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 ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

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

Record Information

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

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Court hears explicit testimony
in Earl ‘Randy’ Fraser retrial

@ By NATARIO McKENZIE
Tribune Staff Reporter

EXPLICIT sexual details
emerged yesterday in the retrial of
Bishop Earl ‘Randy’ Fraser, as
the young woman whom he is
alleged to have had a sexual rela-
tionship with four years ago took
the witness stand.

The alleged victim, now 20, told
the court that Bishop Fraser,
senior pastor at Pilgrim Baptist
Temple, had sex with her on
numerous occasions at his home
off Prince Charles Drive and at
his church office, usually before
bible study. The young woman,

who was 16 at the time, told the
court that Bishop Fraser also
called her every day for phone
sex. She said that before the inci-
dents took place, she respected
Fraser as a man of God.
Prosecutors allege that Fraser,
who is on $10,000 bail, engaged
in a sexual relationship with a
dependent between July 2005 and
February 2006. The alleged vic-
tim, whose name must be with-
held, told the court that in May
2005 she had moved in with her
grandmother after her mother had
kicked her out of her home. She

SEE page seven




The Tribune

=USA TODAY.

BAHAMAS EDITION

www.tribune242.com

TUESDAY, MAY 5, 2009

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Sweet Tea



Resort ‘is
robbed of
S2.5 million’

Sandals allegedly the target
of embezzlement scheme

m By PACO NUNEZ
Tribune News Editor

SANDALS Royal Bahamian
Resort was the target of an
embezzlement scheme that
siphoned off around $2.5 million
from the company over 13 years,
The Tribune has learned.

The scheme is thought to
involve a small group of employ-
ees and two tellers at a local bank.

A spokesperson for Sandals
admitted the company has uncov-
ered some financial irregularities,
but declined to comment further
as “the matter is with the author-
ities.”



According to a well placed
source, the scheme involved the
submission of grossly exaggerated
supply bills to management. Once
cheques were issued for the inflat-
ed sums, one of the conspirators
would take them to a particular
bank branch, where a teller com-
plicit in the scheme would deposit
the cheques in an account created
for the express purpose of hiding
the funds.

The tellers were indispensable
to the strategy, according to the
source, because they were will-

SEE page 11

Govt Budget deficit
‘almost doubled’

m@ By NEIL HARTNELL
Tribune Business Editor

THE Government’s Budget deficit “almost doubled” to $173.4 million for
the first eight months of its 2008-2009 fiscal year, the Central Bank of the
Bahamas revealed last night, due largely to a 10 per cent drop in import-relat-
ed tax revenues in an economic environment described as “moribund.”

The Central Bank, in its report on monthly economic developments for
March 2009, reported that year-over year, the fiscal deficit for the eight
months to February 2009 had increased by 86.9 per cent to $173.5 million,
compared to $92.8 million the year before.

Import duties, in particular, had been heavily impacted by the downturn
in economic activity that has led to less demand for imported goods. These
duties, for the first eight months of the 2008-2009 Budget year, were down
26.91 per cent at $251.5 million, compared to $344.1 million the year before.

None of this is surprising, given that Prime Minister Hubert Ingraham had
foreshadowed the dramatic fall-off in import duties as a result of decreased

SEE page 11

The Taste
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Isfkesoine) Hlkege alasolOtayyy



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atti Clarke/Tribune stat wil

BISHOP ‘RANDY’ FRASER waits to Pell TAMeXOLU GMAT ersiCc Och

Plans to reform US tax policy
Snlit local financial insiders

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

LOCAL financial insiders were
split down the middle yesterday
on the possible ramifications of
the United States’ intention to
reform its tax policy, clampdown
on US tax loopholes and facili-
tate a crackdown on so-called “tax
havens.”

Speaking from the White
House yesterday, US President
Barack Obama announced his
administration's plans to reform
that nation's tax policy — in keep-
ing with one of his campaign
promises — and crackdown on
overseas “tax havens.”

Managing partner of prominent
local accounting firm Deloitte and



Touche Raymond Winder said
from a first look it appears the
impending policy change will have
a "minimal impact" on the
Bahamas’ off-shore financial sec-
tor.

Jurisdictions like Bermuda and
the Cayman Islands, home to
many large American companies,
are more likely to feel the sting
from the proposed policies, he
said.

But Paul Moss, PLP-hopeful
and managing director of financial
services company Dominion Man-
agement, sees the impending tax
reform as a direct threat to the
country's second industry.

"We could expect to see signif-
icant repercussions for the

SEE page 16

Amnesty calls for investigation
into asylum request rey jection

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

AMNESTY International [f
has called for a “full and thor-
ough” investigation into the cir-
cumstances surrounding the
Immigration Department’s
decision to reject a request
from a Haitian man for political
asylum. It is reported that the
man was “executed” on his
return to Haiti.

Meanwhile, the internationally-renowned human rights organisation
called on Immigration officials to postpone the repatriation of the
man’s widow and baby until the outcome of such an investigation.

The organisation’s statement came as Immigration Director Jack

SEE page 16

Anderson Pierre



Jetta Baptiste

Police called to
Worker’s House

POLICE were called to keep
the peace at Worker’s House yes-
terday as tempers flared over
nominations for the Bahamas
Hotel Catering and Allied Work-
ers Union’s May 28 elections.

The BHCAWU based at
Worker’s House on Harrold
Road is holding elections to
choose the next president and his
team of executives.

Current union president Roy
Colebrooke is running for the
position again and about 200
members of the 5,000 strong
union are expected to nominate

SEE page seven



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PAGE 2, TUESDAY, MAY 5, 2009

THE TRIBUNE



Scores join queue for jobless benefits

at NIB
where laid off
workers picked
up unemployment
cheques.

Tim Clarke/
Tribune staff



Original Famous Bow!



m@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

SCORES of jobless men and
women lined up at the National
Insurance Board headquarters in
Baillou Hill Road yesterday to
collect the first unemployment
benefit cheques.

The benefit, made available to
out-of-work Bahamians for the
first time ever, is being distributed
to around 4,000 people in the first
wave of collections this week. The
2,800 New Providence residents
eligible to receive their cheques
were divided into two groups
asked to collect their benefits yes-
terday and today, and deputy
director of NIB Cecile Bethel said
all is running smoothly so far.

“We expected around five to
six thousand applicants so it has
turned out to be what we expect-
ed in terms of persons who quali-
fy for it. There was that 10 to 12
thousand figure in the air, but the
number that has turned out is
more like the number we thought
and what the Department of Sta-
tistics thought.” Although around
20 per cent of the 5,800 applicants
have experienced delays in receiv-
ing their benefits, Mrs Bethel said
NIB is gathering the necessary
information from them to proceed
with the process as soon as possi-
ble. Those who do not qualify will
be informed by the NIB.

Around 1,100 applicants are
picking up their benefits cheques
in Grand Bahama this week, and
the rest will pick up their cheques
in the Family Islands.

For Soldier Road resident Bee
Ingraham, 43, who lost her job at
the Radisson hotel two years ago,
the benefit will go far.

She said: “It will be a big help
for us because we aren’t working,
and something is better than noth-
ing. We have our bills to pay so we
appreciate what the government is

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ACHOICE



doing.” And Brian Kemp, 50, of
Hercules Street, Mason’s Addi-
tion, who has been out of work
for six months praised the gov-
ernment for the scheme. “I think
it’s something positive on the gov-
ernment’s behalf, after all it’s our
money and it’s a little help,” he
said.

“T have been paying National
Insurance since 1974, and now I
need to be contributed back.”

Young mother-of-one Desiree
Cartwright, 29, of College Gar-
dens, Nassau, lost her job as a pit
clerk in the Atlantis casino in
November. She said: “I have a
five-year-old son to take care of so
it’s going to help a lot. Some peo-
ple are too proud to register and
come and get it, but if you have
been working and paying Nation-
al Insurance they should be able
to give you something.

“Tm not proud and I am not
ashamed, I worked at Atlantis for
seven and a half years and paid
National Insurance so I’m com-
ing to collect what’s mine.”

Most of those collecting bene-
fits yesterday said the money will
be divided between utilities bills,
grocery bills, and school fees for
their children. Miss ‘S’ Murphy of
east Nassau, who lost her job at a
government agency in February,
said: “I got so much things to pay
right now, so it will pay for what-
ever I happen to go to first — the
light bill, the phone bill, food and
clothes. I can’t put it all on one
thing; I will just have to put some-
thing here, something there.

“T don’t have kids and ’m
struggling so I can imagine those
who have children and a mort-
gage or rent, cell phones and
water bills to pay. If I’m screaming
bloody murder I can imagine how
they are screaming.” Mother-of-
three Quetel Rahming, 32, of
Mason’s Addition, who lost her
pre-school teacher job a year ago,
said money would cover needs.

A MEMBER Of the Con-
cerned Citizens Committee
who was branded “a joker”
in the final edition of The
Tribune’s Aces and Jokers
article is promising to once
again lead a protest to the
steps of the newspaper.

Community activist Ricar-
do Smith said he was out-
raged by the article, written
by former Tribune Managing
Editor John Marquis in his
popular column
Insight.

Mr Smith said
that if he has his
way, members
of the CCC will
buy a burial plot
near The Tri- -
bune and fol- JOHN
lowing their MARQUIS
march, bury as
many copies of Insight as
possible. Responding to Mr
Smith’s comments, the now
retired Mr Marquis quipped:
“T only hope that it’s a
respectful burial.”

Mr Smith, who recently
took part in a protest against
Mr Marquis’ series of articles
on former prime minister Sir
Lynden Pindling, said that he
will convene a meeting of the
CCC to determine what
action they should take to
show their disappointment in
The Tribune for “allowing
Mr Marquis to write such a
vicious attack against good
Bahamians.”

The Pindling articles quot-
ed former PLP treasurer
Chauncey Tynes as alleging
that his son flew money from
drug dealer Joe Lehder, who
had set up his headquarters
in Norman’s Cay, to Sir Lyn-
den. Mr Marquis, in his final
“Aces and Jokers” Insight,
described Mr Smith as a “car-
petbagger” willing to hold
“public demonstrations
against anyone or anything
white, foreign or anti-PLP.”

“After his last-but-one
demo outside The Tribune,
one of his ‘supporters’
phoned the newspaper to
apologise and then added:
‘And what’s more, I didn’t
get paid.’ Now there’s a sur-
prise,” Mr Marquis wrote.



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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 3



Downright dangerous to

freedom of expression’

© In brief

Police blitz
leatls to 32
arrests and
drug seizure

POLICE mounted a special
operation over the weekend
which led to 32 arrests and net-
ted over 90 packets of marijua-
na. Operation "Bail-Out", car-
ried out by officers from the
Central Detective Unit and the
East Street South division dur-
ing the evening hours of May 1,
targeted suspected criminal
activities in the southeastern
district.

Assistant Superintendent
Walter Evans said 13 people
were arrested in the Kennedy
subdivision around 9.30pm after
officers allegedly found a .9{mm
handgun and 31 packets of mar-
lyuana inside a home.

Of those arrested, two men
were wanted by the police for
questioning in connection to
several prior armed robberies,
Mr Evans said.

During a search sometime
before 8pm on Friday - near a
bar on Zion Boulevard - officers
apprehended seven persons
after discovering 51 packets of
marijuana. Shortly before 8pm,
the joint team of officers also
arrested 12 persons when they
found 11 packets of marijuana
near a car wash on East Street
south.

THE man shot dead in his
Gamble Heights home over the
weekend has been identified by
police as Marc Estimable, 29.

Police believe Mr Estimable
was answering the door to a man
who said he wanted to buy a
phone card at lam on Sunday
when the man produced a firearm
and fatally shot Mr Espimable on
the left side of his body.

The 29-year-old was taken to
hospital and died after arrival.

A champagne coloured Hon-
da was seen leaving the area after
the weapon was fired. Police are
appealing for information from
the public and anyone who might
be able to assist investigations
should call police on 911, 919, or
call Crime Stoppers anonymous-
ly on 328-TIPS (8477).

Police itlentify
accident victim

POLICE have identified the
man who died when his car
crashed into a utility pole off the
Queen’s Highway in Cargill
Creek, Andros, early Saturday.

Romeo Bain, 31, was rushed
to a local medical clinic after the
accident at around 2am on Satur-
day and died after arrival.

Two other men who had been
in the 1999 Ford Mustang when it
crashed were airlifted to hospital
in New Providence.

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

NEW communications legis-
lation debated in parliament
yesterday provides for the reg-
ulation of what is aired on tele-
vision and radio to an extent
that is “downright dangerous”
to freedom of expression in this
country, MP for West End and
Bimini Obie Wilchcombe
claimed.

While various members of
parliament heralded the pro-
posed legislation as “critical”
and of a “landmark” nature,
intended to propel the Bahami-
an communications sector into
the 21st century, Mr Wilch-
combe gave his support for the
Bill but claimed it contains pro-
visions of which the public
should be wary.

Government MPs retorted
that the Bill goes no further
than similar legislation enacted
in other “modern societies.”

Parliamentarians were con-
tributing to the debate on a Bill
for an Act to Provide Commu-
nication Services, which Prime
Minister Hubert Ingraham has
said must be passed in order to
provide the regulatory frame-
work for a soon-to-be privatised
BTC.

Calling into question the
“sweeping powers” granted to
the regulator created under the
Act — the Utilities Regulation
and Competition Authority
(URCA) — Mr Wilchcombe said
the “politically appointed” body
will be able “to choose what the
people of the Bahamas can and
cannot see, or hear, on radio
and television.”

This includes the responsibil-
ity of issuing codes to regulate
“everything from the news to
political broadcasts to advertis-
ing content.”

“We on this side of the House
are committed to a media that is
free, responsible and indepen-
dent,” said the MP and former
ZNS general manager.

However, government MPs
rejected the thrust of Mr Wilch-
combe’s argument about
URCA.

Minister of Education and
MP for Seabreeze Carl Bethel
responded that he found it
“interesting” that Mr Wilch-
combe should lecture the gov-
ernment “on freedom of expres-
sion”, given that when in man-
agement at ZNS, he was, in Mr
Bethel’s view, “the moral equiv-
alent of a committed propagan-
dist.”

Mr Bethel said the legislation
will “make the Bahamas poised
to receive and to embrace the
brave new world of the highest
and most efficient (communi-
cations) technologies.”

Meanwhile, although admit-

MP warns about proposal
to regulate TV and radio

_
Obie Wilchcombe



ting that URCA will be “one
of the most powerful regulators
ever created in this country”
Minister of State for Finance
Zhivargo Laing suggested its
authority will not extend to
“broad censorship.”

Standards

The role of the body in terms
of “content regulation” will be
to ensure that “community stan-
dards” are upheld, with “inap-
propriate material” and that
which might create a risk to
public safety prohibited, said
Mr Laing.

Minister of State for Public
Utilities Phenton Neymour pro-
posed that URCA will be a
“watchdog for the (interests of
the) consumer.”

“The establishment of
URCA will engender a high
level of confidence among tax-
payers and investors alike,” he
said. “Our utilities sectors have
continued as sheltered niches
through the comfort of monop-
olistic lethargy where the forces
of change, innovation, efficien-
cy, service quality, customer sat-
isfaction and productivity have
been weakened through an
absence of accountability, which
will be brought to bear by the
URCA.”

He outlined how the URCA



“We on this
side of the
House are
committed to
a media that is
free, responsi-
ble and
independent.”



will be charged with ensuring
all communications operators
are licensed and “meet mini-
mum operational technical and
service standards” so consumers
get their money’s worth.

If they fail to meet certain
requirements they may face
fines, or the possibility of having
their licensed revoked.

Mr Neymour added that
through reviewing the objec-
tives and ideals the legislation
seeks to advance for the sector
— including efficiency, afford-
ability and sustainable compe-
tition — the public will be able to
get “a preview of the govern-
ment’s policy and objectives for
all utilities sectors.”

“We have reached a turning
point in our national develop-
ment and our current global
economic challenges demand
that we become ‘lean’ and effi-
cient ... the regulation of the
water and energy sectors must
follow,” said Mr Neymour, stat-
ing that government will seek
to formulate such guidelines
within the next year.










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Business as usual
for troubled FML

DESPITE their recent legal troubles,
the FML Group of Companies remained
open for business as usual yesterday.

When they raided the FML headquarters
on Village Road last week, police confis-
cated computers and a large quantity of
cash. Customers of the establishment say
they remain loyal to the business and con-
tinue to play the local lottery — without
fear of being harassed or arrested —
ae gambling by Bahamians is ille Tea mci

Wishing to remain anonymous, a num-
ber of lottery players vented their frustration over the recent crack-
down on the underground gaming industry.

Challenging the police to find and prosecute “the real crimi-
nals,” one customer, who identified himself as “Tight Coat”, claimed
that Bahamians must stop being so hypocritical about gambling.

“The government really needs to legalise the system so we can
stop dancing around this issue. The churches have their raffles and
whenever the carnival comes no one raises hell about their ‘up and
down’ games that are clearly based on chance.

“Tt is all the same. It’s a gamble. But with all these teachers
messing with little children I thought we would have bigger things
to talk about than buying one lil’ two dollars uh’ numbers,” he
said. Another player, who wanted to be known as “Shemarco”,
said she hopes the government will take a serious look at the num-
bers system with an eye to legalising the industry in order to ensure
that the country gets its fair share of revenue in the form of taxes.

“Tf they are trying to shut it down they are going to cause a lot of
problems. A lot of people are employed with this. With this reces-
sion we can’t afford for another person to lose their job, so I don’t
see why the government would want to put someone out of a job —
especially now,” she said.

Last week, FML CEO Craig Flowers along with 20 others
appeared in court in connection with gambling related charges.

M Flowers was charged with permitting his web shop to be used
for the purpose of conducting a lottery.

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Three Bahamian-registered ships
attacked by pirates this year

m@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia. net



A BAHAMIAN registered ship hijacked in the Indian Ocean’s
Gulf of Aden on Friday was the third locally registered ship to
be attacked by pirates this year.

But the Somali pirates attacking the Greek-owned tanker,
the mv Kition, on Friday evening were thwarted by a NATO
operation conducted by a Portuguese warship.

Commander Chris Davis, from the control centre for the
NATO mission protecting ships off Somalia, said the Portuguese
frigate Corte Real sent up a helicopter on Friday after being told
of an attack on the Bahamian-flagged tanker.

The helicopter pursued the pirates back to their mother ship,
a fishing boat which was later boarded, and weapons including
grenade-launchers and explosives were seized.

The NATO force said the 19 pirates captured had been
released, “after contact was made with Somali national author-
ities.”

There has been a surge in pirate attacks off the coast of Soma-
lia in the last month as favourable weather conditions provided
better opportunities for the pirates, and the high-risk window is
expected to continue in May before the seas become rougher in
the monsoon season of summer.

Naval ships from the European Union and NATO have
thwarted several attacks in recent days, either preventing hijack-
ings or capturing suspected pirates.

The Bahamas Maritime Authority maintains that three
Bahamian vessels were hijacked in 2008 and have since been
released, and the latest attack is the third Bahamian vessel to be
hijacked this year.

The MT Bow Asir, was hijacked on March 26 and released
April 10. One Bahamian vessel is still being held.

Ricardo Delaney, senior nautical inspector for the Bahamas
Maritime Authority, who gave a presentation on piracy to a
Caribbean sub-regional workshop last month, said pirates oper-
ating in the Indian Ocean and the Gulf of Aden are not selective
in their targeting and ships of all nationalities are at equal risk.

He said: “The biggest problem we have with this is that all of
our laws are so antiquated we don’t have laws to deal with pira-
cy, and they are being released.

“When ransoms are paid, around 50 per cent goes to the
pirates and the other 50 per cent goes to negotiators and lawyers
in the UK in particular, where people are profiting from this sit-
uation.”

He added: “There’s a lot of history behind piracy in Somalia.

“They haven’t had a stable government for 16 years, so most
of the country is ruled by warlords and the obvious solution
would be to have a stable government there, but that is not
likely to happen for quite sometime.”

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PAGE 4, TUESDAY, MAY 5, 2009

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

WEBSITE
www.tribune242.com — updated daily at 2pm

Journalism of newspapers must be preserved

ALBANY, N.Y. — The other day a man
unknown to me stopped me on the street
and asked how I felt about what was hap-
pening with newspapers. He told me he sur-
mised my feelings.

All newspapers are suffering, some more
drastically than others, as a number of papers
are closing down while others are sharply
cutting staffs, threatening their ability to per-
form as they once did. Newspapers are not
alone. Their misery finds company in the tur-
moil afflicting all media — magazines, books,
network and cable TV.

Downturns in the newspaper business are
nothing new. During my decades as an editor,
there were better times and worse times.
There were spurts of growth offset by retrac-
tions in rough syne with how the economy
fared.

Everyone who has a dog in this fight is
convinced that the present crisis is not just
another cycle to be endured and then sur-
mounted. There is consensus that the damage
being done in advertising and reader sup-
port is permanent and presages a new world,
which might not be as brave as it needs to be.

Over the years, business leaders of news-
papers cautioned their editorial colleagues
to keep in mind the fate that had overtaken
railroads.

Railroads, they said, thought they were in
the railroad business, when actually they were
in the transportation business (and thus
remained stuck in their declining ways as air-
planes came along to supplant them).

Never were such admonitions more appro-
priate than today. As readers depart to the
new world provided by computer technology
that is enhanced by wondrous devices that
equip them with endless alternatives to the
printed word, the challenge for newspapers is
how to do their thing through whatever
venues present themselves.

It is to be hoped that sooner rather than lat-
er newspapers will be adaptable as technology
Opens more avenues and thereby will hold on
to their traditional franchise to provide infor-
mation of value to their customers.

Hope glimmered last week as the national
Audit Bureau of Circulations reported that
the Albany (N.Y.) Times Union increased
its combined print and online readership 8.7
per cent and registered a slight increase in its

Sunday circulation. In a time of distress and
declines, that was most welcome.

That glimmer of hope needs to produce
real income either through readers paying
for the paper online, which they don’t now,
and-or increasing advertiser support.

The real issue for newspapers is, as it was
earlier for railroads, not totally remaining as
they were in their heyday.

Likely some local and metro newspapers
will still somewhat resemble their present
selves.

From my viewpoint, the core of the prob-
lem is the gravity of the journalism of the
future.

As papers and magazines abandon print
and shift to the Web, they tend for econom-
ic reasons to surrender the mission that
inspired me in 1948 to walk into the lobby of
the New York Herald Tribune to get my first
newspaper job.

The responsibility of journalism is to dis-
cover truth to the best of its ability and to
convey it to its customers. That means devot-
ing resources to investigative and explana-
tory journalism, both of which have dimin-
ished as newspaper revenues fall.

They are costly to do, along with all spe-
cialty reporting.

Often it is to risk unpopularity as well as
advertiser support to speak truth to power
(recognizing that the “truth” of journalism is
not the “truth” of religious revelation).

To make up for the shortages becoming
apparent in these challenging economic times,
some foundations have begun to underwrite
the kind of probing journalism that was the
hallmark of the better newspapers.

That is innovative and certainly helpful —
but insufficient. It is not the preservation of
the format of newspapers that matters as
much as the preservation of the content of
their best journalism in whatever form it is
communicated.

The First Amendment to the Constitution
invested the press with enormous power and
concomitant responsibility.

However media evolve, if they don’t live up
to challenge of that power, they will not serve
the public as the Founders intended.

(This article was written by Harry Rosen-
feld - c.2009 Albany Times Union).



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Democracy

does not live
in the PLP

EDITOR, The Tribune.

The back and forth between
PLP Deputy Leader candidate
Philip Brave Davis, former
chairman Raynard Rigby and
Senator Jerome Fitzgerald is
proof to me that the party is
hell bent on stifling freedom
of speech and attempting to
cripple the intentions of any
upcoming young blood from
infiltrating the “old guard.”

As far as preventing peo-
ple from expressing them-
selves, one only need to look
at the behaviour of the PLP
regarding John Marquis. Free-
dom of speech is a no-no in
the PLP.

It is amazing how and why
Mr Brave Davis would be
uncomfortable when a
Bahamian expresses himself
about an institution that they
are a part of. It is equally
astonishing that no less a per-
son than Mr Raynard Rigby
who was mandated not so
long ago to speak to the pub-
lic on the PLP’s behalf now is
not permitted to give his per-
sonal opinion.

Most Bahamians would
agree that a bright Bahamian
son like Mr Rigby who almost
became a martyr for the PLP
would not intentionally do
anything to hurt his own party.
So why is everyone in the PLP
so paranoid? What is there to
hide? Everyone knows that
the PLP has a reputation for
corruption; the commission of
Inquiry said that, so what else
is new?

As recently as 2008 the
weaknesses of the PLP were
exposed in a report that was
sanctioned by the PLP. Is it
that there is a plan to shut out
people like Raynard Rigby,
popular activist Paul Moss and
now outspoken Jerome
Fitzgerald. Regardless what
side of the political divide you
may be on, these gentlemen

LETTERS

letters@tribunemedia net



are not fools and apparently
would not allow the likes of
Davis and Christie to muzzle
them.

Is Mr Davis speaking for the
PLP, Perry Chrisite or for
himself?

Is the new game plan
designed to frustrate any
attempt to change the guard,
or is there a master plan to
discourage young bright
Bahamians with independent
thinking from advancing in the
PLP? The PLP obviously has
no place for our country’s
youth.

Bahamians have been told
before that something existed
called the “New PLP”. But we
soon found out that it was
business as usual. Bahamians
watched in horror while scan-
dals after scandals were
heaped on the PLP during
their last tenure. This is proof
that nothing has changed and
it seems to me like none of
the key players in the PLP
wants any change. So they
close ranks on anyone who
interferes with “their things.”

The PLP is in such disarray
and is obviously eating itself. It
is no wonder that there is tur-
moil in all quarters. This is an
opportunity for the character
assassins of the party to “take
out” anyone who is not “one
of the boys.”

We expect the mercenaries
in the PLP to now surface with
all of the focus trained on Mr
Rigby because they seem
unwilling or afraid to attack
Mr Moss, possibly because of
the unknown. They should be
careful and beware. Mr Rigby
should expect the PLP to send
the crudest member of the
party after him. He should

expect all manner of evil
against him because he dared
to buck the party. Are his
recent utterances an excuse
now for the cowards to use
the unwise to do their bid-
dings?

People like Mr Rigby and
others like Paul Moss would
soon realise the full brunt of
the PLP, especially if they
attempt to change anything.
The energy wasted to try to
“teach old dog new tricks”
would be better spent if some-
one could gather enough guts
to step out boldly and start
something new, rather than
risk being tainted with the
PLP as we know it. Maybe
that would be best for democ-
racy. Failing to do this, one
could easily conclude that all
involved are comfortable with
the status quo.

The patient (PLP) is on life
support, it is only a matter of
time before a decision must
be made to “pull the plug”, or
risk precious time and money
to revive the patient and have
them survive as a vegetable.
These are the facts and any
attempt to suggest otherwise
would be uncivilised.

The PLP reminds me of the
Republican Party, both are in
disarray, both are accusing
each other, both are prepared
to hide their heads in the sand,
both are unwilling to accept
their fate, both are leaderless,
both use the most unpopular
member to advance their mes-
sage, both are digging holes
that would take a miracle to
recover from and both would
destroy everything that looks
like progress if it will give
them some public relations.
This is sad.

IVOINE W
INGRAHAM
Nassau,

May, 2009.

Dear PM, it would be great if you
would follow your own advice

RE: PM Urges Leaders To
Focus On “Real Issues”

EDITOR, The Tribune.

As many economies world-
wide are plagued by negative
growth, a reduced level of for-
eign direct investment, public
sector debt and rising unem-
ployment, Prime Minister

SHOP & ENTER TO WIN /OF 3
PRIZES FOR WOW

Hubert Ingraham urged
Caribbean leaders to be clear
in their purpose and firm in
their resolve.

Please pass my comments on
to Prime Minister Hubert Ingra-
ham.

Dear Mr Prime Minister:

It would be great if you
would follow your own advice.
We are at a point in our history
where we need to be more cre-
ative in attracting jobs or
encouraging job creation in the
Bahamas.

Example:

(1) Three LNG projects on
the “Government tables” for
over five years with no resolu-
tions. The approving of these
would have increased employ-
ment not for the short term, but
for the long term, the trickle
down effect into the country
would be felt in the housing,

food, transportation and power
generation areas. All of these
would benefit future genera-
tions.

(2) National Lottery not put
in place, but you shut down the
web shops and stop the employ-
ment of those who work in the
area.

The National Lottery would
have gone a long way to proving
long term employment and
increase the amount of funding
for education and sports devel-
opment in this country.

It is time for us to stop trying
to be a first class modern coun-
try with a backwoods mind set.
Those persons who do not want
to use the services have the
right to just pass on the option.

SIGMUND WILLIS
Freeport,
April 2, 2009.

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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 5



LOCAL NEWS

Call for ‘full lisclosure’ on
plans to move container port —

RAISING the spectre of potentially adverse
social and environmental impacts, a PLP senator
has called on the government to issue a “full and
proper disclosure” of all developments connect-
ed with its plan to move the shipping container
port from downtown to Arawak Cay.

PLP Senator Jerome Fitzgerald has alleged
that a “veil of secrecy” surrounds the govern-
ment’s planned relocation of the container port. [

Last week, he tabled a resolution in the Senate
calling for the government to address concerns
that the relocation of the port and related plans
to construct a new roadway could negatively
impact property values, Saunders Beach and the
environment surrounding Arawak Cay as a

whole.

Jerome Fitzgerald

He reiterated that Arawak Cay was considered to be “‘not the most suit-
able site for a new port and in fact a less suitable site than the present site
on Bay Street” in the analysis conducted by international consultant

firm EDAW.

“No environmental impact, social, economic or financial impact stud-
ies have been released by the government with regard to the removal of
the port to Arawak Cay, or the vicinity of Arawak Cay, and the rede-

velopment of the City of Nassau,”

said Mr Fitzgerald in his resolution.

“There is concern expressed publicly that the movement of the
port may have certain adverse environmental and social impacts,” he

added.

‘Brotherly love’ campaign

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

FREEPORT - A national
campaign to promote “brotherly
love” was launched in Freeport
to encourage acts of love and
kindness towards those facing
economic hardship.

Patrice Stubbs, founder of the
activist group “Carry Your Can-
dle, Light the Bahamas”
(CYCLTB), said they are aiming
to launch a national “fuelled by
love” initiative within communi-
ties of the Bahamas.

She said the year-long initia-
tive officially commenced on Fri-
day, May 1.

Ms Stubbs said that the current
global economic dilemma and its
effects on the Bahamian people,
and the level of crime in the coun-
try are very disheartening.

“Carry Your Candle, Light The
Bahamas” will serve to unite, cre-
ate awareness and promote
brotherly love within the
Bahamas via its 12-month focus
plan,” she said.

Ms Stubbs said that each
month there will be a particular
focus and all Bahamians are
asked to participate.

She hopes to utilise the media
to promote the campaign through
sponsored radio and television
ads for airing on all 17 stations
throughout the Bahamas, as well
as printed ads in the newspapers,
billboards, posters and by e-mail.

Ms Stubbs said the first mon-
th’s focus is on unemployed per-
sons. She noted that there are
many persons feeling helpless and
struggling with thoughts of sui-
cide.

For the entire month of May,
the general public is encouraged
to find one unemployed person
and do something for them, Ms
Stubbs said.

“Some persons may be able to
assist with mortgages, or rent, or
a utility bill, a medical bill, gro-
cery, gas or any kind of help
needed,” she said.

Ms Stubbs is encouraging per-

sons to write cheques to the
organisation that the individual
is in debt to.

She said the committee of
CYCLTB will lead the campaign
for the first five weeks. They will
pair up six sponsors with six per-
sons who will be assisting with
various needs ranging from med-
ical bills, mortgages, rent and gro-
ceries among other things.

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THE retrial of three men
accused of killing a police offi-
cer 10 years ago has been sus-
pended while a judge decides
whether or not to recuse her-
self from the case.

Andrew Davis, Clinton
Evans and Stephen Stubbs
stand accused of the murder
of officer Jimmy Ambrose
who was killed on March 29,
1999 at Club Rock on West
Bay Street.

Stubbs was discharged ear-
lier this year after being
accused of the murder of
alleged hitman Samuel
‘Mouche’ McKenzie.

Defence attorneys yester-
day asked Senior Justice Ani-
ta Allen to recuse her self
from the case, pointing out
that she had heard the initial
trial.

The prosecution objected to
the request for her recusal.

Senior Justice Allen is
expected to make a decision
on June 3.

Stubbs, Davis and Evans are
standing trial for a third time.

Stubbs is being represented
by attorneys Murrio Ducille
and Jerone Roberts; Davis is
being represented by attorneys
Craig Butler and Devard
Francis while Evans is being
represented by attorney
Romona Farquharson.



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; m By MEGAN REYNOLDS

? advised to remain “diligent”
? about hygiene as the swine flu
? virus continues to take hold in
; countries around the world.



? no confirmations of influenza
: A(HIN1) in the Bahamas, the
? Ministry of Health (MOH)
? and Medical Association of the
: Bahamas (MAB) are asking
? locals to do what they can to
i keep the country virus-free.

? includes everything from cov-
i ering your mouth when you
} cough or sneeze, avoiding con- BAHAMIANS have been advised to
; tact with those who are ill, and wash their hands regularly.

; washing your hands regularly.

‘Diligent’ hygiene advised to
keep country free of swine flu

Tribune Staff Reporter
mreynolds@tribunemedia.net [a

BAHAMIANS been

Although there have been

Basic hygiene advice

MAB president Dr Timothy Barrett said: “It

: is important not to act out of fear or become
? complacent. If we are to protect our borders
? from this virus, keep our citizens healthy and
? protect our number one industry, tourism, we
? have to take the threat of the virus seriously
? and make a determination to be a part of the
i prevention effort.

“Tt is not the responsibility of the government

or the Ministry of Health or any other agency for
; that matter.

“We all share responsibility as the chain is

only going to be as strong as the weakest link,”
: Dr Barrett said.

A lack of diligence will only allow the virus,

should it slip into the country, to spread rapidly
; as it has done around the world, he said.

get your oneph



The United Nations World
Health Organisation (WHO)
reported yesterday there are
1,085 cases of the virus in 21
countries, with 25 deaths in
Mexico and one in the United
States.

The WHO has set the pan-
demic alert at phase five, con-
firming human to human
_| transmission, but does not

| expect to raise the alert to the
highest level, six.

Dr Barrett stressed there is
no need for alarm as all sys-
tems are in place for health
authorities to monitor the
virus and intervene when nec-
essary.

And Minister of Health Dr
Hubert Minnis maintains there
are adequate supplies of the
prescription anti-viral medica-
tions Tamiflu and Relenza available for distrib-
ution if necessary.

The MAB will disseminate information to all
doctors so they can quickly identify the virus
and follow protocol, and will also make all rele-
vant information public.

Dr Barrett asked anyone who has experienced
at least two of the following symptoms in the last
seven days to contact their doctor or a public
health clinic:

e A fever over 100.4 degrees

e A runny nose or nasal congestion

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* Dispose of the used tissue in a
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PAGE 6, TUESDAY, MAY 5, 2009

THE TRIBUNE



LOCAL NEWS



Former PLP chairman Giger
hits out at Keod Smith |

m@ By MEGAN REYNOLDS
Tribune Staff Reporter

mreynolds@tribunemedia.net

FORMER PLP chairman
Raynard Rigby has hit out at
party member Keod Smith for
denouncing him as “damaged
goods”.

The attack on Mr Rigby, in a
media interview, came after he
said the Progressive Liberal Par-
ty (PLP) is out of touch and inef-
fective, and for failing to act on
recommendations in the Green-

berg Quinlen
Rosner exit
report that

analysed the
cause of the
PLP’s failure in
May 2007 and
suggested ways to
rebuild the party.

His comments
led former MP ;
Mr Smith to call Bo)
for the former chairman to be
expelled from the party for
speaking out of turn.

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But Mr Rigby
maintains his
words were heart-
felt and expressed
in a spirit of pro-
pelling the party
into a brighter
future.

He criticised
| Mr Smith’s attack

mere On him as the
UU result of a failed
political plot by those who are
afraid to face the truth about the
contents of the Greenberg
Quinlen Rosner exit report.

Mr Rigby added: “I do not
intend to reciprocate the
attempts of character assassina-
tion and witch-hunts.

“This is the time for us to
demonstrate to the Bahamian
people that we are a mature and
responsible opposition.

“This work is critical if we are
to be the party of choice and be
returned to the reins of gover-
nance.”

Mr Rigby maintains his con-
troversial views should come as
no surprise as he has previously
shared his opinions with both the
party leader and the public.

He said his focus since May
2007 has been on how the PLP
can restore the Bahamian dream
by expanding the economy, cre-
ating a renewed sense of com-
munity, and heralding a return
to a culture of responsibility.



“Tam fighting for a cause that
cannot be sidetracked by petti-
ness and childish bickering,” he
said.

“T will continue to hold true to
my beliefs. It may well be that
the party will continue to use its
energies to hurl more criticism
and condemnation at me, but
this is not where the PLP should
put its energies.

“There is work ahead, and
our political movement is in need
of a rebirth, of reinvention.

“We must do this to remain
relevant and in a position to
lead.”

Mr Rigby pledged to continue
to ensure the party lives up to
the hopes and dreams of
Bahamian people, and to do all
in his power to ensure that the
PLP is a strong and vibrant polit-
ical movement.

He said: “I am confident the
future of the PLP will be bright
once we demonstrate a resolve to
address the challenges that we
face.

“We owe this to our forebears
and to the future generations of
Bahamians who are depending
on us to be a part of the team
which will secure their futures.

“They can count on me; I will
not disappoint them.”

7 Tie
? crime and violence in the
? country, especially in New
: Providence.

‘fuels rise in crime’

CONCERNS have been
? raised that the expansion of
: the local drug trade is fuelling

increasing rate of

While the Bahamas is gen-

: erally considered to be a drug
? transshipment country, and
? not a producer of narcotics,
: there have recently been an
: increasing number of seizures
? of ‘home-grown’ drugs.

Bahamas Against Crime,

} an anti-crime organisation,
i said that the discovery of
? huge fields of locally grown
i marijuana, the amount of
: drug money being intercept-
? ed by the authorities and the
? large amounts of drugs con-
? fiscated by police in recent
: times, all point towards the
: drug trade expanding and
; intensifying in the country.

Said the organisation’s

? executive director Rev C B
? Moss: “What is most baffling
? is that no one is held account-
: able when large farms of
? marijuana plants are found
? on several of our islands. This
: is a new dimension of the



drug trade and must be
nipped in the bud.

“Something appears dras-
tically wrong with this and
must be immediately cor-
rected. The owners of these
properties must be held
responsible for what takes
place on their property.”

The presence of massive
amounts of drugs and drug
money, Rev Moss said, spells
serious trouble for any soci-
ety accommodating or toler-
ating it.

“The fight for distribution
rights and local turf by oppos-
ing gangs make our commu-
nities and streets war zones.
In addition, the number of
drug users among the popu-
lation is rapidly increasing,
with drug influenced persons
creating havoc with their
criminal activities.

“Bahamas Against Crime
is challenging the govern-
ment, the Royal Bahamas
Police Force and other sec-
tors of our society to act now,
before crime, violence and
corruption cause further rot
and decay in our nation,” he
said.

MARY Ann Hayes of Omaha, Nebraska, got a

The public ts invited to attend a

TOWN MEETING

For
THE DOWNTOWN

NASSAU PARTNERSHIP

Wednesday, May 6, 2009
British Colonial Hilton,Governor’s Ballroom C
6-7:30pm

Learn about plans to support ta City’s revitalization. Meet

with key players in the Downtown Revitalization movement.
It’s your city. Questions, comments, ideas welcome.

Participating will be:

Longtime visitor suggests improvements for Nassau

personal audience with Minister of Tourism and
Aviation Vincent Vanderpool-Wallace after
amassing 25 years of fond experiences and serious
suggestions for Bahamian tourism.

Mrs Hayes, who estimates that she has spent
$75,000 to $100,000 in visiting the Bahamas over
the past 25 years, made several suggestions for
improving Nassau in particular. She asked Min-
ister Vanderpool-Wallace to lead a renovation
and restoration of downtown Nassau. She also
pointed to illegal dumping in various areas of
New Providence, the need to restrict large trucks
in the downtown area, the need to reduce the
number of speeding public service drivers and
offensive language from students and others.

Mr Vanderpool-Wallace assured Mrs Hayes
that many of her concerns were being addressed
through the Downtown Nassau Partnership. Com-
ing improvements include the relocation of con-
tainer ports, the specification of delivery times for
large vehicles in the downtown area, and the
establishment of a Business Improvement District
for the city. Programmes are also being explored
to address the unsavory aspects of foreign cultures



that have infiltrated young Bahamians.

The minister commended Mrs Hayes for her
candid suggestions.

He said her honesty was the hallmark of some-
one who had genuine concern for Bahamians.

He is pictured presenting Mrs Hayes with a
gift of authentic Bahamian items.

Also pictured are members of the Ministry’s
Visitor Relations Unit, Phillipa Cooper and
Bernadette Saunders.

Vernice Walkine, Director General of Tourism

& Co-chair DNP
Charles Klonaris, Co-chair DNP
Jackson Burnside, Architect
Brad Segal and Dave Feehan, Consultants

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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 7



LOCAL NEWS

FROM page one

told the court that Bishop Fraser
offered to counsel her and sup-
ply her with lunch money.

The young woman told the
court that during the first coun-
selling session at Fraser’s office, he
asked her about her childhood
before questioning her about her
sexual experience. She testified
that Fraser told her that he want-
ed to teach her how to treat a
man. The young woman said that
Fraser told her that it was her
smile that had attracted him to
her. She told the court that Fraser
asked her to come to church ear-
ly on Wednesday evenings before
bible study and asked her to call
him every day.

The young woman testified
that on Thursday of that week,
Fraser informed her that he was
going off the island with his fami-
ly for a speaking engagement. She
said that he told her that he need-
ed her for five years and did not
want her to disappoint him. She
testified that Fraser phoned her
around 11 pm when he returned
that Saturday, saying that he was
lonely and wanted her to spend
time with him.

The young woman told the
court that Fraser picked her up
from her grandmother’s house
and they drove around for a while.
She said that when he brought her
back to her grandmother’s house
he asked her if he wasn’t going to
get a “kiss or a feel.” She told the
court that she kissed him on the
cheek. She also testified that he
phoned her again and told her
that he wanted to have a rela-
tionship with her.

The young woman said that
Fraser claimed that he had never
cheated on his wife before but
couldn’t help it. She said that Fras-
er told her not to have any
boyfriends and to refer to him as
“baby,” “sweetie,” or “honey.”

The witness also told the court
that following a men’s meeting at
church one Saturday, Fraser
returned to his office and asked
her to hug him. She said that she
did, which is when he squeezed
her tighter, squeezed her hips and
unbuttoned her pants. She told
the court that she resisted but he
eventually pulled her pants down.

Police called
FROM page one

themselves, or be nominated, to
run for the position of union pres-
ident and officers of the union.

Elections will be held on May
28. The locations of various
polling stations will be announced
at a later date.

Bishop case

She testified that Fraser said that
he was not like other men who
simply wanted to have sex and
leave. She also testified that while
she sat on the floor he came and
sat next to her and started taking
off her panties although she told
him not to. She told the court that
Fraser said that he was not going
to have intercourse with her, but
wanted to perform oral sex. She
said that after the ordeal he start-
ed taking off her clothes and she
started to run away. She explained
in explicit detail how Fraser put
himself on her stomach, stroking
back and forth until he ejaculated.

The witness also told the court
that on the day Fraser was to be
consecrated, he had asked her to
stroke his private parts, but she
refused. She said that that night he
told her that she had caused him
to have “blue balls.” She also told
the court that on one occasion
before a prayer meeting, Fraser
gave her $100 and told her that
he was going away for two weeks.
She said that he also gave her a
bottle of Gucci perfume, a Seiko
watch and three pairs of gold
knob earrings. She said that when
she asked him why he had bought
her the gifts, he told that it was to
show that he wasn’t just into her
for sex, but loved and cared for
her.

The young woman recalled
that after Fraser had returned
from a trip to London, she told
him that his wife and her mother
had been questioning her about
sexual allegations, which she said

Odes a

she had denied.

She also told the court that on
one occasion while at his office,
Fraser appeared in the nude. She
said that after she told him she
was uncomfortable, he put on a
T-shirt and shorts. She said that
he then told her that he couldn’t
wait any longer, unbuttoned her
pants and performed oral sex on
her. She said that after that, Fras-
er got up, went into a little room
in his office and turned off the
lights. He then started to come
on top of her but she pushed him
way, Saying she didn’t want to
have sex. She said that he told her
that they were only going to have
sex once. The woman told the
court that Fraser kept pushing her
back, eventually pinned her down
and had intercourse with her. She
said that after the ordeal, he
showed her the condom telling
her that he was careful and didn’t
want to get her pregnant.

The young woman told the
court that she threatened to tell
the police what had happened.
But, she said, he told her that no
one would believe her and that
he had friends in high places. She
also testified that in August 2005,
Fraser agreed to pick her up from
the Mall at Marathon and took
her to his home off Prince Charles
Drive where they had sex in the
master bedroom. She told the
court that after that occasion they
would often have sex before bible
study on Wednesday and before
church began on Sunday.

The young woman also testi-
fied that Fraser had used a sex
toy on her while his wife was way
at a woman’s conference. She told

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the court that when he used it on
her he began moaning and want-
ed her to do the same.

The young woman told the
court that in October 2005 she got
a vaginal infection and told Fras-
er that she was going to see a doc-
tor. She said that he admonished

her not to do so as it would expose
what was going on. She said he
told her that he knew a doctor
and got her the medicine. She told
the court that the infection
returned every time they had sex.

The trial, which was scheduled
for two weeks, continues before

Magistrate Carolita Bethel today.
Franklyn Williams, Assistant
director of Legal Affairs in the
Attorney General’s Office, with
lawyer Darnelle Dorsette repre-
sent the Commissioner of Police.
Lawyers Wayne Munroe and
Jairam Mangra represent Fraser.

Join the Leading Environmental Conservation
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or bnt@bnt.bs by May 13 2009.





FOUR J’S ENTERPRISE

DISTRIBUTORS OF ALL NATURAL SUPPLEMENTS

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ISLAND PHARMACY WILL BE HOSTING THIS EVENT ONE MORE TIME.

ALL PERSONS WHO PURCHASED SLIMXTREME AND SIGNED UP ON APRIL 04" AT
THE INITIAL EVENT ARE REMINDED TO RETURN TO ISLAND PHARMACY SO THEY
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INCHES........
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CALL 328-6129 /322-3612 OR 394-8626 FOR FURTHER

INFORMATION





THE TRIBUNE

Repayable
on demand

As of 31 December 2008

ASSETS

Cash on hand and at bank

Investment securities

Mortgage, consumer and
other loans

Other assets

Total assets
As of 31 December 2008

LIABILITIES
Customer deposits
Loan from bank
Debt securities
Other liabilities

Total liabilities
Net liquidity gap
As of 31 December 2007

ASSETS

Cash on hand and at bank

Investment securities

Mortgage, consumer and
other loans

Other assets
Total assets

LIABILITIES
Customer deposits
Loan from bank
Debt securities
Other liabilities

Total liabilities

Net liquidity gap

Regulatory authorities set limits for liquidity balances. The requirements for the Bank are 20% of demand
deposits and 15% of savings and fixed deposits. As of 31 December 2008, the Bank was in compliance with
these requirements.

Fiduciary risk

The Group 1s susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain
mandates in accordance with the wishes of its customers. To manage exposure, the Group generally takes a
conservative approach in tts undertakings.

Fair Values of Financial Instruments

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

PriceiwMeRHOUsE(OPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of Fidelity Bank (Bahamas) Limited

We have audited the accompanying consolidated financial statements of Fidelity Bank (Bahamas) Limited (the Bank)
and its subsidiary (together, the Group), which comprise the consolidated balance sheet as of 31 December 2008, and
the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for
the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Intemational Financial Reporting Standards. This responsibility includes: designing, implementing and
maintaining intemal 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 consolidated 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 whether the financial statements are free
from material misstatement.

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

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

in our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as of 31 December 2008, and its financial performance and its cash flows for the year then ended
in accordance with International Financial Reporting Standards.

Chartered Accountants
30 April 2009



FROM page one

economic activity, saying earlier this
year that revenues were off $100 mil-
lion.

Yet the figures produced yester-
day indicate that the economic
downturn is taking a severe toll on
Government’s fiscal position, and
will raise concerns over how long it
can run a protracted fiscal deficit
that is likely to end 2008-2009 at
somewhere between $200-$250 mil-
lion.

What is especially significant is
that the greatest revenue declines
occurred during the first two months
of 2009, the period during which
Government traditionally earns most
income due to the heightened eco-
nomic activity resulting from peak
tourism season.

The Central Bank said that for
the first eight months of the 2008-
2009 Budget year, total government
revenues fell by 4.2 per cent from
$873.4 million to $837.1 million,
while total recurrent spending rose
6.95 per cent from $836.7 million to
$894.8 million.

“Tn particular, tax receipts fell by
5.5 per cent to $758.7 million, owing
primarily to a 10 per cent reduction
in international trade taxes,” the
Central Bank said.

“Declines were also noted in
stamp taxes on financial and other
transactions (18.7 per cent) and in
departure taxes (12.1 per cent).
These outweighed the improvements
for business and professional taxes
(15.9 per cent), property taxes (5.2
per cent) and increased yields under
“other” unclassified revenue sources.
A 10.8 per cent gain was also record-
ed under non-tax revenues, at $78.4
million, reflecting a timing—related
increase in income receipts.

“On the expenditure side, current
spending firmed by 5.4 per cent to
$894.8 million, led by higher pay-
ments for wages and salaries (5 per
cent), contractual services (17.4 per
cent), interest costs on debt (6.9 per
cent) and subsidies (7.4 per cent),
mainly to quasi-public entities.

“Although capital spending fell
by 14.7 per cent to $73.9 million,
related to a decline in the acquisition
of assets, outlays continued to
increase for public works and infra-
structure projects (4.2 per cent).
Meanwhile, budgetary assistance
(net lending) to public enterprises
expanded by 36.8 per cent to $41.8
million.”

Developments on the monetary
front were just as bleak, the Central
Bank reporting that “the deteriora-
tion in commercial banks’ asset qual-
ity indicators resumed during
Match.”

Commercial loans in arrears rose
to 18.9 per cent, meaning that almost
one out of every five banks loans to
Bahamian businesses was 31 days or
more past due.

TUESDAY, MAY 5, 2009, PAGE 11

LOCAL NEWS

Govt Budget

The Central Bank said some 13.66
per cent of all commercial banks
loans were in arrears as at end-
March 2009, compared to 12.48 per
cent in February and 12.8 per cent in
January.

The total value of private sector
loans in arrears increased by $81 mil-
lion or 10.7 per cent in March to
$832.5 million, with loans in arrears
— those between 31-90 days past
due rising by 0.77 per cent to 6.61 per
cent of all bank loans.

Non-performing loans, those past
90 days due, rose to 7.11 per cent of
total loans in March, compared to
6.66 per cent in February. The mort-
gage and consumer loans arrears
rates stood at 13.7 per cent and 11.7
per cent respectively.

Debt consolidation, meanwhile,
firmed at a pace of $5.8 million.

Confirming the Bahamas was in
recession, the Central Bank said:
“The prospects for the Bahamian
economy remain weak, with an
expected contraction in real GDP
during 2009, and a continued rise in
the unemployment rate.

“Developments in the domestic
sector are heavily dependent on the
responsiveness of the global econo-
my to the stimulus measures imple-
mented by monetary and fiscal
authorities in the advanced coun-
tries. In particular, the IMF projects
that the advanced economies — par-
ticularly the US— will contract in
2009 and experience no growth in
2010. Consequently, tourism and for-
eign investment inflows will remain
moribund in 2009.”

And the Central Bank added:
“Preliminary data revealed that the
global economic recession contin-
ued to adversely affect domestic eco-
nomic activity during March, with
persistent weakness in tourism and
foreign investment-related con-
struction activity. Demand stimulus
from private sector credit expansion
also remained soft. Inflationary pres-
sures were sustained at significantly



elevated levels, as earlier global price
increases continued to be transmitted
to the local economy.”

Tourism output fell during the
2009 first quarter, due to a “signifi-
cantly negative trend in air arrivals”
that knocked out growth in cruise
visitor activity.

“Tn the hotel sector, the projected
outcome featured lower room night
sales and effectively discounted aver-
age room rates,” the Central Bank
said. “Despite the sales fall-off, pre-
liminary assessments indicate that
average occupancy rates exceeded
early bookings expectations due to
favourable last-minute travel deci-
sions. Nevertheless, major proper-
ties remained under significant oper-
ating strains and continued to make
staffing and other adjustments.”

Inflation for the 12-months to
March 2009 stood at 4.9 per cent,
unchanged from February but up
from the 2.4 per cent comparison a
year earlier.

“Except for the slightly moderat-
ed rise in average transportation
costs (3 per cent) and a steadied
increase for furniture and household
operations (6.6 per cent), other com-
ponents of the Retail Price Index
rose at an accelerated pace,” the
Central Bank said.

“Of particular note were the aver-
age cost run-ups for food and bev-
erages (7.8 per cent), housing (3.6
per cent), recreation and entertain-
ment services (4.3 per cent) and
medical and healthcare (4.1 per
cent).

“With regard to energy, local fuel
costs subsided further in the first
quarter, attributed to the easing in
international oil prices which began
in the latter half of 2008.

“On a 12-month basis, the average
cost of gasoline and diesel declined
by 27.7 per cent and 37.1 per cent to
$3.35 and $2.73 per gallon, respec-
tively. In addition, the average fuel
surcharge in residential electricity
bills retreated by 32.8 per cent to
10.72 cents per kilowatt hour
(KWH) in the first quarter, vis-4-vis
the same period in 2008.”

Resort ‘is robbed of $2.5 million’

FROM page one

ing to deposit money in the account, despite the fact that the cheques were
addressed to someone else. The resort’s bills would then be paid in cash, leav-
ing Sandals executives none the wiser.

A second ploy reportedly involved generating fake petty cash slips for var-
ious departments using a counterfeit stamp bearing the name of a senior
resort official. The amounts often substantially exceeded the limits set by San-
dals management for petty cash payments, the source said. Once the slips had
been approved and the cheques issued, a representative of the group would
make another visit to the bank.

According to the source, some employees involved in the scheme have
become accustomed to lavish lifestyles over the years, despite their modest
“official” salaries. One of them reportedly owns six cars, together worth more
than $300,000.

Some close to the situation say identifying and prosecuting those involved
is not enough, and called for top executives at the resort to be penalised for
negligence. The matter has not yet been brought to the attention of the
police, according to a representative of the force.

FOUR J’S ENTERPRISE

DISTRIBUTORS OF ALL NATURAL SUPPLEMENTS
di



su ai ee






cawaruance mene’ ff 4



fuses rr
7

fe ha oh
re a

Pharmacy

“Dispensing a Healthier Life”










a ee a
eee ee

ae
oD Pe 1



GETTING TOGETHER AGAIN TO BRING YOU THE RESULTS OF...

SLIMATREME’S: XTREME WEIGHT LOSS CHALLENGE!!!
NOW THE WAIT IS OVER ....BECAUSE THE WEIGHT IS OFFI!!!

SLIMATREME 18 THE ALL NATURAL WEIGHT LOSS SUPPLEMENT DESIGNED TO HELP YOU
TARE OFF & KEEP OFF POUNDS AND INCHES!!! NOW YOU CAN LOSE UP TO 20 POUNDS IN ONE
MONTH SAFELY, EFFECTIVELY AND AFFORDABLY BY TAKING SLIMATREME.

NO EXERCISE NECESSARY AND NO SPECIAL FOODS NEEDED,.JUST ONE SUPPLEMENT A DAY
WILL TAKE THE WEIGHT AWAY!!!

ON SATURDAY MAY 02" 2009 FROM 10AM UNTIL 1PM AT ISLAND
PHARMACY IN THE MADEIRA SHOPPING PLAZA ....FOUR J'S ENTERPRISE AND
ISLAND PHARMACY WILL BE HOSTING THIS EVENT ONE MORE TIME.

ALL PERSONS WHO PURCHASED SLIMXTREME AND SIGNED UP ON APRIL 04" AT
THE INITIAL EVENT ARE REMINDED TO RETURN TO ISLAND PHARMACY SO THEY
CAN WEIGH OUT AND MEASURE IN TO SEE IF THEY LOST THE MOST WEIGHT OR
INCHES........
BE SURE & SHOW UP TO SEE IF YOU'RE THE WINNER OF
A BRAND NEW LAPTOP!!!! (other great prizes as well)
COME ONE AND ALL TO THIS XTREME CLOSE OUT TO A WONDERFUL WEIGHT
LOSS CHALLENGE!!!! THERE WILL BE LOTS OF IN STORE SPECIALS, PRIZES AND
SURPRIZES.

SLIMXTREME PRICE WILL BE REDUCED AGAIN!!!

OVER 50 PRODUCTS FROM OUR NEWEST BRAND OF ALL NATURAL SUPPLEMENTS WILL BE
ON SALEM!!!

FOUR J’S ENTERPRISE AND ISLAND PHARMACY.... DOING
OUR PART TO KEEP A HEALTHY & HAPPY BAHAMAS
(PHYSICALLY & FINANCIALLY)

CALL 328-6129 /322-3612 OR 394-8626 FOR FURTHER
INFORMATION



THE TRIBUNE

S





TUESDAY, MAY 5,

PAGE

1 2



r

2009

ts

th od +
Oy Mees

a



AP source:
LeBron to
get MVP

award...
See page 14

Ambassators track club to honour its president

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

he Ambassadors Track
and Field Club is sched-

uled to honour its

Flag Football:
Warriors defeat
Predators 40-37

and Lions beat

Spartans 19-16

THE Bahamas Flag Football
Association staged two excit-
ing games on Sunday at the
Winton Rugby Pitch as two
undefeated teams suffered their
first setbacks.

In game one, the EastSide
Predators dropped their first
loss to the Warriors 40-37. The
winning quarterback was
Lemon Gorospe with six touch-
down passes. Five of his touch-
downs were caught by Bubba
Smith and Joe Johnson had the
other catch. The losing quar-
terback was Jarien Winters of
the EastSide Predators.

In game two, the RBC Lions
also handed the Goodman's
Bay Spartans their first loss of
the season with a 19-16 win.
The winning quarterback was
Obie Roberts with three touch-
downs to Chris Turnquest,
Garvin Newball and Theron
Gibson. The losing quarterback
was Jayson Clarke who had a
pair of passes to Javier Bowe
and Brandon Stubbs.

Only one game is scheduled
to be played 4pm Saturday and
that is between the Orry J
Sands Pros and the Warriors.

Save BIG Right Now!

coach/president by hosting the
second annual Fritz Grant Invi-
tational Track Classic this week-
end.

The meet, featuring a number
of the senior international ath-
letes as well as a visiting Miami
Gardens Express youth track
team, is expected to get under-
way 5:30pm Friday at Thomas A
Robinson Track and Field Stadi-
um.

Held under the patronage of
sponsor Harrison Petty, the meet
is slated to conclude at noon Sat-
urday with a Kiddie Korner for
parents who are looking for some
excitement for their children as



Coach Fritz Grant

well.

Meet director Bernard New-
bold said it will be the biggest
event on the local calendar as it
will showcase some visiting inter-
national athletes, who will get to
compete head-to-head with the
local athletes. “We are expecting
more than 500 competitors this
weekend,” said Newbold, a sports
journalist at the Bahama Journal.
“We already have more than six
clubs who have submitted their
entries.”

Among the featured events at
the meet are the men’s 100, 200
and 400 metres - all invitational
events - which will include Grand

Bahamian Michael Mathieu, who
ran on the men’s 4 x 400 relay
team that captured the silver
medal at last year’s Olympic
Games in Beijing, China, along
with sprinter Adrian Griffith, who
is vying to make the men’s 4 x 1
relay team for the IAAF World
Championships in Berlin, Ger-
many, in August.

Grand Bahamian Rodney
Greene, a training partner of
Griffith, will also compete in the
sprints along with Haitian sensa-
tion Roudy Monrose.

In the 400, Mathieu is expected
to compete against Sekou Clarke
of Jamaica.

Mathieu, Griffith to compete at Fritz Grant classic

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

SPRINTER Adrian Griffith and quarter-
miler Michael Mathieu are excited about being
back home to compete at the Ambassadors
Track and Field Club’s second annual Fritz
Grant Invitational Track Classic.

Griffith, who is vying for a spot on the
men’s 4 x 100 relay team at World Champi-
onships in Berlin, Germany, in August, said
he’s mentally and physically fit to compete
this weekend at the Thomas A Robinson
Track and Field Stadium.

“We know the Bahamians love their elite
athletes. That’s why we came home to run,” he
said. “It would be great to race against the
crowd. I love to hear the drums and every-
thing. So I’m looking forward to the compe-
tition.”

Griffith said Grant is his former coach and
mentor and Harrison Petty has been his long-
time sponsor, so he was delighted to have
been asked by meet director Bernard New-
bold to compete in the meet.

“My and my training partner, Rodney
Greene, will be here. We have been training,
so we intend to put on a show,” he said.
“Hopefully the weather will permit.”

Mathieu, likewise, expressed his gratitude
for those who made it possible for him to



Michael Mathieu Adrian Griffith

come home to compete again in the meet.

“T was here last year and it was pretty good,
so I expect the meet this year to be a lot bet-
ter,” he said. “I’m really looking forward to
everyone coming out this weekend. It’s going
to be very good, so come out.”

Over the last month, Griffith has led the
charge on the men’s 4 x 1 relay team as they
tried to qualify for Berlin. At the recent Penn
Relays in Philadelphia, the team fell short.

But Griffith said they had some exchange
problems that resulted in them not attaining
the qualifying time. Griffith said they were
hoping that reigning World Championship
100 silver medallist Derrick Atkins would
have joined them.

miall

“But he said his schedule is already booked
out,” Griffith said. “The other guys are ready
and we will try to do it without him. We just
need to get in another meet before June. If we
can get a sponsor, we will go either to Brazil or
Mexico because the guys are ready.”

Griffith said they were disappointed when
they didn’t qualify at Penn with the men’s 4x
4 and both the women’s 4x 1 and 4x4 teams.

“But Debbie (Ferguson-McKenzie) and
Chandra (Sturrup) both told me and others to
just hold our head,” he said. “We ran pretty
good, but we knew we could have done better
and qualified.”

Mathieu, who was willing to step down and
help the team in their quest to qualify, ran
on the 4 x 4 team that made the qualifying
mark.

“ At first, I went there to run with the 4 x 1,
but when I got there, they told me that I did-
n’t have to run,” Mathieu said. “I told them
that if they need me, I will be ready to run
because I’m really concentrating on the 200
this year.”

As for the 400, Mathieu said he will still
run the event at the nationals and he hopes to
be on the 4 x 4 team at the World Champi-
onships.

This weekend at the Fritz Grant Invita-
tional Classic, both Griffith and Mathieu said
they will be ready to compete in whatever
events are available.

aad nT

HONOURED COACH

Grant, a former sprinter who
has spent the past two decades
on his return from university
coaching athletes in the Ambas-
sadors, said he’s thrilled to be
honoured in this manner.

“T truly thank God that we will
be able to welcome these athletes
when they come here to com-
pete,” he said. “I feel this event
will be an outstanding one.

“We will showcase our junior
athletes versus some of the ath-
letes that will be coming in from
Miami, Florida, and also give

SEE page 14

Baseball results

RESULTS of games played
in the Junior Baseball League
of Nassau over the weekend
are as follows:

TEE BALL

Grasshoppers def

Raptors 19-13

Sidewinders def

Blue Claws 22-8

Knights def.

Sand Gnats 26-6

COACH PITCH

Blue Jays def. Angels 8-4

Diamondbacks def.

Cubs 9-7

Athletics def.

Astros 23-16

MINOR LEAGUE

Rockies def. Royals 11-5

Red Sox def. Rays 12-4

MAJOR LEAGUE

Marlins played to

Reds 7-7 (Tie)

Mariners def. Indians 4-3

JUNIOR LEAGUE

Dodgers def.

Cardinals 19-10

Twins def. Yankees 9-8

SENIOR LEAGUE

Phillies def. Pirates 14-9

Rangers def. Tigers 9-8

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SPORTS

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GABRIELLE Moxey (left), Simone
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team did |
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m@ By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

Coach says “~ i Rs BALLY 55cm mT BALLY rT

DESPITE the fact that the
Bahamas Fed Cup team didn’t
win any of their three ties this
weekend in Boca Raton, Florida,
coach Kevin Major said they did
their best.

“T would say the girls played
exceptionally well, but unfortu-
nately these girls don’t play on
clay as consistent as they should,”
Major said yesterday on the
team’s return home.

The team of Erin Strachan,
Gabrielle Moxey and Simone
Pratt played against Mexico,
Canada and the US. With the
exception of Mexico, the
Bahamas didn’t have any success.

Pratt, the number one seeded
player on the team, was the only

la er to come rou, wi a J [ —, TT
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as consistently.

“They can’t play consistently
at that high level and that was a
big concern for us. Some of the
matches were closely contested.
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them would get up 40-5 and then i x
proceed to ia next four Was'$419.99 , Was $549.99 : Was $429.99 Was $449.99

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7 Against Canada and the US, WESLO PURSUIT EXERCISE BIKE ORBITREK ELLIPTICAL WESLO MANUAL TREADMILL TOTAL BODY WORKOUT
Major said the Bahamas certain-
ly had its hands full and in order

to win, the players would have
had to play at a much higher lev-

el. Women Women’s ~ %. Wome ; Women’s Womenis
ee ee oe anes Puma‘ — i Everlas Jockey eebok
golden opportunity to win the tie . . ;
against Mexico. However, only Rib FShirts" ~ Tops Cami Crew
Pratt was able to prevail in three Tank 1 Tank T-Shirts -
sets.
“There’s hope providing these Tops | Tops
girls get some more intense prac-
tice and competitive play,” Major
pointed out. j
“They played very well. They
all gave 100 per cent. But the US,
Canada and even Mexico proved i

to be fierce competitors. We just a
didn’t have the experience to go .





all the way and win.” / * | ; 4 ,
Looking ahead to next year Wome Women's! A Women’s lo Women’s

when the Bahamas will start the j -% 7 i al

process over again, Major said Wilso Puma Jockey ; i) mh, Reebok

they will have to start concen- Shor Agile ‘= } Low | ; ine =) Capri

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the girls side. Pants
Major said although the boys
didn’t enjoy the type of success
that the girls did in advancing out
of the Dominican Republic, the
federation has a lot more depth to
work with than the girls.

Cricket:
Police put
a scare on
the Titans

THE Police cricket team,
made up of mostly young
players, put a scare in the
heavy scoring Dockendale
Titans when the latter was
bowled out for a mere 169
runs at Haynes Oval on Sun-
day.

Top scorers for Dock-
endale were national player
Dwight Weakley with 48 runs
and veteran Danavan Morri-
son with 28 runs. Bowling for
the Police was Gary Arm-
strong with three wickets and
youth player Marc Taylor
with three as well.

At bat, the Police was
bowled out for 155 runs to
lose the match by 13 runs.
Marc Taylor’s 61 runs was the
top score.

Dockendale bowlers
Ramdeo Ramdass and Sheik
Sharnaz took three and two
wickets respectively.

Fans enjoyed one of the
most exciting matches this
season and gave full support
of the Police youngsters.

Next weekend, the Police

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will play Dynasty on Satur-
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Commonwealth plays St
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Sunday.





PAGE 14, TUESDAY, MAY 5, 2009

TRIBUNE SPORTS



SPORTS



AP source: LeBron
to get MVP award

@ By TOM WITHERS
AP Sports Writer

CLEVELAND (AP) —
Unstoppable at both ends of the
floor this season, LeBron James is
the NBA's Most Valuable Player.

James, who led the Cleveland
Cavaliers to a team-record 66 reg-
ular-season wins and the top
overall seed in the playoffs, will
receive the award Monday, a per-
son with knowledge of the choice
told The Associated Press. James
chose Akron St. Vincent-St. Mary
High School, his alma mater, for
the presentation, said the person,
who spoke on condition of
anonymity because the announce-
ment has not been made.

The Cavaliers announced a
"major" news conference for 4
p-m. at the school, but did not
give the reason.



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‘King James’ awaits
after the Hawks win
first series since ‘99

m By PAUL NEWBERRY
AP Sports Writer

ATLANTA (AP) — The
Atlanta Hawks lingered on the
court, savoring the cheers as red
and silver streamers drifted
down from the rafters.

This celebration was a decade
in the making. It won't last
more than 24 hours.

King James is waiting.

The Hawks won a playoff
series for the first time since
1999, getting a clutch perfor-
mance from Joe Johnson and
solid contributions from most
everyone around him, knock-
ing out Dwyane Wade and the
Miami Heat with a 91-78 victo-
ry in Game 7 Sunday.

Josh Smith, who contributed
21 points and nine rebounds to
Johnson's 27-point effort, is the
lone player remaining from a
team that went 13-69 four years
ago — the nadir in a stretch of
nine straight losing seasons for
the Hawks.

"Tt feel like the monkey's off
Atlanta's back," Smith said.
"Not just the team's back. The
whole city.”

Having eliminated the NBA's
leading scorer, the Hawks now
must face the favorite for MVP.
LeBron James would be quite a
handful by himself, but the
Cleveland Cavaliers are a much
more talented team than the
one led by Wade, who often
seemed like the only player on
the court for the Heat.

Atlanta opens the second
round on the road Tuesday
night.

"Now we have to start focus-
ing on Cleveland," coach Mike
Woodson said. "I haven't given
much thought to it, being so
into Miami, but we will start
that soon."

Smith, for one, is looking for-
ward to the challenge.

"It's going to be very tough.
The crowd is going to be very
hostile. We have to go up there
ready to play,” he said. "But
I'm very confident. You can't
be passive. You've got to be
aggressive."

As if the top-seeded Cava-
liers needed any extra advan-
tage, they've been resting for
more than a week since elimi-
nating Detroit in a four-game
sweep. The Hawks, on the oth-
er hand, had to tough it out

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AL HORFORD (right) has his shot
blocked by the Heat’s Udonis
Haslem in the first half of Game 7
of the Eastern Conference playoffs
Sunday. Atlanta won 91-78...

(AP Photo: John Bazemore)

through a series that went the
distance but produced very little
drama.

No game was closer than 10
points. There wasn't a lead
change after the first quarter in
any of them. The clincher pret-
ty much stuck to the party line,
the Hawks pulling away to a 13-
point lead at halftime and
stretching the margin as high as
29 points in the final period.

Blanketed by two and some-
times three defenders, Johnson
had endured a largely disap-
pointing series and got off to
another sluggish start, missing
his first five shots. But he came
through when the Hawks need-
ed him most, suddenly finding
his range from beyond the 3-
point arc.

The one that really got him
going came early in the second
quarter. Johnson pulled up near
the tip of the winged Hawks
logo at center court — a good 7
to 8 feet short of the stripe —

and let it go. Swish.

"T was just trying to be more
aggressive," said Johnson, who
finished 6-of-8 outside the arc.
"T haven't put up a 3 that long
in a while. I said, ‘Forget it,’ and
just launched it. Making that
got me into a little rhythm.”

The startled Wade looked off
toward the stands in disbelief, as
if he couldn't believe Johnson
actually shot it from so far out,
much less made it.

"When Joe is hitting 40-foot
3s," Wade said, "it's one of
those nights.”

The Miami star scored 31
points, but the majority of those
came after the Hawks had
already built a comfortable lead.
Bothered by back spasms
throughout the series, he did-
n't have enough help from his
young teammates to get
through to a star-powered
matchup against James — his
Olympic teammate — in the
second round.

Still, it was quite a comeback
year for Wade and the Heat,
which bounced back from a dis-
mal 15-67 record to make the
playoffs as the fifth seed in the
East.

"I'm very encouraged by this
season,” Wade said. "We've got
something to build on.”

Mike Bibby might have been
the Hawks’ most valuable play-
er in the series, averaging just
under 15 points and five assists.
He even stood up to Woodson
when the coach complained
about Smith putting up an
errant 3-pointer from the cor-
ner.

When Woodson called his
point guard over, Bibby shot
back with an expletive. "Y'all
tell him to move," Bibby
growled. Woodson simply
turned away, rubbing his goatee
and smiling slightly.

Everyone was smiling at the
end. Even Woodson and Smith,
who've endured their share of
dustups over the years.

"We've had a lot of ups and
downs, boy, but I still wouldn't
give him away for anything,”
Woodson said. "He's probably
caught more hell from me than
anybody on this team. I respect
him for that."

Nuggets 109, Mavericks 95

At Denver, Nene scored 18
of his career playoff-high 24
points in the first half and the
Nuggets won the first day game
in the Pepsi Center's 10-year
history.

Carmelo Anthony scored 23
points, including a dunk off J.R.
Smith's behind-the-back assist
that rocked the arena in the
closing minutes. Smith added
15 points.

Dirk Nowitzki led Dallas with
28 points and 10 boards and
Josh Howard, Jason Kidd and
Jason Terry each scored 15.

Game 2 is Tuesday night.

oe holds 2-on-2 b- ye naa



PLAYERS who participated in the weekend basketball tournament can be
seen with Bridgette Beneby, human resources director, and Laurieanne
Wilcombe-Olsen, activities and entertainment director

ON Saturday, the Paradise
Island Harbour Resort held their
first fun-filled activity of the year.
It was their second 2-on-2 basket-
ball championship.

Taking the championship title
was Tyson Williams and Craig
Wilson. Coming in second was
Sean Major and Sean Wilson and
in third place was Raymond Pratt
and John Foulkes.

The managers of the resort said
that this is the first of many fun
activities they have lined up for
the staff to keep their employees
motivated and in shape.

The resort family would once
again like to thank all of the staff
and their family members who
came out to support the event and
they hope to see them at future
events.



TEAMS compete in the 2-on-2 basketball tournament over the weekend.

Ambassadors
track club to
honour its
president

FROM page 12

Bahamians a chance to see some
of our senior athletes up against
some of the international athletes
from Jamaica and Haiti.”

As the Bahamas is gearing up
for the CAC Youth Champi-
onships, Grant said this will be a
good opportunity for the younger
athletes to display their skills
before they get ready for the tri-
als.

PATRON/SPONSOR

Having supported track and
field with four different presi-
dents, from Alpheus ‘Hawk’ Fin-
layson to current president Curt
Hollingsworth, Petty said his Pet-
ty Group of Companies are
pleased to see the high level of
organisation from Newbold and
Linda Thompson.

“This, as I see it, will be one
of the most exciting club meets
that we will have in the Bahamas
for a long time because we’re
stepping a bit beyond just com-
petition between clubs,” he said.

“When you invite a club like
the Miami Garden Express, who
are the junior Olympic medallists
in the 4 x 4, to compete against
our kids, that says a lot. That
should produce a lot of excite-
ment. When you add Rodney
Greene, Rudy Moultrie from
Haiti, Adrian Griffith, Michael
Mathieu, Antonio Riley, it’s going
to be extremely exciting.”

Harrison said he is looking for-
ward to the event and is pleased
to be a sponsor.

KIDDIE KORNER

Lisa Thompson, who became
involved in the administration of
the Ambassadors after her son
started competing, said she was
also impressed by the contribu-
tions made by Grant and Harri-
son to the sport.

“What they have done for the
development of track and field,
I think the world should know,”
said Thompson, who added that
Mike Sands should be included.

Piggy-backing on the Scotia-
bank’s National Trials last year,
Thompson said they have decided
to host another Kiddie Korner
for the meet on Saturday, starting
at noon.

Thompson said while children
under-12 will be admitted free
into the stadium, they will be
charged $5 for all day access with
a drink and hot-dog for entry into
the Kiddie Korner.

There will be a number of
activities, including the bouncing
castle, appearance of Dora and
Spongebob, Henna tattoo-it lasts
for three weeks, face painting, fun
foods, cotton candy, popcorn,
snowcones and sweets at an addi-
tional fee.

MIAMI GARDENS

EXPRESS

Mike Sands, the immediate
past president of the Bahamas
Association of Athletic Associa-
tions, said he was pleased to have
been invited to join the organising
committee for the meet and he’s
even more encouraged by the
participation of the Miami Gar-
dens Express.

“Tt is a junior track club, similar
to a number of the junior track
clubs that we have here,” Sands
said. “They have expressed an
interest in coming here to partic-
ipate and their invitation has been
accepted.”

Every time they step on the
track, they set national records,
according to Sands. They hold
junior national records in the 200
and 800 metres.

“They have indicated that they
don’t want to run in their age
group category because they want
some competition,” Sands said.
“This is their first competition
overseas, so Bernard is looking
at creating some matchups for
them.”

The Petty Group of Compa-
nies will be responsible for the
transportation and hosting of the
Miami Gardens Express when
they arrive.

History will also be in the mak-
ing for the younger athletes when
for the first time, the Shuttle Hur-
dle Relays will take place. It’s an
event designed for athletes under
eight and nine.

They will compete in a 4x 1
relay with the first and third legs
at the finish line and the second
and fourth will be at the start of
the 60 or 80 metres, depending
on the distance they run.

The relay will create a lot more
excitement for the fans in the
grand stands as they watch the
athletes go back and forth in
events that are popularized at the
Penn Relays and in Jamaica.

For the stories
behind the news,

ele M ety [e]aTd
on Mondays





PAGE 16, TUESDAY, MAY 5, 2009

THE TRIBUNE



LOCAL NEWS

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han famiyguardian com.

Only colour images will be considered. Images mest be provided as digital files om CD. Digital images must be of high quality (2700 x 7100 pixels of
larger). Digital images showing signs of photo manipulation, resolution enhomoement or compression will be rejected. To ensure the best colour
reproduction, digital images should be supplied im HAW, TIFF or high quality JPEG amd in the orginal colour fonmat the camera uses (LAB or AGE}. All
entries mast be supplied with colour prints (2 10) which will bewsed in the judging process. (Note: prints submitted without CDs will not be eligible
and vie versal. The photographer's name, photo subpect ond location must be writien on the reverse of the pont.

Judge of entries willbe based on beauty, interest, composition, colour, originality and quality of photograph, Particular areas and subjects of
interes! are detailed on the website (www lamilyquardiancam}. The photographs selected will appear in Family Guardian's 2010 caleadar The
decision of the judges wall be final

A gilt certificate valued at $400 wil ba presented for aach of the photographs selactad. Photographic cradis wall be given in the calendar. The member
of entries per photographer ts. limited to a maximum of 5 photos,

The winning photographs, alomg with all publication and reprodecton nights sttached therato, become the property of Famay Guardian and the company
reserves the right itn ute sech in the future Phedos will not be retumed,

*For further details & key subjects of interest

visit our website at www. familyguardian.com

5 Employees of Family Guardean, its alfikeated companies ar family members are aot eligible
10 Previously published plates ane mot eligible,

Aen

TEL BUSINESS

EMAIL

Pi, Bix

ADDRESS

AUMISER OF PHOTOS EMTERED iressier eof 5)

Ajie Tet Te ni oe oF ete OT S Sa kectea) ah a ait ee Jay Gua be
fa) el Dna Ped Dea a TB eee ef oar et uur Li Le ard | ce) Pe bp a de
af gts perwining 0 iG ue go confinn hal te choke eters in & raeet were taken in

Thes Blsherm as by ihe uncles igre and beg rint be

FROM page one

"

Bahamas," said Mr Moss, man-
aging director of financial services
company Dominion Management
Services.

According to the Associated
Press, the president's plan would
stop US companies from delaying
tax payments by keeping profits
in foreign countries instead of
declaring them at home and
called for increased transparen-
cy in American bank accounts
held in off-shore tax havens, like
the Cayman Islands.

This reform would also prevent
US companies from getting tax
deductions on profits earned
overseas. This would lessen the
push for American companies to
establish some, or their entire
practices, in foreign countries and
in turn create more job opportu-
nities for Americans, the Associ-
ated Press reported.

But Mr Winder said that due to
a relatively small presence of
American-born international
business companies (IBCs) oper-
ating in the Bahamas, Mr Oba-
ma's planned loophole closure
would not have severe implica-
tions for foreign businesses invest-
ing here, he said.

"The Bahamas doesn't have
any physical presence of head-
quarters for major American cor-
porations in the Bahamas — we
don't have that many of them.
Secondly, for those American
companies that use the Bahamas
primarily through IBCs there is a
minimal amount of activities in

Plans to reform
US tax policy
split local
financial insiders

the Bahamas — relative to those
companies — if any.

"And most of those companies
are likely to be subsidiaries and
affiliates that are performing spe-
cific transactions on behalf of US
corporations, so you're not likely
(to), however I think it's impor-
tant to realise it's difficult to say
that we would have zero impact
because no one really knows the
extent to which some companies
may be utilising the Bahamas,”
said Mr Winder.

According to Mr Moss, the
looming reform could deter inter-
national businesses from con-
ducting operations in the
Bahamas and lead to countless
job and financial losses.

"Any person who is doing busi-
ness with a jurisdiction that his
own country is frowning upon no
longer wants to do business with
that country because it would
make the scrutiny on his particu-
lar business too great therefore
they won't do business with the
Bahamas," he said.

To counteract this, government
must begin taxing foreign com-
panies — by way of double taxa-
tion treaties for example.

Amnesty calls for investigation

FROM page one

Thompson told The Tribune he is “making tremendous progress” in his
probe of the case of the dead man, Anderson Pierre, 37.
“We will release a full statement very shortly,” Mr Thompson said.
Asked to comment on the process followed by Immigration officials
in assessing the legitimacy of an applicant’s claim for political asylum,
the Director said that this too would be addressed in his statement.
Last week, President of the Haitian Bahamian Society of the

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SIGHATURE DATE

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SABRINA: LEATHER NO, 12937, LEATHER LARGE NO. 12949, PATENT NO. 12957

303 BAY STREET, NASSAU 242 326 0557



Bahamas, Jetta Baptiste released a statement denouncing Mr Pierre’s
death.

In view of his killing in Santo Domingo, Dominican Republic, where
Mr Pierre was said to have gone after flying back to Cap Haitien to
begin arrangments for the relocation of his family, she demanded that
government must “review and revise their immigration policies con-
cerning political asylum applicants.”

“It is unacceptable for these helpless refugees to be sent to certain
death...how many other political asylum applicants have the Bahamas
Immigration officials arrested and deported to their country where they
are certain to be killed?” asked Ms Baptiste.

Mr Pierre and his wife are alleged to have lodged an application for
asylum with immigration authorities two years ago.

After receiving a rejection letter in September 2008, which told
them that their case “did not meet the criteria for refugee status” as set
out by the United Nations, they were told to leave the country.

Mr Pierre then travelled to Cap Haitien in February 2009 in order to
begin preparations to relocate his family. He was murdered by unknown
gunmen on April 24.

His wife, who gave birth to their son three weeks ago, believes her
husband’s death was political, and fears she and her child also would
be in danger if they returned to the country.

She pleaded on Sunday that government reconsider its decision to
repatriate her in view of her husband’s death.

“T don’t know what to do now, my husband is dead and I am all
alone,” she said.

Yesterday Mr Thompson said that Mrs Pierre should “make her
request known in writing to the department and it will be reviewed and
considered.”

Amnesty International told The Tribune that the organisation appre-
ciates the obstacles faced by the Immigration Department in assessing
the extent to which asylum applications meet the criteria, but said
there must be good reason to “disapprove” the claims submitted.

“We would like to have a complete and thorough investigation into
why he was denied refugee status — what officials had found that
made them feel it was safe to deny Mr Pierre’s claim,” said the organ-
isation.

southern style

SON
BISCUIT

iam are tag









@ By NEIL HARTNELL
Tribune Business Editor

A FORMER attorney-gener-
al has branded Prime Minister
Hubert Ingraham as “naive” for
accepting the seeming assurances
of President Obama and a few
US senators that the Bahamas
would not be named among so-
called ‘tax havens’ listed in US
legislation, adding that the tax
code reforms unveiled yesterday
will achieve much of what the
Stop Tax Haven Abuse Bill
sought to accomplish.

Alfred Sears, who was the
Christie administration’s top law
enforcement officer between
2002-2007, said the package of
measures announced by President
Obama yesterday - designed to
close loopholes and enact reforms
to deter US companies and high-
net worth individuals from using
international financial centres -
highlighted the need for the
Bahamas to conduct a sustained
lobbying effort on Capitol Hill.

Referring to the Bill that was
sponsored by President Obama
while he was in the US Senate,
Mr Sears told Tribune Business:
“T thought that the Prime Minis-
ter was a bit naive when he came
back from the Summit of the
Americas and gave the Bahamas
the assurance that he had spoken
with certain US senators in
Trinidad and met with President
Obama.”

Mr Ingraham had then
expressed confidence that based

THE TRIBUNE

usiness

2009

TUESDAY,

MAY 5,

SECTION B ¢ business@tribunemedia.net

Ex-AG brands PM ‘naive’
over tax havens listing

* Says US reforms unveiled
yesterday achieve much of
what Stop Tax Haven Abuse
Act intended to do,
discouraging Americans
from using Bahamas-
registered companies
and vehicles

* Obama package prompts
renewed income tax
reform call

* But others say ‘impact not
significant’ for Bahamas
and its financial sector

on his meetings in Trinidad that
the Bahamas would not be listed
among the so-called ‘tax havens’
in the Stop Tax Haven Abuse
Act.

However, Mr Sears said yes-
terday that he felt the Prime Min-
ister’s comments showed a lack
of understanding of the US polit-
ical system’s inner workings, and
that both the White House and
Congress were currently united
in seeing international financial
centres as “representing an unfair
tax threat to the Internal Rev-
enue Service”.

That, Mr Sears said, represent-
ed “an erroneous understanding
of what offshore financial centres
do in the global economy, and

SEE page 5B

Receiver named for South Ocean

@ By NEIL HARTNELL
Tribune Business Editor

THE Supreme Court was last
night said to have approved the
appointment of a receiver for the
troubled $867 million South
Ocean redevelopment, although
it was unclear whether all the
terms for doing so had been com-
pleted.

Sources close to the situation
told Tribune Business last night
that Justice Neville Adderley had
approved the application to
appoint Anthony Kikivarakis, the
Deloitte & Touche (Bahamas)
accountant and partner, as receiv-
er for the southwestern New
Providence project.

It was unclear, though, whether
the terms of the Order appointing
Mr Kikivarakis had been
finalised, although Tribune Busi-
ness was told they had been. All
parties connected to the case
declined to comment to this news-
paper yesterday.

The receivership application
was made by former attorney-
general Alfred Sears, acting on
behalf of an investment vehicle
owned by the Canadian Com-
mercial Workers Industry Pen-
sion Plan (CCWIPP).

CCWIPP has a $65 million loan
that it advanced to the New South
Ocean Development Company,
which was secured on the projec-
t's 375-acre real estate in south-
western New Providence.

It is alleging that the New
South Ocean Development Com-
pany — the project's immediate
holding vehicle — has failed to
make interest and other payments
to service its $65 million advance.

Tribune Business also previ-
ously revealed that Mr Sears and
CCWIPP may follow-up the
receivership hearing with a fore-
closure application to the
Supreme Court.

South Ocean is the subject of a
bitter dispute between its gener-
al/managing partner and chief
financial backer. The two warring
factions are RHS Ventures and
its principal, Roger Stein, and
Connecticut-based hedge fund,
Plainfield Asset Management.
The former is the
managing/development partner,
the latter South Ocean's finan-
cial backer.

In New York Supreme Court
documents related to the dispute,
RHS Ventures alleged its negoti-
ations with the Canadian pension
fund, which holds a first mort-
gage on South Ocean's real
estate, had been "stymied" by
Plainfield's supposed refusal to
discuss or approve changes to the
terms and duration of CCWIP-
P's loan.

“A foreclosure by the holder
of the first mortgage would wipe
out [RHS Ventures] equity in the
partnership, and leave [Plainfield]
itself, which made a significant
portion of its investment in the
partnership in the form of a pur-
ported loan, in place as a credi-
tor," RHS Ventures alleged.

"Upon information and belief,
[Seaside] is engaged in a concert-
ed effort to seize control of the
partnership, and force [RHS Ven-
tures] out of any management
role."

Plainfield, though, responded

SEE page 4B

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ROYAL FIDELITY

Bank now targets
20% capital ratio

m@ By NEIL HARTNELL

Tribune Business Editor

ank of the Bahamas
International has

* Hopes to complete $20m preference
share issue this week, with offer

‘substantially’ placed already



Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

Baliamas escapes
US copyright list

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas has escaped
being named on the US govern-
ment’s Special 301 copyright
watchlist for the third year run-
ning, with Cable Bahamas’ presi-
dent telling Tribune Business yes-
terday that this reflected the
“mutual understanding” that both

“substantially” sold

the $20 million pref-
erence share issue that it hopes
to close this week, its managing
director telling Tribune Business
yesterday that it was targeting a
20 per cent Tier I capital ratio
by the end of its 2010 financial
year.

Paul McWeeney said “com-
mitments are in place for sub-
stantially the entire issue” of $20
million preference shares, which are being sold
via private placement and represent the first
tranche of the $100 million in preference shares
- divided into seven classes - that were approved
by the bank’s annual general meeting (AGM).

“We hope to close it this week; right away,” Mr
McWeeney said of the share issue. “We need to
increase the capital standing to support the dra-
matic growth of the bank over the last couple of
years.

“This is the start of the strategy to raise new
capital through preference shares. We don’t think
the current market conditions are supportive of a
common share issue at this point in time. It’s
[preference shares] not the ideal route, but it’s
suitable for the current environment.”

Mr McWeeney said that when completed and
fully subscribed, the $20 million preference share
issue would increase Bank of the Bahamas Inter-

McWeeney

* Full subscription to take Tier I
ratio from 12% to 15%, with 20%
target eyed for end of fiscal 2010

* System liquidity now close to $390m

15 per cent, well in excess of the minimum 8 per
cent ratio. Preference shares are eligible to be
included in Tier I share capital calculations.

The share issue will provide investors, likely to
largely be institutions such as pension funds,
banks and insurance companies, with an 8 per
cent interest rate of return - Bahamian Prime
plus 2.5 per cent.

Mr McWeeney said Bank of the Bahamas
International had “no choice but to come to mar-
ket with this rate”, given that numerous other
companies - Cable Bahamas and private entities
- had launched capital raising initiatives that
offered investors the same rate of return.

He hinted that Bank of the Bahamas Interna-
tional might seek to replace the preference shares
with other capital instruments, such as common
shares, “if the market turns around”.

Explaining that the main strategy behind the
share issue was capital, rather than liquidity or
funds for lending, Mr McWeeney told Tribune
Business: “Our capital ratio objective is 20 per

standing issues.

cable TV programming.

Nassau.

licensing.”

sides were moving to address out-

Anthony Butler said the BISX-
listed cable TV provider had been
constantly working with the Gov-
ernment, chiefly the Registrar
General’s Department and the
Bahamian Embassy in Washing-
ton, and with the US Embassy in
Nassau, to address all intellectual
property rights issues related to

“We’ve been working closely
with the Government and the
Bahamas Embassy in Washing-
ton,” Mr Butler told Tribune
Business. “We’ve had a series of
meetings with the US Trade Rep-
resentative’s Office in Washing-
ton with the Government, and
with the US Embassy here in

“We feel as if there’s definitely
a mutual understanding of the
efforts that are being applied to
the intellectual property rights
regime, as well as compulsory

The Bahamas and, by exten-
sion, Cable Bahamas, issues with

national’s Tier I capital ratio from 12 per cent to

SEE page 2B



50% of Cable’s $40m issue in US currency

@ By NEIL HARTNELL
Tribune Business Editor

CABLE Bahamas has applied
to the Central Bank of the
Bahamas for exchange control
permission to allow 50 per cent -
some $20 million - of its upcoming
$40 million preference share issue
to be raised in US dollars, Tri-
bune Business can reveal.

A term sheet circulated to
potential investors by the com-
pany’s placement agents, Royal-
Fidelity Capital Markets, which
has been obtained by this news-
paper, indicated the private share
placement was likely to begin
next week, as all relevant docu-
ments associated with it had been
approved by Cable Bahamas’
Board of Directors.

The document said: “An appli-
cation has been made to the Cen-

Make ita

* Pension Plans

* Mutual Funds

* Central Bank approval sought for $20m tranche, as
preference share investors get conversion price
equal to that offered to Columbus in buyout

tral Bank to allow for up to $20
million of the $40 million Series A
Preference Shares to be made in
United States dollars.”

The Central Bank is likely to
scrutinise closely any application
for exchange control approval,
especially if large sums are
involved, due to its desire to safe-
guard the foreign exchange
reserves. As at February 2009,
the Bahamas had some $616.32
million in foreign currency
reserves.

The preference share issue,
which is being targeted at select
institutional and high net worth
individuals, meaning members of

reality.

* Stock Brokerage

* Corporate Finance

* Investment Management

* Trusts & Estate Planning

° Personal Pension Plan Accounts

* Education Investment Accounts

PU Pt

Nassau: 242.356.9801
Freeport: 242.351.3010

FAV 1 FV elo)

St. Michael: 246.435.1955

royalfidelity.com

the public should not apply to
become involved, is priced at $10
per share.

The minimum subscription,
according to the term sheet, is
5,000 shares or $50,000, with the
proceeds set to join some $90 mil-
lion in bank financing to help
fund the buyout of the 30.2 per
cent stake held by controlling
shareholder, Columbus Commu-
nications.

The proceeds from the $40 mil-
lion issue, and the $90 million syn-
dicated credit facility from Royal
Bank of Canada, FirstCaribbean

SEE page 7B

SEE page 8B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission
from the daily report.



We can get you there!

ROYAL @ FIDELITY

Money at Work

An RBC / Fidelity Joint Venture Company





PAGE 2B, TUESDAY, MAY 5, 2009

THE TRIBUNE



SINS eee
Island Industries named top regional builder

BANK, from 1B

cent, so we still want to grow our
capital base.

“We are looking at other mea-
sures [other than preference
shares] to achieve that... We’re
looking at some internal issues.
It’s safe to say the bank is look-
ing at all ways to expand its cap-
ital base, not liquidity, but capi-
tal.

“The objective is a capital
ratio of 20 per cent. That has
been the objective set for the
five-year plan we’re on. We’re
in the last year of that plan, and
hope to ensure that ratio is close
to 20 per cent. We don’t see that
we will not be able to achieve
that by the end of the fiscal peri-
od 2010.”

Achieving that goal, Mr
McWeeney said, would position
the bank perfectly for the “start
of a new five-year plan”, which
would kick-in from the start of
fiscal 2010 on July 1 of that year.

While the economic downturn

had created “some stress” on
asset quality throughout the
Bahamian banking sector, Mr
McWeeney said he was “confi-
dent the banks will work through
this and the system will remain
fairly strong”.

Given the strong capital bases
of all Bahamas-based commer-
cial banks, Mr McWeeney said:
“We have the ability to absorb
quite a bit of risk before we get
to any problem point, and I’m
confident we will not get there
either. I’m confident we’ll weath-
er the storm.

“Right now, the main focus of
all banks and financial institu-
tions is maintaining prudential
standards and capital fortifica-
tion. That has to be the focus of
strategy at this time.”

Coupled with the heavy capi-
tal bases, Mr McWeeney said he
also drew encouragement from
the fact that excess liquid assets
in the Bahamian commercial
banking system currently stood
at close to $390 million.

The Bank of the Bahamas
International managing director
said the bank was continuing to
experience credit and loan port-
folio growth. While this was
“nothing significant”, he indi-
cated it was bucking an industry
trend where a number of banks
had seen the size of their loan
portfolios contract.

Bank of the Bahamas Inter-
national was still “looking at the
expansion of our entire customer
service and product base as best
we can”.

Mr McWeeney said it was
looking at the expansion of its
non-credit products and services,
particularly its payment card ser-
vices, such as the electronic pre-
paid store cards.

He added that Bank of the
Bahamas International had also
received some “strong renewed
interest from potential tenants”
for its West Bay Street head-
quarters, and was “hoping to get
some confirmation this year on
that”.

ISLAND Industries (Bahamas)
has been named as the Southeast
Region Builder of the Year 2008
by the buildings division of Butler
Manufacturing Company, the
developer and manufacturer of
metal building systems. The
award was presented by Harry
Yeatman, southeast regional gen-
eral manager and Tom Gregory,
southeast region sales manager, at
Butler’s 2009 regional sales meet-
ing in Savannah, Georgia.

Receiving the award was Mike
Donald, manager of Island Indus-
tries. Among the Bahamas-based
construction projects that the
company has completed, using
Butler building components, are
Kelly’s Lumber Yard, Maxwell’s
Supermarket in Marsh Harbour,
and Nassau Motor Company’s
extension.

The award is presented to one
Butler Builder per region, who
excels in the sale of Butler build-



SHOWN (I-r): Tom Gregory, Butler Manufacturing Company’s southeast
region sales manager; Mike Donald, Island Industries manager; and Harry Yeat-
man, Butler Manufacturing Company’s southeast regional general manager

ing and roof systems as well as
demonstrating superior market-
ing skills. Butler Manufacturing
Company has five regions.
Island Industries was estab-

lished in 1958, marketing and
building Butler buildings through-
out the Bahamas. It has complet-
ed over six million square feet of
Butler roofs.

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BORN AND RAISED IN THE BEAUTIFUL

TRANOUIL ISLES OF THE BAHAMAS, IM THE

CAPITAL CITY OF HASSAU - CHRISTOPHER
MARCUS CAREY, began singing at the tander
age of five and wort abeodutely fascinated bry

ihe muli-lglented “King of Pop" Miche! Jack

80m. According io Ch Istooner Ss mom il did mot

Start there, it fied from wathin her wombs
when he would leap at the
pecally at the sound ol his father's
WOuld serenade he cother on the ace .
guitar Attentive te the appetite of the fay
both mam and dad vould surroured hit wth

the Sounds of fdusic® and would ar xiduesly an

Oph ihe wom Th Mh
that ha about to get a replicate of himeett

=
note bout io raneive &

Mive, Father kore

IW) thal Sie was 2
idastenpiece' trom God!

Three monihs premabure the artist Sketel

Larey

sorte his Stage and Music his. manne!

und of music, #s-

-

whose Metine hie

production tes
Indinity. T
fity Candidate” performer

Touch doen 20 years ago on 21st Fetingey
oY, bo panicked garants Patrick amd Jennifer
Ghressopher could not wait to make the i
¢ Iowa for
me his passion and Christe-
would firmed himealf iimed in z :

Ny an artist Can appreciate

ut Carey

MIMUSKIan and entertainer

lanky Skilled, ward

FEMA arsts all of whom mainined their poten
takin musa, Non
Pat Garey
Rick C

ments &

re worthy of salute than his da
Quitarstisoicest of BAHAMEN and 8rother:
‘, ead Ser of BAHAMEN, whose achieve
Bpreseried try a mtyriad of mwards and
Ement 10 date haw earned thier
Ging rights for the prestigious Gramimy Award for
HONG with the song “Wid Let The Dogs

Slntch now works with one of the strangest agheke

& in the Cariibean called Archean
2 OPOUp i responsible for the-hit single
, Siete h vy hina ve

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va



THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 3B



a
Airline worried on tax hike impact for Bahamas

m By CHESTER ROBARDS
Business Reporter

crobards@tribunemedia.net

THE proposed UK tax hike on
airfares will likely go through this
coming November, which could
cause a further decrease in mar-
ginally declining British Airways
(BA) passengers to the Bahamas,
its marketing manager said yes-
terday. This was despite airfares
seeing a reduction year-over-year.

Adrian Barton told Tribune
Business that passenger duties

imposed on travellers leaving the
UK were already too high, and
another tax hike could be devas-
tating to flight sales.

The UK suggested the tax hike
would make airlines accountable
for their impact on the environ-
ment, but no money the tax will
bring in has thus far has been ear-
marked for environmental pro-
jects.

According to a press release by
the Advocacy Committee of the
Caribbean Hotel and Tourism
Association (CHT A), the tax has

thus far earned the UK govern-
ment over $2 billion since its
implementation several years ago,
which they contend should now in
part be regarded as a contribu-
tion to general UK taxation.
The CHTA has launched an
extensive campaign to lobby the
UK government in an effort to
have them relent on the tax
increase. According to their
release, the Dutch government
recently rescinded a similar air
tax, which they found to be
“counterproductive”.

Policy chief named for new regulator

THE committee driving the
Bahamas Telecommunications
Company’s (BTC) privatisation
yesterday announced the selec-
tion of a former Cable & Wireless
executive, Usman Saadat, as
director of policy and regulation
at the soon-to-be established Util-
ities Regulation and Competition
Authority (URCA).

The committee said: “With
more than 14 years of global
experience, Mr Saadat possesses
a wealth of consulting experience
in telecoms regulation and com-
petitive strategy, and is known
for his skill in service innovation
and external stakeholder man-
agement. He also has a proven
track record in leadership roles
of successfully restructuring oper-
ations, motivating teams and
transforming customer experi-
ence.”

As director of policy and regu-
lation, Mr Saadat will provide
direction on these areas, including
but not limited to strategy devel-
opment, market analysis, deter-
mination of significant market
power (SMP) and the develop-
ment of remedies for SMP
(including interconnection, regu-
latory cost accounting and retail
pricing).

Mr Saadat will direct the devel-
opment of methodologies for
market reviews and universal ser-
vice obligation assessment, licens-
ing policy and structure, number-
ing, spectrum policy and the
approach to local number porta-
bility.

He will be required to develop
an effective and efficient regula-
tory regime, and identify and
develop the resource skills of
URCA to enable a Bahamian to
assume this responsibility within a
reasonable time frame.

The Public Utilities Commis-

Usman Saadat



sion (PUC) and the Television
Regulatory Authority are expect-
ed to be replaced by the URCA
upon enactment of the URCA
Bill, which was tabled in Parlia-
ment on April 22, 2009.

The URCA will regulate all
areas of electronic communica-
tions within the Bahamas, includ-
ing broadcasting and television.

During the transition period,
Mr Saadat will report to the chair-
man of the Privatisation Com-
mittee. Upon the vesting of
URCA, he will report to its chief
executive and serve as a member
of that entity’s Board of Direc-
tors with full voting rights. Mr
Sadaat will direct the policy and
regulation functions within the
URCA.

Mr Saadat’s most recent
responsibility was as chief execu-
tive of Cable & Wireless St Lucia,
prior to which he served as busi-

ness development director of
Cable & Wireless International.

Mr Saadat has a wealth of reg-
ulatory experience in the telecom-
munications markets, including
more than five years experience
in economic consulting with UK-
based National Economic
Research Associates (NERA)
and Europe Economics.

While consulting, he served as
advisor on major regulatory pro-
jects for the European Commis-
sion, and led projects for Euro-
pean and Asian national telecom-
munications regulators, including
OFTEL in the UK, ODTR in Ire-
land and OFTA in Hong Kong.

Mr Sadaat also spent three
years as an economist with the
regulatory team in the head office
of Cable and Wireless PLC. Dur-
ing this time he helped implement
regulatory best practices in busi-
nesses transitioning from monop-
oly to liberalised markets. Mr
Saadat also worked with Gov-
ernments in a number of
Caribbean countries to telecom-
munications markets and estab-
lish new legal and regulatory
frameworks and compliance.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



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“Pending changes to the UK
Air Passenger Duty are expected
to result in increased levels of
duties applied to air tickets from
the UK to all destinations. Of
particular concern to us in the
Caribbean are the high levels of
duty to be applied to tickets to
the Caribbean, as well as the dis-
crimination against the Caribbean
region by illogically allocating it
to a higher tax band than major
competing destinations,” said the
CHTA release.

Tourism has expressed its con-
cern on the issue, and the conse-
quences of costlier flights to this
country.

Mr Barton said the Bahamas
has been luckier than many other
countries where British Airways
offers direct airlift. “Other desti-
nations are seeing more of a
reduced demand from the UK,”
he said. “Things are looking good
on this end.”

Mr Barton said Easter was
extremely busy for the airline,

Heathrow airport.

With the outbreak of the dead-
ly ‘Swine Flw’ virus out of Mexico,
it was feared that air travel would
further decline as more and more
instances of the illness were being
discovered.

The European Union went so
far as to issue the travel warning:
“Do not travel to Mexico, US
unless essential.”

However, Mr Barton said the
outbreak has not disrupted
British Airways flights to the US

The Bahamas Ministry of which services London’s or Mexico—or the Bahamas.

PRESS
RELEASE

IndiGO

FOR RELEASE ON APRIL 30, 2009

INDIGO & KELLY’s ANNOUNCE ONEPHONE
RETAIL PARTNERSHIP

Nassau, Bahamas Aprif 30, 2009. IndiGO Networks” (IndiGO) and
Kelly's House & Home (Kelly’s) today announced the establishment of a groundbreaking
retail partnership that will bring sale of IndiGO’s onephone™ horne phone line service to
the flagship retailers’ store beginning Saturday May 2.

IndiGO's onéephone service, now in its third year since introduction, allows high-
speed Internet customers of any Intemet Service Provider to simultaneously use their
Internet connection for high quality digital voice calls. Onephone offers features and
prices on a par with foreign providers, but does so with a local Bahamian number as
well as a foreign number, making onephone truly the only home phone line a subscriber
needs. Any of the thousands of onephone customers can call any other customer on the
onephone network free of charge, regardless of the islands on which they each reside.

Self installation is easy with a 1-2-3 step process. Customers who purchase the
onephone retail package at Kelly's will be able to make calls as soon as they connect
their phone at home and call the IndiGO Networks’ customer support desk to activate
the service. Clients will receive a free local number, free local and long distance calling
to the US and Canada and free inter-island calls to onephone customers for up to one
month. Activation is free and purchasers will be able to upgrade their service to a bong-
term contract and change their calling plan to any of the many calling plan options
available, anytime within the first month of purchase.

"The marketing of IndiGO's broadband telephony service at Kelly's House &
Home presents a tremendous opportunity to widen the reach of our proven onephone
service from retail shelves,” said Paul Hutton-Ashkenny, President of IndiGO Networks.
“Our partnership with Kelly's is the perfect marriage, with both companies focused on
providing the very best in customer service, product quality, and value for money.
Kelly's is an ideal partner for bringing onephone to the wider Bahamian community.”

The launch coincides with Kellys Mother's Day promotion at the store. Patrons
visiting the store on May 2â„¢ will not only be treated to Kelly's customary bargains on
that date, but will also be provided with the opportunity to be one of the first to take
onephone home. In addition, patrons will have the opportunity to use the omephone
service themselves by making calls on a special test phone set up at Kelly's to phone
anyone they choose in Nassau, the Family Islands, the US or Canada.

Mr. Hutton-Ashkenny stated, “Onephone offers substantial benefits to customers.
They immediately benefit from huge cost savings, improved call quality, free calls to
other onephone customers < wherever they may be - and first rate customer service.
We are delighted to invite visitors to Kelly's on May 2â„¢ to try the service for
themselves.”

Bob Plank, the Operations Manager at Kelly's House & Home also noted, “Kelly's
has made it our goal to be the customer's first choice for products and services in the
categories we offer, We do this by providing excellent service, an extensive breadth and
depth of assortment, reasonable prices and by introducing new merchandise, IndiSO's
onephone gives us an exciting opportunity to expand our product offering. This
residential phone service will provide customers with an instant, easy and affordable
way to stay in touch with family and friends in The Bahamas and across the globe. We
believe that it is a perfect match for our Kelly's clientele.”

IndiGO revolutionized the Bahamian telecommunications industry when they
launched commercial voice services in 2004, aind this year, the company celebrates a 20
year milestone of doing business in The Bahamas. IndiGO's product offering includes
corporate telephone service, telephone systems and support, wireless telephone services
and residential telephone services in New Providence, Grand Bahama and Abaco.

Interested persons can ask any of the well-trained Kelly’s representatives for
information on the onephone home phone service or call the IndiGO Customer Support
desk at 677-1111 im Nassau or 688-1111 in Freeport for detail.

About IndiGO Networks

IndiGO Networks® is the registered business name of Systems Resource Group Limited
(SRG), a Bahamian company with a 20 year history in offering innovative technology
and telecommunications solutions to businesses and residential consumers. Under the
liberalisation policy of the Government of The Bahamas to deregulate the
telecommunication’ sector, SRG was granted the first and currently only license to allow
international and domestic voice competition with the Bahamas Telecommunications
Company. SRG’s license extends to New Providence, Grand Bahama and Abaco.

CONTACT: GILLIAN BECKLES-SLATTER (242) 677 1028 GBecklesStatterdlndiGONetworks.com

About Kelly’s House & Home

SHERWIN
VVILLIAMS.

Ge

DreamSoft.

cao Kelly's House & Home has been a househokd name in the Bahamas since 1927. Kelly's is
Nassau’s largest department store with sixteen departments ranging from fine china to
hardware, The store is located at the Mall at Marathon and comprises over 40,000sq ft
of Shopping space. Kelly's provides shipping to all of the family islands in The Bahamas

and offers Contractor Cards and a comprehensive Bridal Registry Service.

FOR MORE INFORMATION
Contact us: cndshow@gmail.com





PAGE 4B, TUESDAY, MAY 5, 2009

THE TRIBUNE





NOTICE is hereby given that MARCNER IZMA of PINEDALE,
EIGHT MILE ROCK, GRAND BAHAMA, BAHAMAS P.O. BOX
F2197 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 4TH day of MAY, 2009 to the Minister responsible for
Nationality and Citizenship, PO.BoxN-7147, Freeport, Bahamas.

ing it had advanced for the South
Ocean project, and failed to pro-
vide it with audited financial
information. It alleged that the
managing partner had commit-
ted "fraud and/or intentional mis-

FROM page 1B

TMC) mL

by alleging that RHS Ventures

An Entrepreneur/Operations Specialist is in search
of Venture Capital to invest in a new but promising
business. Partnership opportunity is available. The
business requires a sizable sum of money for startup;
however the projected profits are reasonable and can
only get better despite the economy.

For more information forward a profile of yourself along
with contact information to businessopportunity@liv
e.com only trustworthy and proficient persons need
CUCL =e

LEGAL NOTICE
Clico (Bahamas) Limited

(In Liquidation)

Notice is hereby given that the above-named Company is in
liquidation, commencing the 7" day of April, 3109, Creditors having
debts or claims against the Company are required to send particulars
to Craig A. (Tomy) Gomez, Official Liquidator of the said Company at
the offices of Baker Tilly Gomez, The Deanery, No. 28 Cumberland
Street, P.O. Box N-1991, Nassau, Bahamas and if so required by

| NOboe in writing from the said Liquidator, to come in and prove the
aid debts or claims at such time and place as shall be specified in
auch notice, or in default thereof, they will be excluded from any
distribution made before such debts are proved or precloded from
objecting to any such distribution.

Dated this 27" day of April, 2004

CRAIG A, (TONY) GOMEZ
Ofscial Liquidator



Legal Notice

NOTICE
AMHERSTBURY LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of March 2009. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BAKER UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of March 2009. The Liquidator
is Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

1S pick-ups S500)
2 Hligdies claihy
Sane thaw dhelivery,
bor ar mee! bea 1 230 recy
Customs lbookeasipe: availalsle
Freoc Mass chcliwory for smal packages

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295 2-93, NW

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Claustoms Air Freight Building, “5

had not properly used the financ-

Wit

NOTICE is hereby given that KERLINE SAMA of
NASSAU VILLAGE, P.O. BOX SS-19753, 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 5â„¢ day of May, 2009
to the Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

$1000 CASH

alae

for return of missing
17” Apple MAC laptop computer
and blue USB Hard Drive

stolen from green jeep
ee Tic=e =| Ml arc 01m ete We) Celt

NO QUESTIONS ASKED

CALL 468-9789



LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

KITEN INTERNATIONAL, INC.

Notice is hereby given that in accordance
with Section 137 (8) of the — Internation-
al Business Companies Act, No. 45 of 2000, the
Dissolution of KITEN INTERNATIONAL, INC. has
been completed, a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was
the 24th day of April, 2009.

— La Td
aL SDM BORED
Lia risa

Legal Notice

NOTICE
CATELENA VENTURES LTD.

— f —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CATELENA VENTURES LTD. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

borne Fre cht
Services

MWassau., Rahamas
Phone: 242.37 7.045072

Pax: 2427.3 7 7.045 1

Ciell: 2427. 43760-3038 242.455.6092

O54. 2b SHS CVibe)

i2nd Awenue (Lejume Rel.»
Wiss, FL 430454
Phone 40S 055 8S SS
BY? .0685_.4544
Fax: SOS 685 3S -4-4

Cell: 934.394.2204

appropriation."

As a result, especially given the
prevailing financial climate, the
hedge fund wanted a “high
degree of supervision and con-
trol" over what was happening
with its New Providence invest-
ment.

The dispute between Mr Stein
and Plainfield is currently
embroiled in arbitration pro-
ceedings in New York, not to
mention litigation in the Bahami-
an courts.

Both the New York state and
Bahamian Supreme Court's
rejected RHS Ventures’ applica-
tion for an injunction to prevent
Plainfield from removing it as
managing/general partner.

But then Senior Justice John
Lyons ruled that Plainfield had
not established "reasonable
cause” to remove RHS Ventures
and Mr Stein, having alleged
"fraud and/or intentional misap-
propriation.”

Tribune Business previously
revealed that the New South
Ocean Development Company is
controlled by a Cayman-based
partnership, which is owned 51
per cent by Seaside Heights
(Plainfield), 1 per cent by RHS
Ventures, and 48 per cent by one
of the latter's affiliates, RHS
Holdings.

RHS Holdings’ contribution to
the partnership was said to have
been the 100 per cent equity in

Receiver named
for South Ocean

the New South Ocean Develop-
ment Company, which had invest-
ed $7.56 million in land acquisi-
tions and other pre-development
costs.

Seaside was alleged to have
loaned some $57 million to the
South Ocean project, and injected
$42.7 million in equity — taking
its total participation to around
$100 million as of late 2008.

The loans involved alleged
advances of $31.1 million on Feb-
ruary 15, 2008; $13.095 million on
the same date; and $12.691 mil-
lion on August 1, 2008.

The initial plans for the South
Ocean development included a
140-room five-star and 400-room
four-star resorts. Apart from the
two resorts and 40,000 square foot
casino, the redevelopment of
South Ocean, which has been
closed since 2004, will feature
fractional villas, 180 timeshare
units, second homes, convention
centre, marina, tennis facilities,
and spa all set to cost around $500
million. The first phase, involv-
ing the installation of utilities and
infrastructure, is set to cost "a lit-
tle over $200 million."

The draft economic impact
study, performed for South
Ocean, completed by Oxford
Economics, projected that the
resort would create 1,358 full-time
jobs when fully open, plus 1200
direct construction jobs during
peak build out.



















S
FAMGUARD

The Board of Directors
of
FamGuard Corporation Limited
is pleased to advise that
the first quarterly dividend
for 2009
of 6 cents per share
has been declared to be paid on
May 18, 2009
to Shareholders of record as at
May 11, 2009

FAMGUARD CORPORATION LIMITED

The parent holding company of

Family Guardian Insurance Company Limited
BahamaHealth Insurance Brokers & Benefit Consultants Limited
FG General Insurance Agency Limited
FG Capital Markets Limited
FG Financial Limited









ESSAY COMPETITION

TENTH ANNUAL PUBLIC SERVICE WEEK

The Department of Public Service will host an Essay
Competition as one of the activities for the Tenth Annual
Public Service Week. The Competition is open to Junior
and Senior Students in New Providence.

Additionally, this year, a speech competition will be
for schools in the Northern & Southern Bahamas,
respectively. Students interested in participating in the
Essay Competition should write a 250 - 300 words (Junior
High), and 450 - 500 words (Senior High), essay on the
topic: “ The Public Service-Striving for Excellence in
Customer Service.”

The deadlines for entries, which should be referred
to the attention of Mrs. Antoinette Thompson, Deputy
Permanent Secretary, Department of Public Service, is
Friday 24th July, 2009.

A Dell Desktop 2400 Computer System will be awarded to
the winner each category. The first runners-up for both the
Essay and Speech Competition in the Junior & Senior High
School category, will be awarded a $500 gift certificate.

The winners will be announced during the Tenth Annual
Public Service Week Awards Ceremony scheduled for
Saturday 10th October 2009.

Students interested in the Speech Competition for the
Northern and Southern Bahamas should contact their
Language Arts Teacher.





THE TRIBUNE



BUSINESS
x-AG brands PM ‘naive’
over tax havens listing

FROM page 1B

the high level of due diligence
and standards that have been
achieved, specifically in the
Bahamas”.

But, getting back to his main
theme, Mr Sears said the Prime
Minister had failed to realise that
in the US system, power did not
reside solely in the hands of Mr
Obama, unlike the Bahamas’
UK-based system where prime
ministers enjoyed tremendous
powers of patronage.

In the US, power was evenly
dispersed between the president,
as the executive, and Congress as
the legislature, and a great deal of
co-operation between both was
required to get legislation passed.
This meant that the input of hun-
dreds of people was required, and
that the views of one or two sen-
ators were relatively meaningless.

“For him [Mr Ingraham] to
speak to two or three senators,
and to develop a level of comfort
that the threat that he appre-
hended would no longer exist,
based on the assessment of those
two or three senators, is quite
frankly, a naive point of view,”
Mr Sears explained.

Urging the Bahamas to con-
duct a sustained lobbying effort in
Washington to educate and influ-
ence US policymakers on the
issue, Mr Sears said of yesterday’s
Obama announcement: “I think it
will basically undermine the con-
fidence of US investors in the
Bahamas, because people were
apprehensive based on the Stop
Tax Haven Abuse Bil.

“Even if that Bill does not go
through, what is coming through
in terms of recommended adjust-
ments and changes to the IRS
code will, in effect, introduce
some of the things the Stop Tax
Haven Abuse Bill intended to
introduce. It will make it more
difficult to book transactions
through offshore subsidiaries and
corporate vehicles registered in
the Bahamas......

“Whatever assurances were
given to Mr Ingraham are not
being reflected in what is coming
from the White House and Bud-
get proposals being taken to the
US Senate and legislature. They
don’t seem to understand the
nature of the threat facing the
Bahamas.”

Among the reforms proposed
are the imposition of withhold-
ing taxes on accounts at institu-
tions that do not share informa-
tion with the US; imposing “neg-
ative presumptions” on US citi-
zens who fail to disclose overseas
bank accounts; tighter reporting
standards and increased penal-
ties.

Opinion was mixed, though, on
the impact these reforms will
have on the Bahamas and its
financial services industry. Tri-
bune Business has repeatedly
been told that US clients with
assets in the Bahamas are largely
compliant with their home coun-
try tax laws already, as shown by
the fact that there have been less
than 25 requests for information
submitted by Washington to Nas-
sau since the two nations signed
the 2002 Tax Information
Exchange Agreement (TIEA).

“My initial reaction is that the
impact will not be significant to
the Bahamas in terms of revenue
or employment,” Raymond
Winder, Deloitte & Touche
(Bahamas) managing partner,
told Tribune Business.

He explained that unlike
Bermuda, the Cayman Islands
and Barbados, the Bahamas did
not have many parent organisa-
tions or holding companies with a
physical presence that were
owned/related to US firms.

“From an employment point
of view, I don’t see any signifi-
cant loss of employment. From a
revenue point of view, we may
have some IBCs incorporated,
but it’s not that significant. I don’t
see any significant concerns for
the Bahamas from that,” Mr
Winder added.

But Paul Moss, the PLP activist
and head of his own financial ser-
vices business, Dominion Man-
agement, agreed with Mr Sears,
arguing that the Prime Minister
was “dead wrong” to believe the
Bahamas would not appear in the
Stop Tax Haven Abuse Bill based
on his Trinidad discussions.

“T think the Americans are
going to lump everyone in one
basket, notwithstanding the
TIEA,” Mr Moss said. “They are
going to go after those American
companies they believe are ben-
efiting from so-called tax havens,
no matter whether you have a
TIEA or not. If they perceive that

for this kind of tax reform was
coming not just from the assault
on international financial services,
but the Bahamas’ membership in
the Economic Partnership Agree-
ment (EPA) with the European
Union (EU) and efforts to join
the World Trade Organisation
(WTO).

All this meant that customs
duties, which accounted for 60
per cent of all tax revenues, would
eventually be phased out, mak-
ing tax reform imperative.

“We need to get on with it. I
don’t know why we’re delaying
and not dealing with these
issues,” Mr Moss said. “The
Bahamas has to make these
changes sooner rather than later.
The Bahamas has an opportunity
to lead.”

Despite describing itself as a
‘blue chip jurisdiction’, Mr Moss
said the Bahamas had been able
to shake-off the ‘tax haven’ stig-
ma because it had not altered its
business model to position itself

as a “legitimate financial services
centre”.

“We cannot afford for the next
10, eight, four years to be looking
over our shoulder and wonder-
ing where the next initiative is
coming from,” Mr Moss told Tri-
bune Business.

He added that his income tax
proposal could raise “tens of mil-
lions of dollars”, and would make
the current $1.5 billion revenue
Budget produced by the Govern-
ment “miniscule” in comparison.

The American Embassy in Nassau, The Bahamas has a requirement for a
qualified contracting firm to provide labour, equipment, and materials to
demolish and remove approximately 62 feet of existing concrete masonry unit
wall and construct 82 feet of 9 foot high reinforced concrete perimeter wall with

steel picket fence.

The wall should be constructed to American Concrete Institute I reinforced
standards or better with proper drainage and a Sft depth foundation.

Additional work includes cutting through an existing low masonry wall and
installing two single door entrances into an existing building. This construction
effort is estimated at between $50,000 - $100,000 and should be completed no

later than July 30", 2009.

All firms who respond to the solicitation must be technically qualified and
financially responsible to perform the work. At a minimum, each Offeror must
meet the following requirements when submitting their proposal:

Be able to understand written and spoken English;
Have an established business with a permanent address and telephone listing;
Have the necessary personnel, equipment and financial resources available to

perform the work;

Have all licenses and permits required by local law,

Meet all local insurance requirements;
Have the ability to obtain a performance and guarantee bond and a payment
bond, or to post adequate performance security, such as irrevocable letters of
credit or guarantees issued by a reputable financial institution;

Have no adverse criminal record;
Have no political or business affiliation which could be considered contrary to
the interests of the United States;
Have good experience and past performance records; and

Identify specialized experience and technical competence required to complete
the work in accordance with this solicitation.

If a firm is interested in competing for this requirement, please provide a written
request for a copy of the solicitation documents by Friday, May 8", 2009 to the

Attention:

Procurement Supervisor, U.S. Embassy Nassau, 42 Queen St,
PO Box N-8197, Nassau, The Bahamas. Telephone (242) 322-1181 ext 4277 or

Fax (242) 328-7838 or via email at nelsonda

1959 ~2009 ae

Mangrove
Forest Ecology
MWanasenenn and
Restoration

LECTURER:

Roy R. ‘Robin’ Lewis ITI
Lewis Environmental Services, Salt Springs, Florida
Date: Wednesday, May 6
Time: 7:00 pm

VENUE: The Retreat, Village Road

Roy Lewis is the founder and president

of Lewis Environmental Services, Inc., an
environmental consulting firm in Tampa,
Florida. He has an undergraduate degree
in biology from the University of Florida
and a graduate degree from the University
of South Florida. He did postgraduate
work at the University of South Florida’s

state.go

Vv.

TUESDAY, MAY 5, 2009, PAGE 5B

Jf

OTERLING

ee ee

* PERSUASIVE
* PERSISTENT
* PROFESSIONAL



























i
CO oe ee) ed
COLLECT NOTHING! PAY NOTHING!
inble Rates

bo Greet Ta a

GLABAN TEED SUCCE

Sterling (Collections Lod
LE ee al
4 i Pd a ial ita eae
heen Meer tine re]

a
Fa
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Web:vworew.sterlin

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Equity Side

BETWEEN

THOMAS DESMOND BANNISTER
AND
STEPHANIE CAREY
AND

BRADLEY MANAGEMENT (BAHAMAS) LIMITED
co Registered Office Graham, Thompson Corparate Services

2” Defendant

ORDER

Ded the 3” April ALD.2007

Before Mrs. Carol Misiewicz , Devoty Registrar of the Supreme Court of the
Commonwealth of the Bahamas

UPON READING the Affidavit of Ms. Stephanie Carey fled herein onthe 11° Qetaber
AD 28.

AND UPON HEARING Mr. Milton A. Evans of Coonsel tor the PlamatT and there
being no appearance by noe oa behalf the First Defendant.

IT 1S HEREBY ORDERED THAT:
J. That the First Dedendaet having been ordered by the Court to provide by way af
smo affidavit an Accounting 25 claimed in the Piaentaff's Statement of Claim, the
account presented fails lo provide-a reasonable accoant to the sahsfachon of the Coat
2, That Final Judgement be enered for the Plamtilf agamst the First Defendant for the
gum of 3105, 16440 representine asim of $110,064.50 heed on the 2 Jone TK
and the sure of $74,100.00 the 19° June 2000
3. That the First Defendant! pay interest on the said sum af the rate of 107% thoen the 3”
Jone 2004 the die of the Gling of the Writ of Sommauna.
4. That the costs od this action be paid by the First Dedendan to the Plaintif®, said costs
te be awed by the Coart if not agreed

Dated this 2” day of April, ALD. 30),

BY ORDER OF THE QOURT

Marine Science Institute and was a
professor of biology at Hillsborough
Community College, and chairman of
the department from 1974 to 1977. Mr.
Lewis’ expertise includes the ecology,
management, restoration and creation of
fresh and saltwater marshes, mangrove
forests, forested freshwater forests, and
seagrass meadows.

you are a jurisdiction American
companies benefit from, they are
going to deal with you.”

He again urged the Bahamas
to “be ahead of the curve” by
implementing the required
changes to its tax system itself,
introducing a low-rate income tax
that would be imposed on the
profits, revenues or assets under
management of international
clients.

And Mr Moss said the pressure

0.9 D.P

DEPUTY PEGETRAR Yjo s 07

This Onder was draen op by Evens & Co, Sammel IL Evans Howse, Shirley &

For more information call Christie Streets, Maxson, Babar, Attorneys for the Plaintiff.

393-1317 or email bnt@bnt.bs





THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 7B

Rock of Ages Funeral Chapel

Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 ¢ Fax: 328-8852































The Late Deanne
Waite Mackey

of Miami Florida, will
be held on Wednesday
6th, May 2009 at
Church of God of
Prophecy on Meadow
Street at 10 A.M.
Officiating: Bishop
Hulan Hanna, ssisted
By: Pastor Phillip
Ferguson.

She is survived by her

Husband;+Three(3)
Children: George, Denise and Jilbert 'Jonathan'
Waite; Mother: Gloria Saunders Rolle; Mother-
in-law: Sharon Wilson-Morley; Four (4) sisters:
Anita Beneby, Betty Rolle, Mercia Case and Etta
Malcolm of Atlanta, Georgia; Two(2) Brothers-
in-law: Philip Beneby and Dr. Orreth Case;
One(1) Aunt: Dorothy McPhee; Numerous
Cousins including: William Cartwright Jr. and
Philip Cartwright; James Saunders and family,
Mercianna Saunders and family, Virginia Minus
and family; Ena Saunders and family;+Barbara
Saunders and family; Winston Saunders and
family;+Philip Saunders and family; Constantine
and Claudine Johnson and family; William and
Ruby Simmons and family of Miami, Florida;
Maybell Wilson and family; and a host of other
relatives and friends including: Simeon
McPhee, Doyle Bethel and family, Deitrich
Bethel and family, Donnie and family,}+Tonya
and family; Polly Rigby and family; the
descendants of Buddie and Joanna Coakley of
Calabash Bay;{Joyce and Hazel Hepburn;
Pertella Guthrie,+ Ann Robinson,} Amie Perez,
Denise Smith,+Kenneth and Bernadette Johnson
andy Attorney Stanley Johnson of Florida; Nancy
Waite of New York and Dahlia Williams of
Miami, Florida; Tabitha Rolle; Jeannie D. Gibson,
RuthR.N. and a host of other relatives and
friends to numerous to mention.

FRIENDS MAY PAY THEIR RESPECT AT
THE CHAPEL OF ROCK OF AGES
FUNERAL CHAPEL, WULFF ROAD AND
PINEDALE ON TUESDAY 10AM TO 5PM
AND WEDNESDAY AT THE CHURCH FROM
9 AM UNTIL SERVICE TIME.

Ruth Mae Veronica
Fowler, 60

Mount Pleasant Village
will be held on
Wednesday 6th May
2009 at St Paul Apostle
Church, Lyford Cay at
12:00 Onoon.
Officiating: Rev. Robert
Lefebvre M. M.,
assisted by: Fr. Kenrick
Forbes

She survived by her

dear: Three (3)Children:

Antone and Marvin

Mitchell and Clara Storr; Six (6) Grandchildren:
Kemel dA.JE Elishanti, Camille, Gabrielle,
Elijae.One (1) Son-in-law; One (1) Daughter-
in-law; Four (4) Brothers: Wellington, McFarlin
and Clement, Jacob Fowler; Two (2) Sisters:
Nena Fox and Shirley Fowler; Two (2) Aunts:
Lillymae Ray of Miami Florida and Beryl Fowler:
One (1) Uncles: Cyril Johnson; Seven (7) Nieces:
Twelve (12) Nephews: Numerous of other
Relatives and friends including: Janet Fowler
and family, Blanch Morley, The Fowler, Johnson
and Fox families. J.J. Stubbs and family, The
Storr and Saunders family, The Mt. Pleasant
Village Community, Officers and members of
Cathedral of Praise Church of God family, Father
Robert Lefebvre and Parishioners of Saint Paulis
and Saint Joseph Church and a host of other
relatives and friends to numerous to mention

FRIENDS MAY PAY THEIR RESPECT AT
THE CHAPEL OF ROCK OF AGES
FUNERAL CHAPEL, WULFF ROAD AND
PINEDALE ON TUESDAY 10AM TO 5PM
AND WEDNESDAY AT THE CHURCH FROM
11 AM UNTIL SERVICE TIME.



50% of
Cable’s
$40m

issue in US
currency

FROM page 1B

International Bank (Bahamas)
and Scotiabank, will also be used
to refinance Cable Bahamas’
existing debt and credit facilities,
plus pay transaction costs and
fund working capital.

As previously revealed by Tri-
bune Business, preference share
investors will have the option to
convert their investment into
Cable Bahamas ordinary shares
(equity) some two years after the
$40 million issue closes.

The conversion price will be
the $13.43 per share transaction
price that Columbus Communi-
cations is receiving from the com-
pany in return for selling its stake.
Effectively, one preference share
- priced at $10 - would be equiva-
lent to 0.7433 ordinary shares,
based on those prices.

This means that, at current
market prices, investors in Cable
Bahamas’ preference share issue
will effectively be paying the same
11.5 per cent premium that the
company is paying to Columbus
Communications in the $80 mil-
lion buyout. However, a lot can
happen to share prices over two
years, and it is only when the con-
version day arrives that prefer-
ence share investors wishing to
convert will be able to tell
whether they have a good con-
version price or not.

If they choose not to convert,
investors will regain all their prin-
cipal by the time the preference
share issue matures 10 years from
its closing date. Those who stick
with this investment tool will start
receiving their principal back on
the sixth anniversary of closing,
with the full sum paid back in five
equal annual instalments.

According to the offering term
sheet, preference share investors
will have an 8 per cent interest
rate of return on their investment.
Dividends, it added, are due to
be paid semi-annually on June 30
and December 31 of each year,
with the first payment coming on
the latter date in 2009.

Cable Bahamas is also unable
to redeem the preference shares
until after the second date of the
issue’s closing. The $13.43 per
share price that Columbus Com-
munications, an entity owned by
Barbados-based Columbus Com-
munications Inc, will receive rep-
resents an 11.5 per cent premium
to the $12.04 that Cable
Bahamas’ stock closed at on
BISX last night.

The purchase price for Colum-
bus Communications’ 5,954,600
shares has decreased by 6 per cent
compared to the $14.28 per share
initially contemplated by the par-
ties pre-Christmas, after Tribune
Business had exclusively revealed
details of the proposed buyout.

Back then, the purchase price
represented just a 1 per cent pre-
mium to the then-prevailing mar-
ket price, as opposed to the 11.5
per cent now. Still, back then
Columbus Communications’
stake was valued at $85.174 mil-
lion, and now it is some $5 million
less at $80 million. The company
then was valued in total at
$282.035 million, and now that
figure is $264.9 million. However,
some Cable Bahamas sharehold-
ers have called for an Extraordi-
nary General Meeting (EGM) to
be held to enable them to vote
on whether the Columbus Com-
munications buyout should go
ahead.

“The fact there has been no
consultation with 55 per cent of
the shareholders, no considera-
tion given to them, and the fact
they are not represented on the
Board, to me is a problem,” the
investor said. “Cable should make
all efforts before the deal is done
to consult with 55 per cent of the
shareholders. This is being
rammed down the throats of the
minority. They are being told this
is best for the company, and that
may be the case, but they don’t
want to fall into the same prob-
lems as BSL Holdings, where
decisions were made with no
thought or consideration given to
minority shareholders, who in this
instance are in the majority. “No
matter what they say, they have
problems given that the Board
are deciding on a deal they are
the major beneficiaries of. This
deal has so many insiders. The
people that are making the deci-
sion are largely the ultimate ben-
eficiaries from that decision. The
minority shareholders who con-
stitute the majority have no say
on the Board.”

For the stories
behind the news,
este Maral? ltd
on Mondays





PAGE 8B, TUESDAY, MAY 5, 2009

THE TRIBUNE



HINGE INVESTMENTS LIMITED

(Company number 29,786B)

An International Business Company
(In Voluntary Liquidation)




























Pursuant to Section 137(4) of the International
Business Companies Act, 2000 notice is hereby
given that the voluntary winding-up and dissolution
of the Company commenced on the 30th day of
April, 2009 and that Pine Limited of Devonshire
House, Queen Street, P.O. Box N-8176 Nassau,
Bahamas has been appointed Liquidator.

Dated this 30th day of April, 2009

Pine Limited
Liquidator

Legal Notice

NOTICE
WEALTH FOUNTAIN
GROUP LTD.

— 4 —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of WEALTH FOUNTAIN GROUP LTD. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
VINERMEERS
INVESTMENTS LTD.

— —

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of VINERMEERS INVESTMENTS LTD.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
PAVIOUR VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PROMINENT

DEVELOPMENT CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Bahamas escapes
US copyright list

FROM page 1B

the US on intellectual property
rights have largely stemmed from
its compulsory licensing regime,
which was considered by the US
programming industry and copy-
right holders as too broad and
not providing compensation for
their works at ‘fair market rates’.

These problems were exacer-
bated by the fact that both the
Bahamas and the rest of the Eng-
lish-speaking Caribbean are seen
as too small a market by many
US TV programmers and rights
holders, something that has made
them disinclined to negotiate
commercial arrangements with
Cable Bahamas.

In 2000, and agreement was
made between the Bahamas and
the US. Under its terms, the
Motion Picture Association of
America (MPAA), its members
and other copyright holders were
supposed to enter good faith
negotiations with Cable Bahamas
for acommercial agreement that
would allow the company to pro-
vide English-speaking pro-
grammes, but pay royalty and
licence fees to copyright holders.

While many of these pro-
grammes can be picked up in the
Caribbean, the problem occurs
with the premium channels such
as HBO, because the programme
distribution and royalty rights
contracts held by these networks

Legal Notice

NOTICE
POULTER VENTURES LTD.

(In Voluntary Liquidation)

often do not allow them to broad-
cast outside the US.

The copyright owners are
reluctant to negotiate with Cable
Bahamas because the legal fees
they would need to change the
royalty contracts would exceed
the revenues gained from such a
small market like the Bahamas.

Yet Mr Butler indicated to Tri-
bune Business that negotiations
with the programmers and copy-
right holders had been aided by
the current economic environ-
ment, in which they needed to
gain every cent of revenue possi-
ble.

“Under the existing economic
climate, everyone has to take
advantage of opportunities, and

we’re hopeful they’ll see the
Caribbean as an extension,” Mr
Butler said.

“We're constantly going after
programming that was not avail-
able to us, and the most recent
one was Major League Baseball.
MLB was not selling to the
region, and as recently as six
months ago, we were able to get a
contract with MLB. So they
recognise the Caribbean market
as one they want to do business
with.”

The Bahamas was removed
from the Special 301 watch list in
2007, and has remained off it ever
since, due to improvement in its
intellectual property rights
enforcement.

Legal Notice

NOTICE
ALEMENARA S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

LEGAL NOTICE

CLICO (Bahamas) Limited |
(In Liquidation) |

Nobee is hereby given that the above-named Company is in |
Liquidation, commencing the 7" day of April, 2009 and that Craig A. |
(Tony) Gomez, of Baker Tilly Gomez, The Deanery, ‘yo. 28 |
Cumberland Street, P.O. Box N-1991, Nassau, Bahamas is appointed |
the Offcial Liquidator of the saad Company. |

Dated this 22 day of April, 2009 |

CRAIG A. (TONY) GOMES
(Official Lequidatar

Legal Notice

NOTICE
THINK ASSETS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TEKE S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CHATOM S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
GYPSY INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PETTIINGER HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Full Text
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Court hears explicit testimony
in Earl ‘Randy’ Fraser retrial

@ By NATARIO McKENZIE
Tribune Staff Reporter

EXPLICIT sexual details
emerged yesterday in the retrial of
Bishop Earl ‘Randy’ Fraser, as
the young woman whom he is
alleged to have had a sexual rela-
tionship with four years ago took
the witness stand.

The alleged victim, now 20, told
the court that Bishop Fraser,
senior pastor at Pilgrim Baptist
Temple, had sex with her on
numerous occasions at his home
off Prince Charles Drive and at
his church office, usually before
bible study. The young woman,

who was 16 at the time, told the
court that Bishop Fraser also
called her every day for phone
sex. She said that before the inci-
dents took place, she respected
Fraser as a man of God.
Prosecutors allege that Fraser,
who is on $10,000 bail, engaged
in a sexual relationship with a
dependent between July 2005 and
February 2006. The alleged vic-
tim, whose name must be with-
held, told the court that in May
2005 she had moved in with her
grandmother after her mother had
kicked her out of her home. She

SEE page seven




The Tribune

=USA TODAY.

BAHAMAS EDITION

www.tribune242.com

TUESDAY, MAY 5, 2009

CARS FOR SALE,
a
AND REAL ae

BAHAMAS BIGGEST








Introducing

Sweet Tea



Resort ‘is
robbed of
S2.5 million’

Sandals allegedly the target
of embezzlement scheme

m By PACO NUNEZ
Tribune News Editor

SANDALS Royal Bahamian
Resort was the target of an
embezzlement scheme that
siphoned off around $2.5 million
from the company over 13 years,
The Tribune has learned.

The scheme is thought to
involve a small group of employ-
ees and two tellers at a local bank.

A spokesperson for Sandals
admitted the company has uncov-
ered some financial irregularities,
but declined to comment further
as “the matter is with the author-
ities.”



According to a well placed
source, the scheme involved the
submission of grossly exaggerated
supply bills to management. Once
cheques were issued for the inflat-
ed sums, one of the conspirators
would take them to a particular
bank branch, where a teller com-
plicit in the scheme would deposit
the cheques in an account created
for the express purpose of hiding
the funds.

The tellers were indispensable
to the strategy, according to the
source, because they were will-

SEE page 11

Govt Budget deficit
‘almost doubled’

m@ By NEIL HARTNELL
Tribune Business Editor

THE Government’s Budget deficit “almost doubled” to $173.4 million for
the first eight months of its 2008-2009 fiscal year, the Central Bank of the
Bahamas revealed last night, due largely to a 10 per cent drop in import-relat-
ed tax revenues in an economic environment described as “moribund.”

The Central Bank, in its report on monthly economic developments for
March 2009, reported that year-over year, the fiscal deficit for the eight
months to February 2009 had increased by 86.9 per cent to $173.5 million,
compared to $92.8 million the year before.

Import duties, in particular, had been heavily impacted by the downturn
in economic activity that has led to less demand for imported goods. These
duties, for the first eight months of the 2008-2009 Budget year, were down
26.91 per cent at $251.5 million, compared to $344.1 million the year before.

None of this is surprising, given that Prime Minister Hubert Ingraham had
foreshadowed the dramatic fall-off in import duties as a result of decreased

SEE page 11

The Taste
on
Tuesdays!!

felines iget fe) medium

Isfkesoine) Hlkege alasolOtayyy



We] fe Mey ely

atti Clarke/Tribune stat wil

BISHOP ‘RANDY’ FRASER waits to Pell TAMeXOLU GMAT ersiCc Och

Plans to reform US tax policy
Snlit local financial insiders

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

LOCAL financial insiders were
split down the middle yesterday
on the possible ramifications of
the United States’ intention to
reform its tax policy, clampdown
on US tax loopholes and facili-
tate a crackdown on so-called “tax
havens.”

Speaking from the White
House yesterday, US President
Barack Obama announced his
administration's plans to reform
that nation's tax policy — in keep-
ing with one of his campaign
promises — and crackdown on
overseas “tax havens.”

Managing partner of prominent
local accounting firm Deloitte and



Touche Raymond Winder said
from a first look it appears the
impending policy change will have
a "minimal impact" on the
Bahamas’ off-shore financial sec-
tor.

Jurisdictions like Bermuda and
the Cayman Islands, home to
many large American companies,
are more likely to feel the sting
from the proposed policies, he
said.

But Paul Moss, PLP-hopeful
and managing director of financial
services company Dominion Man-
agement, sees the impending tax
reform as a direct threat to the
country's second industry.

"We could expect to see signif-
icant repercussions for the

SEE page 16

Amnesty calls for investigation
into asylum request rey jection

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

AMNESTY International [f
has called for a “full and thor-
ough” investigation into the cir-
cumstances surrounding the
Immigration Department’s
decision to reject a request
from a Haitian man for political
asylum. It is reported that the
man was “executed” on his
return to Haiti.

Meanwhile, the internationally-renowned human rights organisation
called on Immigration officials to postpone the repatriation of the
man’s widow and baby until the outcome of such an investigation.

The organisation’s statement came as Immigration Director Jack

SEE page 16

Anderson Pierre



Jetta Baptiste

Police called to
Worker’s House

POLICE were called to keep
the peace at Worker’s House yes-
terday as tempers flared over
nominations for the Bahamas
Hotel Catering and Allied Work-
ers Union’s May 28 elections.

The BHCAWU based at
Worker’s House on Harrold
Road is holding elections to
choose the next president and his
team of executives.

Current union president Roy
Colebrooke is running for the
position again and about 200
members of the 5,000 strong
union are expected to nominate

SEE page seven



MP SPEAKS OUT OVER
NEW COMMUNICATIONS
LEGISLATION

‘DILIGENT’ HYGIENE
ADVISED TO KEEP THE
BAHAMAS FREE OF
SWINE FLU

It wasn't raining when Noah built the Ark...

It’s not too late to build yours...

Weather the storm with Fidelity.

Fidelity Built-In Savings Plans

Switch to Fidelity products - they have built-in savings plans:
MoneyBack Mortgage @ Debt$AVER e Asue Visa Card

Nassau: 356.7764 Freeport: 352.6676/7

Marsh Harbour: 367.3135

2

FIDELITY

30% ANNIVERSARY





NASSAU AND BAHAMA

ISLANDS’ LEADING NEWSPAPER
PAGE 2, TUESDAY, MAY 5, 2009

THE TRIBUNE



Scores join queue for jobless benefits

at NIB
where laid off
workers picked
up unemployment
cheques.

Tim Clarke/
Tribune staff



Original Famous Bow!



m@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

SCORES of jobless men and
women lined up at the National
Insurance Board headquarters in
Baillou Hill Road yesterday to
collect the first unemployment
benefit cheques.

The benefit, made available to
out-of-work Bahamians for the
first time ever, is being distributed
to around 4,000 people in the first
wave of collections this week. The
2,800 New Providence residents
eligible to receive their cheques
were divided into two groups
asked to collect their benefits yes-
terday and today, and deputy
director of NIB Cecile Bethel said
all is running smoothly so far.

“We expected around five to
six thousand applicants so it has
turned out to be what we expect-
ed in terms of persons who quali-
fy for it. There was that 10 to 12
thousand figure in the air, but the
number that has turned out is
more like the number we thought
and what the Department of Sta-
tistics thought.” Although around
20 per cent of the 5,800 applicants
have experienced delays in receiv-
ing their benefits, Mrs Bethel said
NIB is gathering the necessary
information from them to proceed
with the process as soon as possi-
ble. Those who do not qualify will
be informed by the NIB.

Around 1,100 applicants are
picking up their benefits cheques
in Grand Bahama this week, and
the rest will pick up their cheques
in the Family Islands.

For Soldier Road resident Bee
Ingraham, 43, who lost her job at
the Radisson hotel two years ago,
the benefit will go far.

She said: “It will be a big help
for us because we aren’t working,
and something is better than noth-
ing. We have our bills to pay so we
appreciate what the government is

M4 i

Se MME

lati a

ACHOICE



doing.” And Brian Kemp, 50, of
Hercules Street, Mason’s Addi-
tion, who has been out of work
for six months praised the gov-
ernment for the scheme. “I think
it’s something positive on the gov-
ernment’s behalf, after all it’s our
money and it’s a little help,” he
said.

“T have been paying National
Insurance since 1974, and now I
need to be contributed back.”

Young mother-of-one Desiree
Cartwright, 29, of College Gar-
dens, Nassau, lost her job as a pit
clerk in the Atlantis casino in
November. She said: “I have a
five-year-old son to take care of so
it’s going to help a lot. Some peo-
ple are too proud to register and
come and get it, but if you have
been working and paying Nation-
al Insurance they should be able
to give you something.

“Tm not proud and I am not
ashamed, I worked at Atlantis for
seven and a half years and paid
National Insurance so I’m com-
ing to collect what’s mine.”

Most of those collecting bene-
fits yesterday said the money will
be divided between utilities bills,
grocery bills, and school fees for
their children. Miss ‘S’ Murphy of
east Nassau, who lost her job at a
government agency in February,
said: “I got so much things to pay
right now, so it will pay for what-
ever I happen to go to first — the
light bill, the phone bill, food and
clothes. I can’t put it all on one
thing; I will just have to put some-
thing here, something there.

“T don’t have kids and ’m
struggling so I can imagine those
who have children and a mort-
gage or rent, cell phones and
water bills to pay. If I’m screaming
bloody murder I can imagine how
they are screaming.” Mother-of-
three Quetel Rahming, 32, of
Mason’s Addition, who lost her
pre-school teacher job a year ago,
said money would cover needs.

A MEMBER Of the Con-
cerned Citizens Committee
who was branded “a joker”
in the final edition of The
Tribune’s Aces and Jokers
article is promising to once
again lead a protest to the
steps of the newspaper.

Community activist Ricar-
do Smith said he was out-
raged by the article, written
by former Tribune Managing
Editor John Marquis in his
popular column
Insight.

Mr Smith said
that if he has his
way, members
of the CCC will
buy a burial plot
near The Tri- -
bune and fol- JOHN
lowing their MARQUIS
march, bury as
many copies of Insight as
possible. Responding to Mr
Smith’s comments, the now
retired Mr Marquis quipped:
“T only hope that it’s a
respectful burial.”

Mr Smith, who recently
took part in a protest against
Mr Marquis’ series of articles
on former prime minister Sir
Lynden Pindling, said that he
will convene a meeting of the
CCC to determine what
action they should take to
show their disappointment in
The Tribune for “allowing
Mr Marquis to write such a
vicious attack against good
Bahamians.”

The Pindling articles quot-
ed former PLP treasurer
Chauncey Tynes as alleging
that his son flew money from
drug dealer Joe Lehder, who
had set up his headquarters
in Norman’s Cay, to Sir Lyn-
den. Mr Marquis, in his final
“Aces and Jokers” Insight,
described Mr Smith as a “car-
petbagger” willing to hold
“public demonstrations
against anyone or anything
white, foreign or anti-PLP.”

“After his last-but-one
demo outside The Tribune,
one of his ‘supporters’
phoned the newspaper to
apologise and then added:
‘And what’s more, I didn’t
get paid.’ Now there’s a sur-
prise,” Mr Marquis wrote.



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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 3



Downright dangerous to

freedom of expression’

© In brief

Police blitz
leatls to 32
arrests and
drug seizure

POLICE mounted a special
operation over the weekend
which led to 32 arrests and net-
ted over 90 packets of marijua-
na. Operation "Bail-Out", car-
ried out by officers from the
Central Detective Unit and the
East Street South division dur-
ing the evening hours of May 1,
targeted suspected criminal
activities in the southeastern
district.

Assistant Superintendent
Walter Evans said 13 people
were arrested in the Kennedy
subdivision around 9.30pm after
officers allegedly found a .9{mm
handgun and 31 packets of mar-
lyuana inside a home.

Of those arrested, two men
were wanted by the police for
questioning in connection to
several prior armed robberies,
Mr Evans said.

During a search sometime
before 8pm on Friday - near a
bar on Zion Boulevard - officers
apprehended seven persons
after discovering 51 packets of
marijuana. Shortly before 8pm,
the joint team of officers also
arrested 12 persons when they
found 11 packets of marijuana
near a car wash on East Street
south.

THE man shot dead in his
Gamble Heights home over the
weekend has been identified by
police as Marc Estimable, 29.

Police believe Mr Estimable
was answering the door to a man
who said he wanted to buy a
phone card at lam on Sunday
when the man produced a firearm
and fatally shot Mr Espimable on
the left side of his body.

The 29-year-old was taken to
hospital and died after arrival.

A champagne coloured Hon-
da was seen leaving the area after
the weapon was fired. Police are
appealing for information from
the public and anyone who might
be able to assist investigations
should call police on 911, 919, or
call Crime Stoppers anonymous-
ly on 328-TIPS (8477).

Police itlentify
accident victim

POLICE have identified the
man who died when his car
crashed into a utility pole off the
Queen’s Highway in Cargill
Creek, Andros, early Saturday.

Romeo Bain, 31, was rushed
to a local medical clinic after the
accident at around 2am on Satur-
day and died after arrival.

Two other men who had been
in the 1999 Ford Mustang when it
crashed were airlifted to hospital
in New Providence.

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

NEW communications legis-
lation debated in parliament
yesterday provides for the reg-
ulation of what is aired on tele-
vision and radio to an extent
that is “downright dangerous”
to freedom of expression in this
country, MP for West End and
Bimini Obie Wilchcombe
claimed.

While various members of
parliament heralded the pro-
posed legislation as “critical”
and of a “landmark” nature,
intended to propel the Bahami-
an communications sector into
the 21st century, Mr Wilch-
combe gave his support for the
Bill but claimed it contains pro-
visions of which the public
should be wary.

Government MPs retorted
that the Bill goes no further
than similar legislation enacted
in other “modern societies.”

Parliamentarians were con-
tributing to the debate on a Bill
for an Act to Provide Commu-
nication Services, which Prime
Minister Hubert Ingraham has
said must be passed in order to
provide the regulatory frame-
work for a soon-to-be privatised
BTC.

Calling into question the
“sweeping powers” granted to
the regulator created under the
Act — the Utilities Regulation
and Competition Authority
(URCA) — Mr Wilchcombe said
the “politically appointed” body
will be able “to choose what the
people of the Bahamas can and
cannot see, or hear, on radio
and television.”

This includes the responsibil-
ity of issuing codes to regulate
“everything from the news to
political broadcasts to advertis-
ing content.”

“We on this side of the House
are committed to a media that is
free, responsible and indepen-
dent,” said the MP and former
ZNS general manager.

However, government MPs
rejected the thrust of Mr Wilch-
combe’s argument about
URCA.

Minister of Education and
MP for Seabreeze Carl Bethel
responded that he found it
“interesting” that Mr Wilch-
combe should lecture the gov-
ernment “on freedom of expres-
sion”, given that when in man-
agement at ZNS, he was, in Mr
Bethel’s view, “the moral equiv-
alent of a committed propagan-
dist.”

Mr Bethel said the legislation
will “make the Bahamas poised
to receive and to embrace the
brave new world of the highest
and most efficient (communi-
cations) technologies.”

Meanwhile, although admit-

MP warns about proposal
to regulate TV and radio

_
Obie Wilchcombe



ting that URCA will be “one
of the most powerful regulators
ever created in this country”
Minister of State for Finance
Zhivargo Laing suggested its
authority will not extend to
“broad censorship.”

Standards

The role of the body in terms
of “content regulation” will be
to ensure that “community stan-
dards” are upheld, with “inap-
propriate material” and that
which might create a risk to
public safety prohibited, said
Mr Laing.

Minister of State for Public
Utilities Phenton Neymour pro-
posed that URCA will be a
“watchdog for the (interests of
the) consumer.”

“The establishment of
URCA will engender a high
level of confidence among tax-
payers and investors alike,” he
said. “Our utilities sectors have
continued as sheltered niches
through the comfort of monop-
olistic lethargy where the forces
of change, innovation, efficien-
cy, service quality, customer sat-
isfaction and productivity have
been weakened through an
absence of accountability, which
will be brought to bear by the
URCA.”

He outlined how the URCA



“We on this
side of the
House are
committed to
a media that is
free, responsi-
ble and
independent.”



will be charged with ensuring
all communications operators
are licensed and “meet mini-
mum operational technical and
service standards” so consumers
get their money’s worth.

If they fail to meet certain
requirements they may face
fines, or the possibility of having
their licensed revoked.

Mr Neymour added that
through reviewing the objec-
tives and ideals the legislation
seeks to advance for the sector
— including efficiency, afford-
ability and sustainable compe-
tition — the public will be able to
get “a preview of the govern-
ment’s policy and objectives for
all utilities sectors.”

“We have reached a turning
point in our national develop-
ment and our current global
economic challenges demand
that we become ‘lean’ and effi-
cient ... the regulation of the
water and energy sectors must
follow,” said Mr Neymour, stat-
ing that government will seek
to formulate such guidelines
within the next year.










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Business as usual
for troubled FML

DESPITE their recent legal troubles,
the FML Group of Companies remained
open for business as usual yesterday.

When they raided the FML headquarters
on Village Road last week, police confis-
cated computers and a large quantity of
cash. Customers of the establishment say
they remain loyal to the business and con-
tinue to play the local lottery — without
fear of being harassed or arrested —
ae gambling by Bahamians is ille Tea mci

Wishing to remain anonymous, a num-
ber of lottery players vented their frustration over the recent crack-
down on the underground gaming industry.

Challenging the police to find and prosecute “the real crimi-
nals,” one customer, who identified himself as “Tight Coat”, claimed
that Bahamians must stop being so hypocritical about gambling.

“The government really needs to legalise the system so we can
stop dancing around this issue. The churches have their raffles and
whenever the carnival comes no one raises hell about their ‘up and
down’ games that are clearly based on chance.

“Tt is all the same. It’s a gamble. But with all these teachers
messing with little children I thought we would have bigger things
to talk about than buying one lil’ two dollars uh’ numbers,” he
said. Another player, who wanted to be known as “Shemarco”,
said she hopes the government will take a serious look at the num-
bers system with an eye to legalising the industry in order to ensure
that the country gets its fair share of revenue in the form of taxes.

“Tf they are trying to shut it down they are going to cause a lot of
problems. A lot of people are employed with this. With this reces-
sion we can’t afford for another person to lose their job, so I don’t
see why the government would want to put someone out of a job —
especially now,” she said.

Last week, FML CEO Craig Flowers along with 20 others
appeared in court in connection with gambling related charges.

M Flowers was charged with permitting his web shop to be used
for the purpose of conducting a lottery.

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Three Bahamian-registered ships
attacked by pirates this year

m@ By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia. net



A BAHAMIAN registered ship hijacked in the Indian Ocean’s
Gulf of Aden on Friday was the third locally registered ship to
be attacked by pirates this year.

But the Somali pirates attacking the Greek-owned tanker,
the mv Kition, on Friday evening were thwarted by a NATO
operation conducted by a Portuguese warship.

Commander Chris Davis, from the control centre for the
NATO mission protecting ships off Somalia, said the Portuguese
frigate Corte Real sent up a helicopter on Friday after being told
of an attack on the Bahamian-flagged tanker.

The helicopter pursued the pirates back to their mother ship,
a fishing boat which was later boarded, and weapons including
grenade-launchers and explosives were seized.

The NATO force said the 19 pirates captured had been
released, “after contact was made with Somali national author-
ities.”

There has been a surge in pirate attacks off the coast of Soma-
lia in the last month as favourable weather conditions provided
better opportunities for the pirates, and the high-risk window is
expected to continue in May before the seas become rougher in
the monsoon season of summer.

Naval ships from the European Union and NATO have
thwarted several attacks in recent days, either preventing hijack-
ings or capturing suspected pirates.

The Bahamas Maritime Authority maintains that three
Bahamian vessels were hijacked in 2008 and have since been
released, and the latest attack is the third Bahamian vessel to be
hijacked this year.

The MT Bow Asir, was hijacked on March 26 and released
April 10. One Bahamian vessel is still being held.

Ricardo Delaney, senior nautical inspector for the Bahamas
Maritime Authority, who gave a presentation on piracy to a
Caribbean sub-regional workshop last month, said pirates oper-
ating in the Indian Ocean and the Gulf of Aden are not selective
in their targeting and ships of all nationalities are at equal risk.

He said: “The biggest problem we have with this is that all of
our laws are so antiquated we don’t have laws to deal with pira-
cy, and they are being released.

“When ransoms are paid, around 50 per cent goes to the
pirates and the other 50 per cent goes to negotiators and lawyers
in the UK in particular, where people are profiting from this sit-
uation.”

He added: “There’s a lot of history behind piracy in Somalia.

“They haven’t had a stable government for 16 years, so most
of the country is ruled by warlords and the obvious solution
would be to have a stable government there, but that is not
likely to happen for quite sometime.”

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PAGE 4, TUESDAY, MAY 5, 2009

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

WEBSITE
www.tribune242.com — updated daily at 2pm

Journalism of newspapers must be preserved

ALBANY, N.Y. — The other day a man
unknown to me stopped me on the street
and asked how I felt about what was hap-
pening with newspapers. He told me he sur-
mised my feelings.

All newspapers are suffering, some more
drastically than others, as a number of papers
are closing down while others are sharply
cutting staffs, threatening their ability to per-
form as they once did. Newspapers are not
alone. Their misery finds company in the tur-
moil afflicting all media — magazines, books,
network and cable TV.

Downturns in the newspaper business are
nothing new. During my decades as an editor,
there were better times and worse times.
There were spurts of growth offset by retrac-
tions in rough syne with how the economy
fared.

Everyone who has a dog in this fight is
convinced that the present crisis is not just
another cycle to be endured and then sur-
mounted. There is consensus that the damage
being done in advertising and reader sup-
port is permanent and presages a new world,
which might not be as brave as it needs to be.

Over the years, business leaders of news-
papers cautioned their editorial colleagues
to keep in mind the fate that had overtaken
railroads.

Railroads, they said, thought they were in
the railroad business, when actually they were
in the transportation business (and thus
remained stuck in their declining ways as air-
planes came along to supplant them).

Never were such admonitions more appro-
priate than today. As readers depart to the
new world provided by computer technology
that is enhanced by wondrous devices that
equip them with endless alternatives to the
printed word, the challenge for newspapers is
how to do their thing through whatever
venues present themselves.

It is to be hoped that sooner rather than lat-
er newspapers will be adaptable as technology
Opens more avenues and thereby will hold on
to their traditional franchise to provide infor-
mation of value to their customers.

Hope glimmered last week as the national
Audit Bureau of Circulations reported that
the Albany (N.Y.) Times Union increased
its combined print and online readership 8.7
per cent and registered a slight increase in its

Sunday circulation. In a time of distress and
declines, that was most welcome.

That glimmer of hope needs to produce
real income either through readers paying
for the paper online, which they don’t now,
and-or increasing advertiser support.

The real issue for newspapers is, as it was
earlier for railroads, not totally remaining as
they were in their heyday.

Likely some local and metro newspapers
will still somewhat resemble their present
selves.

From my viewpoint, the core of the prob-
lem is the gravity of the journalism of the
future.

As papers and magazines abandon print
and shift to the Web, they tend for econom-
ic reasons to surrender the mission that
inspired me in 1948 to walk into the lobby of
the New York Herald Tribune to get my first
newspaper job.

The responsibility of journalism is to dis-
cover truth to the best of its ability and to
convey it to its customers. That means devot-
ing resources to investigative and explana-
tory journalism, both of which have dimin-
ished as newspaper revenues fall.

They are costly to do, along with all spe-
cialty reporting.

Often it is to risk unpopularity as well as
advertiser support to speak truth to power
(recognizing that the “truth” of journalism is
not the “truth” of religious revelation).

To make up for the shortages becoming
apparent in these challenging economic times,
some foundations have begun to underwrite
the kind of probing journalism that was the
hallmark of the better newspapers.

That is innovative and certainly helpful —
but insufficient. It is not the preservation of
the format of newspapers that matters as
much as the preservation of the content of
their best journalism in whatever form it is
communicated.

The First Amendment to the Constitution
invested the press with enormous power and
concomitant responsibility.

However media evolve, if they don’t live up
to challenge of that power, they will not serve
the public as the Founders intended.

(This article was written by Harry Rosen-
feld - c.2009 Albany Times Union).



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Democracy

does not live
in the PLP

EDITOR, The Tribune.

The back and forth between
PLP Deputy Leader candidate
Philip Brave Davis, former
chairman Raynard Rigby and
Senator Jerome Fitzgerald is
proof to me that the party is
hell bent on stifling freedom
of speech and attempting to
cripple the intentions of any
upcoming young blood from
infiltrating the “old guard.”

As far as preventing peo-
ple from expressing them-
selves, one only need to look
at the behaviour of the PLP
regarding John Marquis. Free-
dom of speech is a no-no in
the PLP.

It is amazing how and why
Mr Brave Davis would be
uncomfortable when a
Bahamian expresses himself
about an institution that they
are a part of. It is equally
astonishing that no less a per-
son than Mr Raynard Rigby
who was mandated not so
long ago to speak to the pub-
lic on the PLP’s behalf now is
not permitted to give his per-
sonal opinion.

Most Bahamians would
agree that a bright Bahamian
son like Mr Rigby who almost
became a martyr for the PLP
would not intentionally do
anything to hurt his own party.
So why is everyone in the PLP
so paranoid? What is there to
hide? Everyone knows that
the PLP has a reputation for
corruption; the commission of
Inquiry said that, so what else
is new?

As recently as 2008 the
weaknesses of the PLP were
exposed in a report that was
sanctioned by the PLP. Is it
that there is a plan to shut out
people like Raynard Rigby,
popular activist Paul Moss and
now outspoken Jerome
Fitzgerald. Regardless what
side of the political divide you
may be on, these gentlemen

LETTERS

letters@tribunemedia net



are not fools and apparently
would not allow the likes of
Davis and Christie to muzzle
them.

Is Mr Davis speaking for the
PLP, Perry Chrisite or for
himself?

Is the new game plan
designed to frustrate any
attempt to change the guard,
or is there a master plan to
discourage young bright
Bahamians with independent
thinking from advancing in the
PLP? The PLP obviously has
no place for our country’s
youth.

Bahamians have been told
before that something existed
called the “New PLP”. But we
soon found out that it was
business as usual. Bahamians
watched in horror while scan-
dals after scandals were
heaped on the PLP during
their last tenure. This is proof
that nothing has changed and
it seems to me like none of
the key players in the PLP
wants any change. So they
close ranks on anyone who
interferes with “their things.”

The PLP is in such disarray
and is obviously eating itself. It
is no wonder that there is tur-
moil in all quarters. This is an
opportunity for the character
assassins of the party to “take
out” anyone who is not “one
of the boys.”

We expect the mercenaries
in the PLP to now surface with
all of the focus trained on Mr
Rigby because they seem
unwilling or afraid to attack
Mr Moss, possibly because of
the unknown. They should be
careful and beware. Mr Rigby
should expect the PLP to send
the crudest member of the
party after him. He should

expect all manner of evil
against him because he dared
to buck the party. Are his
recent utterances an excuse
now for the cowards to use
the unwise to do their bid-
dings?

People like Mr Rigby and
others like Paul Moss would
soon realise the full brunt of
the PLP, especially if they
attempt to change anything.
The energy wasted to try to
“teach old dog new tricks”
would be better spent if some-
one could gather enough guts
to step out boldly and start
something new, rather than
risk being tainted with the
PLP as we know it. Maybe
that would be best for democ-
racy. Failing to do this, one
could easily conclude that all
involved are comfortable with
the status quo.

The patient (PLP) is on life
support, it is only a matter of
time before a decision must
be made to “pull the plug”, or
risk precious time and money
to revive the patient and have
them survive as a vegetable.
These are the facts and any
attempt to suggest otherwise
would be uncivilised.

The PLP reminds me of the
Republican Party, both are in
disarray, both are accusing
each other, both are prepared
to hide their heads in the sand,
both are unwilling to accept
their fate, both are leaderless,
both use the most unpopular
member to advance their mes-
sage, both are digging holes
that would take a miracle to
recover from and both would
destroy everything that looks
like progress if it will give
them some public relations.
This is sad.

IVOINE W
INGRAHAM
Nassau,

May, 2009.

Dear PM, it would be great if you
would follow your own advice

RE: PM Urges Leaders To
Focus On “Real Issues”

EDITOR, The Tribune.

As many economies world-
wide are plagued by negative
growth, a reduced level of for-
eign direct investment, public
sector debt and rising unem-
ployment, Prime Minister

SHOP & ENTER TO WIN /OF 3
PRIZES FOR WOW

Hubert Ingraham urged
Caribbean leaders to be clear
in their purpose and firm in
their resolve.

Please pass my comments on
to Prime Minister Hubert Ingra-
ham.

Dear Mr Prime Minister:

It would be great if you
would follow your own advice.
We are at a point in our history
where we need to be more cre-
ative in attracting jobs or
encouraging job creation in the
Bahamas.

Example:

(1) Three LNG projects on
the “Government tables” for
over five years with no resolu-
tions. The approving of these
would have increased employ-
ment not for the short term, but
for the long term, the trickle
down effect into the country
would be felt in the housing,

food, transportation and power
generation areas. All of these
would benefit future genera-
tions.

(2) National Lottery not put
in place, but you shut down the
web shops and stop the employ-
ment of those who work in the
area.

The National Lottery would
have gone a long way to proving
long term employment and
increase the amount of funding
for education and sports devel-
opment in this country.

It is time for us to stop trying
to be a first class modern coun-
try with a backwoods mind set.
Those persons who do not want
to use the services have the
right to just pass on the option.

SIGMUND WILLIS
Freeport,
April 2, 2009.

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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 5



LOCAL NEWS

Call for ‘full lisclosure’ on
plans to move container port —

RAISING the spectre of potentially adverse
social and environmental impacts, a PLP senator
has called on the government to issue a “full and
proper disclosure” of all developments connect-
ed with its plan to move the shipping container
port from downtown to Arawak Cay.

PLP Senator Jerome Fitzgerald has alleged
that a “veil of secrecy” surrounds the govern-
ment’s planned relocation of the container port. [

Last week, he tabled a resolution in the Senate
calling for the government to address concerns
that the relocation of the port and related plans
to construct a new roadway could negatively
impact property values, Saunders Beach and the
environment surrounding Arawak Cay as a

whole.

Jerome Fitzgerald

He reiterated that Arawak Cay was considered to be “‘not the most suit-
able site for a new port and in fact a less suitable site than the present site
on Bay Street” in the analysis conducted by international consultant

firm EDAW.

“No environmental impact, social, economic or financial impact stud-
ies have been released by the government with regard to the removal of
the port to Arawak Cay, or the vicinity of Arawak Cay, and the rede-

velopment of the City of Nassau,”

said Mr Fitzgerald in his resolution.

“There is concern expressed publicly that the movement of the
port may have certain adverse environmental and social impacts,” he

added.

‘Brotherly love’ campaign

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

FREEPORT - A national
campaign to promote “brotherly
love” was launched in Freeport
to encourage acts of love and
kindness towards those facing
economic hardship.

Patrice Stubbs, founder of the
activist group “Carry Your Can-
dle, Light the Bahamas”
(CYCLTB), said they are aiming
to launch a national “fuelled by
love” initiative within communi-
ties of the Bahamas.

She said the year-long initia-
tive officially commenced on Fri-
day, May 1.

Ms Stubbs said that the current
global economic dilemma and its
effects on the Bahamian people,
and the level of crime in the coun-
try are very disheartening.

“Carry Your Candle, Light The
Bahamas” will serve to unite, cre-
ate awareness and promote
brotherly love within the
Bahamas via its 12-month focus
plan,” she said.

Ms Stubbs said that each
month there will be a particular
focus and all Bahamians are
asked to participate.

She hopes to utilise the media
to promote the campaign through
sponsored radio and television
ads for airing on all 17 stations
throughout the Bahamas, as well
as printed ads in the newspapers,
billboards, posters and by e-mail.

Ms Stubbs said the first mon-
th’s focus is on unemployed per-
sons. She noted that there are
many persons feeling helpless and
struggling with thoughts of sui-
cide.

For the entire month of May,
the general public is encouraged
to find one unemployed person
and do something for them, Ms
Stubbs said.

“Some persons may be able to
assist with mortgages, or rent, or
a utility bill, a medical bill, gro-
cery, gas or any kind of help
needed,” she said.

Ms Stubbs is encouraging per-

sons to write cheques to the
organisation that the individual
is in debt to.

She said the committee of
CYCLTB will lead the campaign
for the first five weeks. They will
pair up six sponsors with six per-
sons who will be assisting with
various needs ranging from med-
ical bills, mortgages, rent and gro-
ceries among other things.

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THE retrial of three men
accused of killing a police offi-
cer 10 years ago has been sus-
pended while a judge decides
whether or not to recuse her-
self from the case.

Andrew Davis, Clinton
Evans and Stephen Stubbs
stand accused of the murder
of officer Jimmy Ambrose
who was killed on March 29,
1999 at Club Rock on West
Bay Street.

Stubbs was discharged ear-
lier this year after being
accused of the murder of
alleged hitman Samuel
‘Mouche’ McKenzie.

Defence attorneys yester-
day asked Senior Justice Ani-
ta Allen to recuse her self
from the case, pointing out
that she had heard the initial
trial.

The prosecution objected to
the request for her recusal.

Senior Justice Allen is
expected to make a decision
on June 3.

Stubbs, Davis and Evans are
standing trial for a third time.

Stubbs is being represented
by attorneys Murrio Ducille
and Jerone Roberts; Davis is
being represented by attorneys
Craig Butler and Devard
Francis while Evans is being
represented by attorney
Romona Farquharson.



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? advised to remain “diligent”
? about hygiene as the swine flu
? virus continues to take hold in
; countries around the world.



? no confirmations of influenza
: A(HIN1) in the Bahamas, the
? Ministry of Health (MOH)
? and Medical Association of the
: Bahamas (MAB) are asking
? locals to do what they can to
i keep the country virus-free.

? includes everything from cov-
i ering your mouth when you
} cough or sneeze, avoiding con- BAHAMIANS have been advised to
; tact with those who are ill, and wash their hands regularly.

; washing your hands regularly.

‘Diligent’ hygiene advised to
keep country free of swine flu

Tribune Staff Reporter
mreynolds@tribunemedia.net [a

BAHAMIANS been

Although there have been

Basic hygiene advice

MAB president Dr Timothy Barrett said: “It

: is important not to act out of fear or become
? complacent. If we are to protect our borders
? from this virus, keep our citizens healthy and
? protect our number one industry, tourism, we
? have to take the threat of the virus seriously
? and make a determination to be a part of the
i prevention effort.

“Tt is not the responsibility of the government

or the Ministry of Health or any other agency for
; that matter.

“We all share responsibility as the chain is

only going to be as strong as the weakest link,”
: Dr Barrett said.

A lack of diligence will only allow the virus,

should it slip into the country, to spread rapidly
; as it has done around the world, he said.

get your oneph



The United Nations World
Health Organisation (WHO)
reported yesterday there are
1,085 cases of the virus in 21
countries, with 25 deaths in
Mexico and one in the United
States.

The WHO has set the pan-
demic alert at phase five, con-
firming human to human
_| transmission, but does not

| expect to raise the alert to the
highest level, six.

Dr Barrett stressed there is
no need for alarm as all sys-
tems are in place for health
authorities to monitor the
virus and intervene when nec-
essary.

And Minister of Health Dr
Hubert Minnis maintains there
are adequate supplies of the
prescription anti-viral medica-
tions Tamiflu and Relenza available for distrib-
ution if necessary.

The MAB will disseminate information to all
doctors so they can quickly identify the virus
and follow protocol, and will also make all rele-
vant information public.

Dr Barrett asked anyone who has experienced
at least two of the following symptoms in the last
seven days to contact their doctor or a public
health clinic:

e A fever over 100.4 degrees

e A runny nose or nasal congestion

¢ Sore throat

¢ Cough

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PAGE 6, TUESDAY, MAY 5, 2009

THE TRIBUNE



LOCAL NEWS



Former PLP chairman Giger
hits out at Keod Smith |

m@ By MEGAN REYNOLDS
Tribune Staff Reporter

mreynolds@tribunemedia.net

FORMER PLP chairman
Raynard Rigby has hit out at
party member Keod Smith for
denouncing him as “damaged
goods”.

The attack on Mr Rigby, in a
media interview, came after he
said the Progressive Liberal Par-
ty (PLP) is out of touch and inef-
fective, and for failing to act on
recommendations in the Green-

berg Quinlen
Rosner exit
report that

analysed the
cause of the
PLP’s failure in
May 2007 and
suggested ways to
rebuild the party.

His comments
led former MP ;
Mr Smith to call Bo)
for the former chairman to be
expelled from the party for
speaking out of turn.

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But Mr Rigby
maintains his
words were heart-
felt and expressed
in a spirit of pro-
pelling the party
into a brighter
future.

He criticised
| Mr Smith’s attack

mere On him as the
UU result of a failed
political plot by those who are
afraid to face the truth about the
contents of the Greenberg
Quinlen Rosner exit report.

Mr Rigby added: “I do not
intend to reciprocate the
attempts of character assassina-
tion and witch-hunts.

“This is the time for us to
demonstrate to the Bahamian
people that we are a mature and
responsible opposition.

“This work is critical if we are
to be the party of choice and be
returned to the reins of gover-
nance.”

Mr Rigby maintains his con-
troversial views should come as
no surprise as he has previously
shared his opinions with both the
party leader and the public.

He said his focus since May
2007 has been on how the PLP
can restore the Bahamian dream
by expanding the economy, cre-
ating a renewed sense of com-
munity, and heralding a return
to a culture of responsibility.



“Tam fighting for a cause that
cannot be sidetracked by petti-
ness and childish bickering,” he
said.

“T will continue to hold true to
my beliefs. It may well be that
the party will continue to use its
energies to hurl more criticism
and condemnation at me, but
this is not where the PLP should
put its energies.

“There is work ahead, and
our political movement is in need
of a rebirth, of reinvention.

“We must do this to remain
relevant and in a position to
lead.”

Mr Rigby pledged to continue
to ensure the party lives up to
the hopes and dreams of
Bahamian people, and to do all
in his power to ensure that the
PLP is a strong and vibrant polit-
ical movement.

He said: “I am confident the
future of the PLP will be bright
once we demonstrate a resolve to
address the challenges that we
face.

“We owe this to our forebears
and to the future generations of
Bahamians who are depending
on us to be a part of the team
which will secure their futures.

“They can count on me; I will
not disappoint them.”

7 Tie
? crime and violence in the
? country, especially in New
: Providence.

‘fuels rise in crime’

CONCERNS have been
? raised that the expansion of
: the local drug trade is fuelling

increasing rate of

While the Bahamas is gen-

: erally considered to be a drug
? transshipment country, and
? not a producer of narcotics,
: there have recently been an
: increasing number of seizures
? of ‘home-grown’ drugs.

Bahamas Against Crime,

} an anti-crime organisation,
i said that the discovery of
? huge fields of locally grown
i marijuana, the amount of
: drug money being intercept-
? ed by the authorities and the
? large amounts of drugs con-
? fiscated by police in recent
: times, all point towards the
: drug trade expanding and
; intensifying in the country.

Said the organisation’s

? executive director Rev C B
? Moss: “What is most baffling
? is that no one is held account-
: able when large farms of
? marijuana plants are found
? on several of our islands. This
: is a new dimension of the



drug trade and must be
nipped in the bud.

“Something appears dras-
tically wrong with this and
must be immediately cor-
rected. The owners of these
properties must be held
responsible for what takes
place on their property.”

The presence of massive
amounts of drugs and drug
money, Rev Moss said, spells
serious trouble for any soci-
ety accommodating or toler-
ating it.

“The fight for distribution
rights and local turf by oppos-
ing gangs make our commu-
nities and streets war zones.
In addition, the number of
drug users among the popu-
lation is rapidly increasing,
with drug influenced persons
creating havoc with their
criminal activities.

“Bahamas Against Crime
is challenging the govern-
ment, the Royal Bahamas
Police Force and other sec-
tors of our society to act now,
before crime, violence and
corruption cause further rot
and decay in our nation,” he
said.

MARY Ann Hayes of Omaha, Nebraska, got a

The public ts invited to attend a

TOWN MEETING

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British Colonial Hilton,Governor’s Ballroom C
6-7:30pm

Learn about plans to support ta City’s revitalization. Meet

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It’s your city. Questions, comments, ideas welcome.

Participating will be:

Longtime visitor suggests improvements for Nassau

personal audience with Minister of Tourism and
Aviation Vincent Vanderpool-Wallace after
amassing 25 years of fond experiences and serious
suggestions for Bahamian tourism.

Mrs Hayes, who estimates that she has spent
$75,000 to $100,000 in visiting the Bahamas over
the past 25 years, made several suggestions for
improving Nassau in particular. She asked Min-
ister Vanderpool-Wallace to lead a renovation
and restoration of downtown Nassau. She also
pointed to illegal dumping in various areas of
New Providence, the need to restrict large trucks
in the downtown area, the need to reduce the
number of speeding public service drivers and
offensive language from students and others.

Mr Vanderpool-Wallace assured Mrs Hayes
that many of her concerns were being addressed
through the Downtown Nassau Partnership. Com-
ing improvements include the relocation of con-
tainer ports, the specification of delivery times for
large vehicles in the downtown area, and the
establishment of a Business Improvement District
for the city. Programmes are also being explored
to address the unsavory aspects of foreign cultures



that have infiltrated young Bahamians.

The minister commended Mrs Hayes for her
candid suggestions.

He said her honesty was the hallmark of some-
one who had genuine concern for Bahamians.

He is pictured presenting Mrs Hayes with a
gift of authentic Bahamian items.

Also pictured are members of the Ministry’s
Visitor Relations Unit, Phillipa Cooper and
Bernadette Saunders.

Vernice Walkine, Director General of Tourism

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THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 7



LOCAL NEWS

FROM page one

told the court that Bishop Fraser
offered to counsel her and sup-
ply her with lunch money.

The young woman told the
court that during the first coun-
selling session at Fraser’s office, he
asked her about her childhood
before questioning her about her
sexual experience. She testified
that Fraser told her that he want-
ed to teach her how to treat a
man. The young woman said that
Fraser told her that it was her
smile that had attracted him to
her. She told the court that Fraser
asked her to come to church ear-
ly on Wednesday evenings before
bible study and asked her to call
him every day.

The young woman testified
that on Thursday of that week,
Fraser informed her that he was
going off the island with his fami-
ly for a speaking engagement. She
said that he told her that he need-
ed her for five years and did not
want her to disappoint him. She
testified that Fraser phoned her
around 11 pm when he returned
that Saturday, saying that he was
lonely and wanted her to spend
time with him.

The young woman told the
court that Fraser picked her up
from her grandmother’s house
and they drove around for a while.
She said that when he brought her
back to her grandmother’s house
he asked her if he wasn’t going to
get a “kiss or a feel.” She told the
court that she kissed him on the
cheek. She also testified that he
phoned her again and told her
that he wanted to have a rela-
tionship with her.

The young woman said that
Fraser claimed that he had never
cheated on his wife before but
couldn’t help it. She said that Fras-
er told her not to have any
boyfriends and to refer to him as
“baby,” “sweetie,” or “honey.”

The witness also told the court
that following a men’s meeting at
church one Saturday, Fraser
returned to his office and asked
her to hug him. She said that she
did, which is when he squeezed
her tighter, squeezed her hips and
unbuttoned her pants. She told
the court that she resisted but he
eventually pulled her pants down.

Police called
FROM page one

themselves, or be nominated, to
run for the position of union pres-
ident and officers of the union.

Elections will be held on May
28. The locations of various
polling stations will be announced
at a later date.

Bishop case

She testified that Fraser said that
he was not like other men who
simply wanted to have sex and
leave. She also testified that while
she sat on the floor he came and
sat next to her and started taking
off her panties although she told
him not to. She told the court that
Fraser said that he was not going
to have intercourse with her, but
wanted to perform oral sex. She
said that after the ordeal he start-
ed taking off her clothes and she
started to run away. She explained
in explicit detail how Fraser put
himself on her stomach, stroking
back and forth until he ejaculated.

The witness also told the court
that on the day Fraser was to be
consecrated, he had asked her to
stroke his private parts, but she
refused. She said that that night he
told her that she had caused him
to have “blue balls.” She also told
the court that on one occasion
before a prayer meeting, Fraser
gave her $100 and told her that
he was going away for two weeks.
She said that he also gave her a
bottle of Gucci perfume, a Seiko
watch and three pairs of gold
knob earrings. She said that when
she asked him why he had bought
her the gifts, he told that it was to
show that he wasn’t just into her
for sex, but loved and cared for
her.

The young woman recalled
that after Fraser had returned
from a trip to London, she told
him that his wife and her mother
had been questioning her about
sexual allegations, which she said

Odes a

she had denied.

She also told the court that on
one occasion while at his office,
Fraser appeared in the nude. She
said that after she told him she
was uncomfortable, he put on a
T-shirt and shorts. She said that
he then told her that he couldn’t
wait any longer, unbuttoned her
pants and performed oral sex on
her. She said that after that, Fras-
er got up, went into a little room
in his office and turned off the
lights. He then started to come
on top of her but she pushed him
way, Saying she didn’t want to
have sex. She said that he told her
that they were only going to have
sex once. The woman told the
court that Fraser kept pushing her
back, eventually pinned her down
and had intercourse with her. She
said that after the ordeal, he
showed her the condom telling
her that he was careful and didn’t
want to get her pregnant.

The young woman told the
court that she threatened to tell
the police what had happened.
But, she said, he told her that no
one would believe her and that
he had friends in high places. She
also testified that in August 2005,
Fraser agreed to pick her up from
the Mall at Marathon and took
her to his home off Prince Charles
Drive where they had sex in the
master bedroom. She told the
court that after that occasion they
would often have sex before bible
study on Wednesday and before
church began on Sunday.

The young woman also testi-
fied that Fraser had used a sex
toy on her while his wife was way
at a woman’s conference. She told

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the court that when he used it on
her he began moaning and want-
ed her to do the same.

The young woman told the
court that in October 2005 she got
a vaginal infection and told Fras-
er that she was going to see a doc-
tor. She said that he admonished

her not to do so as it would expose
what was going on. She said he
told her that he knew a doctor
and got her the medicine. She told
the court that the infection
returned every time they had sex.

The trial, which was scheduled
for two weeks, continues before

Magistrate Carolita Bethel today.
Franklyn Williams, Assistant
director of Legal Affairs in the
Attorney General’s Office, with
lawyer Darnelle Dorsette repre-
sent the Commissioner of Police.
Lawyers Wayne Munroe and
Jairam Mangra represent Fraser.

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OUR PART TO KEEP A HEALTHY & HAPPY BAHAMAS
(PHYSICALLY & FINANCIALLY)

2009

16,

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INFORMATION


THE TRIBUNE

Repayable
on demand

As of 31 December 2008

ASSETS

Cash on hand and at bank

Investment securities

Mortgage, consumer and
other loans

Other assets

Total assets
As of 31 December 2008

LIABILITIES
Customer deposits
Loan from bank
Debt securities
Other liabilities

Total liabilities
Net liquidity gap
As of 31 December 2007

ASSETS

Cash on hand and at bank

Investment securities

Mortgage, consumer and
other loans

Other assets
Total assets

LIABILITIES
Customer deposits
Loan from bank
Debt securities
Other liabilities

Total liabilities

Net liquidity gap

Regulatory authorities set limits for liquidity balances. The requirements for the Bank are 20% of demand
deposits and 15% of savings and fixed deposits. As of 31 December 2008, the Bank was in compliance with
these requirements.

Fiduciary risk

The Group 1s susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain
mandates in accordance with the wishes of its customers. To manage exposure, the Group generally takes a
conservative approach in tts undertakings.

Fair Values of Financial Instruments

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

PriceiwMeRHOUsE(OPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of Fidelity Bank (Bahamas) Limited

We have audited the accompanying consolidated financial statements of Fidelity Bank (Bahamas) Limited (the Bank)
and its subsidiary (together, the Group), which comprise the consolidated balance sheet as of 31 December 2008, and
the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for
the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with Intemational Financial Reporting Standards. This responsibility includes: designing, implementing and
maintaining intemal 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 consolidated 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 whether the financial statements are free
from material misstatement.

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

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

in our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as of 31 December 2008, and its financial performance and its cash flows for the year then ended
in accordance with International Financial Reporting Standards.

Chartered Accountants
30 April 2009



FROM page one

economic activity, saying earlier this
year that revenues were off $100 mil-
lion.

Yet the figures produced yester-
day indicate that the economic
downturn is taking a severe toll on
Government’s fiscal position, and
will raise concerns over how long it
can run a protracted fiscal deficit
that is likely to end 2008-2009 at
somewhere between $200-$250 mil-
lion.

What is especially significant is
that the greatest revenue declines
occurred during the first two months
of 2009, the period during which
Government traditionally earns most
income due to the heightened eco-
nomic activity resulting from peak
tourism season.

The Central Bank said that for
the first eight months of the 2008-
2009 Budget year, total government
revenues fell by 4.2 per cent from
$873.4 million to $837.1 million,
while total recurrent spending rose
6.95 per cent from $836.7 million to
$894.8 million.

“Tn particular, tax receipts fell by
5.5 per cent to $758.7 million, owing
primarily to a 10 per cent reduction
in international trade taxes,” the
Central Bank said.

“Declines were also noted in
stamp taxes on financial and other
transactions (18.7 per cent) and in
departure taxes (12.1 per cent).
These outweighed the improvements
for business and professional taxes
(15.9 per cent), property taxes (5.2
per cent) and increased yields under
“other” unclassified revenue sources.
A 10.8 per cent gain was also record-
ed under non-tax revenues, at $78.4
million, reflecting a timing—related
increase in income receipts.

“On the expenditure side, current
spending firmed by 5.4 per cent to
$894.8 million, led by higher pay-
ments for wages and salaries (5 per
cent), contractual services (17.4 per
cent), interest costs on debt (6.9 per
cent) and subsidies (7.4 per cent),
mainly to quasi-public entities.

“Although capital spending fell
by 14.7 per cent to $73.9 million,
related to a decline in the acquisition
of assets, outlays continued to
increase for public works and infra-
structure projects (4.2 per cent).
Meanwhile, budgetary assistance
(net lending) to public enterprises
expanded by 36.8 per cent to $41.8
million.”

Developments on the monetary
front were just as bleak, the Central
Bank reporting that “the deteriora-
tion in commercial banks’ asset qual-
ity indicators resumed during
Match.”

Commercial loans in arrears rose
to 18.9 per cent, meaning that almost
one out of every five banks loans to
Bahamian businesses was 31 days or
more past due.

TUESDAY, MAY 5, 2009, PAGE 11

LOCAL NEWS

Govt Budget

The Central Bank said some 13.66
per cent of all commercial banks
loans were in arrears as at end-
March 2009, compared to 12.48 per
cent in February and 12.8 per cent in
January.

The total value of private sector
loans in arrears increased by $81 mil-
lion or 10.7 per cent in March to
$832.5 million, with loans in arrears
— those between 31-90 days past
due rising by 0.77 per cent to 6.61 per
cent of all bank loans.

Non-performing loans, those past
90 days due, rose to 7.11 per cent of
total loans in March, compared to
6.66 per cent in February. The mort-
gage and consumer loans arrears
rates stood at 13.7 per cent and 11.7
per cent respectively.

Debt consolidation, meanwhile,
firmed at a pace of $5.8 million.

Confirming the Bahamas was in
recession, the Central Bank said:
“The prospects for the Bahamian
economy remain weak, with an
expected contraction in real GDP
during 2009, and a continued rise in
the unemployment rate.

“Developments in the domestic
sector are heavily dependent on the
responsiveness of the global econo-
my to the stimulus measures imple-
mented by monetary and fiscal
authorities in the advanced coun-
tries. In particular, the IMF projects
that the advanced economies — par-
ticularly the US— will contract in
2009 and experience no growth in
2010. Consequently, tourism and for-
eign investment inflows will remain
moribund in 2009.”

And the Central Bank added:
“Preliminary data revealed that the
global economic recession contin-
ued to adversely affect domestic eco-
nomic activity during March, with
persistent weakness in tourism and
foreign investment-related con-
struction activity. Demand stimulus
from private sector credit expansion
also remained soft. Inflationary pres-
sures were sustained at significantly



elevated levels, as earlier global price
increases continued to be transmitted
to the local economy.”

Tourism output fell during the
2009 first quarter, due to a “signifi-
cantly negative trend in air arrivals”
that knocked out growth in cruise
visitor activity.

“Tn the hotel sector, the projected
outcome featured lower room night
sales and effectively discounted aver-
age room rates,” the Central Bank
said. “Despite the sales fall-off, pre-
liminary assessments indicate that
average occupancy rates exceeded
early bookings expectations due to
favourable last-minute travel deci-
sions. Nevertheless, major proper-
ties remained under significant oper-
ating strains and continued to make
staffing and other adjustments.”

Inflation for the 12-months to
March 2009 stood at 4.9 per cent,
unchanged from February but up
from the 2.4 per cent comparison a
year earlier.

“Except for the slightly moderat-
ed rise in average transportation
costs (3 per cent) and a steadied
increase for furniture and household
operations (6.6 per cent), other com-
ponents of the Retail Price Index
rose at an accelerated pace,” the
Central Bank said.

“Of particular note were the aver-
age cost run-ups for food and bev-
erages (7.8 per cent), housing (3.6
per cent), recreation and entertain-
ment services (4.3 per cent) and
medical and healthcare (4.1 per
cent).

“With regard to energy, local fuel
costs subsided further in the first
quarter, attributed to the easing in
international oil prices which began
in the latter half of 2008.

“On a 12-month basis, the average
cost of gasoline and diesel declined
by 27.7 per cent and 37.1 per cent to
$3.35 and $2.73 per gallon, respec-
tively. In addition, the average fuel
surcharge in residential electricity
bills retreated by 32.8 per cent to
10.72 cents per kilowatt hour
(KWH) in the first quarter, vis-4-vis
the same period in 2008.”

Resort ‘is robbed of $2.5 million’

FROM page one

ing to deposit money in the account, despite the fact that the cheques were
addressed to someone else. The resort’s bills would then be paid in cash, leav-
ing Sandals executives none the wiser.

A second ploy reportedly involved generating fake petty cash slips for var-
ious departments using a counterfeit stamp bearing the name of a senior
resort official. The amounts often substantially exceeded the limits set by San-
dals management for petty cash payments, the source said. Once the slips had
been approved and the cheques issued, a representative of the group would
make another visit to the bank.

According to the source, some employees involved in the scheme have
become accustomed to lavish lifestyles over the years, despite their modest
“official” salaries. One of them reportedly owns six cars, together worth more
than $300,000.

Some close to the situation say identifying and prosecuting those involved
is not enough, and called for top executives at the resort to be penalised for
negligence. The matter has not yet been brought to the attention of the
police, according to a representative of the force.

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THE TRIBUNE

S





TUESDAY, MAY 5,

PAGE

1 2



r

2009

ts

th od +
Oy Mees

a



AP source:
LeBron to
get MVP

award...
See page 14

Ambassators track club to honour its president

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

he Ambassadors Track
and Field Club is sched-

uled to honour its

Flag Football:
Warriors defeat
Predators 40-37

and Lions beat

Spartans 19-16

THE Bahamas Flag Football
Association staged two excit-
ing games on Sunday at the
Winton Rugby Pitch as two
undefeated teams suffered their
first setbacks.

In game one, the EastSide
Predators dropped their first
loss to the Warriors 40-37. The
winning quarterback was
Lemon Gorospe with six touch-
down passes. Five of his touch-
downs were caught by Bubba
Smith and Joe Johnson had the
other catch. The losing quar-
terback was Jarien Winters of
the EastSide Predators.

In game two, the RBC Lions
also handed the Goodman's
Bay Spartans their first loss of
the season with a 19-16 win.
The winning quarterback was
Obie Roberts with three touch-
downs to Chris Turnquest,
Garvin Newball and Theron
Gibson. The losing quarterback
was Jayson Clarke who had a
pair of passes to Javier Bowe
and Brandon Stubbs.

Only one game is scheduled
to be played 4pm Saturday and
that is between the Orry J
Sands Pros and the Warriors.

Save BIG Right Now!

coach/president by hosting the
second annual Fritz Grant Invi-
tational Track Classic this week-
end.

The meet, featuring a number
of the senior international ath-
letes as well as a visiting Miami
Gardens Express youth track
team, is expected to get under-
way 5:30pm Friday at Thomas A
Robinson Track and Field Stadi-
um.

Held under the patronage of
sponsor Harrison Petty, the meet
is slated to conclude at noon Sat-
urday with a Kiddie Korner for
parents who are looking for some
excitement for their children as



Coach Fritz Grant

well.

Meet director Bernard New-
bold said it will be the biggest
event on the local calendar as it
will showcase some visiting inter-
national athletes, who will get to
compete head-to-head with the
local athletes. “We are expecting
more than 500 competitors this
weekend,” said Newbold, a sports
journalist at the Bahama Journal.
“We already have more than six
clubs who have submitted their
entries.”

Among the featured events at
the meet are the men’s 100, 200
and 400 metres - all invitational
events - which will include Grand

Bahamian Michael Mathieu, who
ran on the men’s 4 x 400 relay
team that captured the silver
medal at last year’s Olympic
Games in Beijing, China, along
with sprinter Adrian Griffith, who
is vying to make the men’s 4 x 1
relay team for the IAAF World
Championships in Berlin, Ger-
many, in August.

Grand Bahamian Rodney
Greene, a training partner of
Griffith, will also compete in the
sprints along with Haitian sensa-
tion Roudy Monrose.

In the 400, Mathieu is expected
to compete against Sekou Clarke
of Jamaica.

Mathieu, Griffith to compete at Fritz Grant classic

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

SPRINTER Adrian Griffith and quarter-
miler Michael Mathieu are excited about being
back home to compete at the Ambassadors
Track and Field Club’s second annual Fritz
Grant Invitational Track Classic.

Griffith, who is vying for a spot on the
men’s 4 x 100 relay team at World Champi-
onships in Berlin, Germany, in August, said
he’s mentally and physically fit to compete
this weekend at the Thomas A Robinson
Track and Field Stadium.

“We know the Bahamians love their elite
athletes. That’s why we came home to run,” he
said. “It would be great to race against the
crowd. I love to hear the drums and every-
thing. So I’m looking forward to the compe-
tition.”

Griffith said Grant is his former coach and
mentor and Harrison Petty has been his long-
time sponsor, so he was delighted to have
been asked by meet director Bernard New-
bold to compete in the meet.

“My and my training partner, Rodney
Greene, will be here. We have been training,
so we intend to put on a show,” he said.
“Hopefully the weather will permit.”

Mathieu, likewise, expressed his gratitude
for those who made it possible for him to



Michael Mathieu Adrian Griffith

come home to compete again in the meet.

“T was here last year and it was pretty good,
so I expect the meet this year to be a lot bet-
ter,” he said. “I’m really looking forward to
everyone coming out this weekend. It’s going
to be very good, so come out.”

Over the last month, Griffith has led the
charge on the men’s 4 x 1 relay team as they
tried to qualify for Berlin. At the recent Penn
Relays in Philadelphia, the team fell short.

But Griffith said they had some exchange
problems that resulted in them not attaining
the qualifying time. Griffith said they were
hoping that reigning World Championship
100 silver medallist Derrick Atkins would
have joined them.

miall

“But he said his schedule is already booked
out,” Griffith said. “The other guys are ready
and we will try to do it without him. We just
need to get in another meet before June. If we
can get a sponsor, we will go either to Brazil or
Mexico because the guys are ready.”

Griffith said they were disappointed when
they didn’t qualify at Penn with the men’s 4x
4 and both the women’s 4x 1 and 4x4 teams.

“But Debbie (Ferguson-McKenzie) and
Chandra (Sturrup) both told me and others to
just hold our head,” he said. “We ran pretty
good, but we knew we could have done better
and qualified.”

Mathieu, who was willing to step down and
help the team in their quest to qualify, ran
on the 4 x 4 team that made the qualifying
mark.

“ At first, I went there to run with the 4 x 1,
but when I got there, they told me that I did-
n’t have to run,” Mathieu said. “I told them
that if they need me, I will be ready to run
because I’m really concentrating on the 200
this year.”

As for the 400, Mathieu said he will still
run the event at the nationals and he hopes to
be on the 4 x 4 team at the World Champi-
onships.

This weekend at the Fritz Grant Invita-
tional Classic, both Griffith and Mathieu said
they will be ready to compete in whatever
events are available.

aad nT

HONOURED COACH

Grant, a former sprinter who
has spent the past two decades
on his return from university
coaching athletes in the Ambas-
sadors, said he’s thrilled to be
honoured in this manner.

“T truly thank God that we will
be able to welcome these athletes
when they come here to com-
pete,” he said. “I feel this event
will be an outstanding one.

“We will showcase our junior
athletes versus some of the ath-
letes that will be coming in from
Miami, Florida, and also give

SEE page 14

Baseball results

RESULTS of games played
in the Junior Baseball League
of Nassau over the weekend
are as follows:

TEE BALL

Grasshoppers def

Raptors 19-13

Sidewinders def

Blue Claws 22-8

Knights def.

Sand Gnats 26-6

COACH PITCH

Blue Jays def. Angels 8-4

Diamondbacks def.

Cubs 9-7

Athletics def.

Astros 23-16

MINOR LEAGUE

Rockies def. Royals 11-5

Red Sox def. Rays 12-4

MAJOR LEAGUE

Marlins played to

Reds 7-7 (Tie)

Mariners def. Indians 4-3

JUNIOR LEAGUE

Dodgers def.

Cardinals 19-10

Twins def. Yankees 9-8

SENIOR LEAGUE

Phillies def. Pirates 14-9

Rangers def. Tigers 9-8

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THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 13
SPORTS

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GABRIELLE Moxey (left), Simone
Pratt (centre) and Erin Strachan...
(Photo: Kevin Major)

FITNESS PILATES
ROPE

Fed Cup â„¢ | es EXERCISER
team did |
their best

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

Coach says “~ i Rs BALLY 55cm mT BALLY rT

DESPITE the fact that the
Bahamas Fed Cup team didn’t
win any of their three ties this
weekend in Boca Raton, Florida,
coach Kevin Major said they did
their best.

“T would say the girls played
exceptionally well, but unfortu-
nately these girls don’t play on
clay as consistent as they should,”
Major said yesterday on the
team’s return home.

The team of Erin Strachan,
Gabrielle Moxey and Simone
Pratt played against Mexico,
Canada and the US. With the
exception of Mexico, the
Bahamas didn’t have any success.

Pratt, the number one seeded
player on the team, was the only

la er to come rou, wi a J [ —, TT
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as consistently.

“They can’t play consistently
at that high level and that was a
big concern for us. Some of the
matches were closely contested.
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them would get up 40-5 and then i x
proceed to ia next four Was'$419.99 , Was $549.99 : Was $429.99 Was $449.99

oints.”
7 Against Canada and the US, WESLO PURSUIT EXERCISE BIKE ORBITREK ELLIPTICAL WESLO MANUAL TREADMILL TOTAL BODY WORKOUT
Major said the Bahamas certain-
ly had its hands full and in order

to win, the players would have
had to play at a much higher lev-

el. Women Women’s ~ %. Wome ; Women’s Womenis
ee ee oe anes Puma‘ — i Everlas Jockey eebok
golden opportunity to win the tie . . ;
against Mexico. However, only Rib FShirts" ~ Tops Cami Crew
Pratt was able to prevail in three Tank 1 Tank T-Shirts -
sets.
“There’s hope providing these Tops | Tops
girls get some more intense prac-
tice and competitive play,” Major
pointed out. j
“They played very well. They
all gave 100 per cent. But the US,
Canada and even Mexico proved i

to be fierce competitors. We just a
didn’t have the experience to go .





all the way and win.” / * | ; 4 ,
Looking ahead to next year Wome Women's! A Women’s lo Women’s

when the Bahamas will start the j -% 7 i al

process over again, Major said Wilso Puma Jockey ; i) mh, Reebok

they will have to start concen- Shor Agile ‘= } Low | ; ine =) Capri

trating on developing a bigger » ; !
pool of players to ae foncn Pants ae Rise | Pants
the girls side. Pants
Major said although the boys
didn’t enjoy the type of success
that the girls did in advancing out
of the Dominican Republic, the
federation has a lot more depth to
work with than the girls.

Cricket:
Police put
a scare on
the Titans

THE Police cricket team,
made up of mostly young
players, put a scare in the
heavy scoring Dockendale
Titans when the latter was
bowled out for a mere 169
runs at Haynes Oval on Sun-
day.

Top scorers for Dock-
endale were national player
Dwight Weakley with 48 runs
and veteran Danavan Morri-
son with 28 runs. Bowling for
the Police was Gary Arm-
strong with three wickets and
youth player Marc Taylor
with three as well.

At bat, the Police was
bowled out for 155 runs to
lose the match by 13 runs.
Marc Taylor’s 61 runs was the
top score.

Dockendale bowlers
Ramdeo Ramdass and Sheik
Sharnaz took three and two
wickets respectively.

Fans enjoyed one of the
most exciting matches this
season and gave full support
of the Police youngsters.

Next weekend, the Police

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Commonwealth plays St
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PAGE 14, TUESDAY, MAY 5, 2009

TRIBUNE SPORTS



SPORTS



AP source: LeBron
to get MVP award

@ By TOM WITHERS
AP Sports Writer

CLEVELAND (AP) —
Unstoppable at both ends of the
floor this season, LeBron James is
the NBA's Most Valuable Player.

James, who led the Cleveland
Cavaliers to a team-record 66 reg-
ular-season wins and the top
overall seed in the playoffs, will
receive the award Monday, a per-
son with knowledge of the choice
told The Associated Press. James
chose Akron St. Vincent-St. Mary
High School, his alma mater, for
the presentation, said the person,
who spoke on condition of
anonymity because the announce-
ment has not been made.

The Cavaliers announced a
"major" news conference for 4
p-m. at the school, but did not
give the reason.



IN THIS March 29, 2009 file photo,
LeBron James dunks the ball in the
second quarter in a game against
the Mavericks in Cleveland...

(AP Photo: Tony Dejak)

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‘King James’ awaits
after the Hawks win
first series since ‘99

m By PAUL NEWBERRY
AP Sports Writer

ATLANTA (AP) — The
Atlanta Hawks lingered on the
court, savoring the cheers as red
and silver streamers drifted
down from the rafters.

This celebration was a decade
in the making. It won't last
more than 24 hours.

King James is waiting.

The Hawks won a playoff
series for the first time since
1999, getting a clutch perfor-
mance from Joe Johnson and
solid contributions from most
everyone around him, knock-
ing out Dwyane Wade and the
Miami Heat with a 91-78 victo-
ry in Game 7 Sunday.

Josh Smith, who contributed
21 points and nine rebounds to
Johnson's 27-point effort, is the
lone player remaining from a
team that went 13-69 four years
ago — the nadir in a stretch of
nine straight losing seasons for
the Hawks.

"Tt feel like the monkey's off
Atlanta's back," Smith said.
"Not just the team's back. The
whole city.”

Having eliminated the NBA's
leading scorer, the Hawks now
must face the favorite for MVP.
LeBron James would be quite a
handful by himself, but the
Cleveland Cavaliers are a much
more talented team than the
one led by Wade, who often
seemed like the only player on
the court for the Heat.

Atlanta opens the second
round on the road Tuesday
night.

"Now we have to start focus-
ing on Cleveland," coach Mike
Woodson said. "I haven't given
much thought to it, being so
into Miami, but we will start
that soon."

Smith, for one, is looking for-
ward to the challenge.

"It's going to be very tough.
The crowd is going to be very
hostile. We have to go up there
ready to play,” he said. "But
I'm very confident. You can't
be passive. You've got to be
aggressive."

As if the top-seeded Cava-
liers needed any extra advan-
tage, they've been resting for
more than a week since elimi-
nating Detroit in a four-game
sweep. The Hawks, on the oth-
er hand, had to tough it out

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AL HORFORD (right) has his shot
blocked by the Heat’s Udonis
Haslem in the first half of Game 7
of the Eastern Conference playoffs
Sunday. Atlanta won 91-78...

(AP Photo: John Bazemore)

through a series that went the
distance but produced very little
drama.

No game was closer than 10
points. There wasn't a lead
change after the first quarter in
any of them. The clincher pret-
ty much stuck to the party line,
the Hawks pulling away to a 13-
point lead at halftime and
stretching the margin as high as
29 points in the final period.

Blanketed by two and some-
times three defenders, Johnson
had endured a largely disap-
pointing series and got off to
another sluggish start, missing
his first five shots. But he came
through when the Hawks need-
ed him most, suddenly finding
his range from beyond the 3-
point arc.

The one that really got him
going came early in the second
quarter. Johnson pulled up near
the tip of the winged Hawks
logo at center court — a good 7
to 8 feet short of the stripe —

and let it go. Swish.

"T was just trying to be more
aggressive," said Johnson, who
finished 6-of-8 outside the arc.
"T haven't put up a 3 that long
in a while. I said, ‘Forget it,’ and
just launched it. Making that
got me into a little rhythm.”

The startled Wade looked off
toward the stands in disbelief, as
if he couldn't believe Johnson
actually shot it from so far out,
much less made it.

"When Joe is hitting 40-foot
3s," Wade said, "it's one of
those nights.”

The Miami star scored 31
points, but the majority of those
came after the Hawks had
already built a comfortable lead.
Bothered by back spasms
throughout the series, he did-
n't have enough help from his
young teammates to get
through to a star-powered
matchup against James — his
Olympic teammate — in the
second round.

Still, it was quite a comeback
year for Wade and the Heat,
which bounced back from a dis-
mal 15-67 record to make the
playoffs as the fifth seed in the
East.

"I'm very encouraged by this
season,” Wade said. "We've got
something to build on.”

Mike Bibby might have been
the Hawks’ most valuable play-
er in the series, averaging just
under 15 points and five assists.
He even stood up to Woodson
when the coach complained
about Smith putting up an
errant 3-pointer from the cor-
ner.

When Woodson called his
point guard over, Bibby shot
back with an expletive. "Y'all
tell him to move," Bibby
growled. Woodson simply
turned away, rubbing his goatee
and smiling slightly.

Everyone was smiling at the
end. Even Woodson and Smith,
who've endured their share of
dustups over the years.

"We've had a lot of ups and
downs, boy, but I still wouldn't
give him away for anything,”
Woodson said. "He's probably
caught more hell from me than
anybody on this team. I respect
him for that."

Nuggets 109, Mavericks 95

At Denver, Nene scored 18
of his career playoff-high 24
points in the first half and the
Nuggets won the first day game
in the Pepsi Center's 10-year
history.

Carmelo Anthony scored 23
points, including a dunk off J.R.
Smith's behind-the-back assist
that rocked the arena in the
closing minutes. Smith added
15 points.

Dirk Nowitzki led Dallas with
28 points and 10 boards and
Josh Howard, Jason Kidd and
Jason Terry each scored 15.

Game 2 is Tuesday night.

oe holds 2-on-2 b- ye naa



PLAYERS who participated in the weekend basketball tournament can be
seen with Bridgette Beneby, human resources director, and Laurieanne
Wilcombe-Olsen, activities and entertainment director

ON Saturday, the Paradise
Island Harbour Resort held their
first fun-filled activity of the year.
It was their second 2-on-2 basket-
ball championship.

Taking the championship title
was Tyson Williams and Craig
Wilson. Coming in second was
Sean Major and Sean Wilson and
in third place was Raymond Pratt
and John Foulkes.

The managers of the resort said
that this is the first of many fun
activities they have lined up for
the staff to keep their employees
motivated and in shape.

The resort family would once
again like to thank all of the staff
and their family members who
came out to support the event and
they hope to see them at future
events.



TEAMS compete in the 2-on-2 basketball tournament over the weekend.

Ambassadors
track club to
honour its
president

FROM page 12

Bahamians a chance to see some
of our senior athletes up against
some of the international athletes
from Jamaica and Haiti.”

As the Bahamas is gearing up
for the CAC Youth Champi-
onships, Grant said this will be a
good opportunity for the younger
athletes to display their skills
before they get ready for the tri-
als.

PATRON/SPONSOR

Having supported track and
field with four different presi-
dents, from Alpheus ‘Hawk’ Fin-
layson to current president Curt
Hollingsworth, Petty said his Pet-
ty Group of Companies are
pleased to see the high level of
organisation from Newbold and
Linda Thompson.

“This, as I see it, will be one
of the most exciting club meets
that we will have in the Bahamas
for a long time because we’re
stepping a bit beyond just com-
petition between clubs,” he said.

“When you invite a club like
the Miami Garden Express, who
are the junior Olympic medallists
in the 4 x 4, to compete against
our kids, that says a lot. That
should produce a lot of excite-
ment. When you add Rodney
Greene, Rudy Moultrie from
Haiti, Adrian Griffith, Michael
Mathieu, Antonio Riley, it’s going
to be extremely exciting.”

Harrison said he is looking for-
ward to the event and is pleased
to be a sponsor.

KIDDIE KORNER

Lisa Thompson, who became
involved in the administration of
the Ambassadors after her son
started competing, said she was
also impressed by the contribu-
tions made by Grant and Harri-
son to the sport.

“What they have done for the
development of track and field,
I think the world should know,”
said Thompson, who added that
Mike Sands should be included.

Piggy-backing on the Scotia-
bank’s National Trials last year,
Thompson said they have decided
to host another Kiddie Korner
for the meet on Saturday, starting
at noon.

Thompson said while children
under-12 will be admitted free
into the stadium, they will be
charged $5 for all day access with
a drink and hot-dog for entry into
the Kiddie Korner.

There will be a number of
activities, including the bouncing
castle, appearance of Dora and
Spongebob, Henna tattoo-it lasts
for three weeks, face painting, fun
foods, cotton candy, popcorn,
snowcones and sweets at an addi-
tional fee.

MIAMI GARDENS

EXPRESS

Mike Sands, the immediate
past president of the Bahamas
Association of Athletic Associa-
tions, said he was pleased to have
been invited to join the organising
committee for the meet and he’s
even more encouraged by the
participation of the Miami Gar-
dens Express.

“Tt is a junior track club, similar
to a number of the junior track
clubs that we have here,” Sands
said. “They have expressed an
interest in coming here to partic-
ipate and their invitation has been
accepted.”

Every time they step on the
track, they set national records,
according to Sands. They hold
junior national records in the 200
and 800 metres.

“They have indicated that they
don’t want to run in their age
group category because they want
some competition,” Sands said.
“This is their first competition
overseas, so Bernard is looking
at creating some matchups for
them.”

The Petty Group of Compa-
nies will be responsible for the
transportation and hosting of the
Miami Gardens Express when
they arrive.

History will also be in the mak-
ing for the younger athletes when
for the first time, the Shuttle Hur-
dle Relays will take place. It’s an
event designed for athletes under
eight and nine.

They will compete in a 4x 1
relay with the first and third legs
at the finish line and the second
and fourth will be at the start of
the 60 or 80 metres, depending
on the distance they run.

The relay will create a lot more
excitement for the fans in the
grand stands as they watch the
athletes go back and forth in
events that are popularized at the
Penn Relays and in Jamaica.

For the stories
behind the news,

ele M ety [e]aTd
on Mondays


PAGE 16, TUESDAY, MAY 5, 2009

THE TRIBUNE



LOCAL NEWS

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INSURANCE COMPANY LIMITED

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weekdays only. Eowelopes should be marked “Calendar Contest"

All entries must be accompanied by an offpcial entry form, available at any Family Guardian office, as publehed m the newspapers of on the website
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Only colour images will be considered. Images mest be provided as digital files om CD. Digital images must be of high quality (2700 x 7100 pixels of
larger). Digital images showing signs of photo manipulation, resolution enhomoement or compression will be rejected. To ensure the best colour
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Judge of entries willbe based on beauty, interest, composition, colour, originality and quality of photograph, Particular areas and subjects of
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AUMISER OF PHOTOS EMTERED iressier eof 5)

Ajie Tet Te ni oe oF ete OT S Sa kectea) ah a ait ee Jay Gua be
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af gts perwining 0 iG ue go confinn hal te choke eters in & raeet were taken in

Thes Blsherm as by ihe uncles igre and beg rint be

FROM page one

"

Bahamas," said Mr Moss, man-
aging director of financial services
company Dominion Management
Services.

According to the Associated
Press, the president's plan would
stop US companies from delaying
tax payments by keeping profits
in foreign countries instead of
declaring them at home and
called for increased transparen-
cy in American bank accounts
held in off-shore tax havens, like
the Cayman Islands.

This reform would also prevent
US companies from getting tax
deductions on profits earned
overseas. This would lessen the
push for American companies to
establish some, or their entire
practices, in foreign countries and
in turn create more job opportu-
nities for Americans, the Associ-
ated Press reported.

But Mr Winder said that due to
a relatively small presence of
American-born international
business companies (IBCs) oper-
ating in the Bahamas, Mr Oba-
ma's planned loophole closure
would not have severe implica-
tions for foreign businesses invest-
ing here, he said.

"The Bahamas doesn't have
any physical presence of head-
quarters for major American cor-
porations in the Bahamas — we
don't have that many of them.
Secondly, for those American
companies that use the Bahamas
primarily through IBCs there is a
minimal amount of activities in

Plans to reform
US tax policy
split local
financial insiders

the Bahamas — relative to those
companies — if any.

"And most of those companies
are likely to be subsidiaries and
affiliates that are performing spe-
cific transactions on behalf of US
corporations, so you're not likely
(to), however I think it's impor-
tant to realise it's difficult to say
that we would have zero impact
because no one really knows the
extent to which some companies
may be utilising the Bahamas,”
said Mr Winder.

According to Mr Moss, the
looming reform could deter inter-
national businesses from con-
ducting operations in the
Bahamas and lead to countless
job and financial losses.

"Any person who is doing busi-
ness with a jurisdiction that his
own country is frowning upon no
longer wants to do business with
that country because it would
make the scrutiny on his particu-
lar business too great therefore
they won't do business with the
Bahamas," he said.

To counteract this, government
must begin taxing foreign com-
panies — by way of double taxa-
tion treaties for example.

Amnesty calls for investigation

FROM page one

Thompson told The Tribune he is “making tremendous progress” in his
probe of the case of the dead man, Anderson Pierre, 37.
“We will release a full statement very shortly,” Mr Thompson said.
Asked to comment on the process followed by Immigration officials
in assessing the legitimacy of an applicant’s claim for political asylum,
the Director said that this too would be addressed in his statement.
Last week, President of the Haitian Bahamian Society of the

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Bahamas, Jetta Baptiste released a statement denouncing Mr Pierre’s
death.

In view of his killing in Santo Domingo, Dominican Republic, where
Mr Pierre was said to have gone after flying back to Cap Haitien to
begin arrangments for the relocation of his family, she demanded that
government must “review and revise their immigration policies con-
cerning political asylum applicants.”

“It is unacceptable for these helpless refugees to be sent to certain
death...how many other political asylum applicants have the Bahamas
Immigration officials arrested and deported to their country where they
are certain to be killed?” asked Ms Baptiste.

Mr Pierre and his wife are alleged to have lodged an application for
asylum with immigration authorities two years ago.

After receiving a rejection letter in September 2008, which told
them that their case “did not meet the criteria for refugee status” as set
out by the United Nations, they were told to leave the country.

Mr Pierre then travelled to Cap Haitien in February 2009 in order to
begin preparations to relocate his family. He was murdered by unknown
gunmen on April 24.

His wife, who gave birth to their son three weeks ago, believes her
husband’s death was political, and fears she and her child also would
be in danger if they returned to the country.

She pleaded on Sunday that government reconsider its decision to
repatriate her in view of her husband’s death.

“T don’t know what to do now, my husband is dead and I am all
alone,” she said.

Yesterday Mr Thompson said that Mrs Pierre should “make her
request known in writing to the department and it will be reviewed and
considered.”

Amnesty International told The Tribune that the organisation appre-
ciates the obstacles faced by the Immigration Department in assessing
the extent to which asylum applications meet the criteria, but said
there must be good reason to “disapprove” the claims submitted.

“We would like to have a complete and thorough investigation into
why he was denied refugee status — what officials had found that
made them feel it was safe to deny Mr Pierre’s claim,” said the organ-
isation.

southern style

SON
BISCUIT

iam are tag






@ By NEIL HARTNELL
Tribune Business Editor

A FORMER attorney-gener-
al has branded Prime Minister
Hubert Ingraham as “naive” for
accepting the seeming assurances
of President Obama and a few
US senators that the Bahamas
would not be named among so-
called ‘tax havens’ listed in US
legislation, adding that the tax
code reforms unveiled yesterday
will achieve much of what the
Stop Tax Haven Abuse Bill
sought to accomplish.

Alfred Sears, who was the
Christie administration’s top law
enforcement officer between
2002-2007, said the package of
measures announced by President
Obama yesterday - designed to
close loopholes and enact reforms
to deter US companies and high-
net worth individuals from using
international financial centres -
highlighted the need for the
Bahamas to conduct a sustained
lobbying effort on Capitol Hill.

Referring to the Bill that was
sponsored by President Obama
while he was in the US Senate,
Mr Sears told Tribune Business:
“T thought that the Prime Minis-
ter was a bit naive when he came
back from the Summit of the
Americas and gave the Bahamas
the assurance that he had spoken
with certain US senators in
Trinidad and met with President
Obama.”

Mr Ingraham had then
expressed confidence that based

THE TRIBUNE

usiness

2009

TUESDAY,

MAY 5,

SECTION B ¢ business@tribunemedia.net

Ex-AG brands PM ‘naive’
over tax havens listing

* Says US reforms unveiled
yesterday achieve much of
what Stop Tax Haven Abuse
Act intended to do,
discouraging Americans
from using Bahamas-
registered companies
and vehicles

* Obama package prompts
renewed income tax
reform call

* But others say ‘impact not
significant’ for Bahamas
and its financial sector

on his meetings in Trinidad that
the Bahamas would not be listed
among the so-called ‘tax havens’
in the Stop Tax Haven Abuse
Act.

However, Mr Sears said yes-
terday that he felt the Prime Min-
ister’s comments showed a lack
of understanding of the US polit-
ical system’s inner workings, and
that both the White House and
Congress were currently united
in seeing international financial
centres as “representing an unfair
tax threat to the Internal Rev-
enue Service”.

That, Mr Sears said, represent-
ed “an erroneous understanding
of what offshore financial centres
do in the global economy, and

SEE page 5B

Receiver named for South Ocean

@ By NEIL HARTNELL
Tribune Business Editor

THE Supreme Court was last
night said to have approved the
appointment of a receiver for the
troubled $867 million South
Ocean redevelopment, although
it was unclear whether all the
terms for doing so had been com-
pleted.

Sources close to the situation
told Tribune Business last night
that Justice Neville Adderley had
approved the application to
appoint Anthony Kikivarakis, the
Deloitte & Touche (Bahamas)
accountant and partner, as receiv-
er for the southwestern New
Providence project.

It was unclear, though, whether
the terms of the Order appointing
Mr Kikivarakis had been
finalised, although Tribune Busi-
ness was told they had been. All
parties connected to the case
declined to comment to this news-
paper yesterday.

The receivership application
was made by former attorney-
general Alfred Sears, acting on
behalf of an investment vehicle
owned by the Canadian Com-
mercial Workers Industry Pen-
sion Plan (CCWIPP).

CCWIPP has a $65 million loan
that it advanced to the New South
Ocean Development Company,
which was secured on the projec-
t's 375-acre real estate in south-
western New Providence.

It is alleging that the New
South Ocean Development Com-
pany — the project's immediate
holding vehicle — has failed to
make interest and other payments
to service its $65 million advance.

Tribune Business also previ-
ously revealed that Mr Sears and
CCWIPP may follow-up the
receivership hearing with a fore-
closure application to the
Supreme Court.

South Ocean is the subject of a
bitter dispute between its gener-
al/managing partner and chief
financial backer. The two warring
factions are RHS Ventures and
its principal, Roger Stein, and
Connecticut-based hedge fund,
Plainfield Asset Management.
The former is the
managing/development partner,
the latter South Ocean's finan-
cial backer.

In New York Supreme Court
documents related to the dispute,
RHS Ventures alleged its negoti-
ations with the Canadian pension
fund, which holds a first mort-
gage on South Ocean's real
estate, had been "stymied" by
Plainfield's supposed refusal to
discuss or approve changes to the
terms and duration of CCWIP-
P's loan.

“A foreclosure by the holder
of the first mortgage would wipe
out [RHS Ventures] equity in the
partnership, and leave [Plainfield]
itself, which made a significant
portion of its investment in the
partnership in the form of a pur-
ported loan, in place as a credi-
tor," RHS Ventures alleged.

"Upon information and belief,
[Seaside] is engaged in a concert-
ed effort to seize control of the
partnership, and force [RHS Ven-
tures] out of any management
role."

Plainfield, though, responded

SEE page 4B

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ROYAL FIDELITY

Bank now targets
20% capital ratio

m@ By NEIL HARTNELL

Tribune Business Editor

ank of the Bahamas
International has

* Hopes to complete $20m preference
share issue this week, with offer

‘substantially’ placed already



Money at Work

NASSAU OFFICE

(242) 356-9801

FREEPORT OFFICE

(242) 351-3010

Baliamas escapes
US copyright list

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamas has escaped
being named on the US govern-
ment’s Special 301 copyright
watchlist for the third year run-
ning, with Cable Bahamas’ presi-
dent telling Tribune Business yes-
terday that this reflected the
“mutual understanding” that both

“substantially” sold

the $20 million pref-
erence share issue that it hopes
to close this week, its managing
director telling Tribune Business
yesterday that it was targeting a
20 per cent Tier I capital ratio
by the end of its 2010 financial
year.

Paul McWeeney said “com-
mitments are in place for sub-
stantially the entire issue” of $20
million preference shares, which are being sold
via private placement and represent the first
tranche of the $100 million in preference shares
- divided into seven classes - that were approved
by the bank’s annual general meeting (AGM).

“We hope to close it this week; right away,” Mr
McWeeney said of the share issue. “We need to
increase the capital standing to support the dra-
matic growth of the bank over the last couple of
years.

“This is the start of the strategy to raise new
capital through preference shares. We don’t think
the current market conditions are supportive of a
common share issue at this point in time. It’s
[preference shares] not the ideal route, but it’s
suitable for the current environment.”

Mr McWeeney said that when completed and
fully subscribed, the $20 million preference share
issue would increase Bank of the Bahamas Inter-

McWeeney

* Full subscription to take Tier I
ratio from 12% to 15%, with 20%
target eyed for end of fiscal 2010

* System liquidity now close to $390m

15 per cent, well in excess of the minimum 8 per
cent ratio. Preference shares are eligible to be
included in Tier I share capital calculations.

The share issue will provide investors, likely to
largely be institutions such as pension funds,
banks and insurance companies, with an 8 per
cent interest rate of return - Bahamian Prime
plus 2.5 per cent.

Mr McWeeney said Bank of the Bahamas
International had “no choice but to come to mar-
ket with this rate”, given that numerous other
companies - Cable Bahamas and private entities
- had launched capital raising initiatives that
offered investors the same rate of return.

He hinted that Bank of the Bahamas Interna-
tional might seek to replace the preference shares
with other capital instruments, such as common
shares, “if the market turns around”.

Explaining that the main strategy behind the
share issue was capital, rather than liquidity or
funds for lending, Mr McWeeney told Tribune
Business: “Our capital ratio objective is 20 per

standing issues.

cable TV programming.

Nassau.

licensing.”

sides were moving to address out-

Anthony Butler said the BISX-
listed cable TV provider had been
constantly working with the Gov-
ernment, chiefly the Registrar
General’s Department and the
Bahamian Embassy in Washing-
ton, and with the US Embassy in
Nassau, to address all intellectual
property rights issues related to

“We’ve been working closely
with the Government and the
Bahamas Embassy in Washing-
ton,” Mr Butler told Tribune
Business. “We’ve had a series of
meetings with the US Trade Rep-
resentative’s Office in Washing-
ton with the Government, and
with the US Embassy here in

“We feel as if there’s definitely
a mutual understanding of the
efforts that are being applied to
the intellectual property rights
regime, as well as compulsory

The Bahamas and, by exten-
sion, Cable Bahamas, issues with

national’s Tier I capital ratio from 12 per cent to

SEE page 2B



50% of Cable’s $40m issue in US currency

@ By NEIL HARTNELL
Tribune Business Editor

CABLE Bahamas has applied
to the Central Bank of the
Bahamas for exchange control
permission to allow 50 per cent -
some $20 million - of its upcoming
$40 million preference share issue
to be raised in US dollars, Tri-
bune Business can reveal.

A term sheet circulated to
potential investors by the com-
pany’s placement agents, Royal-
Fidelity Capital Markets, which
has been obtained by this news-
paper, indicated the private share
placement was likely to begin
next week, as all relevant docu-
ments associated with it had been
approved by Cable Bahamas’
Board of Directors.

The document said: “An appli-
cation has been made to the Cen-

Make ita

* Pension Plans

* Mutual Funds

* Central Bank approval sought for $20m tranche, as
preference share investors get conversion price
equal to that offered to Columbus in buyout

tral Bank to allow for up to $20
million of the $40 million Series A
Preference Shares to be made in
United States dollars.”

The Central Bank is likely to
scrutinise closely any application
for exchange control approval,
especially if large sums are
involved, due to its desire to safe-
guard the foreign exchange
reserves. As at February 2009,
the Bahamas had some $616.32
million in foreign currency
reserves.

The preference share issue,
which is being targeted at select
institutional and high net worth
individuals, meaning members of

reality.

* Stock Brokerage

* Corporate Finance

* Investment Management

* Trusts & Estate Planning

° Personal Pension Plan Accounts

* Education Investment Accounts

PU Pt

Nassau: 242.356.9801
Freeport: 242.351.3010

FAV 1 FV elo)

St. Michael: 246.435.1955

royalfidelity.com

the public should not apply to
become involved, is priced at $10
per share.

The minimum subscription,
according to the term sheet, is
5,000 shares or $50,000, with the
proceeds set to join some $90 mil-
lion in bank financing to help
fund the buyout of the 30.2 per
cent stake held by controlling
shareholder, Columbus Commu-
nications.

The proceeds from the $40 mil-
lion issue, and the $90 million syn-
dicated credit facility from Royal
Bank of Canada, FirstCaribbean

SEE page 7B

SEE page 8B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission
from the daily report.



We can get you there!

ROYAL @ FIDELITY

Money at Work

An RBC / Fidelity Joint Venture Company


PAGE 2B, TUESDAY, MAY 5, 2009

THE TRIBUNE



SINS eee
Island Industries named top regional builder

BANK, from 1B

cent, so we still want to grow our
capital base.

“We are looking at other mea-
sures [other than preference
shares] to achieve that... We’re
looking at some internal issues.
It’s safe to say the bank is look-
ing at all ways to expand its cap-
ital base, not liquidity, but capi-
tal.

“The objective is a capital
ratio of 20 per cent. That has
been the objective set for the
five-year plan we’re on. We’re
in the last year of that plan, and
hope to ensure that ratio is close
to 20 per cent. We don’t see that
we will not be able to achieve
that by the end of the fiscal peri-
od 2010.”

Achieving that goal, Mr
McWeeney said, would position
the bank perfectly for the “start
of a new five-year plan”, which
would kick-in from the start of
fiscal 2010 on July 1 of that year.

While the economic downturn

had created “some stress” on
asset quality throughout the
Bahamian banking sector, Mr
McWeeney said he was “confi-
dent the banks will work through
this and the system will remain
fairly strong”.

Given the strong capital bases
of all Bahamas-based commer-
cial banks, Mr McWeeney said:
“We have the ability to absorb
quite a bit of risk before we get
to any problem point, and I’m
confident we will not get there
either. I’m confident we’ll weath-
er the storm.

“Right now, the main focus of
all banks and financial institu-
tions is maintaining prudential
standards and capital fortifica-
tion. That has to be the focus of
strategy at this time.”

Coupled with the heavy capi-
tal bases, Mr McWeeney said he
also drew encouragement from
the fact that excess liquid assets
in the Bahamian commercial
banking system currently stood
at close to $390 million.

The Bank of the Bahamas
International managing director
said the bank was continuing to
experience credit and loan port-
folio growth. While this was
“nothing significant”, he indi-
cated it was bucking an industry
trend where a number of banks
had seen the size of their loan
portfolios contract.

Bank of the Bahamas Inter-
national was still “looking at the
expansion of our entire customer
service and product base as best
we can”.

Mr McWeeney said it was
looking at the expansion of its
non-credit products and services,
particularly its payment card ser-
vices, such as the electronic pre-
paid store cards.

He added that Bank of the
Bahamas International had also
received some “strong renewed
interest from potential tenants”
for its West Bay Street head-
quarters, and was “hoping to get
some confirmation this year on
that”.

ISLAND Industries (Bahamas)
has been named as the Southeast
Region Builder of the Year 2008
by the buildings division of Butler
Manufacturing Company, the
developer and manufacturer of
metal building systems. The
award was presented by Harry
Yeatman, southeast regional gen-
eral manager and Tom Gregory,
southeast region sales manager, at
Butler’s 2009 regional sales meet-
ing in Savannah, Georgia.

Receiving the award was Mike
Donald, manager of Island Indus-
tries. Among the Bahamas-based
construction projects that the
company has completed, using
Butler building components, are
Kelly’s Lumber Yard, Maxwell’s
Supermarket in Marsh Harbour,
and Nassau Motor Company’s
extension.

The award is presented to one
Butler Builder per region, who
excels in the sale of Butler build-



SHOWN (I-r): Tom Gregory, Butler Manufacturing Company’s southeast
region sales manager; Mike Donald, Island Industries manager; and Harry Yeat-
man, Butler Manufacturing Company’s southeast regional general manager

ing and roof systems as well as
demonstrating superior market-
ing skills. Butler Manufacturing
Company has five regions.
Island Industries was estab-

lished in 1958, marketing and
building Butler buildings through-
out the Bahamas. It has complet-
ed over six million square feet of
Butler roofs.

i »
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F “ie ape

f ARIBBEAN

INTERNATIONAL BANK

FINANCIAL CENT,

si

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OUR SDFG saree ah Le

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BORN AND RAISED IN THE BEAUTIFUL

TRANOUIL ISLES OF THE BAHAMAS, IM THE

CAPITAL CITY OF HASSAU - CHRISTOPHER
MARCUS CAREY, began singing at the tander
age of five and wort abeodutely fascinated bry

ihe muli-lglented “King of Pop" Miche! Jack

80m. According io Ch Istooner Ss mom il did mot

Start there, it fied from wathin her wombs
when he would leap at the
pecally at the sound ol his father's
WOuld serenade he cother on the ace .
guitar Attentive te the appetite of the fay
both mam and dad vould surroured hit wth

the Sounds of fdusic® and would ar xiduesly an

Oph ihe wom Th Mh
that ha about to get a replicate of himeett

=
note bout io raneive &

Mive, Father kore

IW) thal Sie was 2
idastenpiece' trom God!

Three monihs premabure the artist Sketel

Larey

sorte his Stage and Music his. manne!

und of music, #s-

-

whose Metine hie

production tes
Indinity. T
fity Candidate” performer

Touch doen 20 years ago on 21st Fetingey
oY, bo panicked garants Patrick amd Jennifer
Ghressopher could not wait to make the i
¢ Iowa for
me his passion and Christe-
would firmed himealf iimed in z :

Ny an artist Can appreciate

ut Carey

MIMUSKIan and entertainer

lanky Skilled, ward

FEMA arsts all of whom mainined their poten
takin musa, Non
Pat Garey
Rick C

ments &

re worthy of salute than his da
Quitarstisoicest of BAHAMEN and 8rother:
‘, ead Ser of BAHAMEN, whose achieve
Bpreseried try a mtyriad of mwards and
Ement 10 date haw earned thier
Ging rights for the prestigious Gramimy Award for
HONG with the song “Wid Let The Dogs

Slntch now works with one of the strangest agheke

& in the Cariibean called Archean
2 OPOUp i responsible for the-hit single
, Siete h vy hina ve

number one song on the Bahama Hee



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INTERNATIONAL BANK

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FirstCanbbean International Bank is a member of the CIBC Group.

a —
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GROUNDS, JFK

va
THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 3B



a
Airline worried on tax hike impact for Bahamas

m By CHESTER ROBARDS
Business Reporter

crobards@tribunemedia.net

THE proposed UK tax hike on
airfares will likely go through this
coming November, which could
cause a further decrease in mar-
ginally declining British Airways
(BA) passengers to the Bahamas,
its marketing manager said yes-
terday. This was despite airfares
seeing a reduction year-over-year.

Adrian Barton told Tribune
Business that passenger duties

imposed on travellers leaving the
UK were already too high, and
another tax hike could be devas-
tating to flight sales.

The UK suggested the tax hike
would make airlines accountable
for their impact on the environ-
ment, but no money the tax will
bring in has thus far has been ear-
marked for environmental pro-
jects.

According to a press release by
the Advocacy Committee of the
Caribbean Hotel and Tourism
Association (CHT A), the tax has

thus far earned the UK govern-
ment over $2 billion since its
implementation several years ago,
which they contend should now in
part be regarded as a contribu-
tion to general UK taxation.
The CHTA has launched an
extensive campaign to lobby the
UK government in an effort to
have them relent on the tax
increase. According to their
release, the Dutch government
recently rescinded a similar air
tax, which they found to be
“counterproductive”.

Policy chief named for new regulator

THE committee driving the
Bahamas Telecommunications
Company’s (BTC) privatisation
yesterday announced the selec-
tion of a former Cable & Wireless
executive, Usman Saadat, as
director of policy and regulation
at the soon-to-be established Util-
ities Regulation and Competition
Authority (URCA).

The committee said: “With
more than 14 years of global
experience, Mr Saadat possesses
a wealth of consulting experience
in telecoms regulation and com-
petitive strategy, and is known
for his skill in service innovation
and external stakeholder man-
agement. He also has a proven
track record in leadership roles
of successfully restructuring oper-
ations, motivating teams and
transforming customer experi-
ence.”

As director of policy and regu-
lation, Mr Saadat will provide
direction on these areas, including
but not limited to strategy devel-
opment, market analysis, deter-
mination of significant market
power (SMP) and the develop-
ment of remedies for SMP
(including interconnection, regu-
latory cost accounting and retail
pricing).

Mr Saadat will direct the devel-
opment of methodologies for
market reviews and universal ser-
vice obligation assessment, licens-
ing policy and structure, number-
ing, spectrum policy and the
approach to local number porta-
bility.

He will be required to develop
an effective and efficient regula-
tory regime, and identify and
develop the resource skills of
URCA to enable a Bahamian to
assume this responsibility within a
reasonable time frame.

The Public Utilities Commis-

Usman Saadat



sion (PUC) and the Television
Regulatory Authority are expect-
ed to be replaced by the URCA
upon enactment of the URCA
Bill, which was tabled in Parlia-
ment on April 22, 2009.

The URCA will regulate all
areas of electronic communica-
tions within the Bahamas, includ-
ing broadcasting and television.

During the transition period,
Mr Saadat will report to the chair-
man of the Privatisation Com-
mittee. Upon the vesting of
URCA, he will report to its chief
executive and serve as a member
of that entity’s Board of Direc-
tors with full voting rights. Mr
Sadaat will direct the policy and
regulation functions within the
URCA.

Mr Saadat’s most recent
responsibility was as chief execu-
tive of Cable & Wireless St Lucia,
prior to which he served as busi-

ness development director of
Cable & Wireless International.

Mr Saadat has a wealth of reg-
ulatory experience in the telecom-
munications markets, including
more than five years experience
in economic consulting with UK-
based National Economic
Research Associates (NERA)
and Europe Economics.

While consulting, he served as
advisor on major regulatory pro-
jects for the European Commis-
sion, and led projects for Euro-
pean and Asian national telecom-
munications regulators, including
OFTEL in the UK, ODTR in Ire-
land and OFTA in Hong Kong.

Mr Sadaat also spent three
years as an economist with the
regulatory team in the head office
of Cable and Wireless PLC. Dur-
ing this time he helped implement
regulatory best practices in busi-
nesses transitioning from monop-
oly to liberalised markets. Mr
Saadat also worked with Gov-
ernments in a number of
Caribbean countries to telecom-
munications markets and estab-
lish new legal and regulatory
frameworks and compliance.

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



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“Pending changes to the UK
Air Passenger Duty are expected
to result in increased levels of
duties applied to air tickets from
the UK to all destinations. Of
particular concern to us in the
Caribbean are the high levels of
duty to be applied to tickets to
the Caribbean, as well as the dis-
crimination against the Caribbean
region by illogically allocating it
to a higher tax band than major
competing destinations,” said the
CHTA release.

Tourism has expressed its con-
cern on the issue, and the conse-
quences of costlier flights to this
country.

Mr Barton said the Bahamas
has been luckier than many other
countries where British Airways
offers direct airlift. “Other desti-
nations are seeing more of a
reduced demand from the UK,”
he said. “Things are looking good
on this end.”

Mr Barton said Easter was
extremely busy for the airline,

Heathrow airport.

With the outbreak of the dead-
ly ‘Swine Flw’ virus out of Mexico,
it was feared that air travel would
further decline as more and more
instances of the illness were being
discovered.

The European Union went so
far as to issue the travel warning:
“Do not travel to Mexico, US
unless essential.”

However, Mr Barton said the
outbreak has not disrupted
British Airways flights to the US

The Bahamas Ministry of which services London’s or Mexico—or the Bahamas.

PRESS
RELEASE

IndiGO

FOR RELEASE ON APRIL 30, 2009

INDIGO & KELLY’s ANNOUNCE ONEPHONE
RETAIL PARTNERSHIP

Nassau, Bahamas Aprif 30, 2009. IndiGO Networks” (IndiGO) and
Kelly's House & Home (Kelly’s) today announced the establishment of a groundbreaking
retail partnership that will bring sale of IndiGO’s onephone™ horne phone line service to
the flagship retailers’ store beginning Saturday May 2.

IndiGO's onéephone service, now in its third year since introduction, allows high-
speed Internet customers of any Intemet Service Provider to simultaneously use their
Internet connection for high quality digital voice calls. Onephone offers features and
prices on a par with foreign providers, but does so with a local Bahamian number as
well as a foreign number, making onephone truly the only home phone line a subscriber
needs. Any of the thousands of onephone customers can call any other customer on the
onephone network free of charge, regardless of the islands on which they each reside.

Self installation is easy with a 1-2-3 step process. Customers who purchase the
onephone retail package at Kelly's will be able to make calls as soon as they connect
their phone at home and call the IndiGO Networks’ customer support desk to activate
the service. Clients will receive a free local number, free local and long distance calling
to the US and Canada and free inter-island calls to onephone customers for up to one
month. Activation is free and purchasers will be able to upgrade their service to a bong-
term contract and change their calling plan to any of the many calling plan options
available, anytime within the first month of purchase.

"The marketing of IndiGO's broadband telephony service at Kelly's House &
Home presents a tremendous opportunity to widen the reach of our proven onephone
service from retail shelves,” said Paul Hutton-Ashkenny, President of IndiGO Networks.
“Our partnership with Kelly's is the perfect marriage, with both companies focused on
providing the very best in customer service, product quality, and value for money.
Kelly's is an ideal partner for bringing onephone to the wider Bahamian community.”

The launch coincides with Kellys Mother's Day promotion at the store. Patrons
visiting the store on May 2â„¢ will not only be treated to Kelly's customary bargains on
that date, but will also be provided with the opportunity to be one of the first to take
onephone home. In addition, patrons will have the opportunity to use the omephone
service themselves by making calls on a special test phone set up at Kelly's to phone
anyone they choose in Nassau, the Family Islands, the US or Canada.

Mr. Hutton-Ashkenny stated, “Onephone offers substantial benefits to customers.
They immediately benefit from huge cost savings, improved call quality, free calls to
other onephone customers < wherever they may be - and first rate customer service.
We are delighted to invite visitors to Kelly's on May 2â„¢ to try the service for
themselves.”

Bob Plank, the Operations Manager at Kelly's House & Home also noted, “Kelly's
has made it our goal to be the customer's first choice for products and services in the
categories we offer, We do this by providing excellent service, an extensive breadth and
depth of assortment, reasonable prices and by introducing new merchandise, IndiSO's
onephone gives us an exciting opportunity to expand our product offering. This
residential phone service will provide customers with an instant, easy and affordable
way to stay in touch with family and friends in The Bahamas and across the globe. We
believe that it is a perfect match for our Kelly's clientele.”

IndiGO revolutionized the Bahamian telecommunications industry when they
launched commercial voice services in 2004, aind this year, the company celebrates a 20
year milestone of doing business in The Bahamas. IndiGO's product offering includes
corporate telephone service, telephone systems and support, wireless telephone services
and residential telephone services in New Providence, Grand Bahama and Abaco.

Interested persons can ask any of the well-trained Kelly’s representatives for
information on the onephone home phone service or call the IndiGO Customer Support
desk at 677-1111 im Nassau or 688-1111 in Freeport for detail.

About IndiGO Networks

IndiGO Networks® is the registered business name of Systems Resource Group Limited
(SRG), a Bahamian company with a 20 year history in offering innovative technology
and telecommunications solutions to businesses and residential consumers. Under the
liberalisation policy of the Government of The Bahamas to deregulate the
telecommunication’ sector, SRG was granted the first and currently only license to allow
international and domestic voice competition with the Bahamas Telecommunications
Company. SRG’s license extends to New Providence, Grand Bahama and Abaco.

CONTACT: GILLIAN BECKLES-SLATTER (242) 677 1028 GBecklesStatterdlndiGONetworks.com

About Kelly’s House & Home

SHERWIN
VVILLIAMS.

Ge

DreamSoft.

cao Kelly's House & Home has been a househokd name in the Bahamas since 1927. Kelly's is
Nassau’s largest department store with sixteen departments ranging from fine china to
hardware, The store is located at the Mall at Marathon and comprises over 40,000sq ft
of Shopping space. Kelly's provides shipping to all of the family islands in The Bahamas

and offers Contractor Cards and a comprehensive Bridal Registry Service.

FOR MORE INFORMATION
Contact us: cndshow@gmail.com


PAGE 4B, TUESDAY, MAY 5, 2009

THE TRIBUNE





NOTICE is hereby given that MARCNER IZMA of PINEDALE,
EIGHT MILE ROCK, GRAND BAHAMA, BAHAMAS P.O. BOX
F2197 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 4TH day of MAY, 2009 to the Minister responsible for
Nationality and Citizenship, PO.BoxN-7147, Freeport, Bahamas.

ing it had advanced for the South
Ocean project, and failed to pro-
vide it with audited financial
information. It alleged that the
managing partner had commit-
ted "fraud and/or intentional mis-

FROM page 1B

TMC) mL

by alleging that RHS Ventures

An Entrepreneur/Operations Specialist is in search
of Venture Capital to invest in a new but promising
business. Partnership opportunity is available. The
business requires a sizable sum of money for startup;
however the projected profits are reasonable and can
only get better despite the economy.

For more information forward a profile of yourself along
with contact information to businessopportunity@liv
e.com only trustworthy and proficient persons need
CUCL =e

LEGAL NOTICE
Clico (Bahamas) Limited

(In Liquidation)

Notice is hereby given that the above-named Company is in
liquidation, commencing the 7" day of April, 3109, Creditors having
debts or claims against the Company are required to send particulars
to Craig A. (Tomy) Gomez, Official Liquidator of the said Company at
the offices of Baker Tilly Gomez, The Deanery, No. 28 Cumberland
Street, P.O. Box N-1991, Nassau, Bahamas and if so required by

| NOboe in writing from the said Liquidator, to come in and prove the
aid debts or claims at such time and place as shall be specified in
auch notice, or in default thereof, they will be excluded from any
distribution made before such debts are proved or precloded from
objecting to any such distribution.

Dated this 27" day of April, 2004

CRAIG A, (TONY) GOMEZ
Ofscial Liquidator



Legal Notice

NOTICE
AMHERSTBURY LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of March 2009. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BAKER UNITED LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of March 2009. The Liquidator
is Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

1S pick-ups S500)
2 Hligdies claihy
Sane thaw dhelivery,
bor ar mee! bea 1 230 recy
Customs lbookeasipe: availalsle
Freoc Mass chcliwory for smal packages

hood gromerics? Lact us slop Gor your

3 bovwoo
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Pacha 20hbo SO fs Aico

Bechapes SO bo DCC Bes Adib:

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Adtoe Ss Rabe perib &


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295 2-93, NW

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Claustoms Air Freight Building, “5

had not properly used the financ-

Wit

NOTICE is hereby given that KERLINE SAMA of
NASSAU VILLAGE, P.O. BOX SS-19753, 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 5â„¢ day of May, 2009
to the Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

$1000 CASH

alae

for return of missing
17” Apple MAC laptop computer
and blue USB Hard Drive

stolen from green jeep
ee Tic=e =| Ml arc 01m ete We) Celt

NO QUESTIONS ASKED

CALL 468-9789



LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

KITEN INTERNATIONAL, INC.

Notice is hereby given that in accordance
with Section 137 (8) of the — Internation-
al Business Companies Act, No. 45 of 2000, the
Dissolution of KITEN INTERNATIONAL, INC. has
been completed, a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was
the 24th day of April, 2009.

— La Td
aL SDM BORED
Lia risa

Legal Notice

NOTICE
CATELENA VENTURES LTD.

— f —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CATELENA VENTURES LTD. has been
completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

borne Fre cht
Services

MWassau., Rahamas
Phone: 242.37 7.045072

Pax: 2427.3 7 7.045 1

Ciell: 2427. 43760-3038 242.455.6092

O54. 2b SHS CVibe)

i2nd Awenue (Lejume Rel.»
Wiss, FL 430454
Phone 40S 055 8S SS
BY? .0685_.4544
Fax: SOS 685 3S -4-4

Cell: 934.394.2204

appropriation."

As a result, especially given the
prevailing financial climate, the
hedge fund wanted a “high
degree of supervision and con-
trol" over what was happening
with its New Providence invest-
ment.

The dispute between Mr Stein
and Plainfield is currently
embroiled in arbitration pro-
ceedings in New York, not to
mention litigation in the Bahami-
an courts.

Both the New York state and
Bahamian Supreme Court's
rejected RHS Ventures’ applica-
tion for an injunction to prevent
Plainfield from removing it as
managing/general partner.

But then Senior Justice John
Lyons ruled that Plainfield had
not established "reasonable
cause” to remove RHS Ventures
and Mr Stein, having alleged
"fraud and/or intentional misap-
propriation.”

Tribune Business previously
revealed that the New South
Ocean Development Company is
controlled by a Cayman-based
partnership, which is owned 51
per cent by Seaside Heights
(Plainfield), 1 per cent by RHS
Ventures, and 48 per cent by one
of the latter's affiliates, RHS
Holdings.

RHS Holdings’ contribution to
the partnership was said to have
been the 100 per cent equity in

Receiver named
for South Ocean

the New South Ocean Develop-
ment Company, which had invest-
ed $7.56 million in land acquisi-
tions and other pre-development
costs.

Seaside was alleged to have
loaned some $57 million to the
South Ocean project, and injected
$42.7 million in equity — taking
its total participation to around
$100 million as of late 2008.

The loans involved alleged
advances of $31.1 million on Feb-
ruary 15, 2008; $13.095 million on
the same date; and $12.691 mil-
lion on August 1, 2008.

The initial plans for the South
Ocean development included a
140-room five-star and 400-room
four-star resorts. Apart from the
two resorts and 40,000 square foot
casino, the redevelopment of
South Ocean, which has been
closed since 2004, will feature
fractional villas, 180 timeshare
units, second homes, convention
centre, marina, tennis facilities,
and spa all set to cost around $500
million. The first phase, involv-
ing the installation of utilities and
infrastructure, is set to cost "a lit-
tle over $200 million."

The draft economic impact
study, performed for South
Ocean, completed by Oxford
Economics, projected that the
resort would create 1,358 full-time
jobs when fully open, plus 1200
direct construction jobs during
peak build out.



















S
FAMGUARD

The Board of Directors
of
FamGuard Corporation Limited
is pleased to advise that
the first quarterly dividend
for 2009
of 6 cents per share
has been declared to be paid on
May 18, 2009
to Shareholders of record as at
May 11, 2009

FAMGUARD CORPORATION LIMITED

The parent holding company of

Family Guardian Insurance Company Limited
BahamaHealth Insurance Brokers & Benefit Consultants Limited
FG General Insurance Agency Limited
FG Capital Markets Limited
FG Financial Limited









ESSAY COMPETITION

TENTH ANNUAL PUBLIC SERVICE WEEK

The Department of Public Service will host an Essay
Competition as one of the activities for the Tenth Annual
Public Service Week. The Competition is open to Junior
and Senior Students in New Providence.

Additionally, this year, a speech competition will be
for schools in the Northern & Southern Bahamas,
respectively. Students interested in participating in the
Essay Competition should write a 250 - 300 words (Junior
High), and 450 - 500 words (Senior High), essay on the
topic: “ The Public Service-Striving for Excellence in
Customer Service.”

The deadlines for entries, which should be referred
to the attention of Mrs. Antoinette Thompson, Deputy
Permanent Secretary, Department of Public Service, is
Friday 24th July, 2009.

A Dell Desktop 2400 Computer System will be awarded to
the winner each category. The first runners-up for both the
Essay and Speech Competition in the Junior & Senior High
School category, will be awarded a $500 gift certificate.

The winners will be announced during the Tenth Annual
Public Service Week Awards Ceremony scheduled for
Saturday 10th October 2009.

Students interested in the Speech Competition for the
Northern and Southern Bahamas should contact their
Language Arts Teacher.


THE TRIBUNE



BUSINESS
x-AG brands PM ‘naive’
over tax havens listing

FROM page 1B

the high level of due diligence
and standards that have been
achieved, specifically in the
Bahamas”.

But, getting back to his main
theme, Mr Sears said the Prime
Minister had failed to realise that
in the US system, power did not
reside solely in the hands of Mr
Obama, unlike the Bahamas’
UK-based system where prime
ministers enjoyed tremendous
powers of patronage.

In the US, power was evenly
dispersed between the president,
as the executive, and Congress as
the legislature, and a great deal of
co-operation between both was
required to get legislation passed.
This meant that the input of hun-
dreds of people was required, and
that the views of one or two sen-
ators were relatively meaningless.

“For him [Mr Ingraham] to
speak to two or three senators,
and to develop a level of comfort
that the threat that he appre-
hended would no longer exist,
based on the assessment of those
two or three senators, is quite
frankly, a naive point of view,”
Mr Sears explained.

Urging the Bahamas to con-
duct a sustained lobbying effort in
Washington to educate and influ-
ence US policymakers on the
issue, Mr Sears said of yesterday’s
Obama announcement: “I think it
will basically undermine the con-
fidence of US investors in the
Bahamas, because people were
apprehensive based on the Stop
Tax Haven Abuse Bil.

“Even if that Bill does not go
through, what is coming through
in terms of recommended adjust-
ments and changes to the IRS
code will, in effect, introduce
some of the things the Stop Tax
Haven Abuse Bill intended to
introduce. It will make it more
difficult to book transactions
through offshore subsidiaries and
corporate vehicles registered in
the Bahamas......

“Whatever assurances were
given to Mr Ingraham are not
being reflected in what is coming
from the White House and Bud-
get proposals being taken to the
US Senate and legislature. They
don’t seem to understand the
nature of the threat facing the
Bahamas.”

Among the reforms proposed
are the imposition of withhold-
ing taxes on accounts at institu-
tions that do not share informa-
tion with the US; imposing “neg-
ative presumptions” on US citi-
zens who fail to disclose overseas
bank accounts; tighter reporting
standards and increased penal-
ties.

Opinion was mixed, though, on
the impact these reforms will
have on the Bahamas and its
financial services industry. Tri-
bune Business has repeatedly
been told that US clients with
assets in the Bahamas are largely
compliant with their home coun-
try tax laws already, as shown by
the fact that there have been less
than 25 requests for information
submitted by Washington to Nas-
sau since the two nations signed
the 2002 Tax Information
Exchange Agreement (TIEA).

“My initial reaction is that the
impact will not be significant to
the Bahamas in terms of revenue
or employment,” Raymond
Winder, Deloitte & Touche
(Bahamas) managing partner,
told Tribune Business.

He explained that unlike
Bermuda, the Cayman Islands
and Barbados, the Bahamas did
not have many parent organisa-
tions or holding companies with a
physical presence that were
owned/related to US firms.

“From an employment point
of view, I don’t see any signifi-
cant loss of employment. From a
revenue point of view, we may
have some IBCs incorporated,
but it’s not that significant. I don’t
see any significant concerns for
the Bahamas from that,” Mr
Winder added.

But Paul Moss, the PLP activist
and head of his own financial ser-
vices business, Dominion Man-
agement, agreed with Mr Sears,
arguing that the Prime Minister
was “dead wrong” to believe the
Bahamas would not appear in the
Stop Tax Haven Abuse Bill based
on his Trinidad discussions.

“T think the Americans are
going to lump everyone in one
basket, notwithstanding the
TIEA,” Mr Moss said. “They are
going to go after those American
companies they believe are ben-
efiting from so-called tax havens,
no matter whether you have a
TIEA or not. If they perceive that

for this kind of tax reform was
coming not just from the assault
on international financial services,
but the Bahamas’ membership in
the Economic Partnership Agree-
ment (EPA) with the European
Union (EU) and efforts to join
the World Trade Organisation
(WTO).

All this meant that customs
duties, which accounted for 60
per cent of all tax revenues, would
eventually be phased out, mak-
ing tax reform imperative.

“We need to get on with it. I
don’t know why we’re delaying
and not dealing with these
issues,” Mr Moss said. “The
Bahamas has to make these
changes sooner rather than later.
The Bahamas has an opportunity
to lead.”

Despite describing itself as a
‘blue chip jurisdiction’, Mr Moss
said the Bahamas had been able
to shake-off the ‘tax haven’ stig-
ma because it had not altered its
business model to position itself

as a “legitimate financial services
centre”.

“We cannot afford for the next
10, eight, four years to be looking
over our shoulder and wonder-
ing where the next initiative is
coming from,” Mr Moss told Tri-
bune Business.

He added that his income tax
proposal could raise “tens of mil-
lions of dollars”, and would make
the current $1.5 billion revenue
Budget produced by the Govern-
ment “miniscule” in comparison.

The American Embassy in Nassau, The Bahamas has a requirement for a
qualified contracting firm to provide labour, equipment, and materials to
demolish and remove approximately 62 feet of existing concrete masonry unit
wall and construct 82 feet of 9 foot high reinforced concrete perimeter wall with

steel picket fence.

The wall should be constructed to American Concrete Institute I reinforced
standards or better with proper drainage and a Sft depth foundation.

Additional work includes cutting through an existing low masonry wall and
installing two single door entrances into an existing building. This construction
effort is estimated at between $50,000 - $100,000 and should be completed no

later than July 30", 2009.

All firms who respond to the solicitation must be technically qualified and
financially responsible to perform the work. At a minimum, each Offeror must
meet the following requirements when submitting their proposal:

Be able to understand written and spoken English;
Have an established business with a permanent address and telephone listing;
Have the necessary personnel, equipment and financial resources available to

perform the work;

Have all licenses and permits required by local law,

Meet all local insurance requirements;
Have the ability to obtain a performance and guarantee bond and a payment
bond, or to post adequate performance security, such as irrevocable letters of
credit or guarantees issued by a reputable financial institution;

Have no adverse criminal record;
Have no political or business affiliation which could be considered contrary to
the interests of the United States;
Have good experience and past performance records; and

Identify specialized experience and technical competence required to complete
the work in accordance with this solicitation.

If a firm is interested in competing for this requirement, please provide a written
request for a copy of the solicitation documents by Friday, May 8", 2009 to the

Attention:

Procurement Supervisor, U.S. Embassy Nassau, 42 Queen St,
PO Box N-8197, Nassau, The Bahamas. Telephone (242) 322-1181 ext 4277 or

Fax (242) 328-7838 or via email at nelsonda

1959 ~2009 ae

Mangrove
Forest Ecology
MWanasenenn and
Restoration

LECTURER:

Roy R. ‘Robin’ Lewis ITI
Lewis Environmental Services, Salt Springs, Florida
Date: Wednesday, May 6
Time: 7:00 pm

VENUE: The Retreat, Village Road

Roy Lewis is the founder and president

of Lewis Environmental Services, Inc., an
environmental consulting firm in Tampa,
Florida. He has an undergraduate degree
in biology from the University of Florida
and a graduate degree from the University
of South Florida. He did postgraduate
work at the University of South Florida’s

state.go

Vv.

TUESDAY, MAY 5, 2009, PAGE 5B

Jf

OTERLING

ee ee

* PERSUASIVE
* PERSISTENT
* PROFESSIONAL



























i
CO oe ee) ed
COLLECT NOTHING! PAY NOTHING!
inble Rates

bo Greet Ta a

GLABAN TEED SUCCE

Sterling (Collections Lod
LE ee al
4 i Pd a ial ita eae
heen Meer tine re]

a
Fa
eee eM nets
Web:vworew.sterlin

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Equity Side

BETWEEN

THOMAS DESMOND BANNISTER
AND
STEPHANIE CAREY
AND

BRADLEY MANAGEMENT (BAHAMAS) LIMITED
co Registered Office Graham, Thompson Corparate Services

2” Defendant

ORDER

Ded the 3” April ALD.2007

Before Mrs. Carol Misiewicz , Devoty Registrar of the Supreme Court of the
Commonwealth of the Bahamas

UPON READING the Affidavit of Ms. Stephanie Carey fled herein onthe 11° Qetaber
AD 28.

AND UPON HEARING Mr. Milton A. Evans of Coonsel tor the PlamatT and there
being no appearance by noe oa behalf the First Defendant.

IT 1S HEREBY ORDERED THAT:
J. That the First Dedendaet having been ordered by the Court to provide by way af
smo affidavit an Accounting 25 claimed in the Piaentaff's Statement of Claim, the
account presented fails lo provide-a reasonable accoant to the sahsfachon of the Coat
2, That Final Judgement be enered for the Plamtilf agamst the First Defendant for the
gum of 3105, 16440 representine asim of $110,064.50 heed on the 2 Jone TK
and the sure of $74,100.00 the 19° June 2000
3. That the First Defendant! pay interest on the said sum af the rate of 107% thoen the 3”
Jone 2004 the die of the Gling of the Writ of Sommauna.
4. That the costs od this action be paid by the First Dedendan to the Plaintif®, said costs
te be awed by the Coart if not agreed

Dated this 2” day of April, ALD. 30),

BY ORDER OF THE QOURT

Marine Science Institute and was a
professor of biology at Hillsborough
Community College, and chairman of
the department from 1974 to 1977. Mr.
Lewis’ expertise includes the ecology,
management, restoration and creation of
fresh and saltwater marshes, mangrove
forests, forested freshwater forests, and
seagrass meadows.

you are a jurisdiction American
companies benefit from, they are
going to deal with you.”

He again urged the Bahamas
to “be ahead of the curve” by
implementing the required
changes to its tax system itself,
introducing a low-rate income tax
that would be imposed on the
profits, revenues or assets under
management of international
clients.

And Mr Moss said the pressure

0.9 D.P

DEPUTY PEGETRAR Yjo s 07

This Onder was draen op by Evens & Co, Sammel IL Evans Howse, Shirley &

For more information call Christie Streets, Maxson, Babar, Attorneys for the Plaintiff.

393-1317 or email bnt@bnt.bs


THE TRIBUNE

TUESDAY, MAY 5, 2009, PAGE 7B

Rock of Ages Funeral Chapel

Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 ¢ Fax: 328-8852































The Late Deanne
Waite Mackey

of Miami Florida, will
be held on Wednesday
6th, May 2009 at
Church of God of
Prophecy on Meadow
Street at 10 A.M.
Officiating: Bishop
Hulan Hanna, ssisted
By: Pastor Phillip
Ferguson.

She is survived by her

Husband;+Three(3)
Children: George, Denise and Jilbert 'Jonathan'
Waite; Mother: Gloria Saunders Rolle; Mother-
in-law: Sharon Wilson-Morley; Four (4) sisters:
Anita Beneby, Betty Rolle, Mercia Case and Etta
Malcolm of Atlanta, Georgia; Two(2) Brothers-
in-law: Philip Beneby and Dr. Orreth Case;
One(1) Aunt: Dorothy McPhee; Numerous
Cousins including: William Cartwright Jr. and
Philip Cartwright; James Saunders and family,
Mercianna Saunders and family, Virginia Minus
and family; Ena Saunders and family;+Barbara
Saunders and family; Winston Saunders and
family;+Philip Saunders and family; Constantine
and Claudine Johnson and family; William and
Ruby Simmons and family of Miami, Florida;
Maybell Wilson and family; and a host of other
relatives and friends including: Simeon
McPhee, Doyle Bethel and family, Deitrich
Bethel and family, Donnie and family,}+Tonya
and family; Polly Rigby and family; the
descendants of Buddie and Joanna Coakley of
Calabash Bay;{Joyce and Hazel Hepburn;
Pertella Guthrie,+ Ann Robinson,} Amie Perez,
Denise Smith,+Kenneth and Bernadette Johnson
andy Attorney Stanley Johnson of Florida; Nancy
Waite of New York and Dahlia Williams of
Miami, Florida; Tabitha Rolle; Jeannie D. Gibson,
RuthR.N. and a host of other relatives and
friends to numerous to mention.

FRIENDS MAY PAY THEIR RESPECT AT
THE CHAPEL OF ROCK OF AGES
FUNERAL CHAPEL, WULFF ROAD AND
PINEDALE ON TUESDAY 10AM TO 5PM
AND WEDNESDAY AT THE CHURCH FROM
9 AM UNTIL SERVICE TIME.

Ruth Mae Veronica
Fowler, 60

Mount Pleasant Village
will be held on
Wednesday 6th May
2009 at St Paul Apostle
Church, Lyford Cay at
12:00 Onoon.
Officiating: Rev. Robert
Lefebvre M. M.,
assisted by: Fr. Kenrick
Forbes

She survived by her

dear: Three (3)Children:

Antone and Marvin

Mitchell and Clara Storr; Six (6) Grandchildren:
Kemel dA.JE Elishanti, Camille, Gabrielle,
Elijae.One (1) Son-in-law; One (1) Daughter-
in-law; Four (4) Brothers: Wellington, McFarlin
and Clement, Jacob Fowler; Two (2) Sisters:
Nena Fox and Shirley Fowler; Two (2) Aunts:
Lillymae Ray of Miami Florida and Beryl Fowler:
One (1) Uncles: Cyril Johnson; Seven (7) Nieces:
Twelve (12) Nephews: Numerous of other
Relatives and friends including: Janet Fowler
and family, Blanch Morley, The Fowler, Johnson
and Fox families. J.J. Stubbs and family, The
Storr and Saunders family, The Mt. Pleasant
Village Community, Officers and members of
Cathedral of Praise Church of God family, Father
Robert Lefebvre and Parishioners of Saint Paulis
and Saint Joseph Church and a host of other
relatives and friends to numerous to mention

FRIENDS MAY PAY THEIR RESPECT AT
THE CHAPEL OF ROCK OF AGES
FUNERAL CHAPEL, WULFF ROAD AND
PINEDALE ON TUESDAY 10AM TO 5PM
AND WEDNESDAY AT THE CHURCH FROM
11 AM UNTIL SERVICE TIME.



50% of
Cable’s
$40m

issue in US
currency

FROM page 1B

International Bank (Bahamas)
and Scotiabank, will also be used
to refinance Cable Bahamas’
existing debt and credit facilities,
plus pay transaction costs and
fund working capital.

As previously revealed by Tri-
bune Business, preference share
investors will have the option to
convert their investment into
Cable Bahamas ordinary shares
(equity) some two years after the
$40 million issue closes.

The conversion price will be
the $13.43 per share transaction
price that Columbus Communi-
cations is receiving from the com-
pany in return for selling its stake.
Effectively, one preference share
- priced at $10 - would be equiva-
lent to 0.7433 ordinary shares,
based on those prices.

This means that, at current
market prices, investors in Cable
Bahamas’ preference share issue
will effectively be paying the same
11.5 per cent premium that the
company is paying to Columbus
Communications in the $80 mil-
lion buyout. However, a lot can
happen to share prices over two
years, and it is only when the con-
version day arrives that prefer-
ence share investors wishing to
convert will be able to tell
whether they have a good con-
version price or not.

If they choose not to convert,
investors will regain all their prin-
cipal by the time the preference
share issue matures 10 years from
its closing date. Those who stick
with this investment tool will start
receiving their principal back on
the sixth anniversary of closing,
with the full sum paid back in five
equal annual instalments.

According to the offering term
sheet, preference share investors
will have an 8 per cent interest
rate of return on their investment.
Dividends, it added, are due to
be paid semi-annually on June 30
and December 31 of each year,
with the first payment coming on
the latter date in 2009.

Cable Bahamas is also unable
to redeem the preference shares
until after the second date of the
issue’s closing. The $13.43 per
share price that Columbus Com-
munications, an entity owned by
Barbados-based Columbus Com-
munications Inc, will receive rep-
resents an 11.5 per cent premium
to the $12.04 that Cable
Bahamas’ stock closed at on
BISX last night.

The purchase price for Colum-
bus Communications’ 5,954,600
shares has decreased by 6 per cent
compared to the $14.28 per share
initially contemplated by the par-
ties pre-Christmas, after Tribune
Business had exclusively revealed
details of the proposed buyout.

Back then, the purchase price
represented just a 1 per cent pre-
mium to the then-prevailing mar-
ket price, as opposed to the 11.5
per cent now. Still, back then
Columbus Communications’
stake was valued at $85.174 mil-
lion, and now it is some $5 million
less at $80 million. The company
then was valued in total at
$282.035 million, and now that
figure is $264.9 million. However,
some Cable Bahamas sharehold-
ers have called for an Extraordi-
nary General Meeting (EGM) to
be held to enable them to vote
on whether the Columbus Com-
munications buyout should go
ahead.

“The fact there has been no
consultation with 55 per cent of
the shareholders, no considera-
tion given to them, and the fact
they are not represented on the
Board, to me is a problem,” the
investor said. “Cable should make
all efforts before the deal is done
to consult with 55 per cent of the
shareholders. This is being
rammed down the throats of the
minority. They are being told this
is best for the company, and that
may be the case, but they don’t
want to fall into the same prob-
lems as BSL Holdings, where
decisions were made with no
thought or consideration given to
minority shareholders, who in this
instance are in the majority. “No
matter what they say, they have
problems given that the Board
are deciding on a deal they are
the major beneficiaries of. This
deal has so many insiders. The
people that are making the deci-
sion are largely the ultimate ben-
eficiaries from that decision. The
minority shareholders who con-
stitute the majority have no say
on the Board.”

For the stories
behind the news,
este Maral? ltd
on Mondays


PAGE 8B, TUESDAY, MAY 5, 2009

THE TRIBUNE



HINGE INVESTMENTS LIMITED

(Company number 29,786B)

An International Business Company
(In Voluntary Liquidation)




























Pursuant to Section 137(4) of the International
Business Companies Act, 2000 notice is hereby
given that the voluntary winding-up and dissolution
of the Company commenced on the 30th day of
April, 2009 and that Pine Limited of Devonshire
House, Queen Street, P.O. Box N-8176 Nassau,
Bahamas has been appointed Liquidator.

Dated this 30th day of April, 2009

Pine Limited
Liquidator

Legal Notice

NOTICE
WEALTH FOUNTAIN
GROUP LTD.

— 4 —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of WEALTH FOUNTAIN GROUP LTD. has
been completed; a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
VINERMEERS
INVESTMENTS LTD.

— —

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of VINERMEERS INVESTMENTS LTD.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the

Register.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE
PAVIOUR VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PROMINENT

DEVELOPMENT CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Bahamas escapes
US copyright list

FROM page 1B

the US on intellectual property
rights have largely stemmed from
its compulsory licensing regime,
which was considered by the US
programming industry and copy-
right holders as too broad and
not providing compensation for
their works at ‘fair market rates’.

These problems were exacer-
bated by the fact that both the
Bahamas and the rest of the Eng-
lish-speaking Caribbean are seen
as too small a market by many
US TV programmers and rights
holders, something that has made
them disinclined to negotiate
commercial arrangements with
Cable Bahamas.

In 2000, and agreement was
made between the Bahamas and
the US. Under its terms, the
Motion Picture Association of
America (MPAA), its members
and other copyright holders were
supposed to enter good faith
negotiations with Cable Bahamas
for acommercial agreement that
would allow the company to pro-
vide English-speaking pro-
grammes, but pay royalty and
licence fees to copyright holders.

While many of these pro-
grammes can be picked up in the
Caribbean, the problem occurs
with the premium channels such
as HBO, because the programme
distribution and royalty rights
contracts held by these networks

Legal Notice

NOTICE
POULTER VENTURES LTD.

(In Voluntary Liquidation)

often do not allow them to broad-
cast outside the US.

The copyright owners are
reluctant to negotiate with Cable
Bahamas because the legal fees
they would need to change the
royalty contracts would exceed
the revenues gained from such a
small market like the Bahamas.

Yet Mr Butler indicated to Tri-
bune Business that negotiations
with the programmers and copy-
right holders had been aided by
the current economic environ-
ment, in which they needed to
gain every cent of revenue possi-
ble.

“Under the existing economic
climate, everyone has to take
advantage of opportunities, and

we’re hopeful they’ll see the
Caribbean as an extension,” Mr
Butler said.

“We're constantly going after
programming that was not avail-
able to us, and the most recent
one was Major League Baseball.
MLB was not selling to the
region, and as recently as six
months ago, we were able to get a
contract with MLB. So they
recognise the Caribbean market
as one they want to do business
with.”

The Bahamas was removed
from the Special 301 watch list in
2007, and has remained off it ever
since, due to improvement in its
intellectual property rights
enforcement.

Legal Notice

NOTICE
ALEMENARA S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

LEGAL NOTICE

CLICO (Bahamas) Limited |
(In Liquidation) |

Nobee is hereby given that the above-named Company is in |
Liquidation, commencing the 7" day of April, 2009 and that Craig A. |
(Tony) Gomez, of Baker Tilly Gomez, The Deanery, ‘yo. 28 |
Cumberland Street, P.O. Box N-1991, Nassau, Bahamas is appointed |
the Offcial Liquidator of the saad Company. |

Dated this 22 day of April, 2009 |

CRAIG A. (TONY) GOMES
(Official Lequidatar

Legal Notice

NOTICE
THINK ASSETS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
TEKE S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 24th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CHATOM S.A.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 29th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
GYPSY INVESTMENTS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
PETTIINGER HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 21st day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)





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N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R Bishop case sex details C M Y K C M Y K Volume: 105 No.134TUESDAY, MAY 5, 2009 PRICE – 75 (Abaco and Grand Bahama $1.25 WEATHER BRIGHT SUNSHINE HIGH 86F LOW 75F F E A T U R E S SEEWOMANSECTION S P O R T S Unspoken talent SEEPAGE TWELVE Ambassadors to honour president n By NATARIO McKENZIE Tribune Staff Reporter EXPLICIT sexual details e merged yesterday in the retrial of Bishop Earl ‘Randy’ Fraser, as t he young woman whom he is alleged to have had a sexual rela tionship with four years ago took the witness stand. The alleged victim, now 20, told t he court that Bishop Fraser, senior pastor at Pilgrim Baptist T emple, had sex with her on numerous occasions at his home o ff Prince Charles Drive and at his church office, usually before bible study. The young woman, w ho was 16 at the time, told the court that Bishop Fraser alsoc alled her every day for phone sex. She said that before the incid ents took place, she respected Fraser as a man of God. Prosecutors allege that Fraser, who is on $10,000 bail, engaged in a sexual relationship with a d ependent between July 2005 and February 2006. The alleged vic t im, whose name must be withheld, told the court that in May 2 005 she had moved in with her grandmother after her mother had kicked her out of her home. She Court hears explicit testimony in Earl ‘Randy’ Fraser retrial The Tribune ANYTIME ... ANYPLACE , WE RE #1 B AHAMASEDITION TRY OUR SOUTHERN CHICKEN BISCUIT www.tribune242.com Switch to Fidelity products they have built-in savings plans:It’s not too late to build yours...Weather the storm with Fidelity. BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E Resort ‘is robbed of $2.5 million’ n By PACO NUNEZ Tribune News Editor SANDALS Royal Bahamian R esort was the target of an e mbezzlement scheme that siphoned off around $2.5 million from the company over 13 years, T he Tribune h as learned. The scheme is thought to involve a small group of employe es and two tellers at a local bank. A spokesperson for Sandals admitted the company has uncove red some financial irregularities, b ut declined to comment further as “the matter is with the author i ties.” According to a well placed s ource, the scheme involved the submission of grossly exaggerated supply bills to management. Oncec heques were issued for the inflated sums, one of the conspirators would take them to a particularb ank branch, where a teller complicit in the scheme would deposit the cheques in an account createdf or the express purpose of hiding the funds. The tellers were indispensable t o the strategy, according to the source, because they were will Sandals allegedly the target of embezzlement scheme SEE page 11 n By ALISON LOWE Tribune Staff Reporter alowe@tribunemedia.net AMNESTY International h as called for a “full and thor ough” investigation into the circumstances surrounding the Immigration Department’s decision to reject a request from a Haitian man for political asylum. It is reported that the man was “executed” on his return to Haiti. Meanwhile, the internationally-renowned human rights organisation called on Immigration officials to postpone the repatriation of the man’s widow and baby until the outcome of such an investigation. The organisation’s statement came as Immigration Director Jack Amnesty calls for investigation into asylum request rejection SEE page 16 Anderson Pierre Jetta Baptiste n By NEIL HARTNELL Tribune Business Editor T HE Government’s Budget deficit “almost doubled” to $173.4 million for the first eight months of its 2008-2009 fiscal year, the Central Bank of the Bahamas revealed last night, due largely to a 10 per cent drop in import-related tax revenues in an economic environment described as “moribund.” The Central Bank, in its report on monthly economic developments for March 2009, reported that year-over year, the fiscal deficit for the eight months to February 2009 had increased by 86.9 per cent to $173.5 million, compared to $92.8 million the year before. Import duties, in particular, had been heavily impacted by the downturn in economic activity that has led to less demand for imported goods. These duties, for the first eight months of the 2008-2009 Budget year, were down 26.91 per cent at $251.5 million, compared to $344.1 million the year before. None of this is surprising, given that Prime Minister Hubert Ingraham had foreshadowed the dramatic fall-off in import duties as a result of decreased Govt Budget deficit ‘almost doubled’ SEE page seven SEE page 11 BISHOP ‘RANDY’ FRASER waits to appear in court yesterday. T i m C l a r k e / T r i b u n e s t a f f INSIDE MP SPEAK S OUTOVER NEWCOMMUNICATIONS LEGISLATION P A GE THREE ‘DILIGENT ’ HYGIENE ADVISED TO KEEP THE BAHAMAS FREE OF S WINE FL U PAGEFIVE n By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net LOCAL financial insiders were split down the middle yesterday on the possible ramifications of the United States' intention to reform its tax policy, clampdown on US tax loopholes and facili tate a crackdown on so-called “tax havens.” Speaking from the White House yesterday, US President Barack Obama announced his administration's plans to reform that nation's tax policy in keep ing with one of his campaign promises and crackdown on overseas “tax havens.” Managing partner of prominent local accounting firm Deloitte and Touche Raymond Winder said from a first look it appears the impending policy change will have a "minimal impact" on the Bahamas' off-shore financial sector. Jurisdictions like Bermuda and the Cayman Islands, home to many large American companies, are more likely to feel the sting from the proposed policies, he said. But Paul Moss, PLP-hopeful and managing director of financial services company Dominion Man agement, sees the impending tax reform as a direct threat to the country's second industry. "We could expect to see signif icant repercussions for the Plans to reform US tax policy split local financial insiders SEE page 16 POLICE were called to keep the peace at Worker’s House yesterday as tempers flared over nominations for the Bahamas Hotel Catering and Allied Workers Union’s May 28 elections. The BHCAWU based at Worker’s House on Harrold Road is holding elections to choose the next president and his team of executives. Current union president Roy Colebrooke is running for the position again and about 200 members of the 5,000 strong union are expected to nominate Police called to Worker’s House SEE page seven

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C M Y K C M Y K LOCAL NEWS PAGE 2, TUESDAY, MAY 5, 2009 THE TRIBUNE n By MEGAN REYNOLDS Tribune Staff Reporter m reynolds@tribunemedia.net SCORES of jobless men and women lined up at the National I nsurance Board headquarters in Baillou Hill Road yesterday to collect the first unemployment benefit cheques. The benefit, made available to o ut-of-work Bahamians for the first time ever, is being distributed to around 4,000 people in the first wave of collections this week. The 2 ,800 New Providence residents eligible to receive their cheques were divided into two groups asked to collect their benefits yes-t erday and today, and deputy director of NIB Cecile Bethel saida ll is running smoothly so far. “We expected around five to s ix thousand applicants so it has turned out to be what we expect ed in terms of persons who qualify for it. There was that 10 to 12 thousand figure in the air, but then umber that has turned out is more like the number we thoughta nd what the Department of Statistics thought.” Although around 2 0 per cent of the 5,800 applicants have experienced delays in receiv ing their benefits, Mrs Bethel said NIB is gathering the necessary information from them to proceed with the process as soon as possible. Those who do not qualify will b e informed by the NIB. Around 1,100 applicants are p icking up their benefits cheques in Grand Bahama this week, and t he rest will pick up their cheques in the Family Islands. For Soldier Road resident Bee Ingraham, 43, who lost her job at the Radisson hotel two years ago, t he benefit will go far. She said: “It will be a big help f or us because we aren’t working, and something is better than noth i ng. We have our bills to pay so we appreciate what the government is d oing.” And Brian Kemp, 50, of Hercules Street, Mason’s Addition, who has been out of work for six months praised the gove rnment for the scheme. “I think it’s something positive on the government’s behalf, after all it’s our money and it’s a little help,” he said. I have been paying National Insurance since 1974, and now I need to be contributed back.” Young mother-of-one Desiree C artwright, 29, of College Gardens, Nassau, lost her job as a pit clerk in the Atlantis casino in November. She said: “I have a five-year-old son to take care of so it’s going to help a lot. Some people are too proud to register and come and get it, but if you haveb een working and paying National Insurance they should be ablet o give you something. “I’m not proud and I am not a shamed, I worked at Atlantis for seven and a half years and paid National Insurance so I’m coming to collect what’s mine.” Most of those collecting benef its yesterday said the money will be divided between utilities bills,g rocery bills, and school fees for their children. Miss ‘S’ Murphy of e ast Nassau, who lost her job at a government agency in February, said: “I got so much things to pay right now, so it will pay for what ever I happen to go to first – the l ight bill, the phone bill, food and clothes. I can’t put it all on onet hing; I will just have to put something here, something there. I don’t have kids and I’m struggling so I can imagine those who have children and a mortgage or rent, cell phones and water bills to pay. If I’m screaming b loody murder I can imagine how they are screaming.” Mother-of-t hree Quetel Rahming, 32, of Mason’s Addition, who lost her p re-school teacher job a year ago, said money would cover needs. A MEMBER of the Concerned Citizens Committee who was branded “a joker” in the final edition of The T ribune’s A ces and Jokers article is promising to once again lead a protest to the steps of the newspaper. C ommunity activist Ricardo Smith said he was outraged by the article, written by former Tribune Managing Editor John Marquis in hisp opular column Insight . Mr Smith said that if he has his w ay, members of the CCC will buy a burial plot near The Tribune and foll owing their march, bury as many copies of Insight as possible. Responding to Mr S mith’s comments, the now retired Mr Marquis quipped: “I only hope that it’s a respectful burial.” Mr Smith, who recently took part in a protest againstM r Marquis’ series of articles on former prime minister SirL ynden Pindling, said that he will convene a meeting of the C CC to determine what action they should take to show their disappointment in The Tribune for “allowing Mr Marquis to write such av icious attack against good Bahamians.” T he Pindling articles quot ed former PLP treasurer C hauncey Tynes as alleging that his son flew money from d rug dealer Joe Lehder, who had set up his headquarters in Norman’s Cay, to Sir Lynden. Mr Marquis, in his final “Aces and Jokers” Insight , d escribed Mr Smith as a “car petbagger” willing to hold public demonstrations against anyone or anything w hite, foreign or anti-PLP.” “After his last-but-one demo outside The Tribune , one of his ‘supporters’ phoned the newspaper to apologise and then added: ‘And what’s more, I didn’t g et paid.’ Now there’s a surprise,” Mr Marquis wrote. LONG LINES formed at NIB where laid off workers picked up unemployment cheques. Scores join queue for jobless benefits Insight ‘joker’ promises to lead another Tribune protest PHOTOS: Tim Clarke / Tribune staff JOHN MARQUIS

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n By ALISON LOWE Tribune Staff Reporter alowe@tribunemedia.net NEW communications legislation debated in parliament yesterday provides for the regulation of what is aired on television and radio to an extent that is “downright dangerous” to freedom of expression in this country, MP for West End and Bimini Obie Wilchcombe claimed. While various members of parliament heralded the proposed legislation as “critical” and of a “landmark” nature, intended to propel the Bahamian communications sector into the 21st century, Mr Wilchcombe gave his support for the Bill but claimed it contains provisions of which the public should be wary. Government MPs retorted that the Bill goes no further than similar legislation enacted in other “modern societies.” Parliamentarians were contributing to the debate on a Bill for an Act to Provide Communication Services, which Prime Minister Hubert Ingraham has said must be passed in order to provide the regulatory framework for a soon-to-be privatised BTC. Calling into question the “sweeping powers” granted to the regulator created under the Act – the Utilities Regulation and Competition Authority (URCA the “politically appointed” body will be able “to choose what the people of the Bahamas can and cannot see, or hear, on radio and television.” This includes the responsibil ity of issuing codes to regulate “everything from the news to political broadcasts to advertising content.” “We on this side of the House are committed to a media that is free, responsible and indepen dent,” said the MP and former ZNS general manager. However, government MPs rejected the thrust of Mr Wilchcombe’s argument about URCA. Minister of Education and MP for Seabreeze Carl Bethelr esponded that he found it “interesting” that Mr Wilch combe should lecture the government “on freedom of expres sion”, given that when in management at ZNS, he was, in Mr Bethel’s view, “the moral equiv-a lent of a committed propagandist.” Mr Bethel said the legislation will “make the Bahamas poised to receive and to embrace the brave new world of the highest and most efficient (communic ations) technologies.” Meanwhile, although admitting that URCA will be “one of the most powerful regulators ever created in this country” Minister of State for Finance Zhivargo Laing suggested its authority will not extend to “broad censorship.” Standards The role of the body in terms of “content regulation” will be to ensure that “community standards” are upheld, with “inap propriate material” and that which might create a risk to public safety prohibited, said Mr Laing. Minister of State for Public Utilities Phenton Neymour pro posed that URCA will be a “watchdog for the (interests of the) consumer.” “The establishment of URCA will engender a highl evel of confidence among taxpayers and investors alike,” he said. “Our utilities sectors have continued as sheltered niches through the comfort of monopolistic lethargy where the forces of change, innovation, efficien c y, service quality, customer sat i sfaction and productivity have been weakened through an absence of accountability, which will be brought to bear by the URCA.” He outlined how the URCA will be charged with ensuring a ll communications operators a re licensed and “meet minimum operational technical and service standards” so consumers get their money’s worth. If they fail to meet certain requirements they may face fines, or the possibility of having their licensed revoked. Mr Neymour added that through reviewing the objectives and ideals the legislation seeks to advance for the sector including efficiency, afforda bility and sustainable compet ition – the public will be able to g et “a preview of the government’s policy and objectives for all utilities sectors.” “We have reached a turning point in our national development and our current global economic challenges demand that we become ‘lean’ and efficient ... the regulation of the water and energy sectors must follow,” said Mr Neymour, stating that government will seek to formulate such guidelines within the next year. n By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net A BAHAMIAN registered ship hijacked in the Indian Ocean’s Gulf of Aden on Friday was the third locally registered ship tobe attacked by pirates this year. But the Somali pirates attacking the Greek-owned tanker, the mv Kition, on Friday evening were thwarted by a NATO operation conducted by a Portuguese warship. Commander Chris Davis, from the control centre for the NATO mission protecting ships off Somalia, said the Portuguese frigate Corte Real sent up a helicopter on Friday after being told of an attack on the Bahamian-flagged tanker. The helicopter pursued the pirates back to their mother ship, a fishing boat which was later boarded, and weapons including grenade-launchers and explosives were seized. The NATO force said the 19 pirates captured had been released, “after contact was made with Somali national author ities.” There has been a surge in pirate attacks off the coast of Soma lia in the last month as favourable weather conditions provided better opportunities for the pirates, and the high-risk window is expected to continue in May before the seas become rougher in the monsoon season of summer. Naval ships from the European Union and NATO have thwarted several attacks in recent days, either preventing hijack ings or capturing suspected pirates. The Bahamas Maritime Authority maintains that three Bahamian vessels were hijacked in 2008 and have since been released, and the latest attack is the third Bahamian vessel to be hijacked this year. The MT Bow Asir, was hijacked on March 26 and released April 10. One Bahamian vessel is still being held. Ricardo Delaney, senior nautical inspector for the Bahamas Maritime Authority, who gave a presentation on piracy to a Caribbean sub-regional workshop last month, said pirates oper ating in the Indian Ocean and the Gulf of Aden are not selective in their targeting and ships of all nationalities are at equal risk. He said: “The biggest problem we have with this is that all of our laws are so antiquated we don’t have laws to deal with piracy, and they are being released. “When ransoms are paid, around 50 per cent goes to the pirates and the other 50 per cent goes to negotiators and lawyers in the UK in particular, where people are profiting from this sit uation.” He added: “There’s a lot of history behind piracy in Somalia. “They haven’t had a stable government for 16 years, so most of the country is ruled by warlords and the obvious solution would be to have a stable government there, but that is not likely to happen for quite sometime.” C M Y K C M Y K LOCAL NEWS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 3 Police blitz leads to 32 arrests and drug seizure Man shot dead in home named Police identify accident victim In brief POLICE mounted a special operation over the weekend w hich led to 32 arrests and nett ed over 90 packets of marijuana. Operation "Bail-Out", car-ried out by officers from the Central Detective Unit and the E ast Street South division during the evening hours of May 1, targeted suspected criminal activities in the southeastern d istrict. A ssistant Superintendent Walter Evans said 13 people were arrested in the Kennedy subdivision around 9.30pm after o fficers allegedly found a .9mm handgun and 31 packets of marijuana inside a home. Of those arrested, two men w ere wanted by the police for q uestioning in connection to several prior armed robberies, Mr Evans said. D uring a search sometime before 8pm on Friday near ab ar on Zion Boulevard officers apprehended seven persons a fter discovering 51 packets of marijuana. Shortly before 8pm, the joint team of officers also arrested 12 persons when they found 11 packets of marijuanan ear a car wash on East Street south. DESPITE their recent legal troubles, the FML Group of Companies remained open for business as usual yesterday. W hen they raided the FML headquarters on Village Road last week, police confiscated computers and a large quantity of cash. Customers of the establishment say t hey remain loyal to the business and continue to play the local lottery – without fear of being harassed or arrested – although gambling by Bahamians is illeg al. W ishing to remain anonymous, a number of lottery players vented their frustration over the recent crackdown on the underground gaming industry. Challenging the police to find and prosecute “the real crimin als,” one customer, who identified himself as “Tight Coat”, claimed that Bahamians must stop being so hypocritical about gambling. “The government really needs to legalise the system so we can stop dancing around this issue. The churches have their raffles and w henever the carnival comes no one raises hell about their ‘up and d own’ games that are clearly based on chance. “It is all the same. It’s a gamble. But with all these teachers messing with little children I thought we would have bigger things to talk about than buying one lil’ two dollars uh’ numbers,” hes aid. Another player, who wanted to be known as “Shemarco”, said she hopes the government will take a serious look at the numbers system with an eye to legalising the industry in order to ensure that the country gets its fair share of revenue in the form of taxes. If they are trying to shut it down they are going to cause a lot of p roblems. A lot of people are employed with this. With this recession we can’t afford for another person to lose their job, so I don’t see why the government would want to put someone out of a job – e specially now,” she said. Last week, FML CEO Craig Flowers along with 20 others a ppeared in court in connection with gambling related charges. M Flowers was charged with permitting his web shop to be used for the purpose of conducting a lottery. ‘Downright dangerous to freedom of expression’ MP warns about proposal to regulate TV and radio Business as usual for troubled FML THE man shot dead in his G amble Heights home over the weekend has been identified by p olice as Marc Estimable, 29. Police believe Mr Estimable w as answering the door to a man who said he wanted to buy a phone card at 1am on Sunday when the man produced a firearm and fatally shot Mr Espimable on t he left side of his body. The 29-year-old was taken to h ospital and died after arrival. A champagne coloured Hon d a was seen leaving the area after the weapon was fired. Police are appealing for information from the public and anyone who might be able to assist investigations should call police on 911, 919, or call Crime Stoppers anonymous l y on 328-TIPS (8477 T he FML Group O bie Wilchcombe POLICE have identified the man who died when his car crashed into a utility pole off the Queen’s Highway in Cargill C reek, Andros, early Saturday. Romeo Bain, 31, was rushed to a local medical clinic after the accident at around 2am on Satur day and died after arrival. Two other men who had been in the 1999 Ford Mustang when it crashed were airlifted to hospital in New Providence. Three Bahamian-registered ships attacked by pirates this year e on this side of the House are committed to a media that is free, responsib le and independent.”

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RE: PM Urges Leaders To Focus On “Real Issues” EDITOR, The Tribune . As many economies world wide are plagued by negative growth, a reduced level of for eign direct investment, public sector debt and rising unemployment, Prime Minister Hubert Ingraham urged Caribbean leaders to be clear in their purpose and firm in their resolve. Please pass my comments on to Prime Minister Hubert Ingra ham. Dear Mr Prime Minister: It would be great if you would follow your own advice. We are at a point in our history where we need to be more creative in attracting jobs or encouraging job creation in the Bahamas. Example: (1 the “Government tables” for over five years with no resolutions. The approving of these would have increased employment not for the short term, but for the long term, the trickle down effect into the country would be felt in the housing, food, transportation and power generation areas. All of these would benefit future generations. (2 in place, but you shut down the web shops and stop the employment of those who work in the area. The National Lottery would have gone a long way to proving long term employment and increase the amount of funding for education and sports development in this country. It is time for us to stop trying to be a first class modern country with a backwoods mind set. Those persons who do not want to use the services have the right to just pass on the option. SIGMUND WILLIS Freeport, April 2, 2009. EDITOR, The Tribune. T he back and forth between PLP Deputy Leader candidate Philip Brave Davis, formerc hairman Raynard Rigby and Senator Jerome Fitzgerald isp roof to me that the party is h ell bent on stifling freedom o f speech and attempting to cripple the intentions of any upcoming young blood from i nfiltrating the “old guard.” As far as preventing peop le from expressing themselves, one only need to look a t the behaviour of the PLP regarding John Marquis. Freedom of speech is a no-no in the PLP. It is amazing how and why Mr Brave Davis would be uncomfortable when aB ahamian expresses himself about an institution that they are a part of. It is equally astonishing that no less a person than Mr Raynard Rigby w ho was mandated not so long ago to speak to the publ ic on the PLP’s behalf now is n ot permitted to give his personal opinion. Most Bahamians would a gree that a bright Bahamian son like Mr Rigby who almost became a martyr for the PLP w ould not intentionally do anything to hurt his own party.S o why is everyone in the PLP so paranoid? What is there to hide? Everyone knows thatt he PLP has a reputation for corruption; the commission ofI nquiry said that, so what else is new? A s recently as 2008 the weaknesses of the PLP were exposed in a report that was sanctioned by the PLP. Is it t hat there is a plan to shut out p eople like Raynard Rigby, popular activist Paul Moss andn ow outspoken Jerome Fitzgerald. Regardless what s ide of the political divide you may be on, these gentlemen are not fools and apparently would not allow the likes ofD avis and Christie to muzzle them. I s Mr Davis speaking for the PLP, Perry Chrisite or for himself? I s the new game plan designed to frustrate any a ttempt to change the guard, or is there a master plan tod iscourage young bright Bahamians with independent t hinking from advancing in the PLP? The PLP obviously has no place for our country’sy outh. Bahamians have been told before that something existed called the “New PLP”. But we soon found out that it wasb usiness as usual. Bahamians watched in horror while scandals after scandals wereh eaped on the PLP during their last tenure. This is proof t hat nothing has changed and i t seems to me like none of the key players in the PLP w ants any change. So they close ranks on anyone who interferes with “their things.” T he PLP is in such disarray and is obviously eating itself. It is no wonder that there is turmoil in all quarters. This is an opportunity for the charactera ssassins of the party to “take out” anyone who is not “one of the boys.” We expect the mercenaries in the PLP to now surface witha ll of the focus trained on Mr Rigby because they seem unwilling or afraid to attackM r Moss, possibly because of the unknown. They should be c areful and beware. Mr Rigby should expect the PLP to send the crudest member of thep arty after him. He should expect all manner of evil against him because he dared to buck the party. Are his recent utterances an excuse n ow for the cowards to use t he unwise to do their biddings? People like Mr Rigby and others like Paul Moss would s oon realise the full brunt of the PLP, especially if they attempt to change anything. T he energy wasted to try to teach old dog new tricks” would be better spent if someone could gather enough guts to step out boldly and start something new, rather than risk being tainted with theP LP as we know it. Maybe that would be best for democr acy. Failing to do this, one could easily conclude that all involved are comfortable with t he status quo. T he patient (PLP s upport, it is only a matter of time before a decision must be made to “pull the plug”, or risk precious time and money to revive the patient and have them survive as a vegetable. T hese are the facts and any a ttempt to suggest otherwise would be uncivilised. T he PLP reminds me of the Republican Party, both are in disarray, both are accusing each other, both are prepared to hide their heads in the sand, both are unwilling to accept their fate, both are leaderless, b oth use the most unpopular m ember to advance their mess age, both are digging holes t hat would take a miracle to recover from and both would destroy everything that looks like progress if it will give them some public relations. This is sad. I VOINE W INGRAHAM N assau, M ay, 2009. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, TUESDAY, MAY 5, 2009 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama T ELEPHONES Switchboard (News, Circulation and Advertising Advertising Manager (242 C irculation Department (242 N assau Fax: (242 Freeport, Grand Bahama: 1-(242 F reeport fax: (242 W EBSITE www.tribune242.com – updated daily at 2pm ALBANY, N.Y. The other day a man unknown to me stopped me on the street and asked how I felt about what was happ ening with newspapers. He told me he surmised my feelings. All newspapers are suffering, some more drastically than others, as a number of papers are closing down while others are sharply cutting staffs, threatening their ability to perform as they once did. Newspapers are not alone. Their misery finds company in the turmoil afflicting all media magazines, books, network and cable TV. Downturns in the newspaper business are nothing new. During my decades as an editor, there were better times and worse times. There were spurts of growth offset by retractions in rough sync with how the economy fared. Everyone who has a dog in this fight is convinced that the present crisis is not just another cycle to be endured and then surmounted. There is consensus that the damage being done in advertising and reader sup port is permanent and presages a new world, which might not be as brave as it needs to be. Over the years, business leaders of news papers cautioned their editorial colleagues to keep in mind the fate that had overtaken railroads. Railroads, they said, thought they were in the railroad business, when actually they were in the transportation business (and thus remained stuck in their declining ways as airplanes came along to supplant them). Never were such admonitions more appro priate than today. As readers depart to the new world provided by computer technology that is enhanced by wondrous devices that equip them with endless alternatives to the printed word, the challenge for newspapers is how to do their thing through whatever venues present themselves. It is to be hoped that sooner rather than later newspapers will be adaptable as technology opens more avenues and thereby will hold on to their traditional franchise to provide information of value to their customers. Hope glimmered last week as the national Audit Bureau of Circulations reported that the Albany (N.Y. its combined print and online readership 8.7 per cent and registered a slight increase in its Sunday circulation. In a time of distress and declines, that was most welcome. That glimmer of hope needs to produce r eal income either through readers paying for the paper online, which they don’t now, and-or increasing advertiser support. The real issue for newspapers is, as it was earlier for railroads, not totally remaining as they were in their heyday. Likely some local and metro newspapers will still somewhat resemble their present selves. From my viewpoint, the core of the problem is the gravity of the journalism of the future. As papers and magazines abandon print and shift to the Web, they tend for economic reasons to surrender the mission that inspired me in 1948 to walk into the lobby of the New York Herald Tribune to get my first newspaper job. The responsibility of journalism is to discover truth to the best of its ability and to convey it to its customers. That means devot ing resources to investigative and explanatory journalism, both of which have diminished as newspaper revenues fall. They are costly to do, along with all spe cialty reporting. Often it is to risk unpopularity as well as advertiser support to speak truth to power (recognizing that the “truth” of journalism is not the “truth” of religious revelation). To make up for the shortages becoming apparent in these challenging economic times, some foundations have begun to underwrite the kind of probing journalism that was the hallmark of the better newspapers. That is innovative and certainly helpful but insufficient. It is not the preservation of the format of newspapers that matters as much as the preservation of the content of their best journalism in whatever form it is communicated. The First Amendment to the Constitution invested the press with enormous power and concomitant responsibility. However media evolve, if they don’t live up to challenge of that power, they will not serve the public as the Founders intended. (This article was written by Harry Rosenfeld c.2009 Albany Times Union). Democracy does not live in the PLP LETTERS letters@tribunemedia.net Journalism of newspapers must be preserved '(6,*1 (1*,1((5,1* &203(7,7,9(,&,1* $67%,'',1*,1)250$7,21 5RDGWR&LW\'XPSDIWHUUHPL[ (PDLOJJRQJRUD#FRUDOZDYHFRP Royal Bahamian Resort @ Offshore Island.Invites applications for the positions of:Accountants Cost Controller General Cashier Receiving Clerk Executive Chauffeurs Security Manager Exec. Housekeeper Resort Shop Manager Photo Shop Manager Assistant Training Manager Applicant must have at least ve years experience in the Hospitality Industry in the above mentioned positions, excellent communication, organizational and interpersonal skills, must be able to train and motivate team members. Formal qualications and computer skills desirable must be able to work exible and long hours.Fax or email rsum’s with proof of qualications and experience to: cmajor@grp.sandals.com Fax 677-6828. Closing date May 9th. 2009. Dear PM, it w ould be great if you would follow your own advice

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n By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net BAHAMIANSbeen advised to remain “diligent” about hygiene as the swine flu virus continues to take hold in countries around the world. Although there have been no confirmations of influenza A(H1N1 Ministry of Health (MOH and Medical Association of the Bahamas (MAB locals to do what they can to keep the country virus-free. Basic hygiene advice includes everything from covering your mouth when you cough or sneeze, avoiding contact with those who are ill, and washing your hands regularly. MAB president Dr Timothy Barrett said: “It i s important not to act out of fear or become complacent. If we are to protect our borders from this virus, keep our citizens healthy and protect our number one industry, tourism, we have to take the threat of the virus seriously and make a determination to be a part of the prevention effort. “It is not the responsibility of the government or the Ministry of Health or any other agency for that matter. “We all share responsibility as the chain is o nly going to be as strong as the weakest link,” Dr Barrett said. A lack of diligence will only allow the virus, should it slip into the country, to spread rapidly a s it has done around the world, he said. The United Nations World Health Organisation (WHO reported yesterday there are 1,085 cases of the virus in 21 countries, with 25 deaths in Mexico and one in the United States. The WHO has set the pandemic alert at phase five, confirming human to human transmission, but does not expect to raise the alert to the highest level, six. Dr Barrett stressed there is no need for alarm as all systems are in place for health authorities to monitor the virus and intervene when necessary. And Minister of Health Dr Hubert Minnis maintains there are adequate supplies of the prescription anti-viral medicat ions Tamiflu and Relenza available for distribu tion if necessary. The MAB will disseminate information to all doctors so they can quickly identify the virus and follow protocol, and will also make all relevant information public. Dr Barrett asked anyone who has experienced at least two of the following symptoms in the last seven days to contact their doctor or a public health clinic: A fever over 100.4 degrees A runny nose or nasal congestion Sore throat Cough Aches and pains in muscles or joints If you have a questions contact your doctor or your local public health clinic, he said. C M Y K C M Y K LOCAL NEWS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 5 677 1111 nassau 688 1111 freeport www.indigonetworks.com purchase your home phone line and receiveFREE local number FREE local and long distance calling for one month* FREE inter-island calls to onephone customers FREE activationwhat you need to use onephoneunlimited broadband internet a one onephone telephone adapter a touch tone telephone*certain restrictions applyget your onephone at n By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT – A national campaign to promote “brotherly love” was launched in Freeportt o encourage acts of love and k indness towards those facing economic hardship. P atrice Stubbs, founder of the activist group “Carry Your Cand le, Light the Bahamas” (CYCLTB to launch a national “fuelled by love” initiative within communi-t ies of the Bahamas. S he said the year-long initiative officially commenced on Friday, May 1. Ms Stubbs said that the current g lobal economic dilemma and its effects on the Bahamian people, and the level of crime in the country are very disheartening. “Carry Your Candle, Light The B ahamas” will serve to unite, create awareness and promote b rotherly love within the Bahamas via its 12-month focus p lan,” she said. Ms Stubbs said that each month there will be a particular focus and all Bahamians are asked to participate. S he hopes to utilise the media to promote the campaign through s ponsored radio and television ads for airing on all 17 stations t hroughout the Bahamas, as well as printed ads in the newspapers, billboards, posters and by e-mail. Ms Stubbs said the first month’s focus is on unemployed per sons. She noted that there are many persons feeling helpless and s truggling with thoughts of suicide. F or the entire month of May, the general public is encouraged t o find one unemployed person and do something for them, Ms Stubbs said. “Some persons may be able to assist with mortgages, or rent, ora utility bill, a medical bill, grocery, gas or any kind of help n eeded,” she said. Ms Stubbs is encouraging pers ons to write cheques to the organisation that the individual is in debt to. She said the committee of CYCLTB will lead the campaign for the first five weeks. They will pair up six sponsors with six persons who will be assisting withv arious needs ranging from medical bills, mortgages, rent and gro-c eries among other things. HEALTH AND SAFETY TIPS FROM THE MEDICAL ASSOCIATION OF THE BAHAMAS Cover your nose and mouth with a tissue when coughing a nd sneezing Dispose of the used tissue in a garbage bin Wash your hands with soap and water after sneezing and cough-i ng (alcohol or hand sanitisers are also effective) Do not touch any part of your f ace before washing your hands Clean utensils and surfaces before and after eating Avoid contact with persons who are sick Wash your hands frequently if y ou are looking after ill persons R AISING the spectre of potentially adverse s ocial and environmental impacts, a PLP senator has called on the government to issue a “full and proper disclosure” of all developments connected with its plan to move the shipping containerp ort from downtown to Arawak Cay. PLP Senator Jerome Fitzgerald has alleged that a “veil of secrecy” surrounds the government’s planned relocation of the container port. L ast week, he tabled a resolution in the Senate calling for the government to address concerns that the relocation of the port and related plans to construct a new roadway could negatively impact property values, Saunders Beach and thee nvironment surrounding Arawak Cay as a whole. He reiterated that Arawak Cay was considered to be “not the most suitable site for a new port and in fact a less suitable site than the present site o n Bay Street” in the analysis conducted by international consultant firm EDAW. “No environmental impact, social, economic or financial impact studies have been released by the government with regard to the removal of the port to Arawak Cay, or the vicinity of Arawak Cay, and the rede-v elopment of the City of Nassau,” said Mr Fitzgerald in his resolution. “There is concern expressed publicly that the movement of the port may have certain adverse environmental and social impacts,” he added. Jerome Fitzgerald ‘Brotherly love’ campaign THE retrial of three men a ccused of killing a police officer 10 years ago has been sus p ended while a judge decides whether or not to recuse herself from the case. Andrew Davis, Clinton Evans and Stephen Stubbs s tand accused of the murder of officer Jimmy Ambrosew ho was killed on March 29, 1999 at Club Rock on West B ay Street. Stubbs was discharged earlier this year after being accused of the murder of alleged hitman Samuel Mouche’ McKenzie. Defence attorneys yester d ay asked Senior Justice Ani ta Allen to recuse her self f rom the case, pointing out that she had heard the initial trial. The prosecution objected to the request for her recusal. S enior Justice Allen is expected to make a decision o n June 3. Stubbs, Davis and Evans are s tanding trial for a third time. Stubbs is being represented by attorneys Murrio Ducille and Jerone Roberts; Davis is being represented by attorneys Craig Butler and Devard Francis while Evans is beingr epresented by attorney Romona Farquharson. Call for ‘full disclosure’ on plans to move container port Retrial of three men accused of killing officer is suspended ‘Diligent’ hygiene advised to keep country free of swine flu BAHAMIANS have been advised to wash their hands regularly.

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n By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net F ORMER PLP chairman Raynard Rigby has hit out at party member Keod Smith for denouncing him as “damaged goods”. The attack on Mr Rigby, in a media interview, came after he said the Progressive Liberal Party (PLP f ective, and for failing to act on recommendations in the Greenberg Quinlen Rosner exit r eport that analysed the cause of the PLP’s failure in M ay 2007 and s uggested ways to rebuild the party. His comments led former MP M r Smith to call for the former chairman to be expelled from the party for speaking out of turn. But Mr Rigby maintains his w ords were heartfelt and expressed in a spirit of propelling the party i nto a brighter f uture. He criticised Mr Smith’s attack on him as the r esult of a failed political plot by those who are afraid to face the truth about the contents of the Greenberg Q uinlen Rosner exit report. Mr Rigby added: “I do not intend to reciprocate the attempts of character assassination and witch-hunts. “This is the time for us to demonstrate to the Bahamian people that we are a mature and responsible opposition. This work is critical if we are to be the party of choice and be returned to the reins of governance.” Mr Rigby maintains his controversial views should come as no surprise as he has previously shared his opinions with both the p arty leader and the public. He said his focus since May 2007 has been on how the PLP can restore the Bahamian dream by expanding the economy, cre-a ting a renewed sense of community, and heralding a returnt o a culture of responsibility. “I am fighting for a cause that cannot be sidetracked by pettin ess and childish bickering,” he said. “I will continue to hold true to my beliefs. It may well be that t he party will continue to use its e nergies to hurl more criticism and condemnation at me, but this is not where the PLP should put its energies. There is work ahead, and our political movement is in need of a rebirth, of reinvention. “We must do this to remain r elevant and in a position to lead.” Mr Rigby pledged to continue to ensure the party lives up to the hopes and dreams of Bahamian people, and to do all in his power to ensure that the PLP is a strong and vibrant political movement. H e said: “I am confident the future of the PLP will be bright once we demonstrate a resolve to address the challenges that we face. “We owe this to our forebears and to the future generations of Bahamians who are depending o n us to be a part of the team which will secure their futures. “They can count on me; I will not disappoint them.” C M Y K C M Y K LOCAL NEWS PAGE 6, TUESDAY, MAY 5, 2009 THE TRIBUNE The public is invited to attend a TOWN MEETING For THE DOWNTOWN NASSAU PARTNERSHIP Wednesday, May 6, 2009 British Colonial Hilton, Governor’s Ballroom C 6-7:30pm Learn about plans to support th e City’s revitalization. Meet with key players in the Downtown Revitalization movement. It’s your city. Questions, comments, ideas welcome. Participating will be: x Vernice Walkine, Director General of Tourism & Co-chair DNP x Charles Klonaris, Co-chair DNP x Jackson Burnside, Architect x Brad Segal and Dave Feehan, Consultants R.S.V.P appreciated but not required. For more information please contact 326-0992 or ntdb@batelnet.bs B B r r i i n n g g i i n n g g b b a a c c k k t t h h e e m m a a g g i i c c . . MARY Ann Hayes of Omaha, Nebraska, got a personal audience with Minister of Tourism and Aviation Vincent Vanderpool-Wallace after amassing 25 years of fond experiences and serious suggestions for Bahamian tourism. Mrs Hayes, who estimates that she has spent $75,000 to $100,000 in visiting the Bahamas over the past 25 years, made several suggestions for improving Nassau in particular. She asked Min ister Vanderpool-Wallace to lead a renovation and restoration of downtown Nassau. She also pointed to illegal dumping in various areas of New Providence, the need to restrict large trucks in the downtown area, the need to reduce the number of speeding public service drivers and offensive language from students and others. Mr Vanderpool-Wallace assured Mrs Hayes that many of her concerns were being addressed through the Downtown Nassau Partnership. Coming improvements include the relocation of con tainer ports, the specification of delivery times for large vehicles in the downtown area, and the establishment of a Business Improvement District for the city. Programmes are also being explored to address the unsavory aspects of foreign cultures that have infiltrated young Bahamians. The minister commended Mrs Hayes for her candid suggestions. He said her honesty was the hallmark of someone who had genuine concern for Bahamians. He is pictured presenting Mrs Hayes with a gift of authentic Bahamian items. Also pictured are members of the Ministry’s Visitor Relations Unit, Phillipa Cooper and Bernadette Saunders. Longtime visitor suggests improvements for Nassau CONCERNS have been raised that the expansion oft he local drug trade is fuelling the increasing rate of crime and violence in the country, especially in New Providence. W hile the Bahamas is generally considered to be a drug transshipment country, and not a producer of narcotics, there have recently been ani ncreasing number of seizures of ‘home-grown’ drugs. Bahamas Against Crime, an anti-crime organisation, said that the discovery of huge fields of locally grown marijuana, the amount ofd rug money being intercepted by the authorities and the l arge amounts of drugs confiscated by police in recent times, all point towards thed rug trade expanding and intensifying in the country. S aid the organisation’s executive director Rev C B Moss: “What is most bafflingi s that no one is held accountable when large farms of marijuana plants are foundo n several of our islands. This is a new dimension of the drug trade and must be nipped in the bud. Something appears drastically wrong with this and must be immediately corrected. The owners of these properties must be heldr esponsible for what takes place on their property.” The presence of massive amounts of drugs and drug money, Rev Moss said, spellss erious trouble for any society accommodating or tolerating it. “The fight for distribution rights and local turf by opposing gangs make our communities and streets war zones.I n addition, the number of drug users among the popul ation is rapidly increasing, with drug influenced persons creating havoc with theirc riminal activities. “Bahamas Against Crime i s challenging the government, the Royal Bahamas Police Force and other sec-t ors of our society to act now, before crime, violence and corruption cause further rota nd decay in our nation,” he said. Growth in drug trade ‘fuels rise in crime’ Former PLP chairman hits out at Keod Smith Raynard Rigby Keod Smith

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told the court that Bishop Fraser o ffered to counsel her and supply her with lunch money. The young woman told the court that during the first counselling session at Fraser’s office, hea sked her about her childhood before questioning her about her sexual experience. She testified that Fraser told her that he wante d to teach her how to treat a man. The young woman said that Fraser told her that it was her smile that had attracted him to her. She told the court that Frasera sked her to come to church early on Wednesday evenings before bible study and asked her to callhim every day. T he young woman testified that on Thursday of that week, Fraser informed her that he was going off the island with his family for a speaking engagement. She s aid that he told her that he needed her for five years and did not want her to disappoint him. She testified that Fraser phoned her a round 11 pm when he returned that Saturday, saying that he was lonely and wanted her to spend time with him. The young woman told the c ourt that Fraser picked her up from her grandmother’s house and they drove around for a while. She said that when he brought her b ack to her grandmother’s house h e asked her if he wasn’t going to g et a “kiss or a feel.” She told the c ourt that she kissed him on the c heek. She also testified that he phoned her again and told her t hat he wanted to have a relationship with her. T he young woman said that Fraser claimed that he had neverc heated on his wife before but couldn’t help it. She said that Frase r told her not to have any boyfriends and to refer to him as “baby,” “sweetie,” or “honey.” The witness also told the court that following a men’s meeting atc hurch one Saturday, Fraser returned to his office and asked h er to hug him. She said that she did, which is when he squeezed her tighter, squeezed her hips and unbuttoned her pants. She told the court that she resisted but he e ventually pulled her pants down. She testified that Fraser said that h e was not like other men who simply wanted to have sex and leave. She also testified that while she sat on the floor he came and sat next to her and started taking off her panties although she told him not to. She told the court that Fraser said that he was not going to have intercourse with her, but w anted to perform oral sex. She said that after the ordeal he started taking off her clothes and she started to run away. She explained in explicit detail how Fraser put himself on her stomach, stroking back and forth until he ejaculated. The witness also told the court that on the day Fraser was to be c onsecrated, he had asked her to stroke his private parts, but she refused. She said that that night he told her that she had caused him to have “blue balls.” She also told the court that on one occasion before a prayer meeting, Fraser gave her $100 and told her that he was going away for two weeks. S he said that he also gave her a bottle of Gucci perfume, a Seiko watch and three pairs of gold knob earrings. She said that when she asked him why he had bought her the gifts, he told that it was to show that he wasn’t just into her for sex, but loved and cared for her. The young woman recalled t hat after Fraser had returned from a trip to London, she toldh im that his wife and her mother h ad been questioning her about s exual allegations, which she said she had denied. S he also told the court that on one occasion while at his office, Fraser appeared in the nude. She said that after she told him she was uncomfortable, he put on aT -shirt and shorts. She said that he then told her that he couldn’t wait any longer, unbuttoned her pants and performed oral sex on h er. She said that after that, Fraser got up, went into a little room in his office and turned off the lights. He then started to come on top of her but she pushed himw ay, saying she didn’t want to have sex. She said that he told her that they were only going to have sex once. The woman told the c ourt that Fraser kept pushing her back, eventually pinned her down and had intercourse with her. She said that after the ordeal, he showed her the condom tellingh er that he was careful and didn’t want to get her pregnant. The young woman told the court that she threatened to tell t he police what had happened. But, she said, he told her that no one would believe her and that he had friends in high places. She also testified that in August 2005,F raser agreed to pick her up from the Mall at Marathon and took her to his home off Prince Charles Drive where they had sex in the m aster bedroom. She told the court that after that occasion they would often have sex before bible study on Wednesday and before c hurch began on Sunday. The young woman also testif ied that Fraser had used a sex toy on her while his wife was way a t a woman’s conference. She told the court that when he used it on h er he began moaning and wanted her to do the same. The young woman told the court that in October 2005 she got a vaginal infection and told Frase r that she was going to see a doctor. She said that he admonished her not to do so as it would expose w hat was going on. She said he told her that he knew a doctor and got her the medicine. She told the court that the infection returned every time they had sex. T he trial, which was scheduled for two weeks, continues before Magistrate Carolita Bethel today. F ranklyn Williams, Assistant director of Legal Affairs in the Attorney General’s Office, with lawyer Darnelle Dorsette represent the Commissioner of Police.L awyers Wayne Munroe and Jairam Mangra represent Fraser. C M Y K C M Y K LOCAL NEWS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 7 -RLQWKH/HDGLQJ(QYLURQPHQWDO&RQVHUYDWLRQ 2UJDQL]DWLRQLQ7KH%DKDPDV 2%781,7<3 $5.6/$11(5*,6.,//('6XPPDU\'HVFULSWLRQ 7KH%DKDPDV1DWLRQDO7UXVWVHHNVWR HPSOR\3DUNVODQQHUZLWK*,6H[SHULHQFH7KLVLQGLYLGXDO ZLOOVXSSRUWWKHGHYHORSPHQWRIPDQDJHPHQWSODQVIRU 1DWLRQDO3DUNVDQGGHYHORSDQGLPSOHPHQW*,6DSSOLFDWLRQWR VXSSRUWSODQQLQJ/RFDWLRQ 1HZURYLGHQFH0DMRUHVSRQVLELOLWLHV $VVLVWZLWKWKHGHYHORSPHQWDQGLPSOHPHQWDWLRQDQG UHYLVLRQRIPDQDJHPHQWSODQQLQJGRFXPHQWVIRUWKH 1DWLRQDODUNVV\VWHP $VVLVWZLWKUHSDUDWLRQRISURSRVDOVIRUQHZSURSRVHGf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themselves, or be nominated, to r un for the position of union president and officers of the union. E lections will be held on May 28. The locations of various p olling stations will be announced at a later date. FROM page one Police called Bishop case F ROM page one

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C M Y K C M Y K LOCAL NEWS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 11 Repayable Upto3 3 12 1 5 Morethan ondemand months months years 5years Total $m $m $m $m $m $m Asof31December2008 ASSETS Cashonhandandatbank 18. 6 18. 6 Investmentsecurities 14.8 0.3 7.8 13. 7 36. 6 M ortgage,consumerand otherloans 1.0 3.3 10.5 27.0 157. 1 19 8 . 9 Otherassets 6.0 12. 4 18. 4 Totalassets 40. 4 3.3 10.8 34.8 183. 2 272.5 Asof31December2008 LIABILITIES C ustomer deposits 59 .7 40 . 2 96 .4 13 .6 209 .9 Loanfrombank Debtsecurities 3 .5 3.0 21 .6 28 .1 Otherliabilities 1 .5 1 .5 Totalliabilities 59 .7 43 . 7 97 . 9 16 .6 21 .6 2 39 .5 Netliquiditygap (19. 3 ) (40. 4 ) (87. 1 ) 18.2 1 61 . 6 A sof 31December 2007 A SSETS Cashonhandandatban k 19. 6 19 . 6 Investmentsecurities 17.4 0.4 7.5 13.3 38.6 Mortgage,consumerand otherloans 0.7 4.6 5.0 21.4 121. 0 15 2 . 7 Otherassets 1.5 11. 2 12. 7 Totalassets 39. 2 5.0 5.0 28.9 1 45. 5 223.6 LIABILITIES C ustomer deposits 51. 2 39.1 58 . 4 13. 5 162 . 2 Loanfrom bank 0.1 0.1 Debtsecurities 12.2 1 5 . 0 27. 2 Otherliabilities 1. 3 1 . 3 Total liabilities 51.3 39.1 71.9 13. 5 1 5 . 0 190 . 8 Netliquiditygap (12. 1 ) (34.1 ) (66.9 ) 15. 4 130 . 5 Regulatoryauthoritiessetlimitsforliquiditybalances.TherequirementsfortheBankare20%ofdemand depositsand15%ofsavingsandfixeddeposits.Asof31December2008,theBankwasincompliancewith theserequirements. Fiduciaryrisk TheGroupissusceptibletofiduciaryrisk,whichistheriskthattheGroupmayfailincarryingoutcertain mandatesinaccordancewiththewishesofitscustomers.Tomanageexposure,theGroupgenerallytakesac onservativeapproachinitsundertakings. 18.FairValuesofFinancialInstruments FinancialinstrumentsutilisedbytheGroupcomprisetherecordedfinancialassetsandliabilitiesdisclosedin theseconsolidatedfinancialstatements.TheGroup’sfinancialinstrumentsareprincipallyshort-termin nature,haveinterestratesthatresettomarketrates,orarefairvalued;accordingly,theirfairvalue a pproximatestheircarryingvalue.Forlong-termfinancialliabilitieswithfixedinterestrates,therehasbeen nochangeinmarketratessincetheissuanceofthefinancialliabilitiesandtherefore,thecarryingvalue a pproximatesfairvalue. economic activity, saying earlier this year that revenues were off $100 million. Yet the figures produced yesterday indicate that the economic d ownturn is taking a severe toll on Government’s fiscal position, and will raise concerns over how long it can run a protracted fiscal deficit that is likely to end 2008-2009 at somewhere between $200-$250 million. What is especially significant is that the greatest revenue declines o ccurred during the first two months of 2009, the period during which Government traditionally earns most income due to the heightened economic activity resulting from peak tourism season. The Central Bank said that for the first eight months of the 20082009 Budget year, total government r evenues fell by 4.2 per cent from $873.4 million to $837.1 million, while total recurrent spending rose 6.95 per cent from $836.7 million to $894.8 million. “In particular, tax receipts fell by 5.5 per cent to $758.7 million, owing primarily to a 10 per cent reduction in international trade taxes,” the C entral Bank said. “Declines were also noted in stamp taxes on financial and other transactions (18.7 per cent departure taxes (12.1 per cent These outweighed the improvements f or business and professional taxes (15.9 per cent), property taxes (5.2 p er cent) and increased yields under “other” unclassified revenue sources. A 10.8 per cent gain was also recorded under non-tax revenues, at $78.4m illion, reflecting a timing–related increase in income receipts. On the expenditure side, current spending firmed by 5.4 per cent to $894.8 million, led by higher payments for wages and salaries (5 per cent), contractual services (17.4 perc ent), interest costs on debt (6.9 per cent) and subsidies (7.4 per cent),m ainly to quasi-public entities. “Although capital spending fell b y 14.7 per cent to $73.9 million, related to a decline in the acquisition of assets, outlays continued to increase for public works and infra structure projects (4.2 per cent M eanwhile, budgetary assistance (net lendinge xpanded by 36.8 per cent to $41.8 million.” D evelopments on the monetary front were just as bleak, the Central Bank reporting that “the deteriora tion in commercial banks’ asset quality indicators resumed during M arch.” Commercial loans in arrears rose t o 18.9 per cent, meaning that almost one out of every five banks loans to B ahamian businesses was 31 days or more past due. The Central Bank said some 13.66 per cent of all commercial banks loans were in arrears as at endM arch 2009, compared to 12.48 per c ent in February and 12.8 per cent in January. The total value of private sector loans in arrears increased by $81 mill ion or 10.7 per cent in March to $832.5 million, with loans in arrears those between 31-90 days past due rising by 0.77 per cent to 6.61 per c ent of all bank loans. N on-performing loans, those past 90 days due, rose to 7.11 per cent of total loans in March, compared to 6.66 per cent in February. The mortg age and consumer loans arrears rates stood at 13.7 per cent and 11.7 per cent respectively. Debt consolidation, meanwhile, f irmed at a pace of $5.8 million. C onfirming the Bahamas was in recession, the Central Bank said: “The prospects for the Bahamian economy remain weak, with an e xpected contraction in real GDP during 2009, and a continued rise in the unemployment rate. “Developments in the domestic s ector are heavily dependent on the r esponsiveness of the global economy to the stimulus measures implemented by monetary and fiscal a uthorities in the advanced count ries. In particular, the IMF projects that the advanced economies particularly the US will contract in 2 009 and experience no growth in 2010. Consequently, tourism and foreign investment inflows will remain moribund in 2009.” A nd the Central Bank added: Preliminary data revealed that the global economic recession continued to adversely affect domestic economic activity during March, with p ersistent weakness in tourism and foreign investment-related construction activity. Demand stimulus from private sector credit expansiona lso remained soft. Inflationary press ures were sustained at significantly elevated levels, as earlier global price i ncreases continued to be transmitted to the local economy.” Tourism output fell during the 2009 first quarter, due to a “significantly negative trend in air arrivals”t hat knocked out growth in cruise visitor activity. “In the hotel sector, the projected outcome featured lower room night s ales and effectively discounted average room rates,” the Central Bank said. “Despite the sales fall-off, preliminary assessments indicate that average occupancy rates exceedede arly bookings expectations due to favourable last-minute travel decisions. Nevertheless, major properties remained under significant opera ting strains and continued to make staffing and other adjustments.” Inflation for the 12-months to March 2009 stood at 4.9 per cent, unchanged from February but upf rom the 2.4 per cent comparison a year earlier. “Except for the slightly moderated rise in average transportation c osts (3 per cent increase for furniture and household operations (6.6 per cent ponents of the Retail Price Index rose at an accelerated pace,” theC entral Bank said. “Of particular note were the average cost run-ups for food and beverages (7.8 per cent), housing (3.6 p er cent), recreation and entertainment services (4.3 per cent medical and healthcare (4.1 per cent). With regard to energy, local fuel costs subsided further in the first q uarter, attributed to the easing in international oil prices which began i n the latter half of 2008. “On a 12-month basis, the average c ost of gasoline and diesel declined by 27.7 per cent and 37.1 per cent to $ 3.35 and $2.73 per gallon, respectively. In addition, the average fuel surcharge in residential electricity bills retreated by 32.8 per cent to 10.72 cents per kilowatt hour( KWH) in the first quarter, vis--vis the same period in 2008.” i ng to deposit money in the account, despite the fact that the cheques were addressed to someone else. The resort’s bills would then be paid in cash, leaving Sandals executives none the wiser. A second ploy reportedly involved generating fake petty cash slips for var ious departments using a counterfeit stamp bearing the name of a senior r esort official. The amounts often substantially exceeded the limits set by San d als management for petty cash payments, the source said. Once the slips had been approved and the cheques issued, a representative of the group would make another visit to the bank. A ccording to the source, some employees involved in the scheme have b ecome accustomed to lavish lifestyles over the years, despite their modest “official” salaries. One of them reportedly owns six cars, together worth more t han $300,000. Some close to the situation say identifying and prosecuting those involved is not enough, and called for top executives at the resort to be penalised for n egligence. The matter has not yet been brought to the attention of the p olice, according to a representative of the force. F ROM page one Govt Budget Resort ‘is robbed of $2.5 million’ F ROM page one

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n B y BRENT STUBBS S enior Sports Reporter bstubbs@tribunemedia.net T he Ambassadors Track a nd Field Club is scheduled to honour its coach/president by hosting the second annual Fritz Grant Invitational Track Classic this week-e nd. The meet, featuring a number of the senior international athletes as well as a visiting Miami G ardens Express youth track team, is expected to get underway 5:30pm Friday at Thomas A Robinson Track and Field Stadium. H eld under the patronage of sponsor Harrison Petty, the meet is slated to conclude at noon Saturday with a Kiddie Korner for p arents who are looking for some excitement for their children as well. Meet director Bernard Newbold said it will be the biggeste vent on the local calendar as it will showcase some visiting international athletes, who will get to compete head-to-head with the l ocal athletes. “We are expecting more than 500 competitors this weekend,” said Newbold, a sports journalist at the Bahama Journal. “We already have more than sixc lubs who have submitted their entries.” Among the featured events at the meet are the men’s 100, 200 a nd 400 metres all invitational events which will include Grand Bahamian Michael Mathieu, who ran on the men’s 4 x 400 relay team that captured the silverm edal at last year’s Olympic Games in Beijing, China, along with sprinter Adrian Griffith, who is vying to make the men’s 4 x 1 r elay team for the IAAF World Championships in Berlin, Germany, in August. Grand Bahamian Rodney Greene, a training partner ofG riffith, will also compete in the sprints along with Haitian sensation Roudy Monrose. In the 400, Mathieu is expected t o compete against Sekou Clarke of Jamaica. H H O O N N O O U U R R E E D D C C O O A A C C H H Grant, a former sprinter who has spent the past two decadeso n his return from university coaching athletes in the Ambassadors, said he’s thrilled to be honoured in this manner. I truly thank God that we will be able to welcome these athletes when they come here to compete,” he said. “I feel this event will be an outstanding one. We will showcase our junior athletes versus some of the athletes that will be coming in from Miami, Florida, and also give C M Y K C M Y K TUESDAY, MAY 5, 2009 THETRIBUNE PAGE 12 P AGE 14 Atlanta Hawks win first playoff series since 1999... A A P P s s o o u u r r c c e e : : L L e e B B r r o o n n t t o o g g e e t t M M V V P P a a w w a a r r d d . . . . . . See page 14 Ambassadors track club to honour its president RESULTS of games played in the Junior Baseball Leagueo f Nassau over the weekend are as follows: T T E E E E B B A A L L L L Grasshoppers def R aptors 19-13 Sidewinders def Blue Claws 22-8 Knights def. Sand Gnats 26-6 C C O O A A C C H H P P I I T T C C H H Blue Jays def. Angels 8-4 D iamondbacks def. Cubs 9-7 Athletics def. Astros 23-16 M M I I N N O O R R L L E E A A G G U U E E R ockies def. Royals 11-5 Red Sox def. Rays 12-4 M M A A J J O O R R L L E E A A G G U U E E Marlins played to R eds 7-7 (Tie Mariners def. Indians 4-3 J J U U N N I I O O R R L L E E A A G G U U E E Dodgers def. Cardinals 19-10 T wins def. Yankees 9-8 S S E E N N I I O O R R L L E E A A G G U U E E P hillies def. Pirates 14-9 Rangers def. Tigers 9-8 Baseball results THE Bahamas Flag Football A ssociation staged two exciting games on Sunday at theW inton Rugby Pitch as two undefeated teams suffered their f irst setbacks. In game one, the EastSide Predators dropped their first loss to the Warriors 40-37. The winning quarterback wasL emon Gorospe with six touchdown passes. Five of his touch-d owns were caught by Bubba Smith and Joe Johnson had the o ther catch. The losing quarterback was Jarien Winters of t he EastSide Predators. In game two, the RBC Lions also handed the Goodman's Bay Spartans their first loss of the season with a 19-16 win. T he winning quarterback was Obie Roberts with three touchd owns to Chris Turnquest, Garvin Newball and Theron G ibson. The losing quarterback was Jayson Clarke who had a pair of passes to Javier Bowe and Brandon Stubbs. Only one game is scheduled t o be played 4pm Saturday and that is between the Orry J S ands Pros and the Warriors. Flag Football: Warriors defeat Predators 40-37 and Lions beat Spartans 19-16 n B y BRENT STUBBS Senior Sports Reporter bstubbs@tribunemedia.net SPRINTER Adrian Griffith and quarterm iler Michael Mathieu are excited about being back home to compete at the AmbassadorsT rack and Field Club’s second annual Fritz Grant Invitational Track Classic. G riffith, who is vying for a spot on the men’s 4 x 100 relay team at World Championships in Berlin, Germany, in August, said he’s mentally and physically fit to compete this weekend at the Thomas A Robinson Track and Field Stadium. “We know the Bahamians love their elite a thletes. That’s why we came home to run,” he said. “It would be great to race against thec rowd. I love to hear the drums and everything. So I’m looking forward to the compet ition.” Griffith said Grant is his former coach and mentor and Harrison Petty has been his longtime sponsor, so he was delighted to have been asked by meet director Bernard Newb old to compete in the meet. “My and my training partner, Rodney G reene, will be here. We have been training, so we intend to put on a show,” he said. Hopefully the weather will permit.” Mathieu, likewise, expressed his gratitude for those who made it possible for him to come home to compete again in the meet. “I was here last year and it was pretty good, s o I expect the meet this year to be a lot bet ter,” he said. “I’m really looking forward toe veryone coming out this weekend. It’s going to be very good, so come out.” O ver the last month, Griffith has led the charge on the men’s 4 x 1 relay team as they tried to qualify for Berlin. At the recent Penn Relays in Philadelphia, the team fell short. But Griffith said they had some exchange problems that resulted in them not attaining the qualifying time. Griffith said they were h oping that reigning World Championship 100 silver medallist Derrick Atkins would h ave joined them. But he said his schedule is already booked out,” Griffith said. “The other guys are readya nd we will try to do it without him. We just need to get in another meet before June. If we c an get a sponsor, we will go either to Brazil or Mexico because the guys are ready.” Griffith said they were disappointed when they didn’t qualify at Penn with the men’s 4 x 4 and both the women’s 4 x 1 and 4 x 4 teams. But Debbie (Ferguson-McKenzie Chandra (Sturrupj ust hold our head,” he said. “We ran pretty good, but we knew we could have done better and qualified.” Mathieu, who was willing to step down and help the team in their quest to qualify, ran o n the 4 x 4 team that made the qualifying mark. At first, I went there to run with the 4 x 1, but when I got there, they told me that I did n ’t have to run,” Mathieu said. “I told them that if they need me, I will be ready to run because I’m really concentrating on the 200 this year.” As for the 400, Mathieu said he will still r un the event at the nationals and he hopes to be on the 4 x 4 team at the World Champi o nships. This weekend at the Fritz Grant Invita t ional Classic, both Griffith and Mathieu said they will be ready to compete in whatever events are available. Mathieu, Griffith to compete at Fritz Grant classic M ichael Mathieu A drian Griffith S S E E E E p p a a g g e e 1 1 4 4 C oach Fritz Grant

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n By BRENT STUBBS S enior Sports Reporter b stubbs@tribunemedia.net DESPITE the fact that the Bahamas Fed Cup team didn’tw in any of their three ties this w eekend in Boca Raton, Florida, coach Kevin Major said they did their best. “I would say the girls played exceptionally well, but unfortu-n ately these girls don’t play on clay as consistent as they should,”M ajor said yesterday on the team’s return home. T he team of Erin Strachan, Gabrielle Moxey and Simone Pratt played against Mexico, Canada and the US. With the exception of Mexico, theB ahamas didn’t have any success. Pratt, the number one seeded p layer on the team, was the only player to come through with a v ictory. She won her singles match against Mexico. The scores didn’t really reflect how well these girls played,” Major said. “At certain points, it was obvious that these girls could play with the other girls, but not a s consistently. “They can’t play consistently a t that high level and that was a big concern for us. Some of the m atches were closely contested. What would happen is that one of them would get up 40-5 and then proceed to lose the next four points.” A gainst Canada and the US, Major said the Bahamas certainl y had its hands full and in order to win, the players would have h ad to play at a much higher lev el. But he felt that the team had a golden opportunity to win the tie against Mexico. However, only P ratt was able to prevail in three sets. There’s hope providing these girls get some more intense pract ice and competitive play,” Major pointed out. “They played very well. They all gave 100 per cent. But the US, Canada and even Mexico proved t o be fierce competitors. We just didn’t have the experience to go a ll the way and win.” Looking ahead to next year w hen the Bahamas will start the process over again, Major said t hey will have to start concentrating on developing a bigger pool of players to select from on the girls side. Major said although the boys didn’t enjoy the type of success that the girls did in advancing out of the Dominican Republic, the federation has a lot more depth to work with than the girls. Cricket: Police put a scare on the Titans C M Y K C M Y K SPORTS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 13 THE Police cricket team, made up of mostly young players, put a scare in the heavy scoring Dockendale Titans when the latter was bowled out for a mere 169 runs at Haynes Oval on Sunday. Top scorers for Dock endale were national player Dwight Weakley with 48 runs and veteran Danavan Morri son with 28 runs. Bowling for the Police was Gary Armstrong with three wickets and youth player Marc Taylor with three as well. At bat, the Police was bowled out for 155 runs tolose the match by 13 runs. Marc Taylor’s 61 runs was the top score. Dockendale bowlers Ramdeo Ramdass and Sheik Sharnaz took three and two wickets respectively. Fans enjoyed one of the most exciting matches this season and gave full support of the Police youngsters. Next weekend, the Police will play Dynasty on Saturday at Windsor Park and Commonwealth plays St Agnes at Haynes Oval on Sunday. e’ve Got Your Gear!”UPPER LEVEL, TOWN CENTRE MALLPHONE NO: 322-6593 $349.99Was $419.99WESLO PURSUIT EXERCISE BIKESAVE $70! $449.99Was $549.99O RBITREK ELLIPTICALSAVE $100! $349.99Was $429.99WESLO MANUAL TREADMILL SAVE $80! $369.99Was $449.99TOTA L B O D Y W O R K O U TSAVE $80! WAS$89.99 NOW WOMEN’S REEBOK BASTILE RUNNING SHOE (White/Blue/Slv69 69 $ $.99 . 9 9 WAS$84.99 NOW 69 69 $ $.99 . 9 9 69 69 $ $.99 . 9 9 WAS$89.99 NOW $ $ 69 69 $ $.99 . 9 9 WAS$84.99 NOW 69 69 $ $.99 . 9 9 WAS$89.99 NOW69 $ $.99 . 9 9 WAS$79.99 NOW59 59 .99 . 9 9 WAS$74.99 NOWWOMEN’S REEBOK TIME & A HALF WALKING SHOE (Black WOMEN’S K.SWISS OLNEY TENNIS (White WOMEN’S KSWISS VERSTAD TENNIS (White/Slv WOMEN’S NIKE MUSIQUE TENNIS (Blk/Fush/Slv WOMEN’S NIKE AIR SKYRAIDER RUNNING SHOE (Slv/Wh/Pink WOMEN’S NIKE WALKER WALKING SHOE (White WOMEN’S NIKE DART VI RUNNING SHOE (Wh/Pink/Slv 69 W omen’s J ockey Cami Tank Tops29 29 $ $.99 . 9 9 W omen’s Jockey Low Rise PantsW omen’s Hanes Rib Tank TopsWomen’s Wilson ShortsWomen’s PumaT -ShirtsWomen’s Puma Agile PantsWomen’s Everlast Crop Pants W omen’s Hanes V-Neck T-Shirts Women’s Reebok Capri Pants29 $ $.99 . 9 9 2 9 3 $ $.99 . 9 9 3 W omen’s SoHo Leggings29 $ $.99 . 9 9 29 29 $ $.99 . 9 9 2 9 3 $ $.99 . 9 9 3 12 $ $.99 . 9 9 1 2 39 $ $.99 . 9 9 3 9 W omen’s ReebokC rew T-Shirts BALLY 55cm FITNESS BALL BALLY PILATES ROPE E XERCISER $18.99 $19.99BALLY DUO EXERCISE WHEELEVERLAST TWIST BOARD $19.99 $36.99 24 $ $.99 . 9 9 2 4 Wo men’s E verlast Tops19 $ $.99 . 9 9 19 59 59 .99 . 9 9 WAS$69.99 NOW .99 . 9 9 24 $ $.99 . 9 9 W A S$29.99 N O W2 4 24 $ $.99 . 9 9 W A S$29.99 N O W2 4 WOMEN’S NIKE SOUTH BEACH SANDAL (Br own/Cr eme or Pink/Blue)WOMEN’S ADIDAS TUREIA SANDAL (Pink/Wh or Blk/Wh19 19 $ $.99 . 9 9 18 18 $ $.99 . 9 9 $ $ Mother’s Day Sale!Prices good until May 13th -while stocks last Coach says Fed Cup team did their best GABRIELLE Moxey (left Pratt (centre (Photo: Kevin Major

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AP source: LeBron to get MVP award n By PAUL NEWBERRY AP Sports Writer ATLANTA (AP Atlanta Hawks lingered on the court, savoring the cheers as red and silver streamers drifted down from the rafters. This celebration was a decade in the making. It won't last more than 24 hours. King James is waiting. The Hawks won a playoff series for the first time since 1999, getting a clutch performance from Joe Johnson and solid contributions from most everyone around him, knocking out Dwyane Wade and the M iami Heat with a 91-78 victory in Game 7 Sunday. Josh Smith, who contributed 21 points and nine rebounds to Johnson's 27-point effort, is the lone player remaining from a team that went 13-69 four years ago the nadir in a stretch of nine straight losing seasons for the Hawks. "It feel like the monkey's off Atlanta's back," Smith said. "Not just the team's back. The whole city." Having eliminated the NBA's leading scorer, the Hawks now must face the favorite for MVP. LeBronJames would be quite a handful by himself, but the Cleveland Cavaliers are a much more talented team than the one led by Wade, who often seemed like the only player on the court for the Heat. Atlanta opens the second round on the road Tuesday night. "Now we have to start focusing on Cleveland," coach Mike Woodson said. "I haven't given much thought to it, being so into Miami, but we will start that soon." Smith, for one, is looking forward to the challenge. "It's going to be very tough. The crowd is going to be very hostile. We have to go up there ready to play," he said. "But I'm very confident. You can't be passive. You've got to be aggressive." As if the top-seeded Cavaliers needed any extra advan tage, they've been resting for more than a week since eliminating Detroit in a four-game sweep. The Hawks, on the oth er hand, had to tough it out through a series that went the distance but produced very little drama. No game was closer than 10 points. There wasn't a lead change after the first quarter ina ny of them. The clincher prett y much stuck to the party line, the Hawks pulling away to a 13point lead at halftime and stretching the margin as high as 29 points in the final period. Blanketed by two and some times three defenders, Johnsonh ad endured a largely disappointing series and got off to another sluggish start, missing his first five shots. But he came through when the Hawks needed him most, suddenly finding h is range from beyond the 3point arc. The one that really got him going came early in the second quarter. Johnson pulled up near the tip of the winged Hawks logo at center court a good 7 to 8 feet short of the stripe and let it go. Swish. "I was just trying to be more aggressive," said Johnson, who finished 6-of-8 outside the arc. "I haven't put up a 3 that long in a while. I said, 'Forget it,' and just launched it. Making that got me into a little rhythm." The startled Wade looked off toward the stands in disbelief, as if he couldn't believe Johnson actually shot it from so far out, much less made it. "When Joe is hitting 40-foot 3s," Wade said, "it's one of those nights." The Miami star scored 31 points, but the majority of those came after the Hawks had a lready built a comfortable lead. B othered by back spasms t hroughout the series, he didn't have enough help from his young teammates to get through to a star-powered matchup against James his Olympic teammate in the second round. Still, it was quite a comeback year for Wade and the Heat, which bounced back from a dismal 15-67 record to make the playoffs as the fifth seed in the East. " I'm very encouraged by this s eason," Wade said. "We've got something to build on." Mike Bibby might have been the Hawks' most valuable player in the series, averaging just under 15 points and five assists. He even stood up to Woodson when the coach complained about Smith putting up an errant 3-pointer from the corner. When Woodson called his point guard over, Bibby shot back with an expletive. "Y'all tell him to move," Bibby growled. Woodson simply turned away, rubbing his goatee and smiling slightly. Everyone was smiling at the end. Even Woodson and Smith, who've endured their share of dustups over the years. "We've had a lot of ups and downs, boy, but I still wouldn't give him away for anything," Woodson said. "He's probably caught more hell from me than anybody on this team. I respect him for that." Nuggets 109, Mavericks 95 At Denver, Nene scored 18 of his career playoff-high 24 points in the first half and the Nuggets won the first day game in the Pepsi Center's 10-year history. Carmelo Anthony scored 23 points, including a dunk off J.R. Smith's behind-the-back assist that rocked the arena in the closing minutes. Smith added 15 points. Dirk Nowitzki led Dallas with 28 points and 10 boards and Josh Howard, Jason Kidd and Jason Terry each scored 15. Game 2 is Tuesday night. C M Y K C M Y K SPORTS PAGE 14, TUESDAY, MAY 5, 2009 TRIBUNE SPORTS ‘King James’ awaits after the Hawks win first series since n By TOM WITHERS AP Sports Writer CLEVELAND (AP U nstoppable at both ends of the floor this season, LeBron James ist he NBA's Most Valuable Player. James, who led the Cleveland C avaliers to a team-record 66 regular-season wins and the top overall seed in the playoffs, will receive the award Monday, a person with knowledge of the choice t old The Associated Press. James chose Akron St. Vincent-St. MaryH igh School, his alma mater, for the presentation, said the person, w ho spoke on condition of anonymity because the announcement has not been made. The Cavaliers announced a "major" news conference for 4 p .m. at the school, but did not give the reason. AL HORFORD (right blocked by the Heat’s Udonis Haslem in the first half of Game 7 of the Eastern Conference playoffs Sunday. Atlanta won 91-78... (AP Photo: John Bazemore -RLQWKH/HDGLQJ(QYLURQPHQWDO&RQVHUYDWLRQ 2UJDQL]DWLRQLQ7KH%DKDPDV -2%781,7<'(387<$5.:$5'(13ULPDU\/RFDWLRQ $EDFRDQGWKH&D\V 3ULPDU\HVSRQVLELOLWLHV (QIRUFHWKHUXOHVDQGUHJXODWLRQV ZLWKLQWKHQDWLRQDOSDUNV 'XWLHV (QIRUFHWKHUXOHVDQGUHJXODWLRQVWRSURWHFWQDWXUDO UHVRXUFHVDQGHQVXUHWKHZHOOEHLQJRIYLVLWRUVLQWKH $EDFR$EDFRDWLRQDODUNHOLFDQ :DONHUV&D\DWLRQDODUN7LOORR &D\DUNDQG%ODFNRXQG&D\HVHUYH QGHUWDNHUHTXLUHGPDLQWHQDQFHDQGUHSDLURIDUN $VVLVWZLWKSODQQLQJDQGH[HFXWLQJDFWLYLWLHVLQWKH DSSURYHG*HQHUDODQDJHPHQWODQVWUDWHJLFODQVDQG RSHUDWLQJSODQVWRDFKLHYHWKHJRDOVRIWKH$EDFRDUNV URYLGHVXSSRUWIRU%17SURMHFWVDQGLQLWLDWLYHV $VVLVWZLWKVFLHQWLFUHVHDUFKSURJUDPPHVZLWKLQWKH 5HTXLUHGNLOOV $VVRFLDWHVGHJUHHRU+LJKVFKRROGLSORPD WURQJLQWHUSHUVRQDODQGFRPPXQLFDWLRQVVNLOOV ([SHULHQFHNQRZOHGJHRIWKH%DKDPLDQQDWXUDO HQYLURQPHQW ([SHULHQFHKDQGOLQJERDWVLQDYDULHW\RIVHDFRQGLWLRQV 'HGLFDWLRQWRSUHVHUYLQJQDWXUDOUHVRXUFHVZLWKLQQDWLRQDO 7RDSSO\ SURYLGHDFRYHUOHWWHUUHVXPHWKUHHUHIHUHQFHV WR%DKDPDVDWLRQDO7UXVW IN THIS March 29, 2009 file photo, LeBronJames dunks the ball in the second quarter in a game against the Mavericks in Cleveland... (AP Photo: Tony Dejak Resort holds 2-on-2 b-ball tourney ON Saturday, the Paradise Island Harbour Resort held their first fun-filled activity of the year. It was their second 2-on-2 basketball championship. Taking the championship title was Tyson Williams and Craig Wilson. Coming in second was Sean Major and Sean Wilson and in third place was Raymond Pratt and John Foulkes. The managers of the resort said that this is the first of many fun activities they have lined up for the staff to keep their employees motivated and in shape. The resort family would once again like to thank all of the staff and their family members who came out to support the event and they hope to see them at future events. PLAYERS who participated in the weekend basketball tournament can be seen with Bridgette Beneby, human resources director, and Laurieanne Wilcombe-Olsen, activities and entertainment director TEAMS compete in the 2-on-2 basketball tournament over the weekend. Ambassadors track club to honour its president Bahamians a chance to see some o f our senior athletes up against some of the international athletes from Jamaica and Haiti.” As the Bahamas is gearing up f or the CAC Youth Championships, Grant said this will be a good opportunity for the younger athletes to display their skills before they get ready for the tri-a ls. P P A A T T R R O O N N / / S S P P O O N N S S O O R R Having supported track and f ield with four different presidents, from Alpheus ‘Hawk’ Finlayson to current president Curt Hollingsworth, Petty said his Petty Group of Companies arep leased to see the high level of organisation from Newbold and Linda Thompson. “This, as I see it, will be one of the most exciting club meets t hat we will have in the Bahamas f or a long time because we’re s tepping a bit beyond just comp etition between clubs,” he said. “When you invite a club like t he Miami Garden Express, who are the junior Olympic medallists i n the 4 x 4, to compete against our kids, that says a lot. Thats hould produce a lot of excite ment. When you add Rodney G reene, Rudy Moultrie from Haiti, Adrian Griffith, Michael Mathieu, Antonio Riley, it’s going to be extremely exciting.” Harrison said he is looking for w ard to the event and is pleased to be a sponsor. K K I I D D D D I I E E K K O O R R N N E E R R Lisa Thompson, who became involved in the administration of the Ambassadors after her son s tarted competing, said she was also impressed by the contribu t ions made by Grant and Harrison to the sport. What they have done for the development of track and field, I think the world should know,” said Thompson, who added that Mike Sands should be included. P iggy-backing on the Scotiabank’s National Trials last year, T hompson said they have decided to host another Kiddie Korner f or the meet on Saturday, starting at noon. Thompson said while children under-12 will be admitted free into the stadium, they will be c harged $5 for all day access with a drink and hot-dog for entry into t he Kiddie Korner. There will be a number of a ctivities, including the bouncing castle, appearance of Dora and Spongebob, Henna tattoo-it lasts for three weeks, face painting, fun foods, cotton candy, popcorn, snowcones and sweets at an additional fee. M M I I A A M M I I G G A A R R D D E E N N S S E E X X P P R R E E S S S S Mike Sands, the immediate p ast president of the Bahamas Association of Athletic Associa t ions, said he was pleased to have been invited to join the organising committee for the meet and he’s even more encouraged by the participation of the Miami Gardens Express. “It is a junior track club, similar to a number of the junior track clubs that we have here,” Sands said. “They have expressed an interest in coming here to participate and their invitation has been accepted.” Every time they step on the track, they set national records, according to Sands. They hold junior national records in the 200 and 800 metres. “They have indicated that they don’t want to run in their age group category because they want some competition,” Sands said. “This is their first competition overseas, so Bernard is looking at creating some matchups for them.” The Petty Group of Compa nies will be responsible for the transportation and hosting of the Miami Gardens Express when they arrive. History will also be in the making for the younger athletes when for the first time, the Shuttle Hurdle Relays will take place. It’s an event designed for athletes under eight and nine. They will compete in a 4 x 1 relay with the first and third legs at the finish line and the second and fourth will be at the start of the 60 or 80 metres, depending on the distance they run. The relay will create a lot more excitement for the fans in the grand stands as they watch the athletes go back and forth in events that are popularized at the Penn Relays and in Jamaica. F F R R O O M M p p a a g g e e 1 1 2 2 F o o r r t t h h e e s s t t o o r r i i e e s s b b e e h h i i n n d d t t h h e e n n e e w w s s , , r r e e a a d d I I n n s s i i g g h h t t o o n n M M o o n n d d a a y y s s

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C M Y K C M Y K LOCAL NEWS PAGE 16, TUESDAY, MAY 5, 2009 THE TRIBUNE 2 0 0 9 C O A C H SABRINA:LEATHER NO. 12937, LEATHER LARGE NO. 12949, PATENT NO. 12957 303 BAY STREET, NASSAU 242 326 0557 Bahamas," said Mr Moss, managing director of financial services company Dominion Management Services. According to the Associated P ress, the president's plan would stop US companies from delaying tax payments by keeping profits in foreign countries instead of declaring them at home and called for increased transparency in American bank accounts held in off-shore tax havens, like the Cayman Islands. T his reform would also prevent US companies from getting tax deductions on profits earned overseas. This would lessen the push for American companies to establish some, or their entire practices, in foreign countries and in turn create more job opportunities for Americans, the Associa ted Press reported. But Mr Winder said that due to a relatively small presence of American-born international business companies (IBCs ating in the Bahamas, Mr Obama's planned loophole closure would not have severe implications for foreign businesses investi ng here, he said. "The Bahamas doesn't have any physical presence of headquarters for major American cor porations in the Bahamas we don't have that many of them. S econdly, for those American companies that use the Bahamas p rimarily through IBCs there is a minimal amount of activities in the Bahamas relative to those companies if any. "And most of those companies are likely to be subsidiaries and a ffiliates that are performing specific transactions on behalf of US corporations, so you're not likely (to tant to realise it's difficult to say that we would have zero impact because no one really knows the extent to which some companies may be utilising the Bahamas," s aid Mr Winder. According to Mr Moss, the looming reform could deter international businesses from conducting operations in the Bahamas and lead to countless job and financial losses. "Any person who is doing business with a jurisdiction that his o wn country is frowning upon no longer wants to do business with that country because it would make the scrutiny on his particular business too great therefore they won't do business with the Bahamas," he said. To counteract this, government must begin taxing foreign com-p anies by way of double taxat ion treaties for example. Thompson told The Tribune he is “making tremendous progress” in his probe of the case of the dead man, Anderson Pierre, 37. We will release a full statement very shortly,” Mr Thompson said. Asked to comment on the process followed by Immigration officials i n assessing the legitimacy of an applicant’s claim for political asylum, the Director said that this too would be addressed in his statement. Last week, President of the Haitian Bahamian Society of the Bahamas, Jetta Baptiste released a statement denouncing Mr Pierre’s death. I n view of his killing in Santo Domingo, Dominican Republic, where Mr Pierre was said to have gone after flying back to Cap Haitien tob egin arrangments for the relocation of his family, she demanded that government must “review and revise their immigration policies con c erning political asylum applicants.” “It is unacceptable for these helpless refugees to be sent to certain death...how many other political asylum applicants have the Bahamas Immigration officials arrested and deported to their country where they are certain to be killed?” asked Ms Baptiste. M r Pierre and his wife are alleged to have lodged an application for asylum with immigration authorities two years ago. A fter receiving a rejection letter in September 2008, which told them that their case “did not meet the criteria for refugee status” as set o ut by the United Nations, they were told to leave the country. Mr Pierre then travelled to Cap Haitien in February 2009 in order to begin preparations to relocate his family. He was murdered by unknown gunmen on April 24. His wife, who gave birth to their son three weeks ago, believes her h usband’s death was political, and fears she and her child also would be in danger if they returned to the country. S he pleaded on Sunday that government reconsider its decision to repatriate her in view of her husband’s death. I don’t know what to do now, my husband is dead and I am all alone,” she said. Yesterday Mr Thompson said that Mrs Pierre should “make her request known in writing to the department and it will be reviewed and considered.” A mnesty International told T he Tribune t hat the organisation appre ciates the obstacles faced by the Immigration Department in assessingt he extent to which asylum applications meet the criteria, but said there must be good reason to “disapprove” the claims submitted. We would like to have a complete and thorough investigation into why he was denied refugee status what officials had found that m ade them feel it was safe to deny Mr Pierre’s claim,” said the organ isation. FROM page one Amnesty calls for investigation F ROM page one Plans to reform US tax policy split local financial insiders

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Bank now targets 20% capital ratio n B y NEIL HARTNELL T ribune Business Editor THE Bahamas has escaped being named on the US govern-m ent’s Special 301 copyright watchlist for the third year running, with Cable Bahamas’ president telling Tribune Business yest erday that this reflected the mutual understanding” that both sides were moving to address outstanding issues. Anthony Butler said the BISXl isted cable TV provider had been constantly working with the Government, chiefly the Registrar General’s Department and the Bahamian Embassy in Washington, and with the US Embassy inN assau, to address all intellectual property rights issues related toc able TV programming. “We’ve been working closely w ith the Government and the Bahamas Embassy in Washington,” Mr Butler told Tribune Business. “We’ve had a series of meetings with the US Trade Rep-r esentative’s Office in Washington with the Government, andw ith the US Embassy here in Nassau. We feel as if there’s definitely a mutual understanding of the e fforts that are being applied to the intellectual property rights regime, as well as compulsory licensing.” The Bahamas and, by extens ion, Cable Bahamas, issues with n By NEIL HARTNELL T ribune Business Editor A FORMER attorney-general has branded Prime Minister Hubert Ingraham as “naive” fora ccepting the seeming assurances of President Obama and a few US senators that the Bahamas would not be named among soc alled ‘tax havens’ listed in US l egislation, adding that the tax code reforms unveiled yesterday will achieve much of what the Stop Tax Haven Abuse Bills ought to accomplish. Alfred Sears, who was the Christie administration’s top law enforcement officer between 2002-2007, said the package of measures announced by PresidentO bama yesterday designed to close loopholes and enact reformst o deter US companies and highnet worth individuals from using i nternational financial centres highlighted the need for the Bahamas to conduct a sustained lobbying effort on Capitol Hill. Referring to the Bill that was s ponsored by President Obama while he was in the US Senate,M r Sears told Tribune Business: “I thought that the Prime Minist er was a bit naive when he came back from the Summit of the A mericas and gave the Bahamas the assurance that he had spoken with certain US senators in Trinidad and met with President Obama.” M r Ingraham had then expressed confidence that based on his meetings in Trinidad that t he Bahamas would not be listed among the so-called ‘tax havens’ i n the Stop Tax Haven Abuse Act. H owever, Mr Sears said yest erday that he felt the Prime Minister’s comments showed a lacko f understanding of the US polit ical system’s inner workings, and t hat both the White House and Congress were currently united i n seeing international financial centres as “representing an unfairt ax threat to the Internal Revenue Service”. That, Mr Sears said, represented “an erroneous understanding of what offshore financial centres d o in the global economy, and C M Y K C M Y K SECTIONB business@tribunemedia.net TUESDAY, MAY 5, 2009 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third p arty and The Tribune can not be held r esponsible for errors and/or omission from the daily report.$4.29 $4.29 $4.29The information contained is from a t hird party and The Tribune can not be held responsible fore rrors and/or o mission from the daily report. $3.53 $3.62 $3.48 *(/# frf *(+-&."./*/*#.,0-"#""/ *) -".2&/%#""/*)-&) "r%-'".&1"-& "! -&$%/2&/%")*-(*0.+*/")/&"-&*0.&),0&-&".*)'3 r%r""!$%%! n By NEIL HARTNELL Tribune Business Editor CABLE Bahamas has applied t o the Central Bank of the Bahamas for exchange control p ermission to allow 50 per cent some $20 million of its upcoming $ 40 million preference share issue to be raised in US dollars, Tri bune Business can reveal. A term sheet circulated to potential investors by the com p any’s placement agents, RoyalFidelity Capital Markets, which h as been obtained by this newspaper, indicated the private share p lacement was likely to begin next week, as all relevant docu ments associated with it had been approved by Cable Bahamas’ Board of Directors. T he document said: “An application has been made to the Cent ral Bank to allow for up to $20 million of the $40 million Series A P reference Shares to be made in United States dollars.” T he Central Bank is likely to scrutinise closely any application for exchange control approval, especially if large sums are involved, due to its desire to safe g uard the foreign exchange reserves. As at February 2009, t he Bahamas had some $616.32 million in foreign currency r eserves. The preference share issue, which is being targeted at select institutional and high net worth individuals, meaning members of t he public should not apply to become involved, is priced at $10 p er share. The minimum subscription, a ccording to the term sheet, is 5,000 shares or $50,000, with the proceeds set to join some $90 million in bank financing to help fund the buyout of the 30.2 per c ent stake held by controlling shareholder, Columbus Commun ications. The proceeds from the $40 mill ion issue, and the $90 million syndicated credit facility from Royal Bank of Canada, FirstCaribbean 50% of Cable’s $40m issue in US currency * Central Bank approval sought for $20m tranche, as preference share investors get conversion price equal to that offered to Columbus in buyout n B y NEIL HARTNELL Tribune Business Editor THE Supreme Court was last night said to have approved the appointment of a receiver for the troubled $867 million South O cean redevelopment, although it was unclear whether all the t erms for doing so had been com pleted. S ources close to the situation told Tribune Business last night that Justice Neville Adderley had approved the application to appoint Anthony Kikivarakis, the D eloitte & Touche (Bahamas accountant and partner, as receiv e r for the southwestern New Providence project. It was unclear, though, whether the terms of the Order appointing Mr Kikivarakis had been finalised, although Tribune Busi ness was told they had been. All parties connected to the case declined to comment to this news-p aper yesterday. The receivership application was made by former attorneygeneral Alfred Sears, acting on behalf of an investment vehicle owned by the Canadian Com mercial Workers Industry Pension Plan (CCWIPP CCWIPP has a $65 million loan that it advanced to the New South Ocean Development Company, which was secured on the project's 375-acre real estate in southwestern New Providence. It is alleging that the New South Ocean Development Company the project's immediate holding vehicle has failed to make interest and other payments to service its $65 million advance. T ribune Business also previously revealed that Mr Sears and C CWIPP may follow-up the receivership hearing with a fore closure application to the Supreme Court. South Ocean is the subject of a b itter dispute between its general/managing partner and chief f inancial backer. The two warring factions are RHS Ventures and i ts principal, Roger Stein, and Connecticut-based hedge fund, Plainfield Asset Management. The former is the managing/development partner, t he latter South Ocean's finan cial backer. I n New York Supreme Court documents related to the dispute,R HS Ventures alleged its negotiations with the Canadian pension f und, which holds a first mort gage on South Ocean's reale state, had been "stymied" by Plainfield's supposed refusal to d iscuss or approve changes to the terms and duration of CCWIP P's loan. “A foreclosure by the holder of the first mortgage would wipe out [RHS Ventures] equity in the partnership, and leave [Plainfield] itself, which made a significant portion of its investment in the partnership in the form of a pur ported loan, in place as a credi tor," RHS Ventures alleged. "Upon information and belief, [Seaside] is engaged in a concerted effort to seize control of the partnership, and force [RHS Ven tures] out of any management role." Plainfield, though, responded Receiver named for South Ocean S S E E E E p p a a g g e e 4 4 B B S S E E E E p p a a g g e e 7 7 B B S S E E E E p p a a g g e e 5 5 B B S S E E E E p p a a g g e e 8 8 B B Ex-AG brands PM ‘naive’ over tax havens listing * Says US reforms unveiled y esterday achieve much of what Stop Tax Haven Abuse Act intended to do, d iscouraging Americans from using Bahamasregistered companies a nd vehicles * Obama package prompts renewed income tax r eform call * But others say ‘impact not significant’ for Bahamas a nd its financial sector Bahamas escapes US copyright list n By NEIL HARTNELL T ribune Business Editor B ank of the Bahamas International has substantially” sold t he $20 million preference share issue that it hopes to close this week, its managing director telling Tribune Businessy esterday that it was targeting a 20 per cent Tier I capital ratio by the end of its 2010 financial year. Paul McWeeney said “commitments are in place for sub-s tantially the entire issue” of $20 million preference shares, which are being soldv ia private placement and represent the first tranche of the $100 million in preference shares divided into seven classes that were approved by the bank’s annual general meeting (AGM “We hope to close it this week; right away,” Mr McWeeney said of the share issue. “We need to increase the capital standing to support the dra-m atic growth of the bank over the last couple of years. This is the start of the strategy to raise new capital through preference shares. We don’t think t he current market conditions are supportive of a common share issue at this point in time. It’s [ preference shares] not the ideal route, but it’s suitable for the current environment.” Mr McWeeney said that when completed and fully subscribed, the $20 million preference share issue would increase Bank of the Bahamas Intern ational’s Tier I capital ratio from 12 per cent to 15 per cent, well in excess of the minimum 8 per cent ratio. Preference shares are eligible to be included in Tier I share capital calculations. The share issue will provide investors, likely to l argely be institutions such as pension funds, banks and insurance companies, with an 8 perc ent interest rate of return Bahamian Prime plus 2.5 per cent. M r McWeeney said Bank of the Bahamas International had “no choice but to come to market with this rate”, given that numerous other companies Cable Bahamas and private entities had launched capital raising initiatives thato ffered investors the same rate of return. He hinted that Bank of the Bahamas Internat ional might seek to replace the preference shares with other capital instruments, such as common s hares, “if the market turns around”. Explaining that the main strategy behind the s hare issue was capital, rather than liquidity or funds for lending, Mr McWeeney told Tribune Business: “Our capital ratio objective is 20 per * Hopes to complete $20m preference s hare issue this week, with offer substantially’ placed already * Full subscription to take Tier I ratio from 12% to 15%, with 20%t arget eyed for end of fiscal 2010 * System liquidity now close to $390m S S E E E E p p a a g g e e 2 2 B B McWeeney

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C M Y K C M Y K BUSINESS PAGE 2B, TUESDAY, MAY 5, 2009 THE TRIBUNE ISLAND Industries (Bahamas has been named as the Southeast Region Builder of the Year 2008b y the buildings division of Butler Manufacturing Company, the developer and manufacturer of metal building systems. The a ward was presented by Harry Yeatman, southeast regional general manager and Tom Gregory, southeast region sales manager, at Butler’s 2009 regional sales meet-i ng in Savannah, Georgia. Receiving the award was Mike Donald, manager of Island Industries. Among the Bahamas-based c onstruction projects that the company has completed, using Butler building components, are Kelly’s Lumber Yard, Maxwell’s Supermarket in Marsh Harbour,a nd Nassau Motor Company’s extension. The award is presented to one Butler Builder per region, who e xcels in the sale of Butler building and roof systems as well as d emonstrating superior marketing skills. Butler Manufacturing Company has five regions. Island Industries was established in 1958, marketing and b uilding Butler buildings throughout the Bahamas. It has completed over six million square feet of Butler roofs. Island Industries named top regional builder cent, so we still want to grow our c apital base. “We are looking at other measures [other than preference shares] to achieve that... We’re l ooking at some internal issues. It’s safe to say the bank is looking at all ways to expand its capital base, not liquidity, but capital. The objective is a capital ratio of 20 per cent. That has been the objective set for the five-year plan we’re on. We’re i n the last year of that plan, and hope to ensure that ratio is close to 20 per cent. We don’t see that we will not be able to achieve that by the end of the fiscal peri-o d 2010.” Achieving that goal, Mr McWeeney said, would position the bank perfectly for the “start o f a new five-year plan”, which would kick-in from the start of fiscal 2010 on July 1 of that year. While the economic downturn had created “some stress” on a sset quality throughout the Bahamian banking sector, Mr McWeeney said he was “confident the banks will work through this and the system will remainf airly strong”. Given the strong capital bases of all Bahamas-based commercial banks, Mr McWeeney said: We have the ability to absorb quite a bit of risk before we get to any problem point, and I’m confident we will not get there either. I’m confident we’ll weath-e r the storm. “Right now, the main focus of all banks and financial institutions is maintaining prudential s tandards and capital fortification. That has to be the focus of strategy at this time.” Coupled with the heavy capital bases, Mr McWeeney said hea lso drew encouragement from the fact that excess liquid assets in the Bahamian commercial banking system currently stood a t close to $390 million. The Bank of the Bahamas I nternational managing director said the bank was continuing to experience credit and loan portfolio growth. While this was “nothing significant”, he indi-c ated it was bucking an industry trend where a number of banks had seen the size of their loan portfolios contract. B ank of the Bahamas International was still “looking at the expansion of our entire customer service and product base as best we can”. M r McWeeney said it was looking at the expansion of its non-credit products and services, particularly its payment card serv ices, such as the electronic prepaid store cards. He added that Bank of the Bahamas International had also received some “strong renewedi nterest from potential tenants” for its West Bay Street headquarters, and was “hoping to get some confirmation this year on t hat”. B B A A N N K K , , f f r r o o m m 1 1 B B SHOWN (l-r r egion sales manager; Mike Donald, Island Industries manager; and Harry Yeatm an, Butler Manufacturing Company’s southeast regional general manager

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n By CHESTER ROBARDS Business Reporter c robards@tribunemedia.net THE proposed UK tax hike on airfares will likely go through this c oming November, which could c ause a further decrease in marginally declining British Airways (BA its marketing manager said yes-t erday. This was despite airfares seeing a reduction year-over-year. Adrian Barton told Tribune Business that passenger duties i mposed on travellers leaving the UK were already too high, and another tax hike could be devastating to flight sales. T he UK suggested the tax hike would make airlines accountable for their impact on the environment, but no money the tax will bring in has thus far has been ear-m arked for environmental projects. According to a press release by the Advocacy Committee of the C aribbean Hotel and Tourism Association (CHTA t hus far earned the UK government over $2 billion since its implementation several years ago, which they contend should now in p art be regarded as a contribution to general UK taxation. The CHTA has launched an extensive campaign to lobby the UK government in an effort toh ave them relent on the tax increase. According to their release, the Dutch government recently rescinded a similar air t ax, which they found to be “counterproductive”. Pending changes to the UK Air Passenger Duty are expected to result in increased levels of duties applied to air tickets from t he UK to all destinations. Of particular concern to us in the Caribbean are the high levels of duty to be applied to tickets to the Caribbean, as well as the dis-c rimination against the Caribbean region by illogically allocating it to a higher tax band than major competing destinations,” said the C HTA release. The Bahamas Ministry of T ourism has expressed its concern on the issue, and the consequences of costlier flights to this country. M r Barton said the Bahamas has been luckier than many other countries where British Airways offers direct airlift. “Other destinations are seeing more of ar educed demand from the UK,” he said. “Things are looking good on this end.” Mr Barton said Easter was e xtremely busy for the airline, which services London’s H eathrow airport. With the outbreak of the deadly ‘Swine Flu’ virus out of Mexico, it was feared that air travel would f urther decline as more and more instances of the illness were being discovered. The European Union went so far as to issue the travel warning: Do not travel to Mexico, US unless essential.” However, Mr Barton said the outbreak has not disrupted B ritish Airways flights to the US or Mexico – or the Bahamas. C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 3B THE committee driving the Bahamas Telecommunications Company’s (BTC y esterday announced the selection of a former Cable & Wireless executive, Usman Saadat, as director of policy and regulation at the soon-to-be established Utili ties Regulation and Competition Authority (URCA The committee said: “With more than 14 years of global e xperience, Mr Saadat possesses a wealth of consulting experience i n telecoms regulation and comp etitive strategy, and is known f or his skill in service innovation and external stakeholder mana gement. He also has a proven track record in leadership roles o f successfully restructuring operations, motivating teams andt ransforming customer experi ence.” A s director of policy and regulation, Mr Saadat will provide direction on these areas, including but not limited to strategy development, market analysis, deter m ination of significant market power (SMPm ent of remedies for SMP (including interconnection, regulatory cost accounting and retail pricing). Mr Saadat will direct the develo pment of methodologies for market reviews and universal ser v ice obligation assessment, licensing policy and structure, number i ng, spectrum policy and the approach to local number portability. He will be required to develop an effective and efficient regulat ory regime, and identify and develop the resource skills ofU RCA to enable a Bahamian to assume this responsibility within a r easonable time frame. The Public Utilities Commis s ion (PUC Regulatory Authority are expect ed to be replaced by the URCA upon enactment of the URCA Bill, which was tabled in Parlia-m ent on April 22, 2009. The URCA will regulate all a reas of electronic communica tions within the Bahamas, includ ing broadcasting and television. During the transition period, Mr Saadat will report to the chairman of the Privatisation Committee. Upon the vesting ofU RCA, he will report to its chief executive and serve as a member o f that entity’s Board of Direc tors with full voting rights. Mr Sadaat will direct the policy and regulation functions within the URCA. Mr Saadat’s most recent responsibility was as chief executive of Cable & Wireless St Lucia, prior to which he served as business development director of Cable & Wireless International. Mr Saadat has a wealth of regu latory experience in the telecommunications markets, including more than five years experience in economic consulting with UKbased National EconomicR esearch Associates (NERA and Europe Economics. While consulting, he served as advisor on major regulatory proj ects for the European Commission, and led projects for Euro p ean and Asian national telecomm unications regulators, including O FTEL in the UK, ODTR in Ireland and OFTA in Hong Kong. M r Sadaat also spent three years as an economist with the r egulatory team in the head office of Cable and Wireless PLC. Dur-i ng this time he helped implement regulatory best practices in busin esses transitioning from monopoly to liberalised markets. Mr Saadat also worked with Governments in a number of Caribbean countries to telecom m unications markets and establish new legal and regulatoryf rameworks and compliance. Policy chief named for new regulator Airline worried on tax hike impact for Bahamas I I N N S S I I G G H H T T F o o r r t t h h e e s s t t o o r r i i e e s s b b e e h h i i n n d d t t h h e e n n e e w w s s , , r r e e a a d d I I n n s s i i g g h h t t o o n n M M o o n n d d a a y y s s U sman Saadat

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by alleging that RHS Ventures had not properly used the financing it had advanced for the South Ocean project, and failed to provide it with audited financial i nformation. It alleged that the managing partner had committed "fraud and/or intentional misappropriation." As a result, especially given the prevailing financial climate, the h edge fund wanted a "high degree of supervision and control" over what was happening with its New Providence investment. T he dispute between Mr Stein and Plainfield is currently embroiled in arbitration proceedings in New York, not to m ention litigation in the Bahamian courts. Both the New York state and Bahamian Supreme Court's rejected RHS Ventures' applica-t ion for an injunction to prevent Plainfield from removing it as managing/general partner. But then Senior Justice John L yons ruled that Plainfield had not established "reasonable cause" to remove RHS Ventures and Mr Stein, having alleged " fraud and/or intentional misappropriation." T ribune Business previously revealed that the New South O cean Development Company is controlled by a Cayman-basedp artnership, which is owned 51 per cent by Seaside Heights ( Plainfield), 1 per cent by RHS Ventures, and 48 per cent by one of the latter's affiliates, RHS H oldings. RHS Holdings' contribution to t he partnership was said to have been the 100 per cent equity in the New South Ocean Development Company, which had invested $7.56 million in land acquisit ions and other pre-development costs. Seaside was alleged to have loaned some $57 million to the South Ocean project, and injected$ 42.7 million in equity taking its total participation to around $100 million as of late 2008. The loans involved alleged a dvances of $31.1 million on February 15, 2008; $13.095 million on the same date; and $12.691 million on August 1, 2008. The initial plans for the South O cean development included a 140-room five-star and 400-room four-star resorts. Apart from the two resorts and 40,000 square foot c asino, the redevelopment of South Ocean, which has been closed since 2004, will feature fractional villas, 180 timeshare u nits, second homes, convention centre, marina, tennis facilities, a nd spa all set to cost around $500 million. The first phase, involv i ng the installation of utilities and infrastructure, is set to cost "a lit-t le over $200 million." The draft economic impact s tudy, performed for South Ocean, completed by Oxford Economics, projected that the r esort would create 1,358 full-time jobs when fully open, plus 1200 d irect construction jobs during peak build out. C M Y K C M Y K BUSINESS PAGE 4B, TUESDAY, MAY 5, 2009 THE TRIBUNE NOTICE is hereby given that KERLINE SAMA of NASSAU VILLAGE, P.O. BOX SS-19753, NASSAU, BAHAMAS , is a pplying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that a ny 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 5T Hday of May, 2009 t o the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.NOTICE Legal NoticeNOTICE BAKER UNITED LTD.(In Voluntary Liquidation)Notice is hereby given that the above-named Company is in dissolution, which commenced on the 24th day of March 2009.TheLiquidator isArgosa Corp. Inc.,P.O.Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC.(Liquidator / HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0DUFK 7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV LEGAL NOTICENOTICEINTERNATIONAL BUSINESS COMPANIES ACT(No.45 of 2000KITEN INTERNATIONAL, INC.Notice is hereby given that in accordance with Section 137 (8al Business Companies Act, No. 45 of 2000, the Dissolution of KITEN INTERNATIONAL, INC. has been completed, a Certicate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 24th day of April, 2009. e Board of Directors of FamGuard Corporation Limited is pleased to advise that the rst quarterly dividend for 2009 of 6 cents per share has been declared to be paid on May 18, 2009 to Shareholders of record as at May 11, 2009FAMGUARD CORPORATION LIMITEDe parent holding company of F amily Guardian Insurance Company Limited BahamaHealth Insurance Brokers & Benet Consultants Limited FG General Insurance Agency Limited FG Capital Markets Limited F G Financial Limited F F R R O O M M p p a a g g e e 1 1 B B Receiver named for South Ocean

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t he high level of due diligence and standards that have been achieved, specifically in the Bahamas”. But, getting back to his main t heme, Mr Sears said the Prime Minister had failed to realise that in the US system, power did not reside solely in the hands of Mr O bama, unlike the Bahamas’ UK-based system where prime ministers enjoyed tremendous powers of patronage. In the US, power was evenly d ispersed between the president, as the executive, and Congress as the legislature, and a great deal of co-operation between both was r equired to get legislation passed. This meant that the input of hundreds of people was required, and that the views of one or two senators were relatively meaningless. “For him [Mr Ingraham] to speak to two or three senators, and to develop a level of comfort t hat the threat that he appre hended would no longer exist, b ased on the assessment of those two or three senators, is quite frankly, a naive point of view,” Mr Sears explained. Urging the Bahamas to cond uct a sustained lobbying effort in Washington to educate and influ-e nce US policymakers on the issue, Mr Sears said of yesterday’s O bama announcement: “I think it will basically undermine the confidence of US investors in the Bahamas, because people were apprehensive based on the StopT ax Haven Abuse Bill. “Even if that Bill does not go t hrough, what is coming through in terms of recommended adjust-m ents and changes to the IRS code will, in effect, introduce s ome of the things the Stop Tax Haven Abuse Bill intended to introduce. It will make it more difficult to book transactions through offshore subsidiaries and c orporate vehicles registered in the Bahamas...... Whatever assurances were given to Mr Ingraham are not b eing reflected in what is coming from the White House and Budget proposals being taken to the US Senate and legislature. They don’t seem to understand the nature of the threat facing the Bahamas.” A mong the reforms proposed are the imposition of withholdi ng taxes on accounts at institu tions that do not share information with the US; imposing “neg ative presumptions” on US citi zens who fail to disclose overseas bank accounts; tighter reporting standards and increased penalt ies. Opinion was mixed, though, on t he impact these reforms will have on the Bahamas and its financial services industry. Tri bune Business has repeatedly been told that US clients with assets in the Bahamas are largely compliant with their home coun try tax laws already, as shown by the fact that there have been less than 25 requests for information submitted by Washington to Nassau since the two nations signed the 2002 Tax Information Exchange Agreement (TIEA “My initial reaction is that the impact will not be significant to the Bahamas in terms of revenue or employment,” Raymond Winder, Deloitte & Touche (Bahamas told Tribune Business. He explained that unlike Bermuda, the Cayman Islands and Barbados, the Bahamas did not have many parent organisa tions or holding companies with a physical presence that were owned/related to US firms. “From an employment point of view, I don’t see any signifi cant loss of employment. From a revenue point of view, we may have some IBCs incorporated, but it’s not that significant. I don’tsee any significant concerns for the Bahamas from that,” Mr Winder added. But Paul Moss, the PLP activist and head of his own financial ser vices business, Dominion Management, agreed with Mr Sears, arguing that the Prime Minister was “dead wrong” to believe the Bahamas would not appear in the Stop Tax Haven Abuse Bill based on his Trinidad discussions. think the Americans are going to lump everyone in one basket, notwithstanding the TIEA,” Mr Moss said. “They are going to go after those American companies they believe are benefiting from so-called tax havens, no matter whether you have a TIEA or not. If they perceive thatyou are a jurisdiction American companies benefit from, they are going to deal with you.” He again urged the Bahamas to “be ahead of the curve” by implementing the required changes to its tax system itself, introducing a low-rate income tax that would be imposed on the profits, revenues or assets under management of international clients. And Mr Moss said the pressure for this kind of tax reform was coming not just from the assault on international financial services,b ut the Bahamas’ membership in the Economic Partnership Agreement (EPA Union (EU t he World Trade Organisation (WTO All this meant that customs duties, which accounted for 60 per cent of all tax revenues, woulde ventually be phased out, making tax reform imperative. “We need to get on with it. I don’t know why we’re delaying and not dealing with thesei ssues,” Mr Moss said. “The Bahamas has to make these changes sooner rather than later. The Bahamas has an opportunity t o lead.” Despite describing itself as a ‘blue chip jurisdiction’, Mr Moss said the Bahamas had been able to shake-off the ‘tax haven’ stig-m a because it had not altered its business model to position itself as a “legitimate financial services centre”. “We cannot afford for the next 1 0, eight, four years to be looking over our shoulder and wondering where the next initiative is coming from,” Mr Moss told Trib une Business. He added that his income tax proposal could raise “tens of millions of dollars”, and would make the current $1.5 billion revenueB udget produced by the Government “miniscule” in comparison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u b l i c E d u c a t i o n M e e t i n gLecturer: Roy R.obin Lewis IIILewis Environmental Services, Salt Springs, FloridaDate:Wednesday, May 6Time:7:00 pmVenue:The Retreat,Village RoadRoy Lewis is the founder and president of Lewis Environmental Services, Inc., an environmental consultingrm in Tampa, Florida. He has an undergraduate degree in biology from the University of Florida and a graduate degree from the University of South Florida. He did postgraduate work at the University of South Floridas Marine Science Institute and was a professor of biology at Hillsborough Community College, and chairman of the department from 1974 to 1977. Mr. Lewis expertise includes the ecology, management, restoration and creation of fresh and saltwater marshes, mangrove forests, forested freshwater forests, and seagrass meadows.For more information call 393-1317 or email bnt@bnt.bsMangrove Forest Ecology,Management and RestorationMangrove Forest Ecology,Management and Restoration Ex-AG brands PM ‘naiv over tax havens listing F F R R O O M M p p a a g g e e 1 1 B B

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C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, MAY 5, 2009, PAGE 7B FUNERAL SERVICES FOR I nternational Bank (Bahamas and Scotiabank, will also be used to refinance Cable Bahamas’ existing debt and credit facilities, plus pay transaction costs and fund working capital. As previously revealed by Tribune Business, preference share investors will have the option to c onvert their investment into Cable Bahamas ordinary shares (equity $40 million issue closes. The conversion price will be the $13.43 per share transaction price that Columbus Communications is receiving from the company in return for selling its stake. Effectively, one preference sharepriced at $10 would be equival ent to 0.7433 ordinary shares, b ased on those prices. This means that, at current market prices, investors in Cable B ahamas’ preference share issue w ill effectively be paying the same 1 1.5 per cent premium that the company is paying to Columbus C ommunications in the $80 million buyout. However, a lot can h appen to share prices over two years, and it is only when the conversion day arrives that preference share investors wishing toc onvert will be able to tell w hether they have a good conversion price or not. I f they choose not to convert, investors will regain all their princ ipal by the time the preference share issue matures 10 years from its closing date. Those who stick with this investment tool will start receiving their principal back on t he sixth anniversary of closing, with the full sum paid back in five e qual annual instalments. According to the offering term s heet, preference share investors will have an 8 per cent interest r ate of return on their investment. Dividends, it added, are due to be paid semi-annually on June 30 and December 31 of each year, with the first payment coming on t he latter date in 2009. Cable Bahamas is also unable t o redeem the preference shares until after the second date of the i ssue’s closing. The $13.43 per share price that Columbus Communications, an entity owned by Barbados-based Columbus Com munications Inc, will receive repr esents an 11.5 per cent premium to the $12.04 that CableB ahamas’ stock closed at on BISX last night. T he purchase price for Colum bus Communications’ 5,954,600 shares has decreased by 6 per cent compared to the $14.28 per share initially contemplated by the par ties pre-Christmas, after Tribune Business had exclusively revealedd etails of the proposed buyout. Back then, the purchase price r epresented just a 1 per cent pre mium to the then-prevailing market price, as opposed to the 11.5 per cent now. Still, back then Columbus Communications’ stake was valued at $85.174 mil lion, and now it is some $5 million less at $80 million. The company then was valued in total at $282.035 million, and now that figure is $264.9 million. However, some Cable Bahamas shareholders have called for an Extraordinary General Meeting (EGM be held to enable them to vote on whether the Columbus Communications buyout should go ahead. “The fact there has been no consultation with 55 per cent of the shareholders, no consideration given to them, and the fact they are not represented on the Board, to me is a problem,” the investor said. “Cable should make all efforts before the deal is done to consult with 55 per cent of the shareholders. This is being rammed down the throats of the minority. They are being told this is best for the company, and that may be the case, but they don’t want to fall into the same prob lems as BSL Holdings, where decisions were made with no thought or consideration given to minority shareholders, who in this instance are in the majority. “No matter what they say, they have problems given that the Board are deciding on a deal they are the major beneficiaries of. This deal has so many insiders. The people that are making the decision are largely the ultimate ben eficiaries from that decision. The minority shareholders who constitute the majority have no say on the Board.” 50% of Cable’s $40m issue in US currency F F R R O O M M p p a a g g e e 1 1 B B F o o r r t t h h e e s s t t o o r r i i e e s s b b e e h h i i n n d d t t h h e e n n e e w w s s , , r r e e a a d d I I n n s s i i g g h h t t o o n n M M o o n n d d a a y y s s

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C M Y K C M Y K BUSINESS PAGE 8B, TUESDAY, MAY 5, 2009 THE TRIBUNE /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 1 27,&( ,QROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $ UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ,QROXQWDU\/LTXLGDWLRQf 1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 1 27,&( ,QROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $ UJRVD&RUS1DVVDX %DKDPDV Bahamas escapes US copyright list the US on intellectual property rights have largely stemmed from i ts compulsory licensing regime, which was considered by the US programming industry and copyright holders as too broad and not providing compensation for their works at ‘fair market rates’. These problems were exacerbated by the fact that both the Bahamas and the rest of the Engl ish-speaking Caribbean are seen as too small a market by many US TV programmers and rights holders, something that has made them disinclined to negotiate commercial arrangements with Cable Bahamas. I n 200o, and agreement was made between the Bahamas and the US. Under its terms, the Motion Picture Association of A merica (MPAA and other copyright holders were supposed to enter good faith negotiations with Cable Bahamas for a commercial agreement thatw ould allow the company to provide English-speaking programmes, but pay royalty and licence fees to copyright holders. W hile many of these programmes can be picked up in the Caribbean, the problem occurs with the premium channels such as HBO, because the programmed istribution and royalty rights contracts held by these networks o ften do not allow them to broadcast outside the US. The copyright owners are reluctant to negotiate with Cable B ahamas because the legal fees they would need to change the royalty contracts would exceed the revenues gained from such a small market like the Bahamas. Y et Mr Butler indicated to Tribune Business that negotiations with the programmers and copyright holders had been aided by t he current economic environment, in which they needed to gain every cent of revenue possible. “Under the existing economic c limate, everyone has to take advantage of opportunities, and w e’re hopeful they’ll see the Caribbean as an extension,” Mr Butler said. “We’re constantly going after p rogramming that was not available to us, and the most recent one was Major League Baseball. MLB was not selling to the region, and as recently as sixm onths ago, we were able to get a contract with MLB. So they recognise the Caribbean market as one they want to do business w ith.” The Bahamas was removed from the Special 301 watch list in 2007, and has remained off it ever since, due to improvement in itsi ntellectual property rights enforcement. F F R R O O M M p p a a g g e e 1 1 B B