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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Volume: 105 No.148



GOOD MORNING...

BAHAMAS EDITION Peg

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FRIDAY, MAY 22, 2009

4



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Court ruling COU aid out to
free accused Killers’ °otcnpers



Concerns raised
after section of

Bail Act ruled
unconstitutional

FAMILIES of murder vic-
tims are afraid that a Court of
Appeal ruling could mean
accused killers will be roaming
the streets soon after their
arrest.

The landmark ruling states
that a section of the Bail Act
that prohibits the granting of
bail in murder and other seri-
ous cases is “unconstitution-
al” and “void.”

Allison Edgecombe, the
aunt of Jason Jackson, 23, who
was stabbed to death outside
Cocktails and Dreams last
summer, told The Tribune yes-
terday that she cannot support
the decision.

“How could you put a per-
son suspected of killing anoth-
er person out on bail? I don’t
think persons like that should
get bail,” she said.

Rodney Moncur,

spokesperson for the group,
Families of Murder Victims,
which represents 10 families,
said the ruling will cause wide-
spread “paranoia” in an
already fearful populace.

All persons accused of mur-
der are innocent until proven
guilty under Bahamian law. A
number of people charged
with murder have been
released after serving consid-
erable time on remand with-
out trial. However, observers
fear that the release of such
suspects in greater numbers
would create panic in com-
munities — especially in view
of acts of violence committed
by accused murderers on bail
in the past, as well as the trend
of witnesses turning up dead
before they are due to appear
in court.

“Right now, I know two
families in Fox Hill who are
horrified because on a daily
basis, they come into contact
with accused murderers who
they have to testify against in
the Supreme Court,” Mr
Moncur said.

Court of Appeal President
Dame Joan Sawyer noted in
her ruling on four conjoined

SEE page 11



Ce ee aa

Tim Clarke/Tribune staff



A MODEL is pictured in the spotlight yesterday at Luciano’s restaurant on East Bay Street. The
restaurant played host to the glamour of the Doctors’ Hospital Dr Meyer Rassin Foundation’s first
ever ‘Dollars for Scholars’ fundraiser fashion show and luncheon.

Obama fundraiser ‘may be named
next US Ambassador to Bahamas’

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

A CAMPAIGN fundraiser for US
President Barack Obama will report-
edly be named as the next US Ambas-
sador to the Bahamas, The Tribune
was told.

While the name of the woman and
her details have yet to be released by
the White House, officials at the US



THE NEXT Ambassador is
‘reportedly a campaign
fundraiser for US
President Obama’ (above)

e SEE PAGE FIVE

Embassy insist no official decision has
been made at this time.

According to chief political and eco-
nomic policy officer Jeff Dubel, a lot
of names are being banded about.
However, until the White House
informs the Embassy of its choice and
the candidate is screened and inter-
viewed, nothing is official at this time.

“But we definitely are getting an

SEE page 11



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

DESCRIBED as a
"landmark achievement"
within the hotel industry,
more than $200,000 in gra-
tuity payments held in
escrow for members of the
Bahamas Hotel Catering
and Allied Workers Union
were paid out yesterday,
said union head Roy Cole-
brook.

The continuing initiative
came as a result of negoti-
ations and a master agree-

SEE page 11

Haitian Ambassador
reveals shocking
(letails of poverty
in his country

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

HAITIAN economic
migrants contribute more to
the economy of the impover-
ished island nation than the
combined sum of internation-
al donations, Ambassador
Louis Harold Joseph told
Rotary members yesterday.

Speaking to the Rotary
Club of West Nassau over
lunch at Graycliff in West Hill
Street, Nassau, the Republic
of Haiti’s ambassador to the

SEE page 16

INSIDE

RESIDENT ‘WITH EIGHT
MONTHS TO LIVE’ CALLS
FOR GAMING LAWS CHANGE
PAGE THREE
CALL FOR PUBLIC
INVESTMENT IN HIGHER
EDUCATION OF BAHAMIANS
PAGE FIVE







NASSAU AND BAHAMA

ISLANDS’ LEADING NEWSPAPER



PAGE 2, FRIDAY, MAY 22, 2009

THE TRIBUNE



ECONOMIC PARTNERSHIP AGREEMENT

Professional groups required under EPA to negotiate with European counterparts

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

To comply with demands set out
under the Economic Partnership
Agreement professional bodies in the
fields of accounting, engineering, archi-
tecture and tourism will have to begin
negotiating with their counterparts in
Europe by next year.

President of the Bahamas Society of
Engineers Jerome Elliott yesterday
expressed his surprise at the looming
requirement for his field to forge a
“Mutual Recognition Agreement” with
Europe, as revealed in a luncheon
address to the BSE by John Delaney,
chairman of the Bahamas Trade Com-
mission.

Mr Delaney told the engineers that




fm) the conclusion of
i MRAs between
such groupings
and the European
Commission will
be necessary in
order for Bahami-
an practitioners to
take their services
abroad and truly
feel the benefits
of the EPA, the
new trade agreement between
Caribbean countries and Europe.
The MRAs demanded under the
EPA are expected to define accept-
able standards for practitioners in indi-
vidual fields, so that if a Bahamian or
European engineer or accountant was
to ply their trade elsewhere, that coun-
try could be assured that their work

John Delaney

will be of a quality equal to that avail-
able from their own registered practi-
tioners.

However, before they speak to
Europe, some professional groupings
in the Bahamas still have a long way to
go, suggested Mr Delaney.

Enabled

“Tt’s understood that professional
bodies may need to be better enabled,
if they are not sufficiently organised
and financially strong to equip them-
selves for all these points.

“Tt’s going to be incumbent upon
each professional body to ensure that
their institutions are properly staffed
and that there’s the organisational
capacity to be responsive to things such
as negotiating the MRA.

“In terms of assistance we would be
more than happy to advocate what you
feel you may require with the Ministry
of Finance,” said Mr Delaney, respond-
ing to concern expressed by Mr Elliott
about what help organisations like the
BSE might get in responding to the
EPA requirements.

In part due to government foot-drag-
ging, engineering is a key example of a
field in need of greater organisation
and oversight.

At present, the profession lacks a
regulatory body — like the Bahamas
Medical Council — which is responsible
for registering engineers and main-
taining standards among practitioners
in the field.

Such registration, along with “clear
non-discriminatory” criteria outlining
who is eligible to be licensed to practice

in each field as well as certification and
continuing education requirements will
all be expected under MRAs.

Vice president of the BSE Randy

King said the BSE has been lobbying
the government for some time to
amend the Engineers Act, 2004, to pro-
vide for a board, which expired in 2007,
to be re-established.
The revelation that under the EPA
engineers and others will need to show
they meet relevant standards makes
their call all the more urgent, he sug-
gested.

BSE president Mr Elliott said prac-
titioners believe the government’s
“inactivity” on its recommendations
for amendments to the Act governing
the sector is “unacceptable” — even
without its implications relative to the
requirements of the EPA.

Agreement to allow Bahamians to












































THE retrial of Bishop Earl ‘Randy’ Fraser is now expected
to resume in September.

Fraser, who is on $10,000 bail, was back in Magistrates
Court yesterday.

He is accused of having a sexual relationship with a 16-year-
old girl between July 2005 and February 2006.

So far five witnesses, including the virtual complainant, have
testified.

Returned

Last week, Chief Justice Sir Burton Hall ordered that the
matter be returned to Magistrate Carolita Bethel for the con-
tinuation of the retrial, having not been satisfied that the con-
stitutional challenge launched by Fraser’s attorney Wayne
Munroe should be heard in the Supreme Court.

The application had arisen following testimony by Woman
Police Corporal Sheria King, a forensic expert.

The alleged victim in the case, who is now 20, testified that she
and Fraser had sex on an average of 12 times a month at his
home and office at Pilgrim Baptist Temple.

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Local News Piper oo Oo limilo
EGIROCal/ BEMCES setter een ttetencatacceseeameesnrtcee P4
P7,8,9,10
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CLASSIFIED SECTION 40 PAGES

USA TODAY MAIN SECTION 12 PAGES

i K

m@ By PAUL G TURNQUEST

travel to Europe without a visa

Tribune Staff Reporter
turnquest@tribunemedia.net



AT an international meeting
in Brussels next week the
Bahamas is expected to sign an
agreement that will allow
Bahamians to travel to Europe
without first applying for a
Schengen visa.

The European Union-
African, Caribbean, Pacific
State (EU-ACP) meeting will
be held on May 28 and 29. The
agreement, which is to come
into effect on June 1, will be
signed on behalf of the
Bahamas government by the
country’s High Commissioner
in London, Paul Farquharson.

The deal will be welcomed
by businessmen and students
who travel to Europe frequent-
ly and say the need for a visa is
an unwelcome complication.

The government has been
working for a long time to
resolve the issue by either estab-
lishing a Schengen visa office
in the Bahamas, or convincing
Europe to remove the Bahamas
from the list of countries whose
citizens require one.

Speaking with The Tribune
yesterday, Foreign Affairs Min-
ister Brent Symonette said he
has instructed his office to tele-
phone him the moment the
agreement is signed — “no mat-
ter the time of day.”

Governor General Arthur
Hanna also confirmed the move
yesterday, as he accepted Let-

ia
EXTERMINATORS
FOR PEST PROBLEMS
PHONE: 322-2157

jae eon uae

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Derek Smith/BIS

MARC-OLIVIER GENDRY, Ambassador of the Republic of France (left), presented his Letters of Credence
to Governor General Arthur Hanna yesterday.

ters of Credence from Marc-
Olivier Gendry, Ambassador of
the Republic of France to the
Bahamas, in a ceremony at
Government House.

He thanked the government
of France for its part in the
negotiating process.

“The signing of this agreement
along with the Economic Part-
nership Agreement, which the
Bahamas signed in October
2008, and recognising the gov-
ernment of France’s facilitation
of the same within the EU
body, speaks volumes of your
country’s resoluteness to ensu-
ing that equitable trade in the
region is realised, void of

unlikely barriers,”
general said.
Ambassador Gendry said: “The
imminent implementation of
the visa waiver agreement for
Bahamians travelling to Euro-
pean Schengen states will cer-
tainly have a favourable affect
on the movement of persons
and foster further exchanges.”
The Bahamas and France
have shared “close and cordial”
relations over 30 years during
which they have remained com-
mitted to a respect for basic
human rights and fundamental
freedoms through the promo-
tion of democracy, he said.
“The Bahamas is very appre-

the governor

ciative of the support of the
French government and the
European Union to the African,
Caribbean and Pacific countries
as a whole, given particularly
the benefits that would evi-
dently be derived from prefer-
ential European co-operation,”
the governor-general said.

The Schengen countries are:
Austria, Estonia, Greece,
Latvia, the Netherlands, Slova-
kia, Belgium, Finland, Hungary,
Lithuania, Norway, Slovenia,
Czech Republic, France, Ice-
land, Luxemburg, Poland,
Spain, Denmark, Germany,
Italy, Malta, Portugal, and Swe-
den.



Unfortunately,
many children
do not see the
dentist on a
routine basis
for basic dental

services

Dr. - Spartmel
Ferguson



Dr Sparkman Ferguson
provided 40 students from
Centreville Primary with
one day of free oral health
care examination.

“Giving back to the
community is a big part of
my practice and is some-
thing that I can show oth-
er persons how much of
an impact we can make in
such a small amount of
time,” says Dr Ferguson.

Children who came to
Dr Ferguson on Friday
were able to receive an
exam and oral hygiene
instructions and a gift bag
of oral care products as
part of this event.

“Unfortunately, many
children do not see the
dentist on a routine basis
for basic dental services,”
said Dr. Ferguson. Nearly
75 per cent of the students
who visited Dr. Fergu-
son’s office at the age of
eleven have never visited
a dentist’s office.

“Because of this pro-
gramme we are able to
ensure the parents and
individuals receive the
right information they
need and deserve,” said
Dr Ferguson.

This year will mark the
fourth year of this event.
Dr Sparkman has already
conducted dental exams
for hundreds of primary
and secondary students
since the programme
started in 2004. .





THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 3



LOCAL NEWS

PMH CAT
scan unit
is facing
challenges |

PRINCESS Margaret Hos- j i
pital's CAT Scan unit is facing }
some challenges as officials at i
the hospital await the arrival ;

of a replacement part.

Hospital Administrator }
Coralee Adderley said while
the hospital's lone CT scan- }
ning machine is still opera- }
tional, certain procedures can- }
not be performed until a }

faulty part is replaced.

"The CT machine is work- i
ing but we're not able to do all }
procedures because there is }
one particular part that's not ;
working, but we are able to }
do general procedures," she }

said yesterday.

When asked how long it i
would take until the machine :
was fixed, Ms Adderley said: :
"As long as it takes for the }
vendor to get the new part to ;

"

us.

The replacement part is

being shipped from overseas,
she said.

An angry patient who con- i
tacted The Tribune yesterday }
claimed he was told that the :
part would not arrive for three
weeks and expressed outrage :
that the hospital had not :
informed the public of the set- :

back.

case basis".

CT scanning is a non-inva-
sive medical test that helps }
physicians diagnose and treat :

medical conditions.

Emerald Bay

SEVEralce
packages

handed over:

ALTHOUGH severance }
packages for the employees }
of the Four Seasons Resort }
at Emerald Bay are due to }
be given out on May 28 — two }
days after the resort closes — }
a group of employees asked }
for and were given their }

packages yesterday.

Minister of Labour Dion
Foulkes told the media that }
20 people requested early }
severance packages, as they }
have already secured other }

jobs.

gotten,” said Mr Foulkes.

A committee has been }
formed, made up of Labour }
officials and representatives }
of the Bahamas Hotel and }
Credit i
Union, to meet with each of }
the Four Seasons employees
to determine details about }
their employment, such as }
how long they worked at the }
resort and in what capacity, }
in an effort to ensure that }
each person gets the sever- }
ance package that is due to :

Allied Workers

them.

benefit scheme.

The Emerald Bay Resort }
and Marina, Four Seasons }
Hotel and golf course, will }
close on May 26, leaving }
around 500 employees out of }

work.

The closure comes nearly }
two years after the resort was }
handed over to receivers by }
developers EBR Holdings }
after the company fell into }

debt.

losses.

Without new investors to ;
acquire the project, secured }
creditor Mitsui decided to }
temporarily close the resort. }

On Monday, Prime Minis- }
ter Hubert Ingraham
announced that consultations }
have begun with various par- }
ties, and receivers confirmed }
there is significant interest in }
the resort, although negotia- }
tions are still at an early }

stage.

Resident ‘with eight months to

live’ calls for gaming laws change

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

A WEALTHY Lyford Cay res-
ident with not long to live is call-
ing for a re-examination of gam-
ing laws for financial residents of
the Bahamas.

Robert Halat, a United States
citizen who retired in the
Bahamas 19 years ago, suffers
from emphysema and believes he
has around eight months to live.

Gambling is one of Mr Halat’s
simple pleasures as his mobility
is limited and the casinos are a
place where he can sit comfort-
ably without a respirator for three
or four hours and socialise with
friends.



“I can see why the government
might not want Bahamians to
gamble, but to take away my right just
because I reside here is ludicrous.”



Robert Halat, a US citizen

who retired in the Bahamas

But the 78-year-old, who was
granted residency when he retired
in the Bahamas with his French
wife in 1990, has been booted out
of casinos in New Providence and
Paradise Island because gaming
laws prohibit residents from gam-
bling.

He was kicked out of the Wyn-
dham Resort’s casino in Cable
Beach by gaming board officials
who spotted him sitting on a stool
near the slot machines talking to a
friend last week, and Mr Halat
believes he is being singled out
by authorities.

Ms Adderley said the unit is j
handling patients who are in }
need of CT scans, also known :
as CAT scans, on a "case-by- }

"These 20 persons have }
apparently already secured
alternate employment and
they requested to receive }
their severance packages ear- }
lier. This is sort of good news
for us because it shows that }
there are jobs out there to be }

Mr Foulkes advised those }
hotel workers who may find }
it difficult to obtain employ- }
ment after the resort closes }
on May 26 to register for the }
country's unemployment }

Although there was high :
interest in the property, all i
agreements fell through, and }
when the economic downturn }
struck in September last year, }
the resort suffered significant }

GOVT GETS TO WORK AT ARAWAK CAY

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—
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—



WORK IS TAKING PLACE at Arawak Cay
where the government has removed a num-
ber of casuarinas to replace them with
coconut trees. It is unknown at this time if
the much needed replacement of sewerage
lines at the nearby Fish Fry is to be worked
on during this process as well.

Call for Christian Council members to join
committee investigating molestation claims

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

FREEPORT -— A number of community lead-
ers on Grand Bahama are calling for the appoint-
ment of Christian Council representatives to the
government select committee investigating alle-
gations of child molestation in public schools.

Rev Glenroy Bethel, founder of Families For
Justice; Troy Garvey, president of the Parents
Teachers Association at Eight Mile Rock High
School; Rasta Jah Shiloh of the Inity is Strength
Movement and C Allen Johnson of Bahamas
Action Network, held a press conference yes-
terday to express their support for the move.

Although the select committee was appointed
two weeks ago, no one is sure when it will begin
its inquiry into the allegations at Eight Mile Rock
High School (EMRHS), where complaints have
been filed against three teachers.

Rev Bethel said two representatives of the
Christian Council — one from New Providence
and one from Grand Bahama — should be includ-
ed.

“Today we continue to seek justice and pro-
tection of our children throughout the Bahamas
in our education system and we stand in sup-
port with PTA president Troy Garvey and all
the families of the victims who cried for justice to
be served,” he said.

“We believe that the committee along with
the Christian Council would be a step in the
right direction for the protection and safety of our
children.”










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Mr Garvey said he has tried contacting the
select committee to find out about when investi-
gations will be launched.

“We have not seen anyone come to question or
investigate anything and I have also tried calling
them to find out if they have started, but no one
has returned my call.

“We are looking forward to diligent investi-
gations into these matters; we want people to
know that we will not sit idly by.”

Mr Garvey stressed that it is important for a
report from the select committee to be brought to
House of Assembly in a timely manner so the
issue of child molestation in schools can be
addressed.

He also urged parent-teacher associations
around the Bahamas to speak out on the
issue.

The PTA, he said, plays an important role in
schools and society because it serves as a bridge
between parents, teachers, students and the com-
munity.

Mr Allen-Johnson said: “We are looking for
more transparency and accountability with the
involvement of various civic and religious organ-
isations in the process, as well as reports given to
parliament, and we are simply asking the gov-
ernment to do more than lip service in regards to
this committee,” he said.

Rasta Jah Shiloh said that the Inity is Strength
Movement is pleased to support efforts to safe-
guard students from sexual abuse.

He commended all teachers who have done
an excellent job in educating the country’s
youth.

Javotte)BethelsThompson

Jovotte's House of Couture
Work: 356.7071 Cell: 454.5196





Home Fabrics

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322-3080



His fondness of gambling took
Mr Halat to court in October
when he was charged with gam-
bling as a Bahamian citizen after
playing poker in the Atlantis casi-
no on September 24, his 78th
birthday. Charges were dropped
the same day as Mr Halat is not a
Bahamian citizen.

The Chicago native who ran a
lucrative flower auction with his
wife’s family in France considers
himself a permanent tourist as he
has never worked in the Bahamas
and spends around $100,000 in
the country every year.

He is calling on the government
to make a simple change in the
“ludicrous” laws which prevent
non-Bahamian financial residents
from contributing to one of the
country’s biggest sources of rev-
enue in a struggling economy.

And Mr Halat maintains the
restrictions are putting off other
wealthy foreigners from retiring
in the Bahamas.

He said: “Having an obstruc-
tion like this means they will lose
a lot of business.

“The law doesn’t have to be all
changed, but they could exclude
financial residents who don’t work
but want to retire here.

“T can see why the government
might not want Bahamians to
gamble, but to take away my right
just because I reside here is ludi-
crous.”

The laws have been under

review for around two years and
the frail retiree is losing patience
as he now has little to live for, and
does not want to die with an ongo-
ing battle.

Mr Halat said: “I don’t think I
have another eight months to live
and I am not trying to put out a
sob story, but I don’t want to die
angry. I sit here and brood about
it every day and it’s ruining my
life.

“T have been angry for the past
two years and I will curse the gov-
ernment of the Bahamas with my
dying wish.

“They have got to do some-
thing because they are losing out
on so much revenue, and in this
period, the country needs it.”

Vincent Vanderpool- Wallace
said the review is a complicated
process because there are a num-
ber of reforms to be considered.

He said: “Part of what we have
been talking about recently is if
there are a number of people that
fall into the same category. In
addition there are some items we
have to amend in relation to the
Financial Transactions Reporting
Act, and we didn’t want to come
forward with this in multiple bites
—we want to do it all at once.

“We took a first look at it last
week and I wish I could give you a
definitive date for when it will be
completed, but I can say it’s defi-
nitely something that’s under con-
sideration.”

Man wanted in connection
with killing turns himself in

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

A 24-YEAR-OLD man wanted in connection with the killing of an
18-year-old Nassau Village resident has turned himself in to police.
Ramont Knowles made his presence known to the authorities short-

ly after midnight yesterday.

Assistant Superintendent Walter Evans said Mr Knowles was being
questioned yesterday. He could not say whether or not the 24 year-old
was likely to be charged with the shooting - the country’s 28th homicide.

According to police reports, 18 year-old David Alcindorp was walk-
ing in the Lifebuoy Street area when an SUV pulled up alongside

him.

Several people exited the vehicle and began firing shots in his direc-
tion, according to police. Mr Alcindorp was struck in the chest and his

his ankle.

A .380 mm handgun and three live rounds of ammunition were

found nearby.

Also taken into custody on Wednesday was 24 year-old David Met-
tellus. Wanted in connection with an armed robbery, the young man
was found in the Potter’s Cay Dock area at around 12am.

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PAGE 4, FRIDAY, MAY 22, 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 1972-199]

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

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

Obama seeks middle ground on Guantanamo

WASHINGTON — In soaring rhetoric,
Barack Obama ran through his logic for closing
the Guantanamo Bay prison, deliberately plant-
ing himself on the middle ground between his
conservative critics — led by Dick Cheney —
and those to the left who accuse the new presi-
dent of failing to restore American justice for all.

Obama slid easily back into his role as con-
stitutional scholar, gliding through a long, care-
fully reasoned brief in the rotunda of the storied
National Archives on Thursday. One of his
aims appeared to be diminishing Cheney's mes-
sage across town in a cramped-by-comparison
conference hall at the conservative American
Enterprise Institute.

Plans for Obama's speech were made public
only a week ago, several days after Cheney's
appearance was known.

In the company of original copies of the
Constitution, Declaration of Independence and
Bill of Rights, Obama stood firm behind his
decision — announced on the second day of
his presidency — to close the Guantanamo
prison, a lockup reviled in the Muslim world
and a drag on U.S. relations with many of its
oldest allies.

"There is also no question that Guantanamo
set back the moral authority that is America's
strongest currency in the world," Obama said.
"Instead of building a durable framework for
the struggle against al-Qaida that drew upon
our deeply held values and traditions, our gov-
ernment was defending positions that under-
mined the rule of law."

The prison at the U'S. naval base in Cuba
was set up by the Bush administration after the
Sept. 11 terrorist attacks as American forces
began sweeping up prisoners in Afghanistan in
late 2001. By keeping such prisoners outside
the United States, the argument went, captives
could be held beyond the American judicial
system and their cases disposed of in the military
judicial system.

But, Obama repeated Thursday: "For over
seven years, we have detained hundreds of peo-
ple at Guantanamo. During that time, the sys-
tem of military commissions that were in place
at Guantanamo succeeded in convicting a grand
total of three suspected terrorists. Let me repeat
that: three convictions in over seven years.”

Cheney said, as if in response: "If fine
speechmaking, appeals to reason, or pleas for
compassion had the power to move them, the
terrorists would long ago have abandoned the
field. And when they see the American gov-
ernment caught up in arguments about inter-
rogations or whether foreign terrorists have

Caves Village Professional

constitutional rights, they don't stand back in
awe of our legal system and wonder whether
they had misjudged us all along.”

Both men appeared to have written their
speeches over crystal ball forecasts of what the
other would say.

Obama complained that he was weighed
down by "cleaning up something that is, quite
simply, a mess" left behind by the Bush White
House. Cheney begged to differ, declaring
Obama was rushing to close Guantanamo with
"little deliberation and no plan.”

While the sitting president and the former
vice president each scored points in their
sequential debate, Obama walked away without
having given American lawmakers the plan
they wanted.

Both the House and the Senate have refused
Obama's request for $80 million to begin clos-
ing down the prison, as even some of Obama's
staunchest Democratic allies have demanded
he first tell them what he will do with the pris-
oners.

There is a noisy backlash — mainly fueled by
Republicans’ relentless criticism of Obama's
plans — against putting what are seen as dan-
gerous terrorists in U.S. prisons.

But that did not seem to be Obama's top
concern. He seemed more intent on placing
himself between the Cheneyites and his critics
on the left who are bitterly complaining the
president is not strongly defending American
legal protections.

"On one side of the spectrum, there are
those who make little allowance for the unique
challenges posed by terrorism, and who would
almost never put national security over trans-
parency,” Obama said in a pointed return of
fire toward those to his left.

"On the other end of the spectrum, there
are those who embrace a view that can be sum-
marized in two words: ‘anything goes,’ " Obama
said. The counter-fire on Cheney, who was
never mentioned by name, was clear: "Their
arguments suggest that the ends of fighting ter-
rorism can be used to justify any means, and that
the president should have blanket authority to
do whatever he wants provided that it is a pres-
ident with whom they agree."

While Obama sought to sway critics, the
wounds opened in the United States on Sept. 11,
2001, still may remain too fresh to be salved
by Obama's densely crafted visions to hold

(This article was written by Steven R. Hurst of
the Associated Press).



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LETTERS

EDITOR, The Tribune.

When I was first elected to
Parliament in 1982 the vexing
problems of the day were the hor-
rendous traffic congestion down-
town, and the unsightly freight
containers on Bay Street. Almost
thirty years later the problems
are still there, but worse.

I suggested then that a bold
decision had to be made to devel-
op a freight port at Clifton Pier.
Most people then thought I was
crazy.

But let us examine what would
have happened had my sugges-
tion been taken seriously.

With the freight port moved to
Clifton almost one thousand peo-
ple now employed at the freight
companies would be moved off
Bay Street to the new freight port
facility. This would also take their
cars off Bay Street thus eliminat-
ing the traffic problem .....and at
no direct cost to the Government.

Every new city needs a core
industry.

The new freight port would be
it! The newly located employees
would need to shop before com-
ing east to their homes, so the
grocery people would build a
food store there; the ladies would
like to buy new shoes or have
their hair done so the appropriate
stores would be built to fill those
needs.

In short, a new, very badly
needed city would rise, creating
more opportunities for young
entrepreneurs, more employment
and a more stable growth for the
economy.

I was told then that such a
move would increase the cost of
freight because of the long runs
that would have to be made
between client and the shipper.
My response was that a diesel
truck, starting and stopping in the
noonday traffic was more fuel
inefficient than a truck being dri-
ven on an unobstructed highway.
Furthermore, the trucks would,
for the most part, be going west in
the morning when traffic was
travelling east and east in the
afternoon when the traffic was
going west, thus creating very lit-
tle if any traffic problems.

With ugly freight containers
moved, the northern side of New
Providence could be devoted to
being designed to attract tourists.
Rather than seeing an ugly freight
facility as they entered the har-
bour, the tourist would see an
absolutely magnificent Nassau,
an island full of tourist attrac-
tions, and small islands around it
to tantalize the imaginations of
the young travellers.

Arawak Cay, originally Kelly
Island, was formed using the fill
dredged from the harbour when it
was being extended.

It was designed to be devel-
oped as a tourist attraction, filled
with opportunities for Bahami-
ans who would be put into the
mainstream of the tourist mar-

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ket. There was, however, one
problem. This was the 1960's and
the concept of Kelly Island being
developed as a tourist attraction
was the brain child of Sir Stafford
Sands and the UBP, and that was
taboo in those days.

It was in 1967 when the PLP
took power that everything that
had a smell of the UBP had to
be changed.

And so Kelly Island was turned
into a dump with a customs ware-
house replacing the concept of a
tourist attraction. On my last vis-
it to Arawak Cay the old, rusty,
falling down warehouse was still
there as a monument to racial and
political stupidity! So what had
untold possibilities is now a
dump!

Yes, it would have been.....and
still could be.....a win-win situa-
tion!

But I've heard some rather dis-
turbing rumours lately. Someone
or some group seems to have con-
vinced the Government to put
the freight facility on Arawak Cay
and extend the Cay west. Oh,
god, what next!? What are we, a
freight destination or a tourist
destination?

T understand that Arawak Cay
is to be enlarged taking it west to
or almost to Saunder's Beach.
When Arawak Cay was original-
ly proposed the public was told
that no erosion would be caused
by its creation.

Anyone who can remember
knows this was not the proper
assessment.

When I was a young man, all
the area that is now solid rock
was beach.

By moving Arawak Cay west
more beach, including Saunders
beach will erode.

Yes, another Bahamian jewel
will be destroyed, some say, to
fulfil the wishes of a few short-
sighted, greedy people.

Today, if you examine the
waters on the south-western side
of Arawak Cay you will find that,
for the most part, the beaches are
not only eroded but the water is
stagnant.

Extend it further west and
there will be more stagnation and
more erosion.

So let's fast forward ten years,
just a generation in our lifetime.
The port will be too small then
and will need to be further
expanded.

Since the beaches will have
been eroded and the waters stag-
nant, they will say it only makes
sense to join New Providence to
Arawak Cay.

On the north the two or three
small islands which no longer will
be used to lure tourists here will
too be joined to Arawak Cay.

Far fetched? No, not really.

Now let's come back to the
present.

It is apparently proposed to
unload the ships at Arawak, and
then transport the trailers to some
clearing area on Gladstone Road
where they will be sorted and re-
loaded for the trip back to their
destination in the city.

Let's see.....that's load, unload,
load and unload, most of which
will happen at night. Overtime?
Cost of freight? Wow!

Some say that this will elimi-
nate traffic. True, it may elimi-
nate the large trucks travelling
through Bay Street during the
day, but nobody seems to have
considered the massive number
of vehicles still going through a
congested area for people to get
to work.

Traffic jams? You ain't seen
nuttin yet!

The only conclusion I can
reach is that most of the people
advising the Government have
either no vision or their own self-
ish agendas. I would suspect both.

Prime Minister I implore you
to step back and take a long, hard
look at what stands before you.
Your decision will be either to
put a thing of beauty or a cesspit
into our showcase window. The
choice is yours.

PIERRE DUPUCH
Nassau,
May 20, 2009.

Dear Mr. Dupuch

For the record I am complete-
ly opposed to moving the port to
Clifton.

We can kiss what is left of the
dive industry goodbye if this hap-
pens, including 200 acres of undis-
turbed forest.

I say that all proposals be put
on the table with adequate com-
ment periods so that the pros and
cons of each site can be weighed.
Then perhaps we can make an
educated decision about where
to move or not move the port.
My understanding of the situa-
tion as discussed several years ago
(at Kerzner’s beautification of
Bay Street meetings- those meet-
ings were a “make it fit at
Clifton” scenario) was that
Arawak cay is 85 acres — the exist-
ing port area in Bay Street is 43
acres — more than enough room
to store everything there with
room for expansion.

Additionally over 70 per cent
of the freight that comes in is dis-
tributed in the eastern part of the
island why are we adding all that
travel to our goods?

There is a law in the Road
Traffic Act that says the contain-
er trucks are to get permission to
move by road traffic why isn’t this
law enforced?

Why does the tail continue to
wag the dog?

SAM DUNCOMBE
Nassau,
May 20, 2009.

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THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 5



0 In brief

Discovery Sun. i

service to
Pecommence
on Thursday

FREEPORT - Discovery
Sun has advised that the test
run of the vessel’s engine
showed a misalignment
which needs to be repaired
immediately.

Therefore, the Discovery

Sun will not sail tomorrow as }

planned.

It is anticipated the service }

will recommence on Thurs-
day, May 28, 2009.

Discovery has been unable
to sail since Sunday when the }

vessel experienced mechani-
cal problems. Passengers
scheduled to leave Grand
Bahama were flown out by
charter to Fort Lauderdale.

Bad weather

may continue

until Tuesday

THE bad weather over
the past few days may con-
tinue through Tuesday, with
heavy rains and thunder-
storms expected, deputy
director of the Department
of Meteorology Basil Dean
said.

An upper level low in the
Gulf of Mexico moving west
will leave a trailing upper
level trough over the north-
west Bahamas through Sat-
urday and a surface low near
the southeast Bahamas
should move into the north-

west Bahamas on Sunday, he

explained.

"That will certainly
enhance the shower activity
on Sunday, so it's wet
weather right through the
weekend," he said, adding
that the wet weather is not
expected to clear up before
Tuesday.

"The rains will be with us
through the weekend. There
will be occasional thunder-
storms throughout the next
few days but mainly moder-
ate rains, which can be
heavy at times with one or

two thunderstorms," said Mr
Dean.
i?
=



LOCAL NEWS

Call for public investment in
higher education of Bahamians

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

PUBLIC contributions
towards the higher educa-
tion of Bahamians should be
seen as an investment in the
country's future, former
College of the Bahamas
president Dr Keva Bethel
said.

"At this point in the
world's history with an
increasingly sophisticated
technological and knowl-
edge based environment, a
well-educated populace is
the only sensible ingredient
to (ensure) the successful



development of society,"
said Dr Bethel, vice-presi-
dent of the Doctor's Hospi-

FORMER College 0
the Bahamas presit
Dr Keva Bethel speak

tal Dr Meyer Rassin Foun-
dation.
"We need people with

Experts examine dead
bonefish washed ashore

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

FREEPORT - Several dead bonefish which
were washed ashore off Eight Mile Rock, Grand
Bahama, are being examined by marine experts.

They were sent by the Department of Marine
Resources to Florida on Thursday for testing to
determine the cause death.

A large number of dead bonefish were dis-
covered washed on shore and floating in waters
near the entrance of the Harbour on the east
side of Lover’s Beach on Wednesday.

Clement Campbell, assistant fisheries super-
intendent at Department of Marine Resources
in Freeport, told The Tribune that six of 13
dead fish that were collected on Wednesday
are being sent to the University of Miami in
Florida for testing.

Mr Campbell said that the results should be
ready in the next 14 days.

“We don’t know what may have caused this to
happen and once the results are back we will
update the public,” he said.

“Fashion ona

Mr Campbell said some of the dead fish were
floating in the water and some were carried out
in the surf.

He noted that several persons were in the
area prior to his arrival and may have taken
some of the fish that had washed ashore.

Mr Campbell is warning persons who may
have taken any the dead fish not to eat them
because it is not known what may have caused
their deaths.

Residents are asked to contact the Depart-
ment of Marine Resources at 352-9166 or the
police if they see anything usual occurring in
the area.

Bonefish is a protected fish and is among the
catch and release category in the Bahamas.

The bonefish is the type species of the Albu-
lidae, or bonefishes. It is amphidromous, living
in inshore tropical waters, moving onto shal-
low tidal flats to feed with the incoming tide, and
retreating to deeper water as the tide ebbs.

Bonefish are considered to be among the
world’s premier game fish and are highly sought
after by anglers. Bonefish are primarily caught
for sport. They are not commonly eaten.

advanced education and
training possessed of impor-
tant specialised skills and, I
would add, particularly pos-
sessed of a willingness to use
those skills effectively and
ethically for the betterment
of the communities of all.

Essential

“Investment in the further
education of our people,
therefore, is in many ways
not an option. Enlightened
self-interest combined with
concern for the future dic-
tates that such investment is
essential .. . And will pay
rich dividends for us all.”

Her comments came dur-
ing the foundation's first
ever ‘Dollars for Scholars’
fundraiser fashion show and
luncheon held at Luciano's
restaurant yesterday.

The foundation, launched
in 1999 in the memory of
prominent surgeon Dr Mey-
er Rassin, provides scholar-
ships and financial aid to
qualified students in the
health care field.

The programme has assist-
ed 38 students since its
inception.

Dr Judson Eneas, presi-
dent of the foundation, said
the programme is vital in
enhancing the country's
health care field.

"Most of our students,
they don't have trust funds,
they don't have parental
support and so many of
them are working to try and
save money to go to school
so anything that they can get
to help, will help.

"We try to help nursing
students, pharmacy students,
physical therapy students
even some medical students
- and it will sort of obligate
them to come back and help
us in the Bahamas," he said.

Scholarship

Yacasta Ford, a 26-year-
old graduate of Moorehead
State University's imaging
sciences programme said the
scholarship has been
"instrumental" in the com-
pletion of her academic
career.

"My school's programme
is extremely expensive so it
helped with books and stu-
dent fees," said the 2009
graduate who plans to begin
working in the Bahamas
soon.

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PAGE 6, FRIDAY, MAY 22, 2009

THE TRIBUNE



LOCAL NEWS

New equipment to
make capture of
smugglers easier



MINISTER OF EDUCATION Carl Bethel is pictured addressing the Primary Principals’ Association’s
32nd annual ecumenical service at New Bethany Baptist Church on Sunday, May 17. Minister Bethel
said the 23 persons who were honoured have “lived exemplary lives and would have inspired many a
young mind over the past 30 years to have gained the recognition of being called living legends.”

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

NEW HI-TECH surveillance equipment has
made the capture and conviction of drug smug-
glers, human traffickers and other seafaring
criminals crossing Bahamian waters easier and
quicker.

A multi-million dollar computer system
installed in United States government aircraft
allows the US Coast Guard to zoom in on a sus-
pected smuggler’s face from 10,000 feet, record
high quality video of his movements from the
air, while simultaneously tracking 5,000 ships
spread over hundreds of miles of ocean.

Only two planes in the world contain the
state-of-the-art crime-fighting equipment —
developed at a cost of $15 million. One of these
belongs to the Miami US Customs and Border
Protection office.

“With the old system, you were looking
through a straw for a quarter on a card table,”
Michael Ringgold, an air interdiction agent
who worked with the engineers to develop the
new system told the Florida Sun Sentinel news-
paper. “Now you’re looking with your eyes
open at the whole room.”

Importantly the system can home in on and
filter out hundreds of legitimate cargo or oth-
er ships plying the waters in minutes, allowing
authorities to focus its attention on more sus-
picious vessels.

The software can compare the path of a boat
to every filed course plan available in seconds,
to see whether it can be identified.

Compared to the previous system’s effective
range of 32 miles, the new equipment can scan
a 44 mile radius of ocean at 1,500 feet and at
10,500 feet, the coverage increases to a 193-mile
radius.

Hi-tech surveillance
system installed in
US govt aircraft

Once flags are raised about a boat’s course
and purpose, the system can do the necessary
calculations to allow the nearest US Coast
Guard boat to intercept it in the shortest time
possible.

During a test run last year, the equipment
proved its worth. Interdiction agents were able
to secure convictions for a captain and his
crewmen who were charged in connection with
a human smuggling conspiracy that resulted
in deaths after recording the accused men with
the technology.

Their boat had been spotted about 30 miles
west of Andros with a “large number of peo-
ple” on board.

Customs officials said agents watched and
recorded as another boat pulled up to the ves-
sel, before the two then started off for Florida.

Three Coast Guard cutters were sent to inter-
cept them. During the chase, an immigrant
onboard the vessel hit his head and died.

Two of those accused of involvement plead-
ed guilty, and on April 13 a federal judge sen-
tenced them to nine years and nearly six years
in prison respectively.

Four of the suspects on the second boat
fought the human smuggling charges, but guilty
convictions were delivered by a federal jury
in light of the video recording and satellite
information captured by the monitoring equip-
ment. The four were sentenced to 10 years in
prison each.

The Bahamas submits
maritime boundaries to UN

m By LINDSAY





THOMPSON

THE Ministry of Foreign
Affairs has submitted to the Sec-
retary General of the United
Nations, preliminary scientific
information indicative of the out-
er limits of its continental shelf
beyond 200 nautical miles.

The submission, on May 12, is
in compliance with its obligations
as a State party to the United
Nations Convention on the Law
of the Sea, said Deputy Prime
Minister and Minister of Foreign
Affairs Brent Symonette.

“The submission is a necessary
step in the process by which The
Bahamas will extend its claim to
the outer limits of the Continen-
tal Shelf beyond 200 nautical
miles, subject to negotiations
with adjacent states,” he said on
Thursday.

The extent of State claims over
the Continental Shelf beyond 200
nautical miles is defined in the
United Nations Convention on
the Law of the Sea.

Jurisdiction over the conti-
nental shelf includes the sover-
eign right to explore for and
exploit all the non-living
resources of the seabed and the
subsoil of the shelf, including oil

“The submission
is a necessary
step in the
process by which
The Bahamas will
extend its claim
to the outer
limits of the
Continental Shelf
beyond 200
nautical miles,
subject to
negotiations with
adjacent states.”



and gas and minerals, as well as
jurisdiction over certain seden-
tary marine species.

Areas of the seabed beyond
the outer limits of the Continen-
tal Shelf are administered by the
International Seabed Authority
based in Jamaica, for the benefit
of the international community.



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Brent Symonette

The Bahamas is an active
member of the Authority. For-
mer Director General of the
Ministry of Foreign Affairs
George P Stewart, served on its
Legal and Technical Commis-
sion.

“The Government of The
Bahamas is cognizant of the fact
that as an archipelagic country
with a vast maritime space, it is
of vital national importance that
The Bahamas adheres to all of its
international legal obligations
and avails itself of all advantages
relating to access and control
over the rich resources that
abound in the ocean,” Mr
Symonette said.

“The prudent and responsible
use of these resources will be of
paramount importance to the
future development and progress
of The Bahamas,” he said.

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

If so, call us on 322-1986
and share your story.



EPG Bank & Trost (Bahamas) Ltd

Motes to Comsolidated Financial Statements
31 December 21008
(Cen tim adel)

id, Capital Management (Continued)

(Capital adequacy and the use of regulatory capital are monitored by the Bank's
munagement, employing techniques designed to enawre compliance with guidelines
established by the Central Bank. The required infoemation is filed with the Central Bank
om a quarterly basia, For the Bank, there ie no difference between the composition of
regulary capital and the components of equity as shown in the conselidated balance
pce.

The (Central Bank requires that the Bank maintains 2 ratio of total regulatory capeal io
risk-weighied assets (includeng off-helance-cheet Heme) at or above a minimem of 12%.

The tate below summaries the composition of regulatory capital and shows the capital
adequacy ratio of the Bank, determined in accordance with the Bashe Capital Accord, aa of
the consolidated balance sheet date

Tier 1 capital

Share capital 27,000
Accumulated deficit (9.377)

17623

Qoodwill and other ingingible assets (S887)

Total te,

Risk-weighted aseens Led

Capital adequacy ratie— Tier 1 Tea 11a
Deine 2008 amd 2007, the Bank failed to comply with the exiemally imposed capital
requirecnecits to which itis sebject Management has submitted applications to the Cenc
Bask to become om authorized agent. Sacd applications are still under review, bourever,
(Central Bank officials have agreed to net take adverse actions agaanet the Bank for dadling
to meet its capital pequirements until the review process is complete. To dane,
minapemest has not received information an the estimated completion date of the review,
The Bank may be gobject to fines andor penalties if found to be in noe-complianes
however, to date, none have been levied. During 2008 and 2007, the other individual
entities within the Groep complicd with all the externally imposed capital requirements to
which they are subpect

Acquisition

Effective 16 February 2006, the Bank acquired the Private Banking Business of Banco
Adlentiog as defined in the Purchase Agreement referred to m Note |. The acquisition has
been accounted for using the purchase method of mcoounting. The effective date for the
purchase of the Private Book of Business was 16 February 20M. Part of the purchase
consideration of $7.23 millon was paid te Banoo de Sabsdell $A on signing of the Purchase
Agreement. An additional $615 thousand was pak) during the year (im prior years: $3.9
million). Deferred cash commiderstion of $658 thousand is included im other liabdlittes on the
consolidated balance sheet (2007: $2.23 million). The met purchase price is reflected in the
consolidated Ginamcial statements for the yeer ended 31 December 2006.

Fair Value of Financial Instruments

Finemcial instruments utilized by the Group comprise recorded financial assets ond
Labilicies disclosed im these consolidated financial statements. The Group's financial
ingiramenis are principally short-term im mature oc have interest rates that periodically reset
wt murket retires, Accordingly, their estinmated fair values approximate their carrying
values

Corresponding Figures:

Certain corresponding figures for 2007 have been reclassified te accord with the current
‘year’s prreseenilatbem.

Monday through Saturday for lunch
ie ate Doe ters ha eels Thee emer) Mee meCRnan ITs

ete be
Sandwiches
Anamaae PiZZAS

i

CAVES VILLAGE, WEST BAY STREET

CALL 327-2218
EMAIL MANGOSCAFE@CORALWAVE.COM



THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 11



LOCAL NEWS

ee
$200,000 paid out to
hotel union members

FROM page one

ment signing in February
between BHCAWU and
respective hotel properties, said
Mr Colebrook.

"That money comes from the
newly established gratuity for-
mula put in place with the new
contract so that every employee
in the hotel, in the bargaining
unit, will be receiving some
form of gratuity and that's the
first time in history that this is
happening,” he told The Tri-
bune yesterday.

The new measures will affect
some 1,400 union members
"who had never received gra-
tuity payments before" while
members who are part of the
union's common gratuity pool

will receive gratuity elevations,
Mr Colebrook added.

"IT don't have the exact fig-
ure here with me but it will be
in excess of well over $200,000
that was shared between some
1,400 plus persons affected by
this move today,” said Mr Cole-
brook.

The new gratuity payments
were calculated from March 4
until the payment date, said the
union official.

"This is the first time in the
history of this entire industry
and the union that something
like this has happened. . .This is
what you find with steady, level
headed leadership,” said Mr
Colebrook, who is facing a lead-
ership challenge when the union
members head to the polls next
week.

The measure was welcomed
by union members considering
the tough economic times facing
the country and the turbulence
in the tourism industry,
Mr Colebrook told The Tri-
bune.

With elections slated for May
28, the union's executive board
recently called for calmness dur-
ing the voting process. This
came after a fight broke out
between the union’s different
factions during last week’s nom-
ination process.

Voting will take place from
8 am to 6 pm at Worker's
House in New Providence and
St Matthew's Hall for persons
who work on Paradise Island
properties. Several stations will
be open for members working
in the Family Islands.

Obama fundraiser ‘may be named Ambassador to Bahamas’

FROM page one

ambassador,” Mr Dubel said.

This new ambassador will be the 13th
person named to the post following the
departure of the previous Ambassador

Ned Siegel.

Ambassador Siegel spent a little over a
year in the post having taken office on
November 14, 2007. Departing the
Bahamas on January 20, 2009, the US
Ambassador’s post has been vacant since

then.

Mr Siegel, during his tenure, focused
his attention on bilateral agreements
between the two nations along with the
fight against HIV/AIDS and breast can-

cer.

Under his watch, attention was also given to the
further advancement of the strategic partnership
of Operation Bahamas Turks and Caicos
(OPBAT), which saw the continuation of air cov-

erage in October 2007.

Additionally, new state-of-the-art communi-
cations equipment were also added to the Nassau
centre to assist the Royal Bahamas Defence Force



Ned Siegel

and the Turks and Caicos Police
Marine Divisions.

Among his other accomplishments
during Ambassador Siegel’s tenure
was the signing of the Cooperation
Agreement under the Proliferation
Security Initiative (PSI) between
both the Bahamas and US govern-
ments.

In both 2007 and 2008 Ambassador
Siegel awarded local organisations
grants totalling $25,000 to help in the
fight against HIV/AIDS in the
Bahamas.

Ambassador Siegel and his wife,
Stephanie, were instrumental in the
launch of the Bahamas Breast Cancer
Initiative (BBCI). The BBCI was cre-
ated to raise awareness about the
importance of education and early detection and
elevate the standard of cancer screening and care
in the Bahamas.

During his departure celebrations Mr Siegel

said that he was honoured to have served as the

US Ambassador to the Bahamas, which has led to
the further strengthening of mutual ties “based on
common values and beliefs.”

Court ruling ‘could
free accused killers’

FROM page one

appeals by the Attorney
General’s Office against the
granting of bail, that subsec-
tion 4(2) Chapter 103 of the
Bail Act as amended in 1996,
purports to impose a “total
prohibition” on the granting
of bail by judges to persons
charged with any Part C
offence such as murder and
armed robbery.

The Attorney General’s
Office had appealed the
decisions to grant bail to
Bradley Ferguson, charged
with murder, and Stephen
Stubbs and Kenton Dion
Knowles who had also been
charged with murder. How-
ever, earlier this year both
Stubbs and Knowles were
acquitted of the murder
charge against them. Fergu-
son is awaiting a retrial and
Stubbs, who was discharged
in the murder of Samuel
“Mouche” McKenzie, is
awaiting a retrial in the 1999
murder of Corporal Jimmy
Ambrose. The Attorney
General’s Office had also
appealed the decision to
grant bail to Kermit Evans
who is charged with armed
robbery. Prior to the amend-
ment to the Bail Act, the
Court of Appeal had no
jurisdiction to hear appeals
against the granting of bail
where there was no pending
appeal against conviction.

In her ruling yesterday,
Dame Joan stated that the
main issue that arose in the
appeals in her view, was
“whether subsection 4(2) of
the Bail Act is valid under
the Constitution, in other
words whether Parliament of
the Bahamas has the power
to enact legislation which has
the purported effect of deny-
ing bail to persons arrested
and detained on reasonable
suspicion of having commit-
ted serious offences, no mat-
ter what the circumstances
of the alleged offences are,
or how long a person is
detained by the prison
authorities or the police
without trial.”

Subsection 4(2)(a) of the
Bail Act provides that “not
withstanding any other
enactment, a person charged
with an offence mentioned
in Part C of the schedule

ErsOns ACCUSEC
of murder are



THE TRIBUNE reported this week
that 11 people were released on
bail for murder or attempted
murder in April.

shall not be granted bail.”
Subsection 4(2)(b) denies the
right to bail of persons con-
victed of certain offences and
who have given notice of an
intention to appeal.

Dame Joan stated, “While
Section 4 of the Bail Act as
originally promulgated did
not absolutely prohibit the
grant of bail in murder and
other serious cases by the
justices of the Supreme
Court, as recast in 1996, sub-
section 4(2) does just that,
that is, it absolutely prohibits
the grant of bail in murder
and armed robbery cases,
even where an accused per-
son is not tried within a rea-
sonable time, that subsection
is therefore in conflict with
article 19(3) of the Constitu-
tion and as a result it is void
and of no effect.”

“T hold therefore that the
judges of the Supreme Court
and this court have discre-
tion whether or not bail
should be granted, even in
cases where a person is
detained pending trial for
offences which fall within
Part C of the first schedule of
the Bail Act,” Dame Joan
said. Dame Joan noted, how-
ever, that the discretion of
the judges must be carried
out “judicially” as well as
“judiciously.”

However, in the appeal
before her and her fellow
judges — Emmanuel Osad-
abay, Hartman Longley and
Christopher Blackman —
Dame Joan allowed the
Attorney General’s appeal
against the decision to grant
bail to the men. The deci-
sion, however, can no longer



affect Knowles and Stubbs,
who had been acquitted of
murder and have been
released. However, bail will
not be granted to Bradley
Ferguson and Kermit Evans,
whose cases are still pend-
ing.
Attorney Murrio Ducille
who represented the men in
the appeals process told The
Tribune that what the appel-
late court’s decision essen-
tially meant was that parlia-
ment “cannot perform a judi-
cial act.”

“You cannot tell a judge
when and when not to grant
bail,” he said. Dame Joan in
her ruling also commented
on the escalation of attempts
to intimidate witnesses.

Dame Joan stated, “It
should be clear to everyone
concerned with the proper
administration of justice in
this country that where
threats are made against a
witness or witnesses, then
administration of justice will
be adversely affected.

“It should be clear that if
the state does not make ade-
quate provision for the safe-
ty of persons it intends to call
as witnesses for the prosecu-
tion, with the pervasive effect
of other cultures that is evi-
dent in the day-to-day expe-
rience of the courts in this
country, there is a greater
likelihood that attempts will
be made to interfere with the
course of justice by seeking
to intimidate witness.”

In a dissenting judgment
on the appeals, Justice Hart-
man Longley, while also rul-
ing that subsection 4(2) of
the Bail Act was void, upheld
the decision to grant bail to
the four men.

While noting that Fergu-
son at the time of his bail
application had spent six
years in custody on two
charges of murder and
attempted murder, Justice
Longley stated in his ruling,
“The circumstances may be
exceptional, but it seems to
me it would be a dangerous
precedent to set in a democ-
ratic society to deprive a man
of his liberty because he was
on bail for one offence,
another offence has been
brought against him even
though there is no evidence
to support that second
charge.”



PAGE 12, FRIDAY, MAY 22, 2009

TRIBUNE SPORTS



SPORTS



SOCCEl






BRIEFS
IFK Gotebory

moves into lead in

Swedish league

m@ STOCKHOLM

Associated Press

TOBIAS HYSEN scored }
just after halftime as IFK :
Goteborg beat local rivals }
GAIS 1-0 on Thursday to:
move into first place in the }

Swedish first division.

Set up by a long pass from }
Pontus Wernbloom, Hysen }
fired a low shot inside the }
post. It was Hysen's eighth }
goal of the season, strength- }
ening his position as the }

league's top scorer.

Elfsborg dropped to second
place after a 0-0 draw against }

fourth-placed AIK.

Tobias Carlsson's 74th }
minute header gave reigning }
champion Kalmar a 1-0 win }
over Orgryte and Fredrik }
Jensen scored twice for Trelle-
borg in a 3-0 win over Djur- }
garden. Henrik Larsson's }
Helsingborg, currently in third }
place, have a chance to take }
the lead when they face Hack- }

en on Friday.

Milito and Motta to join
Inter Milan from Genoa

mi MILAN

Associated Press

FORWARD Diego Milito }
of Argentina and Brazilian }
midfielder Thiago Motta have }
agreed to join Serie A champi- }
on Inter Milan from Genoa }

this offseason.

The duo has been instru- }
mental in Genoa's push for a }
Champions League place this }
season, with Milito scoring 20 }
goals and Motta providing the }

creative spark in midfield.

"I met president (Massimo)
Moratti today and we came to }
an agreement for the sale of }
Milito and Motta at the end of :
the season and I want to thank }
them for everything they have :
done (for Genoa)," Genoa }
president Enrico Preziosi told ;

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EMAIL: friendlymotors@hotmail.com ¢ WEBSITE: friendlymotorsbahamas.com

BARCELONA'S
Ue

on Champions League final





BARCELONA players celebrate at the end of the Champions League
semifinal second leg soccer match against Chelsea at Chelsea's

Rebecca Naden/AP Photo



Stamford Bridge stadium in London, Wednesday, May, 6, 2009. The
match ended in a 1-1 draw, with Barcelona qualifying on away goals.

m@ SOCCER
MADRID
Associated Press

BARCELONA will devote
its final home match of the sea-
son on Saturday against lowly
Osasuna to celebrating its bril-
liant season with supporters.

However, the thoughts of
players, officials and fans are
likely to stray to next Wednes-
day's Champions League final
against Manchester United, as
Barcelona aims to become the
first Spanish team to win the
treble of Europe's top club
competition and the domestic
league and cup.

Osasuna will be greeted by a
carnival atmosphere at Camp
Nou, where Barcelona will be
playing for the first time since
its recent league and Copa del
Rey triumphs.

FREEPORT
11A East Coral Road, Freeport, G.B., Bahamas

nW). BOX
Telephone: (242) 373-1115 / (242) 373-1471
Pager: (242) 240-6043 ¢ Fax: (249) 373-3005

NASSAU
Robinson and Soldier Roads, Nassau, N.P., Bahames
PO. Box CB-12072
Telephone: (242) 394-8043 / (242) 394-8047
Pager; (242) 340-8043 » Fax; (242) 340-8034

Funeral Service for
Irene Burroughs Roker, 76

of Columbus Avenue
will be held on
Saturday at 10:30 am
at Metropolitan
Baptist Church
Baillou Hill Road.
Officiating will be
Rev. George Kelly
assisted by Gregory
Major and Interment
will follow in Western
Cemetery Nassau
Street.

She is survived by her sons: Anthony Cleare,
Errol Cleare and Mark Cleare daugthers:
Rosemary Miller Jennifer Roker-Bannister
and Elsa Roker sister: Hilda dMollyEMoss
sons-in-law: Samuel daddy OE Miller,
Douglas Bannister daughter in law: Marva
Cleare nieces: Deborah Strachan, Brenda
Darling, Elizabeth Whylly, Nephew: Ansel
Braynen, Grand children: Dion, Keva,
Johnathan, Javon, Jordan, Jason Miler,
Anthonyse, Alyssa, Marissa Cleare, Travis
Clarke; Jafhra and Mona Lisa Cleare; Elijah
Bannister great grand children: Kayshan
Miller, Akira Knowles, Divonya, Erin, Malik,
Alyssa Miller; Jaden, Gaje Miller, Divonya,
Erin, Malik and Alyssa Miller; Jaden and Gaje
Miller. Numerous other relatives and friends
including: Joe and Brenda Whylly and family,
Nadia Miller, Kenneth Strachan, Javon Rolle,
Lauralyn Smith, Marina Smith, the Humes
Family of Gambier, Anita and Brenda Nairn
and Family, Rebecca Moss and Family.

Viewing will be held in the Serenity Suite at
Restview Memorial Mortuary and
Crematorium Ltd. Robinson and Soldier Roads
on Friday from 10:00 am to 6:00 pm and at
the church from 8:00 am until service time.



Musicians will perform before
kickoff, and Barcelona coach
Pep Guardiola and captain Car-
les Puyol are scheduled to
express their thanks to sup-
porters by addressing the crowd
after the game.

The team will then make a
lap of honor accompanied by a
firework display, with fans giv-
ing Barcelona an enthusiastic
send-off for the final in Rome.

Guardiola is expected to rest
most of his first-team on Satur-
day apart from fullbacks Daniel
Alves and Eric Abidal, who are
both suspended for the United
match.

That could mean a break for
Samuel Eto'o, even though the
Cameroon striker is battling
with Atletico Madrid's Diego
Forlan in the race to win the
Pichichi prize for Spain's top
scorer. Eto'o leads with 29
goals, one more than the
Uruguayan.

Guardiola may again select
the club's third-choice goal-
keeper, Oier Olazabal, and mid-
fielder Xavi Torres, who made
their league debuts in last
week's 2-1 defeat at Mallorca.

Still, midfielder Sergio Bus-
quets said Barcelona needs to
put up a good show in the
match against its relegation-
threatened opponent.

"Otherwise it would show a
lack of respect for Osasuna,"
he said.

Barcelona's total of 86 points
from 36 matches is already a
Spanish league record, and it
can establish an even higher
landmark by avoiding defeats
in its final two games.

Guardiola's team also
requires just four goals from its
final two games to beat
Madrid's record of 107 in a
league season, set in 1989-90.

Barcelona also faces pressure
to perform from eight other
teams — Racing Santander,
Valladolid, Espanyol, Real
Betis, Getafe, Sporting Gijon,
Numancia and Recreativo
Huelva — who are fighting with
Osasuna to avoid the drop.

Santander and Valladolid
have 42 points, Espanyol 41,
Betis 40, Getafe 38, Gijon and
Osasuna 37, Numancia 35, and
last-place Recreativo 33.

On Sunday, runner-up
Madrid meets ninth-place Mal-
lorca in its final home game of a
disappointing season.

Madrid is undergoing a clear-
out before Florentino Perez
makes his expected return to
the presidency next month and
begins remodeling the club.

Sporting director Predrag
Mijatovic left Madrid on
Wednesday, while Sunday's
match will provide fans with the
chance to bid farewell to coach
Juande Ramos and defender
Fabio Cannavaro, who is rejoin-
ing Juventus at the end of the
season.

While Madrid has little to
play for, it hopes to avoid its
fourth straight defeat and not
to concede any more goals after
leaking 12 in its losses against
Barcelona, Valencia and Vil-
larreal.

Madrid has 78 points, 14
more than Sevilla. Atletico fol-
lows with 61, two clear of
Valencia and Villarreal.
Deportivo La Coruna has 57.

Sevilla will take Spain's third
direct place in next season's
Champions League if it beats
seventh-place Deportivo on
Saturday.



TRIBUNE SPORTS

wl
NBRIE







Wayman Tisdale

Thousands turn
out to mourn
Wayman Tistale

@ BASKETBALL
TULSA, Okla.
Associated Press

WITH thousands swaying
to gospel tunes, Wayman
Tisdale was remembered
Thursday as a basketball star
and gifted musician who led
a "blessed life."

A horse-drawn carriage
held the casket carrying the
former Oklahoma All-
American, making a 3-mile
trip to the downtown arena
for the public memorial.
There was live jazz music,
clapping and shouting in
honor of the man who died
last week at 44 after a long
battle with cancer.

"Wayman lived a blessed
life," said Billy Tubbs, Tis-
dale's former Sooners coach.
"He did more in his 44 years
than most people can do in
88 years."

Country music star and
fellow Oklahoman Toby
Keith played the Willie Nel-
son tune, "Angel Flying Too
Close To The Ground.” He
said he had written a song
about Tisdale, but that he
wouldn't be performing it
given the emotion of the
day.

"We had so many big
plans," Keith told mourners.
"Every time I tried to say
goodbye to him, he never let
me."

Tisdale recorded eight
albums. A bass guitarist who
often wrote his own materi-
al, his most recent album,
"Rebound," was inspired by
his fight with cancer and
included guest appearances
by several artists, including
saxophonist Dave Koz and
Keith.

His "Way Up!" release
debuted in July 2006 and
spent four weeks as the No.
1 contemporary jazz album.
His hits included "Ain't No
Stopping Us Now,” "Can't
Hide Love" and "Don't
Take Your Love Away."

CID

KIA MOTORS

The Power to Surprise”

that has AM/FM

radio and a player



MINNESOTA Twins’ Joe Mauer hits a grand slam during the sixth inning of a baseball game against

SPORTS

the Chicago White Sox in Chicago, Thursday, May 21, 2009.

Mauer hits grand slam,
Twins rout White Sox 20-1

m@ BASEBALL
CHICAGO
Associated Press

JOE MAUER hit a grand
slam, two doubles and drove
in a career-high six runs as the
Minnesota Twins routed the
White Sox 20-1 Thursday,
matching Chicago's most-lop-
sided loss in team history.

Michael Cuddyer, Joe Crede
and Matt Tolbert also home-
red as Minnesota ended a six-
game losing streak and made
the White Sox pine even more
for Jake Peavy.

The San Diego Padres have
agreed to deal their ace to the
White Sox, and the teams were
waiting to see whether Peavy
waives his no-trade clause.

Mauer's second career grand
slam capped a six-run sixth
inning. Tolbert's first big
league homer, a three-run shot
in the seventh, made it 20-0.

His team having lost nine
straight on the road, Minneso-
ta manager Ron Gardenhire
shook up his batting order. The
strategy worked, with the
Twins scoring at least 20 runs
for only the 13th time in fran-
chise history.

Mauer batted second for the
first time this season, Cuddyer
had four hits and three RBIs
and Tolbert drove in four runs.
Cleanup man Jason Kubel had
three hits and everyone in the
starting lineup scored within
the first three innings.

The White Sox lost for the
sixth time in eight games.

Bartolo Colon (2-4) allowed

eight runs in two innings.
Although all seven second-
inning runs were unearned
after an error by third base-
man Wilson Betemit, Colon's
latest in a series of poor outings
had White Sox fans hoping a
deal for Peavy would get done.

The Padres had talked to the
Chicago Cubs and Atlanta dur-
ing the offseason about a trade
for the 2007 NL Cy Young win-
ner.

Nick Blackburn (3-2)
allowed four hits over seven
innings to win for the first time
at U.S. Cellular Field, where
he had been 0-4 with a 5.27
ERA.

Minnesota led 1-0 and had
two on in the second when
Betemit fielded Nick Punto's
bunt and threw the ball off
Punto's helmet. Mauer's sacri-
fice fly and Kubel's RBI single
made it 4-0 before Cuddyer
lined a three-run homer over
the left-field fence. Three
pitches later, Crede took Colon
deep for an eight-run lead.

Another throwing error by
Betemit put the Twins up 10-0
in the fourth.

When the White Sox avert-
ed a shutout on Carlos
Quentin's eighth-inning RBI
single off Jose Mijares, those
remaining in the ballpark
cheered loudly.

It was the 10th time Chicago
has allowed 20 runs in a game
and first since a 20-14 loss to
Minnesota in 2007. The Twins
won for only the second time
in their last 12 games at U.S.
Cellular.

SORENTO

level model
conditioning, a tilt steering wheel, cloth seats, bucket seats in the front,
a rear seat that is split and can be folded, mirrors that are powered
windows that are powered and equipped with a deicer, a music system

is equipped with air

that can play CDs/MP3music,

tachometer, mirrors that have illuminated visors, a defogger at the back
and headlights that switch off automatically. The 2008 Sorento model has
all the features of the entry level model but adds, entry into the vehicle,
4 Wheel Drive, 4 Cylinder Diesel and 6 Cylinder Gas Engine Models.

ELITE MOTORS LTD. SANPIN MOTORS LIMITED
Thompson Blvd. « Oakes Field
t. 242.326.6377° f. 242.326.6315

#289 Wulff Road
P.O. Box N-4904
t. (242) 394-4442 £.(242) 393-8238



e. sanpin@coralwave.com

ON THE SPOT FINANCING WITH
COMMONWEALTH BANK

INSURANCE AVAILABLE WITH
ADVANTAGE INSURANCE
BROKERS & AGENTS LTD.



* Mauer has a 14-game hitting

streak.

FRIDAY, MAY 22, 2009, PAGE 13

Charles Rex Arbogast/AP Photo

Track & Field
Officials Training

Are you interested in becoming an Official

for Track & Field?

The Bahamas Association of Certified
Officials (BACO) is extending an invitation
to all present officials and all interested
persons to participate in a training
session for track & field.

Date: Saturday, May 23, 2009

Venue: Thomas A. Robinson Track & Field

Stadium
Time: 12:00 p.m. - 3:00 p.m.

* Scott Podsednik, signed to give
the White Sox better baserunning,
has been picked off first base in
three straight games. Thursday, he
also was doubled off first on a

bases-loaded liner to third.

¢ In their previous seven games,
Twins starting pitchers were 0-3
with a 7.23 ERA.

* lt was the first time in 21 games at
Chicago that Minnesota pitchers did-
n't allow at least one home run.

A copy of the Annual Report & Audited Accounts may be obtained from Ansbacher (Bahamas)
Limited, Ansbacher House, Bank Lane, Nassau, Bahamas.

(= HARRIS.

Independent Auditors’ Report

The Stockholder and Board of Directors
Harris N.A.:



We have audited the accompanying consolidated statements of condition of Harris N.A. (an indirect wholly-owned
subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2008 and 2007, and the related consolidated
statements of income, comprehensive income, changes in stockholder’s equity, and cash flows for each of the years
in the three-year period ended December 31, 2008. These consolidated financial statements are the responsibility of
Harris N.A.’s management. Our responsibility is to express an opinion on these consolidated financial statements

based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining. on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement

presentation, We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Harris N.A. and subsidiaries as of December 31, 2008 and 2007, and the results of their
operations and their cash flows for each of the years in the three-year period ended December 31, 2008, in

conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois
March 31, 2009

Harris N.A. and Subsidiaries

Consolidated Statements of Condition

Assets
Cash and demand balances due from banks ........0.00ce eves eeeecneneaens
Money market assets:
Interest-bearing deposits at banks ($24.7 billion held at Federal Reserve Bank at
December 31, 2008)
Federal funds sold and securities purchased under agreement to resell

Ot) Ges Bnd CS EQUI VENER 4 ciscx samen cere wa eater eaten ane
Securities available-for-sale at fair value (amortized cost of $9.2 billion and

$9.3 billion at December 31, 2008 and December 31, 2007, respectively)
Trading account assets and derivative instruments... 2.0.2.6. 0. eee
Loans, net of unearned income
Allowance for loan losses

INGE IOaNS 95: sis eae tianmatont nits satan iante, Sern latherete ote oe emt tees Seat dea
Loans held for sale
Premises and equipment
Bank-owned insurance
Goodwill and other intangible assets: i ci cision ds casos de ede dw meee eee
NEY BSSONS cctra''s saceank. hos REA aE RS a Rees eye eee Eee

Total assets
Liabilities
Deposits in domestic offices — noninterest-bearing
— interest-bearing (includes $77.7 million measured at
fair value at December 31, 2008)

Deposits in foreign offices — interest-bearing

TONGS io pc anrcnn mg cee cena ny AG dea keane Es
Federal funds purchased
Securities sold under agreement to repurchase
Short-term: borrowings! i sate een citys seinreh, Reine: aiaa mnie UN Ge tensa ba das
Short-term senior notes
Accrued interest, taxes and other expenses
Accrued pension and post-retirement
Other liabilities
Noncontrolling interest — preferred stock of subsidiary
Long-term notes — senior
Long-term notes — subordinated
Long-term notes — secured

Total liabilities

Stockholder’s Equity

Common stock ($10 par value); authorized 40,000,000 shares; issued and outstanding
17,149,512 and 15,514,761 shares at December 31, 2008 and December 31, 2007,
respectively

Surplus

ROAINOR CANINES: Hg os cit Le Sn wae os CE RSS PRE Lio ence das ounan

Total stockholder’s equity
Total liabilities and stockholder’s equity

December 31
—_2008 2007
(In thousands except share date)

$ 1,072,255 = $ 1,179,134

26,031,291
182,063

$27,285,609

949,803
1,520,183

$ 3,649,120

9,283,283
1,367,833
26,396,381

(574,224)
$25,822,157
29,544
533,516
1,304,315
779,444
900,354

$67,306,055

9,288,595
288,785
25,534,487
(367,525)
$25,166,962
62,695
485,510
1,246,156
344,525
747,935

$41,480,283

$28,059,575 $ 6,478,464
21,905,547
__1.149,167
$29,533,178
182,625
1,613,529
707,540
80,000
257,415
88.415
589,989
250,000
2,096,500
292,750
2,000,000

24,374,034
$53,353,844
78,525
3,501,758
359,476
75,000
247,825
171,933
631,487
250,000
2,096,500
292,750
2,375,000

$63,434,098

$ 171495 $
2,172,029
1,734,472
(206.039)
$ 3,871,957
$67,306,055

155,148
1,780,609
1,879,907

(27,322)
$ 3,788,342
$41,480,283

The accompanying notes to consolidated financial statements are an integral part of these statements.





PAGE 14, FRIDAY, MAY 22, 2009



© PNC

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Directors and Shareholders of The PNC
Financial Services Group, Inc.

In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of income,
shareholders’ equity, and cash flows present fairly, in all
material respects, the financial position of The PNC Financial
Services Group, Inc, and its subsidiaries (the “Company”) at
December 31, 2008 and 2007, and the results of their
operations and their cash flows for the years then ended in
conformity with accounting principles generally accepted in
the United States of America. Also in our opinion, the
Company maintained, in all material respects, effective
internal control over financial reporting as of December 31,
2008, based on criteria established in Internal Contral -
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). The
Company’s management is responsible for these financial
statements, for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness
of internal control over financial reporting, included in
Management’s Report on Internal Control over Financial
Reporting appearing under Item 9A. Our responsibility is to
express opinions on these financial statements and on the
Company’s internal control over financial reporting based on
our integrated audits. We conducted our audits in accordance
with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement and whether effective internal control over
financial reporting was maintained in all material respects.
Our audits of the financial statements included examining, on
a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles
used and significant estimates made by management, and

evaluating the overall financial statement presentation. Our
audit of internal contro] over financial reporting included
obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
Our audits also included performing such other procedures as
we considered necessary in the circumstances. We believe that
our audits provide a reasonable basis for our opinions.

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.

In millions, except par value

Assets
Cash and due from banks

SPORTS

A company’s internal control over financial reporting is a
process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of
management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection

of unauthorized. acquisition, use, or disposition of the
company’s assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may
deteriorate.

As described in Management’s Report on Internal Control
over Financial Reporting, management has excluded National
City Corporation from its assessment of internal control over
financial reporting as of December 31, 2008 because it was
acquired by the Company in a purchase business combination
on December 31, 2008. We have also excluded National City
Corporation from our audit of internal control over financial
reporting. National City Corporation’s total assets represented
$136 billion of the related consolidated financial statement
amount as of December 31, 2008.

/s/ PricewaterhouseCoopers LLP
Pittsburgh, Pennsylvania
March 2, 2009

December 31
2008 2007

$ 4,471 $ 3,567

Federal funds sold and resale agreements (includes $1,072 measured at fair value at December 31 , 2008) (a) 1,856 2,729

Trading securities
Interest-earning deposits with banks
Other short-term investments

1,725 3,556
14,859 346
1,025 227

Loans held for sale (includes $1,400 measured at fair value at December 31, 2008) (a) 4,366 3,927

Investment securities

Loans

Allowance for loan and lease losses
Net loans

Goodwill

Other intangible assets

Equity investments

Other

43,473 30,225
175,489 68,319
(3,917) (830)

171,572 67,489
8,868 8,405
2,820 1,146
8,554 6,045

27,492 11,258

ne
Total assets $291,081 $1 38,920

Liabilities
Deposits
Noninterest-bearing

$ 37,148 $ 19,440

Interest-bearing 155,717 63,256

Total deposits
Borrowed funds
Federal funds purchased and repurchase agreements
Federal Home Loan Bank borrowings
Bank notes and senior debt
Subordinated debt
Other

192,865 82,696
5,153 9,74
18,126 7,065
13,664 6,821
11,208 4,506
4,089 2.765

en

Total borrowed funds
Allowance for unfunded loan commitments and letters of credit
Accrued expenses
Other

Total liabilities

Minority and noncontrolling interests in consolidated entities

Shareholders’ Equity
Preferred stock (b)
Common stock — $5 par value
Authorized 800 shares, issued 452 and 353 shares
Capital surplus — preferred stock
Capital surplus - common stock and other
Retained earnings
Accumulated other comprehensive loss
Common stock held in treasury at cost: 9 and 12 shares

$2,240 30,931
344 134
3,949 4,330
14,035 4,321

263,433 122,412

2,226 1,654

2,261 1,764
7,918
8,328 2,618
11,461 11,497
(3,949) (147)
(597) (878)

TRIBUNE SPORTS



MORE SCENES FROM NATIONAL PRIMARY SCHOOLS

NG aD
COTS Las

Bahamian men's senior

FROM page 15

scoring attack from th
Bahamas with 16 points and



|

volleyball team rally to win

e€
a

game high three blocks.

Prince Wilson and Shedrick
Forbes added 14 points apiece
while Shedrick Forbes chipped
in with 12.

The Bahamas, St Lucia, and
tournament favorite Mexico
make up pool B, while Jamaica,
Haiti and the Cayman Islands
complete pool A.

match against Mexico we have
already advanced to the quar-
terfinals,” he said, “But playing
them early would give us a good
guage to see where we are in
comparison to their talent and
style of play before the elimi-
nation round.”

Renaldo Knowles led a high

rr en AY
Total shareholders’ equity 25,422 14,854

Total liabilities, minority and noncontrolling interests,

and shareholders’ equity $291,081 $138,920

(a) Amounts represent items for which the Corporation has elected the fair value option under SFAS 159.
(b) Par value less than $.5 million at each date.
See accompanying Notes To Consolidated Financial Statements.

A copy of the Annual Report may be obtained from Ansbacher (Bahamas) Limited, Ansbacher House, Bank Lane, Nassau, Bahamas.





THE TRIBUNE





FRIDAY, MAY 22,

PAGE 15
— F

2009





Primary school
haskethall =
season ents —
nent week =

Mm By RENALDO DORSETT |
Sports Writer i
rdorsett@tribunemedia.net

THE NEW Providence
Public Primary School
Sporting Association will
close out its season next
week with its final and per-
haps biggest event of the
year.

The association will field:
over 40 teams for its basket- :
ball tournament at the ;
Kendal Isaacs Gymnasium,
May-25-29.

Eighteen girls teams will
vie for the girls’ title with
preliminary rounds on the
25th and 26th.

Between 22-25 boys’
teams will square off in i
their preliminary rounds 26- :
27 i

The semifinals and finals
in each division will take
place on the 29th.

Association Public Rela-
tions Officer, Frank John-
son, said this year’s tourna-
ment will improve on the
base the previous events
have set.

“We expect big things i
from this years tournament,
last year everyone was :
pleasantly surprised by the
talent level and how hard
the kids played so we
expect the same thing this
year,” he said. “This year
competition is going tobe |
stiff. Everyone wants to end :
the year well and the kids,
especially the boys, love the
basketball tournament so it }
is going to mean a lot to
them. That should produce
some great plays on the
court.”

Johnson said the basket-
ball tournament will serve
as a fitting end to an excit-
ing sporting year.

“Tt has been a great year
for the association and the
kids have benefited from it.
We had a chance to see
some futures stars in all of
the sports from the very
beginning of the year with
soccer, then onto volley,

baseball, track and field and

others,” he said. “It has just

been a great year and this is ;

one of the best ways we can
hope to end it.”



GRAND BAHAMA

AMATEUR BASEBALL :

ASSOCIATION

(GBABA)

Results Of Games Played on
Thursday MAY 14 & Sunday
May 17th, 2009

Thursday, May 14
ROOKIES 1]
LC DOUBLES = 5

e The leagues two youngest :
teams matched up in a game }
that featured several players }
who will represent the Asso- }
ciation in the Junior (13-15) ;
and High School (16-18) Divi- ;
sions in the upcoming 7th :
Annual Andre Rodgers :
National Baseball Champi- :
onship set for June 4th thru :
7th 2009. GBLL & GBABA :
will be sending teams in ALL :

Six (6) Divisions.

Marcus Holbert (Member
of TEAM BAHAMAS 15-16 }
— Team to represent the :
BAHAMAS at the upcoming }
"PONY Caribbean Zone }
Championships in Gurabo, }
Puerto Rico July 6th thru }

12th) — hit a monster Home
Run for the winning Rookies.

Sunday, May 17

GRAND BAHAMA PORT
AUTHORITY REGULATORS 11
JC DOUBLES 3

e The Regulators pick up
their first win of the season.

Andrew Burrows led the
way, going 4 for 4 on the day;
with two doubles and five
RBI's.

Anthony Fox was the win-
ning pitcher with 11 Strike
Outs — Giving up only one hit.

Kean Pritchard was tagged
with the loss.

Bahamian men's senior
volleyball team rally to win

m@ By RENALDO DORSETT
Sports Writer
rdorsett@tribunemedia.net

THE Bahamas dug themselves out of
an early hole in thrilling come from
behind fashion to take an opening win in
the Noreca - Pool D second round tour-
nament.

The Men’s Senior National Volleyball
team took their first match against St.
Lucia in a gruelling five set marathon, 22-
25, 22-25, 25-22, 25-18, 15-11.

With the crucial win the team
advanced to the quarterfinal, in the pool,
setting up a possible second showdown
with tournament favourite Mexico.

The Bahamas continued their quest
to the next stage in FIVB World Cham-
pionships, when they took on Mexico in
last night’s feature game, however results
were unavailable to press time.

In a match that took nearly two hours
to complete, the Bahamas trailed after
the first two sets, however rebounded in
a crucial third set and shifted momen-
tum greatly in their favour.

New Providence Volleyball Associa-
tion Executive Joe Smith said the team

23rd Novice Championships



Men’s national team
take Pool D opener

rebounded resiliantly following a sluggish
start and a delay in the start of the game.

“There was a two hour delay and it
took a while for things to get started and
for the guys to really get their bearings,”
he said, “With that delay it hurt them
because they were already warm and
they had to warm down and start all over
again but when they got started they
played exceptional volleyball. The adren-
aline started to flow and the guys realized
our backs were against the wall and they
responded with a fantastic effort.”

Smith said the team’s defensive effort
sparked the comeback and led to an
equal effort on offense to complete the
gargantuan comebak effort.

“They really picked it up defensively
more than anything else and the third
set turned everyting around offensively





with their intesity at the net against St
Lucia,” he said, “It was a great win for
their confidence, alot of people had St.
Lucia favoured to win, but we shocked
them. We broke their spirits somewhat
with that run because St. Lucia’s coach
said after the third say they were tired
and struggling to keep up. They are a
big team but Ido not think they were in
shape so that is why we were able to out-
last them and had the advantage in a
longer five set match.”

With the win against St. Lucia solidi-
fying a berth in the quarterfinal, Smith
said the initial match against Mexico
should serve as a good scouting oppor-
tunity should the team fall short.

“Regardless of the outcome of the

SEE page 14

relays.

day meet.





RENALDO KNOWLES(r), seen here in a file
photo as a member of the Technicians in
NPVA action, led the Bahamas with a game
high 16 points and three blocks.

DAY TWO of the National Primary
Schools Track and Field Championship
was slightly delayed by inclement weath-
er. However, the stage was set for an
exciting third day of competition.

The third and final day of competi-
tion will feature finals in the 100m,
200, 400m, 800m, highlights by the
finals of both the 4x100m, 4x400m

Medal presentations and awards will
be doled out to the most outstanding
athletes over the course of the three

MORE PICTURES ON PG 14

set for end of month

EXACTLY one week of preparation remains
before the newest crop of local bodybuilders take
the stage in what will be the first show of their
careers.

The Bahamas Bodybuilding and Fitness Fed-
eration will stage its 23rd Novice Championships,
Friday May 29th at the Center for the Performing
Arts.

BBFF President Danny Sumner said all indi-
cations dictate that this year’s show will feature an
especially promising group of athletes.

“T believe we will have all new people this
year,” he said. “You will find that the novice is
designed for newcomers to compete primarily
with other newcomers.”

Sumner said alongside the newcomers, a few
returning participants will compete to continue
the progression towards nationals.

“Over the last few years we have had a few
people that have not won their division and have

come back,” he said. “The whole idea behind
that is to get you more experience and shore you
up so by the time you enter a national champi-
onship, your body is well prepared for it.”

A plethora of divisions will be contested in
both the male and female divisions.

Male bodybuilders will compete in five cate-
gories including lightweight, welterweight, mid-
dleweight, light heavyweight and heavyweight.

Females compete in just two divisions, light-
weight and heavyweight.

“This year, as always, is exciting for me because
I would like to see what the future holds,” Sum-
ner said. “The Novice gives us an opportunity to
see what the year will bring for us, we anticipate
at least 20 or 30 plus athletes between New Prov-
idence, Long Island, Grand Bahama, and per-
haps Abaco.”

This year’s novice championships will also fea-
ture an open fitness segment for females.

reat Tg eth =
CHICKEN

BISCUIT

Seed teen etl Mie ate ated

SMe re





PAGE 16, FRIDAY, MAY 22, 2009

THE TRIBUNE



LOCAL NEWS





MINISTER FOULKES, Mr. Harcourt Brown, and Mrs. Sophie
Williams-Thompson talk with managers and workers as they tour
the Morton Salt production facility at Inagua.

Minister meets
Morton Salt union
and management

LABOUR and Social Devel-
opment Minister Dion Foulkes
recently led a delegation to
Inagua to meet with the
Bahamas Industrial Manufac-
turing and Allied Workers
Union (Morton Salt Union) and
Management at Morton Salt
Company.

He was accompanied by the
Director of Labour, Harcourt
Brown, and Sophie Thompson-
Williams, Legal Counsel in the
Office of the Attorney General.

The delegation toured the
Morton Salt production facility
and also met with workers and
managers at the plant.

Mr Foulkes said that indus-
trial relations between the
Union and Management have

improved and that some of the
issues which gave rise to last
year’s strike have been resolved
and others are awaiting deter-
mination by the Industrial Tri-
bunal.

“We are pleased with the new
spirit of cooperation between
the workers and employer here
at Morton Salt. It is our deter-
mination to ensure that this rela-
tionship continues to remain
amicable,” said Mr Foulkes.

He said that the future of
Inagua rests on the success of
Morton Salt Company and that
his Ministry would do all in its
power to assist in the develop-
ment of a mutually beneficial
relationship between the Union
and the Company.

Bahamas shocked Rotari-
ans with details of the stag-
gering rate of poverty in his
country.

The club was one of the
first organisations to send
aid to Haiti when the island
was struck by four succes-

Fine Threads

Bernard Rd - MackRey St - Thompson Bivd





sive hurricanes and tropical
storms last year and affect-
ed 800,000 people.

Mr Joseph said the storms
destroyed 5,000 homes, left
793 people dead, over 500
wounded, and at least 310
missing.

An appeal for $127 million
in aid has only been half-met
by international donors, and
the country is still reeling
from the disaster.

With 70 per cent of the
population out of work, and
75 per cent of people living
on less than $2 per day, Mr
Joseph said economic
migrants are one of the
greatest sources of income
for people in Haiti.

Mr Joseph said 1.5 to 1.8
million Haitians live abroad
and send the money they
earn in the United States,
Caribbean islands and else-
where back to friends and
relatives in their homeland.

He said: “They are send-
ing more money to Haiti
than the international com-
munity. If every person out-
side Haiti keeps some kind
of link with the family in
Haiti they will help them,
and that money goes direct-
ly to the people, not to non-
profit organisations.”

The lure of more lucrative
opportunities abroad has,

MINISTER FOULKES meets the Human Resource Department's staff at Morton Salt Company. From left: Cheryl Bain, Doreen Cox, Vivian
Moultrie, Manager, Minister Foulkes, Sophie Williams-Thompson and Harcourt Brown.

Haitian Ambassador reveals shocking details of poverty in his country

FROM page one

however, brought a number
of Haitians to their deaths
as they make dangerous boat
journeys to the Bahamas,
United States and Caribbean
islands.

A maritime unit of the
police force has recently
been established in Haiti, Mr
Joseph said, and there are
currently 16 boats patrolling
Haiti’s waters and three
bases have been established
in the north, west and south.

The United Nations is also
working to patrol maritime
borders, and Mr Joseph said
Haitian migration laws are
under review.

But the greatest challenge
for government is giving
Haitians a reason to stay.

Mr Joseph said: “One
thing we have to do to stop
the migration to other coun-
tries is provide jobs to the
people, and this is exactly
what the government is try-
ing to do, to put it all in
place to provide jobs for the
people and assist the people.

“The greatest challenge is
to get out of the cycle of
poverty by attracting foreign
investment, creating jobs
and exporting.

“It is a very big challenge
for the country because dur-
ing the past 20 years since
the departure of Duvalier we

























MOUNTAINS of recently
harvested salt at Inagua with
flamingos in the fe yun











are still in transition.

“We cannot establish
democracy and a govern-
ment in a country overnight.
That is taking time, and
politically we have to create
a democratic constitution in
the country and it’s very
challenging. That is why it’s
very difficult to have growth
in the country.”

A poverty law raising the
minimum wage for Haitians
was recently passed in con-
gress, but Mr Joseph said it
has met opposition in the
private sector as a more
expensive work force will
not attract as much invest-
ment.

However, Mr Joseph
insists there is hope.

He said: “There is hope
because all groups in all sec-
tors understand the situa-
tion. The civil society, the
government, the political
parties, everybody under-
stands the situation in Haiti,
and they know they have to
do something to put the
country on the road and on
the track to democracy.”

Former US president Bill
Clinton’s appointment as
UN special envoy to Haiti
on Tuesday will help pro-
mote the needs of the nation
and attract international
assistance, Mr Joseph said.

Bahamas ‘actively evaluating’ response
capacity to public health emergencies

Dr Hubert Minnis

THE Bahamas is “actively
evaluating” its capacity to
respond to public health emer-
gencies such as swine flu, Health
Minister Dr Hubert Minnis told
the World Health Assembly yes-
terday.

Addressing the 62nd WHA
Meeting being held in Geneva,
Switzerland, Dr Minnis said the
country’s preparations for possi-
ble ACHIN1) virus cases has
strengthened its capacity to meet
international health standards.

Health officials in the Bahamas
will continue to use the momen-
tum gained by this experience to
strengthen collaboration with
partners around the world, he
said.

“Multi-sectoral collaboration
has been successful in address-

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ing some of the gaps identified,
thereby strengthening our capac-
ity to respond,” Dr Minnis added.

He said the gaps that remain
are due to a lack of human
resources and laboratory capaci-
ty — two factors that affect the
entire Caribbean.

The health minister called on
the WHA to provide additional
assistance in this area to coun-
tries in the Caribbean.

He told the meeting that ini-
tiatives such as the microbiolo-
gy external quality assessment
programme for epidemic-prone
diseases, which was carried out
in Africa and the eastern
Mediterranean, would also ben-
efit this region.

“There is an urgent need to
have much needed laboratory
capacity within the Caribbean to
serve CARICOM member states.
The geographic distribution of
countries in regions such as that
of the Caribbean presents unique
challenges in the area of speci-
men management.”

Dr Minnis said such issues can
affect the ability to identify and
mount timely responses to novel
influenza viruses “before they
become well-established.”

“The experiences at this
assembly have emphasised the
need for strengthened surveil-
lance and early warning signs to
contain any public health emer-
gency,” he said.







YoKotsel
CO ETT
‘not main
issue’ on

Cable’s
approval

Zhivargo Laing

@ By NEIL HARTNELL
Tribune Business Editor

Preserving the Bahamas’
foreign exchange reserves is
“not the issue” governing why
the Government has yet to
give foreign exchange
approval to the $80 million
transaction that would buy-
out Cable Bahamas’ control-
ling shareholder, Tribune
Business was told yesterday.

Zhivargo Laing, minister of
state for finance, confirmed to
this newspaper that “the mat-
ter remains under considera-
tion” when asked about the
status of exchange control
approval for the Columbus
Communications transaction.

SEE page 5B

Bahamas Waste’s
$500k biodiesel
plant approved

m@ By NEIL HARTNELL
Tribune Business Editor

Bahamas Waste last night
told its annual general meet-
ing (AGM) that the Govern-
ment had finally given
approval for its proposed
biodiesel production facility,
which will require an invest-
ment of more than $500,000.

Francisco DeCardenas,
Bahamas Waste’s managing
director, speaking to Tribune
Business after the meeting,
said: “We got the approval for
biodiesel a few days ago.”

The biodiesel facility will
now be 100 per cent owned by
the BISX-listed company, not
a 50/50 joint venture with
Cape Systems, the commercial
arm of the Cape Eleuthera
Institute, as originally
planned.

The biodiesel produced will
also be for internal use by
Bahamas Waste only, not
commercial sale.

Mr DeCardenas said
Bahamas Waste was “proba-
bly thinking over $500,000” in
terms of its investment in the
biodiesel facility, and was
“setting the wheels in motion”
to purchase the necessary
equipment, getting revised
technology and price quotes.

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.



THE TRIBUNE

USINCSS

FRIDAY,



MAG P2e2 =

2009

SECTION B « business@tribunemedia.net





FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

$70m CLICO asset Bahamas ‘may
protection sought

WH Insurer’s liquidator takes US legal action to safeguard main
assets, including ‘W’ hotel, by getting recognised as ‘main
foreign proceeding’ under Chapter 15
Bahamian firm’s liquidator says approval will give him
‘breathing space’, protect and maximise asset value for
policyholders/depositors, and conduct liquidation in ‘fair,
efficient and economical way’

@ By NEIL HARTNELL
Tribune Business Editor

CLICO (Bahamas) liquida-
tor has initiated legal action in
the Florida courts to protect
more than $70 million of the
company’s assets and prevent
any claims against them, as he
seeks “breathing room to con-
duct an orderly review” and
protect Bahamian creditors.

Tribune Business can reveal
that Craig A. ‘Tony’ Gomez,
the Baker Tilly Gomez accoun-
tant and partner, has petitioned
the US Bankruptcy Court for
the southern district of Florida
for CLICO (Bahamas) liquida-

tion to become a ‘recognised
foreign main proceeding’ under
Chapter 15 bankruptcy laws, in
a bid to safeguard the compa-
ny’s US-based assets.

In his petition, Mr Gomez
alleged that the southern dis-
trict of Florida was the area “in
which CLICO (Bahamas) has
its principal assets in the United
States.

“CLICO (Bahamas) had
loaned in excess of US $70 mil-
lion to affiliated companies,
which the [liquidator] believes
has found its way into real
estate developments - Welling-
ton Preserve in Wellington,
Palm Beach County, Florida,

and a ‘W’ hotel property in Fort
Lauderdale, Broward County,
Florida.

“The [liquidator] has also
located specific assets, includ-
ing land (Wellington Preserve
and the ‘W’ hotel property) that
appear to have been purchased
in whole or in part with CLI-
CO (Bahamas) funds, but which
are held in the name of Welling-
ton Preserve Inc and Capri
Resorts LLC respectively.”

And Mr Gomez added that
he “has reason to believe that
there may be other assets of

SEE page 4B

Exchange controls ‘handicap’
companies’ competitiveness

* Trade Commission chair pledges to ‘advocate
for removal of all internal impediments’ that
prevent Bahamians ‘availing themselves of all
trade agreement rights and privileges’

* Fears expressed that Central Bank’s exchange
regime ‘handicapping’ Bahamas firms from
taking advantage of EPA benefits in joint
venturing/establishing presence in EU and

Caribbean states

@ By NEIL HARTNELL
Tribune Business Editor

The Trade Commission’s
chairman yesterday pledged that
the body would “advocate for the
removal of all internal impedi-
ments” to the international com-
petitiveness of Bahamian com-
panies, after complaints that the
exchange control regime deterred
firms and professionals from
investing or joint venturing
abroad.

John Delaney, addressing a
Bahamas Society of Engineers
(BSE) luncheon, acknowledged
that while this nation was unlike-
ly to eliminate exchange controls
in the near future, the regime
needed to be made more user-
friendly and have clearer rules,
in order to facilitate capital
investment by Bahamian compa-
nies and services professionals
abroad.

While there were usually no
problems when it came to
Bahamian obtaining foreign cur-
rency for the purchase of goods
and vacations abroad, Mr
Delaney suggested that the Cen-
tral Bank - in its role as guardian
of the foreign exchange
reserves/balance of payments and
current account - was “not famil-
iar” in dealing with capital invest-
ment applications by Bahamian
companies. Hence the difficulties
arose.

The Trade Commission chair-
man was responding after Ethric
Bowe, chief executive of
Advanced Technical Enterpris-
es, said the international com-
petitiveness of Bahamian com-
panies and professionals was
being undermined by impedi-
ments such as exchange controls.

He suggested this could have
potentially dire consequences,
especially as the Bahamas was
about to enter the brave new
world of rules-based trading
regimes via the Economic Part-
nership Agreement (EPA). This
nation has also begun the formal

SEE page 7B

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Petirement gamepian



Alo) ala Des

call us today at 396-1355

SALES OFFICES: NASSAU | FREEPORT | ABACO | ELEUTHERA | EXUMA | CORPORATE CENTRE: EAST BAY STREET | www.famguardbahamas.com

produce oil in
10 years’

m By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

THE BAHAMAS could become an oil-producing nation in
10 or more years should the results of upcoming exploratory
data show that underwater oil fields discovered 22 years ago
hold 500 million barrels, an oil exploration company’s senior

executive said yesterday.

Dr Paul Crevello, director and chief operating officer of
BPC Limited, said a Competent Person’s Report (CPR) con-
firmed that areas of the southwest Bahamas, after initial
studies were completed, show huge traps in layers of rock that
resemble those of oil-producing Persian Gulf states.

If the Bahamas were currently producing oil at the current
per barrel price, this country could potentially gross an esti-
mated $30 billion in revenues from just one viable field.

That estimated figure could rise or fall substantially in 10
years’ time, however, due to oil’s extreme volatility to global
economic changes, international feuds and the mood of the
regulatory body, OPEC (Organisation of Petroleum Export-

ing Countries).

Dr Crevello said the first oil extraction attempted in the
Bahamas in 1986 proved that there may be viable fields in
deep water areas. However, he contends that the very first
attempt at extraction failed because the drill hit an outlying
area of the field, and not the reservoir itself.

BPC’s website explained that the 1986, well drilled to
21,740 feet, “did not report commercial quantities of hydro-

SEE page 3B



‘Unacceptable level of inactivity’
over Professional Engineers Board

m@ By NEIL HARTNELL

Tribune Business Editor

The Government was yesterday
accused of an “unacceptable level of
inactivity” in amending the law to re-
establish the Professional Engineers
Board, a situation that if not rectified
will leave Bahamian engineering pro-
fessionals unable to compete with their
European and Caribbean counterparts
due to the absence of a licensing regime
and certified standards/qualifications.

Jerome Elliott, the Bahamas Society
of Engineers (BSE) president, told a
meeting or the organisation that a peti-
tion was now being circulated among

SEE page 6B

“—__ A> Excellent
ATE

financial Strength Rating

Profession fears
absence of body to
oversee licensing
and certified
qualification
regime will leave
Bahamians unable
to compete under
the EPA



[= try your own savings strategy
[1 bet on support from your kids
Cc run out of moves & work til you're 70

aA retire early with a guaranteed
retirement fund - checkmate!

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED





PAGE 2B, FRIDAY, MAY 22, 2009

Care Giver
Required

KNOWLEDGE AND SKILL REQUIREMENTS:

- Certified or equivalent to nurse’s aide and training.

- Must understand English both written and verbal.

- Must have current certification, i.e. Health Certificate.

- Must be able to safely and successfully perform ALL job-related
functions i.e. CPR and Basic First Aid.

PRIMARY RESPONSIBILITIES:

- Care for multiple residents.

- Observe Resident Rights.

- Provide Professional care and assistance to the residents.

- Assist paramedics in cases of emergency.

- Observe residents, note physical condition, attitude, reactions,
appetite, etc., report to the Administrator.

- Available for front desk duty.

- Capable of working overnight shift 4p.m. - 12am & 12a.m. —- 8 a.m.

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The successful candidates will be offered an excellent compensation
package and opportunities for training and development.

Please e-mail or fax resume to the Administrator at

CCCBAHAMAS @live.com or 323.4475



THE TRIBUNE



OOO BUSINESS
An ‘open house’ to create wealth

QC nce associated with
organic food and alter-

native medicine, the word ‘holis-
tic’ has taken on new meaning in
the world of finance as individuals
and institutions reeling from
exposure to exotic vehicles and
financial rollercoaster rides strive
for balance.

It’s no wonder that there is an
outcry for a new financial focus.
During 2008, an investment dom-
inated by the British pound would
have lost 26 per cent and 23 per
cent against the US dollar and
the Euro, respectively. Why? Sim-
ply because of the depreciation
of cross currencies. And that loss
would not have been fuelled by
greed or the explosion of sub-
prime lending that led to the col-
lapse of the American housing
market. Simple depreciation. So,
it is not surprising that the search
for balance has suddenly replaced
the search for instant riches.

What is a holistic investment?
How do you, as an individual, find
an advisor or investment manag-

BAHAMAS DEVELOPMENT BANK
Cable Beach, West Bay Street,
P.O.Box N-3044
Nassau, Bahamas
Tel:(242) 327-S7TSIVS2T-S793-6
Fan:(242) 327-5047, 327-1258
www. hahamasdevelopmentbank-com

New Providence

Lot #12466 (5.000sq. ft.)
w fhe 2.257 sq. F-
Gioekden Way Or, tealden
Gates #2 (Appa
Value $244 045.00)

Vacant loo #147
(10.5575. It. )-Munnings
Ter & Roy Wiest Lane
Southern Heights Sub
(Appraised Value
90 .0900.00)

Let E5100
w buildings (LO4Dsq.
ft.) Miracle Towch Justo
Care Center-Fox Hill Rd
(Appraised Value
$149.281.00)

Lot (S0'x100°)

w building 1,91.25q ft.-
Dereaux St (Appraised
Value $189,000.00)

Lots #259 & Fao.

(S's 1 hor), Blk 4?

vw building: 1,140. f-
Matthew St. Nassau
Vilage (Appraised
Value 4 145. (04h)

Lots #5 & 6
(150.100) whse-
Silwer Palm Ln Inperial
Park (Appraised Valine
S313 4651.00)

Lot #125 (SOx)
wihse 1,342sq. ft.
Sunlbower [South )
Sumnchine Park Saah Hee
t3 (Appraised Valuc
$129.000.00)

Lot #11 0107x100")
wifhae 2026. M-Sursec
Ridge Dy net Hielpe
Suh Hee £25 (Appraised
Valoe $206, 000000)

Lot #176 (41°%113')
whse OOS sq. M.-Old
Cedar St telhow Eleler
(Appraised Value
£05 (00.000)

Lot: #2 & t+. Blk #47
(S40 ‘oc 1 OO") er dha ples: Be
retail shop 1.53259), fi-
Forbes St Nassau Village
(Appraised Value
$120000.00)

Heack fromt lor 4 Olea
Ft. w Shuilding 2,100sq.
ft.-Pinders Mangrove
Cay Andros (Appraised
Value $200,000.00)

Lot 4,444. Pow duplex
building 1,17 4sq. ft.
Fresh Creek findroes
(Appraised Valine

578, 6b, Oh}

(. Lot 20 (27.150sq. fe]

whee 2,00 0sq. Fb
BIKA, Section ¥2-Sea
Gull Or, Bahama Reef
Yacht & Country Cluh
Sub Grand Bahama
(Appraised Value
$20,000.00)

. Vacant bot #29, Blk #o

(14,397 sq. f]-
Yorkshire Dr, Habamia
Weer Replat Grape
Bahama (Appraised
Value $25,000.00)

S. Vacant Lot #3 Wk #12

Unit #3 (141.25 sq. feJ-
Henny Awe Teri Sob
Grand Bahama
(Appraised Valuc
$6500). 00)

5. Lot #43 6 (10s 5]

whose & Duplex-Nelsan
Rd Poinciana Gardens
Grand Bahama
(Appraised Value
$965,000.00)

Lot a3s7 (54's 150"]

Wi sisplex 2-oporey
apartment beailding &
Church 5,40 sq. fit.-
Marin Town, Kings Sub
Egent file Rock Grand
Bahama (Appradsed
Wabue $2112 00.00)

8. Lotw fl room hotel

5 00s. 1. on 4.09
acres of beach fromt-
High Reeck Grand
Bahama (Appradsed
Value £1,100, 000.00)
Vacant Jot #13, Bik #59.
Unit #3 (22.7 523q, ft.)
45° om canal front:
Dagenham Circle &
Ingrave Dr Emerald Bay
Sub Grand Rahama
(Appraised Valine

$1 10,000. ot)

. Vacant Jot #21, We #9

(1406159. 1. ]-Waberfall
Dr Seahorse Village Sub
Grand Hahama
(Appraised Valuc
$40,000.00)

Loe #15, Bik #15 Unit
43 [WO S125" ]-Derky
Sub Grand Rahama
(Appraised Value
$29,000.00)

Vacant bot #25, Blk #15
[L7.BiGsq. ©]
Lasparater Lo Sharnce
Country Choh Sub Grand
Bahama (Appraised
Value S36.000R.00)
Vacant hot #4489 section
26 (65° %125')-Palmeeri
Dr Grand Bahama East
(Appraised Value
$000.00)

Lot #2 [20 (hOllsq, Pt)
wfhudlding complex &
codn Laumdremat
Queens Highway
Holmes Rock
Comnmonage tramd
Bahama (Appradsed
Walue $178,600.00)

ASSETS:

Abaco
Lot #544 E (6, 50le. ff)
w/triples foundation
2.7 8Gsq. ft-Murphy
Town Abaco
{Appraised Value
S24, 096,00)
® Vacant lot th (2 acres]
Fox Town flbaco
(Appraised Value
$50,010.00)
Lot #51 (15,004 se, Fe)
w/building-Murphy
Town Abaco
{Appraised Value
S102420.00)
Portion of lot aa
(15000sq. ft.)-Frane St
Murphy Town Abaca
(Appraised Value
$25,250.00)
Lot #55 [6,9005q. ft.]
w/building=Murphy
Town Abaco
(Aporaised Value
SZ, 075.00)
Lot #445 [50s Le)
w/ 14 roc motel
3.90 0sq. ft.-Sandy Point
Abaco (Appraised
Value $445,700.10)
Lot B7,120sq. Pow 4
cottages & 1 storage
Building butaling
4.1868q, f-Sand Banks
Treasare Lay Abaco
(Appraised Value
S680,308.00)
Eleuthera
32. Wacamt portion of bot #7
(S01 LO) — West James
stem Eleuthera
(Appraised Value
$158 (00410)
Cat Lala
(3. Vacant 6.5 acres of
land-Arthur’s Town, Car
Island [Appraised
Value $8, 00. (M1)

$4. Lot w/i2 room motel

Lo acres—Arthur’s
Town Cat Istareal
(Appraised Vahie
$630 (00000)
Exuames
&. Vacant bot #8 (65.2006q.
ft.J-Moss Town Exuma
(Appraised Vahie
$110,1 SRO)
Lot (20,40sq. fe.)
small hotel 4.520
& exclusive beach-
Forbes Hill Exuma
(Appraioed Value
S14 01), OFM), a)
7. Vacant bot #1281
(6.6006. ft_]-Oceanic
Rel Bahama Sound Sec
US Exums (Appraised
Valac S21 Sl.)
3. Vacant bot #95
(80'«122") Commodore
Rel Elizabeth Harbour
Est. Exumes (Appraised
Vallee $45.00). 00)

er at a bank who is committed to
mitigating risk and maintaining
investment value against inflation
— in other words, preserving
wealth and establishing balance?

Here are a few keys.

First, when you meet with a
financial advisor, whether con-
sidering stocks, annuities, fixed
deposits, government-backed
bonds or other investments, insist
on open architecture. Part of the
new glossary of financial reason,
open architecture is the ability to
design a portfolio that is based
on investments that are neither
owned nor controlled by the com-
pany you are investing through
or with. This is to say, non in-
house products. One of the moves
that landed so many investors in
trouble in the past two years was
listening to their broker at an
investment house and buying
what they recommended — one
of their own products. It is easy to
see how someone can be swayed,
especially if they are sitting in an
impressive office listening to num-
bers that make their heart race,
thinking their broker’s firm is
well-established, its reputation is
matched only by its status, its
chief executive just earned a sev-
en-figure bonus, and the chorus
sung round the globe is: “The
Government won’t let them fail.”
We learned all too well how
appearances can deceive and in-
house investments can falter, col-
lapsing faster than a house of
cards in a tornado.

While collapses occurred, head-
lines spewed out the dangers, but
rarely addressed what I call the
hidden opportunity costs of port-
folios consisting solely of in-house
investments. In the business
world, the term opportunity cost
refers to the inability to grasp
opportunity when it arises
because necessary funds to do so
are tied up or obligated else-
where. In the investment world,
opportunity costs result when a

Guest columnist
Davinia Blair, a
Hottinger Bank &
Trust executive,
describes the

‘holistic’ approach
to money and
investment
management



manager or advisor ignores
opportunity for investment out-
side his or her own firm, and
chooses from a narrow group of
in-house products rather than
researching the broader market
thoroughly. Unfortunately, it is
difficult to measure opportunity
costs — the loss of potential
income, wealth preservation or
aggregation had money been
placed differently.

Once you have settled on open
architecture, ensure that your
portfolio is customised. No invest-
ment vehicle, no matter how prof-
itable it seems to be, is right for
you unless it is designed with you
in mind. Your manager should
search for - and select - the invest-
ment vehicle that best suits your
investment profile. An investment
is not like a marriage — one single
partner will not carry you through
life. Don’t fall in love with a single
stock at the peril of ignoring the
rest of the world around you.
Money markets change, currency
changes daily, companies’ shares
rise and fall based on what they
have to offer and how they are
managed. Insist on risk manage-
ment. Modern Portfolio Theory
stipulates that an efficient port-
folio is one that “generates the
largest return for a given risk lev-
el,” according to www.investope-
dia.com. Your advisor or money
manager should search for, and
select, the investment vehicle with
the greatest expected yield for a
given level of risk, and that level
should be agreed upon by the two
of you before you make any
investment whatsoever. Risk lev-
el will be gauged upon your age,
your intended age of and needs
for retirement, and what you
hope to leave upon your passing.

A bright young doctor with a
vibrant practice, for instance, is
likely to have a higher profit-to-
risk ratio than a small busi-
nessperson facing retirement in
a few years. Your next tip. After

ensuring that your advisor or
banker is offering an open archi-
tecture, risk is mitigated and the
portfolio is customised for your
needs, find out about total fees,
including any that might be ‘hid-
den’. Do not be afraid to insist
that the person you are talking
with be upfront about costs. Is
there a monthly, quarterly or
annual management fee in addi-
tion to transaction fees? What are
fees based on? Is there a com-
mission? What is the cost of cur-
rency conversion? Is there any-
thing in writing that offers you
comfort that fees will not increase
without notice?

Finally, you want to look at
planning for loved ones after you
are gone. It has been said that ‘A
good man leaves an inheritance
for his children’s children.’ The
optimum way to protect your
assets and ensure they are dis-
tributed and preserved according
to your wishes, and with complete
confidentiality, is through the cre-
ation of a trust. Unlike a will,
which must be probated and thus
goes through the legal system,
where it is subjected to exposure,
a trust is a private matter. Estab-
lishing a trust not only keeps your
personal affairs private, it stream-
lines the process, avoiding delays
caused by waiting for court dates
in a system that is already back-
logged. Without a trust, legal and
other professional fees can also
unduly nibble away at an inheri-
tance. Establishing a trust, being
frank about fees, opportunity and
currency costs, insisting on an
open architecture that avoids an
abundance of in-house products
and, finally, looking at the invest-
ment bank or analyst’s long-term
results over a long period of time,
are guidelines that will help you
achieve your ultimate goal of
wealth preservation. Together,
they create the careful and vigi-
lant holistic approach framework.
It is a great feat to amass wealth,
but to amass it and preserve it is
even greater.

NB: Davinia Blair is a portfolio
and investment research officer at
Hottinger Bank & Trust (HBT),
which is part of the Hottinger
Group founded in 1786, head-
quartered in Switzerland and now
with a presence in seven countries.

Prior to joining HBT, Blair
spent several years in financial ser-
vices in both a retail bank and the
Securities Commission of the
Bahamas. She holds a Master’s
degree in Decision Sciences from
the London School of Economics
and Political Science.

Teachers & Salaried Workers Co-operative
Credit Union Limited

NOTICE OF

ANNUAL GENERAL MEETING

TO: All Members of Teachers and Salaried Workers
Co-operative Credit Union Limited
East Street South and Independence Drive

Notice is hereby given that the Thirty-Second
(32nd) Annual Meeting of Teachers & Salaried
Workers Co-operative Credit Union Limited will be
held at the British Colonial Hilton Hotel located on
Bay Street, on Saturday May 23, 2009 commencing

Vessels Vehicles at 8:00 a.m. for the following purposes:
[1] 05 Dodge Caravan
(1) 96 Ford Explorer
(1) 97 Dodge Stratos
{1) 00 Hyundai H-1 Van
[1] 00 Kia Bus 12 Seater
(1) 2? LTS000 Ford Boom Truck
(1) 02 Hyundal H-1 Yan SVX
(1) 25 Hyundai H-1 Van SVX [Silver]
(1) OF Kitchen Tandem Cheredose Traike
[1] 00 Ford Ranger Truck
(1) 99 Ford F250 Truck
(1) 22 GMC Brigadier Drill Track
[1] 06 Mitsebishi Canter Truck
(1) 9? Goble Aste Mack Dag np Track
(1) 89 Ford LS000 Drill Truck
(1) 92 Mack Truck (Carmichael Ad)
(1) 9? Goble Ache Mack Dump Trock

sal wfL15 HP Evinnxdke engine
21° (1974) Seacraft Vessel w140 HP Yamaha engine
§2" (1979) Hatters Vessel (MV Boddy)
S1° [1981] Detender Vessel | Equility)
BY Costom Steel Hull Vessel (Miss Kristy]
eel Hull Gulf Coast Shrimp Trawler Vesse
with (2) Volvo Diesel engine (Sweet Charlocte]
Single Screw Stee! Hull (160) MV Lisa | IIL
vessel hasa mew engine requiring installation. find
cam be view at Bradford Marine, Grand Bahama
LO (1989) Fiberglass Sports Vessel (Hull Onkr]
60 (1382) Defender Vessel (Queen Vashoi]
6H (1989) Des Marioe Vessel (Sveeet Dreams)
20F (1997) Abeco Sait Vessel w 115 HP Mercury engine
13 (1991) Spanish Wells Ramabout Vessel w/f115 Mercury engine
91 (14) Travis Marine Vessel (Fartbutt)

To receive the Report of the Board of
Directors for 2008.

To receive the Audited Accounts for 2008.

To elect members of the Board of Directors.
To elect members of the Supervisory
Committee

To discuss and approve the Budget for 2009.
To take action on such matters as may come

Steel Building 70°x50" Six (6) Wimdows, Two (2) Entry Doors, Two (2) 5°x10' Rollup Doors White trimmed before the meeting.

Blue Approved plans and engineering drawings are available $50,000.00

The public & invited bo submit Sealed bick marked “Temder™ tn Bahamas Development Bank, PO. Box §-3034
Mastae, Dabamas attention Fimamcial Controller, &aed bids will met be accepted or telephone 327-5780 for
additonal information. Please mote that all bids on the aforementioned properties and assets should be receiwed
by or en May 29, 20019. The Bahasias Development Bank reserves the right to reject any or all offers. All assets
are sold as is.

Lenn King
Secretary





THE TRIBUNE



FRIDAY, MAY 22, 2009, PAGE 3B

rN =~) | =1<—
Former Pioneer staff see

severance case deferred

lm By CHESTER ROBARDS
Business Reporter
crobards @tribunemedia.net

PIONEER Shipping
employees laid off one year
ago have had a Supreme
Court case against their for-
mer employer over the alleged
non-payment of severance pay
deferred until October, their
attorney said yesterday, while
Minister of Labour Dion
Foulkes suggested he would
open an investigation into the
matter.

Obie Ferguson said if the
Supreme Court finds in favour
of the former employees, they
would be entitled to any inter-
est accrued during the time
they have had to carry on
without severance pay.

Mewnahile, Mr Foulkes said
he was aware that negotiations
were ongoing between Mr
Ferguson and Pioneer Ship-
ping’s owners, and was
informed that progress was
being made.

now look into the matter as
one year has passed without
a resolution.

Mr Foulkes said another
matter regarding a former
employee of Pioneer, not
related to last year’s lay-offs, is
before the Labour Board.

Trevor McPhee, whose mat-
ter was before the Labour
Board, said it was ruled that
Pioneer Shipping was respon-
sible for paying his $3,666 sev-
erance payment. He said he
has yet to hear from Pioneer
on the matter after two years.

Passed

Mr McPhee told Tribune
Business yesterday that since
last year, several laid-off work-
ers have passed away and
many more have been unable
to find replacement jobs, giv-
en the state of the job market
in the Bahamas.

“Worrying about things car-
ry you to your grave faster,”
he said.

Compounding the matter,
they have had to live without
whatever severance money
would have taken them
through until they were able
to acquire a new job.

A former employer, who
wished to remain anonymous,
said they were hoping that
Pioneer Shipping would sell
its property and use that rev-
enue to pay Severance pay to
the almost 50 employees.

However, the property as
been leased out to Atlantic
Caribbean Lines.

Pioneer Shipping’s business
was taken over by a partner-
ship between Laser Interna-
tional Freight Transport and
the Nassau-based Mailboat
Company last year.

At that time, employees
were told that payments
would begin when the com-
pany’s dockyard and other
properties on Bay Street were
sold. The four-acre site was
given a $23 million appraisal
value.






























The Bahamas ‘may
produce oil in 10 years’

FROM page 1B

The Bahamas recently submitted its maritime
boundary proposal to the United Nations.

Should the Bahamas become an oil producing
nation, its gross domestic product (GDP) could
greatly increase, and new sectors involving oil pro-
duction, education and refinement could open up.

“The discovery of oil will change the way we live
and drastically change the Government’s view on
the economy and the way forward,” said Mr Ney-
mour.

He said the regulations are in place that would
allow oil companies to begin drilling if viable wells
are discovered.

According to Dr Crevello, the contractual agree-
ment between the Government and the oil explo-
ration company says the exploratory contract will
only be renewed past three years if drilling begins
after the second year of research.

“We haven’t had any negative responses (from
government),” he said.

Mr Neymour said recently that oil exploration
remains high on the Government’s list of priorities.

Dr Crevello suggested that if the Bahamas was
discovered to have around 18 viable 500 million
barrel wells, as suggested by initial studies, this
country could potentially sit on a veritable $540 bil-
lion dollar field (according to current per barrel
prices).

He alluded to the Bahamas becoming a nation
with the wealth of some Persian Gulf states who
have been producing oil for years.

carbons but did have live oil shows over a thick
interval”.

According to Dr Crevello, more high tech equip-
ment, including seismic devices, will be used to
confirm the presence of the suspected oil wells.

He suggested that the new data sets will not be
100 per cent confirmation of viable oil reserves, and
that once a suspected well is found, only drilling
will confirm beyond doubt that the area holds a
usable petroleum reserve.

However, Mr Crevello insisted that due to the
$30 to $70 million price tag on oil platforms, no
drilling will commence until StatoilHydro, the
company undertaking the exploration, is reason-
ably sure that the area holds oil. StatoilHydro and
Bahamas-registered BPC recently reached an
agreement to become partners in the exploration.

The government of the Bahamas has yet to
approve and award three licenses requested by
BPC for the research. The oil exploration venture
had been stagnated due to maritime boundary
issues with Cuba, which are still being discussed,
according to minister of state for the environment,
Phenton Neymour.

“We're in discussions with the Cuban govern-
ment and it’s being overseen by the Ministry of
Foreign Affairs, which has affected the ability of
the companies to do research in assigned areas,” he
said.



However, he said he would
$300,000 life cover for
the price* of a coffee
per day! No medical
required!
CALL 356-LIFE or vist wowcgigroup.bm

—I||j Electronic Equipment

— * (1) Compaq Presario Computer Tower

* (1) Canon Canoscan N640D EX Scanner
ATLANTIC - (1) Digital Scale (New)
MEDICAL

* (1) Whirl Microwave
ATLANTIC MEDICAL INSURANCE CO LTD

* (1)Tec Cash Register
* (1) Epson Stylus Pro 9600 Print Engine
Acdantic Pbouse, 2ed Terrace & Coffs Awenue, POL Boo 55-5915, Nassau
Tel 356-5439 wenccggroup.bm

* (1) HP DeskJet 656c Printer (Desktop)
A member of Colonial Group International Insurance, Health, Pensions, Life

* (1) Monitor

* (1) 1520 Epson Stylus Color Printer
= ss

BAHAMAS DEVELOPMENT BANK
Cable Beach, West Ray Street,
F.O.Box N-3034
Nassau. Ralanas
Teli 242) 327 -S7RINS2T ST OS
Fax:(242) 327-S047, 327-1258
www, bahamasdevelopmenthank.com

The general public is invited to attend Bahamas
Development Bank s sale of repossessed assets.

ASSETS

Tables

* (1) Marble Table (Rectangle)

*applies male ape JO

Cooler/Freezers

* (1) Two Door Chest Freezer
* (1) Ice Cream Cooler

* (1) Single Door Cooler

* (1) 8’ Walk-in Freezer

(1) Keyboard & Mouse wCompressor (New)
(1) Brothers Printer

(1) Samsung Digital Camcorder

(1) Dell Scanner & Printer

Beauty Salon Equipment
* (3) Nail Tables
* (7) Facial Machine

* (2) Nail Stools

Aero Motive Equipment

(2) Tech Work Benches

(1) Alternator Test Bench

(1) Paint Booth

(1) Rivet Machine

(1) 6” Storage Cabinet

(1) 4” Craftsman Tool Cabinet
Brake Washer
Sand Blaster
Vari-Drive

* (1) Chrome Juice Filler

* (1) Multi Fruit Juicer

* (1) Quilting Sewing Machine
* (1) Deli Showcase

* (1) Singer Sewing Machine

DHL JOB DESCRIPTION ;
(1) Janome Monogram/Embroidery Sewing Machine :

(1) Singer Quantum XL150 Sewing Machine with Serger

(1) Meat Saw (New)

(1) Deli Selection (Minor 2000 MT-SE) (New)

Assortment of Items

* Cooking Utensils Pots, Pans & Plates
* (2) Breakfast Nooks

* Air Hockey Game

* (1) Yamaha Wave Runner

POSITION:
JOB FAMILY:
RCS CODE:
REPORTS TO:
LOCATION:

Collections Agent

Credit & Collections
A20004

Collections Lead

Country Finance Department

OVERALL PURPOSE:

Location: Inland Steel, Sumner Street off Solider Rd.Nassau, Bahamas

Under limited supervision in a team environment provide efficient and effec-
tive credit approvals. To ensure timely credit application processing, respond to
information requests and issues. Ensure accuracy of all credit decisions functions
while staying within company policy and procedural guidelines.

Directions: Exit Abundant Life Road turn right onto Solider Road then the first left

onto Sumner Street tenth two storey white & blue building on the left
Date & Time: 10:00a.m. — 3:00p.m. — Saturday May 23, 2009
All assets are sold as is where is for cash, cashier s cheque. No purchase(s) will be released
until paid in full.

DUTIES AND RESPONSIBILITIES:

The general public is invited to attend Bahamas Development Bank’s sale of repossessed Vehicles

and small Vessels.
Vehicles

2001 Hyundai H-1 Van SUX
2006 Mitsubishi Canter Truck
1996 Ford Explorer

2000 Ford Ranger Truck
1999 Ford F-250 Truck

2006 Hyundai H-1 SVX Van

Gathers, compiles and maintains basic credit information to be used in
making credit decisions.

Reviews and monitors credit sources, customer applications and
delinquent accounts. Processes credit applications.

Works with smaller customers to resolve collections issues and disputes.
Investigates disputes and reviews documentation.

Prepares and processes credit and collections account adjustments.
Implements credit suspensions.

Recommends further actions on delinquent accounts.

Maintains records of credit risks and delinquent accounts.

Provides support and coordination with third party agencies as needed.
Handles customer calls related to Collection Agency accounts.
Prepares and files bankruptcy claim documents.

2003 Dodge Caravan

2002 Hyundai H-1 Van SUX

1997 Double Axle Mack Dump Truck
1997 Dodge Stratus

1982 GMC Brigadier Drill Truck
2001 Kia Pregio Van

1989 Ford L8000 Drill Truck (Green)

WEES

20’ Robolo Vessel (1996) with Evinrude Outboard Engine

19’ Fiberglass Sports Vessel (1989) Hull Only

21 Seacraft Vessel (1974) with 140 HP Yamaha Outboard Engine

19’ Spanish Wells Runabout Vessel (1991) with 115 HP Mercury Outboard Engine
20’ Abaco Skiff (1997) with 115 HP Mercury Outboard Engine

MINIMUM QUALIFICATIONS:

High School diploma required. .

1-3 years of experience in Collections.

Advanced administrative skills to function effectively with limited
direction amid competing priorities and deadlines.

Excellent customer service orientation and communication skills.
Proficiency using various computer software applications.
Excellent analytical and interpersonal skills.

Proficiency using various computer software applications

Location: Internal Security Division Compound, Thompson Blvd

Nassau, Bahamas

Date & Time: 10:00a.m. — 3:00p.m. — Saturday May 23, 2009

For additional information telephone 327-5780.

The public is invited to come and view the aforementioned assets on the date and time indicated.
After which you may submit Sealed bids marked “TENDER-EQUIPMENT” to Bahamas
Development Bank, P.O. Box N-3034, Nassau, Bahamas. A representative will be on the
compound from 10:00am to 3:00pm to collect and secure all offers, which will be opened on May
25, 2009. Please note that all bids on the aforementioned assets should be received by 3:00 pm
May 23, 2009. The Bahamas Development Bank reserves the right to reject any or all offers. All
assets are sold as is.

For more information please contact:
Romell K. Knowles I

Country Manager
Email:Romell.Knowles@dhl.com



PAGE 4B, FRIDAY, MAY 22, 2009

THE TRIBUNE



70m CLICO asset protection soug

FROM page 1B

CLICO (Bahamas) located in
the United States as well, but
substantial investigation is nec-
essary”.

The CLICO (Bahamas) lig-
uidator is seeking US court
approval for himself to take
over the administration and
ownership of all the company’s
US-based assets, in addition to
staying any legal action or
attempted seizure against these
properties.

Mr Gomez also wants the
court to “suspend the right to
transfer or otherwise dispose of
any CLICO (Bahamas) assets”.
The petition was filed with the
US courts on April 28, 2009.

In it, Mr Gomez and his US
attorneys argued that granting
Chapter 15 recognition would
ensure the “fair and efficient”
administration of the Welling-
ton Preserve real estate devel-
opment, which likely accounts
for about 63 per cent of CLI-
CO (Bahamas) total assets.

Granting the recognition
sought, they alleged, would
“protect the interests of all of
CLICO (Bahamas) creditors or
protect and maximise the val-
ue of CLICO (Bahamas)
estate”, enabling Mr Gomez to
liquidate the company in an
“economical, fair and efficient”
manner.

“In order to preserve the
interests of CLICO (Bahamas)
and all its constituents, it is

imperative that all claims and
distributions be administered
uniformly in accordance with
Bahamian law,” Mr Gomez
alleged.

“The [liquidator] believes
that granting relief sought here-
in will best assure an economi-
cal, expeditious and equitable
administration of CLICO
(Bahamas) estate.

“Moreover, rather than
exposing CLICO (Bahamas) to
litigation and collection efforts
that could lead to piecemeal dis-
tribution of its assets, as well as
additional costs and distraction
from the administration of the
estate, the [liquidator] will be
afforded the ‘breathing room’
to conduct an orderly review of
CLICO (Bahamas) affairs so

that its creditors receive equi-
table treatment.”

Vital

Preserving and protecting
CLICO (Bahamas) US-based
assets is vital to the company’s
successful liquidation, and the
ability of Bahamian insurance
policyholders and annuity
depositors to recover the major-
ity of their investments.

Mr Gomez’s first report to
the Bahamian Supreme Court
showed how Wellington Pre-
serve and other US assets were
the recipients of most of the $73
million funnelled from CLICO
(Bahamas) into its wholly-
owned subsidiary, Bahamian-
domiciled CLICO Enterprises.

Mr Gomez wrote then: “As
at December 31, 2008, approxi-
mately $73 million had been
advanced to CLICO Enterpris-
es, but it is unlikely that this
loan can be recovered at full
value as CLICO Enterprises’
December 31, 2008, unaudited
financial statements reflect a
deficit of $21 million as the
assets are $108 million and its
liabilities are $129 million.

“Included in CLICO Enter-
prises’s assets is a loan due from
Wellington Preserve Limited
(WPL) a wholly-owned sub-
sidiary, for $70 million. The
December 31, 2008 unaudited
financial of WPL includes
investment property in Florida
valued at $127 million. How-
ever, the same real estate val-

ued on an “as is” basis is worth
approximately $62 million.

“Beside the loan to WPL,
CLICO Enterprises also made a
direct investment in WPL for
$13 million.

“The WPL real estate project
in Florida consists principally
of 80 residential lots and various
amenities and commercial sites
laid out in a 523-acre tract. It
was to be a high end residen-
tial subdivision with an eques-
trian/polo theme. Most of the
residential lots are connected
to or contain polo pitches and
horse stables. Unfortunately,
the project requires a substan-
tial cash injection of a minimum
of US $42 million before it can
be reasonably presented for
sale.”

Legal Notice

NOTICE
AAT HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 12th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ELDERBERRY VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 14th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEWBURY VISTAS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CONTINENTAL GRAND

INVEST LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SUFFOLK HOLDINGS CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
WASHLEA MYRNA INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BRENTON LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 14th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SMARTVEST

INVESTMENT CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 16th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
XANTHUS HOLDINGS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 7th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ANDROCLES GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 11th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

APPAKAESHA LIMITED

— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of APPAKAESHA LIMITED has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

CHIARELLA CORP.

— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CHIARELLA CORP. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)





THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 5B



I © =< ee
Foreign exchange ‘not main issue’ on Cable’s approval

FROM page 1B

When asked about the rea-
sons for why the Government
had yet to give its approval,
Mr Laing said: “The impact
on foreign reserves would not
be the issue.

“For sure, any impact on the
foreign reserves is not the
issue.”

Declining to detail what the
Government’s concerns with
the Cable Bahamas transac-
tion were, Mr Laing added
that he “couldn’t say at this
time” when a decision on the
approval would be forthcom-
ing.

“We always try to address
these matters as soon as pos-
sible, so as soon as a decision
can be made, one will be
made,” Mr Laing added.

The fact that foreign
exchange reserve preservation
is not the issue will undoubt-
edly raise speculation as to
why the Government has yet
to give the nod to the Cable
Bahamas deal.

Some are likely to believe
the Government has concerns
about the impact Columbus
Communications’ departure
will have on Cable Bahamas’
operations, while other spec-
ulation is likely to focus on
whether the Ingraham admin-
istration fears the transaction’s
effects might affect the



“The impact
on foreign
reserves
would not be
the issue.”



Zhivargo Laing

Bahamas Telecommunica-
tions Company’s (BTC) pri-
vatisation or the developing
communications regulatory
landscape.

Cable Bahamas has been
waiting for foreign exchange
control approval for the past
two weeks.

This is believed to be the
last obstacle to the transac-
tion’s go-ahead, which will
result in the BISX-listed com-
pany buying out Columbus
Communications’ controlling
30.2 per cent state for $80 mil-
lion or $13.43 per share.

Although in theory the Cen-
tral Bank of the Bahamas is
the one that grants exchange
control approval, in reality it
only does so on major trans-
actions such as this once the
Government, in the shape of
the Minister of Finance, gives
his consent.

Tribune Business under-
stands that all the necessary
paperwork for the Cable
Bahamas transaction has been
completed by the Central
Bank, and that it now resides
on ministerial desks at the
Ministry of Finance.

Control

Cable Bahamas requires
foreign exchange control
approval because not only
does the transaction involve a
foreign entity (Columbus’s
parent is Barbados domiciled),
but it is aiming to raise 50 per
cent - some $20 million - of its
upcoming $40 million prefer-
ence share issue in US dollars.

A term sheet circulated to
potential investors by the
company’s placement agents,

RoyalFidelity Capital Mar-
kets, said: “An application has
been made to the Central
Bank to allow for up to $20
million of the $40 million
Series A Preference Shares to
be made in United States dol-
lars.”

As at February 2009, the
Bahamas had some $616.32
million in foreign currency
reserves, a figure backing Mr
Laing’s assertion that the
impact the transaction will
have on this sum is not the
main issue.

The proceeds from the $40
million issue, and the $90 mil-
lion syndicated credit facility
from Royal Bank of Canada,
FirstCaribbean International
Bank (Bahamas) and Scotia-
bank, will also be used to refi-
nance Cable Bahamas’ exist-

Legal Notice

NOTICE

Pursuant to the provisions of Section 137 (4) of The Inter-
national Business Companies Act, 2000, Notice is hereby

given that:-




(a) Clear Water Fund Limited is in dissolution;





NOTICE

NOTICE is hereby given that ANDRE JULIEN of
GREGORY, ELEUTHERA, 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 15'" day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ERONNE LUBIN 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 15'" day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ANNA GRACE LECORGNE
of EASTERN ROAD, P.O. BOX N-3006, 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 22%° day of May, 2009 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RICHEMOND JASON of
DAVIS STREET, FOX HILL, P.O. BOX CR-54802, 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 15 day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

RS FINCO

els

FINANCE CORPORATION OF BAHAMAS LIMITED
NOTICE

Please be advised that the Head Office and
the Registered Office of the company will be
moved from the Bahamas Financial Centre,
Charlotte & Shirley Streets, 2nd Floor, Nassau,
Bahamas to Royal Bank House, East Hill Street,
Nassau, Bahamas effective 25th May, 2009.

D. BURROWS-HAINES (Mrs.)
Corporate Secretary

Dated this 22nd May 2009

(b) the date of commencement of the dissolution is May 20,
2009, when the Articles of Dissolution were submitted to
and registered by the Registrar General;

(c) the names of the Joint Liquidators are Alison J. Treco
and Maria M. Ferere of FT Consultants Ltd., One Montague
Place, East Bay Street, Nassau, Bahamas.

Alison Treco
Maria Ferere
Joint Liquidators

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 46 of 2000)

ZALE HOLDINGS LIMITED
IBC NO. 144,797 B
(In Voluntary Liquidation)

NOTICE is hereby given that in accordance with section 131 (2) of the In-
ternational Business Companies Act No. 46 of 2000, ZALE HOLDINGS
LIMITED is in Dissolution.

Any person having a Claim against the ZALE HOLDINGS LIMITED is
required on or before the 31st day of July, 2009 to send their name, address and
particulars of the debt or claim to the liquidator of the Company, or in default
thereof they may be excluded from he benefit of any distribution made before
such claim is approved.

Redcorn Consultants Limited, of Suite 205 - Saffrey Square, Bank Lane &
Bay Street, Nassau, Bahamas, is the Liquidator of ZALE HOLDINGS LIM-

‘onsultants Limited

NOTICE

IN THE MATTER OF J. SAFRA BANK (BAHAMAS) LIMITED

tiraccdinary Gaseral |
f° day of fori A.0., 2009

Moet o&

Conpany be weind-op volontari ly,

7 one np. lle ae ait 4
CE Peers ek

fares Exe [Exaoas

LE wig RES thet the

Dr. Wilder Gartalez ULengiod T, Ingles are the }¢

Liccidators of the Comat

Jaiss agaist the Company are PaqaLoe) fo sand thear
nabed, « ti of their = debks
me the a) | day of dune 204
following which date tha books will be closed and 7 the

Company ouster iby bed,

of clidgs to tha

Ligmidators at Bex CB-] 10988, | Haseay, befs

Motion is hereby given that an ixtraccdinary General Weetieg of the
Meshers, baing the holders of all the Gata Barut
[Bakamas) Limited ("the Company’) bald at the
Company’ & as oa Bayside Executive Park, Hest
vad, Building ITI, Ground Floor, Hassw, Bahanas
on thad3) day of 4 D., 2009 at 10:08 O'clock in the feranoen.
The object and purpose of this outing is & have laid before the
Meabars of tha Coepany tha wccwnts of Dr. Wilder Gonzales Fenino and
Me. Dlonpsios E. Ingleais, the Official Liquidaters, dhowiag the
pemer in wich the wisding-ap of the Cospany has bees conducted, the
peaperty., af the Company distributed and tha debts and ebligation of
the ¢ pel MU scharged and also te

piven [} vx | Liquidators

Louie) aharea of J,
Le hareny called to be
Located at

bay Street and Blake P

hear amyexplanation thet Bay! he

i f

r. ]
A ptt 2 tr
pera J By Linge 455

ate al Liquidates

“ae

foe, Geely, | bere

Seams) paLer ea WULe) TTT EES,
ws Bei) LIME TED

ing 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 convert their invest-
ment into Cable Bahamas
ordinary shares (equity) some
two years after the $40 mil-
lion issue closes.

The purchase price for
Columbus Communications’
5,954,600 shares has decreased
by 6 per cent compared to the
$14.28 per share initially con-
templated by the parties pre-






Christmas, after Tribune Busi-
ness had exclusively revealed
details of the proposed buy-
out. Back then, the purchase
price represented just a 1 per
cent premium to the then-pre-
vailing market price, as
opposed to the 11.5 per cent
now. Still, back then Colum-
bus Communications’ stake
was valued at $85.174 million,
and now it is some $5 million
less at $80 million.

The company then was val-
ued in total at $282.035 mil-
lion, and now that figure is
$264.9 million.

Happy Teacher's

Appreciation
to the
Fabulous Team of Educators
of the









URIAH MCPHE













ED

PRIMARY SCHOOL

from the! Officers and Members

of the PATA. a
You make a difference.








ie Wank

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Email trac brehyiiires bs



PAGE 6B, FRIDAY, MAY 22, 2009

THE TRIBUNE



‘Unacceptaie level of inactivity’ over Professional Engineers Board

FROM page 1B

members in a bid to encourage the Gov-
ernment to bring amendments to the
Engineers Act to Parliament, which are
needed to reconstitute the Board.

“A petition is being circulated,” Mr
Elliott said. “The reason why the petition
is being circulated is because we feel
there is a level of inactivity with regard to
the Engineers Act. This level of inactiv-
ity is unacceptable on the part of the
Government, we feel.”

Mr Elliott said the BSE had sent a let-
ter to the minister responsible, Neko
Grant, the minister of works, earlier this
year, after submitted its nominees for
the Professional Engineers Board last
October. However, the Society had yet to
receive a response from the Government.

The BSE is hoping that the petition,
signed by its members, “might provide
some impetus” to generate action on the
Government’s part.

“We need to pressure our MPs,” Mr
Elliott added. “We need to go to the

MPs, say the Engineers Act is sitting
there, there is no action, nothing is hap-
pening. Speak to the minister responsible.
When’s he going to bring the amend-
ments to Parliament so the Board can
be re-established?”

Mr Elliott later told Tribune Business
that amendments to the Act were neces-
sary because, under the present legisla-
tion, no Bahamian engineers could be
appointed to the Board.

The BSE president explained: “The
Board is now defunct. The original
Board, their term expired in 2007 or 2008,
and that Board was never re-established.

“The reason the Act needs to be
amended is that after the original Board,
all further engineers who could be
appointed to future Boards needed to
be registered with the original one. That
[the registration of engineers] never took
place.”

Having the Board in place is not only
critical for self-regulation of all Bahami-
an engineers and engineers operating in
the Bahamas, but also for the sector’s
ability to compete and obtain work in

Europe and the Caribbean via the Eco-
nomic Partnership Agreement (EPA).

The Board is critical for not only
licensing Bahamian engineers, but also
certifying their qualifications and stan-
dards. Without qualifications and stan-
dards that are recognised by European
Union (EU) and CARIFORUM-
Dominican Republic states, Bahamian
engineers will not be able to physically
enter those markets, set up their own
firms and compete for work.

Difficult

Presently, the Board’s absence means
there are effectively no Bahamian stan-
dards and qualifications for the engi-
neering profession, although its mem-
bers will have obtained their training and
qualifications in other countries.

“Without the Board to regulate, it’s
going to be extremely difficult, especial-
ly under the EPA, for Bahamian engi-
neers to compete,” Mr Elliott told Tri-
bune Business. “Of course, it will be a

big problem. The reason why it is a prob-
lem is that every other country has a reg-
ulatory regime for engineers in the EU
and Caribbean. Go to every other
Caribbean member, and they have regu-
latory authorisation for engineers.”

Emphasising that he was speaking for
the Society’s members, and that the peti-
tion idea came from them, Mr Elliott
said engineers were “the only one” of
the professional services sectors in the
Bahamas not to have their own self-reg-
ulatory regime. “The architects have one.
The accountants, the lawyers, the doc-
tors, the real estate agents.......,” he added.
“The difficulty we are going to face in the
engineering profession is that we are at a
severe disadvantage in relation to the
other professions, because their practice
is enshrined in law and they have func-
tioning regulatory bodies.”

John Delaney, the Bahamas Trade
Commission’s chairman, pledged to take
up the Professional Engineers Board
issue with the Government and the Min-
istry of Finance. In a presentation to the
Society on the EPA, Mr Delaney said

the Bahamas “must develop standards
for professional engineers”, establish a
“non-discriminatory” licensing regime
for the profession and meet internation-
al requirements on competency and qual-
ifications.

Competitive standards, he added, were
key if Bahamian services professionals
such as engineers were to be able to enter
the EU and CARIFORUM/Dominican
Republic markets under the EPA.

Mr Delaney pointed to the fact that
under the EPA, services professionals in
one country had to enter into Mutual
Recognition Agreements (MRAs) with
their counterparts in another country in
order to enter each other’s markets. This,
in practice, meant that “a certified engi-
neer in the Bahamas is equal to a certi-
fied engineer in Latvia”.

Article 85 of the EPA requires coun-
tries to establish licensing, authorisation
and certification criteria for services sup-
pliers. And the Bahamas will have to
enter negotiations on MRAs in profes-
sions such as architecture, engineering
and tourism by 2010.

Legal Notice

NOTICE

CAVITE CO. LTD.
4
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CAVITE CO. LTD. has been completed; a

Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

GULFSTAR CORP.
eo ¢, —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of GULFSTAR CORP. has been completed;

a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

BOMARTON FALLS INC.
ae 4, —.
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BOMARTON FALLS INC. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FULL FORCE INVESTMENTS
HOLDINGS LTD.
a ¢, ee
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of FULL FORCE INVESTMENTS HOLD-
INGS LTD. has been completed; a Certificate of Dissolu-

tion has been issued and the Company has therefore been

struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

ZURICH BERN LMITED

— ¢, —
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of ZURICH BERN LIMITEDE 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
BASTIONS
INVESTISSEMENTS LTD.

a ,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BASTIONS INVESTISSEMENTS 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
GARAMOND S.A.

an ¢,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of GARAMOND S.A. has been completed; a
Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

FARVAGNY SEAS LIMITED

— ,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of FARVAGNY SEAS LIMITED 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
RICH CLASSIC GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

TOGUARD CORP.
— , —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TOGUARD CORP. has been completed;

a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

LIMERICK CO.LTID.
oe ¢, ae
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of LIMERICK CO. LTD. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

MATRICARIA CORPORATION

—_— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MATRICARIA CORPORATION. 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)





THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 7B



| > =<:
Exchange controls ‘handicap’ companies’ competitiveness

FROM page 1B

process for accession to full mem-
bership in the World Trade
Organisation (WTO).

Mr Delaney said there were
“many” issues that the Bahamas
“has to figure out” in relation to
its competitiveness and interna-
tional trade, exchange controls
being one of them. He added:
“We need to have an exchange
control regime, to the extent we
maintain it, that does not prevent
Bahamians from availing them-
selves of the rights and benefits
that the Bahamas has negotiated
with other counttries.....

“Where exchange control real-
ly bites is if you want to move
capital out of the Bahamas to
establish a commercial presence
elsewhere. I don’t believe for
minute that your application
would be refused, but the fact is
there is there is a perceived and
psychological barrier” on this
issue. Mr Delaney, managing
partner at the Higgs & Johnson
law firm, added that “it is right”
that Bahamians advocate for
changes to ensure laws, regula-
tions and policies “cease to be
barriers for Bahamians”.

He added: “The Central Bank
is not familiar with Bahamians
investing outside the country by
way of capital, because there
haven’t been many examples.
That needs to change, and one
way is by providing clearer, sim-
pler rules, so Bahamians do not
feel daunted by the exchange con-
trol regime.”

The Trade Commission chair
said the Central Bank wanted to
provide exchange control
approval for capital investments
abroad, citing his own law firm’s
acquisition and merger last year
with the Caymanian company,
Truman Bodden & Company.

In reply, Mr Bowe said that if
exchange controls “do not stop
you, it might delay you. If it does
not cost you, it delays you”.

He added: “We've got to work
on our side to make the rules
completely clear, and favour us
in competing globally. In trying
to compete locally and interna-
tionally, we are handicapped, I
believe.”

To which Mr Delaney replied:
“As a Trade Commission, we will
certainly advocate that there must
be no internal impediments to
Bahamians availing themselves
of rights and privileges secured
under trade agreements.”

Ensuring there are no internal
barriers to Bahamian companies
and services professionals mov-
ing abroad, joint venturing or set-
ting up subsidiaries in European
and Caribbean nations, will be
key to ensuring this nation’s firms
can exploit Mode 3 commercial
presence access under the EPA.

Mr Delaney said that tradi-
tionally Bahamian companies had
tended to look inwards, rather
than outwards, with only insur-
ance companies such as Royal-
Star Assurance and Colinalmpe-
rial, his law firm and Lennox
Paton opening offices and sub-
sidiaries overseas.

NOTICE

Astor Shipping Company Limited

NOTICE IS HEREBY GIVEN as follows:

(a) Astor Shipping Company Limited is in dissolution under
the provisions of the International Business Companies Act

2000

(b) The dissolution of the said Company commenced on the 20 May
2009 when its Articles of Dissolution were submitted to and
registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Dayan Bourne of
Ocean Centre, Montagu Foreshore, East Bay Street, Nassau,

Bahamas.

The EPA, though, gives
Bahamian companies and
exporters the same market access
rights to CARICOM-Dominican
Republic states as it does the EU.

Mr Delaney urged: “We have
to think what we will get out of
this. If you cannot get into the
EU, think about opportunities
you will be able to explore in the
Caribbean. Think of the joint ven-
tures you might be able to avail

And he told Bahamian engi-
neers: “I recommend that you
focus on planning the entire sec-
tor’s development and, closer to
home, the development of your
particular firm, if you’re in the
private sector.

“Assess how your firm can
become larger, acquiring or merg-
ing with a regional firm, going on
not to compete in that area, but
also in the EU. Having 50 per

100 per cent of a small pie.”

The Trade Commission chair
urged Bahamian companies to
understand potential export mar-
kets, and what was needed to
either compete in them or export

to them. Establishing and Internet
presence, he added, would allow
potential Caribbean clients to
assess a Bahamian company’s ser-
vices, products, organisational
structure and pricing.

yourselves of.”

Legal Notice

Notice

Astor Shipping Company Limited
(In Voluntary Liquidation)

Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the under-
signed at Ocean Centre, Montagu Foreshore, East Bay Street, P.O.
Box N-3247, Nassau, Bahamas as sole Liquidator on or before the
4th day of June, 2009. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 20th day of May, 2009.

DAYAN BOURNE
LIQUIDATOR



NOTICE

ELIGE INVESTMENTS LTD.

Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 17th day of April, 2009.

CARMICHAEL ROAD,
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,
a written and signed statement of the facts within
twenty-eight days from the 15'* day of May, 2009 to the
Minister responsible for nationality and Citizenship, PO. Box

cent of a larger pie, is better than

NOTICE

NOTICE is hereby given that GLORIA FRANCIS of
is applying to the Minister

should send

N-7147, Nassau, Bahamas.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No. 45 of 2000),
LAXMER OVERSEAS LIMITED, is in dissolution. Conti-
nental Liquidators Inc. is the Liquidator and can be contacted
at 60 Market Square, P.O. Box 1906, Belize City, Belize.
All persons having claims against the above-named company
are required to send their names, addresses and particulars of
their debts or claims to the Liquidator before 20th day of June,
2009.

ey,
TWh A Pos oo

For Cees Lied abren, fine.
LigebLetcy

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law and Equity Division

2008
CLE/QUI/OO 1134

IN THE MATTER OF ALL THAT piece parcel or
lot of land containing Three thousand and Fifty-six
(3,056) square feet situate in the Settlement of Great
Guana Cay one of the Abaco chain of cays in the

Commonwealth of The Bahamas bounded on the
North by land now or formerly the property of Lewis
Roberts and running thereon Sixty (60) feet on the
East by land the property of Alrob (Thomas Roberts)
but now the property of William Doyle Watson and
Frederik F. Gottlieb running thereon Fifty-five and
Ninety-three hundredths (55.93) feet on the South by
the Main Public Road (known as “Front Street”) and
running thereon Seventy (70) feet or less and on the
West by a Three (3) feet wide public reservation and
running thereon Sixty (60) feet

Lynden D. Maycock

Liquidator
H & J Corporate Services Ltd. of

ELIGE INVESTMENTS LTD.

Date the 20th day of May, 2009

Registered Agent
for the above-named Company

JOB OPENING

Needed immediately, experienced Nurses _ to
work in Operating Theatre. Must have a good
employment background, must possess a Bachelors
Degree in Nursing, must have Operating Theatre
experience and must be licensed in_ the
Commonwealth of the Bahamas. For immediate
consideration, please send your resume to:

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No. 45 of 2000)

AND

IN THE MATTER OF THE QUIETING TITLES ACT,
1959, CHAPTER 393 OF THE STATUTE LAWS OF
THE COMMONWEALTH OF THE BAHAMAS

AND
IN THE MATTER OF THE PETITION OF WILLIAM

DOYLE WATSON and FREDERIK F. GOTTLIEB
NOTICE OF PETITION

LIGHTING DESIGN ASSOCIATES LIMITED

In Voluntary liquidation

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

PHYSICIANS ALLIANCE LTD.
P.O. BOX EE-17022
#3 GROSVENOR CLOSE OFFICE
NASSAU, BAHAMAS
FAX: (242) 326-8874

The date of commencement of dissolution is the 20th

day of May, 2009. WILLIAM DOYLE WATSON of St. Simon’s Island in

the State of Georgia one of the states of the United
States of America and FREDERIK F. GOTTLIEB of
the Town of Marsh Harbour in the Island of Abaco
one of the Islands of the Commonwealth of The
Bahamas claim to be the owners in fee simple in
possession of all that piece parcel or lot of land
hereinbefore described free from encumbrances.
AND the Petitioners have made application to
the Supreme Court of the Commonwealth of The
Bahamas under Section 3 of the Quieting Titles Act,
1959 Chapter 393 of the Statute Laws of the said
Commonwealth, in the above action, to have their
title to the said land investigated and the nature
and extent thereof determined and declared in a
Certificate of Title to be granted in accordance with
the provisions of the said Act.

Notice is hereby given to any person having
a dower or right of dower or an adverse claim or
a claim not recognized in the Petition shall on or
before the expiration of thirty (30) days after the final
publication of these presents filed in the Registry
of the Supreme Court and serve on the Petitioner
or the undersigned a statement of his claim in the
prescribed form verified by an Affidavit to be filed
therewith. Failure of any such person to file and serve
a statement on or before the expiration of thirty (30)
days after the final publication of these presents shall
operate as a bar to such claims.

Copies of the said plan may be inspected
during normal hours at the Registry of the
Supreme Court, East Street North, City of Nassau,
New Providence, The Bahamas and the Office
of the Administrator in the Township of Marsh
Harbour, Abaco, The Bahamas.

Derek Le Brun,
of 43/45 La Motte Street,
St. Helier, Jersey, JE4 8SD
Liquidator

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 21 MAY 2009
BISX ALL SHARE INDEX: CLOSE 1,608.88 | CHG -8.44 | %CHG -0.52 | YTD -103.48 | YTD % -6.04
FINDEX: CLOSE 799.47 | YTD -4.24% | 2008 -12.31%
WWW _.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320
52wk-Low Securit y Previous Close Today's Close Change Daily Vol. Div $ P/E
1.28 Abaco Markets 1.40 1.33 -0.07 0.127
11.00 Bahamas Property Fund 11.00 11.00 0.00
6.95 Bank of Bahamas 6.95 6.95 0.00
0.63 Benchmark 0.63 0.63 0.00
3.15 Bahamas Waste 3.15 3.15 0.00
1.95 Fidelity Bank 2.37 2.37 0.00
11.09 Cable Bahamas 11.75 11.75 0.00
2.83 Colina Holdings 2.83 2.83 0.00
6.06 Commonwealth Bank ($1) 6.29 6.13 -0.16
1.31 Consolidated Water BDRs 2.86 2.88 0.02
1.38 Doctor's Hospital 1.38 1.38 0.00
6.02 Famguard 7.76 7.76 0.00
11.00 Finco 11.00 11.00 0.00
10.35 FirstCaribbean Bank 10.40 10.40 0.00
5.00 Focol (S) 5.14 5.14 0.00
1.00 Focol Class B Preference 1.00 1.00 0.00
0.30 Freeport Concrete 0.30 0.30 0.00
5.50 ICD Utilities 5.50 5.50 0.00
8.60 J. S. Johnson 10.50 10.50 0.00
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing bases)
Symbol Last Sale Change Daily Vol.
FBB17 100.00 0.00 T%
FBB22 100.00 0.00 Prime + 1.75%
FBB13 100.00 0.00 T%
FBB15 100.00 0.00 18 Prime + 1.75%
Fidelity Over-The-Counter Securities
Symbol Bid $ Ask $ Last Price
Bahamas Supermarkets * ae 8.42 14.60
Caribbean Crossings (Pref) 4.00 6.25 6.00
RND Holdings 0.35 0.40 0.35
Colina Over-The-Counter Securities

FG CAPITAL

MARKETS
BROKEBAGE & ADVISORY SERVICES

C2 mr ss IT.

ROYAL = FIDELITY

Morey ot Work

clear i.

0.992
0.244
-0.877
0.078
0.055
1.406
0.249
0.419
0.111
0.240
0.420
0.322
0.794
0.332
0.000
0.035
0.407
0.952
0.180
52wk-Hi _52wk-Low
1000.00
1000.00
1000.00
1000.00

Security
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +

Interest

19 October 2017

19 October 2022
30 May 2013
29 May 2015

S52wk-Low

Weekly Vol. EPS $ Div $ P/E

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NA_V. YTD% Last_12 Months Div $
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
3.1964 Fidelity Bahamas G & I Fund
12.1564 Fidelity Prime Income Fund
100.0000 CFAL Global Bond Fund
96.4070 CFAL Global Equity Fund
1.0000 CFAL High Grade Bond Fund
9.0950 Fidelity International Investment Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund

1.3124
2.9230
1.3875

1.3758 1.65 4.83
2.8962 -1.49 -3.35
1.4630 2.05 5.25

30-Apr-09
31-Mar-09
15-May-09
31-Mar-09
28-Feb-09
31-Dec-08

Dated this 2nd day of December, A.D., 2008

3.1964 -5.59 -13.64
12.7397 0.96 5.79
100.5606 0.56 0.56
96.4070 -3.59 -3.59
1.0000 0.00 0.00

9.1599 0.71 -12.76
1.0440 0.80 4.40

31-Dec-08

31-Dec-07

31-Mar-09
9-Feb-09

SYDBRI LEGAL SERVICES
Chambers
Naomi House
No.19, Ninth Terrace & West Court
Centreville
New Providence, The Bahamas
Attorneys for the Petitioners

1.0000
1.0000

1.0364 0.33 3.64
1.0452 0.76 4.40
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - Acompany’s reported earnings per share for the last 12 mths

9-Feb-09
9-Feb-09

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
S2wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: COLINA 242-502-7010 | ROYALFIDELITY 242-356-7764 | FQ CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100





Full Text
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Volume: 105 No.148



GOOD MORNING...

BAHAMAS EDITION Peg

www.tribune242.com

FRIDAY, MAY 22, 2009

4



PRICE —75¢ (Abaco and Grand Bahama $1.25)

era ey
victo

SLUT RR ATE
ET MCA)

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$200,000

Court ruling COU aid out to
free accused Killers’ °otcnpers



Concerns raised
after section of

Bail Act ruled
unconstitutional

FAMILIES of murder vic-
tims are afraid that a Court of
Appeal ruling could mean
accused killers will be roaming
the streets soon after their
arrest.

The landmark ruling states
that a section of the Bail Act
that prohibits the granting of
bail in murder and other seri-
ous cases is “unconstitution-
al” and “void.”

Allison Edgecombe, the
aunt of Jason Jackson, 23, who
was stabbed to death outside
Cocktails and Dreams last
summer, told The Tribune yes-
terday that she cannot support
the decision.

“How could you put a per-
son suspected of killing anoth-
er person out on bail? I don’t
think persons like that should
get bail,” she said.

Rodney Moncur,

spokesperson for the group,
Families of Murder Victims,
which represents 10 families,
said the ruling will cause wide-
spread “paranoia” in an
already fearful populace.

All persons accused of mur-
der are innocent until proven
guilty under Bahamian law. A
number of people charged
with murder have been
released after serving consid-
erable time on remand with-
out trial. However, observers
fear that the release of such
suspects in greater numbers
would create panic in com-
munities — especially in view
of acts of violence committed
by accused murderers on bail
in the past, as well as the trend
of witnesses turning up dead
before they are due to appear
in court.

“Right now, I know two
families in Fox Hill who are
horrified because on a daily
basis, they come into contact
with accused murderers who
they have to testify against in
the Supreme Court,” Mr
Moncur said.

Court of Appeal President
Dame Joan Sawyer noted in
her ruling on four conjoined

SEE page 11



Ce ee aa

Tim Clarke/Tribune staff



A MODEL is pictured in the spotlight yesterday at Luciano’s restaurant on East Bay Street. The
restaurant played host to the glamour of the Doctors’ Hospital Dr Meyer Rassin Foundation’s first
ever ‘Dollars for Scholars’ fundraiser fashion show and luncheon.

Obama fundraiser ‘may be named
next US Ambassador to Bahamas’

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

A CAMPAIGN fundraiser for US
President Barack Obama will report-
edly be named as the next US Ambas-
sador to the Bahamas, The Tribune
was told.

While the name of the woman and
her details have yet to be released by
the White House, officials at the US



THE NEXT Ambassador is
‘reportedly a campaign
fundraiser for US
President Obama’ (above)

e SEE PAGE FIVE

Embassy insist no official decision has
been made at this time.

According to chief political and eco-
nomic policy officer Jeff Dubel, a lot
of names are being banded about.
However, until the White House
informs the Embassy of its choice and
the candidate is screened and inter-
viewed, nothing is official at this time.

“But we definitely are getting an

SEE page 11



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

DESCRIBED as a
"landmark achievement"
within the hotel industry,
more than $200,000 in gra-
tuity payments held in
escrow for members of the
Bahamas Hotel Catering
and Allied Workers Union
were paid out yesterday,
said union head Roy Cole-
brook.

The continuing initiative
came as a result of negoti-
ations and a master agree-

SEE page 11

Haitian Ambassador
reveals shocking
(letails of poverty
in his country

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

HAITIAN economic
migrants contribute more to
the economy of the impover-
ished island nation than the
combined sum of internation-
al donations, Ambassador
Louis Harold Joseph told
Rotary members yesterday.

Speaking to the Rotary
Club of West Nassau over
lunch at Graycliff in West Hill
Street, Nassau, the Republic
of Haiti’s ambassador to the

SEE page 16

INSIDE

RESIDENT ‘WITH EIGHT
MONTHS TO LIVE’ CALLS
FOR GAMING LAWS CHANGE
PAGE THREE
CALL FOR PUBLIC
INVESTMENT IN HIGHER
EDUCATION OF BAHAMIANS
PAGE FIVE







NASSAU AND BAHAMA

ISLANDS’ LEADING NEWSPAPER
PAGE 2, FRIDAY, MAY 22, 2009

THE TRIBUNE



ECONOMIC PARTNERSHIP AGREEMENT

Professional groups required under EPA to negotiate with European counterparts

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

To comply with demands set out
under the Economic Partnership
Agreement professional bodies in the
fields of accounting, engineering, archi-
tecture and tourism will have to begin
negotiating with their counterparts in
Europe by next year.

President of the Bahamas Society of
Engineers Jerome Elliott yesterday
expressed his surprise at the looming
requirement for his field to forge a
“Mutual Recognition Agreement” with
Europe, as revealed in a luncheon
address to the BSE by John Delaney,
chairman of the Bahamas Trade Com-
mission.

Mr Delaney told the engineers that




fm) the conclusion of
i MRAs between
such groupings
and the European
Commission will
be necessary in
order for Bahami-
an practitioners to
take their services
abroad and truly
feel the benefits
of the EPA, the
new trade agreement between
Caribbean countries and Europe.
The MRAs demanded under the
EPA are expected to define accept-
able standards for practitioners in indi-
vidual fields, so that if a Bahamian or
European engineer or accountant was
to ply their trade elsewhere, that coun-
try could be assured that their work

John Delaney

will be of a quality equal to that avail-
able from their own registered practi-
tioners.

However, before they speak to
Europe, some professional groupings
in the Bahamas still have a long way to
go, suggested Mr Delaney.

Enabled

“Tt’s understood that professional
bodies may need to be better enabled,
if they are not sufficiently organised
and financially strong to equip them-
selves for all these points.

“Tt’s going to be incumbent upon
each professional body to ensure that
their institutions are properly staffed
and that there’s the organisational
capacity to be responsive to things such
as negotiating the MRA.

“In terms of assistance we would be
more than happy to advocate what you
feel you may require with the Ministry
of Finance,” said Mr Delaney, respond-
ing to concern expressed by Mr Elliott
about what help organisations like the
BSE might get in responding to the
EPA requirements.

In part due to government foot-drag-
ging, engineering is a key example of a
field in need of greater organisation
and oversight.

At present, the profession lacks a
regulatory body — like the Bahamas
Medical Council — which is responsible
for registering engineers and main-
taining standards among practitioners
in the field.

Such registration, along with “clear
non-discriminatory” criteria outlining
who is eligible to be licensed to practice

in each field as well as certification and
continuing education requirements will
all be expected under MRAs.

Vice president of the BSE Randy

King said the BSE has been lobbying
the government for some time to
amend the Engineers Act, 2004, to pro-
vide for a board, which expired in 2007,
to be re-established.
The revelation that under the EPA
engineers and others will need to show
they meet relevant standards makes
their call all the more urgent, he sug-
gested.

BSE president Mr Elliott said prac-
titioners believe the government’s
“inactivity” on its recommendations
for amendments to the Act governing
the sector is “unacceptable” — even
without its implications relative to the
requirements of the EPA.

Agreement to allow Bahamians to












































THE retrial of Bishop Earl ‘Randy’ Fraser is now expected
to resume in September.

Fraser, who is on $10,000 bail, was back in Magistrates
Court yesterday.

He is accused of having a sexual relationship with a 16-year-
old girl between July 2005 and February 2006.

So far five witnesses, including the virtual complainant, have
testified.

Returned

Last week, Chief Justice Sir Burton Hall ordered that the
matter be returned to Magistrate Carolita Bethel for the con-
tinuation of the retrial, having not been satisfied that the con-
stitutional challenge launched by Fraser’s attorney Wayne
Munroe should be heard in the Supreme Court.

The application had arisen following testimony by Woman
Police Corporal Sheria King, a forensic expert.

The alleged victim in the case, who is now 20, testified that she
and Fraser had sex on an average of 12 times a month at his
home and office at Pilgrim Baptist Temple.

MAIN/SPORTS SECTION
Local News Piper oo Oo limilo
EGIROCal/ BEMCES setter een ttetencatacceseeameesnrtcee P4
P7,8,9,10
le oe lS

CLASSIFIED SECTION 40 PAGES

USA TODAY MAIN SECTION 12 PAGES

i K

m@ By PAUL G TURNQUEST

travel to Europe without a visa

Tribune Staff Reporter
turnquest@tribunemedia.net



AT an international meeting
in Brussels next week the
Bahamas is expected to sign an
agreement that will allow
Bahamians to travel to Europe
without first applying for a
Schengen visa.

The European Union-
African, Caribbean, Pacific
State (EU-ACP) meeting will
be held on May 28 and 29. The
agreement, which is to come
into effect on June 1, will be
signed on behalf of the
Bahamas government by the
country’s High Commissioner
in London, Paul Farquharson.

The deal will be welcomed
by businessmen and students
who travel to Europe frequent-
ly and say the need for a visa is
an unwelcome complication.

The government has been
working for a long time to
resolve the issue by either estab-
lishing a Schengen visa office
in the Bahamas, or convincing
Europe to remove the Bahamas
from the list of countries whose
citizens require one.

Speaking with The Tribune
yesterday, Foreign Affairs Min-
ister Brent Symonette said he
has instructed his office to tele-
phone him the moment the
agreement is signed — “no mat-
ter the time of day.”

Governor General Arthur
Hanna also confirmed the move
yesterday, as he accepted Let-

ia
EXTERMINATORS
FOR PEST PROBLEMS
PHONE: 322-2157

jae eon uae

Miss Cea.

“Aaa aM raties> 5



Derek Smith/BIS

MARC-OLIVIER GENDRY, Ambassador of the Republic of France (left), presented his Letters of Credence
to Governor General Arthur Hanna yesterday.

ters of Credence from Marc-
Olivier Gendry, Ambassador of
the Republic of France to the
Bahamas, in a ceremony at
Government House.

He thanked the government
of France for its part in the
negotiating process.

“The signing of this agreement
along with the Economic Part-
nership Agreement, which the
Bahamas signed in October
2008, and recognising the gov-
ernment of France’s facilitation
of the same within the EU
body, speaks volumes of your
country’s resoluteness to ensu-
ing that equitable trade in the
region is realised, void of

unlikely barriers,”
general said.
Ambassador Gendry said: “The
imminent implementation of
the visa waiver agreement for
Bahamians travelling to Euro-
pean Schengen states will cer-
tainly have a favourable affect
on the movement of persons
and foster further exchanges.”
The Bahamas and France
have shared “close and cordial”
relations over 30 years during
which they have remained com-
mitted to a respect for basic
human rights and fundamental
freedoms through the promo-
tion of democracy, he said.
“The Bahamas is very appre-

the governor

ciative of the support of the
French government and the
European Union to the African,
Caribbean and Pacific countries
as a whole, given particularly
the benefits that would evi-
dently be derived from prefer-
ential European co-operation,”
the governor-general said.

The Schengen countries are:
Austria, Estonia, Greece,
Latvia, the Netherlands, Slova-
kia, Belgium, Finland, Hungary,
Lithuania, Norway, Slovenia,
Czech Republic, France, Ice-
land, Luxemburg, Poland,
Spain, Denmark, Germany,
Italy, Malta, Portugal, and Swe-
den.



Unfortunately,
many children
do not see the
dentist on a
routine basis
for basic dental

services

Dr. - Spartmel
Ferguson



Dr Sparkman Ferguson
provided 40 students from
Centreville Primary with
one day of free oral health
care examination.

“Giving back to the
community is a big part of
my practice and is some-
thing that I can show oth-
er persons how much of
an impact we can make in
such a small amount of
time,” says Dr Ferguson.

Children who came to
Dr Ferguson on Friday
were able to receive an
exam and oral hygiene
instructions and a gift bag
of oral care products as
part of this event.

“Unfortunately, many
children do not see the
dentist on a routine basis
for basic dental services,”
said Dr. Ferguson. Nearly
75 per cent of the students
who visited Dr. Fergu-
son’s office at the age of
eleven have never visited
a dentist’s office.

“Because of this pro-
gramme we are able to
ensure the parents and
individuals receive the
right information they
need and deserve,” said
Dr Ferguson.

This year will mark the
fourth year of this event.
Dr Sparkman has already
conducted dental exams
for hundreds of primary
and secondary students
since the programme
started in 2004. .


THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 3



LOCAL NEWS

PMH CAT
scan unit
is facing
challenges |

PRINCESS Margaret Hos- j i
pital's CAT Scan unit is facing }
some challenges as officials at i
the hospital await the arrival ;

of a replacement part.

Hospital Administrator }
Coralee Adderley said while
the hospital's lone CT scan- }
ning machine is still opera- }
tional, certain procedures can- }
not be performed until a }

faulty part is replaced.

"The CT machine is work- i
ing but we're not able to do all }
procedures because there is }
one particular part that's not ;
working, but we are able to }
do general procedures," she }

said yesterday.

When asked how long it i
would take until the machine :
was fixed, Ms Adderley said: :
"As long as it takes for the }
vendor to get the new part to ;

"

us.

The replacement part is

being shipped from overseas,
she said.

An angry patient who con- i
tacted The Tribune yesterday }
claimed he was told that the :
part would not arrive for three
weeks and expressed outrage :
that the hospital had not :
informed the public of the set- :

back.

case basis".

CT scanning is a non-inva-
sive medical test that helps }
physicians diagnose and treat :

medical conditions.

Emerald Bay

SEVEralce
packages

handed over:

ALTHOUGH severance }
packages for the employees }
of the Four Seasons Resort }
at Emerald Bay are due to }
be given out on May 28 — two }
days after the resort closes — }
a group of employees asked }
for and were given their }

packages yesterday.

Minister of Labour Dion
Foulkes told the media that }
20 people requested early }
severance packages, as they }
have already secured other }

jobs.

gotten,” said Mr Foulkes.

A committee has been }
formed, made up of Labour }
officials and representatives }
of the Bahamas Hotel and }
Credit i
Union, to meet with each of }
the Four Seasons employees
to determine details about }
their employment, such as }
how long they worked at the }
resort and in what capacity, }
in an effort to ensure that }
each person gets the sever- }
ance package that is due to :

Allied Workers

them.

benefit scheme.

The Emerald Bay Resort }
and Marina, Four Seasons }
Hotel and golf course, will }
close on May 26, leaving }
around 500 employees out of }

work.

The closure comes nearly }
two years after the resort was }
handed over to receivers by }
developers EBR Holdings }
after the company fell into }

debt.

losses.

Without new investors to ;
acquire the project, secured }
creditor Mitsui decided to }
temporarily close the resort. }

On Monday, Prime Minis- }
ter Hubert Ingraham
announced that consultations }
have begun with various par- }
ties, and receivers confirmed }
there is significant interest in }
the resort, although negotia- }
tions are still at an early }

stage.

Resident ‘with eight months to

live’ calls for gaming laws change

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

A WEALTHY Lyford Cay res-
ident with not long to live is call-
ing for a re-examination of gam-
ing laws for financial residents of
the Bahamas.

Robert Halat, a United States
citizen who retired in the
Bahamas 19 years ago, suffers
from emphysema and believes he
has around eight months to live.

Gambling is one of Mr Halat’s
simple pleasures as his mobility
is limited and the casinos are a
place where he can sit comfort-
ably without a respirator for three
or four hours and socialise with
friends.



“I can see why the government
might not want Bahamians to
gamble, but to take away my right just
because I reside here is ludicrous.”



Robert Halat, a US citizen

who retired in the Bahamas

But the 78-year-old, who was
granted residency when he retired
in the Bahamas with his French
wife in 1990, has been booted out
of casinos in New Providence and
Paradise Island because gaming
laws prohibit residents from gam-
bling.

He was kicked out of the Wyn-
dham Resort’s casino in Cable
Beach by gaming board officials
who spotted him sitting on a stool
near the slot machines talking to a
friend last week, and Mr Halat
believes he is being singled out
by authorities.

Ms Adderley said the unit is j
handling patients who are in }
need of CT scans, also known :
as CAT scans, on a "case-by- }

"These 20 persons have }
apparently already secured
alternate employment and
they requested to receive }
their severance packages ear- }
lier. This is sort of good news
for us because it shows that }
there are jobs out there to be }

Mr Foulkes advised those }
hotel workers who may find }
it difficult to obtain employ- }
ment after the resort closes }
on May 26 to register for the }
country's unemployment }

Although there was high :
interest in the property, all i
agreements fell through, and }
when the economic downturn }
struck in September last year, }
the resort suffered significant }

GOVT GETS TO WORK AT ARAWAK CAY

=
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s
wn
wo
=
=>
a
=
ao
=x
—
&
o
z
—



WORK IS TAKING PLACE at Arawak Cay
where the government has removed a num-
ber of casuarinas to replace them with
coconut trees. It is unknown at this time if
the much needed replacement of sewerage
lines at the nearby Fish Fry is to be worked
on during this process as well.

Call for Christian Council members to join
committee investigating molestation claims

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

FREEPORT -— A number of community lead-
ers on Grand Bahama are calling for the appoint-
ment of Christian Council representatives to the
government select committee investigating alle-
gations of child molestation in public schools.

Rev Glenroy Bethel, founder of Families For
Justice; Troy Garvey, president of the Parents
Teachers Association at Eight Mile Rock High
School; Rasta Jah Shiloh of the Inity is Strength
Movement and C Allen Johnson of Bahamas
Action Network, held a press conference yes-
terday to express their support for the move.

Although the select committee was appointed
two weeks ago, no one is sure when it will begin
its inquiry into the allegations at Eight Mile Rock
High School (EMRHS), where complaints have
been filed against three teachers.

Rev Bethel said two representatives of the
Christian Council — one from New Providence
and one from Grand Bahama — should be includ-
ed.

“Today we continue to seek justice and pro-
tection of our children throughout the Bahamas
in our education system and we stand in sup-
port with PTA president Troy Garvey and all
the families of the victims who cried for justice to
be served,” he said.

“We believe that the committee along with
the Christian Council would be a step in the
right direction for the protection and safety of our
children.”










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Mr Garvey said he has tried contacting the
select committee to find out about when investi-
gations will be launched.

“We have not seen anyone come to question or
investigate anything and I have also tried calling
them to find out if they have started, but no one
has returned my call.

“We are looking forward to diligent investi-
gations into these matters; we want people to
know that we will not sit idly by.”

Mr Garvey stressed that it is important for a
report from the select committee to be brought to
House of Assembly in a timely manner so the
issue of child molestation in schools can be
addressed.

He also urged parent-teacher associations
around the Bahamas to speak out on the
issue.

The PTA, he said, plays an important role in
schools and society because it serves as a bridge
between parents, teachers, students and the com-
munity.

Mr Allen-Johnson said: “We are looking for
more transparency and accountability with the
involvement of various civic and religious organ-
isations in the process, as well as reports given to
parliament, and we are simply asking the gov-
ernment to do more than lip service in regards to
this committee,” he said.

Rasta Jah Shiloh said that the Inity is Strength
Movement is pleased to support efforts to safe-
guard students from sexual abuse.

He commended all teachers who have done
an excellent job in educating the country’s
youth.

Javotte)BethelsThompson

Jovotte's House of Couture
Work: 356.7071 Cell: 454.5196





Home Fabrics

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322-3080



His fondness of gambling took
Mr Halat to court in October
when he was charged with gam-
bling as a Bahamian citizen after
playing poker in the Atlantis casi-
no on September 24, his 78th
birthday. Charges were dropped
the same day as Mr Halat is not a
Bahamian citizen.

The Chicago native who ran a
lucrative flower auction with his
wife’s family in France considers
himself a permanent tourist as he
has never worked in the Bahamas
and spends around $100,000 in
the country every year.

He is calling on the government
to make a simple change in the
“ludicrous” laws which prevent
non-Bahamian financial residents
from contributing to one of the
country’s biggest sources of rev-
enue in a struggling economy.

And Mr Halat maintains the
restrictions are putting off other
wealthy foreigners from retiring
in the Bahamas.

He said: “Having an obstruc-
tion like this means they will lose
a lot of business.

“The law doesn’t have to be all
changed, but they could exclude
financial residents who don’t work
but want to retire here.

“T can see why the government
might not want Bahamians to
gamble, but to take away my right
just because I reside here is ludi-
crous.”

The laws have been under

review for around two years and
the frail retiree is losing patience
as he now has little to live for, and
does not want to die with an ongo-
ing battle.

Mr Halat said: “I don’t think I
have another eight months to live
and I am not trying to put out a
sob story, but I don’t want to die
angry. I sit here and brood about
it every day and it’s ruining my
life.

“T have been angry for the past
two years and I will curse the gov-
ernment of the Bahamas with my
dying wish.

“They have got to do some-
thing because they are losing out
on so much revenue, and in this
period, the country needs it.”

Vincent Vanderpool- Wallace
said the review is a complicated
process because there are a num-
ber of reforms to be considered.

He said: “Part of what we have
been talking about recently is if
there are a number of people that
fall into the same category. In
addition there are some items we
have to amend in relation to the
Financial Transactions Reporting
Act, and we didn’t want to come
forward with this in multiple bites
—we want to do it all at once.

“We took a first look at it last
week and I wish I could give you a
definitive date for when it will be
completed, but I can say it’s defi-
nitely something that’s under con-
sideration.”

Man wanted in connection
with killing turns himself in

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

A 24-YEAR-OLD man wanted in connection with the killing of an
18-year-old Nassau Village resident has turned himself in to police.
Ramont Knowles made his presence known to the authorities short-

ly after midnight yesterday.

Assistant Superintendent Walter Evans said Mr Knowles was being
questioned yesterday. He could not say whether or not the 24 year-old
was likely to be charged with the shooting - the country’s 28th homicide.

According to police reports, 18 year-old David Alcindorp was walk-
ing in the Lifebuoy Street area when an SUV pulled up alongside

him.

Several people exited the vehicle and began firing shots in his direc-
tion, according to police. Mr Alcindorp was struck in the chest and his

his ankle.

A .380 mm handgun and three live rounds of ammunition were

found nearby.

Also taken into custody on Wednesday was 24 year-old David Met-
tellus. Wanted in connection with an armed robbery, the young man
was found in the Potter’s Cay Dock area at around 12am.

3 a

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380-FLIX


PAGE 4, FRIDAY, MAY 22, 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 1972-199]

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

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

Obama seeks middle ground on Guantanamo

WASHINGTON — In soaring rhetoric,
Barack Obama ran through his logic for closing
the Guantanamo Bay prison, deliberately plant-
ing himself on the middle ground between his
conservative critics — led by Dick Cheney —
and those to the left who accuse the new presi-
dent of failing to restore American justice for all.

Obama slid easily back into his role as con-
stitutional scholar, gliding through a long, care-
fully reasoned brief in the rotunda of the storied
National Archives on Thursday. One of his
aims appeared to be diminishing Cheney's mes-
sage across town in a cramped-by-comparison
conference hall at the conservative American
Enterprise Institute.

Plans for Obama's speech were made public
only a week ago, several days after Cheney's
appearance was known.

In the company of original copies of the
Constitution, Declaration of Independence and
Bill of Rights, Obama stood firm behind his
decision — announced on the second day of
his presidency — to close the Guantanamo
prison, a lockup reviled in the Muslim world
and a drag on U.S. relations with many of its
oldest allies.

"There is also no question that Guantanamo
set back the moral authority that is America's
strongest currency in the world," Obama said.
"Instead of building a durable framework for
the struggle against al-Qaida that drew upon
our deeply held values and traditions, our gov-
ernment was defending positions that under-
mined the rule of law."

The prison at the U'S. naval base in Cuba
was set up by the Bush administration after the
Sept. 11 terrorist attacks as American forces
began sweeping up prisoners in Afghanistan in
late 2001. By keeping such prisoners outside
the United States, the argument went, captives
could be held beyond the American judicial
system and their cases disposed of in the military
judicial system.

But, Obama repeated Thursday: "For over
seven years, we have detained hundreds of peo-
ple at Guantanamo. During that time, the sys-
tem of military commissions that were in place
at Guantanamo succeeded in convicting a grand
total of three suspected terrorists. Let me repeat
that: three convictions in over seven years.”

Cheney said, as if in response: "If fine
speechmaking, appeals to reason, or pleas for
compassion had the power to move them, the
terrorists would long ago have abandoned the
field. And when they see the American gov-
ernment caught up in arguments about inter-
rogations or whether foreign terrorists have

Caves Village Professional

constitutional rights, they don't stand back in
awe of our legal system and wonder whether
they had misjudged us all along.”

Both men appeared to have written their
speeches over crystal ball forecasts of what the
other would say.

Obama complained that he was weighed
down by "cleaning up something that is, quite
simply, a mess" left behind by the Bush White
House. Cheney begged to differ, declaring
Obama was rushing to close Guantanamo with
"little deliberation and no plan.”

While the sitting president and the former
vice president each scored points in their
sequential debate, Obama walked away without
having given American lawmakers the plan
they wanted.

Both the House and the Senate have refused
Obama's request for $80 million to begin clos-
ing down the prison, as even some of Obama's
staunchest Democratic allies have demanded
he first tell them what he will do with the pris-
oners.

There is a noisy backlash — mainly fueled by
Republicans’ relentless criticism of Obama's
plans — against putting what are seen as dan-
gerous terrorists in U.S. prisons.

But that did not seem to be Obama's top
concern. He seemed more intent on placing
himself between the Cheneyites and his critics
on the left who are bitterly complaining the
president is not strongly defending American
legal protections.

"On one side of the spectrum, there are
those who make little allowance for the unique
challenges posed by terrorism, and who would
almost never put national security over trans-
parency,” Obama said in a pointed return of
fire toward those to his left.

"On the other end of the spectrum, there
are those who embrace a view that can be sum-
marized in two words: ‘anything goes,’ " Obama
said. The counter-fire on Cheney, who was
never mentioned by name, was clear: "Their
arguments suggest that the ends of fighting ter-
rorism can be used to justify any means, and that
the president should have blanket authority to
do whatever he wants provided that it is a pres-
ident with whom they agree."

While Obama sought to sway critics, the
wounds opened in the United States on Sept. 11,
2001, still may remain too fresh to be salved
by Obama's densely crafted visions to hold

(This article was written by Steven R. Hurst of
the Associated Press).



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LETTERS

EDITOR, The Tribune.

When I was first elected to
Parliament in 1982 the vexing
problems of the day were the hor-
rendous traffic congestion down-
town, and the unsightly freight
containers on Bay Street. Almost
thirty years later the problems
are still there, but worse.

I suggested then that a bold
decision had to be made to devel-
op a freight port at Clifton Pier.
Most people then thought I was
crazy.

But let us examine what would
have happened had my sugges-
tion been taken seriously.

With the freight port moved to
Clifton almost one thousand peo-
ple now employed at the freight
companies would be moved off
Bay Street to the new freight port
facility. This would also take their
cars off Bay Street thus eliminat-
ing the traffic problem .....and at
no direct cost to the Government.

Every new city needs a core
industry.

The new freight port would be
it! The newly located employees
would need to shop before com-
ing east to their homes, so the
grocery people would build a
food store there; the ladies would
like to buy new shoes or have
their hair done so the appropriate
stores would be built to fill those
needs.

In short, a new, very badly
needed city would rise, creating
more opportunities for young
entrepreneurs, more employment
and a more stable growth for the
economy.

I was told then that such a
move would increase the cost of
freight because of the long runs
that would have to be made
between client and the shipper.
My response was that a diesel
truck, starting and stopping in the
noonday traffic was more fuel
inefficient than a truck being dri-
ven on an unobstructed highway.
Furthermore, the trucks would,
for the most part, be going west in
the morning when traffic was
travelling east and east in the
afternoon when the traffic was
going west, thus creating very lit-
tle if any traffic problems.

With ugly freight containers
moved, the northern side of New
Providence could be devoted to
being designed to attract tourists.
Rather than seeing an ugly freight
facility as they entered the har-
bour, the tourist would see an
absolutely magnificent Nassau,
an island full of tourist attrac-
tions, and small islands around it
to tantalize the imaginations of
the young travellers.

Arawak Cay, originally Kelly
Island, was formed using the fill
dredged from the harbour when it
was being extended.

It was designed to be devel-
oped as a tourist attraction, filled
with opportunities for Bahami-
ans who would be put into the
mainstream of the tourist mar-

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ket. There was, however, one
problem. This was the 1960's and
the concept of Kelly Island being
developed as a tourist attraction
was the brain child of Sir Stafford
Sands and the UBP, and that was
taboo in those days.

It was in 1967 when the PLP
took power that everything that
had a smell of the UBP had to
be changed.

And so Kelly Island was turned
into a dump with a customs ware-
house replacing the concept of a
tourist attraction. On my last vis-
it to Arawak Cay the old, rusty,
falling down warehouse was still
there as a monument to racial and
political stupidity! So what had
untold possibilities is now a
dump!

Yes, it would have been.....and
still could be.....a win-win situa-
tion!

But I've heard some rather dis-
turbing rumours lately. Someone
or some group seems to have con-
vinced the Government to put
the freight facility on Arawak Cay
and extend the Cay west. Oh,
god, what next!? What are we, a
freight destination or a tourist
destination?

T understand that Arawak Cay
is to be enlarged taking it west to
or almost to Saunder's Beach.
When Arawak Cay was original-
ly proposed the public was told
that no erosion would be caused
by its creation.

Anyone who can remember
knows this was not the proper
assessment.

When I was a young man, all
the area that is now solid rock
was beach.

By moving Arawak Cay west
more beach, including Saunders
beach will erode.

Yes, another Bahamian jewel
will be destroyed, some say, to
fulfil the wishes of a few short-
sighted, greedy people.

Today, if you examine the
waters on the south-western side
of Arawak Cay you will find that,
for the most part, the beaches are
not only eroded but the water is
stagnant.

Extend it further west and
there will be more stagnation and
more erosion.

So let's fast forward ten years,
just a generation in our lifetime.
The port will be too small then
and will need to be further
expanded.

Since the beaches will have
been eroded and the waters stag-
nant, they will say it only makes
sense to join New Providence to
Arawak Cay.

On the north the two or three
small islands which no longer will
be used to lure tourists here will
too be joined to Arawak Cay.

Far fetched? No, not really.

Now let's come back to the
present.

It is apparently proposed to
unload the ships at Arawak, and
then transport the trailers to some
clearing area on Gladstone Road
where they will be sorted and re-
loaded for the trip back to their
destination in the city.

Let's see.....that's load, unload,
load and unload, most of which
will happen at night. Overtime?
Cost of freight? Wow!

Some say that this will elimi-
nate traffic. True, it may elimi-
nate the large trucks travelling
through Bay Street during the
day, but nobody seems to have
considered the massive number
of vehicles still going through a
congested area for people to get
to work.

Traffic jams? You ain't seen
nuttin yet!

The only conclusion I can
reach is that most of the people
advising the Government have
either no vision or their own self-
ish agendas. I would suspect both.

Prime Minister I implore you
to step back and take a long, hard
look at what stands before you.
Your decision will be either to
put a thing of beauty or a cesspit
into our showcase window. The
choice is yours.

PIERRE DUPUCH
Nassau,
May 20, 2009.

Dear Mr. Dupuch

For the record I am complete-
ly opposed to moving the port to
Clifton.

We can kiss what is left of the
dive industry goodbye if this hap-
pens, including 200 acres of undis-
turbed forest.

I say that all proposals be put
on the table with adequate com-
ment periods so that the pros and
cons of each site can be weighed.
Then perhaps we can make an
educated decision about where
to move or not move the port.
My understanding of the situa-
tion as discussed several years ago
(at Kerzner’s beautification of
Bay Street meetings- those meet-
ings were a “make it fit at
Clifton” scenario) was that
Arawak cay is 85 acres — the exist-
ing port area in Bay Street is 43
acres — more than enough room
to store everything there with
room for expansion.

Additionally over 70 per cent
of the freight that comes in is dis-
tributed in the eastern part of the
island why are we adding all that
travel to our goods?

There is a law in the Road
Traffic Act that says the contain-
er trucks are to get permission to
move by road traffic why isn’t this
law enforced?

Why does the tail continue to
wag the dog?

SAM DUNCOMBE
Nassau,
May 20, 2009.

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THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 5



0 In brief

Discovery Sun. i

service to
Pecommence
on Thursday

FREEPORT - Discovery
Sun has advised that the test
run of the vessel’s engine
showed a misalignment
which needs to be repaired
immediately.

Therefore, the Discovery

Sun will not sail tomorrow as }

planned.

It is anticipated the service }

will recommence on Thurs-
day, May 28, 2009.

Discovery has been unable
to sail since Sunday when the }

vessel experienced mechani-
cal problems. Passengers
scheduled to leave Grand
Bahama were flown out by
charter to Fort Lauderdale.

Bad weather

may continue

until Tuesday

THE bad weather over
the past few days may con-
tinue through Tuesday, with
heavy rains and thunder-
storms expected, deputy
director of the Department
of Meteorology Basil Dean
said.

An upper level low in the
Gulf of Mexico moving west
will leave a trailing upper
level trough over the north-
west Bahamas through Sat-
urday and a surface low near
the southeast Bahamas
should move into the north-

west Bahamas on Sunday, he

explained.

"That will certainly
enhance the shower activity
on Sunday, so it's wet
weather right through the
weekend," he said, adding
that the wet weather is not
expected to clear up before
Tuesday.

"The rains will be with us
through the weekend. There
will be occasional thunder-
storms throughout the next
few days but mainly moder-
ate rains, which can be
heavy at times with one or

two thunderstorms," said Mr
Dean.
i?
=



LOCAL NEWS

Call for public investment in
higher education of Bahamians

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

PUBLIC contributions
towards the higher educa-
tion of Bahamians should be
seen as an investment in the
country's future, former
College of the Bahamas
president Dr Keva Bethel
said.

"At this point in the
world's history with an
increasingly sophisticated
technological and knowl-
edge based environment, a
well-educated populace is
the only sensible ingredient
to (ensure) the successful



development of society,"
said Dr Bethel, vice-presi-
dent of the Doctor's Hospi-

FORMER College 0
the Bahamas presit
Dr Keva Bethel speak

tal Dr Meyer Rassin Foun-
dation.
"We need people with

Experts examine dead
bonefish washed ashore

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

FREEPORT - Several dead bonefish which
were washed ashore off Eight Mile Rock, Grand
Bahama, are being examined by marine experts.

They were sent by the Department of Marine
Resources to Florida on Thursday for testing to
determine the cause death.

A large number of dead bonefish were dis-
covered washed on shore and floating in waters
near the entrance of the Harbour on the east
side of Lover’s Beach on Wednesday.

Clement Campbell, assistant fisheries super-
intendent at Department of Marine Resources
in Freeport, told The Tribune that six of 13
dead fish that were collected on Wednesday
are being sent to the University of Miami in
Florida for testing.

Mr Campbell said that the results should be
ready in the next 14 days.

“We don’t know what may have caused this to
happen and once the results are back we will
update the public,” he said.

“Fashion ona

Mr Campbell said some of the dead fish were
floating in the water and some were carried out
in the surf.

He noted that several persons were in the
area prior to his arrival and may have taken
some of the fish that had washed ashore.

Mr Campbell is warning persons who may
have taken any the dead fish not to eat them
because it is not known what may have caused
their deaths.

Residents are asked to contact the Depart-
ment of Marine Resources at 352-9166 or the
police if they see anything usual occurring in
the area.

Bonefish is a protected fish and is among the
catch and release category in the Bahamas.

The bonefish is the type species of the Albu-
lidae, or bonefishes. It is amphidromous, living
in inshore tropical waters, moving onto shal-
low tidal flats to feed with the incoming tide, and
retreating to deeper water as the tide ebbs.

Bonefish are considered to be among the
world’s premier game fish and are highly sought
after by anglers. Bonefish are primarily caught
for sport. They are not commonly eaten.

advanced education and
training possessed of impor-
tant specialised skills and, I
would add, particularly pos-
sessed of a willingness to use
those skills effectively and
ethically for the betterment
of the communities of all.

Essential

“Investment in the further
education of our people,
therefore, is in many ways
not an option. Enlightened
self-interest combined with
concern for the future dic-
tates that such investment is
essential .. . And will pay
rich dividends for us all.”

Her comments came dur-
ing the foundation's first
ever ‘Dollars for Scholars’
fundraiser fashion show and
luncheon held at Luciano's
restaurant yesterday.

The foundation, launched
in 1999 in the memory of
prominent surgeon Dr Mey-
er Rassin, provides scholar-
ships and financial aid to
qualified students in the
health care field.

The programme has assist-
ed 38 students since its
inception.

Dr Judson Eneas, presi-
dent of the foundation, said
the programme is vital in
enhancing the country's
health care field.

"Most of our students,
they don't have trust funds,
they don't have parental
support and so many of
them are working to try and
save money to go to school
so anything that they can get
to help, will help.

"We try to help nursing
students, pharmacy students,
physical therapy students
even some medical students
- and it will sort of obligate
them to come back and help
us in the Bahamas," he said.

Scholarship

Yacasta Ford, a 26-year-
old graduate of Moorehead
State University's imaging
sciences programme said the
scholarship has been
"instrumental" in the com-
pletion of her academic
career.

"My school's programme
is extremely expensive so it
helped with books and stu-
dent fees," said the 2009
graduate who plans to begin
working in the Bahamas
soon.

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PAGE 6, FRIDAY, MAY 22, 2009

THE TRIBUNE



LOCAL NEWS

New equipment to
make capture of
smugglers easier



MINISTER OF EDUCATION Carl Bethel is pictured addressing the Primary Principals’ Association’s
32nd annual ecumenical service at New Bethany Baptist Church on Sunday, May 17. Minister Bethel
said the 23 persons who were honoured have “lived exemplary lives and would have inspired many a
young mind over the past 30 years to have gained the recognition of being called living legends.”

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

NEW HI-TECH surveillance equipment has
made the capture and conviction of drug smug-
glers, human traffickers and other seafaring
criminals crossing Bahamian waters easier and
quicker.

A multi-million dollar computer system
installed in United States government aircraft
allows the US Coast Guard to zoom in on a sus-
pected smuggler’s face from 10,000 feet, record
high quality video of his movements from the
air, while simultaneously tracking 5,000 ships
spread over hundreds of miles of ocean.

Only two planes in the world contain the
state-of-the-art crime-fighting equipment —
developed at a cost of $15 million. One of these
belongs to the Miami US Customs and Border
Protection office.

“With the old system, you were looking
through a straw for a quarter on a card table,”
Michael Ringgold, an air interdiction agent
who worked with the engineers to develop the
new system told the Florida Sun Sentinel news-
paper. “Now you’re looking with your eyes
open at the whole room.”

Importantly the system can home in on and
filter out hundreds of legitimate cargo or oth-
er ships plying the waters in minutes, allowing
authorities to focus its attention on more sus-
picious vessels.

The software can compare the path of a boat
to every filed course plan available in seconds,
to see whether it can be identified.

Compared to the previous system’s effective
range of 32 miles, the new equipment can scan
a 44 mile radius of ocean at 1,500 feet and at
10,500 feet, the coverage increases to a 193-mile
radius.

Hi-tech surveillance
system installed in
US govt aircraft

Once flags are raised about a boat’s course
and purpose, the system can do the necessary
calculations to allow the nearest US Coast
Guard boat to intercept it in the shortest time
possible.

During a test run last year, the equipment
proved its worth. Interdiction agents were able
to secure convictions for a captain and his
crewmen who were charged in connection with
a human smuggling conspiracy that resulted
in deaths after recording the accused men with
the technology.

Their boat had been spotted about 30 miles
west of Andros with a “large number of peo-
ple” on board.

Customs officials said agents watched and
recorded as another boat pulled up to the ves-
sel, before the two then started off for Florida.

Three Coast Guard cutters were sent to inter-
cept them. During the chase, an immigrant
onboard the vessel hit his head and died.

Two of those accused of involvement plead-
ed guilty, and on April 13 a federal judge sen-
tenced them to nine years and nearly six years
in prison respectively.

Four of the suspects on the second boat
fought the human smuggling charges, but guilty
convictions were delivered by a federal jury
in light of the video recording and satellite
information captured by the monitoring equip-
ment. The four were sentenced to 10 years in
prison each.

The Bahamas submits
maritime boundaries to UN

m By LINDSAY





THOMPSON

THE Ministry of Foreign
Affairs has submitted to the Sec-
retary General of the United
Nations, preliminary scientific
information indicative of the out-
er limits of its continental shelf
beyond 200 nautical miles.

The submission, on May 12, is
in compliance with its obligations
as a State party to the United
Nations Convention on the Law
of the Sea, said Deputy Prime
Minister and Minister of Foreign
Affairs Brent Symonette.

“The submission is a necessary
step in the process by which The
Bahamas will extend its claim to
the outer limits of the Continen-
tal Shelf beyond 200 nautical
miles, subject to negotiations
with adjacent states,” he said on
Thursday.

The extent of State claims over
the Continental Shelf beyond 200
nautical miles is defined in the
United Nations Convention on
the Law of the Sea.

Jurisdiction over the conti-
nental shelf includes the sover-
eign right to explore for and
exploit all the non-living
resources of the seabed and the
subsoil of the shelf, including oil

“The submission
is a necessary
step in the
process by which
The Bahamas will
extend its claim
to the outer
limits of the
Continental Shelf
beyond 200
nautical miles,
subject to
negotiations with
adjacent states.”



and gas and minerals, as well as
jurisdiction over certain seden-
tary marine species.

Areas of the seabed beyond
the outer limits of the Continen-
tal Shelf are administered by the
International Seabed Authority
based in Jamaica, for the benefit
of the international community.



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Brent Symonette

The Bahamas is an active
member of the Authority. For-
mer Director General of the
Ministry of Foreign Affairs
George P Stewart, served on its
Legal and Technical Commis-
sion.

“The Government of The
Bahamas is cognizant of the fact
that as an archipelagic country
with a vast maritime space, it is
of vital national importance that
The Bahamas adheres to all of its
international legal obligations
and avails itself of all advantages
relating to access and control
over the rich resources that
abound in the ocean,” Mr
Symonette said.

“The prudent and responsible
use of these resources will be of
paramount importance to the
future development and progress
of The Bahamas,” he said.

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

If so, call us on 322-1986
and share your story.
EPG Bank & Trost (Bahamas) Ltd

Motes to Comsolidated Financial Statements
31 December 21008
(Cen tim adel)

id, Capital Management (Continued)

(Capital adequacy and the use of regulatory capital are monitored by the Bank's
munagement, employing techniques designed to enawre compliance with guidelines
established by the Central Bank. The required infoemation is filed with the Central Bank
om a quarterly basia, For the Bank, there ie no difference between the composition of
regulary capital and the components of equity as shown in the conselidated balance
pce.

The (Central Bank requires that the Bank maintains 2 ratio of total regulatory capeal io
risk-weighied assets (includeng off-helance-cheet Heme) at or above a minimem of 12%.

The tate below summaries the composition of regulatory capital and shows the capital
adequacy ratio of the Bank, determined in accordance with the Bashe Capital Accord, aa of
the consolidated balance sheet date

Tier 1 capital

Share capital 27,000
Accumulated deficit (9.377)

17623

Qoodwill and other ingingible assets (S887)

Total te,

Risk-weighted aseens Led

Capital adequacy ratie— Tier 1 Tea 11a
Deine 2008 amd 2007, the Bank failed to comply with the exiemally imposed capital
requirecnecits to which itis sebject Management has submitted applications to the Cenc
Bask to become om authorized agent. Sacd applications are still under review, bourever,
(Central Bank officials have agreed to net take adverse actions agaanet the Bank for dadling
to meet its capital pequirements until the review process is complete. To dane,
minapemest has not received information an the estimated completion date of the review,
The Bank may be gobject to fines andor penalties if found to be in noe-complianes
however, to date, none have been levied. During 2008 and 2007, the other individual
entities within the Groep complicd with all the externally imposed capital requirements to
which they are subpect

Acquisition

Effective 16 February 2006, the Bank acquired the Private Banking Business of Banco
Adlentiog as defined in the Purchase Agreement referred to m Note |. The acquisition has
been accounted for using the purchase method of mcoounting. The effective date for the
purchase of the Private Book of Business was 16 February 20M. Part of the purchase
consideration of $7.23 millon was paid te Banoo de Sabsdell $A on signing of the Purchase
Agreement. An additional $615 thousand was pak) during the year (im prior years: $3.9
million). Deferred cash commiderstion of $658 thousand is included im other liabdlittes on the
consolidated balance sheet (2007: $2.23 million). The met purchase price is reflected in the
consolidated Ginamcial statements for the yeer ended 31 December 2006.

Fair Value of Financial Instruments

Finemcial instruments utilized by the Group comprise recorded financial assets ond
Labilicies disclosed im these consolidated financial statements. The Group's financial
ingiramenis are principally short-term im mature oc have interest rates that periodically reset
wt murket retires, Accordingly, their estinmated fair values approximate their carrying
values

Corresponding Figures:

Certain corresponding figures for 2007 have been reclassified te accord with the current
‘year’s prreseenilatbem.

Monday through Saturday for lunch
ie ate Doe ters ha eels Thee emer) Mee meCRnan ITs

ete be
Sandwiches
Anamaae PiZZAS

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CAVES VILLAGE, WEST BAY STREET

CALL 327-2218
EMAIL MANGOSCAFE@CORALWAVE.COM



THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 11



LOCAL NEWS

ee
$200,000 paid out to
hotel union members

FROM page one

ment signing in February
between BHCAWU and
respective hotel properties, said
Mr Colebrook.

"That money comes from the
newly established gratuity for-
mula put in place with the new
contract so that every employee
in the hotel, in the bargaining
unit, will be receiving some
form of gratuity and that's the
first time in history that this is
happening,” he told The Tri-
bune yesterday.

The new measures will affect
some 1,400 union members
"who had never received gra-
tuity payments before" while
members who are part of the
union's common gratuity pool

will receive gratuity elevations,
Mr Colebrook added.

"IT don't have the exact fig-
ure here with me but it will be
in excess of well over $200,000
that was shared between some
1,400 plus persons affected by
this move today,” said Mr Cole-
brook.

The new gratuity payments
were calculated from March 4
until the payment date, said the
union official.

"This is the first time in the
history of this entire industry
and the union that something
like this has happened. . .This is
what you find with steady, level
headed leadership,” said Mr
Colebrook, who is facing a lead-
ership challenge when the union
members head to the polls next
week.

The measure was welcomed
by union members considering
the tough economic times facing
the country and the turbulence
in the tourism industry,
Mr Colebrook told The Tri-
bune.

With elections slated for May
28, the union's executive board
recently called for calmness dur-
ing the voting process. This
came after a fight broke out
between the union’s different
factions during last week’s nom-
ination process.

Voting will take place from
8 am to 6 pm at Worker's
House in New Providence and
St Matthew's Hall for persons
who work on Paradise Island
properties. Several stations will
be open for members working
in the Family Islands.

Obama fundraiser ‘may be named Ambassador to Bahamas’

FROM page one

ambassador,” Mr Dubel said.

This new ambassador will be the 13th
person named to the post following the
departure of the previous Ambassador

Ned Siegel.

Ambassador Siegel spent a little over a
year in the post having taken office on
November 14, 2007. Departing the
Bahamas on January 20, 2009, the US
Ambassador’s post has been vacant since

then.

Mr Siegel, during his tenure, focused
his attention on bilateral agreements
between the two nations along with the
fight against HIV/AIDS and breast can-

cer.

Under his watch, attention was also given to the
further advancement of the strategic partnership
of Operation Bahamas Turks and Caicos
(OPBAT), which saw the continuation of air cov-

erage in October 2007.

Additionally, new state-of-the-art communi-
cations equipment were also added to the Nassau
centre to assist the Royal Bahamas Defence Force



Ned Siegel

and the Turks and Caicos Police
Marine Divisions.

Among his other accomplishments
during Ambassador Siegel’s tenure
was the signing of the Cooperation
Agreement under the Proliferation
Security Initiative (PSI) between
both the Bahamas and US govern-
ments.

In both 2007 and 2008 Ambassador
Siegel awarded local organisations
grants totalling $25,000 to help in the
fight against HIV/AIDS in the
Bahamas.

Ambassador Siegel and his wife,
Stephanie, were instrumental in the
launch of the Bahamas Breast Cancer
Initiative (BBCI). The BBCI was cre-
ated to raise awareness about the
importance of education and early detection and
elevate the standard of cancer screening and care
in the Bahamas.

During his departure celebrations Mr Siegel

said that he was honoured to have served as the

US Ambassador to the Bahamas, which has led to
the further strengthening of mutual ties “based on
common values and beliefs.”

Court ruling ‘could
free accused killers’

FROM page one

appeals by the Attorney
General’s Office against the
granting of bail, that subsec-
tion 4(2) Chapter 103 of the
Bail Act as amended in 1996,
purports to impose a “total
prohibition” on the granting
of bail by judges to persons
charged with any Part C
offence such as murder and
armed robbery.

The Attorney General’s
Office had appealed the
decisions to grant bail to
Bradley Ferguson, charged
with murder, and Stephen
Stubbs and Kenton Dion
Knowles who had also been
charged with murder. How-
ever, earlier this year both
Stubbs and Knowles were
acquitted of the murder
charge against them. Fergu-
son is awaiting a retrial and
Stubbs, who was discharged
in the murder of Samuel
“Mouche” McKenzie, is
awaiting a retrial in the 1999
murder of Corporal Jimmy
Ambrose. The Attorney
General’s Office had also
appealed the decision to
grant bail to Kermit Evans
who is charged with armed
robbery. Prior to the amend-
ment to the Bail Act, the
Court of Appeal had no
jurisdiction to hear appeals
against the granting of bail
where there was no pending
appeal against conviction.

In her ruling yesterday,
Dame Joan stated that the
main issue that arose in the
appeals in her view, was
“whether subsection 4(2) of
the Bail Act is valid under
the Constitution, in other
words whether Parliament of
the Bahamas has the power
to enact legislation which has
the purported effect of deny-
ing bail to persons arrested
and detained on reasonable
suspicion of having commit-
ted serious offences, no mat-
ter what the circumstances
of the alleged offences are,
or how long a person is
detained by the prison
authorities or the police
without trial.”

Subsection 4(2)(a) of the
Bail Act provides that “not
withstanding any other
enactment, a person charged
with an offence mentioned
in Part C of the schedule

ErsOns ACCUSEC
of murder are



THE TRIBUNE reported this week
that 11 people were released on
bail for murder or attempted
murder in April.

shall not be granted bail.”
Subsection 4(2)(b) denies the
right to bail of persons con-
victed of certain offences and
who have given notice of an
intention to appeal.

Dame Joan stated, “While
Section 4 of the Bail Act as
originally promulgated did
not absolutely prohibit the
grant of bail in murder and
other serious cases by the
justices of the Supreme
Court, as recast in 1996, sub-
section 4(2) does just that,
that is, it absolutely prohibits
the grant of bail in murder
and armed robbery cases,
even where an accused per-
son is not tried within a rea-
sonable time, that subsection
is therefore in conflict with
article 19(3) of the Constitu-
tion and as a result it is void
and of no effect.”

“T hold therefore that the
judges of the Supreme Court
and this court have discre-
tion whether or not bail
should be granted, even in
cases where a person is
detained pending trial for
offences which fall within
Part C of the first schedule of
the Bail Act,” Dame Joan
said. Dame Joan noted, how-
ever, that the discretion of
the judges must be carried
out “judicially” as well as
“judiciously.”

However, in the appeal
before her and her fellow
judges — Emmanuel Osad-
abay, Hartman Longley and
Christopher Blackman —
Dame Joan allowed the
Attorney General’s appeal
against the decision to grant
bail to the men. The deci-
sion, however, can no longer



affect Knowles and Stubbs,
who had been acquitted of
murder and have been
released. However, bail will
not be granted to Bradley
Ferguson and Kermit Evans,
whose cases are still pend-
ing.
Attorney Murrio Ducille
who represented the men in
the appeals process told The
Tribune that what the appel-
late court’s decision essen-
tially meant was that parlia-
ment “cannot perform a judi-
cial act.”

“You cannot tell a judge
when and when not to grant
bail,” he said. Dame Joan in
her ruling also commented
on the escalation of attempts
to intimidate witnesses.

Dame Joan stated, “It
should be clear to everyone
concerned with the proper
administration of justice in
this country that where
threats are made against a
witness or witnesses, then
administration of justice will
be adversely affected.

“It should be clear that if
the state does not make ade-
quate provision for the safe-
ty of persons it intends to call
as witnesses for the prosecu-
tion, with the pervasive effect
of other cultures that is evi-
dent in the day-to-day expe-
rience of the courts in this
country, there is a greater
likelihood that attempts will
be made to interfere with the
course of justice by seeking
to intimidate witness.”

In a dissenting judgment
on the appeals, Justice Hart-
man Longley, while also rul-
ing that subsection 4(2) of
the Bail Act was void, upheld
the decision to grant bail to
the four men.

While noting that Fergu-
son at the time of his bail
application had spent six
years in custody on two
charges of murder and
attempted murder, Justice
Longley stated in his ruling,
“The circumstances may be
exceptional, but it seems to
me it would be a dangerous
precedent to set in a democ-
ratic society to deprive a man
of his liberty because he was
on bail for one offence,
another offence has been
brought against him even
though there is no evidence
to support that second
charge.”
PAGE 12, FRIDAY, MAY 22, 2009

TRIBUNE SPORTS



SPORTS



SOCCEl






BRIEFS
IFK Gotebory

moves into lead in

Swedish league

m@ STOCKHOLM

Associated Press

TOBIAS HYSEN scored }
just after halftime as IFK :
Goteborg beat local rivals }
GAIS 1-0 on Thursday to:
move into first place in the }

Swedish first division.

Set up by a long pass from }
Pontus Wernbloom, Hysen }
fired a low shot inside the }
post. It was Hysen's eighth }
goal of the season, strength- }
ening his position as the }

league's top scorer.

Elfsborg dropped to second
place after a 0-0 draw against }

fourth-placed AIK.

Tobias Carlsson's 74th }
minute header gave reigning }
champion Kalmar a 1-0 win }
over Orgryte and Fredrik }
Jensen scored twice for Trelle-
borg in a 3-0 win over Djur- }
garden. Henrik Larsson's }
Helsingborg, currently in third }
place, have a chance to take }
the lead when they face Hack- }

en on Friday.

Milito and Motta to join
Inter Milan from Genoa

mi MILAN

Associated Press

FORWARD Diego Milito }
of Argentina and Brazilian }
midfielder Thiago Motta have }
agreed to join Serie A champi- }
on Inter Milan from Genoa }

this offseason.

The duo has been instru- }
mental in Genoa's push for a }
Champions League place this }
season, with Milito scoring 20 }
goals and Motta providing the }

creative spark in midfield.

"I met president (Massimo)
Moratti today and we came to }
an agreement for the sale of }
Milito and Motta at the end of :
the season and I want to thank }
them for everything they have :
done (for Genoa)," Genoa }
president Enrico Preziosi told ;

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BARCELONA'S
Ue

on Champions League final





BARCELONA players celebrate at the end of the Champions League
semifinal second leg soccer match against Chelsea at Chelsea's

Rebecca Naden/AP Photo



Stamford Bridge stadium in London, Wednesday, May, 6, 2009. The
match ended in a 1-1 draw, with Barcelona qualifying on away goals.

m@ SOCCER
MADRID
Associated Press

BARCELONA will devote
its final home match of the sea-
son on Saturday against lowly
Osasuna to celebrating its bril-
liant season with supporters.

However, the thoughts of
players, officials and fans are
likely to stray to next Wednes-
day's Champions League final
against Manchester United, as
Barcelona aims to become the
first Spanish team to win the
treble of Europe's top club
competition and the domestic
league and cup.

Osasuna will be greeted by a
carnival atmosphere at Camp
Nou, where Barcelona will be
playing for the first time since
its recent league and Copa del
Rey triumphs.

FREEPORT
11A East Coral Road, Freeport, G.B., Bahamas

nW). BOX
Telephone: (242) 373-1115 / (242) 373-1471
Pager: (242) 240-6043 ¢ Fax: (249) 373-3005

NASSAU
Robinson and Soldier Roads, Nassau, N.P., Bahames
PO. Box CB-12072
Telephone: (242) 394-8043 / (242) 394-8047
Pager; (242) 340-8043 » Fax; (242) 340-8034

Funeral Service for
Irene Burroughs Roker, 76

of Columbus Avenue
will be held on
Saturday at 10:30 am
at Metropolitan
Baptist Church
Baillou Hill Road.
Officiating will be
Rev. George Kelly
assisted by Gregory
Major and Interment
will follow in Western
Cemetery Nassau
Street.

She is survived by her sons: Anthony Cleare,
Errol Cleare and Mark Cleare daugthers:
Rosemary Miller Jennifer Roker-Bannister
and Elsa Roker sister: Hilda dMollyEMoss
sons-in-law: Samuel daddy OE Miller,
Douglas Bannister daughter in law: Marva
Cleare nieces: Deborah Strachan, Brenda
Darling, Elizabeth Whylly, Nephew: Ansel
Braynen, Grand children: Dion, Keva,
Johnathan, Javon, Jordan, Jason Miler,
Anthonyse, Alyssa, Marissa Cleare, Travis
Clarke; Jafhra and Mona Lisa Cleare; Elijah
Bannister great grand children: Kayshan
Miller, Akira Knowles, Divonya, Erin, Malik,
Alyssa Miller; Jaden, Gaje Miller, Divonya,
Erin, Malik and Alyssa Miller; Jaden and Gaje
Miller. Numerous other relatives and friends
including: Joe and Brenda Whylly and family,
Nadia Miller, Kenneth Strachan, Javon Rolle,
Lauralyn Smith, Marina Smith, the Humes
Family of Gambier, Anita and Brenda Nairn
and Family, Rebecca Moss and Family.

Viewing will be held in the Serenity Suite at
Restview Memorial Mortuary and
Crematorium Ltd. Robinson and Soldier Roads
on Friday from 10:00 am to 6:00 pm and at
the church from 8:00 am until service time.



Musicians will perform before
kickoff, and Barcelona coach
Pep Guardiola and captain Car-
les Puyol are scheduled to
express their thanks to sup-
porters by addressing the crowd
after the game.

The team will then make a
lap of honor accompanied by a
firework display, with fans giv-
ing Barcelona an enthusiastic
send-off for the final in Rome.

Guardiola is expected to rest
most of his first-team on Satur-
day apart from fullbacks Daniel
Alves and Eric Abidal, who are
both suspended for the United
match.

That could mean a break for
Samuel Eto'o, even though the
Cameroon striker is battling
with Atletico Madrid's Diego
Forlan in the race to win the
Pichichi prize for Spain's top
scorer. Eto'o leads with 29
goals, one more than the
Uruguayan.

Guardiola may again select
the club's third-choice goal-
keeper, Oier Olazabal, and mid-
fielder Xavi Torres, who made
their league debuts in last
week's 2-1 defeat at Mallorca.

Still, midfielder Sergio Bus-
quets said Barcelona needs to
put up a good show in the
match against its relegation-
threatened opponent.

"Otherwise it would show a
lack of respect for Osasuna,"
he said.

Barcelona's total of 86 points
from 36 matches is already a
Spanish league record, and it
can establish an even higher
landmark by avoiding defeats
in its final two games.

Guardiola's team also
requires just four goals from its
final two games to beat
Madrid's record of 107 in a
league season, set in 1989-90.

Barcelona also faces pressure
to perform from eight other
teams — Racing Santander,
Valladolid, Espanyol, Real
Betis, Getafe, Sporting Gijon,
Numancia and Recreativo
Huelva — who are fighting with
Osasuna to avoid the drop.

Santander and Valladolid
have 42 points, Espanyol 41,
Betis 40, Getafe 38, Gijon and
Osasuna 37, Numancia 35, and
last-place Recreativo 33.

On Sunday, runner-up
Madrid meets ninth-place Mal-
lorca in its final home game of a
disappointing season.

Madrid is undergoing a clear-
out before Florentino Perez
makes his expected return to
the presidency next month and
begins remodeling the club.

Sporting director Predrag
Mijatovic left Madrid on
Wednesday, while Sunday's
match will provide fans with the
chance to bid farewell to coach
Juande Ramos and defender
Fabio Cannavaro, who is rejoin-
ing Juventus at the end of the
season.

While Madrid has little to
play for, it hopes to avoid its
fourth straight defeat and not
to concede any more goals after
leaking 12 in its losses against
Barcelona, Valencia and Vil-
larreal.

Madrid has 78 points, 14
more than Sevilla. Atletico fol-
lows with 61, two clear of
Valencia and Villarreal.
Deportivo La Coruna has 57.

Sevilla will take Spain's third
direct place in next season's
Champions League if it beats
seventh-place Deportivo on
Saturday.
TRIBUNE SPORTS

wl
NBRIE







Wayman Tisdale

Thousands turn
out to mourn
Wayman Tistale

@ BASKETBALL
TULSA, Okla.
Associated Press

WITH thousands swaying
to gospel tunes, Wayman
Tisdale was remembered
Thursday as a basketball star
and gifted musician who led
a "blessed life."

A horse-drawn carriage
held the casket carrying the
former Oklahoma All-
American, making a 3-mile
trip to the downtown arena
for the public memorial.
There was live jazz music,
clapping and shouting in
honor of the man who died
last week at 44 after a long
battle with cancer.

"Wayman lived a blessed
life," said Billy Tubbs, Tis-
dale's former Sooners coach.
"He did more in his 44 years
than most people can do in
88 years."

Country music star and
fellow Oklahoman Toby
Keith played the Willie Nel-
son tune, "Angel Flying Too
Close To The Ground.” He
said he had written a song
about Tisdale, but that he
wouldn't be performing it
given the emotion of the
day.

"We had so many big
plans," Keith told mourners.
"Every time I tried to say
goodbye to him, he never let
me."

Tisdale recorded eight
albums. A bass guitarist who
often wrote his own materi-
al, his most recent album,
"Rebound," was inspired by
his fight with cancer and
included guest appearances
by several artists, including
saxophonist Dave Koz and
Keith.

His "Way Up!" release
debuted in July 2006 and
spent four weeks as the No.
1 contemporary jazz album.
His hits included "Ain't No
Stopping Us Now,” "Can't
Hide Love" and "Don't
Take Your Love Away."

CID

KIA MOTORS

The Power to Surprise”

that has AM/FM

radio and a player



MINNESOTA Twins’ Joe Mauer hits a grand slam during the sixth inning of a baseball game against

SPORTS

the Chicago White Sox in Chicago, Thursday, May 21, 2009.

Mauer hits grand slam,
Twins rout White Sox 20-1

m@ BASEBALL
CHICAGO
Associated Press

JOE MAUER hit a grand
slam, two doubles and drove
in a career-high six runs as the
Minnesota Twins routed the
White Sox 20-1 Thursday,
matching Chicago's most-lop-
sided loss in team history.

Michael Cuddyer, Joe Crede
and Matt Tolbert also home-
red as Minnesota ended a six-
game losing streak and made
the White Sox pine even more
for Jake Peavy.

The San Diego Padres have
agreed to deal their ace to the
White Sox, and the teams were
waiting to see whether Peavy
waives his no-trade clause.

Mauer's second career grand
slam capped a six-run sixth
inning. Tolbert's first big
league homer, a three-run shot
in the seventh, made it 20-0.

His team having lost nine
straight on the road, Minneso-
ta manager Ron Gardenhire
shook up his batting order. The
strategy worked, with the
Twins scoring at least 20 runs
for only the 13th time in fran-
chise history.

Mauer batted second for the
first time this season, Cuddyer
had four hits and three RBIs
and Tolbert drove in four runs.
Cleanup man Jason Kubel had
three hits and everyone in the
starting lineup scored within
the first three innings.

The White Sox lost for the
sixth time in eight games.

Bartolo Colon (2-4) allowed

eight runs in two innings.
Although all seven second-
inning runs were unearned
after an error by third base-
man Wilson Betemit, Colon's
latest in a series of poor outings
had White Sox fans hoping a
deal for Peavy would get done.

The Padres had talked to the
Chicago Cubs and Atlanta dur-
ing the offseason about a trade
for the 2007 NL Cy Young win-
ner.

Nick Blackburn (3-2)
allowed four hits over seven
innings to win for the first time
at U.S. Cellular Field, where
he had been 0-4 with a 5.27
ERA.

Minnesota led 1-0 and had
two on in the second when
Betemit fielded Nick Punto's
bunt and threw the ball off
Punto's helmet. Mauer's sacri-
fice fly and Kubel's RBI single
made it 4-0 before Cuddyer
lined a three-run homer over
the left-field fence. Three
pitches later, Crede took Colon
deep for an eight-run lead.

Another throwing error by
Betemit put the Twins up 10-0
in the fourth.

When the White Sox avert-
ed a shutout on Carlos
Quentin's eighth-inning RBI
single off Jose Mijares, those
remaining in the ballpark
cheered loudly.

It was the 10th time Chicago
has allowed 20 runs in a game
and first since a 20-14 loss to
Minnesota in 2007. The Twins
won for only the second time
in their last 12 games at U.S.
Cellular.

SORENTO

level model
conditioning, a tilt steering wheel, cloth seats, bucket seats in the front,
a rear seat that is split and can be folded, mirrors that are powered
windows that are powered and equipped with a deicer, a music system

is equipped with air

that can play CDs/MP3music,

tachometer, mirrors that have illuminated visors, a defogger at the back
and headlights that switch off automatically. The 2008 Sorento model has
all the features of the entry level model but adds, entry into the vehicle,
4 Wheel Drive, 4 Cylinder Diesel and 6 Cylinder Gas Engine Models.

ELITE MOTORS LTD. SANPIN MOTORS LIMITED
Thompson Blvd. « Oakes Field
t. 242.326.6377° f. 242.326.6315

#289 Wulff Road
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t. (242) 394-4442 £.(242) 393-8238



e. sanpin@coralwave.com

ON THE SPOT FINANCING WITH
COMMONWEALTH BANK

INSURANCE AVAILABLE WITH
ADVANTAGE INSURANCE
BROKERS & AGENTS LTD.



* Mauer has a 14-game hitting

streak.

FRIDAY, MAY 22, 2009, PAGE 13

Charles Rex Arbogast/AP Photo

Track & Field
Officials Training

Are you interested in becoming an Official

for Track & Field?

The Bahamas Association of Certified
Officials (BACO) is extending an invitation
to all present officials and all interested
persons to participate in a training
session for track & field.

Date: Saturday, May 23, 2009

Venue: Thomas A. Robinson Track & Field

Stadium
Time: 12:00 p.m. - 3:00 p.m.

* Scott Podsednik, signed to give
the White Sox better baserunning,
has been picked off first base in
three straight games. Thursday, he
also was doubled off first on a

bases-loaded liner to third.

¢ In their previous seven games,
Twins starting pitchers were 0-3
with a 7.23 ERA.

* lt was the first time in 21 games at
Chicago that Minnesota pitchers did-
n't allow at least one home run.

A copy of the Annual Report & Audited Accounts may be obtained from Ansbacher (Bahamas)
Limited, Ansbacher House, Bank Lane, Nassau, Bahamas.

(= HARRIS.

Independent Auditors’ Report

The Stockholder and Board of Directors
Harris N.A.:



We have audited the accompanying consolidated statements of condition of Harris N.A. (an indirect wholly-owned
subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2008 and 2007, and the related consolidated
statements of income, comprehensive income, changes in stockholder’s equity, and cash flows for each of the years
in the three-year period ended December 31, 2008. These consolidated financial statements are the responsibility of
Harris N.A.’s management. Our responsibility is to express an opinion on these consolidated financial statements

based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining. on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement

presentation, We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Harris N.A. and subsidiaries as of December 31, 2008 and 2007, and the results of their
operations and their cash flows for each of the years in the three-year period ended December 31, 2008, in

conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois
March 31, 2009

Harris N.A. and Subsidiaries

Consolidated Statements of Condition

Assets
Cash and demand balances due from banks ........0.00ce eves eeeecneneaens
Money market assets:
Interest-bearing deposits at banks ($24.7 billion held at Federal Reserve Bank at
December 31, 2008)
Federal funds sold and securities purchased under agreement to resell

Ot) Ges Bnd CS EQUI VENER 4 ciscx samen cere wa eater eaten ane
Securities available-for-sale at fair value (amortized cost of $9.2 billion and

$9.3 billion at December 31, 2008 and December 31, 2007, respectively)
Trading account assets and derivative instruments... 2.0.2.6. 0. eee
Loans, net of unearned income
Allowance for loan losses

INGE IOaNS 95: sis eae tianmatont nits satan iante, Sern latherete ote oe emt tees Seat dea
Loans held for sale
Premises and equipment
Bank-owned insurance
Goodwill and other intangible assets: i ci cision ds casos de ede dw meee eee
NEY BSSONS cctra''s saceank. hos REA aE RS a Rees eye eee Eee

Total assets
Liabilities
Deposits in domestic offices — noninterest-bearing
— interest-bearing (includes $77.7 million measured at
fair value at December 31, 2008)

Deposits in foreign offices — interest-bearing

TONGS io pc anrcnn mg cee cena ny AG dea keane Es
Federal funds purchased
Securities sold under agreement to repurchase
Short-term: borrowings! i sate een citys seinreh, Reine: aiaa mnie UN Ge tensa ba das
Short-term senior notes
Accrued interest, taxes and other expenses
Accrued pension and post-retirement
Other liabilities
Noncontrolling interest — preferred stock of subsidiary
Long-term notes — senior
Long-term notes — subordinated
Long-term notes — secured

Total liabilities

Stockholder’s Equity

Common stock ($10 par value); authorized 40,000,000 shares; issued and outstanding
17,149,512 and 15,514,761 shares at December 31, 2008 and December 31, 2007,
respectively

Surplus

ROAINOR CANINES: Hg os cit Le Sn wae os CE RSS PRE Lio ence das ounan

Total stockholder’s equity
Total liabilities and stockholder’s equity

December 31
—_2008 2007
(In thousands except share date)

$ 1,072,255 = $ 1,179,134

26,031,291
182,063

$27,285,609

949,803
1,520,183

$ 3,649,120

9,283,283
1,367,833
26,396,381

(574,224)
$25,822,157
29,544
533,516
1,304,315
779,444
900,354

$67,306,055

9,288,595
288,785
25,534,487
(367,525)
$25,166,962
62,695
485,510
1,246,156
344,525
747,935

$41,480,283

$28,059,575 $ 6,478,464
21,905,547
__1.149,167
$29,533,178
182,625
1,613,529
707,540
80,000
257,415
88.415
589,989
250,000
2,096,500
292,750
2,000,000

24,374,034
$53,353,844
78,525
3,501,758
359,476
75,000
247,825
171,933
631,487
250,000
2,096,500
292,750
2,375,000

$63,434,098

$ 171495 $
2,172,029
1,734,472
(206.039)
$ 3,871,957
$67,306,055

155,148
1,780,609
1,879,907

(27,322)
$ 3,788,342
$41,480,283

The accompanying notes to consolidated financial statements are an integral part of these statements.


PAGE 14, FRIDAY, MAY 22, 2009



© PNC

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Directors and Shareholders of The PNC
Financial Services Group, Inc.

In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of income,
shareholders’ equity, and cash flows present fairly, in all
material respects, the financial position of The PNC Financial
Services Group, Inc, and its subsidiaries (the “Company”) at
December 31, 2008 and 2007, and the results of their
operations and their cash flows for the years then ended in
conformity with accounting principles generally accepted in
the United States of America. Also in our opinion, the
Company maintained, in all material respects, effective
internal control over financial reporting as of December 31,
2008, based on criteria established in Internal Contral -
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). The
Company’s management is responsible for these financial
statements, for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness
of internal control over financial reporting, included in
Management’s Report on Internal Control over Financial
Reporting appearing under Item 9A. Our responsibility is to
express opinions on these financial statements and on the
Company’s internal control over financial reporting based on
our integrated audits. We conducted our audits in accordance
with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement and whether effective internal control over
financial reporting was maintained in all material respects.
Our audits of the financial statements included examining, on
a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles
used and significant estimates made by management, and

evaluating the overall financial statement presentation. Our
audit of internal contro] over financial reporting included
obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
Our audits also included performing such other procedures as
we considered necessary in the circumstances. We believe that
our audits provide a reasonable basis for our opinions.

CONSOLIDATED BALANCE SHEET
THE PNC FINANCIAL SERVICES GROUP, INC.

In millions, except par value

Assets
Cash and due from banks

SPORTS

A company’s internal control over financial reporting is a
process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of
management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection

of unauthorized. acquisition, use, or disposition of the
company’s assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may
deteriorate.

As described in Management’s Report on Internal Control
over Financial Reporting, management has excluded National
City Corporation from its assessment of internal control over
financial reporting as of December 31, 2008 because it was
acquired by the Company in a purchase business combination
on December 31, 2008. We have also excluded National City
Corporation from our audit of internal control over financial
reporting. National City Corporation’s total assets represented
$136 billion of the related consolidated financial statement
amount as of December 31, 2008.

/s/ PricewaterhouseCoopers LLP
Pittsburgh, Pennsylvania
March 2, 2009

December 31
2008 2007

$ 4,471 $ 3,567

Federal funds sold and resale agreements (includes $1,072 measured at fair value at December 31 , 2008) (a) 1,856 2,729

Trading securities
Interest-earning deposits with banks
Other short-term investments

1,725 3,556
14,859 346
1,025 227

Loans held for sale (includes $1,400 measured at fair value at December 31, 2008) (a) 4,366 3,927

Investment securities

Loans

Allowance for loan and lease losses
Net loans

Goodwill

Other intangible assets

Equity investments

Other

43,473 30,225
175,489 68,319
(3,917) (830)

171,572 67,489
8,868 8,405
2,820 1,146
8,554 6,045

27,492 11,258

ne
Total assets $291,081 $1 38,920

Liabilities
Deposits
Noninterest-bearing

$ 37,148 $ 19,440

Interest-bearing 155,717 63,256

Total deposits
Borrowed funds
Federal funds purchased and repurchase agreements
Federal Home Loan Bank borrowings
Bank notes and senior debt
Subordinated debt
Other

192,865 82,696
5,153 9,74
18,126 7,065
13,664 6,821
11,208 4,506
4,089 2.765

en

Total borrowed funds
Allowance for unfunded loan commitments and letters of credit
Accrued expenses
Other

Total liabilities

Minority and noncontrolling interests in consolidated entities

Shareholders’ Equity
Preferred stock (b)
Common stock — $5 par value
Authorized 800 shares, issued 452 and 353 shares
Capital surplus — preferred stock
Capital surplus - common stock and other
Retained earnings
Accumulated other comprehensive loss
Common stock held in treasury at cost: 9 and 12 shares

$2,240 30,931
344 134
3,949 4,330
14,035 4,321

263,433 122,412

2,226 1,654

2,261 1,764
7,918
8,328 2,618
11,461 11,497
(3,949) (147)
(597) (878)

TRIBUNE SPORTS



MORE SCENES FROM NATIONAL PRIMARY SCHOOLS

NG aD
COTS Las

Bahamian men's senior

FROM page 15

scoring attack from th
Bahamas with 16 points and



|

volleyball team rally to win

e€
a

game high three blocks.

Prince Wilson and Shedrick
Forbes added 14 points apiece
while Shedrick Forbes chipped
in with 12.

The Bahamas, St Lucia, and
tournament favorite Mexico
make up pool B, while Jamaica,
Haiti and the Cayman Islands
complete pool A.

match against Mexico we have
already advanced to the quar-
terfinals,” he said, “But playing
them early would give us a good
guage to see where we are in
comparison to their talent and
style of play before the elimi-
nation round.”

Renaldo Knowles led a high

rr en AY
Total shareholders’ equity 25,422 14,854

Total liabilities, minority and noncontrolling interests,

and shareholders’ equity $291,081 $138,920

(a) Amounts represent items for which the Corporation has elected the fair value option under SFAS 159.
(b) Par value less than $.5 million at each date.
See accompanying Notes To Consolidated Financial Statements.

A copy of the Annual Report may be obtained from Ansbacher (Bahamas) Limited, Ansbacher House, Bank Lane, Nassau, Bahamas.


THE TRIBUNE





FRIDAY, MAY 22,

PAGE 15
— F

2009





Primary school
haskethall =
season ents —
nent week =

Mm By RENALDO DORSETT |
Sports Writer i
rdorsett@tribunemedia.net

THE NEW Providence
Public Primary School
Sporting Association will
close out its season next
week with its final and per-
haps biggest event of the
year.

The association will field:
over 40 teams for its basket- :
ball tournament at the ;
Kendal Isaacs Gymnasium,
May-25-29.

Eighteen girls teams will
vie for the girls’ title with
preliminary rounds on the
25th and 26th.

Between 22-25 boys’
teams will square off in i
their preliminary rounds 26- :
27 i

The semifinals and finals
in each division will take
place on the 29th.

Association Public Rela-
tions Officer, Frank John-
son, said this year’s tourna-
ment will improve on the
base the previous events
have set.

“We expect big things i
from this years tournament,
last year everyone was :
pleasantly surprised by the
talent level and how hard
the kids played so we
expect the same thing this
year,” he said. “This year
competition is going tobe |
stiff. Everyone wants to end :
the year well and the kids,
especially the boys, love the
basketball tournament so it }
is going to mean a lot to
them. That should produce
some great plays on the
court.”

Johnson said the basket-
ball tournament will serve
as a fitting end to an excit-
ing sporting year.

“Tt has been a great year
for the association and the
kids have benefited from it.
We had a chance to see
some futures stars in all of
the sports from the very
beginning of the year with
soccer, then onto volley,

baseball, track and field and

others,” he said. “It has just

been a great year and this is ;

one of the best ways we can
hope to end it.”



GRAND BAHAMA

AMATEUR BASEBALL :

ASSOCIATION

(GBABA)

Results Of Games Played on
Thursday MAY 14 & Sunday
May 17th, 2009

Thursday, May 14
ROOKIES 1]
LC DOUBLES = 5

e The leagues two youngest :
teams matched up in a game }
that featured several players }
who will represent the Asso- }
ciation in the Junior (13-15) ;
and High School (16-18) Divi- ;
sions in the upcoming 7th :
Annual Andre Rodgers :
National Baseball Champi- :
onship set for June 4th thru :
7th 2009. GBLL & GBABA :
will be sending teams in ALL :

Six (6) Divisions.

Marcus Holbert (Member
of TEAM BAHAMAS 15-16 }
— Team to represent the :
BAHAMAS at the upcoming }
"PONY Caribbean Zone }
Championships in Gurabo, }
Puerto Rico July 6th thru }

12th) — hit a monster Home
Run for the winning Rookies.

Sunday, May 17

GRAND BAHAMA PORT
AUTHORITY REGULATORS 11
JC DOUBLES 3

e The Regulators pick up
their first win of the season.

Andrew Burrows led the
way, going 4 for 4 on the day;
with two doubles and five
RBI's.

Anthony Fox was the win-
ning pitcher with 11 Strike
Outs — Giving up only one hit.

Kean Pritchard was tagged
with the loss.

Bahamian men's senior
volleyball team rally to win

m@ By RENALDO DORSETT
Sports Writer
rdorsett@tribunemedia.net

THE Bahamas dug themselves out of
an early hole in thrilling come from
behind fashion to take an opening win in
the Noreca - Pool D second round tour-
nament.

The Men’s Senior National Volleyball
team took their first match against St.
Lucia in a gruelling five set marathon, 22-
25, 22-25, 25-22, 25-18, 15-11.

With the crucial win the team
advanced to the quarterfinal, in the pool,
setting up a possible second showdown
with tournament favourite Mexico.

The Bahamas continued their quest
to the next stage in FIVB World Cham-
pionships, when they took on Mexico in
last night’s feature game, however results
were unavailable to press time.

In a match that took nearly two hours
to complete, the Bahamas trailed after
the first two sets, however rebounded in
a crucial third set and shifted momen-
tum greatly in their favour.

New Providence Volleyball Associa-
tion Executive Joe Smith said the team

23rd Novice Championships



Men’s national team
take Pool D opener

rebounded resiliantly following a sluggish
start and a delay in the start of the game.

“There was a two hour delay and it
took a while for things to get started and
for the guys to really get their bearings,”
he said, “With that delay it hurt them
because they were already warm and
they had to warm down and start all over
again but when they got started they
played exceptional volleyball. The adren-
aline started to flow and the guys realized
our backs were against the wall and they
responded with a fantastic effort.”

Smith said the team’s defensive effort
sparked the comeback and led to an
equal effort on offense to complete the
gargantuan comebak effort.

“They really picked it up defensively
more than anything else and the third
set turned everyting around offensively





with their intesity at the net against St
Lucia,” he said, “It was a great win for
their confidence, alot of people had St.
Lucia favoured to win, but we shocked
them. We broke their spirits somewhat
with that run because St. Lucia’s coach
said after the third say they were tired
and struggling to keep up. They are a
big team but Ido not think they were in
shape so that is why we were able to out-
last them and had the advantage in a
longer five set match.”

With the win against St. Lucia solidi-
fying a berth in the quarterfinal, Smith
said the initial match against Mexico
should serve as a good scouting oppor-
tunity should the team fall short.

“Regardless of the outcome of the

SEE page 14

relays.

day meet.





RENALDO KNOWLES(r), seen here in a file
photo as a member of the Technicians in
NPVA action, led the Bahamas with a game
high 16 points and three blocks.

DAY TWO of the National Primary
Schools Track and Field Championship
was slightly delayed by inclement weath-
er. However, the stage was set for an
exciting third day of competition.

The third and final day of competi-
tion will feature finals in the 100m,
200, 400m, 800m, highlights by the
finals of both the 4x100m, 4x400m

Medal presentations and awards will
be doled out to the most outstanding
athletes over the course of the three

MORE PICTURES ON PG 14

set for end of month

EXACTLY one week of preparation remains
before the newest crop of local bodybuilders take
the stage in what will be the first show of their
careers.

The Bahamas Bodybuilding and Fitness Fed-
eration will stage its 23rd Novice Championships,
Friday May 29th at the Center for the Performing
Arts.

BBFF President Danny Sumner said all indi-
cations dictate that this year’s show will feature an
especially promising group of athletes.

“T believe we will have all new people this
year,” he said. “You will find that the novice is
designed for newcomers to compete primarily
with other newcomers.”

Sumner said alongside the newcomers, a few
returning participants will compete to continue
the progression towards nationals.

“Over the last few years we have had a few
people that have not won their division and have

come back,” he said. “The whole idea behind
that is to get you more experience and shore you
up so by the time you enter a national champi-
onship, your body is well prepared for it.”

A plethora of divisions will be contested in
both the male and female divisions.

Male bodybuilders will compete in five cate-
gories including lightweight, welterweight, mid-
dleweight, light heavyweight and heavyweight.

Females compete in just two divisions, light-
weight and heavyweight.

“This year, as always, is exciting for me because
I would like to see what the future holds,” Sum-
ner said. “The Novice gives us an opportunity to
see what the year will bring for us, we anticipate
at least 20 or 30 plus athletes between New Prov-
idence, Long Island, Grand Bahama, and per-
haps Abaco.”

This year’s novice championships will also fea-
ture an open fitness segment for females.

reat Tg eth =
CHICKEN

BISCUIT

Seed teen etl Mie ate ated

SMe re


PAGE 16, FRIDAY, MAY 22, 2009

THE TRIBUNE



LOCAL NEWS





MINISTER FOULKES, Mr. Harcourt Brown, and Mrs. Sophie
Williams-Thompson talk with managers and workers as they tour
the Morton Salt production facility at Inagua.

Minister meets
Morton Salt union
and management

LABOUR and Social Devel-
opment Minister Dion Foulkes
recently led a delegation to
Inagua to meet with the
Bahamas Industrial Manufac-
turing and Allied Workers
Union (Morton Salt Union) and
Management at Morton Salt
Company.

He was accompanied by the
Director of Labour, Harcourt
Brown, and Sophie Thompson-
Williams, Legal Counsel in the
Office of the Attorney General.

The delegation toured the
Morton Salt production facility
and also met with workers and
managers at the plant.

Mr Foulkes said that indus-
trial relations between the
Union and Management have

improved and that some of the
issues which gave rise to last
year’s strike have been resolved
and others are awaiting deter-
mination by the Industrial Tri-
bunal.

“We are pleased with the new
spirit of cooperation between
the workers and employer here
at Morton Salt. It is our deter-
mination to ensure that this rela-
tionship continues to remain
amicable,” said Mr Foulkes.

He said that the future of
Inagua rests on the success of
Morton Salt Company and that
his Ministry would do all in its
power to assist in the develop-
ment of a mutually beneficial
relationship between the Union
and the Company.

Bahamas shocked Rotari-
ans with details of the stag-
gering rate of poverty in his
country.

The club was one of the
first organisations to send
aid to Haiti when the island
was struck by four succes-

Fine Threads

Bernard Rd - MackRey St - Thompson Bivd





sive hurricanes and tropical
storms last year and affect-
ed 800,000 people.

Mr Joseph said the storms
destroyed 5,000 homes, left
793 people dead, over 500
wounded, and at least 310
missing.

An appeal for $127 million
in aid has only been half-met
by international donors, and
the country is still reeling
from the disaster.

With 70 per cent of the
population out of work, and
75 per cent of people living
on less than $2 per day, Mr
Joseph said economic
migrants are one of the
greatest sources of income
for people in Haiti.

Mr Joseph said 1.5 to 1.8
million Haitians live abroad
and send the money they
earn in the United States,
Caribbean islands and else-
where back to friends and
relatives in their homeland.

He said: “They are send-
ing more money to Haiti
than the international com-
munity. If every person out-
side Haiti keeps some kind
of link with the family in
Haiti they will help them,
and that money goes direct-
ly to the people, not to non-
profit organisations.”

The lure of more lucrative
opportunities abroad has,

MINISTER FOULKES meets the Human Resource Department's staff at Morton Salt Company. From left: Cheryl Bain, Doreen Cox, Vivian
Moultrie, Manager, Minister Foulkes, Sophie Williams-Thompson and Harcourt Brown.

Haitian Ambassador reveals shocking details of poverty in his country

FROM page one

however, brought a number
of Haitians to their deaths
as they make dangerous boat
journeys to the Bahamas,
United States and Caribbean
islands.

A maritime unit of the
police force has recently
been established in Haiti, Mr
Joseph said, and there are
currently 16 boats patrolling
Haiti’s waters and three
bases have been established
in the north, west and south.

The United Nations is also
working to patrol maritime
borders, and Mr Joseph said
Haitian migration laws are
under review.

But the greatest challenge
for government is giving
Haitians a reason to stay.

Mr Joseph said: “One
thing we have to do to stop
the migration to other coun-
tries is provide jobs to the
people, and this is exactly
what the government is try-
ing to do, to put it all in
place to provide jobs for the
people and assist the people.

“The greatest challenge is
to get out of the cycle of
poverty by attracting foreign
investment, creating jobs
and exporting.

“It is a very big challenge
for the country because dur-
ing the past 20 years since
the departure of Duvalier we

























MOUNTAINS of recently
harvested salt at Inagua with
flamingos in the fe yun











are still in transition.

“We cannot establish
democracy and a govern-
ment in a country overnight.
That is taking time, and
politically we have to create
a democratic constitution in
the country and it’s very
challenging. That is why it’s
very difficult to have growth
in the country.”

A poverty law raising the
minimum wage for Haitians
was recently passed in con-
gress, but Mr Joseph said it
has met opposition in the
private sector as a more
expensive work force will
not attract as much invest-
ment.

However, Mr Joseph
insists there is hope.

He said: “There is hope
because all groups in all sec-
tors understand the situa-
tion. The civil society, the
government, the political
parties, everybody under-
stands the situation in Haiti,
and they know they have to
do something to put the
country on the road and on
the track to democracy.”

Former US president Bill
Clinton’s appointment as
UN special envoy to Haiti
on Tuesday will help pro-
mote the needs of the nation
and attract international
assistance, Mr Joseph said.

Bahamas ‘actively evaluating’ response
capacity to public health emergencies

Dr Hubert Minnis

THE Bahamas is “actively
evaluating” its capacity to
respond to public health emer-
gencies such as swine flu, Health
Minister Dr Hubert Minnis told
the World Health Assembly yes-
terday.

Addressing the 62nd WHA
Meeting being held in Geneva,
Switzerland, Dr Minnis said the
country’s preparations for possi-
ble ACHIN1) virus cases has
strengthened its capacity to meet
international health standards.

Health officials in the Bahamas
will continue to use the momen-
tum gained by this experience to
strengthen collaboration with
partners around the world, he
said.

“Multi-sectoral collaboration
has been successful in address-

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ing some of the gaps identified,
thereby strengthening our capac-
ity to respond,” Dr Minnis added.

He said the gaps that remain
are due to a lack of human
resources and laboratory capaci-
ty — two factors that affect the
entire Caribbean.

The health minister called on
the WHA to provide additional
assistance in this area to coun-
tries in the Caribbean.

He told the meeting that ini-
tiatives such as the microbiolo-
gy external quality assessment
programme for epidemic-prone
diseases, which was carried out
in Africa and the eastern
Mediterranean, would also ben-
efit this region.

“There is an urgent need to
have much needed laboratory
capacity within the Caribbean to
serve CARICOM member states.
The geographic distribution of
countries in regions such as that
of the Caribbean presents unique
challenges in the area of speci-
men management.”

Dr Minnis said such issues can
affect the ability to identify and
mount timely responses to novel
influenza viruses “before they
become well-established.”

“The experiences at this
assembly have emphasised the
need for strengthened surveil-
lance and early warning signs to
contain any public health emer-
gency,” he said.




YoKotsel
CO ETT
‘not main
issue’ on

Cable’s
approval

Zhivargo Laing

@ By NEIL HARTNELL
Tribune Business Editor

Preserving the Bahamas’
foreign exchange reserves is
“not the issue” governing why
the Government has yet to
give foreign exchange
approval to the $80 million
transaction that would buy-
out Cable Bahamas’ control-
ling shareholder, Tribune
Business was told yesterday.

Zhivargo Laing, minister of
state for finance, confirmed to
this newspaper that “the mat-
ter remains under considera-
tion” when asked about the
status of exchange control
approval for the Columbus
Communications transaction.

SEE page 5B

Bahamas Waste’s
$500k biodiesel
plant approved

m@ By NEIL HARTNELL
Tribune Business Editor

Bahamas Waste last night
told its annual general meet-
ing (AGM) that the Govern-
ment had finally given
approval for its proposed
biodiesel production facility,
which will require an invest-
ment of more than $500,000.

Francisco DeCardenas,
Bahamas Waste’s managing
director, speaking to Tribune
Business after the meeting,
said: “We got the approval for
biodiesel a few days ago.”

The biodiesel facility will
now be 100 per cent owned by
the BISX-listed company, not
a 50/50 joint venture with
Cape Systems, the commercial
arm of the Cape Eleuthera
Institute, as originally
planned.

The biodiesel produced will
also be for internal use by
Bahamas Waste only, not
commercial sale.

Mr DeCardenas said
Bahamas Waste was “proba-
bly thinking over $500,000” in
terms of its investment in the
biodiesel facility, and was
“setting the wheels in motion”
to purchase the necessary
equipment, getting revised
technology and price quotes.

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.



THE TRIBUNE

USINCSS

FRIDAY,



MAG P2e2 =

2009

SECTION B « business@tribunemedia.net





FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

$70m CLICO asset Bahamas ‘may
protection sought

WH Insurer’s liquidator takes US legal action to safeguard main
assets, including ‘W’ hotel, by getting recognised as ‘main
foreign proceeding’ under Chapter 15
Bahamian firm’s liquidator says approval will give him
‘breathing space’, protect and maximise asset value for
policyholders/depositors, and conduct liquidation in ‘fair,
efficient and economical way’

@ By NEIL HARTNELL
Tribune Business Editor

CLICO (Bahamas) liquida-
tor has initiated legal action in
the Florida courts to protect
more than $70 million of the
company’s assets and prevent
any claims against them, as he
seeks “breathing room to con-
duct an orderly review” and
protect Bahamian creditors.

Tribune Business can reveal
that Craig A. ‘Tony’ Gomez,
the Baker Tilly Gomez accoun-
tant and partner, has petitioned
the US Bankruptcy Court for
the southern district of Florida
for CLICO (Bahamas) liquida-

tion to become a ‘recognised
foreign main proceeding’ under
Chapter 15 bankruptcy laws, in
a bid to safeguard the compa-
ny’s US-based assets.

In his petition, Mr Gomez
alleged that the southern dis-
trict of Florida was the area “in
which CLICO (Bahamas) has
its principal assets in the United
States.

“CLICO (Bahamas) had
loaned in excess of US $70 mil-
lion to affiliated companies,
which the [liquidator] believes
has found its way into real
estate developments - Welling-
ton Preserve in Wellington,
Palm Beach County, Florida,

and a ‘W’ hotel property in Fort
Lauderdale, Broward County,
Florida.

“The [liquidator] has also
located specific assets, includ-
ing land (Wellington Preserve
and the ‘W’ hotel property) that
appear to have been purchased
in whole or in part with CLI-
CO (Bahamas) funds, but which
are held in the name of Welling-
ton Preserve Inc and Capri
Resorts LLC respectively.”

And Mr Gomez added that
he “has reason to believe that
there may be other assets of

SEE page 4B

Exchange controls ‘handicap’
companies’ competitiveness

* Trade Commission chair pledges to ‘advocate
for removal of all internal impediments’ that
prevent Bahamians ‘availing themselves of all
trade agreement rights and privileges’

* Fears expressed that Central Bank’s exchange
regime ‘handicapping’ Bahamas firms from
taking advantage of EPA benefits in joint
venturing/establishing presence in EU and

Caribbean states

@ By NEIL HARTNELL
Tribune Business Editor

The Trade Commission’s
chairman yesterday pledged that
the body would “advocate for the
removal of all internal impedi-
ments” to the international com-
petitiveness of Bahamian com-
panies, after complaints that the
exchange control regime deterred
firms and professionals from
investing or joint venturing
abroad.

John Delaney, addressing a
Bahamas Society of Engineers
(BSE) luncheon, acknowledged
that while this nation was unlike-
ly to eliminate exchange controls
in the near future, the regime
needed to be made more user-
friendly and have clearer rules,
in order to facilitate capital
investment by Bahamian compa-
nies and services professionals
abroad.

While there were usually no
problems when it came to
Bahamian obtaining foreign cur-
rency for the purchase of goods
and vacations abroad, Mr
Delaney suggested that the Cen-
tral Bank - in its role as guardian
of the foreign exchange
reserves/balance of payments and
current account - was “not famil-
iar” in dealing with capital invest-
ment applications by Bahamian
companies. Hence the difficulties
arose.

The Trade Commission chair-
man was responding after Ethric
Bowe, chief executive of
Advanced Technical Enterpris-
es, said the international com-
petitiveness of Bahamian com-
panies and professionals was
being undermined by impedi-
ments such as exchange controls.

He suggested this could have
potentially dire consequences,
especially as the Bahamas was
about to enter the brave new
world of rules-based trading
regimes via the Economic Part-
nership Agreement (EPA). This
nation has also begun the formal

SEE page 7B

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Petirement gamepian



Alo) ala Des

call us today at 396-1355

SALES OFFICES: NASSAU | FREEPORT | ABACO | ELEUTHERA | EXUMA | CORPORATE CENTRE: EAST BAY STREET | www.famguardbahamas.com

produce oil in
10 years’

m By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

THE BAHAMAS could become an oil-producing nation in
10 or more years should the results of upcoming exploratory
data show that underwater oil fields discovered 22 years ago
hold 500 million barrels, an oil exploration company’s senior

executive said yesterday.

Dr Paul Crevello, director and chief operating officer of
BPC Limited, said a Competent Person’s Report (CPR) con-
firmed that areas of the southwest Bahamas, after initial
studies were completed, show huge traps in layers of rock that
resemble those of oil-producing Persian Gulf states.

If the Bahamas were currently producing oil at the current
per barrel price, this country could potentially gross an esti-
mated $30 billion in revenues from just one viable field.

That estimated figure could rise or fall substantially in 10
years’ time, however, due to oil’s extreme volatility to global
economic changes, international feuds and the mood of the
regulatory body, OPEC (Organisation of Petroleum Export-

ing Countries).

Dr Crevello said the first oil extraction attempted in the
Bahamas in 1986 proved that there may be viable fields in
deep water areas. However, he contends that the very first
attempt at extraction failed because the drill hit an outlying
area of the field, and not the reservoir itself.

BPC’s website explained that the 1986, well drilled to
21,740 feet, “did not report commercial quantities of hydro-

SEE page 3B



‘Unacceptable level of inactivity’
over Professional Engineers Board

m@ By NEIL HARTNELL

Tribune Business Editor

The Government was yesterday
accused of an “unacceptable level of
inactivity” in amending the law to re-
establish the Professional Engineers
Board, a situation that if not rectified
will leave Bahamian engineering pro-
fessionals unable to compete with their
European and Caribbean counterparts
due to the absence of a licensing regime
and certified standards/qualifications.

Jerome Elliott, the Bahamas Society
of Engineers (BSE) president, told a
meeting or the organisation that a peti-
tion was now being circulated among

SEE page 6B

“—__ A> Excellent
ATE

financial Strength Rating

Profession fears
absence of body to
oversee licensing
and certified
qualification
regime will leave
Bahamians unable
to compete under
the EPA



[= try your own savings strategy
[1 bet on support from your kids
Cc run out of moves & work til you're 70

aA retire early with a guaranteed
retirement fund - checkmate!

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED


PAGE 2B, FRIDAY, MAY 22, 2009

Care Giver
Required

KNOWLEDGE AND SKILL REQUIREMENTS:

- Certified or equivalent to nurse’s aide and training.

- Must understand English both written and verbal.

- Must have current certification, i.e. Health Certificate.

- Must be able to safely and successfully perform ALL job-related
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Please e-mail or fax resume to the Administrator at

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THE TRIBUNE



OOO BUSINESS
An ‘open house’ to create wealth

QC nce associated with
organic food and alter-

native medicine, the word ‘holis-
tic’ has taken on new meaning in
the world of finance as individuals
and institutions reeling from
exposure to exotic vehicles and
financial rollercoaster rides strive
for balance.

It’s no wonder that there is an
outcry for a new financial focus.
During 2008, an investment dom-
inated by the British pound would
have lost 26 per cent and 23 per
cent against the US dollar and
the Euro, respectively. Why? Sim-
ply because of the depreciation
of cross currencies. And that loss
would not have been fuelled by
greed or the explosion of sub-
prime lending that led to the col-
lapse of the American housing
market. Simple depreciation. So,
it is not surprising that the search
for balance has suddenly replaced
the search for instant riches.

What is a holistic investment?
How do you, as an individual, find
an advisor or investment manag-

BAHAMAS DEVELOPMENT BANK
Cable Beach, West Bay Street,
P.O.Box N-3044
Nassau, Bahamas
Tel:(242) 327-S7TSIVS2T-S793-6
Fan:(242) 327-5047, 327-1258
www. hahamasdevelopmentbank-com

New Providence

Lot #12466 (5.000sq. ft.)
w fhe 2.257 sq. F-
Gioekden Way Or, tealden
Gates #2 (Appa
Value $244 045.00)

Vacant loo #147
(10.5575. It. )-Munnings
Ter & Roy Wiest Lane
Southern Heights Sub
(Appraised Value
90 .0900.00)

Let E5100
w buildings (LO4Dsq.
ft.) Miracle Towch Justo
Care Center-Fox Hill Rd
(Appraised Value
$149.281.00)

Lot (S0'x100°)

w building 1,91.25q ft.-
Dereaux St (Appraised
Value $189,000.00)

Lots #259 & Fao.

(S's 1 hor), Blk 4?

vw building: 1,140. f-
Matthew St. Nassau
Vilage (Appraised
Value 4 145. (04h)

Lots #5 & 6
(150.100) whse-
Silwer Palm Ln Inperial
Park (Appraised Valine
S313 4651.00)

Lot #125 (SOx)
wihse 1,342sq. ft.
Sunlbower [South )
Sumnchine Park Saah Hee
t3 (Appraised Valuc
$129.000.00)

Lot #11 0107x100")
wifhae 2026. M-Sursec
Ridge Dy net Hielpe
Suh Hee £25 (Appraised
Valoe $206, 000000)

Lot #176 (41°%113')
whse OOS sq. M.-Old
Cedar St telhow Eleler
(Appraised Value
£05 (00.000)

Lot: #2 & t+. Blk #47
(S40 ‘oc 1 OO") er dha ples: Be
retail shop 1.53259), fi-
Forbes St Nassau Village
(Appraised Value
$120000.00)

Heack fromt lor 4 Olea
Ft. w Shuilding 2,100sq.
ft.-Pinders Mangrove
Cay Andros (Appraised
Value $200,000.00)

Lot 4,444. Pow duplex
building 1,17 4sq. ft.
Fresh Creek findroes
(Appraised Valine

578, 6b, Oh}

(. Lot 20 (27.150sq. fe]

whee 2,00 0sq. Fb
BIKA, Section ¥2-Sea
Gull Or, Bahama Reef
Yacht & Country Cluh
Sub Grand Bahama
(Appraised Value
$20,000.00)

. Vacant bot #29, Blk #o

(14,397 sq. f]-
Yorkshire Dr, Habamia
Weer Replat Grape
Bahama (Appraised
Value $25,000.00)

S. Vacant Lot #3 Wk #12

Unit #3 (141.25 sq. feJ-
Henny Awe Teri Sob
Grand Bahama
(Appraised Valuc
$6500). 00)

5. Lot #43 6 (10s 5]

whose & Duplex-Nelsan
Rd Poinciana Gardens
Grand Bahama
(Appraised Value
$965,000.00)

Lot a3s7 (54's 150"]

Wi sisplex 2-oporey
apartment beailding &
Church 5,40 sq. fit.-
Marin Town, Kings Sub
Egent file Rock Grand
Bahama (Appradsed
Wabue $2112 00.00)

8. Lotw fl room hotel

5 00s. 1. on 4.09
acres of beach fromt-
High Reeck Grand
Bahama (Appradsed
Value £1,100, 000.00)
Vacant Jot #13, Bik #59.
Unit #3 (22.7 523q, ft.)
45° om canal front:
Dagenham Circle &
Ingrave Dr Emerald Bay
Sub Grand Rahama
(Appraised Valine

$1 10,000. ot)

. Vacant Jot #21, We #9

(1406159. 1. ]-Waberfall
Dr Seahorse Village Sub
Grand Hahama
(Appraised Valuc
$40,000.00)

Loe #15, Bik #15 Unit
43 [WO S125" ]-Derky
Sub Grand Rahama
(Appraised Value
$29,000.00)

Vacant bot #25, Blk #15
[L7.BiGsq. ©]
Lasparater Lo Sharnce
Country Choh Sub Grand
Bahama (Appraised
Value S36.000R.00)
Vacant hot #4489 section
26 (65° %125')-Palmeeri
Dr Grand Bahama East
(Appraised Value
$000.00)

Lot #2 [20 (hOllsq, Pt)
wfhudlding complex &
codn Laumdremat
Queens Highway
Holmes Rock
Comnmonage tramd
Bahama (Appradsed
Walue $178,600.00)

ASSETS:

Abaco
Lot #544 E (6, 50le. ff)
w/triples foundation
2.7 8Gsq. ft-Murphy
Town Abaco
{Appraised Value
S24, 096,00)
® Vacant lot th (2 acres]
Fox Town flbaco
(Appraised Value
$50,010.00)
Lot #51 (15,004 se, Fe)
w/building-Murphy
Town Abaco
{Appraised Value
S102420.00)
Portion of lot aa
(15000sq. ft.)-Frane St
Murphy Town Abaca
(Appraised Value
$25,250.00)
Lot #55 [6,9005q. ft.]
w/building=Murphy
Town Abaco
(Aporaised Value
SZ, 075.00)
Lot #445 [50s Le)
w/ 14 roc motel
3.90 0sq. ft.-Sandy Point
Abaco (Appraised
Value $445,700.10)
Lot B7,120sq. Pow 4
cottages & 1 storage
Building butaling
4.1868q, f-Sand Banks
Treasare Lay Abaco
(Appraised Value
S680,308.00)
Eleuthera
32. Wacamt portion of bot #7
(S01 LO) — West James
stem Eleuthera
(Appraised Value
$158 (00410)
Cat Lala
(3. Vacant 6.5 acres of
land-Arthur’s Town, Car
Island [Appraised
Value $8, 00. (M1)

$4. Lot w/i2 room motel

Lo acres—Arthur’s
Town Cat Istareal
(Appraised Vahie
$630 (00000)
Exuames
&. Vacant bot #8 (65.2006q.
ft.J-Moss Town Exuma
(Appraised Vahie
$110,1 SRO)
Lot (20,40sq. fe.)
small hotel 4.520
& exclusive beach-
Forbes Hill Exuma
(Appraioed Value
S14 01), OFM), a)
7. Vacant bot #1281
(6.6006. ft_]-Oceanic
Rel Bahama Sound Sec
US Exums (Appraised
Valac S21 Sl.)
3. Vacant bot #95
(80'«122") Commodore
Rel Elizabeth Harbour
Est. Exumes (Appraised
Vallee $45.00). 00)

er at a bank who is committed to
mitigating risk and maintaining
investment value against inflation
— in other words, preserving
wealth and establishing balance?

Here are a few keys.

First, when you meet with a
financial advisor, whether con-
sidering stocks, annuities, fixed
deposits, government-backed
bonds or other investments, insist
on open architecture. Part of the
new glossary of financial reason,
open architecture is the ability to
design a portfolio that is based
on investments that are neither
owned nor controlled by the com-
pany you are investing through
or with. This is to say, non in-
house products. One of the moves
that landed so many investors in
trouble in the past two years was
listening to their broker at an
investment house and buying
what they recommended — one
of their own products. It is easy to
see how someone can be swayed,
especially if they are sitting in an
impressive office listening to num-
bers that make their heart race,
thinking their broker’s firm is
well-established, its reputation is
matched only by its status, its
chief executive just earned a sev-
en-figure bonus, and the chorus
sung round the globe is: “The
Government won’t let them fail.”
We learned all too well how
appearances can deceive and in-
house investments can falter, col-
lapsing faster than a house of
cards in a tornado.

While collapses occurred, head-
lines spewed out the dangers, but
rarely addressed what I call the
hidden opportunity costs of port-
folios consisting solely of in-house
investments. In the business
world, the term opportunity cost
refers to the inability to grasp
opportunity when it arises
because necessary funds to do so
are tied up or obligated else-
where. In the investment world,
opportunity costs result when a

Guest columnist
Davinia Blair, a
Hottinger Bank &
Trust executive,
describes the

‘holistic’ approach
to money and
investment
management



manager or advisor ignores
opportunity for investment out-
side his or her own firm, and
chooses from a narrow group of
in-house products rather than
researching the broader market
thoroughly. Unfortunately, it is
difficult to measure opportunity
costs — the loss of potential
income, wealth preservation or
aggregation had money been
placed differently.

Once you have settled on open
architecture, ensure that your
portfolio is customised. No invest-
ment vehicle, no matter how prof-
itable it seems to be, is right for
you unless it is designed with you
in mind. Your manager should
search for - and select - the invest-
ment vehicle that best suits your
investment profile. An investment
is not like a marriage — one single
partner will not carry you through
life. Don’t fall in love with a single
stock at the peril of ignoring the
rest of the world around you.
Money markets change, currency
changes daily, companies’ shares
rise and fall based on what they
have to offer and how they are
managed. Insist on risk manage-
ment. Modern Portfolio Theory
stipulates that an efficient port-
folio is one that “generates the
largest return for a given risk lev-
el,” according to www.investope-
dia.com. Your advisor or money
manager should search for, and
select, the investment vehicle with
the greatest expected yield for a
given level of risk, and that level
should be agreed upon by the two
of you before you make any
investment whatsoever. Risk lev-
el will be gauged upon your age,
your intended age of and needs
for retirement, and what you
hope to leave upon your passing.

A bright young doctor with a
vibrant practice, for instance, is
likely to have a higher profit-to-
risk ratio than a small busi-
nessperson facing retirement in
a few years. Your next tip. After

ensuring that your advisor or
banker is offering an open archi-
tecture, risk is mitigated and the
portfolio is customised for your
needs, find out about total fees,
including any that might be ‘hid-
den’. Do not be afraid to insist
that the person you are talking
with be upfront about costs. Is
there a monthly, quarterly or
annual management fee in addi-
tion to transaction fees? What are
fees based on? Is there a com-
mission? What is the cost of cur-
rency conversion? Is there any-
thing in writing that offers you
comfort that fees will not increase
without notice?

Finally, you want to look at
planning for loved ones after you
are gone. It has been said that ‘A
good man leaves an inheritance
for his children’s children.’ The
optimum way to protect your
assets and ensure they are dis-
tributed and preserved according
to your wishes, and with complete
confidentiality, is through the cre-
ation of a trust. Unlike a will,
which must be probated and thus
goes through the legal system,
where it is subjected to exposure,
a trust is a private matter. Estab-
lishing a trust not only keeps your
personal affairs private, it stream-
lines the process, avoiding delays
caused by waiting for court dates
in a system that is already back-
logged. Without a trust, legal and
other professional fees can also
unduly nibble away at an inheri-
tance. Establishing a trust, being
frank about fees, opportunity and
currency costs, insisting on an
open architecture that avoids an
abundance of in-house products
and, finally, looking at the invest-
ment bank or analyst’s long-term
results over a long period of time,
are guidelines that will help you
achieve your ultimate goal of
wealth preservation. Together,
they create the careful and vigi-
lant holistic approach framework.
It is a great feat to amass wealth,
but to amass it and preserve it is
even greater.

NB: Davinia Blair is a portfolio
and investment research officer at
Hottinger Bank & Trust (HBT),
which is part of the Hottinger
Group founded in 1786, head-
quartered in Switzerland and now
with a presence in seven countries.

Prior to joining HBT, Blair
spent several years in financial ser-
vices in both a retail bank and the
Securities Commission of the
Bahamas. She holds a Master’s
degree in Decision Sciences from
the London School of Economics
and Political Science.

Teachers & Salaried Workers Co-operative
Credit Union Limited

NOTICE OF

ANNUAL GENERAL MEETING

TO: All Members of Teachers and Salaried Workers
Co-operative Credit Union Limited
East Street South and Independence Drive

Notice is hereby given that the Thirty-Second
(32nd) Annual Meeting of Teachers & Salaried
Workers Co-operative Credit Union Limited will be
held at the British Colonial Hilton Hotel located on
Bay Street, on Saturday May 23, 2009 commencing

Vessels Vehicles at 8:00 a.m. for the following purposes:
[1] 05 Dodge Caravan
(1) 96 Ford Explorer
(1) 97 Dodge Stratos
{1) 00 Hyundai H-1 Van
[1] 00 Kia Bus 12 Seater
(1) 2? LTS000 Ford Boom Truck
(1) 02 Hyundal H-1 Yan SVX
(1) 25 Hyundai H-1 Van SVX [Silver]
(1) OF Kitchen Tandem Cheredose Traike
[1] 00 Ford Ranger Truck
(1) 99 Ford F250 Truck
(1) 22 GMC Brigadier Drill Track
[1] 06 Mitsebishi Canter Truck
(1) 9? Goble Aste Mack Dag np Track
(1) 89 Ford LS000 Drill Truck
(1) 92 Mack Truck (Carmichael Ad)
(1) 9? Goble Ache Mack Dump Trock

sal wfL15 HP Evinnxdke engine
21° (1974) Seacraft Vessel w140 HP Yamaha engine
§2" (1979) Hatters Vessel (MV Boddy)
S1° [1981] Detender Vessel | Equility)
BY Costom Steel Hull Vessel (Miss Kristy]
eel Hull Gulf Coast Shrimp Trawler Vesse
with (2) Volvo Diesel engine (Sweet Charlocte]
Single Screw Stee! Hull (160) MV Lisa | IIL
vessel hasa mew engine requiring installation. find
cam be view at Bradford Marine, Grand Bahama
LO (1989) Fiberglass Sports Vessel (Hull Onkr]
60 (1382) Defender Vessel (Queen Vashoi]
6H (1989) Des Marioe Vessel (Sveeet Dreams)
20F (1997) Abeco Sait Vessel w 115 HP Mercury engine
13 (1991) Spanish Wells Ramabout Vessel w/f115 Mercury engine
91 (14) Travis Marine Vessel (Fartbutt)

To receive the Report of the Board of
Directors for 2008.

To receive the Audited Accounts for 2008.

To elect members of the Board of Directors.
To elect members of the Supervisory
Committee

To discuss and approve the Budget for 2009.
To take action on such matters as may come

Steel Building 70°x50" Six (6) Wimdows, Two (2) Entry Doors, Two (2) 5°x10' Rollup Doors White trimmed before the meeting.

Blue Approved plans and engineering drawings are available $50,000.00

The public & invited bo submit Sealed bick marked “Temder™ tn Bahamas Development Bank, PO. Box §-3034
Mastae, Dabamas attention Fimamcial Controller, &aed bids will met be accepted or telephone 327-5780 for
additonal information. Please mote that all bids on the aforementioned properties and assets should be receiwed
by or en May 29, 20019. The Bahasias Development Bank reserves the right to reject any or all offers. All assets
are sold as is.

Lenn King
Secretary


THE TRIBUNE



FRIDAY, MAY 22, 2009, PAGE 3B

rN =~) | =1<—
Former Pioneer staff see

severance case deferred

lm By CHESTER ROBARDS
Business Reporter
crobards @tribunemedia.net

PIONEER Shipping
employees laid off one year
ago have had a Supreme
Court case against their for-
mer employer over the alleged
non-payment of severance pay
deferred until October, their
attorney said yesterday, while
Minister of Labour Dion
Foulkes suggested he would
open an investigation into the
matter.

Obie Ferguson said if the
Supreme Court finds in favour
of the former employees, they
would be entitled to any inter-
est accrued during the time
they have had to carry on
without severance pay.

Mewnahile, Mr Foulkes said
he was aware that negotiations
were ongoing between Mr
Ferguson and Pioneer Ship-
ping’s owners, and was
informed that progress was
being made.

now look into the matter as
one year has passed without
a resolution.

Mr Foulkes said another
matter regarding a former
employee of Pioneer, not
related to last year’s lay-offs, is
before the Labour Board.

Trevor McPhee, whose mat-
ter was before the Labour
Board, said it was ruled that
Pioneer Shipping was respon-
sible for paying his $3,666 sev-
erance payment. He said he
has yet to hear from Pioneer
on the matter after two years.

Passed

Mr McPhee told Tribune
Business yesterday that since
last year, several laid-off work-
ers have passed away and
many more have been unable
to find replacement jobs, giv-
en the state of the job market
in the Bahamas.

“Worrying about things car-
ry you to your grave faster,”
he said.

Compounding the matter,
they have had to live without
whatever severance money
would have taken them
through until they were able
to acquire a new job.

A former employer, who
wished to remain anonymous,
said they were hoping that
Pioneer Shipping would sell
its property and use that rev-
enue to pay Severance pay to
the almost 50 employees.

However, the property as
been leased out to Atlantic
Caribbean Lines.

Pioneer Shipping’s business
was taken over by a partner-
ship between Laser Interna-
tional Freight Transport and
the Nassau-based Mailboat
Company last year.

At that time, employees
were told that payments
would begin when the com-
pany’s dockyard and other
properties on Bay Street were
sold. The four-acre site was
given a $23 million appraisal
value.






























The Bahamas ‘may
produce oil in 10 years’

FROM page 1B

The Bahamas recently submitted its maritime
boundary proposal to the United Nations.

Should the Bahamas become an oil producing
nation, its gross domestic product (GDP) could
greatly increase, and new sectors involving oil pro-
duction, education and refinement could open up.

“The discovery of oil will change the way we live
and drastically change the Government’s view on
the economy and the way forward,” said Mr Ney-
mour.

He said the regulations are in place that would
allow oil companies to begin drilling if viable wells
are discovered.

According to Dr Crevello, the contractual agree-
ment between the Government and the oil explo-
ration company says the exploratory contract will
only be renewed past three years if drilling begins
after the second year of research.

“We haven’t had any negative responses (from
government),” he said.

Mr Neymour said recently that oil exploration
remains high on the Government’s list of priorities.

Dr Crevello suggested that if the Bahamas was
discovered to have around 18 viable 500 million
barrel wells, as suggested by initial studies, this
country could potentially sit on a veritable $540 bil-
lion dollar field (according to current per barrel
prices).

He alluded to the Bahamas becoming a nation
with the wealth of some Persian Gulf states who
have been producing oil for years.

carbons but did have live oil shows over a thick
interval”.

According to Dr Crevello, more high tech equip-
ment, including seismic devices, will be used to
confirm the presence of the suspected oil wells.

He suggested that the new data sets will not be
100 per cent confirmation of viable oil reserves, and
that once a suspected well is found, only drilling
will confirm beyond doubt that the area holds a
usable petroleum reserve.

However, Mr Crevello insisted that due to the
$30 to $70 million price tag on oil platforms, no
drilling will commence until StatoilHydro, the
company undertaking the exploration, is reason-
ably sure that the area holds oil. StatoilHydro and
Bahamas-registered BPC recently reached an
agreement to become partners in the exploration.

The government of the Bahamas has yet to
approve and award three licenses requested by
BPC for the research. The oil exploration venture
had been stagnated due to maritime boundary
issues with Cuba, which are still being discussed,
according to minister of state for the environment,
Phenton Neymour.

“We're in discussions with the Cuban govern-
ment and it’s being overseen by the Ministry of
Foreign Affairs, which has affected the ability of
the companies to do research in assigned areas,” he
said.



However, he said he would
$300,000 life cover for
the price* of a coffee
per day! No medical
required!
CALL 356-LIFE or vist wowcgigroup.bm

—I||j Electronic Equipment

— * (1) Compaq Presario Computer Tower

* (1) Canon Canoscan N640D EX Scanner
ATLANTIC - (1) Digital Scale (New)
MEDICAL

* (1) Whirl Microwave
ATLANTIC MEDICAL INSURANCE CO LTD

* (1)Tec Cash Register
* (1) Epson Stylus Pro 9600 Print Engine
Acdantic Pbouse, 2ed Terrace & Coffs Awenue, POL Boo 55-5915, Nassau
Tel 356-5439 wenccggroup.bm

* (1) HP DeskJet 656c Printer (Desktop)
A member of Colonial Group International Insurance, Health, Pensions, Life

* (1) Monitor

* (1) 1520 Epson Stylus Color Printer
= ss

BAHAMAS DEVELOPMENT BANK
Cable Beach, West Ray Street,
F.O.Box N-3034
Nassau. Ralanas
Teli 242) 327 -S7RINS2T ST OS
Fax:(242) 327-S047, 327-1258
www, bahamasdevelopmenthank.com

The general public is invited to attend Bahamas
Development Bank s sale of repossessed assets.

ASSETS

Tables

* (1) Marble Table (Rectangle)

*applies male ape JO

Cooler/Freezers

* (1) Two Door Chest Freezer
* (1) Ice Cream Cooler

* (1) Single Door Cooler

* (1) 8’ Walk-in Freezer

(1) Keyboard & Mouse wCompressor (New)
(1) Brothers Printer

(1) Samsung Digital Camcorder

(1) Dell Scanner & Printer

Beauty Salon Equipment
* (3) Nail Tables
* (7) Facial Machine

* (2) Nail Stools

Aero Motive Equipment

(2) Tech Work Benches

(1) Alternator Test Bench

(1) Paint Booth

(1) Rivet Machine

(1) 6” Storage Cabinet

(1) 4” Craftsman Tool Cabinet
Brake Washer
Sand Blaster
Vari-Drive

* (1) Chrome Juice Filler

* (1) Multi Fruit Juicer

* (1) Quilting Sewing Machine
* (1) Deli Showcase

* (1) Singer Sewing Machine

DHL JOB DESCRIPTION ;
(1) Janome Monogram/Embroidery Sewing Machine :

(1) Singer Quantum XL150 Sewing Machine with Serger

(1) Meat Saw (New)

(1) Deli Selection (Minor 2000 MT-SE) (New)

Assortment of Items

* Cooking Utensils Pots, Pans & Plates
* (2) Breakfast Nooks

* Air Hockey Game

* (1) Yamaha Wave Runner

POSITION:
JOB FAMILY:
RCS CODE:
REPORTS TO:
LOCATION:

Collections Agent

Credit & Collections
A20004

Collections Lead

Country Finance Department

OVERALL PURPOSE:

Location: Inland Steel, Sumner Street off Solider Rd.Nassau, Bahamas

Under limited supervision in a team environment provide efficient and effec-
tive credit approvals. To ensure timely credit application processing, respond to
information requests and issues. Ensure accuracy of all credit decisions functions
while staying within company policy and procedural guidelines.

Directions: Exit Abundant Life Road turn right onto Solider Road then the first left

onto Sumner Street tenth two storey white & blue building on the left
Date & Time: 10:00a.m. — 3:00p.m. — Saturday May 23, 2009
All assets are sold as is where is for cash, cashier s cheque. No purchase(s) will be released
until paid in full.

DUTIES AND RESPONSIBILITIES:

The general public is invited to attend Bahamas Development Bank’s sale of repossessed Vehicles

and small Vessels.
Vehicles

2001 Hyundai H-1 Van SUX
2006 Mitsubishi Canter Truck
1996 Ford Explorer

2000 Ford Ranger Truck
1999 Ford F-250 Truck

2006 Hyundai H-1 SVX Van

Gathers, compiles and maintains basic credit information to be used in
making credit decisions.

Reviews and monitors credit sources, customer applications and
delinquent accounts. Processes credit applications.

Works with smaller customers to resolve collections issues and disputes.
Investigates disputes and reviews documentation.

Prepares and processes credit and collections account adjustments.
Implements credit suspensions.

Recommends further actions on delinquent accounts.

Maintains records of credit risks and delinquent accounts.

Provides support and coordination with third party agencies as needed.
Handles customer calls related to Collection Agency accounts.
Prepares and files bankruptcy claim documents.

2003 Dodge Caravan

2002 Hyundai H-1 Van SUX

1997 Double Axle Mack Dump Truck
1997 Dodge Stratus

1982 GMC Brigadier Drill Truck
2001 Kia Pregio Van

1989 Ford L8000 Drill Truck (Green)

WEES

20’ Robolo Vessel (1996) with Evinrude Outboard Engine

19’ Fiberglass Sports Vessel (1989) Hull Only

21 Seacraft Vessel (1974) with 140 HP Yamaha Outboard Engine

19’ Spanish Wells Runabout Vessel (1991) with 115 HP Mercury Outboard Engine
20’ Abaco Skiff (1997) with 115 HP Mercury Outboard Engine

MINIMUM QUALIFICATIONS:

High School diploma required. .

1-3 years of experience in Collections.

Advanced administrative skills to function effectively with limited
direction amid competing priorities and deadlines.

Excellent customer service orientation and communication skills.
Proficiency using various computer software applications.
Excellent analytical and interpersonal skills.

Proficiency using various computer software applications

Location: Internal Security Division Compound, Thompson Blvd

Nassau, Bahamas

Date & Time: 10:00a.m. — 3:00p.m. — Saturday May 23, 2009

For additional information telephone 327-5780.

The public is invited to come and view the aforementioned assets on the date and time indicated.
After which you may submit Sealed bids marked “TENDER-EQUIPMENT” to Bahamas
Development Bank, P.O. Box N-3034, Nassau, Bahamas. A representative will be on the
compound from 10:00am to 3:00pm to collect and secure all offers, which will be opened on May
25, 2009. Please note that all bids on the aforementioned assets should be received by 3:00 pm
May 23, 2009. The Bahamas Development Bank reserves the right to reject any or all offers. All
assets are sold as is.

For more information please contact:
Romell K. Knowles I

Country Manager
Email:Romell.Knowles@dhl.com
PAGE 4B, FRIDAY, MAY 22, 2009

THE TRIBUNE



70m CLICO asset protection soug

FROM page 1B

CLICO (Bahamas) located in
the United States as well, but
substantial investigation is nec-
essary”.

The CLICO (Bahamas) lig-
uidator is seeking US court
approval for himself to take
over the administration and
ownership of all the company’s
US-based assets, in addition to
staying any legal action or
attempted seizure against these
properties.

Mr Gomez also wants the
court to “suspend the right to
transfer or otherwise dispose of
any CLICO (Bahamas) assets”.
The petition was filed with the
US courts on April 28, 2009.

In it, Mr Gomez and his US
attorneys argued that granting
Chapter 15 recognition would
ensure the “fair and efficient”
administration of the Welling-
ton Preserve real estate devel-
opment, which likely accounts
for about 63 per cent of CLI-
CO (Bahamas) total assets.

Granting the recognition
sought, they alleged, would
“protect the interests of all of
CLICO (Bahamas) creditors or
protect and maximise the val-
ue of CLICO (Bahamas)
estate”, enabling Mr Gomez to
liquidate the company in an
“economical, fair and efficient”
manner.

“In order to preserve the
interests of CLICO (Bahamas)
and all its constituents, it is

imperative that all claims and
distributions be administered
uniformly in accordance with
Bahamian law,” Mr Gomez
alleged.

“The [liquidator] believes
that granting relief sought here-
in will best assure an economi-
cal, expeditious and equitable
administration of CLICO
(Bahamas) estate.

“Moreover, rather than
exposing CLICO (Bahamas) to
litigation and collection efforts
that could lead to piecemeal dis-
tribution of its assets, as well as
additional costs and distraction
from the administration of the
estate, the [liquidator] will be
afforded the ‘breathing room’
to conduct an orderly review of
CLICO (Bahamas) affairs so

that its creditors receive equi-
table treatment.”

Vital

Preserving and protecting
CLICO (Bahamas) US-based
assets is vital to the company’s
successful liquidation, and the
ability of Bahamian insurance
policyholders and annuity
depositors to recover the major-
ity of their investments.

Mr Gomez’s first report to
the Bahamian Supreme Court
showed how Wellington Pre-
serve and other US assets were
the recipients of most of the $73
million funnelled from CLICO
(Bahamas) into its wholly-
owned subsidiary, Bahamian-
domiciled CLICO Enterprises.

Mr Gomez wrote then: “As
at December 31, 2008, approxi-
mately $73 million had been
advanced to CLICO Enterpris-
es, but it is unlikely that this
loan can be recovered at full
value as CLICO Enterprises’
December 31, 2008, unaudited
financial statements reflect a
deficit of $21 million as the
assets are $108 million and its
liabilities are $129 million.

“Included in CLICO Enter-
prises’s assets is a loan due from
Wellington Preserve Limited
(WPL) a wholly-owned sub-
sidiary, for $70 million. The
December 31, 2008 unaudited
financial of WPL includes
investment property in Florida
valued at $127 million. How-
ever, the same real estate val-

ued on an “as is” basis is worth
approximately $62 million.

“Beside the loan to WPL,
CLICO Enterprises also made a
direct investment in WPL for
$13 million.

“The WPL real estate project
in Florida consists principally
of 80 residential lots and various
amenities and commercial sites
laid out in a 523-acre tract. It
was to be a high end residen-
tial subdivision with an eques-
trian/polo theme. Most of the
residential lots are connected
to or contain polo pitches and
horse stables. Unfortunately,
the project requires a substan-
tial cash injection of a minimum
of US $42 million before it can
be reasonably presented for
sale.”

Legal Notice

NOTICE
AAT HOLDINGS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 12th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ELDERBERRY VENTURES LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 14th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
NEWBURY VISTAS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
CONTINENTAL GRAND

INVEST LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SUFFOLK HOLDINGS CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
WASHLEA MYRNA INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
BRENTON LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 14th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
SMARTVEST

INVESTMENT CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 16th day of April 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
XANTHUS HOLDINGS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 7th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
ANDROCLES GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 11th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

APPAKAESHA LIMITED

— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of APPAKAESHA LIMITED has been com-
pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

CHIARELLA CORP.

— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CHIARELLA CORP. has been completed;
a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)


THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 5B



I © =< ee
Foreign exchange ‘not main issue’ on Cable’s approval

FROM page 1B

When asked about the rea-
sons for why the Government
had yet to give its approval,
Mr Laing said: “The impact
on foreign reserves would not
be the issue.

“For sure, any impact on the
foreign reserves is not the
issue.”

Declining to detail what the
Government’s concerns with
the Cable Bahamas transac-
tion were, Mr Laing added
that he “couldn’t say at this
time” when a decision on the
approval would be forthcom-
ing.

“We always try to address
these matters as soon as pos-
sible, so as soon as a decision
can be made, one will be
made,” Mr Laing added.

The fact that foreign
exchange reserve preservation
is not the issue will undoubt-
edly raise speculation as to
why the Government has yet
to give the nod to the Cable
Bahamas deal.

Some are likely to believe
the Government has concerns
about the impact Columbus
Communications’ departure
will have on Cable Bahamas’
operations, while other spec-
ulation is likely to focus on
whether the Ingraham admin-
istration fears the transaction’s
effects might affect the



“The impact
on foreign
reserves
would not be
the issue.”



Zhivargo Laing

Bahamas Telecommunica-
tions Company’s (BTC) pri-
vatisation or the developing
communications regulatory
landscape.

Cable Bahamas has been
waiting for foreign exchange
control approval for the past
two weeks.

This is believed to be the
last obstacle to the transac-
tion’s go-ahead, which will
result in the BISX-listed com-
pany buying out Columbus
Communications’ controlling
30.2 per cent state for $80 mil-
lion or $13.43 per share.

Although in theory the Cen-
tral Bank of the Bahamas is
the one that grants exchange
control approval, in reality it
only does so on major trans-
actions such as this once the
Government, in the shape of
the Minister of Finance, gives
his consent.

Tribune Business under-
stands that all the necessary
paperwork for the Cable
Bahamas transaction has been
completed by the Central
Bank, and that it now resides
on ministerial desks at the
Ministry of Finance.

Control

Cable Bahamas requires
foreign exchange control
approval because not only
does the transaction involve a
foreign entity (Columbus’s
parent is Barbados domiciled),
but it is aiming to raise 50 per
cent - some $20 million - of its
upcoming $40 million prefer-
ence share issue in US dollars.

A term sheet circulated to
potential investors by the
company’s placement agents,

RoyalFidelity Capital Mar-
kets, said: “An application has
been made to the Central
Bank to allow for up to $20
million of the $40 million
Series A Preference Shares to
be made in United States dol-
lars.”

As at February 2009, the
Bahamas had some $616.32
million in foreign currency
reserves, a figure backing Mr
Laing’s assertion that the
impact the transaction will
have on this sum is not the
main issue.

The proceeds from the $40
million issue, and the $90 mil-
lion syndicated credit facility
from Royal Bank of Canada,
FirstCaribbean International
Bank (Bahamas) and Scotia-
bank, will also be used to refi-
nance Cable Bahamas’ exist-

Legal Notice

NOTICE

Pursuant to the provisions of Section 137 (4) of The Inter-
national Business Companies Act, 2000, Notice is hereby

given that:-




(a) Clear Water Fund Limited is in dissolution;





NOTICE

NOTICE is hereby given that ANDRE JULIEN of
GREGORY, ELEUTHERA, 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 15'" day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ERONNE LUBIN 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 15'" day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ANNA GRACE LECORGNE
of EASTERN ROAD, P.O. BOX N-3006, 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 22%° day of May, 2009 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RICHEMOND JASON of
DAVIS STREET, FOX HILL, P.O. BOX CR-54802, 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 15 day of May, 2009 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

RS FINCO

els

FINANCE CORPORATION OF BAHAMAS LIMITED
NOTICE

Please be advised that the Head Office and
the Registered Office of the company will be
moved from the Bahamas Financial Centre,
Charlotte & Shirley Streets, 2nd Floor, Nassau,
Bahamas to Royal Bank House, East Hill Street,
Nassau, Bahamas effective 25th May, 2009.

D. BURROWS-HAINES (Mrs.)
Corporate Secretary

Dated this 22nd May 2009

(b) the date of commencement of the dissolution is May 20,
2009, when the Articles of Dissolution were submitted to
and registered by the Registrar General;

(c) the names of the Joint Liquidators are Alison J. Treco
and Maria M. Ferere of FT Consultants Ltd., One Montague
Place, East Bay Street, Nassau, Bahamas.

Alison Treco
Maria Ferere
Joint Liquidators

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 46 of 2000)

ZALE HOLDINGS LIMITED
IBC NO. 144,797 B
(In Voluntary Liquidation)

NOTICE is hereby given that in accordance with section 131 (2) of the In-
ternational Business Companies Act No. 46 of 2000, ZALE HOLDINGS
LIMITED is in Dissolution.

Any person having a Claim against the ZALE HOLDINGS LIMITED is
required on or before the 31st day of July, 2009 to send their name, address and
particulars of the debt or claim to the liquidator of the Company, or in default
thereof they may be excluded from he benefit of any distribution made before
such claim is approved.

Redcorn Consultants Limited, of Suite 205 - Saffrey Square, Bank Lane &
Bay Street, Nassau, Bahamas, is the Liquidator of ZALE HOLDINGS LIM-

‘onsultants Limited

NOTICE

IN THE MATTER OF J. SAFRA BANK (BAHAMAS) LIMITED

tiraccdinary Gaseral |
f° day of fori A.0., 2009

Moet o&

Conpany be weind-op volontari ly,

7 one np. lle ae ait 4
CE Peers ek

fares Exe [Exaoas

LE wig RES thet the

Dr. Wilder Gartalez ULengiod T, Ingles are the }¢

Liccidators of the Comat

Jaiss agaist the Company are PaqaLoe) fo sand thear
nabed, « ti of their = debks
me the a) | day of dune 204
following which date tha books will be closed and 7 the

Company ouster iby bed,

of clidgs to tha

Ligmidators at Bex CB-] 10988, | Haseay, befs

Motion is hereby given that an ixtraccdinary General Weetieg of the
Meshers, baing the holders of all the Gata Barut
[Bakamas) Limited ("the Company’) bald at the
Company’ & as oa Bayside Executive Park, Hest
vad, Building ITI, Ground Floor, Hassw, Bahanas
on thad3) day of 4 D., 2009 at 10:08 O'clock in the feranoen.
The object and purpose of this outing is & have laid before the
Meabars of tha Coepany tha wccwnts of Dr. Wilder Gonzales Fenino and
Me. Dlonpsios E. Ingleais, the Official Liquidaters, dhowiag the
pemer in wich the wisding-ap of the Cospany has bees conducted, the
peaperty., af the Company distributed and tha debts and ebligation of
the ¢ pel MU scharged and also te

piven [} vx | Liquidators

Louie) aharea of J,
Le hareny called to be
Located at

bay Street and Blake P

hear amyexplanation thet Bay! he

i f

r. ]
A ptt 2 tr
pera J By Linge 455

ate al Liquidates

“ae

foe, Geely, | bere

Seams) paLer ea WULe) TTT EES,
ws Bei) LIME TED

ing 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 convert their invest-
ment into Cable Bahamas
ordinary shares (equity) some
two years after the $40 mil-
lion issue closes.

The purchase price for
Columbus Communications’
5,954,600 shares has decreased
by 6 per cent compared to the
$14.28 per share initially con-
templated by the parties pre-






Christmas, after Tribune Busi-
ness had exclusively revealed
details of the proposed buy-
out. Back then, the purchase
price represented just a 1 per
cent premium to the then-pre-
vailing market price, as
opposed to the 11.5 per cent
now. Still, back then Colum-
bus Communications’ stake
was valued at $85.174 million,
and now it is some $5 million
less at $80 million.

The company then was val-
ued in total at $282.035 mil-
lion, and now that figure is
$264.9 million.

Happy Teacher's

Appreciation
to the
Fabulous Team of Educators
of the









URIAH MCPHE













ED

PRIMARY SCHOOL

from the! Officers and Members

of the PATA. a
You make a difference.








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PAGE 6B, FRIDAY, MAY 22, 2009

THE TRIBUNE



‘Unacceptaie level of inactivity’ over Professional Engineers Board

FROM page 1B

members in a bid to encourage the Gov-
ernment to bring amendments to the
Engineers Act to Parliament, which are
needed to reconstitute the Board.

“A petition is being circulated,” Mr
Elliott said. “The reason why the petition
is being circulated is because we feel
there is a level of inactivity with regard to
the Engineers Act. This level of inactiv-
ity is unacceptable on the part of the
Government, we feel.”

Mr Elliott said the BSE had sent a let-
ter to the minister responsible, Neko
Grant, the minister of works, earlier this
year, after submitted its nominees for
the Professional Engineers Board last
October. However, the Society had yet to
receive a response from the Government.

The BSE is hoping that the petition,
signed by its members, “might provide
some impetus” to generate action on the
Government’s part.

“We need to pressure our MPs,” Mr
Elliott added. “We need to go to the

MPs, say the Engineers Act is sitting
there, there is no action, nothing is hap-
pening. Speak to the minister responsible.
When’s he going to bring the amend-
ments to Parliament so the Board can
be re-established?”

Mr Elliott later told Tribune Business
that amendments to the Act were neces-
sary because, under the present legisla-
tion, no Bahamian engineers could be
appointed to the Board.

The BSE president explained: “The
Board is now defunct. The original
Board, their term expired in 2007 or 2008,
and that Board was never re-established.

“The reason the Act needs to be
amended is that after the original Board,
all further engineers who could be
appointed to future Boards needed to
be registered with the original one. That
[the registration of engineers] never took
place.”

Having the Board in place is not only
critical for self-regulation of all Bahami-
an engineers and engineers operating in
the Bahamas, but also for the sector’s
ability to compete and obtain work in

Europe and the Caribbean via the Eco-
nomic Partnership Agreement (EPA).

The Board is critical for not only
licensing Bahamian engineers, but also
certifying their qualifications and stan-
dards. Without qualifications and stan-
dards that are recognised by European
Union (EU) and CARIFORUM-
Dominican Republic states, Bahamian
engineers will not be able to physically
enter those markets, set up their own
firms and compete for work.

Difficult

Presently, the Board’s absence means
there are effectively no Bahamian stan-
dards and qualifications for the engi-
neering profession, although its mem-
bers will have obtained their training and
qualifications in other countries.

“Without the Board to regulate, it’s
going to be extremely difficult, especial-
ly under the EPA, for Bahamian engi-
neers to compete,” Mr Elliott told Tri-
bune Business. “Of course, it will be a

big problem. The reason why it is a prob-
lem is that every other country has a reg-
ulatory regime for engineers in the EU
and Caribbean. Go to every other
Caribbean member, and they have regu-
latory authorisation for engineers.”

Emphasising that he was speaking for
the Society’s members, and that the peti-
tion idea came from them, Mr Elliott
said engineers were “the only one” of
the professional services sectors in the
Bahamas not to have their own self-reg-
ulatory regime. “The architects have one.
The accountants, the lawyers, the doc-
tors, the real estate agents.......,” he added.
“The difficulty we are going to face in the
engineering profession is that we are at a
severe disadvantage in relation to the
other professions, because their practice
is enshrined in law and they have func-
tioning regulatory bodies.”

John Delaney, the Bahamas Trade
Commission’s chairman, pledged to take
up the Professional Engineers Board
issue with the Government and the Min-
istry of Finance. In a presentation to the
Society on the EPA, Mr Delaney said

the Bahamas “must develop standards
for professional engineers”, establish a
“non-discriminatory” licensing regime
for the profession and meet internation-
al requirements on competency and qual-
ifications.

Competitive standards, he added, were
key if Bahamian services professionals
such as engineers were to be able to enter
the EU and CARIFORUM/Dominican
Republic markets under the EPA.

Mr Delaney pointed to the fact that
under the EPA, services professionals in
one country had to enter into Mutual
Recognition Agreements (MRAs) with
their counterparts in another country in
order to enter each other’s markets. This,
in practice, meant that “a certified engi-
neer in the Bahamas is equal to a certi-
fied engineer in Latvia”.

Article 85 of the EPA requires coun-
tries to establish licensing, authorisation
and certification criteria for services sup-
pliers. And the Bahamas will have to
enter negotiations on MRAs in profes-
sions such as architecture, engineering
and tourism by 2010.

Legal Notice

NOTICE

CAVITE CO. LTD.
4
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of CAVITE CO. LTD. has been completed; a

Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

GULFSTAR CORP.
eo ¢, —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of GULFSTAR CORP. has been completed;

a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

BOMARTON FALLS INC.
ae 4, —.
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BOMARTON FALLS INC. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE
FULL FORCE INVESTMENTS
HOLDINGS LTD.
a ¢, ee
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of FULL FORCE INVESTMENTS HOLD-
INGS LTD. has been completed; a Certificate of Dissolu-

tion has been issued and the Company has therefore been

struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

ZURICH BERN LMITED

— ¢, —
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of ZURICH BERN LIMITEDE 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
BASTIONS
INVESTISSEMENTS LTD.

a ,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of BASTIONS INVESTISSEMENTS 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
GARAMOND S.A.

an ¢,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of GARAMOND S.A. has been completed; a
Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

FARVAGNY SEAS LIMITED

— ,—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of FARVAGNY SEAS LIMITED 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
RICH CLASSIC GROUP LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 13th day of May 2009. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

TOGUARD CORP.
— , —
Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of TOGUARD CORP. has been completed;

a Certificate of Dissolution has been issued and the Com-

pany has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

LIMERICK CO.LTID.
oe ¢, ae
Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of LIMERICK CO. LTD. has been com-

pleted; a Certificate of Dissolution has been issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

MATRICARIA CORPORATION

—_— f—

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MATRICARIA CORPORATION. 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)


THE TRIBUNE

FRIDAY, MAY 22, 2009, PAGE 7B



| > =<:
Exchange controls ‘handicap’ companies’ competitiveness

FROM page 1B

process for accession to full mem-
bership in the World Trade
Organisation (WTO).

Mr Delaney said there were
“many” issues that the Bahamas
“has to figure out” in relation to
its competitiveness and interna-
tional trade, exchange controls
being one of them. He added:
“We need to have an exchange
control regime, to the extent we
maintain it, that does not prevent
Bahamians from availing them-
selves of the rights and benefits
that the Bahamas has negotiated
with other counttries.....

“Where exchange control real-
ly bites is if you want to move
capital out of the Bahamas to
establish a commercial presence
elsewhere. I don’t believe for
minute that your application
would be refused, but the fact is
there is there is a perceived and
psychological barrier” on this
issue. Mr Delaney, managing
partner at the Higgs & Johnson
law firm, added that “it is right”
that Bahamians advocate for
changes to ensure laws, regula-
tions and policies “cease to be
barriers for Bahamians”.

He added: “The Central Bank
is not familiar with Bahamians
investing outside the country by
way of capital, because there
haven’t been many examples.
That needs to change, and one
way is by providing clearer, sim-
pler rules, so Bahamians do not
feel daunted by the exchange con-
trol regime.”

The Trade Commission chair
said the Central Bank wanted to
provide exchange control
approval for capital investments
abroad, citing his own law firm’s
acquisition and merger last year
with the Caymanian company,
Truman Bodden & Company.

In reply, Mr Bowe said that if
exchange controls “do not stop
you, it might delay you. If it does
not cost you, it delays you”.

He added: “We've got to work
on our side to make the rules
completely clear, and favour us
in competing globally. In trying
to compete locally and interna-
tionally, we are handicapped, I
believe.”

To which Mr Delaney replied:
“As a Trade Commission, we will
certainly advocate that there must
be no internal impediments to
Bahamians availing themselves
of rights and privileges secured
under trade agreements.”

Ensuring there are no internal
barriers to Bahamian companies
and services professionals mov-
ing abroad, joint venturing or set-
ting up subsidiaries in European
and Caribbean nations, will be
key to ensuring this nation’s firms
can exploit Mode 3 commercial
presence access under the EPA.

Mr Delaney said that tradi-
tionally Bahamian companies had
tended to look inwards, rather
than outwards, with only insur-
ance companies such as Royal-
Star Assurance and Colinalmpe-
rial, his law firm and Lennox
Paton opening offices and sub-
sidiaries overseas.

NOTICE

Astor Shipping Company Limited

NOTICE IS HEREBY GIVEN as follows:

(a) Astor Shipping Company Limited is in dissolution under
the provisions of the International Business Companies Act

2000

(b) The dissolution of the said Company commenced on the 20 May
2009 when its Articles of Dissolution were submitted to and
registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Dayan Bourne of
Ocean Centre, Montagu Foreshore, East Bay Street, Nassau,

Bahamas.

The EPA, though, gives
Bahamian companies and
exporters the same market access
rights to CARICOM-Dominican
Republic states as it does the EU.

Mr Delaney urged: “We have
to think what we will get out of
this. If you cannot get into the
EU, think about opportunities
you will be able to explore in the
Caribbean. Think of the joint ven-
tures you might be able to avail

And he told Bahamian engi-
neers: “I recommend that you
focus on planning the entire sec-
tor’s development and, closer to
home, the development of your
particular firm, if you’re in the
private sector.

“Assess how your firm can
become larger, acquiring or merg-
ing with a regional firm, going on
not to compete in that area, but
also in the EU. Having 50 per

100 per cent of a small pie.”

The Trade Commission chair
urged Bahamian companies to
understand potential export mar-
kets, and what was needed to
either compete in them or export

to them. Establishing and Internet
presence, he added, would allow
potential Caribbean clients to
assess a Bahamian company’s ser-
vices, products, organisational
structure and pricing.

yourselves of.”

Legal Notice

Notice

Astor Shipping Company Limited
(In Voluntary Liquidation)

Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the under-
signed at Ocean Centre, Montagu Foreshore, East Bay Street, P.O.
Box N-3247, Nassau, Bahamas as sole Liquidator on or before the
4th day of June, 2009. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 20th day of May, 2009.

DAYAN BOURNE
LIQUIDATOR



NOTICE

ELIGE INVESTMENTS LTD.

Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 17th day of April, 2009.

CARMICHAEL ROAD,
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,
a written and signed statement of the facts within
twenty-eight days from the 15'* day of May, 2009 to the
Minister responsible for nationality and Citizenship, PO. Box

cent of a larger pie, is better than

NOTICE

NOTICE is hereby given that GLORIA FRANCIS of
is applying to the Minister

should send

N-7147, Nassau, Bahamas.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT. 2000
No. 45 of 2000

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No. 45 of 2000),
LAXMER OVERSEAS LIMITED, is in dissolution. Conti-
nental Liquidators Inc. is the Liquidator and can be contacted
at 60 Market Square, P.O. Box 1906, Belize City, Belize.
All persons having claims against the above-named company
are required to send their names, addresses and particulars of
their debts or claims to the Liquidator before 20th day of June,
2009.

ey,
TWh A Pos oo

For Cees Lied abren, fine.
LigebLetcy

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law and Equity Division

2008
CLE/QUI/OO 1134

IN THE MATTER OF ALL THAT piece parcel or
lot of land containing Three thousand and Fifty-six
(3,056) square feet situate in the Settlement of Great
Guana Cay one of the Abaco chain of cays in the

Commonwealth of The Bahamas bounded on the
North by land now or formerly the property of Lewis
Roberts and running thereon Sixty (60) feet on the
East by land the property of Alrob (Thomas Roberts)
but now the property of William Doyle Watson and
Frederik F. Gottlieb running thereon Fifty-five and
Ninety-three hundredths (55.93) feet on the South by
the Main Public Road (known as “Front Street”) and
running thereon Seventy (70) feet or less and on the
West by a Three (3) feet wide public reservation and
running thereon Sixty (60) feet

Lynden D. Maycock

Liquidator
H & J Corporate Services Ltd. of

ELIGE INVESTMENTS LTD.

Date the 20th day of May, 2009

Registered Agent
for the above-named Company

JOB OPENING

Needed immediately, experienced Nurses _ to
work in Operating Theatre. Must have a good
employment background, must possess a Bachelors
Degree in Nursing, must have Operating Theatre
experience and must be licensed in_ the
Commonwealth of the Bahamas. For immediate
consideration, please send your resume to:

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No. 45 of 2000)

AND

IN THE MATTER OF THE QUIETING TITLES ACT,
1959, CHAPTER 393 OF THE STATUTE LAWS OF
THE COMMONWEALTH OF THE BAHAMAS

AND
IN THE MATTER OF THE PETITION OF WILLIAM

DOYLE WATSON and FREDERIK F. GOTTLIEB
NOTICE OF PETITION

LIGHTING DESIGN ASSOCIATES LIMITED

In Voluntary liquidation

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

PHYSICIANS ALLIANCE LTD.
P.O. BOX EE-17022
#3 GROSVENOR CLOSE OFFICE
NASSAU, BAHAMAS
FAX: (242) 326-8874

The date of commencement of dissolution is the 20th

day of May, 2009. WILLIAM DOYLE WATSON of St. Simon’s Island in

the State of Georgia one of the states of the United
States of America and FREDERIK F. GOTTLIEB of
the Town of Marsh Harbour in the Island of Abaco
one of the Islands of the Commonwealth of The
Bahamas claim to be the owners in fee simple in
possession of all that piece parcel or lot of land
hereinbefore described free from encumbrances.
AND the Petitioners have made application to
the Supreme Court of the Commonwealth of The
Bahamas under Section 3 of the Quieting Titles Act,
1959 Chapter 393 of the Statute Laws of the said
Commonwealth, in the above action, to have their
title to the said land investigated and the nature
and extent thereof determined and declared in a
Certificate of Title to be granted in accordance with
the provisions of the said Act.

Notice is hereby given to any person having
a dower or right of dower or an adverse claim or
a claim not recognized in the Petition shall on or
before the expiration of thirty (30) days after the final
publication of these presents filed in the Registry
of the Supreme Court and serve on the Petitioner
or the undersigned a statement of his claim in the
prescribed form verified by an Affidavit to be filed
therewith. Failure of any such person to file and serve
a statement on or before the expiration of thirty (30)
days after the final publication of these presents shall
operate as a bar to such claims.

Copies of the said plan may be inspected
during normal hours at the Registry of the
Supreme Court, East Street North, City of Nassau,
New Providence, The Bahamas and the Office
of the Administrator in the Township of Marsh
Harbour, Abaco, The Bahamas.

Derek Le Brun,
of 43/45 La Motte Street,
St. Helier, Jersey, JE4 8SD
Liquidator

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 21 MAY 2009
BISX ALL SHARE INDEX: CLOSE 1,608.88 | CHG -8.44 | %CHG -0.52 | YTD -103.48 | YTD % -6.04
FINDEX: CLOSE 799.47 | YTD -4.24% | 2008 -12.31%
WWW _.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320
52wk-Low Securit y Previous Close Today's Close Change Daily Vol. Div $ P/E
1.28 Abaco Markets 1.40 1.33 -0.07 0.127
11.00 Bahamas Property Fund 11.00 11.00 0.00
6.95 Bank of Bahamas 6.95 6.95 0.00
0.63 Benchmark 0.63 0.63 0.00
3.15 Bahamas Waste 3.15 3.15 0.00
1.95 Fidelity Bank 2.37 2.37 0.00
11.09 Cable Bahamas 11.75 11.75 0.00
2.83 Colina Holdings 2.83 2.83 0.00
6.06 Commonwealth Bank ($1) 6.29 6.13 -0.16
1.31 Consolidated Water BDRs 2.86 2.88 0.02
1.38 Doctor's Hospital 1.38 1.38 0.00
6.02 Famguard 7.76 7.76 0.00
11.00 Finco 11.00 11.00 0.00
10.35 FirstCaribbean Bank 10.40 10.40 0.00
5.00 Focol (S) 5.14 5.14 0.00
1.00 Focol Class B Preference 1.00 1.00 0.00
0.30 Freeport Concrete 0.30 0.30 0.00
5.50 ICD Utilities 5.50 5.50 0.00
8.60 J. S. Johnson 10.50 10.50 0.00
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing bases)
Symbol Last Sale Change Daily Vol.
FBB17 100.00 0.00 T%
FBB22 100.00 0.00 Prime + 1.75%
FBB13 100.00 0.00 T%
FBB15 100.00 0.00 18 Prime + 1.75%
Fidelity Over-The-Counter Securities
Symbol Bid $ Ask $ Last Price
Bahamas Supermarkets * ae 8.42 14.60
Caribbean Crossings (Pref) 4.00 6.25 6.00
RND Holdings 0.35 0.40 0.35
Colina Over-The-Counter Securities

FG CAPITAL

MARKETS
BROKEBAGE & ADVISORY SERVICES

C2 mr ss IT.

ROYAL = FIDELITY

Morey ot Work

clear i.

0.992
0.244
-0.877
0.078
0.055
1.406
0.249
0.419
0.111
0.240
0.420
0.322
0.794
0.332
0.000
0.035
0.407
0.952
0.180
52wk-Hi _52wk-Low
1000.00
1000.00
1000.00
1000.00

Security
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +

Interest

19 October 2017

19 October 2022
30 May 2013
29 May 2015

S52wk-Low

Weekly Vol. EPS $ Div $ P/E

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NA_V. YTD% Last_12 Months Div $
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
3.1964 Fidelity Bahamas G & I Fund
12.1564 Fidelity Prime Income Fund
100.0000 CFAL Global Bond Fund
96.4070 CFAL Global Equity Fund
1.0000 CFAL High Grade Bond Fund
9.0950 Fidelity International Investment Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund

1.3124
2.9230
1.3875

1.3758 1.65 4.83
2.8962 -1.49 -3.35
1.4630 2.05 5.25

30-Apr-09
31-Mar-09
15-May-09
31-Mar-09
28-Feb-09
31-Dec-08

Dated this 2nd day of December, A.D., 2008

3.1964 -5.59 -13.64
12.7397 0.96 5.79
100.5606 0.56 0.56
96.4070 -3.59 -3.59
1.0000 0.00 0.00

9.1599 0.71 -12.76
1.0440 0.80 4.40

31-Dec-08

31-Dec-07

31-Mar-09
9-Feb-09

SYDBRI LEGAL SERVICES
Chambers
Naomi House
No.19, Ninth Terrace & West Court
Centreville
New Providence, The Bahamas
Attorneys for the Petitioners

1.0000
1.0000

1.0364 0.33 3.64
1.0452 0.76 4.40
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - Acompany’s reported earnings per share for the last 12 mths

9-Feb-09
9-Feb-09

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
S2wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: COLINA 242-502-7010 | ROYALFIDELITY 242-356-7764 | FQ CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100







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PAGE 1

Court ruling ‘could fr ee accused killers’ 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 C M Y K C M Y K Volume: 105 No.148FRIDAY, MAY 22, 2009 PRICE – 75 (Abaco and Grand Bahama $1.25 WEATHER CLOUDS, SUN, T-STORM HIGH 86F LOW 78F SEEBUSINESSFRONT S P O R T S $70m CLICO asset protection is sought SEEPAGEFIFTEEN Volleyball victory F AMILIES of murder vic tims are afraid that a Court of Appeal ruling could mean accused killers will be roaming the streets soon after theira rrest. The landmark ruling states that a section of the Bail Act that prohibits the granting of bail in murder and other serious cases is “unconstitutional” and “void.” Allison Edgecombe, the aunt of Jason Jackson, 23, who was stabbed to death outside Cocktails and Dreams last summer, told The Tribune yesterday that she cannot support the decision. “How could you put a person suspected of killing another person out on bail? I don’t think persons like that should get bail,” she said. Rodney Moncur, spokesperson for the group, Families of Murder Victims, which represents 10 families, said the ruling will cause widespread “paranoia” in an already fearful populace. A ll persons accused of mur der are innocent until proven guilty under Bahamian law. A number of people charged with murder have beenr eleased after serving consid erable time on remand with out trial. However, observers fear that the release of such suspects in greater numbers would create panic in communities – especially in view of acts of violence committed by accused murderers on bail in the past, as well as the trend of witnesses turning up dead before they are due to appear in court. “Right now, I know two families in Fox Hill who are horrified because on a daily basis, they come into contact with accused murderers who they have to testify against in the Supreme Court,” Mr Moncur said. Court of Appeal President Dame Joan Sawyer noted in her ruling on four conjoined The Tribune ANYTIME ... ANYPLACE , WE RE #1 B AHAMASEDITION TRY OUR SOUTHERN CHICKEN BISCUIT www.tribune242.com /77 57:616/ )Va WVM' B AHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E A MODEL is pictured in the spotlight yesterday at Luciano’s restaurant on East Bay Street. The restaurant played host to the glamour of the Doctors’ Hospital Dr Meyer Rassin Foundation’s first ever 'Dollars for Scholars' fundraiser fashion show and luncheon. SEE PAGE FIVE n By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net DESCRIBED as a "landmark achievement" within the hotel industry, more than $200,000 in gra tuity payments held in escrow for members of the Bahamas Hotel Catering and Allied Workers Union were paid out yesterday, said union head Roy Cole brook. The continuing initiative came as a result of negoti ations and a master agree SEE page 11 T i m C l a r k e / T r i b u n e s t a f f n By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net A CAMPAIGN fundraiser for US President Barack Obama will reportedly be named as the next US Ambas sador to the Bahamas, The Tribune was told. While the name of the woman and her details have yet to be released by the White House, officials at the US Embassy insist no official decision has been made at this time. According to chief political and economic policy officer Jeff Dubel, a lot of names are being banded about. However, until the White House informs the Embassy of its choice and the candidate is screened and inter viewed, nothing is official at this time. “But we definitely are getting an Obama fundraiser ‘may be named next USAmbassador to Bahamas’ SEE page 11 ‘DOLL ARS F OR SCHOL ARS’ FUNDRAISER THE NEXT Ambassador is ‘reportedly a campaign fundraiser for US President Obama’ (above SEE page 11 n By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net HAITIANeconomic migrants contribute more to the economy of the impover ished island nation than the combined sum of international donations, Ambassador Louis Harold Joseph told Rotary members yesterday. Speaking to the Rotary Club of West Nassau over lunch at Graycliff in West Hill Street, Nassau, the Republic of Haiti’s ambassador to the Haitian Ambassador r eveals shocking details of poverty in his countr y SEE page 16 INSIDE RESIDENT ‘WITH EIGHT MONTHS TO LIVE’ CALLS FOR GAMING LAWS CHANGE PAGETHREE C ALL F OR PUBLIC INVESTMENT IN HIGHER EDUC A TION OF B AHAMIANS P A GE FIVE E x c h a n g e c o n t r o l s h a n d i c a p c o m p a n i e s c o m p e t i t i v e n e s s C M Y K C M Y K S E C T I O N B b u s i n e s s @ t r i b u n e m e d i a . n e t F R I D A Y , M A Y 2 2 , 2 0 0 9 T H E T R I B U N E $ 3 . 6 1 $ 3 . 6 2 $ 3 . 8 2 c a l l u s t o d a y a t 3 9 6 1 3 5 5r e t i r e m e n t g a m e p l a n t r y y o u r o w n s a v i n g s s t r a t e g y b e t o n s u p p o r t f r o m y o u r k i d s r u n o u t o f m o v e s & w o r k t i l y o u r e 7 0r e t i r e e a r l y w i t h a g u a r a n t e e d r e t i r e m e n t f u n d c h e c k m a t e !S A L E S O F F I C E S : N A S S A U I F R E E P O R T I A B A C O I E L E U T H E R A I E X U M A I C O R P O R A T E C E N T R E : E A S T B A Y S T R E E T I w w w . f a m g u a r d b a h a m a s . c o m A S U B S I D I A R Y O F A MB E S TA-ExcellentFinancialStrengthRating B a h a m a s m a y p r o d u c e o i l i n 1 0 y e a r s F o r e i g n e x c h a n g e n o t m a i n i s s u e o n C a b l e s a p p r o v a l nB y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r T h e T r a d e C o m m i s s i o n s c h a i r m a n y e s t e r d a y p l e d g e d t h a t t h e b o d y w o u l d a d v o c a t e f o r t h e r e m o v a l o f a l l i n t e r n a l i m p e d i m e n t s t o t h e i n t e r n a t i o n a l c o m p e t i t i v e n e s s o f B a h a m i a n c o m p a n i e s , a f t e r c o m p l a i n t s t h a t t h e e x c h a n g e c o n t r o l r e g i m e d e t e r r e d f i r m s a n d p r o f e s s i o n a l s f r o m i n v e s t i n g o r j o i n t v e n t u r i n g a b r o a d . J o h n D e l a n e y , a d d r e s s i n g a B a h a m a s S o c i e t y o f E n g i n e e r s ( B S E ) l u n c h e o n , a c k n o w l e d g e d t h a t w h i l e t h i s n a t i o n w a s u n l i k e l y t o e l i m i n a t e e x c h a n g e c o n t r o l s i n t h e n e a r f u t u r e , t h e r e g i m e n e e d e d t o b e m a d e m o r e u s e r f r i e n d l y a n d h a v e c l e a r e r r u l e s , i n o r d e r t o f a c i l i t a t e c a p i t a l i n v e s t m e n t b y B a h a m i a n c o m p a n i e s a n d s e r v i c e s p r o f e s s i o n a l s a b r o a d . W h i l e t h e r e w e r e u s u a l l y n o p r o b l e m s w h e n i t c a m e t o B a h a m i a n o b t a i n i n g f o r e i g n c u r r e n c y f o r t h e p u r c h a s e o f g o o d s a n d v a c a t i o n s a b r o a d , M r D e l a n e y s u g g e s t e d t h a t t h e C e n t r a l B a n k i n i t s r o l e a s g u a r d i a n o f t h e f o r e i g n e x c h a n g e r e s e r v e s / b a l a n c e o f p a y m e n t s a n d c u r r e n t a c c o u n t w a s n o t f a m i l i a r i n d e a l i n g w i t h c a p i t a l i n v e s t m e n t a p p l i c a t i o n s b y B a h a m i a n c o m p a n i e s . H e n c e t h e d i f f i c u l t i e s a r o s e . T h e T r a d e C o m m i s s i o n c h a i r m a n w a s r e s p o n d i n g a f t e r E t h r i c B o w e , c h i e f e x e c u t i v e o f A d v a n c e d T e c h n i c a l E n t e r p r i s e s , s a i d t h e i n t e r n a t i o n a l c o m p e t i t i v e n e s s o f B a h a m i a n c o m p a n i e s a n d p r o f e s s i o n a l s w a s b e i n g u n d e r m i n e d b y i m p e d i m e n t s s u c h a s e x c h a n g e c o n t r o l s . H e s u g g e s t e d t h i s c o u l d h a v e p o t e n t i a l l y d i r e c o n s e q u e n c e s , e s p e c i a l l y a s t h e B a h a m a s w a s a b o u t t o e n t e r t h e b r a v e n e w w o r l d o f r u l e s b a s e d t r a d i n g r e g i m e s v i a t h e E c o n o m i c P a r t n e r s h i p A g r e e m e n t ( E P A ) . T h i s n a t i o n h a s a l s o b e g u n t h e f o r m a l * T r a d e C o m m i s s i o n c h a i r p l e d g e s t o a d v o c a t e f o r r e m o v a l o f a l l i n t e r n a l i m p e d i m e n t s t h a t p r e v e n t B a h a m i a n s a v a i l i n g t h e m s e l v e s o f a l l t r a d e a g r e e m e n t r i g h t s a n d p r i v i l e g e s * F e a r s e x p r e s s e d t h a t C e n t r a l B a n k s e x c h a n g e r e g i m e h a n d i c a p p i n g B a h a m a s f i r m s f r o m t a k i n g a d v a n t a g e o f E P A b e n e f i t s i n j o i n t v e n t u r i n g / e s t a b l i s h i n g p r e s e n c e i n E U a n d C a r i b b e a n s t a t e s J o h n D e l a n e yS E E p a g e 7 BnB y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r T h e G o v e r n m e n t w a s y e s t e r d a y a c c u s e d o f a n u n a c c e p t a b l e l e v e l o f i n a c t i v i t y i n a m e n d i n g t h e l a w t o r e e s t a b l i s h t h e P r o f e s s i o n a l E n g i n e e r s B o a r d , a s i t u a t i o n t h a t i f n o t r e c t i f i e d w i l l l e a v e B a h a m i a n e n g i n e e r i n g p r o f e s s i o n a l s u n a b l e t o c o m p e t e w i t h t h e i r E u r o p e a n a n d C a r i b b e a n c o u n t e r p a r t s d u e t o t h e a b s e n c e o f a l i c e n s i n g r e g i m e a n d c e r t i f i e d s t a n d a r d s / q u a l i f i c a t i o n s . J e r o m e E l l i o t t , t h e B a h a m a s S o c i e t y o f E n g i n e e r s ( B S E ) p r e s i d e n t , t o l d a m e e t i n g o r t h e o r g a n i s a t i o n t h a t a p e t i t i o n w a s n o w b e i n g c i r c u l a t e d a m o n g U n a c c e p t a b l e l e v e l o f i n a c t i v i t y o v e r P r o f e s s i o n a l E n g i n e e r s B o a r d P r o f e s s i o n f e a r s a b s e n c e o f b o d y t o o v e r s e e l i c e n s i n g a n d c e r t i f i e d q u a l i f i c a t i o n r e g i m e w i l l l e a v e B a h a m i a n s u n a b l e t o c o m p e t e u n d e r t h e E P A S E E p a g e 6 B nB y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r P r e s e r v i n g t h e B a h a m a s f o r e i g n e x c h a n g e r e s e r v e s i s n o t t h e i s s u e g o v e r n i n g w h y t h e G o v e r n m e n t h a s y e t t o g i v e f o r e i g n e x c h a n g e a p p r o v a l t o t h e $ 8 0 m i l l i o n t r a n s a c t i o n t h a t w o u l d b u y o u t C a b l e B a h a m a s c o n t r o l l i n g s h a r e h o l d e r , T r i b u n e B u s i n e s s w a s t o l d y e s t e r d a y . Z h i v a r g o L a i n g , m i n i s t e r o f s t a t e f o r f i n a n c e , c o n f i r m e d t o t h i s n e w s p a p e r t h a t t h e m a t t e r r e m a i n s u n d e r c o n s i d e r a t i o n w h e n a s k e d a b o u t t h e s t a t u s o f e x c h a n g e c o n t r o l a p p r o v a l f o r t h e C o l u m b u s C o m m u n i c a t i o n s t r a n s a c t i o n . S E E p a g e 5 B nB y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r B a h a m a s W a s t e l a s t n i g h t t o l d i t s a n n u a l g e n e r a l m e e t i n g ( A G M ) t h a t t h e G o v e r n m e n t h a d f i n a l l y g i v e n a p p r o v a l f o r i t s p r o p o s e d b i o d i e s e l p r o d u c t i o n f a c i l i t y , w h i c h w i l l r e q u i r e a n i n v e s t m e n t o f m o r e t h a n $ 5 0 0 , 0 0 0 . F r a n c i s c o D e C a r d e n a s , B a h a m a s W a s t e s m a n a g i n g d i r e c t o r , s p e a k i n g t o T r i b u n e B u s i n e s s a f t e r t h e m e e t i n g , s a i d : W e g o t t h e a p p r o v a l f o r b i o d i e s e l a f e w d a y s a g o . T h e b i o d i e s e l f a c i l i t y w i l l n o w b e 1 0 0 p e r c e n t o w n e d b y t h e B I S X l i s t e d c o m p a n y , n o t a 5 0 / 5 0 j o i n t v e n t u r e w i t h C a p e S y s t e m s , t h e c o m m e r c i a l a r m o f t h e C a p e E l e u t h e r a I n s t i t u t e , a s o r i g i n a l l y p l a n n e d . T h e b i o d i e s e l p r o d u c e d w i l l a l s o b e f o r i n t e r n a l u s e b y B a h a m a s W a s t e o n l y , n o t c o m m e r c i a l s a l e . M r D e C a r d e n a s s a i d B a h a m a s W a s t e w a s p r o b a b l y t h i n k i n g o v e r $ 5 0 0 , 0 0 0 i n t e r m s o f i t s i n v e s t m e n t i n t h e b i o d i e s e l f a c i l i t y , a n d w a s s e t t i n g t h e w h e e l s i n m o t i o n t o p u r c h a s e t h e n e c e s s a r y e q u i p m e n t , g e t t i n g r e v i s e d t e c h n o l o g y a n d p r i c e q u o t e s . B a h a m a s W a s t e s $ 5 0 0 k b i o d i e s e l p l a n t a p p r o v e d Z h i v a r g o L a i n g nB y N E I L H A R T N E L L T r i b u n e B u s i n e s s E d i t o r C L I C O ( B a h a m a s ) l i q u i d a t o r h a s i n i t i a t e d l e g a l a c t i o n i n t h e F l o r i d a c o u r t s t o p r o t e c t m o r e t h a n $ 7 0 m i l l i o n o f t h e c o m p a n y s a s s e t s a n d p r e v e n t a n y c l a i m s a g a i n s t t h e m , a s h e s e e k s b r e a t h i n g r o o m t o c o n d u c t a n o r d e r l y r e v i e w a n d p r o t e c t B a h a m i a n c r e d i t o r s . T r i b u n e B u s i n e s s c a n r e v e a l t h a t C r a i g A . T o n y G o m e z , t h e B a k e r T i l l y G o m e z a c c o u n t a n t a n d p a r t n e r , h a s p e t i t i o n e d t h e U S B a n k r u p t c y C o u r t f o r t h e s o u t h e r n d i s t r i c t o f F l o r i d a f o r C L I C O ( B a h a m a s ) l i q u i d a t i o n t o b e c o m e a r e c o g n i s e d f o r e i g n m a i n p r o c e e d i n g u n d e r C h a p t e r 1 5 b a n k r u p t c y l a w s , i n a b i d t o s a f e g u a r d t h e c o m p a n y s U S b a s e d a s s e t s . I n h i s p e t i t i o n , M r G o m e z a l l e g e d t h a t t h e s o u t h e r n d i s t r i c t o f F l o r i d a w a s t h e a r e a i n w h i c h C L I C O ( B a h a m a s ) h a s i t s p r i n c i p a l a s s e t s i n t h e U n i t e d S t a t e s . C L I C O ( B a h a m a s ) h a d l o a n e d i n e x c e s s o f U S $ 7 0 m i l l i o n t o a f f i l i a t e d c o m p a n i e s , w h i c h t h e [ l i q u i d a t o r ] b e l i e v e s h a s f o u n d i t s w a y i n t o r e a l e s t a t e d e v e l o p m e n t s W e l l i n g t o n P r e s e r v e i n W e l l i n g t o n , P a l m B e a c h C o u n t y , F l o r i d a , a n d a W h o t e l p r o p e r t y i n F o r t L a u d e r d a l e , B r o w a r d C o u n t y , F l o r i d a . T h e [ l i q u i d a t o r ] h a s a l s o l o c a t e d s p e c i f i c a s s e t s , i n c l u d i n g l a n d ( W e l l i n g t o n P r e s e r v e a n d t h e W h o t e l p r o p e r t y ) t h a t a p p e a r t o h a v e b e e n p u r c h a s e d i n w h o l e o r i n p a r t w i t h C L I C O ( B a h a m a s ) f u n d s , b u t w h i c h a r e h e l d i n t h e n a m e o f W e l l i n g t o n P r e s e r v e I n c a n d C a p r i R e s o r t s L L C r e s p e c t i v e l y . A n d M r G o m e z a d d e d t h a t h e h a s r e a s o n t o b e l i e v e t h a t t h e r e m a y b e o t h e r a s s e t s o f $ 7 0 m C L I C O a s s e t p r o t e c t i o n s o u g h t I n s u r e r s l i q u i d a t o r t a k e s U S l e g a l a c t i o n t o s a f e g u a r d m a i n a s s e t s , i n c l u d i n g W h o t e l , b y g e t t i n g r e c o g n i s e d a s m a i n f o r e i g n p r o c e e d i n g u n d e r C h a p t e r 1 5 B a h a m i a n f i r m s l i q u i d a t o r s a y s a p p r o v a l w i l l g i v e h i m b r e a t h i n g s p a c e , p r o t e c t a n d m a x i m i s e a s s e t v a l u e f o r p o l i c y h o l d e r s / d e p o s i t o r s , a n d c o n d u c t l i q u i d a t i o n i n f a i r , e f f i c i e n t a n d e c o n o m i c a l w a y S E E p a g e 4 B nB y C H E S T E R R O B A R D S B u s i n e s s R e p o r t e r c r o b a r d s @ t r i b u n e m e d i a . n e t T H E B A H A M A S c o u l d b e c o m e a n o i l p r o d u c i n g n a t i o n i n 1 0 o r m o r e y e a r s s h o u l d t h e r e s u l t s o f u p c o m i n g e x p l o r a t o r y d a t a s h o w t h a t u n d e r w a t e r o i l f i e l d s d i s c o v e r e d 2 2 y e a r s a g o h o l d 5 0 0 m i l l i o n b a r r e l s , a n o i l e x p l o r a t i o n c o m p a n y s s e n i o r e x e c u t i v e s a i d y e s t e r d a y . D r P a u l C r e v e l l o , d i r e c t o r a n d c h i e f o p e r a t i n g o f f i c e r o f B P C L i m i t e d , s a i d a C o m p e t e n t P e r s o n s R e p o r t ( C P R ) c o n f i r m e d t h a t a r e a s o f t h e s o u t h w e s t B a h a m a s , a f t e r i n i t i a l s t u d i e s w e r e c o m p l e t e d , s h o w h u g e t r a p s i n l a y e r s o f r o c k t h a t r e s e m b l e t h o s e o f o i l p r o d u c i n g P e r s i a n G u l f s t a t e s . I f t h e B a h a m a s w e r e c u r r e n t l y p r o d u c i n g o i l a t t h e c u r r e n t p e r b a r r e l p r i c e , t h i s c o u n t r y c o u l d p o t e n t i a l l y g r o s s a n e s t i m a t e d $ 3 0 b i l l i o n i n r e v e n u e s f r o m j u s t o n e v i a b l e f i e l d . T h a t e s t i m a t e d f i g u r e c o u l d r i s e o r f a l l s u b s t a n t i a l l y i n 1 0 y e a r s t i m e , h o w e v e r , d u e t o o i l s e x t r e m e v o l a t i l i t y t o g l o b a l e c o n o m i c c h a n g e s , i n t e r n a t i o n a l f e u d s a n d t h e m o o d o f t h e r e g u l a t o r y b o d y , O P E C ( O r g a n i s a t i o n o f P e t r o l e u m E x p o r t i n g C o u n t r i e s ) . D r C r e v e l l o s a i d t h e f i r s t o i l e x t r a c t i o n a t t e m p t e d i n t h e B a h a m a s i n 1 9 8 6 p r o v e d t h a t t h e r e m a y b e v i a b l e f i e l d s i n d e e p w a t e r a r e a s . H o w e v e r , h e c o n t e n d s t h a t t h e v e r y f i r s t a t t e m p t a t e x t r a c t i o n f a i l e d b e c a u s e t h e d r i l l h i t a n o u t l y i n g a r e a o f t h e f i e l d , a n d n o t t h e r e s e r v o i r i t s e l f . B P C s w e b s i t e e x p l a i n e d t h a t t h e 1 9 8 6 , w e l l d r i l l e d t o 2 1 , 7 4 0 f e e t , d i d n o t r e p o r t c o m m e r c i a l q u a n t i t i e s o f h y d r o S E E p a g e 3 B B U S I N E S S Concerns raised after section of Bail Act ruled unconstitutional $200,000 paid out to hotel union members

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n By PAUL G TURNQUEST Tribune Staff Reporter p turnquest@tribunemedia.net AT an international meeting in Brussels next week the Bahamas is expected to sign an a greement that will allow B ahamians to travel to Europe w ithout first applying for a Schengen visa. The European UnionAfrican, Caribbean, Pacific State (EU-ACP be held on May 28 and 29. The agreement, which is to come into effect on June 1, will be signed on behalf of the Bahamas government by the country’s High Commissioner in London, Paul Farquharson. The deal will be welcomed by businessmen and students who travel to Europe frequent ly and say the need for a visa is an unwelcome complication. The government has been working for a long time to resolve the issue by either establishing a Schengen visa office in the Bahamas, or convincing Europe to remove the Bahamas from the list of countries whose citizens require one. Speaking with The Tribune yesterday, Foreign Affairs Min ister Brent Symonette said he has instructed his office to telephone him the moment the agreement is signed – “no matter the time of day.” Governor General Arthur Hanna also confirmed the move yesterday, as he accepted Letters of Credence from MarcOlivier Gendry, Ambassador of the Republic of France to the Bahamas, in a ceremony at Government House. He thanked the government of France for its part in the negotiating process. “The signing of this agreement along with the Economic Partnership Agreement, which the Bahamas signed in October 2008, and recognising the gov ernment of France’s facilitation of the same within the EU body, speaks volumes of your country’s resoluteness to ensuing that equitable trade in the region is realised, void of unlikely barriers,” the governor general said. Ambassador Gendry said: “The imminent implementation of the visa waiver agreement for Bahamians travelling to Euro pean Schengen states will cer tainly have a favourable affect on the movement of persons and foster further exchanges.” The Bahamas and France have shared “close and cordial” relations over 30 years during which they have remained com mitted to a respect for basic human rights and fundamental freedoms through the promotion of democracy, he said. “The Bahamas is very appreciative of the support of the French government and the European Union to the African, Caribbean and Pacific countries as a whole, given particularly the benefits that would evi dently be derived from prefer ential European co-operation,” the governor-general said. The Schengen countries are: Austria, Estonia, Greece, Latvia, the Netherlands, Slova kia, Belgium, Finland, Hungary, Lithuania, Norway, Slovenia, Czech Republic, France, Iceland, Luxemburg, Poland, Spain, Denmark, Germany, Italy, Malta, Portugal, and Sweden. C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, MAY 22, 2009 THE TRIBUNE INDEX MAIN/SPORTS SECTION Local News...........................P1,2,3,5,6,11,16 Editorial/Letters..........................................P4 Advts ...............................................P7,8,9,10 Sports........................................P12,13,14,15 BUSINESS SECTION Business ................................... P1,2,3,4,5,6,7 Comics ........................................................ P8 Advts ................................................. P9,10,11 Weather.....................................................P12 CLASSIFIED SECTION 40 P AGES USA TODAY MAIN SECTION 12 PAGES Dr Sparkman Ferguson provided 40 students from Centreville Primary with one day of free oral health care examination. “Giving back to the community is a big part of my practice and is something that I can show other persons how much of an impact we can make in such a small amount of time,” says Dr Ferguson. Children who came to Dr Ferguson on Friday were able to receive an exam and oral hygiene instructions and a gift bag of oral care products as part of this event. “Unfortunately, many children do not see the dentist on a routine basis for basic dental services,” said Dr. Ferguson. Nearly 75 per cent of the students who visited Dr. Fergu son’s office at the age of eleven have never visiteda dentist’s office. “Because of this programme we are able to ensure the parents and individuals receive the right information they need and deserve,” said Dr Ferguson. This year will mark the fourth year of this event. Dr Sparkman has already conducted dental exams for hundreds of primary and secondary students since the programme started in 2004. . THE retrial of Bishop Earl ‘Randy’ Fraser is now expected to resume in September. Fraser, who is on $10,000 bail, was back in Magistrates Court yesterday. He is accused of having a sexual relationship with a 16-yearold girl between July 2005 and February 2006. So far five witnesses, including the virtual complainant, have t estified. Returned Last week, Chief Justice Sir Burton Hall ordered that the matter be returned to Magistrate Carolita Bethel for the con tinuation of the retrial, having not been satisfied that the constitutional challenge launched by Fraser’s attorney Wayne Munroe should be heard in the Supreme Court. The application had arisen following testimony by Woman Police Corporal Sheria King, a forensic expert. The alleged victim in the case, who is now 20, testified that she and Fraser had sex on an average of 12 times a month at hishome and office at Pilgrim Baptist Temple. n By ALISON LOWE Tribune Staff Reporter alowe@tribunemedia.net To comply with demands set out under the Economic Partnership Agreement professional bodies in the fields of accounting, engineering, architecture and tourism will have to begin negotiating with their counterparts in Europe by next year. President of the Bahamas Society of E ngineers Jerome Elliott yesterday expressed his surprise at the looming requirement for his field to forge a “Mutual Recognition Agreement” with Europe, as revealed in a luncheon address to the BSE by John Delaney, chairman of the Bahamas Trade Commission. Mr Delaney told the engineers that the conclusion of MRAs between such groupings and the European Commission will be necessary in order for Bahamian practitioners to take their services abroad and truly feel the benefits of the EPA, the new trade agreement between Caribbean countries and Europe. The MRAs demanded under the EPA are expected to define acceptable standards for practitioners in individual fields, so that if a Bahamian or European engineer or accountant was to ply their trade elsewhere, that country could be assured that their work will be of a quality equal to that available from their own registered practitioners. However, before they speak to Europe, some professional groupings in the Bahamas still have a long way to go, suggested Mr Delaney. E nabled “It’s understood that professional bodies may need to be better enabled, if they are not sufficiently organised and financially strong to equip themselves for all these points. “It’s going to be incumbent upon each professional body to ensure that their institutions are properly staffed and that there’s the organisational capacity to be responsive to things such as negotiating the MRA. “In terms of assistance we would be more than happy to advocate what you feel you may require with the Ministry of Finance,” said Mr Delaney, responding to concern expressed by Mr Elliott about what help organisations like the BSE might get in responding to the EPA requirements. In part due to government foot-dragging, engineering is a key example of a field in need of greater organisation and oversight. At present, the profession lacks a regulatory body – like the Bahamas Medical Council – which is responsible for registering engineers and maintaining standards among practitioners i n the field. Such registration, along with “clear non-discriminatory” criteria outlining who is eligible to be licensed to practice in each field as well as certification and continuing education requirements will all be expected under MRAs. Vice president of the BSE Randy King said the BSE has been lobbying the government for some time to amend the Engineers Act, 2004, to provide for a board, which expired in 2007, to be re-established. The revelation that under the EPA engineers and others will need to show they meet relevant standards makes their call all the more urgent, he suggested. BSE president Mr Elliott said practitioners believe the government’s “inactivity” on its recommendations f or amendments to the Act governing the sector is “unacceptable” – even without its implications relative to the requirements of the EPA. Agreement to allow Bahamians to travel to Europe without a visa Professional groups required under EPA to negotiate with European counterparts ECONOMIC PARTNERSHIP AGREEMENT John Delaney MARC-OLIVIER GENDRY , Ambassador of the Republic of France (left to Governor General Arthur Hanna yesterday. D e r e k S m i t h / B I S Bishop ‘Randy’ Fraser retrial expected to resume in September Students r eceive fr ee oral health care examination Unfortunately, many children do not see the dentist on a routine basis for basic dental services Dr. Sparkman Ferguson

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n By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net A WEALTHY Lyford Cay resident with not long to live is calling for a re-examination of gaming laws for financial residents of the Bahamas. Robert Halat, a United States citizen who retired in the Bahamas 19 years ago, suffers f rom emphysema and believes he has around eight months to live. Gambling is one of Mr Halat’s simple pleasures as his mobility is limited and the casinos are a place where he can sit comfortably without a respirator for three or four hours and socialise with friends. But the 78-year-old, who was g ranted residency when he retired in the Bahamas with his French wife in 1990, has been booted out of casinos in New Providence and P aradise Island because gaming laws prohibit residents from gambling. He was kicked out of the Wynd ham Resort’s casino in Cable Beach by gaming board officials who spotted him sitting on a stool near the slot machines talking to a f riend last week, and Mr Halat believes he is being singled out by authorities. H is fondness of gambling took M r Halat to court in October when he was charged with gambling as a Bahamian citizen after playing poker in the Atlantis casin o on September 24, his 78th birthday. Charges were dropped the same day as Mr Halat is not a Bahamian citizen. T he Chicago native who ran a l ucrative flower auction with his wife’s family in France considers himself a permanent tourist as he has never worked in the Bahamas a nd spends around $100,000 in the country every year. He is calling on the government to make a simple change in the ludicrous” laws which prevent non-Bahamian financial residents from contributing to one of the country’s biggest sources of revenue in a struggling economy. And Mr Halat maintains the restrictions are putting off other wealthy foreigners from retiring in the Bahamas. H e said: “Having an obstruc tion like this means they will lose a lot of business. “The law doesn’t have to be all c hanged, but they could exclude financial residents who don’t workb ut want to retire here. “I can see why the government m ight not want Bahamians to gamble, but to take away my right just because I reside here is ludicrous.” The laws have been under r eview for around two years and t he frail retiree is losing patience as he now has little to live for, and does not want to die with an ongoing battle. M r Halat said: “I don’t think I have another eight months to live and I am not trying to put out a sob story, but I don’t want to die a ngry. I sit here and brood about i t every day and it’s ruining my life. “I have been angry for the past two years and I will curse the gove rnment of the Bahamas with my dying wish. “They have got to do something because they are losing out o n so much revenue, and in this period, the country needs it.” Vincent Vanderpool-Wallace said the review is a complicated process because there are a number of reforms to be considered. He said: “Part of what we have been talking about recently is if there are a number of people that f all into the same category. In addition there are some items we have to amend in relation to the Financial Transactions ReportingA ct, and we didn’t want to come forward with this in multiple bites we want to do it all at once. “We took a first look at it last w eek and I wish I could give you a definitive date for when it will be completed, but I can say it’s definitely something that’s under consideration.” C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, MAY 22, 2009, PAGE 3 PRINCESS Margaret Hospital's CAT Scan unit is facingsome challenges as officials at the hospital await the arrival of a replacement part. Hospital Administrator C oralee Adderley said while t he hospital's lone CT scann ing machine is still operational, certain procedures cannot be performed until a faulty part is replaced. "The CT machine is working but we're not able to do all procedures because there is one particular part that's not working, but we are able todo general procedures," she said yesterday. When asked how long it would take until the machine was fixed, Ms Adderley said: "As long as it takes for the vendor to get the new part to us". The replacement part is b eing shipped from overseas, she said. An angry patient who con tacted The Tribune yesterday claimed he was told that the part would not arrive for three weeks and expressed outrage that the hospital had not informed the public of the setback. Ms Adderley said the unit is handling patients who are in need of CT scans, also known a s CAT scans, on a "case-byc ase basis". CT scanning is a non-inva sive medical test that helps physicians diagnose and treat medical conditions. n By ALISON LOWE T ribune Staff Reporter alowe@tribunemedia.net A 24-YEAR-OLD man wanted in connection with the killing of an 1 8-year-old Nassau Village resident has turned himself in to police. Ramont Knowles made his presence known to the authorities shortly after midnight yesterday. Assistant Superintendent Walter Evans said Mr Knowles was being questioned yesterday. He could not say whether or not the 24 year-old w as likely to be charged with the shooting the country’s 28th homicide. According to police reports, 18 year-old David Alcindorp was walk i ng in the Lifebuoy Street area when an SUV pulled up alongside him. S everal people exited the vehicle and began firing shots in his direction, according to police. Mr Alcindorp was struck in the chest and his his ankle. A .380 mm handgun and three live rounds of ammunition were found nearby. A lso taken into custody on Wednesday was 24 year-old David Met tellus. Wanted in connection with an armed robbery, the young manw as found in the Potter’s Cay Dock area at around 12am. PMH CAT Scan unit is facing challenges In brief n By DENISE MAYCOCK T ribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT – A number of community leaders on Grand Bahama are calling for the appoint ment of Christian Council representatives to the government select committee investigating allegations of child molestation in public schools. Rev Glenroy Bethel, founder of Families For Justice; Troy Garvey, president of the Parents Teachers Association at Eight Mile Rock High School; Rasta Jah Shiloh of the Inity is Strength Movement and C Allen Johnson of Bahamas Action Network, held a press conference yes terday to express their support for the move. Although the select committee was appointed two weeks ago, no one is sure when it will begin its inquiry into the allegations at Eight Mile Rock High School (EMRHS been filed against three teachers. Rev Bethel said two representatives of the Christian Council – one from New Providence and one from Grand Bahama – should be included. “Today we continue to seek justice and pro tection of our children throughout the Bahamas in our education system and we stand in sup port with PTA president Troy Garvey and all the families of the victims who cried for justice to be served,” he said. “We believe that the committee along with the Christian Council would be a step in the right direction for the protection and safety of our children.” Mr Garvey said he has tried contacting the select committee to find out about when investigations will be launched. “We have not seen anyone come to question or investigate anything and I have also tried calling them to find out if they have started, but no one has returned my call. “We are looking forward to diligent investigations into these matters; we want people to know that we will not sit idly by.” Mr Garvey stressed that it is important for a report from the select committee to be brought to House of Assembly in a timely manner so the issue of child molestation in schools can be addressed. He also urged parent-teacher associations around the Bahamas to speak out on the issue. The PTA, he said, plays an important role in schools and society because it serves as a bridge between parents, teachers, students and the community. Mr Allen-Johnson said: “We are looking for more transparency and accountability with the involvement of various civic and religious organisations in the process, as well as reports given to parliament, and we are simply asking the government to do more than lip service in regards to this committee,” he said. Rasta Jah Shiloh said that the Inity is Strength Movement is pleased to support efforts to safe guard students from sexual abuse. He commended all teachers who have done an excellent job in educating the country’s youth. Resident ‘with eight months to live’ calls for gaming laws change GOVTGETS TO WORK AT ARAWAKCAY WORK IS TAKING PLACE at Arawak Cay where the government has removed a number of casuarinas to replace them with coconut trees. It is unknown at this time if the much needed replacement of sewerage lines at the nearby Fish Fry is to be worked on during this process as well. T i m C l a r k e / T r i b u n e s t a f f Call for Christian Council members to join committee investigating molestation claims Man wanted in connection with killing turns himself in ALTHOUGH severance packages for the employees of the Four Seasons Resort at Emerald Bay are due to be given out on May 28 – two days after the resort closes – a group of employees asked for and were given their packages yesterday. Minister of Labour Dion Foulkes told the media that 20 people requested early severance packages, as they have already secured other jobs. "These 20 persons have apparently already secured alternate employment and they requested to receive their severance packages earlier. This is sort of good news for us because it shows that there are jobs out there to be gotten," said Mr Foulkes. A committee has been formed, made up of Labour officials and representatives of the Bahamas Hotel and Allied Workers Credit Union, to meet with each of the Four Seasons employees to determine details about their employment, such as how long they worked at the resort and in what capacity, in an effort to ensure that each person gets the severance package that is due to them. Mr Foulkes advised those hotel workers who may find it difficult to obtain employment after the resort closes on May 26 to register for the country's unemployment benefit scheme. The Emerald Bay Resort and Marina, Four Seasons Hotel and golf course, will close on May 26, leaving around 500 employees out of work. The closure comes nearly two years after the resort was handed over to receivers by developers EBR Holdings after the company fell into debt. Although there was high interest in the property, all agreements fell through, and when the economic downturn struck in September last year, the resort suffered significant losses. Without new investors to acquire the project, secured creditor Mitsui decided to temporarily close the resort. On Monday, Prime MinisterHubertIngraham announced that consultations have begun with various parties, and receivers confirmed there is significant interest in the resort, although negotiations are still at an early stage. I I c c a a n n s s e e e e w w h h y y t t h h e e g g o o v v e e r r n n m m e e n n t t m m i i g g h h t t n n o o t t w w a a n n t t B B a a h h a a m m i i a a n n s s t t o o g g a a m m b b l l e e , , b b u u t t t t o o t t a a k k e e a a w w a a y y m m y y r r i i g g h h t t j j u u s s t t b b e e c c a a u u s s e e I I r r e e s s i i d d e e h h e e r r e e i i s s l l u u d d i i c c r r o o u u s s . . Robert Halat, a US citizen w ho retired in the Bahamas Emerald Bay severance packages handed over

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E DITOR, The Tribune. When I was first elected to P arliament in 1982 the vexing problems of the day were the horrendous traffic congestion down-t own, and the unsightly freight containers on Bay Street. Almost thirty years later the problems are still there, but worse. I suggested then that a bold decision had to be made to develo p a freight port at Clifton Pier. Most people then thought I was crazy. B ut let us examine what would have happened had my suggestion been taken seriously. With the freight port moved to Clifton almost one thousand people now employed at the freightc ompanies would be moved off Bay Street to the new freight port facility. This would also take their c ars off Bay Street thus eliminating the traffic problem ..and at no direct cost to the Government. E very new city needs a core industry. The new freight port would be i t! The newly located employees would need to shop before coming east to their homes, so the grocery people would build a food store there; the ladies would like to buy new shoes or have their hair done so the appropriate stores would be built to fill those n eeds. In short, a new, very badly needed city would rise, creating m ore opportunities for young entrepreneurs, more employment and a more stable growth for the e conomy. I was told then that such a move would increase the cost of f reight because of the long runs that would have to be made between client and the shipper. My response was that a diesel truck, starting and stopping in the noonday traffic was more fuel inefficient than a truck being dri ven on an unobstructed highway. F urthermore, the trucks would, for the most part, be going west in the morning when traffic was t ravelling east and east in the afternoon when the traffic was going west, thus creating very lit t le if any traffic problems. With ugly freight containers moved, the northern side of NewP rovidence could be devoted to being designed to attract tourists. Rather than seeing an ugly freight facility as they entered the har bour, the tourist would see an a bsolutely magnificent Nassau, an island full of tourist attrac tions, and small islands around it t o tantalize the imaginations of the young travellers. Arawak Cay, originally Kelly Island, was formed using the fill dredged from the harbour when it was being extended. I t was designed to be developed as a tourist attraction, filled with opportunities for Bahami ans who would be put into the mainstream of the tourist mar ket. There was, however, one problem. This was the 1960's and the concept of Kelly Island being developed as a tourist attraction w as the brain child of Sir Stafford Sands and the UBP, and that was taboo in those days. It was in 1967 when the PLP took power that everything that had a smell of the UBP had to be changed. And so Kelly Island was turned into a dump with a customs wareh ouse replacing the concept of a t ourist attraction. On my last visit to Arawak Cay the old, rusty,f alling down warehouse was still there as a monument to racial and p olitical stupidity! So what had untold possibilities is now a dump! Yes, it would have been..and still could be..a win-win situa-t ion! But I've heard some rather dist urbing rumours lately. Someone or some group seems to have conv inced the Government to put the freight facility on Arawak Cay and extend the Cay west. Oh, god, what next!? What are we, a freight destination or a tourist d estination? I understand that Arawak Cay i s to be enlarged taking it west to or almost to Saunder's Beach. W hen Arawak Cay was original ly proposed the public was told that no erosion would be caused by its creation. Anyone who can remember k nows this was not the proper assessment. W hen I was a young man, all the area that is now solid rock w as beach. By moving Arawak Cay west more beach, including Saunders beach will erode. Yes, another Bahamian jewel will be destroyed, some say, to fulfil the wishes of a few shorts ighted, greedy people. Today, if you examine the w aters on the south-western side of Arawak Cay you will find that, for the most part, the beaches are not only eroded but the water is stagnant. Extend it further west and there will be more stagnation and m ore erosion. So let's fast forward ten years, j ust a generation in our lifetime. The port will be too small then a nd will need to be further expanded. Since the beaches will have been eroded and the waters stagnant, they will say it only makes sense to join New Providence to Arawak Cay. O n the north the two or three small islands which no longer will be used to lure tourists here will too be joined to Arawak Cay. Far fetched? No, not really. N ow let's come back to the present. It is apparently proposed to u nload the ships at Arawak, and then transport the trailers to some clearing area on Gladstone Roadw here they will be sorted and reloaded for the trip back to their destination in the city. Let's see..that's load, unload, load and unload, most of which will happen at night. Overtime? C ost of freight? Wow! Some say that this will eliminate traffic. True, it may elimin ate the large trucks travelling through Bay Street during the day, but nobody seems to have considered the massive number of vehicles still going through a congested area for people to gett o work. Traffic jams? You ain't seen nuttin yet! T he only conclusion I can reach is that most of the people advising the Government have e ither no vision or their own selfish agendas. I would suspect both. Prime Minister I implore you t o step back and take a long, hard look at what stands before you. Your decision will be either to put a thing of beauty or a cesspit into our showcase window. The choice is yours. PIERRE DUPUCH N assau, May 20, 2009. D ear Mr. Dupuch For the record I am completely opposed to moving the port to C lifton. We can kiss what is left of the dive industry goodbye if this happ ens, including 200 acres of undisturbed forest. I say that all proposals be put on the table with adequate com ment periods so that the pros and cons of each site can be weighed. Then perhaps we can make an educated decision about where t o move or not move the port. My understanding of the situation as discussed several years ago ( at Kerzner’s beautification of Bay Street meetingsthose meetings were a “make it fit at C lifton” scenario) was that Arawak cay is 85 acres – the exist ing port area in Bay Street is 43a cres – more than enough room to store everything there with room for expansion. Additionally over 70 per cent of the freight that comes in is dis t ributed in the eastern part of the island why are we adding all that travel to our goods? T here is a law in the Road Traffic Act that says the container trucks are to get permission to move by road traffic why isn’t this law enforced? Why does the tail continue to w ag the dog? SAM DUNCOMBE Nassau, May 20, 2009. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, MAY 22, 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 W EBSITE w ww.tribune242.com – updated daily at 2pm W ASHINGTON In soaring rhetoric, Barack Obama ran through his logic for closing t he Guantanamo Bay prison, deliberately planting himself on the middle ground between his conservative critics led by Dick Cheney and those to the left who accuse the new president of failing to restore American justice for all. O bama slid easily back into his role as constitutional scholar, gliding through a long, care-f ully reasoned brief in the rotunda of the storied National Archives on Thursday. One of his a ims appeared to be diminishing Cheney's message across town in a cramped-by-comparison conference hall at the conservative American Enterprise Institute. Plans for Obama's speech were made public o nly a week ago, several days after Cheney's appearance was known. I n the company of original copies of the Constitution, Declaration of Independence and B ill of Rights, Obama stood firm behind his decision announced on the second day of his presidency to close the Guantanamo prison, a lockup reviled in the Muslim world and a drag on U.S. relations with many of its o ldest allies. "There is also no question that Guantanamo s et back the moral authority that is America's strongest currency in the world," Obama said. " Instead of building a durable framework for the struggle against al-Qaida that drew upon our deeply held values and traditions, our government was defending positions that undermined the rule of law." The prison at the U.S. naval base in Cuba was set up by the Bush administration after the Sept. 11 terrorist attacks as American forces began sweeping up prisoners in Afghanistan in l ate 2001. By keeping such prisoners outside the United States, the argument went, captives could be held beyond the American judicial system and their cases disposed of in the military judicial system. But, Obama repeated Thursday: "For over seven years, we have detained hundreds of people at Guantanamo. During that time, the system of military commissions that were in place at Guantanamo succeeded in convicting a grand total of three suspected terrorists. Let me repeat that: three convictions in over seven years." Cheney said, as if in response: "If fine speechmaking, appeals to reason, or pleas for compassion had the power to move them, the terrorists would long ago have abandoned the field. And when they see the American government caught up in arguments about interrogations or whether foreign terrorists have c onstitutional rights, they don't stand back in awe of our legal system and wonder whether t hey had misjudged us all along." Both men appeared to have written their speeches over crystal ball forecasts of what the other would say. Obama complained that he was weighed d own by "cleaning up something that is, quite simply, a mess" left behind by the Bush WhiteH ouse. Cheney begged to differ, declaring Obama was rushing to close Guantanamo with " little deliberation and no plan." While the sitting president and the former vice president each scored points in their sequential debate, Obama walked away without having given American lawmakers the plan t hey wanted. Both the House and the Senate have refused O bama's request for $80 million to begin clos ing down the prison, as even some of Obama's s taunchest Democratic allies have demanded he first tell them what he will do with the pris oners. There is a noisy backlash mainly fueled by Republicans' relentless criticism of Obama's p lans against putting what are seen as dangerous terrorists in U.S. prisons. B ut that did not seem to be Obama's top concern. He seemed more intent on placing h imself between the Cheneyites and his critics on the left who are bitterly complaining the president is not strongly defending American legal protections. "On one side of the spectrum, there are those who make little allowance for the unique challenges posed by terrorism, and who would almost never put national security over transparency," Obama said in a pointed return of f ire toward those to his left. "On the other end of the spectrum, there are those who embrace a view that can be summarized in two words: 'anything goes,' " Obama said. The counter-fire on Cheney, who was never mentioned by name, was clear: "Their arguments suggest that the ends of fighting terrorism can be used to justify any means, and that the president should have blanket authority to do whatever he wants provided that it is a pres ident with whom they agree." While Obama sought to sway critics, the wounds opened in the United States on Sept. 11, 2001, still may remain too fresh to be salved by Obama's densely crafted visions to hold sway. (This article was written by Steven R. Hurst of the Associated Press). PM must choose between beau ty or a cesspit LETTERS l etters@tribunemedia.net Obama seeks middle ground on Guantanamo Harbour Bay S S i i z z e es s X X S S t t o o 3 3 X X L L Sale on Selected items Up to 50.% Off ALL CLOTHING

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C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, MAY 22, 2009, PAGE 5 WCVH6800 DCVH680E * DayEasy 322-2188/9You’ll wonder how you ever got along without it. $2575.00 www.shamrockcorp.com 954.578.4120i nfo@shamrockcorp.comF ully furnished and equipped apartments by the day, week or month inSpring Specials: $65 per night 2 bedroomSunrise Ft. LauderdaleMiami Miami n B y TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net PUBLICcontributions towards the higher education of Bahamians should be seen as an investment in thec ountry's future, former College of the Bahamas p resident Dr Keva Bethel said. " At this point in the world's history with an increasingly sophisticatedt echnological and knowledge based environment, a w ell-educated populace is the only sensible ingredient to (ensure development of society," s aid Dr Bethel, vice-president of the Doctor's Hospital Dr Meyer Rassin Found ation. "We need people with advanced education and training possessed of impor-t ant specialised skills and, I w ould add, particularly possessed of a willingness to use those skills effectively and ethically for the betterment of the communities of all. Essential Investment in the further education of our people, therefore, is in many waysn ot an option. Enlightened self-interest combined with c oncern for the future dictates that such investment is essential . . . And will payr ich dividends for us all.” Her comments came during the foundation's firste ver 'Dollars for Scholars' fundraiser fashion show and l uncheon held at Luciano's restaurant yesterday. The foundation, launched i n 1999 in the memory of prominent surgeon Dr Meye r Rassin, provides scholarships and financial aid to qualified students in theh ealth care field. The programme has assiste d 38 students since its inception. Dr Judson Eneas, presid ent of the foundation, said the programme is vital in enhancing the country's health care field. "Most of our students, they don't have trust funds,t hey don't have parental s upport and so many of them are working to try and save money to go to school so anything that they can get to help, will help. " We try to help nursing students, pharmacy students, physical therapy students even some medical studentsand it will sort of obligate them to come back and help u s in the Bahamas," he said. Scholarship Yacasta Ford, a 26-yearo ld graduate of Moorehead State University's imaging sciences programme said thes cholarship has been "instrumental" in the comp letion of her academic career. "My school's programme i s extremely expensive so it helped with books and stud ent fees," said the 2009 graduate who plans to begin working in the Bahamass oon. n B y DENISE MAYCOCK Tribune Freeport Reporter d maycock@tribunemedia.net FREEPORT – Several dead bonefish which w ere washed ashore off Eight Mile Rock, Grand Bahama, are being examined by marine experts. T hey were sent by the Department of Marine Resources to Florida on Thursday for testing to d etermine the cause death. A large number of dead bonefish were discovered washed on shore and floating in watersn ear the entrance of the Harbour on the east side of Lover’s Beach on Wednesday. C lement Campbell, assistant fisheries super intendent at Department of Marine Resources in Freeport, told The Tribune that six of 13d ead fish that were collected on Wednesday are being sent to the University of Miami in Florida for testing. Mr Campbell said that the results should be ready in the next 14 days. We don’t know what may have caused this to happen and once the results are back we will update the public,” he said. M r Campbell said some of the dead fish were floating in the water and some were carried out i n the surf. He noted that several persons were in the area prior to his arrival and may have takens ome of the fish that had washed ashore. Mr Campbell is warning persons who may h ave taken any the dead fish not to eat them because it is not known what may have caused their deaths. R esidents are asked to contact the Department of Marine Resources at 352-9166 or the police if they see anything usual occurring in the area. Bonefish is a protected fish and is among the c atch and release category in the Bahamas. The bonefish is the type species of the Albu lidae, or bonefishes. It is amphidromous, living in inshore tropical waters, moving onto shallow tidal flats to feed with the incoming tide, andr etreating to deeper water as the tide ebbs. Bonefish are considered to be among the world’s premier game fish and are highly soughta fter by anglers. Bonefish are primarily caught for sport. They are not commonly eaten. FREEPORT – Discovery Sun has advised that the test run of the vessel’s engine showed a misalignment which needs to be repaired immediately. Therefore, the Discovery Sun will not sail tomorrow as planned. It is anticipated the service will recommence on Thursday, May 28, 2009. Discovery has been unable to sail since Sunday when the vessel experienced mechanical problems. Passengers scheduled to leave Grand Bahama were flown out by charter to Fort Lauderdale. Call for public investment in higher education of Bahamians Experts examine dead bonefish washed ashore F ORMER C ollege of t he Bahamas president Dr Keva Bethel speaks yesterday. Discovery Sun service to recommence on Thursday In brief T HE bad weather over the past few days may con-t inue through Tuesday, with heavy rains and thunders torms expected, deputy director of the Department of Meteorology Basil Dean said. An upper level low in the G ulf of Mexico moving west will leave a trailing upperl evel trough over the north west Bahamas through Satu rday and a surface low near the southeast Bahamas should move into the northw est Bahamas on Sunday, he explained. " That will certainly enhance the shower activity o n Sunday, so it's wet weather right through the weekend," he said, adding that the wet weather is not expected to clear up before Tuesday. "The rains will be with us through the weekend. There will be occasional thunders torms throughout the next few days but mainly moder ate rains, which can be heavy at times with one or two thunderstorms," said Mr Dean. Bad weather may continue until Tuesday

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n B y LINDSAY THOMPSON THE Ministry of Foreign Affairs has submitted to the Sec retary General of the United Nations, preliminary scientific i nformation indicative of the outer limits of its continental shelfb eyond 200 nautical miles. The submission, on May 12, is i n compliance with its obligations as a State party to the United Nations Convention on the Law of the Sea, said Deputy Prime Minister and Minister of ForeignA ffairs Brent Symonette. “The submission is a necessary s tep in the process by which The Bahamas will extend its claim to t he outer limits of the Continental Shelf beyond 200 nautical m iles, subject to negotiations with adjacent states,” he said on Thursday. The extent of State claims over the Continental Shelf beyond 200 nautical miles is defined in the United Nations Convention on the Law of the Sea. Jurisdiction over the continental shelf includes the sover eign right to explore for and exploit all the non-living resources of the seabed and the subsoil of the shelf, including oil and gas and minerals, as well as jurisdiction over certain sedentary marine species. Areas of the seabed beyond the outer limits of the Continental Shelf are administered by the International Seabed Authority based in Jamaica, for the benefit of the international community. The Bahamas is an active member of the Authority. For mer Director General of the Ministry of Foreign Affairs George P Stewart, served on its Legal and Technical Commission. “The Government of The Bahamas is cognizant of the fact that as an archipelagic country with a vast maritime space, it is of vital national importance that The Bahamas adheres to all of its international legal obligations and avails itself of all advantages relating to access and control over the rich resources that abound in the ocean,” Mr Symonette said. “The prudent and responsible use of these resources will be of paramount importance to the future development and progress of The Bahamas,” he said. C M Y K C M Y K LOCAL NEWS PAGE 6, FRIDAY, MAY 22, 2009 THE TRIBUNE n By ALISON LOWE T ribune Staff Reporter alowe@tribunemedia.net NEW HI-TECHsurveillance equipment has made the capture and conviction of drug smug-g lers, human traffickers and other seafaring c riminals crossing Bahamian waters easier and quicker. A multi-million dollar computer system i nstalled in United States government aircraft allows the US Coast Guard to zoom in on a susp ected smuggler’s face from 10,000 feet, record high quality video of his movements from the air, while simultaneously tracking 5,000 shipss pread over hundreds of miles of ocean. Only two planes in the world contain the s tate-of-the-art crime-fighting equipment – developed at a cost of $15 million. One of theseb elongs to the Miami US Customs and Border Protection office. With the old system, you were looking through a straw for a quarter on a card table,” Michael Ringgold, an air interdiction agentw ho worked with the engineers to develop the new system told the Florida Sun Sentinel newsp aper. “Now you’re looking with your eyes open at the whole room.” Importantly the system can home in on and f ilter out hundreds of legitimate cargo or other ships plying the waters in minutes, allowing a uthorities to focus its attention on more suspicious vessels. The software can compare the path of a boat t o every filed course plan available in seconds, to see whether it can be identified. C ompared to the previous system’s effective range of 32 miles, the new equipment can scan a 44 mile radius of ocean at 1,500 feet and at 10,500 feet, the coverage increases to a 193-mile radius. O nce flags are raised about a boat’s course a nd purpose, the system can do the necessary calculations to allow the nearest US Coast G uard boat to intercept it in the shortest time possible. During a test run last year, the equipment p roved its worth. Interdiction agents were able to secure convictions for a captain and his c rewmen who were charged in connection with a human smuggling conspiracy that resulted in deaths after recording the accused men witht he technology. Their boat had been spotted about 30 miles w est of Andros with a “large number of people” on board. Customs officials said agents watched and r ecorded as another boat pulled up to the vessel, before the two then started off for Florida. T hree Coast Guard cutters were sent to intercept them. During the chase, an immigrant onboard the vessel hit his head and died. T wo of those accused of involvement pleaded guilty, and on April 13 a federal judge sentenced them to nine years and nearly six years in prison respectively. Four of the suspects on the second boat f ought the human smuggling charges, but guilty convictions were delivered by a federal jury in light of the video recording and satellitei nformation captured by the monitoring equipment. The four were sentenced to 10 years in p rison each. New equipment to make capture of smugglers easier Hi-tech surveillance system installed in US govt aircraft The Bahamas submits maritime boundaries to UN T T h h e e s s u u b b m m i i s s s s i i o o n n i i s s a a n n e e c c e e s s s s a a r r y y s s t t e e p p i i n n t t h h e e p p r r o o c c e e s s s s b b y y w w h h i i c c h h T T h h e e B B a a h h a a m m a a s s w w i i l l l l e e x x t t e e n n d d i i t t s s c c l l a a i i m m t t o o t t h h e e o o u u t t e e r r l l i i m m i i t t s s o o f f t t h h e e C C o o n n t t i i n n e e n n t t a a l l S S h h e e l l f f b b e e y y o o n n d d 2 2 0 0 0 0 n n a a u u t t i i c c a a l l m m i i l l e e s s , , s s u u b b j j e e c c t t t t o o n n e e g g o o t t i i a a t t i i o o n n s s w w i i t t h h a a d d j j a a c c e e n n t t s s t t a a t t e e s s . . Brent Symonette Shar e your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an awar d. If so, call us on 322-1986 and share your story. MINISTERADDRESSESPRIMARY PRINCIPALS' ASSOCIATION MINISTER OF EDUCATION Carl Bethel is pictured addressing the Primary Principals' Association’s 32nd annual ecumenical service at New Bethany Baptist Church on Sunday, May 17. Minister Bethels aid the 23 persons who were honoured have “lived exemplary lives and would have inspired many a young mind over the past 30 years to have gained the recognition of being called living legends.” L e t i s h a H e n d e r s o n / B I S

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C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, MAY 22, 2009, PAGE 11 a ppeals by the Attorney General’s Office against the granting of bail, that subsec t ion 4(2 Bail Act as amended in 1996, purports to impose a “total prohibition” on the granting o f bail by judges to persons c harged with any Part C offence such as murder and armed robbery. The Attorney General’s Office had appealed the decisions to grant bail to Bradley Ferguson, charged with murder, and Stephen Stubbs and Kenton Dion Knowles who had also been charged with murder. How ever, earlier this year both Stubbs and Knowles were acquitted of the murder charge against them. Fergu son is awaiting a retrial and Stubbs, who was discharged in the murder of Samuel “Mouche” McKenzie, is awaiting a retrial in the 1999 murder of Corporal Jimmy Ambrose. The Attorney General’s Office had also appealed the decision to grant bail to Kermit Evans who is charged with armed robbery. Prior to the amend ment to the Bail Act, the Court of Appeal had no jurisdiction to hear appeals against the granting of bail where there was no pending appeal against conviction. In her ruling yesterday, Dame Joan stated that the main issue that arose in the appeals in her view, was “whether subsection 4(2 the Bail Act is valid under the Constitution, in other words whether Parliament of the Bahamas has the power to enact legislation which has the purported effect of deny ing bail to persons arrested and detained on reasonable suspicion of having commit ted serious offences, no mat ter what the circumstances of the alleged offences are, or how long a person is detained by the prison authorities or the police without trial.” Subsection 4(2a Bail Act provides that “not withstanding any other enactment, a person charged with an offence mentioned in Part C of the schedule shall not be granted bail.” Subsection 4(2b right to bail of persons convicted of certain offences and who have given notice of an intention to appeal. Dame Joan stated, “While Section 4 of the Bail Act as originally promulgated did not absolutely prohibit the grant of bail in murder and other serious cases by the justices of the Supreme Court, as recast in 1996, subsection 4(2 that is, it absolutely prohibits the grant of bail in murder and armed robbery cases, even where an accused person is not tried within a rea sonable time, that subsection is therefore in conflict with article 19(3 tion and as a result it is void and of no effect.” “I hold therefore that the judges of the Supreme Court and this court have discretion whether or not bail should be granted, even in cases where a person is detained pending trial for offences which fall within Part C of the first schedule of the Bail Act,” Dame Joan said. Dame Joan noted, however, that the discretion of the judges must be carried out “judicially” as well as “judiciously.” However, in the appeal before her and her fellow judges Emmanuel Osadabay, Hartman Longley and Christopher Blackman Dame Joan allowed the Attorney General’s appeal against the decision to grant bail to the men. The decision, however, can no longer affect Knowles and Stubbs, w ho had been acquitted of m urder and have been released. However, bail will not be granted to Bradley Ferguson and Kermit Evans,w hose cases are still pend ing. Attorney Murrio Ducille who represented the men in the appeals process told The Tribune that what the appellate court’s decision essen t ially meant was that parlia ment “cannot perform a judi cial act.” “You cannot tell a judge when and when not to grant bail,” he said. Dame Joan in her ruling also commented on the escalation of attempts to intimidate witnesses. Dame Joan stated, “It should be clear to everyone concerned with the proper administration of justice in this country that where threats are made against a witness or witnesses, then administration of justice will be adversely affected. “It should be clear that if the state does not make ade quate provision for the safe ty of persons it intends to call as witnesses for the prosecution, with the pervasive effect of other cultures that is evident in the day-to-day experience of the courts in this country, there is a greater likelihood that attempts will be made to interfere with the course of justice by seeking to intimidate witness.” In a dissenting judgment on the appeals, Justice Hartman Longley, while also rul ing that subsection 4(2 the Bail Act was void, upheld the decision to grant bail to the four men. While noting that Fergu son at the time of his bail application had spent six years in custody on two charges of murder and attempted murder, Justice Longley stated in his ruling, “The circumstances may be exceptional, but it seems to me it would be a dangerous precedent to set in a democratic society to deprive a man of his liberty because he was on bail for one offence, another offence has been brought against him even though there is no evidence to support that second charge.” ambassador,” Mr Dubel said. T his new ambassador will be the 13th p erson named to the post following the departure of the previous Ambassador N ed Siegel. Ambassador Siegel spent a little over a year in the post having taken office on November 14, 2007. Departing the Bahamas on January 20, 2009, the USA mbassador’s post has been vacant since then. Mr Siegel, during his tenure, focused his attention on bilateral agreements between the two nations along with the fight against HIV/AIDS and breast canc er. U nder his watch, attention was also given to the further advancement of the strategic partnership of Operation Bahamas Turks and Caicos( OPBAT), which saw the continuation of air coverage in October 2007. Additionally, new state-of-the-art communic ations equipment were also added to the Nassau centre to assist the Royal Bahamas Defence Force a nd the Turks and Caicos Police M arine Divisions. Among his other accomplishments during Ambassador Siegel’s tenure w as the signing of the Cooperation A greement under the Proliferation S ecurity Initiative (PSI both the Bahamas and US governm ents. In both 2007 and 2008 Ambassador Siegel awarded local organisationsg rants totalling $25,000 to help in the f ight against HIV/AIDS in the B ahamas. Ambassador Siegel and his wife, Stephanie, were instrumental in the launch of the Bahamas Breast Cancer Initiative (BBCI a ted to raise awareness about the importance of education and early detection and elevate the standard of cancer screening and care in the Bahamas. During his departure celebrations Mr Siegel said that he was honoured to have served as the U S Ambassador to the Bahamas, which has led to t he further strengthening of mutual ties “based on common values and beliefs.” ment signing in February between BHCAWU and respective hotel properties, said Mr Colebrook. "That money comes from the n ewly established gratuity form ula put in place with the new c ontract so that every employee in the hotel, in the bargaining unit, will be receiving some form of gratuity and that's the first time in history that this ish appening," he told T he Tribune yesterday. The new measures will affect some 1,400 union members "who had never received gratuity payments before" while members who are part of theu nion's common gratuity pool will receive gratuity elevations, Mr Colebrook added. "I don't have the exact figu re here with me but it will be i n excess of well over $200,000 that was shared between some 1,400 plus persons affected by this move today," said Mr Colebrook. The new gratuity payments were calculated from March 4u ntil the payment date, said the union official. "This is the first time in the history of this entire industry and the union that something like this has happened. . .This is w hat you find with steady, level h eaded leadership," said Mr Colebrook, who is facing a leadership challenge when the union members head to the polls nextw eek. The measure was welcomed by union members considering the tough economic times facingt he country and the turbulence i n the tourism industry, Mr Colebrook told The Tribune. With elections slated for May 28, the union's executive board recently called for calmness during the voting process. Thisc ame after a fight broke out between the union’s different factions during last week’s nomination process. Voting will take place from 8 am to 6 pm at Worker's H ouse in New Providence and S t Matthew's Hall for persons who work on Paradise Island properties. Several stations will be open for members workingi n the Family Islands. FROM page one Court ruling ‘could fr ee accused killers’ FROM page one $200,000 paid out to hotel union members Obama fundraiser ‘may be namedAmbassador to Bahamas’ FROM page one N ed Siegel Persons accused of murder are released on bail n By PAUL G TURNQUEST Tribune Staff Reporterpturnquest@ tribunemedia.net LAST month 11 persons were released from Her Majesty’s Prison on bail for murder or attempted murder. Indocumentation obtained by this newspaper, it was revealed that some 205 persons were released from the prison many of them with multiple charges ranging from murder and armed robbery, to unlawful sexual intercourse and rape. Of these 205 persons, 153 were released on bail and 39 of them were classified by the Central Intelligence Bureau as persons who “should be monitored.” Eleven persons released o n bail were in prison for m urder or attempted murd er, three for unlawful sexua l intercourse, three for rape, a nd one for assault with i ntent to rape. N umerous persons were i ncarcerated for houseb reaking, shop breaking, a rmed robbery, indecent a ssault, stealing, and possess ion of dangerous drugs. W ith 28 homicides recorde d for the year thus far and a c ommunity crying out for a ction on this vexing issue of c rime, sources within the l egal fraternity claim that the B ahamas will be engulfed in t his “wicked” spiral for some t ime until the government t akes a serious position on t he issue. R ecently, Rev. Dr CB M oss cautioned government bune obtains n mbers of those b led and facing s ious charges SEE page sixW T HE TRIBUNE r eported this week that 11 people were released on bail for murder or attempted murder in April.

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n S OCCER MADRID A ssociated Press BARCELONA will devote its final home match of the sea-s on on Saturday against lowly O sasuna to celebrating its brilliant season with supporters. H owever, the thoughts of players, officials and fans arel ikely to stray to next Wednesday's Champions League final a gainst Manchester United, as Barcelona aims to become the first Spanish team to win thet reble of Europe's top club competition and the domestic league and cup. Osasuna will be greeted by a c arnival atmosphere at Camp Nou, where Barcelona will be p laying for the first time since its recent league and Copa del Rey triumphs. Musicians will perform before kickoff, and Barcelona coach P ep Guardiola and captain Carl es Puyol are scheduled to express their thanks to supporters by addressing the crowd a fter the game. The team will then make a lap of honor accompanied by af irework display, with fans givi ng Barcelona an enthusiastic send-off for the final in Rome. Guardiola is expected to rest m ost of his first-team on Saturday apart from fullbacks Daniel Alves and Eric Abidal, who are b oth suspended for the United match. That could mean a break for Samuel Eto'o, even though the C ameroon striker is battling with Atletico Madrid's Diego Forlan in the race to win the P ichichi prize for Spain's top scorer. Eto'o leads with 29 goals, one more than theU ruguayan. Guardiola may again select the club's third-choice goalkeeper, Oier Olazabal, and mid f ielder Xavi Torres, who made their league debuts in last week's 2-1 defeat at Mallorca. S till, midfielder Sergio Busquets said Barcelona needs to put up a good show in them atch against its relegationthreatened opponent. "Otherwise it would show a lack of respect for Osasuna," he said. Barcelona's total of 86 points from 36 matches is already a Spanish league record, and it can establish an even higher landmark by avoiding defeats in its final two games. Guardiola's team also requires just four goals from its final two games to beat Madrid's record of 107 in a league season, set in 1989-90. Barcelona also faces pressure to perform from eight other teams Racing Santander, Valladolid, Espanyol, Real Betis, Getafe, Sporting Gijon, Numancia and Recreativo Huelva who are fighting with Osasuna to avoid the drop. Santander and Valladolid have 42 points, Espanyol 41, Betis 40, Getafe 38, Gijon and Osasuna 37, Numancia 35, and last-place Recreativo 33. On Sunday, runner-up Madrid meets ninth-place Mallorca in its final home game of a disappointing season. Madrid is undergoing a clearout before Florentino Perez makes his expected return to the presidency next month and begins remodeling the club. Sporting director Predrag Mijatovic left Madrid on Wednesday, while Sunday's match will provide fans with the chance to bid farewell to coach Juande Ramos and defender Fabio Cannavaro, who is rejoining Juventus at the end of the season. While Madrid has little to play for, it hopes to avoid its fourth straight defeat and not to concede any more goals after leaking 12 in its losses against Barcelona, Valencia and Villarreal. Madrid has 78 points, 14 more than Sevilla. Atletico follows with 61, two clear of Valencia and Villarreal. Deportivo La Coruna has 57. Sevilla will take Spain's third direct place in next season's Champions League if it beats seventh-place Deportivo on Saturday. C M Y K C M Y K S PORTS PAGE 12, FRIDAY, MAY 22, 2009 TRIBUNE SPORTS Funeral Service for soccer BRIEFS IFK Goteborg moves into lead in Swedish league n STOCKHOLM Associated Press TOBIAS HYSENscored just after halftime as IFK Goteborg beat local rivalsG AIS 1-0 on Thursday to move into first place in the Swedish first division. Set up by a long pass from Pontus Wernbloom, Hysen fired a low shot inside the post. It was Hysen's eighthg oal of the season, strengthe ning his position as the league's top scorer. Elfsborg dropped to second place after a 0-0 draw against fourth-placed AIK. T obias Carlsson's 74th minute header gave reigning champion Kalmar a 1-0 wino ver Orgryte and Fredrik Jensen scored twice for Trelleborg in a 3-0 win over Djurgarden. Henrik Larsson's H elsingborg, currently in third place, have a chance to take the lead when they face Hack e n on Friday. Milito and Motta to join Inter Milan from Genoa n M ILAN Associated Press FORWARDDiego Milito of Argentina and Brazilian midfielder Thiago Motta have agreed to join Serie A champion Inter Milan from Genoa this offseason. The duo has been instrumental in Genoa's push for a Champions League place this s eason, with Milito scoring 20 goals and Motta providing the creative spark in midfield. "I met president (Massimo Moratti today and we came to an agreement for the sale of Milito and Motta at the end of the season and I want to thank them for everything they have done (for Genoa p resident Enrico Preziosi told r eporters. BARCELONA’S THOUGHT S on Champions League final B ARCELONA p layers celebrate at the end of the Champions League semifinal second leg soccer match against Chelsea at Chelsea's Stamford Bridge stadium in London, Wednesday, May, 6, 2009. The match ended in a 1-1 draw, with Barcelona qualifying on away goals. R e b e c c a N a d e n / A P P h o t o

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n BASEBALL CHICAGO Associated Press J OE MAUERhit a grand s lam, two doubles and drove in a career-high six runs as the Minnesota Twins routed theW hite Sox 20-1 Thursday, matching Chicago's most-lopsided loss in team history. Michael Cuddyer, Joe Crede a nd Matt Tolbert also home red as Minnesota ended a sixgame losing streak and made t he White Sox pine even more for Jake Peavy. The San Diego Padres have agreed to deal their ace to the W hite Sox, and the teams were waiting to see whether Peavy waives his no-trade clause. M auer's second career grand s lam capped a six-run sixth inning. Tolbert's first big league homer, a three-run shot in the seventh, made it 20-0. His team having lost nine straight on the road, Minneso ta manager Ron Gardenhires hook up his batting order. The strategy worked, with the Twins scoring at least 20 runs for only the 13th time in franchise history. Mauer batted second for the first time this season, Cuddyer had four hits and three RBIsa nd Tolbert drove in four runs. Cleanup man Jason Kubel had three hits and everyone in the starting lineup scored within the first three innings. The White Sox lost for the sixth time in eight games. Bartolo Colon (2-4 e ight runs in two innings. A lthough all seven secondinning runs were unearned after an error by third base-m an Wilson Betemit, Colon's latest in a series of poor outings had White Sox fans hoping a d eal for Peavy would get done. T he Padres had talked to the Chicago Cubs and Atlanta during the offseason about a trade f or the 2007 NL Cy Young win ner. Nick Blackburn (3-2 a llowed four hits over seven i nnings to win for the first time at U.S. Cellular Field, where he had been 0-4 with a 5.27E RA. Minnesota led 1-0 and had two on in the second when B etemit fielded Nick Punto's bunt and threw the ball off Punto's helmet. Mauer's sacrifice fly and Kubel's RBI single m ade it 4-0 before Cuddyer lined a three-run homer over the left-field fence. Three p itches later, Crede took Colon deep for an eight-run lead. Another throwing error by B etemit put the Twins up 10-0 in the fourth. When the White Sox averte d a shutout on Carlos Quentin's eighth-inning RBI single off Jose Mijares, those remaining in the ballparkc heered loudly. It was the 10th time Chicago has allowed 20 runs in a game and first since a 20-14 loss to Minnesota in 2007. The Twins won for only the second time in their last 12 games at U.S. Cellular. NOTES: Mauer has a 14-game hitting streak. Scott Podsednik, signed to give the White Sox better baserunning, has been picked off first base in three straight games. Thursday, he also was doubled off first on a b ases-loaded liner to third. In their previous seven games, Twins starting pitchers were 0-3 with a 7.23 ERA. It was the first time in 21 games at Chicago that Minnesota pitchers did n't allow at least one home run. C M Y K C M Y K S PORTS TRIBUNE SPORTS FRIDAY, MAY 22, 2009, PAGE 13 SPORTS IN BRIEF n BASKETBALL T ULSA, Okla. A ssociated Press W ITH thousands swaying t o gospel tunes, Wayman Tisdale was remembered T hursday as a basketball star and gifted musician who led a "blessed life." A horse-drawn carriage held the casket carrying the f ormer Oklahoma AllAmerican, making a 3-mile t rip to the downtown arena f or the public memorial. There was live jazz music, clapping and shouting in honor of the man who died l ast week at 44 after a long b attle with cancer. "Wayman lived a blessed l ife," said Billy Tubbs, Tis dale's former Sooners coach. "He did more in his 44 yearst han most people can do in 88 years." Country music star and f ellow Oklahoman Toby Keith played the Willie Nelson tune, "Angel Flying Too Close To The Ground." Hes aid he had written a song about Tisdale, but that he wouldn't be performing it g iven the emotion of the day. "We had so many big p lans," Keith told mourners. " Every time I tried to say goodbye to him, he never let me." T isdale recorded eight albums. A bass guitarist who often wrote his own material, his most recent album, " Rebound," was inspired by his fight with cancer and included guest appearancesb y several artists, including saxophonist Dave Koz and Keith. H is "Way Up!" release debuted in July 2006 and spent four weeks as the No.1 contemporary jazz album. His hits included "Ain't No Stopping Us Now," ''Can't Hide Love" and "Don't Take Your Love Away." Thousands turn out to mourn Wayman Tisdale Wayman Tisdale Mauer hits grand slam, Twins rout White Sox 20-1 MINNESOTA Twins' Joe Mauer hits a grand slam during the sixth inning of a baseball game against the Chicago White Sox in Chicago, Thursday, May 21, 2009. C h a r l e s R e x A r b o g a s t / A P P h o t o

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C M Y K C M Y K S PORTS PAGE 14, FRIDAY, MAY 22, 2009 TRIBUNE SPORTS match against Mexico we have already advanced to the quar terfinals,” he said, “But playing them early would give us a good guage to see where we are in comparison to their talent and style of play before the elimi nation round.” Renaldo Knowles led a high scoring attack from the Bahamas with 16 points and a game high three blocks. Prince Wilson and Shedrick Forbes added 14 points apiece while Shedrick Forbes chipped in with 12. The Bahamas, St Lucia, and tournament favorite Mexico make up pool B, while Jamaica, Haiti and the Cayman Islands complete pool A. FROM page 15 Bahamian men’s senior volleyball team rally to win MORE SCENES FROM NATIONAL PRIMARY SCHOOLS TRACK AND FIELD CHAMPIONSHIPS

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C M Y K C M Y K FRIDAY, MAY 22, 2009 THETRIBUNE PAGE 15 n By RENALDO DORSETT S ports Writer r dorsett@tribunemedia.net THE Bahamas dug themselves out of an early hole in thrilling come from b ehind fashion to take an opening win in t he Noreca Pool D second round tournament. T he Men’s Senior National Volleyball team took their first match against St. Lucia in a gruelling five set marathon, 2225, 22-25, 25-22, 25-18, 15-11. With the crucial win the team a dvanced to the quarterfinal, in the pool, setting up a possible second showdown w ith tournament favourite Mexico. T he Bahamas continued their quest to the next stage in FIVB World Championships, when they took on Mexico in last night’s feature game, however results w ere unavailable to press time. I n a match that took nearly two hours to complete, the Bahamas trailed after t he first two sets, however rebounded in a crucial third set and shifted moment um greatly in their favour. N ew Providence Volleyball Associat ion Executive Joe Smith said the team r ebounded resiliantly following a sluggish s tart and a delay in the start of the game. “There was a two hour delay and it took a while for things to get started andf or the guys to really get their bearings,” he said, “With that delay it hurt themb ecause they were already warm and t hey had to warm down and start all over a gain but when they got started they played exceptional volleyball. The adrenaline started to flow and the guys realized o ur backs were against the wall and they responded with a fantastic effort.” Smith said the team’s defensive effort s parked the comeback and led to an e qual effort on offense to complete the gargantuan comebak effort. “They really picked it up defensively more than anything else and the third set turned everyting around offensively w ith their intesity at the net against St L ucia,” he said, “It was a great win for their confidence, alot of people had St. Lucia favoured to win, but we shockedt hem. We broke their spirits somewhat with that run because St. Lucia’s coachs aid after the third say they were tired a nd struggling to keep up. They are a b ig team but I do not think they were in shape so that is why we were able to outlast them and had the advantage in a l onger five set match.” With the win against St. Lucia solidifying a berth in the quarterfinal, Smiths aid the initial match against Mexico s hould serve as a good scouting opportunity should the team fall short. “Regardless of the outcome of the Bahamian men’s senior volleyball team rally to win n By RENALDO DORSETT S ports Writer r dorsett@tribunemedia.net T HE NEWProvidence P ublic Primary School Sporting Association will c lose out its season next week with its final and perhaps biggest event of the year. The association will field over 40 teams for its basket-b all tournament at the K endal Isaacs Gymnasium, M ay-25-29. E ighteen girls teams will vie for the girls’ title with p reliminary rounds on the 2 5th and 26th. Between 22-25 boys’ t eams will square off in t heir preliminary rounds 2627. The semifinals and finals in each division will take place on the 29th. Association Public Relations Officer, Frank John s on, said this year’s tournament will improve on theb ase the previous events h ave set. “We expect big things f rom this years tournament, last year everyone was p leasantly surprised by the t alent level and how hard the kids played so we e xpect the same thing this year,” he said. “This year competition is going to be s tiff. Everyone wants to end the year well and the kids, e specially the boys, love the b asketball tournament so it i s going to mean a lot to them. That should produce s ome great plays on the court.” Johnson said the basketb all tournament will serve as a fitting end to an exciti ng sporting year. “It has been a great year for the association and the kids have benefited from it. We had a chance to see some futures stars in all of t he sports from the very beginning of the year with s occer, then onto volley, baseball, track and field and others,” he said. “It has just been a great year and this is one of the best ways we can hope to end it.” Primary school basketball season ends next week EXACTLY one week of preparation remains before the newest crop of local bodybuilders take the stage in what will be the first show of their careers. The Bahamas Bodybuilding and Fitness Federation will stage its 23rd Novice Championships, Friday May 29th at the Center for the Performing Arts. BBFF President Danny Sumner said all indi cations dictate that this year’s show will feature an especially promising group of athletes. “I believe we will have all new people this year,” he said. “You will find that the novice is designed for newcomers to compete primarily with other newcomers.” Sumner said alongside the newcomers, a few returning participants will compete to continue the progression towards nationals. “Over the last few years we have had a few people that have not won their division and have come back,” he said. “The whole idea behind that is to get you more experience and shore you up so by the time you enter a national championship, your body is well prepared for it.” A plethora of divisions will be contested in both the male and female divisions. Male bodybuilders will compete in five cate gories including lightweight, welterweight, mid dleweight, light heavyweight and heavyweight. Females compete in just two divisions, light weight and heavyweight. “This year, as always, is exciting for me because I would like to see what the future holds,” Sum ner said. “The Novice gives us an opportunity to see what the year will bring for us, we anticipate at least 20 or 30 plus athletes between New Providence, Long Island, Grand Bahama, and per haps Abaco.” This year’s novice championships will also feature an open fitness segment for females. R ENALDO KNOWLES ( r), seen here in a file photo as a member of the Technicians in NPVA action, led the Bahamas with a game h igh 16 points and three blocks. Men’s national team take Pool D opener SEE page 14 INSIDE International sports news GRAND B AHAMA AMATEUR BASEBALL ASSOCIATION ( GBABA) Results Of Games Played on Thursday MAY 14 & Sunday May 17th, 2009 Thursday, May 14 ROOKIES 11 LC DOUBLES 5 The leagues two youngest teams matched up in a gamethat featured several players who will represent the Association in the Junior (13-15 and High School (16-18 sions in the upcoming 7th Annual Andre Rodgers National Baseball Champi onship set for June 4th thru 7th 2009. GBLL & GBABA will be sending teams in ALL Six (6 Marcus Holbert (Member of TEAM BAHAMAS 15-16 Team to represent the BAHAMAS at the upcoming "PONY Caribbean Zone Championships in Gurabo, Puerto Rico July 6th thru 12th) – hit a monster HomeRun for the winning Rookies. Sunday, May 17 GRAND BAHAMA PORT AUTHORITY REGULATORS 11 JC DOUBLES 3 The Regulators pick up their first win of the season. Andrew Burrows led the way, going 4 for 4 on the day; with two doubles and five RBI's. Anthony Fox was the winning pitcher with 11 Strike Outs – Giving up only one hit. Kean Pritchard was tagged with the loss. DAY TWO of the National Primary Schools Track and Field Championship was slightly delayed by inclement weather. However, the stage was set for an exciting third day of competition. The third and final day of competi tion will feature finals in the 100m, 200, 400m, 800m, highlights by the finals of both the 4x100m, 4x400m relays. Medal presentations and awards will be doled out to the most outstanding athletes over the course of the three day meet. MORE PICTURES ON PG 14 23rd Novice Championships set for end of month NATIONAL PRIMARY SCHOOLS TRACK AND FIELD CHAMPIONSHIPS Tim Clarke /Tribune staff

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Bahamas shocked Rotarians with details of the stag g ering rate of poverty in his country. The club was one of the first organisations to senda id to Haiti when the island w as struck by four succes sive hurricanes and tropical storms last year and affect e d 800,000 people. M r Joseph said the storms destroyed 5,000 homes, left 793 people dead, over 500 wounded, and at leas t 310 m issing. An appeal for $127 million in aid has only been half-metb y international donors, and the country is still reeling from the disaster. With 70 per cent of the p opulation out of work, and 7 5 per cent of people living on less than $2 per day, Mr Joseph said economicm igrants are one of the g reatest sources of income for people in Haiti. Mr Joseph said 1.5 to 1.8 million Haitians live abroad and send the money they earn in the United States, Caribbean islands and else w here back to friends and relatives in their homeland. He said: “They are send ing more money to Haiti than the international community. If every person outside Haiti keeps some kind of link with the family in Haiti they will help them, and that money goes directly to the people, not to nonprofit organisations.” The lure of more lucrative opportunities abroad has, however, brought a number of Haitians to their deathsa s they make dangerous boat j ourneys to the Bahamas, United States and Caribbean islands. A maritime unit of the p olice force has recently been established in Haiti, Mr Joseph said, and there arec urrently 16 boats patrolling Haiti’s waters and three bases have been established in the north, west and south. T he United Nations is also w orking to patrol maritime borders, and Mr Joseph said Haitian migration laws areu nder review. B ut the greatest challenge for government is giving Haitians a reason to stay. Mr Joseph said: “One thing we have to do to stop the migration to other countries is provide jobs to the p eople, and this is exactly what the government is try ing to do, to put it all in place to provide jobs for the people and assist the people. “The greatest challenge is to get out of the cycle of poverty by attracting foreign investment, creating jobs and exporting. “It is a very big challenge for the country because during the past 20 years since the departure of Duvalier we are still in transition. “We cannot establish d emocracy and a governm ent in a country overnight. That is taking time, and politically we have to createa democratic constitution in t he country and it’s very challenging. That is why it’s very difficult to have growthi n the country.” A poverty law raising the minimum wage for Haitians was recently passed in con-g ress, but Mr Joseph said it h as met opposition in the private sector as a more expensive work force willn ot attract as much investm ent. However, Mr Joseph insists there is hope. He said: “There is hope because all groups in all sectors understand the situation. The civil society, the g overnment, the political parties, everybody under stands the situation in Haiti, and they know they have to do something to put the country on the road and on the track to democracy.” Former US president Bill Clinton’s appointment as UN special envoy to Haiti on Tuesday will help promote the needs of the nation and attract international assist ance, Mr Joseph said. C M Y K C M Y K LOCAL NEWS 9 9 9 9$ $SUITS F F i i n n e e T T h h r r e e a a d d s sBernardRd-MackeySt-ThompsonBlvd FROM P AGE 16, FRIDAY, MAY 22, 2009 THE TRIBUNE MINISTER FOULKES , Mr. Harcourt Brown, and Mrs. Sophie Williams-Thompson talk with managers and workers as they tour the Morton Salt production facility at Inagua. M INISTER FOULKES m eets the Human Resource Department’s staff at Morton Salt Company. From left:Cheryl Bain, Doreen Cox, Vivian Moultrie, Manager, Minister Foulkes, Sophie Williams-Thompson and Harcourt Brown. M OUNTAINS o f recently harvested salt at Inagua with flamingos in the foreground. LABOUR and Social Development Minister Dion Foulkes r ecently led a delegation to Inagua to meet with the B ahamas Industrial Manufacturing and Allied Workers Union (Morton Salt Union Management at Morton Salt Company. H e was accompanied by the D irector of Labour, Harcourt B rown, and Sophie ThompsonW illiams, Legal Counsel in the Office of the Attorney General. T he delegation toured the Morton Salt production facilitya nd also met with workers and m anagers at the plant. M r Foulkes said that industrial relations between the Union and Management have improved and that some of the issues which gave rise to last y ear’s strike have been resolved and others are awaiting determ ination by the Industrial Tribunal. “We are pleased with the new spirit of cooperation between the workers and employer here a t Morton Salt. It is our determ ination to ensure that this relat ionship continues to remain a micable,” said Mr Foulkes. He said that the future of I nagua rests on the success of Morton Salt Company and thath is Ministry would do all in its p ower to assist in the developm ent of a mutually beneficial relationship between the Union and the Company. Minister meets Morton Salt union and management Haitian Ambassador reveals shocking details of poverty in his country FROM page one THE Bahamas is “actively evaluating” its capacity to respond to public health emergencies such as swine flu, Health Minister Dr Hubert Minnis told the World Health Assembly yes terday. Addressing the 62nd WHA Meeting being held in Geneva, Switzerland, Dr Minnis said the country’s preparations for possible A(H1N1 strengthened its capacity to meet international health standards. Health officials in the Bahamas will continue to use the momentum gained by this experience to strengthen collaboration with partners around the world, he said. “Multi-sectoral collaboration has been successful in address ing some of the gaps identified, thereby strengthening our capacity to respond,” Dr Minnis added. He said the gaps that remain are due to a lack of human resources and laboratory capaci ty – two factors that affect the entire Caribbean. The health minister called on the WHA to provide additional assistance in this area to countries in the Caribbean. He told the meeting that ini tiatives such as the microbiology external quality assessment programme for epidemic-prone diseases, which was carried out in Africa and the eastern Mediterranean, would also ben efit this region. “There is an urgent need to have much needed laboratory capacity within the Caribbean to serve CARICOM member states. The geographic distribution of countries in regions such as that of the Caribbean presents unique challenges in the area of speci men management.” Dr Minnis said such issues can affect the ability to identify and mount timely responses to novel influenza viruses “before they become well-established.” “The experiences at this assembly have emphasised the need for strengthened surveillance and early warning signs to contain any public health emer gency,” he said. Bahamas ‘actively evaluating’ response capacity to public health emergencies Dr Hubert Minnis Shar e your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you ar e raising funds for a good cause, campaigning for improvements in the area or have won an awar d. If so, call us on 322-1986 and share your story.

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Exchange controls ‘handicap’ companies’ competitiveness C M Y K C M Y K SECTIONB business@tribunemedia.net FRIDAY, MAY 22, 2009 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $3.61 $3.62 $3.82 call us today at 396-1355 retirement gameplan try your own savings strategy bet on support from your kids run out of moves & work til you’re 70retire early with a guaranteed retirement fund checkmate!SALES OFFICES: NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I CORPORATE CENTRE: EAST BAY STREET I www.famguardbahamas.com A SUBSIDIARY OF A MBESTA-ExcellentFinancialStrengthRating Bahamas ‘may produce oil in 10 years’ Foreign exchange ‘not main issue’ on Cable’s approval n By NEIL HARTNELL Tribune Business Editor The Trade Commission’s chairman yesterday pledged that the body would “advocate for the removal of all internal impediments” to the international com petitiveness of Bahamian companies, after complaints that the exchange control regime deterred firms and professionals from investing or joint venturing abroad. John Delaney, addressing a Bahamas Society of Engineers (BSE that while this nation was unlikely to eliminate exchange controls in the near future, the regime needed to be made more userfriendly and have clearer rules, in order to facilitate capital investment by Bahamian companies and services professionals abroad. While there were usually no problems when it came to Bahamian obtaining foreign currency for the purchase of goods and vacations abroad, Mr Delaney suggested that the Central Bank in its role as guardian of the foreign exchange reserves/balance of payments and current account was “not familiar” in dealing with capital investment applications by Bahamian companies. Hence the difficulties arose. The Trade Commission chairman was responding after Ethric Bowe, chief executive of Advanced Technical Enterpris es, said the international competitiveness of Bahamian companies and professionals was being undermined by impediments such as exchange controls. He suggested this could have potentially dire consequences, especially as the Bahamas was about to enter the brave new world of rules-based trading regimes via the Economic Partnership Agreement (EPA nation has also begun the formal * Trade Commission chair pledges to ‘advocate for removal of all internal impediments’ that prevent Bahamians ‘availing themselves of all trade agreement rights and privileges’ * Fears expressed that Central Bank’ s exchange regime ‘handicapping’ Bahamas firms from taking advantage of EP A benefits in joint venturing/establishing presence in EU and Caribbean states John Delaney SEE page 7B n By NEIL HARTNELL T ribune Business Editor T he Government was yesterday accused of an “unacceptable level of i nactivity” in amending the law to reestablish the Professional Engineers Board, a situation that if not rectified will leave Bahamian engineering pro fessionals unable to compete with their E uropean and Caribbean counterparts due to the absence of a licensing regimea nd certified standards/qualifications. Jerome Elliott, the Bahamas Society of Engineers (BSE meeting or the organisation that a peti tion was now being circulated among ‘Unacceptable level of inactivity’ over Professional Engineers Board Profession fears absence of body to oversee licensing and certified qualification regime will leave Bahamians unable to compete under the EPA SEE page 6B n By NEIL HARTNELL T ribune Business Editor Preserving the Bahamas’ foreign exchange reserves is “not the issue” governing why the Government has yet to give foreign exchange approval to the $80 milliont ransaction that would buyout Cable Bahamas’ control ling shareholder, Tribune Business was told yesterday. Zhivargo Laing, minister of s tate for finance, confirmed to this newspaper that “the mat ter remains under considera t ion” when asked about the status of exchange control a pproval for the Columbus Communications transaction. SEE page 5B n By NEIL HARTNELL Tribune Business Editor Bahamas Waste last night told its annual general meet ing (AGM ment had finally given approval for its proposed biodiesel production facility, which will require an invest ment of more than $500,000. Francisco DeCardenas, Bahamas Waste’s managing director, speaking to Tribune Business after the meeting, said: “We got the approval for biodiesel a few days ago.” The biodiesel facility will now be 100 per cent owned by the BISX-listed company, not a 50/50 joint venture with Cape Systems, the commercial arm of the Cape Eleuthera Institute, as originally planned. The biodiesel produced will also be for internal use by Bahamas Waste only, not commercial sale. Mr DeCardenas said Bahamas Waste was “probably thinking over $500,000” in terms of its investment in the biodiesel facility, and was “setting the wheels in motion” to purchase the necessary equipment, getting revised technology and price quotes. Bahamas Waste’s $500k biodiesel plant approved Zhivargo Laing n By NEIL HARTNELL Tribune Business Editor CLICO (Bahamas tor has initiated legal action in the Florida courts to protect more than $70 million of the company’s assets and prevent any claims against them, as he seeks “breathing room to conduct an orderly review” and protect Bahamian creditors. Tribune Business can reveal that Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, has petitioned the US Bankruptcy Court for the southern district of Florida for CLICO (Bahamas tion to become a ‘recognised foreign main proceeding’ under Chapter 15 bankruptcy laws, in a bid to safeguard the company’s US-based assets. In his petition, Mr Gomez alleged that the southern district of Florida was the area “in which CLICO (Bahamas i ts principal assets in the United S tates. “CLICO (Bahamas loaned in excess of US $70 million to affiliated companies, which the [liquidator] believes has found its way into real estate developments Welling t on Preserve in Wellington, Palm Beach County, Florida, and a ‘W’ hotel property in Fort Lauderdale, Broward County, Florida. “The [liquidator] has also located specific assets, includ ing land (Wellington Preserve and the ‘W’ hotel property) that appear to have been purchased in whole or in part with CLIC O (Bahamas a re held in the name of Wellington Preserve Inc and Capri Resorts LLC respectively.” And Mr Gomez added that he “has reason to believe that there may be other assets of $70m CLICO asset protection sought I nsurer’s liquidator takes US legal action to safeguard main assets, including ‘W’ hotel, by getting recognised as ‘main foreign proceeding’ under Chapter 15 Bahamian firm’s liquidator says approval will give him ‘breathing space’, protect and maximise asset value for policyholders/depositors, and conduct liquidation in ‘fair, efficient and economical way’ S EE page 4B n By CHESTER ROBARDS Business Reporter crobards@tribunemedia.net T HE BAHAMAS could become an oil-producing nation in 1 0 or more years should the results of upcoming exploratory data show that underwater oil fields discovered 22 years agoh old 500 million barrels, an oil exploration company’s senior executive said yesterday. D r Paul Crevello, director and chief operating officer of BPC Limited, said a Competent Person’s Report (CPR firmed that areas of the southwest Bahamas, after initial studies were completed, show huge traps in layers of rock that resemble those of oil-producing Persian Gulf states. I f the Bahamas were currently producing oil at the current per barrel price, this country could potentially gross an esti-m ated $30 billion in revenues from just one viable field. That estimated figure could rise or fall substantially in 10 y ears’ time, however, due to oil’s extreme volatility to global economic changes, international feuds and the mood of the regulatory body, OPEC (Organisation of Petroleum Exporting Countries). Dr Crevello said the first oil extraction attempted in the B ahamas in 1986 proved that there may be viable fields in deep water areas. However, he contends that the very first a ttempt at extraction failed because the drill hit an outlying area of the field, and not the reservoir itself. B PC’s website explained that the 1986, well drilled to 21,740 feet, “did not report commercial quantities of hydro S EE page 3B

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O nce associated with o rganic food and alternative medicine, the word ‘holistic’ has taken on new meaning in the world of finance as individuals a nd institutions reeling from e xposure to exotic vehicles and financial rollercoaster rides strive for balance. It’s no wonder that there is an o utcry for a new financial focus. During 2008, an investment dominated by the British pound would have lost 26 per cent and 23 per cent against the US dollar and t he Euro, respectively. Why? Simply because of the depreciation of cross currencies. And that loss would not have been fuelled by g reed or the explosion of subprime lending that led to the collapse of the American housing market. Simple depreciation. So, it is not surprising that the search for balance has suddenly replaced the search for instant riches. What is a holistic investment? How do you, as an individual, find a n advisor or investment manager at a bank who is committed to m itigating risk and maintaining investment value against inflation – in other words, preserving wealth and establishing balance? Here are a few keys. F irst, when you meet with a financial advisor, whether considering stocks, annuities, fixed deposits, government-backed b onds or other investments, insist on open architecture. Part of the new glossary of financial reason, open architecture is the ability to design a portfolio that is basedo n investments that are neither owned nor controlled by the company you are investing througho r with. This is to say, non inhouse products. One of the movest hat landed so many investors in trouble in the past two years was l istening to their broker at an i nvestment house and buying what they recommended – one o f their own products. It is easy to see how someone can be swayed, e specially if they are sitting in an impressive office listening to num-b ers that make their heart race, thinking their broker’s firm is w ell-established, its reputation is matched only by its status, its chief executive just earned a seven-figure bonus, and the chorus sung round the globe is: “TheG overnment won’t let them fail.” We learned all too well how a ppearances can deceive and inhouse investments can falter, collapsing faster than a house of cards in a tornado. While collapses occurred, headl ines spewed out the dangers, but rarely addressed what I call theh idden opportunity costs of portfolios consisting solely of in-house i nvestments. In the business world, the term opportunity cost refers to the inability to grasp opportunity when it arises because necessary funds to do so a re tied up or obligated elsewhere. In the investment world, o pportunity costs result when a manager or advisor ignores o pportunity for investment outside his or her own firm, and chooses from a narrow group of in-house products rather than researching the broader markett horoughly. Unfortunately, it is difficult to measure opportunity costs – the loss of potential income, wealth preservation or a ggregation had money been placed differently. Once you have settled on open architecture, ensure that your portfolio is customised. No invest-m ent vehicle, no matter how profitable it seems to be, is right for you unless it is designed with youi n mind. Your manager should search for and select the invest-m ent vehicle that best suits your investment profile. An investment i s not like a marriage – one single p artner will not carry you through life. Don’t fall in love with a single s tock at the peril of ignoring the rest of the world around you. M oney markets change, currency changes daily, companies’ sharesr ise and fall based on what they have to offer and how they are m anaged. Insist on risk management. Modern Portfolio Theory stipulates that an efficient portfolio is one that “generates the largest return for a given risk lev e l,” according to www.investopedia.com. Your advisor or money m anager should search for, and select, the investment vehicle with the greatest expected yield for a given level of risk, and that level should be agreed upon by the two o f you before you make any investment whatsoever. Risk lev e l will be gauged upon your age, your intended age of and needs f or retirement, and what you hope to leave upon your passing. A bright young doctor with a vibrant practice, for instance, is likely to have a higher profit-tor isk ratio than a small businessperson facing retirement in a few years. Your next tip. After ensuring that your advisor or banker is offering an open architecture, risk is mitigated and thep ortfolio is customised for your needs, find out about total fees, including any that might be ‘hidden’. Do not be afraid to insist t hat the person you are talking with be upfront about costs. Is there a monthly, quarterly or annual management fee in addition to transaction fees? What aref ees based on? Is there a commission? What is the cost of currency conversion? Is there anything in writing that offers you c omfort that fees will not increase without notice? Finally, you want to look at planning for loved ones after you are gone. It has been said that ‘Ag ood man leaves an inheritance for his children’s children.’ The optimum way to protect your assets and ensure they are dist ributed and preserved according to your wishes, and with complete confidentiality, is through the creation of a trust. Unlike a will, which must be probated and thusg oes through the legal system, where it is subjected to exposure, a trust is a private matter. Establishing a trust not only keeps your p ersonal affairs private, it streaml ines the process, avoiding delays c aused by waiting for court dates i n a system that is already backl ogged. Without a trust, legal and other professional fees can also u nduly nibble away at an inheritance. Establishing a trust, being f rank about fees, opportunity and currency costs, insisting on ano pen architecture that avoids an a bundance of in-house products a nd, finally, looking at the investm ent bank or analyst’s long-term results over a long period of time, a re guidelines that will help you achieve your ultimate goal of w ealth preservation. Together, they create the careful and vigi-l ant holistic approach framework. It is a great feat to amass wealth, b ut to amass it and preserve it is even greater. NB: Davinia Blair is a portfolio and investment research officer at H ottinger Bank & Trust (HBT which is part of the Hottinger G roup founded in 1786, head quartered in Switzerland and now w ith a presence in seven countries. Prior to joining HBT, Blair spent several years in financial services in both a retail bank and the Securities Commission of the B ahamas. She holds a Master’s degree in Decision Sciences from t he London School of Economics and Political Science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eachers & Salaried Workers Co-operative Credit Union Limited Lenn King SecretaryNOTICE OF ANNUAL GENERAL MEETING TO: All Members of Teachers and Salaried Workers Co-operative Credit Union Limited East Street South and Independence Drive Notice is hereby given that the Thirty-Second (32ndeachers & Salaried Workers Co-operative Credit Union Limited will be held at the British Colonial Hilton Hotel located on Bay Street, on Saturday May 23, 2009 commencing at 8:00 a.m. for the following purposes: To receive the Report of the Board of Directors for 2008. To receive the Audited Accounts for 2008. To elect members of the Board of Directors. To elect members of the Supervisory Committee To discuss and approve the Budget for 2009. To take action on such matters as may come beforethe meeting. An ‘open house’ to create wealth G uest columnist Davinia Blair, a Hottinger Bank &T rust executive, d escribes the holistic’ approach to money and investment m anagement B B y y D D A A V V I I N N I I A A B B L L A A I I R R

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C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, MAY 22, 2009, PAGE 3B The general public is invited to attend Bahamas Development Bank’s sale of repossessed assets.ASSETS Electronic EquipmentTables C ooler/Freezers B eauty Salon Equipment M achineryAero Motive Equipment Assortment of Items Location: Directions: Date & Time: All assets are sold as is where is for cash, cashier’s cheque. No purchase(sbe released until paid in full. Vehicles Vessels Location: Date & Time: Sealed “TENDER-EQUIPMENT” All assets are sold as is. DHL JOB DESCRIPTIONPOSITION: Collections Agent JOB FAMILY: Credit & Collections RCS CODE: A20004 REPORTS TO : Collections Lead LOCATION: Country Finance Department OVERALL PURPOSE: Under limited supervision in a team environment provide efcient and effective credit approvals. To ensure timely credit application processing, respond to information requests and issues. Ensure accuracy of all credit decisions functions while staying within company policy and procedural guidelines. DUTIES AND RESPONSIBILITIES: making credit decisions. delinquent accounts. Processes credit applications. Investigates disputes and reviews documentation. Implements credit suspensions. MINIMUM QUALIFICATIONS: direction amid competing priorities and deadlines. For more information please contact:Romell K. Knowles I Country Manager Email:Romell.Knowles@dhl.com The Bahamas ‘may produce oil in 10 years’ carbons but did have live oil shows over a thick i nterval”. According to Dr Crevello, more high tech equipment, including seismic devices, will be used to confirm the presence of the suspected oil wells. H e suggested that the new data sets will not be 100 per cent confirmation of viable oil reserves, and that once a suspected well is found, only drilling will confirm beyond doubt that the area holds a usable petroleum reserve. H owever, Mr Crevello insisted that due to the $30 to $70 million price tag on oil platforms, no drilling will commence until StatoilHydro, the company undertaking the exploration, is reasona bly sure that the area holds oil. StatoilHydro and Bahamas-registered BPC recently reached an agreement to become partners in the exploration. The government of the Bahamas has yet to approve and award three licenses requested byB PC for the research. The oil exploration venture had been stagnated due to maritime boundary issues with Cuba, which are still being discussed, according to minister of state for the environment, P henton Neymour. “We’re in discussions with the Cuban government and it’s being overseen by the Ministry of Foreign Affairs, which has affected the ability of t he companies to do research in assigned areas,” he said. The Bahamas recently submitted its maritime boundary proposal to the United Nations. S hould the Bahamas become an oil producing nation, its gross domestic product (GDP greatly increase, and new sectors involving oil production, education and refinement could open up. “The discovery of oil will change the way we live a nd drastically change the Government’s view on the economy and the way forward,” said Mr Neymour. He said the regulations are in place that would a llow oil companies to begin drilling if viable wells are discovered. According to Dr Crevello, the contractual agreement between the Government and the oil exploration company says the exploratory contract willo nly be renewed past three years if drilling begins after the second year of research. “We haven’t had any negative responses (from government),” he said. M r Neymour said recently that oil exploration remains high on the Government’s list of priorities. Dr Crevello suggested that if the Bahamas was discovered to have around 18 viable 500 million barrel wells, as suggested by initial studies, thisc ountry could potentially sit on a veritable $540 billion dollar field (according to current per barrel prices). He alluded to the Bahamas becoming a nation with the wealth of some Persian Gulf states who h ave been producing oil for years. n By CHESTER ROBARDS Business Reporter c robards@tribunemedia.net PIONEER Shipping employees laid off one year ago have had a SupremeC ourt case against their former employer over the alleged non-payment of severance pay deferred until October, their attorney said yesterday, whileM inister of Labour Dion Foulkes suggested he would open an investigation into the matter. O bie Ferguson said if the Supreme Court finds in favour of the former employees, theyw ould be entitled to any interest accrued during the time t hey have had to carry on without severance pay. Mewnahile, Mr Foulkes said h e was aware that negotiations were ongoing between Mr F erguson and Pioneer Shipping’s owners, and was informed that progress wasb eing made. However, he said he would n ow look into the matter as one year has passed without a resolution. Mr Foulkes said another matter regarding a former employee of Pioneer, notr elated to last year’s lay-offs, is before the Labour Board. Trevor McPhee, whose matter was before the Labour Board, said it was ruled thatP ioneer Shipping was responsible for paying his $3,666 severance payment. He said he has yet to hear from Pioneero n the matter after two years. Passed Mr McPhee told Tribune B usiness y esterday that since last year, several laid-off worke rs have passed away and many more have been unable to find replacement jobs, giv-e n the state of the job market in the Bahamas. “Worrying about things carry you to your grave faster,” he said. C ompounding the matter, they have had to live without whatever severance money would have taken them through until they were able to acquire a new job. A former employer, who wished to remain anonymous, said they were hoping that Pioneer Shipping would sell its property and use that rev-e nue to pay severance pay to the almost 50 employees. However, the property as been leased out to AtlanticC aribbean Lines. Pioneer Shipping’s business w as taken over by a partnership between Laser International Freight Transport andt he Nassau-based Mailboat Company last year. A t that time, employees were told that payments would begin when the com-p any’s dockyard and other properties on Bay Street were sold. The four-acre site wasg iven a $23 million appraisal value. Former Pioneer staff see severance case deferred F ROM page 1B

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C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, MAY 22, 2009 THE TRIBUNE /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX % DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $ UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 1 27,&( ,QROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX % DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV / HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $ UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1 RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI$SULO 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX %DKDPDV $70m CLICO asset protection sought CLICO (Bahamas the United States as well, but substantial investigation is necessary”. The CLICO (Bahamas uidator is seeking US court approval for himself to take over the administration and ownership of all the company’s US-based assets, in addition to staying any legal action or attempted seizure against these properties. Mr Gomez also wants the court to “suspend the right to transfer or otherwise dispose of any CLICO (Bahamas The petition was filed with the US courts on April 28, 2009. In it, Mr Gomez and his US attorneys argued that granting Chapter 15 recognition would ensure the “fair and efficient” administration of the Wellington Preserve real estate development, which likely accounts for about 63 per cent of CLICO (Bahamas Granting the recognition sought, they alleged, would “protect the interests of all of CLICO (Bahamas protect and maximise the value of CLICO (Bahamas estate”, enabling Mr Gomez to liquidate the company in an “economical, fair and efficient” manner. “In order to preserve the interests of CLICO (Bahamas and all its constituents, it is imperative that all claims and distributions be administered uniformly in accordance with Bahamian law,” Mr Gomez alleged. “The [liquidator] believes that granting relief sought herein will best assure an economical, expeditious and equitable administration of CLICO (Bahamas “Moreover, rather than exposing CLICO (Bahamas litigation and collection efforts that could lead to piecemeal distribution of its assets, as well as additional costs and distraction from the administration of the estate, the [liquidator] will be afforded the ‘breathing room’ to conduct an orderly review of CLICO (Bahamas that its creditors receive equitable treatment.” Vital P reserving and protecting CLICO (Bahamas assets is vital to the company’s successful liquidation, and the ability of Bahamian insurance policyholders and annuity depositors to recover the majority of their investments. Mr Gomez’s first report to the Bahamian Supreme Court showed how Wellington Preserve and other US assets were the recipients of most of the $73 million funnelled from CLICO (Bahamas owned subsidiary, Bahamiandomiciled CLICO Enterprises. Mr Gomez wrote then: “As at December 31, 2008, approximately $73 million had been advanced to CLICO Enterprises, but it is unlikely that this loan can be recovered at full value as CLICO Enterprises’ December 31, 2008, unaudited financial statements reflect a deficit of $21 million as the assets are $108 million and its liabilities are $129 million. “Included in CLICO Enterprises’s assets is a loan due from Wellington Preserve Limited (WPL sidiary, for $70 million. The December 31, 2008 unaudited financial of WPL includes investment property in Florida valued at $127 million. However, the same real estate valued on an “as is” basis is worth approximately $62 million. “Beside the loan to WPL, CLICO Enterprises also made a direct investment in WPL for $13 million. “The WPL real estate project in Florida consists principally of 80 residential lots and various amenities and commercial sites laid out in a 523-acre tract. It was to be a high end residential subdivision with an equestrian/polo theme. Most of the residential lots are connected to or contain polo pitches and horse stables. Unfortunately, the project requires a substantial cash injection of a minimum of US $42 million before it can be reasonably presented for sale.” F ROM page 1B

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When asked about the reasons for why the Government had yet to give its approval, Mr Laing said: “The impact on foreign reserves would not be the issue. For sure, any impact on the foreign reserves is not the i ssue.” Declining to detail what the Government’s concerns with the Cable Bahamas transaction were, Mr Laing added t hat he “couldn’t say at this time” when a decision on the approval would be forthcoming. We always try to address t hese matters as soon as poss ible, so as soon as a decision can be made, one will be m ade,” Mr Laing added. T he fact that foreign e xchange reserve preservation i s not the issue will undoubtedly raise speculation as to why the Government has yet to give the nod to the Cable Bahamas deal. S ome are likely to believe the Government has concerns a bout the impact Columbus C ommunications’ departure will have on Cable Bahamas’ operations, while other speculation is likely to focus on whether the Ingraham admin-i stration fears the transaction’s e ffects might affect the Bahamas Telecommunications Company’s (BTC vatisation or the developing communications regulatory landscape. C able Bahamas has been waiting for foreign exchange c ontrol approval for the past two weeks. This is believed to be the l ast obstacle to the transaction’s go-ahead, which will result in the BISX-listed com-p any buying out Columbus Communications’ controlling 3 0.2 per cent state for $80 million or $13.43 per share. Although in theory the Cent ral Bank of the Bahamas is the one that grants exchange c ontrol approval, in reality it only does so on major transactions such as this once theG overnment, in the shape of the Minister of Finance, gives h is consent. Tribune Business understands that all the necessary paperwork for the CableB ahamas transaction has been completed by the Central Bank, and that it now resideso n ministerial desks at the Ministry of Finance. Control Cable Bahamas requires foreign exchange control approval because not only d oes the transaction involve a foreign entity (Columbus’s parent is Barbados domiciled), but it is aiming to raise 50 per cent some $20 million of its upcoming $40 million preference share issue in US dollars. A term sheet circulated to p otential investors by the company’s placement agents, RoyalFidelity Capital Mark ets, said: “An application has been made to the Central B ank to allow for up to $20 million of the $40 million Series A Preference Shares to be made in United States dollars.” A s at February 2009, the Bahamas had some $616.32 million in foreign currency reserves, a figure backing Mr Laing’s assertion that thei mpact the transaction will have on this sum is not the m ain issue. The proceeds from the $40 million issue, and the $90 million syndicated credit facility from Royal Bank of Canada, FirstCaribbean InternationalB ank (Bahamas bank, 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 theo ption to convert their investment into Cable Bahamas ordinary shares (equity two years after the $40 million issue closes. The purchase price for Columbus Communications’ 5,954,600 shares has decreased by 6 per cent compared to the $14.28 per share initially contemplated by the parties preChristmas, after Tribune Busin ess h ad exclusively revealed d etails of the proposed buyout. Back then, the purchase price represented just a 1 per cent premium to the then-pre-v ailing market price, as o pposed to the 11.5 per cent now. Still, back then Columbus Communications’ stake was valued at $85.174 million, and now it is some $5 millionl ess at $80 million. The company then was valued in total at $282.035 million, and now that figure is $264.9 million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oreign exchange ‘not main issue’ on Cable’s approval FROM page 1B The impact on foreign r eserves would not be the issue.” Zhivargo Laing

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C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, MAY 22, 2009 THE TRIBUNE /HJDORWLFH 127,&( ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQWKHGD\RI0D\ 7KH/LTXLGDWRULV $UJRVD&RUS1DVVDX % DKDPDV ‘Unacceptable level of inactivity’ over Professional Engineers Board m embers in a bid to encourage the Government to bring amendments to the Engineers Act to Parliament, which are needed to reconstitute the Board. “A petition is being circulated,” Mr E lliott said. “The reason why the petition is being circulated is because we feel there is a level of inactivity with regard to the Engineers Act. This level of inactivi ty is unacceptable on the part of the Government, we feel.” Mr Elliott said the BSE had sent a letter to the minister responsible, Neko Grant, the minister of works, earlier thisy ear, after submitted its nominees for the Professional Engineers Board last October. However, the Society had yet to receive a response from the Government. T he BSE is hoping that the petition, signed by its members, “might provide some impetus” to generate action on the Government’s part. “We need to pressure our MPs,” Mr E lliott added. “We need to go to the MPs, say the Engineers Act is sitting there, there is no action, nothing is happ ening. Speak to the minister responsible. When’s he going to bring the amendments to Parliament so the Board can be re-established?” M r Elliott later told Tribune Business that amendments to the Act were necessary because, under the present legislation, no Bahamian engineers could be appointed to the Board. The BSE president explained: “The Board is now defunct. The original Board, their term expired in 2007 or 2008, and that Board was never re-established. The reason the Act needs to be amended is that after the original Board, all further engineers who could be appointed to future Boards needed to be registered with the original one. That [the registration of engineers] never took place.” Having the Board in place is not only critical for self-regulation of all Bahamia n engineers and engineers operating in the Bahamas, but also for the sector’s ability to compete and obtain work in Europe and the Caribbean via the Economic Partnership Agreement (EPA T he Board is critical for not only licensing Bahamian engineers, but also certifying their qualifications and standards. Without qualifications and stand ards that are recognised by European Union (EU Dominican Republic states, Bahamian engineers will not be able to physically enter those markets, set up their own firms and compete for work. Difficult Presently, the Board’s absence means t here are effectively no Bahamian standards and qualifications for the engineering profession, although its members will have obtained their training and qualifications in other countries. “Without the Board to regulate, it’s going to be extremely difficult, especially under the EPA, for Bahamian engineers to compete,” Mr Elliott told Trib une Business . “Of course, it will be a big problem. The reason why it is a problem is that every other country has a regu latory regime for engineers in the EU and Caribbean. Go to every other Caribbean member, and they have regulatory authorisation for engineers.” E mphasising that he was speaking for the Society’s members, and that the petition idea came from them, Mr Elliott said engineers were “the only one” of the professional services sectors in the Bahamas not to have their own self-regulatory regime. “The architects have one. The accountants, the lawyers, the doctors, the real estate agents.......,” he added. The difficulty we are going to face in the engineering profession is that we are at a severe disadvantage in relation to the other professions, because their practice is enshrined in law and they have functioning regulatory bodies.” John Delaney, the Bahamas Trade Commission’s chairman, pledged to take up the Professional Engineers Board i ssue with the Government and the Ministry of Finance. In a presentation to the Society on the EPA, Mr Delaney said the Bahamas “must develop standards for professional engineers”, establish a non-discriminatory” licensing regime for the profession and meet international requirements on competency and qualifications. C ompetitive standards, he added, were key if Bahamian services professionals such as engineers were to be able to enter the EU and CARIFORUM/Dominican Republic markets under the EPA. Mr Delaney pointed to the fact that under the EPA, services professionals in one country had to enter into Mutual Recognition Agreements (MRAs t heir counterparts in another country in order to enter each other’s markets. This, in practice, meant that “a certified engineer in the Bahamas is equal to a certified engineer in Latvia”. Article 85 of the EPA requires countries to establish licensing, authorisation and certification criteria for services suppliers. And the Bahamas will have to e nter negotiations on MRAs in professions such as architecture, engineering and tourism by 2010. F ROM page 1B

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process for accession to full memb ership in the World Trade O rganisation (WTO Mr Delaney said there were “many” issues that the Bahamas “has to figure out” in relation to i ts competitiveness and international trade, exchange controls being one of them. He added: “We need to have an exchange c ontrol regime, to the extent we maintain it, that does not prevent Bahamians from availing themselves of the rights and benefits t hat the Bahamas has negotiated w ith other countries..... “Where exchange control really bites is if you want to move capital out of the Bahamas toe stablish a commercial presence elsewhere. I don’t believe for minute that your application would be refused, but the fact is t here is there is a perceived and psychological barrier” on this issue. Mr Delaney, managing partner at the Higgs & Johnson law firm, added that “it is right”t hat Bahamians advocate for changes to ensure laws, regulations and policies “cease to be barriers for Bahamians”. H e added: “The Central Bank is not familiar with Bahamians i nvesting outside the country by way of capital, because thereh aven’t been many examples. That needs to change, and one w ay is by providing clearer, simpler rules, so Bahamians do not feel daunted by the exchange control regime.” The Trade Commission chair s aid the Central Bank wanted to provide exchange control approval for capital investments abroad, citing his own law firm’s acquisition and merger last yearw ith the Caymanian company, Truman Bodden & Company. In reply, Mr Bowe said that if exchange controls “do not stop y ou, it might delay you. If it does not cost you, it delays you”. He added: “We’ve got to work on our side to make the rules completely clear, and favour us in competing globally. In trying to compete locally and internationally, we are handicapped, I believe.” T o which Mr Delaney replied: “As a Trade Commission, we will certainly advocate that there must be no internal impediments to Bahamians availing themselves of rights and privileges secured under trade agreements.” Ensuring there are no internal barriers to Bahamian companies a nd services professionals moving abroad, joint venturing or setting up subsidiaries in European and Caribbean nations, will be key to ensuring this nation’s firms can exploit Mode 3 commercial presence access under the EPA. Mr Delaney said that tradit ionally Bahamian companies had tended to look inwards, rather t han outwards, with only insurance companies such as Royal-S tar Assurance and ColinaImpe r ial, his law firm and Lennox Paton opening offices and sub-s idiaries overseas. The EPA, though, gives B ahamian companies and exporters the same market access rights to CARICOM-Dominican Republic states as it does the EU. Mr Delaney urged: “We have t o think what we will get out of this. If you cannot get into the EU, think about opportunities you will be able to explore in the C aribbean. Think of the joint ventures you might be able to avail yourselves of.” And he told Bahamian engin eers: “I recommend that you focus on planning the entire sector’s development and, closer to home, the development of your particular firm, if you’re in thep rivate sector. “Assess how your firm can become larger, acquiring or merging with a regional firm, going on n ot to compete in that area, but also in the EU. Having 50 per cent of a larger pie, is better than 100 per cent of a small pie.” T he Trade Commission chair urged Bahamian companies to understand potential export markets, and what was needed to either compete in them or export to them. Establishing and Internet p resence, he added, would allow potential Caribbean clients to assess a Bahamian company’s services, products, organisational structure and pricing. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, MAY 22, 2009, PAGE 7B 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.951.28Abaco Markets1.401.33-0.076,8300.1270.00010.50.00% 11.8011.00Bahamas Property Fund11.0011.000.000.9920.20011.11.82% 9.686.95Bank of Bahamas6.956.950.000.2440.26028.53.74% 0.900.63Benchmark0.630.630.00-0.8770.000N/M0.00% 3.743.15Bahamas Waste3.153.150.000.0780.09040.42.86% 2.601.95Fidelity Bank2.372.370.000.0550.04043.11.69% 14.1511.09Cable Bahamas11.7511.750.001.4060.2508.42.13% 3.142.83Colina Holdings2.832.830.000.2490.04011.41.41% 7 .446.06Commonwealth Bank (S16.296.13-0.164,1000.4190.36014.65.87% 3 .381.31Consolidated Water BDRs2.862.880.020.1110.05225.91.81% 3.001.38Doctor's Hospital1.381.380.000.2400.0805.85.80% 8.106.02Famguard7.767.760.000.4200.30018.53.87% 12.5011.00Finco11.0011.000.002500.3220.67034.26.09% 14.6610.35FirstCaribbean Bank10.4010.400.000.7940.40013.13.85%5 .555.00Focol (S5.145.140.000.3320.15015.52.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 0.500.30Freeport Concrete0.300.300.000.0350.0008.60.00% 8.205.50ICD Utilities5.505.500.000.4070.50013.59.09% 12.508.60J. S. Johnson10.5010.500.000.9520.64011.06.10% 10.0010.00Premier Real Estate10.0010.000.000.1800.00055.60.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 1000.001000.00Fidelity Bank Note 17 (Series AFBB17100.000.00 1000.001000.00Fidelity Bank Note 22 (Series BFBB22100.000.00 1000.001000.00Fidelity Bank Note 13 (Series CFBB13100.000.00 1000.001000.00Fidelity Bank Note 15 (Series DFBB15100.000.0018 52wk-Hi52wk-LowSymbolBid $ A sk $Last PriceWeekly Vol.EPS $Div $P/EYield 14.6014.25Bahamas Supermarkets7.928.4214.60-0.0410.300N/M2.05% 8.006.00Caribbean Crossings (Pref4.006.256.000.0000.480N/M7.80% 0.540.20RND Holdings0.350.400.350.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNA V YTD%Last 12 MonthsDiv $Yield % 1.37581.3124Colina Bond Fund1.37581.654.83 3.03512.9230Colina MSI Preferred Fund2.8962-1.49-3.35 1.39011.3875Colina Money Market Fund1.46302.055.25 3.69603.1964Fidelity Bahamas G & I Fund3.1964-5.59-13.64 12.739712.1564Fidelity Prime Income Fund12.73970.965.79 100.5606100.0000CFAL Global Bond Fund100.56060.560.56 100.000096.4070CFAL Global Equity Fund96.4070-3.59-3.59 1.00001.0000CFAL High Grade Bond Fund1.00000.000.00 10.50009.0950Fidelity International Investment Fund9.15990.71-12.76 1.04401.0000FG Financial Preferred Income Fund1.04400.804.40 1.03641.0000FG Financial Growth Fund1.03640.333.64 1.04521.0000FG Financial Diversified Fund1.04520.764.40 BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/M Not Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S (S1T T O O T T R R A A D D E E C C A A L L L L : : C C O O L LI I N N A A 2 24 4 2 2 5 5 0 0 2 2 7 70 0 1 10 0 | | R R O O Y Y A A L LF F I I D D E E L LI I T T Y Y 2 2 4 42 2 3 3 5 5 6 67 7 7 7 6 6 4 4 | | F F G G C C A A P P I I T T A A L L M M A A R R K K E E T T S S 2 24 4 2 2 3 3 9 9 6 6 4 4 0 00 0 0 0 | | C C O OL L O O N N I I A A L L 2 24 4 2 25 5 0 02 27 7 5 52 2 5 5F INDEX: CLOSE 799.47 | YTD -4.24% | 2008 -12.31%BISX LISTED & TRADED SECURITIES AS OF: Fidelity Over-The-Counter Securities Colina Over-The-Counter Securities BISX Listed Mutual Funds MARKET TERMSTHURSDAY, 21 MAY 2009BISX ALL SHARE INDEX: CLOSE 1,608.88 | CHG -8.44 | %CHG -0.52 | YTD -103.48 | YTD % -6.04BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basesPrime + 1.75% Maturity 19 October 2017 19 October 2022 30 May 2013 29 May 2015 Interest 7% Prime + 1.75% 7% 30-Apr-09 31-Dec-08 31-Dec-07 31-Mar-09 9-Feb-09 9-Feb-09 W W W W W W. .B B I I S S X X B B A A H H A A M M A A S S . .C C O O M M | | T T E E L L E E P P H HO ON NE E : :2 2 4 4 2 2 -3 3 2 2 3 3 -2 2 3 3 3 3 0 0 | | F FA A C C S S I I M M I I L L E E : : 2 24 4 2 2 -3 3 2 23 3 -2 23 3 2 20 0NAV Date 31-Mar-09 15-May-09 31-Mar-09 28-Feb-09 31-Dec-08 9-Feb-09 &20021:($/ , 1 7+( 6835(0(&2857& RPPRQ/DZDQG(TXLW\'LYLVLRQ , 1 7+( 0$77(5$//7+$7 SLHFH SDUFHORU ORWRIODQGFRQWDLQLQJ7KUHHWKRXVDQGDQG)LIW\VL[ VTXDUHIHHWVLWXDWHLQWKH6HWWOHPHQWRI*UHDW * XDQD&D\RQHRIWKH$EDFRFKDLQRIFD\VLQWKH &RPPRQZHDOWKRI7KH%DKDPDVERXQGHGRQWKH 1 RUWKODQGQRZRUIRUPHUO\WKHSURSHUW\RI/HZLV 5 REHUWVDQGUXQQLQJWKHUHRQ6L[W\IHHWRQWKH (DVWODQGWKHSURSHUW\RI$OUREKRPDV5REHUWVf E XWQRZWKHSURSHUW\RI:LOOLDP'R\OH:DWVRQDQG ) UHGHULN)*RWWOLHEUXQQLQJWKHUHRQDQG 1LQHW\WKUHHKXQGUHGWKVIHHWRQWKH6RXWK WKH0DLQ3XEOLF5RDGNQRZQDV)URQW6WUHHWfDQGU XQQLQJWKHUHRQ6HYHQW\IHHWRUOHVVDQGRQWKH :HVW7KUHHIHHWZLGHSXEOLFUHVHUYDWLRQDQG UXQQLQJWKHUHRQL[W\fIHHW $1' ,1+($77(5)+(,(7,1*,7/(6$&7 $787(/$ 7+(&20021:($/7+)+(%$+$0$6 $1' ,1+($77(5)+((7,7,21):,//,$0 '2