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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Source Institution:
University of Florida
Holding Location:
University of Florida
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This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item
Resource Identifier:
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9994850 ( OCLC )
UF00084249_02882 ( sobekcm )

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148,055 expected to go to
the polls in ‘most exciting
election since 1987’

@ By RUPERT MISSICK Jr
Chief Reporter

A RECORD 148,055.

Bahamians are expected to vote
in what some are calling one of
the most exciting general elec-
tions since 1987.

Trust has been the overrid-
ing theme of this short election
campaign with each of the
major party’s attempting to con-

He reiterated that there can
be no turning back.

“The FNM may have laid
down a carpet of red, but that
same carpet of red will be rolled
up for good tomorrow,” he said.

He encouraged his supporters
one last time to vote for him
and his fellow PLPs.

Mr Christie vehemently
denied all claims about plans of
closing down Bahamasair or fir-

WEDNESDAY, MAY 2, 2007

The Miami Herald

BAHAMAS EDITION



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vince the voting public that they ing a majority of the national pat, ee, Ye > se : ;
represent the best choice for carrier's personnel. i Eee ee oe TeEE ae aay aa .

; N - & PARTY supporters turned out in huge numbers last night for the final rallies before today’s general election.
government He also accused the FNM of The PLP packed Clifford Park (above),

At a mass rally Prime Minis-
ter Perry Christie promised his
supporters that they could
expect no less than “two straight
with 28”.

He declared that San Sal-
vador, Cat Island and MICAL
had already been won by the
PLP.

"lying" about the PLP planning
to sign onto the CSME.

FNM Leader Hubert Ingra-
ham at a similar mass rally
described this election as a “bat-
tle for the moral heart and soul
of the Bahamas”.

SEE page 10

Further allegations of
election bribery attempts

By ALISON LOWE
Tribune Staff Reporter

ANYONE asked to sell their vote, or become involved in any
other corrupt election practice, should report the matter to the
police, a senior officer said yesterday.

His comments came as The Tribune received further allega-
tions of bribery attempts in New Providence — this time, with
Defence Force officers reportedly offered $500 for their support at

the polls.

"All of us have an obligation to keep the Bahamas safe and
secure, and if something is in contravention of the law, whatever
that is, as long as there's a law, and there's a contravention, any
upstanding citizen of this country has, I believe, a duty in reporting

while the FNM filled RM Bailey Park.



Alcohol banned _ MP makes police | FNM candidate claims four me

SEE pa e 14 e ' e : ‘ ie e
: during polling —§ complaintover imcar attempted to run him over
> anh { : â„¢ By PAUL G TURNQUEST "side of the road, Dr Minnis said
ING TO N c iV R AN ac hours today : alleged vote buying : Tribune Staff Reporter he was standing near a vehicle
ah Cee pr roe 2 m By BRENT DEAN FNM candidate for Killarney Popes SNe erge ea
today, the S27 012 aa ; : Dr Hubert Minnis barely SEE page 14
beverages will be banned, | WHITNEY Bastian, the : escaped with his life when four
police announced yesterday. | Independent MP for South | male occupants of a“Japanese
Chief Superintendent of : Andros, has made a complaint : car” attempted to run him over Mil CORRECTION

r Start your

goa & }
SA.) @



A
as



Police Hulan Hanna said
that a special team of offi-
cers will be monitoring bars,

restaurants and all other :
known venues that sell alco- ;
hol — including small neigh- :
bourhood stores. The polls : » ELI L
: End and Bimini constituency,
i in addition to claims by FNM
: leader Hubert Ingraham that :

will be open from 8am to
6pm tomorrow.

According to Section 99 :

SEE page 14



: to the commissioner of police :
: alleging that the FNM has been }
: involved in vote buying in his ;

constituency.

against the PLP in the West

MICAL incumbent Alfred :

SEE page 14




while campaigning in the “Rock
Crusher” area.
Dr Minnis, who is taking his

1 : : first plunge into front-line poli-
This allegation comes in the : tics, is facing the PLP’s incum-
wake of similar claims made : bent Housing and Sports Min-
: ister Neville Wisdom for the

: Killarney seat.

Dr Minnis said he was on
Maxwell Lane with about five

i other campaign workers when
the incident occurred. While the
five workers were on the other

HAMSEGG)AND\CHEESE.
CROISSAN,WICH

IN THE election tally sheet
included in yesterday’s Tribune,
the names of the candidates for
South Abaco were incorrectly
printed.

The tally sheet named the PLP
candidate as “E Key” and the
FNM candidate as “M Sawyer”.

Edison Key is, in fact, the
FNM’s candidate for South Aba-
co, and Gary Sawyer is running
for the PLP.

The correct tally sheet is print-
ed in today’s Tribune.



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rFrederichk Saati Nentin j
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PAGE 2, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



Independents may decide govt if

PLP or FNM fail to gain majority

@ By BRENT DEAN

IF NEITHER the PLP nor
the FNM gain a majority of
seats in today’s election, Inde-
pendents may be called upon
to decide who is the next gov-
ernment of the Bahamas.

In 1967 both the UBP and
the PLP initially won 18 seats.
The decision to make the PLP
the government was made by
the Labour candidate, Randol
Fawkes, and the Independent,
Alvin Braynen, aligning them-
selves with the PLP.

The Tribune spoke to three
of the main Independent ‘can-
didates in this election, Ten-
nyson Wells, Whitney Bastian
and Rev CB Moss, to deter-
mine how they would act if
such a scenario occurred again.

Rev Moss said that he
intends to remain an Indepen-
dent, and if elected, in the con-
text of being required to make
a government, he will only
align himself with a political
party if there is a strong popu-
lar movement from his con-
stituents.

Past links with the PLP, Rev
Moss said, would not lead him
to automatically align with that
party.

“Once I decided to go as an
independent, that’s exactly
what I am — notwithstanding
previous ties or future ties,” he
said.

Before he made any decision,
Rev Moss made the point that
he would need to see a serious
sentiment towards one of the
parties emerge from his con-
. Stituents.

Tennyson Wells maintained
that he would not align with
either party if his support were
required to form a government.
“IT intend to remain as an Inde-
pendent,” he said.

If there is a tie, with each
party winning twenty seats, Mr
Wells said that the: only posi-
tion that he would want, would

be that of speaker of the -

House, leaving both parties tied

and probably. forcing anothers. timely fashion to maintain his ©

“support.

election.



Whitney Bastian said that he
is willing to work with either

party and their leadership, but’

he too would firstly have to
consult his constituents for
guidance.

“T’ll go wherever they want
me to go,” he'said.

Constituents

The South Andros candidate
declared that any such align-
ment, to make a government,
with either party, would have
to be advantageous to his con-
stituents.

Mr Bastian said that specific
promises would have to be
made for the advancement of
South Andros, and these things
would need to be done in a



However, he warned that if
these promises were broken, he
would have no difficulty “walk-
ing across the floor” to join the
opposition — making them the
government.

“My thing is, I am working
for the betterment of my com-
munity,” he said.

Previous links to the PLP do
not make the South Andros
candidate more likely to side
with them, rather than the
FNM is such a situation, he
added.

If any of these men are
required to make a govern-
ment, both parties can be
assured that the price will be
high. Also, old wounds may
need to be healed quickly, as
each of these men has had
major disputes either, with the
leader of one of the major par-
ties, or the party itself. -

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Ministry urges
Ingraham to ‘reserve

further comment’ on

plane disappearance

B By ALISON LOWE
Tribune Staff Reporter

OPPOSITION leader Hubert Ingraham has been urged
by the Ministry of Transport and Aviation "to reserve fur-
ther comment" on the disappearance of the WesternAir
platie from Lynden Pindling International Airport last
week:

In the week since the theft, Mr Ingraham has used his
campaign platform to raise the question of the strength of
security at the airport.

A statement released by the Ministry of Transport and
Aviation responded: "The leader of the opposition is
urged to reserve further comments on this matter which
might prejudice the police investigation, and in particular
any comment which might bring into question the role
played by security officers at Lynden Pindling Interna-
tional Airport on the day in question."

The statement pointed out that the matter is under
active investigation by the Royal Bahamas Police Force,
with international law enforcement agencies.

It added: "The RBPF is pursuing a number of leads in
this regard inclusive of a matter involving a foreign pilot
employed by that company, who is unaccounted for."

The WesternAir plane was found missing early last
week Wednesday morning from the spot where it had
been parked on the airport tarmac, close to the main ter-
minal.

One of the company's principals is Shandrice Rolle, the
FNM's candidate for North Andros.

At a press conference later that afternoon Desmond
Bannister, the attorney representing the company, stated
that it appeared only one person, a security officer, had
admitted being aware of anything out of the ordinary on
the morning the plane went missing.

The guard said he heard someone switch on a plane
engine at around 1.13am.

Air traffic control said that none of the usual proce-
dures — such as filing a flight plan — had been followed in
the run up to the plane's take off, and the tower had no
record, official or unofficial, of the plane leaving the air-
port.

Mr Joseph Albury, director of air traffic control, said
that with the tower being a "sealed environment", and
around a mile from the runway, it is possible that a plane
could take off without being detected.

Police have indicated that they are following "signifi-
cant leads" in their investigation, however, yesterday the
aircraft's whereabouts were still unknown.

MAIN SECTION
OCA! NEWS... ccc ccces ..P1,2,3,5,5,7,9, 10,14.

litorial/Letters. .
VES eee eccccserttttterees sterrennee DB, 12

BUSINESS SECTION

CLASSIFIED SECTION 32 PAGES

MIAMI HERALD SECTION

VIAN cc ccssccsscsnssccsscsanoncsasonimsspeuseassieny te PP ROOE.



ee
nee nese ene a 4 ee

Tourists
witness PLP
ripping FNM's
shirt off

TOURISTS looked on
in horror as an FNM sup-
porter had his red party
T-shirt ripped from his

back by a PLP thug in Bay -

Street over the weekend.

The incident was wit-
nessed by scores of visi-
tors. A Bahamian
motorist who was stuck in
a traffic jam at the time
said: “It was an absolute
disgrace.”

The heavily-built thug,
egged on by PLP support-
ers standing on a corner,

attacked the much smaller -

FNM man near the Straw
Market.

A police officer on the
other side of the road
allegedly did nothing,
even though women
tourists screamed as the
thug ripped the shirt from
the man’s back.

“All that was left was
the collar part of his
shirt,” said driver Mr D O
Knowles, who was just a
few feet from the scene.

“It was like the goon
squad days of old. The
women tourists were
shocked. Their menfolk
gathered round them to
protect them.”

While the thug was
stripping the smaller man,
other PLP supporters -
mostly young men -
cheered him on, said Mr
Knowles, who added: “It
shocked me to see people
acting like this. This is the
kind of thing you would

©

¢

ie

ard v7

expect to see happening at -

the back of the hill in
Haiti. It is a disgrace to
see people carrying on.
this way.”

Mr Knowles said the

FNM supporter had all his -

party favours torn off by’

the thug, who then disap- ~,

peared into the crowd
inside the Straw Market.

“The attacker wasabig .

fellow who was shouting
obscenities. The tourists
were upset by it. Two or
three of the lady tourists
standing nearby had their

eyes hanging open at what -

was happening.

“T made sure my car
door was locked and my
windows shut. The other
thugs were swearing in the
window at me. It shocked
me that the goon squads
still survive. It was very
distressing.

“The little fellow who
was attacked didn’t know
what hit him. I felt very
sorry for him. It’s a pity

that Bahamians can’t wear .

their party colours with-
out being beaten.”

rey

wT1

The incident, which hap-’-

pened at around 5pm on
Saturday, when Bay Street
was still full of shoppers,
is one of several street

attacks reported since the .,

election campaign began.
Independent candidate
Clever Duncombe said he
had witnessed three sepa-
rate fights between PLP

and FNM supporters. And «

an FNM supporter was
attacked by a PLP rival
during a recent Fox Hill
rally.

There were also threat-
ening scenes last week
when two motorcades
crossed each other’s
paths.

Meanwhile, another
newspaper reported that

FNM candidate Dr Hubert |

Minnis was almost run
down by a PLP motorist
while campaigning in the
Rock Crusher Road area.
The car, bearing PLP
flags, first clipped Dr
Minnis with its wing mir-
ror, then turned round

and ran at him again, forc- ~.

ing the candidate to leap
clear.

Dr Minnis has reported- »

ly referred the matter to
police.

Assistant commissioner
Ellison Greenslade said
he was not aware of the
matter, but added that the
police have a special unit
put together to deal with
such election-related inci-
dents and complaints,
headed by assistant super-
intendent Paul Rolle.



THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 3



@ In brief

Polling
officers to
confiscate
cellphones

POLLING officers from
the Parliamentary Registry
Department will be tem-
porarily confiscating all cel-
lular phones, digital camera
and electronics when persons
enter voting stations today to
cast their ballot for the rep-
resentative of their choice.

These officers will hold the
items while persons go into
the booths and will return
them to their owners once
they have exited.

This precaution has been
taken by the Registry
Department to counter
reported attempts by
unscrupulous persons to
bribe voters into supporting a
particular candidate or par-
ty.
This most often claimed
scenario — allegedly being
carried out by the governing
PLP party — involves the vot-
er taking a photograph of
their completed ballot to use
as evidence in return for pay-
ment.

Voters have reportedly
been offered anywhere from
$200 to $400 per vote.

Entertainer
cancels FNM
gig due to
PLP contract

FREEPORT - Bahamian
Entertainer KB, who was
contracted by the FNM to
appear at West End on Mon-
day evening, was prohibited
from performing due to his
contractual obligations with
the PLP party.

According to Kay Smith,
the FNM campaign manag-
er for West End and Bimini,
the FNM was only informed

by the entertainer at 1lam :

on Monday.

She said: “KB booked the
venue in good faith with the
FNM and understood his
contract with the PLP party
meant he was supposed to
perform 10 times, which he
has done.

“In the most unusual way,
the PLP lawyers advised KB
that he couldn’t perform for
the FNM because of a por-
tion of his contract that pre-
vents him from doing so. KB
advised the FNM that he was
unaware of this and that it
was only brought to his atten-
tion today,” Ms Smith said
on Monday.

All the other entertainers
booked for the event per-
formed as promised.

China

denounces
St Lucia for
Taiwan ties

Hi ST LUCIA
Castries

THIS tiny Caribbean
island may have thought it
was no big deal when it sev-
ered its 10-year relations with
China and restored ties on
Tuesday with rival Taiwan.
Wrong, according to Associ-
ated Press.

China, which built a stadi-
um and was finishing a psy-
chiatric hospital here and
considers Taiwan a renegade

province, called the move a -}

“brutal interference in Chi-
* na's internal affairs”. In short
order, one of the world's
smallest nations has made an
enemy out of one of the
largest.

Both Taiwan and China,
which for more than 20 years
have battled for diplomatic
allies, brought out their big
guns to curry favour with St.
Lucia, a verdant, mountain-
ous 240-square mile island
home to 168,000 people.

China, a vast nation of 1.3
billion people, sent its for-
eign minister for a two-day
visit in September. Taiwan
sent Foreign Minister James
Huang in late April. On
Tuesday, he and St. Lucian
Foreign Minister Rufus
Bousquet signed an agree-
ment establishing diplomatic
relations between their two
countries.

Bousquet had indicated
that any decision would be
based on which suitor could
offer a better deal to St.
Lucia, where some 20 per-
cent of the population lives
in poverty.

m@ By PAUL TURNQUEST
Tribune Staff Reporter

THE American Embassy has
reported that the FNM candi-
date for Sea Breeze Carl Bethel
has no pending warrants or
indictments against him in the
United States.

This information was
revealed yesterday after accu-
sations of Mr Bethel not being
able to travel to the US were
allegedly being circulated
throughout the country by PLP
operatives.

In fact, this allegation was
expounded before at a PLP
mega rally in Grand Bahama,
and transmitted throughout the
Bahamas via the government run
television and radio station, ZNS.

However, Mr Bethel told
thousands of FNM supporters
at the party’s mega rally at Clif-
ford Park on Monday night that
the allegations being levelled at
him by the governing party are
nothing more than a vicious
political ploy to discredit him.

Embassy denies rumours Carl
- Bethel unable to travel to US

Statement after allegation at PLP rally in Grand Bahama



The US Embassy in Nassau
reported that any allegations
connecting Mr Bethel to any
pending warrants or the like
were simply “not true”.

“The United States has no
information in any way tying
Carl Bethel to any criminal mat-
ters in the United States. We
welcome Mr Bethel’s future vis-



its to the United States,
spokesman said.

Speaking with The Tribune
yesterday, Mr Bethel said that
such examples of “gutter poli-
tics” show not only the desper-
ation of the PLP, but the fact
that they feel deeply threatened
by him — not only in the Sea
Breeze constituency, but nation-

a

Wells claims Ingraham
would never to surrender
power as clash continues

@ By BRENT DEAN

IF the FNM leader, Hubert
Ingraham, is re-elected as prime
minister, free elections would
be threatened, declared Ten-
nyson Wells — further escalat-
ing the war of words between
himself and Mr Ingraham.

Mr Wells launched his attack
yesterday during a press con-
ference to counter remarks
made by the former prime min-
ister during a rally in Bamboo
Town.

Mr Ingraham told the con-
stituents of Bamboo Town that
they are inconsequential to Mr
Wells’ ambition to become
prime minister. Mr Wells, he
said, is a “divisive person” who
was uninterested in the job of
governance, and spent most his
time engaged in his personal
affairs.

The FNM leader further said
that Mr Wells is not a suitable
person to lead either the FNM,
or the country.

In defending his ministerial
record, Mr Wells listed some of
his main achievements as the
empowerment of local egg pro-
ducers; the increase in zone
rates for taxi drivers; the
streamlining of the appeal
process regarding convicted
murderers, so that executions
could occur if all appeals were
denied; the breaking of the
monopoly of Bahamasair for
domestic flights; and the cre-
ation of the Eugene Dupuch
Law School.

Suggesting that Mr Ingraham
is intoxicated with power, Mr
Wells said that if the country
re-elects him, he would seek to
serve in perpetuity.

“Tf God forbids he should
win, only death will remove him
from there...The only way that
Brent (Symonette) will come
there, is something would have
to happen to Ingraham health-
wise or something. But to see

Cushions



& BAMBOO Town MP Tennyson Wells:

him give it up, no possible way,”
he said.

Mr Wells too alleged that his
sister was “victimised” during
the Ingraham administration in
an effort to get back at him. He
said that she was denied her
duty allowance of $5000 per
year, until this wrong was cor-
rected by the Christie adminis-
tration.

Countering claims that he is
only self-interested, Mr Wells
said that during his political
career, he has given away all of
his political earnings to chari-
table organisations, and to his
constituents. His ham and
turkey bill alone is $50,000 a
year, he said.

_Mr Wells also issued a stern
warning to people who regis-



tered in Bamboo Town, but are
not current residents of the con-
stituency.

“I want to sound a warning
to them now, that we know who
they are, and if they come to
vote, we can challenge them
and they stand to be prosecut-
ed,” he said.

Despite criticisms of him by
Mr Ingraham, Mr Wells alleges
that the FNM has sent numer-
ous emissaries to persuade him
to run for them as recently as a
few months ago.

Mr Wells won the 2002 elec-
tion by 1190 votes and the con-
fident Independent candidate
forecasts that he will defeat the
FNM candidate, Branville
McCartney, by a larger margin
than he won by in 2002.





ally as well.

“It was very distressing for
my family naturally, and my
wider family as well. My par-
ents were initially devastated,
and now very relieved,” he said.

Mr Bethel said that he will
be writing to the Commissioner
of Police Mr Paul Farqharson
to ask him to investigate the
matter. Also, he said that he
will be retaining any avenues
that may be open to him in
terms of legal action.

“The PLP is just desperate.
What we’re dealing with are
acts and words that show polit-
ical desperation. The PLP is

desperately afraid and will stop
at nothing to destroy people’s
character in a vain and hope-
less effort to maintain power at
all cost,” he said.

Mr Bethel said that the mat-
ter has exposed the fundamen-

_tal character of the PLP — to go

about in destroying their politi-
cal opponents in any way they
can.

Despite this, he said that he
feels very confident about win-
ning the Sea Breeze seat.

“T have faith in God and I
have faith in the good people
of Sea Breeze. I feel very conti-
dent,” he said.

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ENED ALTA PLT



PAGE 4, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swe~r 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, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES

Switchboard (News, Circulation and Advertising) 322-1 986.
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

Nassau Fax: - (242) 328-2398

Freeport, Grand Bahama: 1-(242)-352-6608

Freeport fax: (242) 352-9348

Today Bahamians decide their future

AT 8 o’clock this morning, Bahamians will
start arriving at the various polling divisions
to decide which political party will govern
them for the next five years. By 6 o’clock
this evening the voting booths will have
closed and the count will have begun. By

» midnight — if not before — Bahamians
should know whether they will continue
under a PLP government or move forward
with the FNM.

Today, guided by their own free will —
God’s greatest gift to man, a gift that distin-
guishes him from the animals — Bahamians
will hopefully make an informed decision on
how they vote. In the past three weeks many
Bahamians’ integrity has been insulted by
the charlatans who have tried to snatch their
free vote from them for a price. Some voters
have been threatened with physical harm,
and victimisation in the form of loss of jobs,
pensions, and housing. Despite this we hope
that they will stand firm, for to give up God’s
greatest gift for a couple of dollars is the first
backward step to slavery.

Through their Aesop’s fables, many
Bahamian children, who had the advantage of
having parents who read to them, learned at
an early age that it is better to “starve free
than be a fat slave.”

All down through the generations — cen-
turies.even before Christ —- humans: have
suffered and died to protect their freedom.
Bahamians have never had to sacrifice, there-
fore, they do not know the value of what
they sell so freely at election time.

In a pastoral letter in preparation for
today’s election Catholic Archbishop Patrick
Pinder reminded his flock that “those whom
we elect to govern us are a true reflection of
the basic values we hold near and dear to
ourselves. This is an exercise that we dare
not take lightly. We must approach it with full
seriousness, much thought, much prayer and
radical honesty.”

He recognised that our country is experi-
encing great change. “Some of the changes
we see about us can lead to an affirmation of
much that contributes to a peaceful and pro-
ductive community. Other developments hold
the potential to negate all that binds a com-
munity together in peace and prosperity,”
he said.

The Archbishop reminded Bahamians of
their duty to work for and preserve the com-
mon good.

“It is our duty,” he said in his pastoral let-
ter, “to answer the call to full, active and
conscious citizenship and thus promote the
common good. That.is to ensure the neces-

All departments of

sary social conditions that allow people to
reach their full human potential to realise
their human dignity.

“This means,” he said, “that we cannot
make our choices at the polls on the spur of
the moment. We cannot choose in anger,
ignorance or in expectation of a mere per-
sonal payoff. We should not ‘sell’ or squander
our votes. Our choice of a candidate should
not be based merely on party membership
or family pressure.”

In preparation for today’s vote the Arch-
bishop recommended that some of the fol-
lowing questions be asked about all candi-
dates.

“Has your candidate conducted him or
herself in a manner worthy of being your
representative in Parliament? Is he or she
reputed to be honest, has been free from
scandal or unbecoming conduct?

“Has the candidate an awareness of the
need to address such pressing issues as edu-
cation, health, protecting our borders, reduc-
ing poaching in our waters and illegal immi-
gration?

“Has the person, by action or word, pro-
moted the protection of human life; the sanc-
tity of family life; solidarity of the communi-
ty; pursuit of social justice and solidarity in
our region and acruss the globe?”

“Tf a candidate has been serving in parlia-
ment for the last five years you will want to
examine how well this person has done in
representing the issues of his or her .
constituency in parliament,” said the Arch-
bishop.

“Has the candidate been accessible to con-
stituents over the past five years? Have there
been open channels of communication to
learn of community needs?”

Above all, said the Archbishop, remember
that the X you mark today “will help to deter-
mine the quality of life in our commonwealth
for the next five years. You will be voting
for the dignity of our country in the eyes of
the international community, the safety of
the communities in which we live, a fair shar-
ing of opportunities and resources that does
not privilege the socially and economically

_ prominent above the poor and the disabled.

“We, as men and women of faith, will be
voting to raise up strong and fearless voices to
advance the cause of justice, to preserve the
environment, our heritage and our culture.”

And as we go to the polls in a few hours
time, take with you the words of Fr Mell Tay-
lor, who on Sunday advised his Sacred Heart
parishioners — “vote quietly, and disagree
gently.”



Addressing first and
second time voters

EDITOR, The Tribune.

PLEASE allow me some space
in you newspaper at this most cru-
cial time in the country. I wish to
address the first and second time
voters of the country and then I’d
like to speak to the persons who
recognise themselves in this letter.

1) In 1982 and in 1987 the
democracy of the country was
challenged as the then Prime
Minister threatened to destroy
the middle class, and by exten-
sion the FNM, because they had
not supported the PLP.

Prior to 1992 there was no
Atlantis; in fact there were few
credible investors in the country;
simply because the PLP had
chased them away. There were
too many hands under the table
and too many other hands of PLP
supporters to grease. In 1992, the
FNM gave the investors govern-
ment in the sunshine, with hands
on the table and became account-
able to the electorate; in fact
accountable to the entire citizen-
Ty.

2) Prior to 1992 this county was
“a Nation for Sale” there was
extreme embarrassment for those

of us involved in the financial

industry — we were a pariah on
America’s back door. I am famil-
iar with the Commission of
Inquiry.

3) Prior to 1992 this country
was a haven to Drug Kingpins;
Perry Christie should remember
how he and Hubert lost their jobs
over this. There were many per-
sons who received handsome
sums just to look the other way
and, yes, our people were
destroyed by the drugs that were
not shipped out of the country.

4) In 2002 whilst the PLP were
busy spending the Eastern and
drug boys’ money to gain the
Government; as a man of his
word, Mr Ingraham stepped
down as leader of the party and
allowed the process to flow; there
are some people who claim to be
former FNMs who are now riding
on the coat tails of the PLP; you
should ask them why they fell out
with Hubert; prior to 2002 they
were FNM and could not stand
the PlP!;Do you really trust any-
thing these people say? There is a
book in:the Bible which speaks to
this chagacter trait, or lack there-
of.

5) During the campaign; I ago-
nised that the first time voters
had been deluded into thinking
that the legislation of 2000 was a
sham and without asking any
questions of their candidates, this
propaganda and the sale of the
Bahamian land to foreigners was
spread throughout the country.
It is unfortunate that we claim
and manifest “poor memory”.
Ask the Central Bank for the 20
billion; read their report and ask
questions.

6) I always say that it is diffi-
cult to find a Black and White
TV this day so why are the PLP,
who are always calling on God, so

quick to teach and engender

racism? In the words from the
children’s song, “Jesus Loves”,
red and yellow, black and white, I
understand the clear thinking 18
year old has rejected the PLP’s
tired “race card” and the Obeah!

A.G. Electric Co. Ltd.

32 Jerome Avenue

epiane FANS FF

Quality Auto Sales

and

Executive Motors

WILL

CLOSE

on Wednesday,
May 2, at 1pm

for the

General Election

Quality Auto Sales Ltd
East Shirley Street, 322-3775

Executive Motors Ltd
Auto Mall, Shirley Street, 397-1700



Phone: 393-8192

FROM 57 39"

aN OO ay ARS

Na ec iCR aaa



pOssMeS

letters@tribunemedia.net




The platform on which the PLP
now stand and boast was carved
out by the FNM; so one would
have to have no cerebral capacity
to mess this up. There really is
no level playing field to compare
the work of Hubert with the work
or lack thereof of Perry. If the
PLP had been re-elected in 1992
the unprecedented growth of the
economy would never have hap-
pened. It is good to hear “Moth-
er” Pratt admit they have not
completed their work therefore
they need a second term. The
rumour of who is bank rolling this
election for the PLP is out there,

candidate for this western con-
stituency was favoured because
he has plenty money and has “put
the brudders off da blocks to
work” I was committed to put
this in writing. I suggest that if he
is not elected this will soon cease.
Ask my Jamaican friends about
the “belly full politics”! I also find
it insulting that the PLP should
think that a man who is so taint-
ed, should be offered to us. Those
spending his money should look
to the provenance of those
monies.

To my former colleague in
Eleuthera, you have been reject-
ed by the people, get off Perry’s
coat tails; I hope the people see
through your insincerity; remem-
ber our days at CITI? I still have
your back. .

I hope the young voters read
this and discuss with persons who

so do not think that the PLP sale San temember

_ of the land and other utilities will

cease should we make the mis-

i LONG MEMORY
take of re-electing them.
I was contemplating this letter Nassau,
Phe April, 2007.

but after hearing that the PLP

Sickened by PLP
radio commercial

EDITOR, The Tribune,

I WAS sickened by a racist PLP 'We can't turn back' radio ad den-
igrating the opposition deputy leader, Brent Symonette, over his
parentage.

The ad plays the opening lines of Bob Marley's Redemption Song:

“Old pirates, yes, they rob I;

Sold I to the merchant ships,”

Had the PLP listened to the song carefully, they also would have
heard:

“Emancipate yoursves from mental slavery.

None but ourselves caeln free our mind.”

Isn't it time the PLP leadership freed their mind?

Almost every race has encountered slavery in one form or another.
All ancient and medieval cultures had slaves. Most slaves in Europe and
West Asia were white. There were Egyptian slaves, Roman slaves,
Greek slaves, Indian slaves.

African kingdoms sold their own people to Muslims and Euro-
peans, who in turn exploited them.

The Jews suffered thousands of years of persecution - pogroms,
concentration camps and the extermination of six million under Hitler.

In Sudan today, women and children are captured by government-
backed and armed militia and held in slavery. They are forced to
work for free,in homes and in fields, punished when they refuse, and
abused physically and sometimes sexually.

Does the PLP care?

At home, the PLP needs to remember that it, too, is sguilty of dis-
crimination and victimisation.

Judy Mae Lewis, a black woman who was hired and then fired
from the Cable Beach Hotel after it was discovered she supported the
FNM.

Pindling's “PLP register of job skills,” which gave PLP supporters
government job preference — unconstitutional.

The firing of all white Bahamians from the Hatchet Bay Farm
when the PLP took it over in the '70s (my father was one of them).

Using immigration to force non-Bahamians married to Bahamians
out of the country because they didn't tow the party line.

_ Why is the PLP, which is itself guilty of discrimination, using race as
a tool to play ugly mind games with the people instead of dealing
with the crushing problems of crime, immigration, education and traf-
fic?

ATHENA DAMIANOS
Nassau,
April 30, 2007

PLP ‘contempt
for the judiciary’

EDITOR, The Tribune.

THE PLP continued to display their contempt for the Judiciary at
their Clifford Park rally this past Tuesday night when the ‘Hon-
ourable’ Obie Wilchcombe charged that “anyone who agrees with
what (Mr Brent Symonette) did (in applying to the Supreme Court
to quiet the title to some lots situated at the Current, Eleuthera) is
also guilty of conspiracy”.

Now obviously the learned (and truly) Honourable Justice who
heard the application must have agreed, otherwise the Certificate of
Title would not have been granted to Eleuthera Adventurers Limit-
ed in accordance with the Quieting Titles Act. In the eyes of Mr
Wilchcombe, therefore, the Honourable Justice must be “also guilty
of conspiracy.”

Conspiracy, of course, is a crime under the Penal Code. Is Mr
Wilchcombe in effect accusing a Justice of the Supreme Court (as
well as Mr Symonette and anyone else with the temerity to ‘agree’)
of committing a crime? If so is it possible that Mr Wilchcombe might
have committed criminal libel and, by bringing the reputation of our
Supreme Court and Justices into disrepute, may also be in contempt
of Court?

We shall be watching carefully to see what the Attorney General
might do about this. Indeed, this will be an interesting litmus test to
determine if the PLP have any respect for the rule of law whatsoev-
er. No doubt they will do nothing, thereby proving they have none.

What Mr Wilchcombe failed to explain in his tirade is that the
Honourable Justice of the Supreme Court will have weighed all the
evidence and considered any adverse claims before deciding
whether or not to issue the Certificate of Title for the lots to
Eleuthera Adventurers Limited. If the persons whom Mr Wilch-
combe claimed owned the lots really did own them, then presum-
ably the learned Justice would have awarded the Certificate of Title
to those persons and not to Eleuthera Adventurers Limited?

This latest misadventure on the part of the PLP is testament to
the sad reality that they will stop at nothing in their desperate bid to
hang on to power at all costs, and Mr Wilchcombe’s poisoned words
are merely the latest in a series of disingenuous attacks designed to
try and discredit Mr Symonette with lies, half truths and innuendo.
Fortunately, enough people see these spurious allegations for what
they truly are and the FNM seem poised to win a landslide victory
on May 2nd and, when they do, hopefully one of the first acts of the
new Attorney General will be to visit on Mr Wilchcombe a healthy
dose of the rule of law!

I have the honour, Madam, to remain, yours in the pursuit of jus-
lice.

AN OFFICER
OF THE COURT
Nassau,

April, 2007.

LETTERS CONTINUES ON PAGE 16



THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 5



ee ee
PLP accused of lying over

achievements for disabled

@ In brief —

Lawyer claims
Ministry is
ignoring
housing
complaint

AN attorney has been trying
for five weeks to contact Min-
istry of Works officials to
protest about a building that is
allegedly being constructed in
breach of local regulations.

But since lodging the com-
plaint in writing, the lawyer has
not been able to speak to any-
one at the ministry in his bid to
have the project halted.

The building in question, a
two-storey structure opposite
Harding’s Foodstore on Wulff
Road, is alleged to be in breach
of the building code.

Mrs Huaey Wong, owner of
the adjoining lot, claims it is too
close to the boundary fencing.
Last month, she hired an attor-
ney to lodge a complaint with
the ministry, but no-one there
can be contacted, she claimed.

“Meanwhile, construction is
still continuing, even though
lately work is taking place at a
slower pace, mainly on the inte-
rior,” she told The Tribune.

Mrs Wong, of Jerome
Avenue, said the.building was
being constructed by a
Jamaican, Mr Louis James
Hemmings. But she said it was
too close to the boundary, and
not displaying a permit num-
ber, as required by law.

She has asked the ministry to
halt construction work imme-
_ diately and have the offending
wall removed, with a new struc-
ture to be built no closer than
ten feet from the boundary
between the two properties.
The present wall is less than five
feet from the boundary at one
point, she said.

“It is my right as a citizen of
the Bahamas to seek answers
from your department as to why
my rights are not respected,”
she said in a letter to the min-
istry.

“Respectfully, therefore, I
request your investigation as to
the reason why this building was
approved by your department ;
when. itis fully obyious that the, .,,:
spacing.is a, blunt violation of. ad
the building law.” i

When contacted about Mrs
Wong’s complaint, building con-
trol officer with the Ministry of
Works, Mr Craig Delancy, said:
“T recall a couple years ago, we
got some complaint, and we had
. looked into that.”

“At the time, when we
looked into it,” he went on to
say, “the builder had a valid
building permit.” Sounding sur-
prised by the new complaint,
Mr Delancy promised to send
an inspector out “to see if there
is something new going on.”

He said that as far as the.
boundries are concerned,
“Town Planning deals with the
setbacks as to how close one
can build to a boundary.”

An inspector from ‘Town
Planning said that The Tri-
bune’s call was the first time
that he had heard about the
complaint.

“I do not know if the director
has received anything, andI can - :
also check with our registry to
see if anything was lodged
there, but personally, nothing
has come across my desk,” the
official said.

“What I can say is that we
will definitely investigate it,” he
promised.

Up to press time, The Tri-
bune was not able to contact
Mr Hemmings for comment.

heehee

WEDNESDAY,
MAY 2ND

6:30amCommunity Pg 1540AM

8:00 Bahamas @ Sunrise

9:00 Bullwinkle & Friends

9:30 King Leonardo

10:00 The Bahamas: A Natural
Beauty

10:30 The National Art Gallery

of The Bahamas

11:00 Hanging In The Balance

noon ZNS News Update

12:05 Island Hopping: Cat Island
Rake & Scrape

1:00 Legends: The Region

Bells

2:00 Video Gospel

2:30 Turning Point

3:00 Paul Lewis

3:30 Don Stewart

4:00 Lisa Knight

4:30 Cybernet

5:00 ZNS News Update

5:05 Welcome Home

5:30 The Envy Life

6:00 2007 General Elections
Coverage

1:30amCommunity Pg 1540AM

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























@ By KARIN HERIG
Tribune Staff Reporter

OUTRAGED Bahamians
yesterday accused the PLP of
spreading a “bold-faced lie”
in its 2007 manifesto concern-
ing their achievements for the
country’s disabled people.

In its “Action Agenda”, the
PLP said that it will provide
care for children with severe
disabilities through the
“recently renovated” Cheshire
Home.

However, witnesses in the
area yesterday reported that
the building has not been ren-
ovated and is in fact still
boarded up and overgrown
with bushes. A photo taken by
The Tribune photographer
proves these claims.

A neighbour of the Cheshire

Home said that the building.

now resembles a “haunted
house.”

Speaking yesterday on the
GEMS’ radio show “The Way
Forward”, Jerome Thompson
— who together with three oth-
er physically disabled men was
evicted from Cheshire Home
in June, 2005 — said that the
PLP’s claim about a “recently
renovated” Cheshire is a com-
plete lie.

Mr Thompson, who is blind,
said that the Ministry of Social
Services had initially proposed
that Cheshire Home - the only
facility for physically disabled



claimed that the Ministry of | ernment moved them to a series
Social Service informed him _ of inadequate living facilities.

that the plan for a centre for At one house, the wheelchair-
disabled children had fallen bound members of the group
through. had great difficulty entering the

“We were prepared momen- _ house and had to struggle out of
tarily to leave that facility for and _ their chairs to get into the very
on behalf of those children. We small bathroom.
didn’t resist that idea,” he said. They have repeatedly said

Mr Thompson said that ~ that they are grateful for what
almost two years after he and __ the ministry has done for them
the other disabled men were _ in the past, and that they are
forced to move to make way for _ only seeking accommodations
the children, nothing has been that will allow them to take care
done to realise the PLP’s pro- _ of themselves.



@ CHESHIRE home is shown here with boarded up windows

osal. Minister of Social Services
and overeremabuehes P tie said that this behaviour Melanie Griffin could not be
(Photo: Tim Clarke/Tribune staff) by the PLP government was __ contacted for a response yes-
very hurtful. terday as she was out of office

adults in the Bahamas at the __ by the president of the Bahamas Since their eviction, the for- for the entire day.
time of its opening — be trans- National Council for Disability _ mer residents of Cheshire home Calls to other ministry offi-
formed into a centre for Sherman Smith. have reported suffering numer- _cials were also not returned up

severely disabled children. Mr Thompson yesterday also ous hardships because the gov- _ until press time.

In its manifesto the PLP
states that this transformation / 5] " is : : R
has already taken place and | ONE WAY HOLINESS APOSTOLIC CHURCH
that Cheshire Home will offer
support and “introduce much
needed respite care for par-
ents who opt to lead in the
nurture and care of their chil-
dren with severe disabilities
but are in need of time out.”

However, Mr Thompson
yesterday said that he and the
other disabled men were evict-
ed from the home 23 months
ago and the building “is still
closed, battened up, bush all
over the place.”

He said that this fact was
also independently confirmed

Pastor Lilymae Knowles

We the officers and members

Treco moves HQ out | eso an por canine
of disputed prop erty Ve 7 Starting rie 4,: 2007 at 7:45 pin.

PLP candidate Ricardo
Treco has reportedly moved
his election campaign office
from a house in Prince
Charles Drive following a dis-
pute with its owner.

But German investor Har-
ald Fuhrmann is insisting that

"Mr Treco repaint the building
‘to remove the PLP colours

which, he said, were applied
to the walls without his per-
mission.

Mr Treco, who had the
apartment on a short lease,
moved out after Mr
Fuhrmann said the building
was being used for office pur-
poses against local regula-
tions.

He said the house was for
residential purposes only and
that Mr Treco was in breach
of zoning laws by using it as a
campaign base.

Mr Fuhrmann was particu-
larly annoyed because the
PLP used the property for a
weekend cookout which
attracted scores of people.
Two portable toilets were set
up outside and dozens of cars
were parked in front of the
property.

“Mr Treco talks about
respecting other people, but
where is the respect for my
property?” asked Mr
Fuhrmann, who has now
flown back to Germany.

“The PLP moved all my
furniture out of the apart-
ment and, when they left,
they piled it in the carport,”
he added.

“T would like to know what
is being done to stop my fur-:
niture being stolen. And what
is Mr Treco going to do
about repainting my apart-
ment, which has PLP stripes
all over it?”

Mr Fuhrmann was so furi-
ous that he chained up a front
gate into the property, insist-

ing the PLP use a side

entrance, before flying back

. to Europe last week. Howev-

er, he removed the chain at
the request of police, who
were called in when the situa-
tion threatened to turn nasty.

Mr Fuhrmann told The
Tribune: “I have tried to be
reasonable in this situation,
but I have not been treated
properly.

“The Bahamas is always
advertising for people to set
up second homes, but is this
the way investors should be
treated?”

Mr Fuhrmann has been
involved in a long website war
against several Bahamian
lawyers, who he accuses of
being corrupt and incompetent.

He said he is now planning
to set up a new website deal-
ing specifically with property
ownership and the perils
which, he claims, investors
have to face when buying
homes here.

When Mr Treco was con-
tacted yesterday, he said that
The Tribune would have to

speak to his personal assistant,
but that she will not be avail-
able until Thursday.

FOR 3 IN 1 LAWN SERVICE
Fertilizer, Fungicide,
Pest Control
Tropical Exterminators
ETAT,






BEPTER IS PEACE

) A Performance of
“The Armed Man: A Mass for Peace’
by Karl Jenkins





Performed by
‘Bahamas Concert Orchestra

and Chorus

ie Dedicated to
10ry_of E. Clement Bethel

Saturday

Sth May 2007
8pm
Rainforest Theatre
















pockets: $25, $35, $45, $80 Custo MM

‘Tickets available at: Custom Computers, oe en
H G Christie Realty or call: 4668094 = ae know How store”








PAGE 6, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



Change is good for democracy

“That a people get the kind of

government they deserve is
almost axiomatic...Until people
awaken to their own responsi-
bilities, they will not have a
responsible government.” —
Rev H. W. Brown, 1946

Ww ell, the three-week
party is finally over.

In a few hours we’ll know
whether the incumbents have
been turfed out after five years.
And if so we should celebrate
that, and make sure it is repéat-
ed every five years. That seems
to be the only way to control
our political class in the public
interest.

So what about the cry that
“one good term deserves anoth-
er?”

Well, consider the Ingraham
government. Their first term
(1992-1997) rescued a tanking
economy, restored a degree of
accountability to the political
system and expanded democ-
racy. The achievements of the
second term (1997-2002) were
much weaker, and it is likely
that a third term would have
recreated the problems that
Ingraham tried to fix in 1992.

Since there is so little differ-
ence between the FNM and
PLP ideologically, changing

horses after a single term will -

have virtually no effect on
development plans. In fact,

many of the projects and pro- |

grammes touted by the Christie
administration were actually ini-
tiated during the Ingraham
administration.’

They include the solid waste
disposal project begun in 1999,
the co-operative sector strength-
ening project, the 2001 road-
building project, the health sec-
tor strengthening project begun
in 2000, the expansion of pre-
schools and modernisation of
technical education begun in
1994, and the Family Islands
water project, circa 1998.

And should Ingraham replace
Christie tomorrow, he will con-
tinue programmes started under
the PLP government — includ-
ing the sustainable tourism pro-
ject launched in 2005, the land
use administration project begun
in 2004, the coastal zone master
plan begun in 2003, the national

youth-at-risk strategy and the
ongoing enhancement of public
sector planning capabilities.

et’s take just one exam-
ple. Environmental

protection legislation has been
in the works for years and is
expected to be passed early in
the next government (no matter
who runs it). It is aimed at
underpinning a department of
the environment that both the
FNM and PLP have been seek-
ing to implement ever since the
BEST Commission was set up
in 1994. And the BEST Com-
mission evolved from an inter-
ministerial committee created
by the Pindling regime.

All of these multi-year pro-
grammes (and others) are
financed by the Inter-American
Development Bank — to the
tune ofsmore than $150 million
in fact — and they don’t sim-
ply expire when the government



Since there is so
little difference
between the
FNM and PLP
ideologically,
changing horses
after a single term
will have virtually
no effect on
development
plans.



changes. Plus, as we all know,
the civil service is with us for-
ever.

In other words, continuity is
hardly an issue here.

As you might expect, these
programmes feature prominent-
ly in each party’s platform,
although they are not identified
as IADB projects and different
wording is used to describe them.
The IADB consults with each
incoming government on devel-
opment projects and conducts
periodic evaluations of their
implementation, but it is hard to
say who plays the leading role
the letidéer or the borrower:





E any case, our institu-
tional deficiencies are
such that many plans are poor-
ly implemented — such as the
$33 million solid waste disposal
project that was supposed to
build landfills on 10 islands to
tackle the problem of indis-
criminate dumping. After a
decade (under two govern-
ments) it has yet to be complet-
ed, and the bank has threatened
to cancel its funding.

So we can be fairly certain that
our lack of capacity, innate con-
servatism, reliance on external
economic inputs, and sheer idle-
ness will ensure that neither the
FNM nor the PLP will introduce
radical changes that could threat-
en our way of life. In fact, it is far
more likely that poor gover-
nance and corruption will gen-
erate the conditions we all fear.

There is, therefore, no real
need to concern ourselves with
giving any government a sec-
ond term. Vote them out — and
pay attention over the next five
years so you can vote the next
lot out. Believe me, it makes
perfect sense. It is not a tough
call.
Or, as my colleague Stacey
Hilton put it: “If you don’t do
right in the first term, you get
boot out. And the FNM will
learn from that.”

B ut let’s look at a con-
trary view. The con-

spiracy theorists are hard at
work this election for obvious
reasons, but is there really any
chance that a bunch of dead,
white kitchen-table racists ‘will
take over the country and run it
as their private business again?

You could easily say the same
thing about the Sunshine Boys
conglomerate, or the disgraced

‘Old PLP fixers (like George

Smith, Baltron Bethel and
Calsey Johnson), who are in a

May 2nd

Your Vote Counts!



And for this reason,



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on Election Day,

Wednesday May 2nd, 2007.

Wishing you all a safe and

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~~ from our Management & Staff

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TOUGH CALL

-ARRY SMITH



far better position to manipu-
late our mostly black electorate.

Here’s the two best reasons
to vote them out (no matter
who they are): to protect and
promote our fledgling democ-
racy, and to ensure good gover-
nance. We all should know by
now what democracy means —
and a freedom of information
act should be the first order of
business for any party that
wants my vote.

Governance refers to the way
we conduct public affairs, man-
age public resources, and pro-
tect civil rights. Good gover-
nance achieves these goals
transparently under the rule of
law in a way that avoids abuse
and corruption.

There’s an apt phrase that
conveys exactly what I am talk-
ing about here: the insolence of
office. That’s what you get when
you leave people in power.
From regular folks like you and
me, within just a few years they
transform into little gods —
which is quite an achievement
in most cases.

It’s not just Bahamian politi-
cos that suffer from such hubris
(that ‘insolence of office’ phrase
wasn’t coined by me, for exam-
ple, it came from an English
writer). But the transformation
seems to happen fast and easy
in our slack, insular society.

Se: of our more
thoughtful commenta-
tors complain that Bahamian

political discourse is dominat- .

ed by superficiality. They say
our politicos often fail to tackle
fundamental problems and
resort to cheap populism, with
issues always at the margin. As
one business analyst recently
put it: “Instead of talking about
re-engineering, the conversa-
tion.is about changing the
menus in the canteen.”

And as the early PLP fire-

brand (and current FNM cam-
paigner) Sir Arthur Foulkes
said in a recent column, “There
was a genuine hope in 2002 that
the so-called new PLP led by
Perry Christie would put behind
it the bad old days and further
advance the democratic culture
established during the FNM’s
term in office. ”

Well, that was certainly my’



hope — as someone who had
considered the option of emi-
gration during the darkest days
of the Pindling regime. And at
first, the attitude of the new



Some of our
more thoughtful
commentators
complain that
Bahamian political
discourse is
dominated by
superficiality.



“fresh wind” Christie govern-
ment was indeed friendly and
accommodating. Lots of public
commissions were formed and

_the watchword was “consulta-

tion".

Believe it or not, when Tough
Call helped run The Nassau
Guardian in 2003 I actually
received calls from government
appointees inviting me to con-
tact them for information. But
those days are long gone.

Now, public officials are
inevitably unavailable to the
press — even to discuss techni-
cal issues. The House public
accounts committee has been
emasculated, business is done
behind closed doors and minis-
ters don’t bother to answer
questions in parliament or
respond to controversies in pub-
lic. It took a mere five years for
that to happen — think what
will happen in the next five
years.

A« here we are talk-
. ing about election rig-

ging again — something that
hasn’t been an issue since the
notorious 1987 general election,

when the Pindling regime tried

every trick in the book to retain
power following damaging dis-
closures about drug trafficking
and official corruption. Accu-
sations of vote buying go right
back to those hated UBP days
that our erstwhile black nation-
alists like to talk about so much.
You may think that democ-
racy and governance are not
that important compared to the
social problems we face, but
they provide the necessary
structure for resolving those
problems. ‘We need a strong,
independent and competent
judiciary because only the
courts can safeguard us from
the power of politicians and the
police. And we need to hold the
feet of our political leaders to
the fire, or they will take it as
license to do what they please.
These are not just academic
issues. Our courts resolve com-
mercial disputes, criminal mat-
ters, matrimonial issues and
constitutional crises. Justice
must be fair, it must be fearless,
and it must be timely. In the last
resort this is what keeps soci-
ety stable and viable. If, by lazi-
ness or incompetence or other-
wise, we allow the justice sys-
tem to decline then we will for-
feit this safeguard.

here is a clear choice
here: either our politi-

cians, public servants and judi-
ciary uphold the rule of law, or,
like our termites, they destroy
the very structure of our nation.
The best way to force them to
toe the line is at the polls —
every five years.

And lastly, the PLP likes to
say that the FNM let “special
interests” run the country,
but what more of a special inter-
est can you imagine than the
Colombian drug cartels that the
PLP sold out to in the 1980s?

Every government develops
special interests and powers
behind the scenes. If you want
to fight that tendency, the best
way is to vote them out — as
we did in 1967, 1992 and 2002.
Only don’t leave it so long this
time.

What do you think?
- Send comments to larry @tri-
bunemedia.net.. Or... visit

www.bahamapundit.com .::

Come Join the First Caribbean Bank
Diggers Volleyball Club as they host the

The Jann
Mortimer

Volleyball
Classic

May 4th, oth, and 6th
Sir Kendal Isaacs Gym

Spike Times: Friday - 6pm;
Saturday - 9:am; Sunday - 3:pm

Come watch the best in
Women and Men's Night
league Teams battle for cash
prizes and trophies.





THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 7



REO Se a ee aaa
Only a third of candidates respond
to pastors’ 12 ‘moral questions’



lm By ALISON LOWE

Tribune Staff Reporter

OF the 110 candidates run-
ning in the general election
today, only 34 responded to the
“12 questions” on moral and
ethical issues posed by a coali-
tion of pastors.

The pastors had hoped that

by offering their views on mat-
ters such as abortion, marriage
and capital punishment, candi-
dates would give voters a
chance to see a side of them
often not discussed in political
manifestos.
_ The largest group of respon-
dents were from the Bahamas
Democratic Movement (BDM).
All 16 of the party’s candidates
participated in the survey.

Meanwhile just five PLPs —
Veronica Owens, Leslie Miller,
Michael Halkitis, Neville Wis-
dom and Ricardo Treco — took
part.

And only 12 FNMs respond-
ed. They were: Earl Deveaux,
Brent Symonette, Carl Bethel,
Dr Hubert Minnis, Branville
McCartney, Sidney Collie, Ella
Lewis, Tommy Turnquest,
Bryan Woodside, Felton Cox,
Pauline Nairn and Larry
Cartwright.

One independent, Clever
Duncombe, also took part.

The coalition of pastors pro-
duced a chart — which can be
seen on this page — that they
say indicates the party's posi-
tions on the issues. However,

. Where it states "all of our party's
candidates support” it is only
referring to, in the case of the
two main parties, the small per-
centage that actually answered
the questionnaire.

According to the results, most
of the candidates agree with
several propositions, including:
using a Judeo Christian value
system in schools, enforcing a
law which states that the death
sentence is mandatory in cases
of murder, redefining marriage
in the constitution as a "union
between a man and a woman,"
and not allowing "homosexual
tourism" — such as gay cruises,
in the Bahamas.

With regard to Judeo Christ-
ian school value system, only
Carl Bethel said he was against
it.

The Seabreeze candidate,
who was one of the most liber-
al respondents, said: "Religion
is a matter of conscience and
freedom of worship is protected
by the constitution."

Only Mr Bethel and deputy
leader of the FNM Brent
Symonette pointed out that the
Privy Council has ruled on the
issue of whether the death sen-
tence should be mandatory. It

did so in March 2006, ruling that

a mandatory death sentence is

unconstitutional.

All other respondents said
that they were in favour of mak-
ing it a mandatory sentence in
cases of murder.

Mr Bethel also supports pro-
choice abortion laws, leaving
the age of sexual consent at 16,
and allowing Bahamians to
gamble in casinos, in contrast
to many candidates.

He also said that he is "neu-
tral" on the question of whether
there should be a national lot-
tery, stating that this is some-
thing for "Bahamians as a
whole" to decide.

On the issue of homosexual
tourism, only the PLP's Mr
Halkitis, running in Golden
Isles, the FNM's Killarney can-
didate Dr Minnis, the FNM’s
Marathon candidate Mr
Deveaux and Mr Symonette did
not respond in an outright neg-
ative manner.

Mr Halkitis was the only
respondent to state that he is
“opposed to any form of dis-
crimination in the tourism mar-
ket”.

Dr Minnis said only that “the
laws of the land should be
adhered to” while Mr Deveaux
responded "no comment."

Candidate for St Anne's, Mr
Symonette said: "We need to
have a full discussion on the
future of tourism and the

impact of these issues on our
number one industry."

All other respondents indi-
cated that they agreed that the

"Christian values" of the
Bahamas should not be com-
promised by allowing gay cruis-
es and other "homosexual
tourism" to enter the country.

On the question of the
preservation of marriage, all
respondents said that they were
for an amendment of the con-
stitution to state that marriage is
a union "between a man anda
woman" — thereby negating the
possibility of same-sex mar-
riages in the Bahamas — except
for FNMs Mr Deveaux and Mr
Symonette.

Mr Deveaux said he is “‘satis-
fied with the constitution as it
is,” while Mr Symonette

”








A LAER CAN

| shpesa this position of leaving the
i preamble as it currently exists

SRR

2a! The great majority of our party’s
? candidates support this position of
i a Constitutional Amendment
i defining martiage as a union
i between one man and one woman



THE PARTY’S POSITION

FREE NATIONAL FNM PROGRESSIVE PLP BAHAMAS BDM
MOVEMENT LIBERAL PARTY DEMOCRATIVE
MOVEMENT





Hi THE Bahamas Democratic Movement, led by Cassius Stuart,
had the most candidates answer the questions, with 15 out of the

16 candidates responding

Positive towards the idea of
such an institution were eight
candidates - the BDM's
Christopher Cox and Tolonus
Sands; the FNM's Mr Collie,
Mr Deveaux, Mr Turnquest,
Felton Cox and Mr Cartwright,
while three stated that it would
be something that should be
decided by the public.








RRS ee
Our g party s in favour of Jeay
the preamble as it currently cae



Qur party is in favour of an
amendment to the constitution
defining marriage between
one man and one woman



i 2b : The great majority of our party's
} candidates support this position ta
E oppose granting same sex couptes
P any form of legal secognition or
i status under law (civil unions etc.)









The great maj Gf our part
i candidates support this position © }
f oppose recognizing same sex
i marriages / civil unions pedonned j
' outside the country.






support this position
: to increase caforcement of laws {
i and stricter fines

Most of our party’s canuidates
support this position to return
consent to age 18

Our party is opposed to
granting same sex marriages /
civif unions

Our party is appased | oO |
recog EU ZING Satie SCX marriages ;
civil unions perfonned outside the
couatry.




.
EAS SS
Our party is in favour of inc
enforcement of laws
and stricter fines



SS

Qur party is in favour of returning
consent to age 18



? 4b: Most of our party’s candidates
ff support this position to increase j
i mandatory minimum sentence.



support this position of
stricter enforcement of laws





#3 : pntsn
} Majority of our “party” 8 candidales
support this position of an

amendment to make it mandatory



i | ooppe any compromisiag of our
nation’s Christian vatues that
i Socour set touri sm to to organi: ed



support this position of —»
strengthening and stricter
enforcement of the law

support this position of sticter
enforcement of the laws

a Much public discussion is required

} to determine the party’s majority

| positiop. We have very strong
views for and against the

establishment of a national lottery













Our party is in favour of
increasing mandatory
minimum sentence





Our party is in favour

of stricter enforcement
of existing laws

Qur party is in favour
of ap amendment
lon (mandatory

SS
Our party opposes any
conipromising of our nation’s
Christian values that encourages
fourise to organized groups
promatiag their cause such as
homosexuals, swi










Our party is in favour of
strengthening and stricter
enforcement of the law



5 Se cua
“Our party is in Favour of stricter}
enforcement of the Jaws





SE Cec
Our pasty is opposed to
a national lottery



10b Under current law, these ”
establishments are not illegal.
Public diseussion and research is
required to determine whether the
law should be amended to make
them legal, bearing in mind the fact
that the current government
changed the law fo permit foreign
} owned establishments (casinos) to
offer internet gambling.

Our party is opposed to
legalizing number houses, web
cafés. ete





10c All of our party's candidates

suppod this position fo oppose
amending the laws ta allow

Rahamians to gamble i in local



the position that on a matter of
conscience, they would be willing

i to vote against their party.

|







Our party is opposed to any
amending of our laws to allow
Bahamians to gamble in local

casinos,





un a matter of consicnce, each i
member can vote on their own

convictions even if that is against i
their party. i





@ THE pastors submitted this amalgam of the responses from

the FNM and the BDM

responded “the privacy of one's
home is sacred as long as laws
are not violated.”

Instead of worrying about this
issue, he added, we should “deal
with the breakdown of our soci-
ety.”

As to whether the age of con-
sent should be raised from 16
to 18, only four respondents —
all FNMs - disagreed: Brent
Symonette, Carl Bethel, Felton
Cox and Pauline Nairn.

The national lottery question
split the group of respondents,
with almost a third responding
favourably to the question of
whether one should be estab-
lished in the Bahamas.

Both Mr Turnquest and Fel-
ton Cox pointed out that a
national lottery could assist with
funding social, educational and
sporting programmes, with part
of the money collected going
towards prizes and a significant
percentage towards philan-
thropic causes.

No PLPs answered in favour
of a lottery.

This disagreement was also
reflected in the issue of whether
Bahamians should be allowed
to gamble in casinos.

Six candidates said yes to
legal gambling, while two, Dr
Minnis and BDM deputy leader
Omar Smith, said that the law

should not discriminate against
Bahamians. Dr Minnis added
that there should be "thorough
debate" on the matter.

Only seven candidates did
not state that they were for
stricter enforcement of abor-
tion laws.

These were the FNM's Mr
McCartney, Mr Deveaux, Mr
Turnquest, Mr Bethel, Mr

Symonette, Felton Cox, and

PLP Leslie Miller.

Mr McCartney and Mr Miller
said that they were-for “pro
choice abortion laws”, Mr
Deveaux said it “depends on
the circumstances,” and like-
wise Mr Turnquest said that it
should be allowed in situations
where a woman has become
pregnant through rape or incest,
or if she is chronically ill.

The PLP's Veronica Owens
stated: “We can begin by
enforcing the existing law.”

Other issues on which the
candidates answered questions
were whether there should be
stricter enforcement and





pba to our Constitution
: bam in favour of feaving the preamble as it
currently exists.
2.2 Fam in favour of replacing the words “Christian
Vatues* with “Spiritual Vatues”.
i Other. Please explain.

2. Preservation of Marriage

A.*? Fam in favour of a Constitutional Amendment
defining martiage as a union between one man
and one woman.

2.2 Fam eppesed to a Constitutional Anvabekinenl
defining marriage as 2 union between one man
and one woman.

°t Other. Please explain.

B.*? Lam In favour of granting same sex couples
some form of fegal recognition or status under
faw (civil unions etc.)

2.2 Fam pppared lo granting same sex couples
any form of legal recognition of status under law.
it Other. Please explain.

C.:2 Fam oppased to recognizing “same sex mamages/
unions’, even if they were performed outside of
The Bahamas.

? Lam in fayour of recognizing “same sex mariages/
unions” that were performed outside of The
Bahamas

i Other, Please explain.

3. Environmental Protection
: Esupport increased enforcement efforts of our

environmental laws, stricter fines, and funding
educational efforts to Improve our preservation
of God's endowment of creation.

t Psuppart the existing state of environmental
jaws and enforcement,

it Other, Please explain.



4. Sexual Offences

A. 5. 1am in favour of retuming the age of consent to 18.
? fam In favour in leaving the age of consent at 16.
i} Other. Please expiain.



2 bam in faygur of increasing the mandatory minimum
sentencing for sexual offenders. (Presently It Is 7yrs
for first time oflenders and 14 years for second time
offenders- when the victim is under 14 yrs.) Most US
states now have 20 years minimum for first offenders.

7") bam opoosed to changing the mandatory sentencing
for sexual offenders.

Ft Other, Please explain.

§. Abortion
i2 fam in favour of stricter enforcement of the abortion
jaws.
:.2 Lam in favour of pra-choice abortion laws,
PT Other. Please explain.



6. Capital Punishment

£3 Lam in favour of amending the constitution of The
Bahamas to make it absolutely clear that capital
punishment is the mandatory sentence for murder,
bearing in mind that 2 jury would arrive at a murder
conviction after giving consideration to circumstances
that might point to manstaughter.

1 Jamin favour of abolishing the capital punishment laws.

7? Other. Please explain.



@ THE original 12 questions

increased fines for laws and mis-
deeds relating to the environ-
ment, and equally, whether
mandatory minimum sentences
for sexual offences should be
boosted.

The majority were in favour
of both of these options.

12 Questions: Your Political Position
in Morally Challenging Times’

During the rush toward election many political statements are made. While we are concerned
about issues of housing, crime, illegal immigration and unemployment, there are several other
vital concems that are often overlooked. These twelve questions are designed to help voters in
evaluating their candidates, particularly in relation to key issues facing our nation today.

1. Preserving of the words “Christian Vajues” in the i 7. Homosexual Tourism




















: fam opposed to compromising the “Christian Values”
of cur nation by allowing exclusively “organized groups”
(homosexuals, swingers, those swap marriage
partners, nudisis, atc.) who come under the umbrella
of promoting their cause.

... bam opposed to any form of discrimination in our tourist
market
./ Other. Please explain.










8, Public Decency
“: Fem tn favour of strengthening and stricter enforcement

of public decency laws, to address such incidences a8
topiess/nude sunbathing on pubtic beaches, strip clubs,
and public profanity.

“> Lam in favour of changing the public decency laws to
allow more freedom of expression.

“? Other. Please explain.






9. Decency In Broadcasting

.: Lam in favour of stricter enforcement of decency in
broadcasting laws to address such Inckiences as lewd
and suggestive images on cable television, profane
lyrics on the radio, and semi-pomographic images in
the newspaper.

“? fam in favour of changing the current laws to aliow
more freedom of expression.

“t Other. Please expiain.







10. The Lottery

A... bam in favour of establishing a National Lottery.
“t Lam opposed to establishing a National Lottery.
i Other. Please explain.

B. ..2 bam in favour of legalizing privately owned gambling
businesses (numbers houses, web si.2ps, local foreign
lottery offices and agents, etc.)

“| am opposed to legalizing privately owned gambling
businesses (numbers houses, web shops, local foreign
lottery offices and agents, etc.)








C. “? lamin favour of amending the iaws to allow Bahamian
citizens and residents to legally gambie in jocal casinos.

“tJ am opposed to amending the laws to allow Bahamian
citizens and residents to legally gambie in local casinos,







WW Values Education
“? Lam in favour of using a Judeo/Christian value system
in our public schools.
“=? [am in favour of values neutral education that leaves
religion out of education.
“t Other. Please explain.







12 Personal integrity

../ Ona matter of conscience, | would be willing to vote
against my party.

. While | would always express my opinion, | would feel
it was my duty to support my party following fair
discussion,

“S Other. Please explain.















On Monday, Archbishop of
the West Indian province, Drex-
el Gomez said that while all of
these issues are “personally
important” for him, he did not
agree that they should neces-
sarily be “national agenda
issues.”

Credit Suisse (Bahamas)

Limited

is presently considering applications for

JUNIOR RELATIONSHIP MANAGERS

(Private Banking)

The Private Banking Business Area is accepting applications for a Junior Relationship Managers,
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Marketing of private banking and portfolio management services to prospective clients
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Management of accounts/relationships with clients originating from Canada and Europe.

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Enthusiasm and a positive attitude

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NLY APPLICANT: Tl
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w~

CREDIT SUISSE

Human Resources Department

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 11", 2007





PAGE 8, WEDNESDAY, MAY 2, 2007



General Elections







BAIN & GRANTS TOWN
No. OF REGISTERED VOTERS 3867
Di
Divisions PLP FNM BDM IND.
Ss A
ae ee ee
[wos [of fT
a ee ee
[wos [| | | {
[wos [| | of ft
fNo7 | ff
es a ee ee ee
ee ee ee ee ee
pet
a a ae
PT
fe ee
Pb
a ee
Pee gb |
pees hee a eee Sd



























ELIZABETH
No. OF REGISTERED VOTERS 4249
Polling
Divisions
No. 1
|



GARDEN HILLS

No. OF REGISTERED VOTERS 3981

Polling V Owens} B Rolle | C Stuart
FNM BDM

Divisions PLP
No. |

|



MARATHON

No. OF REGISTERED VOTERS 3946

Polling R Pinder | E Deveaux | W Miller
Divisions | PL FNM BDM

No. OF REGISTERED VOTERS 3957

Polling C Pratt F Cox
Divisions PLP FNM

No. |



New Providence




























BAMBOO TOWN

No. OF REGISTERED VOTERS 4090

Polling McCartney O Smith T Wells
BDM IND.

Divisions FNM
No. |










P Strachan
IND








No. OF REGISTERED VOTERS — 4158

Polling G Hanna- | R Rolle | C Turner P Rolle
see Martin ss
Divisions PLP FNM

BDM IND
No. 1

No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8

a
mz
|
P|
ee
|
| |
| |
No.9 [| |
|
Pe
Yaoi
fesse al
||
fg, a |
a |
|







No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
. No..16..
Total: -



GOLDEN GATES

No. OF REGISTERED VOTERS 4109

Polling D Gibson | D Saunders | C Duncombe
Divisions PLP FNM IND





MONTAGU
No. OF REGISTERED VOTERS 3868
Polling
Divisions

ST THOMAS MORE
No. OF REGISTERED VOTERS — 4239

Polling F Smith
Divisions PLP

R Chipman
“NM

No. |

Tally Sheets







No. OF REGISTERED VOTERS — 4732

Polling S Collie
Divisions PLP FNM
No. |
























FARM ROAD & CENTREVILLE
No. OF REGISTERED VOTERS 4232

K Taylor | T Rahming
IND IND












C Lewis
FNM

Polling P Christie
Divisions PLP

No. 1

Total:



No. OF REGISTERED VOTERS 3961

Polling
Divisions PLP FNM
No. | ff
[no2 | |
[Nos |
ee ee
ee ee ee
[woo [ {|
[Nor [|
[wos | |
[Noo [|
Proof |
frou {|
| |
De
td
a a
| |
i ae






MOUNT MORIAH

No. OF REGISTERED VOTERS = 4141
Polling

K Smith ] O Turnquest | W Lewis
Divisions PLP FNM BDM





P| CT
Pp |
feces ele a
a ee ee
eset eee ee
fl
ee eee aces nl
P|
ee ee ee
Pe eee fd
P|
ee eset td
a ae a
Pascal el
ee ee
ee ee
a ae ae

SEA BREEZE
No. OF REGISTERED VOTERS — 4153

Polling C Strachan | C Bethel S Brown
Divisions PLP FNM BDM







No. OF REGISTERED VOTERS

Polling Y J Carey | T Bannister
Divisions PLP FNM



No. OF REGISTERED VOTERS



















No. 1







No. OF REGISTERED VOTERS
Polling K Gibson } M Turnquest
Divisions PLP FN.



KENNEDY

i
=

4095

T Sands

BDM





FORT CHARLOTTE

3814



Polling A Sears | M Barnett | C Carroll
Divisions PLP FNM BDM



3940



O Archer

BDM

PINEWOOD

No.. OF REGISTERED VOTERS

Polling
Divisions

No. OF REGISTERED VOTERS
Polling V Rolle | P Neymour
Divisions

No. 1



No. 3
No. 5

No. 7





No. 8



No. 9





No. 10

4289



3947

J Higgs
BDM





No. OF REGISTERED VOTERS — 3211

Divisions PLP FNM

not |_|

Pros |_|
Pros |_|
Poa |
ee
eee 7
Pro? |_|
Pos |
roo |
[Noo [| |
Pro |_|
Po |
[ois | |
[Nos [|
| Nois | |
eo

| |

No. OF REGISTERED VOTERS 4259 . A
Polling

Divisions

No. 1



Polling
Divisions








YAMACRAW
No. OF REGISTERED VOTERS 4137

Polling M Griffin] P Nairn
Divisions PLP FNM
ae ae



j

|
Esc
pNod |
ae
|
|
|
[Noo [|
—
|
|
_—
|
|





[tos Tf



2IBUNE

! SOUTH ABACO

No. OF REGISTERED VOTERS 2812 ,








CAT ISL., RUM CAY & SAN SALVADOR

No. OF REGISTERED VOTERS 1519





Family Islands
Tally Sheets




NORTH ABACO

No. OF REGISTERED VOTERS —_ 3764










1
!
|
\
female] san" er] =| |
| [iNet | tT es ee ee nor [oof ff
| [ine PT pno2 [| of fno2 [of ft
| [,No3 PT Oe a ee ee Ee ee
| [[No-4 PTT pNos [| of Ce ee ee ee
| [[No. pT pros | of ft se ee ee
ee a ee a
| P| pvo7 [of of a ee ee
P| re ee Oe ee
a ee prog [ft tT ee
a ia ae Oe ee ee a ee
pete Se ee ee
| | Oe ee a
a ee [rors ff CT Pros | | fT
Poe ee [wos [| fT fwows [| fT
PT Prois [of of prois [| of
PT a ee a ee
ee ee [to [fT | | Tor: [Tf







LONG ISLAND/RAGGED ISL.











SOUTH ANDROS
No. OF REGISTERED VOTERS — 2327



















No. OF REGISTERED VOTERS — 1283






* | No. OF REGISTERED VOTERS 2551 .

WEDNESDAY, MAY 2, 2007, PAGE9-



NORTH ANDROS & BERRY ISLANDS





Polling =| LCanwright| J Miller Polling AGray | D Foulkes Polling
BDM | || Divisions PLP Pm | P| Divisions
frou [oo | | nor [oot ft No.1
vfNo2 Tot | pro2 [of tf
pros [of fT a ee
! es ee ee ce a ee ee ee
a ee pros [of fT
a ee proo [of of
a ee ee a
i fNos [fT [wos | | | |
a a ee ee
i [noo [of ft prow [of ft
Pron fof ft pNou [of
a ee fro [of ft
[wos | | | Pros [| ff
[mois [of | Pros [ | |
[mois [fT | Pros [of tT
a [rows [of tT
To: [| tT [rots [ ff








LUCAYA

C McDonald} —N Grant
ms PLP FNM

oy
S'da

E
°



3













Polling =| Bridgewater] Z Laing | M Edwards
Divisions PLP FNM IND












NORTH ELEUTHERA



MARCO CITY

No. OF REGISTERED VOTERS 4294







EIGHT MILE ROCK
No. OF REGISTERED VOTERS — 4005

Polling C Outten | V Grant
Divisions PLP FNM






PINERIDGE
No. OF REGISTERED VOTERS — 3848
A Pere

Polling een | J Thompson] — E Moss
Divisions 7 FNM IND










No. OF REGISTERED VOTERS 4017

Polling D Coakley | K Russell
Divisions | PLP FNM














No. |

No. 8

|
|
|
|
|
|
|
|
[Nog |
|
|
|
|
||
|
|
|





WEST END & BIMINI
No. OF REGISTERED VOTERS — 3546

Polling
Divisions

No. I



i

|| Bi | | L|

t

; ipea ff ft | por [| | [| |i

y jpees ff ft ae pws | | | | _|

i) ee a a a P| ee

Pe a . —

1 ihe | Pw [

| roe | | |_| ___]

| eee ee [wes | [| | | |

, |

| Twos 11.1 a [wom [| {| |

i

| ifs | || | | | pros [|

| ‘Eno 111d ee [woo | | oT

i iTnen - |... | | ee ee

iy

| ifven [| f |__| a Peo | | [| | |

| ' Enos [|__| a fmwe [| [| [| | |

1 Exe [fT | mon | | | [|_|

' [nous || |_| _] a Pro | | [| |_|
[re [||| __] fms | | [| | |
Pea | Pere [ [fd ,

GRAND TOTAL

UNM tet

TT mere

TOTAL REGISTERED VOTERS:
New Providence | 7

TOTAL VOTERS PLP [| 9% VOTE ||
TOTAL VOTERS FNM [| % VOTE | |
TOTAL VOTERS BDM % VOTE | |
TOTAL VOTERS IND | | % VOTE | |






PLP:





FNM:










- GRAND TOTAL: GRAND TOTAL:





PAGE 10, WEDNESDAY, MAY 2, 2007 | THE TRIBUNE

148,055 expected to go to the polls.
in ‘most exciting election since 1987’

FROM page one



Sf

SP es en etay

j Eiger sererrscarees

*
*
e
e

PRERERREEUEREDS

However, Mr Ingraham
ose not to mention his
ponent, Mr Christie.

« In arally in New Provide
yesterday Mr Ingraham said
ie looked forward to once
dgain leading a Government
dedicated to serving all
Bahamians, “black and
white; middle class, rich and
poor; young and old; able
and disabled: We have the
opportunity to participate in
asgreat ritual of national
renewal.”

» “The important lesson for
us in tomorrow’s vote is the
reality that we are indeed all
équal no matter your status
or station in life. Perry’s got
gne vote; Hubert’s got one
vote; and each registered
voter has one vote as well.
Tomorrow, the majority will
either endorse the behaviour
of the present government or
repose trust in the Free
National Movement,” the
opposition leader said.

‘At the end of the day, Mr
Ingraham pledged to “join
hands, hearts and voices”
with the Commonwealth of
the Bahamas.

: “This election is a battle
for the hearts and minds of
the Bahamian people. The
Bahamian people were sore-
ly disappointed by the PLP

FERSrSrrree



-

in office over the past five @ ABOVE: FNM supporters get into the rally spirit at last night’s event at RM Bailey Park.
years. They smeared our @ BELOW: Prime Minister Perry Christie speaks to PLP supporters at Clifford Park (Photos: Felipé Major/Tribune staff),*

national honour at home and 4
abroad. When the history of Kc i = are

the Christie administration is
written it may well be titled,
Dereliction of Ditty,” Mr
Ingraham said.

= Mr Ingraham said he has
fought to make certain that -
all Bahamians get a fair
shake, that colour, wealth,
génder, disability, religious
Gélief or political affiliation
were not barriers in the
Bahamas.

eI have constantly worked.
to expand democratic free-
doms and make government '
more available, accountable
and less intrusive. I have
constantly worked to expand
opportunity, promote social
justice and increase prosperi-
ae is my record and

d willing, it will be the
legacy I leave if you place
your trust in me as your next
Piime Minister and the FNM
a§ your Government,” the
Gpposition leader said.

“This election the number
of registered voters has
increased by more than 8,000
over 2002.

«The last election broke
records with 140,000 persons
registering to vote.

“On May 2, 2002 the PLP
swept to a convincing victory
over the governing Free.
National Movement.

“The FNM managed to save
seven of the 40 seats -
Hubert Ingraham and
Robert Sweeting in Abaco,
Kenneth Russell, Lindy Rus-
sell and Neko Grant in
Grand Bahama, Alvin Smith
iti Eleuthera and Brent
Symonette in Montagu.

‘SOf this group five men are
offering in this race.

“The 2002 election marked
the first time independent
candidates had represented a
significant force in the House
with four seats.

«Tennyson Wells held on to
Bamboo Town, Pierre
Dupuch captured St Mar-
garet — both former Cabinet
Ministers in the FNM gov-
efnment — Larry Cartwirght
ufseated veteran politician
James Knowles who repre-
sented the island since 1967,
and Whitney Bastian in
South Andros.

aLarry Cartwirght has since
joined the FNM and Pierre
Dupuch has retired from -
frontline politics.

“Tennyson Wells will face
FNM opponent Branville

cCarteny, but, unlike in the

2002 campaign, in this elec-
tion he was not opposed by
the PLP.

aAmong the defeats includ-
ed were then FNM leader
Tommy Turnquest and
députy leader designate,
Dion Foulkes. Mr Turnquest
is:contesting the Mt Moriah
constituency, the seat he held
before his 2002 defeat. Mr
Foulkes is contesting the
MICAL constituency, where,
in Inagua, are his family
rgots.

‘Polls open at 8am and
close at 6pm today.





.
‘
*



@ PLP (left) and FNM (below) eens enjoy their party’s final rallies before election day.
(Photos: Felipé Major/Tribune staff

eo Se Oe” ae





2
THE TRIB
ws UNE
ERTISEMENT
WEDNES
DAY, MAY
: 2, 2007, P.
, ’ AGE tH



P

|FOX HIL
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your histo heaiensaa

a



s
fa
*
’
ns
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e
4
[
«
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¢
P, 4 nw
* R
Pe
4 ;
ae i
4 -
«
ae 4
Le ;
% oY
#
Js i
e ° 2
: ve
. up in the PLP pecause the FNM
: didn't want hi _ They refused vw
« ; o run him as a candidate an a
* B as cons ) he slunk 9 inas , bearing ‘.
# 1 e outst his resentme t like @ king-SIZe :
=" t. Fred i i haversack. |
Howevet, en he Jaunched :
his “Third Force” 9 gg9, Mr x
mitchell was insis i ‘ :
b \ a ; :
fe e eo.
$
a ,
ht “8
2
é 7
» = ir
be . Fred Mitchell, in an address to the Kiwanis ‘
es ne White Bahamian in Bahamas 0 iy
Ee sd that the blac yer-The-Hill
*” under the PLP government with
, a od ont !
r nching 4 vicious, a
, oY. website that per- ation that (He * al \
Â¥ ation as, in fact, \-
as. the pat y
* ause without $ }
* rom r he in the groun 1
pti politic heap © ) i 2 ee :
om one Pe ty while heapin oor b :
acti _ dling, Mr Mitche
ne ; ; " e i >
‘a » forel minister runni 2
= in ai ers j ‘
=
- ¥
i at is a
out t in tryi
Hy
oD
4
i
:
‘ j
” a accordingly:
° Mr Mitch d
Pe was “a political upstart and -
Fey: Noublemaker nd “a spoilt \
prat who deserves 4 serious
spanking.”
av’s
2
!
be
ee
te . 7
im e ministet perry the man who, inthe f
4 e independent time, would becom is Pd he pro} ct
ntreville who was “So we Say to Mr Christie, 8° ingle cor jbution t
right ahea prother, y js crit- © Mi
: y Mi
a © sai
® itchell advo
jon, he
W: :
a
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te
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a
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ta) !
im
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ie
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ty
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es - '



4

N

4





PAGE 12, WEDNESDAY, MAY 2, 2007

BANKBOSTON TRUST COMPANY LIMITED
(Incorporated under the laws of the Commonwealth of The Bahamas)

Batance Sheet
As of 31 December 2006
(Expressed in United States dollars)

2.

2006 2005
$ $
ASSETS
Cash and demand deposits with banks (Note 6) 20,318,149 16,864,040
Time deposits with affiliated banks 418,382,757 390,380,209
Fees receivable 1,216,456 1,621,914
Loans and advances to customers 2,964 9,305
Other assets ___ 858,269 —_739,050
Total Assets (Notes 4 & 5)” 440,778,595 409,614,518
‘LIABILITIES
Customers’ deposits - demand and call 61,777,133 "$4,611,356
Other liabilities 619,868 _- 749,892
Total Liabilities (Notes 4 & 5) 62,397,001 55,361,248
EQUITY
Share capital (Note 3) 1,000,000 1,000,000
Additional paid-in capital (Notes 3 & 12) 264,000,000 264,000,000
Retained eamings (Note 12) 113,381,594 _89,253,270
Total Equity 378,381,594 384,253.270
Total Liabilities and Equity 440,778,595 409,614,515
Signed.a3 approved on behalf of the Board om 26 April 2007:
" Charles Doolittle Richard Kane
Director Director
" Notes to the Balance Sheet
31 December 2006
1. General Information

BankBostori Trust Company Limited (the Company) is incorporated under the laws of. the
_Commonwealth of The Bahamas and is licensed to carry on banking and trust business under the
Banks and Trust Companies Regulation Act, 2000. The Company’s ultimate parent is Bank of
America Corporation (BAC). BAC and companies in which BAC owns directly or indirectly
20% or more of the issued voting shares are referred to as affiliates. Amounts arising from

On 6 November 2006, BAC entered into a share purchase agreement with Banco Itau Europa
Luxembourg S.A., a company organized and existing under the laws of Luxembourg, for the sale

of all the outstanding shares of capital stock of BankBoston Trust Company Limited. The closing

of this transaction is expected to occur on 30 April 2007, subject to regulatory approvals.

The Company's principal activities are providing trustec, corporate, investment management and

banking services from within The Bahamas. Since 1996, the Company had also beenengaged in...

business activities involving emerging markets securities under the terms of an agency and
services agreement entered into with Fleet National Bank (FNB). These activities were
substantially curtailed, and the business was wound up effective 1 December 2005.

The Company’s registered office is located on the Ground Floor, Charlotte House, Charlotte
Street, Nassau, The Bahamas. The number of employees as of 31 December 2006 was 30 (2005:
31). ' rea ,

Sammary of Significant Accounting Policies

The principal accounting policies applied in the preparation of the balance sheet are set ‘out
below. These policies have been consistently applied to all years presented, unless otherwise

stated.

(a) _ Basis of preparation

The Company's balance sheet has been prepared in accordance with International

Financial Reporting Standards (IFRS). The balance sheet is prepared under the historical
cost convention as modified by the'revaluation of trading securities. The preparation of
the balance sheet in accordance with IFRS requires management to make estimates and

-assumptions that affect the’ amounts reported in- the balance shéet: arid accompanying: °

notes. Actual results could differ from those estimates.

The application of amendments to published accounting standards and interpretations that
become effective] January 2006 did not result in substantial changes to the Company’s
accounting policies. With the exception of the new disclosure requirements of IFRS 7
Financial Instruments: Disclosures, and amendments to IAS 1 Presentation of. Financial
Statements regarding capital disclosures, that become effective 1 January 2007, the
application of new standards and interpretations issued but not yet effective will not have
a material impact on the Company's balance sheet in the period of initial application. On
adoption, IFRS 7 will supercede IAS 30 and the disclosure requirements of IAS 32.

(b) Assets held as Trustee, Custodian or Nominee

The Company is engaged in significant custodial and fiduciary activities that results in
the holding or placing of assets on behalf of individuals, trusts and other institutions. No

account is taken in the balance sheet of assets held by the Company as custodian, trustee,

or nominee.

(c) . Loans and advances to customers

Loans and advances to customers are stated at the principal amount outstanding less any

specific provision for impairment and uncollectibility. All outstanding loans and.

advances are originally granted by the Company and are recognized when cash is
advanced to the borrowers. All loans and advances to customers are adequately
collateralized by cash, cash equivalents and marketable securities. Accordingly, the Bank
has not established a provision for impairment or uncellectibility with respect to these
loans and advances. : , :

(@) Forcign Currency Translation

Items included in-the balance sheet are measured using the currency of the primary

economic environment in which the Company operates (‘“‘the functional currency”). The _

balance sheet is presented in United States dollars which is the Company's functional and
presentation currency. Assets and liabilities denominated in currencies other than the
United States dollar are translated at rates of exchange prevailing at the year-end.

(ec) Cash Equivalents

For purposes of the statement of cash flows, the Company considers demand deposits
with banks and all time deposits placed, with a term of three months or less, to be cash
equivalents.

(9) Investment in subsidiaries

Investment in subsidiaries consists of the Bank’s investment in Bay State Corporation
" Limited and Cape Ann Corporation Limited that serve as nominee holders of investment
securities on behalf of clients of the Bank and Kennedy Director International Services,
SA and Federal Director International Services, SA that serve as directors of corporate
clients of the Company. The investment in subsidiaries, all of which are wholly owned,
are stated at cost and included in other assets. The effect of not consolidating the

subsidiaries is immaterial as they each have a nominal amount of share capital and, mo

except as noted above, are otherwise inactive.

Si VE,



THE TRIBUNE

Share Capital and Additional Paid-in Capital

The authorized, issued-and fully paid share capital of the Company consists of 1,000,000 ordinary

shares of $1 par value each. The Company’s parent has also injected $264 million as additional

paid-in capital.

a Analysis of Assets and Liabilities

Assets and liabilities may be analyzed by geographical area, based on the domicile of the

counterparties, as follows:

2006 2005
$ $
Assets:

Latin America 1,131,149 1,100,293
North America 20,281,151 17,274,556
. The Bahamas & Caribbean — 419,366,295 391,239,669
440,778,595 409,614,518
2006 2005
s s

Liabilities: 7 ,
Latin America 60,785,502 47,541,825
North America 1,029,775 “7,204,820
_ ‘The Bahamas & Caribbean . 581,724 614,603

5.

6.

1.

8.

».

11.

_ Maturities of Assets and Liabilities

Assets and liabilities may be analyzed into relevant maturity groupings, based principally on the
_Femaining period from the balance sheet date to the contractual maturity date, as follows:

2006 - 2005
: eae, fg
Demand and less than three months ie i - 439,920,327° 408,875,468
From three montis t to five years me os : 794,227 - | 675,009
Over five.years OE eat SE 64 OOT 64,041
440,778,595 409,614,518
2006 2005
$ $

Lisbilitis: itt

Demand and less than three months 61,815,277 54,612,106
From three to twelve months a ee, 122,802 172,164
From ane to three years 458,922 576,978
~62.379,001 55,361,248

~ Other Balances and Transactions with Affiliates

Other balances with affiliates included in the balance sheet, but not separately . disclosed
elsewhere, are shown in the following table:

2006 2005
Ss $

__ Balance Sheet: | .
Cash and demand deposits: with banks 19,261,040 15,745,098

Lease Commitment

The Company has a commitment under a non-cancellable operating lease agreement relating to
its offices that expires ‘on 31 January 2010. The future aggregate minimum lease payments under *
Piaas ee operating lease are as follows: |

2006 2005

: o . $ . $
Not later than 1 year 294,144 (200,696
Later than 1 year and not later than 5 years __ 588,288 -

Pension Plan

The Company has an independently administered defined contribution plan covering all full-time
employees. All full-time employees who have completed a probationary period of employment
are eligible and required to become members of the plan. Members are required to contribute, by
.. way:of monthly payroll deduction, from one percent up to a maximum of six percent of their

.- ¢ligibleeamiings to-the plan. The Company in turn contributes an amoiint equal to’six’ percent of "

- the member's eligible carnings to the plan. . Members have a fully vested interest in the
Company’ s contributions after five years of continuous service.

Income Taxes

The Company is not subject'to income taxes under the laws of The Bahamas.’ However, for
United States (U.S.) federal income tax purposes, the Company has been treated as a branch of its
’ U.S. parent company since 1999. As such, the Company’s taxable income or loss is reported on
its parent’s U.S. income tax return. However, the parent company *s current tax sharing policy is
such that no foreign subsidiary or branch shall be charged for or remit taxes that result from the
inclusion of the’subsidiary’s or branch’s income in the U.S. tax return.

Risk Management

Fiduciary risk
The Company is susceptible to fiduciary risk, which is the risk that the Company may fail in
‘carrying out-certain mandates in accordance with the wishes of its clients. To manage this risk,
the Company takes a very conservative approach in its fiduciary undertakings.

Credit risk

Credit risk arises from the failure of a counterparty to perform according to the terms of the
contract. From this perspective, the Company’s exposure to credit risk is primarily concentrated
in demand deposits and term deposits.

_ Fale Values of Financial Instruments

Fair value estimates are generally subjective in nature and are dependent upon a number of
significant assumptions associated with each instrument or group of similar instruments,
including estimates of discount rates, risks associated with specific financial instruments,
estimates of future cash flows and relevant available market information. Fair value information
is intended to Tepresent an estimate of an amount at which a financial instrument could be
exchanged in a current transaction between a willing buyer and seller engaging in an exchange
transaction. However, since there are no established trading markets for a portion of the
Company’s financial instruments, the Company may not be able to settle its financial instruments
immediately; as such, the fair values are not necessarily indicative of the amounts that could be
realized through immediate settlement.

The methods and assumptions used to estimate the fair values of the Company's financial
‘instruments are as follows:

Loans and Advances to Customers. The carrying valuc of loans and investments approximates
fair value due to the short-term and/or frequent repricing characteristics of these instruments.

Other Financial Instruments. Other financial instruments utilized by the Company. are
gencrally limited to those types of financial assets and financial liabilities shown in the balance
sheet. The carrying amounts of these other financial instruments are considered to approximate
their fair value, gfven that they are either short-term in nature or have rates that automatically

Teprice to market on a periodic basis.

ere FF

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Subsequent Event

During March 2007, the Central Bank of The Bahamas approved the Company’s request to
reduce its shareholder’s equity to $30 million, to be settled by an interim dividend from the
excess capital reserves to the beneficial owners of record in the Company.

PRICEVATERHOUSE(COPERS

PricewaterbouseCoopers
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 Shareholder of BankBoston Trust Company Limited

We have audited the accompanying balance sheet of BankBoston Trust Company Limited 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 International Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on 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 auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider 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
intemal 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 the Company 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 BankBoston
Trust Company Limited.

Chartered Accountants

Nassau, Bahamas
26 April 2007



ULTRA STRENGTH

PAINRELIEVING PATCH

_Bengay Patch
Pasa) eee
Be fo) Viet ey= 1 (pee
“undercover @



THE TRIBUNE



S THIS column has

opined on more than
one occasion, the biggest dis-
appointment of the PLP gov-
ernment to date has been the
seemingly lacklustre approach
it has taken to matters involv-
ing the perception of corrup-
tion and scandal.

The party’s own website
boastfully quotes the Inter-
American Defence College as
follows:

“The ability of the PLP to
deliver on an improved econ-
omy and services for the pop-

ulation generally, outweighs »

the public scandals on the per-
sonal conduct of several PLP
politicians.”

What would for most bal-
anced politicians be construed
at best as an embarrassingly
mixed and equivocal endorse-
ment, passes as bragging rights

- for a party that now seems to
take for granted its reputation
for tolerating scandal, even
among disinterested interna-
tional observers.

A man of seemingly unblem-
ished personal character, the
Prime Minister has, to all
appearances, failed to confront:
those many blemished ele-
ments of the PLP whose only
claim on his loyalty is that they
stuck by the party more con-
vincingly than he when it
entered an eighteen-year
wilderness in 1984.

The Prime Minister is a
famed believer in giving sec-
ond chances, which is a
refreshing trait in a judgmen-
tal, preachy place like this. But
he‘also exhibits another, less
ina trait, common in men
1 who are basically good:- a

* naive belief in the transforma-'

» tional powers of men who are
* basically bad.

Unlike the last PLP Prime
Minister, Mr Christie has no
A D Hanna - a powerful on-
the-ball deputy willing to pun-
ish embarrassing fellow-trav-
ellers on behalf of the chief, or
alternatively to resign in a pub-
lic huff. Even more than Pin-
dling, he needs one.

o while Mr Christie
remains his party’s
strongest point among think-
ing Bahamians, the integrity
and instincts of many of the
PLP’s “wilderness” crowd,
apparently unintimidated by
his character, continue to give
grounds for much suspicion.
This is a huge disservice to

WEDNESDAY, MAY 2, 2007, PAGE.+3

PERSPECTIVES

ANDREW ALLEN



than any major institutional
changes introduced by him or
his successor.

Fifteen years after the
reform era of Bahamian poli-
tics began, both of the last two



The best result that could
come of Wednesday’s election
is one that confirms neither
party in a sense of ordained or:
invincible rightness to ae

When two imperfect
parties tangle, the
best hope for us

is a close result



ELERLE SLE RETEST ELSSPSE CLSLAET A SLC EG CELL TERPS POSTE

sally collected. Why? Becausda
they are collected by the stata
and local government, not they
Fed. And if you do not png
the local government wil

take your house andsell it “t



SEFHESTILOES REPEL ISLES

administrations must be fault-
ed with neglecting basic things
that institutionalise reform:
Freedom of Information leg-
islation, the creation of
ombudsmen and new levels of
public administration with real
power (local government).

CENTRALISED
GOVERNMENT IS A
FLAWED LEGACY OF
BOTH PARTIES

ikewise, on their
rhetoric, both parties
seem likely to build upon one
of the emerging failures of the
present government: a family
island development policy, that,

simply directs jobs and invést- -
‘ment itito conimunities that”

are not communities at all,
since they have no capacity for
self-administration, not to
mention the makings of civil
society.

Peopled land masses do not

develop into governed com-—

munities just because of jobs,
money or even “master plans”.
Firstly they necd their own tax
bases, their own motivation to
find and pursue a local balance
between private enterprise and
public investment. Infrastruc-
ture and society will develop
in line with this balance.

Go to Abaco, then go to Key
West. Both have seen sky-
rocketing land values and an
invasion of wealthy “snow-
birds”. But while Monroe
County, Fiorida has a tax base
capable of keeping nice roads,



While Mr Christie remains his
party’s strongest point among
thinking Bahamians, the
integrity and instincts of many
of the PLP’s “wilderness”
crowd, apparently
unintimidated by his character,
continue to give grounds for
much suspicion.



PLPs and to Bahamians gen-
erally. Two decades after the
mortifying eighties, highly
believable accounts of minis-
terial corruption are now com-
monplace in The Bahamas

once again. That is the PLP’s

double tragedy and one that it
is hoped the party’s patriots
will begin to take seriously.
Of the FNM it can also be
said that the party’s most strik-
ing strengths and weaknesses
both relate to the leadership
style of the man at its helm.
Like Mr Christie, Mr Ingra-
ham is a politician who is per-
sonally honest. Unlike Mr.
Christie, he seems to send a
chill up the spines of those who
are not. So much so that he

apparently alienated many of
the party’s bad apples long
before he left the PLP.

The demeanour of Ingra-

ham as leader is what changed
the public service culture per-
ceptibly for the better since the
end of the Pindling-era, rather

beautiful public parks and
libraries, Abaco is another
underdeveloped “out island”
that still looks to Nassau politi-
cians to dole out just enough
funds to keep it at the subsis-
tence level that Bahamian
politician regard as natural for
“out islands”.

If Abaco could add a tiny
amount to the laughably low
Bahamian real property taxes,
then collect the taxes itself, I
am told that it could have built
several times over the modern
airport that successive govern-
ments have been promising for
many years.

There would be no com-
plainers about such a tax.
Bahamians do not pay real
property taxes, and foreigners
are accustomed to paying
much higher ones than the
ones some bother to pay to our
government.

In Key West, as elsewhere
in the US, property taxes are
high. They are also univer-

Ya
the money you owe. That ig
a

how a community functions.

The absence of empowere
self-funded local pecan
outside of Grand Bahama is
spectacular failure on the part
of both parties, and one thata
no reasonably good govern-#
ment would leave as is after
one term in office, much 'lessia
two.

WE MUST GET PAST
STYLE |

ERUEEERSESESD REZ

2

he FNM continues to

present issues of gov-
ernance and corruption as
matters of style. “Trust us, wew

are more honest” is the a.

“sage, rather than “let us pute
in place institutional changes
that will ensure better public
administration, whoever is in
power”. a

This is disappointing. It
means that we are taking a
plunge into the unknown suf
each new administration
rather than following a course
of genuine improvement oven
time. Unfortunately, thath
seems in line with the FNM
leader's perception of B: ahami-g
an politics and his place withing
it.
While generally admiring thes
achievements of his first
administration, I have made
no secret of my scepticisms
about various aspects of Mr
Ingraham’s leadership style.
Most troublingly, of all senior
politicians active in The
Bahamas today, the FNM
leader alone excites the cult-
frenzy among his supporters
that helped doom Sir Lynden
Pindling’s legacy (though per-
haps some others would like
to).

As we saw with Pindling,
such a situation creates the
risk of a leader so secure in
his own intrinsic rightness that
he not only spurns the mes-
sages of brighter minds, but
comes to resent the messen-
gers as well. Like his prede- &
cessor, Mr Ingraham tends to
attract panicky, defensive and #
overly-loyal types as his
immediate henchmen, while
alienating independent
thinkers.

SUE REUETSNTASUREENE DEERE CRESS ESET SEER

e also seems to lack

-for good advice at
times. His silly and needless
descent into the US/Cuba row
last year left many thinking
Bahamians wondering just
whose interests he was cham-
pioning as a potential leader
of The Bahamas. Certainly not
those of the thousands of
Bahamians who receive
advanced medical care and
education in our neighbouring
island.

More recently, Mr. Ingra-
ham’s (or his party’s) intense
personalisation of the election
campaign around an egoistic
cult of leader-worship has
alienated many of those think-
ing Bahamians who were once
almost genetically inclined
toward the FNM.

All in all, the best result that
could come of Wednesday’s
election is one that confirms
neither party in a sense of
ordained or invincible right-
ness to govern.

ERS2SESREEOREMEUTSENENETSTOSS S FES ERAEAS oe Piz suewews seaesuEEt ERE pesuesee

i



PAGE 14, WEDNESDAY, MAY 2, 2007

LOCAL NEWS

THE TRIBUNE



FNM candidate |
claims four
men in car
attempted to
run him over

FROM page one

speaking with the occupants
inside.

“T was leaning over in
the road, and then a car
approached slowly. It
stopped, and then took off
with the maximum speed
that it could in that short
distance and came directly
at me.

“TJeaned — or you
know,when you're trying
to stand on your toes to get
as close as possible to the
car to avoid getting hit —
stretching as much as pos-
sible. The side view mirror
just brushed me,” he said.

Dr Minnis said that the
vehicle, which was flying
PLP flags, was of a Japan-
ese make and of a maroon
colour.

“After they missed me,
they then turned around
and came back at me
again,” he said.

Dr Minnis said that by
this time he realised what
was happening.

“L subsequently moved
around to the back of the
car to protect myself. And
then they just sped off and
left:But I have reported it
to the police, and they
came. again today to con-
tinue. their normal investi-
ga * he said.

innis said that

witttmany of his friends
asap have asked
if he-would need or require
security, he has declined
the-offer. Despite this, he
ha&forwarded information
to,fifie police who reported-
ly are‘taking the matter

“very seriously”.

nnis said he has
notmentioned anything of
theamatter to his opponent.
He'Was highly doubtful
that Mr Wisdom
would condone such
actions from any of his
supporters.

_ Security will be in place
to reassure his safety, but
Dr Minnis added that it
would not be an “obvious”
pigeons.

‘MP makes police complaint
over alleged vote buying

FROM page one

Gray has been involved in issu-
ing unnecessary three-month
public contracts to MICAL res-
idents. The contracts end at the
end of this month.

Upon being informed about
the allegations against the
FNM, Mr Bastian said that he
took the information to the
proper authorities.

"There are persons now who
are willing to swear affidavits
as to (person’s name withheld)
giving out monies and talking
about these are for votes. And,
in fact, (name withheld) is offer-

ing at least a hundred dollars
per vote” he declared.

Mr Bastian said that there is
nothing wrong with attempting
to assist constituents. Howev-
er, giving money for votes is
criminal.

“} have told the commission-
er any evidence that I person-
ally get of it, we are going to
stop it down here,” he said.

Chief Superintendent Hulan
Hanna confirmed that a com-
plaint was made by Mr Bastian,
and he informed The Tribune
that a team of senior officers
has been dispatched to South
Andros to investigate the alle-
gations,

Mr Hanna said that if the nec-
essary evidence is found of
wrongdoing, charges would fol-
low. However, if the allegations
are unfounded, he said, that too
would perhaps be released to
the public at the appropriate
time.

At this stage of the investi-
gation, Mr Hanna declined to
specifically name the individuals
allegedly involved in vote buy-
ing. And, Mr Hanna added, the
allegations circulating during
this election regarding vote buy-
ing are not extraordinary.

“T think that in all recent elec-
tions, that I am aware of, you
always have any number of alle-

gations coming from persons,
either candidates themselves,
or members of the communi-
ty,” he said.

FNM Chairman Desmond
Bannister told The Tribune that
these allegations against his par-
tyare false. ,

“The FNM is not going to get
involved with any such activi-
ty. That’s not our party’s poli-
cies. None of our candidates will
do anything to buy any votes,”
he said.

“We are going to win the
election based on policies and
the trust of the Bahamian peo-
ple,” he added.

Mr Bastian shocked the polit-

ical mainstream in the 2002
election by becoming the only
independent to defeat both the
PLP and FNM, winning
the South Andros seat by 94
votes.

The PLP have high hopes of
retaking the seat lost since the
retirement of the late Sir Lyn-
den Pindling nearly a decade
ago.

But according to Mr Bastian,
the PLP candidate for the area,
Picewell Forbes, will be no fac-
tor.

Full of confidence, Mr Bast-
ian informed The Tribune that
he will win the seat comfortably
by at least 300 votes.

ee:

Further allegations of
ection bribery attempts

FROM page one

and assisting us in upholding the law," said Asst
Commissioner Ellison Greenslade.

"We ask Bahamians far and wide to stay on
the right side of the law."

While the officer said he had personally not
encountered complaints about corrupt prac-
tices during election time, he said he could not
speak for other senior officers.

But he added that he would expect to be
made aware if other officers heard such alle-
gations.

Some commentators have claimed that this
election has been most notable for the number
of allegations of corrupt practices being brought
to the attention of the press.

While rumour of such illegal behaviour has

circulated in previous elections, never before
have such a number of allegations been publicly
vocalised, it is claimed.

According to the Bahamas Parliamentary
Act, any person who corruptly provides "mon-
ey or valuable consideration" or "meat, drink,
entertainment or provision to or for any per-
son" in order to be elected, has committed an
offence.

Likewise, any voter who corruptly accepts

or takes any such meat, drink, entertainment or

other provisions — such as a job — shall also be
guilty of an offence against the Act, it states.

Penalties of up to two years imprisonment,
losing one's vote, or right to run for parlia-
ment, in the case of those providing the bribes,
can proceed from being convicted of such a
crime.

International organisations, such as the Unit-
ed Nations, define vote-buying, among other
practices, as among several forms of "electoral
fraud and misconduct."

Other "coercive tactics", less obvious than
offering money, such as threats of job loss, or
conversely, offers of employment, also render
elections less than "free and fair."

In total, allegations of vote-buying have
reached The Tribune from four constituencies.

Meanwhile, in another constituency, The Tri-
bune has received reports from a Ministry of
Public Service insider that a large number of
jobs in that ministry have been offered by a
PLP candidate.

Reports also surfaced yesterday that at least
one new employee at the National Insurance
Board, who had been offered a job only weeks
prior to the election, was being "given the after-
noon off" to campaign for the PLP MP who
offered them the position.

Alcohol epi
during polling
hours eri

FROM page one

of the Bahamas Elections Act, “All licenses issued under
the provisions of the Liquor Licence Act shall be sus-
pended during the hours of the day on which a poll is
being held for a general election and any person selling
or exposing or offering for sale any intoxicating liquor’
shall be deemed to be so doing while not holding a
licence under the provisions of the Liquor Licence, Act,
chapter 372.”

The Act also says that during an election, any pekson
who behaves “in a violent, offensive, disorderly or insult-

‘ing manner” will be guilty of an offence.

It adds: “Any person who at any time on the day of an
election tampers, defaces or interferes with a polling
booth or obstructs the entrance to any polling place or
obstructs or interferes with any voter or loiters or does
any electioneering within one hundred yards or hearing

distance of a polling space, shall be guilty of an offence}

under the Act.”

Officials have also advised voters to ensure that there
are no pre-existing markings on their ballots when they
are collected, and that they place no other marking on
the ballot, other than in the box next to the symbol rep-
resenting the candidate of his or her choice.



rahe

pe OS LL Lae eS @ 8!

rs FUNERAL HOME LIMITED |

22 Palmdale Avenue, Palmdale



Nassau, N.P., The Bahamas

: Fura eT aT



|= Ms. Rosemary
Clotilda Ageeb,76

| of Nassau, The
Bahamas, who died
peacefully at her
! residence on Tuesday,
| 24th April, will be held
at Sacred Heart
Roman Catholic
Church, Shirley Street,
Nassau, on Thursday,
3rd May,
11:00 a.m.

Father Mel Taylor will
officiate.
Cremation will follow.

2007 at §



Ms: Ageeb is survived by one son, Bernard
| E&inklin Ageeb; one daughter-in- -law, Jennifer
seb; two grandsons, Joshua and Zachary Ageeb;

tye brothers, George and Charles Ageeb; one. |

Sister, Kathleen Winchell; three sisters-in-law,
Gforia, LaVerne and Karen Ageeb; four nieces,
E.J. Maria Ageeb, Lupita Ageeb-Rolle, Angelique
| Priore and Michaelene Ageeb; ten nephews, Jose,
| Thomas, Antonio, John, Gregory, Ashley, Mark,
Edward, Brian and Christopher Ageeb; nine great-
nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana,
Erin and Jenna Ageeb; eight great nephews,
Shelton and Jonathon Ageeb Rolle, Thomas,
Joseph, Daniel, Andrew and Jordan Ageeb and

Michael Priore.

She was predeceased by her parents, John and
Mary Ageeb; two sisters, Gloria and Theresa
Ageeb and two brothers Anthony and Arnold

| Ageeb.

Arrangements by Kemp’s Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.



airport is open, but has
no international status

f By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - West End candidate
David Wallace said that while the West
End airport is open, it has no interna-
tional status and does not benefit the
residents of West End.

Mr Wallace said that the FNM will
seek to restore the old glory days of
West End, where international charter
flights came in from Canada and the
United States.

“The PLP promised to reopen the
West End airport.

“Well, the West End airport is open,
but it ain’t open for me and you.

“So, don’t mind them telling you the
airport open. If you and J want to go to
Miami, or Nassau, you better go to
Freeport — we can’t take no flights
from this airport in West End,” he said
on Monday evening at a rally in West
End.

The rally was one of the biggest in
that settlement, complete with a mini-
concert and live broadcast of the FNM’s
mega rally at Clifford Park. Hundreds
of supporters turned out for a massive
motorcade from Freeport to West End.

During the motorcade into West End,
FNM supporters were confronted by a
group of rowdy PLP supporters at Eight
Mile Rock, who blocked the road at
Sea Grape and hindered traffic for sev-
eral miles in that settlement.

Although there was no reported case
of violence, supporters from both par-
ties exchanged heated words.

Mr Wallace, seeking re-election as
West End and Bimini MP, said West
End is not a PLP stronghold as pro-
claimed by the PLP.

He said promises made to the resi-
dents of West End by the PLP in the
last élection have not been kept.

The high school and bank that were
promised for West End have not been
fulfilled in the last five years, he said.



“The PLP promised to reopen the West
End airport. Well, the West End airport is
open, but it ain’t open for me and you.”



West End candidate David Wallace

“Well, it has been five years and no
high school. They promised a bank —
they couldn’t even give West End an
AMT machine,” he said.

Mr Wallace said that although the
airport is open as promised by the PLP,
it has no international status.

“We all know that the airport was
downgraded and it could be used for
locals, but now they have it for special
permission. So, do not let them fool
you. Me and you ain’t benefit from the
airport being open,” he said.

Mr Wallace said that there should be
the return of international flights to
West End, which is still the capital of
Grand Bahama.

Mr Wallace claims that he has done
more for West End in the previous five
years when he was the MP, compared to
Mr Wilchcombe.

He said the FNM was responsible for
the revitalisation of West End with the
redevelopment of the Old Bahama Bay.
Under the PLP, he noted that the Jack
Tar Hotel closed and put 600 persons
out of work in West End.

Mr Wallace said the FNM repaired
the administration office at West End
Primary School, upgraded the West
End Clinic, acquired the fire engine in
conjunction with the Rotary Club,
repaired recreational facilities in West
End, and reintroduced the West End
powerboat race, and summer youth pro-
gramme.

Mr Wallace said that West End resi-
dents fear losing their land, and their

jobs at Old Bahama Bay.

The former MP said that the Ginn
project is not really benefiting residents
of West End.

“Ginn is a wonderful development,
but let me tell you something Ginn has

to be good to the residents of West End ;

— they have to hire the people in West
End first.

“The only people getting hired by
Ginn are those who live in Freeport
and the family and friends of politi-
cians. That can’t be right,” said Mr Wal-
lace.

The FNM, he said, would bring fair-
play to residents of West End.

“Under the FNM, you will be hired
based on your qualifications and not
who you know. It can’t be right that a
development come here and the people
ain’t ready for it.’

He also claims that some residents in
West End have not received any hurri-
cane relief after two and a half years
and still live in homes with leaky roofs
and others are still living in temporary
trailer homes provided by government.

Mr Wallace plans to establish a mon-
ument in West End to preserve the his-
torical significance of West End.

He also said that a government dock
is needed in West End, as well as a
library, community centre, and low- -cost
homes. Mr Wallace promised that if
elected, he will start a beautification
programme of waterfront and create a
waterfront park similar to Arawak Cay
and Sunset Village, in West End.

PaO Se ae a Se)

Sn ate ea S&H RRO 0

‘2 ee OO ew. St, ee lee 8 oe

Se @ 8 te no Se Se. F7 ”

’

es

NM candidate: West End



| THE TRIBUNE WEDNESDAY, MAY 2, 2007, PAGE 15





Parties campaign to the end

Hubert Ingraham led FNM supporters at
events on Grand Bahama and New Providence





BS
a

M@ THE huge crowd gathered at Clifford Park on Monday nigh



\ A 5 z

| MORE crowds at the FNM rally in Grand Bahama on @ HUBERT Ingraham onthe Trust Bus Tour in New
Saturday Providence with Fox Hill‘candidate Jacinta Higgs

In the last few days before
the general election, the
PLP toured the Family
Islands of Acklins, Cat
Island and Inagua

(Photo: Franklyn G F erguson)

x
Turney,
Rack 7 WA

’









PAGE 16, WEDNESDAY, MAY 2, 2007

THE TRIBUNE °

ec
. LOCAL LETTERS

Double standards Tired of name calling by both parties

EDITOR, The Tribune.

KINDLY allow me to express my reaction
regarding many existing double standards in the
wake of these 2007 elections.

It was recently expressed by a single mother
that she felt confident her designated MP would
provide a fence and pavement for her driveway in
exchange for the three available votes within her
home.

It is incomprehensible how, with the slightest
scant of good conscience and commonsense, any
such person is willing to solicit or accept a bribe
from the very person whose salary they pay.

Is it not a statement that the desperation to
exercise unethical practices is an implication of
their inadequate performance, should your sup-
port prove unobtainable in an ethical manner?
It was simply not earned.

If‘one welcomes improprieties, perhaps an
acceptable justification is to consider them a return
on your property taxes.

However, in the very least, I implore you to not
convince yourselves that it is worthy of some-
thing as great as your allegiance.

God emphasises "patience in adversity". Do
any such persons perchance think they are alone
in their inflictions? To struggle is but trials and
tribulations imposed by God! To sell yourself for
a paltry gain is but a failure of your test. For this
very reason, God has preserved examples of ances-
tors, admonished to not cast nets on certain days.

Why do we persistently degrade ourselves,
when God himself has exalted us above all crea-
tures and supremely endowed us with reason?

How, in God's name, are we able to condemn

~ those entrusted with our wellbeing for theft and -

giving away your children's inheritance, when we
ourselves are selling our rights to prevent them?
I remain curious as to what your legacy to your

dependents may be.

When future generations (your children) are
able to exercise their God-given right to partici-
pate in the welfare of their very existence, would
not your fence have crumbled and driveway over-
grown with weeds? What valuable lesson would
your children then have inherited? To beg a new
fence and driveway. Thus the continuing cycle of
regression.

Why do we refuse to elevate ourselves in God’s
consciousness? Does it not prove impossible to
turn back when one has never ceased to remain
stagnant?

Would you not rather teach your children the
adage "No man can do for them, what they cannot
do for themselves, by the grace of God! Is it not
emphasised by God to refrain from compromising
your integrity? In time, by example, our children
will prove well equipped to characterise gover-
nance by specifications ordained by the Supreme
Being.

Simple God-conscious guidelines may actually
empower a government with the obligation of
taking into account the permanent interest of you
and your dependents — a government that would
deem it unthinkable, unconscionable, and shame-
ful to degrade your soul and insult your intelli-
gence.

Who knows, a reward may even be had for
utilizing your God-given reason. The Most High
may deem it appropriate to endow sufficient sus-
tenance upon you to construct a concrete wall —

one not even necessary to have begged for!

Best wishes to Dr. Hubert Minnis in Killar-
ney. ,

NATASCHA PINDER
Killarney,
April, 2007.

EDITOR, The Tribune.

THANK you for allowing space
in your invaluable column to say:
“Thank You Lord it’s just a matter
of days”.

I’m sure I am not the only one
tired of all the name calling and
meaningless commercials by both
parties. Mr Ingraham, it is my sin-
cere prayer that you continue to
not respond to every foolish yada —
yada - yada that the PLP is spewing
out and please focus more on
enlightening us on your plans for
our youth, minimum wage, how the
present government increased the
car inspection without any warning
and will it be returned to a fair cost,
and will your government be willing
to look into a three strike pro-
gramme so that we can help restore



and give hope to many of our peo-
ple who have seemingly lost hope
all because of a police record that
will follow them for the rest of their
life shining a negative light.

To you, Mr Christie, so what if
Mr Ingraham removed Mr Symon-
ette for alleged misjudged circum-
stances.

At the least we should congratu-
late Mr Ingraham and his deputy
Mr Brent Symonette for both being
men and bringing, if not evil, the
very appearance of an evil situa-
tion to an end, But on the other
hand, here you are slinging mud
from the past in their faces, and you
have yet to address the issues of
your two ministers fighting in the
House, the issue of the visas, the
alleged rape incident, the removal



of the door and the toilets by one of
your MP’s, the alleged missing
funds, amongst other things. Please
don’t insult us any further.

If you want to talk, start from
the visa issue and explain why you
have not fired the likes of Kenyetta
Gibson, Leslie Miller and others,
but quickly hung the Reverend C B
Moss out to die.

Please, Mr Christie, issues, issues,
issues not slander and propaganda.
It’s time to be a man and take a
stand. The Bahamas is in need of'a
Prime Minister and right now the
choice is clear. IT AIN’T LONG
NOWWWW!














MINISTER S DAVIS
Nassau,
April, 2007.






Concern about recent PLP motorcades:

EDITOR, The Tribune.

PLEASE allow me space in your valuable paper to
voice my concern about the recent motorcades which
were and are being scheduled at 3pm by the Progres-
sive Liberal party leading up,to the general elections.

On a daily basis the traffic situation here is extreme-
ly congested and explosive, to say the least. This situ-
ation is compounded even more, by the PLP, led by
the Prime Minister, Perry Gladstone Christie, who
allows his cohorts to have a motorcade beginning at
3pm in the afternoon, during one of the peak times of
the day, when school is out and those persons who
have to pick up, drop off their children and return to
work all within one hour, experience unnecessary
delays.

Iam not fortunate to be employed by the Govern-

ment where time is non-existent and you play by your ©
own rules. I find it very disgusting, outrageous, incon- ‘
siderate, and a total disrespect for the other working «
class, as you sit in traffic for extended lengths of time, +.
trying to get to your destination. This type of action to *
hold mass motorcades, during peak periods, does not
speak well, for a Leader who is supposed to be in «
touch with the people.

I implore you, sir, to reschedule these events as -
the timing is simply inappropriate and not conducive °
to those persons who have to return to work within *
one hour. ~

MIZPAH STRAPP
Nassau,
April 27, 2007.



Form a unique unified bus system

EDITOR, The Tribune.

I AM one of the many omni-bus
owners who do not have a franchise.
I was born a Bahamian. I submitted
’ my application for an omni-bus fran-
chise in January of 2003. After
receiving no feedback, I purchased
my bus in December of the afore-
mentioned year. Prior to purchas-
ing my bus, I entered an agreement
with a gentleman to have an omni-
bus franchise transferred to myself.
Cognizant of the bureaucracies, I

solicited the assistance of my MP in
mid-December year of same to
ensure the transfer. She told me that
she had spoken with the Minister of
Transport who told her and I quote
“she didn’t see any reason why it
couldn’t be done”. I followed up
with my MP on numerous occasions
regarding the course of action and
was told that she was awaiting same
from the Minister. After a while my
MP expressed frustration at not
being able to execute for me. She
attributed the fact that she and the
Minister were not that close as the
reason why she could not get any
results. She then suggested that I
make an appointment to see the
Minister at her office, or at her Con-
stituency office. Efforts to see the’
Minister at her office failed as her
secretary was never given the okay
to give me an appointment. Each
time I tried to see the Minister at
her constituency office, the lady
there told me she was not going to be
in that week. To her credit, my MP
continued her attempts to either get
a course of action to have the fran-
chise transferred. She even gave me
an invitation for the opening of the
new subdivision in the back of Mar-
shall Road as the Minister was
scheduled to be there. As I recalled,
the Minister did not attend that func-
tion.

After numerous failed attempts
to have the transfer done via my MP
and'the Minister, my wife and I

‘ decided to solicit assistance from the
Prime Minister the Honourable Per-
ry Christie. We wrote to him mid-
February, 2004; my wife hand deliv-
ered the letter to his secretary. After

approximately two months with no
reply, we tried to get an appoint-
ment to see Mr Christie. We got the
same results from Mr Christie’s sec-
retary as we got from Minister Han-
na-Martin’s. She (the secretary) then
referred us to Senator Trevor Whyl-
ly. We met with Senator Whylly who
immediately gave us the “cold shoul-
der”. His attitude changed after we
expressed disappointment in him,
and the way our Government who
we supported were treating us in get-
ting such a small matter done. In
short order we discovered that Mr
Whylly’s initial cold response to us
was genuine as he played us, and we
got nowhere. It is sad to note that the
majority of us can’t get anything
done in this country, or get an audi-
ence with our Prime Minister when
necessitated while other PLP sup-
porters boast of being able to walk
into his office at anytime. To date,
after going through the proper chan-
nels, I have made no progress with
having the transfer.

While waiting to see Senator
Whylly that day, there were several
people trying feverishly to see the
Prime Minister as they too had

exhausted all other avenues. I will

not go into why they were there, but
I will say that one of the reasons was
disheartening. These folks may not
come forward like I am doing, but I
believe they will speak volumes at
the polls.

My fellow Bahamians, even
though I went through the fruitless

process, can you please tell me why

any Bahamian in this great country
of ours should have to pay monies

’ for a franchise plate of any kind

when there are so many in-active
plates out there (the holders on

_ record do not have. buses or taxis)

and the rules state that all inactive
plates should be revoked and possi-
bly re-assigned to needy Bahami-
ans? A lot of things have been going
wrong in our country, and we as a
people need to begin to take a stand
against them. Noting this fact, I still
tried to purchase one as I wanted

‘my own. Transfers are legal, and

many have been done over the years

(including the past five), but the
Government that my family and I
supported apparently did not see us
as people worthy of being empow-
ered.

I would be remiss if I didn’t
embrace this opportunity to say a
little about Governments, Leader-
ship and representation. We elected
Mr Christie as our Prime Minister in
2002 under the slogan “the right man
for the job”. My education, profes-
sional experience and training have
taught me that feedback from cus-
tomers enables one to know if all
members of the team are pulling
their weight. This feedback is vital to
staffing adjustment decisions in order
to achieve optimum results. This is a
“rule of thumb” for successful lead-
ers. Further, I think it is important
that anyone who desires to become
Prime Minister understands that this
job means “chief servant of the peo-
ple”, and thus it is the most difficult
and time demanding job in the coun-
try (of whom much is given, much is
expected). This individual needs to
ensure that all of his/her members
are prepared to “serve” the people at
large, and are prepared to work
together. We as a people must hold
them to this. Permit me to give a
couple of examples of what I deem
good leadership.

During the year 1990, while
employed in the private sector, my
wife was under a lot of pressure. One
day, she felt the need to speak with
our Prime Minister the late Sir Lyn-
den Pindling. He took the call, chid-
ed with her and gave her good coun-
sel. We moved into our home in
1993 and discovered that there were
no phone lines in the area. We went
through BaTelCo, and the Minister
who told us it was the responsibility
of the developer — the late Percy
Munnings (he was very sick at that
time). We then wrote the Prime

' Minister — the Hon Hubert Ingra-

ham who thanked us for bringing
the matter to his attention, and
assured us that he would correct the
situation. We had phone lines in our
area by the beginning of the first
quarter, 1994. To sum this all up, Sir

Lynden and the Hon Hubert Ingra-
ham understood that they were the
Chief servants of the people. Mr
Ingraham did not trivialise matters
brought to his attention by those

who elected him to be their chief |

servant; he ensured that their issues
were heard and resolved.

Lest anyone think that Iam play-
ing party politics, I hasten to say that
I consider myself a patriot. I love
my country! Since I was in Primary
School, my family has had ties to the
FNM. The first time I voted, I sup-
ported the PLP as they seemed to
have had the young people’s best
interest at heart. The next two elec-
tions, I voted FNM; I could not vote
FNM in the last election. I am no
“true member” to any party. I cast
my vote for the party that is best
suited to lead our country. Think
about it, if all of us do this, we would
build a better, stronger nation.

‘ While watching the local news on
Friday, 6th April, year of same, my
family and I heard Mr Jack Thomp-
son, the Comptroller of Road Traf-
fic, speaking on behalf of the Gov-
ernment say that they were going
ahead with the Unified Bus System,
and only Omni Bus Franchise hold-
ers would be given shares in the new
Company. The rest of us would be
left out..We in the Public Transit
Association (PTA) were told that
the Government had agreed to have
us create our own Unified Bus Sys-
tem. We (the PTA) agreed that all
(bus owners with franchise and those
without) would be included in the
new company. To date, there has
been no response to Mr Thompson’s
remarks from the PTA. We also
understand that our President has
taken a six months leave of absence
from the Association.

We live in a small community
where people communicate. We
understood from the beginning of
this government’s term that there
was a group of prominent black
Bahamians who have strong influ-
ence with this government who
wanted to take this business from
us, and thus we can work for them
for a substantially reduced income.

On behalf of my colleagues, I put
this question to our Prime Minister,
is this a part of the empowerment
that you speak of in your campaign,
or is this another chapter in the “all
for me baby” saga, a phrase so aptly
coined by one of the leaders of the
government in the 1980’s? I am
keenly interested in hearing from
the Bahamian. people at large on
whether they are interested in de-
empowering Bahamians, or simply a
Bus system that is safe, reliable and
efficient.

To all of my colleagues in the bus
business; we formed the PTA and
we all agreed that it would be inhu-
mane to leave out those of us who
own buses and not franchises as we
currently play an equal part in trans-
porting the public at large. Amidst
our expressed concerns, this gov-
ernment has seen fit to do so by sell-
ing us out to a semi-anonymous com-
pany that does not wish to extend
shares to “bus owners (only)”. They
will do so, if we allow them! Some of
us may not understand that we may
have been kept apart on purpose.
The government has succeeded to
this point as we are divided, yeah
but together we shall be victorious. I
wish to also inform all of us that hav-
ing shares in a company will not give
us the kind of net incomes that we
are currently earning. We may be

able to negotiate (sell, use as collat- -

eral, etc) the shares in the future.
The only income that we will derive
from these shares however will be
dividend income based on the prof-
its of the company (profit sharing)

likely to be paid semi- annually or °
annually. The maximum annual div-
idend income per share will never ,
exceed $100. It is unfortunate, but we «
know that some people would sell '
their birth right, etc for a bowl of '
soup. If.we don’t take a stand for -
something, we will easily fall for any- °
thing. I appeal to all of us, let us all .
band together, and if necessary take ¢
a vote of no-confidence in our cur-
rent leadership and move forward
with the retention of this business
for our future generations. Let’s put
our heads together and form a .
unique unified bus system that can .
yield us better net incomes than we *
are currently earning while providing *
a safe, timely, effective and efficient «
service to the public at large (a win-
win scenario).

We can also create many new jobs
for fellow Bahamians.

The Bahamian people at large are
fed up with our level of service, and
I believe we can all agree that there
are several crucial reasons why we
need to unify, thus putting an end to
the detrimental “rat race”. |.

The parties out there saw that we
were not coming together to make
this happen and thus sought to seize
the movement under this govern-
ment.

Please, united, we will prevail; let’s
make it happen!

CONCERNED
BUS OWNER
Nassau,

April 26, 2007.

Papa John's

Village Road

Will be closed

on Tuesday May ‘st, 2007 to

Wednesday May 2nd, 2007
due to minor renovations.

We will re-open
on Thursday May 3rd at our

normal working hours.
Call our other 3 locations

Seagrapes
South Beach
Collins Ave.

Meena Bata
CERRY :

Sorry for the inconvenience caused
Signed Management.

Available throughout The Bahamas.

Distributed by Lowe's Wholesale Soldier Road Tel: 393-7111 Fax: 393-0440





WEDNESDAY, MAY 2, 2007



SECTION

business@tribunemedia.net

BUSINESS







= ) FIDELITY

HELPING YOU CREATE AND MANAGE WEALTH





Miami Herald Business, Stocks, Analysis, Wall Street

Tel: (242) 356-7764

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NASSAU OFFICE

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Double Grand
Bahama tourist
marketing funds,
urges minister

@ By NEIL HARTNELL
Tribune Business Editor



THE Government’s tourism ‘

marketing budget for Grand
Bahama needs to be doubled
from the $5-$6 million per annum
devoted to it over past the 10-15
years if the island is to be posi-
tioned as a major destination,
unique from other Bahamian
islands and global rivals, the min-
ister of tourism said yesterday.
Obie Wilchcombe, minister of
tourism, said the Grand Bahama
marketing budget needed to be

increased to around $10-$12 mil-
lion per year, as “you can’t mar-
ket a major destination with” the
funding made available over the

-past 10-15 years.

Mr Wilchcombe said the
Christie administration had
“talked about it, looked at it” in
terms of increasing Grand
Bahama’s marketing budget over
the past five years, although it
had not moved to expand it.

He said this would be some-

SEE page 9

Counterfeit goods

still ‘problem area

)

for many firms

& By CARA BRENNEN-
BETHEL
Tribune Business Reporter

COUNTERFEIT and pirated
goods remain “a problem area
for many businesses”, the
Bahamas Chamber of Com-
merce’s executive director told
The Tribune yesterday, as the US
Trade Representative’s Office
said Washington still had con-
cerns about the Customs Depart-
ment’s enforcement efforts
against counterfeit goods.

A spokesman for the US Trade
Representative’s Office said yes-
terday that the Bahamas was
removed from its Special 301
copyright watchlist due to
“improvements in intellectual
property rights enforcement
efforts”, singling out for special
mention the raids conducted ear-
lier this year against warehouses

United States still

has concerns, especially
on Customs enforcement,
despite watchlist removal

alleged to be stocking counter-
feit and pirated luxury, designer
goods.

The creation of an Intellectual
Property Enforcement Unit by
the Bahamas was also praised,
and the indications were that the
enhanced enforcement efforts
were enough to convince Wash-
ington that this nation was serious
about boosting copyright enforce-
ment and regulations.

Yet the US Trade Represen-
tative’s Office spokesman said:

SEE page 5

Fidelity Bahamas
Growth & Income

Fund

°

Bahamas
Property

Fund*

ee

Isle of Capri win
tax ‘cut below 10%’

* Casino operator confirms remaining in Grand Bahama, as government
agrees to cut in 17% casino tax rate and more marketing support

* Minister admits initial tax rates ‘too high’

* Grand Bahama Chamber chief concerned nation giving away too
much in incentives that are not given to Bahamian businesses

@ By NEIL HARTNELL
Tribune Business Editor

he Government has

agreed to Isle of

Capri’s request to

reduce the casino win
tax rate levied upon its Our
Lucaya resort casino from 17 per
cent to “a level under 10 per
cent”, the minister of tourism
revealed yesterday, as the US
casino operator finally confirmed
it would remain in Grand
Bahama rather than terminate its
lease.

Obie Wilchcombe told The Tri-
bune that the negotiations that
resulted in a new agreement with
the Government, coupled with
Isle of Capri’s previous difficul-
ties, had given the administration
a “better understanding of what
casino fees ought to be”.

Apart from a reduction in the
casino win tax rate from 17 per
cent to 9 per cent, Isle of Capri
had been seeking greater promo-
tional and marketing support
from the Government, including a
$5 million contribution from the
administration for such cam-
paigns.

Mr Wilchcombe said yesterday: -

that the Government had essen-
tially agreed to both requests in
return for Isle of Capri remaining
as the operator of Our Lucaya’s
casino for another two years,
rather than terminate its lease on
June 1, 2007, as originally
planned.

“The rate was around 17 per
cent,” Mr Wilchcombe said of the
previous win tax rate faced by
Isle of Capri. “That was a little
too high, and we’ve been able to
work out an agreement that posi-
tions it at a level under 10 per



# OBIE WILCHCOMBE

cent.”

He declined to specify the exact
casino win tax rate that Isle of
Capri will pay to the Government
as a result of the new agreement,
but described it as “a good plan

for a fledgling destination. It will.

help us build the industry here in
Grand Bahama, without taking
all of their [Isle of Capri’s] rev-
enues”. :

Isle of Capri’s decision to
remain in Grand Bahama will be
a boost for both the island’s econ-
omy and employment levels, with
the Isle-Our Lucaya directly
employing 230 people. It also
means gaming is kept alive in
Grand Bahama while the island
waits for Harcourt to purchase
the Royal Oasis, as the Our
Lucaya casino is the only casino
property on the island currently.

Jill Haynes, Isle of Capri’s
director of corporate communi-
cations, yesterday told The Tri-
bune that the casino operator had

18.27%

Last 12 months

9.51%

Average Annual Return

Since Inception
February 1999

11.21%

Last 12 Months

14.76%

6 full years Average

Annual Total Return

agreed to extend its stay in Grand
Bahama by “multiple” years,
resulting from a “collaborative
effort” between the company,
Ministry of Tourism and Hotel
Corporation of the Bahamas.

Also likely to have been
involved are the Grand Bahama
Port Authority (GBPA) and Our
Lucaya, which is 100 per cent
owned by a Bahamian affiliate of
Hong Kong conglomerate,
Hutchison Whampoa.

Isle of Capri sublets the 19,000
square-foot casino under a deal
with Our Lucaya that originally
lasted until December 2012, and
paid $2 million per year in equal
monthly instalments for the first
two years ending on November
30, 2006.

The annual lease payments
were increase to $2.5 million in
the third and fourth years, before

hitting $3 million for the remain- -

der of the lease. Many thought
these lease payments were way
too high.

Ms Haynes told The Tribune
~ overcome this and were working

yesterday of the new arrange-

ernment: “Obviously, this ne

ny’s clients could combine a stay
and gambling at both properties.

Mr Wilchcombe said Isle of
Capri would be able to use ils
experiences in Grand Bahama tw
date to good effect, saying that
when they first arrived the possi-
bly did not “understand the
Bahamian market” and the fact
the tourism and gaming industr)
were targeting high spending.
high net-worth clients, which may .
have been different from the US
casino operator’s traditional client
base.

He praised Isle of Capri for
keeping the casino open and the
employees hired after the devas-
tation caused by the 2004 hurri-
cane season, rather than just
“packing up and leaving”, saying
this showed it was a good corpo-
rate season.

Balancing that was the contro-
versy caused when Isle of Capri
made its requests for further
incentives and marketing support
public, but Mr Wilchcombe said
both parties had managed to

good.

ments with the Bahamian roles together, with relations -

agreement will make the proper-
ty financially more attractive from
an operational standpoint, and
we will work closely with the Min-
istry of Tourism.

“We have a new property in
Pompano Beach, Florida, and are
investigating to determine the fea-
sibility of joint marketing/pro-
motional” efforts with the Our
Lucaya property.

Both she and Mr Wilchcombe
indicated that Isle of Capri’s
move into Florida could have
spin-off benefits that made the
Grand Bahama casino more
attractive, given that the compa-

Chairman:

Given that the Ginn Clubs &
Resorts project and Morgan Stan-
ley’s Barbary Bay development
both included a casino in their
concepts, Mr Wilchcombe said
that together with Isle of Capri
and a re-opened Royal Oasis,
Grand Bahama could eventually
boast a “great line-up” that would
build the island’s tourism prod-
uct when all were playing at the
same time.

But while Isle of Capri’s deci-
sion to remain in Grand Bahama

SEE page 2

No ‘take

private’ plan for RND

@ By NEIL HARTNELL
Tribune Business Editor



RND Holdings chairman yes-
terday told The Tribune that
there was no move afoot to buy
out minority investors and return
the company to the private sector,
after investors raised concerns
about Colinalmperial Insurance
Company accumulating just

COLONIAL HOME

Concerns on 25%
Colina stake dispelled

under a 25 per cent stake in the
business.
Jerome Fitzgerald explained

SEE page 6

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t

PAGE 2B, WEDNESDAY, MAY 2, 2007

THE TRIBUNE





Stop bad employees at office front door

the ‘protection’ of assets,
the logical goal is the proac-
tive prevention of theft rather
than the reactive investigation of
incidents. Investigations are after
the fact, and too late, because the
loss has already occurred.
Access control is critical to the
success of any protection pro-
gramme, making the human
resources department a first line
of defence for any company.
Comprehensive exit and entry, in
other words hiring and termina-
tion programmes, go a long way
in ensuring safe and secure sur-
roundings. Additionally, proper
pre-employment screening can
greatly reduce asset loss through

I: we are truly involved in

reducing the potential of employ-
ing criminally-minded individu-
als. In other words, the best way
to prevent theft is to avoid hir-
ing thieves.

Liability issues, such as improp-
er practices, can be reduced by
ensuring that persons are actual-
ly trained and qualified to per-
form the task they were hired for.
Companies rarely calculate the
total direct and indirect costs
involved in the resolution of a
theft or series of thefts.

One of the most significant
components of an effective asset
protection programme is a sys-
tem to gather and analyse as
much relevant information about
employment candidates as is law-

Safe &

Secure



fully available. The next few arti-
cles will focus on the issue of con-
ducting background checks and
investigations, something compa-
nies cannot take very lightly.
The hiring of new staff has
often been left solely in the hands
of the human resources depart-
ment who, with limited resources,
must investigate and vet poten-
tial new workers. Usually, the
only time security interacts with

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Preparation of audit reports for review by Management and
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Review financial data and reports
Assist external auditors during year-end audits and any special

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Perform audit reviews and audit testing for any new system

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Performs a variety of other related duties, such as assisting
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P.O. Box N-7118
Nassau, Bahamas



human resources officially is
when the employee is to be ter-
minated. By this time it is usually
too late, and the damage is
already done.

Rarely do companies compare
the cost, or rather loss, involved in
the hiring of delinquent persons
with the cost of conducting prop-
er investigations. No longer is
the police record, nor three ref-
erences, adequate. For example,
the information provided by the
police record only informs us that
the individual was never convict-
ed, not how many times he or she
may have been arrested.

Pre-employment screening and
investigation can also be an effec-
tive method to minimise the risk
of liability for improper hiring.
Frankly, are the skills stated by
the potential employee legiti-
mate? A company has a legal and
moral responsibility to ensure that
claims made by the candidate are
authentic. If it is discovered that
the credentials are false after
employment, it proves disastrous

ISLE OF CAPRI, from 1

will be welcomed, some in the business community
voiced concerns about the level of investment incen-
tives being granted to foreign investors. They.ques-
tioned whether the Bahamas was giving too much
away in terms of tax revenues that could be used for
vital infrastructure projects, especially when the tax
burden continued to fall heavily on Bahamian-

owned businesses.

Chris Lowe, the Grand Bahama Chamber of
Commerce’s president, told The Tribune: “I’m glad
if they are indeed staying around. But these con-
cessions are becoming a concern in that you are
reducing the tax leverage for the native population,
and every foreign investor is getting a free ride.

“It won’t be long before Bahamian businesses
start screaming for the same treatment as foreign
investors. You’re better off exiting your country,
and coming back as a foreigner. It’s very difficult to
do business in this environment unless you’re a for-
eign investor, in which case it’s a cakewalk.”



of Directors of Harris N.A.

KPMG LP



Chicago, Illinois
March 28, 2007

ASSETS

Money market assets:






LIABILITIES

Stockholder’s Equity

To the Stockholder and Board

Cash and demand balances due from banks

Interest-bearing deposits at banks

Deposits in domestic offices — noninterest-bearing
— interest-bearing

Deposits in foreign offices — interest-bearing
TOtal Ce posits ssa ss ie ol oats a vk Re tsa aden stots haste oul Oe rece tea 4 Bes
Federal funds: purchased: ssssiescoiscceutey 48 ected ete aes OES OSE Re eo eae Gace
Securities sold under agreement to repurchase
Short-term! borrowings: ih0..3.a cea inate Wientcete tae nek Seti eh a elveanernadiae
ShOrt=tEcm 'SEmiGe NOEs: sais .csieiee dad Be wee eior lee: tuk belo ae! a breve lor spactiehn eee
Accrued interest, taxes and other expenses
Accrued pension and post-retirement
Other liabilities: is. v Ai a a.tyh Sheds t ealelele s Ph ea tenee PG bola otinae ed aes ied
Minority interest — preferred stock of subsidiary
Long-term notes — senior... 0.0... cece cece eee eee eee een eneeans
Long-term notes — subordinated

Total liabilities and stockholder’s equity

for a company.

Faced with this dual problem,
an alert employer must gather
and analyse as much relevant
information as possible about
employment candidates in a law-
ful manner. A high degree of pro-
fessionalism must be demanded
of the investigators used for this
search, in order to overcome
reluctance by potential sources
of information and to avoid
potentially defamatory declara-
tions attributable to the employ-
er.
Quality control of the inves-
tigative effort is critical. Well-
trained human resource persons
must be used, and the parame-
ters of the investigative effort
must be carefully pre-defined.
Although the investigative task
will be delicate, it is by no means
impossible.

This four-part series will delve’

into the process of pre-employ-
ment screening, and discuss in
detail the critical role this plays in

organisational security. It will

identify some basic information
gathering tools, with a critical
analysis of the application form.
The cost factor will be highlight-
ed, with examples provided.
Finally, the teaming of the human
resources department and the
security department to provide a
safe workplace and reduce loss
of assets will be studied.

The protection of property,
people, information and reputa-
tion is a joint effort, and an ini-
tiative that should beginning at
the initial contact with potential
employees.

NB: Gamal Newry is the pres-
ident of Preventative Measures, a
loss prevention and asset protec-
tion training and consulting com-
pany, specialising in policy and
procedure development, business
security reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, visit us at www.pre-
ventativemeasures.net or email
gnewry@gmail.com

Then there‘is the possible impact the incentives
Isle of Capri has obtained will have,on other casino

operators in the Bahamas, notably Kerzner Inter-
national, the potential Baha Mar/Harrah’s partner-

ship and, possibly, a revitalised South Ocean.

Both Kerzner and Baha Mar’s Heads of Agree-
ments contain ‘Most Favoured Nation’ type clauses,
which state that they will be treated no less
favourably than any other resort developer of sim-
ilar size and scale on New Providence. Therefore, if
someone receives better incentives than them, they

will automatically apply for the same treatment.

INDEPENDENT AUDITORS’ REPORT

> We have audited the accompanying consolidated. statements of condition of Harris N.A. (an indirect wholly-
owned subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2006 and 2005, and the related
,,consolidated statements of income, comprehensive income, changes in stockholder’s equity and cash flows for each
zof the years in the three year period ended December 31, 2006. These consolidated financial'statements are the
responsibility of Harris N.A.’s management. Our responsibility is to express an Opinion on these consolidated
financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Harris N.A. and subsidiaries as of December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the years in the three year period ended December 31, 2006 in conformity
with U.S. generally accepted accounting principles.

Harris N.A. and Subsidiaries

Consolidated Statements of Condition

Premises: and 6Quipment):5.s.. Sc-ajco0i renee elec dvd doctors BS wee eee todd
Bank-owned insurance io. soes5 doy wisi Soeacd veencele: ova are ieee tide botubiocSiearal d siavens
Goodwill and other intangible assets
OUMeL BSSCtS) fe ces acelid ce ad alld e ial Gosden Sob dws Bache be OM arate Wt e Ee ere

Rotal liabilities). 3 S24. sve5 "05 o eiane Bled. 8.4, eee. Sy Ladd MOT Bae eset x shew ate

Common stock ($10 par value); authorized 40,000,000 shares; issued and
outstanding 14,303,361 and [4,016,361 shares at December 31, 2006 and
December 31, 2005, respectively

SUNPIUS: 6..dctaccts, Sacelh sitet caeue al ahs pebneebaede ath con Meals seas Sul, Sa iaaced, sdeeea

Retaimeds Garmin gsi: ..3.1. rac ee Me Coates ud. score, Se aace aia ohdvacadticbeds drake! Aeuetd shears ts

Accumulated other comprehensive loss

Totalstockholdér’s:equity 320 60s od ey. oie ae ede he es

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

Federal funds sold... 00... 0... cece cece tees eee eee nneeeeeaenas
Securities available-for-sale (including $5.15 billion and $3.80 billion of
securities pledged as collateral for repurchase agreements at December 31
2006 and December 31, 2005, respectively)
Tvading -ACCOUNEASSCES 6 acd Yeo corh cla thse Soca! ads la eg WS seve eel ewe Sie ord fase ee

’

Poe emer rr meee erences

ages $ 1,084,959 $ 1,399,415
seats 944,116 1,007,667
672,760 258,915

Feats 10,713,910 6,573,222
220,716 181,121

25,402,554 24,347,528
322,742) 331,838)

25,079,812 24,015,690

34,451 32,364

474,073 448,144

1,155,925 1,115,172

Bea's 395,140 416,498
989,965 810,818

.... $ 6,232,744 $ 6,480,021
wees 22,855,715 17,882,772
onal 1,030,838 1,270,741
30,119,297 25,633,534

476,000 927,990

ee. 3,475,839 2,488,493
1,261,679 2,037,770

100,000 800,000

aes 205,942 159,854
sabres 170,853 97,577
1,070,554 247,505

ahead 250,000 250,000
996,500 250,000

292,750 292,750
38,419,414 33,185,473

a iaace 143,034 140,164
1,489,521 1,327,828
1,811,497 1,675,548

oe (97,639) ___ (69,987)
3,346,413 3,073,553

.... $41,765,827 $36,259,026
=——— ————— :

While Isle of Capri is in Grand Bahama, and is
effectively outside this clause, it is not hard to see
Kerzner and Baha Mar seeking similar treatment.

Baha Mar’s original Heads of Agreement per-
mits, for the first 21 years after opening the new
casino, a minimum win tax of $4.3 million on gaming
winnings up to $20 million per year.

Above that $20 million casino win threshold, win
tax of 10 per cent is applied. However, Baha Mar is
allowed to deduct from the sums payable on win tax
over $20 million of earnings some 50 per cent of
the annual tax.


























’

* December 31
2006 2005
(In thousands except share data)


















$41,765,827



$36,259,026
























BUSINESS

Che Miami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 5-6C
pow30. ‘13,136.14 -+73.23 AA
sgpsoo = -1,486.30«+3.93. A
NASDAQ. 2,531.53 +644 A&
10-YRNOTE 4.64 +02 &
crupEon «ssa

Stocks
rise on
bid for

media

firm —

BY MADLEN READ
Associated Press |
NEW YORK — Investors ce
resumed their buying spree on
Wall Street Tuesday, driving |
stocks higher after a bid for _
' media company Dow Jones &
Co. revived enthusiasm about
takeover activity. ‘e
_ The Dow Jones industrial
average reached another record
close, its 38th since last Octo-
_ ber, as big company stocks ben-
efited from the turnaround.
_ Earlier in the session, stocks —
wavered on mixed economic _
data that showed strength in _
manufacturing but a wilting —
housing market and weak car _
sales. After April’s big advance, _
investors were wary that the _
_current economy wouldn’t jus- .
tify another move higher on
Wall Street. But the caution dis-
sipated after Dow Jones,
2g The Wall Street
al, confirmed that it received
in unsolicited bid from Rupert _
‘Murdoch’s News Corp. to buy
_ the company for $5 billion, o
$60 ashare. :
The Dow inutile
73.23, or 0.56 perc '
- -13,136.14, after dropping to —
,13,04130 in earlier trading. _ .
Broader stock indicators also.
pared early losses and turned ©
higher. The Standard & Poor’s |

_ 500 index rose 3.93, or 0.27 per-
-cent, to 1,486.30, and the Nasdaq

" composite index rose 6.44, Or
0.26 percent, to 2,53L53. — S

Bond prices ‘dropped afer

_ the manufacturing data made

lower rates look less likely, and _
the yield on the benchmark 10- _
year Treasury note rose to 4. 64
percent, up from 4.62. Percent

late Monday. 5 8

Adding to the takeover buzz o
was a report that Microsoft is _
considering buying online |
advertising company 24/7 Real
Media. 24/7 Real Media rose
$2.02, or 20 percent, to $11.97,
while Microsoft rose 46 cents to
$30.40.

Though takeover fervor
boosted stocks, investors will be
watching upcoming economic
data, especially Friday’s jobs
data, to decide whether to tread
further into record terrain or —
restrain their buying. Other data
evinced weakness in the hous-
‘ing and auto sectors. The
National Association of Real-
tors said pending sales of exist- _
ing homes fell 4.9 percent in
March to their lowest level in
four years, while Ford, Toyota
and General Motors reported
declines in U.S. sales for April.
DaimlerChrysler reported a
slim rise.

Ford rose a penny to $8.05;
DaimlerChrysler rose 48 cents
to $80.99; Toyota’s U.S. shares
rose ll cents to $121.15; and GM
rose 23 cents to $31.46.

The Russell 2000 index of
smaller companies rose 1.68, or
0.21 percent, at 816.25.

Advancing issues outnum-
bered decliners by 6 to 5 on the
New York Stock Exchange,
where volume came to 1.78 bil-
lion shares, up aon 171 billion
Monday.

Crude oil prices fell $1.31 to
settle at $64.40 on the New
York Mercantile Exchange. ~

Overseas, Japan’s Nikkei
stock average fell 0.72 percent.
Britain’s FTSE 100 was down
0.46 percent, Germany’s DAX
index was up 0.42 percent, and
France’s CAC-40 was up 0.49
percent.





















S| ! WEDNESDAY, MAY 2, 2007
eg

VENEZUELA



3B

INTERNATIONAL EDITION

Chavez asking Big Oil to stay

BY NATALIE OBIKO PEARSON
Associated Press

BARCELONA, Venezuela — Pres-
ident Hugo Chavez’s government
took over Venezuela’s last privately
run oil fields Tuesday, intensifying a
power struggle with international
companies over the world’s largest
known petroleum deposit.

State television showed cheering
workers in hard hats raising the flags
of Venezuela and the national oil
company over a refinery and four
drilling fields in the Orinoco River
basin.

While the state takeover had been
planned for some time, BP, Conoco-
Phillips, Exxon Mobil, Chevron,
France’s Total and Norway’s Statoil
remain locked in a struggle with the
Chavez government over the terms
and conditions under which they will



BY SETH SUTEL
Associated Press

Dow Jones & Co., publisher. of
The Wall Street Journal, said Tues-
day it received an unsolicited bid
from Rupert Murdoch’s News
Corp. to buy the company for
$5 billion, but the family that con-
trols the company said it would
oppose the deal.

Dow Jones said its board had
received the offer from News Corp.
to buy the company at $60 a share,
either in cash or a combination of
cash and News Corp. stock. The
offer sent Dow Jones’ shares soar-
ing, and also lifted those of other
newspaper publishers.

However, Dow Jones said later

| trolling shareholders, intended to
vote shares representing just over
50 percent of the voting power of
Dow Jones against the deal.

That leaves open the possibility

that Murdoch could raise his offer,
or that other bidders for Dow Jones
| could possibly emerge.
/ The union representing Dow
Jones employees, the Independent
Association of Publishers’ Employ-
ees, was harshly critical of the pros-
pect of being owned by Murdoch,
and issued a statement saying that
Murdoch’s bid was opposed by the
| staff “from top to bottom.”

“Mr. Murdoch has shown a will-
ingness to crush quality and inde-
pendence, and there is no reason to
think he would handle Dow Jones
| or The Journal any differently,” the
| union said. “Despite our differ-
ences of opinion with current man-
agement, we strongly encourage
the Bancrofts to continue to stand
up for the institution’s indepen-
| dence, and to walk away from this
offer.”

News Corp. released a short
statement confirming the offer and
characterizing it as “friendly.”
Shares of Dow Jones initially

surged almost 60 percent in late



that the Bancroft family; the con- |

be allowed to stay on as minority
partners.

All but ConocoPhillips agreed in
principle to state control last week,
and ConocoPhillips said Tuesday
that it too was cooperating.

Analysts say the companies have
leverage because Venezuela’s state
oil company, Petroleos de Venezuela,
cannot transform the Orinoco’s tar-
like crude into marketable oil without
their investment and experience.

“They’re hoping ... that as time

passes Chavez will realize he needs °

them more than they need him,” said
Michael Lynch, an analyst at Strate-
gic Energy and Economic Research in
Winchester, Mass. He predicted most
oil companies — except perhaps
Exxon Mobil — would stay.
Multinationals pumping oil else-
where in Venezuela submitted to



UNSOLICITED BID: Pedestrians walk past the News Corp. building in New York City on Tuesday.
Rupert Murdoch’s News Corp. made an unsolicited bid of $5 billion for Dow Jones and C0. the
parent company of the The Wall Street Journal.

Dow Jones family rejects
Murdoch’s takeover bid

BID OPPOSED ‘TOP TO BOTTOM:’ The Wall Street Journal is shown on
a New York newsstand Tuesday.
employees said workers oppose the News Corp. offer.

morning trading after the financial
news network CNBC reported on
the takeover bid. That led to a trad-
ing halt that was lifted after Dow
Jones confirmed details of the offer.

Dow Jones’ shares shot up 58
percent, to close at $57.28 in very
heavy volume on the New York
Stock Exchange after reaching as
high as $58.47. They had traded in a
52-week range of $32.16 to $40.08
before Tuesday’s news.

New York Times Co. rose 5 per-
cent, to $24.58; Journal Register Co.
jumped 7 Bw to $6.29; and
Reuters Group’s U.S. shares
climbed 3.8 percent, to $59.43. Like
other newspaper publishers, Dow
Jones’ shares have been beaten
down over the past few years amid
sluggish advertising and rapidly
changing media consumption hab-
its as more readers and advertising
dollars move to the Internet.

But that has not prevented an
unprecedented level of acquisition



state-controlled joint ventures last
year because they were reluctant to
abandon the profitable operations.

President Hugo Chavez says the
state is taking a minimum 60-percent
stake in the Orinoco operations, but
he is urging foreign companies to
stay and help develop the fields.
They have until June 26 to negotiate
the terms.

The oil companies still needed
convincing that Venezuela will be a
good place to do business.

The stakes are high for both sides
as Venezuela stands to surpass Saudi
Arabia as the nation with the most
reserves. If the big oil companies
were to leave, Chavez says state
firms from China, India and else-
where can step in, but industry
experts doubt they are qualified.

Chavez “is going to discover that

srettemeecerecerrneeevicerrinevercterersecreeeeerneeerentervaneriteeeornectnmeeriter ered,

MICHAEL NAGLE/GETTY IMAGES

MARK LENNIHAN/AP j

The union for editorial



in the industry. Earlier this month
Tribune Co. agreed to go:private in
an $8 billion deal led by real estate
investor Sam Zell. Last year |
McClatchy Co. acquired Knight |

Ridder after a shareholder revolt.
And last week shareholders with-
held 42 percent of their votes for
directors at the New York Times, a
public rebuke to the family that
controls the company.

News Corp. started out in the
newspaper business and still owns
a large number of papers, largely in
the United Kingdom and Australia.
The company is now a global
media conglomerate and owns the
Fox broadcast network, Fox News
Channel, MySpace, the Twentieth
Century Fox studio and satellite
broadcasters in Europe and Asia.

News Corp., with a market value |
of about $70 billion, could easily |
afford the price it is offering, the
credit monitor Fitch Ratings indi-
cated.

nationalism is one thing, but money
talks,” Lynch said. “And I don’t think
he’s going to be able to get more
money out of the Orinoco or the for-
eign oil companies without being a
lot nicer to them.”

Pulling out would be damaging for
the companies. They have invested
more than $17 billion in the projects,
now estimated to be worth $30 bil-
lion. Venezuela has indicated it is
inclined to pay the lesser amount for
taking over control — with partial
payment in oil and, some experts sus-
pect, tax forgiveness.

Venezuela may still prove enticing
because three-quarters of the world’s
proven reserves are already con-
trolled by state monopolies.

AP business writer John Porretto
contributed to this report from Hous-
ton.

BP boss
resigns in
face of
ethics cloud

BY D’ARCY DORAN

Associated Press

. LONDON — BP Chief Executive
John Browne resigned Tuesday,
hours after a judge allowed a newspa-
per to publish allegations from a for-
mer boyfriend that the executive mis-
used company resources.

Browne denied any improper con-
duct relating to BP. But he acknowl-
edged that he had lied to a judge
about how he met his former partner,
with whom he had a
four-year relation-
ship.

The Mail on Sun-
day, the newspaper
that had sought to
publish the claims,
immediately called
for Browne to be
prosecuted for per-
jury.

Browne said he
regretted the lie, saying he was in
shock at his private life being
exposed, and was stepping down vol-
untarily “to avoid unnecessary
embarrassment and distraction to the
company.”

BP exploration and production
head Tony Hayward will take over as
CEO immediately, the company said.
He will have to repair BP’s tarnished
reputation after a deadly refinery
blast in Texas and a giant oil spill in
Alaska, that had already hastened
Browne’s retirement by a year.

BP said Browne will now lose a
bonus of up to 1.3 times his annual
salary, worth more than $6.9 million.
He also forgoes inclusion in a share
plan with a potential value of $23.9
million.

Browne, 59, had been fighting
since January to keep the Mail on
Sunday from publishing details of the
interview with Jeff Chevalier. He
acknowledged the relationship Tues-
day and apologized for lying to the
judge.

The Mail on Sunday said it would
provide evidence of Browne’s decep-
tion to the attorney general’s office.

Browne was accused of using BP
computers and staff to help Cheva-
lier, of using support staff to set up
and then wind down a company
Browne created for him to run, and
sending a senior BP employee on a
personal errand to deliver cash to
him.

Browne rejected the allegations as
“full of misleading and erroneous
claims. I deny categorically any alle-
gations of improper conduct relating
to BP.”

BP said an internal investigation
determined that those allegations
were unfounded.

Shares in BP edged lower Tues-
day, closing down 0.4 percent to
$11.24 on the London Stock Exchange.

Browne, a close associate of Prime
Minister Tony Blair, had announced
in January that he would resign at the
end of July. Then his annual perfor-
mance bonus for last year was cut
almost in half as the oil spill in Alaska
and the effects of the refinery explo-
sion in Texas overshadowed record
profits for the oil company.



BROWNE

eaten PERLE EOI ALOIS OTE TE DT TE ITIL RE LOC ITED TEETER PL ELLLIID LEAILL EOT oe RATA RS ALT TETOTLE LTN NY e



THE MIAMI HERALD | MiamiHerald.com

DOW





te +73.23

&. +.02







S&P 500 » NASDAQ 4 6-MO T-BILLS 30-YR T-BONDS
1,496.30 Mm 3.93 9531.53 +6.44 13 136.14 4.84% 4.81%
1,550» ian ep merteneerneneentenenns 25700 * 2580 »- coe ce Ena lion Name
‘ : SempraEn 63.74
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1500 "469 - 2,600 = Sherwin 63.43
2AGO ein 1 DAS Shinhan 113.05
Shire 69.39
1,450 » 2,500 SiderNac 42.96
Siemens 121.30
: SimonProp 113.39
1,400 sien . 2,400 Smith&N 61.85
; ; Smithintl 52.15
; ; : : : ; : : ; : ate Sodexho 79.00
1,350 strercssereaterronerertatertnrerarestanercotateatotesiat S&P 500 2,300 oreerserentinchorreneredierenarestsaes Nasdaq composite SonyCp . 52.83
‘ Close: 1,486.30 : Close: 2,531.53 SouthnCo 38.01
: ‘Change: +3.93 (+0.3%) Change: +6.44 (+0.3%) SthnCopps 78.78
1,300 oriererrenerernentierrnmermcinenaimenmenincrcnccnses 2200 ieerearoes deeracenee Cae SNE EaHE CPEs DTNB ENS SwstAirl 14.26
N D J F M A M N D J F M AM SwstnEngy 41.75
SovrgnBcp 24.51
SpectraEn 26.42
StocksRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD ee ane
Dow 13137.76 1304130 13136.14 +7323 +056% A A A +5.40% SP Mid 159.27
NYSE NASD DOWTrans. 5063.01 5005.07 5034.33 -3.02 -0.06% V A & +10.40% Staples 24.70
DOW Util. 524.89 517.87 524.53 $5.28 - +1.02% Vv A A +14.83% Starbucks 30.90
Vol. (in mil.) 3,287 !2,326 NYSEComp. 9649.24 9586.32 9639.79 +1206 +0.13% V A A +5.48% StarwdHtl 67.00
Pvs. Volume 2,986 2,053 NASDAQ 2532.37 2510.57 2531.53 +6.44 «+0.26% A A A +4,81% Statestr 68.71
Advanced 1799. 1486 S&P 500 1487.27 1476.70 «1486.30 +3.93 40.27% =A A A +4,79% Statoil 28.19
Declined 1456 1588 S&P 400 877.32 867.38 «= 876.14 +248 +0.28% V A A: 48.92% StoraEnso 18.23
NewHighs 104 86 Russell2000 816.94 807.69 816.25 +168 +0.21% WV A* A +3.63% sTGold 66.69
New Lows 31 104 ~— Wilshire 5000 14992.89 14881.25 14983.85 +3150 +0.21% A A A +5,09% Stryker 65.23
F Suez 56.94
WidelyHeldStocks See eee
Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Chg = Suncorg —80.80
ABB Ltd 20.00 +.04 BostonSci 16.05 +.61 { Sunoco 75.76
ABNAmro 4874 +29 BrMySq 2868 -1g Eaton =. 89.65 +44 |mpTob «85.84 -1.57 © NBkGreece 11.41 -.01 SunTrst 84.26
ACELtd 5985 +39 Britdir 101.08 -19 |‘ EchoStar = 47.75 +122 = |ndoTel ~=—» 45.98 +05 =~ NatlCity 36.07.48. «= Supvalu. = 45.74
AESCpIf 22.25 +26 BritATob 61.88 38 ~— Ecolab 42.26 ~73 Infineon 15.55 +.02 ~=—sNatGrid = 77.65 -1.12 «= Swisscom = 34.94
AFLAC 51.46 +12 BritSky 47.07 +94 Edisonint 53.43 +1.08 —Infosyss 53.41. -+1.06 —-NOIIVarco 87.10 +2.25 | Symantec 17.83
AMR 26.38 +29 Broadcom 32.05 -.50 ElPasoCp —15.00 IngerRd 45.07 ««+.42,=Ss«“NatSemi = «26.66.«+.36.«= Syngenta = 39.25
ASMLHId 27.41 +.16 —BrkfldAsgs 57.50 -.65 Elan 14.00 +.12 Intel 21.64 +14 NetwkAp 37.08 +=-.13. = Symovus_ (31.74
AT&T Inc 3884 +12 BrkfldPrp 40.44 «-.63.-«* ElectArts © 49.95 46 intcntlEx 123.02 -3.98 -—- NewellRub 30.81 +14 — Sysco 32.21
AUOptron 16.01 +.10 Bungelt 75.34 -.42 EDS 29.30 +.06 —intctiHtirs 24.45 +28 NewmtM 4132 -38 TDAmeritr 16.98
AXA 46.06 BurINSF 86.57 -.97 «= Embarqn = 60.07. +.03 |g 103.17 +96 NewsCpA 21.45 94 TDK 85.07
AbtLab 57.01 +39 = CAInc 27.52 +26 EmersnEls 46.09 -.90 —intigame 38.05 = -.09 «= NewsCpB_ 22.99 -1.01 “UX 28.16
AberFite 80.99 -.67 CBRElliss 3365 -20 EElChile 4836 = -17 —Intpap 37.85 +13 Nexeng 59.94 +33 ‘TNTNV 45.41
Accenture 39.03 -.07 -CBOT 184.50 -4.17 Enbridge 33.16 +16 ~—intipower 88.33--+.05 += NiSource 24.80 +21 - ~<‘TXUCorp 66.02
Adecco 17.09 -.02 ~=—s CBSB 3197 +20 EnCana = 53.04 +59 intntHTr «= 58.99 -31.—Ss(Niddec 15.45 -.39 TaiwSemi —10.69
AdobeSy 41.73 +17 CHRobins 53.90 +44 Endesa = 54.62 Intuit s 28.22 -23 NikeBwi 5299 ~-.87 —‘TalismEgs 19.34
AMD 1354 +28 CIGNA 155.21 -38 ~——=Enel 56.95 +04 ipscog «149.61 -+1.76 ~=—NippnTT = 2483S -.06~—sTarget 59.64
Advantstrs 44.06 -46 CITGp 60.15 +50 EngyTEq 37.69 -22 jpMorgCh 52.26 +.16 Nissan 20.34 +18 TataMotors 18.34
Aegon 20.66 -.02 CNAFn 46.94» +27-— EngyTsfr = 62.46 | -.13 | Johnn 64.56 +34 NobleCorp 85.66 +145 Technip —75.65
Aetna 4775 +87 CNHGbl 4351 +22 Enersis_ = 1892-02 | Johisnct! 102.60 +27 Nowings «= 9.32-gd «= TeckCmagn 76.29
Agilent 35.99 +162 CNOOC 86,25 +68 ENSCO 57.38 +100 | InprNtwk 22.58 «+22 =Nomura 1937 +1 ~«=-eICNZ_ = (29.04
Ahold 12.73 +02 © CPFLEn «= 47.29» 02S Entergy = 115.20 +2.06 § KLATnc «55.88 +33 =Nordstrm © 55.18 +26 «= Felitalia_ «(29.93
AFrance 50.82 -.06 = CRH 4447-21 EntPrPt = 32.25.20. KPN 17.05 +03 NorflkSo 52.65 + --60 ~—CelitaliaA 24.37
AirProd 76.05.45 CSXS 43.37 +20 «© FatRes = 52.25 +24 KT Corp = 22.72 -+.06 ~—Norsks «= 34,704.15 ~—SsTelBrasH = 34.64
AkamaiT 43.16 -92 CVSCare 3599 -25 EatyRsd = 46.02 41 Kellogg §=— 53.37 +46 = Nortellfrs 23.07 +19 ~—«‘TelSPaulo 26.50
Akzo 79.75 +15 CablvsnNY 3267 -11 —FricsnTl_ © 38.59 +42 Keycorp. «35.71 +03 ~—Nortrst ~—63.03.««s+.08~=STelefEsp = 67.27
Alcan 5793-94 CadbyS 52.75 -30 —‘Esteeldr = 50.8656 KeySpan 41.57 +16 NorthropG. 73.15 -49—Ss«JelMexL © 33.93
Alcatelluc 1330 +05 Cadence 22.29 +09 —EverestRe 100.80 +16 © Kimbcik 71.46. = +.29°~=—sNovartis, ~—«57.81«~-28~=«TAustria «56.99
Alcoa 3476 -73 Camecogs 46.65 +03 Exelon = 76.45 +1.04—Kimeo 4780 -27 NovoNdk 9861 +20 ‘Telenor = — 56.19
Alcon 133.38 -1.55 Cameron 65.15 +58 Expedia’ §= 24.02. +40 KindME = 55.0441 Nucors = 64.31 +.85 ~«=‘TelData. «56.04
AllgEngy 54.15. +69 CampSp 39.44 «+34 «= Expdintls 42.15 +35 KindMorg 106.75 +.19 Nvidia. «= 33.24. +.35~— Telkom = 97.71
AllegTch 106.77 -281 CIBCg —«-88.64.—«-+.21~—ExpScripts 94.13 -142 his 74.64 +60 OcciPets 50.76 +06 Jelusg 54.04
Allergan 121.45 +25 CdnNRyg 50.08 -.16 © EXxOnMbl_ 79.66 +.28 = Kookmin 90.45. +.63«ffeDpt_ «= 33.91-+.29 «= Templeln 59.73
AlliBem 90.35 -.61 CdnNRsg 59.91 +30 «= FPLGrp_ = GA.GL +24 Koreaklc © 21.01 +33 «= Omnicom 104.10 61 ~—‘Fenaris,=——46.00
Allianz 22.21 «= ~01_-«= CPRwyg = 63.09 -.43«FannieMif 59.28 +36 Kraft 3349 +02 Oracle 1859-21 «—-TerexS «7715
Aldirish’ 61.12 +43 Canons «56.82 +62 «= Fastenal, «= 41.22 +.10 Kroger 29.44.07 rix 13390 -133 ‘Tesoro. = 120.02
Allstate 62.46 +14 © CapOne 73.74. -52 -FedExCp = 106.11. +67 = Kubota. «45.23. 2.57 = pggecp 51.29 «+69 ~=sJevaPhrm = 38.84
Alltel 62.05 -64 CardniHith 70.19 +24 FedrDSs 43.98 +06 ~— kyocera. = 96.79 -.71_—— NC 7439 +29 ‘Texinst’ 34.84
AltanaAG 74.75 -.38 «© Carnival «48.50 -.39 ‘Fiat 29.54 +11 L3Com 91.08 +115 posco 10516 «+42 ~=—«Jextron_—‘101.83
AlteraCpif 2281 +27 CamUK 50.10 -44 —‘FidNinfo = 50.61. +.08 = LGPhilips 20.40 +19 ppg 7326 -33.-~—«‘ThermoFis = 52.34
Altrias 68.81 -.11 ~~ CarolinaGp 76.28 «= -25 ~—s*FifthThird © 40.79 +20 Labcp = 78.59.35 —ppL corp ~—44.00.:«-+.39-«=SsThomson = 44.03
Alumina 23.50. -.08 Caterpillar 73.24 +62 —«*FirstDatas -32.43, +03 ~ tafargeSA 40.51 -.13” Paccats ~~ 85.18 #1.20 3MCo---- 83.61
AmBevC 57.30 +18 Celgene... 61.41 #.25:. > FirstEngy 69.55 +111, LamRsch, 54.65... +87 parkHan 1088.36. +1.22. <; Tiffany |, 47.59
AmBev 59.10 +.68 © Cemexs 32.29 «-.21.—s*Fiserv, = ,52.81, -.36 LvSands 85.62, +43—spaychex —«37.39«+.29«=THottong = 31.85
Amazon 61.19 -.14.__Cemig, |) 51.90 4,03,,.Flextrn 11.27, +12 LeggMason 98.39 -.80 peabdyE 47.74 -.24.-«« WCablen 36.22
AmbacF 92.83 +1.03 CenterPnt™ 19.34 +51” Fluor ‘96.02 +40 LehmanBr 74.83 -45 pearson 18.01 «+95 +~—“‘TimeWarn = 20.59
Amdocs 36.89 +18 ChesEng 3445 +70 FEMSA = 110.39 +270 LeucNatls 30.30 +16 —pennWstgn 30.08 +13 © rehmrk §=— 68.73
Ameren 53.28 +71 Chevron 78.35 «+56 = FordM 8.05 +.01 —_Level3 5.28 -28 penney 79.96 +87 lorDBkg —60.47
AMovill 51.94 -59 ChiMerc 512.60 -4.15 —‘Forestlab = 53.22 +.01 —LibGlobA 36.45 +56 pepsiBott 33.10 -+.29 «=Total SAs 73.68
AMovilA 51.95 -50 Chinalfes 4633-01 —‘FortuneBr 80.42 +32 LibGlobB_ 36.20 +.20 ~—pepsico «66.40 +.31:~—«CotalSys_— 31.08
AmCapStr 48.25 -.43 ChinaMble 45.07 +.06 —‘FranceTel «29.21 -.06—LibGlobC «33.98 +57 ~—petrocg «44.79 +.46«=‘TOyota = 121.53
AEagleOs 29.45 -02 ChinaNet 49.00 -.06 = FrankRes © 131.61 +30 LibmintAn 24.98 ~05 —petchina 113.00 +86 «©‘FCdag = 35.81
AEP 50.66 +44 ChinaPet 87.30 +09 FredMac 65.90 +1.12_ LibMCapAn 11353 +56 —PetrbrsA = 89.64. +.42.-—«=Sansocn = 86.27
AmExp 61.32. +65 © ChinaTel «47.10 -.14- FMCG 67,36 +20 LillyEli = 58.89.24 ~—petrobrs 101.54 +.31~—Cravelers 54.44
AmintGplf 70.03 +12 ChinaUni 1457 +08 FresenM = 50.05.04 Limited © 27.36 ~21.—— pfizer 2659 +13 ‘Tribune — 32.80
AmStand 55.46 +40 Chubb 5358-25 ~—Fujifilm =» 41.73, +84 LincNat_ = 70.79 ~36—phiktD «Ss «53.60 1g (urkcell © 14.71
AmTower 38.00 ChungTel 20.13 +23 © Gannett. © 58.17 +111 LinearTch 37.67 +.25 —philipsEl_ «—41.27«+.23.-—=—S« Ameriprise 59.67 +20 CinnFin 45.35 +11 .GAP 1772-23 LloydTSB 46.29 -.33-—pioNtrl «= 50.44. +.24~—~—«*Ton 21.15
AmeriBrg 50.31 +32 —Cisco 26.86 +12 Garmins 59.37. +118 LockhdM 96.23 +09 pitnyBw 47.62. ««=.38.-«—(UBSAGS ~— 65.19
Amgen 65.10 +.96 —Citigrp. «= 54.20 +58 = Genentch = 82.31. +2.32 Lgewss = 47.38. «+06 ~—plainsAA = 58.12.87 ;UPMKy «24.73
Amphenols 3568 +57 ClearChan 35.60 +17 | GenDynam 7849 -01 — Lowess 30.70 +14 ~—plumcrk ~=—.39.78S+.08«( UST Inc 56.10
Amvescp 2381 +10 Clearch 2852 -03 GenElec = 37.10 +24 Lyxottica «34.71 +07 ~—proloRL == 90.04 -2.07_~—=StraPtg = 57.50
Anadarks 46.27 -.39 Clorox «= 67.76 ««+.68 «= GNGrthPrp 62.36 -1.49 —|yondell «31.03 -.09-—portgiTel «14.21. -.0g «(Unio «(96.85
AnalogDev 38.90 +28 Coach 48.10 -.73 © GenMills_ 60.10 +20 gTBk 111.92 +58 potash’ «= «17853. -9g-~—S«(UilevNV's_— 30.40
AngloAm 26.35 -.04 CocaCE 22.04 +.10 «© GnMotr = 31.30 +.07 pia 69.41 -~15 — pwshsQQQ 4592 -.05 —_—Uinilevers 31.00
AnglogldA 44.36 -.21 CCFemsa 39.71 «+82 «© GenuPrt_ «49.60 +19 = MeMc = 54.09 -.79—praxair ~—65.22.-«+.67 ~«=«‘WlonPac_ 112.22
Anheusr 49.56 +37 CCHellen 4357-16 © Genworth © 34.88 -1.61 = wGMMir 66.82 43 precCastpt 104.00 -.11 «© UnBnCal_ = 61.52
AonCorp 38.99 +24 Cocacl 52.63 +44 «© Genzyme 66.22. +.91 = Macerich © 94.75 37 ~—priceTRs §— 49.51.17 UMicro. 3.30
Apache 73.29 «+79 © Coglech «= 88.47 ««-.93-«S Gerdau = 1990-13. Magnalg 79.22 «+07 —prinncl ~=—«60.87 -2.62 +-UPSB 69.94
ApolloGif 47.69 +39 ColgPal + = 68.10 +36 «= GileadSci_ «82.58 = +.86 = Manpwi «80.56 «+31 ~—proctGam 62.96 -1.4g «© USBancrp = 34.39
Appleinc 99.47 -.33 Comcasts 26.70 +.04 = GlaxoSKIn 57.51 -.27 - Manulifgs 35.75 -36 —progrssEn 51.24 +69 «US Cellular 71.90
‘ ApldMatl 19.28 «+06 += Comesps 2630-10 ~—=«GSlobalSFe © 64.47 +54 = Marathon 101.27 -.28 =~ progcps «2318 +.11_~=—«USSteel_ «(101.67
ArcelorMit 5295 -47 Comerica 62.01 +10 ‘GoldFltd = 17.96 = 01 Marintds © 45.34 +13 protogis_ © 65.13. +33-~«S«(UtdTech 67.73
ArchDan 36.60 -2.10 Golderpg 24.11 -.23 MarshM = 31.91 +15 ~~ prudentl «95.22 +.22,—~C«=«CtUtIs’:—«C=29.78
ArchstnSm 51.25 -.86 CmcBNJ 34.04 +.60 GoldmanS 218.58 _ -.03 Marshlls 48,20 +.18 Prud UK 30.03 +.02 UtdhIthGp 52.75
Assurant 57.42 -11 CVRD s 40.27 ~—--.34 Goodrich 56.78 -.06 MartMM 142.49_—-3.33 PSEG 86.75 +30 UnumGrp =. 24.73
Astrazen 5412-19 © CVRDpfs 3383-36 © Google. © 469.00 2.38 © MarvelIT sIf 1638 +24 —pubstrg 959-173. « YFP 85.81
AustNZ 126.77 +12 CompsBc 68.29 +11 = Graingr = 83.58 +.96 Masco 29.80 +259 pyblicis 4766 +06 © ValeroE.— 71.15
Autodesk If 41.40 +.13 CompSci 56.22 +.68 GrantPrde 53.40 +1.86 MasterCdn 114.85 +3.17 pylteH 27.00 +10 VeoliaEnv 82.70
AutoData 46.61 +1.85 ConAgra 24.74 +.16 GpTelevisa 28.17 +.12 — Matsush 20.05 +62 — Qualcom 43.77 -03 Verisign 26.78
AutoZone 133.50 +.46 ConocPhil 69.19 -.16 HDFC Bk 72.45 -.18 Mattel 28.59 +.29 OstDiag 49.09 +20 VerizonCm 38.51
AvalonBay 120.23. -2.03 ConsolES 42.03 . +.16 HSBC 92.91 +.55 Maxim If 31.93 +21 Questar 97.88 £75 ViacomB 41.15
AveryD 62.28 +.08 ConEd 5141 +.15 Hallibtn s 31.39 -.38 McDnids 49.14 +.86 OwestCm O11 +23 VimpelCm 96.77
Avon 40.93 +1.13 ConstellEn 91.27 +2.15 Hanson 84.12 -.76 McGrwH 65.90 +.37 Raytheon 53.28 6 VirgnMdah 24.82
BASF 11870 = -.11 Coopers 50.62 +.86 HarleyD 63.44 +12 McKesson 59.12 +29 ReedElsNV 3768 +.04 Vodafone 28.88
BB&T Cp 42.03. +.41 Corning 23.56 -.16 Harman 120.83 -1.06 MeadWvco 33.48 -+.12 ReedEls plc 5137 +83 Volvo 97.24
BCE gn 33.71. -.04 Costco 53.46 -.11 HarmonyG 15.77 -.11 Medimun 56.60 08 ~—RegionsFn_—_35.09 Vornado —-:118.33
BG Grp 72.64 +71 CntwdFn 36.99 -.09 HarrahE 85.51 = +.21 MedcoHlth 72.15 -5.87 ReliantEn 22.21 -.06 VulcanM 115.27
BHPBilILt 4851 -.33 CoventryH 57.40 — -.43 HarrisCorp 52.39 +1.04 Medtrnic 53.80 +87 Repsol 3281-07 WPP Gp 75.75
BHPBil plc 45.10 —-.38 CredSuiss 78.45 ~ -.05 HartfdFn 101.77 = +.57 MelcoPBLn 17.56 +.14 RschMotn 132.68 +1.10 Wachovia’ 55.36
BJ Svcs 29.09 +,43 CrwnCstle 34.67 +33 HithCrPr 34.86 -.53 MellonFne 42.77 -.16 ReutrGrp 59.43 +2.19 WalMart 48.33
BMC Sft 31.94 -.43 Cumminss 91.91 = -.25 HealthNet 55.25 +119° Merck 50.98 -46 ReynAms 6 4.12 “14 Walgrn 44.23
BPPLC. _—67.32 DJIADiam 131.29 +62 Heinz 46.62. -49 — Merrilllyn 90.56 +33 Rinker 7757 424 WAMutl 42.38
BT Grp 6332 +37 DRHorton 2265 +47 Helinfel «1454 --11 MetLife. «65.86 +16 ~—Riotinto. 24473. «-+.73.~«=«WSteMInc. «37.52
BakrHu 81.30 +.91 DTE 51.29 +.70 Hershey 55.00 ~~ +.04 Metso 55.15 -11 RockwlAut 60.76 $1.22 Weathfdint 52.09.
BcBilVArg 23.92 -.02 Daimirc 80.91 +.40 Hertz n 20.33 -+.43 Microchp 40.44 -+.10 RockColl 6543-24 WellPoint 79.72
BcBradess 21.30 +.08 Danaher 71.56 = +.37 Hess s 56.77 +.02 MicronT 1135-12 RogCm gs 38.52 +36 - WellsFgos 36.04
Bncoltau 38.82 +.24 Danone 32.67 -51 HewlettP 42.92 +.78 Microsoft 30.19 +.25 RoHaas 50.33 84 WstnUn n 20.87
BcoSnCH 17.67 ~~ -.02 Dassault 5886 -.54 Hilton ; 33.84 = -.16 Millea s 36.82 -.13 —_Rostele 5260-25 Westpac 112.63
BcSanChile 49.29 -.11 Deere 108.70 = -.70 Hitachi 76.06 = +.12 MillicomInt 83.25 +2.00 RoyalBkg 51.66 -.40 Weyerh 78.91
BkofAm 50.93 +,03 Delhaize 95.62 73 HomeDp 38.43 +.56 Mirant 45.20 +,33 RylCarb 41.98 +41 Whrlpl 108.10
BkireInd 86.51 -10 Dellinclf 25.22 +.01 Honda 34.13 -.30 MitsuUFJ 10.48 +.03 RoyDShIIB 71.05 +34 WhtMtiIns 573.00
BkMontg 62.40 -.28 DeutschBk 153.75 +.20 Honwilint! 55.08 —_+.90 Mitsui 367.01 +331 — RoyDShiIA 69.47 4.12 WholeFd 45.84
BkNY 4040-08 -‘DeutTel «= 17.33 -.06 =~ Hospira. = 40.80 +.25 . MizuhoFn 12.05 -.11_—pyanairs 47.09 +.42.:«S« WmsCos_ (29.41
BkNovag 47.58 -60 DevDv = 64.45 -.65 HostHotls 25.22. ~--42.~~—«sMobileTel © «455.15 +.05 sapag 48.13. «+.13—~S«WWillisGp_— 41.20
Barclay 57.62. 42 ~«—«dDevonE «= 73.09 +22) Huanpwr «40.36. «Ss -.23.-«S Mohawk = 90.84 «+.68 sk Ticm ~—25.46«+.63.-~«=WVindstrm = 14.66
Bard 82.81 -32 Diageo 84.72 +32 Wudscity 1330 02 MolsCoorsB 94.35 +07 siGreen 139.64 -1.26 «= Wipro 16.58
BarrickG 27.99 «-.12._~S«éCiaOffs, «86.54 +94 = Humana «63.00 -«-.24 += Monsantos 57.74 -1.25 simcp 5350-33 ~—‘Wolseleys 24.41
Baxter 57.06 +43 ——DirecTV- «= 23.81.03 HutchTel «30.91 ~-.20 «= Moodys «65.47 -.65 «= sTMSTech 59.22 +24 © Woorifn 75.75
BayerAG 6891 +53 Disney 3547 +49 iacinter 38.28 +16 += MorgStan 8411 +10 sTMicro. 1953 +07 Wrigley «58.81
Bearst 15582 +12 DollarG = 21.43 +08 ~—iciciBk = 40.29-««-.63.~=— MosaicIf += 29.18 -32'—Ss Safeco «= «93 -.a1~=S«Weth 55.68
BectDck 79.63 +94 DomRes = 92.24 +104 MsHith «31.71 +238 «= Motorola. «17.46 «+13 Safeway «35.83. -47-—=S WWndhamn 36.08
BedBath 40.55 -.19-——dDonileyRR_ 42.40 +2.20 Ing 45.62 +01 MurphO 5543 -01 Styude ~~ 4437s tsa «| WYNN 101.38
Berkley . 32.72 +23 Dover 48.01 -11 ishJapan 14.28 NCRCp 50.16 -24 SanDisk 4272 -73 «XL CAP «78.73
BerkHaA 108301 -899 DowChm 44.03 58 == ishpyDy = 73.87 +.44.~=SsNEC 5.34 Sanofi 4546-49. TO EMgy = 54.42
BerkHB 3606 © --22.-~««éDuPont' «= 49.36 «+19 ~—ishspsoo 148.85 +37 ~=«ONIIHIdg «76.36 «40 Saralee ~— 16.66. +25 «= XCelEngy = 24.28
BestBuy 46.49 -.16 © DukeEgys «2069 +.17 = ishEmMkt 121.32 +.48 ~—NIS Grp 518 +01 — Sasol 444g: og. ~nerOk 18.43
Biogenidc 4756 +35 Elrade = 22.43 «+35 ishEAFE 79.08 +~=-.08.-~«S ss NRGEgy ©=-79.58.«+.62~Satyams 2457. -31_~~=CTilinx 29.53
Biomet if 43.32 +12 EONAG 50.14 +151 isrikvnya 86.39 +21 NTTDOCo 17.48 +47 SchergPl 3157-16 «PF SOC 43.38
BlackRock 14885 -.85 eBay 33-46-48 ishR2Knya 81.14 +40 NYMEXn 125.20 -451 Schimbrg 73.83 Yahoo 27.61
BlockHR 22.85 +24 §EMCCp 15.06 -12 itr Corp 64.99 +118 -NYSEEur 83.33 “1.00 Schwab ~—s9.13, +01 UMBrds, (63.12
Boeing 93.23 +23 ENT 66.15 -09 ITWs 5151 +20 Nabors 31.98 -14 SeagateT 21.60 -55 Zimmer 88.66
BostProp 116.61 -95 EOGRes = 75.78 +234 = |¢ 42.69 +22 Naspers 25.21 +47 SearsHldgs 188.16 -2.75 l0nBcp 81.59
EKodak = 25.40 +49 ImpOilgs 37.93.10 += NtAust ~=—«-178.00_—‘+.20
TorontoStockExchange
Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last
SXRUranium) 15.70 -.95 MiramarMng 4.70 -.07 BluePearlMng 17.51 -.49 lamgoldCorp 891 -.09 BCE Inc 37.30 -.09 GreatBasinwt _.63
TiominReso 13 +.01 Goldcorpinc 26.74 -.20 UTSEngyCorp 5.01 +.19 NuvoResearch .24 -.09 EasternPlat 2.40 +.03 LionoreMng 18.76
ACEAviationA 28.88 -.58 MidnightOil 1.84 +.04 CampbellRes .12 -.01 Norbordinc 8.25 -.18 PetroCanada 49.75 +,40 HudBayMnrls 21.55
COM DEV 4.97 +.67 TD Bank 67.13 -.67 AbitibiCons 2.84 -.07 RogersCommB 42.61 +.06 GabrielReso 3.96 +.05 TalismanEgy 21.48
Wi Laninc 5.10 -.45 EnCanaCorp 58.80 +.70 KinrossGold 14.54 -.23 TimmincoLltd 3.57 +.10 EldoradoGld 6.31 -.12 EqnoxMnrlso 2.46
Ur Fnergyo 4.35 +.02 Dynatec 4.34 -.03 YellowPgsUn 14.40 +.34 SunLifeFin 51.00 -1.60 BarrickGold 31.15 Ms FirstNickelo 1.58
Bk NS 52.80 -.59 SynencoClA 15.49 +2.08 BreakwaterRes 2.13 +.03 BkMontreal 69.31 -.15 WsternOilA 36.81 +.75 BombdrBSV = 4.65
OPTICanada 23.01 +.76 CdnNatRes 66.38 +.24 ChariotReso 92 +.03 YamanaGldo 15.17 -.29 AeroplanincU 19.51 +.01 ManulifeFin 39.64

$674.40

Ket

+.26
-.14
-.34
+.89
-.50
-.05
+.33
-1.89
-.50
-.29
-.21
-.43
+.22
-1.52
-.09
-.25
+.24
+.32
-.02
+.38
+42
-.10
-12
-.02
-.16
+.12
-.05
-.40
+.29
-.16
-1.40
-.16
+,30
+.23
-.16
-.16
“25
+.23
-45
+.18
-.53

-1.43
+.27
+.27
+.44
4.15
+.34
+.27
+.06
+1.20
+.26
+.64
-.02
+.05
+.03
+.06
-.38
-21
-.16
-.08
-91
+.43
-21
+.49
-.36
-.70
-1.18
+.53
+47
+.16
+.28
-.02
+.84
-.10
+32
-.60
-.04
+.43
-.65
-.01
+.02
+.11
+.06
+.07
+.34

+.57
+.12
4,19
+.29
+.06

+18

+.07
+.08
+.50
-.07
+.18
+1.48
-.83
+75
+15
+19
-.07
+.05
+1.02
~44
+1.26
-1.82
-.21

Chg
+.16
+.05
+71
+.42
+.03
+.06
+.08

-47

INTERNATIONAL EDITION WEDNESDAY, MAY 2, 2007
GOLD @ -6.10 EURO





y CRUDE OL
1.3620 -0031 ~g6440 ¥ 71.31
Interestrates NET 1YR
TREASURIES YEST PVS CHG WK MO QTR AGO
Fi 3-month T-bill 4.76 4.79 -0.03 VW VW W 4.68
6-month T-bill 4.84 4.82 +002 VW vW W 478
NE l-yearT-note 492 492 .. A A A 4.95
g a 2-year T-note 4.62 458 +004 A A W 495
5-year T-note 4.53 4.51 +002 A VW A 501
10-year T-note 4.64 4.62 +002 A W A 5.14
30-year T-bond 4.81 4.81 A VY A 5.23
NET 1YR
BONDS YEST PVS CHG WK MOQTR AGO
Lehman Bros Bond \dx4.83 4.83 AVA 526
Bond Buyer Munildx 4.60 458 +002 A = W 4.85
Lehman US InvGrade 5.27 5.34. -0.07 V VW Vv 5.64
ae: ane Lehman US High Yield 7.47 7.48 -001 ¥ VV 813
YEST 8.25 5.27 Moodys Bond Index 540 547 .-0.07 VW W A 595
PREV 8.25 5.28 Bank Index 116.29 116.06 +0.23 A A A 112.80
WKAGO 8.25 519 DJCorpBond 200.47 200.59 -0.12 V A A 185.64
Commodities COMMODITY CLOSE PVS. %CH. %YTD
Unleaded Gas (gal) 2.24 2.44 -8.20 +39.8
Crude Oil (bbl) 64.40 65.71 “1.99 +5.5
Gold (oz) 674.40 680.50 -0.90 +6.2
Platinum (0z) 1300.90 1298.40 +0.19 +142
Silver (oz) 13.25 13.45 -1.49 +3.5
Coffee (Ib) 1.02 1.03 -0.97 -19.2
Orange Juice (Ib) 1.65 1.66 -0.60 -18.0
Sugar (Ib) 0.09 0.09 ww 23.4
Foreign 6MO. —1YR.
Exch an ge COUNTRY CLOSE CHG. %CHG. AGO AGO
4 Argent (Peso) 3236 -.0000 -.00 3237 -.0045
Brazil (Real) 4914 =+.0002 +.04 4664 +.0121
> Britain (Pound) 1.9996 +.0005 +.03. 1.9118 +.1751
Canada (Dollar) 9005 ~—--.0010 -11 8824 +.0027
WA chile (Peso) 001904 +.000001 +.05 .001902 -.000038
Colombia (Peso) .000474 -.000001 -.21 .000434 +.000054
Dominican Rep (Peso) .0307 —-.0000 -00 0296 -.0004
Euro (Euro) 1.3620 = -.0031 23) 1.2776 «+.1035
Japan (Yen) 008353 -.000011 13. .008555 -.000459 -
Mexico (Peso) 091441 -.000050 -.05 .092666 +.000984
Uruguay (New Peso) .0417 -.0000 -.00 0420 = -.0000
GlobalMarkets
INDEX YEST CHG %CHG WK MO QTR YTD 7
S&P 500 1486.30 +3.93 +0.27% A A A_ +4.79%
Frankfurt DAX 7408.87 +30.75 +0.42% A A A 12.31%
London FTSE 100 6419.60 -29.60 -0.46% Vv A A +3.20%
Hong Kong Hang Seng 20318.98 -207.52 -101% VW A A_ +1.77%
Paris CAC-40 5960.04 +29.27 +0.49% A A A +7.55%
Tokyo Nikkei 225 17274.98 -125.43. -0.72% vv A A_ +0.29%
SOUTH AMERICA / CANADA _
Buenos Aires Merval 2154.55 -43.22 -197% WV A A _ +3.07%
Mexico City Bolsa 28996.71 -376.22 -1.28% V VW A _ +9.64%
Sao Paolo Bovespa 49018.09 -211.51 -0.43% VV Toronto S&P/TSX 13406.33 -10.35 = -0.08% Vv A A +3.86%
ASIA ;
Seoul Composite 1542.24 “0.28 «-0.02% V A & : +7.51%
Singapore Straits Times 3361.29 -37.31-1.10% V&A A +12.57%
Sydney All Ordinaries 6158.30 +17.30 +0.28% “Vv A’ A +9.11%
Taipei Taiex 7875.42 -74.00 -0.938% VW Vv. A +0.66%
Shanghai Shanghai B 231.13 +15.15 +7.01% A A Largest Mutual Funds
12-MO 12-M0 12-M0
NAME NAV CHG%RTN NAME NAV CHG%RTN NAME NAV CHG %RTN
AIM Fidelity Advisor Putnam
CharterA m 16.52 +.05+17.2 CapDevO 13.35 +.06 +14.8 GrowincA m 20.9! +,09 +15.0
ConstellA m 27.83 +.07 +5.7 DivintlA m 24.64 -.01+10.6 VoyagerA m 18.93 +06 +69
American Cent Fidelity Spartan RiverSource
Ultralnv 28.23 +.03 +2.0 500IndxAd 103.22 +.27 +16.0 DivrEqInA m 13.6. +05 413.4
American Funds USEqIndxl 52.63 +.14+15.9 LgCpEqA m 6.14 “02 +139
AmcapA m 21.12 +.04+11.2 First Eagle Russell
BalA m 19.63 +.04+12.1 GIbA m 48.29 +.03+14.2 mulstrBdS 1040 .. +69
BondA m 13.42 -.01 +8.0 OverseasA m 26.83 -.09 +14.3 Schwab
CapIncBuA m 64.06 +.02+20.0 FrankTemp-Frankdin YidPlsSel 9.69 +57
CpWidGrlA m 44.71 +.01+182 CATFA x 7.32 -.03 +6.6 " T 7
EurPacGrA m 49.83 -.05+153 FedTFAx 1207 -.04 +59 Selected
FundminvA m42.75 4.054146 HYTFAm 1096 .. +75 AmerShS b 4813 ... +152
GrowAmerA m34.68 +.06 +10.2 IncomeA x 2.77. -.01 +20.2 T Rowe Price
HilncA m 12.79 -.01 11.7 SmMdCpGrA m41.60+.06 +11.3 BIChpGr 38.00 +.09 +13.5
IncAmerA m 21.25 +.03+19.1 USGovA x 6.41 -.03 +6.9 CapApprec 21.72 +.05 +15.1
InvCoAmA m 35.09 +.09+14.5 FrankTemp-Mutual Eqindex 39.88 +.10 +15.6
MutualA m 30.93 +.12417.5 piscoy A ks 3288 -.06+213 Eatyinc 31.05 +.23 +18.8
NewEconA m 28.15 +.04+14.5 shares z 27.74 -.02 +17.6 GrowStk 33.66 +.06 +16.6
NewPerspA 33.79... +15.5 FrankTemp-Templeton IntIStk 17.79 -.09 +13.0
NwWrldA m 5261 4.044233 Foo m 1449. ..4147 MidCapva 27.34 +.20 420.1
SmCpWida m42.63 +01+159 Forggis 28.88 -.05 +253 MidCpGr $8.70 +.04 +10.1
WAMutInvA m36.70 +.15+17.7 Growth m 26.97 -.03 +17.3 NewEra 51.43 +.10 +10.7
Artisan WorldA m 20.42 +.01+16.2 NewHoriz 34.19 +.04 +2.9
Intl 31.10... +16.8 Franklin Templeton Newincome 896 ... +7.7
Baron FndAllA m 14.54 +.01 +17.9 “SmCpStk 35.79 +.11 +63
Growth b 52.45 +.07 +91 @Mo SmCpVal 43.79 +.15 +7.6
Bernstein Forlll 19.76 +.02 +18.3 Value 28.98 +.17 +18.9
TxMintl 28.23 +.08+15.7 Harbor Third Avenue
BlackRock CapApinst 34.58 +.05 +58 Value 63.27 -.14 +12.0
GlobAlcA m_ 19.07 -.01 +11.2 Intlinstl 67.03 +.09 +20.0 Thomburg
Calamos Hartford IntlValA m 30.96 -.07 +18.1
GrowA m 57.19 -.03 +8 AdvHLSIA 23.59 ... +125 Tweedy Browne
Columbia CapAprA m 39.36 +.03+10.0 Globval 33.96... +19.6
AcornZ 32.00 +.03 +11.3 CpApHLSIA 56.07 +.06 +11.5 VALIC
DFA DVGrHLSIA 24.20 +.07#19.0 crockidy 38,58 4.11 +156
EmgMktVal 36.99 +.13 +29.3 JPMorgan Van Kampen
IntlSmCap 23.63 +.04+23.0 IntrAmerS 29.65 +.06 +16.4
intismco 2160 +05 +4201 Jam ComstockA m20.07 +.02 +16.7
bis i aS EqincomeA m 9.45 +.02 +13.6
IntlValu 25.54 +.04425.8 Contrarian 19.17 +.06 +271 GrowincA m 23.23 +.07 +167
USLgVal 26.80... +17.2 Growinc 40.27 ~01 46.5 eee
USMicro 16.20 +.01 +5.9 Janus 30.30 -.04 +13.1
ussmVal 31.10 +.12+10.5 MidCapVal 25.58 +.01+17.0 500 136.97 +.36 +158 |
DWS-Scudder Overseas 49.83 -.05 +265 AssetA 30.20 +.07 +15.9
DremHRtEA m52.26 +.18 +15.2 Twenty 58.35 -.08+15,0 CapOp 37.82 +.10 +92
Davis John Hancock EmerMktid m 25.92 +.07 +15.6
NYVentA m 40.46 -.02 +15.6 ClsscValA m 29.23 +.17 +16.8 Energy 68.82 +.26 +7.0
Dodge & Cox LifBal b 14.96 +.02+12.5 Europeldx 39.73 +.06 +26.0
Bal 89,62 +.06+12.9 LifGrl b 15.50 +.03 +12.2 Explr 80.13 -.02 +5.7
Income 12.67 .. +7.5 Julius Baer Extndidx 41.34 +.07 +11.2
Intlstk 47.30 -.04+18.1 IntlEq! 47.66 +09 +21.6 GNMA 10.21, +7.1
Stock 159.73 +.18+15.8 Legg Mason GIbEq 24.92 +.05 +18.9
Excelsior OpportnPr m 20.62 -.03 +13.6 Grolnc 37.79 +.07 +15.1
ValRestrA 57.49 +.19 +141 ValuePr b 75.77 +38+12.1 Growthldx 31.44 +.07 +12.1
Fidelity f Partners : HYCor 6.29... $10.0
AstMgrs0 16.73. +11.1 LongPart 36.56 -.04+141 HithCare 155.7 +.42 +18.0
Bal 20.61 +.04+12.4 Loomis Sa MO sae Seas
BiChGrow 46.42 +.12 +86 Bondi 14.70. 411.2 (|nstidx, = 135.95
InstTBdld 50.45 -.03 +7.6
CapApr 28.65 +.01 +8.5 Lord Abbett £08 +152
Capinc 917 -01+13.7 affiliath m 15.86 +02+12.8 IMstTStPl 3235 Fe
Contra 67.88 +13 +93 MidCpValA m24.18 +10 +19,0 IntlGr a
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Divrintl 40.02 -.04 +15.7 LifeGro y . 3
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FF2015 «1283 +.02 411.1 (MEGA = 21.96 -.02 +16.1 org 20.04 +.04 +10.7
FF2040 10.09 +.01+12.9 Neuberger Berman MuintAdml 1330... +5.6
Fidelity 38.01 +.05+13,9 GenesisTr 51.76 +.28 +85 pacificid 12.94 +.01 +43
Free2010 15.30 +.01+10.5 Oakmark Prmcp 72.50 +.25 +8.9,
Free2020 16.40 +.02+11.8 Oakmark! 48,35 +.25+18.4 ReITidx 26.08 -.21 +268. -
Free2030 17.04 +.03 +12.7 Select | 34.73 +.25+13.1 sTCor 10.60 -.01 +6.2
Govtinc 10.08 ... +6.7 Oppenheimer SelValu 22.41 +.05 +21.9
GrowCo 73.06 +.08 +8.7 CapApA m 48.80 -.03 +9.0 SmCapidx 34.73 +.07 +10.1
Growinc 32.44 +.12 +9.9 DevMktA m 43.99 +.09+14.0 star 21.89 +.03 +11.9
IntBond 10.31... +6.7 GlobA m 77.97 +.16+13.8 sStratgcEq 25.67 +.04 +11.4
IntIDisc 40.88 -.07+16.7 IntlBondA m 6.24 -.01 +9.2 TgtRe2015 13.05 +.02 +13.3
InvGrdBd 7.39... +7.6 MainStrA m 42.73 +.14 +14.0 Totet2025 13.74 +.03 +14.6
LevCoSt 32.97 +.13 +188 RocMuniA m 18.80 .. +86 Totgaid 10.01 -.01 +7.5
LowPriStk 46.16 +.03 +12.8 RochNtIMu m12.83 _ ... +10.2 Totintl 19.09 +.02 +18.3
Magellan 95.64 -.08 +6.3 StrincAm 4.40 -.01 +97 totctidy 35,88 +.09 +15.0
MidCap 32.52 +.09+11.4 PIMCO Wells! 22.42: +.02 +13.4
OTC 43.72 +.11+11.6 AllAssetl 12.98 .. +9.6 Welltn 33.77 +.06 +15.0
Overseas 48.86 -.05+16.1 ComRIRStl 14.82 -.01 +21) Wrgsp 19.50 +.03 +161
Puritan 20.75 +.04+14.5 LowDrls 9.91 -.01 +49 Wndsril 37.10 +.12 +19.0
Realinv 37.42 -.30+26.3 RealRet 10.92... +5.9 .
ShimBond 887 ... +54 TotRetls 10.39 -.02 +6.6 Western Asset
USBdindx 10.91 -.01 +7.5 pioneer CrBdinst = :11.38 Sw, #94
Value 88.15 +.20+17.1 pioneerA m 50.72 +.11 415.1 CrPIBdins 10.54 -.01 +9.2



THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 5B



‘Less than 1%’ of realtors

act as financial institutions

@ By CARA BRENNEN- BETHEL
Tribune Business Reporter

ahamian realtors should be

B exempted from Know Your
Customer (K YC) due diligence
verification procedures because less than
1 per cent of the industry acts as financial
institutions, the immediate past presi-
dent of the Bahamas Real Estate Asso-
ciation (BREA) told The Tribune yes-

Under the Financial Transactions
Reporting Act (FTRA), a real estate
broker is defined as a financial institution
only if it receives funds in the course of
business for the purpose of settling real
estate transactions. In this capacity, any
funds they receive above and beyond
their commission and/or expenses, the
client’s identity and source of funds must
be verified.

However, Patrick Strachan said this
should really be a moot point, and real-

tors should not be subjected to any mon-
itoring by the Compliance Commission
because 99.9 per cent of the industry did
not act in that capacity.

In fact, he said that as far as he was
aware, only one or two companies actu-
ally acted in such a way.

“Quite frankly,” Mr Strachan added, “I
don’t know why we are discussing this
now, because when we met on the subject
when I was president, we decided that
this was a non- issue.”

Mr Strachan said that in most real
estate sales, funds were distributed to
attorneys for holding in escrow. He sug-
gested it would be more practical to reg-
ulate the attorneys.

Further, Mr Strachan said it is was fair
that the real estate companies were bom-
barded with letters warning them against
money laundering when they were not
acting in the role of financial institutions.
Mr Strachan’s comments came follow-
ing a seminar jointly sponsored by the

Bahamas Real Estate Association
(BREA) and the Compliance Commis-
sion last Friday.

During that meeting, realtors
expressed their desire to have KYC
requirements be exempted for deposits
they received that were less than 10 per
cent of the purchase price. That figure is
the amount the buyer usually deposits
in escrow when the seller agrees to a
sales offer, to be held in trust until the
deal is concluded.

<

terday.



Counterfeit goods still ‘problem area’ for many firms

FROM page 1

‘ “However, while there has been
* some positive progress, we do
have remaining concerns and
want to work with the Govern-
ment of Bahamas to address
these.

“Specifically, we continue to
be concerned about enforcement
. against counterfeiting and pira-
. cy, including customs enforce-
ment against counterfeit goods,
distribution of pirate CDs and
DVDs and cable piracy.

“With respect to the copyright
: law, we continue to urge the Gov-



that illegal and restricted items
did not enter the Bahamas, its
acting controller, Anthony
Adderley, said yesterday,
responding to the Special 301
copyright watchlist removal.

Mr Adderley told The Tribune
that the Customs Department
had specific guidelines and mea-
sures it uses in the inspection of
goods coming into the Bahamas,
whether they be prohibited or
restricted items.

In the case of prohibited items,
he said there were measures to
ensure they were not allowed into
the Bahamas, and in the case of
the restricted goods, there were

exact guidelines on what fell into
the relevant.category to be
allowedin. ..

Mr Adderley noted the guide-
lines applied to all items which
entered the Bahamas, and said as
far as he was aware there were
limited instances of counterfeit
items being presented.

.He added that the Customs .

Department abides by the laws
of the Bahamas when it comes to
these matters. /
Mr Adderley said the US gov-
érnment might wish to inform the
Bahamian government if there
were laws or amendments it
would like to see addressed.

ernment of the Bahamas to
implement the amendments to
the copyright law limiting the use
of compulsory licenses to over
the air and unencrypted broad-
. casts.
’ “ We will continue to engage in
discussions with the Government
of the Bahamas to address these
and other intellectual property
* rights-related issues, including
’ public awareness programmes.”
The spokesman added that the
US would be provide “technical
assistance” and share best prac-
tices with the Bahamas on inves-
tigating and prosecuting intellec-
» tual property rights violations.
Meanwhile, Philip Simon, the
Bahamas Chamber of Com-
merce’s executive director, point-
ed out that the sale of counter-
\ feit designer goods, plus pirated
CDs and DVDs, undermined
legitimate Bahamiap businesses,
* especially as they had to pay tax-
o . >
es and business licence fees when
the counterfeiters did not.

“It’s really a problem area for
many businesses,” Mr Simon said.
“We want to operate in an envi-
ronment where the playing field is
level and there is no tolerance of

, illegality.

“There are many persons in the

business community who have
» worked extremely hard in build-
* ing their businesses, and gone
about things the right way, yet

- 9

c

4

2

tz



@ PHILIP SIMON

are undermined by people who
are counterfeiting and selling ille-
gally-produced goods.

“Tt doesn’t bode very well for
encouraging entrepreneurs, and
those people in the business com-
munity to continue to contribute
to the growth of the economy in
the Bahamas.

“We probably need to enforce
more the laws we have, and be
vigilant in seeking out those
breaking the laws and holding
them to account.”

Mr Simon, though, said the
Bahamas’ removal from the US
Special 301 watchlist would pro-
vide further confidence for the
international and Bahamian busi-
ness community in this nation’s
business environment.

“For those persons seeking to
do business in certain areas, the
availability of copyright protec-
tion and legislation, from the out-
sidelooiking in, is perceived as
protecting value in copyright. I
suppose it’s a benefit and advan-
tage for us,” Mr Simon said.

The Customs Department said
it took every measure to ensure

Legal Notice

NOTICE

VERSOIX INC.

Notice is

Companies Act 2000,
VERSOIX INC. has

Certificate of Dissolution has been

hereby given that
Section 138 (8) of _ the

in accordance with
International . Business
the dissolution of
been completed; a
issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

| Notice

Legal Notice

NOTICE

TARASSCO LTD.

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

h

ARGOSA CORP. INC..
(Liquidator)



Legal Notice

NOTICE

AVALON BUSINESS CORP.

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

ARGOSA CORP. INC.
(Liquidator)



FaWies

Cia

For the stories behind the Ae
read Insight on Mondays



a UBS

UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head - European Desk

In this challenging positions you will be responsible for:

Leading a team of Client Advisors

Advising and servicing existing clients including travelling
Acquisition of new clients

Proposing of investment solutions

We are searching for a personality with extensive experience in
wealth management, specialized in the fields of customer
relations, investment advice and portfolio management.

~ Excellent sales and advisory skills as well as solid knowledge of
investment products are key requirements, A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is @ plus.

Written applications by Bahamian nationals only should be
addressed to:

~ brbahamas@ubs.com
or

UBS (BAHAMAS) LTD, HUMAN RESOURCES MANAGEMENT
P.O, BOX N-7757, NASSAU, BAHAMAS



LOOKING TO GIVE YOUR CAREER A BOOST?

Come to KPMG...

ARCTIC POINT LIMITED

We are currently seeking qualified Managers to join our Audit practice.

Managers

The successful candidate for the Manager position must have at least six years professional public accounting
experience, two of which should be at a supervisory level. Experience as an Assistant Manager would be a plus.
Applicants must hold a CPA, CA, or other professional designation recognized by the Bahamas Institute of
Chartered Accountants.

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

Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.

Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acash @kpmg.com.bs. Telephone: (242) 393 2007

AUDIT * TAX * ADVISORY

© 2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.

ARGOSA CORP. INC.
(Liquidator)





STS BTS



PAGE 6B, WEDNESDAY, MAY 2, 2007

Chairman: No ‘take private’ plan for RND

The Tribune



UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team

aS a

Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests.

“In order to satisfy our requirements, the successful candidate

will possess:

* A bachelor’s degree in Accounting from a recognised and

accredited educational institution. Preference will be given Ao
to applicants Raving obtained or in-the process of earning

a CPA; of other related proficiency requirement:

Sound working knowledge of International Financial

Reporting Standards (IFRS);

A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an

offshore environment:

Extensive knowledge of MS Office and related Application

Software products

Interested? If <0, we look forward to receiving your
application documents on or before Thursday May 4, 2007,

attention:
Client Accountant
hrbahamas@ubs.com

or

UBS TRUSTEES (BAHAMAS) LTD, HUMAN RESOURCES,

P.O. BOX N-7757, NASSAU, BAHAMAS

Bist

Pricing Information As Of:
‘Tuesday, 1 May 200 7

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)

Bahamas Supermarkets
RND Holdings

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

Fideli

ALL SHARE
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



FROM page 1

that Colinalmperial, whose par-
ent company is BISX-listed Coli-
na Holdings (Bahamas), had built
up its 24.6 per cent stake in RND
Holdings as a result of its acqui-
sition of other Bahamas-based
life and health insurers.

In addition, the company had
also been part of the consortium
of investors that had linked with
Mr Fitzgerald last year to pur-
chase the 31 per cent stake in
RND Holdings that was held by
his former business partner, Brent

Dean. He had fallen out with Mr‘

Fitzgerald, who subsequently put
together a group to purchase his
stake.

Several investors yesterday
expressed concerns that the accu-
mulation of such a large stake in
RND Holdings, which is traded
on the over-the-counter market,
by Colinalmperial could be a pre-
lude to moves to take the com-
pany private.

Investment

Colinalmperial’s investment
advisory affiliate, CFAL, acts as
corporate advisor and registrar
and transfer agent to RND, and
some wondered whether it was

working with Mr Fitzgerald to
return the company to the pri-
vate sector.

Dispelling such concerns, Mr
Fitzgerald told The’ Tribune yes-
terday: “Without a doubt, there
has been no move or any thought
on my part in taking RND pri-
vate. The future looks exciting,
and we want all shareholders to
benefit.

“I haven’t sold one share in
RND ‘in years. There’s been no
move or any consideration to tak-
ing RND private.”

He explained that insuramce
companies acquired by Colina
Holdings (Bahamas) subsidiary,
including Imperial Life and Glob-

THE TRIBUNE



ina Insurance Company, had held
stakes in RND, and it was this
plus the participation in the acqui-
sition of Mr Dean’s stake that had
given Colinalmperial its share-
holding.

“There’s nothing sinister in it,”
Mr Fitzgerald said. “Every insur-
ance company they picked up had
shares in RND, originating from
the IPO. Imperial probably had
the largest stake.”

With RND’s annual general
meeting coming up in the next
two to three months, Mr Fitzger-
ald said RND was looking for-
ward to showing how its plans
were “coming to fruition” and the
company would “achieve its
objectives”.

Legal Notice

NOTICE

Pursuant to the provisions of Section 137 (4) of The International
Business Companies Act, 2000, Notice is hereby given that:-

(a) OPTIMIX ALTERNATIVE INVESTMENTS FUND
LTD. is in dissolution;

(b) the date of commencement of the dissolution is April 18,
2007:

(c) the name of the Liquidator is Maria M. Ferere of One
Montague Place, Second Floor, East Bay Street, P.O.
Box N-3932, Nassau, Bahamas

Dated this 2nd of May A.D. 2007

Maria M. Ferere
Liquidators

NOTICE

Lamp

Inarance Beckers & Rene! Gunster

BAHAMIANSPLEASE EXERCISE
YOUR RIGHT TO VOTE!

In order to encourage our staff and clients
to do the same, we will be open from
8:30am to 12:30pm
on Wednesday, May 2nd.

We apologize for any inconvenience caused,
-LAMPKIN & COMPANY
Insurance Brokers & Benefit Consultants Ltd.
TT
12MontroseAve. P.O, BoxEE (5280

Phone: (242) 325-0850 Fax: (242) 326-8024
E-Mail: info@lampkinco.com
sessment



=) FIDELITY |

iaStty: Over-the-Counter Securities

Change eal

11.59
9.02
0.85
2.60
1.30

10.41
2.10

14.26
5.11
2.43
5.94

12.49

14.62

17.11
0.54
7.25
9.05

10.00

0.00
-0.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Ask $ Last Price EPS $

15.60
8.25
oO. oO

Weekly Vol.
16.00
10.00
0: 20

43.00 41.00
15.50 14.00
0.55 0.45

- BIS Listed Mutual Funds

NA Vv
1.337393"
3.1424***
2.649189**
1.238600****

YTD% Last 12 Months Yield %

) PINDEX: CLOSE 796.61 / YTD 07.35% / 2006 34.47%

MARKET TERMS

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

Ask S$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - Acompany'’s reported earnings per share for the last 12 mths *
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

NAV KEY
* - 20 April 2007
** - 31 March 2007
* -31 March 2007
March 2007

- 31 March 2007

394-2503

_ al Life, as well as the original Col-

NOTICE

NOTICE is hereby given that KENSY PIERRE of
FARRINGTON ROAD, 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 2nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas.

NOTICE

NOTICE is hereby given that SHYAN SATASHA CLARKE OF
FIRETRAIL ROAD (EAST), P.O. BOX CR-54802, 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ALISHA PROPHETE OF
KENNEDY SUBDIVISION, 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 25th day of April, 2007 to the Minister responsible

for Nationality and Citizenship, P.O.Box N- 7147, Nassau,”

Bahamas. ~

NOTICE

NOTICE is hereby given that SYLVANE HONORAT OF
COWPEN ROAD, P.O. BOX CR-54802, 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ISAIAH NATHAN of
CARMICHEAL ROAD, P.O. BOX CR-55275, 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 2nd day of May, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JULIENNE SANON OF
HAMPTON ST. OFF MONTROSE AVENUE, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.



TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience
this will cause to our customers



Se

“AY

<



yew °

THE TRIBUNE BUSINESS

KPMG 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 Management of Citibank N.A., (Bahamas Branch),
Markets & Banking and Consumer Group Domestic Segments

Report on the financial statements

i mpanyi i iti : h), Markets &
audited the acco ing financial statements of Citibank N.A., (Bahamas Branc 7
palag and Global Co Gam Domestic Segments (“the Branch”), which comprise the balance
sheet as of December 31, 2006, and the statements of income, changes in retained earings due to head
office and cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.

Management's responsibility for the financial statements

Manage: i sible for the preparation and fair presentation of these financial statements in
Soanaee with peaaioaal Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair’ presentation =
financial statements that are free from material misstatement, whether due to fraud or error; selecting oe
applying appropriate accounting policies; and making accounting estimates that are reasonable in
circumstances. .

Auditors’ responsibility

ity i i dit. We
Our responsibility is to express ah opimion on these financial statements based on our audit,
aad our ik in accordance with International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.

it i forming procedures to obtain audit evidence about the amounts and disclosures in
eee The procedures selected depend on our judgment, including the assessment of
risks of material misstatement of the financial statements, whether duc to fraud or error. In making those
risk assessments, we consider 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
also includes evaluating the appropriateness of accounting policies used and the _Teasonableness oO
accounting estimates made by management, as well as evaluating the overall presentation of the financial

statements.

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

Opinion

In our opinion, the financial statements present fairly, in all material respects the financial position of
Citibank N.A., (Bahamas Branch), Markets & Banking and Global Consumer Group Domestic Segments
as of December 31, 2006, and of its financial performance and its cash flows for the year then ended in
accordance with Intemational Financial Reporting Standards.

CITIBANK N.A., (BAHAMAS BRANCH),

MARKETS & BANKING AND GLOBAL CONSUMER GROUP DOMESTIC





SEGMENTS. ,
Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars) .
Notes 2006 2005
000 "000
Assets
Cash and balances with banks - group 3&12 $ 115,241 43,102
Cash and balances with banks - others : 3& 12 21,243 29,320
Investments : 4,12 & 13 5,283 5,283
Advances and other assets S, 12 & 13 81,305 57,020
Fixed assets 6 113 127
$ 223,185 134,852

Liabilities and Reserves

Liabilities

Current, savings and deposit accounts - group 712&13 § 69,074 36,770

Current, savings and deposit accounts - others 7, 12 & 13 152,852 96,572

Other liabilities : : 1,222 1,437
* 223,148 134,779

Reserves

Retained camings due to Head Office 37 BB

223,185 134,852
Commitments and contingencies 10

These financial statements were authorized for issue by Management on April 27, 2007 by:













Statement of Income
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
2006 2005
Notes $000 $7000
Interest income 8 (a) &9 $ 9,555 5,655
Interest expense 8(b) &9 (6,148) (2,389) _
Net interest income 3,407 3,266
Other income 8(c) 1,394 1,892
4,801 5,158
Operating expenses 8(d) &9 (2,737) (2,712)
Net income for the year $ 2,064 2,446
See accompanying notes to financial statements.
Statement of Changes in Retained Earnings due to Head Office
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
a
2006 2005
$000 $°000
Balance at January 1 $ 73 407
Net income for the year 2,064 2,446
; 2,137 2,853
Remittance of profits to head office (2,100) (2,780)
Balance at December 31 $ 37 73
ee nn
See accompanying notes to financial statements.
Statement of Cash Flows
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
2006 2005
Cash flows from operating activities
Net income for the year $ 2,064 2,446
Adjustments for:
Depreciation 33 45
2,097 2,491
Met tii rease)/decrease in advances (22,866) 17,017
Incrvase in other assets (1,419) (1,126)
Net increase/(decrease) in current, savings and deposit accounts 88,584 (39,497)
(Decrease)/increase in other liabilities (21S) GT
Net cash provided by/(used in) operating activities 66,181 © (21,048)

*

WEDNESDAY, MAY 2, ,2007 PAGE 7B



2006 2005
$000 $'000



Cash flows from investing activities





Proceeds from disposal of investments = 5,250
Purchase of fixed assets ay) (2)
Net cash (used in)/provided by investing activities (19) 5,248
Cash flows from financing activities

. Remittances to head office (2,100) (2,780)
Net cash used in financing activities (2,100) (2,780)
Net increase/(decrease) in cash and cash equivalents 64,062 (18,580)
Cash and cash equivalents, beginning of year 72,422 91,002



Cash and cash equivalents, end of year $ 136,484 72,422

Cash and cash equivalents comprise:



Cash and balances with banks — group $ 115,241 43,102
Cash and balances with banks — others 21,243 29,320
$ 136,484 72,422

See accompanying notes to financial statements.

Notes to the Financial Statements

For the year ended December 31, 2006
(Expressed in Bahamian dollars)



1. Reporting entity

Citibank N.A., was incorporated in the state of Delaware, United States of America, in 1968.
Citibank N.A., (Bahamas Branch) (‘‘the Branch") is an overseas branch of Citibank N.A., New York
(“Head Office’) and is licenced under the Banks and Trust Companies Regulations Act of 2000 to
conduct business from The Bahamas. The Branch commenced operations in 1987 providing
consumer banking including the acceptance of deposits, granting of loans and the provision of foreign
exchange services. Closure of this domestic segment Officially commenced as of August 1, 2001. As
of that date, the Branch ceased all new sales of loans or deposit accounts and in October 2001 it was
publicly communicated that the one remaining branch located on Thompson Boulevard would be
closed as of December 28, 2001. Consequently, all activities and balances related to the Global
Consumer Group Domestic Segment are reflected in Note 15 — Discontinued Operations.

Concurrently with the closure of the Global Consumer Group Domestic Segment, a decision was
made to establish a Markets & Banking Domestic Segment within the Branch, which became
operational effective January 1, 2001. This domestic segment offers Corporations, government,
institutions and investors a range of financial products and services including the acceptance of
deposits, granting of loans and the provision of foreign exchange services.

The Branch is not a separate legal entity and these financial statements contain only the assets and
liabilities, operations and cash flows and related disclosures of.the Markets & Banking Domestic
Segment, and the discontinued operations of the Global Consumer Group Domestic Segment as
disclosed in Note 15. The Branch is dependent upon its Head Office for information relating to
transactions affecting it and entered into by Head Office. The records of the Branch contain
information of transactions received from Head Office.

The Branch operates through one location on Thompson Boulevard.

2. Basis of preparation and significant accounting policies
a) Statement of compliance
The financial statements have been prepared in accordance with International Financial

Reporting Standards (“IFRS”). The accounting policies set out below have been applied
consistently to all periods presented in these financial statements.

b) Basis of measurement
The financial statements have been prepared on the historical cost. basis except where
otherwise noted below.

ce) Functional and presentation currency

The financial statements are presented in Bahamian dollars (B$), which is the Branch’s

functional currency. Except as indicated, financial information presented in BS has been
rounded to the nearest thousand.

d) Use of estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the financial statements and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on.an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected. : i

A key source of estimation uncertainty is discussed in note 2 g (v).

e) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
date. The foreign currency exchange gain or loss on monetary items is the difference
between amortised cost in the functional currency at the beginning of the period, adjusted
for effective interest and payments during the period, and the amortised cost in foreign
currency translated at the exchange rates at the end of the period. Foreign currency
exchange differences arising on translation are recognised in the statement of income.

p Interest .

Interest income and expense are recognized in the statement of income using the effective
interest method. The effective interest rate is the rate that exactly discounts the estimated

- future cash payments and receipts through the expected life of the financial asset or
liability (or, where appropriate, a shorter period) to the carrying amount of the financial
asset or liability. The effective interest rate is established on initial recognition of the
financial asset and liability and is not revised subsequently.

The calculation of the effective interest rate includes all fees and points paid or received,
transaction costs, and discounts or premiums that are an integral part of the effective
interest rate. Transaction costs are incremental costs that are directly attributable to the
acquisition, issue or disposal of a financial asset or liability.

z) Financial assets and liabilities —
i) Classification

Financial assets that are advances and other assets are classified as loans and
receivables originated by the Branch.

Financial assets that are investments in Bahamas Government registered stock are
classified as held-to-maturity investments.

Financial liabilities that are not at fair value through profit or loss include
deposits and other liabilities.

ii) Recognition

. The Branch initially recognises loans and advances and deposits on the date they
are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit and loss)
are initially recognized on the trade date at which time the Branch becomes a
party to the contractual provisions of the instrument.

iii) Derecognition

The Branch derecognizes a financial asset when the contractual rights to the cash
flows from the asset expire, or it transfers the rights to receive the contractual
cash flows from the financial asset in a transaction in which substantially all the
risks and rewards of ownership of the financial asset are transferred. Any interest
in transferred financial assets that is created or retained by the Branch is
recognized as a separate asset or liability.

The Branch derecognizes a financial liability when its contractual obligations are
discharged or cancelled or expire.

iv) Measurement

Financial instruments are measured initially at fair valuc plus, in the case of a
financial asset or financial liability not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the
financial asset or financial liability. Transaction costs on financial instruments at
fair value through profit or loss are expensed immediately.

Subsequent to initial recognition, loans and receivables and financial assets and
financial liabilities.that are not at fair value through profit or loss are carried at
amortized cost less impairment losses where applicable using the effective
interest rate method.

The amortised cost of a financial asset or liability is the amount at which the
financial asset or liability is measured at initial recognition, minus principal
repayments, plus or minus the cumulative amortization using the effective interest
method of any difference between the initial amount recognised and the maturity
amount, minus any reduction for impairment.

y) Identification and measurement of impatrment

At each balance sheet date, the Branch assesses: whether there is objective
evidence that financial assets not carried at fair value through profit or loss are
are impaired when objective evidence demonstrates



impaired. Financial assets
that a loss event has occurred after the initial recognition of the asset, and that the
loss event has an impact on the future cash flows on the asset that can be
estimated reliably.

The Branch considers evidence of impairment at both a specific asset and
collective level. All individually significant financial assets are assessed for
specific impairment. All significant assets found not to be specifically impaired
are than collectively assessed for any impairment that has been incurred but not
yet identified. Assets that are not individually significant are then collectively
assessed for impairment by grouping together financial assets (cattied at
amortised cost) with similar risk characteristics.

esa
eee.



PAGE 8B, WEDNESDAY, MAY 2, 2007

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3.

Objective evidence that financial assets are impaired can include default or

‘ delinquency by a borrower, restructuring of a loan or advance by the Branch on
terms that the Branch would not otherwise consider, or other observable data
relating to a group of assets such as adverse changes in the payment status of
borrowers.

In assessing collective impairment the Branch uses statistical modeling of
historical trends of the probability of default, timing of recoveries and the amount
of loss incurred, adjusted for management's judgement as to whether current
economic and credit conditions are such that the actual losses are likely to be
greater or less than suggested by historical modeling. Default rates, loss rates and
the expected timing of future recoveries are regularly benchmarked against actual
outcomes to ensure that they remain appropriate.

Impairment losses on assets carried at amortised cost are measured as the
difference between the carrying amount of the financial assets and the present
value of estimated cash flows discounted at the assets’ original effective interest
rate. Losses are recognized in the statement of income and reflected in an
allowance account against loans and advances. Interest on the impaired asset
continues to be recognized through the unwinding of the discount.

When a subsequent event causes the amount of impairment loss to decrease, the
impairment loss is reversed through the statement of income.

h) Cash and cash equivalents
Cash and cash equivalents include highly liquid financial assets with original maturities of
less than three months, which are subject to insignificant risk of changes in their fair
value, and are used by the Branch in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the balance sheet.
i) Advances and other assets

Advances are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and that the Branch does not intend to sell immediately or
in the near term. Advances are stated at their principal amount net of unearmed interest
and allowance for credit losses. Advances to customers are carried at amortized cost and
are due on demand. :

A loan is classified as non-accrual when in management's opinion there is no longer
reasonable assurance of timely collection of the full amount of principal and interest.

Specific provisions allowances for credit losses based on quarterly reviews are made
against advances when, in the opinion of management, credit risks or economic factors
make recovery doubtful. Mortgage loans of the Global Consumer Group Domestic
Segment were placed on a non-accrual basis whenever payment of principal and/or
interest was 90 days past due and specific allowances for credit losses are made based on
specific review of each non-accrual loan. All other loans of the Global Consumer Group
Domestic Segment are stated at principal and were written-off whenever payment of
* principal and/or interest was 120 days past due. The aggregate allowances, which are
made during the year (less recoveries of bad debts previously written off), are charged
against operating profit.
Interest is recognised on the accrual basis except when principal or interest is 90 days past
due or when, in the opinion of management, full collection is doubtful. Thereafter on a
cash received basis.

Fixed assets

Fixed assets are measured at cost less accumulated depreciation and provisions for
impairment losses.

“~
S

Depreciation is recognized in the statement of income on a straight-line basis over the
estimated useful life of each item:
The estimated useful lives for the current and comparative periods are as follows:

Motor Vehicles - 20%
Computer Hardware/Software - 33 1/3%
Equipment, furniture and fittings . - 12 1/5%
‘Installations - 10%

Fixed assets are petiodically reviewed for impairment. Where the carrying value amount of a
fixed asset is greater than its estimated recoverable amount, it is written down immediately to
its recoverable amount.
Repairs and maintenance are expensed as incurred.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount
and are included in the statement of income. /
Depreciation methods, useful lives and residual values are reassessed at each reporting date.
k) Income and expenditure
Income and expenditure are accounted for on an accrual basis.
1) _Loan origination and associated fees
Loan fees that are material to the Branch are recognized in income over the appropriate

lending or commitment period.

m) Related parties
A number of banking transactions are entered into with related parties in the normal
course of business. All such transactions and balances described as group relate to
Citigroup Inc. and its subsidiaries and affiliates. Transactions with Head Office and
between the Global Consumer Group Domestic Segment and Markets & Banking
Domestic Segment are described as group.

n) Reserve requirements
The statutory cash reserve account with The Central Bank of Bahamas is non-interest
bearing and is based on 5% of the average Bahamian dollar denominated deposit
liabilities of the Branch.

0) Taxation

No corporation taxes are levied in The Commonwealth of The Bahamas.
Cash and balances with banks



2006 2005
$°000 $°000
Deposits and bank balances with group companies $ 115,241 43,102
Deposits with other financial institutions 10,004 15,000
Deposits with The Central Bank of The Bahamas 10,260 12,105
Cash on hand : . 979 2,215

Cash and cash equivalents : $ 136,484 72,422

Interest rates earned on deposits placed with. group companies and other financial institutions
ranged from 1% to 6.75% (2005 - 1% to 6%). All other balances are non-jnterest bearing. Refer
also to Note 12.



Investments ‘
2006 2005
$7000 $7000
Bahamas Government Registered Stock $ 5,283 5,283

Interest rates applicable on these investments range from 5.72% to 6.25% (2005 - 5.72% to
6.25%). Refer also to Notes 12 & 13.

Advances and other assets







2006 2005

_ $’000 $’000

Advances . $ 77,912 55,046
Other assets 3,393 1,974
7 : $ 81,305 57,020



Interest rates applicable on performing advances range from 5.15% to 6.50% (2005 - 2.62% to
9.51%). There were no non-performing advances as at December 31, 2006 or 2005, consequently
there is no provision for credit losses at the balance sheet dates. Refer also to Notes 12 & 13.



Fixed assets
Computer Equipment
_Motor Hardware/ furniture Instal-
Vehictes Software & fittings lations Total
$000 $’000 $7000 $7000 —- $000
Cost .
Balance at Jan. 1, 2006 17 168 102 146 433
Additions - 13 6 - 19
Di Is it - (32 - - 32,
Balance at December 31, 2006 17 . 149 108 146 420
Accumulated depreciation
Balance at Jan. 1, 2006 15 - 159 59 73 306
Charge for year - 11 9 ll a3
Disposal for year 2006 = 32 - - (32
Balance at December 31, 2006 17 - 138 68 84 307
Net book value
at Dec 31, 2006 - 11 40 62 112
Net book value
at Dec 31, 2005 2 9 43 73 127

Current, savings and deposit accounts





2006 2005
$000 $7000
Current, savings and deposit accounts consist of the following:
Term deposit accounts $ 108,344 48,656
Current accounts : 44,508 47,916
Group companies 69,074 36,770
eee $ 221,926 133,342

Interest rates applicable on customer accounts range from 0.50% to 5.15% (2005 - 0.50% to
4.00%). Refer also to Notes 12 & 13.

10.

il.

12.

13.

THE TRIBUNE BUSINESS









Operating profit
2006 2005
$7000 $000
a) Interest income
Loans and advances $ 4,718 2,996
Investments 318 513
Other balances with banks 4,519 2,146
$ 9,555 5,655
b) Interest expense
Current, savings and deposit accounts $ 2,947 1,425
Other - affiliates 3,201 964
Sa
c) Other income
Exchange earnings : $ 1,088 1,258
Fees and commissions ‘ 306 634

$1,394 1,892

d) Operating expenses

Staff 1,174 992

General administration, :
including property related expenses 1,530 1,675

Depreciation 3a 45

$ 2,737 2,712
Related party transactions
A number of transactions have been entered into with related parties in the normal course
of business. These transactions were conducted at market rates and on commercial terms

and conditions. ‘

Related party transactions during the year included:

2006 . 2005

: $’ $000

Interest income 4,011 1,430
Interest expense (3,201) (964)

General administration, including property related expenses (1,083) (1,120)

Key management personnel compensation for the year comprised:



2006 2005
$7000 $°000
Short-term employee benefits 278 249

Commitments and contingencies
The Branch 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 mortgages. Exposure to loss is represented by the contractual
. amount of those instruments, however the Branch uses the same credit and hypothecation criteria
when entering into these commitments and conditional obligations as it does for loans and
mortgages.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers in
respect of which there are corresponding obligations by customers, amounted to $1,324,835 (2005
- $1,948,000) and are not included in the balance sheet.

At December 31, 2006 the Branch has extended credit facilities to customers totalling
$88,578,842 (2005 - $104,216,514). A total of $10,666,946 (2005 - $49,170,262) remained
unused under these facilities at the balance sheet date.

Management has assessed all pending legal matters affecting the Branch and is of the opinion that
no provision is necessary in these financial statements. ,

Foreign currency exposure

The Branch takes on exposure to the effects of fluctuations in the foreign currency exchange rates .
on its financial position and cash flows. Limits are set on the level of exposure by currency and in
aggregate for both overnight and intra-day positions, which are monitored daily. The table below
summarises the exposure to foreign currency exchange rate risk as at December 31, 2006 and
2005 in Bahamian dollar equivalents:

EUR CAD GBP Total

2006 $7000 $°000 $°000 $'000

Assets 11,146 1 14,109 25,256

Liabilities (11,144) QQ) (14,068) (25,213)
2 - 41 43

2005 ,

Assets 3,423 103 558 4,084

Liabilities 3,508 103. 558 4,169)
85) = _

-aaems——_—+~»-:’-—«SS 508) (108) 58) (4,169)
sO ere (ED),

Maturity profile of assets and liabilities



2006
SS
Maturing :
Within Over 1 year Over
l year to 5 years 5 years Total
$000 $000 $7000 $’000
Assets
Cash and balances with banks 136,484 - - 136,484
Investments 808 1,475 3,000 5,283
Advances 9,316 40,994 30,000 80,310
146,608 42,469 33,000 222,077
Liabilities
Current, savings and
deposit accounts “152,844 39,082 30,000 221,926
2005
ES
, Maturing
Within Over 1 year Over
1 year , to 5 years 5 years Total
$7000 $°000 $°000 $°000
Assets
Cash and balances with banks 72,422 - - 72,422
Investments - 808 4,475 5,283
Advances - 56,005 - 56,005
72,422 56,813 4,475 133,710
Liabilities
Current, savings and :
deposit accounts 133,342 - - 133,342

Concentration of assets and liabilities









2006 2005
$7000 $000
a) Investments
State sector 5,283 5,283
b) Advances
Corporate and commercial sector 16,664 25,888
State sector 61,248 29,158
a ee
At December 31, 2006 included in corporate and commercial sector advances are secured
loan facilities to a single borrower of $28,500,000 (2005 - $28,500,000). A total of
$7,268,143 (2005 - $11,725,571) had been drawn down and remained outstanding under
these facilities at the balance sheet date. The facilities are not included in advances, only
the portion that has been drawn down.
UU EEEEEEEEEEEEEEEPpel
2006 2005
$000 $’000
c) Current, savings and deposit accounts
Group 69,074 36,770
Corporate and commercial sector 151,825 95,559
Other financial institutions 1,027 1,013
221,926 __- 133,342

All investments and advances are with parties situated in The Commonwealth of The Bahamas.
The majority of current, savings and deposit accounts are from parties located in The
Commonwealth of The Bahamas and the Caribbean.

Financial instruments
Fair values

e Cash and balances with bank, other assets and other liabilities
Due to their short-term maturity, the carrying values of these financial instruments are considered
to approximate their fair values.

e Investments
Investments held-to-maturity are stated at amortized cost, which is considered to equate to fair
value.

° Advances
For floating rate advances that are subject to repricing, carrying values are considered to
approximate fair values since the interest rates on the advances are linked to markct rates.



— 2 SS -

ween we x

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= ty peters.

STE age

‘Other expenses

e Deposit accounts

The carrying values of non-interest bearing deposit accounts are considered to approximate their
fair values as they are all at demand. The carrying values of interest bearing deposits are also
considered to approximate their fair values as the interest rates paid are equivalent to market rates
for the respective maturity dates.

Credit risk

Line management conducts the day-to-day credit process in accordance with core policies
established by the Credit Policy Committee, which are guided by the overall risk appetite and
portfolio targets set by senior management. Credit policies are organised around two approaches -
Credit Programs and Credit Transactions.

The Credit Program Approach focuses on the decision to extend credit to sets of customers with
similar characteristics and/or product needs. Approvals under this approach cover the expected
level of aggregate exposure, the terms, risk acceptance criteria, operating systems and reporting
mechanisms. These Programs are reviewed annually. ‘

The Credit Transaction Approach focuses on the decision to extend credit to an individual
customer or customer relationship. It starts with target market definition and risk acceptance
criteria, and requires detailed customised financial analysis

The Branch’s loan portfolio is adequately secured and where necessary, provisions are established
for potential credit losses on delinquent accounts. At December 31, 2006 no credit loss provision
was considered necessary.

Market risk

Market risk encompasses currency risk, interest rate risk and other price risk all of which arise in
the normal course of business. Liquidity risk is the risk that the Branch may be unable to meet a
financial commitment to a customer, creditor, or investor when due. Price risk is the risk to
earnings that arises from changes in interest rates, foreign exchange rates, equity and commodity
prices, and their implied volatilities.

The risk management process of the Branch includes the establishment of appropriate market
controls, policies and procedures, appropriate senior management risk oversight with thorough
risk analysis and reporting, and independent risk management with capabilities to evaluate and
monitor risk limits. Market risk management is an evolutionary process that integrates changes in
the markets, products, and technologies into policies and practices.

Price risk is measured using various tools, including Earnings-at-Risk (EAR) and sensitivity
analysis, which are applied to interest rate risk in the non-trading portfolios and Value-at-Risk
(VAR), stress and scenario analysis.

Liquidity risk is monitored using the Market Access Report (MAR), a gap analysis tool, for both
business as usual and stress scenarios.

The management of liquidity is the responsibility of the Asset/Liability Management Committee
(ALCO), which includes senior executives. All Business Heads are represented on the committee
with the focal point being the Treasurer. The ALCO reviews the current and prospective funding
requirements for all Business Areas, as well as, the capital position and balance sheet. Limits are
established based on the depth of the market, the stability of the liabilities, and the liquidity of the
assets.

Discontinued operations

Closure of the Global Consumer Group Domestic Segment officially commenced as of August 1,
2001. As of that date, the Branch ceased all new sales of loans or deposit accounts. The one
remaining branch located on Thompson Boulevard was closed as of December 28, 2001. In 2002,
the Credit Card Portfolio was sold at a premium and in 2003 the Mortgage Loan as well as the
Business and Professional Loan portfolios were sold at par. In 2004 the remaining Personal Loan
portfolio, with the exception of the non-accrual loans, was sold at a discount. Consistent with
previous years, the balances and transactions of the Global Consumer Group Domestic Segment
as shown below are not reflected in the balance sheet and statement of income of the Markets &
Banking Domestic Segment on pages 3 and 4.

The financial position of the remaining assets and liabilities and revenues and expenses
attributable to the discontinued operations were as follows:

Balance Sheet

Assets

Cash and-placements
Advances

Other assets

Liabilities

Deposit accounts - group 56 90
- other 232

Accrued interest & other liabilities - other 57 75

Provision for business restructuring = 46

Head office Account (4) -

341 500

Results from Discontinued Operations
2006 2005

$°000 $7000
oso btarnnietincerie Seer Sawines anes es a

Net credit (losses)/gains : (2) “110
(95) 32

Net (loss)/income for the year (95) 32

Statement of Changes in Head Office Account
, 2006 2005

$7000 $000

Balance at January 1 (31)

Net (loss)/income for the year 95) 32
j . (95) 1

Remittances from/(to) head office 91 qd)
Balance at December 31, 2006 (4) -

Cash flows attributable to the Global Consumer Group Domestic Segment are as follows:

i UE EEEEE ===> aEEEEEEy ee
2006 2005
$7000 $7000

(95) (3,131)

Operating activities
. : 91 (1)

Financing activities

Advances consist of the following:
eS

2006 2005 -

we Se ee a OO ON

256 420

256 420

SUL ee ee

Advances are stated at principal net of amounts written off in accordance with the policy
described in Note 2(i). Net credit gains/losses in the results from discontinued operations are net
of recoveries of bad debts previously written off.

Corresponding figures

Certain corresponding figures have been reclassified to conform with the current year’s
presentation.



DRINK & DRIVE!



THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 9B.



Double Grand Bahama
tourist marketing funds,
urges minister

FROM page 1

thing the PLP would look at if
re-elected to a second term in
office, adding: “We’re going to
try and get it there.

“It has to be done. You can-
not market a major destination, a
major island, hotel and casino
facilities, by nickel and diming
it.”

Mr Wilchcombe acknowledged
that the Ministry of Tourism, and
the wider central government,
was challenged in finding the
funds needed for the marketing
push required for Grand Bahama.
This meant it would have to look
at potential room tax rises and
increases in other taxes and fees
to fund the necessary marketing
push.

Apart from Our Lucaya and
its Isle-of Capri-operated casino,
the US operator having agreed
to remain in Grand Bahama for
another two years, the island’s
tourism product could eventually
feature the $4.9 billion Ginn
Clubs & Resorts project, plus the
2,000-acre Morgan Stanley devel-
opment at Barbary Bay.

Then there is the still-closed
Royal Oasis, which Irish-based
property developer Harcourt
Developments has signed a sales
agreement to purchase, reputed-
ly for $33 million. Harcourt is
talking to Foxwoods Develop-
ment Company about becoming
the casino operating partner.

Foxwoods’ involvement in any
Royal Oasis deal is more to facil-
itate the eastern Grand Bahama
project by Beka Development
that it wants to participate in, that
being its primary interest on the
island. It is understood to have
offered to help Harcourt or ay
buyer ‘in any way we can if you
need us’, more as a favour to the
Government, rather than view-
ing the Royal Oasis as a hot
investment prospect.

Mr Wilchcombe told The Tri-

Supervisor Loan Rev

Qualifications:

’

@ TOURISM MINISTER OBIE WILCHCOMBE ;

bune yesterday: “My concern
about tourism in Grand Bahama
is that it has a history of
boom/bust, up today and down
tomorrow. We have not been able
to sustain it. It has to do with the
quality of the tourism plant, the
quality of the brands in Grand
Bahama.”

He explained that previously,
Grand Bahama did not have the
brand or operator quality to con-
sistently attract large numbers of
tourists to the island, and “cre-
ate a product unique, different
from anywhere else in the
Bahamas”.

“What we’re doing now is mov-
ing to put in place a tourism prod-
uct, tourism plant, that can com-

pete with New Providence, com-
pete with other Bahamian islands”.

we Oia 3 vo fatto





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4

and compete with other world
destinations,” the minister of
tourism said. . ;
He added that Grand Bahama
had been used to “just taking
what’s on offer”, saying:
“Tourism is a science. It’s about
seeing where the markets are;
where the trends are, and contin~:
ually renewing your plant. .
“We are up against a tremen?
dous amount of competition;
Dubai and the cruise lines, which:
are now diverting ships ta
Europe. For us to remain viable;
we constantly have to upgrade
our plant, ensure investors under
stand our plan and give them thea
incentives to do it, run the Mins
istry of Tourism as a businesg,

_,model and establish a Tourisng,
‘Development Corporation.”

aw

me
rf,
We
hy
at

INTERNATIONAL BANK

CAREER OPPORTUNITY

for

iew & Custodial Services

Location: Freeport

Five years in Banking at least two years in credit

Considerable and proven ability to supervise.

Time management skills sufficient to work in a fast paced environment
on a broad range of activities.
Knowledge of security documentation sufficiently detailed to verify
security documents.
Knowledge of the Laws related to the securities of the Bank as well
as the Banking Act
Interpersonal skills to work effectively with the staff of Government
Agencies, other financial institutions and lawyers

Ability to manage in a fluid environment while maintaining efficiency
due to constant changes in procedures, charges etc. from government

agencies

Meticulous attention to details to ensure that errors are kept at a

minimum

Good writing and communication skills.
Knowledge of PC software and mainframe applications sufficient to

enter and access customer information (e.g. ICBS, On Demand, Excel,
Word, PowerPoint, and SSLBD).

General Requirements/Responsibilities:

To provide overall supervision to the Loan Review and Control
Officers, while ensuring that perfection of securities are in order and
in keeping with the risk management policies of the bank.

Ensure that the ongoing operation of the Custodial & Support Services
of the LPC Freeport is performed effectively and efficiently.

Provide guidance and counsel to department staff in the resolution of
difficult or complex problems.
Participate in and, in some cases, take responsibility for the development
and training of staff in the LPC Freeport, Abaco and Eleuthera.

The position will require travel to Abaco and Eleuthera.

Applicants are requested to submit their resume with a cover letter via email
by May ath , 2007 to: nicolette.deal @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants
for their interest, however only those under consideration will be contacted.





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“PAGE 10B, WEDNESDAY, MAY 2, 2007

Letitter

KPMG ‘Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centra Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Credit Suisse Wealth Management Limited
Report on the Consolidated Balance Sheet

We have audited the accompanying consolidated balance sheet of Credit Suisse Wealth Management Limited
(“the Company”) as at December 31, 2006 and a summary of significant accounting policies and other
explanatory notes (together “the consolidated balance sheet”).

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). 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 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 consolidated 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 consolidated
balance sheet is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the __
consolidated financial statements. The procedures selected depend on our judgment, including the assessment of
the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal controls relevant to the Company's preparation and fair
presentation of the consolidated financial starements 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 Company's internal
controls. 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
consolidated 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 consolidated balance sheet presents fairly, in all material respects, the consolidated financial
position of Credit Suisse Wealth Management Limited as at [ecember 31, 2006 in accordance with IFRS
Emphasis of Maner : : ; :
Without qualifying our opinion we emphasize that the consolidated balance shect does not comprise a complete
set of consolidated financial statements in 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 financial position,
performance and cash flows of the Company. :

KPIAGe

Chartered Accountants
Nassau, Bahamas
March 28, 2007

CREDIT SUISSE WEALTH MANAGEMENT LIMITED

Consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)
cnn SD
: Note 2006 2005 .
ie a Sa ee
Assets :
Cash and cash equivalents 3&10 $ 1,081,118,266 — 1,023,948,932
Deposits with banks . 3&10 2,527,029 2,650,000
Acerted interest receivable ‘ 10 3,063,163 * 4,150,456
Receivables from customers 3,181,802 942,549
Securities purchased under agreements to resell 8 & 10 14,832,079 158,341,409
Loans and advances to customers 4 60,169,243 45,270,257
Other assets : 63,841 288,237
Total Assets $ 1,164,955,423 - 1,232,591,840
Pn tltath che EEE
Liabilities
Deposits from banks . 5&10 $ 48,395,401 36,094,825
Deposits from customers 6 1,032,058,793 — 1,003,067,009
Accrued interest payable 10 2,382,057 852,156
Fees received in advance from customers 134,700 110,550
_ Securities sold under agreements to repurchase 8& 10 12,041,931 138,849,188
Service level agreement fees payable 10 1,035,000 -
Other liabilities 10 9,571,144 5,356,575
Total Liabilities : _ 1,105,61 9,026 = 1,184,904,591
Shareholder’s Equity
Share capital:
Authorized, issued and fully paid: /
5,000,000 shares of $1.00 each 5,000,000 5,000,000
Additional paid in capital 27,500,000 27,500,000
Retained eamin, : 26,836,397 15,187,249
Total Shareholder’s Equity 59,336,397 47,687,249
Commitments : . 7,8&9

Commitments ee
Total Liabilittes and Shareholder’s Equity ~ $ 1,164,955,423 _1,232,591,840

See accompanying notes to consolidated balance sheet.



s approved on behalf of the Board of Diyectors on March 28, 2007 by

Director - Director



Notes to Consolidated Balance Sheet :

December 31,2006 . . .

(Expressed in United States dollars) : .

re

1. General information ‘ : :
Credit Suisse Wealth Management Limited ("the Bank") was incorporated on September 5, 2003
under the laws of the Commonwealth of The Bahamas (“The Bahamas”) and is licensed under the
Banks and Trust Companies Regulation Act, 2000 to conduct intémational banking and trust
services. The Bank also holds a broker-dealer Class Il license under the Sécurities Industry Act,
1999 to conduct securities trading and an unrestricted Fund Administrator's license under the
Investment Funds Act, 2003 to administer investment funds. The. Bank is a wholly-owned
subsidiary of Credit Suisse (Bahamas) Limited (“the “Parent”) whose office is located in The
Bahamas. The ultimate parent company is the Credit Suisse Group whose headquarters is located
in Zurich, Switzerland.
The Bank commenced operations on January 2, 2004. The Bank's business activities consist of
banking, securities trading, trust, corporate management, fund administration and other financial
services involving a large number of clients with substantial assets under administration.

The registered office of the Bank is located in The Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas. At December 31, 2006 the Bank employed 14 persons (2005 - 8

2. Summary of significant accounting policies
(a) Statement of compliance

The Bank’s consolidated balance sheet has been prepared in accordance with International
Financial Reporting Standards (IFRS).

(b) Basis of preparation
This consolidated balance sheet has been prepared under the historical cost convention and the
accounting policies have been consistently applied.

(c) Basis of consolidation
The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, Vialink Nominees Ltd. and UTC Management Ltd., both of which were

incorporated under the laws of The Bahamas. The activities of both subsidiaries are limited to
the trust and corporate management services offered by the Bank.

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheets of subsidiaries are included in the consolidated balance sheet
from the date that control-commences until the date that control ceases.

Inter-company balances are climinated in preparing the consolidated balance sheet.

(d) Use of estimates

The preparation of the consolidated balance sheet requires management to make judgments,
estimates and assumptions that affect the application of accounting policics and the amounts
reported in the consolidated balance sheet and accompanying notes. These estimates are based
on relevant information available at the balance sheet date and as such, uctual results could
differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates ure 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 revision affects
both current and future periods.
In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the amounts
recognized in the consolidated balance sheet are described in notes 2(k) and 2(m).

(e) Foreign currency translation
‘}he reporting and functional currency of the Bank is United States dollars, as the Bank's share
cupital is denominated in United States dollars, a significant amount of the Bank's transactions
are conducted in United States dollars and the majority of the Bank's assets arc also held in this
currency.
Assets and liabilities maintained in foreign currencies are translated into United States dollars
at the rates of exchange prevailing at the balance sheet date.



3.

THE TRIBUNE BUSINESS

() Financial instruments

Classification

Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and
advances to customers other than purchased loans.

Held-to-maturity financial instruments are financial assets and liabilities with fixed or
determinable payments and fixed maturity that the Bank has the intent and ability to hold to
maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements to
resell and securities sold under agreements to repurchase.

Financial liabilities that are not at fair value through profit and loss are accrued interest
payable, fees received in advance from customers, investment management fee payable, service
level agreement fees payable, and other liabilities. :

Recognition

The Bank recognizes financial instruments on the day that funds are disbursed or received as
applicable.

Measurement

Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial
instruments. For financial instruments at fair value through profit or loss, transaction costs that
are directly attributable to the acquisition or issue of the financial instruments are expensed
immediately.

Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.

Derecognition .

A financial asset is derecognized when the Bank loses control over the contractual rights that
comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognized when its contractual obligations are discharged, cancelled or
expire.

(g) Assets under management

The Bank is engaged in the provision of asset management services involving a large number
of clients with substantial funds under administration.

Property in the amount of $ 1,694 million (2005: $ 1,295 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.

(4) Receivables from customers

These receivables primarily comprise fees billed to clients. The Company’s policy is not to
make a general provision for bad debts, however all amounts receivable are written-off after a
defined period of time has elapsed. As at December 31, 2006 and 2005, no provisions were
made against receivable from customers.

(i) Securities financing arrangements

The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The receivables
are collateralized by the underlying security.

The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements, As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.

(j) Loans and advances to customers

Loans and advances are reported net of allowances to reflect the estimated recoverable
amounts. ‘

(k) Impairment

Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet date
to determine whether there is objective evidence of impairment. Financial assets are impaired
when objective evidence demonstrates that a loss event has occurred after the initial recognition
of the asset, and that the loss event has an impact on the future cash flows on the asset that can
be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that ‘a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank.

If any such indication exists, the asset’s recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial.asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.

() Offsetting
Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and

intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously. :

(m) Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or

constructive obligation that can be estimated reliably, and it is probable that an outflow of

economic benefits will be required to settle the obligation. Provisions are determined by

discounting the expected future cash flows at a rate that reflects current market assessments of
- the time value of money and, where appropriate, the risks specific to the liability.

(n) Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when
due in accordance with the terms of a debt instrument.

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expécted payment (when a payment under the guarantee has become probable).

At December 31, 2006, there were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 - $nil).
(0) Cash and cash equivalents

Cash and cash equivalents include cash and due from banks and interest bearing deposits with
banks that have maturities of less than three months, less deposits from banks that are due on
demand.

Cash and cash equivalents and deposits with banks

Cash and cash equivalents earn interest at an annual rates ranging from 1.87% to 5.35% (2005 —
0.91% to 4.33%), and are summarized by currency below:





2006 2005
BRL $ 3,299,462 1,213,150
CAD 71,737 75,914
CHF ; 1,810,875 2,919,518
EUR 21,978,350 22,489,277
GBP 1,454,719 330,331
IPY 91,943 14,707
USD * 1,052,332,574 996,864,273
Other 72,606 41,762
paar $ 1,081,118,266 1,023,948,932

Deposits with banks earn interest at an annual rate of 3.58% to 5.31% (2005 — 1.75% to 3.25%),
and are summarized by currency below:





2006 2005

EUR $ 527,029 -
USD 2,000,000 2,650,000
$ 2,527,029 2,650,000

Loans and advances to customers

Loans and advances represent short-term advances provided by the Bank to customers. Their
maturity periods range up to 10 months and they carn interest up to 6.79% per annum (2005 -
5.81%), and are summarized by currency below. With respect to a single client loan in the amount
of $30 million, the interest rate is fixed to 12 month LIBOR plus 1% per annum adjusted annually
on the anniversary of the loan. During the year the Bank recorded no losses resulting from non-
payment of interest or principal,



-~ 2006 2005
BRI. $ 8,756 2,000,710
EUR 2,549,274 107
GBP - 897
USD oe oo 7,531,213 43,268,543

$ 60,169,243 4$,270,257

“~e vv

2006 ____ 2005

Payable on demand $ 9.895, 401 2,094,825

Term deposits ee ee _ $8,500,000 34,000,000.

$ AX, (OS A401 46,094,825

Interest was paid on deposits trom banks at annual rates ranging, fromm 5.1990 to SAL (2005 -

3.38% to 4.81%), and are summarized by currency below:

i ne vii eee
2006 2005 *

BRI 4 AKOKO 1 998,247

CAD OOS OO 314

USD AS70984 34,027,204

ees $ AS, OS 101 30,004,825

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. THE TRIBUNE BUSINESS WEDNESDAY, MAY 2, 2007, PAGE:11B







o 6. Deposits from customers 9. Commitment ws
: On June 26, 2006 the Bank entered into an Assignment and Assumption of Lease whereby the m
i 2006 2005 Bank assumed all lease obligations under the terms of that certain Indenture of Lease dated as of a
‘ July 1, 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston (Nassau) Branch we
‘ Payable on demand $ 726,839,786 756,565,306 (now known as Credit Suisse, Nassau Branch) ‘and at the same time was released from the lease re
. Term deposits 305,219,007 246,501,703 with its parent previously scheduled to terminate on October 31, 2006. The Bank has the option to 3
é $ 1,032,058,793 1,003,067,009 renew its present lease until June 30, 2013. The minimum future annual rental commitment bid
4 excluding service charges is as follows: ‘ ms
. Interest was paid on deposits from customers at annual rates ranging from 1.80% to 5.20% (2005 — Year to Commitment a
% 0.90% to 4.28%), and are summarized by currency below: December 31, 2007 $74,852 a
r June 30, 2008 - ; $38,339 &
* 2006 2005 *
v 10. Related party transactions ' “
: oe $ ae one Sais pl ae pees into various transactions with the Parent and other parties related by virtue of a
EUR 22,281,173 22,216,249 , i
R as Sn Pana The consolidated balance sheet includes the following related party balances: ; a
4 USD 1,003,398,461 977,633,292 2006 2005 "
‘ Other 9,032 929 a
; $ — 1,032,058,793 1,003,067,009 Assets
@ Cash and cash equivalents $ 1,080,012,327 —_1,017,926,751 4
e Deposits with banks 2,527,029 2,650,000 ite
‘ Financial instruments Accrued interest receivable 1,475,299 630,435 a
The Bank is party to financial instruments with off-balance sheet risk and other derivative financial Securities purchased under agreements to resell 12,605,748 129,157,681 .
: instruments in the normal course of business to meet the financing needs of its customers. ane &
: — instruments include commitments to extend credit at fixed and floating rates, standby orate ae $ 39,571,457 34,069,347 i
+ etters of credit and currency swap agreements. These instruments involve, to varying degrees, Accrued intefest payable 1,301,578 398,833 hy
7 elements . credit and interest me risk in excess of the amount recognized in the consolidated Securities sold under agreements to repurchase = 11,675,001 i
7 balance 8 eet. However, the Bank's credit risk is minimal, since most of the. instruments have been Investment management fee payable - $74,288 e
» entered into on behalf of clients. ' Service level agreements fee payable 1,035,000 - a
*, The contract or notional amounts of financial instruments reflect the extent of the Bank's Other liabilities 5,512,707 4,092,538
“ involvement in particular classes of financial instruments and do not measure the Bank's exposure : r
; to credit or market risks and do not necessarily represent the amounts exchanged by the parties to oa
Ke, the instruments. The amounts exchanged are based on the contractual notional amounts and the “a
@ other terms of the instruments. Notional amounts are not included in the consolidated balance sheet a
s and generally exceed the future cash requirements relating to the instruments. 11, Asset management activities "
e I hawidity and isks The Bank provides asset management services for a large number of clients to include individuals, ba
"4 nterest rate, liquidity a e CUITENLY TiS corporations, trusts and other institutions involving substantial funds, whereby it holds and manages rm
* The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its assets or invests funds received in various financial instruments at the discretion of the customer. s
o' portfolio of asset and liability deposits by matching the majority of its assets and liabilities by The Bank receives fee and commission income for providing these services. Assets under a
> currency and maturity. Its objective is to manage the impact of interest rate changes on earnings. management are not assets of the Bank and are not recognized in the consolidated balance sheet. mm
. ° The notional amount of financial instruments used by the Bank ta manage interest rate and currency The Bank is not exposed to any credit risk relating to such placements, as it does not guarantee _ e
® risk for clients’ accounts at the balance sheet date was approximately $518 million (2005: $3,056 these investments. a
2 million), comprised of $344 million (2005: $2,650 million) of purchase commitments and $174 eB
a million (2005: $ 406 million) of sales commitments. e
12. Taxation fa
> Credit commitments : Ci
. — = Under the laws of The Bahamas, there are presently no income, withholding or capital gains taxes a
q The Bank has outstanding in the normal course of business, payment obligations and guarantees of payable by the Bank.
« $37,394,515 (2005: $33,297,861). The Bank's maximum potential exposure to credit loss in the o
: event of non-performance by the other parties to the commitments to extend credit is represented by oo
the contractual notional amount of those instruments. The Bank uses the same credit policies in ; A e
Ne making commitments and conditional obligations as it does for on-balance-sheet Baan ao) Concent eee fa
w, Management does not anticipate any material loss as a result of these transactions. The following is a geographical analysis of assets and liabilities:
‘ oe Se ee ee ee ee ee S
‘
i Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an ASSETS ; f
% obligation or commitment that it has entered into with the Bank. The Bank has a credit policy in Deposia with ca : peers roe 0 eee ae re Meenas et
iy place and the exposure to credit risk is monitored on an ongoing basis. The carrying amounts of Sack hem catia 8.682 121.426 aaa 21961 25,478 Satan ‘
x financial assets best represent the maximum credit risk exposure at the balarice sheet date. Securities purchased under ' ie
&, -. agreements to resell” - * 7,175,748 2,226,331 5,430,000 - 14,832,079 ry
@, Fair value Loans and advances to customers - - 52,774,820 “= 7,394,423 60,169,243 ol
’ Other assets - - 13,002 - 50,839 63,841 a
% Management estimates that the total fair value of financial assets and liabilities do not differ $ 29,002,044 337,682,240 785,327,408 5,473,648 7,470,083 —_1,164,955,423 x
a materially from their carrying values given that average effective interest rates approximate the : . : s
a current interest rates available to the Bank for placements andi offered by the Bank for deposit, a a RS EERE SAIC
@ liabilities with similar maturities and due to their short term maturities. = i __ Bans Bist Other Totals i
- ° : Ae : ves LIABILITIES a
* Management does not consider the exposure to certain of these risks to be significant for the Deposits from banks $ 8,468,838 39,036,640 879,784 10,139 - 48,395,401 ie
‘n following reasons: (1) the Company’s financial assets, for the most part, are comprised of short- ee 2,096,883 SEUNG GERAIS PIATRAT SPR SULSTE «1082088299 %
. term deposits with reputable financial institutions (primarily CS group entities), and (2) financial soa poarioaict aie on eeorete pas . 3.376. 2,382,057 i)
® liabilities are comprised primarily of amounts due to CS group entities and customer demand gerade ca) i iadesupeamcas . 7 134,700 Toe ke 134,700 a
Â¥ deposits. / to repurchase ~ - 2,313,298 = 9,728,633 12,041,931 R
>, . Service level agreement fees : oa
Mi 8. Securities financing arrangements / payable -. - 1,035,000 es - 1,035,000 ° wi
Other liabilities 3771 9,567,373 9,571,144 i
The Bank purchases financial instruments under agreements to resell them at future dates. The $10,569,492 47,166,840 667,615,998 37,383,310 342,883,386 _1,105,619,026 a
seller commits to repurchase the same or similar instruments at an agreed future date. The securities a &
purchased under agreements to resell are entered into as a facility to provide funds to customers. At e
December 31, 2006 securities purchased under agreements to resell were as follows: ws
Ce a a eee re a ee ne 14, Foreign currency exposure i
: ; ‘ . : Fair value of Carrying As of balance sheet date, the Bank’s assets and liabilities were denominated in United States i:
assets held as amounts of dollars, except for the following, which were either denominated or linked to other currencies as "
collateral receivable Nf follows: BRO rectus
Government bills and bonds $__17,232,542 14,832,079 pens ay
LE Thee 2006 QRS Was PONS ee eoiks GRU GS «
2005 Assets __Liabilities_ Netexposure__Assets_Linbilities_Net exposure _
a Rairvalucof ~~ Carrying Brazilian real = $ 3,388,218 3,142,507 245,711 $ 3,213,861 2,040,043 1,173,818
assets held as amounts of Euro 25,062,527 24,272,537 789,990 23,226,520 23,008,614 217,906
collateral receivable British pound 1,454,719 1,574,459 (119,740) 332,732 289,597 43,135
Swiss franc 1,854,102 — 1,700,054 154,048 2,920,111 . 3,126,326 (206,215)
* Japanese yen" 91,943 3,050 88,893 14,707 7,046 7,661
Government bills and bonds Sw eee Canadian dollar 71,737 69,430 8,307 75,914 69,314 6,600
‘ Omer 8084794032815 453776286 39,091 *
The Bank has pledged securities received as collateral for securities purchased under agreements to Total $ "32,010,093 "30,771,069 1,239,024 $ 29,829,222 _ 28,547,226 1,281

resell with a fair value of $10,276,008: (2005- $128,300,475) to secure liabilities due under
securities sold under agreements to repurchase as noted below.

Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65%
to 5.85% at December 31,2006 (2005 — 1.9 % to 4.8%). .

The Bank also raises funds by selling or pledging financial instruments under agreements to repay
the funds by repurchasing the instruments at future dates at the same price plus interest at a

15, Maturities of assets and liabilities
The following is a maturity analysis of selected assets and liabilities:

ES



ORC Se ee ROO OES PRO PPO OO NS BVO a a ee EE

predetermined rate. The securities sold under agreements to repurchase are commonly used as a On demand Upto! year Total
tool for short-term financing of interest-bearing assets, depending on the prevailing interest rates. ASSETS
At December 31, 2006 assets sold/pledged under agreements to repurchase were as follows: Cash and cash equivalents S$ 17,876,750 1,063,241,516 1,081,118,266
Deposits with banks - 2,527,029 2,527,029
2006 Securities purchased under agreements to resell - 14,832,079 14,832,079
a : Loans and advances to customers 21,352,545 38,816,698 60,169,243 eo
Fair value of Carrying amount of $39,229,295 1,119,417,322»~~—~21,<248,649,617
underlying corresponding ce SS
assets liabilities LIABILITIES
Deposits from banks $ 9,895,401 38,500,000 mn
‘ Deposits fi 726,839,786 305,219,007 ° 1,032,
Government bills and bonds $ 10,276,008 12,041,931 Securities 2oKd under agreements ta vopurcinse os 12,041,931 12081931
Fees received in advance from customers - 134,700 134,700 .
: Service level agreement fees payable - 1,035,000 1,035,000
2005 : Other liabilities - 9,571,144 : 9,571,144
Fair value of Carrying amount of :
underlying corresponding
assets liabilities
“ Z .
“ 16. Regulatory capital
‘a Government bills and bonds $ 128,300,475 138,849,188 : i . :
< eee Guidelines issued by the Central Bank of The Bahamas require a capital level where total
: a shareholder's equity must be maintained at a minimum of 8% of risk-weighted assets. At
7 Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% to December 31, 2006 and 2005, management believes the Bank was in compliance with these capital

CD EE & ea AA

Ay,

et ee te

Mee a oe © 6d OK ITF VBL



5.10% at December 31, 2006 (2005 — 1.4% to 4%).

requirements.

UBLISH

All of your

in

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every Thursday

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PAGE 12B, WEDNESDAY, MAY 2, 2007



GRAHAM, THOMPSON & Co.

COUNSEL & ATTORNEYS-AT-LAW * NOTARIES PUBLIC

Will be closed
at 12:00 p.m.
on Election Day
Wednesday, May 2, 2007.

Nassau Chambers

Sassoon House

Shirley Street & Victoria Avenue
P.O.Box N-272

Nassau, New Providence,
Bahamas

Tel: (242) 322-4130

Fax: (242) 328-1069

The First Commercial
3rd Floor, Suite 9
P.O.Box-42533

Freeport, Grand Bahama,
Bahamas

Tel: (242) 351-7474
Fax: (242) 351-7752



Fane

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announces

Weekly Freight

BETWEEN



BETTY K AGENCIES LTD

THE TRIBUNE



@ FamGuard Corporation has purchased the four-storey office
complex (shown), formerly known as IBM House

FamGuard Corp.

acquires former
IBM building

FamGuard Corporation has
confirmed‘an earlier Tribune
report that it has purchased
the four-storey office com-
plex, formerly known as IBM
House, at the foot of Paradise
Island Bridge, to house its
subsidiary’s agency force that
has more than doubled in size
over the past four years.

The new property, at the
corner of East Bay and
Church Streets, will house
Family Guardian’s Financial
Services and Group Life &
Health (BahamaHealth) divi-
sions, plus the life and health
insurer’s centralised client ser-
vices operations.

Family Guardian’s opera-
tions will occupy three of the

ervice

floors, with the remaining
floor available for rental. Inte-
rior refurbishments are aim-
ing to have the 40,000 square-
foot building ready for full
occupancy in October.
Family Guardian has initi-
ated further physical expan-
sion this year to accommo-
date its sales operations.
The company has leased

additional office space in

Grand Bahama and Exuma,
with its financial services
operations in Freeport mov-
ing to new premises in the
Regent Centre this past Janu-
ary, and a new office in
George Town, Exuma, being
readied for occupancy this
summer.




MIAMI FL - NASSAU - MARSH HARBOUR, ABACO



MIAMI WAREHOUSE




Now Receiving Cargo
First Sailing May 2nd 2007
Located 3701 NW South River Dr.
Miami Florida 33142















Don Mackay Blivd East Street North, Kelly’s Dock
Marsh Harbour P.O. Box N-351
P.O. Box AB 20116 Nassau, Bahamas

Abaco, Bahamas
Tel: 1 (242) 367-0593
Fax: 1 (242) 367-0594

Tel: 1 (242) 322-2142
Fax: 1 (242) 322-6089

NASSAU DEPOT

Will Receive Cargo
Bradley St. Palmdale Opp. Kemp’s Funeral Chapel
Commencing May 2nd 2007 (Dry Cargo)

May 3rd, 2007 (Refrigerated & Dry)







Miami, Fla. 33142

Tel: 1 (305) 635-4650
Fax: 1 (305) 635-4651

oe Opposite Dollar Rent A Car

irport Location)

3701 NW South River Dr.















Full Text


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AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


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The Tribune



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Volume: 103 No.133

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see_ pages

148,055 expected to go to
the polls in ‘most exciting
election since 1987’

@ By RUPERT MISSICK Jr
Chief Reporter

A RECORD 148,055.

Bahamians are expected to vote
in what some are calling one of
the most exciting general elec-
tions since 1987.

Trust has been the overrid-
ing theme of this short election
campaign with each of the
major party’s attempting to con-

He reiterated that there can
be no turning back.

“The FNM may have laid
down a carpet of red, but that
same carpet of red will be rolled
up for good tomorrow,” he said.

He encouraged his supporters
one last time to vote for him
and his fellow PLPs.

Mr Christie vehemently
denied all claims about plans of
closing down Bahamasair or fir-

WEDNESDAY, MAY 2, 2007

The Miami Herald

BAHAMAS EDITION



Ni



A

Genera Election

€W Providenc
“Ew Providence
Tally Sheers







is

8

| Whe beat waman





for the job!





vince the voting public that they ing a majority of the national pat, ee, Ye > se : ;
represent the best choice for carrier's personnel. i Eee ee oe TeEE ae aay aa .

; N - & PARTY supporters turned out in huge numbers last night for the final rallies before today’s general election.
government He also accused the FNM of The PLP packed Clifford Park (above),

At a mass rally Prime Minis-
ter Perry Christie promised his
supporters that they could
expect no less than “two straight
with 28”.

He declared that San Sal-
vador, Cat Island and MICAL
had already been won by the
PLP.

"lying" about the PLP planning
to sign onto the CSME.

FNM Leader Hubert Ingra-
ham at a similar mass rally
described this election as a “bat-
tle for the moral heart and soul
of the Bahamas”.

SEE page 10

Further allegations of
election bribery attempts

By ALISON LOWE
Tribune Staff Reporter

ANYONE asked to sell their vote, or become involved in any
other corrupt election practice, should report the matter to the
police, a senior officer said yesterday.

His comments came as The Tribune received further allega-
tions of bribery attempts in New Providence — this time, with
Defence Force officers reportedly offered $500 for their support at

the polls.

"All of us have an obligation to keep the Bahamas safe and
secure, and if something is in contravention of the law, whatever
that is, as long as there's a law, and there's a contravention, any
upstanding citizen of this country has, I believe, a duty in reporting

while the FNM filled RM Bailey Park.



Alcohol banned _ MP makes police | FNM candidate claims four me

SEE pa e 14 e ' e : ‘ ie e
: during polling —§ complaintover imcar attempted to run him over
> anh { : â„¢ By PAUL G TURNQUEST "side of the road, Dr Minnis said
ING TO N c iV R AN ac hours today : alleged vote buying : Tribune Staff Reporter he was standing near a vehicle
ah Cee pr roe 2 m By BRENT DEAN FNM candidate for Killarney Popes SNe erge ea
today, the S27 012 aa ; : Dr Hubert Minnis barely SEE page 14
beverages will be banned, | WHITNEY Bastian, the : escaped with his life when four
police announced yesterday. | Independent MP for South | male occupants of a“Japanese
Chief Superintendent of : Andros, has made a complaint : car” attempted to run him over Mil CORRECTION

r Start your

goa & }
SA.) @



A
as



Police Hulan Hanna said
that a special team of offi-
cers will be monitoring bars,

restaurants and all other :
known venues that sell alco- ;
hol — including small neigh- :
bourhood stores. The polls : » ELI L
: End and Bimini constituency,
i in addition to claims by FNM
: leader Hubert Ingraham that :

will be open from 8am to
6pm tomorrow.

According to Section 99 :

SEE page 14



: to the commissioner of police :
: alleging that the FNM has been }
: involved in vote buying in his ;

constituency.

against the PLP in the West

MICAL incumbent Alfred :

SEE page 14




while campaigning in the “Rock
Crusher” area.
Dr Minnis, who is taking his

1 : : first plunge into front-line poli-
This allegation comes in the : tics, is facing the PLP’s incum-
wake of similar claims made : bent Housing and Sports Min-
: ister Neville Wisdom for the

: Killarney seat.

Dr Minnis said he was on
Maxwell Lane with about five

i other campaign workers when
the incident occurred. While the
five workers were on the other

HAMSEGG)AND\CHEESE.
CROISSAN,WICH

IN THE election tally sheet
included in yesterday’s Tribune,
the names of the candidates for
South Abaco were incorrectly
printed.

The tally sheet named the PLP
candidate as “E Key” and the
FNM candidate as “M Sawyer”.

Edison Key is, in fact, the
FNM’s candidate for South Aba-
co, and Gary Sawyer is running
for the PLP.

The correct tally sheet is print-
ed in today’s Tribune.



Only
e 3 9 SUilicr pe G4 o Pen
OS Charles
rFrederichk Saati Nentin j
oCeite lean



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FNSURANCE BROKERS & AGENTS
Net | Eleuthera | Frum
AF oAQ04 | Wes (242) $30-2862 # Tel (040) 336-2304










PAGE 2, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



Independents may decide govt if

PLP or FNM fail to gain majority

@ By BRENT DEAN

IF NEITHER the PLP nor
the FNM gain a majority of
seats in today’s election, Inde-
pendents may be called upon
to decide who is the next gov-
ernment of the Bahamas.

In 1967 both the UBP and
the PLP initially won 18 seats.
The decision to make the PLP
the government was made by
the Labour candidate, Randol
Fawkes, and the Independent,
Alvin Braynen, aligning them-
selves with the PLP.

The Tribune spoke to three
of the main Independent ‘can-
didates in this election, Ten-
nyson Wells, Whitney Bastian
and Rev CB Moss, to deter-
mine how they would act if
such a scenario occurred again.

Rev Moss said that he
intends to remain an Indepen-
dent, and if elected, in the con-
text of being required to make
a government, he will only
align himself with a political
party if there is a strong popu-
lar movement from his con-
stituents.

Past links with the PLP, Rev
Moss said, would not lead him
to automatically align with that
party.

“Once I decided to go as an
independent, that’s exactly
what I am — notwithstanding
previous ties or future ties,” he
said.

Before he made any decision,
Rev Moss made the point that
he would need to see a serious
sentiment towards one of the
parties emerge from his con-
. Stituents.

Tennyson Wells maintained
that he would not align with
either party if his support were
required to form a government.
“IT intend to remain as an Inde-
pendent,” he said.

If there is a tie, with each
party winning twenty seats, Mr
Wells said that the: only posi-
tion that he would want, would

be that of speaker of the -

House, leaving both parties tied

and probably. forcing anothers. timely fashion to maintain his ©

“support.

election.



Whitney Bastian said that he
is willing to work with either

party and their leadership, but’

he too would firstly have to
consult his constituents for
guidance.

“T’ll go wherever they want
me to go,” he'said.

Constituents

The South Andros candidate
declared that any such align-
ment, to make a government,
with either party, would have
to be advantageous to his con-
stituents.

Mr Bastian said that specific
promises would have to be
made for the advancement of
South Andros, and these things
would need to be done in a



However, he warned that if
these promises were broken, he
would have no difficulty “walk-
ing across the floor” to join the
opposition — making them the
government.

“My thing is, I am working
for the betterment of my com-
munity,” he said.

Previous links to the PLP do
not make the South Andros
candidate more likely to side
with them, rather than the
FNM is such a situation, he
added.

If any of these men are
required to make a govern-
ment, both parties can be
assured that the price will be
high. Also, old wounds may
need to be healed quickly, as
each of these men has had
major disputes either, with the
leader of one of the major par-
ties, or the party itself. -

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As part of our continued expansion in our office in the Bahamas, we are
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organization, on our website: www.citco.com





Ministry urges
Ingraham to ‘reserve

further comment’ on

plane disappearance

B By ALISON LOWE
Tribune Staff Reporter

OPPOSITION leader Hubert Ingraham has been urged
by the Ministry of Transport and Aviation "to reserve fur-
ther comment" on the disappearance of the WesternAir
platie from Lynden Pindling International Airport last
week:

In the week since the theft, Mr Ingraham has used his
campaign platform to raise the question of the strength of
security at the airport.

A statement released by the Ministry of Transport and
Aviation responded: "The leader of the opposition is
urged to reserve further comments on this matter which
might prejudice the police investigation, and in particular
any comment which might bring into question the role
played by security officers at Lynden Pindling Interna-
tional Airport on the day in question."

The statement pointed out that the matter is under
active investigation by the Royal Bahamas Police Force,
with international law enforcement agencies.

It added: "The RBPF is pursuing a number of leads in
this regard inclusive of a matter involving a foreign pilot
employed by that company, who is unaccounted for."

The WesternAir plane was found missing early last
week Wednesday morning from the spot where it had
been parked on the airport tarmac, close to the main ter-
minal.

One of the company's principals is Shandrice Rolle, the
FNM's candidate for North Andros.

At a press conference later that afternoon Desmond
Bannister, the attorney representing the company, stated
that it appeared only one person, a security officer, had
admitted being aware of anything out of the ordinary on
the morning the plane went missing.

The guard said he heard someone switch on a plane
engine at around 1.13am.

Air traffic control said that none of the usual proce-
dures — such as filing a flight plan — had been followed in
the run up to the plane's take off, and the tower had no
record, official or unofficial, of the plane leaving the air-
port.

Mr Joseph Albury, director of air traffic control, said
that with the tower being a "sealed environment", and
around a mile from the runway, it is possible that a plane
could take off without being detected.

Police have indicated that they are following "signifi-
cant leads" in their investigation, however, yesterday the
aircraft's whereabouts were still unknown.

MAIN SECTION
OCA! NEWS... ccc ccces ..P1,2,3,5,5,7,9, 10,14.

litorial/Letters. .
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CLASSIFIED SECTION 32 PAGES

MIAMI HERALD SECTION

VIAN cc ccssccsscsnssccsscsanoncsasonimsspeuseassieny te PP ROOE.



ee
nee nese ene a 4 ee

Tourists
witness PLP
ripping FNM's
shirt off

TOURISTS looked on
in horror as an FNM sup-
porter had his red party
T-shirt ripped from his

back by a PLP thug in Bay -

Street over the weekend.

The incident was wit-
nessed by scores of visi-
tors. A Bahamian
motorist who was stuck in
a traffic jam at the time
said: “It was an absolute
disgrace.”

The heavily-built thug,
egged on by PLP support-
ers standing on a corner,

attacked the much smaller -

FNM man near the Straw
Market.

A police officer on the
other side of the road
allegedly did nothing,
even though women
tourists screamed as the
thug ripped the shirt from
the man’s back.

“All that was left was
the collar part of his
shirt,” said driver Mr D O
Knowles, who was just a
few feet from the scene.

“It was like the goon
squad days of old. The
women tourists were
shocked. Their menfolk
gathered round them to
protect them.”

While the thug was
stripping the smaller man,
other PLP supporters -
mostly young men -
cheered him on, said Mr
Knowles, who added: “It
shocked me to see people
acting like this. This is the
kind of thing you would

©

¢

ie

ard v7

expect to see happening at -

the back of the hill in
Haiti. It is a disgrace to
see people carrying on.
this way.”

Mr Knowles said the

FNM supporter had all his -

party favours torn off by’

the thug, who then disap- ~,

peared into the crowd
inside the Straw Market.

“The attacker wasabig .

fellow who was shouting
obscenities. The tourists
were upset by it. Two or
three of the lady tourists
standing nearby had their

eyes hanging open at what -

was happening.

“T made sure my car
door was locked and my
windows shut. The other
thugs were swearing in the
window at me. It shocked
me that the goon squads
still survive. It was very
distressing.

“The little fellow who
was attacked didn’t know
what hit him. I felt very
sorry for him. It’s a pity

that Bahamians can’t wear .

their party colours with-
out being beaten.”

rey

wT1

The incident, which hap-’-

pened at around 5pm on
Saturday, when Bay Street
was still full of shoppers,
is one of several street

attacks reported since the .,

election campaign began.
Independent candidate
Clever Duncombe said he
had witnessed three sepa-
rate fights between PLP

and FNM supporters. And «

an FNM supporter was
attacked by a PLP rival
during a recent Fox Hill
rally.

There were also threat-
ening scenes last week
when two motorcades
crossed each other’s
paths.

Meanwhile, another
newspaper reported that

FNM candidate Dr Hubert |

Minnis was almost run
down by a PLP motorist
while campaigning in the
Rock Crusher Road area.
The car, bearing PLP
flags, first clipped Dr
Minnis with its wing mir-
ror, then turned round

and ran at him again, forc- ~.

ing the candidate to leap
clear.

Dr Minnis has reported- »

ly referred the matter to
police.

Assistant commissioner
Ellison Greenslade said
he was not aware of the
matter, but added that the
police have a special unit
put together to deal with
such election-related inci-
dents and complaints,
headed by assistant super-
intendent Paul Rolle.
THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 3



@ In brief

Polling
officers to
confiscate
cellphones

POLLING officers from
the Parliamentary Registry
Department will be tem-
porarily confiscating all cel-
lular phones, digital camera
and electronics when persons
enter voting stations today to
cast their ballot for the rep-
resentative of their choice.

These officers will hold the
items while persons go into
the booths and will return
them to their owners once
they have exited.

This precaution has been
taken by the Registry
Department to counter
reported attempts by
unscrupulous persons to
bribe voters into supporting a
particular candidate or par-
ty.
This most often claimed
scenario — allegedly being
carried out by the governing
PLP party — involves the vot-
er taking a photograph of
their completed ballot to use
as evidence in return for pay-
ment.

Voters have reportedly
been offered anywhere from
$200 to $400 per vote.

Entertainer
cancels FNM
gig due to
PLP contract

FREEPORT - Bahamian
Entertainer KB, who was
contracted by the FNM to
appear at West End on Mon-
day evening, was prohibited
from performing due to his
contractual obligations with
the PLP party.

According to Kay Smith,
the FNM campaign manag-
er for West End and Bimini,
the FNM was only informed

by the entertainer at 1lam :

on Monday.

She said: “KB booked the
venue in good faith with the
FNM and understood his
contract with the PLP party
meant he was supposed to
perform 10 times, which he
has done.

“In the most unusual way,
the PLP lawyers advised KB
that he couldn’t perform for
the FNM because of a por-
tion of his contract that pre-
vents him from doing so. KB
advised the FNM that he was
unaware of this and that it
was only brought to his atten-
tion today,” Ms Smith said
on Monday.

All the other entertainers
booked for the event per-
formed as promised.

China

denounces
St Lucia for
Taiwan ties

Hi ST LUCIA
Castries

THIS tiny Caribbean
island may have thought it
was no big deal when it sev-
ered its 10-year relations with
China and restored ties on
Tuesday with rival Taiwan.
Wrong, according to Associ-
ated Press.

China, which built a stadi-
um and was finishing a psy-
chiatric hospital here and
considers Taiwan a renegade

province, called the move a -}

“brutal interference in Chi-
* na's internal affairs”. In short
order, one of the world's
smallest nations has made an
enemy out of one of the
largest.

Both Taiwan and China,
which for more than 20 years
have battled for diplomatic
allies, brought out their big
guns to curry favour with St.
Lucia, a verdant, mountain-
ous 240-square mile island
home to 168,000 people.

China, a vast nation of 1.3
billion people, sent its for-
eign minister for a two-day
visit in September. Taiwan
sent Foreign Minister James
Huang in late April. On
Tuesday, he and St. Lucian
Foreign Minister Rufus
Bousquet signed an agree-
ment establishing diplomatic
relations between their two
countries.

Bousquet had indicated
that any decision would be
based on which suitor could
offer a better deal to St.
Lucia, where some 20 per-
cent of the population lives
in poverty.

m@ By PAUL TURNQUEST
Tribune Staff Reporter

THE American Embassy has
reported that the FNM candi-
date for Sea Breeze Carl Bethel
has no pending warrants or
indictments against him in the
United States.

This information was
revealed yesterday after accu-
sations of Mr Bethel not being
able to travel to the US were
allegedly being circulated
throughout the country by PLP
operatives.

In fact, this allegation was
expounded before at a PLP
mega rally in Grand Bahama,
and transmitted throughout the
Bahamas via the government run
television and radio station, ZNS.

However, Mr Bethel told
thousands of FNM supporters
at the party’s mega rally at Clif-
ford Park on Monday night that
the allegations being levelled at
him by the governing party are
nothing more than a vicious
political ploy to discredit him.

Embassy denies rumours Carl
- Bethel unable to travel to US

Statement after allegation at PLP rally in Grand Bahama



The US Embassy in Nassau
reported that any allegations
connecting Mr Bethel to any
pending warrants or the like
were simply “not true”.

“The United States has no
information in any way tying
Carl Bethel to any criminal mat-
ters in the United States. We
welcome Mr Bethel’s future vis-



its to the United States,
spokesman said.

Speaking with The Tribune
yesterday, Mr Bethel said that
such examples of “gutter poli-
tics” show not only the desper-
ation of the PLP, but the fact
that they feel deeply threatened
by him — not only in the Sea
Breeze constituency, but nation-

a

Wells claims Ingraham
would never to surrender
power as clash continues

@ By BRENT DEAN

IF the FNM leader, Hubert
Ingraham, is re-elected as prime
minister, free elections would
be threatened, declared Ten-
nyson Wells — further escalat-
ing the war of words between
himself and Mr Ingraham.

Mr Wells launched his attack
yesterday during a press con-
ference to counter remarks
made by the former prime min-
ister during a rally in Bamboo
Town.

Mr Ingraham told the con-
stituents of Bamboo Town that
they are inconsequential to Mr
Wells’ ambition to become
prime minister. Mr Wells, he
said, is a “divisive person” who
was uninterested in the job of
governance, and spent most his
time engaged in his personal
affairs.

The FNM leader further said
that Mr Wells is not a suitable
person to lead either the FNM,
or the country.

In defending his ministerial
record, Mr Wells listed some of
his main achievements as the
empowerment of local egg pro-
ducers; the increase in zone
rates for taxi drivers; the
streamlining of the appeal
process regarding convicted
murderers, so that executions
could occur if all appeals were
denied; the breaking of the
monopoly of Bahamasair for
domestic flights; and the cre-
ation of the Eugene Dupuch
Law School.

Suggesting that Mr Ingraham
is intoxicated with power, Mr
Wells said that if the country
re-elects him, he would seek to
serve in perpetuity.

“Tf God forbids he should
win, only death will remove him
from there...The only way that
Brent (Symonette) will come
there, is something would have
to happen to Ingraham health-
wise or something. But to see

Cushions



& BAMBOO Town MP Tennyson Wells:

him give it up, no possible way,”
he said.

Mr Wells too alleged that his
sister was “victimised” during
the Ingraham administration in
an effort to get back at him. He
said that she was denied her
duty allowance of $5000 per
year, until this wrong was cor-
rected by the Christie adminis-
tration.

Countering claims that he is
only self-interested, Mr Wells
said that during his political
career, he has given away all of
his political earnings to chari-
table organisations, and to his
constituents. His ham and
turkey bill alone is $50,000 a
year, he said.

_Mr Wells also issued a stern
warning to people who regis-



tered in Bamboo Town, but are
not current residents of the con-
stituency.

“I want to sound a warning
to them now, that we know who
they are, and if they come to
vote, we can challenge them
and they stand to be prosecut-
ed,” he said.

Despite criticisms of him by
Mr Ingraham, Mr Wells alleges
that the FNM has sent numer-
ous emissaries to persuade him
to run for them as recently as a
few months ago.

Mr Wells won the 2002 elec-
tion by 1190 votes and the con-
fident Independent candidate
forecasts that he will defeat the
FNM candidate, Branville
McCartney, by a larger margin
than he won by in 2002.





ally as well.

“It was very distressing for
my family naturally, and my
wider family as well. My par-
ents were initially devastated,
and now very relieved,” he said.

Mr Bethel said that he will
be writing to the Commissioner
of Police Mr Paul Farqharson
to ask him to investigate the
matter. Also, he said that he
will be retaining any avenues
that may be open to him in
terms of legal action.

“The PLP is just desperate.
What we’re dealing with are
acts and words that show polit-
ical desperation. The PLP is

desperately afraid and will stop
at nothing to destroy people’s
character in a vain and hope-
less effort to maintain power at
all cost,” he said.

Mr Bethel said that the mat-
ter has exposed the fundamen-

_tal character of the PLP — to go

about in destroying their politi-
cal opponents in any way they
can.

Despite this, he said that he
feels very confident about win-
ning the Sea Breeze seat.

“T have faith in God and I
have faith in the good people
of Sea Breeze. I feel very conti-
dent,” he said.

Harbour Green Shops at Lyford Cay
Telephone: (242) 362-6656
Baypar! Building, Parliament Street
Telephone: (242) 323-8240
P.O. Box N-121, Nassau, N.P., Bahamas
Fax: (242) 326-9953

e-mail: info@colesofnassau.com



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ENED ALTA PLT
PAGE 4, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swe~r 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, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES

Switchboard (News, Circulation and Advertising) 322-1 986.
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387

Nassau Fax: - (242) 328-2398

Freeport, Grand Bahama: 1-(242)-352-6608

Freeport fax: (242) 352-9348

Today Bahamians decide their future

AT 8 o’clock this morning, Bahamians will
start arriving at the various polling divisions
to decide which political party will govern
them for the next five years. By 6 o’clock
this evening the voting booths will have
closed and the count will have begun. By

» midnight — if not before — Bahamians
should know whether they will continue
under a PLP government or move forward
with the FNM.

Today, guided by their own free will —
God’s greatest gift to man, a gift that distin-
guishes him from the animals — Bahamians
will hopefully make an informed decision on
how they vote. In the past three weeks many
Bahamians’ integrity has been insulted by
the charlatans who have tried to snatch their
free vote from them for a price. Some voters
have been threatened with physical harm,
and victimisation in the form of loss of jobs,
pensions, and housing. Despite this we hope
that they will stand firm, for to give up God’s
greatest gift for a couple of dollars is the first
backward step to slavery.

Through their Aesop’s fables, many
Bahamian children, who had the advantage of
having parents who read to them, learned at
an early age that it is better to “starve free
than be a fat slave.”

All down through the generations — cen-
turies.even before Christ —- humans: have
suffered and died to protect their freedom.
Bahamians have never had to sacrifice, there-
fore, they do not know the value of what
they sell so freely at election time.

In a pastoral letter in preparation for
today’s election Catholic Archbishop Patrick
Pinder reminded his flock that “those whom
we elect to govern us are a true reflection of
the basic values we hold near and dear to
ourselves. This is an exercise that we dare
not take lightly. We must approach it with full
seriousness, much thought, much prayer and
radical honesty.”

He recognised that our country is experi-
encing great change. “Some of the changes
we see about us can lead to an affirmation of
much that contributes to a peaceful and pro-
ductive community. Other developments hold
the potential to negate all that binds a com-
munity together in peace and prosperity,”
he said.

The Archbishop reminded Bahamians of
their duty to work for and preserve the com-
mon good.

“It is our duty,” he said in his pastoral let-
ter, “to answer the call to full, active and
conscious citizenship and thus promote the
common good. That.is to ensure the neces-

All departments of

sary social conditions that allow people to
reach their full human potential to realise
their human dignity.

“This means,” he said, “that we cannot
make our choices at the polls on the spur of
the moment. We cannot choose in anger,
ignorance or in expectation of a mere per-
sonal payoff. We should not ‘sell’ or squander
our votes. Our choice of a candidate should
not be based merely on party membership
or family pressure.”

In preparation for today’s vote the Arch-
bishop recommended that some of the fol-
lowing questions be asked about all candi-
dates.

“Has your candidate conducted him or
herself in a manner worthy of being your
representative in Parliament? Is he or she
reputed to be honest, has been free from
scandal or unbecoming conduct?

“Has the candidate an awareness of the
need to address such pressing issues as edu-
cation, health, protecting our borders, reduc-
ing poaching in our waters and illegal immi-
gration?

“Has the person, by action or word, pro-
moted the protection of human life; the sanc-
tity of family life; solidarity of the communi-
ty; pursuit of social justice and solidarity in
our region and acruss the globe?”

“Tf a candidate has been serving in parlia-
ment for the last five years you will want to
examine how well this person has done in
representing the issues of his or her .
constituency in parliament,” said the Arch-
bishop.

“Has the candidate been accessible to con-
stituents over the past five years? Have there
been open channels of communication to
learn of community needs?”

Above all, said the Archbishop, remember
that the X you mark today “will help to deter-
mine the quality of life in our commonwealth
for the next five years. You will be voting
for the dignity of our country in the eyes of
the international community, the safety of
the communities in which we live, a fair shar-
ing of opportunities and resources that does
not privilege the socially and economically

_ prominent above the poor and the disabled.

“We, as men and women of faith, will be
voting to raise up strong and fearless voices to
advance the cause of justice, to preserve the
environment, our heritage and our culture.”

And as we go to the polls in a few hours
time, take with you the words of Fr Mell Tay-
lor, who on Sunday advised his Sacred Heart
parishioners — “vote quietly, and disagree
gently.”



Addressing first and
second time voters

EDITOR, The Tribune.

PLEASE allow me some space
in you newspaper at this most cru-
cial time in the country. I wish to
address the first and second time
voters of the country and then I’d
like to speak to the persons who
recognise themselves in this letter.

1) In 1982 and in 1987 the
democracy of the country was
challenged as the then Prime
Minister threatened to destroy
the middle class, and by exten-
sion the FNM, because they had
not supported the PLP.

Prior to 1992 there was no
Atlantis; in fact there were few
credible investors in the country;
simply because the PLP had
chased them away. There were
too many hands under the table
and too many other hands of PLP
supporters to grease. In 1992, the
FNM gave the investors govern-
ment in the sunshine, with hands
on the table and became account-
able to the electorate; in fact
accountable to the entire citizen-
Ty.

2) Prior to 1992 this county was
“a Nation for Sale” there was
extreme embarrassment for those

of us involved in the financial

industry — we were a pariah on
America’s back door. I am famil-
iar with the Commission of
Inquiry.

3) Prior to 1992 this country
was a haven to Drug Kingpins;
Perry Christie should remember
how he and Hubert lost their jobs
over this. There were many per-
sons who received handsome
sums just to look the other way
and, yes, our people were
destroyed by the drugs that were
not shipped out of the country.

4) In 2002 whilst the PLP were
busy spending the Eastern and
drug boys’ money to gain the
Government; as a man of his
word, Mr Ingraham stepped
down as leader of the party and
allowed the process to flow; there
are some people who claim to be
former FNMs who are now riding
on the coat tails of the PLP; you
should ask them why they fell out
with Hubert; prior to 2002 they
were FNM and could not stand
the PlP!;Do you really trust any-
thing these people say? There is a
book in:the Bible which speaks to
this chagacter trait, or lack there-
of.

5) During the campaign; I ago-
nised that the first time voters
had been deluded into thinking
that the legislation of 2000 was a
sham and without asking any
questions of their candidates, this
propaganda and the sale of the
Bahamian land to foreigners was
spread throughout the country.
It is unfortunate that we claim
and manifest “poor memory”.
Ask the Central Bank for the 20
billion; read their report and ask
questions.

6) I always say that it is diffi-
cult to find a Black and White
TV this day so why are the PLP,
who are always calling on God, so

quick to teach and engender

racism? In the words from the
children’s song, “Jesus Loves”,
red and yellow, black and white, I
understand the clear thinking 18
year old has rejected the PLP’s
tired “race card” and the Obeah!

A.G. Electric Co. Ltd.

32 Jerome Avenue

epiane FANS FF

Quality Auto Sales

and

Executive Motors

WILL

CLOSE

on Wednesday,
May 2, at 1pm

for the

General Election

Quality Auto Sales Ltd
East Shirley Street, 322-3775

Executive Motors Ltd
Auto Mall, Shirley Street, 397-1700



Phone: 393-8192

FROM 57 39"

aN OO ay ARS

Na ec iCR aaa



pOssMeS

letters@tribunemedia.net




The platform on which the PLP
now stand and boast was carved
out by the FNM; so one would
have to have no cerebral capacity
to mess this up. There really is
no level playing field to compare
the work of Hubert with the work
or lack thereof of Perry. If the
PLP had been re-elected in 1992
the unprecedented growth of the
economy would never have hap-
pened. It is good to hear “Moth-
er” Pratt admit they have not
completed their work therefore
they need a second term. The
rumour of who is bank rolling this
election for the PLP is out there,

candidate for this western con-
stituency was favoured because
he has plenty money and has “put
the brudders off da blocks to
work” I was committed to put
this in writing. I suggest that if he
is not elected this will soon cease.
Ask my Jamaican friends about
the “belly full politics”! I also find
it insulting that the PLP should
think that a man who is so taint-
ed, should be offered to us. Those
spending his money should look
to the provenance of those
monies.

To my former colleague in
Eleuthera, you have been reject-
ed by the people, get off Perry’s
coat tails; I hope the people see
through your insincerity; remem-
ber our days at CITI? I still have
your back. .

I hope the young voters read
this and discuss with persons who

so do not think that the PLP sale San temember

_ of the land and other utilities will

cease should we make the mis-

i LONG MEMORY
take of re-electing them.
I was contemplating this letter Nassau,
Phe April, 2007.

but after hearing that the PLP

Sickened by PLP
radio commercial

EDITOR, The Tribune,

I WAS sickened by a racist PLP 'We can't turn back' radio ad den-
igrating the opposition deputy leader, Brent Symonette, over his
parentage.

The ad plays the opening lines of Bob Marley's Redemption Song:

“Old pirates, yes, they rob I;

Sold I to the merchant ships,”

Had the PLP listened to the song carefully, they also would have
heard:

“Emancipate yoursves from mental slavery.

None but ourselves caeln free our mind.”

Isn't it time the PLP leadership freed their mind?

Almost every race has encountered slavery in one form or another.
All ancient and medieval cultures had slaves. Most slaves in Europe and
West Asia were white. There were Egyptian slaves, Roman slaves,
Greek slaves, Indian slaves.

African kingdoms sold their own people to Muslims and Euro-
peans, who in turn exploited them.

The Jews suffered thousands of years of persecution - pogroms,
concentration camps and the extermination of six million under Hitler.

In Sudan today, women and children are captured by government-
backed and armed militia and held in slavery. They are forced to
work for free,in homes and in fields, punished when they refuse, and
abused physically and sometimes sexually.

Does the PLP care?

At home, the PLP needs to remember that it, too, is sguilty of dis-
crimination and victimisation.

Judy Mae Lewis, a black woman who was hired and then fired
from the Cable Beach Hotel after it was discovered she supported the
FNM.

Pindling's “PLP register of job skills,” which gave PLP supporters
government job preference — unconstitutional.

The firing of all white Bahamians from the Hatchet Bay Farm
when the PLP took it over in the '70s (my father was one of them).

Using immigration to force non-Bahamians married to Bahamians
out of the country because they didn't tow the party line.

_ Why is the PLP, which is itself guilty of discrimination, using race as
a tool to play ugly mind games with the people instead of dealing
with the crushing problems of crime, immigration, education and traf-
fic?

ATHENA DAMIANOS
Nassau,
April 30, 2007

PLP ‘contempt
for the judiciary’

EDITOR, The Tribune.

THE PLP continued to display their contempt for the Judiciary at
their Clifford Park rally this past Tuesday night when the ‘Hon-
ourable’ Obie Wilchcombe charged that “anyone who agrees with
what (Mr Brent Symonette) did (in applying to the Supreme Court
to quiet the title to some lots situated at the Current, Eleuthera) is
also guilty of conspiracy”.

Now obviously the learned (and truly) Honourable Justice who
heard the application must have agreed, otherwise the Certificate of
Title would not have been granted to Eleuthera Adventurers Limit-
ed in accordance with the Quieting Titles Act. In the eyes of Mr
Wilchcombe, therefore, the Honourable Justice must be “also guilty
of conspiracy.”

Conspiracy, of course, is a crime under the Penal Code. Is Mr
Wilchcombe in effect accusing a Justice of the Supreme Court (as
well as Mr Symonette and anyone else with the temerity to ‘agree’)
of committing a crime? If so is it possible that Mr Wilchcombe might
have committed criminal libel and, by bringing the reputation of our
Supreme Court and Justices into disrepute, may also be in contempt
of Court?

We shall be watching carefully to see what the Attorney General
might do about this. Indeed, this will be an interesting litmus test to
determine if the PLP have any respect for the rule of law whatsoev-
er. No doubt they will do nothing, thereby proving they have none.

What Mr Wilchcombe failed to explain in his tirade is that the
Honourable Justice of the Supreme Court will have weighed all the
evidence and considered any adverse claims before deciding
whether or not to issue the Certificate of Title for the lots to
Eleuthera Adventurers Limited. If the persons whom Mr Wilch-
combe claimed owned the lots really did own them, then presum-
ably the learned Justice would have awarded the Certificate of Title
to those persons and not to Eleuthera Adventurers Limited?

This latest misadventure on the part of the PLP is testament to
the sad reality that they will stop at nothing in their desperate bid to
hang on to power at all costs, and Mr Wilchcombe’s poisoned words
are merely the latest in a series of disingenuous attacks designed to
try and discredit Mr Symonette with lies, half truths and innuendo.
Fortunately, enough people see these spurious allegations for what
they truly are and the FNM seem poised to win a landslide victory
on May 2nd and, when they do, hopefully one of the first acts of the
new Attorney General will be to visit on Mr Wilchcombe a healthy
dose of the rule of law!

I have the honour, Madam, to remain, yours in the pursuit of jus-
lice.

AN OFFICER
OF THE COURT
Nassau,

April, 2007.

LETTERS CONTINUES ON PAGE 16
THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 5



ee ee
PLP accused of lying over

achievements for disabled

@ In brief —

Lawyer claims
Ministry is
ignoring
housing
complaint

AN attorney has been trying
for five weeks to contact Min-
istry of Works officials to
protest about a building that is
allegedly being constructed in
breach of local regulations.

But since lodging the com-
plaint in writing, the lawyer has
not been able to speak to any-
one at the ministry in his bid to
have the project halted.

The building in question, a
two-storey structure opposite
Harding’s Foodstore on Wulff
Road, is alleged to be in breach
of the building code.

Mrs Huaey Wong, owner of
the adjoining lot, claims it is too
close to the boundary fencing.
Last month, she hired an attor-
ney to lodge a complaint with
the ministry, but no-one there
can be contacted, she claimed.

“Meanwhile, construction is
still continuing, even though
lately work is taking place at a
slower pace, mainly on the inte-
rior,” she told The Tribune.

Mrs Wong, of Jerome
Avenue, said the.building was
being constructed by a
Jamaican, Mr Louis James
Hemmings. But she said it was
too close to the boundary, and
not displaying a permit num-
ber, as required by law.

She has asked the ministry to
halt construction work imme-
_ diately and have the offending
wall removed, with a new struc-
ture to be built no closer than
ten feet from the boundary
between the two properties.
The present wall is less than five
feet from the boundary at one
point, she said.

“It is my right as a citizen of
the Bahamas to seek answers
from your department as to why
my rights are not respected,”
she said in a letter to the min-
istry.

“Respectfully, therefore, I
request your investigation as to
the reason why this building was
approved by your department ;
when. itis fully obyious that the, .,,:
spacing.is a, blunt violation of. ad
the building law.” i

When contacted about Mrs
Wong’s complaint, building con-
trol officer with the Ministry of
Works, Mr Craig Delancy, said:
“T recall a couple years ago, we
got some complaint, and we had
. looked into that.”

“At the time, when we
looked into it,” he went on to
say, “the builder had a valid
building permit.” Sounding sur-
prised by the new complaint,
Mr Delancy promised to send
an inspector out “to see if there
is something new going on.”

He said that as far as the.
boundries are concerned,
“Town Planning deals with the
setbacks as to how close one
can build to a boundary.”

An inspector from ‘Town
Planning said that The Tri-
bune’s call was the first time
that he had heard about the
complaint.

“I do not know if the director
has received anything, andI can - :
also check with our registry to
see if anything was lodged
there, but personally, nothing
has come across my desk,” the
official said.

“What I can say is that we
will definitely investigate it,” he
promised.

Up to press time, The Tri-
bune was not able to contact
Mr Hemmings for comment.

heehee

WEDNESDAY,
MAY 2ND

6:30amCommunity Pg 1540AM

8:00 Bahamas @ Sunrise

9:00 Bullwinkle & Friends

9:30 King Leonardo

10:00 The Bahamas: A Natural
Beauty

10:30 The National Art Gallery

of The Bahamas

11:00 Hanging In The Balance

noon ZNS News Update

12:05 Island Hopping: Cat Island
Rake & Scrape

1:00 Legends: The Region

Bells

2:00 Video Gospel

2:30 Turning Point

3:00 Paul Lewis

3:30 Don Stewart

4:00 Lisa Knight

4:30 Cybernet

5:00 ZNS News Update

5:05 Welcome Home

5:30 The Envy Life

6:00 2007 General Elections
Coverage

1:30amCommunity Pg 1540AM

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























@ By KARIN HERIG
Tribune Staff Reporter

OUTRAGED Bahamians
yesterday accused the PLP of
spreading a “bold-faced lie”
in its 2007 manifesto concern-
ing their achievements for the
country’s disabled people.

In its “Action Agenda”, the
PLP said that it will provide
care for children with severe
disabilities through the
“recently renovated” Cheshire
Home.

However, witnesses in the
area yesterday reported that
the building has not been ren-
ovated and is in fact still
boarded up and overgrown
with bushes. A photo taken by
The Tribune photographer
proves these claims.

A neighbour of the Cheshire

Home said that the building.

now resembles a “haunted
house.”

Speaking yesterday on the
GEMS’ radio show “The Way
Forward”, Jerome Thompson
— who together with three oth-
er physically disabled men was
evicted from Cheshire Home
in June, 2005 — said that the
PLP’s claim about a “recently
renovated” Cheshire is a com-
plete lie.

Mr Thompson, who is blind,
said that the Ministry of Social
Services had initially proposed
that Cheshire Home - the only
facility for physically disabled



claimed that the Ministry of | ernment moved them to a series
Social Service informed him _ of inadequate living facilities.

that the plan for a centre for At one house, the wheelchair-
disabled children had fallen bound members of the group
through. had great difficulty entering the

“We were prepared momen- _ house and had to struggle out of
tarily to leave that facility for and _ their chairs to get into the very
on behalf of those children. We small bathroom.
didn’t resist that idea,” he said. They have repeatedly said

Mr Thompson said that ~ that they are grateful for what
almost two years after he and __ the ministry has done for them
the other disabled men were _ in the past, and that they are
forced to move to make way for _ only seeking accommodations
the children, nothing has been that will allow them to take care
done to realise the PLP’s pro- _ of themselves.



@ CHESHIRE home is shown here with boarded up windows

osal. Minister of Social Services
and overeremabuehes P tie said that this behaviour Melanie Griffin could not be
(Photo: Tim Clarke/Tribune staff) by the PLP government was __ contacted for a response yes-
very hurtful. terday as she was out of office

adults in the Bahamas at the __ by the president of the Bahamas Since their eviction, the for- for the entire day.
time of its opening — be trans- National Council for Disability _ mer residents of Cheshire home Calls to other ministry offi-
formed into a centre for Sherman Smith. have reported suffering numer- _cials were also not returned up

severely disabled children. Mr Thompson yesterday also ous hardships because the gov- _ until press time.

In its manifesto the PLP
states that this transformation / 5] " is : : R
has already taken place and | ONE WAY HOLINESS APOSTOLIC CHURCH
that Cheshire Home will offer
support and “introduce much
needed respite care for par-
ents who opt to lead in the
nurture and care of their chil-
dren with severe disabilities
but are in need of time out.”

However, Mr Thompson
yesterday said that he and the
other disabled men were evict-
ed from the home 23 months
ago and the building “is still
closed, battened up, bush all
over the place.”

He said that this fact was
also independently confirmed

Pastor Lilymae Knowles

We the officers and members

Treco moves HQ out | eso an por canine
of disputed prop erty Ve 7 Starting rie 4,: 2007 at 7:45 pin.

PLP candidate Ricardo
Treco has reportedly moved
his election campaign office
from a house in Prince
Charles Drive following a dis-
pute with its owner.

But German investor Har-
ald Fuhrmann is insisting that

"Mr Treco repaint the building
‘to remove the PLP colours

which, he said, were applied
to the walls without his per-
mission.

Mr Treco, who had the
apartment on a short lease,
moved out after Mr
Fuhrmann said the building
was being used for office pur-
poses against local regula-
tions.

He said the house was for
residential purposes only and
that Mr Treco was in breach
of zoning laws by using it as a
campaign base.

Mr Fuhrmann was particu-
larly annoyed because the
PLP used the property for a
weekend cookout which
attracted scores of people.
Two portable toilets were set
up outside and dozens of cars
were parked in front of the
property.

“Mr Treco talks about
respecting other people, but
where is the respect for my
property?” asked Mr
Fuhrmann, who has now
flown back to Germany.

“The PLP moved all my
furniture out of the apart-
ment and, when they left,
they piled it in the carport,”
he added.

“T would like to know what
is being done to stop my fur-:
niture being stolen. And what
is Mr Treco going to do
about repainting my apart-
ment, which has PLP stripes
all over it?”

Mr Fuhrmann was so furi-
ous that he chained up a front
gate into the property, insist-

ing the PLP use a side

entrance, before flying back

. to Europe last week. Howev-

er, he removed the chain at
the request of police, who
were called in when the situa-
tion threatened to turn nasty.

Mr Fuhrmann told The
Tribune: “I have tried to be
reasonable in this situation,
but I have not been treated
properly.

“The Bahamas is always
advertising for people to set
up second homes, but is this
the way investors should be
treated?”

Mr Fuhrmann has been
involved in a long website war
against several Bahamian
lawyers, who he accuses of
being corrupt and incompetent.

He said he is now planning
to set up a new website deal-
ing specifically with property
ownership and the perils
which, he claims, investors
have to face when buying
homes here.

When Mr Treco was con-
tacted yesterday, he said that
The Tribune would have to

speak to his personal assistant,
but that she will not be avail-
able until Thursday.

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) A Performance of
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PAGE 6, WEDNESDAY, MAY 2, 2007

THE TRIBUNE



Change is good for democracy

“That a people get the kind of

government they deserve is
almost axiomatic...Until people
awaken to their own responsi-
bilities, they will not have a
responsible government.” —
Rev H. W. Brown, 1946

Ww ell, the three-week
party is finally over.

In a few hours we’ll know
whether the incumbents have
been turfed out after five years.
And if so we should celebrate
that, and make sure it is repéat-
ed every five years. That seems
to be the only way to control
our political class in the public
interest.

So what about the cry that
“one good term deserves anoth-
er?”

Well, consider the Ingraham
government. Their first term
(1992-1997) rescued a tanking
economy, restored a degree of
accountability to the political
system and expanded democ-
racy. The achievements of the
second term (1997-2002) were
much weaker, and it is likely
that a third term would have
recreated the problems that
Ingraham tried to fix in 1992.

Since there is so little differ-
ence between the FNM and
PLP ideologically, changing

horses after a single term will -

have virtually no effect on
development plans. In fact,

many of the projects and pro- |

grammes touted by the Christie
administration were actually ini-
tiated during the Ingraham
administration.’

They include the solid waste
disposal project begun in 1999,
the co-operative sector strength-
ening project, the 2001 road-
building project, the health sec-
tor strengthening project begun
in 2000, the expansion of pre-
schools and modernisation of
technical education begun in
1994, and the Family Islands
water project, circa 1998.

And should Ingraham replace
Christie tomorrow, he will con-
tinue programmes started under
the PLP government — includ-
ing the sustainable tourism pro-
ject launched in 2005, the land
use administration project begun
in 2004, the coastal zone master
plan begun in 2003, the national

youth-at-risk strategy and the
ongoing enhancement of public
sector planning capabilities.

et’s take just one exam-
ple. Environmental

protection legislation has been
in the works for years and is
expected to be passed early in
the next government (no matter
who runs it). It is aimed at
underpinning a department of
the environment that both the
FNM and PLP have been seek-
ing to implement ever since the
BEST Commission was set up
in 1994. And the BEST Com-
mission evolved from an inter-
ministerial committee created
by the Pindling regime.

All of these multi-year pro-
grammes (and others) are
financed by the Inter-American
Development Bank — to the
tune ofsmore than $150 million
in fact — and they don’t sim-
ply expire when the government



Since there is so
little difference
between the
FNM and PLP
ideologically,
changing horses
after a single term
will have virtually
no effect on
development
plans.



changes. Plus, as we all know,
the civil service is with us for-
ever.

In other words, continuity is
hardly an issue here.

As you might expect, these
programmes feature prominent-
ly in each party’s platform,
although they are not identified
as IADB projects and different
wording is used to describe them.
The IADB consults with each
incoming government on devel-
opment projects and conducts
periodic evaluations of their
implementation, but it is hard to
say who plays the leading role
the letidéer or the borrower:





E any case, our institu-
tional deficiencies are
such that many plans are poor-
ly implemented — such as the
$33 million solid waste disposal
project that was supposed to
build landfills on 10 islands to
tackle the problem of indis-
criminate dumping. After a
decade (under two govern-
ments) it has yet to be complet-
ed, and the bank has threatened
to cancel its funding.

So we can be fairly certain that
our lack of capacity, innate con-
servatism, reliance on external
economic inputs, and sheer idle-
ness will ensure that neither the
FNM nor the PLP will introduce
radical changes that could threat-
en our way of life. In fact, it is far
more likely that poor gover-
nance and corruption will gen-
erate the conditions we all fear.

There is, therefore, no real
need to concern ourselves with
giving any government a sec-
ond term. Vote them out — and
pay attention over the next five
years so you can vote the next
lot out. Believe me, it makes
perfect sense. It is not a tough
call.
Or, as my colleague Stacey
Hilton put it: “If you don’t do
right in the first term, you get
boot out. And the FNM will
learn from that.”

B ut let’s look at a con-
trary view. The con-

spiracy theorists are hard at
work this election for obvious
reasons, but is there really any
chance that a bunch of dead,
white kitchen-table racists ‘will
take over the country and run it
as their private business again?

You could easily say the same
thing about the Sunshine Boys
conglomerate, or the disgraced

‘Old PLP fixers (like George

Smith, Baltron Bethel and
Calsey Johnson), who are in a

May 2nd

Your Vote Counts!



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TOUGH CALL

-ARRY SMITH



far better position to manipu-
late our mostly black electorate.

Here’s the two best reasons
to vote them out (no matter
who they are): to protect and
promote our fledgling democ-
racy, and to ensure good gover-
nance. We all should know by
now what democracy means —
and a freedom of information
act should be the first order of
business for any party that
wants my vote.

Governance refers to the way
we conduct public affairs, man-
age public resources, and pro-
tect civil rights. Good gover-
nance achieves these goals
transparently under the rule of
law in a way that avoids abuse
and corruption.

There’s an apt phrase that
conveys exactly what I am talk-
ing about here: the insolence of
office. That’s what you get when
you leave people in power.
From regular folks like you and
me, within just a few years they
transform into little gods —
which is quite an achievement
in most cases.

It’s not just Bahamian politi-
cos that suffer from such hubris
(that ‘insolence of office’ phrase
wasn’t coined by me, for exam-
ple, it came from an English
writer). But the transformation
seems to happen fast and easy
in our slack, insular society.

Se: of our more
thoughtful commenta-
tors complain that Bahamian

political discourse is dominat- .

ed by superficiality. They say
our politicos often fail to tackle
fundamental problems and
resort to cheap populism, with
issues always at the margin. As
one business analyst recently
put it: “Instead of talking about
re-engineering, the conversa-
tion.is about changing the
menus in the canteen.”

And as the early PLP fire-

brand (and current FNM cam-
paigner) Sir Arthur Foulkes
said in a recent column, “There
was a genuine hope in 2002 that
the so-called new PLP led by
Perry Christie would put behind
it the bad old days and further
advance the democratic culture
established during the FNM’s
term in office. ”

Well, that was certainly my’



hope — as someone who had
considered the option of emi-
gration during the darkest days
of the Pindling regime. And at
first, the attitude of the new



Some of our
more thoughtful
commentators
complain that
Bahamian political
discourse is
dominated by
superficiality.



“fresh wind” Christie govern-
ment was indeed friendly and
accommodating. Lots of public
commissions were formed and

_the watchword was “consulta-

tion".

Believe it or not, when Tough
Call helped run The Nassau
Guardian in 2003 I actually
received calls from government
appointees inviting me to con-
tact them for information. But
those days are long gone.

Now, public officials are
inevitably unavailable to the
press — even to discuss techni-
cal issues. The House public
accounts committee has been
emasculated, business is done
behind closed doors and minis-
ters don’t bother to answer
questions in parliament or
respond to controversies in pub-
lic. It took a mere five years for
that to happen — think what
will happen in the next five
years.

A« here we are talk-
. ing about election rig-

ging again — something that
hasn’t been an issue since the
notorious 1987 general election,

when the Pindling regime tried

every trick in the book to retain
power following damaging dis-
closures about drug trafficking
and official corruption. Accu-
sations of vote buying go right
back to those hated UBP days
that our erstwhile black nation-
alists like to talk about so much.
You may think that democ-
racy and governance are not
that important compared to the
social problems we face, but
they provide the necessary
structure for resolving those
problems. ‘We need a strong,
independent and competent
judiciary because only the
courts can safeguard us from
the power of politicians and the
police. And we need to hold the
feet of our political leaders to
the fire, or they will take it as
license to do what they please.
These are not just academic
issues. Our courts resolve com-
mercial disputes, criminal mat-
ters, matrimonial issues and
constitutional crises. Justice
must be fair, it must be fearless,
and it must be timely. In the last
resort this is what keeps soci-
ety stable and viable. If, by lazi-
ness or incompetence or other-
wise, we allow the justice sys-
tem to decline then we will for-
feit this safeguard.

here is a clear choice
here: either our politi-

cians, public servants and judi-
ciary uphold the rule of law, or,
like our termites, they destroy
the very structure of our nation.
The best way to force them to
toe the line is at the polls —
every five years.

And lastly, the PLP likes to
say that the FNM let “special
interests” run the country,
but what more of a special inter-
est can you imagine than the
Colombian drug cartels that the
PLP sold out to in the 1980s?

Every government develops
special interests and powers
behind the scenes. If you want
to fight that tendency, the best
way is to vote them out — as
we did in 1967, 1992 and 2002.
Only don’t leave it so long this
time.

What do you think?
- Send comments to larry @tri-
bunemedia.net.. Or... visit

www.bahamapundit.com .::

Come Join the First Caribbean Bank
Diggers Volleyball Club as they host the

The Jann
Mortimer

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May 4th, oth, and 6th
Sir Kendal Isaacs Gym

Spike Times: Friday - 6pm;
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Come watch the best in
Women and Men's Night
league Teams battle for cash
prizes and trophies.


THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 7



REO Se a ee aaa
Only a third of candidates respond
to pastors’ 12 ‘moral questions’



lm By ALISON LOWE

Tribune Staff Reporter

OF the 110 candidates run-
ning in the general election
today, only 34 responded to the
“12 questions” on moral and
ethical issues posed by a coali-
tion of pastors.

The pastors had hoped that

by offering their views on mat-
ters such as abortion, marriage
and capital punishment, candi-
dates would give voters a
chance to see a side of them
often not discussed in political
manifestos.
_ The largest group of respon-
dents were from the Bahamas
Democratic Movement (BDM).
All 16 of the party’s candidates
participated in the survey.

Meanwhile just five PLPs —
Veronica Owens, Leslie Miller,
Michael Halkitis, Neville Wis-
dom and Ricardo Treco — took
part.

And only 12 FNMs respond-
ed. They were: Earl Deveaux,
Brent Symonette, Carl Bethel,
Dr Hubert Minnis, Branville
McCartney, Sidney Collie, Ella
Lewis, Tommy Turnquest,
Bryan Woodside, Felton Cox,
Pauline Nairn and Larry
Cartwright.

One independent, Clever
Duncombe, also took part.

The coalition of pastors pro-
duced a chart — which can be
seen on this page — that they
say indicates the party's posi-
tions on the issues. However,

. Where it states "all of our party's
candidates support” it is only
referring to, in the case of the
two main parties, the small per-
centage that actually answered
the questionnaire.

According to the results, most
of the candidates agree with
several propositions, including:
using a Judeo Christian value
system in schools, enforcing a
law which states that the death
sentence is mandatory in cases
of murder, redefining marriage
in the constitution as a "union
between a man and a woman,"
and not allowing "homosexual
tourism" — such as gay cruises,
in the Bahamas.

With regard to Judeo Christ-
ian school value system, only
Carl Bethel said he was against
it.

The Seabreeze candidate,
who was one of the most liber-
al respondents, said: "Religion
is a matter of conscience and
freedom of worship is protected
by the constitution."

Only Mr Bethel and deputy
leader of the FNM Brent
Symonette pointed out that the
Privy Council has ruled on the
issue of whether the death sen-
tence should be mandatory. It

did so in March 2006, ruling that

a mandatory death sentence is

unconstitutional.

All other respondents said
that they were in favour of mak-
ing it a mandatory sentence in
cases of murder.

Mr Bethel also supports pro-
choice abortion laws, leaving
the age of sexual consent at 16,
and allowing Bahamians to
gamble in casinos, in contrast
to many candidates.

He also said that he is "neu-
tral" on the question of whether
there should be a national lot-
tery, stating that this is some-
thing for "Bahamians as a
whole" to decide.

On the issue of homosexual
tourism, only the PLP's Mr
Halkitis, running in Golden
Isles, the FNM's Killarney can-
didate Dr Minnis, the FNM’s
Marathon candidate Mr
Deveaux and Mr Symonette did
not respond in an outright neg-
ative manner.

Mr Halkitis was the only
respondent to state that he is
“opposed to any form of dis-
crimination in the tourism mar-
ket”.

Dr Minnis said only that “the
laws of the land should be
adhered to” while Mr Deveaux
responded "no comment."

Candidate for St Anne's, Mr
Symonette said: "We need to
have a full discussion on the
future of tourism and the

impact of these issues on our
number one industry."

All other respondents indi-
cated that they agreed that the

"Christian values" of the
Bahamas should not be com-
promised by allowing gay cruis-
es and other "homosexual
tourism" to enter the country.

On the question of the
preservation of marriage, all
respondents said that they were
for an amendment of the con-
stitution to state that marriage is
a union "between a man anda
woman" — thereby negating the
possibility of same-sex mar-
riages in the Bahamas — except
for FNMs Mr Deveaux and Mr
Symonette.

Mr Deveaux said he is “‘satis-
fied with the constitution as it
is,” while Mr Symonette

”








A LAER CAN

| shpesa this position of leaving the
i preamble as it currently exists

SRR

2a! The great majority of our party’s
? candidates support this position of
i a Constitutional Amendment
i defining martiage as a union
i between one man and one woman



THE PARTY’S POSITION

FREE NATIONAL FNM PROGRESSIVE PLP BAHAMAS BDM
MOVEMENT LIBERAL PARTY DEMOCRATIVE
MOVEMENT





Hi THE Bahamas Democratic Movement, led by Cassius Stuart,
had the most candidates answer the questions, with 15 out of the

16 candidates responding

Positive towards the idea of
such an institution were eight
candidates - the BDM's
Christopher Cox and Tolonus
Sands; the FNM's Mr Collie,
Mr Deveaux, Mr Turnquest,
Felton Cox and Mr Cartwright,
while three stated that it would
be something that should be
decided by the public.








RRS ee
Our g party s in favour of Jeay
the preamble as it currently cae



Qur party is in favour of an
amendment to the constitution
defining marriage between
one man and one woman



i 2b : The great majority of our party's
} candidates support this position ta
E oppose granting same sex couptes
P any form of legal secognition or
i status under law (civil unions etc.)









The great maj Gf our part
i candidates support this position © }
f oppose recognizing same sex
i marriages / civil unions pedonned j
' outside the country.






support this position
: to increase caforcement of laws {
i and stricter fines

Most of our party’s canuidates
support this position to return
consent to age 18

Our party is opposed to
granting same sex marriages /
civif unions

Our party is appased | oO |
recog EU ZING Satie SCX marriages ;
civil unions perfonned outside the
couatry.




.
EAS SS
Our party is in favour of inc
enforcement of laws
and stricter fines



SS

Qur party is in favour of returning
consent to age 18



? 4b: Most of our party’s candidates
ff support this position to increase j
i mandatory minimum sentence.



support this position of
stricter enforcement of laws





#3 : pntsn
} Majority of our “party” 8 candidales
support this position of an

amendment to make it mandatory



i | ooppe any compromisiag of our
nation’s Christian vatues that
i Socour set touri sm to to organi: ed



support this position of —»
strengthening and stricter
enforcement of the law

support this position of sticter
enforcement of the laws

a Much public discussion is required

} to determine the party’s majority

| positiop. We have very strong
views for and against the

establishment of a national lottery













Our party is in favour of
increasing mandatory
minimum sentence





Our party is in favour

of stricter enforcement
of existing laws

Qur party is in favour
of ap amendment
lon (mandatory

SS
Our party opposes any
conipromising of our nation’s
Christian values that encourages
fourise to organized groups
promatiag their cause such as
homosexuals, swi










Our party is in favour of
strengthening and stricter
enforcement of the law



5 Se cua
“Our party is in Favour of stricter}
enforcement of the Jaws





SE Cec
Our pasty is opposed to
a national lottery



10b Under current law, these ”
establishments are not illegal.
Public diseussion and research is
required to determine whether the
law should be amended to make
them legal, bearing in mind the fact
that the current government
changed the law fo permit foreign
} owned establishments (casinos) to
offer internet gambling.

Our party is opposed to
legalizing number houses, web
cafés. ete





10c All of our party's candidates

suppod this position fo oppose
amending the laws ta allow

Rahamians to gamble i in local



the position that on a matter of
conscience, they would be willing

i to vote against their party.

|







Our party is opposed to any
amending of our laws to allow
Bahamians to gamble in local

casinos,





un a matter of consicnce, each i
member can vote on their own

convictions even if that is against i
their party. i





@ THE pastors submitted this amalgam of the responses from

the FNM and the BDM

responded “the privacy of one's
home is sacred as long as laws
are not violated.”

Instead of worrying about this
issue, he added, we should “deal
with the breakdown of our soci-
ety.”

As to whether the age of con-
sent should be raised from 16
to 18, only four respondents —
all FNMs - disagreed: Brent
Symonette, Carl Bethel, Felton
Cox and Pauline Nairn.

The national lottery question
split the group of respondents,
with almost a third responding
favourably to the question of
whether one should be estab-
lished in the Bahamas.

Both Mr Turnquest and Fel-
ton Cox pointed out that a
national lottery could assist with
funding social, educational and
sporting programmes, with part
of the money collected going
towards prizes and a significant
percentage towards philan-
thropic causes.

No PLPs answered in favour
of a lottery.

This disagreement was also
reflected in the issue of whether
Bahamians should be allowed
to gamble in casinos.

Six candidates said yes to
legal gambling, while two, Dr
Minnis and BDM deputy leader
Omar Smith, said that the law

should not discriminate against
Bahamians. Dr Minnis added
that there should be "thorough
debate" on the matter.

Only seven candidates did
not state that they were for
stricter enforcement of abor-
tion laws.

These were the FNM's Mr
McCartney, Mr Deveaux, Mr
Turnquest, Mr Bethel, Mr

Symonette, Felton Cox, and

PLP Leslie Miller.

Mr McCartney and Mr Miller
said that they were-for “pro
choice abortion laws”, Mr
Deveaux said it “depends on
the circumstances,” and like-
wise Mr Turnquest said that it
should be allowed in situations
where a woman has become
pregnant through rape or incest,
or if she is chronically ill.

The PLP's Veronica Owens
stated: “We can begin by
enforcing the existing law.”

Other issues on which the
candidates answered questions
were whether there should be
stricter enforcement and





pba to our Constitution
: bam in favour of feaving the preamble as it
currently exists.
2.2 Fam in favour of replacing the words “Christian
Vatues* with “Spiritual Vatues”.
i Other. Please explain.

2. Preservation of Marriage

A.*? Fam in favour of a Constitutional Amendment
defining martiage as a union between one man
and one woman.

2.2 Fam eppesed to a Constitutional Anvabekinenl
defining marriage as 2 union between one man
and one woman.

°t Other. Please explain.

B.*? Lam In favour of granting same sex couples
some form of fegal recognition or status under
faw (civil unions etc.)

2.2 Fam pppared lo granting same sex couples
any form of legal recognition of status under law.
it Other. Please explain.

C.:2 Fam oppased to recognizing “same sex mamages/
unions’, even if they were performed outside of
The Bahamas.

? Lam in fayour of recognizing “same sex mariages/
unions” that were performed outside of The
Bahamas

i Other, Please explain.

3. Environmental Protection
: Esupport increased enforcement efforts of our

environmental laws, stricter fines, and funding
educational efforts to Improve our preservation
of God's endowment of creation.

t Psuppart the existing state of environmental
jaws and enforcement,

it Other, Please explain.



4. Sexual Offences

A. 5. 1am in favour of retuming the age of consent to 18.
? fam In favour in leaving the age of consent at 16.
i} Other. Please expiain.



2 bam in faygur of increasing the mandatory minimum
sentencing for sexual offenders. (Presently It Is 7yrs
for first time oflenders and 14 years for second time
offenders- when the victim is under 14 yrs.) Most US
states now have 20 years minimum for first offenders.

7") bam opoosed to changing the mandatory sentencing
for sexual offenders.

Ft Other, Please explain.

§. Abortion
i2 fam in favour of stricter enforcement of the abortion
jaws.
:.2 Lam in favour of pra-choice abortion laws,
PT Other. Please explain.



6. Capital Punishment

£3 Lam in favour of amending the constitution of The
Bahamas to make it absolutely clear that capital
punishment is the mandatory sentence for murder,
bearing in mind that 2 jury would arrive at a murder
conviction after giving consideration to circumstances
that might point to manstaughter.

1 Jamin favour of abolishing the capital punishment laws.

7? Other. Please explain.



@ THE original 12 questions

increased fines for laws and mis-
deeds relating to the environ-
ment, and equally, whether
mandatory minimum sentences
for sexual offences should be
boosted.

The majority were in favour
of both of these options.

12 Questions: Your Political Position
in Morally Challenging Times’

During the rush toward election many political statements are made. While we are concerned
about issues of housing, crime, illegal immigration and unemployment, there are several other
vital concems that are often overlooked. These twelve questions are designed to help voters in
evaluating their candidates, particularly in relation to key issues facing our nation today.

1. Preserving of the words “Christian Vajues” in the i 7. Homosexual Tourism




















: fam opposed to compromising the “Christian Values”
of cur nation by allowing exclusively “organized groups”
(homosexuals, swingers, those swap marriage
partners, nudisis, atc.) who come under the umbrella
of promoting their cause.

... bam opposed to any form of discrimination in our tourist
market
./ Other. Please explain.










8, Public Decency
“: Fem tn favour of strengthening and stricter enforcement

of public decency laws, to address such incidences a8
topiess/nude sunbathing on pubtic beaches, strip clubs,
and public profanity.

“> Lam in favour of changing the public decency laws to
allow more freedom of expression.

“? Other. Please explain.






9. Decency In Broadcasting

.: Lam in favour of stricter enforcement of decency in
broadcasting laws to address such Inckiences as lewd
and suggestive images on cable television, profane
lyrics on the radio, and semi-pomographic images in
the newspaper.

“? fam in favour of changing the current laws to aliow
more freedom of expression.

“t Other. Please expiain.







10. The Lottery

A... bam in favour of establishing a National Lottery.
“t Lam opposed to establishing a National Lottery.
i Other. Please explain.

B. ..2 bam in favour of legalizing privately owned gambling
businesses (numbers houses, web si.2ps, local foreign
lottery offices and agents, etc.)

“| am opposed to legalizing privately owned gambling
businesses (numbers houses, web shops, local foreign
lottery offices and agents, etc.)








C. “? lamin favour of amending the iaws to allow Bahamian
citizens and residents to legally gambie in jocal casinos.

“tJ am opposed to amending the laws to allow Bahamian
citizens and residents to legally gambie in local casinos,







WW Values Education
“? Lam in favour of using a Judeo/Christian value system
in our public schools.
“=? [am in favour of values neutral education that leaves
religion out of education.
“t Other. Please explain.







12 Personal integrity

../ Ona matter of conscience, | would be willing to vote
against my party.

. While | would always express my opinion, | would feel
it was my duty to support my party following fair
discussion,

“S Other. Please explain.















On Monday, Archbishop of
the West Indian province, Drex-
el Gomez said that while all of
these issues are “personally
important” for him, he did not
agree that they should neces-
sarily be “national agenda
issues.”

Credit Suisse (Bahamas)

Limited

is presently considering applications for

JUNIOR RELATIONSHIP MANAGERS

(Private Banking)

The Private Banking Business Area is accepting applications for a Junior Relationship Managers,
reporting to the Heads of North America & European Desks.

Duties wi

Management of accounts and relationships of existing clients, i.e.

being responsible for the execution of orders, monitoring of cash positions
and portfolios of the assigned client base
Marketing of private banking and portfolio management services to prospective clients
from Canada and Europe

Acquisition and development of new offshore clients
Management of accounts/relationships with clients originating from Canada and Europe.

Requirements:

Applicants should possess a degree (or equivalent) in Business Administration
At least five (5) years banking experience including trading, trade reconciliation,
custody business and securities markets

Marketing experience

Strong communication skills in English, French and German to facilitate
marketing and relationship management within Canada and Europe
Excellent command of the English language
Good computer literacy on PC and host software.

Personal Qualities:

Excellent organizational, interpersonal and communication skills
Ability to work under pressure and with minimum supervision
Enthusiasm and a positive attitude

Possess a confident and outgoing personality

NLY APPLICANT: Tl
TELEPHONE CALLS WILL BE ACCEPTED.

Applications should be submitted to:

or via fax 356-8148



P.O. Box N-4928
Nassau, Bahamas

w~

CREDIT SUISSE

Human Resources Department

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 11", 2007


PAGE 8, WEDNESDAY, MAY 2, 2007



General Elections







BAIN & GRANTS TOWN
No. OF REGISTERED VOTERS 3867
Di
Divisions PLP FNM BDM IND.
Ss A
ae ee ee
[wos [of fT
a ee ee
[wos [| | | {
[wos [| | of ft
fNo7 | ff
es a ee ee ee
ee ee ee ee ee
pet
a a ae
PT
fe ee
Pb
a ee
Pee gb |
pees hee a eee Sd



























ELIZABETH
No. OF REGISTERED VOTERS 4249
Polling
Divisions
No. 1
|



GARDEN HILLS

No. OF REGISTERED VOTERS 3981

Polling V Owens} B Rolle | C Stuart
FNM BDM

Divisions PLP
No. |

|



MARATHON

No. OF REGISTERED VOTERS 3946

Polling R Pinder | E Deveaux | W Miller
Divisions | PL FNM BDM

No. OF REGISTERED VOTERS 3957

Polling C Pratt F Cox
Divisions PLP FNM

No. |



New Providence




























BAMBOO TOWN

No. OF REGISTERED VOTERS 4090

Polling McCartney O Smith T Wells
BDM IND.

Divisions FNM
No. |










P Strachan
IND








No. OF REGISTERED VOTERS — 4158

Polling G Hanna- | R Rolle | C Turner P Rolle
see Martin ss
Divisions PLP FNM

BDM IND
No. 1

No. 2
No. 3
No. 4
No. 5
No. 6
No. 7
No. 8

a
mz
|
P|
ee
|
| |
| |
No.9 [| |
|
Pe
Yaoi
fesse al
||
fg, a |
a |
|







No. 10
No. 11
No. 12
No. 13
No. 14
No. 15
. No..16..
Total: -



GOLDEN GATES

No. OF REGISTERED VOTERS 4109

Polling D Gibson | D Saunders | C Duncombe
Divisions PLP FNM IND





MONTAGU
No. OF REGISTERED VOTERS 3868
Polling
Divisions

ST THOMAS MORE
No. OF REGISTERED VOTERS — 4239

Polling F Smith
Divisions PLP

R Chipman
“NM

No. |

Tally Sheets







No. OF REGISTERED VOTERS — 4732

Polling S Collie
Divisions PLP FNM
No. |
























FARM ROAD & CENTREVILLE
No. OF REGISTERED VOTERS 4232

K Taylor | T Rahming
IND IND












C Lewis
FNM

Polling P Christie
Divisions PLP

No. 1

Total:



No. OF REGISTERED VOTERS 3961

Polling
Divisions PLP FNM
No. | ff
[no2 | |
[Nos |
ee ee
ee ee ee
[woo [ {|
[Nor [|
[wos | |
[Noo [|
Proof |
frou {|
| |
De
td
a a
| |
i ae






MOUNT MORIAH

No. OF REGISTERED VOTERS = 4141
Polling

K Smith ] O Turnquest | W Lewis
Divisions PLP FNM BDM





P| CT
Pp |
feces ele a
a ee ee
eset eee ee
fl
ee eee aces nl
P|
ee ee ee
Pe eee fd
P|
ee eset td
a ae a
Pascal el
ee ee
ee ee
a ae ae

SEA BREEZE
No. OF REGISTERED VOTERS — 4153

Polling C Strachan | C Bethel S Brown
Divisions PLP FNM BDM







No. OF REGISTERED VOTERS

Polling Y J Carey | T Bannister
Divisions PLP FNM



No. OF REGISTERED VOTERS



















No. 1







No. OF REGISTERED VOTERS
Polling K Gibson } M Turnquest
Divisions PLP FN.



KENNEDY

i
=

4095

T Sands

BDM





FORT CHARLOTTE

3814



Polling A Sears | M Barnett | C Carroll
Divisions PLP FNM BDM



3940



O Archer

BDM

PINEWOOD

No.. OF REGISTERED VOTERS

Polling
Divisions

No. OF REGISTERED VOTERS
Polling V Rolle | P Neymour
Divisions

No. 1



No. 3
No. 5

No. 7





No. 8



No. 9





No. 10

4289



3947

J Higgs
BDM





No. OF REGISTERED VOTERS — 3211

Divisions PLP FNM

not |_|

Pros |_|
Pros |_|
Poa |
ee
eee 7
Pro? |_|
Pos |
roo |
[Noo [| |
Pro |_|
Po |
[ois | |
[Nos [|
| Nois | |
eo

| |

No. OF REGISTERED VOTERS 4259 . A
Polling

Divisions

No. 1



Polling
Divisions








YAMACRAW
No. OF REGISTERED VOTERS 4137

Polling M Griffin] P Nairn
Divisions PLP FNM
ae ae



j

|
Esc
pNod |
ae
|
|
|
[Noo [|
—
|
|
_—
|
|





[tos Tf
2IBUNE

! SOUTH ABACO

No. OF REGISTERED VOTERS 2812 ,








CAT ISL., RUM CAY & SAN SALVADOR

No. OF REGISTERED VOTERS 1519





Family Islands
Tally Sheets




NORTH ABACO

No. OF REGISTERED VOTERS —_ 3764










1
!
|
\
female] san" er] =| |
| [iNet | tT es ee ee nor [oof ff
| [ine PT pno2 [| of fno2 [of ft
| [,No3 PT Oe a ee ee Ee ee
| [[No-4 PTT pNos [| of Ce ee ee ee
| [[No. pT pros | of ft se ee ee
ee a ee a
| P| pvo7 [of of a ee ee
P| re ee Oe ee
a ee prog [ft tT ee
a ia ae Oe ee ee a ee
pete Se ee ee
| | Oe ee a
a ee [rors ff CT Pros | | fT
Poe ee [wos [| fT fwows [| fT
PT Prois [of of prois [| of
PT a ee a ee
ee ee [to [fT | | Tor: [Tf







LONG ISLAND/RAGGED ISL.











SOUTH ANDROS
No. OF REGISTERED VOTERS — 2327



















No. OF REGISTERED VOTERS — 1283






* | No. OF REGISTERED VOTERS 2551 .

WEDNESDAY, MAY 2, 2007, PAGE9-



NORTH ANDROS & BERRY ISLANDS





Polling =| LCanwright| J Miller Polling AGray | D Foulkes Polling
BDM | || Divisions PLP Pm | P| Divisions
frou [oo | | nor [oot ft No.1
vfNo2 Tot | pro2 [of tf
pros [of fT a ee
! es ee ee ce a ee ee ee
a ee pros [of fT
a ee proo [of of
a ee ee a
i fNos [fT [wos | | | |
a a ee ee
i [noo [of ft prow [of ft
Pron fof ft pNou [of
a ee fro [of ft
[wos | | | Pros [| ff
[mois [of | Pros [ | |
[mois [fT | Pros [of tT
a [rows [of tT
To: [| tT [rots [ ff








LUCAYA

C McDonald} —N Grant
ms PLP FNM

oy
S'da

E
°



3













Polling =| Bridgewater] Z Laing | M Edwards
Divisions PLP FNM IND












NORTH ELEUTHERA



MARCO CITY

No. OF REGISTERED VOTERS 4294







EIGHT MILE ROCK
No. OF REGISTERED VOTERS — 4005

Polling C Outten | V Grant
Divisions PLP FNM






PINERIDGE
No. OF REGISTERED VOTERS — 3848
A Pere

Polling een | J Thompson] — E Moss
Divisions 7 FNM IND










No. OF REGISTERED VOTERS 4017

Polling D Coakley | K Russell
Divisions | PLP FNM














No. |

No. 8

|
|
|
|
|
|
|
|
[Nog |
|
|
|
|
||
|
|
|





WEST END & BIMINI
No. OF REGISTERED VOTERS — 3546

Polling
Divisions

No. I



i

|| Bi | | L|

t

; ipea ff ft | por [| | [| |i

y jpees ff ft ae pws | | | | _|

i) ee a a a P| ee

Pe a . —

1 ihe | Pw [

| roe | | |_| ___]

| eee ee [wes | [| | | |

, |

| Twos 11.1 a [wom [| {| |

i

| ifs | || | | | pros [|

| ‘Eno 111d ee [woo | | oT

i iTnen - |... | | ee ee

iy

| ifven [| f |__| a Peo | | [| | |

| ' Enos [|__| a fmwe [| [| [| | |

1 Exe [fT | mon | | | [|_|

' [nous || |_| _] a Pro | | [| |_|
[re [||| __] fms | | [| | |
Pea | Pere [ [fd ,

GRAND TOTAL

UNM tet

TT mere

TOTAL REGISTERED VOTERS:
New Providence | 7

TOTAL VOTERS PLP [| 9% VOTE ||
TOTAL VOTERS FNM [| % VOTE | |
TOTAL VOTERS BDM % VOTE | |
TOTAL VOTERS IND | | % VOTE | |






PLP:





FNM:










- GRAND TOTAL: GRAND TOTAL:


PAGE 10, WEDNESDAY, MAY 2, 2007 | THE TRIBUNE

148,055 expected to go to the polls.
in ‘most exciting election since 1987’

FROM page one



Sf

SP es en etay

j Eiger sererrscarees

*
*
e
e

PRERERREEUEREDS

However, Mr Ingraham
ose not to mention his
ponent, Mr Christie.

« In arally in New Provide
yesterday Mr Ingraham said
ie looked forward to once
dgain leading a Government
dedicated to serving all
Bahamians, “black and
white; middle class, rich and
poor; young and old; able
and disabled: We have the
opportunity to participate in
asgreat ritual of national
renewal.”

» “The important lesson for
us in tomorrow’s vote is the
reality that we are indeed all
équal no matter your status
or station in life. Perry’s got
gne vote; Hubert’s got one
vote; and each registered
voter has one vote as well.
Tomorrow, the majority will
either endorse the behaviour
of the present government or
repose trust in the Free
National Movement,” the
opposition leader said.

‘At the end of the day, Mr
Ingraham pledged to “join
hands, hearts and voices”
with the Commonwealth of
the Bahamas.

: “This election is a battle
for the hearts and minds of
the Bahamian people. The
Bahamian people were sore-
ly disappointed by the PLP

FERSrSrrree



-

in office over the past five @ ABOVE: FNM supporters get into the rally spirit at last night’s event at RM Bailey Park.
years. They smeared our @ BELOW: Prime Minister Perry Christie speaks to PLP supporters at Clifford Park (Photos: Felipé Major/Tribune staff),*

national honour at home and 4
abroad. When the history of Kc i = are

the Christie administration is
written it may well be titled,
Dereliction of Ditty,” Mr
Ingraham said.

= Mr Ingraham said he has
fought to make certain that -
all Bahamians get a fair
shake, that colour, wealth,
génder, disability, religious
Gélief or political affiliation
were not barriers in the
Bahamas.

eI have constantly worked.
to expand democratic free-
doms and make government '
more available, accountable
and less intrusive. I have
constantly worked to expand
opportunity, promote social
justice and increase prosperi-
ae is my record and

d willing, it will be the
legacy I leave if you place
your trust in me as your next
Piime Minister and the FNM
a§ your Government,” the
Gpposition leader said.

“This election the number
of registered voters has
increased by more than 8,000
over 2002.

«The last election broke
records with 140,000 persons
registering to vote.

“On May 2, 2002 the PLP
swept to a convincing victory
over the governing Free.
National Movement.

“The FNM managed to save
seven of the 40 seats -
Hubert Ingraham and
Robert Sweeting in Abaco,
Kenneth Russell, Lindy Rus-
sell and Neko Grant in
Grand Bahama, Alvin Smith
iti Eleuthera and Brent
Symonette in Montagu.

‘SOf this group five men are
offering in this race.

“The 2002 election marked
the first time independent
candidates had represented a
significant force in the House
with four seats.

«Tennyson Wells held on to
Bamboo Town, Pierre
Dupuch captured St Mar-
garet — both former Cabinet
Ministers in the FNM gov-
efnment — Larry Cartwirght
ufseated veteran politician
James Knowles who repre-
sented the island since 1967,
and Whitney Bastian in
South Andros.

aLarry Cartwirght has since
joined the FNM and Pierre
Dupuch has retired from -
frontline politics.

“Tennyson Wells will face
FNM opponent Branville

cCarteny, but, unlike in the

2002 campaign, in this elec-
tion he was not opposed by
the PLP.

aAmong the defeats includ-
ed were then FNM leader
Tommy Turnquest and
députy leader designate,
Dion Foulkes. Mr Turnquest
is:contesting the Mt Moriah
constituency, the seat he held
before his 2002 defeat. Mr
Foulkes is contesting the
MICAL constituency, where,
in Inagua, are his family
rgots.

‘Polls open at 8am and
close at 6pm today.





.
‘
*



@ PLP (left) and FNM (below) eens enjoy their party’s final rallies before election day.
(Photos: Felipé Major/Tribune staff

eo Se Oe” ae


2
THE TRIB
ws UNE
ERTISEMENT
WEDNES
DAY, MAY
: 2, 2007, P.
, ’ AGE tH



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. up in the PLP pecause the FNM
: didn't want hi _ They refused vw
« ; o run him as a candidate an a
* B as cons ) he slunk 9 inas , bearing ‘.
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=" t. Fred i i haversack. |
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his “Third Force” 9 gg9, Mr x
mitchell was insis i ‘ :
b \ a ; :
fe e eo.
$
a ,
ht “8
2
é 7
» = ir
be . Fred Mitchell, in an address to the Kiwanis ‘
es ne White Bahamian in Bahamas 0 iy
Ee sd that the blac yer-The-Hill
*” under the PLP government with
, a od ont !
r nching 4 vicious, a
, oY. website that per- ation that (He * al \
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as. the pat y
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* rom r he in the groun 1
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om one Pe ty while heapin oor b :
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= in ai ers j ‘
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av’s
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im e ministet perry the man who, inthe f
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4


PAGE 12, WEDNESDAY, MAY 2, 2007

BANKBOSTON TRUST COMPANY LIMITED
(Incorporated under the laws of the Commonwealth of The Bahamas)

Batance Sheet
As of 31 December 2006
(Expressed in United States dollars)

2.

2006 2005
$ $
ASSETS
Cash and demand deposits with banks (Note 6) 20,318,149 16,864,040
Time deposits with affiliated banks 418,382,757 390,380,209
Fees receivable 1,216,456 1,621,914
Loans and advances to customers 2,964 9,305
Other assets ___ 858,269 —_739,050
Total Assets (Notes 4 & 5)” 440,778,595 409,614,518
‘LIABILITIES
Customers’ deposits - demand and call 61,777,133 "$4,611,356
Other liabilities 619,868 _- 749,892
Total Liabilities (Notes 4 & 5) 62,397,001 55,361,248
EQUITY
Share capital (Note 3) 1,000,000 1,000,000
Additional paid-in capital (Notes 3 & 12) 264,000,000 264,000,000
Retained eamings (Note 12) 113,381,594 _89,253,270
Total Equity 378,381,594 384,253.270
Total Liabilities and Equity 440,778,595 409,614,515
Signed.a3 approved on behalf of the Board om 26 April 2007:
" Charles Doolittle Richard Kane
Director Director
" Notes to the Balance Sheet
31 December 2006
1. General Information

BankBostori Trust Company Limited (the Company) is incorporated under the laws of. the
_Commonwealth of The Bahamas and is licensed to carry on banking and trust business under the
Banks and Trust Companies Regulation Act, 2000. The Company’s ultimate parent is Bank of
America Corporation (BAC). BAC and companies in which BAC owns directly or indirectly
20% or more of the issued voting shares are referred to as affiliates. Amounts arising from

On 6 November 2006, BAC entered into a share purchase agreement with Banco Itau Europa
Luxembourg S.A., a company organized and existing under the laws of Luxembourg, for the sale

of all the outstanding shares of capital stock of BankBoston Trust Company Limited. The closing

of this transaction is expected to occur on 30 April 2007, subject to regulatory approvals.

The Company's principal activities are providing trustec, corporate, investment management and

banking services from within The Bahamas. Since 1996, the Company had also beenengaged in...

business activities involving emerging markets securities under the terms of an agency and
services agreement entered into with Fleet National Bank (FNB). These activities were
substantially curtailed, and the business was wound up effective 1 December 2005.

The Company’s registered office is located on the Ground Floor, Charlotte House, Charlotte
Street, Nassau, The Bahamas. The number of employees as of 31 December 2006 was 30 (2005:
31). ' rea ,

Sammary of Significant Accounting Policies

The principal accounting policies applied in the preparation of the balance sheet are set ‘out
below. These policies have been consistently applied to all years presented, unless otherwise

stated.

(a) _ Basis of preparation

The Company's balance sheet has been prepared in accordance with International

Financial Reporting Standards (IFRS). The balance sheet is prepared under the historical
cost convention as modified by the'revaluation of trading securities. The preparation of
the balance sheet in accordance with IFRS requires management to make estimates and

-assumptions that affect the’ amounts reported in- the balance shéet: arid accompanying: °

notes. Actual results could differ from those estimates.

The application of amendments to published accounting standards and interpretations that
become effective] January 2006 did not result in substantial changes to the Company’s
accounting policies. With the exception of the new disclosure requirements of IFRS 7
Financial Instruments: Disclosures, and amendments to IAS 1 Presentation of. Financial
Statements regarding capital disclosures, that become effective 1 January 2007, the
application of new standards and interpretations issued but not yet effective will not have
a material impact on the Company's balance sheet in the period of initial application. On
adoption, IFRS 7 will supercede IAS 30 and the disclosure requirements of IAS 32.

(b) Assets held as Trustee, Custodian or Nominee

The Company is engaged in significant custodial and fiduciary activities that results in
the holding or placing of assets on behalf of individuals, trusts and other institutions. No

account is taken in the balance sheet of assets held by the Company as custodian, trustee,

or nominee.

(c) . Loans and advances to customers

Loans and advances to customers are stated at the principal amount outstanding less any

specific provision for impairment and uncollectibility. All outstanding loans and.

advances are originally granted by the Company and are recognized when cash is
advanced to the borrowers. All loans and advances to customers are adequately
collateralized by cash, cash equivalents and marketable securities. Accordingly, the Bank
has not established a provision for impairment or uncellectibility with respect to these
loans and advances. : , :

(@) Forcign Currency Translation

Items included in-the balance sheet are measured using the currency of the primary

economic environment in which the Company operates (‘“‘the functional currency”). The _

balance sheet is presented in United States dollars which is the Company's functional and
presentation currency. Assets and liabilities denominated in currencies other than the
United States dollar are translated at rates of exchange prevailing at the year-end.

(ec) Cash Equivalents

For purposes of the statement of cash flows, the Company considers demand deposits
with banks and all time deposits placed, with a term of three months or less, to be cash
equivalents.

(9) Investment in subsidiaries

Investment in subsidiaries consists of the Bank’s investment in Bay State Corporation
" Limited and Cape Ann Corporation Limited that serve as nominee holders of investment
securities on behalf of clients of the Bank and Kennedy Director International Services,
SA and Federal Director International Services, SA that serve as directors of corporate
clients of the Company. The investment in subsidiaries, all of which are wholly owned,
are stated at cost and included in other assets. The effect of not consolidating the

subsidiaries is immaterial as they each have a nominal amount of share capital and, mo

except as noted above, are otherwise inactive.

Si VE,



THE TRIBUNE

Share Capital and Additional Paid-in Capital

The authorized, issued-and fully paid share capital of the Company consists of 1,000,000 ordinary

shares of $1 par value each. The Company’s parent has also injected $264 million as additional

paid-in capital.

a Analysis of Assets and Liabilities

Assets and liabilities may be analyzed by geographical area, based on the domicile of the

counterparties, as follows:

2006 2005
$ $
Assets:

Latin America 1,131,149 1,100,293
North America 20,281,151 17,274,556
. The Bahamas & Caribbean — 419,366,295 391,239,669
440,778,595 409,614,518
2006 2005
s s

Liabilities: 7 ,
Latin America 60,785,502 47,541,825
North America 1,029,775 “7,204,820
_ ‘The Bahamas & Caribbean . 581,724 614,603

5.

6.

1.

8.

».

11.

_ Maturities of Assets and Liabilities

Assets and liabilities may be analyzed into relevant maturity groupings, based principally on the
_Femaining period from the balance sheet date to the contractual maturity date, as follows:

2006 - 2005
: eae, fg
Demand and less than three months ie i - 439,920,327° 408,875,468
From three montis t to five years me os : 794,227 - | 675,009
Over five.years OE eat SE 64 OOT 64,041
440,778,595 409,614,518
2006 2005
$ $

Lisbilitis: itt

Demand and less than three months 61,815,277 54,612,106
From three to twelve months a ee, 122,802 172,164
From ane to three years 458,922 576,978
~62.379,001 55,361,248

~ Other Balances and Transactions with Affiliates

Other balances with affiliates included in the balance sheet, but not separately . disclosed
elsewhere, are shown in the following table:

2006 2005
Ss $

__ Balance Sheet: | .
Cash and demand deposits: with banks 19,261,040 15,745,098

Lease Commitment

The Company has a commitment under a non-cancellable operating lease agreement relating to
its offices that expires ‘on 31 January 2010. The future aggregate minimum lease payments under *
Piaas ee operating lease are as follows: |

2006 2005

: o . $ . $
Not later than 1 year 294,144 (200,696
Later than 1 year and not later than 5 years __ 588,288 -

Pension Plan

The Company has an independently administered defined contribution plan covering all full-time
employees. All full-time employees who have completed a probationary period of employment
are eligible and required to become members of the plan. Members are required to contribute, by
.. way:of monthly payroll deduction, from one percent up to a maximum of six percent of their

.- ¢ligibleeamiings to-the plan. The Company in turn contributes an amoiint equal to’six’ percent of "

- the member's eligible carnings to the plan. . Members have a fully vested interest in the
Company’ s contributions after five years of continuous service.

Income Taxes

The Company is not subject'to income taxes under the laws of The Bahamas.’ However, for
United States (U.S.) federal income tax purposes, the Company has been treated as a branch of its
’ U.S. parent company since 1999. As such, the Company’s taxable income or loss is reported on
its parent’s U.S. income tax return. However, the parent company *s current tax sharing policy is
such that no foreign subsidiary or branch shall be charged for or remit taxes that result from the
inclusion of the’subsidiary’s or branch’s income in the U.S. tax return.

Risk Management

Fiduciary risk
The Company is susceptible to fiduciary risk, which is the risk that the Company may fail in
‘carrying out-certain mandates in accordance with the wishes of its clients. To manage this risk,
the Company takes a very conservative approach in its fiduciary undertakings.

Credit risk

Credit risk arises from the failure of a counterparty to perform according to the terms of the
contract. From this perspective, the Company’s exposure to credit risk is primarily concentrated
in demand deposits and term deposits.

_ Fale Values of Financial Instruments

Fair value estimates are generally subjective in nature and are dependent upon a number of
significant assumptions associated with each instrument or group of similar instruments,
including estimates of discount rates, risks associated with specific financial instruments,
estimates of future cash flows and relevant available market information. Fair value information
is intended to Tepresent an estimate of an amount at which a financial instrument could be
exchanged in a current transaction between a willing buyer and seller engaging in an exchange
transaction. However, since there are no established trading markets for a portion of the
Company’s financial instruments, the Company may not be able to settle its financial instruments
immediately; as such, the fair values are not necessarily indicative of the amounts that could be
realized through immediate settlement.

The methods and assumptions used to estimate the fair values of the Company's financial
‘instruments are as follows:

Loans and Advances to Customers. The carrying valuc of loans and investments approximates
fair value due to the short-term and/or frequent repricing characteristics of these instruments.

Other Financial Instruments. Other financial instruments utilized by the Company. are
gencrally limited to those types of financial assets and financial liabilities shown in the balance
sheet. The carrying amounts of these other financial instruments are considered to approximate
their fair value, gfven that they are either short-term in nature or have rates that automatically

Teprice to market on a periodic basis.

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Subsequent Event

During March 2007, the Central Bank of The Bahamas approved the Company’s request to
reduce its shareholder’s equity to $30 million, to be settled by an interim dividend from the
excess capital reserves to the beneficial owners of record in the Company.

PRICEVATERHOUSE(COPERS

PricewaterbouseCoopers
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 Shareholder of BankBoston Trust Company Limited

We have audited the accompanying balance sheet of BankBoston Trust Company Limited 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 International Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on 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 auditors’ judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider 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
intemal 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 the Company 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 BankBoston
Trust Company Limited.

Chartered Accountants

Nassau, Bahamas
26 April 2007



ULTRA STRENGTH

PAINRELIEVING PATCH

_Bengay Patch
Pasa) eee
Be fo) Viet ey= 1 (pee
“undercover @



THE TRIBUNE



S THIS column has

opined on more than
one occasion, the biggest dis-
appointment of the PLP gov-
ernment to date has been the
seemingly lacklustre approach
it has taken to matters involv-
ing the perception of corrup-
tion and scandal.

The party’s own website
boastfully quotes the Inter-
American Defence College as
follows:

“The ability of the PLP to
deliver on an improved econ-
omy and services for the pop-

ulation generally, outweighs »

the public scandals on the per-
sonal conduct of several PLP
politicians.”

What would for most bal-
anced politicians be construed
at best as an embarrassingly
mixed and equivocal endorse-
ment, passes as bragging rights

- for a party that now seems to
take for granted its reputation
for tolerating scandal, even
among disinterested interna-
tional observers.

A man of seemingly unblem-
ished personal character, the
Prime Minister has, to all
appearances, failed to confront:
those many blemished ele-
ments of the PLP whose only
claim on his loyalty is that they
stuck by the party more con-
vincingly than he when it
entered an eighteen-year
wilderness in 1984.

The Prime Minister is a
famed believer in giving sec-
ond chances, which is a
refreshing trait in a judgmen-
tal, preachy place like this. But
he‘also exhibits another, less
ina trait, common in men
1 who are basically good:- a

* naive belief in the transforma-'

» tional powers of men who are
* basically bad.

Unlike the last PLP Prime
Minister, Mr Christie has no
A D Hanna - a powerful on-
the-ball deputy willing to pun-
ish embarrassing fellow-trav-
ellers on behalf of the chief, or
alternatively to resign in a pub-
lic huff. Even more than Pin-
dling, he needs one.

o while Mr Christie
remains his party’s
strongest point among think-
ing Bahamians, the integrity
and instincts of many of the
PLP’s “wilderness” crowd,
apparently unintimidated by
his character, continue to give
grounds for much suspicion.
This is a huge disservice to

WEDNESDAY, MAY 2, 2007, PAGE.+3

PERSPECTIVES

ANDREW ALLEN



than any major institutional
changes introduced by him or
his successor.

Fifteen years after the
reform era of Bahamian poli-
tics began, both of the last two



The best result that could
come of Wednesday’s election
is one that confirms neither
party in a sense of ordained or:
invincible rightness to ae

When two imperfect
parties tangle, the
best hope for us

is a close result



ELERLE SLE RETEST ELSSPSE CLSLAET A SLC EG CELL TERPS POSTE

sally collected. Why? Becausda
they are collected by the stata
and local government, not they
Fed. And if you do not png
the local government wil

take your house andsell it “t



SEFHESTILOES REPEL ISLES

administrations must be fault-
ed with neglecting basic things
that institutionalise reform:
Freedom of Information leg-
islation, the creation of
ombudsmen and new levels of
public administration with real
power (local government).

CENTRALISED
GOVERNMENT IS A
FLAWED LEGACY OF
BOTH PARTIES

ikewise, on their
rhetoric, both parties
seem likely to build upon one
of the emerging failures of the
present government: a family
island development policy, that,

simply directs jobs and invést- -
‘ment itito conimunities that”

are not communities at all,
since they have no capacity for
self-administration, not to
mention the makings of civil
society.

Peopled land masses do not

develop into governed com-—

munities just because of jobs,
money or even “master plans”.
Firstly they necd their own tax
bases, their own motivation to
find and pursue a local balance
between private enterprise and
public investment. Infrastruc-
ture and society will develop
in line with this balance.

Go to Abaco, then go to Key
West. Both have seen sky-
rocketing land values and an
invasion of wealthy “snow-
birds”. But while Monroe
County, Fiorida has a tax base
capable of keeping nice roads,



While Mr Christie remains his
party’s strongest point among
thinking Bahamians, the
integrity and instincts of many
of the PLP’s “wilderness”
crowd, apparently
unintimidated by his character,
continue to give grounds for
much suspicion.



PLPs and to Bahamians gen-
erally. Two decades after the
mortifying eighties, highly
believable accounts of minis-
terial corruption are now com-
monplace in The Bahamas

once again. That is the PLP’s

double tragedy and one that it
is hoped the party’s patriots
will begin to take seriously.
Of the FNM it can also be
said that the party’s most strik-
ing strengths and weaknesses
both relate to the leadership
style of the man at its helm.
Like Mr Christie, Mr Ingra-
ham is a politician who is per-
sonally honest. Unlike Mr.
Christie, he seems to send a
chill up the spines of those who
are not. So much so that he

apparently alienated many of
the party’s bad apples long
before he left the PLP.

The demeanour of Ingra-

ham as leader is what changed
the public service culture per-
ceptibly for the better since the
end of the Pindling-era, rather

beautiful public parks and
libraries, Abaco is another
underdeveloped “out island”
that still looks to Nassau politi-
cians to dole out just enough
funds to keep it at the subsis-
tence level that Bahamian
politician regard as natural for
“out islands”.

If Abaco could add a tiny
amount to the laughably low
Bahamian real property taxes,
then collect the taxes itself, I
am told that it could have built
several times over the modern
airport that successive govern-
ments have been promising for
many years.

There would be no com-
plainers about such a tax.
Bahamians do not pay real
property taxes, and foreigners
are accustomed to paying
much higher ones than the
ones some bother to pay to our
government.

In Key West, as elsewhere
in the US, property taxes are
high. They are also univer-

Ya
the money you owe. That ig
a

how a community functions.

The absence of empowere
self-funded local pecan
outside of Grand Bahama is
spectacular failure on the part
of both parties, and one thata
no reasonably good govern-#
ment would leave as is after
one term in office, much 'lessia
two.

WE MUST GET PAST
STYLE |

ERUEEERSESESD REZ

2

he FNM continues to

present issues of gov-
ernance and corruption as
matters of style. “Trust us, wew

are more honest” is the a.

“sage, rather than “let us pute
in place institutional changes
that will ensure better public
administration, whoever is in
power”. a

This is disappointing. It
means that we are taking a
plunge into the unknown suf
each new administration
rather than following a course
of genuine improvement oven
time. Unfortunately, thath
seems in line with the FNM
leader's perception of B: ahami-g
an politics and his place withing
it.
While generally admiring thes
achievements of his first
administration, I have made
no secret of my scepticisms
about various aspects of Mr
Ingraham’s leadership style.
Most troublingly, of all senior
politicians active in The
Bahamas today, the FNM
leader alone excites the cult-
frenzy among his supporters
that helped doom Sir Lynden
Pindling’s legacy (though per-
haps some others would like
to).

As we saw with Pindling,
such a situation creates the
risk of a leader so secure in
his own intrinsic rightness that
he not only spurns the mes-
sages of brighter minds, but
comes to resent the messen-
gers as well. Like his prede- &
cessor, Mr Ingraham tends to
attract panicky, defensive and #
overly-loyal types as his
immediate henchmen, while
alienating independent
thinkers.

SUE REUETSNTASUREENE DEERE CRESS ESET SEER

e also seems to lack

-for good advice at
times. His silly and needless
descent into the US/Cuba row
last year left many thinking
Bahamians wondering just
whose interests he was cham-
pioning as a potential leader
of The Bahamas. Certainly not
those of the thousands of
Bahamians who receive
advanced medical care and
education in our neighbouring
island.

More recently, Mr. Ingra-
ham’s (or his party’s) intense
personalisation of the election
campaign around an egoistic
cult of leader-worship has
alienated many of those think-
ing Bahamians who were once
almost genetically inclined
toward the FNM.

All in all, the best result that
could come of Wednesday’s
election is one that confirms
neither party in a sense of
ordained or invincible right-
ness to govern.

ERS2SESREEOREMEUTSENENETSTOSS S FES ERAEAS oe Piz suewews seaesuEEt ERE pesuesee

i
PAGE 14, WEDNESDAY, MAY 2, 2007

LOCAL NEWS

THE TRIBUNE



FNM candidate |
claims four
men in car
attempted to
run him over

FROM page one

speaking with the occupants
inside.

“T was leaning over in
the road, and then a car
approached slowly. It
stopped, and then took off
with the maximum speed
that it could in that short
distance and came directly
at me.

“TJeaned — or you
know,when you're trying
to stand on your toes to get
as close as possible to the
car to avoid getting hit —
stretching as much as pos-
sible. The side view mirror
just brushed me,” he said.

Dr Minnis said that the
vehicle, which was flying
PLP flags, was of a Japan-
ese make and of a maroon
colour.

“After they missed me,
they then turned around
and came back at me
again,” he said.

Dr Minnis said that by
this time he realised what
was happening.

“L subsequently moved
around to the back of the
car to protect myself. And
then they just sped off and
left:But I have reported it
to the police, and they
came. again today to con-
tinue. their normal investi-
ga * he said.

innis said that

witttmany of his friends
asap have asked
if he-would need or require
security, he has declined
the-offer. Despite this, he
ha&forwarded information
to,fifie police who reported-
ly are‘taking the matter

“very seriously”.

nnis said he has
notmentioned anything of
theamatter to his opponent.
He'Was highly doubtful
that Mr Wisdom
would condone such
actions from any of his
supporters.

_ Security will be in place
to reassure his safety, but
Dr Minnis added that it
would not be an “obvious”
pigeons.

‘MP makes police complaint
over alleged vote buying

FROM page one

Gray has been involved in issu-
ing unnecessary three-month
public contracts to MICAL res-
idents. The contracts end at the
end of this month.

Upon being informed about
the allegations against the
FNM, Mr Bastian said that he
took the information to the
proper authorities.

"There are persons now who
are willing to swear affidavits
as to (person’s name withheld)
giving out monies and talking
about these are for votes. And,
in fact, (name withheld) is offer-

ing at least a hundred dollars
per vote” he declared.

Mr Bastian said that there is
nothing wrong with attempting
to assist constituents. Howev-
er, giving money for votes is
criminal.

“} have told the commission-
er any evidence that I person-
ally get of it, we are going to
stop it down here,” he said.

Chief Superintendent Hulan
Hanna confirmed that a com-
plaint was made by Mr Bastian,
and he informed The Tribune
that a team of senior officers
has been dispatched to South
Andros to investigate the alle-
gations,

Mr Hanna said that if the nec-
essary evidence is found of
wrongdoing, charges would fol-
low. However, if the allegations
are unfounded, he said, that too
would perhaps be released to
the public at the appropriate
time.

At this stage of the investi-
gation, Mr Hanna declined to
specifically name the individuals
allegedly involved in vote buy-
ing. And, Mr Hanna added, the
allegations circulating during
this election regarding vote buy-
ing are not extraordinary.

“T think that in all recent elec-
tions, that I am aware of, you
always have any number of alle-

gations coming from persons,
either candidates themselves,
or members of the communi-
ty,” he said.

FNM Chairman Desmond
Bannister told The Tribune that
these allegations against his par-
tyare false. ,

“The FNM is not going to get
involved with any such activi-
ty. That’s not our party’s poli-
cies. None of our candidates will
do anything to buy any votes,”
he said.

“We are going to win the
election based on policies and
the trust of the Bahamian peo-
ple,” he added.

Mr Bastian shocked the polit-

ical mainstream in the 2002
election by becoming the only
independent to defeat both the
PLP and FNM, winning
the South Andros seat by 94
votes.

The PLP have high hopes of
retaking the seat lost since the
retirement of the late Sir Lyn-
den Pindling nearly a decade
ago.

But according to Mr Bastian,
the PLP candidate for the area,
Picewell Forbes, will be no fac-
tor.

Full of confidence, Mr Bast-
ian informed The Tribune that
he will win the seat comfortably
by at least 300 votes.

ee:

Further allegations of
ection bribery attempts

FROM page one

and assisting us in upholding the law," said Asst
Commissioner Ellison Greenslade.

"We ask Bahamians far and wide to stay on
the right side of the law."

While the officer said he had personally not
encountered complaints about corrupt prac-
tices during election time, he said he could not
speak for other senior officers.

But he added that he would expect to be
made aware if other officers heard such alle-
gations.

Some commentators have claimed that this
election has been most notable for the number
of allegations of corrupt practices being brought
to the attention of the press.

While rumour of such illegal behaviour has

circulated in previous elections, never before
have such a number of allegations been publicly
vocalised, it is claimed.

According to the Bahamas Parliamentary
Act, any person who corruptly provides "mon-
ey or valuable consideration" or "meat, drink,
entertainment or provision to or for any per-
son" in order to be elected, has committed an
offence.

Likewise, any voter who corruptly accepts

or takes any such meat, drink, entertainment or

other provisions — such as a job — shall also be
guilty of an offence against the Act, it states.

Penalties of up to two years imprisonment,
losing one's vote, or right to run for parlia-
ment, in the case of those providing the bribes,
can proceed from being convicted of such a
crime.

International organisations, such as the Unit-
ed Nations, define vote-buying, among other
practices, as among several forms of "electoral
fraud and misconduct."

Other "coercive tactics", less obvious than
offering money, such as threats of job loss, or
conversely, offers of employment, also render
elections less than "free and fair."

In total, allegations of vote-buying have
reached The Tribune from four constituencies.

Meanwhile, in another constituency, The Tri-
bune has received reports from a Ministry of
Public Service insider that a large number of
jobs in that ministry have been offered by a
PLP candidate.

Reports also surfaced yesterday that at least
one new employee at the National Insurance
Board, who had been offered a job only weeks
prior to the election, was being "given the after-
noon off" to campaign for the PLP MP who
offered them the position.

Alcohol epi
during polling
hours eri

FROM page one

of the Bahamas Elections Act, “All licenses issued under
the provisions of the Liquor Licence Act shall be sus-
pended during the hours of the day on which a poll is
being held for a general election and any person selling
or exposing or offering for sale any intoxicating liquor’
shall be deemed to be so doing while not holding a
licence under the provisions of the Liquor Licence, Act,
chapter 372.”

The Act also says that during an election, any pekson
who behaves “in a violent, offensive, disorderly or insult-

‘ing manner” will be guilty of an offence.

It adds: “Any person who at any time on the day of an
election tampers, defaces or interferes with a polling
booth or obstructs the entrance to any polling place or
obstructs or interferes with any voter or loiters or does
any electioneering within one hundred yards or hearing

distance of a polling space, shall be guilty of an offence}

under the Act.”

Officials have also advised voters to ensure that there
are no pre-existing markings on their ballots when they
are collected, and that they place no other marking on
the ballot, other than in the box next to the symbol rep-
resenting the candidate of his or her choice.



rahe

pe OS LL Lae eS @ 8!

rs FUNERAL HOME LIMITED |

22 Palmdale Avenue, Palmdale



Nassau, N.P., The Bahamas

: Fura eT aT



|= Ms. Rosemary
Clotilda Ageeb,76

| of Nassau, The
Bahamas, who died
peacefully at her
! residence on Tuesday,
| 24th April, will be held
at Sacred Heart
Roman Catholic
Church, Shirley Street,
Nassau, on Thursday,
3rd May,
11:00 a.m.

Father Mel Taylor will
officiate.
Cremation will follow.

2007 at §



Ms: Ageeb is survived by one son, Bernard
| E&inklin Ageeb; one daughter-in- -law, Jennifer
seb; two grandsons, Joshua and Zachary Ageeb;

tye brothers, George and Charles Ageeb; one. |

Sister, Kathleen Winchell; three sisters-in-law,
Gforia, LaVerne and Karen Ageeb; four nieces,
E.J. Maria Ageeb, Lupita Ageeb-Rolle, Angelique
| Priore and Michaelene Ageeb; ten nephews, Jose,
| Thomas, Antonio, John, Gregory, Ashley, Mark,
Edward, Brian and Christopher Ageeb; nine great-
nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana,
Erin and Jenna Ageeb; eight great nephews,
Shelton and Jonathon Ageeb Rolle, Thomas,
Joseph, Daniel, Andrew and Jordan Ageeb and

Michael Priore.

She was predeceased by her parents, John and
Mary Ageeb; two sisters, Gloria and Theresa
Ageeb and two brothers Anthony and Arnold

| Ageeb.

Arrangements by Kemp’s Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.



airport is open, but has
no international status

f By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - West End candidate
David Wallace said that while the West
End airport is open, it has no interna-
tional status and does not benefit the
residents of West End.

Mr Wallace said that the FNM will
seek to restore the old glory days of
West End, where international charter
flights came in from Canada and the
United States.

“The PLP promised to reopen the
West End airport.

“Well, the West End airport is open,
but it ain’t open for me and you.

“So, don’t mind them telling you the
airport open. If you and J want to go to
Miami, or Nassau, you better go to
Freeport — we can’t take no flights
from this airport in West End,” he said
on Monday evening at a rally in West
End.

The rally was one of the biggest in
that settlement, complete with a mini-
concert and live broadcast of the FNM’s
mega rally at Clifford Park. Hundreds
of supporters turned out for a massive
motorcade from Freeport to West End.

During the motorcade into West End,
FNM supporters were confronted by a
group of rowdy PLP supporters at Eight
Mile Rock, who blocked the road at
Sea Grape and hindered traffic for sev-
eral miles in that settlement.

Although there was no reported case
of violence, supporters from both par-
ties exchanged heated words.

Mr Wallace, seeking re-election as
West End and Bimini MP, said West
End is not a PLP stronghold as pro-
claimed by the PLP.

He said promises made to the resi-
dents of West End by the PLP in the
last élection have not been kept.

The high school and bank that were
promised for West End have not been
fulfilled in the last five years, he said.



“The PLP promised to reopen the West
End airport. Well, the West End airport is
open, but it ain’t open for me and you.”



West End candidate David Wallace

“Well, it has been five years and no
high school. They promised a bank —
they couldn’t even give West End an
AMT machine,” he said.

Mr Wallace said that although the
airport is open as promised by the PLP,
it has no international status.

“We all know that the airport was
downgraded and it could be used for
locals, but now they have it for special
permission. So, do not let them fool
you. Me and you ain’t benefit from the
airport being open,” he said.

Mr Wallace said that there should be
the return of international flights to
West End, which is still the capital of
Grand Bahama.

Mr Wallace claims that he has done
more for West End in the previous five
years when he was the MP, compared to
Mr Wilchcombe.

He said the FNM was responsible for
the revitalisation of West End with the
redevelopment of the Old Bahama Bay.
Under the PLP, he noted that the Jack
Tar Hotel closed and put 600 persons
out of work in West End.

Mr Wallace said the FNM repaired
the administration office at West End
Primary School, upgraded the West
End Clinic, acquired the fire engine in
conjunction with the Rotary Club,
repaired recreational facilities in West
End, and reintroduced the West End
powerboat race, and summer youth pro-
gramme.

Mr Wallace said that West End resi-
dents fear losing their land, and their

jobs at Old Bahama Bay.

The former MP said that the Ginn
project is not really benefiting residents
of West End.

“Ginn is a wonderful development,
but let me tell you something Ginn has

to be good to the residents of West End ;

— they have to hire the people in West
End first.

“The only people getting hired by
Ginn are those who live in Freeport
and the family and friends of politi-
cians. That can’t be right,” said Mr Wal-
lace.

The FNM, he said, would bring fair-
play to residents of West End.

“Under the FNM, you will be hired
based on your qualifications and not
who you know. It can’t be right that a
development come here and the people
ain’t ready for it.’

He also claims that some residents in
West End have not received any hurri-
cane relief after two and a half years
and still live in homes with leaky roofs
and others are still living in temporary
trailer homes provided by government.

Mr Wallace plans to establish a mon-
ument in West End to preserve the his-
torical significance of West End.

He also said that a government dock
is needed in West End, as well as a
library, community centre, and low- -cost
homes. Mr Wallace promised that if
elected, he will start a beautification
programme of waterfront and create a
waterfront park similar to Arawak Cay
and Sunset Village, in West End.

PaO Se ae a Se)

Sn ate ea S&H RRO 0

‘2 ee OO ew. St, ee lee 8 oe

Se @ 8 te no Se Se. F7 ”

’

es

NM candidate: West End
| THE TRIBUNE WEDNESDAY, MAY 2, 2007, PAGE 15





Parties campaign to the end

Hubert Ingraham led FNM supporters at
events on Grand Bahama and New Providence





BS
a

M@ THE huge crowd gathered at Clifford Park on Monday nigh



\ A 5 z

| MORE crowds at the FNM rally in Grand Bahama on @ HUBERT Ingraham onthe Trust Bus Tour in New
Saturday Providence with Fox Hill‘candidate Jacinta Higgs

In the last few days before
the general election, the
PLP toured the Family
Islands of Acklins, Cat
Island and Inagua

(Photo: Franklyn G F erguson)

x
Turney,
Rack 7 WA

’






PAGE 16, WEDNESDAY, MAY 2, 2007

THE TRIBUNE °

ec
. LOCAL LETTERS

Double standards Tired of name calling by both parties

EDITOR, The Tribune.

KINDLY allow me to express my reaction
regarding many existing double standards in the
wake of these 2007 elections.

It was recently expressed by a single mother
that she felt confident her designated MP would
provide a fence and pavement for her driveway in
exchange for the three available votes within her
home.

It is incomprehensible how, with the slightest
scant of good conscience and commonsense, any
such person is willing to solicit or accept a bribe
from the very person whose salary they pay.

Is it not a statement that the desperation to
exercise unethical practices is an implication of
their inadequate performance, should your sup-
port prove unobtainable in an ethical manner?
It was simply not earned.

If‘one welcomes improprieties, perhaps an
acceptable justification is to consider them a return
on your property taxes.

However, in the very least, I implore you to not
convince yourselves that it is worthy of some-
thing as great as your allegiance.

God emphasises "patience in adversity". Do
any such persons perchance think they are alone
in their inflictions? To struggle is but trials and
tribulations imposed by God! To sell yourself for
a paltry gain is but a failure of your test. For this
very reason, God has preserved examples of ances-
tors, admonished to not cast nets on certain days.

Why do we persistently degrade ourselves,
when God himself has exalted us above all crea-
tures and supremely endowed us with reason?

How, in God's name, are we able to condemn

~ those entrusted with our wellbeing for theft and -

giving away your children's inheritance, when we
ourselves are selling our rights to prevent them?
I remain curious as to what your legacy to your

dependents may be.

When future generations (your children) are
able to exercise their God-given right to partici-
pate in the welfare of their very existence, would
not your fence have crumbled and driveway over-
grown with weeds? What valuable lesson would
your children then have inherited? To beg a new
fence and driveway. Thus the continuing cycle of
regression.

Why do we refuse to elevate ourselves in God’s
consciousness? Does it not prove impossible to
turn back when one has never ceased to remain
stagnant?

Would you not rather teach your children the
adage "No man can do for them, what they cannot
do for themselves, by the grace of God! Is it not
emphasised by God to refrain from compromising
your integrity? In time, by example, our children
will prove well equipped to characterise gover-
nance by specifications ordained by the Supreme
Being.

Simple God-conscious guidelines may actually
empower a government with the obligation of
taking into account the permanent interest of you
and your dependents — a government that would
deem it unthinkable, unconscionable, and shame-
ful to degrade your soul and insult your intelli-
gence.

Who knows, a reward may even be had for
utilizing your God-given reason. The Most High
may deem it appropriate to endow sufficient sus-
tenance upon you to construct a concrete wall —

one not even necessary to have begged for!

Best wishes to Dr. Hubert Minnis in Killar-
ney. ,

NATASCHA PINDER
Killarney,
April, 2007.

EDITOR, The Tribune.

THANK you for allowing space
in your invaluable column to say:
“Thank You Lord it’s just a matter
of days”.

I’m sure I am not the only one
tired of all the name calling and
meaningless commercials by both
parties. Mr Ingraham, it is my sin-
cere prayer that you continue to
not respond to every foolish yada —
yada - yada that the PLP is spewing
out and please focus more on
enlightening us on your plans for
our youth, minimum wage, how the
present government increased the
car inspection without any warning
and will it be returned to a fair cost,
and will your government be willing
to look into a three strike pro-
gramme so that we can help restore



and give hope to many of our peo-
ple who have seemingly lost hope
all because of a police record that
will follow them for the rest of their
life shining a negative light.

To you, Mr Christie, so what if
Mr Ingraham removed Mr Symon-
ette for alleged misjudged circum-
stances.

At the least we should congratu-
late Mr Ingraham and his deputy
Mr Brent Symonette for both being
men and bringing, if not evil, the
very appearance of an evil situa-
tion to an end, But on the other
hand, here you are slinging mud
from the past in their faces, and you
have yet to address the issues of
your two ministers fighting in the
House, the issue of the visas, the
alleged rape incident, the removal



of the door and the toilets by one of
your MP’s, the alleged missing
funds, amongst other things. Please
don’t insult us any further.

If you want to talk, start from
the visa issue and explain why you
have not fired the likes of Kenyetta
Gibson, Leslie Miller and others,
but quickly hung the Reverend C B
Moss out to die.

Please, Mr Christie, issues, issues,
issues not slander and propaganda.
It’s time to be a man and take a
stand. The Bahamas is in need of'a
Prime Minister and right now the
choice is clear. IT AIN’T LONG
NOWWWW!














MINISTER S DAVIS
Nassau,
April, 2007.






Concern about recent PLP motorcades:

EDITOR, The Tribune.

PLEASE allow me space in your valuable paper to
voice my concern about the recent motorcades which
were and are being scheduled at 3pm by the Progres-
sive Liberal party leading up,to the general elections.

On a daily basis the traffic situation here is extreme-
ly congested and explosive, to say the least. This situ-
ation is compounded even more, by the PLP, led by
the Prime Minister, Perry Gladstone Christie, who
allows his cohorts to have a motorcade beginning at
3pm in the afternoon, during one of the peak times of
the day, when school is out and those persons who
have to pick up, drop off their children and return to
work all within one hour, experience unnecessary
delays.

Iam not fortunate to be employed by the Govern-

ment where time is non-existent and you play by your ©
own rules. I find it very disgusting, outrageous, incon- ‘
siderate, and a total disrespect for the other working «
class, as you sit in traffic for extended lengths of time, +.
trying to get to your destination. This type of action to *
hold mass motorcades, during peak periods, does not
speak well, for a Leader who is supposed to be in «
touch with the people.

I implore you, sir, to reschedule these events as -
the timing is simply inappropriate and not conducive °
to those persons who have to return to work within *
one hour. ~

MIZPAH STRAPP
Nassau,
April 27, 2007.



Form a unique unified bus system

EDITOR, The Tribune.

I AM one of the many omni-bus
owners who do not have a franchise.
I was born a Bahamian. I submitted
’ my application for an omni-bus fran-
chise in January of 2003. After
receiving no feedback, I purchased
my bus in December of the afore-
mentioned year. Prior to purchas-
ing my bus, I entered an agreement
with a gentleman to have an omni-
bus franchise transferred to myself.
Cognizant of the bureaucracies, I

solicited the assistance of my MP in
mid-December year of same to
ensure the transfer. She told me that
she had spoken with the Minister of
Transport who told her and I quote
“she didn’t see any reason why it
couldn’t be done”. I followed up
with my MP on numerous occasions
regarding the course of action and
was told that she was awaiting same
from the Minister. After a while my
MP expressed frustration at not
being able to execute for me. She
attributed the fact that she and the
Minister were not that close as the
reason why she could not get any
results. She then suggested that I
make an appointment to see the
Minister at her office, or at her Con-
stituency office. Efforts to see the’
Minister at her office failed as her
secretary was never given the okay
to give me an appointment. Each
time I tried to see the Minister at
her constituency office, the lady
there told me she was not going to be
in that week. To her credit, my MP
continued her attempts to either get
a course of action to have the fran-
chise transferred. She even gave me
an invitation for the opening of the
new subdivision in the back of Mar-
shall Road as the Minister was
scheduled to be there. As I recalled,
the Minister did not attend that func-
tion.

After numerous failed attempts
to have the transfer done via my MP
and'the Minister, my wife and I

‘ decided to solicit assistance from the
Prime Minister the Honourable Per-
ry Christie. We wrote to him mid-
February, 2004; my wife hand deliv-
ered the letter to his secretary. After

approximately two months with no
reply, we tried to get an appoint-
ment to see Mr Christie. We got the
same results from Mr Christie’s sec-
retary as we got from Minister Han-
na-Martin’s. She (the secretary) then
referred us to Senator Trevor Whyl-
ly. We met with Senator Whylly who
immediately gave us the “cold shoul-
der”. His attitude changed after we
expressed disappointment in him,
and the way our Government who
we supported were treating us in get-
ting such a small matter done. In
short order we discovered that Mr
Whylly’s initial cold response to us
was genuine as he played us, and we
got nowhere. It is sad to note that the
majority of us can’t get anything
done in this country, or get an audi-
ence with our Prime Minister when
necessitated while other PLP sup-
porters boast of being able to walk
into his office at anytime. To date,
after going through the proper chan-
nels, I have made no progress with
having the transfer.

While waiting to see Senator
Whylly that day, there were several
people trying feverishly to see the
Prime Minister as they too had

exhausted all other avenues. I will

not go into why they were there, but
I will say that one of the reasons was
disheartening. These folks may not
come forward like I am doing, but I
believe they will speak volumes at
the polls.

My fellow Bahamians, even
though I went through the fruitless

process, can you please tell me why

any Bahamian in this great country
of ours should have to pay monies

’ for a franchise plate of any kind

when there are so many in-active
plates out there (the holders on

_ record do not have. buses or taxis)

and the rules state that all inactive
plates should be revoked and possi-
bly re-assigned to needy Bahami-
ans? A lot of things have been going
wrong in our country, and we as a
people need to begin to take a stand
against them. Noting this fact, I still
tried to purchase one as I wanted

‘my own. Transfers are legal, and

many have been done over the years

(including the past five), but the
Government that my family and I
supported apparently did not see us
as people worthy of being empow-
ered.

I would be remiss if I didn’t
embrace this opportunity to say a
little about Governments, Leader-
ship and representation. We elected
Mr Christie as our Prime Minister in
2002 under the slogan “the right man
for the job”. My education, profes-
sional experience and training have
taught me that feedback from cus-
tomers enables one to know if all
members of the team are pulling
their weight. This feedback is vital to
staffing adjustment decisions in order
to achieve optimum results. This is a
“rule of thumb” for successful lead-
ers. Further, I think it is important
that anyone who desires to become
Prime Minister understands that this
job means “chief servant of the peo-
ple”, and thus it is the most difficult
and time demanding job in the coun-
try (of whom much is given, much is
expected). This individual needs to
ensure that all of his/her members
are prepared to “serve” the people at
large, and are prepared to work
together. We as a people must hold
them to this. Permit me to give a
couple of examples of what I deem
good leadership.

During the year 1990, while
employed in the private sector, my
wife was under a lot of pressure. One
day, she felt the need to speak with
our Prime Minister the late Sir Lyn-
den Pindling. He took the call, chid-
ed with her and gave her good coun-
sel. We moved into our home in
1993 and discovered that there were
no phone lines in the area. We went
through BaTelCo, and the Minister
who told us it was the responsibility
of the developer — the late Percy
Munnings (he was very sick at that
time). We then wrote the Prime

' Minister — the Hon Hubert Ingra-

ham who thanked us for bringing
the matter to his attention, and
assured us that he would correct the
situation. We had phone lines in our
area by the beginning of the first
quarter, 1994. To sum this all up, Sir

Lynden and the Hon Hubert Ingra-
ham understood that they were the
Chief servants of the people. Mr
Ingraham did not trivialise matters
brought to his attention by those

who elected him to be their chief |

servant; he ensured that their issues
were heard and resolved.

Lest anyone think that Iam play-
ing party politics, I hasten to say that
I consider myself a patriot. I love
my country! Since I was in Primary
School, my family has had ties to the
FNM. The first time I voted, I sup-
ported the PLP as they seemed to
have had the young people’s best
interest at heart. The next two elec-
tions, I voted FNM; I could not vote
FNM in the last election. I am no
“true member” to any party. I cast
my vote for the party that is best
suited to lead our country. Think
about it, if all of us do this, we would
build a better, stronger nation.

‘ While watching the local news on
Friday, 6th April, year of same, my
family and I heard Mr Jack Thomp-
son, the Comptroller of Road Traf-
fic, speaking on behalf of the Gov-
ernment say that they were going
ahead with the Unified Bus System,
and only Omni Bus Franchise hold-
ers would be given shares in the new
Company. The rest of us would be
left out..We in the Public Transit
Association (PTA) were told that
the Government had agreed to have
us create our own Unified Bus Sys-
tem. We (the PTA) agreed that all
(bus owners with franchise and those
without) would be included in the
new company. To date, there has
been no response to Mr Thompson’s
remarks from the PTA. We also
understand that our President has
taken a six months leave of absence
from the Association.

We live in a small community
where people communicate. We
understood from the beginning of
this government’s term that there
was a group of prominent black
Bahamians who have strong influ-
ence with this government who
wanted to take this business from
us, and thus we can work for them
for a substantially reduced income.

On behalf of my colleagues, I put
this question to our Prime Minister,
is this a part of the empowerment
that you speak of in your campaign,
or is this another chapter in the “all
for me baby” saga, a phrase so aptly
coined by one of the leaders of the
government in the 1980’s? I am
keenly interested in hearing from
the Bahamian. people at large on
whether they are interested in de-
empowering Bahamians, or simply a
Bus system that is safe, reliable and
efficient.

To all of my colleagues in the bus
business; we formed the PTA and
we all agreed that it would be inhu-
mane to leave out those of us who
own buses and not franchises as we
currently play an equal part in trans-
porting the public at large. Amidst
our expressed concerns, this gov-
ernment has seen fit to do so by sell-
ing us out to a semi-anonymous com-
pany that does not wish to extend
shares to “bus owners (only)”. They
will do so, if we allow them! Some of
us may not understand that we may
have been kept apart on purpose.
The government has succeeded to
this point as we are divided, yeah
but together we shall be victorious. I
wish to also inform all of us that hav-
ing shares in a company will not give
us the kind of net incomes that we
are currently earning. We may be

able to negotiate (sell, use as collat- -

eral, etc) the shares in the future.
The only income that we will derive
from these shares however will be
dividend income based on the prof-
its of the company (profit sharing)

likely to be paid semi- annually or °
annually. The maximum annual div-
idend income per share will never ,
exceed $100. It is unfortunate, but we «
know that some people would sell '
their birth right, etc for a bowl of '
soup. If.we don’t take a stand for -
something, we will easily fall for any- °
thing. I appeal to all of us, let us all .
band together, and if necessary take ¢
a vote of no-confidence in our cur-
rent leadership and move forward
with the retention of this business
for our future generations. Let’s put
our heads together and form a .
unique unified bus system that can .
yield us better net incomes than we *
are currently earning while providing *
a safe, timely, effective and efficient «
service to the public at large (a win-
win scenario).

We can also create many new jobs
for fellow Bahamians.

The Bahamian people at large are
fed up with our level of service, and
I believe we can all agree that there
are several crucial reasons why we
need to unify, thus putting an end to
the detrimental “rat race”. |.

The parties out there saw that we
were not coming together to make
this happen and thus sought to seize
the movement under this govern-
ment.

Please, united, we will prevail; let’s
make it happen!

CONCERNED
BUS OWNER
Nassau,

April 26, 2007.

Papa John's

Village Road

Will be closed

on Tuesday May ‘st, 2007 to

Wednesday May 2nd, 2007
due to minor renovations.

We will re-open
on Thursday May 3rd at our

normal working hours.
Call our other 3 locations

Seagrapes
South Beach
Collins Ave.

Meena Bata
CERRY :

Sorry for the inconvenience caused
Signed Management.

Available throughout The Bahamas.

Distributed by Lowe's Wholesale Soldier Road Tel: 393-7111 Fax: 393-0440


WEDNESDAY, MAY 2, 2007



SECTION

business@tribunemedia.net

BUSINESS







= ) FIDELITY

HELPING YOU CREATE AND MANAGE WEALTH





Miami Herald Business, Stocks, Analysis, Wall Street

Tel: (242) 356-7764

Tel: (242) 351-3010

NASSAU OFFICE

FREEPORT OFFICE







Double Grand
Bahama tourist
marketing funds,
urges minister

@ By NEIL HARTNELL
Tribune Business Editor



THE Government’s tourism ‘

marketing budget for Grand
Bahama needs to be doubled
from the $5-$6 million per annum
devoted to it over past the 10-15
years if the island is to be posi-
tioned as a major destination,
unique from other Bahamian
islands and global rivals, the min-
ister of tourism said yesterday.
Obie Wilchcombe, minister of
tourism, said the Grand Bahama
marketing budget needed to be

increased to around $10-$12 mil-
lion per year, as “you can’t mar-
ket a major destination with” the
funding made available over the

-past 10-15 years.

Mr Wilchcombe said the
Christie administration had
“talked about it, looked at it” in
terms of increasing Grand
Bahama’s marketing budget over
the past five years, although it
had not moved to expand it.

He said this would be some-

SEE page 9

Counterfeit goods

still ‘problem area

)

for many firms

& By CARA BRENNEN-
BETHEL
Tribune Business Reporter

COUNTERFEIT and pirated
goods remain “a problem area
for many businesses”, the
Bahamas Chamber of Com-
merce’s executive director told
The Tribune yesterday, as the US
Trade Representative’s Office
said Washington still had con-
cerns about the Customs Depart-
ment’s enforcement efforts
against counterfeit goods.

A spokesman for the US Trade
Representative’s Office said yes-
terday that the Bahamas was
removed from its Special 301
copyright watchlist due to
“improvements in intellectual
property rights enforcement
efforts”, singling out for special
mention the raids conducted ear-
lier this year against warehouses

United States still

has concerns, especially
on Customs enforcement,
despite watchlist removal

alleged to be stocking counter-
feit and pirated luxury, designer
goods.

The creation of an Intellectual
Property Enforcement Unit by
the Bahamas was also praised,
and the indications were that the
enhanced enforcement efforts
were enough to convince Wash-
ington that this nation was serious
about boosting copyright enforce-
ment and regulations.

Yet the US Trade Represen-
tative’s Office spokesman said:

SEE page 5

Fidelity Bahamas
Growth & Income

Fund

°

Bahamas
Property

Fund*

ee

Isle of Capri win
tax ‘cut below 10%’

* Casino operator confirms remaining in Grand Bahama, as government
agrees to cut in 17% casino tax rate and more marketing support

* Minister admits initial tax rates ‘too high’

* Grand Bahama Chamber chief concerned nation giving away too
much in incentives that are not given to Bahamian businesses

@ By NEIL HARTNELL
Tribune Business Editor

he Government has

agreed to Isle of

Capri’s request to

reduce the casino win
tax rate levied upon its Our
Lucaya resort casino from 17 per
cent to “a level under 10 per
cent”, the minister of tourism
revealed yesterday, as the US
casino operator finally confirmed
it would remain in Grand
Bahama rather than terminate its
lease.

Obie Wilchcombe told The Tri-
bune that the negotiations that
resulted in a new agreement with
the Government, coupled with
Isle of Capri’s previous difficul-
ties, had given the administration
a “better understanding of what
casino fees ought to be”.

Apart from a reduction in the
casino win tax rate from 17 per
cent to 9 per cent, Isle of Capri
had been seeking greater promo-
tional and marketing support
from the Government, including a
$5 million contribution from the
administration for such cam-
paigns.

Mr Wilchcombe said yesterday: -

that the Government had essen-
tially agreed to both requests in
return for Isle of Capri remaining
as the operator of Our Lucaya’s
casino for another two years,
rather than terminate its lease on
June 1, 2007, as originally
planned.

“The rate was around 17 per
cent,” Mr Wilchcombe said of the
previous win tax rate faced by
Isle of Capri. “That was a little
too high, and we’ve been able to
work out an agreement that posi-
tions it at a level under 10 per



# OBIE WILCHCOMBE

cent.”

He declined to specify the exact
casino win tax rate that Isle of
Capri will pay to the Government
as a result of the new agreement,
but described it as “a good plan

for a fledgling destination. It will.

help us build the industry here in
Grand Bahama, without taking
all of their [Isle of Capri’s] rev-
enues”. :

Isle of Capri’s decision to
remain in Grand Bahama will be
a boost for both the island’s econ-
omy and employment levels, with
the Isle-Our Lucaya directly
employing 230 people. It also
means gaming is kept alive in
Grand Bahama while the island
waits for Harcourt to purchase
the Royal Oasis, as the Our
Lucaya casino is the only casino
property on the island currently.

Jill Haynes, Isle of Capri’s
director of corporate communi-
cations, yesterday told The Tri-
bune that the casino operator had

18.27%

Last 12 months

9.51%

Average Annual Return

Since Inception
February 1999

11.21%

Last 12 Months

14.76%

6 full years Average

Annual Total Return

agreed to extend its stay in Grand
Bahama by “multiple” years,
resulting from a “collaborative
effort” between the company,
Ministry of Tourism and Hotel
Corporation of the Bahamas.

Also likely to have been
involved are the Grand Bahama
Port Authority (GBPA) and Our
Lucaya, which is 100 per cent
owned by a Bahamian affiliate of
Hong Kong conglomerate,
Hutchison Whampoa.

Isle of Capri sublets the 19,000
square-foot casino under a deal
with Our Lucaya that originally
lasted until December 2012, and
paid $2 million per year in equal
monthly instalments for the first
two years ending on November
30, 2006.

The annual lease payments
were increase to $2.5 million in
the third and fourth years, before

hitting $3 million for the remain- -

der of the lease. Many thought
these lease payments were way
too high.

Ms Haynes told The Tribune
~ overcome this and were working

yesterday of the new arrange-

ernment: “Obviously, this ne

ny’s clients could combine a stay
and gambling at both properties.

Mr Wilchcombe said Isle of
Capri would be able to use ils
experiences in Grand Bahama tw
date to good effect, saying that
when they first arrived the possi-
bly did not “understand the
Bahamian market” and the fact
the tourism and gaming industr)
were targeting high spending.
high net-worth clients, which may .
have been different from the US
casino operator’s traditional client
base.

He praised Isle of Capri for
keeping the casino open and the
employees hired after the devas-
tation caused by the 2004 hurri-
cane season, rather than just
“packing up and leaving”, saying
this showed it was a good corpo-
rate season.

Balancing that was the contro-
versy caused when Isle of Capri
made its requests for further
incentives and marketing support
public, but Mr Wilchcombe said
both parties had managed to

good.

ments with the Bahamian roles together, with relations -

agreement will make the proper-
ty financially more attractive from
an operational standpoint, and
we will work closely with the Min-
istry of Tourism.

“We have a new property in
Pompano Beach, Florida, and are
investigating to determine the fea-
sibility of joint marketing/pro-
motional” efforts with the Our
Lucaya property.

Both she and Mr Wilchcombe
indicated that Isle of Capri’s
move into Florida could have
spin-off benefits that made the
Grand Bahama casino more
attractive, given that the compa-

Chairman:

Given that the Ginn Clubs &
Resorts project and Morgan Stan-
ley’s Barbary Bay development
both included a casino in their
concepts, Mr Wilchcombe said
that together with Isle of Capri
and a re-opened Royal Oasis,
Grand Bahama could eventually
boast a “great line-up” that would
build the island’s tourism prod-
uct when all were playing at the
same time.

But while Isle of Capri’s deci-
sion to remain in Grand Bahama

SEE page 2

No ‘take

private’ plan for RND

@ By NEIL HARTNELL
Tribune Business Editor



RND Holdings chairman yes-
terday told The Tribune that
there was no move afoot to buy
out minority investors and return
the company to the private sector,
after investors raised concerns
about Colinalmperial Insurance
Company accumulating just

COLONIAL HOME

Concerns on 25%
Colina stake dispelled

under a 25 per cent stake in the
business.
Jerome Fitzgerald explained

SEE page 6

COTTAGE

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2 years Average
Annual Return

4.95%

2 full years Average
Annual Total Return

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t

PAGE 2B, WEDNESDAY, MAY 2, 2007

THE TRIBUNE





Stop bad employees at office front door

the ‘protection’ of assets,
the logical goal is the proac-
tive prevention of theft rather
than the reactive investigation of
incidents. Investigations are after
the fact, and too late, because the
loss has already occurred.
Access control is critical to the
success of any protection pro-
gramme, making the human
resources department a first line
of defence for any company.
Comprehensive exit and entry, in
other words hiring and termina-
tion programmes, go a long way
in ensuring safe and secure sur-
roundings. Additionally, proper
pre-employment screening can
greatly reduce asset loss through

I: we are truly involved in

reducing the potential of employ-
ing criminally-minded individu-
als. In other words, the best way
to prevent theft is to avoid hir-
ing thieves.

Liability issues, such as improp-
er practices, can be reduced by
ensuring that persons are actual-
ly trained and qualified to per-
form the task they were hired for.
Companies rarely calculate the
total direct and indirect costs
involved in the resolution of a
theft or series of thefts.

One of the most significant
components of an effective asset
protection programme is a sys-
tem to gather and analyse as
much relevant information about
employment candidates as is law-

Safe &

Secure



fully available. The next few arti-
cles will focus on the issue of con-
ducting background checks and
investigations, something compa-
nies cannot take very lightly.
The hiring of new staff has
often been left solely in the hands
of the human resources depart-
ment who, with limited resources,
must investigate and vet poten-
tial new workers. Usually, the
only time security interacts with

A premier financial firm like UBS runs on exceptional talent like yours. We seek out uniquely gifted individuals who can
bring something different to our organization and offer them superb career opportunities to match their potential.

UBS Wealth Management is looking to hire a recent graduate into the UBS (Bahamas) Ltd, office. UBS seeks candidates,
preferably with relevant previous work experience (summer internship), who have demonstrated outstanding academic
and extracurricular achievement, are flexible and creative, possess strong analytical and interpersonal skills and are
enthusiastic and committed. Strong work ethic and personal integrity are critical. Furthermore, excellent language skills
are an advantage (e.g. English, French, German, Spanish or Portuguese). Candidates must have their BA, preferably with

an emphasis in Finance ar Economics.

To apply for this fultime position, please deliver your resurne and cover letter by hand to UBS (Bahamas) Ltd, Human Resources,
East Bay Street, or by e-mail to hrbahamas@ubs.com, The application deadline for this Trainee position is Friday May18, 2007.

Wealth | Global Asset | Investrnent

Management | Management | Bank



as UBS

[° Bank of The Bahamas |

“A growing and dynamic Bahamian institution”

Vacancy For The Position Of:
SENIOR INTERNAL AUDITOR

Core responsibilities:

Perform operational and compliance audits in finance, operations
and credit areas of all branches and departments

Preparation of audit reports for review by Management and
Audit Committee

Review financial data and reports
Assist external auditors during year-end audits and any special

reviews

Perform audit reviews and audit testing for any new system

implemented

Performs a variety of other related duties, such as assisting
with special audit review projects and investigations.

Knowledge, Skills and Abilities:

A minimum of three years experience with an international
public accounting firm.
A Certified Public Accountant, Certified Internal Auditor or
Equivalent designation.
Detailed understanding of commercial banking, The Central
Bank of The Bahamas Acts and Regulations, and The
. Professional Standards of the Institute of Internal Auditors

Strong accounting and auditing skills to analyze financial

statements

Computer literate - Ability to use Electronic Working papers,
MS Word and Excel

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

Interested persons should apply no later than 27th May 2007 to:

The Senior Manager, Human Resources & T raining
Bank Of The Bahamas International

P.O. Box N-7118
Nassau, Bahamas



human resources officially is
when the employee is to be ter-
minated. By this time it is usually
too late, and the damage is
already done.

Rarely do companies compare
the cost, or rather loss, involved in
the hiring of delinquent persons
with the cost of conducting prop-
er investigations. No longer is
the police record, nor three ref-
erences, adequate. For example,
the information provided by the
police record only informs us that
the individual was never convict-
ed, not how many times he or she
may have been arrested.

Pre-employment screening and
investigation can also be an effec-
tive method to minimise the risk
of liability for improper hiring.
Frankly, are the skills stated by
the potential employee legiti-
mate? A company has a legal and
moral responsibility to ensure that
claims made by the candidate are
authentic. If it is discovered that
the credentials are false after
employment, it proves disastrous

ISLE OF CAPRI, from 1

will be welcomed, some in the business community
voiced concerns about the level of investment incen-
tives being granted to foreign investors. They.ques-
tioned whether the Bahamas was giving too much
away in terms of tax revenues that could be used for
vital infrastructure projects, especially when the tax
burden continued to fall heavily on Bahamian-

owned businesses.

Chris Lowe, the Grand Bahama Chamber of
Commerce’s president, told The Tribune: “I’m glad
if they are indeed staying around. But these con-
cessions are becoming a concern in that you are
reducing the tax leverage for the native population,
and every foreign investor is getting a free ride.

“It won’t be long before Bahamian businesses
start screaming for the same treatment as foreign
investors. You’re better off exiting your country,
and coming back as a foreigner. It’s very difficult to
do business in this environment unless you’re a for-
eign investor, in which case it’s a cakewalk.”



of Directors of Harris N.A.

KPMG LP



Chicago, Illinois
March 28, 2007

ASSETS

Money market assets:






LIABILITIES

Stockholder’s Equity

To the Stockholder and Board

Cash and demand balances due from banks

Interest-bearing deposits at banks

Deposits in domestic offices — noninterest-bearing
— interest-bearing

Deposits in foreign offices — interest-bearing
TOtal Ce posits ssa ss ie ol oats a vk Re tsa aden stots haste oul Oe rece tea 4 Bes
Federal funds: purchased: ssssiescoiscceutey 48 ected ete aes OES OSE Re eo eae Gace
Securities sold under agreement to repurchase
Short-term! borrowings: ih0..3.a cea inate Wientcete tae nek Seti eh a elveanernadiae
ShOrt=tEcm 'SEmiGe NOEs: sais .csieiee dad Be wee eior lee: tuk belo ae! a breve lor spactiehn eee
Accrued interest, taxes and other expenses
Accrued pension and post-retirement
Other liabilities: is. v Ai a a.tyh Sheds t ealelele s Ph ea tenee PG bola otinae ed aes ied
Minority interest — preferred stock of subsidiary
Long-term notes — senior... 0.0... cece cece eee eee eee een eneeans
Long-term notes — subordinated

Total liabilities and stockholder’s equity

for a company.

Faced with this dual problem,
an alert employer must gather
and analyse as much relevant
information as possible about
employment candidates in a law-
ful manner. A high degree of pro-
fessionalism must be demanded
of the investigators used for this
search, in order to overcome
reluctance by potential sources
of information and to avoid
potentially defamatory declara-
tions attributable to the employ-
er.
Quality control of the inves-
tigative effort is critical. Well-
trained human resource persons
must be used, and the parame-
ters of the investigative effort
must be carefully pre-defined.
Although the investigative task
will be delicate, it is by no means
impossible.

This four-part series will delve’

into the process of pre-employ-
ment screening, and discuss in
detail the critical role this plays in

organisational security. It will

identify some basic information
gathering tools, with a critical
analysis of the application form.
The cost factor will be highlight-
ed, with examples provided.
Finally, the teaming of the human
resources department and the
security department to provide a
safe workplace and reduce loss
of assets will be studied.

The protection of property,
people, information and reputa-
tion is a joint effort, and an ini-
tiative that should beginning at
the initial contact with potential
employees.

NB: Gamal Newry is the pres-
ident of Preventative Measures, a
loss prevention and asset protec-
tion training and consulting com-
pany, specialising in policy and
procedure development, business
security reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, visit us at www.pre-
ventativemeasures.net or email
gnewry@gmail.com

Then there‘is the possible impact the incentives
Isle of Capri has obtained will have,on other casino

operators in the Bahamas, notably Kerzner Inter-
national, the potential Baha Mar/Harrah’s partner-

ship and, possibly, a revitalised South Ocean.

Both Kerzner and Baha Mar’s Heads of Agree-
ments contain ‘Most Favoured Nation’ type clauses,
which state that they will be treated no less
favourably than any other resort developer of sim-
ilar size and scale on New Providence. Therefore, if
someone receives better incentives than them, they

will automatically apply for the same treatment.

INDEPENDENT AUDITORS’ REPORT

> We have audited the accompanying consolidated. statements of condition of Harris N.A. (an indirect wholly-
owned subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2006 and 2005, and the related
,,consolidated statements of income, comprehensive income, changes in stockholder’s equity and cash flows for each
zof the years in the three year period ended December 31, 2006. These consolidated financial'statements are the
responsibility of Harris N.A.’s management. Our responsibility is to express an Opinion on these consolidated
financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Harris N.A. and subsidiaries as of December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the years in the three year period ended December 31, 2006 in conformity
with U.S. generally accepted accounting principles.

Harris N.A. and Subsidiaries

Consolidated Statements of Condition

Premises: and 6Quipment):5.s.. Sc-ajco0i renee elec dvd doctors BS wee eee todd
Bank-owned insurance io. soes5 doy wisi Soeacd veencele: ova are ieee tide botubiocSiearal d siavens
Goodwill and other intangible assets
OUMeL BSSCtS) fe ces acelid ce ad alld e ial Gosden Sob dws Bache be OM arate Wt e Ee ere

Rotal liabilities). 3 S24. sve5 "05 o eiane Bled. 8.4, eee. Sy Ladd MOT Bae eset x shew ate

Common stock ($10 par value); authorized 40,000,000 shares; issued and
outstanding 14,303,361 and [4,016,361 shares at December 31, 2006 and
December 31, 2005, respectively

SUNPIUS: 6..dctaccts, Sacelh sitet caeue al ahs pebneebaede ath con Meals seas Sul, Sa iaaced, sdeeea

Retaimeds Garmin gsi: ..3.1. rac ee Me Coates ud. score, Se aace aia ohdvacadticbeds drake! Aeuetd shears ts

Accumulated other comprehensive loss

Totalstockholdér’s:equity 320 60s od ey. oie ae ede he es

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

Federal funds sold... 00... 0... cece cece tees eee eee nneeeeeaenas
Securities available-for-sale (including $5.15 billion and $3.80 billion of
securities pledged as collateral for repurchase agreements at December 31
2006 and December 31, 2005, respectively)
Tvading -ACCOUNEASSCES 6 acd Yeo corh cla thse Soca! ads la eg WS seve eel ewe Sie ord fase ee

’

Poe emer rr meee erences

ages $ 1,084,959 $ 1,399,415
seats 944,116 1,007,667
672,760 258,915

Feats 10,713,910 6,573,222
220,716 181,121

25,402,554 24,347,528
322,742) 331,838)

25,079,812 24,015,690

34,451 32,364

474,073 448,144

1,155,925 1,115,172

Bea's 395,140 416,498
989,965 810,818

.... $ 6,232,744 $ 6,480,021
wees 22,855,715 17,882,772
onal 1,030,838 1,270,741
30,119,297 25,633,534

476,000 927,990

ee. 3,475,839 2,488,493
1,261,679 2,037,770

100,000 800,000

aes 205,942 159,854
sabres 170,853 97,577
1,070,554 247,505

ahead 250,000 250,000
996,500 250,000

292,750 292,750
38,419,414 33,185,473

a iaace 143,034 140,164
1,489,521 1,327,828
1,811,497 1,675,548

oe (97,639) ___ (69,987)
3,346,413 3,073,553

.... $41,765,827 $36,259,026
=——— ————— :

While Isle of Capri is in Grand Bahama, and is
effectively outside this clause, it is not hard to see
Kerzner and Baha Mar seeking similar treatment.

Baha Mar’s original Heads of Agreement per-
mits, for the first 21 years after opening the new
casino, a minimum win tax of $4.3 million on gaming
winnings up to $20 million per year.

Above that $20 million casino win threshold, win
tax of 10 per cent is applied. However, Baha Mar is
allowed to deduct from the sums payable on win tax
over $20 million of earnings some 50 per cent of
the annual tax.


























’

* December 31
2006 2005
(In thousands except share data)


















$41,765,827



$36,259,026





















BUSINESS

Che Miami Herald

THE MARKETS

STOCKS, MUTUAL FUNDS, 5-6C
pow30. ‘13,136.14 -+73.23 AA
sgpsoo = -1,486.30«+3.93. A
NASDAQ. 2,531.53 +644 A&
10-YRNOTE 4.64 +02 &
crupEon «ssa

Stocks
rise on
bid for

media

firm —

BY MADLEN READ
Associated Press |
NEW YORK — Investors ce
resumed their buying spree on
Wall Street Tuesday, driving |
stocks higher after a bid for _
' media company Dow Jones &
Co. revived enthusiasm about
takeover activity. ‘e
_ The Dow Jones industrial
average reached another record
close, its 38th since last Octo-
_ ber, as big company stocks ben-
efited from the turnaround.
_ Earlier in the session, stocks —
wavered on mixed economic _
data that showed strength in _
manufacturing but a wilting —
housing market and weak car _
sales. After April’s big advance, _
investors were wary that the _
_current economy wouldn’t jus- .
tify another move higher on
Wall Street. But the caution dis-
sipated after Dow Jones,
2g The Wall Street
al, confirmed that it received
in unsolicited bid from Rupert _
‘Murdoch’s News Corp. to buy
_ the company for $5 billion, o
$60 ashare. :
The Dow inutile
73.23, or 0.56 perc '
- -13,136.14, after dropping to —
,13,04130 in earlier trading. _ .
Broader stock indicators also.
pared early losses and turned ©
higher. The Standard & Poor’s |

_ 500 index rose 3.93, or 0.27 per-
-cent, to 1,486.30, and the Nasdaq

" composite index rose 6.44, Or
0.26 percent, to 2,53L53. — S

Bond prices ‘dropped afer

_ the manufacturing data made

lower rates look less likely, and _
the yield on the benchmark 10- _
year Treasury note rose to 4. 64
percent, up from 4.62. Percent

late Monday. 5 8

Adding to the takeover buzz o
was a report that Microsoft is _
considering buying online |
advertising company 24/7 Real
Media. 24/7 Real Media rose
$2.02, or 20 percent, to $11.97,
while Microsoft rose 46 cents to
$30.40.

Though takeover fervor
boosted stocks, investors will be
watching upcoming economic
data, especially Friday’s jobs
data, to decide whether to tread
further into record terrain or —
restrain their buying. Other data
evinced weakness in the hous-
‘ing and auto sectors. The
National Association of Real-
tors said pending sales of exist- _
ing homes fell 4.9 percent in
March to their lowest level in
four years, while Ford, Toyota
and General Motors reported
declines in U.S. sales for April.
DaimlerChrysler reported a
slim rise.

Ford rose a penny to $8.05;
DaimlerChrysler rose 48 cents
to $80.99; Toyota’s U.S. shares
rose ll cents to $121.15; and GM
rose 23 cents to $31.46.

The Russell 2000 index of
smaller companies rose 1.68, or
0.21 percent, at 816.25.

Advancing issues outnum-
bered decliners by 6 to 5 on the
New York Stock Exchange,
where volume came to 1.78 bil-
lion shares, up aon 171 billion
Monday.

Crude oil prices fell $1.31 to
settle at $64.40 on the New
York Mercantile Exchange. ~

Overseas, Japan’s Nikkei
stock average fell 0.72 percent.
Britain’s FTSE 100 was down
0.46 percent, Germany’s DAX
index was up 0.42 percent, and
France’s CAC-40 was up 0.49
percent.





















S| ! WEDNESDAY, MAY 2, 2007
eg

VENEZUELA



3B

INTERNATIONAL EDITION

Chavez asking Big Oil to stay

BY NATALIE OBIKO PEARSON
Associated Press

BARCELONA, Venezuela — Pres-
ident Hugo Chavez’s government
took over Venezuela’s last privately
run oil fields Tuesday, intensifying a
power struggle with international
companies over the world’s largest
known petroleum deposit.

State television showed cheering
workers in hard hats raising the flags
of Venezuela and the national oil
company over a refinery and four
drilling fields in the Orinoco River
basin.

While the state takeover had been
planned for some time, BP, Conoco-
Phillips, Exxon Mobil, Chevron,
France’s Total and Norway’s Statoil
remain locked in a struggle with the
Chavez government over the terms
and conditions under which they will



BY SETH SUTEL
Associated Press

Dow Jones & Co., publisher. of
The Wall Street Journal, said Tues-
day it received an unsolicited bid
from Rupert Murdoch’s News
Corp. to buy the company for
$5 billion, but the family that con-
trols the company said it would
oppose the deal.

Dow Jones said its board had
received the offer from News Corp.
to buy the company at $60 a share,
either in cash or a combination of
cash and News Corp. stock. The
offer sent Dow Jones’ shares soar-
ing, and also lifted those of other
newspaper publishers.

However, Dow Jones said later

| trolling shareholders, intended to
vote shares representing just over
50 percent of the voting power of
Dow Jones against the deal.

That leaves open the possibility

that Murdoch could raise his offer,
or that other bidders for Dow Jones
| could possibly emerge.
/ The union representing Dow
Jones employees, the Independent
Association of Publishers’ Employ-
ees, was harshly critical of the pros-
pect of being owned by Murdoch,
and issued a statement saying that
Murdoch’s bid was opposed by the
| staff “from top to bottom.”

“Mr. Murdoch has shown a will-
ingness to crush quality and inde-
pendence, and there is no reason to
think he would handle Dow Jones
| or The Journal any differently,” the
| union said. “Despite our differ-
ences of opinion with current man-
agement, we strongly encourage
the Bancrofts to continue to stand
up for the institution’s indepen-
| dence, and to walk away from this
offer.”

News Corp. released a short
statement confirming the offer and
characterizing it as “friendly.”
Shares of Dow Jones initially

surged almost 60 percent in late



that the Bancroft family; the con- |

be allowed to stay on as minority
partners.

All but ConocoPhillips agreed in
principle to state control last week,
and ConocoPhillips said Tuesday
that it too was cooperating.

Analysts say the companies have
leverage because Venezuela’s state
oil company, Petroleos de Venezuela,
cannot transform the Orinoco’s tar-
like crude into marketable oil without
their investment and experience.

“They’re hoping ... that as time

passes Chavez will realize he needs °

them more than they need him,” said
Michael Lynch, an analyst at Strate-
gic Energy and Economic Research in
Winchester, Mass. He predicted most
oil companies — except perhaps
Exxon Mobil — would stay.
Multinationals pumping oil else-
where in Venezuela submitted to



UNSOLICITED BID: Pedestrians walk past the News Corp. building in New York City on Tuesday.
Rupert Murdoch’s News Corp. made an unsolicited bid of $5 billion for Dow Jones and C0. the
parent company of the The Wall Street Journal.

Dow Jones family rejects
Murdoch’s takeover bid

BID OPPOSED ‘TOP TO BOTTOM:’ The Wall Street Journal is shown on
a New York newsstand Tuesday.
employees said workers oppose the News Corp. offer.

morning trading after the financial
news network CNBC reported on
the takeover bid. That led to a trad-
ing halt that was lifted after Dow
Jones confirmed details of the offer.

Dow Jones’ shares shot up 58
percent, to close at $57.28 in very
heavy volume on the New York
Stock Exchange after reaching as
high as $58.47. They had traded in a
52-week range of $32.16 to $40.08
before Tuesday’s news.

New York Times Co. rose 5 per-
cent, to $24.58; Journal Register Co.
jumped 7 Bw to $6.29; and
Reuters Group’s U.S. shares
climbed 3.8 percent, to $59.43. Like
other newspaper publishers, Dow
Jones’ shares have been beaten
down over the past few years amid
sluggish advertising and rapidly
changing media consumption hab-
its as more readers and advertising
dollars move to the Internet.

But that has not prevented an
unprecedented level of acquisition



state-controlled joint ventures last
year because they were reluctant to
abandon the profitable operations.

President Hugo Chavez says the
state is taking a minimum 60-percent
stake in the Orinoco operations, but
he is urging foreign companies to
stay and help develop the fields.
They have until June 26 to negotiate
the terms.

The oil companies still needed
convincing that Venezuela will be a
good place to do business.

The stakes are high for both sides
as Venezuela stands to surpass Saudi
Arabia as the nation with the most
reserves. If the big oil companies
were to leave, Chavez says state
firms from China, India and else-
where can step in, but industry
experts doubt they are qualified.

Chavez “is going to discover that

srettemeecerecerrneeevicerrinevercterersecreeeeerneeerentervaneriteeeornectnmeeriter ered,

MICHAEL NAGLE/GETTY IMAGES

MARK LENNIHAN/AP j

The union for editorial



in the industry. Earlier this month
Tribune Co. agreed to go:private in
an $8 billion deal led by real estate
investor Sam Zell. Last year |
McClatchy Co. acquired Knight |

Ridder after a shareholder revolt.
And last week shareholders with-
held 42 percent of their votes for
directors at the New York Times, a
public rebuke to the family that
controls the company.

News Corp. started out in the
newspaper business and still owns
a large number of papers, largely in
the United Kingdom and Australia.
The company is now a global
media conglomerate and owns the
Fox broadcast network, Fox News
Channel, MySpace, the Twentieth
Century Fox studio and satellite
broadcasters in Europe and Asia.

News Corp., with a market value |
of about $70 billion, could easily |
afford the price it is offering, the
credit monitor Fitch Ratings indi-
cated.

nationalism is one thing, but money
talks,” Lynch said. “And I don’t think
he’s going to be able to get more
money out of the Orinoco or the for-
eign oil companies without being a
lot nicer to them.”

Pulling out would be damaging for
the companies. They have invested
more than $17 billion in the projects,
now estimated to be worth $30 bil-
lion. Venezuela has indicated it is
inclined to pay the lesser amount for
taking over control — with partial
payment in oil and, some experts sus-
pect, tax forgiveness.

Venezuela may still prove enticing
because three-quarters of the world’s
proven reserves are already con-
trolled by state monopolies.

AP business writer John Porretto
contributed to this report from Hous-
ton.

BP boss
resigns in
face of
ethics cloud

BY D’ARCY DORAN

Associated Press

. LONDON — BP Chief Executive
John Browne resigned Tuesday,
hours after a judge allowed a newspa-
per to publish allegations from a for-
mer boyfriend that the executive mis-
used company resources.

Browne denied any improper con-
duct relating to BP. But he acknowl-
edged that he had lied to a judge
about how he met his former partner,
with whom he had a
four-year relation-
ship.

The Mail on Sun-
day, the newspaper
that had sought to
publish the claims,
immediately called
for Browne to be
prosecuted for per-
jury.

Browne said he
regretted the lie, saying he was in
shock at his private life being
exposed, and was stepping down vol-
untarily “to avoid unnecessary
embarrassment and distraction to the
company.”

BP exploration and production
head Tony Hayward will take over as
CEO immediately, the company said.
He will have to repair BP’s tarnished
reputation after a deadly refinery
blast in Texas and a giant oil spill in
Alaska, that had already hastened
Browne’s retirement by a year.

BP said Browne will now lose a
bonus of up to 1.3 times his annual
salary, worth more than $6.9 million.
He also forgoes inclusion in a share
plan with a potential value of $23.9
million.

Browne, 59, had been fighting
since January to keep the Mail on
Sunday from publishing details of the
interview with Jeff Chevalier. He
acknowledged the relationship Tues-
day and apologized for lying to the
judge.

The Mail on Sunday said it would
provide evidence of Browne’s decep-
tion to the attorney general’s office.

Browne was accused of using BP
computers and staff to help Cheva-
lier, of using support staff to set up
and then wind down a company
Browne created for him to run, and
sending a senior BP employee on a
personal errand to deliver cash to
him.

Browne rejected the allegations as
“full of misleading and erroneous
claims. I deny categorically any alle-
gations of improper conduct relating
to BP.”

BP said an internal investigation
determined that those allegations
were unfounded.

Shares in BP edged lower Tues-
day, closing down 0.4 percent to
$11.24 on the London Stock Exchange.

Browne, a close associate of Prime
Minister Tony Blair, had announced
in January that he would resign at the
end of July. Then his annual perfor-
mance bonus for last year was cut
almost in half as the oil spill in Alaska
and the effects of the refinery explo-
sion in Texas overshadowed record
profits for the oil company.



BROWNE

eaten PERLE EOI ALOIS OTE TE DT TE ITIL RE LOC ITED TEETER PL ELLLIID LEAILL EOT oe RATA RS ALT TETOTLE LTN NY e
THE MIAMI HERALD | MiamiHerald.com

DOW





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1,400 sien . 2,400 Smith&N 61.85
; ; Smithintl 52.15
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1,350 strercssereaterronerertatertnrerarestanercotateatotesiat S&P 500 2,300 oreerserentinchorreneredierenarestsaes Nasdaq composite SonyCp . 52.83
‘ Close: 1,486.30 : Close: 2,531.53 SouthnCo 38.01
: ‘Change: +3.93 (+0.3%) Change: +6.44 (+0.3%) SthnCopps 78.78
1,300 oriererrenerernentierrnmermcinenaimenmenincrcnccnses 2200 ieerearoes deeracenee Cae SNE EaHE CPEs DTNB ENS SwstAirl 14.26
N D J F M A M N D J F M AM SwstnEngy 41.75
SovrgnBcp 24.51
SpectraEn 26.42
StocksRecap HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD ee ane
Dow 13137.76 1304130 13136.14 +7323 +056% A A A +5.40% SP Mid 159.27
NYSE NASD DOWTrans. 5063.01 5005.07 5034.33 -3.02 -0.06% V A & +10.40% Staples 24.70
DOW Util. 524.89 517.87 524.53 $5.28 - +1.02% Vv A A +14.83% Starbucks 30.90
Vol. (in mil.) 3,287 !2,326 NYSEComp. 9649.24 9586.32 9639.79 +1206 +0.13% V A A +5.48% StarwdHtl 67.00
Pvs. Volume 2,986 2,053 NASDAQ 2532.37 2510.57 2531.53 +6.44 «+0.26% A A A +4,81% Statestr 68.71
Advanced 1799. 1486 S&P 500 1487.27 1476.70 «1486.30 +3.93 40.27% =A A A +4,79% Statoil 28.19
Declined 1456 1588 S&P 400 877.32 867.38 «= 876.14 +248 +0.28% V A A: 48.92% StoraEnso 18.23
NewHighs 104 86 Russell2000 816.94 807.69 816.25 +168 +0.21% WV A* A +3.63% sTGold 66.69
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ACELtd 5985 +39 Britdir 101.08 -19 |‘ EchoStar = 47.75 +122 = |ndoTel ~=—» 45.98 +05 =~ NatlCity 36.07.48. «= Supvalu. = 45.74
AESCpIf 22.25 +26 BritATob 61.88 38 ~— Ecolab 42.26 ~73 Infineon 15.55 +.02 ~=—sNatGrid = 77.65 -1.12 «= Swisscom = 34.94
AFLAC 51.46 +12 BritSky 47.07 +94 Edisonint 53.43 +1.08 —Infosyss 53.41. -+1.06 —-NOIIVarco 87.10 +2.25 | Symantec 17.83
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ASMLHId 27.41 +.16 —BrkfldAsgs 57.50 -.65 Elan 14.00 +.12 Intel 21.64 +14 NetwkAp 37.08 +=-.13. = Symovus_ (31.74
AT&T Inc 3884 +12 BrkfldPrp 40.44 «-.63.-«* ElectArts © 49.95 46 intcntlEx 123.02 -3.98 -—- NewellRub 30.81 +14 — Sysco 32.21
AUOptron 16.01 +.10 Bungelt 75.34 -.42 EDS 29.30 +.06 —intctiHtirs 24.45 +28 NewmtM 4132 -38 TDAmeritr 16.98
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AberFite 80.99 -.67 CBRElliss 3365 -20 EElChile 4836 = -17 —Intpap 37.85 +13 Nexeng 59.94 +33 ‘TNTNV 45.41
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Aegon 20.66 -.02 CNAFn 46.94» +27-— EngyTsfr = 62.46 | -.13 | Johnn 64.56 +34 NobleCorp 85.66 +145 Technip —75.65
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‘ ApldMatl 19.28 «+06 += Comesps 2630-10 ~—=«GSlobalSFe © 64.47 +54 = Marathon 101.27 -.28 =~ progcps «2318 +.11_~=—«USSteel_ «(101.67
ArcelorMit 5295 -47 Comerica 62.01 +10 ‘GoldFltd = 17.96 = 01 Marintds © 45.34 +13 protogis_ © 65.13. +33-~«S«(UtdTech 67.73
ArchDan 36.60 -2.10 Golderpg 24.11 -.23 MarshM = 31.91 +15 ~~ prudentl «95.22 +.22,—~C«=«CtUtIs’:—«C=29.78
ArchstnSm 51.25 -.86 CmcBNJ 34.04 +.60 GoldmanS 218.58 _ -.03 Marshlls 48,20 +.18 Prud UK 30.03 +.02 UtdhIthGp 52.75
Assurant 57.42 -11 CVRD s 40.27 ~—--.34 Goodrich 56.78 -.06 MartMM 142.49_—-3.33 PSEG 86.75 +30 UnumGrp =. 24.73
Astrazen 5412-19 © CVRDpfs 3383-36 © Google. © 469.00 2.38 © MarvelIT sIf 1638 +24 —pubstrg 959-173. « YFP 85.81
AustNZ 126.77 +12 CompsBc 68.29 +11 = Graingr = 83.58 +.96 Masco 29.80 +259 pyblicis 4766 +06 © ValeroE.— 71.15
Autodesk If 41.40 +.13 CompSci 56.22 +.68 GrantPrde 53.40 +1.86 MasterCdn 114.85 +3.17 pylteH 27.00 +10 VeoliaEnv 82.70
AutoData 46.61 +1.85 ConAgra 24.74 +.16 GpTelevisa 28.17 +.12 — Matsush 20.05 +62 — Qualcom 43.77 -03 Verisign 26.78
AutoZone 133.50 +.46 ConocPhil 69.19 -.16 HDFC Bk 72.45 -.18 Mattel 28.59 +.29 OstDiag 49.09 +20 VerizonCm 38.51
AvalonBay 120.23. -2.03 ConsolES 42.03 . +.16 HSBC 92.91 +.55 Maxim If 31.93 +21 Questar 97.88 £75 ViacomB 41.15
AveryD 62.28 +.08 ConEd 5141 +.15 Hallibtn s 31.39 -.38 McDnids 49.14 +.86 OwestCm O11 +23 VimpelCm 96.77
Avon 40.93 +1.13 ConstellEn 91.27 +2.15 Hanson 84.12 -.76 McGrwH 65.90 +.37 Raytheon 53.28 6 VirgnMdah 24.82
BASF 11870 = -.11 Coopers 50.62 +.86 HarleyD 63.44 +12 McKesson 59.12 +29 ReedElsNV 3768 +.04 Vodafone 28.88
BB&T Cp 42.03. +.41 Corning 23.56 -.16 Harman 120.83 -1.06 MeadWvco 33.48 -+.12 ReedEls plc 5137 +83 Volvo 97.24
BCE gn 33.71. -.04 Costco 53.46 -.11 HarmonyG 15.77 -.11 Medimun 56.60 08 ~—RegionsFn_—_35.09 Vornado —-:118.33
BG Grp 72.64 +71 CntwdFn 36.99 -.09 HarrahE 85.51 = +.21 MedcoHlth 72.15 -5.87 ReliantEn 22.21 -.06 VulcanM 115.27
BHPBilILt 4851 -.33 CoventryH 57.40 — -.43 HarrisCorp 52.39 +1.04 Medtrnic 53.80 +87 Repsol 3281-07 WPP Gp 75.75
BHPBil plc 45.10 —-.38 CredSuiss 78.45 ~ -.05 HartfdFn 101.77 = +.57 MelcoPBLn 17.56 +.14 RschMotn 132.68 +1.10 Wachovia’ 55.36
BJ Svcs 29.09 +,43 CrwnCstle 34.67 +33 HithCrPr 34.86 -.53 MellonFne 42.77 -.16 ReutrGrp 59.43 +2.19 WalMart 48.33
BMC Sft 31.94 -.43 Cumminss 91.91 = -.25 HealthNet 55.25 +119° Merck 50.98 -46 ReynAms 6 4.12 “14 Walgrn 44.23
BPPLC. _—67.32 DJIADiam 131.29 +62 Heinz 46.62. -49 — Merrilllyn 90.56 +33 Rinker 7757 424 WAMutl 42.38
BT Grp 6332 +37 DRHorton 2265 +47 Helinfel «1454 --11 MetLife. «65.86 +16 ~—Riotinto. 24473. «-+.73.~«=«WSteMInc. «37.52
BakrHu 81.30 +.91 DTE 51.29 +.70 Hershey 55.00 ~~ +.04 Metso 55.15 -11 RockwlAut 60.76 $1.22 Weathfdint 52.09.
BcBilVArg 23.92 -.02 Daimirc 80.91 +.40 Hertz n 20.33 -+.43 Microchp 40.44 -+.10 RockColl 6543-24 WellPoint 79.72
BcBradess 21.30 +.08 Danaher 71.56 = +.37 Hess s 56.77 +.02 MicronT 1135-12 RogCm gs 38.52 +36 - WellsFgos 36.04
Bncoltau 38.82 +.24 Danone 32.67 -51 HewlettP 42.92 +.78 Microsoft 30.19 +.25 RoHaas 50.33 84 WstnUn n 20.87
BcoSnCH 17.67 ~~ -.02 Dassault 5886 -.54 Hilton ; 33.84 = -.16 Millea s 36.82 -.13 —_Rostele 5260-25 Westpac 112.63
BcSanChile 49.29 -.11 Deere 108.70 = -.70 Hitachi 76.06 = +.12 MillicomInt 83.25 +2.00 RoyalBkg 51.66 -.40 Weyerh 78.91
BkofAm 50.93 +,03 Delhaize 95.62 73 HomeDp 38.43 +.56 Mirant 45.20 +,33 RylCarb 41.98 +41 Whrlpl 108.10
BkireInd 86.51 -10 Dellinclf 25.22 +.01 Honda 34.13 -.30 MitsuUFJ 10.48 +.03 RoyDShIIB 71.05 +34 WhtMtiIns 573.00
BkMontg 62.40 -.28 DeutschBk 153.75 +.20 Honwilint! 55.08 —_+.90 Mitsui 367.01 +331 — RoyDShiIA 69.47 4.12 WholeFd 45.84
BkNY 4040-08 -‘DeutTel «= 17.33 -.06 =~ Hospira. = 40.80 +.25 . MizuhoFn 12.05 -.11_—pyanairs 47.09 +.42.:«S« WmsCos_ (29.41
BkNovag 47.58 -60 DevDv = 64.45 -.65 HostHotls 25.22. ~--42.~~—«sMobileTel © «455.15 +.05 sapag 48.13. «+.13—~S«WWillisGp_— 41.20
Barclay 57.62. 42 ~«—«dDevonE «= 73.09 +22) Huanpwr «40.36. «Ss -.23.-«S Mohawk = 90.84 «+.68 sk Ticm ~—25.46«+.63.-~«=WVindstrm = 14.66
Bard 82.81 -32 Diageo 84.72 +32 Wudscity 1330 02 MolsCoorsB 94.35 +07 siGreen 139.64 -1.26 «= Wipro 16.58
BarrickG 27.99 «-.12._~S«éCiaOffs, «86.54 +94 = Humana «63.00 -«-.24 += Monsantos 57.74 -1.25 simcp 5350-33 ~—‘Wolseleys 24.41
Baxter 57.06 +43 ——DirecTV- «= 23.81.03 HutchTel «30.91 ~-.20 «= Moodys «65.47 -.65 «= sTMSTech 59.22 +24 © Woorifn 75.75
BayerAG 6891 +53 Disney 3547 +49 iacinter 38.28 +16 += MorgStan 8411 +10 sTMicro. 1953 +07 Wrigley «58.81
Bearst 15582 +12 DollarG = 21.43 +08 ~—iciciBk = 40.29-««-.63.~=— MosaicIf += 29.18 -32'—Ss Safeco «= «93 -.a1~=S«Weth 55.68
BectDck 79.63 +94 DomRes = 92.24 +104 MsHith «31.71 +238 «= Motorola. «17.46 «+13 Safeway «35.83. -47-—=S WWndhamn 36.08
BedBath 40.55 -.19-——dDonileyRR_ 42.40 +2.20 Ing 45.62 +01 MurphO 5543 -01 Styude ~~ 4437s tsa «| WYNN 101.38
Berkley . 32.72 +23 Dover 48.01 -11 ishJapan 14.28 NCRCp 50.16 -24 SanDisk 4272 -73 «XL CAP «78.73
BerkHaA 108301 -899 DowChm 44.03 58 == ishpyDy = 73.87 +.44.~=SsNEC 5.34 Sanofi 4546-49. TO EMgy = 54.42
BerkHB 3606 © --22.-~««éDuPont' «= 49.36 «+19 ~—ishspsoo 148.85 +37 ~=«ONIIHIdg «76.36 «40 Saralee ~— 16.66. +25 «= XCelEngy = 24.28
BestBuy 46.49 -.16 © DukeEgys «2069 +.17 = ishEmMkt 121.32 +.48 ~—NIS Grp 518 +01 — Sasol 444g: og. ~nerOk 18.43
Biogenidc 4756 +35 Elrade = 22.43 «+35 ishEAFE 79.08 +~=-.08.-~«S ss NRGEgy ©=-79.58.«+.62~Satyams 2457. -31_~~=CTilinx 29.53
Biomet if 43.32 +12 EONAG 50.14 +151 isrikvnya 86.39 +21 NTTDOCo 17.48 +47 SchergPl 3157-16 «PF SOC 43.38
BlackRock 14885 -.85 eBay 33-46-48 ishR2Knya 81.14 +40 NYMEXn 125.20 -451 Schimbrg 73.83 Yahoo 27.61
BlockHR 22.85 +24 §EMCCp 15.06 -12 itr Corp 64.99 +118 -NYSEEur 83.33 “1.00 Schwab ~—s9.13, +01 UMBrds, (63.12
Boeing 93.23 +23 ENT 66.15 -09 ITWs 5151 +20 Nabors 31.98 -14 SeagateT 21.60 -55 Zimmer 88.66
BostProp 116.61 -95 EOGRes = 75.78 +234 = |¢ 42.69 +22 Naspers 25.21 +47 SearsHldgs 188.16 -2.75 l0nBcp 81.59
EKodak = 25.40 +49 ImpOilgs 37.93.10 += NtAust ~=—«-178.00_—‘+.20
TorontoStockExchange
Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last Chg Name Last
SXRUranium) 15.70 -.95 MiramarMng 4.70 -.07 BluePearlMng 17.51 -.49 lamgoldCorp 891 -.09 BCE Inc 37.30 -.09 GreatBasinwt _.63
TiominReso 13 +.01 Goldcorpinc 26.74 -.20 UTSEngyCorp 5.01 +.19 NuvoResearch .24 -.09 EasternPlat 2.40 +.03 LionoreMng 18.76
ACEAviationA 28.88 -.58 MidnightOil 1.84 +.04 CampbellRes .12 -.01 Norbordinc 8.25 -.18 PetroCanada 49.75 +,40 HudBayMnrls 21.55
COM DEV 4.97 +.67 TD Bank 67.13 -.67 AbitibiCons 2.84 -.07 RogersCommB 42.61 +.06 GabrielReso 3.96 +.05 TalismanEgy 21.48
Wi Laninc 5.10 -.45 EnCanaCorp 58.80 +.70 KinrossGold 14.54 -.23 TimmincoLltd 3.57 +.10 EldoradoGld 6.31 -.12 EqnoxMnrlso 2.46
Ur Fnergyo 4.35 +.02 Dynatec 4.34 -.03 YellowPgsUn 14.40 +.34 SunLifeFin 51.00 -1.60 BarrickGold 31.15 Ms FirstNickelo 1.58
Bk NS 52.80 -.59 SynencoClA 15.49 +2.08 BreakwaterRes 2.13 +.03 BkMontreal 69.31 -.15 WsternOilA 36.81 +.75 BombdrBSV = 4.65
OPTICanada 23.01 +.76 CdnNatRes 66.38 +.24 ChariotReso 92 +.03 YamanaGldo 15.17 -.29 AeroplanincU 19.51 +.01 ManulifeFin 39.64

$674.40

Ket

+.26
-.14
-.34
+.89
-.50
-.05
+.33
-1.89
-.50
-.29
-.21
-.43
+.22
-1.52
-.09
-.25
+.24
+.32
-.02
+.38
+42
-.10
-12
-.02
-.16
+.12
-.05
-.40
+.29
-.16
-1.40
-.16
+,30
+.23
-.16
-.16
“25
+.23
-45
+.18
-.53

-1.43
+.27
+.27
+.44
4.15
+.34
+.27
+.06
+1.20
+.26
+.64
-.02
+.05
+.03
+.06
-.38
-21
-.16
-.08
-91
+.43
-21
+.49
-.36
-.70
-1.18
+.53
+47
+.16
+.28
-.02
+.84
-.10
+32
-.60
-.04
+.43
-.65
-.01
+.02
+.11
+.06
+.07
+.34

+.57
+.12
4,19
+.29
+.06

+18

+.07
+.08
+.50
-.07
+.18
+1.48
-.83
+75
+15
+19
-.07
+.05
+1.02
~44
+1.26
-1.82
-.21

Chg
+.16
+.05
+71
+.42
+.03
+.06
+.08

-47

INTERNATIONAL EDITION WEDNESDAY, MAY 2, 2007
GOLD @ -6.10 EURO





y CRUDE OL
1.3620 -0031 ~g6440 ¥ 71.31
Interestrates NET 1YR
TREASURIES YEST PVS CHG WK MO QTR AGO
Fi 3-month T-bill 4.76 4.79 -0.03 VW VW W 4.68
6-month T-bill 4.84 4.82 +002 VW vW W 478
NE l-yearT-note 492 492 .. A A A 4.95
g a 2-year T-note 4.62 458 +004 A A W 495
5-year T-note 4.53 4.51 +002 A VW A 501
10-year T-note 4.64 4.62 +002 A W A 5.14
30-year T-bond 4.81 4.81 A VY A 5.23
NET 1YR
BONDS YEST PVS CHG WK MOQTR AGO
Lehman Bros Bond \dx4.83 4.83 AVA 526
Bond Buyer Munildx 4.60 458 +002 A = W 4.85
Lehman US InvGrade 5.27 5.34. -0.07 V VW Vv 5.64
ae: ane Lehman US High Yield 7.47 7.48 -001 ¥ VV 813
YEST 8.25 5.27 Moodys Bond Index 540 547 .-0.07 VW W A 595
PREV 8.25 5.28 Bank Index 116.29 116.06 +0.23 A A A 112.80
WKAGO 8.25 519 DJCorpBond 200.47 200.59 -0.12 V A A 185.64
Commodities COMMODITY CLOSE PVS. %CH. %YTD
Unleaded Gas (gal) 2.24 2.44 -8.20 +39.8
Crude Oil (bbl) 64.40 65.71 “1.99 +5.5
Gold (oz) 674.40 680.50 -0.90 +6.2
Platinum (0z) 1300.90 1298.40 +0.19 +142
Silver (oz) 13.25 13.45 -1.49 +3.5
Coffee (Ib) 1.02 1.03 -0.97 -19.2
Orange Juice (Ib) 1.65 1.66 -0.60 -18.0
Sugar (Ib) 0.09 0.09 ww 23.4
Foreign 6MO. —1YR.
Exch an ge COUNTRY CLOSE CHG. %CHG. AGO AGO
4 Argent (Peso) 3236 -.0000 -.00 3237 -.0045
Brazil (Real) 4914 =+.0002 +.04 4664 +.0121
> Britain (Pound) 1.9996 +.0005 +.03. 1.9118 +.1751
Canada (Dollar) 9005 ~—--.0010 -11 8824 +.0027
WA chile (Peso) 001904 +.000001 +.05 .001902 -.000038
Colombia (Peso) .000474 -.000001 -.21 .000434 +.000054
Dominican Rep (Peso) .0307 —-.0000 -00 0296 -.0004
Euro (Euro) 1.3620 = -.0031 23) 1.2776 «+.1035
Japan (Yen) 008353 -.000011 13. .008555 -.000459 -
Mexico (Peso) 091441 -.000050 -.05 .092666 +.000984
Uruguay (New Peso) .0417 -.0000 -.00 0420 = -.0000
GlobalMarkets
INDEX YEST CHG %CHG WK MO QTR YTD 7
S&P 500 1486.30 +3.93 +0.27% A A A_ +4.79%
Frankfurt DAX 7408.87 +30.75 +0.42% A A A 12.31%
London FTSE 100 6419.60 -29.60 -0.46% Vv A A +3.20%
Hong Kong Hang Seng 20318.98 -207.52 -101% VW A A_ +1.77%
Paris CAC-40 5960.04 +29.27 +0.49% A A A +7.55%
Tokyo Nikkei 225 17274.98 -125.43. -0.72% vv A A_ +0.29%
SOUTH AMERICA / CANADA _
Buenos Aires Merval 2154.55 -43.22 -197% WV A A _ +3.07%
Mexico City Bolsa 28996.71 -376.22 -1.28% V VW A _ +9.64%
Sao Paolo Bovespa 49018.09 -211.51 -0.43% VV Toronto S&P/TSX 13406.33 -10.35 = -0.08% Vv A A +3.86%
ASIA ;
Seoul Composite 1542.24 “0.28 «-0.02% V A & : +7.51%
Singapore Straits Times 3361.29 -37.31-1.10% V&A A +12.57%
Sydney All Ordinaries 6158.30 +17.30 +0.28% “Vv A’ A +9.11%
Taipei Taiex 7875.42 -74.00 -0.938% VW Vv. A +0.66%
Shanghai Shanghai B 231.13 +15.15 +7.01% A A Largest Mutual Funds
12-MO 12-M0 12-M0
NAME NAV CHG%RTN NAME NAV CHG%RTN NAME NAV CHG %RTN
AIM Fidelity Advisor Putnam
CharterA m 16.52 +.05+17.2 CapDevO 13.35 +.06 +14.8 GrowincA m 20.9! +,09 +15.0
ConstellA m 27.83 +.07 +5.7 DivintlA m 24.64 -.01+10.6 VoyagerA m 18.93 +06 +69
American Cent Fidelity Spartan RiverSource
Ultralnv 28.23 +.03 +2.0 500IndxAd 103.22 +.27 +16.0 DivrEqInA m 13.6. +05 413.4
American Funds USEqIndxl 52.63 +.14+15.9 LgCpEqA m 6.14 “02 +139
AmcapA m 21.12 +.04+11.2 First Eagle Russell
BalA m 19.63 +.04+12.1 GIbA m 48.29 +.03+14.2 mulstrBdS 1040 .. +69
BondA m 13.42 -.01 +8.0 OverseasA m 26.83 -.09 +14.3 Schwab
CapIncBuA m 64.06 +.02+20.0 FrankTemp-Frankdin YidPlsSel 9.69 +57
CpWidGrlA m 44.71 +.01+182 CATFA x 7.32 -.03 +6.6 " T 7
EurPacGrA m 49.83 -.05+153 FedTFAx 1207 -.04 +59 Selected
FundminvA m42.75 4.054146 HYTFAm 1096 .. +75 AmerShS b 4813 ... +152
GrowAmerA m34.68 +.06 +10.2 IncomeA x 2.77. -.01 +20.2 T Rowe Price
HilncA m 12.79 -.01 11.7 SmMdCpGrA m41.60+.06 +11.3 BIChpGr 38.00 +.09 +13.5
IncAmerA m 21.25 +.03+19.1 USGovA x 6.41 -.03 +6.9 CapApprec 21.72 +.05 +15.1
InvCoAmA m 35.09 +.09+14.5 FrankTemp-Mutual Eqindex 39.88 +.10 +15.6
MutualA m 30.93 +.12417.5 piscoy A ks 3288 -.06+213 Eatyinc 31.05 +.23 +18.8
NewEconA m 28.15 +.04+14.5 shares z 27.74 -.02 +17.6 GrowStk 33.66 +.06 +16.6
NewPerspA 33.79... +15.5 FrankTemp-Templeton IntIStk 17.79 -.09 +13.0
NwWrldA m 5261 4.044233 Foo m 1449. ..4147 MidCapva 27.34 +.20 420.1
SmCpWida m42.63 +01+159 Forggis 28.88 -.05 +253 MidCpGr $8.70 +.04 +10.1
WAMutInvA m36.70 +.15+17.7 Growth m 26.97 -.03 +17.3 NewEra 51.43 +.10 +10.7
Artisan WorldA m 20.42 +.01+16.2 NewHoriz 34.19 +.04 +2.9
Intl 31.10... +16.8 Franklin Templeton Newincome 896 ... +7.7
Baron FndAllA m 14.54 +.01 +17.9 “SmCpStk 35.79 +.11 +63
Growth b 52.45 +.07 +91 @Mo SmCpVal 43.79 +.15 +7.6
Bernstein Forlll 19.76 +.02 +18.3 Value 28.98 +.17 +18.9
TxMintl 28.23 +.08+15.7 Harbor Third Avenue
BlackRock CapApinst 34.58 +.05 +58 Value 63.27 -.14 +12.0
GlobAlcA m_ 19.07 -.01 +11.2 Intlinstl 67.03 +.09 +20.0 Thomburg
Calamos Hartford IntlValA m 30.96 -.07 +18.1
GrowA m 57.19 -.03 +8 AdvHLSIA 23.59 ... +125 Tweedy Browne
Columbia CapAprA m 39.36 +.03+10.0 Globval 33.96... +19.6
AcornZ 32.00 +.03 +11.3 CpApHLSIA 56.07 +.06 +11.5 VALIC
DFA DVGrHLSIA 24.20 +.07#19.0 crockidy 38,58 4.11 +156
EmgMktVal 36.99 +.13 +29.3 JPMorgan Van Kampen
IntlSmCap 23.63 +.04+23.0 IntrAmerS 29.65 +.06 +16.4
intismco 2160 +05 +4201 Jam ComstockA m20.07 +.02 +16.7
bis i aS EqincomeA m 9.45 +.02 +13.6
IntlValu 25.54 +.04425.8 Contrarian 19.17 +.06 +271 GrowincA m 23.23 +.07 +167
USLgVal 26.80... +17.2 Growinc 40.27 ~01 46.5 eee
USMicro 16.20 +.01 +5.9 Janus 30.30 -.04 +13.1
ussmVal 31.10 +.12+10.5 MidCapVal 25.58 +.01+17.0 500 136.97 +.36 +158 |
DWS-Scudder Overseas 49.83 -.05 +265 AssetA 30.20 +.07 +15.9
DremHRtEA m52.26 +.18 +15.2 Twenty 58.35 -.08+15,0 CapOp 37.82 +.10 +92
Davis John Hancock EmerMktid m 25.92 +.07 +15.6
NYVentA m 40.46 -.02 +15.6 ClsscValA m 29.23 +.17 +16.8 Energy 68.82 +.26 +7.0
Dodge & Cox LifBal b 14.96 +.02+12.5 Europeldx 39.73 +.06 +26.0
Bal 89,62 +.06+12.9 LifGrl b 15.50 +.03 +12.2 Explr 80.13 -.02 +5.7
Income 12.67 .. +7.5 Julius Baer Extndidx 41.34 +.07 +11.2
Intlstk 47.30 -.04+18.1 IntlEq! 47.66 +09 +21.6 GNMA 10.21, +7.1
Stock 159.73 +.18+15.8 Legg Mason GIbEq 24.92 +.05 +18.9
Excelsior OpportnPr m 20.62 -.03 +13.6 Grolnc 37.79 +.07 +15.1
ValRestrA 57.49 +.19 +141 ValuePr b 75.77 +38+12.1 Growthldx 31.44 +.07 +12.1
Fidelity f Partners : HYCor 6.29... $10.0
AstMgrs0 16.73. +11.1 LongPart 36.56 -.04+141 HithCare 155.7 +.42 +18.0
Bal 20.61 +.04+12.4 Loomis Sa MO sae Seas
BiChGrow 46.42 +.12 +86 Bondi 14.70. 411.2 (|nstidx, = 135.95
InstTBdld 50.45 -.03 +7.6
CapApr 28.65 +.01 +8.5 Lord Abbett £08 +152
Capinc 917 -01+13.7 affiliath m 15.86 +02+12.8 IMstTStPl 3235 Fe
Contra 67.88 +13 +93 MidCpValA m24.18 +10 +19,0 IntlGr a
DiscEq «31.34 +.04+16.6 iyps Ma ee ean cites
DivGrow 33.23 +.16 +16.0 TotReta m 1685 +03 +138 Leconte -T-
Divrintl 40.02 -.04 +15.7 LifeGro y . 3
Eginc 60.88 +25 +180 \ValueA m 28.42 4.094188 Jiterod 21.30 +.02 +13.4
Morgan Stanley Instl i 21.48 +.05 +13.7
EqInc Il 24.79 +.13 +14.9 MidCp
FF2015 «1283 +.02 411.1 (MEGA = 21.96 -.02 +16.1 org 20.04 +.04 +10.7
FF2040 10.09 +.01+12.9 Neuberger Berman MuintAdml 1330... +5.6
Fidelity 38.01 +.05+13,9 GenesisTr 51.76 +.28 +85 pacificid 12.94 +.01 +43
Free2010 15.30 +.01+10.5 Oakmark Prmcp 72.50 +.25 +8.9,
Free2020 16.40 +.02+11.8 Oakmark! 48,35 +.25+18.4 ReITidx 26.08 -.21 +268. -
Free2030 17.04 +.03 +12.7 Select | 34.73 +.25+13.1 sTCor 10.60 -.01 +6.2
Govtinc 10.08 ... +6.7 Oppenheimer SelValu 22.41 +.05 +21.9
GrowCo 73.06 +.08 +8.7 CapApA m 48.80 -.03 +9.0 SmCapidx 34.73 +.07 +10.1
Growinc 32.44 +.12 +9.9 DevMktA m 43.99 +.09+14.0 star 21.89 +.03 +11.9
IntBond 10.31... +6.7 GlobA m 77.97 +.16+13.8 sStratgcEq 25.67 +.04 +11.4
IntIDisc 40.88 -.07+16.7 IntlBondA m 6.24 -.01 +9.2 TgtRe2015 13.05 +.02 +13.3
InvGrdBd 7.39... +7.6 MainStrA m 42.73 +.14 +14.0 Totet2025 13.74 +.03 +14.6
LevCoSt 32.97 +.13 +188 RocMuniA m 18.80 .. +86 Totgaid 10.01 -.01 +7.5
LowPriStk 46.16 +.03 +12.8 RochNtIMu m12.83 _ ... +10.2 Totintl 19.09 +.02 +18.3
Magellan 95.64 -.08 +6.3 StrincAm 4.40 -.01 +97 totctidy 35,88 +.09 +15.0
MidCap 32.52 +.09+11.4 PIMCO Wells! 22.42: +.02 +13.4
OTC 43.72 +.11+11.6 AllAssetl 12.98 .. +9.6 Welltn 33.77 +.06 +15.0
Overseas 48.86 -.05+16.1 ComRIRStl 14.82 -.01 +21) Wrgsp 19.50 +.03 +161
Puritan 20.75 +.04+14.5 LowDrls 9.91 -.01 +49 Wndsril 37.10 +.12 +19.0
Realinv 37.42 -.30+26.3 RealRet 10.92... +5.9 .
ShimBond 887 ... +54 TotRetls 10.39 -.02 +6.6 Western Asset
USBdindx 10.91 -.01 +7.5 pioneer CrBdinst = :11.38 Sw, #94
Value 88.15 +.20+17.1 pioneerA m 50.72 +.11 415.1 CrPIBdins 10.54 -.01 +9.2
THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 5B



‘Less than 1%’ of realtors

act as financial institutions

@ By CARA BRENNEN- BETHEL
Tribune Business Reporter

ahamian realtors should be

B exempted from Know Your
Customer (K YC) due diligence
verification procedures because less than
1 per cent of the industry acts as financial
institutions, the immediate past presi-
dent of the Bahamas Real Estate Asso-
ciation (BREA) told The Tribune yes-

Under the Financial Transactions
Reporting Act (FTRA), a real estate
broker is defined as a financial institution
only if it receives funds in the course of
business for the purpose of settling real
estate transactions. In this capacity, any
funds they receive above and beyond
their commission and/or expenses, the
client’s identity and source of funds must
be verified.

However, Patrick Strachan said this
should really be a moot point, and real-

tors should not be subjected to any mon-
itoring by the Compliance Commission
because 99.9 per cent of the industry did
not act in that capacity.

In fact, he said that as far as he was
aware, only one or two companies actu-
ally acted in such a way.

“Quite frankly,” Mr Strachan added, “I
don’t know why we are discussing this
now, because when we met on the subject
when I was president, we decided that
this was a non- issue.”

Mr Strachan said that in most real
estate sales, funds were distributed to
attorneys for holding in escrow. He sug-
gested it would be more practical to reg-
ulate the attorneys.

Further, Mr Strachan said it is was fair
that the real estate companies were bom-
barded with letters warning them against
money laundering when they were not
acting in the role of financial institutions.
Mr Strachan’s comments came follow-
ing a seminar jointly sponsored by the

Bahamas Real Estate Association
(BREA) and the Compliance Commis-
sion last Friday.

During that meeting, realtors
expressed their desire to have KYC
requirements be exempted for deposits
they received that were less than 10 per
cent of the purchase price. That figure is
the amount the buyer usually deposits
in escrow when the seller agrees to a
sales offer, to be held in trust until the
deal is concluded.

<

terday.



Counterfeit goods still ‘problem area’ for many firms

FROM page 1

‘ “However, while there has been
* some positive progress, we do
have remaining concerns and
want to work with the Govern-
ment of Bahamas to address
these.

“Specifically, we continue to
be concerned about enforcement
. against counterfeiting and pira-
. cy, including customs enforce-
ment against counterfeit goods,
distribution of pirate CDs and
DVDs and cable piracy.

“With respect to the copyright
: law, we continue to urge the Gov-



that illegal and restricted items
did not enter the Bahamas, its
acting controller, Anthony
Adderley, said yesterday,
responding to the Special 301
copyright watchlist removal.

Mr Adderley told The Tribune
that the Customs Department
had specific guidelines and mea-
sures it uses in the inspection of
goods coming into the Bahamas,
whether they be prohibited or
restricted items.

In the case of prohibited items,
he said there were measures to
ensure they were not allowed into
the Bahamas, and in the case of
the restricted goods, there were

exact guidelines on what fell into
the relevant.category to be
allowedin. ..

Mr Adderley noted the guide-
lines applied to all items which
entered the Bahamas, and said as
far as he was aware there were
limited instances of counterfeit
items being presented.

.He added that the Customs .

Department abides by the laws
of the Bahamas when it comes to
these matters. /
Mr Adderley said the US gov-
érnment might wish to inform the
Bahamian government if there
were laws or amendments it
would like to see addressed.

ernment of the Bahamas to
implement the amendments to
the copyright law limiting the use
of compulsory licenses to over
the air and unencrypted broad-
. casts.
’ “ We will continue to engage in
discussions with the Government
of the Bahamas to address these
and other intellectual property
* rights-related issues, including
’ public awareness programmes.”
The spokesman added that the
US would be provide “technical
assistance” and share best prac-
tices with the Bahamas on inves-
tigating and prosecuting intellec-
» tual property rights violations.
Meanwhile, Philip Simon, the
Bahamas Chamber of Com-
merce’s executive director, point-
ed out that the sale of counter-
\ feit designer goods, plus pirated
CDs and DVDs, undermined
legitimate Bahamiap businesses,
* especially as they had to pay tax-
o . >
es and business licence fees when
the counterfeiters did not.

“It’s really a problem area for
many businesses,” Mr Simon said.
“We want to operate in an envi-
ronment where the playing field is
level and there is no tolerance of

, illegality.

“There are many persons in the

business community who have
» worked extremely hard in build-
* ing their businesses, and gone
about things the right way, yet

- 9

c

4

2

tz



@ PHILIP SIMON

are undermined by people who
are counterfeiting and selling ille-
gally-produced goods.

“Tt doesn’t bode very well for
encouraging entrepreneurs, and
those people in the business com-
munity to continue to contribute
to the growth of the economy in
the Bahamas.

“We probably need to enforce
more the laws we have, and be
vigilant in seeking out those
breaking the laws and holding
them to account.”

Mr Simon, though, said the
Bahamas’ removal from the US
Special 301 watchlist would pro-
vide further confidence for the
international and Bahamian busi-
ness community in this nation’s
business environment.

“For those persons seeking to
do business in certain areas, the
availability of copyright protec-
tion and legislation, from the out-
sidelooiking in, is perceived as
protecting value in copyright. I
suppose it’s a benefit and advan-
tage for us,” Mr Simon said.

The Customs Department said
it took every measure to ensure

Legal Notice

NOTICE

VERSOIX INC.

Notice is

Companies Act 2000,
VERSOIX INC. has

Certificate of Dissolution has been

hereby given that
Section 138 (8) of _ the

in accordance with
International . Business
the dissolution of
been completed; a
issued and the

Company has therefore been struck off the Register.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

| Notice

Legal Notice

NOTICE

TARASSCO LTD.

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

h

ARGOSA CORP. INC..
(Liquidator)



Legal Notice

NOTICE

AVALON BUSINESS CORP.

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

ARGOSA CORP. INC.
(Liquidator)



FaWies

Cia

For the stories behind the Ae
read Insight on Mondays



a UBS

UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head - European Desk

In this challenging positions you will be responsible for:

Leading a team of Client Advisors

Advising and servicing existing clients including travelling
Acquisition of new clients

Proposing of investment solutions

We are searching for a personality with extensive experience in
wealth management, specialized in the fields of customer
relations, investment advice and portfolio management.

~ Excellent sales and advisory skills as well as solid knowledge of
investment products are key requirements, A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is @ plus.

Written applications by Bahamian nationals only should be
addressed to:

~ brbahamas@ubs.com
or

UBS (BAHAMAS) LTD, HUMAN RESOURCES MANAGEMENT
P.O, BOX N-7757, NASSAU, BAHAMAS



LOOKING TO GIVE YOUR CAREER A BOOST?

Come to KPMG...

ARCTIC POINT LIMITED

We are currently seeking qualified Managers to join our Audit practice.

Managers

The successful candidate for the Manager position must have at least six years professional public accounting
experience, two of which should be at a supervisory level. Experience as an Assistant Manager would be a plus.
Applicants must hold a CPA, CA, or other professional designation recognized by the Bahamas Institute of
Chartered Accountants.

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

Excellent opportunities exist in our Audit, Corporate Finance, and Risk Advisory departments, to broaden your
professional experience. We offer competitive compensation and benefits packages.

Applicants should submit a cover letter, resume, and a copy of their professional certification to: KPMG, Human Resources
Manager, P.O. Box N123, Nassau, Bahamas or acash @kpmg.com.bs. Telephone: (242) 393 2007

AUDIT * TAX * ADVISORY

© 2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a
Swiss cooperative. All rights reserved.

ARGOSA CORP. INC.
(Liquidator)


STS BTS



PAGE 6B, WEDNESDAY, MAY 2, 2007

Chairman: No ‘take private’ plan for RND

The Tribune



UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team

aS a

Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests.

“In order to satisfy our requirements, the successful candidate

will possess:

* A bachelor’s degree in Accounting from a recognised and

accredited educational institution. Preference will be given Ao
to applicants Raving obtained or in-the process of earning

a CPA; of other related proficiency requirement:

Sound working knowledge of International Financial

Reporting Standards (IFRS);

A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an

offshore environment:

Extensive knowledge of MS Office and related Application

Software products

Interested? If <0, we look forward to receiving your
application documents on or before Thursday May 4, 2007,

attention:
Client Accountant
hrbahamas@ubs.com

or

UBS TRUSTEES (BAHAMAS) LTD, HUMAN RESOURCES,

P.O. BOX N-7757, NASSAU, BAHAMAS

Bist

Pricing Information As Of:
‘Tuesday, 1 May 200 7

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)

Bahamas Supermarkets
RND Holdings

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

Fideli

ALL SHARE
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



FROM page 1

that Colinalmperial, whose par-
ent company is BISX-listed Coli-
na Holdings (Bahamas), had built
up its 24.6 per cent stake in RND
Holdings as a result of its acqui-
sition of other Bahamas-based
life and health insurers.

In addition, the company had
also been part of the consortium
of investors that had linked with
Mr Fitzgerald last year to pur-
chase the 31 per cent stake in
RND Holdings that was held by
his former business partner, Brent

Dean. He had fallen out with Mr‘

Fitzgerald, who subsequently put
together a group to purchase his
stake.

Several investors yesterday
expressed concerns that the accu-
mulation of such a large stake in
RND Holdings, which is traded
on the over-the-counter market,
by Colinalmperial could be a pre-
lude to moves to take the com-
pany private.

Investment

Colinalmperial’s investment
advisory affiliate, CFAL, acts as
corporate advisor and registrar
and transfer agent to RND, and
some wondered whether it was

working with Mr Fitzgerald to
return the company to the pri-
vate sector.

Dispelling such concerns, Mr
Fitzgerald told The’ Tribune yes-
terday: “Without a doubt, there
has been no move or any thought
on my part in taking RND pri-
vate. The future looks exciting,
and we want all shareholders to
benefit.

“I haven’t sold one share in
RND ‘in years. There’s been no
move or any consideration to tak-
ing RND private.”

He explained that insuramce
companies acquired by Colina
Holdings (Bahamas) subsidiary,
including Imperial Life and Glob-

THE TRIBUNE



ina Insurance Company, had held
stakes in RND, and it was this
plus the participation in the acqui-
sition of Mr Dean’s stake that had
given Colinalmperial its share-
holding.

“There’s nothing sinister in it,”
Mr Fitzgerald said. “Every insur-
ance company they picked up had
shares in RND, originating from
the IPO. Imperial probably had
the largest stake.”

With RND’s annual general
meeting coming up in the next
two to three months, Mr Fitzger-
ald said RND was looking for-
ward to showing how its plans
were “coming to fruition” and the
company would “achieve its
objectives”.

Legal Notice

NOTICE

Pursuant to the provisions of Section 137 (4) of The International
Business Companies Act, 2000, Notice is hereby given that:-

(a) OPTIMIX ALTERNATIVE INVESTMENTS FUND
LTD. is in dissolution;

(b) the date of commencement of the dissolution is April 18,
2007:

(c) the name of the Liquidator is Maria M. Ferere of One
Montague Place, Second Floor, East Bay Street, P.O.
Box N-3932, Nassau, Bahamas

Dated this 2nd of May A.D. 2007

Maria M. Ferere
Liquidators

NOTICE

Lamp

Inarance Beckers & Rene! Gunster

BAHAMIANSPLEASE EXERCISE
YOUR RIGHT TO VOTE!

In order to encourage our staff and clients
to do the same, we will be open from
8:30am to 12:30pm
on Wednesday, May 2nd.

We apologize for any inconvenience caused,
-LAMPKIN & COMPANY
Insurance Brokers & Benefit Consultants Ltd.
TT
12MontroseAve. P.O, BoxEE (5280

Phone: (242) 325-0850 Fax: (242) 326-8024
E-Mail: info@lampkinco.com
sessment



=) FIDELITY |

iaStty: Over-the-Counter Securities

Change eal

11.59
9.02
0.85
2.60
1.30

10.41
2.10

14.26
5.11
2.43
5.94

12.49

14.62

17.11
0.54
7.25
9.05

10.00

0.00
-0.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Ask $ Last Price EPS $

15.60
8.25
oO. oO

Weekly Vol.
16.00
10.00
0: 20

43.00 41.00
15.50 14.00
0.55 0.45

- BIS Listed Mutual Funds

NA Vv
1.337393"
3.1424***
2.649189**
1.238600****

YTD% Last 12 Months Yield %

) PINDEX: CLOSE 796.61 / YTD 07.35% / 2006 34.47%

MARKET TERMS

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

Ask S$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $ - Acompany'’s reported earnings per share for the last 12 mths *
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

NAV KEY
* - 20 April 2007
** - 31 March 2007
* -31 March 2007
March 2007

- 31 March 2007

394-2503

_ al Life, as well as the original Col-

NOTICE

NOTICE is hereby given that KENSY PIERRE of
FARRINGTON ROAD, 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 2nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas.

NOTICE

NOTICE is hereby given that SHYAN SATASHA CLARKE OF
FIRETRAIL ROAD (EAST), P.O. BOX CR-54802, 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ALISHA PROPHETE OF
KENNEDY SUBDIVISION, 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 25th day of April, 2007 to the Minister responsible

for Nationality and Citizenship, P.O.Box N- 7147, Nassau,”

Bahamas. ~

NOTICE

NOTICE is hereby given that SYLVANE HONORAT OF
COWPEN ROAD, P.O. BOX CR-54802, 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ISAIAH NATHAN of
CARMICHEAL ROAD, P.O. BOX CR-55275, 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 2nd day of May, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JULIENNE SANON OF
HAMPTON ST. OFF MONTROSE AVENUE, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any 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 25th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, PO.Box N- 7147, Nassau, Bahamas.



TAYLOR INDUSTRIES LTD

WILL BE CLOSED
at 1:00 P.M.

ON ELECTION DAY
WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience
this will cause to our customers



Se

“AY

<
yew °

THE TRIBUNE BUSINESS

KPMG 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 Management of Citibank N.A., (Bahamas Branch),
Markets & Banking and Consumer Group Domestic Segments

Report on the financial statements

i mpanyi i iti : h), Markets &
audited the acco ing financial statements of Citibank N.A., (Bahamas Branc 7
palag and Global Co Gam Domestic Segments (“the Branch”), which comprise the balance
sheet as of December 31, 2006, and the statements of income, changes in retained earings due to head
office and cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.

Management's responsibility for the financial statements

Manage: i sible for the preparation and fair presentation of these financial statements in
Soanaee with peaaioaal Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair’ presentation =
financial statements that are free from material misstatement, whether due to fraud or error; selecting oe
applying appropriate accounting policies; and making accounting estimates that are reasonable in
circumstances. .

Auditors’ responsibility

ity i i dit. We
Our responsibility is to express ah opimion on these financial statements based on our audit,
aad our ik in accordance with International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.

it i forming procedures to obtain audit evidence about the amounts and disclosures in
eee The procedures selected depend on our judgment, including the assessment of
risks of material misstatement of the financial statements, whether duc to fraud or error. In making those
risk assessments, we consider 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
also includes evaluating the appropriateness of accounting policies used and the _Teasonableness oO
accounting estimates made by management, as well as evaluating the overall presentation of the financial

statements.

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

Opinion

In our opinion, the financial statements present fairly, in all material respects the financial position of
Citibank N.A., (Bahamas Branch), Markets & Banking and Global Consumer Group Domestic Segments
as of December 31, 2006, and of its financial performance and its cash flows for the year then ended in
accordance with Intemational Financial Reporting Standards.

CITIBANK N.A., (BAHAMAS BRANCH),

MARKETS & BANKING AND GLOBAL CONSUMER GROUP DOMESTIC





SEGMENTS. ,
Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars) .
Notes 2006 2005
000 "000
Assets
Cash and balances with banks - group 3&12 $ 115,241 43,102
Cash and balances with banks - others : 3& 12 21,243 29,320
Investments : 4,12 & 13 5,283 5,283
Advances and other assets S, 12 & 13 81,305 57,020
Fixed assets 6 113 127
$ 223,185 134,852

Liabilities and Reserves

Liabilities

Current, savings and deposit accounts - group 712&13 § 69,074 36,770

Current, savings and deposit accounts - others 7, 12 & 13 152,852 96,572

Other liabilities : : 1,222 1,437
* 223,148 134,779

Reserves

Retained camings due to Head Office 37 BB

223,185 134,852
Commitments and contingencies 10

These financial statements were authorized for issue by Management on April 27, 2007 by:













Statement of Income
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
2006 2005
Notes $000 $7000
Interest income 8 (a) &9 $ 9,555 5,655
Interest expense 8(b) &9 (6,148) (2,389) _
Net interest income 3,407 3,266
Other income 8(c) 1,394 1,892
4,801 5,158
Operating expenses 8(d) &9 (2,737) (2,712)
Net income for the year $ 2,064 2,446
See accompanying notes to financial statements.
Statement of Changes in Retained Earnings due to Head Office
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
a
2006 2005
$000 $°000
Balance at January 1 $ 73 407
Net income for the year 2,064 2,446
; 2,137 2,853
Remittance of profits to head office (2,100) (2,780)
Balance at December 31 $ 37 73
ee nn
See accompanying notes to financial statements.
Statement of Cash Flows
For the year ended December 31, 2006, with corresponding figures for 2005
(Expressed in Bahamian dollars)
2006 2005
Cash flows from operating activities
Net income for the year $ 2,064 2,446
Adjustments for:
Depreciation 33 45
2,097 2,491
Met tii rease)/decrease in advances (22,866) 17,017
Incrvase in other assets (1,419) (1,126)
Net increase/(decrease) in current, savings and deposit accounts 88,584 (39,497)
(Decrease)/increase in other liabilities (21S) GT
Net cash provided by/(used in) operating activities 66,181 © (21,048)

*

WEDNESDAY, MAY 2, ,2007 PAGE 7B



2006 2005
$000 $'000



Cash flows from investing activities





Proceeds from disposal of investments = 5,250
Purchase of fixed assets ay) (2)
Net cash (used in)/provided by investing activities (19) 5,248
Cash flows from financing activities

. Remittances to head office (2,100) (2,780)
Net cash used in financing activities (2,100) (2,780)
Net increase/(decrease) in cash and cash equivalents 64,062 (18,580)
Cash and cash equivalents, beginning of year 72,422 91,002



Cash and cash equivalents, end of year $ 136,484 72,422

Cash and cash equivalents comprise:



Cash and balances with banks — group $ 115,241 43,102
Cash and balances with banks — others 21,243 29,320
$ 136,484 72,422

See accompanying notes to financial statements.

Notes to the Financial Statements

For the year ended December 31, 2006
(Expressed in Bahamian dollars)



1. Reporting entity

Citibank N.A., was incorporated in the state of Delaware, United States of America, in 1968.
Citibank N.A., (Bahamas Branch) (‘‘the Branch") is an overseas branch of Citibank N.A., New York
(“Head Office’) and is licenced under the Banks and Trust Companies Regulations Act of 2000 to
conduct business from The Bahamas. The Branch commenced operations in 1987 providing
consumer banking including the acceptance of deposits, granting of loans and the provision of foreign
exchange services. Closure of this domestic segment Officially commenced as of August 1, 2001. As
of that date, the Branch ceased all new sales of loans or deposit accounts and in October 2001 it was
publicly communicated that the one remaining branch located on Thompson Boulevard would be
closed as of December 28, 2001. Consequently, all activities and balances related to the Global
Consumer Group Domestic Segment are reflected in Note 15 — Discontinued Operations.

Concurrently with the closure of the Global Consumer Group Domestic Segment, a decision was
made to establish a Markets & Banking Domestic Segment within the Branch, which became
operational effective January 1, 2001. This domestic segment offers Corporations, government,
institutions and investors a range of financial products and services including the acceptance of
deposits, granting of loans and the provision of foreign exchange services.

The Branch is not a separate legal entity and these financial statements contain only the assets and
liabilities, operations and cash flows and related disclosures of.the Markets & Banking Domestic
Segment, and the discontinued operations of the Global Consumer Group Domestic Segment as
disclosed in Note 15. The Branch is dependent upon its Head Office for information relating to
transactions affecting it and entered into by Head Office. The records of the Branch contain
information of transactions received from Head Office.

The Branch operates through one location on Thompson Boulevard.

2. Basis of preparation and significant accounting policies
a) Statement of compliance
The financial statements have been prepared in accordance with International Financial

Reporting Standards (“IFRS”). The accounting policies set out below have been applied
consistently to all periods presented in these financial statements.

b) Basis of measurement
The financial statements have been prepared on the historical cost. basis except where
otherwise noted below.

ce) Functional and presentation currency

The financial statements are presented in Bahamian dollars (B$), which is the Branch’s

functional currency. Except as indicated, financial information presented in BS has been
rounded to the nearest thousand.

d) Use of estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the financial statements and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on.an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected. : i

A key source of estimation uncertainty is discussed in note 2 g (v).

e) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the reporting date are translated to the functional currency at the exchange rates at that
date. The foreign currency exchange gain or loss on monetary items is the difference
between amortised cost in the functional currency at the beginning of the period, adjusted
for effective interest and payments during the period, and the amortised cost in foreign
currency translated at the exchange rates at the end of the period. Foreign currency
exchange differences arising on translation are recognised in the statement of income.

p Interest .

Interest income and expense are recognized in the statement of income using the effective
interest method. The effective interest rate is the rate that exactly discounts the estimated

- future cash payments and receipts through the expected life of the financial asset or
liability (or, where appropriate, a shorter period) to the carrying amount of the financial
asset or liability. The effective interest rate is established on initial recognition of the
financial asset and liability and is not revised subsequently.

The calculation of the effective interest rate includes all fees and points paid or received,
transaction costs, and discounts or premiums that are an integral part of the effective
interest rate. Transaction costs are incremental costs that are directly attributable to the
acquisition, issue or disposal of a financial asset or liability.

z) Financial assets and liabilities —
i) Classification

Financial assets that are advances and other assets are classified as loans and
receivables originated by the Branch.

Financial assets that are investments in Bahamas Government registered stock are
classified as held-to-maturity investments.

Financial liabilities that are not at fair value through profit or loss include
deposits and other liabilities.

ii) Recognition

. The Branch initially recognises loans and advances and deposits on the date they
are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit and loss)
are initially recognized on the trade date at which time the Branch becomes a
party to the contractual provisions of the instrument.

iii) Derecognition

The Branch derecognizes a financial asset when the contractual rights to the cash
flows from the asset expire, or it transfers the rights to receive the contractual
cash flows from the financial asset in a transaction in which substantially all the
risks and rewards of ownership of the financial asset are transferred. Any interest
in transferred financial assets that is created or retained by the Branch is
recognized as a separate asset or liability.

The Branch derecognizes a financial liability when its contractual obligations are
discharged or cancelled or expire.

iv) Measurement

Financial instruments are measured initially at fair valuc plus, in the case of a
financial asset or financial liability not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the
financial asset or financial liability. Transaction costs on financial instruments at
fair value through profit or loss are expensed immediately.

Subsequent to initial recognition, loans and receivables and financial assets and
financial liabilities.that are not at fair value through profit or loss are carried at
amortized cost less impairment losses where applicable using the effective
interest rate method.

The amortised cost of a financial asset or liability is the amount at which the
financial asset or liability is measured at initial recognition, minus principal
repayments, plus or minus the cumulative amortization using the effective interest
method of any difference between the initial amount recognised and the maturity
amount, minus any reduction for impairment.

y) Identification and measurement of impatrment

At each balance sheet date, the Branch assesses: whether there is objective
evidence that financial assets not carried at fair value through profit or loss are
are impaired when objective evidence demonstrates



impaired. Financial assets
that a loss event has occurred after the initial recognition of the asset, and that the
loss event has an impact on the future cash flows on the asset that can be
estimated reliably.

The Branch considers evidence of impairment at both a specific asset and
collective level. All individually significant financial assets are assessed for
specific impairment. All significant assets found not to be specifically impaired
are than collectively assessed for any impairment that has been incurred but not
yet identified. Assets that are not individually significant are then collectively
assessed for impairment by grouping together financial assets (cattied at
amortised cost) with similar risk characteristics.

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3.

Objective evidence that financial assets are impaired can include default or

‘ delinquency by a borrower, restructuring of a loan or advance by the Branch on
terms that the Branch would not otherwise consider, or other observable data
relating to a group of assets such as adverse changes in the payment status of
borrowers.

In assessing collective impairment the Branch uses statistical modeling of
historical trends of the probability of default, timing of recoveries and the amount
of loss incurred, adjusted for management's judgement as to whether current
economic and credit conditions are such that the actual losses are likely to be
greater or less than suggested by historical modeling. Default rates, loss rates and
the expected timing of future recoveries are regularly benchmarked against actual
outcomes to ensure that they remain appropriate.

Impairment losses on assets carried at amortised cost are measured as the
difference between the carrying amount of the financial assets and the present
value of estimated cash flows discounted at the assets’ original effective interest
rate. Losses are recognized in the statement of income and reflected in an
allowance account against loans and advances. Interest on the impaired asset
continues to be recognized through the unwinding of the discount.

When a subsequent event causes the amount of impairment loss to decrease, the
impairment loss is reversed through the statement of income.

h) Cash and cash equivalents
Cash and cash equivalents include highly liquid financial assets with original maturities of
less than three months, which are subject to insignificant risk of changes in their fair
value, and are used by the Branch in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the balance sheet.
i) Advances and other assets

Advances are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and that the Branch does not intend to sell immediately or
in the near term. Advances are stated at their principal amount net of unearmed interest
and allowance for credit losses. Advances to customers are carried at amortized cost and
are due on demand. :

A loan is classified as non-accrual when in management's opinion there is no longer
reasonable assurance of timely collection of the full amount of principal and interest.

Specific provisions allowances for credit losses based on quarterly reviews are made
against advances when, in the opinion of management, credit risks or economic factors
make recovery doubtful. Mortgage loans of the Global Consumer Group Domestic
Segment were placed on a non-accrual basis whenever payment of principal and/or
interest was 90 days past due and specific allowances for credit losses are made based on
specific review of each non-accrual loan. All other loans of the Global Consumer Group
Domestic Segment are stated at principal and were written-off whenever payment of
* principal and/or interest was 120 days past due. The aggregate allowances, which are
made during the year (less recoveries of bad debts previously written off), are charged
against operating profit.
Interest is recognised on the accrual basis except when principal or interest is 90 days past
due or when, in the opinion of management, full collection is doubtful. Thereafter on a
cash received basis.

Fixed assets

Fixed assets are measured at cost less accumulated depreciation and provisions for
impairment losses.

“~
S

Depreciation is recognized in the statement of income on a straight-line basis over the
estimated useful life of each item:
The estimated useful lives for the current and comparative periods are as follows:

Motor Vehicles - 20%
Computer Hardware/Software - 33 1/3%
Equipment, furniture and fittings . - 12 1/5%
‘Installations - 10%

Fixed assets are petiodically reviewed for impairment. Where the carrying value amount of a
fixed asset is greater than its estimated recoverable amount, it is written down immediately to
its recoverable amount.
Repairs and maintenance are expensed as incurred.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount
and are included in the statement of income. /
Depreciation methods, useful lives and residual values are reassessed at each reporting date.
k) Income and expenditure
Income and expenditure are accounted for on an accrual basis.
1) _Loan origination and associated fees
Loan fees that are material to the Branch are recognized in income over the appropriate

lending or commitment period.

m) Related parties
A number of banking transactions are entered into with related parties in the normal
course of business. All such transactions and balances described as group relate to
Citigroup Inc. and its subsidiaries and affiliates. Transactions with Head Office and
between the Global Consumer Group Domestic Segment and Markets & Banking
Domestic Segment are described as group.

n) Reserve requirements
The statutory cash reserve account with The Central Bank of Bahamas is non-interest
bearing and is based on 5% of the average Bahamian dollar denominated deposit
liabilities of the Branch.

0) Taxation

No corporation taxes are levied in The Commonwealth of The Bahamas.
Cash and balances with banks



2006 2005
$°000 $°000
Deposits and bank balances with group companies $ 115,241 43,102
Deposits with other financial institutions 10,004 15,000
Deposits with The Central Bank of The Bahamas 10,260 12,105
Cash on hand : . 979 2,215

Cash and cash equivalents : $ 136,484 72,422

Interest rates earned on deposits placed with. group companies and other financial institutions
ranged from 1% to 6.75% (2005 - 1% to 6%). All other balances are non-jnterest bearing. Refer
also to Note 12.



Investments ‘
2006 2005
$7000 $7000
Bahamas Government Registered Stock $ 5,283 5,283

Interest rates applicable on these investments range from 5.72% to 6.25% (2005 - 5.72% to
6.25%). Refer also to Notes 12 & 13.

Advances and other assets







2006 2005

_ $’000 $’000

Advances . $ 77,912 55,046
Other assets 3,393 1,974
7 : $ 81,305 57,020



Interest rates applicable on performing advances range from 5.15% to 6.50% (2005 - 2.62% to
9.51%). There were no non-performing advances as at December 31, 2006 or 2005, consequently
there is no provision for credit losses at the balance sheet dates. Refer also to Notes 12 & 13.



Fixed assets
Computer Equipment
_Motor Hardware/ furniture Instal-
Vehictes Software & fittings lations Total
$000 $’000 $7000 $7000 —- $000
Cost .
Balance at Jan. 1, 2006 17 168 102 146 433
Additions - 13 6 - 19
Di Is it - (32 - - 32,
Balance at December 31, 2006 17 . 149 108 146 420
Accumulated depreciation
Balance at Jan. 1, 2006 15 - 159 59 73 306
Charge for year - 11 9 ll a3
Disposal for year 2006 = 32 - - (32
Balance at December 31, 2006 17 - 138 68 84 307
Net book value
at Dec 31, 2006 - 11 40 62 112
Net book value
at Dec 31, 2005 2 9 43 73 127

Current, savings and deposit accounts





2006 2005
$000 $7000
Current, savings and deposit accounts consist of the following:
Term deposit accounts $ 108,344 48,656
Current accounts : 44,508 47,916
Group companies 69,074 36,770
eee $ 221,926 133,342

Interest rates applicable on customer accounts range from 0.50% to 5.15% (2005 - 0.50% to
4.00%). Refer also to Notes 12 & 13.

10.

il.

12.

13.

THE TRIBUNE BUSINESS









Operating profit
2006 2005
$7000 $000
a) Interest income
Loans and advances $ 4,718 2,996
Investments 318 513
Other balances with banks 4,519 2,146
$ 9,555 5,655
b) Interest expense
Current, savings and deposit accounts $ 2,947 1,425
Other - affiliates 3,201 964
Sa
c) Other income
Exchange earnings : $ 1,088 1,258
Fees and commissions ‘ 306 634

$1,394 1,892

d) Operating expenses

Staff 1,174 992

General administration, :
including property related expenses 1,530 1,675

Depreciation 3a 45

$ 2,737 2,712
Related party transactions
A number of transactions have been entered into with related parties in the normal course
of business. These transactions were conducted at market rates and on commercial terms

and conditions. ‘

Related party transactions during the year included:

2006 . 2005

: $’ $000

Interest income 4,011 1,430
Interest expense (3,201) (964)

General administration, including property related expenses (1,083) (1,120)

Key management personnel compensation for the year comprised:



2006 2005
$7000 $°000
Short-term employee benefits 278 249

Commitments and contingencies
The Branch 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 mortgages. Exposure to loss is represented by the contractual
. amount of those instruments, however the Branch uses the same credit and hypothecation criteria
when entering into these commitments and conditional obligations as it does for loans and
mortgages.

Contingent liabilities under acceptances and guarantees entered into on behalf of customers in
respect of which there are corresponding obligations by customers, amounted to $1,324,835 (2005
- $1,948,000) and are not included in the balance sheet.

At December 31, 2006 the Branch has extended credit facilities to customers totalling
$88,578,842 (2005 - $104,216,514). A total of $10,666,946 (2005 - $49,170,262) remained
unused under these facilities at the balance sheet date.

Management has assessed all pending legal matters affecting the Branch and is of the opinion that
no provision is necessary in these financial statements. ,

Foreign currency exposure

The Branch takes on exposure to the effects of fluctuations in the foreign currency exchange rates .
on its financial position and cash flows. Limits are set on the level of exposure by currency and in
aggregate for both overnight and intra-day positions, which are monitored daily. The table below
summarises the exposure to foreign currency exchange rate risk as at December 31, 2006 and
2005 in Bahamian dollar equivalents:

EUR CAD GBP Total

2006 $7000 $°000 $°000 $'000

Assets 11,146 1 14,109 25,256

Liabilities (11,144) QQ) (14,068) (25,213)
2 - 41 43

2005 ,

Assets 3,423 103 558 4,084

Liabilities 3,508 103. 558 4,169)
85) = _

-aaems——_—+~»-:’-—«SS 508) (108) 58) (4,169)
sO ere (ED),

Maturity profile of assets and liabilities



2006
SS
Maturing :
Within Over 1 year Over
l year to 5 years 5 years Total
$000 $000 $7000 $’000
Assets
Cash and balances with banks 136,484 - - 136,484
Investments 808 1,475 3,000 5,283
Advances 9,316 40,994 30,000 80,310
146,608 42,469 33,000 222,077
Liabilities
Current, savings and
deposit accounts “152,844 39,082 30,000 221,926
2005
ES
, Maturing
Within Over 1 year Over
1 year , to 5 years 5 years Total
$7000 $°000 $°000 $°000
Assets
Cash and balances with banks 72,422 - - 72,422
Investments - 808 4,475 5,283
Advances - 56,005 - 56,005
72,422 56,813 4,475 133,710
Liabilities
Current, savings and :
deposit accounts 133,342 - - 133,342

Concentration of assets and liabilities









2006 2005
$7000 $000
a) Investments
State sector 5,283 5,283
b) Advances
Corporate and commercial sector 16,664 25,888
State sector 61,248 29,158
a ee
At December 31, 2006 included in corporate and commercial sector advances are secured
loan facilities to a single borrower of $28,500,000 (2005 - $28,500,000). A total of
$7,268,143 (2005 - $11,725,571) had been drawn down and remained outstanding under
these facilities at the balance sheet date. The facilities are not included in advances, only
the portion that has been drawn down.
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2006 2005
$000 $’000
c) Current, savings and deposit accounts
Group 69,074 36,770
Corporate and commercial sector 151,825 95,559
Other financial institutions 1,027 1,013
221,926 __- 133,342

All investments and advances are with parties situated in The Commonwealth of The Bahamas.
The majority of current, savings and deposit accounts are from parties located in The
Commonwealth of The Bahamas and the Caribbean.

Financial instruments
Fair values

e Cash and balances with bank, other assets and other liabilities
Due to their short-term maturity, the carrying values of these financial instruments are considered
to approximate their fair values.

e Investments
Investments held-to-maturity are stated at amortized cost, which is considered to equate to fair
value.

° Advances
For floating rate advances that are subject to repricing, carrying values are considered to
approximate fair values since the interest rates on the advances are linked to markct rates.
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STE age

‘Other expenses

e Deposit accounts

The carrying values of non-interest bearing deposit accounts are considered to approximate their
fair values as they are all at demand. The carrying values of interest bearing deposits are also
considered to approximate their fair values as the interest rates paid are equivalent to market rates
for the respective maturity dates.

Credit risk

Line management conducts the day-to-day credit process in accordance with core policies
established by the Credit Policy Committee, which are guided by the overall risk appetite and
portfolio targets set by senior management. Credit policies are organised around two approaches -
Credit Programs and Credit Transactions.

The Credit Program Approach focuses on the decision to extend credit to sets of customers with
similar characteristics and/or product needs. Approvals under this approach cover the expected
level of aggregate exposure, the terms, risk acceptance criteria, operating systems and reporting
mechanisms. These Programs are reviewed annually. ‘

The Credit Transaction Approach focuses on the decision to extend credit to an individual
customer or customer relationship. It starts with target market definition and risk acceptance
criteria, and requires detailed customised financial analysis

The Branch’s loan portfolio is adequately secured and where necessary, provisions are established
for potential credit losses on delinquent accounts. At December 31, 2006 no credit loss provision
was considered necessary.

Market risk

Market risk encompasses currency risk, interest rate risk and other price risk all of which arise in
the normal course of business. Liquidity risk is the risk that the Branch may be unable to meet a
financial commitment to a customer, creditor, or investor when due. Price risk is the risk to
earnings that arises from changes in interest rates, foreign exchange rates, equity and commodity
prices, and their implied volatilities.

The risk management process of the Branch includes the establishment of appropriate market
controls, policies and procedures, appropriate senior management risk oversight with thorough
risk analysis and reporting, and independent risk management with capabilities to evaluate and
monitor risk limits. Market risk management is an evolutionary process that integrates changes in
the markets, products, and technologies into policies and practices.

Price risk is measured using various tools, including Earnings-at-Risk (EAR) and sensitivity
analysis, which are applied to interest rate risk in the non-trading portfolios and Value-at-Risk
(VAR), stress and scenario analysis.

Liquidity risk is monitored using the Market Access Report (MAR), a gap analysis tool, for both
business as usual and stress scenarios.

The management of liquidity is the responsibility of the Asset/Liability Management Committee
(ALCO), which includes senior executives. All Business Heads are represented on the committee
with the focal point being the Treasurer. The ALCO reviews the current and prospective funding
requirements for all Business Areas, as well as, the capital position and balance sheet. Limits are
established based on the depth of the market, the stability of the liabilities, and the liquidity of the
assets.

Discontinued operations

Closure of the Global Consumer Group Domestic Segment officially commenced as of August 1,
2001. As of that date, the Branch ceased all new sales of loans or deposit accounts. The one
remaining branch located on Thompson Boulevard was closed as of December 28, 2001. In 2002,
the Credit Card Portfolio was sold at a premium and in 2003 the Mortgage Loan as well as the
Business and Professional Loan portfolios were sold at par. In 2004 the remaining Personal Loan
portfolio, with the exception of the non-accrual loans, was sold at a discount. Consistent with
previous years, the balances and transactions of the Global Consumer Group Domestic Segment
as shown below are not reflected in the balance sheet and statement of income of the Markets &
Banking Domestic Segment on pages 3 and 4.

The financial position of the remaining assets and liabilities and revenues and expenses
attributable to the discontinued operations were as follows:

Balance Sheet

Assets

Cash and-placements
Advances

Other assets

Liabilities

Deposit accounts - group 56 90
- other 232

Accrued interest & other liabilities - other 57 75

Provision for business restructuring = 46

Head office Account (4) -

341 500

Results from Discontinued Operations
2006 2005

$°000 $7000
oso btarnnietincerie Seer Sawines anes es a

Net credit (losses)/gains : (2) “110
(95) 32

Net (loss)/income for the year (95) 32

Statement of Changes in Head Office Account
, 2006 2005

$7000 $000

Balance at January 1 (31)

Net (loss)/income for the year 95) 32
j . (95) 1

Remittances from/(to) head office 91 qd)
Balance at December 31, 2006 (4) -

Cash flows attributable to the Global Consumer Group Domestic Segment are as follows:

i UE EEEEE ===> aEEEEEEy ee
2006 2005
$7000 $7000

(95) (3,131)

Operating activities
. : 91 (1)

Financing activities

Advances consist of the following:
eS

2006 2005 -

we Se ee a OO ON

256 420

256 420

SUL ee ee

Advances are stated at principal net of amounts written off in accordance with the policy
described in Note 2(i). Net credit gains/losses in the results from discontinued operations are net
of recoveries of bad debts previously written off.

Corresponding figures

Certain corresponding figures have been reclassified to conform with the current year’s
presentation.



DRINK & DRIVE!



THE TRIBUNE

WEDNESDAY, MAY 2, 2007, PAGE 9B.



Double Grand Bahama
tourist marketing funds,
urges minister

FROM page 1

thing the PLP would look at if
re-elected to a second term in
office, adding: “We’re going to
try and get it there.

“It has to be done. You can-
not market a major destination, a
major island, hotel and casino
facilities, by nickel and diming
it.”

Mr Wilchcombe acknowledged
that the Ministry of Tourism, and
the wider central government,
was challenged in finding the
funds needed for the marketing
push required for Grand Bahama.
This meant it would have to look
at potential room tax rises and
increases in other taxes and fees
to fund the necessary marketing
push.

Apart from Our Lucaya and
its Isle-of Capri-operated casino,
the US operator having agreed
to remain in Grand Bahama for
another two years, the island’s
tourism product could eventually
feature the $4.9 billion Ginn
Clubs & Resorts project, plus the
2,000-acre Morgan Stanley devel-
opment at Barbary Bay.

Then there is the still-closed
Royal Oasis, which Irish-based
property developer Harcourt
Developments has signed a sales
agreement to purchase, reputed-
ly for $33 million. Harcourt is
talking to Foxwoods Develop-
ment Company about becoming
the casino operating partner.

Foxwoods’ involvement in any
Royal Oasis deal is more to facil-
itate the eastern Grand Bahama
project by Beka Development
that it wants to participate in, that
being its primary interest on the
island. It is understood to have
offered to help Harcourt or ay
buyer ‘in any way we can if you
need us’, more as a favour to the
Government, rather than view-
ing the Royal Oasis as a hot
investment prospect.

Mr Wilchcombe told The Tri-

Supervisor Loan Rev

Qualifications:

’

@ TOURISM MINISTER OBIE WILCHCOMBE ;

bune yesterday: “My concern
about tourism in Grand Bahama
is that it has a history of
boom/bust, up today and down
tomorrow. We have not been able
to sustain it. It has to do with the
quality of the tourism plant, the
quality of the brands in Grand
Bahama.”

He explained that previously,
Grand Bahama did not have the
brand or operator quality to con-
sistently attract large numbers of
tourists to the island, and “cre-
ate a product unique, different
from anywhere else in the
Bahamas”.

“What we’re doing now is mov-
ing to put in place a tourism prod-
uct, tourism plant, that can com-

pete with New Providence, com-
pete with other Bahamian islands”.

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and compete with other world
destinations,” the minister of
tourism said. . ;
He added that Grand Bahama
had been used to “just taking
what’s on offer”, saying:
“Tourism is a science. It’s about
seeing where the markets are;
where the trends are, and contin~:
ually renewing your plant. .
“We are up against a tremen?
dous amount of competition;
Dubai and the cruise lines, which:
are now diverting ships ta
Europe. For us to remain viable;
we constantly have to upgrade
our plant, ensure investors under
stand our plan and give them thea
incentives to do it, run the Mins
istry of Tourism as a businesg,

_,model and establish a Tourisng,
‘Development Corporation.”

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at

INTERNATIONAL BANK

CAREER OPPORTUNITY

for

iew & Custodial Services

Location: Freeport

Five years in Banking at least two years in credit

Considerable and proven ability to supervise.

Time management skills sufficient to work in a fast paced environment
on a broad range of activities.
Knowledge of security documentation sufficiently detailed to verify
security documents.
Knowledge of the Laws related to the securities of the Bank as well
as the Banking Act
Interpersonal skills to work effectively with the staff of Government
Agencies, other financial institutions and lawyers

Ability to manage in a fluid environment while maintaining efficiency
due to constant changes in procedures, charges etc. from government

agencies

Meticulous attention to details to ensure that errors are kept at a

minimum

Good writing and communication skills.
Knowledge of PC software and mainframe applications sufficient to

enter and access customer information (e.g. ICBS, On Demand, Excel,
Word, PowerPoint, and SSLBD).

General Requirements/Responsibilities:

To provide overall supervision to the Loan Review and Control
Officers, while ensuring that perfection of securities are in order and
in keeping with the risk management policies of the bank.

Ensure that the ongoing operation of the Custodial & Support Services
of the LPC Freeport is performed effectively and efficiently.

Provide guidance and counsel to department staff in the resolution of
difficult or complex problems.
Participate in and, in some cases, take responsibility for the development
and training of staff in the LPC Freeport, Abaco and Eleuthera.

The position will require travel to Abaco and Eleuthera.

Applicants are requested to submit their resume with a cover letter via email
by May ath , 2007 to: nicolette.deal @firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants
for their interest, however only those under consideration will be contacted.


Seteiss

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“PAGE 10B, WEDNESDAY, MAY 2, 2007

Letitter

KPMG ‘Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centra Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Credit Suisse Wealth Management Limited
Report on the Consolidated Balance Sheet

We have audited the accompanying consolidated balance sheet of Credit Suisse Wealth Management Limited
(“the Company”) as at December 31, 2006 and a summary of significant accounting policies and other
explanatory notes (together “the consolidated balance sheet”).

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). 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 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 consolidated 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 consolidated
balance sheet is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the __
consolidated financial statements. The procedures selected depend on our judgment, including the assessment of
the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal controls relevant to the Company's preparation and fair
presentation of the consolidated financial starements 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 Company's internal
controls. 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
consolidated 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 consolidated balance sheet presents fairly, in all material respects, the consolidated financial
position of Credit Suisse Wealth Management Limited as at [ecember 31, 2006 in accordance with IFRS
Emphasis of Maner : : ; :
Without qualifying our opinion we emphasize that the consolidated balance shect does not comprise a complete
set of consolidated financial statements in 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 financial position,
performance and cash flows of the Company. :

KPIAGe

Chartered Accountants
Nassau, Bahamas
March 28, 2007

CREDIT SUISSE WEALTH MANAGEMENT LIMITED

Consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)
cnn SD
: Note 2006 2005 .
ie a Sa ee
Assets :
Cash and cash equivalents 3&10 $ 1,081,118,266 — 1,023,948,932
Deposits with banks . 3&10 2,527,029 2,650,000
Acerted interest receivable ‘ 10 3,063,163 * 4,150,456
Receivables from customers 3,181,802 942,549
Securities purchased under agreements to resell 8 & 10 14,832,079 158,341,409
Loans and advances to customers 4 60,169,243 45,270,257
Other assets : 63,841 288,237
Total Assets $ 1,164,955,423 - 1,232,591,840
Pn tltath che EEE
Liabilities
Deposits from banks . 5&10 $ 48,395,401 36,094,825
Deposits from customers 6 1,032,058,793 — 1,003,067,009
Accrued interest payable 10 2,382,057 852,156
Fees received in advance from customers 134,700 110,550
_ Securities sold under agreements to repurchase 8& 10 12,041,931 138,849,188
Service level agreement fees payable 10 1,035,000 -
Other liabilities 10 9,571,144 5,356,575
Total Liabilities : _ 1,105,61 9,026 = 1,184,904,591
Shareholder’s Equity
Share capital:
Authorized, issued and fully paid: /
5,000,000 shares of $1.00 each 5,000,000 5,000,000
Additional paid in capital 27,500,000 27,500,000
Retained eamin, : 26,836,397 15,187,249
Total Shareholder’s Equity 59,336,397 47,687,249
Commitments : . 7,8&9

Commitments ee
Total Liabilittes and Shareholder’s Equity ~ $ 1,164,955,423 _1,232,591,840

See accompanying notes to consolidated balance sheet.



s approved on behalf of the Board of Diyectors on March 28, 2007 by

Director - Director



Notes to Consolidated Balance Sheet :

December 31,2006 . . .

(Expressed in United States dollars) : .

re

1. General information ‘ : :
Credit Suisse Wealth Management Limited ("the Bank") was incorporated on September 5, 2003
under the laws of the Commonwealth of The Bahamas (“The Bahamas”) and is licensed under the
Banks and Trust Companies Regulation Act, 2000 to conduct intémational banking and trust
services. The Bank also holds a broker-dealer Class Il license under the Sécurities Industry Act,
1999 to conduct securities trading and an unrestricted Fund Administrator's license under the
Investment Funds Act, 2003 to administer investment funds. The. Bank is a wholly-owned
subsidiary of Credit Suisse (Bahamas) Limited (“the “Parent”) whose office is located in The
Bahamas. The ultimate parent company is the Credit Suisse Group whose headquarters is located
in Zurich, Switzerland.
The Bank commenced operations on January 2, 2004. The Bank's business activities consist of
banking, securities trading, trust, corporate management, fund administration and other financial
services involving a large number of clients with substantial assets under administration.

The registered office of the Bank is located in The Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas. At December 31, 2006 the Bank employed 14 persons (2005 - 8

2. Summary of significant accounting policies
(a) Statement of compliance

The Bank’s consolidated balance sheet has been prepared in accordance with International
Financial Reporting Standards (IFRS).

(b) Basis of preparation
This consolidated balance sheet has been prepared under the historical cost convention and the
accounting policies have been consistently applied.

(c) Basis of consolidation
The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, Vialink Nominees Ltd. and UTC Management Ltd., both of which were

incorporated under the laws of The Bahamas. The activities of both subsidiaries are limited to
the trust and corporate management services offered by the Bank.

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power to
govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheets of subsidiaries are included in the consolidated balance sheet
from the date that control-commences until the date that control ceases.

Inter-company balances are climinated in preparing the consolidated balance sheet.

(d) Use of estimates

The preparation of the consolidated balance sheet requires management to make judgments,
estimates and assumptions that affect the application of accounting policics and the amounts
reported in the consolidated balance sheet and accompanying notes. These estimates are based
on relevant information available at the balance sheet date and as such, uctual results could
differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates ure 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 revision affects
both current and future periods.
In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the amounts
recognized in the consolidated balance sheet are described in notes 2(k) and 2(m).

(e) Foreign currency translation
‘}he reporting and functional currency of the Bank is United States dollars, as the Bank's share
cupital is denominated in United States dollars, a significant amount of the Bank's transactions
are conducted in United States dollars and the majority of the Bank's assets arc also held in this
currency.
Assets and liabilities maintained in foreign currencies are translated into United States dollars
at the rates of exchange prevailing at the balance sheet date.



3.

THE TRIBUNE BUSINESS

() Financial instruments

Classification

Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and
advances to customers other than purchased loans.

Held-to-maturity financial instruments are financial assets and liabilities with fixed or
determinable payments and fixed maturity that the Bank has the intent and ability to hold to
maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements to
resell and securities sold under agreements to repurchase.

Financial liabilities that are not at fair value through profit and loss are accrued interest
payable, fees received in advance from customers, investment management fee payable, service
level agreement fees payable, and other liabilities. :

Recognition

The Bank recognizes financial instruments on the day that funds are disbursed or received as
applicable.

Measurement

Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial
instruments. For financial instruments at fair value through profit or loss, transaction costs that
are directly attributable to the acquisition or issue of the financial instruments are expensed
immediately.

Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.

Derecognition .

A financial asset is derecognized when the Bank loses control over the contractual rights that
comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognized when its contractual obligations are discharged, cancelled or
expire.

(g) Assets under management

The Bank is engaged in the provision of asset management services involving a large number
of clients with substantial funds under administration.

Property in the amount of $ 1,694 million (2005: $ 1,295 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.

(4) Receivables from customers

These receivables primarily comprise fees billed to clients. The Company’s policy is not to
make a general provision for bad debts, however all amounts receivable are written-off after a
defined period of time has elapsed. As at December 31, 2006 and 2005, no provisions were
made against receivable from customers.

(i) Securities financing arrangements

The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The receivables
are collateralized by the underlying security.

The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements, As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.

(j) Loans and advances to customers

Loans and advances are reported net of allowances to reflect the estimated recoverable
amounts. ‘

(k) Impairment

Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet date
to determine whether there is objective evidence of impairment. Financial assets are impaired
when objective evidence demonstrates that a loss event has occurred after the initial recognition
of the asset, and that the loss event has an impact on the future cash flows on the asset that can
be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that ‘a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank.

If any such indication exists, the asset’s recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial.asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.

() Offsetting
Financial assets and liabilities are set off and the net amount presented in the consolidated
balance sheet when, and only when, the Bank has the legal right to set off the amounts and

intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously. :

(m) Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or

constructive obligation that can be estimated reliably, and it is probable that an outflow of

economic benefits will be required to settle the obligation. Provisions are determined by

discounting the expected future cash flows at a rate that reflects current market assessments of
- the time value of money and, where appropriate, the risks specific to the liability.

(n) Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when
due in accordance with the terms of a debt instrument.

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expécted payment (when a payment under the guarantee has become probable).

At December 31, 2006, there were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 - $nil).
(0) Cash and cash equivalents

Cash and cash equivalents include cash and due from banks and interest bearing deposits with
banks that have maturities of less than three months, less deposits from banks that are due on
demand.

Cash and cash equivalents and deposits with banks

Cash and cash equivalents earn interest at an annual rates ranging from 1.87% to 5.35% (2005 —
0.91% to 4.33%), and are summarized by currency below:





2006 2005
BRL $ 3,299,462 1,213,150
CAD 71,737 75,914
CHF ; 1,810,875 2,919,518
EUR 21,978,350 22,489,277
GBP 1,454,719 330,331
IPY 91,943 14,707
USD * 1,052,332,574 996,864,273
Other 72,606 41,762
paar $ 1,081,118,266 1,023,948,932

Deposits with banks earn interest at an annual rate of 3.58% to 5.31% (2005 — 1.75% to 3.25%),
and are summarized by currency below:





2006 2005

EUR $ 527,029 -
USD 2,000,000 2,650,000
$ 2,527,029 2,650,000

Loans and advances to customers

Loans and advances represent short-term advances provided by the Bank to customers. Their
maturity periods range up to 10 months and they carn interest up to 6.79% per annum (2005 -
5.81%), and are summarized by currency below. With respect to a single client loan in the amount
of $30 million, the interest rate is fixed to 12 month LIBOR plus 1% per annum adjusted annually
on the anniversary of the loan. During the year the Bank recorded no losses resulting from non-
payment of interest or principal,



-~ 2006 2005
BRI. $ 8,756 2,000,710
EUR 2,549,274 107
GBP - 897
USD oe oo 7,531,213 43,268,543

$ 60,169,243 4$,270,257

“~e vv

2006 ____ 2005

Payable on demand $ 9.895, 401 2,094,825

Term deposits ee ee _ $8,500,000 34,000,000.

$ AX, (OS A401 46,094,825

Interest was paid on deposits trom banks at annual rates ranging, fromm 5.1990 to SAL (2005 -

3.38% to 4.81%), and are summarized by currency below:

i ne vii eee
2006 2005 *

BRI 4 AKOKO 1 998,247

CAD OOS OO 314

USD AS70984 34,027,204

ees $ AS, OS 101 30,004,825

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. THE TRIBUNE BUSINESS WEDNESDAY, MAY 2, 2007, PAGE:11B







o 6. Deposits from customers 9. Commitment ws
: On June 26, 2006 the Bank entered into an Assignment and Assumption of Lease whereby the m
i 2006 2005 Bank assumed all lease obligations under the terms of that certain Indenture of Lease dated as of a
‘ July 1, 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston (Nassau) Branch we
‘ Payable on demand $ 726,839,786 756,565,306 (now known as Credit Suisse, Nassau Branch) ‘and at the same time was released from the lease re
. Term deposits 305,219,007 246,501,703 with its parent previously scheduled to terminate on October 31, 2006. The Bank has the option to 3
é $ 1,032,058,793 1,003,067,009 renew its present lease until June 30, 2013. The minimum future annual rental commitment bid
4 excluding service charges is as follows: ‘ ms
. Interest was paid on deposits from customers at annual rates ranging from 1.80% to 5.20% (2005 — Year to Commitment a
% 0.90% to 4.28%), and are summarized by currency below: December 31, 2007 $74,852 a
r June 30, 2008 - ; $38,339 &
* 2006 2005 *
v 10. Related party transactions ' “
: oe $ ae one Sais pl ae pees into various transactions with the Parent and other parties related by virtue of a
EUR 22,281,173 22,216,249 , i
R as Sn Pana The consolidated balance sheet includes the following related party balances: ; a
4 USD 1,003,398,461 977,633,292 2006 2005 "
‘ Other 9,032 929 a
; $ — 1,032,058,793 1,003,067,009 Assets
@ Cash and cash equivalents $ 1,080,012,327 —_1,017,926,751 4
e Deposits with banks 2,527,029 2,650,000 ite
‘ Financial instruments Accrued interest receivable 1,475,299 630,435 a
The Bank is party to financial instruments with off-balance sheet risk and other derivative financial Securities purchased under agreements to resell 12,605,748 129,157,681 .
: instruments in the normal course of business to meet the financing needs of its customers. ane &
: — instruments include commitments to extend credit at fixed and floating rates, standby orate ae $ 39,571,457 34,069,347 i
+ etters of credit and currency swap agreements. These instruments involve, to varying degrees, Accrued intefest payable 1,301,578 398,833 hy
7 elements . credit and interest me risk in excess of the amount recognized in the consolidated Securities sold under agreements to repurchase = 11,675,001 i
7 balance 8 eet. However, the Bank's credit risk is minimal, since most of the. instruments have been Investment management fee payable - $74,288 e
» entered into on behalf of clients. ' Service level agreements fee payable 1,035,000 - a
*, The contract or notional amounts of financial instruments reflect the extent of the Bank's Other liabilities 5,512,707 4,092,538
“ involvement in particular classes of financial instruments and do not measure the Bank's exposure : r
; to credit or market risks and do not necessarily represent the amounts exchanged by the parties to oa
Ke, the instruments. The amounts exchanged are based on the contractual notional amounts and the “a
@ other terms of the instruments. Notional amounts are not included in the consolidated balance sheet a
s and generally exceed the future cash requirements relating to the instruments. 11, Asset management activities "
e I hawidity and isks The Bank provides asset management services for a large number of clients to include individuals, ba
"4 nterest rate, liquidity a e CUITENLY TiS corporations, trusts and other institutions involving substantial funds, whereby it holds and manages rm
* The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its assets or invests funds received in various financial instruments at the discretion of the customer. s
o' portfolio of asset and liability deposits by matching the majority of its assets and liabilities by The Bank receives fee and commission income for providing these services. Assets under a
> currency and maturity. Its objective is to manage the impact of interest rate changes on earnings. management are not assets of the Bank and are not recognized in the consolidated balance sheet. mm
. ° The notional amount of financial instruments used by the Bank ta manage interest rate and currency The Bank is not exposed to any credit risk relating to such placements, as it does not guarantee _ e
® risk for clients’ accounts at the balance sheet date was approximately $518 million (2005: $3,056 these investments. a
2 million), comprised of $344 million (2005: $2,650 million) of purchase commitments and $174 eB
a million (2005: $ 406 million) of sales commitments. e
12. Taxation fa
> Credit commitments : Ci
. — = Under the laws of The Bahamas, there are presently no income, withholding or capital gains taxes a
q The Bank has outstanding in the normal course of business, payment obligations and guarantees of payable by the Bank.
« $37,394,515 (2005: $33,297,861). The Bank's maximum potential exposure to credit loss in the o
: event of non-performance by the other parties to the commitments to extend credit is represented by oo
the contractual notional amount of those instruments. The Bank uses the same credit policies in ; A e
Ne making commitments and conditional obligations as it does for on-balance-sheet Baan ao) Concent eee fa
w, Management does not anticipate any material loss as a result of these transactions. The following is a geographical analysis of assets and liabilities:
‘ oe Se ee ee ee ee ee S
‘
i Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an ASSETS ; f
% obligation or commitment that it has entered into with the Bank. The Bank has a credit policy in Deposia with ca : peers roe 0 eee ae re Meenas et
iy place and the exposure to credit risk is monitored on an ongoing basis. The carrying amounts of Sack hem catia 8.682 121.426 aaa 21961 25,478 Satan ‘
x financial assets best represent the maximum credit risk exposure at the balarice sheet date. Securities purchased under ' ie
&, -. agreements to resell” - * 7,175,748 2,226,331 5,430,000 - 14,832,079 ry
@, Fair value Loans and advances to customers - - 52,774,820 “= 7,394,423 60,169,243 ol
’ Other assets - - 13,002 - 50,839 63,841 a
% Management estimates that the total fair value of financial assets and liabilities do not differ $ 29,002,044 337,682,240 785,327,408 5,473,648 7,470,083 —_1,164,955,423 x
a materially from their carrying values given that average effective interest rates approximate the : . : s
a current interest rates available to the Bank for placements andi offered by the Bank for deposit, a a RS EERE SAIC
@ liabilities with similar maturities and due to their short term maturities. = i __ Bans Bist Other Totals i
- ° : Ae : ves LIABILITIES a
* Management does not consider the exposure to certain of these risks to be significant for the Deposits from banks $ 8,468,838 39,036,640 879,784 10,139 - 48,395,401 ie
‘n following reasons: (1) the Company’s financial assets, for the most part, are comprised of short- ee 2,096,883 SEUNG GERAIS PIATRAT SPR SULSTE «1082088299 %
. term deposits with reputable financial institutions (primarily CS group entities), and (2) financial soa poarioaict aie on eeorete pas . 3.376. 2,382,057 i)
® liabilities are comprised primarily of amounts due to CS group entities and customer demand gerade ca) i iadesupeamcas . 7 134,700 Toe ke 134,700 a
Â¥ deposits. / to repurchase ~ - 2,313,298 = 9,728,633 12,041,931 R
>, . Service level agreement fees : oa
Mi 8. Securities financing arrangements / payable -. - 1,035,000 es - 1,035,000 ° wi
Other liabilities 3771 9,567,373 9,571,144 i
The Bank purchases financial instruments under agreements to resell them at future dates. The $10,569,492 47,166,840 667,615,998 37,383,310 342,883,386 _1,105,619,026 a
seller commits to repurchase the same or similar instruments at an agreed future date. The securities a &
purchased under agreements to resell are entered into as a facility to provide funds to customers. At e
December 31, 2006 securities purchased under agreements to resell were as follows: ws
Ce a a eee re a ee ne 14, Foreign currency exposure i
: ; ‘ . : Fair value of Carrying As of balance sheet date, the Bank’s assets and liabilities were denominated in United States i:
assets held as amounts of dollars, except for the following, which were either denominated or linked to other currencies as "
collateral receivable Nf follows: BRO rectus
Government bills and bonds $__17,232,542 14,832,079 pens ay
LE Thee 2006 QRS Was PONS ee eoiks GRU GS «
2005 Assets __Liabilities_ Netexposure__Assets_Linbilities_Net exposure _
a Rairvalucof ~~ Carrying Brazilian real = $ 3,388,218 3,142,507 245,711 $ 3,213,861 2,040,043 1,173,818
assets held as amounts of Euro 25,062,527 24,272,537 789,990 23,226,520 23,008,614 217,906
collateral receivable British pound 1,454,719 1,574,459 (119,740) 332,732 289,597 43,135
Swiss franc 1,854,102 — 1,700,054 154,048 2,920,111 . 3,126,326 (206,215)
* Japanese yen" 91,943 3,050 88,893 14,707 7,046 7,661
Government bills and bonds Sw eee Canadian dollar 71,737 69,430 8,307 75,914 69,314 6,600
‘ Omer 8084794032815 453776286 39,091 *
The Bank has pledged securities received as collateral for securities purchased under agreements to Total $ "32,010,093 "30,771,069 1,239,024 $ 29,829,222 _ 28,547,226 1,281

resell with a fair value of $10,276,008: (2005- $128,300,475) to secure liabilities due under
securities sold under agreements to repurchase as noted below.

Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65%
to 5.85% at December 31,2006 (2005 — 1.9 % to 4.8%). .

The Bank also raises funds by selling or pledging financial instruments under agreements to repay
the funds by repurchasing the instruments at future dates at the same price plus interest at a

15, Maturities of assets and liabilities
The following is a maturity analysis of selected assets and liabilities:

ES



ORC Se ee ROO OES PRO PPO OO NS BVO a a ee EE

predetermined rate. The securities sold under agreements to repurchase are commonly used as a On demand Upto! year Total
tool for short-term financing of interest-bearing assets, depending on the prevailing interest rates. ASSETS
At December 31, 2006 assets sold/pledged under agreements to repurchase were as follows: Cash and cash equivalents S$ 17,876,750 1,063,241,516 1,081,118,266
Deposits with banks - 2,527,029 2,527,029
2006 Securities purchased under agreements to resell - 14,832,079 14,832,079
a : Loans and advances to customers 21,352,545 38,816,698 60,169,243 eo
Fair value of Carrying amount of $39,229,295 1,119,417,322»~~—~21,<248,649,617
underlying corresponding ce SS
assets liabilities LIABILITIES
Deposits from banks $ 9,895,401 38,500,000 mn
‘ Deposits fi 726,839,786 305,219,007 ° 1,032,
Government bills and bonds $ 10,276,008 12,041,931 Securities 2oKd under agreements ta vopurcinse os 12,041,931 12081931
Fees received in advance from customers - 134,700 134,700 .
: Service level agreement fees payable - 1,035,000 1,035,000
2005 : Other liabilities - 9,571,144 : 9,571,144
Fair value of Carrying amount of :
underlying corresponding
assets liabilities
“ Z .
“ 16. Regulatory capital
‘a Government bills and bonds $ 128,300,475 138,849,188 : i . :
< eee Guidelines issued by the Central Bank of The Bahamas require a capital level where total
: a shareholder's equity must be maintained at a minimum of 8% of risk-weighted assets. At
7 Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% to December 31, 2006 and 2005, management believes the Bank was in compliance with these capital

CD EE & ea AA

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et ee te

Mee a oe © 6d OK ITF VBL



5.10% at December 31, 2006 (2005 — 1.4% to 4%).

requirements.

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PAGE 12B, WEDNESDAY, MAY 2, 2007



GRAHAM, THOMPSON & Co.

COUNSEL & ATTORNEYS-AT-LAW * NOTARIES PUBLIC

Will be closed
at 12:00 p.m.
on Election Day
Wednesday, May 2, 2007.

Nassau Chambers

Sassoon House

Shirley Street & Victoria Avenue
P.O.Box N-272

Nassau, New Providence,
Bahamas

Tel: (242) 322-4130

Fax: (242) 328-1069

The First Commercial
3rd Floor, Suite 9
P.O.Box-42533

Freeport, Grand Bahama,
Bahamas

Tel: (242) 351-7474
Fax: (242) 351-7752



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announces

Weekly Freight

BETWEEN



BETTY K AGENCIES LTD

THE TRIBUNE



@ FamGuard Corporation has purchased the four-storey office
complex (shown), formerly known as IBM House

FamGuard Corp.

acquires former
IBM building

FamGuard Corporation has
confirmed‘an earlier Tribune
report that it has purchased
the four-storey office com-
plex, formerly known as IBM
House, at the foot of Paradise
Island Bridge, to house its
subsidiary’s agency force that
has more than doubled in size
over the past four years.

The new property, at the
corner of East Bay and
Church Streets, will house
Family Guardian’s Financial
Services and Group Life &
Health (BahamaHealth) divi-
sions, plus the life and health
insurer’s centralised client ser-
vices operations.

Family Guardian’s opera-
tions will occupy three of the

ervice

floors, with the remaining
floor available for rental. Inte-
rior refurbishments are aim-
ing to have the 40,000 square-
foot building ready for full
occupancy in October.
Family Guardian has initi-
ated further physical expan-
sion this year to accommo-
date its sales operations.
The company has leased

additional office space in

Grand Bahama and Exuma,
with its financial services
operations in Freeport mov-
ing to new premises in the
Regent Centre this past Janu-
ary, and a new office in
George Town, Exuma, being
readied for occupancy this
summer.




MIAMI FL - NASSAU - MARSH HARBOUR, ABACO



MIAMI WAREHOUSE




Now Receiving Cargo
First Sailing May 2nd 2007
Located 3701 NW South River Dr.
Miami Florida 33142















Don Mackay Blivd East Street North, Kelly’s Dock
Marsh Harbour P.O. Box N-351
P.O. Box AB 20116 Nassau, Bahamas

Abaco, Bahamas
Tel: 1 (242) 367-0593
Fax: 1 (242) 367-0594

Tel: 1 (242) 322-2142
Fax: 1 (242) 322-6089

NASSAU DEPOT

Will Receive Cargo
Bradley St. Palmdale Opp. Kemp’s Funeral Chapel
Commencing May 2nd 2007 (Dry Cargo)

May 3rd, 2007 (Refrigerated & Dry)







Miami, Fla. 33142

Tel: 1 (305) 635-4650
Fax: 1 (305) 635-4651

oe Opposite Dollar Rent A Car

irport Location)

3701 NW South River Dr.