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
HAPPY MEAI

_ —_—— 3
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HIGH 89F
| LOW 76F

a PARTLY —
‘sedi. SUNNY |

Volume: 104 No.246 .
Sarah Palin

MANIA

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USA UL TC

Man dies after

~ brutal

Wife stabbed, homes
burned down in
alleged retaliation

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

A YOUNG father of two
died Saturday night after he and
his wife were brutally attacked
in front of their children by a
group of men. :

And in an allegedly misdi-
rected act of retaliation the
homes of two Haitian families
were burnt to the ground, leay-
ing them with nothing.

Jason Smith, 28, and his wife,
25, were attacked on Saturday
night at around 10pm in the
area of Cordeaux Avenue off

SEE page 15 TS

‘Distribution of wealth’ plan for
estimated $10bn worth of treasure

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



_ CIVIL UNREST is brewing once again on the quiet island of
San Salvador after a “distribution of wealth” plan was revealed
to residents over how the estimated $10 billion worth of buried
treasure would be divided once it is excavated.

SEE page eight



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‘Rodney ae

THE REMAINS of the home of Haitian nationals L’Orture Williams and
his wife, Pricel Petibay.

Morton Salt employees
to each receive $1,000



“It’s so that they might be —








@ By PAULG
TURNQUEST
Tribune Staff
Reporter
pturnquest
@tribunemedia.net

THREATS of
death, physical alter- .
cations, and a gen-
uine disregard for the
authority of the
chairman of the Pro-
gressive Liberal Par-
ty were all present

‘when the St Cecilia party cy
constituency held its Glenys:Hanna-Martin»::
special branch meet-_ struggled to contro

~ the crowd.

ing last week.
From the moment’
she entered the room, chair-

man Glenys Hanna-Martin -

struggled to gain control over
the raucous crowd that at
moments seemed capable of
physically assaulting her.

Mrs Hanna-Martin was pre-
sent Gn Friday evening at the

St Cecilia branch meeting — |

according to one of her sup-
porters — simply to “uphold





AIRMAN

THREE DIE IN CRASH;
CHILD DRAGGED UNDER
CAR IN SEPARATE INCIDENTS

the constitution of
the PLP.” The con-
stitution of the par-
ty says that for per-
‘sons to be elected to
the National Gener-
al Council (NGC),
they are expected to
be residents of the
constituency they
seek to represent, In
the cases where they
are not, these per-~
sons must then gain
at least two thirds.of
the support of the
branch.

Most notably this
challenge will affect

. the constituency’s

presumptive nominee Paul
Moss, who has called this
exercise a “witch hunt”
designed only to obstruct his
ascensionin the party.

However, before Mr. Moss
could get to the substafice of
his argument, a row broké Gut
in the meeting at Yellow

SEE page 14 ©








° PAGE TWO






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

WITHIN the next week
every employee of Morton
International will receive a

$1000 cash-in-hand payment

from the company to assist
them in this time of need, said
Morton Salt Bahamas’ Man-
aging Director Glenn Bannis-
ter.

To “a couple of standing
ovations” Mr Bannister
announced the financial relief
to a group of Inaguans at an
ecumenical service on the
island yesterday.



able to fix up their homes and
buy other necessities,” said Mr
Bannister. The money should
be made available to the hard

hit Inaguans in next Friday’s ©

payroll.

Asked whether the compa-
ny is still reviewing giving any
other relief to the employees
in addition to the ex-gratia
payment, Mr Bannister said
that this is the case and the
company is looking at “other
options but we can’t confirm
anything yet.”

The managing director said

SEE page 15

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PAGE 2, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE



Three die in crash; child dragged Plea for he

under car in separate incidents

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

A CHILD is in serious condi-
tion after being hit and dragged
under a car and three young
men lost their lives in separate
traffic incidents this weekend.

The boy, whose age was not
provided by police, was hit by
the driver of a silver Honda
Inspire in the area of Cox Way
near East Street south at around
11pm Saturday.

After being dragged a “short
distance” along East Street the
driver of the car sped off, leav-
ing police to describe the inci-
dent as a hit and run.

The culprit later abandoned

lost their lives. .

the car in the Sunshine Park
area, and police are actively
seeking him/her.

Meanwhile, in the second

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Photo courtesy Cable 12

THE SCENE on Carmichael Road after an accident | in which three men

ete the three men who lost
their lives were among a group
of four men travelling in a red
two-door Honda Civic at around
midnight Saturday when their
vehicle went out of control and
crashed into a utility pole on
Carmichael Road.

On impact two of.the passen-
gers, believed to be in their
twenties, were thrown from the
car — suffering fatal injuries —
while the driver was trapped
inside, eventually dying on the
scene. A fourth man was found
inside the vehicle in a “conscious
state”, said police liaison offi-
cer Walter Evans.

The man found alive inside
the car was also taken for treat-
ment at the hospital, but his con-
dition was not described.

Police are blaming excessive
speed for the deadly crash.
Investigations are continuing.

ah rene

OTTER mem Cd esl a HAG Blvd



Ip for

Inagua’s animals

HUMANE Society president

: Kim Aranha appealed today for
: help for Inagua’s silent commu-
: nity — the parrots, dogs, cats
: and donkeys — whose food sup-
i ply was destroyed when Hurri-
; cane Ike hit their island last
; weekend.

“There are lots of humanitar-

? ian efforts taking place present-
i? ly,” she said. “The airport is
: buzzing with activity here'in Nas-
: sau with so many wonderful peo-
: ple sending food, medical sup-
: plies, water, clothing, bedding,
i and other necessary supplies to
: our less fortunate brothers and
: sisters caught in the storm. Many
i people have lost everything,

“Even the lucky ones are with-

} out so much. It is wonderful that
? our community has rallied to
i help out.

“However in the midst of all

i of this assistance for Great
; Inagua, there is a smaller, silent
} community, who have lost every-
: thing too. They are unable to
? speak up for themselves, go to
:? the airport and apply for food
: and shelter. Their needs are
: basic, and easy to meet . I speak
? about the animals who were
: caught in Hurricane Ike, the
: dogs, cats, donkeys and the par- _
i rots. Food for them is scarce, and -
: many are foraging for whatever
: they can get.”

Hurricane Ike stripped the

i trees of its leaves and berries and
i the parrots that have now
: returned are flitting in and out of
: naked branches finding nothing
i to eat.

_ Mrs Aranha said that the

-Bahamas Humane Society has
: already collected some food, but
: not enough.

She said the Society’s execu-

i tive director, Stephen Taylor,
? went to the airport on Saturday
? to send the supplies to Inagua,
: but “the flight that had promised
: to take the animal supplies hada
sudden change of plans.”

She said the other planes were

: full of supplies for humans, and
: so Mr Turnquest “had to drive
: away after several hours of
? pleading, with a full‘truck.” -

Mr Turnquest then found a

ie
7 co
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—
cS
=
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mT ln ck severe ent after Pinay re

mailboat with space that agreed
for a nominal fee to take the
food, which should have arrived
in Inagua Sunday evening.

However, she said more food
was needed until the “island
catches itself.”

“The parrots need the leaves

-and berries to come back, the

donkeys need the grass to grow,

’ the dogs and cats-need the

humans to be back on their feel
and have enough to feed them,”
she said,

“Until that time,” said Mrs
Aranha, “I am appealing to all of
you to please find a small space
in your heart to help us at the
Bahamas Humane Society. Help
those who are totally at our mer-
cy. We need food: Dry dog food,
hay, dry corn kernels and sun-

’ flower seed (for the parrot), plus

fruit for the parrots.”
Supplies can be dropped off

at the Bahamas Humane Soci-
ety in Chippingham. They should
be clearly marked: "Hurricane
Relief, Inagua."

“Tf you cannot provide the

supplies,” she said, “money

donations would be a huge help.
We may have to charter a flight
to take the supplies down, that is
costly, we may have to pay the
mailboats. . _
“Cheques can be left at the
Bahamas Humane Society shel-
ter, the envelope addressed to
Stephen Turnquest and the
cheques made payable to the
Bahamas Humane Society, or
they can be left for me at home

- on Ranger Road at Lyford Cay,

or at the Lyford Cay post Office.
Again, the cheques payable to
The

Bahamas Humane Society,
and the envelopes addressed to

* Kim Aranha.”

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i




THE TRIBUNE

LOCAL NEWS

MONDAY, SEPTEMBER 15, 2008, PAGE 3 “sh





tourism
losses just
under Sim

elders VEl ants



@ By CARA
BRENNEN-BETHEL
Tribune Business

Reporter

THE Ministry of Tourism
has reported that the recent
hurricane period resulted in
the loss of $995,080 in poten-
tial cruise revenue. This fig-
ure is higher than the initial
estimates the ministry report-
ed of $761,000 earlier in the
week,

Officials at the Ministry of
Tourism and Aviation said

that during the period cf
August 31 through Septem-
ber 11, 2008, the cruise indus-
try saw a number of diversions
and modifications to ships”
schedules and the arrival or
non-arrival of vessels. This
was a result of Tropical Storm
Hanna and Hurricane Ike.

“Losses have been recorded
from six vessels which, due to
the storm, cancelled voyages
between Nassau and Grand
Bahama. Total estimates of
losses of head tax and passen-
ger spending are projected in
the amount of $1.367 million.
Vessels mee the oe eal



ber of vessels:ove this past
whi yeré. unable to
‘dravel: to: ‘other destinations
and made unscheduled stops
“in Nassau and Grand Bahama.
This.gain in head tax and
spending has been estimated
‘at about $372;300, The: final
joss from Hanna and Ike for
the period:August 31, through
September 11; has therefore
been recorded in the amount
of $995,080...
_Vernice Walkine,
f@urism director-general, pre-
vieusly told Tribune Business
that the Bahamas actually
fared well considering the can-
eellations, because it “made up
‘forthose through cancella-
tions in other countries which
were sent here,
“ot Actually, when we look at
‘it, we nade up those losses on.
cruise calls because we had
addition al cruises that were
pui_on the schedule, due to
diversions from other coun-
tries. Their misfortime was our
gain and made up for the loss-
es ti had.” Ms. Walkine said.
1 director- -general said
fc minictey did not have any
pians to inerease its advertis-
ing spending or do any partic-
ular campaigns in the after-
math of the storms.

“We don’t want to be insen-
sitive to some of the other
islands, which have suffered
more damage, but what we
have done is put out a series of
press releases and alerts to our
travel pariners to let them
Know that the hotels are okay
and the airport has reopened,
so that if persons do have con-
cetns then they can reassure
them,” Ms Walkine said.



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Judge blocks further construction,

sale of Ocean Place development

Senior Justice Anita Allen grants injunction to allow review of project

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

ANY further construction, sale
or leasing of the multi-million dol-
lar Ocean Place developmenton
Paradise Island has been blocked
by Senior Justice Anita Allen.

Justice Allen ordered last week
in a case between Maria Castre
chini, a Paradise Island resident,

who is believed to live next to
Ocean Place, and the Ocean
Place developers, Peace Holdings
Ltd, that the development com-
pany is restrained from “any fur-
ther construction or work, sale
and lease or any other transac-
tion taking place in or in respect
of Ocean Place” until trial or fur-
ther order.

Justice Allen said that unless
the company and their “servants

or agents” obey the order they
will be guilty of contempt of court
and liable to be committed to
prison. The injunction has been
granted so that Justice Allen can
review the luxury development
and ascertain whether it has gone

ahead in accordance with the ©

approvals that were originally
granted.

“The fact that the court is pre-
pared to look at these things gives

Rigby: Christie should have’

renewed confidence in the sys-
tem that we have, that it does
work,” said Cathleen Hassan, Ms
Castrecini’s counsel.

“Based on the documents we
have there is reason to believe
that these people have a question
to answer about whether they are
authorised to build in the man-
ner that they are building. That is
our question.”

Within days of the injunction

being granted the police went to
the construction site because
some workers were still working
on the building, which dominates
the southern shoreline of Paradise
Island. It is understood that the
site is now shutdown.

This is not the first time the
property has come under scrutiny.
A raid by the Department of
Immigration on the site netted a
number of illegal workers.

the



quit after PLP election defeat

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

It is clear that Opposition leader Perry Christie
should have resigned from his post after the PLP lost
in the last election, former PLP chairman Raynard
Rigby said.

Mr Rigby, addressing a Rotary Club meeting last
week, said that until “those who believe that God
gave them the right to control (the Government) are
gone” there cannot be progress in the Bahamas.

Asked whether he had any intention of running
for the leadership of the PLP, Mr Rigby neither
confirmed nor denied the suggestion, stating: “I
have no idea, I’m just trying to do my part in this
project.”

However, while admitting that there is “no doubt”
that he does have political aspirations, Mr Rigby
said he does not “think that (he has) to be in the
House of Assembly in order to create change.”

The former PLP party chairman, who held the
post fro.n 2002 until early 2008, hus been increasingly
candid in his assessment of the failings of the party
of which he is a member — as well as of the Bahami-
an political scene as a whole — since he left the
post. He told Rotarians: “It is clear to me, that in
light of the results of the last election the leader of
the party ought to have offered his resignation, and
allowed the party to go through the process of either
deciding whether he ought to stay on, or whether we
ought to find new leadership.”

“It speaks to, at the-core, of our community of

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what’s happening. You can’t have this infiltration of
new ideas, you can’t have a new generation of
Bahamians moving into the political system and’
with a new sense of principle and purpose, until
those who believe that God gave them the right to
control it, are gone.”

Mr Rigby, who recently released his “A Blueprint
for the Future” pamphlet laying out his vision for the

Bahamas and encouraging Bahamians to get .

involved in a “big conversation” over how the coun-
try will move ahead, said that there is a “void of lead-
ership” in the country.

“There’s no doubt in my mind, that the two lead-
ers of the two major political parties, have had their
time. We are still running on the same programmes,
and the same sort of agenda of an era that is beyond
us. The country has outgrown where we are, where
our political. leaders are, and by and large J don’t
think it’s a question of age, I think it’s a question of
insuring that we always have leaders who are rele-
vant to the people,” said Mr Rigby.

“At the end of the day.” he added, “If you don’t
understand your own country, if you don’t under-
stand the sufferings, the hopelessness and the
despair, and at the same time the hopes and the
aspirations that exist, theri you’re really not effect-
ing change. and you’re not bringing about good
governance to those persons who really require the
assistance from the hands of the government.”

The former party chairman, who was replaced
by Glenys Hanna Martin, said the country needs

n “independent...serious, intelligent voice, that is
able to assist in formulating national policy.”

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_ PAGE 4, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE

None of the
parliamentarians ©
in the PLP is fit

to be leader

The Tribune Limited

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

LEON E. H. DUPUCH, Publis»er/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. Hoe 3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
_ Switchboard (News, Circulation and Advertising) 322-1 986
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

Unionists have themselves to blame

WILL Bahamians ever learn from experi-
ence?. When will they learn to think for them-
selves and not follow union leaders like a flock
of sheep? How many more resort properties
have to close before unionists learn that they can

‘ push a business off.the cliff, and destroy the
future for all Bahamians— both in and out of
unions?

It would seem that Bahamians are very slow
learners. It doesn’t take very much imagination
to know that when an economy is in the dol-

drums a worker does everything possible to. _

save his company and thus his job. It is no time
‘for industrial unrest. But Morton Salt had so
mollycoddled its employees that:they probably
did not know that the whole world was hurting,

and if they were not careful they too would»

hurt.

“It is a time,” said union leader Obie Fergu-
son, “to normalise things as best as possible so
the company can really get on and start making
money...we would certainly encourage them to
continue to operate in the Bahamas.”

Wise words if spoken at the right time, but
coming out of Obie Ferguson’s mouth at the
wrong time, they sounded cynical. Mr Ferguson
discovered common sense after Inagua’s union,
which he was advising, had closed the Morton
Salt plant for two weeks, just before it was
destroyed by Hurricane. Ike. Now fearful that
the international company will use hurricane
destruction as an excuse to close the plant and
walk away, Mr Ferguson wants to be concilia-
tory .... he wants the company to come back and
start making money. We think he’s too late. He

_ might be trying to pin his hopes on a lost star.

We don’t have to go back too far to recall the
closing of Club Med’s Eleuthera property in
1999 with the loss of more than 200 jobs. It is
almost on all fours with the situation in Inagua.
Like Morton Salt in Inagua, Club Med was the
major employer in Eleuthera. Its staff came
from all over Eleuthera, especially from the
Palmetto Point and James Cistern areas. The
Eleuthera staff was the highest paid in the inter-
national company’s resort chain. Yet the work-
ers were not satisfied even though the local
economy was slow. The union got in the action.
Then came Hurricane Floyd in September 1999
and ended the argument. The resort was badly
damaged. It reduced wages, but kept staff on as
long as it could: Eventually staff were all made

redundant to give the company time to “look at ,

the club in its entirety and make some deci-
sions” — almost the same words used by a Mor-
ton executive last week. Morton’s principals
have also gone off to think, leaving the door
open for a final farewell. Club Med never

- returned to Governor’s Harbour. Inaguans are

now on the edge of their chairs as they wait for

VOLVO

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Morton’s decision. The whole island is depen-
dent on the company’s continued existence.
The union displayed its shortsightedness
when, having built a Workers House in Gover-
nor’s Harbour, it seemed not to realise that the
success of this enterprise depended on the con-
tinued. operation of Club Med. All that remains
open of that project today is a laundromat and
the office space rented by the police. With the
absence of Club Med the union’s business is
limping. This story was repeated in the case of

Freeport’s Royal Oasis, which also locked its ~

doors after industrial unrest was followed by a
destructive hurricane. -
In 2006 — the year of Hurricanes Jeanne and

’ Frances — the owners of Freeport’s Royal Oasis

resort contended with industrial unrest almost
from the day they bought the hotel, certainly
before they could establish a firm financial base
and start to turn a profit. Union demands, con-
sidering the business climate at the time, were
unreasonable. Then came the two hurricanes

“= back to back that badly damaged the hotel

and eventually closed it. The history of industrial
unrest contributed to the decision not to reopen.
More than 1,000 Bahamians were jobless.
Like the situation with Club Med in Gover-
nor’s Harbour, union members were business
owners in the International Bazaar. But the
Bazaar could not succeed without Royal Oasis
guests. When the unionists were causing indus-
trial unrest at the hotel, they probably failed to

realise that they were not only jeopardising ©

their jobs at the hotel, but were also destroying

their own businesses in the Bazaar. Not only ,

did those businesses suffer — some of them
closing— but the livelihoods of straw vendors
and taxi drivers were also affected. The problem

is that union leaders never think of the conse- .

quences their members have to face— and the
hardship inflicted on other innocent persons —
when they stir up trouble.

The following year a g:oup of businessmen

‘and retailers in the Bazaar approached a lawyer

to find out how the company could be forced to
either reopen or sell the hotel. “They can’t sur-
vive without it,” the lawyer said he was told.
But it was too late. At one time West End was
regarded almost as the capital of Grand Bahama
because of the successful Jack Tar resort.

Jack Tar was later taken over by the Sam-
mons family, who, squeezed between the unrea-
sonableness of the late Prime Minister Sir Lyn-
den Pindling and the union, was forced to close
in 1982. West End never recovered.

Like Club Med and Morton Salt, Jack Tar
could have been considered an essential ser-

‘vice — it was the main employer in West End.

If Bahamian workers don’t wise up, history
will keep repeating itself.



Dear Editor,

This predicament is so
embarrassing that all I see is
total destruction of what once

was a good party, or at least it_

was intended to be.

EDITOR, The Tribune.

I AM so unhappy, so con-
fused, frustrated and so embar-
rassed to be a PLP that I am
giving second thoughts to being
involved with these jokers.
Being a PLP was like a religion.
It was what gave me a reason to
live; few things took priority
over my politics. I would defend
the PLP in the worst times, but
these days there is little to
defend. The PLP is a disgrace.
How did we get like this? We
are in a holy mess.

The saga of the PLP jockey-
ing for position is hilarious.
There will be a political blood-

bath like never before in the |

history of the Bahamas. We

~ Taughed at the FNM with their

infamous “leader-elect”, but we
are worse. The night of the long
knives is small things compared
to what is inevitable. Look what
Perry Gladstone Christie
caused.

Recent. history of the-PLP--

will show that there were only
two players in leadership. Sir
Lynden Pindling was a dictato-
rial kind of leader. He ruled

with an iron fist, did not tolerate .

weakness and would “slash and
burn” if he had to.

Many who crossed his path .

was ceremoniously banished to

Siberia, without a second’

thought.

, He made sure that your sur-
vival was a struggle. Disloyalty
was not tolerated and any
attempt to rally any group
against him:was met with
extreme force.

The fear of God was placed
in the forefront of everyone’s

_ mind which served as a deter-

rent toward any strange imagi-
nations to overthrow him.
Sir Lynden was so crafty that






LETTERS

letters@tribunemedia.net



he used friends tc destroy each
other while keeping his hands
clean, or at least it appeared to
be. Through that entire era
everyone stayed in line. The
wise kept quiet and only the sui-
cidal dared to utter a sound.

The contrasting and obvious
difference since Perry Glad-
stone Christie assumed leader-
ship was that there was no
respect, little or no fear by his
colleagues, his friends and cer-
tainly the country.

They knew then and still
know today that Mr Christie
could not stand up to a strong
person. This must be painful for
the few PLP who love their par-
ty and this country.

His style of appeasement has
now become his Waterloo. His
friends used his soft personality
against him.

His friends knew that he
would not say no, so they
exploited him.

His so-called colleagues, espe-
cially the-ones with aspirations,
placed stumbling blocks and
obstacles in his way and
watched him trip over himself,

~-while praising him in public. He

botched the entire general elec-
tion.

_The number of colleagues
who pretended to be supporters
is finally surfacing. But Mr
Christie bragged how he com-
mands the majority of support.
The most disheartening thing is

‘that he protected-some of these ~

same people from public
ridicule and possibly even
prison, and the only thanks he
got was a verse from the Ojays,
“They smile in your face, all the
time they want to take your
place, the backstabbers, back-
stabbers”.
This leaves the PLP in a bit of
quandary. The emperor is “bald

naked” and everyone knows
except him. Imagine that, every
time he passes his used-to-be
colleagues there is a soft giggle
here and there, this must not
only be disheartening, but frus-
trating.

This leads the PLP to who
can they really trust with the

leadership. Should they take a

chance with a proven failure, or
the ones who finally destroyed

Should the PLP roll the dice -
and gamble on someone who
they came back for revenge or
should they throw caution to
the wind by supporting a man
who does not believe in family?

The PLP, unfortunately, finds

itself-“between Toby and the - ~ :

dog”, quite an unenviable posi-
tion to say the least.

Since none of the players in
this confusing story will attract —
any sensible group, especially »
the politically astute and influ- |
ential Pindlings, the PLP is now ~
forced to look at others.The .
contaminated bunch would only

make it easy for some more «-. “
. beating at.the hands of a well

oiled FNM machine. But we
always need an opposition.

The PLP, if they are as wise "

as they boast, would help them
by seriously grooming a fresh
face, a person who has not been
steeped in corruption. The need
to find a person who is not ,
beholden to the inner cycle of .-
the PLP is their only hope.

If the Stalwart Councilors
want to see the PLP survive,
they would stop “kissing up”
and make a decision to select a
- leader with guts, one who would _-
not-kow-tow tothe few power ~
brokers within the party who
simply look out for.themselves.
This is the ‘only hope for the :
PLP to become the once pow-

erful lion with all the teeth

extracted.

A MELANCHOLY PLP.
Nassau,.
September, 2008.

Stamp programme makes a lot of sense

EDITOR, The Tribune.

I found the recent jerks to
the Editor by attorney Forrester
Carroll on price gouging from
Freeport most interesting.

I recall when I was living in
Nassau, SuperValue introduced
a stamp programme — you
received stamps which you col-
lected and then redeemed them
for merchandise. |

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City Meat did not counter
SuperValue for many months
and lost a lot of business until
they came back with an alter-

native — their stamps you
redeemed them at City Meat.

for groceries.

It made a lot of sense because
the economy at that time was
very much like now, depressed
and everyone trying to stretch
their few dollars longer.

I remembered eggs, bread,
corned beef were all free and a
lot of basic grocery items were
very low priced with one of the
stamp sheets.

The scheme was brilliant and
it showed up in improved busi-

se Petey ie)

Entirely Free!

ness for City Meat. Mr Carroll’s
letter reminded me, and I cer-
tainly suggest to the manage-
ment of City Meat that this
would be.very well received by
the majority who are struggling
to make it. What you have is
okay, but putting the stamp card
to actual items that makes much
more sense.

Listening to the Radio talk
shows everyone is hurting —
this is an easy way to assist °
everyone and I suspect will
bring new sales to City Meat.

H ADDERLEY
Nassau,
September 8, 2008.



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THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 5



Shama camp
says it raised
S66m in August

@ WASHINGTON

DEMOCRATIC presidential :
nominee Barack Obama raised :
$66 million in August, a record :
for a presidential candidate that :
illustrated his continuing appeal :
to donors and his robust outreach :
to new contributors, according to:

Associated Press.

The campaign said it raised the :
money with the help of more :
than a half million, first-time :
donors. By comparison, Repub- :
lican presidential nominee John :
McCain raised $47 million in ;
August, 2 personal best for his :
campaign as well. The monthly :
figures for both candidates were %:
especially noteworthy because :
August is typically a slow month :

for fundraising.

Obama's totals, however, also :
underscore the challenge he faces :
in the remaining two months of :
the campaign. McCain, for now, :
has a significant advantage :
because he has accepted $84 mil- :
lion in taxpayer funds under a :
public financing system that Oba- :
ma chose to bypass in favor of :

raising more money.

The combined efforts of the :
two.campaigns and the two :
national parties left both candi- :
dates on nearly equal financial :
footing with about $94 million at :
the end of August, according to :

‘campaign and party officials who :
discussed the finances on Sun- :

day.

Obama had $77 million in the

' bank at month's end, and the :
Democratic National Committee :

had $17.5 million.

McCain ended the month with :
about $18 million in cash, which :
he had to transfer to the Repub- }
lican National Committee :
because of his decision to partic- :
ipate in the public finance sys- :
tem. The party committee had :
$76 million in the bank before :
the transfer. A party officigl said :
the, party also had about $20 mil- :
lion in a joint fundraising com- :
mittee and in special state party :
accounts that can'be used to help :

McCain.

But McCain has a head start :
over Obama with the $84 million :
in federal funds. By accepting :
that money, however, he can no :
longer raise money for his cam- :
paign from donors and is limited :
to spending only that amount. As :
a result, any additional fundrais- :
ing can only be done for the :

GOP. oe

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

WITH immediate effect, par-
ents and guardians of students
who have been refused entry
into public schools because of
their inability to pay registration
fees are asked to take their child
to that school today so that they
can be enrolled to begin classes
as normal, Minister of Educa-
tion Carl Bethel said yesterday.

Issuing a warning to school
principals and administrators
throughout the Bahamas, Min-
ister Bethel said that public
schools are no longer allowed to
refuse students simply because
their parents or guardians can-
not pay laboratory, insurance,
registration, or any other fees
that the school wishes to imple-
ment.

This wayward practice, Minis-
ter Bethel said that has devel-
oped over many years in the
public school system “is contrary
to the provisions of the law as
set forth in the Education Act”
and therefore must cease “forth-
with.”

However he did note that the
Ministry of Education has been
made aware that this practice
(of turning away students) only
applies to some, “but not all”
principals and administrators.

“As the Right Hon. Prime
Minister has often asserted, no
child is to be denied admission
to any public school which he or

she is entitled to attend because -

their parents or guardians are
unable to pay registration fees,
insurance fees, laboratory fees,
or any other fees charged by
School Administrators.

“Public school education is the
primary means by which the
government of the Bahamas has
always sought to eradicate
poverty, provide education and

life-long opportunities to all chil- -

dren, most especially the chil-
dren of the poor and the disad-
vantaged. Under no circum-

Tae
MGS
FOR PEST PROBLEMS




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LOCAL NEWS

Carl Bethel



stances should any child in any
school, in any settlement or Dis-

trict, in any island throughout’

the length of our Common-
wealth, be denied entry to any
public school because of a lack
of money,” he said.

Therefore, with immediate
effect, parents and guardians of
students who have been refused
entry into public schools because
they cannot pay a registration
fee or any part of such a fee are

requested to take their children .

to the school they are entitled
to attend this morning so that
their children might be enrolled
and attend school.
“Students who are not already
registered are required to bring
their Birth Certificate, Passport,
travel document or other evi-
dence of entitlement; along with

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two passport photographs and
the Report Card from the last
school that they attended.
“With immediate effect all
Principals and School Adminis-

trators who have not already

done so are directed to accept,
register and enrol all students
who are entitled to attend their
school without regard to
whether or not a registration fee
can be paid. This Ministerial

Harold Road just

Public schools ‘can no longer refuse |
students if parents can’t pay registration’

Directive admits of no deroga-
tion.

“All Principals and
School Administrators
must comply with its terms
forthwith.

“The Prime Minister, Hubert
Ingraham, has further indicated
that the Department of Social
Services will be caused to review
all cases where parents or
guardians are unable to pay reg-

West of City Market



istration fees or any part of such
fees and to make any necessary
interventions,” he said.

The Acting Director of Edu-
cation, Mr Lionel Sands, has
been requested to liaise with all
District Superintendents and to
personally ensure that this
Directive is strictly enforced,
commencing today, Monday,
September 15, Minister Bethel
said.

Tel:(242) 341-0449/(242) 341-2249
Fax: (242) 361-1136
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PAGE 6, MONDAY, SEPTEMBER 15, 2008

Betty Taylor
Journalist / Entrepreneur

“Criminality is an
insult to society.

Hence, members of
society should always

think before they
act.”

quoteoftheweek@live.com

THE TRIBUNE



Officers congratulated for overseas training, qualifications

THREE officers have been
congratulated by the Royal
Bahamas Police Force for obtain-
ing training and qualifications
abroad that will help them
advanice the force.

Two female officers, Stephanie
Demeritte and Linda Moxey,
have completed a ten week course
in the United Kingdom which
advanced their leadership and
communication skills and “afford-
ed them the opportunity to gain a
wealth of knowledge tht they can
apply during their daily supervi-
sion of operations,” according to
Assistant Commissioner Hulan
Hanna.

Assistant Superintendent
Demeritte and ASP Moxey both
serve as second in command at
the Southern Division, and were
in the U.K. for 14 weeks this year
to complete the training at
Bramshill College, England.

Their course, on which they
were joined by nine other females
from places such as New Jersey,
Ghana, Bahrain, Cayman Islands,
Botswana and England, covered
subject areas including Commu-
nity safety and partnership, Com-
munication and Conflict Man-
agement, Media Studies, Opera-
tional, Policing, Ethical Policing

ASP Demeritte



and Counterterrorism. .

After completing the course
they were awarded an Executive
Diploma Award in strategic Man-
agement from the Chartered
Management Institute (CMI)
which accredited the programme.

Another officer who has recent-
ly returned to the Bahamas with
advanced qualifications that will
help him to advance the force is
Sergeant Dwight Adderley.

Sgt Adderley, this year obtained
a masters degree in public policy



ASP Moxey

ning and criminology after study-
ing for two years at the Universi-
ty of Northern Iowa on a two year
academic scholarship from the
Organisation of American States.

With his qualification, which
makes him a professional policy
analyst, 36 year old Sgt Adderley
hopes to use his skills to advance
the RBPF.

He has worked on the force for
18 years, working for a time for
the Central Detective Unit as a
crime scene and at the Police
Training College as an instructor

Sgt Adderley

and course coordinator at the
Detective Training School.

His latest degree adds to his
Associate’s Degree in Law and
Criminal Justice, awarded in 1999. :

According to ASC Hanna,’
“Government requirements for '
analysis and evaluation of pro-'
grams have increased rapidly in
every level of government to;
enable better planning...The dis- ;
cipline complements the analytical ;
tasks of managers, planners

. accountants and scientists to meet |

the needs of organisation.”



analysis with emphasis in plan-

area

PROSPECTUS THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS :
BAHAMAS REGISTERED STOCK 2028, 2029 , 2030, 2031, 2032 AND 2033 . i
THE GOVERNMENT OF THE COMMONW! F THE BAHAMAS 3
BAHAMAS ISTERED STOCK 2028, 2629, 2030, 2031, 2032 and 20 : {
ISSUE OF BS100,000, 000.00 FOR OFFICIAL USE ONLY }
APPLICATION No ;

_ Issued under The Bahamas Registered Stock Act, and authorized by Resolutions of the House of Assembly, ALLOTMENT No.

12th June, 2008. 0 a )

Applications will be received by The Banking Department beginning at 9:30 am on 8th September, 2008
and will close at 3:00pm on 18th September, 2008. Allocations will commence at 9:30 a.m. on 19th September,
2008 and will cease at 3:00p.m. on 22nd September, eae

The Registrar .
c/o The Central Bank of The Bahamas /
P. O. Box N-4868 : nt ‘ ,
: Nassau, Bahamas : ,

If the total subscriptions exceed the sum of B$100,000,000.00 (Nominal) partial allotment will be made to
subscribers, and a proportionate refund will be made as soon as possible after allotment. No interest will be * Sir:
paid on amounts so refunded.

I/We hereby apply for the following amount of Bahamas Registered Stock:

The date of this Prospectus is 3rd September, 2 ; ia

Insert below the amount applied for

The Government of The Commonwealth of The Bahamas invites applications for Bahanias Registered in Units of B$100

Stock totalling B$100,000,000.00. The Stock will be available in a range of maturity dates; the earliest being
repayable in 2028 and the latest in 2033. The total amount of Stock offered, the rate of interest and the issue

aN ee ey

Price are given below :- 9/32% Above Prime Rate Bahamas Registered Stock 2028 BS
Issue 5/16%~ Above Prime Rate Bahamas Registered Stock 2029 BS
Rate of Interest Name of Stock Amount BS Price BS 11/32% Above Prime Rate Bahamas Registered Stock 2030 B$
9/32% Above Prime Rate Bahamas Registered Stock 2028 —_10,000,000.00 100.00 3/8% Above Prime Rate Bahamas Registered Stock 2031 B$
5/16% Above Prime Rate Bahamas Registered Stock 2029 —15,000,000.00 100.00 , . :
11/32% Above Prime Rate Bahamas Registered Stock 2030 15,000,000.00 “ 100.00 1392%, Above Brine Rate ; ". Bahamas Registered Stock 2032 -. BS... ° J. Bscauii,
3/8% Above Prime Rate Bahamas Registered Steck 2031 20,000,000.00 100.00 7/16% Above Prime Rate Bahamas Registered Stock 2033 B$
13/32%, Above Prime Rate Bahamas Registered Stock 2032 . 20,000,000.00 100.00 ee as
7/16% Above Prime Rate Bahamas Registered Stock 2033 —_ 20,000,000.00 100.00 and undertake to accept any less amount which may be allotted to mie/us. : -
100,000,000.00 ; j ;
: I/We enclose B$ in payment for the Stock applied for.
The Stock shall be repaid on 22nd September, in the year appearing in the name of the Stock. ‘ 7
INTEREST In the event of the full amount of Stock(s) applied for above is/are not allotted to
a « me/us, I/we request that the sum refundable to me/us be applied for the following Stock:
__ The Stock will bear interest from 22nd September, 2008, at the rate shown against the name of the Stock as ,
the percent per annum over the Prime Rate (i.e. the prime commercial interest rate from time to time fixed by ' % Bahamas Registered Stock BS

the Clearing banks carrying on business in the Island of New Providence in The Bahamas. If there shall be any
difference between them, then that which is fixed -by Royal Bank of Canada). Interest shall be payable half-
yearly commencing on 22nd March, 2009 and thereafter on 22nd September and.22nd March in every year until
the Stock is repaid. . .

PAYMENTS CAN BE MADE VIA REAL TIME GROSS SETTLEMENT SYSTEM (RTGS) ,
THROUGH ALL COMMERCIAL BANKS EXCEPT FINCO, BY BANK DRAFTS PAYABLE TO THE
CENTRAL BANK OF THE BAHAMAS UP TO $50,000.00 (FUNDS IN EXCESS OF THIS AMOUNT

CHARGE UPON CONSOLID. ATED FUND CAN BE PAID THROUGH THE RTGS SYSTEM) AND BY CASH.

The principal monies and interest represented by the Stock are charged upon and payable out . the
Consolidated Fund and assets of The Commonwealth of The Bahamas.

1. (One Person)
Ordinary Signature

SUPPLEMENTARY ZAIN




Issue of Stock The Stock will be issued by the Registrar (The Central Bank of The Bahamas). Name in Full (BLOCK LETTERS, state whether Mr., Mrs., or Miss and titles if any.)
Applications will be r t 9:30 am on 8th , : ;
September, 2008 and Allocations will
commence at 9:30 a.m. on 19th September, 2008 and will cease at 3:00p.m. on 22
September,. 2008. All envelopes enclosing applications should be labelled “Application
For Bah amas Government Registered Stocks”.
Address (Corporations etc. should give Registered Addresses )
. Units The Stock will be in units of B$100.00.
: re P. O. Box
Applications - Applications must be for B$100.00 or a multiple of that sum.
Application Forms Applications for the Stock should be made to the Registrar on the form attached to the
Prospectus and may be obtained from the Registrar offices in Nassau and Freeport, The
Treasury Department (Marlborough Street & Navy Lion Road, Nassau) or any of the
following banks: :
Telephone Nos. (H) (W)



Bank of The Bahamas International

First Caribbean International Bank (Bahamas) Limited

Finance Corporation of Bahamas Limited

Commonwealth Bank Limited

Royal Bank Of Canada

Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited (formally British American Bank(1993)
Limited)

Citibank, N.A.

2. (Where two or more persons apply as joint subscribers, the additional names and addresses should
be given below.) :

PAA PS eS

Ordinary Signatures



9

Names in Full

PUBLIC DEBT

Provisional estimates from the unaudited accounts as at June 30, 2008 show the Public Debt of The









Bahamas to be BS3,098,664,000.* And/OR
MENT REVENUE AND EXPENDITURE
Address
The following information is extracted from the unaudited accounts of the Government of The
Commonwealth of The Bahamas.
Telephone Nos.
FY2005/2006p** FY2006/2007p** —-- FY2007/2008p** repens Noe) ~ Wy
BS BS BS
Approved Budget Approved’ Budget . . .
Revenue 1,221,454,000 1,338,481,000 1,483,929,000 I/We hereby request semi annual interest to be paid to:
Recurrent Expenditure (excluding
Repayment of Public Debt) 1,149,582,000 1,285,692,000 1,385,133,000 Bank Name
Capital Development
Expenditure (excluding loans
contributions and advances Bank Branch
to public corporations) 123,454,000 166,225,000 189,731,000
** Provisional estimates from the una::dited accounts. Account Number



’ * — The Public Debt amount is inclusi ¢ of The Public Corporations contingent liability which as at June
30, 2008 totalled B$419,807,000.

4





THE TRIBUNE



LOCAL.NEWS

The longer
arm of the law

@ BY INIGO “NAUGHTY”
ZENICAZELAYA

A: September rolls
around it always

brings to mind the events of
seven years ago — the Straw
Market fire on Bay Street and
the World. Trade Centre
tragedy in New York.

So for this week, instead of
my usual banter on the world
and its funny side, I have
decided to share a road story
with you.

Road stories are unbeliev-
able tales of events or situa-
tions that only comics can get
themselves into.

For us comics, normal road
stories evolve from some sort
of prank that spirals out of
control, and usually involves
the police, eviction from a
hotel, or a trip to the hospital
for a short stay.

Sometimes though — and
this is rare - God smiles on us
and drops a good one in our
lap as a reward for all those
times “Murphy” got the better
of us.

Such was the case when I
did a show at the Miami
Improv. This was a special
show for me as I went to prep
school and college in Miami,
aud it’s no secret that the
“MIA” is my second home. I
have numerous family mem-
bers and friends in South
Florida so I knew it would be
a blast, and boy was it ever!

Several of my old college

buddies decided to attend my
show and make a night of it.
(I’m sure the all-you-can-eat
Mexican buffet at the neigh-
bouring Gentleman’s Club
played some role in their deci-
sion!) So after my show we set
out to see what adventures the
night had in store.

Prankster

‘We all decided to meet at a
watering hole close by for a
few rounds of liquid “liva-
tion”. One of my friends:(who
is now a police officer) insist-
ed I ride with him. Immedi-
ately I knew something was
up because he is the biggest
prankster I know.

Sure enough, my suspicions
were correct.

You see my friend Roger.

has earned some stripes over
the years and holds the rank
of Captain on the Tactical
Narcotics Team. (He made 4
million cash last year alone...
jest , I jest!) Nevertheless he
does have some stroke, so—
you guessed it—our wheels

for the night — a brand new.

Squad car.

We were joy riding in a
police car!

You can’t comprehend the
thrill of being in one of these

things un-cuffed and able to —

touch stuff!

I pulled three cars over and
then said to the drivers, ““Nev-
er mind, have a nice night.”

It felt great driving off to a
chorus of cheers.

Honestly, this was a good
moment for me.

Still, as the night drew on I
knew it was time to go.

I was hungry, and, after all,
the Mexican buffet awaited
us.

Not to disappoint my other
buddies, I reminded Roger
that we needed to get to the
club where the rest of the gang
was waiting.

He understood the urgency
but was insistent on one other
thing: I had to perform a Citi-
zen’s Arrest.

This was a bit much for me.
Besides the obvious fact that
I’m not an American citizen, I
wanted to go.

My mind (and stomach) was
on an overstuffed burrito.

Yet as fate would have it,
one block from the club where
my other drunken old college
buddies were waiting we
found our target.

There was a lady, 4 feet
nothing, rail thin, who looked
like she had an addiction (or
two or three).

“There’s your suspect, Offi-

cer Naughty,” my homeboy
blurted out.

“Hold the wheel while I
subdue her,” he said as he
hopped out of the driver’s seat
to deal with the suspect.

After steadying the vehi-



“The moral of the story? No
matter how hard you try, you
can never escape the long arm |
of the law. Bin Laden, beware!”



cle—and manoeuvring it out
of the way of oncoming traf-
fic—I noticed my friend in a
heated verbal exchange with
what appeared to be someone
we would refer to as a
“joneser.”

In all fairness to the lady
suspect, maybe “joneser” is
too harsh a word because she
knew her rights and that’s all
she asked for.

“TI want to see a badge you
stupid son of a biscuit eater,”
she chimed.

“You’re in plain clothes
and, I don’t know you from a
can of paint!” she yelled.

Hunger forgotten, I focused
in now because this was turn-

ing into an episode of the

WWE and I had my money
on “Mrs. Crackhead”.

She swirled into her fight-
ing stance, exposing a normal
left arm and a decidedly short-
er right arm.

She could have been her
own episode of Ripley’s
Believe it or not, so notice-
able was the disparity between
the lengths of her limbs.

Still, she proceeded to
attack my buddy with the long
right and short left, even

.throwing in.a few ‘combina-..,

tions that would make “Sug-

ar” Ray Leonard proud.

Sadly though, as quickly as
she mounted an offensive she
tired, and began to fizzle out
like a fading firework.

It was at this time my friend
Capt. Roger managed to gain
control of the suspect.

As she wriggled around like
a fish out of water—with
Roger holding on tightly to
her arms—I could not help
but to pick up the handset for
the Squad car’s loud speaker
and ask my fellow officer one
important question: “How are
you going to cuff the suspect?”

The moral of the story? No
matter how hard you try, you
can never escape the long arm
of the law.. —

. Bin Laden, beware!

INSIGHT

For the stories

behind the news,
be=Â¥sCo Wp hfe /s 14
on Mondays





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Develop ers



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PAGE 8, MONDAY, SEPTEMBER 15, 2008

FROM page one

With the entire population
of the island attending a
town hall meeting held in
Sandypoint, last week, Dr
Roberto Savio, who works
for the United Nations and
has been a resident of San
Salvador for over 20 years,
presented his prospectus
document entitled “From
Individual Greed to Collec-
tive Happiness” to the stand-
ing room only crowd.

As the last team did
attempt to dig on the basis
of a permit that was subse-
quently revoked when the
controversy surrounding the
ownership of the land erupt-
ed, they did however employ
some very sophisticated
equipment which through
radar penetration and mole-
cular analysis confirms the
existence of “non ferrous
deposits in the full, ” Dr
Savio said.

“Their estimate, at the

‘Distribution of wealth’
plan for estimated
$10bn worth of treasure

present price of gold, was
that there are around $10
billion buried there. They
could not see with their
equipment the famous large
deposits of precious stones,
that some children (some
still alive), swear they did
see in the now collapsed
cave. If this is true, the value
of the treasure will be con-
siderably higher.”

“Under present law,” Dr
Savio said, “the government
of the Bahamas is entitled
to ownership of all artifacts
and antiquities.
nobody can swear that the
treasure exists, and what
would be the final value, let
us assume, for our calcula-
tions, that the government

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While

would retain a 70 per cent
share of any treasure found.

“It means that the govern-
ment would get $7 billion
(with precious stones being
excluded), and it would

leave the prospectors 30 per .

cent, or three billion dol-
lars.”

However, with 70 per cent
of the value going to gov-
ernment, this would benefit
the country at large, but not
San Salvador in particular —
“with obvious delusion from
San Salvadorians.”

It is here that this remain-
ing 30 per cent should be
disturbed, Dr Savio said by
creating four categories of
beneficiaries:

e The first percentage
would go the prospectors,
who have to provide the cap-
ital (between one million
and four million dollars
according to estimates),
technology, adequate equip-
ment, an archeologist to
classify and protect the find-
ings. This group ‘would
receive 30 per cent of this
remaining 30 per cent — or
rather nine per cent of the
total amount which is $900
million.

e The second percentage

_ would go to all those San

Salvadorians who have
invested money, time, and

efforts in trying to recover.

the treasure, and would be

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so all rewarded. In this
group also will be all the
families who claim rights of
property over Fortune Hill,
with some serious basis.
Again, this group would
receive 30 per cent of the
remaining 30 per cent, or
equal to that of the prospec-
tors nine per cent share
($900 million).

e The third percentage,
would go to the people of
San Salvador, with the cre-
ation of an 11 person trust,
elected by the citizens of San
Salvador. The recipients
would be all the citizens of
San Salvador born on the
island before July 31, 2008,
who are still alive. These cit-
izens should be residents in
San Salvador continuously
for the last five years (ie
since July 2003), to avoid
those who are not truly a
part of the community
attempting to “jump on the
train.” And according to ini-
tial estimates there are about
1,000 San Salvadorians who
meet these conditions. Again
this grouping would also
receive $900 million.

e Finally, the remaining 10
per cent, or $300 million,
would go to the United
Nations as a gift from the
children of San Salvador to
the poor children of Latin
America. This Dr Savio
would be “highly symbolic”,
as a percentage of the trea-
sure which was plundered by
Captain Kidd from ships
leaving from Latin Ameri-
ca, would go back to that
country to its most vulnera-
ble and destitute inhabitants.

While this plan received
the overwhelming support of

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many on the island, reports
reaching The Tribune last
night suggested that there
were a number of persons
who were “unsatisfied” with
the percentage that they felt
they deserved to get.
These persons, it Is

THE TRIBUNE

alleged, have created a peti-
tion which they are now
passing out on the island
seeking to gain enough sig-
natures so that they can pre-
sent this to the Prime Minis-
ter to prompt his personal
intervention on the matter.



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THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 9



MODELS242/FORD MODELS’ SUPERMODEL OF THE BAHAMAS CONTESTANTS

NEW FACES OF BAHAMIAN BEAUTY



PHOTO: Mark Humes

PICTURED (Left to Right): Carol Stubbs, Michel Archer, Alissa Longley, Gabriella Moss, Johanna
Broughton, Shannon Dawkins, Erika Adderley, Erinn Treco, Jourdana Rodgers.

After a three month search
to find young, new faces of
Bahamian beauty, Models242,

today unveils nine of the ©

young ladies who, on October
4, will take part in and vic for
the title of Ford Models’ first
Supermodel of the Bahamas.

With close to a hundred
young ladies entering the
model search event, organiz-
ers said that the final selec-

tion process, which should .

have narrowed the field down
to six, was more difficult than
they thought it would fave
been.

“We were down to these
nine girls,” said Mark Humes,
coordinator of the event.
“And after looking at the pho-
tographs we sent to them, one
representative from Ford had
his favourite six, another of
the invited judges had a dif-
ferent favourite six, and then
one of the stylists had her
favourite six.

“So we decided to go with
the top nine that we are intro-
ducing today.”

Selected to take part in the
much anticipated fashion
extravaganza are College of
the Bahamas students Carol
Stubbs (19), Alissa Longley
(19), Jourdana Rodgers (21),
and Erika Adderley (19), St.
Augustine’s Erinn Treco (17).
St. Andrew’s

Johanna

Nine young ladies to vie for
title of Ford Models’ first:
Supermodel of the Bahamas

Broughton (17), Michel
Archer. (16), Shannon
Dawkins (17), and Freeport’s
Gabriella Moss (17).

Mr Humes said that even if
he were not the organizer of
the event, he would not want
to miss an event like the one
being planned.

“T know that there will be
some haters out there, but
these girls are bad!” said
Humes.

“And they are itching to put
on a show and represent the
Bahamas.”

He said that when the par-
ticipants appear on stage

October 4, they will be com- ~

pletely transformed by the
professional team of makeup,
hair, and clothing stylists who
are coming in to work with
the event.

“In the end, I think that we
will all be proud of the young
models’ achievements in pre-
senting Bahamian beauty to
the panel of judges and the
fashion world, which: will

eventually get word of the
event,” he said. The winner
of the Supermodel of the
Bahamas will have a signed
contract with the legendary
Ford Modeling Agency, and,
in January, she will embark
on a week-long, all expense
paid trip to Montenegro
where she will meet up with 50
other young “supermodels”
from around the world, all
vying for the Ford Models’
Supermodel of the World and

_ $250,000 in guaranteed mod- -

eling contracts.

Tickets for the event will
go on sale Wednesday at the
following locations: Diamonds
International, Carlos Valenti-
no on Bay and Victoria,
Flaunt It on. Rosetta Street,
Urban Nation in the Mall at
Marathon, and Coco Nuts
Bahama Grill, West Bay
Street.

* Next week, Models242 will
announce the male finalists
competing for the Models242

_ Male Face of 242.

\

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—

NAD

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Responsibilities:

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experienced construction management personnel:



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—

LOCAL NEWS

THE TRIBUNE



Political union? The

@ By Sir Ronald Sanders

HE leaders of
the seven-nation
Organisation of
, EB aos tue rn
Caribbean States (OECS) are
reported to have agreed on
September 11th that their
countries will form a political
union with Trinidad and
Tobago.
Reports say that the OECS

-leaders will meet the Trinidad

and Tobago Prime Minister,
Patrick Manning, on October
31st “to flesh out the agree- .
ment.” :

The implication of this
statement is that they have
agreed to the notion of a
political union in principle.
But, of course, the devil is
always in the detail, and it is
facing up to the detail of a’
political union that will prove
to be the greatest challenge.

I reveal a bias in this mat-
ter. I strongly support a polit-
ical union of as many states
of the Caribbean Community
(CARICOM) as possible, but -
I equally firmly believe that
such a union should start with
a political union of the OECS
countries alone and that they
collectively should negotiate
with any other country with
which they might wish to inte-
grate politically.

The good news about this
latest OECS decision is that
the three member states that
announced last month that
they would form a political
union with Trinidad and
Tobago have now decided not

- to fragment the OECS but to

seek to fashion collectively a
union with their bigger oil-
rich neighbour,

In light of the reported
decision by the majority of
governments of CARICOM
to sign a full Economic Part-
nership Agreement (EPA)
with the European Union °
(EU), CARICOM itself is
now in danger of fragmenta- ’
tion and the Single Market
and Economy is in peril.



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a series of steps suggest them-
selves.

First, the OECS should pro-
ceed to form a political union
amongst themselves. This
would be a natural progres-
sion since they already have a
common currency, a common
central bank, and a common
judiciary.

It would be important for
the union to be a federation
and not a unitary state, with
the federal government shoul-
dering responsibility for (a)
crime and security (including
drug trafficking, (b) foreign
affairs including trade negoti-
ations, (c) defence, (d) ter-
tiary education; (e) the single
economy, (f) specialised med-
ical treatment, including a
major hospital for complicat-
ed surgery and cancer.

All other matters should
stay with national govern-
ments.

There should be free move-
ment of goods, services, capi-
tal and people.

The Federal Government
should be elected from across
all 7 countries, and its head-
quarters could be St Lucia or
Antigua temporarily.

Second, the OECS federal
government should then
negotiate the terms for a pollit-
ical union with Trinidad and
Tobago.

Those terms should include
oil and gas prices for OECS at
the same level that is now
accorded to companies and
residents of Trinidad and
Tobago, free movement of
people and a fund to com-
pensate areas and industries
in the existing OECS coun-
tries that may be adversely
affected.

It is obvious that Trinidad
and Tobago will want free
movement of goods, capital
and services to consolidate its




















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THE TRIBUNE



devil is in the detail



Brennan Linsley/AP Photo

TRINIDAD'S PRIME MINISTER Patrick Manning. Reports say that the
OECS leaders will meet the Trinidad and Tobago Prime Minister,
Patrick Manning, on October 31st “to flesh out the agreement.”

economic position in the
OECS markets. The matter
of which currency is adopted
would have to be worked out,
but Trinidad and Tobago
weuld undoubtedly dictate
those terms.

In return, the federal capital
would move to Trinidad and
Tobago.

Third, the door should be
kept open for other CARI-
COM countries to join the
political union if they wish to
do so.

None of this should
adversely affect the opera-
tions of CARICOM or the

. work to establish a single mar-
ket and economy.

If the OECS countries do
form themselves into a politi-
cal union, it simply means that

FE EN RTT N AAA HP THES,





Pabrteterasrsrecrennie

they will be in CARICOM as

one country rather than sev-

en, but they will be a sirpnget
entity for it.

If a political union swith
Trinidad and Tobago is
accomplished, then CARI-
COM would consist of the
Bahamas, Barbados, Belize,
Guyana, Haiti, Jamaica, Suri-
name and the political union
of Trinidad and Tobago and
the OECS - 8 countries
instead of the present fifteen.

There has been some spec-
ulation that a political union
of the OECS and Trinidad
and Tobago may not be a uni-
tary state or a federation in
the classic ways in which these
are known.

Instead, it has been sug-
gested that these countries

(except for Montserrat which
is still a colony of the United
Kingdom) will each retain
their “external sovereignty”
so that there will still be 7
flags at the UN, the OAS, the
Commonwealth and so on.

Just how that would work is
uncertain.

Convention

One would have thought
that a political union is a “sov-
ereign entity” and just how in
international law and in inter-
national convention, there
could be a “sovereign entity
of sovereign entities”, is at
best puzzling.

Short of a full political
union, the option available to
the OECS and Trinidad and
Tobago would be to create

amongst themselves a Single ~

Market and Economy.

But since this is exactly
what the countries of CARI-
COM have started to do —
albeit at a snail’s pace — what
would be the point, except to
have a Single Market and
Economy within a Single
Market and Economy, except
that one group would be mov-
ing faster than the other?

If the objective is not to
form a classic political union,
but to ape the economic
arrangements of the Euro-
pean Union, why do the
OECS countries and Trinidad
and Tobago not simply push
the pace within CARICOM
itself by reforming the organ-
isation in the way that is nec-
essary, and by doing so keep
Barbados, Jamaica and
Guyana on board?

Tend this commentary as I
started it: the devil is in the
detail of any plans to form a
political union.

Responses to: ronald-
sanders29@hotmail.com
mail.com>

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

a 9820

MONDAY, SEPTEMBER 15, 2008, PAGE 11

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PAGE 12, MONDAY, SEPTEMBER 15, 2008

CREDIT SUISSE

Credit Suisse, Nassau Branch
Private Banking

is presently considering applications for

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We are accepting applications for a Business Proj
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Qualifications:
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Experience:
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* Strong understanding of Private Banking Bus'1ess and Financial Sector
- Working knowledge and experience with Globus Banking System is advantageous
.* Working knowledge and experience with MS Word, Access, Excel, PowerPoint and
« Visio applications

Personal Qualities:

+ Strong analytical skills

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- Work independently with strong accountability within a team environment
* Highly motivated and committed to service excellence

« Excellent management and leadership skills

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APPLICATI

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requirements need not apply..
Applications should be submitted to:
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P. O. Box N-4928

ns Mm n

Facsimile: 356-8148

DEADLINE: September 19",

MINISTRY OF FOREIGN AFFAIRS

2008



for First Time Applicants for
Electronic Passports

CHILDREN 0-17 YEARS

.

One (1) completed application form (countersigned)
Three (3) passport - size photographs (one must
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National Insurance Card

Child's Birth Certificate or Registered Affidavit of



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THE TRIBUNE

LOCAL NEWS

‘INFRASTRUCTURE CRUSADE’ CONTINUES IN ABACO

$162,000 renovation plan





ABOUT 2,000 FEET of Bay Front Road, downtown Marsh Harbour, Abaco is to be repaired. Pictured from right
during the signing are Public Works and Transport Minister Neko C Grant, Acting Director of Public Works Gor-
don Major and contractor Larry Williams.

Grant signs contract for
resurfacing 2,000ft strip

PUBLIC Works and Transport
Minister Neko C Grant has
signed a $162,000 contract with
Larry Williams of Larry’s Con-
struction Company to resurface
2,000 feet of the main road down-
town Marsh Harbour, Abaco.

“We are going to be extreme-
ly busy here in Abaco,” said Mr
Grant during signing ceremony
last weekend. “The ‘Infrastruc-
ture Crusade’, launched in Rock
Sound, Eleuthera last month, con-
tinues in Abaco.

“Abaco contributes substan-
tially to the Consolidated Fund. It
is only fitting and proper that you
get first class facilities and infra-
structure.”

The contract was welcomed
by Central Abaco’s Chief Coun-
cilor Cubell Davis, Jr, and Marsh
Harbour and Spring City Town-
ship chairman Roscoe Thomp-
son.

The strip of Bay Front Road
which runs through downtown
Marsh Harbour, has been “in a
deplorable condition for a long,
long time, so we are happy to sup-

port the signing of this contract,”
said Mr Davis.

As all the marinas are located
along Bay Front Road, he added,
“it is essential that it be repaired.

“I have all the confidence that

the contractor will do a splendid
job. He is a person whom I high-
ly recommend.”

Work to be done include
removal of existing pavement,
creation of a level and compact
base, installation of six-inch thick
concrete slabs, and the installa-
tion of stréet lighting. It is sched-
uled to be completed within six
months.

“I congratulate Mr Williams
for winning the bid through a
transparent procedure,” said Mr
Grant. “We expect from you on

time completion and quality
work.”

Mr Grant and his team, which
included Permanent Secretary
Anita Bernard, Acting Director
Gordon Major, Under Secretary
Ursilla Chisholm and John Schae-
fer, the Ministry of Works’ Area
Engineer for Abaco, toured
Marsh Harbour’s new 7,000-foot
runway. They were accompanied
by Senior Administrator for Cen-
tral Abaco, Cephas Cooper.

“The runway is almost com-
pleted and we are working on
building a new terminal equipped
with a control tower,” said Mr
Grant.

“Additionally, we will be doing
extensive road works throughout
Abaco where needed.”

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If you’re a veteran Royal Bank-client,
or if any of your family members were,
we'd love to hear from you. And we’d
especially like to see your old Royal
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This year-in November- RBC Royal
Bank of Canada will celebrate 100 years
of operation in The Bahamas. Our
longevity and success would not have
been possible without the loyal support
of our customers.

Hospital Records

* Baptismal Certificate

* $4.00 Stamp on the Affidavit

« Mother's Birth Certificate along with documents
requested in your age group

Birth Certificate
* Child's Immunization Card (If requested)

Mother's Birth Certificate, and Passport or Proof

of Citizenship (if requested)

Primary School Records (if requested)

An Interview

- Parent or legal guardian must be present with
applicant.

When using Father's documents, the Father's

Birth Certificate, parents registered Marriage

Certificate and Father's Passport.

_ ADULTS: 18 YEARS AND OVER

One (1) completed application form

As we observe our 100th year as the
premier financial institution in The
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appreciation to alf our customers.
Without you we could not have come
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AUTHENTICATION OF
AP ?LICATION

The application must be authenticated and
countersigned by one of the following persons who
has been personally acquainted with the applicant
for at least two (2) years:

We want to honour som« of our “oldest”
friends. So we are offei_ g special gifts
for the earliest Royal Bank photos,
stories, anecdotes and records-an old
passbook, correspondence, statement,
a cancelled cheque, old photos, etc.

Thank you.

* Three (3) passport-sized photographs (one must « A Marriage Officer
be countersigned along with Application form) * Medical Practitioner
* National Insurance Card * Counsel and Attorney of the Supreme Court

If you think you qualify,
please mail a copy of your record to Jan Knowles at
P. O. Box N-7549, East Hill Street, Nassau, Bahamas

Certificate of Citizenship or Registration
Certificate of Naturalization

* Birth Certificate or Registered Affidavit of Birth
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* Officer of or above the rank of Assistant Head of
Government Dept
« A Bank Officer

Mother's Birth Certificate and Passport (except if Magistrate by September 30.

applicant was born after 9th July, 1973) + Justice of Peace,

Registered Marriage Certificate (if a married '

woman) Members of the applicant's immediate family are Please include your name, telephone number

and email address with all submissions.

not authorized to countersign the application.

FOR MORE INFORMATION

Pick up a brochure and an application form from the Passport Offices in Nassau at Thompson Blvd
and Freeport at National Insurance Building, East Mall, Explorer Drive: also from Island Adminstrators’ offices in The Family Islands.

Public Information IIne: 242-322-PASS (7277) o: 242-323-2528 Fax: 242-325-4832
Email: passportoffice@bahamas.gov.bs

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THE TRIBUNE | | MONDAY, SEPTEMBER 15, 2008, PAGE 13



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Secretary Anita Bernhard, and Under Secretary Ursilla Chisholm.





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FROM page one

Elder primary when persons
had to get between two
women to.stop a physical
fight. While it is not known
what caused the dispute, one
of the women could clearly
be heard telling. the other
that she was ready for her
“anytime of the day.” Short-
ly following this exchange,
and after one of the women
had left the room, the other
informed the crowd that they
were all witnesses that her
life had been threatened by
the other woman. She then
explained where she lived,
and the fact that she lived
alone. Therefore, she said, if
anything happened to her,
they all would know who did
it.

As if this was not enough
entertainment for one night,
the former MP for Mount
Moriah, Keod Smith, showed
up some minutes later and
almost got into another phys-
ical brawl with an unnamed
man. ,

As The Tribune stood
nearby, it saw the man, who
wore a tan shirt and cap,

uvorway blocking Mir Smith's
entrance while the uproar
continued inside between
Mrs Hanna-Martin and PLP
activists, including the often
outspoken Ron Rolle.
Attempting to enter, Mr
Smith tried to pass the man,
only to have him reposition
himself and continue to block

his entrance. After Mr Smith

made two more attempts, the



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unnamed - man cguened
around, grabbed Mr. Smith:
by both shoulders. and *
pushed him from the door.
Mr Smith returned arid que:

him that he didn’t “play.”. peel: oy Te ines
Again persons intervened . fot te#t st ere
and got between Mr Sinith ».& ee Esc a
me

and the man to pr
ther escalation OL :

scene... |
As this fiasco:

activist Ricardo Smith jeered: se ie ; M MG et

20 aioue the: S eantid
Smith had quite an audience

hitting” remarks which oft
allied Mrs. Hanna-M
with other notable chara
within the PLP in a “grand.
conspiracy” to remove party
leader Perry Christie...
As these remarks. were’:
obviously heard by the chait:
man as she. tried to ee
above the fray and direct her
attention to thé contintal °
deteriorating situation with
branch members who at this” #
point were standing and ..d
yelling at. her. They wanted.
to know why she had not
brought a copy of the chal- --
lenge that was made to: Mt’.
Moss’ election to the NGC,
“How she could call’her:
self a lawyer and not bring’
the paper (of protest to shes
constituency’s pre
tion)!” yelled one per os,
“Shame, shame!”, ye
























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‘
@
ff she Z :
*. she reached his front door one
FROM De ae i sok out a cutlass and
"East Street, known as th¢ Bigk chopped his shoulder” caus-

t+. ding hint to “begin bleeding like
a hog,” said someone who was
‘on the scene.
The horror did not end
» there, however, as Mr Smith’s
_25-year-old wife, and the moth-
sthieme of. er of their two young children
KOrture © was also stabbed twice in her
7 icel * ack when she came out to see
°° °° what was going on.
frat” Mr Smith bled to death in
pute.’*. the frontroom of his home as
. “his children stood by, said one
RA Gat witness.’ However, police
een #¢neported that Mr Smith died
psrabbed ' &-«;shortly after he and his wife
“ae aouaisaea a: were taken to hospital for
© with best rntese * emo. 2+ treatment.
; Mr Smith: who lives fifty feet Hours later, at around 5am,

--Yard.”



» According to eye Witne
.° reports, Mr Smith returned to

his neighbourhood in an intox-
-icated state‘and*got ito an




















i
|
away ftom" Were “he was +? Mr Williams said his wife Pricel

y

wakened him after discover-
-ing their four-room clapboard.
‘-house was on fire.

. attacked;*gotfreé and far for «
* his life towards*his homé. » *

MONDAY, SEPTEMBER 15, 2008, PAGE 15

LOCAL NEWS

1 attack

“T was asleep when my wife

waked me up shouting fire. We

ran outside.

“We did not save anything,”
said Mr Williams.

Meanwhile, a second wood-
en home on the same property
occupied by a Haitian lady
with two infant children also
caught fire and burned to the
ground.

Some of those on the scene
claimed that Mr Williams’
house may have been targeted
by arsonists in retaliation for
the killing of Mr Smith.

Sources claimed that the
Haitian’s home was wrongly
targeted because some of the
men who attacked Mr Smith
— all of whom were described
as Bahamian — used to sell
drugs on his property.

Mr Smith’s wife is currently
listed in “serious but stable”
condition in hospital.

ies after Morton Salt employees

- to each receive $1,000

FROM page one

that Morton Salt is “assisting in anyway we
can to get everything back to normalcy.”

The company is accommodating and feed-
ing technicians from the Bahamas Electrici-
ty Corporation who are working to get pow-
er back on in Inagua as well as relief workers
from the Red Cross.

Heavy equipment from the plant is also
being used to help offload supplies being
delivered to the island.

Water is now running again, thanks to a
generator sent in by the Water and Sewerage
Corporation. “It’s way better than what we
had before,” Mr Bannister said.

Meanwhile, it is estimated that power may

be back on by the end of this week.
Asked to comment on claims made by the
island’s MP, V Alfred Gray, that food and °

supplies may be being distributed in an unfair

way, Mr Bannister said “if there were any-
thing thing like that happening before it has
been corrected now and NEMA is in full
charge of that.”

According to Mr Bannister, National
Emergency Management Agency Comman-
der Stephen Russell yesterday set up aa
“proper distribution system.”

“Now any goods and supplies coming into
Inagua would go to the Defence Force base
and would be handled by NEMA and there
would be an accounting for receiving any
goods coming in and being properly docu-
mented,” he said.

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PROPERTY DESCRIPTION: Single

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PROPERTY SIZE: 8,000 sq. ft.

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turn through the 2nd corner (Cofitinéntal |

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2. SOUTH BEACH ESTATES
SUBDIVISION

LOT NO. 1 Block 22

PROPERTY DESCRIPTION: Split Level
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PROPERTY SIZE: 6,600 sq. ft.
LOCATION: Travel south of Bamboo
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the t-junction, turn left onto Oxford
Drive. Property is the third house right,
on the corner of Serville Drive and
Oxford Avenue.

APPRAISED VALUE: $397,000

@ |

3._ BEL-AIR ESTATES, CARMICHAEL
‘ROAD - *
LOT NO. 259
PROPERTY DESCRIPTION: Single-
storey Residence
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Travelling east on
Carmichael Road from Faith Avenue
take the 4th corner on the right (Turtle
-Drive) property is 4th house on right.
APPRAISED VALUE: $186,000

4. GOLDEN GATES ESTATES II
LOT NO. 1372
PROPERTY DESCRIPTION: Single-
storey Residence, 4 Bed / 2 Bath
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: At junction of Carmichael
Road and Cedar Way (corner opposite
BFM) travel south to the t-junction, turn
right onto Golden Gates Straight, then
take the first corner right onto Comet
Terrace. The property is the second
house on the right, yellow with white
trim.
APPRAISED VALUE: $224,000.

1. CARMICHAEL VILLAGE
LOT NO. 4 and 5 - part of Crown
Allotments 21 and 22 Grant A8-50
PROPERTY SIZE: Property is 651 feet
south of Carmichael Road and 981 feet
west of Golden Isles Road.
APPRAISED VALUE: $139,000.00

5. BRICEVILLE SUBDIVISION,
BARREN ROAD
LOT OF LAND
PROPERTY DESCRIPTION: Five Unit
Apartment Complex
PROPERTY SIZE: 10,200 sq. ft.
LOCATION: Heading west along Prince
Charles Drive from Fox Hill Road, take
the third corner on the left (Pine Barren
Road). Travel west on Pine Barren Road
then turn through the second corner on
the left (Ceria Close) then the second
corner on the right. The complex is the
last building on the right, painted white,
at the dead end. sSeal a s
APPRAISED VALUE: $292,000

INE

6. PINEWOOD GARDENS SUBDIVISION
LOT NO. 1467
PROPERTY DESCRIPTION: Single
Storey Triplex. Apartment, 2 - 1 bed/
bath; 1-2 bed /bath;

PROPERTY SIZE: 5,000 sq. ft.
LOCATION: Traveling east on Bamboo
Boulevard off East Street South, turn
through the first corner on the left ~
(Thatch Palm Avenue). Continue north
on Thatch Palm Avenue, take the first”

"> Gorher onthe Hight (Guinep Tree Street)

The complex is the third building on the
right.
APPRAISED VALUE: $162,000

7. PASTEL GARDENS
LOT NO. 149
PROPERTY DESCRIPTION: Single -
Family Residence, 3-bed / 1 bath
PROPERTY SIZE: 5,701. sq. ft.
LOCATION: From Marshall Road,
travel north along the main entrance
to Pastel Gardens. At the four-way
junction continue north Lemon Street.
The building is the 11th house on the
left painted white trimmed yellow with a
light brown asphalt shingled roof.
APPRAISED VALUE: $142,000

8. CHIPPINGHAM
LOT NO. 17
PROPERTY DESCRIPTION: Single
Storey Residence, 2 beds / 1 bath
PROPERTY SIZE: 6,375 sq. ft.
LOCATION: Traveling west on Quarry
Mission Road off Nassau Street,
building is approximately 500 ft from
Nassau Street on the northern side of ~~ -
the street.
APPRAISED VALUE: $130,000

9. ROCKY PINE ROAD

LOT NO. “A”

‘PROPERTY DESCRIPTION: Multi-
Family Duplex Apartment

. PROPERTY SIZE: 7,288 sq. ft.
LOCATION: Traveling west on Rocky
Pine Road off Carmichael Road,
property is midway on the third corner
on the left.
APPRAISED VALUE: $275,000

VACANT LOTS

©2008 CreativeRelations.net



Black or ‘Tan:Interior.

ALMERA



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t. 242.326.6377 f. 242.326.6315

ON THE SPOT FINANCING WITH
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INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES,
CREDIT RISK MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS
OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.





PAGE 16, MONDAY, SEPTEMBER 15, 2008 THE TRIBUNE
: INTERNATIONAL NEWS

ELAs Chavez makes headlines

VENEZUELA'S PRESIDENT Hugo
Chavez talks to media members during
a meeting with Manuel Antonio Gomes
{e Pinho, Portugal's Economy Minister,
unseen, at Miraflores presidential
palace in Caracas, Sept. 13, 2008.
Chavez said he will attend Monday the
ea of South American Nations,

NASUR, summit in Santiago, called
by Chile's President Michelle Bachelet,
because "we have to stop the madness
in Bolivia; we have to avoid a major
tragedy’.







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THE TRIBUNE

PAGE 18, MONDAY, SEPTEMBER 15, 2008
INTERNATIONAL NEWS } .



HURRICANE IKE: Damage in US



















DAMAGE after
the passing of
Hurricane Ike is
seen Saturday,
Sept. 13, 2008, in
Crystal Beach,
Texas.The storm
roared ashore
hours before day-
break with 110
mph winds and
towering waves,
smashing hous-
es, flooding thou-
sands of homes,
blowing out win-
dows in Hous-
ton's skyscrap-
ers, and cutting
off power to
more than 3 mil-
lion people, per-
haps for weeks.

AP Photo/The Times-Picayune, Susan Poag

JEANNIE ENCLADE walks her miniature horse as the family dog Brandy wades | in the more than two feet of
storm surge water from Hurricane Ike in front of her home Saturday, Sept. 13, 2008 in Crown Point, Louisiana.

#} A LOT OF sheds at
# a commercial loca-
tion are seen top-
pled over caused by
high winds from
Hurricane Ike, Sat-
urday, Sept. 13,
7 2008, in Beaumont,
© Texas. The storm
1 blew out skyscraper
i windows, cut power
7 to millions and
=| swamped. thou-

# sands of homes
along the coast.
Yachts were carried
up onto roadways,
buildings and
homes collapsed
and cars floated in
floodwaters.

























(AP Photo/Smiley
N. Pool, Pool) —

Tony Gutierrez/AP Photo



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Saturday in Lafitte, Louisiana, which was flooded by storm surge from Hur-
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MONDAY,

SEPTEMBER

13.

SECTION B e business@tribunemedia.net

2008







Considerable concern’
on Port chair’s moves

i By NEIL HARTNELL
Tribune Business Editor

he late
Edward St
George’s
estate has
“very considerable
concern” over the.
way Port Group Ltd
is being run under
new chairman Erik
Christiansen, its wor-
ries involving a $23
million payment to
Hutchison Whampoa
‘ and an arrangement with Ross Uni-
versity’s medical school that it claims
cost the company $7 million.
An August 28, 2008 letter from the

Feenisnnt



* St George estate worries centre on ‘unnecessary’ $23m payment to Hutchison,

and alleged 60 per cent Ross University discount costing companies $7m
* Claim decisions being made without full Board approval, and possibly breaching Court order.

- estate’s attorney, Callender’s & Co
partner Fred Smith, to Mr Chris-
.tiansen, sets out its concerns that

recent Port Group Ltd actions did not
have full Board approval and may not
comply with Supreme Court orders
made as part of the ongoing Grand
Bahama Port Authority (GBPA) own-
ership dispute.

In the letter, a copy of which has

been seen by Tribune Business, Mr

Smith told Mr Christiansen; “There

are a number of significant steps which
you have taken since your appoint-
ment as chairman and director of Port
Group Ltd on July 13, 2008, which
have caused my clients very consider-
able concern, and which appear not
to comply with the order of Justice
Adderley.”

That order, made as part of Justice
Neville Adderely’s ruling that removed

the GBPA/Port Group Ltd receivers,

BDO Mann Judd accountants Clifford
and Myles Culmer, was done, Mr
Smith said, to ensure the two compa-
nies were “properly operated pending

the resolution” of the legal battle

between Sir Jack Hayward and the St
George estate.

Justice Adderley’s order, Mr Smith
said, stated that the GBPA and Port
Group Ltd Boards were not to be

changed except under certain circum- |.
stances, and that their holding com-
pany, Intercontinental Diversified Cor-
poration (IDC), was prevented from
removing any directors.
In addition, the order required
Board approval if the GBPA and Port
Group Ltd agreed to sell or lease more

SEE page 6B

Investors must give City Bahamas professionals their ‘own worst enemy’

Markets major ‘check-out’

@ By NEIL HARTNELL.
Tribune Business Editor

Report’s authors say touted capital inflows failed to

PUBLIC company annual
general meetings (AGMs) are
usually pretty mundane affairs.
Especially in the Bahamas,
where the majority of listed
companies are controlled by
one shareholder or a small,
tightly-knit. investor group.
Every item on the agenda is
approved, the chief executive
gives a smooth presentation on
the previous financial year and
the prospects for next, and



BUSINESS OPINION |



‘after a cup of tea (or glass of

champagne). But not tomorrow.
The Bahamas Supermarkets
2007 AGM is a dead certainty

‘to buck the trend, with the

minority investors holding 22
per cent of the City Markets
operator likely to give full vent

everyone ‘goes home happy--"- SEE page 5B

BEC targets summer 2009
for renewable energy deal

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Electricity
Corporation (BEC) is hoping
“to have an agreement” with a
renewable energy supplier in
place by mid-summer 2009, Tri-
bune Business has been, hold,
after “serious international

players” expressed interest in —

the tender that closed on Fri-
day.

neat Elliott, head of
BEC’s renewable energy com-
mittee, said that while he was
unsure how many project pro-
posals had been submitted in
response to the Corporation’s
Request for Proposal. (RFP), it
was “extremely satisfied with
the response”.

“We had a lot of interest, and





‘Serious global players’
respond to RFP request

someone came in at 3.30pm
today to get the application doc-'
uments,” Mr Elliott told Tri-
bune Business. “I explained that
the deadline was half an hour
away, but he still took the/doc-
uments.

“The response has been very
good. The interest has been
high. I do expect something is
going to come out of it. We had
interest from people considered
serious players in the renewable
energy market internationally.”

The identity of those players
is largely unknown, although

SEE page 3B

Bahamas must
lose aversion to
‘real change’

@ By NEIL HARTNELL
Tribune Business Editor

‘THE Bahamas need to “wake
up, stop maintaining the status
quo and effect change, real
change” to reverse the trend that
it is becoming harder to do busi-

ness in this nation, the Cham-

ber of Commerce’s president
said.

Dionisio D’ Aguilar, respond-
ing to the World Bank report
that saw the Bahamas slip four

SEE page 7B

BAHAMIAN construction
industry. professionals. ° ‘have
been their ‘own worst enemy’”,
in developing their professions
to take advantage of incoming
investment projects, a paper

produced by a consultative _
group has argued, with one of .

its authors telling Tribune Busi-
ness that many “have not given
back enough”.

The paper, produced by
Bahamians David Davis (now
permanent secretary in the

benefit Bahamians, with just 25% of contracts going —
to local contractors, increase in expat workers and
tax concessions outweighing revenue gains

Prime Minister’s Office), Hain- i

mond Rahming, Michael Dig-
giss and Lelawattee Manoo-

Rahming, said the ayailable evi-
dence “suggests that Bahami- *
an professionals are very frag-,

mented and parochial in their

thinking”, and had not ensured’

_ Every idea begins with a seed of thought.
_ Colinalmperial can take those seeds and turn
them into reality. Thats che difference between

Confidence for Life and a lifetime of dreaming.

Colinalmperial.

the likes of architects, engineers
and contractors remained com-

- petitive when it came to bid-

ding for work on major invest-

ment projects over the past 10
“years.

‘The paper, produced earlier
_ year for the Constructioiini*



Developing Countries Interna-
tional Symposium in Trinidad,
said: “There has been a mini-
mal increase in the number of
registered architects over this

SEE page 4B |) oe

BUSINESS TECHNOLOGY
_ 56 Madeira Street, Palmdale

__242-328-3040_



PAGE 2B, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE |







@ By RoyalFidelity Capital
Markets

IT was an active trading
week in the Bahamian stock
market, with investors trading

in eight out of the 19 listed
companies. Two companies
saw their share prices advance,
four declined and two
remained unchanged.

A total of 119,435 shares

Se

changed hands, a substantial
increase of 53,139 shares, or
80.2 per cent, in comparison
to last week's trading volume
of 66,296 shares.
Commonwealth Bank

BAHAMAS FIRST ~

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Claims Advisor

Major Responsibilities:

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Assistance with special projects
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Please apply before September 19, 2008 to:
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32 Coltins Avenue
P.O, Box 88 ~ 6238
Nassau, Bahamas

Or email to; careers@ bahamasfirst.com





(CBL) led this week’s market
rally, on a volume of 65,348
shares, its stock price rising by
$0.23 or 3.40 per cent to close
at $7. Doctors Hospital Health
System (DHS) followed with
26,000 shares trading, climb-
ing by $0.03 to end the week at
$2.78.

Meanwhile, some 10,016
shares of Cable Bahamas

(CAB) traded, the stock price .

dropping by $0.01 to close at
$14.10.

FOCOL Holdings (FCL)
declined the most this wéek,
plummeting by $0.25 or 4.37
per cent on a volume of 10,000
shares to close the week at

$5.25. Freeport Concrete ©

(FCC) followed the downward
trend with 2,300 shares trad-
ing, its price decreasing by
$0.04 to end at a new 52-week
low of $0.40. Colina Holdings

(Bahamas). (CHL) also’

declined, with 5,361 of its
shares trading, the stock falling
by $0.03 to’close at $2.85.

COMPANY NEWS
Earnings Releases

Benchmark (Bahamas)
(BBL) released unaudited

_ results for the six months end-

ed June:30, 2008. BBL report-
ed a net loss of $929,600, a
decrease of $660,000, versus a
net income of $369,700 in 2007.

Net investment income
declined by $291,700 or 48.97
per cent to $305,000, compared
to $596,600 in the 2007 second

quarter, while net unrealised .
losses on BBL's investment '
’ portfolio increased by $1 mil-

lion - from $357,000 to $1.3

‘million - during the period.

BBL reported deficit earn-
ings per share of -$0.19, a
decrease of $0.12 versus earn-
ings per share of $0.07 for the
same period in 2007.

Total assets and. liabilities
stood at $33 million and $32
million respectively, compared
to $22.3 million and $19.9 mil-
lion at year-end 2007.

RND Holdings (RND)
released unaudited financial

results for the 12-month period |

ending February 29, 2008.
RND. reported a net income
of $18,600 versus a net loss of

$247,900 for fiscal 2007.

A gross margin of $1.4 mil-
lion increased by $102,000 or
7.6 per cent over the prior
year.

Total operating expenses
declined by $80,200 or 6.9 per

cent to $1.1 million, versus $1 2

million in 2007.

Total assets and liabilitie s
stood at $11.8 million and $4.8
million respectively at year-
end 2008, compared to $11.9
million and $4.9 million at the
end of the previous year.

OYSTER Funds |

The fund family of the SYZ & CO Group

SYZ & CO Bank & Trust Ltd.
Bayside Executive Park | West Bay Street & Blake Road | P.0. Box N-1089 | Nassau - Bahamas.
Contact: Miguel Gonzalez | Tel. +1 242 327 6633

Member of the SYZ & CO Group: Geneva | Zurich | Lugano | Locarno | London | Luxembourg | Milan | Rome | Salzburg | Nassau | Hong Kong



SAN 7401 ae)



tember 30, 2008. 4



| international Mathes



‘The Bahamian Stock Market

FINDEX 858.06 YTD (-9.87%) !

|
|

BISX CLOSING CHANGE VOLUME YTD PRICE 1

SYMBOL PRICE CHANGE |
AML $1.81 $. 0 9.04%
BBL _$0.89 $. 0 4.71%
BOB $8.50 $. 0 11.55% |
BPF $11.80 - $- 0 0.00% .
BSL - $14.60 $- 0 0.00% |
BWL $3.49 ae 0. ~4.64% |
CAB $14.10 $-0.01 10,016 17.01% +
CBL _ $7.00 $40.23 65,348 16.96%
CHL — $2.85 $-0.03 5,361 9.52%
CIB $11.55 . Oeste
CWCB $4.32 $-0.28. 0 “14.29%
DHS __ - $2.78 $+0.03 26,000 18.30%
FAM _ $8.06 Be a 00.” 11.94%
FBB $2.37 $- 0 -10.57% |
BCC $0.40 $-0.04 2,300 -48,05%
FCL $5.25 $-0.24 10,000 1.35%,
FIN $12.00: $- 310 7.34%
ICD $5.57 $- 0, 2x, -23.17% ; ||
JSJ $12.00 $- 0 9.09%
PRE $10.00 $- 0 0.00% |
DIVIDEND/AGM NOTES:

° Finance Corporation of the Bahamas (FIN) has declared
an interim dividend of $0.13 per share, payable on September
16,.2008, to all shareholders of record date September 4
2008.

e Cable Bahamas (CAB) has declared a quarterly divi-
dend of $0.06 per share, payable on September 30, 2008, to all
shareholders of record date September 15,2008.

¢ Doctors Hospital Health Systems (DHS) has declared:a
semi-annual dividend of $0.02 per share, payable on Sep-
tember 30, 2008, to all shareholders of record date ene
17, 2008.

e Commonwealth Bank (CBL) has declared a. asic |
dividend of $0.05 per share, payable on September 30, 2008, .
to all shareholders of record date September-12, 2008.. |

¢ Consolidated Water Company BDRs (CWCB) has
declared a quarterly dividend of $0. 013 per share, payable on
November 7, 2008, to all shareholders of record date Sep:

¢ Bahamas Supermarkets (BSL) panoanced that it will. be
holding its Annual General Meeting on Tuesday, September
16, 2008, at 6pm at the British Colonial Hilton, 1 Bay siregts
Nassau, Pahoa

Private piecient Offerings:

e FOCOL Holdings (FCL) announced that it will be ek
ing: the deadline of its private placement offering. The pre-
ferred shares will be paying a dividend rate of prime + 1.75 per |
cent, payable semi-annually. oie





Note: Bloomberg used as source for international data |

i

FOREX Rates | ert
Weekly . %Change |
CAD$ 0.9423 - +0.19)
GBP te de 1.7927 © +1.68,
- EUR 1.4226 -0.06; «|.
Commodities Gab iH A fiat hg |
_ Weekly . “oChange |
Crude Oil , $100.75 . +530
Gold ss $769.50 = — -4.52
International Stock Market Indexes: ve ; !
Weekly % Change
DJIA | : 11,241.99 40.19
S&P 500 1,251.70 -+0.76
NASDAQ 2,261.27 +0.24
Nikkei 12,214.76 +0. 02
}



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THE TRIBUNE



@ By CARA BRENNEN-
BETHEL
Business Reporter

THE Bahamas Automated
Clearing House (BACH) is only
a week behind its targeted
schedule for implementation in
2008, with faster cheque clear-
ing and early detection of over-
drawn and bounced cheques
among the first benefits to be
felt by businesses and con-
sumers.

Brian Smith, the BACH’s
business manager, in an
overview of its benefits given to
the East Nassau Rotary Club,
said the primary functions will
be to facilitate faster processing
of the four million cheques writ-
ten and processed manually each
day in the Bahamas.

BEC, from 1B

AES Corporation, which is hop-
ing to supply BEC with lique-
fied natural gas (LNG) as well
as Florida, is in discussions with
a Bahamian group about form-
ing a partnership on a $65 mil-
lion wind farm project.

Aaron Samson, AES’s man-
aging director for LNG, previ-
ously told Tribune Business that
the project could ultimately
generate up to 10 per cent of
New Providence’s electricity
supply if it got the go-ahead.

On the focal front, sources
have told this newspaper that
Cameron Symonette, of Stirling
Partners, is involved with one
renewable energy proposal.
Others interested in renewable
energies, especially wind power,
in the past are understood to
have been the Bahamas-based
Clipper Group and Robert
Myers of Caribbean Landscap-
ing.

Meanwhile, Mr Elliott told
Tribune Business that BEC’s
renewable energy committee
was likely to take two to three
weeks to initially evaluate all
the proposals it had received,
then whittle them down to a
shortlist over the next two to
three months.

Once that was accomplished,
a “more detailed evaluation” of
the shortlisted proposals would
be undertaken, including site
visits ta the candidate’s exist-

_ ing generation sites around the
| world. Recommendations

, would then follow.
Mr Elliott said BEC hoped
“to have an agreement in place



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The new system, which is
owned by the seven clearing
banks, will be regulated by the
Central Bank of the Bahamas.

In its initial stages, Mr Smith
said the ACH will have little
impact on bank customers
expect that because cheques will
be clearing faster there is more
chance that overdrawn ones will
be detected sooner.

In the case of Family Island
cheques, he said the ACH will
also eliminate the need to trans-
port them to Nassau for clear-
ance.

“The ACH is processed at the
end of the next day, so the ACH
will not speed up the fastest
time, but it will shorten the time.
So today, if you’re writing the
cheque and you are not caught
out, your luck may soon run

by summer next year” with a
renewable energy provider,
although actual generation may
take slightly longer.

It was possible, he acknowl-
edged, that BEC could accept
more than one renewable ener-
gy proposal to work with, but
that “really depends on the
quality”

“It’s not unfeasible that if we
get a lot of good proposals we
could have several providers,”
Mr Elliott told Tribune Busi-
ness.

BEC is looking for renewable
energy proposals in four areas —
solar, wind, hydro kinetic and
biomass — to generate up to 10
per cent of any Bahamian
island’s electricity needs.

And it is badly needed, given
that the Bahamas and BEC’s
reliance on fossil fuels drove the
latter’s fuel surcharge to an all-
time high of $0.24 per kilowatt
hour, a reflection of this sum-
mer’s record oil prices.

Its impact has crippled busi-
nesses and households through-
out the Bahamas, with many of
the former either forced out of
business, cutting staff and other
costs, or reducing working
hours. The latter have seen their
disposable income slashed, with
hundreds cut off for either fail-
ing — or being unable — to pay
their electricity bills. In some
cases, the BEC bill is taking up
at least half a person’s salary.

Many Bahamian businesses
are now facing electricity bills
that at least match their lease
payments, whereas for house-
holds it matches rental or mort-
gage payments.

Steven Hoffer, an owner of

Dates: September 19-20, 2008

Location: Nassau ‘Nastics Oakesfield and Seagrapes Gyms

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The general public is invited to attend the
. Friday afternoon and Saturday morning sessions.

|
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subject: Gemologist

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GYMNASTICS CLINIC

BUSINESS

Businesses can ‘cheque out’ Clearing House advantages

out,” he said.

Mr Smith said the savings in
time and cost of cheque pro-
cessing will hopefully enable
banks to expand on the services
they offer their clients.

“Ultimately we’re laying down
something that is like a commu-
nication wire, a pipe or a road
where the banks develop their
products and services for the
consumer,” Mr Smith said. “You
will be able to do things from
the convenience of your home
without having to leave some-
place to go somewhere to pay a
cheque. You can do that from
your PC.”

Mr Smith said they were
about a week behind in the
implementation and start-up of
the ACH, but he was uncon-
cerned about the timeframe



Hoffer & Sons, which owns the
Hoffer Sport store on Bay
Street, last month told Tribune
Business that between May-July
2008, that outlet’s monthly elec-
tricity bill had increased from
$6,000 to $10,000, before hitting
$15,000 in the latter month.
That represents a 150 per cent
increase in two months.

Mr Hoffer said that at pre-
sent electricity rates, when the
two other Bay Street stores and
Cable Beach outlet that they
owned were added to the mix,
the company was paying around
$250,000 per annum for energy
alone.

Describing this situation as
“fairly. ridiculous”, Mr Hoffer
said total monthiy electricity
costs for the three downtown

- stores were now running at

around $20,000-$21,000 per
month, with the Cable Beach
store accounting for another
$4,000

To add insult to injury, he
told Tribune Business he was
waiting for written verification
from the Bahamas Electricity
Corporation (BEC), having
been told that the company
owed a further $28,000 as a
result of being under-billed for
six months since December
2007.

“You can’t expect someone
to stay in business paying
$15,000 a month for a retail
store,” Mr Hoffer said. “That’s
quite a bit of money for elec-
tricity. ’m going to have to
choose between closing a cou-
ple of stores, making them
smaller or reducing staff num-
bers. BEC is a crunch, a real
crunch.”

















No picture
available














involved in getting the long-
awaited system up and running.

“T have not seen any slippage.
The schedule is pretty much
being adhered to, and we are
probably just about a week
behind, but a week can be made
up,” Mr Smith said. “I am not
going to say an exact date, but I
will say October, because I’m
pretty certain that it will be
October.”

MONDAY, SEPTEMBER 15, 2008, PAGE 3B

The Bahamas Automated
Clearing House is a secure inter-
bank settlement system linking .
the seven clearing banks in the
country, with regulatory over-
sight provided by Central Bank.
BACH will serve as the central
clearing facility for all electron-
ic and paper transactions include
direct debits, direct credits and
cheque clearance, as well as
implementing standardisation of



NOTICE

cheques, ensuring confidentiali-
ty, speedy availability of funds
and expanding banking func-
tionality.

While BACH serves as the
central facility, member retail
banks miintain specifically
trained staff to handle transac-
tions between that bank and the
BACH. There are about 60
employees in the various banks
tried to deal with the ACH.

The payment of Long-Term Benefits and Assistance in New Providence for September
2008 will be made as follows:

i} On Tuesda



their bank accounts; and

September 16, 2008, for pensioners me funds are deposited to

ii) Beginning Thursday, September 18, 2008 at the Board’s Fox Hill, Wulff Road and
Jumbey Village Local Offices. Cheques may be collected from these offices between
the hours of 9:00 a.m. and 4:00 p.m. ;

Pensioners and/or their representatives are required to produce proper identification in
order to collect their cheques.

Acceptable forms of identification for Pensioners are the National Insurance Registation
Card, together with any one of the following:

1. A Passport:
2. A Voter's Card; or

3. Any other document which establishes, conueNe the identity of the claimant.

Where the Pensioner is sending a Representative to collect his/her cheque, the Repre-
sentative should present an Authorization Form, completed by the Pensioner, or a letter
from the Pensioner authorizing the Board to release his/her cheque. Additionally, the
Representative should present any one of the above-listed items to identify himselffher-
self. Cheques will not be released to Representatives who fail to provide satisfactory iden-

tifying documents.

Please Note:

Pensioners born in September and March are now due for Verification.

Failure to be verified on-time, will result in the suspension of payments.

VACANCY FOR THE POSITION OF: .

RELATIONSHIP MANAGER,
CORPORATE CREDIT



Core responsibilities:

e Acts as Relationship Manager to high risk clientele by liaising with
clients to determine needs and resolve issues, providing answers
and communication wherever necessary.

¢ Perform maintenance and records management on existing
portfolios and advise Corporate Credit Consultants of any issues.

¢ Perform constant follow up on high risk/impaired accounts and
| institutes proper procedures regarding the collection of same.

© Assess financial position of high risk/impaired loans.

* Prepare credit proposals by conducting comprehensive financial
and non-financial analysis.

* Provide coaching, guidance, and direction to line lenders in the

assessment and structuring of credit facilities.

Knowledge, Skills and Abilities:



¢ Bachelor’s Degree and five or more years of credit experience.
¢ Strong accounting skills and the ability to provide financial

analyses.

¢ Strong negotiation skills.

¢ Detailed knowledge of credit and collections.

¢ Core knowledge of legal practices and documentation.

Benefits include: Competitive salary commensurate with —
experience and qualifications; Group Medical (includes dental
and vision) and life insurance; pension scheme.

Interested persons should apply no later than

September 26", 2008 to:

The Tribune
DA#63405
P.O. Box N3207

Nassau, Bahamas



PAGE 4B, MONDAY, SEPTEMBER 15, 2008

ne BUSINESS

THE TRIBUNE



Bahamas professionals
their ‘own worst enemy’

FROM page 1B

period, and there is still no
requirement for professional
development by members as a
condition for maintaining reg-
istration as an architect.

_ And despite foreign direct
investment touted by the for-
mer PLP government as being
worth $20 billion, “the impact
on employment statistics and
central government tax receipts
was not significant”.

Assessing the foreign direct
investment impact, the authors
said: “Unemployment dropped
from low double digits to sin-
gle digits, while government








revenues grew by approximate-
ly 15 per cent.

“With a population of just
over 300,000, and a workforce
of approximately 140,000, it was
anticipated that unemployment
would have reached an irre-
ducible percentage, that is,
approaching full employment.

“Tt is our hypothesis that the
massive capital inflows have
attracted unprecedented num-
bers of guest workers and pro-
fessionals, and that the level of
tax concessions outstripped the
anticipated central government
tax receipts. Less than a quarter
of the contracts awarded in the
construction sector were for the
benefit of Bahamian contrac-

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Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management, P.O. Box N-7518, Nassau, Bahamas
to reachus before September: 19,2008...

For further information, please contact: 356- 1608 or 502- 0929



tors.”

Commenting on the paper,
which was only released last
week, Mr Rahming, one of the
authors, said both internal and
external factors were hampering
tie ability of Bahamian profes-
sionals in construction-related
sectors to obtain work from
major investment projects.

Believe

“T believe that part of it has to
do with projects coming on
stream,” he told Tribune Busi-
ness. “That is the concern
everyone is raising. How do you
get involved from day one? If
we are not involved from the










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ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED

beginning, we often get the
scraps off the table.”

Mr Rahming, a partner with~~

his wife and fellow author,
Lelawattee Manoo-Rahming, in
The Engineering Group, said
that while Bahamian engineers
might become involved in per-
mitting activities, if they did not
know about major incoming
projects early enough there
would be no opportunity to bid
on contracts, the lion’s share of
which would go to foreign com-
panies.

It would be the same for
Bahamian contractors, Mr Rah-
ming argued, who were likely
to receive the minor sub-con-
tracting work as opposed to the
main jobs.

“Bahamian professionals in
the built environment have
enough expertise to bring qual-
ity work to the table,” Mr Rah-
ming said. “Once we get a
heads up on projects likely to
happen, we will have a better
chance of meaningful partici-
pation.

“We also have problems
inside the country,” he added.
“Contractors, in my view, do
not give enough back to the
industry.”

Mr Rahming said the devel-
opment of a skilled Bahamian
construction workforce had
been hindered by a lack of



from people who are
making news in their
neighbourhoods. Perhaps

for improvements in the
area or have won an
award.

If so, call us on 309: 1986
and share your story.

Share your news

The Tribune wants to hear

you are raising funds for a
| good cause, campaigning

apprenticeship programmes for

- professions such as plumbing
and-carpentry, somethiiig the ~

Bahamian Contractors Associ-
ation (BCA) is now trying to
correct through its tie-up with
major developers and the
Bahamas Technical and Voca-
tional Institute (BT VD).

“Tt’s sad it has been allowed

to. slip into nothing,” Mr Rah- ...
‘ming'said. “If you have a mason ~

or carpenter come to your site,
you have no level to place that
individual at. ‘lhat’s sad.

“We fight among ourselves
too much. There’s not enough
dialogue between all the peo-
ple involved in the industry.
We’re not preparing ourselves
adequately to take advantage
of opportunities from foreign
direct investment.

Problems

“One of the biggest problems
in the Bahamas is that contrac-

tors do not give: Bahamian engi--

neers and Bahamian technicians
enough opportunities to play a
meaningful part in their pro-
jects. It’s easier to go outside
and hire a project manager or
site engineer. They’ve been
trained to move the project for-
ward, but we do not have train-
ing programmes here to bring
along persons in these sectors.”











Queen’: 5 Colles

- Centre for Further Education

P.O; Box N-7427, Nassau, Bahamas -
Tek (242) 393-1666/2646, Fax: {242} 393-3248




Empowering Bahamian pro- ...

fessionals through making their
sectors self-regulating, with

training programmes, certifica- -

tions and standards, was key to
resolving the issue, Mr Rahming

said. While the architects had ~

their legislation, Bahamian engi-
neers were still waiting for theirs
to be given “teeth”, while con-

tractors-continue to wait-for ©

their Bill to come to Parliament.

“T think all of us have to be a
part of the solution,” Mr Rah-
ming said. “It’s a lot to do, but
we need to empower the con-
tractor, the engineer, and then
we need to have this empower-
ment help us get a bigger piece
of the pie.

“We’re not in a position to
take everything, but we’re get-
ting there.”

Mr Rahming and his fellow
authors, in their paper, said that

despite estimates of foreign-

direct investment inflows of up
to $5-$6 billion since 2002, only
five Bahamian construction
companies were on their own
able to handle projects worth
more than $10 million.

And while available statistics
suggested the former Christie
government had approved up
to $20 billion in foreign invest-
ment projects,.and land sales to
non-Bahamians worth $11 bil-
lion, the impact had yet to filter
through to Bahamian profes-
sionals or the economy.

Urging that the Government .
place more emphasis on joint |
ventures’ between Bahamian -
and foreign consulting firms, the ..

paper’s authors said the perfor-

‘mance bond requirements .. |

imposed by many developers

exacerbated the difficulties -

faced by locals in competing for
work.
“Foreign investors coming to

‘the Bahamas have been able to |

convince the Government that |"
. the project to be.undertaken
patie specialised skills,”.the. |
e ‘authors wrote. 3





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a

THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 5B



Investors must give City Markets major ‘check-out

FROM page 1B

to their fury over the compa-
ny’s performance and the way it
has been handled. Besides the
huge delay in publishing the
audited financials (released 14
months after year-end), the
more than $8 million swing into
the red should provoke some
searching qu ctions of the com-
pany’s Board, management and
majority shareholder, BSL
Holdings.

Now more than two years
since BSL Holdings paid $54
million (plus several million
more in legal and financial advi-
sory fees) for Winn-Dixie’s 78
per cent stake, it has become
clear that the transition from
the US grocery chain’s owner-
ship has been anything but

‘smooth. And that’s to put it

mildly, with Bahamas Super-
markets’ cash flow problems
having persisted through its
2008 financial year and beyond,
to judge from the Subsequent
Events section in the 2007
accounts.

This means 2008’s fiscal
results are unlikely to be a col-
lector’s item that a happy shop-
per would put in their grocery
trolley. Stephen Boyle, now
thrust into the chief executive’s
hot seat, and his management
team are doing their best to put
the past behind them, and are
focusing on 2009 and 2010 — the
years when the final verdict will
be delivered.

Yet there is no escaping the
short-term, at least tomorrow
night. In defence of Bahamas
Supermarkets and its major
shareholder, the long-term fun-
damientals still seem to be there,
with City Markets continuing
to turnover $140 million plus
per year on the top-line. Surely
it will be able to turn over a
profit sooner rather than later.

Then again, maybe not. Large

grocery chains can be fiendish-
ly difficult to operate even at
the best of times. In starting
Abaco Markets’ five-year turn-
around, Tribune Business can
remember the company’s for-
mer president, David Thurlow,
telling it that it had taken him
and his management team a few
moons to understand the com-
pany’s many moving parts. The
buying, ordering, marketing,

pricing, transportation, mer- .

chandising, point-of-sale, inven-
tory management and turn... it
all adds up. Not to mention

shrinkage/pilferage, a particu-

larly severe problem it seems
in the Bahamas, given the level

of dishonesty among some cus-
~~ tomers and Staff. ee

‘When it comes to explaining
City Markets’ woes, BSL Hold-
ings insiders have previously
told Tribune Business that it
underestimated just how reliant
the Bahamian operation was
Winn-Dixie - and its Jack-
sonville head office — for
absolutely everything, ranging
from the extensive range of
‘own brand’ labels to the back-
office accounting and support
systems. The latter, needless to
say, was the cause.of so much
trouble, when Bahamas Super-
markets dumped the Winn-Dix-
ie support services and Transi-
tion Agreement early, without
having a replacement in place.

Another explanation from
insiders is that too much
reliance was placed on Barba-
dos Shipping & Trading, the
overseas group that bought in
with a $10 million loan and was
supposed to provide the retail
management oversight and
expertise. This explanation sug-
gests that the Barbadians per-
formed more like absentee
landlords, and when everyone
woke up to City Markets’
emerging problems, it was too
late.

Even allowing for the $140
million-plus sales cash flow, it is
hard to escape the suspicion at
this early stage that at $54 mil-
lion BSL Holdings massively
overpaid for Bahamas Super-
markets. Although more than
$2 million in fees previously
paid to Winn-Dixie every year
could be recouped immediately,
and there was a healthy cash
pile on the balance sheet, it is
interesting to note that trade
buyers — most notably Rupert
Roberts at, Supervalue — are
understood to have felt the
company was worth no more
than $30-$35 million at most.

With shareholders wanting

answers, Tribune Business-has--
its own list of questions that-it .-

suggests should be put to the
Bahamas Supermarkets Board
and management tomorrow
night:

e Explain the rationale for
dropping the Winn-Dixie Tran-
sition Services Agreement ear-
ly without a replacement back
office/accounting system being
in place?

¢ Can the Board confirm or
deny what Tribune Business has
been told, namely that it and its

Audit Committee were warned.
that doing this-would make it |

impossible to conduct an audit
for 2007? Can the Board con-
firm or deny that this advice
was overridden by Barbados
Shipping & Trading, which said
effectively “go ahead”.

e What is the present status of
City Markets’ cash flow, and
how much cash is on the bal-
ance sheet?

e What is the status of the

company’s relationships with.

suppliers and wholesalers?

Have some cut the company off,

or are refusing to extend any
more credit until bills are paid,
as has been alleged? What
impact has the cash flow posi-
tion had on the company’s bulk

To advertise in The Tribune -

Base amen
~ _ just call 502-2371 today!

_THE COMPLIANCE COMMISSION

NOTICE

|| CHANGE OF EXAMINATION YEAR FOR.._—

ANTI-MONEY LAUNDERING

EXAMINATIONS



The Compliance - Commission. (the Commission), was
established by section 39 of the Financial Transactions
eporting Act, Chapter 368.as the anti-money laundering

supervisory

calendar year.

authority
supervised by the-Central Bank or the Securities Commission. |].

for financial

institutions not

Following consultation with its constituent financial institutions,
the Commission hereby announces that with effect from Ist
January 2009, the examination year will be based on the

For those financial institutions which, by the 31st December 2008,
completed an on-site examination in respect of the period of Ist
August, 2007-31st July 2008, this change will have the effect of
extending the current examination period that commenced on1|st
August, 2008 to 31st December, 2009

Those financial institutions which have not submitted to an on-site
examination for the period Ist August, 2007 to 31st July, 2008,
excluding those exempted by the Commission for that period, are
asked to submit all outstanding examinations on or before 30th

‘January 2009

The examination forms may be found on the Commission’s Website

at www.bahama



ompli

Please direct your comments/ questions to the
Commission at telephone 702-1544.

INSPECTOR

COMPLIANCE COMMISSION



buying from US suppliers such
as Supervalue International?
What is the current level of
trade payables?

e Given that there was zero

cash on the balance sheet as at ©

year-end 2007, please explain
why two more dividend pay-
ments, totaling $0.60 per share,
were made post year-end? Why
was this prudent, as a further
$2.748 million was taken out of
Bahamas Supermarkets: when
cash flow was already an issue?
Does this indicate that man-
agement did not have a clear
understanding of the financial
position, and no unaudited fig-
ures were available to.it? How

bad was-the-accounting-melt- . ..

down? .....

e How aligned are the inter-

ests of the majority shareholder,
BSL Holdings, and the compa-
ny and its minority sharehold-
ers? Was the $0.60 per share in
dividend payments made sim-
ply to enable BSL Holdings to
service its debt to Royal Bank
(believed to be at least $24 mil-






HALL OF FAME
MEMBERS






lion)? ,

.° Has BSL Holdings kept
pace with its debt service pay-
ments to Royal Bank? Is it in
compliance with all its banking
covenants now?

e How close is the company
to getting a new back
office/accounting system? What
tasks. are the team of outside
consultants and accountants
performing, and when will they
be finished? How much has this
cost?

e What is the current level of
shrinkage/pilferage being
endured by.City Markets? What
reduction targets are in place,
and when will they be achieved?

deal with the staff pension
fund? Why were the funds
needed so urgently? What is the
status of the overdraft facilities,
as outlined in the accounts, and
have the $1.3 million in capital

- injections been repaid?

¢ How willing are BSL Hold-

Please explain the rationale -
.. behind the decision-to enter. the
$3 million. sale and leaseback '

ings and its shareholders to
inject more equity/capital into
the operating company? Has
this been done already?

e Have the capital improve-

ments made to stores ceased? ..

Please provide guidance and fig-
ures on any further cap expen-
diture plans? Are there any
plans to close stores or reduce
staff numbers?

e Please provide specific fig-
ures and guidance on- the 2008

unaudited figures, and also how ~

the first two-and-a-half months

, of fiscal 2009 have gone? Espe-
cially sales, costs, admin expens- .

es, profitability, cash flows and
cash on hand, trade payables,
and inventory.

e Notwithstanding the
absence of a Takeover Code,
would BSL Holdings be willing
to buyout the minority share-
holders, given that the company
in which they are invested has
changed so dramatically in
terms of performahce, manage-
ment and outlook since the’
Winn-Dixie buyout?




INVESTMENT OPPORTUNITY
In The Rapidly Expanding Carmichael Road Area
. Lot #5 Block 2, Millars Heights Subdivision

Property Comprises 18,292.55 SqFt.
With 106 Ft. on High Traffic Carmichael Road

Interested person should submit offers in writing

addressed to:

The Manager, Credit Risk Management,
P.O. Box N-7518, Nassau, Bahamas _
to reach us before Septmeber 29, 2008.

For further information, Please contact:

356-1608 or 502-0929 x

_ The College of The Bahamas Alumni Associatio
HALL OF FAME
_ SEEKING NOMINATIONS

The Alumni Association Hall of Fame was established in spring of 2001 by the Executive

Board of the Association. The purpose is to recognize annually a COB alumna/alumnus who

is making significant contributions to the development of The Bahamas. It is envisioned that
““honourees will play a major role in the fundraising efforts of the Association. ~~ ~~~

On May 11, 2001, the Alumni Association named Bishop Neil C. Ellis, Pastor, Mount Tabor
Full Gospel Church as its first inductee. Subsequently named were Larry Gibson, a financial
services expert (2002); Laura Pratt-Charlton, a pharmacist /entrepreneur (2003); Tanya
McCartney, an attorney and a former member of the Senate (2004); Vernice Walkine,

--Director-General of: Fourism (2005), Keith Bell, Former Superintendant of the Royal Bahamas
Police Force(2006}, Charles Sealy, Chief Executive Officer, Doctor’s Hospital (2007).

Each honouree is presented with a 36” Silver European Cup, which symbolizes his or her
outpouring of inspiration that causes others to thirst for “knowledge, truth and integrity”,
the values promoted by The College of The Bahamas and reflected in the institution's motto.

Hall of Fame Award Criteria:
__What It Takes to Be Nominated and Become a Member of The Hall of Fame

The Alumni Association of The College of The Bahamas views induction into its Hall of Fame
as its highest honour. It is a. designation extended to individuals whose lives are the hallmark
of The College’s motto “Knowledge, Truth, Integrity.”

To be considered for the Alumni Association Hall of Fame, nominees must:
e Have distinguished themselves as students, academically and socially, while at The
College of The Bahamas
® Be among the best in their chosen fields of endeavour, displaying scrupulous conduct
_____ that stands as an example to others.
e Bea leader and relentless worker whose success benefits co-workers, those they
supervise or employ and the community in general.
e Excel in civic outreach and make a contribution to society that is easily visible within
their fields and the wider scope of Bahamian Life.
e Exhibit strength of character that translates generally into community strengthening,
personifying their alma mater’s motto “Knowledge, Truth, Integrity”.
Be nominated

The Hall of Fame Award Nomination Form
. May be obtained from

The Office of Alumni Relations & Development (Upstairs, Administration Block (A-Block))

Oakes Field Campus Or may be downloaded from http://my.cob.edu.bs

All nomination forms, along with a current portfolio and photograph, must be submitted by
Wednesday, October 8, 2008.
For more information, please call the Office of Alumni Relations & Development at 302-4359.
Portfolio Size: Five (5) pages (maximum) * Font size: 12 pt * Paper 8.5 inches x 11 inches




























































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PAGE 6B, MONDAY, SEPTEMBER 15, 2008



INSIGHT

For the stories

behind the news,



than $250,000 assets to any one
party over a 12-month period.
Full Board approval, Mr Smith
said, was also required for the
opening of new bank accounts
or changes in account signato-
ries, plus the initiation of legal
proceedings by either compa-
ny.

“Tt is not the intention of my
clients to cause you or the direc-
tors of the companies difficulties
in managing GBPA or Port
Group Ltd,” Mr Smith wrote
to Mr Christiansen. “They
understand that you wish to

* actively manage the companies
and promote their success.......

ie-e-lo Mp FJ/6/ a) 4
on Mondays

Legal Notice



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

WILLOWMERE LIMITED

In Voluntary liquidation

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

The date of commencement of dissolution is the 4th day of
September 2008.

Mr. James Howe
P.O. Box 393
7-11 Britannia Place
Bath Street, St. Helier
Jersey, JE4 8US
Liquidator



ETS

EMP T ER D

ABACOI!



Abaco Markets Limited, a leading food distribution
company with five retail and club outlets in New
Providence, Freeport and Marsh Harbor Abaco i is seeking
applications for the position of:

SENIOR TECHNICIAN

‘Fhe Job-~ ope
To manage the co pany's s Ae : Conditioning and



THE TRIBUNE



=} UTS Sos)

“There have, however, been a
number of recent developments
in the operation of the compa-
nies, which my clients under-
stand were initiated by you
without consultation with, or
proper resolutions, by the
Boards, and which have caused
them great concern.”

Leading the way on concern-
ing issues, according to the let-
ter, is an alleged $23 million
cash payment that was made by
Port Group Ltd to Hutchison
Whampoa, the Hong Kong con-
glomerate that is its partner in
Freeport’s key productive
assets. These include Grand
Bahama Development Compa-
ny (Devco), Freeport Harbour
Company and Grand Bahama
Airport Company.

Tribune Business under-
stands that the majority of this
payment, possibly as much as
$16 million, was used to repay a
Hutchison Whampoa loan to
the Grand Bahama Airport
Company, with the rest going
to Freeport Harbour Compa-
ny.

“My clients understand that a
cash payment of $23 million was
made from Port Group Ltd to
Hutchison Whampoa,” Mr

Smith wrote. “They further

understand that no such sum
was payable at this point (if at
all), and indeed that Hutchison






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DOWDSWELL ST., BETWEEN CHRISTIE & ARMSTRONG STS. ©
SUNDAY - FRIDAY: 7AM - 4 PM

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Whampoa was not pressing for
such payment from Port Group
Ltd.

“The payment was made
upon your [Mr Christiansen’s]
exclusive initiative, without my
client’s knowledge and, in par-
ticular, without a Board meet-
ing duly convened of which
proper notice was given in
accordance with the Articles
(Lady Henrietta having
received no notice of such meet-
ing).”

Apart from appearing to con-
travene Justice Adderley’s
Order, Mr Smith said the St
George estate wanted an expla-
nation for why the $23 million
payment was made, and an
assessment of its impact on Port
Group Ltd’s financial state-
ments.

Another “serious concern”
was the St George estate’s belief
that Mr Christiansen had
agreed to sell land owned by
Port Group Ltd’s subsidiary,
Freeport Commercial & Indus-
trial, to Ross University “at a
60 per cent discount from the
original sale price, thereby los-
ing the company $7 million in
revenue”.

This, Mr Smith’s letter
alleged, was a decision again
taken without full Board
approval, along with what were
termed “licence fees” payable

‘Considerable concern’ on Port chair’s moves

FROM page 1B

by Ross University to the
GBPA.

Board approval, the letter
said, was required “for all sig-
nificant steps”, and Mr Smith
said the St George estate would
hold all directors “fully account-
able” for their actions.

Also noted in Mr Smith’s let-

ters were fears that the retire-
ment of Albert Gray, the
GBPA’s vice-president in
charge of licensing, would be
sought by Mr Christiansen upon
the former’s 65th birthday in
November 2008.
_ The letter also cited concerns
that Mr Christiansen was
“actively promoting the devel-
opment of a new cruise ship
facility. Again, this appears to
my clients to be a matter for the
Board of the companies, and
not for unilateral action”.

Any new cruise ship terminal
for Grand Bahama will have to
involve Hutchison Whampoa
and the Freeport Harbour
Company, as Tribune Business
understands the latter has the
exclusivity to own and operate
such a facility in the Port area.

Other concerns raised by Mr
Smith’s letter included the
action initiated by the GBPA

and Port Group Ltd, seeking.a -

court order barring him and his
firm from representing the St
George estate; the “effective
retirement” of Ian Barry and





Sir Albert Miller from their Port
management positions; and the
alleged delivery of files on the
key companies at the centre of
the ownership dispute — IDC
and Fiduciary Management Ser-
vices — from the GBPA and
Port Group Ltd to attorneys
acting for the Hayward side.

Mr Smith’s letter, though,
said that as a result of agreeing
a binding option with the Hay-
ward family to acquire their
GBPA and Port Group Ltd
stake for $100 million, British
banker Roddie Fleming had
been granted a power of attor-
ney to direct the ownership lit-
igation on Sir Jack’s behalf.

“My clients therefore fully
understand that Mr Fleming is
thus clearly an important part of
the ‘landscape’ of any possible
settlement,” Mr Smith wrote.
“It should also be noted that
the Prime Minister and govern-
ment forms another significant
element.

“The Prime Minister has
already publicly expressed views
as to the preferred ownership
of GBPA and Port Group Ltd,
which reflect views he has pre-
viously expressed forcefully to
my clients in person...

“Clearly, those views are a
significant factor in informing
the approach which my clients
have adopted towards the posi-
tion of Mr Fleming.”

AR NN . —

i Equipment. *



Bo Rehrig gération/Fre

Which involves completing routine repairs and
maintenance, implementing and maintaining a preventive
maintenance program, installation of new equipment and
managing the company’s energy saving program.

Which airline offer the lowest round trip fares to San Andros?...

Which airline offers the most daily flights to San Andros?

Which airline offers the most daily flights to Fresh Creek Andros?

Which airline offers. the lowest round trip fares to He reek |
Andros?

Which airline has the highest percentage for on time departure
and arrivals?

Which airline operates from a clean, decent air-cond jo
terminal?

Which airline terminal has complimentary wireless internet
service?

Which airline offers full concierge service to their passengers?

Which airline offers complimentary bottle water on all of it flights

Which terminal area offers passengers free Water, Coffee, Tea

and Popcorn?

Which airline offers its passengers free parking with 24hrs.
security?

Which airline rewards you with a free ticket for every ten you
purchase?

Which airline has the most experience flight crew?

Requirements

° Certification in the field of Air Contitoniig
/Refrigeration
Familiarity with electronic computer controlled boards,
programmable boards, air and water cooled
refrigeration and air conditioning systems a must.
Minimum of 5 years experience
A proven track record of success in the area of AIC
repairs & maintenance
Possess strong leadership skills with excellent People
and Communication skills









Outstanding compensation, benefit packages (inclusive
of incentive based bonuses provided)

Performance Air Ltd.
The Bahamas Finest Airline

www.Performance-air.com
Tel. yay oes 1608/562- 2502

Only serious applicants need apply and should send their
resumes to hr@abacomarkets.com.



EG

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES
SIN







Abaco Markets 1.81 1.81 0.135 (0.000 13.4 0.00%
Bahamas Property Fund 11.80 11.80 0.00 1.061 0.200 11.4 1.69%
Bank of Bahamas 8.50 8.50 0.00 0.643 0.160 13.2 1.88%
Benchmark 0.89 0.89 0.00 -0.823 0.020 N/M 2.25%
Bahamas Waste 3.49 3.49 0.00 0.209 0.090 16.7 2.58%
Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69%
10.91 Cable Bahamas 14.10 14.10 0.00 1.224 0.240 11.5 1.70%
2.85 Colina Holdings 2.85 2.85 0.00 0.046 0.040 62.0 1.40%
4.80 Commonwealth Bank (S1) 7.00 7.00 0.00 0.449 0.300 15.6 4.29%
3.20 Consolidated Water BDRs 4.50 4.32 -0.18 0.122 0.052 35.4 1.20%
2.25 Doctor's Hospital 2.75 2.78 0.03 16,000 0.256 | 0.040 10.9 4.44%
6.02 Famguard 8.06 8.06 0.00 0.535 0.280 16.1 3.47%)
12.00 Finco 12.00 12.00 0.00 0.665 0.570 18.0 4.78%
11.54 FirstCaribbean Bank 11.55 11.55 0.00 0.550 0.450 21.0 3.90%)
5.05 Foco! (S) 5.25 5.25 0.00 0.385 0.140 13.6 2.87%
1.00 Focol Class B Preference 4.00 1.00 0.00 0.000 0.000 nM 0.00%)
0.40 Freeport Concrete 0.44 0.40 -0.04 2,300 0.035 0.000 14.4 0.06%
ICD Utilities 5.57 5.57 ©.00 0.407 0.300 13.7 5.39%)
J. S. Johnson 12.00 12.00 0.00 1.023 0.620 11.7 5.17%)
__Premier Real Estate 10.00 10.00 6.900 0.180 0.000 55.6 ,20%
REA Oe DSU 0 OSS igted bebt Securitiés + Bonds trade on a Percentage Pricing basis. 8 ere
S2wk-Low Securit Symboi Last Sale Change Daily Vol. Inte Maturit
1000.00 Fidelity Bank Note 17 (Series A) + FBB17 7% 49 October, 2017
1000.00 Fidelity Bank Note 22 (Series B) + FBB22 Prime + 1.75% 19 October, 2022
2 960.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 7% 30 May, 2013
1900.00 1000.00 __ Fidelity Bank Note 15 (Series D) + FBB1S a. . Prime + 1. 75% - 29 May, 2015, ;
f pS RBar Lo 2 gee RE se Fidelity Qver-The-Gounter Securitias CREE LOE EE EA fe seat tite:
5 2wk-Hi 52wk-Low Symbot Bid S Ask S Last Prico Weekly Vol. EPS $ Div s P/E Yio a
14.60 14.25 Bahamas Supermarkets 14.60 15.60 14.60 -0.041 0.300 N/M 2.05%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6,00 0.000 0.480 N/M 7.80%
0.54 0.20 RND Holdings 0.35 : 0.40 ‘ 0.35 -0.023 0.000 N/M 0.00%,
Colina Over-The-Counter Securities ae PY Meo oa 3 ee
41.00 41.00 ABDAB 41.00 43.00 44.00 4.450 2.750 8.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 41.160 0.990 13.4 6.16%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0.00%
: i BIS Listed Mutual Funds Be f ee Ee vie PR EEE
52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months Divs Yield% NAV Date
1.3320 1.2652 Colina Bond Fund 1.3320 3.09% 5.27% 31-Jul-08
3.0250 2.8869 Colina MSI Preferred Fund 3.0250 0.81% 4.78% 31-Aug-Ga
1.4119 1.3544 Colina Money Market Fund 1.4119 2.68% 4.21% S-Sep-08
3.7969 3.3971 Fidelity Bahamas G & | Fund 3.5807 -5.70% 5.40% 31-Aug-08
12.3870 11.7116. Fidelity Prime Income Fund 12.3870 3.80% 5.77% 31-Aug-08
100.0000 100.0000 CFAL Global Bond Fund 100.0000 31-Dec-07
100.9600 99.9566 CFAL Global Equity Fund 100.9600 1.01% 1.01% 30-Jun-08
1.0000 1.0000 CFAL High Grade Bond Fund 1.0000 31-Dec-07
10.5000 9.4075 ___ Fidelity International Investment Fund 9.4075 -10.40% -10.40% 31-Aug-08
1.0147 1.0000. FG Financial Preferred Income Fund 1.0147 1.47% 1.47% 31-Jul-08
1.0119 1.0000 FG Financial Growth Fund 1.0027 0.27% 0.27% 31-Jul-08
1.0119 1.0000 1.0119 1.19% 1.19%

FG Financial Diversified Fund 31-Jul-08

“ Market Terms ; eas
BISX ALL SHARE INDEX - 19 Dec 02 = 1.000 00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today's Close
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
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

FO TRADE CALL: CFAL ete Bthe 7 O10. { FIDELITY 242-356-7764 | FS CAPITAL MARKETS 242- 396-AN0G | COLONIAL 242-802-7528
FOR MORE INFORMATION CALL BISX @ 242-394-2503 : a,

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







Nassau provides an excellent opportunity for a commercial,
residential or mixed. use development within the proposed re-
urbanization master plan for Downtown Nassau and the
Harbourfront. This parcel is located in the Living Waierfront
District which will consist mainly of residential developments
with supporting retail, commercial and marina facilities.

PROPERTY FEATURES

3.94 acre site « 826 ft. of water frontage en Nassau Harbour
304 ft. of frontage on Bay Street e 5 min. walk to the city center
Magnificent views of Paradise Island & The Atlantis Resort

Three buildings on the property:

Main warehouse - 21,250 SF © Small storage area - 1,569 SF
2-storey retell building - 10,384 SF

wwnw-bahamasrea:ty- peeeees

ea ete cee e
Tel: 242.396.0026 | Cel: 242,424,793:

male MOsen Onc MUR eCcr IANS se



Nassau Airport

Development Company



OPPOR
MANAGER, PEOPLE -

The Nassau Airport Development Company (NAD) Is seeking
candidates for the role of Manager, Feople. The successful
candidate will be responsible tor all aspects of human resource
management at NAD, inctuding employee compensation
payroll and benefits, training, labour relations, health and safety,
communications, social activities and community involvement
This position reports to the Vice President, Finance and Chief
Financial Officer and wil! involve daily interaction -with NAD
staff, senior management, and executives

The ideal candidate will have a post secondary education in a
field consistent with human resource management, and will be
able to work independerity to manage multiple priosties and
stakeholders in a fast paced work environment. At least five
years experience in a similar position is preferred

This position offers competitive compensation arid benefits
consistent with experience and qualifications



if you are interested in joining our dynamic team, please
submit your resume by September 24, 2008 to:
Manager, People

Nassau Airport Development Co.

PO Box APS9229

Nassau, Bahamas

Only those applicants short listed will be contacted.

Prime development site located’ in the heart of Downtowl










THE TRIBUNE

CHANGE , from 1B

places in the ranking for its ease
of Doing Business 2009 paper,
said neither he nor anyone else
in the business community was
likely to have been surprised by
the findings.

“We’re clearly slipping, and
this is a product of maintaining
the status quo. We need to
become more innovative about
the way we do business, and the
way the Government interacts
with the business community,”
Mr D’Aguilar told Tribune Busi-
ness.

“There is this incredible desire
to maintain the system we have
because we don’t know what to
do [otherwise]. It’s safer to stick
with what we have.”

Agreeing that the World Bank
report indicated the Bahamas’
economic competitiveness on a
world level was continuing to
slip, Mr D’Aguilar said other
countries were “adjusting a little
more quickly” to the global real-
ities, and showing a “desire to
become quicker, leaner and
more efficient”.

As an example of government
and system inertia in the
Bahamas, the Chamber presi-
dent pointed to the Immigration
Department, which he said was

“so scared” to give a timeframe
— such as 30 days — for when it
would provide an employer with
an answer to a properly com-
pleted work permit application.

Setting such a timeframe
would “force civil servants to do
things in certain time periods”,
Mr D’ Aguilar said, asking:
“Why are they’so frightened?”

“Take the administration of
justice,” he added. “I cannot for
the life of me understand why
we have not changed the way
we administer justice in this
country. The lawyers know it,
but when I ask why they’re not
changing it, they roll their eyes,
shrug their shoulders and say
they can’t change it.

“In education, it has taken so

‘long to adapt our curriculum to

the realities of most Bahamian
families; that they have a single
parent and most of the time at
home is spent watching TV.”

Mr D’ Aguilar urged the Gov-
ernment, and specifically the
Cabinet and government minis-
ters, to devolve more decision-
making power to their officials.
He acknowledged, though, that
this would not be easy given the
traditional level of control
Bahamian politicians like to
exert.

“There’s no way ina modern

government that you can have
a.Cabinet minister making a
decision on a person’s perma-
nent residency application,” the
Chamber president told Tribune
Business. “They’ve got far more
important and bigger things to
decide.

“Politicians don’t want to give
up control, but to get govern-
ment to move they have to
devolve decision-making power
into the hands of people that can
make them. Don’t bottle up
decision-making authority in the
hands of one or two people.”

Mr D’ Aguilar said: it seemed
to him as if the Government and
its officials “get overwhelmed
by the amount of change
required”. He suggested they do
it “in small, incremental steps”
with specific timelines attached.

“I think everyone who starts a
business or has to go to govern-
ment for an approval will lament
at the time it takes,” Mr
D’ Aguilar said. ““There’s always
some unexpected, unforeseen
step that comes up which they
have not found out about.”

While the Government could
point to businesses not providing
the right documents or complet-
ing application forms properly,
and its lack of human and
administrative resources, the

INVESTMENT OPPORTUNITY

COMMERCIAL BUILDING

SITUATED ON DOUBLE LOTS TOTALING 23,753 SQ. FT.

LOCATED BERNARD ROAD
Approximately 500 feet east of the Village Road Round About

Interested persons should submit offers in writing addressed to:
The Manager, Cr edit Risk Management, P.O. Box N-7518,

Nassau, Bahamas

to reach us before September 29, 2008.
For further information, please contact:

356-1608 or 502-0929



ATLANTIC MEDICAL INSURANCE
ACCOUNT REPRESENTATIVE

Chamber president said “frus-
trating” delays often boiled
down to persons “not wanting
to make a decision”.

_The Doing Business 2009
report, published by the World
Bank and its International
Finance Corporation (IFC) arm,
found that when it came to over-
coming the bureaucracy and red
tape that every business in this
country knows stifles Bahamian
commerce, the Bahamas had
slipped from 51st place to 55th
out of 181 nations.

MONDAY, SEPTEMBER 15, 2008, PAGE 7B
nn RN

It ranked especially low on
property registration, at 143rd,
which measured how easy it was
for businesses to secure proper-
ty and land title rights. The
report found that there were sev-
en different procedures that had
to be followed before Bahamian
businesses could secure clear
and marketable title, and this
nation was the fourth most
expensive in the Caribbean, with
Bahamian businesses having to
pay an average price of 12.5 per
cent of the property’s value just

NOTICE

The National Insurance Board

to register it.

Mr D’ Aguilar said the latter
ranking was likely to be a result
of the Stamp Tax payable on the
transaction, while the 18 process-
es involved in construction per-
mitting for a warehouse was part
of the attempt to ensure all prop-
erties were hurricane resistant.

Still, he added that the
Bahamas needed to assess where
it could eliminate bureaucracy
and red tape, and reduce
approval processes from double
to single figures.

Sessions will be held from 9:30 a.m. to 1:00 p-m. in the Trainmg Room of
N.1.Bs Wulff Road Complex, Wulff Road at Minnie Street

Refreshments will be served

Seminar Description

For everyone - from the self-employed personwho works alone, to the employer of a
fem persons, to the person responsible for the payment of contributions on behalf of
an employer of thousands. The Seninar will give an overview of the National

| Insurance programme, inclusive of its benefits and assistance programmes, and
explore the scope and inppact of the National Insurance Fund on the economy of

. the country.

w

Ouestions and/or concerns about the monthly payment of contributions or other

administrative / compliance tssues, will also be addressed.

Persons interested in attending a Seminar
should reserve a space by calling the
Board’s Public Relations Department
at 356-2070, ext. 236/234/232



MAKE PLANS. TO PARTICIPATE & ATTEND!

the Rahamas Agricultural, Karine Resources and

Atlantic Medical Insurance (AMI), part of the Colonial Group of
Companies (CGI) with headquarters in Bermuda, is seeking an Account,
Representative.

. pepe ae

®

CGIL, with offices in Begmuda, the Cayman Islands, the British Virgin
‘Islands as well as The amas, offers a complete range of premier
fi; ancial and insurance services and, over the past few years, has
undertaken significant growth. This is an opportunity to be part of a
rapidly growing innovative company, focusing on providing clients win
first class service and access to competitive products. ;

26th 28eh Rebar, we :
» Gladstone Road Agticultural Center (GRACO)
= ‘Nassau, N.P., The Bahamas

Sa REGISTRATION FORM
Company Name:
Based in Nassau and reporting to the Accounts Manager for-AMI, the :
Account Representative will be- a motivated individual responsible.
for marketing and promoting a range of group health products. It is
essential that applicants possess the following qualifications, experience
and attributes: Settlement:
Bachelors Degree in a relevant area required
Minimum of 3 years sales experience, with insurance sales
experience and familiarity with group employee benefits
products, including health, group life, LTD and AD&D prefered
Dynamic self-starter
Experience in undertaking presentations’
Superior verbal and written communication skills
Strong numerical skills
Proficiency in MSWord, Excel and e-mail software to intermediate
level

|] Fisheties Production

a Food Processing

ory Livestock

[ |] Fisheries Distribution
-Compensation for the successful candidate will be attractive and linked “ee
to performance.AMI offers an attractive benefits package that includes
comprehensive medical insurance, contributory pension plan, life and
long term disability coverage.

[] Food Court .

Please specify products: _ .
If you have a keen commitment to quality results and want to contribute (For Example: Livestock: Sheep ot pl Root cn Cassava)
your talents to a dynamic company, contact us about this opportunity.
Applications will be treated in the strictest confidence and should be

submitted by email to:

DEADLINE FOR SHPMISSION OF FORM: 1st December, 2008

_ For mote information. eon
Ms. Rena Glinton (242 356-3100
Mts. Ria Lightboume (242) 322-3740
Fax: (242) 322-2123

Email: bahamasagribusinessexpo@yahoo.com

bs HR@atlantichouse.com.bs



The closing date for applications is 19% September, 2008.







PAGE 8B, MONDAY, SEPTEMBER 15, 2008 THE TRIBUNE









St Andrew’s students who received five or more A’s in BGCSE Examinations
BACK ROW, left to right: Benjamin Pinder, Tony Joudi, Rachael Albury, Victoria Albury, Brolin Xavier,’
Brian Cates and Neil Dillette.

FRONT ROW, left to right: Molly Coyle, Chelsea Saunders, Phylese Hanna, Mr. Coyle — Head of Secondary, Bryanne Evans, Sherzel Smith and Stephanie
Darville. Not Pictured: Geoffrey Brown and Michael Rodgers.





OUTSTANDING BGCSE RESULTS FOR
ST. ANDREW’S SCHOOL

Having achieved the best examination results ever in the School’s history, St Andrew’s students are kicking off a new school
year with great enthusiasm. . ;
At the BJC level, the Year 9 students who opted to sit the exams passed with a 98% pass rate while at the BGCSE level the |
achieved an avérage pass rate of 88%. The students taking the full IB Diploma pas ssed with an average of 8: %














Benjamin Pind ran ichael Rodgers. Brolin Xavier passed exams in ten autincts with straight A’s.
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USA UL TC

Man dies after

~ brutal

Wife stabbed, homes
burned down in
alleged retaliation

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

A YOUNG father of two
died Saturday night after he and
his wife were brutally attacked
in front of their children by a
group of men. :

And in an allegedly misdi-
rected act of retaliation the
homes of two Haitian families
were burnt to the ground, leay-
ing them with nothing.

Jason Smith, 28, and his wife,
25, were attacked on Saturday
night at around 10pm in the
area of Cordeaux Avenue off

SEE page 15 TS

‘Distribution of wealth’ plan for
estimated $10bn worth of treasure

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



_ CIVIL UNREST is brewing once again on the quiet island of
San Salvador after a “distribution of wealth” plan was revealed
to residents over how the estimated $10 billion worth of buried
treasure would be divided once it is excavated.

SEE page eight



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‘Rodney ae

THE REMAINS of the home of Haitian nationals L’Orture Williams and
his wife, Pricel Petibay.

Morton Salt employees
to each receive $1,000



“It’s so that they might be —








@ By PAULG
TURNQUEST
Tribune Staff
Reporter
pturnquest
@tribunemedia.net

THREATS of
death, physical alter- .
cations, and a gen-
uine disregard for the
authority of the
chairman of the Pro-
gressive Liberal Par-
ty were all present

‘when the St Cecilia party cy
constituency held its Glenys:Hanna-Martin»::
special branch meet-_ struggled to contro

~ the crowd.

ing last week.
From the moment’
she entered the room, chair-

man Glenys Hanna-Martin -

struggled to gain control over
the raucous crowd that at
moments seemed capable of
physically assaulting her.

Mrs Hanna-Martin was pre-
sent Gn Friday evening at the

St Cecilia branch meeting — |

according to one of her sup-
porters — simply to “uphold





AIRMAN

THREE DIE IN CRASH;
CHILD DRAGGED UNDER
CAR IN SEPARATE INCIDENTS

the constitution of
the PLP.” The con-
stitution of the par-
ty says that for per-
‘sons to be elected to
the National Gener-
al Council (NGC),
they are expected to
be residents of the
constituency they
seek to represent, In
the cases where they
are not, these per-~
sons must then gain
at least two thirds.of
the support of the
branch.

Most notably this
challenge will affect

. the constituency’s

presumptive nominee Paul
Moss, who has called this
exercise a “witch hunt”
designed only to obstruct his
ascensionin the party.

However, before Mr. Moss
could get to the substafice of
his argument, a row broké Gut
in the meeting at Yellow

SEE page 14 ©








° PAGE TWO






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

WITHIN the next week
every employee of Morton
International will receive a

$1000 cash-in-hand payment

from the company to assist
them in this time of need, said
Morton Salt Bahamas’ Man-
aging Director Glenn Bannis-
ter.

To “a couple of standing
ovations” Mr Bannister
announced the financial relief
to a group of Inaguans at an
ecumenical service on the
island yesterday.



able to fix up their homes and
buy other necessities,” said Mr
Bannister. The money should
be made available to the hard

hit Inaguans in next Friday’s ©

payroll.

Asked whether the compa-
ny is still reviewing giving any
other relief to the employees
in addition to the ex-gratia
payment, Mr Bannister said
that this is the case and the
company is looking at “other
options but we can’t confirm
anything yet.”

The managing director said

SEE page 15

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PAGE 2, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE



Three die in crash; child dragged Plea for he

under car in separate incidents

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

A CHILD is in serious condi-
tion after being hit and dragged
under a car and three young
men lost their lives in separate
traffic incidents this weekend.

The boy, whose age was not
provided by police, was hit by
the driver of a silver Honda
Inspire in the area of Cox Way
near East Street south at around
11pm Saturday.

After being dragged a “short
distance” along East Street the
driver of the car sped off, leav-
ing police to describe the inci-
dent as a hit and run.

The culprit later abandoned

lost their lives. .

the car in the Sunshine Park
area, and police are actively
seeking him/her.

Meanwhile, in the second

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Photo courtesy Cable 12

THE SCENE on Carmichael Road after an accident | in which three men

ete the three men who lost
their lives were among a group
of four men travelling in a red
two-door Honda Civic at around
midnight Saturday when their
vehicle went out of control and
crashed into a utility pole on
Carmichael Road.

On impact two of.the passen-
gers, believed to be in their
twenties, were thrown from the
car — suffering fatal injuries —
while the driver was trapped
inside, eventually dying on the
scene. A fourth man was found
inside the vehicle in a “conscious
state”, said police liaison offi-
cer Walter Evans.

The man found alive inside
the car was also taken for treat-
ment at the hospital, but his con-
dition was not described.

Police are blaming excessive
speed for the deadly crash.
Investigations are continuing.

ah rene

OTTER mem Cd esl a HAG Blvd



Ip for

Inagua’s animals

HUMANE Society president

: Kim Aranha appealed today for
: help for Inagua’s silent commu-
: nity — the parrots, dogs, cats
: and donkeys — whose food sup-
i ply was destroyed when Hurri-
; cane Ike hit their island last
; weekend.

“There are lots of humanitar-

? ian efforts taking place present-
i? ly,” she said. “The airport is
: buzzing with activity here'in Nas-
: sau with so many wonderful peo-
: ple sending food, medical sup-
: plies, water, clothing, bedding,
i and other necessary supplies to
: our less fortunate brothers and
: sisters caught in the storm. Many
i people have lost everything,

“Even the lucky ones are with-

} out so much. It is wonderful that
? our community has rallied to
i help out.

“However in the midst of all

i of this assistance for Great
; Inagua, there is a smaller, silent
} community, who have lost every-
: thing too. They are unable to
? speak up for themselves, go to
:? the airport and apply for food
: and shelter. Their needs are
: basic, and easy to meet . I speak
? about the animals who were
: caught in Hurricane Ike, the
: dogs, cats, donkeys and the par- _
i rots. Food for them is scarce, and -
: many are foraging for whatever
: they can get.”

Hurricane Ike stripped the

i trees of its leaves and berries and
i the parrots that have now
: returned are flitting in and out of
: naked branches finding nothing
i to eat.

_ Mrs Aranha said that the

-Bahamas Humane Society has
: already collected some food, but
: not enough.

She said the Society’s execu-

i tive director, Stephen Taylor,
? went to the airport on Saturday
? to send the supplies to Inagua,
: but “the flight that had promised
: to take the animal supplies hada
sudden change of plans.”

She said the other planes were

: full of supplies for humans, and
: so Mr Turnquest “had to drive
: away after several hours of
? pleading, with a full‘truck.” -

Mr Turnquest then found a

ie
7 co
=
o
eS
Dee
ny
e
ec
So
—
cS
=
i] 0



mT ln ck severe ent after Pinay re

mailboat with space that agreed
for a nominal fee to take the
food, which should have arrived
in Inagua Sunday evening.

However, she said more food
was needed until the “island
catches itself.”

“The parrots need the leaves

-and berries to come back, the

donkeys need the grass to grow,

’ the dogs and cats-need the

humans to be back on their feel
and have enough to feed them,”
she said,

“Until that time,” said Mrs
Aranha, “I am appealing to all of
you to please find a small space
in your heart to help us at the
Bahamas Humane Society. Help
those who are totally at our mer-
cy. We need food: Dry dog food,
hay, dry corn kernels and sun-

’ flower seed (for the parrot), plus

fruit for the parrots.”
Supplies can be dropped off

at the Bahamas Humane Soci-
ety in Chippingham. They should
be clearly marked: "Hurricane
Relief, Inagua."

“Tf you cannot provide the

supplies,” she said, “money

donations would be a huge help.
We may have to charter a flight
to take the supplies down, that is
costly, we may have to pay the
mailboats. . _
“Cheques can be left at the
Bahamas Humane Society shel-
ter, the envelope addressed to
Stephen Turnquest and the
cheques made payable to the
Bahamas Humane Society, or
they can be left for me at home

- on Ranger Road at Lyford Cay,

or at the Lyford Cay post Office.
Again, the cheques payable to
The

Bahamas Humane Society,
and the envelopes addressed to

* Kim Aranha.”

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i

THE TRIBUNE

LOCAL NEWS

MONDAY, SEPTEMBER 15, 2008, PAGE 3 “sh





tourism
losses just
under Sim

elders VEl ants



@ By CARA
BRENNEN-BETHEL
Tribune Business

Reporter

THE Ministry of Tourism
has reported that the recent
hurricane period resulted in
the loss of $995,080 in poten-
tial cruise revenue. This fig-
ure is higher than the initial
estimates the ministry report-
ed of $761,000 earlier in the
week,

Officials at the Ministry of
Tourism and Aviation said

that during the period cf
August 31 through Septem-
ber 11, 2008, the cruise indus-
try saw a number of diversions
and modifications to ships”
schedules and the arrival or
non-arrival of vessels. This
was a result of Tropical Storm
Hanna and Hurricane Ike.

“Losses have been recorded
from six vessels which, due to
the storm, cancelled voyages
between Nassau and Grand
Bahama. Total estimates of
losses of head tax and passen-
ger spending are projected in
the amount of $1.367 million.
Vessels mee the oe eal



ber of vessels:ove this past
whi yeré. unable to
‘dravel: to: ‘other destinations
and made unscheduled stops
“in Nassau and Grand Bahama.
This.gain in head tax and
spending has been estimated
‘at about $372;300, The: final
joss from Hanna and Ike for
the period:August 31, through
September 11; has therefore
been recorded in the amount
of $995,080...
_Vernice Walkine,
f@urism director-general, pre-
vieusly told Tribune Business
that the Bahamas actually
fared well considering the can-
eellations, because it “made up
‘forthose through cancella-
tions in other countries which
were sent here,
“ot Actually, when we look at
‘it, we nade up those losses on.
cruise calls because we had
addition al cruises that were
pui_on the schedule, due to
diversions from other coun-
tries. Their misfortime was our
gain and made up for the loss-
es ti had.” Ms. Walkine said.
1 director- -general said
fc minictey did not have any
pians to inerease its advertis-
ing spending or do any partic-
ular campaigns in the after-
math of the storms.

“We don’t want to be insen-
sitive to some of the other
islands, which have suffered
more damage, but what we
have done is put out a series of
press releases and alerts to our
travel pariners to let them
Know that the hotels are okay
and the airport has reopened,
so that if persons do have con-
cetns then they can reassure
them,” Ms Walkine said.



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Judge blocks further construction,

sale of Ocean Place development

Senior Justice Anita Allen grants injunction to allow review of project

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

ANY further construction, sale
or leasing of the multi-million dol-
lar Ocean Place developmenton
Paradise Island has been blocked
by Senior Justice Anita Allen.

Justice Allen ordered last week
in a case between Maria Castre
chini, a Paradise Island resident,

who is believed to live next to
Ocean Place, and the Ocean
Place developers, Peace Holdings
Ltd, that the development com-
pany is restrained from “any fur-
ther construction or work, sale
and lease or any other transac-
tion taking place in or in respect
of Ocean Place” until trial or fur-
ther order.

Justice Allen said that unless
the company and their “servants

or agents” obey the order they
will be guilty of contempt of court
and liable to be committed to
prison. The injunction has been
granted so that Justice Allen can
review the luxury development
and ascertain whether it has gone

ahead in accordance with the ©

approvals that were originally
granted.

“The fact that the court is pre-
pared to look at these things gives

Rigby: Christie should have’

renewed confidence in the sys-
tem that we have, that it does
work,” said Cathleen Hassan, Ms
Castrecini’s counsel.

“Based on the documents we
have there is reason to believe
that these people have a question
to answer about whether they are
authorised to build in the man-
ner that they are building. That is
our question.”

Within days of the injunction

being granted the police went to
the construction site because
some workers were still working
on the building, which dominates
the southern shoreline of Paradise
Island. It is understood that the
site is now shutdown.

This is not the first time the
property has come under scrutiny.
A raid by the Department of
Immigration on the site netted a
number of illegal workers.

the



quit after PLP election defeat

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

It is clear that Opposition leader Perry Christie
should have resigned from his post after the PLP lost
in the last election, former PLP chairman Raynard
Rigby said.

Mr Rigby, addressing a Rotary Club meeting last
week, said that until “those who believe that God
gave them the right to control (the Government) are
gone” there cannot be progress in the Bahamas.

Asked whether he had any intention of running
for the leadership of the PLP, Mr Rigby neither
confirmed nor denied the suggestion, stating: “I
have no idea, I’m just trying to do my part in this
project.”

However, while admitting that there is “no doubt”
that he does have political aspirations, Mr Rigby
said he does not “think that (he has) to be in the
House of Assembly in order to create change.”

The former PLP party chairman, who held the
post fro.n 2002 until early 2008, hus been increasingly
candid in his assessment of the failings of the party
of which he is a member — as well as of the Bahami-
an political scene as a whole — since he left the
post. He told Rotarians: “It is clear to me, that in
light of the results of the last election the leader of
the party ought to have offered his resignation, and
allowed the party to go through the process of either
deciding whether he ought to stay on, or whether we
ought to find new leadership.”

“It speaks to, at the-core, of our community of

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what’s happening. You can’t have this infiltration of
new ideas, you can’t have a new generation of
Bahamians moving into the political system and’
with a new sense of principle and purpose, until
those who believe that God gave them the right to
control it, are gone.”

Mr Rigby, who recently released his “A Blueprint
for the Future” pamphlet laying out his vision for the

Bahamas and encouraging Bahamians to get .

involved in a “big conversation” over how the coun-
try will move ahead, said that there is a “void of lead-
ership” in the country.

“There’s no doubt in my mind, that the two lead-
ers of the two major political parties, have had their
time. We are still running on the same programmes,
and the same sort of agenda of an era that is beyond
us. The country has outgrown where we are, where
our political. leaders are, and by and large J don’t
think it’s a question of age, I think it’s a question of
insuring that we always have leaders who are rele-
vant to the people,” said Mr Rigby.

“At the end of the day.” he added, “If you don’t
understand your own country, if you don’t under-
stand the sufferings, the hopelessness and the
despair, and at the same time the hopes and the
aspirations that exist, theri you’re really not effect-
ing change. and you’re not bringing about good
governance to those persons who really require the
assistance from the hands of the government.”

The former party chairman, who was replaced
by Glenys Hanna Martin, said the country needs

n “independent...serious, intelligent voice, that is
able to assist in formulating national policy.”

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_ PAGE 4, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE

None of the
parliamentarians ©
in the PLP is fit

to be leader

The Tribune Limited

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

LEON E. H. DUPUCH, Publis»er/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. Hoe 3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
_ Switchboard (News, Circulation and Advertising) 322-1 986
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

Unionists have themselves to blame

WILL Bahamians ever learn from experi-
ence?. When will they learn to think for them-
selves and not follow union leaders like a flock
of sheep? How many more resort properties
have to close before unionists learn that they can

‘ push a business off.the cliff, and destroy the
future for all Bahamians— both in and out of
unions?

It would seem that Bahamians are very slow
learners. It doesn’t take very much imagination
to know that when an economy is in the dol-

drums a worker does everything possible to. _

save his company and thus his job. It is no time
‘for industrial unrest. But Morton Salt had so
mollycoddled its employees that:they probably
did not know that the whole world was hurting,

and if they were not careful they too would»

hurt.

“It is a time,” said union leader Obie Fergu-
son, “to normalise things as best as possible so
the company can really get on and start making
money...we would certainly encourage them to
continue to operate in the Bahamas.”

Wise words if spoken at the right time, but
coming out of Obie Ferguson’s mouth at the
wrong time, they sounded cynical. Mr Ferguson
discovered common sense after Inagua’s union,
which he was advising, had closed the Morton
Salt plant for two weeks, just before it was
destroyed by Hurricane. Ike. Now fearful that
the international company will use hurricane
destruction as an excuse to close the plant and
walk away, Mr Ferguson wants to be concilia-
tory .... he wants the company to come back and
start making money. We think he’s too late. He

_ might be trying to pin his hopes on a lost star.

We don’t have to go back too far to recall the
closing of Club Med’s Eleuthera property in
1999 with the loss of more than 200 jobs. It is
almost on all fours with the situation in Inagua.
Like Morton Salt in Inagua, Club Med was the
major employer in Eleuthera. Its staff came
from all over Eleuthera, especially from the
Palmetto Point and James Cistern areas. The
Eleuthera staff was the highest paid in the inter-
national company’s resort chain. Yet the work-
ers were not satisfied even though the local
economy was slow. The union got in the action.
Then came Hurricane Floyd in September 1999
and ended the argument. The resort was badly
damaged. It reduced wages, but kept staff on as
long as it could: Eventually staff were all made

redundant to give the company time to “look at ,

the club in its entirety and make some deci-
sions” — almost the same words used by a Mor-
ton executive last week. Morton’s principals
have also gone off to think, leaving the door
open for a final farewell. Club Med never

- returned to Governor’s Harbour. Inaguans are

now on the edge of their chairs as they wait for

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Morton’s decision. The whole island is depen-
dent on the company’s continued existence.
The union displayed its shortsightedness
when, having built a Workers House in Gover-
nor’s Harbour, it seemed not to realise that the
success of this enterprise depended on the con-
tinued. operation of Club Med. All that remains
open of that project today is a laundromat and
the office space rented by the police. With the
absence of Club Med the union’s business is
limping. This story was repeated in the case of

Freeport’s Royal Oasis, which also locked its ~

doors after industrial unrest was followed by a
destructive hurricane. -
In 2006 — the year of Hurricanes Jeanne and

’ Frances — the owners of Freeport’s Royal Oasis

resort contended with industrial unrest almost
from the day they bought the hotel, certainly
before they could establish a firm financial base
and start to turn a profit. Union demands, con-
sidering the business climate at the time, were
unreasonable. Then came the two hurricanes

“= back to back that badly damaged the hotel

and eventually closed it. The history of industrial
unrest contributed to the decision not to reopen.
More than 1,000 Bahamians were jobless.
Like the situation with Club Med in Gover-
nor’s Harbour, union members were business
owners in the International Bazaar. But the
Bazaar could not succeed without Royal Oasis
guests. When the unionists were causing indus-
trial unrest at the hotel, they probably failed to

realise that they were not only jeopardising ©

their jobs at the hotel, but were also destroying

their own businesses in the Bazaar. Not only ,

did those businesses suffer — some of them
closing— but the livelihoods of straw vendors
and taxi drivers were also affected. The problem

is that union leaders never think of the conse- .

quences their members have to face— and the
hardship inflicted on other innocent persons —
when they stir up trouble.

The following year a g:oup of businessmen

‘and retailers in the Bazaar approached a lawyer

to find out how the company could be forced to
either reopen or sell the hotel. “They can’t sur-
vive without it,” the lawyer said he was told.
But it was too late. At one time West End was
regarded almost as the capital of Grand Bahama
because of the successful Jack Tar resort.

Jack Tar was later taken over by the Sam-
mons family, who, squeezed between the unrea-
sonableness of the late Prime Minister Sir Lyn-
den Pindling and the union, was forced to close
in 1982. West End never recovered.

Like Club Med and Morton Salt, Jack Tar
could have been considered an essential ser-

‘vice — it was the main employer in West End.

If Bahamian workers don’t wise up, history
will keep repeating itself.



Dear Editor,

This predicament is so
embarrassing that all I see is
total destruction of what once

was a good party, or at least it_

was intended to be.

EDITOR, The Tribune.

I AM so unhappy, so con-
fused, frustrated and so embar-
rassed to be a PLP that I am
giving second thoughts to being
involved with these jokers.
Being a PLP was like a religion.
It was what gave me a reason to
live; few things took priority
over my politics. I would defend
the PLP in the worst times, but
these days there is little to
defend. The PLP is a disgrace.
How did we get like this? We
are in a holy mess.

The saga of the PLP jockey-
ing for position is hilarious.
There will be a political blood-

bath like never before in the |

history of the Bahamas. We

~ Taughed at the FNM with their

infamous “leader-elect”, but we
are worse. The night of the long
knives is small things compared
to what is inevitable. Look what
Perry Gladstone Christie
caused.

Recent. history of the-PLP--

will show that there were only
two players in leadership. Sir
Lynden Pindling was a dictato-
rial kind of leader. He ruled

with an iron fist, did not tolerate .

weakness and would “slash and
burn” if he had to.

Many who crossed his path .

was ceremoniously banished to

Siberia, without a second’

thought.

, He made sure that your sur-
vival was a struggle. Disloyalty
was not tolerated and any
attempt to rally any group
against him:was met with
extreme force.

The fear of God was placed
in the forefront of everyone’s

_ mind which served as a deter-

rent toward any strange imagi-
nations to overthrow him.
Sir Lynden was so crafty that






LETTERS

letters@tribunemedia.net



he used friends tc destroy each
other while keeping his hands
clean, or at least it appeared to
be. Through that entire era
everyone stayed in line. The
wise kept quiet and only the sui-
cidal dared to utter a sound.

The contrasting and obvious
difference since Perry Glad-
stone Christie assumed leader-
ship was that there was no
respect, little or no fear by his
colleagues, his friends and cer-
tainly the country.

They knew then and still
know today that Mr Christie
could not stand up to a strong
person. This must be painful for
the few PLP who love their par-
ty and this country.

His style of appeasement has
now become his Waterloo. His
friends used his soft personality
against him.

His friends knew that he
would not say no, so they
exploited him.

His so-called colleagues, espe-
cially the-ones with aspirations,
placed stumbling blocks and
obstacles in his way and
watched him trip over himself,

~-while praising him in public. He

botched the entire general elec-
tion.

_The number of colleagues
who pretended to be supporters
is finally surfacing. But Mr
Christie bragged how he com-
mands the majority of support.
The most disheartening thing is

‘that he protected-some of these ~

same people from public
ridicule and possibly even
prison, and the only thanks he
got was a verse from the Ojays,
“They smile in your face, all the
time they want to take your
place, the backstabbers, back-
stabbers”.
This leaves the PLP in a bit of
quandary. The emperor is “bald

naked” and everyone knows
except him. Imagine that, every
time he passes his used-to-be
colleagues there is a soft giggle
here and there, this must not
only be disheartening, but frus-
trating.

This leads the PLP to who
can they really trust with the

leadership. Should they take a

chance with a proven failure, or
the ones who finally destroyed

Should the PLP roll the dice -
and gamble on someone who
they came back for revenge or
should they throw caution to
the wind by supporting a man
who does not believe in family?

The PLP, unfortunately, finds

itself-“between Toby and the - ~ :

dog”, quite an unenviable posi-
tion to say the least.

Since none of the players in
this confusing story will attract —
any sensible group, especially »
the politically astute and influ- |
ential Pindlings, the PLP is now ~
forced to look at others.The .
contaminated bunch would only

make it easy for some more «-. “
. beating at.the hands of a well

oiled FNM machine. But we
always need an opposition.

The PLP, if they are as wise "

as they boast, would help them
by seriously grooming a fresh
face, a person who has not been
steeped in corruption. The need
to find a person who is not ,
beholden to the inner cycle of .-
the PLP is their only hope.

If the Stalwart Councilors
want to see the PLP survive,
they would stop “kissing up”
and make a decision to select a
- leader with guts, one who would _-
not-kow-tow tothe few power ~
brokers within the party who
simply look out for.themselves.
This is the ‘only hope for the :
PLP to become the once pow-

erful lion with all the teeth

extracted.

A MELANCHOLY PLP.
Nassau,.
September, 2008.

Stamp programme makes a lot of sense

EDITOR, The Tribune.

I found the recent jerks to
the Editor by attorney Forrester
Carroll on price gouging from
Freeport most interesting.

I recall when I was living in
Nassau, SuperValue introduced
a stamp programme — you
received stamps which you col-
lected and then redeemed them
for merchandise. |

For the best deal in town on
pre-owned cars, with warranty!

IN STOCK |

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City Meat did not counter
SuperValue for many months
and lost a lot of business until
they came back with an alter-

native — their stamps you
redeemed them at City Meat.

for groceries.

It made a lot of sense because
the economy at that time was
very much like now, depressed
and everyone trying to stretch
their few dollars longer.

I remembered eggs, bread,
corned beef were all free and a
lot of basic grocery items were
very low priced with one of the
stamp sheets.

The scheme was brilliant and
it showed up in improved busi-

se Petey ie)

Entirely Free!

ness for City Meat. Mr Carroll’s
letter reminded me, and I cer-
tainly suggest to the manage-
ment of City Meat that this
would be.very well received by
the majority who are struggling
to make it. What you have is
okay, but putting the stamp card
to actual items that makes much
more sense.

Listening to the Radio talk
shows everyone is hurting —
this is an easy way to assist °
everyone and I suspect will
bring new sales to City Meat.

H ADDERLEY
Nassau,
September 8, 2008.



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READ AND INTERPRET THE BIBLE FOR YOURSELF!
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Tuesday, September 23rd (7:00-9:00pm)
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Thursday, September 25th (7:00-9:00pm)

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Provide name, phone number and email address (if possible)

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* Light refreshments are served
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* Materials included

Make your Bible reading

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THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 5



Shama camp
says it raised
S66m in August

@ WASHINGTON

DEMOCRATIC presidential :
nominee Barack Obama raised :
$66 million in August, a record :
for a presidential candidate that :
illustrated his continuing appeal :
to donors and his robust outreach :
to new contributors, according to:

Associated Press.

The campaign said it raised the :
money with the help of more :
than a half million, first-time :
donors. By comparison, Repub- :
lican presidential nominee John :
McCain raised $47 million in ;
August, 2 personal best for his :
campaign as well. The monthly :
figures for both candidates were %:
especially noteworthy because :
August is typically a slow month :

for fundraising.

Obama's totals, however, also :
underscore the challenge he faces :
in the remaining two months of :
the campaign. McCain, for now, :
has a significant advantage :
because he has accepted $84 mil- :
lion in taxpayer funds under a :
public financing system that Oba- :
ma chose to bypass in favor of :

raising more money.

The combined efforts of the :
two.campaigns and the two :
national parties left both candi- :
dates on nearly equal financial :
footing with about $94 million at :
the end of August, according to :

‘campaign and party officials who :
discussed the finances on Sun- :

day.

Obama had $77 million in the

' bank at month's end, and the :
Democratic National Committee :

had $17.5 million.

McCain ended the month with :
about $18 million in cash, which :
he had to transfer to the Repub- }
lican National Committee :
because of his decision to partic- :
ipate in the public finance sys- :
tem. The party committee had :
$76 million in the bank before :
the transfer. A party officigl said :
the, party also had about $20 mil- :
lion in a joint fundraising com- :
mittee and in special state party :
accounts that can'be used to help :

McCain.

But McCain has a head start :
over Obama with the $84 million :
in federal funds. By accepting :
that money, however, he can no :
longer raise money for his cam- :
paign from donors and is limited :
to spending only that amount. As :
a result, any additional fundrais- :
ing can only be done for the :

GOP. oe

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

WITH immediate effect, par-
ents and guardians of students
who have been refused entry
into public schools because of
their inability to pay registration
fees are asked to take their child
to that school today so that they
can be enrolled to begin classes
as normal, Minister of Educa-
tion Carl Bethel said yesterday.

Issuing a warning to school
principals and administrators
throughout the Bahamas, Min-
ister Bethel said that public
schools are no longer allowed to
refuse students simply because
their parents or guardians can-
not pay laboratory, insurance,
registration, or any other fees
that the school wishes to imple-
ment.

This wayward practice, Minis-
ter Bethel said that has devel-
oped over many years in the
public school system “is contrary
to the provisions of the law as
set forth in the Education Act”
and therefore must cease “forth-
with.”

However he did note that the
Ministry of Education has been
made aware that this practice
(of turning away students) only
applies to some, “but not all”
principals and administrators.

“As the Right Hon. Prime
Minister has often asserted, no
child is to be denied admission
to any public school which he or

she is entitled to attend because -

their parents or guardians are
unable to pay registration fees,
insurance fees, laboratory fees,
or any other fees charged by
School Administrators.

“Public school education is the
primary means by which the
government of the Bahamas has
always sought to eradicate
poverty, provide education and

life-long opportunities to all chil- -

dren, most especially the chil-
dren of the poor and the disad-
vantaged. Under no circum-

Tae
MGS
FOR PEST PROBLEMS




PHONE: 322-2157

Perc

Peay

Non-Iron, stain re

caree

wear shir

LOCAL NEWS

Carl Bethel



stances should any child in any
school, in any settlement or Dis-

trict, in any island throughout’

the length of our Common-
wealth, be denied entry to any
public school because of a lack
of money,” he said.

Therefore, with immediate
effect, parents and guardians of
students who have been refused
entry into public schools because
they cannot pay a registration
fee or any part of such a fee are

requested to take their children .

to the school they are entitled
to attend this morning so that
their children might be enrolled
and attend school.
“Students who are not already
registered are required to bring
their Birth Certificate, Passport,
travel document or other evi-
dence of entitlement; along with

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two passport photographs and
the Report Card from the last
school that they attended.
“With immediate effect all
Principals and School Adminis-

trators who have not already

done so are directed to accept,
register and enrol all students
who are entitled to attend their
school without regard to
whether or not a registration fee
can be paid. This Ministerial

Harold Road just

Public schools ‘can no longer refuse |
students if parents can’t pay registration’

Directive admits of no deroga-
tion.

“All Principals and
School Administrators
must comply with its terms
forthwith.

“The Prime Minister, Hubert
Ingraham, has further indicated
that the Department of Social
Services will be caused to review
all cases where parents or
guardians are unable to pay reg-

West of City Market



istration fees or any part of such
fees and to make any necessary
interventions,” he said.

The Acting Director of Edu-
cation, Mr Lionel Sands, has
been requested to liaise with all
District Superintendents and to
personally ensure that this
Directive is strictly enforced,
commencing today, Monday,
September 15, Minister Bethel
said.

Tel:(242) 341-0449/(242) 341-2249
Fax: (242) 361-1136
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PAGE 6, MONDAY, SEPTEMBER 15, 2008

Betty Taylor
Journalist / Entrepreneur

“Criminality is an
insult to society.

Hence, members of
society should always

think before they
act.”

quoteoftheweek@live.com

THE TRIBUNE



Officers congratulated for overseas training, qualifications

THREE officers have been
congratulated by the Royal
Bahamas Police Force for obtain-
ing training and qualifications
abroad that will help them
advanice the force.

Two female officers, Stephanie
Demeritte and Linda Moxey,
have completed a ten week course
in the United Kingdom which
advanced their leadership and
communication skills and “afford-
ed them the opportunity to gain a
wealth of knowledge tht they can
apply during their daily supervi-
sion of operations,” according to
Assistant Commissioner Hulan
Hanna.

Assistant Superintendent
Demeritte and ASP Moxey both
serve as second in command at
the Southern Division, and were
in the U.K. for 14 weeks this year
to complete the training at
Bramshill College, England.

Their course, on which they
were joined by nine other females
from places such as New Jersey,
Ghana, Bahrain, Cayman Islands,
Botswana and England, covered
subject areas including Commu-
nity safety and partnership, Com-
munication and Conflict Man-
agement, Media Studies, Opera-
tional, Policing, Ethical Policing

ASP Demeritte



and Counterterrorism. .

After completing the course
they were awarded an Executive
Diploma Award in strategic Man-
agement from the Chartered
Management Institute (CMI)
which accredited the programme.

Another officer who has recent-
ly returned to the Bahamas with
advanced qualifications that will
help him to advance the force is
Sergeant Dwight Adderley.

Sgt Adderley, this year obtained
a masters degree in public policy



ASP Moxey

ning and criminology after study-
ing for two years at the Universi-
ty of Northern Iowa on a two year
academic scholarship from the
Organisation of American States.

With his qualification, which
makes him a professional policy
analyst, 36 year old Sgt Adderley
hopes to use his skills to advance
the RBPF.

He has worked on the force for
18 years, working for a time for
the Central Detective Unit as a
crime scene and at the Police
Training College as an instructor

Sgt Adderley

and course coordinator at the
Detective Training School.

His latest degree adds to his
Associate’s Degree in Law and
Criminal Justice, awarded in 1999. :

According to ASC Hanna,’
“Government requirements for '
analysis and evaluation of pro-'
grams have increased rapidly in
every level of government to;
enable better planning...The dis- ;
cipline complements the analytical ;
tasks of managers, planners

. accountants and scientists to meet |

the needs of organisation.”



analysis with emphasis in plan-

area

PROSPECTUS THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS :
BAHAMAS REGISTERED STOCK 2028, 2029 , 2030, 2031, 2032 AND 2033 . i
THE GOVERNMENT OF THE COMMONW! F THE BAHAMAS 3
BAHAMAS ISTERED STOCK 2028, 2629, 2030, 2031, 2032 and 20 : {
ISSUE OF BS100,000, 000.00 FOR OFFICIAL USE ONLY }
APPLICATION No ;

_ Issued under The Bahamas Registered Stock Act, and authorized by Resolutions of the House of Assembly, ALLOTMENT No.

12th June, 2008. 0 a )

Applications will be received by The Banking Department beginning at 9:30 am on 8th September, 2008
and will close at 3:00pm on 18th September, 2008. Allocations will commence at 9:30 a.m. on 19th September,
2008 and will cease at 3:00p.m. on 22nd September, eae

The Registrar .
c/o The Central Bank of The Bahamas /
P. O. Box N-4868 : nt ‘ ,
: Nassau, Bahamas : ,

If the total subscriptions exceed the sum of B$100,000,000.00 (Nominal) partial allotment will be made to
subscribers, and a proportionate refund will be made as soon as possible after allotment. No interest will be * Sir:
paid on amounts so refunded.

I/We hereby apply for the following amount of Bahamas Registered Stock:

The date of this Prospectus is 3rd September, 2 ; ia

Insert below the amount applied for

The Government of The Commonwealth of The Bahamas invites applications for Bahanias Registered in Units of B$100

Stock totalling B$100,000,000.00. The Stock will be available in a range of maturity dates; the earliest being
repayable in 2028 and the latest in 2033. The total amount of Stock offered, the rate of interest and the issue

aN ee ey

Price are given below :- 9/32% Above Prime Rate Bahamas Registered Stock 2028 BS
Issue 5/16%~ Above Prime Rate Bahamas Registered Stock 2029 BS
Rate of Interest Name of Stock Amount BS Price BS 11/32% Above Prime Rate Bahamas Registered Stock 2030 B$
9/32% Above Prime Rate Bahamas Registered Stock 2028 —_10,000,000.00 100.00 3/8% Above Prime Rate Bahamas Registered Stock 2031 B$
5/16% Above Prime Rate Bahamas Registered Stock 2029 —15,000,000.00 100.00 , . :
11/32% Above Prime Rate Bahamas Registered Stock 2030 15,000,000.00 “ 100.00 1392%, Above Brine Rate ; ". Bahamas Registered Stock 2032 -. BS... ° J. Bscauii,
3/8% Above Prime Rate Bahamas Registered Steck 2031 20,000,000.00 100.00 7/16% Above Prime Rate Bahamas Registered Stock 2033 B$
13/32%, Above Prime Rate Bahamas Registered Stock 2032 . 20,000,000.00 100.00 ee as
7/16% Above Prime Rate Bahamas Registered Stock 2033 —_ 20,000,000.00 100.00 and undertake to accept any less amount which may be allotted to mie/us. : -
100,000,000.00 ; j ;
: I/We enclose B$ in payment for the Stock applied for.
The Stock shall be repaid on 22nd September, in the year appearing in the name of the Stock. ‘ 7
INTEREST In the event of the full amount of Stock(s) applied for above is/are not allotted to
a « me/us, I/we request that the sum refundable to me/us be applied for the following Stock:
__ The Stock will bear interest from 22nd September, 2008, at the rate shown against the name of the Stock as ,
the percent per annum over the Prime Rate (i.e. the prime commercial interest rate from time to time fixed by ' % Bahamas Registered Stock BS

the Clearing banks carrying on business in the Island of New Providence in The Bahamas. If there shall be any
difference between them, then that which is fixed -by Royal Bank of Canada). Interest shall be payable half-
yearly commencing on 22nd March, 2009 and thereafter on 22nd September and.22nd March in every year until
the Stock is repaid. . .

PAYMENTS CAN BE MADE VIA REAL TIME GROSS SETTLEMENT SYSTEM (RTGS) ,
THROUGH ALL COMMERCIAL BANKS EXCEPT FINCO, BY BANK DRAFTS PAYABLE TO THE
CENTRAL BANK OF THE BAHAMAS UP TO $50,000.00 (FUNDS IN EXCESS OF THIS AMOUNT

CHARGE UPON CONSOLID. ATED FUND CAN BE PAID THROUGH THE RTGS SYSTEM) AND BY CASH.

The principal monies and interest represented by the Stock are charged upon and payable out . the
Consolidated Fund and assets of The Commonwealth of The Bahamas.

1. (One Person)
Ordinary Signature

SUPPLEMENTARY ZAIN




Issue of Stock The Stock will be issued by the Registrar (The Central Bank of The Bahamas). Name in Full (BLOCK LETTERS, state whether Mr., Mrs., or Miss and titles if any.)
Applications will be r t 9:30 am on 8th , : ;
September, 2008 and Allocations will
commence at 9:30 a.m. on 19th September, 2008 and will cease at 3:00p.m. on 22
September,. 2008. All envelopes enclosing applications should be labelled “Application
For Bah amas Government Registered Stocks”.
Address (Corporations etc. should give Registered Addresses )
. Units The Stock will be in units of B$100.00.
: re P. O. Box
Applications - Applications must be for B$100.00 or a multiple of that sum.
Application Forms Applications for the Stock should be made to the Registrar on the form attached to the
Prospectus and may be obtained from the Registrar offices in Nassau and Freeport, The
Treasury Department (Marlborough Street & Navy Lion Road, Nassau) or any of the
following banks: :
Telephone Nos. (H) (W)



Bank of The Bahamas International

First Caribbean International Bank (Bahamas) Limited

Finance Corporation of Bahamas Limited

Commonwealth Bank Limited

Royal Bank Of Canada

Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited (formally British American Bank(1993)
Limited)

Citibank, N.A.

2. (Where two or more persons apply as joint subscribers, the additional names and addresses should
be given below.) :

PAA PS eS

Ordinary Signatures



9

Names in Full

PUBLIC DEBT

Provisional estimates from the unaudited accounts as at June 30, 2008 show the Public Debt of The









Bahamas to be BS3,098,664,000.* And/OR
MENT REVENUE AND EXPENDITURE
Address
The following information is extracted from the unaudited accounts of the Government of The
Commonwealth of The Bahamas.
Telephone Nos.
FY2005/2006p** FY2006/2007p** —-- FY2007/2008p** repens Noe) ~ Wy
BS BS BS
Approved Budget Approved’ Budget . . .
Revenue 1,221,454,000 1,338,481,000 1,483,929,000 I/We hereby request semi annual interest to be paid to:
Recurrent Expenditure (excluding
Repayment of Public Debt) 1,149,582,000 1,285,692,000 1,385,133,000 Bank Name
Capital Development
Expenditure (excluding loans
contributions and advances Bank Branch
to public corporations) 123,454,000 166,225,000 189,731,000
** Provisional estimates from the una::dited accounts. Account Number



’ * — The Public Debt amount is inclusi ¢ of The Public Corporations contingent liability which as at June
30, 2008 totalled B$419,807,000.

4


THE TRIBUNE



LOCAL.NEWS

The longer
arm of the law

@ BY INIGO “NAUGHTY”
ZENICAZELAYA

A: September rolls
around it always

brings to mind the events of
seven years ago — the Straw
Market fire on Bay Street and
the World. Trade Centre
tragedy in New York.

So for this week, instead of
my usual banter on the world
and its funny side, I have
decided to share a road story
with you.

Road stories are unbeliev-
able tales of events or situa-
tions that only comics can get
themselves into.

For us comics, normal road
stories evolve from some sort
of prank that spirals out of
control, and usually involves
the police, eviction from a
hotel, or a trip to the hospital
for a short stay.

Sometimes though — and
this is rare - God smiles on us
and drops a good one in our
lap as a reward for all those
times “Murphy” got the better
of us.

Such was the case when I
did a show at the Miami
Improv. This was a special
show for me as I went to prep
school and college in Miami,
aud it’s no secret that the
“MIA” is my second home. I
have numerous family mem-
bers and friends in South
Florida so I knew it would be
a blast, and boy was it ever!

Several of my old college

buddies decided to attend my
show and make a night of it.
(I’m sure the all-you-can-eat
Mexican buffet at the neigh-
bouring Gentleman’s Club
played some role in their deci-
sion!) So after my show we set
out to see what adventures the
night had in store.

Prankster

‘We all decided to meet at a
watering hole close by for a
few rounds of liquid “liva-
tion”. One of my friends:(who
is now a police officer) insist-
ed I ride with him. Immedi-
ately I knew something was
up because he is the biggest
prankster I know.

Sure enough, my suspicions
were correct.

You see my friend Roger.

has earned some stripes over
the years and holds the rank
of Captain on the Tactical
Narcotics Team. (He made 4
million cash last year alone...
jest , I jest!) Nevertheless he
does have some stroke, so—
you guessed it—our wheels

for the night — a brand new.

Squad car.

We were joy riding in a
police car!

You can’t comprehend the
thrill of being in one of these

things un-cuffed and able to —

touch stuff!

I pulled three cars over and
then said to the drivers, ““Nev-
er mind, have a nice night.”

It felt great driving off to a
chorus of cheers.

Honestly, this was a good
moment for me.

Still, as the night drew on I
knew it was time to go.

I was hungry, and, after all,
the Mexican buffet awaited
us.

Not to disappoint my other
buddies, I reminded Roger
that we needed to get to the
club where the rest of the gang
was waiting.

He understood the urgency
but was insistent on one other
thing: I had to perform a Citi-
zen’s Arrest.

This was a bit much for me.
Besides the obvious fact that
I’m not an American citizen, I
wanted to go.

My mind (and stomach) was
on an overstuffed burrito.

Yet as fate would have it,
one block from the club where
my other drunken old college
buddies were waiting we
found our target.

There was a lady, 4 feet
nothing, rail thin, who looked
like she had an addiction (or
two or three).

“There’s your suspect, Offi-

cer Naughty,” my homeboy
blurted out.

“Hold the wheel while I
subdue her,” he said as he
hopped out of the driver’s seat
to deal with the suspect.

After steadying the vehi-



“The moral of the story? No
matter how hard you try, you
can never escape the long arm |
of the law. Bin Laden, beware!”



cle—and manoeuvring it out
of the way of oncoming traf-
fic—I noticed my friend in a
heated verbal exchange with
what appeared to be someone
we would refer to as a
“joneser.”

In all fairness to the lady
suspect, maybe “joneser” is
too harsh a word because she
knew her rights and that’s all
she asked for.

“TI want to see a badge you
stupid son of a biscuit eater,”
she chimed.

“You’re in plain clothes
and, I don’t know you from a
can of paint!” she yelled.

Hunger forgotten, I focused
in now because this was turn-

ing into an episode of the

WWE and I had my money
on “Mrs. Crackhead”.

She swirled into her fight-
ing stance, exposing a normal
left arm and a decidedly short-
er right arm.

She could have been her
own episode of Ripley’s
Believe it or not, so notice-
able was the disparity between
the lengths of her limbs.

Still, she proceeded to
attack my buddy with the long
right and short left, even

.throwing in.a few ‘combina-..,

tions that would make “Sug-

ar” Ray Leonard proud.

Sadly though, as quickly as
she mounted an offensive she
tired, and began to fizzle out
like a fading firework.

It was at this time my friend
Capt. Roger managed to gain
control of the suspect.

As she wriggled around like
a fish out of water—with
Roger holding on tightly to
her arms—I could not help
but to pick up the handset for
the Squad car’s loud speaker
and ask my fellow officer one
important question: “How are
you going to cuff the suspect?”

The moral of the story? No
matter how hard you try, you
can never escape the long arm
of the law.. —

. Bin Laden, beware!

INSIGHT

For the stories

behind the news,
be=Â¥sCo Wp hfe /s 14
on Mondays





Glau

Develop ers



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PAGE 8, MONDAY, SEPTEMBER 15, 2008

FROM page one

With the entire population
of the island attending a
town hall meeting held in
Sandypoint, last week, Dr
Roberto Savio, who works
for the United Nations and
has been a resident of San
Salvador for over 20 years,
presented his prospectus
document entitled “From
Individual Greed to Collec-
tive Happiness” to the stand-
ing room only crowd.

As the last team did
attempt to dig on the basis
of a permit that was subse-
quently revoked when the
controversy surrounding the
ownership of the land erupt-
ed, they did however employ
some very sophisticated
equipment which through
radar penetration and mole-
cular analysis confirms the
existence of “non ferrous
deposits in the full, ” Dr
Savio said.

“Their estimate, at the

‘Distribution of wealth’
plan for estimated
$10bn worth of treasure

present price of gold, was
that there are around $10
billion buried there. They
could not see with their
equipment the famous large
deposits of precious stones,
that some children (some
still alive), swear they did
see in the now collapsed
cave. If this is true, the value
of the treasure will be con-
siderably higher.”

“Under present law,” Dr
Savio said, “the government
of the Bahamas is entitled
to ownership of all artifacts
and antiquities.
nobody can swear that the
treasure exists, and what
would be the final value, let
us assume, for our calcula-
tions, that the government

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While

would retain a 70 per cent
share of any treasure found.

“It means that the govern-
ment would get $7 billion
(with precious stones being
excluded), and it would

leave the prospectors 30 per .

cent, or three billion dol-
lars.”

However, with 70 per cent
of the value going to gov-
ernment, this would benefit
the country at large, but not
San Salvador in particular —
“with obvious delusion from
San Salvadorians.”

It is here that this remain-
ing 30 per cent should be
disturbed, Dr Savio said by
creating four categories of
beneficiaries:

e The first percentage
would go the prospectors,
who have to provide the cap-
ital (between one million
and four million dollars
according to estimates),
technology, adequate equip-
ment, an archeologist to
classify and protect the find-
ings. This group ‘would
receive 30 per cent of this
remaining 30 per cent — or
rather nine per cent of the
total amount which is $900
million.

e The second percentage

_ would go to all those San

Salvadorians who have
invested money, time, and

efforts in trying to recover.

the treasure, and would be

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so all rewarded. In this
group also will be all the
families who claim rights of
property over Fortune Hill,
with some serious basis.
Again, this group would
receive 30 per cent of the
remaining 30 per cent, or
equal to that of the prospec-
tors nine per cent share
($900 million).

e The third percentage,
would go to the people of
San Salvador, with the cre-
ation of an 11 person trust,
elected by the citizens of San
Salvador. The recipients
would be all the citizens of
San Salvador born on the
island before July 31, 2008,
who are still alive. These cit-
izens should be residents in
San Salvador continuously
for the last five years (ie
since July 2003), to avoid
those who are not truly a
part of the community
attempting to “jump on the
train.” And according to ini-
tial estimates there are about
1,000 San Salvadorians who
meet these conditions. Again
this grouping would also
receive $900 million.

e Finally, the remaining 10
per cent, or $300 million,
would go to the United
Nations as a gift from the
children of San Salvador to
the poor children of Latin
America. This Dr Savio
would be “highly symbolic”,
as a percentage of the trea-
sure which was plundered by
Captain Kidd from ships
leaving from Latin Ameri-
ca, would go back to that
country to its most vulnera-
ble and destitute inhabitants.

While this plan received
the overwhelming support of

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many on the island, reports
reaching The Tribune last
night suggested that there
were a number of persons
who were “unsatisfied” with
the percentage that they felt
they deserved to get.
These persons, it Is

THE TRIBUNE

alleged, have created a peti-
tion which they are now
passing out on the island
seeking to gain enough sig-
natures so that they can pre-
sent this to the Prime Minis-
ter to prompt his personal
intervention on the matter.



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THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 9



MODELS242/FORD MODELS’ SUPERMODEL OF THE BAHAMAS CONTESTANTS

NEW FACES OF BAHAMIAN BEAUTY



PHOTO: Mark Humes

PICTURED (Left to Right): Carol Stubbs, Michel Archer, Alissa Longley, Gabriella Moss, Johanna
Broughton, Shannon Dawkins, Erika Adderley, Erinn Treco, Jourdana Rodgers.

After a three month search
to find young, new faces of
Bahamian beauty, Models242,

today unveils nine of the ©

young ladies who, on October
4, will take part in and vic for
the title of Ford Models’ first
Supermodel of the Bahamas.

With close to a hundred
young ladies entering the
model search event, organiz-
ers said that the final selec-

tion process, which should .

have narrowed the field down
to six, was more difficult than
they thought it would fave
been.

“We were down to these
nine girls,” said Mark Humes,
coordinator of the event.
“And after looking at the pho-
tographs we sent to them, one
representative from Ford had
his favourite six, another of
the invited judges had a dif-
ferent favourite six, and then
one of the stylists had her
favourite six.

“So we decided to go with
the top nine that we are intro-
ducing today.”

Selected to take part in the
much anticipated fashion
extravaganza are College of
the Bahamas students Carol
Stubbs (19), Alissa Longley
(19), Jourdana Rodgers (21),
and Erika Adderley (19), St.
Augustine’s Erinn Treco (17).
St. Andrew’s

Johanna

Nine young ladies to vie for
title of Ford Models’ first:
Supermodel of the Bahamas

Broughton (17), Michel
Archer. (16), Shannon
Dawkins (17), and Freeport’s
Gabriella Moss (17).

Mr Humes said that even if
he were not the organizer of
the event, he would not want
to miss an event like the one
being planned.

“T know that there will be
some haters out there, but
these girls are bad!” said
Humes.

“And they are itching to put
on a show and represent the
Bahamas.”

He said that when the par-
ticipants appear on stage

October 4, they will be com- ~

pletely transformed by the
professional team of makeup,
hair, and clothing stylists who
are coming in to work with
the event.

“In the end, I think that we
will all be proud of the young
models’ achievements in pre-
senting Bahamian beauty to
the panel of judges and the
fashion world, which: will

eventually get word of the
event,” he said. The winner
of the Supermodel of the
Bahamas will have a signed
contract with the legendary
Ford Modeling Agency, and,
in January, she will embark
on a week-long, all expense
paid trip to Montenegro
where she will meet up with 50
other young “supermodels”
from around the world, all
vying for the Ford Models’
Supermodel of the World and

_ $250,000 in guaranteed mod- -

eling contracts.

Tickets for the event will
go on sale Wednesday at the
following locations: Diamonds
International, Carlos Valenti-
no on Bay and Victoria,
Flaunt It on. Rosetta Street,
Urban Nation in the Mall at
Marathon, and Coco Nuts
Bahama Grill, West Bay
Street.

* Next week, Models242 will
announce the male finalists
competing for the Models242

_ Male Face of 242.

\

Additional Staff Needed



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—

NAD

Nassau Airport.

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Responsibilities:

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LPIA EXPANSION PROJECT: Nassau Airport Development Company (NAD) is responsible for
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experienced construction management personnel:



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« Excellent computer skills including:

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Review design drawings and technical
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—

LOCAL NEWS

THE TRIBUNE



Political union? The

@ By Sir Ronald Sanders

HE leaders of
the seven-nation
Organisation of
, EB aos tue rn
Caribbean States (OECS) are
reported to have agreed on
September 11th that their
countries will form a political
union with Trinidad and
Tobago.
Reports say that the OECS

-leaders will meet the Trinidad

and Tobago Prime Minister,
Patrick Manning, on October
31st “to flesh out the agree- .
ment.” :

The implication of this
statement is that they have
agreed to the notion of a
political union in principle.
But, of course, the devil is
always in the detail, and it is
facing up to the detail of a’
political union that will prove
to be the greatest challenge.

I reveal a bias in this mat-
ter. I strongly support a polit-
ical union of as many states
of the Caribbean Community
(CARICOM) as possible, but -
I equally firmly believe that
such a union should start with
a political union of the OECS
countries alone and that they
collectively should negotiate
with any other country with
which they might wish to inte-
grate politically.

The good news about this
latest OECS decision is that
the three member states that
announced last month that
they would form a political
union with Trinidad and
Tobago have now decided not

- to fragment the OECS but to

seek to fashion collectively a
union with their bigger oil-
rich neighbour,

In light of the reported
decision by the majority of
governments of CARICOM
to sign a full Economic Part-
nership Agreement (EPA)
with the European Union °
(EU), CARICOM itself is
now in danger of fragmenta- ’
tion and the Single Market
and Economy is in peril.



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Tel: (242) 394-4442
Fax: (242) 393-8238




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a series of steps suggest them-
selves.

First, the OECS should pro-
ceed to form a political union
amongst themselves. This
would be a natural progres-
sion since they already have a
common currency, a common
central bank, and a common
judiciary.

It would be important for
the union to be a federation
and not a unitary state, with
the federal government shoul-
dering responsibility for (a)
crime and security (including
drug trafficking, (b) foreign
affairs including trade negoti-
ations, (c) defence, (d) ter-
tiary education; (e) the single
economy, (f) specialised med-
ical treatment, including a
major hospital for complicat-
ed surgery and cancer.

All other matters should
stay with national govern-
ments.

There should be free move-
ment of goods, services, capi-
tal and people.

The Federal Government
should be elected from across
all 7 countries, and its head-
quarters could be St Lucia or
Antigua temporarily.

Second, the OECS federal
government should then
negotiate the terms for a pollit-
ical union with Trinidad and
Tobago.

Those terms should include
oil and gas prices for OECS at
the same level that is now
accorded to companies and
residents of Trinidad and
Tobago, free movement of
people and a fund to com-
pensate areas and industries
in the existing OECS coun-
tries that may be adversely
affected.

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and Tobago will want free
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and services to consolidate its




















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THE TRIBUNE



devil is in the detail



Brennan Linsley/AP Photo

TRINIDAD'S PRIME MINISTER Patrick Manning. Reports say that the
OECS leaders will meet the Trinidad and Tobago Prime Minister,
Patrick Manning, on October 31st “to flesh out the agreement.”

economic position in the
OECS markets. The matter
of which currency is adopted
would have to be worked out,
but Trinidad and Tobago
weuld undoubtedly dictate
those terms.

In return, the federal capital
would move to Trinidad and
Tobago.

Third, the door should be
kept open for other CARI-
COM countries to join the
political union if they wish to
do so.

None of this should
adversely affect the opera-
tions of CARICOM or the

. work to establish a single mar-
ket and economy.

If the OECS countries do
form themselves into a politi-
cal union, it simply means that

FE EN RTT N AAA HP THES,





Pabrteterasrsrecrennie

they will be in CARICOM as

one country rather than sev-

en, but they will be a sirpnget
entity for it.

If a political union swith
Trinidad and Tobago is
accomplished, then CARI-
COM would consist of the
Bahamas, Barbados, Belize,
Guyana, Haiti, Jamaica, Suri-
name and the political union
of Trinidad and Tobago and
the OECS - 8 countries
instead of the present fifteen.

There has been some spec-
ulation that a political union
of the OECS and Trinidad
and Tobago may not be a uni-
tary state or a federation in
the classic ways in which these
are known.

Instead, it has been sug-
gested that these countries

(except for Montserrat which
is still a colony of the United
Kingdom) will each retain
their “external sovereignty”
so that there will still be 7
flags at the UN, the OAS, the
Commonwealth and so on.

Just how that would work is
uncertain.

Convention

One would have thought
that a political union is a “sov-
ereign entity” and just how in
international law and in inter-
national convention, there
could be a “sovereign entity
of sovereign entities”, is at
best puzzling.

Short of a full political
union, the option available to
the OECS and Trinidad and
Tobago would be to create

amongst themselves a Single ~

Market and Economy.

But since this is exactly
what the countries of CARI-
COM have started to do —
albeit at a snail’s pace — what
would be the point, except to
have a Single Market and
Economy within a Single
Market and Economy, except
that one group would be mov-
ing faster than the other?

If the objective is not to
form a classic political union,
but to ape the economic
arrangements of the Euro-
pean Union, why do the
OECS countries and Trinidad
and Tobago not simply push
the pace within CARICOM
itself by reforming the organ-
isation in the way that is nec-
essary, and by doing so keep
Barbados, Jamaica and
Guyana on board?

Tend this commentary as I
started it: the devil is in the
detail of any plans to form a
political union.

Responses to: ronald-
sanders29@hotmail.com
mail.com>

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

a 9820

MONDAY, SEPTEMBER 15, 2008, PAGE 11

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PAGE 12, MONDAY, SEPTEMBER 15, 2008

CREDIT SUISSE

Credit Suisse, Nassau Branch
Private Banking

is presently considering applications for

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We are accepting applications for a Business Proj
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University Degree or equivalent

Experience:
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* Strong understanding of Private Banking Bus'1ess and Financial Sector
- Working knowledge and experience with Globus Banking System is advantageous
.* Working knowledge and experience with MS Word, Access, Excel, PowerPoint and
« Visio applications

Personal Qualities:

+ Strong analytical skills

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- Work independently with strong accountability within a team environment
* Highly motivated and committed to service excellence

« Excellent management and leadership skills

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nefits provi in :

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APPLICATI

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requirements need not apply..
Applications should be submitted to:
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P. O. Box N-4928

ns Mm n

Facsimile: 356-8148

DEADLINE: September 19",

MINISTRY OF FOREIGN AFFAIRS

2008



for First Time Applicants for
Electronic Passports

CHILDREN 0-17 YEARS

.

One (1) completed application form (countersigned)
Three (3) passport - size photographs (one must
be countersigned along with application form)

National Insurance Card

Child's Birth Certificate or Registered Affidavit of



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THE TRIBUNE

LOCAL NEWS

‘INFRASTRUCTURE CRUSADE’ CONTINUES IN ABACO

$162,000 renovation plan





ABOUT 2,000 FEET of Bay Front Road, downtown Marsh Harbour, Abaco is to be repaired. Pictured from right
during the signing are Public Works and Transport Minister Neko C Grant, Acting Director of Public Works Gor-
don Major and contractor Larry Williams.

Grant signs contract for
resurfacing 2,000ft strip

PUBLIC Works and Transport
Minister Neko C Grant has
signed a $162,000 contract with
Larry Williams of Larry’s Con-
struction Company to resurface
2,000 feet of the main road down-
town Marsh Harbour, Abaco.

“We are going to be extreme-
ly busy here in Abaco,” said Mr
Grant during signing ceremony
last weekend. “The ‘Infrastruc-
ture Crusade’, launched in Rock
Sound, Eleuthera last month, con-
tinues in Abaco.

“Abaco contributes substan-
tially to the Consolidated Fund. It
is only fitting and proper that you
get first class facilities and infra-
structure.”

The contract was welcomed
by Central Abaco’s Chief Coun-
cilor Cubell Davis, Jr, and Marsh
Harbour and Spring City Town-
ship chairman Roscoe Thomp-
son.

The strip of Bay Front Road
which runs through downtown
Marsh Harbour, has been “in a
deplorable condition for a long,
long time, so we are happy to sup-

port the signing of this contract,”
said Mr Davis.

As all the marinas are located
along Bay Front Road, he added,
“it is essential that it be repaired.

“I have all the confidence that

the contractor will do a splendid
job. He is a person whom I high-
ly recommend.”

Work to be done include
removal of existing pavement,
creation of a level and compact
base, installation of six-inch thick
concrete slabs, and the installa-
tion of stréet lighting. It is sched-
uled to be completed within six
months.

“I congratulate Mr Williams
for winning the bid through a
transparent procedure,” said Mr
Grant. “We expect from you on

time completion and quality
work.”

Mr Grant and his team, which
included Permanent Secretary
Anita Bernard, Acting Director
Gordon Major, Under Secretary
Ursilla Chisholm and John Schae-
fer, the Ministry of Works’ Area
Engineer for Abaco, toured
Marsh Harbour’s new 7,000-foot
runway. They were accompanied
by Senior Administrator for Cen-
tral Abaco, Cephas Cooper.

“The runway is almost com-
pleted and we are working on
building a new terminal equipped
with a control tower,” said Mr
Grant.

“Additionally, we will be doing
extensive road works throughout
Abaco where needed.”

BIS PHOTOS: Gladstone Thurston

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If you’re a veteran Royal Bank-client,
or if any of your family members were,
we'd love to hear from you. And we’d
especially like to see your old Royal
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This year-in November- RBC Royal
Bank of Canada will celebrate 100 years
of operation in The Bahamas. Our
longevity and success would not have
been possible without the loyal support
of our customers.

Hospital Records

* Baptismal Certificate

* $4.00 Stamp on the Affidavit

« Mother's Birth Certificate along with documents
requested in your age group

Birth Certificate
* Child's Immunization Card (If requested)

Mother's Birth Certificate, and Passport or Proof

of Citizenship (if requested)

Primary School Records (if requested)

An Interview

- Parent or legal guardian must be present with
applicant.

When using Father's documents, the Father's

Birth Certificate, parents registered Marriage

Certificate and Father's Passport.

_ ADULTS: 18 YEARS AND OVER

One (1) completed application form

As we observe our 100th year as the
premier financial institution in The
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appreciation to alf our customers.
Without you we could not have come
this far.

AUTHENTICATION OF
AP ?LICATION

The application must be authenticated and
countersigned by one of the following persons who
has been personally acquainted with the applicant
for at least two (2) years:

We want to honour som« of our “oldest”
friends. So we are offei_ g special gifts
for the earliest Royal Bank photos,
stories, anecdotes and records-an old
passbook, correspondence, statement,
a cancelled cheque, old photos, etc.

Thank you.

* Three (3) passport-sized photographs (one must « A Marriage Officer
be countersigned along with Application form) * Medical Practitioner
* National Insurance Card * Counsel and Attorney of the Supreme Court

If you think you qualify,
please mail a copy of your record to Jan Knowles at
P. O. Box N-7549, East Hill Street, Nassau, Bahamas

Certificate of Citizenship or Registration
Certificate of Naturalization

* Birth Certificate or Registered Affidavit of Birth
and Baptismal Certificate

* Officer of or above the rank of Assistant Head of
Government Dept
« A Bank Officer

Mother's Birth Certificate and Passport (except if Magistrate by September 30.

applicant was born after 9th July, 1973) + Justice of Peace,

Registered Marriage Certificate (if a married '

woman) Members of the applicant's immediate family are Please include your name, telephone number

and email address with all submissions.

not authorized to countersign the application.

FOR MORE INFORMATION

Pick up a brochure and an application form from the Passport Offices in Nassau at Thompson Blvd
and Freeport at National Insurance Building, East Mall, Explorer Drive: also from Island Adminstrators’ offices in The Family Islands.

Public Information IIne: 242-322-PASS (7277) o: 242-323-2528 Fax: 242-325-4832
Email: passportoffice@bahamas.gov.bs

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THE TRIBUNE | | MONDAY, SEPTEMBER 15, 2008, PAGE 13



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Secretary Anita Bernhard, and Under Secretary Ursilla Chisholm.





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FROM page one

Elder primary when persons
had to get between two
women to.stop a physical
fight. While it is not known
what caused the dispute, one
of the women could clearly
be heard telling. the other
that she was ready for her
“anytime of the day.” Short-
ly following this exchange,
and after one of the women
had left the room, the other
informed the crowd that they
were all witnesses that her
life had been threatened by
the other woman. She then
explained where she lived,
and the fact that she lived
alone. Therefore, she said, if
anything happened to her,
they all would know who did
it.

As if this was not enough
entertainment for one night,
the former MP for Mount
Moriah, Keod Smith, showed
up some minutes later and
almost got into another phys-
ical brawl with an unnamed
man. ,

As The Tribune stood
nearby, it saw the man, who
wore a tan shirt and cap,

uvorway blocking Mir Smith's
entrance while the uproar
continued inside between
Mrs Hanna-Martin and PLP
activists, including the often
outspoken Ron Rolle.
Attempting to enter, Mr
Smith tried to pass the man,
only to have him reposition
himself and continue to block

his entrance. After Mr Smith

made two more attempts, the



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unnamed - man cguened
around, grabbed Mr. Smith:
by both shoulders. and *
pushed him from the door.
Mr Smith returned arid que:

him that he didn’t “play.”. peel: oy Te ines
Again persons intervened . fot te#t st ere
and got between Mr Sinith ».& ee Esc a
me

and the man to pr
ther escalation OL :

scene... |
As this fiasco:

activist Ricardo Smith jeered: se ie ; M MG et

20 aioue the: S eantid
Smith had quite an audience

hitting” remarks which oft
allied Mrs. Hanna-M
with other notable chara
within the PLP in a “grand.
conspiracy” to remove party
leader Perry Christie...
As these remarks. were’:
obviously heard by the chait:
man as she. tried to ee
above the fray and direct her
attention to thé contintal °
deteriorating situation with
branch members who at this” #
point were standing and ..d
yelling at. her. They wanted.
to know why she had not
brought a copy of the chal- --
lenge that was made to: Mt’.
Moss’ election to the NGC,
“How she could call’her:
self a lawyer and not bring’
the paper (of protest to shes
constituency’s pre
tion)!” yelled one per os,
“Shame, shame!”, ye
























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‘
@
ff she Z :
*. she reached his front door one
FROM De ae i sok out a cutlass and
"East Street, known as th¢ Bigk chopped his shoulder” caus-

t+. ding hint to “begin bleeding like
a hog,” said someone who was
‘on the scene.
The horror did not end
» there, however, as Mr Smith’s
_25-year-old wife, and the moth-
sthieme of. er of their two young children
KOrture © was also stabbed twice in her
7 icel * ack when she came out to see
°° °° what was going on.
frat” Mr Smith bled to death in
pute.’*. the frontroom of his home as
. “his children stood by, said one
RA Gat witness.’ However, police
een #¢neported that Mr Smith died
psrabbed ' &-«;shortly after he and his wife
“ae aouaisaea a: were taken to hospital for
© with best rntese * emo. 2+ treatment.
; Mr Smith: who lives fifty feet Hours later, at around 5am,

--Yard.”



» According to eye Witne
.° reports, Mr Smith returned to

his neighbourhood in an intox-
-icated state‘and*got ito an




















i
|
away ftom" Were “he was +? Mr Williams said his wife Pricel

y

wakened him after discover-
-ing their four-room clapboard.
‘-house was on fire.

. attacked;*gotfreé and far for «
* his life towards*his homé. » *

MONDAY, SEPTEMBER 15, 2008, PAGE 15

LOCAL NEWS

1 attack

“T was asleep when my wife

waked me up shouting fire. We

ran outside.

“We did not save anything,”
said Mr Williams.

Meanwhile, a second wood-
en home on the same property
occupied by a Haitian lady
with two infant children also
caught fire and burned to the
ground.

Some of those on the scene
claimed that Mr Williams’
house may have been targeted
by arsonists in retaliation for
the killing of Mr Smith.

Sources claimed that the
Haitian’s home was wrongly
targeted because some of the
men who attacked Mr Smith
— all of whom were described
as Bahamian — used to sell
drugs on his property.

Mr Smith’s wife is currently
listed in “serious but stable”
condition in hospital.

ies after Morton Salt employees

- to each receive $1,000

FROM page one

that Morton Salt is “assisting in anyway we
can to get everything back to normalcy.”

The company is accommodating and feed-
ing technicians from the Bahamas Electrici-
ty Corporation who are working to get pow-
er back on in Inagua as well as relief workers
from the Red Cross.

Heavy equipment from the plant is also
being used to help offload supplies being
delivered to the island.

Water is now running again, thanks to a
generator sent in by the Water and Sewerage
Corporation. “It’s way better than what we
had before,” Mr Bannister said.

Meanwhile, it is estimated that power may

be back on by the end of this week.
Asked to comment on claims made by the
island’s MP, V Alfred Gray, that food and °

supplies may be being distributed in an unfair

way, Mr Bannister said “if there were any-
thing thing like that happening before it has
been corrected now and NEMA is in full
charge of that.”

According to Mr Bannister, National
Emergency Management Agency Comman-
der Stephen Russell yesterday set up aa
“proper distribution system.”

“Now any goods and supplies coming into
Inagua would go to the Defence Force base
and would be handled by NEMA and there
would be an accounting for receiving any
goods coming in and being properly docu-
mented,” he said.

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LOT NO. 117

PROPERTY DESCRIPTION: Single

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PROPERTY SIZE: 8,000 sq. ft.

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2. SOUTH BEACH ESTATES
SUBDIVISION

LOT NO. 1 Block 22

PROPERTY DESCRIPTION: Split Level
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PROPERTY SIZE: 6,600 sq. ft.
LOCATION: Travel south of Bamboo
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‘ROAD - *
LOT NO. 259
PROPERTY DESCRIPTION: Single-
storey Residence
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Travelling east on
Carmichael Road from Faith Avenue
take the 4th corner on the right (Turtle
-Drive) property is 4th house on right.
APPRAISED VALUE: $186,000

4. GOLDEN GATES ESTATES II
LOT NO. 1372
PROPERTY DESCRIPTION: Single-
storey Residence, 4 Bed / 2 Bath
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: At junction of Carmichael
Road and Cedar Way (corner opposite
BFM) travel south to the t-junction, turn
right onto Golden Gates Straight, then
take the first corner right onto Comet
Terrace. The property is the second
house on the right, yellow with white
trim.
APPRAISED VALUE: $224,000.

1. CARMICHAEL VILLAGE
LOT NO. 4 and 5 - part of Crown
Allotments 21 and 22 Grant A8-50
PROPERTY SIZE: Property is 651 feet
south of Carmichael Road and 981 feet
west of Golden Isles Road.
APPRAISED VALUE: $139,000.00

5. BRICEVILLE SUBDIVISION,
BARREN ROAD
LOT OF LAND
PROPERTY DESCRIPTION: Five Unit
Apartment Complex
PROPERTY SIZE: 10,200 sq. ft.
LOCATION: Heading west along Prince
Charles Drive from Fox Hill Road, take
the third corner on the left (Pine Barren
Road). Travel west on Pine Barren Road
then turn through the second corner on
the left (Ceria Close) then the second
corner on the right. The complex is the
last building on the right, painted white,
at the dead end. sSeal a s
APPRAISED VALUE: $292,000

INE

6. PINEWOOD GARDENS SUBDIVISION
LOT NO. 1467
PROPERTY DESCRIPTION: Single
Storey Triplex. Apartment, 2 - 1 bed/
bath; 1-2 bed /bath;

PROPERTY SIZE: 5,000 sq. ft.
LOCATION: Traveling east on Bamboo
Boulevard off East Street South, turn
through the first corner on the left ~
(Thatch Palm Avenue). Continue north
on Thatch Palm Avenue, take the first”

"> Gorher onthe Hight (Guinep Tree Street)

The complex is the third building on the
right.
APPRAISED VALUE: $162,000

7. PASTEL GARDENS
LOT NO. 149
PROPERTY DESCRIPTION: Single -
Family Residence, 3-bed / 1 bath
PROPERTY SIZE: 5,701. sq. ft.
LOCATION: From Marshall Road,
travel north along the main entrance
to Pastel Gardens. At the four-way
junction continue north Lemon Street.
The building is the 11th house on the
left painted white trimmed yellow with a
light brown asphalt shingled roof.
APPRAISED VALUE: $142,000

8. CHIPPINGHAM
LOT NO. 17
PROPERTY DESCRIPTION: Single
Storey Residence, 2 beds / 1 bath
PROPERTY SIZE: 6,375 sq. ft.
LOCATION: Traveling west on Quarry
Mission Road off Nassau Street,
building is approximately 500 ft from
Nassau Street on the northern side of ~~ -
the street.
APPRAISED VALUE: $130,000

9. ROCKY PINE ROAD

LOT NO. “A”

‘PROPERTY DESCRIPTION: Multi-
Family Duplex Apartment

. PROPERTY SIZE: 7,288 sq. ft.
LOCATION: Traveling west on Rocky
Pine Road off Carmichael Road,
property is midway on the third corner
on the left.
APPRAISED VALUE: $275,000

VACANT LOTS

©2008 CreativeRelations.net



Black or ‘Tan:Interior.

ALMERA



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INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE
CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES,
CREDIT RISK MANAGEMENT DEPARTMENT, P.O BOX - SS-6263 NASSAU, BAHAMAS
OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM
* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.


PAGE 16, MONDAY, SEPTEMBER 15, 2008 THE TRIBUNE
: INTERNATIONAL NEWS

ELAs Chavez makes headlines

VENEZUELA'S PRESIDENT Hugo
Chavez talks to media members during
a meeting with Manuel Antonio Gomes
{e Pinho, Portugal's Economy Minister,
unseen, at Miraflores presidential
palace in Caracas, Sept. 13, 2008.
Chavez said he will attend Monday the
ea of South American Nations,

NASUR, summit in Santiago, called
by Chile's President Michelle Bachelet,
because "we have to stop the madness
in Bolivia; we have to avoid a major
tragedy’.







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THE TRIBUNE

PAGE 18, MONDAY, SEPTEMBER 15, 2008
INTERNATIONAL NEWS } .



HURRICANE IKE: Damage in US



















DAMAGE after
the passing of
Hurricane Ike is
seen Saturday,
Sept. 13, 2008, in
Crystal Beach,
Texas.The storm
roared ashore
hours before day-
break with 110
mph winds and
towering waves,
smashing hous-
es, flooding thou-
sands of homes,
blowing out win-
dows in Hous-
ton's skyscrap-
ers, and cutting
off power to
more than 3 mil-
lion people, per-
haps for weeks.

AP Photo/The Times-Picayune, Susan Poag

JEANNIE ENCLADE walks her miniature horse as the family dog Brandy wades | in the more than two feet of
storm surge water from Hurricane Ike in front of her home Saturday, Sept. 13, 2008 in Crown Point, Louisiana.

#} A LOT OF sheds at
# a commercial loca-
tion are seen top-
pled over caused by
high winds from
Hurricane Ike, Sat-
urday, Sept. 13,
7 2008, in Beaumont,
© Texas. The storm
1 blew out skyscraper
i windows, cut power
7 to millions and
=| swamped. thou-

# sands of homes
along the coast.
Yachts were carried
up onto roadways,
buildings and
homes collapsed
and cars floated in
floodwaters.

























(AP Photo/Smiley
N. Pool, Pool) —

Tony Gutierrez/AP Photo



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MONDAY,

SEPTEMBER

13.

SECTION B e business@tribunemedia.net

2008







Considerable concern’
on Port chair’s moves

i By NEIL HARTNELL
Tribune Business Editor

he late
Edward St
George’s
estate has
“very considerable
concern” over the.
way Port Group Ltd
is being run under
new chairman Erik
Christiansen, its wor-
ries involving a $23
million payment to
Hutchison Whampoa
‘ and an arrangement with Ross Uni-
versity’s medical school that it claims
cost the company $7 million.
An August 28, 2008 letter from the

Feenisnnt



* St George estate worries centre on ‘unnecessary’ $23m payment to Hutchison,

and alleged 60 per cent Ross University discount costing companies $7m
* Claim decisions being made without full Board approval, and possibly breaching Court order.

- estate’s attorney, Callender’s & Co
partner Fred Smith, to Mr Chris-
.tiansen, sets out its concerns that

recent Port Group Ltd actions did not
have full Board approval and may not
comply with Supreme Court orders
made as part of the ongoing Grand
Bahama Port Authority (GBPA) own-
ership dispute.

In the letter, a copy of which has

been seen by Tribune Business, Mr

Smith told Mr Christiansen; “There

are a number of significant steps which
you have taken since your appoint-
ment as chairman and director of Port
Group Ltd on July 13, 2008, which
have caused my clients very consider-
able concern, and which appear not
to comply with the order of Justice
Adderley.”

That order, made as part of Justice
Neville Adderely’s ruling that removed

the GBPA/Port Group Ltd receivers,

BDO Mann Judd accountants Clifford
and Myles Culmer, was done, Mr
Smith said, to ensure the two compa-
nies were “properly operated pending

the resolution” of the legal battle

between Sir Jack Hayward and the St
George estate.

Justice Adderley’s order, Mr Smith
said, stated that the GBPA and Port
Group Ltd Boards were not to be

changed except under certain circum- |.
stances, and that their holding com-
pany, Intercontinental Diversified Cor-
poration (IDC), was prevented from
removing any directors.
In addition, the order required
Board approval if the GBPA and Port
Group Ltd agreed to sell or lease more

SEE page 6B

Investors must give City Bahamas professionals their ‘own worst enemy’

Markets major ‘check-out’

@ By NEIL HARTNELL.
Tribune Business Editor

Report’s authors say touted capital inflows failed to

PUBLIC company annual
general meetings (AGMs) are
usually pretty mundane affairs.
Especially in the Bahamas,
where the majority of listed
companies are controlled by
one shareholder or a small,
tightly-knit. investor group.
Every item on the agenda is
approved, the chief executive
gives a smooth presentation on
the previous financial year and
the prospects for next, and



BUSINESS OPINION |



‘after a cup of tea (or glass of

champagne). But not tomorrow.
The Bahamas Supermarkets
2007 AGM is a dead certainty

‘to buck the trend, with the

minority investors holding 22
per cent of the City Markets
operator likely to give full vent

everyone ‘goes home happy--"- SEE page 5B

BEC targets summer 2009
for renewable energy deal

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Electricity
Corporation (BEC) is hoping
“to have an agreement” with a
renewable energy supplier in
place by mid-summer 2009, Tri-
bune Business has been, hold,
after “serious international

players” expressed interest in —

the tender that closed on Fri-
day.

neat Elliott, head of
BEC’s renewable energy com-
mittee, said that while he was
unsure how many project pro-
posals had been submitted in
response to the Corporation’s
Request for Proposal. (RFP), it
was “extremely satisfied with
the response”.

“We had a lot of interest, and





‘Serious global players’
respond to RFP request

someone came in at 3.30pm
today to get the application doc-'
uments,” Mr Elliott told Tri-
bune Business. “I explained that
the deadline was half an hour
away, but he still took the/doc-
uments.

“The response has been very
good. The interest has been
high. I do expect something is
going to come out of it. We had
interest from people considered
serious players in the renewable
energy market internationally.”

The identity of those players
is largely unknown, although

SEE page 3B

Bahamas must
lose aversion to
‘real change’

@ By NEIL HARTNELL
Tribune Business Editor

‘THE Bahamas need to “wake
up, stop maintaining the status
quo and effect change, real
change” to reverse the trend that
it is becoming harder to do busi-

ness in this nation, the Cham-

ber of Commerce’s president
said.

Dionisio D’ Aguilar, respond-
ing to the World Bank report
that saw the Bahamas slip four

SEE page 7B

BAHAMIAN construction
industry. professionals. ° ‘have
been their ‘own worst enemy’”,
in developing their professions
to take advantage of incoming
investment projects, a paper

produced by a consultative _
group has argued, with one of .

its authors telling Tribune Busi-
ness that many “have not given
back enough”.

The paper, produced by
Bahamians David Davis (now
permanent secretary in the

benefit Bahamians, with just 25% of contracts going —
to local contractors, increase in expat workers and
tax concessions outweighing revenue gains

Prime Minister’s Office), Hain- i

mond Rahming, Michael Dig-
giss and Lelawattee Manoo-

Rahming, said the ayailable evi-
dence “suggests that Bahami- *
an professionals are very frag-,

mented and parochial in their

thinking”, and had not ensured’

_ Every idea begins with a seed of thought.
_ Colinalmperial can take those seeds and turn
them into reality. Thats che difference between

Confidence for Life and a lifetime of dreaming.

Colinalmperial.

the likes of architects, engineers
and contractors remained com-

- petitive when it came to bid-

ding for work on major invest-

ment projects over the past 10
“years.

‘The paper, produced earlier
_ year for the Constructioiini*



Developing Countries Interna-
tional Symposium in Trinidad,
said: “There has been a mini-
mal increase in the number of
registered architects over this

SEE page 4B |) oe

BUSINESS TECHNOLOGY
_ 56 Madeira Street, Palmdale

__242-328-3040_
PAGE 2B, MONDAY, SEPTEMBER 15, 2008

THE TRIBUNE |







@ By RoyalFidelity Capital
Markets

IT was an active trading
week in the Bahamian stock
market, with investors trading

in eight out of the 19 listed
companies. Two companies
saw their share prices advance,
four declined and two
remained unchanged.

A total of 119,435 shares

Se

changed hands, a substantial
increase of 53,139 shares, or
80.2 per cent, in comparison
to last week's trading volume
of 66,296 shares.
Commonwealth Bank

BAHAMAS FIRST ~

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Claims Advisor

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Please apply before September 19, 2008 to:
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32 Coltins Avenue
P.O, Box 88 ~ 6238
Nassau, Bahamas

Or email to; careers@ bahamasfirst.com





(CBL) led this week’s market
rally, on a volume of 65,348
shares, its stock price rising by
$0.23 or 3.40 per cent to close
at $7. Doctors Hospital Health
System (DHS) followed with
26,000 shares trading, climb-
ing by $0.03 to end the week at
$2.78.

Meanwhile, some 10,016
shares of Cable Bahamas

(CAB) traded, the stock price .

dropping by $0.01 to close at
$14.10.

FOCOL Holdings (FCL)
declined the most this wéek,
plummeting by $0.25 or 4.37
per cent on a volume of 10,000
shares to close the week at

$5.25. Freeport Concrete ©

(FCC) followed the downward
trend with 2,300 shares trad-
ing, its price decreasing by
$0.04 to end at a new 52-week
low of $0.40. Colina Holdings

(Bahamas). (CHL) also’

declined, with 5,361 of its
shares trading, the stock falling
by $0.03 to’close at $2.85.

COMPANY NEWS
Earnings Releases

Benchmark (Bahamas)
(BBL) released unaudited

_ results for the six months end-

ed June:30, 2008. BBL report-
ed a net loss of $929,600, a
decrease of $660,000, versus a
net income of $369,700 in 2007.

Net investment income
declined by $291,700 or 48.97
per cent to $305,000, compared
to $596,600 in the 2007 second

quarter, while net unrealised .
losses on BBL's investment '
’ portfolio increased by $1 mil-

lion - from $357,000 to $1.3

‘million - during the period.

BBL reported deficit earn-
ings per share of -$0.19, a
decrease of $0.12 versus earn-
ings per share of $0.07 for the
same period in 2007.

Total assets and. liabilities
stood at $33 million and $32
million respectively, compared
to $22.3 million and $19.9 mil-
lion at year-end 2007.

RND Holdings (RND)
released unaudited financial

results for the 12-month period |

ending February 29, 2008.
RND. reported a net income
of $18,600 versus a net loss of

$247,900 for fiscal 2007.

A gross margin of $1.4 mil-
lion increased by $102,000 or
7.6 per cent over the prior
year.

Total operating expenses
declined by $80,200 or 6.9 per

cent to $1.1 million, versus $1 2

million in 2007.

Total assets and liabilitie s
stood at $11.8 million and $4.8
million respectively at year-
end 2008, compared to $11.9
million and $4.9 million at the
end of the previous year.

OYSTER Funds |

The fund family of the SYZ & CO Group

SYZ & CO Bank & Trust Ltd.
Bayside Executive Park | West Bay Street & Blake Road | P.0. Box N-1089 | Nassau - Bahamas.
Contact: Miguel Gonzalez | Tel. +1 242 327 6633

Member of the SYZ & CO Group: Geneva | Zurich | Lugano | Locarno | London | Luxembourg | Milan | Rome | Salzburg | Nassau | Hong Kong



SAN 7401 ae)



tember 30, 2008. 4



| international Mathes



‘The Bahamian Stock Market

FINDEX 858.06 YTD (-9.87%) !

|
|

BISX CLOSING CHANGE VOLUME YTD PRICE 1

SYMBOL PRICE CHANGE |
AML $1.81 $. 0 9.04%
BBL _$0.89 $. 0 4.71%
BOB $8.50 $. 0 11.55% |
BPF $11.80 - $- 0 0.00% .
BSL - $14.60 $- 0 0.00% |
BWL $3.49 ae 0. ~4.64% |
CAB $14.10 $-0.01 10,016 17.01% +
CBL _ $7.00 $40.23 65,348 16.96%
CHL — $2.85 $-0.03 5,361 9.52%
CIB $11.55 . Oeste
CWCB $4.32 $-0.28. 0 “14.29%
DHS __ - $2.78 $+0.03 26,000 18.30%
FAM _ $8.06 Be a 00.” 11.94%
FBB $2.37 $- 0 -10.57% |
BCC $0.40 $-0.04 2,300 -48,05%
FCL $5.25 $-0.24 10,000 1.35%,
FIN $12.00: $- 310 7.34%
ICD $5.57 $- 0, 2x, -23.17% ; ||
JSJ $12.00 $- 0 9.09%
PRE $10.00 $- 0 0.00% |
DIVIDEND/AGM NOTES:

° Finance Corporation of the Bahamas (FIN) has declared
an interim dividend of $0.13 per share, payable on September
16,.2008, to all shareholders of record date September 4
2008.

e Cable Bahamas (CAB) has declared a quarterly divi-
dend of $0.06 per share, payable on September 30, 2008, to all
shareholders of record date September 15,2008.

¢ Doctors Hospital Health Systems (DHS) has declared:a
semi-annual dividend of $0.02 per share, payable on Sep-
tember 30, 2008, to all shareholders of record date ene
17, 2008.

e Commonwealth Bank (CBL) has declared a. asic |
dividend of $0.05 per share, payable on September 30, 2008, .
to all shareholders of record date September-12, 2008.. |

¢ Consolidated Water Company BDRs (CWCB) has
declared a quarterly dividend of $0. 013 per share, payable on
November 7, 2008, to all shareholders of record date Sep:

¢ Bahamas Supermarkets (BSL) panoanced that it will. be
holding its Annual General Meeting on Tuesday, September
16, 2008, at 6pm at the British Colonial Hilton, 1 Bay siregts
Nassau, Pahoa

Private piecient Offerings:

e FOCOL Holdings (FCL) announced that it will be ek
ing: the deadline of its private placement offering. The pre-
ferred shares will be paying a dividend rate of prime + 1.75 per |
cent, payable semi-annually. oie





Note: Bloomberg used as source for international data |

i

FOREX Rates | ert
Weekly . %Change |
CAD$ 0.9423 - +0.19)
GBP te de 1.7927 © +1.68,
- EUR 1.4226 -0.06; «|.
Commodities Gab iH A fiat hg |
_ Weekly . “oChange |
Crude Oil , $100.75 . +530
Gold ss $769.50 = — -4.52
International Stock Market Indexes: ve ; !
Weekly % Change
DJIA | : 11,241.99 40.19
S&P 500 1,251.70 -+0.76
NASDAQ 2,261.27 +0.24
Nikkei 12,214.76 +0. 02
}



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THE TRIBUNE



@ By CARA BRENNEN-
BETHEL
Business Reporter

THE Bahamas Automated
Clearing House (BACH) is only
a week behind its targeted
schedule for implementation in
2008, with faster cheque clear-
ing and early detection of over-
drawn and bounced cheques
among the first benefits to be
felt by businesses and con-
sumers.

Brian Smith, the BACH’s
business manager, in an
overview of its benefits given to
the East Nassau Rotary Club,
said the primary functions will
be to facilitate faster processing
of the four million cheques writ-
ten and processed manually each
day in the Bahamas.

BEC, from 1B

AES Corporation, which is hop-
ing to supply BEC with lique-
fied natural gas (LNG) as well
as Florida, is in discussions with
a Bahamian group about form-
ing a partnership on a $65 mil-
lion wind farm project.

Aaron Samson, AES’s man-
aging director for LNG, previ-
ously told Tribune Business that
the project could ultimately
generate up to 10 per cent of
New Providence’s electricity
supply if it got the go-ahead.

On the focal front, sources
have told this newspaper that
Cameron Symonette, of Stirling
Partners, is involved with one
renewable energy proposal.
Others interested in renewable
energies, especially wind power,
in the past are understood to
have been the Bahamas-based
Clipper Group and Robert
Myers of Caribbean Landscap-
ing.

Meanwhile, Mr Elliott told
Tribune Business that BEC’s
renewable energy committee
was likely to take two to three
weeks to initially evaluate all
the proposals it had received,
then whittle them down to a
shortlist over the next two to
three months.

Once that was accomplished,
a “more detailed evaluation” of
the shortlisted proposals would
be undertaken, including site
visits ta the candidate’s exist-

_ ing generation sites around the
| world. Recommendations

, would then follow.
Mr Elliott said BEC hoped
“to have an agreement in place



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Host Coaches: Ann Kist-Volasa and Valdi Kolasa of New Jersey

The new system, which is
owned by the seven clearing
banks, will be regulated by the
Central Bank of the Bahamas.

In its initial stages, Mr Smith
said the ACH will have little
impact on bank customers
expect that because cheques will
be clearing faster there is more
chance that overdrawn ones will
be detected sooner.

In the case of Family Island
cheques, he said the ACH will
also eliminate the need to trans-
port them to Nassau for clear-
ance.

“The ACH is processed at the
end of the next day, so the ACH
will not speed up the fastest
time, but it will shorten the time.
So today, if you’re writing the
cheque and you are not caught
out, your luck may soon run

by summer next year” with a
renewable energy provider,
although actual generation may
take slightly longer.

It was possible, he acknowl-
edged, that BEC could accept
more than one renewable ener-
gy proposal to work with, but
that “really depends on the
quality”

“It’s not unfeasible that if we
get a lot of good proposals we
could have several providers,”
Mr Elliott told Tribune Busi-
ness.

BEC is looking for renewable
energy proposals in four areas —
solar, wind, hydro kinetic and
biomass — to generate up to 10
per cent of any Bahamian
island’s electricity needs.

And it is badly needed, given
that the Bahamas and BEC’s
reliance on fossil fuels drove the
latter’s fuel surcharge to an all-
time high of $0.24 per kilowatt
hour, a reflection of this sum-
mer’s record oil prices.

Its impact has crippled busi-
nesses and households through-
out the Bahamas, with many of
the former either forced out of
business, cutting staff and other
costs, or reducing working
hours. The latter have seen their
disposable income slashed, with
hundreds cut off for either fail-
ing — or being unable — to pay
their electricity bills. In some
cases, the BEC bill is taking up
at least half a person’s salary.

Many Bahamian businesses
are now facing electricity bills
that at least match their lease
payments, whereas for house-
holds it matches rental or mort-
gage payments.

Steven Hoffer, an owner of

Dates: September 19-20, 2008

Location: Nassau ‘Nastics Oakesfield and Seagrapes Gyms

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Saturday 12-4pm Team, Préteam and competitive gymmasts at the Oakesfield gym.
The general public is invited to attend the
. Friday afternoon and Saturday morning sessions.

|
Cost: $25 per session












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subject: Gemologist

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GYMNASTICS CLINIC

BUSINESS

Businesses can ‘cheque out’ Clearing House advantages

out,” he said.

Mr Smith said the savings in
time and cost of cheque pro-
cessing will hopefully enable
banks to expand on the services
they offer their clients.

“Ultimately we’re laying down
something that is like a commu-
nication wire, a pipe or a road
where the banks develop their
products and services for the
consumer,” Mr Smith said. “You
will be able to do things from
the convenience of your home
without having to leave some-
place to go somewhere to pay a
cheque. You can do that from
your PC.”

Mr Smith said they were
about a week behind in the
implementation and start-up of
the ACH, but he was uncon-
cerned about the timeframe



Hoffer & Sons, which owns the
Hoffer Sport store on Bay
Street, last month told Tribune
Business that between May-July
2008, that outlet’s monthly elec-
tricity bill had increased from
$6,000 to $10,000, before hitting
$15,000 in the latter month.
That represents a 150 per cent
increase in two months.

Mr Hoffer said that at pre-
sent electricity rates, when the
two other Bay Street stores and
Cable Beach outlet that they
owned were added to the mix,
the company was paying around
$250,000 per annum for energy
alone.

Describing this situation as
“fairly. ridiculous”, Mr Hoffer
said total monthiy electricity
costs for the three downtown

- stores were now running at

around $20,000-$21,000 per
month, with the Cable Beach
store accounting for another
$4,000

To add insult to injury, he
told Tribune Business he was
waiting for written verification
from the Bahamas Electricity
Corporation (BEC), having
been told that the company
owed a further $28,000 as a
result of being under-billed for
six months since December
2007.

“You can’t expect someone
to stay in business paying
$15,000 a month for a retail
store,” Mr Hoffer said. “That’s
quite a bit of money for elec-
tricity. ’m going to have to
choose between closing a cou-
ple of stores, making them
smaller or reducing staff num-
bers. BEC is a crunch, a real
crunch.”

















No picture
available














involved in getting the long-
awaited system up and running.

“T have not seen any slippage.
The schedule is pretty much
being adhered to, and we are
probably just about a week
behind, but a week can be made
up,” Mr Smith said. “I am not
going to say an exact date, but I
will say October, because I’m
pretty certain that it will be
October.”

MONDAY, SEPTEMBER 15, 2008, PAGE 3B

The Bahamas Automated
Clearing House is a secure inter-
bank settlement system linking .
the seven clearing banks in the
country, with regulatory over-
sight provided by Central Bank.
BACH will serve as the central
clearing facility for all electron-
ic and paper transactions include
direct debits, direct credits and
cheque clearance, as well as
implementing standardisation of



NOTICE

cheques, ensuring confidentiali-
ty, speedy availability of funds
and expanding banking func-
tionality.

While BACH serves as the
central facility, member retail
banks miintain specifically
trained staff to handle transac-
tions between that bank and the
BACH. There are about 60
employees in the various banks
tried to deal with the ACH.

The payment of Long-Term Benefits and Assistance in New Providence for September
2008 will be made as follows:

i} On Tuesda



their bank accounts; and

September 16, 2008, for pensioners me funds are deposited to

ii) Beginning Thursday, September 18, 2008 at the Board’s Fox Hill, Wulff Road and
Jumbey Village Local Offices. Cheques may be collected from these offices between
the hours of 9:00 a.m. and 4:00 p.m. ;

Pensioners and/or their representatives are required to produce proper identification in
order to collect their cheques.

Acceptable forms of identification for Pensioners are the National Insurance Registation
Card, together with any one of the following:

1. A Passport:
2. A Voter's Card; or

3. Any other document which establishes, conueNe the identity of the claimant.

Where the Pensioner is sending a Representative to collect his/her cheque, the Repre-
sentative should present an Authorization Form, completed by the Pensioner, or a letter
from the Pensioner authorizing the Board to release his/her cheque. Additionally, the
Representative should present any one of the above-listed items to identify himselffher-
self. Cheques will not be released to Representatives who fail to provide satisfactory iden-

tifying documents.

Please Note:

Pensioners born in September and March are now due for Verification.

Failure to be verified on-time, will result in the suspension of payments.

VACANCY FOR THE POSITION OF: .

RELATIONSHIP MANAGER,
CORPORATE CREDIT



Core responsibilities:

e Acts as Relationship Manager to high risk clientele by liaising with
clients to determine needs and resolve issues, providing answers
and communication wherever necessary.

¢ Perform maintenance and records management on existing
portfolios and advise Corporate Credit Consultants of any issues.

¢ Perform constant follow up on high risk/impaired accounts and
| institutes proper procedures regarding the collection of same.

© Assess financial position of high risk/impaired loans.

* Prepare credit proposals by conducting comprehensive financial
and non-financial analysis.

* Provide coaching, guidance, and direction to line lenders in the

assessment and structuring of credit facilities.

Knowledge, Skills and Abilities:



¢ Bachelor’s Degree and five or more years of credit experience.
¢ Strong accounting skills and the ability to provide financial

analyses.

¢ Strong negotiation skills.

¢ Detailed knowledge of credit and collections.

¢ Core knowledge of legal practices and documentation.

Benefits include: Competitive salary commensurate with —
experience and qualifications; Group Medical (includes dental
and vision) and life insurance; pension scheme.

Interested persons should apply no later than

September 26", 2008 to:

The Tribune
DA#63405
P.O. Box N3207

Nassau, Bahamas
PAGE 4B, MONDAY, SEPTEMBER 15, 2008

ne BUSINESS

THE TRIBUNE



Bahamas professionals
their ‘own worst enemy’

FROM page 1B

period, and there is still no
requirement for professional
development by members as a
condition for maintaining reg-
istration as an architect.

_ And despite foreign direct
investment touted by the for-
mer PLP government as being
worth $20 billion, “the impact
on employment statistics and
central government tax receipts
was not significant”.

Assessing the foreign direct
investment impact, the authors
said: “Unemployment dropped
from low double digits to sin-
gle digits, while government








revenues grew by approximate-
ly 15 per cent.

“With a population of just
over 300,000, and a workforce
of approximately 140,000, it was
anticipated that unemployment
would have reached an irre-
ducible percentage, that is,
approaching full employment.

“Tt is our hypothesis that the
massive capital inflows have
attracted unprecedented num-
bers of guest workers and pro-
fessionals, and that the level of
tax concessions outstripped the
anticipated central government
tax receipts. Less than a quarter
of the contracts awarded in the
construction sector were for the
benefit of Bahamian contrac-

INVESTMENT OPPORTUNITY

4 bed, 3 1/2 bath, split level house
located on lots 4 & 5, block 5

CULBERT’S HILL, WINTON HEIGHTS
Property comprises 59,395 sq. ft. or 1.364 acres

Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management, P.O. Box N-7518, Nassau, Bahamas
to reachus before September: 19,2008...

For further information, please contact: 356- 1608 or 502- 0929



tors.”

Commenting on the paper,
which was only released last
week, Mr Rahming, one of the
authors, said both internal and
external factors were hampering
tie ability of Bahamian profes-
sionals in construction-related
sectors to obtain work from
major investment projects.

Believe

“T believe that part of it has to
do with projects coming on
stream,” he told Tribune Busi-
ness. “That is the concern
everyone is raising. How do you
get involved from day one? If
we are not involved from the










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Responsibilities will include:

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COMPLIANCE MANAGER

Maintaining and developing a robust compliance and control regime in Deltec to

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Interested persons may submit resumes to the Human Resources Manager c/o Fax No.
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ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED

beginning, we often get the
scraps off the table.”

Mr Rahming, a partner with~~

his wife and fellow author,
Lelawattee Manoo-Rahming, in
The Engineering Group, said
that while Bahamian engineers
might become involved in per-
mitting activities, if they did not
know about major incoming
projects early enough there
would be no opportunity to bid
on contracts, the lion’s share of
which would go to foreign com-
panies.

It would be the same for
Bahamian contractors, Mr Rah-
ming argued, who were likely
to receive the minor sub-con-
tracting work as opposed to the
main jobs.

“Bahamian professionals in
the built environment have
enough expertise to bring qual-
ity work to the table,” Mr Rah-
ming said. “Once we get a
heads up on projects likely to
happen, we will have a better
chance of meaningful partici-
pation.

“We also have problems
inside the country,” he added.
“Contractors, in my view, do
not give enough back to the
industry.”

Mr Rahming said the devel-
opment of a skilled Bahamian
construction workforce had
been hindered by a lack of



from people who are
making news in their
neighbourhoods. Perhaps

for improvements in the
area or have won an
award.

If so, call us on 309: 1986
and share your story.

Share your news

The Tribune wants to hear

you are raising funds for a
| good cause, campaigning

apprenticeship programmes for

- professions such as plumbing
and-carpentry, somethiiig the ~

Bahamian Contractors Associ-
ation (BCA) is now trying to
correct through its tie-up with
major developers and the
Bahamas Technical and Voca-
tional Institute (BT VD).

“Tt’s sad it has been allowed

to. slip into nothing,” Mr Rah- ...
‘ming'said. “If you have a mason ~

or carpenter come to your site,
you have no level to place that
individual at. ‘lhat’s sad.

“We fight among ourselves
too much. There’s not enough
dialogue between all the peo-
ple involved in the industry.
We’re not preparing ourselves
adequately to take advantage
of opportunities from foreign
direct investment.

Problems

“One of the biggest problems
in the Bahamas is that contrac-

tors do not give: Bahamian engi--

neers and Bahamian technicians
enough opportunities to play a
meaningful part in their pro-
jects. It’s easier to go outside
and hire a project manager or
site engineer. They’ve been
trained to move the project for-
ward, but we do not have train-
ing programmes here to bring
along persons in these sectors.”











Queen’: 5 Colles

- Centre for Further Education

P.O; Box N-7427, Nassau, Bahamas -
Tek (242) 393-1666/2646, Fax: {242} 393-3248




Empowering Bahamian pro- ...

fessionals through making their
sectors self-regulating, with

training programmes, certifica- -

tions and standards, was key to
resolving the issue, Mr Rahming

said. While the architects had ~

their legislation, Bahamian engi-
neers were still waiting for theirs
to be given “teeth”, while con-

tractors-continue to wait-for ©

their Bill to come to Parliament.

“T think all of us have to be a
part of the solution,” Mr Rah-
ming said. “It’s a lot to do, but
we need to empower the con-
tractor, the engineer, and then
we need to have this empower-
ment help us get a bigger piece
of the pie.

“We’re not in a position to
take everything, but we’re get-
ting there.”

Mr Rahming and his fellow
authors, in their paper, said that

despite estimates of foreign-

direct investment inflows of up
to $5-$6 billion since 2002, only
five Bahamian construction
companies were on their own
able to handle projects worth
more than $10 million.

And while available statistics
suggested the former Christie
government had approved up
to $20 billion in foreign invest-
ment projects,.and land sales to
non-Bahamians worth $11 bil-
lion, the impact had yet to filter
through to Bahamian profes-
sionals or the economy.

Urging that the Government .
place more emphasis on joint |
ventures’ between Bahamian -
and foreign consulting firms, the ..

paper’s authors said the perfor-

‘mance bond requirements .. |

imposed by many developers

exacerbated the difficulties -

faced by locals in competing for
work.
“Foreign investors coming to

‘the Bahamas have been able to |

convince the Government that |"
. the project to be.undertaken
patie specialised skills,”.the. |
e ‘authors wrote. 3





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a

THE TRIBUNE

MONDAY, SEPTEMBER 15, 2008, PAGE 5B



Investors must give City Markets major ‘check-out

FROM page 1B

to their fury over the compa-
ny’s performance and the way it
has been handled. Besides the
huge delay in publishing the
audited financials (released 14
months after year-end), the
more than $8 million swing into
the red should provoke some
searching qu ctions of the com-
pany’s Board, management and
majority shareholder, BSL
Holdings.

Now more than two years
since BSL Holdings paid $54
million (plus several million
more in legal and financial advi-
sory fees) for Winn-Dixie’s 78
per cent stake, it has become
clear that the transition from
the US grocery chain’s owner-
ship has been anything but

‘smooth. And that’s to put it

mildly, with Bahamas Super-
markets’ cash flow problems
having persisted through its
2008 financial year and beyond,
to judge from the Subsequent
Events section in the 2007
accounts.

This means 2008’s fiscal
results are unlikely to be a col-
lector’s item that a happy shop-
per would put in their grocery
trolley. Stephen Boyle, now
thrust into the chief executive’s
hot seat, and his management
team are doing their best to put
the past behind them, and are
focusing on 2009 and 2010 — the
years when the final verdict will
be delivered.

Yet there is no escaping the
short-term, at least tomorrow
night. In defence of Bahamas
Supermarkets and its major
shareholder, the long-term fun-
damientals still seem to be there,
with City Markets continuing
to turnover $140 million plus
per year on the top-line. Surely
it will be able to turn over a
profit sooner rather than later.

Then again, maybe not. Large

grocery chains can be fiendish-
ly difficult to operate even at
the best of times. In starting
Abaco Markets’ five-year turn-
around, Tribune Business can
remember the company’s for-
mer president, David Thurlow,
telling it that it had taken him
and his management team a few
moons to understand the com-
pany’s many moving parts. The
buying, ordering, marketing,

pricing, transportation, mer- .

chandising, point-of-sale, inven-
tory management and turn... it
all adds up. Not to mention

shrinkage/pilferage, a particu-

larly severe problem it seems
in the Bahamas, given the level

of dishonesty among some cus-
~~ tomers and Staff. ee

‘When it comes to explaining
City Markets’ woes, BSL Hold-
ings insiders have previously
told Tribune Business that it
underestimated just how reliant
the Bahamian operation was
Winn-Dixie - and its Jack-
sonville head office — for
absolutely everything, ranging
from the extensive range of
‘own brand’ labels to the back-
office accounting and support
systems. The latter, needless to
say, was the cause.of so much
trouble, when Bahamas Super-
markets dumped the Winn-Dix-
ie support services and Transi-
tion Agreement early, without
having a replacement in place.

Another explanation from
insiders is that too much
reliance was placed on Barba-
dos Shipping & Trading, the
overseas group that bought in
with a $10 million loan and was
supposed to provide the retail
management oversight and
expertise. This explanation sug-
gests that the Barbadians per-
formed more like absentee
landlords, and when everyone
woke up to City Markets’
emerging problems, it was too
late.

Even allowing for the $140
million-plus sales cash flow, it is
hard to escape the suspicion at
this early stage that at $54 mil-
lion BSL Holdings massively
overpaid for Bahamas Super-
markets. Although more than
$2 million in fees previously
paid to Winn-Dixie every year
could be recouped immediately,
and there was a healthy cash
pile on the balance sheet, it is
interesting to note that trade
buyers — most notably Rupert
Roberts at, Supervalue — are
understood to have felt the
company was worth no more
than $30-$35 million at most.

With shareholders wanting

answers, Tribune Business-has--
its own list of questions that-it .-

suggests should be put to the
Bahamas Supermarkets Board
and management tomorrow
night:

e Explain the rationale for
dropping the Winn-Dixie Tran-
sition Services Agreement ear-
ly without a replacement back
office/accounting system being
in place?

¢ Can the Board confirm or
deny what Tribune Business has
been told, namely that it and its

Audit Committee were warned.
that doing this-would make it |

impossible to conduct an audit
for 2007? Can the Board con-
firm or deny that this advice
was overridden by Barbados
Shipping & Trading, which said
effectively “go ahead”.

e What is the present status of
City Markets’ cash flow, and
how much cash is on the bal-
ance sheet?

e What is the status of the

company’s relationships with.

suppliers and wholesalers?

Have some cut the company off,

or are refusing to extend any
more credit until bills are paid,
as has been alleged? What
impact has the cash flow posi-
tion had on the company’s bulk

To advertise in The Tribune -

Base amen
~ _ just call 502-2371 today!

_THE COMPLIANCE COMMISSION

NOTICE

|| CHANGE OF EXAMINATION YEAR FOR.._—

ANTI-MONEY LAUNDERING

EXAMINATIONS



The Compliance - Commission. (the Commission), was
established by section 39 of the Financial Transactions
eporting Act, Chapter 368.as the anti-money laundering

supervisory

calendar year.

authority
supervised by the-Central Bank or the Securities Commission. |].

for financial

institutions not

Following consultation with its constituent financial institutions,
the Commission hereby announces that with effect from Ist
January 2009, the examination year will be based on the

For those financial institutions which, by the 31st December 2008,
completed an on-site examination in respect of the period of Ist
August, 2007-31st July 2008, this change will have the effect of
extending the current examination period that commenced on1|st
August, 2008 to 31st December, 2009

Those financial institutions which have not submitted to an on-site
examination for the period Ist August, 2007 to 31st July, 2008,
excluding those exempted by the Commission for that period, are
asked to submit all outstanding examinations on or before 30th

‘January 2009

The examination forms may be found on the Commission’s Website

at www.bahama



ompli

Please direct your comments/ questions to the
Commission at telephone 702-1544.

INSPECTOR

COMPLIANCE COMMISSION



buying from US suppliers such
as Supervalue International?
What is the current level of
trade payables?

e Given that there was zero

cash on the balance sheet as at ©

year-end 2007, please explain
why two more dividend pay-
ments, totaling $0.60 per share,
were made post year-end? Why
was this prudent, as a further
$2.748 million was taken out of
Bahamas Supermarkets: when
cash flow was already an issue?
Does this indicate that man-
agement did not have a clear
understanding of the financial
position, and no unaudited fig-
ures were available to.it? How

bad was-the-accounting-melt- . ..

down? .....

e How aligned are the inter-

ests of the majority shareholder,
BSL Holdings, and the compa-
ny and its minority sharehold-
ers? Was the $0.60 per share in
dividend payments made sim-
ply to enable BSL Holdings to
service its debt to Royal Bank
(believed to be at least $24 mil-






HALL OF FAME
MEMBERS






lion)? ,

.° Has BSL Holdings kept
pace with its debt service pay-
ments to Royal Bank? Is it in
compliance with all its banking
covenants now?

e How close is the company
to getting a new back
office/accounting system? What
tasks. are the team of outside
consultants and accountants
performing, and when will they
be finished? How much has this
cost?

e What is the current level of
shrinkage/pilferage being
endured by.City Markets? What
reduction targets are in place,
and when will they be achieved?

deal with the staff pension
fund? Why were the funds
needed so urgently? What is the
status of the overdraft facilities,
as outlined in the accounts, and
have the $1.3 million in capital

- injections been repaid?

¢ How willing are BSL Hold-

Please explain the rationale -
.. behind the decision-to enter. the
$3 million. sale and leaseback '

ings and its shareholders to
inject more equity/capital into
the operating company? Has
this been done already?

e Have the capital improve-

ments made to stores ceased? ..

Please provide guidance and fig-
ures on any further cap expen-
diture plans? Are there any
plans to close stores or reduce
staff numbers?

e Please provide specific fig-
ures and guidance on- the 2008

unaudited figures, and also how ~

the first two-and-a-half months

, of fiscal 2009 have gone? Espe-
cially sales, costs, admin expens- .

es, profitability, cash flows and
cash on hand, trade payables,
and inventory.

e Notwithstanding the
absence of a Takeover Code,
would BSL Holdings be willing
to buyout the minority share-
holders, given that the company
in which they are invested has
changed so dramatically in
terms of performahce, manage-
ment and outlook since the’
Winn-Dixie buyout?




INVESTMENT OPPORTUNITY
In The Rapidly Expanding Carmichael Road Area
. Lot #5 Block 2, Millars Heights Subdivision

Property Comprises 18,292.55 SqFt.
With 106 Ft. on High Traffic Carmichael Road

Interested person should submit offers in writing

addressed to:

The Manager, Credit Risk Management,
P.O. Box N-7518, Nassau, Bahamas _
to reach us before Septmeber 29, 2008.

For further information, Please contact:

356-1608 or 502-0929 x

_ The College of The Bahamas Alumni Associatio
HALL OF FAME
_ SEEKING NOMINATIONS

The Alumni Association Hall of Fame was established in spring of 2001 by the Executive

Board of the Association. The purpose is to recognize annually a COB alumna/alumnus who

is making significant contributions to the development of The Bahamas. It is envisioned that
““honourees will play a major role in the fundraising efforts of the Association. ~~ ~~~

On May 11, 2001, the Alumni Association named Bishop Neil C. Ellis, Pastor, Mount Tabor
Full Gospel Church as its first inductee. Subsequently named were Larry Gibson, a financial
services expert (2002); Laura Pratt-Charlton, a pharmacist /entrepreneur (2003); Tanya
McCartney, an attorney and a former member of the Senate (2004); Vernice Walkine,

--Director-General of: Fourism (2005), Keith Bell, Former Superintendant of the Royal Bahamas
Police Force(2006}, Charles Sealy, Chief Executive Officer, Doctor’s Hospital (2007).

Each honouree is presented with a 36” Silver European Cup, which symbolizes his or her
outpouring of inspiration that causes others to thirst for “knowledge, truth and integrity”,
the values promoted by The College of The Bahamas and reflected in the institution's motto.

Hall of Fame Award Criteria:
__What It Takes to Be Nominated and Become a Member of The Hall of Fame

The Alumni Association of The College of The Bahamas views induction into its Hall of Fame
as its highest honour. It is a. designation extended to individuals whose lives are the hallmark
of The College’s motto “Knowledge, Truth, Integrity.”

To be considered for the Alumni Association Hall of Fame, nominees must:
e Have distinguished themselves as students, academically and socially, while at The
College of The Bahamas
® Be among the best in their chosen fields of endeavour, displaying scrupulous conduct
_____ that stands as an example to others.
e Bea leader and relentless worker whose success benefits co-workers, those they
supervise or employ and the community in general.
e Excel in civic outreach and make a contribution to society that is easily visible within
their fields and the wider scope of Bahamian Life.
e Exhibit strength of character that translates generally into community strengthening,
personifying their alma mater’s motto “Knowledge, Truth, Integrity”.
Be nominated

The Hall of Fame Award Nomination Form
. May be obtained from

The Office of Alumni Relations & Development (Upstairs, Administration Block (A-Block))

Oakes Field Campus Or may be downloaded from http://my.cob.edu.bs

All nomination forms, along with a current portfolio and photograph, must be submitted by
Wednesday, October 8, 2008.
For more information, please call the Office of Alumni Relations & Development at 302-4359.
Portfolio Size: Five (5) pages (maximum) * Font size: 12 pt * Paper 8.5 inches x 11 inches




























































»

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PAGE 6B, MONDAY, SEPTEMBER 15, 2008



INSIGHT

For the stories

behind the news,



than $250,000 assets to any one
party over a 12-month period.
Full Board approval, Mr Smith
said, was also required for the
opening of new bank accounts
or changes in account signato-
ries, plus the initiation of legal
proceedings by either compa-
ny.

“Tt is not the intention of my
clients to cause you or the direc-
tors of the companies difficulties
in managing GBPA or Port
Group Ltd,” Mr Smith wrote
to Mr Christiansen. “They
understand that you wish to

* actively manage the companies
and promote their success.......

ie-e-lo Mp FJ/6/ a) 4
on Mondays

Legal Notice



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

WILLOWMERE LIMITED

In Voluntary liquidation

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

The date of commencement of dissolution is the 4th day of
September 2008.

Mr. James Howe
P.O. Box 393
7-11 Britannia Place
Bath Street, St. Helier
Jersey, JE4 8US
Liquidator



ETS

EMP T ER D

ABACOI!



Abaco Markets Limited, a leading food distribution
company with five retail and club outlets in New
Providence, Freeport and Marsh Harbor Abaco i is seeking
applications for the position of:

SENIOR TECHNICIAN

‘Fhe Job-~ ope
To manage the co pany's s Ae : Conditioning and



THE TRIBUNE



=} UTS Sos)

“There have, however, been a
number of recent developments
in the operation of the compa-
nies, which my clients under-
stand were initiated by you
without consultation with, or
proper resolutions, by the
Boards, and which have caused
them great concern.”

Leading the way on concern-
ing issues, according to the let-
ter, is an alleged $23 million
cash payment that was made by
Port Group Ltd to Hutchison
Whampoa, the Hong Kong con-
glomerate that is its partner in
Freeport’s key productive
assets. These include Grand
Bahama Development Compa-
ny (Devco), Freeport Harbour
Company and Grand Bahama
Airport Company.

Tribune Business under-
stands that the majority of this
payment, possibly as much as
$16 million, was used to repay a
Hutchison Whampoa loan to
the Grand Bahama Airport
Company, with the rest going
to Freeport Harbour Compa-
ny.

“My clients understand that a
cash payment of $23 million was
made from Port Group Ltd to
Hutchison Whampoa,” Mr

Smith wrote. “They further

understand that no such sum
was payable at this point (if at
all), and indeed that Hutchison






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DOWDSWELL ST., BETWEEN CHRISTIE & ARMSTRONG STS. ©
SUNDAY - FRIDAY: 7AM - 4 PM

Tel. 356-0907
DINE |IN/TAKE OUT '
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LUNCH FROM $5.00

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Whampoa was not pressing for
such payment from Port Group
Ltd.

“The payment was made
upon your [Mr Christiansen’s]
exclusive initiative, without my
client’s knowledge and, in par-
ticular, without a Board meet-
ing duly convened of which
proper notice was given in
accordance with the Articles
(Lady Henrietta having
received no notice of such meet-
ing).”

Apart from appearing to con-
travene Justice Adderley’s
Order, Mr Smith said the St
George estate wanted an expla-
nation for why the $23 million
payment was made, and an
assessment of its impact on Port
Group Ltd’s financial state-
ments.

Another “serious concern”
was the St George estate’s belief
that Mr Christiansen had
agreed to sell land owned by
Port Group Ltd’s subsidiary,
Freeport Commercial & Indus-
trial, to Ross University “at a
60 per cent discount from the
original sale price, thereby los-
ing the company $7 million in
revenue”.

This, Mr Smith’s letter
alleged, was a decision again
taken without full Board
approval, along with what were
termed “licence fees” payable

‘Considerable concern’ on Port chair’s moves

FROM page 1B

by Ross University to the
GBPA.

Board approval, the letter
said, was required “for all sig-
nificant steps”, and Mr Smith
said the St George estate would
hold all directors “fully account-
able” for their actions.

Also noted in Mr Smith’s let-

ters were fears that the retire-
ment of Albert Gray, the
GBPA’s vice-president in
charge of licensing, would be
sought by Mr Christiansen upon
the former’s 65th birthday in
November 2008.
_ The letter also cited concerns
that Mr Christiansen was
“actively promoting the devel-
opment of a new cruise ship
facility. Again, this appears to
my clients to be a matter for the
Board of the companies, and
not for unilateral action”.

Any new cruise ship terminal
for Grand Bahama will have to
involve Hutchison Whampoa
and the Freeport Harbour
Company, as Tribune Business
understands the latter has the
exclusivity to own and operate
such a facility in the Port area.

Other concerns raised by Mr
Smith’s letter included the
action initiated by the GBPA

and Port Group Ltd, seeking.a -

court order barring him and his
firm from representing the St
George estate; the “effective
retirement” of Ian Barry and





Sir Albert Miller from their Port
management positions; and the
alleged delivery of files on the
key companies at the centre of
the ownership dispute — IDC
and Fiduciary Management Ser-
vices — from the GBPA and
Port Group Ltd to attorneys
acting for the Hayward side.

Mr Smith’s letter, though,
said that as a result of agreeing
a binding option with the Hay-
ward family to acquire their
GBPA and Port Group Ltd
stake for $100 million, British
banker Roddie Fleming had
been granted a power of attor-
ney to direct the ownership lit-
igation on Sir Jack’s behalf.

“My clients therefore fully
understand that Mr Fleming is
thus clearly an important part of
the ‘landscape’ of any possible
settlement,” Mr Smith wrote.
“It should also be noted that
the Prime Minister and govern-
ment forms another significant
element.

“The Prime Minister has
already publicly expressed views
as to the preferred ownership
of GBPA and Port Group Ltd,
which reflect views he has pre-
viously expressed forcefully to
my clients in person...

“Clearly, those views are a
significant factor in informing
the approach which my clients
have adopted towards the posi-
tion of Mr Fleming.”

AR NN . —

i Equipment. *



Bo Rehrig gération/Fre

Which involves completing routine repairs and
maintenance, implementing and maintaining a preventive
maintenance program, installation of new equipment and
managing the company’s energy saving program.

Which airline offer the lowest round trip fares to San Andros?...

Which airline offers the most daily flights to San Andros?

Which airline offers the most daily flights to Fresh Creek Andros?

Which airline offers. the lowest round trip fares to He reek |
Andros?

Which airline has the highest percentage for on time departure
and arrivals?

Which airline operates from a clean, decent air-cond jo
terminal?

Which airline terminal has complimentary wireless internet
service?

Which airline offers full concierge service to their passengers?

Which airline offers complimentary bottle water on all of it flights

Which terminal area offers passengers free Water, Coffee, Tea

and Popcorn?

Which airline offers its passengers free parking with 24hrs.
security?

Which airline rewards you with a free ticket for every ten you
purchase?

Which airline has the most experience flight crew?

Requirements

° Certification in the field of Air Contitoniig
/Refrigeration
Familiarity with electronic computer controlled boards,
programmable boards, air and water cooled
refrigeration and air conditioning systems a must.
Minimum of 5 years experience
A proven track record of success in the area of AIC
repairs & maintenance
Possess strong leadership skills with excellent People
and Communication skills









Outstanding compensation, benefit packages (inclusive
of incentive based bonuses provided)

Performance Air Ltd.
The Bahamas Finest Airline

www.Performance-air.com
Tel. yay oes 1608/562- 2502

Only serious applicants need apply and should send their
resumes to hr@abacomarkets.com.



EG

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES
SIN







Abaco Markets 1.81 1.81 0.135 (0.000 13.4 0.00%
Bahamas Property Fund 11.80 11.80 0.00 1.061 0.200 11.4 1.69%
Bank of Bahamas 8.50 8.50 0.00 0.643 0.160 13.2 1.88%
Benchmark 0.89 0.89 0.00 -0.823 0.020 N/M 2.25%
Bahamas Waste 3.49 3.49 0.00 0.209 0.090 16.7 2.58%
Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69%
10.91 Cable Bahamas 14.10 14.10 0.00 1.224 0.240 11.5 1.70%
2.85 Colina Holdings 2.85 2.85 0.00 0.046 0.040 62.0 1.40%
4.80 Commonwealth Bank (S1) 7.00 7.00 0.00 0.449 0.300 15.6 4.29%
3.20 Consolidated Water BDRs 4.50 4.32 -0.18 0.122 0.052 35.4 1.20%
2.25 Doctor's Hospital 2.75 2.78 0.03 16,000 0.256 | 0.040 10.9 4.44%
6.02 Famguard 8.06 8.06 0.00 0.535 0.280 16.1 3.47%)
12.00 Finco 12.00 12.00 0.00 0.665 0.570 18.0 4.78%
11.54 FirstCaribbean Bank 11.55 11.55 0.00 0.550 0.450 21.0 3.90%)
5.05 Foco! (S) 5.25 5.25 0.00 0.385 0.140 13.6 2.87%
1.00 Focol Class B Preference 4.00 1.00 0.00 0.000 0.000 nM 0.00%)
0.40 Freeport Concrete 0.44 0.40 -0.04 2,300 0.035 0.000 14.4 0.06%
ICD Utilities 5.57 5.57 ©.00 0.407 0.300 13.7 5.39%)
J. S. Johnson 12.00 12.00 0.00 1.023 0.620 11.7 5.17%)
__Premier Real Estate 10.00 10.00 6.900 0.180 0.000 55.6 ,20%
REA Oe DSU 0 OSS igted bebt Securitiés + Bonds trade on a Percentage Pricing basis. 8 ere
S2wk-Low Securit Symboi Last Sale Change Daily Vol. Inte Maturit
1000.00 Fidelity Bank Note 17 (Series A) + FBB17 7% 49 October, 2017
1000.00 Fidelity Bank Note 22 (Series B) + FBB22 Prime + 1.75% 19 October, 2022
2 960.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 7% 30 May, 2013
1900.00 1000.00 __ Fidelity Bank Note 15 (Series D) + FBB1S a. . Prime + 1. 75% - 29 May, 2015, ;
f pS RBar Lo 2 gee RE se Fidelity Qver-The-Gounter Securitias CREE LOE EE EA fe seat tite:
5 2wk-Hi 52wk-Low Symbot Bid S Ask S Last Prico Weekly Vol. EPS $ Div s P/E Yio a
14.60 14.25 Bahamas Supermarkets 14.60 15.60 14.60 -0.041 0.300 N/M 2.05%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6,00 0.000 0.480 N/M 7.80%
0.54 0.20 RND Holdings 0.35 : 0.40 ‘ 0.35 -0.023 0.000 N/M 0.00%,
Colina Over-The-Counter Securities ae PY Meo oa 3 ee
41.00 41.00 ABDAB 41.00 43.00 44.00 4.450 2.750 8.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 41.160 0.990 13.4 6.16%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0.00%
: i BIS Listed Mutual Funds Be f ee Ee vie PR EEE
52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months Divs Yield% NAV Date
1.3320 1.2652 Colina Bond Fund 1.3320 3.09% 5.27% 31-Jul-08
3.0250 2.8869 Colina MSI Preferred Fund 3.0250 0.81% 4.78% 31-Aug-Ga
1.4119 1.3544 Colina Money Market Fund 1.4119 2.68% 4.21% S-Sep-08
3.7969 3.3971 Fidelity Bahamas G & | Fund 3.5807 -5.70% 5.40% 31-Aug-08
12.3870 11.7116. Fidelity Prime Income Fund 12.3870 3.80% 5.77% 31-Aug-08
100.0000 100.0000 CFAL Global Bond Fund 100.0000 31-Dec-07
100.9600 99.9566 CFAL Global Equity Fund 100.9600 1.01% 1.01% 30-Jun-08
1.0000 1.0000 CFAL High Grade Bond Fund 1.0000 31-Dec-07
10.5000 9.4075 ___ Fidelity International Investment Fund 9.4075 -10.40% -10.40% 31-Aug-08
1.0147 1.0000. FG Financial Preferred Income Fund 1.0147 1.47% 1.47% 31-Jul-08
1.0119 1.0000 FG Financial Growth Fund 1.0027 0.27% 0.27% 31-Jul-08
1.0119 1.0000 1.0119 1.19% 1.19%

FG Financial Diversified Fund 31-Jul-08

“ Market Terms ; eas
BISX ALL SHARE INDEX - 19 Dec 02 = 1.000 00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today's Close
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
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

FO TRADE CALL: CFAL ete Bthe 7 O10. { FIDELITY 242-356-7764 | FS CAPITAL MARKETS 242- 396-AN0G | COLONIAL 242-802-7528
FOR MORE INFORMATION CALL BISX @ 242-394-2503 : a,

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







Nassau provides an excellent opportunity for a commercial,
residential or mixed. use development within the proposed re-
urbanization master plan for Downtown Nassau and the
Harbourfront. This parcel is located in the Living Waierfront
District which will consist mainly of residential developments
with supporting retail, commercial and marina facilities.

PROPERTY FEATURES

3.94 acre site « 826 ft. of water frontage en Nassau Harbour
304 ft. of frontage on Bay Street e 5 min. walk to the city center
Magnificent views of Paradise Island & The Atlantis Resort

Three buildings on the property:

Main warehouse - 21,250 SF © Small storage area - 1,569 SF
2-storey retell building - 10,384 SF

wwnw-bahamasrea:ty- peeeees

ea ete cee e
Tel: 242.396.0026 | Cel: 242,424,793:

male MOsen Onc MUR eCcr IANS se



Nassau Airport

Development Company



OPPOR
MANAGER, PEOPLE -

The Nassau Airport Development Company (NAD) Is seeking
candidates for the role of Manager, Feople. The successful
candidate will be responsible tor all aspects of human resource
management at NAD, inctuding employee compensation
payroll and benefits, training, labour relations, health and safety,
communications, social activities and community involvement
This position reports to the Vice President, Finance and Chief
Financial Officer and wil! involve daily interaction -with NAD
staff, senior management, and executives

The ideal candidate will have a post secondary education in a
field consistent with human resource management, and will be
able to work independerity to manage multiple priosties and
stakeholders in a fast paced work environment. At least five
years experience in a similar position is preferred

This position offers competitive compensation arid benefits
consistent with experience and qualifications



if you are interested in joining our dynamic team, please
submit your resume by September 24, 2008 to:
Manager, People

Nassau Airport Development Co.

PO Box APS9229

Nassau, Bahamas

Only those applicants short listed will be contacted.

Prime development site located’ in the heart of Downtowl







THE TRIBUNE

CHANGE , from 1B

places in the ranking for its ease
of Doing Business 2009 paper,
said neither he nor anyone else
in the business community was
likely to have been surprised by
the findings.

“We’re clearly slipping, and
this is a product of maintaining
the status quo. We need to
become more innovative about
the way we do business, and the
way the Government interacts
with the business community,”
Mr D’Aguilar told Tribune Busi-
ness.

“There is this incredible desire
to maintain the system we have
because we don’t know what to
do [otherwise]. It’s safer to stick
with what we have.”

Agreeing that the World Bank
report indicated the Bahamas’
economic competitiveness on a
world level was continuing to
slip, Mr D’Aguilar said other
countries were “adjusting a little
more quickly” to the global real-
ities, and showing a “desire to
become quicker, leaner and
more efficient”.

As an example of government
and system inertia in the
Bahamas, the Chamber presi-
dent pointed to the Immigration
Department, which he said was

“so scared” to give a timeframe
— such as 30 days — for when it
would provide an employer with
an answer to a properly com-
pleted work permit application.

Setting such a timeframe
would “force civil servants to do
things in certain time periods”,
Mr D’ Aguilar said, asking:
“Why are they’so frightened?”

“Take the administration of
justice,” he added. “I cannot for
the life of me understand why
we have not changed the way
we administer justice in this
country. The lawyers know it,
but when I ask why they’re not
changing it, they roll their eyes,
shrug their shoulders and say
they can’t change it.

“In education, it has taken so

‘long to adapt our curriculum to

the realities of most Bahamian
families; that they have a single
parent and most of the time at
home is spent watching TV.”

Mr D’ Aguilar urged the Gov-
ernment, and specifically the
Cabinet and government minis-
ters, to devolve more decision-
making power to their officials.
He acknowledged, though, that
this would not be easy given the
traditional level of control
Bahamian politicians like to
exert.

“There’s no way ina modern

government that you can have
a.Cabinet minister making a
decision on a person’s perma-
nent residency application,” the
Chamber president told Tribune
Business. “They’ve got far more
important and bigger things to
decide.

“Politicians don’t want to give
up control, but to get govern-
ment to move they have to
devolve decision-making power
into the hands of people that can
make them. Don’t bottle up
decision-making authority in the
hands of one or two people.”

Mr D’ Aguilar said: it seemed
to him as if the Government and
its officials “get overwhelmed
by the amount of change
required”. He suggested they do
it “in small, incremental steps”
with specific timelines attached.

“I think everyone who starts a
business or has to go to govern-
ment for an approval will lament
at the time it takes,” Mr
D’ Aguilar said. ““There’s always
some unexpected, unforeseen
step that comes up which they
have not found out about.”

While the Government could
point to businesses not providing
the right documents or complet-
ing application forms properly,
and its lack of human and
administrative resources, the

INVESTMENT OPPORTUNITY

COMMERCIAL BUILDING

SITUATED ON DOUBLE LOTS TOTALING 23,753 SQ. FT.

LOCATED BERNARD ROAD
Approximately 500 feet east of the Village Road Round About

Interested persons should submit offers in writing addressed to:
The Manager, Cr edit Risk Management, P.O. Box N-7518,

Nassau, Bahamas

to reach us before September 29, 2008.
For further information, please contact:

356-1608 or 502-0929



ATLANTIC MEDICAL INSURANCE
ACCOUNT REPRESENTATIVE

Chamber president said “frus-
trating” delays often boiled
down to persons “not wanting
to make a decision”.

_The Doing Business 2009
report, published by the World
Bank and its International
Finance Corporation (IFC) arm,
found that when it came to over-
coming the bureaucracy and red
tape that every business in this
country knows stifles Bahamian
commerce, the Bahamas had
slipped from 51st place to 55th
out of 181 nations.

MONDAY, SEPTEMBER 15, 2008, PAGE 7B
nn RN

It ranked especially low on
property registration, at 143rd,
which measured how easy it was
for businesses to secure proper-
ty and land title rights. The
report found that there were sev-
en different procedures that had
to be followed before Bahamian
businesses could secure clear
and marketable title, and this
nation was the fourth most
expensive in the Caribbean, with
Bahamian businesses having to
pay an average price of 12.5 per
cent of the property’s value just

NOTICE

The National Insurance Board

to register it.

Mr D’ Aguilar said the latter
ranking was likely to be a result
of the Stamp Tax payable on the
transaction, while the 18 process-
es involved in construction per-
mitting for a warehouse was part
of the attempt to ensure all prop-
erties were hurricane resistant.

Still, he added that the
Bahamas needed to assess where
it could eliminate bureaucracy
and red tape, and reduce
approval processes from double
to single figures.

Sessions will be held from 9:30 a.m. to 1:00 p-m. in the Trainmg Room of
N.1.Bs Wulff Road Complex, Wulff Road at Minnie Street

Refreshments will be served

Seminar Description

For everyone - from the self-employed personwho works alone, to the employer of a
fem persons, to the person responsible for the payment of contributions on behalf of
an employer of thousands. The Seninar will give an overview of the National

| Insurance programme, inclusive of its benefits and assistance programmes, and
explore the scope and inppact of the National Insurance Fund on the economy of

. the country.

w

Ouestions and/or concerns about the monthly payment of contributions or other

administrative / compliance tssues, will also be addressed.

Persons interested in attending a Seminar
should reserve a space by calling the
Board’s Public Relations Department
at 356-2070, ext. 236/234/232



MAKE PLANS. TO PARTICIPATE & ATTEND!

the Rahamas Agricultural, Karine Resources and

Atlantic Medical Insurance (AMI), part of the Colonial Group of
Companies (CGI) with headquarters in Bermuda, is seeking an Account,
Representative.

. pepe ae

®

CGIL, with offices in Begmuda, the Cayman Islands, the British Virgin
‘Islands as well as The amas, offers a complete range of premier
fi; ancial and insurance services and, over the past few years, has
undertaken significant growth. This is an opportunity to be part of a
rapidly growing innovative company, focusing on providing clients win
first class service and access to competitive products. ;

26th 28eh Rebar, we :
» Gladstone Road Agticultural Center (GRACO)
= ‘Nassau, N.P., The Bahamas

Sa REGISTRATION FORM
Company Name:
Based in Nassau and reporting to the Accounts Manager for-AMI, the :
Account Representative will be- a motivated individual responsible.
for marketing and promoting a range of group health products. It is
essential that applicants possess the following qualifications, experience
and attributes: Settlement:
Bachelors Degree in a relevant area required
Minimum of 3 years sales experience, with insurance sales
experience and familiarity with group employee benefits
products, including health, group life, LTD and AD&D prefered
Dynamic self-starter
Experience in undertaking presentations’
Superior verbal and written communication skills
Strong numerical skills
Proficiency in MSWord, Excel and e-mail software to intermediate
level

|] Fisheties Production

a Food Processing

ory Livestock

[ |] Fisheries Distribution
-Compensation for the successful candidate will be attractive and linked “ee
to performance.AMI offers an attractive benefits package that includes
comprehensive medical insurance, contributory pension plan, life and
long term disability coverage.

[] Food Court .

Please specify products: _ .
If you have a keen commitment to quality results and want to contribute (For Example: Livestock: Sheep ot pl Root cn Cassava)
your talents to a dynamic company, contact us about this opportunity.
Applications will be treated in the strictest confidence and should be

submitted by email to:

DEADLINE FOR SHPMISSION OF FORM: 1st December, 2008

_ For mote information. eon
Ms. Rena Glinton (242 356-3100
Mts. Ria Lightboume (242) 322-3740
Fax: (242) 322-2123

Email: bahamasagribusinessexpo@yahoo.com

bs HR@atlantichouse.com.bs



The closing date for applications is 19% September, 2008.




PAGE 8B, MONDAY, SEPTEMBER 15, 2008 THE TRIBUNE









St Andrew’s students who received five or more A’s in BGCSE Examinations
BACK ROW, left to right: Benjamin Pinder, Tony Joudi, Rachael Albury, Victoria Albury, Brolin Xavier,’
Brian Cates and Neil Dillette.

FRONT ROW, left to right: Molly Coyle, Chelsea Saunders, Phylese Hanna, Mr. Coyle — Head of Secondary, Bryanne Evans, Sherzel Smith and Stephanie
Darville. Not Pictured: Geoffrey Brown and Michael Rodgers.





OUTSTANDING BGCSE RESULTS FOR
ST. ANDREW’S SCHOOL

Having achieved the best examination results ever in the School’s history, St Andrew’s students are kicking off a new school
year with great enthusiasm. . ;
At the BJC level, the Year 9 students who opted to sit the exams passed with a 98% pass rate while at the BGCSE level the |
achieved an avérage pass rate of 88%. The students taking the full IB Diploma pas ssed with an average of 8: %














Benjamin Pind ran ichael Rodgers. Brolin Xavier passed exams in ten autincts with straight A’s.
PPP school, stu! ts enjoy is founded on their primary school and middle school learning exPCrIEnCE say

hole St Andrew’s community played a part in this tremendous achievement.” Tw.
more, achieved a total of 5 A’s in Year 11, having previously passed Mathematic



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