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



A res

Mardered uous

A relative
believes the
death may

be result of
house robbery
gone wrong

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

A MAN’S body.was dis-
covered spread across the
two front seats of his van
early Monday morning. The
vehicle’s engine was still run-
ning when it was noticed
parked outside the Queen
Elizabeth Sports Centre.

A relative believed the
man’s death might have been
the result of a house robbery
gone wrong.

Bahamas Electricity Cor-
poration employee Hilton
McIntosh Jr, 40, also known
as Andrew, was bound by his
wrists and appeared to have
been shot in the head,
according to-police.:

Someone exercising in the
area noticed the van at
around 5am. It ‘was parked
in full view of the public, out-
side the National Boxing
Centre. The police were noti-
fied.

The victim’s feet were on
the passenger seat of his

Valid only” eh)

=USA TODAY

BAHAMAS EDITION



TUESDAY, JULY 8, 2008

Tim Clarke/Tribune staff

THE BODY of Hilton McIntosh Jr is removed from a white van yesterday at the Blue ATS Sporting Complex.

white Ford van, and his head
was resting in a pool of blood

under the steering wheel of .

the vehicle. He was wearing
a yellow t-shirt and plaid
shorts.

Acting Assistant Commis-
sioner Hulan Hanna said “it
was unclear what transpired
or what would have been the
occasion for him to be in that

SEE page eight



ire

IN Coe mira ts



Be suitauiien
denied We

mi By NATARIO
McKENZIE








ALLEGED drug king-
pin Melvin Maycock Sr
was denied bail by Magis-
trate Carolita Bethel yes-
terday.

Maycock Sr, 42, who
was captured on the air-
port road by officers of the
police Drug Enforcement
Unit last month, has been
arraigned on several drug
related charges as well ds
weapons and ammunitions ©
charges. In February May-
cock Sr made headlines














when he traded his Eliza-
beth Estates police station
cell with his son, Melvin
"Lil Mel" Maycock, 24.

SEE page eight





Get savings

built right into
— ee

Dispute disrupts
Jones Communications
Network operations

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

OPERATIONS at Jones
Communications Network
were disrupted yesterday
after a dispute between
media boss Wendall Jones
and certain of his staff on
Friday resulted in most of
the reporting staff not arriv-
ing for work on Monday.

Listeners to Mr Jones’
radio station, Love 97,
heard Mr Jones himself
hosting the morning talk
show instead of regular host
Quincy Parker, while the
one o’clock news, common-
ly anchored by reporters
Paige Ferguson or Macush-
la Pinder, was handled by

SEE page eight

THE TRIBUNE'S

OLYMPICS
COVERAGE

BEGINS on
AUGUST 9th, 2008





PRICE — 75¢




Ua 3s

m@ By NATARIO |
McKENZIE

KENTON Dion}.
Knowles, also known |.
s "Emperor", was
arraigned in Magis-
trate's Court yester- |
day, charged in the
2007 shooting deatlhi
of his nephew.
Knowles, 41, of
Fox Hill was also
arraigned on.a drug
possession charge.
Knowles, on the
police’s most wanted
list for questioning in
connection with the
murder of his nephew
Kendal Kenvardo
Knowles, was arrest-
ed in the Coral’ Har-
bour area last Thurs-
day. His girlfriend,

Tim Clarke/Tribune staff

KENTON DION KNOWLES also known as
‘Emperor’ leaving-court yesterday.

- Simone Bethel, 25, of Coral Harbour was also arraigned in

court yesterday, charged with harbouring a criminal.
Before being arraigned on the murder charge yesterday,
Knowles appeared before Magistrate Carolita Bethel at Court

SEE page eight

INSURANCE MANAGEMENT |.
| (BAHAMAS) LIMITED i
INSURANCE BROKERS & AGENTS





Hurricane Bertha strengthens
into category three storm

BERTHA, the first named However, Chief Meteorolo-

hurricane of the 2008 Atlantic
season, strengthened last night
into a powerful category three
hurricane as it passed over the
Atlantic Ocean with maximum
sustained wind speeds of 115
mph.

gist at the Department of
Meteorology Basil Dean said
the storm posed no "immedi-
ate threat" to the Bahamas.
"(Hurricane Bertha) is still

SEE page eight -

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PAGE 2, TUESDAY, JULY 8, 2008

THE TRIBUNE



LOCAL NEWS |

‘CHANGING OUR COMMUNITY ONE YOUTH AT A TIME’

Thousands of children celebrate
launch of police youth programme

BANGING THE YOUTH DRUM: Celebrating launch of 17th annual RBPF summer youth programme.

lm By REUBEN SHEARER

MORE than four thousand
children from nine police divi-
sions in New Providence cele-
brated the launch of the 17th
annual Royal Bahamas Police
Force Summer Youth pro-
gramme yesterday at Centre-
ville Seventh Day Adventist
Church.

Under the theme “Changing
our Community one Youth at a
Time,” participants will take
part in sign language, French,
music, art, swimming, Karate,
and Tae Kwon Do classes.

{n addition, they will take
field trips to the movies and
swim with dolphins at Blue
Lagoon Island over the month-
long summer camp.

National Security Minister
Tommy Turnquest said: “This
summer camp will expose more
than 4,000 kids to educational
programmes, sporting activities,
arts and crafts, as well as field
trips to historical sites.

“We along with the police

have done this out of a deep
sense of responsibility to our
young people,” Mr Turnquest
added.

“We want to help our youth
build positive peer relationships

_and show them how to interact

so that they don’t make bad
decisions.”

Under the direction of for-
mer commissioner of police BK
Bonamy, the summer camp
began in 1991 with a primary
focus on making young people
better citizens.

Fear about the growing cul-
ture of gangs, the proliferation
of drug use and sexual experi-
mentation during the 1990s was
the driving force behind the
programme, which provides a
safe environment for youngsters
ages seven to 17.

Speaking to The Tribune,
programme co-ordinator
Inspector Sandra Miller was
ecstatic about the launch say-
ing: “These four weeks will
keep idle hands doing some-
thing positive, because if we
don’t do this, these kids will end

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up in our hands some other
way.”

According to Inspector
Miller, corporate sponsors have
played a key role in financing
this year’s activities, which has

. been beneficial since there is no

enrolment fee.

“The food store companies
donated cases of canned goods
like tuna and corn beef, and
Crystal Palace has gone above
and beyond the call by provid-
ing daily lurch for the children
in the Western Division,” she
said.

Following the ceremony,
there was a pulsating march led
by the Bahamas Youth Alive
Marching Band.

All 4,000 children along with
Police Commissioner Reginald
Ferguson and other high-rank-
ing officers took part in the pro-
cession, which ended at the
Police Headquarters on East
Street. The police divisions
involved this year are: Central,
Eastern, Northeast, Southern,
Southeastern, Western, Fox
Hill, Carmichael and the Grove.

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THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 3





In brief

Body of —
woman
still not |
identified

POLICE have not been able :



to identify the woman whose : m By TANEKA

badly decomposed body was : THOMPSON

found naked from the waist : Tribune Staff Reporter
down off St Vincent Road. i tthompson@

Yesterday Chief Superinten-
dent Glenn Miller re-issued an }
appeal to anyone missing a A POLICE officer was left
female relative to come forward. :, injured and a man in hospital

He also released details of fea- : after police tried to arrest a

tribunemedia.net

tures of the victim which police :

feel may identify her.

CSP Miller said the victim's :
toenails were painted in "multi- :
coloured" nail polish and that :
she was wearing a gold ring on :

one of her toes.

suspect at a Miami Street
home yesterday morning.
According to police
reports, at around lam a crew
of officers from the Grove
Police Station went to a home

The other areas of her body
were too badly decomposed to }
offer further evidence, he added. :

Last Friday, the body was dis- }
covered in the back of a building :
under construction on Vinspin }
Road at around 10.30am. :

Police said there were visible :
injuries to the victim's head, and :
that the body was dressed with a :

’ top, but was unclothed beneath. :

It is believed that woman was
dead for more than a week :
before her body was found. i

According to The Tribune's :
records, this is the country's 36th :
homicide. i

on Miami Street in search of
a male suspect wanted for
questioning in connection
with some stolen goods.

The suspect "violently
resisted" arrest, Assistant
Commissioner Hulan Hanna
said.

A 30-year-old male relative
joined the fray and a "violent
struggle ensued", ACP Han-
na said.

Bollywood
Star injured
while filming
in Bahamas

BOLLYWOOD star Akshay
Kumar narrowly escaped with

his life after sustaining a head :

injury during a film shoot in :

Bahamian waters.

According to reports in the }
Indian media, Kumar was per- :
forming an underwater stunt for :
his new movie “Blue”, which is :
currently: being shot in the :
Bahamas, when he hit his head :

on a shipwreck and started
bleeding.

He was in 75ft deep water
and there were about 35 sharks
around him at the time of the
accident. ’

ately sprung into action :
to rescue Kumar from the :

water.

As it was difficult to get the

actor out of the water, members :
of the film crew swam to his side :
to cover his wound, from which :
blood was oozing out, the Indi- }

an media reported.

At the same time, handlers :
caged the sharks and removed :

them from the scene.

The Bollywood movie :
“Blue” started filming in the :
Bahamas in June, with shooting :
taking place mostly underwater. :

The movie cast also includes :
Bollywood stars Sanjay Dutt :
and Lara Dutta, a former Miss }

Universe.

The movie is reportedly bud-

geted at $2.37 million.



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Incident at home »

on Miami Street

During the confrontation,
one of the suspects reported-
ly tried to disarm an officer
and shots were fired, hitting
the male relative in the left
shoulder and injuring an offi-
cer in the face, police said.

The main suspect was able
to elude arrest, Chief Super-
intendent Glenn Miller
revealed.

"The shooting happened
this morning about 1.45am.
There was some reports com-
ing out of the (police) con-
trol room of gunshots being’
heard in the Miami Street
area off Robinson Road.

in Harl T.

case still

The crew and cast immedi- :

@ By TANEKA
THOMPSON

’ Tribune Staff Reporter
tthompson@
tribunemedia.net

POLICE are remaining
tightlipped on when a man
wanted for questioning in con-
nection to the 2007 murder of
Harl Taylor will return to the
Bahamas.

Troyniko McNeil, 21, was
taken into custody by authori-
ties "on American soil" last
week, a police spokesperson
reported.

Police were said to be nego-
tiating Mr McNeil's return, but













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yesterday could not release an
expected date for his return to
the country to face question-
ing.

"IT don't know when he will
be coming over — as soon as he
is released to us we will bring
him over," Acting Assistant
Commissioner Raymond Gib-
son told The Tribune yester-
day.

He gave no time-frame for
Mr McNeil's expected arrival.

Acting ACP Gibson also dis-
missed published reports that
officer-in-charge of the Homi-
cide Squad Assistant Supt Leon
Bethel went to Florida to ques-
tion Mr McNeil and to collect
blood samples from him.

"We can't go and question
anyone in foreign soil," he said.

Taylor's body was found in
November, 2007 inside his
Mountbatten House home on
West Hill Street. He was
reportedly stabbed multiple
times about the body.

The gruesome discovery
came two days after college
professor Thaddeus McDonald
was found dead in his Queen
Street home, reportedly beat-
en with a clothing iron.

These murders, coupled with
the 2008 murders of AIDS
activist Wellington Adderley
and waiter Marvin Wilson
sparked speculation that there
might be a killer on the loose
targeting gay men.

So far police have yet to link
any of the murders, citing a lack
of evidence.

Yesterday ACP Gibson said
all four matters are still active.

"They are actively under
investigation and we are still

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“A crew of officers from
the Grove Police Station
went to a residence at that
location in Miami Street in
search of a suspect who was
wanted (in connection) with
stolen goods.

"Upon their arrival on the
premises, reports are that the
officers were confronted by
the suspect. During this con-
frontation shots were fired by
the police and one of the sus-
pects was shot in the left
shoulder.

“The matter is under police
investigation. . .we're trying
to determine now exactly



rer Taylor

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Man injured with officer
as suspect resists arrest

The officer injured in the
shooting was taken to hospi-
tal for treatment but was lat-
er discharged.

what happened at this scene
involving these persons and
police".

The 30-year-old man is in
hospital following the shoot- Police investigations con-
ing. tinue. :

Morton Salt staff expected

‘to take strike vote today

THE staff of Morton Salt, which employs 60 per,cent of Inagua’s
work force, are expected to take a strike vote today.

Earlier this year it looked like Morton Salt and the union rep-
resenting its non-managerial employees were about to resolve
their long-standing dispute over a new industrial agreement.

However, this week it appears to be back to square one for the
two parties as about 85 per cent of workers are preparing for
industrial action.

Jennifer Brown, secretary-general of the Bahamas Industrial,
Manufacturers and Allied Workers Union (BIMAWU), told The
Tribune yesterday that officials from the Labour Department in
Nassau travelled to Inagua yesterday to oversee the strike vote.

She said that the union also hopes that Trade Union Congress
president Obie Ferguson will be present during the proceedings.

In an earlier interview with The Tribune, Mr Ferguson, who
advises the BIMAWU, said that the dispute at Morton Salt could
be settled if the parties were able to agree on a five to six per cent
salary increase for the years 2007 — 2009.

The last contract between the union and Morton Salt expired in
September 2005 and it took until October 2006 for the two parties



to meet around the negotiating table.
Since then talks have stalled numerous times.





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PAGE 4, TUESDAY, JULY 8, 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 Management Building., P.O. F-485, Freeport, Grand Bahama

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

Hope for Freeport still alive

THIS WEEK a Freeporter told us he did
not have high hopes for that island’s future.
All the high-hopes talk he said was just that
“high hopes.” He believed this kind of talk
was contrived to keep residents’ spirits up.
But as far as he was concerned there was no
future.

We sincerely hope he is wrong.

Ever since the devastation of Hurricanes
Jeanne and Frances in 2006, followed by the
death of Edward St George, the visionary
who kept Freeport alive even in the worst
of times, Freéport has been on a downward
slide.

Buffeted earlier by induistiial iarest, hur-

ricane damage put the final locks on the doors
of the Royal Oasis golf resort and casino,
leaving it with a debt of more than $22 mil-
lion, and 1,200 laid off employees looking to
government for relief.

Oasis’ final announcement in January 2005
that it was forced to close was described in the
House of Assembly that year as creating
“nothing short of a quagmire” for Freeport.

However, no one can forget the industrial
problems that the Oasis owners had when
they took over the failed hotel. Before they

could build a solid financial foundation under’

the Oasis they had the union on their backs
making unrealistic demands. We often won-
der if the union had understood the hotel’s

problems and worked with management to
make the venture a going concern, the own-
ers would have made more of an effort to
repair and reopen the hotel after the hurri-
cane. However, the resort’s balance sheet
before the hurricane struck was probably in
such poor shape — with a union still growling
in the background — that its financial back-
ers saw no reason to continue their support.

Five months after the closure of the hotel
International Bazaar owners started to com-
plain that business was failing and many

‘stores were faced with closure.

When unionists were bringing the Royal
Oasis to ‘its financial knees, they failed to
realise that the union was one of the biggest
property owners in the Bazaar and that the
resort’s guests were their largest clientele.
When the hotel closed, the Bazaar and the
union took a direct hit.

Straw vendors and hairbraiders faced evic- .

tion because they were unable to meet their
-monthly rent. Without tourists, they had no
business, and without the resort there were no
tourists. Taxi drivers suddenly had no one

to drive. In 2006 a Freeport lawyer said he
had been approached by businessmen and
retailers in the Bazaar to see what could be
done to force Driftwood to sell or re-open the
Royal Oasis. “They can’t survive,” they said.

It is unfortunate that persons who had a
say in union decisions when the hotel was
operational did not realise how important
the success of the resort was to their Bazaar
operations.

A Freeporter said yesterday that although
some shops had closed in the Bazaar a num-
ber are still struggling to hold on. The Grand
Bahama Port Authority has earmarked funds
to help support these businesses by marketing
the area.

The Ministry of Tourism, the Bazaar’s
anchor tenant, moved from the Bazaar to
the nearby Fidelity building. This must also
have been a heavy financial blow.

Eventually a developer was found and in
May last year Harcourt Developments, an
Irish property developer, announced it plans
to spend between $150 to $200 million to
upgrade and reopen the Oasis. It is under-
stood that the Harcourt group will start ren-
ovations and construction in October.

Last week there were also reports that
two Bahamas Hotel Catering and Allied
Workers unionists were locked out of the

Our Lucaya Resort by security officers. Police

were called.

Presently the internal strife in this union
has two factions fighting to represent the
workers. We certainly hope that unionists —
certainly those with a stake in the Bazaar —
will remember ‘how earlier union activity
helped destroy their bread and butter. If
Freeport is to have a fighting chance the
trade unions will have to become more
responsible.

We understand that although the Ginn
operation has problems in West End, Bobby
Ginn, the best known property developer i in
Florida, is determined to make a success of
West End. Although there has been a cut
back in their operation, we are told that work
continues daily on the development.

And so it would seem that Freeport still has
a fighting chance.

It is hoped that union members who threat-
en to withdraw their labour will in future
remember these years and how much they
contributed to their own suffering.

It would be a tragedy if history were to
repeat itself.



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Why our

country is.
becoming a
failed state

EDITOR, The Tribune.

When will this stop! Anoth-
er brother “bites the dust” and
is a product of another vicious
murder.

Who is to blame? The par-
ents, society in general or are
they just a product of their
environment, as I look at the
murder rate in a society that is
based on the foundation of
strong Christian beliefs I have
no other alternative but to ask
what has happened to the
young men of today.

What kind of society we
have become where young
men cannot resolve differ-
ences without the use of a gun
or a knife, a society where
they are strung out on drugs
and abusing alcohol at an
alarming rate.

A society where they earn
“stripes” when they commit
murder and enter prison and
be known as a “freak” when
they talk about a “vibe” that
gone down, put these together
and you have an antidote for
disaster.

Most of these young men
have no remorse for life in
general think nothing of stab-
bing or shooting you once
confronted upon, it’s an
alarming statistic when the
average age in the prison sys-
tem now is 17-25 years for first
and second offenders and we
wonder why we are failing as a
nation.

We are now living in a soci-
ety where murder is the num-
ber one crime among young
men and the Bahamas in gen-
eral, why is this?

A relative made a great
assessment “they have no
fear” no fear for the law and
no remorse for their actions,
the system is to blame as well
because no’ way should there
be bail for murderers. “Bail”

DB awbse

letters@tribunemedia.net






for a murderer.

When I look at this trou-
bling statistic you only have
to wonder why the Bahamas is
failing as a nation and society
in general because there is “no
fear!” and the people are liv-
ing in fear.

How many more of our
young men will fall victim of
yet another vicious crime?

How many more families
will be traumatized by a rela-
tive’s unexpected demise?

How many more mother’s
will be awaiting their sons
arrival home to find out that
particular day it’s not going to
happen due to a vicious mur-
der?

It’s these vital things that
have the social and moral fab-
ric of the Bahamian society
crumbling because most peo-
ple have no respect for life in
general, this is one reason I
am for capital punishment.

Is capital punishment a
deterrent to crime?

Personally I.don’t think so
but it is the “law” and what is
law should be carried out to
the fullest extent of the law,
some would argue that it is
inhumane and should not be
implemented but would these
same people’s theory be the
same when they have a close
relative or friend brutally mur-
dered?

By implementing capital
punishment it would send a
clear message to convicted
murderers and would be
killers that the law is being
implemented and the result of
committing serious crime is
execution to the fullest extent
of the law.

Isn’t it ironic that these very
same murderers once convict-
ed would try their hardest to
have their appeal overturned
to life imprisonment why?
Because they fear death just
like the person they killed, but
most organisations have pro-
grammes in place to accom-
modate prisoner rights
(Amnesty International).

But what about the right of
the victim, what about the
emotional scares the family
has to endure?

The sleepless nights and the
pain they have to go through.
There is an old adage “that
time heals all wounds” but
how long will it take?

Some wounds never heal
and it may take years for an
individual to fully recover, my
aunt sums it up best: “If they
(the government) doesn’t do
anything soon law-abiding cit-
izens will turn like vigilantes
putting the law in their own
hands” — which I myself tend
to agree, is this the type of
society we want? A society
where law-abiding citizens are
so fed up with the system’s
constant failures that the only
alternative for them to'receive
justice is to take justice in their
own hands?

Is this the Bahamas we
want? Where young men are
constantly committing murder
at the age of 17 and filling the
prison facility with uncontrol-
lable youth?

No wonder why the prison
facilities are filled, filled with
young men from the ages of
17-25 for first and second
degree murder.

These are important factors
that have the Bahamas
becoming a failed state.

JONATHAN DILL
Nassau,
June, 2008.

Delighted by partial reopening of East
Cemetery Lane - but I have concerns

EDITOR, The Tribune.

I AM delighted to see that
either our Ministry of Works,
or UBS, or both together,
have at least partially re-
opened East Cemetery Lane
on the east boundary of the
Harbour Bay Shopping Cen-
tre.

I am, however, a little per-

plexed, as they seem to have
cut away the hill which, unless
ones car had wings, will pre-
vent the free flow of traffic
along this ancient public road-
way.

Neither am I sure about
how much of the Lane has
been impacted by the proxim-
ity of the Red Carpet Inn to it
on the north side of the hill
but I hope that someone in

WILL BE CLOSED
on Friday, 11th July, 2008
PYM

RE-OPEN
on Monday, 14th July, 2008
at 8:00am.

We apologise for
ELSE Le: USCA.



your investigative reporting
area might be able to get some
answers for the driving pub-
lic.

Perhaps it is the intent to
reroute this roadway through
the UBS property, but if such
is the case, I would have
thought that some kind of
Gazette notice would have
had to be published to make it
legal.

Certainly UBS will have to
keep this road permanently
open to the public.

To have the Lane fully
opened again will be a boon to
drivers, who must now tra-
verse the very bumpy and con-
gested Shopping Centre, to
get from Bay Street to Shirley
Street, or alternately, ride all
the way around the Montagu
in order to go west.

At the price of gas today the
latter is not really an econom-
ic option.

As most of the Moseleys,
for whom West Cemetery
Lane was renamed to Moseley
Lane, have passed on or
moved away, (apologies to
Dede) it might be quaint to
revert this Lane’s name to
West Cemetery Lane, and yes,
you must have guessed it, Har-
bour Bay could then be
renamed to Cemetery Shop-
ping Centre in honour of
those souls who still may be
beneath the tarmac.

BRUCE G RAINE
Nassau,
July 2. 2008.



THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 5



Mii
Slow response to Tribune’s Independence Day poll |



national events.

in last Friday’s paper.

celebrations.

has been a success.

BAHAMIANS seem slow to respond to a Tri-
bune poll on race relations and their impact on

The question: "Do you attend Independence |
Day celebrations? Why or why not?" was posed

This followed complaints that white Bahami-
ans are not well enough represented at national

One academic suggested that the decision by
white families to stay at home could be under-
mining the idea that Bahamian oo

So far, only three responses have been
received, all of which expressed very. different
concerns. One white Bahamian said he stays at
home during the independence celebrations,
because he has generally felt unwelcome at the

Clifford Park in previous years.

He said: "Bahamians of a darker complexion
feel that they are the only ones that are sup-

posed to be in the Bahamas".

The respondent also said he feels that Bahami-
ans can often have an unreasonable fear or
hatred of foreigners or strangers.

He added that he has overheard young black



Bahamians at Independence Day celebrations
saying that, "they (white Bahamians) can wait,

because this is our thing".

The respondent said he doesn't need to go -

anywhere "just to get insulted".

The only other response to the Independence
Poll was from an anonymous Bahamian, who
complained of the parking problem at Clifford
Park. She said: "Once you get blocked in, you
will have to stay put until the eventisover",

The Tribune would like to hear more from
_ Bahamians of all racial or cultural backgrounds,
_ who have reasons for or against attending nation-



EPA deal yet to go to Cabinet

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

Despite initial expectations
that it would be made public by
the end of June, it may be
weeks before the majority of
Bahamians see the services
offer the government will make
to Europe as part of the Eco-
nomic Partnership Agreement,
The Tribune has learned.

Yesterday, Minister of State
for Finance Zhivargo Laing told
The Tribune that the offer had
yet to go before Cabinet for its
perusal — and that the Cabinet
agenda “is the prime minister’s
business.”

He said that he now expects
the document to be made avail-
able within the next two weeks.

Mr Laing, who is currently
abroad, also said he was
unaware that the sign-on date
for Caricom countries to the
EPA had been pushed back to
either July or August 30, as
reported in the Caribbean
media this week.

His comments follow state-
ments made on June 20, when
he said the offer was “95 per
cent complete” and estimated
that it would be ready for pub-
lic viewing by the end of that
month.

The services offer is the deal









TROPICAL
re)
STM AIe
PHONE: 322-2157

Bahamians may have to wait weeks for
details of govt’s services offer to Europe



ancients

the government has negotiated
over a period of months with
representatives of the different
service industries, such as real
estate and construction, in terms
of the extent to which each will
or will not open up to foreign
competition when the EPA is
signed.

While Mr Laing has declared
that all of une industries cur-
rently “reserved for Bahami-
ans” under the National Invest-
ment Policy — such as wholesale
and retail trade, and beauty

‘salons — will remain “protect-

ed” in this way, the extent to

which other industries will be
gradually opened up to outside
competition from the EU and

| other Carribbean countries

remains unknown by the gen-
eral public.

Meanwhile, a Ministry of
Finance official told The Tri-
bune yesterday that the ministry
is still in the process of schedul-
ing a series of educational town
meetings which Mr Laing said
in June would go ahead this
month.

Tia Hanna said that she
expects the meetings will begin
on July 18 and will continue into
early August.

This means that the meetings
would have happened in large
part after the date that the
Bahamas was until last week
expected to sign onto the EPA.

However, with news emerg-
ing that the sign-on date may
be postponed for a third time,
the public may yet have a
chance to find out more of the
details of the trade agreement
before the Bahamas becomes a
signatory.

Yesterday attorney and busi-
nessman Paul Moss, a high pro-
file critic of the trade deal
between European and African,
Caribbean and Pacific countries,

said that the fact the deal has |
not yet been before Cabinet and |;
. that.it’s not a:foregone conclu-

become available for public

scrutiny is evidence of Mr ,

Laing’s “disorganisation.”

Claiming that Mr Laing has
“dropped the ball” on the mat-
ter, he said: “I think it’s egre-
gious for the government of the
Bahamas who have the charge
of representing the Bahamian
people to put together a list that
has been shrouded in secrecy
away from the scrutiny of the
public, those who would have
analytical and critical eyes, and
then to be going forward to be
signing ‘on July 23.”

Mr Moss said that Bahami-
ans “want to know what (con-
ditions) you expect them to live
under.”

Meanwhile, EPA detractor
and senior partner at McKin-
ney, Bancroft and Hughes, Bri-
an Moree, said that while he
thinks its “commendable” that
the government has consulted
with the various industries and
heard their concerns there is
“no substitute for the govern-
ment giving persons within the
.community sufficient time to
consider the final draft of the
services offer.”

He added: “I hope that the
government will ensure that
when they are in a position to
release that document, that
there is sufficient time for mem-
bers of the community to con-
sider:it and to debate it, and

sion.”



al events, or who feel concerned about this issue.
_ Anyone wishing to respond may contact Lisa
Lawlor by email at lisalawlor@gmail.com, by
telephone at 502-2365, or y mail:




. Independence Day Poll
The'Tribune -
Shirley and Deveaux Streets”
PO Box N-3207
a Bahamas.


















: mmucats may b be printed anonymously




Air transport fuel costs
present major tourism
challenge - new minister

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

THE effect of the rising cost of fuel in the air transportation sector
is one of the major challenges facing the Bahamian tourism industry,
the new minister observed yesterday.

Vincent Vanderpool-Wallace — while addressing the media at Gov-
ernment House after he was sworn in as a senator and minister — said
that this issue is “clearly one of the things we have to address” as he
offered his initial observations on his new portfolio.

Caribbean countries have a particular problem with the rising fuel
costs as a significant portion of guests come to the region on airlines,
which are particularly struggling with the issue.

This differs from US destinations such as Orlando and Las Vegas
where many visitors drive to the destinations, which costs less that what
airline tickets costs for multiple members of a family.

Mr Vanderpool-Wallace noted that Grand Bahama is one of the few
warm weather destinations in the region Americans can visit without

flying.

This indicates that there is major potential for the island -— which cur-
rently has an economy in severe recession — if new sea-based options
are expanded between there and the US mainland.

The first quarter preliminary figures by the Department of Statistics
for 2008 revealed that overall visitor arrivals in the country were up by
two per cent.

This was bolstered by the Out Island tourism arrival figures, which
were up 16 per cent in the first quarter compared with the first quar-
ter of last year.

Despite this, air and sea arrivals for Grand Bahama were down
13.5 per cent. These slumping numbers for Grand Bahama came when
other islands saw significant gains over the same period. Air and Sea
arrivals were up in Andros by 8.7 per cent; by 32.2 per cent in the Berry
Islands; 30.3 per cent in Bimini; 26 per cent in Cat Cay; 16.1 per cent in
Cat Island; 4.2 per cent in Eleuthera; 40.7 per cent in Inagua; 37.3 per
cent in Half Moon Cay; and 0.4 per cent in San Salvador, compared to
the same period in 2007.

Mr Vanderpool-Wallace said he to speak with out-going Tourism
Minister Neko Grant yesterday to determine the initiatives he thinks
are most important within the portfolio.

However, in the meeting, said Mr Vanderpool-Wallace, the topic of
Grand Bahama will also be raised as Mr Grant is from the island.

“Tf you look at some of the opportunities for growth, it is very
strong in Grand Bahama and that’s a part of one of the reasons why I
wish to talk to minister Grant very quickly, because beyond talking
about tourism in a broad context, he.has a special understanding for
Grand Bahama and to be able to focus on what needs to be done i in
order to make sure that \ we continue to grow that as rapidly as we can,’
he said.

UBS (Bahamas) Ltd. is one of the world's leading financial institutions in the Carib-
bean. Through our Business Area Wealth Management International we look after
wealthy private clients by providing them with comprehensive, value enhancing
services. We combine strong personal relationships with the resources that are avail-
able from across UBS to provide the full range of wealth management services.

Currently we are looking to fill the following position:

HEAD WEALTH MANAGEMENT AND DEPUTY CEO

In this challenging position you will be responsible for:
e Leading a team of experienced Senior Desk Heads and Client Advisors
e Advising existing clients
e Acquisition of new client relationships

We are searching for an individual with the following qualifications:

e Proven leader with successful management experience with large teams in complex situations

* Minimum of 10 years of experience in the financial sector (preferably wealth management / private banking)

¢ Proven management track record in the wealth management industry with successful experience with managing
growth of teams and/or locations

e Excellent communication and presentation skills

e Efficiency-driven and results-oriented self starter

e Ability to proactively lead and make decisions under pressure

e In depth knowledge of compliance and risk issues

e Fluency in English required and French fluency preferred, Spanish or Portuguese a plus

Written applications should be addressed to:

hrbahamas@ubs.com or UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757

Nassau, Bahamas



PAGE 6, TUESDAY, JULY 8, 2008

THE TRIBUNE



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THE SHORT-TERM FORIGN MIS-
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of previous projects.



ASSISTANT TEAM LEADER Tina
Kelly and Pastor Lyall Bethel



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CHRISTIAN MISSIONARIES

Team will travel to Haiti to help one
of world’s poorest communities —

lM MEGAN REYNOLDS
Tribune Staff Reporter

AN INSPIRING group of
Christians will travel to Haiti
on Friday to help one of the
world's poorest communities by
building classrooms, running a
medical clinic and spreading the
world of God.

The Short-Term Foreign Mis-
sions Team from Grace Com-
munity Church in Palmetto Vil-
lage, Nassau, will build four
classrooms to expand The
Good Shepherd Evangelistic
Church School in Port-de-Paix,
which teaches up to 900 stu-
dents in just four small class-
rooms.

Missionaries hope the visit
will be the first of many to the
area, as they will make perma-
nent ties with the Good Shep-
herd Evangelistic Church by
making ‘it their sister church.

Although the Foreign Mis-
sions Team has travelled as far
as Nigeria and throughout the
Caribbean to work on mission-
ary projects.over the last 23
years, this will be their first vis-
it to Port-de-Paix, a peaceful
city in the north of Haiti where

many Haitians in the Bahamas

come from.

Many of the 23 missionaries,
who range from age 12 to 60,
have. participated in the mis-
sions since they began, and
some, who began the mission-
ary work as children, are now
actively involved as teachers in
the Vacation Bible School for
local children.

Lyric Hanna, 21, a university
student who first went on the
missions as a child, is now
leader of the Vacation Bible
School, teaching up to 350 Cre-
ole children in a classroom with
other young people from the
Grace Community Church.

Miss Hanna said: "It's a real-
ly large group of kids and it's
really challenging because often
times only one or two of the
kids speak English.

"I'm studying education in
schools so most teachers will
say it is not a very practical sit-
uation to deal with, but we are
actually going to do God's work
and a lot of the time the kids
get a lot out of it."

Nurses will run the medical
clinic in the church and expect
to treat around 200 people a

day throughout the week as well -

as making house calls.

The main focus of the project
however, will be laying the
foundations for four new class-
rooms, and the team hope to
get to the belt course by the end
of the week, and.return to con-
tinue the project next year.

Grace Community Church
Pastor Lyall Bethel said: "This
isthe third time the team will
assist in building classrooms.

"We believe very much that
we can't just take the Bible mes-
sage into an area, Jesus never
just presented the Gospel mes-
sage, it was always accompa-
nied with healing.

"Our message is impacted by
the fact that we are building in
the community."

Project partner and pastor of
the church in Port-de-Paix,
Wilney Joseph, said: "I am so
happy this year we will have
Grace in Port-de-Paix. I have
been waiting for this for a long
time. It is going to be very excit-
ing."

RAs COC BIRKS (eset



TEAM EFFORT: The team built a church in a Haitian community in

Grenada in 2003.



Outreach project manager
Pastor Tinkle Hanna empha-
sised how dedicated his volun-
teers have been in various pro-
jects throughout the years, both
in the Bahamas and abroad.

He said: "In the last year
Grace Community Church have
paid over $83,000 towards
worldwide missions to over 20
mission agencies around the
world.

"I hope everyone can appre-
ciate the scope and effort made
by these young people to raise
the money to join the project
and for supplies."

The missionaries each raised
$1,180 for the seven-day trip,
and more donations are needed,
particularly of craft equipment
and soccer balls for the Vaca-
tion Bible School as well as
medical supplies.

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{ UCOVAT, JULY G, ZUUO, FAUL /

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



MICHAEL Barnett and Vincent
Vanderpool-Wallace, the two newest
members of the Ingraham cabinet,

ministers yesterday morning in front
of family and friends at Government
House.

“It gives me great pleasure to have
these two gentlemen serve in my cab-
inet. Both are well known to you,
Excellency and, indeed, to the
Bahamian people. Both are making
substantial financial sacrifices by
accepting the call to public service,”
said Prime Minister Hubert Ingraham
after the new ministers were sworn
in by Sir Arthur Foulkes, deputy to
the governor general.

“Both are eager to make a differ-
ence in the public affairs and devel-
opment of the Bahamas. Both are
eminently qualified for the jobs
assigned them. Indeed, both are lead-
ers in their respective disciplines and
have earned the respect and admira-
tion of colleagues, the public and,
even their detractors.”

Mr Barnett, an attorney and part-



were Officially sworn as senators and ~

ner at Graham Thompson and Co, is
the former chairman of the Water
and Sewerage Corporation. He was
called to both the English and
Bahamas Bars in 1978 and has also
served as an acting magistrate; an act-
ing justice of the Supreme Court;
president of the Bahamas Bar Asso-
ciation; chairman of the Industrial
Relations Board; a member of the
Financial Services Advisory Com-
mittee; and as chairman of the
Catholic Board of Education.

Honour

“Well, ’'m humbled and pleased by
the honour that has been bestowed
upon me and I recognise the awe-
some challenges of the office, and
with the support of the Bahamian
people, I’m sure we’ll make progress
and move things along,” said Mr Bar-
nett while addressing the media after
the ceremony. :

During his term in office, Mr Bar-
nett and the Ministry of Legal Affairs
will be especially concerned with
ensuring the completion of the Mag-
istrates Court complex on Nassau and
Meeting Streets, along with the accel-

C=" oe

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Client Accounting Supervisor
Responsibilities include:

Prompt and accurate preparation of financial statements for
complex trust structures, company and agency accounts.
To comply with and contribute to the maintenance of effective
internal controls relating to accounting functions. -
Review of financial statements prepared within the department
to ensure a high standard of quality, accuracy, and proper
application of generally accepted accounting principles and
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Interested persons should submit applications by July 14, 2008 to:

Two new Cabinet |
members sworn in

eration of plans for the construction of
a new Supreme Court.

Accélerating the rate of criminal
prosecutions in the Supreme Court,
and reducing the backlog in the over-
all judicial system will also be of
utmost importance for the new AG.

Mr Vanderpool-Wallace told the
media that the first thing on his agen-
da was to meet with former Tourism
Minister Neko Grant in order to talk
to him about the initiatives he believes
are most important.

He then intends to hold talks with
the teams at the Ministry of Tourism
to determine what issues they think
need to be critically addressed, fol-
lowed by meetings with staff at the
Hotel Corporation, the Gaming
Board, the Aviation Department and
private sector stakeholders.

Mr Vanderpool-Wallace served as
director general of tourism for 12
years.

Last month he completed a three-
year term as secretary general of the
Caribbean Tourism Organisation.

While in the private sector, Mr
Vanderpool-Wallace worked for the
old Resorts International (Bahamas)
Ltd where he held a number of senior
managerial positions.

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PAGE 8, TUESDAY, JULY 8, 2008

THE TRIBUNE



ae Re a 2
Alleged drug Hurricane strengthens into category three storm

FROM page one

Maycock Sr has also
been charged in connection
with that offence. He is also
wanted for extradition to
the US accused of heading
a drug gang that smuggled
marijuana and cocaine into
the United States through
the Caribbean. The Attor-
ney General's Office is
expected to proceed with
his extradition case.

The Joan’s Heights resi-
dent returned to Court 8,
Bank Lane yesterday
where his lawyer Damien
Gomez argued for him to
-be granted.bail. Mr Gomez
submitted that there was
no evidence that the
accused went out of the
jurisdiction nor any evi-
dence to suggest that he
was preparing to travel,
noting that police had
‘arrested him in New Prov-
idence.

Magistrate Bethel noted
that had she not issued a
warrant for his arrest on
the extradition request four
years ago she would have
no qualms granting May-
cock bail. She noted that
the other men being sought
for extradition in the same
matter for which the US is
seeking Maycock Sr , had
spent some two years in jail
until they received bail.
Maycock was denied bail
and remanded to Her
Majesty's Prison.

Maycock's cases have
been adjourned to October
2 and 9.

‘Emperor’
appears in
court charged
with murder

FROM page one

8, Bank Lane, on the drug

possession charge.
Knowles pleaded guilty to
possession of 20 grams of

marijuana, which police © }

said were found at the
Coral Heights residence
where he was arrested.
According to the prosecu-
tion, Knowles claimed that
he had the drugs for his
own use and that his girl-
friend knew nothing about
them.

His attorney Murrio
Ducille submitted that his
client ought to be given
credit as he had not sought
to waste the court's time.
He said that Knowles was
a carpenter by trade.
Knowles admitted that he
had served time on a pre-
vious conviction in Court
8 in 2002. Magistrate
Bethel fined Knowles
$1,000 or six months in
prison.

Following his arraign-
ment on the drug charge
Knowles was taken before
Chief Magistrate at Court
1, Bank Lane, to be
arraigned on the murder
charge.

It is alleged that
Knowles intentionally
caused the death of Ken-
vardo Knowles on Sunday
August 19, 2007. The 26-
year-old was reportedly
shot in his abdomen dur-
ing an argument in August,
2007 in the Fox Hill area.
The father-of-six was pro-
nounced dead on arrival at
Princess Margaret Huspi-
tal, becoming the 51st mur-
der victim for 2007.

The accused was not
required to plead to the
murder charge. The mat-
ter was adjourned to July
14 for fixture and trans-
ferred to Court 9, Nassau
Street.

Knowles' girlfriend, who
was represented by attor-
ney Roger Minnis, pleaded
not guilty to the charge of
harbouring a criminal. She
was granted bail in the sum
of $5,000 with one surety
and has to report to the
Carmichael Road police
station every Saturday
before 6 pm. Knowles was
remanded to Her Majesty's
Prison.

~ THIS SATELLITE image provi



d by NOAA shows Hurricane Bertha collected at 6:45 a.m. EDT Monday July 7, 2008. NOAA/AP

FROM page one

not a threat to us but in the
next three days or so we will
be able to make a better
assessment," said Mr-Dean.
"As we speak we still envision:
it to move parallel to the
islands."

He added that up to press
time last night Hurricane
Bertha was moving along a
projected track to the Caroli-
nas.

According to US forecast-
ers, Hurricane Bertha was
moving across the waters of
the central tropical Atlantic
Ocean yesterday. Forecasters
also said yesterday it was too
early to determine if Bertha
would hit land and cause any
damage.

As of five pm yesterday,
Bertha's centre was located
about 730 miles east-northeast
of the Northern Leeward
Islands and about 1,150 miles
southeast of Bermuda.

Up to press time last night,
Bertha had maximum sus-
tained winds of nearly 115
miles per hour with hurricane
force winds extending outward
up to 25 miles from the centre
and tropical storm winds out-
ward of up to 115 miles,
according to the National Hur-
ricane Centre.

The Atlantic hurricane sea-
son runs from June 1 through
November 30.

Dispute disrupts Jones Communications Network operations

FROM page one Staff were said to be out
guson, who was allegedly
fired on Friday after being
blamed by Mr Jones for
causing the five o’clock
television news broadcast
to air late.

Mr Jones’ daughter,
Kendea, who also works as’
a reporter with the organi-
sation. The 6.30 evening
newscast was read by sports
reporter Gerrino Saunders.

Murdered man is

: found bound in van

FROM page one

area, but investigations are continuing.”

Yesterday the technician’s uncle, Basil McIntosh, said he
believed his nephew’s killing followed an attempted bur-
glary at his home, although Mr Hanna said that police “do not
have that information.”

Basil McIntosh said: “I think it’s robbery. At least that’s
the way it’s pointing. It’s my understanding that some guys
entered his home and ransacked the place and wanted more
money than he had probably given them.”

Meanwhile, Andrew’s father, Hilton Senior, expressed
doubts about whether robbery was the sole motive. “I think
some questions need to be answered about that — the jury’s
out on that.

“It don’t seem straightforward to me,” he said.

He added that the whole thing “came as a shock.” He said
his son was a “nice fella.” He did not believe he had “any
problems with anybody.”

Andrew lived on Market Street with his wife and two chil-
dren. His family were reportedly unharmed during the raid.

Both his uncle and his father said that this was Andrew’s
first brush with the criminal world, as far as they were aware.

“He was a happy, loving-type chap.

“He always wanted to crack jokes and all that. That’s the
kind of guy he was, always happy, never sulky,” said his
uncle.

Butler's Huneral Homes

& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

DEATH ANNOUNCEMENT |

Elva M.
MacMillan

Elva MacMillan (nee Griffin) died
peacefully at home on Sunday,
July 6, 2008 after a short illness.

The daughter of Wilbert (Squire)
and Gwendolyn Griffin, of
Governor’s Harbour, Eleuthera
Elva spent most of her adult life
in Nassau.














She was predeceased by her
husband Robert (Bob) MacMillan,

and is survived by her daughter
Joanne Lowe, Son-in-law Rick Lowe and grandchildren
Christopher, his wife Kate and Matthew Lowe.






She also leaves behind Kay Winchester her Sister-in-law, and
other relatives of Dalhousie New Brunswick.






Special thanks to the care givers, Marilyn Moree, Eloise Wilson,
Willamae Braynen, Katie Rolle, Jessie Rolle, Barbara Morrison,
Diane Benson, Norma McKenzie, Idena Flowers and Joana
Coleby.

Arrangements are being conducted by Butlers’ Funeral Homes
and Crematorium, Ernest and York Streets.







in solidarity with Ms Fer- .

Sources have suggested
that the fault was a techni-
cal one, and not that of Ms
Ferguson.

However, Mr Jones went
ahead with her firing and
after unsuccessfully
attempting to get Mr Jones
to apologise to Ms Fergu-
son, news editor Candia
Dames allegedly resigned
over the matter — although
Ms Dames would neither

gant nor deny her resig-
nation on the weekend. No
newspaper was printed the
following day.

Contacted yesterday, a
JCN employee at Media
House said Mr Jones was

“not commenting on the

events.

According to reports
reaching The Tribune, it is
still unclear which staff will

return to work today or if

the company will see the
departure even more
reporters.

The Jones Communica-
tion Network, which pro-
duces the Bahama Journal
newspaper, Love 97 FM
and JCN TV, has already
lost numerous employees to
other media organisations
this year, including journal-
ists, talk show hosts and
sales staff. ne

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THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 9



Call for talented —
singers to ‘Ride
the Wave al

KINGDOM Glory
Records has been
engaged recently ina
musical treasure hunt to
discover talented
singers from across the
Bahamas and bring
them to public notice.

KGR, the recording
label of Mount Tabor
Full Gospel Baptist
Church’s Praise and
Worship team, launched
tts summer music com-
petition themed, “Ride
the Wave 2008”, July 2,
it continues on July 16,
finishing with a grand
finale on August 3, at
Mount Tabor Full
Gospel Baptist Church.

Nehemiah Hield,
Managing Director,
KGR said, “We would
now like to reach out
and touch praise and
worship teams all across
our Bahamaland, so
that they too can go
where they have never
been before musically.”

Five Praise and wor-
ship teams from across
the Bahamas will come
together and compete
for the grand prize of a
contract to record their
very own single pro-
duced and released by
KGR, in addition to
cash prizes. Competing
groups include, Word of
Life, Everlasting Life,
Living Waters, Gilead
Full Gospel Baptist
Church and Good
Samaritan.

Talent

The competition con-

sists of two elimination
rounds — on July 2 and
July 16 — when one
group will be eliminat-
ed each evening. On
August 3, the winning
group will be selected
from among three
remaining teams. To
demonstrate, their
singing talent, creativity
and performance skills,
participating teams will
be required to sing a
feature song from the
Mount Tabor Praise
and Worship Project,
“Wave of Glory” in
addition to a selection
of their choice from the
CD.

Teams will be judged
in the following areas:
tone, technique, diction,
phrasing, interpreta-
tion, musical effect,
intensity and projec-
tion, ministerial effect,
level of difficulty, and
stage presentation.
Judging the competition
are several persons who
are prominent musical
artists in their own right
— Patricia Bazard, lead
judge, Minister Kevin
Harris, Joy 101.9 FM
and singer, Joanne Cal-
lender.

Ride the Wave Com-
petition hosts include,
“Sister C” DJ, Joy 101.9
and Jack Thompson,
Comptroller, Road and
Traffic Department.
Simone Beneby, a
comedian is the fea-
tured guest artist, while
the Ride the Wave
Musical Competition
begins at 7pm nightly.
Bahamas@Sunrise will
feature the semi-final-
ists live during the
weeks leading up to the
August 3 finale, when
the awards and certifi-
cates will be presented.

Nadine Moss, Praise
and Worship Director
said that there are many
gifted gospel singers in
The Bahamas, but they
remain relatively
unknown to the wider
public. “KGR desires to
bring Bahamian singers
and musicians from
within the borders of
their churches to the
forefront,” Ms Moss
said. “I believe that
there are a whole lot of
skilled singers who we
do not know.”

Kingdom Glory
Records recently
launched their own CD
and DVD entitled,
“Bishop Neil Ellis Pre-
sents: Mount Tabor’s
Praise and Worship
Ministry.”

THIS summer promises to be
very exciting for Ebony Johnson, a
secondary education Spanish major
at the College of The Bahamas. She
has been selected to receive finan-
cial support from AMISTAD, the
local organisation that promotes the
Spanish language and culture in the
community.

This will enable her to go to the
Costa Rica Language Academy for
three weeks in August to improve
her Spanish language skills.

Ebony, former valedictorian at
Doris Johnson Senior High School,
was thrilled to receive the funds
and spoke enthusiastically about
what the forthcoming trip means to
her.

“Spanish is my passion,” she said,
“and I am so grateful to AMISTAD
for helping me realise this dream. I
want my experience in Costa Rica
to enable me to increase my fluen-
cy in the language and J also want
to improve my communication skills
so that I can relate better to stu-
dents in the classroom.”

Donella Davis, president of

Share your news

The Tribune wants to
hear from people who

are making news in their
neighbourhoods. Perhaps §
you are raising funds for

a good cause,
campaigning for

improvements in the area

|} or have won an awatd.

Ifso.-call us on:322-1986

and share your story.



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LOCAL NEWS

COB Spanish major selected
for support from AMISTAD

AMISTAD, said that the organisa-
tion was very happy to assist Ebony
in her endeavours. /
“One of the aims of AMISTAD,”
she explained, “is to offer some
financial assistance to an individ-
ual who has completed high school
and plans to do further studies ina
Spanish-speaking country.”

Ambassador

Rhonda Chipman-Johnson, vice
president of AMISTAD and exec-
utive vice president at the college,
added, “Ebony reached out to us
and applied for assistance. We
know her well as MC of Foreign
Language Days at the college of the
Bahamas and from helping at
AMISTAD events.

“We know she will be a fine
ambassador for the country and the
college.”

AMISTAD means friendship and
the organisation meets on the third
Friday of the month in Room 4 at
the Bahamas Tourism Training
Centre.









PICTURED ARE Donella Davis, president of AMISTAD, and Rhonda Chipman-Johnson, vice presi-

dent of AMISTAD, presenting cheque to Ebony Johnson.



Prime Minister
meets for talks with
Feligious leaders

PRIME Minister Hubert
Ingraham met with religious
leaders at the Office of the
Prime Minister on Cable
Beach last week.

They discussed a wide range
of issues. ‘

Pictured from left are Bish-
op Edward Missick, H Horace
Bullard, Bishop Simeon Hall,
Prime Minister Ingraham,
Bishop Minnis, Bishop Leroy
Emmanuel and Rev A Shelton
Higgs.

Peter Ramsay/BIS

O THE WORLD

TENDER - GENERAL INSURANCE
2008-2009

The Bahamas Telecommunications Company Lid. {BIC} is pleased

fo invite qualified Companies/Firms to submit a proposal to
provide the Company with General Insurance coverage. These
policies include Employers Liability, Money, Group Personal
Accident, Open Marine Cargo, Fidelity Guarantee and.

Public/Products Liability.

Interested companies/firms may collect a Tender Specification

from the Security's Desk located in the Administrative building on

John F. Kennedy Drive, between the hours of
9:00 a.m. and 5:00 p.m. Monday through Friday.

The deadline for submission of tenders is on or before
July 22nd, 2008. Tenders should be sealed and marked
“TENDER FOR GENERAL INSURANCE”
and should be delivered to the attention of the
Executive Vice President.

BIC reserves the right to reject any or all Tenders.

www.tcbahamas.com | CALL BTC 225-5282





PAGE 10, |UEOVAi:, ULL 6, cLUUO . THE TRIBUNE



| TUESDAY EVENING JULY 8, 2008

7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30

NETWORK CHANNELS

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REES OF SEP-|Winona Ryder. iTV. Outrageous stories are based on the Ten Command- |Three Coolers’ Three Coolers”
ARATION ments. 'R’ (ITV) 0 (CC) (iTV) O (CC)
tah * THE |IN A DARK PLACE (2006, Suspense) Leelee Sobies- |(:45) OPEN WATER 2: ADRIFT (2006, ae Su-
ARK (2005) ki, Tara Fitzgerald. A naa tries to protect two children |san May Pratt, Niklaus Lange. Six long-time friends try
Maria Bello. ‘R’ |from malevolent ghosts. (\ ‘R’ (CC) to stay afloat in the ocean. 1 'R’ (ca







TMC















THE TRIBUNE PAGE 11



ogee sora

TUESDAY, JULY $8, 2008




INSIDE © International sports news

@Qis ) PO iterl
ix gold for Bahamas fizz
| - A team to be

announced

Bahamians win 13 medals and finish Ieee



third overall at CAC championships | gu,

Association will announce
the official Olympic team
in a press conference sched-

he Bahamas closed out the uled for 11am July 11 at the





21st Central American and DEBBIE FERGUSON McKENZIE culminated Nassau Yacht Club.

Caribbean Championships the Bah nF ive showi t th ;

in Athletics on a positive é Bahamas impressive showing at the BASKETBALL ;
games with a gold medal performance in the COACH Pattie Johnson

note at the last major meet

for most athletes before the Beijing will field a team of girls to

200m during Sunday’s final session. Her time al
‘compete in a series of exhi-

of 22.78 brought about the Bahamas’ sixth

Olympics.

Following the conclusion of the meet
over the weekend, the Bahamas Olympic
Association.announced that the official
Olympic team will be revealed on Fri-
day.

Debbie Ferguon-McKenzie culminat-
‘ed the Bahamas’ impressive showing at
the games with a gold medal performance
in the 200m during Sunday’s final ses-
sion.

Ferguson-McKenzie’s time of 22.78
brought about the Bahamas’ sixth gold
medal of the meet. :

The Bahamas finished fourth in the
medal count overall with 13, which
includes six gold, four silver and three
bronze. They finished third in the point
total with 132. |

Both 1600m relay teams contributed
to the medal count in the meet’s final
event. ' ;

The women’s team of Sasha Rolle,
Christine Amertil, Shakeitha Henfield
and Crystal Strachan finished third in
3:35.57s.

Cuba finished first in 3:27.97s while
Mexico was second in 3:29.94s.

The men’s 400m squad of Ramon
Miller, Michael Mathieu, Avard Moncur
and Andretti Bain, posted a time of
3:02.48s, finishing closely behind Cuba’s
3:02.10s.

Trinidad and Tobago was third in
3:04.12s. > ,

Also on day three, Osbourne Moxey
finished fifth in the long jump with a leap
of 7.68m.

Wilfredo Martinea won the event and
set a new CAC record with a leap of
8.31m:

The Bahamas’ gold medal tally also
included Shamar Sands-110mH, Lavern
Eve-javelin, Leevan Sands-triple jump,
Bianca Stuart-long jump and Chandra
Sturrup-100m.



gold medal of the meet...

bition games and camps
across several states includ-
ing Georgia, Florida and
Louisiana.

The team will. travel
today and will begin partic-
ipation in the Fort Valley
State University Lady Wild-

| cats basketball camp July
_ 11-13.

The nine-member team,
consisting largely of H O
Nash Junior High team
members, will spend five
days in each of the states.







BBFF executives recognise lapse in talent pool

ADRON GREEN - one of three-overall winners...



â„¢ By RENALDO DORSETT
Sports Reporter.



DESPITE a strong and success-
ful showing from the field at the
35th Bahamas Bodybuilding and
Fitness Federation National Cham-
pionships, federation executives
recognise a lapse in the talent pool
and will seek solutions in the near
future.

Last weekend’s nationals were
completely void of any competi-
tors in the junior division, a prob-
lem that BBFF president Danny
Sumner said his organisation
regards as a top priority.

Each of the three overall win-
ners, Aaron Green, Faye Rolle and

’ Charnice Bain, are veterans in the

sport.

“We're looking at improving that
and hopefully next year we will
have at least four or five juniors
on stage,” Sumner said.

“We were very disappointed in
this and I must admit that we had
hoped that we would have had a
stable junior programme by now
in 2008.” :

Sumner said the federation will
continue to seek to influence
schools to create a feeder system
and hopefully improve junior par-
ticipation next year.

“We are in the process of putting
in plans in the various high schools

builders also experienced a notice-
able increase with just six partici-

pants and two weight classes in the
field.

“It’s a concern not only locally,
but internationally as well. Female
bodybuilding has been on the
decline for a number of years now
and the reason for that is tecause
the fitness category is now catching
on,” he said. “It started in Europe
and spread to North America and
now the Bahamas.”

The fitness category fielded 10
participants spread over five divi-
sions.

According to veteran body-
builder Jan Johnson, making the
transition to fitness represents a

‘shift that may be occurring with

many women choosing to make
their impact on the fitness catego-

ry.

Suhines said the numbers in
female bodybuilding may continue
to decrease with the rise in the pop-
ularity of fitness.

“Next year, perhaps we wiu see
even more people in female fitness
rather than female bodybuilding.
In female bodybuilding, we still
look at it as being a very good sport
and Jena Mackey is indicative of
that and we have Jan Johnson who
came back not as a bodybuilder
but in fitness,” he said. “The work
is not as hard. When you prepare
for body fitness the training is not
as rigorous as in bodybuilding.”

and hoping that one day we will The next major event on the
@ havea junior show all by itself ora | BBFF calendar is the 36th Central
S high school bodybuilding champi- American and Caribbean Cham-
2 onships, that remains in the plans _ pionships, expected to be hosted
& for the federation,” he said. “We for the first time in the Bahamas
‘= —_ will go back to the drawing board since 2003.

= and next year I am quite sure we Last year at the CAC champi-
‘a _-will have a junior programme.” onships in Hamilton, Bermuda, the
2 The number of female body- Bahamas’ 20- member team col-

lected gold medals in five weight
classes and also in mixed pairs.



PAGE 12, TUESDAY, JULY 8, 2008 TRIBUNE SPORTS

SPORTS

Tour de France: Spain’s
falverde leads the pack

OVERALL LEADER Alejandro Valverde (fourth
from left) of Spain rides in.the pack



Christophe Ena/AP

Photos



ae

ALEJANDRO VALVERDE (left) of Spain and his teammates lead the pack during the third stage of the Tour de France cycling race between Saint-Malo and Nantes in western
France yesterday... .

‘As a reporter, I respect and
honour the people’s right
to know. The Tribune is
my newspaper.”

RUPERT MISSICK, JR.
CHIEF REPORTER, THE TRIBUNE

The Tribune

News Tips Line at 502-2359. Mey Love. My View:

To report the news, call our





TRIBUNE SPORTS TUESDAY, JULY 8, 2008, PAGE 13

Beas

Australia seals 169-run
victory over West Indies










Andres Leighton/AP

Photos

AUSTRALIA’S Andrew Symonds (left) plays a shot for four runs off West Indies’ bowler Daren Powell during the final

One Day International cricket match in Basseterre, St Kitts, Sunday. Australia’s batsmen blasted a record-breaking total
AUSTRALIA’S bowler Mitchell Johnson celebrates after taking the last wicket, of 341 for eight to seal a 169-run victory over the West Indies and complete a 5-0 sweep in the ODI series following their
West Indies’ Fidel Edwards, to win Sunday’s match... 2-0 win in the preceding test series...

Wimbledon
trophy glory!











SPAIN’S Rafael Nadal holds i ; ; n d e pe n d eC n ce

his trophy aloft after he sof .
defeated Switzerland’s Roger C e @ rati O nN S
Federer in the men’s singles So

final on the Centre Court at ;

Wimbledon Sunday...










Lewis Whyld/AP




Clifford Park
Celebrations
& Police Tattoo

Wednesday, July 9, 2008
8 p.m. - 12 midnight

Cultural Show ~— me vue
Inspection, March Past,
Tattoo © Sa 10 p.m.




VENUS WILLIAMS shows off
her trophy to the crowd after
defeating her sister Serena in
the women’s singles final at
Wimbledon on Saturday...




SENT hee aD
MEemacicyiale 12 midnight
lee) ce ‘Vie



Glyn Kirk/AP





Celebrating a proud past and looking to a promising future

yy



PAGE 14, TUESDAY, JULY 8, 2008 TRIBUNE SPORTS
SPORTS

| Chandra Sturrup

Age: 36

Birthday: September 12, 1971
Height: 5 feet, 4-inches.

Weight: 132 pounds.

High School: R. M. Bailey
College: Norfolk State University.

Major: General Business emphasis in
Management.

“Sports Event: Track and Field -
100 and 4 x 100m relay.

Personal Best: 10.84 (National Record).
“Favourite Foods: Peas and rice, lobster,

conch, plantain, peas soup
and doe.

Favourite Artist: Alicia Keys and Joss Stone.

Favourite Movie: Oliver Twist (drama).

Hobbies: Travelling, interior decorating,
coaching, learning new things.

Siblings: Jessica Sturrup, Trivano Philip.

Status: Beautiful Young Woman.





THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 15



INTERNATIONAL NEWS

Unstoppable ex-hostage
revels in freedom in France

Miami-bound
cargo plane
crashes in
Colombia, killing
two on ground

# BOGOTA, Colombia

A ROSE-LADEN USS.
cargo plane headed for
Miami crashed before
dawn Monday near
Colombia's capital, killing
a father and son in their
home on the ground,
Colombian aviation offi-
cials said, according to
Associated Press.

None of the plane's
eight U.S. crew members
were reported dead,
although a hospital direc-
tor said one was in serious
condition. It was the sec-
ond time in six weeks that
a Boeing 747 flown by
Ypsilanti, Michigan-based
Katitta Air has crashed.

USS. investigators were
en route to Colombia to
assist in a government
inquiry into the cause of
the crash, the U.S. Nation-
al Transportation Safety
Board said.

The plane's crew told
air traffic controllers early
Monday that one of its
engines had caught fire
and radio contact was lost
seconds later, said Donald
Tascon, deputy director of
Colombia's civil aviation
agency.

At 3:50 am (4:50 a.m.
EDT; 0850 GMT), the jet
attempted an emergency
landing and crashed onto
a ranch about 15 miles (25
kilometers) northwest of
Bogota, said aviation offi-
cials:and Diego Humberto
Sicard, mayor of Madrid,
the small village hit.

The plane split apart
and its tail smashed into a
ranch home, killing Pedro
Suarez, 50, and his 13-
year-old son Edwin,
according to the mayor
and aviation official Tas-
con.

The plane had stopped
in Bogota to pick up flow-
ers — one of Colombia's
biggest exports — and was
scheduled to land in Mia-
ti, Kalitta Air Vice Presi-
dent Pete Sanderlin said.

"All of the crew on
board had various injuries,
from slight to more seri-
ous," he told The Associ-
ated Press.

Two crew members
were treated at a Madrid
hospital, while six others
were sent to the Central
Police Hospital in Bogota.
One, identified as Joseph
Kendall, had his spleen
remove i and was recuper-
ating, hospital director
Col. Nader Lujan told
reporters.

Kalitta had been operat-
ing the plane for another
airline, Centurion Air
Cargo, Sanderlin said. A
woman who answered the
phone at Centurion's
office in Miami referred
questions to Kalitta.

Five investigators from
the U.S. National Trans-
portation Safety Board, or
NTSB, will join other

_ Americans from the Fed-
eral Aviation Administra-
tion, aircraft-maker Boe-
ing Co. and engine-maker
Pratt & Whitney in assist-
ing the Colombian probe,
NTSB spokesman Keith
Holloway said from
Washington. Pratt &
Whitney is a unit of Unit-
ed Technologies Corp.

Another Kalitta-operat-
ed Boeing 747 crashed
and broke apart in Brus-
sels, Belgium, on May 25
as pilots tried to abort a
takeoff, U.S. and Belgian
authorities have said. All
five crew members sur- |
vived that incident, too,
although four were slight-
ly injured.

The crash also marked
the second time two days
that a cargo line based at
Willow Run Airport near
Ypsilanti has crashed in
Latin America.

A DC-9-15 freighter
operated by USA Jet Air-
lines crashed early Sunday
while nearing the airport
in Ramos Arizpe,

Mexico.

The pilot of the plane,
46-year-old Lon McIntosh
of Middletown, Ohio,
died, according to his fam-
ily and Mexican officials.

@ PARIS

FREEDOM tastes sweet and
Ingrid Betancourt is lapping it
up with the same drive and
determination that kept her
alive in the Colombian jungle
for six years, sometimes chained
to a tree.

Five days after being rescued
along with three Americans and
11 Colombians and three days
after coming to France, Betan-
court, who has dual nationality,
is ebullient, and tireless. ‘

She is meeting with officials, a
former professor, clinching a
deal to write a play and giving
interviews nonstop, according
to Associated Press.

The 46-year-old, who was a
cause celebre in France as a cap-
tive, is a hero today, portrayed
as an icon of courage and an
inspiration.

It was the French campaign
to free Betancourt, captured
while campaigning for Colom-
bia's presidency in 2002, that
drew international attention to
the hundreds of hostages held
by leftist rebels. Freed, Betan-
court is keeping up the drum-
beat.

She has addressed two radio
messages to hostages still held
by leftist insurgents and on
Monday advised President
Alvaro Uribe of Colombia to
tone down the "radical, extrem-
ist language of hate" toward her
former captors. The 15 hostages
were freed in a military opera-
tion that tricked their captors,
the Revolutionary Armed
Forces of Colombia, or FARC.

"T feel that I owe so much ...,"
Betancourt told the French
magazine Pelerin when asked
why she’ accepts so many inter-



sacaues Brinon/AP

INGRID BETANCOURT sniias before her Haile siidiese to hostages in Spanish on RFI (Radio France ites
tional), Monday July 7, 2008 in Paris. Betancourt, freed from six years of captivity in a Colombian jungle,
plans to write a play about her experience that she said in an interview published Sunday will plumb the soul

of the human condition.

. View requests. "I owe so much

to the love of all for being here
that I'm not able to say no."
On Tuesday, she is to visit the
French Senate and on Wednes-
day lawmakers at the National
Assembly, the powerful lower
house. Her face or her voice,
unmarked by fatigue, are on the
French. airwaves several times
a day. She will be awarded the
Legion:of Honor on July 14,

Bastille Day, France's national
holiday. ©

Betancourt met with a
reporter from Pelerin, a Christ-
ian weekly, Sunday night after
praying at the Sacre Coeur
Basilica in Montmartre, her sec-
ond visit to a church that day.
Earlier, she prayed at Saint-
Sulpice with her one-time pro-
fessor, former Foreign Minister
Dominique de Villepin, whose

own secret bid to free her failed
and irritated the Colombian
government.

Betancourt, who wears a
small rosary she made in the
jungle, says God saved her from
bitterness during her captivity.

"To be a hostage places you
in a situation of constant humil-
iation," she told Pelerin. While
captive, pronouncing the biblical
words "bless your enemy" was

"magic," she said.

Now, she is asking Golombia's
leaders to do likewise.

"We have reached the point
where we must change the rad-
ical, extremist vocabulary of
hate, of very strong words that
intimately wound the human
being," she said in an interview
Monday on Radio France Inter-
national.

Betancourt described a
FARC commander named
Enrique as “absolutely abom-
inable." Still, she contemplates
his life in jail.

"He must be living a night-
mare now," she said, but in
"much better conditions than
anything Thad." ~

Betancourt spent part of her
captivity chained to a tree and at

- one point fell seriously ill. How-

ever, initial medical tests sug-
gest she has not contracted any
serious illness.

Her group often marched
some 15 miles a day through the
jungle, she told France 24 tele-
vision. But for six months at one
point, while in a camp sur-
rounded with barbed wire, the
hostages were treated to the lux-
ury of several books, including
"Harry Potter," she said.

Betancourt's two children,
Melanie and Lorenzo, accom-
panied her on some of her Paris
visits, along with her sister
Astrid and her mother. Howev-
er, she admits she has not yet
had quality time with her family.

The former Colombian sena-
tor lived on the edge before her

* capture. She was kidnapped

while campaigning for the pres-
idency in a known dangerous
zone.

"What I'm living is a mira-

‘cle," she told Pelerin.
6

Syria Says talks with Israel
‘require support from US"

m@ PARIS

SYRIAN President Bachar Assad
says he is counting on the next
American president to help sup-
port efforts to negotiate peace
between his country and Israel,
according to Associated Press.

In an interview with the French
newspaper Le Figaro to be pub-
lished Tuesday, Assad called his
planned visit this weekend to Paris
"historic" because "it opens a large
door (for Syria) to the internation-
al scene."

Assad would not commit to meet-

ing with Israeli Prime Minister
Ehud Olmert during the visit — but
did not rule it out.

Both will be among some 40 lead-
ers in Paris to launch the Mediter-
ranean Union, France's prized ini-
tiative during its European
ue presidency which began July

“Figo President Nicolas Sarkozy
has said any meeting between the
two leaders would mark "formida-
ble progress" in Israel-Syria rela-
tions.

Syria and Israel have long been
enemies but recently renewed indi-

rect contacts through Turkish medi-
ators.

"The two sides are testing their
intentions," Assad told Le Figaro.
"We must find a common base to
start direct negotiations. As soon
as this base is ready, we can engage
in direct negotiations with Israel."

Assad stressed the need for inter-
national backing for talks.

"Of course, the role of the Unit-
ed States is essential, but that of
Europe is complementary, and

' when we talk of the political role of

Europe, France is in the avant-
garde," he was quoted as saying.

He said he was waiting for the
new U.S. administration to take
office.

He charged that PreSident Bush
has "neither the will nor the vision"
to move peace forward and said the
U.S. leader's time is running out.

"We are counting on the next
American president and his admin-
istration," Assad said.

Human rights groups are protest-
ing the visit by Assad, who has also
been invited to participate with oth-
er world leaders in a traditional
military march marking France's
national day.

en
ENA ERS SANDWICHES

MONDAY — SATURDAY
10 A.M. — 2 P.M.

%,

ee

4

paz

0

101. 9

Celebrating -) years

ff ie aoe ts

Si tas Pets * Prince Charles

~ Frederick Street Pa Ta
paw tC) li sclbibaaslubl Abt sible a



sia vshshi hibit With Douhle bitin)



PAGE

16, TUESDAY, JULY 8, 2008

THE TRIBUNE

ie aa ee a oe
Troubles continue in

hicken ae : 4 "1 :
Cacis ge ttme | post-election Zimbabwe

pial Comers
isanae Ban

CANTO’s 24th Annual Conference and Trade Exhibition.
on Connect the Caribbean (13'" -16'" July 2008).

And the 2°° Annual Human Resource Training and Best
‘Practices Conference (17'" - 18'" July 2008)
_ The Caribbean ere eee et ce

Organizations (CANTO) eeu Beretta ics

eesti ta Contec MRO Cr Coron te
Tea Mera) eC EC NSU e as
the ort feo ieee eat] Ones Pee elect
Sets ee
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| Wil participate in this annual eee ae eT)
ces by si ee :

airs

YAU RM ates arm em im mel se le ee S ee eee: fee fi Nea
Tel 1 (B68)-622-3770/4781/0929 Fax 1 (868) 622-3751 pigrets ‘ Poueey EP Bdiokiy ss aera Taal ed
RCRA MCR rear DU AANA cst Sey

ee]

Mukwazhi/AP

svangirayi

T

WORKERS AT a factory in Chitungwiza about 25 kilometres
east of Harare, go through the debris, after it was petrol bombed
by suspected Zanu pf supporters, Monday, July, 7, 2008. The
factory, which is owned by Wallace Madzimure, an opposition
member of parliament, was allegedly set on fire on Saturday
evening in post election violence.

vi

TENDAI BITI, Secretary General of the main opposition party in
Zimbabwe appears in court in Harare, Monday, July 7, 2008. Biti
who is out on bail is facing treason charges and could face the

death penalty if convicted.

t Condominiums Under Construction

NEW CONDOS FOR SALE

St. Albans Drive

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From $229,000 with only $5,000 reservation deposit required
PH. 325-1325 No Agents Please







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Wr Ta

@ By NEIL HARTNELL
Business Editor





A former
govern-
ment minis- | |
ter said yes- |g
terday that
he | may
know next
wee ok
whether
the devel-
O:p,e.r's |
behind the
$250 mil-
lion Chub
Cay project in the Berry
Islands had succeeded in
obtaining refinancing for the
development.

Vincent Peet, the local
MP and former minister of
financial services and invest-
ments, said the develop-
ment’s principals - Florida-
based Kaye Pearson, Walt
McCrory and Bob Moss -
were “still in that mode” of
attempting to secure addi-
tional financing to complete
Chub Cay’s build-out.

Their task, needless to say,
has been complicated by the
global banking system’s liq-
uidity/credit crunch, which
has made it extremely diffi-
cult for many Bahamas-
based mixed-use resort pro-

_| jects to either obtain financ-
ing at all, or at the best inter-
est rates..

~ Although Chub Cay’s
marina and clubhouse were
completed, and much infra- .
structure put in during the
first phase of development,
the full build-out has not
proceeded after the devel-
opers effectively ran out of
project financing.

As a result, the employ-
ment of Bahamian construc-
tion workers on Chub Cay
has dwindled from several
hundred two years ago to






Vincent Peet











































SEE page 4B

BEC fuel surcharge
up 89% year-on-year

@ By CARA BRENNEN-
BETHEL
Business Reporter

THE Bahamas Electricity
Corporation’s (BEC) fuel sur-
charge have almost doubled
year-over-year for July 2008,
increasing by 89 per cent from
$0.11226 per kilowatt hour last
year to $0.2126 . This will fur-

ther increase the operating cost .

burden for business owners and
residents alike, especially those

LyFORD Cay #4310:

3,560 sq. ft. residence on spacious landscaped half-acre lot, is conveniently
located on a quiet street in the heart of Lyford Cay. This private, split-level,
4 bedroom, 4 bath home has spacious dining room, separate living room and
family room. A breezy covered verandah faces the pool. Guest cottage
has | bedroom, | bath and separate entrance. Offered at US$3,500,000.
George.Damianos@SothebysRealty.com 242.362.4211

Damianos |

/ SIRbahamas.com



TUES

SDAY,

“TULY 8 ,

2008



ROYAL BFIDELITY

Cabinet may receive



Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

Port plans ‘next week’

@ By NEIL HARTNELL
Tribune Business Editor

lans for the pro-
posed commercial
shipping port at
Arawak Cay may
be submitted to
Cabinet as early as next week,
the chairman for the company
elected to develop the site
telling Tribune Business yes-
terday that the project was
“moving very quickly” with all
stakeholders firmly behind it.

Jimmy Mosko, who sources
said was elected unanimously
by stakeholders to chair the
company formed to develop the
Arawak Cay port proposal, said
a consulting engineer was likely
to be selected within the next
10 days'to produce a design for
the port.

From this work, and that of
other consultants, the Govern-
ment, shipping industry and
associated sectors would “get
an idea of what it’s going to cost

* Arawak Cay port-owning company to eventually go public via IPO
* Private sector ‘moving very quickly’ to seek ‘green light’
from Cabinet and hire consultants _

and whether it’s economically .

feasible, butwe’re pretty sure it
is”.

Mr Mosko said of the devel-
opment company’s objectives:
“It’s to get all the shippers
together, and the mailboats, and
create.a terminal at Arawak
Cay for international freight
and inter-island cargoes. We’ve
got everyone pulling in the right
direction, so it’s moving very
quickly........

“We’re not there yet, but
we're getting there. Things are
moving quickly, everyone’s
together and we’ve found the
money to pay for consultants.
It’s quite a lot of different

things.

“Hopefully, it’s heading to
Cabinet in the next week. Then
it’s up to Cabinet to say whether
to proceed or not. We’re pro-
ceeding anyway, because we’ve
been told by the Prime Minister
to get it done. We don’t have a
complete green light, but we’re

~ hoping to get it.”

The engineering and port fea-
sibility studies are the key ingre-
dients that will allow the pri-
vate sector to develop a busi-
ness plan for the Arawak Cay
port. Once that business plan is
completed, the project will then
be able to pitch commercial

for the construction financing
it requires.

Mr Mosko also revealed that
his appointment as chairman
was “not to run and own” the
Arawak Cay port, “just get it
to the stage where it can go
public”.

Tribune Business under-
stands that the plan is to even-
tually stage an initial public
offering (IPO) where the
Bahamian public, both retail
and institutional investors, will
be given the opportunity to buy
shares in the company that
owns and operates the Arawak
Cay port.



Recently renovated and tastefully decorated



t 242.322.2305

banks and institutional investors

One shipping industry source,

$15m in client assets to fund
Bahamas firm’s liquidation

@ By NEIL HARTNELL
Tribune Business Editor



THE liquidator of a Bahamas-based bro-
ker/dealer whose principal is currently serv-
ing a US jail sentence for money laundering
has filed a summons seeking the Supreme
Court’s permission to pay his costs using, in
part, the $14.697 million in client assets that

~ the company is holding in trust.

In a June 23, 2008, affidavit filed with
the Supreme Court, BDO Mann Judd
accountant Clifford Culmer proposed that
the “fairest approach to adopt to the pay-
ment of the costs incurred in the liquida-
tion” of Dominion Investments (Nassau),
the broker/dealer formerly run by convict-
ed money launderer Martin Tremblay, was
to combine the company’s assets with those
it was holding in trust for its clients.

The trust (client) assets, which account

* Dry-cleaning firm says
monthly diesel costs up
50% in 2008 first half

* Even churches look
to cut electric costs

already struggling to meet their
expenses.

SEE page 2B

Sothebys

INTER SIATIONAL REALITY

f 242.322.2033

Liquidator rejects plea by firm’s money laundering-convicted
principal to hold off on asset distribution until he is out of jail

for 95.5 per cent of Dominion Investments’
total assets, would then fund that same per-
centage of the liquidation’s costs, apart
from cases where Mr Culmer incurred extra
costs on behalf of a specific client or set of
assets. These costs would be paid solely by
these clients.

It is unclear whether Dominion Invest-

ments’ clients will object to the proposed ~

payment plan, which has already received
opposition from Mr Tremblay himself.

In a June 20, 2007, letter sent to Mr Cul-
mer from a US prison, where is serving a 48-
month sentence after pleading guilty to
agreeing to launder “hundreds of thousands

of dollars worth of narcotics proceeds” in an -

undercover operation conducted by the US
authorities, Mr Tremblay expressed con-
cerns on the liquidation of his Bahamas-
based company.

Describing himself as the “sole owner”,
and saying he was concerned about the liq-
uidation’s costs, Mr Tremblay said “it would
be inexact to say that all assets advanced to
Dominion by the customers were intended

to remain at all times the © Prope of the

customers.

“On the contrary, some of the ansets in

your list of accounts belong either to

SEE page 2B

who requested anonymity, told
Tribune Business yesterday:
“The Prime Minister doesn’t
want any entity to. own more
than 15 per cent [of the new
port].”

Mr.Mosko confirmed this,
saying: “I don’t think any entity
will own any more than 15.per
cent. The rent will be collected
will be collected from all the
shippers and users, go to a com-
pany, and be divvied up after
costs. There’s no sweetheart
deal for anyone here except the
Bahamian public, and that’s

SEE page 5B

Drive a Honda Fit and Barats to
40 miles per gallon



Last 5 years per year

(PRR
Last 12 months

Royal Fidelity Bahamas Growth & Income Fund

royalfidelity.com
info@royalfidelity.com

Total Performance* through May 31, 2008

*Stock prices can go down as well as up. Past performance is no guarantee of future results. Read the Offering Memorandum carefully before you invest

ROYAL FIDELITY

WW Rol at\Vr- 'ANold Gan

Nassau: 356.9801 e Freeport: 351.3010





PAGE 2B, TUESDAY, JULY 8, 2008

THE TRIBUNE





INSIGHT

For the stories

behind the news,
read Insight
on Mondays

up

FROM page 1B



HALSBURY
CHAMBERS

Counsel and Attorneys-at-Law
Notaries Public



will be CLOSED
on
Friday, 11th July, 2008
due to the observance of the
Firm’s Annual “Fun Day”

The office will
RE-OPEN

on
Monday, 14th July, 2008.

_ We regret any inconvenience
caused.



BEC fuel surcharge

9% year-on-year

A dry cleaning company
owner told Tribune Business
yesterday that this latest elec-
tricity price increase will
undoubtedly impose a tremen-

dous burden on his company’s °

overhead: cost. He said he was
already looking at another
potential price increase for con-
sumers.

“We had to increase our
prices back in May by 15 per
cent. Before that we had not
had a price increase in two
years, and it looks like we may
have to increase it again at this
rate,” he said.

“Not only do we use electric-
ity, but we use a lot of diesel,
too,” said the owner, who asked
that his name and that of his

company’s not be used.

“In fact, even though the
electricity is a problem, I think
our bigger problem is that of
diesel, because it has gone so
high. It is more than gas now.”

Owner

The owner pointed out that it
was hard to budget because the
price of diesel increased each
month. “Back in January it was
$4 a gallon, and now in July, it is
what, $6.13?”

To put those cost increases
into perspective, the owner
explained that back in January
2008 he could purchase 400 gal-
lons of diesel for $1,600. That
same amount of fuel in June

cost him $2,400, and $800 or 50
per cent increase.

“Oil prices are only going to
go up, so I am sure that by
December I will be paying more
than $3000 - double what I paid
at the beginning of the year. I
really don’t know what can be
done about these prices,” the
owner said. “ I don’t know how
it can be. Who has the power
to make the changes that are
necessary? Something needs to
be done, otherwise, you are
going to see a lot of persons
being laid off and persons will
be closing their business.”

The BEC fuel surcharge is
based on the price of petroleum
in the international market, and
is calculated monthly using a

fixed formula.

According to a notice in the
Tribune yesterday, in July 2006
the surcharge was $0.11134
cents, and $0.11226 cents last
July. At the end of 2007, the
fuel surcharge was $0.13698
cents - 7.562 cents lower than
what it is now six months later.

The fuel surcharge at the
beginning of this year was
$0.14945 as compared to the
$0.2126 it is now.

Even churches are feeling the
effects of the price increases, at
least one indicating that to save
on expenses it is looking at scal-
ing back to a single Sunday ser-
vice at 8.30 am, rather than a 7
am and a 9am service, to save
on the cost of air-conditioning.

$15m in client assets to fund
Bahamas firm’s liquidation

FROM page 1B |

Dominion Investments or to
myself personally.”

Adding that he was unable to
provide further assistance to Mr
Culmer because he did not have
access to Dominion Invest-
ments’ paperwork, Mr Trem-
blay said: “What I would sug-
gest is that you do nothing until
I can sit down and look at the
documents, and then let you
know what belongs to who.”

IMPORTANT NOTICE TO ALL CUSTOMERS
AND CREDITORS OF DOMINION

INVESTMENTS ( NASSAU ) LYD

With Mr Tremblay likely to
be released from his US prison
cell in June 2009, Mr Culmer
believed his suggestion to wait
before assets were distributed
to Dominion Investments
clients was not “a reasonable
course to adopt”, given the wait
they have already had to
endure.

Mr Culmer said his biggest
challenge in the liquidation had
been the asset freeze orders the
Bahamian and Canadian
authorities had imposed on
Dominion Investments’
Bahamas and Canadian-based
accounts in January 2006, after
Mr Tremblay’s arrest in the US.

He had finally managed to

obtain a May 10, 2008, order °*

from the Court of Quebec
removing the asset freeze on

Dominion Investments’ Cana- -

dian holdings, allowing him to

contemplate the return of client
monies.

Mr Culmer in his affidavit
pegged the total worth of
Dominion Investments’ estate
as at May 31, 2008, as being
$662,673, with the value of
assets held for clients in the
Bahamas and Canada being
$14.697 million.

The Bahamas-based assets
were held in Bahamian, Cana-
dian and US currency, and in
securities, with the Royal Bank
of Canada, Julius Baer and
Bank of the Bahamas Interna-
tional. As at May 31, 2008, the
holdings consisted of $4.054 mil-
lion in cash and $332,369.

Out of these, some 85.4 per
cent or $3.879 million, was held
for Dominion Investments’
clients, while the remaining 14.6
per cent or $662,673 belonged
to Dominion Investments.

At the Canadian end, the
assets totalled $200,352 in cash
and $9.954 million in securities.
Out of the $10.155 million total,
some 99 per cent belonged to
Dominion Investments’ clients,
and $849 to the company.

Mr Culmer alleged that it was
fair that client assets bear the
correct proportion of the
Dominion Investments’ liqui-
dation’s costs, given that “the
majority of the work” he had
performed was “primarily” for
the benefit of customers and
their holdings.

“The steps taken on the cus-
tomers’ behalf were ones which
they could not have taken them-
selves if they wished to main-
tain the confidentiality of their
affairs which, for almost all the
customers, is of utmost impor-
tance to them,” Mr calmer
alleged.

( In: liquidation )

| The Liquidator hereby notifies all Customers and Creditors of Dominion that he
has applied to the Supreme Court of the Bahamas for the determination by it of
the following questions:

a) whether any of the assets held by Dominion are trust assets and, if
~ $0; . .
b) whether any of the costs incurred in the course of the liquidation
should be paid from the trust assets and, if so;
.¢) the approach that should be adopted to the payment of those costs.

The specific questions that the Liquidator is asking and the Orders he is
seeking are set out in the Summons and the Supplemental Summons filed
on the 18th May, 2007 and 19th June, 2008 and the facts upon which he
relies set out in the Liquidator’s Affidavit filed on the 23rd June, 2008.
These documents may be accessed on the website www.bdomannjudd.com

The Liquidator’s affidavit does mot reveal any confidential information
relating to its customers or the assets which it holds for them.

On the 19th June, 2008 the Supreme Court of the Bahamas fixed the hearing of |

the Liquidator’s application for 10 am on Monday the 10" November, 2008,
however, it is possible that, if the Court’s calendar permits, an earlier date for
the hearing may be set. Accordingly you are advised to check the website
| frequently for updates. Anyone who has given notice to the Liquidator of
their intention to appear ( see below ) will be contacted if an earlier date is set.

If you intend to appear on the hearing of the Liquidator’s application you will
need to serve on the Liquidator a Notice of Appearance in the proceedings or
to instruct an Attorney in the Bahamas to do so for you. The Appearance needs

to be filed in the Registry of the Supreme Court of the Bahamas and to be in

one or other of the forms shown on the website, depending on whether you
are claiming a debt owed to you (Creditor’s Appearance) or that Dominion
is holding assets beneficially owned by you ( Customer’s Appearance).

If you are a customer or creditor of Dominion and you need any further information
or clarification in regard to the application and the questions to be determined
please contact the Liquidator directly and he will do his best to assist you.

G. Clifford Culmer

The Liquidator of Dominion Investments (Nassau) Ltd.
(In liquidation)

BDO Mann Judd

P.O. Box N10144

Nassau, Bahamas

| Tel: (242) 325-6591

Fax: (242) 325-6592

E-Mail: cculmer@bdomannjudd.com





THE GOVERNMENT OF THE BAHAMAS

SCHOLARSHIP & EDUCATIONAL LOAN,

DIVISION
MINISTRY OF EDUCATION, YOUTH, SPORTS &
CULTURE

IMPORTANT NOTICE

EDUCATION GUARANTEED LOAN FUND
PROGRAMME

ALL CURRENT STUDENTS PARTICIPATING IN THE EDUCATION GUARANTEE
LOAN PROGRAMME ARE REMINDED THAT:

ALL LOAN ACCOUNTS WITH THE BANK OF THE BAHAMAS MUST BE MADE
CURRENT BY JUNE 30, 2008

ALL OFFICIAL TRANSCRIPTS FOR SPRING 2008 MUST BE RECEIVED BY
THE SCHOLARSHIP & EDUCATIONAL LOAN DIVISION BY JULY 15, 2008

FAILURE _TO-COMPLY WITH THESE STANDARD REQUIREMENTS WILL
RESULT IN A DELAY IN RECEIVING YOUR SEPTEMBER LOAN CHECK AND/
OR YOU MAY BE SUBJECT TO A LATE FEE CHARGED OF $25.00

CHECKS WILL ONLY BE RELEASED IF:
ALL ACCOUNTS AT THE BANK OF THE BAHAMAS
ARE CURRENT

THE SPRING 2008 OFFICIAL TRANSCRIPT HAS
BEEN RECEIVED
ALL OTHER REQUIRED DOCUMENTS ARE
RECEIVED.

THE EDUCATION LOAN COMMITTEE



Phe phitwowe

PS Ny Oy yt



ie ee ee ee
Bahamas must

not ‘be out in
front? on EPA

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas must not give
up more trade preferences and
benefits than it has to in any
negotiations, a senior attorney
told Tribune Business, adding
that public officials needed to
become “less defensive and
more open” in discussing such
issues with the Bahamian peo-
ple.

Brian Moree, senior partner
at McKinney, Bancroft &
Hughes, said he was prepared
to debate the issues raised by
the Economic Partnership
Agreement (EPA) with
Zhivargo Laing, minister of
state for finance, at “a suitable
forum for the purpose of pre-
senting to the Bahamian public
the relevant information from
different perspectives”.

Agreeing with Mr Laing that
they should not become
involved in a “back and forth”
exchange over the merits of
the EPA trade agreement with
the European Union (EU), Mr
Moree nevertheless said the
minister seemed to acknowl-
edge his point that the
Bahamas and CARIFORUM
had gone further than required
in the trade talks with Europe.

Referring to Mr Laing’s
response to his own presenta-
tion to a Nassau Institute sem-
inar, Mr Moree said the situa-
tion that “confronted” the
Bahamas at year-end 2007
“was the need to produce a
goods-only agreement to satis-
fy the WTO’s requirements”.

The leading attorney
explained that to meet the
World Trade Organisation’s
(WTO) demands for an end to
one-way, discriminatory trade
preference regimes, such as the
Cotonou Agreement between

_ INTERNATIONAL
PROJECT MANAGEMENT
COMMISSION â„¢M

AWNSE

Brian Moree



the EU and _ African,
Caribbean and Pacific (ACP)
group of countries, the
Bahamas and CARIFORUM
only needed to reach a ‘good-
only’ deal.

“It was not necessary, and
the minister seems to accept,
that for the purposes of
addressing the end of the
Cotonou Agreement, it was
not necessary to address ser-
vices, investments, the envi-
ronment, and capital move-
ments in the EPA,” Mr Moree
told Tribune Business.

“While I note he indicated
that as part of the process for
the Bahamas to join the WTO,
these matters have to be dealt
with, he seems to miss my fun-
damental point: we don’t deal
with these matters until we
have to.

“We don’t want to be out in
front. We deal with these
things and when it is necessary
to do so, and don’t want to be
providing more than we need
to at any given time. We

- should have learnt these

lessons in 200 when dealing
with the blacklisting.”

Mr Moree acknowledged
that the EU had sought to
pressurise CARIFORUM and
the ACP nations into signing
the EPA by the year-end 2007

deadline, but apart from
Caribbean, all others had
resisted. Many other countries,
including African nations,
either signed interim ‘goods-
only’ EPAs or refused to sign
anything at all.

The McKinney, Bancroft &
Hughes partner also urged the
Government not to demean
anyone who held an opposing
view to theirs on the EPA,
adding that it was the adminis-
tration’s job to make sure all
relevant information was dis-
seminated to the Bahamian
people in a timely fashion so
they could make an objective
decision on the EPA trade
deal.

Mr Moree also criticised the
public sector’s tendency to
believe it was always right on
decisions of national impor-
tance, then become very defen-
sive when its positions were
challenged by the private sec-
tor.

This attitude led public offi-
cials to believe that “all under-
standing on these matters
resides solely in the breast of
the public sector”.

He added: “The sooner our
public officials become less
defensive about these matters
and become more open in
debating these issues, the bet-

- ter off we will be as a coun-

try.”

This speaks to the heart of
the private sector’s contention
that the Government, when-
ever it consults them, does so
merely to inform them what it
has done/is going to do, rather
than truly seek their input and
advice. This, from the private
sector’s Viewpoint, is not con-
sultation, with the Government
appearing to think it always
knows best and becoming very
defensive when told otherwise.

American Academy of
Project Management

LIGNUM INSTITUTE OF TECHNOLOGY (LIT) THE ONLY
AUTHORIZED REGISTERED EDUCATION PROVIDER (R.E.P) OF
PROJECT MANAGEMENT INSTITUTE (PMD IN. THE BAHAMAS AND

THE CARIBBEAN.

AMERCIAN ACADEMY OF PROJECT MANAGEMENT (AAPMâ„¢)
INTERNATIONAL PROJECT MANAGEMENT COMMSISSION

, (PMCâ„¢)

PROJECT MANAGEMENT INSTITUTE (PMD®

PMP®, CAPM®, CIPM®,

CERTIFICATION COURSES COMMENCING:

WEEKDAYS: TUES & THURS 6:00-8:00 P.M.

JULY 22"

WEEKEND: SAT 9:00 A.M TO 1:00 P.M.

JULY 26â„¢

WEEKDAY: Mon-Fri 9:00.a.m. to 5:00 p.m.
AUG 11-15" & SEPT 15-19"

CONTACT: Ms. CANDICE ALBURY, TRAINING COORDINATOR

LIGNUM TECHNOLOGIES (BAHAMAS) LTD.
HARBOR BAY PLAZA, EAST BAY STREET

TEL: (242) 393-2164 FAX: (242) 394-4971
EMAIL: Candice@lignumtech.com

NASSAU, BAHAMAS







The Abaco Club on Winding Bay (A Ritz-Carlton managed property)
is accepting applications for the following positions:

(2) Room Attendant

Responsible for assisting the Director of Housekeeping, Assistant Director of
Housekeeping, Housekeeping Manager and all housekeeping supervisors in the
successful ownership and operational execution of the Housekeeping Department.
Responsible for assisting the Housekeeping Team Leader in providing genuine care
and comfort to the ladies and gentlemen of the respective departments and maintaining
a sense of urgency in handling all related matters.

(2) Wash Person/Linen Room Attendant

Process all soiled hotel linens, terry and food and beverage table linen by operating all
laundry/dry cleaning machinery in accordance with hotel standards.

Knowledge of laundry/dry cleaning equipment and chemical handling and knowledge of
finishing techniques for all types of fabrics and linen required.

High school graduate or equivalent vocational training required. Previous experience in

_similar position would be an asset.

(4) Server Attendant

Assist Servers in providing: quality food and beverage services to guests courteously
and efficiently and according to hotel/club specifications. Maintain cleanliness of tables,
services areas and equipment. Stock all wares and equipment needed for service.
High school graduate with a food handling certificate and ability to communicate in
English with guests, management and coworkers; ability to count.

(1) Sales Administrator

Responsible for providing administrative support to Sales Management and taking
ownership of the Membership Gallery. Responsible for receiving all incoming calls
and responding to inquiries, processing and printing of daily reports and managing the
appearance of The Membership Gallery and golf carts.

Good communication and computer skills and ability to perform a variety of duties and
multi-task. Must be well organized and detail oriented. ;

(2) Concierge |

Offer assistance and/or information to guests and visitors regarding the hotel and its
facilities as well as the island in general; make arrangements for dining, entertainment,
sports events, recreation, tours, shopping, meeting rooms etc.; keep accurate records
of all arrangements made; coordinate activity reports to track reservations; process and
notify guests of receipt of facsimiles, mail, and messages.

Thorough knowledge of all hotel services and amenities and basic computer skills are
a must. : ;

(4) Greenskeeper

Responsible for maintaining a world class golf course, performing a combination of
duties as directed to maintain grounds and turf on golf course in optimum condition,
operating all types of motorized mowing equipment to cut a variety of areas of turfgrass,
identification of stressed and diseased areas, identification of irrigation problem areas,
and preventative maintenance of all equipment.
Ability to apply and be exposed to insecticides, herbicides and pesticides and cleaning
chemicals; ability to continually bend, push, pull, kneel, reach and lift; ability to work in
extreme temperatures for prolonged periods of time; ability to understand and follow
oral and written instructions; ability to interact effectively with others and maintain a
cooperative working relationship with other employees and the public.

(1) Executive Administrative Assistant/Membership Coordinator

Provide administrative support for the Managing Director, Club Director and Director
of Member and Guest Services, including computer data input, verbal and written
Correspondence. Handling inquiries via telephone and overseeing key administrative
personnel. Ensure that all members receive a warm welcome to the Club. Compile
member information; supervise communication to the Members about activities and
events and ensure that all employees know who our members are and their preferences.
High School graduate, ability to communicate in English, ability to provide legible
communication, knowledge of Microsoft Office.

(1) Activities Manager

Responsible for overseeing the daily running and operation of the beach facilities
and recreational services, beach physical areas, and all group activities offered by
the Club in these areas. Responsible for the direction and supervision of staff in the
daily operations of the Recreation Department, including, but not limited to Ritz-Kids
programs, pool and beach programs. Oversee the coordination of all guest requests,
the coordination of all activities, and be directly involved in budgeting, forecasting,
payroll and scheduling, as well.as product inventory and ordering. This position
executes and coordinates all guest requests for services courteously and efficiently
and attends to smooth running of the outside areas of recreation. Oversees, plans and
directs group activities and the staff associated with them (inclusive of Kid’s Camp and
Tennis center).

Ability to communicate using proper grammar in English; ability to provide legible
communication; ability to compute basic mathematical computations; proven leadership
qualities; minimum of 3 years supervisory experience in a hotel/resort environment
with particular strengths and a minimum of one year experience in recreation/activities
operations

(1) Spa Manager
Responsibility for providing leadership, support, direction and
supervision of staff in the daily operations of the Spa, _ including,
but not limited to, retail, membership, salon. and fitness programs.
The Spa Manager is also responsible for ensuring that the Club’s
standards are being executed by maintaining a well trained, efficient,
and professional spa _ staff whose focus will be on aggressive |
hospitality and service. Total financial management duties
include budgeting, forecasting, payroll and scheduling as_ well -
asproduct inventory and: ordering.College degree; accounting and
budgeting knowledge; strong communication skills; proven leadership
qualities; certification from a recognized school of massage; minimum
of 3 years in Spa operations, programs and products; computer
literate; hospitality experience ;

(1) Food and Beverage Manager

Responsible for the management of all aspects of the Formal Dining
Restaurant functions, in accordance with hotel standards. Responsible
for directing,implementing and maintaining a.service and management
philosophy which serves as a _ guide to respective staff. High
school graduate, some college; minimum 21 years of age to serve
alcoholic beverages; 2 years experience as an Assistant Restaurant Manager/
Supervisor, preferably in a 5 star restaurant; food handling certificate;
knowledge of various food service styles (i.e., French service, butler
style service); ability to communicate in English with guests, management and
co-workers to their understanding; ability to provide.legible communication;
ability to compute basic mathematical calculations and familiarity with food and
beverage cost controls.

(1) Boat Captain

Responsible for managing the daily operation of the Boating Department including
the direction and supervision of staff. Responsible for meeting and greeting all
members and guests who board the boat; providing the highest Jevel of customer
service to all those when aboard the boat; guiding and touring the guests along the
inland waterways; ensuring all pre-start checks and health and safety requirements

. are adhered to; maintaining a clean and tidy appearance and presentation of the

boat, and surroundings and creating a ‘can do, will do, with pleasure’ culture within all
aspects of the team. High school graduate with a Class A or B masters license with
at least five years experience in similar position; must be a mature ‘people person’
who enjoys working in a team and is capable of delivering exceptional customer
service to high profile and valued clientele and is a proactive thinker who brings
solutions to the table for potential and current challenges; must have at least five
years boat engine experience and is capable of dealing with day to day maintenance.

Please e-mail or fax a copy of your resume to:

The Director of Human Resources
The Abaco Club on Winding Bay
(A Ritz-Carlton Managed Property)
P.O. Box AB-20571
Marsh Harbour, Abaco, Bahamas
Fax: (242) 367-0392
OR

Email: hu resources

Deadline for receipt of all resumes or applications is Friday, July 18, 2008.
Sorry, no telephone calls will be accepted for these positions.



PAGE 4B, TUESDAY, JULY 8, 2008

THE TRIBUNE





MT. CARMEL PREPARATORY ACADEMY

HIGH SCHOOL TEACHERS WANTED

English Language
Economics
Spanish

Please submit resume at the
school office or by:
Fax #325-7151



$250m project

St

€
.

FROM page 1B



these persons employed by real
estate buyers to complete
homes the developers were sup-

just a handful currently, with

FG CAPITAL MAREETS

BROKERAGE & ADVISORY SERVICES

crFAL

- BISX LISTED & TRADED SECURITIES AS OF:
MONDAY, 7 JULY 2008

Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank ,

Cable Bahamas

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

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
Freeport Concrete

ICD Utilities

J. S. Johnson

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

Bahamas Supermarkets
RND Holdi

NAV
1.315228***
2.998763*"**
1:394847*
3.6707°***
12.2142°**
100.00**
99.956603*
1.00**
10.0060***
1.0039*****
1.0038*****

Fund Name
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund



arket Terms



Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by. the last 12 month earnings
KS) - 4-for,1 Stock Split - Effective Date 8/8/2007

@ Date 7/11/2007



0 uns

*CHG -0.0



__EPS $_

15.60
0.55

HGR UINTS WAST RUNTER

Last 12 Months
5.47%
8.13%
3.80%
14.65%
5.73%

YTD%
1.58%
-O.07%
1.44%
-3.32%
2.35%

-0.04% -0.04%

-4.70% -4.70%

YIELD - last 12 month dividends divided by.closing price

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

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

Div $_

0.900

sO ca NIM

Yield%

NAN Key
*-31 March 2008
** -31 December 2007
*** ~ 30 May 2008
- 31 April 2008
30 April 2008
- 20 June 2008





“Rewarding. My work at The Tribune is creative and challenging. I enjoy

contributing to the look of our newspaper, while meeting the needs of

our advertisers. I enjoy working here. The Tribune is my newspaper.”

The Tribune

ESTHER BARRY
PRODUCTION MANAGER
THE TRIBUNE

Mey Voie. Muy Vlewspqen



posed to construct for them.
Mr Peet told Tribune Busi-
ness yesterday: “I think there
may be some slight movement
in terms of getting re-financing.
“I expect to get a report from
them [the developers] early next
week, to see if there’s any
breakthrough. They’ve been
quite active in regard to find-
ing refinancing, and being able
to jump start the project.
“They’re aggressively pursu-
ing financing. I know the devel-
Opers are committed to doing
what they can, because they
love Chub Cay so much, but if

the financing’s not there, that’s

seeking
refinancing ©

another thing.”
Marina

Mr Peet said the completed
marina had kept Chub Cay
alive because it was “particu-
larly spectacular”.

On the construction employ-
ment situation, Mr Peet added:
“I’m told that a couple of the
homeowners, who took over
responsibility for the comple-
tion of their homes, had a few
Bahamians working for them,
but the numbers are very small
compared to what there were
two weeks ago.”

NOTICE
DEBMOND BUSINESS CO. LTD.

Incoporated under the International Business Com-
panies Act, 2000 of the Commonwealth of The Ba-
hamas registered in the Register of Companies under
the Registration Number 96907.

(In Voluntary Dissolution)

Notice is hereby given that the dissolution of the
Company is complete and the Company has been
struck off the Register of Companies maintained by

the Registrar General.

Dated this 4th of July 2008.

John Robert Montagu Stuart Wortley Hunt ©
Liquidator —







THE TRIBUNE



FROM page 1B

how it should be.”

Tribune Business can also
reveal that KPMG Corporate
Finance (Bahamas) has been
working with the shipping
industry in a consulting capaci-
ty to develop a business plan
and other aspects for the
Arawak Cay port plan.

There has also been interest
from the Bahamian investment
banking and corporate advisory
sector - the likes of RoyalFi-
delity, CFAL and Providence
Advisors - in participating from
an advisory, IPO and financing
standpoint.

One shipping industry source
confirmed to Tribune Business
that “progress is being made”,
with a Cabinet decision on the
Arawak Cay port proposal -
once the plans are submitted -
likely in four to six weeks.








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. Call us on 322- |
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Share your news

The source confirmed: “The
ownership base will be going
out to a public offering. The
shippers, all those operating in
and around the harbour waters,
the carriers, stevedores, the fast
ferry people and the property
owners have gotten together to
work on the most viable pro-
posal for Arawak Cay. That
group is in the process of hiring
and engaging the consultants.

Appear

“It would appear that
Arawak Cay is going to be the
near-term port. The shift has
come back from the west to
Arawak Cay.”

Mr Mosko also confirmed
this, saying that while the south-
west port at Clifton planned by
the former Christie administra-
tion was “a great proposal,
there’s a lot more costs
involved”.



TUESDAY, JULY 8, 2008, PAGE 5B

Cabinet may
receive Port
plans ‘next week’

He described the Arawak
Cay port plan as being part of a
“multi-faceted” plan that also

- involved dredging Nassau Har-

bour and revitalising the city of
Nassau and downtown Bay
Street by removing all com-
mercial shipping facilities and
container traffic from the area.

Dr Earl Deveaux, now min-
ister for the environment, told
Tribune Business last month
that the Government was
“mindful to support” the
Arawak Cay proposal advanced
by the Tropical Shipping-led
group of shippers.

That proposal pegged the
port’s total costs at $175 mil-
lion, involving $140-$150 mil-
lion in total construction costs
over a three-year period.

Arguing that the proposal
would “accommodate all future
cargo flows for 30 years”, the

lan said the balance of the

175 million needed. would
come from five container ter-
minal operators investing
between $3-$7 million each to
equip and outfit their facilities.

The Internal Rate of Return

. from the plan was estimated at

17 per cent, with the volume of
shipping containers or twenty-
foot equipment units (TEUs)
coming into New Providence
projected to grow by 3 per cent

‘per annum over the next 30

years.

This growth rate would take
the volume of shipping con-
tainers brought into Arawak
Cay per year from the current
70,000 level to 150,000 TEUs
some 30 years from now in
2038. -

THE GOVERNMENT OF THE BAHAMAS
MINISTRY OF EDUCATION, YOUTH, SPORTS &

CULTURE

IMPORTANT NOTICE
NATIONAL BURSARY

ALL PERSONS WHO HAVE COMPLETED HIGH SCHOOL IN THE
BAHAMAS AND WHO HAVE OBTAINED

FIVE (5) BGCSE AT GRADKS A, B, OR C

(inclusive of Mathematics and English Language)

ARE ELIGIBLE TO RECEIVE A NATIONAL BURSARY TO ATTEND THE
COLLEGE OF THE BAHAMAS.

THE BURSARY WILL COVER ALL TUITION FEES PAYABLE TO THE
COLLEGE OF THE BAHAMAS

TO QUALIFY, PERSONS MUST:

° BE BAHAMIAN CITIZEN

°* HAVE BGCSE ENGLISH LANGUAGE AND MATHEMATICS AT GRADES
A, B, OR C INCLUDED IN THE FIVE SUBJECTS REQUIRED

* HAVE BEEN ACCEPTED TO THE COLLEGE OF THE BAHAMAS INTO
AN APPROVED COLLEGE LEVEL PROGRAMME

* PURSUE A MINIMUM OF 12 CREDIT HOURS PER SEMESTER



° MAINTAIN A 3.0 GPA PER SEMESTER AT THE COLLEGE OF THE

BAHAMAS

FOR FURTHER INFORMATION PLEASE CONTACT:
THE MINISTRY OF EDUCATION, YOUTH, SPORTS &
CULTURE TERTIARY DEPARTMENT

THOMPSON BOULEVARD

NASSAU, BAHAMAS
Tel: 502-2700 or

www.bahamaseducation.com

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SIRTE INVESTMENTS LIMITED

Notice is hereby given that in accordance with Section 137 (8)
of the International Business Companies Act, No.45 of 2000,
the Dissolution of SIRTE INVESTMENTS LIMITED has
been completed, a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.
The date of completion of the dissolution was the 9th day of
June, 2008



Bahamas Property Fund Limited

Consolidated income Statement
For The Quarter Ended 31 March 2008
(Unaudited) *

Three Months
Ended

Three Months.
: Ended
31 March 2007



31 March 2008
$ $.

INCOME

994,405
... 4,684

957,521,
____._7,683

Rental revenues
Other income

999,089 965,204.

OPERATING EXPENSES

Bank Interest 255,356
Preterence share dividends

Other expenses

281,941
69,041

324,397
~ 640,807

___ 125,877

407,818

FUNDS FROM OPERATIONS (FFO) 591,271

Gain/(Loss) on revalyation
Amortisation of deferred expenses

(28,598)
Bad debt expense -

(17,539)

623,268

NET INCOME 562,674

bFO PER SHARE $0.25 $0.27

EARNINGS PER SHARE $0.23 $0.26

NET ASSET VALUE PER SHARE $13.08 $12.56

280 PICTET

18o5

Pictet Bank & Trust Limited

4

Invites qualified applicants for the role of:-

SENIOR ADMINISTRATOR
REQUIRED SKILLS:- |

Strong understanding of account documentation, banking
correspondence and operations in a private banking context.
Excellent problem solving, organisational and management
. Skills; ability to work independently and under pressure to meet
strict deadlines.

Excellent oral and written communication skills; secretarial
skills and ability to work with correspondence in French and/or
Spanish an asset.

Proficiency in a variety of software applications, particularly
Word and Excel; Access or BusinessObjects an asset.

Strong sense of discretion, good judgment, ability to work
effectively in a team, and commitment to excellent customer
service.

EDUCATION AND EXPERIENCE:-

- Atleast 3 years experience supervising a small team.

- 5 years related experience in an international private bank, or
possibly an accounting firm or trust company working with
private banks.

NO TELEPHONE CALLS WILL BE ACCEPTED. Please send
Resume to:

The Human Resources Manager
Bayside Executive Park

P. O. Box 4837
Nassau, Bahamas

Offices in Geneva, Lausanne, Zurich, Luxemburg, London,
Montreal, Nassau, Singapore, Tokyo, Hong Kong





Fidetity Bank & Trust International Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Bahamian dollars)

2007 2006
$ $
Restated
{Note 23)
ASSETS
Cash on hand and at banks (Note 4) ee ae ee
Investment securitics (Note 5) 38,624, ager
Mortgages, consumer and other toans (Note 6) 246,396,500 pa ic
Prepayments and other assets ee eee
Property, plant and equipment (Note 7) 18,155, 095, .
Goodwill (Note 8) 1,454,195 1,454,)
Investment in joint venture (Note 9) ____., 6,267,410 peas :
TOTAL ASSETS 334,836,390 316,105,217
LIABLLITIES :
Customer deposits (Note 1) 258,304,726 aa
Loans from banks (Note 11) 2,414,1 7 2,848, :
Debt securities (Note 12) 27,172,6 Sea
Accrued expenses and other liabilities ___ 10,939,102 ___ 12,549,450

TOTAL LIABILITIES 272,080,248
EQUITY
Capital aad reserves attributable to the Bank’s
equity holders 2
Capital - ordinary shares (Note 13) 10,000,000 Sa
Capital - preference shares (Note 14) 12,000,000 Perea
Revaluation surplus 3,367,103 447,
‘Retained earnings : 22,428,083 10,446,427
47,795,186 35,893,858
Minority interest 7 _ 8,210,523 8,130,399
TOTAL EQUITY " : __ 56,005,709 44,024,257
TOTAL LIABILITIES AND EQUITY 354,836,390 316,105,217

_298,830,681

APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY:

Director

Date

pee Lubec bn

Director

Notes to the Consolidated Balance Sheet

General Information

Fidelity Bank & Trust International Limited (the Bank) is incorporated under the Companies Act,
1992 of the Commonwealth of The Bahamas and is licensed under the Bank and Trust Companies
Regulation Act, 2000, to carry, on banking and trust business in The Bahamas, subject to the
condition that it does not carry on any banking and trust business without the prior approval of the
Minister of Finance. The Bank principally acts as a holding company for subsidiaries and
associates, and provides these entities with management services. The Bank and its subsidiaries
(together, the Group), along with an associate, offer a full range of retail banking, investment
banking and insurance brokerage services in The Bahamas, the Cayman {slands and Turks &
Caicos Islands.

The registered office of the Bank is situated at #51 Frederick Street. Nassau, Bahamas. As of 31
December 2007, the Group employs 241 (2006: 211) persons.

Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of the consolidated balance sheet are
set out below. These policies have been consistently applied to all years presented, unless
otherwise stated.

(a)

(b)

(c)

Basis of preparation

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

The preparation of financial statements in conformity with IRS requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in the
process of applying the Group’s accounting policies. Estimates and judgments are
continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
Actual results could differ from those estimates.

In the current year, the Group Adopted IFRS 7 Financial Instruments: Disclosures and the
amendments to LAS | Presentation of Financial Statements, which became effective for
fiscal periods beginning on or after | January 2007. The impact of the adoption of IFRS 7
and the changes to IAS | has been to expand the disclosures provided in these consolidated
balance sheet regarding the Group’s financial instruments and management of capital.

The remaining standards and amendments and interpretations to published standards that

_ became effective for fiscal periods beginning on or after 1 January 2007 were not relevant

to the Group’s operations and accordingly did not impact the Group’s accounting policies
or consolidated balance sheet.

The application of new standards and amendments and interpretations to existing standards
that have been published but are not yet effective are not expected to have a material
impact on the Group’s’ accounting policies or consolidated balance sheet in the period of
initial application, except International Financial Reporting Interpretations Committee }3

_ Customer Loyalty Programmes (IFRIC 13). IFRIC 13, which is effective for fiscal periods

beginning on or after 1 July 2008, clarifies the accounting for customer loyalty
programmes (e.g. loyalty points) that are provided with services offered by an entity. The

‘Group will apply IFRIC 13 from 1 January 2009, and does not expect this to materially

impact the consolidated balance sheet.

Principles of consolidation

Subsidiaries ’
Subsidiaries are all entities over which the’ Group has the power to govern the financial
and operating policies generally accompanying a sharcholding of more than onc half of the
voting rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group controls
another entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control ceases.

Intcr-company transactions, balances and unrealised gains on transactions between group
companies are climinated. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. Accounting polices of

subsidiaries are changed where necessary to ensure consistency with the policics adopted
by the Group.

Joint ventures

Joint ventures are entities over which the Group has significant influence but not control,
and the operations are generally governed by shareholder agreements. Investments in joint

ventures are accounted for using the equity method of accounting and are initially
recognised at cost. ,

The Group’s share of its joint ventures’ post-acquisition profits or losses is recognised in
the consolidated income statement, and its share of post-acquisition movements in reserves
is recognised in reserves. The cumulative post-acquisition movements are adjusted against
the carrying amount of the investment. When the Group’s share of losses in a joint venture
equals or exceeds its interest in the joint venture, including other unsecured receivables,

the Group does not recognise further losses, unless it has incurred obligations or made

payments on behalf of the joint venture.

Unrealised gains on transactions between the Group and its joint ventures are ciniueace wo
the extent of the Group’s interest in the joint ventures. Unrealised losses are also
climinated unless the transaction: provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures are changed where necessary to ensure
consistency with the policies adopted by the Group.

Foreign currency translation
i) Functional and presentation currency

Items included in the balance sheet of each of the Group’s entitics are measured using
the currency of the primary economic environment in which the entity operates (the

functional currency). The consolidated balance shcet is presented in Bahamian dollars
(BS), which is the Bank’s functional and presentation currency.

(d)

(e) |

)

(2)

(hb)

(i)

a)



it) Transactions and balances

Foreign currency transactions are translated into the functional currency using ie
exchange rates prevailing at the date of the transactions. Foreign exchange ae an :
losses resulting from the settlement of such transactions and from the trans re
monetary assets and liabilities denominated in foreign currencies are recognised in the
consolidated income statement. Translation differences on monetary financial assets
measured at fair value through profit or loss are included as part of the fair value

gains and losses.

Financial assets

‘The Group classifies its financial assets in the following categories: financial assets at is
value through profit or loss and loans and receivables. Management determines the
classification of its investment at initial recognition.

i) Financial assets at fair value through ‘profit or loss

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

ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They arise when the Group provides
thoney, goods or services directly to a debtor with no intention of trading the
reccivable.

Regular-way purchases and sales of financial assets are recognised on trade-date — the date
on which the Group commits to originate, purchase or sell the asset. Financial isnasi
initially recognised at fair value plus’ transaction costs, except financial assets ea .
fair value through profit or loss where such costs are expensed as incurred. F inancia! se

are derecognised when the rights to receive cash flows from the financial assets ce
expired or when the Group has transferred substantially all risks and rewards of ownership.

Loans and receivables are subsequently carried at amortised cost less provisions ne
impairment, and financial assets at fair value through profit or loss are carried at fair value.
Fair value is based on quoted prices for investments quoted in an active market (e.g.
international securities exchange) or valuation techniques, including recent arm’s length
transactions, discounted cash flow analysis and other valuation techniques commonly used
by market participants, for securities not traded in an active market.

Gains or losses arising from sale or changes in fair value of financial assets at fair value
through profit or loss are recognised in the consolidated income. statement in the period in
which. they arise. - : '

Non-performing assets

All loans on which principal or interest payments are overdue in excess of ninety days are:
classified by management as non-performing, and monitored closely for impairment.

Borrowings

Borrowings, which include loans from banks and debt securities, are recognised initially at
fair value, net of transaction costs incurred. Borrowings are subsequently recognised at
amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the consolidated income statement over the period of the
borrowings using the effective interest method.

Income and expense recognition »

Interest income and expense are recognised in the consolidated income statement for all
instruments measured at amortised cost using the effective interest method. Loan
origination fees for loans that are likely to be drawn down are deferred (together with

related direct costs) and recognised as an adjustment to the effective interest rate on the
loans.

The effective interest method is a method of calculating the amortised cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is fhe rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial, liability. When calculating the effective interest rate, the Group estimates cash
flows considering all contractual terms of the financial instrument (for example,
prepayment options) but does not consider future credit losses. The calculation includes
all fees and points paid or received between parties to. the contract that are an integral part

| of the effective interest rate, transaction costs and all other premiums or discounts...

Fees and commissions are generally recognised on an accrual basis whén the ee ryice has
been provided, Fee and commission income arising from negotiating or participating in the
negotiation of a transaction for a third party, such as the arrangement of the acquisition of
shares or other securities, are recognised on completion of the underlying transaction,
which is generally at the time the customer's account is charged. Portfolio, advisory, asset
management and custody service fees are recognised .bascd on the applicable service
contracts, usually rateably over the period in which the service is provided. Performance
linked fees are recognised when the performance criteria are fulfilled. Commissions
eamed and paid on insurance policies are recognised when the policies are written, as the
Group has no further service obligations associated with these commissions.

Dividend income is. recognised in the consolidated income statement when the Group’s

right to receive payment has been established. Other income and expenses are recognised
on an accrual basis.

Offsetting financial instruments ,
Financial assets and liabilities are offset and the nef amount reported in the consolidated
balance sheet when there is a legally enforceable right to offset the recognised amounts and

there is an intention to settle on a net basis, or realise the asset and settle the liability
simultaneously.

Impairment of financial assets at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred if, and only if, there is
objective evidence of impairment as a result of one or more events that occurred after the
initial recognition of the asset (a loss event) and that loss event (or’events) has an impact
on the estimated future cash flows of the financial asset or group of financial assets that
can be reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables has been
incurred, the amount of the loss is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash flows (excluding future credit losses
that have not been incurred) discounted at the financial assct’s original effective interest
rate. The carrying amount. of the asset is reduced through the use of an allowance account
and the amount of the loss is recognised in the consolidated income statements If a loan has
a variable interest rate, the discount rate for measuring any impairment loss is the current
cffective interest rate determined under the contract. As a practical expedient, the Group

may measure impairment on the basis of an instrument’s fair value using an observable
market price.

Property, plant and equipment

_ Property, plant and equipment, other than land and buildings, are carried at historical cost
less accumulated depreciation and amortisation. Historical cost includes expenditure that is
directly attributable to the acquisition of an item. Land and buildings, which comprise
branches and offices, are carried at fair value based upon periodic independent appraisals

that are commissioned at intervals not exceeding three years, less subsequent depreciation
for buildings.

Subsequent costs are included in the asset's carrying amount or are recognised as a
separate asset, aS appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can he measured:

reliably. All repairs and maintenance are charged to the consolidated income statement
during the financial period in which they are incurred.

Increases in the carrying amount arising on revaluation of land and buildings are credited

to “revaluation surplus” in equity. Decreases that offsct previous increases of the same
asset are charged against revaluation surplus directly in equity; all other decreases are
charged to the consolidated income statemzat. Each year the difference between
depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset’s original cost is
transferred from revaluation surplus to retained earnings. ee ,

Land is not depreciated. Depreciation on other ass

ets is calculated using the straight-li
method to allocate costs (net of residual values) ove : =

r estimated useful lives as follows:

Estimated Useful Life

Buildings

Furniture and fixtures ep aaeoent
Motor vehicles son years
Computer software and office equipment - = 5 years
Leasehold improvements 3-10 years

Lesser of lease term and 3 - 10 years

The assets’ residual values and useful live

S are reviewed, and adjusted if i
each balance sheet date. , pearee es



THE TRIBUNE

Assets that are subject to amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An
asset’s carrying amount is written down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated recoverable amount. The recoverable
amount is the higher of the asset’s fair value less costs to sell and value in use.

Gains and losses on disposals are determined by comparing proceeds with the carrying
amount and are recognised in the consolidated income statement. When revalued assets
are sold, amounts included in revaluation surplus are transferred directly to retained ~
earnings.

(k) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the
Group’s share of the net identifiable assets of the acquired subsidiary at the date of the
acquisition. Goodwill is tested annually for impairment and carried at cost less
accumulated impairment losses. Impairment losses are assessed based on cash-generating

- units that gave rise to the goodwill. Gains and losses on the disposal of an entity include
the carrying amount of goodwill relating to the entity sold.

() Leases
i) The Group is the lessee

The leases entered into by the Group are operating leases. The total payments made
under operating leases are charged to the consolidated income statement on a
straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any
payment required to be made to the lessor by way of penalty is recognised as an’
expense in the period in which termination takes place.

ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognised over the term of the
lease on a straight-line basis.

(m) Share capital
i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the
acquisition of a business are shown in equity as a deduction from the proceeds.

ii) Dividends

Dividends on ordinary shares and preference shares classified as equity shares are
recognised in equity in the period in which they are approved by the Group’s
Directors. Dividends for the year that are declared after the balance sheet date are
dealt with in the subsequent events note.

(n) Provisions

Provisions for restructuring costs and Jegal claims are recognised when the Group has a
present legal or constructive obligation as a result of past events, and it is more likely than
not that an outflow of resources will be required to settle the obligation and the amount has
been reliably estimated.

(0) Employee benefits

The Group has defined contribution pensidn plans and a defined benefit plan for its
employees and key management personnel. The plans are administered by trustees that
include key management personnel of the Group.

A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations to
pay further contributions if the plan does not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and prior periods. The contributions
are recognised as staff benefits expense in the consolidated income statement when they
are due. The Group has no further payment obligations once the recognised contributions
have been paid.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an
employee will receive on retirement, usually dependent on one or more factors, such as _
age, years of service and compensation. The liability recognised in the consolidated
balance sheet in respect of defined benefit pension plans is the present value of the defined
“2° Benefit obligation’ as of the balance sheet date less the fair value of plan assets, together
with adjustments for unrecognised actuarial gains or losses and past service costs. The
. defined benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of
government securities that are denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating the terms of the related pension
\ liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions in excess of the greater of 10% of the value of plan assets or 10% of the
defined benefit obligation are charged or credited to the consolidated income statement
over the employees’ expected average remaining working lives. Past-service costs are
recognised immediately in administrative expenses, unless the changes to the pension plan
are conditional on the employees remaining in service for a specified period of time (the
vesting period). In this case, the past-service costs are amortised on a straight-line basis
over the vesting period.

(p) Fiduciary activities
The Group acts as custodian, trustee and in other fiduciary capacities that result in the
holding or placing of assets on behalf of individuals, investment funds and other
institutions. These assets are excluded from this consolidated balance sheet, as they do not
belong to the Group.

(q) Corresponding figures

Where necessary, corresponding figures are adjusted to conform with changes in
presentation in the current year. “

Mortgages, Consumer and Other Loans

2007 2006

$ - $

; Restated

\ o (Note 23)

Mortgages - 210,280,862 148,976,609

Consumer and other loans 39,254,633 34,326,759

249,535,495 183,303,368

Accrued interest 1,222,775 980,323
Provision for loan losses (4,361,770) (4,185,112)

Total 246,396,500 180,098,579

Movements in provision for loan losses are as follows:



2007 ‘ 8 : 2006
Mortgages Consumer | Total Mortgages Consutner Total
$ s . § $ $ Ss
Balance as of | January 1,598,029 2,587,083 4,185,112 1,517,660 2,055,616 3,573,276
Provision during the year 543,358 182,367 725,728 122,925 913,714 1,036,639
Write-offs during year 56,77) (605,838) (549,067) (42,536) (382,247) (424,803)
Balance as of 31 December 2,198,158 2,163,612 4,361,770 1,598,029 2,587,083 4,185,112

Included in provision for loan losses are specific loan loss reserves totalling $771,302 (2006:
$1,098,998). The provision for loan losses represents 1.75% (2006: 2.28%) of the total loan
portfolio and 66.80% (2006: 77.08%) of total non-performing loans.

As of 31 December 2007, principal balances of on-performing loans totalled $6,529,638 (2006:
$5,429,890), representing 2.62% (2006: 2.96%) of the loan portfolio.

Property, Plant and Equipment

Computer
Software
Land Furniture Motor & Office Assets Under Leasehold
& Buildings © & Fixtures Vehieles Equipment Construction {mprovements Total
. $ $ $ $ $s $s
Year ended
31 December 2007
Opening net book value 9,696,030 1,374,340 206,378 1,483,979 4$3,232 2,181,289 15,095,448
Deconsolidation (Note 9) (164,579) (17,347) (277,175) - (3,004) (462,105)
Additions 828,407 972,362 35,890 1,110,497 396,006 1,666,611 5,009,773
Disposals - ° (8,216) ; . . (8,216)
Depreciation (289,978) (426,261) (54,255) (304,998) _ (403.879) _(1,479,371)
Closing net book value 10234459 1,756,062 162450 201203 SH MON IR ISS SP
As of 31 December 2007
Cost or valuation 10,$24,437 4,660,565 399,634 9,399,220 $49,238 6,546,249 32,079.343
Accumulated
depreciation (289,978) _ (2,904,503) (237,184) (7,386,917) _. (3,105,232) (13,923,814)
Net book value. 10,234,459 1,756,062 162,450 2,012, 349,238 3,441,017 18,155,529

seeerrmbsereiores

TUESDAY, JULY 8, 2008, PAGE 7B

‘As of 31 December 2006





Cost or valuation 9,696,030 4,270,576 535,507 9,407,141 153,232 5,396,319 29,458,805
Accumulated
depreciation _ (2,896,036) __ (329,129) _ (7,923,162) __.. (3,215,030) (14,363,357)
Net book value 9,696,030 1,374,540 206,378 1,483,979 153,232 2,181,289 _ 15,095,448
If land and buildings were stated on an historical cost basis, the amounts would be as follows:
2007 2006
$ $
Cost ‘ 6,941,337 6,941,337
Accumulated depreciation -(1,505,347) __ 1,323,600)

Net book value

5,435,990 5,617,737



Goodwill
2007 , 2006
$ $
Balance as of | January 1,454,195 1,454,195
Accumulated impairment eee oe Pees
Balance as of 31 December —__ 1,454,195 1,454,195
Investment in Joint Venture
Effective 30 November 2007, the Group was a party to a joint venture agreement involving its.
former subsidiary Royal Fidelity Merchant Bank & Trust Limited (RFMBT), a bank incorporated
in The Bahamas and Royal Bank of Canada (RBC), a bank registered in The Bahamas, whereby the
Group agreed to sell 50% of its ordinary shareholding in RFMBT to RBC and both parties agreed
that RFMBT would operate as a joint venture with rights to operate in The Bahamas and Barbados
in the business of merchant banking. Under the joint venture agreement RBC. paid $9 million for
50% of RFMBT equity and the Group is entitled to 30% of RFMBT’s net income for five years
before equally sharing the remaining net income with RBC. The net present value of this priority
to net income has been calculated at $3.6 million based on projections of net income for the first
five years of the joint venture. ,
The agreement also required the Group and RBC to inject additional capital of $5 million each into
RFMBT and the redemption of all outstanding preference shares, which were all owned by the
Group. :
Financial information of the joint venture as of 31 December 2007 is set out below:
Royal Fidelity Merchant Bank & Trust Limited
Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Bahamian dollars)
2007
$
ASSETS
Cash on hand and at banks 23,411,363
Investment securities 6,603,176
Loans and advances to customers 18,701,116
Prepayments and other assets 963,432
Property, plant and equipment 308,932
Intangible asset _ 2,200,000
TOTAL ASSETS 92,188,019
LIABILITIES
Customer deposits 37,122,355
Accrued expenses and other liabilities 2,654,265
TOTAL LIABILITIES 39,776,620
EQUITY
Capital — ordinary shares 11,000,000
Retained earnings ___ 1,411,399
TOTAL EQUITY 12,411,399
TOTAL LIABILITIES AND EQUITY 52,188,019
The Group’s interest in total equity 6,267,410
Movements in investment in joint venture comprise:
°2007
8
Initial investment 1,000,000
Capital injection 5,000,000
Increase due to joint venture profits 267,410
aor eae :287,410 -
10. Customer Deposits
2007 2006
$ $
Demand deposits 36,408,988 43,315,460
Savings certificates 32,912,961 28,727,589
Term deposits 186,254,209 167,949,690
Funds pending settlement - 14,685,376
255,576,158 254,678,115
Accrued interest 2,728,568 2,004,806
Total 258,304,726 256,682,921
All customer deposits carry fixed interest rates ranging from 2.00% to 7.25% (2006: 2.50% to
7.25%). ,
11. - Loans from Banks
2007 2006
$ $
pital 2,414,179 2,700,338
- t
on-curren : ___.__ 148,251
Total 2,414,179 2,848,589
ae eee SEES
Included in the current portion of loans from banks is $2,267,776 (2006: $2,500,338) representing
the balance drawn down against a $3 million line of credit advanced to the Bank from a
commercial bank. The loan bears interest at the BS Prime rate plus 1.50%, is supported by a charge
over 6,600,000 (2006: 6,600,000) ordinary shares of FBB, and is repayable on demand.
The remaining current and non-current portions of loans from banks represent the balance duc
under a mortgage loan, in the initial amount of US$2,000,000 that was advanced to West Bay to
facilitate the purchase of property in The Bahamas. The loan is supported by a first mortgage over
the property owned by West Bay, bears interest at 3-month US$ LIBOR plus 1.50% per annum and
is repayable in 40 equal quarterly payments of $50,000, plus any interest accrued as of each
payment date, that commenced in August 1998. The loan was fully repaid in March 2008.
12. Debt Securities
2007 2006
$ $
Series A redeemable fixed rate notes due 2017 4,903,204 -
Series B redeemable floating rate notes due 2022 9,806,407 -
Short-term note issued to a related party . 12,227,877 -
26,937,488 —_ ne
Accrued interest 235,186 -
27,172,674 .
= — ee

‘ On 30 November 2007, the Group

As part of a $50 million note programme approved. by the Directors of FBB during 2007, FBB
offered, through private placement, $15,000,000 of unsecured fixed and floating rate notes
consisting of Series A - $5 million redeemable 7% fixed rate notes due 19 October 2017 and Series
B - $10,000,000 redeemable floating rate notes (BS Prime rate plus 1.75C*6) due 19 October 2022
Interest is payable semi-annually on 19 April and 19 October each year,

Costs of the notes issue totalled $294,202 and these are bein

g amortised on an effective yi i
over the life of the notes. Of the total costs, $225,000 was p: ae

aid to a related party.

purchased mutual fund shares from RFMBI at tl th t
market value of $12,227,877. The transaction was settled b en oeeein

to the purchase price, which is unsecured, accrues interest
payable on or before 31 May 2008.

y the issue of a promissory note equal
at the rate of 5.50% per annum and is

By agreement of both parties on 27 May 2008, the maturity of the note has been extended. On 4

June 2008, $3 million of the notes was repaid following the issuance of FBB debt securities to
RFMBT of an equal amount. The remaining balance is to be repaid

ili ; : in monthly instalments of $1
million commencing 4 July 2008, and interest on the promissory note

remains unchanged.

. Bee ghant



PAGE 8B, TUESDAY, JULY 8, 2008

13.

14,

16.

17.

18.

Capital - Ordinary Shares

2007 2006
$ $
Authorised
5,000,000 ordinary shares of $0.10 each 500,000 500,000
Issued and fully paid
3,432,099 ordinary shares of $0.10 each 343,210 343,210
Share premium
1,000,000 ordinary shares at a premium
of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share 4,756,790 4,756,790
9,656,790 9,656,790
Total capital - ordinary shares 10,000,000 10,000,000
Capital - Preference Shares
2007 2006
$ $
Authorised
3,000,000 Class A non-voting 8.00% cumulative
redeemable preference shares of $0.10 each 300,000 300,000
2,000,000 Class B voting 5.00% cumulative
convertible redeemable preference shares of $0.10 each 200,000 200,000
10,000,000 Class C non-voting BS Prime
rate plus 0.75% (minimum 7.50%) cumulative
preference shares of $0.10 each 1,000,000 «© 1,000,000
1,500,000 1,500,000
Issued and fully paid
1,200,000 Class C cumulative redeemable
preference shares of $0.10 each 120,000 120,000
Share premium 11,880,000 11,880,000
Total capital - preference shares 12,000,000 12,000,000

The preference shares are redeemable at the sole option of the Bank, except in the event of a
change of control, and redemption is subject to the approval of the Central Bank. Dividends are
payable quarterly in arrears, at the sole discretion of the Directors of the Bank, at an annual rate of
0.75% above B$ Prime rate, subject to a minimum rate of 7.50%. The preference shares rank
ahead of ordinary shares in the event of liquidation.

Critical Accounting Estimates and Judgments in Applying Accounting Policies

The Group makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations. of future events that are
believed to be reasonable under the circumstances.

Impairment losses on loans and advances.
The Group reviews its loan portfolios to assess. impairment at least on a quarterly basis. In

determining whether an impairment loss should be recorded in the consolidated income statement,
the Group makes judgments as to whether there is any observable data indicating that there is a

. measurable decrease in the estimated future cash flows from a portfolio of loans before the

decrease can be identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on assets
in a group. Management uses estimates based on historical loss experience for assets with credit
risk characteristics and objective evidence of impairment similar to those in the portfolio when
scheduling its future cash flows.

The methodology and assumptions used for estimating both the amount and timing of future cash
flows are reviewed regularly to reduce any differences between loss estimates and actual loss
experience.

Related Party Transactions

Related parties include key management personnel (including directors) and those entities that
have the ability to control or exercise significant influence over the Group in making financial or
operational decisions, and entities that are controlled, jointly controlled or significantly influenced
by key management personnel and entities noted earlier.

Loans and deposit accounts with directors and officers amounts to $3,582,499 (2006: $4,313,930)
and $994,546 (2006: $2,719,757), respectively. As of 31 December 2007, 70.74% (2006: 70.74%)

of the Group’s issued ordinary shares is held by management, with key management
holding 43.62% (2006: 43.62%). ‘ : pone

Commitments

Loan commitments

In the normal course of business various credit-related arrangements are entered into to meet the
needs of customers and earn income. These, financial instruments are subject to the Group’s
standard credit policies and procedures. “As of 31 December 2007, the Group had loan
commitments amounting to $21,843,940 (2006: $15,395,565).

Lines of credit

The Bank has arranged a line of credit of $3,000,000 (2006: $3,000,000), as described in Note 11.

FBC has arranged a line of credit of US$2,500,000 (2006: US$2,500,000) with a financial
institution opérating within the Cayman Islands. This facility is supported by a charge over certain
of FBC’s land and buildings, was unused as of 31 December 2007 and is renewable annually.

FBB has pledged $3,000,000 (2006: $3,000,000) of Bahamas Government registered stock to
support an overdraft facility of an-equal amount with a Bahamian commercial bank. The facility
bears interest at 0.5% above the BS Prime rate up to $1 million and 1.25% above the B$ Prime rate
for amounts in excess of $1 million with a standby fee of 0.25% on any unused portion of the
facility. This facility was unused as of 31 December 2007. ,

As of 31 December 2007, unused linés of credit with commercial bank
ea ial banks amounted to $6,132,223

Operating lease commitments

The future minimum rental payments required under non-cancellable leases as of 31 December are



as follows:
: 2007 2006
$ $
i - 494,855
ste 637,171 437,623
ca 543,740 418,693
a 405,346 387,101
aE 360,353 -
at 250,000 -
250,000 Pass z=
Total minimum payments 2,446,610 1,738,272

2 7 2

Contingent Liabilities

Love Estates: In 1988, FBB lent the developer of Love Estates certain sums of money and also
joined in as surety for various performance bonds aggregating $3,328,043 in favor of the Ministry
of Public Works. The loans and the bonds were supported by a first legal mortgage over the unsold
lots in the subdivision. The works under the bonds were to have been completed within 36 months
The developer defaulted under the mortgage with FBB. Through the years, FBB has been in
discussion with the Ministry of Public Works and various prospective purchasers. In 2001, the
Ministry obtained a judgment against the developer and FBB for the amount of the bonds.

FBB is being sued for specific performance and damages in connection with a sale agrcement dated
24 September 1997 in respect of the Love Estates property. As all conditions of the sale agreement
have still not been met, and in order to resolve this long outstanding matter. FBB entered into a
Deed of Settlement (the Deed) with Rolling Hills Development Corporation Limited (Rolling
Hills) in April 2006. Under the Deed, Rolling Hills will assume liability for the installation of the
infrastructure in Phase One and Phase Two of the Love Estates Subdivision ‘and enter into
performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills
installation of the infrastructure and enable FBB to have the performance bonds, entered int

between FBB and the Ministry of Works dated 30 May 1988, cancelled. 7 a

In exchange for Rolling Hills entering into the above noted performance bonds, FBB agreed to pay
settlement Costs totaling $350,000 to Rolling Hills which were expensed in 2004. Should Rolling
Hills not enter into the performance bonds, in a form agreed by the Ministry of Works, the Deed
will become void as if it never existed. FBB and Rolling Hills are still in the process of obtaining
all documents required under the Deed of Settlement. It is anticipated that all outstanding

documentation issues will be resolved in 2008 and tha i
t t the associated sale of the Li
property will be completed without any further loss to FBB. OO earner

Other: The:Group is also i i i i i
Pp © involved in various other legal proceedings covering a range of matters

that arise in the ordinary course of business. Management is of the view that no significant loss
will arise as a result of these proceedings.

19.

20.

21.

THE TRIBUNE

Employee Benefits

The Group participates in a defined benefit pension plan and defined contribution pension plans
(the Plans) in accordance with the legal requirements of the countries in which the Group operates.

The latest actuarial valuation of the Group’s defined benefit pension plan was carried out as of 3]
December 2007. The amounts recognised in the consolidated balance sheet for the defined benefit

" pension plan were determined as follows:

2007 2006

$ $

Present value of funded obligations 2,360,199 1,971,452
Fair value of plan assets (2,255,700) (1,747,352)
Benefit obligations in excess of plan assets 104,499 : 224,100
Unrecognised actuarial losses (658,412) (586,300)

(362,200)

Asset recognised in the consolidated balance sheet

(553,913)

Movements in the asset recognised in the consolidated balance sheet are as follows:

2007 2006

$ $

Asset as of beginning of the year (362,200) (122,390)

Expense recognised in the consolidated income statement 156,007 92,188
Contributions : (347,720) (331,998) °

553,913 362,200)

The principal actuarial assumptions (expressed as weighted averages) as of the consolidated
balance sheet date are:

Asset as of end of year

2007 2006

Discount rate 6.50% 6.50%
Expected return on plan assets 6.50% 6.50%
Future salaries increases 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%

Employees in the defined benefit pension plan contribute 5% of gross salary. Employees in the
defined contribution pension plans contribute 5% of gross salary, and the Group matches employee
contributions. ‘

Capital Management

The Group’s objectives when managing capital, which is a broader concept than ‘equity’ on the
face of the consolidated balance sheet, are:

¢ To comply with the capital requirements set by the regulators of the banking markets where
entities within the Group operate;

¢ To safeguard the Group’s ability to continue as a going concern so that it can continue to
provide returns for its shareholders and benefits for other stakeholders; and ‘

e To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Group's management,
employing techniques designed to ensure compliance with guidelines established by the regulators.
The required information is fiied with the regulators on a quarterly basis.

The Central Bank, the Bank’s regulatot, requires that the Group maintains a ratio of total
regulatory capital to risk-weighted assets at or above a minimum of 8%.

During 2007 and 2006, the Group complied with all of the externally imposed capital requirements
to which it is subject.

Financial Risk Management
Strategy in using financial instruments

By their nature, the Group’s activities are principally related to the use of financial instruments.
The Group accepts deposits from customers at both fixed and floating rates, and for various
periods, and seeks to earn above-average interest margins by investing these funds in high-quality
assets — predominantly mortgages. The Group seeks to increase these margins by consolidating
short-term funds and lending for longer periods at higher rates, while maintaining sufficient
liquidity to meet all claims that might fall due.

The Group also seeks to raise its interest margins by obtaining above-average margins, net of
allowances, through lending to commercial and retail borrowers with a range of credit standings.
Such exposures involve not just on-balance sheet loans and advances; the Group also enters into
guarantees and other commitments such as letters of credit, and performance and other bonds.

The principal risks which arise from the Group’s core activities that must be effectively managed
include credit, interest rate, price, liquidity and fiduciary risks. The Group does not use derivative
instruments to manage any of these risks.

Credit risk

Credit risk is the risk that a counterparty may be unable to pay amounts in full when due.
Impairment provisions are provided for losses incurred as of the consolidated balance sheet date
(Note 6). Significant changes in the economy or a sector that represents a concentration in the
Group’s portfolio could result in losses that are different from those provided for as of the
consolidated balance sheet date. Management therefore carefully manages its exposure to credit
risk.

The Group’s credit committee is responsible for approving and monitoring the Group’s credit
exposure, which is done through review and approval of the Group’s lending policy, and limits on
credit exposure to individual borrowers and sectors. ‘

Prior to advancing funds, an assessment is made. of the credit quality of each borrower. The Group
does not use an automated credit scoring system. It is the Group’s policy to lend responsibly and
establish loans that are within a customer’s ability to repay rather than relying exclusively on
security.

Maximum credit exposure at the year end approximates the carrying value of all assets. The classes
of financial instruments to which the Group is most exposed. are loans to customers (Note 6) and
certain investment Securities (Note 5).

The table below provides further information on mortgages, consumer and other loans by payment
status as of 31 December. , 4

2007 2006

$m % $m %
Not impaired
- Neither past due or impaired ‘ 241.1 96.6 176.9 96.5
- Past due up to 3 months but not impaired 19 0.8 1.0 0.5
Impaired.
- Past due 3 ~ 6 months 1.2 0.5 0.9 0.5
- Past due 6 — 12 months 1.3 0.5 0.9 0.5
- Past due over 12 months 4.0 1.6 3.6 2.0

249.5 100.0 183.3 100.0

The composition of the loan portfolio as of 3] December 2007 is as follows:

Sm
Family residential property 156
Commercial property 32
Consumer ; ' 23
Overdrafts 9
Cash secured 8
Undeveloped land ee 22

250

In The Bahamas, the average mortgage loan balance is $85,000 and the average consumer loan
balance is $18,000 with the largest exposure to a single customer totalling approximately $1.4
million. Mortgage loans can extend up to 24 years, and consumer loans up to 10 years.

In the Cayman Islands, the average mortgage loan is $200,000 and the average consumer loan is
$4,300 with the largest exposure to a single borrower totalling approximately $1.7 million.

Non-performing loans comprise mortgage loans totalling $5.7 million and consumer loans totalling
$800,000.

The primary purpose of these instruments is to ensure that funds are available to a customer as
required. Guarantees — which represent irrevocable assurances that the Group will make payments
in the event that a customer cannot meet its obligations to third parties — carry the same credit risk
as loans.



bbb

PeUIVVIive

Commitments to extend credit represent unused portions of authorisations to extend credit in the
form of loans, guarantees or letters of credit. With respect to credit risk on commitments to extend
credit, the Group is potentially exposed to loss in an amount equal to the total unused
commitments. However, the likely amount of loss is less than the total unused commitments, as
most commitments to extend credit are contingent upon customers maintaining specific credit
standards. The Group monitors the term to maturity of credit commitments because longer-term
commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of financial assets

The Group has a concentration of risk in respect of geographical area, as both customers and assets
held as collateral are primarily based in The Bahamas and the Cayman Islands.

Total loans in The Bahamas are $155 million (2006: $118 million) and the Cayman Islands $95
million (2006: $65 million).

Interest rate risk . x

Interest rate risk is the risk that the future cash flows or fair value of a financial instrument will
fluctuate because of changes in market interest rates. The Group takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow
risks. Interest margins may increase as a result of such changes but may reduce gains or create
losses in the event that unexpected movements arise. :

The Group does not attempt to hedge specifically against the impact of changes in market interest
rates on cash flow and interest margins and relies on the fact that the loan portfolio is based on
floating interest rates linked to the BS Prime rate or US$ Libor that generally reset within three
months of any rate. change and has financial liabilities that offset these loans but .at lower interest

rates. The Group maintains a general policy of fixing the interest rate spread between interest .

earned on financial assets and interest incurred on financial liabilities.

The Group is exposed to fair value interest rate risk on $5 million of its debt securities which are at
fixed interest rates for 10 years, and does not hedge against this risk. The remaining debt securities
are at floating interest rates linked to the BS Prime rate. .

The Government securities in the Group’s investment portfolio are at floating rates linked to the BS
Prime rate.

Price risk

Price risk is the risk that the fair value and/or amounts realised on sale of financial instruments may
fluctuate significantly as a result of changes in market price. This risk is concentrated in
investments in mutual fund shares. The investments in mutual fund shares are represented by
investments in three funds, managed by a related party. The funds’ assets are Bahamas based and
are 60% equity and 40% fixed income in one fund and 100% fixed income in another. The funds’
investments are diversified with no single investment exceeding 10 % of the total portfolio and the
funds do not leverage.

Liquidity risk

Liquidity risk is the risk that the Group is not able to meet its financial obligations as they fall due
or can do so only at an excessive cost.

The Group’s liquidity policy is to maintain sufficient liquid resources to cover cash flow
imbalances and fluctuations in funding, to retain full public confidence in the solvency of the

Group and to enable it to meet all financial obligations. This is achieved by maintaining a prudent

level of liquid assets, through management control of the rate of growth of the business and
maintaining high levels of capital.

As additional support, the Group maintains committed standby facilities of $6,000,000, which have

not been drawn upon during the year.
1

‘The table below analyses assets and liabilities into relevant maturity groupings based on the
remaining period to the contractual maturity dates as of the consolidated balance sheet date.





As of 31 December 2007 Repayable Up to3 3-12 1-5 More than .
on demand months months years S years Total
Sm $m $m Sm Sm Sm
Assets
Cash on hand and at bank 20.4 5.9 < - -- 26.3
Investment securities 17.4 0.4 - 75 13.3 386
Mortgage, consumer and
other loans . 29 15.4 16.9 28.4 1828 246.4
Other assets 6.0 5.0 3.0 3.6 25.9 43.5
Total assets 46.7 26.7 19.9 39.5 222.0 384.8
Liabilities and Equity
Customer deposits 85.0 67.9 84.1 213 - 258.3
Loans from banks 2.4 - - - - 24
Debt securities : ” 12.3 - 14.9 27.2
Other liabilities 4.5 6.2 0.1 0.1 - 10.9
Equity : : : : 56.0 56.0
Total liabilities and
equity 91.9 74.1 96.5 21.4 70.9 354.8
~Net liquidity gap ‘ 45.2 47.4) 16.6 18.1 151.1
As of 31 December 2006
Assets :
Cash on hand and at bank 23.6 50.1 - - : “73.7
Investment securities 1.6 165° 0.1 0.4 176 362
Mortgage, consumer and
other loans ; 4.2 10.3 113 31.6 1227 180.)
Other assets 3.4 5.8 - : 16.9 26.1
Total assets 32.8 - 82.7 _— M4320. ~~~—«1S722—~—~S*~*~«SCW
eee SG

Liabilities and Equity

Customer deposits 117.6 65.9 65.4 7.8 <7 256.7
Loans from banks 2.5 - 0.2 0.2 - 29
Other liabilities 3.9 5.8, 27 ae ol. 12.5
Equity : 3 - : 440 44.0
Total liabilities ad
equity 124.0 71.7 68.3 8.0 44.1 316.1
S886

Net liquidity gap 91.2 11.0 56.9 24.0

Regulatory authorities set limits for liquidity balances. The Group was in compliance with these
requirements during the year.

Fiduciary risk

The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out
certain mandates in accordance with the wishes of its customers. To manage exposure, the Group
generally takes 4 conservative approach in its undertakings.

22. Fair values of financial instruments

Financial instruments utilised by the Group comprise the recorded financial assets and liabilities
disclosed in these consolidated balance sheet. The Group’s financial instruments are principally
short-term in nature, have interest rates that reset to market rates, or are fair valued; accordingly,
their fair value. approximates their carrying value. For long-term financial liabilities with fixed
interest rates, there has been no change in market rates since the issuance of the financial liabilities
and therefore, the carrying value approximates fair value. ‘ ;

23. Prior Period Adjustment

Internationa! Accounting Standard 18 Revenue requires loan origination fees relating to loans that
have a high probability of being drawn down to be deferred (together with related direct costs) and
recognised as an adjustment to the effective interest rate on the loan. The Group did not apply this
accounting treatment in prior years as calculations of the adjustment were not considered material,
and continued to recognise such fees as income in the period received. In the current year, the
calculation of the adjustment was considered material, and the Group has elected to commence
applying the requirements of IAS 18.

The change ‘in accounting policy has been applied retrospectively, and comparative amounts have
been restated. The impact of the change in accounting policy was to reduce retained earnings as of
1 January 2006 by $608,337. The total impact on retained earnings as of 1 January 2007 was a
reduction of $773,844.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence Housé

East Hill Street

PO. Box N-3910

Nassau, Bahamas
Website. www.pwe.com °

E-mail: pwcbs@bs. pwe.com
Telephone (242) 302-5300

Facsimile (242) 302-5350
INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Fidelity Bank & Trust International Limited

‘

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International Limited (the
Bank) and its subsidiaries (together, the Group) as of 31 December 2007 and a summary of significant accounting
policies and other explanatory notes. :

Management's Responsibility for the Financial Statements ‘

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

Auditors' Responsibility

Our responsibility is to express an opinion on this consolidated 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 misstatement.

An audit involves performing procedures’ to obtain audit evidence about the amounts and disclosures in the financial
Statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies

used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.

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

Opinion
In our opinion, the accompanying consolidated balance sheet, presents fairly,, in all, :material. respects. the financial
position of the Group as of 31 December 2007, in accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying consolidated balance shect does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards. Information on

results of operations, cash flows and changes in equity is necessary to obtain a complete understanding of the financial
position, performance and changes in. financial position of the Group.

Chartered Accountants
30 June 2008

Ce ENT mc Tat & Legal Notices

?

04

n

The Tribune

,





PAGE 10B, TUESDAY, JULY 8, 2008

@

THE TRIBUNE



Bank names vice-president for
mortgage, commercial lending

COMMONWEALTH Bank has
named Neil Strachan as its vice-pres-
ident for mortgage and commercial
lending.

Mr Strachan brings more than 22
years of banking experience to the
role, which will involve credit adjudi-
cation and credit risk management,
and ensuring that: Commonwealth
Bank continues to assume risk in a
controlled manner on the basis of
established credit policies.

“This is a tremendous and timely
opportunity to both ensure our
growth initiatives receive the smart,
dedicated leadership they require,
and add another high-calibre talent
to our commercial lending team," said
William B. Sands, Jr., president and
chief executive of Commonwealth

Bank.

"Neil Strachan brings the financial
leadership experience, and the strate-
gic and analytical skills we need, to
continue to be successful in this area.
His proven ability to deliver strong
financial leadership during times of
rapid change fits perfectly with our
plans to continue pursuing an aggres-
sive growth strategy throughout 2008
and beyond."

Mr Strachan joined Commonwealth
Bank in June 2000 as senior manager

- in the bank’s credit risk management

department. Additional career expe-
rience includes serving as senior
branch manager at the bank’s Wulff
Road location, and he has held
numerous senior management level
positions at other Bahamian finan-

Neil Strachan



..Therefore, I am eternally grateful to all
those who have assisted in my development
throughout my banking career, in particular —
those whom I have been honoured to lead

and learn so much from.”

cial institutions.

“It’s always a time of excitement
when one is promoted,” said Mr Stra-
chan, “and J am reminded of a quote
from leadership guru, John Maxwell:
‘One is too small a number to achieve
greatness’.

“No accomplishment of real value

— Neil Strachan

has ever been achieved by a single
human being working alone. There-
fore, I am eternally grateful to all
those who have assisted in my devel-
opment throughout my. banking
career, in particular those whom I
have been honoured to lead and learn.
so much from.”

ROTARIAN of the YEAR

The Rotary Club of West Nassau held a Grand Change-over
and Awards Banquet at Old Fort Bay on Friday, June 27%, 2008.
The top award went to Paul Hepburn who: won the Rotarian of
The Year 2007-2008. .

Mr. Hepburn was chosen for this prestigious. award as he.
exemplified major qualities in demonstrating true Rotarian
service to the less fortunate throughout our community.




In celebration of five years as, “your choice for the
family,” Joy FM invites you to participate in a poetry
contest.

Gosoeae original sid shoiild be entitled, Ob Joy! You For many years, the West Rotary Club has accomplished many

Initiatives for the

bring me joy. They are to be written in 120 words or less. voluntary service ; , needy within oe
community and for various charitable organizations in
Thetedrethice entry cateeneies: : feeding the poor, awarding scholarships, assisting with
building, and painting projects, and in taking part in literacy
© ELEMENTARY projects in New Providence, and the Family Islands.
(Students - grades 1 thru 6) é
@ SECONDARY

(Students - grades 7 thru 12)
@ POST-SECONDARY

(open to all adults)



paSe

Poems should be submitted by email only to:

poems @joy1019.com

Please include your name, phone contact,
and entry category.
Proof of age may be required on selection.

The winner.of each category will receive a $150 gift certificat
for the Christian Bookshop/Maranatha Music Centre.
Entry deadline:

JULY 18, 2008






1019

r Pictured from left to right: Paul Hepburn accepting the Rotarian of the year
Celebrating 5years

Award, and Past President Harry Kemp presenting the award.



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Buy your original AutoCAD® 2009
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THE TRIBUNE

FOR THOSE



A LONG-AWAITED history of Har-
bour Island has now appeared after seven
long years of writing and research by
authors Jim and Anne Lawlor. ‘

With copious notes and references, the

book — The Harbour Island Story — is

likely to be viewed as the closest there will
ever be to a definitive work on the subject.

This was a labour of love in every sense.
For the book completes a project first
begun by Anne Lawlor’s father, the late
Dr Paul Albury, who combined dentistry
with his work as an amateur historian.

Anyone with an interest in ’Briland —
and especially those born and bred there —
will find much to inform and entertain them
in this solidly compiled work.

From its days as a pirates’ hideout,
through its settlement by loyalists fleeing
the American Revolution, right up to its
bustling present as a successful upscale
resort, ’Briland’s history is traced with care
and commitment in this attractively pre-
sented volume.

e ANDROS, the biggest and in many
ways most mysterious of the Bahama
islands, featured in a book by Cynthia Fer-
guson Fowler, who grew up there between
the 1940s and 1960s.

Its title, Life on the Lumber Farm, The
Forgotten Industry of The Bahamas, indi-
cates the extent to which Andros’s natural
resources have remained unexploited over
recent years.

Once it boasted sisal, sponging, oil and
lumbering industries, charcoal manufac-
turing as well as handicrafts and fishing to
keep its inhabitants busy.

It was also home to the world’s biggest
cucumber farm and, incidentally, a man
who would one day play an unenviable role
in British history, as the prime minister
who tried to appease Adolf Hitler and paid
the price.

Neville Chamberlain
(pictured) spent some of
his younger days on
Andros pursuing his fam-
ily’s sisal interests. Like
Munich much later,
Andros had few happy
associations for him, but
he is still remembered among older
islanders, who were told of his exploits by
their parents and grandparents.

Ms Fowlet’s book is short — only 72
pages — but captures the spirit of Andros
well, and is a worthwhile contribution to



KIA MOTORS

The Power to Surprise”



SHIFT_the future



PAGE 15F



35TH INDEPENDENCE SUPPLEMENT 2008

island history as well as a testimonial to
the virtues of the simple life.

e THE almost forgotten, but eternally
fascinating, case of David Knox — the
Bahamas director of information charged
with spying in Haiti in 1968 — was revived
in a book published at the end of 2007.

Papa Doc: Portrait of a Haitian Tyrant by
John Marquis used the Knox case as the
basis of a story aimed primarily at exposing
the evil of the Francois Duvalier regime
between 1957 and 1971.

The book was well-received, even by
Haitians eager to know more about the
recent turbulent political history of their
own country.

Having met Duvalier face-to-face, the
author was well-placed to offer a personal
perspective, and this was seen as one of
the book’s most appealing aspects.

e SIR Clement Maynard (pictured), one
of the stalwarts of the Pindling regime,
offered a highly personal view of modern
political history in his
book, Put on More
Speed.

It covers the pre- and
post-1967 eras and
explores the dynamics
behind the radical move-
ment which evolved dur-
ing the 1950s and even-
tually unseated the white merchant clique
known as the Bay Street Boys.

Sir Clement’s book explores the divisions
that quickly developed in the PLP following
the 1967 election, and the machinations
behind the scenes that led ultimately to the
defection of the Dissident Eight.

Most important of all, though, is his laud-
able personal mission to disprove the extra-
ordinary findings of the notorious UBP-
commissioned Peter Knaur Report, which
claimed that blacks “lacked the talent and
confidence” to govern.

“I thought he should be proven wrong
and I concentrated some effort to do so,” he
said, heralding the subsequent change of
power as “a bright new dawn for the under-
dogs.”

‘In.a review of the book, The Tribune
said: “Like most political memoirs, this
book is at least twice as long as it needs to
be, but it is less self-serving than most and

adds much detail to well-publicised events .

that historians of the future will find irre-

sistible.”



AMAaS from



FASCINATED BY THE PAST, HERE ARE SOME BOOK IDEAS

HISTORY



PRESIDENT AND DICTATOR of Haiti Dr. Francois “Papa Doc” Duvalier, seated center, is pictured in this.

1963 photo.

SSS

neateice nee










Thompson Blvd. * Oakes Field |
t. 242.326.63779f.242.326.6315.
e. sanpin@coralwave.com

ITED








PAGE 16F

E Tribune Staff Writer

Woman

The Tribune's Woman section created a stir
among Bahamians in 2008 with its Ageless Beau-
ty Campaign. Bahamian women, age fifty plus,
were invited to share their beauty secrets and
timeless wisdom for maintaining both inner and
external beauty.

Emerging as the winners of the fabulous at
any age campaign was Sophie Cason (59), who
was crowned the Silver Fox for a healthy head of
silver tresses; Victoria Sarne (68), who was
crowned Body Beautiful for being slim, trim and
in fabulous shape, and Frances Young-Doyle
(58) who was crowned The Athlete - for her
commitment to all things athletic and sporty.
She is a diver, swim instructor, equestrian, a boat
captain/mechanic, and...she bikes.

Another fabulous beauty, 21-year-old Tinnyse
Johnson captured the
Miss Bahamas World
ttle.

Moving
beauty, May 2008
marked the 80th
anniversary of the Inter-
American Commission
on Women, an organi-
sation that has con-
tributed a great deal to
the rights of women in

In 1928, women from eee

the Americas travelled to
Havana, Cuba to demand they be allowed to
participate in the sixth International Conference

beyond

of American States, and that the members of .

the Conference ratify an Equal Rights Treaty.

While the treaty was not ratified, the decision
was taken to create the Inter-American Com-
mission of Women (CIM) and to charge it with
conducting a study of the legal status of women in
the Americas, which would be presented to the
next International Conference of the American
States.

Bahamian women also celebrated 45 years of
the Women's Suffrage Movement in 2007 and
Tribune Woman looked at some of the issues
still facing women in this country. Attorney Mar-
ion Bethel noted that among the issues still to be
tackled, Bahamian women needed to move into
positions of real power, taking on the mantle of
power brokers and decision makers.

Other stories that emerged for women includ-
ed the cost of being beautiful, which looked at
. how much women were willing to spend on keep-
ing themselves looking good, the issue of female
friendships, and the full-figured, confident beau-
ty. And with the rise in crime, Bahamian Woman
also looked at the lives of men, and what
issues/factors were affecting them.

Also making headlines was a new woman's
group, Kingdom Women in Business (KWIB),
that looked to open new doors for Christian
women in business. Led by attorney Melisa Hall,
the group provides opportunities for networking,
and also provides inspirational and educational
seminars.

A first for Bahamian television, former Tribune
Features Writer: Regina Whylly launched a new
show on ZNS 'The Whole Woman'. The show
was geared towards informing, educating, encour-
aging and uplifting women.



35TH INDEPENDENCE SUPPLEMENT 2008

GELESS BEAUTY
CAMPAIGN



Health

Perhaps the biggest health story to emerge in
2008, Prime Minister Hubert Ingraham, during
the 2008 budget debate, informed Bahamians
that the Government is set to institute a cata-
strophic health insurance scheme and drug plan.
He also said that with the sale of the Bahamas
Telecommunications Company, the Government
planned to use some of the proceeds to construct
anew, and long awaited, hospital.

- The everyday health of Bahamians remained at
the forefront during 2007/2008. Keeping our bod-
ies fit by adopting a healthy lifestyle that includes
proper exercise and healthy eating habits ; that is
more servings of fruit and vegetables and reduc-
ing the amount of sugar and fats.

Minister of Health and Social Development
Hubert Minnis also encouraged the fight against
obesity, as more and more Bahamians were find-
ing themselves suffering from chronic diseases

- like diabetes and highblood pressure.

Unafraid to share his story, Marcquel Bethel
opened up to readers about his extraordinary
efforts to lose weight. After coming in at just
over 500 pounds, Marcquel made the decision to
have gastric bypass surgery and by January 2008,
he had lost a whopping 214 pounds.

For Marcquel, a sales executive at The Tri-
bune, the significant weight loss continues to pro-
vide a different outlook on life and has opened up
a world of new opportunities for a man who was
always conscious of the limitations his weight
placed on him.

News also emerged on other illness. Vincanna
Godet Harvey shared her struggle with
fibromyalgia (FMS), a chronic condition char-
acterized by widespread pain in muscles, liga-
ments and tendons. [ndividuais with fibromyalgia
also experience fatigue and multiple tender
points.

Arts

The Bahomian arts community suffered a trag-
ic loss in the person of Vincent D'Aguilar, own-
er of the world's most extensive privately held
collection of Bahamian art, in February 2008. A
longtime patron of the arts, Mr D'Aguilar was
both a supporter and inspiration to artists and the
country's arts community.

As a memorial to their loved one, the

ro) | 2

RBC Royal Bank of Canada dclehdies its 160th Anniversary on November 2nd, 2008, of wotking side by side
ith Bahamians to build a better Bahamas. This is a very historic and important milestone for RBC and an
hievement unmatched by any other financial institution in the history of banking in The Bahamas.



D'Aguilar family estab-
lished the D'Aguilar Art
Foundation and the Glob-
al Discovery Programme,
in an effort to continue to
support the visual arts in
the Bahamas as Mr
D'Aguilar did in his life-
time.

Part of the Founda-
tion's aim is to create a

permanent home on Vir-
ginia Street to house his collection, which dates as
far back as the 1970s. The foundation will also
provide deserving young Bahamian art students
at the tertiary level with an opportunity to visit
museums and galleries abroad.

A businessman and entrepreneur who died in
February at age 75, D'Aguilar is credited with
making it possible for Bahamian artists to be
serious, disciplined and dedicated to their craft by
investing in their work and offering criticism and



Tae en

‘encouragement.

Art continued to play a vital role in Bahamian
society as evidenced by the growing number of
spaces dedicated to the arts.

Several new galleries opened in the Bahamian
market in 2007/2008. Bahama Art and Handi-
craft opened on Shirley Street, also opening was

Anthaya's Gallery, West Bay Street, whose vision -

is to give established and up and coming Bahami-
an artists, and artists throughout the Caribbean
and the wider world, the opportunity to.show
together.

Among the more exciting spots to open was
The Hub, Bay Street, which is described as a
unique, collaborative space where ideas and
resources are shared,across disciplines.

Stirring up some controversy late last year,
the National Art Gallery of the Bahamas hosted
a Youth Workshop, led by artist Allan Wallace,
that resulted in a graffiti-inspired mural along
the museum’s outer walls.

The gallery fielded a number of questions con-
cerning what the mural might symbolize or gen-
erate, especially in view of the fact that many
Nassau businesses have had the unhappy expe-
rience of having to clean their buildings after
"artists" tagged their property.

Among those exhibiting work this year,
Maxwell Taylor emerged once again as one of the

THE TRIBUNE



Â¥. (UR ANNUAL REVIEW OF THE HIGHLIGHTS OF THE TRIBUNE'S FEATURES PAGES

country's preeminent artists with his first solo
exhibition in more than a decade in, "The Other
Side" at Popopstudios: Centre for Visual Arts,
during the Transforming Spaces Annual Tour.

Maintaining his presence in the country's art
scene, Antonius Roberts celebrated a 'milestone'
birthday with the unveiling of a new exhibition -
Sculpture Pointe - on permanent display at
Junkanoo Beach Club in Grand Bahama. The
tall, carved monuments
stand proudly on either
side of the pathway
entrance into the Club.

Roberts said the exhi-
bition marks the initial
steps of his Grand
Bahama journey, "which
is symbolized by the sys-
tematic removal and
transformation of the
remains of Casuarinas lin-
ing the picturesque Taino Beach, that were
uprooted during the hurricane season of 2004."

Reflecting his international appeal, Roberts
was also invited to showcase his work at the
Caribbean Summer Festival in Germany, and to
participate in the Changchun International Sculp-
ture Conference in China.

Both Taylor and Roberts were part of the
Transforming Spaces Annual Tour. The tour
included eleven stops and featured more than a
dozen artists.

Galleries on the tour included:

¢ New Providence Art and Antiques - Kishan
Munroe and Allan Wallace

e Third Eye Gallery - Paulette Mortimer

° Popopstudios - Kim Riedel, Kendal Hanna,
Toby Lunn, Marie Dupuch and John Cox

e Sine.Qua.Non Gallery - Samantha Sara

¢ The Hub, where Jonathan Murray, Holly
Parotti, Lynn Parotti, Jackson Petit, Arjun Wat-
son, Margot Bethel and Kareem Mortimer show-
cased their work.

e K Smith Art Studio, where students revealed
their artists efforts.



Also on the tour were:

¢ Doongalik Studios - Jackson Burnside

° Stingrae Studios, home of the artist Malcolm
Rae, featured art by Rae and artists like Roland
Rose.

e Jessica's Tile Works showcased work by
owner, Jessica Colebrooke; Imogene Walkine,
Mary Deveaux, Neko Meichola’ and Andret
John and Daniel Bastian of Abilities Unlimited at
St Alban's Drive.

e The Ladder Gallery featured Lemero Wright,
Arjuna Watson, Sabrina Lightbourn, Del Foxton,
Lavar Munroe and Jan Elliot.

¢ Post House Studio and Gallery

Following news of a devastating food crisis in
Haiti, artist Chantal Bethel revealed that nei-
ther time nor distance could remove her from her
origins, and her work reflected her continuing
dialogue about her birthplace and an ongoing
commitment to give voice to a people often aban-
doned to the darkness of an unforgiving ocean.

Other Haitian-born artists that rose to the top
in the Bahamas art scene in 2007/2008 were
brothers Bernard and Jackson Petit and photog-
rapher Antoine Ferrier

Other highlights included the Conference on

SEE page 21

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RBC congratulates The Bahamas on its
35th Anniversary of Independence.

RBC ) HELPING YOU SUCCEED >

www.rbcroyalbank.com/caribbean/bahamas

Ca Mee eR TOb Meni ae CLUE Ree eile ow

—











THE TRIBUNE

TRACKING THE NATION’S FORTUNES

DREAMS
REALISED,

‘





OVER the years, The Tribune’s Inde-
pendence supplements have tracked the
fortunes of the nation, offering insights
into Bahamian life from one anniversary to
the next.

Trawling through the files, it’s interesting
to see how some hopes for the new nation
came to fruition, and how
others were dashed on the
rocks of history.

Take, for instance, this
comment by writer Nicki
Kelly (pictured) from The
Tribune’s files for 1975:

“The two years since inde-
pendence have seen a signif-
icant turnabout in grassroots loyalty to the
governing Progressive Liberal Party. .

“Rising unemployment, an upsurge in
crime, disillusionment among the young,

the alienation of organised labour and

widespread corruption at the higher levels
have contributed to the general disen-
chantment with the PLP.




by
Viole he



“The government’s response has been
to blame the nation’s economic woes on
world conditions, which it claims have pre-
cipitated recession at home.

“At the root, however, is a sociological
phenomenon that has portentous implica-
tions for the future.

“With the second highest growth rate in

the hemisphere, more than two-thirds of
the Bahamian population is under 30. In
the past 20 years the population has more
than doubled to nearly 200,000. and is
expected to double again to 400,000 in the
next 15 years.”

In fact, that final projection turned out to
be wrong, for the Bahamas’ population in
2008 — 33 years on — stands at around
330,000, 70,000 short of that 1990 target.

In most respects, however, Ms Kelly’s
article sounds eerily familiar to those who
follow modern politics.

SEE page 18

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THE QUEEN and Prince Philip take the Royal Salute before t
photo taken on Saturday, October 22, 1977.



PAGE I/r







Hubert Ingraham













PAGE 18F

THE TRIBUNE





FROM page 17

Referring to the PLP’s convention
slogan of 1974 — “Steadfast with sta-
bility’ — she remarked:

“Events at the convention revealed
all too clearly that supporters are nei-
ther steadfast nor the party stable.

“Since 1968, when the Prime Minis-
ter Mr Lynden Pindling faced the first
challenge to his authority, these annu-
al gatherings have acted as a safety
valve for the disaffected few. In 1974,
however, there was no keeping the lid
on.

Having referred to a union chief’s
call to “solve the nation’s ills or resign
from office”, Ms Kelly went on:

“More surprising was the rousing
ovation given the Minister of Health,
Mr Loftus Roker, when he challenged
the PLP leadership to ‘wipe out the
corruption which is rocking this organ-
isation to its very foundation’.

“How strongly the matter of cor-
ruption weighs on the public mind was
demonstrated by the fact that the Min-
ister’s remarks elicited the only spark
of enthusiasm displayed throughout
the week of meetings.

“In varying forms, the issues of
‘ereed, political ambition and petty
jealousies’ dominated the convention,
and for the first time there was open
recognition that the party could well
lose a number of seats, if not the gov-
cinment, in the 1977 general election.”

2cading all that, it’s astonishing to
note that the PLP continued in power
for another 17 years, even though all
the faultlines were already in place for
a full-scale collapse.

And, instead of getting better, the
‘ereed and corruption’ issue got worse

- culminating, of course, in the
Colombian drug era of the 1980s.

e Just a year and a half into inde-

pendence, the Bahamas enjoyed a 24-
_hour whirlwind visit ,

{rom Queen Elizabeth

and Prince Philip.

The Tribune noted °
that the visit brought
home to many
Bahamians the unique
bond between the sov-
ereign and her people.

“This bond, personal
and pleasing, was seen
to be lacking later in the year when
the Bahamas played host to two
African heads of state — the first
African leaders to be so honoured.’
‘The visits by Kenneth Kaunda of Zam-
bia and General Gowon of Nigeria did



Kenneth
Kaunda

35TH INDEPENDENCE SUPPLEMENT 2008

not excite Bahamians. “The infectious
enthusiasm that surrounds a royal vis-
it was more than noticeably absent dur-
ing these two visits,” said The Tribune.

e Since independence in 1973, crime
has been an increasingly worrying issue
for the Bahamas.

In its 1989 Independence supple-
ment, The Tribune featured an article
by Athena Damianos on the violent
death of the respected Dr Meyer
Rassin.

Doctors Hospital assistant adminis-
trator Joey Knowles was quoted as say-
ing: “Everybody’s just torn apart with
what’s happening in the country right
now. These things (murders, armed
hold-ups, rapes and burglaries) are
happening too often and everyone’s in
shock.”

The Rev Dr Charles Saunders,
leader of the Baptists, called for the
return of the cat o’ nine tails.

He said people were being felled by
guns throughout the nation “as.if they
were trees for lumber.”

Psychologist Dr Timothy McCart-
ney even called for a curfew for every-
one under 18 as a short-term measure
until other long-term solutions could be
devised.

Today, of course, crime is at far high-
er levels and still society is struggling
for solutions.

e Also in 1989, The Tribune high-
lighted leadership and financial prob-
lems in the Free National Movement.

A series of major setbacks had sent
the party into a tailspin, wrote Athena
Damianos — including a near-crisis
when the ailing leader Cecil Wallace-
Whitfield went into “political hiberna-
tion” in the fall of 1988.

Temporarily without a home, deeply
in debt, and with Mr Wallace-Whit-
field struck down by lung cancer, the
FNM was in a sorry state. The follow-
ing year, its leader died, never having
succeeded in his mission to topple the
PLP.

In 1992, the FNM — led by Hubert
Ingraham — finally achieved that goal
and held power for ten years.

e The 1988 supplement recalled the
trial of drug kingpin Carlos Lehder,
during which the late Bahamas prime
minister Sir Lynden Pindling was
accused in court of accepting money
from drug traffickers, a claim he
denied.

An interesting sidenote was the
claim by former US charge d’affaires in
Nassau Andrew Antippas that when

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he tried to alert Sir Lynden to drug
activities on Norman’s Cay in the Exu-
mas, he was asked to identify his
sources and then fired.

He said he met Sir Lynden in 1981 to
discuss written complaints he had
received from Americans living on the
cay.

At a hearing in the US, it was
claimed that Lehder bribed Pindling
to allow him to use the cay as a trans-
shipment post for his cocaine operation
into the US. The drug lord wanted to
make the isle a private nation.

Lehder, allegedly a prominent fig-
ure in the infamous Medellin drug car-
tel, used the island for large-scale drug
operations between 1979 and 1982. He
ended up in jail.

e The 1986 supplement recorded the
death aged 66 of Carlton Francis,
finance minister in the original Pin-
dling Cabinet.

FREE

RA UCSeICRU Cra eer

Francis, a respected educator, was
a leading government figure following
the 1967 election, but he fell foul of
the prime minister because of his oppo-
sition to casino gambling.

He died on December 9, 1985, fol-
lowing a long illness resulting from a
diabetic condition.

Another prominent figure whose
death was recorded the same year was
Godfrey Higgs, defence counsel at the
famous trial of Count Alfred de
Marigny.

Higgs, who died on May 4, 1986,
made his name by successfully defend-
ing de Marigny on.a-charge of mur-
dering his father-in-law, Sir Harry
Oakes, in July, 1943.

He was also a well-known parlia-
mentarian, ending his Senate career in
1968.

e Final note from the files records
two tragedies involving prominent

From the

Nassau folk on successive days.

The 1983 supplement reported that
Mark Bethel, president and publisher
of The Nassau Guardian, died in a Mia-
mi hospital after being taken ill on a
trip to Japan.

Bethel, honorary consul for Japan
in the Bahamas, suffered a stroke in
Miami and underwent an operation to
remove a blood clot on his brain, but
didn’t survive.

The day after his death, Mrs Shirley
Oakes Butler - daughter of Sir Harry
and Lady Oakes - was involved in a
car crash on the Lyford Cay road.

She remained an invalid for years
after suffering a broken neck and was
still in hospital when her mother died

at her Prospect Ridge home aged 87.

¢ In the 1987 supplement, Tribune
writer Gladstone Thurston described
the hold drugs had on the Bahamas as
a result of the infamous Colombian
cocaine trafficking era.

Apart from describing the disturbing
level of addiction in the country itself,
he also highlighted the moral bank-
ruptcy of young people who saw drug
dealing as the most desirable career
option.

In a school essay, a ninth-grader
wrote: “When I grow up I would like to
be one of the richest drug dealers in
Freeport. In that way, I would get rich
very fast...being a dealer you can make
more money in one night than some

’ people can make in a year.”

¢ The 1987 supplement also record-
ed the retirement from politics after
19 years of controversial PLP minis-
ter Loftus Roker, a man who was
admired and reviled in equal measure.

Roker was admired for his stand
against corruption in the PLP, and for
being the most outspoken critic of the
drug trade.

But he was disliked for his over-zeal-
ous approach to immigration matters.
This helped to play havoc at the Col-
lege of the Bahamas and caused much
suffering among the illegal Haitian
population.

¢ Criticism of the Bahamas’ legal
system is nothing new.

In the 1987 supplement, The Tribune
reported an “unprecedented” level of
major legal blundering from the PLP
government of the day.

“The boo-boos provided gleeful
opposition MPs with ammunition
against an embarrassed government,
and gave the newspapers a field day,”
wrote reporter Athena Damianos.

Management & Staff

of

Central Bank of The Bahamas

P.0. Box N-4868 ¢ Nassau, Bahamas ¢ Tel: (242) 302-2600 ¢ Fax: 322-4321

Website: centralhankbahamas.com
















THE TRIBUNE

ABACO’S half-hearted bid for indepen-
dence from The Bahamas in 1973, when cam-
paigners tried to retain crown colony status,
still strikes a nostalgic note among some old-
timers.

An island whose loyalist settlers always had
strong ties with Britain, having turned their
backs on the American Revolution, really felt
it could make its own way in the world without
Nassau’s help.

Whether that was true is still the subject of

occasional debate, but there is no doubt that
Abaco’s economy — even in today’s
depressed climate — is more buoyant than
most.

And die-hard loyalists on the island still
strongly believe that Abaco will be flourishing
when everyone else is in the doldrums.

The story of Abaco’s short, sharp and ulti-
mately salutary bid for a breakaway is not
one many of the former campaigners like to
recall.

The Bahamas’ relative success in the post-
colonial era has reassured most doubters and
made them reflect on whether Abaco could, in
reality, have survived outside the archipel-
‘ago.

’ Though Abaco makes sizeable contribu-
tions to The Bahamas treasury every year, it
also has to accept that it has benefited from
central government support over the last near-
ly four decades.

Even so, there are still some Abaconians
who believe that the island’s second-home
economy, its well-known work ethic, its noted
efficiency and its direct relationship with Flori-
da make it unique among the Bahama islands.

There is nowhere else, they say, where such
a coalescence of circumstance, sound charac-
ter and good fortune make prospects so good.

“In many ways,” an island realtor told The
Tribune, “this island is probably the best place
on earth because none of the usual economic
rules seem to apply.”

The second-home factor is obviously crucial.
This brings wealthy Americans into the island
on a regular basis, and ensures a more or less
constant infusion of renters who spend pretty
lavishly at local shops and restaurants.

Even more importantly, Abaco retains
many of the old world attitucles that Nassau, in
particular, has lost.

People still leave doors and windows
unlocked in many parts of the island, and
crime is virtually a non-issue, though there
are always concerns that outside influences
will spoil the Abaconian idyll.

A Nassauvian who visits Abaco often said:
“I find it hard to adjust to Abaco thinking
when I go there. I always think firstly of secu-
rity - locking doors and windows, looking over
my shoulder, being generally wary.

“In Abaco, none of these things are appro-
priate, though | always tell them not to take it
too much for granted. Anywhere in the world
nowadays there’s the chance someone could
come through the door with 4 gun.”

Fortunately for the Bahamas government of
the day, London was in no mood to enter-
tain a maverick colony in the 1970s. Britain




As we light anothe



PAGE 19F



35TH INDEPENDENCE SUPPLEMENT 2008





PICTURESQUE: tes at Marsh Harbour, Abaco.

had economic problems of its own and the
trend was towards dispensing with dependent
remnants of the old empire.

Though Abaco campaigners were con-
vinced right-wingers in the British parliament
would support them in their bid to retain

colony status, there were never enough of

them to make a real difference.

One or two eccentric extremists backed
Abaco ; “freedom” bid, but the British gov-
ernment scuppered the breakaway plans with-
out ceremony.

Bahamian premier Lynden Pindling
breathed a sigh of relief — and The Bahamas
achieved nationhood with no further dissent.

Meanwhile, Abaco’s prospective military
leader, the American mercenary Mitchell






Werbell, was never required to fire a shot in
anger. In many respects, though, Abaco’s
thwarted campaign had a certain logic to it.

Its foundations were always solidly con-
nected to the breakaway movement in the
American colonies before the revolutionary
war.

When the United States was born in 1776 —
just 13 years before the French staged a rev-
olution of their own — crown loyalists want-
ed nothing to do with the new order.

Sidelined by history, the unhappy monar-
chists took their slaves and chattels to the
nearest British-owned rock they could find,
encouraged by British incentives.

Hence, Abaco became a loyalist outpost
only a hundred or so miles off the Florida



sandle marking the country’s 35th |



O HAVING FAILED TO SPLIT FROM THE BAHAMAS IN 1973, ABACO HAS FARED WELL

REBEL ISLE
RETAINS

coast — a defiant little rebel whose sympathies
always lay with King George and the moth.
erland.

When Pindling lobbied for independence
from Britain in the early 1970s, he was very
much at odds with what traditional Abaconi-
ans stood for.

He was doing, in effect, what the American
revolutionaries had done two centuries before.
For many old Abaco families, it was natural to
respond as they did in the 18th century -— by
turning their backs on those who no longer
wanted to live under the Union Jack.

The problem was that the British Empire
itself had undergone enormous convulsions
during those two centuries.

Despite King George III's calamitous loss of
the American colonies in the [8th century,
British influence elsewhere blossomed over
the next century and a half.

During the 19th century, Britain had an
unprecedented level of world dominance that
has never been repeated. The sun never set on
its empire, and the English language spread
across the earth like undergrowth. ‘Voday,
along with legal and parliamentary traditions,
the language remains the empire’s most
enduring legacy, the preferred language of
commerce throughout the world.

By the Second World War, however, the
British Empire was on the wane. The loss of
India was followed in the 1950s and 1960s by
the gradual dismantling of the African
colonies. All that remain now are a few specks
on the map that still answer London’s call.

In Abaco, settlers fleeing the newly-liber-
ated American colonies in the 1780s were not
immediately welcomed. They brought a brash,
unsettling vigour into island society that did
not sit well with the laid-back locals.

Eventually, however, they assimilated into
island life and contributed enormously to
what Abaco has become today.

With several direct flights a day from Marsh
Harbour to Florida, Abaco sees itself as a
Family Island with international connections.

A constant infusion of money from wealthy
Americans who see Abaco as their offshore
refuge helps to maintain those traditional
links with the mainland that were put under
severe strain by the revolutionary war.

“Today, Abaco sees West Palm Beach as its
major shopping centre,” one islander told 7/e
Tribune. “Though Nassau is the headquar-
ters of central government, it is surprising
how many Abaconians rarely, if ever, go there.

“Their natural inclination is to see Florida as
the place to visit. It’s one of the many things
that make Abaco different.”

So, having failed to break away from the
Bahamas in 1973, Abaco has become a worthy
and productive component of the new nation,
proud to fly the turquoise, black and gold
flag.

But it depends heavily for its livelihood on
the country its settlers rejected 230 years ago.
History has taken some interesting twists and
turns on this straggly isle in the north-eastern
Bahamas, but its people have never lost thei
defiant spirit, or their robust individuality.



birthday, at McDonald s we take pride in knowing that we









are a part of a democratic and developing nation.



Given a chance to make a wish before
blowing out the candles, it would simply
be that we, as a people, grow together to
litt the human Spirit; that we develop to
our highest potential as individuals and as
a community; that we think of each other

_ We understand that when we
acknowledge our need for one
another, we take the first

ependance, Bahamas!

McDonald’s

ro

i'm lovin it





PAGE 20F

THE TRIBUNE



35TH INDEPENDENCE SUPPLEMENT 2008 | .

ROYAL SPORTING OCCASION

A YOUTHFUL
Prince Charles hand-
ed out sailing and
swimming trophies to
sporting Bahamians
when he was in Nas-.
sau for the 1973 inde-
pendence celebra-
tions.

Here he is seen
meeting the late Basil
Kelly, with his son
Gary (photo 1), Ken-
neth Rolle from
Staniel Cay (photo 2),
and Rolly Gray, a
Class A sailing winner
(photo 3).





























JUSTICE campaigners
are thick on the ground in
Nassau these days. And no
wonder.

Over the past year, yet
more cases of “justice
denied” have emerged, with
ordinary Bahamians suffer-
ing real hardship because
of the legal system’s short-
comings.

Badly crippled Daniel
Williams still awaits
enforcement of a court
order awarding him
$900,000 damages for hor-
rific injuries suffered in a
road crash.





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Siobhan Reilly still awaits
$211,000 awarded by a
court against a Freeport
doctor. The matter is now
the subject of an appeal.

‘Greg and Tanya Cash,
who have been battling the
Baptist education authori-
ties for six years, still await
their Privy Council hearing
after vital documents were
lost in transit to London.

And, of course, former
Cabinet minister Leslie
Miller has yet to see closure
in the case of his son Mari-
o’s murder in 2002.

Mr Miller, 60, claims that



COUNTRY’S LEGAL PROBLEMS CAUSE
BAHAMIANS TO SUFFER HARDSHIP

FIGHTING -




SIX-YEAR BATTLE: Greg a nya Ca



“happiness died” the sum-
mer day his 28-year-old son
was butchered in his own
car, then dumped on grass
near a Winton foodstore.

Mr Miller claims that five
young men should be
charged in relation to Mar-
i0’s death, but only two are
on the docket to date.

He claims a conspiracy is
at the heart of the problem,
and that certain people
within a legal and political
fraternity are protecting
their own.




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THE TRIBUNE

PAGE 21F



35TH INDEPENDENCE SUPPLEMENT 2008 ae we
INTERESTING FACTS AND FIGURES ABOUT BAHAMAS

Review of features
FROM page 16

the Abolition of the British Transatlantic Slave Trade: Telling the Story held in
February. Also, photographers Roland Rose and Fleur Melvill-Gardner came
together to show their "Motion & Emotion" during an exhibition at the Cen-
tral Bank of the Bahamas Art Gallery."

Abaco artists Marjolein Scott, Robert Zwickel and Jeep Byers displayed their
combined talents in an art show entitled "True Colours", which opened at Doon-
galik Studios Art Gallery, Marina Village.

Entertainment

The Bahamas entertainment scene continued to be a hot one, with a slew of
emerging artists showcasing their skills in the "242".

From the surprisingly funk-da-fied, soulful rap of one Daddi Whites to Sam-
mi Star's 'Good to Know You’, Puzzleman's 'Sour Vibes' and Bodine Johnson
and her Bahama Hot One's hit 'Good Lovin', it was perhaps in music that
Bahamians saw the creative talents of the youth of this country best.

Seemingly everywhere in 2007, Terneille 'TaDa' Burrows, produced and per-
formed in the 'Takin Ova' concert at Pure Nightlife which featured an all-female
lineup to the delight of Bahamian audiences. Joining the musical lineup were
NCity, 21, Sheki and Lady Mills.

Bahamian soprano JoAnn Callender, considered by many a national treasure,
released a Christmas CD titled, Christmas Joy, to the thrill of many.

Widely known for her incredible talent, Sonovia Pierre, best known as tHe
voice of Visage, came out with her first solo, "Nandisongs".

NCity's Skyy and Believe stepped up their game with the release of their
sophomore effort, Mood is Right. The single reflects a softer, more artistic, more
marketable side of the duo. ‘

In the first of its kind, nominees for the 2008 Marlin Awards were announced |

during a special concert held at the Diplomat Centre. Nominees included
Manifest, Mr Lynx, the Dunamuz Soundz Crew and Christian Massive.
After five years of mentoring young Bahamian artists, and giving them
much needed on-stage exposure, and recording time in the studio, The Young
_ Bahamians Music Society was being forced to close its doors due to lack of spon-
sorship. This was.an incredible blow to young men and women, aspiring
artists, who struggled to find somewhere to turn for their creative outlet.
One musical outlet that was able to maintain its position however, was
Make 'Em Listen. Founder Patricia Chatti was able to help a number of young
_ artists, Muh Buiy Dem, Ra Soul, Lady G, B'Marie, Bo-Bo Ken, Smoothe and
Shadow Hand, to name a few, bring their talent to the fore. -
Among the international names to hit Bahamian soil in 2007/2008 were
Miss ‘Single Again' Katrina and Reano "Busy Signal" Gordon. Collie Buddz and
Junior Reid also touched down in Nassau. The reggae all-stars concert brought
Tessanne Chin and Kamani Marley, while the opening of the Marley Resort
brought in Shaka Demus & Pliers. And joining the ranks of Bahamians whose

music videos are now on rotation on Tempo, Apollo Butler, also known as Apol- .

lo Kre-ed, was able to take his rap/hip hop/R&B sounds to the world.

Religion ;

Driven by a flood of violent crimes, epidemic levels of horrific social ills and
injustices, and an ever increasing cry for help, the Bahamas religious commu-
nity seemed to find itself in a difficult position - both leading the attack against
rising levels of crime and societal/individual immorality, and defending its
position as a relevant voice, moral compass, and pace setter and change mak-
er for the nation. In 2007, a number of religious figures either came before the
courts for various offences - from stealing to unlawful sex with a minor - or their
actions were somehow made embarrassingly public. There were cases of inter-
denominational skirmishes, infighting, church breakups and other attacks
again organised religion. Among the highlights however, were an international
dance conferences, the annual Big Harvest Tent Rally in the Alley, and the
explosive prayer sessions in Rawson Square. In the tinal analysis, those called
to share the Good News maintained a very public presence in the nation.

Among the concerns tackled by the religious community was the issue of the
single Christian - how to live holy, how to find your purpose, how to con-
trol/redirect your sexual urges, should you date an unbeliever and what are the
ground rules for dating, were all questions being put to the 21st Century
church?

With more and more adults waiting longer to get married, and an increase in
divorce and second marriages in the church, the question of sexual purity was
at the forefront for many believers who were struggling with their singleness.

Mount Tabor and Bahamas Harvest Church and Trinity City of Praise all
released CDs. Religious tourism was also big for the Bahamas, with the Walk-

_ing in Victory Conference at Atlantis and Myles Munroe's Kingdom Leader-
ship Summit.



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DID you know that iguanas were
once staple fare in Nassau, and that
locals used dogs to hunt them?

In North Callahan’s 1967 book,
Flight from the Republic, Nassau’s
food supplies towards the end of the
18th century are discussed in some
detail.

“Cows and goats were kept for milk
along with sheep and hogs, but there
were not enough good pastures for
much growing of livestock. Instead of
beef, the natives ate turtles and igua-
nas, the latter being some three feet
long and caught by trained dogs in
the wild areas.

“These fearful looking animals
could be stored alive for weeks by
sewing their jaws together with needle
and thread.”



e A former attorney general of the
Bahamas, William Wylly (a name
which later became Whylly) formed a
private guard of armed slaves after
the House of Assembly accused him
of plotting with England to end slay-
ery here.

The slaves surrounded his elegant
mansion when local officials ordered
Wylly’s arrest.

His father, Alexander Wylly, was
at one time speaker of the colonial
assembly of Georgia. The family fled
to the Bahamas after the American
Revolution, choosing to remain under
Britain’s rule rather than support the
rebels.

Source: Flight from the Republic by
North Callahan :

HC Between 1783 and 1786, more

fled the American Revolution for the
Bahamas. They had taken: refuge

but moved on when Florida was ced-
ed to Spain after the Versailles Treaty
of 1783, which formally recognised
the United States of America.

Meanwhile, about 1,000 loyalists
sailed from New York to Abaco.

In Nassau, the mixing of loyalists
and old inhabitants was the source of
much friction. The new arrivals not
only outnumbered the existing popu-
lation; they were wealthier and better
educated, believing they were the
colony’s natural leaders.

Source: The Harbour Island Story
by Jim-and Anne Lawlor

e Newspapers have always had a
major influence on Bahamian poli-
’ tics. It was particularly true of the

PNM EU oi Andros.

See

A

than 5,000 loyalists and their slaves’:

behind British lines in East Florida, °

KNOW-¢e

Bahama Gazette, published by John
Wells in Nassau between 1784 and his
death in 1799.

The four-page paper supported the
Tories, the conservative loyalists who
had fled the American Revolution to
settle in Nassau, and particularly their
attempts to secure better representa-
tion.

*The Gazette was heralded by an
admirer as a “sustained beacon of cul-
ture in an environment which had
long been indifferent to the rest of
the world.”

The paper had good coverage of
American and European news. Its
subscribers were spread throughout
the major Bahasa islands, and also in
Charleston, Savannah and Bermuda.

Wells, who died aged only 47, was
praised as a popular, benevolent and
good-humoured person. His writings
were described as “energetic and
forcible as well as correct and ele-
gant.” He was buried in the small
graveyard at the eastern end of the
Eastern Parade — outside St
Matthew’s churchyard.

Source: Flight from the Republic

e Nassau was originally called
Charles Town after King Charles the
Second of England when he was
crowned in 1660. Thirty-five years lat-
er, the Bahamas governor Nicholas
Trott renamed the town Nassau to
mark the ascension to the throne of
William the Third, a Dutch aristocrat
who had several titles, including
Prince of Orange-Nassau.

Source: The Bahamas Handbook
2008

e Between 1811 and 1841, some
6,000 Africans bound for a life of slav-
ery in. the New World ended up as
free men and women in the Bahamas.
They were rescued by the British Roy-
al Navy, which was enforcing the 1807
legislation passed by the London par-
liament ending the slave trade in the
British Empire. Slavery itself contin- .
ued until emancipation began in 1834,
when a four-year apprenticeship

~ scheme began in the colonies. Source:

The Bahamas Handbook 2008

‘e In 1695, when Nassau was given
its present name, there were only
about 160 houses, the original Christ
Church Cathedral and Fort Nassau
with its 28 guns on the site now occu-
pied by the British Colonial Hotel.

Source: The Bahamas Handbook

2004

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PAGE 22F

THE TRIBUNE





35TH INDEPENDENCE SUPPLEMENT 2008

@® SEVERAL WELL-KNOWN FIGURES DIED OVER THE LAST YEAR





INTERNATIONAL fraudster Robert Vesco (above and below), who lived in Nas-
sau for several years. .



Small











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PO. Box N-3034, Nassau, Bahamas
Tel: (242) 327-5780/6

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Sith

¢ HUNTINGTON HARTFORD,
the A and P store heir who managed
to get through a $600 million fortune
during his riotously eventful life, died

_ at Lyford Cay aged 97.

Hunt, as he was known to friends,
bought Hog Island from Swedish
industrialist Axel Wenner-Gren in
1959 and renamed it Paradise Island.

However, all Hartford’s lavish plans
for the island came to nought.

The UBP government refused him
a casino licence — and said ‘no’ to
his plans to build a bridge to Nassau.

Eventually, he sold out at a massive
loss to Resorts International in the
mid-1960s, only to see his ambitious
schemes come to fruition under the
new PLP government.

Resorts sold out to Sol Kerzer in
the 1990s for $250 million, clearing a
massive profit.

“I made a lot of people million-
aires,” Hunt sighed ruefully.

By then, Hartford had lost his for-
tune — including at least $40 million,
and probably as much as $100 mil-
lion, on his Paradise adventure.

He eventually ended up living as a
recluse in a Manhattan brownstone
from where he was rescued by hi
daughter, Juliet, who brought him
back to the Bahamas in 2004.

Hunt’s stated ambition was to die
broke.

He almost made it, though his fam-

ily claimed an $11 million trust fund
lay between him and destitution.

e ROBERT VESCO, 73, the inter-
national fraudster who lived in Nassau
for several years, is thought to have
died in Cuba last November.

The news did not break, however,
until mid-May, when burial records
appeared to confirm his demise.

One of his many scams was to pose
as “rescuer” of Bernie Cornfeld’s



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. WHEN Hartford arrived on a priv

I

ate plane froma nursing home in New York







City, he met author John Marquis (right), managing editor of The Tribune

e LADY CASH, 82, known to
all her friends as Dorothy, was the
Jamaican-born widow of Sir Gerald
Cash, former Governor General
of the Bahamas and a noted local
lawyer. She died in May.

Known for her good humour and
easy charm, Lady Cash was a pop-
ular figure in Nassau over many
decades.

She was active in the Girl
Guides, field hockey, the Red

_ Cross and as a keen gardener.

In 1950, she married Gerald
Cash. When he became Governor
General in 1979, they moved into
Government House, where they
remained until 1988.

Sir Gerald, 84, died in January,
2003, after failing to recover from
a massive stroke. ;



_ infamous IOS fund, only to milk it
dry. In the early 1970s, he spent much

time in Nassau courts trying to fight
off a US extradition bid.
A fugitive from justice for most of

his life, Vesco was even jailed for 13
years in the country where he found
refuge — Cuba — for committing

“economic crimes” against Castro’s

government. ,

It was entirely typical that official
obituaries left a loophole saying that
Vesco’s death could be yet another
ploy to evade the law.

Even in death, Vesco could not be
trusted.

DR PAUL POAD, who once ran a
family practice from his clinic in
Collins Avenue, Nassau, died in Eng-

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ment after a long career in the
Bahamas. A former naval doctor, Dr
Poad was well-known in Nassau med- |
ical circles and popular among
patients for his straightforward, no-

Nonsense manner.

His mother was a member of the
Higgs family of Harbour Island and
his father was the late Rev Frank
Poad of England. j

Relatives said he always retained
fond memories of his Bahamas years
and wanted his ashes scattered here.

MACUSHLA HAZLEWOOD,
popular Nassau businesswoman, died
in 2008 to the shock and dismay of
her many friends.

“She was such a wonderful

_ woman,” said one close friend, who

said her death was a tremendous loss
to the Bahamas.









.



THE TRIBUNE PAGE 23F






“rfid

PLANNING FOR



THE NEW PROVIDENCE







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THE TRIBUN

ce ° Grand Bahama ° Andros * Inagua ° Exuma
San Salvador ° Cat Island + Coral Gables
_ Head Office Nassau: (242) 397-3000
www.bankBahamasOnline.com

me

CDS eR

—





Full Text





A res

Mardered uous

A relative
believes the
death may

be result of
house robbery
gone wrong

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

A MAN’S body.was dis-
covered spread across the
two front seats of his van
early Monday morning. The
vehicle’s engine was still run-
ning when it was noticed
parked outside the Queen
Elizabeth Sports Centre.

A relative believed the
man’s death might have been
the result of a house robbery
gone wrong.

Bahamas Electricity Cor-
poration employee Hilton
McIntosh Jr, 40, also known
as Andrew, was bound by his
wrists and appeared to have
been shot in the head,
according to-police.:

Someone exercising in the
area noticed the van at
around 5am. It ‘was parked
in full view of the public, out-
side the National Boxing
Centre. The police were noti-
fied.

The victim’s feet were on
the passenger seat of his

Valid only” eh)

=USA TODAY

BAHAMAS EDITION



TUESDAY, JULY 8, 2008

Tim Clarke/Tribune staff

THE BODY of Hilton McIntosh Jr is removed from a white van yesterday at the Blue ATS Sporting Complex.

white Ford van, and his head
was resting in a pool of blood

under the steering wheel of .

the vehicle. He was wearing
a yellow t-shirt and plaid
shorts.

Acting Assistant Commis-
sioner Hulan Hanna said “it
was unclear what transpired
or what would have been the
occasion for him to be in that

SEE page eight



ire

IN Coe mira ts



Be suitauiien
denied We

mi By NATARIO
McKENZIE








ALLEGED drug king-
pin Melvin Maycock Sr
was denied bail by Magis-
trate Carolita Bethel yes-
terday.

Maycock Sr, 42, who
was captured on the air-
port road by officers of the
police Drug Enforcement
Unit last month, has been
arraigned on several drug
related charges as well ds
weapons and ammunitions ©
charges. In February May-
cock Sr made headlines














when he traded his Eliza-
beth Estates police station
cell with his son, Melvin
"Lil Mel" Maycock, 24.

SEE page eight





Get savings

built right into
— ee

Dispute disrupts
Jones Communications
Network operations

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

OPERATIONS at Jones
Communications Network
were disrupted yesterday
after a dispute between
media boss Wendall Jones
and certain of his staff on
Friday resulted in most of
the reporting staff not arriv-
ing for work on Monday.

Listeners to Mr Jones’
radio station, Love 97,
heard Mr Jones himself
hosting the morning talk
show instead of regular host
Quincy Parker, while the
one o’clock news, common-
ly anchored by reporters
Paige Ferguson or Macush-
la Pinder, was handled by

SEE page eight

THE TRIBUNE'S

OLYMPICS
COVERAGE

BEGINS on
AUGUST 9th, 2008





PRICE — 75¢




Ua 3s

m@ By NATARIO |
McKENZIE

KENTON Dion}.
Knowles, also known |.
s "Emperor", was
arraigned in Magis-
trate's Court yester- |
day, charged in the
2007 shooting deatlhi
of his nephew.
Knowles, 41, of
Fox Hill was also
arraigned on.a drug
possession charge.
Knowles, on the
police’s most wanted
list for questioning in
connection with the
murder of his nephew
Kendal Kenvardo
Knowles, was arrest-
ed in the Coral’ Har-
bour area last Thurs-
day. His girlfriend,

Tim Clarke/Tribune staff

KENTON DION KNOWLES also known as
‘Emperor’ leaving-court yesterday.

- Simone Bethel, 25, of Coral Harbour was also arraigned in

court yesterday, charged with harbouring a criminal.
Before being arraigned on the murder charge yesterday,
Knowles appeared before Magistrate Carolita Bethel at Court

SEE page eight

INSURANCE MANAGEMENT |.
| (BAHAMAS) LIMITED i
INSURANCE BROKERS & AGENTS





Hurricane Bertha strengthens
into category three storm

BERTHA, the first named However, Chief Meteorolo-

hurricane of the 2008 Atlantic
season, strengthened last night
into a powerful category three
hurricane as it passed over the
Atlantic Ocean with maximum
sustained wind speeds of 115
mph.

gist at the Department of
Meteorology Basil Dean said
the storm posed no "immedi-
ate threat" to the Bahamas.
"(Hurricane Bertha) is still

SEE page eight -

Fidelity
utr a tol
Mortgage

Nassau: t 356.7764

Freeport: t 352.6675.
Marsh Harbour: t 367.3125




PAGE 2, TUESDAY, JULY 8, 2008

THE TRIBUNE



LOCAL NEWS |

‘CHANGING OUR COMMUNITY ONE YOUTH AT A TIME’

Thousands of children celebrate
launch of police youth programme

BANGING THE YOUTH DRUM: Celebrating launch of 17th annual RBPF summer youth programme.

lm By REUBEN SHEARER

MORE than four thousand
children from nine police divi-
sions in New Providence cele-
brated the launch of the 17th
annual Royal Bahamas Police
Force Summer Youth pro-
gramme yesterday at Centre-
ville Seventh Day Adventist
Church.

Under the theme “Changing
our Community one Youth at a
Time,” participants will take
part in sign language, French,
music, art, swimming, Karate,
and Tae Kwon Do classes.

{n addition, they will take
field trips to the movies and
swim with dolphins at Blue
Lagoon Island over the month-
long summer camp.

National Security Minister
Tommy Turnquest said: “This
summer camp will expose more
than 4,000 kids to educational
programmes, sporting activities,
arts and crafts, as well as field
trips to historical sites.

“We along with the police

have done this out of a deep
sense of responsibility to our
young people,” Mr Turnquest
added.

“We want to help our youth
build positive peer relationships

_and show them how to interact

so that they don’t make bad
decisions.”

Under the direction of for-
mer commissioner of police BK
Bonamy, the summer camp
began in 1991 with a primary
focus on making young people
better citizens.

Fear about the growing cul-
ture of gangs, the proliferation
of drug use and sexual experi-
mentation during the 1990s was
the driving force behind the
programme, which provides a
safe environment for youngsters
ages seven to 17.

Speaking to The Tribune,
programme co-ordinator
Inspector Sandra Miller was
ecstatic about the launch say-
ing: “These four weeks will
keep idle hands doing some-
thing positive, because if we
don’t do this, these kids will end

Buy? Sell?
Expect more from your broker.



up in our hands some other
way.”

According to Inspector
Miller, corporate sponsors have
played a key role in financing
this year’s activities, which has

. been beneficial since there is no

enrolment fee.

“The food store companies
donated cases of canned goods
like tuna and corn beef, and
Crystal Palace has gone above
and beyond the call by provid-
ing daily lurch for the children
in the Western Division,” she
said.

Following the ceremony,
there was a pulsating march led
by the Bahamas Youth Alive
Marching Band.

All 4,000 children along with
Police Commissioner Reginald
Ferguson and other high-rank-
ing officers took part in the pro-
cession, which ended at the
Police Headquarters on East
Street. The police divisions
involved this year are: Central,
Eastern, Northeast, Southern,
Southeastern, Western, Fox
Hill, Carmichael and the Grove.

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info@cfal.com | www.cfal.com


THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 3





In brief

Body of —
woman
still not |
identified

POLICE have not been able :



to identify the woman whose : m By TANEKA

badly decomposed body was : THOMPSON

found naked from the waist : Tribune Staff Reporter
down off St Vincent Road. i tthompson@

Yesterday Chief Superinten-
dent Glenn Miller re-issued an }
appeal to anyone missing a A POLICE officer was left
female relative to come forward. :, injured and a man in hospital

He also released details of fea- : after police tried to arrest a

tribunemedia.net

tures of the victim which police :

feel may identify her.

CSP Miller said the victim's :
toenails were painted in "multi- :
coloured" nail polish and that :
she was wearing a gold ring on :

one of her toes.

suspect at a Miami Street
home yesterday morning.
According to police
reports, at around lam a crew
of officers from the Grove
Police Station went to a home

The other areas of her body
were too badly decomposed to }
offer further evidence, he added. :

Last Friday, the body was dis- }
covered in the back of a building :
under construction on Vinspin }
Road at around 10.30am. :

Police said there were visible :
injuries to the victim's head, and :
that the body was dressed with a :

’ top, but was unclothed beneath. :

It is believed that woman was
dead for more than a week :
before her body was found. i

According to The Tribune's :
records, this is the country's 36th :
homicide. i

on Miami Street in search of
a male suspect wanted for
questioning in connection
with some stolen goods.

The suspect "violently
resisted" arrest, Assistant
Commissioner Hulan Hanna
said.

A 30-year-old male relative
joined the fray and a "violent
struggle ensued", ACP Han-
na said.

Bollywood
Star injured
while filming
in Bahamas

BOLLYWOOD star Akshay
Kumar narrowly escaped with

his life after sustaining a head :

injury during a film shoot in :

Bahamian waters.

According to reports in the }
Indian media, Kumar was per- :
forming an underwater stunt for :
his new movie “Blue”, which is :
currently: being shot in the :
Bahamas, when he hit his head :

on a shipwreck and started
bleeding.

He was in 75ft deep water
and there were about 35 sharks
around him at the time of the
accident. ’

ately sprung into action :
to rescue Kumar from the :

water.

As it was difficult to get the

actor out of the water, members :
of the film crew swam to his side :
to cover his wound, from which :
blood was oozing out, the Indi- }

an media reported.

At the same time, handlers :
caged the sharks and removed :

them from the scene.

The Bollywood movie :
“Blue” started filming in the :
Bahamas in June, with shooting :
taking place mostly underwater. :

The movie cast also includes :
Bollywood stars Sanjay Dutt :
and Lara Dutta, a former Miss }

Universe.

The movie is reportedly bud-

geted at $2.37 million.



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Incident at home »

on Miami Street

During the confrontation,
one of the suspects reported-
ly tried to disarm an officer
and shots were fired, hitting
the male relative in the left
shoulder and injuring an offi-
cer in the face, police said.

The main suspect was able
to elude arrest, Chief Super-
intendent Glenn Miller
revealed.

"The shooting happened
this morning about 1.45am.
There was some reports com-
ing out of the (police) con-
trol room of gunshots being’
heard in the Miami Street
area off Robinson Road.

in Harl T.

case still

The crew and cast immedi- :

@ By TANEKA
THOMPSON

’ Tribune Staff Reporter
tthompson@
tribunemedia.net

POLICE are remaining
tightlipped on when a man
wanted for questioning in con-
nection to the 2007 murder of
Harl Taylor will return to the
Bahamas.

Troyniko McNeil, 21, was
taken into custody by authori-
ties "on American soil" last
week, a police spokesperson
reported.

Police were said to be nego-
tiating Mr McNeil's return, but













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yesterday could not release an
expected date for his return to
the country to face question-
ing.

"IT don't know when he will
be coming over — as soon as he
is released to us we will bring
him over," Acting Assistant
Commissioner Raymond Gib-
son told The Tribune yester-
day.

He gave no time-frame for
Mr McNeil's expected arrival.

Acting ACP Gibson also dis-
missed published reports that
officer-in-charge of the Homi-
cide Squad Assistant Supt Leon
Bethel went to Florida to ques-
tion Mr McNeil and to collect
blood samples from him.

"We can't go and question
anyone in foreign soil," he said.

Taylor's body was found in
November, 2007 inside his
Mountbatten House home on
West Hill Street. He was
reportedly stabbed multiple
times about the body.

The gruesome discovery
came two days after college
professor Thaddeus McDonald
was found dead in his Queen
Street home, reportedly beat-
en with a clothing iron.

These murders, coupled with
the 2008 murders of AIDS
activist Wellington Adderley
and waiter Marvin Wilson
sparked speculation that there
might be a killer on the loose
targeting gay men.

So far police have yet to link
any of the murders, citing a lack
of evidence.

Yesterday ACP Gibson said
all four matters are still active.

"They are actively under
investigation and we are still

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“A crew of officers from
the Grove Police Station
went to a residence at that
location in Miami Street in
search of a suspect who was
wanted (in connection) with
stolen goods.

"Upon their arrival on the
premises, reports are that the
officers were confronted by
the suspect. During this con-
frontation shots were fired by
the police and one of the sus-
pects was shot in the left
shoulder.

“The matter is under police
investigation. . .we're trying
to determine now exactly



rer Taylor

getting information and we con-
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Man injured with officer
as suspect resists arrest

The officer injured in the
shooting was taken to hospi-
tal for treatment but was lat-
er discharged.

what happened at this scene
involving these persons and
police".

The 30-year-old man is in
hospital following the shoot- Police investigations con-
ing. tinue. :

Morton Salt staff expected

‘to take strike vote today

THE staff of Morton Salt, which employs 60 per,cent of Inagua’s
work force, are expected to take a strike vote today.

Earlier this year it looked like Morton Salt and the union rep-
resenting its non-managerial employees were about to resolve
their long-standing dispute over a new industrial agreement.

However, this week it appears to be back to square one for the
two parties as about 85 per cent of workers are preparing for
industrial action.

Jennifer Brown, secretary-general of the Bahamas Industrial,
Manufacturers and Allied Workers Union (BIMAWU), told The
Tribune yesterday that officials from the Labour Department in
Nassau travelled to Inagua yesterday to oversee the strike vote.

She said that the union also hopes that Trade Union Congress
president Obie Ferguson will be present during the proceedings.

In an earlier interview with The Tribune, Mr Ferguson, who
advises the BIMAWU, said that the dispute at Morton Salt could
be settled if the parties were able to agree on a five to six per cent
salary increase for the years 2007 — 2009.

The last contract between the union and Morton Salt expired in
September 2005 and it took until October 2006 for the two parties



to meet around the negotiating table.
Since then talks have stalled numerous times.





Established in 1956 by an old Bahamian family









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



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e-mail: info@colesofnassau.com
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PAGE 4, TUESDAY, JULY 8, 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 Management Building., P.O. F-485, Freeport, Grand Bahama

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

Hope for Freeport still alive

THIS WEEK a Freeporter told us he did
not have high hopes for that island’s future.
All the high-hopes talk he said was just that
“high hopes.” He believed this kind of talk
was contrived to keep residents’ spirits up.
But as far as he was concerned there was no
future.

We sincerely hope he is wrong.

Ever since the devastation of Hurricanes
Jeanne and Frances in 2006, followed by the
death of Edward St George, the visionary
who kept Freeport alive even in the worst
of times, Freéport has been on a downward
slide.

Buffeted earlier by induistiial iarest, hur-

ricane damage put the final locks on the doors
of the Royal Oasis golf resort and casino,
leaving it with a debt of more than $22 mil-
lion, and 1,200 laid off employees looking to
government for relief.

Oasis’ final announcement in January 2005
that it was forced to close was described in the
House of Assembly that year as creating
“nothing short of a quagmire” for Freeport.

However, no one can forget the industrial
problems that the Oasis owners had when
they took over the failed hotel. Before they

could build a solid financial foundation under’

the Oasis they had the union on their backs
making unrealistic demands. We often won-
der if the union had understood the hotel’s

problems and worked with management to
make the venture a going concern, the own-
ers would have made more of an effort to
repair and reopen the hotel after the hurri-
cane. However, the resort’s balance sheet
before the hurricane struck was probably in
such poor shape — with a union still growling
in the background — that its financial back-
ers saw no reason to continue their support.

Five months after the closure of the hotel
International Bazaar owners started to com-
plain that business was failing and many

‘stores were faced with closure.

When unionists were bringing the Royal
Oasis to ‘its financial knees, they failed to
realise that the union was one of the biggest
property owners in the Bazaar and that the
resort’s guests were their largest clientele.
When the hotel closed, the Bazaar and the
union took a direct hit.

Straw vendors and hairbraiders faced evic- .

tion because they were unable to meet their
-monthly rent. Without tourists, they had no
business, and without the resort there were no
tourists. Taxi drivers suddenly had no one

to drive. In 2006 a Freeport lawyer said he
had been approached by businessmen and
retailers in the Bazaar to see what could be
done to force Driftwood to sell or re-open the
Royal Oasis. “They can’t survive,” they said.

It is unfortunate that persons who had a
say in union decisions when the hotel was
operational did not realise how important
the success of the resort was to their Bazaar
operations.

A Freeporter said yesterday that although
some shops had closed in the Bazaar a num-
ber are still struggling to hold on. The Grand
Bahama Port Authority has earmarked funds
to help support these businesses by marketing
the area.

The Ministry of Tourism, the Bazaar’s
anchor tenant, moved from the Bazaar to
the nearby Fidelity building. This must also
have been a heavy financial blow.

Eventually a developer was found and in
May last year Harcourt Developments, an
Irish property developer, announced it plans
to spend between $150 to $200 million to
upgrade and reopen the Oasis. It is under-
stood that the Harcourt group will start ren-
ovations and construction in October.

Last week there were also reports that
two Bahamas Hotel Catering and Allied
Workers unionists were locked out of the

Our Lucaya Resort by security officers. Police

were called.

Presently the internal strife in this union
has two factions fighting to represent the
workers. We certainly hope that unionists —
certainly those with a stake in the Bazaar —
will remember ‘how earlier union activity
helped destroy their bread and butter. If
Freeport is to have a fighting chance the
trade unions will have to become more
responsible.

We understand that although the Ginn
operation has problems in West End, Bobby
Ginn, the best known property developer i in
Florida, is determined to make a success of
West End. Although there has been a cut
back in their operation, we are told that work
continues daily on the development.

And so it would seem that Freeport still has
a fighting chance.

It is hoped that union members who threat-
en to withdraw their labour will in future
remember these years and how much they
contributed to their own suffering.

It would be a tragedy if history were to
repeat itself.



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Why our

country is.
becoming a
failed state

EDITOR, The Tribune.

When will this stop! Anoth-
er brother “bites the dust” and
is a product of another vicious
murder.

Who is to blame? The par-
ents, society in general or are
they just a product of their
environment, as I look at the
murder rate in a society that is
based on the foundation of
strong Christian beliefs I have
no other alternative but to ask
what has happened to the
young men of today.

What kind of society we
have become where young
men cannot resolve differ-
ences without the use of a gun
or a knife, a society where
they are strung out on drugs
and abusing alcohol at an
alarming rate.

A society where they earn
“stripes” when they commit
murder and enter prison and
be known as a “freak” when
they talk about a “vibe” that
gone down, put these together
and you have an antidote for
disaster.

Most of these young men
have no remorse for life in
general think nothing of stab-
bing or shooting you once
confronted upon, it’s an
alarming statistic when the
average age in the prison sys-
tem now is 17-25 years for first
and second offenders and we
wonder why we are failing as a
nation.

We are now living in a soci-
ety where murder is the num-
ber one crime among young
men and the Bahamas in gen-
eral, why is this?

A relative made a great
assessment “they have no
fear” no fear for the law and
no remorse for their actions,
the system is to blame as well
because no’ way should there
be bail for murderers. “Bail”

DB awbse

letters@tribunemedia.net






for a murderer.

When I look at this trou-
bling statistic you only have
to wonder why the Bahamas is
failing as a nation and society
in general because there is “no
fear!” and the people are liv-
ing in fear.

How many more of our
young men will fall victim of
yet another vicious crime?

How many more families
will be traumatized by a rela-
tive’s unexpected demise?

How many more mother’s
will be awaiting their sons
arrival home to find out that
particular day it’s not going to
happen due to a vicious mur-
der?

It’s these vital things that
have the social and moral fab-
ric of the Bahamian society
crumbling because most peo-
ple have no respect for life in
general, this is one reason I
am for capital punishment.

Is capital punishment a
deterrent to crime?

Personally I.don’t think so
but it is the “law” and what is
law should be carried out to
the fullest extent of the law,
some would argue that it is
inhumane and should not be
implemented but would these
same people’s theory be the
same when they have a close
relative or friend brutally mur-
dered?

By implementing capital
punishment it would send a
clear message to convicted
murderers and would be
killers that the law is being
implemented and the result of
committing serious crime is
execution to the fullest extent
of the law.

Isn’t it ironic that these very
same murderers once convict-
ed would try their hardest to
have their appeal overturned
to life imprisonment why?
Because they fear death just
like the person they killed, but
most organisations have pro-
grammes in place to accom-
modate prisoner rights
(Amnesty International).

But what about the right of
the victim, what about the
emotional scares the family
has to endure?

The sleepless nights and the
pain they have to go through.
There is an old adage “that
time heals all wounds” but
how long will it take?

Some wounds never heal
and it may take years for an
individual to fully recover, my
aunt sums it up best: “If they
(the government) doesn’t do
anything soon law-abiding cit-
izens will turn like vigilantes
putting the law in their own
hands” — which I myself tend
to agree, is this the type of
society we want? A society
where law-abiding citizens are
so fed up with the system’s
constant failures that the only
alternative for them to'receive
justice is to take justice in their
own hands?

Is this the Bahamas we
want? Where young men are
constantly committing murder
at the age of 17 and filling the
prison facility with uncontrol-
lable youth?

No wonder why the prison
facilities are filled, filled with
young men from the ages of
17-25 for first and second
degree murder.

These are important factors
that have the Bahamas
becoming a failed state.

JONATHAN DILL
Nassau,
June, 2008.

Delighted by partial reopening of East
Cemetery Lane - but I have concerns

EDITOR, The Tribune.

I AM delighted to see that
either our Ministry of Works,
or UBS, or both together,
have at least partially re-
opened East Cemetery Lane
on the east boundary of the
Harbour Bay Shopping Cen-
tre.

I am, however, a little per-

plexed, as they seem to have
cut away the hill which, unless
ones car had wings, will pre-
vent the free flow of traffic
along this ancient public road-
way.

Neither am I sure about
how much of the Lane has
been impacted by the proxim-
ity of the Red Carpet Inn to it
on the north side of the hill
but I hope that someone in

WILL BE CLOSED
on Friday, 11th July, 2008
PYM

RE-OPEN
on Monday, 14th July, 2008
at 8:00am.

We apologise for
ELSE Le: USCA.



your investigative reporting
area might be able to get some
answers for the driving pub-
lic.

Perhaps it is the intent to
reroute this roadway through
the UBS property, but if such
is the case, I would have
thought that some kind of
Gazette notice would have
had to be published to make it
legal.

Certainly UBS will have to
keep this road permanently
open to the public.

To have the Lane fully
opened again will be a boon to
drivers, who must now tra-
verse the very bumpy and con-
gested Shopping Centre, to
get from Bay Street to Shirley
Street, or alternately, ride all
the way around the Montagu
in order to go west.

At the price of gas today the
latter is not really an econom-
ic option.

As most of the Moseleys,
for whom West Cemetery
Lane was renamed to Moseley
Lane, have passed on or
moved away, (apologies to
Dede) it might be quaint to
revert this Lane’s name to
West Cemetery Lane, and yes,
you must have guessed it, Har-
bour Bay could then be
renamed to Cemetery Shop-
ping Centre in honour of
those souls who still may be
beneath the tarmac.

BRUCE G RAINE
Nassau,
July 2. 2008.
THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 5



Mii
Slow response to Tribune’s Independence Day poll |



national events.

in last Friday’s paper.

celebrations.

has been a success.

BAHAMIANS seem slow to respond to a Tri-
bune poll on race relations and their impact on

The question: "Do you attend Independence |
Day celebrations? Why or why not?" was posed

This followed complaints that white Bahami-
ans are not well enough represented at national

One academic suggested that the decision by
white families to stay at home could be under-
mining the idea that Bahamian oo

So far, only three responses have been
received, all of which expressed very. different
concerns. One white Bahamian said he stays at
home during the independence celebrations,
because he has generally felt unwelcome at the

Clifford Park in previous years.

He said: "Bahamians of a darker complexion
feel that they are the only ones that are sup-

posed to be in the Bahamas".

The respondent also said he feels that Bahami-
ans can often have an unreasonable fear or
hatred of foreigners or strangers.

He added that he has overheard young black



Bahamians at Independence Day celebrations
saying that, "they (white Bahamians) can wait,

because this is our thing".

The respondent said he doesn't need to go -

anywhere "just to get insulted".

The only other response to the Independence
Poll was from an anonymous Bahamian, who
complained of the parking problem at Clifford
Park. She said: "Once you get blocked in, you
will have to stay put until the eventisover",

The Tribune would like to hear more from
_ Bahamians of all racial or cultural backgrounds,
_ who have reasons for or against attending nation-



EPA deal yet to go to Cabinet

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

Despite initial expectations
that it would be made public by
the end of June, it may be
weeks before the majority of
Bahamians see the services
offer the government will make
to Europe as part of the Eco-
nomic Partnership Agreement,
The Tribune has learned.

Yesterday, Minister of State
for Finance Zhivargo Laing told
The Tribune that the offer had
yet to go before Cabinet for its
perusal — and that the Cabinet
agenda “is the prime minister’s
business.”

He said that he now expects
the document to be made avail-
able within the next two weeks.

Mr Laing, who is currently
abroad, also said he was
unaware that the sign-on date
for Caricom countries to the
EPA had been pushed back to
either July or August 30, as
reported in the Caribbean
media this week.

His comments follow state-
ments made on June 20, when
he said the offer was “95 per
cent complete” and estimated
that it would be ready for pub-
lic viewing by the end of that
month.

The services offer is the deal









TROPICAL
re)
STM AIe
PHONE: 322-2157

Bahamians may have to wait weeks for
details of govt’s services offer to Europe



ancients

the government has negotiated
over a period of months with
representatives of the different
service industries, such as real
estate and construction, in terms
of the extent to which each will
or will not open up to foreign
competition when the EPA is
signed.

While Mr Laing has declared
that all of une industries cur-
rently “reserved for Bahami-
ans” under the National Invest-
ment Policy — such as wholesale
and retail trade, and beauty

‘salons — will remain “protect-

ed” in this way, the extent to

which other industries will be
gradually opened up to outside
competition from the EU and

| other Carribbean countries

remains unknown by the gen-
eral public.

Meanwhile, a Ministry of
Finance official told The Tri-
bune yesterday that the ministry
is still in the process of schedul-
ing a series of educational town
meetings which Mr Laing said
in June would go ahead this
month.

Tia Hanna said that she
expects the meetings will begin
on July 18 and will continue into
early August.

This means that the meetings
would have happened in large
part after the date that the
Bahamas was until last week
expected to sign onto the EPA.

However, with news emerg-
ing that the sign-on date may
be postponed for a third time,
the public may yet have a
chance to find out more of the
details of the trade agreement
before the Bahamas becomes a
signatory.

Yesterday attorney and busi-
nessman Paul Moss, a high pro-
file critic of the trade deal
between European and African,
Caribbean and Pacific countries,

said that the fact the deal has |
not yet been before Cabinet and |;
. that.it’s not a:foregone conclu-

become available for public

scrutiny is evidence of Mr ,

Laing’s “disorganisation.”

Claiming that Mr Laing has
“dropped the ball” on the mat-
ter, he said: “I think it’s egre-
gious for the government of the
Bahamas who have the charge
of representing the Bahamian
people to put together a list that
has been shrouded in secrecy
away from the scrutiny of the
public, those who would have
analytical and critical eyes, and
then to be going forward to be
signing ‘on July 23.”

Mr Moss said that Bahami-
ans “want to know what (con-
ditions) you expect them to live
under.”

Meanwhile, EPA detractor
and senior partner at McKin-
ney, Bancroft and Hughes, Bri-
an Moree, said that while he
thinks its “commendable” that
the government has consulted
with the various industries and
heard their concerns there is
“no substitute for the govern-
ment giving persons within the
.community sufficient time to
consider the final draft of the
services offer.”

He added: “I hope that the
government will ensure that
when they are in a position to
release that document, that
there is sufficient time for mem-
bers of the community to con-
sider:it and to debate it, and

sion.”



al events, or who feel concerned about this issue.
_ Anyone wishing to respond may contact Lisa
Lawlor by email at lisalawlor@gmail.com, by
telephone at 502-2365, or y mail:




. Independence Day Poll
The'Tribune -
Shirley and Deveaux Streets”
PO Box N-3207
a Bahamas.


















: mmucats may b be printed anonymously




Air transport fuel costs
present major tourism
challenge - new minister

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

THE effect of the rising cost of fuel in the air transportation sector
is one of the major challenges facing the Bahamian tourism industry,
the new minister observed yesterday.

Vincent Vanderpool-Wallace — while addressing the media at Gov-
ernment House after he was sworn in as a senator and minister — said
that this issue is “clearly one of the things we have to address” as he
offered his initial observations on his new portfolio.

Caribbean countries have a particular problem with the rising fuel
costs as a significant portion of guests come to the region on airlines,
which are particularly struggling with the issue.

This differs from US destinations such as Orlando and Las Vegas
where many visitors drive to the destinations, which costs less that what
airline tickets costs for multiple members of a family.

Mr Vanderpool-Wallace noted that Grand Bahama is one of the few
warm weather destinations in the region Americans can visit without

flying.

This indicates that there is major potential for the island -— which cur-
rently has an economy in severe recession — if new sea-based options
are expanded between there and the US mainland.

The first quarter preliminary figures by the Department of Statistics
for 2008 revealed that overall visitor arrivals in the country were up by
two per cent.

This was bolstered by the Out Island tourism arrival figures, which
were up 16 per cent in the first quarter compared with the first quar-
ter of last year.

Despite this, air and sea arrivals for Grand Bahama were down
13.5 per cent. These slumping numbers for Grand Bahama came when
other islands saw significant gains over the same period. Air and Sea
arrivals were up in Andros by 8.7 per cent; by 32.2 per cent in the Berry
Islands; 30.3 per cent in Bimini; 26 per cent in Cat Cay; 16.1 per cent in
Cat Island; 4.2 per cent in Eleuthera; 40.7 per cent in Inagua; 37.3 per
cent in Half Moon Cay; and 0.4 per cent in San Salvador, compared to
the same period in 2007.

Mr Vanderpool-Wallace said he to speak with out-going Tourism
Minister Neko Grant yesterday to determine the initiatives he thinks
are most important within the portfolio.

However, in the meeting, said Mr Vanderpool-Wallace, the topic of
Grand Bahama will also be raised as Mr Grant is from the island.

“Tf you look at some of the opportunities for growth, it is very
strong in Grand Bahama and that’s a part of one of the reasons why I
wish to talk to minister Grant very quickly, because beyond talking
about tourism in a broad context, he.has a special understanding for
Grand Bahama and to be able to focus on what needs to be done i in
order to make sure that \ we continue to grow that as rapidly as we can,’
he said.

UBS (Bahamas) Ltd. is one of the world's leading financial institutions in the Carib-
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PAGE 6, TUESDAY, JULY 8, 2008

THE TRIBUNE



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CHRISTIAN MISSIONARIES

Team will travel to Haiti to help one
of world’s poorest communities —

lM MEGAN REYNOLDS
Tribune Staff Reporter

AN INSPIRING group of
Christians will travel to Haiti
on Friday to help one of the
world's poorest communities by
building classrooms, running a
medical clinic and spreading the
world of God.

The Short-Term Foreign Mis-
sions Team from Grace Com-
munity Church in Palmetto Vil-
lage, Nassau, will build four
classrooms to expand The
Good Shepherd Evangelistic
Church School in Port-de-Paix,
which teaches up to 900 stu-
dents in just four small class-
rooms.

Missionaries hope the visit
will be the first of many to the
area, as they will make perma-
nent ties with the Good Shep-
herd Evangelistic Church by
making ‘it their sister church.

Although the Foreign Mis-
sions Team has travelled as far
as Nigeria and throughout the
Caribbean to work on mission-
ary projects.over the last 23
years, this will be their first vis-
it to Port-de-Paix, a peaceful
city in the north of Haiti where

many Haitians in the Bahamas

come from.

Many of the 23 missionaries,
who range from age 12 to 60,
have. participated in the mis-
sions since they began, and
some, who began the mission-
ary work as children, are now
actively involved as teachers in
the Vacation Bible School for
local children.

Lyric Hanna, 21, a university
student who first went on the
missions as a child, is now
leader of the Vacation Bible
School, teaching up to 350 Cre-
ole children in a classroom with
other young people from the
Grace Community Church.

Miss Hanna said: "It's a real-
ly large group of kids and it's
really challenging because often
times only one or two of the
kids speak English.

"I'm studying education in
schools so most teachers will
say it is not a very practical sit-
uation to deal with, but we are
actually going to do God's work
and a lot of the time the kids
get a lot out of it."

Nurses will run the medical
clinic in the church and expect
to treat around 200 people a

day throughout the week as well -

as making house calls.

The main focus of the project
however, will be laying the
foundations for four new class-
rooms, and the team hope to
get to the belt course by the end
of the week, and.return to con-
tinue the project next year.

Grace Community Church
Pastor Lyall Bethel said: "This
isthe third time the team will
assist in building classrooms.

"We believe very much that
we can't just take the Bible mes-
sage into an area, Jesus never
just presented the Gospel mes-
sage, it was always accompa-
nied with healing.

"Our message is impacted by
the fact that we are building in
the community."

Project partner and pastor of
the church in Port-de-Paix,
Wilney Joseph, said: "I am so
happy this year we will have
Grace in Port-de-Paix. I have
been waiting for this for a long
time. It is going to be very excit-
ing."

RAs COC BIRKS (eset



TEAM EFFORT: The team built a church in a Haitian community in

Grenada in 2003.



Outreach project manager
Pastor Tinkle Hanna empha-
sised how dedicated his volun-
teers have been in various pro-
jects throughout the years, both
in the Bahamas and abroad.

He said: "In the last year
Grace Community Church have
paid over $83,000 towards
worldwide missions to over 20
mission agencies around the
world.

"I hope everyone can appre-
ciate the scope and effort made
by these young people to raise
the money to join the project
and for supplies."

The missionaries each raised
$1,180 for the seven-day trip,
and more donations are needed,
particularly of craft equipment
and soccer balls for the Vaca-
tion Bible School as well as
medical supplies.

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



MICHAEL Barnett and Vincent
Vanderpool-Wallace, the two newest
members of the Ingraham cabinet,

ministers yesterday morning in front
of family and friends at Government
House.

“It gives me great pleasure to have
these two gentlemen serve in my cab-
inet. Both are well known to you,
Excellency and, indeed, to the
Bahamian people. Both are making
substantial financial sacrifices by
accepting the call to public service,”
said Prime Minister Hubert Ingraham
after the new ministers were sworn
in by Sir Arthur Foulkes, deputy to
the governor general.

“Both are eager to make a differ-
ence in the public affairs and devel-
opment of the Bahamas. Both are
eminently qualified for the jobs
assigned them. Indeed, both are lead-
ers in their respective disciplines and
have earned the respect and admira-
tion of colleagues, the public and,
even their detractors.”

Mr Barnett, an attorney and part-



were Officially sworn as senators and ~

ner at Graham Thompson and Co, is
the former chairman of the Water
and Sewerage Corporation. He was
called to both the English and
Bahamas Bars in 1978 and has also
served as an acting magistrate; an act-
ing justice of the Supreme Court;
president of the Bahamas Bar Asso-
ciation; chairman of the Industrial
Relations Board; a member of the
Financial Services Advisory Com-
mittee; and as chairman of the
Catholic Board of Education.

Honour

“Well, ’'m humbled and pleased by
the honour that has been bestowed
upon me and I recognise the awe-
some challenges of the office, and
with the support of the Bahamian
people, I’m sure we’ll make progress
and move things along,” said Mr Bar-
nett while addressing the media after
the ceremony. :

During his term in office, Mr Bar-
nett and the Ministry of Legal Affairs
will be especially concerned with
ensuring the completion of the Mag-
istrates Court complex on Nassau and
Meeting Streets, along with the accel-

C=" oe

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Client Accounting Supervisor
Responsibilities include:

Prompt and accurate preparation of financial statements for
complex trust structures, company and agency accounts.
To comply with and contribute to the maintenance of effective
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Review of financial statements prepared within the department
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Two new Cabinet |
members sworn in

eration of plans for the construction of
a new Supreme Court.

Accélerating the rate of criminal
prosecutions in the Supreme Court,
and reducing the backlog in the over-
all judicial system will also be of
utmost importance for the new AG.

Mr Vanderpool-Wallace told the
media that the first thing on his agen-
da was to meet with former Tourism
Minister Neko Grant in order to talk
to him about the initiatives he believes
are most important.

He then intends to hold talks with
the teams at the Ministry of Tourism
to determine what issues they think
need to be critically addressed, fol-
lowed by meetings with staff at the
Hotel Corporation, the Gaming
Board, the Aviation Department and
private sector stakeholders.

Mr Vanderpool-Wallace served as
director general of tourism for 12
years.

Last month he completed a three-
year term as secretary general of the
Caribbean Tourism Organisation.

While in the private sector, Mr
Vanderpool-Wallace worked for the
old Resorts International (Bahamas)
Ltd where he held a number of senior
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See tomorrow's Tribune for the

Independence supplement

Read among other interesting topics:
DREAMS REALISED, HOPES DASHED -

Tracking the nation's fortunes

HAITIAN IMMIGRATION -

and its affect on Bahamian life

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PAGE 8, TUESDAY, JULY 8, 2008

THE TRIBUNE



ae Re a 2
Alleged drug Hurricane strengthens into category three storm

FROM page one

Maycock Sr has also
been charged in connection
with that offence. He is also
wanted for extradition to
the US accused of heading
a drug gang that smuggled
marijuana and cocaine into
the United States through
the Caribbean. The Attor-
ney General's Office is
expected to proceed with
his extradition case.

The Joan’s Heights resi-
dent returned to Court 8,
Bank Lane yesterday
where his lawyer Damien
Gomez argued for him to
-be granted.bail. Mr Gomez
submitted that there was
no evidence that the
accused went out of the
jurisdiction nor any evi-
dence to suggest that he
was preparing to travel,
noting that police had
‘arrested him in New Prov-
idence.

Magistrate Bethel noted
that had she not issued a
warrant for his arrest on
the extradition request four
years ago she would have
no qualms granting May-
cock bail. She noted that
the other men being sought
for extradition in the same
matter for which the US is
seeking Maycock Sr , had
spent some two years in jail
until they received bail.
Maycock was denied bail
and remanded to Her
Majesty's Prison.

Maycock's cases have
been adjourned to October
2 and 9.

‘Emperor’
appears in
court charged
with murder

FROM page one

8, Bank Lane, on the drug

possession charge.
Knowles pleaded guilty to
possession of 20 grams of

marijuana, which police © }

said were found at the
Coral Heights residence
where he was arrested.
According to the prosecu-
tion, Knowles claimed that
he had the drugs for his
own use and that his girl-
friend knew nothing about
them.

His attorney Murrio
Ducille submitted that his
client ought to be given
credit as he had not sought
to waste the court's time.
He said that Knowles was
a carpenter by trade.
Knowles admitted that he
had served time on a pre-
vious conviction in Court
8 in 2002. Magistrate
Bethel fined Knowles
$1,000 or six months in
prison.

Following his arraign-
ment on the drug charge
Knowles was taken before
Chief Magistrate at Court
1, Bank Lane, to be
arraigned on the murder
charge.

It is alleged that
Knowles intentionally
caused the death of Ken-
vardo Knowles on Sunday
August 19, 2007. The 26-
year-old was reportedly
shot in his abdomen dur-
ing an argument in August,
2007 in the Fox Hill area.
The father-of-six was pro-
nounced dead on arrival at
Princess Margaret Huspi-
tal, becoming the 51st mur-
der victim for 2007.

The accused was not
required to plead to the
murder charge. The mat-
ter was adjourned to July
14 for fixture and trans-
ferred to Court 9, Nassau
Street.

Knowles' girlfriend, who
was represented by attor-
ney Roger Minnis, pleaded
not guilty to the charge of
harbouring a criminal. She
was granted bail in the sum
of $5,000 with one surety
and has to report to the
Carmichael Road police
station every Saturday
before 6 pm. Knowles was
remanded to Her Majesty's
Prison.

~ THIS SATELLITE image provi



d by NOAA shows Hurricane Bertha collected at 6:45 a.m. EDT Monday July 7, 2008. NOAA/AP

FROM page one

not a threat to us but in the
next three days or so we will
be able to make a better
assessment," said Mr-Dean.
"As we speak we still envision:
it to move parallel to the
islands."

He added that up to press
time last night Hurricane
Bertha was moving along a
projected track to the Caroli-
nas.

According to US forecast-
ers, Hurricane Bertha was
moving across the waters of
the central tropical Atlantic
Ocean yesterday. Forecasters
also said yesterday it was too
early to determine if Bertha
would hit land and cause any
damage.

As of five pm yesterday,
Bertha's centre was located
about 730 miles east-northeast
of the Northern Leeward
Islands and about 1,150 miles
southeast of Bermuda.

Up to press time last night,
Bertha had maximum sus-
tained winds of nearly 115
miles per hour with hurricane
force winds extending outward
up to 25 miles from the centre
and tropical storm winds out-
ward of up to 115 miles,
according to the National Hur-
ricane Centre.

The Atlantic hurricane sea-
son runs from June 1 through
November 30.

Dispute disrupts Jones Communications Network operations

FROM page one Staff were said to be out
guson, who was allegedly
fired on Friday after being
blamed by Mr Jones for
causing the five o’clock
television news broadcast
to air late.

Mr Jones’ daughter,
Kendea, who also works as’
a reporter with the organi-
sation. The 6.30 evening
newscast was read by sports
reporter Gerrino Saunders.

Murdered man is

: found bound in van

FROM page one

area, but investigations are continuing.”

Yesterday the technician’s uncle, Basil McIntosh, said he
believed his nephew’s killing followed an attempted bur-
glary at his home, although Mr Hanna said that police “do not
have that information.”

Basil McIntosh said: “I think it’s robbery. At least that’s
the way it’s pointing. It’s my understanding that some guys
entered his home and ransacked the place and wanted more
money than he had probably given them.”

Meanwhile, Andrew’s father, Hilton Senior, expressed
doubts about whether robbery was the sole motive. “I think
some questions need to be answered about that — the jury’s
out on that.

“It don’t seem straightforward to me,” he said.

He added that the whole thing “came as a shock.” He said
his son was a “nice fella.” He did not believe he had “any
problems with anybody.”

Andrew lived on Market Street with his wife and two chil-
dren. His family were reportedly unharmed during the raid.

Both his uncle and his father said that this was Andrew’s
first brush with the criminal world, as far as they were aware.

“He was a happy, loving-type chap.

“He always wanted to crack jokes and all that. That’s the
kind of guy he was, always happy, never sulky,” said his
uncle.

Butler's Huneral Homes

& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

DEATH ANNOUNCEMENT |

Elva M.
MacMillan

Elva MacMillan (nee Griffin) died
peacefully at home on Sunday,
July 6, 2008 after a short illness.

The daughter of Wilbert (Squire)
and Gwendolyn Griffin, of
Governor’s Harbour, Eleuthera
Elva spent most of her adult life
in Nassau.














She was predeceased by her
husband Robert (Bob) MacMillan,

and is survived by her daughter
Joanne Lowe, Son-in-law Rick Lowe and grandchildren
Christopher, his wife Kate and Matthew Lowe.






She also leaves behind Kay Winchester her Sister-in-law, and
other relatives of Dalhousie New Brunswick.






Special thanks to the care givers, Marilyn Moree, Eloise Wilson,
Willamae Braynen, Katie Rolle, Jessie Rolle, Barbara Morrison,
Diane Benson, Norma McKenzie, Idena Flowers and Joana
Coleby.

Arrangements are being conducted by Butlers’ Funeral Homes
and Crematorium, Ernest and York Streets.







in solidarity with Ms Fer- .

Sources have suggested
that the fault was a techni-
cal one, and not that of Ms
Ferguson.

However, Mr Jones went
ahead with her firing and
after unsuccessfully
attempting to get Mr Jones
to apologise to Ms Fergu-
son, news editor Candia
Dames allegedly resigned
over the matter — although
Ms Dames would neither

gant nor deny her resig-
nation on the weekend. No
newspaper was printed the
following day.

Contacted yesterday, a
JCN employee at Media
House said Mr Jones was

“not commenting on the

events.

According to reports
reaching The Tribune, it is
still unclear which staff will

return to work today or if

the company will see the
departure even more
reporters.

The Jones Communica-
tion Network, which pro-
duces the Bahama Journal
newspaper, Love 97 FM
and JCN TV, has already
lost numerous employees to
other media organisations
this year, including journal-
ists, talk show hosts and
sales staff. ne

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THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 9



Call for talented —
singers to ‘Ride
the Wave al

KINGDOM Glory
Records has been
engaged recently ina
musical treasure hunt to
discover talented
singers from across the
Bahamas and bring
them to public notice.

KGR, the recording
label of Mount Tabor
Full Gospel Baptist
Church’s Praise and
Worship team, launched
tts summer music com-
petition themed, “Ride
the Wave 2008”, July 2,
it continues on July 16,
finishing with a grand
finale on August 3, at
Mount Tabor Full
Gospel Baptist Church.

Nehemiah Hield,
Managing Director,
KGR said, “We would
now like to reach out
and touch praise and
worship teams all across
our Bahamaland, so
that they too can go
where they have never
been before musically.”

Five Praise and wor-
ship teams from across
the Bahamas will come
together and compete
for the grand prize of a
contract to record their
very own single pro-
duced and released by
KGR, in addition to
cash prizes. Competing
groups include, Word of
Life, Everlasting Life,
Living Waters, Gilead
Full Gospel Baptist
Church and Good
Samaritan.

Talent

The competition con-

sists of two elimination
rounds — on July 2 and
July 16 — when one
group will be eliminat-
ed each evening. On
August 3, the winning
group will be selected
from among three
remaining teams. To
demonstrate, their
singing talent, creativity
and performance skills,
participating teams will
be required to sing a
feature song from the
Mount Tabor Praise
and Worship Project,
“Wave of Glory” in
addition to a selection
of their choice from the
CD.

Teams will be judged
in the following areas:
tone, technique, diction,
phrasing, interpreta-
tion, musical effect,
intensity and projec-
tion, ministerial effect,
level of difficulty, and
stage presentation.
Judging the competition
are several persons who
are prominent musical
artists in their own right
— Patricia Bazard, lead
judge, Minister Kevin
Harris, Joy 101.9 FM
and singer, Joanne Cal-
lender.

Ride the Wave Com-
petition hosts include,
“Sister C” DJ, Joy 101.9
and Jack Thompson,
Comptroller, Road and
Traffic Department.
Simone Beneby, a
comedian is the fea-
tured guest artist, while
the Ride the Wave
Musical Competition
begins at 7pm nightly.
Bahamas@Sunrise will
feature the semi-final-
ists live during the
weeks leading up to the
August 3 finale, when
the awards and certifi-
cates will be presented.

Nadine Moss, Praise
and Worship Director
said that there are many
gifted gospel singers in
The Bahamas, but they
remain relatively
unknown to the wider
public. “KGR desires to
bring Bahamian singers
and musicians from
within the borders of
their churches to the
forefront,” Ms Moss
said. “I believe that
there are a whole lot of
skilled singers who we
do not know.”

Kingdom Glory
Records recently
launched their own CD
and DVD entitled,
“Bishop Neil Ellis Pre-
sents: Mount Tabor’s
Praise and Worship
Ministry.”

THIS summer promises to be
very exciting for Ebony Johnson, a
secondary education Spanish major
at the College of The Bahamas. She
has been selected to receive finan-
cial support from AMISTAD, the
local organisation that promotes the
Spanish language and culture in the
community.

This will enable her to go to the
Costa Rica Language Academy for
three weeks in August to improve
her Spanish language skills.

Ebony, former valedictorian at
Doris Johnson Senior High School,
was thrilled to receive the funds
and spoke enthusiastically about
what the forthcoming trip means to
her.

“Spanish is my passion,” she said,
“and I am so grateful to AMISTAD
for helping me realise this dream. I
want my experience in Costa Rica
to enable me to increase my fluen-
cy in the language and J also want
to improve my communication skills
so that I can relate better to stu-
dents in the classroom.”

Donella Davis, president of

Share your news

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|} or have won an awatd.

Ifso.-call us on:322-1986

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LOCAL NEWS

COB Spanish major selected
for support from AMISTAD

AMISTAD, said that the organisa-
tion was very happy to assist Ebony
in her endeavours. /
“One of the aims of AMISTAD,”
she explained, “is to offer some
financial assistance to an individ-
ual who has completed high school
and plans to do further studies ina
Spanish-speaking country.”

Ambassador

Rhonda Chipman-Johnson, vice
president of AMISTAD and exec-
utive vice president at the college,
added, “Ebony reached out to us
and applied for assistance. We
know her well as MC of Foreign
Language Days at the college of the
Bahamas and from helping at
AMISTAD events.

“We know she will be a fine
ambassador for the country and the
college.”

AMISTAD means friendship and
the organisation meets on the third
Friday of the month in Room 4 at
the Bahamas Tourism Training
Centre.









PICTURED ARE Donella Davis, president of AMISTAD, and Rhonda Chipman-Johnson, vice presi-

dent of AMISTAD, presenting cheque to Ebony Johnson.



Prime Minister
meets for talks with
Feligious leaders

PRIME Minister Hubert
Ingraham met with religious
leaders at the Office of the
Prime Minister on Cable
Beach last week.

They discussed a wide range
of issues. ‘

Pictured from left are Bish-
op Edward Missick, H Horace
Bullard, Bishop Simeon Hall,
Prime Minister Ingraham,
Bishop Minnis, Bishop Leroy
Emmanuel and Rev A Shelton
Higgs.

Peter Ramsay/BIS

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BIC reserves the right to reject any or all Tenders.

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PAGE 10, |UEOVAi:, ULL 6, cLUUO . THE TRIBUNE



| TUESDAY EVENING JULY 8, 2008

7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30

NETWORK CHANNELS

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THE TRIBUNE PAGE 11



ogee sora

TUESDAY, JULY $8, 2008




INSIDE © International sports news

@Qis ) PO iterl
ix gold for Bahamas fizz
| - A team to be

announced

Bahamians win 13 medals and finish Ieee



third overall at CAC championships | gu,

Association will announce
the official Olympic team
in a press conference sched-

he Bahamas closed out the uled for 11am July 11 at the





21st Central American and DEBBIE FERGUSON McKENZIE culminated Nassau Yacht Club.

Caribbean Championships the Bah nF ive showi t th ;

in Athletics on a positive é Bahamas impressive showing at the BASKETBALL ;
games with a gold medal performance in the COACH Pattie Johnson

note at the last major meet

for most athletes before the Beijing will field a team of girls to

200m during Sunday’s final session. Her time al
‘compete in a series of exhi-

of 22.78 brought about the Bahamas’ sixth

Olympics.

Following the conclusion of the meet
over the weekend, the Bahamas Olympic
Association.announced that the official
Olympic team will be revealed on Fri-
day.

Debbie Ferguon-McKenzie culminat-
‘ed the Bahamas’ impressive showing at
the games with a gold medal performance
in the 200m during Sunday’s final ses-
sion.

Ferguson-McKenzie’s time of 22.78
brought about the Bahamas’ sixth gold
medal of the meet. :

The Bahamas finished fourth in the
medal count overall with 13, which
includes six gold, four silver and three
bronze. They finished third in the point
total with 132. |

Both 1600m relay teams contributed
to the medal count in the meet’s final
event. ' ;

The women’s team of Sasha Rolle,
Christine Amertil, Shakeitha Henfield
and Crystal Strachan finished third in
3:35.57s.

Cuba finished first in 3:27.97s while
Mexico was second in 3:29.94s.

The men’s 400m squad of Ramon
Miller, Michael Mathieu, Avard Moncur
and Andretti Bain, posted a time of
3:02.48s, finishing closely behind Cuba’s
3:02.10s.

Trinidad and Tobago was third in
3:04.12s. > ,

Also on day three, Osbourne Moxey
finished fifth in the long jump with a leap
of 7.68m.

Wilfredo Martinea won the event and
set a new CAC record with a leap of
8.31m:

The Bahamas’ gold medal tally also
included Shamar Sands-110mH, Lavern
Eve-javelin, Leevan Sands-triple jump,
Bianca Stuart-long jump and Chandra
Sturrup-100m.



gold medal of the meet...

bition games and camps
across several states includ-
ing Georgia, Florida and
Louisiana.

The team will. travel
today and will begin partic-
ipation in the Fort Valley
State University Lady Wild-

| cats basketball camp July
_ 11-13.

The nine-member team,
consisting largely of H O
Nash Junior High team
members, will spend five
days in each of the states.







BBFF executives recognise lapse in talent pool

ADRON GREEN - one of three-overall winners...



â„¢ By RENALDO DORSETT
Sports Reporter.



DESPITE a strong and success-
ful showing from the field at the
35th Bahamas Bodybuilding and
Fitness Federation National Cham-
pionships, federation executives
recognise a lapse in the talent pool
and will seek solutions in the near
future.

Last weekend’s nationals were
completely void of any competi-
tors in the junior division, a prob-
lem that BBFF president Danny
Sumner said his organisation
regards as a top priority.

Each of the three overall win-
ners, Aaron Green, Faye Rolle and

’ Charnice Bain, are veterans in the

sport.

“We're looking at improving that
and hopefully next year we will
have at least four or five juniors
on stage,” Sumner said.

“We were very disappointed in
this and I must admit that we had
hoped that we would have had a
stable junior programme by now
in 2008.” :

Sumner said the federation will
continue to seek to influence
schools to create a feeder system
and hopefully improve junior par-
ticipation next year.

“We are in the process of putting
in plans in the various high schools

builders also experienced a notice-
able increase with just six partici-

pants and two weight classes in the
field.

“It’s a concern not only locally,
but internationally as well. Female
bodybuilding has been on the
decline for a number of years now
and the reason for that is tecause
the fitness category is now catching
on,” he said. “It started in Europe
and spread to North America and
now the Bahamas.”

The fitness category fielded 10
participants spread over five divi-
sions.

According to veteran body-
builder Jan Johnson, making the
transition to fitness represents a

‘shift that may be occurring with

many women choosing to make
their impact on the fitness catego-

ry.

Suhines said the numbers in
female bodybuilding may continue
to decrease with the rise in the pop-
ularity of fitness.

“Next year, perhaps we wiu see
even more people in female fitness
rather than female bodybuilding.
In female bodybuilding, we still
look at it as being a very good sport
and Jena Mackey is indicative of
that and we have Jan Johnson who
came back not as a bodybuilder
but in fitness,” he said. “The work
is not as hard. When you prepare
for body fitness the training is not
as rigorous as in bodybuilding.”

and hoping that one day we will The next major event on the
@ havea junior show all by itself ora | BBFF calendar is the 36th Central
S high school bodybuilding champi- American and Caribbean Cham-
2 onships, that remains in the plans _ pionships, expected to be hosted
& for the federation,” he said. “We for the first time in the Bahamas
‘= —_ will go back to the drawing board since 2003.

= and next year I am quite sure we Last year at the CAC champi-
‘a _-will have a junior programme.” onships in Hamilton, Bermuda, the
2 The number of female body- Bahamas’ 20- member team col-

lected gold medals in five weight
classes and also in mixed pairs.
PAGE 12, TUESDAY, JULY 8, 2008 TRIBUNE SPORTS

SPORTS

Tour de France: Spain’s
falverde leads the pack

OVERALL LEADER Alejandro Valverde (fourth
from left) of Spain rides in.the pack



Christophe Ena/AP

Photos



ae

ALEJANDRO VALVERDE (left) of Spain and his teammates lead the pack during the third stage of the Tour de France cycling race between Saint-Malo and Nantes in western
France yesterday... .

‘As a reporter, I respect and
honour the people’s right
to know. The Tribune is
my newspaper.”

RUPERT MISSICK, JR.
CHIEF REPORTER, THE TRIBUNE

The Tribune

News Tips Line at 502-2359. Mey Love. My View:

To report the news, call our


TRIBUNE SPORTS TUESDAY, JULY 8, 2008, PAGE 13

Beas

Australia seals 169-run
victory over West Indies










Andres Leighton/AP

Photos

AUSTRALIA’S Andrew Symonds (left) plays a shot for four runs off West Indies’ bowler Daren Powell during the final

One Day International cricket match in Basseterre, St Kitts, Sunday. Australia’s batsmen blasted a record-breaking total
AUSTRALIA’S bowler Mitchell Johnson celebrates after taking the last wicket, of 341 for eight to seal a 169-run victory over the West Indies and complete a 5-0 sweep in the ODI series following their
West Indies’ Fidel Edwards, to win Sunday’s match... 2-0 win in the preceding test series...

Wimbledon
trophy glory!











SPAIN’S Rafael Nadal holds i ; ; n d e pe n d eC n ce

his trophy aloft after he sof .
defeated Switzerland’s Roger C e @ rati O nN S
Federer in the men’s singles So

final on the Centre Court at ;

Wimbledon Sunday...










Lewis Whyld/AP




Clifford Park
Celebrations
& Police Tattoo

Wednesday, July 9, 2008
8 p.m. - 12 midnight

Cultural Show ~— me vue
Inspection, March Past,
Tattoo © Sa 10 p.m.




VENUS WILLIAMS shows off
her trophy to the crowd after
defeating her sister Serena in
the women’s singles final at
Wimbledon on Saturday...




SENT hee aD
MEemacicyiale 12 midnight
lee) ce ‘Vie



Glyn Kirk/AP





Celebrating a proud past and looking to a promising future

yy
PAGE 14, TUESDAY, JULY 8, 2008 TRIBUNE SPORTS
SPORTS

| Chandra Sturrup

Age: 36

Birthday: September 12, 1971
Height: 5 feet, 4-inches.

Weight: 132 pounds.

High School: R. M. Bailey
College: Norfolk State University.

Major: General Business emphasis in
Management.

“Sports Event: Track and Field -
100 and 4 x 100m relay.

Personal Best: 10.84 (National Record).
“Favourite Foods: Peas and rice, lobster,

conch, plantain, peas soup
and doe.

Favourite Artist: Alicia Keys and Joss Stone.

Favourite Movie: Oliver Twist (drama).

Hobbies: Travelling, interior decorating,
coaching, learning new things.

Siblings: Jessica Sturrup, Trivano Philip.

Status: Beautiful Young Woman.


THE TRIBUNE

TUESDAY, JULY 8, 2008, PAGE 15



INTERNATIONAL NEWS

Unstoppable ex-hostage
revels in freedom in France

Miami-bound
cargo plane
crashes in
Colombia, killing
two on ground

# BOGOTA, Colombia

A ROSE-LADEN USS.
cargo plane headed for
Miami crashed before
dawn Monday near
Colombia's capital, killing
a father and son in their
home on the ground,
Colombian aviation offi-
cials said, according to
Associated Press.

None of the plane's
eight U.S. crew members
were reported dead,
although a hospital direc-
tor said one was in serious
condition. It was the sec-
ond time in six weeks that
a Boeing 747 flown by
Ypsilanti, Michigan-based
Katitta Air has crashed.

USS. investigators were
en route to Colombia to
assist in a government
inquiry into the cause of
the crash, the U.S. Nation-
al Transportation Safety
Board said.

The plane's crew told
air traffic controllers early
Monday that one of its
engines had caught fire
and radio contact was lost
seconds later, said Donald
Tascon, deputy director of
Colombia's civil aviation
agency.

At 3:50 am (4:50 a.m.
EDT; 0850 GMT), the jet
attempted an emergency
landing and crashed onto
a ranch about 15 miles (25
kilometers) northwest of
Bogota, said aviation offi-
cials:and Diego Humberto
Sicard, mayor of Madrid,
the small village hit.

The plane split apart
and its tail smashed into a
ranch home, killing Pedro
Suarez, 50, and his 13-
year-old son Edwin,
according to the mayor
and aviation official Tas-
con.

The plane had stopped
in Bogota to pick up flow-
ers — one of Colombia's
biggest exports — and was
scheduled to land in Mia-
ti, Kalitta Air Vice Presi-
dent Pete Sanderlin said.

"All of the crew on
board had various injuries,
from slight to more seri-
ous," he told The Associ-
ated Press.

Two crew members
were treated at a Madrid
hospital, while six others
were sent to the Central
Police Hospital in Bogota.
One, identified as Joseph
Kendall, had his spleen
remove i and was recuper-
ating, hospital director
Col. Nader Lujan told
reporters.

Kalitta had been operat-
ing the plane for another
airline, Centurion Air
Cargo, Sanderlin said. A
woman who answered the
phone at Centurion's
office in Miami referred
questions to Kalitta.

Five investigators from
the U.S. National Trans-
portation Safety Board, or
NTSB, will join other

_ Americans from the Fed-
eral Aviation Administra-
tion, aircraft-maker Boe-
ing Co. and engine-maker
Pratt & Whitney in assist-
ing the Colombian probe,
NTSB spokesman Keith
Holloway said from
Washington. Pratt &
Whitney is a unit of Unit-
ed Technologies Corp.

Another Kalitta-operat-
ed Boeing 747 crashed
and broke apart in Brus-
sels, Belgium, on May 25
as pilots tried to abort a
takeoff, U.S. and Belgian
authorities have said. All
five crew members sur- |
vived that incident, too,
although four were slight-
ly injured.

The crash also marked
the second time two days
that a cargo line based at
Willow Run Airport near
Ypsilanti has crashed in
Latin America.

A DC-9-15 freighter
operated by USA Jet Air-
lines crashed early Sunday
while nearing the airport
in Ramos Arizpe,

Mexico.

The pilot of the plane,
46-year-old Lon McIntosh
of Middletown, Ohio,
died, according to his fam-
ily and Mexican officials.

@ PARIS

FREEDOM tastes sweet and
Ingrid Betancourt is lapping it
up with the same drive and
determination that kept her
alive in the Colombian jungle
for six years, sometimes chained
to a tree.

Five days after being rescued
along with three Americans and
11 Colombians and three days
after coming to France, Betan-
court, who has dual nationality,
is ebullient, and tireless. ‘

She is meeting with officials, a
former professor, clinching a
deal to write a play and giving
interviews nonstop, according
to Associated Press.

The 46-year-old, who was a
cause celebre in France as a cap-
tive, is a hero today, portrayed
as an icon of courage and an
inspiration.

It was the French campaign
to free Betancourt, captured
while campaigning for Colom-
bia's presidency in 2002, that
drew international attention to
the hundreds of hostages held
by leftist rebels. Freed, Betan-
court is keeping up the drum-
beat.

She has addressed two radio
messages to hostages still held
by leftist insurgents and on
Monday advised President
Alvaro Uribe of Colombia to
tone down the "radical, extrem-
ist language of hate" toward her
former captors. The 15 hostages
were freed in a military opera-
tion that tricked their captors,
the Revolutionary Armed
Forces of Colombia, or FARC.

"T feel that I owe so much ...,"
Betancourt told the French
magazine Pelerin when asked
why she’ accepts so many inter-



sacaues Brinon/AP

INGRID BETANCOURT sniias before her Haile siidiese to hostages in Spanish on RFI (Radio France ites
tional), Monday July 7, 2008 in Paris. Betancourt, freed from six years of captivity in a Colombian jungle,
plans to write a play about her experience that she said in an interview published Sunday will plumb the soul

of the human condition.

. View requests. "I owe so much

to the love of all for being here
that I'm not able to say no."
On Tuesday, she is to visit the
French Senate and on Wednes-
day lawmakers at the National
Assembly, the powerful lower
house. Her face or her voice,
unmarked by fatigue, are on the
French. airwaves several times
a day. She will be awarded the
Legion:of Honor on July 14,

Bastille Day, France's national
holiday. ©

Betancourt met with a
reporter from Pelerin, a Christ-
ian weekly, Sunday night after
praying at the Sacre Coeur
Basilica in Montmartre, her sec-
ond visit to a church that day.
Earlier, she prayed at Saint-
Sulpice with her one-time pro-
fessor, former Foreign Minister
Dominique de Villepin, whose

own secret bid to free her failed
and irritated the Colombian
government.

Betancourt, who wears a
small rosary she made in the
jungle, says God saved her from
bitterness during her captivity.

"To be a hostage places you
in a situation of constant humil-
iation," she told Pelerin. While
captive, pronouncing the biblical
words "bless your enemy" was

"magic," she said.

Now, she is asking Golombia's
leaders to do likewise.

"We have reached the point
where we must change the rad-
ical, extremist vocabulary of
hate, of very strong words that
intimately wound the human
being," she said in an interview
Monday on Radio France Inter-
national.

Betancourt described a
FARC commander named
Enrique as “absolutely abom-
inable." Still, she contemplates
his life in jail.

"He must be living a night-
mare now," she said, but in
"much better conditions than
anything Thad." ~

Betancourt spent part of her
captivity chained to a tree and at

- one point fell seriously ill. How-

ever, initial medical tests sug-
gest she has not contracted any
serious illness.

Her group often marched
some 15 miles a day through the
jungle, she told France 24 tele-
vision. But for six months at one
point, while in a camp sur-
rounded with barbed wire, the
hostages were treated to the lux-
ury of several books, including
"Harry Potter," she said.

Betancourt's two children,
Melanie and Lorenzo, accom-
panied her on some of her Paris
visits, along with her sister
Astrid and her mother. Howev-
er, she admits she has not yet
had quality time with her family.

The former Colombian sena-
tor lived on the edge before her

* capture. She was kidnapped

while campaigning for the pres-
idency in a known dangerous
zone.

"What I'm living is a mira-

‘cle," she told Pelerin.
6

Syria Says talks with Israel
‘require support from US"

m@ PARIS

SYRIAN President Bachar Assad
says he is counting on the next
American president to help sup-
port efforts to negotiate peace
between his country and Israel,
according to Associated Press.

In an interview with the French
newspaper Le Figaro to be pub-
lished Tuesday, Assad called his
planned visit this weekend to Paris
"historic" because "it opens a large
door (for Syria) to the internation-
al scene."

Assad would not commit to meet-

ing with Israeli Prime Minister
Ehud Olmert during the visit — but
did not rule it out.

Both will be among some 40 lead-
ers in Paris to launch the Mediter-
ranean Union, France's prized ini-
tiative during its European
ue presidency which began July

“Figo President Nicolas Sarkozy
has said any meeting between the
two leaders would mark "formida-
ble progress" in Israel-Syria rela-
tions.

Syria and Israel have long been
enemies but recently renewed indi-

rect contacts through Turkish medi-
ators.

"The two sides are testing their
intentions," Assad told Le Figaro.
"We must find a common base to
start direct negotiations. As soon
as this base is ready, we can engage
in direct negotiations with Israel."

Assad stressed the need for inter-
national backing for talks.

"Of course, the role of the Unit-
ed States is essential, but that of
Europe is complementary, and

' when we talk of the political role of

Europe, France is in the avant-
garde," he was quoted as saying.

He said he was waiting for the
new U.S. administration to take
office.

He charged that PreSident Bush
has "neither the will nor the vision"
to move peace forward and said the
U.S. leader's time is running out.

"We are counting on the next
American president and his admin-
istration," Assad said.

Human rights groups are protest-
ing the visit by Assad, who has also
been invited to participate with oth-
er world leaders in a traditional
military march marking France's
national day.

en
ENA ERS SANDWICHES

MONDAY — SATURDAY
10 A.M. — 2 P.M.

%,

ee

4

paz

0

101. 9

Celebrating -) years

ff ie aoe ts

Si tas Pets * Prince Charles

~ Frederick Street Pa Ta
paw tC) li sclbibaaslubl Abt sible a



sia vshshi hibit With Douhle bitin)
PAGE

16, TUESDAY, JULY 8, 2008

THE TRIBUNE

ie aa ee a oe
Troubles continue in

hicken ae : 4 "1 :
Cacis ge ttme | post-election Zimbabwe

pial Comers
isanae Ban

CANTO’s 24th Annual Conference and Trade Exhibition.
on Connect the Caribbean (13'" -16'" July 2008).

And the 2°° Annual Human Resource Training and Best
‘Practices Conference (17'" - 18'" July 2008)
_ The Caribbean ere eee et ce

Organizations (CANTO) eeu Beretta ics

eesti ta Contec MRO Cr Coron te
Tea Mera) eC EC NSU e as
the ort feo ieee eat] Ones Pee elect
Sets ee
ors re erie nae of recone ens plus
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| Wil participate in this annual eee ae eT)
ces by si ee :

airs

YAU RM ates arm em im mel se le ee S ee eee: fee fi Nea
Tel 1 (B68)-622-3770/4781/0929 Fax 1 (868) 622-3751 pigrets ‘ Poueey EP Bdiokiy ss aera Taal ed
RCRA MCR rear DU AANA cst Sey

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Mukwazhi/AP

svangirayi

T

WORKERS AT a factory in Chitungwiza about 25 kilometres
east of Harare, go through the debris, after it was petrol bombed
by suspected Zanu pf supporters, Monday, July, 7, 2008. The
factory, which is owned by Wallace Madzimure, an opposition
member of parliament, was allegedly set on fire on Saturday
evening in post election violence.

vi

TENDAI BITI, Secretary General of the main opposition party in
Zimbabwe appears in court in Harare, Monday, July 7, 2008. Biti
who is out on bail is facing treason charges and could face the

death penalty if convicted.

t Condominiums Under Construction

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Wr Ta

@ By NEIL HARTNELL
Business Editor





A former
govern-
ment minis- | |
ter said yes- |g
terday that
he | may
know next
wee ok
whether
the devel-
O:p,e.r's |
behind the
$250 mil-
lion Chub
Cay project in the Berry
Islands had succeeded in
obtaining refinancing for the
development.

Vincent Peet, the local
MP and former minister of
financial services and invest-
ments, said the develop-
ment’s principals - Florida-
based Kaye Pearson, Walt
McCrory and Bob Moss -
were “still in that mode” of
attempting to secure addi-
tional financing to complete
Chub Cay’s build-out.

Their task, needless to say,
has been complicated by the
global banking system’s liq-
uidity/credit crunch, which
has made it extremely diffi-
cult for many Bahamas-
based mixed-use resort pro-

_| jects to either obtain financ-
ing at all, or at the best inter-
est rates..

~ Although Chub Cay’s
marina and clubhouse were
completed, and much infra- .
structure put in during the
first phase of development,
the full build-out has not
proceeded after the devel-
opers effectively ran out of
project financing.

As a result, the employ-
ment of Bahamian construc-
tion workers on Chub Cay
has dwindled from several
hundred two years ago to






Vincent Peet











































SEE page 4B

BEC fuel surcharge
up 89% year-on-year

@ By CARA BRENNEN-
BETHEL
Business Reporter

THE Bahamas Electricity
Corporation’s (BEC) fuel sur-
charge have almost doubled
year-over-year for July 2008,
increasing by 89 per cent from
$0.11226 per kilowatt hour last
year to $0.2126 . This will fur-

ther increase the operating cost .

burden for business owners and
residents alike, especially those

LyFORD Cay #4310:

3,560 sq. ft. residence on spacious landscaped half-acre lot, is conveniently
located on a quiet street in the heart of Lyford Cay. This private, split-level,
4 bedroom, 4 bath home has spacious dining room, separate living room and
family room. A breezy covered verandah faces the pool. Guest cottage
has | bedroom, | bath and separate entrance. Offered at US$3,500,000.
George.Damianos@SothebysRealty.com 242.362.4211

Damianos |

/ SIRbahamas.com



TUES

SDAY,

“TULY 8 ,

2008



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(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

Port plans ‘next week’

@ By NEIL HARTNELL
Tribune Business Editor

lans for the pro-
posed commercial
shipping port at
Arawak Cay may
be submitted to
Cabinet as early as next week,
the chairman for the company
elected to develop the site
telling Tribune Business yes-
terday that the project was
“moving very quickly” with all
stakeholders firmly behind it.

Jimmy Mosko, who sources
said was elected unanimously
by stakeholders to chair the
company formed to develop the
Arawak Cay port proposal, said
a consulting engineer was likely
to be selected within the next
10 days'to produce a design for
the port.

From this work, and that of
other consultants, the Govern-
ment, shipping industry and
associated sectors would “get
an idea of what it’s going to cost

* Arawak Cay port-owning company to eventually go public via IPO
* Private sector ‘moving very quickly’ to seek ‘green light’
from Cabinet and hire consultants _

and whether it’s economically .

feasible, butwe’re pretty sure it
is”.

Mr Mosko said of the devel-
opment company’s objectives:
“It’s to get all the shippers
together, and the mailboats, and
create.a terminal at Arawak
Cay for international freight
and inter-island cargoes. We’ve
got everyone pulling in the right
direction, so it’s moving very
quickly........

“We’re not there yet, but
we're getting there. Things are
moving quickly, everyone’s
together and we’ve found the
money to pay for consultants.
It’s quite a lot of different

things.

“Hopefully, it’s heading to
Cabinet in the next week. Then
it’s up to Cabinet to say whether
to proceed or not. We’re pro-
ceeding anyway, because we’ve
been told by the Prime Minister
to get it done. We don’t have a
complete green light, but we’re

~ hoping to get it.”

The engineering and port fea-
sibility studies are the key ingre-
dients that will allow the pri-
vate sector to develop a busi-
ness plan for the Arawak Cay
port. Once that business plan is
completed, the project will then
be able to pitch commercial

for the construction financing
it requires.

Mr Mosko also revealed that
his appointment as chairman
was “not to run and own” the
Arawak Cay port, “just get it
to the stage where it can go
public”.

Tribune Business under-
stands that the plan is to even-
tually stage an initial public
offering (IPO) where the
Bahamian public, both retail
and institutional investors, will
be given the opportunity to buy
shares in the company that
owns and operates the Arawak
Cay port.



Recently renovated and tastefully decorated



t 242.322.2305

banks and institutional investors

One shipping industry source,

$15m in client assets to fund
Bahamas firm’s liquidation

@ By NEIL HARTNELL
Tribune Business Editor



THE liquidator of a Bahamas-based bro-
ker/dealer whose principal is currently serv-
ing a US jail sentence for money laundering
has filed a summons seeking the Supreme
Court’s permission to pay his costs using, in
part, the $14.697 million in client assets that

~ the company is holding in trust.

In a June 23, 2008, affidavit filed with
the Supreme Court, BDO Mann Judd
accountant Clifford Culmer proposed that
the “fairest approach to adopt to the pay-
ment of the costs incurred in the liquida-
tion” of Dominion Investments (Nassau),
the broker/dealer formerly run by convict-
ed money launderer Martin Tremblay, was
to combine the company’s assets with those
it was holding in trust for its clients.

The trust (client) assets, which account

* Dry-cleaning firm says
monthly diesel costs up
50% in 2008 first half

* Even churches look
to cut electric costs

already struggling to meet their
expenses.

SEE page 2B

Sothebys

INTER SIATIONAL REALITY

f 242.322.2033

Liquidator rejects plea by firm’s money laundering-convicted
principal to hold off on asset distribution until he is out of jail

for 95.5 per cent of Dominion Investments’
total assets, would then fund that same per-
centage of the liquidation’s costs, apart
from cases where Mr Culmer incurred extra
costs on behalf of a specific client or set of
assets. These costs would be paid solely by
these clients.

It is unclear whether Dominion Invest-

ments’ clients will object to the proposed ~

payment plan, which has already received
opposition from Mr Tremblay himself.

In a June 20, 2007, letter sent to Mr Cul-
mer from a US prison, where is serving a 48-
month sentence after pleading guilty to
agreeing to launder “hundreds of thousands

of dollars worth of narcotics proceeds” in an -

undercover operation conducted by the US
authorities, Mr Tremblay expressed con-
cerns on the liquidation of his Bahamas-
based company.

Describing himself as the “sole owner”,
and saying he was concerned about the liq-
uidation’s costs, Mr Tremblay said “it would
be inexact to say that all assets advanced to
Dominion by the customers were intended

to remain at all times the © Prope of the

customers.

“On the contrary, some of the ansets in

your list of accounts belong either to

SEE page 2B

who requested anonymity, told
Tribune Business yesterday:
“The Prime Minister doesn’t
want any entity to. own more
than 15 per cent [of the new
port].”

Mr.Mosko confirmed this,
saying: “I don’t think any entity
will own any more than 15.per
cent. The rent will be collected
will be collected from all the
shippers and users, go to a com-
pany, and be divvied up after
costs. There’s no sweetheart
deal for anyone here except the
Bahamian public, and that’s

SEE page 5B

Drive a Honda Fit and Barats to
40 miles per gallon



Last 5 years per year

(PRR
Last 12 months

Royal Fidelity Bahamas Growth & Income Fund

royalfidelity.com
info@royalfidelity.com

Total Performance* through May 31, 2008

*Stock prices can go down as well as up. Past performance is no guarantee of future results. Read the Offering Memorandum carefully before you invest

ROYAL FIDELITY

WW Rol at\Vr- 'ANold Gan

Nassau: 356.9801 e Freeport: 351.3010


PAGE 2B, TUESDAY, JULY 8, 2008

THE TRIBUNE





INSIGHT

For the stories

behind the news,
read Insight
on Mondays

up

FROM page 1B



HALSBURY
CHAMBERS

Counsel and Attorneys-at-Law
Notaries Public



will be CLOSED
on
Friday, 11th July, 2008
due to the observance of the
Firm’s Annual “Fun Day”

The office will
RE-OPEN

on
Monday, 14th July, 2008.

_ We regret any inconvenience
caused.



BEC fuel surcharge

9% year-on-year

A dry cleaning company
owner told Tribune Business
yesterday that this latest elec-
tricity price increase will
undoubtedly impose a tremen-

dous burden on his company’s °

overhead: cost. He said he was
already looking at another
potential price increase for con-
sumers.

“We had to increase our
prices back in May by 15 per
cent. Before that we had not
had a price increase in two
years, and it looks like we may
have to increase it again at this
rate,” he said.

“Not only do we use electric-
ity, but we use a lot of diesel,
too,” said the owner, who asked
that his name and that of his

company’s not be used.

“In fact, even though the
electricity is a problem, I think
our bigger problem is that of
diesel, because it has gone so
high. It is more than gas now.”

Owner

The owner pointed out that it
was hard to budget because the
price of diesel increased each
month. “Back in January it was
$4 a gallon, and now in July, it is
what, $6.13?”

To put those cost increases
into perspective, the owner
explained that back in January
2008 he could purchase 400 gal-
lons of diesel for $1,600. That
same amount of fuel in June

cost him $2,400, and $800 or 50
per cent increase.

“Oil prices are only going to
go up, so I am sure that by
December I will be paying more
than $3000 - double what I paid
at the beginning of the year. I
really don’t know what can be
done about these prices,” the
owner said. “ I don’t know how
it can be. Who has the power
to make the changes that are
necessary? Something needs to
be done, otherwise, you are
going to see a lot of persons
being laid off and persons will
be closing their business.”

The BEC fuel surcharge is
based on the price of petroleum
in the international market, and
is calculated monthly using a

fixed formula.

According to a notice in the
Tribune yesterday, in July 2006
the surcharge was $0.11134
cents, and $0.11226 cents last
July. At the end of 2007, the
fuel surcharge was $0.13698
cents - 7.562 cents lower than
what it is now six months later.

The fuel surcharge at the
beginning of this year was
$0.14945 as compared to the
$0.2126 it is now.

Even churches are feeling the
effects of the price increases, at
least one indicating that to save
on expenses it is looking at scal-
ing back to a single Sunday ser-
vice at 8.30 am, rather than a 7
am and a 9am service, to save
on the cost of air-conditioning.

$15m in client assets to fund
Bahamas firm’s liquidation

FROM page 1B |

Dominion Investments or to
myself personally.”

Adding that he was unable to
provide further assistance to Mr
Culmer because he did not have
access to Dominion Invest-
ments’ paperwork, Mr Trem-
blay said: “What I would sug-
gest is that you do nothing until
I can sit down and look at the
documents, and then let you
know what belongs to who.”

IMPORTANT NOTICE TO ALL CUSTOMERS
AND CREDITORS OF DOMINION

INVESTMENTS ( NASSAU ) LYD

With Mr Tremblay likely to
be released from his US prison
cell in June 2009, Mr Culmer
believed his suggestion to wait
before assets were distributed
to Dominion Investments
clients was not “a reasonable
course to adopt”, given the wait
they have already had to
endure.

Mr Culmer said his biggest
challenge in the liquidation had
been the asset freeze orders the
Bahamian and Canadian
authorities had imposed on
Dominion Investments’
Bahamas and Canadian-based
accounts in January 2006, after
Mr Tremblay’s arrest in the US.

He had finally managed to

obtain a May 10, 2008, order °*

from the Court of Quebec
removing the asset freeze on

Dominion Investments’ Cana- -

dian holdings, allowing him to

contemplate the return of client
monies.

Mr Culmer in his affidavit
pegged the total worth of
Dominion Investments’ estate
as at May 31, 2008, as being
$662,673, with the value of
assets held for clients in the
Bahamas and Canada being
$14.697 million.

The Bahamas-based assets
were held in Bahamian, Cana-
dian and US currency, and in
securities, with the Royal Bank
of Canada, Julius Baer and
Bank of the Bahamas Interna-
tional. As at May 31, 2008, the
holdings consisted of $4.054 mil-
lion in cash and $332,369.

Out of these, some 85.4 per
cent or $3.879 million, was held
for Dominion Investments’
clients, while the remaining 14.6
per cent or $662,673 belonged
to Dominion Investments.

At the Canadian end, the
assets totalled $200,352 in cash
and $9.954 million in securities.
Out of the $10.155 million total,
some 99 per cent belonged to
Dominion Investments’ clients,
and $849 to the company.

Mr Culmer alleged that it was
fair that client assets bear the
correct proportion of the
Dominion Investments’ liqui-
dation’s costs, given that “the
majority of the work” he had
performed was “primarily” for
the benefit of customers and
their holdings.

“The steps taken on the cus-
tomers’ behalf were ones which
they could not have taken them-
selves if they wished to main-
tain the confidentiality of their
affairs which, for almost all the
customers, is of utmost impor-
tance to them,” Mr calmer
alleged.

( In: liquidation )

| The Liquidator hereby notifies all Customers and Creditors of Dominion that he
has applied to the Supreme Court of the Bahamas for the determination by it of
the following questions:

a) whether any of the assets held by Dominion are trust assets and, if
~ $0; . .
b) whether any of the costs incurred in the course of the liquidation
should be paid from the trust assets and, if so;
.¢) the approach that should be adopted to the payment of those costs.

The specific questions that the Liquidator is asking and the Orders he is
seeking are set out in the Summons and the Supplemental Summons filed
on the 18th May, 2007 and 19th June, 2008 and the facts upon which he
relies set out in the Liquidator’s Affidavit filed on the 23rd June, 2008.
These documents may be accessed on the website www.bdomannjudd.com

The Liquidator’s affidavit does mot reveal any confidential information
relating to its customers or the assets which it holds for them.

On the 19th June, 2008 the Supreme Court of the Bahamas fixed the hearing of |

the Liquidator’s application for 10 am on Monday the 10" November, 2008,
however, it is possible that, if the Court’s calendar permits, an earlier date for
the hearing may be set. Accordingly you are advised to check the website
| frequently for updates. Anyone who has given notice to the Liquidator of
their intention to appear ( see below ) will be contacted if an earlier date is set.

If you intend to appear on the hearing of the Liquidator’s application you will
need to serve on the Liquidator a Notice of Appearance in the proceedings or
to instruct an Attorney in the Bahamas to do so for you. The Appearance needs

to be filed in the Registry of the Supreme Court of the Bahamas and to be in

one or other of the forms shown on the website, depending on whether you
are claiming a debt owed to you (Creditor’s Appearance) or that Dominion
is holding assets beneficially owned by you ( Customer’s Appearance).

If you are a customer or creditor of Dominion and you need any further information
or clarification in regard to the application and the questions to be determined
please contact the Liquidator directly and he will do his best to assist you.

G. Clifford Culmer

The Liquidator of Dominion Investments (Nassau) Ltd.
(In liquidation)

BDO Mann Judd

P.O. Box N10144

Nassau, Bahamas

| Tel: (242) 325-6591

Fax: (242) 325-6592

E-Mail: cculmer@bdomannjudd.com





THE GOVERNMENT OF THE BAHAMAS

SCHOLARSHIP & EDUCATIONAL LOAN,

DIVISION
MINISTRY OF EDUCATION, YOUTH, SPORTS &
CULTURE

IMPORTANT NOTICE

EDUCATION GUARANTEED LOAN FUND
PROGRAMME

ALL CURRENT STUDENTS PARTICIPATING IN THE EDUCATION GUARANTEE
LOAN PROGRAMME ARE REMINDED THAT:

ALL LOAN ACCOUNTS WITH THE BANK OF THE BAHAMAS MUST BE MADE
CURRENT BY JUNE 30, 2008

ALL OFFICIAL TRANSCRIPTS FOR SPRING 2008 MUST BE RECEIVED BY
THE SCHOLARSHIP & EDUCATIONAL LOAN DIVISION BY JULY 15, 2008

FAILURE _TO-COMPLY WITH THESE STANDARD REQUIREMENTS WILL
RESULT IN A DELAY IN RECEIVING YOUR SEPTEMBER LOAN CHECK AND/
OR YOU MAY BE SUBJECT TO A LATE FEE CHARGED OF $25.00

CHECKS WILL ONLY BE RELEASED IF:
ALL ACCOUNTS AT THE BANK OF THE BAHAMAS
ARE CURRENT

THE SPRING 2008 OFFICIAL TRANSCRIPT HAS
BEEN RECEIVED
ALL OTHER REQUIRED DOCUMENTS ARE
RECEIVED.

THE EDUCATION LOAN COMMITTEE
Phe phitwowe

PS Ny Oy yt



ie ee ee ee
Bahamas must

not ‘be out in
front? on EPA

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas must not give
up more trade preferences and
benefits than it has to in any
negotiations, a senior attorney
told Tribune Business, adding
that public officials needed to
become “less defensive and
more open” in discussing such
issues with the Bahamian peo-
ple.

Brian Moree, senior partner
at McKinney, Bancroft &
Hughes, said he was prepared
to debate the issues raised by
the Economic Partnership
Agreement (EPA) with
Zhivargo Laing, minister of
state for finance, at “a suitable
forum for the purpose of pre-
senting to the Bahamian public
the relevant information from
different perspectives”.

Agreeing with Mr Laing that
they should not become
involved in a “back and forth”
exchange over the merits of
the EPA trade agreement with
the European Union (EU), Mr
Moree nevertheless said the
minister seemed to acknowl-
edge his point that the
Bahamas and CARIFORUM
had gone further than required
in the trade talks with Europe.

Referring to Mr Laing’s
response to his own presenta-
tion to a Nassau Institute sem-
inar, Mr Moree said the situa-
tion that “confronted” the
Bahamas at year-end 2007
“was the need to produce a
goods-only agreement to satis-
fy the WTO’s requirements”.

The leading attorney
explained that to meet the
World Trade Organisation’s
(WTO) demands for an end to
one-way, discriminatory trade
preference regimes, such as the
Cotonou Agreement between

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PROJECT MANAGEMENT
COMMISSION â„¢M

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Brian Moree



the EU and _ African,
Caribbean and Pacific (ACP)
group of countries, the
Bahamas and CARIFORUM
only needed to reach a ‘good-
only’ deal.

“It was not necessary, and
the minister seems to accept,
that for the purposes of
addressing the end of the
Cotonou Agreement, it was
not necessary to address ser-
vices, investments, the envi-
ronment, and capital move-
ments in the EPA,” Mr Moree
told Tribune Business.

“While I note he indicated
that as part of the process for
the Bahamas to join the WTO,
these matters have to be dealt
with, he seems to miss my fun-
damental point: we don’t deal
with these matters until we
have to.

“We don’t want to be out in
front. We deal with these
things and when it is necessary
to do so, and don’t want to be
providing more than we need
to at any given time. We

- should have learnt these

lessons in 200 when dealing
with the blacklisting.”

Mr Moree acknowledged
that the EU had sought to
pressurise CARIFORUM and
the ACP nations into signing
the EPA by the year-end 2007

deadline, but apart from
Caribbean, all others had
resisted. Many other countries,
including African nations,
either signed interim ‘goods-
only’ EPAs or refused to sign
anything at all.

The McKinney, Bancroft &
Hughes partner also urged the
Government not to demean
anyone who held an opposing
view to theirs on the EPA,
adding that it was the adminis-
tration’s job to make sure all
relevant information was dis-
seminated to the Bahamian
people in a timely fashion so
they could make an objective
decision on the EPA trade
deal.

Mr Moree also criticised the
public sector’s tendency to
believe it was always right on
decisions of national impor-
tance, then become very defen-
sive when its positions were
challenged by the private sec-
tor.

This attitude led public offi-
cials to believe that “all under-
standing on these matters
resides solely in the breast of
the public sector”.

He added: “The sooner our
public officials become less
defensive about these matters
and become more open in
debating these issues, the bet-

- ter off we will be as a coun-

try.”

This speaks to the heart of
the private sector’s contention
that the Government, when-
ever it consults them, does so
merely to inform them what it
has done/is going to do, rather
than truly seek their input and
advice. This, from the private
sector’s Viewpoint, is not con-
sultation, with the Government
appearing to think it always
knows best and becoming very
defensive when told otherwise.

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Project Management

LIGNUM INSTITUTE OF TECHNOLOGY (LIT) THE ONLY
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EMAIL: Candice@lignumtech.com

NASSAU, BAHAMAS







The Abaco Club on Winding Bay (A Ritz-Carlton managed property)
is accepting applications for the following positions:

(2) Room Attendant

Responsible for assisting the Director of Housekeeping, Assistant Director of
Housekeeping, Housekeeping Manager and all housekeeping supervisors in the
successful ownership and operational execution of the Housekeeping Department.
Responsible for assisting the Housekeeping Team Leader in providing genuine care
and comfort to the ladies and gentlemen of the respective departments and maintaining
a sense of urgency in handling all related matters.

(2) Wash Person/Linen Room Attendant

Process all soiled hotel linens, terry and food and beverage table linen by operating all
laundry/dry cleaning machinery in accordance with hotel standards.

Knowledge of laundry/dry cleaning equipment and chemical handling and knowledge of
finishing techniques for all types of fabrics and linen required.

High school graduate or equivalent vocational training required. Previous experience in

_similar position would be an asset.

(4) Server Attendant

Assist Servers in providing: quality food and beverage services to guests courteously
and efficiently and according to hotel/club specifications. Maintain cleanliness of tables,
services areas and equipment. Stock all wares and equipment needed for service.
High school graduate with a food handling certificate and ability to communicate in
English with guests, management and coworkers; ability to count.

(1) Sales Administrator

Responsible for providing administrative support to Sales Management and taking
ownership of the Membership Gallery. Responsible for receiving all incoming calls
and responding to inquiries, processing and printing of daily reports and managing the
appearance of The Membership Gallery and golf carts.

Good communication and computer skills and ability to perform a variety of duties and
multi-task. Must be well organized and detail oriented. ;

(2) Concierge |

Offer assistance and/or information to guests and visitors regarding the hotel and its
facilities as well as the island in general; make arrangements for dining, entertainment,
sports events, recreation, tours, shopping, meeting rooms etc.; keep accurate records
of all arrangements made; coordinate activity reports to track reservations; process and
notify guests of receipt of facsimiles, mail, and messages.

Thorough knowledge of all hotel services and amenities and basic computer skills are
a must. : ;

(4) Greenskeeper

Responsible for maintaining a world class golf course, performing a combination of
duties as directed to maintain grounds and turf on golf course in optimum condition,
operating all types of motorized mowing equipment to cut a variety of areas of turfgrass,
identification of stressed and diseased areas, identification of irrigation problem areas,
and preventative maintenance of all equipment.
Ability to apply and be exposed to insecticides, herbicides and pesticides and cleaning
chemicals; ability to continually bend, push, pull, kneel, reach and lift; ability to work in
extreme temperatures for prolonged periods of time; ability to understand and follow
oral and written instructions; ability to interact effectively with others and maintain a
cooperative working relationship with other employees and the public.

(1) Executive Administrative Assistant/Membership Coordinator

Provide administrative support for the Managing Director, Club Director and Director
of Member and Guest Services, including computer data input, verbal and written
Correspondence. Handling inquiries via telephone and overseeing key administrative
personnel. Ensure that all members receive a warm welcome to the Club. Compile
member information; supervise communication to the Members about activities and
events and ensure that all employees know who our members are and their preferences.
High School graduate, ability to communicate in English, ability to provide legible
communication, knowledge of Microsoft Office.

(1) Activities Manager

Responsible for overseeing the daily running and operation of the beach facilities
and recreational services, beach physical areas, and all group activities offered by
the Club in these areas. Responsible for the direction and supervision of staff in the
daily operations of the Recreation Department, including, but not limited to Ritz-Kids
programs, pool and beach programs. Oversee the coordination of all guest requests,
the coordination of all activities, and be directly involved in budgeting, forecasting,
payroll and scheduling, as well.as product inventory and ordering. This position
executes and coordinates all guest requests for services courteously and efficiently
and attends to smooth running of the outside areas of recreation. Oversees, plans and
directs group activities and the staff associated with them (inclusive of Kid’s Camp and
Tennis center).

Ability to communicate using proper grammar in English; ability to provide legible
communication; ability to compute basic mathematical computations; proven leadership
qualities; minimum of 3 years supervisory experience in a hotel/resort environment
with particular strengths and a minimum of one year experience in recreation/activities
operations

(1) Spa Manager
Responsibility for providing leadership, support, direction and
supervision of staff in the daily operations of the Spa, _ including,
but not limited to, retail, membership, salon. and fitness programs.
The Spa Manager is also responsible for ensuring that the Club’s
standards are being executed by maintaining a well trained, efficient,
and professional spa _ staff whose focus will be on aggressive |
hospitality and service. Total financial management duties
include budgeting, forecasting, payroll and scheduling as_ well -
asproduct inventory and: ordering.College degree; accounting and
budgeting knowledge; strong communication skills; proven leadership
qualities; certification from a recognized school of massage; minimum
of 3 years in Spa operations, programs and products; computer
literate; hospitality experience ;

(1) Food and Beverage Manager

Responsible for the management of all aspects of the Formal Dining
Restaurant functions, in accordance with hotel standards. Responsible
for directing,implementing and maintaining a.service and management
philosophy which serves as a _ guide to respective staff. High
school graduate, some college; minimum 21 years of age to serve
alcoholic beverages; 2 years experience as an Assistant Restaurant Manager/
Supervisor, preferably in a 5 star restaurant; food handling certificate;
knowledge of various food service styles (i.e., French service, butler
style service); ability to communicate in English with guests, management and
co-workers to their understanding; ability to provide.legible communication;
ability to compute basic mathematical calculations and familiarity with food and
beverage cost controls.

(1) Boat Captain

Responsible for managing the daily operation of the Boating Department including
the direction and supervision of staff. Responsible for meeting and greeting all
members and guests who board the boat; providing the highest Jevel of customer
service to all those when aboard the boat; guiding and touring the guests along the
inland waterways; ensuring all pre-start checks and health and safety requirements

. are adhered to; maintaining a clean and tidy appearance and presentation of the

boat, and surroundings and creating a ‘can do, will do, with pleasure’ culture within all
aspects of the team. High school graduate with a Class A or B masters license with
at least five years experience in similar position; must be a mature ‘people person’
who enjoys working in a team and is capable of delivering exceptional customer
service to high profile and valued clientele and is a proactive thinker who brings
solutions to the table for potential and current challenges; must have at least five
years boat engine experience and is capable of dealing with day to day maintenance.

Please e-mail or fax a copy of your resume to:

The Director of Human Resources
The Abaco Club on Winding Bay
(A Ritz-Carlton Managed Property)
P.O. Box AB-20571
Marsh Harbour, Abaco, Bahamas
Fax: (242) 367-0392
OR

Email: hu resources

Deadline for receipt of all resumes or applications is Friday, July 18, 2008.
Sorry, no telephone calls will be accepted for these positions.
PAGE 4B, TUESDAY, JULY 8, 2008

THE TRIBUNE





MT. CARMEL PREPARATORY ACADEMY

HIGH SCHOOL TEACHERS WANTED

English Language
Economics
Spanish

Please submit resume at the
school office or by:
Fax #325-7151



$250m project

St

€
.

FROM page 1B



these persons employed by real
estate buyers to complete
homes the developers were sup-

just a handful currently, with

FG CAPITAL MAREETS

BROKERAGE & ADVISORY SERVICES

crFAL

- BISX LISTED & TRADED SECURITIES AS OF:
MONDAY, 7 JULY 2008

Abaco Markets

Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank ,

Cable Bahamas

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

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
Freeport Concrete

ICD Utilities

J. S. Johnson

Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

Bahamas Supermarkets
RND Holdi

NAV
1.315228***
2.998763*"**
1:394847*
3.6707°***
12.2142°**
100.00**
99.956603*
1.00**
10.0060***
1.0039*****
1.0038*****

Fund Name
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund



arket Terms



Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by. the last 12 month earnings
KS) - 4-for,1 Stock Split - Effective Date 8/8/2007

@ Date 7/11/2007



0 uns

*CHG -0.0



__EPS $_

15.60
0.55

HGR UINTS WAST RUNTER

Last 12 Months
5.47%
8.13%
3.80%
14.65%
5.73%

YTD%
1.58%
-O.07%
1.44%
-3.32%
2.35%

-0.04% -0.04%

-4.70% -4.70%

YIELD - last 12 month dividends divided by.closing price

Bid $ - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

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

Div $_

0.900

sO ca NIM

Yield%

NAN Key
*-31 March 2008
** -31 December 2007
*** ~ 30 May 2008
- 31 April 2008
30 April 2008
- 20 June 2008





“Rewarding. My work at The Tribune is creative and challenging. I enjoy

contributing to the look of our newspaper, while meeting the needs of

our advertisers. I enjoy working here. The Tribune is my newspaper.”

The Tribune

ESTHER BARRY
PRODUCTION MANAGER
THE TRIBUNE

Mey Voie. Muy Vlewspqen



posed to construct for them.
Mr Peet told Tribune Busi-
ness yesterday: “I think there
may be some slight movement
in terms of getting re-financing.
“I expect to get a report from
them [the developers] early next
week, to see if there’s any
breakthrough. They’ve been
quite active in regard to find-
ing refinancing, and being able
to jump start the project.
“They’re aggressively pursu-
ing financing. I know the devel-
Opers are committed to doing
what they can, because they
love Chub Cay so much, but if

the financing’s not there, that’s

seeking
refinancing ©

another thing.”
Marina

Mr Peet said the completed
marina had kept Chub Cay
alive because it was “particu-
larly spectacular”.

On the construction employ-
ment situation, Mr Peet added:
“I’m told that a couple of the
homeowners, who took over
responsibility for the comple-
tion of their homes, had a few
Bahamians working for them,
but the numbers are very small
compared to what there were
two weeks ago.”

NOTICE
DEBMOND BUSINESS CO. LTD.

Incoporated under the International Business Com-
panies Act, 2000 of the Commonwealth of The Ba-
hamas registered in the Register of Companies under
the Registration Number 96907.

(In Voluntary Dissolution)

Notice is hereby given that the dissolution of the
Company is complete and the Company has been
struck off the Register of Companies maintained by

the Registrar General.

Dated this 4th of July 2008.

John Robert Montagu Stuart Wortley Hunt ©
Liquidator —




THE TRIBUNE



FROM page 1B

how it should be.”

Tribune Business can also
reveal that KPMG Corporate
Finance (Bahamas) has been
working with the shipping
industry in a consulting capaci-
ty to develop a business plan
and other aspects for the
Arawak Cay port plan.

There has also been interest
from the Bahamian investment
banking and corporate advisory
sector - the likes of RoyalFi-
delity, CFAL and Providence
Advisors - in participating from
an advisory, IPO and financing
standpoint.

One shipping industry source
confirmed to Tribune Business
that “progress is being made”,
with a Cabinet decision on the
Arawak Cay port proposal -
once the plans are submitted -
likely in four to six weeks.








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. Call us on 322- |
1986 and share story.

Share your news

The source confirmed: “The
ownership base will be going
out to a public offering. The
shippers, all those operating in
and around the harbour waters,
the carriers, stevedores, the fast
ferry people and the property
owners have gotten together to
work on the most viable pro-
posal for Arawak Cay. That
group is in the process of hiring
and engaging the consultants.

Appear

“It would appear that
Arawak Cay is going to be the
near-term port. The shift has
come back from the west to
Arawak Cay.”

Mr Mosko also confirmed
this, saying that while the south-
west port at Clifton planned by
the former Christie administra-
tion was “a great proposal,
there’s a lot more costs
involved”.



TUESDAY, JULY 8, 2008, PAGE 5B

Cabinet may
receive Port
plans ‘next week’

He described the Arawak
Cay port plan as being part of a
“multi-faceted” plan that also

- involved dredging Nassau Har-

bour and revitalising the city of
Nassau and downtown Bay
Street by removing all com-
mercial shipping facilities and
container traffic from the area.

Dr Earl Deveaux, now min-
ister for the environment, told
Tribune Business last month
that the Government was
“mindful to support” the
Arawak Cay proposal advanced
by the Tropical Shipping-led
group of shippers.

That proposal pegged the
port’s total costs at $175 mil-
lion, involving $140-$150 mil-
lion in total construction costs
over a three-year period.

Arguing that the proposal
would “accommodate all future
cargo flows for 30 years”, the

lan said the balance of the

175 million needed. would
come from five container ter-
minal operators investing
between $3-$7 million each to
equip and outfit their facilities.

The Internal Rate of Return

. from the plan was estimated at

17 per cent, with the volume of
shipping containers or twenty-
foot equipment units (TEUs)
coming into New Providence
projected to grow by 3 per cent

‘per annum over the next 30

years.

This growth rate would take
the volume of shipping con-
tainers brought into Arawak
Cay per year from the current
70,000 level to 150,000 TEUs
some 30 years from now in
2038. -

THE GOVERNMENT OF THE BAHAMAS
MINISTRY OF EDUCATION, YOUTH, SPORTS &

CULTURE

IMPORTANT NOTICE
NATIONAL BURSARY

ALL PERSONS WHO HAVE COMPLETED HIGH SCHOOL IN THE
BAHAMAS AND WHO HAVE OBTAINED

FIVE (5) BGCSE AT GRADKS A, B, OR C

(inclusive of Mathematics and English Language)

ARE ELIGIBLE TO RECEIVE A NATIONAL BURSARY TO ATTEND THE
COLLEGE OF THE BAHAMAS.

THE BURSARY WILL COVER ALL TUITION FEES PAYABLE TO THE
COLLEGE OF THE BAHAMAS

TO QUALIFY, PERSONS MUST:

° BE BAHAMIAN CITIZEN

°* HAVE BGCSE ENGLISH LANGUAGE AND MATHEMATICS AT GRADES
A, B, OR C INCLUDED IN THE FIVE SUBJECTS REQUIRED

* HAVE BEEN ACCEPTED TO THE COLLEGE OF THE BAHAMAS INTO
AN APPROVED COLLEGE LEVEL PROGRAMME

* PURSUE A MINIMUM OF 12 CREDIT HOURS PER SEMESTER



° MAINTAIN A 3.0 GPA PER SEMESTER AT THE COLLEGE OF THE

BAHAMAS

FOR FURTHER INFORMATION PLEASE CONTACT:
THE MINISTRY OF EDUCATION, YOUTH, SPORTS &
CULTURE TERTIARY DEPARTMENT

THOMPSON BOULEVARD

NASSAU, BAHAMAS
Tel: 502-2700 or

www.bahamaseducation.com

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SIRTE INVESTMENTS LIMITED

Notice is hereby given that in accordance with Section 137 (8)
of the International Business Companies Act, No.45 of 2000,
the Dissolution of SIRTE INVESTMENTS LIMITED has
been completed, a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.
The date of completion of the dissolution was the 9th day of
June, 2008



Bahamas Property Fund Limited

Consolidated income Statement
For The Quarter Ended 31 March 2008
(Unaudited) *

Three Months
Ended

Three Months.
: Ended
31 March 2007



31 March 2008
$ $.

INCOME

994,405
... 4,684

957,521,
____._7,683

Rental revenues
Other income

999,089 965,204.

OPERATING EXPENSES

Bank Interest 255,356
Preterence share dividends

Other expenses

281,941
69,041

324,397
~ 640,807

___ 125,877

407,818

FUNDS FROM OPERATIONS (FFO) 591,271

Gain/(Loss) on revalyation
Amortisation of deferred expenses

(28,598)
Bad debt expense -

(17,539)

623,268

NET INCOME 562,674

bFO PER SHARE $0.25 $0.27

EARNINGS PER SHARE $0.23 $0.26

NET ASSET VALUE PER SHARE $13.08 $12.56

280 PICTET

18o5

Pictet Bank & Trust Limited

4

Invites qualified applicants for the role of:-

SENIOR ADMINISTRATOR
REQUIRED SKILLS:- |

Strong understanding of account documentation, banking
correspondence and operations in a private banking context.
Excellent problem solving, organisational and management
. Skills; ability to work independently and under pressure to meet
strict deadlines.

Excellent oral and written communication skills; secretarial
skills and ability to work with correspondence in French and/or
Spanish an asset.

Proficiency in a variety of software applications, particularly
Word and Excel; Access or BusinessObjects an asset.

Strong sense of discretion, good judgment, ability to work
effectively in a team, and commitment to excellent customer
service.

EDUCATION AND EXPERIENCE:-

- Atleast 3 years experience supervising a small team.

- 5 years related experience in an international private bank, or
possibly an accounting firm or trust company working with
private banks.

NO TELEPHONE CALLS WILL BE ACCEPTED. Please send
Resume to:

The Human Resources Manager
Bayside Executive Park

P. O. Box 4837
Nassau, Bahamas

Offices in Geneva, Lausanne, Zurich, Luxemburg, London,
Montreal, Nassau, Singapore, Tokyo, Hong Kong


Fidetity Bank & Trust International Limited

(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Bahamian dollars)

2007 2006
$ $
Restated
{Note 23)
ASSETS
Cash on hand and at banks (Note 4) ee ae ee
Investment securitics (Note 5) 38,624, ager
Mortgages, consumer and other toans (Note 6) 246,396,500 pa ic
Prepayments and other assets ee eee
Property, plant and equipment (Note 7) 18,155, 095, .
Goodwill (Note 8) 1,454,195 1,454,)
Investment in joint venture (Note 9) ____., 6,267,410 peas :
TOTAL ASSETS 334,836,390 316,105,217
LIABLLITIES :
Customer deposits (Note 1) 258,304,726 aa
Loans from banks (Note 11) 2,414,1 7 2,848, :
Debt securities (Note 12) 27,172,6 Sea
Accrued expenses and other liabilities ___ 10,939,102 ___ 12,549,450

TOTAL LIABILITIES 272,080,248
EQUITY
Capital aad reserves attributable to the Bank’s
equity holders 2
Capital - ordinary shares (Note 13) 10,000,000 Sa
Capital - preference shares (Note 14) 12,000,000 Perea
Revaluation surplus 3,367,103 447,
‘Retained earnings : 22,428,083 10,446,427
47,795,186 35,893,858
Minority interest 7 _ 8,210,523 8,130,399
TOTAL EQUITY " : __ 56,005,709 44,024,257
TOTAL LIABILITIES AND EQUITY 354,836,390 316,105,217

_298,830,681

APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY:

Director

Date

pee Lubec bn

Director

Notes to the Consolidated Balance Sheet

General Information

Fidelity Bank & Trust International Limited (the Bank) is incorporated under the Companies Act,
1992 of the Commonwealth of The Bahamas and is licensed under the Bank and Trust Companies
Regulation Act, 2000, to carry, on banking and trust business in The Bahamas, subject to the
condition that it does not carry on any banking and trust business without the prior approval of the
Minister of Finance. The Bank principally acts as a holding company for subsidiaries and
associates, and provides these entities with management services. The Bank and its subsidiaries
(together, the Group), along with an associate, offer a full range of retail banking, investment
banking and insurance brokerage services in The Bahamas, the Cayman {slands and Turks &
Caicos Islands.

The registered office of the Bank is situated at #51 Frederick Street. Nassau, Bahamas. As of 31
December 2007, the Group employs 241 (2006: 211) persons.

Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of the consolidated balance sheet are
set out below. These policies have been consistently applied to all years presented, unless
otherwise stated.

(a)

(b)

(c)

Basis of preparation

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

The preparation of financial statements in conformity with IRS requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in the
process of applying the Group’s accounting policies. Estimates and judgments are
continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
Actual results could differ from those estimates.

In the current year, the Group Adopted IFRS 7 Financial Instruments: Disclosures and the
amendments to LAS | Presentation of Financial Statements, which became effective for
fiscal periods beginning on or after | January 2007. The impact of the adoption of IFRS 7
and the changes to IAS | has been to expand the disclosures provided in these consolidated
balance sheet regarding the Group’s financial instruments and management of capital.

The remaining standards and amendments and interpretations to published standards that

_ became effective for fiscal periods beginning on or after 1 January 2007 were not relevant

to the Group’s operations and accordingly did not impact the Group’s accounting policies
or consolidated balance sheet.

The application of new standards and amendments and interpretations to existing standards
that have been published but are not yet effective are not expected to have a material
impact on the Group’s’ accounting policies or consolidated balance sheet in the period of
initial application, except International Financial Reporting Interpretations Committee }3

_ Customer Loyalty Programmes (IFRIC 13). IFRIC 13, which is effective for fiscal periods

beginning on or after 1 July 2008, clarifies the accounting for customer loyalty
programmes (e.g. loyalty points) that are provided with services offered by an entity. The

‘Group will apply IFRIC 13 from 1 January 2009, and does not expect this to materially

impact the consolidated balance sheet.

Principles of consolidation

Subsidiaries ’
Subsidiaries are all entities over which the’ Group has the power to govern the financial
and operating policies generally accompanying a sharcholding of more than onc half of the
voting rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group controls
another entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are de-consolidated from the date that control ceases.

Intcr-company transactions, balances and unrealised gains on transactions between group
companies are climinated. Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. Accounting polices of

subsidiaries are changed where necessary to ensure consistency with the policics adopted
by the Group.

Joint ventures

Joint ventures are entities over which the Group has significant influence but not control,
and the operations are generally governed by shareholder agreements. Investments in joint

ventures are accounted for using the equity method of accounting and are initially
recognised at cost. ,

The Group’s share of its joint ventures’ post-acquisition profits or losses is recognised in
the consolidated income statement, and its share of post-acquisition movements in reserves
is recognised in reserves. The cumulative post-acquisition movements are adjusted against
the carrying amount of the investment. When the Group’s share of losses in a joint venture
equals or exceeds its interest in the joint venture, including other unsecured receivables,

the Group does not recognise further losses, unless it has incurred obligations or made

payments on behalf of the joint venture.

Unrealised gains on transactions between the Group and its joint ventures are ciniueace wo
the extent of the Group’s interest in the joint ventures. Unrealised losses are also
climinated unless the transaction: provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures are changed where necessary to ensure
consistency with the policies adopted by the Group.

Foreign currency translation
i) Functional and presentation currency

Items included in the balance sheet of each of the Group’s entitics are measured using
the currency of the primary economic environment in which the entity operates (the

functional currency). The consolidated balance shcet is presented in Bahamian dollars
(BS), which is the Bank’s functional and presentation currency.

(d)

(e) |

)

(2)

(hb)

(i)

a)



it) Transactions and balances

Foreign currency transactions are translated into the functional currency using ie
exchange rates prevailing at the date of the transactions. Foreign exchange ae an :
losses resulting from the settlement of such transactions and from the trans re
monetary assets and liabilities denominated in foreign currencies are recognised in the
consolidated income statement. Translation differences on monetary financial assets
measured at fair value through profit or loss are included as part of the fair value

gains and losses.

Financial assets

‘The Group classifies its financial assets in the following categories: financial assets at is
value through profit or loss and loans and receivables. Management determines the
classification of its investment at initial recognition.

i) Financial assets at fair value through ‘profit or loss

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

ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They arise when the Group provides
thoney, goods or services directly to a debtor with no intention of trading the
reccivable.

Regular-way purchases and sales of financial assets are recognised on trade-date — the date
on which the Group commits to originate, purchase or sell the asset. Financial isnasi
initially recognised at fair value plus’ transaction costs, except financial assets ea .
fair value through profit or loss where such costs are expensed as incurred. F inancia! se

are derecognised when the rights to receive cash flows from the financial assets ce
expired or when the Group has transferred substantially all risks and rewards of ownership.

Loans and receivables are subsequently carried at amortised cost less provisions ne
impairment, and financial assets at fair value through profit or loss are carried at fair value.
Fair value is based on quoted prices for investments quoted in an active market (e.g.
international securities exchange) or valuation techniques, including recent arm’s length
transactions, discounted cash flow analysis and other valuation techniques commonly used
by market participants, for securities not traded in an active market.

Gains or losses arising from sale or changes in fair value of financial assets at fair value
through profit or loss are recognised in the consolidated income. statement in the period in
which. they arise. - : '

Non-performing assets

All loans on which principal or interest payments are overdue in excess of ninety days are:
classified by management as non-performing, and monitored closely for impairment.

Borrowings

Borrowings, which include loans from banks and debt securities, are recognised initially at
fair value, net of transaction costs incurred. Borrowings are subsequently recognised at
amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the consolidated income statement over the period of the
borrowings using the effective interest method.

Income and expense recognition »

Interest income and expense are recognised in the consolidated income statement for all
instruments measured at amortised cost using the effective interest method. Loan
origination fees for loans that are likely to be drawn down are deferred (together with

related direct costs) and recognised as an adjustment to the effective interest rate on the
loans.

The effective interest method is a method of calculating the amortised cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant period. The effective interest rate is fhe rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial, liability. When calculating the effective interest rate, the Group estimates cash
flows considering all contractual terms of the financial instrument (for example,
prepayment options) but does not consider future credit losses. The calculation includes
all fees and points paid or received between parties to. the contract that are an integral part

| of the effective interest rate, transaction costs and all other premiums or discounts...

Fees and commissions are generally recognised on an accrual basis whén the ee ryice has
been provided, Fee and commission income arising from negotiating or participating in the
negotiation of a transaction for a third party, such as the arrangement of the acquisition of
shares or other securities, are recognised on completion of the underlying transaction,
which is generally at the time the customer's account is charged. Portfolio, advisory, asset
management and custody service fees are recognised .bascd on the applicable service
contracts, usually rateably over the period in which the service is provided. Performance
linked fees are recognised when the performance criteria are fulfilled. Commissions
eamed and paid on insurance policies are recognised when the policies are written, as the
Group has no further service obligations associated with these commissions.

Dividend income is. recognised in the consolidated income statement when the Group’s

right to receive payment has been established. Other income and expenses are recognised
on an accrual basis.

Offsetting financial instruments ,
Financial assets and liabilities are offset and the nef amount reported in the consolidated
balance sheet when there is a legally enforceable right to offset the recognised amounts and

there is an intention to settle on a net basis, or realise the asset and settle the liability
simultaneously.

Impairment of financial assets at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred if, and only if, there is
objective evidence of impairment as a result of one or more events that occurred after the
initial recognition of the asset (a loss event) and that loss event (or’events) has an impact
on the estimated future cash flows of the financial asset or group of financial assets that
can be reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables has been
incurred, the amount of the loss is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash flows (excluding future credit losses
that have not been incurred) discounted at the financial assct’s original effective interest
rate. The carrying amount. of the asset is reduced through the use of an allowance account
and the amount of the loss is recognised in the consolidated income statements If a loan has
a variable interest rate, the discount rate for measuring any impairment loss is the current
cffective interest rate determined under the contract. As a practical expedient, the Group

may measure impairment on the basis of an instrument’s fair value using an observable
market price.

Property, plant and equipment

_ Property, plant and equipment, other than land and buildings, are carried at historical cost
less accumulated depreciation and amortisation. Historical cost includes expenditure that is
directly attributable to the acquisition of an item. Land and buildings, which comprise
branches and offices, are carried at fair value based upon periodic independent appraisals

that are commissioned at intervals not exceeding three years, less subsequent depreciation
for buildings.

Subsequent costs are included in the asset's carrying amount or are recognised as a
separate asset, aS appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can he measured:

reliably. All repairs and maintenance are charged to the consolidated income statement
during the financial period in which they are incurred.

Increases in the carrying amount arising on revaluation of land and buildings are credited

to “revaluation surplus” in equity. Decreases that offsct previous increases of the same
asset are charged against revaluation surplus directly in equity; all other decreases are
charged to the consolidated income statemzat. Each year the difference between
depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset’s original cost is
transferred from revaluation surplus to retained earnings. ee ,

Land is not depreciated. Depreciation on other ass

ets is calculated using the straight-li
method to allocate costs (net of residual values) ove : =

r estimated useful lives as follows:

Estimated Useful Life

Buildings

Furniture and fixtures ep aaeoent
Motor vehicles son years
Computer software and office equipment - = 5 years
Leasehold improvements 3-10 years

Lesser of lease term and 3 - 10 years

The assets’ residual values and useful live

S are reviewed, and adjusted if i
each balance sheet date. , pearee es
THE TRIBUNE

Assets that are subject to amortisation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An
asset’s carrying amount is written down immediately to its recoverable amount if the
asset’s carrying amount is greater than its estimated recoverable amount. The recoverable
amount is the higher of the asset’s fair value less costs to sell and value in use.

Gains and losses on disposals are determined by comparing proceeds with the carrying
amount and are recognised in the consolidated income statement. When revalued assets
are sold, amounts included in revaluation surplus are transferred directly to retained ~
earnings.

(k) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the
Group’s share of the net identifiable assets of the acquired subsidiary at the date of the
acquisition. Goodwill is tested annually for impairment and carried at cost less
accumulated impairment losses. Impairment losses are assessed based on cash-generating

- units that gave rise to the goodwill. Gains and losses on the disposal of an entity include
the carrying amount of goodwill relating to the entity sold.

() Leases
i) The Group is the lessee

The leases entered into by the Group are operating leases. The total payments made
under operating leases are charged to the consolidated income statement on a
straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any
payment required to be made to the lessor by way of penalty is recognised as an’
expense in the period in which termination takes place.

ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognised over the term of the
lease on a straight-line basis.

(m) Share capital
i) Share issue costs

Incremental costs directly attributable to the issue of new shares or options or to the
acquisition of a business are shown in equity as a deduction from the proceeds.

ii) Dividends

Dividends on ordinary shares and preference shares classified as equity shares are
recognised in equity in the period in which they are approved by the Group’s
Directors. Dividends for the year that are declared after the balance sheet date are
dealt with in the subsequent events note.

(n) Provisions

Provisions for restructuring costs and Jegal claims are recognised when the Group has a
present legal or constructive obligation as a result of past events, and it is more likely than
not that an outflow of resources will be required to settle the obligation and the amount has
been reliably estimated.

(0) Employee benefits

The Group has defined contribution pensidn plans and a defined benefit plan for its
employees and key management personnel. The plans are administered by trustees that
include key management personnel of the Group.

A defined contribution plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or constructive obligations to
pay further contributions if the plan does not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and prior periods. The contributions
are recognised as staff benefits expense in the consolidated income statement when they
are due. The Group has no further payment obligations once the recognised contributions
have been paid.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an
employee will receive on retirement, usually dependent on one or more factors, such as _
age, years of service and compensation. The liability recognised in the consolidated
balance sheet in respect of defined benefit pension plans is the present value of the defined
“2° Benefit obligation’ as of the balance sheet date less the fair value of plan assets, together
with adjustments for unrecognised actuarial gains or losses and past service costs. The
. defined benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of
government securities that are denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating the terms of the related pension
\ liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions in excess of the greater of 10% of the value of plan assets or 10% of the
defined benefit obligation are charged or credited to the consolidated income statement
over the employees’ expected average remaining working lives. Past-service costs are
recognised immediately in administrative expenses, unless the changes to the pension plan
are conditional on the employees remaining in service for a specified period of time (the
vesting period). In this case, the past-service costs are amortised on a straight-line basis
over the vesting period.

(p) Fiduciary activities
The Group acts as custodian, trustee and in other fiduciary capacities that result in the
holding or placing of assets on behalf of individuals, investment funds and other
institutions. These assets are excluded from this consolidated balance sheet, as they do not
belong to the Group.

(q) Corresponding figures

Where necessary, corresponding figures are adjusted to conform with changes in
presentation in the current year. “

Mortgages, Consumer and Other Loans

2007 2006

$ - $

; Restated

\ o (Note 23)

Mortgages - 210,280,862 148,976,609

Consumer and other loans 39,254,633 34,326,759

249,535,495 183,303,368

Accrued interest 1,222,775 980,323
Provision for loan losses (4,361,770) (4,185,112)

Total 246,396,500 180,098,579

Movements in provision for loan losses are as follows:



2007 ‘ 8 : 2006
Mortgages Consumer | Total Mortgages Consutner Total
$ s . § $ $ Ss
Balance as of | January 1,598,029 2,587,083 4,185,112 1,517,660 2,055,616 3,573,276
Provision during the year 543,358 182,367 725,728 122,925 913,714 1,036,639
Write-offs during year 56,77) (605,838) (549,067) (42,536) (382,247) (424,803)
Balance as of 31 December 2,198,158 2,163,612 4,361,770 1,598,029 2,587,083 4,185,112

Included in provision for loan losses are specific loan loss reserves totalling $771,302 (2006:
$1,098,998). The provision for loan losses represents 1.75% (2006: 2.28%) of the total loan
portfolio and 66.80% (2006: 77.08%) of total non-performing loans.

As of 31 December 2007, principal balances of on-performing loans totalled $6,529,638 (2006:
$5,429,890), representing 2.62% (2006: 2.96%) of the loan portfolio.

Property, Plant and Equipment

Computer
Software
Land Furniture Motor & Office Assets Under Leasehold
& Buildings © & Fixtures Vehieles Equipment Construction {mprovements Total
. $ $ $ $ $s $s
Year ended
31 December 2007
Opening net book value 9,696,030 1,374,340 206,378 1,483,979 4$3,232 2,181,289 15,095,448
Deconsolidation (Note 9) (164,579) (17,347) (277,175) - (3,004) (462,105)
Additions 828,407 972,362 35,890 1,110,497 396,006 1,666,611 5,009,773
Disposals - ° (8,216) ; . . (8,216)
Depreciation (289,978) (426,261) (54,255) (304,998) _ (403.879) _(1,479,371)
Closing net book value 10234459 1,756,062 162450 201203 SH MON IR ISS SP
As of 31 December 2007
Cost or valuation 10,$24,437 4,660,565 399,634 9,399,220 $49,238 6,546,249 32,079.343
Accumulated
depreciation (289,978) _ (2,904,503) (237,184) (7,386,917) _. (3,105,232) (13,923,814)
Net book value. 10,234,459 1,756,062 162,450 2,012, 349,238 3,441,017 18,155,529

seeerrmbsereiores

TUESDAY, JULY 8, 2008, PAGE 7B

‘As of 31 December 2006





Cost or valuation 9,696,030 4,270,576 535,507 9,407,141 153,232 5,396,319 29,458,805
Accumulated
depreciation _ (2,896,036) __ (329,129) _ (7,923,162) __.. (3,215,030) (14,363,357)
Net book value 9,696,030 1,374,540 206,378 1,483,979 153,232 2,181,289 _ 15,095,448
If land and buildings were stated on an historical cost basis, the amounts would be as follows:
2007 2006
$ $
Cost ‘ 6,941,337 6,941,337
Accumulated depreciation -(1,505,347) __ 1,323,600)

Net book value

5,435,990 5,617,737



Goodwill
2007 , 2006
$ $
Balance as of | January 1,454,195 1,454,195
Accumulated impairment eee oe Pees
Balance as of 31 December —__ 1,454,195 1,454,195
Investment in Joint Venture
Effective 30 November 2007, the Group was a party to a joint venture agreement involving its.
former subsidiary Royal Fidelity Merchant Bank & Trust Limited (RFMBT), a bank incorporated
in The Bahamas and Royal Bank of Canada (RBC), a bank registered in The Bahamas, whereby the
Group agreed to sell 50% of its ordinary shareholding in RFMBT to RBC and both parties agreed
that RFMBT would operate as a joint venture with rights to operate in The Bahamas and Barbados
in the business of merchant banking. Under the joint venture agreement RBC. paid $9 million for
50% of RFMBT equity and the Group is entitled to 30% of RFMBT’s net income for five years
before equally sharing the remaining net income with RBC. The net present value of this priority
to net income has been calculated at $3.6 million based on projections of net income for the first
five years of the joint venture. ,
The agreement also required the Group and RBC to inject additional capital of $5 million each into
RFMBT and the redemption of all outstanding preference shares, which were all owned by the
Group. :
Financial information of the joint venture as of 31 December 2007 is set out below:
Royal Fidelity Merchant Bank & Trust Limited
Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Bahamian dollars)
2007
$
ASSETS
Cash on hand and at banks 23,411,363
Investment securities 6,603,176
Loans and advances to customers 18,701,116
Prepayments and other assets 963,432
Property, plant and equipment 308,932
Intangible asset _ 2,200,000
TOTAL ASSETS 92,188,019
LIABILITIES
Customer deposits 37,122,355
Accrued expenses and other liabilities 2,654,265
TOTAL LIABILITIES 39,776,620
EQUITY
Capital — ordinary shares 11,000,000
Retained earnings ___ 1,411,399
TOTAL EQUITY 12,411,399
TOTAL LIABILITIES AND EQUITY 52,188,019
The Group’s interest in total equity 6,267,410
Movements in investment in joint venture comprise:
°2007
8
Initial investment 1,000,000
Capital injection 5,000,000
Increase due to joint venture profits 267,410
aor eae :287,410 -
10. Customer Deposits
2007 2006
$ $
Demand deposits 36,408,988 43,315,460
Savings certificates 32,912,961 28,727,589
Term deposits 186,254,209 167,949,690
Funds pending settlement - 14,685,376
255,576,158 254,678,115
Accrued interest 2,728,568 2,004,806
Total 258,304,726 256,682,921
All customer deposits carry fixed interest rates ranging from 2.00% to 7.25% (2006: 2.50% to
7.25%). ,
11. - Loans from Banks
2007 2006
$ $
pital 2,414,179 2,700,338
- t
on-curren : ___.__ 148,251
Total 2,414,179 2,848,589
ae eee SEES
Included in the current portion of loans from banks is $2,267,776 (2006: $2,500,338) representing
the balance drawn down against a $3 million line of credit advanced to the Bank from a
commercial bank. The loan bears interest at the BS Prime rate plus 1.50%, is supported by a charge
over 6,600,000 (2006: 6,600,000) ordinary shares of FBB, and is repayable on demand.
The remaining current and non-current portions of loans from banks represent the balance duc
under a mortgage loan, in the initial amount of US$2,000,000 that was advanced to West Bay to
facilitate the purchase of property in The Bahamas. The loan is supported by a first mortgage over
the property owned by West Bay, bears interest at 3-month US$ LIBOR plus 1.50% per annum and
is repayable in 40 equal quarterly payments of $50,000, plus any interest accrued as of each
payment date, that commenced in August 1998. The loan was fully repaid in March 2008.
12. Debt Securities
2007 2006
$ $
Series A redeemable fixed rate notes due 2017 4,903,204 -
Series B redeemable floating rate notes due 2022 9,806,407 -
Short-term note issued to a related party . 12,227,877 -
26,937,488 —_ ne
Accrued interest 235,186 -
27,172,674 .
= — ee

‘ On 30 November 2007, the Group

As part of a $50 million note programme approved. by the Directors of FBB during 2007, FBB
offered, through private placement, $15,000,000 of unsecured fixed and floating rate notes
consisting of Series A - $5 million redeemable 7% fixed rate notes due 19 October 2017 and Series
B - $10,000,000 redeemable floating rate notes (BS Prime rate plus 1.75C*6) due 19 October 2022
Interest is payable semi-annually on 19 April and 19 October each year,

Costs of the notes issue totalled $294,202 and these are bein

g amortised on an effective yi i
over the life of the notes. Of the total costs, $225,000 was p: ae

aid to a related party.

purchased mutual fund shares from RFMBI at tl th t
market value of $12,227,877. The transaction was settled b en oeeein

to the purchase price, which is unsecured, accrues interest
payable on or before 31 May 2008.

y the issue of a promissory note equal
at the rate of 5.50% per annum and is

By agreement of both parties on 27 May 2008, the maturity of the note has been extended. On 4

June 2008, $3 million of the notes was repaid following the issuance of FBB debt securities to
RFMBT of an equal amount. The remaining balance is to be repaid

ili ; : in monthly instalments of $1
million commencing 4 July 2008, and interest on the promissory note

remains unchanged.

. Bee ghant
PAGE 8B, TUESDAY, JULY 8, 2008

13.

14,

16.

17.

18.

Capital - Ordinary Shares

2007 2006
$ $
Authorised
5,000,000 ordinary shares of $0.10 each 500,000 500,000
Issued and fully paid
3,432,099 ordinary shares of $0.10 each 343,210 343,210
Share premium
1,000,000 ordinary shares at a premium
of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share 4,756,790 4,756,790
9,656,790 9,656,790
Total capital - ordinary shares 10,000,000 10,000,000
Capital - Preference Shares
2007 2006
$ $
Authorised
3,000,000 Class A non-voting 8.00% cumulative
redeemable preference shares of $0.10 each 300,000 300,000
2,000,000 Class B voting 5.00% cumulative
convertible redeemable preference shares of $0.10 each 200,000 200,000
10,000,000 Class C non-voting BS Prime
rate plus 0.75% (minimum 7.50%) cumulative
preference shares of $0.10 each 1,000,000 «© 1,000,000
1,500,000 1,500,000
Issued and fully paid
1,200,000 Class C cumulative redeemable
preference shares of $0.10 each 120,000 120,000
Share premium 11,880,000 11,880,000
Total capital - preference shares 12,000,000 12,000,000

The preference shares are redeemable at the sole option of the Bank, except in the event of a
change of control, and redemption is subject to the approval of the Central Bank. Dividends are
payable quarterly in arrears, at the sole discretion of the Directors of the Bank, at an annual rate of
0.75% above B$ Prime rate, subject to a minimum rate of 7.50%. The preference shares rank
ahead of ordinary shares in the event of liquidation.

Critical Accounting Estimates and Judgments in Applying Accounting Policies

The Group makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations. of future events that are
believed to be reasonable under the circumstances.

Impairment losses on loans and advances.
The Group reviews its loan portfolios to assess. impairment at least on a quarterly basis. In

determining whether an impairment loss should be recorded in the consolidated income statement,
the Group makes judgments as to whether there is any observable data indicating that there is a

. measurable decrease in the estimated future cash flows from a portfolio of loans before the

decrease can be identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on assets
in a group. Management uses estimates based on historical loss experience for assets with credit
risk characteristics and objective evidence of impairment similar to those in the portfolio when
scheduling its future cash flows.

The methodology and assumptions used for estimating both the amount and timing of future cash
flows are reviewed regularly to reduce any differences between loss estimates and actual loss
experience.

Related Party Transactions

Related parties include key management personnel (including directors) and those entities that
have the ability to control or exercise significant influence over the Group in making financial or
operational decisions, and entities that are controlled, jointly controlled or significantly influenced
by key management personnel and entities noted earlier.

Loans and deposit accounts with directors and officers amounts to $3,582,499 (2006: $4,313,930)
and $994,546 (2006: $2,719,757), respectively. As of 31 December 2007, 70.74% (2006: 70.74%)

of the Group’s issued ordinary shares is held by management, with key management
holding 43.62% (2006: 43.62%). ‘ : pone

Commitments

Loan commitments

In the normal course of business various credit-related arrangements are entered into to meet the
needs of customers and earn income. These, financial instruments are subject to the Group’s
standard credit policies and procedures. “As of 31 December 2007, the Group had loan
commitments amounting to $21,843,940 (2006: $15,395,565).

Lines of credit

The Bank has arranged a line of credit of $3,000,000 (2006: $3,000,000), as described in Note 11.

FBC has arranged a line of credit of US$2,500,000 (2006: US$2,500,000) with a financial
institution opérating within the Cayman Islands. This facility is supported by a charge over certain
of FBC’s land and buildings, was unused as of 31 December 2007 and is renewable annually.

FBB has pledged $3,000,000 (2006: $3,000,000) of Bahamas Government registered stock to
support an overdraft facility of an-equal amount with a Bahamian commercial bank. The facility
bears interest at 0.5% above the BS Prime rate up to $1 million and 1.25% above the B$ Prime rate
for amounts in excess of $1 million with a standby fee of 0.25% on any unused portion of the
facility. This facility was unused as of 31 December 2007. ,

As of 31 December 2007, unused linés of credit with commercial bank
ea ial banks amounted to $6,132,223

Operating lease commitments

The future minimum rental payments required under non-cancellable leases as of 31 December are



as follows:
: 2007 2006
$ $
i - 494,855
ste 637,171 437,623
ca 543,740 418,693
a 405,346 387,101
aE 360,353 -
at 250,000 -
250,000 Pass z=
Total minimum payments 2,446,610 1,738,272

2 7 2

Contingent Liabilities

Love Estates: In 1988, FBB lent the developer of Love Estates certain sums of money and also
joined in as surety for various performance bonds aggregating $3,328,043 in favor of the Ministry
of Public Works. The loans and the bonds were supported by a first legal mortgage over the unsold
lots in the subdivision. The works under the bonds were to have been completed within 36 months
The developer defaulted under the mortgage with FBB. Through the years, FBB has been in
discussion with the Ministry of Public Works and various prospective purchasers. In 2001, the
Ministry obtained a judgment against the developer and FBB for the amount of the bonds.

FBB is being sued for specific performance and damages in connection with a sale agrcement dated
24 September 1997 in respect of the Love Estates property. As all conditions of the sale agreement
have still not been met, and in order to resolve this long outstanding matter. FBB entered into a
Deed of Settlement (the Deed) with Rolling Hills Development Corporation Limited (Rolling
Hills) in April 2006. Under the Deed, Rolling Hills will assume liability for the installation of the
infrastructure in Phase One and Phase Two of the Love Estates Subdivision ‘and enter into
performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills
installation of the infrastructure and enable FBB to have the performance bonds, entered int

between FBB and the Ministry of Works dated 30 May 1988, cancelled. 7 a

In exchange for Rolling Hills entering into the above noted performance bonds, FBB agreed to pay
settlement Costs totaling $350,000 to Rolling Hills which were expensed in 2004. Should Rolling
Hills not enter into the performance bonds, in a form agreed by the Ministry of Works, the Deed
will become void as if it never existed. FBB and Rolling Hills are still in the process of obtaining
all documents required under the Deed of Settlement. It is anticipated that all outstanding

documentation issues will be resolved in 2008 and tha i
t t the associated sale of the Li
property will be completed without any further loss to FBB. OO earner

Other: The:Group is also i i i i i
Pp © involved in various other legal proceedings covering a range of matters

that arise in the ordinary course of business. Management is of the view that no significant loss
will arise as a result of these proceedings.

19.

20.

21.

THE TRIBUNE

Employee Benefits

The Group participates in a defined benefit pension plan and defined contribution pension plans
(the Plans) in accordance with the legal requirements of the countries in which the Group operates.

The latest actuarial valuation of the Group’s defined benefit pension plan was carried out as of 3]
December 2007. The amounts recognised in the consolidated balance sheet for the defined benefit

" pension plan were determined as follows:

2007 2006

$ $

Present value of funded obligations 2,360,199 1,971,452
Fair value of plan assets (2,255,700) (1,747,352)
Benefit obligations in excess of plan assets 104,499 : 224,100
Unrecognised actuarial losses (658,412) (586,300)

(362,200)

Asset recognised in the consolidated balance sheet

(553,913)

Movements in the asset recognised in the consolidated balance sheet are as follows:

2007 2006

$ $

Asset as of beginning of the year (362,200) (122,390)

Expense recognised in the consolidated income statement 156,007 92,188
Contributions : (347,720) (331,998) °

553,913 362,200)

The principal actuarial assumptions (expressed as weighted averages) as of the consolidated
balance sheet date are:

Asset as of end of year

2007 2006

Discount rate 6.50% 6.50%
Expected return on plan assets 6.50% 6.50%
Future salaries increases 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%

Employees in the defined benefit pension plan contribute 5% of gross salary. Employees in the
defined contribution pension plans contribute 5% of gross salary, and the Group matches employee
contributions. ‘

Capital Management

The Group’s objectives when managing capital, which is a broader concept than ‘equity’ on the
face of the consolidated balance sheet, are:

¢ To comply with the capital requirements set by the regulators of the banking markets where
entities within the Group operate;

¢ To safeguard the Group’s ability to continue as a going concern so that it can continue to
provide returns for its shareholders and benefits for other stakeholders; and ‘

e To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Group's management,
employing techniques designed to ensure compliance with guidelines established by the regulators.
The required information is fiied with the regulators on a quarterly basis.

The Central Bank, the Bank’s regulatot, requires that the Group maintains a ratio of total
regulatory capital to risk-weighted assets at or above a minimum of 8%.

During 2007 and 2006, the Group complied with all of the externally imposed capital requirements
to which it is subject.

Financial Risk Management
Strategy in using financial instruments

By their nature, the Group’s activities are principally related to the use of financial instruments.
The Group accepts deposits from customers at both fixed and floating rates, and for various
periods, and seeks to earn above-average interest margins by investing these funds in high-quality
assets — predominantly mortgages. The Group seeks to increase these margins by consolidating
short-term funds and lending for longer periods at higher rates, while maintaining sufficient
liquidity to meet all claims that might fall due.

The Group also seeks to raise its interest margins by obtaining above-average margins, net of
allowances, through lending to commercial and retail borrowers with a range of credit standings.
Such exposures involve not just on-balance sheet loans and advances; the Group also enters into
guarantees and other commitments such as letters of credit, and performance and other bonds.

The principal risks which arise from the Group’s core activities that must be effectively managed
include credit, interest rate, price, liquidity and fiduciary risks. The Group does not use derivative
instruments to manage any of these risks.

Credit risk

Credit risk is the risk that a counterparty may be unable to pay amounts in full when due.
Impairment provisions are provided for losses incurred as of the consolidated balance sheet date
(Note 6). Significant changes in the economy or a sector that represents a concentration in the
Group’s portfolio could result in losses that are different from those provided for as of the
consolidated balance sheet date. Management therefore carefully manages its exposure to credit
risk.

The Group’s credit committee is responsible for approving and monitoring the Group’s credit
exposure, which is done through review and approval of the Group’s lending policy, and limits on
credit exposure to individual borrowers and sectors. ‘

Prior to advancing funds, an assessment is made. of the credit quality of each borrower. The Group
does not use an automated credit scoring system. It is the Group’s policy to lend responsibly and
establish loans that are within a customer’s ability to repay rather than relying exclusively on
security.

Maximum credit exposure at the year end approximates the carrying value of all assets. The classes
of financial instruments to which the Group is most exposed. are loans to customers (Note 6) and
certain investment Securities (Note 5).

The table below provides further information on mortgages, consumer and other loans by payment
status as of 31 December. , 4

2007 2006

$m % $m %
Not impaired
- Neither past due or impaired ‘ 241.1 96.6 176.9 96.5
- Past due up to 3 months but not impaired 19 0.8 1.0 0.5
Impaired.
- Past due 3 ~ 6 months 1.2 0.5 0.9 0.5
- Past due 6 — 12 months 1.3 0.5 0.9 0.5
- Past due over 12 months 4.0 1.6 3.6 2.0

249.5 100.0 183.3 100.0

The composition of the loan portfolio as of 3] December 2007 is as follows:

Sm
Family residential property 156
Commercial property 32
Consumer ; ' 23
Overdrafts 9
Cash secured 8
Undeveloped land ee 22

250

In The Bahamas, the average mortgage loan balance is $85,000 and the average consumer loan
balance is $18,000 with the largest exposure to a single customer totalling approximately $1.4
million. Mortgage loans can extend up to 24 years, and consumer loans up to 10 years.

In the Cayman Islands, the average mortgage loan is $200,000 and the average consumer loan is
$4,300 with the largest exposure to a single borrower totalling approximately $1.7 million.

Non-performing loans comprise mortgage loans totalling $5.7 million and consumer loans totalling
$800,000.

The primary purpose of these instruments is to ensure that funds are available to a customer as
required. Guarantees — which represent irrevocable assurances that the Group will make payments
in the event that a customer cannot meet its obligations to third parties — carry the same credit risk
as loans.
bbb

PeUIVVIive

Commitments to extend credit represent unused portions of authorisations to extend credit in the
form of loans, guarantees or letters of credit. With respect to credit risk on commitments to extend
credit, the Group is potentially exposed to loss in an amount equal to the total unused
commitments. However, the likely amount of loss is less than the total unused commitments, as
most commitments to extend credit are contingent upon customers maintaining specific credit
standards. The Group monitors the term to maturity of credit commitments because longer-term
commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of financial assets

The Group has a concentration of risk in respect of geographical area, as both customers and assets
held as collateral are primarily based in The Bahamas and the Cayman Islands.

Total loans in The Bahamas are $155 million (2006: $118 million) and the Cayman Islands $95
million (2006: $65 million).

Interest rate risk . x

Interest rate risk is the risk that the future cash flows or fair value of a financial instrument will
fluctuate because of changes in market interest rates. The Group takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow
risks. Interest margins may increase as a result of such changes but may reduce gains or create
losses in the event that unexpected movements arise. :

The Group does not attempt to hedge specifically against the impact of changes in market interest
rates on cash flow and interest margins and relies on the fact that the loan portfolio is based on
floating interest rates linked to the BS Prime rate or US$ Libor that generally reset within three
months of any rate. change and has financial liabilities that offset these loans but .at lower interest

rates. The Group maintains a general policy of fixing the interest rate spread between interest .

earned on financial assets and interest incurred on financial liabilities.

The Group is exposed to fair value interest rate risk on $5 million of its debt securities which are at
fixed interest rates for 10 years, and does not hedge against this risk. The remaining debt securities
are at floating interest rates linked to the BS Prime rate. .

The Government securities in the Group’s investment portfolio are at floating rates linked to the BS
Prime rate.

Price risk

Price risk is the risk that the fair value and/or amounts realised on sale of financial instruments may
fluctuate significantly as a result of changes in market price. This risk is concentrated in
investments in mutual fund shares. The investments in mutual fund shares are represented by
investments in three funds, managed by a related party. The funds’ assets are Bahamas based and
are 60% equity and 40% fixed income in one fund and 100% fixed income in another. The funds’
investments are diversified with no single investment exceeding 10 % of the total portfolio and the
funds do not leverage.

Liquidity risk

Liquidity risk is the risk that the Group is not able to meet its financial obligations as they fall due
or can do so only at an excessive cost.

The Group’s liquidity policy is to maintain sufficient liquid resources to cover cash flow
imbalances and fluctuations in funding, to retain full public confidence in the solvency of the

Group and to enable it to meet all financial obligations. This is achieved by maintaining a prudent

level of liquid assets, through management control of the rate of growth of the business and
maintaining high levels of capital.

As additional support, the Group maintains committed standby facilities of $6,000,000, which have

not been drawn upon during the year.
1

‘The table below analyses assets and liabilities into relevant maturity groupings based on the
remaining period to the contractual maturity dates as of the consolidated balance sheet date.





As of 31 December 2007 Repayable Up to3 3-12 1-5 More than .
on demand months months years S years Total
Sm $m $m Sm Sm Sm
Assets
Cash on hand and at bank 20.4 5.9 < - -- 26.3
Investment securities 17.4 0.4 - 75 13.3 386
Mortgage, consumer and
other loans . 29 15.4 16.9 28.4 1828 246.4
Other assets 6.0 5.0 3.0 3.6 25.9 43.5
Total assets 46.7 26.7 19.9 39.5 222.0 384.8
Liabilities and Equity
Customer deposits 85.0 67.9 84.1 213 - 258.3
Loans from banks 2.4 - - - - 24
Debt securities : ” 12.3 - 14.9 27.2
Other liabilities 4.5 6.2 0.1 0.1 - 10.9
Equity : : : : 56.0 56.0
Total liabilities and
equity 91.9 74.1 96.5 21.4 70.9 354.8
~Net liquidity gap ‘ 45.2 47.4) 16.6 18.1 151.1
As of 31 December 2006
Assets :
Cash on hand and at bank 23.6 50.1 - - : “73.7
Investment securities 1.6 165° 0.1 0.4 176 362
Mortgage, consumer and
other loans ; 4.2 10.3 113 31.6 1227 180.)
Other assets 3.4 5.8 - : 16.9 26.1
Total assets 32.8 - 82.7 _— M4320. ~~~—«1S722—~—~S*~*~«SCW
eee SG

Liabilities and Equity

Customer deposits 117.6 65.9 65.4 7.8 <7 256.7
Loans from banks 2.5 - 0.2 0.2 - 29
Other liabilities 3.9 5.8, 27 ae ol. 12.5
Equity : 3 - : 440 44.0
Total liabilities ad
equity 124.0 71.7 68.3 8.0 44.1 316.1
S886

Net liquidity gap 91.2 11.0 56.9 24.0

Regulatory authorities set limits for liquidity balances. The Group was in compliance with these
requirements during the year.

Fiduciary risk

The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out
certain mandates in accordance with the wishes of its customers. To manage exposure, the Group
generally takes 4 conservative approach in its undertakings.

22. Fair values of financial instruments

Financial instruments utilised by the Group comprise the recorded financial assets and liabilities
disclosed in these consolidated balance sheet. The Group’s financial instruments are principally
short-term in nature, have interest rates that reset to market rates, or are fair valued; accordingly,
their fair value. approximates their carrying value. For long-term financial liabilities with fixed
interest rates, there has been no change in market rates since the issuance of the financial liabilities
and therefore, the carrying value approximates fair value. ‘ ;

23. Prior Period Adjustment

Internationa! Accounting Standard 18 Revenue requires loan origination fees relating to loans that
have a high probability of being drawn down to be deferred (together with related direct costs) and
recognised as an adjustment to the effective interest rate on the loan. The Group did not apply this
accounting treatment in prior years as calculations of the adjustment were not considered material,
and continued to recognise such fees as income in the period received. In the current year, the
calculation of the adjustment was considered material, and the Group has elected to commence
applying the requirements of IAS 18.

The change ‘in accounting policy has been applied retrospectively, and comparative amounts have
been restated. The impact of the change in accounting policy was to reduce retained earnings as of
1 January 2006 by $608,337. The total impact on retained earnings as of 1 January 2007 was a
reduction of $773,844.

PRICEWATERHOUSE(COPERS



PricewaterhouseCoopers
Providence Housé

East Hill Street

PO. Box N-3910

Nassau, Bahamas
Website. www.pwe.com °

E-mail: pwcbs@bs. pwe.com
Telephone (242) 302-5300

Facsimile (242) 302-5350
INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Fidelity Bank & Trust International Limited

‘

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International Limited (the
Bank) and its subsidiaries (together, the Group) as of 31 December 2007 and a summary of significant accounting
policies and other explanatory notes. :

Management's Responsibility for the Financial Statements ‘

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

Auditors' Responsibility

Our responsibility is to express an opinion on this consolidated 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 misstatement.

An audit involves performing procedures’ to obtain audit evidence about the amounts and disclosures in the financial
Statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies

used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.

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

Opinion
In our opinion, the accompanying consolidated balance sheet, presents fairly,, in all, :material. respects. the financial
position of the Group as of 31 December 2007, in accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying consolidated balance shect does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards. Information on

results of operations, cash flows and changes in equity is necessary to obtain a complete understanding of the financial
position, performance and changes in. financial position of the Group.

Chartered Accountants
30 June 2008

Ce ENT mc Tat & Legal Notices

?

04

n

The Tribune

,


PAGE 10B, TUESDAY, JULY 8, 2008

@

THE TRIBUNE



Bank names vice-president for
mortgage, commercial lending

COMMONWEALTH Bank has
named Neil Strachan as its vice-pres-
ident for mortgage and commercial
lending.

Mr Strachan brings more than 22
years of banking experience to the
role, which will involve credit adjudi-
cation and credit risk management,
and ensuring that: Commonwealth
Bank continues to assume risk in a
controlled manner on the basis of
established credit policies.

“This is a tremendous and timely
opportunity to both ensure our
growth initiatives receive the smart,
dedicated leadership they require,
and add another high-calibre talent
to our commercial lending team," said
William B. Sands, Jr., president and
chief executive of Commonwealth

Bank.

"Neil Strachan brings the financial
leadership experience, and the strate-
gic and analytical skills we need, to
continue to be successful in this area.
His proven ability to deliver strong
financial leadership during times of
rapid change fits perfectly with our
plans to continue pursuing an aggres-
sive growth strategy throughout 2008
and beyond."

Mr Strachan joined Commonwealth
Bank in June 2000 as senior manager

- in the bank’s credit risk management

department. Additional career expe-
rience includes serving as senior
branch manager at the bank’s Wulff
Road location, and he has held
numerous senior management level
positions at other Bahamian finan-

Neil Strachan



..Therefore, I am eternally grateful to all
those who have assisted in my development
throughout my banking career, in particular —
those whom I have been honoured to lead

and learn so much from.”

cial institutions.

“It’s always a time of excitement
when one is promoted,” said Mr Stra-
chan, “and J am reminded of a quote
from leadership guru, John Maxwell:
‘One is too small a number to achieve
greatness’.

“No accomplishment of real value

— Neil Strachan

has ever been achieved by a single
human being working alone. There-
fore, I am eternally grateful to all
those who have assisted in my devel-
opment throughout my. banking
career, in particular those whom I
have been honoured to lead and learn.
so much from.”

ROTARIAN of the YEAR

The Rotary Club of West Nassau held a Grand Change-over
and Awards Banquet at Old Fort Bay on Friday, June 27%, 2008.
The top award went to Paul Hepburn who: won the Rotarian of
The Year 2007-2008. .

Mr. Hepburn was chosen for this prestigious. award as he.
exemplified major qualities in demonstrating true Rotarian
service to the less fortunate throughout our community.




In celebration of five years as, “your choice for the
family,” Joy FM invites you to participate in a poetry
contest.

Gosoeae original sid shoiild be entitled, Ob Joy! You For many years, the West Rotary Club has accomplished many

Initiatives for the

bring me joy. They are to be written in 120 words or less. voluntary service ; , needy within oe
community and for various charitable organizations in
Thetedrethice entry cateeneies: : feeding the poor, awarding scholarships, assisting with
building, and painting projects, and in taking part in literacy
© ELEMENTARY projects in New Providence, and the Family Islands.
(Students - grades 1 thru 6) é
@ SECONDARY

(Students - grades 7 thru 12)
@ POST-SECONDARY

(open to all adults)



paSe

Poems should be submitted by email only to:

poems @joy1019.com

Please include your name, phone contact,
and entry category.
Proof of age may be required on selection.

The winner.of each category will receive a $150 gift certificat
for the Christian Bookshop/Maranatha Music Centre.
Entry deadline:

JULY 18, 2008






1019

r Pictured from left to right: Paul Hepburn accepting the Rotarian of the year
Celebrating 5years

Award, and Past President Harry Kemp presenting the award.



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Buy your original AutoCAD® 2009
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THE TRIBUNE

FOR THOSE



A LONG-AWAITED history of Har-
bour Island has now appeared after seven
long years of writing and research by
authors Jim and Anne Lawlor. ‘

With copious notes and references, the

book — The Harbour Island Story — is

likely to be viewed as the closest there will
ever be to a definitive work on the subject.

This was a labour of love in every sense.
For the book completes a project first
begun by Anne Lawlor’s father, the late
Dr Paul Albury, who combined dentistry
with his work as an amateur historian.

Anyone with an interest in ’Briland —
and especially those born and bred there —
will find much to inform and entertain them
in this solidly compiled work.

From its days as a pirates’ hideout,
through its settlement by loyalists fleeing
the American Revolution, right up to its
bustling present as a successful upscale
resort, ’Briland’s history is traced with care
and commitment in this attractively pre-
sented volume.

e ANDROS, the biggest and in many
ways most mysterious of the Bahama
islands, featured in a book by Cynthia Fer-
guson Fowler, who grew up there between
the 1940s and 1960s.

Its title, Life on the Lumber Farm, The
Forgotten Industry of The Bahamas, indi-
cates the extent to which Andros’s natural
resources have remained unexploited over
recent years.

Once it boasted sisal, sponging, oil and
lumbering industries, charcoal manufac-
turing as well as handicrafts and fishing to
keep its inhabitants busy.

It was also home to the world’s biggest
cucumber farm and, incidentally, a man
who would one day play an unenviable role
in British history, as the prime minister
who tried to appease Adolf Hitler and paid
the price.

Neville Chamberlain
(pictured) spent some of
his younger days on
Andros pursuing his fam-
ily’s sisal interests. Like
Munich much later,
Andros had few happy
associations for him, but
he is still remembered among older
islanders, who were told of his exploits by
their parents and grandparents.

Ms Fowlet’s book is short — only 72
pages — but captures the spirit of Andros
well, and is a worthwhile contribution to



KIA MOTORS

The Power to Surprise”



SHIFT_the future



PAGE 15F



35TH INDEPENDENCE SUPPLEMENT 2008

island history as well as a testimonial to
the virtues of the simple life.

e THE almost forgotten, but eternally
fascinating, case of David Knox — the
Bahamas director of information charged
with spying in Haiti in 1968 — was revived
in a book published at the end of 2007.

Papa Doc: Portrait of a Haitian Tyrant by
John Marquis used the Knox case as the
basis of a story aimed primarily at exposing
the evil of the Francois Duvalier regime
between 1957 and 1971.

The book was well-received, even by
Haitians eager to know more about the
recent turbulent political history of their
own country.

Having met Duvalier face-to-face, the
author was well-placed to offer a personal
perspective, and this was seen as one of
the book’s most appealing aspects.

e SIR Clement Maynard (pictured), one
of the stalwarts of the Pindling regime,
offered a highly personal view of modern
political history in his
book, Put on More
Speed.

It covers the pre- and
post-1967 eras and
explores the dynamics
behind the radical move-
ment which evolved dur-
ing the 1950s and even-
tually unseated the white merchant clique
known as the Bay Street Boys.

Sir Clement’s book explores the divisions
that quickly developed in the PLP following
the 1967 election, and the machinations
behind the scenes that led ultimately to the
defection of the Dissident Eight.

Most important of all, though, is his laud-
able personal mission to disprove the extra-
ordinary findings of the notorious UBP-
commissioned Peter Knaur Report, which
claimed that blacks “lacked the talent and
confidence” to govern.

“I thought he should be proven wrong
and I concentrated some effort to do so,” he
said, heralding the subsequent change of
power as “a bright new dawn for the under-
dogs.”

‘In.a review of the book, The Tribune
said: “Like most political memoirs, this
book is at least twice as long as it needs to
be, but it is less self-serving than most and

adds much detail to well-publicised events .

that historians of the future will find irre-

sistible.”



AMAaS from



FASCINATED BY THE PAST, HERE ARE SOME BOOK IDEAS

HISTORY



PRESIDENT AND DICTATOR of Haiti Dr. Francois “Papa Doc” Duvalier, seated center, is pictured in this.

1963 photo.

SSS

neateice nee










Thompson Blvd. * Oakes Field |
t. 242.326.63779f.242.326.6315.
e. sanpin@coralwave.com

ITED





PAGE 16F

E Tribune Staff Writer

Woman

The Tribune's Woman section created a stir
among Bahamians in 2008 with its Ageless Beau-
ty Campaign. Bahamian women, age fifty plus,
were invited to share their beauty secrets and
timeless wisdom for maintaining both inner and
external beauty.

Emerging as the winners of the fabulous at
any age campaign was Sophie Cason (59), who
was crowned the Silver Fox for a healthy head of
silver tresses; Victoria Sarne (68), who was
crowned Body Beautiful for being slim, trim and
in fabulous shape, and Frances Young-Doyle
(58) who was crowned The Athlete - for her
commitment to all things athletic and sporty.
She is a diver, swim instructor, equestrian, a boat
captain/mechanic, and...she bikes.

Another fabulous beauty, 21-year-old Tinnyse
Johnson captured the
Miss Bahamas World
ttle.

Moving
beauty, May 2008
marked the 80th
anniversary of the Inter-
American Commission
on Women, an organi-
sation that has con-
tributed a great deal to
the rights of women in

In 1928, women from eee

the Americas travelled to
Havana, Cuba to demand they be allowed to
participate in the sixth International Conference

beyond

of American States, and that the members of .

the Conference ratify an Equal Rights Treaty.

While the treaty was not ratified, the decision
was taken to create the Inter-American Com-
mission of Women (CIM) and to charge it with
conducting a study of the legal status of women in
the Americas, which would be presented to the
next International Conference of the American
States.

Bahamian women also celebrated 45 years of
the Women's Suffrage Movement in 2007 and
Tribune Woman looked at some of the issues
still facing women in this country. Attorney Mar-
ion Bethel noted that among the issues still to be
tackled, Bahamian women needed to move into
positions of real power, taking on the mantle of
power brokers and decision makers.

Other stories that emerged for women includ-
ed the cost of being beautiful, which looked at
. how much women were willing to spend on keep-
ing themselves looking good, the issue of female
friendships, and the full-figured, confident beau-
ty. And with the rise in crime, Bahamian Woman
also looked at the lives of men, and what
issues/factors were affecting them.

Also making headlines was a new woman's
group, Kingdom Women in Business (KWIB),
that looked to open new doors for Christian
women in business. Led by attorney Melisa Hall,
the group provides opportunities for networking,
and also provides inspirational and educational
seminars.

A first for Bahamian television, former Tribune
Features Writer: Regina Whylly launched a new
show on ZNS 'The Whole Woman'. The show
was geared towards informing, educating, encour-
aging and uplifting women.



35TH INDEPENDENCE SUPPLEMENT 2008

GELESS BEAUTY
CAMPAIGN



Health

Perhaps the biggest health story to emerge in
2008, Prime Minister Hubert Ingraham, during
the 2008 budget debate, informed Bahamians
that the Government is set to institute a cata-
strophic health insurance scheme and drug plan.
He also said that with the sale of the Bahamas
Telecommunications Company, the Government
planned to use some of the proceeds to construct
anew, and long awaited, hospital.

- The everyday health of Bahamians remained at
the forefront during 2007/2008. Keeping our bod-
ies fit by adopting a healthy lifestyle that includes
proper exercise and healthy eating habits ; that is
more servings of fruit and vegetables and reduc-
ing the amount of sugar and fats.

Minister of Health and Social Development
Hubert Minnis also encouraged the fight against
obesity, as more and more Bahamians were find-
ing themselves suffering from chronic diseases

- like diabetes and highblood pressure.

Unafraid to share his story, Marcquel Bethel
opened up to readers about his extraordinary
efforts to lose weight. After coming in at just
over 500 pounds, Marcquel made the decision to
have gastric bypass surgery and by January 2008,
he had lost a whopping 214 pounds.

For Marcquel, a sales executive at The Tri-
bune, the significant weight loss continues to pro-
vide a different outlook on life and has opened up
a world of new opportunities for a man who was
always conscious of the limitations his weight
placed on him.

News also emerged on other illness. Vincanna
Godet Harvey shared her struggle with
fibromyalgia (FMS), a chronic condition char-
acterized by widespread pain in muscles, liga-
ments and tendons. [ndividuais with fibromyalgia
also experience fatigue and multiple tender
points.

Arts

The Bahomian arts community suffered a trag-
ic loss in the person of Vincent D'Aguilar, own-
er of the world's most extensive privately held
collection of Bahamian art, in February 2008. A
longtime patron of the arts, Mr D'Aguilar was
both a supporter and inspiration to artists and the
country's arts community.

As a memorial to their loved one, the

ro) | 2

RBC Royal Bank of Canada dclehdies its 160th Anniversary on November 2nd, 2008, of wotking side by side
ith Bahamians to build a better Bahamas. This is a very historic and important milestone for RBC and an
hievement unmatched by any other financial institution in the history of banking in The Bahamas.



D'Aguilar family estab-
lished the D'Aguilar Art
Foundation and the Glob-
al Discovery Programme,
in an effort to continue to
support the visual arts in
the Bahamas as Mr
D'Aguilar did in his life-
time.

Part of the Founda-
tion's aim is to create a

permanent home on Vir-
ginia Street to house his collection, which dates as
far back as the 1970s. The foundation will also
provide deserving young Bahamian art students
at the tertiary level with an opportunity to visit
museums and galleries abroad.

A businessman and entrepreneur who died in
February at age 75, D'Aguilar is credited with
making it possible for Bahamian artists to be
serious, disciplined and dedicated to their craft by
investing in their work and offering criticism and



Tae en

‘encouragement.

Art continued to play a vital role in Bahamian
society as evidenced by the growing number of
spaces dedicated to the arts.

Several new galleries opened in the Bahamian
market in 2007/2008. Bahama Art and Handi-
craft opened on Shirley Street, also opening was

Anthaya's Gallery, West Bay Street, whose vision -

is to give established and up and coming Bahami-
an artists, and artists throughout the Caribbean
and the wider world, the opportunity to.show
together.

Among the more exciting spots to open was
The Hub, Bay Street, which is described as a
unique, collaborative space where ideas and
resources are shared,across disciplines.

Stirring up some controversy late last year,
the National Art Gallery of the Bahamas hosted
a Youth Workshop, led by artist Allan Wallace,
that resulted in a graffiti-inspired mural along
the museum’s outer walls.

The gallery fielded a number of questions con-
cerning what the mural might symbolize or gen-
erate, especially in view of the fact that many
Nassau businesses have had the unhappy expe-
rience of having to clean their buildings after
"artists" tagged their property.

Among those exhibiting work this year,
Maxwell Taylor emerged once again as one of the

THE TRIBUNE



Â¥. (UR ANNUAL REVIEW OF THE HIGHLIGHTS OF THE TRIBUNE'S FEATURES PAGES

country's preeminent artists with his first solo
exhibition in more than a decade in, "The Other
Side" at Popopstudios: Centre for Visual Arts,
during the Transforming Spaces Annual Tour.

Maintaining his presence in the country's art
scene, Antonius Roberts celebrated a 'milestone'
birthday with the unveiling of a new exhibition -
Sculpture Pointe - on permanent display at
Junkanoo Beach Club in Grand Bahama. The
tall, carved monuments
stand proudly on either
side of the pathway
entrance into the Club.

Roberts said the exhi-
bition marks the initial
steps of his Grand
Bahama journey, "which
is symbolized by the sys-
tematic removal and
transformation of the
remains of Casuarinas lin-
ing the picturesque Taino Beach, that were
uprooted during the hurricane season of 2004."

Reflecting his international appeal, Roberts
was also invited to showcase his work at the
Caribbean Summer Festival in Germany, and to
participate in the Changchun International Sculp-
ture Conference in China.

Both Taylor and Roberts were part of the
Transforming Spaces Annual Tour. The tour
included eleven stops and featured more than a
dozen artists.

Galleries on the tour included:

¢ New Providence Art and Antiques - Kishan
Munroe and Allan Wallace

e Third Eye Gallery - Paulette Mortimer

° Popopstudios - Kim Riedel, Kendal Hanna,
Toby Lunn, Marie Dupuch and John Cox

e Sine.Qua.Non Gallery - Samantha Sara

¢ The Hub, where Jonathan Murray, Holly
Parotti, Lynn Parotti, Jackson Petit, Arjun Wat-
son, Margot Bethel and Kareem Mortimer show-
cased their work.

e K Smith Art Studio, where students revealed
their artists efforts.



Also on the tour were:

¢ Doongalik Studios - Jackson Burnside

° Stingrae Studios, home of the artist Malcolm
Rae, featured art by Rae and artists like Roland
Rose.

e Jessica's Tile Works showcased work by
owner, Jessica Colebrooke; Imogene Walkine,
Mary Deveaux, Neko Meichola’ and Andret
John and Daniel Bastian of Abilities Unlimited at
St Alban's Drive.

e The Ladder Gallery featured Lemero Wright,
Arjuna Watson, Sabrina Lightbourn, Del Foxton,
Lavar Munroe and Jan Elliot.

¢ Post House Studio and Gallery

Following news of a devastating food crisis in
Haiti, artist Chantal Bethel revealed that nei-
ther time nor distance could remove her from her
origins, and her work reflected her continuing
dialogue about her birthplace and an ongoing
commitment to give voice to a people often aban-
doned to the darkness of an unforgiving ocean.

Other Haitian-born artists that rose to the top
in the Bahamas art scene in 2007/2008 were
brothers Bernard and Jackson Petit and photog-
rapher Antoine Ferrier

Other highlights included the Conference on

SEE page 21

RBC Royal Bank of Canada and RBC FINCO have been privileged to grow and partner with generations of
Bahamians helping them to fulfill their dreams and aspirations. We have helped to build communities
through corporate sponsorships and donations for nearly 100 years. We are proud to see Bahamians succeed
and for the opportunity to be part of the creation of a modern and successful Bahamas.

RBC congratulates The Bahamas on its
35th Anniversary of Independence.

RBC ) HELPING YOU SUCCEED >

www.rbcroyalbank.com/caribbean/bahamas

Ca Mee eR TOb Meni ae CLUE Ree eile ow

—








THE TRIBUNE

TRACKING THE NATION’S FORTUNES

DREAMS
REALISED,

‘





OVER the years, The Tribune’s Inde-
pendence supplements have tracked the
fortunes of the nation, offering insights
into Bahamian life from one anniversary to
the next.

Trawling through the files, it’s interesting
to see how some hopes for the new nation
came to fruition, and how
others were dashed on the
rocks of history.

Take, for instance, this
comment by writer Nicki
Kelly (pictured) from The
Tribune’s files for 1975:

“The two years since inde-
pendence have seen a signif-
icant turnabout in grassroots loyalty to the
governing Progressive Liberal Party. .

“Rising unemployment, an upsurge in
crime, disillusionment among the young,

the alienation of organised labour and

widespread corruption at the higher levels
have contributed to the general disen-
chantment with the PLP.




by
Viole he



“The government’s response has been
to blame the nation’s economic woes on
world conditions, which it claims have pre-
cipitated recession at home.

“At the root, however, is a sociological
phenomenon that has portentous implica-
tions for the future.

“With the second highest growth rate in

the hemisphere, more than two-thirds of
the Bahamian population is under 30. In
the past 20 years the population has more
than doubled to nearly 200,000. and is
expected to double again to 400,000 in the
next 15 years.”

In fact, that final projection turned out to
be wrong, for the Bahamas’ population in
2008 — 33 years on — stands at around
330,000, 70,000 short of that 1990 target.

In most respects, however, Ms Kelly’s
article sounds eerily familiar to those who
follow modern politics.

SEE page 18

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THE QUEEN and Prince Philip take the Royal Salute before t
photo taken on Saturday, October 22, 1977.



PAGE I/r







Hubert Ingraham










PAGE 18F

THE TRIBUNE





FROM page 17

Referring to the PLP’s convention
slogan of 1974 — “Steadfast with sta-
bility’ — she remarked:

“Events at the convention revealed
all too clearly that supporters are nei-
ther steadfast nor the party stable.

“Since 1968, when the Prime Minis-
ter Mr Lynden Pindling faced the first
challenge to his authority, these annu-
al gatherings have acted as a safety
valve for the disaffected few. In 1974,
however, there was no keeping the lid
on.

Having referred to a union chief’s
call to “solve the nation’s ills or resign
from office”, Ms Kelly went on:

“More surprising was the rousing
ovation given the Minister of Health,
Mr Loftus Roker, when he challenged
the PLP leadership to ‘wipe out the
corruption which is rocking this organ-
isation to its very foundation’.

“How strongly the matter of cor-
ruption weighs on the public mind was
demonstrated by the fact that the Min-
ister’s remarks elicited the only spark
of enthusiasm displayed throughout
the week of meetings.

“In varying forms, the issues of
‘ereed, political ambition and petty
jealousies’ dominated the convention,
and for the first time there was open
recognition that the party could well
lose a number of seats, if not the gov-
cinment, in the 1977 general election.”

2cading all that, it’s astonishing to
note that the PLP continued in power
for another 17 years, even though all
the faultlines were already in place for
a full-scale collapse.

And, instead of getting better, the
‘ereed and corruption’ issue got worse

- culminating, of course, in the
Colombian drug era of the 1980s.

e Just a year and a half into inde-

pendence, the Bahamas enjoyed a 24-
_hour whirlwind visit ,

{rom Queen Elizabeth

and Prince Philip.

The Tribune noted °
that the visit brought
home to many
Bahamians the unique
bond between the sov-
ereign and her people.

“This bond, personal
and pleasing, was seen
to be lacking later in the year when
the Bahamas played host to two
African heads of state — the first
African leaders to be so honoured.’
‘The visits by Kenneth Kaunda of Zam-
bia and General Gowon of Nigeria did



Kenneth
Kaunda

35TH INDEPENDENCE SUPPLEMENT 2008

not excite Bahamians. “The infectious
enthusiasm that surrounds a royal vis-
it was more than noticeably absent dur-
ing these two visits,” said The Tribune.

e Since independence in 1973, crime
has been an increasingly worrying issue
for the Bahamas.

In its 1989 Independence supple-
ment, The Tribune featured an article
by Athena Damianos on the violent
death of the respected Dr Meyer
Rassin.

Doctors Hospital assistant adminis-
trator Joey Knowles was quoted as say-
ing: “Everybody’s just torn apart with
what’s happening in the country right
now. These things (murders, armed
hold-ups, rapes and burglaries) are
happening too often and everyone’s in
shock.”

The Rev Dr Charles Saunders,
leader of the Baptists, called for the
return of the cat o’ nine tails.

He said people were being felled by
guns throughout the nation “as.if they
were trees for lumber.”

Psychologist Dr Timothy McCart-
ney even called for a curfew for every-
one under 18 as a short-term measure
until other long-term solutions could be
devised.

Today, of course, crime is at far high-
er levels and still society is struggling
for solutions.

e Also in 1989, The Tribune high-
lighted leadership and financial prob-
lems in the Free National Movement.

A series of major setbacks had sent
the party into a tailspin, wrote Athena
Damianos — including a near-crisis
when the ailing leader Cecil Wallace-
Whitfield went into “political hiberna-
tion” in the fall of 1988.

Temporarily without a home, deeply
in debt, and with Mr Wallace-Whit-
field struck down by lung cancer, the
FNM was in a sorry state. The follow-
ing year, its leader died, never having
succeeded in his mission to topple the
PLP.

In 1992, the FNM — led by Hubert
Ingraham — finally achieved that goal
and held power for ten years.

e The 1988 supplement recalled the
trial of drug kingpin Carlos Lehder,
during which the late Bahamas prime
minister Sir Lynden Pindling was
accused in court of accepting money
from drug traffickers, a claim he
denied.

An interesting sidenote was the
claim by former US charge d’affaires in
Nassau Andrew Antippas that when

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he tried to alert Sir Lynden to drug
activities on Norman’s Cay in the Exu-
mas, he was asked to identify his
sources and then fired.

He said he met Sir Lynden in 1981 to
discuss written complaints he had
received from Americans living on the
cay.

At a hearing in the US, it was
claimed that Lehder bribed Pindling
to allow him to use the cay as a trans-
shipment post for his cocaine operation
into the US. The drug lord wanted to
make the isle a private nation.

Lehder, allegedly a prominent fig-
ure in the infamous Medellin drug car-
tel, used the island for large-scale drug
operations between 1979 and 1982. He
ended up in jail.

e The 1986 supplement recorded the
death aged 66 of Carlton Francis,
finance minister in the original Pin-
dling Cabinet.

FREE

RA UCSeICRU Cra eer

Francis, a respected educator, was
a leading government figure following
the 1967 election, but he fell foul of
the prime minister because of his oppo-
sition to casino gambling.

He died on December 9, 1985, fol-
lowing a long illness resulting from a
diabetic condition.

Another prominent figure whose
death was recorded the same year was
Godfrey Higgs, defence counsel at the
famous trial of Count Alfred de
Marigny.

Higgs, who died on May 4, 1986,
made his name by successfully defend-
ing de Marigny on.a-charge of mur-
dering his father-in-law, Sir Harry
Oakes, in July, 1943.

He was also a well-known parlia-
mentarian, ending his Senate career in
1968.

e Final note from the files records
two tragedies involving prominent

From the

Nassau folk on successive days.

The 1983 supplement reported that
Mark Bethel, president and publisher
of The Nassau Guardian, died in a Mia-
mi hospital after being taken ill on a
trip to Japan.

Bethel, honorary consul for Japan
in the Bahamas, suffered a stroke in
Miami and underwent an operation to
remove a blood clot on his brain, but
didn’t survive.

The day after his death, Mrs Shirley
Oakes Butler - daughter of Sir Harry
and Lady Oakes - was involved in a
car crash on the Lyford Cay road.

She remained an invalid for years
after suffering a broken neck and was
still in hospital when her mother died

at her Prospect Ridge home aged 87.

¢ In the 1987 supplement, Tribune
writer Gladstone Thurston described
the hold drugs had on the Bahamas as
a result of the infamous Colombian
cocaine trafficking era.

Apart from describing the disturbing
level of addiction in the country itself,
he also highlighted the moral bank-
ruptcy of young people who saw drug
dealing as the most desirable career
option.

In a school essay, a ninth-grader
wrote: “When I grow up I would like to
be one of the richest drug dealers in
Freeport. In that way, I would get rich
very fast...being a dealer you can make
more money in one night than some

’ people can make in a year.”

¢ The 1987 supplement also record-
ed the retirement from politics after
19 years of controversial PLP minis-
ter Loftus Roker, a man who was
admired and reviled in equal measure.

Roker was admired for his stand
against corruption in the PLP, and for
being the most outspoken critic of the
drug trade.

But he was disliked for his over-zeal-
ous approach to immigration matters.
This helped to play havoc at the Col-
lege of the Bahamas and caused much
suffering among the illegal Haitian
population.

¢ Criticism of the Bahamas’ legal
system is nothing new.

In the 1987 supplement, The Tribune
reported an “unprecedented” level of
major legal blundering from the PLP
government of the day.

“The boo-boos provided gleeful
opposition MPs with ammunition
against an embarrassed government,
and gave the newspapers a field day,”
wrote reporter Athena Damianos.

Management & Staff

of

Central Bank of The Bahamas

P.0. Box N-4868 ¢ Nassau, Bahamas ¢ Tel: (242) 302-2600 ¢ Fax: 322-4321

Website: centralhankbahamas.com













THE TRIBUNE

ABACO’S half-hearted bid for indepen-
dence from The Bahamas in 1973, when cam-
paigners tried to retain crown colony status,
still strikes a nostalgic note among some old-
timers.

An island whose loyalist settlers always had
strong ties with Britain, having turned their
backs on the American Revolution, really felt
it could make its own way in the world without
Nassau’s help.

Whether that was true is still the subject of

occasional debate, but there is no doubt that
Abaco’s economy — even in today’s
depressed climate — is more buoyant than
most.

And die-hard loyalists on the island still
strongly believe that Abaco will be flourishing
when everyone else is in the doldrums.

The story of Abaco’s short, sharp and ulti-
mately salutary bid for a breakaway is not
one many of the former campaigners like to
recall.

The Bahamas’ relative success in the post-
colonial era has reassured most doubters and
made them reflect on whether Abaco could, in
reality, have survived outside the archipel-
‘ago.

’ Though Abaco makes sizeable contribu-
tions to The Bahamas treasury every year, it
also has to accept that it has benefited from
central government support over the last near-
ly four decades.

Even so, there are still some Abaconians
who believe that the island’s second-home
economy, its well-known work ethic, its noted
efficiency and its direct relationship with Flori-
da make it unique among the Bahama islands.

There is nowhere else, they say, where such
a coalescence of circumstance, sound charac-
ter and good fortune make prospects so good.

“In many ways,” an island realtor told The
Tribune, “this island is probably the best place
on earth because none of the usual economic
rules seem to apply.”

The second-home factor is obviously crucial.
This brings wealthy Americans into the island
on a regular basis, and ensures a more or less
constant infusion of renters who spend pretty
lavishly at local shops and restaurants.

Even more importantly, Abaco retains
many of the old world attitucles that Nassau, in
particular, has lost.

People still leave doors and windows
unlocked in many parts of the island, and
crime is virtually a non-issue, though there
are always concerns that outside influences
will spoil the Abaconian idyll.

A Nassauvian who visits Abaco often said:
“I find it hard to adjust to Abaco thinking
when I go there. I always think firstly of secu-
rity - locking doors and windows, looking over
my shoulder, being generally wary.

“In Abaco, none of these things are appro-
priate, though | always tell them not to take it
too much for granted. Anywhere in the world
nowadays there’s the chance someone could
come through the door with 4 gun.”

Fortunately for the Bahamas government of
the day, London was in no mood to enter-
tain a maverick colony in the 1970s. Britain




As we light anothe



PAGE 19F



35TH INDEPENDENCE SUPPLEMENT 2008





PICTURESQUE: tes at Marsh Harbour, Abaco.

had economic problems of its own and the
trend was towards dispensing with dependent
remnants of the old empire.

Though Abaco campaigners were con-
vinced right-wingers in the British parliament
would support them in their bid to retain

colony status, there were never enough of

them to make a real difference.

One or two eccentric extremists backed
Abaco ; “freedom” bid, but the British gov-
ernment scuppered the breakaway plans with-
out ceremony.

Bahamian premier Lynden Pindling
breathed a sigh of relief — and The Bahamas
achieved nationhood with no further dissent.

Meanwhile, Abaco’s prospective military
leader, the American mercenary Mitchell






Werbell, was never required to fire a shot in
anger. In many respects, though, Abaco’s
thwarted campaign had a certain logic to it.

Its foundations were always solidly con-
nected to the breakaway movement in the
American colonies before the revolutionary
war.

When the United States was born in 1776 —
just 13 years before the French staged a rev-
olution of their own — crown loyalists want-
ed nothing to do with the new order.

Sidelined by history, the unhappy monar-
chists took their slaves and chattels to the
nearest British-owned rock they could find,
encouraged by British incentives.

Hence, Abaco became a loyalist outpost
only a hundred or so miles off the Florida



sandle marking the country’s 35th |



O HAVING FAILED TO SPLIT FROM THE BAHAMAS IN 1973, ABACO HAS FARED WELL

REBEL ISLE
RETAINS

coast — a defiant little rebel whose sympathies
always lay with King George and the moth.
erland.

When Pindling lobbied for independence
from Britain in the early 1970s, he was very
much at odds with what traditional Abaconi-
ans stood for.

He was doing, in effect, what the American
revolutionaries had done two centuries before.
For many old Abaco families, it was natural to
respond as they did in the 18th century -— by
turning their backs on those who no longer
wanted to live under the Union Jack.

The problem was that the British Empire
itself had undergone enormous convulsions
during those two centuries.

Despite King George III's calamitous loss of
the American colonies in the [8th century,
British influence elsewhere blossomed over
the next century and a half.

During the 19th century, Britain had an
unprecedented level of world dominance that
has never been repeated. The sun never set on
its empire, and the English language spread
across the earth like undergrowth. ‘Voday,
along with legal and parliamentary traditions,
the language remains the empire’s most
enduring legacy, the preferred language of
commerce throughout the world.

By the Second World War, however, the
British Empire was on the wane. The loss of
India was followed in the 1950s and 1960s by
the gradual dismantling of the African
colonies. All that remain now are a few specks
on the map that still answer London’s call.

In Abaco, settlers fleeing the newly-liber-
ated American colonies in the 1780s were not
immediately welcomed. They brought a brash,
unsettling vigour into island society that did
not sit well with the laid-back locals.

Eventually, however, they assimilated into
island life and contributed enormously to
what Abaco has become today.

With several direct flights a day from Marsh
Harbour to Florida, Abaco sees itself as a
Family Island with international connections.

A constant infusion of money from wealthy
Americans who see Abaco as their offshore
refuge helps to maintain those traditional
links with the mainland that were put under
severe strain by the revolutionary war.

“Today, Abaco sees West Palm Beach as its
major shopping centre,” one islander told 7/e
Tribune. “Though Nassau is the headquar-
ters of central government, it is surprising
how many Abaconians rarely, if ever, go there.

“Their natural inclination is to see Florida as
the place to visit. It’s one of the many things
that make Abaco different.”

So, having failed to break away from the
Bahamas in 1973, Abaco has become a worthy
and productive component of the new nation,
proud to fly the turquoise, black and gold
flag.

But it depends heavily for its livelihood on
the country its settlers rejected 230 years ago.
History has taken some interesting twists and
turns on this straggly isle in the north-eastern
Bahamas, but its people have never lost thei
defiant spirit, or their robust individuality.



birthday, at McDonald s we take pride in knowing that we









are a part of a democratic and developing nation.



Given a chance to make a wish before
blowing out the candles, it would simply
be that we, as a people, grow together to
litt the human Spirit; that we develop to
our highest potential as individuals and as
a community; that we think of each other

_ We understand that when we
acknowledge our need for one
another, we take the first

ependance, Bahamas!

McDonald’s

ro

i'm lovin it


PAGE 20F

THE TRIBUNE



35TH INDEPENDENCE SUPPLEMENT 2008 | .

ROYAL SPORTING OCCASION

A YOUTHFUL
Prince Charles hand-
ed out sailing and
swimming trophies to
sporting Bahamians
when he was in Nas-.
sau for the 1973 inde-
pendence celebra-
tions.

Here he is seen
meeting the late Basil
Kelly, with his son
Gary (photo 1), Ken-
neth Rolle from
Staniel Cay (photo 2),
and Rolly Gray, a
Class A sailing winner
(photo 3).





























JUSTICE campaigners
are thick on the ground in
Nassau these days. And no
wonder.

Over the past year, yet
more cases of “justice
denied” have emerged, with
ordinary Bahamians suffer-
ing real hardship because
of the legal system’s short-
comings.

Badly crippled Daniel
Williams still awaits
enforcement of a court
order awarding him
$900,000 damages for hor-
rific injuries suffered in a
road crash.





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Siobhan Reilly still awaits
$211,000 awarded by a
court against a Freeport
doctor. The matter is now
the subject of an appeal.

‘Greg and Tanya Cash,
who have been battling the
Baptist education authori-
ties for six years, still await
their Privy Council hearing
after vital documents were
lost in transit to London.

And, of course, former
Cabinet minister Leslie
Miller has yet to see closure
in the case of his son Mari-
o’s murder in 2002.

Mr Miller, 60, claims that



COUNTRY’S LEGAL PROBLEMS CAUSE
BAHAMIANS TO SUFFER HARDSHIP

FIGHTING -




SIX-YEAR BATTLE: Greg a nya Ca



“happiness died” the sum-
mer day his 28-year-old son
was butchered in his own
car, then dumped on grass
near a Winton foodstore.

Mr Miller claims that five
young men should be
charged in relation to Mar-
i0’s death, but only two are
on the docket to date.

He claims a conspiracy is
at the heart of the problem,
and that certain people
within a legal and political
fraternity are protecting
their own.




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THE TRIBUNE

PAGE 21F



35TH INDEPENDENCE SUPPLEMENT 2008 ae we
INTERESTING FACTS AND FIGURES ABOUT BAHAMAS

Review of features
FROM page 16

the Abolition of the British Transatlantic Slave Trade: Telling the Story held in
February. Also, photographers Roland Rose and Fleur Melvill-Gardner came
together to show their "Motion & Emotion" during an exhibition at the Cen-
tral Bank of the Bahamas Art Gallery."

Abaco artists Marjolein Scott, Robert Zwickel and Jeep Byers displayed their
combined talents in an art show entitled "True Colours", which opened at Doon-
galik Studios Art Gallery, Marina Village.

Entertainment

The Bahamas entertainment scene continued to be a hot one, with a slew of
emerging artists showcasing their skills in the "242".

From the surprisingly funk-da-fied, soulful rap of one Daddi Whites to Sam-
mi Star's 'Good to Know You’, Puzzleman's 'Sour Vibes' and Bodine Johnson
and her Bahama Hot One's hit 'Good Lovin', it was perhaps in music that
Bahamians saw the creative talents of the youth of this country best.

Seemingly everywhere in 2007, Terneille 'TaDa' Burrows, produced and per-
formed in the 'Takin Ova' concert at Pure Nightlife which featured an all-female
lineup to the delight of Bahamian audiences. Joining the musical lineup were
NCity, 21, Sheki and Lady Mills.

Bahamian soprano JoAnn Callender, considered by many a national treasure,
released a Christmas CD titled, Christmas Joy, to the thrill of many.

Widely known for her incredible talent, Sonovia Pierre, best known as tHe
voice of Visage, came out with her first solo, "Nandisongs".

NCity's Skyy and Believe stepped up their game with the release of their
sophomore effort, Mood is Right. The single reflects a softer, more artistic, more
marketable side of the duo. ‘

In the first of its kind, nominees for the 2008 Marlin Awards were announced |

during a special concert held at the Diplomat Centre. Nominees included
Manifest, Mr Lynx, the Dunamuz Soundz Crew and Christian Massive.
After five years of mentoring young Bahamian artists, and giving them
much needed on-stage exposure, and recording time in the studio, The Young
_ Bahamians Music Society was being forced to close its doors due to lack of spon-
sorship. This was.an incredible blow to young men and women, aspiring
artists, who struggled to find somewhere to turn for their creative outlet.
One musical outlet that was able to maintain its position however, was
Make 'Em Listen. Founder Patricia Chatti was able to help a number of young
_ artists, Muh Buiy Dem, Ra Soul, Lady G, B'Marie, Bo-Bo Ken, Smoothe and
Shadow Hand, to name a few, bring their talent to the fore. -
Among the international names to hit Bahamian soil in 2007/2008 were
Miss ‘Single Again' Katrina and Reano "Busy Signal" Gordon. Collie Buddz and
Junior Reid also touched down in Nassau. The reggae all-stars concert brought
Tessanne Chin and Kamani Marley, while the opening of the Marley Resort
brought in Shaka Demus & Pliers. And joining the ranks of Bahamians whose

music videos are now on rotation on Tempo, Apollo Butler, also known as Apol- .

lo Kre-ed, was able to take his rap/hip hop/R&B sounds to the world.

Religion ;

Driven by a flood of violent crimes, epidemic levels of horrific social ills and
injustices, and an ever increasing cry for help, the Bahamas religious commu-
nity seemed to find itself in a difficult position - both leading the attack against
rising levels of crime and societal/individual immorality, and defending its
position as a relevant voice, moral compass, and pace setter and change mak-
er for the nation. In 2007, a number of religious figures either came before the
courts for various offences - from stealing to unlawful sex with a minor - or their
actions were somehow made embarrassingly public. There were cases of inter-
denominational skirmishes, infighting, church breakups and other attacks
again organised religion. Among the highlights however, were an international
dance conferences, the annual Big Harvest Tent Rally in the Alley, and the
explosive prayer sessions in Rawson Square. In the tinal analysis, those called
to share the Good News maintained a very public presence in the nation.

Among the concerns tackled by the religious community was the issue of the
single Christian - how to live holy, how to find your purpose, how to con-
trol/redirect your sexual urges, should you date an unbeliever and what are the
ground rules for dating, were all questions being put to the 21st Century
church?

With more and more adults waiting longer to get married, and an increase in
divorce and second marriages in the church, the question of sexual purity was
at the forefront for many believers who were struggling with their singleness.

Mount Tabor and Bahamas Harvest Church and Trinity City of Praise all
released CDs. Religious tourism was also big for the Bahamas, with the Walk-

_ing in Victory Conference at Atlantis and Myles Munroe's Kingdom Leader-
ship Summit.



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DID you know that iguanas were
once staple fare in Nassau, and that
locals used dogs to hunt them?

In North Callahan’s 1967 book,
Flight from the Republic, Nassau’s
food supplies towards the end of the
18th century are discussed in some
detail.

“Cows and goats were kept for milk
along with sheep and hogs, but there
were not enough good pastures for
much growing of livestock. Instead of
beef, the natives ate turtles and igua-
nas, the latter being some three feet
long and caught by trained dogs in
the wild areas.

“These fearful looking animals
could be stored alive for weeks by
sewing their jaws together with needle
and thread.”



e A former attorney general of the
Bahamas, William Wylly (a name
which later became Whylly) formed a
private guard of armed slaves after
the House of Assembly accused him
of plotting with England to end slay-
ery here.

The slaves surrounded his elegant
mansion when local officials ordered
Wylly’s arrest.

His father, Alexander Wylly, was
at one time speaker of the colonial
assembly of Georgia. The family fled
to the Bahamas after the American
Revolution, choosing to remain under
Britain’s rule rather than support the
rebels.

Source: Flight from the Republic by
North Callahan :

HC Between 1783 and 1786, more

fled the American Revolution for the
Bahamas. They had taken: refuge

but moved on when Florida was ced-
ed to Spain after the Versailles Treaty
of 1783, which formally recognised
the United States of America.

Meanwhile, about 1,000 loyalists
sailed from New York to Abaco.

In Nassau, the mixing of loyalists
and old inhabitants was the source of
much friction. The new arrivals not
only outnumbered the existing popu-
lation; they were wealthier and better
educated, believing they were the
colony’s natural leaders.

Source: The Harbour Island Story
by Jim-and Anne Lawlor

e Newspapers have always had a
major influence on Bahamian poli-
’ tics. It was particularly true of the

PNM EU oi Andros.

See

A

than 5,000 loyalists and their slaves’:

behind British lines in East Florida, °

KNOW-¢e

Bahama Gazette, published by John
Wells in Nassau between 1784 and his
death in 1799.

The four-page paper supported the
Tories, the conservative loyalists who
had fled the American Revolution to
settle in Nassau, and particularly their
attempts to secure better representa-
tion.

*The Gazette was heralded by an
admirer as a “sustained beacon of cul-
ture in an environment which had
long been indifferent to the rest of
the world.”

The paper had good coverage of
American and European news. Its
subscribers were spread throughout
the major Bahasa islands, and also in
Charleston, Savannah and Bermuda.

Wells, who died aged only 47, was
praised as a popular, benevolent and
good-humoured person. His writings
were described as “energetic and
forcible as well as correct and ele-
gant.” He was buried in the small
graveyard at the eastern end of the
Eastern Parade — outside St
Matthew’s churchyard.

Source: Flight from the Republic

e Nassau was originally called
Charles Town after King Charles the
Second of England when he was
crowned in 1660. Thirty-five years lat-
er, the Bahamas governor Nicholas
Trott renamed the town Nassau to
mark the ascension to the throne of
William the Third, a Dutch aristocrat
who had several titles, including
Prince of Orange-Nassau.

Source: The Bahamas Handbook
2008

e Between 1811 and 1841, some
6,000 Africans bound for a life of slav-
ery in. the New World ended up as
free men and women in the Bahamas.
They were rescued by the British Roy-
al Navy, which was enforcing the 1807
legislation passed by the London par-
liament ending the slave trade in the
British Empire. Slavery itself contin- .
ued until emancipation began in 1834,
when a four-year apprenticeship

~ scheme began in the colonies. Source:

The Bahamas Handbook 2008

‘e In 1695, when Nassau was given
its present name, there were only
about 160 houses, the original Christ
Church Cathedral and Fort Nassau
with its 28 guns on the site now occu-
pied by the British Colonial Hotel.

Source: The Bahamas Handbook

2004

Co REL LLL

THE COMMONWEALTH OF THE BAHAMAS _

r eRe

PLUMBING & ELECTRICAL EQUIPMENT
HARDWARE & POWER TOOLS
HURRICANE SUPPLIES

LANDSCAPE / LAWN & GARDEN SUPPLIES
HOUSEWARES & CLEANING SUPPLIES

ie Bahamas fot over rT TCA f

Seven locations:: Wulff Road 393-7481 * Blue Hill Road 323-1719 * Freeport 352-8071
Fe TeSda rife 367-2077 * Rock Sound 334-2060 * Nicholl's Town 329-4184 * George Town 336-2780

eed






PAGE 22F

THE TRIBUNE





35TH INDEPENDENCE SUPPLEMENT 2008

@® SEVERAL WELL-KNOWN FIGURES DIED OVER THE LAST YEAR





INTERNATIONAL fraudster Robert Vesco (above and below), who lived in Nas-
sau for several years. .



Small











NEW PROVIDENCE OFFICE

Cable Beach, West Bay Street

PO. Box N-3034, Nassau, Bahamas
Tel: (242) 327-5780/6

Fax: (242) 327-5047

Cable: “Devbank Nassau”











Sith

¢ HUNTINGTON HARTFORD,
the A and P store heir who managed
to get through a $600 million fortune
during his riotously eventful life, died

_ at Lyford Cay aged 97.

Hunt, as he was known to friends,
bought Hog Island from Swedish
industrialist Axel Wenner-Gren in
1959 and renamed it Paradise Island.

However, all Hartford’s lavish plans
for the island came to nought.

The UBP government refused him
a casino licence — and said ‘no’ to
his plans to build a bridge to Nassau.

Eventually, he sold out at a massive
loss to Resorts International in the
mid-1960s, only to see his ambitious
schemes come to fruition under the
new PLP government.

Resorts sold out to Sol Kerzer in
the 1990s for $250 million, clearing a
massive profit.

“I made a lot of people million-
aires,” Hunt sighed ruefully.

By then, Hartford had lost his for-
tune — including at least $40 million,
and probably as much as $100 mil-
lion, on his Paradise adventure.

He eventually ended up living as a
recluse in a Manhattan brownstone
from where he was rescued by hi
daughter, Juliet, who brought him
back to the Bahamas in 2004.

Hunt’s stated ambition was to die
broke.

He almost made it, though his fam-

ily claimed an $11 million trust fund
lay between him and destitution.

e ROBERT VESCO, 73, the inter-
national fraudster who lived in Nassau
for several years, is thought to have
died in Cuba last November.

The news did not break, however,
until mid-May, when burial records
appeared to confirm his demise.

One of his many scams was to pose
as “rescuer” of Bernie Cornfeld’s



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Tel: (242) 352-9025

Fax: (242) 352-4166

rprises © Other Commercia

. WHEN Hartford arrived on a priv

I

ate plane froma nursing home in New York







City, he met author John Marquis (right), managing editor of The Tribune

e LADY CASH, 82, known to
all her friends as Dorothy, was the
Jamaican-born widow of Sir Gerald
Cash, former Governor General
of the Bahamas and a noted local
lawyer. She died in May.

Known for her good humour and
easy charm, Lady Cash was a pop-
ular figure in Nassau over many
decades.

She was active in the Girl
Guides, field hockey, the Red

_ Cross and as a keen gardener.

In 1950, she married Gerald
Cash. When he became Governor
General in 1979, they moved into
Government House, where they
remained until 1988.

Sir Gerald, 84, died in January,
2003, after failing to recover from
a massive stroke. ;



_ infamous IOS fund, only to milk it
dry. In the early 1970s, he spent much

time in Nassau courts trying to fight
off a US extradition bid.
A fugitive from justice for most of

his life, Vesco was even jailed for 13
years in the country where he found
refuge — Cuba — for committing

“economic crimes” against Castro’s

government. ,

It was entirely typical that official
obituaries left a loophole saying that
Vesco’s death could be yet another
ploy to evade the law.

Even in death, Vesco could not be
trusted.

DR PAUL POAD, who once ran a
family practice from his clinic in
Collins Avenue, Nassau, died in Eng-

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327-5780 (NASSAU) * 352-9025 (FREEPORT) 367-2489 (ABACO)

ABACO OFFICE

Garnett Archer Plaza

Queen’s Elizabeth Drive

P.O. Box AB-20956

Marsh Harbour, Abaco

Tel: (242} 367-3573/367-2489
Fax: (242) 367-4735

Koh OrtS 0)

ment after a long career in the
Bahamas. A former naval doctor, Dr
Poad was well-known in Nassau med- |
ical circles and popular among
patients for his straightforward, no-

Nonsense manner.

His mother was a member of the
Higgs family of Harbour Island and
his father was the late Rev Frank
Poad of England. j

Relatives said he always retained
fond memories of his Bahamas years
and wanted his ashes scattered here.

MACUSHLA HAZLEWOOD,
popular Nassau businesswoman, died
in 2008 to the shock and dismay of
her many friends.

“She was such a wonderful

_ woman,” said one close friend, who

said her death was a tremendous loss
to the Bahamas.






.



THE TRIBUNE PAGE 23F






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PLANNING FOR



THE NEW PROVIDENCE







DEVELOPMENT













ee PL. Box N-4820, NASSAU, BAHAMAS
2) 362-5048 | www. NPDcOoO.coM

2-4177 | Fax (24





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e

ine ‘ aldetgat n RUOP Oe


THE TRIBUN

ce ° Grand Bahama ° Andros * Inagua ° Exuma
San Salvador ° Cat Island + Coral Gables
_ Head Office Nassau: (242) 397-3000
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