Citation
The Tribune.

Material Information

Title:
The Tribune.
Uniform Title:
Tribune. (Nassau, Bahamas).
Added title page title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
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.

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University of Florida
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University of Florida
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Resource Identifier:
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Volume: 103 No.130

WEATHER

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CLOUD AND





The Tribune



#1 PAPER IN CIRCULATION







Che Miami Herald

BAHAMAS EDITION

SATURDAY, APRIL 28, 2007



HN Ca
SUM et

PRICE: ~ 75¢



J Ue Ga Uso

Maa i:

INGRAHAM PROMISES ON CAT ISLAND TERMINAL

Gee

Re-elected

Leading
RS

Julianna takes shot putt, discus.





Ingraham raises
questions over
election-time
short contracts

By BRENT DEAN

CABBAGE HILL, Crooked
Island — There will be an inves-
tigation into the actions of cur-
rent MICAL MP Alfred Gray
surrounding the granting of
election time.-contracts..to
MICAL constituents, if the
FNM are electéd the new gov-
ernment of the Bahamas.

FNM leader Hubert Ingra-
ham made this pledge in front
of a passionate group of
Crooked Island FNMs, during a
ribbon cutting ceremony and
rally on Thursday.

Sources allege that numerous



OPPOSITION leader
Hubert Ingraham has
rebutted claims that he is
unwell.

Speaking at an FNM rally
in Marsh Harbour, Abaco,
Mr Ingraham said: "I under-
stand that having failed at
convincing the good people
of our land not to vote for
me and the FNM, the PLP
are telling them not to vote
for me because I’m sick.
Well, thank God that is not
true and I pray that God
continues to bless me with
good health."

On Thursday evening,
rumours had started circu-
lating that Mr Ingraham had
suffered a heart attack on
the campaign trail, which
this week had seen the FNM
leader goon a four-day long
tour of the Bahamas, cover-
ing Long Island, Ragged
Island, Cat Island, San Sal-
vador, Exuma, Crooked
Island, Mayaguana, Inagua
and Acklins.

The opposition leader said
that people in those islands
“energetically welcomed"
him and his team, and "can't
wait to vote FNM."

"People are tired of this
compromised, self-interested
government. They want a
government they can trust.

SEE page 14







three-month government con-
tracts have been awarded to
MICAL constituents that are
set to conclude at the end of
May. In some instances, small
government buildings, that do
not require painting, have had
multiple contracts awarded, for
some workers to paint the
inside of the building, while oth-
ers contractors paint the out-
side.

Mr Ingraham told the crowd
that it is “unthinkable” that this
type of political influence still
exists in the Bahamas. _

“Your MP, and the adminis-
tration which he is running in
this part of the Bahamas, is
worse than any place else I have
been in the country,” Mr Ingra-
ham said.

“Within days of coming to
office, we will undertake an
investigation into the expendi-
ture of funds in Crooked Island,

Acklins, Mayaguana, and
Inagua and Long Cay,” Mr
Ingraham added.

The former prime minister
warned Crooked Islanders not
to get involved in schemes
where public money is paid and
no work is done.

“Tf you have a service to per-
form, and they are paying you,
do the job. But if they are giving
you public money to vote for
them, and you are taking it, eat-
ing your mutton and shutting
your mouth, then you will have

to account, just like Alfred Gray

is going to account for this mon-
ey,” he said.

Revealing his plan for the
south, Mr Ingraham told
Crooked Islanders that he
intends to reinstate their duty
free status for all building mate-
rials; household furniture and
appliances; and motorcars on
the island.

The FNM would also create
a scholarship programme for
children in the Southern
Bahamas, including Crooked
Island, with every child who
qualifies for COB receiving a
full scholarship.

Crown land also will be
made available for Bahamians
to construct second homes on
Crooked Island, duty free, Mr
Ingraham informed the crowd.

For foreigners who seek to
build second homes, the FNM
plan would exempt them from
real property tax for 10 years.
However, taxes would be
increased on those foreigners
who own undeveloped land on
Crooked Island and Acklins
until the land is developed, Mr
Ingraham said.

The FNM leader confidently
left his supporters witlt a firm
prediction of electoral success.
He said that his party will win
between 110 and 120 of 160 reg-
istered voters in Crooked
Island.

NAST AND 3







Police remove the body of Delroy Mcenzie from his vehicle

A man was killed when he was shot multiple
times while sitting in his vehicle at the Esso
Service Station on Wulff Road and Montrose

Avenue Thursday night.

Delroy McKenzie, of Englerston, believed
to be in his early twenties, became the country’s
thirtieth murder victim for the year when he
was shot in front of his girlfriend.



According to police reports, Mr McKenzie
had parked outside the service station in his
burgundy-coloured Honda Accord when a



black Nissan Altima vehicle pulled up.

Three male occupants got out of the car and
one man suddenly fired shots from a handgun
at Mr McKenzie. Mr McKenzie was hit multi-
ple times and died at the scene.





AN independent candidate claimed yesterday
that he had received repeated death threats since
launching his campaign to unseat former Immi-
gration Minister Shane Gibson in the general

election.

Children’s rights crusader Clever Duncombe
said one caller warned that he would become
“the first MP to be assassinated” if he won the

seat.

Mr Duncombe, who is challenging Mr Gibson
and the FNM’s Donald Saunders in the Golden
Gates constituency, admitted: “It scares the hell
out of me, I’m not going to lie. But it’s not like

Candidate: Death threats
‘scare the hell out of me’

“This is probably why so many people don’t
want to go into public life or even go against the
grain and challenge the two major parties.”

Mr Duncombe believes hostility against him




has increased since he called for gay and lesbian

ences.

election candidates to admit their sexual prefer-

He also believes PLP supporters are furious

over his outspoken criticism of Shane Gibson

someone put a gun to my head and asked me to

do this. | am doing it because I want to move

our country forward.

and his role in the Anna Nicole Smith affair.
But he said: “I don’t think the ex-minister is

responsible. I think this is the work of hooligans.

I have been at the centre of several hot-button

SEE page 14

Court rejects appeal by
Anna Nicole’s mother

By NATARIO McKENZIE

THE Court of Appeal has
upheld a judge’s decision to
allow Larry Birkhead to take

his daughter Danniclynn out of

the Bahamas until the next
court hearing in the child cus-
tody dispute.

-Attorney Deborah Rose yes-

terday filed.an appeal on behalf

of Vergie Arthur seeking a stay



EA i U ANA

of Justice Stephen Isaacs’ order.
On Wednesday Justice Isaacs
issued an order allowing Birk-
head to take his seven-month-
old daughter out of the
Bahamas until June 8. Ms
Arthur's lawyers had challenged
the order after it was issued but

* were unsuccessful and sought

to appeal the order in the Court
of Appeal yesterday in a last
ditch effort to stop Birkhead

from leaving the Bahamas with
the infant.

That application, however,
was dismissed by the court. Jus-
tice Lorris Ganpatsingh noted
that Ms Arthur’s application
was weak and had failed to
prove that the judge was wrong
when he exercised his discre-

SEE page 14

Kozeny
freed
on bail

By KARIN HERIG
Tribune Staff Reporter

CZECH businessman and
former Lyford Cay resident
Viktor Kozeny has been grant-
ed bail and was released from
Fox Hill prison yesterday.

Kozeny, who is wanted on
bribery charges in the state of
New York, has been waiting to
be extradited to the US since
October, 2005.

However, the US, as*itie
requesting state, missed the date
of the habeas corpus hearing
which would have finalised the
extradition. In the meantime
Kozeny was released on bail.

The man dubbed the “Pirate
of Prague,” appeared before
Supreme Court Judge Stephen
Isaacs yesterday and was grant-
ed $300,000 bail with two
sureties.

Kozeny’s Bahamian lawyer
Paul Moss told The Tribune
yesterday that the habeas cor-
pus hearing had been scheduled
for April 30, but that the US
was not sufficiently prepared at
that time.

The hearing has now been
rescheduled to June 23.

“So it’s no fault of his own,
he’s ready and willing to go on,
but the requesting state, the US
government, was not ready to
proceed so bail was granted,”
he said.

Mr Moss said his client has
not yet spoken about his expe-
rience in Her Majesty’s Prison,
but is obviously “extremely
pleased” to be out.

“He is just happy to see his
family members (who are in the
Bahamas) and is looking for-
ward to picking up the pieces
ot his life,” the lawyer said.

Kozeny was arrested at his
Lyford Cay home on October 5,
2005, just hours before being
indicted on a long list of bribery
and money laundering charges
in the US District Court in
Manhattan.

He is accused of being the
driving force behind a multi-
million dollar bribery scheme
that sought to corrupt Azerbai-
jan officials to gain a control-
ling interest in that country’s
state-owned oil company
SOCAR in the 1990s.

The Czech investor is charged
with conspiracy to violate the

US Foreign Corrupt Practices °

Act. If Kozeny is extradited to
the US he could face a jail sen:
tence of up to 25 years.

INSIGHT ¢

ONLY ONE
WAY AHEAD

Dont miss INSIGHT's
hard-hitting and AROS
tive general election pre-
view

See Monday's Tribune







THE TRIBUNE

PAGE 2, SATURDAY, APRIL 28, 2007



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THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 3



6 Ee Ra NSM SSE a LSE CO TSR aren ee
Ingraham’s 90-day pledge on

(ae
defends

education Cat Is

record

THE PLP says it is proud
of the achievements made
in education over the last
five years.

Despite concern over the
‘D’ national grade average,
the many delays and prob-
lems with school repairs and
repeated industrial action
by teachers, the governing
party said education is on
the right track.

“Although we acknowl-
edge that there is much to
done in this area of our
national development, we
are also proud of what we
have achieved in just five
short years,” the PLP said
in a statement.

The party pointed out
that despite extensive dam-
age to schools from three
major hurricanes, “the PLP
has carried out the most
extensive repairs, redevel-
opment and infrastructural
upgrade to the educational
system ever undertaken by
any government in the
modern Bahamas.”

“With this being such an
emotional and_ highly
charged period and with the
future of our nation at
stake, Bahamians can ill
afford to buy into the pro-
paganda and untruths being
spread by the FNM
throughout the archipelago.
Bahamians deserve to know
the facts, the whole truth
and nothing but the truth.”

The party listed what it

says are the facts about edu-
cation in its five year term,
as follows:
“.¢ More than 500 new
classrooms built. The FNM
built 332 classrooms
between 1992 and 2002.

e More than $71,000,000
spent on schools. In the
FINM’s first term, they spent
$48,400,000.

e The largest school
repair and expansion pro-








Point primary schools, both
condemned in 2002.

¢ The construction of a
new high school in south-
west New Providence and
a junior high school in
Grand Bahama. Bids are
out to tender for new
schools in eight more com-
munities.

¢ Beginning to “turn the
corner” in national grade

average: D- in 2002, D+ in |

2006. “We are confident
that the national average
will continue to climb in the
right direction.” ,

¢ The initiation of a cur-
riculum restructuring pro-
gramme, “to transform,
modernise and Bahami-
anise” the curriculum.

e The “rescue” of the
educational guaranteed
loan programme.

° The reintroduction and
expansion of the National
Scholarship Programme.

e¢ The College of the
Bahamas is on track to
become the University of
the Bahamas by 2008.

¢ The first collective bar-

gaining agreement with the -

Bahamas Union of Teach-
ers.

° A teacher mentoring
programme and informa-
tion computer technology
training for teachers in con-
junction with the OAS.

¢ The Extended Learn-
ing Programme to eradicate
social promotion and pro-
vide remedial assistance to
underperforming students.

¢ School policing and a
school security department.

eyerycosting more. |.

By BRENT DEAN

New Bight, Cat Island -—
Work will begin on a new air-
port terminal building within 90
days if the FNM is re-elected,
according to the party's leader,
Hubert Ingraham.

The FNM leader decried the
inadequate state of the present
structure during a campaign
stop and rally just outside the
airport.

The terminal in question has
broken bathroom facilities; an
outdoor tent for security checks
that exposes tourists to the ele-
ments, and a customs office that
floods when it rains,

Mr Ingraham told the crowd
of jubilant supporters that his
government left in place plans
for a new structure to be erect-
ed in 2002.

However, this plan was can-
celled when the PLP came to
office, Mr Ingraham said,
because the PLP considered the
contractor engaged to do the
work to be an FNM.



The FNM leader told the
crowd that he personally raised
questions regarding the terminal
construction in parliament, with
the government, on at least two
occasions.

Even the current PLP MP,
Philip ‘Brave’ Davis, Mr Ingra-
ham told the crowd, supported
his public agitations. “In fact on
one occasion, Brave Davis was
in the back, urging me on to

speak about the terminal in the ,

Bight, Cat Island. He wouldn't
dare stand up and speak for
himself about the neglect of the
government,” he said.

Addressing the issue of unre-
liable cell phone service on the
island, Mr Ingraham told his
supporters that the FNM gov-
ernment also left in place pro-
visions from new cell phone
infrastructure to be installed by
December 2002. Yet, he said,
the government postponed the
work and have not yet provided
Cat Islanders with any reason-
able explanation as to when it
will be done.



land airport terminal





s+ RRB

CAMPAIGN PROMISES - FNM leader Hubert Ingraham promises
to pick up where his former administration left off in 2002

A new centrally located high
school for all of Cat Island was
also promised by the former
prime minister if he returns to
government, along with an all
purpose gymnasium that would
function as a hurricane shelter.

In concluding his remarks,
the confident FNM leader

Gibson encourages
young on education



Shane Gibson

SHANE Gibson, the PLP’s
candidate for the Golden Gates
constituency, urged scores of
youngsters in Golden Gates to
begin educating and training
themselves so that they can be
effective leaders of tomorrow.

Mr Gibson's remarks came
as he officially opened the
Farmer’s Market Basketball
Tournament, which was held at
the Farmer’s Market Basket-
ball Park on Baillou Hill Road
and Golden Sun Drive last
week.

Gibson told the youngsters —
from both female and male

Ui
aU Ut)
FOR PEST PROBLEMS
PHONE: 322-2157



teams — participating in the
tournament that by getting a
proper education they would be
better equipped to take advan-
tage of the “endless list of
opportunities that are presently
being made available in the
country”. 3

The MP. went on to describe
how he envisions a state-of-the-
art gymnasium complex being
built in Golden Gates for the
youth of the community.

He also challenged all mem-
bers to get personally involved
in bettering the area.

“At the end of the day we

want to empower the people of
Golden Gates and help one
family, one person at a time,”
he said.

Mr Gibson said he hopes to
see a Summer basketball league
come to fruition, whereby teams
would be able to compete with
each other while at the same
time fostering good sportsman-
ship and a friendly atmosphere.

He also used the opportunity
to encourage residents to join
the local marching band — which
now has 134 new pieces of musi-
cal equipment, and room for
over 80 people.

UP
TO

issued a warning to civil ser-
vants that seek to intimidate
Cat Islanders regarding their
political affiliation during the
final days of the campaign.
“Next week there will be a
new boss man in town,” he said.
“All we want public officers
to do is do their job. I don't care

who they vote for. Don’t use
your position as an employee
of the government to influence
or intimidate anybody else. You
could be whatever you want to
be. We live in a democracy. In
this country, every man and
woman can be exactly what
they want to be,” he said.

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CLASSIFIED SECTION 28 PAGES



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PAGE 4, SATURDAY, APRIL 28, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Bahamas not following election rules

THIS WEEK a member of our staff referred
us to a copy of the Election Observation Hand-
book produced by the Organisation for Securi-
ty and Cooperation in Europe (OSCE).

“We are holding failed elections by these
people’s standards,” was the Bahamian editor’s
comment as he passed on this information.
Although Bahamians are yet to go to the polls,
government is already being accused of con-
doning an atmosphere that encourages a corrupt
process.

According to the United Nation’s Electoral
Assistance Division, the several forms of elec-
toral fraud and misconduct include: vote buying;
misusing state resources for promoting a polit-
ical party; physical intimidation (or coercive
tactics) and impeding equal access of political
parties to the media.

Over the past three weeks Bahamians have
been openly talking about vote buying. Intimi-
dation is a common complaint. There have been
widespread threats of loss of jobs, pensions,
and even government housing if the PLP does
not get the vote of these persons dependent
on government.

The police, Defence Force officers and pub-
lic administrators cast their ballots on Thursday.
Coincidentally it was also government pay day.
One police officer confirmed that an extra $150
had been added to his salary when he checked
his bank account before voting. The extra was
his pension, which up to about two weeks ago
had been suspended. According to him, senior
| officers received a lump sum as their pension

payment.

It is understood that officers on pension,
who had returned to the force on salary were
told that they could not receive both salary and
pension. Consequently, their pensions were
suspended. About two weeks ago, they were
told that the moratorium had been lifted and
that they would receive both salary and pension.
On the morning that they went to vote, their
pensions and salaries were in their bank
accounts. Coincidence or an attempt to influ-
ence their vote? That’s for readers to decide.
However, such timing for extra pay just hours
before an election would have transgressed
both UN and OSCE election rules.

It is also rumoured that certain government
contracts are being hurriedly signed for five-year
periods to secure jobs for PLP favourites should
government lose next week’s election.

And about a month ago, it is claimed, hun-
dreds of temporary workers were added to gov-
ernment’s payroll. We are told that just this
week, a Bahamian, asking a certain govern-
ment candidate for help, was given a public

A.G. Electric Co. Ltd.

Phone: 393-8192

eno $97 30°

32 Jerome Avenue

ecIine FANS

ANNIVERSARY SALE!

SATURDAY APRIL 28TH TO MAY 4TH.



service application form to fill out to secure a
government job. All of these jobs will probably
dry up after the election, regardless of which
party wins.

According to OSCE guidelines, problems
to be aware of in an election is “a campaign too
short to enable parties to organise and to con-
vey their message...”

As everyone knows Prime Minister Christie
created untold confusion by delaying the closing
of the old register and the announcement of
the election date. Many Bahamians are still
unaware of their polling divisions. It was also
unfair on election candidates who, up until the
eleventh hour, didn’t even know where their
constituency boundaries were, or who they
were expected to represent. Thanks to the usu-
al bad planning and government indecision we
expect much confusion on election day. Already
the elections have started badly. On Thursday
30 police officers in the early poll found that
their names were not even on the voters’ regis-
ter.

The OSCE has warned against civil servants
campaigning in an election. This is rampant
here, especially in Eleuthera, where not only are
civil servants campaigning, but it is reported
that they are using government vehicles to do
SO.

Despite a letter sent out to all civil servants
by the Public Service Department that they
were not to wear their party’s paraphernalia,
there are those who attend political functions
fully regalled in their PLP colours.

We have had a complaint from North
Eleuthera that the administrator, who is also the
assistant returning officer, has been openly
campaigning for the PLP candidate. The FNM
candidate has already lodged a complaint about
this with Parliamentary Registrar General Errol
Bethel.

Transparency International says that “vote
buying tends to be carried out where parties
are weak, with elections centred on candidates
rather than parties, and where traditions of
patronage are ingrained.”

However, says Transparency, it is difficult to
assess the impact of vote buying on election
results, as “ballots are supposed to be cast in
secret and so an inducement is no guarantee
that the ballot cast will in fact favour the vote
‘buyer’.” ¥

No matter which way the election goes when
it is all over there should be a thorough inves-
tigation of all election shenanigans. With vio-
lence creeping in by the backdoor, Bahamians
have to stop the drift now or soon the Bahamas
will be a second Jamaica at election time.

position:

Requirements:

Duties include:

up on findings

Board of Directors

key regulations

contracts

with cover letter to:

BY MAIL

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890

Nassau, Bahamas

Conducting investigations
Regular interaction with the Bank’s legal counsel
Reporting on compliance issues to management and the



‘Shoddy’
Nassau
allowed to
vo downhill

EDITOR, The Tribune.

I LIVED in Nassau for four
years in the late 1950’s-early
60’s, when I worked for a US
Company — Outboard Marine
here. I loved living in Nassau,
and hence have been coming
back every five, six years on
vacation.

I’m sorry to say, however,
that in the last few recent years
— the town of Nassau has been
allowed to go downhill and is
beginning to look very “shod-
dy”. Yes, I know the traffic has
picked up and the streets are
becoming very crowded, but
what I’m saying is the place is
not looking like the beautiful,
picturesque, well kept town
Nassau used to be.

Dawes



For tourists in particular, old
beautiful homes are allowed to
deteriorate and lie in dreadful
condition. There is a home at
the top of George Street that
was a very beautiful old colo-
nial style home, with big lou-
vered porches — that has been
sitting half repaired, a wreck
since I was here four years ago
and it is right across the street
from Government House!

There are several other build-
ings on Cumberland Street, a
block from Government House
— that are falling apart or oth-

erwise are in terrible shape.

On beautiful Cable Beach —
right on the beach — between
The Nassau Beach Hotel and
Breezes is a real eyesore, a
dilapidated, abandoned house,
with windows broken and trees
growing out of the roof. Fur-
ther the house is on the beach,
100 feet away from where a day
cruise boat beaches each day
and takes on 50-100 tourists
from the nearby hotels.

What is this government
doing? Is no one paying any
attention as to how the island
looks to tourists — will they
come back?

MARY

LEFFINGWELL

Kansas,

April 14, 2007.

Hubert makes the
difference for FNM

EDITOR, The Tribune.

I wish to commend you for
your excellent editorial in
today’s Tribune. I agree with
you 1000 per cent that the
PLP’s misguided belief that
“God gave this country exclu-
sively to their party”, and the
attitude that all non PLP’s are
traitors, describes the profound
difference between the PLP and
the FNM. This stupid, blasphe-
mous claim permeates PLP cul-
ture and robs the party of the
creative capacity to govern
effectively. I refuse to believe
that the God I serve willed this
country to one party against the
backdrop of a constitutional
democracy. God is infinitely
wiser than that! This foolish-
ness which they keep repeating
is clearly only a figment of their
imagination, and a crutch for
the party to lean on especially
when challenged to provide
effective leadership.

I also agree with you that
leadership is also the main dif-
ference between the PLP and
the FNM. The Right Hon
Hubert Alexander Ingraham,
leader of the FNM is the type of
leader who gets the job done in
timely fashion, and while he is

JULIUS BAER BANK & TRUST
(BAHAMAS) LIMITED

Julius Baer Bank & Trust (Bahamas) Limited, a leading
financial institution, is seeking candidates for the following

COMPLIANCE / MONEY LAUNDERING
REPORTING OFFICER

At least 5 years banking experience
CPA designation or equivalent
A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration
Excellent communication and computer skills

_ Ability to work with strict deadlines and little supervision

Oversight and review of the Bank’s AML/KYC policies,
porcedures and transaction monitoring systems
Liaising with regulators and auditors including follow-

Coordinating and administering compliance training for

Maintaining the Bank’s compliance with Group’s standards
Rviewing new products, business relationships and

Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full résumé

BY HAND

Personal & Confidential

Deputy Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

busy serving the real needs of
Bahamians, he is essentially
blind to party politics: his patri-
otic duty to serve all, supersedes
the temptation to serve FNM’s
only. While Hubert was Prime
Minister, he was severely criti-
cised by FNM’s for not taking
care of FNM’s first. But Hubert
is a very wise man: he stuck to
his guns, and despite all of the
internal conflicts of the past, the
FNM wooed him back to lead
the party, and to challenge the
PLP for the right to govern after
May 2, 2007. Hubert’s penchant
for justice and fairness to all
irrespective of race, political

affiliation and other considera-
tions greatly contributed to his
return as leader of the FNM.
Despite his obvious, exception-
al political savvy, Hubert is a
good man with a big heart. He
is driven by immutable princi-
ples: when it comes to Bahami-
ans he would rather be fair and
just as opposed to being politi-
cally correct. Hubert is simply
the best, and the FNM is the
best party for the 21st century.

WINKIE
Nassau,
April 24, 2007.

INSIGHT

ey UW ola soe ey -Uallale
the news, read Insight
on Mondays



Bahamas

International

Film Festival

BLE E's MONTHLY FLLM SERIES

CONTINUES....

Bahamas International Film Festival
(BIFF) FILM SOCIETY

is please to show the 2006 BIFF Grand Jury
Award Film CHRONICLES OF AN ESCAPE

Saturday, April 28th @ 8:00pm

Free of charge

Location: Rawson Square, Downtown Bay

CHRONICLES OF AN ESCAPE

(Argentina)

Saturday, April 28th @ 8:00pm

*Directed by Israel Adrian Caetano

*Starring: Rodrigo De la Serna, Pablo
Echarri, Nazareno Casero

*Runtime: 103 mins

*Rated PG

*English subtitles

Synopsis:

The goalkeeper of a little-known soccer team is
kidnapped by a Argentinean government squad and
sent to a detention center. After months of torture, he
plots his escape with three other young men.

For More information on BIFF please visit our website

at www.bintlfilmfest.com





THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 5



Labour dispute filed against



the Grand Bahama Shipyard



Union alleges senior
Bahamian employee
wrongfully dismissed

BY DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Grand
Bahama Port Authority Work-
ers Union has filed a labour dis-
pute against the Grand Bahama
Shipyard for the alleged wrong-
ful dismissal of a senior Bahami-
an employee.

During a press conference
held at the union’s headquar-
ters on Thursday, Harold Grey,
GBPAWU president, accused
shipyard officials of dismissing
the worker for exercising his
right to become a member of
the union.

Burton Moree — the only
qualified Bahamian hired as
assistant dock master at the
shipyard — claims that officials
threatened to fire him if he did
not accept their offer to resign
with full compensation and an
extra month’s pay as an induce-
ment.

Shipyard and union officials
are expected to meet with
Labour officials on Friday to
discuss the matter.

Although Dave Dagleish,

managing director at the ship-
yard, did not wish to comment
on the nature of the dismissal,
he stated that the shipyard has
been very fair with Mr Moree.

He believes that the union's
decision to go public is a tactic
“to drum up local sympathy.”

“I think it was a little precip-
itous for the union and Mr
Moree to go to the press before
Friday’s meeting, and I do not
wish to discuss publicly his leav-
ing the company,” he said.

“I want to say categorically
as a company, we are very sure
and clear we have done what
we could under the circum-
stances, but regrettably, we had
to ask Mr Moree to leave.”

Mr Grey claims that Bahami-
an workers continue to experi-
ence difficulties at the shipyard
with expatriate managers.

Mr Moree received a termi-
nation letter on April 19 from
the company following a disci-
plinary hearing on April 18 for
unauthorised leave from work.

In a company memorandum
dated April 12, manager Tom
Bower stated that Mr Moree

told Rommel Pickering that he
had worked through his lunch
hour and was leaving at 3pm,
implying that he had authorisa-
tion.

Mr Bower stated that Mr
Moree at no time had discussed
with him, or any other person of
authority in the marine or tech-
nical department of either
working through his break, or
leaving at 3pm.

He indicated that it was the
second time that Mr Moree had
implied, or stated that he had
approval to be absent without
having discussed his absence
from the shipyard with Mr
Bower’s approval.

In the termination letter,
shipyard officials had indicated
that Moree had done this on
February 19, and again on April
12,

The letter further stated that:
“In recognition of your length
of service and seniority within
the company you were offered
the opportunity to resign as an
alternative to termination. In
addition, were to you resign you
would receive a further mon-
th’s salary in lieu of notice. This
offer remains open.”

Mr Moree, who did not agree
to resign, said that he did not
recall violating any of the com-
pany’s rules, regulations, or
policies. He said that he had
only received one verbal warn-
ing during his entire employ-
ment at the shipyard.

Whale-tracking robot
trialled in Bahamas

By ALISON LOWE
Tribune Staff Reporter

Researchers may soon finally

be-able:to say; for sure whethen «;
underwater:noise — such: as.isi
sonar —upsets whales, and caus=«:

es them to strand. pt

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Iya OT IKU|
Tropical Exterminators
Rea ALY |

TV 13 SCHEDULE

SATURDAY
APRIL 28TH

12:30 Bullwinke & Friends

1:00 _ King Leonardo

1:30 The Fun Farm

2:30 The 411

3:00 Matinee: “Little Girls In Pretty
Boxes”

5:00 Cricket World

5:30 — Gillette World Sports

6:00 In This Corner

6:30 Sports Lifestyle

7:00 The Bahamas Tonight

7:30 — Political Broadcast - Free
National Movement

7:45 Political Broadcast -
Progressive Liberal Party

8:00 FNM Rally

11:00 The Bahamas Tonight

11:30 Movie: “Legend of Ruby
Silver”

12:30 Comm. Pg. 1540AM

SUNDAY

APRIL 29TH

6:30am Community Pg. 1540AM
8:00 In His Image: Change
Ministries International
The Covenant Hour
E.M.P.A.C.T.
The Voice That Makes
The Difference
Effective Living
This Is The Life
Universal Household of
Faith
Adventists Speak
Close To Home: “Turks &
Caicos Experience” Carifta
2007 Highlights
Taking Dominion
Ernest Angley Ministries
Temple Fellowship
Ministries International
Walking In Victory
One Cubed
You & Your Money
The Bahamas Tonight
Practical Principles
Higher Ground
Ecclesia Gospel
National Health Insurance
15th Annual Trumpet
Awards 2007
Bahamas Tonight
Community Pg. 1540AM

‘ NOTE: ZNS-TV 13 reserves the
right to make last minute
programme changes!



This comes as a new under-
water robot, designed to detect
and track whales, has been suc-
cessfully trialled in the
Bahamas...) 5. o-

News of,the, breakthrough
was published in this month's:
- edition of Nature Magazine in

the UK.

The robot is in the form of a
torpedo-shaped glider that can
run independently for up to a
month underwater, picking up
whale calls via a microphone
attached to its underside.

The data the glider collects
can then be transmitted back to
its base, either by radio, or via
satellite phone, to anywhere in
the world.

The fact that the glider itself
can move independently of any
ship, and transmit data globally,
provides two major leaps for-
ward in whale-related research,
say scientists.

There has been some sugges-
tion in the past that sonar — such
as that used at the AUTEC
naval base in the tongue of the
ocean — has caused whales in
the area to beach in the
Bahamas.

' Researchers suggested that
the noise may have disorientat-
ed the mammals, perhaps caus-
ing them to surface too quickly,




publication of this notice.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JULIANA TAMIA
LATEISHA FENELON of Nassau,Bahamas intend to
change my name to JULIANA TAMIA _LATEISHA
FERNANDER. If there are any objections to this change
of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box SS-742, Nassau,
Bahamas no later than thirty (30) days after the date of

suffering the mammal equiva-
lent of "the bends".

It is hoped that the robot will
be used by naval or other

- ocean-based operations to: .

detect whales in the area, and so
help‘avoid the use of equipment
that can potentially harm them
while they are in close proxim-
ity.

The frequency and pattern of
detected calls will even allow
scientists to tell which species
are present.

The glider's capacity to pick
up high frequency calls, com-
mon to the beaked whale,
means that this particular
species, difficult to detect until
now, will also be trackable.

"We are entering a new era
of underwater sensing," says
Jim Theriault of Defence
Research and Development
Canada, Dartmouth, who ran
the trial. "We can put a glider in
the Bahamas and monitor it in
Nova Scotia,"

The system was trialled in
February, and another test is
planned for July. The Aus-
tralian government is also going
to use Theriault's system this
June to look for whales in an
area where none have been
spotted by eye, but where they
are thought to live.











TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

t

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience
this will cause to our customers



He further stated that he is
required to work eight hours a
day from 7am to 4pm. He said
he reported for work on April
12 at 7am and worked through
his lunch hour, and got off at
3pm, completing his eight hours
of duty.

“I was never advised by man- ,

agement of the company that

Rommel Pickering was my
supervisor, and that I was to
take instructions from him
regarding my job,” said Mr
Moree.

Mr Grey said that Mr Moree,
a former Defence Force officer,
is the only qualified Bahamian

employed in such a senior posi- |

tion at the shipyard. He claims



that shipyard officials will hire
another expatriate to replace
him.

“Mr Moree is a Bahamian
who has two young children and
a mortgage. The Union will
leave no stone unturned in pro-
tecting the rights of the workers
of this country to work freely
without intimidation,” he said.

THE NORTH ELEUTHERA CONSTITUENCY

Polling Division

Polling Place

Polling Division No.1
Polling Division No.2
Polling Division No.3
Polling Division No.4
Polling Division No.5
Polling Division No.6
Polling Division No.7
Polling Division No.8
Polling Division No.9
Polling Division No.10
Polling Division No.11
Polling Division No. 12
Polling Division No. 13
Polling Division No. 14

Polling Division

Polling Division No.1
Polling Division No.2
Polling Division No.3
Polling Division No.4

Public Library, Harbour Island

All Age School, Harbour Island

Catholic Centre, Harbour Island

Spanish Wells All Age School

Spanish Wells All Age School

Spanish Wells All Age School

Community Centre Current

Current Island All Age School

North Eleuthera Primary School, Bluff
North Eleuthera High School, Lower Bogue
Town Hall Administrator’s Complex Upper Bogue
Primary School, Gregory Town

P.A. Gibson Primary School Hatchet Bay
Pimary School, James Cistern

THE NORTH ANDROS AND
BERRY ISLANDS CONSTITUENCY

Polling Place

Lowe Sound Primary School
Society Hall Lowe Sound |
Nicholls Town Primary School
Nicholls Town Primary School
Conch Sound Community Centre

Polling Division No.5
Polling Division No.6
Polling Division No.7
Polling Division No.8
Polling Division No.9
Polling Division No.10
Polling Division No.11
Polling Division No.12
Polling Division No.13

Red Bay’s Primary School
Training Centre Barc Community
R.N. Gomez All Age School .
Mastic Point Primary School
Lodge Hall, South Mastic Point
Public School, Stafford Creek
Public School, Blanket Sound
Public School, Stanyard Creek



IT’S YOUR WORLD. TAKE COMMAND.

\CYAHAMIAS BUS & TRUCK CO

duanitted

Montrose PASM oe
Phone: 322-1722 Fax 326-7452





PAGE 6, SATURDAY, APRIL 28, 2007

THE TRIBUNE





Real estate
president
re-elected

Larry Roberts was re-elected unopposed for a
second consecutive term as president of the
Bahamas Real Estate Association.

Also elected as officers of the association were:
William H Wong, vice-president; Stuart Halbert,
treasurer; James Newbold, secretary.

Directors for the year 2007-2008 will be Bar-
bara Brookes, Lana Munnings-Basalya, Carla
Sweeting, Virginia Damianos, Michael Light-
bourn, Edith Powell, Zachary Banczeck, Sara
Callender, Cara Christie, George Damianos, San-
dra Evans, Paul Ritchie and Theodore Sealy.

Mr Roberts, in his report to members, referred
to the past year as "challenging, but the support
of the officers and directors has been outstanding.
We have managed to keep our association finan-
cially stable, have made progress towards imple-
menting the long discussed Multiple Listing Ser-
vice (MLS), and have furthered our relationship
with the Realtors Association of the Palm Beach-
es and the US National Association of Realtors.

“We were also pleased that we were advised by
the office of the attorney general that investiga-
tions and disciplinary committees have now been

appointed”.

Chuck Lubek, the National Association of

Realtors representative responsible for liaison
with BREA, encouraged members to advance
their involvement and invited them to attend the
100th anniversary conference of the NAR due
to be held in Las Vegas November [3 to 16.

Also addressing BREA members was Ytonna
Finnegan, vice president of professional services
with the Realtors Association of the Palm Beach-
es. Ms Finnegan invited BREA members to
attend the Florida Real Estate association con-
ference to be held in Orlando on August 22 to 26
this year.

Ms Finnegan confirmed that BREA will be
able to have a booth and make a presentation to
the Florida association.

He said that with the continued co-operation of

NAR, the association hopes to get across the
message that US realtors are not licensed to sell
Bahamian Real Estate, “although a number of
avenues for referrals and co-brokerage are avail-
able to them by working with licensed Bahamas
Real Estate Association brokers.”













































































Larry Roberts, newly re-elected president of the Bahamas Real Estate Association (BREA) is pic-
tured, following the recent AGM, with visiting realtors: Chuck Lubek, National Association of Real-
tors (US) representative, and Ms Ytonna Finnegan of the Realtor's Association of the Palm Beach-
es. Both Mr Lubek and Ms. Finnegan invited Bahamian realtors to attend upcoming realtors con-
ferences in Orlando and Las Vegas.

(Photo by Keith Parker, PS News/Features)

s a
PTIS’
we
ES 8
Rretned cctaandich As

Sunday School: 10am FUNDAMENTAL

Preachering 11am & 7:30pm EVANGELISTIC

Radio Bible Hour:
Sunday 6pm - ZNS 2
Wed. Prayer & Praise 7:30pm

Pastor:H. Mills

“Preaching the Bible as is, to men as they are”
Pastor: H. Mills © Phone: 393-0563 ¢ Box N-3622

CENTRAL GOSPEL CHAPEL

CHRISTIE & DOWDESWELL STREETS » Tel: 325-2921

SUNDAY, APRIL 29TH, 2007

11:30 a.m. Speaker: Pastor Rex Major
NO EVENING SERVICE

vice: 10:45 a.m.







Bible Class: 9:45 a.m. * Breaking of Bread
oe Comminiy Care

« Midweek Service 7:30
¢ Sisters’ Prayer Meeting: 10:00 a.



THE BAHAMAS CONFERENCE OF THE METHODIST CHURCH

Hillside Estates, Baltic Avenue, Off Mackey Street.
weenie P.O. Box SS-51 03, Nassau, Bahamas
wee Phone: 393-37 26/393-2355/Fax:393-81 35

mee CHURCH SERVICES
RR SUNDAY, APRIL 29, 2007
THIRD SUNDAY AFTER EASTER

AGAPE METHODIST CHURCH, Soidier Road
11:00AM Rev. Mark Carey/HC

ASCENSION METHODIST CHURCH,
Prince Charles Drive
11:00AM Rev.Dr. Laverne Lockhart/HC

COKE MEMORIAL METHODIST CHURCH,
Bernard Road
11:00AM Pastor Sharon Loyley/HC

CURRY MEMORIAL METHODIST CHURCH,
Zion Boulevard

10:00AM
7:00AM

Youth Service
Rev. Charles Sweeting/HC

EBENEZER METHODIST CHURCH,

East Shirley Street

11:00AM Dr. Reginald Eldon
7:00PM Pastor Martin Loyley

GLOBAL VILLAGE METHODIST CHURCH,
Queen’s College Campus

9:30AM Rev. James Neilly/HC

ST. MICHAEL’S METHODIST CHURCH, Churchill Avenue

8:00AM Connections - Rev. Phillip Stubbs
9:30AM Rev. Philip Stubbs/HC

a ( { TRINITY METHODIST CHURCH, Frederick Street
‘ 11:00AM Rev. William Higgs
7:00PM Mr. Urvan Moxey

III IIIA IAI IA IA IAAI IAAI AAII IASI AI IIIA AI IIA AAAI AAAI AAI AAA AAA AAI I AIA ANAS AAAI AA
RADIO PROGRAMMES

RENEWAL’ on Sunday at 10:30 a.m. on ZNS 1

your Host: Rev.Marie Neilly

‘METHODIST MOMENTS: on each weekday at 6:55a.m.

Your Host: _Rev.Marie Neilly

GOCOIOIOIOIIIOOIOOIOIOIOIOIOIDIOIOIGIGIGIGIOIDIOIIOIO IOI IGIOIOIOIIOIOIOI II IOI SOR II IOR Rok

The 2nd Annual Preachers Institute will be held in Eleuthera from mid-day
Friday. May 4th, through mid-day Sunday, May 6th, 2007. All BCMC preachers
are urged to make plans to attend. Lectures will be persons from the faculty
of the Methodist Theological Seminary at Emory University, Atlanta Georgia.

The 2007 Spiritual Growth Conference will be held at Ebenezer Methodist
Church May 23-27, 2007. This year’s Conference wil meet under the theme:
“Practice Excellence”. Further information may be obtained from the Conference



Office: 393-3726/2355













© [n brief

Armed
robber hits
Superwash

A MASKED, armed rob-
ber fled with two accom-
plices in a self-drive Jeep
after stealing $50 from a
woman at Superwash in
Nassau Street at midnight
on Thursday.

Witnesses gave a descrip-
tion of the getaway car to
police, who later arrested
three young men. They also
found a gun in the vehicle.

Hurricane
Hole hosts
major gala

THE Plush Lounge in the
Hurricane Hole on Paradise
Island is holding a Cham-
pagne gala night tonight.

There will be a live band
from 9pm until midnight a
DJ will follow.

Hors d'oeuvres will be
served on ice.

There is no charge for
admission.

Bacardi
employee
passes
course

BACARDI and Compa-
ny Limited has congratu-
lated Charles McKenzie on
passing the bar tending
course at the National Casi-
no and Bar Tending
School.

Mr McKenzie is a mar-
keting and hospitality
attendant, and has worked
with Bacardi and Company
for the past nine years. He
began his four-week course
on November 20.





Texaco safety speech
competition date set

THE finals of the Texaco
sixth annual National Safety
Speech Competition, hosted by
Chevron Bahamas Ltd, will
take place on May 26 at the
Dundas Centre for the Per-
forming Arts on Mackey Street.

Drawing from a talent pool
that includes students from
throughout the Bahamas, and
from a diverse number of edu-
cational institutions and civic
organisations, the competition
has brought exposure to 34
young people who have mas-
tered the art of communication,
and have excelled in their
efforts as orators.

One such organisation is the
Gentleman’s Club, co-founded
by Dr Judson and Marcheta
Eneas, which plays a pivotal
role in the lives of young men
about to enter society as adults.

The club serves as a mentor-
ing programme that focuses on
character building, personal
relationships, etiquette, mar-
keting, ballroom dancing, exer-
cise, nutrition and exposure to
cultural events.

Beginning in January, 40 high
school seniors are selected
through their schools on the
basis of grades, recommenda-
tions, writing skills and extracur-
ricular activity.

In the end, the top students,
scholar athletes, head boys and
deputy head boys typically end
up in the 14 week programme.

The young men participate in
a number of workshops and at
the end of the term are pre-
sented ata ball.

In preparation for the Texaco
Bahamas speech competition,
the boys meet every Saturday
with a toastmaster sponsor who
prepares them for a club-wide
speech contest. After an elimi-
nation process, the top con-
tenders are sent on to the Tex-
aco Bahamas competition.

“Every young man has to
participate in the speech con-
test, so by the time Texaco
comes around, they’ve been
through three to four rounds of

Girace and | eet 1") RS Ney Church
A Society of The Free Methodist Church of
North America

WHERE GOD IS ADORED AND EVERYONE IS AFFIRMED

Worship Time: lla.m. &
10:75am.

Praver Time:

7pm,
to 10:45am.

Church School during Worship Service

public speaking. In the end the
best eight go to the Texaco con-
test, which acts as our finals,”
Dr Eneas said.

This year’s finalists are
Corbin Darling, Travis Mack-
ey, McFallougn Bowleg, Eric
Sands, Tychiko Cox, Raymond
Smith, Thurl Edwards and
Cordero Minnis. .

“Texaco serves as an excel-
lent stepping stone, and you’d
be surprised at how eloquent
these kids are. It helps their
communication skills and that's
important if you're going to be
a gentleman that will be a
leader in your community. You
have to be able to express your-
self,” he said.

The Gentleman’s Club, now
in its loth year, has worked
hard to help build men of char-
acter in the Bahamas. During
that time, 645 men have passed
through the organisation —
including Dr Beverton Moxey,
an internist at Doctors Hospital;
Crown Council Edmund Turn-
er of the attorney general’s
office; Dr Amahl Higgins, a sur-
gical resident; Arien Rolle, an
accountant; Damien Miller, the
regional southeast champion of
Toastmasters and director of
Junior Achievement Delano
Munroe. -

“These guys really shine,” Dr
Eneas said of both current and
past members of the club.

The third largest school dis-
trict in the Bahamas, Abaco will
be sending Brittany Archer of
St Francis deSales to the Texa-
co Speech Competition. She
was the top finisher among six
entrants in the Abaco district's
senior division of the speech
competition.

Second and third place fin-
ishers, Zoe McDaniels and
Antonia Wright, both of For-
est Heights Academy, will also
travel to Nassau to participate.

Philemea Sawyer, an educa-
tion officer at the Ministry of
Education in Abaco, said that
each school in Abaco holds its
own speech competition in an

effort to enhance the language
arts skills of the students.

“Over the years we’ve tried
to get them at a certain stan-
dard — we are trying, but we’re
not where we need to be. We
focus on content and the speech
itself, while students in Nassau
also work on their delivery.”

With 3,000 students in the
Abaco school district, Ms
Sawyer said that, the, govern-
ment school students:are not
doing as well as their. peers in
private institutions. ,

One of the ways the ministry
is trying raise the level of speech
construction and delivery is to
have students practice in front
of the class or an audience.

Students also participate in
island-wide spelling bees and
national debates to enhance
their speech communication
and language skills, bui have
not done as well as the minsstry
had hoped.

“IT want to see more work-
shops, to see how [the Texaco
competition] is judged. Their
speech competition is different
from the Rotary Club’s. I think
more communication is need-
ed between Rotary and Texaco
because the Family Islands
seem not to do well, Ms Sawyer
said.

Looking toward the future,
she said the introduction of civic
organisations whose missions
are to mentor and develop the
coumry’s young people, would
be an asset.

“L wish we had a Gentleman's
Club or some other club to help
the kids enhance their public
speaking. In Nassau and Grand
Bahama they have clubs to help
out. The teachers don't always
have the opportunity to work
with students on their public
speaking, so the clubs could
assist in that area,” she said.

The Texaco National Safety
Speech Competition was started
in 2002 as a means of increasing
awareness about Road Safety
among young people and the
wider community.

LIGHT AND LIFE COMMUNITY CHURCH
Grounded In The Past & Geared To the Future

Worship Time: /Zam & 7pm

Sunday School: 9:45am

Prayer Time: 6:30pm



: Place: The Madeira Shopping
Place: Twynam [eights Center
off Prince Charles Drive
7 Pastor Knowles can be heard
each Sunday morning on
Joy 101.9 at 8:30a,m

The Holy Ghost Prayer-Line number is 326-7427
(www.gtwesley.org)

SUNDAY APRIL 29TH, 2007

7:00 a.m. Bro. Jamicko Forde/Rev. Carla Culmer
11:00 a.m. Sanctuary Choir Anniversary
7:00 p.m. Sanctuary Choir Anniversary Concert

Rev. Dr. Franklin Knowles

ALL ARE WELCOME TO ATTEND

Pastor: Rev. Dr. Franklin Knowles
P.O. Box EE-16807
Telephone number 325-5712
Email-lynnk@batelnet.bs

Minister: Rev. Henley Perry

P.O.Box SS-5631
Telephone number: 324-2538
Telefax number: 324-2587

ET RSHIP, LEAVE TO SERVE

“Casting our cares upon Him, for He cares for us” (1 Peter 5:7)





\

THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 7





Bahamas readies for
S467,000 AIDS centre

CURRY House, a historic
three-storey building in Royal
Victoria Gardens, is being
redesigned at a cost of $467,000
to serve as a HIV laboratory
and training centre, Minister of
Health Dr Bernard Nottage
said.

Since former Secretary Gen-
eral of the United Nations Kofi
Annan in 2001 called for coun-
tries to scale up their responses
to the HIV/AIDS epidemic, the
Bahamas has provided anti-
retroviral therapy to patients
who need treatment, Dr Not-
tage said.

With assistance from the
Clinton Foundation, a three-
year strategic plan on
HIV/AIDS was developed,
which included drug treatment,
CD4 and viral load testing.

The CD4 and viral load test-
ing were initially done at the
Hospital for Sick Children’s
HIV laboratory in Canada,
under the direction of Profes-
sor Stan Read, Dr Nottage
explained at a contract signing
on Monday.

In attendance were compa-
nies involved in the redesign-
ing of Curry House.

He explained that the
arrangement with the Canadian
hospital, along with holding one
clinic per week, limited the ear-
ly identification of persons
requiring treatment.

As a result, it was decided
that the treatment and care of
HIV/AIDS would be decen-
tralised and integrated into

community clinics.

“This will also reduce stigma
currently associated with HIV,
and which discourages patients
from seeking care,” Dr Nottage
said.

Many persons refuse to go to
an HIV/AIDS clinic because of
the fear that they may be seen
and ostracised, he explained.

From now on, these persons
will be able to attend any one of
the community clinics.

Also, to cut down on the time
waiting for CD4 results to come
back from Canada, a temporary
lab was set up in 2006 at the
Princess Margaret Hospital. But
Curry House will be the official

site for all testing once com-
pleted.

Due to the highly specialised
nature of the laboratory, Min-
istry officials sought the services
of experts in the field of labo-
ratory architecture, Dr Nottage
said.

Dr David Driscoll, a labora-
tory architect for Parkin Archi-
tects Inc, a Canadian firm,
worked in collaboration with
local architectural company,
Patrick Rahming and Associ-
ates. Jones Construction won
the remodelling contract.

“The lab will have the most
modern designs with emphasis
on carefully planned air flow



systems which will provide an
environment conducive to mol-
ecular diagnostics and labora-
tory safety,” Dr Nottage said.

Director of the National
AIDS Programme Dr Perry
Gomez added that the lab’s
sterility and safety is important
especially for persons working
there.

He said the laboratory may
have the ability to run other
tests.

For example, tests may soon
be performed on dead birds for
signs of Avian Flu.

The redesigning of Curry
House should be completed by

. the second week in July, he said.

Tribune, Ministry plant seeds of literacy

The Tribune’s Newspaper in
Education literacy programme
along with the Ministry of Edu-
cation’s Bahamas Environmen-
tal Education Programme, have
partnered to plant Lignum
vitae, the national tree of the
Bahamas, in several schools
across New Providence.

The tree planting initiative is
part of this year’s observance

‘of Earth Day, which began with

the publication of a supplement
in The Tribune on Friday April
20.
“We choose the national tree
of the Bahamas for this initia-
tive because we wanted school
children to have a real exam-
ple of a national symbol in their
midst, while also speaking to
how important trees are in per-
forming the important job of
increasing the levels of oxygen
in the air and filtering out some
of the pollutants we produce,”
said Sean D Moore, marketing
manager of The Tribune.
Milton Lewis, principal of E P
Roberts, one of the schools tak-
ing part in the initiative, said,
"the Lignum vitae tree will go a
long way towards beautification
efforts that, started at this

school. We begun with the front |

area of the school and have
planted this tree in the back,
because this is our next focus

BIs

Pricing Information As Of:
27 April 200 7

'S2wk-Hi 52wk-Low

Sean D Moore, marketing man-
ager of The Tribune; T Miiton
Lewis, principal, E P Roberts;
Portia Sweeting, education offi-
cer (Primary Science — MOEST)

“ area.

“Also, it is fitting that we
chose such a plant to indicate
our commitment to being
active, conscious stewards of the
environment."

The Lyford Cay Club and
Bahamas Waste donated the
trees.

Securit
Abaco Markets

Bahamas Property Fund
Bank of Bahamas

Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas
Colina Holdings

Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital

Famguard
Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities
J. S. Johnson

Premier Real Estate

Bahamas Supermarkets
Caribbean Crossings (Pref)

RND Hi

ABDAB

Bahamas Supermarkets

RND Holdings

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

YTD%

1.337393"
3.1424***
2.649189"*
1.238600
11.4467***"*

RAG
WS S
SAN
tae

X
X

\
RSA
\ x



NOTICE

NOTICE is hereby given that ROSENIE DESIR OF SEA
BREEZE, INSPIRATION ROAD #8, P.O. BOX N-4013,
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 21st day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas. _



Last 12 Months _

-OPRINDEX: CLOSE 796.26 /YTID 07.80% / 2008 84.47%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 |

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - 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

Bid $

YIELD - last 12 month dividends divided by closing price
Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price
Weokly Vol
EPS $ - A company's reported earnings per share for the last 12 mths
NAW - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Last traded over-the-counter price
- Trading volume of the prior week



Yield %

NAV KEY

*~ 20 April 2007

"=. 91 March 2007

*. 31 March 2007

31 March 2007

41 Mareh 2007

BE CALE COLINA 242-502-7010 7 MIDELITY 242-956-7764 / COR MORE DATA & INFORMATION CALI. (242) 994.2508

mente

MINISTER of Health Dr Nottage signed contracts to turn Cur-
ry House into a laboratory and training centre at a cost of $467,000
on Monday. Also present at the signing, from left, were Health Per-
manent Secretary Elma Garraway; architect Patrick Rahming;
Jones Construction vice president Michael Jones; and Carlon
Johnson of Patrick Rahming and Associates.

- (BIS photo: Derek Smith)

A PUBLIC APPEAL TO
BAHAMIAN VOTERS

My fellow Bahamians; friends and countrymen, common
cause invites you to exercise your democratic right to
vote on the 2nd May, 2007. You owe it to yourselves;
your families and posterity to do so, logically.






As yourself whether or not you are better off today than
you were in 2002. Who do you trust to take us into the
promised land? THE RT. HON. HUBERT A.
INGRAHAM, MP, PC OR THE OTHER PERSON?



Remember the:






1. Sea Hauler Tragedy
2. Row with Judiciary
3. Salacious allegations

4. Non Tabling of Heads of Agreements
5. Promotions of Prison Officers

6. Freedom of Information Act









Who Do You Trust? Common Cause Will Go with Mr
Ingraham’s Manifesto 2007. For bread & butter on your
table; a safe & secure roof over your head and money
in the Bank... VOTE FNM!



ORTLAND H. BODIE JR.
EXECUTIVE DIRECTOR
COMMON CAUSE





Paid political advertisement



n

NEWVARRIYATS

\
\ OK .



TI G.R. Sweeting's

@

Madeira Shopping Plaza ¢ 328-0703
Marathon Mall ¢ 393-6113
RND Plaza, Freeport ¢ 351-3274





PAGE 8, SATURDAY, APRIL 28, 2007





CLOCKWISE FROM Happy faces pose for the
ABOVE: camera, while showcasing a few

Leading the motorcade in more of the innovative designs
Bimini, PM Perry Christie, his | that supporters have come up
wife Bernadette, and Bimini with to turn their party t-shirts
and West End incumbent Obie __ into fashion wear.
Wilchcombe are all smiles.

MP Obie Wilchcombe hugs

One resident, whose golf cart two ecstatic Bimini residents
was emblazoned with the words
"Ms PLP", shows her support
with an original PLP themed The PM and MP Obie Wilch-
dress and matching shoes. combe stand together

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, ACELIA ANOLIS a.k.a.
ACILIA ANELIiS NOEL of Third Street, The Grove, Nassau, New
Providence, Bahamas, Mother and Legal Guardian of the infant
RICHARDSON ANOLIS intend to change his name to
RICHARDSON NOEL. If there are any objections to this change
of name by Deed Poll, you may write such objections to the Chief
Passport Officer, RO.Box N-742, Nassau, Bahamas, no later than

thirty (30) days after the date of publication of this notice.












ABOVE: The Prime Minister
strolls through the streets of
Bimini surrounded by enthusi-
astic PLP supporters






PARTY THEMES
Carnival Fiesta *% Pirates of Paradise
Pretty as a Princess ¥ Beach Bonanza Blast

Underwater Adventure .



*Lunch inclusive

7
Price: $35 per child LLY

PARTY THEMES
Karacke Superstar % DOR Bash
Gamers Delight * Organized Chaos

Entertainment: X-Box 360, PS3,
Nintendo Wii, Game Cube, Internet Access, Movies,
DDR Mats, Glow Lights, Your Personal D.J.,
Music and Dancing.

Price: $40 per child
*Lunch inclusive

Choose one of the two locations, and then select a party theme!

Party add-ons for an additional fee: Cakes, Party Bags, Color Tees, Wax Hand,
Build A Bear and an Earth & Fire Pottery Studio experience.






igh oMan-

rty Policies: A minimum of 10 children are required to host a party at
: ntis Kids Club and 20 children are required for Club Rush.

Advance booking is required!

Reserve Your Kids Birthday Party Now!

po Job



THE TRIBUNE



Va

wre O OF *

te -
s 2" "eM tse

os*



sy tate ee





~ THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 9









sae FNM

argets
Family
Islands

NOTICE



NOTICE is hereby given that HYACINTH FLETCHER of
STRACHN’S ALLEY, P.O. BOX SS-6941, 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 28th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, SHERON
FREDERICA DAVIS of Eastwood Subdivison, PO.
Box EE-15883, Nassau,Bahamas intend to change my
name to SHARON FREDERICA DAVIS. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

















Growing company _ seeks
energetic out going individuals
for customer — service/sales
position.

Must be reliable, energetic,
willing to learn, self motivated,
detail orientated, goal driven,
and able to work with tight
dead] nes.

Must be computer literate
knowledge of EXCEL,WORD,
and OUTLOOK EXPRESS.
Knowledge of POS systems.
Associates degree or better a

plus. Salary basedonexperience.

IF THIS IS YOU,
FAX YOUR RESUME TO:

394-8573



The Caribbean-Atlantic 21st Century Learning
Conference is being held on May 4th at the New
Providence Community Centre (Blake Road)
Nassau, Bahamas.

Cava se

At this conference you will have the opportunity to acquire the latest information about Brain
Based Learming, how neuroscience research has been used to improve language, reading and

comprehension skills inn student and how Fast ForWord® has had a positive impact on the lives
of struggling readers around the world.

The Key Note speaker at this conference will be Ms. Sherrelle Jiggitts Walker, Chief Education
Officer of Scientific Learning Corporation of Oakland, California. Ms. Walker will host a
workshop entitled “Brain Based Learning’,

Contact: Jennifer Alexiou at The Speech Clinic

Tel: 394-8588 Email: fastforward@bercon.bm

If Paying by Credit Card call: 1-441-238-7534
U.S. Dollar Bank Draft or Money Orders accepted

LAW AND ORDER - Hubert Ingraham
greets police officers on Ragged Island





ade

PAGE 10, SATURDAY, APRIL 28, 2007

Rae

Telephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs
East Bay Street

Nassau, Bahamas

Independent Auditors’. Report

To the Shareholder of Banque SCS Alliance (Nassau) Lid.

We have audited the accompanying nda-coasolidated balance abeet of Banque SCS Alliance (Nassau) Ltd. (‘the
Bank") as at December 31, 2006, and a summary of significant accounting policies and other explanatory notes
(together “the non-consolidated balance sheet”).

Management's Responsibility for the Non-Consolidated Financial Statements

Management is responsible for the preparation and fair prescniation of this non-consolidated balance sheet in
accordance with Intemational Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal coamol relevant to the preparation and fair presentation of financial
statements that are free from material misstatements, whether duc to fraud or error; selecting and applying
appropriate accounting ‘policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this non-consolidated balance sheet based on our audit. We
conducted our audit in accordance with International Siandards on Auditing. Those Standards require that we
comply with ethical requirements and plan and perform the audit: to obtain reasonable assurance whether the non-
consolidated balance sheet is free from material misstasement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on our judgement, including the assessment of the risks of
material misstatement of the financia) statements, whether due to fraud or error. In making those risk assessments,
we consider internal controls relevant to the Bank's preparation and fair presentation of the non-consolidated
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Bank's internal controls. An audit also includes

evaluating the appropriateness of

principles used and the reasonableness of accounting estimates made

accounting
by management, as well as evaluating the overall presentation of the non-consolidated financial statements.

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

Opinion

In our opinion, the non-consolidated balance sheet preseats faisly, in all matorial respects, the financial position of
Banque SCS Alliance (Nassau) Ltd. as at December 31, 2006, in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the non-consolidated balance sheet does not comprise a
“consolidated

complete set of non:

financial statements ia accordance with IFRS. Information on results of

operations, cash flows and changes in shareholder's equity is necessary to obtain a complete understanding of the

VPM

Chartered Accountants
Nassau, Bahamas
April 26, 2007

BANQUE SCS ALLIANCE (NASSAU) LTD.











Non-consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in Swiss Francs)
Note 2006 2005
Assets
Cash 1 CHF 37,054 39,336
Due from banks’.
At sight 4,7,9 18,813,720 14,923,782
oe At time 7 8,500,000 15,399,550
Forward foreign exchange contracts 7 106,277 43,944
; ; Due from customers
Secured loans on current accounts 5,7,9 2,906,669 1,934,528
: i Secured fixed term loans and advances 5,7,9 7,223,461 4,111,638
Prepaid expenses and other assets 9 417,248 443,727
Investment in subsidiaries - 9 23,065 23,065
j Property and equipment 6 711,360 819,627
i CHF 38,738,854 37,739,197
Liabilities and Shareholder’s Equity
Liabilities
: . Forward foreign exchange contracts 7 CHF 106,385 43,698
1 Due to customers — demand deposits 1,9 26,476,295 26,063,236
2 : Due to banks — At sight 7,9 - 476,287
Accounts payable and accrued liabilities 7 1,014,284 1,089,268 *
Total liabilities ¥ 27,596,964 27,672,489,
Shareholder’s Equity
; Share capital
1 Authorized, issued and fully paid
: 80,000 shares of CHF100 each 8,000,000 8,000,000
: Retained earings 3,141,890 2,066,708
; Total shareholder's equity 11,141,890 10,066,708
: Commitments and contingencies 8
; Total Liabilities and Shareholder’s equit CHF 38,738,854 37,739,197
i See accompanying notes to non-consolidated balance shect. —_—_—
; \eaerenetpa balance sheet was approved on behalf of the Board of Directors on April 26,
4
q Director i. Director
"1 , °
: "Notes to Non-consolidated Balance Sheet
: December 31, 2006
re (Expressed in Swiss Francs)
a
7
al 1. General information
‘i Banque SCS Alliance (Nassau) Ltd. (the Bank) was incorporated under the laws of the
S Commonwealth of The Bahamas on December 19, 1994, The Bank is licensed under The Bahamas
Banks and Trust Companies Regulations Act to provide a full range of banking, trust and corporate
“ management services. The Bank is a wholly-owned subsidiary of Banque SCS Alliance S.A.,
bs Geneva, Switzerland (the Parent). The Bank has four wholly-owned subsidiaries, Remus
“ Investments Ltd., Romulus Investinents Ltd., Castor Management Ltd. and Pollux Corporate
eS Services Ltd.
The registered office is locate at Alliance House, East Bay Street, P.O, Box N-1724, Nassau,
Bahamas.
2. Basis of preparation
(a) Statement of compliance
The Bank’s non-consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards (IFRSs).
(b) Basis of measurement
The non-consolidaied balance sheet is prepared on the historical cost basis, except for
derivative financial instruments, which are measured at fair value.
. (9) Functional and presentation currency
ia The non-consolidated balance sheet is presented in Swiss Francs (CHF), which is the
; currency in which the Bank trades and the reporting currency of the Parent. Except as
indicated, financial information presented in, CHF has been rounded to the nearest CHF.
(d) Use of estiinates and judgements
. The preparation of the non-consolidated balance sheet requires management to make
â„¢ judgements, estimates and assuimptions that affect the application of accounting policies
" and the reported amounts of assets and liabilities and disclosure of contingent assets and
' liabilities at the date of the balance sheet. The estimates and associated assumptions are
a based on historical experience and various other factors that are believed to be reasonable
; under the circumstances, and the results of which form the basis of making the judgements
os about carrying values of assets and liabilities that are not readily apparent from other
, sources, Actual results could differ from those estimates.
' The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
; accounting estimates are recognized in the period in which the estimate is revised if the
. revision affects only that period, or in the period of the revision and future periods if the
wa revision affects both current and future periods.
ow
: In particular, information about significant areas of estimation uncertainty and critical
5 judgements in applying accounting policies that have the most significant effect on the
. amount recognized in the non-consolidated balance shect are described in notes 3(b), 3(h)
: and 5.
3. Significant accounting policies :
; The accounting policies have been applied consistently by the Bank and are consistent with those in
: the previous year.
: i (a) Foreign currency translation
‘tf Monetary assets and liabilities denominated in foreign currencies at the date of the balance
' sheet are translated to Swiss Francs at the: foreign currency exchange rates ruling at that
7 date. Non-monetary assets and liabilities denominated in foreign currencies that are stated
' at fair value ar translated to the reporting currency at the foreign currency exchange rates
in effect at the dates that the values were determined.
Meas

4.

CLARA LL |] SCT,

THE TRIBUNE

(b) Financial instruments
(i) Non-derivative financial instruments

Non-derivative financial instruments comprise cash and cash equivalents, duc from and to
Customers, prepaid expenses and other assets and accounts payable and accrued liabilities,

Non-derivative financial instruments are measured initially at fair value plus, for
*

instruments not at fair value through profit or loss, any directly attributable costs,

Transaction costs on financial instruments at fair value through profit or loss are expensed

immediately. Subsequent to initial recognition non-derivative financial instruments are
measured as described below.

a

A financial instrument is recognized if the Bank becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized if the Bank’s contractual
rights to cash flows from the financial assets expire or if the Bank transfers the financial
asset to another party without retaining control or substantially all risks and rewards of the
asset. Regular way purchases and sales of financial assets are accounted for at trade date,

that is, the date that the Bank commits itself to purchase or sell the asset, Financial.

liabilities are derecognized if the Bank’s obligations specified in the contract expire or are
discharged or cancelled.

Loans and receivables

Loans and receivables include amounts due from customers, comprised of secured loans on
current accounts and secured fixed term loans and advances.

Loans and receivables are measured at amortised cost using the effective interest method,
less any provisions for impairment losses. The Bank establishes an allowance for
provisions that represents its estimate of losses in its loan portfolio. Management's
periodic evaluation of the adequacy of the provision is based on the Bank’s past credit loss
experience, known and inherent risks in the portfolio, adverse situations that may affect the
borrower’s ability to repay, the estimated value of any underlying collateral and current
economic conditions.

(ii) Derivative financial instruments

The Bank uses derivative financial instruments such as foreign exchange contracts to hedge
the risks associated with foreign currency fluctuations as a counterparty performed on
behalf of its clients. It is the Bank’s policy not to trade in derivative financial instruments
for its own account.

Forward foreign exchange contracts are recognised initially at fair value; attributable
transaction costs are recognised in profit or loss when incurred. Subsequent to initial
recognition, forward foreign exchange contracts are measured at fair value.

Offsetting

«Financial assets and liabilities are offset and the net amount reported in the moa-
consolidated balance sheet when, and only when, the Bank has a legally enforceable right
to set off the recognised amounts and there is an intention to settle on a nét basis or to
realize the asset and settle the liability simultaneously.
Impairment

A financial asset is considered to be impaired if objective evidence indicates that one or
more events have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of a financial asset measured at amortised cost is calculated
as the difference between its carrying amount, and the present value of the estimated future
cash flows discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on an individual basis,
The remaining assets are assessed collectively in groups that share similar credit risk
characteristics.

If in a subsequent period the amount of an impairment loss recognized on a financial asset
decreases and the decrease can be linked objectively to an event occurring after the write-
down, the write-down is reversed.

(c) Prepaid expenses and other assets

Prepaid expenses and other assets include balances receivable from employees, imezest
receivable, commission receivable, prepaid expenses and deposits. The Company’s policy
is not to make a general provision for bad debts. However, all uncollected amounts
receivable are written-off after a defined period of time has elapsed.

(da) Investment in subsidiaries ’ : :
The Bank’s investment in its subsidiary companies is accoumed for in the non-consolidated
balance sheet on the cost basis. The Parent of the Bank, which is located at Rowte de
Chancy 6B, Case Postale, CH-1211 Geneva 8, Switzerland, produces consolidated fiaancial

statements.

(e) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and impairment
losses. Cost includes expenditures that are directly attributable to the acquisition of the
asset.

Expenditure incurred to replace property and equipment is capitalized. Other subsequent
expenditure is capitalized only when it increases the future economic benefits embodied in
the property and equipment. All other expenditure is recognized as an expense as incurred.
The costs of the day to day servicing of property and equipment are recognized as incurred,
Depreciation is computed on a een basis over the estimated useful lives of the
assets as follows:

Building and improvements 5-15 years
Furniture and equipment S years —
; Data processing systems and equipment 3 years
) Due to customers
Amounts due to customers are stated at cost, being the amount of the consideration
received.

(g) Taxation

Under the laws of The Commonwealth of The Bahamas, there are presently no income,
withholding or capital gains taxes payable by the Bank.

(h) Impairment of non-financial assets
The carrying amounts of the Bank's non-financial assets are reviewed at cach balance sheet
date to determine whether there is any indication of impairment. If any such indication

exists then the asset's recoverable amount is estimated. An impairment loss is recognized
if the carrying amount of an asset exceeds its recoverable amount.

The recoverable amount of an asset is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to
their present value using a discount rate that reflects current market assessments of the tims
value of money and the risks specific to the asset.

Impairment losses recognized in prior periods are assessed at each balance sheet date for

any indication that the loss has decreased or no longer exists. An impairment less is.
reversed if there has been a change in the estimates used to determine the recovesable

amount. An impairment loss is reversed only to the extent that the asset’s carrying amount
does not exceed the carrying amount that would have been determined, net of depreciation

or amortization, if no impairment loss had been recognized. :

‘(i Related parties
Related parties are classified as the shareholder, related companies, directors and’ key

management personnel who have the authority and responsibility for Planning, directing
and controlling the activities of the Bank.

0g) Assets under management

The Bank provides custody, trustee, investment management and advisory services to third
parties. Property held by the Bank in a fiduciary or agency capacity for its customers has
not been included in the non-consolidated balance sheet since such items are not assets of
the Bank.

(k) |New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective

for the year ended December 31, 2006, and have not been applied in preparing the pon-

consolidated balance sheet.

IFRS 7 Financial Instruments: Disclosures and the Amendment to [AS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the

significance of financial instruments for an entity's financial position and performance, and

qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and .
amended IAS 1, which become mandatory for the Bank's 2007 non-consolidated balance

sheet, will require extensive additional disclosures with respect to the Bank's financial

instruments and share capital.

Due from banks

At December 31, 2006 due from banks at sight included CHF 4.97million (2005 - CHFS.37millioa)
held with the Parent, which has been restricted for use in the Bank’s daily operations.

Due from customers

Due from customers includes secured loans and advances granted to customers and are repayable in
less than a year. Secured loans and advances are collateralized primarily by cash deposits and
marketable securities. 7

At December 31, 2006 there are no loans and advances on which interest is not being accrued, or
where interest is suspended (2005 — nil). Furthermore, there are no provisions against loans and
advances as at December 31, 2006 (2005 — nil).

Property and equipment
Property and equipment is comprised of (expressed in thousands of CHF):





Data Processing
Building & Furniture d& Systoms &
Land Improvements Equipment Equipment Tow)
ee ee ~ ~ CHF CHF CHF CHF CHF
Cost:
At January 1, 2006 346 1,413 593 458 2,810
Additions - - 27 2 29
Disposals ee 7 (3) (4) Yd
December 31, 2000 346 1413 615 456 2,830
Accumulated depreciation:
At January 1, 2006 - 1,035 383 472 1,990
Depreciation for the year - 70 6 ol 7
Dispos als ey : (5) (4) (9)
December 31, 2006 : 1,105 S84 429 2418







Net Book Value:
December 31, 2006 346 308 a 27 7

2005



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7. Financial risk management

The Bank's financial instruments comprise cash and liquid resources, deposits, money market
assets and liabilities and other various items that arise directly from its operations.

The most important types of financial risk to which the Bank is exposed are currency risk, interest
rate risk, credit risk, liquidity risk and market risks.

Risk management framework

‘The Board of Directors has overall responsibility for the establishment and oversight of the Bank's
risk management framework. The Board has established the Finance, Legal, Credit and Operational
and Development Committees, which are responsible for developing and monitoring the Bank's
risk management policies in their specified areas, All committees have both executive and non-
executive members and report regularly to the Board of Directors on their activities.

The Bank’s risk management policies are established to identify and analyse the risks faced by the
Bank, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions,
products and services offered. The Bank, through its training and management standards and
procedures, aims to develop a disciplined and constructive control environment, in which all
employees understand their roles and obligations.

The Board of Directors are responsible for monitoring compliance with the Bank’s management

policies and procedures and for reviewing the adequacy of the risk management framework ip -

relation to the risks faced by the Bank.

Currency risk

The Bank may invest in financial instruments and enter into transactions denominated in currencies
dther than its functional currency. Consequently, the Bank is exposed to risks that the exchange
rate of its currency relative to other foreign currencies may change in a manner that has an adverse
affect on the value of that portion of the Bank’s assets or liabilities denominated in currencies other
than Swiss Francs. :

The Bank’s total net exposure to fluctuations in foreign currency exchange rates at the balance
sheet date was as follows (expressed in thousands of CHF):

ee



USD EUR CHF Other Total
2006
Total assets 16,057 4,802 13,457 4,423 38,739
Total liabilities & equity (15,615) (4,782) (13,466) (4,876) (38,739)
Total liabilities & equity oon es

USD EUR CHF Other Total

2005
Total assets 16,194 3,839 14,017 3,689 37,739
Total liabilities & equity (15,616) (3,825) (14,284) (4,014) (37,739)

Interest rate risk

Interest-bearing financial assets and liabilitiés mature in the short-term, no longer than one month
from the balance sheet date. ‘As a result, the Bank is subject to limited exposure to fair value
interest rate risk due to fluctuations in the prevailing levels of market interest rates.

The Bank's exposure to interest rates for significant interest-bearing assets and liabilities at the
balance sheet date was as follows:

2006





USD EUR CHF Other
Assets .
Due from banks at sight 5.20% 3.51% 0.125% 4.14% - 6.15%
Due from banks at time - - 1.95% -
Secured loans on current accounts 8.12% 6.43% 4.85% 7.07% - 8.06%
Secured fixed term loans and

advances 5.90% - 7.45% * 4.75% - -

Liabilities
Customers’ deposits - demand 4.32% 2.63% 1.05% 3.27% - 5.27%

2005
USD EUR CHF Other

Assets

Due from banks at sight 4.14% 2.15% 1.14% 2.03% - 5.28%
Due from banks at time . - 2.35% 0.79% - 0.82% 3.18%
Secured loans on current accounts T.AL% 5.21% 3.73% 6.08% - 7.385%
Secured fixed term loans and

advances 4.40% - 6.20% 3.40% - 4.21%

a

Liabilities
Customers’ deposits - demand 3.31% 1.41% 0.125% 2.28% - 4.19%
Due to banks at sight - = 1.18% -
PWV
Credit risk ;
sey 4 4

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an
obligation or commitment that it’ has entered into with the Bank. The Bank has a credit policy in
place and the exposure to credit risk is monitored on an ongoing basis.

At December 31 2006, the following financial assets were exposed to credit risk: balances due from
banks at sight and at time, secured loans in current accounts, secured fixed term loans and
advances, derivative financial assets and other receivables. Total carrying amount of financial
assets exposed to credit risk amounted to CHF 37,894,520 (2005 - CHF 36,760,787).

The carrying amounts of financial assets best represent the maximum credit risk exposure at the
balance sheet date. This relates also to the financial assets carried at amortised cost, as they have

short-term maturities.

Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments
exist for groups of counterparties when they have similar economic characteristics that would cause
their ability to meet contractual obligations to be similarly affected by changes in economic or other
conditions. The major concentrations of credit risk arise by geographical location in relation to the
Bank’s loans and advances, commitments to extend credit and guarantees issued. As at December
31, 2006, the Bank’s net exposure to geographical sector risk concentrations are in Europe
CHF24,395,000 (2005 - CHF26,630,000), Bahamas and Caribbean CHF11,359,000 (2005 -
CHF(12,560,000)) and Central and North America CHF2,068,000 (2005 - CHF(4,240,000). The
Bank obtains collateral against loans and advances to customers in the form of securities over assets
and guarantees. .

Forward foreign exchange contracts are commitments either to purchase or sell currency at a
specified future date for a specified price and may be settled in cash or another financial asset.
Forward contracts result in credit exposure to the counterparty. All forward foreign exchange
contracts are held on behalf of the clients of the Bank and are entered into with the Parent. As at
December 31, 2006 unrealised gain on open forward foreign exchange contracts is CHF106,000
(2005 - CHF44,000) and unrealized loss on open forward foreign exchange contracts ‘s
CHF106,000 (2005 - CHF44,000).

Liquidity risk

Liquidity risk arises in the general funding of the Bank’s activities and in the management of
positions. It includes both the risk of being unable to fund assets at appropriate maturities and rates

and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time
frame.

The Bank has access to a diverse funding base. Funds are raised using a broad range of instruments
including deposits and share capital. This enhances funding flexibility, limits dependence on any
one source of funds and generally lowers the cost of funds. The Bank strives to maintain a balance
between continuity of funding and flexibility through the use of liabilities with a range of
maturities.

The Bank continually assesses liquidity risk by identifying and monitoring changes in funding
_ Tequired to meet business goals and targets set in terms of the overall Bank’s strategy. In addition
the Bank holds a portfolio of liquid assets as part of its liquidity risk management strategy.

The following table provides an analysis of the financial assets and liabilities of the Bank into
relevant maturity groupings based on the remaining periods to repayment (expressed in thousands

of CHF).













2006
On demand Up to 1 Year Total
ASSETS
Due from banks — at sight CHF 18,814 - 18,814
Due from banks — at time - 8,500 8,500
Forward foreign exchange contracts - 106 106
Secured loans in current accounts - 2,907 2,907
Secured fixed term loans and advances - 7,223 7,223
Other assets : - 344 344
CHF 18,814 19,080 37,894
LIABILITIES
Forward foreign exchange contracts CHF - 106 106
Customers’ deposits 26,476 - 26,476
Accounts payable and accrued liabilities 1,015 - 1,015
CHF 27,491 106 27,597
2005
On demand Up to | Year Total
ASSETS :
Due from banks — at sight CHF 14,924 - 14,924
Due from banks — at time - 15,400 15,400
Forward foreign exchange contracts - 44 44
Secured loans in current accounts - 1,934 1,934
Secured fixed term loans and advances _- 4,112 4,112
* Other assets - 346 346
CHF 14,924 21,836 36,760
LIABILITIES
Forward foreign exchange contracts CHF - 44 . 44
Customers’ deposits 26,063 - 26,063
Due to banks 476 - 476
Accounts payable and accmed liabilities 1,089 - 1,089
CHF 27,628 44 27,672

’

SATURDAY, APRIL 26, 2007, PAGE 11

ed
q

Market risk

Market risk is the risk that changes in market prices, such as interest rate, foreign exchange rates
and credit spreads will affect the Bank’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimizing the retum on risk. Overall authority for
market risk is vested in the Board of Directors. The Bank’s Finance Committee is responsible for
the development of detailed risk management policies (subject to review and approval by the Board
of Directors) and for the day-to-day review of their implementation.

8. Commitments and contingencies

10.

11.

12.



The Bank is a party to certain financial instruments with off-balance sheet risk in the normal course
of business to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit and commitments
to originate loans and advances. Exposure to loss is represented by the contractual amount of those
instruments. However, the Bank used the same credit hypothecation criteria when entering into
these commitments and conditional obligations as it does for loans and advances.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers in : 4
respect of which there are corresponding obligations by customers, amounted to CHF942,416 (2005
- CHF1,144,530) and are not included in the non-consolidated balance sheet. These guarantees are
either partially or fully counter-guaranteed or secured by the Parent or assets pledged by customers.

. Related party balances

The Bank entered into various transactions with the Parent and other parties related by virtue of
common control. :

The non-consolidated balance sheet include the following related party balances not separately
classified as such on the non-consolidated balance sheet (expressed in thousands of CHF):





2006 2005

Assets ,
Due from banks — At sight ‘ CHF 18,543 14,488
Due from customers

— Secured loans on current accounts , 21 177

~ Secured fixed term loans and advances 5,555 214
Investment in subsidiaries 23 23
Prepaid expenses and other assets 13 2
Liabilities ,
Due to customers — demand deposits 742 714
Due to banks — At sight - 476
Assets under management

The Bank provides custody, trustee, investment management and advisory services to individuals,
corporations, trusts and other institutions, whereby it holds and manages assets or invests funds
received in various financial instruments at the direction of the customer. The Bank receives fee
income for providing these services. Assets under management are not assets of the Bank and are
not recognized in the non-consolidated balance sheet. The Bank is not exposed to any credit risk
relating to such placements, as it does not guarantee these investments. The Bank had assets under
management amounting to CHF 303,004,235 at December 31, 2006 (2005 — CHF 297,778,589), of
which CHF 276,527,940 (2005 — CHF 271,715,353) was held in a fiduciary capacity.

Fair value information

Fair value estimates are made at a specific point in time, based on market conditions and
information about the financial instrument. These estimates are subjective in nature and involve
uncertainties and matters of significant judgements and therefore, cannot be determined with
precision. Nevertheless, fair values can be determined within a reasonable range of estimates. The
majority of the .Bank’s financial instruments, including amounts due from banks, due from
customers, prepaid expenses and other assets, customer deposits, due to banks, accounts payable
and accmed liabilities, are short-term in nature or have interest rates that. automatically reset to
market on a periodic basis. Accordingly, the carrying amounts of the Bank’s financial assets and
financial liabilities at the balance sheet date approximate their fair values.

Corresponding figures : :
Certain corresponding figures for 2005 relating to forward foreign exchange contracts have been
reclassified to conform with the presentation adopted in the current year.

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PAGE 12, SATURDAY, APRIL 28, 2007 | = THE TRIBUNE

Banque Privée Edmond de Rothschild Ltd. i, 1 aanel wim Reais
7 (Incorporated under the laws of the Commonwealth of The Bahamas)

Related parties comprise the parent company and its directors, affiliates and their directors.

Balance Sheet These financial statements include the following balances with related parties,



















As of 31 December 2006 ue * ae
_ (Expressed in Swiss Francs) . CHF CHF
“oe CHF CHF , Balances mee ova
Due from banks 28,530 7
Due from banks 3&4 67'994'629 45'162'645 Loans and advances to customers a .
Loans and advances to customers 3 . 4 Pheer ae pie ee — assets 508 336
Investments in securities . Accrued income and prepaid expenses 36
Positive replacement values of derivative ; isa as a to banks 2,985 gaa
financial instruments 3 & oie ‘ ue to customers ae 241 390
Investment in subsidiaries tee a Derivative financial instruments — liabilities 591 1,080
i income and prepaid expenses 3 ea 6 ; Accrued expenses & other liabilities 234 176
Other assets
b 57'261
Fixed assets ; 2 = an si Off-Balance Sheet Commitments
Property and building Guarantees 18 i
TOTAL ASSETS . mm SBA, eae $9°468'679_
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities.
Due to banks ~ 3&4 3'174'386 2'332'796 4. Risk Management
Due to customers 3&4 42'211'487 23'164'391 :
tive replacement values of derivative . © Market risk
: apron aoa 3&7 W71211 1'410'947 :
"Accrued expenses’and other liabilities 1203681. __1039812. The Bank engages in transactions that expose it to market risks in the normal course of
Liabilities : _ _ 47760'765_ ___27°944'946_ business. These market risks include interest rate, liquidity, currency and credit risk. The
sot . : , , Bank’s financial performance is dependent on its ability to understand and effectively
Shareholders’ Equity ‘ ; a manage these risks.
Share capital. .
Authorised, issued and fully paid: © Interest rate risk
15,000 shares of CHF 1,000 cach oo 15'000'000 15'000'000
R : : . " was Interest rate risk is the risk that the value of a financial instrument may fluctuate
we Ea " significantly as a result of changes in market interest rates. The Bank’s exposure to this
Total Shareholders’ Equity — 34103280, 31523733 type of risk is minimal as the relevant financial instruments are usually at fixed interest
TOTAL LIABILITIES AND | A rates,
SHAREHOLDERS’ EQUITY mmo L S645, end 68679
; ts : ; : e ~—_ Liquidity risk
of The Board on 20 March 2007: 4 This is the risk that thé Bank might not have the necessary liquidity to meet its contractual
: if obligations. The Bank manages its liquidity by matching liabilities with assets of similar
Le. maturity periods. The most significant banking assets and liabilities can be classified,
; _ based on the period remaining to maturity as of the balance sheet date as follows:
Director we
; As of 31 December 2006
a, Be Three months Three to Nine to
Notes to the Balance Sheet _ = or less Nine Months Twelve Months Total
31 December 2006 : CHF ° CHF CHF CHF
wok General Information | ‘ , Due from banks . :
te pt “rs was ; ‘ : - demand . 3'020'369 7 “ 3'020'369
Banque Privée Edmond. de Rothschild Ltd. (the Bank) is incorporated under the Companies - time 44'974'260 14'000°000 6'000'000 64'974'260
Act,.1992 of the Commonwealth of The Bahamas and is licensed under the Banks and Trust Advances to customers 5'039'882. . . 5'039'882 ;
Companies Regulation Act, 2000, to carry on unrestricted banking and tust business from: Fixed term loans 368'256_ 5 = 368'256 \
. within -The Bahamas.. The principal activities of the Bank are providing banking, investment y Xt, —__6:000'000_ .
t and other financial services. The Bank.is a wholly owned subsidiary of Banque Total ——53'402°767_ __14'000'000_ 6'000'000_ _73'402'767_
Privée Edmond de Rothschild S.A., (the parent. company) which is incorporated in Geneva, Liabilities :
Switzerland, All significant balances and transactions with the parent company and companies Due to banks : !
in. which the parent company cgntrols 20% or more of the issued share capital (termed - demand 3'174'386 2 ‘ 3174'386 i
a ee affiliates) are disclosed in these financial statements (see Note 3). ; - time - : < :
: 5 Due to customers. 4
. The registered office of the Bank is located at No. 51 Frederick Street, Nassau, Bahamas, and at - demand 40'753'865 - - 40°753'865
the year-end the Bank had 13 (2005: 13) employees. - time —___1'457'622_ = : —_1'457'622_
: Total 45°385'873 . . 45°385'873 ;
2. ‘Significant Accounting Policies Liquidity gap 8'016:894 14000000. _____.6'000'000_. __.28'016'894. j
The principal accounting policies applied in the preparation of these financial statements are set ~ : :
poe These policies have been consistently applied to all years presented unless otherwise ;
stated.
- As of 31 December 2005 '
(a) Basis of Preparation oa eee Nee Miathd tienes Manila Total ‘
The Bank prepares its financial statements in accordance with International Financial CHF CHF CHF CHF \
ae Standards (IFRS) and under the historical cost convention, as modified by the : oon rine Saas ‘
revaluation of trading securities and all derivative contracts held at fair value. - demand 15'387'463 = ‘ 15'387'463
The preparation of financial statements in accordance with IFRS requires management to has to customers plete : ee , ae as
ake estimates and assumptions that affect the reported ts of and liabiliti ; 1732! ' 1398" i
i : ct the reported amounts of assets and liabilities Fixed term loans 1'732'846 4'665'300 : 6'398'146
and disclosure of contingent assets and liabilities at the date of the financial statements 4
and the reported amounts of income and expenses from operations during the reporting Total 221926895 __21'665'300____2'500'000_ ____54'092'195 i
iod: 7 : ~
’ Liabilities ; 7
(b) Change in Accounting Reference Date ‘ - oe pty ke 146 poe Aecmben ys 146 4
: : ei - ti 2'332'650 - : 2'332'650 7
In December 2006, the Bank made a decision to change its policy for recording deposit Due vs eee
taking and placement activities from trade date, the date on which details of the deposit - demand 21'811'302 - - 21'811'302

are agreed, to value date. The change was made to align the Bank’s accounting reference - time —___1'353'089_

: : : 1'353'089
date with that of the parent who also made a similar change during the year.



Total 25497187, = __25'497'187_
The comparatives as of 31 December 2005 have not been restated because it is eecieae
impracticable to do so. The overall effect of this change would have been an increase in Pauly ae ee ee Ee
the total balance sheet for 2005 of CHF 2 million, a decrease in the amount due from e Currency risk
banks of CHF 4 million, an increase in the loans and advances to customers of CHF 6
_ Million, and an increase in the amount due to banks of CHF 2 million. Currency risk is the risk that the Bank’s financial position and cash flows may fluctuate

significantly as a result of changes in foreign currency exchange rates. The Bank manages its
currency risk by matching foreign currency liabilities with assets denominated in the same
currency and term. The table below summarizes the Bank’s exposure to currency risk.

(c) . Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposit balances and precious

eee ee a ea a EEUELEQESREEGE TETRIS)

PREELELTSEQEES2EE CT 2EECODAG OES EPSEEE IESE ELA DERREE GD 10 CELESTE EY

metals with banks, As of 31 December 2006
_ (@) Loans and advances to customers : , CHF usD EUR Other Total
ee eget ae 7 ‘ oa ty ; 000's 000’s 000's 00's 000’s
Loans and advances to customers are stated af the principal amount outstanding less any , Assets
_ Specific provisions for impairment which the directors consider necessary. Both loans and Due from banks _ 42386 14155 8367 3'087 67995
- advances to customers are adequately collateralized. by. cash, cash’ equivalents and ; Loans and advances to customers 402 4182 341 483 5'408
marketable securities held by the Bank on behalf of the borrowers. Accordingly, the Bank Investments in securities . 7 4541 : ag : au
-has not established a provision for impairment of loans and advances. " Derivative financial instruments 1273 : ; > 1273
ae ae : mays : : : Lo Investment in subsidiaries . ~ : 64 - - - 64
: (e} Investments in securities ere Aceriied income and , oe
i we gag te 7 prepaid expenses 380° 13 2 1 336
Investments in securities comprise securities held-to-maturity and are carried at amnortized = sepa a hae : , =
- Cost using the effective. interest method, less any provision for impairments. Held-to- : oe di . : : . : ‘
namiefess ¢ aN sine ¢ . * Property and buildin, OSS a a ee a 216
._/ Mnatunty investments are non-derivative financial assets with fixed or determinable 9 ere : .
. ) paymients and fixed maturities that the Bank’s:management has the positive intention aiid : ; arc . ; , '
"ability to hold to maturity. Pepe: ee
: gs fae _ , Liabilities :
All. regular way purchases and salés of invéstments in securities are Tecognized at trade Due to banks - 2984 35 155 3'174
date, which is the date the Bank commits to purchase or sell the securities. . Ductocustémers 16'608 13937 8'836 3231 42212
. : ; i : ; : Derivative financial instruments "171 - - : 1171 2
(f) Investment in subsidiaries Accrued expenses and : e
other liabilities OR RR Sk ,
Investment in subsidiaries consists of the Bank’s investment in its four (4) nominee i
companies, Ebony Nominees Ltd., Ivory Nominees Ltd., Orion Nominees Ltd. and Total liabilities ——18463. 17039 ___8'873. ___3386. __47741_ :
Mercury Nominees Ltd. arid is stated at cost. The effect of not consolidating the , S :
subsidiaries is immaterial as they each have a nominal amount of share capital and their Neton-balance sheet position 327326 seamen ell, ele ad
activities are limited to providing nominee services on the Bank's behalf to its customers. :
The Bank recvives all income and bears all expenses of these entities. : Credit commitments pemeeenes meeles b 28, ee
*
2. Significant Accounting Policies (Continued) ‘
(g) Fixed assets . wh As of 31 December 2005 a
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on CHF usD EUR Other Total
the straight-line basis over a period of 3 years, being the estimated useful life of the 000’s 000's 000's 000’s 000s
assets. Assets
oe 4 Due from banks 32,598 3,704 3,464 5,397 45,163
i f : ; Loans and advances to customers 49 2,577 6,042 262 8,930
(hb), Property and building ‘ Investments in securities 3,573 - - - 3,573
; . . : seed es : Derivative financial instruments 1,472 - - - 1,472 s
Property is stated at cost, including legal fees. The building is in the construction phase Investment in subsidiaries 64 7 - - 64 5
and therefore not yet depreciated. / . Accrued income and ;
‘ : prepaid expenses 170 8 9 - 187
() Valuation of derivative financial instruments Other assets : 16 : 7 23
' ; Fixed assets 57 . ro
Forward currency éontracts are valued using the forward rate for the remaining period to : : §
maturity asof the last business day of the financial year. : Total assots 37,983 6,305 9,515 5,666 59,469
. agate ; : ; Liabilities
Options contracts are valued at the closing settlement price established on the last trading Due to banks S 7 2,333 7 2,333
day of the reporting period by the exchange on which they are principally traded. Due to customers 4,539 5,917 7,200 5,508 23,164
Derivative financial instruments 1411 : - = 1,411
G) Translation of foreign currencies Accrued expenses and ;
other liabilities 532 503 2 : 1,037 3
The currency of The Bahamas is the Bahamian dollar. However, items included in the Pas :
financial statements are measured using the currency of the primary economic Total liabilitics - 6482 __ 6,420 9 S35 S508 27,945 f
i environment in which the Bank operates (“the functional currency”). The financial ves
: : Riss - 4
4 statements are presented in Swiss Francs (CHF) which is the Bank’s functional and Net oa-balance sheet position © 31501, US) ctl cia SS, else
; presentation ey Credit commitments : 814 15,551 2 16,365
‘ _ Non-monetary assets and liabilities in currencies other than CHF are translated to CHF 4
' the rate of exchange on the transaction date. : ; © = Credit risk nH
’ . : , ; “a
(k) Assets under administration Credit risk arises from the failure of a counterparty to perform according to the terms of Ny
the contract. From this perspective, the Bank's credit risk exposure is primarily “as
The Bank commonly acts as trustee and in other fiduciary capacities that result in the concentrated in its deposits placed with other banking institutions and in its loans and 1 {
holding or placing of assets on behalf of individuals, trusts and other institutions. advances to customers. The Bank’s deposits have been placed with high quality .
ey hie ; 2 Nes intemational ‘banking institutions, and loans, advances and credit commitments to »
NO: account is taken in these. financial staternents of assets and liabilities. and iricome = ot customers are fully collateralized by assets held by the Bank on behalf of these customers. }
‘arising thereon of customers held by the Bank in a trustée, nominee or custodial capacity. :
: . : 4 ,
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4. Risk Management (Continued)

e Credit risk (continued)

The assets, liabilities and off-balance sheet items of the Bank are geographically located,

(b)

iQ
~“
SATURDAY, APRIL 28, 2007, PAGE %3

Building Construction

As of 31 December 2006 the Bank has outstanding contractual commitments in respect of
the construction of an office building in the amount of BSD 1,8 million. BSD 985,619 of
the construction costs have been incurred as of the year ended 31 December 2006.

based on the domicile of the counterparty, as follows:

2006 2006 2005 2005
CHF CHF
000’s % 000’s %
Assets
Switzerland 27'612 34 8'036 13
Luxembourg 28'188 35 22'458 38
United States of America 2'103 3 4'435 7
British Virgin Islands 1'069 1 5'582 9
Germany - - 2'S83 4
Belgium 2'000 2 7'500 13
The Bahamas 4'154 ‘ 5 3'355 6
Canada 886 2'702 5
Netherlands 10'000 12 - -
Venezuela 3'034 4 - -
Other 2'818 3 2'818 5
81'864 100 59'469 100
Liabilities
British Virgin Islands 4'961 10 4'154 15
The Bahamas 10'501 22 T199 26
Panama : 6'514 14 6'152 22
Switzerland 20'212 42 5'811 21
France 2'066 4 1'494 5
Canada , 1388 3 2'316 8
Other 2'119 5 a 819 3
47'761 100 ee 27'945 100
Credit Commitments
British Virgin Islands 11'428 95 15'778 96
Other 583 5 587 AL
12'011 100 16'365 100
5. Fixed Assets
Furniture
Leasehold © Motor and Computer
Improvements Vehicles Fixtures Equipment Total
CHF CHF CHF CHF CHF
Cost
Balance as of 1 January 2006 138'718 80'616 280'127 440'319 939'780
Additions 501610 So ZOEY S597

Balance as of 31 December 2006 ___138'718_ __131'226 __280'127. ___ 443306 __993'377_

Depreciation
Balance as of | January 2006 127'447 80'616 271'903 402'553 882'S19
Charge for the year 11271 16'870 4'112 26371 58'624

Balance as of 31 December 2006 ____]38'718 ___97'486 ___276'015_ ___428'924 __94]'143

Net Book Value as of:

31 December 2006 wees ae 2

31 December 2005 Re

6. Property and Building

During the year, the Bank purchased property in Nassau, Bahamas at a cost of BSD 750,000
(CHF 940,875) and is constructing thereon a building for its office premises with a budgeted
cost of BSD 3.3 million. At the balance sheet date, costs of BSD 985,619 (CHF 1,224,747)

‘ have been incurred and are included as property and building. The building is expected to be
completed for occupancy in 2008.

7. Commitments and Contingencies
(a) Derivative financial instruments

The Bank enters into forward currency contracts and over-the-counter equity and
currency options as part of its customer-related trading activities. Forward currency
contracts are contracts to purchase or sell foreign currencies at specified rates of exchange
on specific dates in the future. Risk arises from the potential inability of counterparties to
perform under the terms of the contracts’ (credit risk) and from fluctuations in the foreign
exchange rates (market risk). The Bank manages its market risk of customer-related
positions by taking offsetting positions with its affiliates, resulting in minimal market
exposure. The credit risk of customer positions is managed by applying uniform credit
standards maintained for all activities with credit risk. Collateral held in support of such
derivatives activity generally includes cash, cash equivalents, and marketable securities.

Equity, precious metals and currency options confer upon the holder the nght but not the
obligation to buy or sell a specified quantity of equities or currencies at a specified price
(the strike price) during a specified period. As a writer of equity, precious metals or
currency options, market risk arises from potential unfavourable movements in the price
of the equities or currencies underlying the options. Collateral held in support of such
derivative activity generally includes cash, cash. equivalents and marketable securities.

As of the reporting date the Bank had contractual commitments under open forward
currency contracts and equity, precious metals and currency options as follows:

2006 2005

CHF CHF

000’s 000’s

Commitments to purchase foreign currencies 150,498 = 111,693

_ Commitments to sell foreign currencies 150,397 111,631

Options to purchase equities, precious metals
and currencies - -
Options to sell equities, precious metals and currencies 774 -

The contract amounts of these instruments reflect the extent of the Bank’s involvement in
forward currency contracts and equity, precious metals and currency options and do not
represent the Bank’s risk of loss due to counterparty non-performance. The replacement
values of these customer-related derivatives are disclosed on the balance sheet. As of 31
December 2006, the credit risk is limited to those contracts with a positive fair value and
that amounted to CHF 1,272,571 (2005: CHF 1,472,412).

(c) Contingent liabilities

As of 31 December 2006 the Bank is contingently liable for CHF 12,010,862 (2005: CHF
16,364,989) in respect of guarantees issued on behalf of its customers. These guarantees

are collateralised by pledges over assets held for = ich customers.

8. Investments in Securities — Held-to-Maturity

The fair values below represent the closing trade price established on the last trading day of the

reporting period by the exchange on which the securities are principally traded.

Amortized Fair

Units’ Bonds Interest Maturity Cost Value

CHF CHF CHF

500'000 Province of Ontario -EMT- 2.00% 15.09.09 508'801 493'250
500'000 Colgate-Palmolive Co 1.875% 06.04.10 504'820 488'000
500'000 Commonwealth Bank of Australia -EMT- 1.75% 04.09.07 501'269 497'950
500'000 UBS AG Jersey Branch 1.75% 02.12.08 504'791 492'000
500'000 General Electric Capital Corp GECC 1.75% 25.10.11 499'248 480'750
500'000 Italie - EMT - 2.00% 30.04.09 495'S11 493'000
500'000 Citigroup Inc - EMT - 1.50% 07.04.08 498'596 494'200
500'000 HSBC Finance Corp - EMT- 2.75% 14.06.11 500'156 501'500
500'000 New York Life Funding - EMT - 2.125%: 18.12.10 493'495 489'750

4'506'687_ __ 4'430'400

Included in the amortised cost of held-to-maturity investments on the balance sheet is accrued
interest receivable amounting to CHF 34,006 (2005: CHF 45,621).

5, General Banking Reserve

The Bank makes appropriations from retained earnings to a general banking reserve for

unforeseeable risks and future losses. The general banking reserve can only be distributed
following approval by the shareholders in a general Meeting.

10. Fair Value Estimation of Financial Instruments

Financial instruments utilised by the Bank include recorded assets and liabilities shown in the
balance sheet, as well as items disclosed in these financial statements that principally involve
off-balance sheet risk. The majority of the Bank’s financial instruments, except those disclosed
in Note 7, are cither short-term in nature or have interest rates that automatically reset to market
on a periodic basis. Accordingly, their estimated fair values are not significantly different from
their carrying values for each major category of the Bank’s recorded assets and liabilities.

PRICEWATERHOUSE(COPERS

a



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Banque Privée Edmond de Rothschild Ltd.

We have audited the accompanying balance sheet of Banque Privée Edmond de Rothschild Ltd. as of 31
December 2006 and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with Iniernational Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying

appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
balance sheet is free from material misstatement.

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

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

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

Opinion

In our opinion, the accompanying balance sheet presents fairly, in all material respects, the financial
position of Banque Privée Edmond de Rothschild Ltd. (the Bank) as of 31 December 2006 in
accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not comprise
a complete set of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a

complete understanding of the financial position, performance and changes in financial position of
Banque Privée Edmond de Rothschild Ltd.

r /
Atiita Dy [ lee Ly:
HPV ANE TE Cs A

Chartered Accountants
20 March 2007

Na

th

Legal Notices

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CERERBRTRIELTAE STE ARLSRRS CEGKARAE LEAL ARIK FEEL R ELST SELALTAT EELEES BSE RS SE CST TS E22 GASHA FEVSTRATS HERE SECU SE GS STUB RST LESETEEPRE E RTARESEES



PE ROSES CREP S PTO TS EE RERE SEARS ERE SEEKS ZTE KRESS



PAGE 14, SATURDAY, APRIL 28, 2007

Appeal dismissed Coc

FROM page one

tion in making the order.

Ms Rose told the court that
her client was concerned that
Birkhead might not return to
the Bahamas for the next cus-
tody hearing. The judges noted
that that was a matter that
would ultimately have to be
dealt with in a US court. During
submissions, the judges noted
that regardless of what decision
is made locally as to who gets
custody of the child, the child

will ultimately be taken back to.

the United States where the
issue of custody and guardian-
ship would continue in US
courts.

After dismissing the appeal

Ms Arthur was ordered to pay
the sum of $3,000 to Birkhead-
*s attorneys because the appeal
had been dismissed.

Outside court Birkhead said
he intends to be back in the
Bahamas for the next custody
hearing on June 8.

“It’s a good day for me. I
hate that I have to come here
for such nonsense, but you
know I have family that want
to see the baby too, but they
_ are not here fighting me,” Birk-

head told reporters outside
court yesterday.

Birkhead said yesterday that
he is excited about getting the
opportunity to return home.

Howard K, Stern, told
reporters yesterday he intends
to continue to support Birkhead
when the custody battle moves
to the US.

“I’m gonna help Larry out
in any way I can and if it takes
years in the United States I'll
do it.

“I’m hopeful that that will not
happen though,” he said.

Vergie Arthur left the court
building several minutes after
Stern and Birkhead and, with
her husband and lawyer, was
ushered to a waiting taxi. Ms
Arthur ignored the media’s
questions.

Seven-month-old Dan-
nielynn, the only surviving child
of Anna Nicole, stands to inher-
it millions of dollars from Anna
Nicole Smith’s marriage to oil
tycoon Howard K Marshall. Ms
Smith gave birth to Dannielynn
in September, just three days
before her 20-year-old son,
Daniel, died at her bedside. Ms
Smith died in Florida in Febru-
ary at the age of 39.

Ingraham calls on Abaco

FROM page one

They want a reliable govern-
ment; an honest government; a
principled government; and an
accountable government, in
short they want an FNM Govy-
ernment," he told the crowd.

Abaconians were asked by
Mr Ingraham to "let the torch
guide" them as to how to cast
their ballot in the upcoming
election.

Mr Ingraham responded to
claims made by Prime Minister
Christie that there are too many
posters of him pasted around
the island by pointing out that
Mr Christie himself had more
posters up in the last election.

"Plenty more money was
flowing into their coffers in
2002. Now some of their
wealthy supporters recognize
that they have proven incapable
of delivering on their promises,
incapable of delivering effec-

tive and accountable govern- Vou
ment;-the-money -well-is not ~ = iggy

a Oe sare dependin on you.
ass ehh the oie this fine."

quité,s@fullanymore," hesaids

hh

re

Mr Ingraham told the Marsh
Harbour crowd that his 41 can-
didates "represent a wide cross-
section of society" and are "all
committed and dedicated to
making life better for all
Bahamians."

This is in contrast to the
PLPF's slate of candidates, he
said.

"More than a few that have
been terribly compromised dur-
ing the last five years, yet he
has put them forward again and
asked the Bahamian people to
support them. For that alone I
cry shame," he said.

Mr Ingraham said he could
not say there will never be a
scandal in an FNM government,
however, he said that people
could be sure that it would be
"dealt with right away."

The FNM is relying on Aba-
conian's vote, he said.

"You held fast in 2002 when
many jumped ship. I and my

»party.are forever, grateful to



ee Rofey VN T= 1S

aine prices drop despite

THE TRIBUNE








US anti-drug investments.

By JOSHUA GOODMAN
Associated Press Writer

BOGOTA, Colombia (AP)
— Cocaine prices in the United
States have, dropped and the
drug’s purity increased, despite
years of effort and nearly $5 bil-
lion spent by the U.S. govern-
ment to combat Colombia’s
drug industry, the White House
drug czar acknowledged in a
letter to a key senator.

The drug czar, John Walters,
wrote Sen. Charles Grassley, R-
Iowa, that retail cocaine prices
fell by 11 percent from Febru-
ary 2005 to October 2006, to
about $135 per gram of pure
cocaine — hovering near the
same levels since the early
1990s. In 1981, when the USS.
government began collecting
data, a gram of pure cocaine
fetched $600.

The purity of this cocaine,

Candidate’s fears

FROM page one

issues, including the Sea Hauler victims, the Shane Gibson affair
and children’s issues. Right up to nomination, people were saying
that if | nominated, it would cost me my life.”

But he said he would continue his fight for children, many of
whom “haye already paid the ultimate price because of outdated
social policies and bad laws.”

“If [have to join them in paying the ultimate price in terms of my
life for standing up against something that is so fundamentally
wrong, then so be it. But I don’t intend to be intimidated.”

Mr Duncombe said that he, along with other candidates, had been
subjected to character assassination on numerous occasions. “But
this doesn’t faze me. Everyone knows that once you go public
against the government that there is some economic or financial
price to pay.”

Mr Duncombe, 41, a self-employed air-conditioning technician,
said the threats and slurs showed “the low depth” the country
had reached as a result of mudslinging by both major parties.

He said he had witnessed three fights between PLP and FNM
campaigners and had been shouted at in a threatening manner in
the street by Gibson supporters.

One man in a car made the gun sign at him and yelled that he
should stay out of Shane Gibson’s business “because at the right
place and the right time we will get you.”

Mr Duncombe said: “I got a call from someone who sounded like
he had something over his mouth. He had a deep voice and made
threats.”

He added: “As a result, I am very careful how I move about. It
affects my campaign, too. I have been trying to recruit people to
assist with the campaign because I now understand the magni-
tude of what is happening. My main base, who really believe in the
cause, will remain that way.”

But he admitted the campaign was difficult “because of the
money being spent by the major parties.”

Mr Duncombe said the media should ignore “the two-party
brainwashing” and focus more on individuals in the election.

“If this happened, you would see a paradigm shift as to how peo-
ple are voting,” he added.

Mr Duncombe said criminal elements wearing PLP shirts were
using self-drive vehicles to tour constituencies intimidating voters.
_ “Thave witnessed high intensity:¢anipaigns, but this one is over-
board. As an independent candidate who is focused:on the issues
and clearly under-funded, how do yguprotect yourself from these
hooligans?”

meanwhile, has “trended some-
what toward former levels,” as
well, Walters said in the letter,
citing data from the U.S. Drug
Enforcement Administration.

Colombia supplies 90 percent
of the cocaine consumed in the
United States. Declining prices
and rising purity could also sug-
gest weakening demand, but
several household and school-
based surveys show that Amer-
ica’s cocaine consumption has
barely budged since 2000, and
demand in Europe has
increased.

Colombia’s president, Alvaro
Uribe, is set to meet with Pres-
ident Bush at the White House
on Wednesday to discuss U.S.
support for Plan Colombia, the
anti-narcotics and counterin-
surgency program that has cost
American taxpayers more than
$4 billion since 2000.

Walters’ letter to Grassley,
the Republican co-chair of the
Senate Caucus on International
Narcotics Control, was sent in
January in response to a request
from the senator. It was made
available to The Associated
Press by the Washington Office
on Latin America, a liberal lob-
by group.

U.S. officials have insisted
repeatedly that Plan Colombia
is reducing the quality and avail-
ability of to American users.

But Grassley, in an e-mailed
statement to the AP, said the
new data is “all the proof that
anybody needs” that the White
House drug office “has gotten
quite good at spinning the num-
bers, but cooking the books
doesn’t help our efforts to curb
cocaine and heroin production
and consumption.”

Rep. Jim McGovern, D-
Mass., said senior U.S. Embassy
officials gave him older, more
encouraging data during a visit
to Bogota in March — two
months after the drug czar qui-
etly released his more down-
beat appraisal.

“We’ve given this program a
chance to work and clearly this

is not producing the results we

were promised,” McGovern
said. “Cocaine is priced as low
and purity is as high as it*was

before Plan Colombia began six
years and $5 billion ago.”

Rafael Lemaitre, a
spokesman for the White House
Office of National Drug Con-
trol Policy, told the AP that
Walters would not comment on
the letter but Lemaitre
described it as “an accuraté
reflection of our agency’s
thoughts on the issue.”

In November 2005, Walters
announced that cocaine pricés
had risen by 19 percent and
purity had dropped by about
the same. He touted the devel-
opment as a sign that the Unit+'
ed States had turned the cor-
ner in the drug war. Drug poli-
cy experts rejected his asser-
tions at the time, and Grassley
called for his dismissal. ‘

“When the data show a brief’
rise in cocaine prices, the drug
czar holds a high-profile press
conference,” said Adam Isac=
son, an analyst at the Washing-
ton-based Center for Interna-
tional Policy. “But when the.
trend goes back down again, the»
drug czar sends it in a letter to
one senator. Why is that?”

The Tribune wants to hear
from people who are

making news in their
neighbourhoods. Perhaps
you are raising funds for a ‘is?
good cause, campaigning ¢
for improvements in the

area or have won an

award. .
If so, call us‘on 322-1986s>*4%%
and share your’story. = * =

4 ¢

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SUR MER”

THE GINN REPORT:

|| We've Only Just Begun

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In 2002, Bobby Ginn, President & CEO of spirit of the Bahamian people.
Ginn Resorts set out to find a destination that
would accommodate the hallmark of Ginn
properties around the world. His search took
him throughout the Caribbean and The Bahamas
but in the end his heart would settle on West
End, Grand Bahama Island. And what

impressed him most about The Bahamas: the

people.

“This project will not be successful without’
the efforts and participation of Bahamians,”
said Ginn. “We view the Ginn sur Mer resort
community as a partnership between our
company and the Bahamian people.”

“Ever since my first trip to The Bahamas as
a younger man some 20 years ago, the people
have always made me feel special,” said Bobby
Ginn. “And I would personally like to thank
them for the support they have given Ginn
Resorts as we have begun the development
process on Grand Bahama.”


















Ginn sur Mer looks

forward to the years
In December 2005, Ginn launched the $5 billion ahead as we
dollar Ginn sur Mer project. It marked the strengthen our
largest single investment in the history of the _ partnership with the
Commonwealth of The Bahamas and the most West End



Community and all
of The Bahamas.
We’ve only just |
begun.

significant in Ginn family of resort destinations.



Describing it as a “very important community”
for Ginn Resorts and the “largest we'll probably
ever do” Ginn commends the work ethic and



SATURDAY, APRIL 28, 2007. PAGE 15.

THE TRIBUNE







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PAGE 16, SATURDAY, APRIL 28, 2007 THE TRIBUNE





By Frankiyn G Ferguson : .

scene

Rn A









Gh Lance SMG

NASSAU EVENTS CAPTURED ON CAMERA

ary ‘taxis’ to joyous 75th birthday



JAN Watkins, manager at BEC; Mary Armbrister; Diane Major, manager of the Food and Beverage department
at the Wyndham Nassau Resort, and Linda Thompson, motor engineer with Bahamas First ?



ad



MICHAEL Armbrister, sports therapist; Mary Armbrister; Edward Thompson ur, international orthopaedic sports
therapist; and Theodore Thompson, o-owner of the Ed Thompson body shop. These are three of Mrs Armbrister’s

five sons. oe



MARY Armbrister, owner of Mary’s Limousine Services, recently celebrated her 75th
birthday. The birthday party took place at her daughter Linda’s home in Coral Lakes.



Per iN 4

MARY Armbrister's granddaugh-
ter and great-grandson: Monique
Smith, and her son Michael Reck-
ley.

Photos by
Franklyn
Ferguson







MARY Armbrister and her common-law-husband Edward Thompson,

PAT “Sister Sarah” Thomas; Gladys Ferguson, owner of
owner of the Ed Thompson body shop on Thompson Boulevard. .

Claudine’s Dress Shop; Mary Armbrister; and Carolyn Ferguson







Full Text





Volume: 103 No.130

WEATHER

SOF
74F

CLOUD AND





The Tribune



#1 PAPER IN CIRCULATION







Che Miami Herald

BAHAMAS EDITION

SATURDAY, APRIL 28, 2007



HN Ca
SUM et

PRICE: ~ 75¢



J Ue Ga Uso

Maa i:

INGRAHAM PROMISES ON CAT ISLAND TERMINAL

Gee

Re-elected

Leading
RS

Julianna takes shot putt, discus.





Ingraham raises
questions over
election-time
short contracts

By BRENT DEAN

CABBAGE HILL, Crooked
Island — There will be an inves-
tigation into the actions of cur-
rent MICAL MP Alfred Gray
surrounding the granting of
election time.-contracts..to
MICAL constituents, if the
FNM are electéd the new gov-
ernment of the Bahamas.

FNM leader Hubert Ingra-
ham made this pledge in front
of a passionate group of
Crooked Island FNMs, during a
ribbon cutting ceremony and
rally on Thursday.

Sources allege that numerous



OPPOSITION leader
Hubert Ingraham has
rebutted claims that he is
unwell.

Speaking at an FNM rally
in Marsh Harbour, Abaco,
Mr Ingraham said: "I under-
stand that having failed at
convincing the good people
of our land not to vote for
me and the FNM, the PLP
are telling them not to vote
for me because I’m sick.
Well, thank God that is not
true and I pray that God
continues to bless me with
good health."

On Thursday evening,
rumours had started circu-
lating that Mr Ingraham had
suffered a heart attack on
the campaign trail, which
this week had seen the FNM
leader goon a four-day long
tour of the Bahamas, cover-
ing Long Island, Ragged
Island, Cat Island, San Sal-
vador, Exuma, Crooked
Island, Mayaguana, Inagua
and Acklins.

The opposition leader said
that people in those islands
“energetically welcomed"
him and his team, and "can't
wait to vote FNM."

"People are tired of this
compromised, self-interested
government. They want a
government they can trust.

SEE page 14







three-month government con-
tracts have been awarded to
MICAL constituents that are
set to conclude at the end of
May. In some instances, small
government buildings, that do
not require painting, have had
multiple contracts awarded, for
some workers to paint the
inside of the building, while oth-
ers contractors paint the out-
side.

Mr Ingraham told the crowd
that it is “unthinkable” that this
type of political influence still
exists in the Bahamas. _

“Your MP, and the adminis-
tration which he is running in
this part of the Bahamas, is
worse than any place else I have
been in the country,” Mr Ingra-
ham said.

“Within days of coming to
office, we will undertake an
investigation into the expendi-
ture of funds in Crooked Island,

Acklins, Mayaguana, and
Inagua and Long Cay,” Mr
Ingraham added.

The former prime minister
warned Crooked Islanders not
to get involved in schemes
where public money is paid and
no work is done.

“Tf you have a service to per-
form, and they are paying you,
do the job. But if they are giving
you public money to vote for
them, and you are taking it, eat-
ing your mutton and shutting
your mouth, then you will have

to account, just like Alfred Gray

is going to account for this mon-
ey,” he said.

Revealing his plan for the
south, Mr Ingraham told
Crooked Islanders that he
intends to reinstate their duty
free status for all building mate-
rials; household furniture and
appliances; and motorcars on
the island.

The FNM would also create
a scholarship programme for
children in the Southern
Bahamas, including Crooked
Island, with every child who
qualifies for COB receiving a
full scholarship.

Crown land also will be
made available for Bahamians
to construct second homes on
Crooked Island, duty free, Mr
Ingraham informed the crowd.

For foreigners who seek to
build second homes, the FNM
plan would exempt them from
real property tax for 10 years.
However, taxes would be
increased on those foreigners
who own undeveloped land on
Crooked Island and Acklins
until the land is developed, Mr
Ingraham said.

The FNM leader confidently
left his supporters witlt a firm
prediction of electoral success.
He said that his party will win
between 110 and 120 of 160 reg-
istered voters in Crooked
Island.

NAST AND 3







Police remove the body of Delroy Mcenzie from his vehicle

A man was killed when he was shot multiple
times while sitting in his vehicle at the Esso
Service Station on Wulff Road and Montrose

Avenue Thursday night.

Delroy McKenzie, of Englerston, believed
to be in his early twenties, became the country’s
thirtieth murder victim for the year when he
was shot in front of his girlfriend.



According to police reports, Mr McKenzie
had parked outside the service station in his
burgundy-coloured Honda Accord when a



black Nissan Altima vehicle pulled up.

Three male occupants got out of the car and
one man suddenly fired shots from a handgun
at Mr McKenzie. Mr McKenzie was hit multi-
ple times and died at the scene.





AN independent candidate claimed yesterday
that he had received repeated death threats since
launching his campaign to unseat former Immi-
gration Minister Shane Gibson in the general

election.

Children’s rights crusader Clever Duncombe
said one caller warned that he would become
“the first MP to be assassinated” if he won the

seat.

Mr Duncombe, who is challenging Mr Gibson
and the FNM’s Donald Saunders in the Golden
Gates constituency, admitted: “It scares the hell
out of me, I’m not going to lie. But it’s not like

Candidate: Death threats
‘scare the hell out of me’

“This is probably why so many people don’t
want to go into public life or even go against the
grain and challenge the two major parties.”

Mr Duncombe believes hostility against him




has increased since he called for gay and lesbian

ences.

election candidates to admit their sexual prefer-

He also believes PLP supporters are furious

over his outspoken criticism of Shane Gibson

someone put a gun to my head and asked me to

do this. | am doing it because I want to move

our country forward.

and his role in the Anna Nicole Smith affair.
But he said: “I don’t think the ex-minister is

responsible. I think this is the work of hooligans.

I have been at the centre of several hot-button

SEE page 14

Court rejects appeal by
Anna Nicole’s mother

By NATARIO McKENZIE

THE Court of Appeal has
upheld a judge’s decision to
allow Larry Birkhead to take

his daughter Danniclynn out of

the Bahamas until the next
court hearing in the child cus-
tody dispute.

-Attorney Deborah Rose yes-

terday filed.an appeal on behalf

of Vergie Arthur seeking a stay



EA i U ANA

of Justice Stephen Isaacs’ order.
On Wednesday Justice Isaacs
issued an order allowing Birk-
head to take his seven-month-
old daughter out of the
Bahamas until June 8. Ms
Arthur's lawyers had challenged
the order after it was issued but

* were unsuccessful and sought

to appeal the order in the Court
of Appeal yesterday in a last
ditch effort to stop Birkhead

from leaving the Bahamas with
the infant.

That application, however,
was dismissed by the court. Jus-
tice Lorris Ganpatsingh noted
that Ms Arthur’s application
was weak and had failed to
prove that the judge was wrong
when he exercised his discre-

SEE page 14

Kozeny
freed
on bail

By KARIN HERIG
Tribune Staff Reporter

CZECH businessman and
former Lyford Cay resident
Viktor Kozeny has been grant-
ed bail and was released from
Fox Hill prison yesterday.

Kozeny, who is wanted on
bribery charges in the state of
New York, has been waiting to
be extradited to the US since
October, 2005.

However, the US, as*itie
requesting state, missed the date
of the habeas corpus hearing
which would have finalised the
extradition. In the meantime
Kozeny was released on bail.

The man dubbed the “Pirate
of Prague,” appeared before
Supreme Court Judge Stephen
Isaacs yesterday and was grant-
ed $300,000 bail with two
sureties.

Kozeny’s Bahamian lawyer
Paul Moss told The Tribune
yesterday that the habeas cor-
pus hearing had been scheduled
for April 30, but that the US
was not sufficiently prepared at
that time.

The hearing has now been
rescheduled to June 23.

“So it’s no fault of his own,
he’s ready and willing to go on,
but the requesting state, the US
government, was not ready to
proceed so bail was granted,”
he said.

Mr Moss said his client has
not yet spoken about his expe-
rience in Her Majesty’s Prison,
but is obviously “extremely
pleased” to be out.

“He is just happy to see his
family members (who are in the
Bahamas) and is looking for-
ward to picking up the pieces
ot his life,” the lawyer said.

Kozeny was arrested at his
Lyford Cay home on October 5,
2005, just hours before being
indicted on a long list of bribery
and money laundering charges
in the US District Court in
Manhattan.

He is accused of being the
driving force behind a multi-
million dollar bribery scheme
that sought to corrupt Azerbai-
jan officials to gain a control-
ling interest in that country’s
state-owned oil company
SOCAR in the 1990s.

The Czech investor is charged
with conspiracy to violate the

US Foreign Corrupt Practices °

Act. If Kozeny is extradited to
the US he could face a jail sen:
tence of up to 25 years.

INSIGHT ¢

ONLY ONE
WAY AHEAD

Dont miss INSIGHT's
hard-hitting and AROS
tive general election pre-
view

See Monday's Tribune




THE TRIBUNE

PAGE 2, SATURDAY, APRIL 28, 2007



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THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 3



6 Ee Ra NSM SSE a LSE CO TSR aren ee
Ingraham’s 90-day pledge on

(ae
defends

education Cat Is

record

THE PLP says it is proud
of the achievements made
in education over the last
five years.

Despite concern over the
‘D’ national grade average,
the many delays and prob-
lems with school repairs and
repeated industrial action
by teachers, the governing
party said education is on
the right track.

“Although we acknowl-
edge that there is much to
done in this area of our
national development, we
are also proud of what we
have achieved in just five
short years,” the PLP said
in a statement.

The party pointed out
that despite extensive dam-
age to schools from three
major hurricanes, “the PLP
has carried out the most
extensive repairs, redevel-
opment and infrastructural
upgrade to the educational
system ever undertaken by
any government in the
modern Bahamas.”

“With this being such an
emotional and_ highly
charged period and with the
future of our nation at
stake, Bahamians can ill
afford to buy into the pro-
paganda and untruths being
spread by the FNM
throughout the archipelago.
Bahamians deserve to know
the facts, the whole truth
and nothing but the truth.”

The party listed what it

says are the facts about edu-
cation in its five year term,
as follows:
“.¢ More than 500 new
classrooms built. The FNM
built 332 classrooms
between 1992 and 2002.

e More than $71,000,000
spent on schools. In the
FINM’s first term, they spent
$48,400,000.

e The largest school
repair and expansion pro-








Point primary schools, both
condemned in 2002.

¢ The construction of a
new high school in south-
west New Providence and
a junior high school in
Grand Bahama. Bids are
out to tender for new
schools in eight more com-
munities.

¢ Beginning to “turn the
corner” in national grade

average: D- in 2002, D+ in |

2006. “We are confident
that the national average
will continue to climb in the
right direction.” ,

¢ The initiation of a cur-
riculum restructuring pro-
gramme, “to transform,
modernise and Bahami-
anise” the curriculum.

e The “rescue” of the
educational guaranteed
loan programme.

° The reintroduction and
expansion of the National
Scholarship Programme.

e¢ The College of the
Bahamas is on track to
become the University of
the Bahamas by 2008.

¢ The first collective bar-

gaining agreement with the -

Bahamas Union of Teach-
ers.

° A teacher mentoring
programme and informa-
tion computer technology
training for teachers in con-
junction with the OAS.

¢ The Extended Learn-
ing Programme to eradicate
social promotion and pro-
vide remedial assistance to
underperforming students.

¢ School policing and a
school security department.

eyerycosting more. |.

By BRENT DEAN

New Bight, Cat Island -—
Work will begin on a new air-
port terminal building within 90
days if the FNM is re-elected,
according to the party's leader,
Hubert Ingraham.

The FNM leader decried the
inadequate state of the present
structure during a campaign
stop and rally just outside the
airport.

The terminal in question has
broken bathroom facilities; an
outdoor tent for security checks
that exposes tourists to the ele-
ments, and a customs office that
floods when it rains,

Mr Ingraham told the crowd
of jubilant supporters that his
government left in place plans
for a new structure to be erect-
ed in 2002.

However, this plan was can-
celled when the PLP came to
office, Mr Ingraham said,
because the PLP considered the
contractor engaged to do the
work to be an FNM.



The FNM leader told the
crowd that he personally raised
questions regarding the terminal
construction in parliament, with
the government, on at least two
occasions.

Even the current PLP MP,
Philip ‘Brave’ Davis, Mr Ingra-
ham told the crowd, supported
his public agitations. “In fact on
one occasion, Brave Davis was
in the back, urging me on to

speak about the terminal in the ,

Bight, Cat Island. He wouldn't
dare stand up and speak for
himself about the neglect of the
government,” he said.

Addressing the issue of unre-
liable cell phone service on the
island, Mr Ingraham told his
supporters that the FNM gov-
ernment also left in place pro-
visions from new cell phone
infrastructure to be installed by
December 2002. Yet, he said,
the government postponed the
work and have not yet provided
Cat Islanders with any reason-
able explanation as to when it
will be done.



land airport terminal





s+ RRB

CAMPAIGN PROMISES - FNM leader Hubert Ingraham promises
to pick up where his former administration left off in 2002

A new centrally located high
school for all of Cat Island was
also promised by the former
prime minister if he returns to
government, along with an all
purpose gymnasium that would
function as a hurricane shelter.

In concluding his remarks,
the confident FNM leader

Gibson encourages
young on education



Shane Gibson

SHANE Gibson, the PLP’s
candidate for the Golden Gates
constituency, urged scores of
youngsters in Golden Gates to
begin educating and training
themselves so that they can be
effective leaders of tomorrow.

Mr Gibson's remarks came
as he officially opened the
Farmer’s Market Basketball
Tournament, which was held at
the Farmer’s Market Basket-
ball Park on Baillou Hill Road
and Golden Sun Drive last
week.

Gibson told the youngsters —
from both female and male

Ui
aU Ut)
FOR PEST PROBLEMS
PHONE: 322-2157



teams — participating in the
tournament that by getting a
proper education they would be
better equipped to take advan-
tage of the “endless list of
opportunities that are presently
being made available in the
country”. 3

The MP. went on to describe
how he envisions a state-of-the-
art gymnasium complex being
built in Golden Gates for the
youth of the community.

He also challenged all mem-
bers to get personally involved
in bettering the area.

“At the end of the day we

want to empower the people of
Golden Gates and help one
family, one person at a time,”
he said.

Mr Gibson said he hopes to
see a Summer basketball league
come to fruition, whereby teams
would be able to compete with
each other while at the same
time fostering good sportsman-
ship and a friendly atmosphere.

He also used the opportunity
to encourage residents to join
the local marching band — which
now has 134 new pieces of musi-
cal equipment, and room for
over 80 people.

UP
TO

issued a warning to civil ser-
vants that seek to intimidate
Cat Islanders regarding their
political affiliation during the
final days of the campaign.
“Next week there will be a
new boss man in town,” he said.
“All we want public officers
to do is do their job. I don't care

who they vote for. Don’t use
your position as an employee
of the government to influence
or intimidate anybody else. You
could be whatever you want to
be. We live in a democracy. In
this country, every man and
woman can be exactly what
they want to be,” he said.

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CLASSIFIED SECTION 28 PAGES



wt te
PAGE 4, SATURDAY, APRIL 28, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR



The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Bahamas not following election rules

THIS WEEK a member of our staff referred
us to a copy of the Election Observation Hand-
book produced by the Organisation for Securi-
ty and Cooperation in Europe (OSCE).

“We are holding failed elections by these
people’s standards,” was the Bahamian editor’s
comment as he passed on this information.
Although Bahamians are yet to go to the polls,
government is already being accused of con-
doning an atmosphere that encourages a corrupt
process.

According to the United Nation’s Electoral
Assistance Division, the several forms of elec-
toral fraud and misconduct include: vote buying;
misusing state resources for promoting a polit-
ical party; physical intimidation (or coercive
tactics) and impeding equal access of political
parties to the media.

Over the past three weeks Bahamians have
been openly talking about vote buying. Intimi-
dation is a common complaint. There have been
widespread threats of loss of jobs, pensions,
and even government housing if the PLP does
not get the vote of these persons dependent
on government.

The police, Defence Force officers and pub-
lic administrators cast their ballots on Thursday.
Coincidentally it was also government pay day.
One police officer confirmed that an extra $150
had been added to his salary when he checked
his bank account before voting. The extra was
his pension, which up to about two weeks ago
had been suspended. According to him, senior
| officers received a lump sum as their pension

payment.

It is understood that officers on pension,
who had returned to the force on salary were
told that they could not receive both salary and
pension. Consequently, their pensions were
suspended. About two weeks ago, they were
told that the moratorium had been lifted and
that they would receive both salary and pension.
On the morning that they went to vote, their
pensions and salaries were in their bank
accounts. Coincidence or an attempt to influ-
ence their vote? That’s for readers to decide.
However, such timing for extra pay just hours
before an election would have transgressed
both UN and OSCE election rules.

It is also rumoured that certain government
contracts are being hurriedly signed for five-year
periods to secure jobs for PLP favourites should
government lose next week’s election.

And about a month ago, it is claimed, hun-
dreds of temporary workers were added to gov-
ernment’s payroll. We are told that just this
week, a Bahamian, asking a certain govern-
ment candidate for help, was given a public

A.G. Electric Co. Ltd.

Phone: 393-8192

eno $97 30°

32 Jerome Avenue

ecIine FANS

ANNIVERSARY SALE!

SATURDAY APRIL 28TH TO MAY 4TH.



service application form to fill out to secure a
government job. All of these jobs will probably
dry up after the election, regardless of which
party wins.

According to OSCE guidelines, problems
to be aware of in an election is “a campaign too
short to enable parties to organise and to con-
vey their message...”

As everyone knows Prime Minister Christie
created untold confusion by delaying the closing
of the old register and the announcement of
the election date. Many Bahamians are still
unaware of their polling divisions. It was also
unfair on election candidates who, up until the
eleventh hour, didn’t even know where their
constituency boundaries were, or who they
were expected to represent. Thanks to the usu-
al bad planning and government indecision we
expect much confusion on election day. Already
the elections have started badly. On Thursday
30 police officers in the early poll found that
their names were not even on the voters’ regis-
ter.

The OSCE has warned against civil servants
campaigning in an election. This is rampant
here, especially in Eleuthera, where not only are
civil servants campaigning, but it is reported
that they are using government vehicles to do
SO.

Despite a letter sent out to all civil servants
by the Public Service Department that they
were not to wear their party’s paraphernalia,
there are those who attend political functions
fully regalled in their PLP colours.

We have had a complaint from North
Eleuthera that the administrator, who is also the
assistant returning officer, has been openly
campaigning for the PLP candidate. The FNM
candidate has already lodged a complaint about
this with Parliamentary Registrar General Errol
Bethel.

Transparency International says that “vote
buying tends to be carried out where parties
are weak, with elections centred on candidates
rather than parties, and where traditions of
patronage are ingrained.”

However, says Transparency, it is difficult to
assess the impact of vote buying on election
results, as “ballots are supposed to be cast in
secret and so an inducement is no guarantee
that the ballot cast will in fact favour the vote
‘buyer’.” ¥

No matter which way the election goes when
it is all over there should be a thorough inves-
tigation of all election shenanigans. With vio-
lence creeping in by the backdoor, Bahamians
have to stop the drift now or soon the Bahamas
will be a second Jamaica at election time.

position:

Requirements:

Duties include:

up on findings

Board of Directors

key regulations

contracts

with cover letter to:

BY MAIL

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890

Nassau, Bahamas

Conducting investigations
Regular interaction with the Bank’s legal counsel
Reporting on compliance issues to management and the



‘Shoddy’
Nassau
allowed to
vo downhill

EDITOR, The Tribune.

I LIVED in Nassau for four
years in the late 1950’s-early
60’s, when I worked for a US
Company — Outboard Marine
here. I loved living in Nassau,
and hence have been coming
back every five, six years on
vacation.

I’m sorry to say, however,
that in the last few recent years
— the town of Nassau has been
allowed to go downhill and is
beginning to look very “shod-
dy”. Yes, I know the traffic has
picked up and the streets are
becoming very crowded, but
what I’m saying is the place is
not looking like the beautiful,
picturesque, well kept town
Nassau used to be.

Dawes



For tourists in particular, old
beautiful homes are allowed to
deteriorate and lie in dreadful
condition. There is a home at
the top of George Street that
was a very beautiful old colo-
nial style home, with big lou-
vered porches — that has been
sitting half repaired, a wreck
since I was here four years ago
and it is right across the street
from Government House!

There are several other build-
ings on Cumberland Street, a
block from Government House
— that are falling apart or oth-

erwise are in terrible shape.

On beautiful Cable Beach —
right on the beach — between
The Nassau Beach Hotel and
Breezes is a real eyesore, a
dilapidated, abandoned house,
with windows broken and trees
growing out of the roof. Fur-
ther the house is on the beach,
100 feet away from where a day
cruise boat beaches each day
and takes on 50-100 tourists
from the nearby hotels.

What is this government
doing? Is no one paying any
attention as to how the island
looks to tourists — will they
come back?

MARY

LEFFINGWELL

Kansas,

April 14, 2007.

Hubert makes the
difference for FNM

EDITOR, The Tribune.

I wish to commend you for
your excellent editorial in
today’s Tribune. I agree with
you 1000 per cent that the
PLP’s misguided belief that
“God gave this country exclu-
sively to their party”, and the
attitude that all non PLP’s are
traitors, describes the profound
difference between the PLP and
the FNM. This stupid, blasphe-
mous claim permeates PLP cul-
ture and robs the party of the
creative capacity to govern
effectively. I refuse to believe
that the God I serve willed this
country to one party against the
backdrop of a constitutional
democracy. God is infinitely
wiser than that! This foolish-
ness which they keep repeating
is clearly only a figment of their
imagination, and a crutch for
the party to lean on especially
when challenged to provide
effective leadership.

I also agree with you that
leadership is also the main dif-
ference between the PLP and
the FNM. The Right Hon
Hubert Alexander Ingraham,
leader of the FNM is the type of
leader who gets the job done in
timely fashion, and while he is

JULIUS BAER BANK & TRUST
(BAHAMAS) LIMITED

Julius Baer Bank & Trust (Bahamas) Limited, a leading
financial institution, is seeking candidates for the following

COMPLIANCE / MONEY LAUNDERING
REPORTING OFFICER

At least 5 years banking experience
CPA designation or equivalent
A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration
Excellent communication and computer skills

_ Ability to work with strict deadlines and little supervision

Oversight and review of the Bank’s AML/KYC policies,
porcedures and transaction monitoring systems
Liaising with regulators and auditors including follow-

Coordinating and administering compliance training for

Maintaining the Bank’s compliance with Group’s standards
Rviewing new products, business relationships and

Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full résumé

BY HAND

Personal & Confidential

Deputy Resident Manager

Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

busy serving the real needs of
Bahamians, he is essentially
blind to party politics: his patri-
otic duty to serve all, supersedes
the temptation to serve FNM’s
only. While Hubert was Prime
Minister, he was severely criti-
cised by FNM’s for not taking
care of FNM’s first. But Hubert
is a very wise man: he stuck to
his guns, and despite all of the
internal conflicts of the past, the
FNM wooed him back to lead
the party, and to challenge the
PLP for the right to govern after
May 2, 2007. Hubert’s penchant
for justice and fairness to all
irrespective of race, political

affiliation and other considera-
tions greatly contributed to his
return as leader of the FNM.
Despite his obvious, exception-
al political savvy, Hubert is a
good man with a big heart. He
is driven by immutable princi-
ples: when it comes to Bahami-
ans he would rather be fair and
just as opposed to being politi-
cally correct. Hubert is simply
the best, and the FNM is the
best party for the 21st century.

WINKIE
Nassau,
April 24, 2007.

INSIGHT

ey UW ola soe ey -Uallale
the news, read Insight
on Mondays



Bahamas

International

Film Festival

BLE E's MONTHLY FLLM SERIES

CONTINUES....

Bahamas International Film Festival
(BIFF) FILM SOCIETY

is please to show the 2006 BIFF Grand Jury
Award Film CHRONICLES OF AN ESCAPE

Saturday, April 28th @ 8:00pm

Free of charge

Location: Rawson Square, Downtown Bay

CHRONICLES OF AN ESCAPE

(Argentina)

Saturday, April 28th @ 8:00pm

*Directed by Israel Adrian Caetano

*Starring: Rodrigo De la Serna, Pablo
Echarri, Nazareno Casero

*Runtime: 103 mins

*Rated PG

*English subtitles

Synopsis:

The goalkeeper of a little-known soccer team is
kidnapped by a Argentinean government squad and
sent to a detention center. After months of torture, he
plots his escape with three other young men.

For More information on BIFF please visit our website

at www.bintlfilmfest.com


THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 5



Labour dispute filed against



the Grand Bahama Shipyard



Union alleges senior
Bahamian employee
wrongfully dismissed

BY DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The Grand
Bahama Port Authority Work-
ers Union has filed a labour dis-
pute against the Grand Bahama
Shipyard for the alleged wrong-
ful dismissal of a senior Bahami-
an employee.

During a press conference
held at the union’s headquar-
ters on Thursday, Harold Grey,
GBPAWU president, accused
shipyard officials of dismissing
the worker for exercising his
right to become a member of
the union.

Burton Moree — the only
qualified Bahamian hired as
assistant dock master at the
shipyard — claims that officials
threatened to fire him if he did
not accept their offer to resign
with full compensation and an
extra month’s pay as an induce-
ment.

Shipyard and union officials
are expected to meet with
Labour officials on Friday to
discuss the matter.

Although Dave Dagleish,

managing director at the ship-
yard, did not wish to comment
on the nature of the dismissal,
he stated that the shipyard has
been very fair with Mr Moree.

He believes that the union's
decision to go public is a tactic
“to drum up local sympathy.”

“I think it was a little precip-
itous for the union and Mr
Moree to go to the press before
Friday’s meeting, and I do not
wish to discuss publicly his leav-
ing the company,” he said.

“I want to say categorically
as a company, we are very sure
and clear we have done what
we could under the circum-
stances, but regrettably, we had
to ask Mr Moree to leave.”

Mr Grey claims that Bahami-
an workers continue to experi-
ence difficulties at the shipyard
with expatriate managers.

Mr Moree received a termi-
nation letter on April 19 from
the company following a disci-
plinary hearing on April 18 for
unauthorised leave from work.

In a company memorandum
dated April 12, manager Tom
Bower stated that Mr Moree

told Rommel Pickering that he
had worked through his lunch
hour and was leaving at 3pm,
implying that he had authorisa-
tion.

Mr Bower stated that Mr
Moree at no time had discussed
with him, or any other person of
authority in the marine or tech-
nical department of either
working through his break, or
leaving at 3pm.

He indicated that it was the
second time that Mr Moree had
implied, or stated that he had
approval to be absent without
having discussed his absence
from the shipyard with Mr
Bower’s approval.

In the termination letter,
shipyard officials had indicated
that Moree had done this on
February 19, and again on April
12,

The letter further stated that:
“In recognition of your length
of service and seniority within
the company you were offered
the opportunity to resign as an
alternative to termination. In
addition, were to you resign you
would receive a further mon-
th’s salary in lieu of notice. This
offer remains open.”

Mr Moree, who did not agree
to resign, said that he did not
recall violating any of the com-
pany’s rules, regulations, or
policies. He said that he had
only received one verbal warn-
ing during his entire employ-
ment at the shipyard.

Whale-tracking robot
trialled in Bahamas

By ALISON LOWE
Tribune Staff Reporter

Researchers may soon finally

be-able:to say; for sure whethen «;
underwater:noise — such: as.isi
sonar —upsets whales, and caus=«:

es them to strand. pt

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TV 13 SCHEDULE

SATURDAY
APRIL 28TH

12:30 Bullwinke & Friends

1:00 _ King Leonardo

1:30 The Fun Farm

2:30 The 411

3:00 Matinee: “Little Girls In Pretty
Boxes”

5:00 Cricket World

5:30 — Gillette World Sports

6:00 In This Corner

6:30 Sports Lifestyle

7:00 The Bahamas Tonight

7:30 — Political Broadcast - Free
National Movement

7:45 Political Broadcast -
Progressive Liberal Party

8:00 FNM Rally

11:00 The Bahamas Tonight

11:30 Movie: “Legend of Ruby
Silver”

12:30 Comm. Pg. 1540AM

SUNDAY

APRIL 29TH

6:30am Community Pg. 1540AM
8:00 In His Image: Change
Ministries International
The Covenant Hour
E.M.P.A.C.T.
The Voice That Makes
The Difference
Effective Living
This Is The Life
Universal Household of
Faith
Adventists Speak
Close To Home: “Turks &
Caicos Experience” Carifta
2007 Highlights
Taking Dominion
Ernest Angley Ministries
Temple Fellowship
Ministries International
Walking In Victory
One Cubed
You & Your Money
The Bahamas Tonight
Practical Principles
Higher Ground
Ecclesia Gospel
National Health Insurance
15th Annual Trumpet
Awards 2007
Bahamas Tonight
Community Pg. 1540AM

‘ NOTE: ZNS-TV 13 reserves the
right to make last minute
programme changes!



This comes as a new under-
water robot, designed to detect
and track whales, has been suc-
cessfully trialled in the
Bahamas...) 5. o-

News of,the, breakthrough
was published in this month's:
- edition of Nature Magazine in

the UK.

The robot is in the form of a
torpedo-shaped glider that can
run independently for up to a
month underwater, picking up
whale calls via a microphone
attached to its underside.

The data the glider collects
can then be transmitted back to
its base, either by radio, or via
satellite phone, to anywhere in
the world.

The fact that the glider itself
can move independently of any
ship, and transmit data globally,
provides two major leaps for-
ward in whale-related research,
say scientists.

There has been some sugges-
tion in the past that sonar — such
as that used at the AUTEC
naval base in the tongue of the
ocean — has caused whales in
the area to beach in the
Bahamas.

' Researchers suggested that
the noise may have disorientat-
ed the mammals, perhaps caus-
ing them to surface too quickly,




publication of this notice.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JULIANA TAMIA
LATEISHA FENELON of Nassau,Bahamas intend to
change my name to JULIANA TAMIA _LATEISHA
FERNANDER. If there are any objections to this change
of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box SS-742, Nassau,
Bahamas no later than thirty (30) days after the date of

suffering the mammal equiva-
lent of "the bends".

It is hoped that the robot will
be used by naval or other

- ocean-based operations to: .

detect whales in the area, and so
help‘avoid the use of equipment
that can potentially harm them
while they are in close proxim-
ity.

The frequency and pattern of
detected calls will even allow
scientists to tell which species
are present.

The glider's capacity to pick
up high frequency calls, com-
mon to the beaked whale,
means that this particular
species, difficult to detect until
now, will also be trackable.

"We are entering a new era
of underwater sensing," says
Jim Theriault of Defence
Research and Development
Canada, Dartmouth, who ran
the trial. "We can put a glider in
the Bahamas and monitor it in
Nova Scotia,"

The system was trialled in
February, and another test is
planned for July. The Aus-
tralian government is also going
to use Theriault's system this
June to look for whales in an
area where none have been
spotted by eye, but where they
are thought to live.











TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

t

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience
this will cause to our customers



He further stated that he is
required to work eight hours a
day from 7am to 4pm. He said
he reported for work on April
12 at 7am and worked through
his lunch hour, and got off at
3pm, completing his eight hours
of duty.

“I was never advised by man- ,

agement of the company that

Rommel Pickering was my
supervisor, and that I was to
take instructions from him
regarding my job,” said Mr
Moree.

Mr Grey said that Mr Moree,
a former Defence Force officer,
is the only qualified Bahamian

employed in such a senior posi- |

tion at the shipyard. He claims



that shipyard officials will hire
another expatriate to replace
him.

“Mr Moree is a Bahamian
who has two young children and
a mortgage. The Union will
leave no stone unturned in pro-
tecting the rights of the workers
of this country to work freely
without intimidation,” he said.

THE NORTH ELEUTHERA CONSTITUENCY

Polling Division

Polling Place

Polling Division No.1
Polling Division No.2
Polling Division No.3
Polling Division No.4
Polling Division No.5
Polling Division No.6
Polling Division No.7
Polling Division No.8
Polling Division No.9
Polling Division No.10
Polling Division No.11
Polling Division No. 12
Polling Division No. 13
Polling Division No. 14

Polling Division

Polling Division No.1
Polling Division No.2
Polling Division No.3
Polling Division No.4

Public Library, Harbour Island

All Age School, Harbour Island

Catholic Centre, Harbour Island

Spanish Wells All Age School

Spanish Wells All Age School

Spanish Wells All Age School

Community Centre Current

Current Island All Age School

North Eleuthera Primary School, Bluff
North Eleuthera High School, Lower Bogue
Town Hall Administrator’s Complex Upper Bogue
Primary School, Gregory Town

P.A. Gibson Primary School Hatchet Bay
Pimary School, James Cistern

THE NORTH ANDROS AND
BERRY ISLANDS CONSTITUENCY

Polling Place

Lowe Sound Primary School
Society Hall Lowe Sound |
Nicholls Town Primary School
Nicholls Town Primary School
Conch Sound Community Centre

Polling Division No.5
Polling Division No.6
Polling Division No.7
Polling Division No.8
Polling Division No.9
Polling Division No.10
Polling Division No.11
Polling Division No.12
Polling Division No.13

Red Bay’s Primary School
Training Centre Barc Community
R.N. Gomez All Age School .
Mastic Point Primary School
Lodge Hall, South Mastic Point
Public School, Stafford Creek
Public School, Blanket Sound
Public School, Stanyard Creek



IT’S YOUR WORLD. TAKE COMMAND.

\CYAHAMIAS BUS & TRUCK CO

duanitted

Montrose PASM oe
Phone: 322-1722 Fax 326-7452


PAGE 6, SATURDAY, APRIL 28, 2007

THE TRIBUNE





Real estate
president
re-elected

Larry Roberts was re-elected unopposed for a
second consecutive term as president of the
Bahamas Real Estate Association.

Also elected as officers of the association were:
William H Wong, vice-president; Stuart Halbert,
treasurer; James Newbold, secretary.

Directors for the year 2007-2008 will be Bar-
bara Brookes, Lana Munnings-Basalya, Carla
Sweeting, Virginia Damianos, Michael Light-
bourn, Edith Powell, Zachary Banczeck, Sara
Callender, Cara Christie, George Damianos, San-
dra Evans, Paul Ritchie and Theodore Sealy.

Mr Roberts, in his report to members, referred
to the past year as "challenging, but the support
of the officers and directors has been outstanding.
We have managed to keep our association finan-
cially stable, have made progress towards imple-
menting the long discussed Multiple Listing Ser-
vice (MLS), and have furthered our relationship
with the Realtors Association of the Palm Beach-
es and the US National Association of Realtors.

“We were also pleased that we were advised by
the office of the attorney general that investiga-
tions and disciplinary committees have now been

appointed”.

Chuck Lubek, the National Association of

Realtors representative responsible for liaison
with BREA, encouraged members to advance
their involvement and invited them to attend the
100th anniversary conference of the NAR due
to be held in Las Vegas November [3 to 16.

Also addressing BREA members was Ytonna
Finnegan, vice president of professional services
with the Realtors Association of the Palm Beach-
es. Ms Finnegan invited BREA members to
attend the Florida Real Estate association con-
ference to be held in Orlando on August 22 to 26
this year.

Ms Finnegan confirmed that BREA will be
able to have a booth and make a presentation to
the Florida association.

He said that with the continued co-operation of

NAR, the association hopes to get across the
message that US realtors are not licensed to sell
Bahamian Real Estate, “although a number of
avenues for referrals and co-brokerage are avail-
able to them by working with licensed Bahamas
Real Estate Association brokers.”













































































Larry Roberts, newly re-elected president of the Bahamas Real Estate Association (BREA) is pic-
tured, following the recent AGM, with visiting realtors: Chuck Lubek, National Association of Real-
tors (US) representative, and Ms Ytonna Finnegan of the Realtor's Association of the Palm Beach-
es. Both Mr Lubek and Ms. Finnegan invited Bahamian realtors to attend upcoming realtors con-
ferences in Orlando and Las Vegas.

(Photo by Keith Parker, PS News/Features)

s a
PTIS’
we
ES 8
Rretned cctaandich As

Sunday School: 10am FUNDAMENTAL

Preachering 11am & 7:30pm EVANGELISTIC

Radio Bible Hour:
Sunday 6pm - ZNS 2
Wed. Prayer & Praise 7:30pm

Pastor:H. Mills

“Preaching the Bible as is, to men as they are”
Pastor: H. Mills © Phone: 393-0563 ¢ Box N-3622

CENTRAL GOSPEL CHAPEL

CHRISTIE & DOWDESWELL STREETS » Tel: 325-2921

SUNDAY, APRIL 29TH, 2007

11:30 a.m. Speaker: Pastor Rex Major
NO EVENING SERVICE

vice: 10:45 a.m.







Bible Class: 9:45 a.m. * Breaking of Bread
oe Comminiy Care

« Midweek Service 7:30
¢ Sisters’ Prayer Meeting: 10:00 a.



THE BAHAMAS CONFERENCE OF THE METHODIST CHURCH

Hillside Estates, Baltic Avenue, Off Mackey Street.
weenie P.O. Box SS-51 03, Nassau, Bahamas
wee Phone: 393-37 26/393-2355/Fax:393-81 35

mee CHURCH SERVICES
RR SUNDAY, APRIL 29, 2007
THIRD SUNDAY AFTER EASTER

AGAPE METHODIST CHURCH, Soidier Road
11:00AM Rev. Mark Carey/HC

ASCENSION METHODIST CHURCH,
Prince Charles Drive
11:00AM Rev.Dr. Laverne Lockhart/HC

COKE MEMORIAL METHODIST CHURCH,
Bernard Road
11:00AM Pastor Sharon Loyley/HC

CURRY MEMORIAL METHODIST CHURCH,
Zion Boulevard

10:00AM
7:00AM

Youth Service
Rev. Charles Sweeting/HC

EBENEZER METHODIST CHURCH,

East Shirley Street

11:00AM Dr. Reginald Eldon
7:00PM Pastor Martin Loyley

GLOBAL VILLAGE METHODIST CHURCH,
Queen’s College Campus

9:30AM Rev. James Neilly/HC

ST. MICHAEL’S METHODIST CHURCH, Churchill Avenue

8:00AM Connections - Rev. Phillip Stubbs
9:30AM Rev. Philip Stubbs/HC

a ( { TRINITY METHODIST CHURCH, Frederick Street
‘ 11:00AM Rev. William Higgs
7:00PM Mr. Urvan Moxey

III IIIA IAI IA IA IAAI IAAI AAII IASI AI IIIA AI IIA AAAI AAAI AAI AAA AAA AAI I AIA ANAS AAAI AA
RADIO PROGRAMMES

RENEWAL’ on Sunday at 10:30 a.m. on ZNS 1

your Host: Rev.Marie Neilly

‘METHODIST MOMENTS: on each weekday at 6:55a.m.

Your Host: _Rev.Marie Neilly

GOCOIOIOIOIIIOOIOOIOIOIOIOIOIDIOIOIGIGIGIGIOIDIOIIOIO IOI IGIOIOIOIIOIOIOI II IOI SOR II IOR Rok

The 2nd Annual Preachers Institute will be held in Eleuthera from mid-day
Friday. May 4th, through mid-day Sunday, May 6th, 2007. All BCMC preachers
are urged to make plans to attend. Lectures will be persons from the faculty
of the Methodist Theological Seminary at Emory University, Atlanta Georgia.

The 2007 Spiritual Growth Conference will be held at Ebenezer Methodist
Church May 23-27, 2007. This year’s Conference wil meet under the theme:
“Practice Excellence”. Further information may be obtained from the Conference



Office: 393-3726/2355













© [n brief

Armed
robber hits
Superwash

A MASKED, armed rob-
ber fled with two accom-
plices in a self-drive Jeep
after stealing $50 from a
woman at Superwash in
Nassau Street at midnight
on Thursday.

Witnesses gave a descrip-
tion of the getaway car to
police, who later arrested
three young men. They also
found a gun in the vehicle.

Hurricane
Hole hosts
major gala

THE Plush Lounge in the
Hurricane Hole on Paradise
Island is holding a Cham-
pagne gala night tonight.

There will be a live band
from 9pm until midnight a
DJ will follow.

Hors d'oeuvres will be
served on ice.

There is no charge for
admission.

Bacardi
employee
passes
course

BACARDI and Compa-
ny Limited has congratu-
lated Charles McKenzie on
passing the bar tending
course at the National Casi-
no and Bar Tending
School.

Mr McKenzie is a mar-
keting and hospitality
attendant, and has worked
with Bacardi and Company
for the past nine years. He
began his four-week course
on November 20.





Texaco safety speech
competition date set

THE finals of the Texaco
sixth annual National Safety
Speech Competition, hosted by
Chevron Bahamas Ltd, will
take place on May 26 at the
Dundas Centre for the Per-
forming Arts on Mackey Street.

Drawing from a talent pool
that includes students from
throughout the Bahamas, and
from a diverse number of edu-
cational institutions and civic
organisations, the competition
has brought exposure to 34
young people who have mas-
tered the art of communication,
and have excelled in their
efforts as orators.

One such organisation is the
Gentleman’s Club, co-founded
by Dr Judson and Marcheta
Eneas, which plays a pivotal
role in the lives of young men
about to enter society as adults.

The club serves as a mentor-
ing programme that focuses on
character building, personal
relationships, etiquette, mar-
keting, ballroom dancing, exer-
cise, nutrition and exposure to
cultural events.

Beginning in January, 40 high
school seniors are selected
through their schools on the
basis of grades, recommenda-
tions, writing skills and extracur-
ricular activity.

In the end, the top students,
scholar athletes, head boys and
deputy head boys typically end
up in the 14 week programme.

The young men participate in
a number of workshops and at
the end of the term are pre-
sented ata ball.

In preparation for the Texaco
Bahamas speech competition,
the boys meet every Saturday
with a toastmaster sponsor who
prepares them for a club-wide
speech contest. After an elimi-
nation process, the top con-
tenders are sent on to the Tex-
aco Bahamas competition.

“Every young man has to
participate in the speech con-
test, so by the time Texaco
comes around, they’ve been
through three to four rounds of

Girace and | eet 1") RS Ney Church
A Society of The Free Methodist Church of
North America

WHERE GOD IS ADORED AND EVERYONE IS AFFIRMED

Worship Time: lla.m. &
10:75am.

Praver Time:

7pm,
to 10:45am.

Church School during Worship Service

public speaking. In the end the
best eight go to the Texaco con-
test, which acts as our finals,”
Dr Eneas said.

This year’s finalists are
Corbin Darling, Travis Mack-
ey, McFallougn Bowleg, Eric
Sands, Tychiko Cox, Raymond
Smith, Thurl Edwards and
Cordero Minnis. .

“Texaco serves as an excel-
lent stepping stone, and you’d
be surprised at how eloquent
these kids are. It helps their
communication skills and that's
important if you're going to be
a gentleman that will be a
leader in your community. You
have to be able to express your-
self,” he said.

The Gentleman’s Club, now
in its loth year, has worked
hard to help build men of char-
acter in the Bahamas. During
that time, 645 men have passed
through the organisation —
including Dr Beverton Moxey,
an internist at Doctors Hospital;
Crown Council Edmund Turn-
er of the attorney general’s
office; Dr Amahl Higgins, a sur-
gical resident; Arien Rolle, an
accountant; Damien Miller, the
regional southeast champion of
Toastmasters and director of
Junior Achievement Delano
Munroe. -

“These guys really shine,” Dr
Eneas said of both current and
past members of the club.

The third largest school dis-
trict in the Bahamas, Abaco will
be sending Brittany Archer of
St Francis deSales to the Texa-
co Speech Competition. She
was the top finisher among six
entrants in the Abaco district's
senior division of the speech
competition.

Second and third place fin-
ishers, Zoe McDaniels and
Antonia Wright, both of For-
est Heights Academy, will also
travel to Nassau to participate.

Philemea Sawyer, an educa-
tion officer at the Ministry of
Education in Abaco, said that
each school in Abaco holds its
own speech competition in an

effort to enhance the language
arts skills of the students.

“Over the years we’ve tried
to get them at a certain stan-
dard — we are trying, but we’re
not where we need to be. We
focus on content and the speech
itself, while students in Nassau
also work on their delivery.”

With 3,000 students in the
Abaco school district, Ms
Sawyer said that, the, govern-
ment school students:are not
doing as well as their. peers in
private institutions. ,

One of the ways the ministry
is trying raise the level of speech
construction and delivery is to
have students practice in front
of the class or an audience.

Students also participate in
island-wide spelling bees and
national debates to enhance
their speech communication
and language skills, bui have
not done as well as the minsstry
had hoped.

“IT want to see more work-
shops, to see how [the Texaco
competition] is judged. Their
speech competition is different
from the Rotary Club’s. I think
more communication is need-
ed between Rotary and Texaco
because the Family Islands
seem not to do well, Ms Sawyer
said.

Looking toward the future,
she said the introduction of civic
organisations whose missions
are to mentor and develop the
coumry’s young people, would
be an asset.

“L wish we had a Gentleman's
Club or some other club to help
the kids enhance their public
speaking. In Nassau and Grand
Bahama they have clubs to help
out. The teachers don't always
have the opportunity to work
with students on their public
speaking, so the clubs could
assist in that area,” she said.

The Texaco National Safety
Speech Competition was started
in 2002 as a means of increasing
awareness about Road Safety
among young people and the
wider community.

LIGHT AND LIFE COMMUNITY CHURCH
Grounded In The Past & Geared To the Future

Worship Time: /Zam & 7pm

Sunday School: 9:45am

Prayer Time: 6:30pm



: Place: The Madeira Shopping
Place: Twynam [eights Center
off Prince Charles Drive
7 Pastor Knowles can be heard
each Sunday morning on
Joy 101.9 at 8:30a,m

The Holy Ghost Prayer-Line number is 326-7427
(www.gtwesley.org)

SUNDAY APRIL 29TH, 2007

7:00 a.m. Bro. Jamicko Forde/Rev. Carla Culmer
11:00 a.m. Sanctuary Choir Anniversary
7:00 p.m. Sanctuary Choir Anniversary Concert

Rev. Dr. Franklin Knowles

ALL ARE WELCOME TO ATTEND

Pastor: Rev. Dr. Franklin Knowles
P.O. Box EE-16807
Telephone number 325-5712
Email-lynnk@batelnet.bs

Minister: Rev. Henley Perry

P.O.Box SS-5631
Telephone number: 324-2538
Telefax number: 324-2587

ET RSHIP, LEAVE TO SERVE

“Casting our cares upon Him, for He cares for us” (1 Peter 5:7)


\

THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 7





Bahamas readies for
S467,000 AIDS centre

CURRY House, a historic
three-storey building in Royal
Victoria Gardens, is being
redesigned at a cost of $467,000
to serve as a HIV laboratory
and training centre, Minister of
Health Dr Bernard Nottage
said.

Since former Secretary Gen-
eral of the United Nations Kofi
Annan in 2001 called for coun-
tries to scale up their responses
to the HIV/AIDS epidemic, the
Bahamas has provided anti-
retroviral therapy to patients
who need treatment, Dr Not-
tage said.

With assistance from the
Clinton Foundation, a three-
year strategic plan on
HIV/AIDS was developed,
which included drug treatment,
CD4 and viral load testing.

The CD4 and viral load test-
ing were initially done at the
Hospital for Sick Children’s
HIV laboratory in Canada,
under the direction of Profes-
sor Stan Read, Dr Nottage
explained at a contract signing
on Monday.

In attendance were compa-
nies involved in the redesign-
ing of Curry House.

He explained that the
arrangement with the Canadian
hospital, along with holding one
clinic per week, limited the ear-
ly identification of persons
requiring treatment.

As a result, it was decided
that the treatment and care of
HIV/AIDS would be decen-
tralised and integrated into

community clinics.

“This will also reduce stigma
currently associated with HIV,
and which discourages patients
from seeking care,” Dr Nottage
said.

Many persons refuse to go to
an HIV/AIDS clinic because of
the fear that they may be seen
and ostracised, he explained.

From now on, these persons
will be able to attend any one of
the community clinics.

Also, to cut down on the time
waiting for CD4 results to come
back from Canada, a temporary
lab was set up in 2006 at the
Princess Margaret Hospital. But
Curry House will be the official

site for all testing once com-
pleted.

Due to the highly specialised
nature of the laboratory, Min-
istry officials sought the services
of experts in the field of labo-
ratory architecture, Dr Nottage
said.

Dr David Driscoll, a labora-
tory architect for Parkin Archi-
tects Inc, a Canadian firm,
worked in collaboration with
local architectural company,
Patrick Rahming and Associ-
ates. Jones Construction won
the remodelling contract.

“The lab will have the most
modern designs with emphasis
on carefully planned air flow



systems which will provide an
environment conducive to mol-
ecular diagnostics and labora-
tory safety,” Dr Nottage said.

Director of the National
AIDS Programme Dr Perry
Gomez added that the lab’s
sterility and safety is important
especially for persons working
there.

He said the laboratory may
have the ability to run other
tests.

For example, tests may soon
be performed on dead birds for
signs of Avian Flu.

The redesigning of Curry
House should be completed by

. the second week in July, he said.

Tribune, Ministry plant seeds of literacy

The Tribune’s Newspaper in
Education literacy programme
along with the Ministry of Edu-
cation’s Bahamas Environmen-
tal Education Programme, have
partnered to plant Lignum
vitae, the national tree of the
Bahamas, in several schools
across New Providence.

The tree planting initiative is
part of this year’s observance

‘of Earth Day, which began with

the publication of a supplement
in The Tribune on Friday April
20.
“We choose the national tree
of the Bahamas for this initia-
tive because we wanted school
children to have a real exam-
ple of a national symbol in their
midst, while also speaking to
how important trees are in per-
forming the important job of
increasing the levels of oxygen
in the air and filtering out some
of the pollutants we produce,”
said Sean D Moore, marketing
manager of The Tribune.
Milton Lewis, principal of E P
Roberts, one of the schools tak-
ing part in the initiative, said,
"the Lignum vitae tree will go a
long way towards beautification
efforts that, started at this

school. We begun with the front |

area of the school and have
planted this tree in the back,
because this is our next focus

BIs

Pricing Information As Of:
27 April 200 7

'S2wk-Hi 52wk-Low

Sean D Moore, marketing man-
ager of The Tribune; T Miiton
Lewis, principal, E P Roberts;
Portia Sweeting, education offi-
cer (Primary Science — MOEST)

“ area.

“Also, it is fitting that we
chose such a plant to indicate
our commitment to being
active, conscious stewards of the
environment."

The Lyford Cay Club and
Bahamas Waste donated the
trees.

Securit
Abaco Markets

Bahamas Property Fund
Bank of Bahamas

Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas
Colina Holdings

Commonwealth Bank
Consolidated Water BDRs
Doctor's Hospital

Famguard
Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities
J. S. Johnson

Premier Real Estate

Bahamas Supermarkets
Caribbean Crossings (Pref)

RND Hi

ABDAB

Bahamas Supermarkets

RND Holdings

Colina Money Market Fund
Fidelity Bahamas G & | Fund
Colina MSI Preferred Fund
Colina Bond Fund

YTD%

1.337393"
3.1424***
2.649189"*
1.238600
11.4467***"*

RAG
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tae

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\
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NOTICE

NOTICE is hereby given that ROSENIE DESIR OF SEA
BREEZE, INSPIRATION ROAD #8, P.O. BOX N-4013,
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 21st day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas. _



Last 12 Months _

-OPRINDEX: CLOSE 796.26 /YTID 07.80% / 2008 84.47%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 |

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - 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

Bid $

YIELD - last 12 month dividends divided by closing price
Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price
Weokly Vol
EPS $ - A company's reported earnings per share for the last 12 mths
NAW - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Last traded over-the-counter price
- Trading volume of the prior week



Yield %

NAV KEY

*~ 20 April 2007

"=. 91 March 2007

*. 31 March 2007

31 March 2007

41 Mareh 2007

BE CALE COLINA 242-502-7010 7 MIDELITY 242-956-7764 / COR MORE DATA & INFORMATION CALI. (242) 994.2508

mente

MINISTER of Health Dr Nottage signed contracts to turn Cur-
ry House into a laboratory and training centre at a cost of $467,000
on Monday. Also present at the signing, from left, were Health Per-
manent Secretary Elma Garraway; architect Patrick Rahming;
Jones Construction vice president Michael Jones; and Carlon
Johnson of Patrick Rahming and Associates.

- (BIS photo: Derek Smith)

A PUBLIC APPEAL TO
BAHAMIAN VOTERS

My fellow Bahamians; friends and countrymen, common
cause invites you to exercise your democratic right to
vote on the 2nd May, 2007. You owe it to yourselves;
your families and posterity to do so, logically.






As yourself whether or not you are better off today than
you were in 2002. Who do you trust to take us into the
promised land? THE RT. HON. HUBERT A.
INGRAHAM, MP, PC OR THE OTHER PERSON?



Remember the:






1. Sea Hauler Tragedy
2. Row with Judiciary
3. Salacious allegations

4. Non Tabling of Heads of Agreements
5. Promotions of Prison Officers

6. Freedom of Information Act









Who Do You Trust? Common Cause Will Go with Mr
Ingraham’s Manifesto 2007. For bread & butter on your
table; a safe & secure roof over your head and money
in the Bank... VOTE FNM!



ORTLAND H. BODIE JR.
EXECUTIVE DIRECTOR
COMMON CAUSE





Paid political advertisement



n

NEWVARRIYATS

\
\ OK .



TI G.R. Sweeting's

@

Madeira Shopping Plaza ¢ 328-0703
Marathon Mall ¢ 393-6113
RND Plaza, Freeport ¢ 351-3274


PAGE 8, SATURDAY, APRIL 28, 2007





CLOCKWISE FROM Happy faces pose for the
ABOVE: camera, while showcasing a few

Leading the motorcade in more of the innovative designs
Bimini, PM Perry Christie, his | that supporters have come up
wife Bernadette, and Bimini with to turn their party t-shirts
and West End incumbent Obie __ into fashion wear.
Wilchcombe are all smiles.

MP Obie Wilchcombe hugs

One resident, whose golf cart two ecstatic Bimini residents
was emblazoned with the words
"Ms PLP", shows her support
with an original PLP themed The PM and MP Obie Wilch-
dress and matching shoes. combe stand together

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, ACELIA ANOLIS a.k.a.
ACILIA ANELIiS NOEL of Third Street, The Grove, Nassau, New
Providence, Bahamas, Mother and Legal Guardian of the infant
RICHARDSON ANOLIS intend to change his name to
RICHARDSON NOEL. If there are any objections to this change
of name by Deed Poll, you may write such objections to the Chief
Passport Officer, RO.Box N-742, Nassau, Bahamas, no later than

thirty (30) days after the date of publication of this notice.












ABOVE: The Prime Minister
strolls through the streets of
Bimini surrounded by enthusi-
astic PLP supporters






PARTY THEMES
Carnival Fiesta *% Pirates of Paradise
Pretty as a Princess ¥ Beach Bonanza Blast

Underwater Adventure .



*Lunch inclusive

7
Price: $35 per child LLY

PARTY THEMES
Karacke Superstar % DOR Bash
Gamers Delight * Organized Chaos

Entertainment: X-Box 360, PS3,
Nintendo Wii, Game Cube, Internet Access, Movies,
DDR Mats, Glow Lights, Your Personal D.J.,
Music and Dancing.

Price: $40 per child
*Lunch inclusive

Choose one of the two locations, and then select a party theme!

Party add-ons for an additional fee: Cakes, Party Bags, Color Tees, Wax Hand,
Build A Bear and an Earth & Fire Pottery Studio experience.






igh oMan-

rty Policies: A minimum of 10 children are required to host a party at
: ntis Kids Club and 20 children are required for Club Rush.

Advance booking is required!

Reserve Your Kids Birthday Party Now!

po Job



THE TRIBUNE



Va

wre O OF *

te -
s 2" "eM tse

os*



sy tate ee


~ THE TRIBUNE

SATURDAY, APRIL 28, 2007, PAGE 9









sae FNM

argets
Family
Islands

NOTICE



NOTICE is hereby given that HYACINTH FLETCHER of
STRACHN’S ALLEY, P.O. BOX SS-6941, 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 28th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, SHERON
FREDERICA DAVIS of Eastwood Subdivison, PO.
Box EE-15883, Nassau,Bahamas intend to change my
name to SHARON FREDERICA DAVIS. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

















Growing company _ seeks
energetic out going individuals
for customer — service/sales
position.

Must be reliable, energetic,
willing to learn, self motivated,
detail orientated, goal driven,
and able to work with tight
dead] nes.

Must be computer literate
knowledge of EXCEL,WORD,
and OUTLOOK EXPRESS.
Knowledge of POS systems.
Associates degree or better a

plus. Salary basedonexperience.

IF THIS IS YOU,
FAX YOUR RESUME TO:

394-8573



The Caribbean-Atlantic 21st Century Learning
Conference is being held on May 4th at the New
Providence Community Centre (Blake Road)
Nassau, Bahamas.

Cava se

At this conference you will have the opportunity to acquire the latest information about Brain
Based Learming, how neuroscience research has been used to improve language, reading and

comprehension skills inn student and how Fast ForWord® has had a positive impact on the lives
of struggling readers around the world.

The Key Note speaker at this conference will be Ms. Sherrelle Jiggitts Walker, Chief Education
Officer of Scientific Learning Corporation of Oakland, California. Ms. Walker will host a
workshop entitled “Brain Based Learning’,

Contact: Jennifer Alexiou at The Speech Clinic

Tel: 394-8588 Email: fastforward@bercon.bm

If Paying by Credit Card call: 1-441-238-7534
U.S. Dollar Bank Draft or Money Orders accepted

LAW AND ORDER - Hubert Ingraham
greets police officers on Ragged Island


ade

PAGE 10, SATURDAY, APRIL 28, 2007

Rae

Telephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs
East Bay Street

Nassau, Bahamas

Independent Auditors’. Report

To the Shareholder of Banque SCS Alliance (Nassau) Lid.

We have audited the accompanying nda-coasolidated balance abeet of Banque SCS Alliance (Nassau) Ltd. (‘the
Bank") as at December 31, 2006, and a summary of significant accounting policies and other explanatory notes
(together “the non-consolidated balance sheet”).

Management's Responsibility for the Non-Consolidated Financial Statements

Management is responsible for the preparation and fair prescniation of this non-consolidated balance sheet in
accordance with Intemational Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal coamol relevant to the preparation and fair presentation of financial
statements that are free from material misstatements, whether duc to fraud or error; selecting and applying
appropriate accounting ‘policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this non-consolidated balance sheet based on our audit. We
conducted our audit in accordance with International Siandards on Auditing. Those Standards require that we
comply with ethical requirements and plan and perform the audit: to obtain reasonable assurance whether the non-
consolidated balance sheet is free from material misstasement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on our judgement, including the assessment of the risks of
material misstatement of the financia) statements, whether due to fraud or error. In making those risk assessments,
we consider internal controls relevant to the Bank's preparation and fair presentation of the non-consolidated
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Bank's internal controls. An audit also includes

evaluating the appropriateness of

principles used and the reasonableness of accounting estimates made

accounting
by management, as well as evaluating the overall presentation of the non-consolidated financial statements.

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

Opinion

In our opinion, the non-consolidated balance sheet preseats faisly, in all matorial respects, the financial position of
Banque SCS Alliance (Nassau) Ltd. as at December 31, 2006, in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the non-consolidated balance sheet does not comprise a
“consolidated

complete set of non:

financial statements ia accordance with IFRS. Information on results of

operations, cash flows and changes in shareholder's equity is necessary to obtain a complete understanding of the

VPM

Chartered Accountants
Nassau, Bahamas
April 26, 2007

BANQUE SCS ALLIANCE (NASSAU) LTD.











Non-consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in Swiss Francs)
Note 2006 2005
Assets
Cash 1 CHF 37,054 39,336
Due from banks’.
At sight 4,7,9 18,813,720 14,923,782
oe At time 7 8,500,000 15,399,550
Forward foreign exchange contracts 7 106,277 43,944
; ; Due from customers
Secured loans on current accounts 5,7,9 2,906,669 1,934,528
: i Secured fixed term loans and advances 5,7,9 7,223,461 4,111,638
Prepaid expenses and other assets 9 417,248 443,727
Investment in subsidiaries - 9 23,065 23,065
j Property and equipment 6 711,360 819,627
i CHF 38,738,854 37,739,197
Liabilities and Shareholder’s Equity
Liabilities
: . Forward foreign exchange contracts 7 CHF 106,385 43,698
1 Due to customers — demand deposits 1,9 26,476,295 26,063,236
2 : Due to banks — At sight 7,9 - 476,287
Accounts payable and accrued liabilities 7 1,014,284 1,089,268 *
Total liabilities ¥ 27,596,964 27,672,489,
Shareholder’s Equity
; Share capital
1 Authorized, issued and fully paid
: 80,000 shares of CHF100 each 8,000,000 8,000,000
: Retained earings 3,141,890 2,066,708
; Total shareholder's equity 11,141,890 10,066,708
: Commitments and contingencies 8
; Total Liabilities and Shareholder’s equit CHF 38,738,854 37,739,197
i See accompanying notes to non-consolidated balance shect. —_—_—
; \eaerenetpa balance sheet was approved on behalf of the Board of Directors on April 26,
4
q Director i. Director
"1 , °
: "Notes to Non-consolidated Balance Sheet
: December 31, 2006
re (Expressed in Swiss Francs)
a
7
al 1. General information
‘i Banque SCS Alliance (Nassau) Ltd. (the Bank) was incorporated under the laws of the
S Commonwealth of The Bahamas on December 19, 1994, The Bank is licensed under The Bahamas
Banks and Trust Companies Regulations Act to provide a full range of banking, trust and corporate
“ management services. The Bank is a wholly-owned subsidiary of Banque SCS Alliance S.A.,
bs Geneva, Switzerland (the Parent). The Bank has four wholly-owned subsidiaries, Remus
“ Investments Ltd., Romulus Investinents Ltd., Castor Management Ltd. and Pollux Corporate
eS Services Ltd.
The registered office is locate at Alliance House, East Bay Street, P.O, Box N-1724, Nassau,
Bahamas.
2. Basis of preparation
(a) Statement of compliance
The Bank’s non-consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards (IFRSs).
(b) Basis of measurement
The non-consolidaied balance sheet is prepared on the historical cost basis, except for
derivative financial instruments, which are measured at fair value.
. (9) Functional and presentation currency
ia The non-consolidated balance sheet is presented in Swiss Francs (CHF), which is the
; currency in which the Bank trades and the reporting currency of the Parent. Except as
indicated, financial information presented in, CHF has been rounded to the nearest CHF.
(d) Use of estiinates and judgements
. The preparation of the non-consolidated balance sheet requires management to make
â„¢ judgements, estimates and assuimptions that affect the application of accounting policies
" and the reported amounts of assets and liabilities and disclosure of contingent assets and
' liabilities at the date of the balance sheet. The estimates and associated assumptions are
a based on historical experience and various other factors that are believed to be reasonable
; under the circumstances, and the results of which form the basis of making the judgements
os about carrying values of assets and liabilities that are not readily apparent from other
, sources, Actual results could differ from those estimates.
' The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
; accounting estimates are recognized in the period in which the estimate is revised if the
. revision affects only that period, or in the period of the revision and future periods if the
wa revision affects both current and future periods.
ow
: In particular, information about significant areas of estimation uncertainty and critical
5 judgements in applying accounting policies that have the most significant effect on the
. amount recognized in the non-consolidated balance shect are described in notes 3(b), 3(h)
: and 5.
3. Significant accounting policies :
; The accounting policies have been applied consistently by the Bank and are consistent with those in
: the previous year.
: i (a) Foreign currency translation
‘tf Monetary assets and liabilities denominated in foreign currencies at the date of the balance
' sheet are translated to Swiss Francs at the: foreign currency exchange rates ruling at that
7 date. Non-monetary assets and liabilities denominated in foreign currencies that are stated
' at fair value ar translated to the reporting currency at the foreign currency exchange rates
in effect at the dates that the values were determined.
Meas

4.

CLARA LL |] SCT,

THE TRIBUNE

(b) Financial instruments
(i) Non-derivative financial instruments

Non-derivative financial instruments comprise cash and cash equivalents, duc from and to
Customers, prepaid expenses and other assets and accounts payable and accrued liabilities,

Non-derivative financial instruments are measured initially at fair value plus, for
*

instruments not at fair value through profit or loss, any directly attributable costs,

Transaction costs on financial instruments at fair value through profit or loss are expensed

immediately. Subsequent to initial recognition non-derivative financial instruments are
measured as described below.

a

A financial instrument is recognized if the Bank becomes a party to the contractual
provisions of the instrument. Financial assets are derecognized if the Bank’s contractual
rights to cash flows from the financial assets expire or if the Bank transfers the financial
asset to another party without retaining control or substantially all risks and rewards of the
asset. Regular way purchases and sales of financial assets are accounted for at trade date,

that is, the date that the Bank commits itself to purchase or sell the asset, Financial.

liabilities are derecognized if the Bank’s obligations specified in the contract expire or are
discharged or cancelled.

Loans and receivables

Loans and receivables include amounts due from customers, comprised of secured loans on
current accounts and secured fixed term loans and advances.

Loans and receivables are measured at amortised cost using the effective interest method,
less any provisions for impairment losses. The Bank establishes an allowance for
provisions that represents its estimate of losses in its loan portfolio. Management's
periodic evaluation of the adequacy of the provision is based on the Bank’s past credit loss
experience, known and inherent risks in the portfolio, adverse situations that may affect the
borrower’s ability to repay, the estimated value of any underlying collateral and current
economic conditions.

(ii) Derivative financial instruments

The Bank uses derivative financial instruments such as foreign exchange contracts to hedge
the risks associated with foreign currency fluctuations as a counterparty performed on
behalf of its clients. It is the Bank’s policy not to trade in derivative financial instruments
for its own account.

Forward foreign exchange contracts are recognised initially at fair value; attributable
transaction costs are recognised in profit or loss when incurred. Subsequent to initial
recognition, forward foreign exchange contracts are measured at fair value.

Offsetting

«Financial assets and liabilities are offset and the net amount reported in the moa-
consolidated balance sheet when, and only when, the Bank has a legally enforceable right
to set off the recognised amounts and there is an intention to settle on a nét basis or to
realize the asset and settle the liability simultaneously.
Impairment

A financial asset is considered to be impaired if objective evidence indicates that one or
more events have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of a financial asset measured at amortised cost is calculated
as the difference between its carrying amount, and the present value of the estimated future
cash flows discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on an individual basis,
The remaining assets are assessed collectively in groups that share similar credit risk
characteristics.

If in a subsequent period the amount of an impairment loss recognized on a financial asset
decreases and the decrease can be linked objectively to an event occurring after the write-
down, the write-down is reversed.

(c) Prepaid expenses and other assets

Prepaid expenses and other assets include balances receivable from employees, imezest
receivable, commission receivable, prepaid expenses and deposits. The Company’s policy
is not to make a general provision for bad debts. However, all uncollected amounts
receivable are written-off after a defined period of time has elapsed.

(da) Investment in subsidiaries ’ : :
The Bank’s investment in its subsidiary companies is accoumed for in the non-consolidated
balance sheet on the cost basis. The Parent of the Bank, which is located at Rowte de
Chancy 6B, Case Postale, CH-1211 Geneva 8, Switzerland, produces consolidated fiaancial

statements.

(e) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and impairment
losses. Cost includes expenditures that are directly attributable to the acquisition of the
asset.

Expenditure incurred to replace property and equipment is capitalized. Other subsequent
expenditure is capitalized only when it increases the future economic benefits embodied in
the property and equipment. All other expenditure is recognized as an expense as incurred.
The costs of the day to day servicing of property and equipment are recognized as incurred,
Depreciation is computed on a een basis over the estimated useful lives of the
assets as follows:

Building and improvements 5-15 years
Furniture and equipment S years —
; Data processing systems and equipment 3 years
) Due to customers
Amounts due to customers are stated at cost, being the amount of the consideration
received.

(g) Taxation

Under the laws of The Commonwealth of The Bahamas, there are presently no income,
withholding or capital gains taxes payable by the Bank.

(h) Impairment of non-financial assets
The carrying amounts of the Bank's non-financial assets are reviewed at cach balance sheet
date to determine whether there is any indication of impairment. If any such indication

exists then the asset's recoverable amount is estimated. An impairment loss is recognized
if the carrying amount of an asset exceeds its recoverable amount.

The recoverable amount of an asset is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to
their present value using a discount rate that reflects current market assessments of the tims
value of money and the risks specific to the asset.

Impairment losses recognized in prior periods are assessed at each balance sheet date for

any indication that the loss has decreased or no longer exists. An impairment less is.
reversed if there has been a change in the estimates used to determine the recovesable

amount. An impairment loss is reversed only to the extent that the asset’s carrying amount
does not exceed the carrying amount that would have been determined, net of depreciation

or amortization, if no impairment loss had been recognized. :

‘(i Related parties
Related parties are classified as the shareholder, related companies, directors and’ key

management personnel who have the authority and responsibility for Planning, directing
and controlling the activities of the Bank.

0g) Assets under management

The Bank provides custody, trustee, investment management and advisory services to third
parties. Property held by the Bank in a fiduciary or agency capacity for its customers has
not been included in the non-consolidated balance sheet since such items are not assets of
the Bank.

(k) |New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet effective

for the year ended December 31, 2006, and have not been applied in preparing the pon-

consolidated balance sheet.

IFRS 7 Financial Instruments: Disclosures and the Amendment to [AS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the

significance of financial instruments for an entity's financial position and performance, and

qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and .
amended IAS 1, which become mandatory for the Bank's 2007 non-consolidated balance

sheet, will require extensive additional disclosures with respect to the Bank's financial

instruments and share capital.

Due from banks

At December 31, 2006 due from banks at sight included CHF 4.97million (2005 - CHFS.37millioa)
held with the Parent, which has been restricted for use in the Bank’s daily operations.

Due from customers

Due from customers includes secured loans and advances granted to customers and are repayable in
less than a year. Secured loans and advances are collateralized primarily by cash deposits and
marketable securities. 7

At December 31, 2006 there are no loans and advances on which interest is not being accrued, or
where interest is suspended (2005 — nil). Furthermore, there are no provisions against loans and
advances as at December 31, 2006 (2005 — nil).

Property and equipment
Property and equipment is comprised of (expressed in thousands of CHF):





Data Processing
Building & Furniture d& Systoms &
Land Improvements Equipment Equipment Tow)
ee ee ~ ~ CHF CHF CHF CHF CHF
Cost:
At January 1, 2006 346 1,413 593 458 2,810
Additions - - 27 2 29
Disposals ee 7 (3) (4) Yd
December 31, 2000 346 1413 615 456 2,830
Accumulated depreciation:
At January 1, 2006 - 1,035 383 472 1,990
Depreciation for the year - 70 6 ol 7
Dispos als ey : (5) (4) (9)
December 31, 2006 : 1,105 S84 429 2418







Net Book Value:
December 31, 2006 346 308 a 27 7

2005



December 31,



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7. Financial risk management

The Bank's financial instruments comprise cash and liquid resources, deposits, money market
assets and liabilities and other various items that arise directly from its operations.

The most important types of financial risk to which the Bank is exposed are currency risk, interest
rate risk, credit risk, liquidity risk and market risks.

Risk management framework

‘The Board of Directors has overall responsibility for the establishment and oversight of the Bank's
risk management framework. The Board has established the Finance, Legal, Credit and Operational
and Development Committees, which are responsible for developing and monitoring the Bank's
risk management policies in their specified areas, All committees have both executive and non-
executive members and report regularly to the Board of Directors on their activities.

The Bank’s risk management policies are established to identify and analyse the risks faced by the
Bank, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed regularly to reflect changes in market conditions,
products and services offered. The Bank, through its training and management standards and
procedures, aims to develop a disciplined and constructive control environment, in which all
employees understand their roles and obligations.

The Board of Directors are responsible for monitoring compliance with the Bank’s management

policies and procedures and for reviewing the adequacy of the risk management framework ip -

relation to the risks faced by the Bank.

Currency risk

The Bank may invest in financial instruments and enter into transactions denominated in currencies
dther than its functional currency. Consequently, the Bank is exposed to risks that the exchange
rate of its currency relative to other foreign currencies may change in a manner that has an adverse
affect on the value of that portion of the Bank’s assets or liabilities denominated in currencies other
than Swiss Francs. :

The Bank’s total net exposure to fluctuations in foreign currency exchange rates at the balance
sheet date was as follows (expressed in thousands of CHF):

ee



USD EUR CHF Other Total
2006
Total assets 16,057 4,802 13,457 4,423 38,739
Total liabilities & equity (15,615) (4,782) (13,466) (4,876) (38,739)
Total liabilities & equity oon es

USD EUR CHF Other Total

2005
Total assets 16,194 3,839 14,017 3,689 37,739
Total liabilities & equity (15,616) (3,825) (14,284) (4,014) (37,739)

Interest rate risk

Interest-bearing financial assets and liabilitiés mature in the short-term, no longer than one month
from the balance sheet date. ‘As a result, the Bank is subject to limited exposure to fair value
interest rate risk due to fluctuations in the prevailing levels of market interest rates.

The Bank's exposure to interest rates for significant interest-bearing assets and liabilities at the
balance sheet date was as follows:

2006





USD EUR CHF Other
Assets .
Due from banks at sight 5.20% 3.51% 0.125% 4.14% - 6.15%
Due from banks at time - - 1.95% -
Secured loans on current accounts 8.12% 6.43% 4.85% 7.07% - 8.06%
Secured fixed term loans and

advances 5.90% - 7.45% * 4.75% - -

Liabilities
Customers’ deposits - demand 4.32% 2.63% 1.05% 3.27% - 5.27%

2005
USD EUR CHF Other

Assets

Due from banks at sight 4.14% 2.15% 1.14% 2.03% - 5.28%
Due from banks at time . - 2.35% 0.79% - 0.82% 3.18%
Secured loans on current accounts T.AL% 5.21% 3.73% 6.08% - 7.385%
Secured fixed term loans and

advances 4.40% - 6.20% 3.40% - 4.21%

a

Liabilities
Customers’ deposits - demand 3.31% 1.41% 0.125% 2.28% - 4.19%
Due to banks at sight - = 1.18% -
PWV
Credit risk ;
sey 4 4

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an
obligation or commitment that it’ has entered into with the Bank. The Bank has a credit policy in
place and the exposure to credit risk is monitored on an ongoing basis.

At December 31 2006, the following financial assets were exposed to credit risk: balances due from
banks at sight and at time, secured loans in current accounts, secured fixed term loans and
advances, derivative financial assets and other receivables. Total carrying amount of financial
assets exposed to credit risk amounted to CHF 37,894,520 (2005 - CHF 36,760,787).

The carrying amounts of financial assets best represent the maximum credit risk exposure at the
balance sheet date. This relates also to the financial assets carried at amortised cost, as they have

short-term maturities.

Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments
exist for groups of counterparties when they have similar economic characteristics that would cause
their ability to meet contractual obligations to be similarly affected by changes in economic or other
conditions. The major concentrations of credit risk arise by geographical location in relation to the
Bank’s loans and advances, commitments to extend credit and guarantees issued. As at December
31, 2006, the Bank’s net exposure to geographical sector risk concentrations are in Europe
CHF24,395,000 (2005 - CHF26,630,000), Bahamas and Caribbean CHF11,359,000 (2005 -
CHF(12,560,000)) and Central and North America CHF2,068,000 (2005 - CHF(4,240,000). The
Bank obtains collateral against loans and advances to customers in the form of securities over assets
and guarantees. .

Forward foreign exchange contracts are commitments either to purchase or sell currency at a
specified future date for a specified price and may be settled in cash or another financial asset.
Forward contracts result in credit exposure to the counterparty. All forward foreign exchange
contracts are held on behalf of the clients of the Bank and are entered into with the Parent. As at
December 31, 2006 unrealised gain on open forward foreign exchange contracts is CHF106,000
(2005 - CHF44,000) and unrealized loss on open forward foreign exchange contracts ‘s
CHF106,000 (2005 - CHF44,000).

Liquidity risk

Liquidity risk arises in the general funding of the Bank’s activities and in the management of
positions. It includes both the risk of being unable to fund assets at appropriate maturities and rates

and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time
frame.

The Bank has access to a diverse funding base. Funds are raised using a broad range of instruments
including deposits and share capital. This enhances funding flexibility, limits dependence on any
one source of funds and generally lowers the cost of funds. The Bank strives to maintain a balance
between continuity of funding and flexibility through the use of liabilities with a range of
maturities.

The Bank continually assesses liquidity risk by identifying and monitoring changes in funding
_ Tequired to meet business goals and targets set in terms of the overall Bank’s strategy. In addition
the Bank holds a portfolio of liquid assets as part of its liquidity risk management strategy.

The following table provides an analysis of the financial assets and liabilities of the Bank into
relevant maturity groupings based on the remaining periods to repayment (expressed in thousands

of CHF).













2006
On demand Up to 1 Year Total
ASSETS
Due from banks — at sight CHF 18,814 - 18,814
Due from banks — at time - 8,500 8,500
Forward foreign exchange contracts - 106 106
Secured loans in current accounts - 2,907 2,907
Secured fixed term loans and advances - 7,223 7,223
Other assets : - 344 344
CHF 18,814 19,080 37,894
LIABILITIES
Forward foreign exchange contracts CHF - 106 106
Customers’ deposits 26,476 - 26,476
Accounts payable and accrued liabilities 1,015 - 1,015
CHF 27,491 106 27,597
2005
On demand Up to | Year Total
ASSETS :
Due from banks — at sight CHF 14,924 - 14,924
Due from banks — at time - 15,400 15,400
Forward foreign exchange contracts - 44 44
Secured loans in current accounts - 1,934 1,934
Secured fixed term loans and advances _- 4,112 4,112
* Other assets - 346 346
CHF 14,924 21,836 36,760
LIABILITIES
Forward foreign exchange contracts CHF - 44 . 44
Customers’ deposits 26,063 - 26,063
Due to banks 476 - 476
Accounts payable and accmed liabilities 1,089 - 1,089
CHF 27,628 44 27,672

’

SATURDAY, APRIL 26, 2007, PAGE 11

ed
q

Market risk

Market risk is the risk that changes in market prices, such as interest rate, foreign exchange rates
and credit spreads will affect the Bank’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimizing the retum on risk. Overall authority for
market risk is vested in the Board of Directors. The Bank’s Finance Committee is responsible for
the development of detailed risk management policies (subject to review and approval by the Board
of Directors) and for the day-to-day review of their implementation.

8. Commitments and contingencies

10.

11.

12.



The Bank is a party to certain financial instruments with off-balance sheet risk in the normal course
of business to meet the financing needs of its customers. These financial instruments include
acceptances and guarantees, commitments to extend credit under lines of credit and commitments
to originate loans and advances. Exposure to loss is represented by the contractual amount of those
instruments. However, the Bank used the same credit hypothecation criteria when entering into
these commitments and conditional obligations as it does for loans and advances.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers in : 4
respect of which there are corresponding obligations by customers, amounted to CHF942,416 (2005
- CHF1,144,530) and are not included in the non-consolidated balance sheet. These guarantees are
either partially or fully counter-guaranteed or secured by the Parent or assets pledged by customers.

. Related party balances

The Bank entered into various transactions with the Parent and other parties related by virtue of
common control. :

The non-consolidated balance sheet include the following related party balances not separately
classified as such on the non-consolidated balance sheet (expressed in thousands of CHF):





2006 2005

Assets ,
Due from banks — At sight ‘ CHF 18,543 14,488
Due from customers

— Secured loans on current accounts , 21 177

~ Secured fixed term loans and advances 5,555 214
Investment in subsidiaries 23 23
Prepaid expenses and other assets 13 2
Liabilities ,
Due to customers — demand deposits 742 714
Due to banks — At sight - 476
Assets under management

The Bank provides custody, trustee, investment management and advisory services to individuals,
corporations, trusts and other institutions, whereby it holds and manages assets or invests funds
received in various financial instruments at the direction of the customer. The Bank receives fee
income for providing these services. Assets under management are not assets of the Bank and are
not recognized in the non-consolidated balance sheet. The Bank is not exposed to any credit risk
relating to such placements, as it does not guarantee these investments. The Bank had assets under
management amounting to CHF 303,004,235 at December 31, 2006 (2005 — CHF 297,778,589), of
which CHF 276,527,940 (2005 — CHF 271,715,353) was held in a fiduciary capacity.

Fair value information

Fair value estimates are made at a specific point in time, based on market conditions and
information about the financial instrument. These estimates are subjective in nature and involve
uncertainties and matters of significant judgements and therefore, cannot be determined with
precision. Nevertheless, fair values can be determined within a reasonable range of estimates. The
majority of the .Bank’s financial instruments, including amounts due from banks, due from
customers, prepaid expenses and other assets, customer deposits, due to banks, accounts payable
and accmed liabilities, are short-term in nature or have interest rates that. automatically reset to
market on a periodic basis. Accordingly, the carrying amounts of the Bank’s financial assets and
financial liabilities at the balance sheet date approximate their fair values.

Corresponding figures : :
Certain corresponding figures for 2005 relating to forward foreign exchange contracts have been
reclassified to conform with the presentation adopted in the current year.

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PAGE 12, SATURDAY, APRIL 28, 2007 | = THE TRIBUNE

Banque Privée Edmond de Rothschild Ltd. i, 1 aanel wim Reais
7 (Incorporated under the laws of the Commonwealth of The Bahamas)

Related parties comprise the parent company and its directors, affiliates and their directors.

Balance Sheet These financial statements include the following balances with related parties,



















As of 31 December 2006 ue * ae
_ (Expressed in Swiss Francs) . CHF CHF
“oe CHF CHF , Balances mee ova
Due from banks 28,530 7
Due from banks 3&4 67'994'629 45'162'645 Loans and advances to customers a .
Loans and advances to customers 3 . 4 Pheer ae pie ee — assets 508 336
Investments in securities . Accrued income and prepaid expenses 36
Positive replacement values of derivative ; isa as a to banks 2,985 gaa
financial instruments 3 & oie ‘ ue to customers ae 241 390
Investment in subsidiaries tee a Derivative financial instruments — liabilities 591 1,080
i income and prepaid expenses 3 ea 6 ; Accrued expenses & other liabilities 234 176
Other assets
b 57'261
Fixed assets ; 2 = an si Off-Balance Sheet Commitments
Property and building Guarantees 18 i
TOTAL ASSETS . mm SBA, eae $9°468'679_
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities.
Due to banks ~ 3&4 3'174'386 2'332'796 4. Risk Management
Due to customers 3&4 42'211'487 23'164'391 :
tive replacement values of derivative . © Market risk
: apron aoa 3&7 W71211 1'410'947 :
"Accrued expenses’and other liabilities 1203681. __1039812. The Bank engages in transactions that expose it to market risks in the normal course of
Liabilities : _ _ 47760'765_ ___27°944'946_ business. These market risks include interest rate, liquidity, currency and credit risk. The
sot . : , , Bank’s financial performance is dependent on its ability to understand and effectively
Shareholders’ Equity ‘ ; a manage these risks.
Share capital. .
Authorised, issued and fully paid: © Interest rate risk
15,000 shares of CHF 1,000 cach oo 15'000'000 15'000'000
R : : . " was Interest rate risk is the risk that the value of a financial instrument may fluctuate
we Ea " significantly as a result of changes in market interest rates. The Bank’s exposure to this
Total Shareholders’ Equity — 34103280, 31523733 type of risk is minimal as the relevant financial instruments are usually at fixed interest
TOTAL LIABILITIES AND | A rates,
SHAREHOLDERS’ EQUITY mmo L S645, end 68679
; ts : ; : e ~—_ Liquidity risk
of The Board on 20 March 2007: 4 This is the risk that thé Bank might not have the necessary liquidity to meet its contractual
: if obligations. The Bank manages its liquidity by matching liabilities with assets of similar
Le. maturity periods. The most significant banking assets and liabilities can be classified,
; _ based on the period remaining to maturity as of the balance sheet date as follows:
Director we
; As of 31 December 2006
a, Be Three months Three to Nine to
Notes to the Balance Sheet _ = or less Nine Months Twelve Months Total
31 December 2006 : CHF ° CHF CHF CHF
wok General Information | ‘ , Due from banks . :
te pt “rs was ; ‘ : - demand . 3'020'369 7 “ 3'020'369
Banque Privée Edmond. de Rothschild Ltd. (the Bank) is incorporated under the Companies - time 44'974'260 14'000°000 6'000'000 64'974'260
Act,.1992 of the Commonwealth of The Bahamas and is licensed under the Banks and Trust Advances to customers 5'039'882. . . 5'039'882 ;
Companies Regulation Act, 2000, to carry on unrestricted banking and tust business from: Fixed term loans 368'256_ 5 = 368'256 \
. within -The Bahamas.. The principal activities of the Bank are providing banking, investment y Xt, —__6:000'000_ .
t and other financial services. The Bank.is a wholly owned subsidiary of Banque Total ——53'402°767_ __14'000'000_ 6'000'000_ _73'402'767_
Privée Edmond de Rothschild S.A., (the parent. company) which is incorporated in Geneva, Liabilities :
Switzerland, All significant balances and transactions with the parent company and companies Due to banks : !
in. which the parent company cgntrols 20% or more of the issued share capital (termed - demand 3'174'386 2 ‘ 3174'386 i
a ee affiliates) are disclosed in these financial statements (see Note 3). ; - time - : < :
: 5 Due to customers. 4
. The registered office of the Bank is located at No. 51 Frederick Street, Nassau, Bahamas, and at - demand 40'753'865 - - 40°753'865
the year-end the Bank had 13 (2005: 13) employees. - time —___1'457'622_ = : —_1'457'622_
: Total 45°385'873 . . 45°385'873 ;
2. ‘Significant Accounting Policies Liquidity gap 8'016:894 14000000. _____.6'000'000_. __.28'016'894. j
The principal accounting policies applied in the preparation of these financial statements are set ~ : :
poe These policies have been consistently applied to all years presented unless otherwise ;
stated.
- As of 31 December 2005 '
(a) Basis of Preparation oa eee Nee Miathd tienes Manila Total ‘
The Bank prepares its financial statements in accordance with International Financial CHF CHF CHF CHF \
ae Standards (IFRS) and under the historical cost convention, as modified by the : oon rine Saas ‘
revaluation of trading securities and all derivative contracts held at fair value. - demand 15'387'463 = ‘ 15'387'463
The preparation of financial statements in accordance with IFRS requires management to has to customers plete : ee , ae as
ake estimates and assumptions that affect the reported ts of and liabiliti ; 1732! ' 1398" i
i : ct the reported amounts of assets and liabilities Fixed term loans 1'732'846 4'665'300 : 6'398'146
and disclosure of contingent assets and liabilities at the date of the financial statements 4
and the reported amounts of income and expenses from operations during the reporting Total 221926895 __21'665'300____2'500'000_ ____54'092'195 i
iod: 7 : ~
’ Liabilities ; 7
(b) Change in Accounting Reference Date ‘ - oe pty ke 146 poe Aecmben ys 146 4
: : ei - ti 2'332'650 - : 2'332'650 7
In December 2006, the Bank made a decision to change its policy for recording deposit Due vs eee
taking and placement activities from trade date, the date on which details of the deposit - demand 21'811'302 - - 21'811'302

are agreed, to value date. The change was made to align the Bank’s accounting reference - time —___1'353'089_

: : : 1'353'089
date with that of the parent who also made a similar change during the year.



Total 25497187, = __25'497'187_
The comparatives as of 31 December 2005 have not been restated because it is eecieae
impracticable to do so. The overall effect of this change would have been an increase in Pauly ae ee ee Ee
the total balance sheet for 2005 of CHF 2 million, a decrease in the amount due from e Currency risk
banks of CHF 4 million, an increase in the loans and advances to customers of CHF 6
_ Million, and an increase in the amount due to banks of CHF 2 million. Currency risk is the risk that the Bank’s financial position and cash flows may fluctuate

significantly as a result of changes in foreign currency exchange rates. The Bank manages its
currency risk by matching foreign currency liabilities with assets denominated in the same
currency and term. The table below summarizes the Bank’s exposure to currency risk.

(c) . Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposit balances and precious

eee ee a ea a EEUELEQESREEGE TETRIS)

PREELELTSEQEES2EE CT 2EECODAG OES EPSEEE IESE ELA DERREE GD 10 CELESTE EY

metals with banks, As of 31 December 2006
_ (@) Loans and advances to customers : , CHF usD EUR Other Total
ee eget ae 7 ‘ oa ty ; 000's 000’s 000's 00's 000’s
Loans and advances to customers are stated af the principal amount outstanding less any , Assets
_ Specific provisions for impairment which the directors consider necessary. Both loans and Due from banks _ 42386 14155 8367 3'087 67995
- advances to customers are adequately collateralized. by. cash, cash’ equivalents and ; Loans and advances to customers 402 4182 341 483 5'408
marketable securities held by the Bank on behalf of the borrowers. Accordingly, the Bank Investments in securities . 7 4541 : ag : au
-has not established a provision for impairment of loans and advances. " Derivative financial instruments 1273 : ; > 1273
ae ae : mays : : : Lo Investment in subsidiaries . ~ : 64 - - - 64
: (e} Investments in securities ere Aceriied income and , oe
i we gag te 7 prepaid expenses 380° 13 2 1 336
Investments in securities comprise securities held-to-maturity and are carried at amnortized = sepa a hae : , =
- Cost using the effective. interest method, less any provision for impairments. Held-to- : oe di . : : . : ‘
namiefess ¢ aN sine ¢ . * Property and buildin, OSS a a ee a 216
._/ Mnatunty investments are non-derivative financial assets with fixed or determinable 9 ere : .
. ) paymients and fixed maturities that the Bank’s:management has the positive intention aiid : ; arc . ; , '
"ability to hold to maturity. Pepe: ee
: gs fae _ , Liabilities :
All. regular way purchases and salés of invéstments in securities are Tecognized at trade Due to banks - 2984 35 155 3'174
date, which is the date the Bank commits to purchase or sell the securities. . Ductocustémers 16'608 13937 8'836 3231 42212
. : ; i : ; : Derivative financial instruments "171 - - : 1171 2
(f) Investment in subsidiaries Accrued expenses and : e
other liabilities OR RR Sk ,
Investment in subsidiaries consists of the Bank’s investment in its four (4) nominee i
companies, Ebony Nominees Ltd., Ivory Nominees Ltd., Orion Nominees Ltd. and Total liabilities ——18463. 17039 ___8'873. ___3386. __47741_ :
Mercury Nominees Ltd. arid is stated at cost. The effect of not consolidating the , S :
subsidiaries is immaterial as they each have a nominal amount of share capital and their Neton-balance sheet position 327326 seamen ell, ele ad
activities are limited to providing nominee services on the Bank's behalf to its customers. :
The Bank recvives all income and bears all expenses of these entities. : Credit commitments pemeeenes meeles b 28, ee
*
2. Significant Accounting Policies (Continued) ‘
(g) Fixed assets . wh As of 31 December 2005 a
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on CHF usD EUR Other Total
the straight-line basis over a period of 3 years, being the estimated useful life of the 000’s 000's 000's 000’s 000s
assets. Assets
oe 4 Due from banks 32,598 3,704 3,464 5,397 45,163
i f : ; Loans and advances to customers 49 2,577 6,042 262 8,930
(hb), Property and building ‘ Investments in securities 3,573 - - - 3,573
; . . : seed es : Derivative financial instruments 1,472 - - - 1,472 s
Property is stated at cost, including legal fees. The building is in the construction phase Investment in subsidiaries 64 7 - - 64 5
and therefore not yet depreciated. / . Accrued income and ;
‘ : prepaid expenses 170 8 9 - 187
() Valuation of derivative financial instruments Other assets : 16 : 7 23
' ; Fixed assets 57 . ro
Forward currency éontracts are valued using the forward rate for the remaining period to : : §
maturity asof the last business day of the financial year. : Total assots 37,983 6,305 9,515 5,666 59,469
. agate ; : ; Liabilities
Options contracts are valued at the closing settlement price established on the last trading Due to banks S 7 2,333 7 2,333
day of the reporting period by the exchange on which they are principally traded. Due to customers 4,539 5,917 7,200 5,508 23,164
Derivative financial instruments 1411 : - = 1,411
G) Translation of foreign currencies Accrued expenses and ;
other liabilities 532 503 2 : 1,037 3
The currency of The Bahamas is the Bahamian dollar. However, items included in the Pas :
financial statements are measured using the currency of the primary economic Total liabilitics - 6482 __ 6,420 9 S35 S508 27,945 f
i environment in which the Bank operates (“the functional currency”). The financial ves
: : Riss - 4
4 statements are presented in Swiss Francs (CHF) which is the Bank’s functional and Net oa-balance sheet position © 31501, US) ctl cia SS, else
; presentation ey Credit commitments : 814 15,551 2 16,365
‘ _ Non-monetary assets and liabilities in currencies other than CHF are translated to CHF 4
' the rate of exchange on the transaction date. : ; © = Credit risk nH
’ . : , ; “a
(k) Assets under administration Credit risk arises from the failure of a counterparty to perform according to the terms of Ny
the contract. From this perspective, the Bank's credit risk exposure is primarily “as
The Bank commonly acts as trustee and in other fiduciary capacities that result in the concentrated in its deposits placed with other banking institutions and in its loans and 1 {
holding or placing of assets on behalf of individuals, trusts and other institutions. advances to customers. The Bank’s deposits have been placed with high quality .
ey hie ; 2 Nes intemational ‘banking institutions, and loans, advances and credit commitments to »
NO: account is taken in these. financial staternents of assets and liabilities. and iricome = ot customers are fully collateralized by assets held by the Bank on behalf of these customers. }
‘arising thereon of customers held by the Bank in a trustée, nominee or custodial capacity. :
: . : 4 ,
o
* o°

YPM ULEDTEEEENE
"ea ve 4

3° THE TRIBUNE

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Pe a ak BOLT eo we OOF OTL,

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4. Risk Management (Continued)

e Credit risk (continued)

The assets, liabilities and off-balance sheet items of the Bank are geographically located,

(b)

iQ
~“
SATURDAY, APRIL 28, 2007, PAGE %3

Building Construction

As of 31 December 2006 the Bank has outstanding contractual commitments in respect of
the construction of an office building in the amount of BSD 1,8 million. BSD 985,619 of
the construction costs have been incurred as of the year ended 31 December 2006.

based on the domicile of the counterparty, as follows:

2006 2006 2005 2005
CHF CHF
000’s % 000’s %
Assets
Switzerland 27'612 34 8'036 13
Luxembourg 28'188 35 22'458 38
United States of America 2'103 3 4'435 7
British Virgin Islands 1'069 1 5'582 9
Germany - - 2'S83 4
Belgium 2'000 2 7'500 13
The Bahamas 4'154 ‘ 5 3'355 6
Canada 886 2'702 5
Netherlands 10'000 12 - -
Venezuela 3'034 4 - -
Other 2'818 3 2'818 5
81'864 100 59'469 100
Liabilities
British Virgin Islands 4'961 10 4'154 15
The Bahamas 10'501 22 T199 26
Panama : 6'514 14 6'152 22
Switzerland 20'212 42 5'811 21
France 2'066 4 1'494 5
Canada , 1388 3 2'316 8
Other 2'119 5 a 819 3
47'761 100 ee 27'945 100
Credit Commitments
British Virgin Islands 11'428 95 15'778 96
Other 583 5 587 AL
12'011 100 16'365 100
5. Fixed Assets
Furniture
Leasehold © Motor and Computer
Improvements Vehicles Fixtures Equipment Total
CHF CHF CHF CHF CHF
Cost
Balance as of 1 January 2006 138'718 80'616 280'127 440'319 939'780
Additions 501610 So ZOEY S597

Balance as of 31 December 2006 ___138'718_ __131'226 __280'127. ___ 443306 __993'377_

Depreciation
Balance as of | January 2006 127'447 80'616 271'903 402'553 882'S19
Charge for the year 11271 16'870 4'112 26371 58'624

Balance as of 31 December 2006 ____]38'718 ___97'486 ___276'015_ ___428'924 __94]'143

Net Book Value as of:

31 December 2006 wees ae 2

31 December 2005 Re

6. Property and Building

During the year, the Bank purchased property in Nassau, Bahamas at a cost of BSD 750,000
(CHF 940,875) and is constructing thereon a building for its office premises with a budgeted
cost of BSD 3.3 million. At the balance sheet date, costs of BSD 985,619 (CHF 1,224,747)

‘ have been incurred and are included as property and building. The building is expected to be
completed for occupancy in 2008.

7. Commitments and Contingencies
(a) Derivative financial instruments

The Bank enters into forward currency contracts and over-the-counter equity and
currency options as part of its customer-related trading activities. Forward currency
contracts are contracts to purchase or sell foreign currencies at specified rates of exchange
on specific dates in the future. Risk arises from the potential inability of counterparties to
perform under the terms of the contracts’ (credit risk) and from fluctuations in the foreign
exchange rates (market risk). The Bank manages its market risk of customer-related
positions by taking offsetting positions with its affiliates, resulting in minimal market
exposure. The credit risk of customer positions is managed by applying uniform credit
standards maintained for all activities with credit risk. Collateral held in support of such
derivatives activity generally includes cash, cash equivalents, and marketable securities.

Equity, precious metals and currency options confer upon the holder the nght but not the
obligation to buy or sell a specified quantity of equities or currencies at a specified price
(the strike price) during a specified period. As a writer of equity, precious metals or
currency options, market risk arises from potential unfavourable movements in the price
of the equities or currencies underlying the options. Collateral held in support of such
derivative activity generally includes cash, cash. equivalents and marketable securities.

As of the reporting date the Bank had contractual commitments under open forward
currency contracts and equity, precious metals and currency options as follows:

2006 2005

CHF CHF

000’s 000’s

Commitments to purchase foreign currencies 150,498 = 111,693

_ Commitments to sell foreign currencies 150,397 111,631

Options to purchase equities, precious metals
and currencies - -
Options to sell equities, precious metals and currencies 774 -

The contract amounts of these instruments reflect the extent of the Bank’s involvement in
forward currency contracts and equity, precious metals and currency options and do not
represent the Bank’s risk of loss due to counterparty non-performance. The replacement
values of these customer-related derivatives are disclosed on the balance sheet. As of 31
December 2006, the credit risk is limited to those contracts with a positive fair value and
that amounted to CHF 1,272,571 (2005: CHF 1,472,412).

(c) Contingent liabilities

As of 31 December 2006 the Bank is contingently liable for CHF 12,010,862 (2005: CHF
16,364,989) in respect of guarantees issued on behalf of its customers. These guarantees

are collateralised by pledges over assets held for = ich customers.

8. Investments in Securities — Held-to-Maturity

The fair values below represent the closing trade price established on the last trading day of the

reporting period by the exchange on which the securities are principally traded.

Amortized Fair

Units’ Bonds Interest Maturity Cost Value

CHF CHF CHF

500'000 Province of Ontario -EMT- 2.00% 15.09.09 508'801 493'250
500'000 Colgate-Palmolive Co 1.875% 06.04.10 504'820 488'000
500'000 Commonwealth Bank of Australia -EMT- 1.75% 04.09.07 501'269 497'950
500'000 UBS AG Jersey Branch 1.75% 02.12.08 504'791 492'000
500'000 General Electric Capital Corp GECC 1.75% 25.10.11 499'248 480'750
500'000 Italie - EMT - 2.00% 30.04.09 495'S11 493'000
500'000 Citigroup Inc - EMT - 1.50% 07.04.08 498'596 494'200
500'000 HSBC Finance Corp - EMT- 2.75% 14.06.11 500'156 501'500
500'000 New York Life Funding - EMT - 2.125%: 18.12.10 493'495 489'750

4'506'687_ __ 4'430'400

Included in the amortised cost of held-to-maturity investments on the balance sheet is accrued
interest receivable amounting to CHF 34,006 (2005: CHF 45,621).

5, General Banking Reserve

The Bank makes appropriations from retained earnings to a general banking reserve for

unforeseeable risks and future losses. The general banking reserve can only be distributed
following approval by the shareholders in a general Meeting.

10. Fair Value Estimation of Financial Instruments

Financial instruments utilised by the Bank include recorded assets and liabilities shown in the
balance sheet, as well as items disclosed in these financial statements that principally involve
off-balance sheet risk. The majority of the Bank’s financial instruments, except those disclosed
in Note 7, are cither short-term in nature or have interest rates that automatically reset to market
on a periodic basis. Accordingly, their estimated fair values are not significantly different from
their carrying values for each major category of the Bank’s recorded assets and liabilities.

PRICEWATERHOUSE(COPERS

a



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas

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

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Banque Privée Edmond de Rothschild Ltd.

We have audited the accompanying balance sheet of Banque Privée Edmond de Rothschild Ltd. as of 31
December 2006 and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with Iniernational Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying

appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
balance sheet is free from material misstatement.

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

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

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

Opinion

In our opinion, the accompanying balance sheet presents fairly, in all material respects, the financial
position of Banque Privée Edmond de Rothschild Ltd. (the Bank) as of 31 December 2006 in
accordance with International Financial Reporting Standards.

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying balance sheet does not comprise
a complete set of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a

complete understanding of the financial position, performance and changes in financial position of
Banque Privée Edmond de Rothschild Ltd.

r /
Atiita Dy [ lee Ly:
HPV ANE TE Cs A

Chartered Accountants
20 March 2007

Na

th

Legal Notices

i i

LPESCETK TIRES TFA PCR YPEKBCLAILFE HIE

: . ae ry EE Ee 2
CERERBRTRIELTAE STE ARLSRRS CEGKARAE LEAL ARIK FEEL R ELST SELALTAT EELEES BSE RS SE CST TS E22 GASHA FEVSTRATS HERE SECU SE GS STUB RST LESETEEPRE E RTARESEES



PE ROSES CREP S PTO TS EE RERE SEARS ERE SEEKS ZTE KRESS
PAGE 14, SATURDAY, APRIL 28, 2007

Appeal dismissed Coc

FROM page one

tion in making the order.

Ms Rose told the court that
her client was concerned that
Birkhead might not return to
the Bahamas for the next cus-
tody hearing. The judges noted
that that was a matter that
would ultimately have to be
dealt with in a US court. During
submissions, the judges noted
that regardless of what decision
is made locally as to who gets
custody of the child, the child

will ultimately be taken back to.

the United States where the
issue of custody and guardian-
ship would continue in US
courts.

After dismissing the appeal

Ms Arthur was ordered to pay
the sum of $3,000 to Birkhead-
*s attorneys because the appeal
had been dismissed.

Outside court Birkhead said
he intends to be back in the
Bahamas for the next custody
hearing on June 8.

“It’s a good day for me. I
hate that I have to come here
for such nonsense, but you
know I have family that want
to see the baby too, but they
_ are not here fighting me,” Birk-

head told reporters outside
court yesterday.

Birkhead said yesterday that
he is excited about getting the
opportunity to return home.

Howard K, Stern, told
reporters yesterday he intends
to continue to support Birkhead
when the custody battle moves
to the US.

“I’m gonna help Larry out
in any way I can and if it takes
years in the United States I'll
do it.

“I’m hopeful that that will not
happen though,” he said.

Vergie Arthur left the court
building several minutes after
Stern and Birkhead and, with
her husband and lawyer, was
ushered to a waiting taxi. Ms
Arthur ignored the media’s
questions.

Seven-month-old Dan-
nielynn, the only surviving child
of Anna Nicole, stands to inher-
it millions of dollars from Anna
Nicole Smith’s marriage to oil
tycoon Howard K Marshall. Ms
Smith gave birth to Dannielynn
in September, just three days
before her 20-year-old son,
Daniel, died at her bedside. Ms
Smith died in Florida in Febru-
ary at the age of 39.

Ingraham calls on Abaco

FROM page one

They want a reliable govern-
ment; an honest government; a
principled government; and an
accountable government, in
short they want an FNM Govy-
ernment," he told the crowd.

Abaconians were asked by
Mr Ingraham to "let the torch
guide" them as to how to cast
their ballot in the upcoming
election.

Mr Ingraham responded to
claims made by Prime Minister
Christie that there are too many
posters of him pasted around
the island by pointing out that
Mr Christie himself had more
posters up in the last election.

"Plenty more money was
flowing into their coffers in
2002. Now some of their
wealthy supporters recognize
that they have proven incapable
of delivering on their promises,
incapable of delivering effec-

tive and accountable govern- Vou
ment;-the-money -well-is not ~ = iggy

a Oe sare dependin on you.
ass ehh the oie this fine."

quité,s@fullanymore," hesaids

hh

re

Mr Ingraham told the Marsh
Harbour crowd that his 41 can-
didates "represent a wide cross-
section of society" and are "all
committed and dedicated to
making life better for all
Bahamians."

This is in contrast to the
PLPF's slate of candidates, he
said.

"More than a few that have
been terribly compromised dur-
ing the last five years, yet he
has put them forward again and
asked the Bahamian people to
support them. For that alone I
cry shame," he said.

Mr Ingraham said he could
not say there will never be a
scandal in an FNM government,
however, he said that people
could be sure that it would be
"dealt with right away."

The FNM is relying on Aba-
conian's vote, he said.

"You held fast in 2002 when
many jumped ship. I and my

»party.are forever, grateful to



ee Rofey VN T= 1S

aine prices drop despite

THE TRIBUNE








US anti-drug investments.

By JOSHUA GOODMAN
Associated Press Writer

BOGOTA, Colombia (AP)
— Cocaine prices in the United
States have, dropped and the
drug’s purity increased, despite
years of effort and nearly $5 bil-
lion spent by the U.S. govern-
ment to combat Colombia’s
drug industry, the White House
drug czar acknowledged in a
letter to a key senator.

The drug czar, John Walters,
wrote Sen. Charles Grassley, R-
Iowa, that retail cocaine prices
fell by 11 percent from Febru-
ary 2005 to October 2006, to
about $135 per gram of pure
cocaine — hovering near the
same levels since the early
1990s. In 1981, when the USS.
government began collecting
data, a gram of pure cocaine
fetched $600.

The purity of this cocaine,

Candidate’s fears

FROM page one

issues, including the Sea Hauler victims, the Shane Gibson affair
and children’s issues. Right up to nomination, people were saying
that if | nominated, it would cost me my life.”

But he said he would continue his fight for children, many of
whom “haye already paid the ultimate price because of outdated
social policies and bad laws.”

“If [have to join them in paying the ultimate price in terms of my
life for standing up against something that is so fundamentally
wrong, then so be it. But I don’t intend to be intimidated.”

Mr Duncombe said that he, along with other candidates, had been
subjected to character assassination on numerous occasions. “But
this doesn’t faze me. Everyone knows that once you go public
against the government that there is some economic or financial
price to pay.”

Mr Duncombe, 41, a self-employed air-conditioning technician,
said the threats and slurs showed “the low depth” the country
had reached as a result of mudslinging by both major parties.

He said he had witnessed three fights between PLP and FNM
campaigners and had been shouted at in a threatening manner in
the street by Gibson supporters.

One man in a car made the gun sign at him and yelled that he
should stay out of Shane Gibson’s business “because at the right
place and the right time we will get you.”

Mr Duncombe said: “I got a call from someone who sounded like
he had something over his mouth. He had a deep voice and made
threats.”

He added: “As a result, I am very careful how I move about. It
affects my campaign, too. I have been trying to recruit people to
assist with the campaign because I now understand the magni-
tude of what is happening. My main base, who really believe in the
cause, will remain that way.”

But he admitted the campaign was difficult “because of the
money being spent by the major parties.”

Mr Duncombe said the media should ignore “the two-party
brainwashing” and focus more on individuals in the election.

“If this happened, you would see a paradigm shift as to how peo-
ple are voting,” he added.

Mr Duncombe said criminal elements wearing PLP shirts were
using self-drive vehicles to tour constituencies intimidating voters.
_ “Thave witnessed high intensity:¢anipaigns, but this one is over-
board. As an independent candidate who is focused:on the issues
and clearly under-funded, how do yguprotect yourself from these
hooligans?”

meanwhile, has “trended some-
what toward former levels,” as
well, Walters said in the letter,
citing data from the U.S. Drug
Enforcement Administration.

Colombia supplies 90 percent
of the cocaine consumed in the
United States. Declining prices
and rising purity could also sug-
gest weakening demand, but
several household and school-
based surveys show that Amer-
ica’s cocaine consumption has
barely budged since 2000, and
demand in Europe has
increased.

Colombia’s president, Alvaro
Uribe, is set to meet with Pres-
ident Bush at the White House
on Wednesday to discuss U.S.
support for Plan Colombia, the
anti-narcotics and counterin-
surgency program that has cost
American taxpayers more than
$4 billion since 2000.

Walters’ letter to Grassley,
the Republican co-chair of the
Senate Caucus on International
Narcotics Control, was sent in
January in response to a request
from the senator. It was made
available to The Associated
Press by the Washington Office
on Latin America, a liberal lob-
by group.

U.S. officials have insisted
repeatedly that Plan Colombia
is reducing the quality and avail-
ability of to American users.

But Grassley, in an e-mailed
statement to the AP, said the
new data is “all the proof that
anybody needs” that the White
House drug office “has gotten
quite good at spinning the num-
bers, but cooking the books
doesn’t help our efforts to curb
cocaine and heroin production
and consumption.”

Rep. Jim McGovern, D-
Mass., said senior U.S. Embassy
officials gave him older, more
encouraging data during a visit
to Bogota in March — two
months after the drug czar qui-
etly released his more down-
beat appraisal.

“We’ve given this program a
chance to work and clearly this

is not producing the results we

were promised,” McGovern
said. “Cocaine is priced as low
and purity is as high as it*was

before Plan Colombia began six
years and $5 billion ago.”

Rafael Lemaitre, a
spokesman for the White House
Office of National Drug Con-
trol Policy, told the AP that
Walters would not comment on
the letter but Lemaitre
described it as “an accuraté
reflection of our agency’s
thoughts on the issue.”

In November 2005, Walters
announced that cocaine pricés
had risen by 19 percent and
purity had dropped by about
the same. He touted the devel-
opment as a sign that the Unit+'
ed States had turned the cor-
ner in the drug war. Drug poli-
cy experts rejected his asser-
tions at the time, and Grassley
called for his dismissal. ‘

“When the data show a brief’
rise in cocaine prices, the drug
czar holds a high-profile press
conference,” said Adam Isac=
son, an analyst at the Washing-
ton-based Center for Interna-
tional Policy. “But when the.
trend goes back down again, the»
drug czar sends it in a letter to
one senator. Why is that?”

The Tribune wants to hear
from people who are

making news in their
neighbourhoods. Perhaps
you are raising funds for a ‘is?
good cause, campaigning ¢
for improvements in the

area or have won an

award. .
If so, call us‘on 322-1986s>*4%%
and share your’story. = * =

4 ¢

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THE GINN REPORT:

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In 2002, Bobby Ginn, President & CEO of spirit of the Bahamian people.
Ginn Resorts set out to find a destination that
would accommodate the hallmark of Ginn
properties around the world. His search took
him throughout the Caribbean and The Bahamas
but in the end his heart would settle on West
End, Grand Bahama Island. And what

impressed him most about The Bahamas: the

people.

“This project will not be successful without’
the efforts and participation of Bahamians,”
said Ginn. “We view the Ginn sur Mer resort
community as a partnership between our
company and the Bahamian people.”

“Ever since my first trip to The Bahamas as
a younger man some 20 years ago, the people
have always made me feel special,” said Bobby
Ginn. “And I would personally like to thank
them for the support they have given Ginn
Resorts as we have begun the development
process on Grand Bahama.”


















Ginn sur Mer looks

forward to the years
In December 2005, Ginn launched the $5 billion ahead as we
dollar Ginn sur Mer project. It marked the strengthen our
largest single investment in the history of the _ partnership with the
Commonwealth of The Bahamas and the most West End



Community and all
of The Bahamas.
We’ve only just |
begun.

significant in Ginn family of resort destinations.



Describing it as a “very important community”
for Ginn Resorts and the “largest we'll probably
ever do” Ginn commends the work ethic and
SATURDAY, APRIL 28, 2007. PAGE 15.

THE TRIBUNE







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PAGE 16, SATURDAY, APRIL 28, 2007 THE TRIBUNE





By Frankiyn G Ferguson : .

scene

Rn A









Gh Lance SMG

NASSAU EVENTS CAPTURED ON CAMERA

ary ‘taxis’ to joyous 75th birthday



JAN Watkins, manager at BEC; Mary Armbrister; Diane Major, manager of the Food and Beverage department
at the Wyndham Nassau Resort, and Linda Thompson, motor engineer with Bahamas First ?



ad



MICHAEL Armbrister, sports therapist; Mary Armbrister; Edward Thompson ur, international orthopaedic sports
therapist; and Theodore Thompson, o-owner of the Ed Thompson body shop. These are three of Mrs Armbrister’s

five sons. oe



MARY Armbrister, owner of Mary’s Limousine Services, recently celebrated her 75th
birthday. The birthday party took place at her daughter Linda’s home in Coral Lakes.



Per iN 4

MARY Armbrister's granddaugh-
ter and great-grandson: Monique
Smith, and her son Michael Reck-
ley.

Photos by
Franklyn
Ferguson







MARY Armbrister and her common-law-husband Edward Thompson,

PAT “Sister Sarah” Thomas; Gladys Ferguson, owner of
owner of the Ed Thompson body shop on Thompson Boulevard. .

Claudine’s Dress Shop; Mary Armbrister; and Carolyn Ferguson







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