02122024 BUSINESS

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MONDAY, FEBRUARY 12, 2024

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Cruise port principal demands $2m back

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PRINCIPAL behind the Long Island cruise port project is demanding that a Bahamian law firm refund him $2m sent for a separate investment deal in the Exumas that “never took place”.

Sherif Assal, one of the two investors spearheading the Calypso Cove development, has launched legal action against King & Company seeking the return of funds that were transferred to it over a “proposed development” on Elizabeth Island being spearheaded by two of its clients.

He is alleging that he was offered a 30 percent interest in the project, which was to feature a mixed-use resort development over 33.1 acres at the island’s western end, by Steve Harrington and Eric Kim in return for

a $3m investment in a property valued at $10m.

Two-thirds of that sum was purportedly paid through King & Co, but Mr Assal is claiming that the transaction involving his investment was never properly consummated and completed, and that he never agreed his $3m “would be used to purchase” the 33.1-acre site on August 4, 2021.

A provider of security services to the global cruise industry for 22 years, he is alleging that it is “unconscionable” for the Bahamian law firm to have either retained his monies or allowed its clients to finance their Exumas real estate purchase “without my permission or knowledge in the circumstances” where he has no confirmed equity ownership or other interest in the deal.

Mr Assal’s action is also asserting that King & Co

breached the Financial Transactions Reporting Act by “failing to obtain” the required Know Your Customer (KYC) information on him prior to accepting the $2m that he wired to it.

But Mr King, in an e-mailed message to Tribune Business, denied his firm had violated the Financial Transactions Reporting Act’s (FTRA) customer due diligence requirements or any other Bahamian law. He branded the allegations, and legal claim, as “total nonsense” and “fabricated”, and hinted he may pursue Mr Assal for damages for “trying to besmirch” his and the company’s reputation.

“The firm and the firm’s client did not commit any violation of any Bahamian law,” Mr King told this newspaper, also defending Mr Harrington and Mr Kim. “The matter is presently before the Supreme

MINNIS BLASTS OVER-THE-HILL TAX FREE ZONES ‘NONSENSE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Court and the firm has engaged King’s Counsel (KC) to represent its interest and to vigorously defend the suit. This claim is total nonsense, lacks merit, substance and is fabricated.

“I trust that the complainant understands that by trying to besmirch the firm’s reputation [he] exposes himself to damages. I have been practicing for 27 years, and no client or third party has ever made any such scandalous accusations against myself or the firm. We will see this matter to its end, and I am confident the firm will be vindicated and this case dismissed as lacking any merit.

“However, due to the fact that the matter is before the Supreme Court we are not at liberty to disclose pertinent facts. The case cannot and will not be tried in the public domain. Any further SEE PAGE 11

WASTE, ‘POLITICAL ATTITUDES’, BAR IMF’S HOSPITAL USER FEE PLANS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ex-health minister says “wastage”, combined with zero political appetite, means the IMF’s call for the imposition of hospital user fees on those “with greatest capacity to pay” is likely a non-starter.

Dr Duane Sands, who held the post during the early years of the Minnis administration, also warned Tribune Business that the International Monetary Fund’s (IMF) focus on “dollars and cents” was not necessarily accounting for the outcome of health treatments amid “dismal” and “horrible” Bahamian healthcare statistics.

And he pointed out

that the healthcare financing model suggested by the Washington DC-fund ran contrary to that preferred by the likes of the World Health Organisation (WHO) and Pan American Health Organisation (PAHO), as well as the Government, which viewed user fees as a barrier to accessing public sector healthcare at the point of delivering services.

“I think we are looking at a philosophical discussion right now,” Dr Sands told this newspaper of the IMF’s call for the imposition of use fees on those with the ability to pay as a means to cut annual taxpayer subsidies to the Public Hospitals Authority (PHA).

THE Government has to refinance almost $2.4bn in maturing debt during the six months to end-June 2024, it has been revealed, with its euro-denominated liabilities almost doubling in percentage terms.

The Ministry of Finance’s debt management office, in its statistical bulletin for the three months to end-December 2023, reaffirmed that just over 47 percent of government debt due to mature during the 2024 first half is represented by short-term Treasury Bills. Bahamian

DR HUBERT Minnis last night branded assertions by government officials that “nobody is losing anything” from the extinction of Over-theHill ‘tax free’ zones as “the biggest nonsense I have ever heard”.

The former prime minister sought to mount a vigorous defence of the Economic Empowerment Zone legislation passed under his administration amid arguments by current ministers and senior civil servants that it failed to achieve its objectives with most Over-the-Hill businesses and residents unable to access the incentives on offer.

With Dr Minnis accusing the Davis administration of reimposing “taxes on the poor” by killing-off the Empowerment Zone legislation through failing to renew it once it expired on June 30, 2023, the Government’s top finance official reassured that merchants, property owners and households living in those areas can still access the same tax breaks via other incentive-related

legislation.

“The benefits in that Act were not unique to that Act,” Simon Wilson, the Ministry of Finance’s top official, told this newspaper. “The benefits are still available under the Tariff Act and other Acts.

Nobody is losing anything.

They are still available.

Businesses that apply for the benefits are granted them under the Tariff Act and other legislation.

“The Economic Empowerment Zone legislation did not provide new benefits. It took benefits that existed under the Tariff Act and other pieces of legislation.

People didn’t access it because they were getting the same thing all along.

It wasn’t accessing something they couldn’t get before under the Tariff Act.” Mr Wilson also suggested there was relatively minimal use made of the Customs duty, real property tax and Business Licence fee waivers by entities and persons living in the targeted areas because the same tax breaks already existed.

And he added that many businesses were SEE PAGE FOUR

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GOV’T SET TO REFINANCE $2.4BN IN SIX MONTHS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$5.28

dollar-denominated debt accounts for 79 percent, or $1.893bn, of the total amount that has to be rolled over with the foreign currency share at $505m.

“The debt redemption profile for the balance of the fiscal year includes reissuances of Treasury bills ($1.133bn, Treasury notes ($67.6m) and Central Bank advances ($192m), and the $300m external bond maturity due in January 2024,” the report said, acknowledging that more than one-quarter of the Government’s debt portfolio is still due to mature in one year or less.

SEE PAGE SEVEN

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PAGE 2, Monday, February 12, 2024

THE TRIBUNE

Combining law and ethics to give THE exemplary conduct BALANCING RISKS OF WORKING AT HOME B2BUSINESS

PAGE 2, Monday, February 6, 2023

THE TRIBUNE

T

WHILE and here legality is no doubt ethics intersect frequently that remote workin the ingbusiness world, will continue they can also in to grow.

Withdiverge remote critical ways that shape work becoming a signifiacantcompany’s foundation business practice, it and future. risen Legality to has quickly to the compliance withexecutives’ laws and top of many regulations, ethicsa agendas andwhile become pertains to moralof princivital component talent ples that govern behaviour. attraction, employee retenFor looking to tion companies and staff satisfaction. succeed while According to maintaining Deloitte & their integrity, understandTouche’s Global Remote ing both is vital.

Work Survey, “over 80 perThisofarticle will highlight cent organisations have the importance of form making implemented some of legal and ethical decisions, remote work policy”. while these Theidentifying term that telework critical business (remoteelements work) ofrefers to sometimes the use of diverge. information and communications technolThe foundation of legal ogy (ICT) to perform work outside compliance of the employer’s Companies need to location.

It is important ensure operations, note that their although telework strategies interactions can refer toand mobile working comply with local, national from anywhere other than and international laws. an office, it is most common Compliance with these standards is non-negotiable, serving as the benchmark for upstanding corporate behaviour.

Legal standards protect companies, employees, conBy YOURI KEMP sumers and communities Tribune Business Reporter ykemp@tribunemedia.net

BY

DEREK

SMITH from harm; ensure fair competition; safeguard to work from home.

Workintellectual property; and ing from home, also known prevent corruption as telework from home,and is fraud. When a company the focus of this these article.legal fails to meet Assessment of the standards, it can berisk fined, In orderand tohave fullyitsbenefit penalised repufrom tarnished remote and hybrid tation - the effects work, to minimise of whichand can sometimes be irreversible.

A company’s legal compliance programmes are designed to navigate the complex web of applicable laws and regulations.

As a result, companies are infrastructure after a $34m both protected from the contract was signed to upgrade the island’s international airport Ramon Darville, Darville Lumber’s general manager, told Tribune Business “it does not make any sense” to spend such money on

consequences legal potential risks,of compainfractions and operate nies must establish a clear within government and understanding of their regulatory corporate riskframeworks. tolerance However, legal compliand then determine which ance - while safeguards must imperative be put in -place represents the this minimum to enable while standard corporate conbalancingforrisks.

Working duct. is here that ethics acrossItfunctions and taking becomes a broad pivotal. view is essential when embedding a sucBeyond legality: ethicessful remote The working model.cal A imperative holistic approach ethics, the of to Inbuilding a concept compliant right and wrong transcends and operational workforce what is will written in law.

It strategy require workrefers to a set of moral prining with your leadership ciples a company’s and governing co-ordinating across decisions and acts.(tax, Honesty, all stakeholders comintegrity, respect pliance, fairness global and mobility, for othershuman are ethical considtalent, resources, erations.

In contrast legal payroll, legal, data to privacy standards, ethical to principles and technology) articuare public opinlateenforced and alignby priorities. ionThe and following the internaltwo compass steps of than by canthe helpfirm yourather get started. legal sanctions. * Assess your human capis impossible to overitalIt risks.

This assessment state importance and of should the be quantitative ethics in business. It builds trust with consumers, employees and partners.

A company’s reputation is enhanced by trust, which fosters loyalty and encourages both repeat business Exuma International Airand repeat port if the facilitycustomers. does not receive annual maintenance once the work is completed.

He spoke after Ministry of Works yesterday awarded Bahamas Hot Mix (BHM) a $34.245m contract for airside construction

Sustainable success Anacan actions are not always talent policies respondethito not merely anecdotal. be through ethi- cally correct.

There are changing conditions on the lyseachieved and identify compliance cal as cases where law permits ground, and the to cultural difriskscorporate and practices, downstream well as by(tax, attracting ferences that acrossare theethically globe.” impacts payrollinvesand actions tors and In employees Tax loopholes, Potential strategic touch rewards). the end,who an questionable. seek than just to finanexample, points include,may but be arelegal not effortmore will be made use for cial rewards. not necessarily limited to, talentethical. reviews the key findingsInto addition develop but to aligning their own policies andwith processes that and succession planning, moral seek networking Navigatingand the complex collaborawill helpvalues, managethey long-term companies that contribute tion tools, landscape and prioritising risks. to *society To navigate the combehaviours that Knowpositively. employee juris- leadership plex landscape dictional locations. Keeping matter.

The divergence of ethics and Conclusion track of employee locaimpossible and converIn short,legality, remotecompawork tions, what they ‘It do,is and to overstate gencemuch of ethics nies must of create workhow time they have and new ways anddoing legality a culture that ing can greatly enhance been it for the is imperimportance Although values focus ethical on its ative for any company. a company’s of ethics legality and under as staff, agility,behaviour resilience and Persons working the in ethics differ, much legal It In as parallel, radar in new andbusiness. different sustainability. they are not leaders beginning to jurisdictions face significant builds trust witharecompliance. mutually Leadership must importance tax, corporate responsibility recognise the consumers, exclusive.

It issues. set theapproach. tone by of a balanced and Immigration is Maintain possible for preventdemonstrating a variety of a employees long-term Toand legal require- partners.’ significant ariskscommitment for both talent strategy ments to the article, employees to prinandethical employers, According to converge ciples should in their be Building a with game changing certain controls ethical considerations in decision-making and implemented. Implementtalent strategy, which was certain For behaviour. ing strategic Additionally, enablement published situations. in the Harvard example, legislation related should with imple-a strategies aligned Business Review: “The best employers to environmental protec- ment an ethics programme tion, labour rights and that goes beyond compliance anti-discrimination reflects training to address moral societal ethical standards. dilemmas and ethical deciIn these areas, legal com- sion-making frameworks, pliance also fulfills certain and foster an environethical obligations. where employees feel is a great enhancement for works at the airport, which ment However, legally correct empowered to includes rehabilitation the island.” speak out.

The Hon. Alfred Sears, works for aircraft aprons, taxiways and the runway; Minister of Works and new taxiway installation; Utilities, led the signfencing and drainage; ing ceremony in the lighting and electrical; navi- conference room of the gational aids and runway Ministry of Works and Utilities (MOWU) JFK. markings.

Mr Darville said: “I don’t Among others, the contract know how many people includes pavement rehathey intend to hire for this bilitation works for apron, project, but we definitely taxiways and runway, new need to keep some of them taxiway installation, fencing on for maintenance after and drainage, lighting and the work is done. That’s all electrical, navigational aids I’m going to say. If you are and runway markings.

Representatives from going to spend $34m, but five years later you have various agencies attended the ceremony includnothing......

“We have a lot of planes ing Luther Smith and coming in here and the Reginald Saunders, Permaairport was getting very nent Secretaries; George crowded. With this new Hutcheson and Dr. Kenairport we will have a lot neth Romer, Directors; of people coming down Charlene Collie, project here now. We have a lot engineer and members of of second homeowners the Project Execution Unit coming in and a lot of tour- of the MOWU; officials ists. This is a big boost for from the MOWU, the Develthe island, and now we Inter-American also are expecting British opment Bank (IDB), the Airways to come in here, Ministry of Tourism and too, along with Delta and Aviation (MOTIA), the Ministry of Finance, InteAmerican Airlines.”

O’Brian Strachan, owner/ grated Building Services, operator of Strachan’s the Department of AviaService Station, said of tion, the Airport Authority the $34m contract award: and the Civil Aviation “They have to get it started Authority.

The contract awarded to now, or else it is just talk.

This is good news if this Bahamas Hot Mix is part contract is going to start. of the Government’s drive We need to get this airport to upgrade airport inframoving; we need to get this structure throughout the started. We’ve needed this Family Islands. The airports airport for a while now. at North Eleuthera, Marsh This island has outgrown Harbour and Treasure Cay, this old airport a long while Abaco, are also scheduled ago, and this new airport to receive upgrades as part

company’s enterprise and businessConclusion goals is an imporThe aspect importance both tant of of making ethics and legality in busiremote work be successful. ness cannot overstated.

While adhering to legal UÊ \Ê supports L ÕÌÊ operiÀi Ê standards ational and Smith Jr legitimacy prevents sanctions, ethiiÀi Ê- Ì Ê À°Ê >ÃÊLii Ê cal behaviour risk fosters a governance, and trust, comloyalty and sustainable pliance professional for success.

Companies that ÀiÊÌ > ÊÓäÊÞi>ÀÃ°Ê iÊ >ÃÊ recognise and embrace the held positionsofat ethics a TerraLex intersection and legality the potential i LiÀÊhave >ÜÊ wÀ ]Ê >Ê 7 vÃto become industry leaders, LÕÀ}Ê À Õ«Ê i LiÀÊ L> Ê as well as leaders in broader > `Ê >Ê ¼L }Ê v ÕÀ½Ê >VV Õ Ì }Ê societal landscapes. wÀ °Ê ÀÊ - Ì Ê ÃÊ >Ê ViÀÌ wi`Ê Derek > Ì iÞÊ Smith >Õ `iÀ }Ê Junior has specialist (CAMS), been a governance, risk and Ì iÊ compliance V « > ViÊprofessional vwViÀÊ > `Ê for laundering more than 20reportyears. money He is the author of }Ê vwViÀÊ­ ,"®Êv ÀÊ‘The Ê Compliance Blueprint’. Mr Ì > Ì V½ÃÊ vÊ V «>Smithv> ÞÊ is a certified anti iÃÊ ­ i LiÀÊ vÊ specialist À> à iÊ money laundering À Õ«®Ê v ÀÊand / the iÊ assistant > > >ÃÊ (CAMS) vice-president, compliance > `Ê/ÕÀ ÃÊEÊ > V ð and money laundering reporting officer for CG Atlantic’s family of companies (member of Coralisle Group Ltd) for The Bahamas, St Vincent & The St Lucia and of Grenadines, efforts to improve air Curaçao. transport connectivity and the flow of tourists to the Family Islands while also making critical infrastructure assets climate resilient.

Besides improving operating procedures, safety management, emergency response plans and the Bahamas Airport Authority’s internal capabilities, the redevelopment works will also raise the selected airports to International Civil Aviation Organisation (ICAO) standards.

Alfred Sears KC, minister of public works and utilities, said at the Hot Mix contract signing that the works are being financed with an Inter-American Development Bank (IDB) loan. “The Family Island air transport infrastructure is in need of improvements to comply with international aviation standards, and to achieve a resilient stock of infrastructure against climate change,” he said.

“The IDB supports this improvement process given the bank’s experience in air transport infrastructure.” Mr Sears said Exuma International Airport was in need of investment and requires a wide range of upgrades. He added that security deficiencies, including visual aids, lighting and marking, mobile equipment, the layout of the runaway, apron and taxiways, impose a risk to the

LENDER EXPANDS TO PRIVATE SECTOR CREDIT

said the major distinction between Easy PayDay and traditional lending institutions is the customer service and one-hour turnaround.

She said: “Our customer service is superb, as well as the turnaround time. Based on the feedback from customers, our turnaround time is amazing. Our loans are quick, fast and easy.”

Easy PayDay has been operating since 2004, and participates in various philanthropic activities.

Ms Knowles said: “Easy PayDay has a foundation that makes annual donations to various charitable organisations, and some individuals that meet our policy criteria.

“Last year, December, we also donated computers and printers to two schools.

Currently, we are in the process of donating building supplies to renovate a building on a Family Island to be used as a computer lab for students.”

Maintain value of $34m airport upgrade contract AN EXUMA businessman yesterday said The Bahamas must do better at maintaining its

By FAY SIMMONS jsimmons@tribunemedia.net A PAYDAY lender yesterday said it has developed the staff and infrastructure necessary to expand into providing private sector employees with credit.

Ruthie Knowles, Easy Payday’s general manager, said the adoption of new technology has enhanced the company’s loan processing capabilities such that it can now move beyond extending credit only to public sector workers.

She said: “We have been turning down customers from the private sector for years, but we now have the infrastructure in place.

We have well-trained staff and have invested in a new

loan platform that can adequately service an increased loan volume.”

The lender offers loans up to $30,000 for government employees, and $5,000 for privately-employed individuals with a minimum five-year employment record with their current employer. Ms Knowles indicated that the loan limit for private employees may increase as the company develops this business line.

She said: “Over time we will update policies on the current credit limit and loan term. During this initial introduction, we are seeking to assist persons who have been stable with one employer for at least five years.”

Felanique Capron, an Easy Payday employee,

SEE PAGE B9

THE TRIBUNE

Monday, February 12, 2024, PAGE 3

‘PASSING MARK’ COULD SPARK BAHAMAS’ BLACKLIST ESCAPE

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net A CABINET minister has signalled The Bahamas could escape the European Union’s (EU) tax blacklist within weeks after it received a “passing mark” over a key issue that prevented its removal in late 2023.

Michael Halkitis, minister of economic affairs, said The Bahamas had received a “satisfactory” rating for its exchange of economic substance information from the Organisation for Economic Co-Operation and Development (OECD) arm that assesses each country’s compliance on the issue.

The OECD’s forum for harmful tax practices has now “communicated” its findings on The Bahamas to the EU’s Code of Conduct group, which determines which nations are included, remain on or are delisted from the 27-nation bloc’s tax non-cooperation blacklist.

The EU’s assessments take their cue from, or are largely governed, by the findings and recommendations from the OECD’s forum on harmful tax practices. Mr Halkitis hinted at the Government’s optimism, now that its exchange of economic substance

information has made the grade, that The Bahamas will escape the EU blacklist after it is reviewed by the Code of Conduct group later this month.

Speaking at the Prime Minister’s Office’s weekly press briefing, Mr Halkitis said The Bahamas’ upgraded and reformed economic substance reporting portal was completed in December, paving the way for this nation to meet the OECD forum’s information exchange standards.

He added: “One of the issues that prevented us from coming off the blacklist last year was being able to exchange information.

You might recall that we had an issue with the portal that we were using, which was not adequate. We had to replace it.

“At the end of December, we were able to have in place a portal that enabled us to do the exchanges; to exchange all the information with those countries that wanted to exchange with us. The group that oversees that process is something called the forum on harmful tax practices.

Early in January, they looked at the changes that we made and gave us a passing mark of, yes, that’s satisfactory.”

Mr Halkitis said the

OECD forum has relayed these findings to the EU Code of Conduct Group, and the Government is now hopeful for a “positive outcome” as it relates to The Bahamas being removed from the blacklist when the EU meets at the end of the month.

He said: “On the 7 [of February] they then communicated that information to another committee called the Code of Conduct Group of the EU. They had a meeting on February 7, which is last Wednesday. And so they got the information that we have dealt with that one outstanding matter.

“There is a meeting of the EU on February 20, which is the Tuesday after next, where they will take all of that into consideration. So we are hopeful that with all of these positive reviews, we can get a positive outcome.”

The EU blacklisted The Bahamas in October 2022 because it did not correct deficiencies in its economic substance reporting regime.

This relates to the Commercial Entities (Substance Requirements) Act 2018, which requires companies conducting “relevant activities” to confirm they are carrying out real business in The Bahamas via annual

electronic filings.

These companies must show they are doing real, legitimate business in a jurisdiction and are not merely brass plate, letterbox fronting entities acting to shield taxable assets and wealth from their home country authorities.

“The Bahamas facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements,” the EU’s February 14, 2023, summary concluded.

The Prime Minister, in leading-off House of Assembly debate on the Commercial Entities (Substance Requirements) (Amendment) Bill 2023 and the Register of Beneficial Ownership (Amendment) Bill 2023 in early December, said the reforms were a response to the latest “hard” recommendation made by OECD forum on harmful tax practices.

The OECD forum, while rating The Bahamas’ economic substance regime as ‘not harmful’ in its October 2023 review, urged this nation to bring its exchanges of information with other jurisdictions up to “the standard” required by the

initiative. This, Philip Davis KC said, is what is driving the latest reforms to the economic substance reporting legislation.

The Prime Minister said complying with the OECD’s directive also requires changes to The Bahamas’ Register of Beneficial Ownership Act and regime. The thrust of the OECD recommendation is that both portals - the one for economic substance, and other for beneficial ownership registration need to interface with one another to achieve the desired exchange of information standard.

Mr Davis explained: “Earlier this year, after several months of work, The Bahamas underwent a preliminary assessment by the [OECD] forum on harmful tax practices.

“I must inform you that during the forum on harmful tax practices’ October meeting, The Bahamas’ economic substance regime has been rated as ‘not harmful’ with a few recommendations to make key changes.

“These include soft recommendations on the verification of data and more intensive reviews of certain entities, as well as a hard recommendation urging us to ‘undertake

the required exchanges of information under the standard’,” Mr Davis added.

“While all of the recommendations are important, it is the third ‘hard’ recommendation that is crucial.

The third recommendation is the reason for the imminent amendment to the Commercial Entities (Substance Requirements) Act. “It is also the reason why we are making an amendment to the Register of Beneficial Ownership Act. The key issue that both of these amendments address is the need for these portals to interface with one another to facilitate the exchange of information.”

Mr Davis said The Bahamas has promised the OECD that the reforms to meet the exchange of information standard will be enacted and in place by 2023 year-end. “We fully intend to honour that commitment.

Since then, we have organised, cleaned and compiled data, and migrated it to facilitate the exchange of information between the portals,” he added.

“We are doing all that they asked us to do and, as a result, we expect that we will be removed from the EU’s blacklist as long as the goalposts are not moved once again.”

PERSONAL INCOME TAX NOT ON GOV’T ‘AGENDA’

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

A CABINET minister has affirmed that the introduction of a personal income tax is “not on our agenda” - not even for the top 10 percent of earners as recommended by the International Monetary Fund (IMF).

Michael Halkitis, minister of economic affairs, said such a levy for the highest earners was not in the Government’s “contemplation at all” and it would take significant consultation and the achievement of wide-ranging consensus before a fundamental change in the country’s taxation system was ever implemented.

He added: “Personal income tax? No. As a matter of fact, I said that to the experts that did that report. That’s not on our agenda, so let me just leave it right there, at all. I know some people say they prefer it. But you know, they say that now. But that’s not on our agenda; it’s not in our consideration.

“I saw, I think the IMF, again, in their report, once again in their report suggested that we put an income tax on top earners.

That’s not in our contemplation at all.

“We thank them for their report, we see what’s useful for and we implement that. But some of these things... I wouldn’t say radical, but that sort of fundamental change in the way that we’ve been operating from our very existence requires a whole lot of consultation and consensus and everybody has to agree. That’s what we’re going to do.”

The IMF, in its full Article IV report on The Bahamas, urged this nation to exploit the G-20/OECD drive for a 15 percent minimum global corporate tax to craft and implement such a tax to suit this nation’s own needs.

And, besides imposing a personal income tax on the highest 10 percent of income earners, the IMF called for such a reform to be accompanied by a 5 percent levy on capital gains, dividends and interest income. It also suggested

that the marginal personal income tax rate equal that of the corporate tax to prevent companies avoiding the latter by paying our profits as salaries to shareholders and top executives.

Outlining what Bahamian tax reform should look like, it argued: “Introduce a corporate income tax. Replacing the Business Licence fee with a 15 percent tax on corporate profits for large corporations could raise an additional 1.4 percent of GDP and would be compatible with the OECD’s global minimum tax rules.

“Designing the profits tax as a cash flow tax that allows full expensing of investment, and includes an unlimited carryover of losses, would simplify implementation and prevent disincentivising business investment.

A lower tax rate could be provided for SMEs (small and medium-sized businesses) instead of retaining the Business Licence fee for small entities.”

Much, if not all, of this was included for

TAX REPORTING WOES ‘BEHIND US IN A WEEK’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister has pledged that the woes with the Government’s online tax reporting portal “should be behind us in the next week” with “some stark improvements” already occurring.

Michael Halkitis, minister of economic affairs, used the Prime Minister’s Office’s media briefing to apologise to the Bahamian private sector for the frustration and stress caused by an inability to access to the Department of Inland Revenue’s portal and subsequent challenges in meeting both VAT and Business Licence filing deadlines and payments.

“There has been a lot of talk and a lot of coverage about the difficulties at the Inland Revenue Department, particularly the Business Licence renewals, and I want to begin by apologising to all those affected for the difficulties they have had,” he said.

“We have accelerated our attention to that area recently, and I am advised we are already beginning to see some stark improvements to what is going on and, in the next week or so, we should have put those issues behind us.

Just to thank the public for their patience and, once again, to apologise for any inconvenience.”

Mr Halkitis, meanwhile, said mid-year Budget revenue projections are “on track” and the Government still expects to meet its full-year fiscal targets

despite the doubts voiced by the International Monetary Fund (IMF), Moody’s, Standard & Poor’s (S&P) and others.

“We are in full preparation mode for our mid-year Budget, which will be presented to Parliament on February 21, which is a week after next,” he added. “So preparations are in full stride for that, meetings with the various ministries and agencies, to assess their progress so far for the first half of the year and plans for the second

half of the year, and make the necessary adjustments that we see given changes in priorities and development for the first half of the year.

“Generally, we are positive. We are generally on track. I know there was some commentary about a so-called bad first quarter. I would just like to say, as all of you we’ll be watching the game tomorrow, or the day after tomorrow, the Super Bowl, there are four quarters to the game.

SEE PAGE 12

consideration in the Government’s corporate income tax ‘green paper’ that required companies, industries and others to provide feed- back by end-August 2023. It suggested that, in the majority of cases, a corporate income tax would replace the existing Business Licence regime to as to avoid double taxation.

Meanwhile, the IMF’s Article IV report called for corporate income tax to be accompanied by the personal variety but only for senior management executives and those in high-earning positions.

“The personal income tax would have high standard deduction so as to impact only the top 10 percent of earners and would be accompanied by a 5 percent tax on capital gains, dividends and interest income,” the IMF said.

“Setting the marginal personal income tax rate equal to that of the corporate income tax rate would help reduce avoidance through the re-characterisation of profits as labour income and would raise

around 2 percent of GDP annually.”

Mr Halkitis said the Government is “leaning”, in the first phase, to introducing a 15 percent corporate tax on Bahamian companies that are part of multinational groups generating 750m euros per year or more in turnover. This, he added, will “not have a whole lot of impact” for most firms while also enabling The Bahamas to fulfill its commitments to the G-20 and OECD. “We had a study done by one of the major accounting firms [Deloitte & Touche],” Mr Halkitis said. “They did a report and we released a ‘green paper’ asking for feedback. We got that feedback. We are now looking at that feedback and are now in discussions, internally at first, about the best way to proceed without, you know, a lot of confusion, without increasing the burden on anybody, but being able to capture some elements that we don’t presently capture and mostly in the multilateral area.

“Within the next few

weeks, shortly after the mid-year Budget, as we roll up to the [May] Budget, you’ll be getting more information on where the Government wants to go.

And we’ll be seeking more feedback from, particularly, the business community.”

Mr Halkitis said the Government is considering implementing what is known as the G-20/OECD initiative’s ‘pillar two’, namely the 15 percent minimum global corporate income tax on multinational groups that generate annual turnover of 750m euros and their subsidiaries.

He added: “I can say that we are leaning firstly at doing the pillar two, which is the, you know, multinational companies with income of 750 million euros or more. So, dealing with those, and so that will not have a whole lot of impact on, if any, local companies.”

“That’s one we’re looking at, because as you know, any sort of change in, you know, what we’ve been doing for so long requires a lot of consultation and feedback.”

PAGE 4, Monday, February 12, 2024

THE TRIBUNE

MINNIS BLASTS OVER-THE-HILL TAX FREE ZONES ‘NONSENSE’ from page one unable to make use of the real property tax exemption because they either did not own the buildings they operate from or the value was below the then$250,000 threshold at which tax became payable. “There was no scramble of persons coming looking for benefits,” Mr Wilson added.

Michael Halkitis, minister of economic affairs, went further at the Prime Minister’s Office’s Friday media briefing by suggesting that the Overthe-Hill tax breaks initiative was politically motivated through its focus on constituencies then-represented by FNM MPs and the exclusion of Englerston, whose MP is now-minister of education, Glenys Hanna Martin.

And he also argued that

the Economic Empowerment Zones had, instead of reviving inner-city areas of New Providence by stimulating economic activity and job creation, resulted in gentrification because existing businesses in those locations were unable to access the tax breaks.

Instead, Mr Halkitis argued, it was “one or two large businesses” that had moved into Over-the-Hill areas and exploited the incentives something that can lead to gentrification, where existing businesses and residents are pushed out and displaced from an area by wealthier rivals who are attracted to relocate there by the economic benefits on offer.

This, though, was branded “total nonsense” by Dr Minnis, who challenged Mr Halkitis to name the large businesses he was referring

to. And the former prime minister pointed to clauses in the Economic Empowerment Zone legislation that prevented companies with annual turnovers greater than $5m, such as Super Value and the commercial banks with branches in those areas, from accessing the tax breaks.

Dr Minnis also pointed to the 2020 annual report by the Prime Minister’s Delivery Unit, which touts that up to $2.5m worth of tax breaks were awarded to qualifying firms and property owners up to October 2020, as evidence that his initiative was working and to debunk the current administration’s criticisms.

The report shows that $2.5m was broken down into $1.445m worth of real property tax waivers; $329,284 in building materials concessions; $89,607 in foregone Business Licence fees; and

the balance representing tax breaks on commercial vehicles. Companies in areas designated by the legislation were able to obtain import duty waivers on vehicles, equipment and inventory for their businesses.

“In 2020 alone people took advantage of about $2.5m incentives,” Dr Minnis told Tribune Business. “We had about 49 individuals wanted to start businesses, and we gave them grants to the tune of about $122,000 from the Small Business Development Centre.

“Those individuals went on to generate $4.8m in revenues.

The concessions were valued at $2.5m but those businesses - those 49 individuals - generated $4.8m in sales alone and created 142 jobs, so it was working. Those 142 persons, if they were not working, might be a problem on the street.”

Dr Minnis argued that the Davis administration’s decision not to renew the Economic Empowerment Zone legislation had cost jobs and deterred impacted businesses from expanding, although he did not identify any by name.

“I said in Parliament that the PLP are always talking about how they are for the poor and marginalised,” the former prime minister argued.

“We made the inner-city a tax-free zone with no property tax, no Business Licence fee. Only VAT they pay.”

Pointing out that the Davis administration had extended tax breaks and incentive legislation for Bay Street and the surrounding areas, via the Downtown Nassau Revitalisation Act, he added: “When we were in office the PLP used to beat us every day: ‘When are you going to expand it into Englerston and other areas?’

“But, just in the last year, they stopped the inner-city tax-free zone. As a result of that, businesses who had taken on extra staff had to lay them off because they were depending on those incentives. They couldn’t expand their businesses. Some of them had containers on the dock that they were having great difficulty in clearing because they now had to pay Customs duties.

“Indirectly, they introduced as a tax on the inner-city. Bay Street’s was renewed, but they didn’t renew the inner city. It

expired on July 1. They had a chance to renew for five years and no one beat them on it because that is a tax on the poor. Here it is. When they were in Opposition they were beating us for not expanding it quick enough to Englerston and other places, and they came in and cancelled it.”

Dr Minnis said he recalled that legislation had been drafted prior to the 2021 general election to extend the Economic Empowerment Zone legislation beyond Overthe-Hill to other “poverty stricken areas” of New Providence such as Kemp Road, Fox Hill, Pitt Road in Fort Charlotte and Gambier Village. He argued that all the incoming administration had to do was pick it up and pass it.

“They cannot show any evidence of gentrification,” the former prime minister argued. “I spend a lot of time in the inner-city, and they would come and inform me of the challenges they were facing. They didn’t take it from Bay Street, but they took it from the poor man.

Why take it from the innercity rather than extend it?”

Mr Halkitis, at Friday’s briefing in referring to Dr Minnis, said: “I think he’s talking about what he termed the Over-the-Hill initiative. If you recall, there was a lot of controversy when that was done, because it did not include all of Over-the-Hill. It included some selective constituencies “And, if you remember, our member of parliament at the time for Englerston, who is still the member of parliament for Englerston, was very critical that she felt that it included areas like Bain Town, Centerville and St Barnabas that were at the time represented by FNM members of parliament where she, being a member of parliament for Englerston, which is the same demographic, the same area, same people so to speak, was excluded. And so, it was very controversial.”

Mr Halkitis explained that incentive legislation is usually evaluated after a period of time and, although the Economic Empowerment Zone initiative was intended to help inner-city residents develop their businesses, they found large companies from outside entered the

area to take advantage of the tax breaks on offer.

He said: “Legislation of that sort, which we call incentive legislation, is often brought in with a sunset clause, meaning it might come in and, say, it lasts for one year. And the intention is that you will during that year, or that period that law is in effect, you would gauge the impact and see how successful is it in achieving what we intended.

“I guess the intention was to help people to develop their properties. But what we found was that people who were, by and large living in the area, if they own the property at all they did not have the financial wherewithal to make an investment.

“And so you have one or two large businesses come in and take advantage of the investment. And you can see some of them, if you cruise over the hill, certain areas over there you can see some big businesses that were able to come in and take advantage of the tax-free incentive.”

Mr Halkitis said the Small Business Development Centre (SBDC) offers tax concessions to help all small businesses, and the Davis administration felt this was a “much more effective tool” than the Economic Empowerment Zone legislation to aid entrepreneurs.

He said: “So we felt that that was not achieving its intended consequence. Also implemented was the Small Business Development Centre, which allows small businesses to get, also by the FNM, dutyfree concessions on things like inventory and vehicles and equipment for their business.

If you have a business, small business under $5m.

“That applies everywhere.

And so we think that’s a much more effective tool to bring that sort of relief, particularly to the small business owner. We renewed that, and we allowed the other one to expire because it is not having, in our opinion; it’s not having its intended consequence.

“It sounds good. And so sometimes it might be a useful political tool to beat us. But you have to be able to look at what was the intended consequence. Did it achieve those intended outcomes and is there a better alternative?”

THE TRIBUNE

Monday, February 12, 2024, PAGE 5

Swift changes

By CHRIS ILLING CCO at ActivTrades Corp CHANGES happened for this year’s Super Bowl, the multi-billion dollar sporting event. The NFL’s grand finale is undergoing a female revolution. Because of star guest Taylor Swift, health and beauty companies are also getting involved as advertising customers for the first time ever.

In the US alone, more than 200m people were expected in front of their television screens on Sunday - representing well over half the country’s 335m inhabitants - to watch the final game of the National Football League (NFL) season.

The Super Bowl is the biggest single sporting event of

the year and is also one of the most economically interesting advertising places in the world.

Accordingly, many companies want to place their products as cleverly as possible during the mega event.

In recent years, large corporations such as Amazon, Google and Pepsi have been among its advertising customers. But this year, the Super Bowl is experiencing something of a revolution as it suddenly attracts companies from industries that have rarely been seen

before. Beauty and health companies are getting involved in the mega party.

The relationship between singer Taylor Swift, 34, and football player Travis Kelce, also 34, who made it to the Super Bowl with his team, the Kansas City Chiefs, is the reason for the sudden new advertisement boom. Due to Swift’s planned presence alone, millions of her predominantly female fans are currently avid football fans.

According to the analysis firm, Apex Marketing

Group, the global star is said to have already brought in a staggering $331.5m for the NFL and her boyfriend’s team since the start of their relationship this season- for example, through Swift merchandise and increased viewership.

The number of female spectators at NFL games has increased by 9 percent and is expected to be even higher for the Super Bowl.

But Swift does not even appear in the famous Super Bow half-time show. Fans instead simply hope to catch a glimpse of the singer in her box or on the field afterwards. When it became clear that Kelce’s team would play in the Super Bowl, NYX Makeup, a subsidiary of L’Oréal, bought its first Super Bowl commercial.

ICE SPICE, from left, Ashley Avignone, Taylor Swift and Blake Lively react during the first half of the NFL Super Bowl.

Photo: David Becker/AP A 30-second commercial This includes sales from during the Super Bowl costs the city’s estimated 150,000 an average of $7m. A decade visitors, who will spend ago, the price was $4m. Some around $215m on food, hotel 20 years ago it was $2.4m. rooms and gaming-related Since there is a fixed contin- merchandise.

The Super Bowl also gent of time and commercials available for each broadcast, affects other cities because competition is fierce. The fans organise parties and US television network CBS, visit bars and restaurants. which broadcast this Sun- According to the National day’s game, had already Retail Federation (NRF), declared its advertising space total spending this year sold out in November 2023. was $17.3bn. That is about The game is expected to $1bn more than for last bring in an additional $500m year’s game. Big business for the Las Vegas economy. for all parties involved.

BTC TO GIVE 300 CONSUMERS ONE MONTH’S CREDIT ON OUTAGE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Telecommunications Company (BTC) will give the 300 customers impacted by an eastern New Providence network outage a credit equal to one month’s service fee.

The announcement was made yesterday by communications industry supervisor, the Utilities Regulation and Competition Authority (URCA), which said it had completed “initial inquiries” into a service interruption that BTC alleges was caused by another utility provider accidentally cutting its fibre optic cable in the area.

URCA said of the disruption, which impacted BTC customers in the Eastern Road and Johnson Road, that the carrier was first alerted to the service

disruption on Sunday, February 4. “BTC advised URCA that it discovered damage believed to be done by a third party to one of the main trunk fibres supplying the impacted zones,” the regulator added.

“BTC advised URCA that the service disruption affected around 300 consumers. BTC asserts that restoration efforts were hindered by inclement weather. BTC advised URCA that services were restored at approximately 8pm on February 7. BTC has informed URCA that it has decided to issue a credit equivalent to one month’s service fee to all consumers impacted by the disruption.”

URCA’s statement, though, made no mention of its inquiry’s findings or confirm whether another utility provider had compromised BTC’s cable network as the latter has

alleged. BTC, in its original statement, said landline, mobile and Internet services had been interrupted after another utility - which it did not name - allegedly cut its underground fibre cable while conducting trenching work of its own.

The likeliest purported culprits would be the Water & Sewerage Corporation and Cable Bahamas/ Aliv. The former has been digging up the road and conducting work in the nearby Fox Hill community, while the BISX-listed communications provider has been rolling-out its own $80m fibre-to-thehome network across New Providence.

However, the Water & Sewerage Corporation is not regulated by URCA. BTC’s call for the regulator to initiate a probe therefore indicates the provider it is alluding to may be Cable Bahamas/Aliv.

NOTICE In the Estate of LAVERN BOYCE HARP, a.k.a LAVERN B. HARP a.k.a LAVERNE B. HARP, late of 8020 Benaroya Lane SW in the City of Huntsville in the County of Madison in the State of Alabama one of the States of the United States of America, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 13th March, 2024 after which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice of.

AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

BowePartners & Associates, Attorneys for the Executor, Caves Village, Suite 1, Building 4, Nassau, The Bahamas

Drexel Woods, BTC’s director of technical operations, last week said bad weather and “safety concerns” had delayed repairs on Monday, February 5, but added that customers in the affected areas should have begun to see services restored from the following day.

“We noticed that our services were abruptly interrupted on Sunday and, following investigations, it was determined that our underground fibre was cut by another utility provider that was trenching in the Eastern Road area,” he said.

“Unfortunately, due to the inclement weather and safety concerns for our technicians, we could not complete repairs on Monday. Our teams are still working on repairing the fibre, and we anticipate that customers will begin to be restored today.”

PAGE 6, Monday, February 12, 2024

THE TRIBUNE

‘JUST HAVE TO TRUST’ GOV’T OVER DEFICIT

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIANS “just have to trust” the Government’s assertion that the public finances are still on track to meet their fullyear targets despite the early outturn, a governance

reformer says.

Hubert Edwards, head of the Organisation for Responsible Governance’s (ORG) economic development committee, told Tribune Business that the $185m fiscal deficit through the first five months of the Government’s 2023-2024

IN THE SUPREME COURT PROBATE DIVISION

2023 /PRO/npr/0013

In the Estate of MADELINE LUCILLE THOMPSON, late of Woodland Road, Skyline Heights in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

financial year is “no surprise” as the first quarter report had already signalled the trend.

“We are at a place where we must trust the officials dealing with these important national matters,” he said. “If it is of their view that things will start to turn around in the next quarter, or certainly by now, and we are going to see significant inflows which will cause a normalisation of the rate at which the deficit is showing up on paper, then I think we

just have to trust them.”

Simon Wilson, the Ministry of Finance’s financial secretary, asserted that the fiscal deficit for the first five months is aligned with government forecasts even though it exceeded the fullyear target by $54.3m. The deficit stands at $185.4m for the five months to end-November 2023, as compared to the full-year target of just $131.1m.

However, it is just $2.3m higher than the $183.1m deficit generated for the five

To: VERONICA BASSETT Address unknown.

TAKE NOTICE THAT: On the 1st day of February, A.D., 2024 Madam Deputy Registrar Jennifer Stuart-Bastian at the Supreme Court Registry, Probate Division, Ansbacher Building, Bank Lane, New Providence, ordered that: 1. Citation to Accept of Refuse Probate dated the 1st day of February, A.D., 2024 and filed on the 8th day of February, A.D., 2024 be effected service on you by virtue of this advertisement.

2. Publication of this Notice constitutes service of the aforementioned Citation and the Order, and copies of which may be obtained from the Supreme Court Registry, Probate Division, Ansbacher Building, Bank Lane, New Providence, during normal business hours.

HUBERT EDWARDS

months to end-November 2022, and Mr Wilson said the administration had projected that it would either match last year’s performance or be slightly higher.

Mr Edwards said: “We have to view that on the backdrop of what was mentioned by the International Monetary Fund (IMF). The IMF already indicated that the deficit is expected to be at about 2.6 percent or more [of GFP]. That would translate to about $300mplus. If that is the case then we certainly expect, at the end of the day, to see some reasonable measure of a deficit being realised at the end of the fiscal year.”

The Government defended the deficit by saying the first half of the fiscal year is always weak, and the bulk of its revenue does not accrue until the

Budget year’s second half, when Business Licence fees and real property taxes are paid and there are additional tourists in-country.

Mr Edwards added: “If the Ministry of Finance’s official pronouncement holds true, and there are additional revenue sources which have not yet chipped in, which is going to roll through at a more accelerated level or at a higher level than it had done up to now, then the deficit will normaliae.

“My position would be that, at the end of the day, we ended up seeing some sort of a deficit, which is much less than the pronouncement by the IMF, but it is certainly my projection that we will not meet the 0.9 percent that was projected. I believe we will not meet that or be below that.”

3. At the end of 8 days after the date of this publication if you do not cause an appearance and accept the aforementioned Citation and renounce or act accordingly, the Court will proceed with the necessary application without you..

Dated this 12th day of February, A.D., 2024.

c/o PYFROM & CO Attorneys for the intended Administratrices, No.259 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas LEGAL NOTICE

NOTICE

RMC LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 204275 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 9th day of February A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mrs. Rene De Matos Caramez, whose address is Av. Jacui 312 – 204, Porto Alegre, RS, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 11th day of March A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 12th day of February A.D. 2024.

RENE DE MATOS CARAMEZ Liquidator

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Pondrock Ltd. has been dissolved and has been struck from the Register with effect from 28th day of November, 2023.

Alexandre Sampedro and Juliana Glinton LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

NOTICE

NOTICE

B.M. NATURAL PRODUCTS (BAHAMAS) LTD.

HAROLD VON BAKERS INVESTMENT COMPANY LTD.

NOTICE is hereby given as follows: (a)

(b)

(c)

B.M. NATURAL PRODUCTS (BAHAMAS) LTD. is in Voluntary Dissolution under the pro visions of Section 138(4) of the International Business Companies Act 2000.

The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

The Liquidator of the said Company is Mr. Jerome Edward Pyfrom, P.O. Box N7776-348, N.P., Bahamas.

NOTICE is hereby given as follows: a)

(a)

(b)

Harold von Bakers Investment Company Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

The Liquidator of the said Company is Conrad Issa of Paramaribo, Suriname.

Dated the 9th day of February, 2024 Mr. Jerome Edward Pyfrom Liquidator

Dated 9 February 2024 Conrad Issa, Liquidator

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

IGFCC Holdings Limited (IN VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, IGFCC Holdings Limited is in dissolution.

The dissolution of the said Company commenced on 7 February 2024 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The Sole Liquidator of the said Company is L. Michael Dean of Equity Trust House, Caves Village, West Bay Street, P. O. Box N-10697, Nassau, Bahamas.

L. Michael Dean Sole Liquidator

THE TRIBUNE

Monday, February 12, 2024, PAGE 7

Gov’t set to refinance $2.4bn in six months from page one “The average time to maturity (ATM) trended lower to 6.4 years at endDecember 2023 from 6.48 years at end-June 2023, reflecting developments in both the domestic and external components,” the debt management office report added.

“At end-December 2023, a reduced 26.5 percent of the debt portfolio was due to mature in one year, down from 30.1 percent at end-September and 28.1 percent at end-June 2023.

This was attributed to the contraction in both the external and domestic components, with the 11 percent decline on the domestic side to 14.15 percent influenced by the reduction in Central Bank advances.

“Reflecting shorterterm external financing during the quarter, the proportion of external debt maturing within one year was lowered to 14.15 percent.” Simon Wilson, the Ministry of Finance’s financial secretary, has repeatedly reassured that refinancing or rolling over the significant debt chunk maturing in the short-term will

not pose a problem, and the $300m external bond maturing this year has already been repaid.

However, some $212.6m or almost 60 percent of the $355.6m in net new Bahamian dollar borrowing during the six months to end-December consisted of short-term debt in the form of 90-91 day Treasury Bills.

“That’s problematic,” one source, speaking on condition of anonymity, said.

“They’re relying more on near-term obligations. The short-term risk profile is increasing. They’re shortening the average maturities when they should be moving in the opposite direction.”

They also pointed out that the $1.133bn in Treasury Bill debt due to mature before end-June are effectively becoming long-term debt obligations because they will have to be repeatedly rolled over or refinanced.

Meanwhile, the report also revealed that the Government’s debt denominated in euros increased as a proportion of the total by 1.7 percent to 3.9 percent at end-December 2023 after it accessed a near-$250m credit line from Deutsche Bank.

“Reflecting a new credit facility, debt in euros was elevated by 1.7 percentage points to 3.9 percent of the overall portfolio,” the Ministry of Finance report added.

“External debt approximated $5.03bn at end-December 2023, and 44 percent of the debt portfolio, which represented a gain of 0.5 percentage points since end-June 2023.

“The $25m net accretion across the first six

months comprised the following transactions: Disbursement in December of a new 226m euro (approximately $248.8m) credit facility from Deutsche Bank.” Meanwhile, repayments on existing foreign currency debt totalled $245.9m.

“At end-December 2023, public sector debt was estimated at $12.748bn, which corresponded to respective gains of $191.4m (1.5 percent) relative to

end-September 2023 and $98.5m (0.8 percent) since end-June 2023,” the Ministry of Finance report added.

“Although foreign currency indebtedness expanded by $175.1m (3.1 percent) during the review quarter, the yearto-date change was a contraction of $7.5m (0.1 percent). At endDecember 2023, the stock constituted 45.3 percent of the total portfolio

- equivalent to the average share registered over the previous four quarters.

“Growth in the Bahamian dollar component for the quarter was lower at $16.3m (0.2 percent). However, the higher level of activity in the first quarter elevated the year-to-date gain to $106m (1.5 percent). The corresponding proportion in total debt, at 54.7 percent, was also the average obtaining over the past year.”

We are seeking to employ a

Food & Beverage Manager

here at February Point Resort Estates in beautiful Great Exuma. We are hoping to find candidates with a minimum of 2-3 years’ experience.

We offer a competitive salary and excellent benefits.

Interested persons should send their resume to:

teneeshia@februarypoint

NOTICE NOTICE is hereby given that LORNA STEWART-ARMBRISTER of Joan’s Drive off East Street South, Nassau, The Bahamas 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 5th day of February 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that FUHUA AO of P. O. Box EE-15545, Twynam Heights, New Providence, 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 12th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that JACQUELINE ANN-MARIE ROBERTS of P. O. Box N-3811, James Street, Nassau Village, New Providence, 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 twentyeight days from the 12th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 9 FEBRUARY 2024

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2909.53

0.06

0.00

57.89

2.03

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.90 50.00 2.76 2.70 5.74 7.60 10.80 4.70 12.21 5.50 11.10 14.50 6.99 10.60 10.10 4.25 18.25 5.00 12.80 17.33

52WK LOW 3.88 40.06 2.55 1.99 2.56 6.93 8.69 4.00 10.21 3.30 8.50 10.65 2.74 10.00 9.60 3.67 17.00 3.65 12.10 15.76

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 5.25 41.19 2.76 2.00 4.00 7.60 10.62 4.21 11.01 5.25 10.92 14.50 6.00 10.50 8.48 4.25 17.75 5.00 12.80 15.82

CLOSE 5.25 41.19 2.76 2.00 4.00 7.60 10.62 4.21 11.01 5.25 10.92 14.50 6.05 10.50 8.50 4.25 17.75 5.00 12.80 15.82

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.02 0.00 0.00 0.00 0.00 0.00

1.00 1.00 10.00 1.00

1.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.42 100.00 100.00 97.78 100.10 96.10 99.87 100.00 100.81 97.15 100.14 100.03 100.59 100.36 100.65

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.42 100.00 100.00 97.78 100.10 96.10 99.87 100.00 100.81 97.15 100.14 100.03 100.59 100.36 100.65

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME 50

EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610

P/E 22.0 44.2 N/M 14.3 N/M N/M 28.8 -9.6 78.6 28.5 24.3 20.1 59.3 22.5 13.2 5.8 21.8 24.6 13.6 25.1

YIELD 3.24% 3.06% 0.72% 4.00% 0.00% 0.00% 2.45% 0.00% 0.00% 2.29% 2.01% 4.97% 7.17% 0.57% 3.86% 5.65% 3.04% 2.40% 1.56% 3.86%

PREFERENCE SHARES 1.00 1.00 10.00 1.00

1.00 1.00 10.00 1.00

Bahamas First Holdings Preference Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CHLA FBBA FCLB

0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000

0.00% 6.25% 7.00% 6.50%

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

VOLUME

INTEREST Prime + 1.75% 6.25%

MATURITY 19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.55% 5.24% 5.00% 4.33% 4.27% 5.60% 6.40% 4.88% 4.87% 5.40% 4.40% 4.69% 4.56% 4.33% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 25-Jul-2026 23-Feb-2038 15-Oct-2038 16-Jul-2030 26-Jul-2024 15-Jun-2040 15-Feb-2051 26-Jul-2035 26-Jul-2037 13-Oct-2036 19-Oct-2030 22-Sep-2033 4-May-2026 26-Jul-2028 7-Sep-2025

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.42 100.00 100.00 97.82 100.10 96.61 98.80 100.78 100.81 97.34 100.14 100.03 100.59 100.51 100.65

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.20 95.22 92.00 97.78 100.05 96.61 98.80 100.00 100.81 97.34 100.14 100.03 100.23 100.30 100.65

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS97033 BGR FX BGR121138 BGRS FX BGR125238 BGRS FX BGRS94030 BGRS FL BGRS98024 BGRS FX BGR138240 BGRS FX BGR142251 BGRS FL BGRS81035 07/26/2035 BGRS FL BGRS81037 07/26/2037 BGRS FX BGR112036 10/13/2036 BGRS FL BGRS89030 10/19/2030 BGRS FL BGRS84033 09/22/2033 BGRS FL BGRS77026 05/04/2026 BGRS FL BGRS88028 07/26/2028 BGRS FL BGRS75025 09/07/2025

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS970336 BSBGR1211386 BSBGR1252380 BSBGRS940305 BSBGRS980244 BSBGR1380405 BSBGR1420516 BSBGRS810359 BSBGRS810375 BSBGR1120363 BSBGRS890302 BSBGRS840331 BSBGRS770264 BSBGRS880287 BSBGRS750258

500

MUTUAL FUNDS 52WK HI 2.68 5.13 2.32 196.33 202.32 1.80 2.05 1.91 0.98 10.20 13.51 7.80 16.64 12.84 10.77 16.27 11.22 14.89

52WK LOW 2.11 3.30 1.68 116.70 199.29 1.74 1.84 1.83 0.93 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Equity Fund CFAL Global Fixed Income Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Coralisle Bahamas Fund - Class D Coralisle Bahamas Fund - Class E Coralisle Bahamas Fund - Class F

NAV 2.68 5.13 2.32 184.64 202.12 1.80 2.05 1.91 0.96 10.23 13.54 7.82 13.45 12.24 10.69 N/A 9.19 14.10

YTD% 3.25% 4.82% 2.30% 2.50% 1.88% 1.47% 3.58% 1.46% 0.59% 0.48% -0.50% 1.08% 2.47% 1.49% 0.71% N/A 3.00% N/A

12 MTH% 3.96% 6.10% 2.76% 3.92% 1.88% 2.82% 7.12% 2.87% -0.60% 8.25% 13.68% 3.07% -6.88% 0.87% 0.53% N/A 25.60% N/A

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date 31-Oct-2023 31-Oct-2023 27-Oct-2023 31-Oct-2023 31-Oct-2023 30-Jun-2023 30-Jun-2023 30-Jun-2023 30-Jun-2023 24-Jul-2023 24-Jul-2023 24-Jul-2023 24-Jul-2023 24-Jul-2023 24-Jul-2023 31-Mar-2023 31-Mar-2023 31-Mar-2023

THE TRIBUNE

Monday, February 12, 2024, PAGE 11

CRUISE PORT PRINCIPAL DEMANDS $2M BACK from page one comments on the matter will be made by our attorneys.” Mr Harrington is also an existing investor in The Bahamas as a member of the consortium that acquired Exuma’s Peace & Plenty resort in 2017.

Documents filed with the Supreme Court reveal that Mr King had e-mailed Mr Assal’s attorneys, Delaney Partners, on January 17, 2024, to confirm his clients had informed him they will “attempt” to raise $3m by May 1 this year to buy out his interest in the Elizabeth Island project.

However, the e-mail trail also reveals that the purchase of Elizabeth Island’s 33.1 acres remained unrecorded and unsecured almost two-and-ahalf years after the $3.85m deal was closed on August 4, 2021, because the necessary VAT has yet to be paid on the transaction to the Public Treasury.

The outstanding tax would be $385,000 at the current rate, but the deal would have occurred at a time when the former Minnis administration had raised the VAT rate on conveyances worth $2m or more to 12 percent, so the unpaid liability could be as high as $462,000.

Mr King, in a January 15, 2024, e-mail to Edward Marshall at Delaney Partners, argued that Mr Assal’s fight was with his clients - Mr Harrington and Mr Kim - rather than with himself and his law firm as he confirmed that the

Elizabeth Island purchase was not stamped or recorded in the Registry of Records due to the unpaid VAT. “I fail to see what King & Co has done wrong,” Mr King wrote. “Perhaps an initial inquiry as opposed to a demand letter would have been more appropriate. Your client’s relationship is with Steve Harrington. Your client arranged with Steve Harrington to send funds directly to King & Co. “Money was sent to King & Co for closing on the Elizabeth Island deal as per e-mail and wire details from your client.

Such monies were not sent in escrow to your client’s order (or any contingency for that matter) and were transferred to Higgs & Johnson at closing.”

Two days later, Mr King provided correspondence which he said showed Mr Assal’s acknowledgement of his 35 percent interest in the Elizabeth Island project and “his involvement some 14 months after closing with the land planning aspect of the deal as per the actions of an economically interested party in the deal”.

“Clearly he was aware we closed in 2021 as he spent 2022 working on land planning,” Mr King told Mr Marshall.

“What is also bemusing is that this is the first I have heard from your client in two-anda-half years and then only through your good self.”

Noting that Mr Assal had sought to use his Elizabeth Island investment to try and obtain economic permanent residency in The Bahamas,

King & Co senior partner added: “Accordingly, it is disingenuous of your client to, one, argue that he was unaware of the use of the funds and, two, that he was not part of the deal.

“He is maybe dissatisfied that his investment has not come to fruition but to patch together an artificial version of events to establish an action against King & Co is completely unfair.” Mr King, though, said Mr Harrington and Mr Kim had advised they would both record the August 4, 2021, deal and pay the due VAT as well as provide evidence of Mr Assal’s 35 percent beneficial ownership in Elizabeth Island.

They also, he wrote, now plan to sell the property and “attempt to raise $3m by May 1 to purchase Sharif’s interest of 35 percent”. Clearly hoping this would be sufficient to head-off any legal action against his firm, Mr King wrote: “In the circumstances please withdraw your demand from King & Co.” That has not happened.

Mr Assal, in his legal filings, asserted that he was first approached about the Elizabeth Island project by Mr Kim, co-founder and chief operating officer of Mr Harrington’s firm, in April 2021 when they were members of the same US country club.

He claimed that the project’s ultimate owner was a US-incorporated company, Exumar LLC, which was beneficially owned by Mr Harrington and Mr Kim.

Exumar LLC, in turned, owned a Bahamian entity, Exuma Elizabeth Ltd, which was to acquire the 33.1 acres.

Informed that the site was valued at $10m, Mr Assal alleged he was informed that he could acquire a 30 percent ownership interest with a $3m investment. He visited the island on April 26, 2021, but although presented with a draft operating agreement he claims this and other documents necessary to close the deal with him were never signed or executed.

However, the Calypso Cove principal did receive comparisons with a similar project that Mr Harrington and Mr Kim were said to be involved with on Exuma’s Stocking Island, with the land deal for that development said to involve a group featuring Bahamian ex-LA Laker, Rick Fox, and Kanye West, the singer and rapper formerly married to Kim Kardashian.

“The properties are almost identical in size, plus or minus 40 acres, and an argument can be made for either parcel to be more valuable than the others,” Mr Kim wrote.

“One major positive with our parcel on Elizabeth Island is that we have the ability to build a deeper water marina where it was not feasible on the parcel on Stocking Island.

“Therefore, we would be able to project additional income from boat rentals and docking fees with our project which, in turn, would substantially increase the income from our property.” Mr Assal

admitted that, “excited” by the Elizabeth Island prospects, he transferred $1m to a Florida account on May 18, 2021, in accordance with Mr Kim’s instructions as the first onethird of the requested $3m.

And, after “additional funds” became available to him, Mr Assal sent $500,000 and $1.5m to King & Co on June 7 and 8, 2021, to make up the $2m balance. He alleged that, as requested by Mr Kim, these funds were sent with the wire instructions “these funds are for Exuma LLX which is owned

by Steve Harrington”.

However, Mr Assal alleged that he became concerned that no formal agreements had been executed to confirm his 30 percent interest in Exumar LLC. “Not knowing the processes in The Bahamas, I was totally unaware as to what documents they were working on getting to me or how long it would take to get such documents to me,” he alleged.

Eventually, more than two years later, on August 24, 2023, Mr Assal alleged he was sent the unrecorded conveyance plus documents showing Exumar LLC owned Exuma Elizabeth Harbour.

Also included was a Bahamas Investment Authority (BIA) letter from November 25, 2019, which gave an approval for the real estate purchase that was valid for one year and required tax to be paid and Central Bank permission.

That approval will now have expired, and Mr Assal said his

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 84° F/29° C Low: 59° F/15° C

TAMPA

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny, breezy and pleasant

Partly cloudy

Mostly cloudy, a shower in the p.m.

Sunny, pleasant and less humid

Breezy and nice with clouds and sun

Breezy with clouds yielding to sun

High: 82°

Low: 70°

High: 83° Low: 67°

High: 79° Low: 63°

High: 76° Low: 64°

High: 77° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

72° F

89°-64° F

82°-60° F

76°-61° F

77°-64° F

E

W

ABACO

S

N

High: 77° F/25° C Low: 73° F/23° C

12-25 knots

S

WEST PALM BEACH High: 83° F/28° C Low: 68° F/20° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 70° F/21° C

E

W S

E

W

High: 80° F/27° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 70° F/21° C

8-16 knots

KEY WEST

High: 80° F/27° C Low: 72° F/22° C

NASSAU

High

Ht.(ft.)

3.2 3.1

3:18 a.m. -0.8 3:49 p.m. -0.9

ALMANAC

Tuesday

10:17 a.m.

10:50 p.m.

3.0 3.0

4:12 a.m. -0.7 4:36 p.m. -0.8

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 68° F/20° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high .................................. 83° F/29° C Last year’s low ................................... 67° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date .................................................. 2.22” Normal year to date ..................................... 1.97”

Wednesday 11:08 a.m.

11:46 p.m.

2.7 2.9

5:09 a.m. -0.4 5:26 p.m. -0.7

Thursday

12:02 p.m.

-----

2.4 -----

6:09 a.m. -0.1 6:18 p.m. -0.5

Friday

12:46 a.m.

1:01 p.m.

2.8 2.2

7:13 a.m. 0.1 7:16 p.m. -0.2

Saturday

1:49 a.m.

2:05 p.m.

2.7 2.0

8:21 a.m.

8:18 p.m.

0.3 0.0

Sunday

2:55 a.m.

3:13 p.m.

2.6 1.9

9:30 a.m.

9:22 p.m.

0.3 0.0

High: 82° F/28° C Low: 72° F/22° C

N

S

E

W S

8-16 knots

Ht.(ft.)

SUN AND MOON Sunrise Sunset

6:47 a.m.

6:02 p.m.

Moonrise Moonset

8:48 a.m.

9:14 p.m.

First

Full

Last

New

Feb. 16

Feb. 24

Mar. 3

Mar. 10

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 71° F/22° C

High: 79° F/26° C Low: 75° F/24° C

N

High: 81° F/27° C Low: 71° F/22° C

E

W S

LONG ISLAND

TRACKING MAP L

Low

CAT ISLAND

E

8-16 knots

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Forecasts and graphics provided by AccuWeather, Inc. ©2024

High: 79° F/26° C Low: 74° F/23° C

N W

TIDES FOR NASSAU 9:27 a.m.

9:57 p.m.

ELEUTHERA

High: 82° F/28° C Low: 70° F/21° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

Today

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

N

N

UV INDEX TODAY

TODAY

High: 79° F/26° C Low: 60° F/16° C

attempts to use his interest in Exumar to obtain Bahamian economic permanent residency failed because he “did not have any legal or equitable interest in the property to support such application” as the Elizabeth Island transaction had not closed. And Exumar’s corporate filings in Florida did not register his purported ownership interest.

Asserting that he had only made $3m available in anticipation of closing a deal, which had not been closed or consummated, Mr Assal alleged: “I certainly did not agree that my funds would be used by Exuma Elizabeth Harbour to purchase the property on August 4, 2021. I certainly did not agree that my funds could be used for that purpose.

“I only transferred my funds to [King & Co] so that they could be available to conclude the proposed transaction once agreements for that purpose had been executed.. Also, it is not that I am ‘dissatisfied with the deal’ as Mr King has flippantly put it.

“It is that the proposed transaction did not take place, and it is unconscionable for the defendant to retain my funds or to have profited from them permitting Exuma Elizabeth Harbour to use them to purchase the property without my permission or knowledge in the circumstances where I have no interest whatsoever in Exuma Elizabeth Ltd or Exumar to-date.”

High: 80° F/27° C Low: 75° F/24° C

8-16 knots

MAYAGUANA High: 82° F/28° C Low: 73° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 76° F/24° C

High: 80° F/27° C Low: 75° F/24° C

GREAT INAGUA

H

High: 82° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS S at 10-20 Knots WSW at 10-20 Knots SE at 8-16 Knots SSW at 7-14 Knots SSE at 8-16 Knots SSW at 8-16 Knots ESE at 8-16 Knots SE at 4-8 Knots SSE at 8-16 Knots SSW at 8-16 Knots S at 12-25 Knots W at 10-20 Knots SE at 8-16 Knots SSW at 7-14 Knots SE at 8-16 Knots ENE at 4-8 Knots SE at 8-16 Knots S at 4-8 Knots SE at 10-20 Knots S at 4-8 Knots SSE at 8-16 Knots SSW at 8-16 Knots SE at 8-16 Knots SE at 4-8 Knots SE at 8-16 Knots SSW at 8-16 Knots

WAVES 3-6 Feet 3-6 Feet 1-2 Feet 0-1 Feet 4-7 Feet 3-5 Feet 4-7 Feet 2-4 Feet 3-6 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 3-5 Feet 1-3 Feet 3-5 Feet 1-3 Feet 5-9 Feet 3-6 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 74° F 74° F 73° F 74° F 77° F 77° F 78° F 78° F 76° F 76° F 77° F 79° F 75° F 76° F 79° F 80° F 79° F 79° F 77° F 77° F 76° F 76° F 78° F 78° F 77° F 77° F

PAGE 12, Monday, February 12, 2024

THE TRIBUNE

WASTE, ‘POLITICAL ATTITUDES’, BAR IMF’S HOSPITAL USER FEE PLANS from page one “The IMF is looking at the fiscal side of this haemorrhage. If you look at the PAHO, WHO, National Health Insurance and Government of The Bahamas model, the concept of use fees at the time of service is considered as an impediment to healthcare delivery...

“Perhaps a different model might be that we fund the healthcare system in a way that is sustainable

without getting people to pay out-of-pocket when we have an insurance programme that will then pay for individuals when they show up at a particular rate that can be discounted.

“At least the institutions [the hospitals] will know they have revenue to pay staff, pay for medicines and supplies and so forth, which is different from the historic deficits run by the PHA for however long and over which we’re spinning our wheels,” Dr Sands added.

“I think that the IMF is looking at dollars and cents, and not necessarily health outcomes. We may end up with even more challenging problems with the health statistics. They are dismal, they are horrible right now.

“The proof of the pudding is in the eating. What is going to improve health outcomes for Bahamians? We want to knock down barriers to Bahamian healthcare but, at the same time, avoid even more wasteful expenditure than we have.”

Dr Glen Beneby, the Government’s former chief medical officer, said several years ago that between 20-25 percent of public health spending in The Bahamas was subject to waste and inefficiency, and Dr Sands said: “I think we’re probably still at that number and possibly worse.”

Asked whether he could see The Bahamas ever implementing the IMF’s proposed user fee model, the former minister replied: “You’re going

to have to change some fundamental positions to make that work, and I don’t think it will work given existing attitudes of the political leadership and level of wastage we currently see. Wastage and inefficiency.”

The International Monetary Fund (IMF), in its just-released full Article IV report on The Bahamas, estimated that annual taxpayer subsidies to the Public Hospitals Authority (PHA) and Water &

Sewerage Corporation can be cut by a sum equal to 0.8 percent of economic output by implementing true “cost recovery” measures.

In the PHA’s case, this would involve the imposition of fees for persons “with greatest capacity to pay” for use of the tertiary care services offered by the Princess Margaret and Rand Memorial hospitals.

These savings, the IMF suggested, could then be repurposed to finance education, social welfare and primary healthcare spending. It noted that the Government’s spending on education, as a percentage of gross domestic product (GDP), is well below the Caribbean and Latin American average while the public healthcare system has been producing “worsening” care and treatment outcomes for the past decade.

“Greater cost recovery by public corporations would reduce the net subsidy they receive from the Budget,” the IMF argued.

“Collecting payment from patients and enforcing fees for health services would reduce transfers to the Public Hospital Authority (PHA) by around 0.7 percent of GDP. The combined savings estimated by the IMF from the PHA and Water & Sewerage Corporation measures is 0.8 percent of GDP - a sum equivalent to $116.53m based on the GDP estimates contained in the 2023-2024 Budget.

Almost $102m would be generated annually from the imposition, and collection, of PHA user fees.

“Current subventions to the PHA account for approximately half of annual current subventions to SOEs, due largely to little to no cost recovery and a system of exemptions and non-payment for most services,” the IMF added of an entity due to receive a $222.156m taxpayer subsidy this fiscal year.

“Moreover, hospital benefits accrue primarily to those with higher incomes.

The collection of fees for most services offered by the PHA, means testing to require those with greatest capacity to pay, linking future price increases to the rise in operating costs, and greater efforts to reduce the write-off of unpaid bills could yield annual savings of up to 0.7 percent of GDP over the medium-term.”

TAX REPORTING WOES ‘BEHIND US IN A WEEK’ from page three “There are four quarters to the financial year, and we fully expect to be within the range of meeting our targets when we look to the full-year because the second half of the year is generally the time when the Government revenues perform the best.”

Mr Halkitis explained that government usually has large debt payments at the beginning of the year, but will collect significant revenues from Business Licence fees, real property tax and commercial vehicle fees during the second half.

He said: “The government financial year starts July 1, and runs to June 30.

Traditionally, what has happened is that your expenses remain basically even except sometimes you have larger debt payments in the beginning of the year.

“But your revenue, the Government’s sort of biggest revenue months, are anywhere from January, February, March, because that is when you collect things like Business Licence, real property tax and bills that go out at the end of the year… Commercial motor vehicles are in March.

“So the Government’s revenue is not spread evenly over the year. There are periods where the revenue is higher, and that’s the second half of the year.

We might be behind in the first quarter, but we make up before the end of the year, and so we expect that things will pick up during the second half and we’ll be able to meet and hopefully exceed our targets.”