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:
2009
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( marcgt )
newspaper ( sobekcm )
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
-m Lhe Tribune

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‘BAHAMAS EDITION






Volume: 105 No.42



sets ene D

CLUES INSIDE TODAY



Claims of ‘mass
exodus’ from party

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

WITH currently only 17
members in the House of
Assembly, the Progressive Lib-
eral Party is reportedly set to
lose an additional three mem-
bers from its Parliamentary cau-
cus. to the FNM, The Tribune
has learned.

In what is being termed as a
“mass exodus from the PLP”,
well placed sources within the
FNM revealed that there are
applications before the party
from a-‘number of prominent
PLP’s both “inside and out of
Parliament.”

With Kenyatta Gibson, the
former PLP and.then Indepen-
dent MP for Kennedy joining
the FNM on Monday, sources
within the governing party sug-
gest that the PLP MP for Eliza-
beth, Malcolm Adderley, could
very well be the next parlia-



meéntarian to “cross the floor.”

Mr Adderley has long been
rumoured as one of the most
disgruntled PLPs.in the House
of Assembly — having been
overlooked for Cabinet
appointments during two shuf-
fle exercises under the Christie

_administration.
Likewise, another PLP MP,

who is reported to have
incurred significant financial
challenges since. the.2007. gen-
eral elections is reported to be

“extremely disappointed” in the °

leadership of the PLP, their loss
at the polls, and the prospect of
being “in opposition” for anoth-
er term.’

The third MP, who sources
indicate has been quite “out-

spoken” on many issues relating

to the party, is reportedly wait-
ing for the “prime opportuni-
ty” to announce his/her deci-

SEE page 13

q

| Eleuthera Fung.
i Tes (240) S3D-2862 J Tel (242) 336-2304



WEDNESDAY, JANUARY 14, 2009



Felipé Major/T ribune staff

Prime Minister Hubert Ingraham; Wendy Craigg, Governor, Central Bank
of the Bahamas; Ross McDonald, Head of Caribbean Banking, RBC:
Nathaniel Beneby, Jr, Vice President and Country Head,. RBC Bahamas.

PM: not long until senator is
appointed to fill vacant seat.

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

er senator to take up the seat
left vacant by ousted appointee
‘Anthony Musgrove.

press that he does not see the
decision by Kennedy MP Keny-

SEE page 13

PRIME Minister Hubert
Ingraham said yesterday that it
will be “not long from now”
that he moves to appoint anoth-

Man with family ties to Bahamas:
a ROE LE aA eC OS UC

@ By RUPERT MISSICK Jr
Chief Reporter
rmissick@tribunemedia.net

DR XAVIER DE SOUZA-BRIGGS, an
academic with historic family ties to the
Bahamas, has been appointed to a position
within the Obama administration, as Pro- |) 4
gramme Associate Director in the Office of weg
dB ° Tr
La nay and Budget, it was revealed yes- Or Xavier de.
Dr Briggs’ mother, Annie, is the youngest - Souza-Briggs
daughter of the late William (“Willie”) Aranha, Nassau's crown
lands officer during the 1940s, and his father, Dr Nevin Briggs of

SEE page 13

THE ROYAL BANK OF CANADA officially opened its new y Financial Centre.
~ on Carmichael Road last night. Pictured at the ribbon cutting are, from left:

Meanwhile, he also told the -



a a By MEGAN
. REYNOLDS
- Tribune Staff
Reporter
mreynolds@
tribunemedia.net -

AN INVESTIGA- |;
TION has’. been
launched into the]:
alleged beating of two -
teenage girls by a
police officer who
|.accused them of hav~
ing sex with aman who §
was driving them home jj
from school on Thurs=''}
day.

Cousins Natasha’
Joseph and Madeline §
Nazaire, both 15, were |.
in the car with family
friend James Jacques,
41, when police pulled
them over in Lincoln
Boulevard and ques-
tioned Mr Jacques and
the girls separately.

The grade 10 stu-
dents at CI Gibson



SEE page 13

| ‘Insufficient evidence’ to:
Charge teacher accused .

@ By LLOYD ALLEN

‘A GRAND BAHAMA :}
teacher accused of sexual mis- }
- conduct with students has been :
placed on administrative leave :
and has not been charged by
police, said a senior education :

official yesterday.

The teacher arrived in Nas-
sau yesterday and was inter-
viewed by police and Ministry :
of Education officials, who

to be charged,

against the teacher.

The allegations made public

late Friday have attracted ; burden of this scheme on

SEE page 13











MARIE TAVIEN points to bruises on her
daughter.Natasha Joseph's face that she
allegedly received from a police officer,
while. Madeline Nazaire looks on.

claim the woman police officer accused them of having sex
with Mr Jacques, and when they refused to tell the officers
their names, she forced them into the back of the police car.

' Natasha claimed that a male police officer in the car threat-








m Clarke/Tribune staff|



























| Fifteen officers’ pension
claims and related
payments ‘will cost

. public more than $6.5m’

Tribune Staff Reporter m@ By RUPERT

MISSICK Jr

Chief Reporter

rmissick@tribunemedia. net.

THE early pension claimél
by the 15 senior police offi-:

‘cers who were asked to;
i retire and related gratuity
i payments will cost the pub-:
: lic purse more than $6.5 mil-|
i; lion, PLP Senator Jerome;
; Fitzgerald claimed yester-

determined that there was insuf- : day. j

ficient evidence for the teacher i

Mr Fitzgerald in a press

Director of Education Lionel stateinent yestenaay alcees

Sands said yesterday that during .
the Department of Education’s | “S : Lhe apkcedal eee oF
preliminary investigations there ' @80 Wl") h Purp i
was no concrete information } preventing the most quali-
supplied that would have war- : fied person on the Police
ranted charges being made | Force from becoming Com-

that an elaborate scheme

missioner.
The immediate financial

SEE page 13

MORTGSEES
MUTUAL FUHDS.
LIFE INSURANCE

bie ate NUE nd

ATER Tes
it at SELEY

CINE Caer e hs
AEST d tN





PAGE 2, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE









BIC Privatisation

Committee reminds: |

THE BTC Privatisation |

Committee reminds the
public that today is the
deadline for public com-
ment on the consultation
on the reform of the reg-
ulatory framework for
the communications sec-
tor.

The public is advised
that all comments can be
e-mailed to consulta-
tion@btcprivatisation.co
m, faxed to 242-393-1772
or hand delivered to
Communications
Consultation, c/o KPMG
Corporate Finance Ltd,
5th Floor Montague
Sterling Centre, East
Bay Street, Nassau,
Bahamas.

Copies of the public
consultation document
are available at most post
offices in New Provi-
dence and at Family
Island administrators’
offices throughout the
Bahamas..

It may also be sone
loaded from
www. bicpenvalsation.ce com.

pygey ORE E

In brief







Rise in inquiries for
debt collection services

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

AT LEAST one debt collec-
tion agency has seen an increase
in inquiries for their services fol-
lowing the economic downturn.

Founder and president of

Apex Management Services
Rory Higgs said following the
softening of the economy in the
latter part of 2008, there has
been a rise in the number of

prospective clients who have

approached the agency about
collecting unpaid debt.

"We have had a number of
prospects that have said to us
that they are in the process of
going through their portfolios to
look at assigning accounts to us.
It does take a bit of time, espe-
cially with creditors, that have
significant amounts that are
owed to them, to identify
accounts and gather information.

"So we haven't seen an imme-
diate increase in assignments
(from the economic downturn),
but we have seen an increase in
persons who have said to us they
are looking at assigning signifi-

ayo THe WORLD

cant amounts of accounts to us,"
he told The Tribune yesterday.

The company mainly hunts
down outstanding debt for finan-
cial institutions, utility compa-
nies and doctor's offices.
Demands for payment are first
made by phone, but if the bor-
rower is un-cooperative, legal
action leading to possible arrest
is initiated, Mr Higgs said.

Last year approximately 1,500
people were laid off, mainly
from the hotel sector in response
tothe downturn in the tourism
industry.

Although many of the affected
persons were given severance

packages, economic pundits wor-’

ried the lay-offs would lead to
an increase in credit card, loan
and bill defaults.

In anticipation of this, Apex

is launching a free debt man:
agement service that will include
negotiations with creditors to
arrange more suitable payment
arrangements for denna vent
borrowers.

"We realise there are persons
out there who are willing to pay,
but unable to pay - and there
are persons out there who are



able to pay and willing. For indi-
viduals who are willing, but
unable Ae TEP RY debts) we will

offer free debt management clin-
ics which will assist persons so
they can more appropriately





AS' THE search to. find
her successor begins, Miss
Bahamas World Tinnyse
Johnson is getting ready to
travel to the other side of
the world as the nation’s
premier “Ambassador of
Beauty.”

She will appear as a guest

Dubai Fashion Week, a pro-
duction of. Emirates Vision
Events scheduled for Janu-
ary 23 — 30.

The news of Ms John-
son’s invitation to Dubai
comes just-as the Miss
Bahamas . Organisation
(MBO) launches. its contes-
tants search for its 2009
pageant.

“The timing. couldn’t be
better,” said MBO president
Michelle Malcolm. —

to show that our efforts to
promote our beauties inter-
nationally. are paying off,
and in-a big way.”

Ms Johnson will spend 10
days — all expenses paid —

model at the Creations’

“This invitation only goes _

manage the debt that they have
‘so they could more appropriate-
ly service that debt,” he said.

.in Dubai, United Arab Emi-

rates, which is considered
one of the world’s most,
exciting destinations.
Creations Fashion Week
is a premier fashion event in.
the Dubai fashion calendar.
Organised as a part of the
Dubai Shopping Festival,
this event has been an excel-
lent platform for the aspiring
young designers of the
region. The event is sup-
ported.by the government of
Dubai’s Department of Eco-
nomics and will stage two
shows per day for eight days
— the first featuring aspiring

‘designers and the second

showcasing the work of
international designers.

Ms Johnson will join
models from Europe and
India wearing prét-a-porter,
evening wear, bridal and
ethnic fashions.

“I’m so thrilled to be
going to Dubai,” said Ms
Johnson who just last month
competed in the Miss World
pageant in South Africa.

Eleuthera road projects
‘are ahead of schedule’

@ By LLOYD ALLEN
Tribune Staff Reporter



ROAD projects throughout Eleuthera are ahead
of schedule-and have provided residents with many
employment opportunities, an island official said.

At.aicost of more than $13 million, the Ministry
for Works arranged for road, bridge, and dock
upgrades to begin in Eleuthera in the late summer of
2008.

Many of the thoroughfare contracts were sched-

uled to be completed within 12 to 18 months, how- .



ever, deputy district’ councillor for North Eleuthera

Theo Neilly told The Tribune on Monday that road-’*
works in his district are ahead of schedule and have. ,
-provided employment for many residents.

“In Current:settlement, the front street is now
finished,-with most of the main roads in town com-
plete. Work has also started.on roads between Cur-
rent'settlement and-Lower Bogue,” he said.

With contractors promising more than 100 jobs to
residents during the initial contract signings, Mr
Neily said employment has remained consistent,
with additional jobs available on Harbour Island.

Mr Neilly said that residents of North Eleuthera

_ are especially pleased with the decision by Symon-

ette’s Enterprise construction company to repave the
island’s main roads with concrete.

“The contractor used concrete to keep the tradi-
tional look in town, which goes well with tradition:
al houses in our aréa,” he said.

Mr Neilly said road works on Current Island are
also progressing along with those on Harbour Island.

The Glass Window Bridge, which connects North
and South Eleuthera, has seen several repairs since
being damaged by Hurricane Andrew and Floyd
nearly a decade ago.

‘Mr Neilly said a new railing has since been

‘installed’ on ‘both sides of the bridge, -which now

allows for a smoother flow of traffic between the
northern and southern ends of the island.

Senior administrator of Central Eleuthera Gary
Knowles said that road repairs in his district are
also advancing steadily and he expects the work to
be completed well before the scheduled date.

Minister for Works Neko Grant in August 2008
approved several multi-million dollar road repair
contracts as part of his “infrastructure crusade”
improve roads throughout Eleuthera and other
islands. '

sbeaeeesnenseesaseneeccceuavcentenescscanaucenecsseeeeeaes a ueeeececeeceeneereseseaneceennseneneeeeeeeeeeenensensseeeseeecunecsnsunsenanansaneneenecaueeneneaneeseseneeaasensenenenanaeanasenssnenenenenanes

a CORRECTION

IN TUESDAY'S Tribus it
was reported, that the second.
place winners of the. first’

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Conti a
BU Cer Maer sy
322-2157

Bahamas Humane Society’s
Betty Kenning B-Humane
Awards went. to Ms Maggie
Crouch-Thompson and Mr
Julian Jakusz, who call them-
selves the “Pink Potcakes.”
The Tribune went on to state

: _, that “the two women have lived

in the Bahamas for more than
25 years.” This was the error.
The “Pink Panthers” team is
made up of a man and a woman
— Ms Maggie .Crouch-Thom-

son and Mr Julian Jakusz— two
animal lovers who have helped
many of the island’s animals.
The Bahamas Humane Society
held its first Betty Jenning B-
Humane Awards last month in
recognition of the dedicated ser-
vice of former Bahamas
Humane Society Board presi-
dent, Betty Kenning. Mrs Ken-
ning was given the first award.

The Tribune apologises for
the error.





* Mashed Potatoes Gan Be
Exchanged For Family Fries.
No Other Substitutions.

!
mht

MTT



THE TRIBUNE



WEDNESDAY, JANUARY 14, 2009, PAGE 3



First traffic
fatality of the
hew year

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

FREEPORT - The coun-
try recorded its first traffic
fatality of 2009 following the
death of a 47-year-old man in
Grand Bahama.

The victim, a resident of

o mbrief Court rules in favour

f



ousted union executives

Eight Mile Rock, was taken.

to the Rand. Memorial Hos-
pital, where he was pro-
nounced dead by doctors at
10.16pm on Monday.

Police on Grand Bahama
are withholding the man’s
identity pending notification
of the next of kin.

Assistant Superintendent of
Police Loretta Mackey said
the traffic accident occurred at
around 9pm on Monday in
the area of Bahama Beach.

The 47-year-old driver of a
Ford Mustang was negotiat-
ing a curve when he lost con-
trol of the vehicle, which then
crashed into bushes and over-
turned several times.

The driver was ejected from
the vehicle and sustained seri-
ous injuries. An ambulance
took him to hospital, where
he died an hour later.

Ms Mackey said investiga-
tions are continuing into the
accident.

“Although the investiga-
tions are in (the) initial stages,
speed was evidently a factor,”
‘she said.

Ms Mackey said police are:
appealing to motorists to dri-
ve with care and caution, and
to abide by the speed limits.

Man accused of
starting Detention
Centre fire faces
wait for bail decision

@ By NATARIO McKENZIE
Tribune Staff Reporter

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

A SUPREME Court ruling
which some had hoped would bring
resolution to a long-running dispute
within the union representing most
of the Lynden Pindling Internation-
al Airport’s workers became the
cause for more discord yesterday.

Three executives of the Airport
Airline and Allied Workers Union
(AAAWU), who were ousted by a
poll of union members in 2007, were
effectively re-instated yesterday after
Supreme Court Justice Jon Isaacs
ruled that the poll should not have
been certified.

Justice Isaacs also ordered that
the defendants, including union
president Nelerene Harding, should
pay the costs in the matter.

Seated on opposite sides of the
court as the ruling was delivered,
executives from the two warring fac-
tions of the union — headed respec-
tively by the union’s president Ms
Harding and the secretary general
Anthony Bain — did not speak to
each other as they filed out of the

Justice Isaacs
says 2007 poll
should not have
been certified

court room. : :

Ms Harding had previously told
‘The ‘Tribune that she and hér'sup-
porters, who have been denied
access to the union’s headquarters
since New Year’s Eve after the locks
were reportedly changed, were wait-
ing for the outcome of the judicial
review before déciding on how to
deal with their exclusion from the
union building.

Yesterday, she said that they are
still locked out and are seeking to
determine their next move.

Obie Ferguson, attorney for the
three applicants, including secretary
general Mr Bain, treasurer Susan
Palmer and trustee Fredericka , said
the ruling was a “victory for trade
unions”, proving that they’ cannot

PHA apologies for ‘delayed’

ambulance response time; claims
‘imprecise’ directions at fault

THE American man’:

accused of starting a fire
which destroyed a portion of
a male dormitory at the
Carmichael Road Detention
Centre will have to wait at
least two more weeks before
a Magistrate makes a deter-
mination on whether he
should be released on bail. .

Matthew Todd’ Davenport,
37, of North Carolina, was
arraigned on the charge of
arson on Christmas Eve.

It is alleged that‘on Mon-
day, December 22, 2008,
Davenport caused a dormi-

tory at Carmichael Road J

Detention Centre to be set
on fire.

The building reportedly
sustained an estimated
$170,000 in damage. Twen- ~
ty-one detainees were in the
dormitory when the fire start-
ed, however, no one was
hurt. Davenport was report-
edly detained at the
Carmichael Road Detention
Centre after he was refused
re-entry on a cruise ship.
Davenport was not required
to plead to the arson charge
during his. initial court
appearance.

Yesterday, Davenport’s
attorney Willie Moss told the
court. that psychiatrist Dr
Nelson Clarke had informed
him that the psychiatric
assessment of Davenport is
still incomplete and that he
needed a minimum of two
more weeks.

Mr Moss again made an
application for Davenport to
be released on bail so that he
could seek medical attention
in his home town in North
Carolina.

The attorney said that if
the court was minded to do
so, it could stipulate that
Davenport not only be
admitted to a hospital in
North Carolina, but be
informed relative to when he
is admitted and on how long
he may have to receive treat-
ment.

Sergeant Sean Thurston,
the prosecutor in this case,
asked the court to be mindful

of the $170,000 in damage i

which Davenport is alleged
to have caused and suggested
that a decision on bail be ©
made after Dr Clarke has
completed his assessment.

. Chief Magistrate Roger
Gomez said that the court
will wajt until Dr Clarke has
completed his psychiatric
evaluation of the accused.

The matter has been
adjourned until January 27.

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



THE Public Hospital Authority (PHA) yesterday apologised for the
"delayed" response time to an injured tourist on Paradise Island, but
claimed "imprecise" directions were at fault.

. Inastatement issued yesterday, Dr Alvery Hanna, medical director
of the National Emergency Medical Services (NEMS), a subsidiary of
the Public-Hospitals Authority (PHA), said:

“With respect to this particular case there was a delay, admittedly so
- we estimated it to be 20 minutes as was reported, however, imprecise
and inaccurate information in terms of the location of the patient was

the reason for the delay.”

The statement came in response to The Tribune's front page story”
on Tuesday which reported that there was public outrage over what one
witness called a "20 minute" wait for the ambulance following a jet ski
accident on Cabbage Beach on Sunday.

Police reported that New Jersey native James Roberts, 20, was
injured while riding a jet ski with friends sometime after 1pm on Sun-

’ day. Police said he fell off the back of the jet ski only to be "rolled over" -

by another jet ski. ‘

A beach-goer.told The Tribune that he made a call for an ambulance

at 2pm, but one did not, arrive on the scene until about 20 minutes lat- _, ,
According to Dr Hanna, the emergency call came through to the

Emergency, Medical Services (EMS) dispatcher shortly after 2pm — less
than a minute later the call was dispatched to the Paradise Island
base station and PHA records show the ambulance as being en route

eight seconds later.

"It was (a) very quick response to them leaving the base station, but
what Happened afterwards was quite unfortunate. The only information
that they were going on was that they were to go to Cabbage Beach on
Paradise Island where there was a call of an adult male that was bleed-
ing from the head because of a jet ski accident," she said.

Dr Hanna said EMS went to three wrong sites - behind the Riu hotel,
the public entrance of Cabbage Beach and then the Ocean Club -
before they were directed to the victim by responding police officers
who were on the beach behind the Ocean Club Estates, she said.

NEMS manager for New Providence Elwood Rolle apologised for
the ambulance delay, but advised the public to be as specific as possi-
ble when giving directions for an emergency.

"It is of paramount importance that when you call for an ambulance
you give as detailed information as possible to the dispatcher. EMS, we
are here to serve and as soon as we receive the call we stand ready to

respond. :

"This was an unfortunate situation, but we assure that going forward
we will always stand ready to, respond, we hope this situation will
never happen again, but some things are beyond our control,” he

said. :

Police said the victim was taken to hospital-where upon last report
he was listed as in serious condition in the Intensive Care Unit (ICU).

Alleged drug smuggler

remanded to prison

@ By NATARIO McKENZIE
Tribune Staff Reporter

AN ALLEGED drug smug-
gler, who is accused.of paying
another man to meet his bail
requirements, has been remand-
ed to Her Majesty’s Prison.

Anthony Gibson, 33, of
Sandilands Village Road,
appeared. before Magistrate
Carolita Bethel in Court 8, Bank
Lane, on Monday.

Magistrate Bethel had issued
a warrant of arrest for Gibson
who was charged in connection
with a $1.7. million marijuana
seizure last year.

The Magistrate issued a war-
rant of arrest for Gibson after

attempts where made to ascer-

tain his whereabouts following
the arraignment of Clement
Barr in December.

Barr, 29, of Sandilands Vil-
lage Road, had admitted to
using a fake ID, bearing his pho-
to, but the name of Anthony C
Gibson, to sign in to the Eliza-
beth Estates Police Station on
Gibson’s behalf.

Gibson had been released on
$100,000 bail in connection with
the $1.7 million marijuana
seizure and a condition of his
bail was that he report to the
Elizabeth Estates Police Station
every Monday, Wednesday and
Saturday before 6pm.

However, instead of Gibson
reporting to the station, Barr
between December 3 and 17
reported to Elizabeth Estates
Police Station pretending to be

Gibson. The scheme was foiled

» when an officer who was at the

police station on December 16
realised that Barr was not who
he claimed to be.

’ Barr claimed that he had been |
offered $150 a week to sign in
for Gibson. Barr was sentenced
to 18 months in prison.

Gibson was reportedly taken
into police custody on Sunday.
Magistrate Bethel on Monday
revoked Gibson’s bail and
remanded him to Her Majesty’s.
Prison.



OBIE FERGUSON, attorney for the
three applicants, said the ruling was
a ‘victory for trade unions’.

be run in an unruly manner.
Justice Isaacs ruled that the 2007

poll which forced out the three exec-

utives had not been conducted

‘according to the correct procedure

as appropriate notice was not given.
However, he also denied the

‘ applicants’ request that the union

president and her supporters be pro-
hibited from calling a further poll
to determine their fate.

Ms Harding therefore yesterday
suggested that plans would be made
to have a poll conducted shortly.

Moments after the ruling, Mr
Bain declared himself the acting
president of the union.

Mr Ferguson claimed this was
valid because resignations tendered
last year by Ms Harding and her
faction were still effective - as there
is “no provision” for resignations to
be rescinded in the union’s consti-
tution.

Ms Harding and several other
executive members resigned briefly
earlier this month after the court
ruled that the ousted unionists
should be reinstated pending the

judicial review that took place-yes- °

terday.

However, they were persuaded
to stay on by Minister of Labour
Dion Foulkes as he was concerned
that the union’s members would be
without representation.

“We feel confident now that the
members now will have an oppor-
tunity to hear what has really tran-
spired over the last few months,”
said Mr Bain yesterday.

This announcement did not deter
Ms Harding and her supporters.

' She said that according to the ~
union’s constitution; she and’her:

supporters on the executive team
still hold their positions and added

she will continue to work as presi-
dent and conduct the union’s busi-
ness despite all obstacles.

“T will not go to that level of
changing the locks. My character
will not allow me to stoop to that
level,” she said.

The AAAWU represents 532 air-
port workers.

Ms Harding and her supporters
indicated yesterday that support is

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Union member and supporter of
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Baker) are saying they are in charge
of the union, I will stop sending my
dues and I will encourage any
other airport workers to do the
same.”

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PAGE 4, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR



The Tribune Limited

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

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

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., Rese,

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Reclaiming science from censorship

JANE LUBCHENCO’S tenure at the
National Oceanic and Atmospheric
Administration will be a good place to
gauge how much lost ground can be
reclaimed for science. Her appointment
by President-elect Obama to run the
administration will be particularly inter-
esting since NOAA is under the Depart-
ment of Commerce, which will have many
lobbyists surely fighting any environmental
regulations that come from scientific assess-
ments. It will be challenging because even
though the Obama administration is sci-

. ence-friendly in appointments, research
funding remains questionable because of
the recession.

Lubchenco, a marine scientist at Ore-
gon State, has been president of the Amer-
ican Association for the Advancement of
Science and the International Council for
Science and was on the Pew Oceans Com-
mission and the National Science Board
under President Clinton. In 1995, she
warned that a proposed massive congres-
sional cut in non-defence science funding
“has very profound implications for the
future of the country.” She told the Ore-

' gonian newspaper, “The consequences are
‘likely to be a massive dismantling of a
research system that has served us very,
very well.”

In 1997, evidence of global overfishing,
coastal development and pollution was so
profound that a panel of marine scientists
that included Lubchenco proposed that 20
per cent of the world’s oceans: be desig-

.. nated as marine preserves. Only one-quar-
ter of one per cent of ocean‘ surface was

-- under protection. Lubchenco, who by then

was warning of “ecological tsunamis” in.

the oceans, said the level of existing pro-

tection was “a drop in the bucket, espe-.

cially relative to the magnitude of the

. changes that we humans are causing.”
It was no surprise that she was a critic of
a Bush administration that denied for eight
years the magnitude of human impact on
the planet. In 2003, when the Pew Oceans
Commission said overfishing and the

degraded conditions of America’s rivers
g ;

and coastlines constituted a “crisis,”
Lubchenco said, “We have squandered
their natural bounty. ” She added, “The
system is broken. It’s not working for the
fishermen; it’s not working for the fish.”

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At Oregon State, Lubchenco and other
researchers saw a major expansion of low-
oxygen dead zones in the Pacific North-
west that was killing so.much marine life
that she told the Los Angeles Times, ”We
couldn’t believe our eyes. It was so over-
whelming and depressing. It appeared that
everything that couildn’t swim or scuttle
away had died.” She said it was a sign that
“we seem to have crossed a tipping point.”

The Bush administration paid so little
attention to any of this that Lubchenco
told the Associated Press a month before
the presidential election, “The Bush admin-
istration has not been respectful of the sci-
ence.”

Lubchenco probably does not believe

her own eyes that she is suddenly a key _

player in the revival of respect for science,
at an agency where scientists complained of
censorship from the Bush administration. If

- she cannot change the atmosphere, proba- ’

bly few can. In a 1998 essay for the journal
Science, she called for a new social con-
tract for science that recognizes “the extent
of human domination of the planet.” She
warned: “If current trends continue,

~ humanity will dramatically alter virtually all

of Earth’s remaining natural ecosystems
within a few decades...
activities that modify or destroy natural

“ecosystems may cause deterioration of eco- ~"

logical services whose value in the long
term dwarfs the short-term economic ben-
efits society gains from those activities.”
Lubchenco represents Obama’s claim of
forging a new social contract with the envi-

"ronment, after eight years where the Bush -

administration had a contract out on it. In

her October AP interview, she said, "I ©

know there have been many times in the
past where public opinion can shift very,
very rapidly on an issue, ranging from cig-
arette smoking to slavery. I think we are
getting closer and closer to a tipping point
on climate change and other issues that
affect our health, prosperity, and well-being

globally. And I am hopeful we will get

there in time.”

She no longer has to hope. The question

now is if she can get there in time. -

(This article is written by Derrick Z. Jack-

Son,
- c. 2009 The Boston Globe).









Many of the-human* [

Management of
this deepening
recession

EDITOR, The Tribune.

The US economy suffered
job losses for 12 consecutive
months: during 2008, culmi-
nating' with 524,000 persons
being displaced in December
alone; this brings the total job-
less number for 2008 to 2.6
million.

Some experts ain that this
is the worst US recession since
the 1940’s and others claim
this to be the worst since 1993
with a reported unemploy-
ment rate of 7.2 per cent in
the United States.

They all agree that 2009 will

be worse than 2008, at least
for the first half of the year.
' This could very well mean
that in the Bahamas the
unemployment rate:could be
as high as it was in 1992 when
it stood at 14.6 per cent.

This recession has created
several interesting-observa-
tions. Firstly, the government,
which blamed the recession of

. the early 1990’s on the PLP, is

yet to accept any responsibili-
ty for the part they played in
the present economic state of
affairs in the country; they
continue to insist that the stop,
review, and cancel policy was
prudent and in the public
interest in the face of tangi-
ble evidence to the contrary.
As a matter of fact, the

Bahamian economy slowed in °
200% ahead of the US econo-:

my which is unprecedented
and due in part to government
policy decisions.

Further, the government has
made.no attempt to save jobs
in the private and public sec-
tors, but has chosen to dis-

I don’t like it! I don’t like
the situation at all! It makes

;me very uncomfortable! And

I suspect other Bahamians are
affected similarly. What is it?

Well, lam very uncomfort-
able with the constitution’s
dictates concerning the suc-
cession of power within The
Bahamas. The way in which
the constitution is worded is

only an invitation for manipu-

lation, and a formula for con-
fusion.

For example, the country
was knee-deep in an imbroglio
of mammoth proportions in
our recent history when the
Free National Movement was
involved in an unprecedented
leadership transition phase.

It wasn’t pretty. The poorly

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letters@triounemedia.net



we




place public servants (some

1,200) as a matter of policy,

causing great hardship on
ordinary Bahamians.

The temporary employment
provided late last year to clean
public streets and verges:can-
not compensate for the mas-
sive terminations in the public
service.

/ Secondly, the. government
produced little in the way of

,an economic stimulus plan.

When it had the opportunity
to maximize the flow of capital
in the Bahamian economy
with its capital works pro-

gramme, it opted to use a for-’

eign contractor who will repa-

‘triate a sizable portion of the

$120 million earmarked for
this road works project.

Thirdly, when there was a
policy in place to offer tax
concessions to over-the-hill
small businesses, the govern-
ment excluded this important
business sector. by rezoning
the area of Nassau that would
be eligible. To add insult to
injury, the government raised
taxes on a wide range to con-
sumption items when ordinary
working Bahamians most
needed the tax breaks.

Fourthly, there were some
“off the cuff” promises made
about unemployment and
mortgage assistance, but noth-
ing in the way of public policy
has materialised to date.

In the face of these failed
policies and in some cases,

‘

worded constitution was prin-
cipally responsible for the
(what I deem) PANS CESeALY
embarrassment.

Further to that, it is my
belief that the Bahamas will

. develop to a stage on the

world scene where both we
(Bahamians) and the rest of
the world can ill afford to not
know, without any ambiguity,
the.succession of power (at
least 15 deep) within The
Bahamas. And might I sug-
gest that the (future) impor-
tance of The Bahamas will

_ require a transition time frame

of less than one hour.

This constitution will not
suffice.

If we, in The Bahamas, will
aspire to acquire at least part
of “First World” status, then
we must learn from the leader
of the “First World” — Amer-
ica. (Almost) every person

who lives and breaths on this.

earth at least knows that the
Vice President of the United
States assumes power, in a
very short space of time,
should something unfortunate
happen to the President.

But, succession in that coun-

- try runs deeper than that. I

don’t know how deep, but
there are many senior gov-



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inaction, coupled with wors-
ening economic conditions,
the PM sought to persuade
Bahamians that they were
lucky to have him-at the helm
during this period of crisis;
needless to say, I thought the
statement was arrogant and I
disagree with the PM.

I think Bahamians are
unlucky to have him at the
helm under these circum-
stances. There was a team. in
place that produced 4.5 per
cent in real economic growth
in 2006, reduced unemploy-
ment from 10.8 per cent to.6.7
per cent, and increased house-
hold income from $38,000 to
$45,000 per annum.

Bahamians would be lucky
to have that team at the helm
during this period of crisis. It is
important to note that under
the watch of the FNM admin-

‘istration, household income

has decreased to $42,000 per
annum.

I see a case of the. emper-
or’s new clothes being played
out in the way the FNM is
managing this economic cri- ©
sis.

The PM clearly believes that
if he continually tells us that
he and his government are
doing a good job, that we

. would believe them regardless

of the evidence all around us
to the contrary.

The management of this
deepening recession and
weakening economy by the
FNM. government is the real
sad state of affairs. :

ELCOTT COLEBY
‘Nassau,
January, 2009.

Constitution poorly worded

_ EDITOR, The Tribune.

ernmental positions and the
attendant names in the line-
up, including number 3 —
Speaker of the House of Rep- |
resentatives, and number 4 — °
Secretary of State.

And contrary to popular
belief, our Deputy Prime Min-
ister does not assume power
upon the demise of the Prime
Minister.

-Our muddled constitution
will not allow it.

He might be the temporary
head of government, but per-
manerice would requireia rel-
atively long drawnout process,
which would include sanction
by voting (governing) party
members.

And so, in conclusion, the
constitution of The Bahamas .
needs an urgent revamping to
cause the succession of power
to be (1) crystal clear (2) at
least 15 deep and (3) a transi-
tional phase of less than one
hour.

“First World”, here we
come.

Thank you for your space
and time

MARVIN G.
LIGHTBOURN
Nassau,

January, 2009







THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 5 -







Twoare held
in connection with
marijuana seizure

TWO people are in
police custody in connec-
tion with a marijuana
seizure in the Carmichael
Road area.

According to police
reports, DEU officers
armed with a search war-
rant went to a home in
Allan Drive off
Carmichael Road around
5.30pm on Monday to
execute a search.

Assistant Superinten-
dent Walter Evans said
the officers did not find
anything unusual in the
house, but outside found a
clear plastic bag contain-
ing four pounds of mari-
juana.

A 48-year-old man and
a 43-year-woman are
assisting officers with
their investigation into
this discovery.

The drugs have a
local street value of just
over $4,000, Mr Evans
said.

nbrief Four times more Bahamian women

than men earn qualifications

@ By ALEX MISSICK
Tribune Staff Reporter

STATISTICS show that for
every 16 Bahamian women
who earn a diploma, certifi-
cate or bachelor’s degree,

only four local men earn an.

equivalent qualification.

Minister of Education Carl
Bethel revealed this fact at
the launch of the National
Literacy Electronic Media
Programmes “Literacy For
Life” television programme,
which aims to help improve
adult literacy.

“This is not good enough.
We must do more to encour-
age our men to take a leader-
ship role in completing their
education,” Mr Bethel said.

Minister of Education Carl
Bethel said literacy should be
seen for what it is — an essen-
tial building block for nation-
al development.

“The Ministry of Education
must continue its struggle in
keeping education at the very
forefront of all efforts at

. is not
good enough.
We must do more
to encourage our
men to take a
leadership role
in completing
their education.”

Carl Bethel





national development in our
country today. At the end of

_the day all power rests with

the people and true power
rests in a literate and educat-
ed people who are able to
make informed decisions,”
Mr Bethel said.

He said improving educa-
tion must be a national
endeavor in which every seg-
ment of society has invested
interest.

“The most important thing

US scientist calls for action
to save Bimini’s coral reefs

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

FREEPORT — An American
marine scientist is calling for

immediate action to save

Bimini’s coral reefs. -

Dr James M Cervino, assis-
tant professor of biological sci-
ences at Pace University in New
York City and visiting scientist
at the Woods Hole Oceano-
graphic Institute in Cape Cod,
said he has gained valuable
knowledge about the “biologi-
cal links” between coral reefs
and coastal mangrove forests in
Bimini.

Dr Cervino, who worked as
an intern at the Bimini Biolog-
ical Field Station under the
mentorship of Dr Sam Gruber,
said he is concerned about the
destruction of coral reefs and
mangroves on the island.

Dr Cervino said that imme-

diate restorative actions must _

be taken to mitigate the damage
caused by unsustainable devel-
opment activities. :
Local and international envi-
ronmentalists and scientists
have called on the government
to stop the Bimini Bay devel-

Baie
Sy

Uy gt aly
PHONE: 322-2157 |



Dr James M Cervino speaks
out over island’s environment

opment so as to prevent dam-
age to vital ecosystems on Bimi-
ni. The development has denied
the claims and threatened to
take legal action against its
detractors.

Dr Cervino said coral reefs
and mangroves promote and
sustain healthy fisheries habi-
tats, as well as prevent severe
coastal erosion and flooding
problems. :

He said recent development

activities “have resulted in‘

severe destruction of mangroves

due to deforestation and land

clearing activities that. cause
increased sedimentation and
higher than normal nutrient
enrichment that leads to the
smothering of corals with sand

‘and algae.

“This has caused a serious
decline in coral reef communi-
ties that provide fisheries habi-
tats along the Bimini coast. The
loss of mangroves will also
cause a direct threat to lemon
shark nursery grounds as well
as resulting in loss of bio-diver-
sity. This damage will also lead
to severe coastal erosion prob-
lems in the near future.

He added that storm wave
energy and sea levels will
increase as global warming
increases and — combined with
the damage to mangroves — will
result in coastal flooding and
even damage to inland areas.



“T am speaking out of con-

cern and as a scientist with years —

of experience as a coral reef
health specialist and observer
of the unsustainable develop-
ment that has occurred over
these past five years,” Dr Cervi-
no said.

He recommends that:

e Developers support an
extensive mangrove re-foresta-
tion effort. This will help pre-
vent sediment and nutrients
from killing coral.

° A coral reef habitat restora-
tion project be implemented to
mitigate the damage caused by
development on the island.
Restoring coral and mangrove
habitats will allow a healthy
ecosystem to return and help
increase fisheries resources and
sustainable eco-tourism oppor-
tunities. This may also result in
the return of the lost lemon
sharks and other marine species
that were once prolific along

the coasts of Bimini.

e A sewage treatment facility
be implemented so that sewage
is not pumped into the ground.
This will prevent waste-based
nutrients from feeding macro
algae which-in turn kills coral
reefs.

Dr Cervino hopes to attend a
town meeting in Bimini on Fri-
day to speak with the Minister
of Environment Earl Deveaux
about the matter.

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that we must bear in mind is
the need to continue to devel-



through the relentless pursuit
of education, lifelong learn-
ing and information no mat-
ter what the cost. Education
in and of itself is a critical and
essential building block for
national and personal devel-
opment,” Mr Bethel said.

He said Bahamians should
consider literacy to be as
vital as “the very air they
breathe” because without it,
Bahamian democracy will not
survive.

“All of the research shows
that literate persons are more
responsible, are able to make
better lifestyle choices, are
able to have a healthier life, a
longer life and to be partici-
pants in progressive society.
Without literacy, a person is

doomed to the slavery of lim-
itations and failure to achieve
their full human and God-
given potential,” Mr Bethel
said.

The Literacy For Life pro-
gramme is the pioneer pro-
ject of the National Literacy
Electronic Media Pro-
gramme. A

It is a 30 minute commer-
cial-free programme designed
to address the learning needs
of adult non-readers or low
levelreaders.

Components of the pro-
gramme include lessons in
phonics, reading and writing,
literacy tips, motivational seg-
ments, Bahamian poetry, suc-
cess stories and Bahamian

sayings.

op ourselves and our nation




@ By LLOYD ALLEN
Tribune Staff Reporter

- EXTREME bureaucracy at the Department
of Road Traffic is the reason several communities
in New Providence remain without bus services,
the Public Transport Association of the Bahamas
(PTAB) claimed yesterday.

PTAB first revealed its proposal to introduce
two new routes to service the southwest part of the
island in August, 2008.

Now, five months later, neither of the proposed
routes have been added to the existing ones.

PTAB president Reuben Rahming said yes-
terday that were it not for his determination, he
would be discouraged by the constant “run-
around” that the Road Traffic Department has
forced him and other jitney drivers to endure.

Proposal

Since the proposal of the two southwest routes,
Mr Rahming said, Road Traffic has announced
nine new bus routes and six modified routes.

“A lot of our people have become discouraged.
We are trying to do what’s right, and Road Traf-
fic seems to think that it is a favour to bus owners
to go into these new areas,” he said.

Mr Rahming said that most of the drivers are
now operating in areas where they have secured
regular commuters. Many drivers, he said, would
refuse driving the new routes as they were not



Claim that some communities don’t
have bus services due to bureaucracy

Mr McPhee said no final decision can be made







involved in the decision making process to deter-
mine where the routes run.

“The public has witnessed the turn-around
we’ve been getting for the past months and years
in our attempt to provide an essential service and
that is poor.” :

Errol McPhee, director at Road Traffic, told
The Tribune yesterday that senior officers within
his department are currently conducting a final
review of additional bus routes.

He said that Road Traffic has received more
than 50 applications for new routes. However, ,














until the proposed routes are officially approved
by the Road Traffic Authority (RTA).

“Even though we do all the work at Road Traf-
fic, RTA are the ones who officially issue routes,”
he said.

- Mr McPhee said it is essential to review the
routes suggested by bus operators in order to
take into account all the needs of bus users.

He said in the past few years the Department of
Road Traffic has conducted specific surveys to
determine the needs of bus users and has received
suggestions from bus operators. :

Mr McPhee said that some routes may possibly
become operational as soon as next week,
partly due to a request by the Ministry of Educa-
tion. we Gus a

With the recent opening of the Anatole
Rodgers School on Faith Avenue, Mr McPhee
said, the Ministry has expressed the pressing need
for bus services to the area.

















S

Bishop William M. Wilson
Executive Director
International Centre For

Spiritual Renewal



Spa Patreahi from The Lord!



CRUSADE COORDINATORS: :
Ministers Terrance Forbes, Chevol Gray & Mixiam Curtis
Bishop Elgarnet B. Rahming, DD, JP
National Overseer
FOR FURTHER INFORMATION CALL: 322-3097

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PAGE 6, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE




PHIL PAGE, veteran Grand
Bahamian physical educator,
is pictured presenting a
cheque to Mavis Ward,
chairman of the Grand
Bahama AIDS Awareness
Cominittee. The cheque for
over $4,500 was raised by
Mr Page when he ran 50
miles on the day he turned
50. Ms Ward said she was
very grateful for the dona-
tien and challenged the
Grand Bahama community
'o become more involved in
HIV awareness. The com-
mittee is planning to build a
resource and surveillance
centre in the near future.



ee WEAN eee



PROSPECTUS

[4th June, 2008.

will cease at 3:00p.m. on 19th January, 2009.

If the total subscriptions exceed the sum of B$107,226,000.00 (Nominal) partial allotment will be made to
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The date of this Prospectus is "1.2009 -

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Veteran PE teacher runs



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BAHAMAS REGISTERED STOCK. 2028, 2029, 2030, 2031, 2032 AND 2033
ISSUE OF B$107,226, 000.00

“Issued under The Bahamas Registered Stock Act, and authorized by Resolutions of the House of Assembly,

Applications will be received by The Banking Department beginning at 9:30 am on 8th January, 2009 and
will close at 3:00pm on 14th January, 2009. Allocations will commence at 9:30 am. on 15th January, 2009 and

BS
shane: Reseed ink 251 [0m 000010000
eee ee

i07, 226, “000.00 [ea







GOVERNMENT REVENUE AND EXPENDITURE



Interest shall.be



If there shall be
RN
ayable he



X baer out of the’



a 46rm attached to the
waft Nassau and Freeport, The
ion Road, Nassau) or any of the

Fidelity Bank «Baharnes): Limited (formally British American PamkCl?0)

The following y information is extracted from the unaudited accounts of the Government of The-

¢ ‘ommonwealth of The Bahamas.

~ FYÂ¥2006/2007p**
BS

Revenue 1,338,481,000
Recurrent Expenditure (excluding

Repayment of Public Debt) 1,285,692,000
Capital Development

Expenditure (excluding loans

contributions and advances

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** Provisional estimates from the unaudited accounts.

FY2007/2008p**
B$

Approved Budget

1,483,929,000

1,385, 369,000

189,731,000

No interest will be



Lek The meek N

he am on Sth

50 miles for charit

IN EARLY November 2008, Phil Page, a veter-

an physical education teacher at Jack Hayward

High School, celebrated his 50th birthday.

This in itself was not remarkable, but what he
did on the day was. Grand Bahama’s.number one
endurance athlete ran 50 miles to celebrate the
event.

Mr Page, who is a very experienced marathoner
and Ironman Triathlete, decided not only to run
the 50 miles, but to also raise money for a local
charitable cause.





Choosing the Grand Bahaiwa AIDS Awareness
Committee as his beneficiary, Mr Page managed to .
raise $4,660 for the charity. ;
__ When interviewed following the completion of
the run, Mr Page was ecstatic over his perfor-
mance. “It was certainly the hardest physical chal-
lenge to date, It is amazing what the human body
is capable of with a little effort and training”, he

. said.

Mr Page’s next race is the Miami marathon at
the end of January.

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
. BAHAMAS REGISTERED STOCK. 2028, 2029 , 2030, 2031, 2032 AND 2033

The Registrar

c/o The Central Bank of The Balintnes
P, O. Box N-4868

Nassau, Bahamas

Sir:

FOR OFFICIAL USE ONLY
APPLICATION No.
ALLOTMENT No.

. DATE:

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

1/4%
9/32% Above Prime Rate
5/16% Above Prime Rate
11/32% Above Prime Rate.

3/8% Above Prime Rate
13/32% Above Prime Rate

Above Prime Rate

any
lf

\
\

NV

P. O. Box

- Insert below the amount applied for
in Units of BS100_-

Bahamas Registered Stock 2028 BS —
‘Bahamas phate Stock 2029 BS”

BS.

BS
BS
BS

CAN BE E MADE VIA REAL-TIME *:
BY BANK DRAFT PAYABLE TO THE

Address (Corporations etc. should give Registered Addresses )

Telephone Nos. (H) (W) | ; |

2, (Where two or more persons apply as jin subcribers, the additional names eed addresses should

be given below.)

Ordinary Signatures_

] Names in Full

Address

ey &

NglORL tie uke das = oo.

Telephone Nos.(H) (W) eGR Wh

FY2008/2009p**

BS .
Approved Budget | 1/We hereby request semi annual interest to be paid to:
1,569,329,000

Bank Name
1,484,150,000
Bank Branch
188,718,000

The Public Debt amount is inclusive of The Public Corporations contingent liability which as at

September 30, 2008 totalled B$442,389,000.





Account Number ' ee ae



IHE I AIBUNG

VWEUINEOQUAY, JAINUAH YÂ¥

14, 2UUY, FAUE 7





e island of Abaco has

reached a crossroads

"Would you tell me which
way I ought to-go fram here?"
asked Alice.

"That depends a good deal on
where you want to get," said the
Cat.

"T.really.dan:t. care. where,"
replied Alice.

"Then it doesn't much matter
which way you go," said the Cat.

+ Lewis Carroll, Alice's
Adventures in Wonderland

Q:: the holidays I
drove into Marsh

Harbour from Treasure. Cay,
and. was confronted by an

obnoxious sight — acres of rust- |

ing machinery and thousands
of derelict vehicles distributed
along both sides of the Great
Abaco Highway.

This was not casual littering.
For the most part, the dumps
are scrap metal and auto parts
businesses — it's called “urban
sprawl.”

Abaco probably represents
the best the Bahamas has to
offer these days. A large island
with significant natural assets,
fresh water reserves, successful
farming and fishing traditions, a
thriving second home and

yachting market and a pool of *

relatively cheap (mostly Hait-
ian) labour. As a result, it has
achieved a certain critical mass.

But with a total population
of about 15,000 Abaco has.
reached a crossroads. It is at the

point where it has to deal with °
all the difficult quality of life _

. choices that confront a rapidly
developing society.

EXPLOSIVE GROWTH

According to Abaconian
publisher Dave Ralph (who has
lived on the island for half a
century), Abaco's explosive
growth has been a problem:
"Our diverse boards, commit-
tees-and councils are generally
looking at satisfying immediate
issues and not considering the
effettt as the area continues to
grow," he wrote recone
"Many issues whith'relatAté
grow
and‘must be resolved by com-
mon‘sense and a view to, pre-
sent. and future community val-
ues. This is not an easy task."

No kidding. When I was a
youngster people often
remarked that Marsh Harbour,
which was originally laid out in
1784: by British officials relo-
cating loyalists following Amer-
ican independence, was the ugli-
est settlement in the country.
Welk it still is — and getting
uglier and more chaotic by the
day. :

That's eer Marsh Har- °

bour i is mostly urban sprawl —
strip shopping centres, ware-
houses, storage yards, and auto-
mobile-dominated streets with
no particular plan. Only a hand-
ful of residences can be found
and the few remaining historic
buildings are in disrepair.
Clearly, the township has adopt-
ed the growth patterns of Nas-
sau, although its smaller scale
currently masks this fact.

What Marsh Harbour lacks
is a sense of place — the blend-
ed natural, physical and cultur-
al identity that is most clearly
represented by historic Bahami-
an communities like Hope
Town on Elbow Cay and Dun-
more. Town on Harbour Island.

A SENSE OF PLACE
It's difficult to define that
term “place” without getting all

googly-eyed, but.some have |

tried to explain it by saying:
/ "You can't know who you are
until you know where you are.’

%
&

th are not rigidly defined

Sense of place involves the

human experience in a land-

scape. It is place which gives us

our identity. Place represents
“we tings.”

But while it may be difficult
to define, it is relatively easy to
say what it isn’t — if you know
what I mean. For example, strip
malls have little sense of place
because they all look alike and
people don't want to spend any
time in them or write anything
about them. Whereas an area
that has a strong sense of place
projects an identity and char-
acter that is valued by residents
and recognized immediately by
visitors.

And then there is the Mud,
an illegal Haitian shantytown
right in the middle of Marsh
Harbour. This community of a
few thousand — and other
informal settlements nearby —
lacks proper waste disposal,
water and electrical distribution

. is illegal and unsafe, and build-

ings are not built to code so they

: are prone to fires and hurricane

destruction.

In fact, the growth of infor-
mal settlements like the Mud
gave rise to:modern urban plan-
ning in the first place. Planning

' was a response to Victorian-era

industrialisation, which pro-
duced slums, deadly epidemics,
and a generally unpleasant envi-
ronment until conditions
became intolerable. For exam-
ple, this account from the BBC
website could easily apply to
the Mud today:

"In 1854, the commissioners
appointed to enquire into the
cholera outbreak in Newcastle-
‘ upon-Tyne found that about 50

“er cént of famiiliés Had" only a”
ingle, room, Most houses did _ .
i TAdt have an independent water

"supply or‘privy, and what was —

shared was often the responsi-
bility of no one...The warren of
streets posed a threat to public
order."

DEVELOPMENT
PRESSURES
Although the historic com-
munities on Abaco's outlying

-cays have faced — and to an

extent successfully absorbed —
enormous development pres-
sure in recent years (Hope
Town is so full of affluent par-
tygoers that it is known as “Hol-
lywood”), the main island has

- remained largely untouched —

although it has been logged
twice by American lumber com-
panies.

But that picture is changing. .

A relatively continuous belt of
shoreline development is being
projected all the way from
Hole-in-the-Wall to Casuarina
Point and unless checked, con-
ventional strip development is
likely to sprawl along the entire
highway. And it will surely not
be a pretty sight.

The Abaco Club at Winding
Bay opened in 2005 and other
investors are eyeing similar
resort developments in the rel-
atively pristine south, where the

’ Abaco National Park is locat-

ed. One of those is Schooner

. Bay — about 26 miles south of

Marsh Harbour.

Schooner Bay is the pet pro-
ject of legendary developer
Orjan Lindroth, whose father
was Axel Wenner-Gren's busi-
ness manager in the Bahamas.

: ‘Advocates for Anima Ri ghts,
The Bahamas Humane Society, a ARK

invite you to attend a presentation by —

WILLIAM FIELDING

on the link between animal cruelty
and domestic violence

The Nassau Yacht Club, East Bay Street.

On Wednesday, January 14th, 2009 at 6:00pm

FREE ADMISSION - DONATIONS WELCOME - CASH BAR



' principles of the



The elder Lindroth was respon-
sible for developing the Andros
Lighthouse Club and Andros
Yacht Club for Wenner-Gren,
as well as Paradise Beach and
the Ocean Club for Huntington
Hartford.

After the younger Lindroth
graduated from the London
School of Economics, he too
became a top Bahamas-based
developer, closely linked to the
New Providence Development
Company founded by Canadian
EP Taylor, the man who creat-
ed Lyford Cay.

A MODEL FOR
THE REGION

‘A few years ago Lindroth
hired famed Miami architectur-
al firm, Duany Plater-Zyberk
& Company (DPZ), to master
plan Schooner Bay as an open
Bahamian village based on the
“new urban-
ism.” New urban planning calls
for walkability and connectivity,
mixed-use neighbourhoods with
lively town centres, and eco-
friendly technologies that sup-
port a light development foot-
print. Schooner Bay is being
crafted as a settlement model
for the entire region, Lindroth
says.

The project's land use plan
retains 60 per cent of the 220-
acre site as protected green
space (no Crown land is
involved). And building design
will be based entirely on tried
and true Bahamian vernacular
architecture. The settlement will
feature a harbour, a mixed-use
village centre, a school, various
small resort amenities and a
broad range of housing types.

‘it seeks to be a genuine new

town,
Schooner Bay’ s design team

recently published a 298- page

book (A Living Tradition -
Architecture of the Bahamas),
that outlines many of the prin-
ciples they will be applying.
Bahamian architect, Jackson
Burnside, told Tough Call that
"these principles document the
common sense of the ancestral
legacy of Bahamian communi-
ties and are, therefore, appro-
priate lessons to guide our com-
munities going forward."

It turns out that DPZ is a
world leader in neo-traditional
community design. One of its
early projects was Seaside, on
Florida's gulf coast, which was
hailed as the first authentic new
town to be built successfully in
the United States in over 50
years. In 1989, Time Magazine
selected Seaside as one of the 10
"Best of the Decade" achieve-
ments in the field of design.

The firm also developed the
SmartCode (http://smartcode-
central.com/), which folds zon-

ing, subdivision regulations,
urban design, public works stan-
dards and basic architectural
controls into one compact open

source document whose goal is .

to discourage sprawl, keep
towns compact and retain as
much open space as possible.

IMPLICATIONS
FOR ABACO
Lindroth's association with
DPZ had wider implications for
Abaco's future. Among those

who took part in a planning.

workshop for the Schooner Bay
project in 2006 was a professor

from Michigan's Andrews Uni-
versity named Andrew von
Maur. Each year the Urban

’ Design Studio at the university

undertakes a field project to
help real communities address
planning issues.

"I approached Lindroth in
part because J had an interest in
tackling the planning problems
of the Mud," von Maur told
Tough Call. "I had recently
been inspired by Jaime Correa
of Coral Gables to help advance
work in shantytowns. Orjan sug-
gested that the Abaco commu-
nity could benefit from a much
larger planning scope."

The result was a 10-day town
and regional planning workshop
held on Abaco last September
(www.abacoplanning.org). The
Andrews team brought togeth-
er key stakeholders — govern-
ment officials, landowners, con-
cerned citizens, activist groups,
and the business community —

to collaborate on a vision and a ©

set of guiding principles for the
future development of Marsh
Harbour and South Abaco.
"Schooner Bay gave some
financial support for travel, but
left us a free hand in.developing

the proposals. We had the offi-.

cial sanction of (the Ministry of
the Environment), but Andrews
University conducted the char-
rette and developed the entire
set of proposals as a free, inde-
pendent academic institution,
in collaboration with the par-
ticipating public, professional
consultants and local officials."
The document they pro-
duced (a Proposal to Restore a
Sustainable Settlement Tradition
on Abaco) includes specific
planning guidelines and pro-
posals for Marsh Harbour, the
Mud, Sandy Point and the
South Abaco region as a whole.
Also included are illustrations,
codes and ordinances which can
be adopted by local authorities
to advance the proposals. It is a
stunning Pisce of work.

A USEFUL INITIATIVE

According to environmental
consultant Keith Bishop, who
has played a large role in the
Schooner Bay development, the
Andrews University document
is "a useful planning initiative
that can and should be dupli-
cated over our entire country.
Hopefully we will learn from
these principles before our kids

are forced to live in urban.

sprawl. That is, if there is any-
thing left to sprawl on."

The proposal seeks to avoid
strip development along the
Great Abaco Highway corridor

and promote the long-term sus- ©

tainability of the South Abaco
region. Conventional automo-
bile-dominated development
patterns are discouraged in
favour of mixed-use Bahamian
settlement types with a variety
of transportation options.
"Conventional resort devel-

opment typically features large

hotels, a closed environment,
golf courses, and a utility infra-
structure that demands high
water use and-distant power
transmission," the proposal
says. "This model typically
relies on a cheap labour force,
high numbers of visitors, and

intense access to amenities such |

as beaches, marinas and nearby
transportation (airports).
"When systems fail over
time, projects can become diffi-
cult to maintain because the
Bahamas does not provide a
sophisticated maintenance
industry to sustain such a scale
of development. This can mean
further reliance on imported

labour or the gradual transfor-

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mation of the project into an
obsolete and unmanageable rel-
ic. (Such) projects are some-
times abandoned with devas-
tating affects on the local job
market and economy (eg: the
Four Seasons Resort on Exu-
ma) and irrevocable harm to
natural ecosystems."

The Andrews proposal seeks
to define which communities
should be built in what sectors
of the island based on the best
Bahamian settlement traditions,
improved for the 21st century.
Special requirements such as
green corridors for wildlife are
also stipulated, while conven-
tional resort development is dis-
couraged.

Transportation options
include an improved bus ser-
vice linking the entire island, an
expanded airstrip near Sandy
Point, new and enhanced ferry
ports at both Sandy Point and
Marsh Harbour, and bike path
networks.

The proposals for Marsh
Harbour call for channeling
growth into a network of com-
pact mixed-use centres with
interconnected streets, each
comprising a-walkable neigh-
bourhood. Ferry docks would
be enhanced with appropriate
commercial development and a
public park and market would
be provided.

TACKLING THE MUD |

But the most interesting sug-
gestions focus on the Haitian
shantytown known as the Mud
— an amazing concentration of
poverty and decay, built on
spoil dredged from the harbour,
that all agree is a major disin-

centive to investment in the .

island's capital. The planning
challenges it creates can only
be addressed by tackling diffi-
cult issues of political status,
ownership and social justice.
The Andrews document
argues that a pathway to legal
land ownership (through lease
to purchasé contracts) must be
provided for the Haitian'com-
munity. The proposals — which
include proper waste treatment,
water and electrical services,




























Jermaine Pinder;

Sexxy Sandals,

mention.







Butler's Funeral Homes

& Crematorium

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

Funeral Service for

Mr. John Emmanuel
Knowles age 83

of Corlet Road, Pyfrom's |
Addition
Thursday,
| 2009 at 10:00 a.m. at St.
| George's Anglican Church,
4 Montrose
\ Officiating will be the Rev'd
Fr. G. Kingsley Knowles.
He is survived by his loving

wife Sylvia; son, John
| Tracy Knowles; daughter,
Jennifer Treco; stepson,



’ Keith Oliver; stepdaughter,
Deborah Oliver; daughter-

-in-law, Troy Oliver; grandchildren, Kameko, Keisha,
and Ketroya Oliver, lan and Erin Treco, Christian,
Ashley, Aalyah, Johneja Knowles; brothers, Richard
and Eugene Knowles; nieces, Madeline Wells and .-
nephews,
Sidney Knowles, Kenneth, Freddie, and Gene Stuart,
Ridley and Stanley Carroll;
friends including Clint Treco, Sharon Williams, Lisa
Carey, Nadine Rolle, Marina Rolle and family, The
Chipman family, Erskine Oliver and family, Olga
Pierre and family, Sidney Dorsette and family, Greg
Bonamy and family, Olvin Reese and family, Rudolph
Ferguson, Justice Stephen Isaac and family, Michael
Brice and family, Wendell Minnis and family, Neville
Woodside, Dieudonne Josesp, The Management and
Staff of Potpourri, Potpourri Too, Potpourri Printers,
Southland Shopping Centre and
Knowles' Upholstery, and others too numerous to

Friends may pay their last respects at Butlers’
Funeral Homes and Crematorium at Ernest and York
Streets on Wednesday January 14th, 2009 from 10:
‘00 a.m. until 5:00 p.m. and on Thursday January 15th
2009 from 9:00 a.m. until service time at the church.

vegetable gardens, better roads
and housing, and public parks
— are intended to show how
conditions in the Mud might
improve if we allowed such a
transition to take place.

"Building densities in the
Mud are 12 per acre, about the
same as the densest historic set-
tlements in the Bahamas (Dun-
more Town, New Plymouth and
Hope Town)," the proposal
says. "The true challenges of
the Mud do not lie in its build-
ing density, but rather in its
poor safety standards and over-
crowded dwellings."

The ultimate hope is that
Marsh Harbour can transform
itself into a community that is in
keeping with the best of
Bahamian settlement traditions,
with a vibrant and livable
mixed-use environment that can
be-sustained for generations.

It should be noted that the
most successful Bahamian des-
tinations invariably feature
Bahamian vernacular architec-
ture of high quality. These
places include Hope Town,
Dunmore Town, New Ply-
mouth and Spanish Wells. In
this sense, Bahamian settlement
patterns ought to be regarded
by everyone,as a worthy invest-
ment.

"The biggest planning chal-
lenge," according to Nassau
architect Mike Alexiou, "is how
to grow and not lose the things
we love. Our job as custodians
of the Bahamian built environ-
ment is to provide an antidote
for one-size-fits-all develop-
ment."

The alternative is, as Abaco
resident John Hedden put it
recently, to devalue ourselves:
"Our history is thrown away.
Our culture is discarded. Our
architecture is allowed to rot.
Our intellect is on a flight to
Miami. Our resourcefulness is
all about scheming to bring it
in cost-free."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

will .be = on
January 15th,

Avenue

Tracy, Ricardo, and

other relatives and





PAGE 8, WEDNESDAY, JANUARY 14, 2009

MMG BANK & TRUST LTD.
Financial Statements For The Year
Ended September 30, 2008 And
Independent Auditors’ Report

Deloitte

Deloitte & Touche
Chartered Accountants

and Management Consultants

2nd Terrace, Centreville
P.O, Box N-7120
Nassau, Bahamas

Tol: 41 (242) 302-4800
Fax: 41 (242) 322-3103

INDEPENDENT AUDITORS’ REPORT -

To the Shareholders of
MMG Bank & Trust Ltd.:

We have audited the accompanying financial statements of MMG Bank & Trust Ltd. (the “Bank”)
which comprise the balance sheet as of September 30, 2008, and the related statements of income,
‘ changes in equity and cash flows for the year then ended, and a summary of significant accounting,
policies and other explanatory notes. The financial statements of the Bank as of September 30, 2007
were audited by another auditor whose report dated December 13, 2007, expressed an unqualified

opinion on those statements.
Management’s responsibility for the financial statements

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

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with. International Standards on Auditing. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance as to whether the financial statements are free of material misstatement.

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

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

Opinion
In our opinion, the financial statements present fairly, in all material respects the financial position of

the Bank as of September 30, 2008, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards. :

November 14, 2008

MMG BANK & TRUST LTD.

BALANCE SHEET
AS OF SEPTEMBER 30, 2008
(Expressed in United States dollars)



2008 2007

ASSETS , 2
Due from banks (Notes 5 and 11)
Non-interest earning deposits
Interest carning deposits

$ 12,556,682 $ 22,277,125
32,808,229 45,664,807
45,364,911 67,941,932

A 370,000
64,355,768 $5,317,125
500,000 ‘1,283,709
19,385,613 19,493,005
1,045 16,796
390,924 . 411,662
133,797 5,193

$ 130,132,058 $144,839,422

Total due from banks
Trading securities (Note 6)
Securities available-for-sale (Note 7).
Securities held-to-maturity (Note 8)
Loans receivable (Notes 9 and 11)
Accrued interest receivable
Furniture and equipment (Note 10)
Other assets (Note 11)

TOTAL ASSETS

LIABILITIES AND EQUITY

LIABILITIES: |
Customers' non-interest bearing deposits (Note 11)

Customers’ interest bearing deposits (Note 11)
Other liabilities (Note 11)
Total liabilities

$ 14,719,246 $ 20,866,692
96,973,388 110,628,602
2,751,084 193,177

114,443,718 _ 131,688,471

EQUITY:

‘ | 1 per share; .
Common stock, with a par value $1 pe: 5,000,000 5,000,000
(1,323,318) (48,146)

authorized, issued and outstanding: 5,000,000
12,011,658 8,199,097

Fair value reserve
Retained earnings SS

Total equity { 15,688,340 13,150,951
TOTAL LIABILITIES AND EQUITY

Commitments (Notes 1] and 12)

See notes to financial statements.
re approved by the Board of Directors on November 14, 2008 and are

These financial statements a
signed on its behalf by:



MMG BANK & TRUST LTD.

NOTES TO FINANCIAL STATEMENTS _
FOR THE YEAR ENDED SEPTEMBER 30, 2008
(Expressed in United States dollars)

4. GENERAL

MMG Bank & Trust Ltd. (the “Bank”) is a limited liability company established under The
Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under the Banks
and Tryst Companies Regulation Act, 2000 to carry on trust and banking services: ‘The Bank's
objective is to promote and participate in all kinds of banking, financing and investing

activities from the Commonwealth of The Bahamas,

The Bank is a wholly-owned subsidiary of MMG Bank Corporation (the Parent company)
which is incorporated in the Republic of Panama and in turn is a wholly-owned subsidiary off
MMG Capital Holdings Inc. (the ultimate Parent company) which is incorporated in the

Commonwealth of The Bahamas.

The Bank’s registered office is located at First Floor, Shirley House, 50 Shirley Street, Nassantys

Bahamas.



http://www.deloitte.com.bs

$ 130,132,058 $144,839,422 -





BBB

THE TRIBUNE

ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

Standards and changes effective during this year v

During the year 2007, the Bank adopted the “IFRS 7 Financial Instruments: Disclosures”
which became effective for the annual reports which period that began on January 1, 2007 or

on a later date.

Additionally, the Bank adopted the amendments made to “IAS 1, Financial Statements
Presentation”, related to capital revelations, which were amended along with issuance of the

IFRS 7. ‘

The adoption of IFRS 7 and the changes to IAS 1 were required to expand the disclosures
related to financial instruments and capital administration respectively.

There are four Interpretations issued by the Committee of Interpretations of International
Financial Reporting Standards, which are effective for the current year. These are:

° IFRIC 7 Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
e IFRIC 8 Scope of IFRS 2
° IFRIC 9 Reassessment of Embedded Derivatives

2 IFRIC 10 Interim Financial Reporting and Impairment

These interpretations did not bring changes in the accounting policies of the Bank.
Standards and Interpretations issued and not adopted

Up to the date of authorization of these financial statements, some standards and
interpretations have .been issued which are related to the Bank’s operations and which are
effective for future accounting periods. The following Standards and Interpretations are not
yet effective and have not been early adopted by the Bank:

° IFRS 8 Operating Segments

° IFRIC 13 Customer Loyalty Programmes |

° IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction ihe
° IAS 23 Borrowing Costs

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are
set out below, and have been consistently applied to all years presented, unless otherwise
noted.

a. Basis of presentation - These financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS). The financial statements are
prepared under the historical cost convention as modified by the revaluation of financial
assets at fair value through profit or loss and securities available-for-sale.

The preparation of financial statements in conformity with IFRS requires the use of
certain critical accounting estimates. It: also requires management. to exercise its
judgment in the process of applying the Bank’s accounting policies. The areas involving
a higher degree of judgment or complexity, or areas where ‘assumptions and estimates
are significant to the financial statements are disclosed in Note 4.

Amendments to published Standards and Interpretations effective January 1, 2007

The following amendments and interpretations that are not applicable to the Bank are:

e JAS 19 Amendment - Actuarial Gains and Losses, Group Plans and Disclosures;
° IAS 21 Amendment - Net Investment in a Foreign Operation;

° IAS 39 Amendment - The Fair Value Option;

e JAS 39 and IFRS 4 Amendment - Financial Guarantee Contracts;

° IAS 39 Amendment - Cash Flow Hedge Accounting of Forecast Intragroup
Transactions; ‘

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
vas Standards;:and IFRS 6 (Amendment), Exploration for and Evaluation. of Mineral
“ ..Resources; ‘ ‘ :

e IFRS - 6 Exploration for and Evaluation of Mineral Resources;
° IFRIC 4 - Determining whether an Arrangement contains a Lease;

IFRIC 5 - Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds, and

° IFRIC 6 - Liabilities arising from Participating in a Specific Market - Waste
Electrical and Electronic Equipment.

b. Cash and cash equivalents - For purposes of the statement of cash flows, the Bank
considers as cash and cash equivalents all deposits-with an original contractual maturity
of three months or less.

c. Interest income and expense + Interest income and expense are recognized in the

statement of income for all interest bearing instruments under the effective interest
method. :
The effective interest method is a method of calculating the amortized cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant year. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial liability. When calculating the effective interest rate, the bank estimates cash
flows considering all contractual terms of the financial instrument but does not consider
future credit losses.

d. Commission income - Commissions are genefally recognized in the statement of income

on an accrual basis. However, loan origination fees are deferred and recognized’ as an
adjustment to the effective yield on the loan.

«

€. Financial assets - Financial assets are classified in the following four categories:

financial assets at fair value through profit or loss; loans receivable; held to maturity
Investments and available for sale financial aésets. Management. determines the
classification of its investments at their initial recognition.

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

ii. Loans receivable - Loans receivable are non derivative financial assets with fixed
or determinable payments that are not quoted in an active market. They arise
when the Bank provides money, goods or services directly to a debtor with no
Intention of trading the receivable, .

iii, Held fo maturity - Weld to maturity investments are non-derivative financial
assets with fixed or determinable payments and fixed maturities that the Bank’s
management has the positive intention and ability to hold to maturity. Ifthe Bank
were to sell other than an insignificant amount of held to maturity assets, the
entire category would be reclassified as available-for-sale.

iv. Available-for-sale - Available-for-sale investments are those intended to be held
for an indefinite period of time, which may be sold in response to needs for
liquidity or changes in interest rates, exchange rates or equity prices.

Purchases and sales of financial assets at fair value through profit or loss, held to
maturity and available-for-sale are recognized at the trade date, which is the date
the Bank commits to purchase or sell the asset.

Financial assets are initially recognized at fair value plus transaction costs for all
financial asses not carried at fair valuc through profit or loss, Financial assets are
derecognized when the rights to receive cash flows from the financial assets have
expired or when the Bank has transferred substantially all risks and rewards of
ownership.

Financial assets at fair value through profit or loss and available-for-sale financial
assets are subsequently carried at fair value. Loans receivable and held to
maturity investments are carried at amortized cost using the effective interest
method. Gains and losses arising from changes in the fair value of the financial
assets at fair value through profit or loss category are included in the statement of
income in the year in which they arise. Gain and losses arising from changes in
the fair value of the financial assets are recognized directly in equity, until the
financial asset is derecognized or impaired, at which time the cumulative gain or
- loss: previously: recognized in equity is accounted for in the results of the year,

*



THE TRIBUNE

However, interest calculated using the effective interest method is recognized in
the statement of income. Dividends on available-for-sale equity instruments are
recognized in the statement of income when the Bank’s rights to receive payment
is established.

The fair value of quoted investments in active markets is based on current bid
prices. If the market for a financial asset is not active or as for unlisted securiti¢s,
the Bank establishes the fair value by using valuation techniques, that include the
use of recent arm’s-length transactions, discounted cash flows analysis and other
valuation techniques commonly used by market participants. Equity securities for
which fair values cannot be measured reliably are recognized at cost less

impairment.
f. Impairment of financial assets *
i. Assets carried at amortized cost - At each balance shect date, the Bank assesses

whether there is objective evidence that a financial asset or group of financial
assets carried at amortized cost is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred if, and only if,
there is objective evidence of impairment as a result of one or more events that
occurred after the initial recognition of the asset, such as a “loss event”, and that
Joss event (or events) has an impact on the estimated future cash flows of the
financial asset or group of financial assets that can be reliably estimated.
Objective evidence that a financial asset or group of assets is impaired includes
observable data that comes to the attention of the Bank about the following loss
event:

significant financial difficulty of the issuer or obligor;
e a breach of contract, such as a default or delinquency in interest or principal

payments;
granting to the borrower, for economic or legal reasons relating to the
borrower’s financial difficulty, a concession that the lender would not
otherwise consider; ,

° it becoming probable ‘that the borrower will enter bankruptcy or other
financial reorganization measurcs;

° the disappearance of an active market for that financial asset because of
financial difficulties; or ‘

° observable data indicating that there is a measurable decrease is the

-estimated future cash flows from a group of financial assets since the initial
recognition of those assets, although the ‘decrease cannot yet be identified
with the individual financial assets in the Bank.

The Bank jassesses whether objective evidence of impairment exists individually for
financial assets that are significant, and collectively for financial assets that are not.
individually significant. If it is determined that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, it includes
the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for
impairment and for which an impairment loss is or continues to be recognized are not
included in a collective assessment of impairment.

When a loan is uncollectible, it is written-off against the related provision for Joan
impairment. Such loans are written-off when all the necessary procedures have been
completed and the amount of the loss has been determined.

If, ina subsequent year, the amount of the impairment loss can be related objectively to
an-event occurring after the impairment loss is accounted for, it can be reversed by
adjusting the reserve account. The amount of the reversal is recognized in the statement
of income.

ii. _ Assets carried at fair value - On each balance sheet date, the Bank assesses
whether there is objective evidence that a financial asset or a group of financial
assets is impaired. In the case of equity investments classified as available-for-
sale, a significant or prolonged decline in the fair value of the security below its

. cost is considered in determining whether the assets are-impaired. If any such
evidence exists for available-for-sale financial assets, the cumulative loss
measured as the difference between the acquisition cost and the current fair value,
less any impairment loss.on that financial asset previously recognized in profit or
loss is removed from equity and recognized. in , the statement: ofs|incomer
Impairment losses recognized in the statement of income, on.equity. instruments

“are not reversed'through the statement of income. If, in a subsequent year, the fair
value of a debt instrument classified as available-for-sale increases and the
increase can be objectively related to an event occurring after the impairment loss

was-recognized in profit or loss, the impairment loss is reversed through the
statement of income. __. :

g. . Furniture and equipment - Furniture and equipment are stated at cost less accumulated
depreciation. Depreciation is calculated on the straight-line method over the estimated
useful lives of the related assets:

Office equipment ' 10 years
Software ° ; : 5 years
h. Translation of foreign currencies - \tems included in ‘the financial statements are

measured using the currency of the primary economic environment in which the Bank
operates (‘the functional currency”). The financial statements are presented in United
States dollars, which is the Bank’s functional and presentation currency. Monetary
assets and liabilities in currencies other than the United States dollar are translated at
rates of exchange prevailing at the year-end. Income and expenses in currencies other
thar the United States dollar are translated at rates of exchange existing at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at year-end rates of monetary assets and
liabilities denominated in foreign currencies are recognized in the statement of income.

A. Fiduciary account and assets under administration - No account is taken in the
financial statements of fiduciary accounts or assets and liabilities of clients administered
by the Bank, other than those assets and liabilities which relate to the banking services

’ provided.

CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY ;

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

a. Impairment loss on loan receivable - The. Bank reviews its loan portfolio to assess
impairment at least on a quarterly basis. In determining whether an impairment loss
should be recorded in the statement of income, the Bank makes judgment as to whether
there is any observable data indicating that there is a measurable decrease in the
estimated future cash flows from a loan portfolio before the decrease can be identified
with an individual loan in that portfolio. This eyidence may include observable data
indicating that there has been an adverse change in the payment status of borrowers in a
group, or national or local economic conditions that correlate with defaults on assets in
the Bank. Management uses estimates based on historical loss experience for assets
with credit risk characteristics and objective evidence of impairment similar to those in

the portfolio when scheduling its future cash flows. The methodology and assumptions —

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

Impairment of available-for-sale investments - The Bank determines.that available-for-
sale investments are impaired when there has been a significant and prolonged decline
in the fair value below its cost. This determination of what is significant and prolonged
requires judgment. In making this judgment, the Bank evaluates among other factors,
the normal volatility in share price. In addition, impairment may be appropriate when
there is evidence of deterioration in the financial health of the issuer, industry and sector
performance, changes in technology and operating and financing cash flows:

Held to maturity investments - The Bank follows the guidance of IAS 39. on classifying
non-derivative financial assets with determinable payments and fixed maturities as held
“to maturity. This classification requires significant judgment. In making this judgment,
the Bank evaluates its intention and ability to hold such investments to maturity. If the
Bank fails to keep these investments to maturity other than for the specific
‘circumstances - for example, selling an insignificant amount close to maturity - it will be
required to reclassify the entire class as available for sale. The investments would
therefore be measured at fair value not amortized cost. :

TR RT TH.

7.

WEDNESDAY, JANUARY 14, 2009, PAGE 9

DUE FROM BANKS

Due from banks is detailed as follows:

2008 2007

Due on demand $ 12,556,682 $ 22,277,125

Interest earning deposits, with original contractual maturity
of three months or less ‘ 26,197,028 _ 26,920,444
Cash and cash equivalents 38,753,710 49,197,569

Interest carning deposits, with original contractual maturity
of more than three months ? 6,611,201 18,744,363

$ 45,364,911 $ 67,941,932

Due from banks may be categorized based on the Standard & Poor’s (S & P) rating of the
holder, as follows:

. 2008 2007
Non-interest earning deposits
Banks with S&P rating "A" or better $ 5,135,152 $ 21,286,420
Banks with S&P rating between "A-" and "BBB-" 1,120,731 200,280
Banks with S&P rating below "BBB-" 6,300,799. 790,425
$_ 12,556,682 $22,277,125
2008 2007

Interest earning deposits, with original contractual maturity
ofthree months or less te"
Banks with S&P rating "A" or better $ 24,143,377 $ 21,893,069
Banks with S&P rating between "A-" and "BBB-" 2,008,159
Banks with S&P rating below "BBB-" 45,492 5,027,375

2 ; $26,197,028 $ 26,920,444

Interest earning deposits, with original contractual maturity

‘of more than three months

Banks with S&P rating "A" or better $ 1,696,035 $ 14,040,763
Banks with S&P rating between "A-" and "BBB-" 1,354,509 * 334,798
Banks with S&P rating below "BBB-" 3,560,657 4,368,802

$ 6,611,201 $ 18,744,363

(Concluded)
TRADING SECURITIES
Trading securities are described as follows:
2008 2007
At fair value (listed)
Debt securities - with S&P rating "A" or better $ - $ 220,000
Structured notes - not rated : 150,000
The movement in trading securities is summarized as follows:
2008 ~ 2007.
Balance at beginning of year $. 370,000 $ :
Purchase - 370,000
- Sale . (370,000) -
Balance at end of year $ - $370,000
SECURITIES AVAILABLE-FOR-SALE
Securities available-for-sale are described as follows:
2008 2007
At fair value (listed)
Institutional cash funds - S&P rating AAA $ 12,783,253. $ 27,037,074
Debt securities with S&P rating "A" or better * 36,084,977 25,908,540
Debt securities with S&P rating between "A-" and "BBB-" 13,175,063.. - 728,130
Debt securities with S&P rating below "BBB-" ; .. 1,499,088
Debt securities and equity securities - no rating 2,312,475 144,293

$ 64,355,768 $ 55,317,125

Investments in institutional cash funds are highly liquid, readily convertible to known amounts

of cash and subject to insignificant risk of changes in value.

The movement in securities available-for-sale is summarized as follows:
2008 2007

Balance at beginning of year

$ 55,317,125. $ 52,977,713

Purchases ; 303,451,396 94,892,053

Sales and redemptions
Impairment loss 5 (280,290)
Net change in fair value reserve

SECURITIES HELD-TO-MATURITY

Securities held-to-maturity are summarized as follows:

(292,857,291) (92,479,305)

1,275,172) 73,336
$ 64,355,768 $ 55,317,125

; 2008 2007
Debt securities with S&P rating "A" or better $. 500,000 $ 1,150,000
Debt securities with S&P rating between "A-" and "BBB-" oS - 50,164
Debt securities with S&P rating below "BBB-" : 83,545

$ ~ 500,000 $ 1,283,709

'

The movement in securities held-to-maturity is summarized as follows:

’

2008 2007

Balance at beginning of year $ 1,283,709 $ 2,856,805
783,799 1,573,096

Redemptions

$ 500,000 $1,283,709

LOANS RECEIVABLE

e 2
Loans receivable are summarized as follows:

2008 2007
Commercial ;

Personal : aa $ 19,299.619
Mortgage oe -

Overdrafi

; 2,403,473 193,386

$_19,385,.613 $ 19,493,005

As of September 30, 2008, 80% (2007; 92%) of the loans receiv
by customers’ deposits placed with the Bank,

The movement in the provision for doubtful loan receivables is as follows:

2008 2007

- §
37.318

$ 37,318 $
——

Balance at beginning of year $
Increase in provision

able were fully collateralized



PAGE 10, WEDNESDAY, JANUARY 14, 2009

10. FURNITURE AND EQUIPMENT

Furniture and equipment comprise: |

2008 Net Book Value

2008 .
Beginning : Ending
Balance _ Additions Disposals __ Balance
COST: a
Office furniture and equipment $ 8,164 $ - $ (31) $8,133
Computer equipment 794,902 100,692 é 895,594
$ 803,066 $ 100,692 $ Gl) $903,727
2008
Beginning Depreciation Ending
Balance _Expense__ Disposals Balance
ACCUMULATED ;
DEPRECIATION:
Office furniture and equipment $ (7,243) $ (471) $ - $ (7,714)

Computer equipment (384,161) (120,928) - (505,089) *
$ (391,404) $ (121,399) $ - $ (512,803)

$411,662 $ (20,707) $ G)) $ 390,924

2007 Net Book Value $ 921 $ 410,741. $ - $. 411,662

11.

12.

13.

14.

15.

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Related parties comprise the ultimate parent company and its subsidiaries, the Banks’ directors
and key management personnel. As of September 30, 2008 and for. the year then ended, the
Bank had the following significant balances and transactions with related parties: .

2008 2007

Assets a =
Due from banks $ 9,606,469 $ _ 9,099,797

: $ 551,014 $680,637

Loans receivable ,
Other assets $ . $1,204. $— 2,680 -
- Liabilities .
Customers' deposits $ 24,685,024 $-14,871,07)
Other liabilities $ 635,002 $- 77,692 -
Commitments $ ~ $2,124,520
Income and Expenses
Interest income on loans receivable $ 64:201 -$--.1,118,071

Interest income on time deposits $ 477,562 LX 1,264,166
' Inferest expense. $ 398,059 $ - 1,347,894
General and administrative expenses $113,966 $- 146,284
Salaries of key management personnel $ 392,977 -$ 208,251

Other dvaienction
Sale of loan portfolio $ - $19,761,700



alee

OFF-BALANCE SHEET CREDIT RISK FINANCIAL INSTRUMENTS

The Bank maintains financial instruments with off-balance sheet risk that arise in the normal
course of business and which involve elements of credit and liquidity risks. Such financial
instruments include credit commitments for $1,602,740 (2007: $2,143,825).

Credit commitments are contracts where the Bank agrees to lend to a customer when certain
conditions are satisfied. These commitments are for.an average maturity of twelve months.and
are’ pe nanny used for disbursements of lines of credit.

hs Banks’. policies and procedures for approving credit commitments are the same as.those

used in granting loans receivable recorded in the balance sheet.
7 : /

These credit commitments were collateralized by the following:

: 2008 2007
Guarantee letter issued by banks with S&P rating "A" or better ~ . 87% 52%
Investment portfolio : 13% 42%
Customers’ time deposits -% 4%
Mortgage and others -“% 2%

100% 100%

The Bank does not anticipate any loss arising from these transactions.

INCOME TAXES

The Bank is not subject to incomeé{ax in The Bahamas.

FIDUCIARY ACTIVITIES

The Bank provides asset management and custodial services for customers,. As of September. ” :

30, 2008, the value of assets under administration amounted to $192, 461,994 (2007:
$127,308,053). The Bank does not anticipate any loss as a result of the services provided,

FINANCIAL RISK MANAGEMENT

Objectives of the administration of financial risks

Given the nature of its operations, the Bank is exposed to different financial risks that could _

threaten its business objectives, which is why the proactive identification and understanding of
the significant risks the Bank faces is critical to obtain an appropriate balance between the risk,
and the return, and to mitigate potential adverse effects on its financial results.

The administration and control of, the Bank’s risks fall mally on the Board of Directors,
_ which is responsible for establishing and integrating the strategic direction of the organization,
its business approach and its corporative values.

The Board of Directors has established the Audit and Risk Management Committee, with
specific. functions and responsibilities for the adequate handling of the Bank’s risks. This

committee is integrated by independent members of the Board of Directors from the .

Administration and attends to the Board of Directors in the fulfillment of their responsibilities

related to monitoring the administration and control of the Bank’s inherent risks and with :

other subjects related to the audit area such as financial statements integrity, quality and
performance of the internal and external auditors, and fulfillment of the Bank with the’ legal:
and regulatory requirements, as well as with the policies and ethical behaviors established by
the Board of Directors.

This committee has hired Moore Stephens to provide internal audit services, which support the
monitoring of the Bank’s Audit and Risk Management Committee by evaluating the Bank’s
processes of management of risks and internal control. This Internal Audit presents .-
recommendations to mitigate the risk. : ; ;

The Board of Directors delegates to. Management the responsibility of handling the day to day
Bank’s operations. The Audit and Risk Management Committee watches its identification,
evaluation and handling of the inherent risks of the Bank classified as: financial risks, capital
adequacy, credit, liquidity, market risks, operational risks, fraud and reputational risk.

Management on the other hand has established other administrative committees through which
it evaluates and gives follow up to the different subjects such as the Bank’s operations and
risks. Between these the following ones stand out:

Assets and. Liabilities Committee (ALCO): which has the purpose to optimize and
administer to the financial resources of the Bank, diminishing the exposure to rate risks,
market and liquidity. Jts functions are the analysis ‘and follow up of policies related’ to the
market risk, risk of liquidity and interest rate risk. Additionally, it reviews the economic
tendencies and expectations of interest rates, it establishes assets and Jiabilitics rates and it
follows up to the fulfillment of internal policies and external regulations.

THE TRIBUNE

Credit Committee: Its main objective is to establish policies for the administration and the
control of the credit risk, to establish measurement systems of credit risk, evaluation and
classification of the loan portfolio, constitution of provisions to mitigate the risk of loss,
assessment guarantees and compliance with internal policies and regulations.

The Bank is subject to the regulations of The Central Bank of the Bahamas and The Securities
Commission of the Bahamas, in regard to risk concentrations, liquidity and capitalization, |
among others. Therefore, the Management of the Bank is obligated to deliver a series of
reports to achieve an appropriaté flow of information both internally and externally to ensure
the transparency of Administration and Corporate Governance,

The main financial risks identified by the Bank are the risks of credit, liquidity, market and a

operational, which are described below.

Credit risk administration

Credit risk is the risk.of losses as a result of which a borrower that does not pay on time and in.
full its obligations or that the counterparty fails to comply with a contractual obligation before
settling a contract and the effect of having to replace the transaction to square the position.

Financial assets that potentially present a credit risk for the Bank are loans with other
guarantees, porsiolic investment and bank oe reeis

The Bank structures acceptable levels of credit risk by establishing policies and procedures-for’ » «

a single borrower, group of borrowers, and geographical segment. The risk exposure is
covered mainly with depoelte as collateral and other guarantees.

x a general policy of credit, the Bank grants credit facilities primarily to customers who have

already established relationships or new customers whose accounts are mainly secured, with

» cash: deposits. Depending on the guarantees given, the aeprere process can involve several
“ Jevels of authority.

It is important to mention that as of September 30, 2008, 80% (2007: 92%) of the portfolio of
loans were backed by cash deposits. ‘The rest of the portfolio is guaranteed by real estate,
bonds and other guarantees.

The total loan porifolio.of the Bank is classified as “normal” and does not present any kind of

* deterioration. As a result, the Bank has no overdue loans, and a has general reserve of 1%
of loans net of guarantees required by the regulator. °

The fable below analyzes the loan portfolio of the Bank which is exposed ‘to credit risk and its ;
assessment: ;

Gross amount

Guarantees
Loans (Cash Deposits) -
2008 2007 2008 2007

$ 19,422,931 $ 19,493,005 $ 15,591,553 $ 17,943,725

The Bank monitors the concentration of credit risk by sector and geographic location. The
analysis of the credit risk concentration related to the date of the financial statements is as

follows: &

Loans Securities
2008 2007 2008 2007
Concentration by sector:

. Loans ‘ .
Corporate $ 17,566,604 $ 18,369,030 $ 50,317,103 .$. 28,521,851.
Consumer 1,819,009 1,123,975. , - - -

Securities = __ 14,538,665 __ 28,448,983

- (Continued).
Assets Liabilities
2008 _ 2007 2008 2007

Geographic concentration: . : : ‘ ;
USA. $ 61,991,314 $ 45,761,762 $ 12,354,909 $° 891 9,383
Europe : 32,158,665 72,971,352 14,502,590 12,774,519
Panama 23,967,237 20,971,519 58,916,305 63,636,822
South America 9,039,042 3,246,687 16,559,276 18,924,956
Central America and ; chad
the Caribbean 2,956,333 1,515,066 9,310,043 26,630,047
Bahamas 19,467 ° 373,036 2,800,595 802,744

$_ 130,132,058 $ 144,839,422 $ 114,443,718 § 131,688,471

(Concluded)

~ Exposure to credit risk is managed by the Credit Committee and the Assets and Liabilities

Committee, through periodic analysis of the capacity of existing and potential borrowers’
capacity to meet their obligations and the analysis of the investment portfolio. Both

committees aré authorized to evaluate and recommend to the Board changes in credit limits. -

«

when they are appropriate,

Through the Assets and Liabilities Committee, the Bank analyzes the repayment ability of

various issuers and banks in international markets and recommends limits to the Board (based
on capital) that can be placed on each using as a reference portfolio risk ratings of recognized
international rating agencies like Standard & Poors, Moody's Investor Services and Fitch
Ratings. ,

As a result of the Bank’s conservative asset management policies, its deposits and investment
‘portfolios are highly diversified and mostly placed with investment grade institutions.

The information in the table below shows the assets composition of the Bank. As of

. Provision (37,318) - - oie
_ Book value $ 19,385,613. $ 19,493,005 $ 15,591,553 $ 17,943,725 }

September 30, 2008 the Bank had placed 71% (September 30, 2007: 78%) of their assets. in‘

. deposits in banks of investment-grade and debt issuers and 12% (September 30, 2007: 12%) of

its assets were secured by cash deposits.

2008 2007
Amount Percentage Amount Percentage
Due from banks
Banks with investment grade "A or better". $30,974,763 68% $ 57,220,252 84%
; Banks with investment grade "lower than A" 4,483,399 10% 535,078 1% °
Banks without international investment grade 9,906,749 22% __ 10,186,602 15%
45,364,911 35% _ 67,941,932 4T%
~ ‘Secisrities
With investment grade "A or better" 49,368,230 76% +» 54,313,612 95%
With invesiment grade "lower than A" 13,175,063 20% 778,294 I% ;
Without international investment grade 2,312,475 —A% 1,878,928 4%
64,855,768 50% 56,970,834 39%
(Continued)
2008 2007
Amount Percentage Amount Percentage |
Loans
- Loans receivable collateralized by
customers! deposits 15,591,553 80% 17,943,725 92%
~ Other loans receivable ‘ 3,794,060 20% 1,549,280 8%
J ome : = * rs *
‘ 19,385,613 15% 19,493,005 13%
Other assets : - 134,842 0% 21,989 0%
Furniture and equipment 390,924 0% 411,662 0%
-Total assets . 7
‘fal apes $130,132,058 100% $144,839,422 100%
Assets
Total assets with investment grade $98,001,455 71% $112,847,236 78%
Total assets collateralized by
customer deposits 15,591,553 12% 17,943,725 12%
1 ow other assets 16,539,050 17% 14,048,461 10%
otal assets $ 130,132,058 100% $ 144,839,422 100%
(Concluded)



THE TRIBUNE.

The following table details the analysis of the Bank’s investment portfolio, under the category
of investment and accounting recognition.

Available Trading Held to

For Sale Securities Maturity Total
2008 f
Securities

With investment grade "A or better"

With investment grade "lower than A" 13,17
Without international investment grade 2,312,475

$48,868,230 $

5,063

- $

500,000 $49,368,230

13,175,063

2,312,475

$64,355,768 $ - $500,000 $64,855,768
2007
Securities ,
With investment grade "A or better" $52,943,612. $ 220,000 $ 1,150,000 $54,313,612
With investment grade "lower than A" 728,130 - 50,164 778,294
Without international investment grade 1,645,383 150,000 83,545 1,878,928
$55,317,125 $ 370,000 $ 1,283,709 $56,970,834

Liquidity risk or funding

eee

Nl ee

Liquidity risk is the risk that the Bank is unable to meet all its obligations. To mitigate this
risk, the Bank maintains strict liquidity policies backing management of customers’ deposits.
The Bank’s policy requires that at least the following deposits to be retained: 50% of the
deposits on demand and overnights, 50% of the time deposits unti] 180-days and 100% of the

. funds held in “escrow” accounts.

Additionally, the Bank requires that the negative gaps

between assets and liabilities be covered at all times with granted committed credit facilities.

The following is an analysis of the assets maturity (assets include several fixed assets) and
liabilities based qn the period remaining at the date of the balance sheet until the contract

expiration date:

2008

Without 0-3 3-6 6-12 .. Over1

Maturity Months Months Months Year ' Total
Assets
Due from banks $ 12,556,482 $ 26,197,028 $ 2,746,034 $ 3,865,367 $ - $ 45,364,911
Securities 12,783,253 20,678,140 4,181,786 10,982,777 16,229,812 64,855,768
Loans receivable - 10,038,307 1,419,778 3,982,138 3,945,390 19,385,613
Other assets : - 56,245 st 469,52) 525,766
Total assets $_25,339,735 $ 56,913,475 "'$ 8,403,843 $18,830,282 $ 20,644,723. $130,132,058
Liabilities
Customers' deposits $ 34,903,254 $ 53,801,301 $ 3,513,220 $18,771,688 $ 703,171 $111,692,634
Other liabilities 1,814,117 : : - 936,967 2,751,084
Total liabilities $ 36,717,371 $ 53,801,301 $ 3,513,220 "$18,771,688 $1,640,138 $14,443,718
Commitments $ - $202,740 $ + $1,400,000. $ - $1,602,740 ©
Net liquidity gap $(11,377,636) $_2,909,434 $ 4,890,623 $ (1,341,406) $19,004,585 $14,085,600

2007
Without 0-3 3-6 6-12 Over1 . :
. Maturity, Months Months Months Year Total

Due from banks $ 22,277,125 $ 27,107,586 $14,090,190 $ 4,467,031 $ -. = $.67,941,932
Securities 30,865,127 8,234,598 7,151,019 3,947,151 6,772,939 — 56,970,834
Loans receivable 258,060 6,891,617. 5,038,773 2,157,376 5,147,179 19,493,005
Other assets 7,235 4,670 586.0 421,160 433,651
Total assets $ 53,407,547 $42,238,471 $26,280,568 $10,571,558 $12,341,278 $14,839,422 ©
"Liabilities bes ue
Customers' deposits $ 21,169,884 $ 89,382,492 $10,551,640 $ 8,849,971 $ 1,541,307 $131,495,294
Other liabilities 193,377 ' : - ate : 193,177
Total liabilities $ 21,363,061 $ 89,382,492 5$10,551,640. $ 8,849,971 $ '1,541,307 $131,688,471
Commitments -$ - $573,809 $ - $1,570,016 $ = $2,143,825
Net liquidity. gap $32,044,486 $(47,717,830) $15,728,928 $ 151,571. $10,799,971 $_ 11,007,126

It should be noted that compliance with the liquidity policies is monitored by the Assets and
Liabilities Committee and the Board of Directors through the Audit and Risk Management

Committee.

The table below shows the undiscountéd cash flows from the financial liabilities of the Bank,
based on their nearest maturity possible. The exppoted flow of these instruments can vary









q

significantly over time:
5 From 3
Book Nominal Without Until months From 1 to
Value Gross Maturity Smonths {to 1year S years
Customers' deposits $111,692,634 $112,103,265 $ ad $ 53,694,545 $ 22,768,855 $ 736,611

2007

~ Customers’ deposits $131,495,294.” $131,732,187 | $ 21, 169,884 $ 89,264,980 $ 19,662,428 $ 1,634,895

_ Market risk

pene elie Sean

Market risk is that in which the value of a financial asset is reduced due to changes in interest
rates, in monetary exchange rates, in stock prices, and other financial variables, as well as the
reaction of the market participants to political and economic events.

The Bank mitigates its market risk through a policy of diversifi cation of investment anid limits
risk rating, maturity and type of assets,

Additionally, the Bank’s investment policies set the limits for the placement of medium-and »

long-term positions reducing the exposure of assets sensitive to changes. in market

expectations.

interest rates at its discretio

For ene loans, there is flexibility under contract by the Bank' to vary

Interest Rate Risk is the risk associated with a decrease in future cash flows aiiu tne value of a
financial instrument due to changes in market interest rates.

’ The table below summarizes the. Bank’s exposure. to interest rate risks.

The. assets and

liabilities of the Bank are included in the table at book valuc, sorted by categories and for
which comes first among » the new rate-setting contract or expiration dates.

ae 2008
: 0-3 3-6" 6-12 Over 1 Non Interest
Months Months - Months Year __ Bearing Total
Assets. : "4 : : 4 Hee
Duc from banks, $38,753,510 .$ 2,746,034 $ 3,865,367 $ - $ = $ 45,364,911
Securities 36,795,962 3,483,635 10, 766, 192 12,537,077" ‘1,272,902 64;855,768 -
Loans receivable 10,038,307 1,4 19,778 3,982,138 3,945,390. - 19,385,613
Other assets 1,045 : : - 524,721 525,766
Total assets $85,588,824 $ 7,649,447 $18,613,697 $16,482,467 $ 1,797,623 $30,132,058
Lisbilities ee ee a a
Customers‘ deposits. $88,704,554 $ 3,513,220 $18,771,688. $ 703,172 $ - $111,692,634
Other liabilities 1,814,117 - . . 936,967 2,751,084
Total liabilities $90,518.67) $ 3,513,220 $18,771,688 $ 703,172 $936,967 $114,443,718
: 2007 :
0-3 3-6 6-12 - Over 1 Non Interest fete
Months — Months __' Months Year Bearing Total ©
‘ Assets
Due from banks $49,261,113 $14,090,190 $ 4,467,031 $ - $ 123,598 $ 67,941,932
“Securities 37,543,533 7,151,019 3,947,151 6,772,939 1,556,192 56,970,834
Loans receivable — 6,891,617 5,038,773 2,157,376 5,147,179 . 258,060 19,493,005
Other assets « 4,670 586 We 9,498 418,897 433,651
Total assets $93,700,933 s 26,280,568 $10,571,558 $11,929,616 $ 2,356,747 $144,839,422
Liabilities
Customers’ deposits $92,710,192 $10,551,640 $ 8,849,971 $ 1,541,307 $ 17,842,184 $131,495,294
Other liabilities : - : ‘ - 193,177 193,177
Total liebitities $92,710,192 $ 10,551,640 $ 8,849,971 $1,541,307 $ 18,035,361 $131,688.47)

SE a tat

WEDNESDAY, JANUARY 14, 2009, PAGE

Operational risk

Operational risk is the risk of losses, direct or indirect, resulting from inadequate or failures of
internal processes, personnel, systems or external events.

Our definition of Operational risk includes the process risk, technological risk and fraud and

mismanagement risk.

The objective of operational risk management is to:

° Minimize the day to day losses and reduce the potential occurrence of more incidents;
‘° Improye the Bank's ability to achieve its objectives;
° ‘Strengthen the overall risk management system.

To mitigate these risks, the Bank has policy and procedure manuals of their processes in which
it sets the levels of segregation of duties, levels of approval and authorization, training, bank
reconciliations, business continuity plans, technological security policies and banking seeurily,
Human resources policies, code of ethics and conduct, among others,

Additionally, the Bank has an anti-fraud program that includes policies and guidelines to
prevent and manage the risk of fraud,.and to ensure its early detection. The Anti-fraud
program includes a policy that sets out clearly which is the position of management with
respect to fraud, what actions constitute fraud, who are the persons responsible for its
prevention, detection and investigation, as well as the procedure for complaints.

Capital management

Within the financial risks to which the Bank is exposed, there is the risk that the Bank’s capital
does not support its‘activities and growth.

According to the Supervisory and Regulatory Guideline: 2005-03 of the Central Bank of The
Bahamas, licensed banks must maintain a ratio of total regulatory capital to the risk-weighted
asset (the “Basel ratio 0”) at or above the internationally agreed minimum of 8%.

As of September 30, 2008, the Bank’s capital adequacy ratio was 29% (2007: 38%).

Fair value of financial instruments

The estimated fair value is the amount by which the financial instruments can be traded in a _
common transaction between concerned parties, in very different conditions than forced sale
or liquidation, and is best evidenced by market quotes, if any.

The fair value estimates are made fora specific date, based on estimates of market and
information on financial.instruments. These estimates do not reflect any premium or discount
that may result from the offer for sale of a particular financial instrument.at a given date.

_ These estimates are subjective by nature, involve uncertainty and longer time period, therefore, .

11
oe

cannot be determined accurately. Any change in the assumptions or criteria can significantly _

affect the estimates.

The following i is a summary of the assumptions used in estimating the fair value of the Bank’s

most important financial instruments:
Due\jron banks

The book value of due from banks is approaching its fair value because of their Hguidity and
short-term maturity.

Securities available-for-sale and securities held to maturity

The fair value of securities available-ior-sale and securities held to maturity is based on market |

prices or in the price of similar instruments, based on expected cash flows on such
investments,

Loans receivable

sufheloan portfolio is 80% secured (2007: 92%) by‘cash deposits, so its recorded value is close

to its estimated value of recovery. In addition, the Bank has loans receivable whose interest
rates are close to interest Tales prevaining in the market for loans with similar terms and
*aeoniditions: 1qqs

Customers’ deposits

The fair value of customers’ deposits without specific maturity, such as due on demand

deposits, is the amount payable at call, which is equivalent to the value based on books.

The fair value of customers’ deposits is close to its book value, because they maintain terms
and conditions. similar to instruments of similar nature.

The following table summarized the book value and estimated fair value of the main financial
assets and liabilities: ~

: 2008
Book . _ Fair
Value Value

_ 2007
Book . Fair
Value Value

Assets

Non-interest earning deposits $ 12,556,682 $ 12,556,682 $ 22,277,125

$ 22,277,125 |

Interest earning deposits 32,808,229 32,808,229 45,664,807 45,664,807 | ©
Securities 64,855,768 64,855,768 - 56,970,834 56,970,834 + '
Loans receivables 19,385,613 19,385,613 19,493,005 19,493,005 es
Total assets -$129,606,292 $129,606,292 $1 44,405,771 $144,405,771
Liabilities
Non-interest bearing deposits. $ 14,719,246 $ 14,719,246 $ 20,866,692 $ 20,866,692 ._
Interest bearing deposits -»-_96,973,388 __ 96,973,388 _ 110,628,602 __110,628,602
Total liabilities $11,692,634 $111,692,634 $131,495,294 $131,495,294
16. RECLASSIFICATION MUSES ae

On July 30, 2007, the Bank teceived payments totaling $450,000 for a sigan receivable which
had been fully provided for in the previous year. This Se was recognized as other income

in 2007. $450,000 was reclassified from “Other Income”
loans receivable” to reflect proper categorization of the ae 3

To advertise ALL your

LEGAL

NOTICES

call The Tribune’s
Sales Department

502-2394



o “Release of provision for doubtful

ros



PAGE 12, WEDNESDAY, JANUARY 14, 2009









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«





THE TRIBUNE



Teenage girls

FROM page one

ened to punch her in the head
as they drove to Wulff Road
- Police Station.

Mr Jacques met them at
the station, but said he was
ignored by officers as the girls
were taken upstairs to be
interviewed individually and
without a guardian in a pri-
vate room.

Natasha said: “She took me
in there and kept slapping me
and asking me if I was having
sex with him.

“She kept slapping me and
saying that I was lying. She

-called us s**** and b*****,”

When Natasha emerged
from the room in tears, her
face was raw and swollen. She
claimed she had been slapped
in the face nearly 20 times.

Madeline was then called - :

in, allegedly to be subjected
to the same treatment.

Madeline said that a round
of questions about having a
sexual .clationship with Mr
Jacques and about 20 slaps
across the face from the
female police officer fright-
ened her into wetting her
pants.

“She got me a piece of rag
to clean it up and then she
went and left us there,” Made-
line said.

A relative was called to . :

pick up the girls and Mr
Jacques met them at their
aunt’s home.

. He said: ‘““When I saw these
young ladies again I could
barely recognise them.

“They had been beaten
black and blue.

“But I was the alleged pae-
dophile and they let me go
free,” he said.

Natasha said her head still
hurts, she is having trouble
hearing in her left ear, her face

is still bruised from the alleged _,

slapping five days earlief. '

A formal complaint was
made at Police Headquarters
on East Street.

Assistant Commissioner of
Police Raymond Gibson said
minors should not be inter-
viewed without a guardian
present, and should: not be

taken into custody without a .

reason for arrest.

He said: “I did meet with -

them and they told me they
had already reported the mat-
ter to the Complaints and
‘Corruption Unit.
: ,T.did.a follow-up and J can
isay the matter is being inves-
‘tigated.”
Natasha’s mother, Marie

Tavien, 42, said: “I have -

known James a long time, he
is a good friend. I feel bad
when I look at my child’s face.
I never hit-my: child, I talk to
her.” ash F

PLP ‘to lose
more MPs'

FROM page one

sion to “jump from the sink-
ing ship.”

Taking much delight in
these recent developments,
a high level source within the
FNM iold The Tribune yes-
terday that he wished he
could tell his “PLP friends”
of what is to come, stating
only that they should brace
‘themselves for “the
inevitable.”

“The actions of Kenyatta
Gibson was only the tip of
the iceberg. And hey can rest
assured that there will be
heavy action to follow. The
Bahamian people want the
FNM - they said so, and the
FNM is what they will get,”
he said.

After verbally crucifying
Mr Christie in a series of
press statements, following

his resignation from the PLP '

in 2008, Mr. Gibson was
essentially handled with a
proverbial “ten-foot pole”
following his joining with the
FNM on Monday. Both Mr
Christie and, party chairman
Glenys Hanna-Martin issued
brief statements on the mat-
ter, either wishing the MP
well in his new alliance, or
dismissing the matter entire-
ly as “last year’s news.”

Mr Christie, speaking at
the Yamacraw Branch meet-
ing on Monday night, told
the audience gathered there
not to be distracted by the
news of Mr Gibson joining
ithe FNM.

Describing what Mr Gib-
son was doing as “last year’s
news”, Mr Christie said that
the FNM is unable to deal
with the problems of the
economy and unemployment
and was seeking to “distract
the country” from those
problems by this latest
announcement.

Mr Christie repeated that
the Kennedy constituency
was a PLP seat and all PLP’s
will have to work hard to
continue to serve the people
of Kennedy.






FROM page one

the public purse. Mr Filygerald said.



by way of gratuity payment, Is in
excess of $2 million. and {he carly
pension claim by these officers will
amount to an additional $4.5 mil-

lion burden on the Treasury.
However, FNM Chairman John-
ley Ferguson dismissed his senate
colleague’s claims.
“T wouldn’t even dignify (those
statements) with a response,” he
told The Tribivie.

Prime Minister Hubert Ingrahar





has defended the foree’s restructur:
ing, calling it government's attemp!

to boost morale, increase efficiency
and put the force in a Better position
to deal with crime.

ffi



LOCAL NEWS

PLP members regarding the legality
of the retirements “mischievous and
utterly without foundation.”

Mr Fitzgerald said he was deeply
concerned and troubled that former
Police Commissioner Paul Far-
quharson was “forced” to vacate his
post and was replaced by someone
older than himself, and now younger
officers are also being forced to
retire, yet Acting Commissioner
Reginald Ferguson remains suppos-

edly the exception to this new rule.

“The recent termination of 15
senior police officers and the Gov-

-ernment's rationale that it is

designed to boost morale and
increase efficiency and put the
Police Force in a better position to

deal with crime has created more
questions than answers, given the

WEDNESDAY, JANUARY 14, 2009, PAGE 13

cers’ pension claims and
; ‘will cost public more than $6.5m’

impression of instability instead of
stability and raised serious concerns
about the future leadership of the
Police Force at a time when the

Police Force needs a strong, youth- ©

ful, politically bi-partisan leader who
will give Bahamians confidence that
the Police Force is headed in the
right direction,” he said.

The senator said it would be
interesting to know if any of the 15
who were forced to retire support
the present Acting. Commissioner,
and if they do not, who do they sup-
port to lead the Police Force.

“The answer to that question may
give more insight as to why these
15 senior officers were forced to
retire albeit younger in age and hav-
ing served less years than the Acting
Commissioner,” the senator said.





- Mr Fitzgerald said that as with
many decisions the Prime Minister
‘and his Government have made in
the past 18 months, the contradic-
tions and fallacies inherent in these
decisions show the lack of rationale
expected of a responsible clear-
thinking Government.

“The Prime Minister and the
FNM have yet to give a reasonable
answer to these questions, without
which one is forced to conclude that
the Government is on a crusade to
‘manipulate the personnel makeup
of the Force and leave'‘as its head a
partisan Acting Commissioner, and
in the process the Government is
tearing down the foundation of our
leading institutions and trampling
on the constitutional legal rights of

_.Bahamians,” he said.

He has called pasi allegations by

FROM page one

attention to the
which i - now

national
Ministry,

aggressively investigating the
~ claims.

Mr Sands said: “We hope to
have the matter closed before
the end of the week, either we

have substantial information to:

pursue the matter to a legal lev-
el, otherwise we will be obligat-
ed to have him back at work,
but obviously not in Grand
Bahama.”

Grand Bahama school district
Superintendent Hezektah Dean
said to his knowledge the male
teacher has never before been
accused of misconduct.

Mr Dean said: “Whatever
rumours exist on the outside
about a teacher and his lifestyle.

' it aint my business.”
Permanent Secretary at the.

Ministry of Education Elma
Garraway told The Tribuiie yes-
terday, as long as the investiga-
tion continues, the teacher. will
remain on paid-leave, but not
allowed to work within the
school system.

4

" wots: ¥ 7
Insufiicient evidence

Mrs Garraway explained:
“The law must take its course
and -here must be due process,
so the investigation must be
ongoing involving profession-
als from the department of
social services, guidance coun-
sellors and others.”

Although not confirming

whether-there were prior inci- ,

dents where claims were made

against a teacher related to sex- .

ual misconduct at Eight Mile
Rock High or any other school,
Mrs Garraway said if such

claims are made, the teacher

would automatically be placed

on leave while the matter is

investigated.

BUT President Belinda Wil-
son said there were plans for a
meeting between the teacher
and BUT representatives yes-
terday. ;

With there being no official

_ charges brought against the

educator, Mrs Wilson said he
cannot be “interdicted by the
ministry” and will remain a

-BU'T member.

Man with family ties to Bahamas





gets Obama 2:
FROM page one

stration position

Cape Breton Island. Nova Scotia. was a physician in the Family Islands,

spending much time in Long Island.

Dr Briggs’ mothér, who was widowed in 1978, made her career in the
Ministry of Tourism, working mostly in the Bahamas Tourist Offices
in Miami and Los Angeles. After she retired, she moved to Boston,
where her son was ther teaching at Harvard.

Dr Briggs’ uncle, Paul Aranha, is a well-known Bahamian pilot
who, with his wife, Kim, and family. lives at Lyford Cay.

Dr Briggs was in Nassau last June to advise the Ingraham adminis-

tration on sustainable development.

‘Dr Briggs is an Associate Professor ia the Department of Urban
Studies and Planning at the Massachus-tts Institute of Technology

(MIT).

A former Deputy Assistant Secretary at the US Department of
Housing and Urban, Development, his expertise includes affordable
housing, economic development and inequality, environmental sus-
tainability, and civic engagement and co laboration.

Dr Briggs was a member of the Obama-Biden transition team as part
of the Department of Health and Humaa Services team.

Peter Orszag, Obama's nomince to head the White House Office of

terday. !

.Management and Budget, faced a Senate confirmation hearing yes-

Now that he is nominated, Dr Briggs will not face Senate confir-
mation, but will be appointed by the Director of Office of Management

at the behest of the President.

The Office of Management and Budget is part of the Executive
Office of the President and is responsible for, among other things, devel-
oping the President’s budget each year. The budget lays out not only
spending priorities but also the administration’s management and leg-
islative programmes, the Office of Management is involved in devel-
oping, implementing and defending almest everything that happens in

‘government.

Dr Briggs was a seniar policy official in the Clinton Administration
from 1998 to 1999 as Acting Assistant Secretary for Policy Development
and Research at the US Department of Housing and Urban Devel-

opment.

i

on selected beers
0 glass of wine

Mra Legendary hig ete
CH Saul seV ayaa)
Meets ss ss hee OENY











FROM page one

atta Gibson to join the FNM
affecting the senate make-up.
This was a view also shared
by PLP attorney Paul Adder-
ley, who has been fighting in
the courts on behalf of Oppo-
sition leader Perry Christie
against the Senate appoint-
ments made by Prime Minis-
ter Ingraham.
“No, we think that we are
perfectly entitled to appoint
another senator, after con-
sultation with the leader of
the Opposition and we shall

do that,”.said Mr Ingraham’

outside the Cabinet Office
yesterday when questioned
whether Mr Gibson’s shift in
allegiance could have an
impact.on the party appoint-
ment to the upper chamber.

On his part, Mr Adderley
said “from (the PLP’s) point

of view it’s no problem” .
‘when asked whether he felt

the move.could allow. a case

to be made that the number
of senators on the FNM side
be even greater than it cur-
rently is in relation to the
number on the PLP side.

However, the fact that Mr .

Gibson was an independent

and not an FNM after he

resigned the PLP was includ-
ed in Mr Adderley’s submis-

sions to the Chief Justice in ©

August 2008 as part of his
arguments in favour of the
judge invalidating the

appointments of senators.

Anthony Musgrove and
Tanya Wright.

Mr Adderley insisted to the
judge at that time that Mr
Gibson’s resignation from the
PLP in January 2007 did not
affect the political balance
being sought by the former
prime minister as the gov-
erning party did not also pick

* up a new seat.

Mr. Musgrove’ was
removed on November 4
after Chief Justice Sir Bur-
ton Hall ruled that his







2008

\
so \\
%
. GCo

PM: not long until senator is
appointed to fill vacant seat

appointment was invalid as
he was a known FNM sup-
porter.

The Chief Justice allowed

Tanya Wright to remain |

despite protestations on the
part of the PLP that her
appointment was also invalid
on that basis.
According to the constitu-
tion, the make-up of the Sen-
ate must consist of a politi-
cal balance reflective of that
in the House of Assembly —
that is, the number of MPs
belonging to both parties sit-
ting in the lower chamber.
The Government has
appealed Sir Burton’s ruling
as.it relates to Mr Musgrove,
but added that it would not
wait for the outcome of that
appeal to move to fill his seat.
Meanwhile, Mr Adderley
yesterday told The Tribune
that the PLP has also moved
to appeal Sir Burton’s' deci-

1
1



sion as it relates to Ms.)

Wright’s right to remain in
the upper chamber.

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PAGE 14, WEDNESDAY, JANUARY 14, 2009







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Crusaders’ Kenneth Clark tries to get through the defense of Big Red
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Photos: Felipé Major/T ribune staff «



CRUSADERS’ Talvi Meers goes up fora lay up over the defense of Big Red. _ Crusaders’ Shaquille Symonette soars.to block this attempted lay-up by
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unior girls, boys
shine in GSSSA
regular season

@ By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

REIGNING champions in.

the junior division of the Father
Marcian. Peters. Basketball
Tournament continued their
dominance yesterday in the reg-
ular season of the Government
Secondary Schools Sports Asso-
ciation basketball league at the
D W Davis Gymnasium.

Junior Boys

D W Davis Pitbulls - 45

S C McPherson Sharks - 14

A stifling defensive effort by
the Pitbulls powered a blowout

win to keep their young unde-

feated season alive.

The Pitbulls 1-2-2 trap
harassed the Sharks’ ballhan-
dlers throughout the course of
the game, creating turnovers on
nearly every possession.

The Pitbulls defensive effort
turned in transition offensive as
they led 21-4 at the end of the
first quarter.

William Ferguson paced his
team offensively with a game

Clue #16

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BASKETBALL



high 22 points and continued
his team’s momentum early in
the.second quarter.

Ferguson scored the opening
basket of the second quarter
and came up with a block on
the ensuing possession, igniting
a fast break opportunity where
he finished on the other end for
a quick four point run.

The Pitbulls led 37-10 at the
half.

Scoring for the reigning
Father Marcian Peters champs
slowed considerably in the third,
however they held the Sharks
without a field goal in the quar-
ter.

Ferguson’s buzzer beating
jumper gave his team a 41-10
lead heading into the final peri-
od.

The Pitbulls’ wingman Alcott
Fox finished with five while
Lopez LaFleur led the Sharks
with six.

‘ Junior Girls

« H O Nash Lions - 81

L W Young Golden Eagles -
15

Pattie Johnson’s teams con-
tinues to remain untested in any
tournament or league play as
they dominated yet another
opponent for an extremely lop-

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sided victory.

The Lions turned the game
into a virtual lay-up drill as the
Eagles had no answers offen-
sively and struggled to advance
the ball beyond halfcourt:

H O Nash scored 14 unan-
swered points before L W
Young reached the scoreboard
early in the first half.

With the starters playing just
a little over 10 minutes in the
20-minute half, the Lions raced
out to a 48-9 lead at intermis-
sion.

A balanced scoring effort for
the Lions was led by reserve
center Leashia Grant who tied
for the team lead with 18 points.

Kaleshia Laing also finished
with 18 while Lakisha Munroe
was the third Lions player in
double figures with 16.

Randy Kemp and Berdicia
Sands finished with eight points
apiece.

Andrea Charles led the Gold-
en Eagles with eight points.

S C McPherson - 27

D W Davis Pitbulls - 24

With aggressive play down
the stretch from their leading
scorer, the Sharks were able to
pull away late and avoid a
sweep by the Pitbulls on the
home floor.

Jonethria Kelly scored six of
her 12 points within the final
two minutes of the game to lead
her team to the win.

Tied at 13 at the half, the Pit-
bulls opened the second with a
6-0 run to take a 19-13 lead.

Trailing 24-22 with 1:07
remaining, Kelly tied the game
with a runner while Angel
Miller, who finished with 11,
gave the Sharks the lead from
the charity stripe on the ensuing
possession.

Kelly sealed the win with a
steal and fastbreak lay-up to
give her team a three point
advantage with just 22 seconds
remaining. Patrice Ferguson led
the Pitbulls with eight.



THE TRIBUNE

WEDNESDAY, JANUARY 14,

2009



Big Red Machines seal 54 53
victory over the Crusaders

H By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

he backcourt tan-

dem of Donovan

Brown.and Jordan

Coakley shared

game high hon-
ours for the St Augustine’s Col-
lege Big Red Machines senior
boys’ basketball team yester-
day.

But it was Coakley who took
over down the stretch, canning
a jumper for a 53-52 lead with
42 seconds and adding a free
throw with 21 seconds left in
the game to seal the decisive
54-53 victory over the Nassau
Christian Academy Crusaders.

With the win, SAC kept their
playoff hopes alive at 6-3 as the
Bahamas Association of Inde-
pendent Secondary Schools’
regular season starts to wind
down, dropping NCA to 7-5 as
they are automatically elimi-.
nated from the postseason.

“I thought we came out a lit-
tle strong at the beginning of
the game, but we lost the lead,”
Coakley stated. “We always
lose the lead in the middle of

Bank
Financing
Available

/

SAC keeps playoff hopes alive

the game, but we managed.to
come back down the stretch to
win.”

The Crusaders pulled out to

-an 11-7 lead as Shaquille

Symonette and Kenneth Clark

provided a 1-2 punch with five,

and four points in the run..

They never trailed through-
out the second quarter, open-
ing up an early 15-9 margin as
Symonette came through with a
pair of baskets.

But the Big Red. Machines
managed a comeback, cutting
the deficit to 20-18 at the half,
despite Brown missing an
attempted three pointer at the
buzzer that would have given
them the lead.

In the third’ quarter, SAC

took control of the game as they -

tightened up on their defense
and surged ahead 27-21 on a 7-

3 spurt and they maintained at

least a five-point advantage.
Just as the buzzer sounded at
the end of the period, Geraldo



Bain sank a jumper to trim the
lead to 40-35 for NCA.

_ And in the fourth quarter, the
Big Red Machines continued to
roll along, using an effective
trap defense that saw the Cru-
saders get into foul trouble.

But NCA refused to go down
without a fight as they stormed
back, making another gallant
attempt to pull off the upset.
They forced a 50-50 tie with
2:09 on a jumper from Ashton

’ Wells.

The Crusaders went up 52-50
on a steal from Wells as SAC
tried to stall the ball as he went

on the fast break and scored the

lay-up.

The lead, however, was short
lived as Coakley hit a free throw
for a 52-51 deficit. Then he

scored a lay-up for a 53-52 lead. -

But after Clark converted a free
throw for another tie, Coakley
was fouled and he converted a
free throw to secure the win.
“Tt was a tough one. I didn’t

/T ribune staff

jor

S
Kenneth Clark
(blue) in action...

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expect them to play us that
close,” said SAC’s coach John-
son. “It was a pretty good game.
Thave to give it to them, They
played well.”

Johnson, however, said if they
can continue to play with the
same type of intensity, they
should have no problems mak-
ing the playoffs.

For NCA, Kenneth Clark
scored a side high 14, Shaquille
Symonette had 13, Ashton
Wells 11 and Talvi Meers con-
tributed seven.

Crusaders’ coach Alphonso

“Chicken” Albury said they had

a satisfactory game, but they
didn’t play with heart for a team
on the bubble.

“SAC didn’t play that well,

. but they played good enough

to win,” Albury stated... |

Albury, however, said the ,

officiating hurt them because

“it appeared that when a home

team official is present only,
they act as if they are the official
only for the home team.”

But James Dawkins, offering
a defense, said both teams were
aware that he was the only offi-
cial at the game and NCA had
the option not to play if they
felt he couldn’t call fairly. «

They chose to play with him °

as the only official, Dawkins
noted.

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@ By NEIL HARTNELL
Tribune Business Editor

cotiabank (Bahamas) has
launched a legal action for
alleged breach of contract

SECTION B « business@tribunemedia.net

Scotiabank sues resort on ‘unpaid’ $4

* Legal action taken against $250m Chub Cay developers, claiming breach of contract on loan repayment
* Bank alleges $44m in principal and over $4m in interest owing, with $38.6m needed to complete project on which
* Move to call in $4m guarantee, as funds owed to Bahamian contractors Osprey, Gunite Pools, show wider impact of credit crunch/resort slowdown’

against the principals of a

Berry Islands resort devel-
‘opment, claiming they have defaulted
on repaying a $45 million loan, with
the bank now seeking to call in their $4

million loan guarantee.

The action, which was filed against

‘Most activity’ from strugglin



the $250 million Chub Cay project’s
three principals - Kaye Pearson, Walter
McCrory and Bob Moss - alleged that
the trio had guaranteed a $45 million
loan taken out to finance the project on
July 28, 2006, and had now defaulted

firms expected next month



li By CHESTER ROBARDS
Business Reporter

SCOTIABANK (Bahamas)
executives yesterday said they
expect to see “most activity”
from distressed Bahamian busi-
nesses, seeking help with debt
and loan repayments they can-
not meet, in February.

Wayde Christie, Scotiabank
(Bahamas) vice-president of
retail banking, said the tourism
industry downturn was direct-
ly tied to the increasing num-
‘ber of businesses and con-
sumers seeking assistance.

He said the tourism sector
was of particular concern to
Bahamian commercial banks,
because many small businesses
were showing signs of the start
of a slide into debt.

Mr Christie said some peo-
ple affected are taxi cab drivers
and souvenir businesses - small
businesses in particular.

“It’s an important sector of
the economy, and a surprising
number of small businesses are
either directly serving the
tourism industry or use the ser-
vices by a lot of people who
work in the industry,” said Sco-

Thirty-day deadline to

attract Disney’s Pirates

: @ By NEIL HARTNELL ©
Tribune Business Editor

THE Bahamas Film Studios’
chairman yesterday told Tri-
bune Business that if the Gov-
ernment failed to deliver a new
Heads of Agreement and lease
for the project “in the next 30

days, there willbe little or no.

chance of attracting Disney” to
shoot its Pirates of the
Caribbean IV sequel at the
Grand Bahama-based facility.

In a series of replies to Tri-
bune Business’s e-mailed ques-
tions, Ross Fuller, said the
Bahamas Film Studios had
effectively been left in limbo
until the Government presented
the new agreement and lease
terms. 4

Without these, the resulting
uncertainty meant it was virtu-
ally impossible for the facility
to attract new TV/movie pro-
ductions to film and shoot there.

Mr Fuller said the Govern-
ment had promised to deliver
the revised Heads of Agree-
ment and lease, which will
reduce the project’s size from

3,500 acres to 1,200 acres, to”

him since July. They were sup-
posed to have arrived before
Christmas, but had not done so.

When it came to the
Bahamas Film Studios’
prospects of attracting the
Pirates of the Caribbean IV
sequel, Mr Fuller said: “They

* Bahamas Film Studios has
‘little or no chance’ of
getting Pirates of the
Caribbean IV unless
government delivers
Heads of Agreement/
lease in next month

_* Lease ‘limbo’ blocking

potential sale and costing

Bahamas ‘millions of tourist

dollars’ connected to films
* Studio chairman, former

buyer, not opposed to

dealing with each other

in future despite

arbitration proceedings ©

are excellent if we can go to
work very soon on the repair
of the water tank.

“This is also dependent on
the. Government issuing the
lease. Without that in the next
30 days, there will be little or
no chance of attracting Disney.

“We are unable to line up any
films since the lease with the
Government is in limbo. This
is having a dramatic.impact on
the Grand Bahama economy,
as they are losing tens of mil-

' lions of tourist dollars that are

SEE page 4B

tiabank managing director, Bar-
ry Malcolm. ;

Mr Christie said small busi-
nesses were the bank’s primary
focus last year when they
launched their small business
programme. Now, the small
business sector is again atop the
bank’s list, as the downturn in
the economy impacts their
growth.

He explained that the bank
has seen an increase in small
business owners coming in for
financial consultation and debt
relief, in a bid to avoid falling
into arrears. Scotiabank
(Bahamas) was expecting to see
more in the upcoming months.

“We’re seeing them in
increasing numbers, and I real-
ly believe, as we get into the lat-
ter part of this month and into
February, that is when we’re
really going to start to see most
of the activity,” said Mr
Christie.

The bank, however, is not
waiting for customers to come
to them for help. Mr Christie
said Scotiabank was taking steps
to contact their customers
before they contact them.
“We’re not waiting for those
customers to come to us - we’re
going out to them.”

Scotiabank is attempting to
keep an increasing amount of
delinquent accounts out of ‘the
hands of collection agencies, in
an attempt to assist their cus-
tomers during this uncertain

SEE page 5B

on the repayments.

A copy of the December 23, 2008,
legal action, which has been obtained
by Tribune Business after it was filed in
the US District Court for the south-
ern District of. Florida, alleged that the



ROYAL FIDELITY



three had guaranteed the “financing
for the development of vacation resi-

Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

5m loan

work stopped in July 2007



1

“The borrowers are in default under,
the facility agreement, and presently

dences, a marina, a clubhouse and’ owe the ‘lender [Scotiabank
related improvements for more than (Bahamas)] unpaid principal in the:
800 acres located on Chub Cay in the

Commonwealth of the Bahamas. SEE page 4B

=) Former Straw Market design

aimed to give $4m revenues

B® By NEIL HARTNELL
Tribune Business Editor

‘THE former architect for the
Bay Street Straw Market yes-
terday said it was designed to
generate revenue returns that
would ultimately pay-off con-
struction costs, and told Tribune
Business he was now facing law-
suits from Bahamian engineers
as a result of only being paid
one-third of the money he was
owed.

Michael Foster, who won the
competition to design the Straw
Market under the former PLP
administration, said compo-
nents such as the observation
tower and restaurant/nightclub
area on the top floor - branded
aS unnecessary and expensive
luxuries by some - were key rev-
enue generating components
designed to ultimately pay back
the costs incurred by the Gov-
ernment in its reconstruction.

Economic studies had con-
servatively estimated that, at

the lower end, leasing out the .

nightclub and restaurant areas
to Bahamian entrepreneurs,
and charging $3 per person for
going up the observation tower,
would cause the Straw Market
to genérate $1.7 million in per
annum revenue.

Another planned revenue
stream was to charge ‘each stall
holder a rental fee of some $70
per week, a major increase com-
pared to the annual $100 fee
straw vendors are currently sup-
posed to pay.: -

“The projected income, if
everyone paid their rent, was
$2.1 million annually,” the

“Former architect says design intended to give returns to pay
back government, with $1.7m from restaurant/club leases

and $2.1m from stall leases

* Says $10m wasted in fees paid for work on former project:

architect told Tribune Business.
“On the restaurant/nightclub
leases, we worked with a mini-
mum - it could have been $2
million-something. We were try-
ing to find ways to generate rev-

enue to pay for the Straw Mar- -

ket.” ;

Mr Foster said that even if
only 50 per cent of the straw
vendors had paid this in full,
and on time, when coupled with
the $1.7 million in rental and
observation tower fees it would
have been more than enough
to cover the estimated $650,000
maintenance and utilities fees
the Straw Market would have
incurred annually.

There would have been
enough left over, he added, to
generate an investment return
of more than $1 million per
annum to the Government. __.

The observation tower, Mr

Foster added, was part of his.

competition-winning design,
while the idea for a restaurant
and nightclub on the top floor
was backed by the Nassau
Tourism and Development
Board (NTDB).

With the straw vendors
objecting to any shops being in
the Straw Market, due to the
competition they represented,
the architect explained that oth-
er revenue-generating mecha-
nisms were required, hence the
nightclub and restaurant plans.
Rental costs were relatively low

«

| THE BAHAMAS CHAMBER OF COMMERCE

PENSION PLAN

As a part of our commitment to our
valued members, The Bahamas Chamber
of Commerce is partnering with Royal
Fidelity to provide Chamber members with
a superior Group and Individual Pension
Plan with more benefits, flexible investment

options and online access.

Stier



for downtown, estimated at $55
per square foot. ca
The nightclub was intended,
to be a Bahamian-revue style,’
with traditional native shows

staged at 6pm and 8pm, and

Bahamian bands playing into
the night.

The chief target market for
the proposed 30,000 square foot
facility was to have been visiting

SEE page 5B

Administration and start-up fees wi
or first year S

Preferential rates and discounts on

many banking products and service

from the Royal Bank of Canada and
idelity Bank (Bahamas) Ltd

information contact:
The Bahamas Chamber of Commerce

ANASTUnn ans management and administration by:
'2-2145 | www.thebahamaschamber.com

ROYAL B FIDELITY

Money at Work

pyalFidelity =
56-9801 | www.royalfidelity.com

EPHONE: 394-4397
” BAHAMAS@KINGSREALTY.COM
ST BAY STREET © NASSAU, THE BAMAMAS









THE WEATHER REPORT |

ce



_5-Day Forecast

KEY WEST
High: 70° F/21°C
Low: 63° F/17°C |



Shown is today's weather. Temperatures are today's
highs and tonights's lows.







Today Thursday

High Low W High Low Ww

Fe FC F/C F/C
Albuquerque 50/10 28/-2. s 5110 29/-1 s Indianapolis
Anchorage 32/0 26/-3. sn 31/0 26/-3 sn Jacksonville
Atlanta 50/10 27/-2 s 38/3 16/-8 s Kansas City
Atlantic City 34/1 15/-9 s 36/2 6/-14_ sf Las Vegas
Baltimore 34/1 18/-7 s 32/0 10/-12 pc. Little Rock
Boston 24/-4 10/-12 $s 20/-6 4/-15 sn Los Angeles
Buffalo 10/-12 -2/-18 sn 4/-15 -3/-19 sf Louisville
Charleston, SC 52/11 30/-1 s 51/10 20/-6 s Memphis
Chicago 14/-10 -3/-19 sn 3/-16 -8/-22 pc Miami
Cleveland 16/-8 7/-13 sn 11/-11 2/-16 sf Minneapolis
Dallas 61/16 30/-1 s 38/3 24/-4 pc Nashville
Denver 42/5 16/-8 c 41/5 23/-5 pe New Orleans
Detroit _. 13/-10 -6/-21 sn 5/-15 2/-16 sf New. York
Honolulu 80/26 74/23 pce 80/26 74/23 sh Oklahoma City
Houston 62/16 38/3 s 51/10 31/0 s Orlando

A morning shower;
cloudy, breezy.

High: 72° F/22°C
257° F4°C

Today
High Low

Fe FC
25/-3 1/-17
54/12 28/-2
28/-2 -2/-18
66/18 41/5

56/13 26/-3

84/28 50/10

38/3 12/-11

50/10 19/-7

72/22 55/12.

5/-15-13/-25
45/7 18/-7

“87/13 35/1

26/-3 15/-9
50/10 18/-7
6216 37/2

High
— Low:52°



Ww



es SR I

The exclusive AccuWeather RealFeel Temperatu

70° F/21°C
FAC

- Cloudy.

Low: 68°

TE Tater lia




USA



Cloudy with a shower.

High: 75°
Low: 63°

UTA FU ehalieraelat




i Bee a





Thursday
High = Low

Fe FC
6/-14 -3/-19
56/13 23/-5

--15/-9 6/-14

65/18 39/3
36/2 18/-7
82/27 50/10

~ 15/-9 4/-15

34/1 14/-10

~ 10/21.51/10

-5/-20 -6/-21
29/-3 11/-11
53/11 30/-1
28/-2 10/-12
29/-1 18/-7
62/16 35/1

High:71°F/22°C
Low: 63° F/17°C

pe

pe

pe

pe

pc

sn

ABACO
High: 74° F/23° C



Today

High =Low

FG FC
Philadelphia =-28/-2 18/-7
Phoenix 73/22. 47/8

Pittsburgh “17/-8.12/-11
Portland, OR 46/7 29/-1
Raleigh-Durham 42/5 28/-2
St. Louis ~ 34/1 3/-16
Salt Lake City: 40/4 20/-6
San Antonio 65/18 41/5

San Diego” ..- 78/25. 49/9

San Francisco 64/17 . 46/7

Seattle 46/7 34/1 ©
Tallahassee 55/12 22/-5
Tampa (ss 39/3
Tucson 70/21 40/4

Washington,DC 36/2 23/-5



A couple of showers
possible; windy.
High: 72°
Low: 65°

AccuWeather RealFeel



ae



[_66°-60°F

WwW

5




Ww

S

Sf.

pe

s

‘pe

pc

Sy

Ss

~ pe

8
s.
s
pe

Thursday
High ~=Low
F/C F/C
32/0 10/-12 sf
73/22 47/8
12/-11. 0/-17
45/7 33/0
~ 89/38 15/-9
13/-10 4/-15
89/3 22/-5.
55/12 39/3
74123... 49/9.
66/18 46/7
48/8 34/1
55/12 16/-8
63/17. 35/1
71/21 41/5
32/0 15/-9



5





A couple of showers Partly sunny with a
possible; windy. brief shower.
High: 75° High: 77°
Low: 66° Low: 65°
BEE atcelaccey - | BONER rat tel ltr)
[68-639 F 81°-64°F |



© is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, ‘pressure, and
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.





od 1007 am. 2.8 06
s Tey 10:34 p.m. 2.7 m. -0.5
ursda\ 10: 55 a.m. 2.6 . -0.3
Statistics are for Nassau through 1 p.m. yesterday Friday ial am. 23
MOOSE 2 og “0.2
IGN: « sassildtentioacusiarnsiacnaieucueOe Heo” Cc 12-4 25 6:32 0.0
LOW o.eeeeeee . 10° F/21° C Saturday 1235 oa 24 ae -0.1 :
Normal high 77° F/25° C :
Normal low 65° F/18° C
Last year's high . 82° F/28° C ATT hy titi
Last year's IOW ........scssssssseseseseseseeseeee 04° F/18° C

Precipitation
0.01" ~~ Sunset.

As of 1 p.m. yesterday .
Year to date .......
Normal year to date







AccuWeather.com

Forecasts and graphics provided by d
‘AccuWeather, Inc. ©2009 ca

0.02"
. 0.74"

-SAN SALVADOR
High: 85° F/29° C
Low: 69° F/21°G



CROOKED
RAGGEDISLAND | orccoson
Higheaeraare |= LO7OTRIZI°C
Low:66°F/19°C
GREAT INAGUA
High: 88° F1°C
Low:68°F721°C







MODERATE

Sunrise ..... . 6:57 a.m. Moonrise ..

. 9:43 p.m.
...... 9:41 p.m. Moonset ..... 9:30 a.m.
New Full
ne
17. —s Jan. 26 Feb. 9
MAYAGUANA

Vv
4|5\6|7





The higher the AccuWeather UV Indexâ„¢ number, the
greater the need for eye and skin protection.













“Vancouver”

SSS eT eee Ca

> [[FIJINSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

Woat Cis = OV RUy a gu tant

















Today Thursday. WINDS WAVES VISIBILITY WATER TEMPS.
High . Low W High Low W WASSAU Today: SE at 12-25 Knots 2-3 Feet 5-10 Miles 75° F
F/C F/C FC FC ___ Thursday: _ SSW at 12-25 Knots 2-4 Feet 10-20 Miles 15° F
Acapulco @ 88/31 72/22 pc - 88/31 74/23 pc FREEPORT Today: NE at 12-25 Knots 2-3 Feet 5-10 Miles ~ 75°F
Amsterdam — ANB 34/1 5 39/3 - 34/1 pe Thursday: _ SSW at 12-25 Knots 2-4 Feet 10-20 Miles 75° F
Ankara, Turkey 43/6 32/0 pe 46/7 28/-2 pc ~ABACO Today: NE at 12-25 Knots 2-3 Feet 5-10 Miles 76° F
Athens © S95 52/11 F&F 63/17 53/11 ¢ . __ Thursday: _ SSW at 12-25 Knots 10-20 Miles
Auckland ~~ 73/22 66/18 sh 74/23 68/20 s

Bangkok 85/29 62/16 pc 84/28 64/17 pc
Barbados 84/28 75/23 pc 84/28 75/23 sh
Barcelona 54/12 38/3 pc 53/11 43/6 c

Beijing. - 38/3 11/-11 s 41/5 11/-11-s

Beirut 69/20 60/15 pc 71/21. 63/17 pc
Belgrade SS 41/5 37/2 t | 38/3 = (32/0 c

Berlin 38/3 28/-2 pc 33/0 23/-5 pc
Bermuda. ee ~ 72/22 62/16 sh ~ 70/24 60/15 sh
Bogota ~ 64/17 50/10 pe 67/19 . 44/6 sh
Brussels). - 39/3 © 30/-1 sn 37/2. 30/-1 pe

Budapest - * 34/1. 27/-2 sn 34/1 30/-1 ¢



















Buenos Aires. = 84/28 73/22 po §~=— «90/32 78/22 pe

Cairo 73/22 56/13 pc 77/25 63/17 pe

Calcutta 88/28 62/18 84/28. B4/17.s

Calgary 34/1. 23/-5 sn 42/5 28/-2 s

Cancun 75/23 GANT sh 78/25 63/17 sh.

Caracas 82/27 66/18 pc 84/28. 68/20 sh

Casablanca = 1B 48/8 co S89/20 53/11 pe

Copenhagen 38/3 ~— 33/0 pc _ 87/2 26/-3 s

Dublin ee! AIT ANS + ~ 48/8 41/5 sh.

Frankfurt. 37/2 30/-1 ¢ _ 89/3 27/-2 pe

‘Genev: oo 89/38 27/-2 pe. 48/6 80/-1 s.

Halifax 36/2 7/-13 sn 19/-7 -2/-18 sn ENN Showers
73/22 58/14.c¢ 70/21 53/11 pe T-storms Ne 72155

Helsink 37/2 28/-2 sn _ 32/0 23/-5 sn 1 Rain : sere

‘Hong Kong’. 65/18 60/5 s = = B7/A «59/15 s ; : Bs Cae ee 4 _ Cold ==—==y=

jown are noon positions of weather systems an

Islamabad : ae sees _ aes _ mnt acing iS precipitation. Temperauia bands are highs for the day. bas ideas

“6216 40/4 ‘pe ; 69/20 45/7 s Forecast high/low temperatures are for selected cities. Stationary Mega



8127 605 sh”

86/30 76/24 pc
77/25 68/20 c

43/6 36/2 pc

41/5 28/-2 po |

71/21 - 66/18 sh. -
70/21 43/6 pe

°79/26 57/13 sh
86/30. 76/24 s









Nairobi
‘New Delhi
Oslo

out us!





402/88" 75/23 s—
88/31 64/17 pc
88/31 55/12 s

84/28 68/20 s
86/30. 65/18 pe
26/-3 9-12 s_
37/2 28/-2 sn







49/9
“AAS



i 5010 43/6 s
~ 10/12 -5/-20 sn
90/32 75/23 t
“46/77 31/0 s.
. 37/2 33/0 sn
36/2 27/-2 po
Winnipeg -16/-26 -26/-32 pc . ~ =B/-22: ~12/- 245
Weather (W): s-sunny, pe-partly cloudy, c-cloudy, sh-showers, t-thunder-
storms, t-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace







on
~ 3210°s.



Vienna





IMC truvo

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Foreclosures not in
bank’s best interests

@ By CHESTER ROBARDS
Tribune Business
Reporter

SCOTIABANK (Bahamas)
is well equippe’l to handle a
worsening economy and those
who will be directly affected by,
a senior executive said yester-
day.

Wayde Christie, vice-presi-
dent of retail banking, said
affected customers were being
encouraged to seek the bank’s
. help as early as they can.

Individuals buried in debt, or
who are in a position to fall into
it, are often reluctant to seek
help, but Mr Christie said now
was the time for customers to

approach their financial insti-
tutions. He said,:though, that
Scotiabank was not waiting for

customers to come to them.
“Whereever we'can we’re fol-
lowing very closely with our cus-
tomers, and we’re following
‘with stuff that’s appearing in
the press so that we can be
proactive,” said Mr Christie. -

‘

According to Scotiabank
managing director Barry Mal-
colm, individuals are in a posi-
tion to improve relationships
with their respective financial
institutions during hard times.

“As a bank, we’re here to
work with the customer in
addressing their financial diffi-
culties, and there’are many
times where there is a natural
flight instinct, but that is in my
view precisely the time you do
sit down with your banker and
try to find a way to work out a
situation, and work through the
current difficulty,” said Mr Mal-
colm

“Having credit difficulties is
an issue. Working through those
credit difficulties can actually,
in terms of a relationship with
your bank, prove to be a very
powerful thing moying for-
ward.”

He said that in the case: of
mortgage arrears, it was not in
the best interest of the bank to
repossess an individual’s house

just as it was not in the best

interest of the bank’s customer
to lose that house.

“It makes far more sense to
work with you to help you keep
your house than to go through
foreclosure procedures, take

your house, advertise it and sell :

it to someone else - that’s stress
for us too,” said Mr Malcolm.
“If we can find the common
ground to work together, it
makes much more sense for the
bank to work with the customer

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



AQUINAS COLLEGE
CATHOLIC HIGH SCHOOL
ENTRANCE EXAMINATION

Will be held at the school on
Friday, January 23, 2009 8:30a.m.

Interested persons can register at the school’s business office from 9a.m.

*The school’s

relocation to

to 3p.m., until January 21, 2009.
This exam is onl for those interested in sevent

ade laceme t

Jadstone Road is scheduled for August 2009. A
‘be available for those students arertere in Aquinas College.

For further information please contact the school at 322-8933 or 4

mana

We are currently seeking a qualified, energeticand confident individual on behalf of
a Trust Company for the position of:

TRUST PROFESSIONAL

Ideal applicant will:

Possess LLB or other law degree.

Have approximately 3-5 years experience infinancial services in the areas of

trust, banking and investments.

Have the ability to review sometimes complex legal documents relating to

special projects and to confidently communicate with overseas legal and tax

advisors on the same.

Bea seasoned professional who i. is capable of leading a project and

coordinating its various parts.

Be capable of understanding and adminiering complex fiduciary structures.

Be comfortable in reviewing finanéal statements, and have a basic

understanding of investmentand financial transactions.

Have a full understanding of corporate stctures and the responsibilities of

Directors and corporate formalities.

*

Have the ability to work under pressure aiid without constant supervision.

Have uncompromising pergnal and business ethics.

Successful candidate will work directly with Senior Management in the

administration of complex private fiduciaryarrangements.

Reponsibilities include

regular contact with overseas affiliates,associated trust, banking and investmen
professionals, as well as legd counsel and advisors.

Applicants should submit a cover letter and resume by Friday January 30, 2009.

to: Trust Professional -

@kpmg.com.bs

‘012, P.O. Box N123, Nassau,

AUDIT = TAX »® ADVISORY

Bahamas: or dbowe

© 2009 KPMG, a Bahamian partnership and a member firm of the KPMG network of independent member
firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.



to help address how you work
through and work out your sit-
uation.”

He said there was a power-

ful incentive for the bank to
work with the customer to pre-
vent a foreclosure. “We have
always worked with our cus-

tomers, encouraged them to be

’ thoughtful and responsible in

managing their finances,” said

Mr Christie.

A leading jewellery retailer is seeking a person for this senior position.

STORE MANAGER

The successful candidates will be responsible for ensuring sales and profits
are optimized through excellent customer service and proper maintenance of
inventory controls according to established company procedures.

The tdeal candidate should possess:
: Integrity, Energetic motivational skills and Assertiveness

° A minimum of 5 years mahagement experience in the jewellery, watch

and luxury goods sectors.

-* Strong knowledge of luxury watches, buying, merchandising sling

and repairs.

* Ability to manage, train and motivate staff.

¢ An eye for detail.

* Good educational background. Professional qualification GIA or
equivalent) or suitable work experience would be an asset.

Interested person should submit your resume with salary expectations to:

The Human Resources Manager

P.O. Box N-623
Nassau, Bahamas

Fax (242) 328-4211

E-Mail - hr@luxuryretaillimited.com _

Nassau Airport

. Development Company





Nassau Airport Development Company is pleased to announce

the C-260 Elevators and Escalators Request For Proposals

associated with the expansion of the Lynden Pindling International

Airport. The scope of work includes but is not limited to:

* Design and fabrication of the Elevators and Escalators
conforming to the requirements of the RFP;

« — Supply and installation of elevators and escalators;

* Control and monitoring systems; and

* ~ Interface with building systems for security, fire, and various
agency requirements.

_ This request for proposal is of interest to Elevators and Escalators
Vendors, however should also interest local Electrical and
Mechanical Trade Contactors.

Request For Proposal Packages will be available for pick up after
1:00 pm, on Tuesday, December 16, 2008

Request for Proposal closing is at 3:00 p.m., Thursday, February

oth, 2009.

«
Mt
:

There will be'a Tender Briefing, Tuesday January 13th. Please
RSVP Traci Brisby by 1pm Monday, January 12th for briefing
location details.





PAGE 4B, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE



eee eee eae eee
Scotiabank sues resort
on ‘unpaid’ $45m loan

FROM page 1B

amount of $44.010 million,
together with interest, costs, and
expenses, including attorney’s
fees.”

Scotiabank (Bahamas)
alleged that Messrs Moss,
McCrory and Pearson had per-
sonally guaranteed that Chub
Cay Associates and Chub Cay
Resorts, the two entities that
had borrowed the $45 million,
would repay the loan, and pro-
vided a $4 million guarantee.

‘In addition, they were alleged
to have signed a July 28, 2006,
document guaranteeing con-
struction work on Chub Cay
would be completed by Decem-
ber 31, 2007, a deadline that has
been missed.

“Despite the completion
guarantee, the development

remains unfinished. [Scotiabank
(Bahamas)| estimates the cost
of completion at not less than
$38.6 million,” the lawsuit
alleged. The developers were
required to be “substantially
completed”, with the marina
and club house open, and resi-
dences ready for occupancy.
As a result, Scotiabank
(Bahamas) is seeking damages
from Messrs McCrory, Moss

and Pearson for alleged breach -

of contract - for both the loan
repayments and missing the
construction completion dead-
line - and looking to call in the
$4 million guarantee related to
the first.

The episode again illustrates
the potential damage that could
be done to the Bahamas’
tourism and economic reputa-
tion by unfinished resort devel-
opments, especially in instances

Legal Notice
NOTICE

DISA OPTICAL LTD.

N OTIC EIS HEREBY GIVEN as follows:

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

(b) The dissolution of the said company commenced on
the 13" January, 2009 when the Articles of Dissolution .
were submitted to and registered by the Registrar

General.

where developers allegedly
leave unpaid bills and debts.
Tribune Business has previ-

ously reported how work on |

Chub Cay has come to a halt,
the developers owing substan-
tial sums to Bahamian contrac-
tors. This was confirmed by a
June 17, 2008, letter sent to
Messrs McCrory, Moss and
Pearson by. Scotiabank
(Bahamas), in which the bank
referred to the developers hav-
ing breached their building con-
tracts with Bahamian contrac-
tors, Osprey Construction and
Gunite Pools. This was cited as



FROM page 1B

__ associated with these films.”

Mr Fuller added: “It [the
lease] has not yet been drafted
by the Attorney General's
office, although it has been
promised since last July. We
were told that we would have it
before Christmas, but it has not
yet been delivered.

“The acreage is supposed to

incorporate the 60 acres which |

make up the tank area, togeth-

er with an approximate 60 acres .

form the old airforce base that
includes the improved build-
ings, offices, water tank and
storage areas.”

With Pirates of the Caribbean
producers targeting a likely
Christmas 2009 release, filming

one of the factors causing the
loan default.

The Chub Cay developers -

have since been attempting to
attract new equity partners, who
will inject additional financing
into the project, but this has not
been consummated yet. The
project is designed to include
residential villas, a 110-slip
marina and a.20,000 square foot
clubhouse.

The Scotiabank (Bahamas)

action alleged: “In or around
July 2007, the borrowers ceased
making the interest payments
required under the [loan] agree-

half. The Bahamas Film Studios ’

needs several months’ prepara-
tion if Disney is €ven to consid-
er it as a shooting location.

- That makes it critical to sort

out the Bahamas Film Studios’.

future immediately, as the eco-
nomic benefits could be consid-
erable - especially in a time of
economic downturn. The
Pirates of the Caribbean I and
III sequels pumped some $40
million into the Grand Bahama
economy when they were
filmed previously.

Another potential obstacle to
getting the Pirates of the

_ Caribbean to the Bahamas had

been a dispute between Mr
Fuller and Disney over a matter
related to filming of the II and
III films.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola, BVI

Dated this 14" day of January A. D. 2009

Verduro Associated Lid.
Liquidator



Legal Notice
NOTICE

BOQET INVE TMENTLTD. |-

efethis notices:

NOTICE IS HEREBY GIVEN as follows:

(a) BOQET INVESTMENT LTD. is in voluntary dissolution
_under the provisions of Section 137 (4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the 13" January, 2009 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola, BVI

Dated this 14" day of January, A. D. 2009

Verduro Associated Ltd.
Liquidator





Development Company

Nassau Airport Development Company is pleased to
announce the C-220 Structural Steel Stage 1 Tender
associated with the. expansion of the Lynden Pindling
International Airport. The C-220 Steel Stage 1 Lump Sum
Contract will include the following components:

© Supply, shop drawings, fabrication, shop . painting,
transport and installation of Structural Steel Joist; and

¢ Supply, shop drawings, fabrication, transport and
installations of steel decking.

Tender Packages can be picked up after 1:00 pm, on
Thursday, December 18th, 2008. Please contact Traci
Brisby for more information.

Tender closing is at 3:00pm, Thursday, January 22nd,
2009.

would have to start in the first














There will be a Tender Briefing, Thursday, January 8th.
Please RSVP Traci Brisby by 1pm January 7th for
briefing location details.






PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JONATHAN JOHN

| BAIN of Finlayson Street, PO. Box CB-13552, Nassau,

Bahamas intends to change my name to JONATHAN JOHN
MCKINNEY, If there are any objections to this change of
name by Deed Poll, you may write such objections to the

Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas

no later than tainly (30) days after the date of ‘publication of

PASSAT EB ot or

EXCLUSIVE LISTING
GRAHAM ACRES
Part of Blair Estates, East

Furnished 4 ae bath house, civing: Dining and Family
Room (1,781 Sq: Ft.) air-conditioned, large Wooden Deck,
fenced in, landscaped lot in great area.

$345,000.00 Gross"

Please call:
Real Estate International .(Bah.) Co. Ltd.
Tel: 322-4187 |
e-mail: hw@realestateint.com



~~. THE BAHAMAS MORTGAGE
fOO AN ‘CORPORATION

aii January 12, 2009

THE BAHAMAS MORTGAGE
CORPORATION (BMC)

will RELOCATE its
Loans Administratiom Department to

The Mortgage Adjustment Recovery Centre (MARC) in the Hillside
Plaza, Thompson Boulevard, Nassau, The Bahamas.

242) 326-5120
242) 326-5140
242) 326-5150
242) 326-5162
Fax: 242) 323-6181

Telephone:

The new office provides a descreet and comfortable environment
where clients may visit our administrative staff to discuss
solutionary plans of action.

Our administrative staff are eager to serve our valued customers,
who are experiencing difficulty with their mortgages.
Take the first step to mortgage recovery.

Visit our team at our new

Mortgage Adjustment Recovery Centre (MARC).

We are here to serve you.

ment.

“In or around July 2007, the
borrowers ceased construction
of the development. At present
the development remains
incomplete, and subject to sig-
nificant deterioration, due in

‘part to exposure to the ele-

ments.”

The June 17, 2008, letter sent
to Messrs McCrory, Moss and
Pearson by Scotiabank

(Bahamas) allegedly gave them °
' written notice of the default,

citing conditions such as failure
to make due interest payments,
failing to pay taxes on Chub

Thirty-day deadline to attract Disney’s Pirates

However, Mr Fuller told Tri-
bune Business yesterday: “My
disputes with Disney have been
mostly resolved. They are in
the motion picture production
business and will make deci-
sions on an economic basis only,
as do I. There is nothing per-
sonal here.”

Status

The status of the Heads of
Agreement and lease are also
acting as an obstacle to Mr
Fuller’s efforts to sell the
Bahamas Film Studios. He told
Tribune Business yesterday:
“Until the Government com-
pletes it's promise to deliver a
new Heads of Agreement and
lease, we do not: have any
plans.”

Meanwhile, Mr Fuller said he
would not be averse to agreeing
a future Bahamas Film Studios
sale to Bahamian banker Owen
Bethel, despite the collapse of

“two previous such deals and the

current International Chambers
of Commerce (ICC) arbitration
proceedings he has initiated
against the latter. That same
sentiment is shared by Mr
Bethel.

Mr Fuller yesterday con-
firmed that he had paid the ini-
tial deposit to kickstart arbitra-
tion proceedings against Mr
Bethel and his Bahamas FilmIn-
vest International group, alleg-
ing that they had failed to meet
certain performance criteria and
thresholds relating to their bid
to purchase the Bahamas Film
Studios.

However, Mr Bethel had pre-
viously countered this argu-
ment, telling Tribune Business
that his group withdrew from
the purchase because the Gov-
ernment’s decision to reduce
the Bahamas Film Studios from

Cay, and failing to maintain the
necessary insurance. They were
given a 21-day period to cure’
the issues, and on July 9, 2008,
Scotiabank (Bahamas) agreed

. to extend this to July 18, 2008.

Alleging that the problems
were never rectified, a further
November 25, 2008, letter
allegedly failed to produce any
solution.

At that point, Scotiabank
(Bahamas) alleged that apart
from unpaid principal of more
than $44 million, the developers
also owed $4.884 million in
interest.



3,500 acres to 120 acres meant
Mr Fuller was unable to deliver
the assets subject to their agree-

~ ment.

Mr Fuller yesterday said:
“We have paid the initial
deposit. Mr Bethel was to
respond within a 30 day addi-

tional time extension and, in so

doing, indicate the number of
arbitrators that he wished to
designate ...

“After that occurs, the final
amount of the deposit will be
forwarded to the ICC. I would
be pleased to deal with Owen at
any time. Again, our disputes
are purely business related and
are not the least bit personal.”

‘For his part, Mr Bethel yes-
terday said he was also still
open to dealing with Mr Fuller
in purchasing the Bahamas Film
Studios, although he would
have to put together another
investor group.

The Montaque Group’s pres-
ident and chief executive yes-
terday said his Bahamas FilmIn-
vest International consortium
had agreed to arbitration by the
ICC, and was preparing its

‘response to Mr Fuller’s com-

plaint. , Frist ee

He added: “While we have
walked away from the contract,
we still feel optimistic about the
value of the [Bahamas Film Stu-
dios] operation going forward
for the film industry in the
Bahamas. Hopefully, we’ll see
efforts being made to keep the
facility in full operation.”

Yet Mr Bethel added that he
would need to put together a
new buying group. “I don’t
think the group of investors
who were with me before are
interested in it, so if I do it'll be
with other investors,” Mr
Bethel added. “I'll have to bring
other investors into it, not the
original group.”

The Anglican Central Education
Authority

is Pleased to announced its Grade 7 Entrance
Examination.

The Entrance Examination will occur on

009, 8:30am - 12:30pm

“at each of the following Anglican Schools:

. St. John’s College, Stapledon Gardens, Nassau
2. St. Anne’s School, Fox Hill & Eastern Roads,

Nassau

. Bishop Michael Eldon School, eer Grand

Bahama

. St. Andrew’s Anglican School, oe Town

Exuma

Applications can be collected from any Anglican
School between 8:30am - 3:30pm but must be
returned to the school the candidate wishes to attend.

Applications will be accepted until the
registration deadline of 3:00pm
Friday, 30th January 2009.





THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 5B



Former Straw Market design aimed to give $4m revenues

FROM page 1B

cruise ship passengers, who
would pay for their tickets on
board, thus encouraging them
to get off the boat and experi- +
ence Bahamian culture and
entertainment in Nassau at
night.

The Ministry of Tourism, Mr
Foster said, would have been
asked to put the nightclub and
restaurant area out to tender
for bids by Bahamian entrepre-
neurs. The restaurant area
would have been a “down
home” Fish Fry-style setting,
again emphasising Bahamian

entertainment and culture.

Mr Foster added that the eco-
nomic study had based its pro-
jected returns from the obser-
vation tower on that facility
Â¥ attracting some 20 per cent of
Straw Market tourists to pay $3
per time to go up 100 feet.

He explained that by way of
comparison Beaumont House,
which was 74 feet above sea lev-
el, had a rooftop height equal to
Government House. The Straw
Market observation tower, at
100 feet, would have enabled
visitors to have panoramic views
of Forts Charlotte and Fincastle,
Nassau Harbour, Paradise



‘Most activity’ |
from struggling
firms expected

next month

FROM page 1B

‘financial time, according to Mr Christie.

“Industry-wide, there has been a tremendous spike in delin-
quencies,” he said “I don’t think there is any increased amount
of work going out to the collection agencies as result of that,
because what we’re trying to do is keep it from the collection
agencies and get the customer in to try and fix that ourselves,
so that it protects their credit and gives them some piece of

mind.”

NOTICE

MOBIL ASSET INVESTMENTS LIMITED

Pursuant to the provisions of Section 137 (8) of the
International Business Companies Act 2000, notice
is hereby given that the above-named Company
has been dissolved and struck off the Register
pursuant to a Certificate of Dissolution issued by
The Registrar General on the 19th day of December,

A.D., 2008.

Dated the 9th day of January, A.D., 2009.

K. L. Floyd

Liquidator of

MOBIL ASSET INVESTMENTS
LIMITED

NOTICE

EXXON EXPLORATION AND PRODUCTION
AZERBAIJAN LIMITED

Pursuant to the provisions of Section 137 (8) of the
International: Business Companies Act 2000, notice
| is hereby given that the above-named Company
‘has been dissolved and_ struck off the Register
pursuant to a Certificate of Dissolution issued by
The Registrar General on the 19th day of December,

A.D.,.2008.

Dated the 9th day of January, A.D., 2009.



K..L. Floyd

Liquidator of

EXXON EXPLORATION AND

PRODUCTION —
AZERBAIJAN LIMITED

NOTICE

f

EXXON EXPLORATION AND PRODUCTION
CASPIAN SEALIMITED

Pursuant to the provisions of Section 137 (8) of
the International Business CompaniesAct 2000, notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by The Registrar
General on the 19th day. of December, A.D., 2008.

Dated the 9th day of January, A.D., 2009.

K. L. Floyd
Liquidator of
EXXON EXPLORATION AND
PRODUCTION
CASPIAN SEA LIMITED

Island and the whole city.

The economic study was con-
ducted by the NTDB’s Frank
Comito, Mr Foster said, under
the auspices of the Nassau Eco-
nomic Development Commis-
sion, which was then co-chaired
by the late Norman Solomon
and the late George Mackey.
The results were then presented
to Cabinet and approved.

Mr Foster added that the
Ministry of Finance. had
requested the economic projec-
tions, after former minister of
state for finance James Smith
raised concerns about how
much the new Straw Market
would cost the Government,
and whether it would become
a “white elephant.”

The study, Mr Foster said,
appeared to alleviate those con-
cerns, with the Ministry of
Finance agreeing to finance the

Straw. Market in a phased |

approach. Some $10 million
would be allocated to the pro-
ject in each of the first two Bud-
get years, and thereafter what-
ever was needed to cover the
costs.

The financial srospeels
looked so attractive, Mr Foster
said, that the Government
decided it did not need a loan
from the Caribbean Develop-
ment Bank (CDB), which was
interested in getting involved.

Explaining how the Straw
Market’s construction’ costs
increased, Mr Foster said his
original design had estimated
these to be around $18 million.
“My research showed there
were not 600 vendors in the
Straw Market, and my design
allowed for 440 on the plan,”
he explained.

However, former deputy’
prime minister Cynthia Pratt,

who with then-works minister
Bradley Roberts had taken over

é

CiectC:
JFIFst

om
‘Caril

rs. AW’ | a x

responsibility for the Straw
Market from ex-minister of
trade and industry, Leslie
Miller, then asked Mr Foster to
expand the Straw Market’s size.

This was necessary, he
explained, to accommodate
straw vendors from both Cable
Beach and Paradise Island. It
was thought at the time that the
former would be required to
move by. Baha Mar’s $2.6 bil-
lion redevelopment, while the
latter were consistently ae
py that they were located “
the back end of beyond. ”

“I was asked to increase the
size of the Straw Market to
accommodate the additional
vendors, and I struggled to
accommodate them on my
design’s two floors,” Mr Foster
told Tribune Business.

Accommodating them on a
third floor was also a concern,

and it was at this time the Min- "

istry of Finance raised its cost
concerns. Ultimately, Mr Fos-
ter said the folding platform
roof was closed up after two
floors, creating 70,000 more
square feet of space to accom-
modate the vendors.

This was how, Mr Foster said,

the Straw Market increased in

size almost three-fold, from an
initial 77,000 square feet to
almost 200,000 square feet. The
increase in size inevitably meant
an increase in costs. The 77,000
square foot Straw Market was
priced at $129 per square foot,
but at 200,000 square feet the

project would cost between $29-

37 million.

To get the project costs down,
the $5.586 million basement was
scrapped, customs duty exemp-
tions were sought and material
quality was reduced.

Mr Foster said he was “dis-
appointed” that the Ingraham
administration discarded his

~

work, and that of other Bahami-
an professionals, by scrapping
the Straw Market project when
it took office. He only had one

meeting with the current gov-

ernment, during which they
informed him the project was
cancelled.

“A lot of money: is owed to
me,” Mr Foster added, telling
Tribune Business he was now
facing demands for payment
and court actions from engi-
neers he had hired for the Straw
Market, George Cox & Associ-

ates and Pyramid Industries.

He was unable to pay them,
he said, because the Govern-
ment had only paid him “one-
third of the cost of my services.”

Mr Foster said he estimated

that around. $10 million had ©

been wasted in fees and pay-
ments to Bahamian profession-
als hired to work on the aban-
doned Straw Market.

He also expressed “disap-
pointment” on behalf of con-
tractors Woslee Dominion,
whose contract had been termi-
nated after receiving $2.3 mil-
lion in payments. Mr Foster felt

they were legally entitled to '

damages of around $5 million
for the contract end, and said
he felt the company was “one of
the most qualified Bahamian
contractors.”

Mr Foster added that the
“gloves were off”, and that he
felt compelled to defend his
professional reputation in the
face of attacks from critics, in
particular former trade and
industry minister in the Christie
Cabinet, Leslie Miller.

Mr Miller again spoke out
against what he said were. the
Straw Market’s increased costs
during a radio show on Sunday,
arguing that it went up from an
“initial” Budget of $10 million
to what it eventually became as

a result of “greed”.
- Mr Foster said he felt this was ~
an attack on his personal and
professional reputation, as it
could be taken as a reference
to him, and gave Tribune Busi-
ness a blow-by-blow account of
how the Straw Market recon-
struction saga unfolded under
the former administration.
“There is this continuing
commentary that I was greedy,”

‘Mr Foster told Tribune Busi-

ness. “Leslie Miller, who has an
agenda, is trying to create the
impression that I was a greecy
architect who increased the size
of the project.

“JI felt very uncomfortable
working with him [Mr Miller]
from day one. I felt there was a
personal agenda involved.” Mr
Foster. declined to specify what
he meant, hinting at upcoming
legal action, but said he and Mr
Miller got into a shouting match
after he (Mr Foster) had made a
presentation on the Straw Mar-
ket to the full Cabinet.

Although he declined to say
what was said, Mr Foster added:
“The result was that they took
the project out of his ministry’s
hands and gave it to the Min-
istry of Works.”

He explained that the $10
million figure Mr Miller was
referring to was only the first”
Budget allocation for the pro-
ject, as a further $10 million was
to be allocated in the second
year and thereafter whatever
was necessary to finance the
project.

Mr Foster, though, said the
Straw Market start date was
delayed by factors under the
PLP government’s control. In
both 2004 and 2005, the $10 mil-
lion allocated to the project in
the Budget for both years was
take away to provide relief from
Hurricanes Frances and Wilma.

CAREER OPPORTUN Tir <

FirstCaribbean is a major Caribbean Bank offering a full range of F rriarketleading financial

- services in Corporate Banking, Retail Banking, Credit Cards, Wealth Management, Capital
Markets and Treasury. We are the largest regionally listed bank in the English-speaking
Caribbean with over 3,500 staff, 100 branches and banking centres, and offices in 17
regional markets, sing 800,000 active PUSS We are boning to fill the following

positions:

sar eee ONS CENTRE ela

DIRECTOR, OPERATIONS REGIONA

ame, matching
TOURS TG
a

Applicants are re
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for the Bank in the region.
need and efficient in processing of

ral growth and proftabiity of the bank.

st



FIRSTCARIBBEAN

INTERNATIONAL BANK

GET THERE. TOGETHER,



PAGE 6B ,WEDNESDAY, JANUARY 14, 2009 THE TRIBUNe










"ORANGE, BLACK AND WHITE

\S WHAT TO WEAR !

IT'S HAUTE COUTURE

FoR THOSE WHO DARE?!
IT'S CAMOUFLAGE,

AND STYLISH, TOO !

YES, TIGERS LOOK

THE BEST, IT'S TRIE!”

“THE ZEBRAS STRIPES
ARE LACKING HUES,




THEY PUT GLUE IN
MY CHAIR...-ANP
RUINED MY DRESS!

I/LL LET YOU
ANSWER THAT,
SOPHIE!



ALL RIGHT..-
WHAT
HAPPENED?





©1989 Universal Press Syndicate



ANP WHO
EXACTLY ~
IS "THEY"? ’ Sudoku is a number-placing puzzle based on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
Sunday
I FORGOT ALL ABOUT
emt THE LITTLE BLUE BOX
TMUEPEE iA tt FROM TIFFANYS//
N
LOSING MY

TIM EXHAUSTED. THIS DAY
| FELT LIKE A WEEK.”





©2009 by North America Syndicate. Inc. World rights reserved.

FRANK BOLLE ——



HOLD IT! CAN YOU. DO THAT THING
HE DOES WITH THE EYEBROWS?!

)

SORRY... MAYBE YOU'D ENJOY MY
JACK Na IMPERSONATION
WC Ass Z

PALL I HAVE FOR YOU
» TODAY |S A SHOE










a



> ‘
“You SHOULDA SEEN THE SNOW WE USEP To GET
WHEN T WAS YOUR AGE.” :















~~ ©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

Best described as a number crossword, the task in Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
each horizontal block equals the number to its left, and the sum
of each vertical block equals the number on its top. .No number
may be used in the same block more than once. The difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.

© 2009 by King Features Syndicate. inc. World Rughts reserved









ONE OF THE
/ DRAWBACKS OF AN
EXTENDED-FAMILY
HOUSEHOLD

. BACKED- UP
DIRTY
LAUNDRY













by North America Syndicate, Inc. Worid rights reserved.



ANNO) O!lN









©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

6
8 |
5 |
9
4

|

O)}—!0
ow



YOU KNOW
EVERYTHING

I'M TAEOUVGH
STUVYING FoR
TOMORROWS

HEAVACHE, SO T
FIGURE MY BRAIN
MUST GE CULE
















- Geetha Gopal y Rustam fight squares around his 92 king are

Kasimdzhanov, World Cup, Russia. weak. Kasim's obvious play is 1...NF3

2002.1 have often made the point in threatening Qh2+ and Qgi/ht mate, -
__. these articles that queen and knight but against that White has the . be. 3 fia da
he gre an excellent attacking duo in defence 2 Rht. Black found a clever
tandem. The queen's vertical, answer to the puzzle, sacrificing for a
horizontal and diagonal power plus mating attack, What was Kasim's Ss
the knight's peculiarhopcanbea winning move? 4
lethal partnership if your LEONARD BARDEN | ee

+ Denese You DyOM Duy ‘mexpus sesniees Dury AQ COOLED

oppanent’s king is poorly guarded
or has weaknesses in the defensive
pawn front. Today's puzzle, won by
a former Fide world champion, is a
good examipile. Black's attack is

Chess 8604: 1...Nf4+! matesafter 2 qxf4 Qgde3KH 2
Qh3+ 4 Kel {or 4 Kg NIB mate) Nd3+ 5 Kdt QFle 6 up
Ret Qxe} mate.
























create a defensive bulwark at f2
guarded by several white pieces.
. His problem, though, is that the



IT Yo, WHY ARE YOU YOU. ALWAYS: powerful since Kasim (Black, to

. GAN T You EVEN. TTING SO TOLD ME NOT move} has not only the hS queen

‘ coll A ROPE oe eitep 7 TO GET HUNG and the d3 knight in strong

PROF! ER. LY S/ sas UP ON THE _ positions but another rook and tea rds
\ l\, {\ oak Stowe SMALL THINGS knight as back-up. In response, the you make remeine:
Zs tel / teenage indian-Gopal has tried to letters sbown here? ti
ee
7]



letter may be v
» only. Bach
the centre

Cy

| OMG
eS

World rights reserved.



inkjet printer).

©2009 by King Features Syndicate Inc.

TODAY'S TARGET *
Good 10; very good 15;
excelen& 20 (or mare).
Salution Manday.

YESTERDAY'S SOLUTION
earn eater enter
entrap entreat entree
natter near




preen
rant rape rapt
9 repent

CRYPTIC PUZZLE




Across Down

1 Insect on an animal may - 1 Pompous colonel is an old

cause anxiety (7) gasbag (5)

Broken grid | fixed (5) Holding an avaricious

Country rain storm-(4) attitude (8)

Yields from TV shares (8)



3 Argue about an issue (6) Rea eae
Notes or coins for the A book to. be critically

|
Pee Le ee te ,

| | Triumph of Mind Over Matter
newsboy? (5,5) examined but not : d

purchased (6,4) West dealer. tional tricks, and by that time, West

Country girl on the

Yesterday’s Cryptic Solution

Across: 1 Elbow grease, 9 Awesome,
10 Swoon, 11 Kiss, 12 Straight, 14
Naples, 16 Sinned, 18 Constant, 19
Spar, 22 Stair, 13 Lantern lectures, 24
Gets dressed.

Down: 2 Leeks, 3 Oboe, 4 Guests, 5
Ecstatic, 6 Shotgun, 7 Walking case, 8
United front, 15 Pinnace, 17 Antler, 20
Piece, 21 Ends.

|
UN
oS
N-
E
C
a
O
S
Ss
w
O
R
D

Yesterday’s Easy Solution

Across: 1 Broad-minded, 9
Nagging, 10 Midge, 11 Open, 12
Runner-up, 14 Deploy, 16 Strewn,
18 Aperture, 19 Clay, 22 Tiara, 23
Farrago, 24 Play it by ear.

Down: 2 Rogue, 3 Arid, 4 Magnum,
5 Nominate, 6 Endorse, 7 In good
taste, 8 Keep an eye on, 13
Contrary, 15 Prevail, 17 Profit, 20
Llama, 21 Fray.

Catchword.(6)
Shakespeare
tragedy (6)

‘Grim (10)

Lines spoken in
play (8)

Placid (4)
Subsequent (5)
Turn aside (7)

i aan se

Wise (4)

6 Occupation (7)

Considered
disreputable (2,3,5)
Final (8)

Disgraceful event (7)
Ludicrous (6)

Entire range (5)
Manner of

walking (4)



North-South-vulnerable.

Opening lead — six of spades.
Assume you’ve reached three
notrump on the bidding shown and
West leads the six of spades, which
you win with the ten. How would
you continue?
At this point, you can count six

top tricks — four clubs, the ace of

diamonds and the spade already won.
In the fullness of time, you can also
count on three others a heart,
either the queen or jack of diamonds,
and another spade.

The trouble is that you have to
lose a trick in each of these suits
before you can collect the three addi-



will probably have collected three

vessel (6) Cut a letter on a tree (4) NORTH spades, the ace of hearts and the king
Fish — or fish shops — Diana’s a girl cashier (7) Pa : <3 das of eh as a of re pre-
52 sumably has for his opening bid.
may have them (6) Early form of rock. music? 16 Another possibility is to try to
Side gen Ane tar Oa west’ SAS. “means Aepenting on a Svorable
morale? (4,6 It’s instrumental in havin @AI762 @54 position of the heart jack (a card
(4,6) 9 ’ I

VAG J983 West doesn’t need for his opening

Made up to appear wine around (8) boy | +) -Aerees #K 104 #9852 bid) or a 3-3 split. F
calm (8) " Middle-aged English travel ad 1 Suffer mental Spined desert £973 ins OSE _ When the deal occurred, South
N breakdown (5,2) plants (5) SOUTH found the right answer. At trick two,
Ring Ann to come round writer (7) N ; : @kK 109 he led a low diamond toward.
: _ 4 Greek fabulist (5) Indirect reference (8) ¥Q4 dummy’s jack! This put West in an
soon (4) Urges some simple Qo. > Make deniand (4) Large constricting #AQ73 impossible position. If he took his
20 Regretting having to modification (6) ' > snake (6) _ &K 1084 king, he would hand declarer three
” 8 Outsider (8) The bidding: diamond tricks to bring South’s total
destroy a note (5) 16 Decimal fraction (5) & The full detail Daring innovative West North East South to eight, with an casy ninth to come

24 Extend the time in jail (7 17 Jet fighters? (4 Ww e oes (5-5) 1% Pass Pass 1 NT from either hearts or spades.

Jelly) etilaitere <4) : (3,3,4) Pass 34 Pass 3 NT So West ducked the diamond,

and when the jack won, declarer had
his seventh winner. A heart was next
led to the queen and ace, and South
was up to eight tricks. Since he had
another trick in spades yet to come,
nine tricks were now assured.

As the cards lie, declarer would
have come up a trick short had he
finessed West for the jack of hearts or
taken a diamond finesse by leading
the suit from dummy. But given
West’s opening bid, South rejected
both of these alternatives in favor of
the virtual certainty offered by lead-
ing a low diamond toward dummy. at
trick two.

Tomorrow: The one and only way.

©2009 King Features Syndicate Inc.



THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 7B





Cia

@ By LISA LAWLOR
Tribune Features Writer

COZY dining, with only
six tables other than your
own, warm, tropic breezes
passing through the ©
Moroccan louvered win-
dows, and welcoming pep-
per plants at each setting,
entice the Circa 1890
guest for either a friendly,
casual lunch or a more lux-
urious, and divine dinner.

The restaurant was opened by
kitchen connoisseur Anthony .
Stubbs just a few months ago on

- the corner of Buen Retiro Road off
Shirley Street. When you walk into
-the small setting with the option of
dining outside or in, expect only
the most .warmhearted greeting
possible, with alternating soft rock
and pop beats playing in the back-
ground.

The soft lighting for an evening
meal serves to set the feeling for a
first date allowing privacy in which
to converse at length with your
partner, a small family gathering
with an atmosphere that encour-
ages reminiscing on happy memo-

‘ries of the past while making
another great memory for the
future, or even an intimate busi-

“hess lunch with a few close work

_friends:. oes

The meal creations are all by Mr
Stubbs himself, with only his home
economic classes from high school

‘and the Food Network for inspira- ‘

tion, the rest of his designs in the
kitchen come from a natural,
innate talent for what he considers
the art of food.

With a yummy potato fennel and
leek soup d'jour to start, taste the
crunchiness and creaminess blend-
ed into one taste of seasoning per-
fection with a wine selected from
the fitting variety available. Whites
from Pinot Grigio or Chardonnay
to.reds from Robert Mondavi,

FLOURLESS Ci:





The Tribune

Stone Cellars, Jacob's Creek Shi-
raz or Stags Leap to the bubbly
option of Veuve Clicquot Pon-
sardin Brut champagne are all

“available by the glass or bottle.

The rustic feel of Circa 1890 is
hinted.at by the historicname .
donning. the old home turned busi-
ness, which was built in that year.

Next, Tribune Taste moved onto
a fresh Caprese Salad with tasty
Crab Cakes. The salad's delicate
presentation was counter tothe |
outburst of taste in the fresh toma-
toes, basil and buffalo mozzarella.
The crab cakes; complete with
cilantro mustard oil and corn
roasted blini had a great balance: °
of Caribbean tradition with an
accent of couture.

The entrée is always the real hit
though, with limited choices but

still covering the array of dining
preferences. From the pan seared
sweet potato crusted salmon with
Creole mustard sauce, to vegetari-
an options of rigatoni in pomodoro
sauce, and more meaty eats for the
carnivore in the succulent beef ten-
derloin with clue cheese, glazed in

‘. caramelized onions and balsamic

dressing to the more adventurous
herb crusted rack of lamb with
cranberry, grape and sherry sauce,
Mr Stubbs’ creations cover it all.
Finally, the choice of their two
hit desserts — guava bread pudding
with a guava Kahula rum sauce or
the flotirless chocolate torte. The
latter is commonly chosen for -
health conscious reasons, as it is
gluten free and serves up less calo-

‘ries than the traditional chocolate

cake.
The feelings of warmth and cozi-.
ness at Circa.1890 are only height-

ened when one considers the'priva>"""

cy of dining in a building construct-
ed nearly 120 years ago. At the end
corner of an old residential street
that boasts colourful homes with

“complete gardens, Circa 1890 has

the essence of elegant Euro ban-
queting down to a tee, giving guests

. a taste of the old world, offering

courteous service with a full bar.

sence eee ececesecceceeeeseesensccssnaneeneeeceseassoneeeesseeseabeneensene

* To view their complete menu or to
make reservations, visit www.cir-
cai1890restaurant.com:

HERB CRUSTED RACK OF LAMB



Jams & jellies

li By JEFFARAH GIBSON |

Question- what do you put
on a nice, rich, thin slice of
coconut homemade bread? It’s
simple, a spread of a mango
pineapple jam, that sends your
taste buds into a world of pure
ecstasy.

table taste of a nice-jam or jelly
spread. But not everyone knows
what goes into making it.
Don’t be confused by the sim-
ilar appearance of :jam and jel-
"ly, for they aré slightly differ-
ent. In jam, the fruit comes in
the form of fruit juice, in jelly,
the fruit comes in the form of
pulp or crushed fruit, and in
preserves which looks similar
to jams and jelly, the fruit comes
in the form of chunks in a syrup
jam. The process to making
each is different.
There is one women who

filled jams as not only a hobby
but also as ‘labor of love.’
Maxine Ritchie, a former
teacher says that after she
retired, her hobby became mak-

as a little girl. “I enjoy making

making them since I was a girl
in Long Island. I made them
with my mother and everything

told Tribune Taste.

Exploring with different fruits
is a must when it comes to mak-
ing jams and there are a variety
of exotic and indigenous fruits
that can be used. “Jams are

n’t have much fruits to select

lot. Since we raised pineapples

she said. :
The process to making jams
and jellies is long but she says
that she enjoys every part of it.
“Making jam and jelly is a very
long process, but it is a labor of
love. When making jelly you
must boil the fruit first, since
you are using the juice from the
fruit and if you are making the
jam you must remove the seeds
from the fruit and’crush’ the
fruit in a blender,” she said.
Some fruits require pectin

e '

Most people enjoy the delec- ©

finds making delicious, flavor

ing jams, something she learnt .

jams and I have actually been _

they did I learned to do,” she . ]
cious,” she said. i

more popular than the jelly. ©
When I was growing up we did- -

from and we made guava jam a:
we utilize the fruit for our jams.

But anything that can:grow on:
trees can be used to.make jam”,,





























when heated with sugar and
water to “ gel” which gives the
jam and jelly thickness. “Cer-
tain fruits need the assistancé
of. pectin to help them set, for
example strawberry. But a fruit
like guava needs no pectin at
all. You don’t have to worry if it

_will set.”

While pectin will help the jam
set, jams without it will preserve
Jonger. / {

“ Jams can last up to a year
without pectin. When it is used;
jams may only last up te a few
months,” she said.

Jam lovers can eat it by itself,
but most people have a ca

t

snack that they love to smear i
over. “I think jam taste splendid
with a freshly baked homemade
bread or a Johnny cake. What: °
ever you are eating with your
jam or jelly must not be sweet
since they are already sweet. |
enjoy eating guava jam with
pancakes I think it is just deli;
Mrs Ritchie also suggest
experimenting with a combina-
tion of different fruits. She

‘experimented with mango and

pimeapple and the outcome was
very satisfying. “Many of these.

.jams can be used as a glaze and

combining one fruit with anoth-
er taste really good. Sapodilla
and gooseberry jam is an excel-
lent glaze for meats, “she said:

Ifyou love jam and jelly, you
should consider making your

‘own homemade jam. It might

turn out pretty good: And if you
do make your own homemade
jam and want to start a little
home based business, you can
emulate Mrs. Ritchie.

' “What Loften did was make
little baskets during the Christ-
mas and include a variety of dif-
ferent jams. I would put my
name and miy number on the

jam bottles and whenever some-

one wants jam they call me and
I make it for them.”

ingredients

5 egg yolks

3 egg whites

1/4 cup sugar

1 teaspoon vanilla flavor-
ing.

120z semi sweet choco-
late
Unsweetened cocoa
powder for dusting

1 teaspoon baking pow-

der

1 tablespoon kahlua
60z unsweetened butter
A pinch of salt —

Method —
" Preheat oven to.350 degrees
¢ Grease 10 inch baking pan and dust with cocoa powder.
- ¢ Using a double boiler melt chocolate and butter; set aside to cool.
* Beat egg yolks and sugar until pale and fluffy, add vanilla, salt, kahlua,.
baking powder, and melted chocolate; beat until smooth.
¢ Beat egg whites until fluffy.
¢ Fold in egg white to chocolate mixture; place mixture in baking pan
and bake for about 35 minutes.
* Cool and serve with vanilla ice cream.

| NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
, (No. 45 of 2000)



Â¥,




_ MAYREAD ENTERPRISES LIMITED



Notice is hereby: given that in accordance with Section 138
(8) of the International Business’'Companies Act, (No. 45 of
2000), the Dissolution of MAYREAD ENTERPRISES LIM-
ITED has been completed, a Certificate of Dissolution has







been issued and the Company has therefore been struck off the




Register. The date of completion of the dissolution was the 5th
day of January, 2009.




Fast. Continental Liquidators, Inc.
hiquidaar



NOTICE

‘INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)

' of the International Business Companies Act, (No. 45 of 2000),
MAKUM L. INVESTMENTS LID, is in dissolution. Conti-
nental Liquidators Inc. is the Liquidator and can be contacted
at 60 Market Square, P.O. Box 1906, Belize City, Belize. All
persons having claims against the above-named company are
required to send their names, addresses and particulars of their
debts or claims to the Liquidator before 9th day. of February,
2009. ee £ }

Vor: Conturata Liquianacs, Inc.
Liquidator,

NOTICE |

INTERNATIONAL BUSINESS COMPANIES ACT, 2000
- (No. 45 of 2000)

HRT HOLDINGS INC.

Notice is hereby given that in accordance with Section 138






(8) of the International Business Companies Act, (No. 45 of
2000), the Dissolution of HRT HOLDINGS INC. has been

completed, a Certificate of Dissolution has been issued and the





Company has therefore been struck off the Register. The date




of completion of the dissolution was the 5th day of January,
2009.







Ker: Continestal Liquidators, fine.
Liquidator




NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000
(No. 45 of 2000) :

. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No. 45 of 2000),
SEVEN SEVEN SEVEN LIMITED, is in dissolution. Mar-
- cos A. Munoz is the Liquidator and can be contacted at Ciudad

Radial, Calle 4a #1836, Juan Diaz, City of Panama, Republic
of Panama. All persons having claims against the above-named.
company are required to send their names, addresses and par-

‘ticulars of their debts or claims to.the Liquidator before the 12th
day of February, 2009.



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
(No. 45 of 2000)

STAR FLOW INVESTMENT INC.





Notice is hereby given in accordance with Section
- 138 (8) of the International’ Business Companies
Act, No. 45 of 2000, the Dissolution of Star Flow
Investment Inc. has been. completed, a Certificate
of Dissolution issued and the Company has therefore
been struck off the Register. The date completion of
the dissolution was 24th day of December, 2008.









Se

PAGE 8B, WEDNESDAY, JANUARY 14, 2009

ENTERTAINMENT

THE TRIBUNE



The Tribune

ma

YE

er

ry the ° 7
Curious Case
Benjamin Button ©

THE Curious
Case of Benjamin
Button has a curi-
ous premise- based
very loosely on the
1921 book of the
same name by F
Scott Fritzgerald, it
tells the story of a
man born old who
grows young and
his amazing journey
of self-discovery.

The story begins
at Benjamin’s (
Brad Pitt) birth in
New Orleans just
after the end of
World War One,
his mother dies in
child birth and his

father horrified by Yee

the site of his infant
son appearing with
the face of an old
man abandons him
on the steps of an
old folks home- the perfect
location to emphasis just how
different Benjamin is.

He is found by Queenie
(Taraji P Henson) one of the
nurses who raises him as her
child.

Although doctors predict
that he will die in infancy, Ben-
jamin grows older in time but

}-younger in body- with each

year-his.face becomes
shis. body less
, achieved



imagery in Benjamin’s earlier
years and excellent makeup as
the movie progresses.

When he is in his early
teens, he meets Daisy Fuller
(Cate Blanchet), but is urged
not to act on his attraction
because he appears to be a “
dirty old man.” .

Determined to enjoy his life
in the form he has been giv-
en, Benjamin goes to work on
a tug boat and is able to see
the world with the expected
twists and turns along the way.

As time passes and Daisy
grows older and Benjamin
younger- their ages meet at
the perfect place and for a few
brief years, theirs is the per-
fect love story until time works
against them-and Benjamin





-an Oscar nod for either adapt- :





leaves to spare her the pain of
losing him as he ages back-
ward.

Towards the end of his life,
Benjamin becomes an adoles-
cent, child, toddler and infant,
cared-for by Daisy -the
woman he loved all his life.

I was a bit skeptical when I
saw the initial previews, think-
ing that it would be just anoth-
er silly Hollywood movie, but
what Benjamin Button does
so beautifully, is help us
remember that no matter
which direction life takes us,
we are only here for a short
while, we don’t know what
tomorrow will bring and thus
we have to live life to the
fullest and make every day
count.

This is a beautifully execut-
ed story which the writer lets
unfold slowly so that as Ben-
jamin grows “younger and :
wiser”, the audience has taken :
his journey with him. i

The movie is long, 2 hours }
and 40 minutes, but does not :
feel long at all. :

This movie is deserving of :
the recent Golden Globe :
nominations it received andI :
believe it should also secure :

ed screen play, best actor or :
best movie -maybe all three. :






































































After releasing
‘Sanctigroove’ and
‘F5’, Ta Da told Tri-
bune Features that
she wanted to pro-
duce an album with
more depth.

“My goal as an
artist has always been
to create music that all
persons can relate to.
It is not geared to a
specific group either
and I want to put
music out there that is
marketable and
appeals to a global

B By JEFFARAH GIBSON

Terneille ‘Ta Da’ Bur-
row’s latest album ‘I’m
That Girl’ is an explo-
ration of different musi-
cal styles designed fo
appeal to wider audi-
ences of all ages and
taste.

audience,” she said. :

Her album ‘I’m that girl’ is a work of art and as her var-
ious melodies ring, they are accompanied by a crisp smooth
lyrical flow.

She focuses on more positive lyrics accentuated by an
electrifying and pulsating beat that will have a lasting
impact. “I have a few love songs on the album, there are
also songs on the album with a very positive message. It is
an easy listening type vibe and it reaches a lot of peo-
ple,” she said. does ae Mia

Her music, she explained is genetically engraved: “Music
is something I feel I was born to do and I will always
have a love and passion for expressing my emotions
through my music. #

“.I was surrounded with music-all my life. Growing up
my dad wrote songs as well as led songs in church. I also
have ‘a. lot of family members who are very'talented in
music.” Se ee m

Ta Da added that growing up, she surrounded herself in
art. “When I was in school, I was always in art and music;
I participated in school choirs and I also wrote songs for. :
the choir when we participated in competitions.”

Although Ta Da feels the music industry in the Bahamas
hasn’t developed that much, she continues to venture into
the industry with hard work, determination, and persis-
tence and is proud of her accomplishments.

“I have done a performance last year at the Kanye
West foundation in California. This foundation basically
aims to help young aspiring artist and producers to devel-
op their skills. I had that chance to perform and I must say
that I enjoyed the intimate setting with the kids,” she
said.

Her inspiration to do what she does comes from within,
but one person she admires greatly is Lauren Hill. “She is
very versatile and the way she infuses Caribbean music
with reggae, R&B, and soca is similar to what I do.”

After a fulfilling 2008, Ta Da is excited about this new
year and said one thing she would like to see is artists of
all disciplines campaign to support the disparity of art

- forms in the Bahamas. :

_ “After the incident with “Lil Wayne and the no show’
we must start to have a greater respect for our local artists.
We must show a sense of pride for the work that they
put forward. I am not saying that they should like the





NOTICE

NOTICE is hereby given that WILLY BERNABE of,
MOUNT ROYAL AVENUE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of
| The Bahamas, and that any persoh who knows any reason

why registration/naturalization should not be granted, |
should send a written and signed statement of the facts
within twenty-eight days from the 14" day of January, 2009
to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.














PROGRESSIVE SERVICE ORIENTED COMPANY
LOOKING FOR A FEW GOOD PEOPLE.

CONTROL SYSTEMS ENGINEER

Extensive prior experience on diagnosis and
repairs to onboard electronics and control
systems mandatory. Experience repairing AC
and DC circuits and componentry Manadatory.
Minimum 10 years experience required. Top
wages. Uniforms furnished after probationary
period.

Please come by and fill out an application,
and give us your resume at:

Bahamas Mack Truck Sales Ltd.
Rock Crusher Road j
Nassau, Bahamas





















NOTICE js hereby given that MARIE JEAN-PIERRE of
| CULMERSVILLE, P.O. BOX N-10461, NASSAU,
THE BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows. any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 7" day of
January, 2008 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.













NOTICE is hereby given that NANNELL LAVELLE EXANTUS
of RUSSELL TOWN E.M.R, GRAND BAHAMA, BAHAMAS is
applying tothe Minister responsible forNationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas.
and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
14th day of JANUARY, 2009 to the Minister responsible for
Nationality and Citizenship, PO.BoxN-7147, Freeport, Bahamas.

NOTICE is hereby given that Dr. HOMER NEWTON
BLOOMFIELD of , #16 LARMANIQUE CONDOMINIUMS,
“MOUNT VERNON, P.O.BOX CB11895 NASSAU, BAHAMAS.
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 14" day of January, 2009 to the Minister responsible for
nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.











work we do because we are Bahamians, but they should
like it because it’s good and even more because it was
done by Bahamians. I definitely hope that my work in
the near future paves that way.”

)f AAA :
| was surrounded with

music all my lite. Growing

up my dad wrote sdhgs as.
well as led songs in.

“

YS



YY

church. | also have a lot
of tamily members who
are very talented in music.

NOON





SON A

NOTICE is hereby given that OCNEL JEAN-PIERRE of
CULMERSVILLE, P.O. BOX N-10461, NASSAU,
THE BAHAMAS. |s applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 7" day of
January, 2008 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE.

NOTICE is hereby given that STUART TAVARES of OLD
FORT BAY, NASSAU, THE BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and










that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed. statement of the facts within twenty-eight days
from the 6": day of January, 2008 to the Minister responsible
for Nationality and Citizenship, P.O. Box N-7147, Nassau,

The Bahamas.





THE TRIBUNE WEDNESDAY, JANUARY 14, 2009, PAGE 9B









MAGNIFIE
MAGNIFICENCE

When artists collaborate, it's a com-
pletely different experience — multiplied
in magnificence — to seeing just one
artist.

Now, any of these artists would have
been great on their own, but there was
something a lot hipper, a lot more
emphatic when seeing a drift
wood/glass/metal table by Morgan McK-
inney next to a horse merry go round
box by Lillian Blades; wood block prints
by Omar Richardson right next to mixed
media paintings by Jason Bennett; inte-
rior designer Gabriela Carusone's Man-
hattan residence plans as compared to
Margaret Amy Reiach Saiter's water-
colour Bahamian Angel, Scharad Light-
bourne's photograph of Andre Chap-
pelle, as compared to the collage works
of De Brown, and the interpretive por-
trait and essay about Troy Davis by
Lavar Munroe next to photographer



@ By LISA LAWLOR
Tribune Features Writer

THE newest genera-
_tion of Bahamian
artists have revolu-
tionised the art show,
bringing together each
of their talents in the
Savannah College of
Art-and Design
(SCAD) reunion in the
first show of the New
Year, Friday January 9





DE DE BROWN
pencil sketch. SCAD graduate
2006, BFA interior design with
minor in photography.

GABRIELA CARUSONE’S

Manhattan Residence plans in marker and
coloured pencil with photoshop. SCAD -
graduate 2006, BFA interior design.



SARUSYAUE

@ OMAR RICHARDSON’'S
“Chico Story”. Woodblock on print. SCAD

graduate 2007, BFA print making and com-
mercial photography.

© MARGARET AMY
REIACH SALTER’S

“Bahamian Angel” in water-
colour and.pencil. SCAD grad-
uate 2000, BFA illustration.

Clay visions

@ By JEFFARAH GIBSON

THROUGH ceramics, thoughts, ideas,
and visions come alive as the clay is sculpt-
ed and molded to perfection. Kathryn
Farmer potter, is allowing people of all
ages the opportunity to learn to make pots
by offering an eight week course that is
set to begin on January, 27.

During the course, kids from ages 8-12
years will learn basic hand building, and
will partake in projects that include sculp-
ture, tile building, animal making, and
bisque ware. The adults, will learn hand
building sculpture techniques as well as
surface decorations and create varied
pieces including tiles, sculpture and much
more. “The course is very basic and you
don’t need any experience in pottery at
all, everything is quite easy to learn and
once they have learned the basic tech-
niques they are able to be free with their
work,” she said.

Ms Farmer has always been intrigued
with painting, glazing, carving, and many
other forms of surface decoration. And







créme.

to 2007.



she is hopeful, that once students learn
the basic skills for hand building and sculp-
ture they will find the tools second nature.
This will then enable them to become
more free to,let their ideas and creativity
be their guide in making their artwork
have its:own unique signature and look.
The process of making pots is not long,
says Mrs Farmer and it is quite enjoyable.
“Clay starts out as a soft and pliable
material. Once it is formed and left to dry,
it is hard tothe touch but very fragile.
Next, the piece is bisque fired in an electric
kiln where it will harden but still be porous
enough to accept glazes and other materi-
als used for decoration and personal
expression. The decorated or embellished
piece is then fired at least one more time to
complete the process of making one’s own
object of creative artistic expression,” she

‘explained.

Clay is very easy medium to work on
and it can accommodate changing visions
or ideas. “The one thing I love most about
the clay is that if you have a different
vision, it’s easy to change it,” she added.

at Popop Studios.



Jonquil Wong's photos.

Each piece inspired feelings of won-
der, and because they represent the
artist's absolute best work, you know you aré seeing la créme de la

Studying at SCAD in different artistic pursuits, these artists studied
subjects from photography and interior design to painting and print
making, while showcasing works of graduates spanning a decade — 1996

Each artist's works can be seen at Popop until February 14.

: # Riana 4 ‘ Ra
WORK BY KATHYRN FARMER

Ceramics is a versatile art form, the clay
can take the form of anything and as stu- :

dents develop awareness about the art,

and as they begin to produce various pro-
jects, their work will not only be visibly ;

appealing, but meaningful as well.

Ms ‘Farmer said she hope students
enrolled in the course acquire an appreci- ;

ation for making pots and says that for ; began Ms Isaacs’ art school,” but now she considers herself “ just

her, time stops when she is working.

“T did many art forms including painting,
drawing, papier mache, printmaking, plas- :

ter casting and more in the past, but I have

much more love for pottery. As an artist :
and teacher of ceramics I have been main- }

ly concerned about the form and the many : have to look at.”

different ways the surface of clay can be
treated.

“Clay is fun, challenging, and good all at
the same time. I think we are changed by

the things we create. It is possible to lose
track of time and get lost in the creative

process when working with clay. Like any
other form of art or activity, when we are ;

totally focused we are lost and therefore
found in the present moment.”



@ [AVAR
MUNROE'S
“lam Troy Davis”,
portrait and essay.
SCAD graduate
2007, BFA illustra-
tion. This piece
explores the case of
Bahamian born
Davis in his alleged

_ murder of a white
Savannah policeman
in 1987. Lavan
explores the injus-
tive of the death row
system for someone

.whose testimony
was submissed eas al ne a oe cde
: ’ E Nalslteireli t¢ AT Pail fy

cal evidence and —
unsure eyewitnesses.






e JASON BENNETT'S
“No Trust No Hope” (one of series)

in mixed media. SCAD graduate
1997, BFA painting.




“Andre Chappelle” photograph. SCAD
graduate 2003, BFA graphic design.



, Young artists in full bloom

FROM page 10

based on quality, size, and popularity, and just about all of the pieces
were marked over $100 dollars.

Dyah Nielson13, had one of the largest pieces on display; a
Junkanoo headpiece 3 feet by 4 feet that sold for over $500 dollars.
According to her the painting was not her favorite piece, but she
was happy to sell it.

Leah Ritchie 15, sold more than half of the 13 pieces she placed
in the show, saying many of her pieces display different parts of her
personality. “The dark colours are like my angry parts and the
bright colors are my happy parts and I just put everything togeth-
er and see what it comes out like.”

‘According to Leah, she was a “horrible artist when she first

okay.”
Leah's mother said she is proud of her accomplishments and
thought the art show was a wonderful expression for the children.
“I’m very proud of her, she has worked hard and it’s just so
wonderful to see how far she's gotten in such little time,” said
Mrs Ritchie. “We have a lot of young talent in the Bahamas that we

Cydne Coleby, 15, said she is very happy about selling her
pieces, which all included vibrant color and abstract subjects. She
said of one piece: “I never wanted to do anything traditional.”

Cydne had been an art student for three years and feels she has
made vast improvements to her skill and style over the years.

"I’ve come leaps and bounds when I think about the first one
(painting),” said Cydne.

Another one of Ms Isaacs students, Kirkwood Deal, 14, said
Cydne’s work is very good and that it describes her.

“Now she is viable,” he said:



~firea 1890 §# — TaDareleasesnew
pestaurant album I'm That Girt’
; Peview see page eight

See page seven








oe The Tribune SECTION B¢ ~

WEDNESDAY, JANUARY 14, 2009

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L M . a Le a N ) i Vy) ae /

SOME of the breathtaking paintings showcased by uA
the country’s up and coming artists. : Lah

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Full Text
-m Lhe Tribune

. Pm lovin’ it





79F |



LOW





CLOUDY

68F |
SHOWER,



‘BAHAMAS EDITION






Volume: 105 No.42



sets ene D

CLUES INSIDE TODAY



Claims of ‘mass
exodus’ from party

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

WITH currently only 17
members in the House of
Assembly, the Progressive Lib-
eral Party is reportedly set to
lose an additional three mem-
bers from its Parliamentary cau-
cus. to the FNM, The Tribune
has learned.

In what is being termed as a
“mass exodus from the PLP”,
well placed sources within the
FNM revealed that there are
applications before the party
from a-‘number of prominent
PLP’s both “inside and out of
Parliament.”

With Kenyatta Gibson, the
former PLP and.then Indepen-
dent MP for Kennedy joining
the FNM on Monday, sources
within the governing party sug-
gest that the PLP MP for Eliza-
beth, Malcolm Adderley, could
very well be the next parlia-



meéntarian to “cross the floor.”

Mr Adderley has long been
rumoured as one of the most
disgruntled PLPs.in the House
of Assembly — having been
overlooked for Cabinet
appointments during two shuf-
fle exercises under the Christie

_administration.
Likewise, another PLP MP,

who is reported to have
incurred significant financial
challenges since. the.2007. gen-
eral elections is reported to be

“extremely disappointed” in the °

leadership of the PLP, their loss
at the polls, and the prospect of
being “in opposition” for anoth-
er term.’

The third MP, who sources
indicate has been quite “out-

spoken” on many issues relating

to the party, is reportedly wait-
ing for the “prime opportuni-
ty” to announce his/her deci-

SEE page 13

q

| Eleuthera Fung.
i Tes (240) S3D-2862 J Tel (242) 336-2304



WEDNESDAY, JANUARY 14, 2009



Felipé Major/T ribune staff

Prime Minister Hubert Ingraham; Wendy Craigg, Governor, Central Bank
of the Bahamas; Ross McDonald, Head of Caribbean Banking, RBC:
Nathaniel Beneby, Jr, Vice President and Country Head,. RBC Bahamas.

PM: not long until senator is
appointed to fill vacant seat.

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

er senator to take up the seat
left vacant by ousted appointee
‘Anthony Musgrove.

press that he does not see the
decision by Kennedy MP Keny-

SEE page 13

PRIME Minister Hubert
Ingraham said yesterday that it
will be “not long from now”
that he moves to appoint anoth-

Man with family ties to Bahamas:
a ROE LE aA eC OS UC

@ By RUPERT MISSICK Jr
Chief Reporter
rmissick@tribunemedia.net

DR XAVIER DE SOUZA-BRIGGS, an
academic with historic family ties to the
Bahamas, has been appointed to a position
within the Obama administration, as Pro- |) 4
gramme Associate Director in the Office of weg
dB ° Tr
La nay and Budget, it was revealed yes- Or Xavier de.
Dr Briggs’ mother, Annie, is the youngest - Souza-Briggs
daughter of the late William (“Willie”) Aranha, Nassau's crown
lands officer during the 1940s, and his father, Dr Nevin Briggs of

SEE page 13

THE ROYAL BANK OF CANADA officially opened its new y Financial Centre.
~ on Carmichael Road last night. Pictured at the ribbon cutting are, from left:

Meanwhile, he also told the -



a a By MEGAN
. REYNOLDS
- Tribune Staff
Reporter
mreynolds@
tribunemedia.net -

AN INVESTIGA- |;
TION has’. been
launched into the]:
alleged beating of two -
teenage girls by a
police officer who
|.accused them of hav~
ing sex with aman who §
was driving them home jj
from school on Thurs=''}
day.

Cousins Natasha’
Joseph and Madeline §
Nazaire, both 15, were |.
in the car with family
friend James Jacques,
41, when police pulled
them over in Lincoln
Boulevard and ques-
tioned Mr Jacques and
the girls separately.

The grade 10 stu-
dents at CI Gibson



SEE page 13

| ‘Insufficient evidence’ to:
Charge teacher accused .

@ By LLOYD ALLEN

‘A GRAND BAHAMA :}
teacher accused of sexual mis- }
- conduct with students has been :
placed on administrative leave :
and has not been charged by
police, said a senior education :

official yesterday.

The teacher arrived in Nas-
sau yesterday and was inter-
viewed by police and Ministry :
of Education officials, who

to be charged,

against the teacher.

The allegations made public

late Friday have attracted ; burden of this scheme on

SEE page 13











MARIE TAVIEN points to bruises on her
daughter.Natasha Joseph's face that she
allegedly received from a police officer,
while. Madeline Nazaire looks on.

claim the woman police officer accused them of having sex
with Mr Jacques, and when they refused to tell the officers
their names, she forced them into the back of the police car.

' Natasha claimed that a male police officer in the car threat-








m Clarke/Tribune staff|



























| Fifteen officers’ pension
claims and related
payments ‘will cost

. public more than $6.5m’

Tribune Staff Reporter m@ By RUPERT

MISSICK Jr

Chief Reporter

rmissick@tribunemedia. net.

THE early pension claimél
by the 15 senior police offi-:

‘cers who were asked to;
i retire and related gratuity
i payments will cost the pub-:
: lic purse more than $6.5 mil-|
i; lion, PLP Senator Jerome;
; Fitzgerald claimed yester-

determined that there was insuf- : day. j

ficient evidence for the teacher i

Mr Fitzgerald in a press

Director of Education Lionel stateinent yestenaay alcees

Sands said yesterday that during .
the Department of Education’s | “S : Lhe apkcedal eee oF
preliminary investigations there ' @80 Wl") h Purp i
was no concrete information } preventing the most quali-
supplied that would have war- : fied person on the Police
ranted charges being made | Force from becoming Com-

that an elaborate scheme

missioner.
The immediate financial

SEE page 13

MORTGSEES
MUTUAL FUHDS.
LIFE INSURANCE

bie ate NUE nd

ATER Tes
it at SELEY

CINE Caer e hs
AEST d tN


PAGE 2, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE









BIC Privatisation

Committee reminds: |

THE BTC Privatisation |

Committee reminds the
public that today is the
deadline for public com-
ment on the consultation
on the reform of the reg-
ulatory framework for
the communications sec-
tor.

The public is advised
that all comments can be
e-mailed to consulta-
tion@btcprivatisation.co
m, faxed to 242-393-1772
or hand delivered to
Communications
Consultation, c/o KPMG
Corporate Finance Ltd,
5th Floor Montague
Sterling Centre, East
Bay Street, Nassau,
Bahamas.

Copies of the public
consultation document
are available at most post
offices in New Provi-
dence and at Family
Island administrators’
offices throughout the
Bahamas..

It may also be sone
loaded from
www. bicpenvalsation.ce com.

pygey ORE E

In brief







Rise in inquiries for
debt collection services

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

AT LEAST one debt collec-
tion agency has seen an increase
in inquiries for their services fol-
lowing the economic downturn.

Founder and president of

Apex Management Services
Rory Higgs said following the
softening of the economy in the
latter part of 2008, there has
been a rise in the number of

prospective clients who have

approached the agency about
collecting unpaid debt.

"We have had a number of
prospects that have said to us
that they are in the process of
going through their portfolios to
look at assigning accounts to us.
It does take a bit of time, espe-
cially with creditors, that have
significant amounts that are
owed to them, to identify
accounts and gather information.

"So we haven't seen an imme-
diate increase in assignments
(from the economic downturn),
but we have seen an increase in
persons who have said to us they
are looking at assigning signifi-

ayo THe WORLD

cant amounts of accounts to us,"
he told The Tribune yesterday.

The company mainly hunts
down outstanding debt for finan-
cial institutions, utility compa-
nies and doctor's offices.
Demands for payment are first
made by phone, but if the bor-
rower is un-cooperative, legal
action leading to possible arrest
is initiated, Mr Higgs said.

Last year approximately 1,500
people were laid off, mainly
from the hotel sector in response
tothe downturn in the tourism
industry.

Although many of the affected
persons were given severance

packages, economic pundits wor-’

ried the lay-offs would lead to
an increase in credit card, loan
and bill defaults.

In anticipation of this, Apex

is launching a free debt man:
agement service that will include
negotiations with creditors to
arrange more suitable payment
arrangements for denna vent
borrowers.

"We realise there are persons
out there who are willing to pay,
but unable to pay - and there
are persons out there who are



able to pay and willing. For indi-
viduals who are willing, but
unable Ae TEP RY debts) we will

offer free debt management clin-
ics which will assist persons so
they can more appropriately





AS' THE search to. find
her successor begins, Miss
Bahamas World Tinnyse
Johnson is getting ready to
travel to the other side of
the world as the nation’s
premier “Ambassador of
Beauty.”

She will appear as a guest

Dubai Fashion Week, a pro-
duction of. Emirates Vision
Events scheduled for Janu-
ary 23 — 30.

The news of Ms John-
son’s invitation to Dubai
comes just-as the Miss
Bahamas . Organisation
(MBO) launches. its contes-
tants search for its 2009
pageant.

“The timing. couldn’t be
better,” said MBO president
Michelle Malcolm. —

to show that our efforts to
promote our beauties inter-
nationally. are paying off,
and in-a big way.”

Ms Johnson will spend 10
days — all expenses paid —

model at the Creations’

“This invitation only goes _

manage the debt that they have
‘so they could more appropriate-
ly service that debt,” he said.

.in Dubai, United Arab Emi-

rates, which is considered
one of the world’s most,
exciting destinations.
Creations Fashion Week
is a premier fashion event in.
the Dubai fashion calendar.
Organised as a part of the
Dubai Shopping Festival,
this event has been an excel-
lent platform for the aspiring
young designers of the
region. The event is sup-
ported.by the government of
Dubai’s Department of Eco-
nomics and will stage two
shows per day for eight days
— the first featuring aspiring

‘designers and the second

showcasing the work of
international designers.

Ms Johnson will join
models from Europe and
India wearing prét-a-porter,
evening wear, bridal and
ethnic fashions.

“I’m so thrilled to be
going to Dubai,” said Ms
Johnson who just last month
competed in the Miss World
pageant in South Africa.

Eleuthera road projects
‘are ahead of schedule’

@ By LLOYD ALLEN
Tribune Staff Reporter



ROAD projects throughout Eleuthera are ahead
of schedule-and have provided residents with many
employment opportunities, an island official said.

At.aicost of more than $13 million, the Ministry
for Works arranged for road, bridge, and dock
upgrades to begin in Eleuthera in the late summer of
2008.

Many of the thoroughfare contracts were sched-

uled to be completed within 12 to 18 months, how- .



ever, deputy district’ councillor for North Eleuthera

Theo Neilly told The Tribune on Monday that road-’*
works in his district are ahead of schedule and have. ,
-provided employment for many residents.

“In Current:settlement, the front street is now
finished,-with most of the main roads in town com-
plete. Work has also started.on roads between Cur-
rent'settlement and-Lower Bogue,” he said.

With contractors promising more than 100 jobs to
residents during the initial contract signings, Mr
Neily said employment has remained consistent,
with additional jobs available on Harbour Island.

Mr Neilly said that residents of North Eleuthera

_ are especially pleased with the decision by Symon-

ette’s Enterprise construction company to repave the
island’s main roads with concrete.

“The contractor used concrete to keep the tradi-
tional look in town, which goes well with tradition:
al houses in our aréa,” he said.

Mr Neilly said road works on Current Island are
also progressing along with those on Harbour Island.

The Glass Window Bridge, which connects North
and South Eleuthera, has seen several repairs since
being damaged by Hurricane Andrew and Floyd
nearly a decade ago.

‘Mr Neilly said a new railing has since been

‘installed’ on ‘both sides of the bridge, -which now

allows for a smoother flow of traffic between the
northern and southern ends of the island.

Senior administrator of Central Eleuthera Gary
Knowles said that road repairs in his district are
also advancing steadily and he expects the work to
be completed well before the scheduled date.

Minister for Works Neko Grant in August 2008
approved several multi-million dollar road repair
contracts as part of his “infrastructure crusade”
improve roads throughout Eleuthera and other
islands. '

sbeaeeesnenseesaseneeccceuavcentenescscanaucenecsseeeeeaes a ueeeececeeceeneereseseaneceennseneneeeeeeeeeeenensensseeeseeecunecsnsunsenanansaneneenecaueeneneaneeseseneeaasensenenenanaeanasenssnenenenenanes

a CORRECTION

IN TUESDAY'S Tribus it
was reported, that the second.
place winners of the. first’

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Conti a
BU Cer Maer sy
322-2157

Bahamas Humane Society’s
Betty Kenning B-Humane
Awards went. to Ms Maggie
Crouch-Thompson and Mr
Julian Jakusz, who call them-
selves the “Pink Potcakes.”
The Tribune went on to state

: _, that “the two women have lived

in the Bahamas for more than
25 years.” This was the error.
The “Pink Panthers” team is
made up of a man and a woman
— Ms Maggie .Crouch-Thom-

son and Mr Julian Jakusz— two
animal lovers who have helped
many of the island’s animals.
The Bahamas Humane Society
held its first Betty Jenning B-
Humane Awards last month in
recognition of the dedicated ser-
vice of former Bahamas
Humane Society Board presi-
dent, Betty Kenning. Mrs Ken-
ning was given the first award.

The Tribune apologises for
the error.





* Mashed Potatoes Gan Be
Exchanged For Family Fries.
No Other Substitutions.

!
mht

MTT
THE TRIBUNE



WEDNESDAY, JANUARY 14, 2009, PAGE 3



First traffic
fatality of the
hew year

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

FREEPORT - The coun-
try recorded its first traffic
fatality of 2009 following the
death of a 47-year-old man in
Grand Bahama.

The victim, a resident of

o mbrief Court rules in favour

f



ousted union executives

Eight Mile Rock, was taken.

to the Rand. Memorial Hos-
pital, where he was pro-
nounced dead by doctors at
10.16pm on Monday.

Police on Grand Bahama
are withholding the man’s
identity pending notification
of the next of kin.

Assistant Superintendent of
Police Loretta Mackey said
the traffic accident occurred at
around 9pm on Monday in
the area of Bahama Beach.

The 47-year-old driver of a
Ford Mustang was negotiat-
ing a curve when he lost con-
trol of the vehicle, which then
crashed into bushes and over-
turned several times.

The driver was ejected from
the vehicle and sustained seri-
ous injuries. An ambulance
took him to hospital, where
he died an hour later.

Ms Mackey said investiga-
tions are continuing into the
accident.

“Although the investiga-
tions are in (the) initial stages,
speed was evidently a factor,”
‘she said.

Ms Mackey said police are:
appealing to motorists to dri-
ve with care and caution, and
to abide by the speed limits.

Man accused of
starting Detention
Centre fire faces
wait for bail decision

@ By NATARIO McKENZIE
Tribune Staff Reporter

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

A SUPREME Court ruling
which some had hoped would bring
resolution to a long-running dispute
within the union representing most
of the Lynden Pindling Internation-
al Airport’s workers became the
cause for more discord yesterday.

Three executives of the Airport
Airline and Allied Workers Union
(AAAWU), who were ousted by a
poll of union members in 2007, were
effectively re-instated yesterday after
Supreme Court Justice Jon Isaacs
ruled that the poll should not have
been certified.

Justice Isaacs also ordered that
the defendants, including union
president Nelerene Harding, should
pay the costs in the matter.

Seated on opposite sides of the
court as the ruling was delivered,
executives from the two warring fac-
tions of the union — headed respec-
tively by the union’s president Ms
Harding and the secretary general
Anthony Bain — did not speak to
each other as they filed out of the

Justice Isaacs
says 2007 poll
should not have
been certified

court room. : :

Ms Harding had previously told
‘The ‘Tribune that she and hér'sup-
porters, who have been denied
access to the union’s headquarters
since New Year’s Eve after the locks
were reportedly changed, were wait-
ing for the outcome of the judicial
review before déciding on how to
deal with their exclusion from the
union building.

Yesterday, she said that they are
still locked out and are seeking to
determine their next move.

Obie Ferguson, attorney for the
three applicants, including secretary
general Mr Bain, treasurer Susan
Palmer and trustee Fredericka , said
the ruling was a “victory for trade
unions”, proving that they’ cannot

PHA apologies for ‘delayed’

ambulance response time; claims
‘imprecise’ directions at fault

THE American man’:

accused of starting a fire
which destroyed a portion of
a male dormitory at the
Carmichael Road Detention
Centre will have to wait at
least two more weeks before
a Magistrate makes a deter-
mination on whether he
should be released on bail. .

Matthew Todd’ Davenport,
37, of North Carolina, was
arraigned on the charge of
arson on Christmas Eve.

It is alleged that‘on Mon-
day, December 22, 2008,
Davenport caused a dormi-

tory at Carmichael Road J

Detention Centre to be set
on fire.

The building reportedly
sustained an estimated
$170,000 in damage. Twen- ~
ty-one detainees were in the
dormitory when the fire start-
ed, however, no one was
hurt. Davenport was report-
edly detained at the
Carmichael Road Detention
Centre after he was refused
re-entry on a cruise ship.
Davenport was not required
to plead to the arson charge
during his. initial court
appearance.

Yesterday, Davenport’s
attorney Willie Moss told the
court. that psychiatrist Dr
Nelson Clarke had informed
him that the psychiatric
assessment of Davenport is
still incomplete and that he
needed a minimum of two
more weeks.

Mr Moss again made an
application for Davenport to
be released on bail so that he
could seek medical attention
in his home town in North
Carolina.

The attorney said that if
the court was minded to do
so, it could stipulate that
Davenport not only be
admitted to a hospital in
North Carolina, but be
informed relative to when he
is admitted and on how long
he may have to receive treat-
ment.

Sergeant Sean Thurston,
the prosecutor in this case,
asked the court to be mindful

of the $170,000 in damage i

which Davenport is alleged
to have caused and suggested
that a decision on bail be ©
made after Dr Clarke has
completed his assessment.

. Chief Magistrate Roger
Gomez said that the court
will wajt until Dr Clarke has
completed his psychiatric
evaluation of the accused.

The matter has been
adjourned until January 27.

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



THE Public Hospital Authority (PHA) yesterday apologised for the
"delayed" response time to an injured tourist on Paradise Island, but
claimed "imprecise" directions were at fault.

. Inastatement issued yesterday, Dr Alvery Hanna, medical director
of the National Emergency Medical Services (NEMS), a subsidiary of
the Public-Hospitals Authority (PHA), said:

“With respect to this particular case there was a delay, admittedly so
- we estimated it to be 20 minutes as was reported, however, imprecise
and inaccurate information in terms of the location of the patient was

the reason for the delay.”

The statement came in response to The Tribune's front page story”
on Tuesday which reported that there was public outrage over what one
witness called a "20 minute" wait for the ambulance following a jet ski
accident on Cabbage Beach on Sunday.

Police reported that New Jersey native James Roberts, 20, was
injured while riding a jet ski with friends sometime after 1pm on Sun-

’ day. Police said he fell off the back of the jet ski only to be "rolled over" -

by another jet ski. ‘

A beach-goer.told The Tribune that he made a call for an ambulance

at 2pm, but one did not, arrive on the scene until about 20 minutes lat- _, ,
According to Dr Hanna, the emergency call came through to the

Emergency, Medical Services (EMS) dispatcher shortly after 2pm — less
than a minute later the call was dispatched to the Paradise Island
base station and PHA records show the ambulance as being en route

eight seconds later.

"It was (a) very quick response to them leaving the base station, but
what Happened afterwards was quite unfortunate. The only information
that they were going on was that they were to go to Cabbage Beach on
Paradise Island where there was a call of an adult male that was bleed-
ing from the head because of a jet ski accident," she said.

Dr Hanna said EMS went to three wrong sites - behind the Riu hotel,
the public entrance of Cabbage Beach and then the Ocean Club -
before they were directed to the victim by responding police officers
who were on the beach behind the Ocean Club Estates, she said.

NEMS manager for New Providence Elwood Rolle apologised for
the ambulance delay, but advised the public to be as specific as possi-
ble when giving directions for an emergency.

"It is of paramount importance that when you call for an ambulance
you give as detailed information as possible to the dispatcher. EMS, we
are here to serve and as soon as we receive the call we stand ready to

respond. :

"This was an unfortunate situation, but we assure that going forward
we will always stand ready to, respond, we hope this situation will
never happen again, but some things are beyond our control,” he

said. :

Police said the victim was taken to hospital-where upon last report
he was listed as in serious condition in the Intensive Care Unit (ICU).

Alleged drug smuggler

remanded to prison

@ By NATARIO McKENZIE
Tribune Staff Reporter

AN ALLEGED drug smug-
gler, who is accused.of paying
another man to meet his bail
requirements, has been remand-
ed to Her Majesty’s Prison.

Anthony Gibson, 33, of
Sandilands Village Road,
appeared. before Magistrate
Carolita Bethel in Court 8, Bank
Lane, on Monday.

Magistrate Bethel had issued
a warrant of arrest for Gibson
who was charged in connection
with a $1.7. million marijuana
seizure last year.

The Magistrate issued a war-
rant of arrest for Gibson after

attempts where made to ascer-

tain his whereabouts following
the arraignment of Clement
Barr in December.

Barr, 29, of Sandilands Vil-
lage Road, had admitted to
using a fake ID, bearing his pho-
to, but the name of Anthony C
Gibson, to sign in to the Eliza-
beth Estates Police Station on
Gibson’s behalf.

Gibson had been released on
$100,000 bail in connection with
the $1.7 million marijuana
seizure and a condition of his
bail was that he report to the
Elizabeth Estates Police Station
every Monday, Wednesday and
Saturday before 6pm.

However, instead of Gibson
reporting to the station, Barr
between December 3 and 17
reported to Elizabeth Estates
Police Station pretending to be

Gibson. The scheme was foiled

» when an officer who was at the

police station on December 16
realised that Barr was not who
he claimed to be.

’ Barr claimed that he had been |
offered $150 a week to sign in
for Gibson. Barr was sentenced
to 18 months in prison.

Gibson was reportedly taken
into police custody on Sunday.
Magistrate Bethel on Monday
revoked Gibson’s bail and
remanded him to Her Majesty’s.
Prison.



OBIE FERGUSON, attorney for the
three applicants, said the ruling was
a ‘victory for trade unions’.

be run in an unruly manner.
Justice Isaacs ruled that the 2007

poll which forced out the three exec-

utives had not been conducted

‘according to the correct procedure

as appropriate notice was not given.
However, he also denied the

‘ applicants’ request that the union

president and her supporters be pro-
hibited from calling a further poll
to determine their fate.

Ms Harding therefore yesterday
suggested that plans would be made
to have a poll conducted shortly.

Moments after the ruling, Mr
Bain declared himself the acting
president of the union.

Mr Ferguson claimed this was
valid because resignations tendered
last year by Ms Harding and her
faction were still effective - as there
is “no provision” for resignations to
be rescinded in the union’s consti-
tution.

Ms Harding and several other
executive members resigned briefly
earlier this month after the court
ruled that the ousted unionists
should be reinstated pending the

judicial review that took place-yes- °

terday.

However, they were persuaded
to stay on by Minister of Labour
Dion Foulkes as he was concerned
that the union’s members would be
without representation.

“We feel confident now that the
members now will have an oppor-
tunity to hear what has really tran-
spired over the last few months,”
said Mr Bain yesterday.

This announcement did not deter
Ms Harding and her supporters.

' She said that according to the ~
union’s constitution; she and’her:

supporters on the executive team
still hold their positions and added

she will continue to work as presi-
dent and conduct the union’s busi-
ness despite all obstacles.

“T will not go to that level of
changing the locks. My character
will not allow me to stoop to that
level,” she said.

The AAAWU represents 532 air-
port workers.

Ms Harding and her supporters
indicated yesterday that support is

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trio.

Union member and supporter of
Ms Harding, Shamia Ingraham, said:
“Tf (Mr Bain, Ms Palmer and Ms
Baker) are saying they are in charge
of the union, I will stop sending my
dues and I will encourage any
other airport workers to do the
same.”

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Telephone: (242) 362-6654/6
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PAGE 4, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR



The Tribune Limited

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

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

SIR ETIENNE DUPUCH, Kt, O.B.E., K.M., Rese,

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Reclaiming science from censorship

JANE LUBCHENCO’S tenure at the
National Oceanic and Atmospheric
Administration will be a good place to
gauge how much lost ground can be
reclaimed for science. Her appointment
by President-elect Obama to run the
administration will be particularly inter-
esting since NOAA is under the Depart-
ment of Commerce, which will have many
lobbyists surely fighting any environmental
regulations that come from scientific assess-
ments. It will be challenging because even
though the Obama administration is sci-

. ence-friendly in appointments, research
funding remains questionable because of
the recession.

Lubchenco, a marine scientist at Ore-
gon State, has been president of the Amer-
ican Association for the Advancement of
Science and the International Council for
Science and was on the Pew Oceans Com-
mission and the National Science Board
under President Clinton. In 1995, she
warned that a proposed massive congres-
sional cut in non-defence science funding
“has very profound implications for the
future of the country.” She told the Ore-

' gonian newspaper, “The consequences are
‘likely to be a massive dismantling of a
research system that has served us very,
very well.”

In 1997, evidence of global overfishing,
coastal development and pollution was so
profound that a panel of marine scientists
that included Lubchenco proposed that 20
per cent of the world’s oceans: be desig-

.. nated as marine preserves. Only one-quar-
ter of one per cent of ocean‘ surface was

-- under protection. Lubchenco, who by then

was warning of “ecological tsunamis” in.

the oceans, said the level of existing pro-

tection was “a drop in the bucket, espe-.

cially relative to the magnitude of the

. changes that we humans are causing.”
It was no surprise that she was a critic of
a Bush administration that denied for eight
years the magnitude of human impact on
the planet. In 2003, when the Pew Oceans
Commission said overfishing and the

degraded conditions of America’s rivers
g ;

and coastlines constituted a “crisis,”
Lubchenco said, “We have squandered
their natural bounty. ” She added, “The
system is broken. It’s not working for the
fishermen; it’s not working for the fish.”

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At Oregon State, Lubchenco and other
researchers saw a major expansion of low-
oxygen dead zones in the Pacific North-
west that was killing so.much marine life
that she told the Los Angeles Times, ”We
couldn’t believe our eyes. It was so over-
whelming and depressing. It appeared that
everything that couildn’t swim or scuttle
away had died.” She said it was a sign that
“we seem to have crossed a tipping point.”

The Bush administration paid so little
attention to any of this that Lubchenco
told the Associated Press a month before
the presidential election, “The Bush admin-
istration has not been respectful of the sci-
ence.”

Lubchenco probably does not believe

her own eyes that she is suddenly a key _

player in the revival of respect for science,
at an agency where scientists complained of
censorship from the Bush administration. If

- she cannot change the atmosphere, proba- ’

bly few can. In a 1998 essay for the journal
Science, she called for a new social con-
tract for science that recognizes “the extent
of human domination of the planet.” She
warned: “If current trends continue,

~ humanity will dramatically alter virtually all

of Earth’s remaining natural ecosystems
within a few decades...
activities that modify or destroy natural

“ecosystems may cause deterioration of eco- ~"

logical services whose value in the long
term dwarfs the short-term economic ben-
efits society gains from those activities.”
Lubchenco represents Obama’s claim of
forging a new social contract with the envi-

"ronment, after eight years where the Bush -

administration had a contract out on it. In

her October AP interview, she said, "I ©

know there have been many times in the
past where public opinion can shift very,
very rapidly on an issue, ranging from cig-
arette smoking to slavery. I think we are
getting closer and closer to a tipping point
on climate change and other issues that
affect our health, prosperity, and well-being

globally. And I am hopeful we will get

there in time.”

She no longer has to hope. The question

now is if she can get there in time. -

(This article is written by Derrick Z. Jack-

Son,
- c. 2009 The Boston Globe).









Many of the-human* [

Management of
this deepening
recession

EDITOR, The Tribune.

The US economy suffered
job losses for 12 consecutive
months: during 2008, culmi-
nating' with 524,000 persons
being displaced in December
alone; this brings the total job-
less number for 2008 to 2.6
million.

Some experts ain that this
is the worst US recession since
the 1940’s and others claim
this to be the worst since 1993
with a reported unemploy-
ment rate of 7.2 per cent in
the United States.

They all agree that 2009 will

be worse than 2008, at least
for the first half of the year.
' This could very well mean
that in the Bahamas the
unemployment rate:could be
as high as it was in 1992 when
it stood at 14.6 per cent.

This recession has created
several interesting-observa-
tions. Firstly, the government,
which blamed the recession of

. the early 1990’s on the PLP, is

yet to accept any responsibili-
ty for the part they played in
the present economic state of
affairs in the country; they
continue to insist that the stop,
review, and cancel policy was
prudent and in the public
interest in the face of tangi-
ble evidence to the contrary.
As a matter of fact, the

Bahamian economy slowed in °
200% ahead of the US econo-:

my which is unprecedented
and due in part to government
policy decisions.

Further, the government has
made.no attempt to save jobs
in the private and public sec-
tors, but has chosen to dis-

I don’t like it! I don’t like
the situation at all! It makes

;me very uncomfortable! And

I suspect other Bahamians are
affected similarly. What is it?

Well, lam very uncomfort-
able with the constitution’s
dictates concerning the suc-
cession of power within The
Bahamas. The way in which
the constitution is worded is

only an invitation for manipu-

lation, and a formula for con-
fusion.

For example, the country
was knee-deep in an imbroglio
of mammoth proportions in
our recent history when the
Free National Movement was
involved in an unprecedented
leadership transition phase.

It wasn’t pretty. The poorly

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letters@triounemedia.net



we




place public servants (some

1,200) as a matter of policy,

causing great hardship on
ordinary Bahamians.

The temporary employment
provided late last year to clean
public streets and verges:can-
not compensate for the mas-
sive terminations in the public
service.

/ Secondly, the. government
produced little in the way of

,an economic stimulus plan.

When it had the opportunity
to maximize the flow of capital
in the Bahamian economy
with its capital works pro-

gramme, it opted to use a for-’

eign contractor who will repa-

‘triate a sizable portion of the

$120 million earmarked for
this road works project.

Thirdly, when there was a
policy in place to offer tax
concessions to over-the-hill
small businesses, the govern-
ment excluded this important
business sector. by rezoning
the area of Nassau that would
be eligible. To add insult to
injury, the government raised
taxes on a wide range to con-
sumption items when ordinary
working Bahamians most
needed the tax breaks.

Fourthly, there were some
“off the cuff” promises made
about unemployment and
mortgage assistance, but noth-
ing in the way of public policy
has materialised to date.

In the face of these failed
policies and in some cases,

‘

worded constitution was prin-
cipally responsible for the
(what I deem) PANS CESeALY
embarrassment.

Further to that, it is my
belief that the Bahamas will

. develop to a stage on the

world scene where both we
(Bahamians) and the rest of
the world can ill afford to not
know, without any ambiguity,
the.succession of power (at
least 15 deep) within The
Bahamas. And might I sug-
gest that the (future) impor-
tance of The Bahamas will

_ require a transition time frame

of less than one hour.

This constitution will not
suffice.

If we, in The Bahamas, will
aspire to acquire at least part
of “First World” status, then
we must learn from the leader
of the “First World” — Amer-
ica. (Almost) every person

who lives and breaths on this.

earth at least knows that the
Vice President of the United
States assumes power, in a
very short space of time,
should something unfortunate
happen to the President.

But, succession in that coun-

- try runs deeper than that. I

don’t know how deep, but
there are many senior gov-



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inaction, coupled with wors-
ening economic conditions,
the PM sought to persuade
Bahamians that they were
lucky to have him-at the helm
during this period of crisis;
needless to say, I thought the
statement was arrogant and I
disagree with the PM.

I think Bahamians are
unlucky to have him at the
helm under these circum-
stances. There was a team. in
place that produced 4.5 per
cent in real economic growth
in 2006, reduced unemploy-
ment from 10.8 per cent to.6.7
per cent, and increased house-
hold income from $38,000 to
$45,000 per annum.

Bahamians would be lucky
to have that team at the helm
during this period of crisis. It is
important to note that under
the watch of the FNM admin-

‘istration, household income

has decreased to $42,000 per
annum.

I see a case of the. emper-
or’s new clothes being played
out in the way the FNM is
managing this economic cri- ©
sis.

The PM clearly believes that
if he continually tells us that
he and his government are
doing a good job, that we

. would believe them regardless

of the evidence all around us
to the contrary.

The management of this
deepening recession and
weakening economy by the
FNM. government is the real
sad state of affairs. :

ELCOTT COLEBY
‘Nassau,
January, 2009.

Constitution poorly worded

_ EDITOR, The Tribune.

ernmental positions and the
attendant names in the line-
up, including number 3 —
Speaker of the House of Rep- |
resentatives, and number 4 — °
Secretary of State.

And contrary to popular
belief, our Deputy Prime Min-
ister does not assume power
upon the demise of the Prime
Minister.

-Our muddled constitution
will not allow it.

He might be the temporary
head of government, but per-
manerice would requireia rel-
atively long drawnout process,
which would include sanction
by voting (governing) party
members.

And so, in conclusion, the
constitution of The Bahamas .
needs an urgent revamping to
cause the succession of power
to be (1) crystal clear (2) at
least 15 deep and (3) a transi-
tional phase of less than one
hour.

“First World”, here we
come.

Thank you for your space
and time

MARVIN G.
LIGHTBOURN
Nassau,

January, 2009




THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 5 -







Twoare held
in connection with
marijuana seizure

TWO people are in
police custody in connec-
tion with a marijuana
seizure in the Carmichael
Road area.

According to police
reports, DEU officers
armed with a search war-
rant went to a home in
Allan Drive off
Carmichael Road around
5.30pm on Monday to
execute a search.

Assistant Superinten-
dent Walter Evans said
the officers did not find
anything unusual in the
house, but outside found a
clear plastic bag contain-
ing four pounds of mari-
juana.

A 48-year-old man and
a 43-year-woman are
assisting officers with
their investigation into
this discovery.

The drugs have a
local street value of just
over $4,000, Mr Evans
said.

nbrief Four times more Bahamian women

than men earn qualifications

@ By ALEX MISSICK
Tribune Staff Reporter

STATISTICS show that for
every 16 Bahamian women
who earn a diploma, certifi-
cate or bachelor’s degree,

only four local men earn an.

equivalent qualification.

Minister of Education Carl
Bethel revealed this fact at
the launch of the National
Literacy Electronic Media
Programmes “Literacy For
Life” television programme,
which aims to help improve
adult literacy.

“This is not good enough.
We must do more to encour-
age our men to take a leader-
ship role in completing their
education,” Mr Bethel said.

Minister of Education Carl
Bethel said literacy should be
seen for what it is — an essen-
tial building block for nation-
al development.

“The Ministry of Education
must continue its struggle in
keeping education at the very
forefront of all efforts at

. is not
good enough.
We must do more
to encourage our
men to take a
leadership role
in completing
their education.”

Carl Bethel





national development in our
country today. At the end of

_the day all power rests with

the people and true power
rests in a literate and educat-
ed people who are able to
make informed decisions,”
Mr Bethel said.

He said improving educa-
tion must be a national
endeavor in which every seg-
ment of society has invested
interest.

“The most important thing

US scientist calls for action
to save Bimini’s coral reefs

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

FREEPORT — An American
marine scientist is calling for

immediate action to save

Bimini’s coral reefs. -

Dr James M Cervino, assis-
tant professor of biological sci-
ences at Pace University in New
York City and visiting scientist
at the Woods Hole Oceano-
graphic Institute in Cape Cod,
said he has gained valuable
knowledge about the “biologi-
cal links” between coral reefs
and coastal mangrove forests in
Bimini.

Dr Cervino, who worked as
an intern at the Bimini Biolog-
ical Field Station under the
mentorship of Dr Sam Gruber,
said he is concerned about the
destruction of coral reefs and
mangroves on the island.

Dr Cervino said that imme-

diate restorative actions must _

be taken to mitigate the damage
caused by unsustainable devel-
opment activities. :
Local and international envi-
ronmentalists and scientists
have called on the government
to stop the Bimini Bay devel-

Baie
Sy

Uy gt aly
PHONE: 322-2157 |



Dr James M Cervino speaks
out over island’s environment

opment so as to prevent dam-
age to vital ecosystems on Bimi-
ni. The development has denied
the claims and threatened to
take legal action against its
detractors.

Dr Cervino said coral reefs
and mangroves promote and
sustain healthy fisheries habi-
tats, as well as prevent severe
coastal erosion and flooding
problems. :

He said recent development

activities “have resulted in‘

severe destruction of mangroves

due to deforestation and land

clearing activities that. cause
increased sedimentation and
higher than normal nutrient
enrichment that leads to the
smothering of corals with sand

‘and algae.

“This has caused a serious
decline in coral reef communi-
ties that provide fisheries habi-
tats along the Bimini coast. The
loss of mangroves will also
cause a direct threat to lemon
shark nursery grounds as well
as resulting in loss of bio-diver-
sity. This damage will also lead
to severe coastal erosion prob-
lems in the near future.

He added that storm wave
energy and sea levels will
increase as global warming
increases and — combined with
the damage to mangroves — will
result in coastal flooding and
even damage to inland areas.



“T am speaking out of con-

cern and as a scientist with years —

of experience as a coral reef
health specialist and observer
of the unsustainable develop-
ment that has occurred over
these past five years,” Dr Cervi-
no said.

He recommends that:

e Developers support an
extensive mangrove re-foresta-
tion effort. This will help pre-
vent sediment and nutrients
from killing coral.

° A coral reef habitat restora-
tion project be implemented to
mitigate the damage caused by
development on the island.
Restoring coral and mangrove
habitats will allow a healthy
ecosystem to return and help
increase fisheries resources and
sustainable eco-tourism oppor-
tunities. This may also result in
the return of the lost lemon
sharks and other marine species
that were once prolific along

the coasts of Bimini.

e A sewage treatment facility
be implemented so that sewage
is not pumped into the ground.
This will prevent waste-based
nutrients from feeding macro
algae which-in turn kills coral
reefs.

Dr Cervino hopes to attend a
town meeting in Bimini on Fri-
day to speak with the Minister
of Environment Earl Deveaux
about the matter.

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that we must bear in mind is
the need to continue to devel-



through the relentless pursuit
of education, lifelong learn-
ing and information no mat-
ter what the cost. Education
in and of itself is a critical and
essential building block for
national and personal devel-
opment,” Mr Bethel said.

He said Bahamians should
consider literacy to be as
vital as “the very air they
breathe” because without it,
Bahamian democracy will not
survive.

“All of the research shows
that literate persons are more
responsible, are able to make
better lifestyle choices, are
able to have a healthier life, a
longer life and to be partici-
pants in progressive society.
Without literacy, a person is

doomed to the slavery of lim-
itations and failure to achieve
their full human and God-
given potential,” Mr Bethel
said.

The Literacy For Life pro-
gramme is the pioneer pro-
ject of the National Literacy
Electronic Media Pro-
gramme. A

It is a 30 minute commer-
cial-free programme designed
to address the learning needs
of adult non-readers or low
levelreaders.

Components of the pro-
gramme include lessons in
phonics, reading and writing,
literacy tips, motivational seg-
ments, Bahamian poetry, suc-
cess stories and Bahamian

sayings.

op ourselves and our nation




@ By LLOYD ALLEN
Tribune Staff Reporter

- EXTREME bureaucracy at the Department
of Road Traffic is the reason several communities
in New Providence remain without bus services,
the Public Transport Association of the Bahamas
(PTAB) claimed yesterday.

PTAB first revealed its proposal to introduce
two new routes to service the southwest part of the
island in August, 2008.

Now, five months later, neither of the proposed
routes have been added to the existing ones.

PTAB president Reuben Rahming said yes-
terday that were it not for his determination, he
would be discouraged by the constant “run-
around” that the Road Traffic Department has
forced him and other jitney drivers to endure.

Proposal

Since the proposal of the two southwest routes,
Mr Rahming said, Road Traffic has announced
nine new bus routes and six modified routes.

“A lot of our people have become discouraged.
We are trying to do what’s right, and Road Traf-
fic seems to think that it is a favour to bus owners
to go into these new areas,” he said.

Mr Rahming said that most of the drivers are
now operating in areas where they have secured
regular commuters. Many drivers, he said, would
refuse driving the new routes as they were not



Claim that some communities don’t
have bus services due to bureaucracy

Mr McPhee said no final decision can be made







involved in the decision making process to deter-
mine where the routes run.

“The public has witnessed the turn-around
we’ve been getting for the past months and years
in our attempt to provide an essential service and
that is poor.” :

Errol McPhee, director at Road Traffic, told
The Tribune yesterday that senior officers within
his department are currently conducting a final
review of additional bus routes.

He said that Road Traffic has received more
than 50 applications for new routes. However, ,














until the proposed routes are officially approved
by the Road Traffic Authority (RTA).

“Even though we do all the work at Road Traf-
fic, RTA are the ones who officially issue routes,”
he said.

- Mr McPhee said it is essential to review the
routes suggested by bus operators in order to
take into account all the needs of bus users.

He said in the past few years the Department of
Road Traffic has conducted specific surveys to
determine the needs of bus users and has received
suggestions from bus operators. :

Mr McPhee said that some routes may possibly
become operational as soon as next week,
partly due to a request by the Ministry of Educa-
tion. we Gus a

With the recent opening of the Anatole
Rodgers School on Faith Avenue, Mr McPhee
said, the Ministry has expressed the pressing need
for bus services to the area.

















S

Bishop William M. Wilson
Executive Director
International Centre For

Spiritual Renewal



Spa Patreahi from The Lord!



CRUSADE COORDINATORS: :
Ministers Terrance Forbes, Chevol Gray & Mixiam Curtis
Bishop Elgarnet B. Rahming, DD, JP
National Overseer
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PAGE 6, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE




PHIL PAGE, veteran Grand
Bahamian physical educator,
is pictured presenting a
cheque to Mavis Ward,
chairman of the Grand
Bahama AIDS Awareness
Cominittee. The cheque for
over $4,500 was raised by
Mr Page when he ran 50
miles on the day he turned
50. Ms Ward said she was
very grateful for the dona-
tien and challenged the
Grand Bahama community
'o become more involved in
HIV awareness. The com-
mittee is planning to build a
resource and surveillance
centre in the near future.



ee WEAN eee



PROSPECTUS

[4th June, 2008.

will cease at 3:00p.m. on 19th January, 2009.

If the total subscriptions exceed the sum of B$107,226,000.00 (Nominal) partial allotment will be made to
subscribers, and a proportionate refund will be made as soon as possible after allotment.

paid on amounts so refunded.

The date of this Prospectus is "1.2009 -

The Government of The Commonwealth of The Bahamas invites applications for Bahamas Registered
B$107,226,000.00. 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 _

Stock totalling

* price are given below :-

Rate of Interest

Above Prime Rate
Above Prime Rate
Above Prime Rate
Above Prime Rate
Above Prime Rate
Above Prime Rate

9/32%
5/16%

The Stock will bear interest from 19th January, 2009, at the rate shown against the name of the Stock
percent per annum over the Prime Rate (ie, the prime commercial interest rate from time to time fixed"by the
Clearing banks carrying. on. business in the Island of New Providence. in The Bahamas.
difference between them, then that which is fixed by Royal Bank of Canada).
yearly commencing on 19th July, 2009 and*thereafter on 19th January and 19th July in,eVery yeak until the

Stock is repaid.

CH: ARGE UPON CONSOLIDATED FUND

The principal monies and interest represented by the Stock i a.
Consolidated Fund and assets of The Commonwealth of The Bahamas.






Issue of Stock

Units
Applications

5 isco ons f

~ i following banks:



i nance amas Interngtionak”
2. A n
3;
4, % i
5. Roy al Bank Of Can a
6. Scotiabank, (Bahatfias) Limited
a
Limited)
8.

Citibank, NLA.

PUBLIC DEBT

Provisional estimates from As unaudited accounts as at September 30, 2008 show the Public Debt. Lof The -

Bahamas to be BS3,207,547,000.*

Name of Stock



" Prospectus and may 1 be obtaihed from the ae ar’

a

Treasury Department (Marlborough ‘Street & Navy

AW

LOCAL NEWS

Veteran PE teacher runs



THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS |
BAHAMAS REGISTERED STOCK. 2028, 2029, 2030, 2031, 2032 AND 2033
ISSUE OF B$107,226, 000.00

“Issued under The Bahamas Registered Stock Act, and authorized by Resolutions of the House of Assembly,

Applications will be received by The Banking Department beginning at 9:30 am on 8th January, 2009 and
will close at 3:00pm on 14th January, 2009. Allocations will commence at 9:30 am. on 15th January, 2009 and

BS
shane: Reseed ink 251 [0m 000010000
eee ee

i07, 226, “000.00 [ea







GOVERNMENT REVENUE AND EXPENDITURE



Interest shall.be



If there shall be
RN
ayable he



X baer out of the’



a 46rm attached to the
waft Nassau and Freeport, The
ion Road, Nassau) or any of the

Fidelity Bank «Baharnes): Limited (formally British American PamkCl?0)

The following y information is extracted from the unaudited accounts of the Government of The-

¢ ‘ommonwealth of The Bahamas.

~ FYÂ¥2006/2007p**
BS

Revenue 1,338,481,000
Recurrent Expenditure (excluding

Repayment of Public Debt) 1,285,692,000
Capital Development

Expenditure (excluding loans

contributions and advances

~ to public corporations) 166,225,000

** Provisional estimates from the unaudited accounts.

FY2007/2008p**
B$

Approved Budget

1,483,929,000

1,385, 369,000

189,731,000

No interest will be



Lek The meek N

he am on Sth

50 miles for charit

IN EARLY November 2008, Phil Page, a veter-

an physical education teacher at Jack Hayward

High School, celebrated his 50th birthday.

This in itself was not remarkable, but what he
did on the day was. Grand Bahama’s.number one
endurance athlete ran 50 miles to celebrate the
event.

Mr Page, who is a very experienced marathoner
and Ironman Triathlete, decided not only to run
the 50 miles, but to also raise money for a local
charitable cause.





Choosing the Grand Bahaiwa AIDS Awareness
Committee as his beneficiary, Mr Page managed to .
raise $4,660 for the charity. ;
__ When interviewed following the completion of
the run, Mr Page was ecstatic over his perfor-
mance. “It was certainly the hardest physical chal-
lenge to date, It is amazing what the human body
is capable of with a little effort and training”, he

. said.

Mr Page’s next race is the Miami marathon at
the end of January.

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
. BAHAMAS REGISTERED STOCK. 2028, 2029 , 2030, 2031, 2032 AND 2033

The Registrar

c/o The Central Bank of The Balintnes
P, O. Box N-4868

Nassau, Bahamas

Sir:

FOR OFFICIAL USE ONLY
APPLICATION No.
ALLOTMENT No.

. DATE:

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

1/4%
9/32% Above Prime Rate
5/16% Above Prime Rate
11/32% Above Prime Rate.

3/8% Above Prime Rate
13/32% Above Prime Rate

Above Prime Rate

any
lf

\
\

NV

P. O. Box

- Insert below the amount applied for
in Units of BS100_-

Bahamas Registered Stock 2028 BS —
‘Bahamas phate Stock 2029 BS”

BS.

BS
BS
BS

CAN BE E MADE VIA REAL-TIME *:
BY BANK DRAFT PAYABLE TO THE

Address (Corporations etc. should give Registered Addresses )

Telephone Nos. (H) (W) | ; |

2, (Where two or more persons apply as jin subcribers, the additional names eed addresses should

be given below.)

Ordinary Signatures_

] Names in Full

Address

ey &

NglORL tie uke das = oo.

Telephone Nos.(H) (W) eGR Wh

FY2008/2009p**

BS .
Approved Budget | 1/We hereby request semi annual interest to be paid to:
1,569,329,000

Bank Name
1,484,150,000
Bank Branch
188,718,000

The Public Debt amount is inclusive of The Public Corporations contingent liability which as at

September 30, 2008 totalled B$442,389,000.





Account Number ' ee ae
IHE I AIBUNG

VWEUINEOQUAY, JAINUAH YÂ¥

14, 2UUY, FAUE 7





e island of Abaco has

reached a crossroads

"Would you tell me which
way I ought to-go fram here?"
asked Alice.

"That depends a good deal on
where you want to get," said the
Cat.

"T.really.dan:t. care. where,"
replied Alice.

"Then it doesn't much matter
which way you go," said the Cat.

+ Lewis Carroll, Alice's
Adventures in Wonderland

Q:: the holidays I
drove into Marsh

Harbour from Treasure. Cay,
and. was confronted by an

obnoxious sight — acres of rust- |

ing machinery and thousands
of derelict vehicles distributed
along both sides of the Great
Abaco Highway.

This was not casual littering.
For the most part, the dumps
are scrap metal and auto parts
businesses — it's called “urban
sprawl.”

Abaco probably represents
the best the Bahamas has to
offer these days. A large island
with significant natural assets,
fresh water reserves, successful
farming and fishing traditions, a
thriving second home and

yachting market and a pool of *

relatively cheap (mostly Hait-
ian) labour. As a result, it has
achieved a certain critical mass.

But with a total population
of about 15,000 Abaco has.
reached a crossroads. It is at the

point where it has to deal with °
all the difficult quality of life _

. choices that confront a rapidly
developing society.

EXPLOSIVE GROWTH

According to Abaconian
publisher Dave Ralph (who has
lived on the island for half a
century), Abaco's explosive
growth has been a problem:
"Our diverse boards, commit-
tees-and councils are generally
looking at satisfying immediate
issues and not considering the
effettt as the area continues to
grow," he wrote recone
"Many issues whith'relatAté
grow
and‘must be resolved by com-
mon‘sense and a view to, pre-
sent. and future community val-
ues. This is not an easy task."

No kidding. When I was a
youngster people often
remarked that Marsh Harbour,
which was originally laid out in
1784: by British officials relo-
cating loyalists following Amer-
ican independence, was the ugli-
est settlement in the country.
Welk it still is — and getting
uglier and more chaotic by the
day. :

That's eer Marsh Har- °

bour i is mostly urban sprawl —
strip shopping centres, ware-
houses, storage yards, and auto-
mobile-dominated streets with
no particular plan. Only a hand-
ful of residences can be found
and the few remaining historic
buildings are in disrepair.
Clearly, the township has adopt-
ed the growth patterns of Nas-
sau, although its smaller scale
currently masks this fact.

What Marsh Harbour lacks
is a sense of place — the blend-
ed natural, physical and cultur-
al identity that is most clearly
represented by historic Bahami-
an communities like Hope
Town on Elbow Cay and Dun-
more. Town on Harbour Island.

A SENSE OF PLACE
It's difficult to define that
term “place” without getting all

googly-eyed, but.some have |

tried to explain it by saying:
/ "You can't know who you are
until you know where you are.’

%
&

th are not rigidly defined

Sense of place involves the

human experience in a land-

scape. It is place which gives us

our identity. Place represents
“we tings.”

But while it may be difficult
to define, it is relatively easy to
say what it isn’t — if you know
what I mean. For example, strip
malls have little sense of place
because they all look alike and
people don't want to spend any
time in them or write anything
about them. Whereas an area
that has a strong sense of place
projects an identity and char-
acter that is valued by residents
and recognized immediately by
visitors.

And then there is the Mud,
an illegal Haitian shantytown
right in the middle of Marsh
Harbour. This community of a
few thousand — and other
informal settlements nearby —
lacks proper waste disposal,
water and electrical distribution

. is illegal and unsafe, and build-

ings are not built to code so they

: are prone to fires and hurricane

destruction.

In fact, the growth of infor-
mal settlements like the Mud
gave rise to:modern urban plan-
ning in the first place. Planning

' was a response to Victorian-era

industrialisation, which pro-
duced slums, deadly epidemics,
and a generally unpleasant envi-
ronment until conditions
became intolerable. For exam-
ple, this account from the BBC
website could easily apply to
the Mud today:

"In 1854, the commissioners
appointed to enquire into the
cholera outbreak in Newcastle-
‘ upon-Tyne found that about 50

“er cént of famiiliés Had" only a”
ingle, room, Most houses did _ .
i TAdt have an independent water

"supply or‘privy, and what was —

shared was often the responsi-
bility of no one...The warren of
streets posed a threat to public
order."

DEVELOPMENT
PRESSURES
Although the historic com-
munities on Abaco's outlying

-cays have faced — and to an

extent successfully absorbed —
enormous development pres-
sure in recent years (Hope
Town is so full of affluent par-
tygoers that it is known as “Hol-
lywood”), the main island has

- remained largely untouched —

although it has been logged
twice by American lumber com-
panies.

But that picture is changing. .

A relatively continuous belt of
shoreline development is being
projected all the way from
Hole-in-the-Wall to Casuarina
Point and unless checked, con-
ventional strip development is
likely to sprawl along the entire
highway. And it will surely not
be a pretty sight.

The Abaco Club at Winding
Bay opened in 2005 and other
investors are eyeing similar
resort developments in the rel-
atively pristine south, where the

’ Abaco National Park is locat-

ed. One of those is Schooner

. Bay — about 26 miles south of

Marsh Harbour.

Schooner Bay is the pet pro-
ject of legendary developer
Orjan Lindroth, whose father
was Axel Wenner-Gren's busi-
ness manager in the Bahamas.

: ‘Advocates for Anima Ri ghts,
The Bahamas Humane Society, a ARK

invite you to attend a presentation by —

WILLIAM FIELDING

on the link between animal cruelty
and domestic violence

The Nassau Yacht Club, East Bay Street.

On Wednesday, January 14th, 2009 at 6:00pm

FREE ADMISSION - DONATIONS WELCOME - CASH BAR



' principles of the



The elder Lindroth was respon-
sible for developing the Andros
Lighthouse Club and Andros
Yacht Club for Wenner-Gren,
as well as Paradise Beach and
the Ocean Club for Huntington
Hartford.

After the younger Lindroth
graduated from the London
School of Economics, he too
became a top Bahamas-based
developer, closely linked to the
New Providence Development
Company founded by Canadian
EP Taylor, the man who creat-
ed Lyford Cay.

A MODEL FOR
THE REGION

‘A few years ago Lindroth
hired famed Miami architectur-
al firm, Duany Plater-Zyberk
& Company (DPZ), to master
plan Schooner Bay as an open
Bahamian village based on the
“new urban-
ism.” New urban planning calls
for walkability and connectivity,
mixed-use neighbourhoods with
lively town centres, and eco-
friendly technologies that sup-
port a light development foot-
print. Schooner Bay is being
crafted as a settlement model
for the entire region, Lindroth
says.

The project's land use plan
retains 60 per cent of the 220-
acre site as protected green
space (no Crown land is
involved). And building design
will be based entirely on tried
and true Bahamian vernacular
architecture. The settlement will
feature a harbour, a mixed-use
village centre, a school, various
small resort amenities and a
broad range of housing types.

‘it seeks to be a genuine new

town,
Schooner Bay’ s design team

recently published a 298- page

book (A Living Tradition -
Architecture of the Bahamas),
that outlines many of the prin-
ciples they will be applying.
Bahamian architect, Jackson
Burnside, told Tough Call that
"these principles document the
common sense of the ancestral
legacy of Bahamian communi-
ties and are, therefore, appro-
priate lessons to guide our com-
munities going forward."

It turns out that DPZ is a
world leader in neo-traditional
community design. One of its
early projects was Seaside, on
Florida's gulf coast, which was
hailed as the first authentic new
town to be built successfully in
the United States in over 50
years. In 1989, Time Magazine
selected Seaside as one of the 10
"Best of the Decade" achieve-
ments in the field of design.

The firm also developed the
SmartCode (http://smartcode-
central.com/), which folds zon-

ing, subdivision regulations,
urban design, public works stan-
dards and basic architectural
controls into one compact open

source document whose goal is .

to discourage sprawl, keep
towns compact and retain as
much open space as possible.

IMPLICATIONS
FOR ABACO
Lindroth's association with
DPZ had wider implications for
Abaco's future. Among those

who took part in a planning.

workshop for the Schooner Bay
project in 2006 was a professor

from Michigan's Andrews Uni-
versity named Andrew von
Maur. Each year the Urban

’ Design Studio at the university

undertakes a field project to
help real communities address
planning issues.

"I approached Lindroth in
part because J had an interest in
tackling the planning problems
of the Mud," von Maur told
Tough Call. "I had recently
been inspired by Jaime Correa
of Coral Gables to help advance
work in shantytowns. Orjan sug-
gested that the Abaco commu-
nity could benefit from a much
larger planning scope."

The result was a 10-day town
and regional planning workshop
held on Abaco last September
(www.abacoplanning.org). The
Andrews team brought togeth-
er key stakeholders — govern-
ment officials, landowners, con-
cerned citizens, activist groups,
and the business community —

to collaborate on a vision and a ©

set of guiding principles for the
future development of Marsh
Harbour and South Abaco.
"Schooner Bay gave some
financial support for travel, but
left us a free hand in.developing

the proposals. We had the offi-.

cial sanction of (the Ministry of
the Environment), but Andrews
University conducted the char-
rette and developed the entire
set of proposals as a free, inde-
pendent academic institution,
in collaboration with the par-
ticipating public, professional
consultants and local officials."
The document they pro-
duced (a Proposal to Restore a
Sustainable Settlement Tradition
on Abaco) includes specific
planning guidelines and pro-
posals for Marsh Harbour, the
Mud, Sandy Point and the
South Abaco region as a whole.
Also included are illustrations,
codes and ordinances which can
be adopted by local authorities
to advance the proposals. It is a
stunning Pisce of work.

A USEFUL INITIATIVE

According to environmental
consultant Keith Bishop, who
has played a large role in the
Schooner Bay development, the
Andrews University document
is "a useful planning initiative
that can and should be dupli-
cated over our entire country.
Hopefully we will learn from
these principles before our kids

are forced to live in urban.

sprawl. That is, if there is any-
thing left to sprawl on."

The proposal seeks to avoid
strip development along the
Great Abaco Highway corridor

and promote the long-term sus- ©

tainability of the South Abaco
region. Conventional automo-
bile-dominated development
patterns are discouraged in
favour of mixed-use Bahamian
settlement types with a variety
of transportation options.
"Conventional resort devel-

opment typically features large

hotels, a closed environment,
golf courses, and a utility infra-
structure that demands high
water use and-distant power
transmission," the proposal
says. "This model typically
relies on a cheap labour force,
high numbers of visitors, and

intense access to amenities such |

as beaches, marinas and nearby
transportation (airports).
"When systems fail over
time, projects can become diffi-
cult to maintain because the
Bahamas does not provide a
sophisticated maintenance
industry to sustain such a scale
of development. This can mean
further reliance on imported

labour or the gradual transfor-

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mation of the project into an
obsolete and unmanageable rel-
ic. (Such) projects are some-
times abandoned with devas-
tating affects on the local job
market and economy (eg: the
Four Seasons Resort on Exu-
ma) and irrevocable harm to
natural ecosystems."

The Andrews proposal seeks
to define which communities
should be built in what sectors
of the island based on the best
Bahamian settlement traditions,
improved for the 21st century.
Special requirements such as
green corridors for wildlife are
also stipulated, while conven-
tional resort development is dis-
couraged.

Transportation options
include an improved bus ser-
vice linking the entire island, an
expanded airstrip near Sandy
Point, new and enhanced ferry
ports at both Sandy Point and
Marsh Harbour, and bike path
networks.

The proposals for Marsh
Harbour call for channeling
growth into a network of com-
pact mixed-use centres with
interconnected streets, each
comprising a-walkable neigh-
bourhood. Ferry docks would
be enhanced with appropriate
commercial development and a
public park and market would
be provided.

TACKLING THE MUD |

But the most interesting sug-
gestions focus on the Haitian
shantytown known as the Mud
— an amazing concentration of
poverty and decay, built on
spoil dredged from the harbour,
that all agree is a major disin-

centive to investment in the .

island's capital. The planning
challenges it creates can only
be addressed by tackling diffi-
cult issues of political status,
ownership and social justice.
The Andrews document
argues that a pathway to legal
land ownership (through lease
to purchasé contracts) must be
provided for the Haitian'com-
munity. The proposals — which
include proper waste treatment,
water and electrical services,




























Jermaine Pinder;

Sexxy Sandals,

mention.







Butler's Funeral Homes

& Crematorium

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

Funeral Service for

Mr. John Emmanuel
Knowles age 83

of Corlet Road, Pyfrom's |
Addition
Thursday,
| 2009 at 10:00 a.m. at St.
| George's Anglican Church,
4 Montrose
\ Officiating will be the Rev'd
Fr. G. Kingsley Knowles.
He is survived by his loving

wife Sylvia; son, John
| Tracy Knowles; daughter,
Jennifer Treco; stepson,



’ Keith Oliver; stepdaughter,
Deborah Oliver; daughter-

-in-law, Troy Oliver; grandchildren, Kameko, Keisha,
and Ketroya Oliver, lan and Erin Treco, Christian,
Ashley, Aalyah, Johneja Knowles; brothers, Richard
and Eugene Knowles; nieces, Madeline Wells and .-
nephews,
Sidney Knowles, Kenneth, Freddie, and Gene Stuart,
Ridley and Stanley Carroll;
friends including Clint Treco, Sharon Williams, Lisa
Carey, Nadine Rolle, Marina Rolle and family, The
Chipman family, Erskine Oliver and family, Olga
Pierre and family, Sidney Dorsette and family, Greg
Bonamy and family, Olvin Reese and family, Rudolph
Ferguson, Justice Stephen Isaac and family, Michael
Brice and family, Wendell Minnis and family, Neville
Woodside, Dieudonne Josesp, The Management and
Staff of Potpourri, Potpourri Too, Potpourri Printers,
Southland Shopping Centre and
Knowles' Upholstery, and others too numerous to

Friends may pay their last respects at Butlers’
Funeral Homes and Crematorium at Ernest and York
Streets on Wednesday January 14th, 2009 from 10:
‘00 a.m. until 5:00 p.m. and on Thursday January 15th
2009 from 9:00 a.m. until service time at the church.

vegetable gardens, better roads
and housing, and public parks
— are intended to show how
conditions in the Mud might
improve if we allowed such a
transition to take place.

"Building densities in the
Mud are 12 per acre, about the
same as the densest historic set-
tlements in the Bahamas (Dun-
more Town, New Plymouth and
Hope Town)," the proposal
says. "The true challenges of
the Mud do not lie in its build-
ing density, but rather in its
poor safety standards and over-
crowded dwellings."

The ultimate hope is that
Marsh Harbour can transform
itself into a community that is in
keeping with the best of
Bahamian settlement traditions,
with a vibrant and livable
mixed-use environment that can
be-sustained for generations.

It should be noted that the
most successful Bahamian des-
tinations invariably feature
Bahamian vernacular architec-
ture of high quality. These
places include Hope Town,
Dunmore Town, New Ply-
mouth and Spanish Wells. In
this sense, Bahamian settlement
patterns ought to be regarded
by everyone,as a worthy invest-
ment.

"The biggest planning chal-
lenge," according to Nassau
architect Mike Alexiou, "is how
to grow and not lose the things
we love. Our job as custodians
of the Bahamian built environ-
ment is to provide an antidote
for one-size-fits-all develop-
ment."

The alternative is, as Abaco
resident John Hedden put it
recently, to devalue ourselves:
"Our history is thrown away.
Our culture is discarded. Our
architecture is allowed to rot.
Our intellect is on a flight to
Miami. Our resourcefulness is
all about scheming to bring it
in cost-free."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

will .be = on
January 15th,

Avenue

Tracy, Ricardo, and

other relatives and


PAGE 8, WEDNESDAY, JANUARY 14, 2009

MMG BANK & TRUST LTD.
Financial Statements For The Year
Ended September 30, 2008 And
Independent Auditors’ Report

Deloitte

Deloitte & Touche
Chartered Accountants

and Management Consultants

2nd Terrace, Centreville
P.O, Box N-7120
Nassau, Bahamas

Tol: 41 (242) 302-4800
Fax: 41 (242) 322-3103

INDEPENDENT AUDITORS’ REPORT -

To the Shareholders of
MMG Bank & Trust Ltd.:

We have audited the accompanying financial statements of MMG Bank & Trust Ltd. (the “Bank”)
which comprise the balance sheet as of September 30, 2008, and the related statements of income,
‘ changes in equity and cash flows for the year then ended, and a summary of significant accounting,
policies and other explanatory notes. The financial statements of the Bank as of September 30, 2007
were audited by another auditor whose report dated December 13, 2007, expressed an unqualified

opinion on those statements.
Management’s responsibility for the financial statements

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

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with. International Standards on Auditing. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance as to whether the financial statements are free of material misstatement.

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

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

Opinion
In our opinion, the financial statements present fairly, in all material respects the financial position of

the Bank as of September 30, 2008, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards. :

November 14, 2008

MMG BANK & TRUST LTD.

BALANCE SHEET
AS OF SEPTEMBER 30, 2008
(Expressed in United States dollars)



2008 2007

ASSETS , 2
Due from banks (Notes 5 and 11)
Non-interest earning deposits
Interest carning deposits

$ 12,556,682 $ 22,277,125
32,808,229 45,664,807
45,364,911 67,941,932

A 370,000
64,355,768 $5,317,125
500,000 ‘1,283,709
19,385,613 19,493,005
1,045 16,796
390,924 . 411,662
133,797 5,193

$ 130,132,058 $144,839,422

Total due from banks
Trading securities (Note 6)
Securities available-for-sale (Note 7).
Securities held-to-maturity (Note 8)
Loans receivable (Notes 9 and 11)
Accrued interest receivable
Furniture and equipment (Note 10)
Other assets (Note 11)

TOTAL ASSETS

LIABILITIES AND EQUITY

LIABILITIES: |
Customers' non-interest bearing deposits (Note 11)

Customers’ interest bearing deposits (Note 11)
Other liabilities (Note 11)
Total liabilities

$ 14,719,246 $ 20,866,692
96,973,388 110,628,602
2,751,084 193,177

114,443,718 _ 131,688,471

EQUITY:

‘ | 1 per share; .
Common stock, with a par value $1 pe: 5,000,000 5,000,000
(1,323,318) (48,146)

authorized, issued and outstanding: 5,000,000
12,011,658 8,199,097

Fair value reserve
Retained earnings SS

Total equity { 15,688,340 13,150,951
TOTAL LIABILITIES AND EQUITY

Commitments (Notes 1] and 12)

See notes to financial statements.
re approved by the Board of Directors on November 14, 2008 and are

These financial statements a
signed on its behalf by:



MMG BANK & TRUST LTD.

NOTES TO FINANCIAL STATEMENTS _
FOR THE YEAR ENDED SEPTEMBER 30, 2008
(Expressed in United States dollars)

4. GENERAL

MMG Bank & Trust Ltd. (the “Bank”) is a limited liability company established under The
Companies Act, 1992 of the Commonwealth of The Bahamas and is licensed under the Banks
and Tryst Companies Regulation Act, 2000 to carry on trust and banking services: ‘The Bank's
objective is to promote and participate in all kinds of banking, financing and investing

activities from the Commonwealth of The Bahamas,

The Bank is a wholly-owned subsidiary of MMG Bank Corporation (the Parent company)
which is incorporated in the Republic of Panama and in turn is a wholly-owned subsidiary off
MMG Capital Holdings Inc. (the ultimate Parent company) which is incorporated in the

Commonwealth of The Bahamas.

The Bank’s registered office is located at First Floor, Shirley House, 50 Shirley Street, Nassantys

Bahamas.



http://www.deloitte.com.bs

$ 130,132,058 $144,839,422 -





BBB

THE TRIBUNE

ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

Standards and changes effective during this year v

During the year 2007, the Bank adopted the “IFRS 7 Financial Instruments: Disclosures”
which became effective for the annual reports which period that began on January 1, 2007 or

on a later date.

Additionally, the Bank adopted the amendments made to “IAS 1, Financial Statements
Presentation”, related to capital revelations, which were amended along with issuance of the

IFRS 7. ‘

The adoption of IFRS 7 and the changes to IAS 1 were required to expand the disclosures
related to financial instruments and capital administration respectively.

There are four Interpretations issued by the Committee of Interpretations of International
Financial Reporting Standards, which are effective for the current year. These are:

° IFRIC 7 Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
e IFRIC 8 Scope of IFRS 2
° IFRIC 9 Reassessment of Embedded Derivatives

2 IFRIC 10 Interim Financial Reporting and Impairment

These interpretations did not bring changes in the accounting policies of the Bank.
Standards and Interpretations issued and not adopted

Up to the date of authorization of these financial statements, some standards and
interpretations have .been issued which are related to the Bank’s operations and which are
effective for future accounting periods. The following Standards and Interpretations are not
yet effective and have not been early adopted by the Bank:

° IFRS 8 Operating Segments

° IFRIC 13 Customer Loyalty Programmes |

° IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction ihe
° IAS 23 Borrowing Costs

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are
set out below, and have been consistently applied to all years presented, unless otherwise
noted.

a. Basis of presentation - These financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS). The financial statements are
prepared under the historical cost convention as modified by the revaluation of financial
assets at fair value through profit or loss and securities available-for-sale.

The preparation of financial statements in conformity with IFRS requires the use of
certain critical accounting estimates. It: also requires management. to exercise its
judgment in the process of applying the Bank’s accounting policies. The areas involving
a higher degree of judgment or complexity, or areas where ‘assumptions and estimates
are significant to the financial statements are disclosed in Note 4.

Amendments to published Standards and Interpretations effective January 1, 2007

The following amendments and interpretations that are not applicable to the Bank are:

e JAS 19 Amendment - Actuarial Gains and Losses, Group Plans and Disclosures;
° IAS 21 Amendment - Net Investment in a Foreign Operation;

° IAS 39 Amendment - The Fair Value Option;

e JAS 39 and IFRS 4 Amendment - Financial Guarantee Contracts;

° IAS 39 Amendment - Cash Flow Hedge Accounting of Forecast Intragroup
Transactions; ‘

e IFRS 1 (Amendment), First-time Adoption of International Financial Reporting
vas Standards;:and IFRS 6 (Amendment), Exploration for and Evaluation. of Mineral
“ ..Resources; ‘ ‘ :

e IFRS - 6 Exploration for and Evaluation of Mineral Resources;
° IFRIC 4 - Determining whether an Arrangement contains a Lease;

IFRIC 5 - Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds, and

° IFRIC 6 - Liabilities arising from Participating in a Specific Market - Waste
Electrical and Electronic Equipment.

b. Cash and cash equivalents - For purposes of the statement of cash flows, the Bank
considers as cash and cash equivalents all deposits-with an original contractual maturity
of three months or less.

c. Interest income and expense + Interest income and expense are recognized in the

statement of income for all interest bearing instruments under the effective interest
method. :
The effective interest method is a method of calculating the amortized cost of a financial
asset or a financial liability and of allocating the interest income or interest expense over
the relevant year. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument or,
when appropriate, a shorter period to the net carrying amount of the financial asset or
financial liability. When calculating the effective interest rate, the bank estimates cash
flows considering all contractual terms of the financial instrument but does not consider
future credit losses.

d. Commission income - Commissions are genefally recognized in the statement of income

on an accrual basis. However, loan origination fees are deferred and recognized’ as an
adjustment to the effective yield on the loan.

«

€. Financial assets - Financial assets are classified in the following four categories:

financial assets at fair value through profit or loss; loans receivable; held to maturity
Investments and available for sale financial aésets. Management. determines the
classification of its investments at their initial recognition.

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

ii. Loans receivable - Loans receivable are non derivative financial assets with fixed
or determinable payments that are not quoted in an active market. They arise
when the Bank provides money, goods or services directly to a debtor with no
Intention of trading the receivable, .

iii, Held fo maturity - Weld to maturity investments are non-derivative financial
assets with fixed or determinable payments and fixed maturities that the Bank’s
management has the positive intention and ability to hold to maturity. Ifthe Bank
were to sell other than an insignificant amount of held to maturity assets, the
entire category would be reclassified as available-for-sale.

iv. Available-for-sale - Available-for-sale investments are those intended to be held
for an indefinite period of time, which may be sold in response to needs for
liquidity or changes in interest rates, exchange rates or equity prices.

Purchases and sales of financial assets at fair value through profit or loss, held to
maturity and available-for-sale are recognized at the trade date, which is the date
the Bank commits to purchase or sell the asset.

Financial assets are initially recognized at fair value plus transaction costs for all
financial asses not carried at fair valuc through profit or loss, Financial assets are
derecognized when the rights to receive cash flows from the financial assets have
expired or when the Bank has transferred substantially all risks and rewards of
ownership.

Financial assets at fair value through profit or loss and available-for-sale financial
assets are subsequently carried at fair value. Loans receivable and held to
maturity investments are carried at amortized cost using the effective interest
method. Gains and losses arising from changes in the fair value of the financial
assets at fair value through profit or loss category are included in the statement of
income in the year in which they arise. Gain and losses arising from changes in
the fair value of the financial assets are recognized directly in equity, until the
financial asset is derecognized or impaired, at which time the cumulative gain or
- loss: previously: recognized in equity is accounted for in the results of the year,

*
THE TRIBUNE

However, interest calculated using the effective interest method is recognized in
the statement of income. Dividends on available-for-sale equity instruments are
recognized in the statement of income when the Bank’s rights to receive payment
is established.

The fair value of quoted investments in active markets is based on current bid
prices. If the market for a financial asset is not active or as for unlisted securiti¢s,
the Bank establishes the fair value by using valuation techniques, that include the
use of recent arm’s-length transactions, discounted cash flows analysis and other
valuation techniques commonly used by market participants. Equity securities for
which fair values cannot be measured reliably are recognized at cost less

impairment.
f. Impairment of financial assets *
i. Assets carried at amortized cost - At each balance shect date, the Bank assesses

whether there is objective evidence that a financial asset or group of financial
assets carried at amortized cost is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred if, and only if,
there is objective evidence of impairment as a result of one or more events that
occurred after the initial recognition of the asset, such as a “loss event”, and that
Joss event (or events) has an impact on the estimated future cash flows of the
financial asset or group of financial assets that can be reliably estimated.
Objective evidence that a financial asset or group of assets is impaired includes
observable data that comes to the attention of the Bank about the following loss
event:

significant financial difficulty of the issuer or obligor;
e a breach of contract, such as a default or delinquency in interest or principal

payments;
granting to the borrower, for economic or legal reasons relating to the
borrower’s financial difficulty, a concession that the lender would not
otherwise consider; ,

° it becoming probable ‘that the borrower will enter bankruptcy or other
financial reorganization measurcs;

° the disappearance of an active market for that financial asset because of
financial difficulties; or ‘

° observable data indicating that there is a measurable decrease is the

-estimated future cash flows from a group of financial assets since the initial
recognition of those assets, although the ‘decrease cannot yet be identified
with the individual financial assets in the Bank.

The Bank jassesses whether objective evidence of impairment exists individually for
financial assets that are significant, and collectively for financial assets that are not.
individually significant. If it is determined that no objective evidence of impairment
exists for an individually assessed financial asset, whether significant or not, it includes
the asset in a group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually assessed for
impairment and for which an impairment loss is or continues to be recognized are not
included in a collective assessment of impairment.

When a loan is uncollectible, it is written-off against the related provision for Joan
impairment. Such loans are written-off when all the necessary procedures have been
completed and the amount of the loss has been determined.

If, ina subsequent year, the amount of the impairment loss can be related objectively to
an-event occurring after the impairment loss is accounted for, it can be reversed by
adjusting the reserve account. The amount of the reversal is recognized in the statement
of income.

ii. _ Assets carried at fair value - On each balance sheet date, the Bank assesses
whether there is objective evidence that a financial asset or a group of financial
assets is impaired. In the case of equity investments classified as available-for-
sale, a significant or prolonged decline in the fair value of the security below its

. cost is considered in determining whether the assets are-impaired. If any such
evidence exists for available-for-sale financial assets, the cumulative loss
measured as the difference between the acquisition cost and the current fair value,
less any impairment loss.on that financial asset previously recognized in profit or
loss is removed from equity and recognized. in , the statement: ofs|incomer
Impairment losses recognized in the statement of income, on.equity. instruments

“are not reversed'through the statement of income. If, in a subsequent year, the fair
value of a debt instrument classified as available-for-sale increases and the
increase can be objectively related to an event occurring after the impairment loss

was-recognized in profit or loss, the impairment loss is reversed through the
statement of income. __. :

g. . Furniture and equipment - Furniture and equipment are stated at cost less accumulated
depreciation. Depreciation is calculated on the straight-line method over the estimated
useful lives of the related assets:

Office equipment ' 10 years
Software ° ; : 5 years
h. Translation of foreign currencies - \tems included in ‘the financial statements are

measured using the currency of the primary economic environment in which the Bank
operates (‘the functional currency”). The financial statements are presented in United
States dollars, which is the Bank’s functional and presentation currency. Monetary
assets and liabilities in currencies other than the United States dollar are translated at
rates of exchange prevailing at the year-end. Income and expenses in currencies other
thar the United States dollar are translated at rates of exchange existing at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at year-end rates of monetary assets and
liabilities denominated in foreign currencies are recognized in the statement of income.

A. Fiduciary account and assets under administration - No account is taken in the
financial statements of fiduciary accounts or assets and liabilities of clients administered
by the Bank, other than those assets and liabilities which relate to the banking services

’ provided.

CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY ;

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

a. Impairment loss on loan receivable - The. Bank reviews its loan portfolio to assess
impairment at least on a quarterly basis. In determining whether an impairment loss
should be recorded in the statement of income, the Bank makes judgment as to whether
there is any observable data indicating that there is a measurable decrease in the
estimated future cash flows from a loan portfolio before the decrease can be identified
with an individual loan in that portfolio. This eyidence may include observable data
indicating that there has been an adverse change in the payment status of borrowers in a
group, or national or local economic conditions that correlate with defaults on assets in
the Bank. Management uses estimates based on historical loss experience for assets
with credit risk characteristics and objective evidence of impairment similar to those in

the portfolio when scheduling its future cash flows. The methodology and assumptions —

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

Impairment of available-for-sale investments - The Bank determines.that available-for-
sale investments are impaired when there has been a significant and prolonged decline
in the fair value below its cost. This determination of what is significant and prolonged
requires judgment. In making this judgment, the Bank evaluates among other factors,
the normal volatility in share price. In addition, impairment may be appropriate when
there is evidence of deterioration in the financial health of the issuer, industry and sector
performance, changes in technology and operating and financing cash flows:

Held to maturity investments - The Bank follows the guidance of IAS 39. on classifying
non-derivative financial assets with determinable payments and fixed maturities as held
“to maturity. This classification requires significant judgment. In making this judgment,
the Bank evaluates its intention and ability to hold such investments to maturity. If the
Bank fails to keep these investments to maturity other than for the specific
‘circumstances - for example, selling an insignificant amount close to maturity - it will be
required to reclassify the entire class as available for sale. The investments would
therefore be measured at fair value not amortized cost. :

TR RT TH.

7.

WEDNESDAY, JANUARY 14, 2009, PAGE 9

DUE FROM BANKS

Due from banks is detailed as follows:

2008 2007

Due on demand $ 12,556,682 $ 22,277,125

Interest earning deposits, with original contractual maturity
of three months or less ‘ 26,197,028 _ 26,920,444
Cash and cash equivalents 38,753,710 49,197,569

Interest carning deposits, with original contractual maturity
of more than three months ? 6,611,201 18,744,363

$ 45,364,911 $ 67,941,932

Due from banks may be categorized based on the Standard & Poor’s (S & P) rating of the
holder, as follows:

. 2008 2007
Non-interest earning deposits
Banks with S&P rating "A" or better $ 5,135,152 $ 21,286,420
Banks with S&P rating between "A-" and "BBB-" 1,120,731 200,280
Banks with S&P rating below "BBB-" 6,300,799. 790,425
$_ 12,556,682 $22,277,125
2008 2007

Interest earning deposits, with original contractual maturity
ofthree months or less te"
Banks with S&P rating "A" or better $ 24,143,377 $ 21,893,069
Banks with S&P rating between "A-" and "BBB-" 2,008,159
Banks with S&P rating below "BBB-" 45,492 5,027,375

2 ; $26,197,028 $ 26,920,444

Interest earning deposits, with original contractual maturity

‘of more than three months

Banks with S&P rating "A" or better $ 1,696,035 $ 14,040,763
Banks with S&P rating between "A-" and "BBB-" 1,354,509 * 334,798
Banks with S&P rating below "BBB-" 3,560,657 4,368,802

$ 6,611,201 $ 18,744,363

(Concluded)
TRADING SECURITIES
Trading securities are described as follows:
2008 2007
At fair value (listed)
Debt securities - with S&P rating "A" or better $ - $ 220,000
Structured notes - not rated : 150,000
The movement in trading securities is summarized as follows:
2008 ~ 2007.
Balance at beginning of year $. 370,000 $ :
Purchase - 370,000
- Sale . (370,000) -
Balance at end of year $ - $370,000
SECURITIES AVAILABLE-FOR-SALE
Securities available-for-sale are described as follows:
2008 2007
At fair value (listed)
Institutional cash funds - S&P rating AAA $ 12,783,253. $ 27,037,074
Debt securities with S&P rating "A" or better * 36,084,977 25,908,540
Debt securities with S&P rating between "A-" and "BBB-" 13,175,063.. - 728,130
Debt securities with S&P rating below "BBB-" ; .. 1,499,088
Debt securities and equity securities - no rating 2,312,475 144,293

$ 64,355,768 $ 55,317,125

Investments in institutional cash funds are highly liquid, readily convertible to known amounts

of cash and subject to insignificant risk of changes in value.

The movement in securities available-for-sale is summarized as follows:
2008 2007

Balance at beginning of year

$ 55,317,125. $ 52,977,713

Purchases ; 303,451,396 94,892,053

Sales and redemptions
Impairment loss 5 (280,290)
Net change in fair value reserve

SECURITIES HELD-TO-MATURITY

Securities held-to-maturity are summarized as follows:

(292,857,291) (92,479,305)

1,275,172) 73,336
$ 64,355,768 $ 55,317,125

; 2008 2007
Debt securities with S&P rating "A" or better $. 500,000 $ 1,150,000
Debt securities with S&P rating between "A-" and "BBB-" oS - 50,164
Debt securities with S&P rating below "BBB-" : 83,545

$ ~ 500,000 $ 1,283,709

'

The movement in securities held-to-maturity is summarized as follows:

’

2008 2007

Balance at beginning of year $ 1,283,709 $ 2,856,805
783,799 1,573,096

Redemptions

$ 500,000 $1,283,709

LOANS RECEIVABLE

e 2
Loans receivable are summarized as follows:

2008 2007
Commercial ;

Personal : aa $ 19,299.619
Mortgage oe -

Overdrafi

; 2,403,473 193,386

$_19,385,.613 $ 19,493,005

As of September 30, 2008, 80% (2007; 92%) of the loans receiv
by customers’ deposits placed with the Bank,

The movement in the provision for doubtful loan receivables is as follows:

2008 2007

- §
37.318

$ 37,318 $
——

Balance at beginning of year $
Increase in provision

able were fully collateralized
PAGE 10, WEDNESDAY, JANUARY 14, 2009

10. FURNITURE AND EQUIPMENT

Furniture and equipment comprise: |

2008 Net Book Value

2008 .
Beginning : Ending
Balance _ Additions Disposals __ Balance
COST: a
Office furniture and equipment $ 8,164 $ - $ (31) $8,133
Computer equipment 794,902 100,692 é 895,594
$ 803,066 $ 100,692 $ Gl) $903,727
2008
Beginning Depreciation Ending
Balance _Expense__ Disposals Balance
ACCUMULATED ;
DEPRECIATION:
Office furniture and equipment $ (7,243) $ (471) $ - $ (7,714)

Computer equipment (384,161) (120,928) - (505,089) *
$ (391,404) $ (121,399) $ - $ (512,803)

$411,662 $ (20,707) $ G)) $ 390,924

2007 Net Book Value $ 921 $ 410,741. $ - $. 411,662

11.

12.

13.

14.

15.

BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Related parties comprise the ultimate parent company and its subsidiaries, the Banks’ directors
and key management personnel. As of September 30, 2008 and for. the year then ended, the
Bank had the following significant balances and transactions with related parties: .

2008 2007

Assets a =
Due from banks $ 9,606,469 $ _ 9,099,797

: $ 551,014 $680,637

Loans receivable ,
Other assets $ . $1,204. $— 2,680 -
- Liabilities .
Customers' deposits $ 24,685,024 $-14,871,07)
Other liabilities $ 635,002 $- 77,692 -
Commitments $ ~ $2,124,520
Income and Expenses
Interest income on loans receivable $ 64:201 -$--.1,118,071

Interest income on time deposits $ 477,562 LX 1,264,166
' Inferest expense. $ 398,059 $ - 1,347,894
General and administrative expenses $113,966 $- 146,284
Salaries of key management personnel $ 392,977 -$ 208,251

Other dvaienction
Sale of loan portfolio $ - $19,761,700



alee

OFF-BALANCE SHEET CREDIT RISK FINANCIAL INSTRUMENTS

The Bank maintains financial instruments with off-balance sheet risk that arise in the normal
course of business and which involve elements of credit and liquidity risks. Such financial
instruments include credit commitments for $1,602,740 (2007: $2,143,825).

Credit commitments are contracts where the Bank agrees to lend to a customer when certain
conditions are satisfied. These commitments are for.an average maturity of twelve months.and
are’ pe nanny used for disbursements of lines of credit.

hs Banks’. policies and procedures for approving credit commitments are the same as.those

used in granting loans receivable recorded in the balance sheet.
7 : /

These credit commitments were collateralized by the following:

: 2008 2007
Guarantee letter issued by banks with S&P rating "A" or better ~ . 87% 52%
Investment portfolio : 13% 42%
Customers’ time deposits -% 4%
Mortgage and others -“% 2%

100% 100%

The Bank does not anticipate any loss arising from these transactions.

INCOME TAXES

The Bank is not subject to incomeé{ax in The Bahamas.

FIDUCIARY ACTIVITIES

The Bank provides asset management and custodial services for customers,. As of September. ” :

30, 2008, the value of assets under administration amounted to $192, 461,994 (2007:
$127,308,053). The Bank does not anticipate any loss as a result of the services provided,

FINANCIAL RISK MANAGEMENT

Objectives of the administration of financial risks

Given the nature of its operations, the Bank is exposed to different financial risks that could _

threaten its business objectives, which is why the proactive identification and understanding of
the significant risks the Bank faces is critical to obtain an appropriate balance between the risk,
and the return, and to mitigate potential adverse effects on its financial results.

The administration and control of, the Bank’s risks fall mally on the Board of Directors,
_ which is responsible for establishing and integrating the strategic direction of the organization,
its business approach and its corporative values.

The Board of Directors has established the Audit and Risk Management Committee, with
specific. functions and responsibilities for the adequate handling of the Bank’s risks. This

committee is integrated by independent members of the Board of Directors from the .

Administration and attends to the Board of Directors in the fulfillment of their responsibilities

related to monitoring the administration and control of the Bank’s inherent risks and with :

other subjects related to the audit area such as financial statements integrity, quality and
performance of the internal and external auditors, and fulfillment of the Bank with the’ legal:
and regulatory requirements, as well as with the policies and ethical behaviors established by
the Board of Directors.

This committee has hired Moore Stephens to provide internal audit services, which support the
monitoring of the Bank’s Audit and Risk Management Committee by evaluating the Bank’s
processes of management of risks and internal control. This Internal Audit presents .-
recommendations to mitigate the risk. : ; ;

The Board of Directors delegates to. Management the responsibility of handling the day to day
Bank’s operations. The Audit and Risk Management Committee watches its identification,
evaluation and handling of the inherent risks of the Bank classified as: financial risks, capital
adequacy, credit, liquidity, market risks, operational risks, fraud and reputational risk.

Management on the other hand has established other administrative committees through which
it evaluates and gives follow up to the different subjects such as the Bank’s operations and
risks. Between these the following ones stand out:

Assets and. Liabilities Committee (ALCO): which has the purpose to optimize and
administer to the financial resources of the Bank, diminishing the exposure to rate risks,
market and liquidity. Jts functions are the analysis ‘and follow up of policies related’ to the
market risk, risk of liquidity and interest rate risk. Additionally, it reviews the economic
tendencies and expectations of interest rates, it establishes assets and Jiabilitics rates and it
follows up to the fulfillment of internal policies and external regulations.

THE TRIBUNE

Credit Committee: Its main objective is to establish policies for the administration and the
control of the credit risk, to establish measurement systems of credit risk, evaluation and
classification of the loan portfolio, constitution of provisions to mitigate the risk of loss,
assessment guarantees and compliance with internal policies and regulations.

The Bank is subject to the regulations of The Central Bank of the Bahamas and The Securities
Commission of the Bahamas, in regard to risk concentrations, liquidity and capitalization, |
among others. Therefore, the Management of the Bank is obligated to deliver a series of
reports to achieve an appropriaté flow of information both internally and externally to ensure
the transparency of Administration and Corporate Governance,

The main financial risks identified by the Bank are the risks of credit, liquidity, market and a

operational, which are described below.

Credit risk administration

Credit risk is the risk.of losses as a result of which a borrower that does not pay on time and in.
full its obligations or that the counterparty fails to comply with a contractual obligation before
settling a contract and the effect of having to replace the transaction to square the position.

Financial assets that potentially present a credit risk for the Bank are loans with other
guarantees, porsiolic investment and bank oe reeis

The Bank structures acceptable levels of credit risk by establishing policies and procedures-for’ » «

a single borrower, group of borrowers, and geographical segment. The risk exposure is
covered mainly with depoelte as collateral and other guarantees.

x a general policy of credit, the Bank grants credit facilities primarily to customers who have

already established relationships or new customers whose accounts are mainly secured, with

» cash: deposits. Depending on the guarantees given, the aeprere process can involve several
“ Jevels of authority.

It is important to mention that as of September 30, 2008, 80% (2007: 92%) of the portfolio of
loans were backed by cash deposits. ‘The rest of the portfolio is guaranteed by real estate,
bonds and other guarantees.

The total loan porifolio.of the Bank is classified as “normal” and does not present any kind of

* deterioration. As a result, the Bank has no overdue loans, and a has general reserve of 1%
of loans net of guarantees required by the regulator. °

The fable below analyzes the loan portfolio of the Bank which is exposed ‘to credit risk and its ;
assessment: ;

Gross amount

Guarantees
Loans (Cash Deposits) -
2008 2007 2008 2007

$ 19,422,931 $ 19,493,005 $ 15,591,553 $ 17,943,725

The Bank monitors the concentration of credit risk by sector and geographic location. The
analysis of the credit risk concentration related to the date of the financial statements is as

follows: &

Loans Securities
2008 2007 2008 2007
Concentration by sector:

. Loans ‘ .
Corporate $ 17,566,604 $ 18,369,030 $ 50,317,103 .$. 28,521,851.
Consumer 1,819,009 1,123,975. , - - -

Securities = __ 14,538,665 __ 28,448,983

- (Continued).
Assets Liabilities
2008 _ 2007 2008 2007

Geographic concentration: . : : ‘ ;
USA. $ 61,991,314 $ 45,761,762 $ 12,354,909 $° 891 9,383
Europe : 32,158,665 72,971,352 14,502,590 12,774,519
Panama 23,967,237 20,971,519 58,916,305 63,636,822
South America 9,039,042 3,246,687 16,559,276 18,924,956
Central America and ; chad
the Caribbean 2,956,333 1,515,066 9,310,043 26,630,047
Bahamas 19,467 ° 373,036 2,800,595 802,744

$_ 130,132,058 $ 144,839,422 $ 114,443,718 § 131,688,471

(Concluded)

~ Exposure to credit risk is managed by the Credit Committee and the Assets and Liabilities

Committee, through periodic analysis of the capacity of existing and potential borrowers’
capacity to meet their obligations and the analysis of the investment portfolio. Both

committees aré authorized to evaluate and recommend to the Board changes in credit limits. -

«

when they are appropriate,

Through the Assets and Liabilities Committee, the Bank analyzes the repayment ability of

various issuers and banks in international markets and recommends limits to the Board (based
on capital) that can be placed on each using as a reference portfolio risk ratings of recognized
international rating agencies like Standard & Poors, Moody's Investor Services and Fitch
Ratings. ,

As a result of the Bank’s conservative asset management policies, its deposits and investment
‘portfolios are highly diversified and mostly placed with investment grade institutions.

The information in the table below shows the assets composition of the Bank. As of

. Provision (37,318) - - oie
_ Book value $ 19,385,613. $ 19,493,005 $ 15,591,553 $ 17,943,725 }

September 30, 2008 the Bank had placed 71% (September 30, 2007: 78%) of their assets. in‘

. deposits in banks of investment-grade and debt issuers and 12% (September 30, 2007: 12%) of

its assets were secured by cash deposits.

2008 2007
Amount Percentage Amount Percentage
Due from banks
Banks with investment grade "A or better". $30,974,763 68% $ 57,220,252 84%
; Banks with investment grade "lower than A" 4,483,399 10% 535,078 1% °
Banks without international investment grade 9,906,749 22% __ 10,186,602 15%
45,364,911 35% _ 67,941,932 4T%
~ ‘Secisrities
With investment grade "A or better" 49,368,230 76% +» 54,313,612 95%
With invesiment grade "lower than A" 13,175,063 20% 778,294 I% ;
Without international investment grade 2,312,475 —A% 1,878,928 4%
64,855,768 50% 56,970,834 39%
(Continued)
2008 2007
Amount Percentage Amount Percentage |
Loans
- Loans receivable collateralized by
customers! deposits 15,591,553 80% 17,943,725 92%
~ Other loans receivable ‘ 3,794,060 20% 1,549,280 8%
J ome : = * rs *
‘ 19,385,613 15% 19,493,005 13%
Other assets : - 134,842 0% 21,989 0%
Furniture and equipment 390,924 0% 411,662 0%
-Total assets . 7
‘fal apes $130,132,058 100% $144,839,422 100%
Assets
Total assets with investment grade $98,001,455 71% $112,847,236 78%
Total assets collateralized by
customer deposits 15,591,553 12% 17,943,725 12%
1 ow other assets 16,539,050 17% 14,048,461 10%
otal assets $ 130,132,058 100% $ 144,839,422 100%
(Concluded)
THE TRIBUNE.

The following table details the analysis of the Bank’s investment portfolio, under the category
of investment and accounting recognition.

Available Trading Held to

For Sale Securities Maturity Total
2008 f
Securities

With investment grade "A or better"

With investment grade "lower than A" 13,17
Without international investment grade 2,312,475

$48,868,230 $

5,063

- $

500,000 $49,368,230

13,175,063

2,312,475

$64,355,768 $ - $500,000 $64,855,768
2007
Securities ,
With investment grade "A or better" $52,943,612. $ 220,000 $ 1,150,000 $54,313,612
With investment grade "lower than A" 728,130 - 50,164 778,294
Without international investment grade 1,645,383 150,000 83,545 1,878,928
$55,317,125 $ 370,000 $ 1,283,709 $56,970,834

Liquidity risk or funding

eee

Nl ee

Liquidity risk is the risk that the Bank is unable to meet all its obligations. To mitigate this
risk, the Bank maintains strict liquidity policies backing management of customers’ deposits.
The Bank’s policy requires that at least the following deposits to be retained: 50% of the
deposits on demand and overnights, 50% of the time deposits unti] 180-days and 100% of the

. funds held in “escrow” accounts.

Additionally, the Bank requires that the negative gaps

between assets and liabilities be covered at all times with granted committed credit facilities.

The following is an analysis of the assets maturity (assets include several fixed assets) and
liabilities based qn the period remaining at the date of the balance sheet until the contract

expiration date:

2008

Without 0-3 3-6 6-12 .. Over1

Maturity Months Months Months Year ' Total
Assets
Due from banks $ 12,556,482 $ 26,197,028 $ 2,746,034 $ 3,865,367 $ - $ 45,364,911
Securities 12,783,253 20,678,140 4,181,786 10,982,777 16,229,812 64,855,768
Loans receivable - 10,038,307 1,419,778 3,982,138 3,945,390 19,385,613
Other assets : - 56,245 st 469,52) 525,766
Total assets $_25,339,735 $ 56,913,475 "'$ 8,403,843 $18,830,282 $ 20,644,723. $130,132,058
Liabilities
Customers' deposits $ 34,903,254 $ 53,801,301 $ 3,513,220 $18,771,688 $ 703,171 $111,692,634
Other liabilities 1,814,117 : : - 936,967 2,751,084
Total liabilities $ 36,717,371 $ 53,801,301 $ 3,513,220 "$18,771,688 $1,640,138 $14,443,718
Commitments $ - $202,740 $ + $1,400,000. $ - $1,602,740 ©
Net liquidity gap $(11,377,636) $_2,909,434 $ 4,890,623 $ (1,341,406) $19,004,585 $14,085,600

2007
Without 0-3 3-6 6-12 Over1 . :
. Maturity, Months Months Months Year Total

Due from banks $ 22,277,125 $ 27,107,586 $14,090,190 $ 4,467,031 $ -. = $.67,941,932
Securities 30,865,127 8,234,598 7,151,019 3,947,151 6,772,939 — 56,970,834
Loans receivable 258,060 6,891,617. 5,038,773 2,157,376 5,147,179 19,493,005
Other assets 7,235 4,670 586.0 421,160 433,651
Total assets $ 53,407,547 $42,238,471 $26,280,568 $10,571,558 $12,341,278 $14,839,422 ©
"Liabilities bes ue
Customers' deposits $ 21,169,884 $ 89,382,492 $10,551,640 $ 8,849,971 $ 1,541,307 $131,495,294
Other liabilities 193,377 ' : - ate : 193,177
Total liabilities $ 21,363,061 $ 89,382,492 5$10,551,640. $ 8,849,971 $ '1,541,307 $131,688,471
Commitments -$ - $573,809 $ - $1,570,016 $ = $2,143,825
Net liquidity. gap $32,044,486 $(47,717,830) $15,728,928 $ 151,571. $10,799,971 $_ 11,007,126

It should be noted that compliance with the liquidity policies is monitored by the Assets and
Liabilities Committee and the Board of Directors through the Audit and Risk Management

Committee.

The table below shows the undiscountéd cash flows from the financial liabilities of the Bank,
based on their nearest maturity possible. The exppoted flow of these instruments can vary









q

significantly over time:
5 From 3
Book Nominal Without Until months From 1 to
Value Gross Maturity Smonths {to 1year S years
Customers' deposits $111,692,634 $112,103,265 $ ad $ 53,694,545 $ 22,768,855 $ 736,611

2007

~ Customers’ deposits $131,495,294.” $131,732,187 | $ 21, 169,884 $ 89,264,980 $ 19,662,428 $ 1,634,895

_ Market risk

pene elie Sean

Market risk is that in which the value of a financial asset is reduced due to changes in interest
rates, in monetary exchange rates, in stock prices, and other financial variables, as well as the
reaction of the market participants to political and economic events.

The Bank mitigates its market risk through a policy of diversifi cation of investment anid limits
risk rating, maturity and type of assets,

Additionally, the Bank’s investment policies set the limits for the placement of medium-and »

long-term positions reducing the exposure of assets sensitive to changes. in market

expectations.

interest rates at its discretio

For ene loans, there is flexibility under contract by the Bank' to vary

Interest Rate Risk is the risk associated with a decrease in future cash flows aiiu tne value of a
financial instrument due to changes in market interest rates.

’ The table below summarizes the. Bank’s exposure. to interest rate risks.

The. assets and

liabilities of the Bank are included in the table at book valuc, sorted by categories and for
which comes first among » the new rate-setting contract or expiration dates.

ae 2008
: 0-3 3-6" 6-12 Over 1 Non Interest
Months Months - Months Year __ Bearing Total
Assets. : "4 : : 4 Hee
Duc from banks, $38,753,510 .$ 2,746,034 $ 3,865,367 $ - $ = $ 45,364,911
Securities 36,795,962 3,483,635 10, 766, 192 12,537,077" ‘1,272,902 64;855,768 -
Loans receivable 10,038,307 1,4 19,778 3,982,138 3,945,390. - 19,385,613
Other assets 1,045 : : - 524,721 525,766
Total assets $85,588,824 $ 7,649,447 $18,613,697 $16,482,467 $ 1,797,623 $30,132,058
Lisbilities ee ee a a
Customers‘ deposits. $88,704,554 $ 3,513,220 $18,771,688. $ 703,172 $ - $111,692,634
Other liabilities 1,814,117 - . . 936,967 2,751,084
Total liabilities $90,518.67) $ 3,513,220 $18,771,688 $ 703,172 $936,967 $114,443,718
: 2007 :
0-3 3-6 6-12 - Over 1 Non Interest fete
Months — Months __' Months Year Bearing Total ©
‘ Assets
Due from banks $49,261,113 $14,090,190 $ 4,467,031 $ - $ 123,598 $ 67,941,932
“Securities 37,543,533 7,151,019 3,947,151 6,772,939 1,556,192 56,970,834
Loans receivable — 6,891,617 5,038,773 2,157,376 5,147,179 . 258,060 19,493,005
Other assets « 4,670 586 We 9,498 418,897 433,651
Total assets $93,700,933 s 26,280,568 $10,571,558 $11,929,616 $ 2,356,747 $144,839,422
Liabilities
Customers’ deposits $92,710,192 $10,551,640 $ 8,849,971 $ 1,541,307 $ 17,842,184 $131,495,294
Other liabilities : - : ‘ - 193,177 193,177
Total liebitities $92,710,192 $ 10,551,640 $ 8,849,971 $1,541,307 $ 18,035,361 $131,688.47)

SE a tat

WEDNESDAY, JANUARY 14, 2009, PAGE

Operational risk

Operational risk is the risk of losses, direct or indirect, resulting from inadequate or failures of
internal processes, personnel, systems or external events.

Our definition of Operational risk includes the process risk, technological risk and fraud and

mismanagement risk.

The objective of operational risk management is to:

° Minimize the day to day losses and reduce the potential occurrence of more incidents;
‘° Improye the Bank's ability to achieve its objectives;
° ‘Strengthen the overall risk management system.

To mitigate these risks, the Bank has policy and procedure manuals of their processes in which
it sets the levels of segregation of duties, levels of approval and authorization, training, bank
reconciliations, business continuity plans, technological security policies and banking seeurily,
Human resources policies, code of ethics and conduct, among others,

Additionally, the Bank has an anti-fraud program that includes policies and guidelines to
prevent and manage the risk of fraud,.and to ensure its early detection. The Anti-fraud
program includes a policy that sets out clearly which is the position of management with
respect to fraud, what actions constitute fraud, who are the persons responsible for its
prevention, detection and investigation, as well as the procedure for complaints.

Capital management

Within the financial risks to which the Bank is exposed, there is the risk that the Bank’s capital
does not support its‘activities and growth.

According to the Supervisory and Regulatory Guideline: 2005-03 of the Central Bank of The
Bahamas, licensed banks must maintain a ratio of total regulatory capital to the risk-weighted
asset (the “Basel ratio 0”) at or above the internationally agreed minimum of 8%.

As of September 30, 2008, the Bank’s capital adequacy ratio was 29% (2007: 38%).

Fair value of financial instruments

The estimated fair value is the amount by which the financial instruments can be traded in a _
common transaction between concerned parties, in very different conditions than forced sale
or liquidation, and is best evidenced by market quotes, if any.

The fair value estimates are made fora specific date, based on estimates of market and
information on financial.instruments. These estimates do not reflect any premium or discount
that may result from the offer for sale of a particular financial instrument.at a given date.

_ These estimates are subjective by nature, involve uncertainty and longer time period, therefore, .

11
oe

cannot be determined accurately. Any change in the assumptions or criteria can significantly _

affect the estimates.

The following i is a summary of the assumptions used in estimating the fair value of the Bank’s

most important financial instruments:
Due\jron banks

The book value of due from banks is approaching its fair value because of their Hguidity and
short-term maturity.

Securities available-for-sale and securities held to maturity

The fair value of securities available-ior-sale and securities held to maturity is based on market |

prices or in the price of similar instruments, based on expected cash flows on such
investments,

Loans receivable

sufheloan portfolio is 80% secured (2007: 92%) by‘cash deposits, so its recorded value is close

to its estimated value of recovery. In addition, the Bank has loans receivable whose interest
rates are close to interest Tales prevaining in the market for loans with similar terms and
*aeoniditions: 1qqs

Customers’ deposits

The fair value of customers’ deposits without specific maturity, such as due on demand

deposits, is the amount payable at call, which is equivalent to the value based on books.

The fair value of customers’ deposits is close to its book value, because they maintain terms
and conditions. similar to instruments of similar nature.

The following table summarized the book value and estimated fair value of the main financial
assets and liabilities: ~

: 2008
Book . _ Fair
Value Value

_ 2007
Book . Fair
Value Value

Assets

Non-interest earning deposits $ 12,556,682 $ 12,556,682 $ 22,277,125

$ 22,277,125 |

Interest earning deposits 32,808,229 32,808,229 45,664,807 45,664,807 | ©
Securities 64,855,768 64,855,768 - 56,970,834 56,970,834 + '
Loans receivables 19,385,613 19,385,613 19,493,005 19,493,005 es
Total assets -$129,606,292 $129,606,292 $1 44,405,771 $144,405,771
Liabilities
Non-interest bearing deposits. $ 14,719,246 $ 14,719,246 $ 20,866,692 $ 20,866,692 ._
Interest bearing deposits -»-_96,973,388 __ 96,973,388 _ 110,628,602 __110,628,602
Total liabilities $11,692,634 $111,692,634 $131,495,294 $131,495,294
16. RECLASSIFICATION MUSES ae

On July 30, 2007, the Bank teceived payments totaling $450,000 for a sigan receivable which
had been fully provided for in the previous year. This Se was recognized as other income

in 2007. $450,000 was reclassified from “Other Income”
loans receivable” to reflect proper categorization of the ae 3

To advertise ALL your

LEGAL

NOTICES

call The Tribune’s
Sales Department

502-2394



o “Release of provision for doubtful

ros
PAGE 12, WEDNESDAY, JANUARY 14, 2009









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«


THE TRIBUNE



Teenage girls

FROM page one

ened to punch her in the head
as they drove to Wulff Road
- Police Station.

Mr Jacques met them at
the station, but said he was
ignored by officers as the girls
were taken upstairs to be
interviewed individually and
without a guardian in a pri-
vate room.

Natasha said: “She took me
in there and kept slapping me
and asking me if I was having
sex with him.

“She kept slapping me and
saying that I was lying. She

-called us s**** and b*****,”

When Natasha emerged
from the room in tears, her
face was raw and swollen. She
claimed she had been slapped
in the face nearly 20 times.

Madeline was then called - :

in, allegedly to be subjected
to the same treatment.

Madeline said that a round
of questions about having a
sexual .clationship with Mr
Jacques and about 20 slaps
across the face from the
female police officer fright-
ened her into wetting her
pants.

“She got me a piece of rag
to clean it up and then she
went and left us there,” Made-
line said.

A relative was called to . :

pick up the girls and Mr
Jacques met them at their
aunt’s home.

. He said: ‘““When I saw these
young ladies again I could
barely recognise them.

“They had been beaten
black and blue.

“But I was the alleged pae-
dophile and they let me go
free,” he said.

Natasha said her head still
hurts, she is having trouble
hearing in her left ear, her face

is still bruised from the alleged _,

slapping five days earlief. '

A formal complaint was
made at Police Headquarters
on East Street.

Assistant Commissioner of
Police Raymond Gibson said
minors should not be inter-
viewed without a guardian
present, and should: not be

taken into custody without a .

reason for arrest.

He said: “I did meet with -

them and they told me they
had already reported the mat-
ter to the Complaints and
‘Corruption Unit.
: ,T.did.a follow-up and J can
isay the matter is being inves-
‘tigated.”
Natasha’s mother, Marie

Tavien, 42, said: “I have -

known James a long time, he
is a good friend. I feel bad
when I look at my child’s face.
I never hit-my: child, I talk to
her.” ash F

PLP ‘to lose
more MPs'

FROM page one

sion to “jump from the sink-
ing ship.”

Taking much delight in
these recent developments,
a high level source within the
FNM iold The Tribune yes-
terday that he wished he
could tell his “PLP friends”
of what is to come, stating
only that they should brace
‘themselves for “the
inevitable.”

“The actions of Kenyatta
Gibson was only the tip of
the iceberg. And hey can rest
assured that there will be
heavy action to follow. The
Bahamian people want the
FNM - they said so, and the
FNM is what they will get,”
he said.

After verbally crucifying
Mr Christie in a series of
press statements, following

his resignation from the PLP '

in 2008, Mr. Gibson was
essentially handled with a
proverbial “ten-foot pole”
following his joining with the
FNM on Monday. Both Mr
Christie and, party chairman
Glenys Hanna-Martin issued
brief statements on the mat-
ter, either wishing the MP
well in his new alliance, or
dismissing the matter entire-
ly as “last year’s news.”

Mr Christie, speaking at
the Yamacraw Branch meet-
ing on Monday night, told
the audience gathered there
not to be distracted by the
news of Mr Gibson joining
ithe FNM.

Describing what Mr Gib-
son was doing as “last year’s
news”, Mr Christie said that
the FNM is unable to deal
with the problems of the
economy and unemployment
and was seeking to “distract
the country” from those
problems by this latest
announcement.

Mr Christie repeated that
the Kennedy constituency
was a PLP seat and all PLP’s
will have to work hard to
continue to serve the people
of Kennedy.






FROM page one

the public purse. Mr Filygerald said.



by way of gratuity payment, Is in
excess of $2 million. and {he carly
pension claim by these officers will
amount to an additional $4.5 mil-

lion burden on the Treasury.
However, FNM Chairman John-
ley Ferguson dismissed his senate
colleague’s claims.
“T wouldn’t even dignify (those
statements) with a response,” he
told The Tribivie.

Prime Minister Hubert Ingrahar





has defended the foree’s restructur:
ing, calling it government's attemp!

to boost morale, increase efficiency
and put the force in a Better position
to deal with crime.

ffi



LOCAL NEWS

PLP members regarding the legality
of the retirements “mischievous and
utterly without foundation.”

Mr Fitzgerald said he was deeply
concerned and troubled that former
Police Commissioner Paul Far-
quharson was “forced” to vacate his
post and was replaced by someone
older than himself, and now younger
officers are also being forced to
retire, yet Acting Commissioner
Reginald Ferguson remains suppos-

edly the exception to this new rule.

“The recent termination of 15
senior police officers and the Gov-

-ernment's rationale that it is

designed to boost morale and
increase efficiency and put the
Police Force in a better position to

deal with crime has created more
questions than answers, given the

WEDNESDAY, JANUARY 14, 2009, PAGE 13

cers’ pension claims and
; ‘will cost public more than $6.5m’

impression of instability instead of
stability and raised serious concerns
about the future leadership of the
Police Force at a time when the

Police Force needs a strong, youth- ©

ful, politically bi-partisan leader who
will give Bahamians confidence that
the Police Force is headed in the
right direction,” he said.

The senator said it would be
interesting to know if any of the 15
who were forced to retire support
the present Acting. Commissioner,
and if they do not, who do they sup-
port to lead the Police Force.

“The answer to that question may
give more insight as to why these
15 senior officers were forced to
retire albeit younger in age and hav-
ing served less years than the Acting
Commissioner,” the senator said.





- Mr Fitzgerald said that as with
many decisions the Prime Minister
‘and his Government have made in
the past 18 months, the contradic-
tions and fallacies inherent in these
decisions show the lack of rationale
expected of a responsible clear-
thinking Government.

“The Prime Minister and the
FNM have yet to give a reasonable
answer to these questions, without
which one is forced to conclude that
the Government is on a crusade to
‘manipulate the personnel makeup
of the Force and leave'‘as its head a
partisan Acting Commissioner, and
in the process the Government is
tearing down the foundation of our
leading institutions and trampling
on the constitutional legal rights of

_.Bahamians,” he said.

He has called pasi allegations by

FROM page one

attention to the
which i - now

national
Ministry,

aggressively investigating the
~ claims.

Mr Sands said: “We hope to
have the matter closed before
the end of the week, either we

have substantial information to:

pursue the matter to a legal lev-
el, otherwise we will be obligat-
ed to have him back at work,
but obviously not in Grand
Bahama.”

Grand Bahama school district
Superintendent Hezektah Dean
said to his knowledge the male
teacher has never before been
accused of misconduct.

Mr Dean said: “Whatever
rumours exist on the outside
about a teacher and his lifestyle.

' it aint my business.”
Permanent Secretary at the.

Ministry of Education Elma
Garraway told The Tribuiie yes-
terday, as long as the investiga-
tion continues, the teacher. will
remain on paid-leave, but not
allowed to work within the
school system.

4

" wots: ¥ 7
Insufiicient evidence

Mrs Garraway explained:
“The law must take its course
and -here must be due process,
so the investigation must be
ongoing involving profession-
als from the department of
social services, guidance coun-
sellors and others.”

Although not confirming

whether-there were prior inci- ,

dents where claims were made

against a teacher related to sex- .

ual misconduct at Eight Mile
Rock High or any other school,
Mrs Garraway said if such

claims are made, the teacher

would automatically be placed

on leave while the matter is

investigated.

BUT President Belinda Wil-
son said there were plans for a
meeting between the teacher
and BUT representatives yes-
terday. ;

With there being no official

_ charges brought against the

educator, Mrs Wilson said he
cannot be “interdicted by the
ministry” and will remain a

-BU'T member.

Man with family ties to Bahamas





gets Obama 2:
FROM page one

stration position

Cape Breton Island. Nova Scotia. was a physician in the Family Islands,

spending much time in Long Island.

Dr Briggs’ mothér, who was widowed in 1978, made her career in the
Ministry of Tourism, working mostly in the Bahamas Tourist Offices
in Miami and Los Angeles. After she retired, she moved to Boston,
where her son was ther teaching at Harvard.

Dr Briggs’ uncle, Paul Aranha, is a well-known Bahamian pilot
who, with his wife, Kim, and family. lives at Lyford Cay.

Dr Briggs was in Nassau last June to advise the Ingraham adminis-

tration on sustainable development.

‘Dr Briggs is an Associate Professor ia the Department of Urban
Studies and Planning at the Massachus-tts Institute of Technology

(MIT).

A former Deputy Assistant Secretary at the US Department of
Housing and Urban, Development, his expertise includes affordable
housing, economic development and inequality, environmental sus-
tainability, and civic engagement and co laboration.

Dr Briggs was a member of the Obama-Biden transition team as part
of the Department of Health and Humaa Services team.

Peter Orszag, Obama's nomince to head the White House Office of

terday. !

.Management and Budget, faced a Senate confirmation hearing yes-

Now that he is nominated, Dr Briggs will not face Senate confir-
mation, but will be appointed by the Director of Office of Management

at the behest of the President.

The Office of Management and Budget is part of the Executive
Office of the President and is responsible for, among other things, devel-
oping the President’s budget each year. The budget lays out not only
spending priorities but also the administration’s management and leg-
islative programmes, the Office of Management is involved in devel-
oping, implementing and defending almest everything that happens in

‘government.

Dr Briggs was a seniar policy official in the Clinton Administration
from 1998 to 1999 as Acting Assistant Secretary for Policy Development
and Research at the US Department of Housing and Urban Devel-

opment.

i

on selected beers
0 glass of wine

Mra Legendary hig ete
CH Saul seV ayaa)
Meets ss ss hee OENY











FROM page one

atta Gibson to join the FNM
affecting the senate make-up.
This was a view also shared
by PLP attorney Paul Adder-
ley, who has been fighting in
the courts on behalf of Oppo-
sition leader Perry Christie
against the Senate appoint-
ments made by Prime Minis-
ter Ingraham.
“No, we think that we are
perfectly entitled to appoint
another senator, after con-
sultation with the leader of
the Opposition and we shall

do that,”.said Mr Ingraham’

outside the Cabinet Office
yesterday when questioned
whether Mr Gibson’s shift in
allegiance could have an
impact.on the party appoint-
ment to the upper chamber.

On his part, Mr Adderley
said “from (the PLP’s) point

of view it’s no problem” .
‘when asked whether he felt

the move.could allow. a case

to be made that the number
of senators on the FNM side
be even greater than it cur-
rently is in relation to the
number on the PLP side.

However, the fact that Mr .

Gibson was an independent

and not an FNM after he

resigned the PLP was includ-
ed in Mr Adderley’s submis-

sions to the Chief Justice in ©

August 2008 as part of his
arguments in favour of the
judge invalidating the

appointments of senators.

Anthony Musgrove and
Tanya Wright.

Mr Adderley insisted to the
judge at that time that Mr
Gibson’s resignation from the
PLP in January 2007 did not
affect the political balance
being sought by the former
prime minister as the gov-
erning party did not also pick

* up a new seat.

Mr. Musgrove’ was
removed on November 4
after Chief Justice Sir Bur-
ton Hall ruled that his







2008

\
so \\
%
. GCo

PM: not long until senator is
appointed to fill vacant seat

appointment was invalid as
he was a known FNM sup-
porter.

The Chief Justice allowed

Tanya Wright to remain |

despite protestations on the
part of the PLP that her
appointment was also invalid
on that basis.
According to the constitu-
tion, the make-up of the Sen-
ate must consist of a politi-
cal balance reflective of that
in the House of Assembly —
that is, the number of MPs
belonging to both parties sit-
ting in the lower chamber.
The Government has
appealed Sir Burton’s ruling
as.it relates to Mr Musgrove,
but added that it would not
wait for the outcome of that
appeal to move to fill his seat.
Meanwhile, Mr Adderley
yesterday told The Tribune
that the PLP has also moved
to appeal Sir Burton’s' deci-

1
1



sion as it relates to Ms.)

Wright’s right to remain in
the upper chamber.

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PAGE 14, WEDNESDAY, JANUARY 14, 2009







SS

Crusaders’ Kenneth Clark tries to get through the defense of Big Red
Machines, led by Jordan Coakley...



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Photos: Felipé Major/T ribune staff «



CRUSADERS’ Talvi Meers goes up fora lay up over the defense of Big Red. _ Crusaders’ Shaquille Symonette soars.to block this attempted lay-up by
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unior girls, boys
shine in GSSSA
regular season

@ By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

REIGNING champions in.

the junior division of the Father
Marcian. Peters. Basketball
Tournament continued their
dominance yesterday in the reg-
ular season of the Government
Secondary Schools Sports Asso-
ciation basketball league at the
D W Davis Gymnasium.

Junior Boys

D W Davis Pitbulls - 45

S C McPherson Sharks - 14

A stifling defensive effort by
the Pitbulls powered a blowout

win to keep their young unde-

feated season alive.

The Pitbulls 1-2-2 trap
harassed the Sharks’ ballhan-
dlers throughout the course of
the game, creating turnovers on
nearly every possession.

The Pitbulls defensive effort
turned in transition offensive as
they led 21-4 at the end of the
first quarter.

William Ferguson paced his
team offensively with a game

Clue #16

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BASKETBALL



high 22 points and continued
his team’s momentum early in
the.second quarter.

Ferguson scored the opening
basket of the second quarter
and came up with a block on
the ensuing possession, igniting
a fast break opportunity where
he finished on the other end for
a quick four point run.

The Pitbulls led 37-10 at the
half.

Scoring for the reigning
Father Marcian Peters champs
slowed considerably in the third,
however they held the Sharks
without a field goal in the quar-
ter.

Ferguson’s buzzer beating
jumper gave his team a 41-10
lead heading into the final peri-
od.

The Pitbulls’ wingman Alcott
Fox finished with five while
Lopez LaFleur led the Sharks
with six.

‘ Junior Girls

« H O Nash Lions - 81

L W Young Golden Eagles -
15

Pattie Johnson’s teams con-
tinues to remain untested in any
tournament or league play as
they dominated yet another
opponent for an extremely lop-

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sided victory.

The Lions turned the game
into a virtual lay-up drill as the
Eagles had no answers offen-
sively and struggled to advance
the ball beyond halfcourt:

H O Nash scored 14 unan-
swered points before L W
Young reached the scoreboard
early in the first half.

With the starters playing just
a little over 10 minutes in the
20-minute half, the Lions raced
out to a 48-9 lead at intermis-
sion.

A balanced scoring effort for
the Lions was led by reserve
center Leashia Grant who tied
for the team lead with 18 points.

Kaleshia Laing also finished
with 18 while Lakisha Munroe
was the third Lions player in
double figures with 16.

Randy Kemp and Berdicia
Sands finished with eight points
apiece.

Andrea Charles led the Gold-
en Eagles with eight points.

S C McPherson - 27

D W Davis Pitbulls - 24

With aggressive play down
the stretch from their leading
scorer, the Sharks were able to
pull away late and avoid a
sweep by the Pitbulls on the
home floor.

Jonethria Kelly scored six of
her 12 points within the final
two minutes of the game to lead
her team to the win.

Tied at 13 at the half, the Pit-
bulls opened the second with a
6-0 run to take a 19-13 lead.

Trailing 24-22 with 1:07
remaining, Kelly tied the game
with a runner while Angel
Miller, who finished with 11,
gave the Sharks the lead from
the charity stripe on the ensuing
possession.

Kelly sealed the win with a
steal and fastbreak lay-up to
give her team a three point
advantage with just 22 seconds
remaining. Patrice Ferguson led
the Pitbulls with eight.
THE TRIBUNE

WEDNESDAY, JANUARY 14,

2009



Big Red Machines seal 54 53
victory over the Crusaders

H By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

he backcourt tan-

dem of Donovan

Brown.and Jordan

Coakley shared

game high hon-
ours for the St Augustine’s Col-
lege Big Red Machines senior
boys’ basketball team yester-
day.

But it was Coakley who took
over down the stretch, canning
a jumper for a 53-52 lead with
42 seconds and adding a free
throw with 21 seconds left in
the game to seal the decisive
54-53 victory over the Nassau
Christian Academy Crusaders.

With the win, SAC kept their
playoff hopes alive at 6-3 as the
Bahamas Association of Inde-
pendent Secondary Schools’
regular season starts to wind
down, dropping NCA to 7-5 as
they are automatically elimi-.
nated from the postseason.

“I thought we came out a lit-
tle strong at the beginning of
the game, but we lost the lead,”
Coakley stated. “We always
lose the lead in the middle of

Bank
Financing
Available

/

SAC keeps playoff hopes alive

the game, but we managed.to
come back down the stretch to
win.”

The Crusaders pulled out to

-an 11-7 lead as Shaquille

Symonette and Kenneth Clark

provided a 1-2 punch with five,

and four points in the run..

They never trailed through-
out the second quarter, open-
ing up an early 15-9 margin as
Symonette came through with a
pair of baskets.

But the Big Red. Machines
managed a comeback, cutting
the deficit to 20-18 at the half,
despite Brown missing an
attempted three pointer at the
buzzer that would have given
them the lead.

In the third’ quarter, SAC

took control of the game as they -

tightened up on their defense
and surged ahead 27-21 on a 7-

3 spurt and they maintained at

least a five-point advantage.
Just as the buzzer sounded at
the end of the period, Geraldo



Bain sank a jumper to trim the
lead to 40-35 for NCA.

_ And in the fourth quarter, the
Big Red Machines continued to
roll along, using an effective
trap defense that saw the Cru-
saders get into foul trouble.

But NCA refused to go down
without a fight as they stormed
back, making another gallant
attempt to pull off the upset.
They forced a 50-50 tie with
2:09 on a jumper from Ashton

’ Wells.

The Crusaders went up 52-50
on a steal from Wells as SAC
tried to stall the ball as he went

on the fast break and scored the

lay-up.

The lead, however, was short
lived as Coakley hit a free throw
for a 52-51 deficit. Then he

scored a lay-up for a 53-52 lead. -

But after Clark converted a free
throw for another tie, Coakley
was fouled and he converted a
free throw to secure the win.
“Tt was a tough one. I didn’t

/T ribune staff

jor

S
Kenneth Clark
(blue) in action...

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expect them to play us that
close,” said SAC’s coach John-
son. “It was a pretty good game.
Thave to give it to them, They
played well.”

Johnson, however, said if they
can continue to play with the
same type of intensity, they
should have no problems mak-
ing the playoffs.

For NCA, Kenneth Clark
scored a side high 14, Shaquille
Symonette had 13, Ashton
Wells 11 and Talvi Meers con-
tributed seven.

Crusaders’ coach Alphonso

“Chicken” Albury said they had

a satisfactory game, but they
didn’t play with heart for a team
on the bubble.

“SAC didn’t play that well,

. but they played good enough

to win,” Albury stated... |

Albury, however, said the ,

officiating hurt them because

“it appeared that when a home

team official is present only,
they act as if they are the official
only for the home team.”

But James Dawkins, offering
a defense, said both teams were
aware that he was the only offi-
cial at the game and NCA had
the option not to play if they
felt he couldn’t call fairly. «

They chose to play with him °

as the only official, Dawkins
noted.

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included.

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@ By NEIL HARTNELL
Tribune Business Editor

cotiabank (Bahamas) has
launched a legal action for
alleged breach of contract

SECTION B « business@tribunemedia.net

Scotiabank sues resort on ‘unpaid’ $4

* Legal action taken against $250m Chub Cay developers, claiming breach of contract on loan repayment
* Bank alleges $44m in principal and over $4m in interest owing, with $38.6m needed to complete project on which
* Move to call in $4m guarantee, as funds owed to Bahamian contractors Osprey, Gunite Pools, show wider impact of credit crunch/resort slowdown’

against the principals of a

Berry Islands resort devel-
‘opment, claiming they have defaulted
on repaying a $45 million loan, with
the bank now seeking to call in their $4

million loan guarantee.

The action, which was filed against

‘Most activity’ from strugglin



the $250 million Chub Cay project’s
three principals - Kaye Pearson, Walter
McCrory and Bob Moss - alleged that
the trio had guaranteed a $45 million
loan taken out to finance the project on
July 28, 2006, and had now defaulted

firms expected next month



li By CHESTER ROBARDS
Business Reporter

SCOTIABANK (Bahamas)
executives yesterday said they
expect to see “most activity”
from distressed Bahamian busi-
nesses, seeking help with debt
and loan repayments they can-
not meet, in February.

Wayde Christie, Scotiabank
(Bahamas) vice-president of
retail banking, said the tourism
industry downturn was direct-
ly tied to the increasing num-
‘ber of businesses and con-
sumers seeking assistance.

He said the tourism sector
was of particular concern to
Bahamian commercial banks,
because many small businesses
were showing signs of the start
of a slide into debt.

Mr Christie said some peo-
ple affected are taxi cab drivers
and souvenir businesses - small
businesses in particular.

“It’s an important sector of
the economy, and a surprising
number of small businesses are
either directly serving the
tourism industry or use the ser-
vices by a lot of people who
work in the industry,” said Sco-

Thirty-day deadline to

attract Disney’s Pirates

: @ By NEIL HARTNELL ©
Tribune Business Editor

THE Bahamas Film Studios’
chairman yesterday told Tri-
bune Business that if the Gov-
ernment failed to deliver a new
Heads of Agreement and lease
for the project “in the next 30

days, there willbe little or no.

chance of attracting Disney” to
shoot its Pirates of the
Caribbean IV sequel at the
Grand Bahama-based facility.

In a series of replies to Tri-
bune Business’s e-mailed ques-
tions, Ross Fuller, said the
Bahamas Film Studios had
effectively been left in limbo
until the Government presented
the new agreement and lease
terms. 4

Without these, the resulting
uncertainty meant it was virtu-
ally impossible for the facility
to attract new TV/movie pro-
ductions to film and shoot there.

Mr Fuller said the Govern-
ment had promised to deliver
the revised Heads of Agree-
ment and lease, which will
reduce the project’s size from

3,500 acres to 1,200 acres, to”

him since July. They were sup-
posed to have arrived before
Christmas, but had not done so.

When it came to the
Bahamas Film Studios’
prospects of attracting the
Pirates of the Caribbean IV
sequel, Mr Fuller said: “They

* Bahamas Film Studios has
‘little or no chance’ of
getting Pirates of the
Caribbean IV unless
government delivers
Heads of Agreement/
lease in next month

_* Lease ‘limbo’ blocking

potential sale and costing

Bahamas ‘millions of tourist

dollars’ connected to films
* Studio chairman, former

buyer, not opposed to

dealing with each other

in future despite

arbitration proceedings ©

are excellent if we can go to
work very soon on the repair
of the water tank.

“This is also dependent on
the. Government issuing the
lease. Without that in the next
30 days, there will be little or
no chance of attracting Disney.

“We are unable to line up any
films since the lease with the
Government is in limbo. This
is having a dramatic.impact on
the Grand Bahama economy,
as they are losing tens of mil-

' lions of tourist dollars that are

SEE page 4B

tiabank managing director, Bar-
ry Malcolm. ;

Mr Christie said small busi-
nesses were the bank’s primary
focus last year when they
launched their small business
programme. Now, the small
business sector is again atop the
bank’s list, as the downturn in
the economy impacts their
growth.

He explained that the bank
has seen an increase in small
business owners coming in for
financial consultation and debt
relief, in a bid to avoid falling
into arrears. Scotiabank
(Bahamas) was expecting to see
more in the upcoming months.

“We’re seeing them in
increasing numbers, and I real-
ly believe, as we get into the lat-
ter part of this month and into
February, that is when we’re
really going to start to see most
of the activity,” said Mr
Christie.

The bank, however, is not
waiting for customers to come
to them for help. Mr Christie
said Scotiabank was taking steps
to contact their customers
before they contact them.
“We’re not waiting for those
customers to come to us - we’re
going out to them.”

Scotiabank is attempting to
keep an increasing amount of
delinquent accounts out of ‘the
hands of collection agencies, in
an attempt to assist their cus-
tomers during this uncertain

SEE page 5B

on the repayments.

A copy of the December 23, 2008,
legal action, which has been obtained
by Tribune Business after it was filed in
the US District Court for the south-
ern District of. Florida, alleged that the



ROYAL FIDELITY



three had guaranteed the “financing
for the development of vacation resi-

Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

5m loan

work stopped in July 2007



1

“The borrowers are in default under,
the facility agreement, and presently

dences, a marina, a clubhouse and’ owe the ‘lender [Scotiabank
related improvements for more than (Bahamas)] unpaid principal in the:
800 acres located on Chub Cay in the

Commonwealth of the Bahamas. SEE page 4B

=) Former Straw Market design

aimed to give $4m revenues

B® By NEIL HARTNELL
Tribune Business Editor

‘THE former architect for the
Bay Street Straw Market yes-
terday said it was designed to
generate revenue returns that
would ultimately pay-off con-
struction costs, and told Tribune
Business he was now facing law-
suits from Bahamian engineers
as a result of only being paid
one-third of the money he was
owed.

Michael Foster, who won the
competition to design the Straw
Market under the former PLP
administration, said compo-
nents such as the observation
tower and restaurant/nightclub
area on the top floor - branded
aS unnecessary and expensive
luxuries by some - were key rev-
enue generating components
designed to ultimately pay back
the costs incurred by the Gov-
ernment in its reconstruction.

Economic studies had con-
servatively estimated that, at

the lower end, leasing out the .

nightclub and restaurant areas
to Bahamian entrepreneurs,
and charging $3 per person for
going up the observation tower,
would cause the Straw Market
to genérate $1.7 million in per
annum revenue.

Another planned revenue
stream was to charge ‘each stall
holder a rental fee of some $70
per week, a major increase com-
pared to the annual $100 fee
straw vendors are currently sup-
posed to pay.: -

“The projected income, if
everyone paid their rent, was
$2.1 million annually,” the

“Former architect says design intended to give returns to pay
back government, with $1.7m from restaurant/club leases

and $2.1m from stall leases

* Says $10m wasted in fees paid for work on former project:

architect told Tribune Business.
“On the restaurant/nightclub
leases, we worked with a mini-
mum - it could have been $2
million-something. We were try-
ing to find ways to generate rev-

enue to pay for the Straw Mar- -

ket.” ;

Mr Foster said that even if
only 50 per cent of the straw
vendors had paid this in full,
and on time, when coupled with
the $1.7 million in rental and
observation tower fees it would
have been more than enough
to cover the estimated $650,000
maintenance and utilities fees
the Straw Market would have
incurred annually.

There would have been
enough left over, he added, to
generate an investment return
of more than $1 million per
annum to the Government. __.

The observation tower, Mr

Foster added, was part of his.

competition-winning design,
while the idea for a restaurant
and nightclub on the top floor
was backed by the Nassau
Tourism and Development
Board (NTDB).

With the straw vendors
objecting to any shops being in
the Straw Market, due to the
competition they represented,
the architect explained that oth-
er revenue-generating mecha-
nisms were required, hence the
nightclub and restaurant plans.
Rental costs were relatively low

«

| THE BAHAMAS CHAMBER OF COMMERCE

PENSION PLAN

As a part of our commitment to our
valued members, The Bahamas Chamber
of Commerce is partnering with Royal
Fidelity to provide Chamber members with
a superior Group and Individual Pension
Plan with more benefits, flexible investment

options and online access.

Stier



for downtown, estimated at $55
per square foot. ca
The nightclub was intended,
to be a Bahamian-revue style,’
with traditional native shows

staged at 6pm and 8pm, and

Bahamian bands playing into
the night.

The chief target market for
the proposed 30,000 square foot
facility was to have been visiting

SEE page 5B

Administration and start-up fees wi
or first year S

Preferential rates and discounts on

many banking products and service

from the Royal Bank of Canada and
idelity Bank (Bahamas) Ltd

information contact:
The Bahamas Chamber of Commerce

ANASTUnn ans management and administration by:
'2-2145 | www.thebahamaschamber.com

ROYAL B FIDELITY

Money at Work

pyalFidelity =
56-9801 | www.royalfidelity.com

EPHONE: 394-4397
” BAHAMAS@KINGSREALTY.COM
ST BAY STREET © NASSAU, THE BAMAMAS






THE WEATHER REPORT |

ce



_5-Day Forecast

KEY WEST
High: 70° F/21°C
Low: 63° F/17°C |



Shown is today's weather. Temperatures are today's
highs and tonights's lows.







Today Thursday

High Low W High Low Ww

Fe FC F/C F/C
Albuquerque 50/10 28/-2. s 5110 29/-1 s Indianapolis
Anchorage 32/0 26/-3. sn 31/0 26/-3 sn Jacksonville
Atlanta 50/10 27/-2 s 38/3 16/-8 s Kansas City
Atlantic City 34/1 15/-9 s 36/2 6/-14_ sf Las Vegas
Baltimore 34/1 18/-7 s 32/0 10/-12 pc. Little Rock
Boston 24/-4 10/-12 $s 20/-6 4/-15 sn Los Angeles
Buffalo 10/-12 -2/-18 sn 4/-15 -3/-19 sf Louisville
Charleston, SC 52/11 30/-1 s 51/10 20/-6 s Memphis
Chicago 14/-10 -3/-19 sn 3/-16 -8/-22 pc Miami
Cleveland 16/-8 7/-13 sn 11/-11 2/-16 sf Minneapolis
Dallas 61/16 30/-1 s 38/3 24/-4 pc Nashville
Denver 42/5 16/-8 c 41/5 23/-5 pe New Orleans
Detroit _. 13/-10 -6/-21 sn 5/-15 2/-16 sf New. York
Honolulu 80/26 74/23 pce 80/26 74/23 sh Oklahoma City
Houston 62/16 38/3 s 51/10 31/0 s Orlando

A morning shower;
cloudy, breezy.

High: 72° F/22°C
257° F4°C

Today
High Low

Fe FC
25/-3 1/-17
54/12 28/-2
28/-2 -2/-18
66/18 41/5

56/13 26/-3

84/28 50/10

38/3 12/-11

50/10 19/-7

72/22 55/12.

5/-15-13/-25
45/7 18/-7

“87/13 35/1

26/-3 15/-9
50/10 18/-7
6216 37/2

High
— Low:52°



Ww



es SR I

The exclusive AccuWeather RealFeel Temperatu

70° F/21°C
FAC

- Cloudy.

Low: 68°

TE Tater lia




USA



Cloudy with a shower.

High: 75°
Low: 63°

UTA FU ehalieraelat




i Bee a





Thursday
High = Low

Fe FC
6/-14 -3/-19
56/13 23/-5

--15/-9 6/-14

65/18 39/3
36/2 18/-7
82/27 50/10

~ 15/-9 4/-15

34/1 14/-10

~ 10/21.51/10

-5/-20 -6/-21
29/-3 11/-11
53/11 30/-1
28/-2 10/-12
29/-1 18/-7
62/16 35/1

High:71°F/22°C
Low: 63° F/17°C

pe

pe

pe

pe

pc

sn

ABACO
High: 74° F/23° C



Today

High =Low

FG FC
Philadelphia =-28/-2 18/-7
Phoenix 73/22. 47/8

Pittsburgh “17/-8.12/-11
Portland, OR 46/7 29/-1
Raleigh-Durham 42/5 28/-2
St. Louis ~ 34/1 3/-16
Salt Lake City: 40/4 20/-6
San Antonio 65/18 41/5

San Diego” ..- 78/25. 49/9

San Francisco 64/17 . 46/7

Seattle 46/7 34/1 ©
Tallahassee 55/12 22/-5
Tampa (ss 39/3
Tucson 70/21 40/4

Washington,DC 36/2 23/-5



A couple of showers
possible; windy.
High: 72°
Low: 65°

AccuWeather RealFeel



ae



[_66°-60°F

WwW

5




Ww

S

Sf.

pe

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‘pe

pc

Sy

Ss

~ pe

8
s.
s
pe

Thursday
High ~=Low
F/C F/C
32/0 10/-12 sf
73/22 47/8
12/-11. 0/-17
45/7 33/0
~ 89/38 15/-9
13/-10 4/-15
89/3 22/-5.
55/12 39/3
74123... 49/9.
66/18 46/7
48/8 34/1
55/12 16/-8
63/17. 35/1
71/21 41/5
32/0 15/-9



5





A couple of showers Partly sunny with a
possible; windy. brief shower.
High: 75° High: 77°
Low: 66° Low: 65°
BEE atcelaccey - | BONER rat tel ltr)
[68-639 F 81°-64°F |



© is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, ‘pressure, and
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.





od 1007 am. 2.8 06
s Tey 10:34 p.m. 2.7 m. -0.5
ursda\ 10: 55 a.m. 2.6 . -0.3
Statistics are for Nassau through 1 p.m. yesterday Friday ial am. 23
MOOSE 2 og “0.2
IGN: « sassildtentioacusiarnsiacnaieucueOe Heo” Cc 12-4 25 6:32 0.0
LOW o.eeeeeee . 10° F/21° C Saturday 1235 oa 24 ae -0.1 :
Normal high 77° F/25° C :
Normal low 65° F/18° C
Last year's high . 82° F/28° C ATT hy titi
Last year's IOW ........scssssssseseseseseseeseeee 04° F/18° C

Precipitation
0.01" ~~ Sunset.

As of 1 p.m. yesterday .
Year to date .......
Normal year to date







AccuWeather.com

Forecasts and graphics provided by d
‘AccuWeather, Inc. ©2009 ca

0.02"
. 0.74"

-SAN SALVADOR
High: 85° F/29° C
Low: 69° F/21°G



CROOKED
RAGGEDISLAND | orccoson
Higheaeraare |= LO7OTRIZI°C
Low:66°F/19°C
GREAT INAGUA
High: 88° F1°C
Low:68°F721°C







MODERATE

Sunrise ..... . 6:57 a.m. Moonrise ..

. 9:43 p.m.
...... 9:41 p.m. Moonset ..... 9:30 a.m.
New Full
ne
17. —s Jan. 26 Feb. 9
MAYAGUANA

Vv
4|5\6|7





The higher the AccuWeather UV Indexâ„¢ number, the
greater the need for eye and skin protection.













“Vancouver”

SSS eT eee Ca

> [[FIJINSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

Woat Cis = OV RUy a gu tant

















Today Thursday. WINDS WAVES VISIBILITY WATER TEMPS.
High . Low W High Low W WASSAU Today: SE at 12-25 Knots 2-3 Feet 5-10 Miles 75° F
F/C F/C FC FC ___ Thursday: _ SSW at 12-25 Knots 2-4 Feet 10-20 Miles 15° F
Acapulco @ 88/31 72/22 pc - 88/31 74/23 pc FREEPORT Today: NE at 12-25 Knots 2-3 Feet 5-10 Miles ~ 75°F
Amsterdam — ANB 34/1 5 39/3 - 34/1 pe Thursday: _ SSW at 12-25 Knots 2-4 Feet 10-20 Miles 75° F
Ankara, Turkey 43/6 32/0 pe 46/7 28/-2 pc ~ABACO Today: NE at 12-25 Knots 2-3 Feet 5-10 Miles 76° F
Athens © S95 52/11 F&F 63/17 53/11 ¢ . __ Thursday: _ SSW at 12-25 Knots 10-20 Miles
Auckland ~~ 73/22 66/18 sh 74/23 68/20 s

Bangkok 85/29 62/16 pc 84/28 64/17 pc
Barbados 84/28 75/23 pc 84/28 75/23 sh
Barcelona 54/12 38/3 pc 53/11 43/6 c

Beijing. - 38/3 11/-11 s 41/5 11/-11-s

Beirut 69/20 60/15 pc 71/21. 63/17 pc
Belgrade SS 41/5 37/2 t | 38/3 = (32/0 c

Berlin 38/3 28/-2 pc 33/0 23/-5 pc
Bermuda. ee ~ 72/22 62/16 sh ~ 70/24 60/15 sh
Bogota ~ 64/17 50/10 pe 67/19 . 44/6 sh
Brussels). - 39/3 © 30/-1 sn 37/2. 30/-1 pe

Budapest - * 34/1. 27/-2 sn 34/1 30/-1 ¢



















Buenos Aires. = 84/28 73/22 po §~=— «90/32 78/22 pe

Cairo 73/22 56/13 pc 77/25 63/17 pe

Calcutta 88/28 62/18 84/28. B4/17.s

Calgary 34/1. 23/-5 sn 42/5 28/-2 s

Cancun 75/23 GANT sh 78/25 63/17 sh.

Caracas 82/27 66/18 pc 84/28. 68/20 sh

Casablanca = 1B 48/8 co S89/20 53/11 pe

Copenhagen 38/3 ~— 33/0 pc _ 87/2 26/-3 s

Dublin ee! AIT ANS + ~ 48/8 41/5 sh.

Frankfurt. 37/2 30/-1 ¢ _ 89/3 27/-2 pe

‘Genev: oo 89/38 27/-2 pe. 48/6 80/-1 s.

Halifax 36/2 7/-13 sn 19/-7 -2/-18 sn ENN Showers
73/22 58/14.c¢ 70/21 53/11 pe T-storms Ne 72155

Helsink 37/2 28/-2 sn _ 32/0 23/-5 sn 1 Rain : sere

‘Hong Kong’. 65/18 60/5 s = = B7/A «59/15 s ; : Bs Cae ee 4 _ Cold ==—==y=

jown are noon positions of weather systems an

Islamabad : ae sees _ aes _ mnt acing iS precipitation. Temperauia bands are highs for the day. bas ideas

“6216 40/4 ‘pe ; 69/20 45/7 s Forecast high/low temperatures are for selected cities. Stationary Mega



8127 605 sh”

86/30 76/24 pc
77/25 68/20 c

43/6 36/2 pc

41/5 28/-2 po |

71/21 - 66/18 sh. -
70/21 43/6 pe

°79/26 57/13 sh
86/30. 76/24 s









Nairobi
‘New Delhi
Oslo

out us!





402/88" 75/23 s—
88/31 64/17 pc
88/31 55/12 s

84/28 68/20 s
86/30. 65/18 pe
26/-3 9-12 s_
37/2 28/-2 sn







49/9
“AAS



i 5010 43/6 s
~ 10/12 -5/-20 sn
90/32 75/23 t
“46/77 31/0 s.
. 37/2 33/0 sn
36/2 27/-2 po
Winnipeg -16/-26 -26/-32 pc . ~ =B/-22: ~12/- 245
Weather (W): s-sunny, pe-partly cloudy, c-cloudy, sh-showers, t-thunder-
storms, t-rain, sf-snow flurries, sn-snow, i-ice, Prcp-precipitation, Tr-trace







on
~ 3210°s.



Vienna


IMC truvo

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Foreclosures not in
bank’s best interests

@ By CHESTER ROBARDS
Tribune Business
Reporter

SCOTIABANK (Bahamas)
is well equippe’l to handle a
worsening economy and those
who will be directly affected by,
a senior executive said yester-
day.

Wayde Christie, vice-presi-
dent of retail banking, said
affected customers were being
encouraged to seek the bank’s
. help as early as they can.

Individuals buried in debt, or
who are in a position to fall into
it, are often reluctant to seek
help, but Mr Christie said now
was the time for customers to

approach their financial insti-
tutions. He said,:though, that
Scotiabank was not waiting for

customers to come to them.
“Whereever we'can we’re fol-
lowing very closely with our cus-
tomers, and we’re following
‘with stuff that’s appearing in
the press so that we can be
proactive,” said Mr Christie. -

‘

According to Scotiabank
managing director Barry Mal-
colm, individuals are in a posi-
tion to improve relationships
with their respective financial
institutions during hard times.

“As a bank, we’re here to
work with the customer in
addressing their financial diffi-
culties, and there’are many
times where there is a natural
flight instinct, but that is in my
view precisely the time you do
sit down with your banker and
try to find a way to work out a
situation, and work through the
current difficulty,” said Mr Mal-
colm

“Having credit difficulties is
an issue. Working through those
credit difficulties can actually,
in terms of a relationship with
your bank, prove to be a very
powerful thing moying for-
ward.”

He said that in the case: of
mortgage arrears, it was not in
the best interest of the bank to
repossess an individual’s house

just as it was not in the best

interest of the bank’s customer
to lose that house.

“It makes far more sense to
work with you to help you keep
your house than to go through
foreclosure procedures, take

your house, advertise it and sell :

it to someone else - that’s stress
for us too,” said Mr Malcolm.
“If we can find the common
ground to work together, it
makes much more sense for the
bank to work with the customer

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



AQUINAS COLLEGE
CATHOLIC HIGH SCHOOL
ENTRANCE EXAMINATION

Will be held at the school on
Friday, January 23, 2009 8:30a.m.

Interested persons can register at the school’s business office from 9a.m.

*The school’s

relocation to

to 3p.m., until January 21, 2009.
This exam is onl for those interested in sevent

ade laceme t

Jadstone Road is scheduled for August 2009. A
‘be available for those students arertere in Aquinas College.

For further information please contact the school at 322-8933 or 4

mana

We are currently seeking a qualified, energeticand confident individual on behalf of
a Trust Company for the position of:

TRUST PROFESSIONAL

Ideal applicant will:

Possess LLB or other law degree.

Have approximately 3-5 years experience infinancial services in the areas of

trust, banking and investments.

Have the ability to review sometimes complex legal documents relating to

special projects and to confidently communicate with overseas legal and tax

advisors on the same.

Bea seasoned professional who i. is capable of leading a project and

coordinating its various parts.

Be capable of understanding and adminiering complex fiduciary structures.

Be comfortable in reviewing finanéal statements, and have a basic

understanding of investmentand financial transactions.

Have a full understanding of corporate stctures and the responsibilities of

Directors and corporate formalities.

*

Have the ability to work under pressure aiid without constant supervision.

Have uncompromising pergnal and business ethics.

Successful candidate will work directly with Senior Management in the

administration of complex private fiduciaryarrangements.

Reponsibilities include

regular contact with overseas affiliates,associated trust, banking and investmen
professionals, as well as legd counsel and advisors.

Applicants should submit a cover letter and resume by Friday January 30, 2009.

to: Trust Professional -

@kpmg.com.bs

‘012, P.O. Box N123, Nassau,

AUDIT = TAX »® ADVISORY

Bahamas: or dbowe

© 2009 KPMG, a Bahamian partnership and a member firm of the KPMG network of independent member
firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.



to help address how you work
through and work out your sit-
uation.”

He said there was a power-

ful incentive for the bank to
work with the customer to pre-
vent a foreclosure. “We have
always worked with our cus-

tomers, encouraged them to be

’ thoughtful and responsible in

managing their finances,” said

Mr Christie.

A leading jewellery retailer is seeking a person for this senior position.

STORE MANAGER

The successful candidates will be responsible for ensuring sales and profits
are optimized through excellent customer service and proper maintenance of
inventory controls according to established company procedures.

The tdeal candidate should possess:
: Integrity, Energetic motivational skills and Assertiveness

° A minimum of 5 years mahagement experience in the jewellery, watch

and luxury goods sectors.

-* Strong knowledge of luxury watches, buying, merchandising sling

and repairs.

* Ability to manage, train and motivate staff.

¢ An eye for detail.

* Good educational background. Professional qualification GIA or
equivalent) or suitable work experience would be an asset.

Interested person should submit your resume with salary expectations to:

The Human Resources Manager

P.O. Box N-623
Nassau, Bahamas

Fax (242) 328-4211

E-Mail - hr@luxuryretaillimited.com _

Nassau Airport

. Development Company





Nassau Airport Development Company is pleased to announce

the C-260 Elevators and Escalators Request For Proposals

associated with the expansion of the Lynden Pindling International

Airport. The scope of work includes but is not limited to:

* Design and fabrication of the Elevators and Escalators
conforming to the requirements of the RFP;

« — Supply and installation of elevators and escalators;

* Control and monitoring systems; and

* ~ Interface with building systems for security, fire, and various
agency requirements.

_ This request for proposal is of interest to Elevators and Escalators
Vendors, however should also interest local Electrical and
Mechanical Trade Contactors.

Request For Proposal Packages will be available for pick up after
1:00 pm, on Tuesday, December 16, 2008

Request for Proposal closing is at 3:00 p.m., Thursday, February

oth, 2009.

«
Mt
:

There will be'a Tender Briefing, Tuesday January 13th. Please
RSVP Traci Brisby by 1pm Monday, January 12th for briefing
location details.


PAGE 4B, WEDNESDAY, JANUARY 14, 2009

THE TRIBUNE



eee eee eae eee
Scotiabank sues resort
on ‘unpaid’ $45m loan

FROM page 1B

amount of $44.010 million,
together with interest, costs, and
expenses, including attorney’s
fees.”

Scotiabank (Bahamas)
alleged that Messrs Moss,
McCrory and Pearson had per-
sonally guaranteed that Chub
Cay Associates and Chub Cay
Resorts, the two entities that
had borrowed the $45 million,
would repay the loan, and pro-
vided a $4 million guarantee.

‘In addition, they were alleged
to have signed a July 28, 2006,
document guaranteeing con-
struction work on Chub Cay
would be completed by Decem-
ber 31, 2007, a deadline that has
been missed.

“Despite the completion
guarantee, the development

remains unfinished. [Scotiabank
(Bahamas)| estimates the cost
of completion at not less than
$38.6 million,” the lawsuit
alleged. The developers were
required to be “substantially
completed”, with the marina
and club house open, and resi-
dences ready for occupancy.
As a result, Scotiabank
(Bahamas) is seeking damages
from Messrs McCrory, Moss

and Pearson for alleged breach -

of contract - for both the loan
repayments and missing the
construction completion dead-
line - and looking to call in the
$4 million guarantee related to
the first.

The episode again illustrates
the potential damage that could
be done to the Bahamas’
tourism and economic reputa-
tion by unfinished resort devel-
opments, especially in instances

Legal Notice
NOTICE

DISA OPTICAL LTD.

N OTIC EIS HEREBY GIVEN as follows:

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

(b) The dissolution of the said company commenced on
the 13" January, 2009 when the Articles of Dissolution .
were submitted to and registered by the Registrar

General.

where developers allegedly
leave unpaid bills and debts.
Tribune Business has previ-

ously reported how work on |

Chub Cay has come to a halt,
the developers owing substan-
tial sums to Bahamian contrac-
tors. This was confirmed by a
June 17, 2008, letter sent to
Messrs McCrory, Moss and
Pearson by. Scotiabank
(Bahamas), in which the bank
referred to the developers hav-
ing breached their building con-
tracts with Bahamian contrac-
tors, Osprey Construction and
Gunite Pools. This was cited as



FROM page 1B

__ associated with these films.”

Mr Fuller added: “It [the
lease] has not yet been drafted
by the Attorney General's
office, although it has been
promised since last July. We
were told that we would have it
before Christmas, but it has not
yet been delivered.

“The acreage is supposed to

incorporate the 60 acres which |

make up the tank area, togeth-

er with an approximate 60 acres .

form the old airforce base that
includes the improved build-
ings, offices, water tank and
storage areas.”

With Pirates of the Caribbean
producers targeting a likely
Christmas 2009 release, filming

one of the factors causing the
loan default.

The Chub Cay developers -

have since been attempting to
attract new equity partners, who
will inject additional financing
into the project, but this has not
been consummated yet. The
project is designed to include
residential villas, a 110-slip
marina and a.20,000 square foot
clubhouse.

The Scotiabank (Bahamas)

action alleged: “In or around
July 2007, the borrowers ceased
making the interest payments
required under the [loan] agree-

half. The Bahamas Film Studios ’

needs several months’ prepara-
tion if Disney is €ven to consid-
er it as a shooting location.

- That makes it critical to sort

out the Bahamas Film Studios’.

future immediately, as the eco-
nomic benefits could be consid-
erable - especially in a time of
economic downturn. The
Pirates of the Caribbean I and
III sequels pumped some $40
million into the Grand Bahama
economy when they were
filmed previously.

Another potential obstacle to
getting the Pirates of the

_ Caribbean to the Bahamas had

been a dispute between Mr
Fuller and Disney over a matter
related to filming of the II and
III films.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola, BVI

Dated this 14" day of January A. D. 2009

Verduro Associated Lid.
Liquidator



Legal Notice
NOTICE

BOQET INVE TMENTLTD. |-

efethis notices:

NOTICE IS HEREBY GIVEN as follows:

(a) BOQET INVESTMENT LTD. is in voluntary dissolution
_under the provisions of Section 137 (4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the 13" January, 2009 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola, BVI

Dated this 14" day of January, A. D. 2009

Verduro Associated Ltd.
Liquidator





Development Company

Nassau Airport Development Company is pleased to
announce the C-220 Structural Steel Stage 1 Tender
associated with the. expansion of the Lynden Pindling
International Airport. The C-220 Steel Stage 1 Lump Sum
Contract will include the following components:

© Supply, shop drawings, fabrication, shop . painting,
transport and installation of Structural Steel Joist; and

¢ Supply, shop drawings, fabrication, transport and
installations of steel decking.

Tender Packages can be picked up after 1:00 pm, on
Thursday, December 18th, 2008. Please contact Traci
Brisby for more information.

Tender closing is at 3:00pm, Thursday, January 22nd,
2009.

would have to start in the first














There will be a Tender Briefing, Thursday, January 8th.
Please RSVP Traci Brisby by 1pm January 7th for
briefing location details.






PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JONATHAN JOHN

| BAIN of Finlayson Street, PO. Box CB-13552, Nassau,

Bahamas intends to change my name to JONATHAN JOHN
MCKINNEY, If there are any objections to this change of
name by Deed Poll, you may write such objections to the

Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas

no later than tainly (30) days after the date of ‘publication of

PASSAT EB ot or

EXCLUSIVE LISTING
GRAHAM ACRES
Part of Blair Estates, East

Furnished 4 ae bath house, civing: Dining and Family
Room (1,781 Sq: Ft.) air-conditioned, large Wooden Deck,
fenced in, landscaped lot in great area.

$345,000.00 Gross"

Please call:
Real Estate International .(Bah.) Co. Ltd.
Tel: 322-4187 |
e-mail: hw@realestateint.com



~~. THE BAHAMAS MORTGAGE
fOO AN ‘CORPORATION

aii January 12, 2009

THE BAHAMAS MORTGAGE
CORPORATION (BMC)

will RELOCATE its
Loans Administratiom Department to

The Mortgage Adjustment Recovery Centre (MARC) in the Hillside
Plaza, Thompson Boulevard, Nassau, The Bahamas.

242) 326-5120
242) 326-5140
242) 326-5150
242) 326-5162
Fax: 242) 323-6181

Telephone:

The new office provides a descreet and comfortable environment
where clients may visit our administrative staff to discuss
solutionary plans of action.

Our administrative staff are eager to serve our valued customers,
who are experiencing difficulty with their mortgages.
Take the first step to mortgage recovery.

Visit our team at our new

Mortgage Adjustment Recovery Centre (MARC).

We are here to serve you.

ment.

“In or around July 2007, the
borrowers ceased construction
of the development. At present
the development remains
incomplete, and subject to sig-
nificant deterioration, due in

‘part to exposure to the ele-

ments.”

The June 17, 2008, letter sent
to Messrs McCrory, Moss and
Pearson by Scotiabank

(Bahamas) allegedly gave them °
' written notice of the default,

citing conditions such as failure
to make due interest payments,
failing to pay taxes on Chub

Thirty-day deadline to attract Disney’s Pirates

However, Mr Fuller told Tri-
bune Business yesterday: “My
disputes with Disney have been
mostly resolved. They are in
the motion picture production
business and will make deci-
sions on an economic basis only,
as do I. There is nothing per-
sonal here.”

Status

The status of the Heads of
Agreement and lease are also
acting as an obstacle to Mr
Fuller’s efforts to sell the
Bahamas Film Studios. He told
Tribune Business yesterday:
“Until the Government com-
pletes it's promise to deliver a
new Heads of Agreement and
lease, we do not: have any
plans.”

Meanwhile, Mr Fuller said he
would not be averse to agreeing
a future Bahamas Film Studios
sale to Bahamian banker Owen
Bethel, despite the collapse of

“two previous such deals and the

current International Chambers
of Commerce (ICC) arbitration
proceedings he has initiated
against the latter. That same
sentiment is shared by Mr
Bethel.

Mr Fuller yesterday con-
firmed that he had paid the ini-
tial deposit to kickstart arbitra-
tion proceedings against Mr
Bethel and his Bahamas FilmIn-
vest International group, alleg-
ing that they had failed to meet
certain performance criteria and
thresholds relating to their bid
to purchase the Bahamas Film
Studios.

However, Mr Bethel had pre-
viously countered this argu-
ment, telling Tribune Business
that his group withdrew from
the purchase because the Gov-
ernment’s decision to reduce
the Bahamas Film Studios from

Cay, and failing to maintain the
necessary insurance. They were
given a 21-day period to cure’
the issues, and on July 9, 2008,
Scotiabank (Bahamas) agreed

. to extend this to July 18, 2008.

Alleging that the problems
were never rectified, a further
November 25, 2008, letter
allegedly failed to produce any
solution.

At that point, Scotiabank
(Bahamas) alleged that apart
from unpaid principal of more
than $44 million, the developers
also owed $4.884 million in
interest.



3,500 acres to 120 acres meant
Mr Fuller was unable to deliver
the assets subject to their agree-

~ ment.

Mr Fuller yesterday said:
“We have paid the initial
deposit. Mr Bethel was to
respond within a 30 day addi-

tional time extension and, in so

doing, indicate the number of
arbitrators that he wished to
designate ...

“After that occurs, the final
amount of the deposit will be
forwarded to the ICC. I would
be pleased to deal with Owen at
any time. Again, our disputes
are purely business related and
are not the least bit personal.”

‘For his part, Mr Bethel yes-
terday said he was also still
open to dealing with Mr Fuller
in purchasing the Bahamas Film
Studios, although he would
have to put together another
investor group.

The Montaque Group’s pres-
ident and chief executive yes-
terday said his Bahamas FilmIn-
vest International consortium
had agreed to arbitration by the
ICC, and was preparing its

‘response to Mr Fuller’s com-

plaint. , Frist ee

He added: “While we have
walked away from the contract,
we still feel optimistic about the
value of the [Bahamas Film Stu-
dios] operation going forward
for the film industry in the
Bahamas. Hopefully, we’ll see
efforts being made to keep the
facility in full operation.”

Yet Mr Bethel added that he
would need to put together a
new buying group. “I don’t
think the group of investors
who were with me before are
interested in it, so if I do it'll be
with other investors,” Mr
Bethel added. “I'll have to bring
other investors into it, not the
original group.”

The Anglican Central Education
Authority

is Pleased to announced its Grade 7 Entrance
Examination.

The Entrance Examination will occur on

009, 8:30am - 12:30pm

“at each of the following Anglican Schools:

. St. John’s College, Stapledon Gardens, Nassau
2. St. Anne’s School, Fox Hill & Eastern Roads,

Nassau

. Bishop Michael Eldon School, eer Grand

Bahama

. St. Andrew’s Anglican School, oe Town

Exuma

Applications can be collected from any Anglican
School between 8:30am - 3:30pm but must be
returned to the school the candidate wishes to attend.

Applications will be accepted until the
registration deadline of 3:00pm
Friday, 30th January 2009.


THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 5B



Former Straw Market design aimed to give $4m revenues

FROM page 1B

cruise ship passengers, who
would pay for their tickets on
board, thus encouraging them
to get off the boat and experi- +
ence Bahamian culture and
entertainment in Nassau at
night.

The Ministry of Tourism, Mr
Foster said, would have been
asked to put the nightclub and
restaurant area out to tender
for bids by Bahamian entrepre-
neurs. The restaurant area
would have been a “down
home” Fish Fry-style setting,
again emphasising Bahamian

entertainment and culture.

Mr Foster added that the eco-
nomic study had based its pro-
jected returns from the obser-
vation tower on that facility
Â¥ attracting some 20 per cent of
Straw Market tourists to pay $3
per time to go up 100 feet.

He explained that by way of
comparison Beaumont House,
which was 74 feet above sea lev-
el, had a rooftop height equal to
Government House. The Straw
Market observation tower, at
100 feet, would have enabled
visitors to have panoramic views
of Forts Charlotte and Fincastle,
Nassau Harbour, Paradise



‘Most activity’ |
from struggling
firms expected

next month

FROM page 1B

‘financial time, according to Mr Christie.

“Industry-wide, there has been a tremendous spike in delin-
quencies,” he said “I don’t think there is any increased amount
of work going out to the collection agencies as result of that,
because what we’re trying to do is keep it from the collection
agencies and get the customer in to try and fix that ourselves,
so that it protects their credit and gives them some piece of

mind.”

NOTICE

MOBIL ASSET INVESTMENTS LIMITED

Pursuant to the provisions of Section 137 (8) of the
International Business Companies Act 2000, notice
is hereby given that the above-named Company
has been dissolved and struck off the Register
pursuant to a Certificate of Dissolution issued by
The Registrar General on the 19th day of December,

A.D., 2008.

Dated the 9th day of January, A.D., 2009.

K. L. Floyd

Liquidator of

MOBIL ASSET INVESTMENTS
LIMITED

NOTICE

EXXON EXPLORATION AND PRODUCTION
AZERBAIJAN LIMITED

Pursuant to the provisions of Section 137 (8) of the
International: Business Companies Act 2000, notice
| is hereby given that the above-named Company
‘has been dissolved and_ struck off the Register
pursuant to a Certificate of Dissolution issued by
The Registrar General on the 19th day of December,

A.D.,.2008.

Dated the 9th day of January, A.D., 2009.



K..L. Floyd

Liquidator of

EXXON EXPLORATION AND

PRODUCTION —
AZERBAIJAN LIMITED

NOTICE

f

EXXON EXPLORATION AND PRODUCTION
CASPIAN SEALIMITED

Pursuant to the provisions of Section 137 (8) of
the International Business CompaniesAct 2000, notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by The Registrar
General on the 19th day. of December, A.D., 2008.

Dated the 9th day of January, A.D., 2009.

K. L. Floyd
Liquidator of
EXXON EXPLORATION AND
PRODUCTION
CASPIAN SEA LIMITED

Island and the whole city.

The economic study was con-
ducted by the NTDB’s Frank
Comito, Mr Foster said, under
the auspices of the Nassau Eco-
nomic Development Commis-
sion, which was then co-chaired
by the late Norman Solomon
and the late George Mackey.
The results were then presented
to Cabinet and approved.

Mr Foster added that the
Ministry of Finance. had
requested the economic projec-
tions, after former minister of
state for finance James Smith
raised concerns about how
much the new Straw Market
would cost the Government,
and whether it would become
a “white elephant.”

The study, Mr Foster said,
appeared to alleviate those con-
cerns, with the Ministry of
Finance agreeing to finance the

Straw. Market in a phased |

approach. Some $10 million
would be allocated to the pro-
ject in each of the first two Bud-
get years, and thereafter what-
ever was needed to cover the
costs.

The financial srospeels
looked so attractive, Mr Foster
said, that the Government
decided it did not need a loan
from the Caribbean Develop-
ment Bank (CDB), which was
interested in getting involved.

Explaining how the Straw
Market’s construction’ costs
increased, Mr Foster said his
original design had estimated
these to be around $18 million.
“My research showed there
were not 600 vendors in the
Straw Market, and my design
allowed for 440 on the plan,”
he explained.

However, former deputy’
prime minister Cynthia Pratt,

who with then-works minister
Bradley Roberts had taken over

é

CiectC:
JFIFst

om
‘Caril

rs. AW’ | a x

responsibility for the Straw
Market from ex-minister of
trade and industry, Leslie
Miller, then asked Mr Foster to
expand the Straw Market’s size.

This was necessary, he
explained, to accommodate
straw vendors from both Cable
Beach and Paradise Island. It
was thought at the time that the
former would be required to
move by. Baha Mar’s $2.6 bil-
lion redevelopment, while the
latter were consistently ae
py that they were located “
the back end of beyond. ”

“I was asked to increase the
size of the Straw Market to
accommodate the additional
vendors, and I struggled to
accommodate them on my
design’s two floors,” Mr Foster
told Tribune Business.

Accommodating them on a
third floor was also a concern,

and it was at this time the Min- "

istry of Finance raised its cost
concerns. Ultimately, Mr Fos-
ter said the folding platform
roof was closed up after two
floors, creating 70,000 more
square feet of space to accom-
modate the vendors.

This was how, Mr Foster said,

the Straw Market increased in

size almost three-fold, from an
initial 77,000 square feet to
almost 200,000 square feet. The
increase in size inevitably meant
an increase in costs. The 77,000
square foot Straw Market was
priced at $129 per square foot,
but at 200,000 square feet the

project would cost between $29-

37 million.

To get the project costs down,
the $5.586 million basement was
scrapped, customs duty exemp-
tions were sought and material
quality was reduced.

Mr Foster said he was “dis-
appointed” that the Ingraham
administration discarded his

~

work, and that of other Bahami-
an professionals, by scrapping
the Straw Market project when
it took office. He only had one

meeting with the current gov-

ernment, during which they
informed him the project was
cancelled.

“A lot of money: is owed to
me,” Mr Foster added, telling
Tribune Business he was now
facing demands for payment
and court actions from engi-
neers he had hired for the Straw
Market, George Cox & Associ-

ates and Pyramid Industries.

He was unable to pay them,
he said, because the Govern-
ment had only paid him “one-
third of the cost of my services.”

Mr Foster said he estimated

that around. $10 million had ©

been wasted in fees and pay-
ments to Bahamian profession-
als hired to work on the aban-
doned Straw Market.

He also expressed “disap-
pointment” on behalf of con-
tractors Woslee Dominion,
whose contract had been termi-
nated after receiving $2.3 mil-
lion in payments. Mr Foster felt

they were legally entitled to '

damages of around $5 million
for the contract end, and said
he felt the company was “one of
the most qualified Bahamian
contractors.”

Mr Foster added that the
“gloves were off”, and that he
felt compelled to defend his
professional reputation in the
face of attacks from critics, in
particular former trade and
industry minister in the Christie
Cabinet, Leslie Miller.

Mr Miller again spoke out
against what he said were. the
Straw Market’s increased costs
during a radio show on Sunday,
arguing that it went up from an
“initial” Budget of $10 million
to what it eventually became as

a result of “greed”.
- Mr Foster said he felt this was ~
an attack on his personal and
professional reputation, as it
could be taken as a reference
to him, and gave Tribune Busi-
ness a blow-by-blow account of
how the Straw Market recon-
struction saga unfolded under
the former administration.
“There is this continuing
commentary that I was greedy,”

‘Mr Foster told Tribune Busi-

ness. “Leslie Miller, who has an
agenda, is trying to create the
impression that I was a greecy
architect who increased the size
of the project.

“JI felt very uncomfortable
working with him [Mr Miller]
from day one. I felt there was a
personal agenda involved.” Mr
Foster. declined to specify what
he meant, hinting at upcoming
legal action, but said he and Mr
Miller got into a shouting match
after he (Mr Foster) had made a
presentation on the Straw Mar-
ket to the full Cabinet.

Although he declined to say
what was said, Mr Foster added:
“The result was that they took
the project out of his ministry’s
hands and gave it to the Min-
istry of Works.”

He explained that the $10
million figure Mr Miller was
referring to was only the first”
Budget allocation for the pro-
ject, as a further $10 million was
to be allocated in the second
year and thereafter whatever
was necessary to finance the
project.

Mr Foster, though, said the
Straw Market start date was
delayed by factors under the
PLP government’s control. In
both 2004 and 2005, the $10 mil-
lion allocated to the project in
the Budget for both years was
take away to provide relief from
Hurricanes Frances and Wilma.

CAREER OPPORTUN Tir <

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FIRSTCARIBBEAN

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GET THERE. TOGETHER,
PAGE 6B ,WEDNESDAY, JANUARY 14, 2009 THE TRIBUNe










"ORANGE, BLACK AND WHITE

\S WHAT TO WEAR !

IT'S HAUTE COUTURE

FoR THOSE WHO DARE?!
IT'S CAMOUFLAGE,

AND STYLISH, TOO !

YES, TIGERS LOOK

THE BEST, IT'S TRIE!”

“THE ZEBRAS STRIPES
ARE LACKING HUES,




THEY PUT GLUE IN
MY CHAIR...-ANP
RUINED MY DRESS!

I/LL LET YOU
ANSWER THAT,
SOPHIE!



ALL RIGHT..-
WHAT
HAPPENED?





©1989 Universal Press Syndicate



ANP WHO
EXACTLY ~
IS "THEY"? ’ Sudoku is a number-placing puzzle based on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
Sunday
I FORGOT ALL ABOUT
emt THE LITTLE BLUE BOX
TMUEPEE iA tt FROM TIFFANYS//
N
LOSING MY

TIM EXHAUSTED. THIS DAY
| FELT LIKE A WEEK.”





©2009 by North America Syndicate. Inc. World rights reserved.

FRANK BOLLE ——



HOLD IT! CAN YOU. DO THAT THING
HE DOES WITH THE EYEBROWS?!

)

SORRY... MAYBE YOU'D ENJOY MY
JACK Na IMPERSONATION
WC Ass Z

PALL I HAVE FOR YOU
» TODAY |S A SHOE










a



> ‘
“You SHOULDA SEEN THE SNOW WE USEP To GET
WHEN T WAS YOUR AGE.” :















~~ ©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

Best described as a number crossword, the task in Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
each horizontal block equals the number to its left, and the sum
of each vertical block equals the number on its top. .No number
may be used in the same block more than once. The difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.

© 2009 by King Features Syndicate. inc. World Rughts reserved









ONE OF THE
/ DRAWBACKS OF AN
EXTENDED-FAMILY
HOUSEHOLD

. BACKED- UP
DIRTY
LAUNDRY













by North America Syndicate, Inc. Worid rights reserved.



ANNO) O!lN









©2009 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

6
8 |
5 |
9
4

|

O)}—!0
ow



YOU KNOW
EVERYTHING

I'M TAEOUVGH
STUVYING FoR
TOMORROWS

HEAVACHE, SO T
FIGURE MY BRAIN
MUST GE CULE
















- Geetha Gopal y Rustam fight squares around his 92 king are

Kasimdzhanov, World Cup, Russia. weak. Kasim's obvious play is 1...NF3

2002.1 have often made the point in threatening Qh2+ and Qgi/ht mate, -
__. these articles that queen and knight but against that White has the . be. 3 fia da
he gre an excellent attacking duo in defence 2 Rht. Black found a clever
tandem. The queen's vertical, answer to the puzzle, sacrificing for a
horizontal and diagonal power plus mating attack, What was Kasim's Ss
the knight's peculiarhopcanbea winning move? 4
lethal partnership if your LEONARD BARDEN | ee

+ Denese You DyOM Duy ‘mexpus sesniees Dury AQ COOLED

oppanent’s king is poorly guarded
or has weaknesses in the defensive
pawn front. Today's puzzle, won by
a former Fide world champion, is a
good examipile. Black's attack is

Chess 8604: 1...Nf4+! matesafter 2 qxf4 Qgde3KH 2
Qh3+ 4 Kel {or 4 Kg NIB mate) Nd3+ 5 Kdt QFle 6 up
Ret Qxe} mate.
























create a defensive bulwark at f2
guarded by several white pieces.
. His problem, though, is that the



IT Yo, WHY ARE YOU YOU. ALWAYS: powerful since Kasim (Black, to

. GAN T You EVEN. TTING SO TOLD ME NOT move} has not only the hS queen

‘ coll A ROPE oe eitep 7 TO GET HUNG and the d3 knight in strong

PROF! ER. LY S/ sas UP ON THE _ positions but another rook and tea rds
\ l\, {\ oak Stowe SMALL THINGS knight as back-up. In response, the you make remeine:
Zs tel / teenage indian-Gopal has tried to letters sbown here? ti
ee
7]



letter may be v
» only. Bach
the centre

Cy

| OMG
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World rights reserved.



inkjet printer).

©2009 by King Features Syndicate Inc.

TODAY'S TARGET *
Good 10; very good 15;
excelen& 20 (or mare).
Salution Manday.

YESTERDAY'S SOLUTION
earn eater enter
entrap entreat entree
natter near




preen
rant rape rapt
9 repent

CRYPTIC PUZZLE




Across Down

1 Insect on an animal may - 1 Pompous colonel is an old

cause anxiety (7) gasbag (5)

Broken grid | fixed (5) Holding an avaricious

Country rain storm-(4) attitude (8)

Yields from TV shares (8)



3 Argue about an issue (6) Rea eae
Notes or coins for the A book to. be critically

|
Pee Le ee te ,

| | Triumph of Mind Over Matter
newsboy? (5,5) examined but not : d

purchased (6,4) West dealer. tional tricks, and by that time, West

Country girl on the

Yesterday’s Cryptic Solution

Across: 1 Elbow grease, 9 Awesome,
10 Swoon, 11 Kiss, 12 Straight, 14
Naples, 16 Sinned, 18 Constant, 19
Spar, 22 Stair, 13 Lantern lectures, 24
Gets dressed.

Down: 2 Leeks, 3 Oboe, 4 Guests, 5
Ecstatic, 6 Shotgun, 7 Walking case, 8
United front, 15 Pinnace, 17 Antler, 20
Piece, 21 Ends.

|
UN
oS
N-
E
C
a
O
S
Ss
w
O
R
D

Yesterday’s Easy Solution

Across: 1 Broad-minded, 9
Nagging, 10 Midge, 11 Open, 12
Runner-up, 14 Deploy, 16 Strewn,
18 Aperture, 19 Clay, 22 Tiara, 23
Farrago, 24 Play it by ear.

Down: 2 Rogue, 3 Arid, 4 Magnum,
5 Nominate, 6 Endorse, 7 In good
taste, 8 Keep an eye on, 13
Contrary, 15 Prevail, 17 Profit, 20
Llama, 21 Fray.

Catchword.(6)
Shakespeare
tragedy (6)

‘Grim (10)

Lines spoken in
play (8)

Placid (4)
Subsequent (5)
Turn aside (7)

i aan se

Wise (4)

6 Occupation (7)

Considered
disreputable (2,3,5)
Final (8)

Disgraceful event (7)
Ludicrous (6)

Entire range (5)
Manner of

walking (4)



North-South-vulnerable.

Opening lead — six of spades.
Assume you’ve reached three
notrump on the bidding shown and
West leads the six of spades, which
you win with the ten. How would
you continue?
At this point, you can count six

top tricks — four clubs, the ace of

diamonds and the spade already won.
In the fullness of time, you can also
count on three others a heart,
either the queen or jack of diamonds,
and another spade.

The trouble is that you have to
lose a trick in each of these suits
before you can collect the three addi-



will probably have collected three

vessel (6) Cut a letter on a tree (4) NORTH spades, the ace of hearts and the king
Fish — or fish shops — Diana’s a girl cashier (7) Pa : <3 das of eh as a of re pre-
52 sumably has for his opening bid.
may have them (6) Early form of rock. music? 16 Another possibility is to try to
Side gen Ane tar Oa west’ SAS. “means Aepenting on a Svorable
morale? (4,6 It’s instrumental in havin @AI762 @54 position of the heart jack (a card
(4,6) 9 ’ I

VAG J983 West doesn’t need for his opening

Made up to appear wine around (8) boy | +) -Aerees #K 104 #9852 bid) or a 3-3 split. F
calm (8) " Middle-aged English travel ad 1 Suffer mental Spined desert £973 ins OSE _ When the deal occurred, South
N breakdown (5,2) plants (5) SOUTH found the right answer. At trick two,
Ring Ann to come round writer (7) N ; : @kK 109 he led a low diamond toward.
: _ 4 Greek fabulist (5) Indirect reference (8) ¥Q4 dummy’s jack! This put West in an
soon (4) Urges some simple Qo. > Make deniand (4) Large constricting #AQ73 impossible position. If he took his
20 Regretting having to modification (6) ' > snake (6) _ &K 1084 king, he would hand declarer three
” 8 Outsider (8) The bidding: diamond tricks to bring South’s total
destroy a note (5) 16 Decimal fraction (5) & The full detail Daring innovative West North East South to eight, with an casy ninth to come

24 Extend the time in jail (7 17 Jet fighters? (4 Ww e oes (5-5) 1% Pass Pass 1 NT from either hearts or spades.

Jelly) etilaitere <4) : (3,3,4) Pass 34 Pass 3 NT So West ducked the diamond,

and when the jack won, declarer had
his seventh winner. A heart was next
led to the queen and ace, and South
was up to eight tricks. Since he had
another trick in spades yet to come,
nine tricks were now assured.

As the cards lie, declarer would
have come up a trick short had he
finessed West for the jack of hearts or
taken a diamond finesse by leading
the suit from dummy. But given
West’s opening bid, South rejected
both of these alternatives in favor of
the virtual certainty offered by lead-
ing a low diamond toward dummy. at
trick two.

Tomorrow: The one and only way.

©2009 King Features Syndicate Inc.
THE TRIBUNE

WEDNESDAY, JANUARY 14, 2009, PAGE 7B





Cia

@ By LISA LAWLOR
Tribune Features Writer

COZY dining, with only
six tables other than your
own, warm, tropic breezes
passing through the ©
Moroccan louvered win-
dows, and welcoming pep-
per plants at each setting,
entice the Circa 1890
guest for either a friendly,
casual lunch or a more lux-
urious, and divine dinner.

The restaurant was opened by
kitchen connoisseur Anthony .
Stubbs just a few months ago on

- the corner of Buen Retiro Road off
Shirley Street. When you walk into
-the small setting with the option of
dining outside or in, expect only
the most .warmhearted greeting
possible, with alternating soft rock
and pop beats playing in the back-
ground.

The soft lighting for an evening
meal serves to set the feeling for a
first date allowing privacy in which
to converse at length with your
partner, a small family gathering
with an atmosphere that encour-
ages reminiscing on happy memo-

‘ries of the past while making
another great memory for the
future, or even an intimate busi-

“hess lunch with a few close work

_friends:. oes

The meal creations are all by Mr
Stubbs himself, with only his home
economic classes from high school

‘and the Food Network for inspira- ‘

tion, the rest of his designs in the
kitchen come from a natural,
innate talent for what he considers
the art of food.

With a yummy potato fennel and
leek soup d'jour to start, taste the
crunchiness and creaminess blend-
ed into one taste of seasoning per-
fection with a wine selected from
the fitting variety available. Whites
from Pinot Grigio or Chardonnay
to.reds from Robert Mondavi,

FLOURLESS Ci:





The Tribune

Stone Cellars, Jacob's Creek Shi-
raz or Stags Leap to the bubbly
option of Veuve Clicquot Pon-
sardin Brut champagne are all

“available by the glass or bottle.

The rustic feel of Circa 1890 is
hinted.at by the historicname .
donning. the old home turned busi-
ness, which was built in that year.

Next, Tribune Taste moved onto
a fresh Caprese Salad with tasty
Crab Cakes. The salad's delicate
presentation was counter tothe |
outburst of taste in the fresh toma-
toes, basil and buffalo mozzarella.
The crab cakes; complete with
cilantro mustard oil and corn
roasted blini had a great balance: °
of Caribbean tradition with an
accent of couture.

The entrée is always the real hit
though, with limited choices but

still covering the array of dining
preferences. From the pan seared
sweet potato crusted salmon with
Creole mustard sauce, to vegetari-
an options of rigatoni in pomodoro
sauce, and more meaty eats for the
carnivore in the succulent beef ten-
derloin with clue cheese, glazed in

‘. caramelized onions and balsamic

dressing to the more adventurous
herb crusted rack of lamb with
cranberry, grape and sherry sauce,
Mr Stubbs’ creations cover it all.
Finally, the choice of their two
hit desserts — guava bread pudding
with a guava Kahula rum sauce or
the flotirless chocolate torte. The
latter is commonly chosen for -
health conscious reasons, as it is
gluten free and serves up less calo-

‘ries than the traditional chocolate

cake.
The feelings of warmth and cozi-.
ness at Circa.1890 are only height-

ened when one considers the'priva>"""

cy of dining in a building construct-
ed nearly 120 years ago. At the end
corner of an old residential street
that boasts colourful homes with

“complete gardens, Circa 1890 has

the essence of elegant Euro ban-
queting down to a tee, giving guests

. a taste of the old world, offering

courteous service with a full bar.

sence eee ececesecceceeeeseesensccssnaneeneeeceseassoneeeesseeseabeneensene

* To view their complete menu or to
make reservations, visit www.cir-
cai1890restaurant.com:

HERB CRUSTED RACK OF LAMB



Jams & jellies

li By JEFFARAH GIBSON |

Question- what do you put
on a nice, rich, thin slice of
coconut homemade bread? It’s
simple, a spread of a mango
pineapple jam, that sends your
taste buds into a world of pure
ecstasy.

table taste of a nice-jam or jelly
spread. But not everyone knows
what goes into making it.
Don’t be confused by the sim-
ilar appearance of :jam and jel-
"ly, for they aré slightly differ-
ent. In jam, the fruit comes in
the form of fruit juice, in jelly,
the fruit comes in the form of
pulp or crushed fruit, and in
preserves which looks similar
to jams and jelly, the fruit comes
in the form of chunks in a syrup
jam. The process to making
each is different.
There is one women who

filled jams as not only a hobby
but also as ‘labor of love.’
Maxine Ritchie, a former
teacher says that after she
retired, her hobby became mak-

as a little girl. “I enjoy making

making them since I was a girl
in Long Island. I made them
with my mother and everything

told Tribune Taste.

Exploring with different fruits
is a must when it comes to mak-
ing jams and there are a variety
of exotic and indigenous fruits
that can be used. “Jams are

n’t have much fruits to select

lot. Since we raised pineapples

she said. :
The process to making jams
and jellies is long but she says
that she enjoys every part of it.
“Making jam and jelly is a very
long process, but it is a labor of
love. When making jelly you
must boil the fruit first, since
you are using the juice from the
fruit and if you are making the
jam you must remove the seeds
from the fruit and’crush’ the
fruit in a blender,” she said.
Some fruits require pectin

e '

Most people enjoy the delec- ©

finds making delicious, flavor

ing jams, something she learnt .

jams and I have actually been _

they did I learned to do,” she . ]
cious,” she said. i

more popular than the jelly. ©
When I was growing up we did- -

from and we made guava jam a:
we utilize the fruit for our jams.

But anything that can:grow on:
trees can be used to.make jam”,,





























when heated with sugar and
water to “ gel” which gives the
jam and jelly thickness. “Cer-
tain fruits need the assistancé
of. pectin to help them set, for
example strawberry. But a fruit
like guava needs no pectin at
all. You don’t have to worry if it

_will set.”

While pectin will help the jam
set, jams without it will preserve
Jonger. / {

“ Jams can last up to a year
without pectin. When it is used;
jams may only last up te a few
months,” she said.

Jam lovers can eat it by itself,
but most people have a ca

t

snack that they love to smear i
over. “I think jam taste splendid
with a freshly baked homemade
bread or a Johnny cake. What: °
ever you are eating with your
jam or jelly must not be sweet
since they are already sweet. |
enjoy eating guava jam with
pancakes I think it is just deli;
Mrs Ritchie also suggest
experimenting with a combina-
tion of different fruits. She

‘experimented with mango and

pimeapple and the outcome was
very satisfying. “Many of these.

.jams can be used as a glaze and

combining one fruit with anoth-
er taste really good. Sapodilla
and gooseberry jam is an excel-
lent glaze for meats, “she said:

Ifyou love jam and jelly, you
should consider making your

‘own homemade jam. It might

turn out pretty good: And if you
do make your own homemade
jam and want to start a little
home based business, you can
emulate Mrs. Ritchie.

' “What Loften did was make
little baskets during the Christ-
mas and include a variety of dif-
ferent jams. I would put my
name and miy number on the

jam bottles and whenever some-

one wants jam they call me and
I make it for them.”

ingredients

5 egg yolks

3 egg whites

1/4 cup sugar

1 teaspoon vanilla flavor-
ing.

120z semi sweet choco-
late
Unsweetened cocoa
powder for dusting

1 teaspoon baking pow-

der

1 tablespoon kahlua
60z unsweetened butter
A pinch of salt —

Method —
" Preheat oven to.350 degrees
¢ Grease 10 inch baking pan and dust with cocoa powder.
- ¢ Using a double boiler melt chocolate and butter; set aside to cool.
* Beat egg yolks and sugar until pale and fluffy, add vanilla, salt, kahlua,.
baking powder, and melted chocolate; beat until smooth.
¢ Beat egg whites until fluffy.
¢ Fold in egg white to chocolate mixture; place mixture in baking pan
and bake for about 35 minutes.
* Cool and serve with vanilla ice cream.

| NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
, (No. 45 of 2000)



Â¥,




_ MAYREAD ENTERPRISES LIMITED



Notice is hereby: given that in accordance with Section 138
(8) of the International Business’'Companies Act, (No. 45 of
2000), the Dissolution of MAYREAD ENTERPRISES LIM-
ITED has been completed, a Certificate of Dissolution has







been issued and the Company has therefore been struck off the




Register. The date of completion of the dissolution was the 5th
day of January, 2009.




Fast. Continental Liquidators, Inc.
hiquidaar



NOTICE

‘INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)

' of the International Business Companies Act, (No. 45 of 2000),
MAKUM L. INVESTMENTS LID, is in dissolution. Conti-
nental Liquidators Inc. is the Liquidator and can be contacted
at 60 Market Square, P.O. Box 1906, Belize City, Belize. All
persons having claims against the above-named company are
required to send their names, addresses and particulars of their
debts or claims to the Liquidator before 9th day. of February,
2009. ee £ }

Vor: Conturata Liquianacs, Inc.
Liquidator,

NOTICE |

INTERNATIONAL BUSINESS COMPANIES ACT, 2000
- (No. 45 of 2000)

HRT HOLDINGS INC.

Notice is hereby given that in accordance with Section 138






(8) of the International Business Companies Act, (No. 45 of
2000), the Dissolution of HRT HOLDINGS INC. has been

completed, a Certificate of Dissolution has been issued and the





Company has therefore been struck off the Register. The date




of completion of the dissolution was the 5th day of January,
2009.







Ker: Continestal Liquidators, fine.
Liquidator




NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000
(No. 45 of 2000) :

. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No. 45 of 2000),
SEVEN SEVEN SEVEN LIMITED, is in dissolution. Mar-
- cos A. Munoz is the Liquidator and can be contacted at Ciudad

Radial, Calle 4a #1836, Juan Diaz, City of Panama, Republic
of Panama. All persons having claims against the above-named.
company are required to send their names, addresses and par-

‘ticulars of their debts or claims to.the Liquidator before the 12th
day of February, 2009.



NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
(No. 45 of 2000)

STAR FLOW INVESTMENT INC.





Notice is hereby given in accordance with Section
- 138 (8) of the International’ Business Companies
Act, No. 45 of 2000, the Dissolution of Star Flow
Investment Inc. has been. completed, a Certificate
of Dissolution issued and the Company has therefore
been struck off the Register. The date completion of
the dissolution was 24th day of December, 2008.






Se

PAGE 8B, WEDNESDAY, JANUARY 14, 2009

ENTERTAINMENT

THE TRIBUNE



The Tribune

ma

YE

er

ry the ° 7
Curious Case
Benjamin Button ©

THE Curious
Case of Benjamin
Button has a curi-
ous premise- based
very loosely on the
1921 book of the
same name by F
Scott Fritzgerald, it
tells the story of a
man born old who
grows young and
his amazing journey
of self-discovery.

The story begins
at Benjamin’s (
Brad Pitt) birth in
New Orleans just
after the end of
World War One,
his mother dies in
child birth and his

father horrified by Yee

the site of his infant
son appearing with
the face of an old
man abandons him
on the steps of an
old folks home- the perfect
location to emphasis just how
different Benjamin is.

He is found by Queenie
(Taraji P Henson) one of the
nurses who raises him as her
child.

Although doctors predict
that he will die in infancy, Ben-
jamin grows older in time but

}-younger in body- with each

year-his.face becomes
shis. body less
, achieved



imagery in Benjamin’s earlier
years and excellent makeup as
the movie progresses.

When he is in his early
teens, he meets Daisy Fuller
(Cate Blanchet), but is urged
not to act on his attraction
because he appears to be a “
dirty old man.” .

Determined to enjoy his life
in the form he has been giv-
en, Benjamin goes to work on
a tug boat and is able to see
the world with the expected
twists and turns along the way.

As time passes and Daisy
grows older and Benjamin
younger- their ages meet at
the perfect place and for a few
brief years, theirs is the per-
fect love story until time works
against them-and Benjamin





-an Oscar nod for either adapt- :





leaves to spare her the pain of
losing him as he ages back-
ward.

Towards the end of his life,
Benjamin becomes an adoles-
cent, child, toddler and infant,
cared-for by Daisy -the
woman he loved all his life.

I was a bit skeptical when I
saw the initial previews, think-
ing that it would be just anoth-
er silly Hollywood movie, but
what Benjamin Button does
so beautifully, is help us
remember that no matter
which direction life takes us,
we are only here for a short
while, we don’t know what
tomorrow will bring and thus
we have to live life to the
fullest and make every day
count.

This is a beautifully execut-
ed story which the writer lets
unfold slowly so that as Ben-
jamin grows “younger and :
wiser”, the audience has taken :
his journey with him. i

The movie is long, 2 hours }
and 40 minutes, but does not :
feel long at all. :

This movie is deserving of :
the recent Golden Globe :
nominations it received andI :
believe it should also secure :

ed screen play, best actor or :
best movie -maybe all three. :






































































After releasing
‘Sanctigroove’ and
‘F5’, Ta Da told Tri-
bune Features that
she wanted to pro-
duce an album with
more depth.

“My goal as an
artist has always been
to create music that all
persons can relate to.
It is not geared to a
specific group either
and I want to put
music out there that is
marketable and
appeals to a global

B By JEFFARAH GIBSON

Terneille ‘Ta Da’ Bur-
row’s latest album ‘I’m
That Girl’ is an explo-
ration of different musi-
cal styles designed fo
appeal to wider audi-
ences of all ages and
taste.

audience,” she said. :

Her album ‘I’m that girl’ is a work of art and as her var-
ious melodies ring, they are accompanied by a crisp smooth
lyrical flow.

She focuses on more positive lyrics accentuated by an
electrifying and pulsating beat that will have a lasting
impact. “I have a few love songs on the album, there are
also songs on the album with a very positive message. It is
an easy listening type vibe and it reaches a lot of peo-
ple,” she said. does ae Mia

Her music, she explained is genetically engraved: “Music
is something I feel I was born to do and I will always
have a love and passion for expressing my emotions
through my music. #

“.I was surrounded with music-all my life. Growing up
my dad wrote songs as well as led songs in church. I also
have ‘a. lot of family members who are very'talented in
music.” Se ee m

Ta Da added that growing up, she surrounded herself in
art. “When I was in school, I was always in art and music;
I participated in school choirs and I also wrote songs for. :
the choir when we participated in competitions.”

Although Ta Da feels the music industry in the Bahamas
hasn’t developed that much, she continues to venture into
the industry with hard work, determination, and persis-
tence and is proud of her accomplishments.

“I have done a performance last year at the Kanye
West foundation in California. This foundation basically
aims to help young aspiring artist and producers to devel-
op their skills. I had that chance to perform and I must say
that I enjoyed the intimate setting with the kids,” she
said.

Her inspiration to do what she does comes from within,
but one person she admires greatly is Lauren Hill. “She is
very versatile and the way she infuses Caribbean music
with reggae, R&B, and soca is similar to what I do.”

After a fulfilling 2008, Ta Da is excited about this new
year and said one thing she would like to see is artists of
all disciplines campaign to support the disparity of art

- forms in the Bahamas. :

_ “After the incident with “Lil Wayne and the no show’
we must start to have a greater respect for our local artists.
We must show a sense of pride for the work that they
put forward. I am not saying that they should like the





NOTICE

NOTICE is hereby given that WILLY BERNABE of,
MOUNT ROYAL AVENUE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of
| The Bahamas, and that any persoh who knows any reason

why registration/naturalization should not be granted, |
should send a written and signed statement of the facts
within twenty-eight days from the 14" day of January, 2009
to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.














PROGRESSIVE SERVICE ORIENTED COMPANY
LOOKING FOR A FEW GOOD PEOPLE.

CONTROL SYSTEMS ENGINEER

Extensive prior experience on diagnosis and
repairs to onboard electronics and control
systems mandatory. Experience repairing AC
and DC circuits and componentry Manadatory.
Minimum 10 years experience required. Top
wages. Uniforms furnished after probationary
period.

Please come by and fill out an application,
and give us your resume at:

Bahamas Mack Truck Sales Ltd.
Rock Crusher Road j
Nassau, Bahamas





















NOTICE js hereby given that MARIE JEAN-PIERRE of
| CULMERSVILLE, P.O. BOX N-10461, NASSAU,
THE BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows. any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 7" day of
January, 2008 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.













NOTICE is hereby given that NANNELL LAVELLE EXANTUS
of RUSSELL TOWN E.M.R, GRAND BAHAMA, BAHAMAS is
applying tothe Minister responsible forNationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas.
and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
14th day of JANUARY, 2009 to the Minister responsible for
Nationality and Citizenship, PO.BoxN-7147, Freeport, Bahamas.

NOTICE is hereby given that Dr. HOMER NEWTON
BLOOMFIELD of , #16 LARMANIQUE CONDOMINIUMS,
“MOUNT VERNON, P.O.BOX CB11895 NASSAU, BAHAMAS.
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 14" day of January, 2009 to the Minister responsible for
nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.











work we do because we are Bahamians, but they should
like it because it’s good and even more because it was
done by Bahamians. I definitely hope that my work in
the near future paves that way.”

)f AAA :
| was surrounded with

music all my lite. Growing

up my dad wrote sdhgs as.
well as led songs in.

“

YS



YY

church. | also have a lot
of tamily members who
are very talented in music.

NOON





SON A

NOTICE is hereby given that OCNEL JEAN-PIERRE of
CULMERSVILLE, P.O. BOX N-10461, NASSAU,
THE BAHAMAS. |s applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 7" day of
January, 2008 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE.

NOTICE is hereby given that STUART TAVARES of OLD
FORT BAY, NASSAU, THE BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and










that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed. statement of the facts within twenty-eight days
from the 6": day of January, 2008 to the Minister responsible
for Nationality and Citizenship, P.O. Box N-7147, Nassau,

The Bahamas.


THE TRIBUNE WEDNESDAY, JANUARY 14, 2009, PAGE 9B









MAGNIFIE
MAGNIFICENCE

When artists collaborate, it's a com-
pletely different experience — multiplied
in magnificence — to seeing just one
artist.

Now, any of these artists would have
been great on their own, but there was
something a lot hipper, a lot more
emphatic when seeing a drift
wood/glass/metal table by Morgan McK-
inney next to a horse merry go round
box by Lillian Blades; wood block prints
by Omar Richardson right next to mixed
media paintings by Jason Bennett; inte-
rior designer Gabriela Carusone's Man-
hattan residence plans as compared to
Margaret Amy Reiach Saiter's water-
colour Bahamian Angel, Scharad Light-
bourne's photograph of Andre Chap-
pelle, as compared to the collage works
of De Brown, and the interpretive por-
trait and essay about Troy Davis by
Lavar Munroe next to photographer



@ By LISA LAWLOR
Tribune Features Writer

THE newest genera-
_tion of Bahamian
artists have revolu-
tionised the art show,
bringing together each
of their talents in the
Savannah College of
Art-and Design
(SCAD) reunion in the
first show of the New
Year, Friday January 9





DE DE BROWN
pencil sketch. SCAD graduate
2006, BFA interior design with
minor in photography.

GABRIELA CARUSONE’S

Manhattan Residence plans in marker and
coloured pencil with photoshop. SCAD -
graduate 2006, BFA interior design.



SARUSYAUE

@ OMAR RICHARDSON’'S
“Chico Story”. Woodblock on print. SCAD

graduate 2007, BFA print making and com-
mercial photography.

© MARGARET AMY
REIACH SALTER’S

“Bahamian Angel” in water-
colour and.pencil. SCAD grad-
uate 2000, BFA illustration.

Clay visions

@ By JEFFARAH GIBSON

THROUGH ceramics, thoughts, ideas,
and visions come alive as the clay is sculpt-
ed and molded to perfection. Kathryn
Farmer potter, is allowing people of all
ages the opportunity to learn to make pots
by offering an eight week course that is
set to begin on January, 27.

During the course, kids from ages 8-12
years will learn basic hand building, and
will partake in projects that include sculp-
ture, tile building, animal making, and
bisque ware. The adults, will learn hand
building sculpture techniques as well as
surface decorations and create varied
pieces including tiles, sculpture and much
more. “The course is very basic and you
don’t need any experience in pottery at
all, everything is quite easy to learn and
once they have learned the basic tech-
niques they are able to be free with their
work,” she said.

Ms Farmer has always been intrigued
with painting, glazing, carving, and many
other forms of surface decoration. And







créme.

to 2007.



she is hopeful, that once students learn
the basic skills for hand building and sculp-
ture they will find the tools second nature.
This will then enable them to become
more free to,let their ideas and creativity
be their guide in making their artwork
have its:own unique signature and look.
The process of making pots is not long,
says Mrs Farmer and it is quite enjoyable.
“Clay starts out as a soft and pliable
material. Once it is formed and left to dry,
it is hard tothe touch but very fragile.
Next, the piece is bisque fired in an electric
kiln where it will harden but still be porous
enough to accept glazes and other materi-
als used for decoration and personal
expression. The decorated or embellished
piece is then fired at least one more time to
complete the process of making one’s own
object of creative artistic expression,” she

‘explained.

Clay is very easy medium to work on
and it can accommodate changing visions
or ideas. “The one thing I love most about
the clay is that if you have a different
vision, it’s easy to change it,” she added.

at Popop Studios.



Jonquil Wong's photos.

Each piece inspired feelings of won-
der, and because they represent the
artist's absolute best work, you know you aré seeing la créme de la

Studying at SCAD in different artistic pursuits, these artists studied
subjects from photography and interior design to painting and print
making, while showcasing works of graduates spanning a decade — 1996

Each artist's works can be seen at Popop until February 14.

: # Riana 4 ‘ Ra
WORK BY KATHYRN FARMER

Ceramics is a versatile art form, the clay
can take the form of anything and as stu- :

dents develop awareness about the art,

and as they begin to produce various pro-
jects, their work will not only be visibly ;

appealing, but meaningful as well.

Ms ‘Farmer said she hope students
enrolled in the course acquire an appreci- ;

ation for making pots and says that for ; began Ms Isaacs’ art school,” but now she considers herself “ just

her, time stops when she is working.

“T did many art forms including painting,
drawing, papier mache, printmaking, plas- :

ter casting and more in the past, but I have

much more love for pottery. As an artist :
and teacher of ceramics I have been main- }

ly concerned about the form and the many : have to look at.”

different ways the surface of clay can be
treated.

“Clay is fun, challenging, and good all at
the same time. I think we are changed by

the things we create. It is possible to lose
track of time and get lost in the creative

process when working with clay. Like any
other form of art or activity, when we are ;

totally focused we are lost and therefore
found in the present moment.”



@ [AVAR
MUNROE'S
“lam Troy Davis”,
portrait and essay.
SCAD graduate
2007, BFA illustra-
tion. This piece
explores the case of
Bahamian born
Davis in his alleged

_ murder of a white
Savannah policeman
in 1987. Lavan
explores the injus-
tive of the death row
system for someone

.whose testimony
was submissed eas al ne a oe cde
: ’ E Nalslteireli t¢ AT Pail fy

cal evidence and —
unsure eyewitnesses.






e JASON BENNETT'S
“No Trust No Hope” (one of series)

in mixed media. SCAD graduate
1997, BFA painting.




“Andre Chappelle” photograph. SCAD
graduate 2003, BFA graphic design.



, Young artists in full bloom

FROM page 10

based on quality, size, and popularity, and just about all of the pieces
were marked over $100 dollars.

Dyah Nielson13, had one of the largest pieces on display; a
Junkanoo headpiece 3 feet by 4 feet that sold for over $500 dollars.
According to her the painting was not her favorite piece, but she
was happy to sell it.

Leah Ritchie 15, sold more than half of the 13 pieces she placed
in the show, saying many of her pieces display different parts of her
personality. “The dark colours are like my angry parts and the
bright colors are my happy parts and I just put everything togeth-
er and see what it comes out like.”

‘According to Leah, she was a “horrible artist when she first

okay.”
Leah's mother said she is proud of her accomplishments and
thought the art show was a wonderful expression for the children.
“I’m very proud of her, she has worked hard and it’s just so
wonderful to see how far she's gotten in such little time,” said
Mrs Ritchie. “We have a lot of young talent in the Bahamas that we

Cydne Coleby, 15, said she is very happy about selling her
pieces, which all included vibrant color and abstract subjects. She
said of one piece: “I never wanted to do anything traditional.”

Cydne had been an art student for three years and feels she has
made vast improvements to her skill and style over the years.

"I’ve come leaps and bounds when I think about the first one
(painting),” said Cydne.

Another one of Ms Isaacs students, Kirkwood Deal, 14, said
Cydne’s work is very good and that it describes her.

“Now she is viable,” he said:
~firea 1890 §# — TaDareleasesnew
pestaurant album I'm That Girt’
; Peview see page eight

See page seven








oe The Tribune SECTION B¢ ~

WEDNESDAY, JANUARY 14, 2009

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L M . a Le a N ) i Vy) ae /

SOME of the breathtaking paintings showcased by uA
the country’s up and coming artists. : Lah

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