03232023 BUSINESS

Bahamian whistleblower accused of ‘fabrication’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN whistleblower has this week been accused of “fabricating” evidence critical to a case brought by US federal regulators against a former Nassau-based broker/dealer.

Guy Gentile, principal of Swiss America Securities, which subsequently operated under the names SureTrader and Mintbroker International, is alleging that Philip Dorsett, its ex-chief compliance officer, simply made up a February 2012 meeting that purportedly devised a scheme to evade US securities laws and regulations.

Striking back against the Securities & Exchange Commission’s (SEC) ‘star’ witness, following testimony given by Mr Dorsett on February 27-28, he argued that the Bahamian executive’s testimony had exposed numerous flaws plus instances where he

• Broker chief says no truth to core SEC claim

• Asserts key February 2012 meeting made up

• New bid to dismiss compliance chief evidence

had to correct himself under examination by Mr Gentile’s attorneys.

Tuesday’s legal filings represent the latest bid by Mr Gentile to dismiss Mr Dorsett’s ‘whistleblower’ evidence, which allegedly includes some 15,000 e-mails from his time at Mintbroker, and appears vital to the US capital markets regulator’s allegations that he and Mintbroker violated US securities laws by actively soliciting American clients while failing to register as

required as a broker/dealer with the SEC.

Previous attempts have been rejected by the south Florida court, but Mr Dorsett’s deposition has encouraged Mr Gentile to try again and, in so doing, seek dismissal of most of the SEC’s case against him and Mintbroker. The latter has already been placed into a Supreme Court-supervised windingup in The Bahamas with Igal Wizman and Eleanor Fisher, the EY accountants

PI entrepreneur makes PM ‘betrayal’ retraction

and partners, appointed as co-liquidators. “The SEC’s case is founded on the demonstrably false premise that, months after SureTrader commenced operations in November 2011, Gentile and his ex-wife devised a scheme to purposefully evade US regulations at a February 2012 meeting after, according to the SEC, it became clear SureTrader could not survive without

SEE PAGE B6

Airlines dispute threatened ‘huge’ $43m consequences

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE US airline industry’s challenge to The Bahamas’ air navigation services fee regime had potentially “huge consequences” by putting close to $43m in annual revenues at risk, it was revealed yesterday, Chester Cooper, deputy prime minister and minister of tourism, investments and

aviation, told the House of Assembly that the situation not only threatened to curtail the ability of Bahamian carriers to access to the US market but also endangered “funding stability” for local aviation regulators.

But, with the US Department of Transportation having dismissed the Airlines4America consortium’s complaint that The Bahamas’ fees were “discriminatory,

unjust, anti-competitive and unreasonable”, the Davis administration is seeking to resolve all concerns at the diplomatic or government-togovernment level using the provisions of this nation’s Air Transport Agreement with Washington D. C.

Mr Cooper yesterday confirmed that both sides are scheduled to have their first

SEE PAGE B4

FTX chief’s $460m deal with Bahamas fund firm

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s US chief yesterday unveiled a $460m settlement with a Bahamas-based fund manager that received hundreds of millions of dollars in the months leading up to the crypto currency exchange’s collapse.

John Ray, who heads the 134 FTX-related entities in Chapter 11 bankruptcy protection, confirmed via legal filings he has struck a deal with the principals of Modulo Capital that will recover more than $404m in cash for the benefit of investors and creditors.

The settlement deal, which awaits the approval of the Delaware

Bankruptcy Court, will claw back some $475m that was transferred to Modulo Capital in the seven months immediately prior to FTX’s November 2022 failure. The monies came from Alameda Research, the private trading vehicle owned

SEE PAGE B7

GB to Abaco power cable ‘fraught with complications’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Bahama Power Company’s top executive says running an electricity cable to Abaco is “fraught with complications” and remains a “longer-term opportunity” it plans to explore.

Dave McGregor, Caribbean chief operating officer for Emera, GB Power’s 100 percent owner, told Tribune Business that its priority is the continued roll-out of solar power via agreements with independent power producers (IPPs) and development of associated battery storage capacity.

The possibility of constructing a power cable between east Grand Bahama and Abaco was floated at the recent Grand Bahama Business Outlook conference by Grand Bahama Port Authority (GBPA) president, Ian Rolle. However, Mr McGregor said of the concept: “It hasn’t gone very far.

“We see that as a possible opportunity, but it’s fraught with complications. We’ll continue to look at that as an opportunity, but our focus is really on getting solar under our belt and getting battery storage on the island. This is a

• Toby Smith in ‘humble apology’ for 11year ‘frustration’

• PM says ‘no Crown Land lease’ verdict caused change

• And ‘deeply disturbed’ over entrepreneur’s assertions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN entrepreneur yesterday made a “humble apology” after the Prime Minister reacted furiously to assertions he had “betrayed” him by failing to honour earlier pledges to approve his $3m Paradise Island project.

Toby Smith, the Paradise Island Lighthouse and Beach Club principal, told Philip Davis KC his assertions were born out of “frustration” from working on the project for 11 years without being granted all the necessary approvals to proceed. His climb down came after the Prime Minister revealed he was “deeply disturbed” by the remarks, and hit back by saying he himself felt “betrayed” by Mr Smith.

In a letter that was shared with the media, he both retracted the “betrayal” suggestion and requested that the two work together to “resolve” the situation through good faith negotiations. Responding to a Nassau Guardian headline, he told Mr Davis: “I feel it

GUY GENTILE

CHESTER COOPER

TOBY Smith with Philip Davis KC.

JOHN RAY

$5.70 $5.76 $5.72 $5.59

MAKE BAHAMIANS ARBITRATION ‘MASTERS’

THE OPPOSITION’S finance spokesman yesterday voiced concern that Bahamians may be left behind if this nation moves too swiftly to establish itself as an international arbitration hub.

Kwasi Thompson, former minister of state for finance in the Minnis administration, said passage of the International Commercial Arbitration Bill and reforms to the existing Arbitration Act 2009 may be moving too swiftly to properly prepare Bahamians to be “masters” of the proposed alternative dispute resolution (ADR) sector.

He said: “Whether we are moving ahead with this as an industry we also, at the same time, should be preparing Bahamians to be masters of this industry. If the legislation, and if the industry, moves ahead faster than the preparation of Bahamians to take on the industry then we risk being overtaken when it comes to being the masters of this industry.

“While I believe all sides believe this is a positive advancement - it is an industry that we want to advance, it is something that will push forward. At the same time, we must also

ensure we prepare Bahamians for what is to come. If that means, when we move this ahead, at the same time we have an Institute for Arbitration, at the same time we encourage, prepare, fund those type of institutes to make sure that we make it easier for Bahamians to to be advanced in this area.

And it’s not just being the arbitrators, but it is also being the person who will represent the parties in the industry as well.”

Mr Thompson also also questioned whether foreign arbitrators will be required to practice alongside a Bahamian counterpart. He said: “I know that the Bar Council has particular rules in terms of the practice of lawyers, or persons who are coming in, when it comes to the

practice of lawyers. That if you’re going to be called to the Bar as international person you obviously have to be referred to and have a Bahamian counterpart that is going to put you forward.

“But what would happen for those... because it’s my understanding that you don’t necessarily need to be called to the Bar to do arbitration. And so if, as a lawyer, you must have a Bahamian counterpart to at least present you to court, do we want to also think about if an international person comes that we want to also connect them with a Bahamian counterpart [for arbitration]?

“So that when they are connected to the Bahamian counterpart, if there is a transfer of knowledge, then they can also have an opportunity for transfer of knowledge as well. That would ensure that if you have a well-known or well-educated, well-trained, well-experienced arbitrator that comes to The Bahamas, they will be connected to a Bahamian so that they can transfer that knowledge to a Bahamian,” Mr Thompson said.

“If you have a particular case, a big case and you have international arbitrators that come, it would also ensure that Bahamians would have an opportunity

to sit at the table to experience those kinds of cases as well.”

He also raised the issue of foreigners establishing arbitration firms within The Bahamas, citing that the Bills do not explicitly speak to this. “We also would want to somehow protect against, or ensure, that Bahamians participate in having -because I could envision - persons having firms, arbitration firms where you may have a non-Bahamian that comes and sets up an arbitration firm and they are bringing in non-Bahamians and set up shop here in The Bahamas,” Mr Thompson said.

“Because there doesn’t seem to be anything in the Arbitration Act that prevents persons coming in and setting up arbitration firms and operating here in The Bahamas. Yes, there are Immigration laws that have to occur. But there’s nothing in the Arbitration Act that says that if I agree to have two Americans or three Americans to come in as arbitrators, there isn’t anything that prevents them from coming in.”

Keith Bell, minister of labour and Immigration, clarified that any non-Bahamian seeking employment in this nation must first obtain a work permit regardless of profession. He

said: “Anyone coming to The Bahamas for work, they must abide by the Immigration legislation in the Act, and they will be required to get a work permit.

“So whether or not, and you will find other pieces of legislation - not necessarily just this - as it relates to the medical profession, doctors, nurses, all of the different professions, they have to still comply with the Immigration Act. They must get a work permit.

“And so that responsibility still falls on the Government as to whether or not to allow these persons in. So somebody, some foreign non-Bahamian, cannot come in this country and arbitrarily set up an arbitration company without coming to the Immigration Department and first of all obtaining a work permit. That will not happen.”

Mr Thompson continued: “There is something called sites when you speak to arbitration centres. So you could say that the site is either in The Bahamas or the site is Turks and Caicos and so on. And you made the amendment in the Arbitration Amendment Bill that really says the Arbitration Act only applies to where the seat is in The Bahamas - again, no difficulties with that.

“But from what I understand, the seat and the place for the hearing could be two different places. So you can have the seat as The Bahamas, but the place for the hearing could be Miami. The place for the hearing could be land which, in my view, defeats the purpose in terms of encouraging The Bahamas as an arbitration centre because I would suggest that we don’t just want the site to be here, but we also want the actual hearings to be here.

“My suggestion would be that we find a way, whether it is through legislation or otherwise, to encourage not just the site to be here, but to encourage the hearing to be here. If we really want this to be a centre, then all of the ancillary things of why we want it to be a centre are here. We want persons to travel here. We want persons to be here. We want them to set up in our hotels. We want the centre to actually be here. We want you to come and spend the money here. To be able to just be a site, I don’t believe it’s enough.”

KWASI THOMPSON

STACKED IN OUR FAVOUR’ ON ARBITRATION

THE PRIME Minister yesterday described The Bahamas’ efforts to establish itself as an international arbitration centre as “long overdue”, and added: “The deck is stacked in our favour.”

Philip Davis KC, leading off House of Assembly debate on the International Commercial Arbitration Bill 2023, said the new legislation - as well as separate reforms to the existing Arbitration Act 2009 - were critical to enabling The Bahamas to “tap into our full potential”.

Besides providing an additional draw for international investors by giving them access to a more efficient, less time-consuming and costly dispute resolution system outside the courts, he added that the new Bill will further bolster existing key industriesespecially financial services and the maritime sector.

Pointing out that “most” commercial disputes in the maritime industry were resolved through arbitration or some form of alternative dispute resolution (ADR), Mr Davis said the International Commercial Arbitration Bill represents “a major advancement” for the Bahamian financial services industry by including trust disputes within its remit.

Trusts are a key product offered by the Bahamas’ financial sector, and the Prime Minister said the Bill - which passed its second reading in the House of Assembly - “clarifies provisions in the law to provide efficient and cost effective resolution of trust disputes”. The Bill replaces existing provisions in the Trustee Act that provide for alternative resolution of trust disputes, instead bringing such processes within its remit.

“Given the importance of financial services as the second pillar of our economy, which employes many talented Bahamians, the inclusion of trust disputes is a major advancement and opens the door to many possibilities,” Mr Davis

said. “The global financial services market is very competitive, and to stay ahead of the competition we must remain on the cutting edge and ensure settlors, beneficiaries and trustees rely on arbitration to resolve disputes.”

Establishing The Bahamas as an international arbitration hub will also create work for local attorneys, accountants and other professionals who can build expertise in alternative dispute resolution (ADR). The Prime Minister acknowledged that the move has been a long time coming, while Pia GloverRolle, minister of state for the public service, said The Bahamas’ ambitions in this space dated back some 15 years at least to the mid-200s.

Questions will likely be asked as to why it has taken The Bahamas so long, but Mr Davis said it was vital that investors and companies “feel a sense of security when they do business within our borders” and “don’t have to go through costly legal disputes” to resolve commercial differences.

“Over the past year this administration has promote

The Bahamas as a safe harbour for financial services and investment. As a safe harbour we have weathered storm after storm, both literally and figuratively. Through it all we have emerged stronger. Investors have taken note. We have investments in the pipeline worth billions of dollars,” the Prime Minister added, naming even Mayaguana and Inagua as potential recipients.

“The wind is in our sails and we must keep the momentum going. Becoming an international arbitration centre is critical to tapping into our full potential.” Mr Davis said the Bill lays out the rules framework governing arbitration proceedings in The Bahamas, and said the country’s large legal profession, financial services history and geographic location were all strengths in its ambitions to become an alternative dispute resolution (ADR) hub.

“The deck is stacked in our favour,” Mr Davis added. “There is no reason for us not to be successful in this endeavour especially when Bahamian excellence is on full display. It is a shame we have not fully tapped into our potential as an arbitration centre, but this administration is committed to changing that. The steps we are taking today are long overdue.....

“We must ensure that investors and corporations are comfortable with our dispute resolution framework. As an international arbitration hub, we will attract more foreign investment to our shores, while reassuring domestic investors there are protections in place for them. We are

Position Available – Internal Audit, Risk & Compliance Administrator

RoyalStar Assurance Ltd. invites qualified career-oriented individuals to join our Team.

Key Accountabilities:

The Internal Audit, Risk & Compliance Administrator will support the Risk & Compliance Department with various duties including:

• Reviewing business processes and procedures to ensure appropriate control and risk monitoring systems are in place to comply with the Company’s risk policy and the various insurance regulations

• Performing internal audits of the Company’s functions and outsourced operations and report on audit ndings

• Identifying internal control deciencies, evaluating the risk implications, and recommending appropriate corrective action to Management

• Drafting internal control procedures including narratives, process and data

ows, and other supporting documents

• Ensuring that the Company’s agents and network partners are in compliance with the various insurance laws and regulatory requirements in the territories in which they are licensed to operate

• Assisting with other related duties as directed by Management

Educational Qualications & Required Skills:

• Bachelor’s Degree in Business Administration, Accounting or Finance

• Minimum 3 years’ experience in related eld

• Audit experience is an asset

• Good working knowledge of Microsoft Ofce

• Strong Writing, Communication, and Interpersonal Skills

• Must be disciplined, a team player and demonstrate a strong work ethic

• Analytical skills necessary to understand and resolve complex problems

• Travel required to the various territories in which the Company operates Salary and benefits commensurate with qualifications and experience for the position.

ROYALSTAR ASSURANCE LTD. (RSA) IS A PROPERTY AND CASUALTY INSURANCE COMPANY.

RSA HAS INSURANCE LICENCES TO OPERATE IN SIX COUNTRIES (THE BAHAMAS, THE TURKS & CAICOS ISLANDS, THE CAYMAN ISLANDS, THE BRITISH VIRGIN ISLANDS, THE U.S. VIRGIN ISLANDS AND ANGUILLA). BASED ON OUR CONSISTENT FINANCIAL PERFORMANCE, EXPERIENCED MANAGEMENT TEAM AND OUR TECHNICAL UNDERWRITING AND REINSURANCE APPROACH, A.M. BEST HAS GRANTED RSA A RATING OF “A” (EXCELLENT) WITH A STABLE OUTLOOK.

improving the general business environment by providing all businesses with an affordable, efficient means of addressing conflicts that may arise.

“Local businesses who engage in international

trade will be able to enter into agreements based on our records, and be certain that fair process will be in place to resolve any differences that arise. Overall, our legal system with be strengthened and the

perception of our system will be enhanced as the adoption of international best practices boosts our credibility and establishes our reputation as an emerging hub for arbitration.”

Career Opportunity

We are growing and have an exciting new opportunity for you! If you possess the qualities below, we invite you to apply for the position of:

GRAPHIC DESIGNER

Since inception in 1997, RF Group has been committed to helping clients create and manage wealth. We are your local private bank connecting Bahamians with the best in local and international investments.

The Graphic Designer is a member of RF Bank & Trust (Bahamas) Limited's Marketing Unit who produces original designs, campaigns and illustrations to support marketing communication and branding efforts of the RF Group.

Key Responsibilities:

• Design landing pages, web forms, emails, social media graphics, and a variety of marketing digital assets that align with marketing requirements. Design and present a full range of high-impact print collateral including brochures, billboards, press ads, banners and create finished, production-ready assets, brand guides and playbooks.

• Work closely with internal clients to execute projects from pitch decks to social media posts. Provide insight and advice on best practices for designs of different sizes (digital to OOH). Understand and translate business goals and promotions into visually compelling layouts and online user experiences.

• Remain updated on current market trends, competitor aesthetics, current technologies and trends in design tools and applications.

Key Qualifications & Experience:

• Degree in Graphic Design or related field

•A minimum of 3 years' experience working for an in-house creative team or creative/agency environment.

Demonstrated graphic design skills and proficiency in Adobe Creative Suite required.

Expert-level skills in Microsoft PowerPoint: experience with graphics, charts, infographics, animations, hyperlinking, transitions, video, and more.

• Keen understanding of file set up for web design projects, basic knowledge of CSS/HTML/WordPress.

Extensive knowledge of effective typography color, and strong page layouts.

A competitive compensation package will commensurate with relevant experience and qualification. RF Bank & Trust (Bahamas) Limited appreciates your interest. However, only shortlisted applicants will be contacted. Internal candidates are given preferential consideration for all vacant positions.

Please apply online at:

https://www.rfgroup.com/careers

Deadline to apply is Friday, 7th April, 2023

PHILIP DAVIS KC

Airlines dispute threatened ‘huge’ $43m consequences

meeting in mid-April in a bid to address the US Department of Transportation’s “serious concerns” that The Bahamas’ fees are excessive when compared to the actual expenses this nation incurs for providing air navigation services.

It has already suggested these costs may breach the countries’ Air Transport Agreement. Detailing how The Bahamas’ arrived at this point, the deputy prime minister said the global aviation industry began to pressure this nation over the level of fees just over one year after

the structure was implemented in May 2021. This followed a period of consultation with the airlines and sufficient notice being given of their imposition.

Mr Cooper revealed that The Bahamas is forecast to generate $42.93m from its air space fees during the 20222023 fiscal year, although

Career Opportunity

We are growing and have an exciting new opportunity for you!

If you possess the qualities below, we invite you to apply for the position of:

INVESTMENT BANKING ANALYST

Since inception in 1997, RF Group has been committed to helping clients create and manage wealth. We are your local private bank connecting Bahamians with the best in local and international investments.

The Investment Banking Analyst provides financial statement analysis, financial modeling, business valuation, collecting and reviewing due diligence on prospective new clients, and the preparation and review of the legal documents relating to new offerings.

Key Responsibilities:

• Assume responsibility for all aspects of investment banking/corporate finance engagements. Develop financial models to forecast financial metrics for use in acquisition strategy valuation, and advisory capacities.

Source, research, and present comprehensive company and industry financial analysis and carry out comprehensive due diligence.

• Prepare recommendations to Deal Committee and Investment Committee for accepting the engagement for corporate finance transactions.

• Liaise with banks, legal counsel, consultants, lenders, and other professional advisors. Identify and solicit appropriate institutional and high net worth investors through which to raise the necessary capital to fund the amounts required under engagements.

Key Qualifications & Experience:

• Undergraduate or Master, Degree in F inance, Economics, Accounting or related field CFA Charterholder or Candidate

Minimum 3 to 5 years' experience in investment banking

• Excellent organizational skills and ability to work with minimum supervision.

• Strong interpersonal, problem solving and customer service skills.

• Microsoft Office proficiency.

Advanced knowledge of financial statements analysis, corporate finance valuation methodologies, financial modelling, Power Point applications. Strong writing skills, with the ability to understand and analyse, and clearly communicate complex concepts operational functions

• Excellent problem-solving skills and excellent interpersonal and communication skills.

Strict adherence to professional standards and maintain strict confidentiality.

A competitive compensation package will commensurate with relevant experience and qualification.

RF Bank & Trust (Bahamas) Limited appreciates your interest. However, only shortlisted applicants will be contacted Internal candidates are given preferential consideration for all vacant positions.

Please apply online at:

https:/ /www.rfgroup.com/careers

Deadline to apply is Friday, Jth April, 2023

the outcome is “expected to be higher based on the faster-than-expected recovery in air traffic movements” post-COVID.

“Between May 2021 and November 2022, fees invoiced under the air space scheme totaled $49.693m, of which $44.69m represented air navigation services fees; $4.45m origin/destination fees, and $1.3m was for the passenger levy,” he added. “Total fees collected through November 2022 are $42.68m, with receivables at $6.46m.”

The air navigation services fees and origin/ destination fees are split between the Bahamas Civil Aviation Authority (BCAA) and Bahamas Air Navigation Services Authority (BANSA), while the former is the sole recipient of the passenger levy. The fee structure was created to provide a financing mechanism for civil aviation regulation and oversight in The Bahamas, so that the sector no longer has to rely on the Bahamian taxpayer.

And the funding stream it generates is also intended to enable this nation to build the necessary human capital and infrastructure capacity so that it can ultimately take control of, and manage, all its air space rather than outsource control of 75 percent to the Federal Aviation Administration (FAA) for an annual $80,000 fee. FAA control only applies above 6,000 feet.

However, US airlines especially have given The Bahamas a hard time over efforts to exercise its sovereignty. “Shortly after the fee charging scheme’s one-year anniversary, The Bahamas was invited to a follow-up meeting in June 2022 by IATA (the International Air Transport Association), in Miami, Florida, to provide its members with an update on the new charging scheme,” Mr Cooper said.

“It was during this meeting that the IATA members expressed strong concerns over The Bahamas’ charging scheme, basically characterising it as prohibitive with no new or incremental services provided for the additional cost imposed, and that the cross-subsidisation

of lower air space operations by the overflight fees was at variance with the ICAO (International Civil Aviation Organisation) cross-relatedness principle.”

The Bahamas subsequently pushed back against this criticism, including during a Nassau meeting between IATA’s regional vice-president for the Americas and Mr Cooper’s office. However, the differences quickly escalated when American Airlines made a formal protest over having to pay The Bahamas some $4.2m in fees for the sixmonth period June to November 2022.

“On November 29, 2022, The Bahamas was advised by the IATA Clearing House (ICH), where the bulk of the airline payments are cleared, that American Airlines lodged a formal protest on its payments for the last six months (June to November 2022), which totalled $4.2m,” Mr Cooper asserted.

“Following the rules of the ICH, BANSA presented a formal response on December 8, 2022, justifying the validity of The Bahamas’ fee charging scheme, and how it was considered to be consistent with ICAO principles. On December 15, 2022, The Bahamas was advised by the ICH that, having reviewed the position of American Airlines and The Bahamas, it concluded that a substantive dispute existed between the two parties.

“Under the ICH rules, therefore, the ICH notified that the $4.2m in dispute would be held in an escrow account until the matter is resolved.” The dispute was then widened when the Airlines4America group, which includes American Airlines, Jet Blue, FedEx, Delta, Southwest Airlines, United Airlines, and the United Parcel Service, filed their complaint that The Bahamas’ air navigation services fee regime was “unjust and discriminatory”.

“This acceleration in the dispute presented huge consequences for the stability of funding our air navigation services and the continuity of operations of our domestic carriers into the US,”

Mr Cooper said. However, as previously reported by Tribune Business, the US Department of Transportation dismissed the airlines’ allegations, asserting: “We cannot conclude in those circumstances that the fee structure constitutes unjustifiable or unreasonable discrimination.”

With the dispute now having moved from the airline industry to the inter-government level, the deputy prime minister added: “The Government remains committed to achieving a successful resolution of all continuing concerns with the cost basis analysis for our overflight fees.

“We are keen to protect

The Bahamas’ sovereign rights to recover the level of fees necessary to provide air navigational services to our air space users, which should include building out both the human and infrastructure capital necessary to eventually take control of the management of our airspace. Our intention is also to ensure that The Bahamas’ fee charging scheme is compliant with ICAO principles.

“We have already received a formal request from the US Department of Transportation to commence formal consultations under Article 13 of the USBahamas Air Transport Agreement. Our intention is to move quickly to formalise consultations, along these diplomatic channels, to reach a satisfactory conclusion to these issues at the earliest. In fact, the first meeting is already scheduled to be held mid-April.” The Bahamas’ fee structure is split into three components. They include the air navigation services fees, that are charged to all commercial aircraft flying over Bahamian air space, and range from $8.50 to $51.60 per 100 nautical miles based on the plane’s maximum take-off weight. Origin and destination fees are charged on flights originating from or landing in The Bahamas, and range from $10 to $61 per flight based on the aircraft’s maximum take-off weight. And a passenger levy fee of $1 per passenger is applied to all commercial airlines originating or terminating in The Bahamas.

ABACO POWER CABLE ‘FRAUGHT WITH COMPLICATIONS’

longer-term opportunity that we’ll continue to take a look at.”

Mr Rolle had suggested running an electricity cable between his island and Abaco was a way to “stabilise” electricity costs and bring rates down. He added that such a venture would potentially expand Grand Bahama Power Company’s customer base and provide additional redundancy for Abaco consumers who presently rely on Bahamas Power & Light (BPL).

“We feel if we are able to stabilise the cost of electricity.... we envision a cable possibly running from Grand Bahama to Abaco that would help to spread the cost over a larger population and add redundancy for our brothers and sisters next door to us,” he explained. “We hope that with the spreading out of cost, the rate, it will have a positive effect for all of us.”

Back solely on Grand Bahama, Mr Rolle confirmed that the transition to renewable energy was “a big push for this island”.

He added: “We have three to four solar plants proposed for Grand Bahama to stabilise the cost and transition to clean energy. I’m so happy to say that one of the projects the Port has been working feverishly on will break ground tomorrow.”

Hours later Mr Rolle and the GBPA were joined by Grand Bahama Power Company in signing a four-party agreement, also involving the Inter-American Development Bank (IDB), for construction of a $15m utility-scale solar project at two sites that

will supply a combined 9.5 Mega Watts (MW) to the island’s electricity grid.

The deal will see Lucayas Solar Power begin construction on the Devon and Fairfield plants this month. The build-out of the two sites, which will provide 4.5 MW and 5 MW, respectively, is set to create some 80 construction jobs and be completed by the 2024 first quarter.

James Carey, the Grand Bahama Chamber of Commerce president, subsequently said supplying power from the island to Abaco via an undersea electricity cable was “doable” but more details are required on the initiative. He added that he was unsure how far advanced GB Power and the GBPA were on the initiative given there were signs that the announcement at last week’s Business Outlook conference may have been premature.

“I really didn’t know this was on the cards for GB Power and GBPA,” he said. “I think Mr Rolle was speaking a little bit out of turn when he mentioned it at the Grand Bahama Business Outlook because it is something GB Power is looking at is the implication that he gave.”

Mr Carey noted that east Grand Bahama’s proximity to Abaco meant there had even been previous discussions about “building a bridge” between the two. Mr Carey said running a power cable between the two islands would present logistical and infrastructure challenges at the very least.

“I was a little bit confused there for a moment, so I guess it’s one of those

things that we’ll have to wait and see, and when the opportunity comes by then I can go a little deeper if I get the opportunity,” Mr Carey added. “Mr Rolle also made mention of the fact that they’re looking at micro grid to service East Grand Bahama, which is not very populated and, you know, it’s a long run and, of course, the longer the run then the more electricity that’s lost in the power lines.

“But if you’re looking at a micro-grid to service East Grand Bahama, they can’t really be, in my view, looking at a cable connecting Abaco, because if you connect Abaco then the line must go through east Grand Bahama, so why micro grid if you’re going to be doing this massive infrastructure line to Abaco? So I don’t know if Mr Rolle and the GB Power are on the same page.”

Share your news

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.

Bahamian whistleblower accused of ‘fabrication’

FROM PAGE B1

US customers,” Mr Gentile and his attorneys alleged.

“The SEC’s standard-bearer is Philip Dorsett, who claimed to have attended the February 2012 meeting and served as chief compliance officer for SureTrader from late 2011 to July 2017 when he was terminated.... Dorsett’s recent deposition made clear that he fabricated the occurrence of the February 2012 meeting - a fabrication that was repeated in a declaration drafted by the SEC that Dorsett signed under penalty of perjury.....

“The allegation of the purported February 2012 meeting is fundamental to the SEC’s theory of the case that Gentile ‘hatched’

Share your news

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.

ESTATE OF EUGENE ARNAUD PYFROM

TAKE NOTICE that anyone having a claim against the Estate of EUGENE ARNAUD PYFROM late of Dicks Point, Nassau, The Bahamas, who died on the 18th day of February 2022, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334, Attention: Alexander P. Maillis II, ON OR BEFORE the 1st June, A.D., 2023.

a scheme months after the company had begun operations because it was failing.... Throughout his sworn testimony, he described in detail an alleged meeting in February 2012 in The Bahamas that he claimed to have attended with Gentile and Gentile’s ex-wife.

“According to Dorsett, at the alleged February 2012 meeting, Gentile and his ex-wife were worried SureTrader was not attracting enough customers so they devised a plan to solicit US customers and drafted an Unsolicited Acknowledgement Agreement (UAA) for customers to sign in an effort to evade US regulations.... But the February 2012 meeting never happened.”

Attacking Mr Dorsett’s evidence, Mr Gentile and his legal representatives argued that it was impossible for such a meeting to have occurred. They produced an affidavit from his ex-wife, Karen, who alleged: “I was never in the Bahamas at any time period of 2012, and I was never in a meeting with Guy Gentile and Philip Dorsett on or around February 2012 (or at any time) regarding an unsolicited acknowledgement agreement or gave any suggestion or advice” on this.

The unsolicited acknowledgement agreement was purportedly a waiver issued to all US clients of the former Bahamian broker/ dealer so that they could confirm it had not actively solicited their business, and therefore no American securities laws or regulations had been broken.

Under examination by Mr Gentile’s attorneys, Mr Dorsett allegedly admitted during his deposition to sending such a waiver to a US client himself in

November 2011 - several

months before the alleged February 2012 meeting where he, Mr Gentile and the latter’s ex-wife met to purportedly devise a scheme to evade US securities rules.

“It’s an impossibility for it to have taken place,”

Mr Gentile told Tribune Business of the alleged meeting. “Within the first three to five accounts the firm opened we had a US customer. The SEC complaint says we only had 100 customers, can’t make money and we’d go out of business unless we have US customers.

“How is that possible if he himself [Mr Dorsett] is sending a UAA to an unsolicited client in November. The third client that showed up on that list was a US person. The entire basis of their complaint is false.” Mintbroker, which was once used by the FBI as ‘bait’ to catch international securities fraudsters, exited The Bahamas at end-2019 amid regulatory actions by the Securities Commission of The Bahamas.

Mr Gentile bought sufficient time to voluntarily wind-up Mintbroker himself and remove all its assets from The Bahamas. Tribune Business previously reported how Philip Davis KC, who was then-Opposition leader, acting on Mr Gentile’s behalf filed a successful Judicial Review challenge that thwarted the Securities Commission’s regulatory efforts for several months. There is no suggestion the nowprime minister did anything wrong.

Meanwhile, Mr Gentile also reiterated previous accusations that Mr Dorsett had breached Bahamian law by providing the SEC with documents even though the US regulator

had not gone through the courts in either the US or this nation to obtain them via the normal legal route.

“Since March 2016, Dorsett has worked in concert with - and at the direction of - the SEC to assist it in investigating Gentile. For example, Dorsett—while employed at SureTrader— fielded requests to search for and send particular company documents involving Gentile to the SEC, including at times documents containing sensitive personal information of SureTrader customers,” Mr Gentile and his attorneys alleged.

“Dorsett also created at least one audio recording of SureTrader’s executive team, conveyed that he had done so to the SEC, and offered to make further recordings..... During his time at SureTrader, and following his termination from the company in July 2017, Dorsett retained thousands of SureTrader records (predominantly company e-mails) contrary to company policy, Bahamian law and US law.

“The SEC now claims it sought the production of those documents from Dorsett in or about April 2022, over a year after it filed this lawsuit, even though he had forwarded emails and other documents directly to the SEC starting in 2016 and had made clear that he was willing to provide the SEC with ‘all I can get my hands on’,” they added.

“The SEC sought the documents in question outside of any formal process; it did not issue a subpoena or letter rogatory that would have included written instructions for preserving documents or logging documents withheld from production.”

FROM

by FTX co-founder Sam Bankman-Fried, whose investments were heavily financed by funds misappropriated from the crypto exchange’s clients without their knowledge.

“The debtors have the opportunity to promptly recover approximately $460m in value for stakeholders - including more than $404m in cash - without needing to commence litigation following constructive negotiations with the Modulo entities and their principals,” Mr Ray and his team asserted in their legal filings.

“This settlement relates to the transfer of $475m by the Alameda debtors, as directed by Samuel Bankman-Fried, to the Modulo entities between May 2022 and the petition date for investments, and to support the Modulo Entities’ operations. Modulo is an investment advisor to, and general partner of, the Modulo Fund.”

Modulo Capital, which was based in Albany, where Mr Bankman-Fried and numerous other top-level FTX executive also resided, was only formed in March 2022 yet received hundreds of millions of dollars in financing from Alameda Research beginning just two months later. Its principals are Duncan Rheingans-Yoo, said to be only two to three years out of college, and his business partner, Xiaoyun Zhang. Both worked at Jane Street, the Wall Street firm where Mr Bankman-Fried began his financial career, and Ms Zhang was said be previous

media reports to have dated the FTX chief at one point.

Modulo Capital’s name also came up during the bail and extradition hearings for Mr Bankman-Fried in the Nassau Magistrate’s Court, with concern voiced over the rationale and motivations for why such a fledgling, boutique investment house and hedge fund manager would receive such huge sums just as FTX and Alameda Research were heading for failure.

Justifying the settlement deal, Mr Ray and his team said: “The debtors’ entry into the agreement is in the best interests of their estates, creditors and stakeholders, and should be swiftly consummated.

The agreement’s terms will provide the debtors’ estates significant value representing 99 percent of the Modulo entities’ remaining assets and 97 percent of the original transfers from the Alameda Debtors to the Modulo entities, after considering expenses and trading losses.

“Approval of the agreement will resolve the debtors’ claims against the Modulo entities and deliver this significant recovery, while avoiding the expense and burden of litigation.” It is unclear, though, whether Mr Ray and his team will have discussed the settlement with the Bahamian provisional liquidators of FTX Digital Markets as required under the terms of the co-operation deal struck between the two parties on January 6, 2023.

Given that renewed hostilities have broken out, with litigation launched this week sparking a new battle for control of FTX’s

winding-up between The Bahamas and Delaware, consultation seems unlikely. And there remains the possibility that at least some of the monies invested with Modulo Capital by Alameda Research belong to the clients of the Bahamian subsidiary, FTX Digital Markets, rather than Mr Ray and FTX Trading.

Such issues have yet to be determined by forensic accounting investigations, legal opinions and the Supreme Court. However, Mr Ray’s filings reveal the relationship between Modulo Capital and Alameda began before the former was set up, when the two sides executed a term sheet pledging that the latter would invest $25m in one or more general partnerships that were being created.

“Modulo is an International Business Company (IBC) organised under the laws of The Bahamas. Alameda Research transferred $25m to Modulo on May 19, 2022, as contemplated by the term sheet,” the documents state. Ultimately, Alameda became a limited partner in one of Modulo’s funds and held 20 percent of the investment manager’s non-voting Class A shares.

“Following the execution of the limited partnership agreement, Alameda Research and certain other Alameda debtors made several transfers to the Modulo Fund totalling $450m. As a result, debtor Alameda Research Investments owns 20 percent of the Class A shares of Modulo, and debtor Alameda Research Ltd is a limited partner of the Modulo Fund,” Mr Ray’s term asserted in their legal filings.

“Resolution of the claims against the Modulo entities through the settlement embodied in the agreement is in the best interests of the debtors and their estates because it will promptly return nearly all of the assets transferred to

the Modulo entities while avoiding the time, delay and significant expense of litigation.

“The agreement will provide the debtors’ estates with more than $404m in cash plus the release of

because of the associated legal costs that would be incurred in obtaining a favourable final judgment. Settlement on these terms is plainly a reasonable exercise of the debtors’ business judgment.”

PI entrepreneur makes PM ‘betrayal’ retraction

appropriate to write to you directly to ensure that you are aware that I take ownership of my words. I offer my humble apology.

“As I am sure you can empathise, I do indeed feel frustrated by this 11-year journey and, as such, my words reflected this. In hindsight, however, I understand the choice of my words should have been better selected. I wish to go on record to say that while I am frustrated by the process I would like to resolve this with you, and I remain humble and faithful that we can achieve this.”

Mr Smith, speaking subsequently to Tribune Business, said his choice of words reflected “how I felt” at that moment. “However, it’s not productive to our negotiations, and I’m withdrawing it,” he said. The Bahamian entrepreneur reiterated that he was frustrated “by the process in general”, and added: “This is 11 years in. It’s a normal human feeling.”

Mr Smith’s retraction came after the Prime Minister

sought to turn the tables on him by telling the House of Assembly he was “disappointed and disturbed” by the entrepreneur’s remarks, and felt “betrayed” by him. His response was sparked after Michael Pintard, the Opposition’s leader, accused Mr Davis of “flip flopping” by giving Royal Caribbean’s competing Paradise Island beach club the go-ahead when, while in Opposition, he had pledged to “terminate” the deal. The Prime Minister, asserting that he was always “on the Bahamian’s side” whenever their interests clashed with those of foreign investors, suggested the situation surrounding Mr Smith’s Paradise Island dispute with the Government and Royal Caribbean had changed because the Supreme Court ruled the entrepreneur did not possess a valid, binding Crown Land lease.

Disclosing that he met with Mr Smith recently, Mr Davis said he reiterated his administration’s “support” for the Paradise Island lighthouse restoration but requested that he reapply

NOTICE

NOTICE is hereby given that LUCNER ETIENNE of #16 Jennie 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 16th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

for the necessary approvals given that there was no lease in place for the collective five Crown Land acres the project requires.

Stung into action by Mr Pintard’s goading, the Prime Minister said of Mr Smith:

“The Bahamian claimed to have the same interest [as Royal Caribbean]. If it comes to a foreigner and a Bahamian, I’m on the Bahamian’s side. Everyone who knows me knows that. The claim of the Bahamian was that he had gotten permission to lease this property, and then the same [Minnis] administration turned around and leased the same property to Royal Caribbean.

“That’s the position he represented to me. When we came into office we met on the premise he had a signed lease. Then he said he had gone to court to determine it’s a signed lease. Why go to court to determine if you have a signed lease?.... He said he signed it, but the Government didn’t sign it. I realised something may be wrong here. I said: ‘Do you have a sufficient

memorandum in writing?’ He said: ‘Yes’.

“I allowed his case to go through. In the meantime, Royal Caribbean was continuing to meet with the technical people trying to get their deal... Consideration was given. They were going to exclude the land that overlapped, the land the Bahamian had [wanted].” As a result, he said the cruise giant was pursuing a “different agreement” to the one it had previously struck with the Minnis administration.

By reducing its Crown Land footprint on Paradise Island from seven to four acres, Royal Caribbean is no longer competing with Mr Smith for the same two-acre parcel for their respective projects. Mr Smith told Tribune Business yesterday this had opened “a massive door” for his project to potentially proceed if he could resolve the lease issue and all other outstanding approvals required from the Government.

“The circumstances have changed,” Mr Davis argued yesterday, “especially after the judge said: ‘Mr Smith,

NOTICE

NOTICE is hereby given that LUDER CLERVOYANT of Golden Gates #2, 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 23rd day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

you have no title, no agreement to lease’.” The Prime Minister said he and Mr Smith met following the midFebruary verdict from Sir Ian Winder, the chief justice, and added: I said: ‘Yes, we’ll support you, but you have no lease in place. Please resubmit your application and we’ll reconsider it’.

“He met with us with his lawyer. I don’t know if he made the application. I invited him to [resubmit] for our consideration.” The Prime Minister’s position was also backed yesterday by Ryan Pinder KC, the attorney general.

“Mr Toby Smith lost that case against the Government. We then brought him in to speak to him about his proposal, and we offered him: Make a de novo, a new proposal on your development and it will be considered as all other proposals are considered,” he said.

“So there is nothing to approve because Mr Toby Smith has not applied under this government for the right to do his development and manage that lighthouse project. So if he feels betrayed by us as a government asking him to apply anew then I’m sorry, but that’s not a betrayal. That is a normal course of business when dealing with the Government.”

Tribune Business understands that Mr Smith met with the Prime Minister after the Chief Justice ruled he did not have a valid, binding Crown Land lease. Also present was Mr Pinder, together with Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. Soon after their meeting, the Government announced Royal Caribbean’s Royal Beach Club can proceed subject to environmental approvals.

The timeline suggests that the Supreme Court’s verdict on Mr Smith’s lease was a critical development in allowing Royal Caribbean to proceed. This newspaper understands that Mr Smith is reluctant to submit a fresh application for approval, and start anew, because it could potentially cut across and bar any appeal of Sir

Ian’s verdict to the Court of Appeal.

The House of Assembly exchanges continued, meanwhile, with Wayne Munroe, minister of national security, accusing the former Minnis administration of leasing the same Crown Land to Mr Smith and Royal Caribbean. And, when it realised its mistake, it shoved Mr Smith aside to make way for the cruise giant.

Pointing out that Mr Pintard was in the Cabinet when that occurred, Mr Munroe said: “They refused to sign the lease, and Marco City [Mr Pintard] and his crew gave Royal Caribbean the same land. He was in the Cabinet, he’s talking about collective responsibility. He should know.” The minister, prior to the election when in private practice, had represented Mr Smith as the lead attorney in the dispute with the Government.

Mr Pintard responded that the Government was asking Mr Smith “to submit all over again”, to which Mr Davis replied: “We decided to ask him: ‘Tell us what you want, come back to the table and we’ll consider it’.” The Opposition leader, though, retorted: “It seems to me the entrepreneur is saying: ‘You’re asking me to restart the process all over again’... The whole thing I’ve been working on is nullified, and I’m back to square one’.”

But Mr Davis, hitting back at the “betrayal” comments, said: “I feel deeply disappointed and disturbed by his comments. I could call him and his lawyer, and if you contact his lawyer he would tell you what I actually said to him [Mr Smith]. I didn’t tell him to throw away what he’s done. I said reapply, and what you’ve done we’ll take into account. If he’s saying that, I don’t know what he wants from me.”

The Prime Minister then seemed to issue a warning to Mr Smith by saying “a lot of other people” were looking at the same site on Paradise Island’s western end, in the vicinity of Colonial Beach, as a location for investment projects of their own including Bahamians. This implies that the Government is free to lease the Crown Land to whoever it likes, and he added: “I’m disappointed and disturbed. I feel betrayed by him.”

NOTICE

NOTICE is hereby given that LINDA LYNN BELIZAIRE of Boyd Road, 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 16th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

BAHAMAS AIMS TO BUILD ON 178% PRIVATE AVIATION RISE

THE Bahamas will have a strong presence at a major Florida air show as it seeks to further grow private aviation arrivals beyond 2022’s 178 percent increase over pre-COVID numbers.

The Ministry of Tourism, Investments and Aviation, in a statement, confirmed it will make a major promotional push at the annual Sun ‘n Fun Aerospace Expo under the theme ‘Soaring into The Bahamas Golden Jubilee’. The event, scheduled for March 28 to April 2 in Lakeland, Florida, will feature The Bahamas as the exclusive destination and a general aviation leader in the Caribbean region.

“We hope to deepen our relationships with trusted partners, such as Sun ‘n Fun, as The Bahamas expands its focus and investments in the aviation industry,” said John H. W. Pinder, the Ministry of Tourism, Investments and Aviation’s parliamentary secretary.

“Events such as these help us to spread the word to aviation enthusiasts about The Bahamas’ exceptional flight service operations and the many islands that can accommodate private aircraft. The Bahamas truly showcases its

beauty from the air when flying over our crystal blue waters.”

Over the past five years, the Ministry of Tourism, Investments and Aviation said private aviation has delivered more than half a million visitors to The Bahamas. In 2022 alone, the destination saw a 178 percent increase - almost tripling private aviation numbers compared to preCOVID levels from 2019.

Sun ‘n Fun, now in its 49th year, is the largest aviation event of its kind in the southern US and attracts nearly 250,000 people over the course of the week at the Lakeland Linder

Regional Airport. The ministry has participated in the expo for more than 20 years to promote the ease of flying to The Bahamas and spur business-to-business opportunities with aviation industry stakeholders.

The Bahamas will provide visitors with destination updates, health and safety tips, and direct access to Customs and Civil Aviation Authority representatives. Attendees will be able to sit in on special forums on the ease of flying to The Bahamas conducted by veteran Bahamas Flying Ambassadors, Rick Gardiner and Mike Zidziunas. The latter is from the Central Florida Aerospace Academy (CFAA).

At the end of the weeklong expo, dozens of pilots will participate in a flyout from the Lakeland Florida airport to Grand Bahama to demonstrate this nation’s proximity to south Florida.

Reginald Saunders, the Ministry of Tourism, Investments and Aviation’s permanent secretary, said: “I am certain that our participation in this event will continue to boost interest in flying to The

Bahamas, and highlight the visual wonders, delicious cuisine and abundant cultural experiences our country has to offer.”

The Bahamas has 54 airports throughout its archipelago, with 25 privately-owned and the remaining 29 in the Government’s control. Twenty are

official ports of entry, equipped with Customs and Immigration officials to process private pilots’ entries and departures.

NOTICE is hereby given that SASHAUNA FRAZER of P.O Box SS 19549 Garden Hills #2, 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 23rd day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

PPB INC.

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Register General on the 9th Day of February, 2023

Amicorp Bahamas Management Limited Liquidator Of PPB INC.

Notice

Creek Venture Ltd.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of March 2023. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMIORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.

Dated this 22nd day of March 2023

Amicorp Bahamas Management Limited Liquidator

JOHN H. W. PINDER

INTERNATIONAL

XVEST XCHANGE LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, XVEST XCHANGE LIMITED is in dissolution.

The dissolution of the said Company commenced on 20 March 2023 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

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

L. Michael Dean Sole Liquidator

JOB OPPORTUNITY

RADIOLOGIST

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.

ACCURAD IMAGING CONSULTANTS SEEKING

Tourism agency and cruise lines partner for entrepreneurial boost

THE Tourism Development Corporation (TDC) yesterday said it is teaming with two cruise lines on an initiative to boost 50 Bahamian-owned businesses.

The agency, in a statement, said it is partnering with Royal Caribbean

and Disney Cruise Line to launch the ‘50x50 Programme’ and ‘Venture Pitch Competition’ to coincide with The Bahamas’ 50th Independence Anniversary. The initiative aims to equip 50 emerging local entrepreneurs with training,

technical support and grant funding opportunities.

The programme will focus on New Providence, Grand Bahama, Exuma and Abaco. Interested applicants can apply online at the TDC’s website. Ian Ferguson, the TDC’s executive director,

said: “In celebration of The Bahamas’ 50th anniversary as an independent nation, the Tourism Development Corporation is excited to make an investment in the lives of 50 budding entrepreneurs throughout the islands of The Bahamas.

“This programme, we believe, will build capacity, helping us diversify our tourism product and ultimately enrich the experiences of visitors to our shores.” The initiative is targeting some 20 entrepreneurs from New Providence; 15 from Grand Bahama; ten from Exuma; and five from Abaco.

Participants will receive six weeks; entrepreneurship training, which includes pitch coaching to improve economic viability and brand positioning. The training will also cover various topics such as a introduction to business, branding, marketing, technology, finances, quality controls and legal procedures.

Upon successful completion of the 50x50 Programme, all participants will have the opportunity to enter the Venture Pitch Competition. The top three ventures from each island will receive grant funding to help finance their businesses.

The competition will consist of two rounds - a preliminary round and a final round. The preliminary round will take place on each island, where entrepreneurs of the top ventures selected from the screening process will have five minutes to pitch their business idea to a panel of judges. The final round will consist of the top five ventures from each island, and the judges will select the top three from among the finalists to receive the grant funding awards.

The Venture Pitch Competition will award funding amounts as follows:

New Providence:

First place: $10,000

Second place: $6,000

Third place: $4,000

Grand Bahama:

First place: $6,000

Second place: $4,000

Third place: $2,000

Exuma:

First place: $6,000

Second place: $4,000

Third place: $2,000

Abaco:

First place: $3,000

Second place: $2,000

Third place: $1,000

To be eligible for the 50x50 Programme and Venture Pitch Competition, businesses must be Bahamian-owned and located on the four chosen islands. Conceptual or existing businesses that have been operational for less than two years are invited to apply. The products or service offerings must be tourismfocused, which include accommodations, adventure tourism and recreation, attractions, food and beverage, events and conferences, tourism services, travel trade, transportation, retail and cottage industries.

Interested applicants must complete and submit an online application along with the following requirements to be considered for the programme: Two government-issued photo IDs, a business canvas model, a lean canvas model and a two-minute elevator pitch video.

An initial screening process will be conducted by the TDC’s business development unit to ensure all conditions have been met. The secondary screening and selection process will be conducted by a panel based on market orientation and alignment of the product or service offering. Both model canvases as well as the elevator pitch video will determine product/service viability.

E-mail notifications will be sent to all applicants regarding the status of their application on April 6, 2023. At the time of confirmation, successful applicants will also receive a comprehensive programme outline, in addition to all training schedules and modules and programme materials.

IAN FERGUSON