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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-Harral’s Tarhoured concerns

Evidence indicates PM’s
comments not key reason for
company’s decision to withdraw
from Cable Beach project

@ By NEIL HARTNELL

Tribune Business Editor

PRIME Minister Hubert

Ingraham’s comments on the |

$2.6 billion Baha Mar project
were not the key reason for
Harrah’s Entertainment decid-
ing to terminate its joint ven-
ture agreement, evidence dis-
closed yesterday indicated, as
the gaming industry giant had
harboured concerns the project
could not “succeed as currently
structured for some time”.

The termination notice, which
was sent by Harrah’s Bahamian
subsidiary, Caesar’s Bahamas
Investment Corporation, to
Baha Mar head Sarkis Izmir-
lian on March 6, 2008, indicates
that the change in ownership at

the casino company was the key
factor behind its decision to
pull-out from the Cable Beach
‘redevelopment.

Apollo Capital Management
and Texas Pacific Capital
Group, the investment compa-
nies that bought Harrah’s
Entertainment on January 29,
2008, cited “grave doubts” over
the increased costs and risks
attached to the project, coupled
with uncertainty over land
transactions, financing and
whether Baha Mar could fulfil
its obligations on time.

The March 6 letter to Mr
Izmirlian, which was copied to
Baha Mar vice-chairman John

SEE page 11

Two men are charged with
Cowpen Road area murder

@ By NATARIO McKENZIE

TWO men, charged in connection with the murder of a man
who was shot in the head in the Cowpen Road area earlier this
month, appeared in the Magistrate’s Court yesterday afternoon.

Johnsy Luc, 29, of Carmichael Road and Yvon John, 27, of Far-
rington Road appeared before Chief Magistrate Roger Gomez at
Court 1, Bank Lane, charged with the murder of Richal Etienne.

According to police reports, Etienne, the country’s 15th homi-
cide victim, was travelling in the Cowpen Road west area with three
other persons in a Ford Explorer around 5.20 am on Saturday,
March 1, when three masked men, one of whom was armed with a
shotgun, stopped the vehicle. The men reportedly ordered the
occupants out of the vehicle and forced them to the ground. The
assailants then robbed a woman passenger of cash, according to
police reports. Before leaving the scene, however, the robbers

SEE page 11

“Woman accused of daytime .




robberies gets 16 month sentence

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

A WOMAN accused of being
responsible for several daytime
robberies at various businesses in
central New Providence was sen-
tenced to 16 months in prison
Monday after pleading guilty to
11 of the 13 counts she faced.

The defendant Anastacia

Moree, 29, of Buttonwood .

Avenue, was arraigned in Mag-
istrate’s Court Monday on 10
counts of stealing and three
counts of receiving funds known
to be appropriated: by an
offence.

Between January 22, 2008 and
March 5, 2008 court dockets
allege the defendant stole a total
of $3,922 in cash, cheque and
property.

The matter was heard before
Magistrate Carolita Bethel in
Court No. 8 Bank Lane. Mon-
day morning the defendant
pleaded not guilty to most of the
charges, however the matter was
given a brief recess until Monday
afternoon to clear up inaccura-
cies on the dockets.

Anastacia Moree



When the matter resumed, the
defendant pleaded not guilty to
all but two of the charges. She
was sentenced to a consecutive
imprisonment for each of her
guilty pleas totalling 16 months
in prison. Reportedly, the defen-
dant broke down in tears when
her sentence was handed down.

Court dockets allege that on
Thursday, February 21, 2008

SEE page 11



TROY LEWIS (left) and Melvin



- Maycock outside of court.

TWO men — a police
officer and a man currently
on bail — were arraigned
before Magistrate’s Court
Thursday on one count of
aiding in the escape of a pris-
oner.

Sergeant Troy Lewis, 38,
of Pinewood Gardens, and
Melvin Maycock Jr, 24, of
Joan’s Heights were
arraigned before Magistrate
Gullmina Archer in Court
No.10, Nassau Street, Thurs-
day afternoon on the charge.

Court dockets allege that
on Thursday, February 28,
acting together and with oth-
ers, the defendants aided in
the escape of Melvin May-
cock, Sr, who was in lawful
custody at Elizabeth Estates
police station.

Lewis, a police officer, and
Maycock Jr, the son of the
escapee, who the court
heard is himself on bail for a
separate offence, both plead-
ed not guilty to the charge
yesterday.

The defendants chose to
have their case heard in
Magistrate’s Court rather
than the Supreme Court.

Counsel for Maycock Jr,
lawyer Milton Cox, argued
that his client regularly

SEE page 11

_Pre-qualify on the spot for

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



Tim Clarke/Tribune staff





Laing denies
he attempted
to contravene
Customs Duty

lm By PAUL G TURNQUEST —
Tribune Staff Reporter
pturnquest@tribunemedia.net

FNM MP for Marco City
Zhivargo Laing categorically
denied any attempt on his part
to contravene Customs Duty by
lowering the tariff on the Mona
Vie juice drink for his sister-in-
law in September last year.

Delivering his promised “full
report” that has been called for
by the PLP’s MP for St Thomas
More Frank Smith, Mr Laing
reiterated that he began to
investigate the complaint after it
was brought to his attention by
his brother, Tyrone Laing. -

Mr Laing informed the
House of Assembly that his
brother informed him that it
was his suspicion that someone
had used a “contact” at the Cus-
toms Department to increase
the rate charged on the bever-
age mid-year.

Mr Laing said it was incon-

SEE page 11

Tribune to launch
complaint after

being blocked

from courtroom

THE Tribune intends to
lodge an official complaint to
the Commissioner of Police
after being blocked from enter-
ing a courtroom where a police
officer was being charged with
aiding in the escape of a pris-
oner from a police station last
week.

A reporter, and a photogra-
pher wearing The Tribune’s
insignia, identified themselves
as members of the media to the
uniformed officer standing
guard at the court’s main
entrance, but were told access
would not be granted without
proper identification.

He persisted in denying
access, even after he was
informed that as the court was
open to the public, any person
had the right to enter, watch the
proceedings and take notes,
providing they were properly
attired, and followed the other
rules of the court.

The officer was acting on
orders from a superior officer
dressed in a khaki police uni-
form. When asked, the junior
officer declined to identify his

SEE page 11

= ) FIDELITY

More than a Bank

t 356.7764













PAGE 2, TUESDAY, MARCH 11, 2008

THE TRIBUNE



LOCAL NEWS



ee maiiibers listen to Prime winister of the

Republic of Haiti Jacques-Edouard Alexis speak during

the town meeting.





The Bahamas
District Church
of the Nazarene
opens convention
in Freeport

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

FREEPORT -_ The
Bahamas District Church of
the Nazarene opened its 33rd
district convention and assem-
bly in Freeport at the Hilton
Outten Convention Centre
last night.

The convention will climax
on Sunday March 16 with day
and night sessions beginning
at 9.30am and 7.30pm respec-
tively.

According to conference
organisers, ministers attend-
ing the convention include
Rev Dwight A Rolle of the
New Beginning Wesleyan
Holiness Centre, Rev Margo
Victor of Victory Ministries
International, and Pastor Dur-
ree Thomas of Calvary Tem-
ple Assemblies of God.

Nazarene Ministers attend-
ing include: Dr John Smee,
regional director; Rev John C
Wildgoose III; Rev Kirk Cur-

ry and Rev Demetrius Wild- |"

goose.

The convention attendees
were promised an exciting
night of preaching, teaching,
praise, worship, and celebra-
tion. As local Nazarenes cele-
brate 33 years in the Bahamas,
Nazarenes around the world
are poised for centennial cel-
ebrations. :

On October 15, Nazarenes
here in the Bahamas will join
with 1.5 million others in 151
areas around the world, across
-24 time zones to celebrate 100
years of “proclaiming holiness
to the world”.

Some 21,000 Nazarene con-
gregations that will celebrate
the birth of the Nazarene
Church, which came from very
humble beginnings in Pilot
Point, Texas.









PRIME MINISTER Alexis stresses a point
while speaking to members of the Hait-
ian community living in the Bahamas.

Prime Minister of the
Republic of Haiti Jacques-
Edouard Alexis spoke to
members of the Haitian f
community living in the
Bahamas, during a town
meeting on March 8 at

SuperClubs

Breezes.

Prime Minister Alexis led
a delegation of senior offi-
cials to the Bahamas to
attend the 19th Interses-
sional Meeting of Heads
of Government of the

MARCO CITY ELECTION COURT CASE

~ ‘Fred Smith ends his
cross-examination of Beeiertbrents:
Pleasant Bridgewater

@ BY NATARIO McKENZIE

THE MARCO City election
court case continued yesterday
with attorney Fred Smith con-
cluding his cross-examination of
PLP Senator Pleasant Bridgewa-
ter and removing three addition-
al names from the list of voters
FNM MP Zhivargo Laing is chal-
lenging.

Mr Smith who is representing
Minister Laing, began his ques-
tioning yesterday by asking Ms
Bridgewater if her sister Peggy
Bridgewater is also known as Peg-
gy Kemp. Mr Bridgewater replied
that she is.

Mr Smith then asked her where
153 Juniper Lane is located. Ms
Bridgewater stated that it is locat-
ed in the High Rock constituency.

Mr Smith then suggested that
Peggy Bridgewater lived at
Juniper Lane during the relevant
period — October 2006 to May
2007 — and had done so for some
time before that period.

‘Ms. Bridgewater replied that
that suggestion was incorrect, stat-
ing that her sister lived at Glad-
stone Terrace during that period.

Mr Smith then went on to
question Ms Bridgewater about
another voter, Ruthmae Martin.

Mr Smith pointed out that in
her previous testimony, Ms
Bridgewater had stated that she
did not know Martin. Mr Smith
put it to her that Martin had not
voted in the May 2 general elec-
tion.

Ms Bridgewater asserted that
Martin had voted based on the
information she had received.

Mr Smith went on to question
Ms Bridgewater about several
other voters who he claimed had
lived in the Marco City con-
stituency during the relevant peri-
od and had not moved out of the
constituency until after the May 2
general election.

Ms Bridgewater was asked:

about Latoya Pinder, one of the
voters in question.



Pleasant Bridgewater



Ms Bridgewater said that she
knew the name but did not know
the voter.

Mr Smith then asked Ms
Bridgewater why in her evidence
in chief had she stated that she
knew Pinder. Ms Bridgewater
said that she knew some of Pin-
der’s family members.

Mr Smith then put it to Ms
Bridgewater that she had spoken
to Pinder’s mother, who had told
her that her daughter had lived at
Tamarind Street and had only

moved to the Turks and Caicos ’

after the election.

Mr Smith also suggested that
Pinder had moved to Turks and
Caicos in August 2007. Ms
Bridgewater said that this was
incorrect.

Mr Smith also suggested that
another voter, Vanessa Pratt, had
lived at Sapodilla Close all her
life, including during the relevant
period of October 2006. to May
2007. |

Ms Bridgewater asserted that
that was not the case, claiming
that she had made numerous
inquiries about Pratt, and went
on to name several persons who
she claimed she had spoken to
during her search.

Mr Smith however that she
made this up and had never men-
tioned speaking to those persons
in her previous testimony. “I
don’t make up stories and I am
offended by that,” Ms Bridgewa-



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Caribbean Community
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ter replied.

Mr Smith recalled where in her
evidence Ms Bridgewater stated
that she had visited Pratt’s regis-
tered address some six times and
never located her.

He then went on to question
Ms Bridgewater about a number
of persons on the respondent’s
list.

Before moving to the respon-
dent’s list, Mr Smith indicated to
the court that the respondent
would only be challenging 46 per-
sons, having removed three.

Mr Smith went on to question
Ms Bridgewater about several
voters including Flora Hinsey,
who he suggested did not live in
Marco City but had been living
and working on Cat Cay for the
last eight years and only returned
to South Coral Reef Circle — her
registered address — during the
summer months last year.

Ms Bridgewater told the court
that. Hinsey only worked on Cat
Cay when her help was requested
and stayed there no more than
three months at a time.

Mr Smith also questioned Ms

Bridgewater about Diana Wilson
Swann, putting it to Ms Bridge-
water that Swann had been pro-
moted to a senior managerial
position at ZNS in October 2006
and was not living in Marco City
during the relevant period but
had moved to Nassau to work at
ZNS and subsequently moved to
the Turks and Caicos Islands.
._ Mr Smith also asserted that in
November 2006, Swann had
moved to South Bahamia whichis
not in the Marco City constituen-
cy. Ms Bridgewater stated that
Swann had moved after the elec-
tion.

Italia Rolle, one of Ms Bridge-.

water’s campaign workers, was
also called to the witness stand
yesterday and was questioned by
attorney for the petitioner Philip
‘Brave’ Davis regarding a number
of witnesses his client Ms Bridge-
water is challenging.

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PHOTOS: Eric Rose

PRIME MINISTER / Alexis (right) listens to concerns raised by members of the Haitian
community living in the Bahamas.

16th Culturama




showcases students’
appreciation of

Bahamian students from public and private schools demon-
strated their acumen of French and Spanish culture through song,
dance and poetry at the 16th annual Culturama held at the St
John’s College Auditorium on Friday.

Among the dignitaries on hand to watch the performances were
the Minister of Education, Youth, Sports and Culture Carl Bethel
and the Cuban Ambassador to the Bahamas Jose Luis Ponce.

The event topped off a week of activities staged by the Bahamas
Modern Languages Association which includes teachers from pri-
vate and public schools and the Foreign Languages Unit of the Min-
istry of Education.

Various schools held food tastings and modern languages assem-
blies; there was also a Spanish primary school spelling bee for stu-
dents from primary schools in New Providence.

Minister of Education Carl Bethel told students that they must
begin to see the world as their job market and learn another lan-
guage.

He noted that if they were to look in the newspapers at job list-
ings, they would see the demand for persons who speak or have
knowledge of Spanish, French and even German.

Mr Bethel also told the students that tourism is the country’s
number one industry and that the Ministry of Tourism will be los-
ing out on a major market if it does not promote the Bahamas in
Latin America.

The minister commended the students on their performances and
recognised South Andros High for being the only Family Island
school that participated in the event.

Grand Bahama also held its version of Culturama for the second
time,

One notable performance was that of Talbert Williams and the
Government High School Pop Band, which performed the Spanish
song “Bachata Rosa”.

Another crowd favorite was the Sandilands Primary School per-
formance of “La Noche” to a Rake n’ Scrape tune.

Traves Johnson demonstrated that he has a future in music
whether he sings in Spanish or English. The eighth grader from
Westminister College sang “Siempre por Siempre” in Julio Igeslias
style.

South Andros High drew high praise for its performance of the
French version of the song, “Hosanna”.

Minister Bethel assured the students that next year, the ministry
will ensure that their talents are showcased on television for the
nation to see.

The programme ended with a Colombian folk dance by the
Albury Sayle Primary School.

New twist to Easter celebration

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

FREEPORT - Easter, considered one of the holiest Christian fes-
tivals by Bahamians, is being celebrated with a new twist this year.

Former teacher Anne Shahid planned and organised an amazing
and colourful production of the Stations of the Cross, staged
throughout the streets of Freeport yesterday.

The procession started at the International Bazaar in the park-
ing lot of the Perfume Factory at around 5.30pm.

Speaking earlier this week, Ms Shahid said the community of
Grand Bahama would have the opportunity to see the procession, .
which will head onto East Sunrise Highway and end at the Sea
Horse roundabout.

She said the procession was to be led by a talented cast of actors.

According to Ms Shahid, the Stations of the Cross tells the sto-
ry of the passion, death, and resurrection of Jesus Christ.

Easter is usually celebrated for 40 days until Ascension Day, or
for 50 days until Pentecost.

MAIN SECTION

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BO a i ii P7
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THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 3



Oo In brief

Spring breaker
charged with
possession

of drugs

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



FREEPORT- A
spring breaker was
charged with possession
of drugs last week in
Freeport Magistrate’s
Court.

College student Keith
Scott Gervis, 21, of
Charlotte, North Car-
olina, pleaded guilty to
possession of a small
quantity of cocaine.

Gervis appeared
before Magistrate Deb-
bye Ferguson. He was
arrested and taken into
police custody on
Wednesday after being
found in possession of
cocaine at Port Lucaya
Marketplace.

Magistrate Ferguson
accepted the guilty plea
and convicted him of
the offence, fining him
$900 or 90 days in
prison.

She also ordered that
he be deported upon
payment of the fine.

@ THE circumstances
surrounding the shoot-
ing of an 18-year-old
man who sustained seri-
ous gunshot injuries to
the arm on Wednesday
are still unclear, accord-
ing to Grand Bahama
Police.

The victim, Stefan
Murphy — of Sunshine
Apartments on
Sergeant Major Road in
Freeport, and Lowe
Sound, Andros — was.
airlifted on Thursday
morning to New Provi-
dence for emergency
medical treatment at
the Princess Margaret
Hospital.

Chief Superintendent
Basil Rahming, press:
liaison officer, said
police have received
conflicting accounts of
a shooting incident.

Mr Rahming said
police received infor-
mation around 5.20pm
from the Rand Memori-
al Hospital that a young
man had been brought
there with a gunshot
wound to the right fore-
arm.

When police arrived
at the hospital, they
spoke to the victim and
later to other persons
who were said to be
present when the shoot-
ing occurred some-
where in Freeport.

“Central Detective
Unit officers on Grand
Bahama have not yet
conclusively determined
how Murphy sustained
his injuries due to com-
pletely conflicting
accounts that were giv-
en to police by the per-
sons who were report-
edly present, when the
incident allegedly
occurred,” he said.

Police are continuing
their investigations.

@ THREE Abaco
men are in police cus-
tody on that island in
connection with a vessel
that was stolen from a

. canal in Freeport.

The men were arrest-
ed at Sandy Point, Aba-
co at around 8.05pm on
Wednesday, after offi-
cers and residents spot-
ted the vessel -a
white twin-engine
32-foot Century speed-
boat named “Booga-
loo”.

Mr Rahming said the
vessel had been report-
ed stolen last Saturday
at around 4am from a
canal at the rear of the
Cove House Condo-
miniums in Freeport.

The men are present-
ly assisting Marsh Har-
bour Detective Unit
officers with their
investigation into this
matter.

Sears suggests PM may

be in

violation of international law



rN icelOieeyex:|



@ By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemdia.net



FORT Charlotte MP Alfred Sears
yesterday indicated to parliament that
Prime Minister Hubert Ingraham may
be in violation of international law and
the regulations put forth in the heads of
agreement for publicly expressing
doubt in Baha Mar’s ability to finance
the multi-billion Cable Beach project.

The PLP MP, speaking during the
morning session of the House of
Assembly yesterday, said it is estab-
lished in international law that when a
government enters into a commercial
agreement with a private, foreign
investor, it has the duty to act in a man-
ner so that neither party is disadvan-
taged.

The Fort Charlotte MP said that
when there is a joint venture compo-
nent in an agreement, as is the case
with the Baha Mar project, both parties
have the duty to display good faith in
the other.

Mr Sears said that the Bahamian
public must now ask if the prime min-
ister showed the requisite good faith
in the Baha Mar investois.

MP speaks out after Hubert
Ingraham’s expression of
doubt on Cable Beach project

The MP further questioned why Mr
Ingraham chose to express his doubts
after the government had already
signed the supplement heads of agree-
ment with the investors.

Any doubts about the project’s
financing should have been “clarified
and satisfied” before the supplement
agreement was signed, he said.

Mr Sears said he can now only hope
that government can repair the dam-
age which appears to have been done
by Harrah’s Entertainment’s termina-
tion of its joint venture agreement with
Baha Mar.

Prime Minister Ingraham, speaking
in parliament last week, said that when
the FNM came to office, the govern-
ment communicated to Baha Mar its
concerns about the investor’s ability to
finance the project.

“T 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 Har-
rah’s carries out what it says it will do,
that they have the means to undertake
the project if they do what they say —
but they have no legally binding com-
mitment to the Bahamas. All of their

‘agreements are with Baha Mar,” said

Mr Ingraham.

In a bombshell announcement last
Friday, Baha Mar revealed that Har-
rah’s Entertainment has pulled out of
the deal to develop the Cable Beach
Resorts.

Following this announcement, indus-
try insiders speculated that the entire
Baha Mar project may now be in jeop-
ardy.

‘Three Cuban Americans, 22 suspected
~ illegal immigrants are apprehended

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

FREEPORT -— Three
Cuban Americans and 22 sus-
pected illegal immigrants
were arrested at Bimini after

a stolen vessel was spotted by

police speeding towards that
island on Sunday.

At about 1.45pm, a team of
Bimini police officers, acting
on information from a source,
set out to sea in search of a

stolen yacht said to be
approaching Bimini.

About 10 minutes later,
officers spotted a vessel trav-
elling at high speed towards
south Bimini and began pur-
suit.

Police press liaison officer
Superintendent Basil Rah-
ming said the speeding vessel
eluded the officers for a short
period after entering the
waterways of south Bimini.

It was later spotted tied up
in a canal near the Lerner
Marine Laboratory, he said.

Officers boarded the ves-
sel, a 45-foot SunDancer
cruiser named “Strength 2,”
but found no-one on board.

Mr Rahming said police,
helped by Bahamas Immigra-
tion officers, launched an
“intense search” in the wake
of the high speed chase.

As a result, three Cuban
Americans were apprehended
at Bimini Sands Hotel while
checking in.

Additionally, four
Jamaicans were taken into
custody after being found

Man survives after vehicle
bursts into flames in collision

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

FREEPORT - A 22-year-
old man is glad to be alive
after the vehicle he was dri-
ving exploded in flames after
colliding with a concrete utili-
ty pole.

Kendrick Stubbs of Mather
Town received only minor
injuries in the crash, which
took. place on the Mall at
around 8.35pm Friday.

Chief Supt Basil Rahming
said Stubbs lost control of the
2002 Chevy Malibu as he was
attempting to negotiate a
winding curve. He crashed
into a utility pole which col-
lapsed on impact.

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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.

Stubbs managed to get out
of the vehicle before it burst
into flames.

Firefighters extinguished the

blaze.

Stubbs was treated at Rand
Memorial Hospital and later
discharged.

The vehicle was damaged
beyond repair.

walking along the Airport
Road, Mr Rahming said.

A second group of 18
Haitians and Jamaicans were
later discovered in bushes
near the Shark Lab, he said.
This group was also arrested
and taken into custody.

None of those arrested
(seven women and 18 men)
were able to produce any doc-





_uments proving they were

allowed to be in the Bahamas,

- Mr Rahming said.

He said the group was
flown to New Providence and
taken to Carmichael Road
Immigration Detention Cen-
tre to await processing.

Mr Rahming said the police
are continuing investigations
into the stolen vessel.

in a selection
from our

Fabulous Designer

i CORRECTION

IN an article published in Saturday’s Tribune, attorney Leandra Esfakis
was incorrectly quoted as saying that the result of the coroner’s inquest
into the death of her brother Chrisopher Esfakis is evidence that the court
system is working.

What Ms Esfakis actually said, was that the inquest. showed that the °

court system “can work” - if there is a magistrate or coroner who push-
es on, notwithstanding all the adioumpents that are requested or required
by the logistics.

She noted, however, that it took five years from her brother's death and

- more than a year from the start of the inquest for a ruling to me made.

Ms Esfakis suggested that the Coroner's Court process would be less
cumbersome if there were no jury, “because that is the calendar of

another seven people you have to work with — pregnancies, ill-health, vaca-

tions, et cetera”.

She also noted that, currently, there is no provision in the law for
substituting a juror if one falls by the wayside, “and that at least has to be
amended.”

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PAGE 4, TUESDAY, MARCH 11, 2008

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

SIR ETIENNE DUPUCH, Kt, 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 4 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

Why do persons in power self-destruct?

IT’S the simplest question in the world, but
it was the one repeated over and over Monday
after the staggering news broke about New
York’s Governor Eliot Spitzer: What in heav-
en’s name was the man thinking?

Yet if the New York governor is proved to
have been involved in a prostitution ring, it
would hardly be the first time a powerful, bril-
liant person in public life has done something
dizzyingly self-destructive.

Why do otherwise smart, successful people do
such risky things? For psychologists and politi-
cal analysts who found themselves dissecting
the Spitzer story, it was a question of the chick-
en or the egg: In such situations, does the risky
behaviour precede the powerful job? Or does
something about being in power cause the
behaviour?

Many speculated that it was a combination of
the two. “We’re all human,” said Leon Hoff-
man, a psychoanalyst in New York.

“These urges are so, so common. Whether
it’s a prostitute or a mistress that one chooses,
that’s another question.”

And yet, Hoffman said, there may be some-
thing about the aura of power surrounding a
prominent politician that makes him feel poten-
tially immune from consequences. -

“There’s the psychology of the exception,”
said Hoffman, former chairman of the Ameri-
can Psychoanalytic Association’s public infor-
mation committee. “People in power some-
times feel they can do things that us, mere mor-
tals, are forbidden to do. There’s a sense, as
with adolescents, that "I won’t get caught.”

Political analyst Steven Cohen was wary of
trying to draw any conclusions about the cor-
rupting influence of'power.

“The problem is we don’t know when this’

behaviour started for this person,” said Cohen,
a professor of public administration at-Golum-
bia University. “Politicians are like the rest of us.
The fact that they’re flawed and do stupid things
shouldn’t surprise us.”

The real question, Cohen said, is whether
Spitzer should be held to a different ethical
standard. And his answer is yes.

“This isn’t Britney Spears we’re talking about.
This is the governor,” Cohen said. “The bottom
line is, he controls the National Guard and the
state police. He could have people come to
arrest you and me tomorrow. So his private
behaviour does become a public issue.”

One psychologist who has studied and
worked with politicians and their families thinks
there is indeed something different about peo-
ple who reach positions of such prominence.

“In order to be in such a high-profile position,
you have to believe that what you are doing is
innately right,” said Renana Brooks, of Wash-

ington, D.C. “Anything that isn’t right, you may ©

blot out. You can’t be tortured by guilt or indif-
ference. It’s just virtually impossible to func-
tion at this high a level without limiting the

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amount of introspection you can do.”

Spitzer, who has not been charged and has
not resigned, was caught on a federal wiretap
arranging to meet with a prostitute, according to
a law enforcement official who spoke to The
Associated Press on condition of anonymity
because the investigation is still going on. °

The governor, identified in court papers only
as “Client 9,” met with the woman the day
before Valentine’s Day; the official said.
According to the complaint he paid $4,300 in
cash for that and future trysts, and when dis-
cussing payments told an agent: “Yup, same as
in the past, no question about it.”

One longtime analyst of New York politics
finds it hard to look at Spitzer’s predicament
without thinking of politicians such as Presi-
dent Clinton in the Monica Lewinsky scandal
and New Jersey Gov. James E. McGreevey,
who resigned after announcing he had an affair
with a male staffer.

“These are really smart guys doing really stu-
pid things — and doing really stupid things
repeatedly,” said Doug Muzzio, professor of
public affairs at Baruch College. But the alle-
gations about Spitzer, he said, were the most
shocking, if only because there was no public
hint of such behaviour from the governor, who
campaigned as a model of moral rectitude.

“Nobody I’ve spoken to ... had any inkling of
this,” Muzzio said. He said he was torn between
believing Spitzer’s situation could be a case of a
deep-seated compulsion or one of simple hubris.

“It could be both — they’re not mutually
exclusive,” Muzzio said. “Now that would be a
really fatal cocktail. In any case, there’s an ele-
ment of recklessness and risk-taking that is just
. {breathtaking.”
~ Would Spitzer, who knows better than most
aadnyone how law enforcement works, consider
“the: consequences of getting caught? Analysts
say people often don’t consciously think about
such risks, even highly intelligent people.

Chicago psychoanalyst Mark Smaller believes
one can find useful parallels in the case of cer-
tain patients, from all walks of life, who exhib-
it a striking capacity to compartmentalize risky,
unethical or even illegal behaviour, a process
known as the “splitting” of part of the person-
ality.

“They can be otherwise completely law-abid-
ing, sensible, reliable people,” Smaller says.
“Often the behaviour in question is caused by
intense anxiety, stress in the workplace or home,
or feeling overwhelmed.” And often, he says,
the behaviour can involve sex, drugs, or some-
thing like shoplifting.

“They compartmentalize to the extent that
they don’t feel any sense of shame or guilt,”
Smaller said. “Until,” he adds, “they get
caught.”

(This article was written by Jocelyn Noveck,

AP national writer).



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A long-term

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required for
Grand Bahama

EDITOR, The Tribune.

THE Grand Bahama Port
Authority is a burning issue
which started from the most
untimely death of Edward St
George, the reading of his last
will and testament and chal-
lenges to the inheritance and
the rest is a saga of litigation
and counter litigation delays

_ and more delays.

The economic damage to
the Grand Bahama Port
Authority (GBPA) can be
spelt in that projects amount-
ing to multi-millions requir-
ing sign-offs by the Partners
owing to their disagreements
have been stalled and no sub-
stantive new development has
occurred since Edward St
George died.

I am honestly not a believer
that there is a high unemploy-
ment rate in Grand Bahama
as those from the closure of
Royal Oasis have had to have
found alternative work or
their children and families by
now would be bare-back and
destitute. Man will always sur-
vive.

There is a certain irony in
what Sol Kerzner, Kerzner
International on Paradise
Island, has achieved and
Grand Bahama and GBPA as
Edward St George, the per-
petual sales person, he had
convinced Sol Kerzner to vis-
it GBPA and develop as

_ Kerzner had in South Africa.

Sun City.....as things were
Kerzner visited Paradise
Island as at that time Resorts
International was in financial
troubles and there was a prob-
able good deal to be made.

It was eventually conclud-
ed once the Commonwealth
Economic embargo opened
South Africa was lifted and
again the rest is history.

I mention this as what if
Kerzner had proceeded with
the St George: Kerzner plans
for GBPA?

In simple form I suggest the
GBPA needs a Kerzner or
some group who can cause
what Kerzner has so success-
fully developed to happen in
Grand Bahama and more.
They need billions and a new
focus on what within the
GBPA area can be achieved.

GBPA needs some fresh
deep financially pocketed

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LETTERS

letters@tribunemedia. net






developers, note I use the
word developers, persons with

‘a new exciting development

focus to concept a new future
for GBPA, its licensees and
The Bahamas.

We have to be looking 30-40
years down the road.

It Is so important we have
to be most careful. I suggest
that we do not get stuck with
an investor group who by their
description of Equity Buy-out
specialists simply come in,
purchase and then quickly
turn their investment over by
selling every asset GBPA has.

Grand Bahama is the sole
possible plausible solution to
the over crowding of New
Providence — we need over
the next five-six years enough
new development inside the
GBPA to create 10-15,000
new jobs to attract the Nas-
sau people to move north to
what could become the future
of our Bahamas.

Surely the attorneys of
record have made enough
money to understand and
appreciate that there is more,
much more for them to make
in the future if GBPA is sold
to parties who have a futuris-
tic vision and the will to radi-
cally change the current rather
stale list of projects which cer-
tain parties who seem to have
an interest in GBPA have list-
ed as their ‘Wish list’.

To me rather stale, not what
the GBPA needs and very
importantly what the GBPA
licensees are so desperately
hoping for.

If this London-based group
wins out I suggest we will be
worse off as they will come-
in and dispose of as much of
the assets as possible in the
shortest of time and sail away
like many before them.

Equity-Buy-Out Groups as
has already been witnessed.

First reserve purchasing BOR-
CO have already turned
around and completed a busi-
ness relationship with one of
the global oil terminal opera-
tors who are interested sim-
ply in operating and improv-
ing their share of the oil trans-
shipment market of our
region.

Have you heard of any
upgrades for BORCO?

Have you heard whether

the new owners will do some-
thing remedial to correct the
alleged substantial oil spill that
has occurred on the BORCO
site?
Will they even remove the
ugly rusted tanks they do not
use and clean up the whole
area?

Time will tell but there has
not been a single word to sug-
gest they will.

Wallace Groves had a mas-
ter concept for Freeport,
unfortunately, in time that
concept has been weakened,
fooled with, messed with and
left to decay for 10-12 years
after the infamous “Bend or
Break” speech of Lynden Pin-
dling I suggest we have to be
most careful that the GBPA
does not fall into the wrong
hands.

The GBPA and its licensees
need a long term developer
with new and very creative
concepts that will insure and
cause a new renaissance for
the Grand Bahama Port

. Authority and its licensees.

. Hoping all. sides.in the
GBPA see my concept and
firmly stand only for long term
developers — investors, who
will continue the obvious lega-
cy of Wallace Groves, Sir
Charles and Sir Jack Hayward
and the late Edward St
George and their respective
families?

A quick fix is not what °
Grand Bahama needs, it has
to be long term.

W THOMPSON
Nassau,
February 23, 2008.

Contractors are financially
responsible, Minister Russell

EDITOR, The Tribune.

YESTERDAY I heard Minister of Housing, Hon Kenneth
Russell indicating that there is a bill to repair bad workmanship
to government housing of $2.5 million.

When I built my home my contractor had to repair cracks and
some other damage when they occurred as they, the contractor,

had a contractors’ liability.

Surely because housing took possession of the house the
contractor’s guarantee did not cancel? Let’s get real!
The contractors are financially responsible, not the tax payers

— Minister Russell get it right.

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THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 5



~ LOCAL NEWS



Humane Society
asked to lead
seminars in
Caribbean

THE work of the Bahamas
Humane Society has been recog-
nised abroad and the society has,
once again, been asked to lead
training seminars at the
Caribbean Animal Welfare Con-
ference in the Dominican Repub-
lic from April 21 to 24.

The society has also been asked
to run an animal cruelty training
session at the Humane Society of
the United States Expo 2008
between in Orlando in May.

“Both these events are being
funded from abroad and both
events put the Bahamas on the
animal welfare map so we have to
show we practice what we preach.

“We have to improve animal
welfare in this country as part of
our image on the world stage,”
said BHS executive director
Kevin Degenhard.

The BHS said that anyone who
wants to report cruelty to animals
or to seek advice on animal care
or pet adoptions should contact:
b_humane@hotmail.com, 323-
5138, or 356 2659 (fax).

your
news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award. If so, call us on 322-
1986 and share your story.

TROPICAL
ars Ue
MAO IE
PHONE: 322-2157



In brief GOVT AIMS TO GET COMMUNITIES TO TAKE OVER THE PROJECT

Urban Renewal Liveable Neighbourhood
Programme to promote self-empowerment

@ By Llonella Gilbert

The government is leading
and co-ordinating the Urban
Renewal Liveable Neighbour-
hood programme, but aims to
get the urban communities to
one day take over the project,

» according to New Providence

programme co-ordinator Ella
Lewis.

“The whole purpose of
Urban Renewal is not to give
people a handout but to give
people a hand up; to help peo-
ple in getting where they need
to be,” Ms Lewis said.

She explained that another
objective of Urban Renewal
under the FNM is to assist per-
sons who have fallen through
the cracks for whatever reason,
letting them know the govern-
ment does care.

“We are doing all we can ina
structured fashion to get them
up to where they need to be so
they can take care of them-
selves.

“Urban renewal is not about
giving people fish but teaching
them how to fish for themselves
so they can literally take care
of themselves,” she said. “We
are not into feeding people for a
day, but teaching them how to
feed themselves for life and that
is one of the objectives of
Urban Renewal.”

The co-ordinator said that
until communities are able to
take up the mantle on their
own, government agencies,
departments and ministries will
partner with civic organisations
and businesses to bring
improvements to the inner city.

Ms Lewis, who has lived and
worked in the inner city all her
life, is an educator. She said her
desire is to see everyone in the
Bahamas with the same privi-
leges currently enjoyed in the
suburbs.

She explained during an
interview at her office at the
Ministry of Housing and
National Insurance that the re-
launched Urban Renewal pro-









Raymond A. Bethel/BIS Photo

CO-ORDINATOR for the Urban Renewal Liveable Neighbourhood Programme Ella Lewis talks about the aims of thep programme at her office at
the Ministry of Housing and National Insurance.

gramme is considered a “multi-
component, overarching con-
cept” because it involves every
aspect of the community.

“It involves the people who
live there; it involves all of the
departments of the government
like the Department of Social
Service which deals with social
issues in the communities, as
well as the Department of Envi-
ronmental Health, which deals
with the environmental issues
that the inner city residents
face.”

It also involves partnering
with civic organisations as well
as businesses that make their
profits from the community.

“So it is an overarching con-

DOGGED BY PROBLEMS



BHS PATRON Governor General Arthur Hanna, buying a raffle ticket in Rawson Square from senior BHS vet-
erinarian Dr Suzette Hepburn-Lyn, while petting ‘Buddy’, with his owner, BHS president’s Kim Aranha.

GEORGETOWN Exuma, the site of a devel-

opment explosion over the last few years, is also
suffering from an explosion of stray dogs.

The Bahamas Humane Society (BHS) consid-
ers the growing Exuma dog numbers to be a pri-
ority issue, and is sending a team to offer “prac-
tical assistance” this summer. :

This and a number of other initiatives will be
paid for by this year’s BHS raffle, which will be
drawn on Saturday, March 15 at the Mall at
Marathon at 7pm by the prime minister’s wife
Delores Ingraham.

“Transporting our trained personnel to the
Family Islands is essential, but it is expensive, so
we rely of sponsorship and events like the raffle
to be able to provide this service,” said Stephen
Turnquest, the BHS director of operations.

Meanwhile, the stray dog problem across the
Bahamas continues to worsen and the BHS says
legislation is needed to deal with it.

“As the failure to address dogs on the streets is
still so evident the BHS is, also, still supporting the
Ministry of Agricultute and Marine Resources,
trying to get the Animal Protection & Control Act
(drafted in 2005) on the Statute Books and get it
enforced,” said the society in a statement.

The BHS said that in addition to the Exuma
dog initiative, it has a number of “energetic pro-
jects” unfolding over the next two months that
will be funded by the raffle.

For example, following two years of planning,
animal care education resource materials will be
published and sent to every school in the
Bahamas by April.

“This unique resource pack will provide teach-
ers with lessons to help young Bahamians grow up
to understand and respect animals’ needs, creat-
ing more compassion and addressing issues such

Explosion of stray dogs
in Georgetown Exuma

“as young people abusing animals and growing

up to abuse people. Helping break this cycle of
violence is on the BHS agenda,” the statement
said.

Also, following the resurrection of the suc-
cessful “Who let the Dogs Out” project, which
advises the pubic about responsible animal own-
ership, the BHS is going to run a 16 person inter-
national team of veterinarians and supporters in
Inagua from April 7 to 14 to spay and neuter
dogs.

They will also run education sessions in the
Matthew Town All Age School and conduct a
town hall meeting with locals to address the “mas-
sive population increase in dogs” that is also tak-
ing place on this island.

The BHS is also organising its second Animal
Fun Day at the Botanic Gardens in Nassau on
May 3 to highlight the need for responsible animal
ownership.

Stephen Turnquest said: “Every cent raised
through our raffle goes to help animals so would
everyone who still has unsold tickets please sell
them and get the stubs back to me before March
15.

“The raffle is our biggest single fundraiser and
having the support of our patron, the governor
general and the support of Mrs Ingraham is won-
derful. Everyone who really cares about animal
welfare issues should buy a ticket and really help
us continue this essential work. Every ticket sold
really helps.”

cept where all of the different
agencies and partners — be it
government, the church, civic
organisations as well as the

community — come together. -

The Urban Renewal pro-
gramme is like the nucleus that
holds the whole thing togeth-
er.”

Ms Lewis noted however that
people must buy into the pro-
gramme and feel more respon-
sibility for it.

“It is not just the government
coming in and cleaning up or
just the government giving, giv-
ing, giving — it is the communi-
ties giving to themselves — assist-
ing with the clean ups, assisting
with the maintaining or sus-

taining the clean environment.”

Although all of these entities
will be working together, the
Ministry of Housing and
National Insurance will be the
co-ordinating body responsible
for the re-launched pro-
gramme.

As the co-ordinator of the
programme, Ms Lewis said she
is in constant contact with all
Urban Renewal centres
throughout New Providence.

“I speak to what is happening
in all of the centres and try to
keep them all abreast as to what
is happening; I also ensure they
all work together so that we
have a structure and order; that
the same thing happens in all

of the centres and extra things
as well.”

She added that her job also
entails ensuring that people get
what the government is paying
for and that the government’s
money does not go down the
drain.

There are nine centre man-
agers, one in each of the urban
renewal areas, who oversee the
day-to-day activities at the cen-
tres.

Ms Lewis said the centres
have set up various programmes
on their own.

. These include after-school
activities, senior citizen pro-
grammes, and community
clean-ups.

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PAGE 6, TUESDAY, MARCH 11, 2008

THE TRIBUNE





Reggae singer
Cocoa Tea

writes tribute

song to US
presidential
hopeful
Barack Ohama

mâ„¢ KINGSTON, Jamaica

JAMAICAN reggae
singer Cocoa Tea said
Sunday that he has
recorded a song in tribute
to U.S. presidential candi-
date Barack Obama,
becoming the second
major Caribbean per-
former to endorse him
with a tune, according to
Associated Press.

The veteran dancehall
singer, whose real name is
Calvin Scott, said his trib-
ute song, titled “Barack
Obama,” will be released
this week by New York-
based VP Records.

“This is not about class,
nor color, race, nor creed
/ but it’s about the
changes, what the Ameri-
cans need,” the song goes,
according to an early ver-
sion posted on the video
Web site Dailymotion.

The lyrics refer to Oba-
ma as a “trendsetter” and
call on Americans “to
unite as one” behind him.

Cocoa Tea, whose laid-
back singing style made
him a local dancehall star
in the 1980s, said he was
inspired by the Illinois
senator’s fresh message.

“It’s not because he’s a
black man. You find that
in America, the young
people who are support-
ing him want change —
and that’s what he repre-
sents,” he said.

The Mighty Sparrow,
Trinidad’s legendary
calypso composer, recent-
ly released a track called’

“Barack the Magnifi-
cent.”

Bahamas



DEPUTY PRIME Minister and Minister of Foreign Affairs Brent Symonette, centre,
hosts a luncheon in honour of the delegates attending the Nineteenth Inter-Sessional
Meeting of the Conference af Heads of Government of the Caribbean Community
(CARICOM). The event was held on Friday at the Amici Restaurant, Sheraton Cable

Beach Resort.



MR SYMONETTE, right, is pictured greeting Dr Brendt Hart, United

States Embassy in Nassau, and Mrs Hart.



PICTURED ARE Premier of the Turks and Caicos Islands Michael
Missick; Mr Symonette and Minister of Lands and Local Govern-
ment Sidney Collie.

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In brief | Deputy hosts CARICOM luncheon

Tim Aylen/BIS

DEPUTY PRIME Minister and Minister of Foreign Affairs Brent Symonette greets
Peter Black, high commissioner for Jamaica.

PICTURED ARE
Permanent Secre-
tary in the Ministry
of Health and
Social Develop-
ment Barbara Bur-
rows; Permanent
Secretary in the
Ministry of Foreign
Affairs Sheila Carey
and Loretta Butler-
Turner, Minister of
State for Social
Development at the
luncheon.

Herend Porcelain launch
at Kelly’s from March 15

THE Herend Porcelain launch at Kelly’s Home
Centre, Mall at Marathon, will star Herend mas-
ter painter Attila Keczer on March 15 through 18
at the Bridal Registry.

“Perseverance almost always pays off,”
Kelly’s vice-president Nancy Kelly, who engi-
neered the campaign to add the Herend account
and premier merchandise to Kelly's line-up of
leading brands.

Now the dream is reality, another jewel for
Kelly’s elegant Bridal Registry and Table Top

~-and Gift Departments.

..Kelly’s is celebrating the achievement with any
Herend purchase making shoppers eligible for a
special gift during the visit; and with in-store
demonstrations of the masterful art of china paint-
ing from 4pm to 7.30pm on Saturday, March 15,
and from 10.30am to 1pm and 3.30pm to 7pm on
Monday, March 17.

Kelly’s is already stocking six celebrated
Herend patterns and many of the Herend fig-
urines. Other patterns are being added and pat-
terns also may be special ordered with delivery in
about four months according to Kelly'’s buyer
Karen Darville.

The young master painter and artist, actually
born uear Herend, will paint on blank china and
sign Herend tableware and figurines bought dur-
ing his Nassau visit.

Completing secondary school in 1998, Attila
Keczer went on to study at the Fischer Mor Col-
lege of porcelain-making. He graduated with fly-
ing colours in 2001. His college years helped him
perfect all the techniques of porcelain painting.

His diligence and professional expertise won

said °

him the Fischer Mor Prize, awarded by a panel of
teaching staff and masters working at the manu-
factory.

Attila has worked at the fruit-painting depart-
ment of the Herend Porcelain Manufactory
Ltd since completing his apprenticeship.

He has mastered a number of décors done
with palette-painting and will demonstrate his
expertise during his Nassau visit to Kelly’s House
and Home.

He is particularly proud of having been on
the team of painters who produced porcelain for
the Prince of Saudi Arabia some years ago, as
many of those pieces boasted new patterns he
had not painted before.

Born on June 10, 1980, in the small town of
Ajka, near Herend, Attila Keczer is single and
lives with his parents and brother, still in his
native town.

He and his brother keep five Chartreux cats
and have scored successes with their breed at
several cat shows.

He spends most of his leisure time with his
family and friends.

Whenever time permits, he also works as a
model and goes to casting sessions for commer-
cials, an activity he “wishes to further polish.”

In addition to his life work, Attila also paints as
a hobby, which he usually does while listening to
music, which he believes inspires him in all walks
of life.

Attila is thrilled to make the acquaintance of
foreigners “so that he can show them the beauty
of this trade”. He speaks basic English and is
currently studying Italian.



Join Us!

‘Saturday, April 5, 2008

Anyone can ride!
Ride for Hope is a charitable bike-a-thon
open to people of ail ages and cycling abilities.

We ride to make a difference!
We ride because we can!
and to help and inspire others who cannot.

++¢

We ride to raise money for cancer caring centers
and cancer treatment programs.

oF

We ride to raise hope and awareness.

The distance you ride is entirely your choice. Every Par-
ticipant has a highly personalized journey. You are notin
arace. You are under no pressure to finish quickly.

Staging Area:

North Eleuthera Airport

Start - 8:30 am

“A weekend to remember ...
An experience you will never forget!”

www.rideforhopebahamas.com
Email: info@rideforhopebahamas.com

ATO



Tel: 362-6254



THE TRIBUNE TUESDAY, MARCH 11, 2008, PAGE 7
LOCAL NEWS

=





OH FLAMINGO ’ELL!

Sa “It’s sh i 1 dy!’’, this
Daylights tee postin sirents1”, the
|
|













‘ as he peaks through his feathers on
SavINgs Sunday morning, the first day of day-
light savings time, at Ardastra Gar-

time ‘dens and Zoo.

The show flock of flamingos are

probably the only animals at Ardas-

catches tra who were affected by the spring
forward in time, as they had to be

Some ready for show time one hour eatli-
er. As for the other animals... well

unawares the time change was a treat as they

were fed one hour earlier!







migratio:
_ ARLENE ALBURY

“Although it’s difficult today to see Sh
beyond the sorrow,

|

May looking back in memory help
mfort you tomorrow.’
Author Unknown






Sng nn . The College : and our community have ipsa wonderful
oe eee sciscucsceigswanijanen take ae and virtuous woman, but we ; e comforted in knowing











Sane ee ,
6a ls a wo Da

SEVERAL species of wetland birds were seen by the group from the viewing platform. Portia Sweeting, BNT direc-
tor of education, pointed out wetland vegetation to the group.

THIRTY-three young peo-
ple visited Harrold and Wilson
Ponds National Park on Satur-
day as part of a programme
being supported by the Tara
Xavier Hepburn Foundation.

They ranged in age from sev-
en to 16 years old and were
introduced to the park by Portia
Sweeting and Shelley Cant of
the BNT’s education office.

The group participated in a
number of activities during their
visit.

They were introduced to the
concept of migration and the
problems facing migratory birds
in a game called “migration
headache”.

Harrold and Wilson Ponds
National Park is an important
place for migratory birds.

The 250 acre wetland pro-
vides a stopover for birds

migrating further south but it is
also important habitat for
waterfowl that spend the winter
in the Bahamas.

Bird watching was another
activity that the group enjoyed.
The park has been designated
an Important Bird Area by
Birdlife International and is a
designated Watchable Wildlife
Area.

Students were provided with
binoculars and after mastering
their use, travelled to the view-
ing platform to take a look at
some wetlands birds.

They saw Neotropic Cor-
morants, Great Egrets, Coots,
Common Moorhens and
Blue—winged Teal.

“This was wonderful experi-
ence for these young people.
Most of them have not visited a
national park, so we were

delighted when the BNT agreed
to co-ordinate this visit for the
group,” said Claire Hepburn ,
co-ordinator for the group.

The BNT opened the first
boardwalk at Harrold and Wil-
son Ponds National Park in
March 2007 and a second at
Pride Estates in August 2007.

A new section of boardwalk
is under construction at the site
located next to Island Gas on
Firetrail Road.

The boardwalks and viewing
platforms are just part of the
initial infrastructure the BNT
plans to put at this national
park.

The Trust is also hoping that
land once leased to Diamond
Farms will be added to the park,
providing an excellent site for a
visitor and education centre.

Auto Mall, Shirley Street (op
Open Mon to Fri 8am - pad
ber terse: tpi) tants 8) te

Tel: 397-1700 |

ee ig de gaa

ld gees] Ca oe LO ORT ratte sella aC aida hace y ahead Abaco ier





¢\The Tribune’s & Kelly’s /&

Be L/\SSULELAA ee

FIRST PRIZE SECOND PRIZE THIRD PRIZE

GIFT BASKET vatue $125 _ GIFT BASKET vate $100 GIFT BASKET vatue $75
In Each Age Group In Each Age Group In Each Age Group


















1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not eligible to enter.
~ 2. Coloring may be done with crayons and other decorations. Adults or older child may agaist the child in filling out the entry form, BUT NOT IN
COLORING THE ENTRY _ .
3. Enter as much times as you wish. All entries must be in The Tribune by 4pm on Friday, March 14. Winners will be announced Thursday, March 20,
2008. Look for your names in The Tribune or listen to IOOJAMZ / JOY FM or COOL FM to hear your name.
4, There will be one first-prize winner, one second-prize winner and one third-prize winner in each age groups.
5. All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

“NO PHOTOCOPIES. USE NEWSPAPER AD ONLY”




Child’s Name: Parent/Guardian Signature

Address: Tel: Age:

* Egg on mirit LC i
e Easter Candies gg Custom Made

© Basket Fixings je) Easter

: nd a a) [ay e Decorations aor a Sia Baskets
K wy VIG ¢ Party Goods vd |

a rene a oe
° Games _ * Yard Decorations

e Stuffed Bunnies Bea Gift Items eon aes Ca

s H
¢ Beach Toys oC) | et tes
ee rn era OS ite) a Ot a oo





THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 9



Purchase of Penthouse Suite at
The Reef Atlantis marks record app
sale in luxury real estate market

Sold for $7.5m

iy
He At a time when housing
» Market woes elsewhere
i account for nearly as many
®& headlines as the American
presidential primaries, the
* Bahamas recently scored
: another record sale in the lux-
i ury real estate market when
' the Penthouse Suite at The
' Reef Atlantis went for $7.5
' million.
| Mario Carey, managing
_ director of Bahamas Realty,
_ sold the luxurious suite - and
: he’s already been asked to re-
’ list the property at $9.9 mil-
- lion.
“This.penthouse sits on top
. of paradise and for that, it’s
» not a bad price,” says Carey,
. who holds the distinction of
. being the only local broker to
- sell a penthouse at The Reef,
: the newest addition to the
- resorts of Atlantis, and its first
. entry into the increasingly pop-
; ular realm of condo hotels,
: allowing owners to earn rev-
* enue when they are not in res-
. idence.
. Selling The Reef penthouse,
: which rents out at about
: $11,000 a night, was an
; achievement that earned
: Carey special thanks and a no-
: holds-barred family vacation
' from the Residences at
, Atlantis Development Limited
* and more kudos from Mark
: Pordes, president of T/K Par-
« adise Realty.

“Mario sold one of our pre- .

- mium units in the 495-room,
| 22-storey condo hotel, and for
this we say a special thank
you,” says Pordes.
Carey and Pordes agree that
. the penthouse at The Reef
; symbolises more than a solid
- high-end real estate market.
- “Tt’s a great addition to the
/ premier accommodations
. offerings for visitors,” says
. Carey, “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.’

Demand for the penthouse

has been high with almost
; Steady occupancy.

Beyond meeting upscale vis-

itor demand, Carey said the

| high seven-figure sale is evi-
* dence of confidence in this real

Q
, estate market.

q

“Considering the selling

i price of the penthouse, and the
new asking price, it’s clear that

_ the luxury housing market i in

The Bahamas is strong,” said

\

; Carey, who believes that life
, at the top is this decade’s ulti-
i mate lifestyle choice. “Today’s
; penthouse with private eleva-
* tors, stunning views and per-
sonal concierge service is the
+ equivalent of the grand-estate,
i the status symbol of success,
; that long, hedge- clined drive to
* the Tudor manor.’
; The top floor ‘estate’ at the
‘ Reef is a 4,000 square foot,
' three-bedroom residence with
' 270 degrees of ocean views
; and includes private 24-hour



“It's a great
addition to the
premier
accommodations

Offerings for
visitors and it is
reassuring to
know that The
Bahamas is ina
Pp: sition to
at ract those who
ave able to spend

that sort of
money fora

quality
experience,
where being
pampered is
worth the price.”










Nerissa Greene
ointed as a

partner at Halsbury
Chambers Counsel
and Attorneys-at-law



Respected Bahamian attorney Nerissa A. Greene (pic- |
tured), a Senior Associate specializing in commercial, civil lit-
igation, divorce and family matters, has been appointed as a
partner in the law firm of Halsbury Chambers Counsel and
Attorneys-at-law, the firm announced today.

Ms. Greene graduated with honours from the University of
Keele in Staffordshire, England, where she earned her B.A.
in Business Administration and her LL.B. She was called to
the Bar of England and Wales, and the Bar of The Bahamas
in 2001, as well as to the New York Bar in 2004.

A member of the Honourable Society of Middle Temple
and an active member of the Civil Society, Ms. Greene joined
the local law firm headquarters on Village Road in March
2003 and has become a prominent figure and sought-after
speaker on the subjects of marriage, divorce and family mat-
ters.

She also practises commercial law, handling matters involv-
ing real estate and conveyancing, wills, industrial relations and
employment for the firm’s local and international clientele.



PHOTO: Chris Lowe/Bahamas Realty





LIFE AT THE TOP - Bahan em Managing Partner ario Carey (right) receives am 1 award from
Mark Pordes, President of TK Paradise Realty, Inc. on behalf of Residences at Atlantis Development
Limited following his sale of the $7.5 million penthouse at The Reef, the resort’s exclusive condo hotel.

The super salesman has already been asked to re-list the property at a higher price.

butler service, chefs on call,
master bedrooms’ with
“Atlantean” sized beds and
multiple private bathrooms
with marble floors, plus the
spoil-and-fun factor — push
buttons for everything from
movies to climate control.
“What really sells The Reef,
which is a five-star Turnber-
ry/Kerzner development, is its
marriage of waterfront beauty,
luxurious accommodations
and access to Atlantis with all
its amenities,” says Carey.
“As a condo hotel, it allows
owners to defray the cost of
ownership, but more impor-
tantly, it entitles them to the

available with a world-class
resort right outside their door
while, once inside, they main-
tain privacy in luxurious sur-
roundings. It’s like living in the
midst of a movie set with spec-
tacular views of the turquoise
waters of the Atlantic Ocean
on one side, the cruise port
and the lights of New Provi-
dence on the other and end-
less attention to personal lux-
ury in between.”

The demand for penthouse
living has been unaffected by
tremors in the regular resi-
dential market, says Carey.

“That has little personal
bearing on the connoisseurs of
luxury living who choose life at



Share your news

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

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

the top,” he says. “The refine-
ment, sophistication and
amenities of a luxury estate
are all there - service
entrances, security, privacy -
without any concern about
landscaping or maintenance.
Now, all we have to worry
about is increasing inventory
and, in today’s world, that’s a
pretty good problem to have.”

CREDIT SUISSE |
Credit Suisse, Nassau Branch
Private Banking













kind of lifestyle that is only

: )
Pinder’s Funeral Home
“Service Beyond Measure”
PALMDALE AVENUE, NASSAU, BAHAMAS
PHONE: 322-4570/ 393-1351 ° CELL: 357-3617
RANNIE PINDER President

MEMORIAL SERVICE

PERCIVAL
(Larry)
FORSYTHE,
94

of Rosetta Street, Palmdale Died on Sunday March 2nd,
2008, will be held at St. Matthews Anglican Church Shirley
Street on Thursday March 13th, 2008 at 2:00pm. Rev. Dr.
James Moultrie, Father Don Haines and Arch Deacon
James Palacious.

He was predeceased by one son, Jason Forsythe.
He is survived by his wife, Lillian Forsythe; twu daughters,
Sharlie Knowles of Long Island and Deborah Smith of
Grand Bahama; two sons, Dion and Lil’Larry Forsythe of
Nassau; two sons-in-law, Everette Knowles of Long Island
and Albert Smith of Grand Bahama; one daughter-in-law,
Linda Forsythe of Nassau; eight grandchildren, Clint,
Sean, Jonathan and Andrew Knowles, Erica Darville,
Laura Smith, Nathyan and Neil Forsythye; two step
grandchildren, Richard Smith and Ann Marie Hassey;
ten great-grandchildren, Gabriella, Zachary, Jade, Aliyah,
Luke, Devyn, Noah, Catherine and Skyla Knowles and
Aiyanna Darville; two sister, Hillary Cancino of Nassau
and Corita Desabrias of Montreal Canada; one brotherin-

law, Frances Cancino; many other relatives and friends’

including, Marion, Kelli, Gina, Domonique, Andre’,Donna,
Diane, Francesca, Alex, Molly, Jerry and Jean, Oswald
and Yvonne, Helena, Sonia, The Boys (A.D., Slim, Foster,
Dr. John Lunn, Karl, Cobas), the entire Westerners Group
and the Poop Deck Crew, George Ageed and Brave Davis.

In lieu of flowers friends may make a donation to St.
Matthew's Anglican Church Shirley Street P.O. Box N-963.

Funeralarrangements are being handled by Pinders Funeral
Home, Palmdale Ave., Palmdale.





is presently considering applications for

Head of Private Banking

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

Qualifications:
- University Degree or equivalent

Experience:

- Minimum 10 years well rounded private banking experience geared toward the
marketing and sale of investment products and services to clients

- Extensive marketing experience in Europe, Latin America and North America

- Management of a highly professional team of relationship managers / support staff

- In-depth knowledge of international Money Markets: Foreign Exchange Trading:
Treasuries;
Derivatives; Securities trading and execution

- Strong risk management and portfolio management background

- Proven management and leadership experience

- Well versed in Swiss banking practices and standards

- Solid experience in budget control

- PC Literacy (MS Word, Access, and Excel) and Bloomberg experience

Personal Qualities:

- Excellent organizational, interpersonal and communication skills

- Highly motivated with a commitment to service excellence

- Must possess excellent leadership skills

- Strong communication skills and the following languages would be an advantage:
German, Spanish, Italian and French

Key Duties & Reponsibilities:

- Acquisition and development of new offshore clients

- Manage a substantial client base of sophisticated high net worth clients

- Develop, recommend and ensure the implementation of the bank’s marketing
strategy

- Travel extensively to develop new client relationships

- Manage and develop a professional team of relationship of relationship managers
support staff

Benefits provided include:

- Competitive salary and performance bonus

- Pension Plan

- Health and Life Insurance

- Ongoing internal and external career development/training program

APPLICATIONS MUST BE IN WRITING. Persons not meeting the minimum
requirements need not apply.

Applications should be submitted to:
Human Resources Department
P.O. Box N-4928
Nassau, Bahamas

DEADLINE: 20th March, 2008

»



PAGE 10, TUESDAY, MARCH 11, 2008



"TUESDAY EVENING

MARCH 11, 2008 |







WPBT





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THE TRIBUNE

Let Charlie the DD,
Bahamian Puppet and =
his sidekick Derek put ay

some smiles on your fe

kids’s faces.



Bring your children to the -
Mctlappy Hour at McDonald's in
Palmdale every Thursday

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

Enjoy Great Food, Prizes and Lots of Fun.

[t\

i'm lovin’ it



re MOC ee tee log Arce |

OS 4 e sin 1
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pe a





THE TRIBUNE

LOCAL NEWS

TUESDAY, MARCH 11, 2008, PAGE 11



Woman
FROM page one

while at Advanced Medical
Centre on Shirley Street, she
stole $215 cash the property
of Chinyere Bullard.

On January 22, 2008 while
at Bahamas Family Planning
Association she is alleged to
have stolen $337, the prop-
erty of the association. She
pleaded not guilty to this
charge.

It is alleged that on Feb-
ruary 2, the defendant stole a
black wallet containing $30,
the property of Dorothy
McDonald.

On February 18, court
dockets allege the defendant
stole $630, the property of
Isabelle Pratt. She pleaded
not guilty to this charge.

Using the alias “Stacy
Saunders”, court dockets
allege that on March 3, the
defendant stole $180 cash,
’ the property of Dr Sidney
Sweeting’s Dental Office.
Under this assumed name,
court dockets also allege on
February 28, she stole a wal-
let containing $220 the prop-
erty of Patricia Thompson.
Using the same alias, on Feb-
ruary 25, court dockets allege
the defendant stole a wallet
_ worth $20 containing $60 in
cash, the property of Karen
Pinder.

The defendant is also
accused of stealing $40 under
the name “Stacey Saunders”
on March 6, from Raquel
Skippings and faced one
count of receiving the prop-:
erty of Raquel Skippings
knowing the same to have
been appropriated by an
offence.

Court dockets further
allege that-on January 14,
2008 the defendant stole $630
cash and a cheque for $1430,
the property of Portia King.
She was charged with one
count of receiving a cheque
in the name of Portia King,
knowing the same to have
been obtained by an offence.

It is also alleged that the
defendant stole a wallet val-
ued at $40 containing $150
cash, the property of Girth-
lyn Coleby. She is also
charged with one count of
receiving this stolen property.

Charged

FROM page one

shot Etienne in the back of
the head. He died a short
time later of his injuries.

Luc and John, who were
not represented by counsel,
were not required to plead
to the murder,charge. Luc
was also charged with pos-
session of a forged docu-
ment. It is alleged that Luc
on Wednesday, March 1,
was found in possession of a
Bahamian work permit
bearing the name of Ernst
Jacques, knowing that it was
not authentic. When asked
by Chief Magistrate Gomez
what his plea was to the pos-
session of a forged docu-
ment charge, Luc in clear
English stated that he want-
ed someone who spoke Cre-
ole to be present to explain
the proceedings to him.

The matters were
adjourned to March 19 and
transferred to Court 10,
Nassau Street. Magistrate
Gomez said that at that time
an interpreter would be pre-
sent. Both men were
remanded to Her Majesty’s
Prison.

FROM page one

Forelle, said: “We have been evaluating
the status of the Baha Mar project for
some time. We have come to the con-
clusion that it is unlikely the project
can succeed as currently structured.

“The long delays in reaching agree-
ment with the Government and com-
pleting the assemblage of the relevant
land rights have contributed to consid-
erable doubt about whether the project
can be financed at all given the contin-
uously deteriorating debt markets.

“These delays also raise grave con-
cerns about increased costs and risk,
and create apprehension about your
ability to execute in a timely manner.

“When coupled with Prime Minister
Hubert Ingraham’s comments on the
House of Assembly yesterday, we do
not believe the land will be delivered to
the joint venture as planned. As you
are aware, this land has been of utmost
importance to us from the inception of
our negotiations, as without these land
conveyances the project cannot pro-
ceed.”

Mr Ingraham yesterday said he had
been first informed on Monday last
week that Harrah’s new owners would
decide imminently on their future par-
ticipation with Baha Mar. He received a
similar e-mail message later in the week,
prior to his appearance in Parliament,
and his comments on Wednesday were
designed to dampen public expectations
if the worst BEDE OE”:

Harrah’s

The whole episode leaves the Cable
Beach project in a state of abject con-
fusion, and Baha Mar’s only options
are to try and entice Harrah’s back into
the deal or seek a new joint venture
partner. It will have until March 2009 to
do so.

While Mr Ingraham is likely to take
the brunt of public criticism for the
seeming collapse of Baha Mar’s project
and joint venture agreement with Har-
rah’s, the former PLP government is
hardly blameless.

It had the opportunity to conclude
the supplemental Heads of Agreement
before the May 2 general election but
failed to do so. Had it done so, the
Bahamas, Cable Beach and Baha Mar
would not be in the mess they are now.

The supplemental Heads of Agree-
ment for the Cable Beach project was
supposed to have been concluded 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 agreement
and the joint venture deadline were
missed, and it was almost another 11
months before terms were agreed with
the Ingraham administration.

There is a time when all major invest-
ment deals are ‘hot’, and if they are not
concluded then, the parties get ‘cold’
and the economic situation changes, as

it has done now.

Had the supplemental Heads of
Agreement been concluded last March,
as it should have been, then Harrah’s
would likely have been locked into the
Baha Mar deal and the project well
underway.

Since then, the global economy has
been hit by the US sub-prime mortgage
crisis and tightening global credit mar-
ket, which has made it very difficult for
investors such as Baha Mar/Harrah’s
to obtain debt financing for their pro-
jects either at all, or at the right price.

Coupled with the US economic down-
turn and the weak Bahamian tourism
performance, it is not hard to see why
Harrah’s new owners called a halt to
involvement in the Bahamas, especially
given the uncertainty and lengthy delays
encountered in dealing with the Gov-
ernment.

It appears as if Harrah’s new owners
may be using the Prime Minister’s com-

‘ments as an excuse to justify their deci-

sion, as the March 6 termination letter is
rather different to the press release
issued by the company on Sunday.

In that release, there was no refer-
ence to the Prime Minister’s comments
in the House of Assembly. Instead, he
was praised, with Harrah’s saying it had
lost confidence in the ability of its joint
venture partnership with Baha Mar to
complete the $2.6 billion Cable Beach

‘harboured concerns’

redevelopment.

Harrah’s said then: “Unfortunately, it
has taken Baha Mar Development
Company longer to organise the pro
ject 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 contemplated, and |
accordingly we believe it could prove
harmful for all to move forward.

“We greatly appreciate the efforts
and cooperation of the Bahamian Gov-
ernment throughout this process. There
is no question that Prime Minister
Ingraham was committed to the pro-
ject and recognised its potential contri-
bution to his nation's economy.

“We are open to the possibility of «
project some time in the future. How-
ever, at this point we have terminate!
our involvement in the Baha Mar pro-
ject.”

The supplemental Heads of Agree-
ment pledged that 7,000 permanent jobs
would be created by the Baha Mar pro-
ject, 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 mention the several hun-
dred million dollars worth of addition-
al economic impact that Baha Mar was
supposed to generate per annum.

Laing denies

he attempted |

to contravene
ustoms Duty |

FROM page one

ceivable for him not to look into
the complaint, based simply on
the fact that the person bringing
the complaint to his attention
was a family matter. However,
in an attempt of full disclosure
the Minister of State said he
advised the Secretary of Rev-
enue, who looked into the mat-

i ter, that the complaint had

with murder

come from his brother whose
wife had imported the product.

Mr Laing said the Secretary
of Revenue had discovered that
the rate was changed mid-year
and informed the Customs
Department that the rate
should have reflected the lower
rate until the Budget period, as
was the usual practice.

“On hearing from the Secre-
tary of Revenue I regarded the
position as a reasonable one
and left the matter there,” Mr
Laing said.

However, upon arrival at his
home in Freeport, Grand
Bahama, Mr Laing said he was
met by a number of persons —
none of them a relative — who
also complained that they were
importers of the Mona. Vie
drink and that the rate had
changed from 10 per cent Cus-

: toms Duty to 45 per cent.

“This surprised me as I
thought that the matter had
been resolved. I told them that
I would look into the matter

further.

“At some point after I
returned to the office in Nas-
sau I asked the Secretary of
Revenue about the status of the
matter regarding the Mona Vie
product. His response was that
he thought it was resolved but
would inquire further,” he said.

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Soon afterwards, Mr Laing
said, the Comptroller of Cus-
toms wrote his sister-in-law,
informing her that the Customs
Department would reclassify
the Mona Vie drink and that it
would now carry the 45 per cent
tax.

Mr Laing said he was then
showed a letter from the Comp-
troller of Customs who had
written to the World Customs
Organization seeking a clarifi-
cation of the applicable rate.

Noting that he was surprised
by the Comptroller’s actions,
Mr Laing said this was particu-
larly the case as the Secretary of
Revenue had already given
instructions on the matter.

“I discussed the matter with
the Financial Secretary and also
with the Secretary of Revenue
and it was both their views that
it was not the usual practice for
rates of Custom duty to be
changed in the middle of the
year. It was noted that small
business operators who had
been importing and distribut-
ing the product having been
charged the 10 per cent rate
would suffer serious hardship if
the rate was suddenly changed
to 45 per cent in the middle of
the financial year.

“It was further agreed that it
was reasonable enough to allow
the 10 per cent rate to prevail
until a review during the
upcoming Budget process. This
would permit the importers to
be advised of a proposed rate



|

who?
when?
time?
where?





1 DAY ONLY!!!

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Wed. March 12, 2008
Fam, 2: pan

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change at the beginning of a
Budget period as is the norm.
This view was consistent with
the directive given by the Sec-
retary of Revenue in Septem-
ber 2007 when the matter first
arose. I penned instructions
reflecting the consensus and the
matter was left there,” he said.

However, this would not be

the end of the matter, Mr Laing
pointed out.
‘ In January or February of this
year, the Minister of State
informed the House of Assem-
bly that he had received a call
from his youngest brother
informing him that “lies” were
being circulated accusing him
of “all manner of things” relat-
ing to this matter.

As a result, Mr Laing said he
obtained a copy of the posting,
which he believed was nothing
short of “cheap maliciousness”
by the PLP to attack him.

“Interestingly enough, in that
same web posting, it said that
“even as we speak, the Member
of Parliament for St Thomas
More was putting hell on Laing
in the House of Assembly’.

“Following the pulling of the
web posting, I totally dismissed
the matter until it was raised in
this place by the Member of St
Thomas More. He appears to
have missed his orchestrated
date on which he was to raise
the matter in this place. Those
are the facts, Mr Speaker, as to
my involvement in this matter.
The full facts,” he said.



(ais)



FROM page one

: superior officer.

The officer also claimed that

: it was standard procedure dur-

ing high security cases not to
let persons without press iden-
tification into the courtroom.

After 10 minutes of verbal
‘le The Tribune and

a another journalist, who also
: was being denied entry were
: allowed inside the courtroom.

The incident comes after

: years of complaints about the
: way in which police officers,

: escorting fellow officers who
are facing charges, give special
treatment to these defendants
which they do not afford oth-

Tribune

Arraigned police officers are
frequently brought to court
without handcuffs, shielded
from media cameras by the
jackets of the officers escorting
them, and brought through the
back door of the court house, |
in an effort to bypass the
media.

Often, if civilian defendants
brought to court attempt to
hold their heads down or away
from the cameras, the escort-
ing officers are heard to say, °
“Hold your head up, hold
your head up!”

The officer arraigned yes-
terday was not handcuffed.

Pair are Charged with
aiding prisoner escape

FROM page one

i adhered td’ fhe conditidhs of his bail and therefore should be
: granted bailon the present charge. He further argued that his
: Client couldnt possibly~ffend any of the 14 witnesses on the
: docket as most of them are police officers.

Magistrate Archer told the court that because the prosecution

could not verify these statements, Maycock Jr’s bail request was
; stood over to March 12.

Lewis was granted bail in the amount of $20,000 with one

i surety. He was represented by lawyer Cheryl Bazard.

The case was adjourned to June 10.

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We ask thai the ‘oilowing 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

»>





PAGE 12, TUESDAY, MARCH 11, 2008

THE TRIBUNE



Venezuela reopens embassy

in Colombia as war talk —

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gives way to pragmatism

@ CARACAS, Venezuela

Talk of war in the Andes has
faded almost as quickly as it
flared — showing that for all
their bluster, none of the three
leaders involved could afford a
protracted confrontation,
according to the Associated
Press.

Venezuelan President Hugo
Chavez’s © government
announced on Sunday it was
restoring full diplomatic ties
with Colombia and reopening
its embassy in Bogota after
smoothing over a crisis sparked
by Colombia’s cross-border
attack on a rebel base in
Ecuador. Venezuela also invit-
ed back Colombian diplomats
expelled by Chavez last week.

But some watchers of Latin
American politics viewed the
quick reconciliation as a super-

_ ficial patching up of deeper dis-

putes — and a politically expe-
dient way out of a damaging
conflict not wanted or needed
by Chavez, Colombian Presi-
dent Alvaro Uribe or Ecuador’s
Rafael Correa.

“They probably all wanted a
quick settlement. Ecuador had
won sympathy as the aggriev-
ed party, Venezuela had gotten
good press as the champion of
sovereignty and Colombia had
accomplished its goal in killing
the FARC leader — and an







COLOMBIA'S PRESIDENT Alvaro Uribe, left, shakes hands with
Venezuela's President Hugo Chavez, right, as Dominican Republic's
President Leonel Fernandez looks on during the Rio Group Summit
in Santo Domingo, on Friday. Uribe shook hands with the presidents
of Ecuador and Venezuela, ending tense debate at the summit over
Colombia's cross-border military raid in Ecuadorean soil.

apology was a low price to pay ©

for ending the episode,” said
Shelley McConnell, a Latin
America expert at Hamilton
College in Clinton, New York.

As he apologised Friday,
Uribe also pledged to never
again carry out another act like
the March 1 strike on
Ecuadorean soil, which killed
25 people including Raul Reyes,
a top leader of the Revolution-
ary Armed Forces of Colom-
bia, or FARC.

Just days after deploying
troops to their borders in
response, Correa and Chavez
shook hands with the U.S.-allied
Uribe on Friday in a stunning
turnaround that ended tense
debate at a summit in the
Dominican Republic.

Widespread criticism of the
Colombian military incursion
among Latin American leaders
“allows Chavez to characterize
the incident as a diplomatic vic-
tory,” said Steve Eliner, a polit-
ical science professor at
Venezuela’s University of the
East. And after having threat-
ened to dramatically scale back
trade with Colombia, the deal
let Chavez avoid “having to pay

an economic price for his

stands,” he added.

Colombia is a major trading
partner, providing billions of
dollars in needed imports each
year, including milk and other
‘ood items that have been

Miraflores Press Office/AP Photo

scarce recently in Venezuela.
Chavez wasn’t the only leader -
who fell back to a pragmatic
stance. Uribe dropped a threat
to seek charges against Chavez
at an international court for
allegedly supporting the FARC.

At the same time, the crisis
allowed Uribe to air out long-
held complaints that rebels rou-
tinely take refuge in Colombia’s
leftist-led neighboring countries.

Colombian officials have pub-
licly released a collection of doc-
uments found on a rebel laptop
claiming Chavez and Correa
conspired with the guerrillas.

By forcefully making his case
at the summit, “Uribe put up
an amazing display of diplo-
matic brinksmanship to end up
with the upper hand,” said
Patrick Esteruelas, a Latin
America analyst at the New
York-based Eurasia Group.
“Correa.and Chavez could not
afford to address any more
questions concerning possible
links with the FARC.”

All three leaders also man-
aged to save face through the
diplomatic truce. After Uribe
pledged to respect internation-
al borders, Ecuador and
Venezuela “reaffirmed their
commitment to combatting ter-
rorism” — a cooperative signal
that could help make Uribe’s
apology more palatable to the
Colombian military and public,
McConnell said.

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‘Grave doubts’ harbo



*>THE TRIBUNE e/



ere RIE ear

TUESDAY,



Rays ee

re:



MARCH 11, 2008

Bo ploiiietas





by Harrah’s new owners

@ By NEIL HARTNELL
Tribune Business Editor

arrah’s Enter-

tainment’s new ,

owners cited

“ ¢ Fav e

doubts” over
the increased costs and risks
attached to the $2.6 billion
Baha Mar project, coupled
with uncertainty over land
transactions, financing and
whether its partner could exe-
cute on time, as the reasons
why they terminated the Cable
. Beach joint venture.

The termination notice,
which was sent by Harrah’s
Bahamian subsidiary, Caesar’s
Bahamas Investment Corpo-
ration, to Baha Mar head
Sarkis Izmirlian on March 6,
2008, again indicates that the
change in ownership at the
gaming industry giant was the
key factor behind its decision
to pull-out from the Cable
Beach redevelopment.

* Uncertainty over real estate deals, debt market
financing and Baha Mar’s ability to execute |
prompt private equity owners’ move

* Increased risks and costs’ prompt withdrawal

What seems clear from the
letter (reproduced on Page 4B
today) is that Apollo Capital
Management and Texas Pacif-
ic Capital Group, Harrah’s
new private equity owners,
undertook a major risk/return
review of the company’s par-
ticipation in the Baha Mar pro-

ject once they took control on

January 29, 2008.

Factoring in the changed
economic environment, most
critically the global financial
system’s liquidity/credit crunch,
the US economic downturn
and the weak Bahamian
tourism performance, coupled
with the “long delays” Baha

Appeal filed on Guana

Cay court verdict



@ By NEIL HARTNELL

Tribune Business Editor .

OPPONENTS of the multi-
million dollar Baker’s. Bay
Golf & Ocean Club develop-
ment yesterday filed a motion
with the Court of Appeal seek-
ing permission to appeal that
court’s ruling to the London-
based Privy Council, alleging
that neither it nor the Supreme
Court had accounted for evi-
dence that the project was
“patently disadvantageous” to
Guana Cay residents.

The notice of motion, filed
by the Save Guana Cay Reef
Association, cited a number of
grounds for their appeal, a
development unlikely to please
either the Government of the
Baker’s Bay developers, Ari-
zona-based Discovery Land
Company.

The developers, having
repeatedly requested dialogue
with the Association to hear
their concerns, are likely to feel
that the notice of motion is
nothing more than further
harassment of their attempts
to develop an environmentally
' sensitive and sustainable,
mixed-use resort and private
members’ club on Great Gua-
na Cay. :

For its part, the Government
and Prime Minister Hubert
Ingraham have said publicly
that they believe there is no
basis for continued opposition

to Baker’s Bay. The court bat-
tle with the Association has
now dragged on for some two-
and-a-half years, the develop-
ment having been approved by
the former PLP administration
in March 2005.

Setting out its grounds for
appeal, the Association alleged
that both the Supreme Court
and Court of Appeal had mis-

‘understood their argument

that Wendall Major, as secre-
tary to the National Economic
Council (NEC), had no power
to enter into the Baker’s Bay
Heads of Agreement and give
rights and incentives to the
developers:

The Association, in its notice
of motion, alleged that both
courts failed to account for its
arguments that town planning
permits could only be issued
by the local government
authority, in this case the Hope
Town District Council.

In addition, they alleged that
both courts failed to account
for the fact that Treasury land,
vested in the Treasurer, could
only be leased through the per-
mission of Parliament and the
Governor-General.

The Association alleged that
it was challenging the Cabi-
net’s power to confer rights
and incentives to the develop-
ers, not its ability to enter into

SEE page 2B

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Mar had experienced in two
Heads of Agreement negotia-
tions with the Government,
Harrah’s new owners seem to
have concluded that the pro-
ject’s risks had increased dra-
matically.

This was certainly in com-
parison to January 2007, when

the joint venture partnership\

in which Harrah’s was to take a
43 per cent equity stake, was
announced. Since then, there
has been a major recalibration
of risk upwards by global pri-
vate equity players, with enthu-
siasm for the Baha Mar deal
also cooling.

Coupled with the uncertain-

ty over whether the land trans-
actions critical to the $2.6 bil-
lion project’s success would be
completed, the two private
equity giants seemingly con-
cluded that the likely returns
from the project had dimin-
ished and the risks had
increased.

Therefore, they simply

. decided to take their capital

elsewhere, where they think
they will receive a ‘bigger bang
for their buck’, despite having
‘committed as recently as Jan-
uary 31, 2008, to investing $212

SEE page 4B



ROYAL 3 FIDELITY



Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE
(242) 351-3010



ured Bill to guard

construction
against EPA’s
‘exposure’

@ By NEIL HARTNELL
Tribune Business. Editor

PASSING ‘the ‘Contractors
Bill into law will protect the
Bahamian construction indus-
try from being “exposed” to
the Economic Partnership
Agreement. (EPA) with
Europe, The Tribune was told
yesterday, as it would intro-
duce a licensing system and
standards that European con-
tractors operating in the
Bahamas must adhere to.

‘Stephen’ Wrinkle, the
Bahamian Contractors Asso-
ciation’s (BCA) president, said
a national licensing and con-
trol system for the construc-

Banks to ‘rethink lending
strategies’ due to Baha Mar

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN..8
commercial fae
banks yesterday’ P=
said they would |
“have to rethink
our lending
strategies” for |
2008 given that J i
projected for- St)
eign direct.
investment inflows are unlike-
ly to materialise from the $2.6
billion Baha Mar project, with
the economy’s gross domestic
product (GDP) growth now
likely to miss the Governmen-
t’s target.

Anwer Sunderji, the Clear-
ing Banks Association’s chair-

roy

ial Eee nl



* Bahamian bankers fear $2.6bn project’s woes
and foreign investment impact will have negative

impact on foreign reserves and banking liquidity |

* Harrah’s withdrawal likely to depress
2008 GDP growth estimates

* Concerns for borrowing and deposit
costs, plus consumer confidence

man, told The Tribune that
Bahamian commercial banks
had been relying heavily on
capital inflows related to for-
eign direct investment projects
to boost this nation’s foreign
exchange reserves and, in turn,
financial system liquidity levels.

The Baha Mar project, alorig

with the $1.4 billion Albany
Golf & Beach Resort, were the
key investment projects upon

which the commercial banking.
system was relying to achieve

these effects.

SEE page 8B

Sector calls for
foreign contractor
hotel room threshold
to be raised from 100.
to 200 minimum

tion industry would allow
Bahamian companies to at
least have the opportunity to
joint venture with foreign ’con-
tractors on major construction
projects only the latter could
do.

SEE page 5B

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PAGE 2B, TUESDSAY, MARCH 11, 2008 THE TRIBUNE

- _ ie
Appeal filed on Guana Cay court verdict

Dr. Myles Munroe, The Children’s Fine Arts Conservatory
& Churches In The Carmichael Road Community

Will Be Hosting

FROM page 1B

the Heads of Agreement.

It also argued that the Heads
of Agreement was more than
an agreement in principle, and
constituted an agreement to
grant Crown and Treasury
land leases, plus other permits
and approvals.

Claw

For the stories

behind the news,
ig=y-le pte [nrg
on Mondays

“Evidence to the effect that
the development is patently
disadvantageous to Bahamians
and/or particularly to the resi-
dents of Guana Cay was not
considered or taken into
account,” the Association’s
appeal also alleged.

It also disputed the findings
of both courts that consulta-
tion with Guana Cay residents
and Abaconians over the pro-
ject had taken place before the
Heads of Agreement signing.

“The Court of Appeal erred
in accepting the respondents’
evidence of the two meetings
that took place, at which the
residents of Guana Cay were
consulted about the develop-
ment without considering or
taking account of the affidavit
evidence of Walter Sweeting
to the effect that such consul-
tation had been far from mean-
ingful,” the Notice of Motion

“The Court of Appeal failed
to consider or take account of
the evidence of a deliberate
policy of non-consultation by
the Government respondents.”

Finally, the Notice of Motion
argued that the courts were
wrong to conclude that the
Cabinet’s decision to enter into
the Baker’s Bay Heads of
Agreement was not “a fetter-
ing of discretion” by the
Bahamas’ leading decision-
making body.

The Association argued that
the Heads of Agreement
“clearly constitute an agree-
ment to grant the leases and
concessions and to expedite
the permits and approvals.
There was consideration for
this agreement, and the appel-
lants have adduced ample evi-
dence that the developers have
acted in reliance upon this

‘agreement in taking steps in



alleged. the development”.

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THE TRIBUNE



Expo aims to be ‘one-stop
_ shop’ for real estate

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BAHAMIANS interested in
home ownership will benefit
from a special exhibition
designed to put experts in all
aspects of the construction and
home buying process under
one roof at the Bahamas First
National Real Estate Expo.

The event will be held on
March 15-16 at the Wyndam
Nassau Resort. According to
event chairman Pedro Young,
it is being held at an ideal time
given the level of construction,
particularly the many gated
communities throughout the
Bahamas.

In preparing for the expo,
Mr Young said he relied heav-
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buying experience.

He said that while the
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excitement he made a down
payment without going
through vital steps that are
essential to the home buying
process, such as using an attor-
ney, the title search and con-
veyancing.

“This expo will allow per-
sons to go through the process
step-by-step. People will be
able to meet lawyers, realtors
and get mortgage approvals
from a number of lenders right
on the spot,” he added.

In addition, Mr Young said a
number of seminars will be
offered, both for the public and
for real estate agents.

“Attendees will be educat-
ed by way of seminars, and
one-on-one dialogue at
exhibitors’ booths, while hav-
ing the opportunity to discuss
_ on the spot pre-approval for
financing with several of the
mortgage companies present,”
he said.

This expo, Mr Young said,
aims to provide Bahamians
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PAGE 4B, TUESDSAY, MARCH 11, 2008

THE TRIBUNE



ee
‘Grave doubts’ harboured
y Harrah’s new owners

FROM page 1B

million in the Baha Mar pro-
ject through Caesar’s Bahamas
Investment Corporation.

In a January 31, 2008, letter
addressed to Prime Minister
Hubert Ingraham, through
Cabinet secretary Wendell
Major, Harrah’s vice-chairman
Charles Atwood said: “Har-
rah’s has approved the execu-
tion and delivery by Caesar’s
Bahamas of a joint venture
agreement, dated as of January
12, 2007, with Baha Mar JV
Holding Ltd to form a new
Bahamian company to be
known as Baha Mar Joint Ven-
ture Holdings Ltd.”

The letter, which was sent
on the same day as Mr
Atwood signed on the dotted
line to acknowledge and
approve the terms of the sup-
plemental Heads of Agree-
ment signed between Baha
Mar and the Government,
added that Harrah’s would
“sufficiently capitalise” Cae-
sar’s Bahamas Investment Cor-
poration to enable it to meet its
joint venture obligations...

“Baha Mar and Harrah’s
plan to contribute $493 million
in equity financing for the pro-
ject, with Harrah’s contributing
$212 million (or 43 per cent)
of such amount, with the
remaining project costs funded
through borrowings by the
joint venture,” the letter said.

Mr Atwood said the 95,000
square foot casino’s construc-
tion, along with the 1,000-room
Caesar’s hotel, would start in
April 2008, with completion
around April 2011.

“We expect both the casino
and hotel to be open and avail-
able to the public before the
required completion date of
October 31, 2011, as set forth
in the supplemental Heads of
Agreement dated January 31,
2008,” Mr Atwood said.

“Harrah’s looks forward to
the development and opening
of the world-class resort,
including the Caesar’s hotel
and casino project contem-
plated in the agreement.”

So what happened in five
weeks? Simple. Harrah’s own-
ership changed, and the two
private equity owners are now
seeking to use the Prime Min-
ister’s remarks in the House
of Assembly last week as an
excuse - or cover- for their
attempt to withdraw from the
joint venture.

Mr Ingraham yesterday said
he had been informed on Mon-
day last week that Harrah’s
new owners would decide
imminently on their future par-
ticipation with Baha Mar, and
his comments on Wednesday
were designed to dampen pub-
lic expectations if the worst
happened.

In its March 6 letter, Har-
rah’s said the global credit/liq-
uidity crunch had made it dif-
ficult to access any debt financ-
ing at all, and at the right price.
In addition, the Prime Minis-
ter’s comments indicated that
the Treasury land parcels
needed for the project would
only be transferred once Baha
Mar fulfilled its obligations by
March 2009.

Seemingly anticipating some
negative answers, Harrah’s
decided to withdraw given the
uncertainty over the land con-
veyances and doubts over
Baha Mar’s ability to execute
its side of the deal.

The March 6 letter to Baha
Mar’s chief executive, Sarkis
Izmirlian, which was copied to
vice-chairman John Forelle,
said: “We have been evaluat-
ing the status of the Baha Mar
project for some time. We



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.

share your news

have come to the conclusion
that it is unlikely the project
can succeed as currently struc-
tured.

“The long delays in reach-
ing agreement with the Gov-
ernment and completing the
assemblage of the relevant
land rights have contributed to
considerable doubt about
whether the project can be
financed at all given the con-
tinuously deteriorating debt
markets. ,

“These delays also raise
grave concerns about increased
costs and risk, and create
apprehension about your abil-
ity to execute in a timely man-
ner.

“When coupled with Prime
Minister Hubert Ingraham’s
comments on the House of
Assembly yesterday, we do not
believe the land will be deliv-
ered to the joint venture as
planned. As you are aware,
this land has been of utmost
importance to us from the
inception of our negotiations,
as without these land con-
veyances the project cannot
proceed.”

The Harrah’s letter, sent by
Mr Atwood, referred to how
the joint venture agreement
with Baha Mar, referred to as
the Subscription and Contri-
bution Agreement, had missed
several completion deadlines
after it was signed on January
12, 2007.

These deadlines were June
30, 2007, and December 31,
2007, deadline, and while Har-
rah’s considered an extension
to the latter date, “discussions
failed because you [Baha Mar]
were unwilling to resolve dis-
putes that had arisen between

ods”, fA , acd
TASS disputes afe under-

stoodig¢@ have begipizelated to
the Crown, Treasury and other

government land conveyances, '

plus financing issues.

As a-result, on March 6,
2008, Mr Atwood wrote that
“several conditions remain
unsatisfied” relating to the
joint venture agreement.

Now the Prime Minister was
questioning Baha Mar’s
“financial wherewithal and
ability to meet the deadlines
imposed by the Government,
both of which are crucial to the
success of the project”.

As a result, Harrah’s exer-
cised its right to terminate the
joint venture according to Arti-
cle 10 of the agreement. Har-
rah’s ability to do that is being
disputed by Baha Mar, which
again described the move as
“a breach of faith” and added
that it expected the gaming
giant to “honour” its commit-
ment.and avoid harming both
Baha Mar and the Bahamas.
The matter could end up in lit-
igation.

In his letter, Mr Atwood
offered something of an olive
branch, telling Mr Izmirlian
that if all issues were resolved
and Baha Mar could continue,
“we hope you will consider
exploring alternatives by which
a Caesars-branded casino and
hotel might be included in the
project”.

To some, that sounded like
Harrah’s wanting to participate

but without making a $212 mil- _

lion equity contribution.

Still, the whole episode
leaves the Cable Beach pro-
ject in a state of abject confu-
sion, and Baha Mar’s only
options are to try and entice
Harrah’s back into the deal or
seek a new joint venture part-
ner. It will have until March
2009 to do so.

Still, the Izmirlian family
must again be reconsidering
their decision to invest millions
in the Bahamas, their home,
given the buffeting they have

*














RE:

Dear Sirs;

CAESARS BAHAMAS INVESTMENT CORPORATION

c/o Harrah’s Operating Company, Inc.
One Harrah’s Court -
Las Vegas, NV 89119

March 6, 2008

Baha Mar JV Holding Ltd.

Lyford Manor, West Building

Lyford Cay, New Providence, Bahamas
Attention: Chief Executive Officer
Facsimile: (242) 362-6815

VIA OVERNIGHT DELIVERY AND FACSIMILE
Baha Mar Joint Venture Holdings Lrd.
Lyford Manor, West Building

Lyford Cay, New Providence, Bahamas
Attention; Chief Executive Officer
Facsimile: (242) 362-6815

Subscription and Contribution Agreement, dated January 12, 2007

AS you are aware, we have been evaluating the sianas of the Baha Mar project for some
time, We have come to the conclusion that it is
currently structured.

The long delays in reaching agreement with the government and completing the
assemblage of the relevant land rights have conibuted to considerable doubt about
whether the project can be financed at all given the continuously deteriorating debt
markets. These delays also raise grave concerns about increased costs and risk and create
apprehension about your ability to execute in a timely manner. When coupled with
Prime Minister Ingraham’s comments to the House of Assembly yesterday, we do not
believe the land will be delivered to the joint venture as planned. As you are aware, this
issue has been of utmost-importance to us from the inception of our negotiations, as

without these land conveyances, the project cannot proceed.

the project.



When we entered into the Subscription and Contribution Agreement on January 12, 2007
(the “Subscription Agreement”). we expected that you would satisfy all the necessary
conditions no later than June 30, 2007, That did not happen, You requested an extension
until December 31, 2007, which we pranted on severa) conditions set out in a letter
agreement on Octaber 4, 2007, The December 31, 2007 deadline came and went as well.
Alt your request, we had considered another extension prior to that date, but discussions
failed beéause you were unwilling to resolve disputes that had arisen between us. As of

today, several conditions remain unsatisfied and the prime minister has now publicly
stated that he questions your financial wherewithal and abiliry to meet the deadlines
imposed by the government, both of which are crucial to the success of the project.

So with great regret, we hereby notify you that we are exercising our right lo terminate
the Subscription Agreement pursuant to Article 10 thereof, Please be aware that if you
are able to resalve these issues and continue with Baha Mar, we hope you will consider
exploring altematives by which a Caesars-branded casino and hate) might be included in

Sincerely yours

Caesars Bahamas Investment Corporation

By:

Charles L. Atwood

unlikely the project can succeed as







WHAT SEEMS clear from the letter (shown above) is that Apollo Capital Management and Texas Pacific Capital Group, Harrah’s new private equi-
ty owners, undertook a major risk/return review of the company’s participation in the Baha Mar project once they took control on January 29, 2008,

taken from two governments
and now their joint venture
partner. Baha Mar has already
invested $150 million in
upgrading the existing Cable

INSIGHT

For the stories

erate Uta
ic=F-Co Mp E-Tfo/ 9) 4
on Mondays



Beach Resorts.

The fact that the Izmirlians
are world-renowned real estate
developers, owning City Hall
in London and the second
largest commercial develop-
ment in that city’s financial dis-
trict, seems to have been
ignored.

It is understood that while
Baha Mar and Harrah’s had
entered into a joint venture
agreement, this was subject to
the land conveyances being
completed and also issues sur-

rounding the removal of

SuperClubs Breezes sewerage
plant being resolved.

The land transactions were
also crucial to enable Baha
Mar to go to the financial mar-
kets and international banking
institutions for debt financing,
something it had planned to

do in 2009.

Baha Mar was yesterday
putting a brave face on the sit-
uation. Robert Sands, its senior
vice-president of administra-
tion and external affairs, said:
“Baha Mar remains commit-
ted to the project. We’re focus-
ing on the present, and remain
committed to Baha Mar’s
vision and the plan. The plan
calls for the assemblage of
world class partners.”

The main lesson for the
Bahamas from all this is that
the Government must strike
when investment deals are hot,
not allow them to become cold
and have the added burden of
a negative change in an eco-
nomic climate.

The former PLP government
must shoulder its share of the
blame, because it had the

opportunity to conclude the
supplemental Heads of Agree-
ment before the May 2 gener-
al election but failed to do so.
Had it done so, the Bahamas,
Cable Beach and Baha Mar
would not be in the mess they
are now.

The supplemental Heads of
Agreement for the Cable
Beach project was supposed to
have been concluded 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
agreement and the joint ven-
ture deadline were missed, and
it was almost another 11
months before terms were
agreed with the Ingraham
administration.



THE TRIBUNE

TUESDSAY, MARCH 11, 2008, PAGE 5B



Bill to guard construction
against EPA's ‘exposure

FROM page 1B

The BCA president said the
Association had also recom-
mended to the Government
that the stipulation in CARI-
FORUM’s EPA offer, that
European construction com-
panies only be allowed to con-
struct Caribbean hotels with
100 rooms or more, was too
low in the Bahamian context.

At a meeting 10 days ago
with Ministry of Finance and
Bahamas Trade Commission
officials, who are crafting the
Bahamas’ EPA services offer,
Mr Wrinkle said he and the






would be an asset.

Relations may also apply.




‘DAG0964
C/O P.O, BOX - N-3207

NASSAU, N.P., THE BAHAMAS

BCA felt the Bahamas should
raise this minimum threshold
to at least 200 rooms.

“One of the things they dis-
cussed was that they had estab-
lished a minimum standard
throughout the Caribbean -
hotels had to be at least 100
rooms for the foreign contrac-
tor to come in and do the
work,” Mr Wrinkle said of the
meeting.

“We suggested that be
upped to 200 rooms, because
100 rooms is not that large
here. We don’t have many 100-
room hotels here.

“But what is not large in the
Bahamas, may be large in

INDUSTRIAL/LABOUR RELATIONS OFFICER (MANAGER)
Qualified Bahamians are invited to apply for the position of Labour Relations Officer.
Applicants should be between the ages of 25-35 years of age and should possess
the minimum qualifications of a University Bachelor's degree in Industrial Relations or
equivalent major in Economics or Business Administration.
Aminimum of 3-5 years basic Industrial Relations experience would be valuable; experience

in the field of Personnel Management in the Hotel/Catering, Restaurant or related industries

The successful candidate will undergo a period of apprenticeship training in the field of
Labour Relations/Industrial Relations so as to be fully equipped to deal with all facets of
trade disputes resolution and negotiations with Trade Unions.

Persons who have recently completed College and are desirous of a career in Industrial

Applications are to be submitted in writing only together with curriculum vitae not later than
Thursday 20 March 2008 to:

Anguilla. We have to set some
parameters for our economy.”

The Bahamas’ existing draft
EPA services offer, a copy of
which has been obtained by
The Tribune, offers to open up
the Bahamian construction
industry to three of the four
modes of supply - the com-
mercial presence of European
firms in this country, the cross-
border supply of construction
services, and moves to con-
sume construction services
abroad.

The main mode here is com-
mercial presence, as the
Bahamas’ EPA offer will allow
European construction com-

















The College of The Bahamas and
The Ministry of Finance will be hosting

a seminar on:

The Economic Partnership

_ Agreement:

Implications for
The Bahamas

On Wednesday, March 12, 2008 at 6:30 p.m.

Choices Restaurant
Bahamas Hotel Training Center
Thompson Blvd, Oakes Field

Speakers:

Hon Zhivargo Laing - Minister of State for Finance
Philip Simon - Executive Director,
Bahamas Chamber of Commerce
John Delaney - Chairman, Bahamas Trade Commission



Wrinkle

panies to establish a commer-
cial presence in the Bahamas -
to some extent.

In practice, the EPA offer is
likely to be little different from
the existing status quo, as for-
eign contractors are permitted
to enter the Bahamas to fulfill
large construction contracts
that Bahamian contractors
cannot perform - typically
major resort and foreign direct
investment projects.

The EPA offer will not cre-
ate an ‘open sesame’ for Euro-
pean contractors to enter the
Bahamas. If this nation’s ser-
vices offer is accepted, its ‘hor-
izontal commitments’ would
require that EU firms across
all services sectors - including
construction - would still have
to be approved by the Cabinet
to enter the Bahamas, and also
go through the foreign
exchange control regulations.

In addition, the Bahamas’
draft services offer notes that
“ownership of construction
companies is reserved for
Bahamian people, except
where special expertise is
required, under the National
Investment Policy”.

It was also acknowledged
that the building completion
and finishing sector was
“potentially sensitive, but sub-
stantial work by non-Bahami-
ans in the sector’. The services
offer warned that the com-
mercial presence of EU firms
might be “particularly sensi-
tive”.

Mr Wrinkle said that despite
meeting with Ministry of
Finance officials, along with
the engineers and architects,
on the issue was “not quite
sure yet” how the EPA would
impact the Bahamian con-
struction sector.

“If you don’t get in and get

‘something organised, you will

get-left out in the cold,” Mr
said. “They’ve
brought the private sector into
it, and hopefully they will

implement some of those

things.”

- Mr Wrinkle described pass-
ing the Contractors Bill as
“very critical”, given the
impending EPA, as if the
Bahamas did “not have the
licensing in place, the foreign
contractor can come in with-
out a Bahamian licence and do
his construction”.

“If the legislation is in place
to require licensing, foreign
contractors will have to meet
those requirements. One of the
main requirements is to have
Bahamian status, either as a
citizen or a resident with the
right to work. They will have to
meet that criteria or receive a
waiver from the Board”.

The proposed Board will
regulate the construction
industry. In a January 24,
20008, letter to Dr Earl
Deveaux, minister of works
and transport, on the BCA’s
recommendations on the Con-
tractors Bill, Mr Wrinkle wrote
that the legislation should
“make a provision for joint
venture partnerships (over
issuance of licences) to foreign
contractors, developers or oth-
er non-licensed parties if it is
determined by the Board that
a contract is too large for
Bahamian contractors.

“Our thinking on this issue
relates to the inevitable signing
of the EPA as well as foreign
development projects. If we
have national controls, stan-
dards and requirements incor-
porated in the Bill, it will help
to preserve the industry for
local contractors, and at least
make some provision for them
to joint venture contracts
ahead of just issuing licences
to foreign entities.”

Mr Wrinkle also urged Dr
Deveaux to recognise the BCA
as an “approved association”.

“We are becoming more
involved in regional and inter-
national issues that affect our
industry (EPA, Caribbean
Construction Council, CARI-
COM Forum etc),” Mr Wrin-
kle wrote, “and we need to
have the recognition and sup-
port of not only our industry
but the Government to be
recognised as legitimate rep-
resentatives of the industry.

“It is going to become
increasingly important that the
construction industry has good
and credible representation to
protect our interests not only
nationally, but at the interna-
tional level as well.”

Legal Notice

NOTICE | ;

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SWANLEIGH PROPERTIES LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 137 (4) of
the International Business Companies Act (No. 45 of 2000),
SWANLEIGH PROPERTIES LIMITED is in Dissolution.”

The date of commencement of dissolution is the 10th day of January, 2008.

MAYO SECREATARIES LIMITED
Akara Building, 24 De Castro Street
Wickhams Cay I, Road Town,
Tortola, BVI
Liquidator





COMMONWEAL THE OF THE BAHAMAS
IN THE SUPREME COURT

EQUITY SIDE

2008
No. F.P. 0003

fa

NOTICE

THE QUIETING TITLES ACT 1959

The Petition of Honeyside Investments Limited, a corporate entity
incorporated under the laws of the Commonwealth of the Bahamas in
respect of: , é

ALL THAT piece parcel or lot of land situate in the Settlement of
Hunters in the Island of Grand Bahama one of the Island of the
Commonwealth of the Bahamas, and by admeasurement an area of
42.295 acres and being property bounded NORTHWARDLY by land
now or formerly the property of The Grand Bahama Port Authority
Limited and running thereon Eight Hundred and Twenty-eight feet and
Thirty-nine Hundredths of a foot (828.39") EASTWARLY by land said

to be the property of Granville Lewis and running thereon Twenty-

one Hundred and Forty-two feet and Fifty-four Hundredths of a foot
(2142. *4') SOUTHWARDLY by the main public road Forty feet (40’)
wide and running thereon Eight Hundred and Eighteen and Sixty-six
Hundredths of a foot (818.66') and WESTWARDLY by a Twenty -five
foot (25') wide road reservation and running there on Eight Hundred and
Fifty-six feet and Fifty Hundredths of a foot (856.50') and continuing by
land being a portion of the David Wildgoose Tract Fifteen Hundred and
Twenty Eight feet and Ninety - one Hundredths of a foot (1528.91 ‘)said
piece parcel or lot of land having such position marks and dimensions
as are shown on plan 358 G.B. surveyed by Stanley S. Lowe,
Registered Land Surveyor, No. 23 and thereon colour pink.

HONEYSIDE INVESTMENTS LIMITED the Petitioner in this matter
claims to be the owner in fee simple in possession of the said piece
parcel lot of land and has made application to the Supreme Court of the
Commonwealth of the Bahamas under Section 3 of The Quieting Titles
Act 1959 to have its title to the said land investigated and the nature
and extent thereof determined and declared in a Certificate of Title to be
granted by The Court in accordance with the provisions of the Act.

COPIES of the said plan may be inspected during normal office hours at
the following places:

(a) The Registry of the Supreme Court Northern Jurisdiction in the
Garnet Levarity Building in the City of Freeport on the Island of Grand
Bahama.

(b) The office of the Administrator for the Settlement of Eight Mile Rock,
Grand Bahama.

(c) The Chambers of Cash, Fountain situate at Suite A, Mable House,
West Sunrise Highway, Freeport, Grand Bahama, Attorneys for the
Petitioner.

NOTICE is hereby given that any person having dower right to dower or
an adverse claim or a claim not recognized in the Petition shall within
Thirty (30) days after last appearance of this Notice in the various local
newspapers file in the Supreme Court of The Commonwealth of the
Bahamas Northern Jurisdiction aforesaid and serve on the Petitioner
or the undersigned a statement of his or her claim in prescribed form,
Verified by affidavit to be filed therewith. Failure of any such person

to fiie and serve a statement of his or her claim and the requisite
documents on or before the said Thirty (30) days

stated herein will operate as a bar to such claim, i.e. on or before the
22nd day of March,

A.D. 2008.

CASH, FOUNTAIN
Chambers

Suite A, Mable House
West Sunrise High Way
Freeport, Grand Bahama
Bahamas

Attorneys for the Petitioner



PAGE 6B, TUESDSAY, MARCH 11, 2008

THE TRIBUNE



Grounding of tanker
causes gas shortage

To ativertise in The Tribune,
just call 502-2362 today!

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, REEBA INDERIA
GREEN of Pinewood Gardens, Nassau, Bahamas, intend
to change my name to INDERIA REEBA TEAGAN GREEN.
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.

NOTICE

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

NOTICE

NOTICE is hereby given the EUNISE ST. JEAN of MARKET
STREET, NASSAU, BAHAMAS, is applying to the Minister
resposible for Nationality. and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of
the facts within twenty-eight days from the 4TH day of MARCH,

2008 to the Minister responsible for Nationality and Citizenship, ~

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

NOTICE
RBC FINCO INVITES TENDERS:

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Parcel of Land Port William
Grant, situated in the Western District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Single Family Residence consisting of 3 Bedrooms, 3
Bathrooms.

Property Size: 12,000 sq. ft.
Building Size: 2,756 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 3519”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

Se

UNCON MNNT D

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.

@ By CARA BRENNEN-






Providence found themselves

BETHEL unable to find gasoline at
Tribune Business many gas stations yesterday
Reporter morning, the result of short-
ages caused when the Ficus
MOTORISTS in New tanker recently ran aground

off the south-west coast of
New Providence. .

The Tribune, after hearing
reports from several
motorists that they had been
unable to find gasoline,
inquired at a number of ser-

- vice stations, whose employ-
ees all said the fuel shortage
experienced by some stations
was the direct result of a
rationing following the
tanker incident.

“T know that many of the

INSIGHT

For the stories
behind the news,
read Insight
on Mondays



RS FINCO

eS.
NOTICE —

RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot #17, Blk #16, Millar’s
Heights Subdivision situated in the Southern District on the Island of
New Providence one of the islands of the Commonwealth of The Bahamas.
Situated thereon is a Semi Commercial Building consisting of | (3)
Bedrooms, (2 1/2) Bathrooms and a Duplex consisting of (2) Bedrooms,
(1) Bathroom each.

Property Size: 7,000 sq. ft.
Building Size: 1,440 sq. ft. (House)
Building Size: 1,632 sq. ft. (Duplex)

' This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED. |

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 2891”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot No. 141, Winton
Meadows Subdivision situated in the Western District on the Island of
New Providence one of the islands of the Commonwealth of The Bahamas.
Situated thereon is a Single Family Residence consisting of (3) Bedrooms,
(2) Bathroom.

Property Size: 8,000 sq. ft.
Building Size: 2,010 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 9867”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.





Pricing Information As Of:
Monday, 10 March 2008



_ BISXA





=) FIDELITY

BISX LISTED & TRADED SECURITIES - VISIT WWW.GISKBAHAMAS COM FOR MORE DATA & INFORMATION
_ BISX ALL SHARE INDEX: CLOSE 1,988.64 / CHG 0.92 / %CHG 0.05/ YTD -78.11/ YTD % -3.78

reported last week in San Sal-
vador.

The Port Department and
the Defence Force worked
around the clock to remove
the doubled -hulled vessel,
which carried 120,000 barrels
of oil.

The big fear was that the
oil would leak out and cause
tremendous environmental
damage.

The Port Department of
the Ministry of Maritime
Affairs oversaw the removal
of the 44,788 ton-tanker from
the rocky underground
peninsula near Goulding
Cay, with the Defence Force
lending its assistance.

companies were rationing
fuel, and the amount that
they were sending was not
enough to last the day, but I
know that we are supposed to
receive a full shipment today
and so we should be OK,” a
Texaco attendant told Tri-
bune Business.

Attendant

A Shell attendant told The
Tribune they had been out of
gas since the weekend, and
an Esso attendant said that
while they had gas, they
understood that the shortage
was due to the tanker.

Similar fuel shortages were

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot 305 feet south of
Adelaide, situated in the Western District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Duplex consisting of 1 (3) Bedrooms, (2) bathrooms and 1
(1) Bedroom, (1) Bathroom.

Property Size: 5,691 sq. ft.
Building Size: 2,000 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 1755”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot No. 101, St. Andrew’s
Beach Estates situated in Southern District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Single Residence.

Property Size: 5,000 sq. ft.
Building Size: 1,312 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, PO. Box N-7549, Nassau,
Bahamas and marked “Tender 2311”. All offers must be received by the
close of business 4:00 pm, Friday 1st February, 2008.












Div $ P/E Yield































Key job functions and responsibilities include: ae ao oy y Previous a Today's Close Change Daily Vol. EPS —
11.80 11.25 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%
Pp a . . 9.68 8.50 Bank of Bahamas 9.61 9.61 0.00 0.643 0.160 14.9 2.71%
ee 7 = C 0.99 0.85 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
re iding leadership set the climate and pace for 3.74 2.00 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46%
success and high achievement , in the school. 2.70 1.26 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
a: atu 13.60 10.03 Cable Bahamas 13.60 13.60 0.00 1.030 0.240 13.2 1.76%
7 Organizing and supervising schedules, 3.15 2.10 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 1.27%
8.50 4.67 | Commonwealth Bank (S1) 7.14 7.16 0.02 28,381 0.428 0.260 16.7 3.63%
programmes, records and school procedures. 7.22 3.78 Consolidated Water BDRs 3.87 3.78 -0.09 0.129 0.052 30.0 1.34%
aor : 2.60 2.20 Doctor's Hospital 2.46 2.46 0.00 0.316 0.020 7.8 0.82%
- Supervising and evaluating teachers and support 7,90 B84 © Pomauee >” 7.90 7.90 000 ©1000-0713. «280 11.1 3.57%
staff 13.01 12.30 Finco 12.92 12.92 0.00 0.810 0.570 16.0 4.41%
; 14.75 13.90 FirstCaribbean / 13.99 13.99 0.00 0.914 0.470 15.3 3.36%
- 1 _of_ 6.10 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72%
Managing records, school finances and end of 1.00 0.54 ae Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00%
rearc 1 8.00 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14%
yeal closing procedures. . 12.50 860 J.S. Sonneon 12.30 12.30 0.00 1.059 0.610 11.6 4.96%
- Communicating with parents, community groups 10.00 10.00 Premier Real Estate __10.00 10.00 0.00 1.167 0.600 8.6 6.00%

Fidelity Over-The-Counter Securities




































and organizations 52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price | Weekly Vol. EPS $
- i : : . 7 Bah Ss ket: 14.60 15.60 16.00 0.900
- Displaying consistent organizational and human Boo G00” ‘carbbecn Greece (ean 6.00 625 6.00 0.000 0480 NM 7.80%
: : es 0.54 0.20. _RND Holdings 0.35 0.40 0.35 -0.023 0.000 NIM 0.00%
relationship skills. é Colina Over-The-Counter Securities
- Ass ; 41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
Assisung the Education Department with and 14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0900 13.4 6.16%
initiating Staff Development Programmes. 0.55 0.40. RND Holdings 0.45 0.55 0.45 -0.023 0.000 NIM 0.00%
BISX Listed Mutual Funds J




Last 12 Months Div $ Yield %




NA V
1.300059***
2.982729*
1.381183***** 0.39% 3.85%

YTD%



Fund Name
1.2037 Colina Bond Fund
3.0008 2.6254 Colina MSI Preferred Fund
#1.3812 1.2647 Colina Money Market Fund













Applicants should submit a cover letter, Curriculum
























j © 1 oO 1 *, 7
Vitae, coples of degree certificates three refer ences 3.7969 3.1424 Fidelity Bahamas G & | Fund 3.7442*** -1.40% 27.72%
¢ : 11.9880 11.4467 Fidelity Prime Income Fund 11.9880*** 0.46% 5.53%
and passport photographs to: 100.0000 100.0000 CFAL Global Bond Fund 100.00**
100.0000 100.0000 CFAL Global Equity Fund 100.00**
1.0000 1.0000 CFAL High Grade Bond Fund 1.00°**
7 . 10.5000 9.6628 Fidelity International Investment Fund 9.6628°**
The Director of Education FINDEX: CLOSE 000.00 / YTD 0.00% / 2007 34.47%
The Anglican Central Education Authority ne ALL Soone INDEX - Dec bee oe MARKET TERMS a aa eet eine ae closing price NAV KEY



Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company’s reported earnings per share for the last 12 mths

ist 52 weeks



* - 29 February 2008
ni



P.O.Box N-656
Nassau, Bahamas



revious day's weighted price for daily volume
ghted price for daily volume
rom day to day



wee 31 uary 2008
seer 2 ary 2008
bruary 2008









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

ded today’
Ss per share paid in the last 12 months





led by the last 12 month earnings
Effective Date 8/8/2007






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



plit - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7610 / FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242)





THE TRIBUNE
GN-656



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
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
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 1
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.
HARAMIIS 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

TUESDAY, MARCH 11, 2008, PAGE 7B

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

ial od oP Loc
rod b 164 &!

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 SUPREME 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 8B, TUESDSAY, MARCH 11, 2008





Banks to ‘rethink lending |
strategies’ due to Baha Ma

FROM page 1B

lihood that the foreign direct
investment cap tal inflow asso-

foreseeable future, due to Har-
rah’s Entertainment’s decision

But there is now every like-

* _ Cash flow forecasting & analysis



oe 20e7. Deadline: March 18, 2008.

ciated with Bala Mar will not
materialise, a: least for the

to terminate its joint venture
partnership at Cable Beach.






















Career Opportunities



Montana Holdings Ltd, based in Nassau, is the developer of Rum Cay. Resort
Marina and seeks to hire a eae dius for the following position:

Financial Accounting Manager
Core Responsibilities: v
eEffectively communicate financial information. to ensure management has an.
accurate understanding of project performance, factors influencing performance and.
sensitivities to assist management in strategic, operations, panning) gecisien making
Achieve reporting deadlines, in an accurate and reliable manner)
‘»=Make recommendations as often as poss to Pe the financial position of the.
projects and the overall business. ; ; i





Job Description: 4
«Manage all day-to-day responsibilities of the Financial = operation



Oversee development cost capitalization
Resolution of technical accounting issues.

Oversee journal entries & reconciliations |

Ad hoc projects and business plans (includ) ng. financial modeling)
Supervise the year-end closing processes and eens
Supervision of one junior accountant






Requirements / Qualifications: ae ies
Bachelors Degree in Accounting or chuivaient field
Professional Certification and prior leaders




p
Self starter with ability to drive issues to Fesolution B ao
Ability to manage priorities and work under tight deadlines a
Ability to communicate effectively with all levels of Management ©
Advanced Excel skills (including model building, complex formulae and be tables)
Advanced knowledge of Guise Books Aecounee Software

3





Candidate must posses a “can do” attitude and beeen players”. “We offer an
excellent benefits package and competitive et Fora confidential :
interview please submit your resume to on elle.



“Convenient. Delivery of The Tribune
gives me a head start in the mornings:
it satisfies my appetite for information
about Bahamian, international, business
and sporting news before leaving
home for work. The Tribune is
my newspaper,”





HAROLD ANTOR

INSURANCE EXECUTIVE 1 year (52 weeks)

3 months (13 weeks)
6 months (26 weeks)

Some sources pegged the
potential foreign currency
inflow that Baha Mar could
have generated this year at
$300 million.

Describing developments
surrounding Baha Mar as “dlis-
appointing news”, Mr Sunder-
ji told The Tribune yesterday:
“The banks were relying sig-
nificantly on foreign direct
investment inflows this year to
boost foreign exchange
reserves and domestic liquidi-
ty,

“Clearly, we will have to
rethink our lending strategies
going forward until we have a

clearer picture of what is going

to replace that foreign direct
investment this year.”

Commercial banking system
liquidity refers to the surplus
assets in the banking system
that are available to banks for
onward lending purposes, such
as mortgages, commercial and
consumer loans.

A liquidity shortfall could
impose upward pressure on
interest rates attached to loans,
increasing borrowing costs for
Bahamian businesses and con-
sumers.

The Tribune was told earlier
this year that commercial
banking system liquidity was
“not at optimum level”, stand-
ing at around $184 million at
end-January 2008.

In addition, a liquidity short-
age may also impact deposit
rates as banks offer increas-
ingly attractive deals to attract
relatively scarce deposits,
which they can use for onward
lending purposes. In turn, this
would impose pressure on
banks’ interest margins, some-
thing that could impact their
profitability and shareholder
returns.

Apart from Royal Bank of
Canada’s consumer lending
arm and Scotiabank, all other

a*

ding Bahamian

The Tribune’s

partment at 502-238:

$ 45.95
$ 84.95
$160.00

Paul McWeeney



domestic financial institutions
are listed on the Bahamas
International Securities
Exchange (BISX) - FINCO,
Bank of the Bahamas Interna-
tional, Commonwealth Bank,

Fidelity Bank (Bahamas) and ,

FirstCaribbean International
Bank (Bahamas).

Meanwhile, Mr Sunderji said -

it was difficult to quantify how

‘much the Bahamian econo-

my’s 2008 total output, or
GDP, would be impacted if the
Baha Mar project did not take
place or was delayed.

Yet he agreed with many
observers who believe devel-
opments at Cable Beach will
have a dampening effect on
the economy, and shave sev-
eral percentage points of
Bahamian GDP growth pro-
jections for 2008.

The Government had pro-
jected the Bahamian economy
would grow by 3.5-4 per cent in
2008, while Wall Street credit
rating agency Standard &
Poor’s (S&P) had forecast
growth as being closer to 3 per
cent.

It is unclear just how much

Y

THE TRIBUNE







those predictions were reliant
on Baha Mar coming: to
fruition, but it is likely the pro-
ject will have accounted for
several percentage points ice
both estimates.

Mr Sunderji said: “It’s very
difficult to quantify the impact
in terms of numbers for GDP,
but clearly it’s going to be low.
er than the numbers forecast
before. i

“Clearly, we’re going to be
at the lower end of the Gov-
ernment range, and I suspect
we will be closer to S&Ps.”

Paul McWeeney; Bank of
the Bahamas International’s
managing director, agreed that
a major part of the projectec
capital inflows into thé
Bahamian banking system

“could be in significant jeop-
ardy” if the Baha Mar project
did not proceed as planned.»

“If the deal is dead, the
effect will bring about Serious
concerns for the banking se¢-
tor,” Mr McWeeney said. “The:
sector was relying heavily on
foreign direct investment com-
ing from the Baha Mar project
and other investments. %

“It was a significant part of
the new cash flow coming into
the system. It could have a sig-
nificant impact for the cost of
funding. It does have a ripple
effect.”

Mr McWeeney said eral
Entertainment’s decision “ cer-
tainly puts a damper” on
Bahamian consumer confi-
dence and other expectations
they may have going forward,
as well as potentially casting a
negative shadow over Bahami-
an money markets.

Explaining that the Bahami-
an economy and monetary sys-
tem were “based on external
reserves”, Mr McWeeney said
foreign exchange satot i

determined the amount of li
uidity in the banking system.

The Tribune —

4 ‘ fe
Me y VMew GOGH!





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SEE ‘WOMAN’ SECTION





-Harral’s Tarhoured concerns

Evidence indicates PM’s
comments not key reason for
company’s decision to withdraw
from Cable Beach project

@ By NEIL HARTNELL

Tribune Business Editor

PRIME Minister Hubert

Ingraham’s comments on the |

$2.6 billion Baha Mar project
were not the key reason for
Harrah’s Entertainment decid-
ing to terminate its joint ven-
ture agreement, evidence dis-
closed yesterday indicated, as
the gaming industry giant had
harboured concerns the project
could not “succeed as currently
structured for some time”.

The termination notice, which
was sent by Harrah’s Bahamian
subsidiary, Caesar’s Bahamas
Investment Corporation, to
Baha Mar head Sarkis Izmir-
lian on March 6, 2008, indicates
that the change in ownership at

the casino company was the key
factor behind its decision to
pull-out from the Cable Beach
‘redevelopment.

Apollo Capital Management
and Texas Pacific Capital
Group, the investment compa-
nies that bought Harrah’s
Entertainment on January 29,
2008, cited “grave doubts” over
the increased costs and risks
attached to the project, coupled
with uncertainty over land
transactions, financing and
whether Baha Mar could fulfil
its obligations on time.

The March 6 letter to Mr
Izmirlian, which was copied to
Baha Mar vice-chairman John

SEE page 11

Two men are charged with
Cowpen Road area murder

@ By NATARIO McKENZIE

TWO men, charged in connection with the murder of a man
who was shot in the head in the Cowpen Road area earlier this
month, appeared in the Magistrate’s Court yesterday afternoon.

Johnsy Luc, 29, of Carmichael Road and Yvon John, 27, of Far-
rington Road appeared before Chief Magistrate Roger Gomez at
Court 1, Bank Lane, charged with the murder of Richal Etienne.

According to police reports, Etienne, the country’s 15th homi-
cide victim, was travelling in the Cowpen Road west area with three
other persons in a Ford Explorer around 5.20 am on Saturday,
March 1, when three masked men, one of whom was armed with a
shotgun, stopped the vehicle. The men reportedly ordered the
occupants out of the vehicle and forced them to the ground. The
assailants then robbed a woman passenger of cash, according to
police reports. Before leaving the scene, however, the robbers

SEE page 11

“Woman accused of daytime .




robberies gets 16 month sentence

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

A WOMAN accused of being
responsible for several daytime
robberies at various businesses in
central New Providence was sen-
tenced to 16 months in prison
Monday after pleading guilty to
11 of the 13 counts she faced.

The defendant Anastacia

Moree, 29, of Buttonwood .

Avenue, was arraigned in Mag-
istrate’s Court Monday on 10
counts of stealing and three
counts of receiving funds known
to be appropriated: by an
offence.

Between January 22, 2008 and
March 5, 2008 court dockets
allege the defendant stole a total
of $3,922 in cash, cheque and
property.

The matter was heard before
Magistrate Carolita Bethel in
Court No. 8 Bank Lane. Mon-
day morning the defendant
pleaded not guilty to most of the
charges, however the matter was
given a brief recess until Monday
afternoon to clear up inaccura-
cies on the dockets.

Anastacia Moree



When the matter resumed, the
defendant pleaded not guilty to
all but two of the charges. She
was sentenced to a consecutive
imprisonment for each of her
guilty pleas totalling 16 months
in prison. Reportedly, the defen-
dant broke down in tears when
her sentence was handed down.

Court dockets allege that on
Thursday, February 21, 2008

SEE page 11



TROY LEWIS (left) and Melvin



- Maycock outside of court.

TWO men — a police
officer and a man currently
on bail — were arraigned
before Magistrate’s Court
Thursday on one count of
aiding in the escape of a pris-
oner.

Sergeant Troy Lewis, 38,
of Pinewood Gardens, and
Melvin Maycock Jr, 24, of
Joan’s Heights were
arraigned before Magistrate
Gullmina Archer in Court
No.10, Nassau Street, Thurs-
day afternoon on the charge.

Court dockets allege that
on Thursday, February 28,
acting together and with oth-
ers, the defendants aided in
the escape of Melvin May-
cock, Sr, who was in lawful
custody at Elizabeth Estates
police station.

Lewis, a police officer, and
Maycock Jr, the son of the
escapee, who the court
heard is himself on bail for a
separate offence, both plead-
ed not guilty to the charge
yesterday.

The defendants chose to
have their case heard in
Magistrate’s Court rather
than the Supreme Court.

Counsel for Maycock Jr,
lawyer Milton Cox, argued
that his client regularly

SEE page 11

_Pre-qualify on the spot for

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



Tim Clarke/Tribune staff





Laing denies
he attempted
to contravene
Customs Duty

lm By PAUL G TURNQUEST —
Tribune Staff Reporter
pturnquest@tribunemedia.net

FNM MP for Marco City
Zhivargo Laing categorically
denied any attempt on his part
to contravene Customs Duty by
lowering the tariff on the Mona
Vie juice drink for his sister-in-
law in September last year.

Delivering his promised “full
report” that has been called for
by the PLP’s MP for St Thomas
More Frank Smith, Mr Laing
reiterated that he began to
investigate the complaint after it
was brought to his attention by
his brother, Tyrone Laing. -

Mr Laing informed the
House of Assembly that his
brother informed him that it
was his suspicion that someone
had used a “contact” at the Cus-
toms Department to increase
the rate charged on the bever-
age mid-year.

Mr Laing said it was incon-

SEE page 11

Tribune to launch
complaint after

being blocked

from courtroom

THE Tribune intends to
lodge an official complaint to
the Commissioner of Police
after being blocked from enter-
ing a courtroom where a police
officer was being charged with
aiding in the escape of a pris-
oner from a police station last
week.

A reporter, and a photogra-
pher wearing The Tribune’s
insignia, identified themselves
as members of the media to the
uniformed officer standing
guard at the court’s main
entrance, but were told access
would not be granted without
proper identification.

He persisted in denying
access, even after he was
informed that as the court was
open to the public, any person
had the right to enter, watch the
proceedings and take notes,
providing they were properly
attired, and followed the other
rules of the court.

The officer was acting on
orders from a superior officer
dressed in a khaki police uni-
form. When asked, the junior
officer declined to identify his

SEE page 11

= ) FIDELITY

More than a Bank

t 356.7764










PAGE 2, TUESDAY, MARCH 11, 2008

THE TRIBUNE



LOCAL NEWS



ee maiiibers listen to Prime winister of the

Republic of Haiti Jacques-Edouard Alexis speak during

the town meeting.





The Bahamas
District Church
of the Nazarene
opens convention
in Freeport

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

FREEPORT -_ The
Bahamas District Church of
the Nazarene opened its 33rd
district convention and assem-
bly in Freeport at the Hilton
Outten Convention Centre
last night.

The convention will climax
on Sunday March 16 with day
and night sessions beginning
at 9.30am and 7.30pm respec-
tively.

According to conference
organisers, ministers attend-
ing the convention include
Rev Dwight A Rolle of the
New Beginning Wesleyan
Holiness Centre, Rev Margo
Victor of Victory Ministries
International, and Pastor Dur-
ree Thomas of Calvary Tem-
ple Assemblies of God.

Nazarene Ministers attend-
ing include: Dr John Smee,
regional director; Rev John C
Wildgoose III; Rev Kirk Cur-

ry and Rev Demetrius Wild- |"

goose.

The convention attendees
were promised an exciting
night of preaching, teaching,
praise, worship, and celebra-
tion. As local Nazarenes cele-
brate 33 years in the Bahamas,
Nazarenes around the world
are poised for centennial cel-
ebrations. :

On October 15, Nazarenes
here in the Bahamas will join
with 1.5 million others in 151
areas around the world, across
-24 time zones to celebrate 100
years of “proclaiming holiness
to the world”.

Some 21,000 Nazarene con-
gregations that will celebrate
the birth of the Nazarene
Church, which came from very
humble beginnings in Pilot
Point, Texas.









PRIME MINISTER Alexis stresses a point
while speaking to members of the Hait-
ian community living in the Bahamas.

Prime Minister of the
Republic of Haiti Jacques-
Edouard Alexis spoke to
members of the Haitian f
community living in the
Bahamas, during a town
meeting on March 8 at

SuperClubs

Breezes.

Prime Minister Alexis led
a delegation of senior offi-
cials to the Bahamas to
attend the 19th Interses-
sional Meeting of Heads
of Government of the

MARCO CITY ELECTION COURT CASE

~ ‘Fred Smith ends his
cross-examination of Beeiertbrents:
Pleasant Bridgewater

@ BY NATARIO McKENZIE

THE MARCO City election
court case continued yesterday
with attorney Fred Smith con-
cluding his cross-examination of
PLP Senator Pleasant Bridgewa-
ter and removing three addition-
al names from the list of voters
FNM MP Zhivargo Laing is chal-
lenging.

Mr Smith who is representing
Minister Laing, began his ques-
tioning yesterday by asking Ms
Bridgewater if her sister Peggy
Bridgewater is also known as Peg-
gy Kemp. Mr Bridgewater replied
that she is.

Mr Smith then asked her where
153 Juniper Lane is located. Ms
Bridgewater stated that it is locat-
ed in the High Rock constituency.

Mr Smith then suggested that
Peggy Bridgewater lived at
Juniper Lane during the relevant
period — October 2006 to May
2007 — and had done so for some
time before that period.

‘Ms. Bridgewater replied that
that suggestion was incorrect, stat-
ing that her sister lived at Glad-
stone Terrace during that period.

Mr Smith then went on to
question Ms Bridgewater about
another voter, Ruthmae Martin.

Mr Smith pointed out that in
her previous testimony, Ms
Bridgewater had stated that she
did not know Martin. Mr Smith
put it to her that Martin had not
voted in the May 2 general elec-
tion.

Ms Bridgewater asserted that
Martin had voted based on the
information she had received.

Mr Smith went on to question
Ms Bridgewater about several
other voters who he claimed had
lived in the Marco City con-
stituency during the relevant peri-
od and had not moved out of the
constituency until after the May 2
general election.

Ms Bridgewater was asked:

about Latoya Pinder, one of the
voters in question.



Pleasant Bridgewater



Ms Bridgewater said that she
knew the name but did not know
the voter.

Mr Smith then asked Ms
Bridgewater why in her evidence
in chief had she stated that she
knew Pinder. Ms Bridgewater
said that she knew some of Pin-
der’s family members.

Mr Smith then put it to Ms
Bridgewater that she had spoken
to Pinder’s mother, who had told
her that her daughter had lived at
Tamarind Street and had only

moved to the Turks and Caicos ’

after the election.

Mr Smith also suggested that
Pinder had moved to Turks and
Caicos in August 2007. Ms
Bridgewater said that this was
incorrect.

Mr Smith also suggested that
another voter, Vanessa Pratt, had
lived at Sapodilla Close all her
life, including during the relevant
period of October 2006. to May
2007. |

Ms Bridgewater asserted that
that was not the case, claiming
that she had made numerous
inquiries about Pratt, and went
on to name several persons who
she claimed she had spoken to
during her search.

Mr Smith however that she
made this up and had never men-
tioned speaking to those persons
in her previous testimony. “I
don’t make up stories and I am
offended by that,” Ms Bridgewa-



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Caribbean Community
(CARICOM), which was
held March 7-8.



ter replied.

Mr Smith recalled where in her
evidence Ms Bridgewater stated
that she had visited Pratt’s regis-
tered address some six times and
never located her.

He then went on to question
Ms Bridgewater about a number
of persons on the respondent’s
list.

Before moving to the respon-
dent’s list, Mr Smith indicated to
the court that the respondent
would only be challenging 46 per-
sons, having removed three.

Mr Smith went on to question
Ms Bridgewater about several
voters including Flora Hinsey,
who he suggested did not live in
Marco City but had been living
and working on Cat Cay for the
last eight years and only returned
to South Coral Reef Circle — her
registered address — during the
summer months last year.

Ms Bridgewater told the court
that. Hinsey only worked on Cat
Cay when her help was requested
and stayed there no more than
three months at a time.

Mr Smith also questioned Ms

Bridgewater about Diana Wilson
Swann, putting it to Ms Bridge-
water that Swann had been pro-
moted to a senior managerial
position at ZNS in October 2006
and was not living in Marco City
during the relevant period but
had moved to Nassau to work at
ZNS and subsequently moved to
the Turks and Caicos Islands.
._ Mr Smith also asserted that in
November 2006, Swann had
moved to South Bahamia whichis
not in the Marco City constituen-
cy. Ms Bridgewater stated that
Swann had moved after the elec-
tion.

Italia Rolle, one of Ms Bridge-.

water’s campaign workers, was
also called to the witness stand
yesterday and was questioned by
attorney for the petitioner Philip
‘Brave’ Davis regarding a number
of witnesses his client Ms Bridge-
water is challenging.

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PHOTOS: Eric Rose

PRIME MINISTER / Alexis (right) listens to concerns raised by members of the Haitian
community living in the Bahamas.

16th Culturama




showcases students’
appreciation of

Bahamian students from public and private schools demon-
strated their acumen of French and Spanish culture through song,
dance and poetry at the 16th annual Culturama held at the St
John’s College Auditorium on Friday.

Among the dignitaries on hand to watch the performances were
the Minister of Education, Youth, Sports and Culture Carl Bethel
and the Cuban Ambassador to the Bahamas Jose Luis Ponce.

The event topped off a week of activities staged by the Bahamas
Modern Languages Association which includes teachers from pri-
vate and public schools and the Foreign Languages Unit of the Min-
istry of Education.

Various schools held food tastings and modern languages assem-
blies; there was also a Spanish primary school spelling bee for stu-
dents from primary schools in New Providence.

Minister of Education Carl Bethel told students that they must
begin to see the world as their job market and learn another lan-
guage.

He noted that if they were to look in the newspapers at job list-
ings, they would see the demand for persons who speak or have
knowledge of Spanish, French and even German.

Mr Bethel also told the students that tourism is the country’s
number one industry and that the Ministry of Tourism will be los-
ing out on a major market if it does not promote the Bahamas in
Latin America.

The minister commended the students on their performances and
recognised South Andros High for being the only Family Island
school that participated in the event.

Grand Bahama also held its version of Culturama for the second
time,

One notable performance was that of Talbert Williams and the
Government High School Pop Band, which performed the Spanish
song “Bachata Rosa”.

Another crowd favorite was the Sandilands Primary School per-
formance of “La Noche” to a Rake n’ Scrape tune.

Traves Johnson demonstrated that he has a future in music
whether he sings in Spanish or English. The eighth grader from
Westminister College sang “Siempre por Siempre” in Julio Igeslias
style.

South Andros High drew high praise for its performance of the
French version of the song, “Hosanna”.

Minister Bethel assured the students that next year, the ministry
will ensure that their talents are showcased on television for the
nation to see.

The programme ended with a Colombian folk dance by the
Albury Sayle Primary School.

New twist to Easter celebration

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

FREEPORT - Easter, considered one of the holiest Christian fes-
tivals by Bahamians, is being celebrated with a new twist this year.

Former teacher Anne Shahid planned and organised an amazing
and colourful production of the Stations of the Cross, staged
throughout the streets of Freeport yesterday.

The procession started at the International Bazaar in the park-
ing lot of the Perfume Factory at around 5.30pm.

Speaking earlier this week, Ms Shahid said the community of
Grand Bahama would have the opportunity to see the procession, .
which will head onto East Sunrise Highway and end at the Sea
Horse roundabout.

She said the procession was to be led by a talented cast of actors.

According to Ms Shahid, the Stations of the Cross tells the sto-
ry of the passion, death, and resurrection of Jesus Christ.

Easter is usually celebrated for 40 days until Ascension Day, or
for 50 days until Pentecost.

MAIN SECTION

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I WEAINGT sec eer ei iaieten Fisscssccece:
THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 3



Oo In brief

Spring breaker
charged with
possession

of drugs

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



FREEPORT- A
spring breaker was
charged with possession
of drugs last week in
Freeport Magistrate’s
Court.

College student Keith
Scott Gervis, 21, of
Charlotte, North Car-
olina, pleaded guilty to
possession of a small
quantity of cocaine.

Gervis appeared
before Magistrate Deb-
bye Ferguson. He was
arrested and taken into
police custody on
Wednesday after being
found in possession of
cocaine at Port Lucaya
Marketplace.

Magistrate Ferguson
accepted the guilty plea
and convicted him of
the offence, fining him
$900 or 90 days in
prison.

She also ordered that
he be deported upon
payment of the fine.

@ THE circumstances
surrounding the shoot-
ing of an 18-year-old
man who sustained seri-
ous gunshot injuries to
the arm on Wednesday
are still unclear, accord-
ing to Grand Bahama
Police.

The victim, Stefan
Murphy — of Sunshine
Apartments on
Sergeant Major Road in
Freeport, and Lowe
Sound, Andros — was.
airlifted on Thursday
morning to New Provi-
dence for emergency
medical treatment at
the Princess Margaret
Hospital.

Chief Superintendent
Basil Rahming, press:
liaison officer, said
police have received
conflicting accounts of
a shooting incident.

Mr Rahming said
police received infor-
mation around 5.20pm
from the Rand Memori-
al Hospital that a young
man had been brought
there with a gunshot
wound to the right fore-
arm.

When police arrived
at the hospital, they
spoke to the victim and
later to other persons
who were said to be
present when the shoot-
ing occurred some-
where in Freeport.

“Central Detective
Unit officers on Grand
Bahama have not yet
conclusively determined
how Murphy sustained
his injuries due to com-
pletely conflicting
accounts that were giv-
en to police by the per-
sons who were report-
edly present, when the
incident allegedly
occurred,” he said.

Police are continuing
their investigations.

@ THREE Abaco
men are in police cus-
tody on that island in
connection with a vessel
that was stolen from a

. canal in Freeport.

The men were arrest-
ed at Sandy Point, Aba-
co at around 8.05pm on
Wednesday, after offi-
cers and residents spot-
ted the vessel -a
white twin-engine
32-foot Century speed-
boat named “Booga-
loo”.

Mr Rahming said the
vessel had been report-
ed stolen last Saturday
at around 4am from a
canal at the rear of the
Cove House Condo-
miniums in Freeport.

The men are present-
ly assisting Marsh Har-
bour Detective Unit
officers with their
investigation into this
matter.

Sears suggests PM may

be in

violation of international law



rN icelOieeyex:|



@ By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemdia.net



FORT Charlotte MP Alfred Sears
yesterday indicated to parliament that
Prime Minister Hubert Ingraham may
be in violation of international law and
the regulations put forth in the heads of
agreement for publicly expressing
doubt in Baha Mar’s ability to finance
the multi-billion Cable Beach project.

The PLP MP, speaking during the
morning session of the House of
Assembly yesterday, said it is estab-
lished in international law that when a
government enters into a commercial
agreement with a private, foreign
investor, it has the duty to act in a man-
ner so that neither party is disadvan-
taged.

The Fort Charlotte MP said that
when there is a joint venture compo-
nent in an agreement, as is the case
with the Baha Mar project, both parties
have the duty to display good faith in
the other.

Mr Sears said that the Bahamian
public must now ask if the prime min-
ister showed the requisite good faith
in the Baha Mar investois.

MP speaks out after Hubert
Ingraham’s expression of
doubt on Cable Beach project

The MP further questioned why Mr
Ingraham chose to express his doubts
after the government had already
signed the supplement heads of agree-
ment with the investors.

Any doubts about the project’s
financing should have been “clarified
and satisfied” before the supplement
agreement was signed, he said.

Mr Sears said he can now only hope
that government can repair the dam-
age which appears to have been done
by Harrah’s Entertainment’s termina-
tion of its joint venture agreement with
Baha Mar.

Prime Minister Ingraham, speaking
in parliament last week, said that when
the FNM came to office, the govern-
ment communicated to Baha Mar its
concerns about the investor’s ability to
finance the project.

“T 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 Har-
rah’s carries out what it says it will do,
that they have the means to undertake
the project if they do what they say —
but they have no legally binding com-
mitment to the Bahamas. All of their

‘agreements are with Baha Mar,” said

Mr Ingraham.

In a bombshell announcement last
Friday, Baha Mar revealed that Har-
rah’s Entertainment has pulled out of
the deal to develop the Cable Beach
Resorts.

Following this announcement, indus-
try insiders speculated that the entire
Baha Mar project may now be in jeop-
ardy.

‘Three Cuban Americans, 22 suspected
~ illegal immigrants are apprehended

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

FREEPORT -— Three
Cuban Americans and 22 sus-
pected illegal immigrants
were arrested at Bimini after

a stolen vessel was spotted by

police speeding towards that
island on Sunday.

At about 1.45pm, a team of
Bimini police officers, acting
on information from a source,
set out to sea in search of a

stolen yacht said to be
approaching Bimini.

About 10 minutes later,
officers spotted a vessel trav-
elling at high speed towards
south Bimini and began pur-
suit.

Police press liaison officer
Superintendent Basil Rah-
ming said the speeding vessel
eluded the officers for a short
period after entering the
waterways of south Bimini.

It was later spotted tied up
in a canal near the Lerner
Marine Laboratory, he said.

Officers boarded the ves-
sel, a 45-foot SunDancer
cruiser named “Strength 2,”
but found no-one on board.

Mr Rahming said police,
helped by Bahamas Immigra-
tion officers, launched an
“intense search” in the wake
of the high speed chase.

As a result, three Cuban
Americans were apprehended
at Bimini Sands Hotel while
checking in.

Additionally, four
Jamaicans were taken into
custody after being found

Man survives after vehicle
bursts into flames in collision

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

FREEPORT - A 22-year-
old man is glad to be alive
after the vehicle he was dri-
ving exploded in flames after
colliding with a concrete utili-
ty pole.

Kendrick Stubbs of Mather
Town received only minor
injuries in the crash, which
took. place on the Mall at
around 8.35pm Friday.

Chief Supt Basil Rahming
said Stubbs lost control of the
2002 Chevy Malibu as he was
attempting to negotiate a
winding curve. He crashed
into a utility pole which col-
lapsed on impact.

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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.

Stubbs managed to get out
of the vehicle before it burst
into flames.

Firefighters extinguished the

blaze.

Stubbs was treated at Rand
Memorial Hospital and later
discharged.

The vehicle was damaged
beyond repair.

walking along the Airport
Road, Mr Rahming said.

A second group of 18
Haitians and Jamaicans were
later discovered in bushes
near the Shark Lab, he said.
This group was also arrested
and taken into custody.

None of those arrested
(seven women and 18 men)
were able to produce any doc-





_uments proving they were

allowed to be in the Bahamas,

- Mr Rahming said.

He said the group was
flown to New Providence and
taken to Carmichael Road
Immigration Detention Cen-
tre to await processing.

Mr Rahming said the police
are continuing investigations
into the stolen vessel.

in a selection
from our

Fabulous Designer

i CORRECTION

IN an article published in Saturday’s Tribune, attorney Leandra Esfakis
was incorrectly quoted as saying that the result of the coroner’s inquest
into the death of her brother Chrisopher Esfakis is evidence that the court
system is working.

What Ms Esfakis actually said, was that the inquest. showed that the °

court system “can work” - if there is a magistrate or coroner who push-
es on, notwithstanding all the adioumpents that are requested or required
by the logistics.

She noted, however, that it took five years from her brother's death and

- more than a year from the start of the inquest for a ruling to me made.

Ms Esfakis suggested that the Coroner's Court process would be less
cumbersome if there were no jury, “because that is the calendar of

another seven people you have to work with — pregnancies, ill-health, vaca-

tions, et cetera”.

She also noted that, currently, there is no provision in the law for
substituting a juror if one falls by the wayside, “and that at least has to be
amended.”

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PAGE 4, TUESDAY, MARCH 11, 2008

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

SIR ETIENNE DUPUCH, Kt, 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 4 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

Why do persons in power self-destruct?

IT’S the simplest question in the world, but
it was the one repeated over and over Monday
after the staggering news broke about New
York’s Governor Eliot Spitzer: What in heav-
en’s name was the man thinking?

Yet if the New York governor is proved to
have been involved in a prostitution ring, it
would hardly be the first time a powerful, bril-
liant person in public life has done something
dizzyingly self-destructive.

Why do otherwise smart, successful people do
such risky things? For psychologists and politi-
cal analysts who found themselves dissecting
the Spitzer story, it was a question of the chick-
en or the egg: In such situations, does the risky
behaviour precede the powerful job? Or does
something about being in power cause the
behaviour?

Many speculated that it was a combination of
the two. “We’re all human,” said Leon Hoff-
man, a psychoanalyst in New York.

“These urges are so, so common. Whether
it’s a prostitute or a mistress that one chooses,
that’s another question.”

And yet, Hoffman said, there may be some-
thing about the aura of power surrounding a
prominent politician that makes him feel poten-
tially immune from consequences. -

“There’s the psychology of the exception,”
said Hoffman, former chairman of the Ameri-
can Psychoanalytic Association’s public infor-
mation committee. “People in power some-
times feel they can do things that us, mere mor-
tals, are forbidden to do. There’s a sense, as
with adolescents, that "I won’t get caught.”

Political analyst Steven Cohen was wary of
trying to draw any conclusions about the cor-
rupting influence of'power.

“The problem is we don’t know when this’

behaviour started for this person,” said Cohen,
a professor of public administration at-Golum-
bia University. “Politicians are like the rest of us.
The fact that they’re flawed and do stupid things
shouldn’t surprise us.”

The real question, Cohen said, is whether
Spitzer should be held to a different ethical
standard. And his answer is yes.

“This isn’t Britney Spears we’re talking about.
This is the governor,” Cohen said. “The bottom
line is, he controls the National Guard and the
state police. He could have people come to
arrest you and me tomorrow. So his private
behaviour does become a public issue.”

One psychologist who has studied and
worked with politicians and their families thinks
there is indeed something different about peo-
ple who reach positions of such prominence.

“In order to be in such a high-profile position,
you have to believe that what you are doing is
innately right,” said Renana Brooks, of Wash-

ington, D.C. “Anything that isn’t right, you may ©

blot out. You can’t be tortured by guilt or indif-
ference. It’s just virtually impossible to func-
tion at this high a level without limiting the

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amount of introspection you can do.”

Spitzer, who has not been charged and has
not resigned, was caught on a federal wiretap
arranging to meet with a prostitute, according to
a law enforcement official who spoke to The
Associated Press on condition of anonymity
because the investigation is still going on. °

The governor, identified in court papers only
as “Client 9,” met with the woman the day
before Valentine’s Day; the official said.
According to the complaint he paid $4,300 in
cash for that and future trysts, and when dis-
cussing payments told an agent: “Yup, same as
in the past, no question about it.”

One longtime analyst of New York politics
finds it hard to look at Spitzer’s predicament
without thinking of politicians such as Presi-
dent Clinton in the Monica Lewinsky scandal
and New Jersey Gov. James E. McGreevey,
who resigned after announcing he had an affair
with a male staffer.

“These are really smart guys doing really stu-
pid things — and doing really stupid things
repeatedly,” said Doug Muzzio, professor of
public affairs at Baruch College. But the alle-
gations about Spitzer, he said, were the most
shocking, if only because there was no public
hint of such behaviour from the governor, who
campaigned as a model of moral rectitude.

“Nobody I’ve spoken to ... had any inkling of
this,” Muzzio said. He said he was torn between
believing Spitzer’s situation could be a case of a
deep-seated compulsion or one of simple hubris.

“It could be both — they’re not mutually
exclusive,” Muzzio said. “Now that would be a
really fatal cocktail. In any case, there’s an ele-
ment of recklessness and risk-taking that is just
. {breathtaking.”
~ Would Spitzer, who knows better than most
aadnyone how law enforcement works, consider
“the: consequences of getting caught? Analysts
say people often don’t consciously think about
such risks, even highly intelligent people.

Chicago psychoanalyst Mark Smaller believes
one can find useful parallels in the case of cer-
tain patients, from all walks of life, who exhib-
it a striking capacity to compartmentalize risky,
unethical or even illegal behaviour, a process
known as the “splitting” of part of the person-
ality.

“They can be otherwise completely law-abid-
ing, sensible, reliable people,” Smaller says.
“Often the behaviour in question is caused by
intense anxiety, stress in the workplace or home,
or feeling overwhelmed.” And often, he says,
the behaviour can involve sex, drugs, or some-
thing like shoplifting.

“They compartmentalize to the extent that
they don’t feel any sense of shame or guilt,”
Smaller said. “Until,” he adds, “they get
caught.”

(This article was written by Jocelyn Noveck,

AP national writer).



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EDITOR, The Tribune.

THE Grand Bahama Port
Authority is a burning issue
which started from the most
untimely death of Edward St
George, the reading of his last
will and testament and chal-
lenges to the inheritance and
the rest is a saga of litigation
and counter litigation delays

_ and more delays.

The economic damage to
the Grand Bahama Port
Authority (GBPA) can be
spelt in that projects amount-
ing to multi-millions requir-
ing sign-offs by the Partners
owing to their disagreements
have been stalled and no sub-
stantive new development has
occurred since Edward St
George died.

I am honestly not a believer
that there is a high unemploy-
ment rate in Grand Bahama
as those from the closure of
Royal Oasis have had to have
found alternative work or
their children and families by
now would be bare-back and
destitute. Man will always sur-
vive.

There is a certain irony in
what Sol Kerzner, Kerzner
International on Paradise
Island, has achieved and
Grand Bahama and GBPA as
Edward St George, the per-
petual sales person, he had
convinced Sol Kerzner to vis-
it GBPA and develop as

_ Kerzner had in South Africa.

Sun City.....as things were
Kerzner visited Paradise
Island as at that time Resorts
International was in financial
troubles and there was a prob-
able good deal to be made.

It was eventually conclud-
ed once the Commonwealth
Economic embargo opened
South Africa was lifted and
again the rest is history.

I mention this as what if
Kerzner had proceeded with
the St George: Kerzner plans
for GBPA?

In simple form I suggest the
GBPA needs a Kerzner or
some group who can cause
what Kerzner has so success-
fully developed to happen in
Grand Bahama and more.
They need billions and a new
focus on what within the
GBPA area can be achieved.

GBPA needs some fresh
deep financially pocketed

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LETTERS

letters@tribunemedia. net






developers, note I use the
word developers, persons with

‘a new exciting development

focus to concept a new future
for GBPA, its licensees and
The Bahamas.

We have to be looking 30-40
years down the road.

It Is so important we have
to be most careful. I suggest
that we do not get stuck with
an investor group who by their
description of Equity Buy-out
specialists simply come in,
purchase and then quickly
turn their investment over by
selling every asset GBPA has.

Grand Bahama is the sole
possible plausible solution to
the over crowding of New
Providence — we need over
the next five-six years enough
new development inside the
GBPA to create 10-15,000
new jobs to attract the Nas-
sau people to move north to
what could become the future
of our Bahamas.

Surely the attorneys of
record have made enough
money to understand and
appreciate that there is more,
much more for them to make
in the future if GBPA is sold
to parties who have a futuris-
tic vision and the will to radi-
cally change the current rather
stale list of projects which cer-
tain parties who seem to have
an interest in GBPA have list-
ed as their ‘Wish list’.

To me rather stale, not what
the GBPA needs and very
importantly what the GBPA
licensees are so desperately
hoping for.

If this London-based group
wins out I suggest we will be
worse off as they will come-
in and dispose of as much of
the assets as possible in the
shortest of time and sail away
like many before them.

Equity-Buy-Out Groups as
has already been witnessed.

First reserve purchasing BOR-
CO have already turned
around and completed a busi-
ness relationship with one of
the global oil terminal opera-
tors who are interested sim-
ply in operating and improv-
ing their share of the oil trans-
shipment market of our
region.

Have you heard of any
upgrades for BORCO?

Have you heard whether

the new owners will do some-
thing remedial to correct the
alleged substantial oil spill that
has occurred on the BORCO
site?
Will they even remove the
ugly rusted tanks they do not
use and clean up the whole
area?

Time will tell but there has
not been a single word to sug-
gest they will.

Wallace Groves had a mas-
ter concept for Freeport,
unfortunately, in time that
concept has been weakened,
fooled with, messed with and
left to decay for 10-12 years
after the infamous “Bend or
Break” speech of Lynden Pin-
dling I suggest we have to be
most careful that the GBPA
does not fall into the wrong
hands.

The GBPA and its licensees
need a long term developer
with new and very creative
concepts that will insure and
cause a new renaissance for
the Grand Bahama Port

. Authority and its licensees.

. Hoping all. sides.in the
GBPA see my concept and
firmly stand only for long term
developers — investors, who
will continue the obvious lega-
cy of Wallace Groves, Sir
Charles and Sir Jack Hayward
and the late Edward St
George and their respective
families?

A quick fix is not what °
Grand Bahama needs, it has
to be long term.

W THOMPSON
Nassau,
February 23, 2008.

Contractors are financially
responsible, Minister Russell

EDITOR, The Tribune.

YESTERDAY I heard Minister of Housing, Hon Kenneth
Russell indicating that there is a bill to repair bad workmanship
to government housing of $2.5 million.

When I built my home my contractor had to repair cracks and
some other damage when they occurred as they, the contractor,

had a contractors’ liability.

Surely because housing took possession of the house the
contractor’s guarantee did not cancel? Let’s get real!
The contractors are financially responsible, not the tax payers

— Minister Russell get it right.

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February 21, 2008.

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THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 5



~ LOCAL NEWS



Humane Society
asked to lead
seminars in
Caribbean

THE work of the Bahamas
Humane Society has been recog-
nised abroad and the society has,
once again, been asked to lead
training seminars at the
Caribbean Animal Welfare Con-
ference in the Dominican Repub-
lic from April 21 to 24.

The society has also been asked
to run an animal cruelty training
session at the Humane Society of
the United States Expo 2008
between in Orlando in May.

“Both these events are being
funded from abroad and both
events put the Bahamas on the
animal welfare map so we have to
show we practice what we preach.

“We have to improve animal
welfare in this country as part of
our image on the world stage,”
said BHS executive director
Kevin Degenhard.

The BHS said that anyone who
wants to report cruelty to animals
or to seek advice on animal care
or pet adoptions should contact:
b_humane@hotmail.com, 323-
5138, or 356 2659 (fax).

your
news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award. If so, call us on 322-
1986 and share your story.

TROPICAL
ars Ue
MAO IE
PHONE: 322-2157



In brief GOVT AIMS TO GET COMMUNITIES TO TAKE OVER THE PROJECT

Urban Renewal Liveable Neighbourhood
Programme to promote self-empowerment

@ By Llonella Gilbert

The government is leading
and co-ordinating the Urban
Renewal Liveable Neighbour-
hood programme, but aims to
get the urban communities to
one day take over the project,

» according to New Providence

programme co-ordinator Ella
Lewis.

“The whole purpose of
Urban Renewal is not to give
people a handout but to give
people a hand up; to help peo-
ple in getting where they need
to be,” Ms Lewis said.

She explained that another
objective of Urban Renewal
under the FNM is to assist per-
sons who have fallen through
the cracks for whatever reason,
letting them know the govern-
ment does care.

“We are doing all we can ina
structured fashion to get them
up to where they need to be so
they can take care of them-
selves.

“Urban renewal is not about
giving people fish but teaching
them how to fish for themselves
so they can literally take care
of themselves,” she said. “We
are not into feeding people for a
day, but teaching them how to
feed themselves for life and that
is one of the objectives of
Urban Renewal.”

The co-ordinator said that
until communities are able to
take up the mantle on their
own, government agencies,
departments and ministries will
partner with civic organisations
and businesses to bring
improvements to the inner city.

Ms Lewis, who has lived and
worked in the inner city all her
life, is an educator. She said her
desire is to see everyone in the
Bahamas with the same privi-
leges currently enjoyed in the
suburbs.

She explained during an
interview at her office at the
Ministry of Housing and
National Insurance that the re-
launched Urban Renewal pro-









Raymond A. Bethel/BIS Photo

CO-ORDINATOR for the Urban Renewal Liveable Neighbourhood Programme Ella Lewis talks about the aims of thep programme at her office at
the Ministry of Housing and National Insurance.

gramme is considered a “multi-
component, overarching con-
cept” because it involves every
aspect of the community.

“It involves the people who
live there; it involves all of the
departments of the government
like the Department of Social
Service which deals with social
issues in the communities, as
well as the Department of Envi-
ronmental Health, which deals
with the environmental issues
that the inner city residents
face.”

It also involves partnering
with civic organisations as well
as businesses that make their
profits from the community.

“So it is an overarching con-

DOGGED BY PROBLEMS



BHS PATRON Governor General Arthur Hanna, buying a raffle ticket in Rawson Square from senior BHS vet-
erinarian Dr Suzette Hepburn-Lyn, while petting ‘Buddy’, with his owner, BHS president’s Kim Aranha.

GEORGETOWN Exuma, the site of a devel-

opment explosion over the last few years, is also
suffering from an explosion of stray dogs.

The Bahamas Humane Society (BHS) consid-
ers the growing Exuma dog numbers to be a pri-
ority issue, and is sending a team to offer “prac-
tical assistance” this summer. :

This and a number of other initiatives will be
paid for by this year’s BHS raffle, which will be
drawn on Saturday, March 15 at the Mall at
Marathon at 7pm by the prime minister’s wife
Delores Ingraham.

“Transporting our trained personnel to the
Family Islands is essential, but it is expensive, so
we rely of sponsorship and events like the raffle
to be able to provide this service,” said Stephen
Turnquest, the BHS director of operations.

Meanwhile, the stray dog problem across the
Bahamas continues to worsen and the BHS says
legislation is needed to deal with it.

“As the failure to address dogs on the streets is
still so evident the BHS is, also, still supporting the
Ministry of Agricultute and Marine Resources,
trying to get the Animal Protection & Control Act
(drafted in 2005) on the Statute Books and get it
enforced,” said the society in a statement.

The BHS said that in addition to the Exuma
dog initiative, it has a number of “energetic pro-
jects” unfolding over the next two months that
will be funded by the raffle.

For example, following two years of planning,
animal care education resource materials will be
published and sent to every school in the
Bahamas by April.

“This unique resource pack will provide teach-
ers with lessons to help young Bahamians grow up
to understand and respect animals’ needs, creat-
ing more compassion and addressing issues such

Explosion of stray dogs
in Georgetown Exuma

“as young people abusing animals and growing

up to abuse people. Helping break this cycle of
violence is on the BHS agenda,” the statement
said.

Also, following the resurrection of the suc-
cessful “Who let the Dogs Out” project, which
advises the pubic about responsible animal own-
ership, the BHS is going to run a 16 person inter-
national team of veterinarians and supporters in
Inagua from April 7 to 14 to spay and neuter
dogs.

They will also run education sessions in the
Matthew Town All Age School and conduct a
town hall meeting with locals to address the “mas-
sive population increase in dogs” that is also tak-
ing place on this island.

The BHS is also organising its second Animal
Fun Day at the Botanic Gardens in Nassau on
May 3 to highlight the need for responsible animal
ownership.

Stephen Turnquest said: “Every cent raised
through our raffle goes to help animals so would
everyone who still has unsold tickets please sell
them and get the stubs back to me before March
15.

“The raffle is our biggest single fundraiser and
having the support of our patron, the governor
general and the support of Mrs Ingraham is won-
derful. Everyone who really cares about animal
welfare issues should buy a ticket and really help
us continue this essential work. Every ticket sold
really helps.”

cept where all of the different
agencies and partners — be it
government, the church, civic
organisations as well as the

community — come together. -

The Urban Renewal pro-
gramme is like the nucleus that
holds the whole thing togeth-
er.”

Ms Lewis noted however that
people must buy into the pro-
gramme and feel more respon-
sibility for it.

“It is not just the government
coming in and cleaning up or
just the government giving, giv-
ing, giving — it is the communi-
ties giving to themselves — assist-
ing with the clean ups, assisting
with the maintaining or sus-

taining the clean environment.”

Although all of these entities
will be working together, the
Ministry of Housing and
National Insurance will be the
co-ordinating body responsible
for the re-launched pro-
gramme.

As the co-ordinator of the
programme, Ms Lewis said she
is in constant contact with all
Urban Renewal centres
throughout New Providence.

“I speak to what is happening
in all of the centres and try to
keep them all abreast as to what
is happening; I also ensure they
all work together so that we
have a structure and order; that
the same thing happens in all

of the centres and extra things
as well.”

She added that her job also
entails ensuring that people get
what the government is paying
for and that the government’s
money does not go down the
drain.

There are nine centre man-
agers, one in each of the urban
renewal areas, who oversee the
day-to-day activities at the cen-
tres.

Ms Lewis said the centres
have set up various programmes
on their own.

. These include after-school
activities, senior citizen pro-
grammes, and community
clean-ups.

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PAGE 6, TUESDAY, MARCH 11, 2008

THE TRIBUNE





Reggae singer
Cocoa Tea

writes tribute

song to US
presidential
hopeful
Barack Ohama

mâ„¢ KINGSTON, Jamaica

JAMAICAN reggae
singer Cocoa Tea said
Sunday that he has
recorded a song in tribute
to U.S. presidential candi-
date Barack Obama,
becoming the second
major Caribbean per-
former to endorse him
with a tune, according to
Associated Press.

The veteran dancehall
singer, whose real name is
Calvin Scott, said his trib-
ute song, titled “Barack
Obama,” will be released
this week by New York-
based VP Records.

“This is not about class,
nor color, race, nor creed
/ but it’s about the
changes, what the Ameri-
cans need,” the song goes,
according to an early ver-
sion posted on the video
Web site Dailymotion.

The lyrics refer to Oba-
ma as a “trendsetter” and
call on Americans “to
unite as one” behind him.

Cocoa Tea, whose laid-
back singing style made
him a local dancehall star
in the 1980s, said he was
inspired by the Illinois
senator’s fresh message.

“It’s not because he’s a
black man. You find that
in America, the young
people who are support-
ing him want change —
and that’s what he repre-
sents,” he said.

The Mighty Sparrow,
Trinidad’s legendary
calypso composer, recent-
ly released a track called’

“Barack the Magnifi-
cent.”

Bahamas



DEPUTY PRIME Minister and Minister of Foreign Affairs Brent Symonette, centre,
hosts a luncheon in honour of the delegates attending the Nineteenth Inter-Sessional
Meeting of the Conference af Heads of Government of the Caribbean Community
(CARICOM). The event was held on Friday at the Amici Restaurant, Sheraton Cable

Beach Resort.



MR SYMONETTE, right, is pictured greeting Dr Brendt Hart, United

States Embassy in Nassau, and Mrs Hart.



PICTURED ARE Premier of the Turks and Caicos Islands Michael
Missick; Mr Symonette and Minister of Lands and Local Govern-
ment Sidney Collie.

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In brief | Deputy hosts CARICOM luncheon

Tim Aylen/BIS

DEPUTY PRIME Minister and Minister of Foreign Affairs Brent Symonette greets
Peter Black, high commissioner for Jamaica.

PICTURED ARE
Permanent Secre-
tary in the Ministry
of Health and
Social Develop-
ment Barbara Bur-
rows; Permanent
Secretary in the
Ministry of Foreign
Affairs Sheila Carey
and Loretta Butler-
Turner, Minister of
State for Social
Development at the
luncheon.

Herend Porcelain launch
at Kelly’s from March 15

THE Herend Porcelain launch at Kelly’s Home
Centre, Mall at Marathon, will star Herend mas-
ter painter Attila Keczer on March 15 through 18
at the Bridal Registry.

“Perseverance almost always pays off,”
Kelly’s vice-president Nancy Kelly, who engi-
neered the campaign to add the Herend account
and premier merchandise to Kelly's line-up of
leading brands.

Now the dream is reality, another jewel for
Kelly’s elegant Bridal Registry and Table Top

~-and Gift Departments.

..Kelly’s is celebrating the achievement with any
Herend purchase making shoppers eligible for a
special gift during the visit; and with in-store
demonstrations of the masterful art of china paint-
ing from 4pm to 7.30pm on Saturday, March 15,
and from 10.30am to 1pm and 3.30pm to 7pm on
Monday, March 17.

Kelly’s is already stocking six celebrated
Herend patterns and many of the Herend fig-
urines. Other patterns are being added and pat-
terns also may be special ordered with delivery in
about four months according to Kelly'’s buyer
Karen Darville.

The young master painter and artist, actually
born uear Herend, will paint on blank china and
sign Herend tableware and figurines bought dur-
ing his Nassau visit.

Completing secondary school in 1998, Attila
Keczer went on to study at the Fischer Mor Col-
lege of porcelain-making. He graduated with fly-
ing colours in 2001. His college years helped him
perfect all the techniques of porcelain painting.

His diligence and professional expertise won

said °

him the Fischer Mor Prize, awarded by a panel of
teaching staff and masters working at the manu-
factory.

Attila has worked at the fruit-painting depart-
ment of the Herend Porcelain Manufactory
Ltd since completing his apprenticeship.

He has mastered a number of décors done
with palette-painting and will demonstrate his
expertise during his Nassau visit to Kelly’s House
and Home.

He is particularly proud of having been on
the team of painters who produced porcelain for
the Prince of Saudi Arabia some years ago, as
many of those pieces boasted new patterns he
had not painted before.

Born on June 10, 1980, in the small town of
Ajka, near Herend, Attila Keczer is single and
lives with his parents and brother, still in his
native town.

He and his brother keep five Chartreux cats
and have scored successes with their breed at
several cat shows.

He spends most of his leisure time with his
family and friends.

Whenever time permits, he also works as a
model and goes to casting sessions for commer-
cials, an activity he “wishes to further polish.”

In addition to his life work, Attila also paints as
a hobby, which he usually does while listening to
music, which he believes inspires him in all walks
of life.

Attila is thrilled to make the acquaintance of
foreigners “so that he can show them the beauty
of this trade”. He speaks basic English and is
currently studying Italian.



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Tel: 362-6254
THE TRIBUNE TUESDAY, MARCH 11, 2008, PAGE 7
LOCAL NEWS

=





OH FLAMINGO ’ELL!

Sa “It’s sh i 1 dy!’’, this
Daylights tee postin sirents1”, the
|
|













‘ as he peaks through his feathers on
SavINgs Sunday morning, the first day of day-
light savings time, at Ardastra Gar-

time ‘dens and Zoo.

The show flock of flamingos are

probably the only animals at Ardas-

catches tra who were affected by the spring
forward in time, as they had to be

Some ready for show time one hour eatli-
er. As for the other animals... well

unawares the time change was a treat as they

were fed one hour earlier!







migratio:
_ ARLENE ALBURY

“Although it’s difficult today to see Sh
beyond the sorrow,

|

May looking back in memory help
mfort you tomorrow.’
Author Unknown






Sng nn . The College : and our community have ipsa wonderful
oe eee sciscucsceigswanijanen take ae and virtuous woman, but we ; e comforted in knowing











Sane ee ,
6a ls a wo Da

SEVERAL species of wetland birds were seen by the group from the viewing platform. Portia Sweeting, BNT direc-
tor of education, pointed out wetland vegetation to the group.

THIRTY-three young peo-
ple visited Harrold and Wilson
Ponds National Park on Satur-
day as part of a programme
being supported by the Tara
Xavier Hepburn Foundation.

They ranged in age from sev-
en to 16 years old and were
introduced to the park by Portia
Sweeting and Shelley Cant of
the BNT’s education office.

The group participated in a
number of activities during their
visit.

They were introduced to the
concept of migration and the
problems facing migratory birds
in a game called “migration
headache”.

Harrold and Wilson Ponds
National Park is an important
place for migratory birds.

The 250 acre wetland pro-
vides a stopover for birds

migrating further south but it is
also important habitat for
waterfowl that spend the winter
in the Bahamas.

Bird watching was another
activity that the group enjoyed.
The park has been designated
an Important Bird Area by
Birdlife International and is a
designated Watchable Wildlife
Area.

Students were provided with
binoculars and after mastering
their use, travelled to the view-
ing platform to take a look at
some wetlands birds.

They saw Neotropic Cor-
morants, Great Egrets, Coots,
Common Moorhens and
Blue—winged Teal.

“This was wonderful experi-
ence for these young people.
Most of them have not visited a
national park, so we were

delighted when the BNT agreed
to co-ordinate this visit for the
group,” said Claire Hepburn ,
co-ordinator for the group.

The BNT opened the first
boardwalk at Harrold and Wil-
son Ponds National Park in
March 2007 and a second at
Pride Estates in August 2007.

A new section of boardwalk
is under construction at the site
located next to Island Gas on
Firetrail Road.

The boardwalks and viewing
platforms are just part of the
initial infrastructure the BNT
plans to put at this national
park.

The Trust is also hoping that
land once leased to Diamond
Farms will be added to the park,
providing an excellent site for a
visitor and education centre.

Auto Mall, Shirley Street (op
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1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not eligible to enter.
~ 2. Coloring may be done with crayons and other decorations. Adults or older child may agaist the child in filling out the entry form, BUT NOT IN
COLORING THE ENTRY _ .
3. Enter as much times as you wish. All entries must be in The Tribune by 4pm on Friday, March 14. Winners will be announced Thursday, March 20,
2008. Look for your names in The Tribune or listen to IOOJAMZ / JOY FM or COOL FM to hear your name.
4, There will be one first-prize winner, one second-prize winner and one third-prize winner in each age groups.
5. All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

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THE TRIBUNE

TUESDAY, MARCH 11, 2008, PAGE 9



Purchase of Penthouse Suite at
The Reef Atlantis marks record app
sale in luxury real estate market

Sold for $7.5m

iy
He At a time when housing
» Market woes elsewhere
i account for nearly as many
®& headlines as the American
presidential primaries, the
* Bahamas recently scored
: another record sale in the lux-
i ury real estate market when
' the Penthouse Suite at The
' Reef Atlantis went for $7.5
' million.
| Mario Carey, managing
_ director of Bahamas Realty,
_ sold the luxurious suite - and
: he’s already been asked to re-
’ list the property at $9.9 mil-
- lion.
“This.penthouse sits on top
. of paradise and for that, it’s
» not a bad price,” says Carey,
. who holds the distinction of
. being the only local broker to
- sell a penthouse at The Reef,
: the newest addition to the
- resorts of Atlantis, and its first
. entry into the increasingly pop-
; ular realm of condo hotels,
: allowing owners to earn rev-
* enue when they are not in res-
. idence.
. Selling The Reef penthouse,
: which rents out at about
: $11,000 a night, was an
; achievement that earned
: Carey special thanks and a no-
: holds-barred family vacation
' from the Residences at
, Atlantis Development Limited
* and more kudos from Mark
: Pordes, president of T/K Par-
« adise Realty.

“Mario sold one of our pre- .

- mium units in the 495-room,
| 22-storey condo hotel, and for
this we say a special thank
you,” says Pordes.
Carey and Pordes agree that
. the penthouse at The Reef
; symbolises more than a solid
- high-end real estate market.
- “Tt’s a great addition to the
/ premier accommodations
. offerings for visitors,” says
. Carey, “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.’

Demand for the penthouse

has been high with almost
; Steady occupancy.

Beyond meeting upscale vis-

itor demand, Carey said the

| high seven-figure sale is evi-
* dence of confidence in this real

Q
, estate market.

q

“Considering the selling

i price of the penthouse, and the
new asking price, it’s clear that

_ the luxury housing market i in

The Bahamas is strong,” said

\

; Carey, who believes that life
, at the top is this decade’s ulti-
i mate lifestyle choice. “Today’s
; penthouse with private eleva-
* tors, stunning views and per-
sonal concierge service is the
+ equivalent of the grand-estate,
i the status symbol of success,
; that long, hedge- clined drive to
* the Tudor manor.’
; The top floor ‘estate’ at the
‘ Reef is a 4,000 square foot,
' three-bedroom residence with
' 270 degrees of ocean views
; and includes private 24-hour



“It's a great
addition to the
premier
accommodations

Offerings for
visitors and it is
reassuring to
know that The
Bahamas is ina
Pp: sition to
at ract those who
ave able to spend

that sort of
money fora

quality
experience,
where being
pampered is
worth the price.”










Nerissa Greene
ointed as a

partner at Halsbury
Chambers Counsel
and Attorneys-at-law



Respected Bahamian attorney Nerissa A. Greene (pic- |
tured), a Senior Associate specializing in commercial, civil lit-
igation, divorce and family matters, has been appointed as a
partner in the law firm of Halsbury Chambers Counsel and
Attorneys-at-law, the firm announced today.

Ms. Greene graduated with honours from the University of
Keele in Staffordshire, England, where she earned her B.A.
in Business Administration and her LL.B. She was called to
the Bar of England and Wales, and the Bar of The Bahamas
in 2001, as well as to the New York Bar in 2004.

A member of the Honourable Society of Middle Temple
and an active member of the Civil Society, Ms. Greene joined
the local law firm headquarters on Village Road in March
2003 and has become a prominent figure and sought-after
speaker on the subjects of marriage, divorce and family mat-
ters.

She also practises commercial law, handling matters involv-
ing real estate and conveyancing, wills, industrial relations and
employment for the firm’s local and international clientele.



PHOTO: Chris Lowe/Bahamas Realty





LIFE AT THE TOP - Bahan em Managing Partner ario Carey (right) receives am 1 award from
Mark Pordes, President of TK Paradise Realty, Inc. on behalf of Residences at Atlantis Development
Limited following his sale of the $7.5 million penthouse at The Reef, the resort’s exclusive condo hotel.

The super salesman has already been asked to re-list the property at a higher price.

butler service, chefs on call,
master bedrooms’ with
“Atlantean” sized beds and
multiple private bathrooms
with marble floors, plus the
spoil-and-fun factor — push
buttons for everything from
movies to climate control.
“What really sells The Reef,
which is a five-star Turnber-
ry/Kerzner development, is its
marriage of waterfront beauty,
luxurious accommodations
and access to Atlantis with all
its amenities,” says Carey.
“As a condo hotel, it allows
owners to defray the cost of
ownership, but more impor-
tantly, it entitles them to the

available with a world-class
resort right outside their door
while, once inside, they main-
tain privacy in luxurious sur-
roundings. It’s like living in the
midst of a movie set with spec-
tacular views of the turquoise
waters of the Atlantic Ocean
on one side, the cruise port
and the lights of New Provi-
dence on the other and end-
less attention to personal lux-
ury in between.”

The demand for penthouse
living has been unaffected by
tremors in the regular resi-
dential market, says Carey.

“That has little personal
bearing on the connoisseurs of
luxury living who choose life at



Share your news

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

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

the top,” he says. “The refine-
ment, sophistication and
amenities of a luxury estate
are all there - service
entrances, security, privacy -
without any concern about
landscaping or maintenance.
Now, all we have to worry
about is increasing inventory
and, in today’s world, that’s a
pretty good problem to have.”

CREDIT SUISSE |
Credit Suisse, Nassau Branch
Private Banking













kind of lifestyle that is only

: )
Pinder’s Funeral Home
“Service Beyond Measure”
PALMDALE AVENUE, NASSAU, BAHAMAS
PHONE: 322-4570/ 393-1351 ° CELL: 357-3617
RANNIE PINDER President

MEMORIAL SERVICE

PERCIVAL
(Larry)
FORSYTHE,
94

of Rosetta Street, Palmdale Died on Sunday March 2nd,
2008, will be held at St. Matthews Anglican Church Shirley
Street on Thursday March 13th, 2008 at 2:00pm. Rev. Dr.
James Moultrie, Father Don Haines and Arch Deacon
James Palacious.

He was predeceased by one son, Jason Forsythe.
He is survived by his wife, Lillian Forsythe; twu daughters,
Sharlie Knowles of Long Island and Deborah Smith of
Grand Bahama; two sons, Dion and Lil’Larry Forsythe of
Nassau; two sons-in-law, Everette Knowles of Long Island
and Albert Smith of Grand Bahama; one daughter-in-law,
Linda Forsythe of Nassau; eight grandchildren, Clint,
Sean, Jonathan and Andrew Knowles, Erica Darville,
Laura Smith, Nathyan and Neil Forsythye; two step
grandchildren, Richard Smith and Ann Marie Hassey;
ten great-grandchildren, Gabriella, Zachary, Jade, Aliyah,
Luke, Devyn, Noah, Catherine and Skyla Knowles and
Aiyanna Darville; two sister, Hillary Cancino of Nassau
and Corita Desabrias of Montreal Canada; one brotherin-

law, Frances Cancino; many other relatives and friends’

including, Marion, Kelli, Gina, Domonique, Andre’,Donna,
Diane, Francesca, Alex, Molly, Jerry and Jean, Oswald
and Yvonne, Helena, Sonia, The Boys (A.D., Slim, Foster,
Dr. John Lunn, Karl, Cobas), the entire Westerners Group
and the Poop Deck Crew, George Ageed and Brave Davis.

In lieu of flowers friends may make a donation to St.
Matthew's Anglican Church Shirley Street P.O. Box N-963.

Funeralarrangements are being handled by Pinders Funeral
Home, Palmdale Ave., Palmdale.





is presently considering applications for

Head of Private Banking

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

Qualifications:
- University Degree or equivalent

Experience:

- Minimum 10 years well rounded private banking experience geared toward the
marketing and sale of investment products and services to clients

- Extensive marketing experience in Europe, Latin America and North America

- Management of a highly professional team of relationship managers / support staff

- In-depth knowledge of international Money Markets: Foreign Exchange Trading:
Treasuries;
Derivatives; Securities trading and execution

- Strong risk management and portfolio management background

- Proven management and leadership experience

- Well versed in Swiss banking practices and standards

- Solid experience in budget control

- PC Literacy (MS Word, Access, and Excel) and Bloomberg experience

Personal Qualities:

- Excellent organizational, interpersonal and communication skills

- Highly motivated with a commitment to service excellence

- Must possess excellent leadership skills

- Strong communication skills and the following languages would be an advantage:
German, Spanish, Italian and French

Key Duties & Reponsibilities:

- Acquisition and development of new offshore clients

- Manage a substantial client base of sophisticated high net worth clients

- Develop, recommend and ensure the implementation of the bank’s marketing
strategy

- Travel extensively to develop new client relationships

- Manage and develop a professional team of relationship of relationship managers
support staff

Benefits provided include:

- Competitive salary and performance bonus

- Pension Plan

- Health and Life Insurance

- Ongoing internal and external career development/training program

APPLICATIONS MUST BE IN WRITING. Persons not meeting the minimum
requirements need not apply.

Applications should be submitted to:
Human Resources Department
P.O. Box N-4928
Nassau, Bahamas

DEADLINE: 20th March, 2008

»
PAGE 10, TUESDAY, MARCH 11, 2008



"TUESDAY EVENING

MARCH 11, 2008 |







WPBT





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THE TRIBUNE

Let Charlie the DD,
Bahamian Puppet and =
his sidekick Derek put ay

some smiles on your fe

kids’s faces.



Bring your children to the -
Mctlappy Hour at McDonald's in
Palmdale every Thursday

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

Enjoy Great Food, Prizes and Lots of Fun.

[t\

i'm lovin’ it



re MOC ee tee log Arce |

OS 4 e sin 1
vie Gift Certificat



pe a


THE TRIBUNE

LOCAL NEWS

TUESDAY, MARCH 11, 2008, PAGE 11



Woman
FROM page one

while at Advanced Medical
Centre on Shirley Street, she
stole $215 cash the property
of Chinyere Bullard.

On January 22, 2008 while
at Bahamas Family Planning
Association she is alleged to
have stolen $337, the prop-
erty of the association. She
pleaded not guilty to this
charge.

It is alleged that on Feb-
ruary 2, the defendant stole a
black wallet containing $30,
the property of Dorothy
McDonald.

On February 18, court
dockets allege the defendant
stole $630, the property of
Isabelle Pratt. She pleaded
not guilty to this charge.

Using the alias “Stacy
Saunders”, court dockets
allege that on March 3, the
defendant stole $180 cash,
’ the property of Dr Sidney
Sweeting’s Dental Office.
Under this assumed name,
court dockets also allege on
February 28, she stole a wal-
let containing $220 the prop-
erty of Patricia Thompson.
Using the same alias, on Feb-
ruary 25, court dockets allege
the defendant stole a wallet
_ worth $20 containing $60 in
cash, the property of Karen
Pinder.

The defendant is also
accused of stealing $40 under
the name “Stacey Saunders”
on March 6, from Raquel
Skippings and faced one
count of receiving the prop-:
erty of Raquel Skippings
knowing the same to have
been appropriated by an
offence.

Court dockets further
allege that-on January 14,
2008 the defendant stole $630
cash and a cheque for $1430,
the property of Portia King.
She was charged with one
count of receiving a cheque
in the name of Portia King,
knowing the same to have
been obtained by an offence.

It is also alleged that the
defendant stole a wallet val-
ued at $40 containing $150
cash, the property of Girth-
lyn Coleby. She is also
charged with one count of
receiving this stolen property.

Charged

FROM page one

shot Etienne in the back of
the head. He died a short
time later of his injuries.

Luc and John, who were
not represented by counsel,
were not required to plead
to the murder,charge. Luc
was also charged with pos-
session of a forged docu-
ment. It is alleged that Luc
on Wednesday, March 1,
was found in possession of a
Bahamian work permit
bearing the name of Ernst
Jacques, knowing that it was
not authentic. When asked
by Chief Magistrate Gomez
what his plea was to the pos-
session of a forged docu-
ment charge, Luc in clear
English stated that he want-
ed someone who spoke Cre-
ole to be present to explain
the proceedings to him.

The matters were
adjourned to March 19 and
transferred to Court 10,
Nassau Street. Magistrate
Gomez said that at that time
an interpreter would be pre-
sent. Both men were
remanded to Her Majesty’s
Prison.

FROM page one

Forelle, said: “We have been evaluating
the status of the Baha Mar project for
some time. We have come to the con-
clusion that it is unlikely the project
can succeed as currently structured.

“The long delays in reaching agree-
ment with the Government and com-
pleting the assemblage of the relevant
land rights have contributed to consid-
erable doubt about whether the project
can be financed at all given the contin-
uously deteriorating debt markets.

“These delays also raise grave con-
cerns about increased costs and risk,
and create apprehension about your
ability to execute in a timely manner.

“When coupled with Prime Minister
Hubert Ingraham’s comments on the
House of Assembly yesterday, we do
not believe the land will be delivered to
the joint venture as planned. As you
are aware, this land has been of utmost
importance to us from the inception of
our negotiations, as without these land
conveyances the project cannot pro-
ceed.”

Mr Ingraham yesterday said he had
been first informed on Monday last
week that Harrah’s new owners would
decide imminently on their future par-
ticipation with Baha Mar. He received a
similar e-mail message later in the week,
prior to his appearance in Parliament,
and his comments on Wednesday were
designed to dampen public expectations
if the worst BEDE OE”:

Harrah’s

The whole episode leaves the Cable
Beach project in a state of abject con-
fusion, and Baha Mar’s only options
are to try and entice Harrah’s back into
the deal or seek a new joint venture
partner. It will have until March 2009 to
do so.

While Mr Ingraham is likely to take
the brunt of public criticism for the
seeming collapse of Baha Mar’s project
and joint venture agreement with Har-
rah’s, the former PLP government is
hardly blameless.

It had the opportunity to conclude
the supplemental Heads of Agreement
before the May 2 general election but
failed to do so. Had it done so, the
Bahamas, Cable Beach and Baha Mar
would not be in the mess they are now.

The supplemental Heads of Agree-
ment for the Cable Beach project was
supposed to have been concluded 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 agreement
and the joint venture deadline were
missed, and it was almost another 11
months before terms were agreed with
the Ingraham administration.

There is a time when all major invest-
ment deals are ‘hot’, and if they are not
concluded then, the parties get ‘cold’
and the economic situation changes, as

it has done now.

Had the supplemental Heads of
Agreement been concluded last March,
as it should have been, then Harrah’s
would likely have been locked into the
Baha Mar deal and the project well
underway.

Since then, the global economy has
been hit by the US sub-prime mortgage
crisis and tightening global credit mar-
ket, which has made it very difficult for
investors such as Baha Mar/Harrah’s
to obtain debt financing for their pro-
jects either at all, or at the right price.

Coupled with the US economic down-
turn and the weak Bahamian tourism
performance, it is not hard to see why
Harrah’s new owners called a halt to
involvement in the Bahamas, especially
given the uncertainty and lengthy delays
encountered in dealing with the Gov-
ernment.

It appears as if Harrah’s new owners
may be using the Prime Minister’s com-

‘ments as an excuse to justify their deci-

sion, as the March 6 termination letter is
rather different to the press release
issued by the company on Sunday.

In that release, there was no refer-
ence to the Prime Minister’s comments
in the House of Assembly. Instead, he
was praised, with Harrah’s saying it had
lost confidence in the ability of its joint
venture partnership with Baha Mar to
complete the $2.6 billion Cable Beach

‘harboured concerns’

redevelopment.

Harrah’s said then: “Unfortunately, it
has taken Baha Mar Development
Company longer to organise the pro
ject 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 contemplated, and |
accordingly we believe it could prove
harmful for all to move forward.

“We greatly appreciate the efforts
and cooperation of the Bahamian Gov-
ernment throughout this process. There
is no question that Prime Minister
Ingraham was committed to the pro-
ject and recognised its potential contri-
bution to his nation's economy.

“We are open to the possibility of «
project some time in the future. How-
ever, at this point we have terminate!
our involvement in the Baha Mar pro-
ject.”

The supplemental Heads of Agree-
ment pledged that 7,000 permanent jobs
would be created by the Baha Mar pro-
ject, 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 mention the several hun-
dred million dollars worth of addition-
al economic impact that Baha Mar was
supposed to generate per annum.

Laing denies

he attempted |

to contravene
ustoms Duty |

FROM page one

ceivable for him not to look into
the complaint, based simply on
the fact that the person bringing
the complaint to his attention
was a family matter. However,
in an attempt of full disclosure
the Minister of State said he
advised the Secretary of Rev-
enue, who looked into the mat-

i ter, that the complaint had

with murder

come from his brother whose
wife had imported the product.

Mr Laing said the Secretary
of Revenue had discovered that
the rate was changed mid-year
and informed the Customs
Department that the rate
should have reflected the lower
rate until the Budget period, as
was the usual practice.

“On hearing from the Secre-
tary of Revenue I regarded the
position as a reasonable one
and left the matter there,” Mr
Laing said.

However, upon arrival at his
home in Freeport, Grand
Bahama, Mr Laing said he was
met by a number of persons —
none of them a relative — who
also complained that they were
importers of the Mona. Vie
drink and that the rate had
changed from 10 per cent Cus-

: toms Duty to 45 per cent.

“This surprised me as I
thought that the matter had
been resolved. I told them that
I would look into the matter

further.

“At some point after I
returned to the office in Nas-
sau I asked the Secretary of
Revenue about the status of the
matter regarding the Mona Vie
product. His response was that
he thought it was resolved but
would inquire further,” he said.

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Soon afterwards, Mr Laing
said, the Comptroller of Cus-
toms wrote his sister-in-law,
informing her that the Customs
Department would reclassify
the Mona Vie drink and that it
would now carry the 45 per cent
tax.

Mr Laing said he was then
showed a letter from the Comp-
troller of Customs who had
written to the World Customs
Organization seeking a clarifi-
cation of the applicable rate.

Noting that he was surprised
by the Comptroller’s actions,
Mr Laing said this was particu-
larly the case as the Secretary of
Revenue had already given
instructions on the matter.

“I discussed the matter with
the Financial Secretary and also
with the Secretary of Revenue
and it was both their views that
it was not the usual practice for
rates of Custom duty to be
changed in the middle of the
year. It was noted that small
business operators who had
been importing and distribut-
ing the product having been
charged the 10 per cent rate
would suffer serious hardship if
the rate was suddenly changed
to 45 per cent in the middle of
the financial year.

“It was further agreed that it
was reasonable enough to allow
the 10 per cent rate to prevail
until a review during the
upcoming Budget process. This
would permit the importers to
be advised of a proposed rate



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change at the beginning of a
Budget period as is the norm.
This view was consistent with
the directive given by the Sec-
retary of Revenue in Septem-
ber 2007 when the matter first
arose. I penned instructions
reflecting the consensus and the
matter was left there,” he said.

However, this would not be

the end of the matter, Mr Laing
pointed out.
‘ In January or February of this
year, the Minister of State
informed the House of Assem-
bly that he had received a call
from his youngest brother
informing him that “lies” were
being circulated accusing him
of “all manner of things” relat-
ing to this matter.

As a result, Mr Laing said he
obtained a copy of the posting,
which he believed was nothing
short of “cheap maliciousness”
by the PLP to attack him.

“Interestingly enough, in that
same web posting, it said that
“even as we speak, the Member
of Parliament for St Thomas
More was putting hell on Laing
in the House of Assembly’.

“Following the pulling of the
web posting, I totally dismissed
the matter until it was raised in
this place by the Member of St
Thomas More. He appears to
have missed his orchestrated
date on which he was to raise
the matter in this place. Those
are the facts, Mr Speaker, as to
my involvement in this matter.
The full facts,” he said.



(ais)



FROM page one

: superior officer.

The officer also claimed that

: it was standard procedure dur-

ing high security cases not to
let persons without press iden-
tification into the courtroom.

After 10 minutes of verbal
‘le The Tribune and

a another journalist, who also
: was being denied entry were
: allowed inside the courtroom.

The incident comes after

: years of complaints about the
: way in which police officers,

: escorting fellow officers who
are facing charges, give special
treatment to these defendants
which they do not afford oth-

Tribune

Arraigned police officers are
frequently brought to court
without handcuffs, shielded
from media cameras by the
jackets of the officers escorting
them, and brought through the
back door of the court house, |
in an effort to bypass the
media.

Often, if civilian defendants
brought to court attempt to
hold their heads down or away
from the cameras, the escort-
ing officers are heard to say, °
“Hold your head up, hold
your head up!”

The officer arraigned yes-
terday was not handcuffed.

Pair are Charged with
aiding prisoner escape

FROM page one

i adhered td’ fhe conditidhs of his bail and therefore should be
: granted bailon the present charge. He further argued that his
: Client couldnt possibly~ffend any of the 14 witnesses on the
: docket as most of them are police officers.

Magistrate Archer told the court that because the prosecution

could not verify these statements, Maycock Jr’s bail request was
; stood over to March 12.

Lewis was granted bail in the amount of $20,000 with one

i surety. He was represented by lawyer Cheryl Bazard.

The case was adjourned to June 10.

Share your news

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

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



We ask thai the ‘oilowing 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

»>


PAGE 12, TUESDAY, MARCH 11, 2008

THE TRIBUNE



Venezuela reopens embassy

in Colombia as war talk —

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gives way to pragmatism

@ CARACAS, Venezuela

Talk of war in the Andes has
faded almost as quickly as it
flared — showing that for all
their bluster, none of the three
leaders involved could afford a
protracted confrontation,
according to the Associated
Press.

Venezuelan President Hugo
Chavez’s © government
announced on Sunday it was
restoring full diplomatic ties
with Colombia and reopening
its embassy in Bogota after
smoothing over a crisis sparked
by Colombia’s cross-border
attack on a rebel base in
Ecuador. Venezuela also invit-
ed back Colombian diplomats
expelled by Chavez last week.

But some watchers of Latin
American politics viewed the
quick reconciliation as a super-

_ ficial patching up of deeper dis-

putes — and a politically expe-
dient way out of a damaging
conflict not wanted or needed
by Chavez, Colombian Presi-
dent Alvaro Uribe or Ecuador’s
Rafael Correa.

“They probably all wanted a
quick settlement. Ecuador had
won sympathy as the aggriev-
ed party, Venezuela had gotten
good press as the champion of
sovereignty and Colombia had
accomplished its goal in killing
the FARC leader — and an







COLOMBIA'S PRESIDENT Alvaro Uribe, left, shakes hands with
Venezuela's President Hugo Chavez, right, as Dominican Republic's
President Leonel Fernandez looks on during the Rio Group Summit
in Santo Domingo, on Friday. Uribe shook hands with the presidents
of Ecuador and Venezuela, ending tense debate at the summit over
Colombia's cross-border military raid in Ecuadorean soil.

apology was a low price to pay ©

for ending the episode,” said
Shelley McConnell, a Latin
America expert at Hamilton
College in Clinton, New York.

As he apologised Friday,
Uribe also pledged to never
again carry out another act like
the March 1 strike on
Ecuadorean soil, which killed
25 people including Raul Reyes,
a top leader of the Revolution-
ary Armed Forces of Colom-
bia, or FARC.

Just days after deploying
troops to their borders in
response, Correa and Chavez
shook hands with the U.S.-allied
Uribe on Friday in a stunning
turnaround that ended tense
debate at a summit in the
Dominican Republic.

Widespread criticism of the
Colombian military incursion
among Latin American leaders
“allows Chavez to characterize
the incident as a diplomatic vic-
tory,” said Steve Eliner, a polit-
ical science professor at
Venezuela’s University of the
East. And after having threat-
ened to dramatically scale back
trade with Colombia, the deal
let Chavez avoid “having to pay

an economic price for his

stands,” he added.

Colombia is a major trading
partner, providing billions of
dollars in needed imports each
year, including milk and other
‘ood items that have been

Miraflores Press Office/AP Photo

scarce recently in Venezuela.
Chavez wasn’t the only leader -
who fell back to a pragmatic
stance. Uribe dropped a threat
to seek charges against Chavez
at an international court for
allegedly supporting the FARC.

At the same time, the crisis
allowed Uribe to air out long-
held complaints that rebels rou-
tinely take refuge in Colombia’s
leftist-led neighboring countries.

Colombian officials have pub-
licly released a collection of doc-
uments found on a rebel laptop
claiming Chavez and Correa
conspired with the guerrillas.

By forcefully making his case
at the summit, “Uribe put up
an amazing display of diplo-
matic brinksmanship to end up
with the upper hand,” said
Patrick Esteruelas, a Latin
America analyst at the New
York-based Eurasia Group.
“Correa.and Chavez could not
afford to address any more
questions concerning possible
links with the FARC.”

All three leaders also man-
aged to save face through the
diplomatic truce. After Uribe
pledged to respect internation-
al borders, Ecuador and
Venezuela “reaffirmed their
commitment to combatting ter-
rorism” — a cooperative signal
that could help make Uribe’s
apology more palatable to the
Colombian military and public,
McConnell said.

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‘Grave doubts’ harbo



*>THE TRIBUNE e/



ere RIE ear

TUESDAY,



Rays ee

re:



MARCH 11, 2008

Bo ploiiietas





by Harrah’s new owners

@ By NEIL HARTNELL
Tribune Business Editor

arrah’s Enter-

tainment’s new ,

owners cited

“ ¢ Fav e

doubts” over
the increased costs and risks
attached to the $2.6 billion
Baha Mar project, coupled
with uncertainty over land
transactions, financing and
whether its partner could exe-
cute on time, as the reasons
why they terminated the Cable
. Beach joint venture.

The termination notice,
which was sent by Harrah’s
Bahamian subsidiary, Caesar’s
Bahamas Investment Corpo-
ration, to Baha Mar head
Sarkis Izmirlian on March 6,
2008, again indicates that the
change in ownership at the
gaming industry giant was the
key factor behind its decision
to pull-out from the Cable
Beach redevelopment.

* Uncertainty over real estate deals, debt market
financing and Baha Mar’s ability to execute |
prompt private equity owners’ move

* Increased risks and costs’ prompt withdrawal

What seems clear from the
letter (reproduced on Page 4B
today) is that Apollo Capital
Management and Texas Pacif-
ic Capital Group, Harrah’s
new private equity owners,
undertook a major risk/return
review of the company’s par-
ticipation in the Baha Mar pro-

ject once they took control on

January 29, 2008.

Factoring in the changed
economic environment, most
critically the global financial
system’s liquidity/credit crunch,
the US economic downturn
and the weak Bahamian
tourism performance, coupled
with the “long delays” Baha

Appeal filed on Guana

Cay court verdict



@ By NEIL HARTNELL

Tribune Business Editor .

OPPONENTS of the multi-
million dollar Baker’s. Bay
Golf & Ocean Club develop-
ment yesterday filed a motion
with the Court of Appeal seek-
ing permission to appeal that
court’s ruling to the London-
based Privy Council, alleging
that neither it nor the Supreme
Court had accounted for evi-
dence that the project was
“patently disadvantageous” to
Guana Cay residents.

The notice of motion, filed
by the Save Guana Cay Reef
Association, cited a number of
grounds for their appeal, a
development unlikely to please
either the Government of the
Baker’s Bay developers, Ari-
zona-based Discovery Land
Company.

The developers, having
repeatedly requested dialogue
with the Association to hear
their concerns, are likely to feel
that the notice of motion is
nothing more than further
harassment of their attempts
to develop an environmentally
' sensitive and sustainable,
mixed-use resort and private
members’ club on Great Gua-
na Cay. :

For its part, the Government
and Prime Minister Hubert
Ingraham have said publicly
that they believe there is no
basis for continued opposition

to Baker’s Bay. The court bat-
tle with the Association has
now dragged on for some two-
and-a-half years, the develop-
ment having been approved by
the former PLP administration
in March 2005.

Setting out its grounds for
appeal, the Association alleged
that both the Supreme Court
and Court of Appeal had mis-

‘understood their argument

that Wendall Major, as secre-
tary to the National Economic
Council (NEC), had no power
to enter into the Baker’s Bay
Heads of Agreement and give
rights and incentives to the
developers:

The Association, in its notice
of motion, alleged that both
courts failed to account for its
arguments that town planning
permits could only be issued
by the local government
authority, in this case the Hope
Town District Council.

In addition, they alleged that
both courts failed to account
for the fact that Treasury land,
vested in the Treasurer, could
only be leased through the per-
mission of Parliament and the
Governor-General.

The Association alleged that
it was challenging the Cabi-
net’s power to confer rights
and incentives to the develop-
ers, not its ability to enter into

SEE page 2B

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Mar had experienced in two
Heads of Agreement negotia-
tions with the Government,
Harrah’s new owners seem to
have concluded that the pro-
ject’s risks had increased dra-
matically.

This was certainly in com-
parison to January 2007, when

the joint venture partnership\

in which Harrah’s was to take a
43 per cent equity stake, was
announced. Since then, there
has been a major recalibration
of risk upwards by global pri-
vate equity players, with enthu-
siasm for the Baha Mar deal
also cooling.

Coupled with the uncertain-

ty over whether the land trans-
actions critical to the $2.6 bil-
lion project’s success would be
completed, the two private
equity giants seemingly con-
cluded that the likely returns
from the project had dimin-
ished and the risks had
increased.

Therefore, they simply

. decided to take their capital

elsewhere, where they think
they will receive a ‘bigger bang
for their buck’, despite having
‘committed as recently as Jan-
uary 31, 2008, to investing $212

SEE page 4B



ROYAL 3 FIDELITY



Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE
(242) 351-3010



ured Bill to guard

construction
against EPA’s
‘exposure’

@ By NEIL HARTNELL
Tribune Business. Editor

PASSING ‘the ‘Contractors
Bill into law will protect the
Bahamian construction indus-
try from being “exposed” to
the Economic Partnership
Agreement. (EPA) with
Europe, The Tribune was told
yesterday, as it would intro-
duce a licensing system and
standards that European con-
tractors operating in the
Bahamas must adhere to.

‘Stephen’ Wrinkle, the
Bahamian Contractors Asso-
ciation’s (BCA) president, said
a national licensing and con-
trol system for the construc-

Banks to ‘rethink lending
strategies’ due to Baha Mar

@ By NEIL HARTNELL
Tribune Business Editor

BAHAMIAN..8
commercial fae
banks yesterday’ P=
said they would |
“have to rethink
our lending
strategies” for |
2008 given that J i
projected for- St)
eign direct.
investment inflows are unlike-
ly to materialise from the $2.6
billion Baha Mar project, with
the economy’s gross domestic
product (GDP) growth now
likely to miss the Governmen-
t’s target.

Anwer Sunderji, the Clear-
ing Banks Association’s chair-

roy

ial Eee nl



* Bahamian bankers fear $2.6bn project’s woes
and foreign investment impact will have negative

impact on foreign reserves and banking liquidity |

* Harrah’s withdrawal likely to depress
2008 GDP growth estimates

* Concerns for borrowing and deposit
costs, plus consumer confidence

man, told The Tribune that
Bahamian commercial banks
had been relying heavily on
capital inflows related to for-
eign direct investment projects
to boost this nation’s foreign
exchange reserves and, in turn,
financial system liquidity levels.

The Baha Mar project, alorig

with the $1.4 billion Albany
Golf & Beach Resort, were the
key investment projects upon

which the commercial banking.
system was relying to achieve

these effects.

SEE page 8B

Sector calls for
foreign contractor
hotel room threshold
to be raised from 100.
to 200 minimum

tion industry would allow
Bahamian companies to at
least have the opportunity to
joint venture with foreign ’con-
tractors on major construction
projects only the latter could
do.

SEE page 5B

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PAGE 2B, TUESDSAY, MARCH 11, 2008 THE TRIBUNE

- _ ie
Appeal filed on Guana Cay court verdict

Dr. Myles Munroe, The Children’s Fine Arts Conservatory
& Churches In The Carmichael Road Community

Will Be Hosting

FROM page 1B

the Heads of Agreement.

It also argued that the Heads
of Agreement was more than
an agreement in principle, and
constituted an agreement to
grant Crown and Treasury
land leases, plus other permits
and approvals.

Claw

For the stories

behind the news,
ig=y-le pte [nrg
on Mondays

“Evidence to the effect that
the development is patently
disadvantageous to Bahamians
and/or particularly to the resi-
dents of Guana Cay was not
considered or taken into
account,” the Association’s
appeal also alleged.

It also disputed the findings
of both courts that consulta-
tion with Guana Cay residents
and Abaconians over the pro-
ject had taken place before the
Heads of Agreement signing.

“The Court of Appeal erred
in accepting the respondents’
evidence of the two meetings
that took place, at which the
residents of Guana Cay were
consulted about the develop-
ment without considering or
taking account of the affidavit
evidence of Walter Sweeting
to the effect that such consul-
tation had been far from mean-
ingful,” the Notice of Motion

“The Court of Appeal failed
to consider or take account of
the evidence of a deliberate
policy of non-consultation by
the Government respondents.”

Finally, the Notice of Motion
argued that the courts were
wrong to conclude that the
Cabinet’s decision to enter into
the Baker’s Bay Heads of
Agreement was not “a fetter-
ing of discretion” by the
Bahamas’ leading decision-
making body.

The Association argued that
the Heads of Agreement
“clearly constitute an agree-
ment to grant the leases and
concessions and to expedite
the permits and approvals.
There was consideration for
this agreement, and the appel-
lants have adduced ample evi-
dence that the developers have
acted in reliance upon this

‘agreement in taking steps in



alleged. the development”.

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Uni it This position is open to candidates with the following qualifications:

niversity

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

Enforcement training.

All study materials and tutor support fully included
in tuition fees of $12,600 (US) |

- Five years of Police, Defense Force, Law Enforcement or specialized
security experience required.

Flexible, interest-free payment plans available

® Continue to work while PERSONAL ATTRIBUTES:

you study |












- 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
protective activities.

- Superior interpersonal skills are required.

* No mandatory overseas @&
travel requirements

Pa

a *

/ ‘pregeam starting in

BENEFITS PROVIDED | LUDE:

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

Call our office now employment under Bahamian laws and regulations.

1 786 206 3531 or visit

2 Applications forms are available from 8:00 a.m. to 5:00 p.m. Monda
www.efalearning.com Cee eve p y

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.

ae tay of

Leicester

Education “; Advancement

Fea


THE TRIBUNE



Expo aims to be ‘one-stop
_ shop’ for real estate

@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BAHAMIANS interested in
home ownership will benefit
from a special exhibition
designed to put experts in all
aspects of the construction and
home buying process under
one roof at the Bahamas First
National Real Estate Expo.

The event will be held on
March 15-16 at the Wyndam
Nassau Resort. According to
event chairman Pedro Young,
it is being held at an ideal time
given the level of construction,
particularly the many gated
communities throughout the
Bahamas.

In preparing for the expo,
Mr Young said he relied heav-
ily on his own recent home-
buying experience.

He said that while the
process went well and he was
very pleased, in his initial
excitement he made a down
payment without going
through vital steps that are
essential to the home buying
process, such as using an attor-
ney, the title search and con-
veyancing.

“This expo will allow per-
sons to go through the process
step-by-step. People will be
able to meet lawyers, realtors
and get mortgage approvals
from a number of lenders right
on the spot,” he added.

In addition, Mr Young said a
number of seminars will be
offered, both for the public and
for real estate agents.

“Attendees will be educat-
ed by way of seminars, and
one-on-one dialogue at
exhibitors’ booths, while hav-
ing the opportunity to discuss
_ on the spot pre-approval for
financing with several of the
mortgage companies present,”
he said.

This expo, Mr Young said,
aims to provide Bahamians
. with a clearer understanding
’ of how to go about buying/sell-






















Human Resources

51 Frederick Street
P.O. Box N-4853
Nassau

F: 328.1108

careers@fidelitybahamas.com

Re: Sr. HR Resources Administrator

[ABSOLUTELY NO PHONE CALLS]

ing real estate; how to work
with real estate agents (and
how real estate agents work);
how to determine the amount
persons can actually afford;
how to secure financing; the
legal steps involved from
beginning the search to turning
the key in the lock; how a title
search works; how to list your
property; 0 per cent down and
other financing opportunities.

Available

In addition, Mr Young said
there will be a significant Fam-
ily Island presence at the expo
so that persons can see what
is available.

“We are happy to have two
of the leading real estate com-












Uul

[_aiRPORTINDUSTRIAL PAR]
PROPERTY FOR SALE

ities 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

panies from Exuma (Dilly
Crab Realty) and Long Island
(Sunshine Realty) participat-
ing in our expo, and we hope
that our attendees will see the
advantage of having this amaz-
ing wealth of knowledge all
under one roof,” he said.

Mr Young said the organis-
ers have also secured one of
the United States’ most noted
real estate trainers and moti-
vational apeakers, Joe Meyer,
who will be presenting several
seminars to the industry par-
ticipants on topics specific to
their industry and how it
relates to real estate sales.

“This is an excellent oppor-
tunity to meet the movers and
shakers of the real estate
industry,” he said.

ASSOCIATION

Annual General Meeting

BASRA Headquarters,
March 15, 2008 - 7:30p.m.

All members are urged to attend
Refreshments will be served.

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

We are growing!

PROFILE:



FIDELITY

Fidelity invites application for the position of:

Senior Human Resources Administrator

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

¢ Proficiency in Advanced Excel, Word, PowerPoint, Access,

* Outlook and Internet Explorer

© Ability to work quickly and accurately and cope with

large volumes of work

e Strong interpersonal skills and communication skills

° 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

¢ Composes letters, memos and reports

¢ 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.

experience.

e Tests, screens and interviews prospective employees

Salary range subject to qualifications and








TUESDSAY, MARCH 11, 2008, PAGE 3B

CLASSES WILL RUN FOR 6 WEEKS AT A TIME.

THE PUBLIC IS INVITED TO ATTEND =













PAGE 4B, TUESDSAY, MARCH 11, 2008

THE TRIBUNE



ee
‘Grave doubts’ harboured
y Harrah’s new owners

FROM page 1B

million in the Baha Mar pro-
ject through Caesar’s Bahamas
Investment Corporation.

In a January 31, 2008, letter
addressed to Prime Minister
Hubert Ingraham, through
Cabinet secretary Wendell
Major, Harrah’s vice-chairman
Charles Atwood said: “Har-
rah’s has approved the execu-
tion and delivery by Caesar’s
Bahamas of a joint venture
agreement, dated as of January
12, 2007, with Baha Mar JV
Holding Ltd to form a new
Bahamian company to be
known as Baha Mar Joint Ven-
ture Holdings Ltd.”

The letter, which was sent
on the same day as Mr
Atwood signed on the dotted
line to acknowledge and
approve the terms of the sup-
plemental Heads of Agree-
ment signed between Baha
Mar and the Government,
added that Harrah’s would
“sufficiently capitalise” Cae-
sar’s Bahamas Investment Cor-
poration to enable it to meet its
joint venture obligations...

“Baha Mar and Harrah’s
plan to contribute $493 million
in equity financing for the pro-
ject, with Harrah’s contributing
$212 million (or 43 per cent)
of such amount, with the
remaining project costs funded
through borrowings by the
joint venture,” the letter said.

Mr Atwood said the 95,000
square foot casino’s construc-
tion, along with the 1,000-room
Caesar’s hotel, would start in
April 2008, with completion
around April 2011.

“We expect both the casino
and hotel to be open and avail-
able to the public before the
required completion date of
October 31, 2011, as set forth
in the supplemental Heads of
Agreement dated January 31,
2008,” Mr Atwood said.

“Harrah’s looks forward to
the development and opening
of the world-class resort,
including the Caesar’s hotel
and casino project contem-
plated in the agreement.”

So what happened in five
weeks? Simple. Harrah’s own-
ership changed, and the two
private equity owners are now
seeking to use the Prime Min-
ister’s remarks in the House
of Assembly last week as an
excuse - or cover- for their
attempt to withdraw from the
joint venture.

Mr Ingraham yesterday said
he had been informed on Mon-
day last week that Harrah’s
new owners would decide
imminently on their future par-
ticipation with Baha Mar, and
his comments on Wednesday
were designed to dampen pub-
lic expectations if the worst
happened.

In its March 6 letter, Har-
rah’s said the global credit/liq-
uidity crunch had made it dif-
ficult to access any debt financ-
ing at all, and at the right price.
In addition, the Prime Minis-
ter’s comments indicated that
the Treasury land parcels
needed for the project would
only be transferred once Baha
Mar fulfilled its obligations by
March 2009.

Seemingly anticipating some
negative answers, Harrah’s
decided to withdraw given the
uncertainty over the land con-
veyances and doubts over
Baha Mar’s ability to execute
its side of the deal.

The March 6 letter to Baha
Mar’s chief executive, Sarkis
Izmirlian, which was copied to
vice-chairman John Forelle,
said: “We have been evaluat-
ing the status of the Baha Mar
project for some time. We



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.

share your news

have come to the conclusion
that it is unlikely the project
can succeed as currently struc-
tured.

“The long delays in reach-
ing agreement with the Gov-
ernment and completing the
assemblage of the relevant
land rights have contributed to
considerable doubt about
whether the project can be
financed at all given the con-
tinuously deteriorating debt
markets. ,

“These delays also raise
grave concerns about increased
costs and risk, and create
apprehension about your abil-
ity to execute in a timely man-
ner.

“When coupled with Prime
Minister Hubert Ingraham’s
comments on the House of
Assembly yesterday, we do not
believe the land will be deliv-
ered to the joint venture as
planned. As you are aware,
this land has been of utmost
importance to us from the
inception of our negotiations,
as without these land con-
veyances the project cannot
proceed.”

The Harrah’s letter, sent by
Mr Atwood, referred to how
the joint venture agreement
with Baha Mar, referred to as
the Subscription and Contri-
bution Agreement, had missed
several completion deadlines
after it was signed on January
12, 2007.

These deadlines were June
30, 2007, and December 31,
2007, deadline, and while Har-
rah’s considered an extension
to the latter date, “discussions
failed because you [Baha Mar]
were unwilling to resolve dis-
putes that had arisen between

ods”, fA , acd
TASS disputes afe under-

stoodig¢@ have begipizelated to
the Crown, Treasury and other

government land conveyances, '

plus financing issues.

As a-result, on March 6,
2008, Mr Atwood wrote that
“several conditions remain
unsatisfied” relating to the
joint venture agreement.

Now the Prime Minister was
questioning Baha Mar’s
“financial wherewithal and
ability to meet the deadlines
imposed by the Government,
both of which are crucial to the
success of the project”.

As a result, Harrah’s exer-
cised its right to terminate the
joint venture according to Arti-
cle 10 of the agreement. Har-
rah’s ability to do that is being
disputed by Baha Mar, which
again described the move as
“a breach of faith” and added
that it expected the gaming
giant to “honour” its commit-
ment.and avoid harming both
Baha Mar and the Bahamas.
The matter could end up in lit-
igation.

In his letter, Mr Atwood
offered something of an olive
branch, telling Mr Izmirlian
that if all issues were resolved
and Baha Mar could continue,
“we hope you will consider
exploring alternatives by which
a Caesars-branded casino and
hotel might be included in the
project”.

To some, that sounded like
Harrah’s wanting to participate

but without making a $212 mil- _

lion equity contribution.

Still, the whole episode
leaves the Cable Beach pro-
ject in a state of abject confu-
sion, and Baha Mar’s only
options are to try and entice
Harrah’s back into the deal or
seek a new joint venture part-
ner. It will have until March
2009 to do so.

Still, the Izmirlian family
must again be reconsidering
their decision to invest millions
in the Bahamas, their home,
given the buffeting they have

*














RE:

Dear Sirs;

CAESARS BAHAMAS INVESTMENT CORPORATION

c/o Harrah’s Operating Company, Inc.
One Harrah’s Court -
Las Vegas, NV 89119

March 6, 2008

Baha Mar JV Holding Ltd.

Lyford Manor, West Building

Lyford Cay, New Providence, Bahamas
Attention: Chief Executive Officer
Facsimile: (242) 362-6815

VIA OVERNIGHT DELIVERY AND FACSIMILE
Baha Mar Joint Venture Holdings Lrd.
Lyford Manor, West Building

Lyford Cay, New Providence, Bahamas
Attention; Chief Executive Officer
Facsimile: (242) 362-6815

Subscription and Contribution Agreement, dated January 12, 2007

AS you are aware, we have been evaluating the sianas of the Baha Mar project for some
time, We have come to the conclusion that it is
currently structured.

The long delays in reaching agreement with the government and completing the
assemblage of the relevant land rights have conibuted to considerable doubt about
whether the project can be financed at all given the continuously deteriorating debt
markets. These delays also raise grave concerns about increased costs and risk and create
apprehension about your ability to execute in a timely manner. When coupled with
Prime Minister Ingraham’s comments to the House of Assembly yesterday, we do not
believe the land will be delivered to the joint venture as planned. As you are aware, this
issue has been of utmost-importance to us from the inception of our negotiations, as

without these land conveyances, the project cannot proceed.

the project.



When we entered into the Subscription and Contribution Agreement on January 12, 2007
(the “Subscription Agreement”). we expected that you would satisfy all the necessary
conditions no later than June 30, 2007, That did not happen, You requested an extension
until December 31, 2007, which we pranted on severa) conditions set out in a letter
agreement on Octaber 4, 2007, The December 31, 2007 deadline came and went as well.
Alt your request, we had considered another extension prior to that date, but discussions
failed beéause you were unwilling to resolve disputes that had arisen between us. As of

today, several conditions remain unsatisfied and the prime minister has now publicly
stated that he questions your financial wherewithal and abiliry to meet the deadlines
imposed by the government, both of which are crucial to the success of the project.

So with great regret, we hereby notify you that we are exercising our right lo terminate
the Subscription Agreement pursuant to Article 10 thereof, Please be aware that if you
are able to resalve these issues and continue with Baha Mar, we hope you will consider
exploring altematives by which a Caesars-branded casino and hate) might be included in

Sincerely yours

Caesars Bahamas Investment Corporation

By:

Charles L. Atwood

unlikely the project can succeed as







WHAT SEEMS clear from the letter (shown above) is that Apollo Capital Management and Texas Pacific Capital Group, Harrah’s new private equi-
ty owners, undertook a major risk/return review of the company’s participation in the Baha Mar project once they took control on January 29, 2008,

taken from two governments
and now their joint venture
partner. Baha Mar has already
invested $150 million in
upgrading the existing Cable

INSIGHT

For the stories

erate Uta
ic=F-Co Mp E-Tfo/ 9) 4
on Mondays



Beach Resorts.

The fact that the Izmirlians
are world-renowned real estate
developers, owning City Hall
in London and the second
largest commercial develop-
ment in that city’s financial dis-
trict, seems to have been
ignored.

It is understood that while
Baha Mar and Harrah’s had
entered into a joint venture
agreement, this was subject to
the land conveyances being
completed and also issues sur-

rounding the removal of

SuperClubs Breezes sewerage
plant being resolved.

The land transactions were
also crucial to enable Baha
Mar to go to the financial mar-
kets and international banking
institutions for debt financing,
something it had planned to

do in 2009.

Baha Mar was yesterday
putting a brave face on the sit-
uation. Robert Sands, its senior
vice-president of administra-
tion and external affairs, said:
“Baha Mar remains commit-
ted to the project. We’re focus-
ing on the present, and remain
committed to Baha Mar’s
vision and the plan. The plan
calls for the assemblage of
world class partners.”

The main lesson for the
Bahamas from all this is that
the Government must strike
when investment deals are hot,
not allow them to become cold
and have the added burden of
a negative change in an eco-
nomic climate.

The former PLP government
must shoulder its share of the
blame, because it had the

opportunity to conclude the
supplemental Heads of Agree-
ment before the May 2 gener-
al election but failed to do so.
Had it done so, the Bahamas,
Cable Beach and Baha Mar
would not be in the mess they
are now.

The supplemental Heads of
Agreement for the Cable
Beach project was supposed to
have been concluded 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
agreement and the joint ven-
ture deadline were missed, and
it was almost another 11
months before terms were
agreed with the Ingraham
administration.
THE TRIBUNE

TUESDSAY, MARCH 11, 2008, PAGE 5B



Bill to guard construction
against EPA's ‘exposure

FROM page 1B

The BCA president said the
Association had also recom-
mended to the Government
that the stipulation in CARI-
FORUM’s EPA offer, that
European construction com-
panies only be allowed to con-
struct Caribbean hotels with
100 rooms or more, was too
low in the Bahamian context.

At a meeting 10 days ago
with Ministry of Finance and
Bahamas Trade Commission
officials, who are crafting the
Bahamas’ EPA services offer,
Mr Wrinkle said he and the






would be an asset.

Relations may also apply.




‘DAG0964
C/O P.O, BOX - N-3207

NASSAU, N.P., THE BAHAMAS

BCA felt the Bahamas should
raise this minimum threshold
to at least 200 rooms.

“One of the things they dis-
cussed was that they had estab-
lished a minimum standard
throughout the Caribbean -
hotels had to be at least 100
rooms for the foreign contrac-
tor to come in and do the
work,” Mr Wrinkle said of the
meeting.

“We suggested that be
upped to 200 rooms, because
100 rooms is not that large
here. We don’t have many 100-
room hotels here.

“But what is not large in the
Bahamas, may be large in

INDUSTRIAL/LABOUR RELATIONS OFFICER (MANAGER)
Qualified Bahamians are invited to apply for the position of Labour Relations Officer.
Applicants should be between the ages of 25-35 years of age and should possess
the minimum qualifications of a University Bachelor's degree in Industrial Relations or
equivalent major in Economics or Business Administration.
Aminimum of 3-5 years basic Industrial Relations experience would be valuable; experience

in the field of Personnel Management in the Hotel/Catering, Restaurant or related industries

The successful candidate will undergo a period of apprenticeship training in the field of
Labour Relations/Industrial Relations so as to be fully equipped to deal with all facets of
trade disputes resolution and negotiations with Trade Unions.

Persons who have recently completed College and are desirous of a career in Industrial

Applications are to be submitted in writing only together with curriculum vitae not later than
Thursday 20 March 2008 to:

Anguilla. We have to set some
parameters for our economy.”

The Bahamas’ existing draft
EPA services offer, a copy of
which has been obtained by
The Tribune, offers to open up
the Bahamian construction
industry to three of the four
modes of supply - the com-
mercial presence of European
firms in this country, the cross-
border supply of construction
services, and moves to con-
sume construction services
abroad.

The main mode here is com-
mercial presence, as the
Bahamas’ EPA offer will allow
European construction com-

















The College of The Bahamas and
The Ministry of Finance will be hosting

a seminar on:

The Economic Partnership

_ Agreement:

Implications for
The Bahamas

On Wednesday, March 12, 2008 at 6:30 p.m.

Choices Restaurant
Bahamas Hotel Training Center
Thompson Blvd, Oakes Field

Speakers:

Hon Zhivargo Laing - Minister of State for Finance
Philip Simon - Executive Director,
Bahamas Chamber of Commerce
John Delaney - Chairman, Bahamas Trade Commission



Wrinkle

panies to establish a commer-
cial presence in the Bahamas -
to some extent.

In practice, the EPA offer is
likely to be little different from
the existing status quo, as for-
eign contractors are permitted
to enter the Bahamas to fulfill
large construction contracts
that Bahamian contractors
cannot perform - typically
major resort and foreign direct
investment projects.

The EPA offer will not cre-
ate an ‘open sesame’ for Euro-
pean contractors to enter the
Bahamas. If this nation’s ser-
vices offer is accepted, its ‘hor-
izontal commitments’ would
require that EU firms across
all services sectors - including
construction - would still have
to be approved by the Cabinet
to enter the Bahamas, and also
go through the foreign
exchange control regulations.

In addition, the Bahamas’
draft services offer notes that
“ownership of construction
companies is reserved for
Bahamian people, except
where special expertise is
required, under the National
Investment Policy”.

It was also acknowledged
that the building completion
and finishing sector was
“potentially sensitive, but sub-
stantial work by non-Bahami-
ans in the sector’. The services
offer warned that the com-
mercial presence of EU firms
might be “particularly sensi-
tive”.

Mr Wrinkle said that despite
meeting with Ministry of
Finance officials, along with
the engineers and architects,
on the issue was “not quite
sure yet” how the EPA would
impact the Bahamian con-
struction sector.

“If you don’t get in and get

‘something organised, you will

get-left out in the cold,” Mr
said. “They’ve
brought the private sector into
it, and hopefully they will

implement some of those

things.”

- Mr Wrinkle described pass-
ing the Contractors Bill as
“very critical”, given the
impending EPA, as if the
Bahamas did “not have the
licensing in place, the foreign
contractor can come in with-
out a Bahamian licence and do
his construction”.

“If the legislation is in place
to require licensing, foreign
contractors will have to meet
those requirements. One of the
main requirements is to have
Bahamian status, either as a
citizen or a resident with the
right to work. They will have to
meet that criteria or receive a
waiver from the Board”.

The proposed Board will
regulate the construction
industry. In a January 24,
20008, letter to Dr Earl
Deveaux, minister of works
and transport, on the BCA’s
recommendations on the Con-
tractors Bill, Mr Wrinkle wrote
that the legislation should
“make a provision for joint
venture partnerships (over
issuance of licences) to foreign
contractors, developers or oth-
er non-licensed parties if it is
determined by the Board that
a contract is too large for
Bahamian contractors.

“Our thinking on this issue
relates to the inevitable signing
of the EPA as well as foreign
development projects. If we
have national controls, stan-
dards and requirements incor-
porated in the Bill, it will help
to preserve the industry for
local contractors, and at least
make some provision for them
to joint venture contracts
ahead of just issuing licences
to foreign entities.”

Mr Wrinkle also urged Dr
Deveaux to recognise the BCA
as an “approved association”.

“We are becoming more
involved in regional and inter-
national issues that affect our
industry (EPA, Caribbean
Construction Council, CARI-
COM Forum etc),” Mr Wrin-
kle wrote, “and we need to
have the recognition and sup-
port of not only our industry
but the Government to be
recognised as legitimate rep-
resentatives of the industry.

“It is going to become
increasingly important that the
construction industry has good
and credible representation to
protect our interests not only
nationally, but at the interna-
tional level as well.”

Legal Notice

NOTICE | ;

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SWANLEIGH PROPERTIES LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 137 (4) of
the International Business Companies Act (No. 45 of 2000),
SWANLEIGH PROPERTIES LIMITED is in Dissolution.”

The date of commencement of dissolution is the 10th day of January, 2008.

MAYO SECREATARIES LIMITED
Akara Building, 24 De Castro Street
Wickhams Cay I, Road Town,
Tortola, BVI
Liquidator





COMMONWEAL THE OF THE BAHAMAS
IN THE SUPREME COURT

EQUITY SIDE

2008
No. F.P. 0003

fa

NOTICE

THE QUIETING TITLES ACT 1959

The Petition of Honeyside Investments Limited, a corporate entity
incorporated under the laws of the Commonwealth of the Bahamas in
respect of: , é

ALL THAT piece parcel or lot of land situate in the Settlement of
Hunters in the Island of Grand Bahama one of the Island of the
Commonwealth of the Bahamas, and by admeasurement an area of
42.295 acres and being property bounded NORTHWARDLY by land
now or formerly the property of The Grand Bahama Port Authority
Limited and running thereon Eight Hundred and Twenty-eight feet and
Thirty-nine Hundredths of a foot (828.39") EASTWARLY by land said

to be the property of Granville Lewis and running thereon Twenty-

one Hundred and Forty-two feet and Fifty-four Hundredths of a foot
(2142. *4') SOUTHWARDLY by the main public road Forty feet (40’)
wide and running thereon Eight Hundred and Eighteen and Sixty-six
Hundredths of a foot (818.66') and WESTWARDLY by a Twenty -five
foot (25') wide road reservation and running there on Eight Hundred and
Fifty-six feet and Fifty Hundredths of a foot (856.50') and continuing by
land being a portion of the David Wildgoose Tract Fifteen Hundred and
Twenty Eight feet and Ninety - one Hundredths of a foot (1528.91 ‘)said
piece parcel or lot of land having such position marks and dimensions
as are shown on plan 358 G.B. surveyed by Stanley S. Lowe,
Registered Land Surveyor, No. 23 and thereon colour pink.

HONEYSIDE INVESTMENTS LIMITED the Petitioner in this matter
claims to be the owner in fee simple in possession of the said piece
parcel lot of land and has made application to the Supreme Court of the
Commonwealth of the Bahamas under Section 3 of The Quieting Titles
Act 1959 to have its title to the said land investigated and the nature
and extent thereof determined and declared in a Certificate of Title to be
granted by The Court in accordance with the provisions of the Act.

COPIES of the said plan may be inspected during normal office hours at
the following places:

(a) The Registry of the Supreme Court Northern Jurisdiction in the
Garnet Levarity Building in the City of Freeport on the Island of Grand
Bahama.

(b) The office of the Administrator for the Settlement of Eight Mile Rock,
Grand Bahama.

(c) The Chambers of Cash, Fountain situate at Suite A, Mable House,
West Sunrise Highway, Freeport, Grand Bahama, Attorneys for the
Petitioner.

NOTICE is hereby given that any person having dower right to dower or
an adverse claim or a claim not recognized in the Petition shall within
Thirty (30) days after last appearance of this Notice in the various local
newspapers file in the Supreme Court of The Commonwealth of the
Bahamas Northern Jurisdiction aforesaid and serve on the Petitioner
or the undersigned a statement of his or her claim in prescribed form,
Verified by affidavit to be filed therewith. Failure of any such person

to fiie and serve a statement of his or her claim and the requisite
documents on or before the said Thirty (30) days

stated herein will operate as a bar to such claim, i.e. on or before the
22nd day of March,

A.D. 2008.

CASH, FOUNTAIN
Chambers

Suite A, Mable House
West Sunrise High Way
Freeport, Grand Bahama
Bahamas

Attorneys for the Petitioner
PAGE 6B, TUESDSAY, MARCH 11, 2008

THE TRIBUNE



Grounding of tanker
causes gas shortage

To ativertise in The Tribune,
just call 502-2362 today!

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, REEBA INDERIA
GREEN of Pinewood Gardens, Nassau, Bahamas, intend
to change my name to INDERIA REEBA TEAGAN GREEN.
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.

NOTICE

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

NOTICE

NOTICE is hereby given the EUNISE ST. JEAN of MARKET
STREET, NASSAU, BAHAMAS, is applying to the Minister
resposible for Nationality. and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of
the facts within twenty-eight days from the 4TH day of MARCH,

2008 to the Minister responsible for Nationality and Citizenship, ~

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

NOTICE
RBC FINCO INVITES TENDERS:

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Parcel of Land Port William
Grant, situated in the Western District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Single Family Residence consisting of 3 Bedrooms, 3
Bathrooms.

Property Size: 12,000 sq. ft.
Building Size: 2,756 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 3519”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

Se

UNCON MNNT D

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.

@ By CARA BRENNEN-






Providence found themselves

BETHEL unable to find gasoline at
Tribune Business many gas stations yesterday
Reporter morning, the result of short-
ages caused when the Ficus
MOTORISTS in New tanker recently ran aground

off the south-west coast of
New Providence. .

The Tribune, after hearing
reports from several
motorists that they had been
unable to find gasoline,
inquired at a number of ser-

- vice stations, whose employ-
ees all said the fuel shortage
experienced by some stations
was the direct result of a
rationing following the
tanker incident.

“T know that many of the

INSIGHT

For the stories
behind the news,
read Insight
on Mondays



RS FINCO

eS.
NOTICE —

RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot #17, Blk #16, Millar’s
Heights Subdivision situated in the Southern District on the Island of
New Providence one of the islands of the Commonwealth of The Bahamas.
Situated thereon is a Semi Commercial Building consisting of | (3)
Bedrooms, (2 1/2) Bathrooms and a Duplex consisting of (2) Bedrooms,
(1) Bathroom each.

Property Size: 7,000 sq. ft.
Building Size: 1,440 sq. ft. (House)
Building Size: 1,632 sq. ft. (Duplex)

' This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED. |

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 2891”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot No. 141, Winton
Meadows Subdivision situated in the Western District on the Island of
New Providence one of the islands of the Commonwealth of The Bahamas.
Situated thereon is a Single Family Residence consisting of (3) Bedrooms,
(2) Bathroom.

Property Size: 8,000 sq. ft.
Building Size: 2,010 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 9867”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.





Pricing Information As Of:
Monday, 10 March 2008



_ BISXA





=) FIDELITY

BISX LISTED & TRADED SECURITIES - VISIT WWW.GISKBAHAMAS COM FOR MORE DATA & INFORMATION
_ BISX ALL SHARE INDEX: CLOSE 1,988.64 / CHG 0.92 / %CHG 0.05/ YTD -78.11/ YTD % -3.78

reported last week in San Sal-
vador.

The Port Department and
the Defence Force worked
around the clock to remove
the doubled -hulled vessel,
which carried 120,000 barrels
of oil.

The big fear was that the
oil would leak out and cause
tremendous environmental
damage.

The Port Department of
the Ministry of Maritime
Affairs oversaw the removal
of the 44,788 ton-tanker from
the rocky underground
peninsula near Goulding
Cay, with the Defence Force
lending its assistance.

companies were rationing
fuel, and the amount that
they were sending was not
enough to last the day, but I
know that we are supposed to
receive a full shipment today
and so we should be OK,” a
Texaco attendant told Tri-
bune Business.

Attendant

A Shell attendant told The
Tribune they had been out of
gas since the weekend, and
an Esso attendant said that
while they had gas, they
understood that the shortage
was due to the tanker.

Similar fuel shortages were

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot 305 feet south of
Adelaide, situated in the Western District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Duplex consisting of 1 (3) Bedrooms, (2) bathrooms and 1
(1) Bedroom, (1) Bathroom.

Property Size: 5,691 sq. ft.
Building Size: 2,000 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, P.O. Box N-7549, Nassau,
Bahamas and marked “Tender 1755”. All offers must be received by the
close of business 4:00 pm, Friday 21st March, 2008.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“ALL THAT piece parcel or lot of land being Lot No. 101, St. Andrew’s
Beach Estates situated in Southern District on the Island of New Providence
one of the islands of the Commonwealth of The Bahamas. Situated
thereon is a Single Residence.

Property Size: 5,000 sq. ft.
Building Size: 1,312 sq. ft.

This property is being sold under Power of Sale contained in a Mortgage
to FINANCE CORPORATION OF BAHAMAS LIMITED.

All offers should be forwarded in writing in a sealed envelope, addressed
to the Manager, Royal Bank Collections Centre, PO. Box N-7549, Nassau,
Bahamas and marked “Tender 2311”. All offers must be received by the
close of business 4:00 pm, Friday 1st February, 2008.












Div $ P/E Yield































Key job functions and responsibilities include: ae ao oy y Previous a Today's Close Change Daily Vol. EPS —
11.80 11.25 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%
Pp a . . 9.68 8.50 Bank of Bahamas 9.61 9.61 0.00 0.643 0.160 14.9 2.71%
ee 7 = C 0.99 0.85 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
re iding leadership set the climate and pace for 3.74 2.00 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46%
success and high achievement , in the school. 2.70 1.26 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
a: atu 13.60 10.03 Cable Bahamas 13.60 13.60 0.00 1.030 0.240 13.2 1.76%
7 Organizing and supervising schedules, 3.15 2.10 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 1.27%
8.50 4.67 | Commonwealth Bank (S1) 7.14 7.16 0.02 28,381 0.428 0.260 16.7 3.63%
programmes, records and school procedures. 7.22 3.78 Consolidated Water BDRs 3.87 3.78 -0.09 0.129 0.052 30.0 1.34%
aor : 2.60 2.20 Doctor's Hospital 2.46 2.46 0.00 0.316 0.020 7.8 0.82%
- Supervising and evaluating teachers and support 7,90 B84 © Pomauee >” 7.90 7.90 000 ©1000-0713. «280 11.1 3.57%
staff 13.01 12.30 Finco 12.92 12.92 0.00 0.810 0.570 16.0 4.41%
; 14.75 13.90 FirstCaribbean / 13.99 13.99 0.00 0.914 0.470 15.3 3.36%
- 1 _of_ 6.10 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72%
Managing records, school finances and end of 1.00 0.54 ae Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00%
rearc 1 8.00 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14%
yeal closing procedures. . 12.50 860 J.S. Sonneon 12.30 12.30 0.00 1.059 0.610 11.6 4.96%
- Communicating with parents, community groups 10.00 10.00 Premier Real Estate __10.00 10.00 0.00 1.167 0.600 8.6 6.00%

Fidelity Over-The-Counter Securities




































and organizations 52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price | Weekly Vol. EPS $
- i : : . 7 Bah Ss ket: 14.60 15.60 16.00 0.900
- Displaying consistent organizational and human Boo G00” ‘carbbecn Greece (ean 6.00 625 6.00 0.000 0480 NM 7.80%
: : es 0.54 0.20. _RND Holdings 0.35 0.40 0.35 -0.023 0.000 NIM 0.00%
relationship skills. é Colina Over-The-Counter Securities
- Ass ; 41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
Assisung the Education Department with and 14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0900 13.4 6.16%
initiating Staff Development Programmes. 0.55 0.40. RND Holdings 0.45 0.55 0.45 -0.023 0.000 NIM 0.00%
BISX Listed Mutual Funds J




Last 12 Months Div $ Yield %




NA V
1.300059***
2.982729*
1.381183***** 0.39% 3.85%

YTD%



Fund Name
1.2037 Colina Bond Fund
3.0008 2.6254 Colina MSI Preferred Fund
#1.3812 1.2647 Colina Money Market Fund













Applicants should submit a cover letter, Curriculum
























j © 1 oO 1 *, 7
Vitae, coples of degree certificates three refer ences 3.7969 3.1424 Fidelity Bahamas G & | Fund 3.7442*** -1.40% 27.72%
¢ : 11.9880 11.4467 Fidelity Prime Income Fund 11.9880*** 0.46% 5.53%
and passport photographs to: 100.0000 100.0000 CFAL Global Bond Fund 100.00**
100.0000 100.0000 CFAL Global Equity Fund 100.00**
1.0000 1.0000 CFAL High Grade Bond Fund 1.00°**
7 . 10.5000 9.6628 Fidelity International Investment Fund 9.6628°**
The Director of Education FINDEX: CLOSE 000.00 / YTD 0.00% / 2007 34.47%
The Anglican Central Education Authority ne ALL Soone INDEX - Dec bee oe MARKET TERMS a aa eet eine ae closing price NAV KEY



Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company’s reported earnings per share for the last 12 mths

ist 52 weeks



* - 29 February 2008
ni



P.O.Box N-656
Nassau, Bahamas



revious day's weighted price for daily volume
ghted price for daily volume
rom day to day



wee 31 uary 2008
seer 2 ary 2008
bruary 2008









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

ded today’
Ss per share paid in the last 12 months





led by the last 12 month earnings
Effective Date 8/8/2007






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



plit - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7610 / FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242)


THE TRIBUNE
GN-656



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
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
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 1
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.
HARAMIIS 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

TUESDAY, MARCH 11, 2008, PAGE 7B

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

ial od oP Loc
rod b 164 &!

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 SUPREME 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 8B, TUESDSAY, MARCH 11, 2008





Banks to ‘rethink lending |
strategies’ due to Baha Ma

FROM page 1B

lihood that the foreign direct
investment cap tal inflow asso-

foreseeable future, due to Har-
rah’s Entertainment’s decision

But there is now every like-

* _ Cash flow forecasting & analysis



oe 20e7. Deadline: March 18, 2008.

ciated with Bala Mar will not
materialise, a: least for the

to terminate its joint venture
partnership at Cable Beach.






















Career Opportunities



Montana Holdings Ltd, based in Nassau, is the developer of Rum Cay. Resort
Marina and seeks to hire a eae dius for the following position:

Financial Accounting Manager
Core Responsibilities: v
eEffectively communicate financial information. to ensure management has an.
accurate understanding of project performance, factors influencing performance and.
sensitivities to assist management in strategic, operations, panning) gecisien making
Achieve reporting deadlines, in an accurate and reliable manner)
‘»=Make recommendations as often as poss to Pe the financial position of the.
projects and the overall business. ; ; i





Job Description: 4
«Manage all day-to-day responsibilities of the Financial = operation



Oversee development cost capitalization
Resolution of technical accounting issues.

Oversee journal entries & reconciliations |

Ad hoc projects and business plans (includ) ng. financial modeling)
Supervise the year-end closing processes and eens
Supervision of one junior accountant






Requirements / Qualifications: ae ies
Bachelors Degree in Accounting or chuivaient field
Professional Certification and prior leaders




p
Self starter with ability to drive issues to Fesolution B ao
Ability to manage priorities and work under tight deadlines a
Ability to communicate effectively with all levels of Management ©
Advanced Excel skills (including model building, complex formulae and be tables)
Advanced knowledge of Guise Books Aecounee Software

3





Candidate must posses a “can do” attitude and beeen players”. “We offer an
excellent benefits package and competitive et Fora confidential :
interview please submit your resume to on elle.



“Convenient. Delivery of The Tribune
gives me a head start in the mornings:
it satisfies my appetite for information
about Bahamian, international, business
and sporting news before leaving
home for work. The Tribune is
my newspaper,”





HAROLD ANTOR

INSURANCE EXECUTIVE 1 year (52 weeks)

3 months (13 weeks)
6 months (26 weeks)

Some sources pegged the
potential foreign currency
inflow that Baha Mar could
have generated this year at
$300 million.

Describing developments
surrounding Baha Mar as “dlis-
appointing news”, Mr Sunder-
ji told The Tribune yesterday:
“The banks were relying sig-
nificantly on foreign direct
investment inflows this year to
boost foreign exchange
reserves and domestic liquidi-
ty,

“Clearly, we will have to
rethink our lending strategies
going forward until we have a

clearer picture of what is going

to replace that foreign direct
investment this year.”

Commercial banking system
liquidity refers to the surplus
assets in the banking system
that are available to banks for
onward lending purposes, such
as mortgages, commercial and
consumer loans.

A liquidity shortfall could
impose upward pressure on
interest rates attached to loans,
increasing borrowing costs for
Bahamian businesses and con-
sumers.

The Tribune was told earlier
this year that commercial
banking system liquidity was
“not at optimum level”, stand-
ing at around $184 million at
end-January 2008.

In addition, a liquidity short-
age may also impact deposit
rates as banks offer increas-
ingly attractive deals to attract
relatively scarce deposits,
which they can use for onward
lending purposes. In turn, this
would impose pressure on
banks’ interest margins, some-
thing that could impact their
profitability and shareholder
returns.

Apart from Royal Bank of
Canada’s consumer lending
arm and Scotiabank, all other

a*

ding Bahamian

The Tribune’s

partment at 502-238:

$ 45.95
$ 84.95
$160.00

Paul McWeeney



domestic financial institutions
are listed on the Bahamas
International Securities
Exchange (BISX) - FINCO,
Bank of the Bahamas Interna-
tional, Commonwealth Bank,

Fidelity Bank (Bahamas) and ,

FirstCaribbean International
Bank (Bahamas).

Meanwhile, Mr Sunderji said -

it was difficult to quantify how

‘much the Bahamian econo-

my’s 2008 total output, or
GDP, would be impacted if the
Baha Mar project did not take
place or was delayed.

Yet he agreed with many
observers who believe devel-
opments at Cable Beach will
have a dampening effect on
the economy, and shave sev-
eral percentage points of
Bahamian GDP growth pro-
jections for 2008.

The Government had pro-
jected the Bahamian economy
would grow by 3.5-4 per cent in
2008, while Wall Street credit
rating agency Standard &
Poor’s (S&P) had forecast
growth as being closer to 3 per
cent.

It is unclear just how much

Y

THE TRIBUNE







those predictions were reliant
on Baha Mar coming: to
fruition, but it is likely the pro-
ject will have accounted for
several percentage points ice
both estimates.

Mr Sunderji said: “It’s very
difficult to quantify the impact
in terms of numbers for GDP,
but clearly it’s going to be low.
er than the numbers forecast
before. i

“Clearly, we’re going to be
at the lower end of the Gov-
ernment range, and I suspect
we will be closer to S&Ps.”

Paul McWeeney; Bank of
the Bahamas International’s
managing director, agreed that
a major part of the projectec
capital inflows into thé
Bahamian banking system

“could be in significant jeop-
ardy” if the Baha Mar project
did not proceed as planned.»

“If the deal is dead, the
effect will bring about Serious
concerns for the banking se¢-
tor,” Mr McWeeney said. “The:
sector was relying heavily on
foreign direct investment com-
ing from the Baha Mar project
and other investments. %

“It was a significant part of
the new cash flow coming into
the system. It could have a sig-
nificant impact for the cost of
funding. It does have a ripple
effect.”

Mr McWeeney said eral
Entertainment’s decision “ cer-
tainly puts a damper” on
Bahamian consumer confi-
dence and other expectations
they may have going forward,
as well as potentially casting a
negative shadow over Bahami-
an money markets.

Explaining that the Bahami-
an economy and monetary sys-
tem were “based on external
reserves”, Mr McWeeney said
foreign exchange satot i

determined the amount of li
uidity in the banking system.

The Tribune —

4 ‘ fe
Me y VMew GOGH!