03022023 BUSINESS

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User fees to drive $263m Out Isl. airport upgrades

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN and international travellers will ultimately have to pay user fees of up to $43 per person to finance the collective $263m redevelopment of the 14 Family Island airports put out to bid yesterday. The project information memorandum (PIM), released to interested private sector bidders, reveals that “recommendations” have already been made to levy passenger facility fees that will increase through a series of phasedin rises over a four-year period to pay for upcoming infrastructure upgrades at the major Family Island airports. The finance structure mirrors that put in place at Lynden Pindling International Airport (LPIA)

• Passenger facility charges to pay for improvements

• Levies set to be phasedin over four-year period

• Airline seats up 4% over pre-COVID in December

to repay investors for their collective $409.5m investment in its transformation more than a decade ago. The bidding documents confirm there will be “passenger facility fees for all redeveloped or airports planned for redevelopment, which are Grand Bahama, Exuma, North Eleuthera, Marsh Harbour, Deadman’s Cay, Great Harbour Cay, San Salvador, Cat Island.

“A passenger facility fee of $15 for departing international passengers and $12 for departing domestic passengers [will] be increased annually until 2025, ending at an amount of $43 for departing international passengers and $25 for departing domestic passengers.” Given that the initial airport user fees were due to be implemented in 2022, this

‘Credibility problem’ over deficit revision

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE OPPOSITION yesterday charged that the Prime Minister has “a very big credibility problem” after he gave conflicting reasons for revising the fiscal deficit downwards just a week after unveiling the mid-year Budget.

schedule will likely be delayed by a year.

Besides repaying private investors for financing the Family Island airport upgrades, the passenger facility fees will also help to cover their operational and ongoing maintenance costs. The fees for Bahamian/resident travellers will thus double over the four-year period,

SEE PAGE B4

Reform to ‘decimate’ fiscal accountability

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government’s bid to reform “deficiencies” in key public finance laws threatens to “absolutely decimate” fiscal transparency and accountability in The Bahamas, the Opposition charged yesterday. Both sides used the mid-year Budget debate’s start to trade blows over the Davis administration’s move to repeal both the Fiscal Responsibility Act and Public Financial Management Act by consolidating them into one, large new law under the

Public Finance Management Bill 2023.

Prime Minister Philip Davis KC reiterated arguments, first made in last week’s mid-year Budget presentation, that the existing Acts were “unworkable” in practice because their provisions are ill-suited to the practical on-ground realities in The Bahamas.

Including the Public Procurement Act and Public Debt Management Act in this analysis, he added that the effect had been to “severely hamper the legitimate operations of the

‘Full picture’ missing on COVID food plan claims

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE AUDITOR General should provide a “better picture” of the COVID food task force’s work, governance reformers said yesterday, after the Prime Minister accused one non-profit of using public monies for a $400,000 “spending spree”.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business the latest allegations surrounding the National Food Distribution Task Force made it “hard” for Bahamians to develop a full understanding of its achievements and

where there was room for improvement.

Speaking after Philip Davis KC implied that one non-profit member of the Task Force, who he did not name, had misused taxpayer monies to finance the purchase of “high-end

Philip Davis KC, leading off the mid-year Budget debate in the House of Assembly, initially criticised “inaccurate” media articles and headlines which last Thursday reported that both government revenues and the deficit had increased year-over-year for the six months to endDecember 2022.

Stating “here are the facts”, he asserted that the deficit - which measures by how much government spending exceeds revenue - had actually decreased by $5.3m year-over-year to $276m. While the latter figure was backed by the mid-year Budget

performance book released last week, it contrasted with the $285.7m deficit - representing a $7.8m increase on 2021-2022 half-year comparatives - that was disclosed by Mr Davis in the mid-year Budget debate. When challenged on the discrepancy by Opposition finance spokesman, Kwasi Thompson, the Prime Minister switched blame from the media to his speech writers. “The figures numbers speak for themselves. Everyone can see. That was

CHESTER COOPER

PHILIP DAVIS KC

MATT AUBRY

BPL suffers $64m loss during 2020

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light (BPL) incurred a $63.876m total comprehensive loss for the year to end-June 2020 with auditors reaffirming that its parent’s solvency remained endangered by “negative cash flows” and constant losses.

The energy monopoly’s latest annual reports, tabled in the House of Assembly, revealed that BPL suffered a more than-$100m negative bottom swing into ‘the red’ as the COVID19 pandemic’s first months impacted the ability of customers to continue paying their bills.

Revenues from the sale of electricity dropped by 24.2 percent, falling by almost $134m year-over-year to $419.931m compared to $553.842m in 2019. The topline drop off was greater than the $92m decline in BPL’s fuel costs, which were aided by a reduction in global oil prices as energy demand dropped due to COVID lockdowns and other associated restrictions.

However, KPMG, the external auditors, again warned that the perilous financial position of BPL’s immediate parent, the Bahamas Electricity Corporation (BEC), meant there remained a “material uncertainty” over whether the enterprise is still a solvent going concern.

“BEC has experienced negative cash flows, continued operational losses and its inability to meet all of its obligations when due,” BPL’s 2020 financial statements affirmed. “These events or conditions... indicate that a material uncertainty exists that may cast significant doubt on the parent’s ability to continue as a going concern.

“The company [BPL] settles certain obligations on behalf of the parent such as debt service, its proportional share of the pension related expenses and other operating expenses. The company [BPL] has experienced negative cash flows and an inability to meet some of its obligations when due.”

BPL’s 2020 financial statements highlighted just

how important its proposed $535m rate reduction bond (RRB) refinancing was to paying off legacy debts at both the energy provider as well as at BEC, and enabling it to make investments to enhance generation capacity and lower fuel and operating costs.

That RRB issue has been shelved, or placed on hold, after rising global interest rates meant market conditions became increasingly unattractive. The financials, though, confirm that Bahamian taxpayers via the Government were continuing to finance the utility’s capital projects rather than its customers or BPL itself.

“Two such ventures occurred during the year ended June 30, 2020,” the financial statements said. BPL received some $30m from the Government during the 12 months to end-June 2020 to assist with restoration of its Abaco infrastructure post-Hurricane Dorian, with the then Minnis administration having pledged support worth up to $90m.

However, close to twothirds of BPL’s Dorian losses were not covered by insurance. “The company is pursuing an insurance claim to recover some of the losses incurred by Hurricane Dorian,” the financial statements said. “The loss totals $34.749m, of which $25.877m related to transmission and distribution assets that are not covered by the insurance.

“As of June 30, 2020, the insurance claim has not yet been finalised due to the magnitude of the damage and travel restrictions with COVID-19. However, the company continues to work with the insurers to settle the claim. In December 2020, the company received a commitment for partial claim settlement in the amount of $10m of which $6.4m was received as of February 2021.”

BPL also received a further $27.34m from the Government (Bahamian taxpayers) that same financial year to fund the installation of a General Electric (GE) gas turbine at its Blue Hills power station, thus taking total taxpayer support for the year to more than $57m.

BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS

VILLAGE ROAD HITS WORKS AS ‘TOTAL DISAPPOINTMENT’

By FAY SIMMONS and YOURI KEMP Tribune Business Reporters

VILLAGE Road businesses yesterday slammed the Ministry of Works as “total disappointment” for failing to respond to fix property and sidewalk damage caused by the yearlong roadworks.

Michael Fields, spokesperson for the Village Road Business Collective, which represents area businesses, in a statement said the road’s current state “suggests someone is used to accepting low standards and expect all of us to as well.”

Contrasting this with the Ministry of Finance’s willingness to provide tax relief and an economic stimulus for persons impacted by the roadworks, he added: “

“The Ministry of Works has been a total disappointment. They have had little respect for our good faith outreach and have been completely non-responsive. We’ve written e-mails. Requested meetings. Asked for a communication liaison, and nothing. Now, they’ve put tar on the road and are celebrating the project’s completion. Someone is used to accepting low standards and expect all of us to as well.

“Drive down Village Road and see the state of the sidewalks and people’s properties and businesses.

See the quarry, the dirt, the mud and the damage they’ve left behind. And now they are packing up shop and asking us to be silent and grateful as if the job is done.

“The job is not done, and we need accountability. The project representative can speak to the media, but the Ministry can’t speak directly to business. They are touting the project’s ‘completion’ in the media, claiming only minor signage, striping and traffic lights are left. But what about the clean up? What

about the sidewalk restoration? What about the restoration of damage to properties and businesses?”

Mr Fields compared the Ministry of Works to the Ministry of Finance, asserting that the latter had met with affected businesses and committed to an economic relief package. “Their actions stand in stark contrast to the Ministry of Finance who have met with us twice in the past two months and have committed to a registration process that will allow eligible businesses to benefit from the final economic relief package,” he added.

“The process is moving slowly, but the dialogue has been active with the Ministry of Economic Affairs and the financial secretary’s office. As far as the Ministry of Works, we are once again requesting a meeting. Sweeping the road is not the equivalent of cleaning up. And it is certainly not leaving people’s properties in the state they found it. Actions speak louder than words, and so far they’ve shown disdain for the residents and businesses of Village Road.

“As a business community we have bent over backwards to be fair, understanding, accommodating. And now, 13-months later, the disrespect is remarkable. Sadly, Bahamians have come to have low expectations, and will likely have to do like most businesses, make it work in spite of the mismanagement, in spite of the Ministry of Works’ lack of concern. We are asking for proper consideration and for the Ministry to complete the job properly.”

Mr Fields, who is also president of Four Walls Squash and Social Club, told Tribune Business that the Ministry of Works has

effectively been “stonewalling” their efforts to obtain compensation for damage done to business premises by the prolonged roadworks.

The road is now fully open for traffic from the Bernard Road junction heading to East Bay Street, and he added: “We’ve been trying to get in touch with the Ministry of Works but they have been stonewalling us and they’re actually not even responding.

“In terms of some of the things we have asked the Ministry of Works to do - from the pavements out front to removing all of the dirt and the sand, we have been getting turned around in circles.”

Mr Fields continued: “We are asking the Ministry of Finance for a number of concessions and we promised to give them some time, but basically we want tax incentives such as property tax, Business License relief. We’ve also asked for grants to help businesses fix up their premises from all of the dust.

“On the Ministry of Works side we have had two responses from minister (Alfred) Sears in terms of letters and so forth, but we haven’t been able to have a meeting with them and they have been less responsive. The utilities is an issue and some businesses are still without

telephone and some have partial restoration. “Water has been in and out but it is starting to improve. We are in the improvement stage, no doubt about it, but there is still a lot of clean up and a lot of dust and a lot of damage to the pavements that needs to be addressed.”

Albrion Symonette Jr, resident engineer for the Village Road Improvement Project, earlier this week told reporters that paving of the road was complete. It only remained for contractors to do minor works, including the installation of signage and repairing sidewalks that may have been damaged during construction.

He said: “We’ve achieved substantial completion on the Village Road Improvement Project, which means that we have completed the contract pavement. So, the underground works are completed, the pavement works are complete. What we have left to do includes striping work, signage work, as well as traffic signals so our intention is over the next few weeks to install the signage, install the striping, install signals, and to also ensure that we reinstate anything that was damaged during the course of the work. So sidewalks, curbs, walls and such were damaged.”

Location: Ocean Cay, The Bahamas

Department: Environmental Operations & Compliance

Reports to: Vice President Environmnetal Operations & Compliance

Job Purpose

The Environmental, Health and Safety Officer oversees the implementation and continued appropriateness of the environmental, health, safety and social management system (EHSS MS) for Ocean Cay Marine Reserve (OCMR); ensuring the training of personnel on the island to enable required procedures and practices to be followed. The role requires regular monitoring and auditing of the entire facility, data collection and regular reporting to senior management on the island and to the head office. The EHS Officer must identify appropriate actions and measures to ensure continual improvement of environmental, health, safety, and social performance, aligned with the sustainability strategy and goals of MSC Cruises. Through regular communications with the relevant Senior Management, the EHS Officer is responsible for establishing goals and tracking progress in meeting these requirements. The EHS Officer is also responsible for the planning of regular meetings of the OCMR Sustainability Committee.

The EHS Officer operationally reports to the General Manager OCMR, and liaise with the MSC CM Environmental Operations & Compliance Department, MSC CM Fleet Sanitation Department, MSC CM Marine Operations Department, MSC CM Energy Efficiency Department, MSC Cruises (USA), MSC Cruises Sustainability Department (Geneva).

Key Responsibilities

• Ensure the ongoing implementation of the EHSS MS and its continued effectiveness, which includes providing appropriate management support to the island operational team. • Promote company sustainability, related policies & commitments to OCMR personnel.

Ensure all positions receive job-specific training relative to the requirements of the EHSS MS and the Responsibility Assignment (RACI) Matrix, with the consolidation and retention of all training records. Maintain all EHS and ISO 14001 documents, Environmental Permits, Consents and Approvals, and ensure their accuracy in accordance with legislative and Company’s requirements and their availability for Authorities and Company Representatives.

Oversee OCMR compliance with the governmental obligations including requirements of the current Environmental Impact Assessment, the environmental and social management plans; and in view of future modifications or expansions, advising management where necessary

• Verify, through periodical inspections/checks, full implementation and compliance with EHS company procedures and any other applicable local, national, or regulatory requirements. Ensure that procedures for management of waste, including collection, segregation, storage and lawful disposals are properly implemented, understood and correctly followed by all employees. Provide professional assistance and training to employees involved in public health matters

• Train all employees and contractors in all phases and aspects related to the safety and chemical safety protocols of the island. Investigate any safety and occupational health accident or near miss that occurs on the island in order to find new measures to prevent future accidents.

a) Qualifications/Experience

• Bachelor’s Degree in environmental management, health and safety or equivalent degree Advanced public health, safety and environmental training. Thorough knowledge of relevant public health and sanitation, safety, and environmental regulations and procedures

• At least 3 years’ experience in working and implementing environmental and/or health and safety management systems, such as those compliant with ISO 14001 and OHSAS 18001/ISO 45001

• Working proficiency in English, both verbal and written. Knowledge of other core languages is an advantage Strong interpersonal skills to ensure harmonious workplace relations. Applicants can submit their resume to: hr@mscoceancay.com

User fees to drive $263m Out Isl. airport upgrades

FROM PAGE B1

increasing from $12 to $25, while near tripling for international travellers as these rise from $15 to $43 per trip.

The bid documents revealed that the increase will apply only to those airports defined as ‘Tier one’ and ‘Tier two’ in the tender process. These are Exuma International Airport; Marsh Harbour; North Eleuthera; Rock Sound; Governor’s Harbour; Long Island International Airport San Salvador International Airport; and Cat Island’s New Bight International Airport.

“The Government plans to restructure passengers’ fees to ensure the financial viability of the airports’ development,” the bid documents confirmed.

“The Airport Authority is subsidised significantly by the Government of The Bahamas whereby most of the subsidy is used to pay people-related costs with a minimum left to invest into the infrastructural upgrades/maintenance of Family Island airports.

“The Airport Authority derives revenue from airport parking fees; aircraft tie down; official sunset fees; midnight fees; and fuel royalty fees. These airport-related fees were not changed since the 1980s. In addition to the mentioned revenue structure, the Airport Authority does not charge passenger facility fees (with the exception of Grand Bahama) despite the legislative framework that allows such charges.”

Thus Family Island residents could be in for something of a culture shock, with airline ticket prices and the cost of travel increasing to reflect the new fees that will finance a return on investment for

the private sector groups bidding to take over redevelopment, operation and management of these airports.

Other Family Island airports not included in the top two “tiers” will initially impose a passenger facility fee of $7 for departing international passengers and $5 for departing domestic passengers “to be increased annually until 2025, ending at an amount of $15 for departing international passengers and $12 for departing domestic passengers”.

The bid documents added that passenger security fees at all airports, including LPIA, will be levied at between $7 to $10 for departing domestic passengers and from $9 to $12 for departing international passengers. “Revisions to the schedule of other airport fees and charges to be implemented on a date to be determined,” bidders were informed.

The Ministry of Tourism, Aviation and Investments is estimating that a collective $263m investment will be required to turn the 14 selected airports into hubs of a size and standard appropriate for their location. Exuma and North Eleuthera are projected to require the greatest capital spend, at around $65m each, with Governor’s Harbour, Rock Sound, New Bight and Deadman’s Cay (Long Island) all pegged at around $18m apiece.

San Salvador was projected to carry a $15m price tag, with the quartet of Marsh Harbour, Sandy Point, Treasure Cay and Congo Town in Andros all projected to need a $10m investment. The smaller aviation gateways in the Exuma cays - Staniel Cay, Fowl Cay and Black Point, were each pegged at $2m.

Bidders were informed that airline seat capacity into The Bahamas for December 2022 was up 4 percent on pre-COVID comparisons from the same month in 2019. While capacity into Nassau was down 7 percent, Freeport and Marsh Harbour were up by 261 percent and 348 percent, respectively. The latter comparisons, though, are somewhat misleading because both destinations were still struggling to recover from Hurricane Dorian in December 2019.

“International airlift to the Family Islands was up 65 percent over December 2019 on average,” potential bidders were informed.

“Seat capacity increases for Freeport and Marsh Harbour were exceptionally high in December 2022 over 2019 because of the small numbers in December 2019 post-Dorian. A better benchmark would be 2018.

“Accordingly, international seat capacity for December 2022 was 35 percent less than December 2018 for Freeport and 2 percent higher for Marsh Harbour for the same period.” The Government also sought to entice potential airport investors with projections about the foreign direct investment (FDI) pipeline for the Family Islands.

It forecast projects worth potentially $1bn as being on the drawing board for Abaco, along with $692m targeted at Grand Bahama; some $685m for Exuma; $137m for Eleuthera; and $250m for Long Island. These figures, though, were not broken out or potential investors identified.

The Government is seeking private partners for the redevelopment, upgrade, financing and management of the 14 selected airports

via public-private partnership (PPP) agreements with the winning bidders. They will be granted 30-year PPP leasehold concessions similar to that for LPIA.

Shortlisted parties will be invited to participate in the Request for Proposal (RFP) stage, which is tentatively scheduled to be released in May 2023.

Enhancing the Family Island airports will provide for better airlift and transport connectivity, enable these facilities to accommodate increased flights and visitor numbers, and offer an improved first and last impression of The Bahamas for tourists.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said in a statement: “Investors’ interest in The Bahamas’ airports infrastructural projects is an indication of the global confidence in The Bahamas as a destination, especially after 2022 foreign air arrivals and overall seat capacity soared towards, and in some cases, exceeded the historic prepandemic levels.

“This move affirms the national priority and commitment of the Government to aggressively address the state of The Bahamas’ airports infrastructure to support ongoing economic development.” Dr Kenneth Romer, acting director of aviation, said the latest PPP release builds on the tender issued last year for Grand Bahama International Airport.

“This next phase is considered a continuation and expansion of this initiative designed to drive traffic, improve operational efficiency, grow revenue and enhance the quality of service in the targeted airports,” he added.

‘Credibility problem’ over deficit revision

FROM PAGE B1

a misspeak by the writers,” Mr Davis said of last week’s $285m figure. “I made a point to correct it. What I said today was correct.”

The Prime Minister’s chief speech writer is Ian Poitier, although Mr Davis did not identify who was responsible for preparing his mid-year Budget address or providing the figures that it quoted. The prompt correction will also dampen any Opposition moves to accuse him of misleading Parliament and the House of Assembly.

“Here are the facts. Government’s fiscal deficit for the first half of the fiscal year decreased by $5.3m when compared to the previous year. The deficit totalled $276m for the first six months of this fiscal year, compared to $281.3 million in the prior year,” Mr Davis said yesterday. This was backed up by the midyear Budget numbers, which based on Tribune Business calculations produced the same $276m deficit.

However, this contrasts with what the Prime Minister disclosed last Wednesday when he said: “During the period, the Government experienced a net deficit of $285.7m, which represented an increase of $7.8m compared to the previously comparable period. At the half-way mark in this fiscal year, the deficit stood at 50.6 percent of the Budget forecast.” Based on the revised $276m deficit, it is now 48.9 percent of the full-year Budget target.

Those figures were accurately reported by The Tribune and other media at the time. While the difference between a $276m deficit and one of $285.7m is hardly material, representing $9.7m or a 3.4 percent swing in a more positive direction, the Opposition was quick to seize on the seeming confusion.

Mr Thompson, the former minister of state for finance

in the Minnis administration, told Tribune Business that the situation sends the wrong signal to international as well as local capital markets, including the credit rating agencies, bondholders and investors, when it comes to the Government’s fiscal competence and grip on financial affairs.

“It is very, very concerning that the Prime Minister could say in a midyear Budget communication what the deficit is, that the deficit has increased, and only one week later” come back and revise it,” the east Grand Bahama MP argued. “He has not yet given a full explanation as to why the information has changed.

“Again, it creates a credibility problem. It is a very big credibility problem in that rating agencies, Bahamians, government officials, investors; all of us rely on that information as being accurate. It is very troubling that one week later the Prime Minister would actually change the deficit numbers when his very own figures give the basis on which those reports were made.

“Again, those numbers should be very clear and very certain. We should not be guessing as to what the deficit is, and nor should we be in a position of changing what the public declaration of the deficit is. That’s not where we want to be.”

The Prime Minister’s revised deficit is the accurate figure. Mr Thompson yesterday disputed that the $276m figure represents a yearover-year decrease, pointing to the mid-year 2021-2022 report that showed the prior year’s ‘red ink’ was $269msome $7m below that which Mr Davis announced yesterday. However, research by Tribune Business showed that the prior year’s sixmonth deficit was later revised upwards from $269m to $281.6m.

Mr Davis, meanwhile, yesterday moved on to tout

what he described as his administration’s progress in placing The Bahamas’ public finances back on a more sustainable path. In particular, he cited the attainment of a first-half primary budget surplus - a measurement that strips out interest payments on the Government’s debt from calculations of its spending.

“For the first half of this fiscal year, the primary balance reflected a surplus equating $4.9m - a major variance from the primary deficit of $41.2m in the previous year,” the Prime Minister said. “This primary surplus is the first in a very long time. When analysing over 10 years’ worth of data, it is evident that the Government had reccurring primary deficits each year for the same time period.”

Also pointing to the higher percentage of forecast fullyear revenue now being collected in the six months to end-December 2022, Mr Davis argued that this was a sign the Government’s enhanced tax compliance and enforcement strategies are working.

“Compared to total tax revenue, VAT comprises 54.6 percent of [the] total. For the first six months of the fiscal year, VAT totalled $598.8m, and grew by $54.2m compared to the prior year,” the Prime Minister said. “To-date, VAT accounts for 42.4 percent of the budget forecast......

“Despite the period-overperiod improvement in the VAT collection, the VAT yield has not reached its full potential. In fact, I believe that this administration can further increase the VAT yield with more compliance efforts.

“Analysing historical VAT collections in comparison to the forecast, for the first six months of the fiscal year, reveals that in fiscal year 2021-2022 VAT equated to 58.8 percent of the Budget forecast. In fiscal year 20202021, VAT equated to 43

KWASI THOMPSON

percent of the forecast, and in fiscal year 2019-2020, VAT equated to 52.9 percent of the forecast.

“Thus, although VAT collections to-date increased over the prior year, the collection rate in comparison to the Budget for the first half of this fiscal year is lower than in the last three fiscal years. This same kind of trend was also seen with Business Licence fee collections during the period, in which the actuals underperformed in comparison to the Budget forecast.”

Turning to specific taxes, Mr Davis said taxes on international trade and transactions improved by $88.5m year-over-year to hit $314.3m or 61.8 percent of the Budget target. “Most notable under this tax component was an improvement in departure tax collection by $45m compared to the prior year, totalling $71.5m,” he added.

“To-date, departure tax stands at 73.7 percent of the forecast. Also, excise duties grew by $37.4m to total $119m. At the halfyear mark, this accounts for 73.7 percent of the Budget forecast. Another highlight is property tax collection, which increased to $59.5m, an improvement of $22.7m when compared to the prior year. This accounts for 35.1 percent of the Budget target.

“Property tax collection at end-December 2022 represents the highest amount collected when compared to collections over the last nine years for the same period. Based on this trend, property tax collections, by the end of this fiscal year, can have the highest yield seen in a long time.”

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PICTURE’ MISSING ON COVID FOOD PLAN CLAIMS

trucks”, a boat and a barge, the ORG chief said he hoped the Auditor General’s much-anticipated report on the $53m initiative will clear up any unanswered questions.

“The unfortunate aspect about all of this is that it’s hard to get a full picture of any of it,” Mr Aubry told this newspaper. “Coming out of COVID circumstances, trying to mobilise an effort of this kind, it’s very likely there will be missteps and things not organised or set up in the best possible way.

“The strategy was to mobilise non-profits in existence to see if they could use their community footprint and scale up to do this work. None of them, not even the Government, was prepared to do this work.” ORG helped set up and structure the Task Force, which has come under sustained attack from the Davis administration as it seeks to portray its predecessor as guilty of slack financial controls that resulted in the wastage, loss and misuse of taxpayer funds.

Returning to the attack yesterday, the Prime Minister used the mid-year Budget debate to focus on

what he described as “the startling lack of controls surrounding the previous administration’s food programme. I can now report there have been further developments and, I suspect, much, much more to come”.

Mr Davis went on to assert that an unnamed nongovernmental organisation (NGO) participant in the Task Force, and a principal who he also declined to identify, had returned some $100,000 cash to the Government as well as handing over two trucks, a boat and barge. He added that assets worth a total $400,000 had “been returned so far, and we’re looking for more from this person”. Tribune Business knows the identity of the NGO in question, but has chosen not to reveal it because its principals did not return calls or messages seeking comment before press time. Separately, the Prime Minister also hit out an unnamed payment provider, who he accused of collecting $6.4m on behalf of the Government in work permit and other Immigration-related fees but failing to remit the funds to the Public Treasury. The provider in question declined to respond when

contacted by this newspaper because it had not seen or heard Mr Davis’ House of Assembly comments, and was unaware of the context in which they were made. As a result, this newspaper has also decided not to identify it by name.

On the Task Force NGO, the Prime Minister said: “After the food programme was ended, while other organisations were returning unspent funds to the government, an NGO - I have the name here but I won’t call it - an NGO chose to go on a spending spree while the funds were being returned” to the Government.

“They have the food money. I call it the food money and people trying to get it back to us,” Mr Davis continued. “Someone had asked me about why I ain’t bring the (COVID spending) report yet and this the only reason I’m talking about this, so you understand why the report has not yet come.

“Approximately just one month ago, the principal of this NGO returned to the Government.... We have now long been talking about this. Everybody is talking about where the money is. We just want to know what

The Public is advised that the Environmental Impact Assessment for Venetian Village located on the island of New Providence has been led with the Department of Environmental Planning and Protection (DEPP). Venetian Village is a mixed-use commercial, retail, and residential development.

A PUBLIC MEETING WILL BE HELD

Thursday, March 2nd AT 6:00PM

The New Providence Community Church New Providence, The Bahamas Virtual Meeting

Zoom: https://us05web.zoom.us/j/87152552992?pwd= bFEzbTlmdW1aalJjcjV5aWQwaVVvQT09

Passcode: 873681

The EIA can be reviewed online https://venetianvillagebahamas.com/environmental or in person at DEPP located at Charlotte House. The public can send written comments to inquiries@depp.gov.bs or environment@venetianvillagebahamas.com.

happened. This person, just a month ago, the NGO... sorry, he’s a guy. I can say it’s a guy. That identifies it’s a male.”

Mr Davis made the latter comments after the Opposition demanded that he name the non-profit and principal involved. “This guy, he returned $100,000 in cash, and he still has got more to bring,” the Prime Minister continued. “I don’t know whether he brought anything back yesterday or as I speak today.

“The same guy brought back two modified high-end trucks such as those to fuel jets, boats and watercraft. Two high-end trucks. He brought two boats, a speedboat and a barge. That’s what’s been returned so far, some $400,000, and we’re looking for more from this person. This exercise is continuing, and is continuing with respect to it.. the programme. “All I can say... Everybody says I know this, I know that. It ain’t me. I don’t know nothing. I know nothing about that. Somehow we will get to the bottom of it all so that the Bahamian people truly appreciate what has gone on.” Mr Aubry yesterday said there should be “severe consequences” if any financial breaches or misconduct is proven relating to the COVID food initiative, with a clear understanding developed of how and in what context they occurred.

However, he added that it was important to understand the context in which the Task Force was hastily structured and put together. The Bahamian economy’s overnight collapse as a result of COVIC lockdowns, border closures and other restrictions meant the priority had to be getting food to thousands of Bahamians and their families who could no longer afford to purchase groceries to feed themselves.

Suggesting that the Government’s financial watchdog, the Auditor General, is best placed to provide an unbiased and comprehensive review of the National Food Distribution Task Force, Mr Aubry said: “The hope is we have a better picture, when the Auditor General reports, of

what happened, what positives were achieved, what context has to be considered, what the takeaways are and modifications to be made, and how do we prepare for future crises.’

Sources spoken to by Tribune Business said the haste and circumstances on which the Task Force was created have to be properly weighed. Noting that the $400,000 sum referred to by the Prime Minister was less than 1 percent of the total $53m outlay, one contact said it was little surprise that some monies may have leaked out, but “that is different from saying the programme was a snatch and grab and the beneficiaries did not get the assistance”.

Mr Davis, meanwhile, turning to the situation involving the unnamed payment provider, said: “I spoke about lack of controls. Another matter, highly irregular and for reasons that remain profoundly unclear, the previous administration appointed a company - and I ain’t calling the name - as the sole collector of Immigration fee. This is contrary to practice since the Department was introduced where fees are paid directly to the Government.

“Under this exclusive contract, persons had to go to the various offices of this entity to pay for work permits and all other Immigration fees in cash. What’s deeply troubling is this company is not licensed to collect revenue or even engage in the provision of financial services. This is how loose and slack it was. We can only imagine why the previous administration entered into a contract with a company that was not licensed to trade in the terms of the contract.

“To make matters worse, they keeping the money they collected,” Mr Davis added. “From the start of this contract to when we stopped the arrangement in 2022, the company is estimated to have collected some $6.4m. When the Government approached them asking them to forward the monies collected, they said they were holding government revenue, in order to and I quote, ‘expand their business’.

“I’m sure that I don’t need to remind this honourable House that this is a wholly improper misuse of government funds. But it doesn’t end there. That’s Immigration. This company was also collecting taxes on behalf of the Government in a Family Island, and then again, keeping the money.

“This was the same company that provided $12m in loans during the pandemic as part of the government’s COVID-19 loans for small businesses scheme, and the company cannot or will not provide a single record of any of the loans.” The Prime Minister said investigations into the matter were continuing, and that some - but not all - of the monies allegedly owing to the Government had been paid over.

“The most generous interpretation of this state of affairs is that good governance and fiscal accountability were seriously lacking under the previous administration,” he added. Well-placed sources familiar with the situation, though, challenged the Prime Minister’s account on several aspects. They denied that the payment provider in question had an “exclusive contract” or that it was not properly licensed.

The sources, speaking on condition of anonymity, said the payment provider was the first to participate in a “pilot” project designed to make Immigration cashless and prevent the leakage of fee payments via waste and corruption. Other payment providers later joined in the initiative.

Meanwhile, the Opposition accused the Prime Minister of seeking to create “a distraction” from the Government’s own performance and issues via yesterday’s revelations. Michael Pintard, the FNM’s leader, told Tribune Business: “It’s the same salacious details that they keep drip feeding to the public, and it’s unfortunate because what it’s doing is casting aspersions on all the NGOs and individuals involved” with the COVID food initiative.

“He was duty-bound to be very specific in his comments, and he failed to do so,” Mr Pintard said. “Certainly there’s a need for the Government to move in the direction of developing a cashless system.” He added that such processes needed to be installed in areas already compromised such as Immigration.

AccuRad Imaging Consultants is a diagnostic imaging reporting/teleradiology company operating in the Bahamas. AccuRad provides diagnostic imaging reporting services to facilities and doctor’s offices throughout the Bahamas. The imaging modalities reported include, but are not limited to, x-ray, mammography, CT, ultrasound and MRI. AccuRad is seeking a fellowship trained radiologist to join the practice. Fellowship training in oncology imaging and neuroradiology is preferred. On-site work is not required. The candidate is expected to be able to provide coverage on weekends and/or stat holidays. Occasionally, there may be overnight coverage requirements. Competency in reporting all above mentioned modalities is a must. Only candidates who have completed a full radiology residency program and attained board certification by examination will be considered. Fellowship/subspecialty training must have been acquired at an accredited institution in the US, Canada or UK. All applicants must be eligible for specialist licensure in the Bahamas.

Tesla says it will cut costs of next generation cars in half

By TOM KRISHER AP Auto Writer

TESLA says it will cut the cost of its next generation of vehicles in half, largely by using innovative

manufacturing techniques and smaller factories.

CEO Elon Musk and other executives outlined the goals during a 3 1/2-hour investor day presentation at Tesla's Austin, Texas, headquarters Wednesday as they presented the company's third master plan.

The changes could bring the cost of a new generation of vehicles to around $25,000. Many investors were hoping to catch a glimpse of the next generation vehicles, but Musk said they wouldn't be shown until a proper product unveiling.

"We'd be jumping the gun if we answer your question," about the new vehicles, he told an analyst.

Shares of Tesla fell nearly 6% in after-hours trading during the presentation that ended just after 8 p.m. Eastern time.

Musk announced that Tesla plans to build a new factory in Mexico near Monterrey. Company executives said it will not take production from any other factories, where Tesla expects to expand production. They said the Mexican plant would build the next generation of vehicles, which also will be built at other factories.

Interested applicants can submit their CV and statement of interest via email to admin@accurad.live

Reform to ‘decimate’ fiscal accountability

Government”. Promising that the legislation’s intent of bringing greater fiscal transparency and accountability will not be watered down, Mr Davis cited weaknesses in the Public Finance Management Act for “undermining the efficient management of public finances”.

The new Public Finance Management Bill itself pledges to “incorporate the material provisions” of the two laws it is replacing, so that the ultimate goal of improved financial discipline within the Government is still attained. However, Kwasi Thompson, the Opposition’s finance spokesman, charged that the proposed Bill has “absolutely no teeth” for punishing wrongdoers while also eliminating the Fiscal Responsibility Council’s independence.

Arguing that it was “beyond reason for this government to attempt to bring massive new legislation

to Parliament as part of a mid-term Budget debate”, he added that such “significant policy changes” must be afforded “ample” consultation with all affected stakeholders and MPs before they are debated and made law.

Questioning whether the new Bill has been provided to the likes of the Fiscal Responsibility Council, accountants, attorneys, the Bahamas Bar Association and Organisation for Responsible Governance (ORG), Mr Thompson said: “These critical pieces of fiscal reform sought to put in place a more responsible and accountable government with a modern fiscal framework that was appropriate for The Bahamas.... “It requires significant fiscal discipline. I submit that we don’t just change the law because it’s hard to comply with........ What is worse than all of this is the clear and deliberate aim to absolutely decimate key pieces of this legislation and move the country and the

Government backward in terms of accountability and transparency.”

The former state finance minister in the Minnis administration then proceeded to unveil a comparison of the current fiscal responsibility legislation and the new Bill’s provision. For starters, he asserted that the new Bill eliminates the Public Financial Management Act’s existing section 11, which empowers the treasurer - currently called the accountant-general - to “conduct examinations” and demand all relevant records.

Questioning why “a significant part of what the treasurer has power to do” is being eliminated, Mr Thompson did the same over the removal of the Fiscal Responsibility Act’s sub-sections four and five in section five. This prohibits civil servants and “public office holders”, such as Cabinet ministers, from spending public money, adding to the national debt and government’s liabilities,

and entering into expenditure commitments without lawful authority.

“What is the excuse for taking that out? I have no idea why you are taking that out?” the east Grand Bahama MP said. He added that the Public Finance Management Bill also “takes out the portion that provides for an independent review mechanism” for the Government’s pre-election spending report, which must be released between 20-30 days before a general election.

“You’ve completely changed the exceptional circumstances clause,” Mr Thompson said. This provision, currently set out in the Fiscal Responsibility Act’s section 13, sets out the specific situations when the Government can deviate from its fiscal targets such as an annual deficit no greater than 5 percent of gross domestic product (GDP) and a 50 percent debt-toGDP ratio.

These situations involve unexpected “external shocks” such as natural disasters (hurricanes); economic downturns; and national security issues.

However, Mr Thompson accused the Government of “watering down that section” such that the only thing required for a deviation from the fiscal targets is a “significant unforeseeable event” that is not spelled out.

“This should be a high standard which is not changing, or changed, on a willy nilly basis,” he added. Turning his attention to the Fiscal Responsibility Council, the Opposition’s finance spokesman said: “This is one that it’s amazing you would have read this through and decided to proceed with it.”

While the current Fiscal Responsibility Act allows the Council, a key fiscal watchdog, to hire “experts” to assist with its review of the Government’s Budget processes and financial circumstances, Mr Thompson said the new Bill requires them to first obtain the approval of the minister of finance to do this. And, while members of the fivestrong Council are currently recommended by the House of Assembly speaker, in the new Bill they will be appointed by the same minister.

“They’re supposed to be independent, and need experts. They need permission from the minister of finance. Just explain why do that?” Mr Thompson said.

“Instead of the House of Assembly, they’ve got to be the minister of finance for money. These are the same ones they have to judge.

“What possible independence could you have? That was the reason the funds were put in the House of Assembly so at least there was some semblance of independence..... They are appointed by the minister of finance. The minister of finance can appoint whoever he wants to judge himself.”

Mr Davis, while yesterday confirming some of these changes, argued that the Fiscal Responsibility Council will benefit from having its functions and “constitution” reorganised in the new Bill. “The Council, acting as an independent body corporate, will be comprised of five members elected by the minister of finance, who will be well-versed in domestic and international macroeconomic and fiscal matters,” he said.

“Strengthened rules of appointment will allow for constructive critique of public financial planning as well as continuity between council terms. By order of the Act, the Council shall have the responsibility to assess compliance with the general principles, fiscal responsibility principles and fiscal objectives, as well as to advise on fiscal and budgetary matters of the Government.”

The Council’s defined responsibilities will include reviewing the annual Fiscal Strategy Report; annual Budget; mid-year Budget review; pre-election economic and fiscal update; the Government’s annual accounts and deviation from the established fiscal targets.

“Furthermore, new legislation provides secretariat support to the council through the Ministry of Finance. Given the importance of the council’s review of government’s financial planning, it is imperative that this legislation provides tangible support,” the Prime Minister added.

Mr Thompson, though, was not finished. He argued that the new Bill strips the

Budget’s reserve appropriation, which provides cover for unforeseen spending news, of oversight by the Auditor General to determine the funds have been used in accordance with the law. This reserve, presently in the Ministry of Finance’s Budget, has been cut from the original $54.25m to $49.33m for 2022-2023.

“You’ve specifically taken that section out,” he said. “I wonder how you all agreed to this. That’s what happens when you don’t consult.” And the east Grand Bahama MP argued that the new has “taken out all the offences” related to financial misconduct, and associated penalties, that were contained on the present legislation. “You’ve taken the offences out, which means the Public Financial Management Act has no teeth. It has absolutely no teeth. Why take out every single offence?” Mr Thompson asked. The Prime Minister, though, countered that The Bahamas will end up with significantly enhanced fiscal laws.

“My administration’s amendments to public finance legislation support a more efficient collection and expenditure of funds by the Government,” Mr Davis said. “Deficiencies within the original Public Financial Management Act undermined the efficient management of public finances. This new Public Financial Management Act will facilitate timely reporting and effective fiscal planning, and will clarify the roles and responsibilities of relevant beneficiaries of government finances.”

Reiterating that his administration is moving to update the necessary government information systems and processes, the Prime Minister added: “In amending the Public Financial Management Act, we are demonstrating our dedication to responsible fiscal practices, and ensuring a legacy of financial prudence over the long term.

“In repealing the Fiscal Responsibility Act 2018 and the former Public Financial Management Act 2021, we are eliminating the confusion that arose from overlapping processes within the legislation..... It has been proven year over year that the current legislation is not feasible.

“We acknowledge the need for comprehensive fiscal planning, so we have no intention of discontinuing the reporting aspects of the Fiscal Responsibility Act. Instead, we are streamlining those processes to work in tandem with Budget planning and other reporting exercises.”

JUDGES NIXES SHAREHOLDER CLAIMS AGAINST MCDONALD’S DIRECTORS

By RANDALL CHASE AP Business Writer

A DELAWARE judge has dismissed claims against directors of McDonald’s in a shareholder lawsuit challenging their handling of sexual harassment by former CEO Steve Easterbrook and the company’s former top human resources executive.

The judge ruled Wednesday that the lawsuit does not support an inference that the board failed to respond to allegations involving Easterbrook and former Chief People Officer David Fairhurst, who were accused of promoting and participating in a “party atmosphere” at the company’s Chicago headquarters.

The allegations date to 2018, when the board received reports that Fairhurst had pulled a female employee onto his lap at a company party. Easterbrook told a board committee that Fairhurst had been involved in a prior incident of sexual harassment in 2016 that had not been reported, and that he had been warned about excessive drinking at company events. “When the head of the human resources function has repeatedly engaged in sexual harassment, that is the most vibrant of red flags regarding a potential problem with sexual harassment and misconduct,” Vice Chancellor J. Travis Laster said.

Nevertheless, Easterbrook recommended a deviation from the company’s no-tolerance policy and proposed that Fairhurst be punished by forfeiting half of his bonus payment for 2018 and signing a “last chance” letter. The board also undertook a broader effort to address sexual harassment and misconduct issues, which had led to protests by restaurant

workers in cities around the country that drew scrutiny from several U.S. senators. In October 2019, however, the board learned that Easterbrook was engaging in a prohibited relationship with a female subordinate that included sexually explicit private messages and video calls. Two weeks later, the board terminated Easterbrook “without cause,” allowing him to retain tens of millions of dollars in stockbased benefits and other compensation, while firing Fairhurst “for cause.”

“The confluence of events during 2018,

including the revelations about the global chief people officer, led to action,” Laster noted, saying it was not possible to infer that the defendants acted in bad faith or breached their duty of oversight. The lawsuit also claimed that the directors breached their fiduciary duties by terminating Easterbrook without cause, arguing that they declined to fire him for cause because they feared “ugly litigation that would expose their own failures to address the company’s problems with sexual harassment and misconduct.”

NOTICE

NOTICE is hereby given that ANASKACIA MOREAU of General Delivery, Marsh Harbour Abaco, The 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 23rd day of February, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RANDY ST.HUBERT of Shirley Street, New Providence, The 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 March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

WINEHUT LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, WINEHUT LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

NOTICE

WELLBAR INVEST LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, WELLBAR INVEST LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

WILMINGTON INVEST SA

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, WILMINGTON INVEST SA has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

NOTICE TRAINHEAT LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, TRAINHEAT LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

www.bisxbahamas.com

Share your news

The Public is hereby advised that I, CAROAL KNOWLES of Bank Lane, Eastern District, New Providence, The Bahamas, Mother of GARINIQUE CARLA ADRINEA A minor intend to change my child’s name to GARINIQUE CARLA ADRINEA If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that

NAVILIA LABRANCHE of Chippingham, Rosalind Street, New Providence, The 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 2nd day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FRANDELINA SATINY of Nassau Street, New Providence, The 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 March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

CORALMAE INVEST LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, CORALMAE INVEST LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February, A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

NOTICE

CARLARAMA LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, CARLARAMA LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February, A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited

Liquidator

PUBLIC NOTICE NOTICE

ROBSHAW INVEST LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, ROBSHAW INVEST LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February, A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited

Liquidator

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

By FRANK BAJAK AP Technology Writer

THE TV provider Dish Network continued to recover Wednesday from a ransomware attack last week that it said disrupted operations, internet sites and call centers. It said unspecified data was stolen and it was investigating whether that included the personal information of customers.

“We are experiencing a system issue that our teams are working hard to resolve,” said a message on Dish’s main page. A separate notice to customers said many were “having trouble reaching our service desks, accessing their accounts, and making payments.” Dish TV was up and running, it added. As with many victims of ransomware, Dish did not immediately acknowledge the outage’s cause when

NOTICE

SPICEBUN LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, SPICEBUN LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February, A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

announcing it on a Feb. 23 earnings call. Instead, it did so in a filing with the Securities and Exchange Commission on Tuesday.

The Colorado-based company’s stock price has fallen 20% since it first reported the incident.

Dish did not respond to detailed questions about the ransomware attack including which criminal group was behind it, how much ransom was demanded and whether

the company paid. Nor did it say how long the attackers were inside its network. Ransomware gangs, which largely operate out of Russia, break into networks and sow malicious code. Before the criminals activate the ransomware, which paralyzes infected machines by encrypting data, they steal files. That increases their chances of obtaining extortion payments and helps explain why ransomware has

NOTICE

SEATIME INVEST LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, SEATIME INVEST LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February, A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023.

Beatus Limited Liquidator

become the leading global cybersecurity headache.

In an email Wednesday responding to questions from The Associated Press, Dish did not say when it expected to fully recover.

Instead, it sent the notice it had posted online, which said it discovered Monday that some data had been stolen. “It’s possible the investigation will reveal that the extracted data includes personal information.”

“The security of our customers’ data is important to us, and if we learn that information was compromised, we’ll take the appropriate steps and let any impacted customers know,” the notice added.

As of Dec. 31, Dish said it had 7.4 million satellite TV subscribers with 9.7 million PAY-TV and 2.3 million Sling TV subscribers. It also reported 8 million wireless subscribers.

NOTICE

TAPERVIEW LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, TAPERVIEW LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 7th day of February A.D., 2023.

Nassau, dated the 27th day of February, A.D., 2023. Beatus Limited

THE WEATHER REPORT