03062017 business

business@tribunemedia.net

MONDAY, MARCH 6, 2017

$4.20 Govt ‘credibility loss’ on fiscal targets miss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government needs to regain its fiscal credibility by publishing a “detailed analysis” explaining why its $314.2 million first half deficit was so high, the Chamber of Commerce’s chairman has urged.

Gowon Bowe told Tribune Business that both Bahamians and the international credit rating agencies had “lost confidence” in the Christie administration’s fiscal forecasts, given that Budget projections were frequently missed by ninefigure margins.

Disclosing that the 20162017 first half deficit was “higher than what I would have anticipated”, Mr Bowe called on the Government to explain why it had overshot so much, notwithstanding Hurricane Matthew’s impact.

He added that it also needed to produce detailed forecasts for the fiscal year’s second half, plus accurate estimates of the full-year performance, warning that there will be “no forgiveness” for projections that turn out to be wildly optimistic.

With the Christie administration forced into emergency borrowing worth $130-$150 million to deal with Matthew’s immediate impact, Mr Bowe said that

‘Thorough public analysis’ of $314m deficit sought Chamber chief: Reassure Bahamians, rating agencies ‘No forgiveness’ for continued inaccurate forecasts

$4.24

$4.22

$4.23

Bahamas ‘fraud’ victim claims scheme ongoing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government has been urged to probe an alleged Bahamas-based real estate fraud that one victim claims is continuing, despite he and others last week winning a $94,000 judgment in the north Florida courts.

John Brier, a US citizen who has led a four-strong group seeking to recover their ‘investments’ in Long Island real estate, said the principals behind the scheme were still promoting it worldwide via e-mail and other electronic means.

Mr Brier sounded the

Urges Govt to investigate Long Island soliciting Warns that it’s ‘hurting a lot of people’ Same person, firm that targeted him seeking others alarm after a Canadian citizen sent him a March 1, 2017, e-mail received from Albert Jansen, a resident of Coral Gables, Florida, the same person who solic-

ited his own investment in a Long Island lot.

In the e-mail, which has also been seen by Tribune Business, Mr Jansen describes himself as a director of Long Island Investments, which is also the same company involved in Mr Brier’s case and court judgment.

Writing to the Canadian citizen, Mr Jansen says Long Island Investments needs to borrow $20,000 to close on “a major development” on the Bahamian island, and asks to borrow this sum.

“I am a director of Long Island Investments Ltd, a major owner of real estate in the island of Long Island, Bahamas,” Mr Jansen

writes.

“Our company is in the process to start a major development in the island, for which we have already the investors and financing.

“However we are missing a small amount for the closing costs of the operation: $20,000.”

Mr Jansen then asks to borrow this sum for 120 days, promising that Long Island Investments will return $30,000 to the investor - a 50 per cent return within four months, “This will also open the door for the financing of the sales of lots when we start to place them in the market,” Mr Jansen added.

See pg b2

‘Horrendous losses’ via Baha Mar faith erosion

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Gowon Bowe based on a full-year deficit projection of $100 million, most observers had anticipated a first-half deficit of around $250 million in a ‘worst case scenario’.

However, the Central Bank’s January economic See pg b7

Baha Mar’s new owner will likely incur “horrendous losses at the outset” because of the global travel industry’s complete lack of confidence in its continually-moving opening dates, a former director said yesterday.

Dionisio D’Aguilar, who sat on the Baha Mar

Board under former owner, Sarkis Izmirlian, told Tribune Business that no travel agent or tour operator would book guests to stay at the property until they were sure it was ready.

Mr D’Aguilar, now the FNM’s candidate for Freetown, said Rosewood’s announcement that its 200-room Baha Mar property will open only in Spring 2018 had only added to the confusion surround-

ing the multi-billion dollar development’s readiness.

“Clearly, nobody knows what’s going on with Baha Mar,” he told Tribune Business. “Nobody has a clue.

They’ve set a date of April 21, but clearly that date is an election gimmick.

“We know that because they haven’t turned their reservation system on. They’re not confident they’re going to be ready, See pg b5

Ex-director: No bookings with moving open dates ‘Nobody has clue’ what’s happening with project Travel agents lose confidence in ‘empty promises’

Sarkis: Baha Mar now being used to ‘deceive’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sarkis Izmirlian yesterday jumped back into the Baha Mar fray, describing his former development as a ‘Potemkin hotel’ that was being used by the Government to “deceive Bahamians into thinking the situation is better than it really is”.

The project’s former owner and his BMD Holdings vehicle broke several months of silence by hitting at the “uncertainty” surrounding the multi-billion dollar resort’s opening, which was further exacerbated last week by Rosewood revealing its 200-

Original developer says project a ‘Potemkin hotel’ Rosewood 2018 open is ‘a huge walk back’ Claims Bahamians ‘can’t have confidence’ in project room property will only open in Spring 2018.

Mr Izmirlian and BMD Holdings said Rosewood’s disclosure, which came in an official company release, See pg b4

Bran says landfill woe ‘one of Govt’s biggest scandals’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday described the failure to fix the New Providence landfill as “one of the biggest scandals of the Christie administration”, together with the Renward Wells Letter of Intent (LOI) controversy.

Branville McCartney, speaking as he drove to investigate the latest blaze to erupt at the landfill, told Tribune Business that the current Government had “five years to do something

DNA chief slams ‘debacle’ of Renew Bahamas deal Bahamians must be ‘vexed, outraged’ by new fire about it and did nothing”.

He described the failed outsourcing of the landfill’s management to a private company, Renew Bahamas, as a “debacle” that had condemned Bahamians living in close proximity to the See pg b6

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PAGE 2, Monday, March 6, 2017

Bimini resort teams with Graycliff cigars Resorts World Bimini (RWB) has partnered with Graycliff Cigar Company to carry its products exclusively at the four-star resort.

Cigar lovers visiting the property will discover new humidors, the complete Graycliff Cigar product line, menus, and a well-educated staff able to answer any question they may have about the product.

Graycliff Cigar Company’s general manager, Adam Collins, said: “Resorts World Bimini came to us with some really great ideas about how we could incorporate our brand into theirs.

“When you are dealing with this type of location and resort, the cigars go hand-in-hand and we are very proud to be able to offer our cigars here. (RWB) could have sold any

cigars, but they went with the only cigars manufactured in the country, which are world-renowned.”

Resorts World Bimini’s food and beverage manager, William Martinborough, said the addition of Graycliff Cigars to its offerings will allow the company to meet the demands of upscale clients.

“We’ve been able to deliver a firstclass resort, and now we are adding high-end cigars to the mix,” he said.

“In addition to selling the cigars in our casino and at our Monkey Business rooftop pool bar, we’re looking at opportunities to have special events where we can bring in a Graycliff cigar roller and put on live demonstrations of the product itself. For us, it’s a very good fit.”

Bahamas ‘fraud’ victim claims scheme ongoing From pg B1 “As guaranty of the loan we will place as collateral our lot 73, a one-acre beachfront lot in Long Island. This lot has an appraisal of $ 210,000.

“Similar lots (smaller in size) are also marketed for $210,000 in Stella Maris, in walking distance from our lots.”

Noting the similarities between this ‘sales pitch’ and how he was enticed into purchasing a Long Island lot by the same person and company, Mr Brier urged the Government to probe Long Island Investments and its ‘project’.

He warned that the Bahamas, and its integrity as a safe destination for real estate investment, was under threat as a result of this scheme and others like it, as “a lot of people are getting hurt” - mainly foreign investors.

Mr Brier told Tribune Business: “I would encourage the Bahamas to continue to look into this. I would specifically ask them to look into the e-mail going out on behalf of Long Island Investments, saying

there was an approved project seeking $20,000 from people...

“The Bahamas Government needs to look into this because it’s been going on for a long, long time, and it’s hurting a lot of people. And it’s still going on.”

Mr Brier spoke out after the north Florida district court completely dismissed claims that he and his fellow investors had “blackmailed” Long Island Investments’ principal, and his intermediary, into settling their dispute.

US magistrate judge, Charles Kahn, said the legal battle had resulted from a “speculative real estate investment in Long Island, Bahamas” that was made

by Mr Brier and his fellow investors, Eugene Gridnev, an American, and Irish citizens, Mark Murphy and Phila Keane.

Recalling the background to the dispute, the judge said Mr Brier responded to an online advertisement offering undeveloped ocean lots in Long Island for $40,000.

He was then subsequently contacted by Mr Jansen, acting on behalf of Long

THE TRIBUNE

Syz compliance assistant passes Canadian exam

Graycliff Cigar Company General Manager Adam Collins shows the Resorts World Bimini staff a cigar cutting technique.

Island Investments, a company owned and controlled

by Billy Wayne Davis.

Mr Davis, who last year ran for the Republican nomination in Georgia’s 11th congressional district, has had a long and colourful career in real estate sales in the Family Islands, especially Rum Cay. “Mr Jansen and Mr Davis indicated the lots soon would be selling for hundreds of thousands of dollars because a foreign investment group intended to invest $20 million into the development of a subdivision on the subject property,” the judgment noted.

“The sellers also told Mr Brier famous people, such as Joe Montana [the NFL quarterback], were involved with the project.”

Mr Brier eventually purchased a lot in 2013, but began investigating the scheme after noticing numerous discrepancies on his conveyancing and title documents that were not corrected.

He discovered that the sale to him was ‘null and void’ because the subdivision in which the lot was situated had not obtained the necessary Planning and Subdivision Act approvals - something admitted to Tribune Business previously by Keith De Cay - who

intervened in the matter as an ‘intermediary’ on Mr Davis’s behalf, seeking to settle the dispute.

In the meantime, Mr Brier, unable to recover his money despite repeated requests, had set up a website, www.BahamasLandSales. com, “to warn others of what he considered to be a fraudulent scheme and locate other investors, several of whom contacted him”.

The judgment added: “The plaintiffs discovered Mr Davis was a convicted felon who had been named in multiple lawsuits regarding alleged fraudulent land deals in the Bahamas.

“Several months later, in March 2015, the sellers expressed interest in settling the matter due, in plaintiffs’ estimation, to the negative publicity and criminal investigation.”

The two sides eventually reached a settlement agreement on March 31, 2015, where in return for ceasing the websites and criminal investigations, Mr Davis and his associates would “cease all false or deceptive marketing practices”, and Mr De Cay would pay Mr Brier and his group $40,000 per lot for a total S160,000 payout.

However, Mr De Cay ultimately defaulted on the payments, resulting in Mr

Brier and his group seeking $94,000 via a summary judgment for breach of contract.

“Mr De Cay does not deny he failed to fully perform under the agreement,” the judge noted. “Instead, he contends the agreement was illegal and unenforceable because plaintiffs blackmailed him, did not have clear title to the property, and defendant had no issues to settle with plaintiffs.”

Finding that the settlement agreement was an enforceable contract, the judge said Mr De Cay “presents no evidence plaintiffs forced him to sign the settlement agreements or exercised any type of coercion or undue pressure.

“To the contrary, Mr De Cay initiated the settlement discussions in an effort to protect the value of his property and negotiated with plaintiffs. He had extensive communications with plaintiffs regarding the terms of the agreements; yet, at no time did he indicate in any way that he felt coerced or pressured by plaintiffs.

“Moreover, he performed under the agreements for a period of time without objection, apologised to plaintiffs when he was unable to do so, and thanked them for their understanding.”

A compliance/documentation assistant at Syz Bank (Bahamas), O’Cara Nixon, has passed the Canadian chief compliance officer qualifying exam after studying with the Nassau-based Securities Training Institute (STI).

Bettina Albury, STI’s operations manager, said: “STI provides students with the necessary tools to effectively prepare for the chief compliance officer exam, and obtain this highly respected international qualification.”

Ms Nixon is pictured.

Judge Kahn said there was no evidence of misconduct by Mr Brier and his group, and that the websites were directed at the allegedly “fraudulent practices of Mr Davis” - not Mr De Cay. “The fact plaintiffs operated websites publicising negative information about Mr Davis does not constitute coercion against Mr De Cay, and certainly not blackmail,” the judge found.

“It appears Mr De Cay’s dissatisfaction with the agreements is based on his inability to continue to perform under them, and not with any perceived threat or coercion by plaintiffs. Mr De Cay may not rescind the agreements merely because he has become dissatisfied with their terms, or because he found himself unable to perform.”

The judge also found that Mr Brier and his group never made any representations as to the validity of their property’s title, adding: “Mr D Cay was aware of the questionable title at the time he entered into both the initial and amended settlement agreements, and thus could not have relied on any indication to the contrary.”

THE TRIBUNE

Monday, March 6, 2017, PAGE 3

Bimini ‘up in arms’ over RBC pull-out

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Pamela Hill, CEO of BPL. Photo/Shawn Hanna/Tribune Staff

BPL ‘explores above and beyond’ on fuel

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bahamas Power and Light (BPL) is exploring other fuel types “above and beyond” bunker C and diesel, its chief executive telling Tribune Business the utility is moving forward with a re-branding strategy that revolves around service reliability, renewables and customer service and growth.

Pamela Hill said: “The re-branding effort has been going very well. It’s about three key things. One is communicating our focus on reliability.

“We have really started to see the evidence of reliability in areas like New Providence with the 80 megawatt (MW) units available as part of our generation fleet through Aggreko and, likewise, as we begin on the Family Islands in places like Harbour Island where we have had the opportunity to install 6 MW and seen an improvement in reliability there. That’s one component of our rebranding campaign.”

Ms Hill said the second component focuses on renewable, adding: “We are working hand-in-hand with

our regulator, and this month have begun to allow residential customers who already have solar panels on their roofs, and have already made an application to us, to come forward so that we may see how we can integrate that solar and tie it into our grid.

“The third component of our branding strategy is about customer service and growth. We want to deliver the very best service that we can and deliver affordable rates. Our customers will begin to see automated metering infrastructure and other aspects that allow for a more seamless engagement with the company.”

Ms Hill said BPL is also focused on lowering the cost of fuel. “On the affordability front we are focused on lowering the cost of fuel, which represents half the cost of the electric bill,” she added.

“We are looking to lower the cost of fuel in part through solar and other renewables, but also by improving the reliability of the fleet which allows it to then burn less fuel. We’re exploring other types of fuel above and beyond the diesel and the heavy fuel oil which has been a component of our electricity.”

Bimini businesses are “up in arms” over Royal Bank of Canada’s (RBC) decision to close the only bank branch on the island, one telling Tribune Business: “It’s going to be very hard for us”.

Lorrick Roberts, owner of Dolphin Golf Cart Rentals, said: “It is very scary.

Being a businessman I can’t run my business with a bank that is off the island.

“There are bunch of things you have to physically deal with when you’re running business. You have people that don’t have an ATM card or know how to use one. We’re hoping someone picks up the slack before they leave.”

He added: “We need something here other than Bank of the Bahamas. How could we do our banking in Freeport? This is going to be really hard. We hope someone else can come in before they leave and we can take our money out. It’s

hard and everyone is asking the same question: what do we do now? Eighty-per cent of the funds going into Royal Bank here is US.” Another business owner told Tribune Business: “How are business owners expected to function? Employees need to cash their cheques and business owners have to deposit their cash. This is not going to be easy, and it’s only making it difficult for people doing business. Banking is a necessity and I don’t see this playing out well.”

RBC, which acts as the Government’s banker, unveiled plans to close four branches; Bimini and Spanish Wells, as well as its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay, last week.

RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which will be merged with Marsh Harbour on April 7, 2017.

That will be followed by

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the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Spanish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23.

Referring to the Spanish Wells closure, Theo Neilly, MP for North Eleuthera, said: “It is very sad. It will mean that it will be even more difficult doing business. Persons will now have to take a ferry to do personal banking.

“I think it will be harder

on the older persons, who are mostly on a fixed, limited income, now having to pay for a ferry and a taxi to pay bills and do banking.

“In some cases, persons will now have to take two ferries. For example, those living in Spanish Wells will have to take a ferry to the mainland in most cases, get a taxi on the mainland to go to the island dock, and then take yet another ferry to get to Harbour Island. This is very sad news for the people of Spanish well and North Eleuthera in general.”

PAGE 4, Monday, March 6, 2017

Sarkis: Baha Mar now being used to ‘deceive’ From pg B1 was “a huge walk back” from the “rose-coloured statements” made by Baha Mar’s new owner regarding the property’s opening.

Arguing that the project’s main contractor, the Beijing state-owned China Construction America (CCA) was “playing the same song, with some slightly different notes”, over Baha Mar’s construction, the original developer argued that Bahamians could have “little confidence” in statements by both the Government and new owner, Chow Tai Fook Enterprises (CTFE).

“The misleading, and often illogical statements now being made about progress at Baha Mar, and its opening, have made Baha Mar into a Potemkin hotel; that is, using this still-incomplete property to deceive others into thinking the situation is better than it is,” Mr Izmirlian and BMD argued.

“There is no reason to have confidence. Bahamians do not really know if there is a final ownership deal firmly in place for Baha Mar. Bahamians do not know what promises and giveaways may have been made to Chow Tai Fook,

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

Sarkis Izmirlian the alleged new owner, to attach its name - for now to the property. And, for sure, the real future of the project still sadly remains in the hands of CCA, which has a long clear record of misleading and failing on Baha Mar.” CTFE has completed a purchase agreement, and 2015/CLE/qui/01915

IN THE MATTER of all those pieces parcels or lots of land being Lots Numbered 19, 20 and 21 containing 745,007 square feet (15.884 acres) situate on Cistern Cay in the Berry Islands one of the Islands of the Commonwealth of the Bahamas.

AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of PATORIA LTD. NOTICE PATORIA LTD., the Petitioner claims to be the owner in fee simple possession of the piece parcel or lot of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of a diagram or plan showing the position boundaries and shape marks and dimensions of the said pieces parcels and lots of land may be inspected during normal working hours at the following places: (a) (b)

The Registry of the Supreme Court, Ansbacher Building, City of Nassau, New Providence, The Bahamas.

The Chambers of Kingdom Law Advocates, No. 48 Village Road (North), Nassau, The Bahamas, Attorneys for the Petitioner.

NOTICE is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of The Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of claim within thirty (30) days herein will operate as a bar to such claim. ___________________________________ KINGDOM LAW ADVOCATES No. 48 Village Road (North) Nassau, Bahamas Attorneys for the Petitioner

paid a deposit, to acquire Baha Mar and all its assets from the property’s main creditor, the China ExportImport Bank.

However, it subsequently confirmed that the purchase will not close, and it become Baha Mar’s new owner, until CCA completes Baha Mar’s physical construction.

Mr Izmirlian and BMD Holdings yesterday noted the frequent changes to the number of rooms that will be available for Baha Mar’s ‘soft opening’ on April 21.

This number was initially pegged at 700-800, only to change to a range between 200 to 1,000 rooms.

Baha Mar’s full completion, and grand opening, was initially scheduled for November/December 2017, when the final two resort properties - the SLS Lux and Rosewood - were supposed to be ready to receive guests.

However, Rosewood last week said its property will only open in Spring 2018, a change that was yesterday seized on by Mr Izmirlian.

“What we do know is, over the last few weeks, the activity around Baha Mar has revealed the uncertainty around opening,” he and BMD said.

“However, we do not know if there is a casino operator in place for Baha Mar, or whether the Government of the Bahamas even has granted a gaming license to operate the casino. Hyatt issues a very bare bones press release confirming it will be part of an opened Baha Mar, but says nothing more about when.

“Rosewood goes a step further and, in what appears to be a huge walk back from Chow Tai’s Graeme Davis’ rose-coloured statements about soft and full openings, makes clear that it will not commit to being part of Baha Mar until sometime in 2018.”

Mr Izmirlian’s statement said that with opening delays likely to last into 2018, the Government’s chosen route for resolving Baha Mar’s woes - the winding-up petition and appointment of provisional liquidators, followed by the China ExportImport Bank appointing its own receivers - had cost the

THE TRIBUNE Bahamian economy billions of dollars in lost earnings.

This, he suggested, amounted to $4 billion in revenues, 15,000 direct and indirect jobs, and $500 million in tax revenues from VAT, gaming and departure taxes, and NIB contributions, as a result of the project’s failure to open on schedule in March 2015.

“During this delay, Baha Mar, and therefore our country, have lost an estimated 1.6 million stopover visitors, with the expectation that each would have spent approximately $576 per day in the Bahamas,” Mr Izmirlian and BMD Holdings said.

It is unclear, though, whether the Chapter 11 bankruptcy process initiated by Mr Izmirlian to save his family’s investment in the project would have produced a swifter resolution and ensured all Bahamian creditors were made whole.

Mr Izmirlian and BMD Holdings yesterday said their bid to re-acquire Baha Mar would have achieved that result, as they clearly exploited the latest opening delays to both re-submit their offer and extoll its virtues.

However, it is highly improbable that Mr Izmirlian will be able to regain ownership of Baha Mar, given that a new owner with close ties to the Beijing government has been selected, and the continued Chinese determination to freeze him out.

The other reason for Mr Izmirlian’s statement appears to be a desire to respond to criticism of himself, and the former Board,

by Sir Franklyn Wilson over their ‘failure’ to require CCA to post a performance bond.

This would have provided the necessary security to ensure Baha Mar’s construction completion, but Mr Izmirlian and BMD yesterday accused Sir Franklyn of peddling “misinformation”.

They pointed out that they had secured two completion guarantees from CCA’s parent, China State Construction Engineering Corporation (CSCEC), and initiated legal action in the

UK High Court to obtain $192 million under those guarantees.

However, the end to Baha Mar’s Chapter 11 bankruptcy protection and subsequent winding-up brought pursuit of that $192 million to an abrupt halt.

“The Government’s hand-picked provisional liquidators did nothing whatsoever to actively pursue the completion guarantee claim, which could have amounted to hundreds of millions of dollars for Bahamian creditors,” Mr Izmirlian and BMD said.

“Furthermore, the receivers, as agents of the China Export-Import Bank, also did not pursue the suit to enforce the completion guarantees. This is not surprising given that the China Export-Import Bank has the same owner as CSCEC and its subsidiary, CCA. “It also is important to note that subsequently our affiliate, Granite Ventures, brought proceedings in The Bahamas Supreme Court in an attempt to have the guarantees claims pursued. But, reflecting its common ownership with CSCEC, China Export-Import Bank chose not to pursue the claims despite it being to the detriment of all parties affected

by CCA’s failures on Baha Mar.” Mr Izmirlian argued that such guarantees from CCA were needed again, given that the Chinese contractor was “a serial failure” in meeting schedules necessary to complete Baha Mar on time, and on budget.

And, disputing claims that he and the Board were responsible for Baha Mar’s cost overruns, Mr Izmirlian blasted: “These costs are almost all a direct result of CCA’s documented overbilling and numerous failures - its failures to perform competently, its failures to have proper procedures and controls in place, its failures to properly staff the project and, importantly, its failure to meet completion commitments made both to us and Prime Minister Christie. Throughout the process, independent mediation on numerous occasions found CCA to have committed these violations.”

THE TRIBUNE

Monday, March 6, 2017, PAGE 5

‘Horrendous losses’ via Baha Mar faith erosion From pg B1 and that’s why Rosewood said it was going to delay opening until 2018.”

Mr D’Aguilar accused the Christie administration of “handicapping the success of this project by their premature statements” regarding when it would open under prospective new owner, Chow Tai Fook Enterprises (CTFE).

He argued that the Government’s “desperation” to be able to say Baha Mar had opened, and justify its strategy to remove Mr Izmirlian, prior to the general election was only storing up problems with the project’s potential customer base.

“Perry Christie and the PLP are so determined to get this property open before the election so they can say they’ve delivered this project, and what’s becoming apparent is they will not have a product,” Mr D’Aguilar told Tribune Business.

“The purchaser’s brand, Rosewood, is not going to be open until 2018, and the travel agents and anybody looking at this, including international guests, have lost faith in them delivering this project at a certain date.

“It’s going to cost them [CTFE] a fortune. They’ll have to get it operational before anyone sends guests there; they’ll have a horrendous loss at the outset.”

Tribune Business revealed last week how Rosewood, the hotel brand owned by Baha Mar’s prospective purchaser, Chow Tai Fook Enterprises (CTFE), had confirmed in a company press release that its Baha Mar property will not open until Spring 2018.

“Rosewood Hotels & Resorts has been appointed by the Bahamian subsidiary of Hong Kong-based development company, Chow Tai Fook Enterprises (CTFE), to operate and manage Rosewood Baha Mar in Nassau, Bahamas, which will open in Spring 2018,” the resort brand’s opening

statement said.

This indicates that Rosewood’s opening has been pushed back, as the Bahamas Business Outlook presentation in January by Graeme Davis, CTFE’s top Bahamas-based executive, showed both its hotel and the SLS Lux would be completed in time for Baha Mar’s ‘grand opening’ in November/December 2017.

Travel news websites also previously cited this date for Rosewood’s opening.

Mr Davis and CTFE have yet to respond to detailed Tribune Business questions that were e-mailed to him five days ago, seeking answers on both the Rosewood opening and whether they have yet been granted a casino license for Baha Mar. The constant changes in Baha Mar’s opening dates are also beginning to undermine confidence in the project among global travel agents, who are becoming increasingly reluctant to send clients there until there is complete certainty that the project’s construction is complete.

“My original thoughts on the Baha Mar opening were promising, but with yet another delay I’m not sure what to believe,” Kristen DeAngelo, of Dream Excapes, told Travel Agent magazine.

“At this point, I will believe it when I see the resort open and logistics running in order. The project has lost my interest as well as clients who have been interested. It is ruining future guests’ trust in the company, as well as the hope for the Bahamians and their economy with the opening date being pushed out further and further.”

And Alex Scipione, of Alex’s Adventures, told the same magazine: “The project has been full of empty promises that have yet to be delivered. After all of the events that have unfolded, I would be surprised if it does open next year.

“I think at this point it

Dionisio D’Aguilar would take a lot more than they realise to rebrand and re-interest both agents and travellers in its potential.”

CTFE has previously said it will invest some $200 million in pre-opening activities, including marketing Baha Mar and recruiting the 4,000-plus staff it has promised to have in place by year-end 2017.

It is making this investment despite having yet to close the purchase, something that is tied directly to China Construction America’s (CCA) completion of Baha Mar’s physical construction. Only then will purchase price payment be completed, and CTFE become the new owner.

Mr D’Aguilar, meanwhile, suggested that the April 21 opening could involve as little as 100 rooms, so long as both the Government and CTFE could claim to have accomplished their goals.

“They’ll jump up and down, scream and shout and say they’ve done it, but we don’t know if they have a casino license yet,” he told Tribune Business. “They have no casino operator, no reservations system.

“They’re trying to spin that things are better than they are, but clearly they’re not. They’ll try and sully the previous Board and owner, and claim Mr Izmirlian’s responsible for this, but this is now their [the Government’s] project.

“They own this project.

By supporting the end of Chapter 11, and going all in with the Chinese, they are now running into the same problems we had with CCA. Stick with the Chinese, see where that gets you. They’ll let you down again.”

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PAGE 6, Monday, March 6, 2017

Bran says landfill woe ‘one of Govt’s biggest scandals’

From pg B1 site to “further suffering”.

While strong winds were yesterday blowing the smoke and fumes from the landfill fire westwards, Mr McCartney said that should

they change direction to the north, Baha Mar’s new owner would “understand first hand” the threat posed to its investment.

“If Baha Mar gets it, the managing director [Graeme Davis] will understand what

I have been saying from the beginning,” the DNA leader told Tribune Business.

“No one in their right mind would purchase that resort unless this dump was remediated. He will feel it first hand and understand.”

Mr Davis and Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), recently went public with their concerns over the landfill and its potential impact on their multi-billion dollar investment, dramatically increasing pressure on the Christie administration to resolve its woes.

“It’s a huge concern for us, as it is for many businesses and persons,” Mr Davis said of the landfill on ‘The Revolution’ radio show. “The last thing we want is a toxic plume of smoke coming over the golf course on the day we open.

“We’ve already encouraged and spoken to the existing government that they need to address it, and they’ve made a commitment to address it. We’re all concerned, and want to make sure it is addressed and goes away.”

Tribune Business previously revealed that the Government was leaning towards a Bahamian consortium as its best hope for resolving the situation, with members of the 10-strong Waste Resources Development Group (WRDG) having met several times with Prime Minister Perry Christie in recent weeks.

WRDG, whose members include companies such as Wastenot, United Sanitation, BISX-listed Bahamas Waste and Impac, has been asked to come up with a management/business plan for the landfill, together with the necessary financing, “in an extremely short time”.

Prime Minister Perry Christie yesterday confirmed that his government

THE TRIBUNE had been in discussions with WRDG but, like Kenred Dorsett, minister of the environment and housing, also said other proposals were being considered.

Sources familiar with the status of the Government’s landfill negotiations yesterday said the talks “seem to be in a holding pattern; there’s no idea where they’re headed.

The weekend’s fires may re-ignite discussions on a landfill solution, and the source, speaking on condition of anonymity, said: “It’s [the latest fire] so depressing.

“I’ve been hoping and praying it wouldn’t catch on fire. This time of year, it’s such a regular thing, and with Baha Mar gearing up to open, let’s hope it doesn’t put that in trouble; that’s the whole danger to our economy.

“I was just praying it would not go up again. The Department of Environmental Health Services has been doing the best they can.”

Jubilee Gardens residents were evacuated due to the health and fire hazards caused by the new landfill eruption, which will come as little surprise to those familiar with the facility and current conditions.

The Tonique Williams Darling facility frequently suffers fire outbreaks during the winter/summer dry seasons, when conditions are much more conducive for blazes to erupt.

The Christie administration placed great faith in Renew Bahamas to resolve the landfill’s woes after taking office in May 2012, awarding it a contract to manage the site and generate the necessary revenues to sustain its business model via materials recycling.

However, the landfill management contract was

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side

Branville McCartney never put out to public tender via a specially designed request for proposal (RFP), unlike the energy sector reform and mobile communications liberalisation processes.

Renew Bahamas, unable to generate the necessary income to sustain itself amid a decline in world commodities prices, and following a fire that rendered its materials recycling facility inoperable for several months, ultimately relinquished its contract and investment late last year.

Mr McCartney said Bahamians never knew what the management agreement with Renew Bahamas “really was before it fell apart”, describing the failure to resolve the landfill’s problems, together with the LOI involving Mr Wells, as “one of the biggest scandals of the Christie administration”.

He also blasted the first FNM administration for failing to properly use a $25 million Inter-American Development Bank (IDB) grant designed to improve solid waste management in the Bahamas, including conditions at the New Providence landfill.

Suggesting that both FNM and PLP governments had “failed to take the dump seriously”, the DNA leader added: “We should be vexed. We should be outraged as a people about what is happening.”

2016/ CLE/gen/No.00740

IN THE MATTER OF the FATAL ACCIDENT ACT, Chapter 71 of the Statute Laws of the Commonwealth of The Bahamas AND IN THE MATTER OF the Survival of Action Acts Chapter 79 of the Statute Laws of The Bahamas AND IN THE MATTER OF the HEALTH AND SAFETY AT WORK ACT Chapter 321C of the Statute Laws of The Bahamas AND IN THE MATTER OF the ESTATE OF BARRINGTON CONOLLY B E T W E E N: SIMONE SMALL Dependent of the Deceased and Administrator of the Deceased’s Estate And SIMONE SMALL As Next Friend of JORDON BARRINGTON CONOLLY (a Minor) son of the deceased Plaintiffs AND DOIMONT HANNA First Defendant AND KNOWLES CONSTRUCTION COMPANY LTD Second Defendant AND CCA (CIVIL) BAHAMAS LTD. Third Defendant AND BAHAMAS ELECTRICITY CORPORATION Fourth Defendant MINISTRY OF WORKS AND TRANSPORT Fifth Defendant NOTICE TO:

DOIMONT HANNA Nassau, the Bahamas

TAKE NOTICE THAT: 1.

An action has been commenced against you by Simone Hall, Administrator of the Estate of Barrington Conolly, in the Supreme Court of the Commonwealth of The Bahamas by Writ of Summons and Statement of Claim filed on May 13, 2016 and Amended Writ and Statement of Claim filed on February 21, 2017, being Action Number 2016/CLE/gen/00740.

2.

It has been ordered that service of the said Writ of Summons be effected on you by virtue of this advertisement.

3.

You must within Fourteen (14) days from the publication of the advertisement inclusive of the day of such publication, acknowledge service of the said Writ of Summons by filing a Memorandum if Appearance at the Registry of the Supreme Court, in the British American Building, Marlborough Street, Nassau, The Bahamas and by serving the said Memorandum of Appearance on the Attorneys whose name and address appear below, otherwise judgment may be entered against you.

Dated the 21st day of February A.D., 2017 MURRIO DUCILLE CHAMBERS SUITE #9 BAYPARL BUILDING 18 PARLIAMENT STREET NASSAU, N.P. THE BAHAMAS ATTORNEYS FOR THE PLAINTIFFS

THE TRIBUNE

Monday, March 6, 2017, PAGE 7

Govt ‘credibility loss’ on fiscal targets miss From pg B1 developments report revealed the ‘red ink’ was much more, something that will cause Moody’s and Standard & Poor’s (S&P) to start asking questions.

“I think it still is higher than what I would have anticipated,” Mr Bowe told Tribune Business of the $314.2 million deficit incurred over the six months to-end December 2016.

“We need to improve the confidence levels in the projections, as we’ve had several years of rosy forecasts that have not been achieved.”

The Chamber chairman said both credit rating agencies would now likely be asking how the Bahamas had “got to $314 million already”, given the calcula-

YOUR

tions stemming from the $100 million full-year projection and emergency Matthew borrowing.

“There needs to be a very clear statement from the Government as to where they see the full year deficit coming in,” Mr Bowe said.

“Are they looking for the second half to be a surplus, to hold the deficit where it stands now or for the deficit to expand further?

“Unfortunately, and this goes back many years, we’ve missed fiscal targets and there’s been no thorough analysis why; just general statements. We haven’t said these are the reasons why, and what we’re doing to correct it.

“This is why the rating agencies have lost confidence in the Government’s numbers, and are projecting

their own,” he added.

“The rating agencies have taken it upon themselves to make projections, which is an indictment on the Government numbers being forecast.”

The Chamber chairman added that the Bahamas needed “to respect that the outside world is looking for detailed analysis”, especially the rating agencies, and hard data and statistics that explain this nation’s fiscal performance.

“Moody’s put out a projection that it would be $300 million,” Mr Bowe said of the 2016-2017 full-year deficit, “and if you exceeded it in the first six months, that’s certainly going to lead them to pick up the phone and ask questions.

“The Government should be in a position to explain it, not only to them but to the Bahamian people. It [the first half deficit] has raised a lot of questions, and people are concerned.”

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014 CLE/GEN/1856

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 26th day of September, A.D., 2003 between Sean D’Arrington Knowles and Gina Shavon Knowles and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND SEAN D’ARRINGTON KNOWLES

Plaintiff

First Defendant AND MONA KNOWLES THE PERSONAL RESPRESETATIVE OF THE ESTATE OF GINA SHAVON KNOWLES (DECEASED) Second Defendant To: Sean Knowles and Mona Knowles the Personal Representative of the Estate of Gina Knowles TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 18th day of May, A.D., 2016, seeking an Order to direct you to deliver up possession of the Mortgaged Property being ALL THAT piece of land situated in the Subdivision called and known as “Eastern Estates” in the Eastern District of the Island of New Providence on of the Islands of the Commonwealth of The Bahamas being Lot Numbered Ten (10) in Block Numbered Four (4) which said piece parcel or lot of land is bounded NORTHWARDLY by Lot Numbered Eleven (11) and running thereon Ninety-one and Thirty-nine hundredths (91.39) feet EASTWARDLY by a Road Reservation in the said Subdivision and running thereon Forty-five (45) feet SOUTHEASTWARDLY by the junction of two Road Reservations in the said Subdivision and running thereon Twenty-one and Twenty-one hundredths (21.21) feet SOUTHWARDLY by another Road Reservation in the said Subdivision and running thereon Seventy-six and Thirty-nine hundredths (76.39) feet and WESTWARDLY by Lot Numbered Nine (9) in Block Numbered Four (4) and running thereon Sixty (60) feet to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 26th day of September, A.D., 2003 and that it has been ordered that the publication of a notice of the entry of the said Originating Summons filed on the 6th day of November, A.D., 2014, the amended Originating Summons filed on the 18th day of May, A.D., 2016, Notice of Appointment to Hear the Originating Summons filed on the 8th day of June, A.D., 2015, Affidavit in Support of application filed on the 8th day of June, A.D., 2015, Ex Parte Summons filed on the 5th day of January, A.D., 2017, Affidavit in Support of Ex Parte Summons filed on the 12th day of January, A.D., 2017 and Order dated the 1st February, A.D., 2017 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you.

A copy of the said Originating Summons, Notice of Appointment to Hear the Originating Summons, Ex Parte Summons, Affidavit in Support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice Dated the 2nd day of March, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

Besides blaming Hurricanes Joaquin and Matthew for the significant deficit overshoots, the Christie administration will likely retort that the fiscal cycle means the 2016-2017 second half performance will be better.

This is because it coincides with the winter tourism season peak and associated spike in economic activity, thus representing the period when the Government normally earns the bulk of its annual revenues.

The payment of certain taxes, such as Business License fees, also falls due within this particular period.

Mr Bowe, though, warned that expectations of a second half revenue upswing “doesn’t necessarily translate into a surplus or holding your spending lower”, especially this year.

“We know there’s a distinct danger in the run-up to an election, as the Government tries to sweeten the pot for its constituent base,” he told Tribune Business.

Mr Bowe said that what the Bahamas required was “not a placating statement that we expect more revenues in the second half; it has to be fairly detailed analysis: ‘This is where we sit, these are the items in the pipeline, and this is where we expect the second half outturn to be”.

Warning that numerous eyes were fixed upon the Bahamas, he added: “It [the analysis] had better be accurate, as there will be no forgiveness by external observers for inaccuracies.”

Mr Bowe said such an analysis needed to be provided by the Ministry of Finance’s technical team,

rather than policymakers at the political level.

It is unclear whether the Government plans to give the regular mid-year Budget presentation in the House of Assembly, where the performance over the fiscal year’s first six months is debated.

Time is running out for this, given the impending general election, and failing to hold it will likely raise further questions as to the Government’s commitment to fiscal accountability and transparency.

Mr Bowe, though, said the mid-year Budget had yet to prove a useful mechanism for analysing the Government’s fiscal performance.

“To be honest, the quality of the Budget debates still leaves a lot to be desired,” he added. “It’s more a narrative of whose to blame, rather than what the numbers say. The debate itself has never created any significant amount of confidence.”

The Chamber chairman also urged Bahamians to “stop this fallacy that the Government is not a business; it is a business”.

He said the Cabinet was akin to a company’s Board of Directors; senior civil servants were the equivalent of management; and the shareholders - in the case of the Government - were the Bahamian people.

Questioning what happened to a private company’s Board and management if it kept missing financial forecasts and provided inaccurate information, Mr Bowe said: “If you are not able to provide accurate information, there’s ultimately a change in the

management and Board of Directors.”

The fiscal misses have been numerous over the last five years, with the Christie administration having initially forecast it would achieve a ‘balanced’ Budget and zero GFS deficit by 2015-2016.

It has not come remotely close to achieving this, with Simon Wilson, the Ministry of Finance’s financial secretary, telling a Chamber of Commerce forum last month that the Government now expected to achieve ‘fiscal balance’ within the next four years - meaning by the 2020-2021 fiscal year.

Projections for individual fiscal years have been just as overly-optimistic. The 20142015 deficit came in at $381 million, almost double the Government’s initial projection of $196 million.

The following year is forecast to have produced a similar result, with the International Monetary Fund (IMF) and Moody’s both projecting a $250-$300 million deficit for 2015-2016, compared to the Government’s revised $150 million estimate.

As for the current fiscal year, the half-year deficit is already triple what the Government had projected for the full-year.

While some of this is doubtless attributable to Hurricane Matthew, the Central Bank’s analysis made clear this was only part of the story. It pointed to a $50 million-plus increase in recurrent spending, due to increased expenditure on programmes such as National Health Insurance (NHI).

PAGE 10, Monday, March 6, 2017

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

THE TRIBUNE

2015 CLE/GEN/00882

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 26th day of October, A.D., 2007 between Sasha T. Deveaux and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND SASHA T. DEVEAUX To:

Plaintiff Defendant

Sasha T. Deveaux

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Nassau Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 23rd day of June, A.D., 2015 as renewed, seeking an Order to direct you to deliver up possession of the Mortgaged Property being Unit Number Two (2) in Venetian Palms Condominium situated on Lot Number Four (4), Block Two (2) Venice Bay Subdivision situated in the Western District of the Island of New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 26th day of October, A.D., 2007 and that it has been ordered that the publication of a notice of the entry of the said Originating Summons filed on the 23rd day of June, A.D., 2015, Notice of Appointment to hear the Originating Summons filed on the 10th day of September, A.D., 2015, Affidavit in Support of application filed on the 4th day of September, A.D., 2015, Ex Parte Summons filed on the 3rd day of August, A.D., 2016, Affidavit in support of ex parte Summons filed on the 3rd day of August, A.D., 2016 and Order filed on the 28th day of September, A.D., 2016 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you.

The Originating Summons will be heard before the Honourable Madam Justice Guillemina Archer-Minns of the Supreme Court at Ansbacher House, The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Tuesday, the 4th day of April, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons, Ex Parte Summons, Affidavit in Support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice

Dated the 2nd day of March, A.D., 2017

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

Delegates look at paperwork during the opening session of China’s annual National People’s Congress in Beijing’s Great Hall of the People, yesterday. China’s top leadership as well as thousands of delegates from around the country are gathered at the Chinese capital for the annual legislature meetings. (AP Photo)

China trims 2017 growth target, warns against trade controls BEIJING (AP) — China’s top economic official trimmed the country’s growth target and warned Sunday of dangers from global pressure for trade controls as Beijing tries to build a consumer-driven economy and reduce reliance on exports and investment.

In a speech to the national legislature, Premier Li Keqiang promised more steps to cut surplus steel production that is straining trade relations with Washington and Europe. He pledged equal treatment for foreign companies, apparently responding to complaints Beijing is trying to squeeze them out of technology and other promising markets.

Li’s report set the growth target for the world’s second-largest economy at “around 6.5 percent or higher, if possible.” That is down from last year’s 6.7 percent expansion but, if achieved, would be among the world’s strongest, reflecting confidence efforts to create new industries are gaining traction.

The premier called for attention to the risks of China’s surging debt levels, which economists see as a rising threat to growth.

Li announced no major initiatives, but that was widely expected as the ruling Communist Party tries to avoid shocks ahead of a congress late this year at which President Xi Jinping

is due to be given a second five-year term as leader.

Analysts expect Chinese leaders to use the legislative meeting to emphasize reducing financial risks and keeping growth stable.

At a time of demands in the United States and Europe for trade controls, Li warned China faces “more complicated and graver situations” at home and abroad.

“Both the de-globalization trend and protectionism are growing,” Li said.

“There are many uncertainties about the direction of the major economies’ policies and their spillover effects, and the factors that could cause instability and uncertainty are visibly increasing.”

Chinese leaders have publicly defended free trade in response to President Donald Trump’s promises to raise duties on Chinese goods, though Beijing’s trading partners complain China is the most closed major economy.

China “may be adversely affected” if Trump goes ahead with “tough policies,” but the impact should be limited, said economist Song Lifang at Renmin University in Beijing.

“With China’s domestic economy still in the phase of transformation, the tasks for China’s economic growth are arduous but with great potential,” said Song.

Growth has cooled steadily since 2010 as communist leaders try to develop a consumer-driven economy and

reduce reliance on trade, heavy industry and investment.

The latest growth target is in line with those reforms and efforts to create a “moderately prosperous society,” Li said.

Chinese leaders have tried to downplay the significance of the growth target and shift focus to improvements in incomes, consumer spending and other factors. But the target is closely watched as a forecast of economic performance, which has repercussions throughout Asia, where China is the biggest trading partner for all its neighbors.

Li acknowledged concerns about the rising dangers of debt, though he said the financial system is stable.

“We must be fully alert to the buildup of risks related to non-performing assets, bond defaults, shadow banking and Internet finance,” said Li. Banking and securities regulators already have said their priority this year is reducing risk and watching financial industries more closely following a 2015 stock price collapse and warnings investors are engaged in a dangerous new bout of speculative trading.

Beijing’s reliance on repeated infusions of credit to prop up growth since the 2008 global crisis has driven up debt, prompting concern it could trigger a banking crisis or drag on the economy.

PAGE 12, Monday, March 6, 2017

THE TRIBUNE

US Sen. Warren turns fundraising powerhouse for Democrats

Senate Armed Services Committee members Sen. Elizabeth Warren, D-Mass., left, and Sen. Gary Peters, D-Mich., arrive on Capitol Hill in Washington for a hearing. An Associated Press review of campaign finance records showed that Warren had $4.8 million in her Senate campaign account at the start of 2017, the biggest piggybank of any Senate Democrat facing voters in the next year. (AP Photo)

BOSTON (AP) — At the core of Massachusetts Sen. Elizabeth Warren’s appeal is a critique of an economic system she says is rigged against the little guy.

Helping fuel that message is a voracious fundraising machine that has turned the Massachusetts Democrat into a powerhouse in her party as she looks ahead to a 2018 reelection campaign and what supporters hope is a 2020 presidential bid.

Warren started 2017 with $4.8 million in her campaign account, the biggest piggybank of any Senate Democrat facing voters next year, according to an

MARKET REPORT FRIDAY, 3 MARCH 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX LISTED & TRADED SECURITIES 52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.50 7.72 11.00 2.18 1.31 5.80 6.78 8.56 6.60 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.86 2.15 1.55 5.83 9.75 10.95 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.60 8.50 5.83 10.48 11.86 2.15 1.55 5.83 9.75 10.00 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.95 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

2,500

850

1,000

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -153.3 14.0 13.6 23.3 107.8 21.1 19.4 19.4 18.8 10.4 11.3 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 1.96% 3.53% 3.77% 3.44% 4.13% 2.79% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

a Level Playing Field during the past two years. She donated $390,000 of that to Democratic candidates and committees.

Warren’s success at cultivating small donors will be crucial to the Democratic Party’s White House hopes in 2020 whether Warren runs or not, according to Peter Ubertaccio, director of the Martin Institute for Law & Society at Stonehill College.

“Her people have really figured out the secret sauce,” Ubertaccio said.

“Anyone who wants to be the Democratic nominee in 2020 is going to have to spend a lot of time cultivating Elizabeth Warren’s supporters and donors, and ultimately her.”

Warren is also adept at targeted fundraising appeals.

After Senate Republicans rebuked her for reading from a letter by Coretta Scott King during last months’ debate on the nomination of Jeff Sessions for attorney general, Warren sent an email to outraged backers.

The liberal group MoveOn.org said it quickly raised more than $250,000 for Warren.

Warren also started selling “Nevertheless, She Persisted” T-shirts, echoing Republican Sen. Mitch McConnell who said, “She was warned. She was given an explanation. Nevertheless, she persisted,” before silencing Warren.

Contributions to Warren also spiked in the final three months of last year, when she took in $1 million, a period that included Trump’s election.

Warren may also be hoping to discourage GOP challengers.

State Rep. Geoff Diehl, one of a handful of Massachusetts Republicans considering a Senate run, said Warren’s cash isn’t an obstacle.

NOTICE

BISX ALL SHARE INDEX: CLOSE 1,906.03 | CHG 9.30 | %CHG -0.44 | YTD -32.18 | YTD% -1.66 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00

Associated Press review of campaign finance records.

That’s also $1 million more than any Democratic member of the Senate except for Democratic leader Chuck Schumer, of New York, with $10.7 million.

Schumer won re-election last year.

Warren is also ahead of eight of the nine Senate Republicans running for re-election next year. Republican Sen. Bob Corker, of Tennessee, ended 2016 with $5.9 million. Sen. Bernie Sanders, an independent who caucuses with Democrats, trailed Warren with $3.8 million. Sanders also had $5.5 million in his presidential campaign account.

Key to Warren’s fundraising muscle is a wide base of supporters. Warren raked in donations from virtually every state in the past two years. Nearly all her contributions came from individual supporters, with just $34,000 from political action committees and other groups.

Even in states where President Donald Trump beat Democrat Hillary Clinton by double digit margins, Warren found tiny pockets of support.

In Kentucky, the former Harvard University law professor pulled in $5,200.

In Alabama, she collected $3,200. And in Tennessee, she raised $9,600 — all states where the vote exceeded 60 percent for Trump.

The totals count only contributions above $200 during the election cycle.

Just 36 percent of the $5.8 million Warren raised in 2015 and 2016 crossed that threshold.

The low average donation means Warren can return to those supporters again and again before they hit the maximum of $2,700 per election cycle.

Warren also raised about $1.2 million for her PAC for

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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Notice is hereby given that MEMLX LP commenced dissolution on the first day of March, 2017.

The Liquidator is Moore Advisors, Ltd., of One Montague Place, East Bay Street, PO Box N-4906, Nassau, Bahamas.

Glinton Sweeting O’Brien, Counsel to MEMLX, LP

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ERMANTIDE VILNEGRE ne’e JOSEPH of Washington Street, intend to change my child’s name to PRINCESS LAVENYA MURPHY formerly PRINCESS LAVENYA VILNEGRE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, KERLINE PIERRE-LOUIS and FRANCILLON MARCELLUS of P.O BOX General Delivery, Bahamas, parents of REGUENS KELLIN NELSON intend to change our child’s name to REGUENS KELLIN MARCELLUS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that RICARDO NELSON BASTIAN of Alocasia Road, Garden Hills #2, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JIPCO MCKINNEY of Nassau, Bahamas, intend to change my name to JIPCO THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE TRIBUNE

Monday, March 6, 2017, PAGE 13

Trump hotel may be political capital of the nation's capital COMMONWEALTH OF THE BAHAMAS

2012

IN THE SUPREME COURT

CLE/qui/01749

Common Law and Equity Division IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Fortynine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by land the property of one Williams and running thereon One Hundred and Twenty-seven Hundredths (100.27’) feet on the WEST by land the property of one McKinney and running thereon Fifty and Sixteen Hundredths (50.16’) feet on the SOUTH by land the property of one Outten and running thereon Ninety-eight and eighty-two Hundredths (98.82’) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-five Hundredths (49.45’) feet the lot being 50 x 100 in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER of The Petition of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) _________________________________ NOTICE _________________________________ THE PETITION of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) “ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Forty-nine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by Lot Number Nineteen (19) in the said Subdivision now said to be the property of one Williams and running thereon One Hundred and Sixty-six Hundredths (100.66) feet on the WEST by Lot Number Fifteen (15) in the said Subdivision now said to be the property of one McKinney and running thereon Fifty and Forty-four Hundredths (50.44) feet on the SOUTH by Lot Number Seventeen (17) in the said Subdivision now said to be the property of one Outten and running thereon Ninety-eight and Seventy-seven Hundredths (98.77) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-four Hundredths (49.44) feet and is more particularly described on PLAN 5771 NP filed at the Department of Lands & Surveys.

MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) claims to be the owner of the unincumbered fee simple estate in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and the Plan of the said land may be inspected during normal office hours in the following places: 1.

The Registry of the Supreme Court, East Street North in the City of Nassau, Bahamas; and 2.

The Chambers of Norwood A. Rolle & Co., Suite #6 Gomez Building, Dowdeswell Street east of Christie Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as bar to such claim.

Dated the 12th day of December, A.D., 2016 NORWOOD A. ROLLE & CO. Chambers Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner

WASHINGTON (AP) — At a circular booth in the middle of the Trump International Hotel’s balcony restaurant, President Donald Trump dined on his steak — well-done, with ketchup — while chatting with British Brexit politician Nigel Farage.

A few days later, major Republican donors Doug Deason and Doug Manchester, in town for the president’s address to Congress, sipped coffee at the hotel with Rep. Darrell Issa, RCalif.

After Trump’s speech, Treasury Secretary Steven Mnuchin returned to his Washington residence — the hotel — and strode past the gigantic American flag in the soaring lobby. With his tiny terrier tucked under an arm, Mnuchin stepped into an elevator with reality TV star and hotel guest Dog the Bounty Hunter, who particularly enjoyed the Trump-stamped chocolates in his room.

It’s just another week at the new political capital of the nation’s capital.

The $200 million hotel inside the federally owned Old Post Office building has become the place to see, be seen, drink, network — even live — for the still-emerging Trump set. It’s a rich environment for lobbyists and anyone hoping to rub elbows with Trump-related politicos — despite a veil of ethics questions that hangs overhead.

“I’ve never come through this lobby and not seen someone I know,” says Deason, a Dallas-based fundraiser for Trump’s election campaign.

For Republican Party players, it’s the only place to stay.

“I can tell you this hotel will be the most successful hotel in Washington, D.C.,” says Manchester, adding that he would know because he has developed the second-largest Marriott and second-largest Hyatt in the world. Manchester says Trump’s hotel will attract people based on its location near the White House and Congress, the quality reno-

vation and the management team.

Then there’s also the access.

Although Trump says he is not involved in the day-today operations of his businesses, he retains a financial interest in them. A stay at the hotel gives someone trying to win over Trump on a policy issue or political decision a potential chit.

That’s what concerns ethics lawyers who had wanted Trump to sell off his companies as previous presidents have done.

“President Trump is in effect inviting people and companies and countries to channel money to him through the hotel,” said Kathleen Clark, a former ethics lawyer for the District of Columbia and a law professor at Washington University in St. Louis.

She said the “pay to play” danger is even greater than it would be if people wanted to donate to a campaign to influence a politician’s thinking. Spending money at a Trump property “is about personally enriching Donald Trump, who happens to be the president of the United States.”

The White House strongly disputes there’s any ethical danger in Trump’s busi-

ness arrangements.

Trump can see his hotel from the White House.

When a Fox News interviewer mentioned that to him recently, Trump responded, “Isn’t that beautiful?” But while the interviewer pointed out that he can see the property from his desk in the Oval Office, Trump said, “I’m so focused on what I’m doing here that I don’t even think about it.”

Still, Trump couldn’t resist the short trip over there for dinner on his only weekend night out in Washington since becoming president.

A reporter for the website Independent Journal Review was tipped off about Trump’s dining plans and sat at a table near him. He noted the president’s dinner fare and companions, who also included daughter Ivanka Trump and her husband, Trump adviser Jared Kushner.

On other nights, the posh hotel is the kind of place where on a mid-February evening, you could bump into Trump television personality Katrina Pierson having cocktails with Lynne Patton, a former Trump Organization executive who’s now working at the Department of Housing and Urban Development.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014 CLE/GEN/1374

Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 6th day of May, A.D., 2004 between Anthony Alexander Seymour and Denice Williams and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND ANTHONY ALEXANDER SEYMOUR AND DENICE WILLIAMS To:

Plaintiff First Defendant Second Defendant

Anthony Alexander Seymour and Denice Williams

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Palmdale Branch, Palmdale Shopping Plaza, Madeira Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 10th day of September, A.D., 2014, seeking an Order to direct you to deliver up possession of the Mortgaged Property being ALL THAT piece parcel or lot of land lying within the Subdivision known as “SIR LYNDEN PINDLING ESTATES SUBDIVISION” situated in the Southern District of the Island of New Providence and being Lot Numbered Two Thousand Nine Hundred and Eight/ Seven (2908/7) to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 6th day of May, A.D., 2004 and that it has been ordered that the publication of a notice of the entry of the said Originating Summons filed on the 10th day of September, A.D., 2014, Notice of Appointment to Hear the Originating Summons filed on the 8th day of June, A.D., 2015, Affidavit in Support of application filed on the 8th day of June, A.D., 2015, Ex Parte Summons filed on the 3rd day of May, A.D., 2016, Affidavit in Support of Ex Parte Summons filed on the 4th day of May, A.D., 2016 and Order filed on the 20th day of February, A.D., 2017 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you.

The Originating Summons will be heard before the Honourable Mr. Justice Ian Winder of the Supreme Court at Ansbacher House, The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Monday, the 15th day of May, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just.

A copy of the said Originating Summons, Notice of Appointment to Hear the Originating Summons, Ex Parte Summons, Affidavit in Support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice Dated the 2nd day of March, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Monday, March 6, 2017, PAGE 15

BAHAMAS POWER AND LIGHT COMPANY LTD. EXTERNAL VACANCY NOTICE

ELECTRICAL TECHNICIAN NORTH ANDROS OPERATIONS FAMILY ISLANDS DIVISION A vacancy exists in the Company for an Electrical Technician at the North Andros Operations of the Family Islands Division.

Responsibilities of the position include, but are not limited to the following: •

Maintains and repairs electrical equipment and auxiliaries such as generators and generator transformers and control panels: by interpreting schematic diagrams, testing, calibrating, and installing electrical components. This also involves overhauling and cleaning motors.

•

Troubleshoots and repairs gas turbines and auxiliaries by interpreting electrical schematics and performing diagnostic tests.

•

Installs and calibrates electrical equipment according to schematics, such as lighting sensors, telephone and computer cables, electrical trip assembly.

•

Performs mechanical repairs on engines by replacing worn parts.

•

Troubleshoots and repairs damaged cables by splicing high and low voltage cables.

•

Leads related staff and contractors by giving instructions, reviewing and inspecting completed work to ensure adherence to specifications and quality control.

Job requirements include but not limited to: • • • • • • •

Successful completion of Ordinary Technical Diploma Program (Electrical and Electronics) or equivalent; A minimum of 4-5 years of experience; Technical knowledge of electrical schematics, circuitry, and equipment; Math skills to calculate electrical values using formulae, meters and test equipment; Ability to read schematic diagrams and written and verbal communication skills; Proficiency with specialized tools, such as meggars, digital meters and voltage detector meters; Adherence to BPL safety and environmental policies and procedures.

Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker, P. O. Box N-7509 Nassau Bahamas on or before: March 14, 2017.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER