Citation
The Tribune

Material Information

Title:
The Tribune
Uniform Title:
Tribune (Nassau, Bahamas)
Portion of title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Copyright Date:
2008
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

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

Notes

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

Record Information

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

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Full Text
TRY OUR
McFLURRY

The Iribune



i'm lovin’ it.

CHIPS AHOY



SOF
79F

SUN AND
CLOUDS

Volume: 104 No.175

HIGH
LOW







ANY TIME...ANY PLACE, WE’RE Fl

‘BAHAMAS EDITION

SATURDAY, JUNE 21, 2008

Alleged dru

o

Kingpin caught

Melvin Maycock Sr back in custody
‘® Capture follows high-speed chase

@ By NATARIO McKENZIE _

ALLEGED cocaine kingpin
Melvin Maycock Sr, who is
wanted by US and Bahamian
authorities, is back in police cus-
tody having been captured by
officers of the police Drug
Enforcement Unit yesterday in
western New Providence.

“Around 1.45 pm officers of
the Drug Enforcement Unit
intercepted him in the area of
John F Kennedy Drive and
West Ridge,” Superintendent
Anthony Ferguson, head of the
Royal Bahamas Police Force
Drug Enforcement Unit, told
the Tribune yesterday. Accord-
ing to Superintendent Fergu-
son, Maycock Sr, 41, was trav-
elling alone in a jeep in the area
when DEU officers interceDt
ed him.

Supt. Ferguson said that
DEU officers were conducting
an operation in the area. when
they saw Maycock Sr.

He said Maycock Sr was not
found to be in possession of any
drugs at the time. Supt Fergu-
son said that Maycock should
appear in court early next week.

Maycock Sr is accused of
heading the Caribbean arm of a
multinational drug gang that
allegedly transported marijuana
and cocaine from Colombia and
Jamaica into the US. Florida
prosecutors requested his extra-
dition in June 2004.

Maycock is alleged to have
headed a drug transportation
organisation with Pedro Smith.

US authorities have charged
Melvin Maycock, Pedro Smith
and 19 others, all alleged mem-

SEE page 11

Tim
Clarke/
Tribune
Staff

$4.3m in mortgages
in arrears, says BMC

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



Some $4.376 million in mortgages at the Bahamas Mortgage Cor-
poration are in arrears and the management of the state lender is
making another public appeal for customers to make payment
arrangements before properties are foreclosed.

At a news conference yesterday at the BMC’s headquarters,
Jerome Godfrey, managing director at the BMC, said that the
$4.376 million figure as of May, amounts to 26.04 per cent of the
lender’s overall portfolio, and concerns 773 people.

Despite the large figure, Mr Godfrey, explained that the BMC

SEE page 11

POLICE speak to one of f the divers “anges vehicle was bellaved to Rais been hit during the
high-speed chase on JFK yesterday in which alleged drug kingpin Melvin Maycock Sr was
captured. Two vehicles were damaged (see below). The drivers were unhurt.

AN EYE WITNESS explains to the press what took place after yes-



‘Pulsating’ Independence Day
celebrations in prospect

THIS year's National Pride and Independence Day cele-
brations are planned as a "pulsating cultural explosion," fea-
turing seven days of events in New Providence and the Fam-
ily Islands.

On July 4 - the first Friday before Independence Day —
National Pride Day celebrations will begin at 6 am, broadcast
live from Rawson Square. The One Bahamas organisation will
kick off the ceremony with a flag raising service by the RBPF
followed by a cultural song and dance show.

Food vendors will offer free samples of local cuisine as cos-
tumed characters such as Blackbeard the Pirate and Christo-
pher Columbus entertain the crowd. '

SEE page 11










10.
up all mr

McDonald's downtown
drive-thru is now open

24 hours

ade hhc rata eRe]



@ By NATARIO McKENZIE

A MAN in his late thirties
died early yesterday morning
from a gunshot wound to the

‘chest in what could be a suicide,

although police for now are
classifying his death as “suspi-
cious.” ake
Inspector Christopher
Wright of the homicide division
of the Royal Bahamas Police
Force said yesterday that there
are signs that Gregory Moxey,
39, of Skyline Lakes might have
committed suicide, however, no
official classification can be
made until after a post mortem
report is done.
According to Inspector
Wright, police received reports



riers, ae
MOET & CHANDOM

Firebh on 118

atin,

Tete PATRON i

goerena



of gunshots being fired at a Fire

Trail Road apartment complex.

near the rear of Bahamas Faith
Ministries (BFM) sometime
around 2 pm. He said that when
officers from the Carmichael
Road police station arrived at
the scene, they found Moxey in

the driver's seat of a GMC

Yukon jeep which was parked
outside the first apartment.
"He had an apparent gun-
shot would to the left chest. Just
next to the body was a twelve
gauge shotgun along with a
twelve gauge fired cartridge,"

‘ Inspector Wright told members

of the media at the scene of the
incident yesterday morning.

SEE page 11

‘Hotel workers receive personal

cheques from union president

@ By MEGAN REYNOLDS
Tribune Staff Reporter

HOTEL union workers,
denied their pay for two weeks
because of an internal execu-
tive dispute, were compensat-
ed with a personal cheque from
union president Roy Colebrook
yesterday.

The employees of* the
Bahamas Hotel Catering and
Allied Workers Union on Har-
rold Road were not paid last
Friday because the payroll had
not been authorised by a
trustee.

When the trustee failed to
sign the papers again this week,

SEE page 11

for housing development.

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



HOTEL CATERING and Allied Work-
ers Union president Roy Colebrook
presents the stack of personal pay
cheques for union employees to
pay mistress Chery! Rolle.

Govt seeks $75m bond

IN its largest parliamentary request since the creation of the
Bahamas Mortgage Corporation 23 years ago, government intro-
duced a Resolution for a $75 million housing bond to facilitate the
development of housing subdivisions in New Providence and the
Family Islands, FNM Senator Rev. Frederick McAlpine said yes-

terday.

The bond will be issued in $25 million increments, he said.
Government is currently procuring land in New Providence,
East and West Grand Bahama, Freeport, North, South and Central

SEE page 11







PAGE 2, SATURDAY, JUNE 21, 2008

THE TRIBUNE



Court appeals,

resentencing
issues stopping |
hangings — AG















































@ By JASON DONALD

I turns out the biggest
twist in M Night Shya-

malan’s career isn’t the cli-
max of The Sixth Sense, it’s
that after such a fantastic
debut, he would eventually
churn out one of the worst
major releases of the new
century. ,
The Happening (luckily for
M the Trade Descriptions
Act doesn’t apply to movie
titles) opens with its best
scene: a woman Sitting in
New York’s Central Park
who slowly realises some-
thing strange is going on.
People in the distance seem
to be harming themselves;
the woman sitting on the
bench beside her goes into a
kind of confused trance and
pretty soon everybody in the
area commits suicide. At first
this is thought to be the work

THE HAPPENING —

Starring: Mark Wahlberg, Zooey Deschanel, John Leguizamo

of terrorists releasing a neu-
rotoxin and New York is
evacuated, but when similar
incidents take place all across
the north-east of the US, the-
ories of a more natural threat
come into play.

Sounds intriguing? Don’t
be fooled by the tasty
premise, because this ‘one
goes downhill quickly once
we’re introduced to math
teacher Elliot (Wahlberg,
who, despite being physical-
ly unaffected by the “hap-
pening” appears to be in a

- confused trance of his own).

Hearing of the strange

FIL PREMIERE



events, Elliot and his wife
(Deschanel) flee their
Philadelphia home along
with his best friend
(Leguizamo) and his daugh-
ter.

But what are they fleeing?
Why are only some people
killing themselves? Will the
odd nature of Elliot’s rela-
tionship with his wife ever
be revealed? After endless
scenes of Wahlberg and Co
running through fields from

nothing in particular I could-

n’t have cared less.
This is precisely The Hap-
pening’s problem. Shya-



FUNKY.



Not much Happening ... other than an awful mess

malan’s story is essentially a
idea padded into 90 minutes
with no clue how to resolve
itself,

And the film isn’t helped
by a truly atrocious script.
Watching the principle char-
acters make clumsy allusions
to some muddled history
between them is painful - and
poor Wahlberg, a good actor
normally, really struggles
with what little he’s given.
Whether addressing students,
his wife or soldiers, he speaks
to everyone in a John
McCain-esque sing-song
voice - like he’s talking to
five-year-olds. ,

It’s a real mess and you
can’t help wonder where
Shyamalan goes from here.
After nonsense like The Vil-
lage and Lady in the Water I
was convinced the only way
for him to go was up.

But he’s proved me wrong
— so at least he’s still got an
eye for a good twist.

| PICTURED from
left, actor John
Leguizamo,
actress Ashlyn
Sanchez, actor
| Mark Wahlberg,
‘actress Zooey
Deschanel,
director M. Night
Shyamalan and

Buckley attend

film premiere at
| the Ziegfeld The-
| ater on Tuesday,
| June 10, in New
| York.

@ Evan
Agostino
/AP Photo



actress Betty ©

"The Happening’ .



HB By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunmedia.net

A SERIES of court appeals
and re-sentencing issues are
indefinitely preventing hang-
ings, Attorney General Claire
Hepburn said.

Senator Hepburn said capi-
tal punishment is not being
carried out on those sentenced
to death because they are enti-
tled to due process through
the Jaw — not because there is
a moratorium on the death
penalty.

"Contrary to what is being
said by some about this sub-
ject, the government does not

have any form of stay or mora-

torium on the consideration
of whether mercy would be
extended or death warrants
recommended by the advisory
committee on the prerogative
of mercy, established under
article 90 of the constitution,"
said Senator Hepburn as she
moved the 2008/2009 budget
during the morning session of
the Senate on Thursday.

"The simple fact of the mat-
ter is that there are no.cases of
anybody under sentence of
death in the Bahamas who
does not have some form of
judicial appeal or re-sentenc-
ing exercise to go through.

“The due process require-
ments of the law must and will
be respected by this govern-
ment".

The escalating crime and

murder rate coupled with a.

spate of brazen killings has re-
ignited the call for hangings of
those convicted of murder.





Khodee Davis staged a pro-

capital punishment
march/demonstration urging
government to enforce hang-
ings.

About 600 people took part
in the demonstration and
marched about 18 miles.

In April, while attending a

- Heads of Government Sum-

mit in Trinidad, Prime Minis-
ter Hubert Ingraham said the
death penalty would be car-
ried out whenever the courts
determine that it should be.
"Speaking for myself and
the Bahamas, we have a num-
ber of appeals pending and
should the Appeals Court
determine that the sentence
of death be carried out, we

Last week, family and=simtemd-to do so," said Mr

eae

areip



friends of slain teenager=-Ingraiam.
eee | Sx





THE TRIBUNE

LOCAL NEWS

SATURDAY, JUNE 21, 2008, PAGE 3





EU agrees to
lift sanctions
on Cuba

m By JAN SLIVA
BRUSSELS, Belgium

The European Union on
Thursday agreed to lift its diplo-
matic sanctions against Cuba,
but imposed tough conditions
on the communist island to
maintain sanction-free relations,
officials said.

The U.S., which has main-
tained a decades-long trade
embargo against Cuba, criti-
cized the move, saying there
were no significant signs the
communist island was easing a
dictatorship. An independent
analyst predicted it would have
no affect on U.S. policy toward
the Caribbean island.

EU External Relations Com-
missioner Benita Ferrero-Wald-
ner said the bloc felt it had to
encourage changes in Cuba
after Raul Castro took over as
the head of the country’s gov-
ernment from his ailing brother
Fidel.

“There will be very clear lan-
guage also on what the Cubans
still have to do ... releasing pris-
oners, really working on human
rights questions,” she told
reporters at an EU summit.
“There will be a sort of review
to see whether indeed some-
thing will have happened.”

The largely symbolic decision
takes effect Monday.

The diplomatic sanctions,
which banned high-level visits
to EU nations by Cuban offi-
cials, have not been in force
since 2005.

They were imposed in 2003
following the arrests of dozens
of dissidents but suspended two
years later.

In Havana, state television
mentioned the EU’s decision
briefly but did not give any gov-
ernment reaction.

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Reserve police officers not being pai:

In brief MANY RESERVISTS REPORTEDLY STRUGGLING TO MEET FINANCIAL OR anON




on time — despite Minister’s claims

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

Contrary to assertions by
the Minister of National Secu-
rity, more than 800 reserve
police officers are still not
being paid in a timely fashion
and by next Friday, will be

‘owed three months pay.

“They say that there’s a
wrinkle in the system and they
just need some time to iron it
out. Well how big is this wrin-
kle? And what kind of iron
do you need?” a concerned
reservist asked yesterday.

The officer, who told The
Tribune that many reserves
are struggling to meet their
financial obligations without
the “payment they deserve”,
said that there is talk among
officers of suspending their
work until they are paid.

“If you had to see the
Teserves stop working this

Tommy Turnquest







place would catch hell. In
every division in police force
you have reserves. It’s very
noticeable. They put a dent in

Wanted for questioning
... in. connection with
PLIST SUIT LHb a is










Police are searching for Lavardo
Forbes, 24, for questioning in con-
nection with a causing harm investi-






gation.

Forbes is 5 feet, 10 inches tall and
weighs 140lbs. His last known address





was #219 Graham Drive.

Anyone with information on the
whereabouts of Forbes, is asked to
contact officers at the Central Detec-.
tive Unit at 502-9930/ 9991; the police
control room at 322-3333; crime stop-
pers at 328-8477; or 911/919.















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crime, trust me,” he said.
Police reserves have been suf-
fering since a new payment
system was implemented at
the start of the year.

After complaining to the
press in May, they were paid
that month for their work up
until March, but have yet to
be paid since, the reservist
said.

During his budget commu-
nication, Minister of National
Security Tommy Turnquest
praised the work of the police
reserves, calling them “an
extremely important organ of
the police force”.

He also told the House of
Assembly that pay problems
for the officers had been cor-
rected — a statement which led
the reservist to suggest that
Mr Turnquest has been “given
the wrong information.”

The problem is not that the
system is a bad one, said the

officer, but that there is an



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administrative hold-up some-
where along the line.

However, the officer ques-
tioned how this could be the
case when the process is “so
simple a kindergarten child
could do it.”

Rather than have a super-
vising officer “go around and
manually count” each
reservist’s hours, now each
reservist has his own
timesheet, on which he notes
his hours for the month.

A supervising officer then
checks it, signs it, and forwards
it to Police Headquarters,
from where it is sent to the
treasury for payment autho-
risation.

The officer questioned then
whether the documentation

was being delayed at Police
- Headquarters or higher up. -

“The officer who sends it to
Headquarters is a reservist
too, so I don’t think the hold
up is happening at that en

he said. Chantelle Stuart, 33,
and a single mother of one,
said in May that she was owed
more than $3,000 for her work
since the start of the year, and
was having a hard time paying
her mortgage and car pay-
ments, school fees and elec-
tricity bills.

“Every time you work you
put time in and the officer
signs it.

“All the time keeper has to
do is add up time and put the
stamp on it.:

“How many months does it
take him to add up sheets?”
asked another officer yester-
day.

The Tribune was unable to
reach the officer in charge of
the reserves yesterday.

A message left for under-
secretary in the Ministry of
National Security was not
returned, and Mr Turnquest
was said to be out of the office

for the day.

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PAGE 4, SATURDAY, JUNE 21, 2008

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Dreams for all fathers

IN A SPEECH to a large black church
congregation on Father’s Day, Barack Oba-
Ina struck two chords: of personal respons:
bility and of public opportunity.

He called on dads, especially African-
American fathers, to do more for their chil-
dren. And he called for the government to
meet these fathers halfway, with policies that
would further their prospects.

Listeners may respond only to the. one
chord that resonates with them: blaming only
negligent fathers or only an indifferent gov-
ernment.

But the solution to black impoverishment
involves both changes in attitude toward
fatherhood that must be made individually,
and structural changes in the society that
only government can bring about.

Obama Spoke of too many fathers” who
are “missing from too many lives and too
many homes.”

He said, ’We need fathers to realize that

responsibility does not end at conception. |

We need them to. realize that what makes
you a man is not the ability to have a child —
it’s the courage to raise one.”

Far from the radical some paint him as,
Obama’s speech showed a decidedly con-
ventional, even conservative side, _

He preached a useful gospel of making
‘better choices no matter what one’s life cir-
cumstantes, of getting up off the couch to

play with the kids and of getting a job to pay”

for the diapers.

It’s a pitch that’s bound to. appeal to white

and black voters alike.

In his campaign, Obama should also press
for targeted policies that help fathers meet
their obligations.

In his speech he called for job training and
job opportunities, for "expanding maternity
and paternity leave,” and guaranteed sick
leave for every worker, so that people can
care for their children without losing money.
Other pressing issues include more oppor-
tunities for fathers to attend college, to
increase their earnings and thus their ability
to support a family.

Former convicts need‘more help finding
and keeping jobs so they can support families

and avoid reoffending and returning to jail. ©

Obama also praised the power of hope,
*that spirit inside us that insists, despite all
evidence to the contrary, that something bet-
ter is waiting for us if we’re willing to work for
it and fight for it.”

Obama’s undeniable advantage’ in taking
on such knotty social issues is that he is walk-
ing, talking evidence of just how far person-
al effort can. go.

And his work as an organizer in Chicago,
which included pressing for job training pro-
grammes, shows his faith in the promise of
public opportunities.

Other fathers face harder roads with
thornier obstacles, but they could do so in
an era when government helps encourage
success that may at first seem improbable.

(From The Boston Globe — c. 2008).

Army has to _
recover from war

FORT BRAGG, N.C. (AP) — The -

Army’s top officer said Friday it will take
three to four years to put the Army back in
balance after seven years of war.

“Right now, the Army is out of balance. ©

We’re stretched and stretched by the fact
that we didn’t have a big enough Army to do
the things the nation is asking us to do since
Sept. 11,” said Gen. George Casey, the
Army’s chief of staff.

“Once, you.are off track it takes a long

time to put it back together.”

Casey met with a handful of teponses at
Fort Bragg. The four-star general visited the
Army base to attend a retirement ceremony
for Gen. Dan K. McNeill. Casey also visited
with paratroopers and families at several

“town hall” style meetings.

Casey became the 36th Chief of Staff of the
Army last year. During his first appearance in
front of Congress in September, he said the
Army was stretched so thin by the war in
Iraq that it cannot adequately respond to
another conflict.

Many of the paratroopers Casey met Fri-
day at Fort Bragg are on their second and
third deployment to both Iraq and
Afghanistan.

“We’ve not been able to sustain the rota-
tions and do the things we need to do to take
care of the volunteer force and prepare for
the future,” Casey said Friday.

But the general said a planned increase of

74,000 troops and efforts :to keep captains -

and senior sergeants in the service-will pay
off. The cumulative effect will be an increase
in time the soldiers are spending home
between deployments, Casey said.



sa

WL |



Media Company seeks young persons
who are computer literate and have
some experience in QuarkXPress.

Please apply to:

DA60743
c/o Tribune
P.O. Box N-3207
Nassau, Bahamas

or fax to (242) 328-2398

High time
for men to:
become °

real fathers

EDITOR, The Tribune.

TOO many men pretend to
be good fathers by simply
throwing money as if it will
erase their lack of presence.
They play no part in the rearing
of children who need them
most, especially during the most
impressionable years. These
years should not be taken light-
ly, because it is the most cru-
cial time that would help deter-
mine what kind of child will
emerge later.

Father’s day is a day for spe--

cial attention to be given to.all
fathers. Some deserve to be giv-
en accolades and some should
be jailed for their lack of par-
enting. There aré:some fathers
who would sacrifice everything
just to make sure their children
get what is needed.

But some abandon their fam-
ilies and give their time to any-
thing and everyone except their
children. This is wrong. This will

come back to haunt the unsus- .

pecting father and possibly
wreak havoc on society.

The male figure is the steel
in the foundation of the life of
any child. I know firsthand what
the absence of a father feels
like.

It is the most degradiiig, emp-
ty feeling anyone can experi-

- ence.

It plants in the subconscious
that this is acceptable and caus-

’es the child to: act out, some-

times on the unsuspecting soci-
ety. >
Children, especially young

men sometimes do the Same |
_ things they experience without

even realising what damage! is
being done.

Father’s day is a time of
reflection. Before I wander too
far, I must confess that I have
not been the model father for
my older children. I:would not
get.into specifics, but will admit
that I could have done a lot
more.

I should have resisted the
obstacles and fight harder to be
a part of my children’s lives.

I regret not being there for




LETTERS

letters@tribunemedia.net



them and will accept some of

the responsibility for any pitfall

they may have experienced.
God has smiled on me since
and blessed me with a son at
this late stage of the game. I
cherish every moment and will
spare nothing to be in his com-
pany. This time I will try to
redeem myself by being the
kind of.role model that any

. young man should be proud off.

I would sacrifice all to make
sure that he is exposed to the
most positive environment; this
should help shape his charac-
ter.

God has truly blessed me
with a second chance, and I am
eternally grateful. Nothing is

more important than my chil-"
dren, especially this youngest _

son.

On the contrary, my friends
have not yet grown up. They
are doing some of the same
things we did in the early 70s.
They hang around hotels, bars
and anywhere they could find
a lose female. They spend valu-
able time away from their fam-
ilies pretending to be “hard”.
They simply shirk their respon-
sibilities.

It is pathetic to see grown
men, every evening sitting at
bars, getting. drunk, neglecting
their families, getting home too
late to interact with their chil-
dren and worse of all, their
wives, and expect the family to
respect them.

How could we have a healthy
society when the leaders of the
family abdicate their responsi-
bility?

‘How could young men in par-

ticular, become productive citi- —

zens when they have never seen
any example of a good citizen?
How could our young men be
cordial and respectful of ladies
when their drunken father dis-
respects the family and.abuses
their wives in full view of the
terrified children?

-are screaming out for our atten-

Far too many Bahamian men » |
spend too little time with their |
families. They can find time to: /
be present for “every nail that ”
knocks” and no time for the |
family. oo

God bless the wives and
women of the Bahamas. Had it
not been for their diligence and_,
the many great fathers, this ~"
whole country would have col- |’
lapsed by now.

It is high time for men to stop *:
being boys. The women know 7 '
that all of the times when we ”
are having a drink with the boys '”
it may not be so. Women are ”
not fools. We must stop this
foolishness in an effort to save ”

our children, thus saving our

country. Our children and wives ’

tion, respect, protection and *
presence. ©

Our daughters need to expe- ~
rience the love of a father which
undoubtedly will prevent her *
from being exploited by older ©”
men in pursuit in her search for *'
a father figure. re

Our sons need a father to
help them experience what a
man should be.:

A mother cannot explain how ~
her son should be a man. She ‘
simply does not know how.

Mothers must stop covering %%
for lousy fathers; this is counter
productive and only makes mat- —
ters worse. fie

‘The collapse of the mindset * |
of our children is as a direct ©
result of our neglect of our fam- °-
ilies. 4

I confess that I could have
done better and all men should ~ ©
be man enough to admit to
themselves that they. have fallen
short.

This is the only way that we
would be able to turn this coun-
try around.

I make no apologies for being
open and honest.

More men should do the
same. This is the first step along
the long road toward healing.

_. Tam relieved.



IVOINE W INGRAHAM
Nassau, _..
‘June, 2008.

invernahonal School

Maintenance Manager

Lyford Cay International School seeks a Maintenance Manager starting in ©

mid-July 2008.

The Job

The job includes overseeing the maintenance of the school’s facilities and
grounds, management of a crew of 7 workers and the orderly and effective
support of school activity. Candidates must be prepared to work unusual hours,

be on call as needs arise, and carry out maintenance duties when necessary along

with the maintenance crew.

The Qualifications

Candidate must be high energy, fast hard workers who are patient, good humored,
articulate, good at planning, efficient in their work, good at communicating, and
knowledgeable in use of computers and software related to maintenance work.

In addition, the success candidate must have experience managing work crews
and maintenance, projects and supporting others in getting their work done. The
individual must also possess a wide knowledge and experience in using the tools
and materials necessary for building maintenance and small building projects.
Finally, the individual must be willing and interested in learning about building
materials and be keen to learn new techniques and act on constructive criticism.

Inquires can be made to 242 362 4774
Applications should include: 1) letter of application,

| 2) curriculum vitae,

3) digital photo of the candidate.

Application should be sent to:

jobs @Icis.bs





THE TRIBUNE

OAILUNVAT, JUINE 21, CUU0, FAUE ¥



Barer LOCAL NEW



Move for
review of
conduct of
local govt
elections

Seay eo) Ie

THE Supreme Court will
hear an originating notice of
motion seeking a judicial review

_of the actions of Minister. of
Local Government Sidney Col-
lie and Parliamentary Commis-
sioner Errol Bethel in the con-
duct of the local government
elections.

The matter is scheduled to be
heard on June 26.

It is being alleged that Mr
Collie and Mr Bethel failed to
comply in “material respects”
with the provisions of the Local
Government Act and the Par-
liamentary Elections Act.

The applicants claim that the
notice of nomination of candi-
dates was not conducted in
accordance with the law and
that polling division changes
were made without lawful
authority.

The applicants will be repre-
sented by attorney Damien
Gomez.

_TROPICAL
EXTERMINATORS

eye
Mistyse aby,



In brief |5*



NATOR SAYS PREVIOUS GOVT OFTEN FAILED TO AUDIT BOOKS

PLP blamed for BCB’s woes

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

THE lack of fiscal responsi-
bility by the PLP government
in not auditing the books of the
Broadcasting Corporation of
the Bahamas for most of their
term in office is responsible for
the corporation’s current diffi-
culties, Senator Kay Smith
charged. .

Mrs Smith, who is parlia-
mentary secretary in the office
of the prime minister with
responsibility for broadcasting,
touched on this issue and others
pertaining to the BCB, while
giving her budget contribution
in the Senate on Thursday.

She said that the FNM gov-
ernment is now working on
auditing the 2003 accounts, as
the last such audit was done in
2002. oo

“... it may seem like a
daunting task, but I’m happy to
report that we are on the way to

achieving that,” said the sena-
tor. The BCB has also been fac-
ing repeated acts of vandalism
to its broadcast tower by thieves
intent on stealing valuable cop-
per wire.

In November of last year,
radio stations 1240AM and
1540AM. went off-air due to
copper wire thefts at a BCB
South Beach station.

Mrs Smith said: “In May of
this year, we completed the
upgrades to the northern ser-
vice antenna system, replacing-a
condemned tower and installing
ground radials to re-establish
our signal pattern to comply
with our internationally
approved directional array.

“Unfortunately, all of the
copper used to establish the sig-

nal pattern has already bee.

stolen. Fortunately, that trans-
mitter has been tuned to help
provide the output necessary to
temporarily service the islands
in the northern service.”

The 1540AM portion of the

BCB network, said the senator,
is in dire need of an upgrade as
the old 50 kilowatt transmitter is
only producing eight watts of
power, making it impossible for
the signal to reach a portion of
the central and all of the south-
east Bahamas.

This problem was com-
pounded by the November
theft..““We have already pur-
chased the replacement direc-
tional tower and the required
material to re-establish the sig-
nal patter,” she said. “The new
state of the art 50 kilowatt trans-
mitter is on order and is sched-
uled to be delivered by mid-
July, and we have engaged the
contractor to ensure that the
work gets done within the eight
week period specified in the
agreement,” she said

By February 2009, US feder-
al law requires that all full-pow-
er television broadcast stations
stop broadcasting in analog for-
mat and broadcast only in digi-
tal format. This requires the

WHY YOU VEX?

â„¢@ By TANEKA THOMPSON
Tribune Staff Reporter
whyyouvex@tribunemedia.net

"I vex because it seem like not
a single red light on dis island
working! The slackness what is
go on in the country puttin’ peo-
ple's lives at risk and someone
from Ministry of Works or wher-
ever needs to get from behind thi-
er sweet desk, stop soaking up
AC and fix it. .

"Dey cause me mash my car up

the other day because the light -

on Prince Charles Drive wasn't
working. But I bet no one in gov-
ernment ga fix my car 'cuz they

_can't even fix the stupid light!"

Carlos V., Sea Breeze.

"I'm vex because I think Sir
Stafford Sands made so much of a
contributon to this country and
there should be some considera-
tion on putting him back on our
currency, whether it be a note or
coin.

He made a large contribution to
the finance sector. I don't think









it should come down to whether
you're white or black it should be
whether you make a contribution
to a country.

So Iam one of those advocates
for puttin him back on our money,
there should be some. reward for
his service," Loyal reader, Nas-
sau.

"Tam vex with the jitney drivers
in this town who believe that they
can stop in the middle of the road





2 Door Soft top

Bahamas Bus & Truck Co. Ltd.

_ Montrose Ave.
Phone: 322-1722/Fax: 326-7452





and pick up passengers regardless
of how traffic is flowing.

"With the way they carrying on
in the street, overtaking when
they want and making three lanes
and ting - they putting innocent
people's lives at risk. The govern-
ment needs to start revoking these
people's licenses becaust they are
nothing but a nuisance to the pub-
lic", Paulette Grant, Cable Beach.

"I vex because every blessed
day it seem like 20 more stray
dogs on the road or people leav-
ing their dogs untied in the front
yard and they start running all
around the place. Ya' could hard-
ly walk down the street without a
pack of dogs chasin' after you;
tryin' to bite off ya' leg.

Not to mention how every
morning I have to rake up my
garbage what they throw down in
the night. People need to take bet-
ter care of their animals because it
is a disgrace to see these poor
dogs out in the street, plus they
are a danger to the public," Randy
Charles, Cowpen Road.

BCB to upgrade its infrastruc-
ture.

“In this budget Madam Pres-
ident,” said the senator, “we are
emphasising our commitment
to transforming the BCB.
Understanding the global reali-
ties of digital television and
recognising the deteriorating
television infrastructure that
consistently results in the deliv-

ery of sub-standard or poor
quality television programmes.
We are making available $3.7
million to begin the phased
transition to a modern state of
the art digital television facility.”

The total amount of money
for the BCB in the budget for
the upcoming fiscal year is $11.7
million — a $3.7 million increase
over the 2007/8 estimate.

Don Stainton (Protection) Ltd.

SERVING THE BAHAMAS SINCE 1978
HILLSIDE PLAZA, THOMPSON BOULEVARD
FREE ESTIMATES 322-8160/322-8219

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The American Embassy is presently considering applications for the following

position:

i

Commercial Assistant

Assist with promoting all trade events locally and in the U.S.

Maintains all commercial subject files, including newspaper clipping files, US
company database, and investments database. —

_ Drafts and distributes commercial newsletter and maintains database of
Econ-Commercial contacts.

Assists with research for major reports including the Country Commercial Guide,
the Investment Climate Report, and other special reports.

This position is open to candidates with the following qualifications:

Associates Degree in Business Management, Economics or Finance.
Three years job experience in economic research, business management,
marketing, investments, trade promotion or other related business

experience

PERSONALATTRIBUTES:

Some knowledge of the business climate and rules for doing business in
The Bahamas.
Good organizational and computer skills, particularly word-processing and
excel,

Good writing skills

BENEFITS PROVIDED INCLUDE:

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
employment under Bahamian laws and regulations.

Application forms are available from 8:00 a.m. to 5:00 p.m. Monday through
Friday at the security area of the American Embassy, Queen Street. Completed
applications should be returned to the United States Embassy: addressed to the
Human Resources Office no later than, June 24, 2008. Telephone calls will not

be accepted.





PAGE 6, SATURDAY, JUNE 21, 2008

THE TRIBUNE





The police — and society as a whole — must adopt
. azero tolerance attitude to violence in the Bahamas

Time for the Giuliani approach

@ By ADRIAN GIBSON
ajbahama@hotmail.com

pane MAN’ s VIEW





HESE days, r
Bahamians are A D R A N G | B S O N
falling like

stunned bugs
because of the vicious mur-
ders that have gripped
Bahamian society and mark
a depreciated value of human
life.

The trend of anti-social
behaviour is leading to a state
of social chaos, where boor-
ish persons barbarously roam
the streets like wild animals,
preying upon the weak or
engaging in feral, homicidal
’ behaviour to indulge their
unabated anger. The senseless
actions of uncivilised, dim-wit-
ted persons are rapidly cast-
ing the Bahamas in the image
of a crime-ravaged hellhole
on the brink of social implo-
sion. Stricken by. fear,
Bahamians have voluntarily
chosen to live in virtual impris-
onment, locked behind iron
bars:(windows), bolted doors
and screens, and sheltered
behind iron gates.

In their state of paralysis,
law-abiding Bahamians have
become more distrustful and
are swiftly arming themselves
with cutlasses, shotguns, bats
and other safety measures to
ensure their security.

The rise in the drug trade;
the high importation and cir-
culation of illegal firearms
(from assault rifles to hand-
guns), gang feuds, domestic
wrangles and fatal arguments -
have all contributed to the
wave of lawless behaviour we
now see. ‘

Recent police statistics show
that 70 per cent of all record-
ed murders were committed
by young hooligans between

the ages of 18 and 35.

Some ideas

Stiffer penalties for rape and
possessing illegal guns, drugs
Installation of CCTV

More strategic Defence Force
patrols |
Govt must revise inadequate
Bail Act

Parents and teachers must
instruct students to practise
conflict resolution

Church should play a much -
bigger role

Sadly, unless they’re direct-
ly affected, Bahamians seem made about the supposed gay
to have become anesthetised : murders in which fashion
to the accounts of the daily designer Harl Taylor, College
bloodbaths vividly broadcast of the Bahamas dean Dr
on the nightly news pro- Thaddeus McDonald, AIDs
grammes. Foundation administrator

Recently, the Bahamas had Wellington Adderley and
the unfortunate distinction of | waiter Marvin Wilson were
being rated number one inthe brutally butchered at their
world — per capita — in homes. The shooting of a vis-
reported rapes, even higher iting New Jersey policeman
than African countries where on Cable Beach, the Whit
rapes frequently occur. Monday murder of 16-year-

The police, and society at old Khodee Davis on Cabbage
large, must adopt a zero tol- _ Beach, the stabbing ee ofa
erance approach to violerice °” tebnager at Solfonién’
and those malefactors whiose
life’s goal is to wreak haype.

and destroying their vehicles,
the after-school clashes and
The Holy Ghost Prayer-Line number is 326-7427.

(www.gtwesley.org)

SUNDAY, JUNE 22ND, 2008.)

7:00 a.m.
11:00 a.m.
7:00 p.m.

and the discovery of a head-
less body and rotting carcass-
es are all examples of the sav-
age string of heinous crimes

Rev. Carla Culmer/Sis. Alice Woodside that portray our social melt-

+ Rev. Carla Culmer/Youth (B)
Bro. Jamicko Forde/ Board of Children, Youth &

Of late, much ado fas been ©

* the |
vicious: beatdown’ sda Stab.
2 bing | of two (RM ‘Bailey stu- ,
'dénts, schoolchildren attack-—
ing law enforcement officers,

on campus assaults/murders .



aa NTA COs EN AO satire here cet

down. Furthermore, the large
number of school fights and
in-class sex acts that are post-
ed on You-Tube all reflect a
society that is morally bank-
rupt and one where delin-
quency abounds.

ur antiquated, ham-
fisted justice system
has a backlog of 60,000 out-
standing warrant files, includ-
ing 11,000 criminal matters,
and is practically incapable of
handling the profusion of dai-
ly criminal matters so much
so that suspected criminals
and-murderers-are on the
streets within 24 hours to 18
months of their initial arrest.
Adding to the dejected state

of the courts, our derelict

prison is brimming to capacity
and is almost incapable of
housing more inmates. It is
mind-boggling to note the
murder statistics of our once

passive, tranquil little coun- —

try.



Young Adults
“Examine Yourselves To See Whether You Are living In The Faith”- 2nd caer Kes

Grace and Peace Wesleyan Church
A Society of The Free Methodist Church of
North America
WHERE GOD IS ADORED AND EVERYONE IS AFFIRMED)
Worship Time: Ila.m. & 7p.m...

Prayer Time: 10:15a.m. to 10:45a.m.

Place: Twynam Heights |
off Prince Charles Drive

Special Event - Vacation Bible School
June 30 - July 4
9a.m. - 1p.m.

Minister. Rev. Henley Perry
O.Box SS-5631
Tele hie number: 324-2538
Telefax number: 324-2587

COME TO WORSHIP, LEAVE TO SERVE

~ LIGHT AND LIFE COMMUNITY CHURCH
Grounded In The Past &
Geared To The Future
Worship time: llam & 7pm
Sunday School: 9:45am
Prayer time: 6:30pm

Place:

The Madeira Shopping

OPPORTUNITIES FOR
WORSHIP AND MINISTRY

"SUNDAY SERVICES

__ Moming Worship Service
Sunday School for all ages ...
Adult Education ...
Worship Service ...
Spanish Service ...
Evening Worship Senice

WEDNESDAY at 7:30 p. m.

selective Bible Teaching
Royal Rangers (Boys Club} 4-16 yis..
Missionettes (Girls Club) 4-16 ys.

FRIDAY at 7:30 p.m.
Youth Ministry Meeting

RADIO MINISTRY

afresh start?

— 830am.
9.45 a.m.
we 9450m,
, 1.00am.
. 8.00am,

The murder of Khodee
Davis on Paradise Island
could have seriously endan-
gered our economic lifeline
and negatively impacted our
tourist industry.

While Bahamians should
never be denied access to
beaches or have their civil
rights violated, the added
police presence and stricter
measures in place relating to
access to Cabbage Beach dur-
ing the Labour Day holiday
was warranted, not only to
thwart a recurrence of the
Whit Monday tragedy, but’
also to ensure that local
beachgoers conducted them-
selves properly.

When these scoundrels prey
on and harass tourists (espe-
cially females) like ravenous

vultures, misbehave and/or

commit crimes at public/hotel
beaches, the public at large
has to bear the price for their
misconduct and the country’s
image is tarnished by the
actions of these boneheads
and “jungalists.”

And, why do nasty Bahami-

’ ans prefer to litter beaches

and leave piles of garbage
instead of utilising readily
available garbage bins?

Recently, I observed a
group of imprudent local
youngsters misbehaving at
Atlantis Marina Village.
Frankly, that company may
wish to seriously monitor, and
in some cases ban, unaccom-
panied youngsters who act up
while on that property. ’

It appears that, besides the
accessibility of firearms, recent
stabbing deaths show that
there are quite a few trouble-
makers who now emulate
Chucky (movie character) and
favour knives as a weapon of °
choice.

Parents must instil values
in their children, be open and

. attempt to assist with resolving

their child’s problems at

‘home.

Parents, teacher and com-
munity stakeholders must all
teach students to practise con-



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



“Sadly, unless
they’re directly
affected,
Bahamians
seem to have
become
anaesthetised
to the accounts

of the daily .

bloodbaths |
vividly
broadcast on
the nightly

news

programmes.”



flict resolution and anger man-
agement skills. Instead of pon-
tificating about petty political
matters, the church could have
a huge impact in the fight
against violent crime. |

When I grew up, discipline
was the order of the day.
However, parents now appear
to be more interested in cloak-
ing their rude children and
seeking their friendship. Dis-
appointingly, even primary
school students are carrying
weapons and engaging in vio-
lence, particularly as some are
taught by their parents to hit
students or teachers. ;

The government must
urgently move to revise the
wholly inadequate Bail Act.
Instead of employing real

. solutions, the government has

again chosen to waste taxpay-
-ers’ time/monies and establish
two pointless committees on
crime — the latest consisting
of a group of baby-kissers — ~
to tell us what we already
know. The recent failure of an
accused drug dealer — on bail
— to appear for the beginning
of a drug possession trial in
the Supreme Court is another
example of why a revision of
the Bail Act is crucial.

In fighting crime and
reversing the apparent lack of
reverence for authority, law
enforcement officials must
adopt former New York may-
or Rudy Giuliani’s ‘broken
window’ approach and seri-
ously enforce the laws. across
the board — without ignoring
any infraction. Furthermore,
its high time close circuit tele-
vision (CCTV) is installed,
more'strategic Defence Force
patrols are directed at min-
imising the smuggling of illegal
weapons/ammunition, that
police officers are heavily
deployed to those boroughs
with the highest instances of
crime and that police officers
strengthen their relationship
with certain communities and
thereby better their intelli-
gence-gathering abilities.

Moreover, beyond carrying
out the death penalty, stiffer
penalties must be assigned to
offences such as. the posses-
sion of illegal guns, harmful
drugs and rape, even if that
means additional prison time
and the use of the cat-o-nine
tails, the rod or, in some
instances, cow-cock.













ee Sundays at 8:30 a.m. - ZNS | - TEMPLE TIME
“Visit Our Book Store: TEMPLE BIBLE & BOOK SUPPLY |

EVANGELISTIC TEMPLE

Assembly Of God

OEE neu Mir Con eculia LLC
Tel: 322-8304, Fax: 322-4793, P.O, Box: N-1566
Email: evtemple@bateinet.bs Web: www.evangelistictemple.org

Center

BAPTIST BIB _A
(Next door to CIBC)

Rey. Dr. Franklin Mien
ALL ARE WELCOME TO ATTEND

Pastor: Rev. Dr Franklin Knowles

P.O.Box EE-16807
Telephone number 325-5712
EMAIL - lynnk@ batelnet.bs

Sunday School: 10am FUNDAMENTAL
Preaching 11am & 7:30pm EVANGELISTIC
Radio Bible Hour:

Sunday 6pm - ZNS 2

Wed. Prayer & Praise 7:30pm

Pastor:H. Mills

“Preaching the Bible as is, to men as they are”
Pastor: H. Mills © Phone: 393-0563 * Box N-3622







v







THE TRIBUNE

Weaver le eae) eae
Ardastra Gardens



FLAMINGO era Route Ponte i ive eel

Ardastra'Gardens-con-:,
tinues to repeat its‘success.
in hatching the National
*'~"Bird ‘of the ‘Bahamas; the
Caribbean Flamingo.’

This’ past week, two
flamingo chicks made their
much anticipated arrival. about the arrival of flamin-
_ “This breeding season, go ~ chicks, “ Ms
we have a total of eight. Greensword said, “as we’ve
eggs, two of which hatched only been breeding them
this past week. We had © successfully since 2001. To
approximately the same date, Ardastra has hatched
(number of eggs) last sea- 16 Caribbean Flamingos.
son but hatched only two That’s a huge feat for such

chicks. We're. extremely
eager to see if we'll break
last ‘year’s record;” said
Jade Greensword, curator
of Ardastra Gardens and
Zoo. ~

“We’re always ecstatic

NOTICE

“NOTICE is hereby given that SYLVIA CLARK
BRIDGES of 4223 GREEN STREET, WEST TAMPA,
FL 33607, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

NOTICE is hereby given that LOPEZ DELVA of ST.
CHARLES VINCENT STREET BETWEEN CORDEAUX
& BALFOR AVENUE, P.O. BOX CR-56766, NASSAU,
BAHAMAS, is applying to the Minister responsible. for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 14TH day of
JUNE 2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KERLINE TADOR of FIRE
‘TRAIL ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,

and that any person who knows: any reason why
registration/ naturalization should not be granted, should |
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to

. the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

NOTICE is hereby given that PHILOGENE PHILIPPE
LIMAGE of SUNRISE ROAD SOUTH OFF BLUE HILL
ROAD, P.O. BOX SB-51996, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why



registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 14TH day of JUNE 2008 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas. ,

SATURDAY, JUNE 21, 2008, PAGE 7



| he eS 2 eS ae eee ent"
| 4

Plans to relocate
Court of Appeal are
in progress — AG

& By REUBEN SHEARER

PLANS to relocate the
Court of Appeal from Hansard
Building to an alternate site are
in progress, Attorney General
and Minister of Legal Affairs
Claire Hepburn told the Sen-
ate yesterday.

Giving her contribution to
the 2008/2009 budget debate,
the FNM Senator said that due
to the recent discovery of cer-
tain structural inadequacies in
the Hansard building, there is
urgency to relocate.

Tests were conducted sever-

fg Discovery of structural flaws at

| Hansard Building makes moving

more urgent, says Claire Hepburn

of the judicial facilities, Mrs.

Hepburn noted that Supreme
‘Court records will be digitized
so that “all information will be
more easily accessible and the
administration of justice will be
enhanced.” sey
According to her, a new case
management system, called
(CAIS) “Court of Appeal Infor-

last month in the Court of

Appeal.

Designs Systems (UK)
installed the software in the
Court in November 2007. CAIS
is a modern database system
using leading edge technology

' to track and record cases on

appeal from the lower courts,
from filing to disposal and
































al weeks ago at the building
which housed the Appeals

these structural deficiencies
resulted in inspectors finding a
white substance, which sparked

building.
Asbestos is the name given
to anumber of naturally occur-
ring fibrous materials, which
were used in various manufac-
tured goods in the past but if

health risks.

’ Several illnesses can result,
including lung cancer or anoth-
er more rare form of cancer

tinuing her contribution on the
budget debate in the Senate on
Thursday, Mrs Hepburn said
that expectations for comple-
~ tion of the new site would be

feature adequate court space
and facilities for jurors and
court personnel.

The budget has made a pro-
vision for the third working vis-
it of London’s Privy Council to
’ .The Bahamas between the
April 28 and May 3, 2009.

Senator;Hepburn also. told

the Senate that the Court of

a small zoo!”

The flamingo chicks are;
doing well and becoming
acclimatised to their new
environment.

The two chicks born last
year, Katie and Floyd, have
now joined the show flock
of flamingos and are seem-
ingly enjoying every minute.
of it. They can be seen at
the gardens daily with oth-
er members of the flock,
putting on their world-
famous marching show.

26 this year. moet Bask
. “Tam advised that there are
sufficient cases emanating out
of Grand Bahama to justify the
need for the Court of Appeal
to continue its earlier estab-
lished precedent of sitting in
Grand Bahama to dispose of
appeals from the Northern
region of The Bahamas,” she
said, ae
In an effort to minimize
downtime in normal operations

NOTICE

NOTICE is hereby given that DENNIS ERNEST of
ALLEN DRIVE OFF CARMICHAEL ROAD, P.O. BOX
CR-54060, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen.of The Bahamas,
and that any person who knows any reason why ©
registration/ naturalization should-not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to
' the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas. :

























52wk-Low
1.95 1.18



Abaco Markets 1.84

| Mation system was launched |

Court, after investigations of .

concern that asbestos was in the |

breathed in can pose potential :

known as mesothelomia: Con-.

“ready in short order,” and will —

Appeal will sit in Freeport,
Grand Bahama from July 21- -



NOTICE is hereby given that LASHANTE SYDNEE

“send a written and signed statement of the facts within

Previous Close Today's Close

archiving.

NOTICE

| To the clients of '
| Knowles, McKay & Culmer

the office will be Closed on
the 24th June, 2008 due to the
passing of Mr. Conrad J. Knowles

the father of our senior partner,
Mr. Paul A.C. Knowles.



NOTICE :
NOTICE is hereby given that EVANGELINE PEARSON

of 4223 GREEN STREET, WEST TAMPA, FL 33607,
NASSAU, -BAHAMAS, is applying to the Minister

responsible for Nationality and Citizenship, for

. registration/naturalization as a citizen of The Bahamas,
‘and: that. any person who knows any reason why
registration/ naturalization should not be granted, should
-send a written and signed statement of the facts within



twenty-eight days from the 21ST day of JUNE 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas. ,

NOTICE





ROSHAE ROLLE of IMPERIAL PARK, P.O. BOX
FH-14670, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should








twenty-eight days from the 14TH day of JUNE 2008 to |
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.







FG CAPITAL MARKETS

BROKERAGE & ADVISORY SERVICES







SSO
Change ‘Daily Vol. EPS $ Div $
1.84 0.00 0.135









_ [8.00 6.79



11.80 41.59 Bahamas Property Fund â„¢ 41.80
9.68 9.40 Bank of Bahamas 9.43
0,99 0.85 Benchmark : 0.89
3.74 3.20 Bahamas Waste : 3.49
270 1.42 Fidelity Bank 2.35
14.10 10.60 Cable Bahamas 14.00
3.15 2.21 Colina Holdings 2.87
8.50 4.80 | Commonwealth Bank (S1) : 7.28
7.22 3.23 Consolidated Water BDRs 3.43
3.00 2.20 Doctor's Hospital 2.90
8.00 6.02. Famguard ; 8.00
13.01 12.50 Finco 12.50
14.75 11.79 FirstCaribbean Bank 11.79
6.10 5.05 _ Focol (S) 5.55
1.00 1.00 Focol Class B Preference 1.00
1.00 0.41 Freeport Concrete

ICD Utilities
J. S. Johnson
Premier Real Estat



Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

41.00 41.00 ABDAB 41.00
14.60 14.00 Bahamas Supermarkets 14.60
0.55 is RND Holdings





52wk-Low Fund Name

1.3152 1.2485 Colina Bond Fund 1.315228***
3.0008 2.7399 Colina MSI Preferred Fund 2.998763***
1.3940 1.3451 Colina Money Market Fund 1.394008******
3.7969 3.2920 _‘ Fidelitv Bahamas G & | Fund 3.6707***











11.80 0.00 1.086 0.400 10.9 3.39%
9.43 0.00 0.643 ‘0.160 14.7 1.70%
0.89 0.00 -0.647 0.030 N/M 3.37%
3.49 0.00 0.209 0.090 16.7 2.58%
2.35 0,00 0.055 0.040 42.7 1.70%

14.00 0,00 1.121 0.240 12.5 1.71%
2.87 ' 0.00 655 0.046 0.040 62.4 1.39%
7.28 0.00 0.440 0.300 16.5 4.12%
3.56 0.13 0.131 0.052 27.2 1.46%
2.90 0,00 0.308 0.040 9.4 1.38%
8.00 0.00 0.728 0.280 11.0 3.50%

12.50 0.00 0.650 0.570 19.2 4.56%

11.79 0.00 0.651 0.470 18.1 3.99%
5.55 0.00 0.386 0.140 14.4 2.52%
1.00 0.00 0.000 0.000 N/M 0.00%.

0.035 0,000 12.6 0.00%
0.411 0.300 16.5 4.42%
1.023 5.17%



EPS

6.00 0.000 0.480 NM
0.35 -0.023 0.000 N/M

4.450 2.750 9.0
15.60 14.00 1.160

“Yield%

0.00%










7.80%

ena:

6.70%
6.16%

__ 0.00%



“oa, Ser CE

PAGE 8, SATURDAY, JUNE 21, 2008

THE TRIBUNE



INTERNATIONAL NEWS



Want " ight up :
ina German har? :
Join the club

a MUNICH, a ,

STOP by for a drink
the Roosevelt cockt
and you'll be. ares



@ VANCOUVER, British
Columbia

BRITISH COLUMBIA’S
coroner’s office called the dis-
covery of a sixth floating foot a
hoax, saying Thursday it was
really an animal paw stuffed
inside a running shoe, according
to the Associated Press.

Initially, Wednesday’s find
‘ deepened a mystery surround-

ing the feet, all of which were
recovered within the past year

‘floating within a few miles of

each other along island shore-
lines in the Strait of Georgia near

_ Vancouver.

But the sixth discovery was
determined a hoax after coro-
ner’s officials determined that it








OUTSIDE view of the apartment building in Klagenfurt, Austria, Friday, June 20, 2008, where Nazi fugitive 95-year-old retired Croatian police
chief Milivoj Asner lives. Asner caused a stir just by showing up at a “fan zone” during the Euro 2008 European Soccer Championships,
because the frail fugitive is ranked number four on a leading list of most-wanted Nazi war crimes suspects. Officials in southern Austria,
where. Asner lives openly despite being indicted for crimes against humanity in his native Croatia, contend he is mentally unfit for extradi-

tion or trial.



neighbour



Austria accused of shielding Nazi suspect



crimes’ ‘suspects.

Now Austria’s most notorious far-
-right politician, former Freedom Party
leader Joerg Haider, has touched off
an even bigger scandal by praising
Asner.as a “treasured” neighbor who

@ VIENNA, Austria

Milivoj Asner caused a stir just by showing up at
a soccer game: The frail 95-year-old is ranked
~No. 4'ona leading list of most-wanted Nazi war

to bring aging top suspects to justice
before they die.

. This is clearly a reflection of the
political atmosphere which exists in
Austria and which in certain circles is
extremely:sympathetic to suspected
Nazi war criminals,”
telephone interview from Israel.

Zuroff said in a

Asner, he added, “has never showed

any remorse for actions which affected
the fates of hundreds of people.”
Asner’s indictment alleges he active-
ly enforced racist laws while police
chief in the eastern Croatian town of

Gert Eggenberger/AP Photo



should be allowed to live out his days
in peace.

“This could only happen in Austria,”
Efraim Zuroff, chief Nazi hunter for
the Simon Wiesenthal Center, told The
Associated Press.

Officials in southern Austria, where
Asner lives openly despite being indict-
ed for crimes against humanity in his
native Croatia, contend the retired’
police chief is mentally unfit for ques-
tioning, extradition or trial.

But Asner’s recent appearance at a
“fan zone” near his home in the south-
ern city of Klagenfurt — where he
reportedly looked fit and lucid as he
and his wife watched Croatia play in
the European Championship — has
some questioning whether this alpine
country with a tortured World War II
past is shielding him from justice.

Asner stands accused of persecuting
hundreds of Jews, Serbs and Gypsies
and dispatching them to their deaths in
WWIl-era Croatia, which was ruled by
a Nazi puppet regime.

“Austria has the habit of closing its
eyes,” renowned Nazi hunter Serge
Klarsfeld told French television Thurs-
day. The Asner case, he said, is fresh
proof the country is a safe haven for
suspected war criminals.

Haider’s impassioned defense of
Asner has only reinforced that impres-



NATHAN GASCH, 84, is shown in Mesa,
Ariz. Thursday, Sept. 20, 2007. Gasch, a
Holocaust survivor, lived next door for
years to Martin Hartmann, who was deport-
ed in August after authorities discovered he
had served as a guard at a Nazi concen-
tration camp during World War Il.

of Carinthia where Asner lives.
“He’s lived peacefully among us for

years, and he should be able to live out .
the twilight of his life with us,” Haider
told the newspaper Der Standard this

week.
“This is a nice family. We really trea-

Thomas Boggan/AP Photo

Pozega in 1941-42, and sent his victims
to a Croat-run death camp. The
Wiesenthal Center ranks him No. 4 on
a list of 10 top Nazi fugitives.

Asner has maintained his innocence,
and in an interview aired Thursday on
state-run Croatian televisicn, declared: ©
“My conscience is clear.”

“I am ready to come to face the
court in Croatia, but I’m not in the best
health,” Asner said, adding that if the
judges were honest, “they would have
to acquit me.’

He acknowledged he participated in
deportations of Serbs, Jews and Gyp-
sies, but insisted the deportees were
sent to their homelands and not to
camps.

Austria’s Justice Ministry bid it is
reviewing a request from Zuroff to
make a fresh assessment of Asner’s
physical and mental state and prove he
is suffering from dementia as experts
have ruled in the past.

Without a new evaluation declaring
him physically and mentally fit, “our
hands are tied,” said ministry
spokesman Thomas Geiblinger.

Croatia demanded Asner’s extradi-
tion in 2005, the year he was formally
indicted. But the Austrians demurred,
first on the grounds that he was an
Austrian citizen. Later, they claimed
the statute of limitations for his alleged

sion.

Haider, who brought the Freedom
Party into Austria’s coalition govern-
ment in 2000 on a platform tinged with
anti-Semitic and xenophobic under-
tones, is the governor of the province

ing.

sure this family,” he was quoted as say-

Such praise is unconscionable, said
Zuroff, who has been pressuring the
Austrian government to arrest Asner
and hand him over for trial as part of
“Operation: Last Chance” — an effort

crimes had expired.

Austria eventually conceded that
Asner was not an Austrian citizen,
which normally would have opened the
way for his extradition. But in 2006,
independent experts declared Asner

Canadian officials say 6th floating foot a hoax

was the skeletal remains of an
animal’s foot.

“Who ever is responsible for
this took the time to ensure that
the remains were set up to close-
ly resemble human remains,”
said Brendan FitzPatrick, an
inspector with the Royal Cana-
dian Mounted Police.

He warned that any hoaxer
could face charges, saying the
fact someone would go to such
lengths is disturbing.

“Due to the nature of these
incidents over the past year,
many families with missing loved
ones are closely watching and
wondering if it is their loved one
who has been found. The insen-
sitivity shown to the families and
the victims involved is unbeliev-
able,” he said.

Authorities say they haven’t
reached any conclusions about
the origin of the five feet but are
working to determine if there are
any links to any other partial
remains recovered in the
province. They have declined to
say if they think foul play is
involved.

Local speculation has been rife
with some reports claiming they
belonged to victims of violent
crimes or a plane crash.

Chief coroner Terry Smith said
this week that DNA profiles
from the first three feet have not
helped to determine identities
because they have not matched
any existing samples.

Smith and others have sug-
gested that the feet did not sink
but floated to shore because they

were encased in buoyant running
shoes.

The first three feet washed
ashore about 40 miles southwest
of Vancouver on islands in the
Strait of Georgia. The first foot
was discovered last summer by
beachcombers. Days later, a foot
was found inside a man’s Reebok
sneaker. The remains of a third
right foot were found Feb 8.

The fourth foot was found
May 22 on Kirkland Island in the
Fraser River, about 15 miles
south of Vancouver. About a
mile away, the fifth foot — and
only left foot, was discovered
Monday morning floating in
water off Westham Island.

Police have said that there’s
no evidence the feet were sev-
ered or removed from the vic-

tims’ legs by force.

Curtis Ebbesmeyer, an
oceanographer based in Seattle,
Wash., has said when a human
body is submerged in the ocean,
the main parts like arms, legs,
hands, feet and the head are usu-
ally what come off the body.

He said his theory is that the

feet came along as a result of an

accident that might have hap-
pened up along the Fraser River,
that washed down and spread
out along the Straight of Geor-
gia.

‘Ebbesmeyer said when the
third foot was found the feet
could have drifted from as far as
1,000 miles away. Ebbesmeyer
said the feet could have been sev-
ered or detached from their bod-
ies on their own.

i nist war slogan,
: retreat from the front lines
: with light injuries,“
: phrase of Chinese athletes
: and coaches.

China presses
injured athletes

‘in quest for gold

| MSHANGHAI

WHEN China’s champion
10-meter platform diver lost a

retina while training, a year
: after winning a gold medal in
; the 2004 Athens Olympics,

family members and fans spec-
ulated about the imminent end

i of a great career, according to
i the Associated Press.

The parents of the diver, Hu

: Jia, had surrendered him to
: trainers from the Chinese
: sports establishment at the age
: of 10, and had seen little of him
: since then. In an interview with

a Chinese newspaper after the
diver’s injury, his father sug-

: gested that this was sacrifice
: enough. Had he known his son
i risked blindness, the father
i said, “I would never have sent
i him off to dive.”

But less than two months

: before China’ hosts the
: Olympics for the first time, Hu
i is training and competing
i fiercely again.

“The Beijing Olympics is an

? enormous glory to our genera-
tion,” Hu, whose other retina
? was also injured, was quoted
: in the Chinese news media as
i: saying last year. Speaking of
i another gold medal, he added,

“T will do my utmost to grab

one, unless my eyes are really
: blind.”

Pressured by the national

: athletic system and tempted by
? the commercial riches await-
? ing star performers in the 2008
? games, China’s athletes are
: pushing themselves to their

' + limits and beyond, causing
: some to risk their health in pur-
: suit of nationalist glory.

“An astonishing amount of

! manpower, money and goods
: have been poured in, so much
: so that it’s inappropriate to be

revealed publicly,” said Lu

: Yuanzhen, a professor of
i sports sociology at the Acade-
? my of Sports Sciences at South
¢ China Normal University. If
i the country’s athletes do not
: perform up to expectations, he
? added, “the entire nation and ~
: its people will lose face.”

Since surpassing Russia to |

i win’the second most:gold ©
:~ medals‘in the 2004 Olympics,
: its highest ranking ever; China ...
: has held an unofficial but unde- | ~
i niable ambition to cap the
? hosting of the games by sur-
? passing the United States and
i finishing atop the medal board.

‘DON’T RETREAT’
For many athletes, playing

through injuries is standard
: practice. Most of China’s

Olympic-caliber competitors

: are tightly controlled by a sys-
i .tem that manages almost
; every aspect of their lives,
:- often from early childhood.
: This includes housing, edu-
: cation, medical care and
: interactions with the public

and the news media. In this

i? system, decisions about train-
: ing regimens and the risks of
? injuries do not get much of a
: public airing.

“The philosophy of our

: sports system has several bad
: points,” said Chen Peide, for-
: mer director of the Zhejiang
? Province Sports Bureau.

“Urging people to tenacious-

i, ly strive to succeed, to be
: faster, to jump higher, to be
: stronger and to win more
?. gold medals usually comes at
; the expense of athletes’
: health.

”When they’re having a
100- or 102-degree fever, we

tell them not to give up so
: easily,“ he said.

Chen said that a Commu-
*Don’t

was a pet

If it is true that,the system

pushes athletes hard, many
: athletes are just as demanding
? of themselves.

”Once you win gold, your
status is changed and you
become another person,“ said
Li Zhuo, a retired silver
medalist in the women’s

weightlifting 48-kilogram cat-

egory in 2004, referring to the

? monetary awards and busi-
i ness opportunities showered
? on victors. ?One Olympics
? can change an athlete’s life,

and that’s pressure.“

A NATIONALIST TRADITION
As suggested by the injunc-

tion to athletes against retreat-

ing from the front lines, Chi-
na’s national sports system

: does indeed borrow heavily
? from wartime, albeit largely
: from the Cold War. Within five
: years of taking power in 1949,
: Mao Zedong adopted many of

the features of the heavily cen-

tralized sports system of Chi-
: na’s then-Communist ally, the
? Soviet Union.



THE TRIBUNE SATURDAY, JUNE 21, 2008, PAGE 9





w@ Chartered Accountants m Phone: (242) 502-6000
Oar Montague Place Fax: (2423 502-6090
Third Foor www.ey.cam
ast Bay Street
P.O, Box N-3237 *
Nassau, Bahantas

3l/ ERNST & YOUNG

Basis of consolidation (continued)
All inter-company balances, transactions, income and expenses and profits and losses resulting
from inter-company transactions that are recognized in assets are eliminated.

Independent Auditors’ Report to the Shareholder and Directors of
Arner Bank & Trust (Bahamas) Ltd. a

We have audited the accompanying consolidated Balance Sheet of Amer Bank & Trust (Bahamas) Ltd.
(the Bank”) as at December 31, 2007 and a summary of significant accounting policies and other
explanatory notes.

The subsidiaries are fully consolidated from the date on which control is transferred to the Bank.
Control is achieved where the Bank has the power to govern the financial and operational
policies of an entity so as to obtain benefits from its activities.

Management? s Respousibility for the Balance Sheet

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

Adoption of IFRSs during the year

The Bank has adopted the following new and amended IFRSs and {F RIC interpretations during
the year. Adoption of these revised standards and interpretations did net have any effect on the
financial performance or position of the Bank. They did however give rise to additional
disclosures, including in some cases, revisions to accounting policies.

e@ IFRS?
2° {ASI

Financial Instruments: Disclosures

Auditer’s Responsibility
Amendment - Presentation of Financial Statements

Qur responsibility is to express an opinion on the balance sheet based on our audit. We conducted our audit
in accordance with International Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the balance sheet is free
from material misstalement.

The principle effect of the chanpes to the disclosures in the consolidated financial statements are
as follows:

IFRS 7 Finanetal astruments: Disclosures

This standard requires disclosures that enable users of the financial statements to evaluate the
significance of the Bank’s financial instruments and the nature and extent of risks arising from
those financial instruments. The new disclosures are included throughout these consolidated
financial statements. While there has been no effect on the financial position or results.
comparative information has been revised where needed,

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
balance sheet. The procedures selected depend on the Auditors* judgment, including the assessment of the
risks of material misstatement of the balance sheet, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statentents in order to de sign audit procedures that are appropriate for the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s intemal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

TAS 1 Amendment - Presentation of Financial Statements
estimates made by management, as well as evaluating the overall Lene of the balance sheet.

This amendment requires the Bank to make new disclosures to enable users of these financial
statements 10 evaluate the Bank’s objectives, policies and processes for managing capital.

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

audit opinion. Yoreign currency transactions and translations

The Bank’s consolidated financial statements are presented in US. dollars, which is the Bank’s

functional and presentational currency, however it transacts business in other ‘currencies.

Monetary assets and liabilities denominated in other currencies are translated into US dollars at

the rate of exchange in effect on the date of the consolidated balance sheet. Income and expense

iterns denominated in other currencies are translated at the rate of exchange in effect at the date

the transaction occurred, Resulting gains and losses from such translations are reported in the

consolidated income statement.

Opinion :
In our opinion, the consolidated balance sheet presents fairly in all material respects the financial position of
the Bank as of December 3£, 2007, in accordance with Intemational Financial Reporting Standards.

Ernet ¢

Finanelal Assets ' ; :

Financial assets in the scope of LAS 39 are classified as financial assets at fair value through =
profit or loss: loans and receivables; held to maturity investments; or as available-for-sale
financial assets, as appropriate. The Bank determines the classification of its financial assets at

initial recognition and re-evaluates this designation at each financial year end. All financial

assets are measured initially at their fair value.

May 26, 2008
Arner Bank & Trust (Bahamas) Ltd.

Consolidated Balance Sheet All regular way siachaaes and sales of financial assets are recognised on the trade date, being the

date that the Bank commits to purchase or sell the asset. Regular way transactions require
eer delivery of assets within the timeframe generally established by regulation or convention in the set
market place. The subsequent measurement of financial assets depends on their classification.

December 31, 2007.

At December 31, 2007 the Bank’s primary financial assets are represented by loans and advances
and deposit with banks. After initial measurement, loans and advances, and deposit with banks
are measured as follows:

2007 2006

Assets

Cash and due from banks on demand Loans and advances, and depasits with banks

3 26,469,982 : : es ‘ : ere ;
Loans and advances and deposits with banks are financial assets with fixed or determinable

5 26,798,897

Depasits with banks 24,317,996 18,859,941 x ne : : = ‘

Loans and advances, (note 3) 5.058.805 19,382,050 payments and fixed maturities that are nat quoted in the active market, They are not entered into
Accrued income and other assets (note 4) 8.250.030 1.088.086 with the intention of immediate or short-term resale and are not classified as, available for sale or
Property and equipment, net (note 5) $95.01] 543.982 financial assets designated at fair value through profit or loss. After initial measurement, loans
SF tal aagele : $74, 651.82 7 $ 66IT2 = and advances and deposits with bunks are subsequently measured at amortized cost using the



effective interest rate method less allowance for impairment, ifany.

Liabilities and Sharehalder’s Equity

Liabilities Impairment and uncollectibility of financial assets
Due to banks on demand 3 z 8 166,738 An assessment is made at each balance sheet date to determine whether there is abjective
Customers’ current and deposit accounts - 44.198.714 44,297,221 evidence that a financial asset may be impaired. | f such evidence exists, the carrying amount of
Accrued expenses . 9,797,688 96,311 the asset is reduced to its estimated recoverable amount either directly or through the use of an
Total Liabilities 53.996,402 44 590.2070 allowance account and the amount of the loss is included in the consolidated income statement,
Sharcholder’s Equity (note 6) Loans cared advances and due fram banks .
Share capital ; The Bank reviews its problem loans and advances at each reporting date to assess whether an
Authorized, issued and fully paid allowance for impairment should be recorded in income statement. In particular, Judgment by
5,000,000 common shares of US$1.00 each 5.000.000 5,000,000 management is required in the estimation at the amount and timing of future cash flows when
Statutory loan loss reserve 150.588 193, 820 determining the level of allowance required, Such estimates are based on assumptions about a
Retained earnings 15.54 4.83 4 number of factors such as the Bank's past credit loss experience, known and inherent risks in the




portfolio, adverse situations that may affect the borrower's ability to repay the estimated value of

Total sharcholder’s equity : , re :
: squity the underlying collateral and current economic conditions. In a subsequent year, the amount of

Total babi fities and shareboiger’ s equity $4 691 824 $ eet 2956 the recognized bmpdirment loss is increased or reduced by adjusting the allowance account. Ifa
cd 5 eat, bts future write-off is later recovered, the recovery is credited to the ‘Credit loss” expense.
Commitments and contingencies (note 9) i
ees : Derecognition of fmancial assets and financial liabilities

Financial assets
‘A financial asset (or, where applicable a part of a financial asset or part of a group of similar
~ financial assets) is derecognized where:
the rights to receive cash flows from the assct have expired; ar
wm - * the Bank has transferred its rights to receive cash flows from the asset. or has
enc assumed an obligation to pay the received cash flows in full without material
delay to a third party under a ‘pass-through’ arrangement; and
® — either (a) the Bank has transferred substantially all the risks and rewards of the
asset, or (b) the Bank has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred contro] of the asset.

pair ed By The Board:

/ 3 ‘ , &.

Director Director



See accompanying notes.
Amer Bank & Trust (Bahamas) Ltd.

Notes to Consolidated Financial Statements binds the aoe pe tr aired : rights to ee ease Hows iene an asset or bas topaiee into a

rew wares of rae asset nor aac. ancl of ay asset, ee asset is ee to ike extent of
the Bank’s continuing involvement in the asset. Continuing involvement that takes the form afa
guarantee over the transferred asset is measured at the Jower of the original carrying amount of
the asset and the maxinnum amount of consideration that the Bank could be required to repay.

December 31, 2007

1. Corporate Information

Derecognition of financial assets and financial liabilities (continued)
Piaancial liabilities
A financial liability is derecognized when the obligation under the Hability is discharged or

Amer Bank & Trust (Bahamas) Ltd. (the Bank) was incorperated under the laws of the
Commonwealth of The Bahamas on August 25, 1997 and commenced operations on October |,

1997. The Bank is licenced under the Banks and Trost Companies Regulations Act 2000, to
provide a full range of banking and trust services. The Bank is a wholly-owned subsidiary of
Banca Amer §.A., Lugano, (the Parent).

The Bank's registered office is located at Caves Village, Building #2, Suite #2, Nassau,
Bahamas.

The consolidated financial statements of the Bank for the year ended December 31, 2007 was
authorized for issuance by the Board gf Directors on April 28, 2008.

2. Summary of Significant Accounting Policies

Statement of compliance
‘These consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards.

Basis of preparation

The consolidated financial statements were prepared under the historical cost convention, except
for financial assets and Nabilities and Joans and advances, which are measured at fair valuc.
These consalidated financial statements are presented in United States (U.S.) dollars. United
States (U.S, dollars) reflect the economic substance of the operations and circumstances of the
Bank. The preparation of financial statements in accordance with IFRS requires management to
make estimates and assumptions that affect the reported amounts and disclosures in ihe financial
statements. Actual results could differ from those estimates.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Bank and its
subsidiaries as at December 31, 2007. The Bank's wholly owned subsidiaries, Beaumont
Noniinees Limited, A.N.D. Limited and A.C.D. Limited (the Nominee Companies) are
companies incorporated tnder the laws of the Commonwealth of The Bahamas, have the same
reporting year as the Bank and use consistent accounting policies. The activities of the
subsidiaries are to serve as nominee shareholders, incorporator and directors of International
Business Companies on behalf of the Bank and its customers.

pancelled or expires. Where an existing financial liability is replaced by another from the same
lender on subsiantially different terms, or the terms of an existing lability are substantially
modified, such an exchange or modification is treated as a derecognition of the original lability
anid the recognition of a new liability, and the difference in the respective carrying amounts is
recognized in the consolidated income statement.

{
Derivative financial instruments

The Bank’only engages in the purchase and sale of derivative financial instruments such as
forward foreign exchange contracts on behalf and on the instructions of its clients. ft is currendy
jos the Bank's poliey to trade in derivative financial instruments for its own account.

The fair value of forward ee contracts is caloulated by reference to current forward
exchange rates for contracts with similar maturity profiles. Derivatives are accounted for in
other assets and other Habilities.

Leases :

i « « * .

Leases where the lessor retains substantially all the risks and benefits af ownership of the asset
are classified as operating leases. Operating lease payments are recognized as an expense on the
ponsolidated income statement on a straight-line basis over the lease term,

Recognition of income and expense

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Bank and the revenue can be reliably measured. Revenue is measured at the fair value of the
vonsideration received.

interest income and expense is recognized using the effective interest method. The carrying
amount of a financial asset or financial liability is adjusted if the Bank revises its estimates of
payments and receipts.

Phe Bank provides custody. trustee, corporate administration. investment management and
advisory services to third parties, which involve the Bank making allocation and purchase and
sale decisions in relation to a wide range of financial instruments. Fees and commissions earned
on the provision of these services over a period of time are accrued over that period.



fe 3

PAGE 10, SATURDAY, JUNE 21, 2008

sear

~*~

* advances are secured primarily by cash and diversified securities.

Cash and cash equivalents
Cash and cash equivalents consist of due from banks on demand, deposits with banks and due to
banks on demand at time with original maturities of three months or less.

Property and equipment
Property and equipment are stated at cost less accumulated depreciation, computed on a straight-
line basis over the estimated useful lives of the assets as follows:

20 vears
3 years
3 years

Freehold property
Leasehold improvements
Furniture and equipment

The carrying amounts of property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their estimated recoverable amounts, and when
carrying values exceed this estimated recoverable amount, assets are written down to their
recoverable amount. No such write down has been recorded by the Bank during the years ending
December 31, 2007 or 2006.

Taxation
There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Asset under administration

The Bank provides custody, trustee, investment management and advisory services to its clients.
No account is taken in these consolidated financial statements of assets and Habilities of clients
managed by the Bank or its subsidiaries as custodian, trustee or nominee, other than those assets
and liabilities which relate to the banking services provided by the Bank or its subsidiaries for
their clients. At December 31, 2007, the Bank had client assets under administration amounting
to approximately $605 million (2006 - $629 million) of which approximately $157 million (2006
~ $111 million) was held in a fiduciary capacity.

Provisions

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a
result of a past event, and it is probable that an outflow of resources embadying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. .

IFRIC and IFRS Interpretations not yet effective
The Bank has not adopted the following IFRSs and IFRIC Interpretations that have been issued
but are not yet effective:

IFRS 8 Operating Segments; requires disclosure of information about the Bank's operating .

segments and replaced the requirement to determine primary (business) and secondary

(geographic) reporting segments. in. the Bank... This. standard becomes effective for annual...

periods beginning on or after January 1, 2009, and as a result, certain disclosures may be added
ta the Bank’s consolidated financial statements upon adaption,

IAS 23 Borrowing Costs; was issued in March 2007, and becomes effective for financial years
beginning on or after January |. 2009. This standard has been revised to require capitalization of
borrowing costs when such costs related to a qualifying asset. The adoption of this interpretation
is not expected to have an impact on the consolidated financial when inpleenee | in 2009.

IFRIC 11 was issued in November 2006, and becomes effective for financial years beginning on
or after March 1, 2007. This interpretation addresses group and treasury share transactions
related to share-based payments to employees. The adoption of this interpretation is not
expected to have an impact‘on the consolidated financial statements when implemented in 2009.

IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on
or after January 1, 2008. This interpretation gives guidance on the accounting by operators for
public-to-private service concession arrangements. This interpretation is not expected to be
relevant for the activities of the Bank.

IFRIC 13 was issued in June 2007 and becomes effective for annual periods beginning on or
after July 1, 2008. This interpretation requires customer loyalty award credits to be accounted
for as a separate component of the sales transaction in which they are granted and therefore part:
of the fair value of the consideration received is allocated to the award credits and deferred over
the period that the award credits are fulfilled. The adoption of this interpretation is not expected
to have an impact on the Bank’s consolidated financial statements when implemented in 2008.

IFRIC and IFRS Interpretations not yet effective(continued) |

IFRIC 14 was issued in July 2007 and becomes effective for annual periods beginning on or after
January 1, 2008. This interpretation provides guidance on how to assess the limit on the amount
of surplus in a defined benefit scheme that can be recognized as an asset under IAS 19 Employee
Benefjts. The adoption of this interpretation is not expected to have an impact on the Bank’s
consolidated Gnancial statements when implemented in 2008.

3. Loans and Advances

2007 2006
Loans $ 14,754,732 $ 16,328,625
Advances 304,073 3,053,425



$ 15,058,805 $ 19,382,050

eroceoontoneeencsecennsecateeeteonececnseseteteStannsanc snc AAnnnaMnrecnnanannnnrirrnnnennrrnen TOES
Loans and advances are denominated primarily in United States dollars and Euros. Loans and
The total lending value of all
collateral held against loans and advances at December 31, 2007 was $136,317,811 (2006 -
$129,266,730). Loans and advances include unsecured balances totaling $1,943,811 (2006 -

$2,300,100).

At December 31, 2007, there are no loans or advances on which interest is not being accrued, or
where interest is suspended (2006 - nil). There were na provisions recorded in 2007 and 2006.

4. Aecrued Income and Other Assets

2007 2 2006

Derivative contracts $ 7,053,839 $ 1,976,000

Accrued income j 040, 929 888,076

Other assets J 230,010
3 53,064,086 —



5. Property and Equipment



Freehold Leasehold Furniture
__Property. Improvements & Equipment Total
Cost:
Balance at beginning of year = $ 735,924 $ 393,857 $ 134,480 $ 1,263,961
Additions e eh oe 24,650 24,650
Balance at end of year 735, oa x 393,557 _ 159,130 1,288,611
Accumulated depreciation: ~~ .
Balance at beginning of year 196.5 525 * 288,97 134,480 619,979
Charge for the year 36,440, 36,827 354 __ 3,62)
Balance at'end of year 232,965, 325,801 134 693,600
Net book yalue
December 31, 2007 $ 502,959 $ 67,756 $ 24.296 $595,011
Net book value
December 31, 2006 $ 539,399 $ 104,583 $ - $643,982 |

6. Capital

The Bank maintains an actively managed capital base to cover risks inherent in the business.
The adequacy of the Bank’s capital is monitored using. among other measures, the rules and
ratios established by the Central Bank of The Bahamas.

During the past year, the Bank had complied in full with all its externally imposed capital
requirements,

Capital management

The primary objectives of the Bank’s capital management a are to ensure that the Bank complies
with externally imposed capital requirements and that the Bank maintains strong credit ratings
and healthy capital ratios in order to support its business and to maximize shareholders’ value.

The Bank manages its capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of its activities. No changes were made in the
objectives, policies and processes from the previous year.

“supervision by the Swiss authorities and follows relevant Swiss Anti Money |

THE TRIBUNE



Capital management (continued)

The general provision is the amount that is required to meet the Bank’s statutory requirements.
The general provision is shown as an appropriation of retained earnings, and reflected as part of
shareholder's equity as loan loss reserves. At December 31, 2007, the loan loss reserve was
$150,588 (22006 ~ $193,820).

Regulatory capital consists of share capital and retained earings including current year profit.
At December 31, 2007 the required capital of the Bank was USD$3,732,132 (2006:
USD$3,437,421). At December 31, 2007 the actual capital of the Bank was USD$20,606,245
(2006: USD$22,131.141).

7. Dividend

On April 24. 2007 the Board of Directors declared and paid a dividend of US$8.000,000 (2606 -
$6,000,000},

8. Related Party Balances and Transactions

During the year the Bank placed deposits with its parent, Banca Arner S.A., Lugano. Balances

and transactions in the consolidated financial statements include the following amounts related to
the parent (in thousands of dollars):

dhe Deeg Conn lak Se ae aces
Cash and due from banks on demand $ 28,959 $ 26.418
Due to banks on demand - 167
Interest income 1,039 948
Commissions from security transactions ~ / 14
Custody, brokerage fees and commissions 4,338 2,967
Operating expenses AQ mms 46

9. Commitments and Contingencies

Derivative financial instruments

The Bank enters into forward currency contracts as part of its client-related trading activities.
Forward currency contracts are contracts to purchase or sell foreign currencies at specified rates of
exchange on specific dates in the future. Risk arises from the potential inability of counterparties
to perform under the terms of the contracts (credit. risk) and from fluctuations in the foreign
exchange rates (market risk), The Bank manages its market risk of client-related positions by

taking offsetting positions with its Parent, resulting in minimal market exposure. ‘The credit 'risk of

client positions is managed by applying uniform credit standards maintained for all activities with
eredit risk. Collateral held generally cludes cash, cash Sa vEenS and marketable securities.

“The contract amounts of open forward currency contracts on December 31, Gn thousands of
dollars) were as follows:



2006
Commitments to purchase $ $ 1,976
Commitments to sell $ $ 1,971

The contract amount of these instruments reflects the extent of the Bank’s involvement in
forward currency contracts and do not represent the Bank’s risk of loss due to counterparty nan-
performancd, The replacement value of these client-related derivatives are included in accrued
other assets and other liabilities on the consolidated balance sheet. The credit risk is limited to
those contracts with a positive fair value. :

Credit-related commitments :

Credit-relaied commitments include. commitments to. extend credit, standby letters. of credit,
guarantees and acceptances which are designed to meet the requirements of the Bank’s
customers. They commit the Bank.to make payments on behalf of customers contingent upon
the failure of the customer to perform under the terms of the contract.

5

The Bank has the following credit related commitments (in thousands of dollars):

Sen |. anne PR
Commitments on behalf of customers:
Guarantees $ 8,230 $ 30,571

Lease Agreement.

The Bank has entered into operating leases with a third party, which expire in. 2008 and 201 1,
with an option te renew upon expiration. The future annual minimum lease payments under the
leases to which the Bank j is committed Gn Ouse of Whe are as follows:



Within one year 3 144,
After one year but not more than five years 192
336



Regulatory commitments

As a subsidiary of a Swiss Bank, Arner Bank & Trust (Bahamas) Ltd is subject to indirect
Laundering
regulations. From 2006 the Swiss Cantonal tax authorities have compared the income and
expense profile of the bank to that of its Parent. As a result of this calculation the Parent bank
may be required on an annual basis to invoice the Bahamas subsidiary for additional support
services.

1D, Risk Management

General : ‘
Risk is inherent in the Bank's activities but it is managed through a process of ongoing
identification, measurement and monitoring, subject to risk limits and other controls. The
process of risk management is critical io the Bank’s ongoing profitability and each individual
within the Bank is accountable for the risk exposures related to their responsibilities. The Bank
is exposed to credit risk, liquidity risk and market risk. The Bank is also subject to general
operating risks,

‘The independent risk control process does not include risks such as changes in the environment,
technology and industry. These risks are managed through the Bank's strategic management
processes. ;

Risk management structure

The Bank’s risks are measured using a method which reflects both expected and unexpected
losses. ‘The risk measurements are based on historical experiences, adjusted for changes in the
banking and other environmental factors. The Bank also operates within the limits provided by
its Parent and its regulators. The Board of Directors is ultimately responsible for identifying and
controlling risks such as credit, interest rate and liquidity. In addition, the Bank monitors its
aggregate risk exposure across all risk types and activities.

Risk mitigation
The Bank uses derivatives and other instruments to manage exposures related tO the portfolio
management activities executed on behalf of its clients. The pak also actively uses collateral to

reduce | its credit risks.

Credit risk

Credit: risk is the risk that a customer or counterparty will be able or unwilling to meet 4
commitment that it has entered into with the Bank. The Bank manages credit risk associated with
deposit assets by making placements primarily with other affiliate banks but may also do so with
financial institutions contained within the confirmed aggregation as established by the group.
Customer credit is monitored on a daily basis by management.

Credit risk arises principally trom financial assets. The Board of Directors is responsible for
setting book, portfolio and individual credit limits and these monitored on an ongoing intra-day
basis.

Maximum exposure to eredit risk without taking account of any collateral and other credit
enhancements

The table below shaws the maximum exposure to credit risk for the components of the
consolidated balance sheet, including derivatives on December 31. The maximum exposure is
shown gross, before the effect of mitigation through the use of collateral agreements.

2007
Due from Banks $ $0,788
Loans and advances 15.059

Accrual interest income 1,040





Other assets _ 7,209

Total 74,096

Contingent liabilities (note 9) = :
Commitments (note 9) 3

Total :
Total credit risk exposure . ee, 82, 633 $ 96 “0684s



THE TRIBUNE

SATURDAY, JUNE 21, 2008, PAGE 11



Alleged drug Kingpin caught

Risk mitigation
The Bank uses derivatives and other instruments to manage exposures related to the portfolio

management activities executed on behalf of its clients. The Bank also actively uses collateral to
reduce its credit risks.

Credit risk

Credit risk is the risk that a customer or counterparty will be able or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages credit risk associated with
deposit assets by making placements primarily with other affiliate banks but may also do so with
financial institutions contained within the confirmed aggregation as established by the group.
Customer credit is monitored on a daily basis by management.

Credit risk arises principally from financial assets. The Board of Directors is responsible for
setting book, portfolio and individual credit limits and these monitored on an ongoing intra-day

basis.

Maximum exposure to credit risk without taking account of any collateral and other credit

enhancements

The table below shows the maximum exposure to credit risk for the components of the
consolidated balance sheet, including derivatives on December 31. The maximum exposure is
shown gross, before the effect of mitigation through the use of collateral agreements,

tks 2007 2006
Due from Banks | B 50,788 $ 45,658
Loans and advances 15,059 19,382
Accrual interest Income 1,040 888
Other assets (7A ee 230
Total 4,096 66,128
Contingent liabilities (note 9) yt -
Commitments ote 9 7 $937 0 ee 30,717
Total 8,537 30,717

Yotal credit risk exposure





Moximum exposure to credit risk without taking account of any collateral and other credit

enhancements (continued)

Additional information on the maximum credit exposure related to the classes of financial assets

noted above may be found in the specific notes related to cach of the assets.

Risk concentrations of the maximum exposure to credit risk

The maximum credit exposure-to-any--client-or. counterparty as-at December 31,2007 -befare..

taking account of any credit enhancements is the amounts due from banks which are held with
the Bank as presented on the consolidated balance sheet.

The amount and type of collateral required depends on an assessment of the credit risk of the
_ counterparty. Guidelines are implemented regarding the acceptability of DPE of collateral and
valuation parameters.

Management monitors the market value of collateral, requests additional collateral in accordance
with the underlying agreement, and monitors the market value of collateral obtained during its
review of the adequacy of the allowance of impairment losses.

Graup transaction and balances are guaranteed oe the Parent.

Credit quality per class of financial assets

The credit quality of financial assets is managed by the Bank using internal credit ratings which
are based on the Guidelines for the Management of Credit Risks: issued t by the Central Bank of

The Bahamas for loans and advances.

The Bank’s loan portfolio. at December 31, 2007 is collateralized and is classified as standard
grade, At December 31, 2007, there were no loans that were considered past due.

Cradit risk exposure for each internal risk rating

The purpose of credit rating is to provide a simple, but ef feotive and onguing system of credit

risk gradation by which relative credit worthiness of borrowers may be identified and
accordingly the level of credit enhancements, degree of monitoring. frequency of reviews, level
of provisioning can be determined and pricing can be determined, Credit rating would reflect

both the likelihood of default and any possibility of financial loss suffered in the event ofdefault,

Credit risk exposure for each internal risk rating (continued) —

FROM page one

bers of the Maycock/Smith
organization, with conspiracy
to import five kilograms or
more of cocaine and 1,000
pounds or more of marijuana
and conspiracy to possess with
intent to distribute five kilo-
grams or more of cocaine and
1000 pounds or more of mari-
juana. Maycock and other
defendants are charged in the
same indictment with aiding
and abetting in the possession
with intent to distribute cocaine,
aiding and abetting in the

importation into the United
States of cocaine, and other
drug-related offences, accord-
ing to the US Department of
Justice.

In February Maycock Sr
made headlines when he traded
places with his son Melvin "Lil
Mel" Maycock, 24, in a cell in
the Elizabeth Estates Police
Station. Maycock Jr, who US
authorities are also seeking to
have extradited, and Sergeant
Troy Lewis, 38, have been
charged with aiding in his
escape. The escape case was
adjourned to September 23 at
the request of the prosecution.

Maycock Sr eluded capture
again in May when police
searched an apartment on
Bougainvillea Avenue, West
Bay Street, where Maycock Sr
was said to have been staying.
There police seized marijuana
with a street value of $1.2 mil-
lion. The drugs, which were
already packaged, were found
hidden in the kitchen cupboard
and bedroom of the apartment.
Police also discovered three
.Jmm handguns and a box of
ammunition, along with a shoe
box, which contained a very
large sum of cash in Bahamian
and US currency.

Police say gunshot death may be suicide

FROM page one

Moxey also ee a number of other children.
Police have not officially classified Moxey’s

"We do know, after speaking with a female
resident here that the deceased is known to her.
She had indicated that they had a relationship
which had discontinued. The deceased came by
last evening trying to reconcile that relationship.
There was some degree of rejection and he left.
Around 2 am he returned and that is when this
discovery was made," Inspector Wright said. He
said that Moxey died upon arrival at the hospital.

His ex-girlfriend, who had made the discovery,
was distraught and very shaken by the incident,
said Inspector Wright. According to Inspector
Wright Moxey and the woman have a son who is
about seven years old. Inspector Wright said that

death as a suicide, however, Inspector Wright

_ said it will not be ruled out as the means of death.

“We are going to await the examination of a
post mortem before we classify this as a homicide,
but this matter is now classified as a suspicious
death,” Inspector Wright said.

"Suicide will not be ruled out. At the end of
the day, after the post mortem is done we will
make an official classification. There are signs
that this could be a suicide," Inspector Wright
said. He said that in the meantime the matter is
being classified as a suspicious death. A post
mortem report is expected to be made by Mon-
day.

Workers get personal cheques from union president

FROM page one

Mr Colebrook “dug deep” to
prevent his employees from fur-
ther suffering.

With $14,327 from his -per-
sonal finances, Mr Colebrook
has paid a week’s pay to 70
employees in Nassau and
Freeport. He said: "It is my
sacrifice, but being the leader
of this organisation I think it is
important to lead from the front
and whatever relief I can bring
to my people I will do it.

"We have single parents,
families with bills to pay and
these persons are not a part of
whatever fight is going on. It is
wrong," he said.

A court order issued on May
22 by Judge Neville Adderley

' ruled that the union's secretary

Govt seeks $75m bond for housing dev

general Leo Douglas, treasur-
er Basil McKenzie and a trustee
must sign all union cheques.
However, according to their
lawyer Keod Smith, the trustee
refused to sign because he was
not aware of the employment
of a number of persons on the
employee list. But Mr Cole-
brook wanted to:be certain that
employees, caught up in the dis-
pute, are not paying the price.
His secretary general Mr

Douglas told The Tribune yes- -

terday: "Many of those people
are single parents and it is a
hard thing on them.

"So the president has taken it
upon himself to deal with the
matter on a personal basis and I
want to commend him because
I cannot believe it!

"T personally made arrange-

ments from his personal

account to pay off the line staff

today and that is an historic sit-
uation."

The dispute within the union
is between two factions of union
executives, one led by Mr Cole-

brook and the other by first:

vice-president Kirk Wilson.

It is rooted in allegations
brought against Mr Colebrook,
Mr Douglas and Mr McKenzie
by other members of the exec-
utive council alleging misap-
propriation of union funds.

Union trustees Kayla Bodie
and Ian Neely filed a contempt
of court motion against Mr
Colebrook, Mr Douglas and
financial controller Sandra Fer-
guson last week for allegedly
violating Judge Adderley's May
22 court order.

velopment

FROM page one

sible for Housing, with infrastructure in place;

bi Reece WR he Rs PAIN OIA RELA TY A AO TE SR I, I Rh Ae I BS I RS OE SS EL SIL FE RR eg



The Bank conducts an impairment assessment on each of its loans monthly. The main °
considerations for the loan impairment assessment include whether any payments of principle or
interest are overdue by more than 90 days or there are any known difficulties in cash flows of

such that as soon as the houses are completed, the
Mortgage Corporation will pay the contractors for

Abaco to develop these subdivisions, Senator 1
the cost of construction. -

McAlpine said during his contribution to the Sen-

counterparties or the quality of collateral. The Bank addresses i impairment on ah individual

basis, assessing each individual credit facility. The Bank has no history of defaults.

Liquidity risk management

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments, The Bank monitors expected cash outflow on a daily basis.
kts policy throughout the year has been to ensure liquidity by maintaining at all times sufficient

high quality liquid assets to cover expected net cash outflow.

The contractual maturities of assets, liabilities and shareholder's equity have been determined on
the remaining period at the balance sheet date to the contractual maturity date. The maturity
profile is monitored by management to ensure adequate liquidity is maintained, It is the policy
of the Bank to match all.deposits with a placement of similar maturity (and vice-versa) thus

ensuring the lowest possible liquidity risk profile. The Bank depends on commitments from its
Parent for funding in emergency situations, The Bank is also Spee to regulatory guidelines
related to liquidity requirements. :

Liquidity risk management (continued)

The table below summarizes the maturity profile of the Bank’s assets, labilities and
shareholder’s equity, presented in order of maturity as at December 31, (in thousands of





dollars}: start of the second phase of also indicated that the problem managing director at BMC,
BMC’s arrears campaign to with non-payments is in part explained that with clients
eas encourage customers in such sit- related to many Bahamians _ whose accounts are in arrears,
oe uations to come in and arrange —_ being debt burdened to other __ they are called by the lender
_ More Non- ' payment plans before foreclo- institutions. However, for oth- and advised to come in and pay.
Due on Less than 3-2 than 12 maturity sure OCCUIS. ers, the lack of prioritization _If that is unsuccessful, she said,
demand Smonths months months items Total In March the mortgages of may be at fault, he suggested. _ they follow-up with a series of
817 people, totaling $4.667, or “In the majority of the cases notices or reminders for the
Assets 27.43 per cent of the BMC port- reviewed in this exercise, the client to come in.
Due fram banks - sight 8 26,470 $ wed ot - ig = - § ~ § 26,470 folio, were in arrears. In April, borrowers had the financial After three months, mort-
~ Due from hanks - thne : : 243518. ‘ a ‘ 24,318 803 peeps: were In arrears, ability to meet their mortgage _gage arrears letters are sent out
‘paneand advances 15,089 4 : ve . 18.089 totalling $4.573 million, or 27.01 payments, but there is simply a__ reminding the customer of their
Property plant and : per cent of the BMC portfolio. _ Jack of prioritizing when it — responsibilities to pay the mort-
eauiement 595 ; . : . 595 ie also said: “There are cur- comes to meeting this monthly _gage and the possibility of fore-
Other assets 7209 a od . e : - Z 709 rently approximately 50 loans obligation,” he said. closure. If this is unsuccessful,
oe Ned a . fee in foreclosure at the present “Bahamians are typically the BMC’s attorney sends out a
SCHERRER at : pean rence : 104) time and we do not wish to high consumers, particularly as letter of demand to the cus-
Total assets £50374 R 24,3518 $ - $ - z -~ § 74,692 M increase these numbers. We it pertains to consumer loans tomer informing them that they
urge you to help us to help you. —_ with other lending institutions. have up to a certain date to
Liabilities and Again, we wish to encourage While we are providing this update the account. The next
shareholder's equity those persons whose accounts opportunity to work with such _ escalation is for the BMC to go
Due to banks ~ sight $ g - § g . §g . g . are in arrears and have failed persons in regularizing their to the Supreme Court and a
Hisasiaasbeesone : : ; ; ; ; to visit the corporation as yet, to Joan arrears, we cannot allow _ hearing is set for vacant posses- ¥
ates ee 2 come in so that a number of our those persons with the ability sion. y
a cue inte a et 3 } i i Eat arrears staff may sit with you to pay to continue to occupy The property is advertised at #
AEC ne epee : ; ; wear» Bh, Sa to discuss your account.” these homes free of charge.” this point. Mrs King-Storr
Accrued interest 9,798 : ; ; 9,798 The BMC, Mr Godfrey “Not is it only unfair to those emphasized that during the
Other Babilities = + : : ; 5 : : : emphasized, is not in business persons who struggle to meet _ escalation phase customers can
Shareholder’s equity 20.695 5 - 4 = 20,695 “to sell homes.” It would prefer their monthly mortgage pay- still come in and make payment
Total liabilities and to make arrangements with ments, it is also counter-pro- arrangements with BMC.
sharcholder’s equity $ 74,692 $ g $ $ - § 74,692 those with problems rather than



ate budget debate.

"During the construction phase, potential home

Additional subdivisions are slated for
Eleuthera, San Salvador, North and South
Andros, Inagua, Mayaguana, Exuma and Bimini,
he added. Said the senator: "In this Budget, pro-
vision was made for $1 million in infrastructure
upgrade for housing repairs. The Department of
Housing will continue this massive programme
necessary for houses built over the past five years.

"The Department of Housing, early last month,
along with the Bahamas Mortgage Corporation,
met with several local contractors to announce
and begin a new partnership in which qualified
contractors financed and built homes on lots allo-
cated by the Department of Housing.

"These lots are owned by the Minister respon-

owners are to be identified by the Bahamas Mort-
gage Corporation and are immediately placed in
homes. Conveyances are prepared and mortgages
are issued so that the Bahamas Mortgage Cor-
poration can, without delay, retrieve its invest-
ment and build up funds to continue this process.

"This process is already underway in Pride 3,
and will be extended in the future to Dignity 1
and soon throughout the Bahamas," he said.

Senator McAlpine said the Bahamas Mortgage
Corporation recognizes "the economic condi-
tions of the day" and subsequent delinquent mort-
gages but encouraged homeowners in arrears to
contact the Corporation and renegotiate their
mortgages.

$4.3m in mortgages in arrears, says BMC.

FROM page one

has seen a decrease in the num-
ber of loans in arrears since the

going towards foreclosure.
The BMC held a news con-
ference on May 6ih to advise
customers that tougher arrears
collection measures were being
put in place that could result in

- foreclosure on delinquent prop-

erties. Since initiating this
process and moving to a second
phase of this campaign, Mr
Godfrey said that there has
been an “encouraging”
response from customers.
“Some persons to whom let-

ters were hand delivered con-
tacted the corporation and
made arrangements to bring
their mortgage loan accounts
current,” he said. Mr Godfrey

ductive to the continued finan-

‘ cial viability of the Bahamas

Mortgage Corporation,”
Mr Godfrey.
Sandra King-Storr, deputy

said

Prepare for Independence Day celebrations

“\ new feature added to the 35th Independence Day cele-
brations is the two-day Fun Run/Walk/Cycle/Push event start-
ing 6 am Saturday, July 5, and Sunday, July 6, sponsored by the

Albany Group.

Other Independence events include basketball and soft-
ball tournaments, an Independence Band Showdown,
Bahamas National Trust Family Fun Day, E Clement Bethel
Festival, Police Beat Retreat, a rush-out and the return of the
highly anticipated Tattoo at Clifford Park.







PAGE 12, SATURDAY, JUNE 21, 2008

THE TRIBUNE



LOCAL NEWS



by Franklyn G Ferguson, JP

SNR

Nuns SAU Events

THE LADIES of the Bridgewater Family of Bevan’s Town, Grand
Bahama and friends (the planning committee) took time out for a
photo L to R: Georgina Bridgewater-Russell, Tennessee Bowe,
Natasha Bridgewater, Maybell Bridgewater, Pleasant Bridgewater,
Alexandria Russell, Rev Erma Ambrose, Peggy Bridgewater, Della
Bridgewater and Trevara Bennette.



RASHAD ROBERTS with Fr DeAngelo Bowe, as he displays his award on Paine been ape ales Valedic-
torian of the Praise The Lord Preschool.



FREELANCER Franklyn G Ferguson takes time out to
be the perfect father while in Freeport, spending time
with his daughter Stacy and grand-daughters, Carlis-
sa and Ciara Deleveaux.

(Photo by Lisa Davis)



FRONT ROW - L to R: James Bridgewater, Prince Bridgewater, Mr Hield, Leviticus Kemp, Kenneth Russell, Edward- TAKING a moment to pose with renowned enter-

Roberts, Austin Roberts, Fr DeAngelo Bowe; Lofton Andrews, Larone Fawkes, Livingstone Baillou, Lincoln Gibson. tained Shelly Carey (centre) are Minister of Housing
BACK ROW: Joseph Bridgewater, Lloyd Roberts, Sr, Jeremiah Bridgewater, Ken Stuart, Jeffrey Bridgewater, John and National Insurance Kenneth Russell and Prince
Bridgewater, Harrison Cooper, Jason Bridgewater, Jeffrey Andrews; Vaughn Roberts, Victor Roberts, Kevin Stuart, Bridgewater.

Drameco Bridgewater-Stubbs.

Ferguson, J]

"Gore Really is Diffronce”
(242) 357-8472 asked Bahamas





_ PAT St Nicholas Angli

can Church on Sunday,
June 15, the Bridgewater
Ladies and a few lady
friends gave their male
relatives a Father’s Day
treat they will never for-
get.

Each man was escorted
through the church and seated
by Senator Pleasant Bridge-
water. They were all hand-
somely dressed in black and
white.

Father D'Angelo Bowe
delivered‘an excellent and
timely sermon.

Following the service, the
men entered a stretch black
Excursion which was escorted
by two outriders. They drove
from East End, Grand :
Bahama to Copper Drive in
Freeport.

There, they were greeted
with the Central Church of
God Marching Band. They
entered the home of Ferline
and Natasha Bridgewater on a
long red carpet.

When the men walked into
the hors d’oeuvres area, they
realised it was a "black and
white affair".

There was wine, champagne
and cider for everyone.

The men were each escorted
into the dining area by a
female family member and
given a menu in a black folder.
Shelly from Love 97FM enter-
tained them while they were
served a full course meal.

Just when they thought it
couldn’t get any better, they
were swept off their feet by
the presence of Jessie Pearl.
The men said they were
breathless, speechless and
shocked to see that the ladies
went to such an extent to
make their day so special.

A few tears were shed as the
ladies paid tribute to the
fathers. Then, the wife and
son of Jeremiah Bridgewater
called from Ft Lauderdale to
pay a special tribute while
everyone listened.

As the day:came to a close,
each man left with a black tote
bag with their names engraved
in white, with exception of
“Father of the Day” Prince
Bridgewater, who left with a
white tote bag with his name
engraved in black.

They received many of gifts
and prizes. It will certainly be
a day the men will cherish for
the rest of their lives.



Full Text
TRY OUR
McFLURRY

The Iribune



i'm lovin’ it.

CHIPS AHOY



SOF
79F

SUN AND
CLOUDS

Volume: 104 No.175

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LOW







ANY TIME...ANY PLACE, WE’RE Fl

‘BAHAMAS EDITION

SATURDAY, JUNE 21, 2008

Alleged dru

o

Kingpin caught

Melvin Maycock Sr back in custody
‘® Capture follows high-speed chase

@ By NATARIO McKENZIE _

ALLEGED cocaine kingpin
Melvin Maycock Sr, who is
wanted by US and Bahamian
authorities, is back in police cus-
tody having been captured by
officers of the police Drug
Enforcement Unit yesterday in
western New Providence.

“Around 1.45 pm officers of
the Drug Enforcement Unit
intercepted him in the area of
John F Kennedy Drive and
West Ridge,” Superintendent
Anthony Ferguson, head of the
Royal Bahamas Police Force
Drug Enforcement Unit, told
the Tribune yesterday. Accord-
ing to Superintendent Fergu-
son, Maycock Sr, 41, was trav-
elling alone in a jeep in the area
when DEU officers interceDt
ed him.

Supt. Ferguson said that
DEU officers were conducting
an operation in the area. when
they saw Maycock Sr.

He said Maycock Sr was not
found to be in possession of any
drugs at the time. Supt Fergu-
son said that Maycock should
appear in court early next week.

Maycock Sr is accused of
heading the Caribbean arm of a
multinational drug gang that
allegedly transported marijuana
and cocaine from Colombia and
Jamaica into the US. Florida
prosecutors requested his extra-
dition in June 2004.

Maycock is alleged to have
headed a drug transportation
organisation with Pedro Smith.

US authorities have charged
Melvin Maycock, Pedro Smith
and 19 others, all alleged mem-

SEE page 11

Tim
Clarke/
Tribune
Staff

$4.3m in mortgages
in arrears, says BMC

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



Some $4.376 million in mortgages at the Bahamas Mortgage Cor-
poration are in arrears and the management of the state lender is
making another public appeal for customers to make payment
arrangements before properties are foreclosed.

At a news conference yesterday at the BMC’s headquarters,
Jerome Godfrey, managing director at the BMC, said that the
$4.376 million figure as of May, amounts to 26.04 per cent of the
lender’s overall portfolio, and concerns 773 people.

Despite the large figure, Mr Godfrey, explained that the BMC

SEE page 11

POLICE speak to one of f the divers “anges vehicle was bellaved to Rais been hit during the
high-speed chase on JFK yesterday in which alleged drug kingpin Melvin Maycock Sr was
captured. Two vehicles were damaged (see below). The drivers were unhurt.

AN EYE WITNESS explains to the press what took place after yes-



‘Pulsating’ Independence Day
celebrations in prospect

THIS year's National Pride and Independence Day cele-
brations are planned as a "pulsating cultural explosion," fea-
turing seven days of events in New Providence and the Fam-
ily Islands.

On July 4 - the first Friday before Independence Day —
National Pride Day celebrations will begin at 6 am, broadcast
live from Rawson Square. The One Bahamas organisation will
kick off the ceremony with a flag raising service by the RBPF
followed by a cultural song and dance show.

Food vendors will offer free samples of local cuisine as cos-
tumed characters such as Blackbeard the Pirate and Christo-
pher Columbus entertain the crowd. '

SEE page 11










10.
up all mr

McDonald's downtown
drive-thru is now open

24 hours

ade hhc rata eRe]



@ By NATARIO McKENZIE

A MAN in his late thirties
died early yesterday morning
from a gunshot wound to the

‘chest in what could be a suicide,

although police for now are
classifying his death as “suspi-
cious.” ake
Inspector Christopher
Wright of the homicide division
of the Royal Bahamas Police
Force said yesterday that there
are signs that Gregory Moxey,
39, of Skyline Lakes might have
committed suicide, however, no
official classification can be
made until after a post mortem
report is done.
According to Inspector
Wright, police received reports



riers, ae
MOET & CHANDOM

Firebh on 118

atin,

Tete PATRON i

goerena



of gunshots being fired at a Fire

Trail Road apartment complex.

near the rear of Bahamas Faith
Ministries (BFM) sometime
around 2 pm. He said that when
officers from the Carmichael
Road police station arrived at
the scene, they found Moxey in

the driver's seat of a GMC

Yukon jeep which was parked
outside the first apartment.
"He had an apparent gun-
shot would to the left chest. Just
next to the body was a twelve
gauge shotgun along with a
twelve gauge fired cartridge,"

‘ Inspector Wright told members

of the media at the scene of the
incident yesterday morning.

SEE page 11

‘Hotel workers receive personal

cheques from union president

@ By MEGAN REYNOLDS
Tribune Staff Reporter

HOTEL union workers,
denied their pay for two weeks
because of an internal execu-
tive dispute, were compensat-
ed with a personal cheque from
union president Roy Colebrook
yesterday.

The employees of* the
Bahamas Hotel Catering and
Allied Workers Union on Har-
rold Road were not paid last
Friday because the payroll had
not been authorised by a
trustee.

When the trustee failed to
sign the papers again this week,

SEE page 11

for housing development.

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



HOTEL CATERING and Allied Work-
ers Union president Roy Colebrook
presents the stack of personal pay
cheques for union employees to
pay mistress Chery! Rolle.

Govt seeks $75m bond

IN its largest parliamentary request since the creation of the
Bahamas Mortgage Corporation 23 years ago, government intro-
duced a Resolution for a $75 million housing bond to facilitate the
development of housing subdivisions in New Providence and the
Family Islands, FNM Senator Rev. Frederick McAlpine said yes-

terday.

The bond will be issued in $25 million increments, he said.
Government is currently procuring land in New Providence,
East and West Grand Bahama, Freeport, North, South and Central

SEE page 11




PAGE 2, SATURDAY, JUNE 21, 2008

THE TRIBUNE



Court appeals,

resentencing
issues stopping |
hangings — AG















































@ By JASON DONALD

I turns out the biggest
twist in M Night Shya-

malan’s career isn’t the cli-
max of The Sixth Sense, it’s
that after such a fantastic
debut, he would eventually
churn out one of the worst
major releases of the new
century. ,
The Happening (luckily for
M the Trade Descriptions
Act doesn’t apply to movie
titles) opens with its best
scene: a woman Sitting in
New York’s Central Park
who slowly realises some-
thing strange is going on.
People in the distance seem
to be harming themselves;
the woman sitting on the
bench beside her goes into a
kind of confused trance and
pretty soon everybody in the
area commits suicide. At first
this is thought to be the work

THE HAPPENING —

Starring: Mark Wahlberg, Zooey Deschanel, John Leguizamo

of terrorists releasing a neu-
rotoxin and New York is
evacuated, but when similar
incidents take place all across
the north-east of the US, the-
ories of a more natural threat
come into play.

Sounds intriguing? Don’t
be fooled by the tasty
premise, because this ‘one
goes downhill quickly once
we’re introduced to math
teacher Elliot (Wahlberg,
who, despite being physical-
ly unaffected by the “hap-
pening” appears to be in a

- confused trance of his own).

Hearing of the strange

FIL PREMIERE



events, Elliot and his wife
(Deschanel) flee their
Philadelphia home along
with his best friend
(Leguizamo) and his daugh-
ter.

But what are they fleeing?
Why are only some people
killing themselves? Will the
odd nature of Elliot’s rela-
tionship with his wife ever
be revealed? After endless
scenes of Wahlberg and Co
running through fields from

nothing in particular I could-

n’t have cared less.
This is precisely The Hap-
pening’s problem. Shya-



FUNKY.



Not much Happening ... other than an awful mess

malan’s story is essentially a
idea padded into 90 minutes
with no clue how to resolve
itself,

And the film isn’t helped
by a truly atrocious script.
Watching the principle char-
acters make clumsy allusions
to some muddled history
between them is painful - and
poor Wahlberg, a good actor
normally, really struggles
with what little he’s given.
Whether addressing students,
his wife or soldiers, he speaks
to everyone in a John
McCain-esque sing-song
voice - like he’s talking to
five-year-olds. ,

It’s a real mess and you
can’t help wonder where
Shyamalan goes from here.
After nonsense like The Vil-
lage and Lady in the Water I
was convinced the only way
for him to go was up.

But he’s proved me wrong
— so at least he’s still got an
eye for a good twist.

| PICTURED from
left, actor John
Leguizamo,
actress Ashlyn
Sanchez, actor
| Mark Wahlberg,
‘actress Zooey
Deschanel,
director M. Night
Shyamalan and

Buckley attend

film premiere at
| the Ziegfeld The-
| ater on Tuesday,
| June 10, in New
| York.

@ Evan
Agostino
/AP Photo



actress Betty ©

"The Happening’ .



HB By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunmedia.net

A SERIES of court appeals
and re-sentencing issues are
indefinitely preventing hang-
ings, Attorney General Claire
Hepburn said.

Senator Hepburn said capi-
tal punishment is not being
carried out on those sentenced
to death because they are enti-
tled to due process through
the Jaw — not because there is
a moratorium on the death
penalty.

"Contrary to what is being
said by some about this sub-
ject, the government does not

have any form of stay or mora-

torium on the consideration
of whether mercy would be
extended or death warrants
recommended by the advisory
committee on the prerogative
of mercy, established under
article 90 of the constitution,"
said Senator Hepburn as she
moved the 2008/2009 budget
during the morning session of
the Senate on Thursday.

"The simple fact of the mat-
ter is that there are no.cases of
anybody under sentence of
death in the Bahamas who
does not have some form of
judicial appeal or re-sentenc-
ing exercise to go through.

“The due process require-
ments of the law must and will
be respected by this govern-
ment".

The escalating crime and

murder rate coupled with a.

spate of brazen killings has re-
ignited the call for hangings of
those convicted of murder.





Khodee Davis staged a pro-

capital punishment
march/demonstration urging
government to enforce hang-
ings.

About 600 people took part
in the demonstration and
marched about 18 miles.

In April, while attending a

- Heads of Government Sum-

mit in Trinidad, Prime Minis-
ter Hubert Ingraham said the
death penalty would be car-
ried out whenever the courts
determine that it should be.
"Speaking for myself and
the Bahamas, we have a num-
ber of appeals pending and
should the Appeals Court
determine that the sentence
of death be carried out, we

Last week, family and=simtemd-to do so," said Mr

eae

areip



friends of slain teenager=-Ingraiam.
eee | Sx


THE TRIBUNE

LOCAL NEWS

SATURDAY, JUNE 21, 2008, PAGE 3





EU agrees to
lift sanctions
on Cuba

m By JAN SLIVA
BRUSSELS, Belgium

The European Union on
Thursday agreed to lift its diplo-
matic sanctions against Cuba,
but imposed tough conditions
on the communist island to
maintain sanction-free relations,
officials said.

The U.S., which has main-
tained a decades-long trade
embargo against Cuba, criti-
cized the move, saying there
were no significant signs the
communist island was easing a
dictatorship. An independent
analyst predicted it would have
no affect on U.S. policy toward
the Caribbean island.

EU External Relations Com-
missioner Benita Ferrero-Wald-
ner said the bloc felt it had to
encourage changes in Cuba
after Raul Castro took over as
the head of the country’s gov-
ernment from his ailing brother
Fidel.

“There will be very clear lan-
guage also on what the Cubans
still have to do ... releasing pris-
oners, really working on human
rights questions,” she told
reporters at an EU summit.
“There will be a sort of review
to see whether indeed some-
thing will have happened.”

The largely symbolic decision
takes effect Monday.

The diplomatic sanctions,
which banned high-level visits
to EU nations by Cuban offi-
cials, have not been in force
since 2005.

They were imposed in 2003
following the arrests of dozens
of dissidents but suspended two
years later.

In Havana, state television
mentioned the EU’s decision
briefly but did not give any gov-
ernment reaction.

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Reserve police officers not being pai:

In brief MANY RESERVISTS REPORTEDLY STRUGGLING TO MEET FINANCIAL OR anON




on time — despite Minister’s claims

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

Contrary to assertions by
the Minister of National Secu-
rity, more than 800 reserve
police officers are still not
being paid in a timely fashion
and by next Friday, will be

‘owed three months pay.

“They say that there’s a
wrinkle in the system and they
just need some time to iron it
out. Well how big is this wrin-
kle? And what kind of iron
do you need?” a concerned
reservist asked yesterday.

The officer, who told The
Tribune that many reserves
are struggling to meet their
financial obligations without
the “payment they deserve”,
said that there is talk among
officers of suspending their
work until they are paid.

“If you had to see the
Teserves stop working this

Tommy Turnquest







place would catch hell. In
every division in police force
you have reserves. It’s very
noticeable. They put a dent in

Wanted for questioning
... in. connection with
PLIST SUIT LHb a is










Police are searching for Lavardo
Forbes, 24, for questioning in con-
nection with a causing harm investi-






gation.

Forbes is 5 feet, 10 inches tall and
weighs 140lbs. His last known address





was #219 Graham Drive.

Anyone with information on the
whereabouts of Forbes, is asked to
contact officers at the Central Detec-.
tive Unit at 502-9930/ 9991; the police
control room at 322-3333; crime stop-
pers at 328-8477; or 911/919.















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crime, trust me,” he said.
Police reserves have been suf-
fering since a new payment
system was implemented at
the start of the year.

After complaining to the
press in May, they were paid
that month for their work up
until March, but have yet to
be paid since, the reservist
said.

During his budget commu-
nication, Minister of National
Security Tommy Turnquest
praised the work of the police
reserves, calling them “an
extremely important organ of
the police force”.

He also told the House of
Assembly that pay problems
for the officers had been cor-
rected — a statement which led
the reservist to suggest that
Mr Turnquest has been “given
the wrong information.”

The problem is not that the
system is a bad one, said the

officer, but that there is an



Vi Tough Body
A Trouble-free
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NISSAN PICKUP

administrative hold-up some-
where along the line.

However, the officer ques-
tioned how this could be the
case when the process is “so
simple a kindergarten child
could do it.”

Rather than have a super-
vising officer “go around and
manually count” each
reservist’s hours, now each
reservist has his own
timesheet, on which he notes
his hours for the month.

A supervising officer then
checks it, signs it, and forwards
it to Police Headquarters,
from where it is sent to the
treasury for payment autho-
risation.

The officer questioned then
whether the documentation

was being delayed at Police
- Headquarters or higher up. -

“The officer who sends it to
Headquarters is a reservist
too, so I don’t think the hold
up is happening at that en

he said. Chantelle Stuart, 33,
and a single mother of one,
said in May that she was owed
more than $3,000 for her work
since the start of the year, and
was having a hard time paying
her mortgage and car pay-
ments, school fees and elec-
tricity bills.

“Every time you work you
put time in and the officer
signs it.

“All the time keeper has to
do is add up time and put the
stamp on it.:

“How many months does it
take him to add up sheets?”
asked another officer yester-
day.

The Tribune was unable to
reach the officer in charge of
the reserves yesterday.

A message left for under-
secretary in the Ministry of
National Security was not
returned, and Mr Turnquest
was said to be out of the office

for the day.

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ON THE SPOT FINANCING WITH
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PAGE 4, SATURDAY, JUNE 21, 2008

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Dreams for all fathers

IN A SPEECH to a large black church
congregation on Father’s Day, Barack Oba-
Ina struck two chords: of personal respons:
bility and of public opportunity.

He called on dads, especially African-
American fathers, to do more for their chil-
dren. And he called for the government to
meet these fathers halfway, with policies that
would further their prospects.

Listeners may respond only to the. one
chord that resonates with them: blaming only
negligent fathers or only an indifferent gov-
ernment.

But the solution to black impoverishment
involves both changes in attitude toward
fatherhood that must be made individually,
and structural changes in the society that
only government can bring about.

Obama Spoke of too many fathers” who
are “missing from too many lives and too
many homes.”

He said, ’We need fathers to realize that

responsibility does not end at conception. |

We need them to. realize that what makes
you a man is not the ability to have a child —
it’s the courage to raise one.”

Far from the radical some paint him as,
Obama’s speech showed a decidedly con-
ventional, even conservative side, _

He preached a useful gospel of making
‘better choices no matter what one’s life cir-
cumstantes, of getting up off the couch to

play with the kids and of getting a job to pay”

for the diapers.

It’s a pitch that’s bound to. appeal to white

and black voters alike.

In his campaign, Obama should also press
for targeted policies that help fathers meet
their obligations.

In his speech he called for job training and
job opportunities, for "expanding maternity
and paternity leave,” and guaranteed sick
leave for every worker, so that people can
care for their children without losing money.
Other pressing issues include more oppor-
tunities for fathers to attend college, to
increase their earnings and thus their ability
to support a family.

Former convicts need‘more help finding
and keeping jobs so they can support families

and avoid reoffending and returning to jail. ©

Obama also praised the power of hope,
*that spirit inside us that insists, despite all
evidence to the contrary, that something bet-
ter is waiting for us if we’re willing to work for
it and fight for it.”

Obama’s undeniable advantage’ in taking
on such knotty social issues is that he is walk-
ing, talking evidence of just how far person-
al effort can. go.

And his work as an organizer in Chicago,
which included pressing for job training pro-
grammes, shows his faith in the promise of
public opportunities.

Other fathers face harder roads with
thornier obstacles, but they could do so in
an era when government helps encourage
success that may at first seem improbable.

(From The Boston Globe — c. 2008).

Army has to _
recover from war

FORT BRAGG, N.C. (AP) — The -

Army’s top officer said Friday it will take
three to four years to put the Army back in
balance after seven years of war.

“Right now, the Army is out of balance. ©

We’re stretched and stretched by the fact
that we didn’t have a big enough Army to do
the things the nation is asking us to do since
Sept. 11,” said Gen. George Casey, the
Army’s chief of staff.

“Once, you.are off track it takes a long

time to put it back together.”

Casey met with a handful of teponses at
Fort Bragg. The four-star general visited the
Army base to attend a retirement ceremony
for Gen. Dan K. McNeill. Casey also visited
with paratroopers and families at several

“town hall” style meetings.

Casey became the 36th Chief of Staff of the
Army last year. During his first appearance in
front of Congress in September, he said the
Army was stretched so thin by the war in
Iraq that it cannot adequately respond to
another conflict.

Many of the paratroopers Casey met Fri-
day at Fort Bragg are on their second and
third deployment to both Iraq and
Afghanistan.

“We’ve not been able to sustain the rota-
tions and do the things we need to do to take
care of the volunteer force and prepare for
the future,” Casey said Friday.

But the general said a planned increase of

74,000 troops and efforts :to keep captains -

and senior sergeants in the service-will pay
off. The cumulative effect will be an increase
in time the soldiers are spending home
between deployments, Casey said.



sa

WL |



Media Company seeks young persons
who are computer literate and have
some experience in QuarkXPress.

Please apply to:

DA60743
c/o Tribune
P.O. Box N-3207
Nassau, Bahamas

or fax to (242) 328-2398

High time
for men to:
become °

real fathers

EDITOR, The Tribune.

TOO many men pretend to
be good fathers by simply
throwing money as if it will
erase their lack of presence.
They play no part in the rearing
of children who need them
most, especially during the most
impressionable years. These
years should not be taken light-
ly, because it is the most cru-
cial time that would help deter-
mine what kind of child will
emerge later.

Father’s day is a day for spe--

cial attention to be given to.all
fathers. Some deserve to be giv-
en accolades and some should
be jailed for their lack of par-
enting. There aré:some fathers
who would sacrifice everything
just to make sure their children
get what is needed.

But some abandon their fam-
ilies and give their time to any-
thing and everyone except their
children. This is wrong. This will

come back to haunt the unsus- .

pecting father and possibly
wreak havoc on society.

The male figure is the steel
in the foundation of the life of
any child. I know firsthand what
the absence of a father feels
like.

It is the most degradiiig, emp-
ty feeling anyone can experi-

- ence.

It plants in the subconscious
that this is acceptable and caus-

’es the child to: act out, some-

times on the unsuspecting soci-
ety. >
Children, especially young

men sometimes do the Same |
_ things they experience without

even realising what damage! is
being done.

Father’s day is a time of
reflection. Before I wander too
far, I must confess that I have
not been the model father for
my older children. I:would not
get.into specifics, but will admit
that I could have done a lot
more.

I should have resisted the
obstacles and fight harder to be
a part of my children’s lives.

I regret not being there for




LETTERS

letters@tribunemedia.net



them and will accept some of

the responsibility for any pitfall

they may have experienced.
God has smiled on me since
and blessed me with a son at
this late stage of the game. I
cherish every moment and will
spare nothing to be in his com-
pany. This time I will try to
redeem myself by being the
kind of.role model that any

. young man should be proud off.

I would sacrifice all to make
sure that he is exposed to the
most positive environment; this
should help shape his charac-
ter.

God has truly blessed me
with a second chance, and I am
eternally grateful. Nothing is

more important than my chil-"
dren, especially this youngest _

son.

On the contrary, my friends
have not yet grown up. They
are doing some of the same
things we did in the early 70s.
They hang around hotels, bars
and anywhere they could find
a lose female. They spend valu-
able time away from their fam-
ilies pretending to be “hard”.
They simply shirk their respon-
sibilities.

It is pathetic to see grown
men, every evening sitting at
bars, getting. drunk, neglecting
their families, getting home too
late to interact with their chil-
dren and worse of all, their
wives, and expect the family to
respect them.

How could we have a healthy
society when the leaders of the
family abdicate their responsi-
bility?

‘How could young men in par-

ticular, become productive citi- —

zens when they have never seen
any example of a good citizen?
How could our young men be
cordial and respectful of ladies
when their drunken father dis-
respects the family and.abuses
their wives in full view of the
terrified children?

-are screaming out for our atten-

Far too many Bahamian men » |
spend too little time with their |
families. They can find time to: /
be present for “every nail that ”
knocks” and no time for the |
family. oo

God bless the wives and
women of the Bahamas. Had it
not been for their diligence and_,
the many great fathers, this ~"
whole country would have col- |’
lapsed by now.

It is high time for men to stop *:
being boys. The women know 7 '
that all of the times when we ”
are having a drink with the boys '”
it may not be so. Women are ”
not fools. We must stop this
foolishness in an effort to save ”

our children, thus saving our

country. Our children and wives ’

tion, respect, protection and *
presence. ©

Our daughters need to expe- ~
rience the love of a father which
undoubtedly will prevent her *
from being exploited by older ©”
men in pursuit in her search for *'
a father figure. re

Our sons need a father to
help them experience what a
man should be.:

A mother cannot explain how ~
her son should be a man. She ‘
simply does not know how.

Mothers must stop covering %%
for lousy fathers; this is counter
productive and only makes mat- —
ters worse. fie

‘The collapse of the mindset * |
of our children is as a direct ©
result of our neglect of our fam- °-
ilies. 4

I confess that I could have
done better and all men should ~ ©
be man enough to admit to
themselves that they. have fallen
short.

This is the only way that we
would be able to turn this coun-
try around.

I make no apologies for being
open and honest.

More men should do the
same. This is the first step along
the long road toward healing.

_. Tam relieved.



IVOINE W INGRAHAM
Nassau, _..
‘June, 2008.

invernahonal School

Maintenance Manager

Lyford Cay International School seeks a Maintenance Manager starting in ©

mid-July 2008.

The Job

The job includes overseeing the maintenance of the school’s facilities and
grounds, management of a crew of 7 workers and the orderly and effective
support of school activity. Candidates must be prepared to work unusual hours,

be on call as needs arise, and carry out maintenance duties when necessary along

with the maintenance crew.

The Qualifications

Candidate must be high energy, fast hard workers who are patient, good humored,
articulate, good at planning, efficient in their work, good at communicating, and
knowledgeable in use of computers and software related to maintenance work.

In addition, the success candidate must have experience managing work crews
and maintenance, projects and supporting others in getting their work done. The
individual must also possess a wide knowledge and experience in using the tools
and materials necessary for building maintenance and small building projects.
Finally, the individual must be willing and interested in learning about building
materials and be keen to learn new techniques and act on constructive criticism.

Inquires can be made to 242 362 4774
Applications should include: 1) letter of application,

| 2) curriculum vitae,

3) digital photo of the candidate.

Application should be sent to:

jobs @Icis.bs


THE TRIBUNE

OAILUNVAT, JUINE 21, CUU0, FAUE ¥



Barer LOCAL NEW



Move for
review of
conduct of
local govt
elections

Seay eo) Ie

THE Supreme Court will
hear an originating notice of
motion seeking a judicial review

_of the actions of Minister. of
Local Government Sidney Col-
lie and Parliamentary Commis-
sioner Errol Bethel in the con-
duct of the local government
elections.

The matter is scheduled to be
heard on June 26.

It is being alleged that Mr
Collie and Mr Bethel failed to
comply in “material respects”
with the provisions of the Local
Government Act and the Par-
liamentary Elections Act.

The applicants claim that the
notice of nomination of candi-
dates was not conducted in
accordance with the law and
that polling division changes
were made without lawful
authority.

The applicants will be repre-
sented by attorney Damien
Gomez.

_TROPICAL
EXTERMINATORS

eye
Mistyse aby,



In brief |5*



NATOR SAYS PREVIOUS GOVT OFTEN FAILED TO AUDIT BOOKS

PLP blamed for BCB’s woes

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

THE lack of fiscal responsi-
bility by the PLP government
in not auditing the books of the
Broadcasting Corporation of
the Bahamas for most of their
term in office is responsible for
the corporation’s current diffi-
culties, Senator Kay Smith
charged. .

Mrs Smith, who is parlia-
mentary secretary in the office
of the prime minister with
responsibility for broadcasting,
touched on this issue and others
pertaining to the BCB, while
giving her budget contribution
in the Senate on Thursday.

She said that the FNM gov-
ernment is now working on
auditing the 2003 accounts, as
the last such audit was done in
2002. oo

“... it may seem like a
daunting task, but I’m happy to
report that we are on the way to

achieving that,” said the sena-
tor. The BCB has also been fac-
ing repeated acts of vandalism
to its broadcast tower by thieves
intent on stealing valuable cop-
per wire.

In November of last year,
radio stations 1240AM and
1540AM. went off-air due to
copper wire thefts at a BCB
South Beach station.

Mrs Smith said: “In May of
this year, we completed the
upgrades to the northern ser-
vice antenna system, replacing-a
condemned tower and installing
ground radials to re-establish
our signal pattern to comply
with our internationally
approved directional array.

“Unfortunately, all of the
copper used to establish the sig-

nal pattern has already bee.

stolen. Fortunately, that trans-
mitter has been tuned to help
provide the output necessary to
temporarily service the islands
in the northern service.”

The 1540AM portion of the

BCB network, said the senator,
is in dire need of an upgrade as
the old 50 kilowatt transmitter is
only producing eight watts of
power, making it impossible for
the signal to reach a portion of
the central and all of the south-
east Bahamas.

This problem was com-
pounded by the November
theft..““We have already pur-
chased the replacement direc-
tional tower and the required
material to re-establish the sig-
nal patter,” she said. “The new
state of the art 50 kilowatt trans-
mitter is on order and is sched-
uled to be delivered by mid-
July, and we have engaged the
contractor to ensure that the
work gets done within the eight
week period specified in the
agreement,” she said

By February 2009, US feder-
al law requires that all full-pow-
er television broadcast stations
stop broadcasting in analog for-
mat and broadcast only in digi-
tal format. This requires the

WHY YOU VEX?

â„¢@ By TANEKA THOMPSON
Tribune Staff Reporter
whyyouvex@tribunemedia.net

"I vex because it seem like not
a single red light on dis island
working! The slackness what is
go on in the country puttin’ peo-
ple's lives at risk and someone
from Ministry of Works or wher-
ever needs to get from behind thi-
er sweet desk, stop soaking up
AC and fix it. .

"Dey cause me mash my car up

the other day because the light -

on Prince Charles Drive wasn't
working. But I bet no one in gov-
ernment ga fix my car 'cuz they

_can't even fix the stupid light!"

Carlos V., Sea Breeze.

"I'm vex because I think Sir
Stafford Sands made so much of a
contributon to this country and
there should be some considera-
tion on putting him back on our
currency, whether it be a note or
coin.

He made a large contribution to
the finance sector. I don't think









it should come down to whether
you're white or black it should be
whether you make a contribution
to a country.

So Iam one of those advocates
for puttin him back on our money,
there should be some. reward for
his service," Loyal reader, Nas-
sau.

"Tam vex with the jitney drivers
in this town who believe that they
can stop in the middle of the road





2 Door Soft top

Bahamas Bus & Truck Co. Ltd.

_ Montrose Ave.
Phone: 322-1722/Fax: 326-7452





and pick up passengers regardless
of how traffic is flowing.

"With the way they carrying on
in the street, overtaking when
they want and making three lanes
and ting - they putting innocent
people's lives at risk. The govern-
ment needs to start revoking these
people's licenses becaust they are
nothing but a nuisance to the pub-
lic", Paulette Grant, Cable Beach.

"I vex because every blessed
day it seem like 20 more stray
dogs on the road or people leav-
ing their dogs untied in the front
yard and they start running all
around the place. Ya' could hard-
ly walk down the street without a
pack of dogs chasin' after you;
tryin' to bite off ya' leg.

Not to mention how every
morning I have to rake up my
garbage what they throw down in
the night. People need to take bet-
ter care of their animals because it
is a disgrace to see these poor
dogs out in the street, plus they
are a danger to the public," Randy
Charles, Cowpen Road.

BCB to upgrade its infrastruc-
ture.

“In this budget Madam Pres-
ident,” said the senator, “we are
emphasising our commitment
to transforming the BCB.
Understanding the global reali-
ties of digital television and
recognising the deteriorating
television infrastructure that
consistently results in the deliv-

ery of sub-standard or poor
quality television programmes.
We are making available $3.7
million to begin the phased
transition to a modern state of
the art digital television facility.”

The total amount of money
for the BCB in the budget for
the upcoming fiscal year is $11.7
million — a $3.7 million increase
over the 2007/8 estimate.

Don Stainton (Protection) Ltd.

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The American Embassy is presently considering applications for the following

position:

i

Commercial Assistant

Assist with promoting all trade events locally and in the U.S.

Maintains all commercial subject files, including newspaper clipping files, US
company database, and investments database. —

_ Drafts and distributes commercial newsletter and maintains database of
Econ-Commercial contacts.

Assists with research for major reports including the Country Commercial Guide,
the Investment Climate Report, and other special reports.

This position is open to candidates with the following qualifications:

Associates Degree in Business Management, Economics or Finance.
Three years job experience in economic research, business management,
marketing, investments, trade promotion or other related business

experience

PERSONALATTRIBUTES:

Some knowledge of the business climate and rules for doing business in
The Bahamas.
Good organizational and computer skills, particularly word-processing and
excel,

Good writing skills

BENEFITS PROVIDED INCLUDE:

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
employment under Bahamian laws and regulations.

Application forms are available from 8:00 a.m. to 5:00 p.m. Monday through
Friday at the security area of the American Embassy, Queen Street. Completed
applications should be returned to the United States Embassy: addressed to the
Human Resources Office no later than, June 24, 2008. Telephone calls will not

be accepted.


PAGE 6, SATURDAY, JUNE 21, 2008

THE TRIBUNE





The police — and society as a whole — must adopt
. azero tolerance attitude to violence in the Bahamas

Time for the Giuliani approach

@ By ADRIAN GIBSON
ajbahama@hotmail.com

pane MAN’ s VIEW





HESE days, r
Bahamians are A D R A N G | B S O N
falling like

stunned bugs
because of the vicious mur-
ders that have gripped
Bahamian society and mark
a depreciated value of human
life.

The trend of anti-social
behaviour is leading to a state
of social chaos, where boor-
ish persons barbarously roam
the streets like wild animals,
preying upon the weak or
engaging in feral, homicidal
’ behaviour to indulge their
unabated anger. The senseless
actions of uncivilised, dim-wit-
ted persons are rapidly cast-
ing the Bahamas in the image
of a crime-ravaged hellhole
on the brink of social implo-
sion. Stricken by. fear,
Bahamians have voluntarily
chosen to live in virtual impris-
onment, locked behind iron
bars:(windows), bolted doors
and screens, and sheltered
behind iron gates.

In their state of paralysis,
law-abiding Bahamians have
become more distrustful and
are swiftly arming themselves
with cutlasses, shotguns, bats
and other safety measures to
ensure their security.

The rise in the drug trade;
the high importation and cir-
culation of illegal firearms
(from assault rifles to hand-
guns), gang feuds, domestic
wrangles and fatal arguments -
have all contributed to the
wave of lawless behaviour we
now see. ‘

Recent police statistics show
that 70 per cent of all record-
ed murders were committed
by young hooligans between

the ages of 18 and 35.

Some ideas

Stiffer penalties for rape and
possessing illegal guns, drugs
Installation of CCTV

More strategic Defence Force
patrols |
Govt must revise inadequate
Bail Act

Parents and teachers must
instruct students to practise
conflict resolution

Church should play a much -
bigger role

Sadly, unless they’re direct-
ly affected, Bahamians seem made about the supposed gay
to have become anesthetised : murders in which fashion
to the accounts of the daily designer Harl Taylor, College
bloodbaths vividly broadcast of the Bahamas dean Dr
on the nightly news pro- Thaddeus McDonald, AIDs
grammes. Foundation administrator

Recently, the Bahamas had Wellington Adderley and
the unfortunate distinction of | waiter Marvin Wilson were
being rated number one inthe brutally butchered at their
world — per capita — in homes. The shooting of a vis-
reported rapes, even higher iting New Jersey policeman
than African countries where on Cable Beach, the Whit
rapes frequently occur. Monday murder of 16-year-

The police, and society at old Khodee Davis on Cabbage
large, must adopt a zero tol- _ Beach, the stabbing ee ofa
erance approach to violerice °” tebnager at Solfonién’
and those malefactors whiose
life’s goal is to wreak haype.

and destroying their vehicles,
the after-school clashes and
The Holy Ghost Prayer-Line number is 326-7427.

(www.gtwesley.org)

SUNDAY, JUNE 22ND, 2008.)

7:00 a.m.
11:00 a.m.
7:00 p.m.

and the discovery of a head-
less body and rotting carcass-
es are all examples of the sav-
age string of heinous crimes

Rev. Carla Culmer/Sis. Alice Woodside that portray our social melt-

+ Rev. Carla Culmer/Youth (B)
Bro. Jamicko Forde/ Board of Children, Youth &

Of late, much ado fas been ©

* the |
vicious: beatdown’ sda Stab.
2 bing | of two (RM ‘Bailey stu- ,
'dénts, schoolchildren attack-—
ing law enforcement officers,

on campus assaults/murders .



aa NTA COs EN AO satire here cet

down. Furthermore, the large
number of school fights and
in-class sex acts that are post-
ed on You-Tube all reflect a
society that is morally bank-
rupt and one where delin-
quency abounds.

ur antiquated, ham-
fisted justice system
has a backlog of 60,000 out-
standing warrant files, includ-
ing 11,000 criminal matters,
and is practically incapable of
handling the profusion of dai-
ly criminal matters so much
so that suspected criminals
and-murderers-are on the
streets within 24 hours to 18
months of their initial arrest.
Adding to the dejected state

of the courts, our derelict

prison is brimming to capacity
and is almost incapable of
housing more inmates. It is
mind-boggling to note the
murder statistics of our once

passive, tranquil little coun- —

try.



Young Adults
“Examine Yourselves To See Whether You Are living In The Faith”- 2nd caer Kes

Grace and Peace Wesleyan Church
A Society of The Free Methodist Church of
North America
WHERE GOD IS ADORED AND EVERYONE IS AFFIRMED)
Worship Time: Ila.m. & 7p.m...

Prayer Time: 10:15a.m. to 10:45a.m.

Place: Twynam Heights |
off Prince Charles Drive

Special Event - Vacation Bible School
June 30 - July 4
9a.m. - 1p.m.

Minister. Rev. Henley Perry
O.Box SS-5631
Tele hie number: 324-2538
Telefax number: 324-2587

COME TO WORSHIP, LEAVE TO SERVE

~ LIGHT AND LIFE COMMUNITY CHURCH
Grounded In The Past &
Geared To The Future
Worship time: llam & 7pm
Sunday School: 9:45am
Prayer time: 6:30pm

Place:

The Madeira Shopping

OPPORTUNITIES FOR
WORSHIP AND MINISTRY

"SUNDAY SERVICES

__ Moming Worship Service
Sunday School for all ages ...
Adult Education ...
Worship Service ...
Spanish Service ...
Evening Worship Senice

WEDNESDAY at 7:30 p. m.

selective Bible Teaching
Royal Rangers (Boys Club} 4-16 yis..
Missionettes (Girls Club) 4-16 ys.

FRIDAY at 7:30 p.m.
Youth Ministry Meeting

RADIO MINISTRY

afresh start?

— 830am.
9.45 a.m.
we 9450m,
, 1.00am.
. 8.00am,

The murder of Khodee
Davis on Paradise Island
could have seriously endan-
gered our economic lifeline
and negatively impacted our
tourist industry.

While Bahamians should
never be denied access to
beaches or have their civil
rights violated, the added
police presence and stricter
measures in place relating to
access to Cabbage Beach dur-
ing the Labour Day holiday
was warranted, not only to
thwart a recurrence of the
Whit Monday tragedy, but’
also to ensure that local
beachgoers conducted them-
selves properly.

When these scoundrels prey
on and harass tourists (espe-
cially females) like ravenous

vultures, misbehave and/or

commit crimes at public/hotel
beaches, the public at large
has to bear the price for their
misconduct and the country’s
image is tarnished by the
actions of these boneheads
and “jungalists.”

And, why do nasty Bahami-

’ ans prefer to litter beaches

and leave piles of garbage
instead of utilising readily
available garbage bins?

Recently, I observed a
group of imprudent local
youngsters misbehaving at
Atlantis Marina Village.
Frankly, that company may
wish to seriously monitor, and
in some cases ban, unaccom-
panied youngsters who act up
while on that property. ’

It appears that, besides the
accessibility of firearms, recent
stabbing deaths show that
there are quite a few trouble-
makers who now emulate
Chucky (movie character) and
favour knives as a weapon of °
choice.

Parents must instil values
in their children, be open and

. attempt to assist with resolving

their child’s problems at

‘home.

Parents, teacher and com-
munity stakeholders must all
teach students to practise con-



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



“Sadly, unless
they’re directly
affected,
Bahamians
seem to have
become
anaesthetised
to the accounts

of the daily .

bloodbaths |
vividly
broadcast on
the nightly

news

programmes.”



flict resolution and anger man-
agement skills. Instead of pon-
tificating about petty political
matters, the church could have
a huge impact in the fight
against violent crime. |

When I grew up, discipline
was the order of the day.
However, parents now appear
to be more interested in cloak-
ing their rude children and
seeking their friendship. Dis-
appointingly, even primary
school students are carrying
weapons and engaging in vio-
lence, particularly as some are
taught by their parents to hit
students or teachers. ;

The government must
urgently move to revise the
wholly inadequate Bail Act.
Instead of employing real

. solutions, the government has

again chosen to waste taxpay-
-ers’ time/monies and establish
two pointless committees on
crime — the latest consisting
of a group of baby-kissers — ~
to tell us what we already
know. The recent failure of an
accused drug dealer — on bail
— to appear for the beginning
of a drug possession trial in
the Supreme Court is another
example of why a revision of
the Bail Act is crucial.

In fighting crime and
reversing the apparent lack of
reverence for authority, law
enforcement officials must
adopt former New York may-
or Rudy Giuliani’s ‘broken
window’ approach and seri-
ously enforce the laws. across
the board — without ignoring
any infraction. Furthermore,
its high time close circuit tele-
vision (CCTV) is installed,
more'strategic Defence Force
patrols are directed at min-
imising the smuggling of illegal
weapons/ammunition, that
police officers are heavily
deployed to those boroughs
with the highest instances of
crime and that police officers
strengthen their relationship
with certain communities and
thereby better their intelli-
gence-gathering abilities.

Moreover, beyond carrying
out the death penalty, stiffer
penalties must be assigned to
offences such as. the posses-
sion of illegal guns, harmful
drugs and rape, even if that
means additional prison time
and the use of the cat-o-nine
tails, the rod or, in some
instances, cow-cock.













ee Sundays at 8:30 a.m. - ZNS | - TEMPLE TIME
“Visit Our Book Store: TEMPLE BIBLE & BOOK SUPPLY |

EVANGELISTIC TEMPLE

Assembly Of God

OEE neu Mir Con eculia LLC
Tel: 322-8304, Fax: 322-4793, P.O, Box: N-1566
Email: evtemple@bateinet.bs Web: www.evangelistictemple.org

Center

BAPTIST BIB _A
(Next door to CIBC)

Rey. Dr. Franklin Mien
ALL ARE WELCOME TO ATTEND

Pastor: Rev. Dr Franklin Knowles

P.O.Box EE-16807
Telephone number 325-5712
EMAIL - lynnk@ batelnet.bs

Sunday School: 10am FUNDAMENTAL
Preaching 11am & 7:30pm EVANGELISTIC
Radio Bible Hour:

Sunday 6pm - ZNS 2

Wed. Prayer & Praise 7:30pm

Pastor:H. Mills

“Preaching the Bible as is, to men as they are”
Pastor: H. Mills © Phone: 393-0563 * Box N-3622







v




THE TRIBUNE

Weaver le eae) eae
Ardastra Gardens



FLAMINGO era Route Ponte i ive eel

Ardastra'Gardens-con-:,
tinues to repeat its‘success.
in hatching the National
*'~"Bird ‘of the ‘Bahamas; the
Caribbean Flamingo.’

This’ past week, two
flamingo chicks made their
much anticipated arrival. about the arrival of flamin-
_ “This breeding season, go ~ chicks, “ Ms
we have a total of eight. Greensword said, “as we’ve
eggs, two of which hatched only been breeding them
this past week. We had © successfully since 2001. To
approximately the same date, Ardastra has hatched
(number of eggs) last sea- 16 Caribbean Flamingos.
son but hatched only two That’s a huge feat for such

chicks. We're. extremely
eager to see if we'll break
last ‘year’s record;” said
Jade Greensword, curator
of Ardastra Gardens and
Zoo. ~

“We’re always ecstatic

NOTICE

“NOTICE is hereby given that SYLVIA CLARK
BRIDGES of 4223 GREEN STREET, WEST TAMPA,
FL 33607, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

NOTICE is hereby given that LOPEZ DELVA of ST.
CHARLES VINCENT STREET BETWEEN CORDEAUX
& BALFOR AVENUE, P.O. BOX CR-56766, NASSAU,
BAHAMAS, is applying to the Minister responsible. for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 14TH day of
JUNE 2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KERLINE TADOR of FIRE
‘TRAIL ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,

and that any person who knows: any reason why
registration/ naturalization should not be granted, should |
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to

. the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

NOTICE is hereby given that PHILOGENE PHILIPPE
LIMAGE of SUNRISE ROAD SOUTH OFF BLUE HILL
ROAD, P.O. BOX SB-51996, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why



registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 14TH day of JUNE 2008 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas. ,

SATURDAY, JUNE 21, 2008, PAGE 7



| he eS 2 eS ae eee ent"
| 4

Plans to relocate
Court of Appeal are
in progress — AG

& By REUBEN SHEARER

PLANS to relocate the
Court of Appeal from Hansard
Building to an alternate site are
in progress, Attorney General
and Minister of Legal Affairs
Claire Hepburn told the Sen-
ate yesterday.

Giving her contribution to
the 2008/2009 budget debate,
the FNM Senator said that due
to the recent discovery of cer-
tain structural inadequacies in
the Hansard building, there is
urgency to relocate.

Tests were conducted sever-

fg Discovery of structural flaws at

| Hansard Building makes moving

more urgent, says Claire Hepburn

of the judicial facilities, Mrs.

Hepburn noted that Supreme
‘Court records will be digitized
so that “all information will be
more easily accessible and the
administration of justice will be
enhanced.” sey
According to her, a new case
management system, called
(CAIS) “Court of Appeal Infor-

last month in the Court of

Appeal.

Designs Systems (UK)
installed the software in the
Court in November 2007. CAIS
is a modern database system
using leading edge technology

' to track and record cases on

appeal from the lower courts,
from filing to disposal and
































al weeks ago at the building
which housed the Appeals

these structural deficiencies
resulted in inspectors finding a
white substance, which sparked

building.
Asbestos is the name given
to anumber of naturally occur-
ring fibrous materials, which
were used in various manufac-
tured goods in the past but if

health risks.

’ Several illnesses can result,
including lung cancer or anoth-
er more rare form of cancer

tinuing her contribution on the
budget debate in the Senate on
Thursday, Mrs Hepburn said
that expectations for comple-
~ tion of the new site would be

feature adequate court space
and facilities for jurors and
court personnel.

The budget has made a pro-
vision for the third working vis-
it of London’s Privy Council to
’ .The Bahamas between the
April 28 and May 3, 2009.

Senator;Hepburn also. told

the Senate that the Court of

a small zoo!”

The flamingo chicks are;
doing well and becoming
acclimatised to their new
environment.

The two chicks born last
year, Katie and Floyd, have
now joined the show flock
of flamingos and are seem-
ingly enjoying every minute.
of it. They can be seen at
the gardens daily with oth-
er members of the flock,
putting on their world-
famous marching show.

26 this year. moet Bask
. “Tam advised that there are
sufficient cases emanating out
of Grand Bahama to justify the
need for the Court of Appeal
to continue its earlier estab-
lished precedent of sitting in
Grand Bahama to dispose of
appeals from the Northern
region of The Bahamas,” she
said, ae
In an effort to minimize
downtime in normal operations

NOTICE

NOTICE is hereby given that DENNIS ERNEST of
ALLEN DRIVE OFF CARMICHAEL ROAD, P.O. BOX
CR-54060, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen.of The Bahamas,
and that any person who knows any reason why ©
registration/ naturalization should-not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 21ST day of JUNE 2008 to
' the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas. :

























52wk-Low
1.95 1.18



Abaco Markets 1.84

| Mation system was launched |

Court, after investigations of .

concern that asbestos was in the |

breathed in can pose potential :

known as mesothelomia: Con-.

“ready in short order,” and will —

Appeal will sit in Freeport,
Grand Bahama from July 21- -



NOTICE is hereby given that LASHANTE SYDNEE

“send a written and signed statement of the facts within

Previous Close Today's Close

archiving.

NOTICE

| To the clients of '
| Knowles, McKay & Culmer

the office will be Closed on
the 24th June, 2008 due to the
passing of Mr. Conrad J. Knowles

the father of our senior partner,
Mr. Paul A.C. Knowles.



NOTICE :
NOTICE is hereby given that EVANGELINE PEARSON

of 4223 GREEN STREET, WEST TAMPA, FL 33607,
NASSAU, -BAHAMAS, is applying to the Minister

responsible for Nationality and Citizenship, for

. registration/naturalization as a citizen of The Bahamas,
‘and: that. any person who knows any reason why
registration/ naturalization should not be granted, should
-send a written and signed statement of the facts within



twenty-eight days from the 21ST day of JUNE 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas. ,

NOTICE





ROSHAE ROLLE of IMPERIAL PARK, P.O. BOX
FH-14670, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should








twenty-eight days from the 14TH day of JUNE 2008 to |
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.







FG CAPITAL MARKETS

BROKERAGE & ADVISORY SERVICES







SSO
Change ‘Daily Vol. EPS $ Div $
1.84 0.00 0.135









_ [8.00 6.79



11.80 41.59 Bahamas Property Fund â„¢ 41.80
9.68 9.40 Bank of Bahamas 9.43
0,99 0.85 Benchmark : 0.89
3.74 3.20 Bahamas Waste : 3.49
270 1.42 Fidelity Bank 2.35
14.10 10.60 Cable Bahamas 14.00
3.15 2.21 Colina Holdings 2.87
8.50 4.80 | Commonwealth Bank (S1) : 7.28
7.22 3.23 Consolidated Water BDRs 3.43
3.00 2.20 Doctor's Hospital 2.90
8.00 6.02. Famguard ; 8.00
13.01 12.50 Finco 12.50
14.75 11.79 FirstCaribbean Bank 11.79
6.10 5.05 _ Focol (S) 5.55
1.00 1.00 Focol Class B Preference 1.00
1.00 0.41 Freeport Concrete

ICD Utilities
J. S. Johnson
Premier Real Estat



Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

41.00 41.00 ABDAB 41.00
14.60 14.00 Bahamas Supermarkets 14.60
0.55 is RND Holdings





52wk-Low Fund Name

1.3152 1.2485 Colina Bond Fund 1.315228***
3.0008 2.7399 Colina MSI Preferred Fund 2.998763***
1.3940 1.3451 Colina Money Market Fund 1.394008******
3.7969 3.2920 _‘ Fidelitv Bahamas G & | Fund 3.6707***











11.80 0.00 1.086 0.400 10.9 3.39%
9.43 0.00 0.643 ‘0.160 14.7 1.70%
0.89 0.00 -0.647 0.030 N/M 3.37%
3.49 0.00 0.209 0.090 16.7 2.58%
2.35 0,00 0.055 0.040 42.7 1.70%

14.00 0,00 1.121 0.240 12.5 1.71%
2.87 ' 0.00 655 0.046 0.040 62.4 1.39%
7.28 0.00 0.440 0.300 16.5 4.12%
3.56 0.13 0.131 0.052 27.2 1.46%
2.90 0,00 0.308 0.040 9.4 1.38%
8.00 0.00 0.728 0.280 11.0 3.50%

12.50 0.00 0.650 0.570 19.2 4.56%

11.79 0.00 0.651 0.470 18.1 3.99%
5.55 0.00 0.386 0.140 14.4 2.52%
1.00 0.00 0.000 0.000 N/M 0.00%.

0.035 0,000 12.6 0.00%
0.411 0.300 16.5 4.42%
1.023 5.17%



EPS

6.00 0.000 0.480 NM
0.35 -0.023 0.000 N/M

4.450 2.750 9.0
15.60 14.00 1.160

“Yield%

0.00%










7.80%

ena:

6.70%
6.16%

__ 0.00%
“oa, Ser CE

PAGE 8, SATURDAY, JUNE 21, 2008

THE TRIBUNE



INTERNATIONAL NEWS



Want " ight up :
ina German har? :
Join the club

a MUNICH, a ,

STOP by for a drink
the Roosevelt cockt
and you'll be. ares



@ VANCOUVER, British
Columbia

BRITISH COLUMBIA’S
coroner’s office called the dis-
covery of a sixth floating foot a
hoax, saying Thursday it was
really an animal paw stuffed
inside a running shoe, according
to the Associated Press.

Initially, Wednesday’s find
‘ deepened a mystery surround-

ing the feet, all of which were
recovered within the past year

‘floating within a few miles of

each other along island shore-
lines in the Strait of Georgia near

_ Vancouver.

But the sixth discovery was
determined a hoax after coro-
ner’s officials determined that it








OUTSIDE view of the apartment building in Klagenfurt, Austria, Friday, June 20, 2008, where Nazi fugitive 95-year-old retired Croatian police
chief Milivoj Asner lives. Asner caused a stir just by showing up at a “fan zone” during the Euro 2008 European Soccer Championships,
because the frail fugitive is ranked number four on a leading list of most-wanted Nazi war crimes suspects. Officials in southern Austria,
where. Asner lives openly despite being indicted for crimes against humanity in his native Croatia, contend he is mentally unfit for extradi-

tion or trial.



neighbour



Austria accused of shielding Nazi suspect



crimes’ ‘suspects.

Now Austria’s most notorious far-
-right politician, former Freedom Party
leader Joerg Haider, has touched off
an even bigger scandal by praising
Asner.as a “treasured” neighbor who

@ VIENNA, Austria

Milivoj Asner caused a stir just by showing up at
a soccer game: The frail 95-year-old is ranked
~No. 4'ona leading list of most-wanted Nazi war

to bring aging top suspects to justice
before they die.

. This is clearly a reflection of the
political atmosphere which exists in
Austria and which in certain circles is
extremely:sympathetic to suspected
Nazi war criminals,”
telephone interview from Israel.

Zuroff said in a

Asner, he added, “has never showed

any remorse for actions which affected
the fates of hundreds of people.”
Asner’s indictment alleges he active-
ly enforced racist laws while police
chief in the eastern Croatian town of

Gert Eggenberger/AP Photo



should be allowed to live out his days
in peace.

“This could only happen in Austria,”
Efraim Zuroff, chief Nazi hunter for
the Simon Wiesenthal Center, told The
Associated Press.

Officials in southern Austria, where
Asner lives openly despite being indict-
ed for crimes against humanity in his
native Croatia, contend the retired’
police chief is mentally unfit for ques-
tioning, extradition or trial.

But Asner’s recent appearance at a
“fan zone” near his home in the south-
ern city of Klagenfurt — where he
reportedly looked fit and lucid as he
and his wife watched Croatia play in
the European Championship — has
some questioning whether this alpine
country with a tortured World War II
past is shielding him from justice.

Asner stands accused of persecuting
hundreds of Jews, Serbs and Gypsies
and dispatching them to their deaths in
WWIl-era Croatia, which was ruled by
a Nazi puppet regime.

“Austria has the habit of closing its
eyes,” renowned Nazi hunter Serge
Klarsfeld told French television Thurs-
day. The Asner case, he said, is fresh
proof the country is a safe haven for
suspected war criminals.

Haider’s impassioned defense of
Asner has only reinforced that impres-



NATHAN GASCH, 84, is shown in Mesa,
Ariz. Thursday, Sept. 20, 2007. Gasch, a
Holocaust survivor, lived next door for
years to Martin Hartmann, who was deport-
ed in August after authorities discovered he
had served as a guard at a Nazi concen-
tration camp during World War Il.

of Carinthia where Asner lives.
“He’s lived peacefully among us for

years, and he should be able to live out .
the twilight of his life with us,” Haider
told the newspaper Der Standard this

week.
“This is a nice family. We really trea-

Thomas Boggan/AP Photo

Pozega in 1941-42, and sent his victims
to a Croat-run death camp. The
Wiesenthal Center ranks him No. 4 on
a list of 10 top Nazi fugitives.

Asner has maintained his innocence,
and in an interview aired Thursday on
state-run Croatian televisicn, declared: ©
“My conscience is clear.”

“I am ready to come to face the
court in Croatia, but I’m not in the best
health,” Asner said, adding that if the
judges were honest, “they would have
to acquit me.’

He acknowledged he participated in
deportations of Serbs, Jews and Gyp-
sies, but insisted the deportees were
sent to their homelands and not to
camps.

Austria’s Justice Ministry bid it is
reviewing a request from Zuroff to
make a fresh assessment of Asner’s
physical and mental state and prove he
is suffering from dementia as experts
have ruled in the past.

Without a new evaluation declaring
him physically and mentally fit, “our
hands are tied,” said ministry
spokesman Thomas Geiblinger.

Croatia demanded Asner’s extradi-
tion in 2005, the year he was formally
indicted. But the Austrians demurred,
first on the grounds that he was an
Austrian citizen. Later, they claimed
the statute of limitations for his alleged

sion.

Haider, who brought the Freedom
Party into Austria’s coalition govern-
ment in 2000 on a platform tinged with
anti-Semitic and xenophobic under-
tones, is the governor of the province

ing.

sure this family,” he was quoted as say-

Such praise is unconscionable, said
Zuroff, who has been pressuring the
Austrian government to arrest Asner
and hand him over for trial as part of
“Operation: Last Chance” — an effort

crimes had expired.

Austria eventually conceded that
Asner was not an Austrian citizen,
which normally would have opened the
way for his extradition. But in 2006,
independent experts declared Asner

Canadian officials say 6th floating foot a hoax

was the skeletal remains of an
animal’s foot.

“Who ever is responsible for
this took the time to ensure that
the remains were set up to close-
ly resemble human remains,”
said Brendan FitzPatrick, an
inspector with the Royal Cana-
dian Mounted Police.

He warned that any hoaxer
could face charges, saying the
fact someone would go to such
lengths is disturbing.

“Due to the nature of these
incidents over the past year,
many families with missing loved
ones are closely watching and
wondering if it is their loved one
who has been found. The insen-
sitivity shown to the families and
the victims involved is unbeliev-
able,” he said.

Authorities say they haven’t
reached any conclusions about
the origin of the five feet but are
working to determine if there are
any links to any other partial
remains recovered in the
province. They have declined to
say if they think foul play is
involved.

Local speculation has been rife
with some reports claiming they
belonged to victims of violent
crimes or a plane crash.

Chief coroner Terry Smith said
this week that DNA profiles
from the first three feet have not
helped to determine identities
because they have not matched
any existing samples.

Smith and others have sug-
gested that the feet did not sink
but floated to shore because they

were encased in buoyant running
shoes.

The first three feet washed
ashore about 40 miles southwest
of Vancouver on islands in the
Strait of Georgia. The first foot
was discovered last summer by
beachcombers. Days later, a foot
was found inside a man’s Reebok
sneaker. The remains of a third
right foot were found Feb 8.

The fourth foot was found
May 22 on Kirkland Island in the
Fraser River, about 15 miles
south of Vancouver. About a
mile away, the fifth foot — and
only left foot, was discovered
Monday morning floating in
water off Westham Island.

Police have said that there’s
no evidence the feet were sev-
ered or removed from the vic-

tims’ legs by force.

Curtis Ebbesmeyer, an
oceanographer based in Seattle,
Wash., has said when a human
body is submerged in the ocean,
the main parts like arms, legs,
hands, feet and the head are usu-
ally what come off the body.

He said his theory is that the

feet came along as a result of an

accident that might have hap-
pened up along the Fraser River,
that washed down and spread
out along the Straight of Geor-
gia.

‘Ebbesmeyer said when the
third foot was found the feet
could have drifted from as far as
1,000 miles away. Ebbesmeyer
said the feet could have been sev-
ered or detached from their bod-
ies on their own.

i nist war slogan,
: retreat from the front lines
: with light injuries,“
: phrase of Chinese athletes
: and coaches.

China presses
injured athletes

‘in quest for gold

| MSHANGHAI

WHEN China’s champion
10-meter platform diver lost a

retina while training, a year
: after winning a gold medal in
; the 2004 Athens Olympics,

family members and fans spec-
ulated about the imminent end

i of a great career, according to
i the Associated Press.

The parents of the diver, Hu

: Jia, had surrendered him to
: trainers from the Chinese
: sports establishment at the age
: of 10, and had seen little of him
: since then. In an interview with

a Chinese newspaper after the
diver’s injury, his father sug-

: gested that this was sacrifice
: enough. Had he known his son
i risked blindness, the father
i said, “I would never have sent
i him off to dive.”

But less than two months

: before China’ hosts the
: Olympics for the first time, Hu
i is training and competing
i fiercely again.

“The Beijing Olympics is an

? enormous glory to our genera-
tion,” Hu, whose other retina
? was also injured, was quoted
: in the Chinese news media as
i: saying last year. Speaking of
i another gold medal, he added,

“T will do my utmost to grab

one, unless my eyes are really
: blind.”

Pressured by the national

: athletic system and tempted by
? the commercial riches await-
? ing star performers in the 2008
? games, China’s athletes are
: pushing themselves to their

' + limits and beyond, causing
: some to risk their health in pur-
: suit of nationalist glory.

“An astonishing amount of

! manpower, money and goods
: have been poured in, so much
: so that it’s inappropriate to be

revealed publicly,” said Lu

: Yuanzhen, a professor of
i sports sociology at the Acade-
? my of Sports Sciences at South
¢ China Normal University. If
i the country’s athletes do not
: perform up to expectations, he
? added, “the entire nation and ~
: its people will lose face.”

Since surpassing Russia to |

i win’the second most:gold ©
:~ medals‘in the 2004 Olympics,
: its highest ranking ever; China ...
: has held an unofficial but unde- | ~
i niable ambition to cap the
? hosting of the games by sur-
? passing the United States and
i finishing atop the medal board.

‘DON’T RETREAT’
For many athletes, playing

through injuries is standard
: practice. Most of China’s

Olympic-caliber competitors

: are tightly controlled by a sys-
i .tem that manages almost
; every aspect of their lives,
:- often from early childhood.
: This includes housing, edu-
: cation, medical care and
: interactions with the public

and the news media. In this

i? system, decisions about train-
: ing regimens and the risks of
? injuries do not get much of a
: public airing.

“The philosophy of our

: sports system has several bad
: points,” said Chen Peide, for-
: mer director of the Zhejiang
? Province Sports Bureau.

“Urging people to tenacious-

i, ly strive to succeed, to be
: faster, to jump higher, to be
: stronger and to win more
?. gold medals usually comes at
; the expense of athletes’
: health.

”When they’re having a
100- or 102-degree fever, we

tell them not to give up so
: easily,“ he said.

Chen said that a Commu-
*Don’t

was a pet

If it is true that,the system

pushes athletes hard, many
: athletes are just as demanding
? of themselves.

”Once you win gold, your
status is changed and you
become another person,“ said
Li Zhuo, a retired silver
medalist in the women’s

weightlifting 48-kilogram cat-

egory in 2004, referring to the

? monetary awards and busi-
i ness opportunities showered
? on victors. ?One Olympics
? can change an athlete’s life,

and that’s pressure.“

A NATIONALIST TRADITION
As suggested by the injunc-

tion to athletes against retreat-

ing from the front lines, Chi-
na’s national sports system

: does indeed borrow heavily
? from wartime, albeit largely
: from the Cold War. Within five
: years of taking power in 1949,
: Mao Zedong adopted many of

the features of the heavily cen-

tralized sports system of Chi-
: na’s then-Communist ally, the
? Soviet Union.
THE TRIBUNE SATURDAY, JUNE 21, 2008, PAGE 9





w@ Chartered Accountants m Phone: (242) 502-6000
Oar Montague Place Fax: (2423 502-6090
Third Foor www.ey.cam
ast Bay Street
P.O, Box N-3237 *
Nassau, Bahantas

3l/ ERNST & YOUNG

Basis of consolidation (continued)
All inter-company balances, transactions, income and expenses and profits and losses resulting
from inter-company transactions that are recognized in assets are eliminated.

Independent Auditors’ Report to the Shareholder and Directors of
Arner Bank & Trust (Bahamas) Ltd. a

We have audited the accompanying consolidated Balance Sheet of Amer Bank & Trust (Bahamas) Ltd.
(the Bank”) as at December 31, 2007 and a summary of significant accounting policies and other
explanatory notes.

The subsidiaries are fully consolidated from the date on which control is transferred to the Bank.
Control is achieved where the Bank has the power to govern the financial and operational
policies of an entity so as to obtain benefits from its activities.

Management? s Respousibility for the Balance Sheet

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

Adoption of IFRSs during the year

The Bank has adopted the following new and amended IFRSs and {F RIC interpretations during
the year. Adoption of these revised standards and interpretations did net have any effect on the
financial performance or position of the Bank. They did however give rise to additional
disclosures, including in some cases, revisions to accounting policies.

e@ IFRS?
2° {ASI

Financial Instruments: Disclosures

Auditer’s Responsibility
Amendment - Presentation of Financial Statements

Qur responsibility is to express an opinion on the balance sheet based on our audit. We conducted our audit
in accordance with International Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the balance sheet is free
from material misstalement.

The principle effect of the chanpes to the disclosures in the consolidated financial statements are
as follows:

IFRS 7 Finanetal astruments: Disclosures

This standard requires disclosures that enable users of the financial statements to evaluate the
significance of the Bank’s financial instruments and the nature and extent of risks arising from
those financial instruments. The new disclosures are included throughout these consolidated
financial statements. While there has been no effect on the financial position or results.
comparative information has been revised where needed,

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
balance sheet. The procedures selected depend on the Auditors* judgment, including the assessment of the
risks of material misstatement of the balance sheet, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statentents in order to de sign audit procedures that are appropriate for the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s intemal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

TAS 1 Amendment - Presentation of Financial Statements
estimates made by management, as well as evaluating the overall Lene of the balance sheet.

This amendment requires the Bank to make new disclosures to enable users of these financial
statements 10 evaluate the Bank’s objectives, policies and processes for managing capital.

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

audit opinion. Yoreign currency transactions and translations

The Bank’s consolidated financial statements are presented in US. dollars, which is the Bank’s

functional and presentational currency, however it transacts business in other ‘currencies.

Monetary assets and liabilities denominated in other currencies are translated into US dollars at

the rate of exchange in effect on the date of the consolidated balance sheet. Income and expense

iterns denominated in other currencies are translated at the rate of exchange in effect at the date

the transaction occurred, Resulting gains and losses from such translations are reported in the

consolidated income statement.

Opinion :
In our opinion, the consolidated balance sheet presents fairly in all material respects the financial position of
the Bank as of December 3£, 2007, in accordance with Intemational Financial Reporting Standards.

Ernet ¢

Finanelal Assets ' ; :

Financial assets in the scope of LAS 39 are classified as financial assets at fair value through =
profit or loss: loans and receivables; held to maturity investments; or as available-for-sale
financial assets, as appropriate. The Bank determines the classification of its financial assets at

initial recognition and re-evaluates this designation at each financial year end. All financial

assets are measured initially at their fair value.

May 26, 2008
Arner Bank & Trust (Bahamas) Ltd.

Consolidated Balance Sheet All regular way siachaaes and sales of financial assets are recognised on the trade date, being the

date that the Bank commits to purchase or sell the asset. Regular way transactions require
eer delivery of assets within the timeframe generally established by regulation or convention in the set
market place. The subsequent measurement of financial assets depends on their classification.

December 31, 2007.

At December 31, 2007 the Bank’s primary financial assets are represented by loans and advances
and deposit with banks. After initial measurement, loans and advances, and deposit with banks
are measured as follows:

2007 2006

Assets

Cash and due from banks on demand Loans and advances, and depasits with banks

3 26,469,982 : : es ‘ : ere ;
Loans and advances and deposits with banks are financial assets with fixed or determinable

5 26,798,897

Depasits with banks 24,317,996 18,859,941 x ne : : = ‘

Loans and advances, (note 3) 5.058.805 19,382,050 payments and fixed maturities that are nat quoted in the active market, They are not entered into
Accrued income and other assets (note 4) 8.250.030 1.088.086 with the intention of immediate or short-term resale and are not classified as, available for sale or
Property and equipment, net (note 5) $95.01] 543.982 financial assets designated at fair value through profit or loss. After initial measurement, loans
SF tal aagele : $74, 651.82 7 $ 66IT2 = and advances and deposits with bunks are subsequently measured at amortized cost using the



effective interest rate method less allowance for impairment, ifany.

Liabilities and Sharehalder’s Equity

Liabilities Impairment and uncollectibility of financial assets
Due to banks on demand 3 z 8 166,738 An assessment is made at each balance sheet date to determine whether there is abjective
Customers’ current and deposit accounts - 44.198.714 44,297,221 evidence that a financial asset may be impaired. | f such evidence exists, the carrying amount of
Accrued expenses . 9,797,688 96,311 the asset is reduced to its estimated recoverable amount either directly or through the use of an
Total Liabilities 53.996,402 44 590.2070 allowance account and the amount of the loss is included in the consolidated income statement,
Sharcholder’s Equity (note 6) Loans cared advances and due fram banks .
Share capital ; The Bank reviews its problem loans and advances at each reporting date to assess whether an
Authorized, issued and fully paid allowance for impairment should be recorded in income statement. In particular, Judgment by
5,000,000 common shares of US$1.00 each 5.000.000 5,000,000 management is required in the estimation at the amount and timing of future cash flows when
Statutory loan loss reserve 150.588 193, 820 determining the level of allowance required, Such estimates are based on assumptions about a
Retained earnings 15.54 4.83 4 number of factors such as the Bank's past credit loss experience, known and inherent risks in the




portfolio, adverse situations that may affect the borrower's ability to repay the estimated value of

Total sharcholder’s equity : , re :
: squity the underlying collateral and current economic conditions. In a subsequent year, the amount of

Total babi fities and shareboiger’ s equity $4 691 824 $ eet 2956 the recognized bmpdirment loss is increased or reduced by adjusting the allowance account. Ifa
cd 5 eat, bts future write-off is later recovered, the recovery is credited to the ‘Credit loss” expense.
Commitments and contingencies (note 9) i
ees : Derecognition of fmancial assets and financial liabilities

Financial assets
‘A financial asset (or, where applicable a part of a financial asset or part of a group of similar
~ financial assets) is derecognized where:
the rights to receive cash flows from the assct have expired; ar
wm - * the Bank has transferred its rights to receive cash flows from the asset. or has
enc assumed an obligation to pay the received cash flows in full without material
delay to a third party under a ‘pass-through’ arrangement; and
® — either (a) the Bank has transferred substantially all the risks and rewards of the
asset, or (b) the Bank has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred contro] of the asset.

pair ed By The Board:

/ 3 ‘ , &.

Director Director



See accompanying notes.
Amer Bank & Trust (Bahamas) Ltd.

Notes to Consolidated Financial Statements binds the aoe pe tr aired : rights to ee ease Hows iene an asset or bas topaiee into a

rew wares of rae asset nor aac. ancl of ay asset, ee asset is ee to ike extent of
the Bank’s continuing involvement in the asset. Continuing involvement that takes the form afa
guarantee over the transferred asset is measured at the Jower of the original carrying amount of
the asset and the maxinnum amount of consideration that the Bank could be required to repay.

December 31, 2007

1. Corporate Information

Derecognition of financial assets and financial liabilities (continued)
Piaancial liabilities
A financial liability is derecognized when the obligation under the Hability is discharged or

Amer Bank & Trust (Bahamas) Ltd. (the Bank) was incorperated under the laws of the
Commonwealth of The Bahamas on August 25, 1997 and commenced operations on October |,

1997. The Bank is licenced under the Banks and Trost Companies Regulations Act 2000, to
provide a full range of banking and trust services. The Bank is a wholly-owned subsidiary of
Banca Amer §.A., Lugano, (the Parent).

The Bank's registered office is located at Caves Village, Building #2, Suite #2, Nassau,
Bahamas.

The consolidated financial statements of the Bank for the year ended December 31, 2007 was
authorized for issuance by the Board gf Directors on April 28, 2008.

2. Summary of Significant Accounting Policies

Statement of compliance
‘These consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards.

Basis of preparation

The consolidated financial statements were prepared under the historical cost convention, except
for financial assets and Nabilities and Joans and advances, which are measured at fair valuc.
These consalidated financial statements are presented in United States (U.S.) dollars. United
States (U.S, dollars) reflect the economic substance of the operations and circumstances of the
Bank. The preparation of financial statements in accordance with IFRS requires management to
make estimates and assumptions that affect the reported amounts and disclosures in ihe financial
statements. Actual results could differ from those estimates.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Bank and its
subsidiaries as at December 31, 2007. The Bank's wholly owned subsidiaries, Beaumont
Noniinees Limited, A.N.D. Limited and A.C.D. Limited (the Nominee Companies) are
companies incorporated tnder the laws of the Commonwealth of The Bahamas, have the same
reporting year as the Bank and use consistent accounting policies. The activities of the
subsidiaries are to serve as nominee shareholders, incorporator and directors of International
Business Companies on behalf of the Bank and its customers.

pancelled or expires. Where an existing financial liability is replaced by another from the same
lender on subsiantially different terms, or the terms of an existing lability are substantially
modified, such an exchange or modification is treated as a derecognition of the original lability
anid the recognition of a new liability, and the difference in the respective carrying amounts is
recognized in the consolidated income statement.

{
Derivative financial instruments

The Bank’only engages in the purchase and sale of derivative financial instruments such as
forward foreign exchange contracts on behalf and on the instructions of its clients. ft is currendy
jos the Bank's poliey to trade in derivative financial instruments for its own account.

The fair value of forward ee contracts is caloulated by reference to current forward
exchange rates for contracts with similar maturity profiles. Derivatives are accounted for in
other assets and other Habilities.

Leases :

i « « * .

Leases where the lessor retains substantially all the risks and benefits af ownership of the asset
are classified as operating leases. Operating lease payments are recognized as an expense on the
ponsolidated income statement on a straight-line basis over the lease term,

Recognition of income and expense

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Bank and the revenue can be reliably measured. Revenue is measured at the fair value of the
vonsideration received.

interest income and expense is recognized using the effective interest method. The carrying
amount of a financial asset or financial liability is adjusted if the Bank revises its estimates of
payments and receipts.

Phe Bank provides custody. trustee, corporate administration. investment management and
advisory services to third parties, which involve the Bank making allocation and purchase and
sale decisions in relation to a wide range of financial instruments. Fees and commissions earned
on the provision of these services over a period of time are accrued over that period.
fe 3

PAGE 10, SATURDAY, JUNE 21, 2008

sear

~*~

* advances are secured primarily by cash and diversified securities.

Cash and cash equivalents
Cash and cash equivalents consist of due from banks on demand, deposits with banks and due to
banks on demand at time with original maturities of three months or less.

Property and equipment
Property and equipment are stated at cost less accumulated depreciation, computed on a straight-
line basis over the estimated useful lives of the assets as follows:

20 vears
3 years
3 years

Freehold property
Leasehold improvements
Furniture and equipment

The carrying amounts of property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their estimated recoverable amounts, and when
carrying values exceed this estimated recoverable amount, assets are written down to their
recoverable amount. No such write down has been recorded by the Bank during the years ending
December 31, 2007 or 2006.

Taxation
There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Asset under administration

The Bank provides custody, trustee, investment management and advisory services to its clients.
No account is taken in these consolidated financial statements of assets and Habilities of clients
managed by the Bank or its subsidiaries as custodian, trustee or nominee, other than those assets
and liabilities which relate to the banking services provided by the Bank or its subsidiaries for
their clients. At December 31, 2007, the Bank had client assets under administration amounting
to approximately $605 million (2006 - $629 million) of which approximately $157 million (2006
~ $111 million) was held in a fiduciary capacity.

Provisions

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a
result of a past event, and it is probable that an outflow of resources embadying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. .

IFRIC and IFRS Interpretations not yet effective
The Bank has not adopted the following IFRSs and IFRIC Interpretations that have been issued
but are not yet effective:

IFRS 8 Operating Segments; requires disclosure of information about the Bank's operating .

segments and replaced the requirement to determine primary (business) and secondary

(geographic) reporting segments. in. the Bank... This. standard becomes effective for annual...

periods beginning on or after January 1, 2009, and as a result, certain disclosures may be added
ta the Bank’s consolidated financial statements upon adaption,

IAS 23 Borrowing Costs; was issued in March 2007, and becomes effective for financial years
beginning on or after January |. 2009. This standard has been revised to require capitalization of
borrowing costs when such costs related to a qualifying asset. The adoption of this interpretation
is not expected to have an impact on the consolidated financial when inpleenee | in 2009.

IFRIC 11 was issued in November 2006, and becomes effective for financial years beginning on
or after March 1, 2007. This interpretation addresses group and treasury share transactions
related to share-based payments to employees. The adoption of this interpretation is not
expected to have an impact‘on the consolidated financial statements when implemented in 2009.

IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on
or after January 1, 2008. This interpretation gives guidance on the accounting by operators for
public-to-private service concession arrangements. This interpretation is not expected to be
relevant for the activities of the Bank.

IFRIC 13 was issued in June 2007 and becomes effective for annual periods beginning on or
after July 1, 2008. This interpretation requires customer loyalty award credits to be accounted
for as a separate component of the sales transaction in which they are granted and therefore part:
of the fair value of the consideration received is allocated to the award credits and deferred over
the period that the award credits are fulfilled. The adoption of this interpretation is not expected
to have an impact on the Bank’s consolidated financial statements when implemented in 2008.

IFRIC and IFRS Interpretations not yet effective(continued) |

IFRIC 14 was issued in July 2007 and becomes effective for annual periods beginning on or after
January 1, 2008. This interpretation provides guidance on how to assess the limit on the amount
of surplus in a defined benefit scheme that can be recognized as an asset under IAS 19 Employee
Benefjts. The adoption of this interpretation is not expected to have an impact on the Bank’s
consolidated Gnancial statements when implemented in 2008.

3. Loans and Advances

2007 2006
Loans $ 14,754,732 $ 16,328,625
Advances 304,073 3,053,425



$ 15,058,805 $ 19,382,050

eroceoontoneeencsecennsecateeeteonececnseseteteStannsanc snc AAnnnaMnrecnnanannnnrirrnnnennrrnen TOES
Loans and advances are denominated primarily in United States dollars and Euros. Loans and
The total lending value of all
collateral held against loans and advances at December 31, 2007 was $136,317,811 (2006 -
$129,266,730). Loans and advances include unsecured balances totaling $1,943,811 (2006 -

$2,300,100).

At December 31, 2007, there are no loans or advances on which interest is not being accrued, or
where interest is suspended (2006 - nil). There were na provisions recorded in 2007 and 2006.

4. Aecrued Income and Other Assets

2007 2 2006

Derivative contracts $ 7,053,839 $ 1,976,000

Accrued income j 040, 929 888,076

Other assets J 230,010
3 53,064,086 —



5. Property and Equipment



Freehold Leasehold Furniture
__Property. Improvements & Equipment Total
Cost:
Balance at beginning of year = $ 735,924 $ 393,857 $ 134,480 $ 1,263,961
Additions e eh oe 24,650 24,650
Balance at end of year 735, oa x 393,557 _ 159,130 1,288,611
Accumulated depreciation: ~~ .
Balance at beginning of year 196.5 525 * 288,97 134,480 619,979
Charge for the year 36,440, 36,827 354 __ 3,62)
Balance at'end of year 232,965, 325,801 134 693,600
Net book yalue
December 31, 2007 $ 502,959 $ 67,756 $ 24.296 $595,011
Net book value
December 31, 2006 $ 539,399 $ 104,583 $ - $643,982 |

6. Capital

The Bank maintains an actively managed capital base to cover risks inherent in the business.
The adequacy of the Bank’s capital is monitored using. among other measures, the rules and
ratios established by the Central Bank of The Bahamas.

During the past year, the Bank had complied in full with all its externally imposed capital
requirements,

Capital management

The primary objectives of the Bank’s capital management a are to ensure that the Bank complies
with externally imposed capital requirements and that the Bank maintains strong credit ratings
and healthy capital ratios in order to support its business and to maximize shareholders’ value.

The Bank manages its capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of its activities. No changes were made in the
objectives, policies and processes from the previous year.

“supervision by the Swiss authorities and follows relevant Swiss Anti Money |

THE TRIBUNE



Capital management (continued)

The general provision is the amount that is required to meet the Bank’s statutory requirements.
The general provision is shown as an appropriation of retained earnings, and reflected as part of
shareholder's equity as loan loss reserves. At December 31, 2007, the loan loss reserve was
$150,588 (22006 ~ $193,820).

Regulatory capital consists of share capital and retained earings including current year profit.
At December 31, 2007 the required capital of the Bank was USD$3,732,132 (2006:
USD$3,437,421). At December 31, 2007 the actual capital of the Bank was USD$20,606,245
(2006: USD$22,131.141).

7. Dividend

On April 24. 2007 the Board of Directors declared and paid a dividend of US$8.000,000 (2606 -
$6,000,000},

8. Related Party Balances and Transactions

During the year the Bank placed deposits with its parent, Banca Arner S.A., Lugano. Balances

and transactions in the consolidated financial statements include the following amounts related to
the parent (in thousands of dollars):

dhe Deeg Conn lak Se ae aces
Cash and due from banks on demand $ 28,959 $ 26.418
Due to banks on demand - 167
Interest income 1,039 948
Commissions from security transactions ~ / 14
Custody, brokerage fees and commissions 4,338 2,967
Operating expenses AQ mms 46

9. Commitments and Contingencies

Derivative financial instruments

The Bank enters into forward currency contracts as part of its client-related trading activities.
Forward currency contracts are contracts to purchase or sell foreign currencies at specified rates of
exchange on specific dates in the future. Risk arises from the potential inability of counterparties
to perform under the terms of the contracts (credit. risk) and from fluctuations in the foreign
exchange rates (market risk), The Bank manages its market risk of client-related positions by

taking offsetting positions with its Parent, resulting in minimal market exposure. ‘The credit 'risk of

client positions is managed by applying uniform credit standards maintained for all activities with
eredit risk. Collateral held generally cludes cash, cash Sa vEenS and marketable securities.

“The contract amounts of open forward currency contracts on December 31, Gn thousands of
dollars) were as follows:



2006
Commitments to purchase $ $ 1,976
Commitments to sell $ $ 1,971

The contract amount of these instruments reflects the extent of the Bank’s involvement in
forward currency contracts and do not represent the Bank’s risk of loss due to counterparty nan-
performancd, The replacement value of these client-related derivatives are included in accrued
other assets and other liabilities on the consolidated balance sheet. The credit risk is limited to
those contracts with a positive fair value. :

Credit-related commitments :

Credit-relaied commitments include. commitments to. extend credit, standby letters. of credit,
guarantees and acceptances which are designed to meet the requirements of the Bank’s
customers. They commit the Bank.to make payments on behalf of customers contingent upon
the failure of the customer to perform under the terms of the contract.

5

The Bank has the following credit related commitments (in thousands of dollars):

Sen |. anne PR
Commitments on behalf of customers:
Guarantees $ 8,230 $ 30,571

Lease Agreement.

The Bank has entered into operating leases with a third party, which expire in. 2008 and 201 1,
with an option te renew upon expiration. The future annual minimum lease payments under the
leases to which the Bank j is committed Gn Ouse of Whe are as follows:



Within one year 3 144,
After one year but not more than five years 192
336



Regulatory commitments

As a subsidiary of a Swiss Bank, Arner Bank & Trust (Bahamas) Ltd is subject to indirect
Laundering
regulations. From 2006 the Swiss Cantonal tax authorities have compared the income and
expense profile of the bank to that of its Parent. As a result of this calculation the Parent bank
may be required on an annual basis to invoice the Bahamas subsidiary for additional support
services.

1D, Risk Management

General : ‘
Risk is inherent in the Bank's activities but it is managed through a process of ongoing
identification, measurement and monitoring, subject to risk limits and other controls. The
process of risk management is critical io the Bank’s ongoing profitability and each individual
within the Bank is accountable for the risk exposures related to their responsibilities. The Bank
is exposed to credit risk, liquidity risk and market risk. The Bank is also subject to general
operating risks,

‘The independent risk control process does not include risks such as changes in the environment,
technology and industry. These risks are managed through the Bank's strategic management
processes. ;

Risk management structure

The Bank’s risks are measured using a method which reflects both expected and unexpected
losses. ‘The risk measurements are based on historical experiences, adjusted for changes in the
banking and other environmental factors. The Bank also operates within the limits provided by
its Parent and its regulators. The Board of Directors is ultimately responsible for identifying and
controlling risks such as credit, interest rate and liquidity. In addition, the Bank monitors its
aggregate risk exposure across all risk types and activities.

Risk mitigation
The Bank uses derivatives and other instruments to manage exposures related tO the portfolio
management activities executed on behalf of its clients. The pak also actively uses collateral to

reduce | its credit risks.

Credit risk

Credit: risk is the risk that a customer or counterparty will be able or unwilling to meet 4
commitment that it has entered into with the Bank. The Bank manages credit risk associated with
deposit assets by making placements primarily with other affiliate banks but may also do so with
financial institutions contained within the confirmed aggregation as established by the group.
Customer credit is monitored on a daily basis by management.

Credit risk arises principally trom financial assets. The Board of Directors is responsible for
setting book, portfolio and individual credit limits and these monitored on an ongoing intra-day
basis.

Maximum exposure to eredit risk without taking account of any collateral and other credit
enhancements

The table below shaws the maximum exposure to credit risk for the components of the
consolidated balance sheet, including derivatives on December 31. The maximum exposure is
shown gross, before the effect of mitigation through the use of collateral agreements.

2007
Due from Banks $ $0,788
Loans and advances 15.059

Accrual interest income 1,040





Other assets _ 7,209

Total 74,096

Contingent liabilities (note 9) = :
Commitments (note 9) 3

Total :
Total credit risk exposure . ee, 82, 633 $ 96 “0684s
THE TRIBUNE

SATURDAY, JUNE 21, 2008, PAGE 11



Alleged drug Kingpin caught

Risk mitigation
The Bank uses derivatives and other instruments to manage exposures related to the portfolio

management activities executed on behalf of its clients. The Bank also actively uses collateral to
reduce its credit risks.

Credit risk

Credit risk is the risk that a customer or counterparty will be able or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages credit risk associated with
deposit assets by making placements primarily with other affiliate banks but may also do so with
financial institutions contained within the confirmed aggregation as established by the group.
Customer credit is monitored on a daily basis by management.

Credit risk arises principally from financial assets. The Board of Directors is responsible for
setting book, portfolio and individual credit limits and these monitored on an ongoing intra-day

basis.

Maximum exposure to credit risk without taking account of any collateral and other credit

enhancements

The table below shows the maximum exposure to credit risk for the components of the
consolidated balance sheet, including derivatives on December 31. The maximum exposure is
shown gross, before the effect of mitigation through the use of collateral agreements,

tks 2007 2006
Due from Banks | B 50,788 $ 45,658
Loans and advances 15,059 19,382
Accrual interest Income 1,040 888
Other assets (7A ee 230
Total 4,096 66,128
Contingent liabilities (note 9) yt -
Commitments ote 9 7 $937 0 ee 30,717
Total 8,537 30,717

Yotal credit risk exposure





Moximum exposure to credit risk without taking account of any collateral and other credit

enhancements (continued)

Additional information on the maximum credit exposure related to the classes of financial assets

noted above may be found in the specific notes related to cach of the assets.

Risk concentrations of the maximum exposure to credit risk

The maximum credit exposure-to-any--client-or. counterparty as-at December 31,2007 -befare..

taking account of any credit enhancements is the amounts due from banks which are held with
the Bank as presented on the consolidated balance sheet.

The amount and type of collateral required depends on an assessment of the credit risk of the
_ counterparty. Guidelines are implemented regarding the acceptability of DPE of collateral and
valuation parameters.

Management monitors the market value of collateral, requests additional collateral in accordance
with the underlying agreement, and monitors the market value of collateral obtained during its
review of the adequacy of the allowance of impairment losses.

Graup transaction and balances are guaranteed oe the Parent.

Credit quality per class of financial assets

The credit quality of financial assets is managed by the Bank using internal credit ratings which
are based on the Guidelines for the Management of Credit Risks: issued t by the Central Bank of

The Bahamas for loans and advances.

The Bank’s loan portfolio. at December 31, 2007 is collateralized and is classified as standard
grade, At December 31, 2007, there were no loans that were considered past due.

Cradit risk exposure for each internal risk rating

The purpose of credit rating is to provide a simple, but ef feotive and onguing system of credit

risk gradation by which relative credit worthiness of borrowers may be identified and
accordingly the level of credit enhancements, degree of monitoring. frequency of reviews, level
of provisioning can be determined and pricing can be determined, Credit rating would reflect

both the likelihood of default and any possibility of financial loss suffered in the event ofdefault,

Credit risk exposure for each internal risk rating (continued) —

FROM page one

bers of the Maycock/Smith
organization, with conspiracy
to import five kilograms or
more of cocaine and 1,000
pounds or more of marijuana
and conspiracy to possess with
intent to distribute five kilo-
grams or more of cocaine and
1000 pounds or more of mari-
juana. Maycock and other
defendants are charged in the
same indictment with aiding
and abetting in the possession
with intent to distribute cocaine,
aiding and abetting in the

importation into the United
States of cocaine, and other
drug-related offences, accord-
ing to the US Department of
Justice.

In February Maycock Sr
made headlines when he traded
places with his son Melvin "Lil
Mel" Maycock, 24, in a cell in
the Elizabeth Estates Police
Station. Maycock Jr, who US
authorities are also seeking to
have extradited, and Sergeant
Troy Lewis, 38, have been
charged with aiding in his
escape. The escape case was
adjourned to September 23 at
the request of the prosecution.

Maycock Sr eluded capture
again in May when police
searched an apartment on
Bougainvillea Avenue, West
Bay Street, where Maycock Sr
was said to have been staying.
There police seized marijuana
with a street value of $1.2 mil-
lion. The drugs, which were
already packaged, were found
hidden in the kitchen cupboard
and bedroom of the apartment.
Police also discovered three
.Jmm handguns and a box of
ammunition, along with a shoe
box, which contained a very
large sum of cash in Bahamian
and US currency.

Police say gunshot death may be suicide

FROM page one

Moxey also ee a number of other children.
Police have not officially classified Moxey’s

"We do know, after speaking with a female
resident here that the deceased is known to her.
She had indicated that they had a relationship
which had discontinued. The deceased came by
last evening trying to reconcile that relationship.
There was some degree of rejection and he left.
Around 2 am he returned and that is when this
discovery was made," Inspector Wright said. He
said that Moxey died upon arrival at the hospital.

His ex-girlfriend, who had made the discovery,
was distraught and very shaken by the incident,
said Inspector Wright. According to Inspector
Wright Moxey and the woman have a son who is
about seven years old. Inspector Wright said that

death as a suicide, however, Inspector Wright

_ said it will not be ruled out as the means of death.

“We are going to await the examination of a
post mortem before we classify this as a homicide,
but this matter is now classified as a suspicious
death,” Inspector Wright said.

"Suicide will not be ruled out. At the end of
the day, after the post mortem is done we will
make an official classification. There are signs
that this could be a suicide," Inspector Wright
said. He said that in the meantime the matter is
being classified as a suspicious death. A post
mortem report is expected to be made by Mon-
day.

Workers get personal cheques from union president

FROM page one

Mr Colebrook “dug deep” to
prevent his employees from fur-
ther suffering.

With $14,327 from his -per-
sonal finances, Mr Colebrook
has paid a week’s pay to 70
employees in Nassau and
Freeport. He said: "It is my
sacrifice, but being the leader
of this organisation I think it is
important to lead from the front
and whatever relief I can bring
to my people I will do it.

"We have single parents,
families with bills to pay and
these persons are not a part of
whatever fight is going on. It is
wrong," he said.

A court order issued on May
22 by Judge Neville Adderley

' ruled that the union's secretary

Govt seeks $75m bond for housing dev

general Leo Douglas, treasur-
er Basil McKenzie and a trustee
must sign all union cheques.
However, according to their
lawyer Keod Smith, the trustee
refused to sign because he was
not aware of the employment
of a number of persons on the
employee list. But Mr Cole-
brook wanted to:be certain that
employees, caught up in the dis-
pute, are not paying the price.
His secretary general Mr

Douglas told The Tribune yes- -

terday: "Many of those people
are single parents and it is a
hard thing on them.

"So the president has taken it
upon himself to deal with the
matter on a personal basis and I
want to commend him because
I cannot believe it!

"T personally made arrange-

ments from his personal

account to pay off the line staff

today and that is an historic sit-
uation."

The dispute within the union
is between two factions of union
executives, one led by Mr Cole-

brook and the other by first:

vice-president Kirk Wilson.

It is rooted in allegations
brought against Mr Colebrook,
Mr Douglas and Mr McKenzie
by other members of the exec-
utive council alleging misap-
propriation of union funds.

Union trustees Kayla Bodie
and Ian Neely filed a contempt
of court motion against Mr
Colebrook, Mr Douglas and
financial controller Sandra Fer-
guson last week for allegedly
violating Judge Adderley's May
22 court order.

velopment

FROM page one

sible for Housing, with infrastructure in place;

bi Reece WR he Rs PAIN OIA RELA TY A AO TE SR I, I Rh Ae I BS I RS OE SS EL SIL FE RR eg



The Bank conducts an impairment assessment on each of its loans monthly. The main °
considerations for the loan impairment assessment include whether any payments of principle or
interest are overdue by more than 90 days or there are any known difficulties in cash flows of

such that as soon as the houses are completed, the
Mortgage Corporation will pay the contractors for

Abaco to develop these subdivisions, Senator 1
the cost of construction. -

McAlpine said during his contribution to the Sen-

counterparties or the quality of collateral. The Bank addresses i impairment on ah individual

basis, assessing each individual credit facility. The Bank has no history of defaults.

Liquidity risk management

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments, The Bank monitors expected cash outflow on a daily basis.
kts policy throughout the year has been to ensure liquidity by maintaining at all times sufficient

high quality liquid assets to cover expected net cash outflow.

The contractual maturities of assets, liabilities and shareholder's equity have been determined on
the remaining period at the balance sheet date to the contractual maturity date. The maturity
profile is monitored by management to ensure adequate liquidity is maintained, It is the policy
of the Bank to match all.deposits with a placement of similar maturity (and vice-versa) thus

ensuring the lowest possible liquidity risk profile. The Bank depends on commitments from its
Parent for funding in emergency situations, The Bank is also Spee to regulatory guidelines
related to liquidity requirements. :

Liquidity risk management (continued)

The table below summarizes the maturity profile of the Bank’s assets, labilities and
shareholder’s equity, presented in order of maturity as at December 31, (in thousands of





dollars}: start of the second phase of also indicated that the problem managing director at BMC,
BMC’s arrears campaign to with non-payments is in part explained that with clients
eas encourage customers in such sit- related to many Bahamians _ whose accounts are in arrears,
oe uations to come in and arrange —_ being debt burdened to other __ they are called by the lender
_ More Non- ' payment plans before foreclo- institutions. However, for oth- and advised to come in and pay.
Due on Less than 3-2 than 12 maturity sure OCCUIS. ers, the lack of prioritization _If that is unsuccessful, she said,
demand Smonths months months items Total In March the mortgages of may be at fault, he suggested. _ they follow-up with a series of
817 people, totaling $4.667, or “In the majority of the cases notices or reminders for the
Assets 27.43 per cent of the BMC port- reviewed in this exercise, the client to come in.
Due fram banks - sight 8 26,470 $ wed ot - ig = - § ~ § 26,470 folio, were in arrears. In April, borrowers had the financial After three months, mort-
~ Due from hanks - thne : : 243518. ‘ a ‘ 24,318 803 peeps: were In arrears, ability to meet their mortgage _gage arrears letters are sent out
‘paneand advances 15,089 4 : ve . 18.089 totalling $4.573 million, or 27.01 payments, but there is simply a__ reminding the customer of their
Property plant and : per cent of the BMC portfolio. _ Jack of prioritizing when it — responsibilities to pay the mort-
eauiement 595 ; . : . 595 ie also said: “There are cur- comes to meeting this monthly _gage and the possibility of fore-
Other assets 7209 a od . e : - Z 709 rently approximately 50 loans obligation,” he said. closure. If this is unsuccessful,
oe Ned a . fee in foreclosure at the present “Bahamians are typically the BMC’s attorney sends out a
SCHERRER at : pean rence : 104) time and we do not wish to high consumers, particularly as letter of demand to the cus-
Total assets £50374 R 24,3518 $ - $ - z -~ § 74,692 M increase these numbers. We it pertains to consumer loans tomer informing them that they
urge you to help us to help you. —_ with other lending institutions. have up to a certain date to
Liabilities and Again, we wish to encourage While we are providing this update the account. The next
shareholder's equity those persons whose accounts opportunity to work with such _ escalation is for the BMC to go
Due to banks ~ sight $ g - § g . §g . g . are in arrears and have failed persons in regularizing their to the Supreme Court and a
Hisasiaasbeesone : : ; ; ; ; to visit the corporation as yet, to Joan arrears, we cannot allow _ hearing is set for vacant posses- ¥
ates ee 2 come in so that a number of our those persons with the ability sion. y
a cue inte a et 3 } i i Eat arrears staff may sit with you to pay to continue to occupy The property is advertised at #
AEC ne epee : ; ; wear» Bh, Sa to discuss your account.” these homes free of charge.” this point. Mrs King-Storr
Accrued interest 9,798 : ; ; 9,798 The BMC, Mr Godfrey “Not is it only unfair to those emphasized that during the
Other Babilities = + : : ; 5 : : : emphasized, is not in business persons who struggle to meet _ escalation phase customers can
Shareholder’s equity 20.695 5 - 4 = 20,695 “to sell homes.” It would prefer their monthly mortgage pay- still come in and make payment
Total liabilities and to make arrangements with ments, it is also counter-pro- arrangements with BMC.
sharcholder’s equity $ 74,692 $ g $ $ - § 74,692 those with problems rather than



ate budget debate.

"During the construction phase, potential home

Additional subdivisions are slated for
Eleuthera, San Salvador, North and South
Andros, Inagua, Mayaguana, Exuma and Bimini,
he added. Said the senator: "In this Budget, pro-
vision was made for $1 million in infrastructure
upgrade for housing repairs. The Department of
Housing will continue this massive programme
necessary for houses built over the past five years.

"The Department of Housing, early last month,
along with the Bahamas Mortgage Corporation,
met with several local contractors to announce
and begin a new partnership in which qualified
contractors financed and built homes on lots allo-
cated by the Department of Housing.

"These lots are owned by the Minister respon-

owners are to be identified by the Bahamas Mort-
gage Corporation and are immediately placed in
homes. Conveyances are prepared and mortgages
are issued so that the Bahamas Mortgage Cor-
poration can, without delay, retrieve its invest-
ment and build up funds to continue this process.

"This process is already underway in Pride 3,
and will be extended in the future to Dignity 1
and soon throughout the Bahamas," he said.

Senator McAlpine said the Bahamas Mortgage
Corporation recognizes "the economic condi-
tions of the day" and subsequent delinquent mort-
gages but encouraged homeowners in arrears to
contact the Corporation and renegotiate their
mortgages.

$4.3m in mortgages in arrears, says BMC.

FROM page one

has seen a decrease in the num-
ber of loans in arrears since the

going towards foreclosure.
The BMC held a news con-
ference on May 6ih to advise
customers that tougher arrears
collection measures were being
put in place that could result in

- foreclosure on delinquent prop-

erties. Since initiating this
process and moving to a second
phase of this campaign, Mr
Godfrey said that there has
been an “encouraging”
response from customers.
“Some persons to whom let-

ters were hand delivered con-
tacted the corporation and
made arrangements to bring
their mortgage loan accounts
current,” he said. Mr Godfrey

ductive to the continued finan-

‘ cial viability of the Bahamas

Mortgage Corporation,”
Mr Godfrey.
Sandra King-Storr, deputy

said

Prepare for Independence Day celebrations

“\ new feature added to the 35th Independence Day cele-
brations is the two-day Fun Run/Walk/Cycle/Push event start-
ing 6 am Saturday, July 5, and Sunday, July 6, sponsored by the

Albany Group.

Other Independence events include basketball and soft-
ball tournaments, an Independence Band Showdown,
Bahamas National Trust Family Fun Day, E Clement Bethel
Festival, Police Beat Retreat, a rush-out and the return of the
highly anticipated Tattoo at Clifford Park.




PAGE 12, SATURDAY, JUNE 21, 2008

THE TRIBUNE



LOCAL NEWS



by Franklyn G Ferguson, JP

SNR

Nuns SAU Events

THE LADIES of the Bridgewater Family of Bevan’s Town, Grand
Bahama and friends (the planning committee) took time out for a
photo L to R: Georgina Bridgewater-Russell, Tennessee Bowe,
Natasha Bridgewater, Maybell Bridgewater, Pleasant Bridgewater,
Alexandria Russell, Rev Erma Ambrose, Peggy Bridgewater, Della
Bridgewater and Trevara Bennette.



RASHAD ROBERTS with Fr DeAngelo Bowe, as he displays his award on Paine been ape ales Valedic-
torian of the Praise The Lord Preschool.



FREELANCER Franklyn G Ferguson takes time out to
be the perfect father while in Freeport, spending time
with his daughter Stacy and grand-daughters, Carlis-
sa and Ciara Deleveaux.

(Photo by Lisa Davis)



FRONT ROW - L to R: James Bridgewater, Prince Bridgewater, Mr Hield, Leviticus Kemp, Kenneth Russell, Edward- TAKING a moment to pose with renowned enter-

Roberts, Austin Roberts, Fr DeAngelo Bowe; Lofton Andrews, Larone Fawkes, Livingstone Baillou, Lincoln Gibson. tained Shelly Carey (centre) are Minister of Housing
BACK ROW: Joseph Bridgewater, Lloyd Roberts, Sr, Jeremiah Bridgewater, Ken Stuart, Jeffrey Bridgewater, John and National Insurance Kenneth Russell and Prince
Bridgewater, Harrison Cooper, Jason Bridgewater, Jeffrey Andrews; Vaughn Roberts, Victor Roberts, Kevin Stuart, Bridgewater.

Drameco Bridgewater-Stubbs.

Ferguson, J]

"Gore Really is Diffronce”
(242) 357-8472 asked Bahamas





_ PAT St Nicholas Angli

can Church on Sunday,
June 15, the Bridgewater
Ladies and a few lady
friends gave their male
relatives a Father’s Day
treat they will never for-
get.

Each man was escorted
through the church and seated
by Senator Pleasant Bridge-
water. They were all hand-
somely dressed in black and
white.

Father D'Angelo Bowe
delivered‘an excellent and
timely sermon.

Following the service, the
men entered a stretch black
Excursion which was escorted
by two outriders. They drove
from East End, Grand :
Bahama to Copper Drive in
Freeport.

There, they were greeted
with the Central Church of
God Marching Band. They
entered the home of Ferline
and Natasha Bridgewater on a
long red carpet.

When the men walked into
the hors d’oeuvres area, they
realised it was a "black and
white affair".

There was wine, champagne
and cider for everyone.

The men were each escorted
into the dining area by a
female family member and
given a menu in a black folder.
Shelly from Love 97FM enter-
tained them while they were
served a full course meal.

Just when they thought it
couldn’t get any better, they
were swept off their feet by
the presence of Jessie Pearl.
The men said they were
breathless, speechless and
shocked to see that the ladies
went to such an extent to
make their day so special.

A few tears were shed as the
ladies paid tribute to the
fathers. Then, the wife and
son of Jeremiah Bridgewater
called from Ft Lauderdale to
pay a special tribute while
everyone listened.

As the day:came to a close,
each man left with a black tote
bag with their names engraved
in white, with exception of
“Father of the Day” Prince
Bridgewater, who left with a
white tote bag with his name
engraved in black.

They received many of gifts
and prizes. It will certainly be
a day the men will cherish for
the rest of their lives.



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