ia
1 23, Le-f-t 24, Stunner 26, P-rude-S 29, D-EN 31, Hum-id 32, 23, Tend 24, Similar 26, Scenic 29, Bin 31, Harem 32, Settler 30 Yields (5)
‘ Putters 34, M-Adam 35, Ire 36, Bizet 37, Clan-G 38, Sense 34, Appal 35, Rib 36, Snarl 37, Rupee 38, Sense 31 Large
i h DOWN: 1, Tr-out 2, Pit-fall 4, Lee-R 5, Sta-RR-y 6, He-lot 7, DOWN: 1, Wares 2, Madesty 4, Toad 5, Leader 6, Eaten 7, shrubs (5)

Blues 9, Off 12, S-elects 14, Lil 16, Liner 17, State 19, Agendum
20, Graph (Graf) 21, Album 23, Le-nti-ls 24, Sedate 25, Net 27,
Rubik 28, Di-me-s 30, Wrens 32, P-ass 33, Era

Merit 9, Nil 12, Ceramic 14, Tie 16, Boxer 17, Teddy 19,
Decibel 20, Abash 21, Sober 23, Tantrum 24, Simple 25,
Lit 27, Canny 28, Nears 30, Rebel 32, Saps 33, Lip

























DOWN






2 Landed
property (6)
3 Exert (6)
4 Golf
peg (3)
5 Ponder (5)
6 Tranquillised ,
(7)
Verbal (4)
8 Dissertation
(6)
12 Honcur (5)
1B Place (5)
14 Gas (5)




15 Broaden (5)
16 Atnotime (5)
18 Denounce (5)
19 Struggles (7)









21 Angry
speech (6)
' 22 Impede




: (6)
23 Respect (6)
25 Attempted (5)
26 Team (4)
28 — Performance (3)











IRTY LOOK2

Contract Bridge
By Steve Becker |
Distributional Hand Evaluation

AC ay





A SOFT, FLAT
SURFACE ?
ITs TRUE.











exact value of the hand, deemi:-¢ it
worth anywhere from 17 to 29
points, depending on which school
they came from.

But North’s one-spade respinse
should have a depressing effect on
the initial evaluation. The spade void
is no longer an asset but a liability. In
fact, at this point the hand depreci-
ates to only its high-card values.

However, when you next bid two
clubs and partner jumps to three dia-
monds, the complexion of the hand
changes radically. The original value
is not only restored, but augmented.
Your previous doubt as to whether
there was even a game is more than
resolved — so much so that a slam is
now a very real possibility: And, you
should conclude that if North feels
the combined hands will produce 11
tricks, you’re surely entitled to trv
for 12.

The play of the hand is relatiy e'y
simple. Only one pitfall has to b:-
avoided. You plan a straight crossruff
to score 12 tricks, but you should
cash your two heart tricks very early

— before starting the crossruff. If
you don’t, you’ll wind up with your
arm in a sling after West gets rid of
his remaining heart while you are
tuffing clubs in dummy.

After playing the king of hearts,
ace of clubs and ace of hearts, you
tuff spades and clubs back and forth,
finishing with 12 easy tricks. That’s
all there is to it,



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YESTERDAY’S SOLUTION

cent citron coin .cone corn
comer cornet cretin

tone toner tonic torn







New

word

any chemical
that burns
nae marcst ts





Shakridyar Mamedyarov v Mikhail
Gurevich, European team
championship 2007. The white 8|
player, widely known as Shak, has
reached the world top 10
grandmasters and is a deadly 6)
attacker against slightly weaker

rivals. His veteran opponent in
today’s puzzle tried the solid but 4;
passive Queen’s Gambit Declined 1
d4 d5 24 e6 and was soon faced
with mounting pressure on his king >
from the advance of White's g andh
pawn. Here both the attacking foot ||
soldiers have been exchanged off to
provide open lines for Shak’s queen
and rook. Gurevich probably still
felt confident of a draw since the
natural play for White (to move} is
to exchange off all the rooks after
which there would be little in it.
Shak saw clearer, and the position

AND SPEAKING OF GRANITY,
T DROPPED A PITCHER OF

LEMONADE ON THE KITCHEN
FLOOR WHEN MY ROLLER
SKATES SUPPED.












‘| LEO - Jul 23/Aug 23



THE TRIBUNE.










©1989 Universal Press Syndicate
7



HEX, MOM, DID YOU KNOW THAT ] HEAYY MATTER, LIKE PLANETS.
GRAVITY IN OUTER SPACE
WORKS AS IF SPACE WAS

SINKS INTO THE SURFACE. ANG,
ANYTHING PASSING BY, LIKE
LIGHT, (ILL "ROLL" TONARD
THE DIP IN SPACE MADE BY
THE PLANET. LIGHT IS
ACTUALLY DEFLECTED BY
GRAVITY! AMAZING, HUN?






MONDAY,
MAR 10
AQUARIUS - Jan 21/Feb 18
A great opportunity arises on
Wednesday, Aquarius. However,
you may be too busy to see it com-
ing. Take the day off to make the
most of this deal. |

PISCES — Feb 19/Mar 20 |
Conceit can get you into trouble,
Pisces, but you seem to be ignoring all
of the warnings. A coworker ge
defensive as a result. i

ARIES - Mar 21/Apr 20

Have you been waiting for some
good luck to come your way, Aries?
Well, this is the week it just may
arrive in the form of an overdue
check. Spend wisely, but have fun;

TAURUS — Apr 21/May 21 |
Although it is still a month or two
away, start thinking about your
birthday plans, Taurus. This year
you are sure to throw a bash that
will be remembered by all.

GEMINI - May 22/Jun 21

A trip to the doctor gives you news
that you didn’t expect. You may
have to mend some of your
unhealthy habits.-It’s never too late

to make resolutions. |

CANCER - Jun 22/Jul 22
You may have been pondering start-
ing a new business, Cancer. Being
self-employed has its, benefits but
also several downfalls — consider

both sides carefully.

‘A better mood keeps you livel
this week, Leo. When you’re on |
roll, it’s hard to match your wor|
ethic. Make sure the boss sees a
of your hard work.

VIRGO - Aug 24/Sept 22 |
You’ve decided to get that pesky
task that has been haunting you
completed this week, Virgo. It
will be such a weight off of your
shoulders once it is done.

LIBRA — Sept 23/Oct 23.
Too many road trips have left you
car worse for the wear, Libra. Yo
Just made the investment, so take it
easy for a while. Tuesday is a Boog
|.

day for relaxation.

SCORPIO -— Oct 24/Nov 22
Have you been feeling lonely,
Scorpio? It might be time to invite
over some friends to help beat the
blues. Thursday is a good day for a
late dinner or movie night.

SAGITTARIUS — Nov 23/Dec 21 |
It seems you’ve gotten yourself
into another work bind, Sagittarius.|
You just can’t seem to find a place
that holds your attention. Keep!
looking and don’t settle. \

CAPRICORN -— Dec 22/Jan 20
You haven’t been feeling your best,’
Capricorn, and this week might be the,
worst of all. But rest assured that once!
this blows over you’ll be back on
your feet.

|
|

Re ae eee |

a bg doe t soo

proved a case of one move and you're
dead. After Wisiie’s next turn, Black
resigned. What was the winner, and
why did Gurevich surrender?

LEONARD BARDEN

Chess 8577: 1 Re6! Resigns. If Rxe6 2 Qxg7 mate.
Black's can't take Bxe6 because his bishop is pinned
by White's queen. If Qb4 2 Rxf6+! axf6 3 Qxq8 mate.



Ao che

b,

tk



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00103

In the Estate of EDWIN R. LONG, late of No.
10 Mohawk Drive, Brightwaters, New York, U.S.A.,
deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JAMES LENNOX
MOXEY of Shirley Street, Eastern District, New

«Providence, one of the Islands of the Commonwealth

of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the Resealed
Grant of Letters of Administration With The Will

« Annexed in the above estate granted to SHIRLEY

M. LONG, the Administrator, by the Surrogate’s
Court for Suffolk County in the State of New York,

» one of the States of the United States of America
on the 12th day of January, 2000.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
pe nT ' THE SUPREME COURT
PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00104

Whereas HARTIS EUGENE PINDER of Mareva
House, 4 George Street, New Providence, one of

~ the Islands of the Commonwealth of The Bahamas,

Attorney by Deed of Power of Attorney for Sidney

‘ H. Pinder has made application to the Supreme
Court of The Bahamas, for letters of administration

of the Real and Personal Estate of DANIEL
WHITNEY PINDER late of Blair Estates, Eastern

5 District, New Providence,-one of the Islands of the
* Commonwealth of The Bahamas, deceased.

~ Notice is hereby given that such applications will

| : be heard by the said Court at the expiration of 14

CES ay

. days from the date hereof.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00105

In the Estate of CHARLES G. HARAMIS, late
and domiciled of 327 Madison Avenue, in the City
of Watkins Glen, in the State of New York, one of
the States of the United States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by W.. CHRISTOPHER
GOUTHRO of the Regent Centre, Freeport, Grand
Bahama one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealing Letters of Testamentary for Executor in
the above estate granted to GEORGE M.
HARAMIS the Executor of the Estate, by the
Probate Division in the Surrogate Court of County
of Schuyler, New York of the one of the States of
the United States of America on the 28th day of
March, 1995.

Tabitha Cumberbatch
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00106 —

In the Estate of THOMAS JOSEPH MCNALLY
(a.k.a. THOMAS J. MCNALLY), domiciled and
late of 22 Ennis Lake Road, Ennis, Madison County,
in the State of Montana, one of the States of the
United States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ROBERT F. VAN
WYNEN of the Eastern District, New Providence,
one of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney

-in The Bahamas for obtaining the Letters. of

Appointment of Co-Personal Representatives in the
above estate granted to THOMAS F. MCNALLY
and MARC F. MCNALLY the Executors of the
Estate, by the Montana Fifth Judicial District,
Madison County in the state of Montana of one of
the States of the United States of America on the
15th day of August, 2002.

Tabitha Cumberbatch
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00107

Whereas CHELON M. CARR of Western District,
New Providence, one of the Islands of the
Commonwealth of The Bahamas, has made
application to the Supreme Court of The Bahamas,
Attorney by Deed of Power of Attorney for JULIA
LoRUSSO for Letters of Administration with the
Will annexed of the Real and Personal Estate of
LILLIAN J. KETCHAM., late of Sarasota County,
Florida, one of the States of the United States of
America, deceased.

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

Tabitha Cumberbatch
~ (for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00108

In the Estate of WILLIS PLAYER, late of 75 Orr
Road, Germantown, Columbia in the State of New
York, one of the States of the United States of
America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JAN W. BORGHARDT
of the Western District, New Providence, one of
the Islands of the Commonwealth of The Bahamas,
Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealing Letters of
Testamentary in the above estate granted to NAN
PLAYER HERMUS and JILL PLAYER
COTTON the Executrixes of the Estate, in the
Surrogate’s Court in the County of Columbia, New

York of one of the States of the United States of.

America on the 25th day of April 2006.

Tabitha Cumberbatch
(for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00109

In the Estate of FRANCELIA D. CORBETT, late
and domiciled of 235 Walker Street, Apartment No
236, Lenox in the County of Berkshire in the state
of Massachusetts, one of the States of the United
States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by MICHAEL CRAIG
ROBERTS of the Eastern District, New Providence,
one of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of
Probate of Will Without Sureties in the above estate
granted to Ann C. Lucas, Laurie J. Hall, and
William B. Roberts, the Executors of the Estate,
by the Probate and Family in the Trail Court of
Commonwealth of Massachusetts, one of the States
of the United States of America on the 30th day of
July, 2007
Tabitha Cumberbatch
(for) Registrar

IVIVINVAT, IWIAATQUE TE IU, CUUU, FOWWAte tee

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00110

Whereas PERRY TYRONE JOHNSON of Easter
Avenue, Freeport, Grand Bahama one of the Islands
of the Commonwealth of The Bahamas, has made
application to the Supreme Court of The Bahamas,

‘for Letters of Administration with the Will annexed

of the Real and Personal Estate of PERRY
TYRONE JOHNSON, late of No. 11 Easter
Avenue, Freeport, Grand Bahama, one of the Islands
of the Commonwealth of The Bahamas, deceased.

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

Tabitha Cumberbatch
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00111

In the Estate of CAROLE HUGHES SANTO,
late and domiciled of 3183 Bouvier Road in the
Town of Hammond in the Province of Ontario in
the Dominion of Canada, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ADAM D. R.
CAFFERATA of the Freeport, Grand Bahama, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of a
Certificate of Appointment of Estate Trustee in
above estate granted to JOHN HUGHES, the sole
Executor and Estate Trustee of the Estate, by the
Superior Court of Justice, Ontario on the 27th day
of June, 2007. .

Tabitha Cumberbatch
(for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00112

In the Estate of RONALD SAXBY BAILEY, late
and domiciled of 537 Dunstable Road in the City
of Luton, in the County of Bedfordshire, in the
Country of England, deceased.

NOTICE is hereby given that after the expiration

of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ADAM D. R.
CAFFERATA of the Freeport, Grand Bahama, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of
Probate in the above estate granted to ROBIN
ARTHUR BLAND and RICHARD JOHN
BAILEY, the Executors and Trustees of the Estate,
by the District Probate Registry at Oxford in the
High Court of Justice, England on the 8th day of
November, 2001.

Tabitha Cumberbatch
(for) Registrar



THE STJPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00113

In the Estate of RICHARD BEGLIN, late and
domiciled of 12 Water Street, Searsport, Waldo
County in Maine, one of the State of the United
States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JOAN FERGUSON of
the Western District, New Providence one of the
Islands of the Commonwealth of The Bahamas,
Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealing Letters of a
Grant of Letters of Authority in the above estate
granted to DAVID BERG, the Executor of the
Estate, by the Probate Registry in Waldo County,
of the state of Maine, one of the States of the United
States of America on the 2nd day of October, 2006.

Tabitha Cumberbatch
(for) Registrar



PAGE 12B, MONDAY, MARCH 10, 2008

THE TRIBUNE



Harrah’s Entertainment: We
lost confidence in $2.6bn pla

FROM page 1B

ture could successfully complete the
project as originally contemplated,
and accordingly we believe it could
prove harmful for all to move for-
ward,

“We greatly appreciate the efforts
and cooperation of the Bahamian
Government throughout this process.
There is no question that Prime Min-
ister Ingraham was committed to the
project and recognized its potential
contribution to his nation's economy.
We are open to the possibility of a
project some time in the future. How-
ever, at this point we have terminated
our involvement in the Baha Mar pro-
ject.”

“Thousands of jobs” were left at
stake after Harrah’s Entertainment
dealt this potentially “enormous
blow” to the $2.6 billion Cable Beach
redevelopment and wider Bahamian
economy by announcing it was ter-
minating its Baha Mar joint venture,
the Chamber of Commerce’s presi-
dent saying the whole episode was

“shocking”.

Dionisio D’Aguilar said Baha Mar’s
announcement on Friday of Harrah’s
move dealt “a big confidence blow” to
investors and businessmen alike.

“It’s not saying the whole deal is
dead, but it’s a big confidence blow, it
really is. It puts a damper on every-
thing,” Mr D’ Aguilar said. “It’s such
a big project and had such great
potential, and I don’t understand why
they [the Government] were not

excited about it, upbeat about it and

enthused about it.

“If this was 1992, they would have
welcomed these guys with open arms,
just like Atlantis. But this is 2008, and
we’re not hungry enough yet. There
are a lot of jurisdictions that are a lot
hungrier than we are.”

“J think it’s shocking,” Mr

D’ Aguilar said of the Harrah’s move

and the actions by the Prime Minister

and government that allegedly
sparked it.

Baha Mar announced on Friday

’ that Harrah’s, which was supposed to

No matter HOW MUCH or

be its joint venture partner in the
Cable Beach redevelopment with a
43 per cent equity stake, sent it a
notice that it was unilaterally termi-
nating the partnership due to com-
ments made about the project by
Prime Minister Hubert Ingraham in
the House of Assembly two days pre-
viously.

The Prime Minister had openly
expressed skepticism about whether
Baha Mar had the $400 million in
equity financing that it and its princi-
pals, Dikran and Sarkis Izmirlian, had
committed to, and whether it would
meet the March 2009 deadline for ful-
filling all its Heads of Agreement
commitments.

Mr Ingraham, though, said he had
no doubt about Harrah’s ability to
meet its obligations.

Vincent Peet, minister of financial
services and investments in the former
Christie administration, told The Tri-
bune: “This should come as no sur-
prise to anyone who understands
investing and the sensitivities of
investors. When I spoke [in the House
of Assembly], I warned the Prime
Minister about the consequences of
the remarks, and said he was send-
ing the wrong message to investors.

“Even then, I. did not anticipate
that there would be such a quick reac-
tion by Harrah’s. It is a major, major
blow to our economy going forward,
and something all Bahamians should
be concerned about.”

Asked about the economic impact
if the $2.6 billion Cable Beach rede-
velopment was unable to proceed, Mr

~ Peet added: “The impact 'will be quite

severe, and could be devastating on
the economy at this time. There are
thousands of jobs at stake. It’s a very
severe, very devastating effect caused
by the Prime Minister’s statement.”
The supplemental Heads of Agree-
ment pledged that 7,000 permanent
jobs would be created by the Baha
Mar project, up from the previous
3,500. The Harrah’s, announcement
places this in jeopardy, along with the
hundreds of construction jobs that
would have been created, not to men-
tion the several hundred million dol-

lars worth of additional economic
impact that Baha Mar was supposed
to generate per annum.

It is still unclear why the Prime

Minister decided to go public with his
opinions on Baha Mar’s likelihood of
success or failure last week. It is pos-
sible he may have been attempting
to manage the Bahamian public’s
expectations, but the timing was
astonishing given that the Govern-
ment signed the supplemental Heads
of Agreement with Baha Mar just
over one month ago — on January 31,
2008. It is most unusual to sign an
agreement, then publicly criticize the
deal.
- The Tribune understands that gov-
ernment ministers were also caught
off-guard by the Harrah’s move, and
are unaware of why the company has
adopted this position.

The Tribune also understands that
Baha Mar’s senior executives were
left privately dismayed by the Prime
Minister’s comments last week, and
feared the impact they might have on
the joint venture agreement with Har-
rah’s.

A major factor is likely to have .

been a little-noticed change at the top
at Harrah’s. On January 29, 2008, just
two days before Baha Mar and the
Government signed that agreement,
private equity giants Apollo Capital
Management and Texas Pacific
Group Capital completed their $29.7
billion takeover of Harrah’s, taking
the company private. Their deal saw
the private equity firms assume $12.4
billion worth of Harrah’s debt, mean-
ing that the company’s shareholders
received $90 per share or a net $17.3
billion.

But regardless of the deal’s details,
what is more significant in the context
of the Bahamas and Baha Mar is the
change in, ownership. Both Apollo
and Texas Pacific are hard-nosed pri-
vate equity firms, run by attorneys
and bankers, whose sole goal is to
extract the maximum possible value
and profits from their acquisition.

Private equity firms typically seek
rates of return on investment that are
greater than 20 per cent, and the



Prime Minister’s comments are hard-
ly likely to have endeared his gov-
ernment and the Bahamas to Har-
rah’s new owners.

They are likely to have been espe-
cially alarmed by Mr Ingraham stating
that he felt Baha Mar would not meet
its undertakings by deadline, particu-

larly since failure to do so would

mean the deal was off — after both
they and Harrah’s may have invested
what The Tribune understands could
have been as much as $250 million in
equity.

Apollo and Texas Pacific are also
likely to have factored in the potential
US and global recession into their
decision-making, and the protracted
negotiations Baha Mar endured under
both the Christie and Ingraham
administrations will not have escaped
their attention.

Indeed, the supplemental Heads of
Agreement for the Cable Beach pro-
ject was supposed to have been con-
cluded with the PLP government by
March 1, 2007, allowing Baha Mar
time to conclude the Harrah’s joint
venture by the middle of that month.

Yet both the government’s agree-

‘ment and the joint venture deadline

were missed, and it was almost anoth-

er 11. months before terms were |

agreed with the Ingraham adminis-
tration.
Major investors, especially private

“equity firms, do not like uncertainty

and keeping large chunks of equity

capital in cold storage, waiting for an |

investment opportunity that may not
materialize, when it could be earning
a return elsewhere. It is quite proba-
ble that Apollo and Texas Pacific
were looking for an excuse to with-
draw from the Bahamas project, and
in the Prime Minister’s remarks found
one.

Mr D’Aguilar alluded to the
lengthy Heads of Agreement and
approvals process as being one factor
behind the Harrah’s move, telling The
Tribune that Baha Mar and its prin-
cipals had gone through “agony” to

‘conclude the earlier deals with the

Government.
Noting the ‘on again, off again’ and




‘stop/start’ natyre of the negotiations,
Mr D’ Aguilar said: “The whole
process has been agony. There wasn
the will on behalf of the Government
for this deal to work from day on :.
For whatever reason, they did not
like this deal. They did not think 1 it
would be adequately funded, and ney-
er articulated why they thought that.

“The Government has to realise
the world is in recession, or at least. ff
very precarious position” at a time
when the Bahamian tourism indus
try and its product appeared to Be
locked into a downward trend. |

The Chamber president added
all investors coming into the Bahamas
had “complained bitterly about tt
process, the length of it, how long it
goes on for and the length of a



ations. Harrah’s probably decided:
at
home’. ee
If Harrah’s and its Bahamas-domi-
ciled investment vehicle, Caesar’s
Bahamas Investment Corporation,
made good on their threat to termi-
nate the joint venture, it would leaye
Baha Mar needing to find a 43 per
cent equity partner and replacement
operator for the flagship 1,000-room
hotel and 95,000 square foot casing
It would also throw plans for Cable
Beach’s regeneration into uncertal p-
ship of the existing hotels by Baha
Mar. Mr D’ Aguilar said the Harrah’s
announcement pushed back the
whole construction and operational
schedule for Cable Beach’s revital-
ization. Ful
And if it came to finding a new
partner, Baha Mar would be nego a
ating under duress and unlikely’to
achieve the best possible deal for both
itself ahd the Bahamas. i
The Chamber president addec
“What happens at Cable Beac
What do we do now? What is th
solution to this, big and mighty gov-
ernment? Bay Street is not nice,
Cablé Beach is average, Atlantis is
spectacular. But don’t put all the eg
in one basket, as Sol Kerzner is not
young man and is not going’ to4
there for ever.” ae

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Full Text
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0’ FISH

HIGH
LOW

Volume: 104 No.92

sooo serscs



WERENT RA

FORLENT mown. eS
TF
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construction
set to start
dR fetes

eas saan

bea omic - Pla whe Olony, sy, i
| bis: | E me VetYOne Wants to

Company says it believes
joint venture with Baha Mar
‘could prove harmful’

l By NEIL HARTNELL
Tribune Business Editor

HARRAH’S Entertainment
last night said it had terminated its

involvement in the $2.6 billion ©

Cable Beach redevelopment pro-
ject because it had lost confidence
in the ability of its joint venture
partnership with Baha Mar to com-
plete the project as initially envis-
aged. |

Hinting that the downward spi-

ral of the US and global economy:

had been a factor in its decision,
along with the lengthy negotiations
required to obtain a supplemental
Heads of Agreement, Harrah’s
said in a statement that it felt it

was “not prudent” to move for-

ward with the $2.6 billion project at
this time, and doing so could prove
“harmful”.

Explaining its reasons for a deci-
sion that seems likely to deal the
Bahamian economy, and its repu-

tation as a safe investment desti-
nation, a major blow, Harrah’s
said: “Unfortunately, it has taken
Baha Mar Development Company
longer to organise the project than
anticipated, and circumstances
have changed such that it is simply
not prudent to move forward.

“We do not have confidence
that the proposed joint venture
could successfully complete the
project as originally contemplat-
ed, and accordingly we believe it
could prove harmful for all to
move forward.”

The gaming industry giant
added: “We greatly appreciate the
efforts and co-operation of the
Bahamian government through-
-out this process. There is no ques-
tion that Prime Minister Ingraham
was committed to the project and
recognised its potential contribu-
tion to his nation's economy.”

SEE page 15

PLP: govt comments may have
caused Harrah's withdrawal

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

THE Government has only itself to blame if the $2.6 billion Cable
Beach Resorts project fails, charged the PLP in its response to the news
that Harrah’s has pulled out of the mega-resort development project with

Baha Mar.

“It appears that comments made by the government in the House of
Assembly may have caused Harrah’s Casino, a key partner in the devel-
opment, to withdraw from the project,” said the PLP in the statement
released yesterday. “Notwithstanding Baha Mar’s assertion that there is
no right to unilaterally withdraw from the project, the statement signalled
to us that the investment is in deep trouble largely as a result of negative
comments made in the House of Assembly by Prime Minister Hubert
Ingraham and his members of parliament.”

SEE page 15






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












THE Bahamas will host
Carifesta,2010 instead of
Trinidad and Tobago, Prime
Minister Hubert Ingraham
announced on Saturday.

This comes after Prime
Minister Ingraham - cur-
rently Caricom chairman -
put in a request to Trinidad
and Tobago’s head Patrick
Manning during the 19th
Intersessional Meeting of
Conference of Heads of
Government of the
Caribbean Community in
Nassau over the weekend.

Trinidad and Tobago will
take over as the host of the
event in 2012, in place of the
Bahamas.

The Bahamas was initially
signed on to host the event
for 2008. However, this deci-
sion was cancelled last July,
with the cultural festival
going to the Caricom state

SEE page 15

























Governor General is a

RN

'@



WTO Mr IM cI O RISE ele




Felipé Major/T ribune staff :



GOVERNOR GENERAL Arthur Hanna takes
part in a hoopla game at the Red Cross fair
on Saturday. before presenting his prize to a
youngster there. The event took place at the .
grounds of Government House.

Brent Dean/Tribune staff

itt a

A POOL of blood settled in the gutter on Parliament St, after an
elderly woman was robbed and beaten over the head with a wrench
by robbers in broad daylight yesterday afternoon.

Elderly woman mugged and
beaten in broad daylight

@ By TRIBUNE REPORTERS

AN ELDERLY Bahamian woman was in stable condition in hospital
last night after being mugged in broad daylight in Bay Street.

A thug struck her over the head four times with a steel wrench
before fleeing with her bag containing $300 and credit cards.

She was left lying in the road, with blood from head wounds trickling
into the gutter.

Horrified tourists gathered round the woman, Ms Eleanor
Cartwright, as she lay groaning beside her white Suzuki Swift car.

SEE page 15

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Haitian president
‘is looking to
decentralisation

~ to slow down
Haitian migration’

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

PRESIDENT Rene Preval is
looking to decentralisation as a
step towards slowing Haitian
migration, according to Prime
Minister Jacques Edouard Alexis.

Meanwhile, new focus is being
brought to bear on developing
agriculture and tourism in Haiti
as vehicles to provide economic
hope in a country where the
unemployed are in the majority.

However, Haitians know that
change will not occur overnight - *
and the government is well aware
that they have an “image” prob-
lem to contend with, suggested
the prime minister. :

Speaking at a special press
breakfast at the Wyndham Crystal
Palace resort on Saturday, Mr
Edouard said: “It’s no secret...the
people will only remain home if
there is infrastructure put in place
by the state. This is why President
Preval is particularly interested in

-the question of decentralisation.”

Prime Minister Alexis was
appointed by, President Preval in
May, 2006, after serving as prime
minister under the first Préval
administration from March, 1999,
to February, 2001. He was in the
Bahamas on Friday and Saturday
to attend the 19th Caricom Inter-
sessional Meeting of the Confer-
ence of Heads of Government.

With greater decentralisation,
he stated, the government can
“gradually equip these regions so
that they will have the services in
place, schools, healthcare, com-
mercial industry...so that persons
won't have to leave home to get
these services or go to.a foreign
country.”

While this will not stop Haitians
going on the move - both within
Haiti and abroad - it will hope-
fully change their motives for
doing so, he suggested.

“We're trying to do it so that
they come for pleasure, so that
we can mutually help each other,
and so that it wouldn't be some-
thing that would cause problems,”
he said. :

He added that while the presi-
dent’s intentions may “take a lot
of time” to come to fruition the
government is committed to its
agenda.

Speaking via a translator, Mr
Alexis added that the government
is looking to get the agricultural
and tourism sectors off the ground
as a means to provide jobs for
Haitians and bring money into the
government’s coffers.

“The rate of unemployment in

SEE page 15

Qu@s
et NMOS T AY i




PAGE 2, MONDAY, MARCH 10, 2008

THE TRIBUNE





PRIME MINISTER Hubert Ingraham
tabled a letter from Sir Baltron
Bethel, the lead negotiator in the
deal for the Christie government, to
Sarkis Izmirlian, chief executive.
officer of Baha Mar, in the House of
Assembly last Wednesday

OPPOSITION RELEASES STATEMENT ON HARRAH’S DECISION TO PULL OUT OF BAHA MAR DEAL

PLP claims it warned govt over
‘one-sided use of documents’

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

THE PLP has criticised the
government for what the Oppo-
sition claims is its selective
release of correspondence
between the developer of the
Cable Beach Resorts and the
then government.

“At the time of the debate in
the House, the PLP warned the
government and the prime min-
ister that it. was not wise for him

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to have signed an agreement and
then make public statements
denigrating that agreement. That
warning was ignored,” said the
opposition in a press release yes-
terday commenting on Harrah’s
decision to pull out of their deal
with Baha Mar.

“We also warned the govern-
ment about the one-sided use of
confidential documents from a
government file about the pro-
ject, which would bring the pro-
ject and the developer into pub-
lic controversy. That warning

was also ignored,” added the
PLP

Prime Minister Hubert Ingra-
ham tabled a letter from Sir Bal-
tron Bethel, the lead negotiator
in the deal for the Christie gov-
ernment, to Sarkis Izmirlian,
chief executive officer of Baha
Mar, in the House of Assembly
last Wednesday.

In the letter, dated February
20, 2007, Sir Baltron said that
the then government had not
received satisfactory evidence
that Baha Mar had obtained

“adequate financing for the pro-
ject.”

Another letter from January
25, 2006, was tabled in the House
by Minister of Education Carl
Bethel on Thursday from Mr
Izmirlian to the government.

In the letter, the CEO of Baha
Mar said that the then govern-
ment had not kept all of its
promises. If the master plan for
the project, and the supplemen-
tal heads of agreement were not *
finalised, continued Mr Izmir-
lian, he would have to inform

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Harrah’s and Starwood that the
government of the Bahamas had
failed him.

On Friday, just before Baha
Mar announced Harrah’s with-
drawal from the deal, Opposi-
tion leader Perry Christie
responded to the government’s
decision to selectively release
these documents.

“My government tried to cre-
ate a good feeling factor in the

country where investors would

see that this is a place where gov-
ernment changes do not affect
the economy of the Bahamas.
The Ingraham government has
the obligation to ensure that that
is right,” said Mr Christie while

addressing the media at Shera-

ton Cable Beach Resort.

“We are not heading in the
right direction when you start
taking papers out of communi-
cations and files to the prime
minister and putting them in the
newspaper. You are embarrass-
ing investors. Because, you see,
in a democracy, my side will win
again. And if you suddenly posi-
tion investors to be anti one side,
then that permeates downwards,
and that is what we tried to
avoid. Confidentiality must be
protected at all times,” added
Mr Christie.

The selective release of docu-
ments, continued Mr Christie,
will lead investors to be con-
cerned about the privacy of what
they write and say to the gov-
ernment in the future.

Mr Ingraham is scheduled to
respond to the Harrah’s pull-out
today in the House.

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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 3



Cricket World Cup

© In brief

Second body
found in area
around South
Beach Pools

A SECOND body, also
believed to be that of a Haitian
male, was found in the area sur-
rounding the South Beach Pools
on Saturday afternoon.

The discovery was made at
3pm by authorities just a day
after the body of another man,
also believed to be Haitian, was
found in the same area washed
ashore near Holiday Drive,
close to the South Beach Pools.

Assistant Supt Walter Evans
told The Tribune that it’s
believed the first victim
drowned and was then washed
ashore. However, an autopsy
will have to determine the exact
cause of death, he said.

The second victim, who too
has not yet been identified by
police, was found dressed in
dark trousers and a red shirt. It
is believed that he also
drowned. An autopsy will have
to officially confirm his cause
of death also.

A Haitian sloop ran aground
off southern New Providence
last week. Authorities suspect
that both men may have been
passengers on the vessel.

Armed handits
strike over
weekend

A MAN returning home in
Yamacraw, and a Texaco Ser-
vice Station, were both robbed
at gunpoint by bandits over the
weekend in separate incidents.

Police report that shortly
before 11am on Saturday in
Yamacraw Estates, a man,
whose identity police have not
released, was approached by
three armed men as he arrived
home.

The robbers took an unspec-
ified amount of cash from the
victim, and sped off in a silver
Nissan Primera. The silver car
bel__ved to have been used in
the robbery was discovered

security measures to p Auto He A&

be extended to all
Caricom countries

Govt leaders put priority on crime agenda

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

EXTENDING security
arrangements put in place during
the Cricket World Cup to all

Caricom countries will be a major .

step in addressing the rising tide
of criminality regionally, govern-
ment leaders have agreed.

Trinidad and Tobago’s Prime’

Minister Patrick Manning made
this disclosure during the closing
press conference of the 19th Cari-
com Intersessional Conference of
Heads of Government meeting
in Nassau on Saturday.

Also present were Bahamas
Prime Minister and Caricom
chairman Hubert Ingraham,
Bruce Golding of Jamaica, Denzil
Douglas of St Kitts and Nevis,
along with Secretary General
Edward Carrington. \

Mr Manning, who is the Cari-
com head with lead responsibility
for crime and security, said: “We,
in fact, placed a very high priori-
ty on the crime and security agen-
da, and we considered that in fact
one of the greatest legacies arising
out of the Cricket World Cup
2007 (CWC) were the arrang-
ments put in place to secure the
region in that period.

“They were very comprehen-
sive arrangements, they worked
very well, and we have had a reaf-
firmation from all heads to now
consolidate our gains in that area
and extend these arrangements
to include all the other non-crick-
et countries,” he said.

In anticipation of the CWC,




soon afterwards’by police inthe Pre

Marigold Farmiarea.

The licence plates on ‘the
vehicle did not correspond and
it is thought that it was stolen
for use in the robbery.

The armed robbery of Texaco
West Bay Street occurred at
10am yesterday, when two

armed men entered the service

station.

They stole cash and phone
cards from the station before
making their getaway.

Police are investigating both
incidents.

Man shot in
the shoulder

ONE man was shot in the
shoulder after an employee of a
scrap metal company on
Arawak Cay opened fire on
men who were on the compa-
hy’s property, according to
police.

The incident took place yes-
terday at 8am shortly after the
employee arrived at work.
Three men who were on the
property attacked the employee
who, according to police, pro-
duced a gun and fired shots, hit-
ting one of the men in the
shoulder.

The victim was taken to
Princess Margaret Hospital
where his condition was
unknown up to press time yes-
terday.

Two other men were taken
into custody by officers from
the Arawak Cay Police Station
for questioning shortly after the
incident.

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.

ro



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Patrick Manning.

nine Caricom countries passed
numerous pieces of legislation
and established, among other new
developments, a regional intelli-
gence mechanism. This “mecha-
nism” gathered and analysed
intelligence which was then
shared among the cricket coun-
tries.

Mr Manning also revealed that
heads of government have sched-
uled a special meeting on crime
next month in Trinidad.

“The mere fact that heads of
government have agreed to meet
in Port of Spain to discuss this
agenda is an indication of the sig-
nificance placed on securing the
region and making it as crime-
free as possible,” he said.

Leaders were also presented
with a regional intelligence report
during the two-day meeting.
However, Mr Manning did not
elaborate on the contents of this
presentation.

He did go on to describe a
major new initiative already

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underway in the east Caribbean
to stem the flow of drugs into the
region that he hopes will be
expanded across the entire region.

Barbados and Trinidad and
Tobago, in conjunction with oth-
er nations who have assets in the
region, are “pooling their

resources” to institute air patrols /

and put in place a radar system to
detect drug traffickers entering
their borders. “It’s a major inter-
vention in crime prevention,” he
said.

Caricom chairman Mr Ingra-
ham stated in his opening address
to the Caricom heads that, despite
the efforts of national, regional
and international agencies, thus

far “the illicit drug trade con- °

tributes to the expansion of a gun
culture in our region with awful
social and economic conse-
quences.”

According to Mr Manning, the
two countries would eventually
like to see the entire Caribbean
fall under the radar’s watch. The
initiative has been realised thanks
to two new treaties negotiated
between the countries involved.

“One is a Maritime and Air-
space Co-operation Treaty. That
will allow one country to patrol
the airspace of another country,
and the other is a Common Cari-
com Arrest Warrant Treaty,
which would dllow any persons
arrested in one country required
in another country to be trans-
ferred to that country without
having to go through a long and
tortuous extradition,” he

explained.
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PAGE 4, MONDAY, MARCH 10, 2008

THE TRIBUNE

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Our laws need updating

IN DEBATING crime in the House of
Assembly on February 13, Prime Minister
Hubert Ingraham acknowledged that there

_ were “too many Colonial laws on our
books.” As a result, he said, government
was going to have “real law reform.”

He invited the community for its support
and contributions, noting that the
Bahamas is among “the most backward in
the Caribbean when it comes to law
reform.”

A brutal case in 2006 involving a child
rapist graphically illustrates how urgently
our laws need updating to adequately pun-
ish today’s criminals.

The case in question involved a six-year-
old girl against whom a bestial crime was
committed by a 32-year-old man who had
lusted for her small body after he had seen
her dance.

Considered a friend of the child’s fami-
ly he was allowed to take her shopping.
However, he betrayed the family trust
when, instead of taking her to the shop,
he took her in the vicinity of the BEC plant
at Big Pond, raped her viciously, beat her in
her face with his fists, and left her for dead
in an abandoned car. ‘Fhe small girl,

“drenched in blood, her body’'painfully torn,
struggled from the car. A security guard
saw her. Frightened to touch her because of
her physical condition, he called the police
who in turn called an ambulance. In hos-
pital doctors fought for her life. Today she
is withdrawn. Still in therapy, a family
member says that she will never be the
same. She certainly will never be able to
bear a child.

The judge, appalled by the enormity of
the crime, handed down the maximum sen-
tence — seven years in prison. Obviously
the judge felt that the sentence was too
mild for the severity of the crime, so 10
strokes of the cat-o-nine tail was added —

five as the rapist entered jail and five on his _

way out. The judge wanted him to at least
feel enough pain that he might think twice
before again lusting for a small child’s body.
In fact a man who could inflict such cruel-
ty on such a small innocent and then have
the nerve to complain, through his lawyer,
that a few strokes with “the cat” was
“excessive and barbaric” punishment

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should remain behind bars for life. Obvi-
ously, he does not appraise the enormity
of his sin.

Nor did he consider the barbarity of his
own act and the pain he was inflicting on
this child when he decided to use her to sat-
isfy his own animal passions. Society should
have laws on the books to keep such a
depraved creature off the streets for the
remainder of his life.

A strong message has to.be sent to those
of like mind. But the law is not there to
stop this type of criminal.

The man appealed his punishment and
won. Not because Court of Appeal judges
felt that he deserved a'reprieve, but
because the law about the application of
“the cat” was on his side.

Instead of increasing the flogging —
which is what he deserved — they were
forced to conclude that under the consti-
tution he could not be flogged at all. As
Court of Appeal President Joan Sawyer
pointed out, although this case should
receive severe punishment, “such punish-

ment must be in accordance with the law.”

In view of the Appeal Court’s finding,

Director of Public Prosecutions Bernard’:
“Turner withdrew his cross-appeal which

was to have the sentence increased. He
said that the Appeal Court’s judgment
highlighted deficiencies in legislation that
needed to be addressed.

The Appeal Court pointed out that prior
to the 1973 Constitution, no provision in
the Penal Code allowed flogging for sexu-
al offences or rape.

As a result the court found that the cur-
rent law that approves corporal punish-
ment for sex offenders was in conflict with
the constitution. This should be immedi-
ately remedied by legislation.

About the same time as the case of the
child, a lawyer complained that eight lash-
es for his client, who had not only com-
mitted burglary and caused harm, but
attempted to rape an 83-year-old woman
was “excessive” punishment.

Some of this so-called “excessive” pun-
ishment should be firmly established so
that these defiant young hoodlums, who
respect no one, can get’a taste of their own
excessive behaviour.



Liberalised.
trade and the
fear factor

EDITOR, The Tribune.

I READ with interest Mr
Moss’s views with regards to the
governments decision to sign onto
the Economic Partnership Agree-
ment and concluded that he is fol-
lowing the mind-set of an
informed individual who argued a
point by presenting partial infor-
mation mixed with emotive words
like “weak” and “economic
death” to instil and reinforce a
level of fear against the issue of
trade liberalisation.

To understand why today the
Bahamas finds itself being bom-
barded with so many trade agree-
ments it is important to note that
this process started some 65 years
ago after the second world war
and is only culminating today
with countries signing onto the
various trade organisations that
have lobbied for these agree-
ments.

At the start of this process, the
world was faced with the dilemma
of a global recession as a result of
the war and many years of coun-
tries forming barriers to trade so
as to protect domestic invest-
ments.

As a result economic think
tanks came up with the concept
that in order for the world
economies to stabilise and remain
on a path of growth and expan-
sion it was important for coun-
tries to liberalise their economies
by allowing unrestricted, parallel
importation of each country’s
goods and services.

By doing this, all countries par-
ticipating in this new liberal trade
will benefit.

How? Bahamian and Euro-
pean countries participating in a
more liberal trading practice
(trade with no tariff and border
restrictions) are clear: both coun-
tries will benefit through access of
goods not produced locally; more
competitive pricing and increased
employment for both the import-
ing and exporting country.

These benefits materialise in
the long run because as there will
be some economic structural
adjustments.

It is also important to note that
both countries will continue to
enjoy a comparative advantage






LETTERS

letters@tribunemedia.net

in their area of expertise and in
the case of the Bahamas it will
be in the service sector.

What concerns most sceptics,
especially politicians, is the issue
of employment.

They are afraid that the jobs
lost as a result of some domestic
businesses not being able to com-
pete with foreign goods will result
in political fall-out and social
unrest.

This is as true today as it was

when the concept of trade liber- .

alisation was first introduced.
The Bahamas is not alone

-when it comes to this fear; one

only needs to go back to the mid-
80’s during the Reagan adminis-
tration when Nancy Reagan took
a sledge hammer to a Japanese
made boom box as a declaration
to the world that their cheap
imports were hurting that nation’s
economy and way of life.
Fast-forward to 2008 and we
now see that such fears were mis-
guided as all one needs to do is
walk into Wal-Mart, Target and

_ all the other big chain stores in

the US that are thriving busi-
nesses selling mostly imports from
countries like China and other
Asian tigers.

The Bahamas has had to deal
with issues relating to a changing

economy as a result of changes.

in trade in the past; take the
sponging industry as an example.
During the time of sponging The
Bahamas experienced a tremen-
dous boom in its economy.
Exports to European and North
American countries were high
and this afforded Bahamians to
enjoy a higher standard of living.
However disease and, more
importantly, the introduction of a
synthetic sponge caused the
Bahamas to give up its quest to
sustain economic development
through sponging, but the
Bahamas was able to adjust and
realign its economic model to
embrace tourism as the engine
that drove its well-being.

Between these two shifts, how-
ever, there was unemployment
and persons changed their skills
from a commodity based way of
life to service based.

The results of this shift are self
evident today: straw venders can
send their kids through college
to become more than what their
parents could ever dream of
becoming; hotel maids can quali-

_ fy for mortgage loans and pool

boys can take home upwards of
$60,000 a year!

So, Mr Moss, while there will
be some fractional and structural
employment issues as a result of
more liberalised trade, those who
are affected will have to reinvent
their skills through training and
integrate these skills into what
will become a new Bahamian
economy.

This is why a national training
programme is so important.

It will allow persons seeking
new employment skills to be
trained in relevant areas so as to
take advantage of employment
shifts and entrepreneurial oppor-
tunities.

However, Mr Moss’s view that
by keeping tariffs and other bar-
riers to trade the Bahamian gov-
ernment is protecting the devel-
opment (and by extension,
employment) of the economy is
poor medicine for an economy
that has been inefficiently man-
aged for decades using this mod-
el.

An individual just needs to
note-and accept that employment
is fluid and shifts in labour will
result in persons moving from a
job that became redundant to one
that is in more.demand due to

_ Structural changes in the economy,

and usually at a higher pay grade,
Once this is achieved one ‘can
diminish a lot of fears about this
issue and begin programmes to
prepare The Bahamas to embrace

' these changes which, frankly, will

be coming no matter what your
views are on the issue.

ERIC STRACHAN
Nassau,
March, 2008.

Esfakis inquest article: a clarification

EDITOR, The Tribune.

Please allow me space to make
the following clarification of your
article re the Esfakis Inquest,
published on the front page of
the A section, 6th March, 2008.

Your lead line states that the
"results of the inquest into the
death of Christopher Esfakis is a
sign that the judicial system is
functioning well, according to one
member of the family."

Much as I would have been
pleased to be able to make this

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generalization, such is not the
case. One swallow does not make
a spring, and one dolphin does
not make a pod of dolphins.

There is information available
which would indicate that the
judicial system is in need of
urgent remedial and pro-active
"attention" — beyond commit-
tees and recommendations.
Attention that is, that results in
actual remedies and improve-
ments.

What I said, as reported in the
third paragraph, of that Tribune

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article, is that “the inquest con-
firms that the judicial system —
can work.”

The emphasis is on the words
“can work.”

Whether generally, it can be
said to "function well", is a matter
of some discussion.

LEANDRA ESFAKIS

Leandra Esfakis Chambers,
16 Market Street,

Nassau.

March 6, 2008.





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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 5



Man ora
escapes death
after car hits
pole and bursts
into flames

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



A MAN aged 21 narrowly
escaped death Friday night in
Grand Bahama when his car
crashed into and destroyed a
utility pole before bursting
into flames near the ZNS
Northern Service offices.

Kendrick Stubbs, of Mather
Town, Grand Bahama, was
driving along the Mall at
around 8.35pm when he lost
control of the white 2002
Chevy Malibu he was driving.

He went off the road and
skidded on to the grass medi-
an while attempting to nego-
tiate a winding curve, before
going through the utility pole.

The car he was driving, reg-
istered to Lakeshia Bevans,
was damaged beyond repair
in the accident. ,

Mr Stubbs was able to exit
the car shortly before it burst
into flames.

Firefighters were called in
to extinguish the blaze, and
Mr Stubbs was taken to Rand
Memorial Hospital where he
was later discharged after suf-
fering only minor injuries in
the crash.

The near fatal accident

came just one day after
Ronald Souffrant, 41, was
killed when he was crushed
between a garbage anda
flatbed truck.

He was the island’s second
traffic fatality for the year.

Grand Bahama recorded its
first traffic fatality of the year
last week when Jermaine Bat-
son, 27, crashed into a utility
pole at Deadman’s Reef.

ONE-DAY SESSION IN JULY TO FEATURE KEY INDUSTRY

CARICOM to focus on tourism

CARICOM will devote a full
day during its regular meeting of
Heads of Government in July to
focus on tourism, and has agreed
for the first time to make tourism
a standard item on all Caricom
agendas in view of its importance
to economies of the region.

This was revealed on Saturday
by Bahamas Prime Minister
Hubert Ingraham, who is also
chairman of Caricom.

His statement came during the
final press conference of last
week’s 19th Caricom Inter-Ses-
sional Meeting held March 7-8 at
the Sheraton Cable Beach Resort,
Nassau.

Caricom Secretary General Dr
Edwin Carrington, St Kitts and
Nevis Prime Minister Dr Denzil
Douglas, Jamaica Prime Minis-
ter Bruce Golding and Trinidad
and Tobago Prime Minister
Patrick Manning also took part
in the press conference.

Mr Ingraham said: “We agreed
that we are going to have a spe-



cial one-
day ses-
sion on
tourism
at the
confer-
ence in
Antigua
in July.
Tourism
is very
important to the Caribbean
region and to The Bahamas and
our economy, and we are going to
seek to bring focus to that issue.”

During his address at the open-
ing ceremony of the 19th Inter-
Sessional, the Caricom chairman
expressed hope that a special ses-
sion on tourism would be con-
vened in July.

In that address, he pointed to
the need to improve regional col-
laboration and co-operation in
areas such as product develop-
ment, service standards, market-
ing, eco-tourism and sustainable
tourism promotion and develop-

Hubert Ingraham

ment. “We are going to focus on
the aviation and transportation
of tourism, the marketing, brand-
ing of the tourism structure and
we are going to seek to create a
sustainable economic commission
on tourism. We are [also] going to
appoint a task force to produce a
report for us prior to the meeting
in July.”

During last week’s meetings,
government leaders agreed to
accept the invitation’ of United
States House Ways and Means
chairman, Congressman Charles
Rangel, to hold a meeting in New
York in June. That meeting will
be held under the theme: “New
York Conference on the
Caribbean Community: 2020
Vision Continued.”

Caricom heads previously met
with Congressman Rangel in
June, 2007. ,

Mr Ingraham said heads expect
to meet with the Mayor and Govy-
ernor of New York and with busi-
ness leaders to discuss trade and

_ Date for signing on to economic partnership

agreement Pa back from April to June

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

THE scheduled date for Cari-
com countries to sign on to the

Economic Partnership Agree-,

ment with the European Union
has been pushed back from
April to June.

This was revealed on Satur-
day by Jamaican Prime Minister
Bruce Golding, who said the
extra time will “allow each
country to go through text to
satisfy themselves that their

| commitments there are in

accordance with what they have
mandated and what they have
indicated a willingess to accept.”

It will also provide further
opportunity for countries who
wish to have a discussion on the

_EPA in their pactigmaent before

they sign on.

“T have instructed my own
foreign minister to have the text
made available to parliament
so that if a discussion in parlia-
ment is sought it can be enter-

Paauea

Gina ea,

Non-Iron, stain res
er emer ae a

ined said Mr Golding, who
was speaking at the final press
conference following the 19th

‘Intersessional Conference of

Heads of Government meeting,
held in Nassau over the week-
end.

The EPA is a trade agree-
ment between the EU and the
78 African, Caribbean and
Pacific countries, including 15
Caricom countries. It will
require ACP countries to open
up their markets over a 15 to
25-year period to EU countries
if they want to keep the duty-
free access they currently enjoy
in those European nations.

Mr Golding noted one coun-
try with a unique problem when
it comes to preparing to sign on
to the EPA is Haiti.

According to the prime min-
ister, Caricom is “still seeking to
have the text translated” so that
Haitian officials can read it.

“There’s 400 pages of text,

and 600 pages of annexes,” he
said.

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investment, culture, education
and other issues of interest and
concern to the region.

Caricom leaders addressed a
number of other pertinent issues
during the final Inter-Sessional
press conference, including
progress in the fight against
Chronic Non-Communicable Dis-
eases (CNCDs), matters related
to the Caricom Single Market and
Economy (CSME) and develop-
ments in the formation of a
regional approach to crime.

Secretary General Carrington
touched on developments in one
of Caricom’s principal objectives
- functional co-operation - and
announced the role Mr Ingraham
will play therein.

“An important decision was
taken by our heads at the meeting
in Barbados in July, 2007, to
establish a task force on func-
tional co-operation, which is a
mode of operation that incorpo-
rates activities covering how we
co-operate in economic and social



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affairs, foreign policy and securi-
ty objectives. [It is] a form of co-
operation which we say leads to a
community for all,” Dr Carring-
ton noted.

To pursue that work, a task
force was established as well as a
sub-committee. The task force,
he said, has done its first report
and reported to the Inter-Ses-
sional meeting.

“The sub-committee is now
being put into place,” Dr Car-

rington informed. “The sub-com-
mittee on functional co-operation
is to be headed by the Rt Hon
Prime Minister of The Bahamas,
and members will include Barba-
dos, Dominica, Grenada, St Kitts
and Nevis, Suriname and a rep-
resentative of the associate mem-
bers of Caricom.”

The Secretary General
explained that the sub-commit-
tee allows those Caricom coun-
tries that do not participate in
CSME to play a critical role in
the Community.





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PAGE 6, MONDAY, MARCH 10, 2008

THE TRIBUNE



The background of the Cable





Oy MARCH 5, Prime
Minister Hubert Ingra-

ham moved a resolution in the,

House of Assembly to authorise
the Treasurer to transfer certain
lands and buildings on West Bay
Street to Baha Mar Resorts Lim-
ited to allow the company to start
the Cable Beach development,
which is a joint venture between
Baha Mar Resorts and Harrah’s
Entertainment. Harrah’s is a 43
per cent partner in the Joint Ven-
ture.

Government entered into the
agreement with Baha Mar in
2005.

“The properties involved
relates to a portion of West Bay
Street, a portion of the Cable
Beach median, the Sir Cecil Wal-
lace Whitfield Centre, the Cable
Beach Police and Fire Station

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or application may also be
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and a portion of Road Corridor 7
North, Hobby Horse Hall prop-
erties situated on the southern
side of Bay Street,” Mr Ingra-
ham told the House. On Febru-
ary 18 he tabled a communica-
tion outlining the terms of the
Supplementary Agreement
between the Government of The
Bahamas and Baha Mar.

In 2005, he said, the Christie
government agreed to sell Baha
Mar the Radisson Hotel and the
golf course, the Crystal Palace
Hotel and Casino, the Nassau
Beach Hotel and adjoining prop-
erties, the Sir Cecil Wallace
Whitfield building, the property
that the British American Bank is
situated on, the straw market and
the Hobby Horse Hall and all of
the southern side of West Bay
Street.

“They also agreed that certain
lands owned by the Water and
Sewerage Corporation totalling
some 99 acres or thereabouts
would also be included in that
package of sale.

“That agreement was in pur-
suance of a commitment by Baha
Mar that they would undertake a
development of the order of $1
billion in the first instance. The
government granted to Baha Mar
some very generous concessions
and agreed to make cash pay-
ments in respect of certain infra-
structure that Baha Mar was
going to require,” said Mr Ingra-
ham.

“Under the terms of that
agreement in 2005, Baha Mar
undertook to provide the gov-
ernment within 18 months of that
agreement (that is, by October
2006) satisfactory evidence of the
following, because the transfer
of some of the properties, includ-
ing the Cecil Wallace Whitfield
building, the median and Water
and Sewerage Corporation land
were conditioned upon Baha Mar
fulfilling certain things in
advance:

“e Baha Mar was required
to put in from its own resources
$400 million.

“e Baha Mar was required
to provide the government with
evidence that it had financing for
its. $1 billion project

“e@ Baha Mar was required .

to obtain a commitment from a

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world-class hotel and casino
operator that they would be
involved in the project

° Baha Mar was required
to prepare and deliver to the gov-
ernment detailed plans and spec-
ifications of the project and a
starting date

“Baha Mar did not satisfy
those conditions by October
2006.

Instead, Baha Mar came to the
government in early 2007 and
said it wants to double its pro-
ject and move from $1 billion to
$2.6 billion. Not having carried
out its commitments under the
$1 billion project, the govern-
ment then entertained discussions
with Baha Mar about this
expanded $2.6 billion project.

“These projects were
announced to the Bahamian peo-
ple with great fanfare. The tele-
vision news on ZNS was pre-
empted and Ministers happily

’ gathered around the Cabinet

table and hailed and proclaimed
that Baha Mar is coming,” Mr
Ingraham continued.

“Not having come with the
first $1 billion, and not satisfying
the government as to why, the
government once again-pre-
empted the news to announce
that the project is now going to
be $2.6 billion, and that Baha
Mar is on the way.”

Mr Ingraham said that the
Christie’ government was negoti-
ating with Baha Mar up to April
-30 — two days before the elec-
tion.

“The reality is that it is ques-
tionable as to why the govern-
ment of The Bahamas, after hav-
ing entered into the first gener-
ous deal with Baha Mar, would
entertain them coming back to
say they are going to double the
investment without first of all sat-
isfying itself as to why they didn't
do the first deal,” said Mr Ingra-
ham.

“After Baha Mar had failed
to honour the deal, it came back
and said it wanted additional
casino tax concessions to the tune
of an additional $82 million.
Additionally it asked for special
casino tax concessions over a
three year period amoualuing to
$32.9 million.

“It asked the government to
spend in an additional eight years
of cooperative marketing $96 mil-
lion to the Bahamian taxpayers.
It also asked for an increase in
the relaunch of the cooperative
marketing from $20 million to
$40 million.

“Baha Mar wanted the gov-
ernment's commitment for infra-
structure for. building the new





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road to increase from $45 million
to $50 million (another $4.7 mil-
lion) and another $20 million for
a Sky Tunnel at Skyline Drive.

“In total, Baha Mar came
back and asked the government
for $255.6 million in cash in order
for them to carry out its $2.6 bil-
lion project,” Mr Ingraham told
the House.

“The PLP government itself
was very concerned about Baha
Mar's financial capability to
undertake this project. Notwith-
standing all the public pontifica-
tion and pronouncements, inter-
nally the government was very
concerned,” Mr Ingraham told
the House.

Mr Ingraham tabled a letter
dated February 20, 2007 from the
Ministry of Financial Services
and Investments, signed by Sir
Baltron Bethel that stated that
“the government has not received
satisfactory evidence that Baha
Mar has obtained adequate
financing for the Project. To date
no commitment for financing has
been obtained...”

Mr Ingraham said that when
his government came to Office it
was “faced with the circumstance
that the previous government was
unable to come to terms with
Baha Mar on an amended agree-
ment and that the previous gov-
ernment was not satisfied that
Baha Mar had the funding avail-
able to it to undertake the project
notwithstanding all the public
announcements about the pro-
ject.”

Mr Ingraham said that his gov-
ernment communicated its con-
cerns to Baha Mar “about their
ability to finance the project, and
they provided us with a number
of additional bits and pieces of
information. They and their
bankers met with me. They had
the Vice President of Harrah's
come to The Bahamas to see me.



“Notwithstanding all that, I .

was not satisfied that Baha Mar
had the money to do the project.
And today I am still not satisfied
that Baha Mar has the money to
undertake the project. But I am
satisfied that if Harrah's carries
out what it says it will do, they
have the means to undertake the

project — but they have no legal-.

ly binding commitment to The

Bahamas..All of their agreemenits

are with Baha Mar.” ©; >».

“The, government in pursuing

this project has acted, I believe,
in a way that they felt was in the
best interest of The Bahamas and
in so doing, they did some things
that were ordinarily not doable,”
said Mr-Ingraham.

“For instance, when the Colo-
nial government of The Bahamas

_ transferred the Cable Beach golf

‘course, a condition was put in the
conveyance that the property was

‘to be used for a golf course and

no other purpose whatsoever,
forever.

“Notwithstanding that, the
Bahamas government sold the
golf course to Baha Mar on
which they can build buildings
and other developments.

“We have undertaken to
spend huge sums of money. In
fact, one of the items that almost
killed the deal was Baha Mar's
insistence that the deal they had



.

Special ofjthe Week

Prime Minister’s statement on Baha Mar



with the government required the
government to spend up to $69
million of Bahamian public mon-
ey to put in the infrastructure for
the new Bay Street and other
infrastructure before they built
a hotel.

“And they sent us a payment
schedule that we were supposed
to meet for $69 million.

“And so you will note that one
of the changes in the Supple-
mental Agreement is that what-
ever the government agreed to
pay for this infrastructure will be
paid by The Bahamas govern-
ment when Baha Mar would
have taken a hotel of 1,000 rooms
100 feet off the ground.

“There is high expectation by
the Bahamian public and by
members here about the Baha
Mar project and it is our hope
that it would come about. But I
do not want to oversell hope. We
will do all we can to facilitate it,
but I do not want to oversell it.

“At the moment there are still
a few issues that stand in the-way
apart from money.

“Tt seems that the goal post
by Baha Mar continues to move.
Before we came to office it was
clear that they and the previous
government had agreed that the
property that is the subject of this
resolution could be transferred
without having to come to the
House of Assembly and that this
could be done under some law
in The Bahamas.

“We said we would not wish
to do this without coming to the
House of Assembly and passing a
resolution.

“Now that we have said that
and are doing this, one of the
issues is when we are going to
pass the resolution, because the
resolution is critical for Harrah's
to finalise their deal. But before
May 2, they did not need this.
Now, the two issues they claim
are outstanding are:

“e The passage of a reso-
lution by this House and Senate

“e Coming to terms with
the owners of Breezes over the
location of his sewerage facility
on a part of the land.

“So when we would have fin-
ished this exercise, from the gov-
ernment's point of-view, there-*
would: be ‘no outstanding isstie'!'
for Baha. Mar or anyone ane toil

: pin their hat on. of) eecyy cra on

“The. passage by the Parla:
ment of this resolution does not
mean we are transferring the
land. All it means is that Parlia-
ment is authorising us to do so.

“The land will only be trans-
ferred if and when Baha Mar
honours the deal. And if the deal
is not honoured by March 2009,
then there will be no deal.

“We expect that the bench-
marks which: have been agreed
will be honoured.

“The first benchmark is March
18 that is not going to be met and
I would doubt that the bench-
mark for next month is going to
be met.

“But I am not unduly con-
cerned about the individual
monthly benchmarks. I am con- |
cerned about the cumulative total
— March 2009. When we arrive
at that point it is either a deal or
it is not a deal.”

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Beach Resorts deal

LOCAL NEWS

Baha Mar Chief Operating
Officer’s 2006 letter to then
Prime Minister Perry Christie

Oy: January 25, 2006
Sarkis Izmirlian,

Chief Operating Officer of
Baha Mar Resorts Limited,
wrote Prime Minister Perry
Christie, pointing out that he
had delivered on all promises
made to government, but the
Bahamas Government had
failed to deliver on its com-
mitments.

He said that unless the
Christie government approved
the revised Master Plan and
finalised the Supplemental
Heads of Agreement in the
February timeframe he would
' have to inform Harrah’s and
Starwood that, despite his
“best efforts these past three

odd years the Government of -

The Commonwealth of the
Bahamas has failed me.”

He also said that unless the
Christie Government deliv-
ered on “the much advertised
partnership between the Gov-
ernment and Baha Mar, I am
seriously considering whether
investing billions of dollars in
this country is the right deci-
sion.”

Following is the full context
of the Izmilian letter.

January 25, 2006

The Rt. Hon. Perry Christie,

Prime Minister of the Com-
monwealth of the Bahamas,

Cecil. Wallace Whitfield
Building,

Nassau, NP, Bahamas:

Dear Mr. Prime Minister:

I write to you in the after-
math of the January 19th
-meeting held between my

negotiating team and Dr Bal. ,

tron Bethel. Following that
meeting, I was informed that
no progress has been made
gaining government approval
of the revised Master Plan
(similar in form, save minor
variations, to the Master Plan

affixed to the original Heads .

of Agreement signed April 6,
2005), nor of moving forward
the First Supplement to the
Heads of Agreement that was
submitted well over a month
ago.

Mr Prime Minister, since
the beginning of my involve-
ment with the Baha Mar pro-
ject, I have delivered on each
and every pledge I have made
to you:

I assured you that there
would be no layoff at the
properties. Indeed that I
would immediately improve
staff morale and opportuni-
ties, and I have delivered.

I pledged to you that I
would make significant
improvements to the hotels

on Cable Beach, and I have .

already delivered.

Perhaps most important, I
pledged to you that I would.
bring world class partners to
this project, and I proceeded
to deliver Harrah’s and Star-
wood respectively, the biggest
gaming company in the world,
and the largest hotel company
in the world.

You put your faith in me, a
fact I will always recognise
and appreciate, but in return I
more than honoured my com-
mitments to you.

Now, however, we have
reached a crossroads.

When you and I met in
December on your return
from Malta, I updated you on
our negotiations with our
prospective partners and told
you — as clearly as possible
— the assurances the partners
needed from the Government
as a condition for them to sign
the joint venture agreement.
Requests for these assurances
by the partners were, and are,
fair and straightforward.
Specifically, the partners need
confirmation that the Gov-
ernment has accepted, subject
to approval by the relevant
Government agencies:

A. The resort buildings may
be built to the general height,
bulk and configuration shown
in drawings presented to the
Government.

B. Prospect Ridge Road
(Skyline Drive) may be closed
as clearly shown on the Mas-
ter Plan that was made part
of the Heads of Agreement

signed on April 6, 2005.

C. Necessary “back of the
house” activities may be locat-
ed in the vicinity shown in the
Master plan and

D. The First Supplement to
the Heads of Agreement.

You had given me your
personal assurance that you
would ensure that the Gov-
ernment would move to expe-
ditiously accomplish the above
by the New Year.

Yet this did not happen. In
a sign of good faith, I reluc-
tantly gave up my plan for a
marina at Cable Beach, in
order to facilitate the govern-
ment review process.

Then on December 29th, a
meeting was held under the
auspices of Minister Smith
where it became apparent that
the Government was not dis-
posed to treat the partners’
request with the urgency and
seriousness they deserve. And
just last week I learned that
the Ministry of Works may
likely recommend that the

- roads are not closed. In short,
no progress has been
achieved.

In addition, the partners
and we are very concerned
about the mysterious process
surrounding the clean-up of
the oil spill. Despite under-
standing the need for our con-
struction work to begin in late
Spring of 2006, the Hotel
Corporation refuses to tell us
with appropriate candor when
and how it will remediate the
site in a timely manner. Equal-
ly disturbing is Dr. Bethel’s
recent request for “informa-
tion” on our specific plans for
building on the five-plus

_ affected acres implying that
Hotel Corporation of the
Bahamas (HCB) is thinking

‘ of ways to delay or limit the

clean-up in some way. Let me
stress here that nothing less
than a timely and complete
remediation of international
standards will satisfy the part-
ners and the financing com-
munity. HCB knows this and
had committed -to solve this
problem, but here leadership
and accountability is urgent-

ly required to turn this com-’

mitment into action.

I wish to'be very clear, and
very frank. Unless your Gov-
ernment delivers on the much
advertised partnership
between the Government and
Baha Mar, I am seriously con-
sidering whether investing bil-
lions of dollars in this coun-
try is the right decision. What
is imperative now is your per-
sonal commitment and imme-
diate movement to implement
the necessary actions to effec-
tuate the Government approv-
ing the revised Master Plan
and finalizing the Supplemen-
tal Heads (as well as address-
ing effectively the oil spill
remediation issue). This is par-
ticularly critical as the part-
ners, ably represented by
informed local counsel, are
well aware that the Govern-

iTunes

Cannas U a
z % et

3

ment has not approved the

revised Master Plan, nor has
negotiated a revised supple-
mental Heads. Indeed, in
order to meet firm board com-
mitments of the partners,
these matters must be
finalised no later than the first
week of February.

If we cannot achieve the
early February timeframe for
accomplishing the above, I will
have to inform Harrah’s and
Starwood that, despite my
best efforts these past three
odd years, the Government of

Bahamas has failed me. I cer-
tainly do not want to be
known as the developer (and
I’m certain you don’t want to
be known as the Prime Minis-
ter) that lost Caesars and Star-
wood. Today, more than ever
before, I need your unam-
biguous support, Mr Prime
Minister.

Sincerely,
Sarkis Izmirlian

With the completion of the new 4 lane Corridor 7 and realignment of West Bay Street
traffic flow will improve and a number of over capacity junctions will be relieved.

Future Road Layaut



THE DIAGRAM pictured above and the tables printed top
right and right were taken from a Baha Mar presentation.

CABLE BEACH
Mon.-Fri. 8am-6pm
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Â¥ Baha Nae eect

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connector : ee :

MRS ANNIE B. RALSTON

Sunrise: October 16th, 1939
Sunset: March 9th, ‘2001

“A life of Service, Humility and Love”
Dear Lord,

If roses grow in Heaven
Dlease pick a bunch for me.
Place them in my Mothers arms
and tell her they're from me.
Tell her I love her and miss her,
and when she turns to smile,
Dlace a kiss upon her cheek
and hold her for a while.
Because remembering her is easy,

* Ido it everyday,
But there is an ache within my heart
That will never go away.

Mom, your precious memories are my keepsake,
with which I'll never part,
The peace God grants me? That he has you
in his keeping and I have you in my heart.

Love Always, Kyla

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PAGE 8, MONDAY, MARCH 10, 2008 THE TRIBUNE



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Caribbean Political Union? Dreaming again

i By SIR RONALD SANDERS

(The writer is a business
executive and former
Caribbean diplomat)

ONCE again the elusive dream
of a political union between some
Caribbean countries is being pur-
sued but no one should hold their
breath in the expectation that it
will become a reality anytime
soon.

Ralph Gonsalves, the Prime
Minister of St Vincent and the
Grenadines, announced on March
Ist that three countries of the
Caribbean Community and Com-
mon Market (CARICOM) are
seeking to establish a political
union and that a study would be
undertaken to explore its feasibil-
ity.

The three countries, according
to Gonsalves, are Trinidad and
Tobago, St Vincent and the
Grenadines, and Grenada. There

_was also mention of St Lucia by

Trinidad and Tobago’s Prime

Minister, Patrick Manning.
From the outset, I should

declare that I favour a political

union of all CARICOM States. ,

Both my academic study and my
practical life as a Caribbean diplo-
mat and in business have con-
vinced me that if Caribbean coun-
tries are to progress with any real
measure of autonomy in a glob-
alised economy, they will have to
do so together.

In this connection, I welcome
any attempt to explore a political
union between any number of
Caribbean countries.

Having said that, I am deeply
conscious that, in the years since
independence, the notion of one
Caribbean people has been erod-
ed by the strong assertion of
nationalism even in the smallest of
the Caribbean countries. -

Many politicians on all sides
of the political divide have pro-
moted nationalism at the expense
of regionalism and so imbued in
their people the idea that they can
prosper on their own. In turn, this
has fostered rivalry and resent-
ment between Caribbean peoples.

The real facts of how much
official development assistance
individual states receive from
donor countries and agencies; the
critical part that remittances from
their nationals resident overseas
play in keeping their economies
afloat; the dependence on foreign
investment for economic devel-
opment; the crucial role. of joint
negotiations with other CARI-
COM countries in the trade rela-
tions with other.nations; and the

contribution’ aif sete CARIFOM





WORLD VIEW

nationals resident in local
economies are all downplayed if
they are announced at all.

So, the illusion that small
Caribbean states are able to sur-
vive and prosper on their own is
maintained. And, this illusion fos-
ters the idea that the nation state
must become a fortress for keep-
ing out all but the most necessary
outsiders and for protecting locals
from competition at all levels of
social and economic activity.

The idea that any group of goy-
ernments could simply decide that
a political union is desirable and,
thus, proceed to implement it, is
one that is bound to perish.

For, a start, the opposition par-
ties within each of the countries
would pounce on it as a political
gift, and they would exploit it for
everything it is worth. They would
use as the basis for such exploita-
tion, the very nationalist sentiment
that has been politically fostered
so misguidedly over the years.

In any event, the people will
want to understand the nature of
the political union that would be
proposed. Would it be a unitary
state or a Federation? How much
power would be given to the gov-
ernment of the union, and how
much would be delegated to local
authorities and in what areas?

Other questions arise. The
most important question concerns
the economic union that is being
actively considered by the coun-
tries of the Organisation of East-
ern Caribbean States (OECS) of
which Grenada and St Vincent
and the Grenadines are members.

If these two OECS member
states enter a political union with
Trinidad and Tobago what will
happen with their membership of
the OECS Economic Union? In
any scenario whether unitary state
or federation, it has to be assumed
that they could not pursue partic-
ipation in the OECS Economic
Union separate from Trinidad and
Tobago.

One assumes that neither St
Vincent and the Grenadines nor
Grenada will remain in the East-
ern Caribbean Central Bank or
in the single currency, the East-

‘ern Caribbean dollar, opting

instead for the Trinidad and Toba-

“go dollar with all the implications

for an effective devaluation of
their currency. It is highly unlike-

dy. that. Trinidad and. Tobago...

-woild choose to join t the Eastern

‘CRUISE
LINE



‘a political union. *





THE TOIBENE!

I







Caribbean dollar
area and revalue
its currency
upwards. The
implications for
the cost of exports by the Trinidad
and Tobago business community
would be horrendous.

There is also the matter of the
Eastern Caribbean Court which
serves all the OECS member
states. In a unitary state or a fed-
eration, it would be impractical to
have two sets of Courts.

Then we come to Petro Caribe,
the agreement with Venezuela
that both Grenada and St.Vincent
and the Grenadines have entered
into, at the expense of purchasing
their oil needs from Trinidad and
Tobago. Will the Petro Caribe
agreement be renounced, and will
the people of Grenada and St Vin-
cent and the Grenadines buy oil
and gas from Trinidad companies
and pay the same price for oil and
gas as the people of Trinidad and
Tobago?

These are all intriguing ques-
tions and they point to the reality
that the establishment of a politi-
cal union between Trinidad and
Tobago and two or three coun-
tries of the OECS is not a simple
task; indeed it is plagued with
major problems.

A much easier option for a
political union exists within the
OECS itself. They already have
the foundation for such a union. It
is rooted in their common curren-
cy, their common central bank,
their common judicial services,
and in the Eastern Caribbean
Common Market which they are
talking about advancing to an
Economic Union. Why this isn’t
being pursued first puzzles me.

Against this background, it is
difficult to see how a political
union between any group of
Caribbean countries — even the
much more ready OECS — will
be acceptable to Caribbean people
without a massive programme of
education that does two things:
reorients the thinking of national-
ist smugness that. has been so
effectively promoted, and illus-
trates the tangible benefits of such

\

@ SIR Ronald Sanders

Surely, such education should
be.a first step.

. Responses to: '
rOnaldsafiders29@nSthiail sh
uy



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SET TT ee,

MUNDAY, MARCH 10, 2008, PAGE 14

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BAHAMAS ELECTRICITY CORPORATION

_ TENDER FOR THE PROVISION OF GENERAL INSURANCES
ALL RISKS (BUILDINGS & CONTENTS, PLANT, MACHINERY
& EQUIPMENT INCLUDING SUB-STATION SITES

TENDER NO. 654/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general i insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour
Marked: Tender No. 654/08
“GENERAL INSURANCES BUILDINGS, PLANT & MACHINERY”
The Corporation reserves the right to accept or reject any or all tenders.
SEE EN
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL IN SURANCES

PUBLIC & EMPLOYER’S LIABILITY, PERSONAL ACCIDENT |

AND PRIVATE CAR & COMMERCIAL VEHICLE

TENDER NO. 655/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour |
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
_ Fax No. 323-6852

Tenders are to be haiid-deliversd on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
‘Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 655/08
‘SGENERAL INSURANCES — PUBLIC & EMPLOYER’S AND VEHICLES”
The Corporation reserves the right to accept or reject any or all tenders.
EC SO ag PY IS Rd
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
MONEY & FIDELITY

TENDER NO. 656/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
_ general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs, Delmeta Seymour
Marked: Tender No. 656/08
“GENERAL INSURANCES - MONEY & FIDELITY”

The Corporation reserves the right to accept or reject any or all tenders.



BAHAMAS ELECTRICITY CORPORATION

" ‘TENDER FOR THE PROVISION OF GENERAL INSURANCES
MARINE INSURANCE

TENDER NO. 659/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158

_ Fax No, 323-6852.

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

. The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 659/08
“GENERAL INSURANCES — MARINE INSURANCE

The Corporation reserves the right to accept or reject any or all tenders.
BAHAMAS ELECTRICITY CORPORATION

“TENDER FOR THE PROVISION OF GENERAL INSURANCES
_ PROFESSIONAL INDEMNITY (DIRECTORS & OFFICERS) -

TENDER NO. 657/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect packages from the Administration
Office, Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered‘on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs. Delmeta Seymour

Marked: Tender No. 657/08
“PROFESSIONAL INDEMNITY DIRECTORS & OFFICERS”

The Corporation reserves the right to accept or reject any or all tenders.

IE A
BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
ELECTRONIC EQUIPMENT& MOBILE RADIOS

TENDER NO. 658/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.

Bidders are required to collect padienes from the Administration Office,
Blue Hill & Tucker Roads by contacting:-

Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:

The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Attention: Mrs, Delmeta Seymour

Marked: Tender No. 658/08
“GENERAL INSURANCES ELECTRONIC EQUIPMENT & MOBILE RADIOS

The Corporation reserves the right to accept or reject any or all tenders.
PAGE 12, MONDAY, MARCH 10, 2008

The ENM government should waste no time in signing and YouNG MAN’s VIEW
ratifying the United Nations Convention Against Corruption

le

LOCAL NEWS



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]

WEBSITE: Www. PRICERITEFURNITURE. COM

ee

PROFILE:

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

e Proficiency in Advanced Excel, Word, PowerPoint, Access,
Outlook and Internet Explorer

e Ability to work quickly and accurately and cope with
large volumes of work

e Strong interpersonal skills and communication skills

° Facilitation and meeting skills

RESPONSIBILITIES WILL INCLUDE:

e Assists the HR Manager

e Assists with HR duties and research projects

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

© Disseminates internal information to personnel as required

e Composes letters, memos and reports

e 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 Unleee to qualifications and

experience.



@ By ADRIAN GIBSON
ajbahama@hotmail.com

HE Bahamas is

a cash-driven,

materialistic

society in which

certain politicians are corrupt,

vain kleptomaniacs who fancy

themselves to be among an
unaccountable elite.

Corruption is a mainstay of

-Bahamian politics as more

than a handful of politicians
steal money or solicit bribes to
maintain lavish lifestyles
and/or dole out contracts to
reward cronies and seek
patronage.

Locally, there’s no doubt
that several past and current
(elected) politicians have used
their position in government
to shaft the public/investors
and amass cash and valuables
that are stockpiled in bulging
secret bank accounts/safes.

Here, corruption among
politicians and public officials
vary and is inclusive of
bribery, embezzlement, graft,
nepotism, patronage, extor-
tion, cronyism, kickbacks and
bid-rigging.

According to Wikipedia,
the on-line encyclopedia:
“Corruption poses a serious
development challenge. In the
political realm, it undermines
democracy and good gover-
nance by flouting or even sub-
verting formal processes. Cor-
ruption in elections and in leg-
islative bodies reduces
accountability and distorts
representation in policymak-
ing; corruption in the judicia-
ry compromises the rule of
law; and corruption in public
administration results in the
unfair provision of services.
More generally, corruption
erodes the institutional capac-



“Over
the years,
shameful
scandals have
erupted
during
governmental
terms of both
major political
parties.”



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ADRIAN



THE TRIBUNE







Ge SON

OMISE TO DEEPEN DEMOCRACY: PM Hubert Ingraham

Sir Lynden Pindling

ity of government as proce-
dures are disregarded,
resources are siphoned off,
and public offices are bought
and sold. At the same time,
corruption undermines the
legitimacy of government and
such democratic values as
trust and tolerance.”

Several obnoxious Bahami-
an politicians seem to have a

’ tremendous sense of entitle-

ment, often conducting them-
selves like spoilt brats and
appearing to be nothing more
than a motley crew of incom-
petent “tiefin” wannabe dic-
tators who couldn’t spell
transparency even if it was
typed in bold font—size 72!

Although I’m not suggest-
ing that all politicians are
shysters, to use the words of
former US Secretary of State
Henry Kissinger, “corrupt
politicians make the other ten
per cent look bad.”

Improprieties

Unquestionably, certain
elected and high-ranking offi-
cials should face charges as it
relates to their dishonesty.
The improprieties of our pre-
vious governments have
tainted certain politicians and
revealed that they are noth-
ing more than political pirates.
It appears that some Bahami-
an politicians don’t have the
slightest understanding of the
word “honourable” that pre-
cedes their names.

Corruption can have omi-
nous, far-reaching effects
upon a society, such as pover-
ty, economic collapse, under-
development, abuse of the
public’s purse, the loss of life,
unemployment and even
result in a country being
blacklisted. Corruption under-
mines democracy and retards
economic development.

Because of the blatantly
corrupt practices of a number
of politicians in the 1980s, the
Bahamas was infamously
branded as a “nation for sale”
and “paradise lost.” It is
imperative that the public agi-
tate for the enactment of leg-
islation that ensures trans-
parency, answerability and
checks and balances, which
are all features of a principled
government. A prior Com-
mission of Inquiry indicted
several politicians and queried
the shady activities of others,
even leading to a few shame-
ful resignations. Former Prime
Minister Sir Lynden Pindling’s
claim to have received $16,000
— in US $100 bills — from
his poor Androsian con-
stituents will never be accept-
ed by discerning Bahamians
and, in my opinion, bore the
stench of corruption.

Over the years, shameful
scandals have erupted during



lan AY eae

governmental terms of both
major political parties.

‘Isn’t it almost mind-bog-
gling how certain first-time
Bahamian politicians erter
parliament with a declaration
of only $30,000 but five years
later declare a million? How
many former ministers sitting
in parliament actually hold a
job outside of being: an MP,
and why not?::;

The Chamber ‘of Coil.
merce recently complained»
that many businesses in the.
private sector were exposed.
to the heavy handedness of:
shady government officials, as. 3
some public servants have to’
be tipped in order for them:
to hasten applications andi
remove bureaucratic red tape.;
Because we live in a tip (mon-)
ey) culture, where some pub-
lic servants have an insatiable
drive for materialism, there is®
an increased cost for doing’
business inthe Bahamas! |

It is widely known that!
crooked government officials;:
attempt to blackmail or;
threaten to use the state’s;,
force against businesses and |
citizens who don’t accede to;
their wishes.

The Bahamas has a large.
public sector which, due to its’
size, is ripe for corruption.
Many government-owned cor-;
porations are hotbeds teem-;
ing with political cronies. Of,
late, empowered politicians;
have also been accused of;
manipulating the inner work-)
ings of law enforcement agen-|
cies — from the police to cus-¢
toms. The dreadful effect of}
corruption has, in the past,
also blighted our judicial,
process. Across the globe, iti
can be seen that corrupt judi-;
ciaries facilitate corruption inj
government.

According to Transparency, ‘
International, a global civil’
society organisation that fights,
fervently against corruption: §

“Opportunities for pur4
chasing influence in govern-"
ment are not confined to the:
electoral process. Lobbyists’
who stand between the public.
and private sectors are in a
ideal position to broker cor
rupt transactions. Where cor-~)
ruption comes into play is)
when an interest group or cor-;
poration gains privileged:
access or undue influence of
policy-makers.”

Bribes

Indeed, there are special
interests lobbyists in the
at who.
receives the bulk of all major:
contracts and those who influ}
ence government policy! 4

Every election season, the,
most barefaced forms of polit-'

SEE page 13



2
%

u

4


:THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 13



intent on raping the taxpayer

FROM page 12

ical corruption take place.
Bahamians are well aware of
the propositions of politicians,
who offer bribes for votes dur-
ing a general election cam-
‘paign, whether that means

_purchasing food, clothing or |

' appliances, paying utility bills,
‘raising public funds to create
'temporary jobs, doling out
‘contracts for campaign
: favours, or unashamedly giv-
‘ing away money.

Principles

Professionally and private-
ily, parliamentarians should
|always conduct themselves
rethically. Bahamians are
[sentative their elected repre-

I
}
t
t

sentatives to serve them with
"integrity, rather than selfishly
(pursuing power and self-
/enrichment. The FNM gov-
‘ernment came to power pro-
‘moting a trust agenda and
| proposing seven principles of
public life — selflessness,
integrity, objectivity, account-
-ability, openness, honesty and
sleadership. If the present gov-
ernment’s proposed principles
fare genuine, they should
‘immediately fulfil their ¢am-
-paign pledge of establishing,
‘publishing and enforcing
tcodes of conduct that holds
tall MPs/ministers accountable!
| To prevent corruption dur-
‘ing elections, there is a need
‘for campaign finance reform.
‘We must not stand by and
| watch as political parties fall
Fate the pockets of wealthy
tdonors. When it comes to
campaign financing, we
should cap expenditures by
putting ceilings on donations
and carefully scrutinise the
institutions and/or individuals
contributing to the coffers of
these parties. Disclosure
requirements to heighten
transparency and ensure that
the public is made aware of
how much money was donat-
éd:to a political party or can-
didate, by whom, when and









é

for what purpose! Countries
such as France have banned
corporate funding of political
parties and also put limita-
tions on the amount of cash a
candidate can spent which, if
exceeded, can result in a can-
didacy being nullified and
sanctions placed on a candi-
date for future elections.
Frankly, I am still waiting
for both the FNM and PLP to
disclose who financed their

campaigns! The lack of free-
dom of information legisla-
tion makes the Bahamas a
haven for megalomaniacal
politicians’ intent on raping
taxpayers.

Presently, there are no
safeguards against corruption
and neither are there any
mechanisms in place to 'pro-
tect whistleblowers. At a mass
rally on November 21, 2006,
PM Ingraham told a crowd

We ask that the following persons please contact:
Ms. Nedra Carey, Mr. Caudray Pratt and Ms.
Evelynda Smith Ph: 323-4488 at your earliest

convenience.

Rosetta Booth

Cornelius Burrows
Jason Griffin
Lawson Sweeting
David Smith ©
Rodger Steal
Vinslo Billups
‘Gregory Taylor
Michell Simmons
Mervin Musgrove

Melita Barr

Stanley Albury



Bahamas Bus & Truck Co., Ltd.
Montrose Avenue
Phone:322-1722 ° Fax: 326-7452

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§

that he found it “very reveal-_

ing” that the Bahamas had
not signed or ratified the Unit-
ed .Nations Convention
Against Corruption, which
was entered into force in

December, 2005. Mr Ingra-
ham promised to deepen
democracy and further bol-
ster the Bahamas’ democratic
institutions. Now that the

FNM is in power, it is hoped °

that they will move with haste
in signing and ratifying this
important convention and, in
turn, make provisions of the
convention law in the
Bahamas.

VACANCY NOTICE

PROJECT ENGINEER

TECHNICAL SERVICES DEPARTMENT AND OTHER GBPC DEPARTMENTS

The Grand Bahama Power Company, Limited invites qualified Mechanical Engineers to apply

for a position as Project Engineer.

This position is that of a support staff who manages and participates in the planning of

special projects when required and provides technical assistance and engineering support for

the Technical Services Department and other GBPC departments.

The duties of this position include, but are not limited to providing technical assistance and

engineering support for the project group; planning projects, establishing projects, action
plans and budget; coordinating project execution, directing skilled crews, specifying and

purchasing equipment and preparing engineering and cost reports.

Applicants must have a Bachelor of Science Degree in Mechanical Engineering, a minimum

of ten (10) years experience with at least five (5) years as a Senior Engineer or Project

Manager, skilled in Mechanical Engineering. The individual must have a good understanding

of electrical systems and must possess good leadership skills and a reputation as an honest

and ethical employee.

a

The applicant must also have good organizational skills, a sound understanding of computers

and their application and good verbal and writing skills.

Applications with supporting documentation including a clean Police certificate and proof of

Bahamian citizenship should be sent to:

THE DIRECTOR OF HUMAN RESOURCES
GRAND BAHAMA POWER COMPANY, LIMITED
P.O. Box F-40888
Freeport, Grand Bahama Island, Bahamas

Email: hrdept@gb-power.com
Fax: (242) 351-8008

DEADLINE FOR RECEIPT OF APPLICATIONS IS:

“MARCH 19", 2008 «

®

GRAND BAHAMA POWER COMPANY



BEC wishes to advise the public that on
25th March, 2008, it will begin surveying its
wayleaves which enclose transmission lines from
Tucker Road to Bethel Avenue.

All derelict vehicles, existing encroachments, fences, walls,
structures and other equipment should be removed from
the wayleaves within the next 21 days. Failure to do so will
result in immediate removal of any and all equipment and
structures from the following locations:

¢ All that property being BEC wayleave going south

from Tucker Road
¢ Crossing Celery, Old Cedar and Graham Roads
West on Derby Road
¢ Crossing Yellow Elder, Maize and Brown Roads
* Ending at Bethel Avenue

(TELERT A hg

(ITED aA A

ee

a CPRER ROA
















PAGE 14, MONDAY, MARCH 10, 2008



THE SCHOOL OF BUSINESS

at
The College of The Bahamas

in conjunction with
The Ministry of Finance will host a TOWN MEETING

Topic: The Economic Partnership Agreement between the
European Union and Cariforum

Presenters:

Hon. Zhivargo Laing,
MP, Minister of State in the Ministry of Finance;
John Delaney, Chairman, Trade Commission;
Philip Simon, Executive Director, Chamber of Commerce.

Moderator: Olivia Saunders, Associate Professor
Date: Wednesday, March 12 at 6:30 p.m.

VENUE:
Choices Restaurant, Culinary and Hospitality
Management Institute

For more information,
please call the School of Business at 302-4421

PRESIDENT’S SCHOLARS
WOR Xk te Ro A SA MOR

The College of The Bahamas is accepting applications

for The President’s Scholars Programme.

CRITERIA

A minimum cumulative
grade point average of 3.50
SAT scores of 1800

Must be a high school senior
Must be a Bahamian citizen.
Must pass at least 7 Core
BGCSE Subjects (with 5 A
GRADES) by the end of
this year’s sitting.

BENEFITS
Full payment of tuition
and general fees
Annual book allowance
Retreats
Study lounge complete
with computer, printing
and faxing privileges
Leadership workshops
and conferences
Domestic & International travel
President’s Scholars award at Commencement



Application deadline Mar 31, 2008
Applications online at www.cob.cdu.bs
Fax 302-4329 Tele 302-4589
Office of Student Leadership Room A 85



INTERNATIONAL
LANGUAGES
AND CULTURES
INSTITUTE




COMMUNICATION: A KEY TO GLOBAL UNDERSTANDING

AT THE COLLEGE OF THE BAHAMAS

IS PRESENTLY OFFERING THE DELE EXAMINATIONS:

(DIPLOMA DE ESPANOL COMO LENGUA EXTRANJERA)

REGISTRATION : MARCH 3 TO APRIL 11
THE EXAMINATION WILL TAKE PLACE ON MAY 23

BEGINNING ON MARCH 31°,
TUESDAYS & THURSDAYS, 12 TO 1:30
SURVIVAL MANDARIN FOR THE OLYMPICS
TAUGHT BY PROFESSOR XU FROM NANUJING, CHINA



FOR MORE INFORMATION, PLEASE CALL:
302-4584 OR 302-4587
OR E-MAIL US AT: ilci@cob.edu.bs





THE TRIBUNE





Visit our website at www.cob.edu.bs EDUCATING & TRAINING BAHAMIANS

STAFF VACANCY

The College of The Bahamas is a publicly-funded institution delivering education toward associate degrees
and baccalaureate degrees, as well as various certificates and diplomas to approximately 5,000 students. The
College employs 213 regular faculty, about 70 part-time faculty as well as 385 staff. It is the 16 largest
employer in The Bahamas. The College has an operating budget of $47M in 2007/08. The College is preparing
its transition to full university status and is planning for major construction. It will also be launching a major
capital campaign. The College of The Bahamas is seeking qualified candidates for the position of Vice-
President, Finance & Administration and Chief Financial Officer.

Vice- President, Finance & Administration and Chief Financial Officer

POSITION PROFILE

The Vice-President, Finance and Administration and Chief Financial Officer is a seasoned administrator with
superior strategic and leadership skills. He/she will be a results-oriented leader of high integrity who inspires
respect in others, demonstrates outstanding strategic and leadership skills and shares The College’s commitment
to students, to faculty and to service to the nation.

He/she will be a skilled and experienced problem-solver, a strategic thinker who leads in a transparent, decisive,
collaborative and transparent manner. The Vice-President, Finance and Administration and Chief Financial
Officer reports directly to the President and oversees the financial affairs, the human resources functions and

‘the physical assets and planning of The College. He/she is supported by a qualified team of experienced

managers and supports the mission and implements the strategic plan of The College. He/she has direct
oversight of functions that have an impact on the more than 500 employees and nearly 5,000 students of The
College.

The Vice President, Finance & Administration and Chief Financial Officer directs the College community in
all matters relating to:

operating and capital budgets and planning;

financial and treasurer accounting records and core systems;
internal and external auditing;

human resources management,

ancillary services;

facilities and construction services;

campus master planning and design;

space management planning and allocation;

campus safety and security.

The Vice-President, Finance and Administration and Chief Financial Officer ensures that all The College’s
financial operations are administered in accordance with government requirements, institutional policies and
best practices in financial management in ‘not-for-profit’ institutions and in accordance with GAAP (Generally
Accepted Accounting Principles). The Vice-President, Finance and Administration and Chief Financial Officer
is a member of key College governance and administrative committees. The Vice-President, Finance and
Administration and Chief Financial Officer supervises the Assistant Vice-President, Human Resources, The
Comptroller, the Estates Administrator and a number of other key administrators. The Vice-President, Finance
and Administration and Chief Financial Officer will contribute to the successful growth of The College into
The University of The Bahamas taking on such challenges as the creation of a University trust/foundation
for receipting major gifts, the development of a new pension plan, the negotiation of land transfers from
government and acquisition of new property, major development projects and the negotiation of new insurance
policies. .

‘Duties and Responsibilities:

Leadership and Management of Policies, Systems, Administration and Reporting

° Directs the development of financial policies and standards that provide support for the
academic and research mission of The College of The Bahamas. ~ :
° Ensures that the financial systems throughout the College meet the highest standards for

providing financial information in a manner that allows strategic financial analysis and
decision making about the best use of the College’s financial resources.

o Directs the preparation and delivery of financial reporting to the President, to Council as
well as to government and other agencies. :

° Provides financial oversight and administration services to the College’s campuses and
research and field stations. .

° Oversees the monitoring of the financial well-being of The College of The Bahamas.

° Directs development, recommendation and implementation of the annual capital program
and budget.

° Supervises planning and monitoring of annual departmental operating budget.

° Directs development of the annual work plan for maintenance and renovation of facilities
and budgets for the same.

° Provides leadership and direction for the College safety and security programs and policies.

° Directs Human Resource policy, procedure, systems and programs including industrial

relations for the College.

External and Internal Liaison and Adviser

° Advises the Council and the President on all aspects of financial management including
long range economic trends, consequences of financial compliance and regulatory changes,
and internal resource management.

° Coordinates with all involved constituent groups all capital needs and resources, and

recommends principles and priorities for the capital activities, including the development
of the College’s Master Plan.

° Reviews and reports on The College’s fund-raising activities and investments and oversees
the provision of detailed stewardship reports to donors.

° Acts as The College’s senior financial representative with external professional financial
groups.

° In collaboration with the Associate Vice-President, External Affairs represents The College

with external groups including government agencies, the business community, as well as
with the media legislators, local communities, the media, alumni and donors.

° Directs the external negotiation of the College government subvention.
Special Initiatives
° Plan for the creation of The University of the Bahamas Pension Plan.
° Ensure appropriate instruments for gift accounting and donor stewardship.
° Prepare for quality assurance reviews in all areas of finance and administration in a
university setting.
° Implement an internal audit programme.
Qualifications:

The successful candidate will have:

Master’s in Business Administration, Accounting or Finance or equivalent;

15 years experience in financial management in increasingly demanding positions;

A CPA designation or its equivalent;

Demonstrated excellent leadership and strategic skills;

Proven ability to identify and implement process and systems improvements, and large-
scale control and management initiatives;

Experience in higher education is an asset, though candidates with strong profiles at a senior level in other
fields will be considered.

To ensure consideration, application materials must be received by March 31, 2008.

A complete application packet consists of :

° A Cover Letter

College of The Bahamas’ Application Form

A detailed curriculum vita .

Copies of all transcripts (original transcripts are required upon employment)
The names and contact information for three references

Please send information to:

The Director

Human Resources

The College of The Bahamas
Oakes Field Campus
Thompson Boulevard & Poincianna Drive
P. O. Box N-4912
Nassau, Bahamas
or

Email: hrapply@cob.edu.bs

Please visit the College’s website at www.cob.edu.bs for more information about the institution and to
access the College’s Employment Application Form.


THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 15






Bahamas to

host Carifesta

FROM page one

of Guyana instead. Guyana, :
which sits on the north east :
coast of South America, host- :
ed the Cricket World Cup in :
2007 and has well-established, :

large-scale staging sites.

Speaking to the Caribbean
press at the Sheraton Cable :
Beach resort on Saturday, :
Prime Minister Manning said :
his decision to agree to Mr :
Ingraham’s request was :
inspired by “the spirit of :
Caribbean brotherhood” in :
conjunction with the fact that, :
while the Bahamas has never :
hosted Carifesta, his country :
has done so three times since :
1992 - with the 2010 event set :

to make it four.

The announcement could :
be a step towards mending the -:
relationship between the :
FNM government and the :
Bahamian cultural communi- :
ty which some suggested had :
been damaged in the wake of :
the decision being made that }
the Bahamas would no longer :
host Carifesta 2008. It was the :
former PLP government :
which had accepted the :
responsibility for doing so in :

2006.

The cultural community :
condemned the move to take :
the 2008 festival out of the :
Bahamas, saying it reflected :
badly on the FNM’s touted :
commitment to cultural pro- :
motion and investment and :
showed a lack of respect for ;

their community.

Author Patricia Glinton }
Meicholas stated that the deci- :
sion called into question the :
FNM’s “Trust Agenda” in :
general and disregarded the :
efforts that the cultural com- :
munity had made to be ready :

for the 2008 date.

The opposition also lashed :
out in the wake of the :
announcement by blaming :
Prime minister Hubert Ingra- :
ham for “embarrassing” the :
country by allegedly taking :
the decision to tell Caricom :
that we were not “ready” for :
the 2008 date when this was :

“untrue.”

However, on the govern- :
ment’s part; Mr Ingraham and. :.:
culture minister Charles May- : :
nard stressed that the event :
is a Caricom-sponsored one, :
and as such the decision to :
take it from the Bahamas in :
2008 was a Caricom decision :

not an FNM decision.

When the issue flared up in :
July of last year, Mr Maynard :
said it was based on the deter- :
mination by Caricom that not -:
enough preparations had been :
done by the former PLP gov- :
ernment before they left pow- :

er to prepare the country for : ‘ > I
: from its colonial masters, in 1804 - has excellent potential as a tourism des-

tination, claimed the prime minister.

hosting the major event.

He noted that there had :
been no activity in terms of : : : rie :
readying the Fort Charlotte : members of the diaspora coming to renew ties with family members, there
or Arawak Cay locations pri- :
or to the PLP demitting office,
despite the fact these locations :
were anticipated to be the key :

staging sites.

FROM page one

Leaving the door open to future
involvement in the Bahamian
tourism and gaming industry, Har-
rah’s said: “We are open to the
possibility of a project some time in
the future. However, at this point
we have terminated uur involve-
ment in the Baha Mar project.”

Harrah’s abrupt change in direc-
tion comes just over one month
after its vice-chairman, Charles
Attwood, approved the terms of
Baha Mar’s supplemental Heads of
Agreement with the Government
in his capacity as director, senior
vice-president and treasurer of
Caesars Bahamas Investment Cor-
poration.

That company is the wholly-
owned, Bahamas domiciled Har-
rah’s subsidiary that would have
acted as the holding vehicle for the
company’s 43 per cent stake in the
joint venture firm with Baha Mar

FROM page one

Paramedics who arrived min-
utes later used towels to stem the
flow of blood from Ms
Cartwright’s head.

The attack happened around
mid-day just inside Parliament
Street, across the road from the
House of Assembly.

A mugger leapt from a car,

struck her over the head with the.

wrench, grabbed her bag and then
fled in the car along East Bay
Street.

Outraged Bahamians gathered
at the scene, with one woman
declaring: “What is our country
coming to? Our children don’t
know the difference between
right and wrong. This is another
very sad day for Nassau.”

A local man said: “Had I been
able to get at him (the thief), I
would have killed him right here,
I swear I would.”

Another said it was obvious the
attack was planned because the
car fled along East Bay rather
than risk a snarl-up at the traffic
lights on Shirley Street.

The attack came only a féw
weeks after a teenage student was
shot dead in Bay Street by gun-
men apparently aiming at some-
one else.

The boy died in hospital after
being struck in the chest by one of
four bullets fired.from a passing
car.

Yesterday’s incident adds
another sad chapter to Nassau’s
worsening crime situation, espe-
cially as the victim was a defence-
less, frail old woman.

The Tribune’s managing edi-
tor, John Marquis, was on. the.

»scene. within. minutes ofthe
attack.

He said: “To see this old lady

_ lying in the road, with paramedics
desperately trying to stem the
flow of blood from her head, was

FROM page one

LOCAL NEWS

Harrah’s

Joint Venture Holdings, the part-
nership company.

Why a multi-billion dollar com-
pany such as Harrah’s should
reverse course so quickly on an
investment decision taken just over
a month ago, and in which it is
understood to have been commit-
ting some $250 million in equity
capital, may be mystifying to some.

However, the key may lie in a
little-noticed change in Harrah’s
ownership that was concluded just
two days before the supplemental
Heads of Agreement signing on
January 29, 2008.

Private equity giants Apollo

Capital Management and Texas ©

Pacific Group Capital completed
their $29.7 billion takeover of Har-
rah’s, taking the company private.
Their deal saw the private equity
firms assume $12.4 billion worth
of Harrah’s debt, meaning that the

sickening.

“Anyone who thinks Nassau’s
crime is confined to druggies and
men fighting over women needed

to see this drama unraveling right .

in downtown Nassau in broad
daylight while tourists were
milling round the Rawson Square
area.

“Unless these wild men are
rounded up, and unless the legal
profession can be made to deal
with these people responsibly
when they come to court, then
the Bahamas is en route to disas-
ter.”

Mr Marquis watched as Ms
Cartwright was lifted into an
ambulance. She was still con-
scious, but moaning in pain after
the emergency crew had battled
to patch her wounds. She had
managed to mutter a few details
about herself to police before
being taken, from the scene to
Doctors Hospital.

“Local people who watched
this unfold were shocked that this
kind of thing can happen at
lunchtime right in the middle of
town in view of tourists,” said the
editor.

“Nassau’s crime is not just
about drug gangs and domestic
spats - it is hitting innocent people
in their homes and in the streets.
The politicians need to wise up
to that.” :

Up to press time, police con-
firmed that no suspects were in
custody in relation to this attack.

Authorities, however, are ask-
ing the. public with information
about the. incident to contact
either the Central Police Station
or Police Control room at 911 or
919.

Haitian president

Haiti is something that is incredible,” he said. “The specialists say that for
the active population it’s between 50 to 60 per cent. Therefore it’s nec-
essary that we mobilise the country on this question of employment.”
The government is set to increase subsidies to farmers in an agricultural
sector that has until now been “abandoned.”
Meanwhile, Haiti - the first Caribbean country to achieve independence

While most visitors to the country at the present time are returning

does exist a small international tourist presence in Labadi, Haiti, where

Royal Caribbean cruise ships dock.

“Every week, there are between 3,000 to 6,000 (American tourists),”
he said. The government is “working on the idea that if we could just get
a tenth of these tourists” to explore elsewhere this would make a signif-
icant contribution to the economy, he said.

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company’s shareholders received
$90 per share or a net $17.3 bil-
lion.

Apollo and Texas Pacific are
also likely to have factored the
potential US and global recession
into their decision-making, and the
protracted negotiations Baha Mar
endured under both the Christie
and Ingraham administrations will

not have escaped their attention. -

Indeed, the supplemental Heads
of Agreement for the Cable Beach
project was supposed to have been
concluded with the PLP govern-
ment by March 1, 2007, allowing
Baha Mar time to conclude the
Harrah’s joint venture by the mid-
dle of that month.

Yet both the government’s
agreement and the joint venture
deadline were missed, and it was
almost another 11 months before
terms were agreed with the Ingra-
ham administration.

Major investors, especially pri-
vate equity firms, do not like
uncertainty and keeping large
chunks of equity capital in cold
storage, waiting for an investment
opportunity that may not materi-
alise, when it could be earning a

return elsewhere.

Another interesting feature was
the contrast between the respec-
tive statements issued by Baha
Mar and Harrah’s explaining the
reasons for terminating the joint
venture agreement. On Friday,
Baha Mar said Harrah’s stated as
its reasons for terminating the pro-
ject comments made two days pre-
viously in the House of Assembly
by Prime Minister Hubert Ingra-
ham, and disputed its partner’s
ability to terminate their relation-
ship by itself.

However, Harrah’s did nothing
but lavish praise on Mr Ingraham
in its statement, instead appearing
to cast blame on the global econo-

* my and Baha Mar’s ability to fulfil

its side of the bargain with no ref-
erence to the Prime Minister’s
comments. It also blamed the
Heads of Agreement talks for tak-
ing too long, something some may
interpret as a reference to the
Christie government’s failure to
conclude the supplemental agree-
ment before the May 2 general
election — when it had the chance
todo so.

In his House of Assembly com-



ments, the prime minister had
openly expressed scepticism about
whether Baha Mar had the $400
million in equity financing that it
and its principals, Dikran and
Sarkis Izmirlian, had committed
to, and whether it would meet the
March, 2009, deadline for fulfill-
ing all its Heads of Agreement
commitments.

It is quite probable that Apollo
and Texas Pacific were looking for
an excuse to withdraw from the
Bahamas project, and in the prime
minister’s remarks found one.

The supplemental Heads of
Agreement pledged that 7,000 per-
manent jobs would be created by
the Baha Mar project, up from the
previous 3,500. The Harrah’s
announcement places this in jeop-
ardy, along with the hundreds of
construction jobs that would have
been created, not to mention the
several hundred million dollars
worth of additional economic
impact that Baha Mar was sup-
posed to generate per annum.

¢ See Tribune Business for full
story and New Section pages six
and seven for the background to
the Cable Beach Resorts Deal



FROM page one

Baha Mar made the shocking announcement late
on Friday that Harrah’s has pulled out of the deal to
develop the Cable Beach Resorts.

In the press release making the announcement of
Harrah’s decision, Baha Mar questioned the ability of
their former partner to make this type of unilateral
decision, while also citing Mr Ingraham’s comments
expressing doubt over Baha Mar’s ability to finance
the project as a factor in Harrah’s decision.

“Baha Mar has notified Harrah’s that it disputes
Harrah’s ability to unilaterally terminate the arrange-
ments. Those arrangements were affirmed by Har-
rah’s as recently as January 31 when Harrah’s, as
Baha Mar’s joint venture partner, signed the latest
heads of agreement with the Government of The
Bahamas,” said Baha Mar. “In attempting to justify its
actions, Harrah’s referred to comments made two
days ago in the House of Assembly questioning the
ability of the project to proceed ahead.”

The PLP said yesterday that it is “alarmed” and
“deeply concerned” at the news from the developer.

“The loss of an investor of Harrah’s stature, the
largest, most powerful gaming resort company in the
world, is incalculable. Harrah's would have attracted
other investors. Instead, their pull-out will now serve
to discourage other investors,” said the PLP.

“It is troubling that the prime minister did not
seem to understand that his ill-considered and gra-
tuitous remarks in the House of Assembly put the
economic future of the country at grave risk.”

' Several opposition members warned the prime
minister that his remarks could be harmful to the
deal as soon as he made them in the House last
Wednesday.

“Imagine the world looking at this discussion this
morning where the lead spokesman for the govern-
ment and a minister of the government is saying that
they have doubts about the project. Why would a
financier want to put money into a project that the
government has doubts about? We have to be very
careful about what kind of message we send out,” said
Fred Mitchell, MP for Fox Hill, in response to Mr



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The Power to Surprise”.



PLP on Harrah’s

Ingraham in the House on Wednesday.

Mr Mitchell was joined in this position by North
Andros and Berry Islands MP Vincent Peet, who
said that public questioning of the deal can damage
investor confidence.

Their colleague Frank Smith, MP for St Thomas
More, joined in this criticism in the House a day lat-
er on Thursday. .

“I speak with respect to remarks made by the
prime minister as he moved this resolution. He is
the chief executive officer of the Commonwealth of
the Bahamas. On matters of public policy, no-one’s
words carry more consequence,” he said.

“Thus, when he speaks, he must reflect an appre-
ciation for this reality. Unfortunately, the prime min-
ister again demonstrated yesterday that he is so con-
sumed with the view that he is strong and tough,
especially in comparison to the leader of the opposi-
tion, and so pre-occupied with political partisanship,
that he renders himself reckless with regard for the

' larger national good.”

Despite these criticisms, the PLP was unable to
close the deal with Baha Mar before losing govern-
ment in May, 2007. Private letters released by Mr
Ingraham in the House last week also reveal that
the Christie administration had its own doubts about
Baha Mar’s ability to finance the project. However, .
the then government did not make these views pub-
lic at the time.

The PLP went on record yesterday emphasising
that they support the Baha Mar development at
Cable Beach. The opposition added that a full expla-
nation of what has occurred needs to be provided to
the public in the House today.

“Quick action must be taken by the government to
establish the extent to which the project is in trouble.
The government must say what it intends to do to
keep this project on stream. If Baha Mar fails, the gov-
ernment has only itself.to blame. Failure must not be
an option,” said the PLP.

The prime minister has pledged to address the
issue today in the House.

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MARCH 1 046



2008

Colina Imperial.

Confidence For Life



any construction set to start this week

B By NEIL HARTNELL
Tribune Business Editor

onstruction work

on the $1.4 bil-

lion Albany Golf

& Beach resort

will start this
week, the developers con-
firmed to The Tribune, with
“over” 10 Bahamian compa-
nies set to be involved in the
work.

Christopher Anand,
Albany’s managing partner,
said the developers hoped to
begin closing residential sales
for Phase I of the project in
April, last week’s road swap
agreement with the Govern-

* ‘Over’ 10 Bahamian construction firms gain work on $1.4bn project's Phase I
* Developers hope to start Phase I residential sales in April
* Aiming to start $500m worth of Phase II construction in 2009, before earlier phase ends

ment having been the final
piece in the project’s jigsaw to
allow a “full construction”
start. .

Although not a complete
antidote to the ‘doom and
gloom’ enveloping Baha Mar’s
$2.6 billion Cable Beach rede-
velopment, following Harrah’s
Entertainment’s ‘bombshell’
announcement that it was ter-
minating the joint venture, the

Ex-NIB director is
insurance supremo

@ By NEIL HARTNELL
Tribune Business Editor

EX-NATIONAL Insurance
Board (NIB) director Lennox
McCartney has been appoint-
ed Registrar of Insurance, The
Tribune can confirm, disap-
pointing some who had hoped
the Government. would
appoint a regulatory head with
international experience.

Confirming that Mr McCart-
ney had replaced Dr Roger
Brown as head of the Bahami-
an insurance regulator, Zhivar-
go Laing, minister of state for
finance, rejected concerns that
\.. by not appointing a seasoned
regulator from outside the
Bahamas to the post, the Gov-
ernment was blunting its aim

20-30% equity capital needed
for south-west port proposal

lm By NEIL HARTNELL
Tribune Business Editor

A MINIMUM 20-30 per
cent equity contribution, equiv-
alent to $50-$80 million, is all
that would be required to
finance construction of a pur-
pose-built container shipping
facility in southwestern New
Providence, the Nassau
Tourism and Development
Board’s (NTDB) chairman
told The Tribune...

Responding to a Tribune
editorial last week, which said
the south-west port location
proposed under the former
PLP government would cost
$400 million and require finan-
cial support from the Govern-
ment, Charles Klonaris said a

McCartney takes
Registrar post, as
minister disappointed
progress not quicker
over new Act

to break into the international

' insurance market.

Mr Laing said the Govern-
ment instead felt it could
access the expertise necessary
to help the Bahamas break
into the international insurance
market, for business lines such

SEE page 8B |

NIDB chair says could
be as little as $50m |

feasibility study conducted by .

consultants showed the true
costs were substantially less. °
The study, by Dutch consul-

tants Ecorys-Lievense, a copy. ~
of which has been seen by The-

Tribune, estimated that the
actual construction costs for
the south-west port were
between $222-$223 million. A
further $10 million would be
needed for land acquisitions
necessary for the port’s con-
struction, with $13 million in

SEE page 7B

Cable profits grow 19.43%

CABLE Bahamas’ net
ihcome for fiscal 2007
increased by 19.43 per cent to

$21.618 million, compared to

$18.1 million the year before,
driven by double-digit growth
in its cable television and Inter-
net segments.

Cable television revenues
grew 53 per cent year-over-
year for the 12 months to
December 31, 2007, driven by
the company’s Digital TV and
pay-per-view options, which
both grew by 51 per cent com-
pared to 2006.

Internet revenues, mean-
while, were 26 per cent ahead
of 2006 comparatives, helping
to take Cable Bahamas’ total
revenues to $75.963 million, a

Cable TV revenues
up 53 per cent,
driven by 51 per

cent rise in digital,

pay-per-view

15.18 per cent increase over
the previous year’s $65.95 mil-
lion.

Cable television revenues
account for 57 per cent of
Cable Bahamas’ income
streams, but its diversion into
Internet and data havé

SEE page 7B

fact that Albany is starting
almost immediately will come
as a welcome boost to both the
construction industry and
wider Bahamian economy.
Mr Anand told The Tribune:
“We’re going to begin our con-

struction activities almost

immediately as it pertains to
the new road, and are now
mobilizing for the majority of
the Phase I work.

Harrah’s: We lost confidence in $2.6bn plan

@ By NEIL HARTNELL
Tribune Business Editor





HAR
RAH’ S
Entertain- |
ment last
night said it f
had lost con- |
fidence in the
ability of its
joint venture
partnership
with Baha
Mar to com: :
plete the $2.6 billion Cable
Beach redevelopraent, saying it
was "not prudent" to move
forward and to do so could be
"harnmful".:

In a statement released to
The Tribune late last night,
Harrah’s said it did “not have
confidence” that the joint ven-

ture could complete the $2.6



“J think we have over 10
Bahamian firms involved in the
construction activity right now.
We’ve done a fairly competi-
tive tender, and almost all the
work has gone to Bahamian
firms. We have over 10
Bahamian firms slated for
Phase I construction.”

He added: “For us, we want
to start it all as soon as possi-
ble. We’re going to start with

Says ‘not prudent’ to move forward, |

the road and preparing all the
environmental work we need
to do related to the marina.
It’s imminent, starting this
week, and we’ve got an awful
lot of construction going on
over the next two years.”

Mr Anand said Phase I
included all the infrastructure
work and amenities. for
Albany, such as the marina,

- restaurants, sports and swim-

as doing so could be ‘harmful’ -

billion project as anticipated,
and that moving forward could
prove “harmful” for everyone.

In addition, it added that it

felt it was “not prudent” to

proceed with the Baha Mar
project due to the length of
time taken to put it together.
in negotiations with the Gov-
ernment, indicating that the
global economic climate had
factored into its decision.
Explaining its decision to ter-
minate its joint venture part-
nership with Baha Mar, Har-
rah’s said: “Over the last sev-

eral. years,.Harrah's. Enter-...

tainment had spent consider-
able time and resources pur-
suing the possibility of building

Exuma

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no in the Bahamas. With a
tourist-friendly environment,
easy access for millions of vis-
itors, and a skilled, reliable
workforce, the proposed Baha
Mar project offers tremendous
potential for a resort casino.

“Unfortunately, it has tak-
en Baha Mar Development
Company longer to organise
the project than anticipated,

and circumstances have’
. changed such that it is simply

not prudent to move forward.
We do not have confidence

that the proposed joint ven- |

SEE page 12B

*Abaco °Freeport e

ming facilities, restaurants,
shops, fitness centre, equestri-
an centre, golf course and club-
house.

Also javolved in Phase I
construction, Mr Anand

- added, were the 48 cottages

comprising Albany’s luxury,

upscale hotel component, plus

SEE page 4B

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* Markets | The Bahamian Stock Market

Markets
BISX . CLOSING CHANGE VOLUME YTD PRICE


















































FOR the week, the market
saw 10 out of its 19 listed





stocks trade, of which four SYMBOL PRICE CHANGE
stocks advanced, one :
declined and five remained AML. 2° $1.90 $- 0 14.46%
unchanged. A total of BBL $0.99 $- 1,000 16.47%
231,228 shares changed BOB $9.61 $- 500 0.00%
hands, the largest weekly BPF $11.80 $- 0 0.00%
trading volume for 2008. BSE! 8.345 $14.60 $- 0 0.00%
Commonwealth Bank BWL » $3.66 $- 0 0.00%
(CBL) led the volume for a CAB $13.60 $- 2,000 12.86%
second consecutive week, CBL $7.14 $+0.1 174,445 -15.30%
with 174,445 shares trading, CHL $3.14 §- 100 -0.32%
climbing by $0.18 cents to CIB $13.99 $+0.09 18,958 -4.18%
end the week at $7.14. CWCB $3.88 $-0.38 0 -23.02%
FirstCaribbean Interna- DHS $2.46 $+0.01 11,800 4.68%
tional Bank (Bahamas) FAM $7.90 $+0.05 3,000 9.72%
(CIB) followed with 18,958 FBB $2.60 $- 0 -1.89%
shares, climbing by $0.09 to FCC $0.74 $ 0 -3.90%
close at $13.99. Coming in FCL $5.15 $- 16,258 -0.58%
third with 16,258 shares was FIN $12.92 $-0.04 3,167 -0.23%
FOCOL Holdings (FCL), to ICD $7.25 $- 0 0.00%
close the week unchanged at ISI... =~ $12.30 $ 0 ~ 11.82%
$5.15. PRE ~,' $10.00 $- 0 0.00%
Consolidated Water Com- ye Bide
pany (CWCO) continues to...’ _DIVIDEND/AGM NOTES:

be very volatile in the inter-
national markets, resulting in
the local BDRs experiencing ©
a new 52-week low of $3.78
during the week. They closed
the week up slightly at $3.88.)

Ba ie ;
|e Benchmark (Bahamas) (BBL) has declared a special
dividend of $0.02 per share, with $0.01 already paid on
December 31, 2007, and $0.01 being payable on March 31,
2008;'td all shareholders of record date December 21, 2007.



ea * Commonwealth Bank (CBL) has declared a quarterly
.|. dividend of $0.05 cents per share, payable on March 31,

ee 2008, to all shareholders of record date March 14, 2008.

Earning Releases: |: Additionally, CBL has declared a special dividend of $0.06
per share, payable on April 30, 2008, to all shareholders of

THERE were no financial record date April 15, 2008.

results reported by any of the
19 listed companies during
the week.
Commonwealth Bank

= : ve. ao a , (CBL) announced this week
ae 5 ee Gt GOS be «ae ae that it would be increasing its
wie er Wie & . ve quarterly dividend payments
re ee eee eee by 50 per cent, which possibly
for ad rates resulted in CBL dominating
SOENE! G! H PN the market's activity in the

, week, with 174,445 shares or
75 per cent of the local
exchange's trading volume.

e Consolidated Water Company BDRs (CWCB) has
declared a dividend of $0.013 per share, payable on May 7,
2008, to all shareholders of record date March 31, 2008.

Finance Corporation of Bahamas (FIN) has declared a
dividend of $0.13 per share, payable on March 13, 2008, to
all shareholders of record date March 5, 2008. (FIN) will
hold its Annual General Meeting on March 13, 2008, at
6.30pm at British Colonial Hilton, Bay Street, Nassau,
Bahamas. :



INVESTOR CORNER
Liquidity

ON any stock exchange,
some stocks are more liquid
because they trade more fre-
quently than others. Liquidi-
ty, in the financial sense,
means the degree to which.an
asset or security can be
bought or sold in the market,
and can be converted into
cash quickly without affecting
the asset's price.

On the other hand, an illiq-
uid asset or security is one ©
that cannot be bought or sold
without a substantial loss in ©
value.

Most illiquid stocks are
thinly traded, meaning there

_is a limited amount of trading
activity in the stock. so trying
to buy or sell the stock could
take much longer than the
investor anticipates.

TST

Celebrating”
Success!

Monique attended Jacksonville Cordero is the son of the late |



Monique Romer, Diveane Bowe (partner) and Cordero Stuart

To Monique Romer and Cordero Stuart on sucessfully
passing the exams required to become a Certified

Public Accountant (CPA)

KPMG in the Bahamas is committed to people development
and continues to place emphasis on people centered
programs such as the CPA Support Program which provides
moral, practical, and financial support to help ensure
individual and organizational success.

AUDIT * TAX ® ADVISORY

KPMG per

work of

indapsndent member firms affiliated with KPMG Inter

State University, where she
obtained a Bachelors of Science
Degree in Accounting in 2001.

Whilst in undergraduate university, «

Monique was selected to the Deans
and Presidents Lists, as well as

the Who's Who Among Students

in American Universities and
Colleges.

Immediately following
undergraduate studies, Monique
pursued a career in the offshore
industry where she successfully
completed studies for the Society
of Trust Estate & Practioners
Examination in 2004. In the same
year, she completed studies for
her Masters of Science Degree in
Business Administration at Nova
Southeastern University.

Her desire to become a Certified
Public Accountant led her to

join KPMG inThe Bahamas in
September 2005 and in 2007, she
successfully completed studies for
the American Institute of Certified
Public Accounting examination in
the state of New Hampshire.

Monique would like to extend

her heartfelt gratitude and
appreciation to her parents, Janita
and Joseph Romer, her siblings
Desaree, Charisma, Sheral and
Jeronamo Romer, as well as her
fiancé, Jermaine Fountain, for their
continued support.

She would also like to thank the
partners and staff at KPMG inThe
Bahamas for their support.

James and Meecha Stuart. He is a
graduate of St. John’s College High
School (1997). In 2001 he received
an Associates of Arts Degree from
the College of The Bahamas. In

2004 Cordero enrolled at Florida.)
International University where he ? —

earned a Bachelors of Accounting’
Degree with a double major in
Finance. He was selected to the
Deans list at both the College of The
Bahamas and Florida International
University in Spring 1998 and 1999
and Fall 2002 and 2004.

Cordero began working at KPMG in
The Bahamas in November 2004 as

_an Associate Accountant and in May

2007 he successfully completed — ~
the American Institute of Certified.
Public Accountants examination in
the state of New Hampshire.

Cordero plans to add to his
academic accomplishments by
pursuing the Chartered Financial
Analyst designation. "g

He attributes his success and »
determination to his late mother
and is very appreciative of the
support and encouragement
provided by his sister, Syreeta, and
his aunt, Ernestine. He would also
like to thank the partners and staff
of KPMG in The Bahamas for their
support.



Montague Sterling
Centre
East Bay Street

Tel: 242-393-2007
www.kpmg.com.bs



For the
stories
Cs
aE tri]
ME a
Mondays

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,


THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 3B



MMOS. te Eee
BIC keen to be competitive

during era of liberalisation

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecommunications
Company (BTC) wants to “maximise” its
value and ensure it remains competitive, a
senior executive told The Tribune, despite
the drive to liberalise the Bahamian
telecommunications industry.

Responding to the Public Utilities Com-

_mission’s (PUC) plans to issue a licence for
the re-sell of fixed-line, voice telecoms
services offered by BTC and its IndiGo
Networks rival, Marlon Johnson, BTC’s
vice-president of sales and marketing, said
the state-owned incumbent wanted to
ensure the interests of all - consumers
and operators — were protected during the
move to deregulation.

Acknowledging that liberalisation was
part of the PUC’s mandate, Mr Johnson
said: “We appreciate the direction the sec-
tor is going in, and want to ensure we can
thrive in a competitive environment.

“We’re doing our part to shape the dis-
cussion for the benefit of our customers,
and to maximise the value of BTC.”

Mr Johnson added: “We appreciate the

need for the liberalization of the sector,
but our ongoing challenge is to ensure we
shape the dialogue in such a way that the
interests of the customer and the operator
are adequately addressed.

“As we liberalise the sector, we want
to create value in the sector. That benefits
the consumers, the operators and the
country.”

The PUC last week unveiled plans to
deepen liberalisation and competition in
the Bahamian telecommunications indus-
try, publishing proposals that would allow
new market entrants to offer fixed-line
voice services via the Bahamas Telecom-
munications Company (BTC) and Indi-
Go Networks’ systems.

The regulator’s consultation document
on its proposal to licence a company to
‘resale voice telecommunications services’,
said that while BTC would effectively be

‘mandated to sell wholesale fixed-line ser-

vices to the new licensee, IndiGo would
have the option of choosing whether to
do so.

Essentially, the PUC’s plan is that BTC
- and perhaps IndiGo - will play the role of
wholesaler, allowing the new market



Hotel Management
Employment Opportunity

A leading Nassau Hotel is seeking to employ the services

of a Seasoned Restaurant Manager

Applicants must possess the following qualifications:

1. Aminimum of 5 years experience as a Restaurant
Manager in a leading Food and Beverage Operation

. Must be proficient in Food & Beverage Point of Sales

Systems

3. A Team Leader with interpersonal skills, who is able to
effectively train and supervise subordinates a must

. Must have a proven track record of Cost Controls and

Revenue Generating Skills

. Must be hands on.and-creative 2 with regards to the



physical product, menu selections and employee

incentive programs

. Must possess excellent verbal and written

communication skills

. Must possess excellent Customer Service and

problem

8. Must be able to work with little or no supervision

‘Salary and Benefits package and commensurate with

experience

Applicants are asked to forward all required document
including a clean Police Certificate to the address listed

below.

Human Resources Manager,
c/o The Tribune, PO Box N-3207
Nassau, Bahamas

entrant to purchase fixed-line voice tele-
phony services from them for resale to
Bahamian businesses and residents using
their networks, switches and systems. In
return, BTC and IndiGo will receive a
regular fee.

As the new telecoms licensee will not
have to make a major initial capital outlay
to construct their own telecoms network,
the PUC is hoping that the barriers to
market entry will be reduced.

In turn, the theory is that this will further

stimulate competition in the fixed-line,

voice telephony market in the Bahamas,
enhancing service for customers, and giv-
ing them greater options and better prices.

Questions, though, are likely to be asked
about how attractive such a resell licence
will be, given that BTC’s fixed-line market
share has been eroded by both legitimate
competition and illegal callback and Voice
over Internet Protocol (VoIP) providers.
Cellular is now arguably BTC’s most valu-
able arm, this monopoly generating 64 per
cent of its revenues.

There may also be concerns over how
this licence could impact BTC’s privati-
sation value.

» DOCTORS HOSPITAL

Health For Life

DR. MEYER RASSIN
\. FOUNDATION
G2SCHOLARS HIPS

The Doctors Hospital Dr. Meyer Rassin
Foundation is pleased to announce
that applications are now being
accepted for scholarships and
financial assistance far students
pursuing healthcare careers.

Applicants must be Bahamian citizens
and retum to the Bahamas upon
completion of their studies.

Application forms are available an our
website at www.doctorshosp.com.
Only completed applications with
required documentation submitted
will be considered.

Deadline for submission of completed
application forms and all supporting
documentation is April 30, 2008.

The Goctors Hospital Meyer
Rassin Foundation

8.6. Bax 8 3618

Nassau, N. P,, The Bahamas





"BUSINESS FOR SALE |

Den nie eee eee eee eee dpc em
Medium Sized, Established, Local Retail Turn Key
Business for Sale
¢ Prime Location, Profitable, Stable and Fantastic
Potential due to specialized, essential products &
service.

* Cash/Financing (+/- $500,000)
¢ Immediate/Constant Cash Returns
Serious enquiries only please.

Email: seriousretailbusiness@hotmail.com

Legal Notice
NOTICE

DAYTONE LIMITED

‘NOTICE IS HEREBY GIVEN as follows:

(a) DAYTONE LIMITED is in voluntary dissolution under
the provisions of Section 137(4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the OS5th March, 2008 when the Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said company is Paul Evans of
c/o Helvetia Court, South Esplanade, St. Peter Port,
_ Guernsey.

Dated this 10th day of March, A.D. 2008

Paul Evans
Liquidator

PRINCIPAL NEEDED

The Anglican Central Education Authority invites
applications from qualified individuals for the. posi-
tion of PRINCIPAL, Bishop Michael Eldon School,
beginning September 2008.

The applicant must have a Masters Degree in Educa-
tion from a recognized University, with at least (5
years accumulative administrative experience. The
applicant must also be computer literate.

Key job functions and responsibilities include:

- Providing leadership - set the climate and pace for
success and high achievement , in the school.

- Organizing and supervising schedules,
programmes, records and school procedures.

~~ Supervising and evaluating teachers and support

staff.

- Managing records, school finer and end-of-
year closing procedures.

- Communicatiing with parents, community groups
and organizations

- Displaying consistent organizational and human
relationship skills.

- Assisting the Education Department with and
initiating Staff Development Programmes.

Applicants should submit a cover letter, Curriculum
Vitae, copies of degree certificates three references
and passport photographs to:

The Director of Education
The Anglican Central Education Authority
P.O.Box N-656
Nassau, Bahamas

The deadline for Application is Friday, March 28, 2008.

Televisions | Washers | Dryers 1 DVD Players | Refrigerators 1 Ranges | Microwaves | Freezers | Dishwashers | Cook Tops | Home Theaters | Air Conditioners






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Promotion runs March 1 thru March 29, 2008.

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> Make any cash purchase in Master Technicians or Best

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PAGE 4B, MONDAY, MARCH 10, 2008

THE TRIBUNE





INVESTOR







40 year-old International Developer/Operator of
Healthcare and extended living facilities seeks
equity partner in additional Florida sites.
Nassau site under consideration.









This is an impeccable family-owned company.
Ideal investor might be the same. History is
12% cash on cash plus major long term
appreciation. Average project is 40mm and
8mm equity.






This is an opportunity to get into the booming
Florida market as a silent investor. Funds may
be discreet. This company will pass he
absolute highest review.








Principal Representative
at the British Colonial Hotel

CALL ME, SEE ME. MR. KENNETH WESTPHAL

TEL: 302-9000




weekecag.

Albany construction
set to start this week

FROM page 1B

the sale of lots that will be
developed by “custom
builders”.

The Albany managing part-
ner added that the developers
hoped to begin Phase II, which
involved $500 million worth of
construction - including the
marina apartments — next year.

“Tf sales go well, we'll hope-
fully be under construction
with the marina apartments in
2009, even before the Phase I
work is finished,” Mr Anand
said.

When it came to Phase I, he
said Albany was “just com-

CLIENT ACCOUNTANT

A privately held group of companies dedicated to providing tailor-made financial,
fiduciary and administrative services to corporate, trust and institutional customers

is seeking a Client Accountant

QUALIFICATIONS

At minimum the candidate must meet the following requirements:

Self starter with an excellent academic background and strong organizational

skills

In pursuance of or attainment of an Associates Degree in Accounting
Proficiency with Microsoft Office - Word, Excel and Outlook
1 year’s experience in the same or similar position

The salary is negotiable and will depend on the background, qualifications and

experience of the candidate.

Please forward, on or before 21* March, 2008, your CV by fax together with a

covering letter to:

- HUMAN RESOURCES

TELEFAX: (242) 356 9432





THE CENTRAL BANK OF THE BAHMAS

Conterfeit Banknote And Introduction
To Crisp Series Seminar

Place:

The Central Bank Of The Bahamas Training Room,

Market Street And Trinity Place Entrance

When: . 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

pleting the bonding for the sub
division approvals with the
Ministry of Works, dotting the
‘i’s’ and crossing the ‘t’s’, and
we hope to begin closing sales,
starting in April, for Phase I”.

Under the Hotels Encour-
agement Act agreement signed
between the Albany develop-
ers, incorporated as Park
Ridge Securities Corporation,
and the Government on
December 17, 2007, it was
pledged that construction work
would begin within seven days
of the road swap agreement
taking place.

That swap has seen the Goy-
ernment convey to the Albany
developers the portion of the
existing south-west Bay Street,
and South Ocean Boulevard,
that runs. through the 565-acre
project site. In return, the
Albany developers will con-
struct a replacement road
around their mixed-use resort
community, which will roughly
follow the line established by
BEC’s power transmission
lines from the Clifton Pier
Power Station.

That Hotels Encouragement
Act agreement commits the
Albany developers to complete

the luxury cottages by Decem-
ber 31, 2011, and the luxury
hotel by December 31, 2013,
spending at least $117 million

on these facilities and their

associated amenities.

In return, the Government
is exempting the developers
from the payment of customs
duties (normally around 35 per
cent) and stamp duty (a fur-
ther 7 per cent) on $143.896
million worth of materials and
plant needed to construct, fur-
nish and equip these facilities.

According to the agreement,
the luxury hotel’s cottage units
will cost $55 million, and the
luxury hotel component anoth-
er $48 million. Their associated
amenities will be completed by
December 31, 2011, for anoth-
er $53 million, while the mari-
na will fetch a $30 million bill
and be open on the same date.

A further $5 million will be
spent by Albany on shops,
which will open by December
31, 2016. The customs duty,
stamp tax and 10-year real
property tax exemptions in the
Hotels Encouragement Act
only apply to Albany’s hotel
components and related facili-
ties, not the residential homes

University of The West Indies
Alumni Association (UWIAA)

Annual General Meeting 2008
Date: Wednesday 12 March 2008
Venue: UWI House Restaurant
Tourism Training Centre
Thompson Boulevard

* Time: 6:30 pm - 7:30 pm
Info email: uwibahalum@yahoo.com

AIRPORT INDUSTRIAL PARKâ„¢

PROPERTY FOR SALE

Utilities in place, 3 minutes from Airport Lot 3C and
3D for sale (1 acre total) ($550,000 net)
Contact Info; Michael
Tel: 242-394-9396
Cell: 242-422-1522
Email: mturnquest@coralwave.com

Law Firm Seeks

Receptionist

Position Summary

A mature person who has experience working
in a professional environment and is able to

work independently
Computer Literate

Strong written and oral. communication skills
Secretarial skills is an advantage but not

required.

Experience Requirements

One (1) year minimum experience as a receptionist

would be an advantage
Benefits Offered

Major Medical Insurance

Law Firm Seeks

Financial Controller

A rapidly growing Law Firm is seeking applications
for a Financial Controller. The successful candidate
should have a bachelor’s degree in accounting and a
CPA, ACCA, CA qualification or any other qualification
that is recognized by the Bahamas Institute of Chartered

Accountants.

The successful candidates should also have 3 years
experience in an accounting firm, and be able to work
in a challenging team-driven environment. Attention
to detail is a must and the candidate must be able to
prepare budgets, financial reports negotiate with
bankers, and respond to the business needs of the

Firm’s partners.

Benefits Offered:

Major Medical Insurance

Individuals with the above-mentioned qualifications
should email their résumés to:

To apply: All applicants must submit a resume by
March 21st, 2008 to

The Human Resources Department
email: jobwiz@yahoo.com





that will be constructed by real
estate buyers. They will still
have to pay these taxes.

Mr Anand told The Tribune:
“To be in a situation where
you conceive of a project of
the size and scale of Albany,
and in three years to be build-

ing buildings, is actually pretty

quick.”

The design stage for Albany
is understood to have taken
18-24 months and paralleled
the project’s approval process
with the Bahamian govern-
ment, thus enabling the devel-
opers to begin construction
almost immediately once all
the required permits were in
place.

The initial Heads of Agree-
ment for Albany, signed with
the former Christie adminis-
tration on November 9, 2006,
required that the 565-acre site
will be built out at a density of
two units per acre, based on
gross acreage.

As at November 9, 2006, the
project was anticipated to
include 400 single family lots
and 200 condominium units,
but some 50 per cent of the site
is required to be green space,
with 32.5 acres set aside for
conservation.

' Albany’s first phase, accord-
ing to the Heads of Agree-
ment, would involve the con-
struction of the boutique hotel,
its size ranging from a mini-
mum of 10 luxury cottages with
30 bedrooms to 65 cottages
with 160 bedrooms minimum.
Other facilities developed at
the same time, in a phase
scheduled to last from now
until 2010, would be the Ernie
Els-designed 18-hole golf
course; beach club house, 20
beach club villas, fitness club,
marina able to cater to yachts
240 feet in length, shops and
75 single family residential lots.

That 2010 deadline has now
been put back a year to
account for the length of time
that has elapsed since the
Heads of Agreement were
signed, as this has affected the
developer’s construction sched-
ules and deadlines.

During the first phase, the
Albany developers — whose
principal shareholders are Mr
Els and fellow world-famous
golfer Tiger Woods, plus the
Tavistock Group, the holding
vehicle for worldwide invest-
ments made by Lyford Cay bil-
lionaire Joe Lewis — are sched-
uled to spend $117 million,
according to the Heads of
Agreement.

Purchasers of the develop-
ment’s property were expected
to bring the total spend to $335
million, meaning that real
estate sales and associated con-
struction activity will produce
$218 million or the lion’s share
of Albany’s Phase I value.

The second phase, accord-
ing to the Heads of Agree-
ment, will involve 325 addi-
tional residential lots, 200 con-
do-style units that may be
incorporated as part of the
hotel, a 16-acre equestrian cen-
tre with at least eight horses, a
golf course clubhouse and
commercial space around the
marina.

Servicing of the residential
lots, which will be priced
between $2-$20 million, will
start on June 2010 and be com-
pleted by December 2013, with
the condo units at the marina
pre-sold and completed by
December 2015.

In this phase, Park Ridge
Securities was expected to
spend $94 million, with third
party property owners
accounting for $872 million,
bringing total spend to $966
million. Park Ridge, therefore,
will be responsible for spend-
ing at a minimum $211 million.

UAE

For the stories

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THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 5B





A BAHAMIAN realtor has
already been asked to re-list list

the luxury penthouse at the
Reef Atlantis — which he just
sold for $7.5 million — for $9.9
million, indicating that the high-
end real estate market populat-
ed by wealthy foreign second-
home buyers is so far with-
standing the US economic slow-
down,

Mario Carey, Bahamas Real-
ty’s managing director, said of
the luxurious suite he sold:
"This penthouse sits on top of
paradise, and for that, it's not a
bad price.

"It's a great addition to the

premier accommodations offer-
ings for

visitors, and it is reassuring
to know that The Bahamas is
in a position to attract those
who are able to spend that sort
of money for a quality experi-
ence, where being pampered is
worth the price.

"Considering the selling price
of the penthouse, and the new
asking price, it's clear that the
luxury housing market in The
Bahamas is strong. Today's
penthouse with private eleva-
tors, stunning views and per-
sonal concierge service is the
equivalent of the grand estate,

7.5m Atlantis penthouse
going for $9.9m relisting

the status symbol of success,
that long, hedge-lined drive to
the Tudor manor."

Demand for the penthouse
has been high with almost
steady occupancy.

Mr Carey is the only Bahami-
an broker to sell a penthouse
at The Reef, the newest addi-
tion to the resorts of Atlantis,
and its first entry into the realm
of condo hotels, allowing own-
ers to earn revenue when they
are not in residence.

Selling The Reef penthouse,
which rents out at about $11,000
a night, was an achievement
that earned Mr Carey special

DR. KEN KNOWLES « BAHAMAS OPTICAL

PATIENTS

PLEASE NOTE ALL MEDICAL RECORDS ARE BEING RELOCATED TO:

thanks and a no-holds-barred
family vacation from the Resi-
dences at Atlantis Development
Ltd.

Mark Pordes, president of
T/K Paradise Realty, said:
"Mario sold one of our premi-
um units in the 495-room, 22
storey condo hotel, and for this
we Say a special thank you.

PROJECT MANAGER AND
SUPERINTENDANT

General Contractor/Developer in Freeport is looking
for a project manager and a superintendant for high-end
residential and commercial projects. Training and
experience on multi-million dollar projects is a
requirement. Please forward a resume to:











Bahamas Construction
P.O. Box F-60340, Freeport, Bahamas
or
email: bahamasconstruction@ yahoo.com




World-class UK degrees by
Distance and Online Learning

UK University Distance Learning in Bahamas

MBA - University of Wales

* One year minimum by online learning

US$8,500 total fee

Flexible payment options available

PRIFYSGOL

Se) UNIVERSITY
OF WALES



A member of the Association of
Cammonwealth Universities

MBA - University of Bradford

SAM B. MIKHAEL wo, ercsc
OPHTHALMOLOGIST
EYE WORLD
SOLDIER ROAD

* Top 10 MBA in the world (Economist, Jan 2008)
* AMBA/EQUIS accredited
¢ US$15,000 (instalment plan available)

NEXT TO NEW LOWE’S PHARMACY







Accounting.

Applicant must possess the following qualifications:
¢ Must be a graduate of accredited college with a bachelor’s degree in

393-8222

Accounts Administrator

Neo CP OHO

Tourism related organization invites applications from suitability qualified
persons for the above position. Please apply in confidence to:







Also recruiting now to degree
programmes: MA Education,
LLM Commercial Law, MSc Public
Administration and Development,
BSc Psychology, BSc Computing,
BSc and MSc Hospitality, BA
Business and HND in Business, from

a oor University of Birmingham, University _
c/o The Tribune tent ‘
BO Box'N 3207 of Sunderland, University.of D@EBY, oo suds

Nassau, Bahamas.

Bn ery
Ie ELS
oa a Le

¢ 3-5 years Accounting experience required, A/R and A/P preferred.

¢ Must have working knowledge of Quickbooks Enterprise.

e Must be computer literate and proficient in Microsoft Office, Microsof
Excel, and Microsoft Word.

Must possess excellent communications skills.
Must be able to work independently.

Must be familiar with general office practice.
Must be professional, reliable and have own transportation
Must be able to trouble shoot and solve problems.

A clean police certificate is required.

Salary commensurate with qualifications and experience. Excellent benefits.


















Carniva
Q.E. Sports

Food Vendors Contact
Kids: $3 Joan Henderson @ 356-2691

Sheffield Hallam University, University
of Teesside and University of Wales



Recruiting Now
for the fay ot 2008 intake

BY
LPOOOOV Rn

lp

Metelins



Adults: $5






PAGE 6B, MONDAY, MARCH 10, 2008





" Deere better sense of what
is happening in The Bahamas
from reading the Tribune.
Where other daily
newspapers fall short, the
Tribune delivers. I’m
confident knowing The
Tribune looks out for my
interests. The Tribune is

iny newspaper.”

NELSON JOHNS

TAX! DRIVER





















poe mnenrbcte sett

VLA ISDE IE LEI ED IN LAIN NOUNS CEM CLOISONNE I SMONOU LIL

THE TRIBUNE



Po
THE TRIBUNE



MONDAY, MARCH 10, 2008, PAGE 7B



20-30% equity
capital needed

for south-west

ort proposal

FROM page 1B

project preparation costs tak-
ing the total to around $245-
$246 million.

“We are not asking govern-.

ment to be involved at all,” Mr
Klonaris told The Tribune,
when it came to financing.
“According to Citibank, who
we gave the Ecorys report to,
so they as well as Royal Fideli-
ty could give a financial report,
you only require 20-30 per cent
equity as an upfront position.
“The rest can be borrowed
from the private sector, and
financed from the containers
coming in.”
Among the income sources
for a new port, whether it be in

the south-west location or at
Arawak Cay, are throughout
fees per twenty-foot contain-
er (TEU) that is landed, plus
wharfage and dockage fees and
rental income levied from the
shipping companies.

Mr Klonaris said: “There’s
a whole misconception about
the costs of the port. Govern-
ment is not involved at all in
the south-west port in terms of
financing. It does not have to
raise a penny. It can be pri-
vately done.

“The only requirement is a
20-30 per cent equity capital
from the beginning — a mini-
mum $50 million — which real-
ly can be done privately or
through an initial public offer-

ing (IPO) with Bahamian par-
ticipation. Then the rest can
be financed from private equi-
ty or with a bond offering.”

Mr Klonaris said the private
sector wanted the Government
to have some say in how a new
container port.would be
owned, run and operated, as it
had a duty to protect the inter-
ests of the Bahamian people.

He added that while he per-
sonally felt the south-west port
location was superior to
Arawak Cay, the location the
Government seems to have
zeroed in on, he did not want
to push any particular site and
would leave it up to the admin-
istration to chart the way for-
ward.

?

Cable profits grow
19.43 per cent

FROM page 1B

changed the mix, the latter two segments
accounting for 29 per cent and 14 per cent

respectively.

The revenue growth outstripped the 14.14
per cent rise in Cable Bahamas’ 2007 expenses

EMPLOYM

to $37.829 million, compared tc $33.14 million
the year before. As a result, the company’s

50.2 per cent.

operating margins rose from 49.7 per cent to

Operating income increased 16.22 per cent

or by some $5.5 million to $38.134 million, while

$0.92 to $1.1.

net income per ordinary share increased from

ENT OPPORTUNITY

SECURITIES COMMISSION OF THE BAHAMAS

The Securities

Commission of The

Bahamas

(the Commission), a





statutory agency responsible for the supervision and regulation of the
investment funds, securities and capital markets in or from The Bahamas,
as well as the supervision of Financial and Corporate Service Providers,
invites applications from qualified Bahamians for the following position:

Field Examiner

Responsibilities:

° Conducting on-site inspections of entities licensed or registered by
the Commission .
Assisting in the enforcement process addressing deficiencies
identified in the inspection
Review and analyze financial statements of licensees and
registrants of the Commission.

Qualifications and Experience:

. Bachelor’s degree in Accounting or Finance

* | - 2 years experience in auditing or public accounting
. Knowledge of the capital markets a plus

Competencies:

. Excellent oral and written communication skills

. Proficient in computer skills (Microsoft Office applications,
particularly Word and Excel)

Competitive salary and benefits are being offered. Interested persons should
submit applications in writing marked “Private and Confidential" to:

MANAGER — CORPORATE AFFAIRS
SECURITIES COMMISSION OF THE BAHAMAS
P. O. BOX N-8347
NASSAU, BAHAMAS
Fax: 356-7530
E-Mail: info@scb.gov.bs

Applications should be received no later than March 17, 2008



LORY 2

Three — 2 Storey townhouses about 80% completed which require some repairs. Each unit comprises
676 sq.ft. on the upper floor and 676 sq.ft. on the lower floor (total floor area 1,352 sq.ft. per unit)
and consists of 3 Bedrooms 2 Baths, Living, Dining and Kitchen.




Driveway & Walkways are improved with 12 x 12 Spanish Type Tiles, 1,775 Sq.Ft. Swimming
Pool and Jacuzzi which are 85% completed. —

The Buildings are situated on Lot #17376 comprising 10,000 sq.ft. located in
Bahama Sound of Exuma Section 18, Exuma, Bahamas

The units are being sold collectively.

For conditions of the sale and any other
information, please contact:
The Commercial Credit Collection Unit
at: 356-1685 or 356-1608
Nassau, Bahamas

Interested persons should submit offers
in writing addressed to:
The Commercial Credit Collection Unit,
P.O. Box N-7518, Nassau, Bahamas

Serious enquiries only

PRICEWARHOUSHCOPERS @

POSITIONS AVAILABLE FOR
ASSOCIATES

PricewaterhouseCoopers has vacancies for staff accountants to pursue a programme of
training culminating in a professional accountancy qualification. Prospective candidates should
have a graduate or undergraduate degree in accounting with a cumulative grade point average
that exemplifies your success as an achiever and leader.

Applications are being accepted for the 2008 Programme. Expectant May/June 2008 graduates
are also encouraged to apply. ,

Successful candidates will undergo a period of rigorous training, both academically and
on-the-job, with the objective of developing professional skills. Much of the on-the-job experience

_ will entail auditing the financial statements of entities in the financial services industries such as"

banks, trust companies, investment funds and insurance companies. The positions offer excellent
salaries and promotional opportunities, and benefits include medical insurance and provident
fund. Also, as a team member of PricewaterhouseCoopers there are opportunities to work in
another country where PricewterhouseCcopers has an office.

Please submit your application, with a current curriculum vitae and a copy of your most recent
transcript, before 31 March 2008, to:

’



Human Resources Partner
_ PricewaterhouseCoopers |
P.O.Box N-3910
Nassau, The Bahamas

PUBLIC HOSPITALS AUTHORITY
SANDILANDS REHABILITATION CENTRE

ADVERTISEMENT

MANAGER I HUMAN RESOURCES

The Public Hospitals Authority invites applications are from suitably qualified
individuals for the post of Manager I, Human Resources, Sandilands Rehabilitation
Centre, Public Hospitals Authority.
Applicant must possess the following qualification: -

Bachelors Degree in Business Administration, Management, Public Administration,
Human Resources or equivalent and at least five (5) years relevant experience.

JOB SUMMARY:

Responsible for the day-to-day management of the Human Resource Department
including planning, organizing, coordinating and delegating duties; the supervision
of the staff of the Human Resources Department; the coordination of activities and
assisting with the training, education and development of Human
Resource Department staff.

DUTIES:

Coordinates the development of Human Resources policies, procedures and
practices in the hospital and assist Corporate Office with policy development.

Prepare the Human Resource component of the Personnel Emoluments Budget.
Prepare the Human Resources Department budget.
Develops general quality standards for Human Resources Units.

Identifies and analyses Human Resource problems and recommends / implements
solutions.

Develops and implements Human Resources and related training programs and
activities for relevant departments in conjunction with the training department.

Advises and assists with interpretation of Human Resources policies for *
department heads, Area Supervisors, Administrative officers and Human
Resources officers.

Liaises wit the Payrolls Department as it relates to mangement of budget.

Serves as advisor to the Executive Management Committee on Human Resources
issues.

Develops as designs systems and surveys to ensure a proactive approach to
the approach to the Management of Human Resources.

11. Participates in Labour Relations and Negotiations.

12, Coordinates with Area Supervisors the recruitment of staff by developing
interview formats, serving on the interview panel, testing and conducting
background and reference checks.

The salary for the post is Scale HAASI ($37,400x 700 -$43,700)

Letters of application and resume’ should be submitted to the Director of Human

Resources, Public Hospitals Authority, Corporate Office 3rd and West Terraces
Centerville, RO. Box N-8200 no later than 12th March, 2008.


PAGE 8B, MONDAY, MARCH 10, 2008

THE TRIBUNE







The American Embassy is presently considering applications for the

following position:

PROTECTIVE SECURITY AGENT

The Protective Security Agent provides security for the Chief of Mission and

other visiting dignitaries as assigned.

This position is open to candidates with the following qualifications:

- Completion of secondary school and Royal Bahamas Police Force College;
Royal Bahamas Defense Force training, or U.S. mttety or U.S. Law

Enforcement training.

- Five years of Police, Defense Force, Law Enforcement or specialized

security experience required.

PERSONAL ATTRIBUTES:

- protective activities.

BENEFITS PROVIDED INCLUDE:

Superior interpersonal skills are required.

The use of computers for report writing and data entry is required.
Incumbent must be familiar with all cities on the Islands of the Bahamas.
Also required is knowledge of laws governing the use of firearms and

The successful candidate will be offered an excellent compensation package
including performance-based incentives, medical and dental insurance, life
insurance, pension and opportunities for training and development.

Applicants must be Bahamian citizens or U.S. citizens who are eligible for

app under Bahamian laws and regulations.

mae a,

Applications forms are available from 8:00 a.m. to 5:00 p.m. Monday
through Friday at the security area of the American Embassy, Queen Street.
Completed applications should be returned to the Embassy, addressed to
the Human Resources Office no later than Friday, March 14, 2008.

TEES ee

#Pricing Information As Of:
Friday, 7 March 2008

Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol (S)

Freeport Concrete

ICD Utilities

J. S. Johnson

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

Bahamas Supermarkets
RND Holdings

Colina Bond Fund
Colina MSI Preferred Fund



= ) FIDELITY

LOSE A, 987. 72 / CHG?

Previous Close Today's Close

v Change

a Colina ‘Over thecount

41.00
14.60
0.45

15.60
0.55

- BISX Listed Mutual Fund:

NA V
1.300059***
2.982729*

YTD%

-0.60%

Ex-NIB
director is
insurance

supremo

FROM page 1B

as captives, life insurance and
reinsurance, through appoint-
ing consultants.

“T think that’s the best win-
win situation we could have,”
Mr Laing said of the arrange-
ment.

“We take the position that
the leadership of the insurance
regulator can be Bahamian,
and that in so far as guidance
on moving to take advantage
of opportunivies in interna-
tional insurance, we can access
that expertise through consul-
tants.

“At the same time, we will
benefit from our Bahamian
leadership having that knowl-
edge and expertise working in
tandem with what he’s doing,
as well as acquiring that knowl-
edge over time.

“It is not necessary for us to
hire a non-Bahamian with
expertise to do the job, but we
will have access to that exper-
tise. We believe that combina-
tion can work extremely well.”
. Mr Laing said the Govern-
ment had already hired Cana-
dian Lawrie Savage as a con-
sultant for the Registrar of
Insurance’s Office, and he was

- working to “bring the insur-

ance regulator up'to par with
international best practices”.
The Registrar of Insurance’s
Office has long been regarded
by many in the industry — and

CFA L

Yield

in the wider financial services
sector — as being among the

weakest Bahamian financial ,

industry regulator. The former
government delayed imple-
mentation of the new Domes-
tic Insurance Act, which was
passed by Parliament in 2005,
due to concerns over the Reg-
istrar of Insurance’s capacity
to administer and oversee the
Act’s increased demands. It is
slated to become the Insurance
Commission.

Mr Laing said he was per-
sonally disappointed that the
regulations that accompany the
new Domestic Insurance Act,
and which need to take effect
before the legislation can be
enforced, had not yet been
completed and tabled in Par-
liament.

Once they are completed
and tabled, the Act can be
implemented and take effect.
While the insurance industry
working group that dealt with
the regulations has signed off
on them, they are now being
“tidied up” by the Attorney
General’s Office.

“We expect to be in receipt
of that soon,” Mr Laing said
of the final version of the reg-
ulations, “and once we do we
will move expeditiously to

have the Act come into force
and the regulations tabled in
Parliament.”

Confirming Mr McCartney’s
new role, Mr Laing said: “The
appointment has taken place,
and he would have come to
office for the first time last
week Friday [gone]. Clearly,
we believe he can do what is
necessary to advance the cause
there.”

Some in the insurance indus-
try had questioned why the
Government had moved to
appoint a Registrar now, given
that the insurance regulator —

_ along with the Compliance

Commission and Securities
Commission — were due to be
consolidated into one as part of
the strategy to create a ‘super
regulator’ for financial services
in the Bahamas, along the lines
of the UK’s Financial Services
Authority (FSA).

However, Mr Laing said it
was “better to have that lead-
ership in place so they can be
part of the transition”, rather
than not.

Mr McCartney was removed
as NIB’s director late last year
after 13 years in the post.
Anthony Curtis replaced him
as actinig director until a
replacement is found.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENWITT
CUNNINGHAM of Saffron Street, Nassau, Bahamas,
intend to change my name to KENWITT DEVEAUX.
If there are any objections to this change of name
by Deed Poll, you may write such objections to
the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date

of publication of this notice.

NOTICE

NOTICE is hereby given that GHISLAINE VILBRUN OF
#70 BAYBERRY LANE, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for .

Nationality and

itizenship, 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 twent
MARCH, 2007 to the

-eight days from the 3RD day of
inister re PO for Nationality
and Citizenship, P.O.Box N-714

Freeport, Bahamas.



PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KARINE BRISSON
of the Southern District of The Bahamas, intend to
change my name to KARINE CARLINE JOSEPH. If
there are any objections to this change of name
by Deed Poll, you may write such objections to
the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date
of publication of this notice.

Colina Money Market Fund 1.381183 0.39% 3.85%
Fidelity Bahamas G & | Fund 3.7442*** -1.40% 27.72%
11.4467 Fidelity Prime Income Fund 11.9880"** 0.46% 5.53%
100.0000 CFAL Global Bond Fund 100.00**
100.0000 CFAL Giobal Equity Fund 100.00**
CFAL High Grade Bond Fund 1.00**
I eee as 3
TD 3.41% / 200;
last 12 month dividends
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - Acompan;'s reported earnings per share for the last 12 mths

BISX ALL SHARE IND 9 Dec:
S2wk-Hi - Highest closing price in last 52 weaks
i 52wk-llow - Lowest closing price.in last 52 weeks

“ MARKET TERMS

* - 29 February 2008
** - 31 December 2007
** - 31 January 2008
see 2 January 2008
** . 22 February 2008

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

|, Changé - Change in closing price from day to day :

} Daily Vel. - Number of total shares traded today

}] OlV S.-, Dividends per share paid in the last 12 months
P/E ~ Closing price divided by the last 12 month earnings

(S) - 4-for-1 Stock Split - Effective Date 8/8/2007

{\S1) - $for-1 Stock Split - Effective Date 7/11/2007

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

Medical Coverage that takes you
beyond 75 years of age.

Access to over 4,000 network hospitals
throughout the USA, The Bahamas,
Caribbean, Latin.America and the UK.

Full Maternity Coverage & FREE
cover for children up to age 10.

Underwritten by Lloyd’s of London
(A+ rated for claims paying ability).

Worldwide Emergency Coverage
including the USA & The Bahamas.

Emergency evacuation by Air Ambulance.

- General
393-5529

CALL
TODAY

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.

Premiums paid monthly, half-yearly
or annually by credit card.

No Medical Examination requirement.

InEMEn eres Cyril Peet Tamara Boyd Mark Reynolds




THE TRIBUNE

MONDAY, MARCH 10, 2008, PAGE 9B



Bahamians

are urged

to embrace
globalisation

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

GLOBALISATION
should be embraced and wel-
comed, a leading economist
suggested to a Bahamian
audience, arguing that there
were tremendous opportuni-
ties to be gained through the
transfer of goods and services
between countries.

Chairman

Don Boudreaux, chairman
of the Department of Eco-
nomics at George Mason
University in Fairfax, Vir-

ginia, was the special guest
speaker at a dinner spon-
sored by the Nassau Institute
on the topic of globalisation
held at the British Colonial
Hilton. ,

Mr Boudreaux described
globalisation as simply
human cooperation across
political boundaries, and said
that while many people
believe globalisation is an
immigration matter, he feels
true discussion should sepa-
rate the issues.

He said many people have
suggested that free trade be
done in a phased-in approach
if it was a political necessity,
but he preferred “a push the
button” approach.

“I see no down side against
it, in the long run,” Mr
Boudreaux said. He added
that initially there may be
some protected industries
that are negatively affected in
some way in the early stages,
but there were many more
industries which would bene-
fit from it.”

Situation

Mr Boudreaux said globali-
sation is not always the
“David and Goliath” situa-
tion of a larger country push-
ing the smaller country’s
industries out of business.

He gave as an example the
scenario that if there was a

EN a a
the #1 newspaper in circulation,
SS ale rage a a OTE

TO BAHAMIAN LAND OWNERS,
DEVELOPERS AND INVESTORS:

REQUEST FOR
PROPOSALS

LONG -TERM LEASE OF |
EXECUTIVE STAFF RENTAL HOUSING

Baha Mar Development Company Ltd. invites proposals from Bahamian land
owners, developers and investors to build and lease to Baha Mar on a long-
term basis a total of approximately 150 multi-family residential housing units
located in developments of at least 30 units each, conveniently located to C.ble
Beach for occupancy by the executive staff of Baha Mar, Caesars Bahamas
Management Corporation and Starwood Hotels & Resorts Worldwide 'Inc. and

their respective contractors, consultants and suppliers.

For further information or to obtain a proposal package contact:

BAHA MAR DEVELOPMENT COMPANY LTD.
Email: Skatz@bahamar.com Tel: 242.677.9081

Steven Katz

MAR







new seed strain invented,
which would reduce the
amount of land and resources
needed to grow this, and thus
reduce costs and labour, it
would be the same thing as
globalization. But most peo-
ple, he said, were not against
technology as they are
against globalisation.

Mr Boudreaux discussed
many of the arguments that
opponents of globalisation
had - namely that it reduced
domestic employment. He
said this has been refuted and
that what globalisation does
is cause there'to be a shift in
the jobs which people per-
form.

Globalisation, he further
said, encourages creativity in
the relationships which can
be established and promotes
peace.

REGISTRATION

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MINISTRY OF FINANCE

NOTICE

THE INDUSTRIES ENCOURAGEMENT ACT

(CHAPTER 326)

It is hereby notified pursuant to Section Five (5) of the Industries
Encouragement Act, Chapter 301, that the Minister is about to consider
whether the manufacturer specified in the first column of the table below
should be declared an "APPROVED MANUFACTURER" in relation to
the products specified in the third column.

| MANUFACTURER | LOCATION OF
FACTORY PREMISES

Concrete Creations Limited | Thompson Boulevard, New

PRODUCTS

Precast Concrete
Providence

Any interested person having any objection to such a declaration should give
notice in writing of his or her objection and of the grounds thereof to the
Office of the Ministry of Finance, on or before 17" day of March, 2008, by

letter addressed to :-

It is hereby notified pursuant to Section Seven (7) of the Industries.
Encouragement Act that the Minister is about to consider whether the |
following products should be declared "APPROVED PRODUCTS" for .

the purposes of that Act.

‘T RAW MATERIALS TO BE USED IN
MANUFACTURE

Baking Soda, White Cement, Oil (form
release) Moulds, Cement Colouring and
Reinforcement

Any interested person having any objection to such a declaration should give
notice in writing of his or her objection and of the grounds thereof to the
Office of Ministry of Finance, on or before the 17" day of march, 2008, by

letter addressed to :-


PAGE 10B, MONDAY. MARCH 10. 2008

E Se Tribune Comics

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OMICS PAGE




J JUST WASHED My FACE.”





South dealer.
Both sides vulnerable.
NORTH
#KJ962
VAIS
K 1098
3 .
WEST EAST
A8543 #Q107
¥QI ¥108642
7532 o¢—
84 &KQ975
SOUTH
VK73
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#AIJ1062
The bidding:
South West North Kast
1¢ Pass 1¢ Pass
2& Pass 3¢ Pass
6¢

Opening lead — queen of hearts.

“As the bidding progresses, the
rise and fall of one’s values is a phe-
nomenon worthy of close attention.

-In distributional hands especially,

their worth may fluctuate startlingly
as new information is gathered from
the opponents’ or partner’s bidding.
For example, when you first look
at today’s South hand, you would ini-
tially rank it as well above a mini-
mum opening bid. Not only does it
contain 15 high-card points, but it
has an attractive 5-5-3-0 distribution.
Point-counters might differ as to the

The
Target
uses
words in
the main
body of
Chambers
21st
Century
Dictionary

edition)

HOW many words of four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be
at least one nine-letter word.

No plurals.

TODAY'S TARGET

Good 22; very good 33; excellent
44 (or more). Solution tomorrow.











10 A matter of taking too much 4 — Ashot from the sentry (3)
interest (5) 5 How | fled the scene of battle (5)

11 River whose naval centre’s a lot 6 — Venerated more than ever (7)
changed (5) 7. Flatten with a club (4)

12 Foreign film? (5) 8 Headgear not raised in a garden

13 Pert player? (7) with many stones (6)

15 A seedy case (3) 12 Are like districts, regions, etc. (5)
17 Somewhat boneshaking 13 Start fording the river in a Cornish

individuals! (4) resort (5)
18 implore a person to buzz off! (6) 14 Make a secondary allowance to a
19 Kept being unhappy about a day of tenant? (5)

victory! (5) 15 Nip to the next floor and get dad
20 They happen to have a bearing on out of bed! (3,2)

openings (6) 16 There’s many a wicked one (5)
22 Mounted, it offers a lofty view of 18 Where to have a ball on holiday? (5)

Japan (4) 19 Detains, possibly, for having dis- | ACROSS.
24 Still very ethical in part (3) coloured something (7) : : ee e)
25 In the theatre, it’s short and 21 Has it the wettest streets wi point (5)

incisive (7) in Italy? (6) pad 9 Type of
26 A hotheaded desire can lead to a 22 They have a striking effect N 10 santo

difficulty (5) on grain (6) S 1 Old-
27 She's foxy (5) 23 Ona volatile steed, Juliet joked (6) a fashioned (5)
28 A start in life (5) 25 A share issue of some > : notes (7)
29 A detailed account makes it clear (7) description (5) “ 15 Be
30 Such sisters as we could 26 What they called Hitler before the = victorious (3)

get rid of! (5) war (4) i Renae
31 Nota straightforward statement of 28 During the rumba,

ideas (5) always cry (3) o ae

22 Inthis place




(4)
SS 24 Racket (3)
; 25 Coach (7)
26 Tale (5)
Yesterday's cryptic solutions Yesterday’s easy solutions. 27 Asian
ACROSS: 3, Flush 8, BR-oil 10, Te-Lls 11, O-ft. 12, Sep-Al 13, | ACROSS: 3, Stale 8, Manor 10, Eager 11, Rid 12, Carat 13, si ae (5)
Muffler 15, Ro-les 18, Ail 19, Art-is-t 21, All-erg-y 22, Rill Deleted 15, Debit 18, Sir 19, Denote 21, Steamer 22, Buoy er ied ia
1 23, Le-f-t 24, Stunner 26, P-rude-S 29, D-EN 31, Hum-id 32, 23, Tend 24, Similar 26, Scenic 29, Bin 31, Harem 32, Settler 30 Yields (5)
‘ Putters 34, M-Adam 35, Ire 36, Bizet 37, Clan-G 38, Sense 34, Appal 35, Rib 36, Snarl 37, Rupee 38, Sense 31 Large
i h DOWN: 1, Tr-out 2, Pit-fall 4, Lee-R 5, Sta-RR-y 6, He-lot 7, DOWN: 1, Wares 2, Madesty 4, Toad 5, Leader 6, Eaten 7, shrubs (5)

Blues 9, Off 12, S-elects 14, Lil 16, Liner 17, State 19, Agendum
20, Graph (Graf) 21, Album 23, Le-nti-ls 24, Sedate 25, Net 27,
Rubik 28, Di-me-s 30, Wrens 32, P-ass 33, Era

Merit 9, Nil 12, Ceramic 14, Tie 16, Boxer 17, Teddy 19,
Decibel 20, Abash 21, Sober 23, Tantrum 24, Simple 25,
Lit 27, Canny 28, Nears 30, Rebel 32, Saps 33, Lip

























DOWN






2 Landed
property (6)
3 Exert (6)
4 Golf
peg (3)
5 Ponder (5)
6 Tranquillised ,
(7)
Verbal (4)
8 Dissertation
(6)
12 Honcur (5)
1B Place (5)
14 Gas (5)




15 Broaden (5)
16 Atnotime (5)
18 Denounce (5)
19 Struggles (7)









21 Angry
speech (6)
' 22 Impede




: (6)
23 Respect (6)
25 Attempted (5)
26 Team (4)
28 — Performance (3)











IRTY LOOK2

Contract Bridge
By Steve Becker |
Distributional Hand Evaluation

AC ay





A SOFT, FLAT
SURFACE ?
ITs TRUE.











exact value of the hand, deemi:-¢ it
worth anywhere from 17 to 29
points, depending on which school
they came from.

But North’s one-spade respinse
should have a depressing effect on
the initial evaluation. The spade void
is no longer an asset but a liability. In
fact, at this point the hand depreci-
ates to only its high-card values.

However, when you next bid two
clubs and partner jumps to three dia-
monds, the complexion of the hand
changes radically. The original value
is not only restored, but augmented.
Your previous doubt as to whether
there was even a game is more than
resolved — so much so that a slam is
now a very real possibility: And, you
should conclude that if North feels
the combined hands will produce 11
tricks, you’re surely entitled to trv
for 12.

The play of the hand is relatiy e'y
simple. Only one pitfall has to b:-
avoided. You plan a straight crossruff
to score 12 tricks, but you should
cash your two heart tricks very early

— before starting the crossruff. If
you don’t, you’ll wind up with your
arm in a sling after West gets rid of
his remaining heart while you are
tuffing clubs in dummy.

After playing the king of hearts,
ace of clubs and ace of hearts, you
tuff spades and clubs back and forth,
finishing with 12 easy tricks. That’s
all there is to it,



S
3 Bs
Rags
On

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Baga
ba 3
Sys
oe
8965
Saag
hoor
S2oe
goes
REY Cay
Poe
Babs
SHA

@
b=}
3
&
S
°
2
a
g
°
5
3
Zz
°
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oo
a
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=]
Oo

YESTERDAY’S SOLUTION

cent citron coin .cone corn
comer cornet cretin

tone toner tonic torn







New

word

any chemical
that burns
nae marcst ts





Shakridyar Mamedyarov v Mikhail
Gurevich, European team
championship 2007. The white 8|
player, widely known as Shak, has
reached the world top 10
grandmasters and is a deadly 6)
attacker against slightly weaker

rivals. His veteran opponent in
today’s puzzle tried the solid but 4;
passive Queen’s Gambit Declined 1
d4 d5 24 e6 and was soon faced
with mounting pressure on his king >
from the advance of White's g andh
pawn. Here both the attacking foot ||
soldiers have been exchanged off to
provide open lines for Shak’s queen
and rook. Gurevich probably still
felt confident of a draw since the
natural play for White (to move} is
to exchange off all the rooks after
which there would be little in it.
Shak saw clearer, and the position

AND SPEAKING OF GRANITY,
T DROPPED A PITCHER OF

LEMONADE ON THE KITCHEN
FLOOR WHEN MY ROLLER
SKATES SUPPED.












‘| LEO - Jul 23/Aug 23



THE TRIBUNE.










©1989 Universal Press Syndicate
7



HEX, MOM, DID YOU KNOW THAT ] HEAYY MATTER, LIKE PLANETS.
GRAVITY IN OUTER SPACE
WORKS AS IF SPACE WAS

SINKS INTO THE SURFACE. ANG,
ANYTHING PASSING BY, LIKE
LIGHT, (ILL "ROLL" TONARD
THE DIP IN SPACE MADE BY
THE PLANET. LIGHT IS
ACTUALLY DEFLECTED BY
GRAVITY! AMAZING, HUN?






MONDAY,
MAR 10
AQUARIUS - Jan 21/Feb 18
A great opportunity arises on
Wednesday, Aquarius. However,
you may be too busy to see it com-
ing. Take the day off to make the
most of this deal. |

PISCES — Feb 19/Mar 20 |
Conceit can get you into trouble,
Pisces, but you seem to be ignoring all
of the warnings. A coworker ge
defensive as a result. i

ARIES - Mar 21/Apr 20

Have you been waiting for some
good luck to come your way, Aries?
Well, this is the week it just may
arrive in the form of an overdue
check. Spend wisely, but have fun;

TAURUS — Apr 21/May 21 |
Although it is still a month or two
away, start thinking about your
birthday plans, Taurus. This year
you are sure to throw a bash that
will be remembered by all.

GEMINI - May 22/Jun 21

A trip to the doctor gives you news
that you didn’t expect. You may
have to mend some of your
unhealthy habits.-It’s never too late

to make resolutions. |

CANCER - Jun 22/Jul 22
You may have been pondering start-
ing a new business, Cancer. Being
self-employed has its, benefits but
also several downfalls — consider

both sides carefully.

‘A better mood keeps you livel
this week, Leo. When you’re on |
roll, it’s hard to match your wor|
ethic. Make sure the boss sees a
of your hard work.

VIRGO - Aug 24/Sept 22 |
You’ve decided to get that pesky
task that has been haunting you
completed this week, Virgo. It
will be such a weight off of your
shoulders once it is done.

LIBRA — Sept 23/Oct 23.
Too many road trips have left you
car worse for the wear, Libra. Yo
Just made the investment, so take it
easy for a while. Tuesday is a Boog
|.

day for relaxation.

SCORPIO -— Oct 24/Nov 22
Have you been feeling lonely,
Scorpio? It might be time to invite
over some friends to help beat the
blues. Thursday is a good day for a
late dinner or movie night.

SAGITTARIUS — Nov 23/Dec 21 |
It seems you’ve gotten yourself
into another work bind, Sagittarius.|
You just can’t seem to find a place
that holds your attention. Keep!
looking and don’t settle. \

CAPRICORN -— Dec 22/Jan 20
You haven’t been feeling your best,’
Capricorn, and this week might be the,
worst of all. But rest assured that once!
this blows over you’ll be back on
your feet.

|
|

Re ae eee |

a bg doe t soo

proved a case of one move and you're
dead. After Wisiie’s next turn, Black
resigned. What was the winner, and
why did Gurevich surrender?

LEONARD BARDEN

Chess 8577: 1 Re6! Resigns. If Rxe6 2 Qxg7 mate.
Black's can't take Bxe6 because his bishop is pinned
by White's queen. If Qb4 2 Rxf6+! axf6 3 Qxq8 mate.
Ao che

b,

tk



SUPREME
COURT

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00103

In the Estate of EDWIN R. LONG, late of No.
10 Mohawk Drive, Brightwaters, New York, U.S.A.,
deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JAMES LENNOX
MOXEY of Shirley Street, Eastern District, New

«Providence, one of the Islands of the Commonwealth

of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the Resealed
Grant of Letters of Administration With The Will

« Annexed in the above estate granted to SHIRLEY

M. LONG, the Administrator, by the Surrogate’s
Court for Suffolk County in the State of New York,

» one of the States of the United States of America
on the 12th day of January, 2000.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
pe nT ' THE SUPREME COURT
PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00104

Whereas HARTIS EUGENE PINDER of Mareva
House, 4 George Street, New Providence, one of

~ the Islands of the Commonwealth of The Bahamas,

Attorney by Deed of Power of Attorney for Sidney

‘ H. Pinder has made application to the Supreme
Court of The Bahamas, for letters of administration

of the Real and Personal Estate of DANIEL
WHITNEY PINDER late of Blair Estates, Eastern

5 District, New Providence,-one of the Islands of the
* Commonwealth of The Bahamas, deceased.

~ Notice is hereby given that such applications will

| : be heard by the said Court at the expiration of 14

CES ay

. days from the date hereof.

Desiree Robinson
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00105

In the Estate of CHARLES G. HARAMIS, late
and domiciled of 327 Madison Avenue, in the City
of Watkins Glen, in the State of New York, one of
the States of the United States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by W.. CHRISTOPHER
GOUTHRO of the Regent Centre, Freeport, Grand
Bahama one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized
Attorney in The Bahamas for obtaining the
Resealing Letters of Testamentary for Executor in
the above estate granted to GEORGE M.
HARAMIS the Executor of the Estate, by the
Probate Division in the Surrogate Court of County
of Schuyler, New York of the one of the States of
the United States of America on the 28th day of
March, 1995.

Tabitha Cumberbatch
(for) Registrar

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00106 —

In the Estate of THOMAS JOSEPH MCNALLY
(a.k.a. THOMAS J. MCNALLY), domiciled and
late of 22 Ennis Lake Road, Ennis, Madison County,
in the State of Montana, one of the States of the
United States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ROBERT F. VAN
WYNEN of the Eastern District, New Providence,
one of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney

-in The Bahamas for obtaining the Letters. of

Appointment of Co-Personal Representatives in the
above estate granted to THOMAS F. MCNALLY
and MARC F. MCNALLY the Executors of the
Estate, by the Montana Fifth Judicial District,
Madison County in the state of Montana of one of
the States of the United States of America on the
15th day of August, 2002.

Tabitha Cumberbatch
(for) Registrar



COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00107

Whereas CHELON M. CARR of Western District,
New Providence, one of the Islands of the
Commonwealth of The Bahamas, has made
application to the Supreme Court of The Bahamas,
Attorney by Deed of Power of Attorney for JULIA
LoRUSSO for Letters of Administration with the
Will annexed of the Real and Personal Estate of
LILLIAN J. KETCHAM., late of Sarasota County,
Florida, one of the States of the United States of
America, deceased.

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

Tabitha Cumberbatch
~ (for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00108

In the Estate of WILLIS PLAYER, late of 75 Orr
Road, Germantown, Columbia in the State of New
York, one of the States of the United States of
America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JAN W. BORGHARDT
of the Western District, New Providence, one of
the Islands of the Commonwealth of The Bahamas,
Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealing Letters of
Testamentary in the above estate granted to NAN
PLAYER HERMUS and JILL PLAYER
COTTON the Executrixes of the Estate, in the
Surrogate’s Court in the County of Columbia, New

York of one of the States of the United States of.

America on the 25th day of April 2006.

Tabitha Cumberbatch
(for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00109

In the Estate of FRANCELIA D. CORBETT, late
and domiciled of 235 Walker Street, Apartment No
236, Lenox in the County of Berkshire in the state
of Massachusetts, one of the States of the United
States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by MICHAEL CRAIG
ROBERTS of the Eastern District, New Providence,
one of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of
Probate of Will Without Sureties in the above estate
granted to Ann C. Lucas, Laurie J. Hall, and
William B. Roberts, the Executors of the Estate,
by the Probate and Family in the Trail Court of
Commonwealth of Massachusetts, one of the States
of the United States of America on the 30th day of
July, 2007
Tabitha Cumberbatch
(for) Registrar

IVIVINVAT, IWIAATQUE TE IU, CUUU, FOWWAte tee

COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT

PROBATE DIVISION

13TH MARCH, 2008

No. 2008/PRO/npr/00110

Whereas PERRY TYRONE JOHNSON of Easter
Avenue, Freeport, Grand Bahama one of the Islands
of the Commonwealth of The Bahamas, has made
application to the Supreme Court of The Bahamas,

‘for Letters of Administration with the Will annexed

of the Real and Personal Estate of PERRY
TYRONE JOHNSON, late of No. 11 Easter
Avenue, Freeport, Grand Bahama, one of the Islands
of the Commonwealth of The Bahamas, deceased.

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

Tabitha Cumberbatch
(for) Registrar

THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00111

In the Estate of CAROLE HUGHES SANTO,
late and domiciled of 3183 Bouvier Road in the
Town of Hammond in the Province of Ontario in
the Dominion of Canada, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ADAM D. R.
CAFFERATA of the Freeport, Grand Bahama, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of a
Certificate of Appointment of Estate Trustee in
above estate granted to JOHN HUGHES, the sole
Executor and Estate Trustee of the Estate, by the
Superior Court of Justice, Ontario on the 27th day
of June, 2007. .

Tabitha Cumberbatch
(for) Registrar



THE SUPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00112

In the Estate of RONALD SAXBY BAILEY, late
and domiciled of 537 Dunstable Road in the City
of Luton, in the County of Bedfordshire, in the
Country of England, deceased.

NOTICE is hereby given that after the expiration

of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by ADAM D. R.
CAFFERATA of the Freeport, Grand Bahama, one
of the Islands of the Commonwealth of The
Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealing of
Probate in the above estate granted to ROBIN
ARTHUR BLAND and RICHARD JOHN
BAILEY, the Executors and Trustees of the Estate,
by the District Probate Registry at Oxford in the
High Court of Justice, England on the 8th day of
November, 2001.

Tabitha Cumberbatch
(for) Registrar



THE STJPREME COURT
PROBATE DIVISION
13TH MARCH, 2008

No. 2008/PRO/npr/00113

In the Estate of RICHARD BEGLIN, late and
domiciled of 12 Water Street, Searsport, Waldo
County in Maine, one of the State of the United
States of America, deceased.

NOTICE is hereby given that after the expiration
of fourteen days from the date hereof, application
will be made to the Supreme Court of The Bahamas
in the Probate Division by JOAN FERGUSON of
the Western District, New Providence one of the
Islands of the Commonwealth of The Bahamas,
Attorney-At-Law, the Authorized Attorney in The
Bahamas for obtaining the Resealing Letters of a
Grant of Letters of Authority in the above estate
granted to DAVID BERG, the Executor of the
Estate, by the Probate Registry in Waldo County,
of the state of Maine, one of the States of the United
States of America on the 2nd day of October, 2006.

Tabitha Cumberbatch
(for) Registrar
PAGE 12B, MONDAY, MARCH 10, 2008

THE TRIBUNE



Harrah’s Entertainment: We
lost confidence in $2.6bn pla

FROM page 1B

ture could successfully complete the
project as originally contemplated,
and accordingly we believe it could
prove harmful for all to move for-
ward,

“We greatly appreciate the efforts
and cooperation of the Bahamian
Government throughout this process.
There is no question that Prime Min-
ister Ingraham was committed to the
project and recognized its potential
contribution to his nation's economy.
We are open to the possibility of a
project some time in the future. How-
ever, at this point we have terminated
our involvement in the Baha Mar pro-
ject.”

“Thousands of jobs” were left at
stake after Harrah’s Entertainment
dealt this potentially “enormous
blow” to the $2.6 billion Cable Beach
redevelopment and wider Bahamian
economy by announcing it was ter-
minating its Baha Mar joint venture,
the Chamber of Commerce’s presi-
dent saying the whole episode was

“shocking”.

Dionisio D’Aguilar said Baha Mar’s
announcement on Friday of Harrah’s
move dealt “a big confidence blow” to
investors and businessmen alike.

“It’s not saying the whole deal is
dead, but it’s a big confidence blow, it
really is. It puts a damper on every-
thing,” Mr D’ Aguilar said. “It’s such
a big project and had such great
potential, and I don’t understand why
they [the Government] were not

excited about it, upbeat about it and

enthused about it.

“If this was 1992, they would have
welcomed these guys with open arms,
just like Atlantis. But this is 2008, and
we’re not hungry enough yet. There
are a lot of jurisdictions that are a lot
hungrier than we are.”

“J think it’s shocking,” Mr

D’ Aguilar said of the Harrah’s move

and the actions by the Prime Minister

and government that allegedly
sparked it.

Baha Mar announced on Friday

’ that Harrah’s, which was supposed to

No matter HOW MUCH or

be its joint venture partner in the
Cable Beach redevelopment with a
43 per cent equity stake, sent it a
notice that it was unilaterally termi-
nating the partnership due to com-
ments made about the project by
Prime Minister Hubert Ingraham in
the House of Assembly two days pre-
viously.

The Prime Minister had openly
expressed skepticism about whether
Baha Mar had the $400 million in
equity financing that it and its princi-
pals, Dikran and Sarkis Izmirlian, had
committed to, and whether it would
meet the March 2009 deadline for ful-
filling all its Heads of Agreement
commitments.

Mr Ingraham, though, said he had
no doubt about Harrah’s ability to
meet its obligations.

Vincent Peet, minister of financial
services and investments in the former
Christie administration, told The Tri-
bune: “This should come as no sur-
prise to anyone who understands
investing and the sensitivities of
investors. When I spoke [in the House
of Assembly], I warned the Prime
Minister about the consequences of
the remarks, and said he was send-
ing the wrong message to investors.

“Even then, I. did not anticipate
that there would be such a quick reac-
tion by Harrah’s. It is a major, major
blow to our economy going forward,
and something all Bahamians should
be concerned about.”

Asked about the economic impact
if the $2.6 billion Cable Beach rede-
velopment was unable to proceed, Mr

~ Peet added: “The impact 'will be quite

severe, and could be devastating on
the economy at this time. There are
thousands of jobs at stake. It’s a very
severe, very devastating effect caused
by the Prime Minister’s statement.”
The supplemental Heads of Agree-
ment pledged that 7,000 permanent
jobs would be created by the Baha
Mar project, up from the previous
3,500. The Harrah’s, announcement
places this in jeopardy, along with the
hundreds of construction jobs that
would have been created, not to men-
tion the several hundred million dol-

lars worth of additional economic
impact that Baha Mar was supposed
to generate per annum.

It is still unclear why the Prime

Minister decided to go public with his
opinions on Baha Mar’s likelihood of
success or failure last week. It is pos-
sible he may have been attempting
to manage the Bahamian public’s
expectations, but the timing was
astonishing given that the Govern-
ment signed the supplemental Heads
of Agreement with Baha Mar just
over one month ago — on January 31,
2008. It is most unusual to sign an
agreement, then publicly criticize the
deal.
- The Tribune understands that gov-
ernment ministers were also caught
off-guard by the Harrah’s move, and
are unaware of why the company has
adopted this position.

The Tribune also understands that
Baha Mar’s senior executives were
left privately dismayed by the Prime
Minister’s comments last week, and
feared the impact they might have on
the joint venture agreement with Har-
rah’s.

A major factor is likely to have .

been a little-noticed change at the top
at Harrah’s. On January 29, 2008, just
two days before Baha Mar and the
Government signed that agreement,
private equity giants Apollo Capital
Management and Texas Pacific
Group Capital completed their $29.7
billion takeover of Harrah’s, taking
the company private. Their deal saw
the private equity firms assume $12.4
billion worth of Harrah’s debt, mean-
ing that the company’s shareholders
received $90 per share or a net $17.3
billion.

But regardless of the deal’s details,
what is more significant in the context
of the Bahamas and Baha Mar is the
change in, ownership. Both Apollo
and Texas Pacific are hard-nosed pri-
vate equity firms, run by attorneys
and bankers, whose sole goal is to
extract the maximum possible value
and profits from their acquisition.

Private equity firms typically seek
rates of return on investment that are
greater than 20 per cent, and the



Prime Minister’s comments are hard-
ly likely to have endeared his gov-
ernment and the Bahamas to Har-
rah’s new owners.

They are likely to have been espe-
cially alarmed by Mr Ingraham stating
that he felt Baha Mar would not meet
its undertakings by deadline, particu-

larly since failure to do so would

mean the deal was off — after both
they and Harrah’s may have invested
what The Tribune understands could
have been as much as $250 million in
equity.

Apollo and Texas Pacific are also
likely to have factored in the potential
US and global recession into their
decision-making, and the protracted
negotiations Baha Mar endured under
both the Christie and Ingraham
administrations will not have escaped
their attention.

Indeed, the supplemental Heads of
Agreement for the Cable Beach pro-
ject was supposed to have been con-
cluded with the PLP government by
March 1, 2007, allowing Baha Mar
time to conclude the Harrah’s joint
venture by the middle of that month.

Yet both the government’s agree-

‘ment and the joint venture deadline

were missed, and it was almost anoth-

er 11. months before terms were |

agreed with the Ingraham adminis-
tration.
Major investors, especially private

“equity firms, do not like uncertainty

and keeping large chunks of equity

capital in cold storage, waiting for an |

investment opportunity that may not
materialize, when it could be earning
a return elsewhere. It is quite proba-
ble that Apollo and Texas Pacific
were looking for an excuse to with-
draw from the Bahamas project, and
in the Prime Minister’s remarks found
one.

Mr D’Aguilar alluded to the
lengthy Heads of Agreement and
approvals process as being one factor
behind the Harrah’s move, telling The
Tribune that Baha Mar and its prin-
cipals had gone through “agony” to

‘conclude the earlier deals with the

Government.
Noting the ‘on again, off again’ and




‘stop/start’ natyre of the negotiations,
Mr D’ Aguilar said: “The whole
process has been agony. There wasn
the will on behalf of the Government
for this deal to work from day on :.
For whatever reason, they did not
like this deal. They did not think 1 it
would be adequately funded, and ney-
er articulated why they thought that.

“The Government has to realise
the world is in recession, or at least. ff
very precarious position” at a time
when the Bahamian tourism indus
try and its product appeared to Be
locked into a downward trend. |

The Chamber president added
all investors coming into the Bahamas
had “complained bitterly about tt
process, the length of it, how long it
goes on for and the length of a



ations. Harrah’s probably decided:
at
home’. ee
If Harrah’s and its Bahamas-domi-
ciled investment vehicle, Caesar’s
Bahamas Investment Corporation,
made good on their threat to termi-
nate the joint venture, it would leaye
Baha Mar needing to find a 43 per
cent equity partner and replacement
operator for the flagship 1,000-room
hotel and 95,000 square foot casing
It would also throw plans for Cable
Beach’s regeneration into uncertal p-
ship of the existing hotels by Baha
Mar. Mr D’ Aguilar said the Harrah’s
announcement pushed back the
whole construction and operational
schedule for Cable Beach’s revital-
ization. Ful
And if it came to finding a new
partner, Baha Mar would be nego a
ating under duress and unlikely’to
achieve the best possible deal for both
itself ahd the Bahamas. i
The Chamber president addec
“What happens at Cable Beac
What do we do now? What is th
solution to this, big and mighty gov-
ernment? Bay Street is not nice,
Cablé Beach is average, Atlantis is
spectacular. But don’t put all the eg
in one basket, as Sol Kerzner is not
young man and is not going’ to4
there for ever.” ae

‘You know what? Let’s stay

a

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